As O
such O
, O
while O
we O
forecast O
an B-Effect
average I-Effect
of I-Effect
13 I-Effect
% I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
the B-Cause
actual I-Cause
results I-Cause
reported I-Cause
will I-Cause
probably I-Cause
be I-Cause
more I-Cause
volatile I-Cause
. O

Well B-Cause
expenditure I-Cause
, I-Cause
which I-Cause
is I-Cause
variable I-Cause
with I-Cause
respect I-Cause
to I-Cause
operating I-Cause
days I-Cause
, I-Cause
is I-Cause
quite I-Cause
high I-Cause
; I-Cause
each I-Cause
operating I-Cause
day I-Cause
adds I-Cause
$ I-Cause
1 I-Cause
million I-Cause
or I-Cause
more I-Cause
to I-Cause
the I-Cause
costs I-Cause
associated I-Cause
with I-Cause
rig I-Cause
day I-Cause
rates I-Cause
and I-Cause
other I-Cause
services. O
Thus O
, O
even B-Effect
if I-Effect
Frank I-Effect
's I-Effect
charges I-Effect
an I-Effect
extra I-Effect
20 I-Effect
% I-Effect
on I-Effect
its I-Effect
casing I-Effect
services I-Effect
( I-Effect
exact I-Effect
pricing I-Effect
is I-Effect
not I-Effect
provided I-Effect
) I-Effect
, I-Effect
this I-Effect
$ I-Effect
500,000 I-Effect
or I-Effect
so I-Effect
in I-Effect
incremental I-Effect
costs I-Effect
is I-Effect
easily I-Effect
outweighed I-Effect
by I-Effect
the I-Effect
millions I-Effect
of I-Effect
dollars I-Effect
in I-Effect
direct I-Effect
incremental I-Effect
costs I-Effect
associated I-Effect
with I-Effect
nonperforming I-Effect
time I-Effect
created I-Effect
by I-Effect
an I-Effect
inferior I-Effect
casing I-Effect
operation I-Effect
. O

Customers O
tend O
to O
be O
loyal O
, O
and O
chips B-Effect
have I-Effect
long I-Effect
product I-Effect
lives I-Effect
because O
switching B-Cause
to I-Cause
a I-Cause
competing I-Cause
MCU I-Cause
could I-Cause
involve I-Cause
redesigning I-Cause
the I-Cause
entire I-Cause
end I-Cause
product I-Cause
. O

While O
we B-Effect
expect I-Effect
Astra I-Effect
will I-Effect
decelerate I-Effect
these I-Effect
asset I-Effect
sales I-Effect
as O
newly B-Cause
Drug I-Cause
Manufacturers I-Cause
- I-Cause
Generallaunched I-Cause
drugs I-Cause
offset I-Cause
patent I-Cause
pressures I-Cause
, O
a B-Effect
prolonged I-Effect
period I-Effect
of I-Effect
low I-Effect
returns I-Effect
could I-Effect
ensue I-Effect
if O
these B-Cause
avenues I-Cause
of I-Cause
divestments I-Cause
dry I-Cause
up I-Cause
quicker I-Cause
than I-Cause
anticipated I-Cause
. O

We O
estimate O
fines B-Cause
and I-Cause
penalties I-Cause
from I-Cause
the I-Cause
San I-Cause
Bruno I-Cause
disaster I-Cause
and I-Cause
allegations I-Cause
of I-Cause
poor I-Cause
recordkeeping I-Cause
resulted O
in O
$ B-Effect
3 I-Effect
billion I-Effect
of I-Effect
lost I-Effect
shareholder I-Effect
value I-Effect
. O

Over O
the O
years O
, O
these B-Cause
differentiators I-Cause
have O
allowed O
the B-Effect
firm I-Effect
to I-Effect
build I-Effect
a I-Effect
large I-Effect
installed I-Effect
base I-Effect
, O
which O
can O
have O
long O
useful O
lives O
( O
up O
to O
40 O
years O
for O
applied O
HVAC O
systems O
) O
. O

Our B-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Qorvo I-Effect
is I-Effect
high I-Effect
, O
given O
the B-Cause
company I-Cause
's I-Cause
customer I-Cause
concentration I-Cause
, I-Cause
the I-Cause
intense I-Cause
competition I-Cause
in I-Cause
the I-Cause
RF I-Cause
and I-Cause
smartphone I-Cause
industries I-Cause
, I-Cause
and I-Cause
the I-Cause
cyclicality I-Cause
of I-Cause
the I-Cause
semiconductor I-Cause
industry I-Cause
. O

We O
think O
that O
while O
this O
has O
historically O
tracked O
the O
mid-single O
digit O
growth O
rate O
of O
semiconductor O
R O
& O
D O
spend O
, O
expansion B-Cause
of I-Cause
in-house I-Cause
chip I-Cause
design I-Cause
by I-Cause
systems I-Cause
companies I-Cause
will O
allow O
this B-Effect
to I-Effect
outpace I-Effect
historical I-Effect
rates I-Effect
. O

This B-Cause
operational I-Cause
concentration I-Cause
creates I-Cause
relatively I-Cause
higher I-Cause
cash I-Cause
flow I-Cause
uncertainty I-Cause
than I-Cause
its I-Cause
less I-Cause
concentrated I-Cause
managed-care I-Cause
peers I-Cause
, O
which O
explains O
Centene B-Effect
's I-Effect
higher I-Effect
uncertainty I-Effect
rating I-Effect
. O

Further O
, O
Gap O
Global O
's O
same-store O
sales O
dropped O
5 O
% O
or O
more O
in O
2014 O
, O
2015 O
, O
2018 O
, O
and O
2019 O
, O
and O
we O
forecast O
a B-Effect
sales I-Effect
decline I-Effect
of I-Effect
about I-Effect
25 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
and I-Cause
store I-Cause
closures I-Cause
. O

We B-Effect
have I-Effect
incorporated I-Effect
more I-Effect
optimistic I-Effect
assumptions I-Effect
for I-Effect
profitability I-Effect
improvements I-Effect
driven O
by O
the B-Cause
lower I-Cause
cost I-Cause
of I-Cause
distributing I-Cause
through I-Cause
pharmacies I-Cause
, I-Cause
potential I-Cause
for I-Cause
higher I-Cause
volume I-Cause
through I-Cause
pharmacies I-Cause
, I-Cause
and I-Cause
the I-Cause
lower I-Cause
cost I-Cause
of I-Cause
manufacturing I-Cause
G7 I-Cause
. O

Although O
this B-Effect
trend I-Effect
has I-Effect
n't I-Effect
materially I-Effect
affected I-Effect
Sensient I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
( O
as O
the B-Cause
company I-Cause
offers I-Cause
exposure I-Cause
to I-Cause
both I-Cause
types I-Cause
of I-Cause
products I-Cause
) O
, O
shifts B-Cause
of I-Cause
a I-Cause
similar I-Cause
ilk I-Cause
could O
lead O
to O
a B-Effect
less I-Effect
favorable I-Effect
competitive I-Effect
positioning I-Effect
for I-Effect
Sensient I-Effect
. O

Operating B-Effect
metrics I-Effect
are I-Effect
hurt I-Effect
by I-Effect
the I-Effect
strong I-Effect
dollar I-Effect
, O
as O
the B-Cause
company I-Cause
has I-Cause
significant I-Cause
manufacturing I-Cause
internationally I-Cause
while I-Cause
roughly I-Cause
half I-Cause
of I-Cause
sales I-Cause
are I-Cause
in I-Cause
North I-Cause
America I-Cause
. O

Even O
though O
we O
believe O
Magna O
will O
benefit O
from O
these O
industry O
disruptive O
technologies O
, O
the B-Cause
degree I-Cause
of I-Cause
Magna I-Cause
's I-Cause
product I-Cause
diversity I-Cause
dampens O
consolidated B-Effect
top-line I-Effect
growth I-Effect
and I-Effect
ROIC I-Effect
expansion I-Effect
potential I-Effect
from I-Effect
electric I-Effect
powertrain I-Effect
and I-Effect
vehicle I-Effect
autonomy I-Effect
. O

Since B-Cause
then I-Cause
, I-Cause
Illumina I-Cause
's I-Cause
continued I-Cause
innovation I-Cause
has I-Cause
significantly I-Cause
reduced I-Cause
the I-Cause
cost I-Cause
of I-Cause
sequencing I-Cause
, O
thereby B-Effect
enabling I-Effect
the I-Effect
rapid I-Effect
expansion I-Effect
of I-Effect
sequencing I-Effect
applications I-Effect
. O

Also O
, O
Pfizer B-Cause
's I-Cause
operating I-Cause
structure I-Cause
allows I-Cause
for I-Cause
cost-cutting I-Cause
following I-Cause
patent I-Cause
losses I-Cause
to I-Cause
reduce B-Effect
the B-Effect
margin I-Effect
pressure I-Effect
from I-Effect
lost I-Effect
high-margin I-Effect
drug I-Effect
sales I-Effect
. O

While O
an O
agricultural O
arms O
race O
exists O
in O
these O
markets O
, O
the B-Cause
high I-Cause
penetration I-Cause
of I-Cause
mechanized I-Cause
equipment I-Cause
somewhat I-Cause
limits O
Agco B-Effect
's I-Effect
upside I-Effect
potential I-Effect
in I-Effect
these I-Effect
core I-Effect
sales I-Effect
regions.But O
global O
macroeconomic O
factors O
play O
in O
Agco O
's O
favor O
. O

In O
our O
view O
, O
switching B-Effect
costs I-Effect
provide I-Effect
Digital I-Effect
Realty I-Effect
's I-Effect
biggest I-Effect
competitive I-Effect
advantage I-Effect
, O
as O
there B-Cause
are I-Cause
numerous I-Cause
reasons I-Cause
why I-Cause
tenants I-Cause
are I-Cause
unlikely I-Cause
to I-Cause
churn I-Cause
to I-Cause
a I-Cause
competitor I-Cause
, I-Cause
namely I-Cause
the I-Cause
significant I-Cause
monetary I-Cause
costs I-Cause
to I-Cause
deploy I-Cause
equipment I-Cause
and I-Cause
the I-Cause
risk I-Cause
in I-Cause
moving I-Cause
critical I-Cause
equipment I-Cause
. O

In O
our O
base O
case O
, O
we O
assume O
contractual B-Cause
rent I-Cause
growth I-Cause
, I-Cause
occupancy I-Cause
and I-Cause
re-leasing I-Cause
spreads I-Cause
suffer I-Cause
due I-Cause
to I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
that I-Cause
has I-Cause
forced I-Cause
nearly I-Cause
all I-Cause
retail I-Cause
and I-Cause
office I-Cause
properties I-Cause
to I-Cause
remain I-Cause
empty I-Cause
due I-Cause
to I-Cause
government-mandated I-Cause
shelter-in-place I-Cause
orders. O
As O
a O
result O
, O
we O
expect O
weak B-Effect
performance I-Effect
through I-Effect
2022 I-Effect
, I-Effect
before I-Effect
the I-Effect
market I-Effect
ultimately I-Effect
recovers I-Effect
and I-Effect
eventually I-Effect
settles I-Effect
at I-Effect
contractual I-Effect
growth I-Effect
of I-Effect
just I-Effect
under I-Effect
2 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
. O

Focused B-Cause
entry I-Cause
from I-Cause
companies I-Cause
such I-Cause
as I-Cause
Google I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
Alibaba I-Cause
, I-Cause
and I-Cause
Facebook I-Cause
could O
have B-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
Booking I-Effect
's I-Effect
growth I-Effect
. O

Automation O
is O
the O
fastest O
growing O
category O
within O
the O
industrial O
space O
and O
ABB B-Cause
has I-Cause
an I-Cause
enviable I-Cause
base I-Cause
of I-Cause
robotics I-Cause
and I-Cause
automation I-Cause
customers I-Cause
that O
puts B-Effect
it I-Effect
in I-Effect
a I-Effect
solid I-Effect
position I-Effect
for I-Effect
Industry I-Effect
4.0 I-Effect
, I-Effect
or I-Effect
Industrial I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
. O

Domino B-Cause
's I-Cause
also I-Cause
utilizes I-Cause
data-driven I-Cause
pricing I-Cause
recommendations I-Cause
, O
which O
are O
designed O
to O
help O
franchisees O
more O
effectively O
price O
by O
product O
category O
relative O
to O
the O
competition O
instead O
of O
blanket O
recommendations O
from O
management O
, O
helping O
to O
better B-Effect
manage I-Effect
labor I-Effect
cost I-Effect
inflation I-Effect
. O

Traces B-Cause
of I-Cause
switching I-Cause
costs I-Cause
ultimately I-Cause
stem I-Cause
from I-Cause
the I-Cause
fact I-Cause
that I-Cause
, I-Cause
whether I-Cause
considering I-Cause
a I-Cause
commercial I-Cause
aircraft I-Cause
or I-Cause
an I-Cause
oil I-Cause
well I-Cause
, I-Cause
Allegheny I-Cause
's I-Cause
specialty I-Cause
alloys I-Cause
constitute I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
the I-Cause
construction I-Cause
cost I-Cause
but I-Cause
have I-Cause
a I-Cause
very I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure. O
For O
this O
reason O
, O
the B-Effect
company I-Effect
's I-Effect
business I-Effect
relationships I-Effect
are I-Effect
very I-Effect
sticky I-Effect
, I-Effect
and I-Effect
customers I-Effect
are I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
to I-Effect
unproven I-Effect
suppliers I-Effect
of I-Effect
certain I-Effect
high-value I-Effect
products I-Effect
solely I-Effect
on I-Effect
the I-Effect
basis I-Effect
of I-Effect
cost I-Effect
. O

At O
times O
, O
as O
liquidity B-Cause
has I-Cause
risen I-Cause
, O
CME O
Group O
has O
been O
able O
to O
decrease B-Effect
the I-Effect
minimum I-Effect
tick I-Effect
size I-Effect
, O
which O
lowers B-Effect
a I-Effect
customer I-Effect
's I-Effect
overall I-Effect
cost I-Effect
to I-Effect
trade I-Effect
. O

That O
said O
, O
Darden B-Cause
has I-Cause
done I-Cause
a I-Cause
better I-Cause
job I-Cause
managing I-Cause
labor I-Cause
and I-Cause
other I-Cause
restaurant I-Cause
operating I-Cause
costs I-Cause
than I-Cause
many I-Cause
peers I-Cause
, O
and O
we O
see O
a B-Effect
path I-Effect
to I-Effect
mid-high-single-digit I-Effect
operating I-Effect
margins I-Effect
for I-Effect
the I-Effect
full I-Effect
year I-Effect
. O

Its B-Cause
unique I-Cause
product I-Cause
and I-Cause
its I-Cause
ability I-Cause
to I-Cause
commercialize I-Cause
the I-Cause
technology I-Cause
and I-Cause
continually I-Cause
make I-Cause
patent-protected I-Cause
innovative I-Cause
changes I-Cause
to I-Cause
the I-Cause
automatic-dimming I-Cause
mirror I-Cause
has O
enabled O
Gentex B-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
vastly I-Effect
superior I-Effect
to I-Effect
other I-Effect
auto I-Effect
suppliers I-Effect
. O

In O
addition O
, O
the B-Effect
company I-Effect
's I-Effect
powerful I-Effect
distribution I-Effect
network I-Effect
sets I-Effect
up I-Effect
the I-Effect
company I-Effect
as O
a B-Cause
strong I-Cause
partner I-Cause
for I-Cause
smaller I-Cause
drug I-Cause
companies I-Cause
that I-Cause
lack I-Cause
Novartis I-Cause
' I-Cause
resources I-Cause
. O

We O
believe O
that O
customers B-Effect
tend I-Effect
to I-Effect
be I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
vendors I-Effect
and I-Effect
risk I-Effect
damaging I-Effect
an I-Effect
expensive I-Effect
engine I-Effect
by I-Effect
using I-Effect
an I-Effect
improper I-Effect
filter I-Effect
, O
as O
the B-Cause
cost I-Cause
of I-Cause
failure I-Cause
could I-Cause
far I-Cause
outweigh I-Cause
the I-Cause
cost I-Cause
savings I-Cause
of I-Cause
switching I-Cause
to I-Cause
a I-Cause
cheaper I-Cause
solution I-Cause
. O

Once O
a B-Effect
supplier I-Effect
has I-Effect
the I-Effect
business I-Effect
, I-Effect
it I-Effect
is I-Effect
extremely I-Effect
rare I-Effect
to I-Effect
lose I-Effect
it I-Effect
, I-Effect
especially I-Effect
during I-Effect
a I-Effect
vehicle I-Effect
program I-Effect
, O
because O
automakers B-Cause
then I-Cause
have I-Cause
to I-Cause
remove I-Cause
tooling I-Cause
from I-Cause
the I-Cause
supplier I-Cause
, I-Cause
which I-Cause
can I-Cause
cost I-Cause
millions I-Cause
. O

Many B-Effect
demographic I-Effect
trends I-Effect
, I-Effect
such I-Effect
as I-Effect
falling I-Effect
homeownership I-Effect
, I-Effect
rising I-Effect
relative I-Effect
cost I-Effect
of I-Effect
single-family I-Effect
housing I-Effect
, I-Effect
and I-Effect
urban I-Effect
gentrification I-Effect
, I-Effect
have I-Effect
favorably I-Effect
shifted I-Effect
the I-Effect
population I-Effect
of I-Effect
urban I-Effect
, I-Effect
coastal I-Effect
markets I-Effect
toward I-Effect
renting I-Effect
, I-Effect
creating I-Effect
more I-Effect
demand I-Effect
for I-Effect
multifamily I-Effect
assets. O
These O
trends O
are O
driven O
by O
the B-Cause
tastes I-Cause
and I-Cause
desires I-Cause
of I-Cause
the I-Cause
millennials I-Cause
, I-Cause
which I-Cause
may I-Cause
reverse I-Cause
as I-Cause
they I-Cause
age I-Cause
and I-Cause
acquire I-Cause
enough I-Cause
capital I-Cause
to I-Cause
own I-Cause
single-family I-Cause
homes I-Cause
. O

We B-Effect
forecast I-Effect
EBITA I-Effect
margins I-Effect
to I-Effect
reach I-Effect
12 I-Effect
% I-Effect
by I-Effect
2023 I-Effect
, O
aided O
by O
a B-Cause
positive I-Cause
mix I-Cause
shift I-Cause
toward I-Cause
the I-Cause
high-margin I-Cause
digital I-Cause
industries I-Cause
, O
with O
high-margin O
software O
outgrowing O
the O
rest O
of O
the O
division O
. O

Our B-Effect
expectations I-Effect
for I-Effect
Sartorius I-Effect
, I-Effect
and I-Effect
especially I-Effect
the I-Effect
exposure I-Effect
to I-Effect
high-growth I-Effect
biopharma I-Effect
, I-Effect
is I-Effect
meaningful I-Effect
for I-Effect
Bio-Rad I-Effect
, O
and O
if O
Sartorius B-Cause
meets I-Cause
or I-Cause
exceeds I-Cause
our I-Cause
expectations I-Cause
, I-Cause
the I-Cause
investment I-Cause
could I-Cause
account I-Cause
for I-Cause
a I-Cause
greater I-Cause
portion I-Cause
of I-Cause
valuation I-Cause
over I-Cause
time I-Cause
. O

We O
're O
expecting O
lower B-Effect
capital I-Effect
expenditures I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
crisis-induced B-Cause
deferrals I-Cause
, O
but O
that B-Effect
capital I-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percent I-Effect
of I-Effect
sales I-Effect
will I-Effect
normalize I-Effect
slightly I-Effect
below I-Effect
the I-Effect
trailing I-Effect
five-year I-Effect
average I-Effect
at I-Effect
3.7 I-Effect
% I-Effect
, O
to O
reflect O
the B-Cause
capital I-Cause
increases I-Cause
Spirit I-Cause
has I-Cause
already I-Cause
completed I-Cause
for I-Cause
high I-Cause
levels I-Cause
of I-Cause
production I-Cause
. O

We O
think O
the B-Effect
human I-Effect
capital I-Effect
risk I-Effect
is I-Effect
a I-Effect
greater I-Effect
challenge I-Effect
for O
some B-Cause
of I-Cause
Ferguson I-Cause
's I-Cause
smaller I-Cause
competitors I-Cause
that I-Cause
have I-Cause
fewer I-Cause
resources I-Cause
to I-Cause
manage I-Cause
this I-Cause
risk I-Cause
. O

Targeted O
promotional O
activity O
allows O
the O
firm O
to O
charge O
consumers O
different O
prices O
( O
based O
on O
individual O
price O
elasticity O
) O
without O
cheapening O
the O
brand O
, O
while O
limited-time B-Cause
offers I-Cause
and I-Cause
promotional I-Cause
activity I-Cause
can O
help B-Effect
drive I-Effect
volumes I-Effect
across I-Effect
dayparts I-Effect
and I-Effect
toward I-Effect
underutilized I-Effect
days I-Effect
of I-Effect
the I-Effect
week I-Effect
or I-Effect
times I-Effect
of I-Effect
day I-Effect
. O

Responsibility B-Cause
for I-Cause
emissions I-Cause
from I-Cause
operations I-Cause
typically I-Cause
falls I-Cause
on I-Cause
the I-Cause
well I-Cause
operator I-Cause
rather I-Cause
than I-Cause
the I-Cause
drilling I-Cause
companies I-Cause
themselves I-Cause
, O
so O
the B-Effect
risk I-Effect
for I-Effect
incurring I-Effect
fines I-Effect
-- I-Effect
while I-Effect
not I-Effect
non-existent I-Effect
-- I-Effect
is I-Effect
lower I-Effect
for I-Effect
drillers I-Effect
like I-Effect
H I-Effect
& I-Effect
P I-Effect
. O

For O
Ahold O
, O
we B-Effect
see I-Effect
lower I-Effect
risks I-Effect
ahead I-Cause
in O
case O
online B-Effect
grocery I-Effect
does I-Effect
not I-Effect
live I-Effect
up I-Effect
to I-Effect
expectations I-Effect
as O
the B-Cause
fulfilment I-Cause
model I-Cause
it I-Cause
has I-Cause
chosen I-Cause
to I-Cause
follow I-Cause
( I-Cause
microfulfilment I-Cause
) I-Cause
is I-Cause
less I-Cause
capital-intensive I-Cause
than I-Cause
some I-Cause
of I-Cause
its I-Cause
large I-Cause
competitors I-Cause
( I-Cause
Kroger I-Cause
) I-Cause
. O

However O
, O
most B-Cause
anchors I-Cause
and I-Cause
in I-Cause
line I-Cause
tenants I-Cause
in I-Cause
shopping I-Cause
centers I-Cause
are I-Cause
not I-Cause
differentiated I-Cause
enough O
to O
create B-Effect
a I-Effect
significant I-Effect
draw I-Effect
to I-Effect
the I-Effect
property I-Effect
outside I-Effect
the I-Effect
immediate I-Effect
trade I-Effect
area I-Effect
. O

The B-Effect
current I-Effect
credit I-Effect
environment I-Effect
for I-Effect
Synchrony I-Effect
has I-Effect
been I-Effect
surprisingly I-Effect
good I-Effect
, O
as O
forbearance B-Cause
programs I-Cause
and I-Cause
fiscal I-Cause
stimulus I-Cause
have I-Cause
forestalled I-Cause
major I-Cause
credit I-Cause
losses I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

An B-Cause
integrated I-Cause
network I-Cause
of I-Cause
assets I-Cause
also O
provides O
cheaper B-Effect
options I-Effect
for I-Effect
producers I-Effect
seeking I-Effect
to I-Effect
transport I-Effect
hydrocarbons I-Effect
to I-Effect
markets I-Effect
with I-Effect
wide I-Effect
differentials I-Effect
versus I-Effect
using O
multiple O
peers O
' O
assets O
and O
incurring O
additional O
expense O
to O
transport O
the O
same O
hydrocarbons O
to O
market O
. O

Instead O
, O
we O
see O
the B-Cause
pandemic I-Cause
as O
accelerating B-Effect
digitization I-Effect
that O
was O
already O
occurring O
, O
posing O
a B-Effect
profitability I-Effect
headwind I-Effect
once O
the B-Cause
current I-Cause
sales I-Cause
surge I-Cause
ebbs I-Cause
but O
reinforcing B-Effect
Walmart I-Effect
's I-Effect
unique I-Effect
position I-Effect
as I-Effect
the I-Effect
likely I-Effect
long-term I-Effect
omnichannel I-Effect
leader I-Effect
. O

In O
this O
regard O
, O
Monster B-Effect
's I-Effect
retail I-Effect
entrenchment I-Effect
is I-Effect
underpinned I-Effect
by O
the B-Cause
resonance I-Cause
of I-Cause
its I-Cause
brand I-Cause
, O
which O
ensures B-Effect
continued I-Effect
end-consumer I-Effect
demand I-Effect
, O
as O
well O
as O
its B-Cause
agreement I-Cause
with I-Cause
Coca-Cola I-Cause
, O
where O
the O
entity O
with O
the O
most O
clout O
in O
the O
nonalcoholic O
beverage O
industry O
secures B-Effect
shelf I-Effect
space I-Effect
and I-Effect
store I-Effect
positioning I-Effect
on I-Effect
its I-Effect
behalf I-Effect
. O

Pepsi B-Effect
's I-Effect
growth I-Effect
trajectory I-Effect
is I-Effect
not I-Effect
without I-Effect
risk I-Effect
, O
as O
the B-Cause
company I-Cause
faces I-Cause
secular I-Cause
headwinds I-Cause
such I-Cause
as I-Cause
shifts I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
. O

CSPs B-Cause
typically I-Cause
award I-Cause
contracts I-Cause
to I-Cause
multiple I-Cause
vendors I-Cause
to O
avoid O
supplier B-Effect
lock-in I-Effect
and I-Effect
exert I-Effect
pricing I-Effect
power I-Effect
during I-Effect
their I-Effect
contract I-Effect
bidding I-Effect
process I-Effect
. O

Coty B-Effect
received I-Effect
a I-Effect
waiver I-Effect
in I-Effect
its I-Effect
obligation I-Effect
to I-Effect
meet I-Effect
this I-Effect
requirement I-Effect
through I-Effect
March I-Effect
31 I-Effect
, I-Effect
2021 I-Effect
, I-Effect
at I-Effect
which I-Effect
time I-Effect
it I-Effect
was I-Effect
in I-Effect
compliance I-Effect
, I-Effect
as O
it B-Cause
reduced I-Cause
debt I-Cause
with I-Cause
the I-Cause
$ I-Cause
2.5 I-Cause
billion I-Cause
in I-Cause
proceeds I-Cause
from I-Cause
the I-Cause
sale I-Cause
of I-Cause
a I-Cause
60 I-Cause
% I-Cause
stake I-Cause
in I-Cause
its I-Cause
professional I-Cause
and I-Cause
retail I-Cause
hair I-Cause
care I-Cause
businesses I-Cause
. I-Cause

Our B-Effect
base I-Effect
case I-Effect
estimates I-Effect
suggest I-Effect
that I-Effect
Credit I-Effect
Suisse I-Effect
will I-Effect
book I-Effect
compounded I-Effect
average I-Effect
profit I-Effect
growth I-Effect
of I-Effect
around I-Effect
16 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
, O
mainly O
the O
result O
of O
loan B-Cause
loss I-Cause
provisions I-Cause
declining I-Cause
from I-Cause
CHF I-Cause
1 I-Cause
billion I-Cause
in I-Cause
2020 I-Cause
to I-Cause
an I-Cause
estimated I-Cause
CHF I-Cause
316 I-Cause
million I-Cause
in I-Cause
2023 I-Cause
. O

We B-Effect
believe I-Effect
that I-Effect
streaming I-Effect
will I-Effect
continue I-Effect
to I-Effect
replace I-Effect
the I-Effect
purchase I-Effect
of I-Effect
digital I-Effect
singles I-Effect
for I-Effect
most I-Effect
consumers I-Effect
, O
as O
the B-Cause
newest I-Cause
songs I-Cause
can I-Cause
be I-Cause
listened I-Cause
to I-Cause
on I-Cause
the I-Cause
major I-Cause
streaming I-Cause
services I-Cause
at I-Cause
the I-Cause
same I-Cause
time I-Cause
or I-Cause
even I-Cause
before I-Cause
they I-Cause
're I-Cause
available I-Cause
for I-Cause
download I-Cause
. O

We B-Effect
are I-Effect
subtracting I-Effect
the I-Effect
debt I-Effect
from I-Effect
our I-Effect
enterprise I-Effect
value I-Effect
but I-Effect
not I-Effect
adding I-Effect
the I-Effect
cash I-Effect
to I-Effect
our I-Effect
enterprise I-Effect
value I-Effect
to O
reflect O
the B-Cause
substantial I-Cause
uncertainty I-Cause
regarding I-Cause
the I-Cause
use I-Cause
of I-Cause
cash I-Cause
. O

In O
the O
next O
five O
years O
, O
we O
expect O
Weibo B-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
increase I-Effect
with O
rapid B-Cause
monetization I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
. O

Digital B-Cause
commerce I-Cause
is I-Cause
evolving I-Cause
, O
which O
makes O
the B-Effect
competitive I-Effect
landscape I-Effect
somewhat I-Effect
unsettled I-Effect
, O
and O
we B-Effect
simply I-Effect
do I-Effect
not I-Effect
have I-Effect
enough I-Effect
confidence I-Effect
that I-Effect
excess I-Effect
returns I-Effect
will I-Effect
likely I-Effect
continue I-Effect
beyond I-Effect
10 I-Effect
years I-Effect
. O

We O
also O
believe O
G B-Cause
& I-Cause
K-related I-Cause
cost I-Cause
synergies I-Cause
and O
incremental B-Cause
operating I-Cause
leverage I-Cause
from I-Cause
route I-Cause
density I-Cause
gains I-Cause
in I-Cause
Cintas I-Cause
' I-Cause
legacy I-Cause
uniform I-Cause
rental I-Cause
division I-Cause
and I-Cause
first I-Cause
aid I-Cause
and I-Cause
safety I-Cause
segment I-Cause
will O
improve B-Cause
operating I-Cause
margins I-Cause
over I-Cause
time I-Cause
, O
and O
we B-Effect
bake I-Effect
in I-Effect
a I-Effect
midcycle I-Effect
operating I-Effect
margin I-Effect
of I-Effect
18 I-Effect
% I-Effect
. O

We B-Effect
expect I-Effect
total I-Effect
client I-Effect
assets I-Effect
to I-Effect
organically I-Effect
increase I-Effect
around I-Effect
5.5 I-Effect
% I-Effect
annually I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
thanks O
to O
general B-Cause
market I-Cause
appreciation I-Cause
and I-Cause
new I-Cause
clients I-Cause
. O

On O
the O
bright O
side O
, O
as O
a O
result O
of O
Deutsche B-Cause
's I-Cause
accelerated I-Cause
transformation I-Cause
progress I-Cause
in I-Cause
2019 I-Cause
and I-Cause
the I-Cause
reduction I-Cause
in I-Cause
risk-weighted I-Cause
assets I-Cause
, O
the B-Effect
group I-Effect
had I-Effect
built I-Effect
a I-Effect
capital I-Effect
buffer I-Effect
of I-Effect
about I-Effect
EUR I-Effect
6.5 I-Effect
billion I-Effect
before I-Effect
global I-Effect
economies I-Effect
went I-Effect
into I-Effect
lockdown I-Effect
. O

We O
think O
this B-Effect
segment I-Effect
benefits I-Effect
both O
from O
intangible B-Cause
assets I-Cause
thanks I-Cause
to I-Cause
superior I-Cause
technology I-Cause
, I-Cause
regulatory I-Cause
barriers I-Cause
, I-Cause
and I-Cause
intellectual I-Cause
property I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
switching I-Cause
costs I-Cause
from I-Cause
recurring I-Cause
revenue I-Cause
in I-Cause
aftermarket I-Cause
services I-Cause
. O

Nevertheless O
, O
AbbVie B-Cause
derives I-Cause
enormous I-Cause
cash I-Cause
flows I-Cause
from I-Cause
its I-Cause
current I-Cause
product I-Cause
portfolio I-Cause
to O
fund B-Effect
ongoing I-Effect
Drug I-Effect
Manufacturers I-Effect
- I-Effect
Generaldiscovery I-Effect
and I-Effect
development I-Effect
of I-Effect
the I-Effect
next I-Effect
generation I-Effect
of I-Effect
drugs I-Effect
. O

Having B-Cause
larger I-Cause
banks I-Cause
helps O
spread B-Effect
out I-Effect
fixed I-Effect
costs I-Effect
across I-Effect
a I-Effect
larger I-Effect
operating I-Effect
base I-Effect
, O
increasing O
operating B-Effect
efficiency I-Effect
, O
as O
the O
four O
largest O
Canadian O
banks O
are O
all O
bigger O
than O
the O
largest O
U.S O
. O

Our O
uncertainty O
rating O
is O
medium O
, O
which O
reflects O
the B-Effect
wider I-Effect
range I-Effect
of I-Effect
valuation I-Effect
outcomes I-Effect
than I-Effect
has I-Effect
been I-Effect
the I-Effect
case I-Effect
historically I-Effect
resulting O
from O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
on I-Cause
short-term I-Cause
demand I-Cause
. O

We O
believe O
competition B-Cause
in I-Cause
the I-Cause
women I-Cause
's I-Cause
handbag I-Cause
market I-Cause
has I-Cause
intensified I-Cause
over I-Cause
the I-Cause
past I-Cause
decade I-Cause
, O
requiring B-Effect
Tapestry I-Effect
to I-Effect
attract I-Effect
customers I-Effect
and I-Effect
maintain I-Effect
premium I-Effect
pricing I-Effect
. O

However O
, O
if O
the B-Cause
public I-Cause
option I-Cause
creates I-Cause
a I-Cause
scenario I-Cause
where I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
the I-Cause
employer-based I-Cause
insurance I-Cause
population I-Cause
switches I-Cause
to I-Cause
government-sponsored I-Cause
plans I-Cause
, O
Humana B-Effect
's I-Effect
commercial I-Effect
business I-Effect
that I-Effect
caters I-Effect
largely I-Effect
to I-Effect
small I-Effect
businesses I-Effect
may I-Effect
suffer I-Effect
. O

This O
places O
Terex B-Effect
in I-Effect
a I-Effect
weak I-Effect
bargaining I-Effect
position I-Effect
because O
one B-Cause
product I-Cause
can I-Cause
be I-Cause
easily I-Cause
replaced I-Cause
with I-Cause
a I-Cause
similar I-Cause
product I-Cause
from I-Cause
another I-Cause
vendor I-Cause
. O

However O
, O
given O
no O
alternatives O
to O
aggregates O
and O
concrete O
in O
the O
construction O
process O
, O
we O
see B-Effect
a I-Effect
low I-Effect
materiality I-Effect
impact I-Effect
, I-Effect
as O
any B-Cause
increased I-Cause
costs I-Cause
should I-Cause
ultimately I-Cause
be I-Cause
passed I-Cause
onto I-Cause
end-market I-Cause
customers I-Cause
. I-Cause

The B-Cause
news I-Cause
channel I-Cause
has I-Cause
leveraged I-Cause
its I-Cause
hold I-Cause
over I-Cause
conservative-leaning I-Cause
viewers I-Cause
to O
become B-Effect
the I-Effect
number I-Effect
one I-Effect
ranked I-Effect
cable I-Effect
network I-Effect
in I-Effect
the I-Effect
P2+ I-Effect
demo I-Effect
( I-Effect
all I-Effect
age I-Effect
groups I-Effect
) I-Effect
for I-Effect
both I-Effect
prime I-Effect
time I-Effect
and I-Effect
all-day I-Effect
for I-Effect
the I-Effect
last I-Effect
three I-Effect
years I-Effect
. O

Therefore O
, O
we O
believe O
that O
the B-Cause
spin-off I-Cause
from I-Cause
Fortive I-Cause
will O
allow O
Vontier B-Effect
to I-Effect
redeploy I-Effect
capital I-Effect
back I-Effect
into I-Effect
its I-Effect
business I-Effect
and I-Effect
accelerate I-Effect
growth I-Effect
through I-Effect
M I-Effect
& I-Effect
A I-Effect
. O

Layering B-Cause
prescriptive I-Cause
software I-Cause
with I-Cause
machine I-Cause
learning I-Cause
and I-Cause
artificial I-Cause
intelligence I-Cause
on O
top O
of O
these O
solutions O
allows B-Effect
customers I-Effect
to I-Effect
focus I-Effect
on I-Effect
activities I-Effect
with I-Effect
higher I-Effect
return I-Effect
on I-Effect
investment I-Effect
and I-Effect
creates B-Effect
a I-Effect
stickier I-Effect
solution I-Effect
by O
further B-Cause
embedding I-Cause
Zebra I-Cause
's I-Cause
technology I-Cause
in I-Cause
customer I-Cause
processes I-Cause
. O

Once O
an B-Cause
exchange I-Cause
becomes I-Cause
the I-Cause
leading I-Cause
or I-Cause
sole I-Cause
venue I-Cause
to I-Cause
trade I-Cause
a I-Cause
security I-Cause
or I-Cause
derivative I-Cause
, O
the B-Effect
exchange I-Effect
can I-Effect
use I-Effect
this I-Effect
intangible I-Effect
asset I-Effect
to I-Effect
develop I-Effect
additional I-Effect
products I-Effect
. O

Though O
we O
still O
anticipate O
40 O
basis O
points O
of O
margin O
gains O
in O
2022 O
, O
we O
think O
the B-Effect
rate I-Effect
of I-Effect
margin I-Effect
expansion I-Effect
could I-Effect
slow I-Effect
because O
of O
more-normal B-Cause
levels I-Cause
of I-Cause
operating I-Cause
costs I-Cause
. O

IFF B-Cause
can I-Cause
help I-Cause
save I-Cause
costs I-Cause
for I-Cause
its I-Cause
customers I-Cause
by I-Cause
providing I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
fine-tuning I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
flavor I-Cause
agents I-Cause
that O
allow O
for O
the B-Effect
use I-Effect
of I-Effect
cheaper I-Effect
ingredients I-Effect
or I-Effect
extend I-Effect
a I-Effect
product I-Effect
's I-Effect
shelf I-Effect
life I-Effect
. O

New O
stores O
should O
drive O
capital O
spending O
; O
we O
anticipate O
Sprouts B-Effect
outlays I-Effect
3 I-Effect
% I-Effect
of I-Effect
sales I-Effect
long I-Effect
term I-Effect
( I-Effect
after I-Effect
a I-Effect
fiscal I-Effect
2021 I-Effect
store I-Effect
opening I-Effect
slowdown I-Effect
) I-Effect
, I-Effect
lower I-Effect
than I-Effect
its I-Effect
4 I-Effect
% I-Effect
three-year I-Effect
average I-Effect
before I-Effect
the I-Effect
pandemic I-Effect
as O
new B-Cause
unit I-Cause
costs I-Cause
become I-Cause
a I-Cause
smaller I-Cause
portion I-Cause
of I-Cause
the I-Cause
sales I-Cause
base I-Cause
. O

Engine B-Cause
failures I-Cause
were I-Cause
so I-Cause
widespread I-Cause
that O
customers B-Effect
' I-Effect
operations I-Effect
were I-Effect
severely I-Effect
disrupted I-Effect
, O
leading B-Cause
to I-Cause
numerous I-Cause
lawsuits I-Cause
that I-Cause
have I-Cause
dragged I-Cause
on I-Cause
into I-Cause
2019 I-Cause
and O
which B-Effect
may I-Effect
have I-Effect
alienated I-Effect
a I-Effect
generation I-Effect
of I-Effect
customers I-Effect
. O

Adding O
to O
the B-Cause
firm I-Cause
's I-Cause
strong I-Cause
entrenchment I-Cause
in I-Cause
multiple I-Cause
myeloma I-Cause
with I-Cause
Darzalex I-Cause
, O
we B-Effect
expect I-Effect
CAR-T I-Effect
drug I-Effect
JNJ-4528 I-Effect
to I-Effect
post I-Effect
solid I-Effect
gains I-Effect
. O

As O
more O
and O
more O
retail B-Cause
transactions I-Cause
go I-Cause
through I-Cause
digital I-Cause
channels I-Cause
and O
commercial O
margins O
improve O
in O
PNC O
's O
newer O
markets O
, O
we O
expect O
improving B-Effect
operating I-Effect
efficiency I-Effect
for I-Effect
the I-Effect
bank I-Effect
. O

The B-Cause
Samarco I-Cause
disaster I-Cause
-- I-Cause
the I-Cause
failure I-Cause
of I-Cause
a I-Cause
tailings I-Cause
dam I-Cause
wall I-Cause
in I-Cause
2015 I-Cause
-- I-Cause
and I-Cause
the I-Cause
Brumadinho I-Cause
disaster I-Cause
-- I-Cause
another I-Cause
tailings I-Cause
dam I-Cause
failure I-Cause
in I-Cause
2019 I-Cause
-- O
sees O
Vale O
with O
significant B-Effect
environmental I-Effect
and I-Effect
humanitarian I-Effect
liabilities I-Effect
. O

A B-Cause
quarter I-Cause
of I-Cause
the I-Cause
revision I-Cause
is I-Cause
driven I-Cause
by I-Cause
a I-Cause
stronger-than-expected I-Cause
first I-Cause
quarter I-Cause
, I-Cause
and I-Cause
the I-Cause
primary I-Cause
driver I-Cause
is I-Cause
the I-Cause
150-basis-point I-Cause
drop I-Cause
in I-Cause
our I-Cause
cost I-Cause
of I-Cause
debt I-Cause
estimate I-Cause
to I-Cause
6.5 I-Cause
% I-Cause
, O
given O
the O
material B-Effect
improvement I-Effect
in I-Effect
US I-Effect
Foods I-Effect
' I-Effect
balance I-Effect
sheet I-Effect
. O

Combined O
with O
recurring B-Cause
revenue I-Cause
from I-Cause
long-term I-Cause
power I-Cause
purchase I-Cause
agreements I-Cause
and I-Cause
trading I-Cause
AI I-Cause
software I-Cause
, O
we O
expect O
the B-Effect
energy I-Effect
generation I-Effect
and I-Effect
storage I-Effect
business I-Effect
will I-Effect
become I-Effect
profitable I-Effect
on I-Effect
a I-Effect
gross I-Effect
margin I-Effect
basis I-Effect
and I-Effect
generate I-Effect
margins I-Effect
in I-Effect
line I-Effect
with I-Effect
peers I-Effect
such I-Effect
as I-Effect
Enphase I-Effect
and I-Effect
SolarEdge I-Effect
. O

This B-Cause
allows I-Cause
the I-Cause
company I-Cause
to I-Cause
increase I-Cause
productivity I-Cause
by I-Cause
also I-Cause
having I-Cause
ongoing I-Cause
production I-Cause
during I-Cause
evenings I-Cause
and I-Cause
holidays I-Cause
, O
which O
allows B-Effect
unit I-Effect
costs I-Effect
to I-Effect
be I-Effect
reduced I-Effect
. O

As O
the B-Cause
firm I-Cause
derives I-Cause
more I-Cause
than I-Cause
90 I-Cause
% I-Cause
of I-Cause
annual I-Cause
revenue I-Cause
from I-Cause
investment I-Cause
management I-Cause
fees I-Cause
levied I-Cause
on I-Cause
its I-Cause
AUM I-Cause
, O
dramatic B-Effect
market I-Effect
movements I-Effect
or I-Effect
changes I-Effect
in I-Effect
fund I-Effect
flows I-Effect
can I-Effect
have I-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
operating I-Effect
income I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

First O
, O
the O
company O
's O
focus O
on O
improving O
machine O
efficiency O
through O
product O
innovation O
has O
boosted B-Effect
productivity I-Effect
for I-Effect
farmers I-Effect
through O
the B-Cause
reduction I-Cause
in I-Cause
input I-Cause
costs I-Cause
( I-Cause
less I-Cause
chemicals I-Cause
, I-Cause
fuel I-Cause
, I-Cause
and I-Cause
labor I-Cause
needed I-Cause
to I-Cause
produce I-Cause
crops I-Cause
compared I-Cause
to I-Cause
years I-Cause
past I-Cause
) I-Cause
. O

A B-Effect
digital I-Effect
agency I-Effect
takes I-Effect
a I-Effect
more I-Effect
holistic I-Effect
view I-Effect
of I-Effect
marketing I-Effect
than I-Effect
a I-Effect
traditional I-Effect
agency I-Effect
, O
as O
digital B-Cause
agencies I-Cause
look I-Cause
to I-Cause
bring I-Cause
more I-Cause
integrated I-Cause
product I-Cause
experiences I-Cause
for I-Cause
customers I-Cause
, O
which O
often O
require O
a O
heavy O
lift O
on O
the O
technology O
side O
. O

With O
growth B-Cause
in I-Cause
the I-Cause
renewable I-Cause
diesel I-Cause
business I-Cause
combined I-Cause
with I-Cause
the I-Cause
refining I-Cause
projects I-Cause
, O
Valero O
aims O
to O
increase B-Effect
annual I-Effect
EBITDA I-Effect
by I-Effect
up I-Effect
to I-Effect
$ I-Effect
1.6 I-Effect
billion I-Effect
a I-Effect
year I-Effect
. O

As O
we O
forecast O
Lululemon O
's O
e-commerce O
operating O
margins O
at O
46 O
% O
in O
the O
long O
term O
, O
rising B-Cause
digital I-Cause
sales I-Cause
should O
lift O
its O
overall B-Effect
profitability I-Effect
. O

Although O
we O
believe O
that O
CSP B-Effect
infrastructure I-Effect
spending I-Effect
may I-Effect
start I-Effect
to I-Effect
decelerate I-Effect
after O
building B-Cause
out I-Cause
5G I-Cause
networks I-Cause
, O
we O
expect O
broader B-Cause
use I-Cause
cases I-Cause
for I-Cause
Nokia I-Cause
's I-Cause
equipment I-Cause
, I-Cause
software I-Cause
, I-Cause
and I-Cause
services I-Cause
within I-Cause
5G I-Cause
and I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
networks I-Cause
to O
support B-Effect
respectable I-Effect
growth I-Effect
beyond I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
. O

We O
do O
expect O
revenue B-Effect
from I-Effect
CME I-Effect
's I-Effect
equity I-Effect
derivatives I-Effect
to I-Effect
partially I-Effect
normalize I-Effect
over I-Effect
time I-Effect
as O
retail B-Cause
interest I-Cause
in I-Cause
equity I-Cause
markets I-Cause
fades I-Cause
. O

However O
, O
competition B-Cause
from I-Cause
large I-Cause
peers I-Cause
like I-Cause
NXP I-Cause
Semiconductors I-Cause
and I-Cause
Infineon I-Cause
could O
cause O
the B-Effect
firm I-Effect
to I-Effect
fall I-Effect
short I-Effect
of I-Effect
its I-Effect
ambitious I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
targets I-Effect
. O

Arkansas B-Cause
legalized I-Cause
gambling I-Cause
in I-Cause
2018 I-Cause
, I-Cause
awarding I-Cause
four I-Cause
gaming I-Cause
licenses I-Cause
, O
which O
presents B-Effect
competition I-Effect
for I-Effect
Caesars I-Effect
' I-Effect
properties I-Effect
in I-Effect
the I-Effect
neighboring I-Effect
states I-Effect
of I-Effect
Louisiana I-Effect
, I-Effect
Mississippi I-Effect
, I-Effect
and I-Effect
Missouri I-Effect
. O

On O
the O
other O
hand O
, O
as O
Nasdaq B-Cause
continues I-Cause
to I-Cause
transition I-Cause
toward I-Cause
being I-Cause
a I-Cause
diversified I-Cause
data I-Cause
and I-Cause
technology I-Cause
company I-Cause
, O
it O
becomes O
more B-Effect
weighted I-Effect
toward I-Effect
recurring I-Effect
revenue I-Effect
sources I-Effect
. O

Price/mix B-Cause
has I-Cause
deteriorated I-Cause
in I-Cause
several I-Cause
consumer I-Cause
product I-Cause
categories I-Cause
in O
recent O
years O
, O
amid B-Effect
greater I-Effect
competition I-Effect
from I-Effect
the I-Effect
hard I-Effect
discounters I-Effect
and I-Effect
lower I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
in I-Effect
the I-Effect
e-commerce I-Effect
channel I-Effect
. O

More O
immediately O
, O
improving B-Cause
vehicle I-Cause
quality I-Cause
could O
lead B-Effect
manufacturers I-Effect
to I-Effect
extend I-Effect
new I-Effect
vehicle I-Effect
warranties I-Effect
to I-Effect
generate I-Effect
sales I-Effect
in I-Effect
a I-Effect
competitive I-Effect
market I-Effect
. O

Further O
, O
ADM B-Effect
's I-Effect
carbohydrate I-Effect
solutions I-Effect
profits I-Effect
can I-Effect
be I-Effect
affected I-Effect
by O
the B-Cause
spread I-Cause
between I-Cause
corn I-Cause
meal I-Cause
and I-Cause
soymeal I-Cause
prices I-Cause
as O
the B-Cause
two I-Cause
can I-Cause
be I-Cause
used I-Cause
interchangably I-Cause
in I-Cause
many I-Cause
products I-Cause
such I-Cause
as I-Cause
animal I-Cause
nutrition I-Cause
. O

However O
, O
in O
November O
2020 O
, O
McDonald B-Cause
's I-Cause
indicated I-Cause
that I-Cause
its I-Cause
plant-based I-Cause
burger I-Cause
( I-Cause
which I-Cause
was I-Cause
developed I-Cause
in I-Cause
partnership I-Cause
with I-Cause
Beyond I-Cause
Meat I-Cause
and I-Cause
is I-Cause
still I-Cause
in I-Cause
the I-Cause
test I-Cause
phase I-Cause
) I-Cause
will I-Cause
not I-Cause
carry I-Cause
the I-Cause
Beyond I-Cause
brand I-Cause
, I-Cause
but I-Cause
instead I-Cause
will I-Cause
be I-Cause
branded I-Cause
as I-Cause
the I-Cause
McPlant I-Cause
burger. O
This O
allows O
the B-Effect
burger I-Effect
to I-Effect
carry I-Effect
a I-Effect
uniform I-Effect
brand I-Effect
globally I-Effect
, I-Effect
even I-Effect
in I-Effect
McDonald I-Effect
's I-Effect
international I-Effect
licensed I-Effect
markets I-Effect
, I-Effect
where I-Effect
patties I-Effect
may I-Effect
be I-Effect
supplied I-Effect
by I-Effect
companies I-Effect
other I-Effect
than I-Effect
Beyond I-Effect
Meat I-Effect
. O

This B-Effect
cross-selling I-Effect
opportunity I-Effect
is O
supported O
by O
Paycom B-Cause
's I-Cause
investments I-Cause
in I-Cause
its I-Cause
platform I-Cause
, O
which O
should O
allow O
the B-Effect
company I-Effect
to I-Effect
expand I-Effect
its I-Effect
customer I-Effect
base I-Effect
further I-Effect
up-market I-Effect
. O

We O
believe O
that O
broadband B-Effect
is I-Effect
the I-Effect
largest I-Effect
growth I-Effect
opportunity I-Effect
for I-Effect
Televisa I-Effect
, O
as O
Mexico B-Cause
's I-Cause
broadband I-Cause
penetration I-Cause
is I-Cause
below I-Cause
65 I-Cause
% I-Cause
even I-Cause
after I-Cause
the I-Cause
tailwind I-Cause
effect I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
. O

A B-Effect
more I-Effect
benign I-Effect
pricing I-Effect
environment I-Effect
is O
expected O
until O
the O
beginning O
of O
calendar O
2021 O
as O
there B-Cause
is I-Cause
a I-Cause
temporary I-Cause
gap I-Cause
in I-Cause
the I-Cause
rounds I-Cause
with I-Cause
existing I-Cause
rounds I-Cause
only I-Cause
effective I-Cause
until I-Cause
December I-Cause
2018 I-Cause
and I-Cause
the I-Cause
pandemic I-Cause
having I-Cause
deferred I-Cause
the I-Cause
next I-Cause
price I-Cause
adjustment I-Cause
indefinitely I-Cause
. O

This B-Cause
cyclicality I-Cause
is I-Cause
partially I-Cause
offset I-Cause
by I-Cause
Nordson I-Cause
's I-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
equipment I-Cause
, O
which O
drives O
a B-Effect
relatively I-Effect
stable I-Effect
stream I-Effect
of I-Effect
recurring I-Effect
revenue I-Effect
from I-Effect
aftermarket I-Effect
parts I-Effect
and I-Effect
consumables I-Effect
( O
57 O
% O
of O
sales O
in O
fiscal O
2020 O
) O
. O

The B-Cause
critical I-Cause
nature I-Cause
of I-Cause
ensuring I-Cause
users I-Cause
can I-Cause
access I-Cause
their I-Cause
applications I-Cause
while I-Cause
safeguarding I-Cause
that I-Cause
unauthorized I-Cause
users I-Cause
can I-Cause
not I-Cause
use I-Cause
such I-Cause
resources I-Cause
make O
SSO B-Effect
a I-Effect
powerful I-Effect
resource I-Effect
that I-Effect
security I-Effect
teams I-Effect
rely I-Effect
on I-Effect
to I-Effect
give I-Effect
a I-Effect
better I-Effect
user I-Effect
experience I-Effect
and I-Effect
tighten I-Effect
security I-Effect
posture I-Effect
. O

We O
view O
the B-Effect
online I-Effect
trend I-Effect
as I-Effect
favorable I-Effect
, O
as O
Adidas B-Cause
sells I-Cause
much I-Cause
of I-Cause
its I-Cause
products I-Cause
through I-Cause
digital I-Cause
channels I-Cause
at I-Cause
full I-Cause
price I-Cause
and I-Cause
likely I-Cause
achieves B-Effect
a I-Effect
better I-Effect
margin I-Effect
by O
shifting B-Cause
some I-Cause
sales I-Cause
from I-Cause
wholesale I-Cause
channels I-Cause
. O

Cloud B-Effect
providers I-Effect
and I-Effect
other I-Effect
major I-Effect
content I-Effect
users I-Effect
have I-Effect
already I-Effect
proved I-Effect
they I-Effect
can I-Effect
replicate I-Effect
Akamai I-Effect
's I-Effect
business I-Effect
for I-Effect
their I-Effect
own I-Effect
use I-Effect
, O
as O
they B-Cause
largely I-Cause
moved I-Cause
their I-Cause
businesses I-Cause
off I-Cause
Akamai I-Cause
's I-Cause
CDN I-Cause
and I-Cause
now I-Cause
meet I-Cause
their I-Cause
own I-Cause
needs I-Cause
internally I-Cause
. O

To O
simplify B-Effect
the I-Effect
process I-Effect
( O
linefill O
, O
inventory O
imbalances O
, O
and O
so O
on O
) O
, O
Plains O
supply O
and O
logistics O
will O
purchase B-Cause
the I-Cause
barrels I-Cause
as I-Cause
a I-Cause
shipper I-Cause
, I-Cause
and I-Cause
handle I-Cause
the I-Cause
multiple I-Cause
fees I-Cause
. O

Average B-Effect
revenue I-Effect
per I-Effect
user I-Effect
has I-Effect
also I-Effect
grown I-Effect
, O
as O
customers B-Cause
adopt I-Cause
new I-Cause
modules I-Cause
and O
the B-Effect
firm I-Effect
makes I-Effect
progress I-Effect
up-market I-Effect
, I-Effect
up I-Effect
82 I-Effect
% I-Effect
since O
2015 O
. O

LKQ B-Cause
's I-Cause
auto-parts I-Cause
sales I-Cause
in I-Cause
Europe I-Cause
are I-Cause
mostly I-Cause
for I-Cause
mechanical I-Cause
repairs I-Cause
, O
which O
leaves O
open O
the B-Effect
possibility I-Effect
of I-Effect
growth I-Effect
of I-Effect
collision I-Effect
parts I-Effect
sales I-Effect
in I-Effect
the I-Effect
region I-Effect
. O

In O
the O
longer O
term O
, O
we O
expect O
EDU B-Effect
to I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from I-Effect
industry I-Effect
consolidation I-Effect
and I-Effect
gain I-Effect
market I-Effect
share I-Effect
due O
to O
its B-Cause
leading I-Cause
position I-Cause
in I-Cause
China I-Cause
's I-Cause
private I-Cause
after-school I-Cause
education I-Cause
market I-Cause
and I-Cause
also I-Cause
through I-Cause
strong I-Cause
organic I-Cause
growth I-Cause
. O

We O
posit O
that O
400Gb B-Cause
switch I-Cause
adoption I-Cause
will O
create O
greenfield B-Effect
opportunities I-Effect
for I-Effect
Juniper I-Effect
, O
but O
we O
expect O
industry O
peers O
to O
also O
remain O
leaders O
on O
the O
innovation O
curve O
. O

These O
solutions O
are O
integrated O
in O
customer O
workflows O
and O
given O
that O
the B-Cause
price I-Cause
paid I-Cause
to I-Cause
IHS I-Cause
Markit I-Cause
is I-Cause
only I-Cause
a I-Cause
small I-Cause
part I-Cause
of I-Cause
the I-Cause
client I-Cause
's I-Cause
overall I-Cause
costs I-Cause
, O
there B-Effect
is I-Effect
little I-Effect
incentive I-Effect
for I-Effect
carmakers I-Effect
to I-Effect
switch I-Effect
providers I-Effect
. O

Product B-Effect
distribution I-Effect
can I-Effect
be I-Effect
a I-Effect
tough I-Effect
business I-Effect
-- O
low B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
combined I-Cause
with I-Cause
customer I-Cause
and I-Cause
supplier I-Cause
bargaining I-Cause
power I-Cause
can I-Cause
erode I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
. O

Late-stage B-Cause
trials I-Cause
consume I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
drug I-Cause
patent I-Cause
lives I-Cause
, O
making B-Effect
reduction I-Effect
in I-Effect
clinical I-Effect
trial I-Effect
time I-Effect
a I-Effect
priority I-Effect
for I-Effect
CROs I-Effect
and I-Effect
their I-Effect
customers I-Effect
. O

Finally O
, O
we O
expect O
TE B-Effect
to I-Effect
continue I-Effect
expanding I-Effect
its I-Effect
margins I-Effect
via I-Effect
footprint I-Effect
consolidation I-Effect
, O
as O
it B-Cause
streamlines I-Cause
the I-Cause
fixed I-Cause
asset I-Cause
portfolio I-Cause
it I-Cause
has I-Cause
gained I-Cause
over I-Cause
a I-Cause
decade I-Cause
of I-Cause
acquisitions I-Cause
. O

On O
the O
hospital O
side O
, O
we O
think O
Allscripts B-Cause
' I-Cause
smaller I-Cause
customer I-Cause
base I-Cause
and I-Cause
broad I-Cause
focus I-Cause
may B-Effect
deter I-Effect
hospitals I-Effect
, I-Effect
and I-Effect
practices I-Effect
to I-Effect
a I-Effect
lesser I-Effect
degree I-Effect
, O
from O
making O
a O
large O
investment O
to O
make O
the O
switch O
. O

We O
are O
n't O
, O
however O
, O
forecasting B-Effect
Thermo I-Effect
Fisher I-Effect
to I-Effect
return I-Effect
entirely I-Effect
to I-Effect
its I-Effect
prepandemic I-Effect
revenue I-Effect
levels I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
successful I-Cause
execution I-Cause
and I-Cause
further I-Cause
entrenchment I-Cause
and I-Cause
share I-Cause
gains I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
are I-Cause
likely I-Cause
to I-Cause
stay I-Cause
. O

The B-Cause
Western I-Cause
Union I-Cause
brand I-Cause
is I-Cause
the I-Cause
most I-Cause
recognized I-Cause
in I-Cause
the I-Cause
industry I-Cause
and I-Cause
its I-Cause
network I-Cause
is I-Cause
unparalleled I-Cause
, O
which O
allows O
the B-Effect
company I-Effect
to I-Effect
maintain I-Effect
premium I-Effect
pricing I-Effect
in I-Effect
some I-Effect
corridors I-Effect
. O

Consolidated B-Effect
returns I-Effect
recently I-Effect
declined I-Effect
to I-Effect
9.1 I-Effect
% I-Effect
in I-Effect
the I-Effect
second I-Effect
quarter I-Effect
, I-Effect
down I-Effect
from I-Effect
9.7 I-Effect
% I-Effect
due B-Cause
in I-Cause
part I-Cause
to I-Cause
higher I-Cause
COVID-19 I-Cause
costs I-Cause
, I-Cause
lower I-Cause
interest I-Cause
rates I-Cause
affecting I-Cause
formula I-Cause
rates I-Cause
at I-Cause
its I-Cause
ComEd I-Cause
subsidiary I-Cause
, I-Cause
and I-Cause
storm-related I-Cause
costs I-Cause
. O

Similarly O
we O
see O
a B-Effect
long-term I-Effect
conversion I-Effect
pathway I-Effect
in I-Effect
toothbrushes I-Effect
from I-Effect
manual I-Effect
to I-Effect
electric I-Effect
, O
as O
a B-Cause
large I-Cause
percentage I-Cause
of I-Cause
the I-Cause
population I-Cause
still I-Cause
brushes I-Cause
manually I-Cause
. O

This O
is O
lower B-Effect
than I-Effect
the I-Effect
9 I-Effect
% I-Effect
rate I-Effect
of I-Effect
return I-Effect
we I-Effect
expect I-Effect
investors I-Effect
will I-Effect
demand I-Effect
for I-Effect
a I-Effect
diversified I-Effect
equity I-Effect
portfolio I-Effect
, O
reflecting O
WEC B-Cause
Energy I-Cause
Group I-Cause
's I-Cause
lower I-Cause
sensitivity I-Cause
to I-Cause
the I-Cause
economic I-Cause
cycle I-Cause
and I-Cause
lower I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
. O

The B-Cause
premium I-Cause
is I-Cause
not I-Cause
offset I-Cause
by I-Cause
higher I-Cause
funding I-Cause
or I-Cause
operating I-Cause
costs I-Cause
, O
enabling B-Effect
the I-Effect
major I-Effect
banks I-Effect
to I-Effect
generate I-Effect
consistent I-Effect
excess I-Effect
returns I-Effect
. O

Given B-Cause
the I-Cause
comprehensive I-Cause
nature I-Cause
of I-Cause
the I-Cause
product I-Cause
, I-Cause
supported I-Cause
by I-Cause
end-to-end I-Cause
P2P I-Cause
capabilities I-Cause
, O
businesses B-Effect
are I-Effect
increasingly I-Effect
encouraging I-Effect
their I-Effect
suppliers I-Effect
to I-Effect
join I-Effect
Coupa I-Effect
's I-Effect
platform I-Effect
to I-Effect
streamline I-Effect
the I-Effect
transaction I-Effect
process I-Effect
. O

The B-Effect
rail I-Effect
's I-Effect
OR I-Effect
( I-Effect
expenses/revenue I-Effect
) I-Effect
improved I-Effect
to I-Effect
an I-Effect
outstanding I-Effect
57 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
-- I-Effect
a I-Effect
company I-Effect
record I-Effect
-- O
on O
efficiency B-Cause
gains I-Cause
rooted O
in O
a B-Cause
long-standing I-Cause
PSR-ingrained I-Cause
culture I-Cause
and I-Cause
lower I-Cause
fuel I-Cause
costs I-Cause
. O

While O
we O
expect O
retail O
trading O
to O
return O
to O
normal O
over O
time O
, O
the O
increased B-Cause
prevalence I-Cause
of I-Cause
$ I-Cause
0 I-Cause
commission I-Cause
trading I-Cause
platforms I-Cause
should O
continue O
to O
provide B-Effect
a I-Effect
modest I-Effect
tailwind I-Effect
to I-Effect
trading I-Effect
volume I-Effect
. O

Total B-Cause
's I-Cause
recent I-Cause
divestment I-Cause
of I-Cause
its I-Cause
Canadian I-Cause
oil I-Cause
sands I-Cause
operations I-Cause
in I-Cause
Joslyn I-Cause
given O
the B-Cause
associated I-Cause
high I-Cause
production I-Cause
costs I-Cause
should O
also O
help B-Effect
Total I-Effect
reduce I-Effect
emissions I-Effect
, O
as O
oil B-Cause
sands I-Cause
rank I-Cause
as I-Cause
one I-Cause
of I-Cause
the I-Cause
most I-Cause
carbon-intensive I-Cause
upstream I-Cause
assets I-Cause
. O

Farmers B-Cause
quickly I-Cause
saw I-Cause
the I-Cause
benefits I-Cause
of I-Cause
this I-Cause
invention I-Cause
and I-Cause
rapidly I-Cause
adopted I-Cause
the I-Cause
technology I-Cause
, O
ushering B-Effect
in I-Effect
the I-Effect
era I-Effect
of I-Effect
mechanized I-Effect
farming I-Effect
in I-Effect
the I-Effect
early I-Effect
1900s I-Effect
. O

Given O
that O
an B-Cause
average I-Cause
doctor I-Cause
will I-Cause
never I-Cause
encounter I-Cause
a I-Cause
patient I-Cause
with I-Cause
one I-Cause
of I-Cause
these I-Cause
rare I-Cause
diseases I-Cause
during I-Cause
their I-Cause
career I-Cause
, O
it O
takes O
a O
unique O
strategy O
to O
identify O
and O
educate O
the O
correct O
contacts O
, O
and O
Soliris B-Effect
is I-Effect
approved I-Effect
in I-Effect
over I-Effect
40 I-Effect
countries I-Effect
. O

As O
Astra B-Cause
's I-Cause
next I-Cause
generation I-Cause
of I-Cause
drugs I-Cause
launch I-Cause
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
based I-Effect
on I-Effect
the I-Effect
strong I-Effect
pricing I-Effect
power I-Effect
of I-Effect
the I-Effect
new I-Effect
drugs I-Effect
and I-Effect
the I-Effect
operating I-Effect
leverage I-Effect
the I-Effect
firm I-Effect
should I-Effect
attain I-Effect
as I-Effect
the I-Effect
new I-Effect
drugs I-Effect
reach I-Effect
critical I-Effect
mass I-Effect
. O

Furthermore O
, O
given O
the O
significant O
consolidation O
in O
the O
capital O
equipment O
industry O
, O
many B-Effect
recently I-Effect
proposed I-Effect
mergers I-Effect
and I-Effect
acquisitions I-Effect
have I-Effect
failed I-Effect
due O
to O
anti-competitive B-Cause
concerns I-Cause
. O

Further O
, O
following B-Cause
the I-Cause
divestment I-Cause
of I-Cause
the I-Cause
Organon I-Cause
business I-Cause
in I-Cause
June I-Cause
2021 I-Cause
, O
the B-Effect
remaining I-Effect
portfolio I-Effect
at I-Effect
Merck I-Effect
holds I-Effect
a I-Effect
higher I-Effect
percentage I-Effect
of I-Effect
drugs I-Effect
with I-Effect
strong I-Effect
patent I-Effect
protection I-Effect
. O

We O
are O
raising B-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
to O
$ O
44 O
per O
share O
from O
$ O
43 O
after O
incorporating O
2020 O
results B-Effect
in I-Effect
line I-Effect
with I-Effect
our I-Effect
expectations I-Effect
and I-Effect
time-value I-Effect
appreciation I-Effect
. O

After B-Cause
establishing I-Cause
itself I-Cause
as I-Cause
the I-Cause
SMB I-Cause
leader I-Cause
Shopify I-Cause
has I-Cause
been I-Cause
pushing I-Cause
more I-Cause
into I-Cause
the I-Cause
enterprise I-Cause
with I-Cause
Shopify I-Cause
Plus I-Cause
, O
which O
allows O
online B-Effect
stores I-Effect
to I-Effect
remain I-Effect
on I-Effect
the I-Effect
platform I-Effect
as I-Effect
their I-Effect
needs I-Effect
become I-Effect
more I-Effect
advanced I-Effect
. O

Our O
main O
concern O
is O
the O
threat O
that O
increased B-Cause
adoption I-Cause
of I-Cause
electrification I-Cause
will O
pose B-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
engine I-Effect
business I-Effect
in O
the O
long O
run O
, O
though O
we O
expect O
the O
impact O
to O
be O
gradual O
for O
several O
reasons O
. O

As O
demand B-Cause
for I-Cause
athletic I-Cause
apparel I-Cause
has I-Cause
exploded I-Cause
during O
the O
pandemic O
, O
the B-Effect
firm I-Effect
has I-Effect
experienced I-Effect
an I-Effect
unusual I-Effect
surge I-Effect
in I-Effect
sales I-Effect
( O
which O
we O
view O
as O
temporary O
) O
. O

Given O
the B-Cause
short-cycle I-Cause
nature I-Cause
of I-Cause
its I-Cause
business I-Cause
, O
visibility B-Effect
is I-Effect
low I-Effect
in I-Effect
comparison I-Effect
with I-Effect
the I-Effect
larger I-Effect
backlog I-Effect
other I-Effect
peers I-Effect
enjoy I-Effect
, O
though O
Rockwell O
's O
backlog O
grew O
30 O
% O
year O
over O
year O
in O
the O
fiscal O
second O
quarter O
and O
its O
order O
book O
was O
similarly O
strong O
. O

At O
Sky O
, O
we O
expect O
reported O
revenue B-Effect
will I-Effect
decline I-Effect
in O
2020 O
thanks O
to O
the B-Cause
current I-Cause
pandemic I-Cause
, I-Cause
economic I-Cause
weakness I-Cause
, I-Cause
and I-Cause
the I-Cause
weakened I-Cause
pound I-Cause
. O

Steel B-Effect
operates I-Effect
on I-Effect
the I-Effect
high I-Effect
end I-Effect
of I-Effect
the I-Effect
industry I-Effect
cost I-Effect
curve I-Effect
, O
in O
part O
because O
its B-Cause
fleet I-Cause
of I-Cause
blast I-Cause
furnaces I-Cause
is I-Cause
older I-Cause
and I-Cause
less I-Cause
efficient I-Cause
than I-Cause
the I-Cause
furnaces I-Cause
employed I-Cause
by I-Cause
its I-Cause
peers I-Cause
. O

On O
the O
yield O
side O
, O
we O
expect O
Carnival B-Cause
to I-Cause
see I-Cause
some I-Cause
pricing I-Cause
pressure I-Cause
to O
entice B-Effect
cruisers I-Effect
back I-Effect
onto I-Effect
the I-Effect
product I-Effect
after I-Effect
COVID-19 I-Effect
subsides I-Effect
( O
mitigated O
somewhat O
by O
a O
measured O
return O
of O
capacity O
) O
. O

The B-Cause
company I-Cause
's I-Cause
international I-Cause
operations I-Cause
do O
boost B-Effect
its I-Effect
long-term I-Effect
growth I-Effect
prospects I-Effect
a I-Effect
bit I-Effect
, O
but O
we O
believe O
Chubb B-Cause
's I-Cause
size I-Cause
will O
make B-Effect
it I-Effect
difficult I-Effect
to I-Effect
dramatically I-Effect
outstrip I-Effect
industry I-Effect
growth I-Effect
over I-Effect
time I-Effect
. O

This O
will O
make O
the B-Effect
company I-Effect
more I-Effect
reliant I-Effect
on I-Effect
net I-Effect
interest I-Effect
income I-Effect
, O
which O
should O
benefit O
from O
rising O
interest O
rates O
as O
the B-Cause
company I-Cause
has I-Cause
developed I-Cause
a I-Cause
stronger I-Cause
deposit I-Cause
base I-Cause
. O

Overall O
, O
we O
view O
the B-Effect
uncertainty I-Effect
level I-Effect
as I-Effect
high I-Effect
partly O
due O
to O
the B-Cause
lack I-Cause
of I-Cause
clarity I-Cause
around I-Cause
the I-Cause
finalization I-Cause
of I-Cause
the I-Cause
glyphosate I-Cause
litigation I-Cause
with I-Cause
the I-Cause
over I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
settlement I-Cause
. O

Public B-Cause
clouds I-Cause
can O
precipitously B-Effect
augment I-Effect
network I-Effect
growth I-Effect
but O
enterprises B-Effect
face I-Effect
integration I-Effect
complexities I-Effect
among I-Effect
on-premises I-Effect
networks I-Effect
and I-Effect
private I-Effect
and I-Effect
public I-Effect
clouds I-Effect
. O

Despite O
the O
firm O
's O
strong O
position O
in O
8-bit O
MCUs O
, O
revenue B-Effect
growth I-Effect
could O
suffer O
if O
higher-end B-Cause
MCUs I-Cause
are I-Cause
able I-Cause
to I-Cause
displace I-Cause
more I-Cause
and I-Cause
more I-Cause
8-bit I-Cause
chips I-Cause
in I-Cause
electronic I-Cause
devices I-Cause
. O

The B-Cause
coronavirus I-Cause
pandemic I-Cause
presents B-Effect
airlines I-Effect
with I-Effect
the I-Effect
sharpest I-Effect
demand I-Effect
shock I-Effect
in I-Effect
history I-Effect
, O
forcing B-Effect
airlines I-Effect
to I-Effect
reduce I-Effect
much I-Effect
of I-Effect
their I-Effect
capacity I-Effect
and I-Effect
the I-Effect
aircraft I-Effect
that O
are O
still O
flying O
are O
flying O
at O
low O
load O
factors O
. O

A B-Cause
unified I-Cause
platform I-Cause
and I-Cause
highly I-Cause
specialized I-Cause
product I-Cause
development I-Cause
have O
allowed B-Effect
Manhattan I-Effect
to I-Effect
position I-Effect
itself I-Effect
as I-Effect
the I-Effect
high I-Effect
end I-Effect
solution I-Effect
provider I-Effect
over I-Effect
a I-Effect
period I-Effect
of I-Effect
many I-Effect
years I-Effect
now I-Effect
. O

In B-Cause
addition I-Cause
, I-Cause
with I-Cause
a I-Cause
portion I-Cause
of I-Cause
its I-Cause
production I-Cause
occurring I-Cause
in I-Cause
regions I-Cause
where I-Cause
water I-Cause
is I-Cause
a I-Cause
scarce I-Cause
resource I-Cause
, O
Clorox B-Effect
may I-Effect
be I-Effect
challenged I-Effect
by I-Effect
impediments I-Effect
to I-Effect
its I-Effect
production I-Effect
process I-Effect
. O

Additionally O
, O
lengthy B-Cause
FDA I-Cause
approval I-Cause
processes I-Cause
and I-Cause
the I-Cause
sophistication I-Cause
of I-Cause
the I-Cause
technology I-Cause
are O
tall O
barriers O
that O
deter O
new B-Effect
market I-Effect
entrants I-Effect
, O
though O
both O
General O
Electric O
and O
Siemens O
have O
received O
FDA O
approval O
for O
3D O
systems O
. O

Organic B-Cause
market I-Cause
share I-Cause
gains I-Cause
and I-Cause
consistent I-Cause
economic I-Cause
profits I-Cause
would O
provide B-Effect
evidence I-Effect
of I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
gained I-Effect
via I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
. O

These B-Cause
key I-Cause
opinion I-Cause
leaders I-Cause
can I-Cause
also I-Cause
get I-Cause
tipping I-Cause
from I-Cause
or I-Cause
sell I-Cause
merchandise I-Cause
to I-Cause
their I-Cause
fans I-Cause
, O
which O
can O
encourage B-Effect
them I-Effect
to I-Effect
share I-Effect
more I-Effect
Internet I-Effect
Content I-Effect
& I-Effect
Informationcontent I-Effect
on I-Effect
the I-Effect
Weibo I-Effect
platform I-Effect
. O

Estimated B-Effect
net I-Effect
inflows I-Effect
of I-Effect
more I-Effect
than I-Effect
$ I-Effect
25 I-Effect
billion I-Effect
during I-Effect
the I-Effect
June I-Effect
quarter I-Effect
were O
driven O
primarily O
by O
the B-Cause
funding I-Cause
of I-Cause
$ I-Cause
17 I-Cause
billion I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
$ I-Cause
46 I-Cause
billion I-Cause
institutional I-Cause
pipeline I-Cause
coming I-Cause
out I-Cause
of I-Cause
the I-Cause
March I-Cause
quarter I-Cause
as I-Cause
well I-Cause
as I-Cause
improved I-Cause
flows I-Cause
for I-Cause
its I-Cause
retail I-Cause
operations I-Cause
. O

Equity O
Residential O
has O
created O
significant O
shareholder O
value O
through O
development O
, O
but O
the B-Cause
increased I-Cause
competition I-Cause
for I-Cause
apartment I-Cause
assets I-Cause
combined I-Cause
with I-Cause
increasing I-Cause
construction I-Cause
costs I-Cause
is O
making B-Effect
accretive I-Effect
deals I-Effect
more I-Effect
difficult I-Effect
to I-Effect
find I-Effect
and I-Effect
underwrite I-Effect
. O

Targa B-Cause
operates I-Cause
as I-Cause
a I-Cause
corporation I-Cause
instead I-Cause
of I-Cause
limited I-Cause
partnership I-Cause
, O
which O
brings B-Effect
certain I-Effect
advantages I-Effect
over I-Effect
limited I-Effect
partnerships I-Effect
in I-Effect
terms I-Effect
of I-Effect
broadening I-Effect
the I-Effect
shareholder I-Effect
base I-Effect
, O
allowing O
it B-Effect
to I-Effect
be I-Effect
represented I-Effect
in I-Effect
indexes I-Effect
, I-Effect
and I-Effect
reduced I-Effect
tax I-Effect
complexity I-Effect
as I-Effect
a I-Effect
1099 I-Effect
issuer I-Effect
. O

Unsurprisingly O
, O
we O
expect O
LaCroix B-Effect
to I-Effect
be I-Effect
the I-Effect
standout I-Effect
performer I-Effect
, O
given O
the B-Cause
broad I-Cause
resonance I-Cause
of I-Cause
its I-Cause
products I-Cause
and I-Cause
the I-Cause
reality I-Cause
that I-Cause
most I-Cause
of I-Cause
its I-Cause
negative I-Cause
publicity I-Cause
( I-Cause
such I-Cause
as I-Cause
those I-Cause
stemming I-Cause
from I-Cause
lawsuits I-Cause
refuting I-Cause
the I-Cause
drink I-Cause
's I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
all I-Cause
natural I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
claim I-Cause
) I-Cause
has I-Cause
been I-Cause
shed I-Cause
. O

The B-Effect
company I-Effect
is I-Effect
still I-Effect
exposed I-Effect
to I-Effect
risk I-Effect
from I-Effect
its I-Effect
legacy I-Effect
financial I-Effect
data I-Effect
assets I-Effect
as O
its B-Cause
ownership I-Cause
in I-Cause
Refinitiv I-Cause
will I-Cause
likely I-Cause
be I-Cause
exchanged I-Cause
for I-Cause
shares I-Cause
in I-Cause
the I-Cause
London I-Cause
Stock I-Cause
Exchange I-Cause
should I-Cause
the I-Cause
deal I-Cause
be I-Cause
approved I-Cause
by I-Cause
regulators I-Cause
. O

The B-Effect
small I-Effect
remainder I-Effect
is O
typically O
a B-Cause
result I-Cause
of I-Cause
financial I-Cause
glitches I-Cause
related I-Cause
to I-Cause
bidders I-Cause
who I-Cause
are I-Cause
unable I-Cause
to I-Cause
produce I-Cause
the I-Cause
required I-Cause
funds I-Cause
. O

As O
Ingersoll-Rand B-Cause
has I-Cause
established I-Cause
a I-Cause
strong I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
and I-Cause
reliability I-Cause
, O
we B-Effect
think I-Effect
it I-Effect
would I-Effect
be I-Effect
challenging I-Effect
for I-Effect
competitors I-Effect
to I-Effect
encroach I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
installed I-Effect
base I-Effect
. O

We O
also O
think O
Equinix B-Cause
benefits I-Cause
from I-Cause
the I-Cause
significant I-Cause
switching I-Cause
costs I-Cause
present I-Cause
for I-Cause
tenants I-Cause
that O
might O
otherwise O
prefer B-Effect
to I-Effect
move I-Effect
from I-Effect
one I-Effect
data I-Effect
center I-Effect
to I-Effect
another I-Effect
. O

But O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
the I-Effect
firm I-Effect
will I-Effect
back I-Effect
down I-Effect
in I-Effect
its I-Effect
pursuit I-Effect
even I-Effect
once I-Effect
the I-Effect
concerns I-Effect
surrounding I-Effect
the I-Effect
pandemic I-Effect
subside I-Effect
, O
as O
its B-Cause
works I-Cause
to I-Cause
ensure I-Cause
recent I-Cause
wins I-Cause
with I-Cause
end-consumers I-Cause
prove I-Cause
lasting I-Cause
. O

Imax B-Cause
has I-Cause
leveraged I-Cause
its I-Cause
format I-Cause
standards I-Cause
and I-Cause
technologies I-Cause
, I-Cause
including I-Cause
its I-Cause
projection I-Cause
systems I-Cause
and I-Cause
digital I-Cause
film I-Cause
conversion I-Cause
process I-Cause
, O
to O
capture B-Effect
over I-Effect
50 I-Effect
% I-Effect
market I-Effect
share I-Effect
within I-Effect
the I-Effect
premium I-Effect
large-format I-Effect
cinema I-Effect
marketplace I-Effect
. O

These B-Cause
chips I-Cause
are I-Cause
also I-Cause
significantly I-Cause
more I-Cause
differentiated I-Cause
than I-Cause
power I-Cause
discretes I-Cause
and O
the O
firm O
is O
able O
to B-Effect
command I-Effect
a I-Effect
higher I-Effect
margin I-Effect
for I-Effect
them I-Effect
. O

Efficiency B-Cause
gains I-Cause
in I-Cause
the I-Cause
presalt I-Cause
reservoirs I-Cause
shortened B-Effect
well I-Effect
construction I-Effect
times I-Effect
and I-Effect
reduced I-Effect
the I-Effect
number I-Effect
of I-Effect
wells I-Effect
needed I-Effect
to I-Effect
fill I-Effect
FPSO I-Effect
capacity I-Effect
. O

Through O
2025 O
, O
we O
assume O
organic B-Cause
revenue I-Cause
growth I-Cause
of I-Cause
3 I-Cause
% I-Cause
and I-Cause
margin I-Cause
improvement I-Cause
will O
help O
Centene B-Effect
increase I-Effect
earnings I-Effect
per I-Effect
share I-Effect
8 I-Effect
% I-Effect
compounded I-Effect
annually I-Effect
during I-Effect
that I-Effect
timeframe I-Effect
. O

VIP B-Effect
gross I-Effect
gaming I-Effect
revenue I-Effect
in I-Effect
Macao I-Effect
decreased I-Effect
around I-Effect
20 I-Effect
% I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
2009 I-Effect
amid B-Cause
the I-Cause
credit I-Cause
crisis I-Cause
and I-Cause
a I-Cause
steep I-Cause
decline I-Cause
in I-Cause
the I-Cause
Chinese I-Cause
stock I-Cause
market I-Cause
and O
showed B-Effect
renewed I-Effect
weakness I-Effect
from I-Effect
anticorruption B-Cause
activities I-Cause
enacted I-Cause
in I-Cause
late I-Cause
2014 I-Cause
into I-Cause
2016 I-Cause
. O

Integrated O
oil O
companies O
can O
achieve B-Effect
competitive I-Effect
advantages I-Effect
through O
upstream B-Cause
or I-Cause
downstream I-Cause
operations I-Cause
, O
but O
they B-Effect
best I-Effect
achieve I-Effect
competitive I-Effect
advantages I-Effect
when O
upstream B-Cause
and I-Cause
downstream I-Cause
assets I-Cause
are I-Cause
aligned I-Cause
, O
such O
that O
one O
segment O
can O
recapture O
the O
economic O
rents O
that O
the O
other O
segment O
is O
losing O
. O

The O
broadband O
business O
has O
85 O
million O
customers O
but O
has O
seen O
market B-Effect
share I-Effect
declines I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
as O
China B-Cause
Mobile I-Cause
has I-Cause
aggressively I-Cause
entered I-Cause
this I-Cause
space I-Cause
with I-Cause
pricing I-Cause
well I-Cause
below I-Cause
both I-Cause
China I-Cause
Unicom I-Cause
and I-Cause
China I-Cause
Telecom I-Cause
. O

Moreover O
, O
due O
to O
temporary B-Cause
store I-Cause
closures I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
we O
forecast O
84 B-Effect
% I-Effect
e-commerce I-Effect
growth I-Effect
in I-Effect
2020 I-Effect
and O
expect O
the B-Effect
segment I-Effect
will I-Effect
become I-Effect
Lululemon I-Effect
's I-Effect
largest I-Effect
source I-Effect
of I-Effect
operating I-Effect
profit I-Effect
for I-Effect
the I-Effect
first I-Effect
time I-Effect
. O

The B-Cause
current I-Cause
negative I-Cause
interest I-Cause
rate I-Cause
environment I-Cause
obscures O
the B-Effect
benefits I-Effect
of I-Effect
Credit B-Cause
Suisse I-Cause
's I-Cause
very I-Cause
strong I-Cause
deposit I-Cause
franchise I-Cause
that O
provides B-Effect
it I-Effect
with I-Effect
ample I-Effect
surplus I-Effect
liquidity I-Effect
. O

That O
said O
, O
successful B-Cause
network-efficiency I-Cause
efforts I-Cause
and I-Cause
growth I-Cause
in I-Cause
its I-Cause
longer-haul I-Cause
cross-border I-Cause
Mexico I-Cause
franchise I-Cause
enabled O
it O
to O
gradually O
bolster B-Effect
its I-Effect
balance I-Effect
sheet I-Effect
, I-Effect
improve I-Effect
free I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
, I-Effect
and I-Effect
bring I-Effect
margins I-Effect
more I-Effect
in I-Effect
line I-Effect
with I-Effect
peers I-Effect
. O

In O
our O
view O
, O
the B-Effect
extent I-Effect
of I-Effect
Veoneer I-Effect
's I-Effect
customer I-Effect
base I-Effect
supports I-Effect
the I-Effect
ability I-Effect
to I-Effect
optimize I-Effect
pricing I-Effect
of I-Effect
new I-Effect
innovations I-Effect
should O
OEMs B-Cause
in I-Cause
one I-Cause
region I-Cause
decide I-Cause
to I-Cause
pressure I-Cause
their I-Cause
supply I-Cause
base I-Cause
for I-Cause
price I-Cause
concessions I-Cause
in I-Cause
the I-Cause
future I-Cause
. O

With O
essentially B-Cause
all I-Cause
of I-Cause
its I-Cause
rooms I-Cause
under I-Cause
franchise I-Cause
contracts I-Cause
, O
the O
company B-Effect
depends I-Effect
heavily I-Effect
on I-Effect
its I-Effect
brand I-Effect
to I-Effect
attract I-Effect
unit I-Effect
growth I-Effect
from I-Effect
these I-Effect
third-party I-Effect
owners I-Effect
. O

The B-Cause
Medicare I-Cause
for I-Cause
All I-Cause
scenario I-Cause
debated I-Cause
in I-Cause
the I-Cause
Democratic I-Cause
primaries I-Cause
called I-Cause
for I-Cause
the I-Cause
elimination I-Cause
of I-Cause
the I-Cause
private I-Cause
insurance I-Cause
industry I-Cause
, O
which O
would O
have O
threatened B-Effect
much I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
operations I-Effect
. O

For O
FMC O
, O
most B-Cause
of I-Cause
its I-Cause
new I-Cause
products I-Cause
in I-Cause
the I-Cause
pipeline I-Cause
are I-Cause
herbicides I-Cause
and I-Cause
fungicides I-Cause
, O
which O
should O
result O
in O
a B-Effect
more I-Effect
balanced I-Effect
portfolio I-Effect
among I-Effect
the I-Effect
three I-Effect
primary I-Effect
types I-Effect
of I-Effect
crop I-Effect
protection I-Effect
chemicals I-Effect
as O
new B-Cause
products I-Cause
are I-Cause
commercialized I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
. O

The B-Effect
material I-Effect
in I-Effect
its I-Effect
apparel I-Effect
is I-Effect
significantly I-Effect
more I-Effect
expensive I-Effect
than I-Effect
in I-Effect
traditional I-Effect
athletic I-Effect
shirts I-Effect
and I-Effect
pants I-Effect
, O
partly O
accounting O
for O
its B-Cause
relatively I-Cause
high I-Cause
pricing I-Cause
. O

We O
consider O
fractionators B-Effect
to I-Effect
be I-Effect
higher-quality I-Effect
assets I-Effect
than I-Effect
natural I-Effect
gas I-Effect
and I-Effect
processing I-Effect
assets I-Effect
because O
of O
the B-Cause
more I-Cause
concentrated I-Cause
nature I-Cause
of I-Cause
the I-Cause
market I-Cause
. O

In B-Cause
exchange I-Cause
for I-Cause
earning I-Cause
a I-Cause
fair I-Cause
return I-Cause
for I-Cause
its I-Cause
shareholders I-Cause
, O
AES B-Effect
' I-Effect
utilities I-Effect
are I-Effect
expected I-Effect
to I-Effect
provide I-Effect
safe I-Effect
and I-Effect
reliable I-Effect
service I-Effect
at I-Effect
the I-Effect
lowest I-Effect
possible I-Effect
rates I-Effect
. O

We O
anticipate O
ongoing B-Cause
strong I-Cause
growth I-Cause
in I-Cause
mobile I-Cause
RF I-Cause
chip I-Cause
sales I-Cause
for I-Cause
4G I-Cause
and I-Cause
5G I-Cause
devices I-Cause
among I-Cause
other I-Cause
carriers I-Cause
, O
but O
perhaps O
with O
some B-Cause
pricing I-Cause
pressure I-Cause
from I-Cause
large I-Cause
customers I-Cause
and I-Cause
sluggish I-Cause
growth I-Cause
in I-Cause
smartphone I-Cause
volumes I-Cause
as I-Cause
replacement I-Cause
cycles I-Cause
elongate I-Cause
, O
both O
of O
which O
may O
partially O
offset O
RF B-Effect
content I-Effect
growth I-Effect
. O

Teladoc B-Cause
benefits I-Cause
from I-Cause
its I-Cause
ability I-Cause
to I-Cause
operate I-Cause
as I-Cause
a I-Cause
legal I-Cause
structure I-Cause
, I-Cause
sequestering I-Cause
its I-Cause
provider I-Cause
network I-Cause
in I-Cause
a I-Cause
VIE I-Cause
( I-Cause
Teladoc I-Cause
Physicians I-Cause
, I-Cause
PA I-Cause
) I-Cause
which O
allows O
it B-Effect
to I-Effect
operate I-Effect
nationally I-Effect
without I-Effect
staffing I-Effect
full I-Effect
time I-Effect
. O

Firms B-Effect
can I-Effect
clean I-Effect
up I-Effect
their I-Effect
operations I-Effect
in I-Effect
the I-Effect
field I-Effect
as I-Effect
much I-Effect
as I-Effect
possible I-Effect
by O
using B-Cause
technologies I-Cause
like I-Cause
electric I-Cause
fracking I-Cause
and I-Cause
reducing I-Cause
fuel I-Cause
use I-Cause
through I-Cause
smarter I-Cause
logistics I-Cause
. O

However O
, O
despite O
these O
economic O
losses O
, O
we B-Effect
believe I-Effect
Munich I-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
better I-Effect
reinsurance I-Effect
companies I-Effect
in I-Effect
our I-Effect
coverage I-Effect
, O
which O
we O
attribute O
to O
portfolio B-Cause
construction I-Cause
, I-Cause
capital I-Cause
management I-Cause
, I-Cause
and I-Cause
stewardship I-Cause
. I-Cause

On O
the O
other O
side O
, O
via O
its B-Cause
rich I-Cause
collection I-Cause
of I-Cause
data I-Cause
and I-Cause
large I-Cause
user I-Cause
base I-Cause
, O
Google B-Effect
can I-Effect
offer I-Effect
the I-Effect
best I-Effect
return I-Effect
on I-Effect
investment I-Effect
for I-Effect
advertisers I-Effect
and I-Effect
build I-Effect
a I-Effect
growing I-Effect
network I-Effect
of I-Effect
advertising I-Effect
customers I-Effect
. O

By O
2016 O
, O
the O
market O
had O
grown O
considerably O
and O
increasingly O
competitive O
, O
with O
new B-Cause
entrants I-Cause
in I-Cause
the I-Cause
land I-Cause
grab I-Cause
as I-Cause
medical I-Cause
practices I-Cause
and I-Cause
hospitals I-Cause
raced I-Cause
to I-Cause
convert I-Cause
paper I-Cause
records I-Cause
to O
maximize B-Effect
incentive I-Effect
payments I-Effect
. O

We O
expect B-Effect
continued I-Effect
acquisition I-Effect
and I-Effect
disposition I-Effect
activity I-Effect
as O
Essex B-Cause
recycles I-Cause
capital I-Cause
, I-Cause
repositions I-Cause
its I-Cause
portfolio I-Cause
, I-Cause
and I-Cause
improves I-Cause
the I-Cause
overall I-Cause
quality I-Cause
of I-Cause
its I-Cause
assets I-Cause
. O

Additionally O
, O
the B-Cause
trading I-Cause
desk I-Cause
in I-Cause
Bunge I-Cause
's I-Cause
grain I-Cause
merchandising I-Cause
operations I-Cause
puts O
the B-Effect
firm I-Effect
at I-Effect
risk I-Effect
for I-Effect
large I-Effect
profit I-Effect
swings I-Effect
depending I-Effect
on I-Effect
trading I-Effect
results I-Effect
. O

As O
a O
result O
of O
shifting B-Cause
the I-Cause
majority I-Cause
of I-Cause
its I-Cause
production I-Cause
to I-Cause
Hungary I-Cause
and I-Cause
China I-Cause
, O
Coloplast B-Effect
now I-Effect
enjoys I-Effect
a I-Effect
gross I-Effect
margin I-Effect
that I-Effect
beats I-Effect
that I-Effect
of I-Effect
rival I-Effect
ConvaTec I-Effect
by I-Effect
1,600 I-Effect
basis I-Effect
points I-Effect
. O

Overall O
, O
with O
the O
bursting O
of O
the O
China O
boom O
, O
we O
think O
it O
's O
unlikely O
BHP B-Effect
will I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
aggregate I-Effect
from I-Effect
its I-Effect
portfolio I-Effect
, O
once O
past B-Cause
impairments I-Cause
and I-Cause
write-downs I-Cause
are I-Cause
added I-Cause
back I-Cause
to I-Cause
the I-Cause
invested I-Cause
capital I-Cause
base I-Cause
. O

When O
commercial O
electric O
vehicles O
ultimately O
account O
for O
a O
sizable O
fraction O
of O
the O
North O
American O
commercial O
fleet O
, O
both O
the B-Cause
lack I-Cause
of I-Cause
aftermarket I-Cause
revenues I-Cause
and I-Cause
reduced I-Cause
frequency I-Cause
of I-Cause
customer I-Cause
interactions I-Cause
will O
disrupt B-Effect
the I-Effect
entire I-Effect
diesel I-Effect
ecosystem I-Effect
. O

Together O
, O
we O
think O
the O
firm O
's O
cost O
advantages O
, O
underpinned O
by O
closer O
proximity O
to O
customers O
and O
its O
scale O
, O
facilitate O
market O
share O
gains O
by O
allowing B-Cause
the I-Cause
firm I-Cause
to I-Cause
offer I-Cause
customers I-Cause
similar I-Cause
products I-Cause
and I-Cause
services I-Cause
at I-Cause
a I-Cause
lower I-Cause
price I-Cause
, O
or O
offer B-Effect
customers I-Effect
superior I-Effect
products I-Effect
and I-Effect
services I-Effect
at I-Effect
a I-Effect
comparable I-Effect
price I-Effect
. O

The B-Cause
company I-Cause
uses I-Cause
a I-Cause
few I-Cause
silicon I-Cause
merchant I-Cause
vendors I-Cause
in I-Cause
its I-Cause
hardware I-Cause
, O
which O
is O
now O
a O
strategy O
employed O
by O
Arista O
's O
competition O
as O
well O
, O
so O
using B-Cause
design I-Cause
expertise I-Cause
to I-Cause
create I-Cause
novel I-Cause
software I-Cause
and I-Cause
hardware I-Cause
features I-Cause
strengthens B-Effect
its I-Effect
position I-Effect
. O

Given O
the B-Cause
operating I-Cause
leverage I-Cause
on I-Cause
organic I-Cause
revenue I-Cause
, O
we O
see O
segment B-Effect
operating I-Effect
margin I-Effect
reaching I-Effect
73 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
, I-Effect
from I-Effect
69 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

The B-Cause
trucking I-Cause
cycle I-Cause
can I-Cause
swing I-Cause
year I-Cause
to I-Cause
year I-Cause
from I-Cause
tight I-Cause
capacity I-Cause
to I-Cause
overcapacity I-Cause
based I-Cause
on I-Cause
global I-Cause
economic I-Cause
activity I-Cause
, O
leading O
to O
a B-Effect
pause I-Effect
in I-Effect
new I-Effect
truck I-Effect
orders I-Effect
. O

However O
, O
as B-Cause
travel I-Cause
slowly I-Cause
returns I-Cause
to I-Cause
normal I-Cause
once I-Cause
the I-Cause
virus I-Cause
has I-Cause
passed I-Cause
, O
we B-Effect
think I-Effect
the I-Effect
company I-Effect
should I-Effect
see I-Effect
strong I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
beyond I-Effect
and I-Effect
the I-Effect
company I-Effect
should I-Effect
eventually I-Effect
return I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
. O

Phase O
3 O
studies O
in O
psoriatic O
arthritis O
showed O
effective B-Cause
response I-Cause
rates I-Cause
similar I-Cause
to I-Cause
leading I-Cause
treatments I-Cause
, O
which O
opens B-Effect
up I-Effect
more I-Effect
potential I-Effect
for I-Effect
the I-Effect
drug I-Effect
. O

In O
addition O
, O
the B-Cause
firm I-Cause
has I-Cause
significantly I-Cause
reshaped I-Cause
its I-Cause
portfolio I-Cause
inorganically I-Cause
, I-Cause
shedding I-Cause
non-branded I-Cause
or I-Cause
noncore I-Cause
businesses I-Cause
and I-Cause
acquiring I-Cause
brands I-Cause
that I-Cause
enhance I-Cause
the I-Cause
firm I-Cause
's I-Cause
growth I-Cause
and/or I-Cause
profit I-Cause
margins. O
As O
a O
result O
, O
in O
recent O
years O
, O
sales B-Effect
have I-Effect
inflected I-Effect
from I-Effect
declines I-Effect
to I-Effect
growth I-Effect
, I-Effect
and I-Effect
from I-Effect
market I-Effect
share I-Effect
losses I-Effect
to I-Effect
modest I-Effect
gains I-Effect
. O

Bytedance B-Effect
's I-Effect
mobile I-Effect
user I-Effect
time I-Effect
spent I-Effect
share I-Effect
increased I-Effect
from I-Effect
3.9 I-Effect
% I-Effect
in I-Effect
June I-Effect
2017 I-Effect
to I-Effect
12.9 I-Effect
% I-Effect
in I-Effect
March I-Effect
2020 I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
Tencent I-Effect
, I-Effect
which I-Effect
declined I-Effect
to I-Effect
43.2 I-Effect
% I-Effect
in I-Effect
March I-Effect
2020 I-Effect
from I-Effect
54.3 I-Effect
% I-Effect
, O
mainly O
attributed O
to O
the B-Cause
rise I-Cause
of I-Cause
short I-Cause
videos I-Cause
. O

That O
said O
, O
key B-Cause
patents I-Cause
are I-Cause
beginning I-Cause
to I-Cause
expire I-Cause
in I-Cause
Europe I-Cause
, O
and O
next-generation B-Effect
products I-Effect
could I-Effect
struggle I-Effect
to I-Effect
provide I-Effect
sufficient I-Effect
differentiation I-Effect
for I-Effect
reimbursement I-Effect
in I-Effect
all I-Effect
key I-Effect
markets I-Effect
. O

Newmar O
's O
customers B-Cause
are I-Cause
wealthy I-Cause
and O
that O
brand B-Cause
's I-Cause
sales I-Cause
are I-Cause
generally I-Cause
tied I-Cause
to I-Cause
the I-Cause
movements I-Cause
of O
the O
stock O
market O
, O
so O
fiscal B-Effect
2021 I-Effect
could I-Effect
get I-Effect
rocky I-Effect
if I-Effect
the I-Effect
U.S I-Effect
. I-Effect

Sans O
such O
issues O
, O
we O
think O
dealers B-Effect
face I-Effect
significant I-Effect
inertia I-Effect
with I-Effect
incumbent I-Effect
brands I-Effect
because O
the B-Cause
dealers I-Cause
are I-Cause
closely I-Cause
involved I-Cause
with I-Cause
the I-Cause
brand I-Cause
's I-Cause
marketing I-Cause
, I-Cause
sales I-Cause
, I-Cause
and I-Cause
logistics I-Cause
functions I-Cause
, O
and O
a B-Cause
switch I-Cause
would I-Cause
likely I-Cause
prove I-Cause
to I-Cause
be I-Cause
quite I-Cause
disruptive I-Cause
and O
could O
result O
in O
out-of-pocket B-Effect
costs I-Effect
to I-Effect
restructure I-Effect
the I-Effect
showroom I-Effect
and I-Effect
retrain I-Effect
employees I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
mixed I-Effect
results I-Effect
over I-Effect
the I-Effect
past I-Effect
several I-Effect
quarters I-Effect
have I-Effect
been I-Effect
tainted I-Effect
by O
its B-Cause
lack I-Cause
of I-Cause
synergies I-Cause
among I-Cause
its I-Cause
businesses I-Cause
and I-Cause
realignment I-Cause
in I-Cause
segment I-Cause
reporting I-Cause
. O

Meanwhile O
, O
the B-Effect
company I-Effect
's I-Effect
business I-Effect
model I-Effect
, I-Effect
which I-Effect
does I-Effect
n't I-Effect
include I-Effect
a I-Effect
significant I-Effect
capital I-Effect
markets I-Effect
segment I-Effect
, I-Effect
is I-Effect
distinguishable I-Effect
from I-Effect
other I-Effect
large I-Effect
global I-Effect
investment I-Effect
banks I-Effect
, O
as O
it B-Cause
has I-Cause
less I-Cause
potential I-Cause
for I-Cause
conflicts I-Cause
of I-Cause
interest I-Cause
with I-Cause
clients I-Cause
. O

However O
, O
the B-Effect
surprisingly I-Effect
good I-Effect
phase I-Effect
2 I-Effect
data I-Effect
for I-Effect
Alzheimer I-Effect
's I-Effect
drug I-Effect
donanemab I-Effect
could I-Effect
offer I-Effect
more I-Effect
upside I-Effect
given O
the B-Cause
FDA I-Cause
appears I-Cause
to I-Cause
have I-Cause
a I-Cause
lower I-Cause
threshold I-Cause
for I-Cause
accelerated I-Cause
approval I-Cause
in I-Cause
this I-Cause
disease I-Cause
setting I-Cause
. O

We O
believe O
the B-Cause
Kors I-Cause
label I-Cause
, I-Cause
which I-Cause
is I-Cause
heavily I-Cause
dependent I-Cause
on I-Cause
women I-Cause
's I-Cause
handbags I-Cause
, I-Cause
lacks I-Cause
the I-Cause
differentiated I-Cause
product I-Cause
and I-Cause
prestige I-Cause
necessary O
for O
sustainable B-Effect
premium I-Effect
pricing I-Effect
in I-Effect
its I-Effect
highly I-Effect
competitive I-Effect
categories I-Effect
. O

Though O
it O
is O
reported O
as O
a O
separate O
business O
line O
, O
GMNS B-Effect
is I-Effect
closely I-Effect
tied I-Effect
to I-Effect
the I-Effect
other I-Effect
segments I-Effect
as O
it B-Cause
represents I-Cause
the I-Cause
revenue I-Cause
American I-Cause
Express I-Cause
earns I-Cause
by I-Cause
transmitting I-Cause
and I-Cause
processing I-Cause
the I-Cause
payments I-Cause
of I-Cause
its I-Cause
cardholders I-Cause
through I-Cause
the I-Cause
company I-Cause
's I-Cause
network I-Cause
. I-Cause

We O
think O
Boeing B-Effect
deserves I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
as O
it B-Cause
faces I-Cause
demand I-Cause
risks I-Cause
that I-Cause
are I-Cause
in I-Cause
line I-Cause
with I-Cause
its I-Cause
peer I-Cause
, O
but O
faces B-Cause
relatively I-Cause
higher I-Cause
supply-side I-Cause
risks I-Cause
than I-Cause
its I-Cause
peer I-Cause
due I-Cause
to I-Cause
the I-Cause
reramping I-Cause
of I-Cause
737 I-Cause
MAX I-Cause
production I-Cause
. O

We B-Effect
had I-Effect
previously I-Effect
assigned I-Effect
Fluor I-Effect
an I-Effect
extreme I-Effect
uncertainty I-Effect
rating I-Effect
as O
we B-Cause
were I-Cause
concerned I-Cause
about I-Cause
the I-Cause
risk I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
on I-Cause
fixed-price I-Cause
contracts I-Cause
driven I-Cause
by I-Cause
coronavirus-related I-Cause
delays I-Cause
. O

We B-Effect
believe I-Effect
ICE I-Effect
has I-Effect
significant I-Effect
pricing I-Effect
power I-Effect
in I-Effect
its I-Effect
equity I-Effect
and I-Effect
fixed-income I-Effect
data I-Effect
businesses I-Effect
, O
which B-Cause
is I-Cause
partly I-Cause
enabled I-Cause
by I-Cause
its I-Cause
access I-Cause
to I-Cause
order I-Cause
flow I-Cause
and I-Cause
transaction I-Cause
data I-Cause
. O

We O
believe O
the O
firm O
has O
a O
solid O
competitive O
position O
in O
the O
country O
, O
combining O
a O
solid O
wireless O
business O
and O
strong O
fixed-line O
network O
, O
but O
economic B-Cause
weakness I-Cause
and I-Cause
the I-Cause
market I-Cause
's I-Cause
structure I-Cause
have O
limited O
returns B-Effect
on I-Effect
capital I-Effect
. O

Despite O
competition O
from O
formidable O
competitors O
, O
Allegion B-Cause
has I-Cause
consistently I-Cause
capitalized I-Cause
on I-Cause
its I-Cause
brand I-Cause
equity I-Cause
, I-Cause
strong I-Cause
distribution I-Cause
network I-Cause
, I-Cause
and I-Cause
large I-Cause
installed I-Cause
base I-Cause
to O
drive B-Effect
excess I-Effect
returns I-Effect
. O

Since O
the O
arrival O
of O
Greg O
Hayes O
at O
United O
Technologies O
in O
2016 O
, O
Otis B-Cause
increased I-Cause
investments I-Cause
to O
narrow B-Effect
the I-Effect
gap I-Effect
with I-Effect
its I-Effect
peers I-Effect
, O
reducing B-Effect
service I-Effect
attrition I-Effect
rates I-Effect
, O
and O
business B-Effect
units I-Effect
began I-Effect
to I-Effect
be I-Effect
managed I-Effect
independently I-Effect
. O

We O
think O
Orange B-Effect
might I-Effect
have I-Effect
an I-Effect
advantage I-Effect
in I-Effect
deploying I-Effect
its I-Effect
cybersecurity I-Effect
, I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
, I-Effect
and I-Effect
cloud I-Effect
offerings I-Effect
over I-Effect
smaller I-Effect
peers I-Effect
since O
large B-Cause
accounts I-Cause
often I-Cause
prefer I-Cause
integrated I-Cause
solutions I-Cause
for I-Cause
their I-Cause
global I-Cause
operations I-Cause
. O

We O
now O
expect O
a B-Cause
falling I-Cause
rate I-Cause
environment I-Cause
, O
which O
would O
move B-Effect
the I-Effect
denominator I-Effect
of I-Effect
the I-Effect
efficiency I-Effect
ratio I-Effect
against I-Effect
Zions I-Effect
, O
but O
we O
still O
think O
the O
bank O
can O
achieve O
much O
improved O
efficiency O
over O
the O
longer O
term O
. O

We O
eventually O
see O
additional B-Cause
supply I-Cause
bringing O
Duke B-Effect
Realty I-Effect
's I-Effect
returns I-Effect
to I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, O
since O
little O
prohibits O
new O
entrants O
to O
this O
market O
. O

Due O
to O
recent B-Cause
strength I-Cause
in I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
and I-Cause
growth I-Cause
in I-Cause
the I-Cause
region I-Cause
served I-Cause
by I-Cause
Questar I-Cause
, O
we O
expect O
Dominion B-Effect
will I-Effect
find I-Effect
another I-Effect
buyer I-Effect
at I-Effect
a I-Effect
price I-Effect
similar I-Effect
to I-Effect
our I-Effect
estimate I-Effect
of I-Effect
roughly I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
including I-Effect
debt I-Effect
. O

As O
ICEs B-Cause
become I-Cause
more I-Cause
electrified I-Cause
, I-Cause
and I-Cause
EVs I-Cause
take I-Cause
up I-Cause
a I-Cause
larger I-Cause
share I-Cause
of I-Cause
the I-Cause
global I-Cause
fleet I-Cause
, O
Amphenol B-Effect
's I-Effect
average I-Effect
content I-Effect
per I-Effect
vehicle I-Effect
increases I-Effect
. O

We O
anticipate O
that O
Zscaler B-Effect
will I-Effect
continue I-Effect
its I-Effect
torrid I-Effect
top-line I-Effect
growth I-Effect
, O
with O
the B-Cause
secular I-Cause
trends I-Cause
of I-Cause
cloud I-Cause
and I-Cause
mobility I-Cause
serving O
as O
the O
primary O
demand O
drivers O
. O

We B-Effect
think I-Effect
the I-Effect
automotive I-Effect
segment I-Effect
will I-Effect
realize I-Effect
26 I-Effect
% I-Effect
2021 I-Effect
growth I-Effect
, O
as O
the B-Cause
broader I-Cause
auto I-Cause
industry I-Cause
recovers I-Cause
from I-Cause
shutdowns I-Cause
in I-Cause
2020 I-Cause
. O

Supplying B-Effect
a I-Effect
fast I-Effect
turning I-Effect
product I-Effect
is I-Effect
particularly I-Effect
germane I-Effect
to I-Effect
the I-Effect
brewer-wholesaler I-Effect
relationship I-Effect
in I-Effect
craft I-Effect
beer I-Effect
, O
owing O
to O
the B-Cause
product I-Cause
's I-Cause
notably I-Cause
finite I-Cause
shelf I-Cause
life I-Cause
and I-Cause
the B-Effect
gravity I-Effect
of I-Effect
product I-Effect
freshness I-Effect
as O
it O
relates O
to O
consumer B-Cause
preferences I-Cause
. O

We O
surmise O
new B-Cause
product I-Cause
introductions I-Cause
will O
attempt O
to O
elevate B-Effect
the I-Effect
brand I-Effect
's I-Effect
goodwill I-Effect
with I-Effect
heritage I-Effect
products I-Effect
while O
tactically B-Effect
reaching I-Effect
a I-Effect
wider I-Effect
user I-Effect
base I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
through O
adjacent B-Cause
product I-Cause
introductions I-Cause
. O

Within O
its O
core O
intermodal O
business O
, O
Hunt B-Effect
's I-Effect
large I-Effect
network I-Effect
of I-Effect
shippers I-Effect
and I-Effect
long-standing I-Effect
partnerships I-Effect
with I-Effect
major I-Effect
rail I-Effect
carriers I-Effect
reinforce I-Effect
a I-Effect
compelling I-Effect
value I-Effect
proposition I-Effect
and I-Effect
generate I-Effect
healthy I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
because O
duplication B-Cause
by I-Cause
small I-Cause
providers I-Cause
with I-Cause
fewer I-Cause
resources I-Cause
would I-Cause
prove I-Cause
difficult I-Cause
. O

Considering O
how B-Cause
the I-Cause
clinical I-Cause
data I-Cause
thus I-Cause
far I-Cause
has I-Cause
been I-Cause
so I-Cause
mixed I-Cause
, O
we B-Effect
are I-Effect
not I-Effect
wholly I-Effect
confident I-Effect
the I-Effect
results I-Effect
will I-Effect
be I-Effect
favorable I-Effect
to I-Effect
LivaNova I-Effect
. O

It B-Cause
also I-Cause
announced I-Cause
plans I-Cause
to I-Cause
cut I-Cause
$ I-Cause
400 I-Cause
million I-Cause
in I-Cause
expenses I-Cause
, O
causing O
us B-Effect
to I-Effect
lift I-Effect
our I-Effect
10-year I-Effect
average I-Effect
operating I-Effect
margin I-Effect
to I-Effect
4.9 I-Effect
% I-Effect
from I-Effect
4.4 I-Effect
% I-Effect
. O

We O
believe O
this O
approach B-Effect
helps I-Effect
to I-Effect
insulate I-Effect
the I-Effect
segment I-Effect
from I-Effect
digital I-Effect
rivals I-Effect
, O
as O
the B-Cause
customer I-Cause
's I-Cause
thirst I-Cause
for I-Cause
value I-Cause
and I-Cause
the I-Cause
modest I-Cause
, I-Cause
fixed I-Cause
price I-Cause
point I-Cause
for I-Cause
most I-Cause
items I-Cause
encourages I-Cause
shoppers I-Cause
to I-Cause
visit I-Cause
frequently I-Cause
. O

We O
are O
also O
forecasting O
some B-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
, O
as O
management B-Cause
is I-Cause
able I-Cause
to I-Cause
drive I-Cause
leverage I-Cause
from I-Cause
more I-Cause
market I-Cause
segments I-Cause
and I-Cause
push I-Cause
Amphenol I-Cause
's I-Cause
already I-Cause
market I-Cause
leading I-Cause
margins I-Cause
slightly I-Cause
higher I-Cause
. O

At O
year-end O
, O
around O
3,900 O
of O
the O
company O
's O
13,500 O
employees O
were O
covered O
by O
collective O
agreements O
, O
which O
could O
result O
in O
work B-Effect
stoppages I-Effect
if O
work B-Cause
agreements I-Cause
can I-Cause
not I-Cause
be I-Cause
reached I-Cause
. O

Uber O
was O
able O
to O
accelerate B-Effect
this I-Effect
network I-Effect
effect I-Effect
by O
focusing B-Cause
on I-Cause
smaller I-Cause
areas I-Cause
, O
such O
as O
San O
Francisco O
, O
before O
expanding O
into O
more O
cities O
. O

Cullen/Frost B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids O
some B-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

We O
expect O
this B-Cause
change I-Cause
, O
population B-Cause
growth I-Cause
, O
data B-Cause
center I-Cause
construction I-Cause
, O
and O
the O
strong B-Cause
Phoenix I-Cause
economy I-Cause
, O
to O
result O
in O
annual B-Effect
electricity I-Effect
sales I-Effect
growth I-Effect
approaching O
2 O
% O
through O
the O
next O
decade O
. O

Currently O
, O
the B-Effect
firm I-Effect
is I-Effect
diversifying I-Effect
its I-Effect
manufacturing I-Effect
base I-Effect
and I-Effect
R I-Effect
& I-Effect
D I-Effect
staff I-Effect
geographically I-Effect
to O
rely B-Cause
less I-Cause
on I-Cause
Chinese I-Cause
manufacturing I-Cause
and I-Cause
talent I-Cause
. O

Large B-Effect
consumer I-Effect
packaged I-Effect
goods I-Effect
companies I-Effect
, I-Effect
with I-Effect
well-established I-Effect
powerful I-Effect
brands I-Effect
and I-Effect
outsize I-Effect
resources I-Effect
, I-Effect
have I-Effect
also I-Effect
been I-Effect
aggressively I-Effect
pushing I-Effect
into I-Effect
the I-Effect
health I-Effect
and I-Effect
wellness I-Effect
space I-Effect
as O
a B-Cause
means I-Cause
to I-Cause
offset I-Cause
the I-Cause
stagnant I-Cause
growth I-Cause
that I-Cause
exudes I-Cause
from I-Cause
more I-Cause
conventional I-Cause
areas I-Cause
of I-Cause
the I-Cause
grocery I-Cause
store I-Cause
, I-Cause
intensifying I-Cause
the I-Cause
competitive I-Cause
landscape I-Cause
. O

Over O
our O
explicit O
forecast O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
improve I-Effect
by I-Effect
around I-Effect
340 I-Effect
basis I-Effect
points I-Effect
as O
the B-Cause
company I-Cause
gains I-Cause
scale I-Cause
in I-Cause
its I-Cause
expansion I-Cause
of I-Cause
its I-Cause
3DExperience I-Cause
customers I-Cause
and I-Cause
as I-Cause
low-gross-margin I-Cause
servicing I-Cause
revenue I-Cause
decreases I-Cause
. O

Furthermore O
, O
the B-Cause
unit I-Cause
grants I-Cause
Valvoline I-Cause
greater I-Cause
insight I-Cause
on I-Cause
customer I-Cause
behavior I-Cause
, O
purchase O
intervals O
, O
and O
engine O
oil O
performance O
, O
all O
of O
which O
assist B-Effect
marketing I-Effect
and I-Effect
product I-Effect
development I-Effect
while I-Effect
improving I-Effect
its I-Effect
value I-Effect
to I-Effect
franchise I-Effect
partners I-Effect
( I-Effect
which I-Effect
own I-Effect
60 I-Effect
% I-Effect
of I-Effect
Valvoline I-Effect
Instant I-Effect
Oil I-Effect
Change I-Effect
locations I-Effect
) I-Effect
. O

We O
view O
the B-Cause
fact I-Cause
that I-Cause
the I-Cause
four-company I-Cause
oligopoly I-Cause
has I-Cause
remained I-Cause
over I-Cause
several I-Cause
decades I-Cause
as O
indicative O
of O
the B-Effect
difficulty I-Effect
of I-Effect
entering I-Effect
this I-Effect
market I-Effect
. I-Effect

While B-Cause
PlayStation I-Cause
4 I-Cause
accumulated I-Cause
shipments I-Cause
reached I-Cause
approximately I-Cause
97 I-Cause
million I-Cause
units I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
fiscal I-Cause
2019 I-Cause
, I-Cause
the I-Cause
number I-Cause
of I-Cause
PS I-Cause
Plus I-Cause
users I-Cause
exceeded I-Cause
36 I-Cause
million. O
This O
not B-Effect
only I-Effect
gives I-Effect
Sony I-Effect
solid I-Effect
cash I-Effect
flows I-Effect
with I-Effect
which I-Effect
to I-Effect
improve I-Effect
the I-Effect
profitability I-Effect
of I-Effect
its I-Effect
gaming I-Effect
segment I-Effect
, I-Effect
but I-Effect
also I-Effect
provides I-Effect
a I-Effect
hook I-Effect
for I-Effect
customers I-Effect
, I-Effect
leading I-Effect
them I-Effect
to I-Effect
again I-Effect
purchase I-Effect
a I-Effect
PlayStation I-Effect
console I-Effect
in I-Effect
the I-Effect
next I-Effect
generation I-Effect
. O

We O
expect O
Allegion B-Cause
's I-Cause
operating I-Cause
margin I-Cause
will I-Cause
moderate I-Cause
in I-Cause
2021 I-Cause
due O
to O
faster B-Effect
growth I-Effect
from I-Effect
lower-margin I-Effect
residential I-Effect
products I-Effect
and I-Effect
cost I-Effect
inflation I-Effect
. O

A B-Cause
carbon I-Cause
tax I-Cause
is O
likely O
to O
be O
implemented O
and O
will O
likely O
impact O
demand B-Effect
, O
but O
not O
in O
the O
near-term O
. O

Once O
the B-Cause
crisis I-Cause
abates I-Cause
, O
we O
expect O
some B-Cause
of I-Cause
these I-Cause
short-term I-Cause
tailwinds I-Cause
to I-Cause
subside I-Cause
, O
causing O
occupancy B-Effect
and I-Effect
rental I-Effect
growth I-Effect
to I-Effect
slow I-Effect
down I-Effect
. O

COVID-19 O
was O
a O
headwind O
to O
global O
travel O
demand O
in O
2020 O
, O
but O
Choice B-Effect
was I-Effect
able I-Effect
to I-Effect
outperform I-Effect
industry I-Effect
demand I-Effect
, O
given O
that O
90 B-Cause
% I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
hotels I-Cause
are I-Cause
in I-Cause
drive-to I-Cause
, I-Cause
nonurban I-Cause
locations I-Cause
, O
which O
have O
been O
a O
preferred O
method O
of O
travel O
during O
the O
pandemic O
. O

While O
PTC O
's O
newly O
acquired O
mid-market O
SaaS O
CAD O
software O
, O
Onshape O
, O
is O
within O
the O
company O
's O
growth O
segment O
, O
we O
think O
Internet B-Effect
of I-Effect
Things I-Effect
will I-Effect
see I-Effect
better I-Effect
success I-Effect
as O
entering B-Cause
the I-Cause
mid-market I-Cause
will I-Cause
be I-Cause
a I-Cause
tough I-Cause
task I-Cause
. O

On O
the O
cost-of-service O
side O
, O
we O
expect O
the B-Effect
satellite I-Effect
radio I-Effect
segment I-Effect
to I-Effect
expand I-Effect
gross I-Effect
margins I-Effect
to I-Effect
63 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
from I-Effect
61 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
as O
it B-Cause
gains I-Cause
leverage I-Cause
on I-Cause
its I-Cause
billing I-Cause
, I-Cause
programming I-Cause
, I-Cause
and I-Cause
transmission I-Cause
costs I-Cause
. O

As O
a O
result O
, O
intense B-Cause
competition I-Cause
wiped B-Effect
out I-Effect
the I-Effect
excess I-Effect
profit I-Effect
that I-Effect
was I-Effect
attributable I-Effect
to I-Effect
Posco I-Effect
's I-Effect
leading I-Effect
position I-Effect
on I-Effect
the I-Effect
steelmaking I-Effect
cost I-Effect
curve I-Effect
. O

While O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
will I-Cause
likely I-Cause
pressure I-Cause
near-term I-Cause
results I-Cause
of I-Cause
all I-Cause
Canadian I-Cause
telecom I-Cause
firms I-Cause
, O
we O
expect O
Rogers B-Effect
to I-Effect
remain I-Effect
an I-Effect
industry I-Effect
leader I-Effect
. I-Effect

Samsung B-Cause
's I-Cause
smartphone I-Cause
background I-Cause
and I-Cause
ability I-Cause
to I-Cause
capaciously I-Cause
spend I-Cause
on I-Cause
research I-Cause
and I-Cause
development I-Cause
have O
made O
its B-Effect
equipment I-Effect
a I-Effect
viable I-Effect
alternative I-Effect
for I-Effect
CSPs I-Effect
, O
and O
we O
believe O
its B-Cause
presence I-Cause
will O
exacerbate B-Effect
pricing I-Effect
competition I-Effect
. O

The B-Effect
company I-Effect
continues I-Effect
to I-Effect
add I-Effect
new I-Effect
features I-Effect
and I-Effect
now I-Effect
offers I-Effect
InsuranceSuite I-Effect
as I-Effect
a I-Effect
cloud-based I-Effect
product. O
This B-Cause
is I-Cause
partly I-Cause
driven I-Cause
by I-Cause
the I-Cause
clientele I-Cause
of I-Cause
the I-Cause
insurance I-Cause
companies I-Cause
that I-Cause
are I-Cause
increasingly I-Cause
demanding I-Cause
an I-Cause
Amazon-like I-Cause
policy I-Cause
buying I-Cause
experience I-Cause
and I-Cause
apps I-Cause
for I-Cause
filing I-Cause
claims I-Cause
, I-Cause
which I-Cause
legacy I-Cause
systems I-Cause
are I-Cause
not I-Cause
designed I-Cause
to I-Cause
do I-Cause
. O

Amid B-Effect
fragmentation I-Effect
in I-Effect
consumer I-Effect
tastes I-Effect
as I-Effect
well I-Effect
as I-Effect
in I-Effect
retail I-Effect
and I-Effect
marketing I-Effect
channels I-Effect
, O
along B-Cause
with I-Cause
lower I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
for I-Cause
startups I-Cause
, I-Cause
most I-Cause
consumer I-Cause
staples I-Cause
multinationals I-Cause
are I-Cause
fighting I-Cause
strong I-Cause
organic I-Cause
growth I-Cause
headwinds I-Cause
, I-Cause
and I-Cause
many I-Cause
are I-Cause
cutting I-Cause
costs I-Cause
in I-Cause
order I-Cause
to I-Cause
spend I-Cause
to I-Cause
drive I-Cause
growth I-Cause
. O

This B-Effect
risk I-Effect
is I-Effect
somewhat I-Effect
mitigated I-Effect
by O
Graco B-Cause
's I-Cause
large I-Cause
installed I-Cause
base I-Cause
and I-Cause
roughly I-Cause
40 I-Cause
% I-Cause
recurring I-Cause
revenue I-Cause
driven I-Cause
by I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
accessories I-Cause
sales I-Cause
. O

Well-known O
examples O
of O
AIDC O
technology O
include O
bar O
codes O
, O
QR O
codes O
, O
RFID O
, O
and O
biometric O
scanning O
; O
the O
value O
that O
AIDC O
adds O
comes O
from O
integrating B-Cause
these I-Cause
technologies I-Cause
into I-Cause
workflows I-Cause
to B-Effect
optimize I-Effect
efficiency I-Effect
. O

Ormat B-Cause
's I-Cause
international I-Cause
operations I-Cause
expose B-Effect
shareholders I-Effect
to I-Effect
additional I-Effect
risks I-Effect
, O
such O
as O
political O
uncertainty O
, O
credit O
risk O
, O
foreign O
currency O
volatility O
, O
and O
geological O
instability O
at O
construction O
sites O
. O

At O
this O
point O
, O
we O
believe O
Allscripts B-Cause
has I-Cause
struggled I-Cause
to I-Cause
mold I-Cause
its I-Cause
offerings I-Cause
into I-Cause
a I-Cause
coherent I-Cause
suite I-Cause
of I-Cause
products I-Cause
and I-Cause
is I-Cause
unlikely I-Cause
to I-Cause
lure I-Cause
new I-Cause
clients I-Cause
from I-Cause
its I-Cause
larger I-Cause
competitors I-Cause
, O
which O
dominate B-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
market I-Effect
. I-Effect

As O
result O
of O
the B-Cause
network I-Cause
effect I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
has I-Effect
become I-Effect
increasingly I-Effect
driven I-Effect
by I-Effect
its I-Effect
platform I-Effect
segment I-Effect
which I-Effect
generates I-Effect
revenue I-Effect
from I-Effect
advertising I-Effect
, I-Effect
platform I-Effect
and I-Effect
distribution I-Effect
fees I-Effect
, I-Effect
and I-Effect
licensing I-Effect
. O

Given O
that O
the B-Cause
firm I-Cause
indicated I-Cause
cash I-Cause
burn I-Cause
was I-Cause
around I-Cause
$ I-Cause
160 I-Cause
million I-Cause
per I-Cause
month I-Cause
, O
the B-Cause
pro-forma I-Cause
$ I-Cause
2.3 I-Cause
billion I-Cause
in I-Cause
cash I-Cause
of I-Cause
Norwegian I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
in I-Cause
September I-Cause
buys I-Cause
it I-Cause
more I-Cause
than I-Cause
a I-Cause
year I-Cause
of I-Cause
operating I-Cause
time I-Cause
to O
facilitate B-Effect
a I-Effect
tactical I-Effect
re-entry I-Effect
to I-Effect
operating I-Effect
. O

In O
our O
view O
, O
Fastly B-Effect
's I-Effect
best I-Effect
opportunity I-Effect
is O
to O
further O
build O
on O
its O
approach O
, O
so O
rather O
than O
simply O
growing O
market O
share O
in O
the O
traditional O
CDN O
market O
, O
it O
can O
perform B-Cause
more I-Cause
of I-Cause
the I-Cause
functions I-Cause
that I-Cause
customers I-Cause
currently I-Cause
rely I-Cause
on I-Cause
at I-Cause
centralized I-Cause
servers I-Cause
. O

Lululemon O
, O
though O
, O
has O
aggressive O
expansion O
plans O
and O
we O
forecast O
its O
yearly B-Effect
sales I-Effect
outside I-Effect
of I-Effect
North I-Effect
America I-Effect
will I-Effect
grow I-Effect
to I-Effect
more I-Effect
than I-Effect
$ I-Effect
3 I-Effect
billion I-Effect
by O
2030 O
as O
it B-Cause
opens I-Cause
350 I-Cause
new I-Cause
stores I-Cause
. I-Cause

We O
think O
Baxter B-Cause
shed I-Cause
its I-Cause
riskier I-Cause
assets I-Cause
through O
the B-Cause
Baxalta I-Cause
spin-off I-Cause
, O
leaving B-Effect
a I-Effect
well-diversified I-Effect
company I-Effect
that I-Effect
participates I-Effect
in I-Effect
markets I-Effect
with I-Effect
limited I-Effect
risk I-Effect
of I-Effect
significant I-Effect
disruption I-Effect
. O

We B-Effect
also I-Effect
think I-Effect
there I-Effect
is I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
increase I-Effect
its I-Effect
content I-Effect
per I-Effect
vehicle I-Effect
as O
electrification B-Cause
increases I-Cause
, I-Cause
which O
should O
only O
reinforce O
its O
switching O
costs O
. O

We O
think O
Coca-Cola B-Effect
FEMSA I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
recoup I-Effect
some I-Effect
revenue I-Effect
from I-Effect
alcohol I-Effect
distribution I-Effect
in I-Effect
Brazil I-Effect
( O
for O
example O
, O
the B-Cause
firm I-Cause
is I-Cause
currently I-Cause
trialing I-Cause
multiple I-Cause
spirits I-Cause
partnerships I-Cause
) O
, O
but O
still O
expect O
it O
to O
lose B-Cause
the I-Cause
preponderance I-Cause
of I-Cause
Heineken I-Cause
revenue I-Cause
, O
leading O
to O
meaningful B-Effect
regional I-Effect
sales I-Effect
declines I-Effect
in I-Effect
2022 I-Effect
and I-Effect
2023 I-Effect
. O

We O
also O
forecast O
operating B-Effect
margin I-Effect
expansion I-Effect
through O
increasing B-Cause
expense I-Cause
leverage I-Cause
( I-Cause
particularly I-Cause
in I-Cause
the I-Cause
marketing I-Cause
and I-Cause
general I-Cause
& I-Cause
administrative I-Cause
expense I-Cause
line I-Cause
items I-Cause
) I-Cause
, I-Cause
contribution I-Cause
from I-Cause
AWS I-Cause
, I-Cause
and I-Cause
accelerating I-Cause
third-party I-Cause
unit I-Cause
sales I-Cause
. O

After O
a O
market O
share O
land-grab O
in O
2020 O
, O
the B-Effect
closure I-Effect
of I-Effect
many I-Effect
independent I-Effect
restaurants I-Effect
will I-Effect
likely I-Effect
see I-Effect
competitive I-Effect
pressure I-Effect
intensify I-Effect
as O
better B-Cause
capitalized I-Cause
, I-Cause
competitively I-Cause
advantaged I-Cause
operators I-Cause
are I-Cause
forced I-Cause
to I-Cause
compete I-Cause
for I-Cause
customers I-Cause
. O

Because O
of O
its B-Cause
exclusive I-Cause
clientele I-Cause
of I-Cause
high-net-worth I-Cause
individuals I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
show I-Effect
resiliency I-Effect
during I-Effect
periods I-Effect
of I-Effect
economic I-Effect
uncertainty I-Effect
, O
such O
is O
currently O
the O
case O
with O
the O
coronavirus O
pandemic O
. O

Due O
to O
its B-Cause
fabless I-Cause
model I-Cause
requiring I-Cause
low I-Cause
capital I-Cause
expenditures I-Cause
compared I-Cause
with I-Cause
other I-Cause
chipmakers I-Cause
, O
MPS B-Effect
is I-Effect
able I-Effect
to I-Effect
earn I-Effect
high I-Effect
returns I-Effect
on I-Effect
a I-Effect
small I-Effect
invested I-Effect
capital I-Effect
base I-Effect
. O

While O
average O
long-term O
AUM O
was O
up O
16.2 O
% O
year O
over O
year O
, O
Invesco B-Effect
reported I-Effect
a I-Effect
3.8 I-Effect
% I-Effect
increase I-Effect
in I-Effect
first-quarter I-Effect
revenue I-Effect
compared O
with O
the O
prior O
year O
's O
period O
owing O
to O
the B-Cause
timing I-Cause
of I-Cause
the I-Cause
COVID-induced I-Cause
sell-off I-Cause
last I-Cause
year I-Cause
. O

Further O
the B-Cause
increased I-Cause
transparency I-Cause
and I-Cause
continued I-Cause
consolidation I-Cause
of I-Cause
retail I-Cause
pharmacies I-Cause
could O
impact B-Effect
the I-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
negotiate I-Effect
lower I-Effect
pricing I-Effect
which O
is O
the O
cornerstone O
of O
services O
rendered O
by O
the O
company O
. O

However O
, O
we O
remain O
optimistic O
about O
the O
sector O
's O
longer-term O
prospects O
given O
that O
the B-Cause
industry I-Cause
has I-Cause
started I-Cause
to I-Cause
recover I-Cause
from I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
virus I-Cause
, O
supply B-Effect
will I-Effect
likely I-Effect
fall I-Effect
below I-Effect
the I-Effect
historical I-Effect
average I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
, O
and O
the B-Cause
demographic I-Cause
boon I-Cause
will B-Effect
create I-Effect
a I-Effect
massive I-Effect
spike I-Effect
in I-Effect
demand I-Effect
for I-Effect
senior I-Effect
housing I-Effect
. O

Regulators O
also O
help O
to O
control O
pricing O
in O
the O
market O
at O
times O
, O
such O
as O
with O
mortgage B-Cause
products I-Cause
, O
helping O
to O
reduce B-Effect
the I-Effect
potential I-Effect
for I-Effect
pricing I-Effect
wars I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
underwriting I-Effect
standards I-Effect
. O

NAPA B-Cause
( I-Cause
Genuine I-Cause
Parts I-Cause
' I-Cause
primary I-Cause
auto I-Cause
retail I-Cause
brand I-Cause
) I-Cause
augments I-Cause
its I-Cause
relationships I-Cause
through I-Cause
its I-Cause
technician I-Cause
and I-Cause
shop I-Cause
owner I-Cause
training I-Cause
programs I-Cause
and I-Cause
technology I-Cause
solutions I-Cause
, O
which O
we O
believe O
deepen B-Effect
the I-Effect
firm I-Effect
's I-Effect
engagement I-Effect
with I-Effect
professional I-Effect
clients I-Effect
and I-Effect
strengthen I-Effect
its I-Effect
brand I-Effect
equity I-Effect
. O

We B-Cause
tend I-Cause
to I-Cause
view I-Cause
pipelines I-Cause
as I-Cause
wide-moat I-Cause
assets I-Cause
because I-Cause
of I-Cause
their I-Cause
efficient I-Cause
scale. O
This O
enables O
PetroChina B-Effect
to I-Effect
transport I-Effect
oil I-Effect
and I-Effect
gas I-Effect
at I-Effect
the I-Effect
lowest I-Effect
total I-Effect
cost I-Effect
and I-Effect
capture I-Effect
additional I-Effect
economic I-Effect
rents I-Effect
in I-Effect
the I-Effect
supply I-Effect
chain I-Effect
. O

Although O
we O
expect O
the B-Effect
medical I-Effect
market I-Effect
to I-Effect
shrink I-Effect
as O
consumers B-Cause
turn I-Cause
to I-Cause
the I-Cause
recreational I-Cause
market I-Cause
, O
we O
forecast O
more B-Effect
than I-Effect
10 I-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
for I-Effect
the I-Effect
entire I-Effect
Canadian I-Effect
market I-Effect
through I-Effect
2030 I-Effect
, O
driven O
by O
the B-Cause
conversion I-Cause
of I-Cause
black-market I-Cause
consumers I-Cause
into I-Cause
the I-Cause
legal I-Cause
market I-Cause
and I-Cause
new I-Cause
cannabis I-Cause
consumers I-Cause
. O

Based O
on O
consumer B-Cause
acceptance I-Cause
of I-Cause
the I-Cause
brand I-Cause
, O
market O
saturation O
rates O
, O
franchisee O
access O
to O
capital O
, O
and O
commercial O
real O
estate O
availability O
, O
we O
believe O
Domino B-Effect
's I-Effect
has I-Effect
meaningful I-Effect
growth I-Effect
opportunities I-Effect
. O

These B-Cause
immensely I-Cause
valuable I-Cause
data I-Cause
sets I-Cause
within I-Cause
equity I-Cause
and I-Cause
fixed I-Cause
income I-Cause
have O
been O
a O
key O
driver O
to B-Effect
earnings I-Effect
as O
pricing O
in O
equity O
trading O
has O
declined O
. O

The B-Effect
introduction I-Effect
of I-Effect
new I-Effect
network I-Effect
technologies I-Effect
represents I-Effect
intrusion I-Effect
risk I-Effect
, O
as O
the B-Cause
newly I-Cause
installed I-Cause
elements I-Cause
will I-Cause
be I-Cause
unfamiliar I-Cause
to I-Cause
users I-Cause
, I-Cause
and I-Cause
is I-Cause
also I-Cause
time-consuming I-Cause
and I-Cause
costly I-Cause
. O

However O
, O
we B-Effect
expect I-Effect
Baxter I-Effect
's I-Effect
more I-Effect
constrained I-Effect
segments I-Effect
in I-Effect
2020 I-Effect
-- I-Effect
medication I-Effect
delivery I-Effect
, I-Effect
pharmaceuticals I-Effect
, I-Effect
and I-Effect
advanced I-Effect
surgery I-Effect
-- I-Effect
will I-Effect
grow I-Effect
in I-Effect
the I-Effect
mid I-Effect
to I-Effect
high I-Effect
single I-Effect
digits I-Effect
compounded I-Effect
annually I-Effect
from I-Effect
the I-Effect
weak I-Effect
base I-Effect
year I-Effect
of I-Effect
2020 I-Effect
, O
as O
healthcare B-Cause
utilization I-Cause
trends I-Cause
normalize I-Cause
. O

We O
project B-Effect
operating I-Effect
margins I-Effect
to I-Effect
reach I-Effect
11 I-Effect
% I-Effect
before I-Effect
moderating I-Effect
to I-Effect
our I-Effect
approximately I-Effect
10 I-Effect
% I-Effect
midcycle I-Effect
assumption I-Effect
, O
as O
we O
assume O
customers B-Cause
will I-Cause
increasingly I-Cause
adopt I-Cause
higher-margin I-Cause
aftermarket I-Cause
parts I-Cause
. O

With O
a B-Cause
combination I-Cause
of I-Cause
expanding I-Cause
gross I-Cause
margins I-Cause
and I-Cause
incremental I-Cause
operating I-Cause
leverage I-Cause
, O
we O
expect O
Zebra B-Effect
's I-Effect
operating I-Effect
margin I-Effect
to I-Effect
hit I-Effect
22 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
, O
compared O
with O
15 O
% O
in O
2020 O
. O

However O
, O
thereafter O
, O
we B-Effect
expect I-Effect
the I-Effect
firm I-Effect
's I-Effect
operating I-Effect
margin I-Effect
will I-Effect
expand I-Effect
to I-Effect
around I-Effect
22 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
as O
its B-Cause
nonresidential I-Cause
markets I-Cause
rebound I-Cause
. O

Meanwhile O
, O
the B-Cause
recent I-Cause
adoption I-Cause
of I-Cause
EUV I-Cause
lithography I-Cause
in I-Cause
high-volume I-Cause
manufacturing I-Cause
at I-Cause
logic I-Cause
and I-Cause
foundry I-Cause
customers O
could O
negatively B-Effect
affect I-Effect
Lam O
's O
etch O
and O
deposition O
sales O
related O
to O
multiple O
patterning O
going O
forward O
. O

As B-Cause
Twilio I-Cause
continues I-Cause
to I-Cause
enhance I-Cause
the I-Cause
customer I-Cause
experience I-Cause
and I-Cause
provide I-Cause
an I-Cause
expanding I-Cause
range I-Cause
of I-Cause
services I-Cause
in I-Cause
a I-Cause
greenfield I-Cause
space I-Cause
, O
we B-Effect
believe I-Effect
the I-Effect
company I-Effect
is I-Effect
well-poised I-Effect
for I-Effect
sustained I-Effect
robust I-Effect
growth I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
increasing I-Effect
switching I-Effect
costs I-Effect
. O

Furthermore O
, O
illness B-Cause
among I-Cause
plant I-Cause
workers I-Cause
is O
resulting O
in O
production B-Effect
inefficiencies I-Effect
, O
and O
even O
temporary B-Effect
plant I-Effect
closures I-Effect
during I-Effect
fiscal I-Effect
2020 I-Effect
's I-Effect
third I-Effect
quarter I-Effect
. O

Huntington B-Effect
is I-Effect
large I-Effect
enough I-Effect
to I-Effect
be I-Effect
subject I-Effect
to I-Effect
the I-Effect
Federal I-Effect
Reserve I-Effect
's I-Effect
stress I-Effect
tests I-Effect
because O
it B-Cause
has I-Cause
more I-Cause
than I-Cause
$ I-Cause
100 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
, O
but O
it O
has O
to O
go O
through O
the O
full O
process O
only O
every O
two O
years O
. O

The O
company O
has O
a O
solid O
record O
of O
innovation O
, O
and O
we O
think O
new B-Effect
products I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
replace I-Effect
earnings I-Effect
as O
older B-Cause
products I-Cause
fall I-Cause
out I-Cause
of I-Cause
favor I-Cause
or I-Cause
patents I-Cause
expire I-Cause
. O

Petrobras B-Effect
' I-Effect
business I-Effect
model I-Effect
remains I-Effect
focused I-Effect
on I-Effect
oil I-Effect
and I-Effect
gas I-Effect
production I-Effect
, I-Effect
which I-Effect
should I-Effect
be I-Effect
a I-Effect
safe I-Effect
bet I-Effect
given O
we B-Cause
do I-Cause
not I-Cause
foresee I-Cause
a I-Cause
material I-Cause
decline I-Cause
in I-Cause
global I-Cause
oil I-Cause
and I-Cause
gas I-Cause
demand I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
. O

The B-Effect
legacy I-Effect
Vistar I-Effect
business I-Effect
could I-Effect
be I-Effect
advantaged I-Effect
, O
given O
its B-Cause
market I-Cause
leading I-Cause
positions I-Cause
, I-Cause
share I-Cause
gains I-Cause
, I-Cause
and I-Cause
attractive I-Cause
profitability I-Cause
, O
but O
at O
12 O
% O
of O
total O
company O
revenue O
, O
it O
is O
too O
insignificant O
to O
affect O
the O
competitive O
standing O
of O
the O
firm O
overall O
, O
in O
our O
view O
. O

From O
a O
competitive O
standpoint O
, O
China B-Cause
Mobile I-Cause
has I-Cause
marketed I-Cause
its I-Cause
4G I-Cause
network I-Cause
aggressively I-Cause
, O
which O
has O
put B-Effect
pressure I-Effect
on I-Effect
pricing I-Effect
and I-Effect
margins I-Effect
for I-Effect
China I-Effect
Telecom I-Effect
mobile I-Effect
. O

And O
while O
the B-Cause
breadth I-Cause
of I-Cause
its I-Cause
services I-Cause
could I-Cause
logically I-Cause
lead I-Cause
to I-Cause
cost I-Cause
advantages I-Cause
or I-Cause
customer I-Cause
switching I-Cause
costs I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
have I-Effect
not I-Effect
provided I-Effect
evidence I-Effect
of I-Effect
such I-Effect
an I-Effect
edge I-Effect
, O
and O
we O
do O
n't O
forecast O
they O
will O
develop O
. O

We B-Effect
forecast I-Effect
modestly I-Effect
improving I-Effect
gross I-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( O
rising O
to O
36 O
% O
in O
2024 O
) O
as O
the B-Cause
company I-Cause
intermittently I-Cause
plays I-Cause
defense I-Cause
on I-Cause
its I-Cause
pricing I-Cause
. O

The B-Cause
COVID-19 I-Cause
outbreak I-Cause
has I-Cause
had I-Cause
a I-Cause
limited I-Cause
impact I-Cause
on I-Cause
construction I-Cause
activity I-Cause
, I-Cause
minimizing I-Cause
any I-Cause
potential I-Cause
value I-Cause
destruction I-Cause
that I-Cause
we I-Cause
're I-Cause
likely I-Cause
to I-Cause
see I-Cause
in I-Cause
other I-Cause
industries. O
As O
such O
, O
we B-Effect
forecast I-Effect
that I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
excluding I-Effect
goodwill I-Effect
will I-Effect
remain I-Effect
safely I-Effect
above I-Effect
the I-Effect
company I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Sysco O
has O
said O
that O
for O
clients O
who O
use O
these O
tools O
, O
the O
distributor B-Cause
gains I-Cause
a I-Cause
higher I-Cause
share I-Cause
of I-Cause
wallet I-Cause
and I-Cause
it I-Cause
also I-Cause
improves I-Cause
client I-Cause
retention I-Cause
( O
without O
quantifying O
) O
, O
which O
in O
our O
view O
, O
suggests O
that O
these B-Effect
tools I-Effect
offer I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
. O

Cigna B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Express I-Cause
Scripts I-Cause
, O
a O
top-tier O
PBM O
, O
should O
be O
instrumental O
in O
reaching B-Effect
its I-Effect
cost I-Effect
trend I-Effect
goal I-Effect
, O
and O
we O
view O
the O
PBM O
as O
competitively O
advantaged O
in O
its O
own O
right O
with O
cost O
advantages O
and O
switching O
costs O
present O
in O
this O
business O
. O

Deflation B-Cause
will O
theoretically O
expose B-Effect
the I-Effect
bank I-Effect
to I-Effect
large I-Effect
losses I-Effect
, O
and O
is O
n't O
historically O
unprecedented O
( O
the O
economy O
last O
experienced O
deflation O
in O
2009 O
) O
. O

In O
this O
environment O
, O
revenue B-Cause
will I-Cause
grow I-Cause
modestly I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
by I-Cause
about I-Cause
5 I-Cause
% I-Cause
on I-Cause
average I-Cause
, O
reflecting O
higher O
aftermarket O
sales O
growth O
( O
due O
to O
increased O
machine O
utilization O
) O
, O
offsetting B-Effect
weakness I-Effect
in I-Effect
new I-Effect
equipment I-Effect
purchases I-Effect
. O

Prices O
for O
hogs O
and O
grain O
have O
surged O
in O
fiscal O
2021 O
, O
but O
Hormel B-Cause
has I-Cause
hedged I-Cause
its I-Cause
exposure I-Cause
, O
which O
should O
materially B-Effect
limit I-Effect
profit I-Effect
volatility I-Effect
. O

As O
a O
result O
, O
Lear B-Cause
has I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
, O
so O
sudden B-Effect
declines I-Effect
in I-Effect
volume I-Effect
can I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
negative I-Effect
impact I-Effect
on I-Effect
short-term I-Effect
profitability I-Effect
. O

The B-Cause
Diamondback I-Cause
relationship I-Cause
is O
important O
because O
it O
provides B-Cause
Viper I-Cause
with I-Cause
certainty I-Cause
that O
a O
large O
portion O
of O
its O
acreage O
will O
be O
drilled O
, O
providing B-Effect
it I-Effect
with I-Effect
greater I-Effect
confidence I-Effect
over I-Effect
its I-Effect
financials I-Effect
versus I-Effect
peers I-Effect
that I-Effect
do I-Effect
not I-Effect
have I-Effect
a I-Effect
similar I-Effect
relationship I-Effect
. O

Despite O
the B-Cause
positive I-Cause
demand I-Cause
drivers I-Cause
in I-Cause
AvalonBay I-Cause
's I-Cause
markets I-Cause
and I-Cause
assets I-Cause
, O
intense B-Effect
competition I-Effect
for I-Effect
high-quality I-Effect
assets I-Effect
in I-Effect
strong I-Effect
markets I-Effect
drove I-Effect
up I-Effect
the I-Effect
initial I-Effect
capital I-Effect
investment I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
portfolio I-Effect
. O

As O
a O
third-tier O
player O
, O
we O
believe O
that O
Post B-Cause
wields I-Cause
less I-Cause
power I-Cause
with I-Cause
its I-Cause
retail I-Cause
partners I-Cause
than O
the O
two O
market O
leaders O
, O
Kellogg O
and O
General O
Mills O
, O
and O
is O
more B-Effect
vulnerable I-Effect
to I-Effect
shelf-space I-Effect
losses I-Effect
. O

The B-Cause
secular I-Cause
trend I-Cause
in I-Cause
increased I-Cause
streaming I-Cause
consumption I-Cause
along I-Cause
with I-Cause
additional I-Cause
Roku I-Cause
devices/screens I-Cause
per I-Cause
household I-Cause
will O
help O
to O
propel B-Effect
monthly I-Effect
streaming I-Effect
hours I-Effect
per I-Effect
household I-Effect
to I-Effect
increase I-Effect
by I-Effect
7 I-Effect
% I-Effect
annually I-Effect
to I-Effect
223 I-Effect
hours I-Effect
per I-Effect
month I-Effect
from I-Effect
125 I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2020 I-Effect
. O

And O
given O
the B-Cause
likelihood I-Cause
of I-Cause
reduced I-Cause
demand I-Cause
and I-Cause
excess I-Cause
supply I-Cause
, O
at O
least O
for O
some O
time O
, O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
pricing I-Effect
gains I-Effect
to I-Effect
come I-Effect
as I-Effect
easily I-Effect
as I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

That O
said O
, O
with O
total O
and O
average O
AUM O
expected O
to O
be O
down O
low-single O
digits O
on O
average O
annually O
over O
the O
course O
of O
our O
projection O
period O
, O
and O
base B-Cause
management I-Cause
fees I-Cause
continuing I-Cause
to I-Cause
be I-Cause
pressured I-Cause
, I-Cause
Janus B-Effect
Henderson I-Effect
is I-Effect
likely I-Effect
to I-Effect
struggle I-Effect
to I-Effect
generate I-Effect
consistently I-Effect
positive I-Effect
top-line I-Effect
growth I-Effect
. I-Effect

In O
addition O
, O
share B-Effect
loss I-Effect
to I-Effect
a I-Effect
co-packing I-Effect
partner I-Effect
is I-Effect
less I-Effect
damaging I-Effect
to I-Effect
the I-Effect
returns I-Effect
on I-Effect
capital I-Effect
of I-Effect
the I-Effect
large I-Effect
cap I-Effect
distillers I-Effect
because O
they B-Cause
take I-Cause
a I-Cause
slice I-Cause
of I-Cause
the I-Cause
profit I-Cause
for I-Cause
the I-Cause
volumes I-Cause
they I-Cause
produce I-Cause
in I-Cause
a I-Cause
co-packing I-Cause
arrangement I-Cause
. O

Though O
this B-Effect
contraction I-Effect
seems I-Effect
quantitatively I-Effect
insignificant I-Effect
, I-Effect
the I-Effect
reputational I-Effect
impact I-Effect
of I-Effect
these I-Effect
errors I-Effect
should I-Effect
not I-Effect
be I-Effect
minimized I-Effect
, O
as O
, O
when B-Cause
ICU I-Cause
acquired I-Cause
Hospira I-Cause
in I-Cause
2017 I-Cause
, I-Cause
Hospira I-Cause
had I-Cause
been I-Cause
fired I-Cause
from I-Cause
or I-Cause
was I-Cause
not I-Cause
involved I-Cause
with I-Cause
every I-Cause
top I-Cause
10 I-Cause
hospital I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
breadth I-Cause
of I-Cause
portfolio I-Cause
across I-Cause
geographies I-Cause
and I-Cause
product I-Cause
categories I-Cause
limits O
brand B-Effect
and I-Effect
execution I-Effect
risk I-Effect
, O
and O
we O
assign O
Unilever B-Effect
a I-Effect
low I-Effect
uncertainty I-Effect
rating I-Effect
. O

This O
compares O
with O
negligible B-Cause
additions I-Cause
in I-Cause
either I-Cause
Macao I-Cause
or I-Cause
Singapore I-Cause
, O
where O
we B-Effect
see I-Effect
no I-Effect
additional I-Effect
licenses I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

Xcel B-Cause
Energy I-Cause
's I-Cause
regulated I-Cause
gas I-Cause
and I-Cause
electric I-Cause
utilities I-Cause
serve I-Cause
customers I-Cause
across I-Cause
eight I-Cause
states I-Cause
and I-Cause
own I-Cause
infrastructure I-Cause
that I-Cause
ranges I-Cause
from I-Cause
nuclear I-Cause
plants I-Cause
to I-Cause
wind I-Cause
farms I-Cause
, O
making B-Effect
the I-Effect
company I-Effect
a I-Effect
barometer I-Effect
for I-Effect
the I-Effect
entire I-Effect
industry I-Effect
. O

Ormat B-Cause
must I-Cause
also I-Cause
work I-Cause
to I-Cause
maintain I-Cause
strong I-Cause
international I-Cause
credit I-Cause
relationships I-Cause
so O
it B-Effect
can I-Effect
continue I-Effect
to I-Effect
access I-Effect
credit I-Effect
markets I-Effect
to I-Effect
fund I-Effect
growth I-Effect
investments I-Effect
. O

More B-Cause
effective I-Cause
branded I-Cause
competitors I-Cause
are O
poised O
to O
continue O
to O
erode O
Enbrel B-Effect
's I-Effect
share I-Effect
, O
and O
while O
Enbrel O
patents O
run O
to O
2028 O
, O
we O
think O
biosimilar O
Humira O
( O
expected O
in O
2023 O
in O
the O
United O
States O
) O
could O
pull O
down O
sales O
of O
the O
TNF O
class O
. O

Over O
the O
medium O
term O
, O
we O
believe O
margin B-Effect
expansion I-Effect
is I-Effect
possible I-Effect
as B-Cause
long I-Cause
as I-Cause
ADP I-Cause
can I-Cause
grow I-Cause
revenue O
at O
a O
mid-single-digit O
rate O
. O

Post B-Effect
's I-Effect
cereal I-Effect
businesses I-Effect
represent I-Effect
over I-Effect
half I-Effect
of I-Effect
corporate I-Effect
profits I-Effect
and I-Effect
are I-Effect
facing I-Effect
secular I-Effect
declines I-Effect
, O
as O
consumers B-Cause
shift I-Cause
away I-Cause
from I-Cause
processed I-Cause
, I-Cause
high-sugar I-Cause
, I-Cause
and I-Cause
high-carb I-Cause
foods I-Cause
. O

This B-Cause
flexibility I-Cause
allowed B-Effect
BASF I-Effect
to I-Effect
remain I-Effect
fairly I-Effect
profitable I-Effect
during I-Effect
the I-Effect
economic I-Effect
crisis I-Effect
in O
2008-09 O
, O
despite O
a O
significant O
drop O
in O
demand O
. O

Cisco B-Cause
's I-Cause
data I-Cause
center I-Cause
customer I-Cause
attrition I-Cause
can I-Cause
be I-Cause
attributed I-Cause
to I-Cause
Arista I-Cause
's I-Cause
innovation I-Cause
, O
and O
Arista B-Effect
's I-Effect
disruptive I-Effect
technology I-Effect
could I-Effect
convert I-Effect
some I-Effect
of I-Effect
Cisco I-Effect
's I-Effect
campus I-Effect
customers I-Effect
. O

With O
voice B-Cause
being I-Cause
cannibalized I-Cause
by I-Cause
data I-Cause
service I-Cause
, O
we O
expect O
data B-Effect
usage I-Effect
growth I-Effect
to I-Effect
be I-Effect
offset I-Effect
by I-Effect
continued I-Effect
declines I-Effect
in I-Effect
legacy I-Effect
services I-Effect
in I-Effect
the I-Effect
Nordic I-Effect
countries I-Effect
. I-Effect

The B-Effect
worst I-Effect
is I-Effect
not I-Effect
quite I-Effect
over I-Effect
yet I-Effect
for I-Effect
airlines I-Effect
, O
as O
the B-Cause
COVID-19 I-Cause
vaccine I-Cause
has I-Cause
not I-Cause
been I-Cause
fully I-Cause
distributed I-Cause
yet O
, O
but O
we O
see O
a O
leisure-led O
recovery O
for O
airlines O
and O
anticipate O
United O
can O
return O
to O
2019 O
levels O
of O
capacity O
in O
2024 O
. O

With O
most B-Cause
developing I-Cause
countries I-Cause
still I-Cause
predominantly I-Cause
cash-based I-Cause
, O
we B-Effect
expect I-Effect
Western I-Effect
Union I-Effect
's I-Effect
customers I-Effect
to I-Effect
be I-Effect
very I-Effect
late I-Effect
adopters I-Effect
of I-Effect
any I-Effect
new I-Effect
payment I-Effect
methods I-Effect
. O

Given O
DGD B-Cause
's I-Cause
use I-Cause
of I-Cause
low-carbon I-Cause
feedstock I-Cause
with I-Cause
higher I-Cause
associated I-Cause
LCFS I-Cause
credits I-Cause
, I-Cause
lack I-Cause
of I-Cause
a I-Cause
blend I-Cause
wall I-Cause
and I-Cause
global I-Cause
blending I-Cause
mandates I-Cause
, O
renewable B-Effect
diesel I-Effect
offers I-Effect
Valero I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
grow I-Effect
volumes I-Effect
and I-Effect
earnings I-Effect
and I-Effect
capitalize I-Effect
on I-Effect
existing I-Effect
competitive I-Effect
advantages I-Effect
. O

Despite O
its O
recent O
efforts O
, O
the B-Cause
firm I-Cause
may I-Cause
also I-Cause
struggle I-Cause
to I-Cause
extract I-Cause
the I-Cause
degree I-Cause
of I-Cause
savings I-Cause
it O
currently O
targets O
, O
and O
profits B-Effect
could O
languish O
. O

Brand O
intangible O
assets O
Potentially O
offsetting O
the O
challenge O
of O
generating O
economic O
profit O
from O
regulation O
intangibles O
, O
we O
think O
that O
the B-Cause
creation I-Cause
of I-Cause
brand I-Cause
intangibles I-Cause
would O
help O
cannabis B-Cause
companies I-Cause
pass I-Cause
the I-Cause
increased I-Cause
cost I-Cause
to I-Cause
consumers I-Cause
, O
thus O
protecting B-Effect
their I-Effect
own I-Effect
economic I-Effect
profit I-Effect
. O

While O
most O
will O
not O
leave O
Facebook O
permanently O
but O
will O
split O
their O
time O
between O
the O
two O
apps O
and O
possibly O
other O
ones O
, O
we O
note O
that O
Instagram B-Cause
( I-Cause
Facebook I-Cause
's I-Cause
multimedia I-Cause
app I-Cause
) I-Cause
may I-Cause
be I-Cause
viewed I-Cause
as I-Cause
a I-Cause
substitute I-Cause
for I-Cause
Snapchat I-Cause
, O
which O
may O
keep B-Effect
potential I-Effect
Snapchat I-Effect
users I-Effect
on I-Effect
Facebook I-Effect
's I-Effect
Instagram I-Effect
. O

Although O
the B-Cause
pandemic I-Cause
will O
continue O
to O
hinder B-Effect
more I-Effect
elective I-Effect
procedures I-Effect
and I-Effect
growth I-Effect
in I-Effect
certain I-Effect
cardiac I-Effect
device I-Effect
categories I-Effect
, O
the O
initial O
recovery O
in O
volume O
over O
the O
summer O
was O
considerably O
faster O
and O
stronger O
than O
we O
'd O
anticipated O
. O

Graco B-Cause
holds I-Cause
high I-Cause
levels I-Cause
of I-Cause
inventory I-Cause
to I-Cause
ensure I-Cause
that I-Cause
replacement I-Cause
parts I-Cause
are I-Cause
readily I-Cause
available I-Cause
and I-Cause
offers I-Cause
same-day I-Cause
shipping I-Cause
on I-Cause
most I-Cause
products I-Cause
, O
which O
helps B-Effect
retain I-Effect
customers I-Effect
. O

The B-Cause
difficulty I-Cause
of I-Cause
generating I-Cause
a I-Cause
broad I-Cause
parts I-Cause
portfolio I-Cause
and I-Cause
a I-Cause
distribution I-Cause
network I-Cause
that O
allows O
Heico O
to O
consistently O
sell O
its O
parts O
reinforces O
its O
intangible B-Effect
asset I-Effect
base I-Effect
. O

We O
believe O
selling B-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
spending I-Cause
is I-Cause
more I-Cause
flexible I-Cause
than I-Cause
cost I-Cause
of I-Cause
sales I-Cause
and I-Cause
expect I-Cause
Syneos I-Cause
to I-Cause
cut I-Cause
operating I-Cause
spending I-Cause
throughout I-Cause
the I-Cause
forecast I-Cause
period I-Cause
, I-Cause
especially I-Cause
as I-Cause
integrated I-Cause
clinical I-Cause
and I-Cause
commercial I-Cause
solutions I-Cause
grow. O
This O
results O
in O
a B-Effect
midcycle I-Effect
operating I-Effect
margin I-Effect
of I-Effect
about I-Effect
11.8 I-Effect
% I-Effect
, I-Effect
slightly I-Effect
lower I-Effect
than I-Effect
peers I-Effect
but I-Effect
a I-Effect
sizable I-Effect
improvement I-Effect
from I-Effect
8 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

However O
, O
we O
believe O
Applied B-Cause
's I-Cause
expansive I-Cause
product I-Cause
portfolio I-Cause
and I-Cause
large I-Cause
installed I-Cause
base I-Cause
will O
allow O
the B-Effect
firm I-Effect
to I-Effect
comfortably I-Effect
weather I-Effect
business I-Effect
cycles I-Effect
over I-Effect
time I-Effect
, O
and O
we O
expect O
the O
company O
to O
experience O
solid O
growth O
over O
the O
long O
term O
. O

Regions O
has O
been O
improving B-Effect
its I-Effect
operations I-Effect
over O
the O
past O
several O
years O
through O
internal B-Cause
initiatives I-Cause
, O
organic B-Cause
growth I-Cause
, O
and O
some B-Cause
bolt-on I-Cause
acquisitions I-Cause
. O

Higher B-Cause
glass I-Cause
product I-Cause
weights I-Cause
have O
led O
a B-Cause
shift I-Cause
toward I-Cause
aluminum I-Cause
packaging I-Cause
, O
particularly O
in O
beer O
, O
which O
can O
depress O
utilization B-Effect
rates I-Effect
and O
weigh B-Effect
heavily I-Effect
on I-Effect
profits I-Effect
. O

Devon B-Cause
's I-Cause
asset I-Cause
portfolio I-Cause
also I-Cause
includes I-Cause
prospective I-Cause
acreage I-Cause
leased I-Cause
on I-Cause
federal I-Cause
land I-Cause
in I-Cause
New I-Cause
Mexico I-Cause
, O
making O
it B-Effect
vulnerable I-Effect
to I-Effect
the I-Effect
permit I-Effect
ban I-Effect
that I-Effect
the I-Effect
Biden I-Effect
administration I-Effect
has I-Effect
threatened I-Effect
. O

Given O
the B-Cause
need I-Cause
to I-Cause
purchase I-Cause
new I-Cause
instruments I-Cause
with I-Cause
each I-Cause
procedure I-Cause
, O
installed B-Effect
systems I-Effect
should I-Effect
provide I-Effect
a I-Effect
relatively I-Effect
dependable I-Effect
stream I-Effect
of I-Effect
revenue I-Effect
per I-Effect
procedure I-Effect
, O
as O
long O
as O
surgeons B-Cause
continue I-Cause
to I-Cause
use I-Cause
installed I-Cause
systems I-Cause
. O

Wiley B-Cause
leverages I-Cause
its I-Cause
associations I-Cause
with I-Cause
universities I-Cause
to I-Cause
incorporate I-Cause
teachings I-Cause
and I-Cause
lectures I-Cause
from I-Cause
professors I-Cause
into I-Cause
many I-Cause
of I-Cause
its I-Cause
professional I-Cause
development I-Cause
offerings I-Cause
, O
resulting O
in O
superior B-Effect
content I-Effect
that I-Effect
smaller I-Effect
competitors I-Effect
( I-Effect
and I-Effect
in-house I-Effect
client I-Effect
professional I-Effect
development I-Effect
teams I-Effect
) I-Effect
are I-Effect
hard-pressed I-Effect
to I-Effect
match I-Effect
. O

Roku B-Effect
also I-Effect
monetizes I-Effect
its I-Effect
network I-Effect
effect I-Effect
via O
content B-Cause
distribution I-Cause
fees I-Cause
for I-Cause
subscription I-Cause
video I-Cause
on I-Cause
demand I-Cause
service I-Cause
like I-Cause
Netflix I-Cause
or I-Cause
Disney+ I-Cause
. O

Its B-Cause
Canadian I-Cause
mines I-Cause
mostly I-Cause
sit I-Cause
on I-Cause
the I-Cause
lower I-Cause
half I-Cause
of I-Cause
the I-Cause
cost I-Cause
curve I-Cause
and O
have O
generated O
profits B-Effect
even O
when O
prices O
are O
below O
the O
marginal O
cost O
of O
production O
. O

The B-Effect
firm I-Effect
operates I-Effect
a I-Effect
relatively I-Effect
differentiated I-Effect
business I-Effect
model I-Effect
, O
thanks O
to O
its B-Cause
digital I-Cause
properties I-Cause
exposure I-Cause
, I-Cause
content I-Cause
creation I-Cause
ability I-Cause
, I-Cause
and I-Cause
key I-Cause
licensing I-Cause
arrangements I-Cause
, O
factors O
that O
have O
been O
enhanced O
with O
the B-Cause
Entertainment I-Cause
One I-Cause
( I-Cause
EOne I-Cause
) I-Cause
tie-up I-Cause
. O

Despite O
this O
strength O
, O
the B-Effect
observation I-Effect
deck I-Effect
has I-Effect
seen I-Effect
declining I-Effect
visitor I-Effect
counts I-Effect
stemming O
from O
flailing B-Cause
international I-Cause
tourist I-Cause
demand I-Cause
, I-Cause
competition I-Cause
from I-Cause
newer I-Cause
observation I-Cause
decks I-Cause
, I-Cause
and I-Cause
an I-Cause
increase I-Cause
in I-Cause
bad-weather I-Cause
days I-Cause
. O

Large B-Effect
pharmaceutical I-Effect
companies I-Effect
that I-Effect
would I-Effect
have I-Effect
the I-Effect
capital I-Effect
and I-Effect
risk I-Effect
capacity I-Effect
to I-Effect
potentially I-Effect
develop I-Effect
an I-Effect
IUD I-Effect
may I-Effect
be I-Effect
wary I-Effect
of I-Effect
doing I-Effect
so I-Effect
because O
of O
the B-Cause
relatively I-Cause
limited I-Cause
upside I-Cause
and I-Cause
the I-Cause
negative I-Cause
reputational I-Cause
effects I-Cause
any I-Cause
litigation I-Cause
could I-Cause
have I-Cause
on I-Cause
the I-Cause
sales I-Cause
of I-Cause
their I-Cause
other I-Cause
products I-Cause
. O

Representing O
around O
30 O
% O
of O
solid O
bleached O
sulfate O
production O
, O
WestRock O
is O
poised B-Effect
to I-Effect
widen I-Effect
margins I-Effect
as O
procurement B-Cause
costs I-Cause
fall I-Cause
and I-Cause
productivity I-Cause
programs I-Cause
trim I-Cause
costs I-Cause
. I-Cause

Inadequate B-Cause
procedures I-Cause
that I-Cause
stem I-Cause
from I-Cause
poor I-Cause
training I-Cause
or I-Cause
actions I-Cause
by I-Cause
lower-level I-Cause
employees I-Cause
can I-Cause
have I-Cause
serious I-Cause
consequences I-Cause
for O
the O
originator B-Effect
of I-Effect
medical I-Effect
waste I-Effect
, O
potentially O
decades O
after O
it O
was O
originally O
produced O
. O

Working O
to O
offset B-Effect
the I-Effect
higher I-Effect
costs I-Effect
, O
management B-Cause
is I-Cause
using I-Cause
production I-Cause
optimization I-Cause
techniques I-Cause
and I-Cause
waterflood I-Cause
technology I-Cause
to I-Cause
generate I-Cause
free I-Cause
cash I-Cause
flows I-Cause
from I-Cause
its I-Cause
established I-Cause
Viewfield I-Cause
Bakken I-Cause
and I-Cause
Shaunavon I-Cause
assets I-Cause
. O

Given O
the B-Cause
evolution I-Cause
of I-Cause
barriers I-Cause
to I-Cause
exit I-Cause
for I-Cause
Facebook I-Cause
's I-Cause
2.8 I-Cause
billion I-Cause
users I-Cause
, O
we O
believe O
the B-Effect
Snap I-Effect
competitor I-Effect
's I-Effect
growth I-Effect
and I-Effect
race I-Effect
to I-Effect
further I-Effect
innovation I-Effect
remain I-Effect
key I-Effect
risks I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

In O
general O
, O
we O
would O
say O
that O
Cavium B-Cause
's I-Cause
embedded I-Cause
products I-Cause
were I-Cause
a I-Cause
step I-Cause
ahead I-Cause
of O
Marvell O
's O
on O
this O
front O
and O
were O
targeting B-Cause
higher-performance I-Cause
customers I-Cause
, O
and O
thus O
we O
believe O
the B-Effect
firm I-Effect
is I-Effect
now I-Effect
better I-Effect
positioned I-Effect
on I-Effect
this I-Effect
front I-Effect
. O

Net B-Cause
interest I-Cause
income I-Cause
tends O
to O
do O
better O
with O
higher B-Effect
interest I-Effect
rates I-Effect
and I-Effect
a I-Effect
steeper I-Effect
yield I-Effect
curve I-Effect
but O
COVID-19 B-Cause
has O
brought O
lower B-Effect
rates I-Effect
and I-Effect
a I-Effect
flatter I-Effect
yield I-Effect
curve I-Effect
. O

Fiscal B-Effect
2021 I-Effect
should I-Effect
prove I-Effect
volatile I-Effect
as O
rising B-Cause
vaccination I-Cause
rates I-Cause
lead I-Cause
Americans I-Cause
back I-Cause
to I-Cause
pandemic-affected I-Cause
categories I-Cause
like I-Cause
restaurants I-Cause
, O
reversing O
a O
shift O
that O
had O
favored O
retailers O
through O
the O
crisis O
. O

Therefore O
, O
Lincoln B-Effect
Electric I-Effect
's I-Effect
engineering I-Effect
capabilities I-Effect
and I-Effect
experience I-Effect
with I-Effect
welding I-Effect
and I-Effect
automation I-Effect
give I-Effect
the I-Effect
firm I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
in I-Effect
a I-Effect
niche I-Effect
market I-Effect
with O
relatively B-Cause
high I-Cause
technological I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
. O

The O
pipeline O
has O
several O
therapies O
using O
the B-Cause
firm I-Cause
's I-Cause
liver-targeting I-Cause
LICA I-Cause
technology I-Cause
, O
which O
allows O
Ionis O
to O
lower B-Effect
dosages I-Effect
and I-Effect
reduce I-Effect
side I-Effect
effects I-Effect
while I-Effect
improving I-Effect
potency I-Effect
and I-Effect
convenience I-Effect
, O
and O
Ionis O
has O
published O
clinical O
data O
supporting O
these O
improved O
profiles O
. O

With O
the B-Cause
bulk I-Cause
of I-Cause
the I-Cause
FTTP I-Cause
buildout I-Cause
complete I-Cause
, O
we O
believe O
capital B-Effect
spending I-Effect
, I-Effect
which I-Effect
was I-Effect
elevated I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
peaked I-Effect
in I-Effect
2017 I-Effect
and I-Effect
will I-Effect
remain I-Effect
under I-Effect
CAD I-Effect
3 I-Effect
billion I-Effect
each I-Effect
year I-Effect
through I-Effect
2024 I-Effect
. O

What O
many O
foreign O
policy O
experts O
agree O
on O
, O
however O
, O
is O
the O
highly O
probable O
threat O
of O
a O
so-called O
'' O
'' O
'' O
'' O
dirty O
bomb O
, O
'' O
'' O
'' O
'' O
whereby O
conventional B-Cause
explosives I-Cause
are O
used O
to O
disperse B-Effect
radiation I-Effect
from I-Effect
a I-Effect
radioactive I-Effect
source I-Effect
. O

Daimler B-Cause
's I-Cause
products I-Cause
are I-Cause
highly I-Cause
engineered I-Cause
, O
requiring O
the B-Effect
company I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
highly I-Effect
skilled I-Effect
human I-Effect
capital I-Effect
with I-Effect
expertise I-Effect
in I-Effect
software I-Effect
and I-Effect
various I-Effect
engineering I-Effect
disciplines I-Effect
. O

We B-Effect
are I-Effect
slightly I-Effect
decreasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
32.50 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
34 I-Effect
per I-Effect
share I-Effect
after O
incorporating B-Cause
third-quarter I-Cause
results I-Cause
and I-Cause
adjusting I-Cause
our I-Cause
assumptions I-Cause
for I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
. O

The B-Cause
company I-Cause
consistently I-Cause
generates I-Cause
annual I-Cause
trading I-Cause
revenue I-Cause
over I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
and I-Cause
usually I-Cause
closer I-Cause
to I-Cause
$ I-Cause
15 I-Cause
billion I-Cause
, O
which O
makes O
it B-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
broker/dealers I-Effect
in I-Effect
the I-Effect
world I-Effect
. O

We O
think O
banks B-Cause
with I-Cause
relatively I-Cause
low I-Cause
deposit I-Cause
market I-Cause
share I-Cause
are I-Cause
disadvantaged I-Cause
from I-Cause
a I-Cause
cost I-Cause
perspective I-Cause
because O
of O
the B-Effect
fixed I-Effect
cost I-Effect
investment I-Effect
required I-Effect
to I-Effect
maintain I-Effect
a I-Effect
network I-Effect
of I-Effect
branches I-Effect
and I-Effect
ATMs I-Effect
. O

We O
think O
Cooper B-Cause
's I-Cause
relatively I-Cause
stable I-Cause
market I-Cause
share I-Cause
and I-Cause
the I-Cause
cash-pay I-Cause
nature I-Cause
of I-Cause
the I-Cause
contact I-Cause
lens I-Cause
market I-Cause
support O
our B-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
. O

With O
the B-Cause
uncertainty I-Cause
that I-Cause
still I-Cause
lies I-Cause
ahead I-Cause
associated I-Cause
with I-Cause
COVID I-Cause
, O
management B-Effect
will I-Effect
direct I-Effect
some I-Effect
of I-Effect
the I-Effect
cash I-Effect
flow I-Effect
to I-Effect
paying I-Effect
down I-Effect
debt I-Effect
and I-Effect
strengthening I-Effect
the I-Effect
balance I-Effect
sheet I-Effect
. O

While O
the O
last O
two O
goals O
appear O
achievable O
within O
four O
years O
, O
we O
forecast O
operating B-Effect
margins I-Effect
to I-Effect
remain I-Effect
below I-Effect
6 I-Effect
% I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
due O
to O
the B-Cause
intense I-Cause
competition I-Cause
in I-Cause
fashion I-Cause
retail I-Cause
. O

No B-Cause
longer I-Cause
forced I-Cause
to I-Cause
compete I-Cause
for I-Cause
capital I-Cause
from I-Cause
a I-Cause
conglomerate I-Cause
parent I-Cause
, O
Allegion B-Cause
is I-Cause
now I-Cause
able I-Cause
to I-Cause
employ I-Cause
a I-Cause
more I-Cause
robust I-Cause
acquisition I-Cause
strategy I-Cause
to O
expand B-Effect
its I-Effect
scale I-Effect
, I-Effect
technological I-Effect
capabilities I-Effect
, I-Effect
and I-Effect
product I-Effect
portfolio I-Effect
. O

Travelers B-Effect
' I-Effect
recent I-Effect
results I-Effect
have I-Effect
not I-Effect
been I-Effect
particularly I-Effect
strong I-Effect
, O
as O
management B-Cause
seemed I-Cause
to I-Cause
fail I-Cause
to I-Cause
recognize I-Cause
a I-Cause
recent I-Cause
pickup I-Cause
in I-Cause
social I-Cause
inflation I-Cause
( I-Cause
we I-Cause
will I-Cause
discuss I-Cause
this I-Cause
trend I-Cause
later I-Cause
in I-Cause
the I-Cause
report I-Cause
) I-Cause
. O

After O
second-quarter O
earnings O
, O
we B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
to I-Effect
$ I-Effect
564 I-Effect
from I-Effect
$ I-Effect
553 I-Effect
due O
to O
the B-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
and I-Cause
slightly I-Cause
higher I-Cause
medium-term I-Cause
margin I-Cause
targets I-Cause
, O
though O
these B-Effect
increases I-Effect
are O
partially O
offset O
by O
a B-Cause
slightly I-Cause
deeper I-Cause
revenue I-Cause
trough I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
. O

Additionally O
, O
given O
the B-Cause
northern I-Cause
location I-Cause
of I-Cause
CN I-Cause
's I-Cause
assets I-Cause
, O
adverse B-Cause
winter I-Cause
weather I-Cause
can O
materially B-Effect
hamper I-Effect
efficiency I-Effect
by O
blocking B-Cause
tracks I-Cause
and O
necessitating B-Cause
shorter I-Cause
trains I-Cause
throughout I-Cause
certain I-Cause
times I-Cause
of I-Cause
the I-Cause
year I-Cause
. O

We O
expect O
steady B-Effect
domestic I-Effect
oil I-Effect
production I-Effect
growth I-Effect
of I-Effect
about I-Effect
3 I-Effect
% I-Effect
per I-Effect
year I-Effect
on I-Effect
average I-Effect
during I-Effect
2020-24 I-Effect
, O
although O
that O
could O
be O
lower O
if O
Petrobras B-Cause
decides I-Cause
to I-Cause
invest I-Cause
at I-Cause
the I-Cause
lower I-Cause
end I-Cause
of I-Cause
its I-Cause
guidance I-Cause
range I-Cause
. O

Mineral B-Effect
rights I-Effect
to I-Effect
acres I-Effect
in I-Effect
regions I-Effect
with I-Effect
extremely I-Effect
low I-Effect
production I-Effect
costs I-Effect
per I-Effect
barrel I-Effect
( I-Effect
meaning I-Effect
those I-Effect
acres I-Effect
have I-Effect
high I-Effect
production I-Effect
rates I-Effect
) I-Effect
are I-Effect
inherently I-Effect
much I-Effect
more I-Effect
valuable I-Effect
than I-Effect
rights I-Effect
to I-Effect
high-cost I-Effect
acres I-Effect
because O
the O
amount B-Cause
of I-Cause
expected I-Cause
cash I-Cause
flows I-Cause
generated I-Cause
from I-Cause
those I-Cause
rights I-Cause
is I-Cause
significantly I-Cause
higher I-Cause
. O

This B-Cause
favors I-Cause
large I-Cause
, I-Cause
well-funded I-Cause
players I-Cause
like I-Cause
Genuine I-Cause
Parts I-Cause
that I-Cause
are I-Cause
able I-Cause
to I-Cause
leverage I-Cause
inventory I-Cause
and I-Cause
infrastructure I-Cause
over I-Cause
a I-Cause
large I-Cause
sales I-Cause
base I-Cause
to I-Cause
maximize I-Cause
the I-Cause
opportunities I-Cause
to I-Cause
sell I-Cause
slow-to-move I-Cause
components. O
Consequently O
, O
the B-Effect
unit I-Effect
also I-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
relative I-Effect
to I-Effect
smaller I-Effect
, I-Effect
regional I-Effect
participants I-Effect
, I-Effect
important I-Effect
in I-Effect
an I-Effect
industry I-Effect
that I-Effect
is I-Effect
highly I-Effect
fragmented I-Effect
( I-Effect
despite I-Effect
its I-Effect
standing I-Effect
as I-Effect
a I-Effect
leading I-Effect
industrial I-Effect
maintenance I-Effect
, I-Effect
repair I-Effect
, I-Effect
and I-Effect
operations I-Effect
parts I-Effect
distributor I-Effect
in I-Effect
North I-Effect
America I-Effect
, I-Effect
the I-Effect
segment I-Effect
's I-Effect
market I-Effect
share I-Effect
is I-Effect
only I-Effect
around I-Effect
3 I-Effect
% I-Effect
) I-Effect
. O

The O
three O
states O
above O
made O
up O
63 O
% O
of O
total O
revenue O
in O
2019 O
, O
with O
Florida O
the O
largest O
at O
24 O
% O
, O
and O
another B-Cause
COVID I-Cause
shutdown I-Cause
in I-Cause
these I-Cause
states I-Cause
would O
cause B-Effect
a I-Effect
very I-Effect
poor I-Effect
quarter I-Effect
in O
our O
opinion O
. O

Propane B-Cause
distributors I-Cause
own I-Cause
large I-Cause
storage I-Cause
tanks I-Cause
on I-Cause
customers I-Cause
' I-Cause
properties I-Cause
, O
and O
the B-Cause
hassle I-Cause
and I-Cause
fee I-Cause
involved I-Cause
with I-Cause
the I-Cause
process I-Cause
discourages O
customers B-Effect
from I-Effect
switching I-Effect
. O

Along O
these O
lines O
, O
Robinson B-Cause
's I-Cause
migration I-Cause
to I-Cause
large I-Cause
, I-Cause
price-committed I-Cause
customers I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
is O
a O
double-edge O
sword O
-- O
these O
shippers B-Effect
provide I-Effect
a I-Effect
greater I-Effect
degree I-Effect
of I-Effect
sticky I-Effect
, I-Effect
scheduled I-Effect
freight I-Effect
, I-Effect
but I-Effect
they I-Effect
also I-Effect
boost I-Effect
gross I-Effect
margin I-Effect
risk I-Effect
. O

Vistra B-Cause
might I-Cause
be I-Cause
able I-Cause
to I-Cause
establish I-Cause
a I-Cause
low-cost I-Cause
advantage I-Cause
in I-Cause
the I-Cause
retail I-Cause
markets I-Cause
where O
it O
has O
substantial B-Effect
wholesale I-Effect
generation I-Effect
presence I-Effect
. O

In O
contract O
drilling O
, O
Patterson B-Cause
has I-Cause
about I-Cause
an I-Cause
18 I-Cause
% I-Cause
market I-Cause
share I-Cause
for I-Cause
rigs I-Cause
available I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
making O
it O
the B-Effect
second-largest I-Effect
rig I-Effect
provider I-Effect
after I-Effect
Helmerich I-Effect
& I-Effect
Payne I-Effect
. O

We O
think O
GTT B-Cause
's I-Cause
pending I-Cause
sale I-Cause
of I-Cause
its I-Cause
infrastructure I-Cause
division I-Cause
would O
likely O
take B-Effect
bankruptcy I-Effect
off I-Effect
the I-Effect
table I-Effect
and O
would O
cause O
us B-Effect
to I-Effect
re-evaluate I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
. O

Department O
of O
Energy O
state O
that O
minimizing B-Cause
downtime I-Cause
has O
been O
shown O
to O
increase B-Effect
production I-Effect
by I-Effect
as I-Effect
much I-Effect
as I-Effect
25 I-Effect
% I-Effect
while I-Effect
increasing I-Effect
asset I-Effect
availability I-Effect
by I-Effect
30 I-Effect
% I-Effect
. O

Onpattro B-Cause
, I-Cause
the I-Cause
company I-Cause
's I-Cause
first I-Cause
approved I-Cause
drug I-Cause
, O
is O
a B-Effect
key I-Effect
driver I-Effect
in I-Effect
polyneuropathy I-Effect
in I-Effect
hereditary I-Effect
ATTR I-Effect
amyloidosis I-Effect
, O
but O
we O
expect O
next-generation B-Effect
vutrisiran I-Effect
to I-Effect
bolster I-Effect
the I-Effect
company I-Effect
's I-Effect
top I-Effect
line I-Effect
by O
expanding B-Cause
its I-Cause
reach I-Cause
to I-Cause
cardiomyopathy I-Cause
in I-Cause
both I-Cause
hereditary I-Cause
and I-Cause
wild-type I-Cause
ATTR I-Cause
amyloidosis I-Cause
. O

This B-Cause
creates I-Cause
a I-Cause
strong I-Cause
recurring I-Cause
revenue I-Cause
stream I-Cause
, O
with O
80 O
% O
-plus O
of O
John O
Crane O
's O
installed O
base O
of O
mechanical O
seals O
maintained O
by O
the O
company O
itself O
, O
guaranteeing B-Effect
a I-Effect
stream I-Effect
of I-Effect
revenue I-Effect
for I-Effect
the I-Effect
25-year I-Effect
life I-Effect
of I-Effect
the I-Effect
seal O
. O

There O
are O
only B-Cause
limited I-Cause
product I-Cause
gaps I-Cause
now I-Cause
in I-Cause
the I-Cause
company I-Cause
offering I-Cause
to I-Cause
the I-Cause
life I-Cause
science I-Cause
research I-Cause
sector I-Cause
, O
which O
in O
turn O
has O
allowed O
it O
to O
steadily B-Effect
gain I-Effect
wallet I-Effect
share I-Effect
( I-Effect
average I-Effect
organic I-Effect
growth I-Effect
of I-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
versus I-Effect
industry I-Effect
growth I-Effect
of I-Effect
approximately I-Effect
3 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
) I-Effect
. O

Fortunately O
, O
the B-Effect
company I-Effect
has I-Effect
strong I-Effect
growth I-Effect
prospects I-Effect
with O
its B-Cause
highly I-Cause
secured I-Cause
and I-Cause
highly I-Cause
profitable I-Cause
NGTL I-Cause
system I-Cause
that O
will O
drive O
significant O
incremental O
cash O
flow O
for O
years O
to O
come O
while O
supporting O
the O
planned O
dividend O
growth O
. O

AT B-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
has I-Cause
sharply I-Cause
curtailed I-Cause
promotions I-Cause
and I-Cause
increased I-Cause
pricing I-Cause
on I-Cause
its I-Cause
television I-Cause
offerings I-Cause
, O
which O
has O
accelerated O
customer B-Effect
losses I-Effect
in O
the O
face O
of O
stiff O
competition O
from O
online O
players O
like O
YouTube O
TV O
and O
Hulu O
with O
Live O
TV O
. O

In O
safety O
and O
productivity O
solutions O
, O
the B-Cause
biggest I-Cause
concern I-Cause
we I-Cause
have I-Cause
includes I-Cause
rapid I-Cause
changes I-Cause
in I-Cause
technology I-Cause
, O
which O
can O
obviate B-Effect
the I-Effect
impact I-Effect
of I-Effect
some I-Effect
of I-Effect
Honeywell I-Effect
's I-Effect
software I-Effect
investments I-Effect
and I-Effect
translate I-Effect
into I-Effect
diminished I-Effect
returns I-Effect
on I-Effect
capital I-Effect
projects I-Effect
relative I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
expectations I-Effect
. O

However O
, O
we O
see O
a B-Effect
slower I-Effect
portfolio I-Effect
transition I-Effect
to I-Effect
more I-Effect
specialty I-Effect
flavors I-Effect
as O
larger B-Cause
firms I-Cause
will I-Cause
compete I-Cause
more I-Cause
aggressively I-Cause
for I-Cause
new I-Cause
business I-Cause
with I-Cause
midsize I-Cause
customers I-Cause
, O
a O
market O
that O
Sensient O
focuses O
on O
. O

ResMed O
has O
demonstrated O
a O
robust O
top O
line O
despite O
experiencing O
pricing O
pressure O
, O
and O
this O
together O
with O
the O
low B-Cause
financial I-Cause
leverage I-Cause
, O
leads O
us B-Effect
to I-Effect
use I-Effect
a I-Effect
below-average I-Effect
cost I-Effect
of O
equity O
of O
7.5 O
% O
. O

Many B-Effect
firms I-Effect
raised B-Cause
debt I-Cause
and I-Cause
equity I-Cause
capital I-Cause
to I-Effect
bolster B-Effect
their I-Effect
balance I-Effect
sheets I-Effect
during O
the B-Cause
recession I-Cause
and O
take B-Effect
advantage I-Effect
of I-Effect
low I-Effect
interest I-Effect
rates I-Effect
and I-Effect
high I-Effect
equity I-Effect
market I-Effect
valuations I-Effect
. O

Our B-Effect
current I-Effect
five-year I-Effect
revenue I-Effect
forecast I-Effect
models I-Effect
sales I-Effect
growing I-Effect
at I-Effect
about I-Effect
a I-Effect
4 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
after I-Effect
a I-Effect
19 I-Effect
% I-Effect
dip I-Effect
in I-Effect
2020 I-Effect
due O
to O
its B-Cause
environment I-Cause
solutions I-Cause
divesture I-Cause
, I-Cause
weak I-Cause
sorted I-Cause
office I-Cause
paper I-Cause
pricing I-Cause
, I-Cause
and I-Cause
effects I-Cause
from I-Cause
COVID-19 I-Cause
. O

As O
the B-Cause
company I-Cause
moves I-Cause
up-market I-Cause
into I-Cause
enterprise I-Cause
accounts I-Cause
, O
it B-Effect
will I-Effect
increasingly I-Effect
bump I-Effect
up I-Effect
against I-Effect
Salesforce I-Effect
and I-Effect
Adobe I-Effect
, I-Effect
with I-Effect
their I-Effect
enterprise-grade I-Effect
marketing I-Effect
and I-Effect
commerce I-Effect
suites I-Effect
. O

We O
believe O
Zebra O
will O
face O
headwinds O
in O
2020 O
due O
to O
the B-Cause
global I-Cause
pandemic I-Cause
, O
with O
revenue B-Effect
down I-Effect
6 I-Effect
% I-Effect
, O
but O
will O
recover B-Effect
with I-Effect
average I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
7 I-Effect
% I-Effect
during O
the O
remainder B-Cause
of I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
. O

CVS O
' O
Aetna O
represents O
the O
fifth-largest O
insurer O
nationally O
, O
measured O
by O
premiums O
written O
, O
but O
is O
more B-Effect
likely I-Effect
the I-Effect
third I-Effect
or I-Effect
fourth I-Effect
largest I-Effect
by O
membership B-Cause
given I-Cause
its I-Cause
sizable I-Cause
fee-based I-Cause
enrollment I-Cause
mix I-Cause
. O

Many O
imaging O
systems O
come O
with O
incorporated O
proprietary O
software O
, O
so O
changing B-Cause
suppliers I-Cause
implies O
retraining O
doctors O
in O
a O
new O
interface O
with O
which O
they B-Effect
might I-Effect
feel I-Effect
less I-Effect
comfortable I-Effect
during I-Effect
an I-Effect
intervention I-Effect
. O

Despite O
all O
of O
the O
protections O
and O
guarantees O
in O
place O
in O
the O
original O
triple-net O
lease O
term O
, O
the B-Effect
initial I-Effect
rent I-Effect
was I-Effect
set I-Effect
too I-Effect
high I-Effect
, O
given O
the B-Cause
cuts I-Cause
the I-Cause
federal I-Cause
government I-Cause
was I-Cause
making I-Cause
, O
and O
the B-Cause
rent I-Cause
increases I-Cause
were I-Cause
unsustainable I-Cause
, O
given O
the B-Cause
declining I-Cause
revenue I-Cause
in I-Cause
the I-Cause
underlying I-Cause
assets I-Cause
. O

After O
reviewing O
fiscal O
2020 O
results O
, O
we B-Effect
're I-Effect
edging I-Effect
up I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
by I-Effect
$ I-Effect
1.50 I-Effect
per I-Effect
share I-Effect
, I-Effect
to I-Effect
$ I-Effect
49.50 I-Effect
, O
driven O
by O
modest B-Cause
adjusted I-Cause
EPS I-Cause
outperformance I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
and I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

While O
Federal O
's O
revenue O
is O
somewhat O
protected O
by O
long-term O
leases O
, O
we O
see O
retailer B-Cause
bankruptcies I-Cause
causing O
a B-Effect
significant I-Effect
drop I-Effect
in I-Effect
occupancy I-Effect
and I-Effect
Federal I-Effect
being I-Effect
forced I-Effect
to I-Effect
offer I-Effect
rent I-Effect
concessions I-Effect
to I-Effect
keep I-Effect
others I-Effect
afloat I-Effect
. O

We O
expect O
digital B-Cause
retailers I-Cause
to I-Cause
leverage I-Cause
shipping I-Cause
costs I-Cause
through I-Cause
increased I-Cause
national I-Cause
and I-Cause
regional I-Cause
scale I-Cause
, O
make O
returns B-Effect
easier I-Effect
, O
and O
use B-Cause
technology I-Cause
to O
ensure O
products B-Effect
match I-Effect
customers I-Effect
' I-Effect
tastes I-Effect
and I-Effect
fit I-Effect
needs I-Effect
. O

More B-Cause
relevant I-Cause
results I-Cause
also I-Cause
decrease I-Cause
the I-Cause
likelihood I-Cause
of I-Cause
users I-Cause
jumping I-Cause
to I-Cause
another I-Cause
search I-Cause
engine I-Cause
, O
creating B-Effect
somewhat I-Effect
of I-Effect
a I-Effect
barrier I-Effect
to I-Effect
exit I-Effect
. O

In O
addition O
to O
cyclical O
demand O
, O
overbuilding B-Cause
can O
lead O
to O
lower B-Cause
occupancy I-Cause
and I-Cause
room I-Cause
rates I-Cause
, O
which O
would O
then O
affect O
growth B-Effect
and I-Effect
profitability I-Effect
. O

We O
also O
believe O
that O
customer B-Cause
concentration I-Cause
and I-Cause
increasing I-Cause
consolidation I-Cause
in I-Cause
the I-Cause
healthcare I-Cause
sector I-Cause
limit O
DST B-Effect
's I-Effect
pricing I-Effect
power I-Effect
for I-Effect
its I-Effect
healthcare I-Effect
outsourcing I-Effect
services I-Effect
. O

We O
expect O
that O
other B-Cause
distributors I-Cause
will I-Cause
begin I-Cause
to I-Cause
push I-Cause
back I-Cause
on I-Cause
the I-Cause
fees I-Cause
and I-Cause
tiering I-Cause
structures I-Cause
of I-Cause
RSNs I-Cause
as I-Cause
the I-Cause
price I-Cause
of I-Cause
the I-Cause
pay-TV I-Cause
bundle I-Cause
declines I-Cause
in O
order O
to O
increase B-Effect
competitiveness I-Effect
with I-Effect
DTC I-Effect
offerings I-Effect
like I-Effect
Netflix I-Effect
and I-Effect
Disney+ I-Effect
. O

That O
said O
, O
Skyworks B-Effect
' I-Effect
RF I-Effect
prospects I-Effect
might I-Effect
not I-Effect
be I-Effect
rosy I-Effect
forever I-Effect
, O
given O
intense B-Cause
competition I-Cause
in I-Cause
RF I-Cause
chips I-Cause
and I-Cause
a I-Cause
customer I-Cause
base I-Cause
of I-Cause
only I-Cause
a I-Cause
handful I-Cause
of I-Cause
tech I-Cause
titans I-Cause
that I-Cause
could I-Cause
put I-Cause
pricing I-Cause
pressure I-Cause
on I-Cause
Skyworks I-Cause
and I-Cause
other I-Cause
RF I-Cause
chipmakers I-Cause
. O

PTC B-Cause
's I-Cause
foray I-Cause
into I-Cause
growth I-Cause
areas I-Cause
such I-Cause
as I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
AR I-Cause
, I-Cause
and I-Cause
midmarket I-Cause
CAD I-Cause
, I-Cause
on I-Cause
the I-Cause
other I-Cause
hand I-Cause
, I-Cause
will I-Cause
significantly I-Cause
add I-Cause
growth I-Cause
to I-Cause
the I-Cause
top I-Cause
line O
, O
in O
our O
view O
, O
as O
we O
expect O
PTC B-Effect
's I-Effect
revenue I-Effect
mix I-Effect
to I-Effect
shift I-Effect
significantly I-Effect
to I-Effect
these I-Effect
areas I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

While O
the O
firm O
is O
a O
smaller O
player O
than O
other O
competitors O
in O
the O
components O
market O
under O
our O
coverage O
, O
it B-Effect
has I-Effect
aligned I-Effect
its I-Effect
portfolio I-Effect
toward I-Effect
secular I-Effect
themes I-Effect
of I-Effect
safety I-Effect
, I-Effect
efficiency I-Effect
, I-Effect
and I-Effect
connectivity I-Effect
to O
pursue B-Cause
growth I-Cause
. O

Additionally O
, O
the O
firm B-Effect
generated I-Effect
negative I-Effect
free I-Effect
cash I-Effect
flow I-Effect
( O
CFO-capital O
expenditures O
) O
from O
its O
IPO O
in O
2012 O
through O
2014 O
( O
and O
again O
in O
2016 O
) O
, O
as B-Cause
consumers I-Cause
tactically I-Cause
purchased I-Cause
big-ticket I-Cause
home I-Cause
furnishing I-Cause
items I-Cause
at I-Cause
the I-Cause
brand I-Cause
, I-Cause
often I-Cause
waiting I-Cause
for I-Cause
sales I-Cause
( O
which O
we O
believe O
has O
been O
ameliorated O
by O
the O
loyalty O
program O
) O
. O

Although O
Nokia O
should O
remain O
a O
leader O
in O
the O
CSP O
supplier O
market O
, O
we O
expect O
fierce B-Cause
competition I-Cause
from I-Cause
Huawei I-Cause
, I-Cause
Ericsson I-Cause
, I-Cause
ZTE I-Cause
, I-Cause
Samsung I-Cause
, I-Cause
and I-Cause
Cisco I-Cause
to O
create B-Effect
a I-Effect
high I-Effect
level I-Effect
of I-Effect
risk I-Effect
. O

In O
2019 O
, O
however O
, O
net B-Effect
revenue I-Effect
came I-Effect
in I-Effect
flattish I-Effect
on O
slowing B-Cause
global I-Cause
trade I-Cause
and I-Cause
soft I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
, O
while O
EBIT B-Effect
margin I-Effect
fell O
on O
the B-Cause
demand I-Cause
pullback I-Cause
. O

Its B-Cause
brand I-Cause
strength I-Cause
, I-Cause
reputation I-Cause
, I-Cause
and I-Cause
centralized I-Cause
database I-Cause
benefit B-Effect
employers I-Effect
looking I-Effect
for I-Effect
qualified I-Effect
candidates I-Effect
willing I-Effect
to I-Effect
accept I-Effect
hard-to-fill I-Effect
positions I-Effect
and I-Effect
job I-Effect
candidates I-Effect
seeking I-Effect
positions I-Effect
in I-Effect
highly I-Effect
skilled I-Effect
professions I-Effect
. O

NJR B-Effect
is I-Effect
in I-Effect
the I-Effect
process I-Effect
of I-Effect
de-risking I-Effect
its I-Effect
non-utility I-Effect
business I-Effect
through B-Cause
asset I-Cause
management I-Cause
agreements I-Cause
at I-Cause
its I-Cause
energy I-Cause
services I-Cause
business I-Cause
and I-Cause
a I-Cause
shift I-Cause
into I-Cause
small-scale I-Cause
clean I-Cause
energy I-Cause
growth I-Cause
investment I-Cause
. I-Cause

Customer B-Cause
billing I-Cause
and I-Cause
service I-Cause
challenges I-Cause
in I-Cause
Maine I-Cause
led O
regulators B-Effect
to I-Effect
impose I-Effect
a I-Effect
100-basis-point I-Effect
allowed I-Effect
return I-Effect
equity I-Effect
penalty I-Effect
until I-Effect
the I-Effect
company I-Effect
meets I-Effect
customer I-Effect
service I-Effect
metrics I-Effect
for I-Effect
18 I-Effect
months I-Effect
. O

In B-Cause
more I-Cause
populous I-Cause
urban I-Cause
markets I-Cause
, I-Cause
hosts I-Cause
of I-Cause
small I-Cause
waste I-Cause
haulers I-Cause
can O
drag B-Effect
collection I-Effect
pricing I-Effect
down I-Effect
while I-Effect
also I-Effect
pitting I-Effect
landfills I-Effect
against I-Effect
one I-Effect
another I-Effect
, I-Effect
especially I-Effect
during I-Effect
downturns I-Effect
. O

On O
the O
expense O
side O
, O
we O
believe O
that O
the B-Cause
segment I-Cause
will I-Cause
not I-Cause
break I-Cause
even I-Cause
on I-Cause
an I-Cause
operating I-Cause
margin I-Cause
basis I-Cause
until I-Cause
2023 I-Cause
as I-Cause
the I-Cause
leverage I-Cause
in I-Cause
the I-Cause
model I-Cause
depends I-Cause
on I-Cause
scale. O
As O
a O
result O
, O
we O
expect O
EBITDA B-Effect
margin I-Effect
to I-Effect
expand I-Effect
from I-Effect
1.9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
5.0 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
with I-Effect
a I-Effect
dip I-Effect
back I-Effect
into I-Effect
negative I-Effect
territory I-Effect
in I-Effect
2020 I-Effect
. O

We O
expect O
the B-Effect
company I-Effect
's I-Effect
net I-Effect
interest I-Effect
margins I-Effect
to I-Effect
remain I-Effect
broadly I-Effect
stable I-Effect
as O
changes B-Cause
in I-Cause
interest I-Cause
rates I-Cause
impact I-Cause
both I-Cause
the I-Cause
company I-Cause
's I-Cause
interest I-Cause
expense I-Cause
and I-Cause
interest I-Cause
income I-Cause
. O

As O
commercial B-Cause
customers I-Cause
depend I-Cause
on I-Cause
quickly I-Cause
sourcing I-Cause
necessary I-Cause
parts I-Cause
in I-Cause
order I-Cause
to I-Cause
turn I-Cause
over I-Cause
service I-Cause
bays I-Cause
, O
a B-Effect
leading I-Effect
availability I-Effect
infrastructure I-Effect
like I-Effect
O'Reilly I-Effect
's I-Effect
is I-Effect
of I-Effect
tremendous I-Effect
value I-Effect
. O

We B-Effect
have I-Effect
lowered I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Fluor I-Effect
to I-Effect
$ I-Effect
17.50 I-Effect
from I-Effect
$ I-Effect
19 I-Effect
after O
the B-Cause
engineering I-Cause
and I-Cause
construction I-Cause
firm I-Cause
reported I-Cause
its I-Cause
fourth-quarter I-Cause
2020 I-Cause
earnings I-Cause
. O

From O
a O
product O
perspective O
, O
we O
expect O
the B-Effect
most I-Effect
growth I-Effect
( I-Effect
roughly I-Effect
6 I-Effect
% I-Effect
) I-Effect
for I-Effect
water I-Effect
refill/filtration I-Effect
and I-Effect
water I-Effect
dispensers I-Effect
, O
as O
management B-Cause
expands I-Cause
these I-Cause
offerings I-Cause
to I-Cause
Europe I-Cause
( I-Cause
they I-Cause
currently I-Cause
enjoy I-Cause
leadership I-Cause
positions I-Cause
in I-Cause
North I-Cause
America I-Cause
) I-Cause
. O

Our O
critical O
valuation O
assumption O
is O
that O
Boeing O
will O
steadily O
re-ramp O
production O
to O
a O
terminal O
rate O
of O
73 O
MAXes O
per O
month O
in O
2029 O
, O
and O
that O
these B-Cause
production I-Cause
increases I-Cause
will O
be O
somewhat O
margin B-Effect
accretive I-Effect
to I-Effect
Spirit I-Effect
. O

This B-Cause
high I-Cause
level I-Cause
of I-Cause
failure I-Cause
and I-Cause
the I-Cause
required I-Cause
upfront I-Cause
investment I-Cause
by I-Cause
labels I-Cause
means O
that O
artists B-Effect
generally I-Effect
get I-Effect
a I-Effect
low I-Effect
percentage I-Effect
of I-Effect
royalties I-Effect
, I-Effect
10 I-Effect
% I-Effect
-15 I-Effect
% I-Effect
, I-Effect
with I-Effect
more-established I-Effect
artists I-Effect
garnering I-Effect
high I-Effect
rates I-Effect
in I-Effect
their I-Effect
later I-Effect
contracts I-Effect
. O

In O
France O
, O
although O
Iliad B-Cause
made I-Cause
its I-Cause
entrance I-Cause
into I-Cause
the I-Cause
mobile I-Cause
market I-Cause
in I-Cause
2012 I-Cause
and O
caused O
mobile B-Effect
pricing I-Effect
to I-Effect
structurally I-Effect
decline I-Effect
, O
this O
entrance O
was O
highly O
favored O
by O
regulators O
and O
we O
think O
it O
is O
unlikely O
the O
regulator O
will O
encourage O
additional O
entries O
. O

Our O
higher O
fair O
value O
estimate O
reflects O
the O
ongoing O
strength O
in O
the O
global O
LNG O
markets O
, O
and O
Cheniere B-Effect
's I-Effect
ability I-Effect
to I-Effect
increase I-Effect
capacity I-Effect
via O
operational B-Cause
execution I-Cause
to O
benefit O
, O
while O
peers O
struggle O
to O
move O
projects O
to O
final O
investment O
decisions O
. O

Hyatt B-Cause
's I-Cause
higher I-Cause
ownership I-Cause
exposure I-Cause
presents I-Cause
increase I-Cause
exposure I-Cause
to I-Cause
fluctuations I-Cause
in I-Cause
economic I-Cause
growth I-Cause
and O
is O
a B-Effect
risk I-Effect
to I-Effect
prospective I-Effect
shareholders I-Effect
. O

Allegion B-Cause
's I-Cause
commercial I-Cause
track I-Cause
record I-Cause
is O
one O
factor O
that O
allows O
the B-Effect
firm I-Effect
to I-Effect
capture I-Effect
incremental I-Effect
sales I-Effect
as I-Effect
its I-Effect
commercial I-Effect
customers I-Effect
expand I-Effect
or I-Effect
retrofit I-Effect
existing I-Effect
security I-Effect
solutions I-Effect
. O

We O
do O
n't O
expect O
deflationary B-Effect
pricing I-Effect
to I-Effect
hit I-Effect
GTT I-Effect
as I-Effect
severely I-Effect
as I-Effect
it I-Effect
does I-Effect
legacy I-Effect
competitors I-Effect
, O
because O
we O
think O
relatively B-Cause
less I-Cause
of I-Cause
GTT I-Cause
's I-Cause
revenue I-Cause
is I-Cause
composed I-Cause
of I-Cause
more I-Cause
expensive I-Cause
and I-Cause
antiquated I-Cause
technology I-Cause
. O

The O
life O
span O
of O
AERs O
can O
approach O
10 O
years O
, O
and O
Cantel B-Effect
is I-Effect
able I-Effect
to I-Effect
drive I-Effect
consistent I-Effect
product I-Effect
revenue I-Effect
through O
the B-Cause
sale I-Cause
of I-Cause
chemistry I-Cause
consumables I-Cause
that I-Cause
are I-Cause
required I-Cause
for I-Cause
each I-Cause
instance I-Cause
of I-Cause
reprocessing I-Cause
. O

Verizon B-Effect
, I-Effect
AT I-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
, I-Effect
and I-Effect
T-Mobile I-Effect
will I-Effect
see I-Effect
returns I-Effect
on I-Effect
capital I-Effect
shrink I-Effect
in I-Effect
2021 I-Effect
thanks O
to O
the B-Cause
acquisition I-Cause
of I-Cause
additional I-Cause
wireless I-Cause
spectrum I-Cause
in I-Cause
the I-Cause
C-band I-Cause
auction I-Cause
. O

We O
expect O
non-GAAP B-Effect
operating I-Effect
margins I-Effect
to I-Effect
increase I-Effect
from O
9.7 O
% O
in O
2020 O
( O
actual O
) O
to O
the O
mid O
to O
high-teens O
area O
in O
2025 O
as O
the B-Cause
company I-Cause
benefits I-Cause
from I-Cause
operating I-Cause
leverage I-Cause
and I-Cause
the I-Cause
full I-Cause
transition I-Cause
to I-Cause
subscriptions I-Cause
. O

The B-Cause
recovery I-Cause
in I-Cause
these I-Cause
elective I-Cause
procedures I-Cause
was O
faster O
and O
stronger O
than O
we O
'd O
originally O
anticipated O
, O
partially O
offset O
by O
marginal O
capacity O
constraints O
driven O
by O
hospitals O
instituting O
new O
pandemic O
infection O
control O
protocols O
that O
has O
slightly O
slowed O
down O
turnover B-Effect
of I-Effect
operating I-Effect
rooms I-Effect
. O

Following O
Ferguson O
's O
release O
of O
its O
fiscal O
third-quarter O
2021 O
results O
, O
we B-Effect
've I-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Ferguson I-Effect
's I-Effect
London-listed I-Effect
shares I-Effect
to I-Effect
GBX I-Effect
7,700 I-Effect
per I-Effect
share I-Effect
from I-Effect
GBX I-Effect
7,500 I-Effect
due O
to O
our B-Cause
stronger I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
profitability I-Cause
outlook I-Cause
. O

This O
moderate O
leverage O
will O
be O
supported O
largely O
by O
the O
IP O
segment O
, O
with O
some B-Effect
gains I-Effect
expected I-Effect
within I-Effect
EDA I-Effect
as O
a O
result O
of O
favorable B-Cause
secular I-Cause
tailwinds I-Cause
. O

While O
we O
see O
margin B-Effect
improvement I-Effect
opportunities I-Effect
as O
HD O
Supply O
expands O
its O
scale O
and O
becomes O
more O
efficient O
, O
we O
expect O
stranded B-Cause
costs I-Cause
related O
to O
the O
C O
& O
I O
divestiture O
( O
management O
estimates O
these O
costs O
to O
be O
0.3 O
% O
to O
0.6 O
% O
of O
sales O
) O
and O
acquisitions B-Cause
will O
be O
margin O
headwinds O
. O

With O
more B-Cause
mobile I-Cause
and I-Cause
digital I-Cause
investments I-Cause
occurring I-Cause
constantly I-Cause
for I-Cause
the I-Cause
bank I-Cause
, O
we O
believe O
Huntington B-Effect
has I-Effect
a I-Effect
strong I-Effect
foundation I-Effect
to I-Effect
produce I-Effect
excess I-Effect
returns I-Effect
for I-Effect
years I-Effect
to I-Effect
come I-Effect
. O

For O
commercial O
insurers O
, O
insuring B-Cause
industries I-Cause
with I-Cause
a I-Cause
high I-Cause
level I-Cause
of I-Cause
ESG I-Cause
risk I-Cause
could O
draw B-Effect
criticism I-Effect
and O
lead O
to O
lost B-Effect
revenue I-Effect
if O
the B-Cause
situation I-Cause
becomes I-Cause
unsustainable I-Cause
. O

The O
company O
will O
see O
some O
costs O
return O
this O
year O
( O
including O
marketing O
, O
travel O
and O
insurance O
premiums O
) O
, O
but O
we O
anticipate O
additional B-Effect
OR I-Effect
improvement I-Effect
to I-Effect
76.4 I-Effect
% I-Effect
as O
network B-Cause
density I-Cause
rises I-Cause
and I-Cause
on I-Cause
positive I-Cause
yield I-Cause
gains I-Cause
. O

Concurrently O
, O
the B-Effect
bank I-Effect
has I-Effect
been I-Effect
closing I-Effect
70-100 I-Effect
branches I-Effect
per I-Effect
year I-Effect
, O
in O
part O
to O
fund B-Cause
the I-Cause
expansion I-Cause
, O
and O
in O
part O
to O
eliminate B-Cause
redundant I-Cause
operations I-Cause
. O

While B-Cause
higher I-Cause
pricing I-Cause
is I-Cause
necessary I-Cause
to I-Cause
some I-Cause
extent I-Cause
to I-Cause
offset I-Cause
lower I-Cause
interest I-Cause
rates I-Cause
and I-Cause
a I-Cause
rise I-Cause
in I-Cause
social I-Cause
inflation I-Cause
, I-Cause
piricing I-Cause
increases I-Cause
appear I-Cause
to I-Cause
be I-Cause
more I-Cause
than I-Cause
offsetting I-Cause
these I-Cause
factors. O
As O
a O
result O
, O
commercial B-Effect
P I-Effect
& I-Effect
C I-Effect
insurers I-Effect
are I-Effect
experiencing I-Effect
a I-Effect
positive I-Effect
trend I-Effect
in I-Effect
underlying I-Effect
underwrting I-Effect
profitabiltiy I-Effect
, I-Effect
and I-Effect
we I-Effect
see I-Effect
potential I-Effect
for I-Effect
a I-Effect
truly I-Effect
hard I-Effect
pricing I-Effect
market I-Effect
, I-Effect
similar I-Effect
to I-Effect
the I-Effect
period I-Effect
that I-Effect
followed I-Effect
9/11 I-Effect
. O

However O
, O
KLA B-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
charge I-Cause
a I-Cause
premium I-Cause
for I-Cause
its I-Cause
specialized I-Cause
products I-Cause
, I-Cause
as I-Cause
competitors I-Cause
' I-Cause
offerings I-Cause
are I-Cause
generally I-Cause
not I-Cause
as I-Cause
advanced. O
This O
allows O
the B-Effect
firm I-Effect
to I-Effect
handle I-Effect
cyclical I-Effect
troughs I-Effect
fairly I-Effect
well I-Effect
for I-Effect
a I-Effect
company I-Effect
that I-Effect
operates I-Effect
in I-Effect
the I-Effect
chip I-Effect
equipment I-Effect
industry I-Effect
. O

There B-Cause
are I-Cause
often I-Cause
few I-Cause
treatment I-Cause
options I-Cause
for I-Cause
rare I-Cause
diseases I-Cause
, I-Cause
and I-Cause
the I-Cause
high I-Cause
unmet I-Cause
need I-Cause
and I-Cause
small I-Cause
patient I-Cause
populations I-Cause
result O
in O
strong B-Effect
pricing I-Effect
power I-Effect
of I-Effect
effective I-Effect
therapies I-Effect
. O

Combined B-Cause
with I-Cause
personalization I-Cause
, O
albeit O
more B-Effect
difficult I-Effect
in I-Effect
the I-Effect
current I-Effect
pandemic I-Effect
environment I-Effect
, O
pricing B-Effect
power I-Effect
is I-Effect
substantial I-Effect
and I-Effect
the I-Effect
contribution I-Effect
margin I-Effect
is I-Effect
rich I-Effect
, O
supporting B-Effect
higher I-Effect
profitability I-Effect
. O

The B-Effect
company I-Effect
lacked I-Effect
consistency I-Effect
at I-Effect
the I-Effect
helm I-Effect
as O
its B-Cause
enterprise I-Cause
security I-Cause
business I-Cause
struggled I-Cause
in I-Cause
the I-Cause
2010s I-Cause
but I-Cause
has I-Cause
planted I-Cause
its I-Cause
flag I-Cause
to I-Cause
solely I-Cause
be I-Cause
consumer I-Cause
focused I-Cause
. O

In B-Effect
this I-Effect
respect I-Effect
firms I-Effect
such I-Effect
as I-Effect
BP I-Effect
could I-Effect
hold I-Effect
an I-Effect
advantage I-Effect
as O
it O
can O
leverage O
its B-Cause
experience I-Cause
gained I-Cause
from I-Cause
offshore I-Cause
oil I-Cause
and I-Cause
gas I-Cause
developments I-Cause
in I-Cause
harsh I-Cause
environments I-Cause
. O

As O
a O
result O
, O
BorgWarner B-Cause
has I-Cause
a I-Cause
large I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
, O
so O
sudden B-Effect
declines I-Effect
in I-Effect
volume I-Effect
can I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profit I-Effect
. O

It B-Effect
was I-Effect
fined I-Effect
CNY I-Effect
18.2 I-Effect
billion I-Effect
in I-Effect
April I-Effect
2021 I-Effect
for O
forcing B-Cause
merchants I-Cause
to I-Cause
choose I-Cause
its I-Cause
platform I-Cause
exclusively I-Cause
and I-Cause
required I-Cause
to I-Cause
curb I-Cause
its I-Cause
anticompetitive I-Cause
behavior I-Cause
. O

We O
find O
it O
impressive O
that O
West B-Effect
can I-Effect
post I-Effect
strong I-Effect
growth I-Effect
numbers I-Effect
while I-Effect
operating I-Effect
more I-Effect
efficiently I-Effect
, O
partly O
due O
to O
automation B-Cause
initiatives I-Cause
and O
partly O
from O
overall B-Cause
cost I-Cause
consolidation I-Cause
. O

The B-Effect
same I-Effect
risk I-Effect
would I-Effect
arise I-Effect
if B-Cause
clientele I-Cause
began I-Cause
to I-Cause
perceive I-Cause
that I-Cause
their I-Cause
cars I-Cause
' I-Cause
powertrain I-Cause
failed I-Cause
to I-Cause
reflect I-Cause
the I-Cause
technology I-Cause
used I-Cause
by I-Cause
Ferrari I-Cause
's I-Cause
Formula I-Cause
One I-Cause
racing I-Cause
team I-Cause
. O

This O
includes O
growth B-Cause
trends I-Cause
in I-Cause
artificial I-Cause
intelligence I-Cause
and I-Cause
machine I-Cause
learning I-Cause
, O
which O
should O
continue O
to O
boost B-Effect
demand I-Effect
for I-Effect
dynamic I-Effect
power I-Effect
solutions I-Effect
in I-Effect
data I-Effect
centers I-Effect
. O

While O
these O
new O
offerings O
could O
further O
aid O
Hostess O
' O
sales O
prospects O
, O
we O
do O
not O
believe O
these O
additional O
businesses O
contribute O
to O
Hostess B-Effect
' I-Effect
competitive I-Effect
advantage I-Effect
, O
given O
their B-Cause
smaller I-Cause
size I-Cause
and I-Cause
the I-Cause
fact I-Cause
that I-Cause
they I-Cause
have I-Cause
not I-Cause
demonstrated I-Cause
pricing I-Cause
power I-Cause
sufficient I-Cause
to I-Cause
imply I-Cause
the I-Cause
presence I-Cause
of I-Cause
a I-Cause
competitive I-Cause
advantage I-Cause
. O

Also O
noteworthy B-Cause
is I-Cause
the I-Cause
company I-Cause
's I-Cause
sizable I-Cause
dealer I-Cause
network I-Cause
within I-Cause
its I-Cause
large I-Cause
markets I-Cause
, O
which O
enables O
AutoNation O
to O
quickly B-Effect
reallocate I-Effect
inventory I-Effect
to I-Effect
better I-Effect
meet I-Effect
demand I-Effect
and O
helped B-Effect
the I-Effect
firm I-Effect
reach I-Effect
a I-Effect
deal I-Effect
with I-Effect
Waymo I-Effect
to I-Effect
service I-Effect
its I-Effect
autonomous I-Effect
vehicles I-Effect
. O

However O
, O
the B-Effect
pharmacy I-Effect
operations I-Effect
look I-Effect
likely I-Effect
to I-Effect
be I-Effect
negatively I-Effect
affected I-Effect
by I-Effect
continued I-Effect
declines I-Effect
in I-Effect
revenue I-Effect
per I-Effect
prescription I-Effect
processed I-Effect
, O
as O
PBMs B-Cause
continue I-Cause
to I-Cause
exert I-Cause
pressure I-Cause
on I-Cause
their I-Cause
pharmacy I-Cause
networks I-Cause
, I-Cause
including I-Cause
CVS I-Cause
' I-Cause
stores I-Cause
. O

Coupled B-Cause
with I-Cause
Yum I-Cause
China I-Cause
's I-Cause
dividend I-Cause
( O
a O
USD O
0.12 O
quarterly O
cash O
dividend O
was O
reinstated O
in O
the O
fourth O
quarter O
of O
2020 O
) O
and O
future B-Cause
share I-Cause
repurchases I-Cause
, O
we O
believe O
Yum B-Effect
China I-Effect
offers I-Effect
investors I-Effect
above-average I-Effect
potential I-Effect
. I-Effect

Past B-Cause
missteps I-Cause
have O
resulted O
in O
low B-Effect
new I-Effect
product I-Effect
introduction I-Effect
rates I-Effect
, I-Effect
with I-Effect
Nestle I-Effect
missing I-Effect
out I-Effect
on I-Effect
or I-Effect
being I-Effect
late I-Effect
in I-Effect
adapting I-Effect
to I-Effect
the I-Effect
latest I-Effect
consumer I-Effect
trends I-Effect
. O

Given O
this B-Cause
disintermediation I-Cause
, I-Cause
these I-Cause
loans I-Cause
now I-Cause
often I-Cause
require I-Cause
ratings I-Cause
, O
giving O
Moody B-Effect
's I-Effect
another I-Effect
debt I-Effect
product I-Effect
for I-Effect
which I-Effect
it I-Effect
can I-Effect
provide I-Effect
its I-Effect
services I-Effect
and I-Effect
earn I-Effect
a I-Effect
fee I-Effect
. O

We B-Effect
view I-Effect
Rockwell I-Effect
as I-Effect
the I-Effect
highest-quality I-Effect
automation I-Effect
player I-Effect
on I-Effect
the I-Effect
west I-Effect
side I-Effect
of I-Effect
the I-Effect
Atlantic I-Effect
based B-Cause
on I-Cause
quality I-Cause
, I-Cause
breadth I-Cause
of I-Cause
offerings I-Cause
, I-Cause
and I-Cause
shrewd I-Cause
strategic I-Cause
partnerships I-Cause
. O

Throughout O
this O
forecast O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
tick I-Effect
up I-Effect
gradually O
, O
due O
to O
a B-Cause
combination I-Cause
of I-Cause
higher-margin I-Cause
designs I-Cause
beginning I-Cause
to I-Cause
ramp I-Cause
with I-Cause
automotive I-Cause
, I-Cause
industrial I-Cause
, I-Cause
and I-Cause
server I-Cause
customers I-Cause
as I-Cause
well I-Cause
as I-Cause
higher I-Cause
volumes I-Cause
with I-Cause
fab I-Cause
partners I-Cause
. O

We O
expect O
the B-Cause
sweeteners I-Cause
and I-Cause
starches I-Cause
business I-Cause
and I-Cause
the I-Cause
nutrition I-Cause
business I-Cause
to O
benefit B-Effect
from I-Effect
the I-Effect
continued I-Effect
development I-Effect
of I-Effect
new I-Effect
products I-Effect
. O

Paycom B-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
its I-Cause
platform I-Cause
to I-Cause
offer I-Cause
new I-Cause
modules I-Cause
within I-Cause
the I-Cause
payroll I-Cause
and I-Cause
HCM I-Cause
space I-Cause
that O
would B-Effect
streamline I-Effect
business I-Effect
operations I-Effect
for I-Effect
its I-Effect
clients I-Effect
. O

Given O
capital-light B-Cause
kitchens I-Cause
relative I-Cause
to I-Cause
QSR I-Cause
and I-Cause
casual I-Cause
dining I-Cause
peers I-Cause
and I-Cause
a I-Cause
better I-Cause
than I-Cause
two I-Cause
to I-Cause
one I-Cause
ratio I-Cause
of I-Cause
annual I-Cause
sales I-Cause
to I-Cause
required I-Cause
cash I-Cause
outlay I-Cause
, O
Starbucks B-Effect
boasts I-Effect
extremely I-Effect
impressive I-Effect
cash I-Effect
on I-Effect
cash I-Effect
returns I-Effect
( O
53 O
% O
in O
the O
U.S O
. O

Danone B-Cause
's I-Cause
advantaged I-Cause
exposure I-Cause
in I-Cause
categories I-Cause
( O
yogurt O
, O
plant-based O
products O
, O
specialised O
nutrition O
, O
water O
) O
that O
are O
in O
sync O
with O
the O
latest O
consumer O
trends O
( O
health O
and O
wellness O
) O
gives B-Effect
it I-Effect
a I-Effect
head I-Effect
start I-Effect
on I-Effect
many I-Effect
of I-Effect
its I-Effect
peers I-Effect
that I-Effect
are I-Effect
still I-Effect
striving I-Effect
to I-Effect
optimise I-Effect
their I-Effect
brand I-Effect
portfolio I-Effect
. O

Even O
if O
Orange O
is O
able O
to O
regain O
lost O
customers O
, O
it O
will O
probably O
be O
at O
lower O
price O
points O
, O
as O
customers O
get B-Cause
used I-Cause
to I-Cause
having I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
more I-Cause
for I-Cause
less I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
it O
is O
difficult B-Effect
to I-Effect
hike I-Effect
prices I-Effect
. O

We B-Cause
now I-Cause
forecast I-Cause
a I-Cause
41 I-Cause
% I-Cause
adjusted I-Cause
EBITDA I-Cause
margin I-Cause
in I-Cause
the I-Cause
last I-Cause
year I-Cause
of I-Cause
our I-Cause
forecast I-Cause
, I-Cause
up I-Cause
from I-Cause
38 I-Cause
% I-Cause
previously I-Cause
, O
on B-Effect
higher I-Effect
assumed I-Effect
merger I-Effect
cost I-Effect
savings I-Effect
. O

This B-Effect
more I-Effect
confrontational I-Effect
stance I-Effect
could I-Effect
cause I-Effect
users I-Effect
to I-Effect
look I-Effect
for I-Effect
other I-Effect
platforms I-Effect
for I-Effect
their I-Effect
streaming I-Effect
needs I-Effect
, O
as O
we B-Cause
believe I-Cause
switching I-Cause
costs I-Cause
for I-Cause
consumers I-Cause
are I-Cause
modest I-Cause
. O

Food B-Effect
and I-Effect
Drug I-Effect
Administration I-Effect
requested I-Effect
changes I-Effect
to I-Effect
GeneSight I-Effect
's I-Effect
test I-Effect
offering I-Effect
, O
as O
Myriad B-Cause
faces I-Cause
greater I-Cause
scrutiny I-Cause
by I-Cause
the I-Cause
agency I-Cause
of I-Cause
the I-Cause
efficacy I-Cause
of I-Cause
psychotropic I-Cause
tests I-Cause
. O

Simultaneously O
, O
we O
think O
that O
services B-Effect
revenue I-Effect
will I-Effect
continue I-Effect
to I-Effect
decline I-Effect
as O
a B-Cause
result I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
subscription I-Cause
transition I-Cause
and I-Cause
increasing I-Cause
partnerships I-Cause
with I-Cause
system I-Cause
integrators I-Cause
. O

Additionally O
, O
the B-Cause
Solstice I-Cause
molecule I-Cause
's I-Cause
unique I-Cause
properties I-Cause
give O
it O
a B-Effect
low I-Effect
surface I-Effect
tension I-Effect
, O
but O
a B-Cause
high I-Cause
degree I-Cause
of I-Cause
solvency I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
clean I-Effect
tight I-Effect
spaces I-Effect
. O

Given O
the B-Cause
competitiveness I-Cause
of I-Cause
its I-Cause
categories I-Cause
, O
we O
think O
it O
would O
be O
difficult O
to O
pass B-Effect
on I-Effect
cost I-Effect
increases I-Effect
to I-Effect
customers I-Effect
without I-Effect
hurting I-Effect
sales I-Effect
. O

We O
anticipate O
the B-Effect
increased I-Effect
focus I-Effect
on I-Effect
interoperability I-Effect
policy I-Effect
of I-Effect
electronic I-Effect
medical I-Effect
records I-Effect
may I-Effect
pose I-Effect
incremental I-Effect
risk I-Effect
for I-Effect
Allscripts I-Effect
if O
all B-Cause
medical I-Cause
platforms I-Cause
are I-Cause
integrated I-Cause
to I-Cause
increase I-Cause
coordinated I-Cause
care I-Cause
. O

In O
our O
base O
case O
, O
Guardant O
sees O
an O
immediate B-Effect
sales I-Effect
uptake I-Effect
in I-Effect
2024 I-Effect
once O
its O
Lunar-2 B-Cause
colorectal I-Cause
early I-Cause
screening I-Cause
test I-Cause
gets I-Cause
FDA I-Cause
approval I-Cause
, O
with O
the B-Effect
firm I-Effect
's I-Effect
top-line I-Effect
growth I-Effect
averaging I-Effect
about I-Effect
25 I-Effect
% I-Effect
through O
our B-Cause
forecast I-Cause
period I-Cause
after I-Cause
market I-Cause
approval I-Cause
. O

Continual B-Cause
investment I-Cause
in I-Cause
innovation I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
commercialize I-Cause
technology I-Cause
are O
requisite O
to O
achieving B-Effect
any I-Effect
pricing I-Effect
leverage I-Effect
in I-Effect
the I-Effect
automotive I-Effect
supply I-Effect
base I-Effect
. O

We O
believe O
value-added B-Cause
asset-based I-Cause
services I-Cause
such I-Cause
as I-Cause
impact I-Cause
portfolios I-Cause
, I-Cause
tax I-Cause
overlays I-Cause
, I-Cause
and I-Cause
direct I-Cause
indexing I-Cause
present O
a B-Effect
meaningful I-Effect
growth I-Effect
opportunity I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

Having B-Effect
larger B-Cause
banks I-Cause
helps I-Effect
to I-Effect
spread B-Effect
out I-Effect
fixed I-Effect
costs I-Effect
across I-Effect
a I-Effect
larger I-Effect
operating I-Effect
base I-Effect
, I-Effect
increasing I-Effect
operating I-Effect
efficiency I-Effect
, O
as O
the B-Cause
four I-Cause
largest I-Cause
Canadian I-Cause
banks I-Cause
are I-Cause
all I-Cause
bigger I-Cause
than I-Cause
the I-Cause
largest I-Cause
U.S I-Cause
. O

Top-line B-Effect
performance I-Effect
should I-Effect
be I-Effect
tempered I-Effect
, O
however O
, O
by O
the B-Cause
firm I-Cause
's I-Cause
preponderant I-Cause
position I-Cause
in I-Cause
stagnating I-Cause
and I-Cause
declining I-Cause
categories I-Cause
, O
particularly O
at O
the O
center O
of O
the O
store O
, O
as O
well O
as O
ongoing O
product O
rationalization O
. O

However O
, O
in O
contrast O
with O
its O
larger O
rivals O
, O
LivaNova B-Cause
relies I-Cause
heavily I-Cause
on I-Cause
a I-Cause
narrow I-Cause
set I-Cause
of I-Cause
products I-Cause
, O
raising B-Effect
the I-Effect
probability I-Effect
that I-Effect
any I-Effect
single I-Effect
product I-Effect
recall I-Effect
could I-Effect
materially I-Effect
affect I-Effect
projected I-Effect
cash I-Effect
flows I-Effect
. O

Historically B-Effect
, I-Effect
management I-Effect
has I-Effect
been I-Effect
diligent I-Effect
in I-Effect
redeploying I-Effect
capacity I-Effect
as I-Effect
needed I-Effect
when B-Cause
unstable I-Cause
or I-Cause
unprofitable I-Cause
situations I-Cause
arise I-Cause
in I-Cause
the I-Cause
past I-Cause
. O

A B-Cause
loss I-Cause
of I-Cause
focus I-Cause
in I-Cause
cost I-Cause
reduction I-Cause
or I-Cause
technological I-Cause
development I-Cause
could O
result B-Effect
in I-Effect
an I-Effect
erosion I-Effect
of I-Effect
profitability I-Effect
and I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

We O
also O
think O
Aecom B-Cause
's I-Cause
diversified I-Cause
portfolio I-Cause
will O
allow O
it O
to O
take B-Effect
advantage I-Effect
of I-Effect
growth I-Effect
opportunities I-Effect
in I-Effect
end I-Effect
markets I-Effect
with I-Effect
favorable I-Effect
long-term I-Effect
trends I-Effect
, O
such O
as O
transportation O
and O
water O
. O

We O
believe O
there O
is O
a O
legitimate O
risk O
that O
the B-Effect
deal I-Effect
is I-Effect
not I-Effect
approved I-Effect
by I-Effect
regulators I-Effect
, O
as O
the B-Cause
merger I-Cause
would I-Cause
remove I-Cause
the I-Cause
firm I-Cause
that O
for O
all O
intents O
and O
purposes O
brought O
a B-Effect
fourth I-Effect
competitor I-Effect
to I-Effect
the I-Effect
wireless I-Effect
industry I-Effect
. O

Glaxo B-Cause
's I-Cause
entrenched I-Cause
vaccines I-Cause
and I-Cause
consumer I-Cause
healthcare I-Cause
franchises O
create B-Effect
an I-Effect
added I-Effect
layer I-Effect
of I-Effect
competitive I-Effect
advantage I-Effect
stemming O
from O
cost O
advantages O
in O
creating O
vaccines O
and O
brand O
power O
in O
the O
consumer O
group O
. O

Alongside O
organic O
investments O
within O
its O
platform O
, O
Coupa B-Cause
relies I-Cause
on I-Cause
acquisitions I-Cause
to O
bolster B-Effect
its I-Effect
product I-Effect
offerings I-Effect
and I-Effect
sustain I-Effect
high I-Effect
customer I-Effect
growth I-Effect
. O

We O
emphasize O
that O
Verisign B-Cause
continues I-Cause
to I-Cause
meet I-Cause
its I-Cause
performance I-Cause
obligations I-Cause
and I-Cause
has I-Cause
maintained I-Cause
a I-Cause
healthy I-Cause
relationship I-Cause
with I-Cause
ICANN I-Cause
, O
so O
we O
believe O
it O
is O
highly O
unlikely O
that O
Verisign B-Effect
loses I-Effect
the I-Effect
.com I-Effect
and I-Effect
.net I-Effect
contracts I-Effect
. O

Finally O
, O
two B-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
largest I-Cause
customers I-Cause
( I-Cause
PepsiCo I-Cause
and I-Cause
Walmart I-Cause
) I-Cause
each I-Cause
account I-Cause
for I-Cause
about I-Cause
11 I-Cause
% I-Cause
-12 I-Cause
% I-Cause
of I-Cause
total I-Cause
sales I-Cause
, O
which O
could O
place B-Effect
McCormick I-Effect
in I-Effect
a I-Effect
vulnerable I-Effect
bargaining I-Effect
position I-Effect
. O

Additionally O
, O
we O
think O
IBM B-Cause
's I-Cause
customers I-Cause
have I-Cause
more I-Cause
on-premise I-Cause
workloads I-Cause
than I-Cause
the I-Cause
average I-Cause
enterprise I-Cause
, O
making B-Effect
a I-Effect
switch I-Effect
to I-Effect
non-IBM I-Effect
public I-Effect
cloud I-Effect
providers I-Effect
less I-Effect
pressing I-Effect
. O

TJX B-Cause
's I-Cause
scale I-Cause
allows B-Effect
it I-Effect
to I-Effect
leverage I-Effect
a I-Effect
number I-Effect
of I-Effect
costs I-Effect
over I-Effect
a I-Effect
broad I-Effect
sales I-Effect
base I-Effect
, I-Effect
including I-Effect
advertising I-Effect
, I-Effect
merchandising I-Effect
, I-Effect
supply I-Effect
chain I-Effect
, I-Effect
and I-Effect
distribution I-Effect
expenditures I-Effect
. O

Ionis O
relies O
on O
upfront B-Cause
payments I-Cause
and I-Cause
licensing I-Cause
fees I-Cause
from O
partners O
, O
as O
well O
as O
Spinraza O
royalties O
, O
to O
drive B-Effect
revenue I-Effect
today I-Effect
, O
but O
the O
pipeline O
should O
help O
diversify O
revenue O
by O
the O
mid-2020s O
. O

Winning B-Effect
a I-Effect
contract I-Effect
to I-Effect
supply I-Effect
a I-Effect
major I-Effect
component I-Effect
or I-Effect
system I-Effect
for I-Effect
a I-Effect
global I-Effect
vehicle I-Effect
program I-Effect
requires O
a B-Cause
supplier I-Cause
with I-Cause
a I-Cause
substantial I-Cause
global I-Cause
manufacturing I-Cause
presence I-Cause
. O

One O
factor O
that O
mitigates B-Cause
some I-Cause
risk I-Cause
on I-Cause
fixed-price I-Cause
development I-Cause
programs I-Cause
is I-Cause
the I-Cause
tendency I-Cause
for I-Cause
the I-Cause
military I-Cause
to I-Cause
issue I-Cause
change I-Cause
orders I-Cause
for I-Cause
work I-Cause
unspecified I-Cause
by I-Cause
the I-Cause
original I-Cause
contract I-Cause
, O
which O
allows O
the B-Effect
contractor I-Effect
to I-Effect
request I-Effect
additional I-Effect
payment I-Effect
. O

We O
believe O
the B-Cause
need I-Cause
for I-Cause
further I-Cause
production I-Cause
differentiation I-Cause
will O
drive O
increasing B-Effect
amounts I-Effect
of I-Effect
competition I-Effect
from I-Effect
Western I-Effect
Digital I-Effect
, I-Effect
Toshiba I-Effect
, I-Effect
and I-Effect
others I-Effect
. O

Clients B-Effect
face I-Effect
significant I-Effect
switching I-Effect
costs I-Effect
, O
with O
SocGen B-Cause
in I-Cause
control I-Cause
of I-Cause
clients I-Cause
' I-Cause
full I-Cause
vehicle I-Cause
fleets I-Cause
and I-Cause
all I-Cause
the I-Cause
related I-Cause
data I-Cause
points I-Cause
. O

If O
interest O
rates O
increase O
faster O
than O
expected O
, O
Targa B-Effect
shares I-Effect
could I-Effect
underperform I-Effect
, O
as O
a B-Cause
steepening I-Cause
yield I-Cause
curve I-Cause
increases I-Cause
expected I-Cause
distribution I-Cause
yield I-Cause
for I-Cause
competing I-Cause
assets I-Cause
. O

The B-Cause
planned I-Cause
carve-up I-Cause
of I-Cause
Oi I-Cause
among I-Cause
Movil I-Cause
, I-Cause
TIM I-Cause
, I-Cause
and I-Cause
Vivo I-Cause
, O
if O
approved O
by O
regulators O
, O
should O
improve B-Cause
the I-Cause
competitive I-Cause
situation I-Cause
, O
allowing O
for O
better B-Effect
pricing I-Effect
. O

Although O
we O
estimate O
this O
exit B-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
expected I-Cause
divestiture I-Cause
of I-Cause
natural I-Cause
gas I-Cause
distribution I-Cause
utilities I-Cause
in I-Cause
Oklahoma I-Cause
and I-Cause
Arkansas I-Cause
, I-Cause
will O
pressure B-Effect
earnings I-Effect
, I-Effect
it I-Effect
provides I-Effect
capital I-Effect
for I-Effect
annual I-Effect
utility I-Effect
rate I-Effect
base I-Effect
growth I-Effect
that O
we O
estimate O
will O
be O
9.6 O
% O
from O
2020-25 O
. O

Switching B-Effect
costs I-Effect
for I-Effect
consumers I-Effect
are I-Effect
low I-Effect
, O
as O
customers B-Cause
have I-Cause
several I-Cause
brands I-Cause
from I-Cause
which I-Cause
to I-Cause
choose I-Cause
when I-Cause
considering I-Cause
a I-Cause
luxury I-Cause
vehicle I-Cause
, O
including O
names O
such O
as O
BMW O
, O
Audi O
, O
Lexus O
, O
and O
these O
days O
in O
the O
U.S. O
, O
even O
Cadillac O
. O

Fluctuating O
prices O
for O
key O
commodities O
the O
company O
extracts O
and O
sells O
has O
been O
a O
constant O
risk O
for O
Waste O
Management O
's O
recycling O
operations O
( O
5 O
% O
of O
2019 O
revenue O
) O
, O
and O
the O
business B-Effect
has I-Effect
been I-Effect
adversely I-Effect
affected I-Effect
by B-Cause
China I-Cause
's I-Cause
import I-Cause
restrictions I-Cause
, I-Cause
which I-Cause
have I-Cause
pressured I-Cause
recycled I-Cause
commodity I-Cause
prices I-Cause
. O

Since O
then O
, O
the B-Cause
firm I-Cause
has I-Cause
masterfully I-Cause
integrated I-Cause
the I-Cause
two I-Cause
businesses I-Cause
, I-Cause
pursued I-Cause
additional I-Cause
high-quality I-Cause
spectrum I-Cause
, I-Cause
and I-Cause
deployed I-Cause
new I-Cause
wireless I-Cause
technologies. O
As O
a O
result O
, O
its B-Effect
network I-Effect
performance I-Effect
has I-Effect
improved I-Effect
dramatically I-Effect
, I-Effect
providing I-Effect
both I-Effect
better I-Effect
geographic I-Effect
coverage I-Effect
and I-Effect
capacity I-Effect
, I-Effect
meeting I-Effect
a I-Effect
higher I-Effect
proportion I-Effect
of I-Effect
customer I-Effect
needs I-Effect
in I-Effect
more I-Effect
places I-Effect
. O

Margins O
dipped O
to O
13 O
% O
in O
2019 O
and O
2020 O
, O
but O
in O
the O
medium O
term O
, O
we O
anticipate O
healthy B-Cause
operating I-Cause
leverage I-Cause
to O
bring B-Effect
operating I-Effect
margins I-Effect
to I-Effect
management I-Effect
's I-Effect
target I-Effect
of I-Effect
15 I-Effect
% I-Effect
-17 I-Effect
% I-Effect
by I-Effect
2023 I-Effect
and I-Effect
19 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
. O

In O
fact O
, O
we O
expect O
these B-Effect
pressures I-Effect
to I-Effect
become I-Effect
even I-Effect
more I-Effect
pronounced I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
, O
especially O
as O
surviving B-Cause
upscale I-Cause
fast-casual I-Cause
( I-Cause
'' I-Cause
fast-fine I-Cause
'' I-Cause
) I-Cause
concepts I-Cause
mature I-Cause
and I-Cause
new I-Cause
casual I-Cause
dining I-Cause
rivals I-Cause
attempt I-Cause
to I-Cause
replicate I-Cause
Olive I-Cause
Garden I-Cause
's I-Cause
recent I-Cause
success I-Cause
. O

COVID-19 B-Cause
caused O
a B-Effect
global I-Effect
economic I-Effect
recession I-Effect
in I-Effect
calendar I-Effect
2020 I-Effect
, O
and O
Estee O
's O
fiscal O
2020 O
sales O
fell O
4 O
% O
, O
but O
we B-Effect
expect I-Effect
a I-Effect
16 I-Effect
% I-Effect
rebound I-Effect
in I-Effect
2021 I-Effect
, O
as O
skincare B-Cause
sales I-Cause
has I-Cause
proven I-Cause
resilient I-Cause
. O

Existing O
home O
sales O
growth O
had O
stabilized O
at O
the O
beginning O
of O
2020 O
until O
COVID-19 B-Cause
struck I-Cause
, O
sending O
existing-home B-Effect
sales I-Effect
tumbling I-Effect
at I-Effect
a I-Effect
double-digit I-Effect
pace I-Effect
between I-Effect
April I-Effect
and I-Effect
June I-Effect
2020 I-Effect
, O
before O
recovering O
. O

We O
also O
do O
not O
assume O
any O
further O
expansion O
of O
Medicaid O
into O
currently O
non-expansion O
states O
, O
so O
if O
more B-Cause
states I-Cause
expand I-Cause
into I-Cause
that I-Cause
program I-Cause
to I-Cause
cover I-Cause
more I-Cause
working-aged I-Cause
, I-Cause
low-income I-Cause
adults I-Cause
, O
there O
could O
be O
upside B-Effect
to I-Effect
our I-Effect
estimates I-Effect
in I-Effect
Medicaid I-Effect
. O

Management O
said O
preliminary O
first-half O
2021 O
group O
operating O
profit O
was O
EUR O
11 O
billion O
, O
more B-Effect
than I-Effect
what I-Effect
the I-Effect
company I-Effect
made I-Effect
for I-Effect
all I-Effect
of I-Effect
2020 I-Effect
( I-Effect
EUR I-Effect
10.6 I-Effect
billion I-Effect
) I-Effect
, O
mainly O
attributable O
to O
favorable B-Cause
pricing I-Cause
and I-Cause
product I-Cause
mix I-Cause
. O

In O
the O
medium O
term O
, O
we O
see O
a B-Cause
wave I-Cause
of I-Cause
modernizations I-Cause
in I-Cause
Europe I-Cause
and I-Cause
then I-Cause
in I-Cause
China I-Cause
providing I-Cause
the I-Cause
company I-Cause
with I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
sell I-Cause
digital I-Cause
services I-Cause
on I-Cause
the I-Cause
modernization I-Cause
installations. O
Therefore O
, O
our O
service O
forecast O
in B-Effect
the I-Effect
medium I-Effect
term I-Effect
is I-Effect
roughly I-Effect
100 I-Effect
basis I-Effect
points I-Effect
above I-Effect
our I-Effect
4 I-Effect
% I-Effect
new I-Effect
equipment I-Effect
average I-Effect
growth I-Effect
. O

Due O
to O
the B-Cause
risks I-Cause
a I-Cause
software I-Cause
switch I-Cause
entails I-Cause
in I-Cause
mission I-Cause
critical I-Cause
functions I-Cause
, O
we O
think O
there B-Effect
's I-Effect
much I-Effect
inertia I-Effect
in I-Effect
remaining I-Effect
a I-Effect
'Creo I-Effect
shop.'PTC O
's O
PLM O
solution O
, O
Windchill O
, O
can O
be O
thought O
of O
as O
the O
repository O
of O
all O
info O
about O
a O
given O
product O
, O
including O
specifications O
and O
information O
on O
supply O
sourcing O
. O

After O
a O
deceleration O
to O
37 O
% O
sales O
growth O
in O
2020 O
, O
given O
the O
31 O
% O
drop O
in O
food-service O
sales O
offset O
by O
108 O
% O
growth O
at O
retail O
, O
we O
model B-Effect
58 I-Effect
% I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
China B-Cause
capacity I-Cause
comes I-Cause
online I-Cause
, O
new O
European O
capacity O
ramps O
, O
and O
food-service O
recovers O
from O
the O
pandemic O
. O

Lower B-Cause
prices I-Cause
hurt O
gross B-Effect
profit I-Effect
margins I-Effect
, O
but O
volume B-Cause
gains I-Cause
, I-Cause
especially I-Cause
among I-Cause
higher-margin I-Cause
spot I-Cause
buys I-Cause
and I-Cause
midsize I-Cause
accounts I-Cause
, O
have O
offset B-Effect
price I-Effect
reductions I-Effect
and I-Effect
helped I-Effect
the I-Effect
company I-Effect
meet I-Effect
its I-Effect
12 I-Effect
% I-Effect
-13 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
goal I-Effect
by I-Effect
2019 I-Effect
( O
12.1 O
% O
adjusted O
operating O
margin O
in O
2019 O
) O
. O

Given O
the O
ongoing O
demand O
for O
content O
, O
we O
believe O
film B-Effect
and I-Effect
television I-Effect
content I-Effect
creation I-Effect
is I-Effect
not I-Effect
a I-Effect
zero-sum I-Effect
game I-Effect
, O
as O
quality B-Cause
content I-Cause
will I-Cause
always I-Cause
find I-Cause
an I-Cause
outlet I-Cause
. O

Entergy B-Effect
's I-Effect
utilities I-Effect
would I-Effect
have I-Effect
to I-Effect
spend I-Effect
unbudgeted I-Effect
capital I-Effect
to O
restore B-Cause
service I-Cause
and O
might O
not O
recover O
all O
of O
those O
costs O
through O
higher O
rates O
in O
a O
reasonable O
amount O
of O
time O
. O

Oneok B-Effect
experienced I-Effect
more I-Effect
volume I-Effect
volatility I-Effect
than I-Effect
peers I-Effect
in I-Effect
2020 I-Effect
, O
as O
natural B-Cause
gas I-Cause
liquids I-Cause
volumes I-Cause
in I-Cause
the I-Cause
Rockies I-Cause
fell I-Cause
more I-Cause
than I-Cause
20 I-Cause
% I-Cause
sequentially I-Cause
in I-Cause
the I-Cause
second I-Cause
quarter I-Cause
but I-Cause
recovered I-Cause
to I-Cause
well I-Cause
above I-Cause
pre-COVID-19 I-Cause
levels I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
year I-Cause
. O

While O
Burger O
King O
and O
Tim O
Horton O
's O
see O
same O
store O
sales O
fall O
roughly O
in O
line O
with O
inflation O
, O
each B-Effect
sees I-Effect
mid-to-high I-Effect
single-digit I-Effect
system I-Effect
sales I-Effect
growth I-Effect
as O
they B-Cause
collectively I-Cause
add I-Cause
nearly I-Cause
9,500 I-Cause
units I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
. O

This O
implies O
that O
competition B-Cause
is I-Cause
likely I-Cause
to I-Cause
be I-Cause
more I-Cause
robust I-Cause
among I-Cause
this I-Cause
cohort I-Cause
, O
placing O
ceilings O
on O
pricing B-Effect
power I-Effect
and I-Effect
floors I-Effect
on I-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
. O

Intel B-Cause
's I-Cause
manufacturing I-Cause
struggles I-Cause
have I-Cause
also I-Cause
led I-Cause
to I-Cause
major I-Cause
customers I-Cause
such I-Cause
as I-Cause
Apple I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
and I-Cause
Microsoft I-Cause
developing I-Cause
their I-Cause
own I-Cause
ARM-based I-Cause
CPUs I-Cause
for I-Cause
PCs I-Cause
and I-Cause
servers I-Cause
, O
which O
is O
likely O
to O
curb O
overall B-Effect
growth I-Effect
for I-Effect
Intel I-Effect
's I-Effect
core I-Effect
CPU I-Effect
business I-Effect
. O

Our B-Effect
pretax I-Effect
cost I-Effect
of I-Effect
debt I-Effect
assumption I-Effect
is I-Effect
6.5 I-Effect
% I-Effect
, O
incorporating B-Cause
the I-Cause
spread I-Cause
creditors I-Cause
are I-Cause
likely I-Cause
to I-Cause
demand I-Cause
given I-Cause
the I-Cause
company I-Cause
's I-Cause
credit I-Cause
profile I-Cause
. O

This O
method O
means O
we O
model B-Cause
the I-Cause
yen I-Cause
to I-Cause
weaken I-Cause
against I-Cause
the I-Cause
dollar I-Cause
over O
the O
next O
five O
years O
, O
helping B-Effect
Toyota I-Effect
's I-Effect
margins I-Effect
over I-Effect
time I-Effect
. O

Nevertheless O
, O
as O
the B-Cause
pace I-Cause
toward I-Cause
more-complex I-Cause
wellbores I-Cause
slows I-Cause
, O
it O
may O
become O
harder O
for O
Frank B-Effect
's I-Effect
to I-Effect
maintain I-Effect
an I-Effect
edge I-Effect
via I-Effect
differentiated I-Effect
technologies I-Effect
. O

However O
, O
we O
believe O
Hain B-Effect
had I-Effect
historically I-Effect
not I-Effect
been I-Effect
selective I-Effect
but I-Effect
attempted I-Effect
to I-Effect
maximize I-Effect
revenue I-Effect
by I-Effect
playing I-Effect
in I-Effect
all I-Effect
categories I-Effect
, O
ultimately O
harming O
revenue B-Effect
growth I-Effect
, O
given O
its B-Cause
inadequate I-Cause
brand I-Cause
support I-Cause
. O

At O
some O
point O
in O
the O
future O
, O
we O
expect O
there O
will O
be O
a O
tipping O
point O
at O
which O
the B-Cause
consumer I-Cause
is I-Cause
no I-Cause
longer I-Cause
willing I-Cause
to I-Cause
accept I-Cause
price I-Cause
increases I-Cause
above I-Cause
the I-Cause
broader I-Cause
rate I-Cause
of I-Cause
inflation I-Cause
, O
leading O
to O
an B-Effect
increase I-Effect
in I-Effect
price I-Effect
elasticity I-Effect
. O

Further O
, O
we B-Effect
expect I-Effect
Airbnb I-Effect
to I-Effect
lower I-Effect
marketing I-Effect
expense I-Effect
to I-Effect
23 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
in I-Effect
2029 I-Effect
from I-Effect
34 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
( I-Effect
2019 I-Effect
was I-Effect
a I-Effect
heavier I-Effect
investment I-Effect
year I-Effect
, I-Effect
with I-Effect
2018 I-Effect
marketing I-Effect
costs I-Effect
at I-Effect
30 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
, O
as O
the B-Cause
company I-Cause
benefits I-Cause
from I-Cause
strong I-Cause
global I-Cause
awareness I-Cause
and I-Cause
a I-Cause
more I-Cause
complete I-Cause
platform I-Cause
offering I-Cause
long I-Cause
term I-Cause
. O

Longer B-Effect
term I-Effect
, I-Effect
our I-Effect
adjusted I-Effect
EBIT I-Effect
is I-Effect
forecast I-Effect
to I-Effect
grow I-Effect
5 I-Effect
% I-Effect
per I-Effect
year I-Effect
to I-Effect
GBP I-Effect
2.4 I-Effect
billion I-Effect
in I-Effect
2025. O
This O
is O
driven O
by O
revenue B-Cause
growth I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
low-single-digit I-Cause
increases I-Cause
in I-Cause
global I-Cause
defense I-Cause
spending I-Cause
and I-Cause
the I-Cause
contribution I-Cause
of I-Cause
the I-Cause
recent I-Cause
acquisition I-Cause
of I-Cause
the I-Cause
Collins I-Cause
GPS I-Cause
and I-Cause
Raytheon I-Cause
Radio I-Cause
businesses I-Cause
. O

For O
its O
level O
of O
economic O
development O
, O
Germany B-Effect
has I-Effect
one I-Effect
of I-Effect
the I-Effect
lowest-performing I-Effect
broadband I-Effect
networks I-Effect
in I-Effect
EU I-Effect
, O
mainly O
because O
of O
limited B-Cause
fiber I-Cause
investments I-Cause
. O

A O
little O
over O
half O
of O
Corteva O
's O
crop O
chemicals O
sales O
come O
from O
herbicides O
, O
which O
complement B-Cause
GMO I-Cause
seeds I-Cause
and O
should O
see O
increased B-Effect
demand I-Effect
. O

The B-Cause
long-term I-Cause
nature I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
backlog I-Cause
further B-Effect
strengthens I-Effect
our I-Effect
confidence I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Humira B-Effect
sales I-Effect
declines I-Effect
in I-Effect
2023 I-Effect
, I-Effect
the I-Effect
rate I-Effect
of I-Effect
decline I-Effect
will I-Effect
likely I-Effect
be I-Effect
more I-Effect
gradual I-Effect
than I-Effect
a I-Effect
typical I-Effect
small I-Effect
molecule-branded I-Effect
drug I-Effect
facing I-Effect
generic I-Effect
competition I-Effect
, O
because O
of O
the B-Cause
complexities I-Cause
in I-Cause
developing I-Cause
and I-Cause
marketing I-Cause
a I-Cause
biosimilar I-Cause
( I-Cause
generic I-Cause
biologic I-Cause
) I-Cause
. O

Additionally O
, O
we O
forecast O
net O
charge-offs O
will O
normalize O
at O
roughly O
0.7 O
% O
of O
loans O
over O
the O
long O
run O
, O
although O
we O
expect O
heightened B-Effect
credit I-Effect
costs I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
due O
to O
the B-Cause
effects I-Cause
of I-Cause
COVID-19 I-Cause
. O

If O
concessionaires B-Cause
, I-Cause
subconcessionaires I-Cause
, I-Cause
or I-Cause
satellite I-Cause
casinos I-Cause
want I-Cause
to I-Cause
expand I-Cause
their I-Cause
gaming I-Cause
operations I-Cause
, O
they B-Effect
have I-Effect
to I-Effect
apply I-Effect
for I-Effect
tables I-Effect
from I-Effect
the I-Effect
Macao I-Effect
government I-Effect
. O

As B-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
favorable I-Cause
regulation I-Cause
and I-Cause
renewable I-Cause
energy I-Cause
investments I-Cause
in I-Cause
Indiana I-Cause
, O
we B-Effect
expect I-Effect
NiSource I-Effect
to I-Effect
step I-Effect
up I-Effect
its I-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
almost I-Effect
$ I-Effect
12 I-Effect
billion I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
almost I-Effect
50 I-Effect
% I-Effect
higher I-Effect
than I-Effect
the I-Effect
previous I-Effect
five I-Effect
years I-Effect
. O

Improving B-Cause
e-commerce I-Cause
sales I-Cause
has I-Cause
been I-Cause
a I-Cause
point I-Cause
of I-Cause
emphasis I-Cause
for I-Cause
Paccar I-Cause
's I-Cause
management I-Cause
team I-Cause
, O
which O
led O
to O
initiatives B-Effect
to I-Effect
significantly I-Effect
improve I-Effect
its I-Effect
online I-Effect
ordering I-Effect
system I-Effect
. O

The B-Effect
operating I-Effect
margin I-Effect
is I-Effect
likely I-Effect
to I-Effect
expand I-Effect
after I-Effect
2021 I-Effect
and I-Effect
during I-Effect
2024 I-Effect
, O
as O
lower B-Cause
growth I-Cause
in I-Cause
operating I-Cause
expenses I-Cause
( I-Cause
driven I-Cause
by I-Cause
more I-Cause
automation I-Cause
of I-Cause
content I-Cause
, I-Cause
data I-Cause
, I-Cause
and I-Cause
user I-Cause
monitoring I-Cause
) I-Cause
, I-Cause
coupled I-Cause
with I-Cause
revenue I-Cause
growth I-Cause
, O
will O
create B-Cause
operating I-Cause
leverage I-Cause
. O

We O
think O
Cenovus O
can O
generate B-Cause
free I-Cause
cash I-Cause
flow I-Cause
on I-Cause
its I-Cause
current I-Cause
production I-Cause
at O
WTI O
prices O
below O
$ O
40/bbl O
, O
positioning B-Effect
the I-Effect
company I-Effect
to I-Effect
withstand I-Effect
another I-Effect
wave I-Effect
of I-Effect
crude I-Effect
oil I-Effect
collapses I-Effect
. O

This B-Cause
imperative I-Cause
of I-Cause
doing I-Cause
business I-Cause
in I-Cause
often I-Cause
poor I-Cause
political I-Cause
environments I-Cause
creates I-Cause
unique I-Cause
counterparty I-Cause
risk I-Cause
for I-Cause
oilfield-services I-Cause
companies I-Cause
, O
as B-Effect
demonstrated I-Effect
most I-Effect
visibly I-Effect
in I-Effect
Venezuela I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

Pipeline B-Effect
competition I-Effect
is I-Effect
growing I-Effect
as O
drug B-Cause
manufacturers I-Cause
flock I-Cause
to I-Cause
the I-Cause
lucrative I-Cause
autoimmune I-Cause
market I-Cause
, O
but O
Alexion B-Cause
's I-Cause
first-mover I-Cause
status I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
Ultomiris I-Cause
and I-Cause
its I-Cause
related I-Cause
pipeline I-Cause
, O
mitigate B-Effect
its I-Effect
risk I-Effect
. O

We B-Cause
have I-Cause
lifted I-Cause
our I-Cause
long-term I-Cause
tax I-Cause
rate I-Cause
assumption I-Cause
to I-Cause
31 I-Cause
% I-Cause
from I-Cause
26 I-Cause
% I-Cause
in I-Cause
anticipation I-Cause
of O
a O
corporate B-Effect
tax I-Effect
increase I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
. O

While O
concentration B-Cause
in I-Cause
communications I-Cause
could I-Cause
make I-Cause
Amphenol I-Cause
susceptible I-Cause
to I-Cause
a I-Cause
broader I-Cause
downturn I-Cause
, O
we O
think O
this B-Effect
is I-Effect
well I-Effect
divided I-Effect
between I-Effect
devices I-Effect
, I-Effect
wireless I-Effect
networks I-Effect
, I-Effect
wired I-Effect
data I-Effect
, I-Effect
and I-Effect
broadband I-Effect
and I-Effect
that I-Effect
these I-Effect
markets I-Effect
should I-Effect
n't I-Effect
experience I-Effect
simultaneous I-Effect
demand I-Effect
trends I-Effect
. O

The B-Cause
Demandware I-Cause
acquisition I-Cause
drove B-Effect
entry I-Effect
into I-Effect
a I-Effect
completely I-Effect
new I-Effect
area I-Effect
and I-Effect
brought I-Effect
a I-Effect
wide I-Effect
variety I-Effect
of I-Effect
competitors I-Effect
the I-Effect
company I-Effect
did I-Effect
not I-Effect
previously I-Effect
come I-Effect
across I-Effect
. O

With O
the O
iPhone B-Cause
12 I-Cause
coming I-Cause
out I-Cause
in I-Cause
October I-Cause
2020 I-Cause
( O
fiscal O
first-quarter O
2021 O
) O
instead O
of O
September O
2020 O
( O
fiscal O
fourth-quarter O
2020 O
) O
, O
we O
think O
Apple B-Effect
is I-Effect
poised I-Effect
for I-Effect
strong I-Effect
iPhone I-Effect
sales I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
. O

Even B-Cause
a I-Cause
few I-Cause
cases I-Cause
led I-Cause
to I-Cause
quarantines I-Cause
of I-Cause
entire I-Cause
facilities I-Cause
, O
which O
caused O
dramatic B-Effect
declines I-Effect
in I-Effect
occupancy I-Effect
over I-Effect
the I-Effect
past I-Effect
few I-Effect
several I-Effect
quarters I-Effect
. O

Preferred B-Effect
access I-Effect
is I-Effect
no I-Effect
small I-Effect
edge I-Effect
, O
given B-Cause
that I-Cause
the I-Cause
truck-versus-rail I-Cause
decision I-Cause
for I-Cause
shippers I-Cause
is I-Cause
heavily I-Cause
influenced I-Cause
by I-Cause
service I-Cause
levels I-Cause
( O
in O
addition O
to O
Integrated O
Freight O
& O
Logisticsthe O
cost O
gap O
) O
. O

We O
think O
the B-Cause
existence I-Cause
of I-Cause
switching I-Cause
costs I-Cause
is O
supported O
by O
the B-Effect
high I-Effect
retention I-Effect
rate I-Effect
the I-Effect
firm I-Effect
has I-Effect
historically I-Effect
experienced I-Effect
among I-Effect
its I-Effect
client I-Effect
base I-Effect
. O

The O
Canadian O
banks O
, O
because O
their B-Cause
branch I-Cause
networks I-Cause
spread I-Cause
throughout I-Cause
the I-Cause
country I-Cause
, O
arguably B-Effect
have I-Effect
some I-Effect
of I-Effect
the I-Effect
most I-Effect
powerful I-Effect
distribution I-Effect
networks I-Effect
within I-Effect
Canada I-Effect
. O

If O
a B-Cause
well-capitalized I-Cause
competitor I-Cause
were I-Cause
to I-Cause
successfully I-Cause
rival I-Cause
MPS I-Cause
' I-Cause
BCD I-Cause
process I-Cause
and I-Cause
value I-Cause
proposition I-Cause
, O
it B-Effect
could I-Effect
limit I-Effect
the I-Effect
firm I-Effect
's I-Effect
top-line I-Effect
growth I-Effect
. O

In B-Cause
response I-Cause
to I-Cause
a I-Cause
recent I-Cause
court I-Cause
case I-Cause
ordering I-Cause
Shell I-Cause
to O
reduce B-Cause
emissions I-Cause
beyond I-Cause
its I-Cause
existing I-Cause
targets I-Cause
, O
management B-Effect
indicated I-Effect
it I-Effect
will I-Effect
likely I-Effect
accelerate I-Effect
its I-Effect
strategy I-Effect
, I-Effect
not I-Effect
materially I-Effect
alter I-Effect
it I-Effect
. O

As O
of O
March O
, O
loan-loss O
allowances O
accounted O
for O
8.7 O
% O
of O
total O
loans O
, O
which O
we B-Effect
view I-Effect
as I-Effect
an I-Effect
appropriate I-Effect
level I-Effect
given O
the B-Cause
uncertainty I-Cause
associated I-Cause
with I-Cause
the I-Cause
Brazilian I-Cause
macroeconomic I-Cause
environment I-Cause
. O

We O
believe O
Under B-Cause
Armour I-Cause
lacks I-Cause
the I-Cause
design I-Cause
talent I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
resources I-Cause
to O
take B-Effect
share I-Effect
from I-Effect
Nike I-Effect
and I-Effect
Adidas I-Effect
in I-Effect
international I-Effect
markets I-Effect
and I-Effect
athletic I-Effect
shoe I-Effect
categories I-Effect
. O

Oi O
, O
the O
smallest O
carrier O
, O
with O
about O
16 O
% O
share O
, O
has B-Cause
been I-Cause
in I-Cause
bankruptcy I-Cause
reorganization I-Cause
since I-Cause
2016 I-Cause
, O
which O
has O
hindered O
its B-Effect
ability I-Effect
to I-Effect
invest I-Effect
in I-Effect
its I-Effect
wireless I-Effect
and I-Effect
fixed-line I-Effect
networks I-Effect
. O

However O
, O
neither B-Cause
the I-Cause
segments I-Cause
nor I-Cause
geographic I-Cause
regions I-Cause
are I-Cause
completely I-Cause
synchronized. O
This O
provides O
a B-Effect
revenue I-Effect
buffer I-Effect
that I-Effect
can I-Effect
bolster I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
when I-Effect
particular I-Effect
segments I-Effect
or I-Effect
geographic I-Effect
regions I-Effect
are I-Effect
weak I-Effect
. O

ESPN B-Effect
uses I-Effect
these I-Effect
profits I-Effect
to I-Effect
reinforce I-Effect
its I-Effect
position I-Effect
by O
acquiring B-Cause
long-term I-Cause
sports I-Cause
programming I-Cause
rights I-Cause
, I-Cause
including I-Cause
the I-Cause
NFL I-Cause
, I-Cause
the I-Cause
NBA I-Cause
, I-Cause
and I-Cause
college I-Cause
football I-Cause
and I-Cause
basketball I-Cause
. O

If O
interest B-Effect
rates I-Effect
increase I-Effect
faster I-Effect
than I-Effect
expected I-Effect
, I-Effect
Plains I-Effect
units I-Effect
could I-Effect
underperform I-Effect
, O
as O
a B-Cause
steepening I-Cause
yield I-Cause
curve I-Cause
increases I-Cause
expected I-Cause
distribution I-Cause
yield I-Cause
for I-Cause
competing I-Cause
assets I-Cause
. O

That O
said O
, O
we O
believe O
regional B-Cause
casinos I-Cause
will I-Cause
continue I-Cause
to I-Cause
place I-Cause
competitive I-Cause
pressures I-Cause
on I-Cause
the I-Cause
Las I-Cause
Vegas I-Cause
region I-Cause
, O
resulting O
in O
low B-Effect
ROICs I-Effect
. O

That O
can O
lead O
to O
higher B-Effect
gross I-Effect
margins I-Effect
on O
a B-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
to I-Cause
service I-Cause
but O
also O
cause O
selling B-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
deleveraging I-Effect
. O

It O
also O
reached O
an O
agreement O
to O
sell O
its O
Speedway O
segment O
in O
August O
2020 O
for O
$ O
16.5 O
billion O
after O
tax O
, O
which O
represents O
a O
good O
deal O
for O
shareholders O
and O
a O
premium O
to O
publicly O
traded O
peers O
, O
releasing B-Effect
value I-Effect
for I-Effect
shareholders I-Effect
as O
the B-Cause
embedded I-Cause
value I-Cause
of I-Cause
Speedway I-Cause
was I-Cause
well I-Cause
below I-Cause
that I-Cause
level I-Cause
. O

Having B-Cause
significantly I-Cause
strengthened I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
to I-Cause
a I-Cause
net I-Cause
cash I-Cause
position I-Cause
, O
Sandvik B-Effect
enjoys I-Effect
plenty I-Effect
capacity I-Effect
to I-Effect
invest I-Effect
, I-Effect
organically I-Effect
and I-Effect
through I-Effect
acquisitions I-Effect
, I-Effect
into I-Effect
growth I-Effect
areas I-Effect
such O
as O
additive O
manufacturing O
and O
the O
digitalization O
of O
its O
equipment O
. O

We O
believe O
with O
shelter-in-place B-Cause
and I-Cause
social I-Cause
distancing I-Cause
initiatives I-Cause
, I-Cause
at-home I-Cause
food I-Cause
consumption I-Cause
should I-Cause
remain I-Cause
elevated I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
aiding B-Effect
firms I-Effect
like I-Effect
Kraft I-Effect
Heinz I-Effect
that I-Effect
sell I-Effect
the I-Effect
bulk I-Effect
of I-Effect
its I-Effect
wares I-Effect
through I-Effect
the I-Effect
retail I-Effect
channel I-Effect
( I-Effect
which I-Effect
we I-Effect
estimate I-Effect
at I-Effect
85 I-Effect
% I-Effect
of I-Effect
its I-Effect
total I-Effect
sales I-Effect
) I-Effect
. O

The O
default O
rate O
has O
been O
low O
, O
and O
we O
believe O
its B-Cause
high I-Cause
resale I-Cause
value I-Cause
, I-Cause
ample I-Cause
secondary I-Cause
market I-Cause
, I-Cause
and I-Cause
extensive I-Cause
dealer I-Cause
network I-Cause
can O
make B-Effect
it I-Effect
effective I-Effect
for I-Effect
Komatsu I-Effect
to I-Effect
collect I-Effect
the I-Effect
machinery I-Effect
and I-Effect
recover I-Effect
most I-Effect
of I-Effect
the I-Effect
losses I-Effect
even I-Effect
if I-Effect
a I-Effect
default I-Effect
occurs I-Effect
. O

Another O
risk O
is O
a B-Effect
cyclical I-Effect
downturn I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
, O
which O
can O
occur O
through O
slower B-Cause
economic I-Cause
growth I-Cause
, I-Cause
terrorism I-Cause
attacks I-Cause
, I-Cause
or I-Cause
outbreaks I-Cause
like I-Cause
the I-Cause
coronavirus I-Cause
. O

Of O
note O
, O
global B-Effect
forwarding I-Effect
segment I-Effect
net I-Effect
revenue I-Effect
jumped I-Effect
18 I-Effect
% I-Effect
due B-Cause
in I-Cause
part I-Cause
to I-Cause
robust I-Cause
airfreight I-Cause
pricing I-Cause
rooted I-Cause
in I-Cause
limited I-Cause
belly I-Cause
space I-Cause
capacity I-Cause
amid I-Cause
heavy I-Cause
airlift I-Cause
demand I-Cause
. O

We O
forecast O
HFCS O
, O
which O
makes O
up O
around O
12 O
% O
of O
total O
sales O
, O
will O
continue B-Effect
to I-Effect
decline I-Effect
as O
demand B-Cause
falls I-Cause
and I-Cause
Ingredion I-Cause
reduces I-Cause
its I-Cause
production I-Cause
volume I-Cause
. O

Interconnect B-Cause
's I-Cause
revenue I-Cause
is I-Cause
largely I-Cause
project-based I-Cause
, O
so O
a B-Effect
competitor I-Effect
with I-Effect
a I-Effect
breakthrough I-Effect
technology I-Effect
might I-Effect
be I-Effect
able I-Effect
take I-Effect
share I-Effect
on I-Effect
new I-Effect
projects I-Effect
and I-Effect
significantly I-Effect
hurt I-Effect
Interconnect I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
an I-Effect
economic I-Effect
profit I-Effect
. O

We O
expect O
total B-Effect
wireless I-Effect
revenue I-Effect
will I-Effect
increase I-Effect
4 I-Effect
% I-Effect
annually I-Effect
on I-Effect
average I-Effect
through I-Effect
2024 I-Effect
, O
with O
wireless B-Cause
margins I-Cause
holding I-Cause
roughly I-Cause
steady I-Cause
over I-Cause
this I-Cause
period I-Cause
, I-Cause
as I-Cause
pricing I-Cause
rationalization I-Cause
and I-Cause
high-margin I-Cause
connected I-Cause
device I-Cause
revenue I-Cause
offset I-Cause
rising I-Cause
network I-Cause
operating I-Cause
costs I-Cause
. O

Google B-Cause
has I-Cause
the I-Cause
world I-Cause
's I-Cause
most I-Cause
widely I-Cause
used I-Cause
search I-Cause
engine I-Cause
, I-Cause
and I-Cause
such I-Cause
a I-Cause
large I-Cause
and I-Cause
growing I-Cause
user I-Cause
base I-Cause
has O
created B-Effect
a I-Effect
network I-Effect
difficult I-Effect
to I-Effect
replicate I-Effect
, O
in O
our O
view O
. O

We O
believe O
the B-Effect
most I-Effect
pronounced I-Effect
margin I-Effect
expansion I-Effect
will I-Effect
accrue I-Effect
below I-Effect
gross I-Effect
profit I-Effect
, O
however O
, O
as O
duplicative B-Cause
administrative I-Cause
costs I-Cause
are I-Cause
eliminated I-Cause
( I-Cause
the I-Cause
lion I-Cause
's I-Cause
share I-Cause
of I-Cause
management I-Cause
's I-Cause
synergy I-Cause
target I-Cause
) I-Cause
. O

Covidien B-Cause
and I-Cause
J I-Cause
& I-Cause
J I-Cause
dominate I-Cause
a I-Cause
number I-Cause
of I-Cause
surgical I-Cause
specialties I-Cause
with O
the B-Cause
breadth I-Cause
of I-Cause
their I-Cause
portfolios I-Cause
, O
rendering O
competitors B-Effect
' I-Effect
efforts I-Effect
to I-Effect
displace I-Effect
them I-Effect
on I-Effect
cost I-Effect
on I-Effect
an I-Effect
individual I-Effect
product I-Effect
basis I-Effect
less I-Effect
meaningful I-Effect
. O

We O
believe O
smaller B-Cause
local I-Cause
and I-Cause
regional I-Cause
competitors I-Cause
will I-Cause
struggle I-Cause
to I-Cause
win I-Cause
market I-Cause
share I-Cause
in I-Cause
agriculture I-Cause
and I-Cause
construction I-Cause
end I-Cause
markets I-Cause
globally I-Cause
, O
allowing O
Deere B-Effect
to I-Effect
maintain I-Effect
its I-Effect
strong I-Effect
market I-Effect
share I-Effect
positions I-Effect
. O

But O
as O
described O
above O
, O
we O
believe O
the B-Cause
diffusion I-Cause
of I-Cause
digital I-Cause
devices I-Cause
and I-Cause
the I-Cause
Internet I-Cause
have I-Cause
been I-Cause
changing I-Cause
printing I-Cause
behavior I-Cause
and I-Cause
the I-Cause
printing I-Cause
business I-Cause
model I-Cause
in I-Cause
developed I-Cause
nations I-Cause
, O
and O
competition B-Effect
in I-Effect
emerging I-Effect
markets I-Effect
will I-Effect
be I-Effect
fiercer I-Effect
. O

We O
think O
top-line B-Effect
growth I-Effect
will I-Effect
slow I-Effect
materially I-Effect
from I-Effect
the I-Effect
exceptional I-Effect
growth I-Effect
of I-Effect
2018-20 I-Effect
, I-Effect
averaging I-Effect
2.5 I-Effect
% I-Effect
from I-Effect
2021 I-Effect
to I-Effect
2025 I-Effect
, O
due O
to O
slowing B-Cause
budgetary I-Cause
growth I-Cause
and I-Cause
the I-Cause
IT I-Cause
services I-Cause
divestiture I-Cause
. O

As O
a O
producer O
with O
high O
fixed-cost O
leverage O
, O
Celanese O
is O
exposed O
to O
significant B-Effect
profit I-Effect
swings I-Effect
based O
on O
changes B-Cause
in I-Cause
demand I-Cause
for I-Cause
its I-Cause
product I-Cause
. O

People O
& O
places O
solutions O
, O
which O
generated O
63 O
% O
of O
sales O
in O
fiscal O
2020 O
, O
also O
has O
a B-Effect
relatively I-Effect
low I-Effect
risk I-Effect
profile I-Effect
when I-Effect
compared I-Effect
with I-Effect
some I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
peers I-Effect
in I-Effect
the I-Effect
engineering I-Effect
and I-Effect
construction I-Effect
sector I-Effect
, O
as O
fixed-price B-Cause
construction I-Cause
contracts I-Cause
constitute I-Cause
only I-Cause
9 I-Cause
% I-Cause
of I-Cause
the I-Cause
segment I-Cause
's I-Cause
revenue I-Cause
. O

We B-Effect
anticipate I-Effect
Valvoline I-Effect
continues I-Effect
to I-Effect
benefit I-Effect
from I-Effect
premiumization I-Effect
and I-Effect
its I-Effect
strong I-Effect
brand I-Effect
, I-Effect
though O
limited B-Cause
volume I-Cause
growth I-Cause
long-term I-Cause
and I-Cause
conventional I-Cause
oil I-Cause
competition I-Cause
should I-Cause
restrain I-Cause
margins I-Cause
. O

Regulation B-Effect
related I-Effect
to I-Effect
Roundup I-Effect
also I-Effect
represents I-Effect
a I-Effect
risk I-Effect
to I-Effect
the I-Effect
company I-Effect
as O
Scotts B-Cause
markets I-Cause
Roundup I-Cause
under I-Cause
an I-Cause
agreement I-Cause
with I-Cause
Bayer I-Cause
( I-Cause
Monsanto I-Cause
) I-Cause
. O

As B-Cause
with I-Cause
most I-Cause
exploration I-Cause
and I-Cause
production I-Cause
firms I-Cause
, I-Cause
a I-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
Antero I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

In O
fact O
, O
we O
suspect O
that O
barring O
government B-Cause
intervention I-Cause
, O
the B-Effect
rational I-Effect
number I-Effect
of I-Effect
competitors I-Effect
on I-Effect
the I-Effect
continent I-Effect
would I-Effect
be I-Effect
two I-Effect
, O
via O
additional O
consolidation O
. O

Over O
this O
period O
, O
we O
've O
projected O
the B-Effect
TMTT I-Effect
portfolio I-Effect
to I-Effect
reach I-Effect
$ I-Effect
950 I-Effect
million I-Effect
in I-Effect
revenue I-Effect
by I-Effect
2025. O
This O
is O
driven O
by O
adoption B-Cause
of I-Cause
PASCAL I-Cause
and I-Cause
Cardioband I-Cause
, I-Cause
indication I-Cause
expansion I-Cause
, I-Cause
and I-Cause
a I-Cause
50 I-Cause
% I-Cause
probability I-Cause
that I-Cause
one I-Cause
of I-Cause
the I-Cause
transcatheter I-Cause
mitral I-Cause
replacement I-Cause
devices I-Cause
in I-Cause
development I-Cause
is I-Cause
approved I-Cause
. O

A B-Cause
sudden I-Cause
shock I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
supply I-Cause
chain I-Cause
would O
likely O
slow B-Effect
down I-Effect
production I-Effect
at I-Effect
Hexcel I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
aviation I-Effect
supply I-Effect
chain I-Effect
. O

The O
unparalleled O
scale O
Coca-Cola O
Femsa O
enjoys O
in O
its O
Latin O
American O
territories O
gives O
it B-Effect
tremendous I-Effect
optionality I-Effect
in I-Effect
how I-Effect
it I-Effect
goes I-Effect
to I-Effect
market I-Effect
, O
as O
it B-Cause
can I-Cause
pivot I-Cause
its I-Cause
portfolio I-Cause
and I-Cause
merchandising I-Cause
strategy I-Cause
based I-Cause
on I-Cause
competitive I-Cause
dynamics I-Cause
and I-Cause
the I-Cause
macroeconomic I-Cause
backdrop I-Cause
. O

The B-Effect
latter I-Effect
improved I-Effect
in I-Effect
diversity I-Effect
in O
March O
2021 O
with O
the B-Cause
hiring I-Cause
of I-Cause
Jacqueline I-Cause
Woods I-Cause
and I-Cause
Kevin I-Cause
Bryant I-Cause
, I-Cause
the I-Cause
board I-Cause
's I-Cause
first I-Cause
two I-Cause
people I-Cause
of I-Cause
color I-Cause
. O

Because O
Manhattan B-Cause
provides I-Cause
all I-Cause
of I-Cause
these I-Cause
discrete I-Cause
but I-Cause
related I-Cause
solutions I-Cause
on I-Cause
a I-Cause
single I-Cause
platform I-Cause
, O
we B-Effect
believe I-Effect
it I-Effect
is I-Effect
a I-Effect
very I-Effect
attractive I-Effect
solution I-Effect
to I-Effect
customers I-Effect
, O
as O
it B-Cause
presents I-Cause
a I-Cause
unified I-Cause
view I-Cause
. O

Today O
, O
the B-Cause
company I-Cause
employs I-Cause
a I-Cause
more I-Cause
disciplined I-Cause
approach I-Cause
to I-Cause
pricing I-Cause
, O
allowing O
it O
to O
take B-Effect
better I-Effect
advantage I-Effect
of I-Effect
its I-Effect
economies I-Effect
of I-Effect
scale I-Effect
. O

With O
the O
rapid O
growth O
of O
large O
craft O
brands O
such O
as O
Sam O
Adams O
, O
Blue O
Moon O
, O
and O
Goose O
Island O
, O
the O
higher B-Cause
pack I-Cause
densities I-Cause
and I-Cause
lower I-Cause
shipping I-Cause
costs I-Cause
enabled O
by O
aluminum O
cans B-Effect
is I-Effect
starting I-Effect
to I-Effect
facilitate I-Effect
a I-Effect
shift I-Effect
from I-Effect
bottles I-Effect
. O

Overall O
, O
we O
expect O
the B-Effect
highway I-Effect
brokerage I-Effect
market I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
faster I-Effect
clip I-Effect
( I-Effect
on I-Effect
average I-Effect
over I-Effect
our I-Effect
forecast I-Effect
horizon I-Effect
) I-Effect
than I-Effect
the I-Effect
combined I-Effect
for-hire I-Effect
trucking I-Effect
and I-Effect
intermodal I-Effect
markets I-Effect
, O
as O
large B-Cause
3PLs I-Cause
continue I-Cause
to I-Cause
process I-Cause
more I-Cause
for-hire I-Cause
truckload I-Cause
and I-Cause
less-than-truckload I-Cause
freight I-Cause
. O

However O
, O
we O
do O
not O
expect O
resultant B-Effect
mid-single-digit I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
resulting I-Effect
cost I-Effect
leverage I-Effect
to I-Effect
significantly I-Effect
improve I-Effect
margins I-Effect
from I-Effect
fiscal I-Effect
2020 I-Effect
's I-Effect
12 I-Effect
% I-Effect
, O
due O
to O
competition B-Cause
, I-Cause
wage I-Cause
pressure I-Cause
, I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
keep I-Cause
perceived I-Cause
value I-Cause
high I-Cause
. O

Norfolk B-Cause
hauls I-Cause
coal I-Cause
directly I-Cause
from I-Cause
Illinois I-Cause
and I-Cause
Appalachian I-Cause
mines I-Cause
, I-Cause
and I-Cause
transfers I-Cause
Powder I-Cause
River I-Cause
Basin I-Cause
coal I-Cause
eastward I-Cause
from I-Cause
the I-Cause
Western I-Cause
rails. O
Thus O
, O
coal-demand B-Effect
headwinds I-Effect
from I-Effect
cheap I-Effect
natural I-Effect
gas I-Effect
and I-Effect
changes I-Effect
in I-Effect
environmental I-Effect
regulations I-Effect
will I-Effect
probably I-Effect
remain I-Effect
a I-Effect
factor I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
. O

Although O
this O
price/earnings O
multiple O
is O
historically O
high O
, O
we O
note O
that O
NiSorce B-Effect
's I-Effect
near-term I-Effect
earnings I-Effect
are I-Effect
depressed I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
dilution I-Cause
from I-Cause
a I-Cause
recent I-Cause
convertible I-Cause
issuance I-Cause
to I-Cause
provide I-Cause
funding I-Cause
for I-Cause
future I-Cause
investment I-Cause
in I-Cause
renewable I-Cause
energy I-Cause
. O

And O
despite O
recent O
headwinds O
, O
Kimberly-Clark B-Cause
had I-Cause
been I-Cause
on I-Cause
a I-Cause
course I-Cause
to I-Cause
improve I-Cause
its I-Cause
sales I-Cause
trajectory I-Cause
before I-Cause
the I-Cause
pandemic I-Cause
by O
elevating B-Effect
brand I-Effect
spending I-Effect
and I-Effect
enhancing I-Effect
its I-Effect
prospects I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
and I-Effect
online I-Effect
since I-Effect
CEO I-Effect
Michael I-Effect
Hsu I-Effect
took I-Effect
the I-Effect
helm I-Effect
in I-Effect
January I-Effect
2019 I-Effect
. O

Given O
the B-Cause
uncertain I-Cause
extent I-Cause
and I-Cause
duration I-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
the I-Cause
pronounced I-Cause
retreat I-Cause
we I-Cause
've I-Cause
already I-Cause
seen I-Cause
in I-Cause
global I-Cause
travel I-Cause
demand I-Cause
, O
we B-Effect
estimate I-Effect
Wynn I-Effect
's I-Effect
total I-Effect
2020 I-Effect
revenue I-Effect
declining I-Effect
71 I-Effect
% I-Effect
( I-Effect
55 I-Effect
% I-Effect
drop I-Effect
prior I-Effect
) I-Effect
. O

For O
instance O
, O
although O
the O
company O
's O
New O
York O
City O
focus O
has O
paid O
off O
amid O
a O
boom O
in O
office-using O
employment O
, O
Vornado B-Effect
decided I-Effect
to I-Effect
exit I-Effect
the I-Effect
struggling I-Effect
Washington I-Effect
, I-Effect
D.C. I-Effect
, I-Effect
market I-Effect
because O
of O
its B-Cause
exposure I-Cause
to I-Cause
less I-Cause
dynamic I-Cause
sectors I-Cause
of I-Cause
the I-Cause
economy I-Cause
. O

In O
our O
view O
, O
Wipro O
benefits O
from O
a B-Cause
significant I-Cause
cost I-Cause
advantage I-Cause
from I-Cause
its I-Cause
salary I-Cause
arbitrage I-Cause
, I-Cause
with I-Cause
its I-Cause
large I-Cause
base I-Cause
of I-Cause
Indian I-Cause
employees I-Cause
, O
which O
allows O
the B-Effect
firm I-Effect
to I-Effect
achieve I-Effect
attractive I-Effect
margins I-Effect
. O

Aside O
from O
3M O
's O
legacy O
strength O
, O
the B-Cause
acquisition I-Cause
of I-Cause
Acelity I-Cause
should O
also O
provide B-Effect
3M I-Effect
with I-Effect
a I-Effect
much I-Effect
stronger I-Effect
footing I-Effect
in I-Effect
the I-Effect
negative I-Effect
wound I-Effect
care I-Effect
market I-Effect
and I-Effect
mid-single-digit I-Effect
top-line I-Effect
growth I-Effect
. O

The O
two O
entities O
have O
sold O
security O
for O
virtual O
instances O
, O
and O
we O
expect O
more B-Effect
product I-Effect
partnerships I-Effect
to I-Effect
be I-Effect
announced I-Effect
as O
security B-Cause
and I-Cause
cloud-based I-Cause
computing I-Cause
continues I-Cause
its I-Cause
rampant I-Cause
growth I-Cause
. O

Further O
, O
nearly O
one O
quarter O
of O
its O
sales O
result O
from O
the O
convenience O
and O
drug O
store O
channels O
, O
where O
traffic B-Effect
trends I-Effect
have I-Effect
been I-Effect
a I-Effect
bit I-Effect
more I-Effect
restricted I-Effect
due O
to O
social B-Cause
distancing I-Cause
mandates I-Cause
. O

However O
, O
with O
its B-Cause
more I-Cause
commercially I-Cause
focused I-Cause
book I-Cause
, O
it B-Effect
boasts I-Effect
good I-Effect
share I-Effect
in I-Effect
its I-Effect
domestic I-Effect
commercial I-Effect
lending I-Effect
market I-Effect
, O
particularly O
for O
loans O
under O
CAD O
25 O
million O
. O

The O
modified B-Cause
framework I-Cause
reduces B-Effect
regulatory I-Effect
lag I-Effect
, O
increasing B-Effect
OG I-Effect
& I-Effect
E I-Effect
's I-Effect
realized I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
and O
is O
another O
sign O
that O
Oklahoma B-Effect
regulation I-Effect
is I-Effect
becoming I-Effect
more I-Effect
constructive I-Effect
. O

We O
think O
it O
is O
possible O
that O
Marvell O
will O
be O
able O
to O
increase B-Effect
GAAP I-Effect
operating I-Effect
margins I-Effect
in I-Effect
the I-Effect
mid-20s I-Effect
by O
driving B-Effect
leverage I-Effect
as O
it B-Cause
streamlines I-Cause
its I-Cause
spending I-Cause
in I-Cause
storage I-Cause
and I-Cause
networking I-Cause
. O

We O
believe O
the B-Cause
lineup I-Cause
is I-Cause
complemented I-Cause
nicely I-Cause
by I-Cause
aMM I-Cause
, I-Cause
allowing I-Cause
IHS I-Cause
Markit I-Cause
to I-Cause
bundle I-Cause
Carfax I-Cause
's I-Cause
vehicle I-Cause
history I-Cause
and I-Cause
marketing I-Cause
services I-Cause
with I-Cause
aMM I-Cause
's I-Cause
data-driven I-Cause
sales I-Cause
and I-Cause
advertising I-Cause
tools I-Cause
geared I-Cause
to I-Cause
dealerships. O
This O
has B-Effect
given I-Effect
the I-Effect
company I-Effect
a I-Effect
way I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
its I-Effect
brand I-Effect
equity I-Effect
by I-Effect
targeting I-Effect
products I-Effect
to I-Effect
dealers I-Effect
with I-Effect
regular I-Effect
needs I-Effect
versus I-Effect
individual I-Effect
motorists I-Effect
who I-Effect
buy I-Effect
fewer I-Effect
than I-Effect
10 I-Effect
vehicles I-Effect
( I-Effect
new I-Effect
or I-Effect
used I-Effect
) I-Effect
, I-Effect
on I-Effect
average I-Effect
, I-Effect
in I-Effect
their I-Effect
lifetime I-Effect
. O

As O
construction B-Cause
activity I-Cause
increases I-Cause
and I-Cause
capacity I-Cause
utilization I-Cause
grows I-Cause
increasingly I-Cause
constrained I-Cause
, O
we O
expect O
further B-Cause
robust I-Cause
pricing I-Cause
increases I-Cause
, O
driving B-Effect
margin I-Effect
expansion I-Effect
and I-Effect
improved I-Effect
ROICs I-Effect
. O

Philips O
also O
sells O
portable B-Cause
systems I-Cause
that O
allow O
hospitals B-Effect
to I-Effect
shift I-Effect
the I-Effect
patient I-Effect
from I-Effect
intensive I-Effect
care I-Effect
units I-Effect
to I-Effect
normal I-Effect
wards I-Effect
without I-Effect
switching I-Effect
off I-Effect
the I-Effect
patient I-Effect
monitor I-Effect
systems I-Effect
, O
avoiding O
the B-Effect
loss I-Effect
of I-Effect
data I-Effect
. O

We O
expect O
that O
as B-Cause
sponsorship I-Cause
spending I-Cause
7 I-Cause
Jul I-Cause
2021 I-Cause
05:00 I-Cause
, O
UTCwill B-Cause
rebound I-Cause
in I-Cause
2020 I-Cause
, O
causing O
sponsorship B-Effect
revenue I-Effect
to I-Effect
grow I-Effect
to I-Effect
7 I-Effect
% I-Effect
above I-Effect
2019 I-Effect
levels I-Effect
. O

Right O
now O
, O
we O
believe O
that O
this O
threat O
could O
have O
minimal O
effect O
since B-Cause
EOS I-Cause
software I-Cause
having I-Cause
one I-Cause
image I-Cause
throughout I-Cause
the I-Cause
entire I-Cause
network I-Cause
installation I-Cause
is B-Effect
well I-Effect
received I-Effect
versus I-Effect
competitors I-Effect
' I-Effect
offerings I-Effect
, I-Effect
which B-Cause
have I-Cause
different I-Cause
software I-Cause
images I-Cause
across I-Cause
the I-Cause
network I-Cause
. I-Cause

As O
the B-Cause
Indian I-Cause
economy I-Cause
continues I-Cause
to I-Cause
develop I-Cause
, O
this B-Effect
wage I-Effect
gap I-Effect
may I-Effect
narrow I-Effect
and O
is O
possibly O
an O
even O
greater O
risk O
to O
Wipro O
than O
increased O
regulations O
. O

Cyclical B-Effect
downturns I-Effect
in I-Effect
freight I-Effect
demand I-Effect
compress I-Effect
profitability I-Effect
because O
excess B-Cause
capacity I-Cause
drives I-Cause
providers I-Cause
to I-Cause
slash I-Cause
rates I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
salvage I-Cause
asset I-Cause
utilization I-Cause
, I-Cause
particularly I-Cause
in I-Cause
asset-intensive I-Cause
truckload I-Cause
shipping I-Cause
. O

Decades B-Cause
of I-Cause
investment I-Cause
in I-Cause
advanced I-Cause
manufacturing I-Cause
capabilities I-Cause
and I-Cause
a I-Cause
track I-Cause
record I-Cause
of I-Cause
managing I-Cause
complex I-Cause
projects I-Cause
and I-Cause
supply I-Cause
chains I-Cause
cement B-Effect
its I-Effect
, I-Effect
and I-Effect
other I-Effect
incumbents I-Effect
' I-Effect
, I-Effect
positions I-Effect
as I-Effect
preferred I-Effect
partners I-Effect
. O

Fleet O
owners O
are O
less O
likely O
to O
replace B-Effect
and I-Effect
expand I-Effect
their I-Effect
fleet I-Effect
when O
freight B-Cause
demand I-Cause
is I-Cause
weak I-Cause
. O

Premium B-Cause
trucks I-Cause
such I-Cause
as I-Cause
those I-Cause
made I-Cause
by I-Cause
Paccar I-Cause
can I-Cause
be I-Cause
used I-Cause
as I-Cause
recruitment I-Cause
and I-Cause
retention I-Cause
tools I-Cause
as O
a B-Effect
lower-cost I-Effect
alternative I-Effect
to I-Effect
increasing I-Effect
wages I-Effect
. O

Omnichannel B-Cause
ordering I-Cause
and I-Cause
a I-Cause
21-million-member I-Cause
loyalty I-Cause
program I-Cause
constitute O
a B-Effect
strong I-Effect
foundation I-Effect
for I-Effect
dynamic I-Effect
pricing I-Effect
, I-Effect
one-to-one I-Effect
marketing I-Effect
, I-Effect
funneling I-Effect
orders I-Effect
toward I-Effect
high-margin I-Effect
fulfillment I-Effect
channels I-Effect
, I-Effect
and I-Effect
driving I-Effect
data-driven I-Effect
menu I-Effect
innovation I-Effect
in I-Effect
line I-Effect
with I-Effect
customer I-Effect
demands I-Effect
. O

After O
relatively B-Cause
few I-Cause
major I-Cause
acquisitions I-Cause
in I-Cause
the I-Cause
years I-Cause
following I-Cause
the I-Cause
purchase I-Cause
of I-Cause
US I-Cause
Endoscopy I-Cause
in I-Cause
2012 I-Cause
and I-Cause
the I-Cause
merger I-Cause
with I-Cause
Synergy I-Cause
Health I-Cause
in I-Cause
2015 I-Cause
, O
Steris O
has O
again O
been O
pursuing O
acquisition-fueled B-Effect
growth I-Effect
. O

As O
more O
prominent O
, O
large O
hospital O
systems O
, O
like O
Kaiser O
, O
begin O
using B-Cause
AMN I-Cause
services I-Cause
, O
this O
affords B-Cause
the I-Cause
firm I-Cause
strong I-Cause
reference I-Cause
points I-Cause
and I-Cause
subsequent I-Cause
positive I-Cause
reputational I-Cause
effects I-Cause
that O
can O
help B-Effect
it I-Effect
land I-Effect
new I-Effect
clients I-Effect
. O

Over O
time O
, O
when O
capital O
is O
more O
plentiful O
, O
Beyond B-Cause
plans I-Cause
to I-Cause
bring I-Cause
a I-Cause
higher I-Cause
portion I-Cause
of I-Cause
finished-product I-Cause
production I-Cause
in-house I-Cause
, O
which O
should O
improve B-Effect
margins I-Effect
. O

While O
the O
FCC O
has O
extended O
these O
deadlines O
to O
2023 O
as O
part O
of O
the O
T-Mobile/Sprint O
transactions O
, O
Dish B-Cause
still I-Cause
must I-Cause
build I-Cause
a I-Cause
nearly I-Cause
nationwide I-Cause
network I-Cause
, O
a O
costly O
undertaking O
that O
could O
bankrupt B-Effect
the I-Effect
company I-Effect
. O

At O
the O
very O
least O
, O
this B-Cause
customer I-Cause
segment I-Cause
would I-Cause
probably I-Cause
slow I-Cause
hiring I-Cause
or I-Cause
make I-Cause
cuts I-Cause
to I-Cause
its I-Cause
employee I-Cause
base I-Cause
, O
which O
would O
provide B-Effect
a I-Effect
revenue I-Effect
headwind I-Effect
for I-Effect
Paylocity I-Effect
. O

We O
project O
Disney B-Effect
's I-Effect
overall I-Effect
operating I-Effect
margin I-Effect
will I-Effect
improve I-Effect
to I-Effect
18.4 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
from I-Effect
5.8 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
as O
the B-Effect
losses I-Effect
at I-Effect
the I-Effect
DTC I-Effect
segment I-Effect
are I-Effect
offset I-Effect
by I-Cause
margin B-Cause
improvements I-Cause
at I-Cause
the I-Cause
studio I-Cause
and I-Cause
parks I-Cause
segments I-Cause
after I-Cause
recovering I-Cause
from I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

However O
, O
technological B-Cause
advances I-Cause
continually I-Cause
improve I-Cause
networking I-Cause
efficiency I-Cause
and I-Cause
enable I-Cause
less I-Cause
costly I-Cause
solutions I-Cause
to I-Cause
store I-Cause
and I-Cause
transport I-Cause
data. O
Consequently O
, O
even B-Effect
in I-Effect
Lumen I-Effect
's I-Effect
enterprise I-Effect
businesses I-Effect
, I-Effect
which I-Effect
accounts I-Effect
for I-Effect
roughly I-Effect
75 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
, I-Effect
we I-Effect
think I-Effect
revenue I-Effect
is I-Effect
likely I-Effect
to I-Effect
continue I-Effect
declining I-Effect
. O

With O
the B-Cause
acquisition I-Cause
of I-Cause
Segment I-Cause
expected I-Cause
to I-Cause
close I-Cause
in I-Cause
the I-Cause
fourth I-Cause
quarter I-Cause
of I-Cause
2020 I-Cause
, O
Twilio B-Effect
will I-Effect
be I-Effect
embedding I-Effect
a I-Effect
new I-Effect
layer I-Effect
into I-Effect
its I-Effect
stack I-Effect
of I-Effect
offerings I-Effect
, O
namely O
the O
Segment O
Customer O
Data O
Platform O
. O

Nordstrom B-Effect
's I-Effect
full-price I-Effect
sales I-Effect
plummeted I-Effect
30 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
outbreak I-Cause
and I-Cause
the I-Cause
closure I-Cause
of I-Cause
16 I-Cause
stores I-Cause
, O
but O
we O
anticipate O
a O
27 O
% O
sales O
increase O
in O
2021 O
. O

However O
, O
STMicro B-Effect
has I-Effect
turned I-Effect
around I-Effect
nicely I-Effect
as B-Cause
it I-Cause
has I-Cause
exited I-Cause
the I-Cause
ST-Ericsson I-Cause
wireless I-Cause
joint I-Cause
venture I-Cause
and I-Cause
reduced I-Cause
its I-Cause
investments I-Cause
in I-Cause
various I-Cause
digital I-Cause
chips I-Cause
. O

Given B-Cause
that I-Cause
much I-Cause
of I-Cause
Sandvik I-Cause
's I-Cause
equipment I-Cause
is I-Cause
operated I-Cause
underground I-Cause
and O
is O
thus O
subject B-Effect
to I-Effect
large I-Effect
degrees I-Effect
of I-Effect
wear I-Effect
and I-Effect
tear I-Effect
, I-Effect
customers I-Effect
also I-Effect
place I-Effect
a I-Effect
greater I-Effect
emphasis I-Effect
on I-Effect
quality I-Effect
and I-Effect
safety I-Effect
in I-Effect
order I-Effect
to I-Effect
protect I-Effect
reputational I-Effect
damage I-Effect
. O

One O
of O
the O
issues O
with O
the O
subscription O
model O
for O
streaming O
music O
is O
the B-Cause
paid I-Cause
users I-Cause
are I-Cause
likely I-Cause
to I-Cause
consume I-Cause
more I-Cause
hours I-Cause
of I-Cause
music I-Cause
, O
thus O
generating B-Effect
high I-Effect
royalty I-Effect
expenses I-Effect
. O

Old B-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
national I-Effect
champions I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
usually I-Effect
have I-Effect
advantageous I-Effect
positions I-Effect
compared I-Effect
with I-Effect
alternative I-Effect
operators I-Effect
as O
they B-Cause
already I-Cause
have I-Cause
infrastructure I-Cause
in I-Cause
place I-Cause
and I-Cause
often I-Cause
have I-Cause
long-standing I-Cause
relationships I-Cause
with I-Cause
the I-Cause
government I-Cause
. O

Our B-Effect
10-year I-Effect
forecast I-Effect
sees I-Effect
an I-Effect
average I-Effect
adjusted I-Effect
ROIC I-Effect
of I-Effect
32 I-Effect
% I-Effect
, I-Effect
with I-Effect
our I-Effect
2030 I-Effect
projection I-Effect
of I-Effect
37.8 I-Effect
% I-Effect
driven I-Effect
higher I-Effect
than I-Effect
the I-Effect
firm I-Effect
's I-Effect
prepandemic I-Effect
average I-Effect
primarily I-Effect
due O
to O
positive B-Cause
operating I-Cause
leverage I-Cause
and I-Cause
the I-Cause
impact I-Cause
of I-Cause
capital-light I-Cause
new I-Cause
concept I-Cause
stores I-Cause
, O
such O
as O
drive-thru O
only O
and O
smaller O
pickup O
concepts O
in O
central O
business O
districts O
. O

With O
mines B-Cause
close I-Cause
to I-Cause
waterways I-Cause
like O
the O
Great O
Lakes O
and O
the O
Mississippi O
River O
, O
Compass B-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
its I-Effect
competitors I-Effect
. O

We O
believe O
that O
Vontier B-Effect
's I-Effect
strategy I-Effect
of I-Effect
tapping I-Effect
into I-Effect
its I-Effect
large I-Effect
installed I-Effect
base I-Effect
by O
adding B-Cause
complementary I-Cause
software I-Cause
reinforces B-Effect
customer I-Effect
switching I-Effect
costs I-Effect
by O
offering B-Cause
petroleum I-Cause
stations I-Cause
a I-Cause
comprehensive I-Cause
package I-Cause
of I-Cause
solutions I-Cause
. O

Autoliv B-Effect
's I-Effect
customers I-Effect
would I-Effect
incur I-Effect
prohibitively I-Effect
high I-Effect
switching I-Effect
costs I-Effect
should I-Effect
they I-Effect
decide I-Effect
to I-Effect
withdraw I-Effect
business I-Effect
in I-Effect
the I-Effect
middle I-Effect
of I-Effect
a I-Effect
vehicle I-Effect
program I-Effect
, O
especially O
when O
Autoliv B-Cause
has I-Cause
a I-Cause
supply I-Cause
agreement I-Cause
for I-Cause
a I-Cause
complete I-Cause
set I-Cause
of I-Cause
passive I-Cause
safety I-Cause
systems I-Cause
. O

We O
still O
believe O
nonperforming B-Effect
loans I-Effect
will I-Effect
increase I-Effect
once O
government B-Cause
support I-Cause
is I-Cause
withdrawn I-Cause
, O
but O
we O
believe O
BNP O
Paribas O
has O
raised O
more O
than O
enough O
provisions O
to O
cover O
this O
. O

We O
forecast O
total B-Effect
room I-Effect
growth I-Effect
to I-Effect
average I-Effect
2.2 I-Effect
% I-Effect
( I-Effect
2.5 I-Effect
% I-Effect
prior I-Effect
) I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
driven O
by O
continued B-Cause
optimism I-Cause
around I-Cause
La I-Cause
Quinta I-Cause
's I-Cause
long-term I-Cause
growth I-Cause
opportunity I-Cause
. O

Given O
its B-Cause
monopoly I-Cause
in I-Cause
the I-Cause
nonhormonal I-Cause
, I-Cause
highly I-Cause
regulated I-Cause
IUD I-Cause
space I-Cause
, O
we O
expect O
this O
segment O
to O
continue O
to O
experience B-Effect
double-digit I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
after O
which O
we O
expect O
the O
U.S O
. O

Viewership B-Cause
of I-Cause
its I-Cause
races I-Cause
could I-Cause
fall I-Cause
below I-Cause
expectations I-Cause
, I-Cause
and I-Cause
advertisers I-Cause
could I-Cause
pull I-Cause
back I-Cause
on I-Cause
their I-Cause
spending I-Cause
, O
both O
of O
which O
would O
make B-Effect
the I-Effect
series I-Effect
less I-Effect
attractive I-Effect
to I-Effect
broadcasters I-Effect
. O

We B-Effect
'll I-Effect
highlight I-Effect
that I-Effect
inflation I-Effect
risks I-Effect
are I-Effect
worth I-Effect
considering I-Effect
as O
a B-Cause
large I-Cause
portion I-Cause
of I-Cause
the I-Cause
bank I-Cause
's I-Cause
assets I-Cause
are I-Cause
denominated I-Cause
in I-Cause
UF I-Cause
, I-Cause
a I-Cause
currency I-Cause
of I-Cause
account I-Cause
that I-Cause
links I-Cause
to I-Cause
inflation I-Cause
. O

We O
project O
adjusted B-Effect
EBITDA I-Effect
margins I-Effect
expanding I-Effect
by I-Effect
about I-Effect
250 I-Effect
basis I-Effect
points I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
primarily O
due O
to O
expected B-Cause
cost I-Cause
synergies I-Cause
from I-Cause
the I-Cause
merger I-Cause
. O

Following O
fourth-quarter B-Cause
results I-Cause
, O
we O
are O
raising B-Effect
our I-Effect
margin I-Effect
forecasts I-Effect
to O
give B-Effect
Kansas I-Effect
City I-Effect
Southern I-Effect
more I-Effect
credit I-Effect
for I-Effect
solid I-Effect
PSR-related I-Effect
execution I-Effect
given O
the B-Cause
firm I-Cause
's I-Cause
steady I-Cause
efficiency I-Cause
gains I-Cause
and I-Cause
improved I-Cause
profit I-Cause
outlook I-Cause
. O

Thanks O
to O
the O
strong O
Similac B-Cause
and I-Cause
Ensure I-Cause
brands I-Cause
, O
Abbott O
is O
in B-Effect
an I-Effect
advantageous I-Effect
position I-Effect
to I-Effect
introduce I-Effect
new I-Effect
formulations I-Effect
and I-Effect
line I-Effect
extensions I-Effect
and I-Effect
penetrate I-Effect
new I-Effect
markets I-Effect
. O

This B-Effect
makes I-Effect
it I-Effect
critical I-Effect
that I-Effect
the I-Effect
Bolsonaro I-Effect
government I-Effect
solve I-Effect
the I-Effect
pension I-Effect
crisis I-Effect
and I-Effect
continue I-Effect
to I-Effect
address I-Effect
these I-Effect
issues I-Effect
-- O
any O
decrease O
in O
the O
value O
of O
Brazilian B-Cause
government I-Cause
bonds I-Cause
will I-Cause
weigh I-Cause
heavily I-Cause
on I-Cause
the I-Cause
company I-Cause
's I-Cause
insurance I-Cause
operations I-Cause
. I-Cause

TIM B-Effect
has I-Effect
driven I-Effect
solid I-Effect
margin I-Effect
gains I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
and O
we O
expect O
this O
trend O
can O
continue O
as O
the O
firm O
continues O
to O
gain O
efficiencies O
in O
its B-Cause
selling I-Cause
and I-Cause
customer I-Cause
service I-Cause
efforts I-Cause
, I-Cause
interconnection I-Cause
costs I-Cause
decline I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
revenue I-Cause
, I-Cause
and I-Cause
pricing I-Cause
improves I-Cause
across I-Cause
the I-Cause
industry I-Cause
. O

Cost B-Cause
AdvantageDiageo I-Cause
can O
produce O
its B-Effect
scale I-Effect
brands I-Effect
at I-Effect
a I-Effect
lower I-Effect
average I-Effect
cost I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
competitors I-Effect
as I-Effect
well I-Effect
as I-Effect
potential I-Effect
new I-Effect
entrants I-Effect
. O

Moreover O
, O
store B-Cause
closings I-Cause
often O
mean O
deep O
discounting O
and O
sales O
to O
discount O
outlets O
, O
which O
can O
reduce B-Effect
prices I-Effect
and I-Effect
damage I-Effect
brand I-Effect
integrity I-Effect
. O

With O
semiconductor B-Cause
fabrication I-Cause
becoming I-Cause
increasingly I-Cause
complex I-Cause
, O
resulting O
in O
more B-Effect
process I-Effect
steps I-Effect
and I-Effect
new I-Effect
manufacturing I-Effect
technologies I-Effect
, I-Effect
collaboration I-Effect
between I-Effect
chipmakers I-Effect
and I-Effect
equipment I-Effect
providers I-Effect
is I-Effect
set I-Effect
to I-Effect
reach I-Effect
unprecedented I-Effect
levels I-Effect
. O

Last O
, O
we B-Effect
altered I-Effect
our I-Effect
long-term I-Effect
operating I-Effect
margin I-Effect
, I-Effect
now I-Effect
set I-Effect
to I-Effect
rise I-Effect
to I-Effect
13 I-Effect
% I-Effect
, I-Effect
from I-Effect
11.5 I-Effect
% I-Effect
prior I-Effect
, O
as O
Williams-Sonoma B-Cause
leverages I-Cause
costs I-Cause
on I-Cause
higher I-Cause
sales I-Cause
ahead I-Cause
benefiting I-Cause
from I-Cause
category I-Cause
expansions I-Cause
. O

We O
think O
firms O
like O
Zimmer O
, O
which O
can O
support O
an O
extensive O
legal O
team O
, O
will O
be B-Effect
in I-Effect
a I-Effect
better I-Effect
position I-Effect
to I-Effect
take I-Effect
advantage I-Effect
of I-Effect
the I-Effect
new I-Effect
law I-Effect
by O
filing B-Cause
comprehensive I-Cause
patent I-Cause
applications I-Cause
on I-Cause
an I-Cause
accelerated I-Cause
timeline I-Cause
and I-Cause
mounting I-Cause
complex I-Cause
and I-Cause
time-consuming I-Cause
challenges I-Cause
to I-Cause
patents I-Cause
granted I-Cause
to I-Cause
competitors I-Cause
. O

Through O
a B-Cause
combination I-Cause
of I-Cause
cost I-Cause
savings I-Cause
and I-Cause
expected I-Cause
top-line I-Cause
growth I-Cause
, O
Lilly O
aims O
to O
reach B-Effect
operating I-Effect
margins I-Effect
of I-Effect
31 I-Effect
% I-Effect
by I-Effect
2020 I-Effect
, O
which O
we O
believe O
is O
achievable O
. O

Through O
several O
divestitures O
and O
acquisitions O
Philips B-Cause
has I-Cause
transformed I-Cause
itself I-Cause
from I-Cause
an I-Cause
industrial-medical I-Cause
conglomerate I-Cause
into I-Cause
a I-Cause
healthcare I-Cause
company I-Cause
and I-Cause
primary I-Cause
supplier I-Cause
across I-Cause
hospitals I-Cause
, I-Cause
which O
facilitates B-Effect
the I-Effect
introduction I-Effect
of I-Effect
new I-Effect
products I-Effect
and I-Effect
the I-Effect
displacement I-Effect
of I-Effect
smaller I-Effect
suppliers I-Effect
with I-Effect
more I-Effect
depth I-Effect
in I-Effect
a I-Effect
single I-Effect
product I-Effect
line I-Effect
, I-Effect
but I-Effect
lack I-Effect
of I-Effect
breadth I-Effect
. I-Effect

Market O
fragmentation O
and O
relatively O
short O
contract O
durations O
( O
typically O
about O
six O
months O
) O
lend O
power O
to O
buyers B-Effect
that I-Effect
may I-Effect
take I-Effect
their I-Effect
business I-Effect
elsewhere I-Effect
should O
they B-Cause
determine I-Cause
services I-Cause
rendered I-Cause
or I-Cause
pricing I-Cause
offered I-Cause
were I-Cause
unsatisfactory I-Cause
. O

The B-Cause
risks I-Cause
of I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
a I-Cause
vaccine I-Cause
is I-Cause
widely I-Cause
distributed I-Cause
remain I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

We O
think O
this B-Effect
opportunity I-Effect
is I-Effect
particularly I-Effect
pronounced I-Effect
in I-Effect
the I-Effect
context I-Effect
of I-Effect
its I-Effect
brand I-Effect
reach I-Effect
, O
as O
nearly B-Cause
all I-Cause
of I-Cause
its I-Cause
30 I-Cause
brands I-Cause
are I-Cause
sold I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
but I-Cause
only I-Cause
15 I-Cause
have I-Cause
launched I-Cause
in I-Cause
China I-Cause
, I-Cause
10 I-Cause
in I-Cause
India I-Cause
, I-Cause
and I-Cause
nine I-Cause
in I-Cause
Brazil I-Cause
. O

Enabling O
an O
innovation O
like O
high-power O
charging O
allows O
Amphenol O
to O
occupy O
a O
larger O
portion O
of O
the O
overall O
bill O
of O
materials O
, O
both O
through O
incorporating B-Cause
more I-Cause
SKUs I-Cause
and I-Cause
through I-Cause
selling I-Cause
higher-tech I-Cause
, I-Cause
higher-priced I-Cause
SKUs—we O
estimate B-Effect
Amphenol I-Effect
's I-Effect
dollar I-Effect
content I-Effect
in I-Effect
an I-Effect
EV I-Effect
to I-Effect
double I-Effect
its I-Effect
content I-Effect
in I-Effect
an I-Effect
internal I-Effect
combustion I-Effect
engine I-Effect
, I-Effect
or I-Effect
ICE I-Effect
. I-Effect

While O
competing O
firms O
have O
AIDC O
software O
for O
device O
management O
and O
ad O
hoc O
applications O
, O
Zebra O
has O
shown O
a O
commitment O
to O
building B-Cause
out I-Cause
advanced I-Cause
machine I-Cause
learning I-Cause
and I-Cause
AI I-Cause
capabilities I-Cause
to O
extract B-Effect
further I-Effect
efficiency I-Effect
gains I-Effect
at I-Effect
its I-Effect
customers I-Effect
. O

Governments B-Effect
and I-Effect
defense I-Effect
departments I-Effect
are I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
providers I-Effect
mid-programme I-Effect
as O
it B-Cause
is I-Cause
costly I-Cause
, I-Cause
disruptive I-Cause
, I-Cause
politically I-Cause
unpopular I-Cause
, I-Cause
or I-Cause
there I-Cause
is I-Cause
a I-Cause
complete I-Cause
lack I-Cause
of I-Cause
an I-Cause
alternative I-Cause
provider I-Cause
. O

But O
the B-Cause
San I-Cause
Bruno I-Cause
pipeline I-Cause
explosion I-Cause
in I-Cause
September I-Cause
2010 I-Cause
, I-Cause
allegations I-Cause
of I-Cause
gas I-Cause
pipeline I-Cause
mismanagement I-Cause
, I-Cause
and I-Cause
2017-18 I-Cause
wildfire I-Cause
liabilities I-Cause
have O
sunk B-Effect
PG I-Effect
& I-Effect
E I-Effect
's I-Effect
earned I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

We O
also O
think O
the B-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
the I-Cause
systems I-Cause
into I-Cause
which I-Cause
Sensata I-Cause
sells I-Cause
gives O
rise B-Effect
to I-Effect
switching I-Effect
costs I-Effect
at I-Effect
customers I-Effect
, O
leading O
to O
an B-Effect
average I-Effect
relationship I-Effect
length I-Effect
of I-Effect
31 I-Effect
years I-Effect
with I-Effect
its I-Effect
top I-Effect
10 I-Effect
customers I-Effect
. O

We O
model O
that O
gross B-Effect
margins I-Effect
will I-Effect
stay I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high-30 I-Effect
% I-Effect
to I-Effect
low I-Effect
40 I-Effect
% I-Effect
range I-Effect
as O
Nokia B-Cause
balances I-Cause
higher I-Cause
margin I-Cause
software I-Cause
with O
higher O
costing O
equipment O
. O

Land B-Cause
option I-Cause
contracts I-Cause
-- O
which O
grant B-Effect
homebuilders I-Effect
the I-Effect
right I-Effect
, I-Effect
but I-Effect
generally I-Effect
not I-Effect
the I-Effect
obligation I-Effect
, I-Effect
to I-Effect
buy I-Effect
land I-Effect
at I-Effect
predetermined I-Effect
prices I-Effect
-- O
can O
mitigate B-Effect
many I-Effect
of I-Effect
the I-Effect
risks I-Effect
associated I-Effect
with I-Effect
outright I-Effect
land I-Effect
purchases I-Effect
. O

Nonperforming B-Effect
loan I-Effect
ratios I-Effect
have I-Effect
steadily I-Effect
declined I-Effect
for I-Effect
almost I-Effect
all I-Effect
Japanese I-Effect
banks I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
as O
interest B-Cause
rates I-Cause
have I-Cause
fallen I-Cause
and I-Cause
following I-Cause
many I-Cause
years I-Cause
of I-Cause
relatively I-Cause
slow I-Cause
credit I-Cause
growth I-Cause
. O

Given O
the B-Cause
relatively I-Cause
fixed-cost I-Cause
nature I-Cause
of I-Cause
Equifax I-Cause
's I-Cause
operations I-Cause
and I-Cause
less I-Cause
amount I-Cause
of I-Cause
scale I-Cause
, O
we O
do O
believe O
Equifax B-Effect
's I-Effect
EBITDA I-Effect
margins I-Effect
will I-Effect
improve I-Effect
but I-Effect
still I-Effect
trail I-Effect
the I-Effect
core I-Effect
U.S I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
broadened I-Cause
its I-Cause
brand I-Cause
awareness I-Cause
by I-Cause
expanding I-Cause
into I-Cause
underserved I-Cause
categories I-Cause
including I-Cause
modern I-Cause
, I-Cause
teen I-Cause
, I-Cause
and I-Cause
hospitality I-Cause
, I-Cause
where I-Cause
few I-Cause
peers I-Cause
have I-Cause
scale I-Cause
, O
helping B-Effect
capture I-Effect
incremental I-Effect
market I-Effect
share I-Effect
from O
boutique O
competitors O
( O
the O
2019 O
launches O
of O
beach O
and O
ski O
has O
further O
broadened O
RH O
's O
reach O
) O
. O

We O
see O
the O
bank B-Effect
's I-Effect
efficiency I-Effect
ratio O
worsening O
as O
a B-Cause
less I-Cause
favorable I-Cause
interest-rate I-Cause
environment I-Cause
challenges I-Cause
net I-Cause
interest I-Cause
margins I-Cause
, O
but O
eventually O
we O
believe O
the O
efficiency O
ratio O
will O
normalize O
to O
55 O
% O
through O
the O
cycle O
. O

Furthermore O
, O
while O
Kroger O
sells O
aggregated O
insights O
and O
not O
customer O
contact O
information O
or O
purchasing O
history O
, O
a B-Cause
breach I-Cause
could O
rapidly B-Effect
impair I-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
transaction I-Effect
information I-Effect
. O

Fortunately O
, O
the B-Cause
Bath I-Cause
& I-Cause
Body I-Cause
Works I-Cause
segment I-Cause
( I-Cause
54 I-Cause
% I-Cause
of I-Cause
2020 I-Cause
revenue I-Cause
) I-Cause
has I-Cause
seen I-Cause
the I-Cause
ability I-Cause
to I-Cause
connect I-Cause
with I-Cause
its I-Cause
consumers I-Cause
remain I-Cause
, O
supporting O
brand B-Effect
relevance I-Effect
. O

Food B-Effect
and I-Effect
Drug I-Effect
Administration I-Effect
( I-Effect
FDA I-Effect
) I-Effect
requested I-Effect
changes I-Effect
to I-Effect
GeneSight I-Effect
's I-Effect
test I-Effect
offering I-Effect
, O
as O
Myriad B-Cause
faces I-Cause
greater I-Cause
scrutiny I-Cause
by I-Cause
the I-Cause
agency I-Cause
of I-Cause
the I-Cause
efficacy I-Cause
of I-Cause
psychotropic I-Cause
tests I-Cause
. O

Continued B-Cause
international I-Cause
expansion I-Cause
will O
likely O
require B-Effect
similar I-Effect
investment I-Effect
and I-Effect
management I-Effect
attention I-Effect
but O
will O
also O
increase B-Effect
exposure I-Effect
to I-Effect
different I-Effect
regulatory I-Effect
environments I-Effect
. O

Overall O
, O
we O
like O
Comerica B-Effect
's I-Effect
longer-term I-Effect
prospects I-Effect
as O
the B-Cause
rate I-Cause
environment I-Cause
normalizes I-Cause
and I-Cause
the I-Cause
bank I-Cause
builds I-Cause
an I-Cause
improved I-Cause
cost I-Cause
base I-Cause
and I-Cause
extracts I-Cause
value I-Cause
from I-Cause
its I-Cause
deep I-Cause
, I-Cause
advisor-style I-Cause
relationships I-Cause
with I-Cause
small I-Cause
and I-Cause
midsize I-Cause
business I-Cause
clients I-Cause
. O

The B-Cause
company I-Cause
has I-Cause
been I-Cause
pursuing I-Cause
growth I-Cause
organically I-Cause
and I-Cause
through I-Cause
its I-Cause
acquisitions I-Cause
in I-Cause
the I-Cause
corporate I-Cause
outsourcing I-Cause
space. O
As O
a O
result O
of O
this O
growth O
, O
we O
expect O
Cushman B-Effect
& I-Effect
Wakefield I-Effect
to I-Effect
benefit I-Effect
modestly I-Effect
from I-Effect
scale I-Effect
effects I-Effect
across I-Effect
its I-Effect
business I-Effect
lines I-Effect
, I-Effect
with I-Effect
a I-Effect
countervailing I-Effect
effect I-Effect
deriving I-Effect
from I-Effect
the I-Effect
fact I-Effect
that I-Effect
the I-Effect
current I-Effect
downturn I-Effect
will I-Effect
lower I-Effect
commercial I-Effect
real I-Effect
estate I-Effect
investment I-Effect
volumes I-Effect
. O

We B-Effect
forecast I-Effect
gross I-Effect
margins I-Effect
to I-Effect
rise I-Effect
moderately I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
( I-Effect
by I-Effect
roughly I-Effect
40 I-Effect
basis I-Effect
points I-Effect
, I-Effect
to I-Effect
35.8 I-Effect
% I-Effect
) I-Effect
, O
constrained B-Cause
by I-Cause
our I-Cause
belief I-Cause
that I-Cause
e-commerce I-Cause
retailers I-Cause
can I-Cause
compete I-Cause
in I-Cause
about I-Cause
30 I-Cause
% I-Cause
of I-Cause
the I-Cause
sales I-Cause
areas I-Cause
Tractor I-Cause
Supply I-Cause
operates I-Cause
within I-Cause
and I-Cause
the I-Cause
everyday-low-price I-Cause
strategy I-Cause
. O

If O
a B-Cause
staffer I-Cause
can I-Cause
become I-Cause
a I-Cause
preferred I-Cause
supplier I-Cause
for I-Cause
its I-Cause
customers I-Cause
, O
it B-Effect
can I-Effect
garner I-Effect
material I-Effect
portions I-Effect
of I-Effect
a I-Effect
customer I-Effect
's I-Effect
premium I-Effect
positions I-Effect
. O

Our O
model O
reflects O
significantly B-Effect
lower I-Effect
near-term I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
operating I-Effect
margin I-Effect
assumptions I-Effect
due O
to O
the B-Cause
economic I-Cause
slowdown I-Cause
sparked I-Cause
by I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
. O

Since O
we B-Cause
assume I-Cause
that I-Cause
overseas I-Cause
loans I-Cause
grow I-Cause
at I-Cause
about I-Cause
2.0 I-Cause
% I-Cause
to I-Cause
2.5 I-Cause
% I-Cause
per I-Cause
year I-Cause
while I-Cause
domestic I-Cause
loans I-Cause
do I-Cause
not I-Cause
grow I-Cause
, O
overall O
NIM B-Effect
declines I-Effect
less I-Effect
than I-Effect
the I-Effect
decline I-Effect
of I-Effect
either I-Effect
domestic I-Effect
NIM I-Effect
or I-Effect
overseas I-Effect
NIM I-Effect
as I-Effect
the I-Effect
mix I-Effect
improves I-Effect
. O

While O
the B-Effect
business I-Effect
was I-Effect
able I-Effect
to I-Effect
contribute I-Effect
to I-Effect
40 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenues I-Effect
in O
2014 O
( O
with O
more O
than O
80 O
% O
from O
Asia O
) O
due O
to O
the B-Cause
high I-Cause
demand I-Cause
in I-Cause
smart I-Cause
phones I-Cause
, O
we O
believe O
the O
demand O
for O
Robodrills O
will O
not O
reach O
peak O
levels O
in O
future O
thus O
also O
affecting O
sales O
for O
Robodrills O
. O

Driven B-Cause
by I-Cause
ongoing I-Cause
investments I-Cause
in I-Cause
retail I-Cause
distribution I-Cause
, I-Cause
enhanced I-Cause
product/vehicles I-Cause
and I-Cause
technology I-Cause
, O
BlackRock B-Effect
should I-Effect
continue I-Effect
to I-Effect
have I-Effect
a I-Effect
better I-Effect
than I-Effect
average I-Effect
switching I-Effect
cost I-Effect
profile I-Effect
than I-Effect
its I-Effect
peers I-Effect
. O

The O
dynamic O
could O
work O
to O
Kroger O
's O
benefit O
or O
detriment O
; O
if O
execution B-Cause
is I-Cause
strong I-Cause
, O
it O
could O
benefit B-Effect
from I-Effect
smaller I-Effect
grocers I-Effect
' I-Effect
struggle I-Effect
to I-Effect
keep I-Effect
pace I-Effect
, O
but O
if O
its B-Cause
ability I-Cause
to I-Cause
retain I-Cause
customers I-Cause
falters I-Cause
, O
the B-Effect
chain I-Effect
could I-Effect
find I-Effect
itself I-Effect
with I-Effect
too I-Effect
many I-Effect
stores I-Effect
and I-Effect
persistently I-Effect
diminishing I-Effect
economics I-Effect
. O

Job-site B-Cause
delivery I-Cause
, I-Cause
in-app I-Cause
ordering I-Cause
, I-Cause
and I-Cause
a I-Cause
capacity I-Cause
for I-Cause
high-volume I-Cause
orders I-Cause
saves B-Effect
time I-Effect
for I-Effect
customers I-Effect
and O
allows O
for O
premium B-Effect
product I-Effect
pricing I-Effect
. O

While O
we O
expect O
Facebook O
's O
cost O
of O
goods O
to O
decline O
at O
the O
same O
rate O
as O
its O
revenue O
in O
2020 O
, O
we O
see O
the B-Cause
remaining I-Cause
costs I-Cause
growing I-Cause
faster I-Cause
and O
lowering B-Effect
the I-Effect
operating I-Effect
margin I-Effect
in I-Effect
2020 I-Effect
. O

We O
have O
raised O
our B-Effect
long-term I-Effect
tax I-Effect
rate I-Effect
assumption I-Effect
to I-Effect
30 I-Effect
% I-Effect
from I-Effect
25 I-Effect
% I-Effect
in O
anticipation O
of O
a B-Cause
corporate I-Cause
tax I-Cause
increase I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

We O
expect O
freight B-Effect
demand I-Effect
to I-Effect
continue I-Effect
recovering I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
revenue I-Effect
rising I-Effect
around I-Effect
8 I-Effect
% I-Effect
on O
solid B-Cause
intermodal I-Cause
growth I-Cause
( I-Cause
aided I-Cause
by I-Cause
unusually I-Cause
tight I-Cause
truckload I-Cause
market I-Cause
capacity I-Cause
and I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
) I-Cause
, I-Cause
automotive I-Cause
volume I-Cause
recovery I-Cause
, I-Cause
and I-Cause
industrial I-Cause
end-market I-Cause
improvement I-Cause
. O

From O
an O
environmental O
, O
social O
, O
and O
governance O
perspective O
, O
risks O
include O
failure O
to O
comply O
with O
environmental O
, O
health O
and O
safety O
, O
and O
anti-bribery O
regulations O
; O
the O
firm O
's O
ability O
to O
attract O
and O
retain O
qualified O
technical O
personnel O
; O
and O
execution B-Cause
challenges I-Cause
resulting O
in O
cost B-Effect
overruns I-Effect
on I-Effect
fixed-price I-Effect
contracts I-Effect
. O

While O
we O
expect O
that O
since O
Raytheon B-Cause
Technologies I-Cause
is I-Cause
more I-Cause
exposed I-Cause
to I-Cause
the I-Cause
resilient I-Cause
narrow-body I-Cause
market I-Cause
, O
the B-Effect
firm I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
rebound I-Effect
reasonably I-Effect
quickly I-Effect
, O
we B-Effect
recognize I-Effect
the I-Effect
pandemic I-Effect
presents I-Effect
a I-Effect
substantial I-Effect
near-term I-Effect
risk I-Effect
as O
commercial B-Cause
passenger I-Cause
traffic I-Cause
has I-Cause
declined I-Cause
immensely I-Cause
. O

If B-Cause
higher I-Cause
margins I-Cause
do I-Cause
n't I-Cause
come I-Cause
to I-Cause
fruition I-Cause
, O
we O
see O
little B-Effect
bright I-Effect
side I-Effect
for I-Effect
Lumen I-Effect
's I-Effect
future I-Effect
beyond I-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
assets I-Effect
. O

Nike B-Effect
has I-Effect
limited I-Effect
advantage I-Effect
in I-Effect
product I-Effect
costs I-Effect
as O
virtually B-Cause
all I-Cause
its I-Cause
production I-Cause
is I-Cause
outsourced I-Cause
to I-Cause
more I-Cause
than I-Cause
400 I-Cause
independent I-Cause
factories I-Cause
in I-Cause
about I-Cause
40 I-Cause
countries I-Cause
. O

We O
believe O
Coach B-Effect
attains I-Effect
high I-Effect
gross I-Effect
margins I-Effect
in I-Effect
an I-Effect
extremely I-Effect
crowded I-Effect
category I-Effect
because O
consumers B-Cause
view I-Cause
its I-Cause
products I-Cause
as I-Cause
being I-Cause
of I-Cause
high I-Cause
quality I-Cause
and I-Cause
fashionable I-Cause
and I-Cause
are I-Cause
willing I-Cause
to I-Cause
pay I-Cause
extra I-Cause
for I-Cause
its I-Cause
products I-Cause
. O

Since O
Akamai B-Cause
is I-Cause
in I-Cause
1,400 I-Cause
networks I-Cause
, I-Cause
which I-Cause
we I-Cause
believe I-Cause
is I-Cause
more I-Cause
than I-Cause
any I-Cause
competitor I-Cause
, O
it O
can O
offer B-Effect
the I-Effect
most I-Effect
compelling I-Effect
product I-Effect
to I-Effect
the I-Effect
widest I-Effect
range I-Effect
of I-Effect
customers I-Effect
. O

As O
an O
example O
, O
a B-Effect
brand I-Effect
like I-Effect
Prada I-Effect
would I-Effect
not I-Effect
be I-Effect
willing I-Effect
to I-Effect
be I-Effect
the I-Effect
only I-Effect
luxury I-Effect
brand I-Effect
on I-Effect
the I-Effect
platform I-Effect
of I-Effect
cheaper I-Effect
or I-Effect
lesser-known I-Effect
peers I-Effect
, O
as O
such B-Cause
a I-Cause
network I-Cause
would I-Cause
n't I-Cause
attract I-Cause
the I-Cause
right I-Cause
target I-Cause
audience I-Cause
, I-Cause
or I-Cause
worse I-Cause
even I-Cause
, I-Cause
have I-Cause
a I-Cause
damaging I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
cheapening I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
effect I-Cause
on I-Cause
the I-Cause
brand I-Cause
. O

We O
model O
FireEye O
producing B-Effect
a I-Effect
9 I-Effect
% I-Effect
five-year I-Effect
revenue I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
as O
it B-Cause
gains I-Cause
momentum I-Cause
with I-Cause
cloud-based I-Cause
subscriptions I-Cause
and I-Cause
managed I-Cause
services I-Cause
. O

Established B-Cause
brands I-Cause
like I-Cause
Deere I-Cause
and I-Cause
Case I-Cause
IH I-Cause
( I-Cause
a I-Cause
CNH I-Cause
brand I-Cause
) I-Cause
were I-Cause
instrumental I-Cause
in I-Cause
mechanizing I-Cause
crop I-Cause
production I-Cause
and I-Cause
boosting I-Cause
farmers I-Cause
' I-Cause
productivity I-Cause
; O
which O
led O
to O
strong B-Effect
brand I-Effect
loyalty I-Effect
among I-Effect
farmers I-Effect
. O

Part B-Effect
of I-Effect
the I-Effect
success I-Effect
of I-Effect
U.S.-based I-Effect
investment I-Effect
banks I-Effect
in I-Effect
recent I-Effect
years I-Effect
was I-Effect
due I-Effect
to I-Effect
the I-Effect
pullback I-Effect
from I-Effect
European I-Effect
investment I-Effect
banks I-Effect
, O
as O
they B-Cause
scaled I-Cause
down I-Cause
their I-Cause
investment I-Cause
banking I-Cause
operations I-Cause
or I-Cause
continued I-Cause
repairing I-Cause
their I-Cause
balance I-Cause
sheets I-Cause
. O

Field B-Cause
service I-Cause
engineers I-Cause
that I-Cause
are I-Cause
on-site I-Cause
at I-Cause
customer I-Cause
fabs I-Cause
help O
troubleshoot B-Effect
high-value I-Effect
problems I-Effect
to I-Effect
improve I-Effect
yields I-Effect
and I-Effect
output I-Effect
, O
ultimately O
driving B-Effect
productivity I-Effect
and I-Effect
reducing I-Effect
cost I-Effect
. O

According O
to O
Sysco O
, O
independent B-Cause
operators I-Cause
use I-Cause
five I-Cause
to I-Cause
six I-Cause
food-service I-Cause
delivery I-Cause
services I-Cause
, O
and O
US O
Foods O
has O
disclosed O
that O
it O
averages O
a O
30 O
% O
wallet O
share O
, O
so O
it B-Effect
is I-Effect
very I-Effect
typical I-Effect
for I-Effect
customers I-Effect
to I-Effect
shift I-Effect
purchases I-Effect
to I-Effect
another I-Effect
distributor I-Effect
if I-Effect
a I-Effect
lower I-Effect
price I-Effect
is I-Effect
found I-Effect
. O

Further O
, O
we O
forecast B-Effect
gross I-Effect
and I-Effect
operating I-Effect
margins I-Effect
of I-Effect
55.8 I-Effect
% I-Effect
and I-Effect
19.5 I-Effect
% I-Effect
, O
respectively O
, O
down O
from O
55.9 O
% O
and O
22.3 O
% O
last O
year O
, O
as O
the B-Cause
lower I-Cause
store I-Cause
sales I-Cause
and I-Cause
discounting I-Cause
reduces I-Cause
cost I-Cause
leverage I-Cause
. O

Viatris B-Cause
will I-Cause
leverage I-Cause
scale I-Cause
to I-Cause
offset I-Cause
declines I-Cause
from I-Cause
maturing I-Cause
generics I-Cause
and I-Cause
benefit I-Cause
from I-Cause
continued I-Cause
traction I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
leading I-Cause
biosimilar I-Cause
portfolio I-Cause
that O
will B-Effect
provide I-Effect
differentiation I-Effect
and I-Effect
growth I-Effect
opportunities I-Effect
. O

That O
said O
, O
given O
the B-Cause
uncertain I-Cause
nature I-Cause
of I-Cause
the I-Cause
timing I-Cause
of I-Cause
any I-Cause
such I-Cause
deals I-Cause
, O
we B-Effect
currently I-Effect
do I-Effect
not I-Effect
factor I-Effect
in I-Effect
future I-Effect
acquisitions I-Effect
into I-Effect
our I-Effect
model I-Effect
. O

Strong B-Cause
cash I-Cause
generation I-Cause
has O
enabled O
the B-Effect
firm I-Effect
to I-Effect
increase I-Effect
its I-Effect
dividend I-Effect
for I-Effect
over I-Effect
the I-Effect
past I-Effect
half I-Effect
century I-Effect
, O
and O
we O
expect O
this O
to O
continue O
. O

These O
strengths O
have O
helped O
Home B-Effect
Depot I-Effect
deliver I-Effect
adjusted I-Effect
average I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
excluding I-Effect
goodwill I-Effect
, I-Effect
of I-Effect
33 I-Effect
% I-Effect
during I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
, O
benefiting O
from O
operational B-Cause
excellence I-Cause
at I-Cause
its I-Cause
core I-Cause
namesake I-Cause
business I-Cause
. O

We O
project O
operating B-Effect
margins I-Effect
( I-Effect
unadjusted I-Effect
for I-Effect
cost I-Effect
reimbursement I-Effect
) I-Effect
reaching I-Effect
17.5 I-Effect
% I-Effect
( I-Effect
16.4 I-Effect
% I-Effect
prior I-Effect
) I-Effect
in I-Effect
2029 I-Effect
from I-Effect
12.6 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
aided O
by O
lower B-Cause
labor I-Cause
expense I-Cause
. O

The B-Cause
growing I-Cause
popularity I-Cause
of I-Cause
e-commerce I-Cause
has I-Cause
amplified I-Cause
price I-Cause
transparency I-Cause
and O
opened B-Effect
the I-Effect
door I-Effect
for I-Effect
capable I-Effect
Internet-based I-Effect
competition I-Effect
, O
most O
notably O
Amazon O
Business O
. O

The O
global B-Effect
restaurant I-Effect
sector I-Effect
has O
come O
under O
pressure O
as O
several B-Cause
markets I-Cause
have I-Cause
restricted I-Cause
dine-in I-Cause
service I-Cause
to I-Cause
curb I-Cause
the I-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
. O

Overall O
, O
considering O
Qiagen O
's O
strong O
reputation O
in O
a O
relatively O
low-cost O
but O
essential O
input O
to O
their O
scientific O
projects O
( O
sample O
preparation O
) O
, O
scientists B-Cause
appear I-Cause
reluctant I-Cause
to I-Cause
switch I-Cause
providers I-Cause
due O
to O
consistency B-Cause
and I-Cause
reproducibility I-Cause
factors I-Cause
, O
which O
add B-Effect
to I-Effect
the I-Effect
switching I-Effect
costs I-Effect
in I-Effect
this I-Effect
business I-Effect
. O

Further O
, O
since O
it O
is O
quite O
difficult B-Cause
to I-Cause
replace I-Cause
products I-Cause
that I-Cause
are I-Cause
in I-Cause
orbit I-Cause
, O
we O
think O
the B-Effect
military I-Effect
faces I-Effect
substantial I-Effect
switching I-Effect
costs I-Effect
and O
would O
want O
to O
see O
proven O
reliability O
before O
awarding O
a O
long-cycle O
product O
to O
an O
untested O
contractor O
. O

Suppliers B-Cause
could I-Cause
also I-Cause
decide I-Cause
to I-Cause
bring I-Cause
their I-Cause
demand I-Cause
creation I-Cause
abilities I-Cause
in-house I-Cause
, O
as O
Texas O
Instruments O
did O
recently O
, O
which O
would O
significantly O
reduce B-Effect
Avnet I-Effect
's I-Effect
value I-Effect
proposition I-Effect
. O

This O
is O
especially O
salient O
amid B-Cause
the I-Cause
coronavirus-induced I-Cause
crisis I-Cause
, O
which O
has O
caused O
an B-Effect
exodus I-Effect
of I-Effect
high-earning I-Effect
employees I-Effect
and I-Effect
their I-Effect
employers I-Effect
from I-Effect
the I-Effect
Bay I-Effect
Area I-Effect
. O

While O
this O
should O
give O
Hilfiger O
a O
boost O
, O
it B-Effect
is I-Effect
unlikely I-Effect
to I-Effect
be I-Effect
a I-Effect
game I-Effect
changer I-Effect
as O
Kohl B-Cause
's I-Cause
, I-Cause
like I-Cause
Macy I-Cause
's I-Cause
, I-Cause
has I-Cause
limited I-Cause
growth I-Cause
and I-Cause
its I-Cause
total I-Cause
sales I-Cause
remain I-Cause
below I-Cause
peak I-Cause
levels I-Cause
. O

That O
said O
, O
3M B-Effect
has I-Effect
failed I-Effect
to I-Effect
grow I-Effect
intrinsic I-Effect
value I-Effect
for O
the O
past O
three O
years O
by O
our O
measure O
, O
which O
we O
attribute O
to O
a B-Cause
combination I-Cause
of I-Cause
self-inflicted I-Cause
wounds I-Cause
and I-Cause
pandemic-related I-Cause
headwinds I-Cause
. O

However O
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
expand I-Effect
after I-Effect
2020 I-Effect
as O
operating B-Cause
leverage I-Cause
returns I-Cause
and I-Cause
Carrier I-Cause
works I-Cause
to I-Cause
eliminate I-Cause
$ I-Cause
700 I-Cause
million I-Cause
from I-Cause
its I-Cause
cost I-Cause
structure I-Cause
. O

We O
forecast O
that O
NIMs B-Effect
will I-Effect
come I-Effect
under I-Effect
pressure I-Effect
due O
to O
rate B-Cause
cuts I-Cause
in I-Cause
the I-Cause
initial I-Cause
years I-Cause
of O
our O
forecast O
, O
before O
recovering O
somewhat O
as O
we O
project O
NIMs O
normalizing O
to O
what O
we O
view O
as O
a O
midcycle O
level O
in O
the O
later O
years O
of O
our O
forecast O
. O

In O
the O
United O
States O
, B-Effect
aircraft I-Effect
engine I-Effect
inspections I-Effect
are I-Effect
both I-Effect
mandated I-Effect
and I-Effect
regulated I-Effect
by I-Effect
the I-Effect
Federal I-Effect
Aviation I-Effect
Administration I-Effect
, O
and O
unplanned B-Cause
downtime I-Cause
related I-Cause
to I-Cause
concerns I-Cause
over I-Cause
an I-Cause
engine I-Cause
's I-Cause
efficacy I-Cause
can I-Cause
wreak I-Cause
havoc I-Cause
for I-Cause
airlines I-Cause
, I-Cause
both I-Cause
in I-Cause
terms I-Cause
of I-Cause
time I-Cause
and I-Cause
expense I-Cause
. O

Erratic B-Cause
changes I-Cause
in I-Cause
input I-Cause
costs I-Cause
can O
weigh B-Effect
on I-Effect
profits I-Effect
; O
if O
Kellogg O
opts O
to O
raise O
prices O
to O
offset O
these O
pressures O
, O
volume B-Effect
may I-Effect
contract I-Effect
if B-Cause
consumers I-Cause
balk I-Cause
, I-Cause
especially I-Cause
during I-Cause
economic I-Cause
periods I-Cause
where I-Cause
consumers I-Cause
opt I-Cause
to I-Cause
ratchet I-Cause
back I-Cause
their I-Cause
spending I-Cause
. O

Additionally O
, O
vertical B-Effect
integration I-Effect
could I-Effect
eliminate I-Effect
the I-Effect
need I-Effect
for I-Effect
Duke I-Effect
Realty I-Effect
's I-Effect
properties I-Effect
, I-Effect
as I-Effect
companies I-Effect
could I-Effect
decide I-Effect
to I-Effect
build I-Effect
their I-Effect
own I-Effect
facilities. O
This O
of O
course O
would O
require O
the B-Cause
company I-Cause
to I-Cause
add I-Cause
the I-Cause
property I-Cause
to I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
as I-Cause
opposed I-Cause
to I-Cause
simply I-Cause
paying I-Cause
rent I-Cause
. O

Paccar B-Effect
is I-Effect
also I-Effect
determined I-Effect
to I-Effect
mass I-Effect
produce I-Effect
autonomous I-Effect
trucks I-Effect
, O
creating B-Cause
a I-Cause
pathway I-Cause
for I-Cause
its I-Cause
eventual I-Cause
shift I-Cause
to I-Cause
alternatively I-Cause
powered I-Cause
vehicles I-Cause
. O

Since O
Seifi B-Effect
Ghasemi I-Effect
was I-Effect
appointed I-Effect
CEO I-Effect
in I-Effect
2014 I-Effect
, I-Effect
new I-Effect
management I-Effect
has I-Effect
launched I-Effect
several I-Effect
initiatives I-Effect
that I-Effect
drastically I-Effect
improved I-Effect
Air I-Effect
Products I-Effect
' I-Effect
profitability I-Effect
, I-Effect
raising I-Effect
EBITDA I-Effect
margins I-Effect
by I-Effect
over I-Effect
1,500 I-Effect
basis I-Effect
points. O
This O
remarkable O
improvement O
is O
largely O
due O
to O
significant B-Cause
cost I-Cause
cuts I-Cause
, I-Cause
divestments I-Cause
of I-Cause
low-margin I-Cause
noncore I-Cause
operations I-Cause
, I-Cause
and I-Cause
an I-Cause
aggressive I-Cause
pursuit I-Cause
of I-Cause
opportunities I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
. O

Marathon O
previously O
noted O
in O
an O
analysis O
of O
whether O
to O
keep O
or O
spin O
off O
the O
retail O
segment O
that O
it O
realizes B-Effect
upwards I-Effect
of I-Effect
$ I-Effect
390 I-Effect
million I-Effect
per I-Effect
year I-Effect
of I-Effect
synergies I-Effect
through O
integration B-Cause
with I-Cause
refining I-Cause
. O

In O
parallel O
, O
we O
forecast O
gross B-Effect
margin I-Effect
to I-Effect
decrease I-Effect
from I-Effect
31.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
31.0 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
as O
increasing B-Cause
automation I-Cause
in I-Cause
Accenture I-Cause
's I-Cause
servicing I-Cause
, I-Cause
which I-Cause
cuts I-Cause
training I-Cause
costs I-Cause
embedded I-Cause
in I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
, I-Cause
is I-Cause
overshadowed I-Cause
by I-Cause
the I-Cause
anomalous I-Cause
2020 I-Cause
comparison I-Cause
in I-Cause
which I-Cause
Accenture I-Cause
benefited I-Cause
from I-Cause
significantly I-Cause
reduced I-Cause
travel I-Cause
costs I-Cause
. O

Any B-Cause
large I-Cause
decline I-Cause
in I-Cause
light I-Cause
vehicle I-Cause
sales I-Cause
or I-Cause
decrease I-Cause
in I-Cause
the I-Cause
conversion I-Cause
rate I-Cause
would O
significantly O
impact O
the B-Effect
size I-Effect
of I-Effect
self-pay I-Effect
subscriber I-Effect
base I-Effect
. I-Effect

The O
fact O
that O
an B-Cause
SMB I-Cause
has I-Cause
a I-Cause
greater I-Cause
chance I-Cause
of I-Cause
failure I-Cause
does O
not O
mean O
it B-Effect
would I-Effect
be I-Effect
more I-Effect
likely I-Effect
to I-Effect
change I-Effect
its I-Effect
digital I-Effect
commerce I-Effect
platform I-Effect
. O

The O
company O
recently O
announced O
that O
it B-Effect
will I-Effect
expand I-Effect
acetic I-Effect
acid I-Effect
production I-Effect
capacity I-Effect
at I-Effect
Clear I-Effect
Lake I-Effect
by I-Effect
roughly I-Effect
50 I-Effect
% I-Effect
, O
which O
should O
benefit O
segment O
margins O
thanks O
to O
lower B-Cause
average I-Cause
unit I-Cause
production I-Cause
costs I-Cause
. O

With O
2020-21 B-Effect
set I-Effect
to I-Effect
be I-Effect
plagued I-Effect
by I-Effect
inconsistent I-Effect
pricing I-Effect
strategies I-Effect
as O
Norwegian B-Cause
and I-Cause
the I-Cause
other I-Cause
cruise I-Cause
operators I-Cause
try I-Cause
to I-Cause
entice I-Cause
cruisers I-Cause
to I-Cause
sail I-Cause
again I-Cause
, O
we O
do O
n't O
see O
Norwegian O
reaching O
near O
2019 O
pricing O
again O
until O
2022 O
( O
second-half O
2021 O
pricing O
is O
already O
trending O
in O
line O
with O
prepandemic O
levels O
in O
autumn O
2020 O
) O
. O

Given O
2 O
Jun O
2021 O
05:00 O
, O
UTCthe O
importance B-Cause
of I-Cause
security I-Cause
, I-Cause
especially I-Cause
in I-Cause
the I-Cause
increasingly I-Cause
digitized I-Cause
world I-Cause
, O
such B-Effect
a I-Effect
disruption I-Effect
could I-Effect
be I-Effect
dangerous I-Effect
for I-Effect
business I-Effect
operations I-Effect
and O
lead O
to O
a B-Effect
data I-Effect
breach I-Effect
that I-Effect
could I-Effect
impede I-Effect
customer I-Effect
trust I-Effect
in I-Effect
the I-Effect
company I-Effect
. O

Food B-Cause
consumption I-Cause
is I-Cause
outpacing I-Cause
population I-Cause
growth I-Cause
as I-Cause
wealthier I-Cause
, I-Cause
more I-Cause
educated I-Cause
societies I-Cause
become I-Cause
more I-Cause
urbanized. O
This B-Effect
shift I-Effect
generates I-Effect
the I-Effect
twofold I-Effect
effect I-Effect
of I-Effect
reducing I-Effect
the I-Effect
available I-Effect
stock I-Effect
of I-Effect
farm I-Effect
labor I-Effect
, I-Effect
which I-Effect
drives I-Effect
mechanization I-Effect
, I-Effect
and I-Effect
producing I-Effect
a I-Effect
more I-Effect
affluent I-Effect
society I-Effect
that I-Effect
consumes I-Effect
more I-Effect
food I-Effect
with I-Effect
higher I-Effect
protein I-Effect
content I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
make I-Cause
meaningful I-Cause
innovations I-Cause
to I-Cause
its I-Cause
key I-Cause
products I-Cause
, O
such O
as O
the O
Foley O
catheter O
, O
has O
allowed O
the O
firm O
to O
stave B-Effect
off I-Effect
pricing I-Effect
pressure I-Effect
and O
maintain B-Effect
its I-Effect
presence I-Effect
on I-Effect
the I-Effect
equipment I-Effect
shelf I-Effect
. O

We O
are O
increasing B-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
to I-Cause
$ I-Cause
225 I-Cause
per I-Cause
share I-Cause
from I-Cause
$ I-Cause
183 I-Cause
to O
reflect B-Effect
the I-Effect
better I-Effect
traction I-Effect
of I-Effect
the I-Effect
recent I-Effect
acquisitions I-Effect
( I-Effect
Livongo I-Effect
and I-Effect
InTouch I-Effect
) I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
likely I-Effect
extension I-Effect
of I-Effect
temporary I-Effect
telehealth I-Effect
reimbursement I-Effect
. O

Lennar B-Cause
's I-Cause
investments I-Cause
in I-Cause
ancillary I-Cause
businesses I-Cause
, I-Cause
such I-Cause
as I-Cause
its I-Cause
multifamily I-Cause
business I-Cause
and I-Cause
technology I-Cause
startups I-Cause
, O
distinguishes B-Effect
the I-Effect
company I-Effect
from I-Effect
many I-Effect
other I-Effect
homebuilders I-Effect
. O

Between O
2014 O
and O
2019 O
, O
Akamai B-Effect
went I-Effect
from I-Effect
garnering I-Effect
over I-Effect
18 I-Effect
% I-Effect
of I-Effect
its I-Effect
revenue I-Effect
from I-Effect
its I-Effect
six I-Effect
big I-Effect
Internet I-Effect
customers I-Effect
to I-Effect
about I-Effect
6 I-Effect
% I-Effect
, O
as O
the B-Cause
revenue I-Cause
it I-Cause
received I-Cause
from I-Cause
them I-Cause
nearly I-Cause
got I-Cause
cut I-Cause
in I-Cause
half I-Cause
. O

ITT B-Cause
has I-Cause
an I-Cause
agreement I-Cause
with I-Cause
its I-Cause
suppliers I-Cause
to I-Cause
lock I-Cause
up I-Cause
that I-Cause
technology I-Cause
for I-Cause
five I-Cause
years I-Cause
, O
which O
prevents O
imitation B-Effect
from I-Effect
its I-Effect
competitors I-Effect
. O

We B-Cause
believe I-Cause
that I-Cause
about I-Cause
half I-Cause
of I-Cause
Conagra I-Cause
's I-Cause
revenue I-Cause
competes I-Cause
in I-Cause
categories I-Cause
in I-Cause
which I-Cause
private I-Cause
brands I-Cause
have I-Cause
a I-Cause
significant I-Cause
presence I-Cause
, O
which O
we B-Effect
think I-Effect
will I-Effect
limit I-Effect
the I-Effect
firm I-Effect
's I-Effect
pricing I-Effect
power I-Effect
. O

We O
expect O
Abbott B-Effect
can I-Effect
partially I-Effect
close I-Effect
the I-Effect
operating I-Effect
margin I-Effect
gap I-Effect
and I-Effect
project I-Effect
460 I-Effect
basis I-Effect
points I-Effect
of I-Effect
improvement I-Effect
from I-Effect
2019 I-Effect
to I-Effect
2024 I-Effect
, O
as O
the B-Cause
firm I-Cause
leverages I-Cause
the I-Cause
distribution I-Cause
infrastructure I-Cause
it I-Cause
has I-Cause
built I-Cause
out I-Cause
for I-Cause
penetration I-Cause
of I-Cause
emerging I-Cause
markets I-Cause
across I-Cause
its I-Cause
product I-Cause
segments I-Cause
and I-Cause
extracts I-Cause
cost I-Cause
synergies I-Cause
from I-Cause
its I-Cause
recent I-Cause
acquisitions I-Cause
. O

The B-Effect
balance I-Effect
sheet I-Effect
is I-Effect
finally I-Effect
growing I-Effect
again I-Effect
, O
after O
years B-Cause
of I-Cause
planned I-Cause
sell-offs I-Cause
in I-Cause
an I-Cause
effort I-Cause
to I-Cause
derisk I-Cause
and I-Cause
reform I-Cause
the I-Cause
business I-Cause
. O

We B-Cause
see I-Cause
the I-Cause
net I-Cause
charge-off I-Cause
ratio I-Cause
normalizing I-Cause
to I-Cause
roughly I-Cause
0.4 I-Cause
% I-Cause
and I-Cause
noninterest I-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
2 I-Cause
% I-Cause
-3 I-Cause
% I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate. O
This O
leads O
us O
to O
expect O
a B-Effect
through-the-cycle I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
roughly I-Effect
13 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
higher I-Effect
than I-Effect
our I-Effect
9 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
. O

While O
we O
believe O
that O
Fluor B-Cause
's I-Cause
revised I-Cause
risk I-Cause
criteria I-Cause
will O
help O
lower B-Effect
risk I-Effect
in I-Effect
the I-Effect
long-run I-Effect
, O
we O
note O
that O
Fluor B-Cause
's I-Cause
exposure I-Cause
to I-Cause
fixed-price I-Cause
contracts I-Cause
remains I-Cause
significantly I-Cause
higher I-Cause
than I-Cause
it I-Cause
used I-Cause
to I-Cause
be I-Cause
, O
which O
elevates B-Effect
uncertainty I-Effect
around I-Effect
the I-Effect
firm I-Effect
's I-Effect
backlog I-Effect
. O

Instead O
, O
the B-Effect
firm I-Effect
generates I-Effect
revenue I-Effect
via O
by O
selling B-Cause
and I-Cause
leasing I-Cause
the I-Cause
required I-Cause
proprietary I-Cause
equipment I-Cause
and I-Cause
via I-Cause
fees I-Cause
for I-Cause
digitally I-Cause
remastering I-Cause
standard I-Cause
films I-Cause
into I-Cause
the I-Cause
proprietary I-Cause
Imax I-Cause
format I-Cause
. O

We O
think O
Snowflake B-Effect
benefits I-Effect
from I-Effect
switching I-Effect
costs I-Effect
and I-Effect
a I-Effect
network I-Effect
effect I-Effect
, O
protected B-Cause
by I-Cause
its I-Cause
unique I-Cause
multicloud I-Cause
strategies I-Cause
throughout I-Cause
its I-Cause
data I-Cause
lake I-Cause
, I-Cause
data I-Cause
warehousing I-Cause
, I-Cause
and I-Cause
data I-Cause
sharing I-Cause
offerings I-Cause
. O

Even O
as O
traditional O
beer O
within O
brand O
families O
like O
Corona O
, O
Modelo O
, O
and O
Pacifico O
start O
to O
mature O
, O
adjacencies B-Effect
like I-Effect
flavored I-Effect
malt I-Effect
beverages I-Effect
( I-Effect
FMBs I-Effect
) I-Effect
and I-Effect
seltzer I-Effect
should I-Effect
provide I-Effect
volume I-Effect
upside I-Effect
as O
they B-Cause
become I-Cause
more I-Cause
meaningful I-Cause
within I-Cause
the I-Cause
mix I-Cause
. O

With O
shoppers B-Cause
' I-Cause
habits I-Cause
far I-Cause
from I-Cause
settled I-Cause
and I-Cause
digital I-Cause
and I-Cause
physical I-Cause
sellers I-Cause
competing I-Cause
aggressively I-Cause
in I-Cause
a I-Cause
sector I-Cause
with I-Cause
virtually I-Cause
no I-Cause
switching I-Cause
costs I-Cause
, O
we O
see O
no B-Effect
end I-Effect
to I-Effect
the I-Effect
upheaval I-Effect
. O

The B-Effect
A3 I-Effect
printing I-Effect
market I-Effect
has I-Effect
large I-Effect
incumbent I-Effect
players I-Effect
and I-Effect
HP I-Effect
's I-Effect
movement I-Effect
into I-Effect
the I-Effect
market I-Effect
could I-Effect
create I-Effect
an I-Effect
unsupportable I-Effect
pricing I-Effect
environment I-Effect
as O
vendors B-Cause
possibly I-Cause
keep I-Cause
existing I-Cause
clients I-Cause
through I-Cause
price I-Cause
concessions I-Cause
. O

While B-Cause
we I-Cause
only I-Cause
model I-Cause
a I-Cause
30 I-Cause
% I-Cause
probability I-Cause
of I-Cause
approval I-Cause
for I-Cause
an I-Cause
Alzheimer I-Cause
's I-Cause
program I-Cause
with I-Cause
Biogen I-Cause
and I-Cause
a I-Cause
hepatitis I-Cause
B I-Cause
program I-Cause
with I-Cause
Glaxo I-Cause
, O
these B-Effect
could I-Effect
significantly I-Effect
boost I-Effect
our I-Effect
revenue I-Effect
forecast I-Effect
if B-Cause
they I-Cause
advance I-Cause
into I-Cause
late-stage I-Cause
trials I-Cause
and I-Cause
to I-Cause
the I-Cause
market I-Cause
. O

We O
expect O
adjusted B-Effect
operating I-Effect
earnings I-Effect
for I-Effect
Southern I-Effect
's I-Effect
three I-Effect
regulated I-Effect
electric I-Effect
utilities I-Effect
to I-Effect
grow I-Effect
at I-Effect
an I-Effect
annual I-Effect
rate I-Effect
of I-Effect
5.6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
Vogtle B-Cause
is I-Cause
completed I-Cause
and I-Cause
estimated I-Cause
capital I-Cause
expenditures I-Cause
accelerate I-Cause
to I-Cause
$ I-Cause
30 I-Cause
billion I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
versus I-Cause
$ I-Cause
24 I-Cause
billion I-Cause
from I-Cause
2016-20 I-Cause
. O

While O
the O
apparel O
manufacturing O
industry O
can O
draw O
scrutiny O
regarding O
its O
labor O
practices O
, O
we O
see O
the O
risk B-Effect
largely O
confined O
to O
producers B-Cause
; O
furthermore O
, O
Burlington O
's O
assortment O
is O
changing O
and O
drawn O
from O
thousands O
of O
suppliers O
. O

Ralph B-Effect
Lauren I-Effect
has I-Effect
reduced I-Effect
costs I-Effect
through O
cost B-Cause
concessions I-Cause
from I-Cause
suppliers I-Cause
, I-Cause
the I-Cause
elimination I-Cause
of I-Cause
entire I-Cause
layers I-Cause
of I-Cause
management I-Cause
, I-Cause
and I-Cause
supply-chain I-Cause
improvements I-Cause
that I-Cause
include I-Cause
shorter I-Cause
production I-Cause
times I-Cause
and I-Cause
sourcing I-Cause
from I-Cause
lower-wage I-Cause
countries I-Cause
. O

Second O
, O
Allegion O
competes O
against O
well-established O
and O
capable O
competitors O
( O
for O
example O
, O
Assa O
Abloy O
and O
Dormakaba O
) O
, O
and O
the B-Effect
firm I-Effect
must I-Effect
stay I-Effect
on I-Effect
the I-Effect
cutting I-Effect
edge I-Effect
of I-Effect
technology I-Effect
to I-Effect
remain I-Effect
competitive I-Effect
as O
electronic B-Cause
and I-Cause
mechanical I-Cause
security I-Cause
technology I-Cause
converge I-Cause
. O

Nvidia O
has O
a O
first-mover O
advantage O
in O
chip O
solutions O
for O
AI O
and O
autonomous-vehicles O
, O
though O
its B-Effect
lead I-Effect
may I-Effect
not I-Effect
last O
if O
superior B-Cause
alternatives I-Cause
arise I-Cause
( O
other O
forms O
of O
acceleration O
for O
AI O
or O
other O
self-driving O
platforms O
) O
. O

However O
, O
as O
smartphone O
apps O
have O
disrupted O
the O
PND O
market O
, O
Garmin B-Effect
's I-Effect
major I-Effect
revenue I-Effect
sources I-Effect
have I-Effect
shifted I-Effect
to I-Effect
its I-Effect
aviation I-Effect
and I-Effect
marine I-Effect
segments I-Effect
as I-Effect
well I-Effect
as I-Effect
its I-Effect
fitness I-Effect
and I-Effect
outdoor I-Effect
segments I-Effect
as O
the B-Cause
smartwatch I-Cause
market I-Cause
has I-Cause
taken I-Cause
off I-Cause
. O

Competitive O
dynamics O
, O
fleet O
changes O
, O
and O
a O
less O
established B-Effect
international I-Effect
presence I-Effect
( I-Effect
particularly I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
) I-Effect
constitute I-Effect
the I-Effect
most I-Effect
significant I-Effect
risks I-Effect
to I-Effect
our I-Effect
long-term I-Effect
outlook I-Effect
, O
with O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
the I-Cause
most I-Cause
material I-Cause
near-term I-Cause
source I-Cause
of I-Cause
agita I-Cause
. O

Additionally O
, O
both B-Cause
banks I-Cause
enjoy I-Cause
a I-Cause
large I-Cause
deposit I-Cause
base I-Cause
owing I-Cause
to I-Cause
the I-Cause
perception I-Cause
of I-Cause
government I-Cause
support I-Cause
( I-Cause
savings I-Cause
banks I-Cause
) I-Cause
, I-Cause
their I-Cause
long I-Cause
history I-Cause
of I-Cause
involvement I-Cause
in I-Cause
local I-Cause
economies I-Cause
through I-Cause
dense I-Cause
local I-Cause
branch I-Cause
networks I-Cause
and I-Cause
public I-Cause
event I-Cause
sponsoring I-Cause
initiatives I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
their I-Cause
stable I-Cause
performance I-Cause
through I-Cause
financial I-Cause
crises I-Cause
and I-Cause
willingness I-Cause
to I-Cause
extent I-Cause
credit I-Cause
in I-Cause
bust I-Cause
cycles. O
This O
creates O
a B-Effect
funding I-Effect
advantage I-Effect
for I-Effect
public I-Effect
banks I-Effect
which I-Effect
is I-Effect
mirrored I-Effect
in I-Effect
significantly I-Effect
higher I-Effect
net I-Effect
interest I-Effect
margins I-Effect
relative I-Effect
to I-Effect
private I-Effect
commercial I-Effect
banks I-Effect
. O

However O
, O
we O
generally O
expect O
underwriting B-Effect
profits I-Effect
to I-Effect
start I-Effect
to I-Effect
narrow I-Effect
a I-Effect
bit I-Effect
in I-Effect
the I-Effect
back I-Effect
half I-Effect
of I-Effect
our I-Effect
projection I-Effect
periods I-Effect
, O
as O
we O
expect O
higher B-Cause
interest I-Cause
rates I-Cause
to I-Cause
lead I-Cause
to I-Cause
lower I-Cause
underwriting I-Cause
profitability I-Cause
for I-Cause
the I-Cause
industry I-Cause
over I-Cause
time O
. O

We O
expect O
net B-Effect
interest I-Effect
margins I-Effect
to I-Effect
remain I-Effect
below I-Effect
their I-Effect
pre-pandemic I-Effect
level I-Effect
for I-Effect
some I-Effect
time I-Effect
as O
it B-Cause
will I-Cause
take I-Cause
time I-Cause
for I-Cause
Capital I-Cause
One I-Cause
's I-Cause
credit I-Cause
card I-Cause
portfolio I-Cause
to I-Cause
recover I-Cause
to I-Cause
its I-Cause
original I-Cause
size I-Cause
. O

After O
KeyBank O
incorporated B-Cause
Nice I-Cause
's I-Cause
interactions I-Cause
and I-Cause
AI-driven I-Cause
analytics I-Cause
offerings I-Cause
, O
it O
was O
able O
to O
automate B-Effect
redundant I-Effect
processes I-Effect
, I-Effect
gain I-Effect
insights I-Effect
into I-Effect
agent I-Effect
performance I-Effect
, I-Effect
and I-Effect
improve I-Effect
customer I-Effect
resolution I-Effect
based I-Effect
on I-Effect
the I-Effect
most I-Effect
frequent I-Effect
queries I-Effect
. O

This B-Cause
integration I-Cause
and I-Cause
ability I-Cause
to I-Cause
offer I-Cause
an I-Cause
improved I-Cause
product I-Cause
at I-Cause
a I-Cause
good I-Cause
price I-Cause
makes O
for O
a B-Cause
sticky I-Cause
relationship I-Cause
with I-Cause
a I-Cause
customer I-Cause
, O
creating B-Effect
a I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
not I-Effect
only I-Effect
for I-Effect
the I-Effect
current I-Effect
vehicle I-Effect
program I-Effect
but I-Effect
for I-Effect
future I-Effect
programs I-Effect
as I-Effect
well I-Effect
. O

Furthermore O
, O
we B-Effect
are I-Effect
optimistic I-Effect
about I-Effect
Linde I-Effect
's I-Effect
long-term I-Effect
revenue I-Effect
growth I-Effect
prospects I-Effect
and I-Effect
we I-Effect
think I-Effect
the I-Effect
firm I-Effect
is I-Effect
well-positioned I-Effect
to O
benefit B-Cause
from I-Cause
growth I-Cause
in I-Cause
both I-Cause
its I-Cause
traditional I-Cause
industrial I-Cause
gas I-Cause
business I-Cause
as I-Cause
well I-Cause
as I-Cause
new I-Cause
opportunities I-Cause
such I-Cause
as I-Cause
green I-Cause
hydrogen I-Cause
. O

Gene B-Cause
therapy I-Cause
competitors I-Cause
like I-Cause
Sangamo/Pfizer I-Cause
and I-Cause
Roche I-Cause
( I-Cause
Spark I-Cause
) I-Cause
could I-Cause
also I-Cause
see I-Cause
pandemic-related I-Cause
delays I-Cause
as O
they B-Cause
are I-Cause
still I-Cause
enrolling I-Cause
phase I-Cause
3 I-Cause
studies I-Cause
, O
which O
could O
improve B-Effect
BioMarin I-Effect
's I-Effect
early I-Effect
market I-Effect
share I-Effect
lead I-Effect
beginning I-Effect
in I-Effect
2022 I-Effect
. O

With O
the B-Cause
acquisition I-Cause
of I-Cause
Segment I-Cause
, O
Twilio B-Effect
will I-Effect
be I-Effect
embedding I-Effect
a I-Effect
new I-Effect
layer I-Effect
into I-Effect
its I-Effect
stack I-Effect
of I-Effect
offerings I-Effect
, O
namely O
the O
Segment O
Customer O
Data O
Platform O
. O

Additionally O
, O
given O
the B-Cause
uniquely I-Cause
risk-averse I-Cause
nature I-Cause
of I-Cause
local I-Cause
government I-Cause
and I-Cause
public I-Cause
institutions I-Cause
, O
deals B-Effect
require I-Effect
a I-Effect
variety I-Effect
of I-Effect
reference I-Effect
accounts I-Effect
-- O
and O
Tyler O
has O
spent O
decades O
building O
a O
roster O
of O
clients O
, O
beginning O
with O
small O
local O
institutions O
, O
building O
over O
time O
to O
major O
cities O
and O
even O
statewide O
deals O
. O

We B-Effect
project I-Effect
revenue I-Effect
will I-Effect
increase I-Effect
at I-Effect
a I-Effect
21.5 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
diversify I-Cause
its I-Cause
revenue I-Cause
sources I-Cause
to I-Cause
areas I-Cause
of I-Cause
strong I-Cause
potential I-Cause
. O

While O
Vertex O
has O
a O
next-generation O
pipeline O
in O
CF O
correctors O
and O
gene O
editing O
, O
competition B-Cause
in I-Cause
gene I-Cause
editing I-Cause
could O
disrupt O
the B-Effect
company I-Effect
's I-Effect
successful I-Effect
franchise I-Effect
. O

Overall O
, O
because O
the B-Cause
bank I-Cause
avoids I-Cause
much I-Cause
of I-Cause
the I-Cause
extra I-Cause
regulation I-Cause
that O
larger O
peers O
are O
subject O
to O
, O
we O
would O
view O
its B-Effect
regulatory I-Effect
burden I-Effect
as I-Effect
slightly I-Effect
advantageous I-Effect
. O

Also O
, O
a B-Cause
narrowing I-Cause
in I-Cause
refining I-Cause
margins I-Cause
could O
damage B-Effect
downstream I-Effect
profitability I-Effect
, O
though O
the O
threat O
of O
high O
prices O
and O
need O
to O
subsidize O
the O
domestic O
market O
have O
largely O
been O
eliminated O
. O

The O
fact O
that O
existing B-Cause
customers I-Cause
would I-Cause
struggle I-Cause
significantly I-Cause
to I-Cause
try I-Cause
and I-Cause
switch I-Cause
to I-Cause
competing I-Cause
products I-Cause
gives O
us O
confidence O
in O
NXP B-Effect
's I-Effect
ability I-Effect
to I-Effect
derive I-Effect
returns I-Effect
above I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Facebook B-Effect
has I-Effect
also I-Effect
expanded I-Effect
its I-Effect
user I-Effect
base I-Effect
in I-Effect
the I-Effect
growing I-Effect
mobile I-Effect
market I-Effect
, I-Effect
which I-Effect
positively I-Effect
affected I-Effect
the I-Effect
network I-Effect
effect I-Effect
as B-Cause
it I-Cause
became I-Cause
more I-Cause
valuable I-Cause
to I-Cause
advertisers I-Cause
, I-Cause
and I-Cause
resulted I-Cause
in I-Cause
more I-Cause
ad I-Cause
revenue I-Cause
growth I-Cause
. O

However O
, O
given O
the B-Cause
fixed I-Cause
number I-Cause
of I-Cause
hours I-Cause
per I-Cause
day I-Cause
, O
an B-Cause
increase I-Cause
usage I-Cause
and I-Cause
engagement I-Cause
on I-Cause
one I-Cause
social I-Cause
network I-Cause
could I-Cause
come I-Cause
at I-Cause
a I-Cause
cost I-Cause
to I-Cause
other I-Cause
social I-Cause
networks I-Cause
, O
reducing B-Effect
user I-Effect
engagement I-Effect
and I-Effect
the I-Effect
potential I-Effect
return I-Effect
on I-Effect
investment I-Effect
for I-Effect
advertisers I-Effect
. O

Considering B-Cause
Wayfair I-Cause
's I-Cause
lifecycle I-Cause
position I-Cause
, O
with O
significant O
growth O
potential O
but O
also O
corresponding O
expenses O
to O
achieve O
market O
share O
gains O
, O
we O
expect O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
be I-Effect
volatile I-Effect
. O

Beyond B-Effect
2020 I-Effect
, I-Effect
we I-Effect
assume I-Effect
that I-Effect
T-Mobile I-Effect
's I-Effect
integration I-Effect
efforts I-Effect
are I-Effect
successful I-Effect
, O
with O
customer B-Cause
churn I-Cause
steadily I-Cause
declining I-Cause
from I-Cause
the I-Cause
blended I-Cause
levels I-Cause
the I-Cause
combined I-Cause
firm I-Cause
has I-Cause
posted I-Cause
recently I-Cause
. O

The B-Cause
pressure I-Cause
on I-Cause
the I-Cause
company I-Cause
's I-Cause
traditional I-Cause
retail I-Cause
partners I-Cause
was I-Cause
magnified I-Cause
even I-Cause
further I-Cause
by I-Cause
the I-Cause
downturn I-Cause
, O
which O
led O
to O
the B-Effect
bankruptcy I-Effect
of I-Effect
J.C I-Effect
. I-Effect

Valero B-Cause
remains I-Cause
well I-Cause
positioned I-Cause
for I-Cause
almost I-Cause
any I-Cause
market I-Cause
environment I-Cause
thanks O
to O
its B-Cause
high-quality I-Cause
refining I-Cause
assets I-Cause
and I-Cause
their I-Cause
location I-Cause
, O
which O
affords B-Effect
it I-Effect
greater I-Effect
feedstock I-Effect
flexibility I-Effect
. O

LKQ B-Effect
's I-Effect
consistent I-Effect
parts I-Effect
availability I-Effect
and I-Effect
fast I-Effect
delivery I-Effect
are O
the O
result O
of O
a B-Cause
strong I-Cause
distribution I-Cause
network I-Cause
that O
can O
move B-Effect
parts I-Effect
between I-Effect
facilities I-Effect
relatively I-Effect
quickly I-Effect
, I-Effect
ultimately I-Effect
getting I-Effect
them I-Effect
into I-Effect
customers I-Effect
' I-Effect
hands I-Effect
fast I-Effect
. O

The O
company O
is O
also O
investing B-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
in O
an O
attempt O
to O
maintain B-Effect
its I-Effect
technological I-Effect
advantage I-Effect
with O
no O
guarantee O
these O
investments O
will O
bear O
fruit O
. O

Moreover B-Effect
, I-Effect
we I-Effect
do I-Effect
not I-Effect
believe I-Effect
Gap I-Effect
has I-Effect
any I-Effect
cost I-Effect
advantage I-Effect
as B-Cause
its I-Cause
outsourced I-Cause
production I-Cause
process I-Cause
is I-Cause
like I-Cause
that I-Cause
of I-Cause
competitors I-Cause
. O

In O
next O
generation O
products O
, O
Bomhard B-Effect
will I-Effect
attempt I-Effect
to I-Effect
diversify I-Effect
the I-Effect
big I-Effect
bet I-Effect
placed I-Effect
on I-Effect
vaping I-Effect
by I-Effect
exiting I-Effect
vaping I-Effect
markets I-Effect
in I-Effect
which I-Effect
it I-Effect
has I-Effect
not I-Effect
gained I-Effect
traction I-Effect
so O
far O
, O
in O
order O
to O
target B-Cause
its I-Cause
investments I-Cause
on I-Cause
more I-Cause
profitable I-Cause
opportunities I-Cause
. O

As O
Franklin B-Cause
has I-Cause
historically I-Cause
generated I-Cause
the I-Cause
majority I-Cause
of I-Cause
its I-Cause
sales I-Cause
in I-Cause
any I-Cause
given I-Cause
period I-Cause
from I-Cause
a I-Cause
handful I-Cause
of I-Cause
funds I-Cause
, I-Cause
it O
also O
faces O
the O
risk O
that O
underperformance B-Effect
from I-Effect
any I-Effect
one I-Effect
of I-Effect
these I-Effect
funds I-Effect
affects I-Effect
flows I-Effect
. I-Effect

Cabinets B-Cause
represent I-Cause
a I-Cause
meaningful I-Cause
cost I-Cause
for I-Cause
homebuilders I-Cause
, O
so O
they B-Cause
tend I-Cause
to I-Cause
leverage I-Cause
their I-Cause
buying I-Cause
power I-Cause
over I-Cause
cabinet I-Cause
suppliers I-Cause
, O
which O
results O
in O
lower B-Effect
margins I-Effect
. O

We O
see O
net O
charge-off O
ratios O
normalizing O
to O
0.76 O
% O
through O
the O
cycle O
but O
anticipate B-Effect
higher I-Effect
than I-Effect
normal I-Effect
credit I-Effect
costs I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
due O
to O
the B-Cause
effects I-Cause
of I-Cause
COVID-19 I-Cause
on I-Cause
the I-Cause
economy I-Cause
. O

This B-Cause
limits I-Cause
Sandvik I-Cause
's I-Cause
ability I-Cause
to I-Cause
plan I-Cause
for I-Cause
the I-Cause
long I-Cause
term I-Cause
and I-Cause
provides I-Cause
limited I-Cause
visibility I-Cause
on I-Cause
financial I-Cause
performance. O
This O
has O
been O
a O
key O
reason O
behind O
Sandvik B-Effect
's I-Effect
efforts I-Effect
to I-Effect
reduce I-Effect
its I-Effect
manufacturing I-Effect
footprint I-Effect
, I-Effect
have I-Effect
more I-Effect
flexible I-Effect
production I-Effect
methods I-Effect
, I-Effect
and I-Effect
place I-Effect
a I-Effect
greater I-Effect
emphasis I-Effect
on I-Effect
aftermarket I-Effect
parts I-Effect
and I-Effect
services I-Effect
in I-Effect
its I-Effect
mining I-Effect
division I-Effect
. O

During O
periods O
of O
economic B-Cause
uncertainty I-Cause
, O
we O
believe O
there O
is O
risk O
that O
consumers B-Effect
could I-Effect
trade I-Effect
down I-Effect
to I-Effect
some I-Effect
of I-Effect
the I-Effect
lower-priced I-Effect
, I-Effect
simpler I-Effect
product I-Effect
offerings I-Effect
, O
but O
we O
think O
the O
company O
has O
enough B-Cause
products I-Cause
offered I-Cause
across I-Cause
the I-Cause
price I-Cause
spectrum I-Cause
to O
allay B-Effect
this I-Effect
fear I-Effect
. O

But B-Cause
AIG I-Cause
participates I-Cause
in I-Cause
essentially I-Cause
every I-Cause
major I-Cause
insurance I-Cause
line I-Cause
, I-Cause
across I-Cause
every I-Cause
distribution I-Cause
channel I-Cause
, I-Cause
and I-Cause
in I-Cause
a I-Cause
number I-Cause
of I-Cause
geographies. O
As O
such O
, O
we B-Effect
believe I-Effect
that I-Effect
any I-Effect
advantage I-Effect
the I-Effect
company I-Effect
might I-Effect
hold I-Effect
in I-Effect
particular I-Effect
areas I-Effect
is I-Effect
likely I-Effect
to I-Effect
be I-Effect
diluted I-Effect
elsewhere I-Effect
. O

Nevertheless O
, O
we O
believe O
investors O
should O
prioritize O
companies O
that O
have O
the O
scale O
to O
be O
more O
aggressive O
on O
value O
; O
give B-Effect
their I-Effect
customers I-Effect
greater I-Effect
access I-Effect
through O
robust B-Cause
digital I-Cause
ordering I-Cause
, I-Cause
delivery I-Cause
, I-Cause
and I-Cause
drive-thru I-Cause
capabilities I-Cause
; I-Cause
and I-Cause
have I-Cause
healthy I-Cause
balance I-Cause
sheets I-Cause
( O
both O
at O
the O
corporate O
and O
franchisee O
level O
) O
. O

Second O
, O
the O
company B-Cause
's I-Cause
focus I-Cause
on I-Cause
high-end I-Cause
OCTG I-Cause
has O
indeed O
allowed O
Tenaris B-Effect
to I-Effect
maintain I-Effect
a I-Effect
margin I-Effect
advantage I-Effect
over I-Effect
lower-quality I-Effect
peers I-Effect
. O

A O
confluence O
of O
factors O
have O
contributed O
to O
Lennox B-Effect
's I-Effect
improved I-Effect
profitability I-Effect
, O
including O
a B-Cause
shift I-Cause
toward I-Cause
lower-cost I-Cause
Mexican I-Cause
manufacturing I-Cause
and I-Cause
Asian I-Cause
product I-Cause
sourcing I-Cause
, I-Cause
material I-Cause
cost I-Cause
reductions I-Cause
through I-Cause
product I-Cause
redesigns I-Cause
, I-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
to I-Cause
higher-end I-Cause
products I-Cause
, I-Cause
and I-Cause
fixed-cost I-Cause
leverage I-Cause
on I-Cause
volume I-Cause
gains I-Cause
. O

We O
agree O
with O
management O
that O
public B-Effect
cloud I-Effect
adoption I-Effect
is O
hindered O
by O
complexities B-Cause
in I-Cause
integrating I-Cause
public I-Cause
clouds I-Cause
with I-Cause
on-premises I-Cause
and I-Cause
private I-Cause
cloud I-Cause
infrastructures I-Cause
. O

With O
input B-Cause
materials I-Cause
and I-Cause
capital I-Cause
equipment I-Cause
sourced I-Cause
in I-Cause
much I-Cause
the I-Cause
same I-Cause
way I-Cause
that I-Cause
its I-Cause
competitors I-Cause
do I-Cause
, O
we O
do O
n't O
believe O
Avery O
will O
be O
able O
to O
consistently B-Effect
maintain I-Effect
a I-Effect
substantial I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
peers I-Effect
. O

WeChat B-Effect
and I-Effect
QQ I-Effect
users I-Effect
would I-Effect
lose I-Effect
the I-Effect
contact I-Effect
information I-Effect
they I-Effect
built I-Effect
up I-Effect
in I-Effect
WeChat I-Effect
and I-Effect
QQ I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
content I-Effect
they I-Effect
post I-Effect
should O
they B-Cause
leave I-Cause
the I-Cause
social I-Cause
networks I-Cause
. O

Over O
our O
explicit O
forecast O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
improve I-Effect
by I-Effect
nearly I-Effect
200 I-Effect
basis I-Effect
points I-Effect
as O
the B-Cause
company I-Cause
gains I-Cause
scale I-Cause
in I-Cause
its I-Cause
expansion I-Cause
of I-Cause
its I-Cause
3DExperience I-Cause
customers I-Cause
and I-Cause
as I-Cause
low-gross I-Cause
margin I-Cause
servicing I-Cause
revenue I-Cause
decreases I-Cause
. O

JLL B-Effect
's I-Effect
rapid I-Effect
ascent I-Effect
derives B-Cause
from I-Cause
the I-Cause
combination I-Cause
of I-Cause
its I-Cause
continued I-Cause
ability I-Cause
to I-Cause
take I-Cause
share I-Cause
from I-Cause
competitors I-Cause
and I-Cause
several I-Cause
tailwinds I-Cause
in I-Cause
the I-Cause
commercial I-Cause
real I-Cause
estate I-Cause
industry I-Cause
. O

Truist B-Cause
's I-Cause
size I-Cause
is I-Cause
large I-Cause
enough O
to O
help B-Effect
scale I-Effect
some I-Effect
of I-Effect
these I-Effect
costs I-Effect
and O
is O
small B-Cause
enough O
to O
avoid O
some O
of O
the B-Effect
extra I-Effect
costs I-Effect
faced O
by O
its O
largest O
peers O
. O

We O
also O
think O
that O
relatively B-Cause
constant I-Cause
market I-Cause
shares I-Cause
for I-Cause
Western I-Cause
Digital I-Cause
and I-Cause
Seagate I-Cause
in I-Cause
the I-Cause
nearline I-Cause
market I-Cause
are I-Cause
evidence I-Cause
that O
neither O
has O
been O
able O
to O
gain B-Effect
a I-Effect
technological I-Effect
lead I-Effect
over I-Effect
the I-Effect
other I-Effect
. O

Southwest B-Cause
generates I-Cause
about I-Cause
as I-Cause
much I-Cause
high-margin I-Cause
frequent-flier I-Cause
revenue I-Cause
per I-Cause
each I-Cause
dollar I-Cause
of I-Cause
lower-margin I-Cause
passenger I-Cause
revenue I-Cause
as I-Cause
peers I-Cause
do I-Cause
, I-Cause
and O
we B-Effect
do I-Effect
not I-Effect
think I-Effect
that I-Effect
Southwest I-Effect
has I-Effect
a I-Effect
distinct I-Effect
advantage I-Effect
here I-Effect
. I-Effect

The B-Cause
strong I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
that I-Cause
the I-Cause
toy I-Cause
industry I-Cause
can I-Cause
generate I-Cause
will I-Cause
continue I-Cause
to I-Cause
attract I-Cause
competition I-Cause
, O
however O
, O
which O
will O
force O
Hasbro O
to O
continuously O
improve O
its O
business O
and O
innovate O
to O
maintain O
its O
leadership O
position O
, O
resulting O
in O
elevated B-Effect
development I-Effect
costs I-Effect
. O

British B-Cause
American I-Cause
's I-Cause
portfolio I-Cause
is I-Cause
balanced I-Cause
across I-Cause
price I-Cause
points I-Cause
, O
which O
is O
likely O
to O
provide B-Effect
some I-Effect
insulation I-Effect
from I-Effect
trading I-Effect
down I-Effect
, O
but O
we B-Effect
would I-Effect
be I-Effect
concerned I-Effect
about I-Effect
the I-Effect
global I-Effect
industry I-Effect
profit I-Effect
pool I-Effect
if O
the B-Cause
plain I-Cause
packages I-Cause
are I-Cause
introduced I-Cause
in I-Cause
other I-Cause
major I-Cause
markets I-Cause
. O

The B-Cause
firm I-Cause
merged I-Cause
its I-Cause
11,000 I-Cause
Italian I-Cause
wireless I-Cause
towers I-Cause
with I-Cause
Telecom I-Cause
Italia I-Cause
's I-Cause
, O
receiving B-Effect
EUR I-Effect
2 I-Effect
billion I-Effect
in I-Effect
cash I-Effect
and I-Effect
a I-Effect
stake I-Effect
in I-Effect
the I-Effect
tower I-Effect
firm I-Effect
worth I-Effect
around I-Effect
EUR I-Effect
3.5 I-Effect
billion I-Effect
. O

As O
a O
result O
of O
intense B-Cause
price I-Cause
competition I-Cause
, O
ICE O
's B-Effect
New I-Effect
York I-Effect
Stock I-Effect
Exchange I-Effect
equity I-Effect
and I-Effect
equity I-Effect
option I-Effect
execution I-Effect
fees I-Effect
contributed I-Effect
only I-Effect
6 I-Effect
% I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
net I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
. O

Also O
, O
its O
resorts O
operate O
at O
all O
hours O
and O
days O
of O
the O
year O
, O
using O
energy O
and O
supplies O
, O
which O
if O
not B-Cause
properly I-Cause
managed I-Cause
could O
cause O
some B-Effect
people I-Effect
to I-Effect
lose I-Effect
interest I-Effect
in I-Effect
visiting I-Effect
. O

Truist B-Effect
is I-Effect
large I-Effect
enough I-Effect
to I-Effect
be I-Effect
subject I-Effect
to I-Effect
the I-Effect
Federal I-Effect
Reserve I-Effect
's I-Effect
annual I-Effect
stress I-Effect
tests I-Effect
because O
it B-Cause
has I-Cause
more I-Cause
than I-Cause
$ I-Cause
250 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
. O

We O
have O
lifted B-Effect
our I-Effect
revenue I-Effect
expectations I-Effect
for I-Effect
2021 I-Effect
and I-Effect
beyond I-Effect
due O
to O
the B-Cause
positive I-Cause
effects I-Cause
of I-Cause
some I-Cause
of I-Cause
the I-Cause
Polaris I-Cause
initiatives I-Cause
( O
such O
as O
greater O
e-commerce O
and O
faster O
production O
) O
and O
less B-Cause
impact I-Cause
from I-Cause
store I-Cause
closures I-Cause
than O
originally O
expected O
. O

Ecolab B-Cause
's I-Cause
sales I-Cause
proposition I-Cause
to I-Cause
many I-Cause
of I-Cause
its I-Cause
customers I-Cause
in I-Cause
the I-Cause
industrial I-Cause
and I-Cause
institutional I-Cause
segments I-Cause
includes O
the B-Effect
assurance I-Effect
that I-Effect
a I-Effect
customer I-Effect
will I-Effect
meet I-Effect
regulatory I-Effect
standards I-Effect
and I-Effect
will I-Effect
not I-Effect
experience I-Effect
a I-Effect
disastrous I-Effect
outcome I-Effect
, I-Effect
such I-Effect
as I-Effect
a I-Effect
product I-Effect
recall I-Effect
or I-Effect
bacteria I-Effect
outbreak I-Effect
. O

Lloyds B-Effect
finances I-Effect
roughly I-Effect
52 I-Effect
% I-Effect
or I-Effect
GBP I-Effect
416 I-Effect
billion I-Effect
of I-Effect
its I-Effect
asset I-Effect
base I-Effect
via O
deposits B-Cause
, O
which O
can O
be O
broken O
down O
to O
30 O
% O
retail O
deposits O
and O
22 O
% O
commercial O
deposits O
, O
giving O
it O
what O
we O
believe O
to O
be O
a O
strong O
funding O
advantage O
in O
its O
retail O
and O
commercial O
operations O
. O

We O
expect O
aggregates B-Effect
shipment I-Effect
volume I-Effect
to I-Effect
grow I-Effect
to I-Effect
roughly I-Effect
224 I-Effect
million I-Effect
tons I-Effect
within I-Effect
the I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
of I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, I-Effect
due B-Cause
to I-Cause
a I-Cause
continued I-Cause
recovery I-Cause
in I-Cause
construction I-Cause
demand I-Cause
and I-Cause
contributions I-Cause
from I-Cause
Bluegrass I-Cause
. I-Cause

Although O
we O
anticipate O
a O
sales O
decline O
in O
2020 O
, O
we O
think O
Nordstrom B-Cause
's I-Cause
recent I-Cause
large I-Cause
investments I-Cause
to I-Cause
build I-Cause
out I-Cause
its I-Cause
e-commerce I-Cause
platform I-Cause
and I-Cause
network I-Cause
of I-Cause
stores I-Cause
should O
lead O
to O
continued B-Effect
sales I-Effect
and O
modest B-Effect
profit I-Effect
gains I-Effect
over I-Effect
time I-Effect
. O

The B-Effect
market I-Effect
dynamics I-Effect
make I-Effect
it I-Effect
such I-Effect
that I-Effect
discrepancies I-Effect
in I-Effect
scale I-Effect
are I-Effect
meaningful I-Effect
indicators I-Effect
of I-Effect
competitive I-Effect
positioning I-Effect
, O
not O
necessarily O
because O
of O
the O
ability O
to O
undercut O
prices O
( O
pricing O
seems O
to O
be O
largely O
rational O
in O
the O
industry O
) O
, O
but O
because O
they B-Cause
speak I-Cause
to I-Cause
the I-Cause
potential I-Cause
for I-Cause
margins I-Cause
and I-Cause
attendant I-Cause
economic I-Cause
returns I-Cause
. O

We O
believe O
the B-Effect
firm I-Effect
is I-Effect
likely I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
but O
this O
is O
primarily O
a O
function O
of O
a B-Cause
rising I-Cause
connectivity I-Cause
tide I-Cause
raising I-Cause
all I-Cause
boats I-Cause
; O
we O
expect O
Marvell O
will O
struggle O
to O
get O
out O
of O
Broadcom O
's O
and O
Intel O
's O
wake O
. O

We O
believe O
this O
enables O
Burlington B-Cause
's I-Cause
focus I-Cause
on I-Cause
an I-Cause
everyday-low-price I-Cause
approach I-Cause
, O
limiting O
the B-Effect
need I-Effect
for I-Effect
end-of-season I-Effect
markdowns I-Effect
that O
can O
encourage B-Effect
bargain-oriented I-Effect
, I-Effect
opportunistic I-Effect
customers I-Effect
to I-Effect
delay I-Effect
purchases I-Effect
in I-Effect
hopes I-Effect
of I-Effect
finding I-Effect
a I-Effect
better I-Effect
deal I-Effect
. O

We O
believe O
that O
additional B-Cause
coverage I-Cause
decisions I-Cause
and I-Cause
higher I-Cause
testing I-Cause
volumes I-Cause
for O
its O
newer O
products O
, O
especially O
GeneSight O
, O
will O
be O
key B-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
drive I-Effect
growth I-Effect
and I-Effect
sales I-Effect
. O

Demand B-Effect
for I-Effect
multifamily I-Effect
assets I-Effect
in I-Effect
urban I-Effect
, I-Effect
coastal I-Effect
markets I-Effect
has I-Effect
benefited I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
from O
demographic B-Cause
trends I-Cause
such O
as O
a O
falling O
homeownership O
rate O
, O
the O
rising O
relative O
cost O
of O
single-family O
housing O
, O
and O
urban O
gentrification O
. O

Utilities B-Cause
- I-Cause
Independent I-Cause
Power I-Cause
Producers I-Cause
Retail I-Cause
acquisitions I-Cause
and I-Cause
customer I-Cause
growth I-Cause
could O
boost B-Effect
retail I-Effect
earnings I-Effect
to I-Effect
one I-Effect
third I-Effect
of I-Effect
consolidated I-Effect
earnings I-Effect
. O

We B-Effect
do I-Effect
n't I-Effect
expect I-Effect
cost I-Effect
parity I-Effect
for I-Effect
mass I-Effect
capacity I-Effect
enterprise I-Effect
SSDs I-Effect
to I-Effect
come I-Effect
in I-Effect
the I-Effect
short-term I-Effect
, O
but O
acknowledge O
that O
a B-Cause
technological I-Cause
breakthrough I-Cause
in I-Cause
NAND I-Cause
chipmaking I-Cause
could I-Cause
accelerate I-Cause
a I-Cause
similar I-Cause
crossover I-Cause
in I-Cause
the I-Cause
enterprise I-Cause
market I-Cause
and I-Cause
spur I-Cause
a I-Cause
steady I-Cause
decline I-Cause
of I-Cause
enterprise I-Cause
HDDs I-Cause
. O

Texas B-Cause
Instruments I-Cause
generates I-Cause
enough I-Cause
revenue I-Cause
to I-Cause
adequately I-Cause
fund I-Cause
this I-Cause
large I-Cause
sales I-Cause
team I-Cause
that I-Cause
only I-Cause
a I-Cause
handful I-Cause
of I-Cause
chipmakers I-Cause
can I-Cause
match I-Cause
, I-Cause
yet I-Cause
its I-Cause
salesforce I-Cause
helps I-Cause
the I-Cause
firm I-Cause
reach I-Cause
more I-Cause
customers I-Cause
and I-Cause
generate I-Cause
additional I-Cause
chip I-Cause
sales I-Cause
that I-Cause
can I-Cause
fund I-Cause
further I-Cause
sales I-Cause
team I-Cause
expansion I-Cause
, O
creating B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

TJX B-Effect
faces I-Effect
an I-Effect
unsettled I-Effect
landscape I-Effect
as O
rising B-Cause
vaccination I-Cause
rates I-Cause
and I-Cause
economic I-Cause
stimulus I-Cause
collide I-Cause
with I-Cause
Americans I-Cause
' I-Cause
return I-Cause
to I-Cause
pandemic-affected I-Cause
categories I-Cause
like I-Cause
restaurants I-Cause
and I-Cause
travel I-Cause
. O

Oilfield O
equipment O
consists O
mainly O
of O
mission-critical B-Cause
product I-Cause
lines I-Cause
that I-Cause
are I-Cause
highly I-Cause
concentrated I-Cause
in I-Cause
the I-Cause
hands I-Cause
of I-Cause
a I-Cause
few I-Cause
players I-Cause
that O
can O
assemble B-Effect
the I-Effect
sophisticated I-Effect
technology I-Effect
necessary I-Effect
to I-Effect
ensure I-Effect
product I-Effect
reliability I-Effect
under I-Effect
harsh I-Effect
demands I-Effect
. O

Enable O
's O
investments O
in O
nonregulated O
pipelines O
and O
natural O
gas O
processing O
facilities O
have O
higher O
return O
potential O
but O
increased B-Effect
earnings I-Effect
risk I-Effect
because O
they O
do B-Cause
not I-Cause
have I-Cause
monopoly I-Cause
status I-Cause
or I-Cause
preset I-Cause
returns I-Cause
. O

Cross-border B-Effect
transactions I-Effect
, I-Effect
which I-Effect
are I-Effect
particularly I-Effect
lucrative I-Effect
for I-Effect
the I-Effect
networks I-Effect
, I-Effect
have I-Effect
been I-Effect
under I-Effect
heavy I-Effect
pressure I-Effect
due O
to O
the B-Cause
fallout I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
and I-Cause
a I-Cause
reduction I-Cause
in I-Cause
global I-Cause
travel I-Cause
. O

There B-Cause
is I-Cause
a I-Cause
high I-Cause
correlation I-Cause
between I-Cause
per I-Cause
capita I-Cause
GDP I-Cause
growth I-Cause
and I-Cause
per I-Cause
capita I-Cause
beer I-Cause
consumption I-Cause
, I-Cause
particularly I-Cause
in I-Cause
Latin I-Cause
America I-Cause
, I-Cause
one I-Cause
of I-Cause
AB I-Cause
InBev I-Cause
's I-Cause
key I-Cause
markets I-Cause
, I-Cause
so O
the B-Effect
firm I-Effect
is I-Effect
leveraged I-Effect
to I-Effect
global I-Effect
economic I-Effect
growth I-Effect
. O

Also O
, O
the B-Effect
sources I-Effect
of I-Effect
Illumina I-Effect
's I-Effect
competitive I-Effect
advantages I-Effect
may I-Effect
tilt I-Effect
more I-Effect
firmly I-Effect
into I-Effect
intangible I-Effect
asset I-Effect
territory I-Effect
as O
Grail B-Cause
's I-Cause
tests I-Cause
expand I-Cause
. O

We B-Effect
view I-Effect
the I-Effect
DJO I-Effect
Global I-Effect
acquisition I-Effect
favorably I-Effect
, O
considering O
the B-Cause
business I-Cause
's I-Cause
lower I-Cause
cyclicality I-Cause
, I-Cause
higher I-Cause
revenue I-Cause
growth I-Cause
potential I-Cause
, I-Cause
and I-Cause
margin I-Cause
expansion I-Cause
opportunity I-Cause
. O

Furthermore O
, O
Kingfisher O
lacks O
the O
significant O
scale O
of O
Home O
Depot O
and O
Lowe O
's O
, O
which O
have O
deeper O
pockets O
and O
have O
thus O
invested B-Cause
heavily I-Cause
in I-Cause
scalable I-Cause
distribution I-Cause
networks I-Cause
and I-Cause
fulfillment I-Cause
capabilities I-Cause
and I-Cause
job-site I-Cause
delivery I-Cause
, O
explaining B-Effect
their I-Effect
superior I-Effect
operating I-Effect
efficiency I-Effect
and I-Effect
profitability I-Effect
. O

We O
view O
its O
marketing B-Cause
operations I-Cause
as O
a O
strong O
asset O
that O
lets O
Enterprise B-Effect
collect I-Effect
significant I-Effect
additional I-Effect
fees I-Effect
from I-Effect
its I-Effect
network I-Effect
versus O
being O
a O
pure O
toll-taker O
. O

Online B-Cause
deposit I-Cause
gathering I-Cause
has O
allowed O
Capital B-Effect
One I-Effect
to I-Effect
develop I-Effect
and I-Effect
maintain I-Effect
a I-Effect
deposit I-Effect
base I-Effect
of I-Effect
sufficient I-Effect
size I-Effect
to I-Effect
finance I-Effect
a I-Effect
national I-Effect
lending I-Effect
arm I-Effect
while I-Effect
maintaining I-Effect
a I-Effect
slim I-Effect
service I-Effect
profile I-Effect
. O

We O
assume O
a O
10 O
% O
-24 O
% O
probability O
that O
Moderna O
's O
IP O
rights O
will O
be O
waived O
during O
the O
pandemic O
, O
but O
we O
expect O
this O
to O
have O
an B-Effect
immaterial I-Effect
impact I-Effect
, O
given O
the B-Cause
firm I-Cause
's I-Cause
proprietary I-Cause
technological I-Cause
know-how I-Cause
and I-Cause
shortages I-Cause
of I-Cause
raw I-Cause
materials I-Cause
. O

We O
assume O
Exxon O
's O
production O
grows O
during O
the O
next O
five O
years O
, O
but O
falls B-Effect
short I-Effect
of I-Effect
its I-Effect
previous I-Effect
production I-Effect
target I-Effect
of I-Effect
5.0 I-Effect
mmboe/d I-Effect
in I-Effect
2025 I-Effect
given O
near-term B-Cause
delays I-Cause
in I-Cause
new I-Cause
projects I-Cause
, O
particularly O
the O
Permian O
, O
as O
near-term B-Cause
spending I-Cause
is I-Cause
reduced I-Cause
. O

While O
we O
acknowledge O
the O
difficulty O
and O
uncertainty O
inherent O
in O
forecasting O
the O
timing O
of O
macroeconomic O
events O
, O
we O
think O
it B-Effect
is I-Effect
useful I-Effect
to I-Effect
model I-Effect
AMN I-Effect
over I-Effect
the I-Effect
entire I-Effect
business I-Effect
cycle I-Effect
due O
to O
staffers B-Cause
' I-Cause
heavy I-Cause
exposure I-Cause
to I-Cause
economic I-Cause
volatility I-Cause
. O

Given O
the B-Cause
complexity I-Cause
of I-Cause
the I-Cause
ACA I-Cause
and I-Cause
its I-Cause
Staffing I-Cause
& I-Cause
Employment I-Cause
Servicesreporting I-Cause
requirements I-Cause
, I-Cause
it B-Effect
has I-Effect
created I-Effect
additional I-Effect
revenue I-Effect
opportunities I-Effect
for I-Effect
payroll I-Effect
service I-Effect
providers I-Effect
. I-Effect

We O
anticipate O
demand B-Effect
to I-Effect
fall I-Effect
off I-Effect
in I-Effect
the I-Effect
latter I-Effect
half I-Effect
of I-Effect
the I-Effect
year I-Effect
, O
as O
excess B-Cause
purchasing I-Cause
incrementally I-Cause
ramps I-Cause
down I-Cause
and I-Cause
clients I-Cause
largely I-Cause
return I-Cause
to I-Cause
sourcing I-Cause
from I-Cause
the I-Cause
market I-Cause
leader I-Cause
and I-Cause
lowest I-Cause
cost I-Cause
producer I-Cause
, I-Cause
Baxter I-Cause
. O

While O
Ventas O
is O
in O
sectors O
that O
use O
a O
triple-net O
lease O
structure O
that O
can O
have O
long O
contracts O
with O
annual O
rent O
increases O
, O
there O
are O
precedents O
that O
these B-Cause
contracts I-Cause
are I-Cause
renegotiated I-Cause
if O
the B-Effect
underlying I-Effect
tenant I-Effect
operations I-Effect
are I-Effect
under I-Effect
pressure I-Effect
. O

That O
said O
, O
management B-Cause
is I-Cause
developing I-Cause
the I-Cause
new I-Cause
K3 I-Cause
mine I-Cause
, O
which O
began O
production O
in O
2018 O
and O
will O
eventually O
replace O
its B-Effect
current I-Effect
Canadian I-Effect
potash I-Effect
production I-Effect
. O

Category B-Effect
leaders I-Effect
tend I-Effect
to I-Effect
be I-Effect
in I-Effect
an I-Effect
advantaged I-Effect
position I-Effect
to I-Effect
gain I-Effect
and I-Effect
retain I-Effect
shelf I-Effect
space I-Effect
, I-Effect
especially I-Effect
in I-Effect
Western I-Effect
markets I-Effect
, O
through O
the B-Cause
deployment I-Cause
of I-Cause
category I-Cause
captains I-Cause
into I-Cause
the I-Cause
channel I-Cause
to I-Cause
share I-Cause
local I-Cause
and I-Cause
category-level I-Cause
data I-Cause
with I-Cause
retailers I-Cause
. O

If O
rates B-Cause
remain I-Cause
low I-Cause
, O
we O
think O
management B-Effect
could I-Effect
direct I-Effect
growth I-Effect
investment I-Effect
away I-Effect
from I-Effect
Illinois I-Effect
toward I-Effect
Missouri I-Effect
, I-Effect
which I-Effect
offers I-Effect
higher B-Cause
allowed I-Cause
rates I-Cause
of I-Cause
return I-Cause
. O

These B-Effect
will I-Effect
ultimately I-Effect
lead I-Effect
to I-Effect
more I-Effect
consumers I-Effect
choosing I-Effect
one I-Effect
of I-Effect
the I-Effect
portfolio I-Effect
's I-Effect
brands I-Effect
over I-Effect
time I-Effect
as O
its B-Cause
broad I-Cause
marketing I-Cause
bandwidth I-Cause
offers I-Cause
better I-Cause
share I-Cause
of I-Cause
mind I-Cause
. O

Seagate B-Cause
's I-Cause
strength I-Cause
in I-Cause
enterprise I-Cause
HDDs I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
increasing I-Cause
average I-Cause
selling I-Cause
prices I-Cause
for I-Cause
high I-Cause
capacity I-Cause
drives I-Cause
in I-Cause
business-critical I-Cause
storage I-Cause
, O
should B-Effect
help I-Effect
offset I-Effect
some I-Effect
of I-Effect
the I-Effect
HDD I-Effect
unit I-Effect
declines I-Effect
within I-Effect
consumer I-Effect
markets I-Effect
but O
we O
do O
not O
foresee O
enterprise O
HDD O
demand O
fully O
offsetting O
the O
broader O
technological O
headwinds O
buffeting O
Seagate O
. O

Lumen B-Cause
's I-Cause
high I-Cause
debt I-Cause
load I-Cause
and I-Cause
declining I-Cause
business I-Cause
results B-Effect
in I-Effect
meaningful I-Effect
financial I-Effect
risk I-Effect
, O
but B-Cause
we I-Cause
do I-Cause
n't I-Cause
think I-Cause
the I-Cause
firm I-Cause
is I-Cause
in I-Cause
imminent I-Cause
danger I-Cause
of I-Cause
failing I-Cause
to I-Cause
meet I-Cause
its I-Cause
obligations I-Cause
, O
after B-Effect
significantly I-Effect
fortifying I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
and I-Effect
cash I-Effect
savings I-Effect
in I-Effect
2019 I-Effect
. O

Global B-Cause
industry I-Cause
overcapacity I-Cause
, O
to O
which O
Volkswagen B-Effect
is I-Effect
a I-Effect
contributor I-Effect
( I-Effect
especially I-Effect
in I-Effect
China I-Effect
) I-Effect
puts I-Effect
near-term I-Effect
competitive I-Effect
advantages I-Effect
and I-Effect
long-term I-Effect
economic I-Effect
profitability I-Effect
at I-Effect
risk I-Effect
. O

During O
the O
pandemic-driven O
downturn O
, O
we O
assume O
Stryker B-Effect
's I-Effect
margins I-Effect
fall I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
volume B-Cause
falls I-Cause
off I-Cause
, I-Cause
the I-Cause
product I-Cause
mix I-Cause
shifts I-Cause
toward I-Cause
more I-Cause
capital I-Cause
goods I-Cause
, I-Cause
and I-Cause
the I-Cause
firm I-Cause
attempts I-Cause
to I-Cause
keep I-Cause
its I-Cause
engineers I-Cause
and I-Cause
salesforce I-Cause
intact I-Cause
. O

This B-Cause
architecture I-Cause
, I-Cause
coupled I-Cause
with I-Cause
steady I-Cause
advances I-Cause
in I-Cause
technology I-Cause
, O
has B-Effect
enable I-Effect
Comcast I-Effect
and I-Effect
its I-Effect
cable I-Effect
peers I-Effect
to I-Effect
steadily I-Effect
add I-Effect
network I-Effect
capacity I-Effect
at I-Effect
modest I-Effect
incremental I-Effect
cost I-Effect
. O

Additionally O
, O
the B-Cause
majority I-Cause
of I-Cause
wound-care I-Cause
products I-Cause
are I-Cause
sold I-Cause
to I-Cause
providers I-Cause
( O
versus O
directly O
to O
patients O
themselves O
) O
, O
which O
means O
there B-Effect
is I-Effect
greater I-Effect
pricing I-Effect
pressure I-Effect
from I-Effect
group I-Effect
purchasing I-Effect
organizations I-Effect
and I-Effect
government I-Effect
bidding I-Effect
processes I-Effect
. I-Effect

The B-Cause
South I-Cause
Korean I-Cause
government I-Cause
has I-Cause
also I-Cause
encouraged I-Cause
reduced I-Cause
marketing I-Cause
expenses I-Cause
several I-Cause
times I-Cause
, O
which O
is O
also O
helping O
profitability B-Effect
in I-Effect
the I-Effect
mobile I-Effect
market I-Effect
. O

The B-Cause
pandemic I-Cause
drove O
the B-Effect
firm I-Effect
back I-Effect
into I-Effect
a I-Effect
loss I-Effect
position I-Effect
in I-Effect
2020 I-Effect
, O
but O
we O
expect O
the O
firm O
will O
return O
to O
strong O
profit O
margins O
in O
2022 O
and O
beyond O
. O

TransAlta B-Effect
's I-Effect
renewable I-Effect
energy I-Effect
plants I-Effect
-- I-Effect
particularly I-Effect
hydro I-Effect
-- I-Effect
have I-Effect
low I-Effect
operating I-Effect
costs I-Effect
and I-Effect
are I-Effect
usually I-Effect
in I-Effect
unique I-Effect
locations I-Effect
that O
make O
new B-Cause
greenfield I-Cause
plants I-Cause
difficult I-Cause
to I-Cause
site I-Cause
because O
of O
regulatory B-Cause
and I-Cause
environmental I-Cause
barriers I-Cause
. O

We O
also O
foresee O
strong B-Effect
broad I-Effect
market I-Effect
growth I-Effect
as O
more B-Cause
and I-Cause
more I-Cause
devices I-Cause
, I-Cause
such I-Cause
as I-Cause
automobiles I-Cause
, I-Cause
wearables I-Cause
and I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
devices I-Cause
, I-Cause
incorporate I-Cause
wireless I-Cause
connectivity I-Cause
. O

In O
D O
& O
T O
Philips O
has O
a O
large O
installed O
base O
built O
during O
many O
decades O
, O
which O
we O
believe O
has O
potential O
for O
improved B-Effect
service I-Effect
retention I-Effect
rates I-Effect
through O
remote B-Cause
monitoring I-Cause
, I-Cause
product I-Cause
sophistication I-Cause
and I-Cause
risk-sharing I-Cause
agreements I-Cause
. O

The B-Effect
social I-Effect
networking I-Effect
elements I-Effect
inside I-Effect
Tencent I-Effect
games I-Effect
, O
which O
result O
from O
WeChat B-Cause
's I-Cause
and I-Cause
QQ I-Cause
's I-Cause
strong I-Cause
network I-Cause
effect I-Cause
, O
are O
the O
key B-Effect
factor I-Effect
in I-Effect
its I-Effect
success I-Effect
. O

But O
in B-Cause
late I-Cause
2019 I-Cause
, I-Cause
the I-Cause
firm I-Cause
added I-Cause
around I-Cause
8,000 I-Cause
net I-Cause
acres I-Cause
in I-Cause
central I-Cause
Howard I-Cause
County I-Cause
, O
so O
for O
the B-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
, I-Effect
it I-Effect
will I-Effect
be I-Effect
focusing I-Effect
on I-Effect
top-tier I-Effect
Permian I-Effect
acreage I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
leading I-Cause
market I-Cause
positions I-Cause
allow O
it O
to O
spread B-Effect
the I-Effect
high I-Effect
fixed I-Effect
costs I-Effect
of I-Effect
its I-Effect
networks I-Effect
over I-Effect
more I-Effect
customers I-Effect
, O
which O
provides O
cost O
advantages O
. O

The B-Cause
firm I-Cause
's I-Cause
snack I-Cause
portfolio I-Cause
is O
allowing O
it O
to O
navigate B-Effect
COVID-19 I-Effect
better I-Effect
than I-Effect
peers I-Effect
, I-Effect
and I-Effect
near-term I-Effect
weakness I-Effect
in I-Effect
on-premises I-Effect
sales I-Effect
( O
impacting O
the O
beverage O
business O
disproportionately O
) O
, O
as O
well O
as O
heightened O
supply O
chain O
costs O
, O
are O
moderating O
in O
certain O
markets O
, O
particularly O
Asia O
. O

Most B-Effect
of I-Effect
Swatch I-Effect
's I-Effect
brands I-Effect
( I-Effect
at I-Effect
price I-Effect
points I-Effect
below I-Effect
$ I-Effect
10,000 I-Effect
) I-Effect
benefit I-Effect
from O
a O
cost B-Cause
advantage I-Cause
through I-Cause
scale I-Cause
and I-Cause
a I-Cause
higher I-Cause
degree I-Cause
of I-Cause
production I-Cause
automation I-Cause
. O

We O
assume O
that O
operating O
expenses B-Effect
grow I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
throughout O
our O
forecast O
as O
Vertex B-Cause
continues I-Cause
its I-Cause
cystic I-Cause
fibrosis I-Cause
commercialization I-Cause
strategy I-Cause
and I-Cause
pushes I-Cause
its I-Cause
pipeline I-Cause
through I-Cause
clinical I-Cause
trials I-Cause
. O

With O
an B-Cause
aging I-Cause
baby I-Cause
boomer I-Cause
population I-Cause
approaching I-Cause
retirement I-Cause
and I-Cause
looking I-Cause
to I-Cause
downsize I-Cause
homes I-Cause
, O
we O
view O
self-storage B-Effect
as I-Effect
a I-Effect
necessary I-Effect
solution I-Effect
. O

Adobe B-Effect
's I-Effect
PDF I-Effect
won I-Effect
, O
thanks O
in O
part O
to O
distributing B-Cause
Acrobat I-Cause
Reader I-Cause
for I-Cause
free I-Cause
to I-Cause
PC I-Cause
OEMs I-Cause
, I-Cause
and I-Cause
has I-Cause
become I-Cause
the I-Cause
standard I-Cause
. O

Further O
, O
the B-Cause
solution I-Cause
allows I-Cause
Home I-Cause
Depot I-Cause
's I-Cause
customers I-Cause
to I-Cause
schedule I-Cause
specific I-Cause
date I-Cause
and I-Cause
time I-Cause
delivery I-Cause
windows I-Cause
, O
so O
everybody B-Effect
is I-Effect
better I-Effect
off I-Effect
. O

Looking B-Cause
at I-Cause
coronavirus-related I-Cause
treatment I-Cause
delays I-Cause
, O
we B-Effect
assume I-Effect
some I-Effect
headwinds I-Effect
for I-Effect
hospital I-Effect
administered I-Effect
therapies I-Effect
( I-Effect
Spinraza I-Effect
) I-Effect
as I-Effect
well I-Effect
as I-Effect
delays I-Effect
to I-Effect
clinical I-Effect
trials I-Effect
for I-Effect
its I-Effect
novel I-Effect
neurology-focused I-Effect
pipeline I-Effect
( I-Effect
several I-Effect
studies I-Effect
expected I-Effect
to I-Effect
read I-Effect
out I-Effect
in I-Effect
2020 I-Effect
are I-Effect
now I-Effect
poised I-Effect
to I-Effect
produce I-Effect
data I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
2021 I-Effect
) I-Effect
. O

We O
are O
anticipating O
the B-Effect
highest I-Effect
growth I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
industrial I-Effect
and I-Effect
information I-Effect
technology I-Effect
verticals I-Effect
, O
which O
are O
having B-Cause
excellent I-Cause
years I-Cause
in I-Cause
2020 I-Cause
behind I-Cause
higher I-Cause
data I-Cause
traffic I-Cause
and I-Cause
broad-based I-Cause
strength I-Cause
for I-Cause
renewable I-Cause
energy I-Cause
, I-Cause
rail I-Cause
mass I-Cause
transit I-Cause
, I-Cause
and I-Cause
medical I-Cause
markets I-Cause
. O

We O
think O
the B-Effect
growing I-Effect
reliance I-Effect
on I-Effect
electronic I-Effect
medical I-Effect
records I-Effect
could I-Effect
also I-Effect
hinder I-Effect
volume I-Effect
growth I-Effect
as O
duplication B-Cause
of I-Cause
tests I-Cause
falls I-Cause
, I-Cause
or I-Cause
health I-Cause
systems I-Cause
rely I-Cause
on I-Cause
proprietary I-Cause
electronic I-Cause
medical I-Cause
records I-Cause
to I-Cause
keep I-Cause
independent I-Cause
labs I-Cause
out I-Cause
in I-Cause
favor I-Cause
of I-Cause
the I-Cause
internal I-Cause
hospital-based I-Cause
lab I-Cause
. O

With O
more O
than O
50 O
% O
of O
global O
sales O
coming O
through O
digital O
channels O
and O
top O
market O
share O
in O
the O
global O
pizza O
space O
, O
we O
believe O
that O
Domino B-Cause
's I-Cause
access I-Cause
to I-Cause
customer I-Cause
data I-Cause
offers B-Effect
the I-Effect
potential I-Effect
for I-Effect
a I-Effect
level I-Effect
of I-Effect
customization I-Effect
, I-Effect
market-level I-Effect
pricing I-Effect
optimization I-Effect
, I-Effect
and I-Effect
streamlined I-Effect
promotional I-Effect
activity I-Effect
that I-Effect
peers I-Effect
can I-Effect
not I-Effect
emulate I-Effect
. O

When O
economic B-Cause
conditions I-Cause
turn I-Cause
challenging I-Cause
, O
gross B-Effect
revenue I-Effect
trends I-Effect
will I-Effect
face I-Effect
stiff I-Effect
headwinds I-Effect
from I-Effect
softer I-Effect
shipment I-Effect
volume I-Effect
from I-Effect
customers I-Effect
, I-Effect
especially I-Effect
spot-related I-Effect
freight I-Effect
, I-Effect
along I-Effect
with I-Effect
declines I-Effect
in I-Effect
sell I-Effect
rates I-Effect
to I-Effect
shippers I-Effect
. O

The B-Effect
stickiness I-Effect
of I-Effect
the I-Effect
relationship I-Effect
with I-Effect
the I-Effect
automaker I-Effect
and I-Effect
Adient I-Effect
's I-Effect
ability I-Effect
to I-Effect
innovate I-Effect
also I-Effect
help I-Effect
cost I-Effect
advantage I-Effect
by I-Effect
protecting I-Effect
Adient I-Effect
from I-Effect
the I-Effect
relentless I-Effect
annual I-Effect
pricing I-Effect
reductions I-Effect
automakers I-Effect
expect I-Effect
from I-Effect
suppliers I-Effect
, O
since O
automakers B-Cause
will I-Cause
be I-Cause
willing I-Cause
to I-Cause
pay I-Cause
up I-Cause
for I-Cause
new I-Cause
technology I-Cause
. O

Because O
traders B-Cause
will I-Cause
go I-Cause
to I-Cause
where I-Cause
the I-Cause
index I-Cause
is I-Cause
traded I-Cause
, O
we O
believe O
the B-Effect
index I-Effect
providers I-Effect
have I-Effect
greater I-Effect
leverage I-Effect
than I-Effect
the I-Effect
exchanges I-Effect
. O

We O
think O
Musk B-Cause
was I-Cause
very I-Cause
smart I-Cause
to I-Cause
not I-Cause
only I-Cause
design I-Cause
a I-Cause
great-looking I-Cause
car I-Cause
, I-Cause
but I-Cause
also I-Cause
have I-Cause
Tesla I-Cause
right I-Cause
away I-Cause
sell I-Cause
vehicles I-Cause
at I-Cause
a I-Cause
premium I-Cause
price I-Cause
point. O
This O
created B-Effect
tremendous I-Effect
media I-Effect
publicity I-Effect
for I-Effect
Tesla I-Effect
beyond I-Effect
its I-Effect
customers I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
created I-Effect
a I-Effect
halo I-Effect
effect I-Effect
for I-Effect
Model I-Effect
3 I-Effect
and I-Effect
Model I-Effect
Y I-Effect
demand I-Effect
when I-Effect
they I-Effect
were I-Effect
introduced I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
for I-Effect
the I-Effect
Cybertruck I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
is I-Effect
ugly I-Effect
but I-Effect
that I-Effect
ugliness I-Effect
is I-Effect
ironically I-Effect
part I-Effect
of I-Effect
its I-Effect
appeal I-Effect
. O

After O
incorporating O
fourth-quarter O
2020 O
results O
into O
our O
model O
, O
we O
're O
lowering B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Boeing I-Effect
to I-Effect
$ I-Effect
257 I-Effect
from I-Effect
$ I-Effect
260 I-Effect
due O
to O
a B-Cause
decrease I-Cause
in I-Cause
777X I-Cause
program I-Cause
quantities I-Cause
and I-Cause
low I-Cause
guidance I-Cause
in I-Cause
defense I-Cause
and I-Cause
global I-Cause
services I-Cause
. O

However O
, O
we O
expect O
deflation B-Effect
in I-Effect
the I-Effect
prices I-Effect
Cogent I-Effect
charges I-Effect
, O
as O
technological B-Cause
advances I-Cause
allow I-Cause
the I-Cause
entire I-Cause
industry I-Cause
to I-Cause
offer I-Cause
these I-Cause
services I-Cause
at I-Cause
reduced I-Cause
prices I-Cause
. O

Fourth O
, O
from O
the O
perspective O
of O
its O
capacity O
network O
of O
asset-based O
truckload O
and O
LTL O
carriers O
, O
Echo B-Effect
represents I-Effect
an I-Effect
attractive I-Effect
source I-Effect
of I-Effect
cargo I-Effect
opportunities. O
This O
stems O
from O
its O
ability B-Cause
to I-Cause
aggregate I-Cause
fragmented I-Cause
demand I-Cause
across I-Cause
a I-Cause
customer I-Cause
base I-Cause
made I-Cause
up I-Cause
of I-Cause
thousands I-Cause
of I-Cause
small I-Cause
and I-Cause
midsize I-Cause
shippers I-Cause
-- I-Cause
Echo I-Cause
essentially I-Cause
acts I-Cause
as I-Cause
a I-Cause
market I-Cause
maker I-Cause
for I-Cause
freight I-Cause
. O

Once O
integrated B-Cause
into I-Cause
the I-Cause
operations I-Cause
of I-Cause
a I-Cause
health I-Cause
system I-Cause
, O
the B-Effect
direct I-Effect
time I-Effect
and I-Effect
expense I-Effect
of I-Effect
switching I-Effect
to I-Effect
a I-Effect
competing I-Effect
solution I-Effect
is I-Effect
very I-Effect
high I-Effect
and I-Effect
comes I-Effect
with I-Effect
substantial I-Effect
operating I-Effect
risks I-Effect
. O

Increased B-Cause
customer I-Cause
proximity I-Cause
allows I-Cause
for I-Cause
drivers I-Cause
to I-Cause
maximize I-Cause
the I-Cause
number I-Cause
of I-Cause
customers I-Cause
they I-Cause
service I-Cause
on I-Cause
a I-Cause
particular I-Cause
route. O
This O
also O
leads O
to O
decreased B-Effect
fuel I-Effect
expenses I-Effect
which I-Effect
, I-Effect
combined I-Effect
with I-Effect
cost I-Effect
of I-Effect
drivers I-Effect
, I-Effect
account I-Effect
for I-Effect
about I-Effect
one I-Effect
third I-Effect
of I-Effect
costs I-Effect
of I-Effect
goods I-Effect
sold I-Effect
. O

Per O
our O
estimates O
, O
the B-Cause
operating I-Cause
leverage I-Cause
associated I-Cause
with I-Cause
our I-Cause
expectations I-Cause
for I-Cause
improving I-Cause
shipment I-Cause
volumes I-Cause
and I-Cause
the I-Cause
ramp-up I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
state-of-the-art I-Cause
production I-Cause
facility I-Cause
in I-Cause
Athens I-Cause
, I-Cause
Alabama I-Cause
, O
will O
help O
Carpenter B-Effect
expand I-Effect
operating I-Effect
margins I-Effect
to I-Effect
a I-Effect
midcycle I-Effect
level I-Effect
around I-Effect
10 I-Effect
% I-Effect
( I-Effect
including I-Effect
surcharges I-Effect
) I-Effect
. O

As O
the B-Cause
company I-Cause
has I-Cause
still I-Cause
much I-Cause
to I-Cause
benefit I-Cause
from I-Cause
in I-Cause
its I-Cause
transition I-Cause
to I-Cause
a I-Cause
subscription I-Cause
model I-Cause
, O
we O
think O
it B-Effect
will I-Effect
continue I-Effect
to I-Effect
extract I-Effect
greater I-Effect
revenue I-Effect
per I-Effect
user I-Effect
as O
it B-Cause
upsells I-Cause
its I-Cause
loyal I-Cause
and I-Cause
increasingly I-Cause
maturing I-Cause
base I-Cause
. O

In O
return O
, O
consumers B-Cause
get I-Cause
one-day I-Cause
shipping I-Cause
on I-Cause
millions I-Cause
of I-Cause
items I-Cause
, I-Cause
exclusive I-Cause
video I-Cause
content I-Cause
, I-Cause
and I-Cause
other I-Cause
services I-Cause
, O
which O
result B-Effect
in I-Effect
a I-Effect
powerful I-Effect
virtuous I-Effect
circle I-Effect
where I-Effect
customers I-Effect
and I-Effect
sellers I-Effect
attract I-Effect
one I-Effect
another I-Effect
. O

The B-Effect
product I-Effect
life I-Effect
for I-Effect
a I-Effect
homecare I-Effect
respiratory I-Effect
device I-Effect
is I-Effect
typically I-Effect
five I-Effect
years I-Effect
as O
this B-Cause
is I-Cause
the I-Cause
upgrade I-Cause
cycle I-Cause
funded I-Cause
by I-Cause
reimbursers I-Cause
, O
however O
new B-Cause
products I-Cause
are I-Cause
launched I-Cause
every I-Cause
two I-Cause
to I-Cause
three I-Cause
years I-Cause
in O
an O
effort O
to O
get O
price B-Effect
increases I-Effect
. O

Once O
listed O
on O
Nasdaq O
's O
exchange O
, O
companies B-Effect
face I-Effect
switching I-Effect
costs I-Effect
, O
as O
leaving B-Cause
Nasdaq I-Cause
renders I-Cause
them I-Cause
ineligible I-Cause
for I-Cause
Nasdaq I-Cause
's I-Cause
indexes I-Cause
, O
reducing O
demand O
for O
their O
shares O
. O

The B-Cause
global I-Cause
food-service I-Cause
industry I-Cause
has I-Cause
come I-Cause
under I-Cause
pressure I-Cause
as O
several B-Cause
markets I-Cause
have I-Cause
restricted I-Cause
dine-in I-Cause
service I-Cause
to O
contain B-Effect
the I-Effect
coronavirus I-Effect
pandemic I-Effect
. O

The B-Cause
more I-Cause
tolling I-Cause
solutions I-Cause
are I-Cause
added I-Cause
to I-Cause
the I-Cause
network I-Cause
, I-Cause
the I-Cause
more I-Cause
toll I-Cause
operators I-Cause
can I-Cause
monitor I-Cause
every I-Cause
aspect I-Cause
of I-Cause
its I-Cause
toll I-Cause
operations I-Cause
and O
use O
that O
data O
to O
make B-Effect
decisions I-Effect
in I-Effect
real I-Effect
time I-Effect
, O
such O
as O
informing O
drivers O
of O
potential O
traffic O
bottlenecks O
or O
automobile O
accidents O
. O

However O
, O
these B-Effect
highly I-Effect
localized I-Effect
markets I-Effect
do I-Effect
not I-Effect
offer I-Effect
a I-Effect
structural I-Effect
competitive I-Effect
advantage I-Effect
as I-Effect
they I-Effect
do I-Effect
in I-Effect
upstream I-Effect
products I-Effect
as O
market B-Cause
entry I-Cause
is I-Cause
much I-Cause
easier I-Cause
. O

Thus O
, O
this B-Effect
revenue I-Effect
stream I-Effect
increases I-Effect
or I-Effect
decreases I-Effect
with O
AUM B-Cause
of I-Cause
the I-Cause
exchange-traded I-Cause
products I-Cause
that O
license O
Nasdaq O
's O
indexes O
, O
which O
fall O
or O
rise O
with O
the O
market O
. O

With O
a B-Cause
strong I-Cause
standing I-Cause
in I-Cause
aviation I-Cause
and I-Cause
long-term I-Cause
partner I-Cause
of I-Cause
Airbus I-Cause
, I-Cause
a I-Cause
Super I-Cause
Puma I-Cause
helicopter I-Cause
crash I-Cause
in I-Cause
Norway I-Cause
led O
to O
a B-Effect
substantial I-Effect
swing I-Effect
in I-Effect
profitability I-Effect
. O

Finally O
, O
we O
think O
Littelfuse B-Effect
's I-Effect
renewable I-Effect
energy I-Effect
exposure I-Effect
will I-Effect
grow I-Effect
, I-Effect
and O
along O
with O
rising B-Cause
industrial I-Cause
safety I-Cause
standards I-Cause
will I-Cause
help I-Cause
offset I-Cause
secular I-Cause
declines I-Cause
in I-Cause
oil I-Cause
and I-Cause
gas I-Cause
to I-Cause
help I-Cause
the I-Cause
industrial I-Cause
segment I-Cause
grow I-Cause
roughly I-Cause
in I-Cause
line I-Cause
with I-Cause
GDP I-Cause
following I-Cause
a I-Cause
strong I-Cause
2021 I-Cause
. O

We O
believe O
that O
the B-Effect
OMO I-Effect
business I-Effect
will I-Effect
also I-Effect
serve I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
key I-Effect
drivers I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
TAL B-Cause
can I-Cause
leverage I-Cause
its I-Cause
existing I-Cause
students I-Cause
at I-Cause
a I-Cause
lower I-Cause
acquisition I-Cause
cost I-Cause
. O

Regions B-Effect
has I-Effect
historically I-Effect
had I-Effect
a I-Effect
credit I-Effect
cost I-Effect
disadvantage I-Effect
, O
largely O
due O
to O
the B-Cause
ill-timed I-Cause
acquisition I-Cause
of I-Cause
AmSouth I-Cause
just I-Cause
before I-Cause
the I-Cause
financial I-Cause
crisis I-Cause
, O
where O
portions O
of O
the O
loan O
book O
were O
eventually O
sold O
for O
$ O
0.50 O
on O
the O
dollar O
. O

While O
we O
anticipate O
that O
COVID-19 B-Cause
vaccine I-Cause
distribution I-Cause
will O
allow O
travel B-Effect
to I-Effect
return I-Effect
to I-Effect
growth I-Effect
, O
we O
recognize O
that O
the O
progression O
of O
the O
recovery O
is O
likely O
to O
be O
choppy O
and O
have O
an O
uncertain O
time O
frame O
. O

The B-Effect
firm I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
expand I-Effect
profitably I-Effect
, O
as O
its B-Cause
nimble I-Cause
supply I-Cause
and I-Cause
distribution I-Cause
network I-Cause
are I-Cause
well-suited I-Cause
to I-Cause
meeting I-Cause
the I-Cause
ever-changing I-Cause
demands I-Cause
of I-Cause
its I-Cause
customers I-Cause
( O
preteens O
, O
teenagers O
, O
and O
their O
money-wielding O
parents O
) O
. O

The B-Cause
suppliers I-Cause
' I-Cause
expertise I-Cause
and I-Cause
training I-Cause
services I-Cause
enable O
these B-Effect
firms I-Effect
' I-Effect
salsifies I-Effect
to I-Effect
forge I-Effect
relationships I-Effect
with I-Effect
its I-Effect
fragmented I-Effect
customer I-Effect
base I-Effect
, O
but O
we O
do O
not O
believe O
these O
relationships O
are O
significant O
enough O
to O
form O
a O
meaningful O
switching O
cost O
benefit O
. O

Despite O
the O
slowdown O
in O
instrument O
placement O
during O
2020 O
, O
Idexx O
's O
aggressive O
placement O
has O
resumed O
now O
that O
the B-Cause
pandemic I-Cause
is I-Cause
easing I-Cause
, O
and O
this O
should O
lead O
to O
a B-Effect
steady I-Effect
stream I-Effect
of I-Effect
consumable I-Effect
revenue I-Effect
growth I-Effect
that I-Effect
normalizes I-Effect
in I-Effect
the I-Effect
low I-Effect
teens I-Effect
. O

We O
're O
anticipating O
that O
TransDigm B-Effect
can I-Effect
grow I-Effect
faster I-Effect
than I-Effect
the I-Effect
overall I-Effect
commercial I-Effect
aftermarket I-Effect
because O
of O
organic B-Cause
growth I-Cause
and I-Cause
consistent I-Cause
inorganic I-Cause
growth I-Cause
. O

We O
think O
there B-Effect
is I-Effect
conservatism I-Effect
baked I-Effect
in I-Effect
to I-Effect
management I-Effect
's I-Effect
guide I-Effect
given O
Dover B-Cause
's I-Cause
typical I-Cause
seasonality I-Cause
and I-Cause
the I-Cause
strong I-Cause
demand I-Cause
evidenced I-Cause
in I-Cause
its I-Cause
book-to-bill I-Cause
ratios I-Cause
. O

We O
think O
efforts O
to O
increase B-Cause
exposure I-Cause
to I-Cause
graphics I-Cause
and I-Cause
performance I-Cause
tapes I-Cause
will B-Effect
boost I-Effect
near-term I-Effect
profitability I-Effect
, O
but O
that O
excess O
profitability O
will O
be O
competed O
away O
in O
the O
long O
run O
. O

Partly O
due O
to O
store B-Effect
closures I-Effect
related I-Cause
to I-Cause
the B-Cause
pandemic I-Cause
, O
Nike B-Effect
expects I-Effect
digital I-Effect
sales I-Effect
from I-Effect
its I-Effect
own I-Effect
channels I-Effect
and I-Effect
those I-Effect
of I-Effect
wholesale I-Effect
partners I-Effect
to I-Effect
increase I-Effect
to I-Effect
as I-Effect
much I-Effect
as I-Effect
30 I-Effect
% I-Effect
of I-Effect
its I-Effect
sales I-Effect
this I-Effect
year I-Effect
. O

Also O
, O
ongoing B-Cause
PAMA-related I-Cause
reimbursement I-Cause
cuts I-Cause
from I-Cause
CMS I-Cause
may O
cut B-Effect
into I-Effect
the I-Effect
pricing I-Effect
power I-Effect
of I-Effect
diagnostic I-Effect
players I-Effect
eventually I-Effect
, O
but O
so O
far O
, O
we O
have O
not O
seen O
evidence O
of O
that O
. O

Beyond B-Cause
these I-Cause
upfront I-Cause
costs I-Cause
, I-Cause
the I-Cause
ongoing I-Cause
costs I-Cause
associated I-Cause
with I-Cause
ensuring I-Cause
compliance I-Cause
due I-Cause
to I-Cause
stringent I-Cause
regulatory I-Cause
standards I-Cause
remain I-Cause
high. O
These O
factors O
contribute O
to O
significant B-Effect
entry I-Effect
barriers I-Effect
for I-Effect
new I-Effect
competitors I-Effect
, I-Effect
which I-Effect
has I-Effect
been I-Effect
highlighted I-Effect
by I-Effect
recent I-Effect
shortages I-Effect
in I-Effect
IV I-Effect
solutions I-Effect
and I-Effect
nutritionals I-Effect
where I-Effect
market I-Effect
share I-Effect
shifts I-Effect
have I-Effect
occurred I-Effect
primarily I-Effect
between I-Effect
existing I-Effect
players I-Effect
rather I-Effect
than I-Effect
inviting I-Effect
significant I-Effect
new I-Effect
competition I-Effect
. O

We O
forecast O
that O
Check B-Effect
Point I-Effect
will I-Effect
see I-Effect
near-term I-Effect
turbulence I-Effect
in I-Effect
its I-Effect
products I-Effect
and I-Effect
licenses I-Effect
business I-Effect
as O
enterprises B-Cause
migrate I-Cause
toward I-Cause
software-defined I-Cause
products I-Cause
from I-Cause
hardware I-Cause
appliances I-Cause
. O

We O
believe O
Markel B-Effect
's I-Effect
equity-heavy I-Effect
investing I-Effect
approach I-Effect
generates I-Effect
more I-Effect
risk I-Effect
than I-Effect
the I-Effect
average I-Effect
P I-Effect
& I-Effect
C I-Effect
insurer I-Effect
carries I-Effect
on I-Effect
the I-Effect
investment I-Effect
side I-Effect
, O
and B-Effect
a I-Effect
decline I-Effect
in I-Effect
the I-Effect
equity I-Effect
market I-Effect
could I-Effect
ding I-Effect
the I-Effect
company I-Effect
's I-Effect
capital I-Effect
position I-Effect
and I-Effect
weigh I-Effect
on I-Effect
results I-Effect
. O

On O
the O
international O
side O
, O
we O
anticipate O
that O
continued B-Cause
expansion I-Cause
in I-Cause
Europe I-Cause
and I-Cause
entry I-Cause
into I-Cause
emerging I-Cause
markets I-Cause
will O
play B-Effect
a I-Effect
greater I-Effect
role I-Effect
in I-Effect
Hologic I-Effect
's I-Effect
top-line I-Effect
growth I-Effect
. O

We O
expect O
higher B-Cause
lithium I-Cause
prices I-Cause
and I-Cause
volume I-Cause
will O
help O
Albemarle B-Effect
's I-Effect
lithium I-Effect
EBITDA I-Effect
grow I-Effect
roughly I-Effect
5 I-Effect
times I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

On O
the O
periphery O
, O
further B-Cause
improvements I-Cause
in I-Cause
margins I-Cause
could O
offer O
some O
upside B-Effect
to I-Effect
our I-Effect
valuation I-Effect
, O
but O
we O
are O
not O
expecting O
substantial O
changes O
there O
. O

The B-Effect
entity I-Effect
's I-Effect
45 I-Effect
% I-Effect
market I-Effect
share I-Effect
in I-Effect
G I-Effect
& I-Effect
P I-Effect
by I-Effect
our I-Effect
estimates I-Effect
as I-Effect
part I-Effect
of I-Effect
a I-Effect
midstream I-Effect
duopoly I-Effect
means I-Effect
competition I-Effect
for I-Effect
new I-Effect
investment I-Effect
opportunities I-Effect
is I-Effect
minimal I-Effect
as O
competitors B-Cause
would I-Cause
need I-Cause
to I-Cause
build I-Cause
both I-Cause
G I-Cause
& I-Cause
P I-Cause
assets I-Cause
and I-Cause
pipelines I-Cause
because I-Cause
of I-Cause
the I-Cause
ability I-Cause
for I-Cause
DCP I-Cause
to I-Cause
block I-Cause
connections I-Cause
, I-Cause
lowering I-Cause
returns I-Cause
. O

UP B-Cause
's I-Cause
operating I-Cause
ratio I-Cause
( I-Cause
expenses/revenue I-Cause
) I-Cause
improved I-Cause
a I-Cause
solid I-Cause
210 I-Cause
basis I-Cause
points I-Cause
in I-Cause
2019 I-Cause
to I-Cause
60.6 I-Cause
% I-Cause
on O
the O
back O
of O
PSR-related B-Effect
efficiency I-Effect
gains I-Effect
. O

We O
have O
been O
concerned O
that O
near-term B-Effect
renewable I-Effect
energy I-Effect
growth I-Effect
might I-Effect
slow I-Effect
as O
potential B-Cause
counterparties I-Cause
are I-Cause
reluctant I-Cause
to I-Cause
make I-Cause
commitments I-Cause
until I-Cause
the I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
fades I-Cause
. O

The B-Cause
ultralow I-Cause
interest I-Cause
rate I-Cause
environment I-Cause
-- I-Cause
of I-Cause
which I-Cause
Thermo I-Cause
Fisher I-Cause
took I-Cause
ample I-Cause
advantage I-Cause
-- O
has O
only O
made O
the B-Effect
company I-Effect
even I-Effect
more I-Effect
aggressive I-Effect
and I-Effect
a I-Effect
desirable I-Effect
acquisition I-Effect
partner I-Effect
, O
as O
only B-Cause
a I-Cause
handful I-Cause
of I-Cause
other I-Cause
life I-Cause
science I-Cause
firms I-Cause
have I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
to I-Cause
support I-Cause
comparable I-Cause
large I-Cause
deals I-Cause
. O

Typically O
provided O
as O
an O
employee O
perk O
, O
in-house O
food O
service O
also O
has O
the O
potential B-Effect
to I-Effect
boost I-Effect
overall I-Effect
productivity I-Effect
by O
reducing B-Cause
the I-Cause
time I-Cause
employees I-Cause
spend I-Cause
off I-Cause
campus I-Cause
. O

Large O
dealers O
like O
Asbury B-Effect
are I-Effect
enjoying I-Effect
a I-Effect
growing I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
repair I-Effect
work I-Effect
, O
because O
most O
automakers B-Cause
require I-Cause
warranty I-Cause
work I-Cause
to I-Cause
be I-Cause
done I-Cause
at I-Cause
a I-Cause
dealer I-Cause
rather I-Cause
than I-Cause
an I-Cause
independent I-Cause
repair I-Cause
shop I-Cause
. O

The B-Cause
French I-Cause
government I-Cause
's I-Cause
significant I-Cause
23 I-Cause
% I-Cause
stake I-Cause
in I-Cause
Orange I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
firm I-Cause
's I-Cause
large I-Cause
civil I-Cause
servant I-Cause
workforce I-Cause
in I-Cause
France I-Cause
, O
limits O
the B-Effect
company I-Effect
's I-Effect
capacity I-Effect
to I-Effect
improve I-Effect
its I-Effect
operational I-Effect
efficiency I-Effect
through I-Effect
headcount I-Effect
cuts I-Effect
and I-Effect
business I-Effect
restructuring I-Effect
. O

As O
such O
, O
a B-Effect
strong I-Effect
track I-Effect
record I-Effect
of I-Effect
reliability I-Effect
is I-Effect
crucial I-Effect
to I-Effect
win I-Effect
business I-Effect
, O
considering O
the B-Cause
risk I-Cause
of I-Cause
product I-Cause
failures I-Cause
leading I-Cause
to I-Cause
unplanned I-Cause
outages I-Cause
or I-Cause
wasted I-Cause
material I-Cause
. O

Economic B-Cause
uncertainty I-Cause
in I-Cause
Europe I-Cause
prior O
to O
the O
COVID-19 O
outbreak O
was O
creating O
headwinds O
for O
European B-Effect
expansion I-Effect
and I-Effect
consolidation I-Effect
of I-Effect
acquired I-Effect
operations I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
repeatedly I-Cause
made I-Cause
bolt-on I-Cause
acquisitions I-Cause
to I-Cause
prop I-Cause
up I-Cause
tepid I-Cause
organic I-Cause
growth I-Cause
, O
but O
with O
approximately O
300 O
subsidiaries O
and O
six O
major O
reporting O
segments O
, O
we O
think O
Kyocera O
has O
been O
unable O
to O
realize B-Effect
meaningful I-Effect
synergies I-Effect
from I-Effect
them I-Effect
. O

With O
signed O
up O
users O
already O
at O
600 O
million O
and O
a O
handful O
of O
other O
competitive O
offers O
, O
increasing B-Cause
paid I-Cause
user I-Cause
conversion I-Cause
is O
the O
key O
metric O
to O
follow O
, O
in O
our O
view O
, O
and O
is O
currently O
not O
trending B-Effect
in I-Effect
a I-Effect
positive I-Effect
direction I-Effect
. O

We O
believe O
that O
customers B-Effect
will I-Effect
typically I-Effect
repurchase I-Effect
high-end I-Effect
storage I-Effect
from I-Effect
their I-Effect
existing I-Effect
suppliers I-Effect
because I-Effect
of I-Effect
compatibility I-Effect
concerns I-Effect
in I-Effect
changing I-Effect
vendors I-Effect
, O
if O
past B-Cause
performance I-Cause
and I-Cause
services I-Cause
met I-Cause
the I-Cause
customer I-Cause
's I-Cause
demand I-Cause
. O

We O
think O
this O
lack B-Cause
of I-Cause
consistent I-Cause
economic I-Cause
profits I-Cause
provides O
additional B-Effect
evidence I-Effect
for I-Effect
our I-Effect
conclusion I-Effect
that I-Effect
Simply I-Effect
Good I-Effect
Foods I-Effect
does I-Effect
not I-Effect
maintain I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
. O

Sabre O
's O
2020 O
revenue O
was O
meaningfully O
impacted O
by O
COVID-19 B-Cause
, O
resulting O
in O
our B-Effect
sales I-Effect
forecast I-Effect
of I-Effect
a I-Effect
66 I-Effect
% I-Effect
decline I-Effect
that I-Effect
year I-Effect
. O

After O
stringing O
together O
decent O
growth O
in O
the O
early O
2010s O
, O
inventory B-Cause
clearance I-Cause
and I-Cause
stock-keeping I-Cause
unit I-Cause
creep I-Cause
of I-Cause
lower-productivity I-Cause
brands I-Cause
hurt B-Effect
Mattel I-Effect
's I-Effect
performance I-Effect
throughout I-Effect
2017-18 I-Effect
. O

The B-Cause
scale I-Cause
of I-Cause
its I-Cause
data I-Cause
and I-Cause
the I-Cause
best-in-class I-Cause
analytical I-Cause
technology I-Cause
IQVIA I-Cause
layers I-Cause
with I-Cause
its I-Cause
data I-Cause
create O
a B-Effect
high I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
. O

In O
addition O
to O
making O
up O
over O
50 O
% O
of O
the O
partnership O
's O
gross O
operating O
margin O
today O
, O
Oneok B-Effect
's I-Effect
NGL I-Effect
business I-Effect
will I-Effect
serve I-Effect
as I-Effect
its I-Effect
primary I-Effect
growth I-Effect
engine I-Effect
through I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
decade I-Effect
as O
countries B-Cause
use I-Cause
more I-Cause
lighter I-Cause
olefins I-Cause
for I-Cause
heating I-Cause
and I-Cause
industrial I-Cause
end I-Cause
uses I-Cause
. O

Fierce B-Cause
competition I-Cause
during I-Cause
the I-Cause
consolidation I-Cause
phase I-Cause
could O
raise B-Cause
acquisition I-Cause
prices I-Cause
too I-Cause
much I-Cause
for I-Cause
Grubhub I-Cause
, O
more O
likely O
than O
not O
minimizing B-Effect
returns I-Effect
on I-Effect
investment I-Effect
. O

Given O
the B-Cause
northern I-Cause
location I-Cause
of I-Cause
CN I-Cause
's I-Cause
assets I-Cause
, O
adverse O
winter O
weather O
can O
materially O
hamper B-Effect
efficiency I-Effect
by I-Effect
blocking I-Effect
tracks I-Effect
and I-Effect
necessitating I-Effect
shorter I-Effect
trains I-Effect
throughout I-Effect
certain I-Effect
times I-Effect
of I-Effect
the I-Effect
year I-Effect
. O

We O
see O
the B-Effect
net I-Effect
charge-off I-Effect
ratio I-Effect
normalizing I-Effect
to I-Effect
0.3 I-Effect
% I-Effect
as O
Cullen/Frost B-Cause
increases I-Cause
the I-Cause
overall I-Cause
mix I-Cause
of I-Cause
its I-Cause
loans I-Cause
coming I-Cause
from I-Cause
consumer I-Cause
lending I-Cause
, O
although O
we O
anticipate O
elevated O
losses O
in O
2021 O
as O
the O
latest O
energy O
downturn O
and O
COVID-19 O
play O
out O
. O

With O
the B-Cause
resulting I-Cause
improved I-Cause
cash I-Cause
flow I-Cause
, O
we O
expect O
BRP B-Effect
will I-Effect
reinvest I-Effect
in I-Effect
product I-Effect
innovation I-Effect
, I-Effect
facilitate I-Effect
share I-Effect
repurchases I-Effect
, I-Effect
and I-Effect
reinstate I-Effect
its I-Effect
dividend I-Effect
once I-Effect
COVID-19 I-Effect
subsides I-Effect
. O

The B-Effect
challenge I-Effect
for I-Effect
Plains I-Effect
in I-Effect
the I-Effect
aftermath I-Effect
of I-Effect
COVID-19 I-Effect
is O
that O
short-term B-Cause
demand I-Cause
destruction I-Cause
is I-Cause
Permian I-Cause
volumes I-Cause
is I-Cause
going I-Cause
to I-Cause
be I-Cause
highly I-Cause
volatile I-Cause
. O

We O
believe O
the B-Cause
Canadian I-Cause
banking I-Cause
environment I-Cause
offers I-Cause
systemic I-Cause
cost I-Cause
advantages I-Cause
, O
which O
manifest O
in O
the O
form O
of O
lower O
operating O
costs O
, O
lower O
credit O
costs O
, O
lower O
regulatory O
costs O
, O
and O
lower O
absolute O
levels O
of O
and O
better O
diversification O
of O
risks O
, O
all O
of O
which O
allow O
the B-Effect
banks I-Effect
to I-Effect
achieve I-Effect
greater I-Effect
risk-adjusted I-Effect
returns I-Effect
. O

We O
think O
the B-Cause
vaccine I-Cause
's I-Cause
excellent I-Cause
efficacy I-Cause
, I-Cause
strong I-Cause
supply I-Cause
, I-Cause
and I-Cause
early I-Cause
leadership I-Cause
on I-Cause
the I-Cause
market I-Cause
all O
support B-Effect
$ I-Effect
24 I-Effect
billion I-Effect
in I-Effect
Comirnaty I-Effect
sales I-Effect
annually I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
( O
and O
roughly O
50 O
% O
of O
gross O
profits O
flowing O
to O
BioNTech O
) O
. O

This O
allows O
Amazon O
to O
generate O
strong B-Cause
cash I-Cause
flow I-Cause
, I-Cause
which I-Cause
in I-Cause
turn I-Cause
can I-Cause
be I-Cause
reinvested I-Cause
in I-Cause
advertising I-Cause
, I-Cause
customer I-Cause
service I-Cause
, I-Cause
and I-Cause
website I-Cause
enhancements I-Cause
that O
keep B-Effect
its I-Effect
marketplace I-Effect
robust I-Effect
and I-Effect
customer I-Effect
loyalty I-Effect
strong I-Effect
. O

In O
addition O
, O
users B-Effect
would I-Effect
also I-Effect
see I-Effect
an I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
productivity I-Effect
as O
many B-Cause
of I-Cause
the I-Cause
analytics I-Cause
and I-Cause
WFO/WEM I-Cause
capabilities I-Cause
being I-Cause
provided I-Cause
by I-Cause
Nice I-Cause
would I-Cause
no I-Cause
longer I-Cause
be I-Cause
available I-Cause
, I-Cause
leading I-Cause
to I-Cause
inefficient I-Cause
work I-Cause
and I-Cause
an I-Cause
inability I-Cause
to I-Cause
effectively I-Cause
service I-Cause
customers I-Cause
. O

Furthermore O
, O
the B-Cause
ongoing I-Cause
shift I-Cause
to I-Cause
a I-Cause
capital-light I-Cause
strategy I-Cause
should I-Cause
lead I-Cause
to I-Cause
structurally I-Cause
lower I-Cause
capital I-Cause
and I-Cause
operating I-Cause
expenditures I-Cause
than I-Cause
in I-Cause
the I-Cause
past I-Cause
, O
bolstering B-Effect
profit I-Effect
growth I-Effect
and I-Effect
allowing I-Effect
for I-Effect
investment I-Effect
in I-Effect
key I-Effect
brands I-Effect
. O

As O
a O
result O
of O
declining B-Cause
oil I-Cause
prices I-Cause
and I-Cause
waning I-Cause
demand I-Cause
for I-Cause
iron I-Cause
ore I-Cause
, O
Brazilian B-Effect
tax I-Effect
receipts I-Effect
have I-Effect
taken I-Effect
a I-Effect
hit I-Effect
. O

Edwards B-Cause
has I-Cause
established I-Cause
itself I-Cause
as I-Cause
the I-Cause
leader I-Cause
in I-Cause
transcatheter I-Cause
aortic I-Cause
valve I-Cause
franchise I-Cause
, I-Cause
or I-Cause
TAVR I-Cause
, O
wiht O
its B-Effect
Sapien I-Effect
product I-Effect
which I-Effect
is I-Effect
delivered I-Effect
either I-Effect
through I-Effect
the I-Effect
femoral I-Effect
artery I-Effect
( I-Effect
similar I-Effect
to I-Effect
an I-Effect
angioplasty I-Effect
) I-Effect
or I-Effect
through I-Effect
a I-Effect
small I-Effect
hole I-Effect
between I-Effect
two I-Effect
ribs I-Effect
. O

Although O
CP O
's O
intermodal O
franchise O
growth O
has O
lagged O
that O
of O
CN O
over O
the O
past O
decade O
, O
we O
expect O
PSR B-Effect
related I-Effect
service I-Effect
enhancements I-Effect
to O
drive B-Effect
incremental I-Effect
growth I-Effect
opportunities I-Effect
as O
economic B-Cause
conditions I-Cause
recover I-Cause
. O

This O
could O
lead O
to O
employee B-Effect
frustration I-Effect
if O
paychecks B-Cause
are I-Cause
delayed I-Cause
or I-Cause
if I-Cause
there I-Cause
are I-Cause
delays I-Cause
to I-Cause
benefits I-Cause
administration I-Cause
, O
and O
in O
severe O
cases O
, O
employees O
could O
quit O
the O
firm O
. O

While O
we O
do O
n't O
see O
any O
material O
issues O
right O
now O
, O
we O
would O
like O
to O
see O
the B-Cause
firm I-Cause
improve I-Cause
its I-Cause
ESG I-Cause
disclosure I-Cause
policies I-Cause
to O
increase B-Effect
our I-Effect
confidence I-Effect
that I-Effect
it I-Effect
is I-Effect
managing I-Effect
its I-Effect
affairs I-Effect
properly I-Effect
. O

We O
expect O
the B-Cause
e-commerce I-Cause
market I-Cause
's I-Cause
size I-Cause
to I-Cause
greatly I-Cause
increase I-Cause
over I-Cause
the I-Cause
medium I-Cause
term I-Cause
and O
that O
this O
will O
boost B-Effect
air I-Effect
cargo I-Effect
demand I-Effect
. O

This B-Cause
database I-Cause
provides O
the O
basis O
for O
the O
marquee O
research O
offering O
on O
the O
market O
, O
Westlaw O
Edge O
, O
and O
integration O
with O
the O
West O
Key O
Number O
System O
helps O
professionals B-Effect
find I-Effect
the I-Effect
research I-Effect
they I-Effect
need I-Effect
, I-Effect
quickly I-Effect
and I-Effect
accurately I-Effect
. O

We O
acknowledge O
that O
certain O
consumables O
may O
lack O
pricing O
power O
in O
a O
market O
downturn O
, O
but O
spare B-Cause
parts I-Cause
and I-Cause
services I-Cause
are I-Cause
mostly I-Cause
proprietary I-Cause
, O
which O
low-cost B-Effect
competitors I-Effect
would I-Effect
be I-Effect
unable I-Effect
to I-Effect
replicate I-Effect
. O

The O
challenges O
of O
brick-and-mortar O
retail O
have O
left O
the O
commercial O
real O
estate O
market O
well-supplied O
with O
attractively O
located O
opportunities O
, O
a B-Effect
dynamic I-Effect
strengthened I-Effect
by O
the B-Cause
pandemic I-Cause
as O
retailers B-Effect
struggle I-Effect
. O

We O
expect O
Arrow B-Effect
's I-Effect
global I-Effect
enterprise I-Effect
computing I-Effect
segment I-Effect
will I-Effect
see I-Effect
low-single-digit I-Effect
revenue I-Effect
growth I-Effect
, O
with O
services B-Cause
and I-Cause
software I-Cause
offsetting I-Cause
flat I-Cause
performance I-Cause
or I-Cause
declines I-Cause
in I-Cause
servers I-Cause
and I-Cause
storage I-Cause
. O

However O
, O
as O
most B-Cause
potential I-Cause
customers I-Cause
are I-Cause
risk I-Cause
averse I-Cause
and I-Cause
can I-Cause
not I-Cause
accept I-Cause
additional I-Cause
costs I-Cause
from I-Cause
unplanned I-Cause
downtime I-Cause
, O
they O
will O
look B-Cause
for I-Cause
evidence I-Cause
of I-Cause
credibility I-Cause
( O
for O
example O
, O
track O
record O
) O
to O
eliminate B-Effect
any I-Effect
potential I-Effect
risks I-Effect
of I-Effect
additional I-Effect
economic I-Effect
costs I-Effect
from I-Effect
downtime I-Effect
. O

We B-Effect
forecast I-Effect
total I-Effect
rooms I-Effect
averaging I-Effect
annual I-Effect
growth I-Effect
of I-Effect
5.6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
driven O
by O
our B-Cause
managed I-Cause
and I-Cause
franchised I-Cause
10-year I-Cause
annual I-Cause
forecast I-Cause
of I-Cause
6.1 I-Cause
% I-Cause
growth I-Cause
. O

We B-Effect
expect I-Effect
this I-Effect
margin I-Effect
improvement I-Effect
will O
be O
driven O
by O
business B-Cause
simplification I-Cause
, I-Cause
corporate I-Cause
rightsizing I-Cause
, I-Cause
mix I-Cause
shift I-Cause
, I-Cause
and I-Cause
a I-Cause
focus I-Cause
on I-Cause
more I-Cause
profitable I-Cause
product I-Cause
lines I-Cause
. O

As O
China B-Cause
, I-Cause
Hong I-Cause
Kong I-Cause
, I-Cause
and I-Cause
Singapore I-Cause
are I-Cause
important I-Cause
pools I-Cause
of I-Cause
wealth I-Cause
and I-Cause
growing I-Cause
trade I-Cause
corridors I-Cause
, O
the B-Effect
bank I-Effect
's I-Effect
pivot I-Effect
toward I-Effect
Asia I-Effect
( I-Effect
about I-Effect
75 I-Effect
% I-Effect
of I-Effect
pretax I-Effect
profit I-Effect
) I-Effect
makes I-Effect
strategic I-Effect
sense I-Effect
. O

Cost O
AdvantageThroughout O
much O
of O
Latin O
America O
, O
Ambev B-Cause
's I-Cause
cost I-Cause
advantage I-Cause
is I-Cause
powerful I-Cause
and O
helps O
to O
sustain B-Effect
its I-Effect
high I-Effect
market I-Effect
shares I-Effect
. O

Over O
the O
longer O
term O
, O
we O
expect O
features B-Cause
such I-Cause
as I-Cause
the I-Cause
development I-Cause
of I-Cause
predictive I-Cause
algorithms I-Cause
and I-Cause
integration I-Cause
with I-Cause
continuous I-Cause
glucose I-Cause
monitors I-Cause
to O
support O
growth B-Effect
in I-Effect
the I-Effect
user I-Effect
base I-Effect
, O
which O
should O
support O
further B-Effect
penetration I-Effect
of I-Effect
the I-Effect
type I-Effect
2 I-Effect
diabetes I-Effect
patient I-Effect
pool I-Effect
. O

The B-Effect
multifamily I-Effect
real I-Effect
estate I-Effect
market I-Effect
on I-Effect
the I-Effect
West I-Effect
Coast I-Effect
has I-Effect
benefited I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
from I-Effect
demographic I-Effect
trends I-Effect
such I-Effect
as I-Effect
a I-Effect
falling I-Effect
homeownership I-Effect
rate I-Effect
, I-Effect
the I-Effect
rising I-Effect
relative I-Effect
cost I-Effect
of I-Effect
single-family I-Effect
housing I-Effect
, I-Effect
and I-Effect
urban I-Effect
gentrification. O
These O
trends O
are O
driven O
by O
the B-Cause
tastes I-Cause
and I-Cause
desires I-Cause
of I-Cause
millennials I-Cause
, I-Cause
whose I-Cause
behavior I-Cause
may I-Cause
change I-Cause
as I-Cause
they I-Cause
age I-Cause
and I-Cause
acquire I-Cause
enough I-Cause
capital I-Cause
to I-Cause
own I-Cause
single-family I-Cause
homes I-Cause
. O

The O
company O
is O
becoming O
further O
entrenched O
with O
its O
current O
consumers O
, O
and O
we O
believe O
that O
the B-Cause
expansion I-Cause
will O
grow B-Effect
its I-Effect
brand I-Effect
awareness I-Effect
while I-Effect
diversifying I-Effect
its I-Effect
customer I-Effect
base I-Effect
. O

Although O
ArcelorMittal B-Cause
's I-Cause
expansive I-Cause
global I-Cause
footprint I-Cause
increases O
the B-Effect
regulatory I-Effect
, I-Effect
legal I-Effect
, I-Effect
and I-Effect
demographic I-Effect
risks I-Effect
associated I-Effect
with I-Effect
the I-Effect
company I-Effect
, O
the B-Cause
immense I-Cause
scale I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
operations I-Cause
dilutes O
the B-Effect
impact I-Effect
of I-Effect
potential I-Effect
operational I-Effect
disruptions I-Effect
in I-Effect
any I-Effect
one I-Effect
location I-Effect
. O

The B-Effect
uniqueness I-Effect
can I-Effect
be I-Effect
viewed I-Effect
as I-Effect
good I-Effect
or I-Effect
bad鈥攇ood I-Effect
for I-Effect
retention I-Effect
once I-Effect
a I-Effect
customer I-Effect
is I-Effect
acquired I-Effect
but I-Effect
perhaps I-Effect
negative I-Effect
because O
clients B-Cause
might I-Cause
fear I-Cause
being I-Cause
locked I-Cause
into I-Cause
a I-Cause
proprietary I-Cause
architecture I-Cause
. O

Early O
on O
, O
the B-Effect
company I-Effect
focused I-Effect
on I-Effect
expanding I-Effect
its I-Effect
audience I-Effect
on I-Effect
Zillow.com I-Effect
, I-Effect
allowing I-Effect
it I-Effect
to I-Effect
overtake I-Effect
rival I-Effect
Realtor.com I-Effect
in I-Effect
the I-Effect
race I-Effect
to I-Effect
achieve I-Effect
pre-eminence I-Effect
as O
the B-Cause
largest I-Cause
real I-Cause
estate I-Cause
network I-Cause
on I-Cause
the I-Cause
web I-Cause
. O

Synchrony B-Effect
's I-Effect
partners I-Effect
in I-Effect
these I-Effect
segments I-Effect
are I-Effect
typically I-Effect
not I-Effect
motivated I-Effect
by I-Effect
the I-Effect
ability I-Effect
to I-Effect
market I-Effect
to I-Effect
its I-Effect
customers I-Effect
since O
purchases B-Cause
are I-Cause
either I-Cause
driven I-Cause
by I-Cause
need I-Cause
or I-Cause
inherently I-Cause
irregular I-Cause
, O
like O
the O
purchase O
of O
a O
mattress O
. O

We O
believe O
that O
improving B-Cause
new-home I-Cause
demand I-Cause
, I-Cause
successful I-Cause
inventory I-Cause
management I-Cause
initiatives I-Cause
, I-Cause
and I-Cause
improved I-Cause
financial I-Cause
flexibility I-Cause
support B-Effect
future I-Effect
growth I-Effect
and I-Effect
improving I-Effect
ROICs I-Effect
. O

We B-Effect
rate I-Effect
Digital I-Effect
Realty I-Effect
as I-Effect
a I-Effect
high-uncertainty I-Effect
stock I-Effect
primarily I-Effect
because O
the B-Cause
capital-heavy I-Cause
nature I-Cause
of I-Cause
its I-Cause
business I-Cause
minimizes I-Cause
its I-Cause
ability I-Cause
to I-Cause
be I-Cause
agile I-Cause
in I-Cause
the I-Cause
face I-Cause
of I-Cause
a I-Cause
market I-Cause
downturn I-Cause
. O

While O
Emerson O
does O
enjoy O
some O
modest O
pricing O
power O
ahead O
of O
cost O
, O
we O
believe O
most B-Effect
pricing I-Effect
uplifts I-Effect
are O
more O
a O
result O
of O
incrementally B-Cause
selling I-Cause
higher-end I-Cause
products I-Cause
in I-Cause
its I-Cause
product I-Cause
mix I-Cause
. O

We O
think O
power B-Effect
chips I-Effect
are I-Effect
most I-Effect
likely I-Effect
to I-Effect
be I-Effect
designed I-Effect
for I-Effect
the I-Effect
entirety I-Effect
of I-Effect
a I-Effect
product I-Effect
lifecycle I-Effect
, O
as O
switching B-Cause
components I-Cause
requires I-Cause
a I-Cause
partial I-Cause
system I-Cause
redesign I-Cause
, O
incurring O
with O
it O
time B-Effect
and I-Effect
monetary I-Effect
cost I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
production I-Effect
disruption I-Effect
. O

The B-Effect
continued I-Effect
focus I-Effect
on I-Effect
complex I-Effect
generics I-Effect
and I-Effect
specialty I-Effect
drugs I-Effect
are O
critical O
to O
remain B-Cause
the I-Cause
leading I-Cause
generic I-Cause
drug I-Cause
manufacturer I-Cause
and I-Cause
fend I-Cause
off I-Cause
the I-Cause
second-largest I-Cause
manufacturer I-Cause
, O
Mylan O
, O
along O
with O
less O
sophisticated O
emerging O
international O
competitors O
. O

However O
, O
many B-Effect
of I-Effect
Healthpeak I-Effect
's I-Effect
triple-net I-Effect
leases I-Effect
grow I-Effect
only I-Effect
at I-Effect
inflationary I-Effect
levels I-Effect
, O
as O
they B-Cause
are I-Cause
frequently I-Cause
tied I-Cause
to I-Cause
the I-Cause
Consumer I-Cause
Price I-Cause
Index I-Cause
( I-Cause
though I-Cause
they I-Cause
often I-Cause
have I-Cause
floors I-Cause
of I-Cause
2 I-Cause
% I-Cause
and I-Cause
ceilings I-Cause
of I-Cause
3 I-Cause
% I-Cause
) I-Cause
. O

Second O
, O
once O
Nice O
's O
software O
is O
integrated O
, O
switching B-Cause
over I-Cause
to I-Cause
a I-Cause
new I-Cause
platform I-Cause
would O
give B-Effect
rise I-Effect
to I-Effect
business I-Effect
disruption I-Effect
and I-Effect
operational I-Effect
risk I-Effect
, I-Effect
potentially I-Effect
leading I-Effect
to I-Effect
day-to-day I-Effect
inefficiencies I-Effect
and I-Effect
loss I-Effect
of I-Effect
customers I-Effect
. O

The B-Cause
consolidation I-Cause
of I-Cause
these I-Cause
two I-Cause
led O
to O
a B-Effect
large I-Effect
increase I-Effect
in I-Effect
tax I-Effect
depreciation I-Effect
, O
as O
the B-Cause
acquired I-Cause
assets I-Cause
were I-Cause
revalued I-Cause
at I-Cause
the I-Cause
purchase I-Cause
price I-Cause
rather O
than O
the O
historical O
cost O
for O
tax O
purposes O
. O

Still O
, O
STMicro B-Cause
's I-Cause
leading I-Cause
technologies I-Cause
and I-Cause
strong I-Cause
position I-Cause
in I-Cause
the I-Cause
automotive I-Cause
market I-Cause
are O
reasons O
to O
be B-Effect
optimistic I-Effect
about I-Effect
the I-Effect
future I-Effect
, O
with O
especially B-Cause
promising I-Cause
opportunities I-Cause
in I-Cause
time-of-flight I-Cause
sensors I-Cause
and I-Cause
silicon I-Cause
carbide-based I-Cause
power I-Cause
products I-Cause
. O

We O
expect O
a B-Effect
rebound I-Effect
in I-Effect
GDP I-Effect
and I-Effect
customer I-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
push I-Effect
2021 I-Effect
gross I-Effect
margins I-Effect
to I-Effect
their I-Effect
highest I-Effect
level I-Effect
since O
the B-Cause
firm I-Cause
's I-Cause
Motorola I-Cause
acquisition I-Cause
. O

We O
estimate O
Ulta B-Cause
's I-Cause
adjusted I-Cause
ROIC I-Cause
including O
goodwill B-Effect
will I-Effect
fall I-Effect
to I-Effect
6.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
from I-Effect
22.3 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
due O
to O
the O
pandemic O
but O
will O
average O
26.6 O
% O
in O
2021-29 O
. O

Even O
as O
the O
media O
landscape O
continues O
to O
shift O
, O
we O
believe O
that O
Discovery B-Cause
's I-Cause
exposure I-Cause
to I-Cause
international I-Cause
markets I-Cause
and I-Cause
content I-Cause
ownership I-Cause
provide B-Effect
a I-Effect
base I-Effect
to I-Effect
help I-Effect
weather I-Effect
any I-Effect
disruptions I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
. O

Given B-Cause
its I-Cause
engineering I-Cause
teams I-Cause
already I-Cause
know I-Cause
the I-Cause
ins I-Cause
and I-Cause
outs I-Cause
of I-Cause
the I-Cause
products I-Cause
in I-Cause
question I-Cause
( O
and O
may O
even O
be O
located O
on-site O
) O
, O
Amphenol B-Effect
is I-Effect
better I-Effect
suited I-Effect
to I-Effect
co-develop I-Effect
new I-Effect
technologies I-Effect
or I-Effect
accommodate I-Effect
modifications I-Effect
, O
providing O
a O
greater O
value-add O
than O
a O
potential O
replacement O
. O

The B-Effect
EPS I-Effect
growth I-Effect
target I-Effect
was I-Effect
modestly I-Effect
disappointing I-Effect
since O
the B-Cause
new I-Cause
base I-Cause
for I-Cause
the I-Cause
growth I-Cause
target I-Cause
was I-Cause
$ I-Cause
0.06 I-Cause
per I-Cause
share I-Cause
less O
than O
our O
estimate O
. O

We B-Effect
do I-Effect
n't I-Effect
model I-Effect
many I-Effect
acquisitions I-Effect
due O
to O
management B-Cause
's I-Cause
emphasis I-Cause
on I-Cause
EchoPark I-Cause
over I-Cause
franchise I-Cause
stores I-Cause
and I-Cause
their I-Cause
frustration I-Cause
with I-Cause
continued I-Cause
demands I-Cause
from I-Cause
automakers I-Cause
for O
expensive B-Cause
store I-Cause
imaging I-Cause
projects I-Cause
with I-Cause
returns I-Cause
that I-Cause
Sonic I-Cause
feels I-Cause
do I-Cause
not I-Cause
justify I-Cause
the I-Cause
investment I-Cause
. O

In O
our O
view O
, O
without B-Cause
availability I-Cause
of I-Cause
cookies I-Cause
, I-Effect
the B-Effect
firm I-Effect
's I-Effect
high I-Effect
client I-Effect
retention I-Effect
rate I-Effect
is I-Effect
threatened I-Effect
as O
ROIs B-Cause
on I-Cause
ads I-Cause
purchased I-Cause
will I-Cause
decline I-Cause
. O

We O
see O
net O
charge-off O
ratios O
normalizing O
to O
0.6 O
% O
, O
and O
despite O
the O
pressure O
from O
the O
pandemic O
, O
we O
expect O
that O
Truist B-Cause
is I-Cause
largely I-Cause
already I-Cause
reserved I-Cause
for I-Cause
the I-Cause
losses I-Cause
that I-Cause
will I-Cause
transpire I-Cause
, O
resulting O
in O
much B-Effect
lower I-Effect
provisioning I-Effect
for I-Effect
the I-Effect
next I-Effect
year I-Effect
or I-Effect
two I-Effect
. O

For B-Effect
Vistar I-Effect
, I-Effect
organic I-Effect
volumes I-Effect
fell I-Effect
11 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
another I-Effect
6 I-Effect
% I-Effect
drop I-Effect
in I-Effect
2021 I-Effect
as B-Cause
movie I-Cause
theaters I-Cause
and I-Cause
entertainment I-Cause
arenas I-Cause
should I-Cause
be I-Cause
slower I-Cause
to I-Cause
recover I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. I-Cause

In O
fact O
, O
increased B-Cause
regulatory I-Cause
requirements I-Cause
has O
allowed B-Effect
Cummins I-Effect
to I-Effect
capture I-Effect
a I-Effect
larger I-Effect
share I-Effect
of I-Effect
vehicle I-Effect
content I-Effect
through I-Effect
its I-Effect
emissions I-Effect
solutions I-Effect
. O

We O
expect O
aggregates B-Effect
shipment I-Effect
volume I-Effect
to I-Effect
increase I-Effect
to I-Effect
roughly I-Effect
245 I-Effect
million I-Effect
tons I-Effect
within I-Effect
the I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
of I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, O
driven O
by O
economic B-Cause
recovery I-Cause
, I-Cause
pent-up I-Cause
construction I-Cause
demand I-Cause
, I-Cause
and I-Cause
acquisitions I-Cause
. O

The B-Cause
Formula I-Cause
One I-Cause
racing I-Cause
team I-Cause
's I-Cause
notoriety I-Cause
and I-Cause
its I-Cause
technological I-Cause
innovation I-Cause
spur O
demand B-Effect
for I-Effect
the I-Effect
sale I-Effect
of I-Effect
on-road I-Effect
Ferrari I-Effect
cars I-Effect
. O

It O
appeared O
that O
historically B-Effect
tough I-Effect
Connecticut I-Effect
regulation I-Effect
had I-Effect
improved I-Effect
after O
constructive B-Cause
regulatory I-Cause
outcomes I-Cause
in I-Cause
Eversource I-Cause
's I-Cause
most I-Cause
recent I-Cause
rate I-Cause
cases I-Cause
and I-Cause
legislation I-Cause
that I-Cause
supported I-Cause
clean I-Cause
energy I-Cause
investments I-Cause
. O

We O
forecast O
recreational B-Effect
volume I-Effect
to I-Effect
rise I-Effect
roughly I-Effect
12 I-Effect
% I-Effect
per I-Effect
year I-Effect
on I-Effect
average I-Effect
as O
distribution B-Cause
expands I-Cause
, I-Cause
consumers I-Cause
convert I-Cause
from I-Cause
the I-Cause
black I-Cause
market I-Cause
, I-Cause
and I-Cause
nonconsumers I-Cause
become I-Cause
consumers I-Cause
. O

RH B-Cause
's I-Cause
reorganization I-Cause
began I-Cause
in I-Cause
2017 I-Cause
with I-Cause
efforts I-Cause
to I-Cause
untie I-Cause
significant I-Cause
capital I-Cause
by I-Cause
moving I-Cause
to I-Cause
a I-Cause
sale-leaseback I-Cause
model I-Cause
on I-Cause
new I-Cause
properties I-Cause
, I-Cause
utilizing I-Cause
reverse I-Cause
logistics I-Cause
to I-Cause
liquidate I-Cause
product I-Cause
and I-Cause
constraining I-Cause
the I-Cause
distribution I-Cause
center I-Cause
footprint I-Cause
, I-Cause
helped I-Cause
by I-Cause
inventory I-Cause
that I-Cause
declined I-Cause
30 I-Cause
% I-Cause
in I-Cause
2017 I-Cause
( I-Cause
and I-Cause
came I-Cause
down I-Cause
more I-Cause
than I-Cause
40 I-Cause
% I-Cause
by I-Cause
2019 I-Cause
) I-Cause
. O
These O
efforts O
have O
put O
RH B-Effect
on I-Effect
the I-Effect
path I-Effect
to I-Effect
achieve I-Effect
more I-Effect
than I-Effect
22 I-Effect
% I-Effect
operating I-Effect
margins I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
( I-Effect
after I-Effect
delivering I-Effect
a I-Effect
14 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

We O
believe O
margin B-Effect
expansion I-Effect
will I-Effect
drive I-Effect
even I-Effect
faster I-Effect
earnings I-Effect
growth I-Effect
as O
manufacturing B-Cause
yields I-Cause
improve I-Cause
and I-Cause
customers I-Cause
continue I-Cause
to I-Cause
switch I-Cause
to I-Cause
higher-priced I-Cause
daily I-Cause
disposable I-Cause
lenses I-Cause
. O

Second O
, O
we O
believe O
it B-Effect
would I-Effect
take I-Effect
an I-Effect
extended I-Effect
period I-Effect
to I-Effect
completely I-Effect
switch I-Effect
out I-Effect
a I-Effect
fleet I-Effect
, O
which O
would O
introduce O
added B-Cause
maintenance I-Cause
costs I-Cause
and I-Cause
complexity I-Cause
during I-Cause
the I-Cause
replacement I-Cause
process I-Cause
. O

Once O
a B-Cause
client I-Cause
chooses I-Cause
to I-Cause
work I-Cause
with I-Cause
a I-Cause
specific I-Cause
animal I-Cause
model I-Cause
strain I-Cause
, O
it O
will O
continue B-Effect
using I-Effect
that I-Effect
model I-Effect
or I-Effect
a I-Effect
related I-Effect
variation I-Effect
for I-Effect
reproducibility I-Effect
purposes I-Effect
. O

While O
approximately O
25 O
% O
of O
Splunk O
's O
revenue O
currently O
comes O
from O
cloud O
services O
, O
we O
expect O
this B-Effect
number I-Effect
to I-Effect
grow I-Effect
in I-Effect
later I-Effect
years I-Effect
as O
Splunk B-Cause
completes I-Cause
its I-Cause
pivot I-Cause
into I-Cause
becoming I-Cause
a I-Cause
cloud-first I-Cause
company I-Cause
; O
we O
expect O
cloud O
services B-Effect
to I-Effect
constitute I-Effect
90 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
. O

Also O
, O
the B-Cause
breadth I-Cause
of I-Cause
Applied I-Cause
's I-Cause
products I-Cause
leaves O
it O
vulnerable B-Effect
to I-Effect
specialized I-Effect
competitors I-Effect
that O
channel O
their O
entire O
R O
& O
D O
toward O
one O
or O
two O
areas O
. O

Given O
our B-Cause
expectations I-Cause
for I-Cause
limited I-Cause
ASP I-Cause
growth I-Cause
and I-Cause
continued I-Cause
cost I-Cause
pressure I-Cause
from I-Cause
a I-Cause
tight I-Cause
supply I-Cause
of I-Cause
construction I-Cause
labor I-Cause
and I-Cause
land I-Cause
competition I-Cause
, O
we O
expect O
Toll B-Effect
's I-Effect
home I-Effect
sales I-Effect
gross I-Effect
profit I-Effect
margin I-Effect
to I-Effect
show I-Effect
little I-Effect
improvement I-Effect
over I-Effect
fiscals I-Effect
2017-2019 I-Effect
and I-Effect
range I-Effect
between I-Effect
22 I-Effect
% I-Effect
and I-Effect
23.5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

On O
the O
other O
hand O
, O
pushing B-Cause
into I-Cause
the I-Cause
wireless I-Cause
business I-Cause
will O
likely O
hurt O
margins B-Effect
as O
Altice O
USA O
pays O
for O
wireless O
network O
capacity O
and O
supports O
T-Mobile O
's O
small-cell O
efforts O
. O

US B-Effect
Foods I-Effect
does I-Effect
not I-Effect
appear I-Effect
to I-Effect
have I-Effect
a I-Effect
distribution I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
its I-Effect
other I-Effect
large I-Effect
competitors I-Effect
, O
as O
it B-Cause
spends I-Cause
more I-Cause
on I-Cause
distribution I-Cause
than I-Cause
both I-Cause
. O

Additionally O
, O
Jacobs B-Effect
has I-Effect
lowered I-Effect
the I-Effect
risk I-Effect
profile I-Effect
of I-Effect
its I-Effect
portfolio I-Effect
as O
, O
following O
the O
ECR O
sale O
, O
fixed-price B-Cause
construction I-Cause
contracts I-Cause
now I-Cause
account I-Cause
for I-Cause
only I-Cause
7 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
, O
which O
we O
think O
will O
lower O
the B-Effect
risk I-Effect
of I-Effect
significant I-Effect
cost I-Effect
overruns I-Effect
. O

Years O
of O
government O
efforts O
have O
done O
little O
to O
stem O
illegal O
cannabis O
, O
but O
a B-Cause
change I-Cause
to I-Cause
the I-Cause
ease I-Cause
of I-Cause
accessing I-Cause
black-market I-Cause
supply I-Cause
could O
have B-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
the I-Effect
pricing I-Effect
power I-Effect
, I-Effect
thus I-Effect
the I-Effect
profitability I-Effect
of I-Effect
legal I-Effect
cannabis I-Effect
companies I-Effect
. O

Jakafi B-Effect
's I-Effect
stronghold I-Effect
of I-Effect
the I-Effect
MF I-Effect
market I-Effect
is I-Effect
likely I-Effect
to I-Effect
continue I-Effect
, O
especially O
after O
leading B-Cause
competitor I-Cause
drugs I-Cause
have I-Cause
left I-Cause
the I-Cause
playing I-Cause
field I-Cause
after I-Cause
lackluster I-Cause
pivotal I-Cause
trial I-Cause
data I-Cause
. O

The B-Effect
decrease I-Effect
in I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
that O
we O
use O
in O
our O
model O
is O
due O
to O
the B-Cause
company I-Cause
's I-Cause
more I-Cause
sound I-Cause
capital I-Cause
structure I-Cause
after I-Cause
regulatory I-Cause
reforms I-Cause
, I-Cause
ongoing I-Cause
business I-Cause
mix I-Cause
change I-Cause
to I-Cause
more I-Cause
stable I-Cause
revenue I-Cause
lines I-Cause
like I-Cause
investment I-Cause
management I-Cause
and I-Cause
online I-Cause
banking I-Cause
, I-Cause
and I-Cause
global I-Cause
business I-Cause
footprint I-Cause
. O

Alternatively O
, O
if O
operators B-Cause
continue I-Cause
to I-Cause
evade I-Cause
the I-Cause
government I-Cause
's I-Cause
efforts I-Cause
to I-Cause
reduce I-Cause
subsidies I-Cause
( O
or O
chose O
another O
means O
of O
spending O
in O
an O
attempt O
to O
buy O
market O
share O
) O
, O
then O
our B-Effect
forecasts I-Effect
could I-Effect
prove I-Effect
too I-Effect
optimistic I-Effect
. O

However O
, O
most B-Cause
anchors I-Cause
and I-Cause
in I-Cause
line I-Cause
tenants I-Cause
in I-Cause
shopping I-Cause
centers I-Cause
are I-Cause
not I-Cause
differentiated I-Cause
enough I-Cause
to O
create B-Effect
significant I-Effect
draw I-Effect
to I-Effect
the I-Effect
property I-Effect
outside I-Effect
of I-Effect
the I-Effect
immediate I-Effect
trade I-Effect
area I-Effect
. O

Artists B-Cause
are I-Cause
increasingly I-Cause
spending I-Cause
more I-Cause
time I-Cause
on I-Cause
tour I-Cause
even I-Cause
without I-Cause
an I-Cause
album I-Cause
to I-Cause
support I-Cause
, O
providing O
promoters B-Effect
with I-Effect
greater I-Effect
supply I-Effect
of I-Effect
concerts I-Effect
. O

With O
the B-Cause
main I-Cause
competition I-Cause
being I-Cause
the I-Cause
more I-Cause
arduous I-Cause
and I-Cause
less I-Cause
accurate I-Cause
phone I-Cause
food I-Cause
ordering I-Cause
via I-Cause
paper I-Cause
menus I-Cause
, O
which O
are O
less O
likely O
to O
be O
updated O
, O
Grubhub B-Effect
became I-Effect
one I-Effect
of I-Effect
the I-Effect
leaders I-Effect
of I-Effect
what I-Effect
was I-Effect
considered I-Effect
at I-Effect
that I-Effect
time I-Effect
an I-Effect
emerging I-Effect
market I-Effect
. O

We B-Effect
assign I-Effect
Cisco I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
due O
to O
unknowns B-Cause
surrounding I-Cause
future I-Cause
customer I-Cause
retention I-Cause
rates I-Cause
as I-Cause
software-defined I-Cause
networking I-Cause
and I-Cause
cloud I-Cause
solutions I-Cause
become I-Cause
more I-Cause
commonplace I-Cause
with I-Cause
enterprises I-Cause
and I-Cause
campuses I-Cause
. O

With O
such O
a O
high B-Effect
proportion I-Effect
of I-Effect
the I-Effect
potential I-Effect
market I-Effect
already I-Effect
being I-Effect
served I-Effect
by O
the O
largest O
players O
who O
earn O
only O
modest O
excess O
returns O
on O
capital O
, O
we O
do B-Effect
n't I-Effect
see I-Effect
opportunities I-Effect
for I-Effect
regional I-Effect
players I-Effect
to I-Effect
expand I-Effect
or I-Effect
new I-Effect
entrants I-Effect
to I-Effect
profitably I-Effect
build I-Effect
networks I-Effect
. O

We O
still O
expect O
2021 B-Cause
to I-Cause
be I-Cause
a I-Cause
strong I-Cause
recovery I-Cause
year I-Cause
, I-Cause
including I-Cause
low-double-digit I-Cause
comp I-Cause
growth I-Cause
and I-Cause
consolidated I-Cause
restaurant I-Cause
margins I-Cause
returning I-Cause
to I-Cause
the I-Cause
midteens I-Cause
despite I-Cause
planned I-Cause
technology I-Cause
and I-Cause
supply I-Cause
chain I-Cause
investments. O
This O
would O
put B-Effect
Yum I-Effect
China I-Effect
on I-Effect
track I-Effect
to I-Effect
meet I-Effect
our I-Effect
five-year I-Effect
targets I-Effect
of I-Effect
8 I-Effect
% I-Effect
-9 I-Effect
% I-Effect
average I-Effect
annual I-Effect
systemwide I-Effect
sales I-Effect
growth I-Effect
, I-Effect
8 I-Effect
% I-Effect
currency-neutral I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
, I-Effect
and I-Effect
restaurant I-Effect
margins I-Effect
of I-Effect
almost I-Effect
18 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
. O

We O
expect O
Brazil B-Effect
to I-Effect
be I-Effect
the I-Effect
growth I-Effect
engine I-Effect
, O
on O
the O
back O
of O
demand B-Cause
for I-Cause
higher I-Cause
data I-Cause
volumes I-Cause
and I-Cause
the I-Cause
market I-Cause
's I-Cause
transition I-Cause
toward I-Cause
the I-Cause
postpaid I-Cause
segment I-Cause
. O

Most B-Effect
of I-Effect
that I-Effect
margin I-Effect
expansion I-Effect
should I-Effect
come I-Effect
through I-Effect
continued I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
cost I-Effect
controls I-Effect
and I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
through O
mix B-Cause
benefits I-Cause
and I-Cause
manufacturing I-Cause
efficiencies I-Cause
. O

As O
Humana B-Cause
's I-Cause
local I-Cause
market I-Cause
share I-Cause
rises I-Cause
, O
its O
negotiating B-Cause
leverage I-Cause
with I-Cause
healthcare I-Cause
suppliers I-Cause
also I-Cause
rises I-Cause
, O
which O
can O
create O
a O
virtuous O
cycle O
where O
Humana B-Effect
attracts I-Effect
even I-Effect
more I-Effect
clients I-Effect
and I-Effect
more I-Effect
providers I-Effect
to I-Effect
its I-Effect
insurance I-Effect
network I-Effect
. O

We O
expect O
continued B-Effect
demand I-Effect
recovery I-Effect
in I-Effect
2021 I-Effect
, I-Effect
especially I-Effect
in I-Effect
the I-Effect
second I-Effect
half I-Effect
, O
with O
revenue O
rising O
8 O
% O
-9 O
% O
on O
solid B-Cause
intermodal I-Cause
growth I-Cause
( I-Cause
heavy I-Cause
retailer I-Cause
restocking I-Cause
) I-Cause
, I-Cause
automotive I-Cause
carload I-Cause
recovery I-Cause
, I-Cause
and I-Cause
industrial I-Cause
end-market I-Cause
improvement I-Cause
. O

For O
now O
, O
as O
demand B-Cause
persists I-Cause
, O
innovation B-Effect
should I-Effect
drive I-Effect
sales I-Effect
, O
particularly O
in O
the O
marine O
segment O
where O
BRP B-Cause
has I-Cause
launched I-Cause
project I-Cause
ghost I-Cause
( I-Cause
altering I-Cause
placement I-Cause
of I-Cause
outboard I-Cause
engines I-Cause
) I-Cause
and I-Cause
project I-Cause
M I-Cause
( I-Cause
reaching I-Cause
entry-level I-Cause
pontoon I-Cause
consumers I-Cause
) I-Cause
, O
offerings O
we B-Effect
think I-Effect
will I-Effect
be I-Effect
differentiated I-Effect
from I-Effect
existing I-Effect
products I-Effect
. O

As O
both O
supply B-Cause
and I-Cause
demand I-Cause
are I-Cause
remarkably I-Cause
steady I-Cause
over I-Cause
time I-Cause
, O
Magellan B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
extract I-Effect
modest I-Effect
inflation-linked I-Effect
price I-Effect
increases I-Effect
. O

We O
reckon O
this B-Effect
product I-Effect
has I-Effect
strong I-Effect
switching I-Effect
costs I-Effect
since O
it B-Cause
would I-Cause
be I-Cause
costly I-Cause
to I-Cause
physically I-Cause
remove I-Cause
the I-Cause
system I-Cause
and I-Cause
replace I-Cause
it I-Cause
with I-Cause
an I-Cause
alternative I-Cause
product I-Cause
, I-Cause
given I-Cause
the I-Cause
build-out I-Cause
required I-Cause
on I-Cause
both I-Cause
sides I-Cause
of I-Cause
the I-Cause
wall I-Cause
. O

The O
core O
of O
the O
segment O
is O
ICE B-Effect
's I-Effect
fixed-income I-Effect
pricing I-Effect
services I-Effect
, O
which O
benefits O
from O
powerful B-Cause
tailwinds I-Cause
as O
increasing O
usage O
of O
fixed-income O
exchange-traded O
funds O
and O
regulatory O
needs O
drive O
the O
use O
of O
its O
products O
. O

While O
the O
industry O
has O
performed O
well O
despite O
the O
coronavirus O
crisis O
, O
its B-Cause
greater I-Cause
enthusiasm I-Cause
toward I-Cause
remote I-Cause
work I-Cause
as I-Cause
compared I-Cause
with I-Cause
other I-Cause
industries I-Cause
may O
reduce B-Effect
demand I-Effect
for I-Effect
office I-Effect
space I-Effect
. O

While O
we O
see O
few O
opportunities O
for O
optimizing O
synergistic O
innovation O
across O
Stryker O
's O
divergent O
business O
segments O
, O
the O
extensive O
breadth O
of O
products O
should O
, O
nonetheless O
, O
serve O
Stryker O
well O
as O
hospital B-Effect
customers I-Effect
seek I-Effect
to I-Effect
consolidate I-Effect
suppliers I-Effect
in O
order O
to O
take B-Cause
advantage I-Cause
of I-Cause
volume I-Cause
discounts I-Cause
. O

Furthermore O
, O
ABB B-Cause
's I-Cause
electrification I-Cause
products I-Cause
division I-Cause
offers I-Cause
some I-Cause
overlap I-Cause
with I-Cause
other I-Cause
customer I-Cause
segments I-Cause
, O
such O
as O
process O
industries O
, O
that O
could O
prove B-Effect
useful I-Effect
in I-Effect
cross-selling I-Effect
the I-Effect
automation I-Effect
portfolio I-Effect
. O

Department B-Effect
stores I-Effect
' I-Effect
share I-Effect
of I-Effect
the I-Effect
market I-Effect
has I-Effect
dropped I-Effect
by I-Effect
about I-Effect
half I-Effect
since I-Effect
2000 I-Effect
due O
to O
store B-Cause
closures I-Cause
, I-Cause
weak I-Cause
traffic I-Cause
, I-Cause
and I-Cause
discounting I-Cause
. O

In O
procurement O
, O
for O
example O
, O
any B-Effect
advantage I-Effect
the I-Effect
business I-Effect
sees I-Effect
would I-Effect
have I-Effect
to I-Effect
be I-Effect
for I-Effect
bulk I-Effect
packaging I-Effect
and I-Effect
base I-Effect
ingredients I-Effect
( O
like O
plastic O
, O
aluminum O
, O
corn O
syrup O
, O
dairy O
, O
etc. O
) O
, O
as O
these B-Cause
are I-Cause
the I-Cause
raw I-Cause
materials I-Cause
in I-Cause
its I-Cause
fastest I-Cause
turning I-Cause
products I-Cause
. I-Cause

However O
, O
increased B-Cause
discounts I-Cause
were O
required O
to O
migrate B-Effect
offline I-Effect
students I-Effect
to I-Effect
online I-Effect
, O
which O
resulted O
in O
net B-Effect
losses I-Effect
due O
to O
lower O
margin O
of O
52.7 O
% O
and O
operating B-Effect
margin I-Effect
losses I-Effect
of I-Effect
negative I-Effect
4.8 I-Effect
% I-Effect
on O
higher B-Cause
expenses I-Cause
. O

The B-Cause
company I-Cause
is I-Cause
investing I-Cause
today I-Cause
in I-Cause
alternative I-Cause
power I-Cause
solutions I-Cause
, O
such O
as O
fuel B-Effect
cells I-Effect
and I-Effect
battery I-Effect
technologies I-Effect
to I-Effect
power I-Effect
commercial I-Effect
vehicles I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

A B-Cause
low I-Cause
selling I-Cause
price I-Cause
also O
reduces O
tax O
revenue O
collected O
by O
governments O
, O
which O
creates O
a B-Effect
disincentive I-Effect
for I-Effect
states I-Effect
to I-Effect
overissue I-Effect
licenses I-Effect
. O

Alcon B-Cause
's I-Cause
Systane I-Cause
is I-Cause
the I-Cause
most I-Cause
expensive I-Cause
solution I-Cause
on I-Cause
the I-Cause
market I-Cause
, O
and O
consumers B-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
more I-Effect
value-conscious I-Effect
in I-Effect
a I-Effect
recessionary I-Effect
environment I-Effect
. O

Volatility B-Cause
in I-Cause
crude I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
can O
cause O
customers B-Cause
to I-Cause
defer I-Cause
or I-Cause
terminate I-Cause
projects I-Cause
, O
causing O
a B-Effect
high I-Effect
level I-Effect
of I-Effect
uncertainty I-Effect
in I-Effect
the I-Effect
segment I-Effect
. O

With O
food B-Cause
companies I-Cause
often I-Cause
using I-Cause
the I-Cause
same I-Cause
testing I-Cause
provider I-Cause
for I-Cause
all I-Cause
tests I-Cause
, O
Neogen B-Effect
's I-Effect
differentiated I-Effect
Listeria I-Effect
test I-Effect
is I-Effect
likely I-Effect
to I-Effect
help I-Effect
lock-in I-Effect
future I-Effect
business I-Effect
, O
and O
with O
testing B-Cause
business I-Cause
often I-Cause
quite I-Cause
sticky I-Cause
, O
this O
new O
test O
will O
help B-Effect
Neogen I-Effect
sustain I-Effect
longer-term I-Effect
market I-Effect
strength I-Effect
. O

As O
always O
, O
macro B-Cause
trends I-Cause
surrounding I-Cause
employment I-Cause
and I-Cause
demographics I-Cause
can I-Cause
experience I-Cause
dramatic I-Cause
change I-Cause
and O
have O
a B-Effect
significant I-Effect
impact I-Effect
on I-Effect
demand I-Effect
for I-Effect
office I-Effect
space I-Effect
. O

Less B-Cause
available I-Cause
skilled I-Cause
labor I-Cause
that I-Cause
can I-Cause
appropriately I-Cause
address I-Cause
the I-Cause
specific I-Cause
and I-Cause
ongoing I-Cause
equipment I-Cause
service I-Cause
requirements I-Cause
of I-Cause
Parker I-Cause
's I-Cause
customers I-Cause
only O
serves B-Effect
to I-Effect
reinforce I-Effect
these I-Effect
switching I-Effect
costs I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

Meanwhile O
, O
Old B-Cause
Navy I-Cause
already I-Cause
has I-Cause
more I-Cause
than I-Cause
1,200 I-Cause
North I-Cause
America I-Cause
stores I-Cause
, O
so O
much B-Effect
of I-Effect
its I-Effect
future I-Effect
growth I-Effect
is I-Effect
expected I-Effect
to I-Effect
come I-Effect
from I-Effect
stores I-Effect
in I-Effect
smaller I-Effect
, I-Effect
unproven I-Effect
markets I-Effect
. O

From O
2010 O
to O
2014 O
, O
debt B-Effect
roughly I-Effect
doubled I-Effect
to I-Effect
more I-Effect
than I-Effect
$ I-Effect
13 I-Effect
billion I-Effect
, O
driven B-Cause
by I-Cause
the I-Cause
approximately I-Cause
$ I-Cause
7 I-Cause
billion I-Cause
acquisition I-Cause
of I-Cause
Equinox I-Cause
Minerals I-Cause
in I-Cause
2011 I-Cause
and I-Cause
the I-Cause
continually I-Cause
escalating I-Cause
capital I-Cause
costs I-Cause
at I-Cause
Pascua-Lama I-Cause
. O

For O
example O
, O
if O
the B-Cause
service I-Cause
reduced I-Cause
inefficiencies I-Cause
and O
, O
thus O
, O
use B-Effect
of I-Effect
equipment I-Effect
, I-Effect
some I-Effect
employers I-Effect
may I-Effect
opt I-Effect
for I-Effect
a I-Effect
smaller I-Effect
print/copy I-Effect
fleet I-Effect
after O
they B-Cause
have I-Cause
a I-Cause
better I-Cause
idea I-Cause
of I-Cause
their I-Cause
company I-Cause
's I-Cause
print I-Cause
needs I-Cause
. O

As O
KDDI B-Cause
and I-Cause
Kyocera I-Cause
are I-Cause
both I-Cause
founded I-Cause
by I-Cause
Kazuo I-Cause
Inamori I-Cause
, O
and O
as O
Kyocera B-Cause
acknowledges I-Cause
the I-Cause
benefit I-Cause
of I-Cause
maintaining I-Cause
a I-Cause
relationship I-Cause
with I-Cause
KDDI I-Cause
on I-Cause
handsets I-Cause
and I-Cause
telecommunication I-Cause
module I-Cause
businesses I-Cause
, O
we O
do O
not O
expect O
Kyocera B-Effect
to I-Effect
sell I-Effect
all I-Effect
of I-Effect
its I-Effect
stake I-Effect
, O
which O
is O
the O
reason O
for O
applying B-Effect
a I-Effect
discount I-Effect
. O

Distributors B-Cause
are I-Cause
more I-Cause
likely I-Cause
to I-Cause
engage I-Cause
in I-Cause
discounting I-Cause
to I-Cause
maintain B-Effect
cash I-Effect
flows I-Effect
when I-Cause
demand B-Cause
sours I-Cause
, O
which O
we O
believe O
can O
be O
damaging B-Effect
for I-Effect
brands I-Effect
with I-Effect
long-shelf-life I-Effect
products I-Effect
. O

All O
in O
all O
, O
we O
think O
Tesla B-Cause
's I-Cause
combination I-Cause
of I-Cause
intangible I-Cause
assets I-Cause
and I-Cause
cost I-Cause
advantage I-Cause
will I-Cause
persist I-Cause
in I-Cause
the I-Cause
future I-Cause
and O
allow O
the B-Effect
firm I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

Overall O
, O
Kimco B-Effect
's I-Effect
portfolio I-Effect
should I-Effect
see I-Effect
steady I-Effect
but I-Effect
low I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
the B-Cause
retail I-Cause
landscape I-Cause
adjusts I-Cause
to I-Cause
the I-Cause
emergence I-Cause
of I-Cause
e-commerce I-Cause
. O

Selling B-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
as I-Effect
a I-Effect
percent I-Effect
of I-Effect
sales I-Effect
temporarily I-Effect
fell I-Effect
in I-Effect
2020 I-Effect
as O
selling B-Cause
expenses I-Cause
were I-Cause
cut I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, O
to O
14.4 O
% O
from O
15.5 O
% O
the O
prior O
year O
. O

We O
forecast B-Effect
price I-Effect
increases I-Effect
of I-Effect
about I-Effect
2 I-Effect
% I-Effect
per I-Effect
year I-Effect
, O
with O
constrained B-Cause
supply I-Cause
allowing I-Cause
for I-Cause
higher I-Cause
price I-Cause
increases I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

These O
factors O
will O
result O
in O
increased B-Cause
construction I-Cause
equipment I-Cause
revenue I-Cause
for I-Cause
Deere I-Cause
, O
leading O
us O
to O
forecast O
roughly B-Effect
7 I-Effect
% I-Effect
average I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

Citigroup B-Effect
's I-Effect
presence I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
is I-Effect
another I-Effect
significant I-Effect
source I-Effect
of I-Effect
risk I-Effect
, I-Effect
and I-Effect
one I-Effect
that I-Effect
is I-Effect
unique I-Effect
to I-Effect
Citigroup I-Effect
among I-Effect
its I-Effect
peers I-Effect
as O
the B-Cause
bank I-Cause
has I-Cause
the I-Cause
most I-Cause
international I-Cause
exposure I-Cause
. O

The O
three O
states O
above O
made O
up O
64 O
% O
of O
total O
revenue O
in O
2020 O
, O
with O
Florida O
the O
largest O
at O
24 O
% O
, O
and O
another B-Cause
COVID I-Cause
shutdown I-Cause
in I-Cause
these I-Cause
states I-Cause
would O
cause O
a B-Effect
very I-Effect
poor I-Effect
quarter I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

While O
it O
is O
still O
a O
small O
proportion O
of O
overall O
business O
, O
as O
more B-Cause
and I-Cause
more I-Cause
customers I-Cause
become I-Cause
familiarized I-Cause
with I-Cause
the I-Cause
product I-Cause
, O
this B-Effect
segment I-Effect
should I-Effect
scale I-Effect
and O
provide O
Synopsys B-Effect
a I-Effect
differentiating I-Effect
factor I-Effect
from I-Effect
its I-Effect
competitors I-Effect
. O

However O
, O
there O
are O
significant O
risks O
to O
supply O
chain O
disruption O
with O
the O
smaller O
players O
, O
which O
is O
a O
risk O
to O
the O
retailer O
that O
can O
be B-Effect
mitigated I-Effect
by O
allocating B-Cause
shelf I-Cause
space I-Cause
on I-Cause
a I-Cause
localized I-Cause
, I-Cause
trial I-Cause
basis I-Cause
. O

Challenges O
to O
economic O
profitFirst O
, O
given O
that O
the B-Cause
cannabis I-Cause
industry I-Cause
remains I-Cause
in I-Cause
the I-Cause
growth I-Cause
stage I-Cause
, O
we O
think O
that O
years B-Effect
of I-Effect
significant I-Effect
investment I-Effect
will I-Effect
be I-Effect
necessary I-Effect
to I-Effect
support I-Effect
the I-Effect
robust I-Effect
growth I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

One O
exception O
to O
this O
dynamic O
has O
been O
Texas O
Instruments O
, O
which O
no B-Effect
longer I-Effect
pays I-Effect
distributors I-Effect
for I-Effect
demand I-Effect
creation I-Effect
, O
as O
it O
believes O
that O
it O
can O
attract B-Cause
customers I-Cause
to I-Cause
its I-Cause
TI.com I-Cause
website I-Cause
and I-Cause
service I-Cause
these I-Cause
customers I-Cause
with I-Cause
its I-Cause
internal I-Cause
salesforce I-Cause
. O

We O
believe O
Alexion B-Effect
warrants I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
because O
of O
the B-Cause
mounting I-Cause
pressure I-Cause
from I-Cause
competitors I-Cause
and I-Cause
biosimilars I-Cause
and I-Cause
its I-Cause
reliance I-Cause
on I-Cause
Soliris I-Cause
and I-Cause
Ultomiris I-Cause
. O

While O
the O
channel O
's O
market O
share O
has O
been O
stable O
recently O
, O
the B-Cause
pandemic I-Cause
may O
cause O
a B-Cause
shift I-Cause
toward I-Cause
this I-Cause
channel I-Cause
, O
which O
represents O
viable B-Effect
competition I-Effect
to I-Effect
distributors I-Effect
. O

Acquisitions O
help O
bolster O
Dentsply O
Sirona O
's O
product O
portfolio O
, O
which O
could O
eventually B-Effect
erode I-Effect
returns I-Effect
on I-Effect
capital I-Effect
if O
deals B-Cause
become I-Cause
expensive I-Cause
as I-Cause
the I-Cause
industry I-Cause
consolidates I-Cause
. O

As O
Tulip B-Cause
's I-Cause
primary I-Cause
revenue I-Cause
source I-Cause
is I-Cause
private-label I-Cause
products I-Cause
, O
we B-Effect
hold I-Effect
that I-Effect
this I-Effect
business I-Effect
does I-Effect
not I-Effect
maintain I-Effect
brand I-Effect
intangible I-Effect
assets I-Effect
either I-Effect
. O

We B-Effect
think I-Effect
Vans I-Effect
has I-Effect
strong I-Effect
potential I-Effect
as O
it B-Cause
is I-Cause
still I-Cause
relatively I-Cause
small I-Cause
( I-Cause
approximately I-Cause
$ I-Cause
4.1 I-Cause
billion I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
revenue I-Cause
) I-Cause
compared I-Cause
with I-Cause
global I-Cause
brands I-Cause
like I-Cause
Nike I-Cause
( I-Cause
about I-Cause
10 I-Cause
times I-Cause
larger I-Cause
) I-Cause
. O

The O
greatest B-Effect
longer-term I-Effect
strategic I-Effect
risk I-Effect
for I-Effect
Zimmer I-Effect
is O
if O
the B-Cause
management I-Cause
team I-Cause
does I-Cause
not I-Cause
come I-Cause
to I-Cause
grips I-Cause
with I-Cause
the I-Cause
changing I-Cause
orthopedic I-Cause
environment I-Cause
. O

Along O
these O
lines O
, O
while O
switching O
costs O
are O
minimal O
with O
the O
free O
version O
, O
we O
think O
Zoom B-Effect
becomes I-Effect
stickier I-Effect
in I-Effect
an I-Effect
organization I-Effect
once O
the B-Cause
paid I-Cause
version I-Cause
is I-Cause
implemented I-Cause
, O
as O
Zoom B-Cause
has I-Cause
more I-Cause
touch I-Cause
points I-Cause
and I-Cause
becomes I-Cause
more I-Cause
ingrained I-Cause
in I-Cause
the I-Cause
organization I-Cause
's I-Cause
workflows I-Cause
. O

When O
Redfin B-Cause
purchases I-Cause
its I-Cause
homes I-Cause
, O
it O
incurs B-Effect
significant I-Effect
additional I-Effect
debt I-Effect
and O
must O
hold O
the O
homes O
on O
its O
balance O
sheet O
as O
inventory O
until O
they O
are O
sold O
. O

Antero B-Cause
, I-Cause
with I-Cause
about I-Cause
35 I-Cause
% I-Cause
-40 I-Cause
% I-Cause
of I-Cause
the I-Cause
entire I-Cause
basin I-Cause
's I-Cause
undeveloped I-Cause
liquids-rich I-Cause
acreage I-Cause
, O
is O
better-positioned B-Effect
to I-Effect
capture I-Effect
this I-Effect
upside I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
peers I-Effect
. O

Vodafone O
operates O
in O
a O
variety O
of O
markets O
, O
many B-Cause
of I-Cause
which I-Cause
face I-Cause
different I-Cause
regulatory I-Cause
issues I-Cause
, O
and O
it O
earns O
revenue O
in O
various O
currencies O
, O
which O
increases B-Effect
the I-Effect
volatility I-Effect
of I-Effect
its I-Effect
results I-Effect
. O

In O
addition O
to O
intangible O
assets O
, O
the O
company O
has O
built O
a B-Cause
two-sided I-Cause
network I-Cause
effect I-Cause
in O
which O
each O
candidate O
or O
employer O
that O
is O
added B-Effect
to I-Effect
the I-Effect
network I-Effect
adds I-Effect
value I-Effect
to I-Effect
both I-Effect
new I-Effect
and I-Effect
existing I-Effect
users I-Effect
by I-Effect
increasing I-Effect
the I-Effect
probability I-Effect
of I-Effect
job I-Effect
placements I-Effect
. O

We O
think O
that O
TurboTax B-Effect
exhibits I-Effect
high I-Effect
switching I-Effect
costs I-Effect
due O
to O
the B-Cause
stress I-Cause
of I-Cause
learning I-Cause
a I-Cause
new I-Cause
tax I-Cause
filing I-Cause
interface I-Cause
during I-Cause
an I-Cause
often I-Cause
short I-Cause
amount I-Cause
of I-Cause
time I-Cause
for I-Cause
many I-Cause
tax I-Cause
filers I-Cause
. O

However O
, O
the B-Cause
cost I-Cause
of I-Cause
meeting I-Cause
2010 I-Cause
EPA I-Cause
emissions I-Cause
requirements I-Cause
led O
Caterpillar B-Cause
to I-Cause
exit I-Cause
the I-Cause
on-highway I-Cause
business I-Cause
, O
leaving O
the B-Effect
aftermarket I-Effect
support I-Effect
of I-Effect
these I-Effect
engines I-Effect
in I-Effect
doubt I-Effect
. O

AIG B-Effect
took I-Effect
a I-Effect
step I-Effect
back I-Effect
in I-Effect
terms I-Effect
of I-Effect
profitability I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
claims I-Cause
and I-Cause
capital I-Cause
market I-Cause
conditions I-Cause
. O

Competition O
remains O
robust O
across O
Keurig O
Dr O
Pepper O
's O
core O
categories O
, O
and O
growth B-Effect
prospects I-Effect
outside I-Effect
of I-Effect
North I-Effect
American I-Effect
markets I-Effect
are O
encumbered O
by O
the B-Cause
firm I-Cause
's I-Cause
lack I-Cause
of I-Cause
ownership I-Cause
rights I-Cause
to I-Cause
key I-Cause
trademarks I-Cause
internationally I-Cause
. O

Over O
time O
, O
stronger B-Effect
brands I-Effect
could I-Effect
lead I-Effect
to I-Effect
gross I-Effect
margin I-Effect
leverage I-Effect
stemming O
from O
a B-Cause
focus I-Cause
on I-Cause
higher-margin I-Cause
franchise I-Cause
brands I-Cause
and I-Cause
the I-Cause
optimization I-Cause
of I-Cause
retail I-Cause
inventory I-Cause
positions I-Cause
( O
shipments O
more O
closely O
aligned O
with O
demand O
) O
. O

In B-Cause
2018 I-Cause
and I-Cause
2019 I-Cause
the I-Cause
company I-Cause
significantly I-Cause
invested I-Cause
in I-Cause
the I-Cause
platform I-Cause
to O
make B-Effect
it I-Effect
more I-Effect
suitable I-Effect
for I-Effect
customers I-Effect
with I-Effect
up I-Effect
to I-Effect
2,000 I-Effect
employees I-Effect
. O

We O
expect O
comparable B-Effect
sales I-Effect
gains I-Effect
in I-Effect
the I-Effect
mid-single I-Effect
digits I-Effect
for I-Effect
the I-Effect
Dollar I-Effect
Tree I-Effect
banner I-Effect
and I-Effect
high-single-digits I-Effect
for I-Effect
Family I-Effect
Dollar I-Effect
in I-Effect
the I-Effect
fourth I-Effect
quarter I-Effect
, O
as O
rising B-Cause
infection I-Cause
rates I-Cause
led O
customers B-Cause
to I-Cause
stock I-Cause
up I-Cause
with I-Cause
a I-Cause
focus I-Cause
on I-Cause
essentials I-Cause
and I-Cause
value I-Cause
. O

However O
, O
if O
the B-Cause
public I-Cause
option I-Cause
creates I-Cause
a I-Cause
scenario I-Cause
where I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
the I-Cause
employer-based I-Cause
insurance I-Cause
population I-Cause
switches I-Cause
to I-Cause
government-sponsored I-Cause
plans I-Cause
, O
CVS B-Effect
' I-Effect
commercial I-Effect
business I-Effect
may I-Effect
suffer I-Effect
. O

Our B-Effect
projected I-Effect
EBITDA I-Effect
margin I-Effect
expansion—100 I-Effect
basis I-Effect
points I-Effect
from I-Effect
2020 I-Effect
to I-Effect
2025—is O
driven O
mostly O
by O
the B-Cause
wireline I-Cause
segment I-Cause
, O
as O
the O
upgrade O
to O
FTTH O
from O
copper O
should O
require O
less O
maintenance O
and O
fewer O
service O
calls O
. O

Capital B-Cause
expenditures I-Cause
should I-Cause
taper I-Cause
as O
renovation O
efforts O
conclude O
but O
remain B-Effect
at I-Effect
3.5 I-Effect
% I-Effect
of I-Effect
sales I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
higher I-Effect
than I-Effect
Target I-Effect
's I-Effect
2.2 I-Effect
% I-Effect
in I-Effect
the I-Effect
three I-Effect
years I-Effect
before I-Effect
its I-Effect
turnaround I-Effect
plan I-Effect
began I-Effect
( O
fiscal O
2014-16 O
) O
. O

We O
believe O
the B-Cause
firm I-Cause
's I-Cause
expertise I-Cause
and I-Cause
suite I-Cause
of I-Cause
solutions I-Cause
in I-Cause
the I-Cause
automotive I-Cause
market I-Cause
in I-Cause
particular I-Cause
( I-Cause
where I-Cause
it I-Cause
is I-Cause
the I-Cause
largest I-Cause
chip I-Cause
supplier I-Cause
with I-Cause
nearly I-Cause
13 I-Cause
% I-Cause
of I-Cause
total I-Cause
share I-Cause
) I-Cause
helps O
to O
ensure O
that O
it O
is O
able O
to O
benefit B-Effect
from I-Effect
rising I-Effect
electronic I-Effect
content I-Effect
in I-Effect
the I-Effect
automotive I-Effect
market I-Effect
. O

Legacy B-Cause
Marriott I-Cause
has I-Cause
added I-Cause
several I-Cause
new I-Cause
brands I-Cause
since I-Cause
2007 I-Cause
, I-Cause
renovated I-Cause
a I-Cause
meaningful I-Cause
percentage I-Cause
of I-Cause
core I-Cause
Marriott I-Cause
and I-Cause
Courtyard I-Cause
hotels I-Cause
in I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
, I-Cause
and I-Cause
expanded I-Cause
technology I-Cause
integration I-Cause
and I-Cause
loyalty-member I-Cause
presence I-Cause
; O
these O
actions O
have O
led O
to O
share B-Effect
gains I-Effect
and I-Effect
a I-Effect
strong I-Effect
positioning I-Effect
with I-Effect
millennial I-Effect
travelers I-Effect
. O

The B-Effect
revenue I-Effect
streams I-Effect
are I-Effect
expected I-Effect
to I-Effect
greatly I-Effect
shift I-Effect
toward I-Effect
managed I-Effect
services I-Effect
and I-Effect
cloud-based I-Effect
solutions I-Effect
as O
FireEye B-Cause
focuses I-Cause
on I-Cause
growing I-Cause
its I-Cause
Helix I-Cause
security I-Cause
platform I-Cause
, O
a O
centralized O
architecture O
for O
security O
intelligence O
and O
analytics O
for O
FireEye O
products O
and O
other O
providers O
' O
security O
solutions O
. O

Management B-Cause
is I-Cause
expanding I-Cause
the I-Cause
retail I-Cause
energy I-Cause
business I-Cause
to O
hedge B-Effect
its I-Effect
wholesale I-Effect
generation I-Effect
market I-Effect
exposure I-Effect
and O
is O
investing B-Cause
in I-Cause
clean I-Cause
energy I-Cause
projects I-Cause
like I-Cause
utility-scale I-Cause
solar I-Cause
and I-Cause
batteries I-Cause
. O

Despite O
this O
, O
we O
still O
believe O
favorable B-Cause
emerging-market I-Cause
demographic I-Cause
and I-Cause
disposable I-Cause
income I-Cause
tailwinds I-Cause
, I-Cause
combined I-Cause
with I-Cause
Colgate I-Cause
's I-Cause
extensive I-Cause
tenure I-Cause
operating I-Cause
in I-Cause
these I-Cause
markets I-Cause
and I-Cause
solid I-Cause
brand I-Cause
prowess I-Cause
, O
should O
enable O
it O
to O
realize B-Effect
mid-single-digit I-Effect
annual I-Effect
growth I-Effect
in I-Effect
these I-Effect
emerging I-Effect
regions I-Effect
longer I-Effect
term I-Effect
. O

After B-Cause
the I-Cause
capital I-Cause
raise I-Cause
in I-Cause
2017 I-Cause
and I-Cause
IPO I-Cause
of I-Cause
TowerCo I-Cause
in I-Cause
2018 I-Cause
, I-Cause
the I-Cause
company I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
was I-Cause
net I-Cause
cash I-Cause
, O
putting O
it B-Effect
in I-Effect
a I-Effect
better I-Effect
position I-Effect
to I-Effect
battle I-Effect
its I-Effect
cashed-up I-Effect
key I-Effect
competitor I-Effect
, I-Effect
China I-Effect
Mobile I-Effect
. O

Given O
that O
each B-Cause
of I-Cause
these I-Cause
segments I-Cause
requires I-Cause
substantial I-Cause
technical I-Cause
know-how I-Cause
to I-Cause
develop I-Cause
a I-Cause
viable I-Cause
product I-Cause
, I-Cause
and I-Cause
that I-Cause
many I-Cause
of I-Cause
these I-Cause
products I-Cause
do I-Cause
not I-Cause
have I-Cause
much I-Cause
commercial I-Cause
viability I-Cause
outside I-Cause
the I-Cause
defense I-Cause
industry I-Cause
, O
we B-Effect
see I-Effect
technical I-Effect
complexity I-Effect
as I-Effect
a I-Effect
viable I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
, I-Effect
constituting I-Effect
an I-Effect
intangible I-Effect
asset I-Effect
. O

Critical B-Cause
and I-Cause
proprietary I-Cause
data I-Cause
sets I-Cause
, I-Cause
analytics I-Cause
tools I-Cause
embedded I-Cause
in I-Cause
client I-Cause
systems I-Cause
, I-Cause
and I-Cause
recurring I-Cause
revenue I-Cause
streams I-Cause
that I-Cause
account I-Cause
for I-Cause
nearly I-Cause
90 I-Cause
% I-Cause
of I-Cause
its I-Cause
top I-Cause
line I-Cause
underpin O
a B-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
IHS I-Effect
Markit I-Effect
, O
one O
we O
believe O
will O
intensify O
as O
new O
products O
mature O
. O

In O
2014 O
, O
Zillow B-Cause
acquired I-Cause
Trulia.com I-Cause
, O
meaning O
it O
now O
possesses B-Effect
the I-Effect
most I-Effect
visited I-Effect
and I-Effect
third I-Effect
most I-Effect
visited I-Effect
real I-Effect
estate I-Effect
websites I-Effect
by O
traffic O
. O

The B-Effect
long I-Effect
life I-Effect
of I-Effect
the I-Effect
products I-Effect
that I-Effect
Heico I-Effect
provides I-Effect
spare I-Effect
parts I-Effect
for I-Effect
gives I-Effect
Heico I-Effect
great I-Effect
revenue I-Effect
visibility I-Effect
as O
it B-Cause
can I-Cause
capitalize I-Cause
development I-Cause
of I-Cause
spare I-Cause
parts I-Cause
over I-Cause
many I-Cause
decades I-Cause
. O

Despite O
a O
broad O
move O
toward O
healthy O
and O
clean O
eating O
, O
consumers O
seem O
to O
feel O
nostalgic O
about O
the B-Effect
Hostess I-Effect
brand I-Effect
, O
generating B-Cause
a I-Cause
public I-Cause
outcry I-Cause
at I-Cause
the I-Cause
firm I-Cause
's I-Cause
2012 I-Cause
bankruptcy I-Cause
with O
many O
reports O
of O
consumers B-Effect
stocking I-Effect
their I-Effect
freezers I-Effect
with I-Effect
the I-Effect
sweet I-Effect
treats I-Effect
in B-Cause
fear I-Cause
of I-Cause
no I-Cause
longer I-Cause
having I-Cause
access I-Cause
to I-Cause
them I-Cause
. O

Growth O
from O
jewelry O
, O
the B-Effect
single-largest I-Effect
gold I-Effect
demand I-Effect
source I-Effect
, I-Effect
will I-Effect
slow I-Effect
as O
a O
combination O
of O
government B-Cause
initiatives I-Cause
and I-Cause
shifting I-Cause
preferences I-Cause
slow B-Effect
purchases I-Effect
among I-Effect
Chinese I-Effect
and I-Effect
Indian I-Effect
consumers I-Effect
despite O
rising O
incomes O
. O

While O
Comerica O
's O
business O
model O
remains O
heavily O
reliant O
on O
interest O
rates O
, O
we O
believe O
that O
through B-Cause
the I-Cause
cycle I-Cause
the I-Cause
bank I-Cause
's I-Cause
superior I-Cause
deposit I-Cause
costs I-Cause
and I-Cause
business I-Cause
relationships I-Cause
will O
result O
in O
returns B-Effect
that I-Effect
exceed I-Effect
the I-Effect
bank I-Effect
's I-Effect
9 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
. O

Over O
our O
explicit O
forecast O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
improve I-Effect
by I-Effect
nearly I-Effect
400 I-Effect
basis I-Effect
points I-Effect
as O
the B-Cause
company I-Cause
gains I-Cause
scale I-Cause
in I-Cause
its I-Cause
expansion I-Cause
of I-Cause
its I-Cause
3DExperience I-Cause
customers I-Cause
and I-Cause
as I-Cause
low-gross I-Cause
margin I-Cause
servicing I-Cause
revenue I-Cause
decreases I-Cause
. O

In O
our O
view O
, O
purchasing B-Cause
additional I-Cause
modules I-Cause
helps O
solidify B-Effect
customer I-Effect
switching I-Effect
costs I-Effect
as I-Effect
entities I-Effect
become O
further O
reliant O
on O
a O
single O
vendor O
for O
multiple O
aspects O
of O
mission-critical O
security O
. O

We B-Effect
've I-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
43 I-Effect
from I-Effect
$ I-Effect
35 I-Effect
as O
we B-Cause
have I-Cause
increased I-Cause
expectations I-Cause
for I-Cause
cash I-Cause
flows I-Cause
from I-Cause
Dish I-Cause
's I-Cause
existing I-Cause
television I-Cause
and I-Cause
wireless I-Cause
businesses I-Cause
. O

We O
expect O
a O
flattening O
, O
rather O
than O
declining O
, O
budgetary O
environment O
as O
we O
think O
that O
heightened B-Effect
geopolitical I-Effect
tensions I-Effect
between I-Effect
great I-Effect
powers I-Effect
are I-Effect
likely I-Effect
to I-Effect
buoy I-Effect
spending I-Effect
despite O
a O
higher B-Cause
debt I-Cause
burden I-Cause
. O

We O
expect O
the B-Effect
company I-Effect
to I-Effect
deleverage I-Effect
its I-Effect
marketing I-Effect
expense I-Effect
in I-Effect
2021 I-Effect
, O
as O
Booking B-Cause
spends I-Cause
in I-Cause
front I-Cause
of I-Cause
an I-Cause
expected I-Cause
demand I-Cause
recovery I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
of I-Cause
2021 I-Cause
and I-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
integrating I-Cause
experiences I-Cause
, I-Cause
alternative I-Cause
accommodations I-Cause
, I-Cause
flights I-Cause
, I-Cause
and I-Cause
emerging-market I-Cause
supply I-Cause
in I-Cause
Booking.com I-Cause
. O

We O
've O
seen O
much B-Effect
of I-Effect
the I-Effect
immediate I-Effect
risk I-Effect
dissipate I-Effect
through O
a B-Cause
combination I-Cause
of I-Cause
greater I-Cause
regulatory I-Cause
scrutiny I-Cause
and I-Cause
industrywide I-Cause
decisions I-Cause
to I-Cause
respond I-Cause
to I-Cause
consumer I-Cause
concerns I-Cause
. O

High B-Cause
growth I-Cause
of I-Cause
the I-Cause
luxury I-Cause
online I-Cause
sector I-Cause
can O
attract B-Effect
new I-Effect
competitors I-Effect
, O
often O
backed O
by O
powerful O
players O
such O
as O
Chinese O
e-commerce O
giants O
( O
Luxury O
Pavilion O
backed O
by O
Alibaba O
) O
or O
European O
luxury O
conglomerates O
( O
Richemont O
's O
purchase O
of O
YNAP O
, O
LVMH O
's O
launch O
of O
24 O
Sevres O
) O
, O
which O
could O
grab B-Effect
market I-Effect
share I-Effect
at O
the B-Cause
expense I-Cause
of I-Cause
Farfetch I-Cause
. O

The B-Cause
state I-Cause
's I-Cause
20-year I-Cause
integrated I-Cause
resource I-Cause
plan I-Cause
and I-Cause
related I-Cause
four-year I-Cause
action I-Cause
plan I-Cause
give B-Effect
PGE I-Effect
and I-Effect
regulators I-Effect
clarity I-Effect
on I-Effect
potential I-Effect
growth I-Effect
investments I-Effect
. O

Global B-Cause
expansion I-Cause
allows I-Cause
access I-Cause
to I-Cause
a I-Cause
wider I-Cause
profile I-Cause
of I-Cause
consumer I-Cause
preferences I-Cause
, O
leading O
to O
better B-Effect
local I-Effect
merchandising I-Effect
and I-Effect
marketing I-Effect
, I-Effect
which I-Effect
could I-Effect
facilitate I-Effect
higher I-Effect
unit I-Effect
sales I-Effect
as I-Effect
supply I-Effect
better I-Effect
matches I-Effect
demand I-Effect
. O

Although O
an O
end O
to O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
appears I-Cause
to O
be O
in O
sight O
, O
we O
believe O
it O
has O
accelerated B-Effect
store I-Effect
and I-Effect
mall I-Effect
closures I-Effect
and O
that O
PVH O
will O
struggle O
to O
adapt O
. O

The B-Effect
global I-Effect
restaurant I-Effect
sector I-Effect
will I-Effect
continue I-Effect
to I-Effect
see I-Effect
uneven I-Effect
guest I-Effect
traffic I-Effect
trends I-Effect
heading I-Effect
into I-Effect
2021 I-Effect
amid O
coronavirus B-Cause
operating I-Cause
restrictions I-Cause
and I-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
. O

Revenue B-Effect
fell I-Effect
10 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
on O
fewer B-Cause
carloads I-Cause
, I-Cause
falling I-Cause
fuel I-Cause
surcharges I-Cause
, I-Cause
and I-Cause
mix I-Cause
headwinds I-Cause
, O
but O
core O
pricing O
remained O
positive O
and O
top-line O
declines O
moderated O
materially O
in O
the O
second O
half O
. O

Furthermore O
, O
as O
5G B-Cause
becomes I-Cause
the I-Cause
standard I-Cause
wireless I-Cause
technology I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
and I-Cause
is I-Cause
defined I-Cause
by I-Cause
faster I-Cause
speeds I-Cause
and I-Cause
lower I-Cause
latency I-Cause
, I-Cause
or I-Cause
lag I-Cause
times I-Cause
, O
small B-Effect
cells I-Effect
are I-Effect
likely I-Effect
to I-Effect
become I-Effect
vital I-Effect
in I-Effect
cities I-Effect
. O

The B-Effect
firm I-Effect
is I-Effect
likely I-Effect
to I-Effect
realize I-Effect
solid I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
these I-Effect
products I-Effect
as O
hybrid B-Cause
, I-Cause
electric I-Cause
, I-Cause
and I-Cause
autonomous I-Cause
vehicles I-Cause
become I-Cause
more I-Cause
common I-Cause
. O

With O
that O
ongoing B-Cause
mix I-Cause
shift I-Cause
to I-Cause
fully I-Cause
insured I-Cause
membership I-Cause
and I-Cause
underlying I-Cause
medical I-Cause
cost I-Cause
trends I-Cause
, O
we O
expect O
revenue B-Effect
per I-Effect
member I-Effect
to I-Effect
grow I-Effect
about I-Effect
5 I-Effect
% I-Effect
compounded I-Effect
annually I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

While B-Cause
these I-Cause
markets I-Cause
offer I-Cause
moats I-Cause
to I-Cause
larger I-Cause
competitors I-Cause
, I-Cause
we I-Cause
do I-Cause
n't I-Cause
believe I-Cause
BlackBerry I-Cause
's I-Cause
solutions I-Cause
boast I-Cause
adequately I-Cause
competitive I-Cause
stickiness I-Cause
, I-Cause
and I-Cause
we I-Cause
view I-Cause
its I-Cause
negative I-Cause
historical I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
as I-Cause
evidence I-Cause
to I-Cause
our I-Cause
opinion. O
Thus O
, O
we B-Effect
do I-Effect
not I-Effect
have I-Effect
confidence I-Effect
it I-Effect
will I-Effect
earn I-Effect
returns I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

For O
the O
food-service O
segment O
, O
after O
organic O
cases B-Effect
fell I-Effect
6 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
due O
to O
the B-Cause
pandemic I-Cause
, O
we O
expect O
the O
trend O
to O
stabilize O
at O
1 O
% O
in O
fiscal O
2021 O
then O
rebound O
8 O
% O
in O
2022 O
. O

Technological B-Cause
advances I-Cause
have O
kept O
enterprise B-Effect
HDDs I-Effect
well I-Effect
ahead I-Effect
of I-Effect
the I-Effect
SSD I-Effect
cost I-Effect
curve I-Effect
and I-Effect
are I-Effect
continuing I-Effect
to I-Effect
meet I-Effect
demand I-Effect
for I-Effect
greater I-Effect
capacity I-Effect
and I-Effect
lower I-Effect
cost I-Effect
at I-Effect
customers I-Effect
, O
but O
we O
think O
differentiation O
between O
two O
competing O
drives O
with O
equal O
capacities O
is O
negligible O
. O

The B-Cause
firm I-Cause
squares I-Cause
off I-Cause
against I-Cause
a I-Cause
variety I-Cause
of I-Cause
well-established I-Cause
players I-Cause
, I-Cause
such I-Cause
as I-Cause
Texas I-Cause
Instruments I-Cause
and I-Cause
Microchip I-Cause
Technology I-Cause
, O
and O
we O
expect O
pressure B-Cause
to I-Cause
capture I-Cause
new I-Cause
greenfield I-Cause
opportunities I-Cause
will O
require B-Effect
the I-Effect
firm I-Effect
to I-Effect
maintain I-Effect
its I-Effect
high I-Effect
level I-Effect
of I-Effect
investment I-Effect
, I-Effect
limiting I-Effect
sustained I-Effect
margin I-Effect
expansion I-Effect
. O

We B-Cause
expect I-Cause
Paccar I-Cause
to I-Cause
continue I-Cause
its I-Cause
investments I-Cause
in I-Cause
technology I-Cause
to I-Cause
drive I-Cause
future I-Cause
aftermarket I-Cause
sales I-Cause
, O
in O
addition O
to O
increasing B-Effect
the I-Effect
number I-Effect
of I-Effect
connected I-Effect
vehicles I-Effect
in I-Effect
the I-Effect
field I-Effect
. O

We O
have O
a B-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
on I-Effect
Exact I-Effect
Sciences I-Effect
, O
reflecting O
a B-Cause
wide I-Cause
range I-Cause
of I-Cause
outcomes I-Cause
as I-Cause
Exact I-Cause
seeks I-Cause
to I-Cause
be I-Cause
a I-Cause
winner I-Cause
in I-Cause
liquid I-Cause
biopsy I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
. O

While O
the O
company O
is O
expected O
to O
produce O
revenue O
growth O
above O
the O
high O
end O
of O
peers O
and O
the O
premium O
may O
be O
justified O
, O
higher B-Cause
absolute I-Cause
valuation I-Cause
levels I-Cause
offer I-Cause
less I-Cause
room I-Cause
for I-Cause
missteps I-Cause
and O
therefore O
carry B-Effect
greater I-Effect
inherent I-Effect
risks I-Effect
, O
in O
our O
opinion O
. O

Despite O
its O
claims O
, O
we B-Effect
are I-Effect
uncertain I-Effect
if I-Effect
Backstage I-Effect
is I-Effect
additive I-Effect
, O
as O
weak B-Cause
sales I-Cause
numbers I-Cause
have I-Cause
coincided I-Cause
with I-Cause
growth I-Cause
of I-Cause
the I-Cause
brand I-Cause
. O

Acreage B-Effect
dedication I-Effect
agreements I-Effect
can I-Effect
be I-Effect
10-20 I-Effect
years I-Effect
; I-Effect
however I-Effect
, I-Effect
we I-Effect
believe I-Effect
they I-Effect
are I-Effect
low-quality I-Effect
contracts I-Effect
because O
they B-Cause
depend I-Cause
on I-Cause
the I-Cause
availability I-Cause
of I-Cause
producers I-Cause
' I-Cause
capital I-Cause
and I-Cause
well I-Cause
economics I-Cause
. O

We O
project O
results O
in O
the O
company O
's O
life O
operations O
to O
improve O
modestly O
over O
time O
, O
as O
higher B-Cause
interest I-Cause
rates I-Cause
eventually O
lead O
to O
a B-Effect
more I-Effect
favorable I-Effect
operating I-Effect
environment I-Effect
. O

Currently O
robust O
airfreight O
activity O
may O
ease O
in O
2022 O
, O
but O
longer B-Effect
term I-Effect
we I-Effect
expect I-Effect
Expeditors I-Effect
to I-Effect
continue I-Effect
gradually I-Effect
taking I-Effect
market I-Effect
share I-Effect
from I-Effect
less I-Effect
capable I-Effect
third-party I-Effect
logistics I-Effect
providers I-Effect
( I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
cycle I-Effect
) I-Effect
as O
demand B-Cause
for I-Cause
sophisticated I-Cause
supply I-Cause
chain I-Cause
technology I-Cause
and I-Cause
access I-Cause
to I-Cause
reliable I-Cause
capacity I-Cause
expands I-Cause
. O

Data O
usage O
is O
a O
growth O
driver O
in O
Bangladesh O
, O
but O
we O
still O
expect O
to O
see O
an B-Effect
increasing I-Effect
subscriber I-Effect
base I-Effect
there O
, O
triggered O
by O
fast B-Cause
urbanization I-Cause
and I-Cause
strong I-Cause
GDP I-Cause
growth I-Cause
. O

We B-Effect
do I-Effect
n't I-Effect
think I-Effect
the I-Effect
intangible I-Effect
assets I-Effect
and I-Effect
switching I-Effect
costs I-Effect
of I-Effect
these I-Effect
partnerships I-Effect
are I-Effect
significant I-Effect
compared I-Effect
with I-Effect
NetEase I-Effect
's I-Effect
in-house I-Effect
legacy I-Effect
IP I-Effect
, O
as O
licensed B-Cause
games I-Cause
accounted I-Cause
for I-Cause
only I-Cause
9 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
in I-Cause
2020 I-Cause
and I-Cause
have I-Cause
lower I-Cause
margin I-Cause
. O

Additionally O
, O
data B-Cause
protection I-Cause
legislations I-Cause
are I-Cause
becoming I-Cause
more I-Cause
commonplace I-Cause
, O
which O
could O
exacerbate B-Effect
the I-Effect
quantity I-Effect
of I-Effect
individuals I-Effect
paying I-Effect
for I-Effect
identity I-Effect
protection I-Effect
, O
as O
they B-Cause
rely I-Cause
on I-Cause
corporations I-Cause
for I-Cause
proper I-Cause
data I-Cause
protection I-Cause
. O

After O
the O
launch O
of O
new O
drugs O
, O
penetration B-Cause
is I-Cause
temporarily I-Cause
boosted I-Cause
by I-Cause
heavy I-Cause
discounting I-Cause
and O
Bausch O
will O
need O
to O
develop B-Effect
an I-Effect
organic I-Effect
pipeline I-Effect
of I-Effect
drugs I-Effect
and I-Effect
ophthalmology I-Effect
products I-Effect
to I-Effect
sustain I-Effect
longer-term I-Effect
growth I-Effect
. O

Further O
, O
Verisign B-Cause
's I-Cause
six-year I-Cause
contracts I-Cause
have I-Cause
a I-Cause
presumptive I-Cause
right I-Cause
of I-Cause
renewal I-Cause
, O
meaning O
that O
they B-Effect
instantly I-Effect
renew I-Effect
as I-Effect
long I-Effect
as I-Effect
the I-Effect
company I-Effect
provides I-Effect
largely I-Effect
uninterrupted I-Effect
service I-Effect
, O
which O
the O
company O
has O
in O
fact O
maintained O
for O
23 O
years O
and O
counting O
. O

New B-Effect
credit I-Effect
card I-Effect
programs I-Effect
with I-Effect
Verizon I-Effect
and I-Effect
Venmo I-Effect
should I-Effect
act I-Effect
as I-Effect
a I-Effect
tailwind I-Effect
for I-Effect
Synchrony I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
as O
the B-Cause
bank I-Cause
seeks I-Cause
to I-Cause
recover I-Cause
from I-Cause
the I-Cause
lows I-Cause
of I-Cause
2020 I-Cause
. O

We B-Effect
removed I-Effect
Penn I-Effect
East I-Effect
earnings I-Effect
and I-Effect
investment I-Effect
from I-Effect
our I-Effect
forecast I-Effect
due O
to O
ongoing B-Cause
regulatory I-Cause
delays I-Cause
, O
which O
was O
a O
slight O
negative O
. O

As O
with O
most O
E O
& O
P O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
Range I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

Because O
of O
the B-Cause
lack I-Cause
of I-Cause
a I-Cause
network I-Cause
effect I-Cause
, O
companies B-Effect
often I-Effect
require I-Effect
extensive I-Effect
training I-Effect
when O
orienting O
new O
hires O
rather O
than O
expecting O
new O
graduates O
to O
already O
be O
trained O
on O
their O
software O
of O
choice O
. O

After O
self-reporting B-Cause
the I-Cause
trade-in I-Cause
's I-Cause
condition I-Cause
, O
the B-Effect
customer I-Effect
can I-Effect
then I-Effect
fill I-Effect
out I-Effect
a I-Effect
loan I-Effect
application I-Effect
online I-Effect
and I-Effect
see I-Effect
loan I-Effect
offers I-Effect
, I-Effect
buy I-Effect
online I-Effect
F I-Effect
& I-Effect
amp I-Effect
; I-Effect
I I-Effect
products I-Effect
such I-Effect
as I-Effect
an I-Effect
extended I-Effect
warranty I-Effect
, O
and O
will O
eventually O
be B-Cause
able I-Cause
to I-Cause
sign I-Cause
documents I-Cause
electronically I-Cause
at I-Cause
home I-Cause
to O
further B-Effect
reduce I-Effect
time I-Effect
in I-Effect
the I-Effect
store I-Effect
. O

After B-Cause
an I-Cause
expensive I-Cause
acquisition I-Cause
into I-Cause
metabolic I-Cause
indications I-Cause
, I-Cause
an I-Cause
investigation I-Cause
into I-Cause
aggressive I-Cause
selling I-Cause
tactics I-Cause
in I-Cause
2016 I-Cause
, I-Cause
nearly I-Cause
complete I-Cause
management I-Cause
turnover I-Cause
in I-Cause
2017 I-Cause
, I-Cause
and I-Cause
a I-Cause
restructuring I-Cause
program I-Cause
, O
we O
believe O
that O
Alexion B-Effect
is I-Effect
finally I-Effect
on I-Effect
the I-Effect
other I-Effect
side I-Effect
of I-Effect
some I-Effect
serious I-Effect
missteps I-Effect
in I-Effect
execution I-Effect
by I-Effect
previous I-Effect
management I-Effect
. O

ITOM B-Cause
solutions I-Cause
represented I-Cause
15 I-Cause
% I-Cause
of I-Cause
subscription I-Cause
revenue I-Cause
in I-Cause
2018 I-Cause
, I-Cause
up I-Cause
from I-Cause
12 I-Cause
% I-Cause
in I-Cause
2017 I-Cause
, O
so O
this B-Effect
continues I-Effect
to I-Effect
grow I-Effect
within I-Effect
the I-Effect
mix I-Effect
. O

New B-Cause
entrants I-Cause
also I-Cause
know I-Cause
incumbents I-Cause
have I-Cause
high I-Cause
barriers I-Cause
to I-Cause
exit I-Cause
( I-Cause
network I-Cause
access I-Cause
is I-Cause
considered I-Cause
an I-Cause
essential I-Cause
service I-Cause
in I-Cause
many I-Cause
countries I-Cause
) I-Cause
so O
even B-Effect
if I-Effect
they I-Effect
can I-Effect
disrupt I-Effect
the I-Effect
market I-Effect
for I-Effect
some I-Effect
time I-Effect
, I-Effect
competitors I-Effect
will I-Effect
not I-Effect
easily I-Effect
leave I-Effect
. O

Further O
, O
contracts B-Cause
are I-Cause
typically I-Cause
acreage I-Cause
dedication I-Cause
contracts I-Cause
that I-Cause
can I-Cause
last I-Cause
for I-Cause
10-20 I-Cause
years I-Cause
, O
but O
expose B-Effect
the I-Effect
G I-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
provider I-Effect
to I-Effect
both I-Effect
capital I-Effect
risk I-Effect
and I-Effect
changing I-Effect
basin I-Effect
economics I-Effect
. O

Virgin B-Cause
's I-Cause
profitability I-Cause
has I-Cause
drifted I-Cause
lower I-Cause
over I-Cause
the I-Cause
past I-Cause
couple I-Cause
years I-Cause
, O
but O
we O
think O
this O
trend O
is O
related O
to O
declining B-Effect
customer I-Effect
penetration I-Effect
tied I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
network I-Effect
expansion I-Effect
. O

Strong B-Cause
Alberta I-Cause
power I-Cause
markets I-Cause
benefitted B-Effect
the I-Effect
hydro I-Effect
fleet I-Effect
, I-Effect
contributing I-Effect
CAD I-Effect
77 I-Effect
million I-Effect
in I-Effect
the I-Effect
first I-Effect
quarter I-Effect
versus I-Effect
CAD I-Effect
26 I-Effect
million I-Effect
last I-Effect
year I-Effect
. O

Also O
, O
several B-Cause
of I-Cause
Pfizer I-Cause
's I-Cause
pipeline I-Cause
drugs I-Cause
are I-Cause
reaching I-Cause
markets I-Cause
behind I-Cause
competitors I-Cause
, O
which O
may O
increase B-Effect
the I-Effect
risk I-Effect
of I-Effect
commercialization I-Effect
failure I-Effect
and O
put B-Effect
downward I-Effect
pricing I-Effect
pressure I-Effect
on I-Effect
the I-Effect
drugs I-Effect
if O
the B-Cause
clinical I-Cause
data I-Cause
lacks I-Cause
positive I-Cause
differentiation I-Cause
. O

We O
expect O
cybersecurity B-Effect
vendors I-Effect
, I-Effect
in I-Effect
general I-Effect
, I-Effect
will I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from I-Effect
enterprises I-Effect
continually I-Effect
investing I-Effect
in I-Effect
protection I-Effect
because O
the B-Cause
increasing I-Cause
amount I-Cause
of I-Cause
data I-Cause
and I-Cause
the I-Cause
larger I-Cause
quantity I-Cause
of I-Cause
network I-Cause
endpoint I-Cause
connections I-Cause
create I-Cause
additional I-Cause
threat I-Cause
opportunities I-Cause
. O

Our O
forecast O
implies O
market B-Cause
share I-Cause
gains I-Cause
due O
to O
the B-Cause
combined I-Cause
businesses I-Cause
of I-Cause
Icon I-Cause
and I-Cause
PRA I-Cause
and O
results O
in O
a B-Effect
five-year I-Effect
projected I-Effect
revenue I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
about I-Effect
28 I-Effect
% I-Effect
, O
including O
the O
impact O
of O
the O
PRA O
acquisition O
. O

The B-Cause
firm I-Cause
's I-Cause
highly I-Cause
specialized I-Cause
offerings I-Cause
for I-Cause
the I-Cause
life I-Cause
science I-Cause
industry I-Cause
allow O
companies B-Effect
to I-Effect
improve I-Effect
operational I-Effect
efficiency I-Effect
to I-Effect
get I-Effect
products I-Effect
to I-Effect
market I-Effect
faster I-Effect
while I-Effect
ensuring I-Effect
regulatory I-Effect
compliance I-Effect
and I-Effect
ultimately I-Effect
sell I-Effect
more I-Effect
effectively I-Effect
. O

We O
forecast O
that O
real B-Effect
uranium I-Effect
prices I-Effect
will I-Effect
rise I-Effect
to I-Effect
$ I-Effect
65 I-Effect
per I-Effect
pound I-Effect
by I-Effect
2023 I-Effect
in I-Effect
the I-Effect
contract I-Effect
market I-Effect
, O
as O
higher B-Cause
prices I-Cause
will I-Cause
be I-Cause
necessary I-Cause
to I-Cause
encourage I-Cause
the I-Cause
new I-Cause
mines I-Cause
needed I-Cause
to I-Cause
meet I-Cause
rising I-Cause
demand I-Cause
and I-Cause
fill I-Cause
the I-Cause
gap I-Cause
left I-Cause
by O
the O
continued O
drawdown O
of O
stockpiles O
. O

With O
Verbund B-Cause
, O
BASF B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
generate I-Effect
fairly I-Effect
consistent I-Effect
returns I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
despite O
a O
raw O
material O
cost O
disadvantage O
relative O
to O
some O
of O
its O
key O
U.S.-based O
peers O
. O

Nearly B-Cause
90 I-Cause
% I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
revenue I-Cause
comes I-Cause
from I-Cause
subscription I-Cause
services I-Cause
, I-Cause
mostly I-Cause
via I-Cause
fixed-price I-Cause
, I-Cause
annual I-Cause
, I-Cause
auto-renewal I-Cause
contracts I-Cause
with I-Cause
a I-Cause
low- I-Cause
to I-Cause
mid-90s I-Cause
customer I-Cause
retention I-Cause
rate. O
This O
creates O
revenue B-Effect
stability I-Effect
in I-Effect
an I-Effect
industry I-Effect
with I-Effect
meaningful I-Effect
barriers I-Effect
to I-Effect
( I-Effect
and I-Effect
little I-Effect
incentive I-Effect
for I-Effect
) I-Effect
changing I-Effect
data I-Effect
and I-Effect
analytics I-Effect
providers I-Effect
. O

In O
developed O
markets O
, O
CNH B-Effect
Industrial I-Effect
helps I-Effect
customers I-Effect
reduce I-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
through O
improved B-Cause
fuel I-Cause
efficiency I-Cause
, I-Cause
limited I-Cause
machine I-Cause
down-time I-Cause
and I-Cause
consistent I-Cause
parts I-Cause
availability I-Cause
. O

We O
are O
bullish O
on O
Air O
Products O
' O
long-term O
prospects O
and O
think O
that O
the O
firm B-Cause
's I-Cause
ambitious I-Cause
capital I-Cause
allocation I-Cause
plan I-Cause
will O
fuel B-Effect
tremendous I-Effect
growth I-Effect
for I-Effect
many I-Effect
years I-Effect
to I-Effect
come I-Effect
, O
driven O
by O
investments B-Cause
in I-Cause
traditional I-Cause
industrial I-Cause
gas I-Cause
projects I-Cause
as I-Cause
well I-Cause
as I-Cause
new I-Cause
opportunities I-Cause
including I-Cause
gasification I-Cause
, I-Cause
green I-Cause
hydrogen I-Cause
, I-Cause
and I-Cause
carbon I-Cause
capture I-Cause
. O

As O
an O
E O
& O
C O
firm O
, O
Fluor B-Cause
also I-Cause
faces I-Cause
significant I-Cause
event I-Cause
risk I-Cause
, I-Cause
such I-Cause
as I-Cause
legal B-Effect
disputes I-Effect
and I-Effect
cost I-Effect
overruns I-Effect
( I-Cause
which I-Cause
could I-Cause
be I-Cause
caused I-Cause
by I-Cause
a B-Cause
number I-Cause
of I-Cause
factors I-Cause
including I-Cause
labor I-Cause
shortages I-Cause
, I-Cause
subcontractor I-Cause
performance I-Cause
, I-Cause
inclement I-Cause
weather I-Cause
and I-Cause
natural I-Cause
events I-Cause
) I-Cause
, O
which O
could O
lead O
to O
large B-Effect
losses I-Effect
on I-Effect
individual I-Effect
projects I-Effect
. O

While O
Coty O
is O
the O
world O
's O
largest O
provider O
of O
fragrance O
, O
we O
suspect O
that O
the B-Cause
firm I-Cause
's I-Cause
limited I-Cause
presence I-Cause
in I-Cause
prestige I-Cause
skin I-Cause
care I-Cause
and I-Cause
makeup I-Cause
constrains O
Coty B-Effect
's I-Effect
ability I-Effect
to I-Effect
reach I-Effect
preferred I-Effect
vendor I-Effect
status I-Effect
with I-Effect
department I-Effect
stores I-Effect
and I-Effect
travel I-Effect
retail I-Effect
operators I-Effect
. I-Effect

Future B-Cause
sale-leaseback I-Cause
transactions I-Cause
and I-Cause
the I-Cause
pace I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
fiber I-Cause
buildout I-Cause
are I-Cause
likely I-Cause
to I-Cause
suffer I-Cause
, O
which O
would O
impair O
Uniti B-Effect
's I-Effect
ability I-Effect
to I-Effect
grow I-Effect
EBITDA I-Effect
as I-Effect
fast I-Effect
and I-Effect
reduce I-Effect
its I-Effect
financial I-Effect
leverage I-Effect
. O

We B-Effect
expect I-Effect
selling I-Effect
and I-Effect
marketing I-Effect
costs I-Effect
to I-Effect
decrease I-Effect
from I-Effect
29 I-Effect
% I-Effect
of I-Effect
sales I-Effect
to I-Effect
21 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
due B-Cause
to I-Cause
the I-Cause
one-time I-Cause
nature I-Cause
of I-Cause
its I-Cause
multifamily I-Cause
advertising I-Cause
campaigns I-Cause
. I-Cause

We O
think O
Smucker O
will O
continue O
to O
realize O
38 O
% O
gross O
margins O
, O
in O
line O
with O
its O
historical O
three-year O
average O
, O
as O
the B-Cause
firm I-Cause
's I-Cause
continuous I-Cause
improvement I-Cause
initiatives I-Cause
should O
help B-Effect
offset I-Effect
inflation I-Effect
. O

Deere B-Cause
and I-Cause
CNH I-Cause
give I-Cause
customers I-Cause
priority I-Cause
on I-Cause
proprietary I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
services I-Cause
from I-Cause
dealers I-Cause
, O
making O
it O
easy B-Effect
to I-Effect
understand I-Effect
what I-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
a I-Effect
machine I-Effect
will I-Effect
be I-Effect
throughout I-Effect
its I-Effect
operating I-Effect
life I-Effect
. O

However O
, O
as O
some B-Cause
of I-Cause
the I-Cause
large I-Cause
operators I-Cause
trim I-Cause
older I-Cause
hardware I-Cause
from I-Cause
their I-Cause
fleet I-Cause
in I-Cause
order I-Cause
to I-Cause
right I-Cause
size I-Cause
the I-Cause
business I-Cause
, O
sold B-Effect
ships I-Effect
could I-Effect
be I-Effect
repurposed I-Effect
for I-Effect
another I-Effect
operator I-Effect
at I-Effect
a I-Effect
significantly I-Effect
less I-Effect
expensive I-Effect
price I-Effect
. O

This B-Effect
is I-Effect
easier I-Effect
said I-Effect
than I-Effect
done I-Effect
since O
Kingfisher B-Cause
's I-Cause
online I-Cause
sales I-Cause
currently I-Cause
lag I-Cause
market I-Cause
online I-Cause
penetration I-Cause
rates I-Cause
, I-Cause
only I-Cause
accounting I-Cause
for I-Cause
7 I-Cause
% I-Cause
of I-Cause
fiscal I-Cause
2019-20 I-Cause
sales I-Cause
, I-Cause
or I-Cause
3 I-Cause
% I-Cause
excluding I-Cause
Screwfix I-Cause
. O

As B-Cause
consumers I-Cause
slowly I-Cause
resume I-Cause
cruising I-Cause
after I-Cause
an I-Cause
estimated I-Cause
full-year I-Cause
no-sail I-Cause
halt I-Cause
( I-Cause
with I-Cause
only I-Cause
Costa I-Cause
and I-Cause
Aida I-Cause
set I-Cause
to I-Cause
start I-Cause
sailing I-Cause
in I-Cause
March I-Cause
2021 I-Cause
) I-Cause
, O
we B-Effect
suspect I-Effect
cruise I-Effect
operators I-Effect
will I-Effect
have I-Effect
to I-Effect
reassure I-Effect
passengers I-Effect
of I-Effect
both I-Effect
the I-Effect
safety I-Effect
and I-Effect
value I-Effect
propositions I-Effect
of I-Effect
cruising I-Effect
. O

The O
new O
antitrust O
laws O
and O
the O
government O
's O
investigation O
could O
lead B-Cause
to I-Cause
fines I-Cause
and I-Cause
elimination I-Cause
of I-Cause
monopolistic I-Cause
practices I-Cause
, I-Cause
which B-Effect
could I-Effect
pressure I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
. I-Effect

Unlike O
fluidized B-Effect
catalytic I-Effect
cracking I-Effect
catalysts I-Effect
, I-Effect
which I-Effect
are I-Effect
constantly I-Effect
replaced I-Effect
because O
they B-Cause
improve I-Cause
refiner I-Cause
yields I-Cause
, O
HPCs O
only O
need O
to O
be O
replaced O
every O
one O
to O
three O
years O
. O

Additionally O
, O
the B-Cause
potential I-Cause
for I-Cause
increased I-Cause
EV I-Cause
adoption I-Cause
could O
reduce B-Effect
demand I-Effect
for I-Effect
ethanol I-Effect
( I-Effect
corn I-Effect
is I-Effect
an I-Effect
input I-Effect
) I-Effect
used I-Effect
in I-Effect
ICE I-Effect
vehicles I-Effect
. O

In O
its O
financial O
markets O
unit O
( O
42 O
% O
of O
fiscal O
2020 O
revenue O
) O
, O
IHS O
Markit O
features O
several O
products O
that O
are O
sheltered O
from O
competition B-Effect
due O
to O
switching B-Cause
costs I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
data I-Cause
analytics I-Cause
abilities I-Cause
. O

Gulfstream B-Cause
dominates I-Cause
volume I-Cause
in I-Cause
this I-Cause
segment I-Cause
, O
with O
roughly O
50 O
% O
market O
share O
, O
which O
leads O
to O
superior B-Effect
margins I-Effect
due O
to O
progression B-Cause
along I-Cause
the I-Cause
learning I-Cause
curve I-Cause
. O

In O
2018 O
, O
almost B-Cause
half I-Cause
of I-Cause
HDD I-Cause
units I-Cause
sold I-Cause
by I-Cause
Western I-Cause
come I-Cause
from I-Cause
desktop I-Cause
and I-Cause
notebook I-Cause
sales I-Cause
and O
thus O
the B-Effect
importance I-Effect
of I-Effect
a I-Effect
strong I-Effect
SSD I-Effect
portfolio I-Effect
to I-Effect
capture I-Effect
that I-Effect
shift I-Effect
can I-Effect
not I-Effect
be I-Effect
understated I-Effect
. O

As O
chip B-Cause
designers I-Cause
embrace I-Cause
smaller I-Cause
manufacturing I-Cause
process I-Cause
technologies I-Cause
, O
the B-Effect
number I-Effect
of I-Effect
transistors I-Effect
on I-Effect
a I-Effect
chip I-Effect
increases I-Effect
to I-Effect
boost I-Effect
performance I-Effect
( O
while O
power O
consumption O
is O
often O
held O
steady O
or O
lowered O
) O
. O

The B-Effect
loss I-Effect
of I-Effect
a I-Effect
transformer I-Effect
in I-Effect
a I-Effect
substation I-Effect
raises I-Effect
significant I-Effect
energy I-Effect
security I-Effect
concerns I-Effect
due O
to O
an B-Cause
inventory I-Cause
shortage I-Cause
in I-Cause
the I-Cause
supply I-Cause
chain I-Cause
. O

Two O
factors O
make O
the B-Effect
Salar I-Effect
de I-Effect
Atacama I-Effect
the I-Effect
lowest-cost I-Effect
source I-Effect
of I-Effect
lithium I-Effect
in I-Effect
the I-Effect
world I-Effect
: O
dry B-Cause
conditions I-Cause
and I-Cause
high I-Cause
lithium I-Cause
concentration I-Cause
. O

Given O
strong B-Cause
operating I-Cause
leverage I-Cause
, O
we O
expect O
adjusted B-Effect
operating I-Effect
margin I-Effect
( I-Effect
EBIT/net I-Effect
revenue I-Effect
after I-Effect
agent I-Effect
commissions I-Effect
) I-Effect
to I-Effect
surge I-Effect
to I-Effect
53.8 I-Effect
% I-Effect
( I-Effect
from I-Effect
42.2 I-Effect
% I-Effect
) I-Effect
in I-Effect
2021 I-Effect
. O

The B-Cause
focus I-Cause
on I-Cause
online I-Cause
bank I-Cause
accounts I-Cause
has O
allowed B-Effect
the I-Effect
company I-Effect
to I-Effect
establish I-Effect
a I-Effect
national I-Effect
presence I-Effect
broader I-Effect
than I-Effect
what I-Effect
its I-Effect
narrow I-Effect
branch I-Effect
network I-Effect
would I-Effect
traditionally I-Effect
allow I-Effect
. O

This O
combined O
with O
a B-Cause
greater I-Cause
focus I-Cause
on I-Cause
resilience I-Cause
over I-Cause
efficiency I-Cause
means O
Americold B-Effect
will I-Effect
benefit I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
significant I-Effect
demand I-Effect
and I-Effect
rent I-Effect
growth I-Effect
for I-Effect
its I-Effect
facilities I-Effect
. O

Otis B-Effect
benefits I-Effect
from O
high B-Cause
revenue I-Cause
visibility I-Cause
and I-Cause
a I-Cause
large I-Cause
portfolio I-Cause
of I-Cause
elevators I-Cause
under I-Cause
maintenance I-Cause
that O
provides O
a O
high O
degree O
of O
security O
of O
future O
orders O
. O

Ultimately O
, O
we O
believe O
Google B-Effect
can I-Effect
leverage I-Effect
the I-Effect
technological I-Effect
expertise I-Effect
it I-Effect
applied I-Effect
to I-Effect
creating I-Effect
and I-Effect
maintaining I-Effect
its I-Effect
private I-Effect
cloud I-Effect
platform I-Effect
to O
build B-Cause
and I-Cause
maintain I-Cause
public I-Cause
cloud I-Cause
platforms I-Cause
for I-Cause
many I-Cause
businesses I-Cause
. O

The B-Cause
Chilean I-Cause
central I-Cause
bank I-Cause
recently I-Cause
cut I-Cause
its I-Cause
base I-Cause
rate I-Cause
to I-Cause
0.5 I-Cause
% I-Cause
, O
which O
provides O
near-term B-Effect
tailwinds I-Effect
for I-Effect
margins I-Effect
and O
longer-term B-Effect
headwinds I-Effect
as O
loans B-Cause
reprice I-Cause
and I-Cause
consumers I-Cause
refinance I-Cause
mortgages I-Cause
. O

The B-Cause
continued I-Cause
write-downs I-Cause
on I-Cause
this I-Cause
portfolio I-Cause
throughout I-Cause
2008 I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
impending I-Cause
absorption I-Cause
and I-Cause
capital I-Cause
strains I-Cause
of I-Cause
the I-Cause
imminent I-Cause
ABN I-Cause
Amro I-Cause
integration I-Cause
, I-Cause
after I-Cause
an I-Cause
insufficient I-Cause
round I-Cause
of I-Cause
capital I-Cause
raising I-Cause
and I-Cause
sales I-Cause
to I-Cause
shore I-Cause
up I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
, O
ultimately B-Effect
led I-Effect
to I-Effect
nationalisation I-Effect
. O

Although O
Best O
Buy O
possesses O
a O
recognizable O
brand O
name O
, O
an O
evolving O
portfolio O
of O
service O
offerings O
, O
and O
a O
management O
team O
better O
prepared O
for O
evolving O
consumer O
electronics O
retail O
industry O
changes O
, O
we O
're O
not O
convinced O
that O
it O
can O
fend B-Effect
off I-Effect
rivals I-Effect
without B-Cause
sacrificing I-Cause
margins I-Cause
longer I-Cause
term I-Cause
. O

As O
tax B-Cause
, I-Cause
labor I-Cause
, I-Cause
and I-Cause
workforce I-Cause
regulations I-Cause
have I-Cause
grown I-Cause
in I-Cause
complexity I-Cause
, O
established B-Effect
providers I-Effect
such I-Effect
as I-Effect
Paychex I-Effect
have I-Effect
benefited I-Effect
by I-Effect
offering I-Effect
additional I-Effect
products I-Effect
and I-Effect
services I-Effect
. O

We O
expect O
Cisco B-Cause
to I-Cause
continue I-Cause
looking I-Cause
to I-Cause
acquisitions I-Cause
to I-Cause
bolster I-Cause
its I-Cause
capabilities I-Cause
in I-Cause
these I-Cause
areas I-Cause
to O
offset B-Effect
pressure I-Effect
in I-Effect
maturing I-Effect
market I-Effect
segments I-Effect
. O

Still O
, O
with O
a B-Cause
more I-Cause
aligned I-Cause
distribution I-Cause
system I-Cause
following I-Cause
its I-Cause
bottler I-Cause
refranchising I-Cause
, I-Cause
digitization I-Cause
initiatives I-Cause
to I-Cause
drive I-Cause
engagement I-Cause
and I-Cause
operational I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
vast I-Cause
financial I-Cause
resources I-Cause
, O
the B-Effect
firm I-Effect
is I-Effect
more I-Effect
than I-Effect
equipped I-Effect
to I-Effect
defend I-Effect
its I-Effect
turf I-Effect
. O

Eni O
will O
continue B-Cause
investing I-Cause
in I-Cause
biorefineries I-Cause
, O
which O
use B-Cause
waste I-Cause
products I-Cause
to I-Cause
produce I-Cause
fuels I-Cause
, O
expanding B-Effect
its I-Effect
capacity I-Effect
from I-Effect
about I-Effect
1 I-Effect
million I-Effect
tonnes I-Effect
per I-Effect
annum I-Effect
to I-Effect
5 I-Effect
mtpa I-Effect
in I-Effect
2050 I-Effect
. O

The B-Cause
firm I-Cause
boasts I-Cause
a I-Cause
large I-Cause
customer I-Cause
base I-Cause
that O
we O
believe O
somewhat O
reduces O
the B-Effect
volatility I-Effect
in I-Effect
earnings I-Effect
( I-Effect
no I-Effect
customer I-Effect
accounts I-Effect
for I-Effect
10 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
) I-Effect
. O

The O
amount O
of O
profit O
the O
firm O
earns O
from O
television O
service O
has O
been O
declining O
for O
several O
years O
, O
but O
revenue B-Effect
and I-Effect
profit I-Effect
per I-Effect
customer I-Effect
continue I-Effect
to I-Effect
grow I-Effect
as O
more B-Cause
customers I-Cause
take I-Cause
Internet I-Cause
access I-Cause
service I-Cause
at I-Cause
higher I-Cause
prices I-Cause
. O

We B-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
64 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
61 I-Effect
per I-Effect
share I-Effect
in I-Effect
part I-Effect
due O
to O
the B-Cause
fact I-Cause
that I-Cause
the I-Cause
company I-Cause
is I-Cause
closer I-Cause
to I-Cause
completing I-Cause
the I-Cause
new I-Cause
nuclear I-Cause
units I-Cause
at I-Cause
Vogtle I-Cause
. O

While O
we O
like O
the O
higher O
exposure O
to O
more O
growth O
in O
the O
U.S. O
, O
the B-Effect
segment I-Effect
has I-Effect
lower I-Effect
returns I-Effect
on I-Effect
equity I-Effect
than I-Effect
the I-Effect
Canadian I-Effect
segment I-Effect
, O
partially O
because B-Cause
of I-Cause
goodwill I-Cause
but I-Cause
also I-Cause
partially I-Cause
because I-Cause
returns I-Cause
are I-Cause
naturally I-Cause
lower I-Cause
on I-Cause
average I-Cause
. O

We O
believe O
SMBs B-Effect
will I-Effect
continue I-Effect
to I-Effect
outsource I-Effect
recruiting I-Effect
to I-Effect
Robert I-Effect
Half I-Effect
, O
saving B-Cause
clients I-Cause
time I-Cause
and I-Cause
from I-Cause
being I-Cause
too I-Cause
slow-footed I-Cause
. O

Facebook B-Cause
's I-Cause
large I-Cause
and I-Cause
growing I-Cause
user I-Cause
base I-Cause
and I-Cause
the I-Cause
rich I-Cause
data I-Cause
that I-Cause
it I-Cause
generates I-Cause
help O
advertisers B-Cause
post I-Cause
more I-Cause
effective I-Cause
target I-Cause
ads I-Cause
, O
in O
terms O
of O
brand O
awareness O
, O
resulting O
in O
high B-Effect
return I-Effect
on I-Effect
investment I-Effect
. O

We O
think O
that O
organic O
sales O
growth O
will O
continue B-Effect
to I-Effect
outpace I-Effect
industrial I-Effect
production I-Effect
by I-Effect
around I-Effect
1 I-Effect
% I-Effect
-2 I-Effect
% I-Effect
annually O
as O
the B-Cause
firm I-Cause
's I-Cause
commitment I-Cause
to I-Cause
innovation I-Cause
and I-Cause
investments I-Cause
in O
R O
& O
D O
continue O
to O
bear O
fruit O
and O
generate O
additional O
revenue O
through O
introductions O
of O
new O
or O
refreshed O
products O
. O

The O
bank O
is O
one O
of O
the O
top O
issuers O
of O
credit O
cards O
, O
where O
many B-Cause
of I-Cause
the I-Cause
costs I-Cause
of I-Cause
running I-Cause
a I-Cause
payments I-Cause
platform I-Cause
are I-Cause
fixed I-Cause
and I-Cause
high I-Cause
in I-Cause
nature I-Cause
, O
leading O
to O
the B-Effect
need I-Effect
for I-Effect
scale I-Effect
. O

Federal B-Cause
and I-Cause
state I-Cause
regulations I-Cause
and I-Cause
not-in-my-backyard I-Cause
( I-Cause
NIMBY I-Cause
) I-Cause
activism I-Cause
have O
made O
its B-Effect
very I-Effect
costly I-Effect
to I-Effect
operate I-Effect
and I-Effect
close I-Effect
landfills I-Effect
and I-Effect
extremely I-Effect
difficult I-Effect
to I-Effect
receive I-Effect
approval I-Effect
for I-Effect
new I-Effect
landfills I-Effect
. O

The B-Cause
growing I-Cause
prevalence I-Cause
of I-Cause
e-commerce I-Cause
has I-Effect
intensified B-Effect
the I-Effect
competitive I-Effect
environment I-Effect
because O
of O
more B-Cause
price I-Cause
transparency I-Cause
and I-Cause
increased I-Cause
access I-Cause
to I-Cause
a I-Cause
wider I-Cause
array I-Cause
of I-Cause
vendors I-Cause
, O
including O
Amazon O
Business O
, O
which O
has O
entered O
the O
mix O
. O

We O
believe O
the B-Cause
specter I-Cause
of I-Cause
slower I-Cause
turns I-Cause
and I-Cause
higher I-Cause
input I-Cause
costs I-Cause
, I-Cause
coupled I-Cause
with I-Cause
a I-Cause
smaller I-Cause
target I-Cause
market I-Cause
, O
discourages O
other B-Effect
public I-Effect
companies I-Effect
from I-Effect
becoming I-Effect
more I-Effect
concentrated I-Effect
in I-Effect
the I-Effect
luxury I-Effect
space I-Effect
. O

A B-Cause
strong I-Cause
asset-management I-Cause
brand I-Cause
is I-Cause
conducive I-Cause
to I-Cause
net I-Cause
inflows I-Cause
, O
and O
larger B-Effect
investors I-Effect
tend I-Effect
to I-Effect
stay I-Effect
invested I-Effect
with I-Effect
a I-Effect
current I-Effect
manager I-Effect
, I-Effect
rather I-Effect
than I-Effect
switching I-Effect
to I-Effect
a I-Effect
new I-Effect
manager I-Effect
with I-Effect
a I-Effect
similar I-Effect
strategy I-Effect
. O

It B-Effect
also I-Effect
benefits I-Effect
from I-Effect
a I-Effect
lower I-Effect
promotional I-Effect
cadence I-Effect
thanks O
to O
SKU B-Cause
rationalization I-Cause
and I-Cause
the I-Cause
utilization I-Cause
of I-Cause
more I-Cause
robust I-Cause
inventory I-Cause
management I-Cause
processes I-Cause
. O

Fully B-Cause
stocking I-Cause
a I-Cause
branch I-Cause
is I-Cause
challenging I-Cause
without I-Cause
similar I-Cause
product I-Cause
breadth I-Cause
to I-Cause
Deere I-Cause
, O
hence O
, O
why O
many O
competitors O
' O
products O
are O
sold O
at O
dealerships O
that O
carry B-Effect
multiple I-Effect
product I-Effect
lines I-Effect
. O

Twilio B-Cause
's I-Cause
software I-Cause
routes I-Cause
calls/messages I-Cause
to I-Cause
the I-Cause
most I-Cause
cost I-Cause
effective I-Cause
and I-Cause
fastest I-Cause
carrier I-Cause
, O
allowing O
for O
low B-Effect
latency I-Effect
client I-Effect
communication I-Effect
at I-Effect
the I-Effect
lowest I-Effect
possible I-Effect
expense I-Effect
. O

Volumes O
are O
unlikely O
to O
grow O
much O
beyond O
current O
levels O
of O
nearly O
100 O
mboe/d O
, O
but O
improvements B-Cause
in I-Cause
drilling I-Cause
times I-Cause
and I-Cause
other I-Cause
advancements I-Cause
means O
those B-Effect
levels I-Effect
can I-Effect
be I-Effect
preserved I-Effect
with I-Effect
half I-Effect
the I-Effect
number I-Effect
of I-Effect
rigs I-Effect
needed I-Effect
in I-Effect
2016 I-Effect
. O

We B-Effect
suspect I-Effect
multinational I-Effect
customers I-Effect
also I-Effect
have I-Effect
a I-Effect
greater I-Effect
deal I-Effect
of I-Effect
bargaining I-Effect
power I-Effect
with I-Effect
IP I-Effect
, O
given O
the B-Cause
competitive I-Cause
nature I-Cause
of I-Cause
the I-Cause
industry I-Cause
. O

Efficiency B-Cause
gains I-Cause
and I-Cause
technology I-Cause
have I-Cause
also I-Cause
helped I-Cause
drive I-Cause
costs I-Cause
down I-Cause
for I-Cause
Parsley I-Cause
and I-Cause
its I-Cause
competitors. O
As O
a O
result O
, O
like B-Effect
many I-Effect
of I-Effect
the I-Effect
top I-Effect
shale I-Effect
firms I-Effect
, I-Effect
Parsley I-Effect
is I-Effect
now I-Effect
living I-Effect
within I-Effect
cash I-Effect
flows I-Effect
and I-Effect
expects I-Effect
to I-Effect
keep I-Effect
doing I-Effect
so I-Effect
. O

Because O
it B-Cause
relied I-Cause
on I-Cause
one-time I-Cause
funding I-Cause
rather I-Cause
than I-Cause
on I-Cause
an I-Cause
increase I-Cause
in I-Cause
the I-Cause
gas I-Cause
tax I-Cause
, O
the B-Effect
risk I-Effect
to I-Effect
highway I-Effect
funding I-Effect
has I-Effect
returned I-Effect
as O
the B-Cause
FAST I-Cause
Act I-Cause
nears I-Cause
expiration I-Cause
. O

Despite O
Landstar O
's O
impressive O
safety-related O
record O
, O
increases B-Cause
in I-Cause
the I-Cause
severity I-Cause
or I-Cause
frequency I-Cause
of I-Cause
accident I-Cause
claims I-Cause
adversely I-Cause
affect B-Effect
results I-Effect
and I-Effect
add I-Effect
an I-Effect
element I-Effect
of I-Effect
variability I-Effect
to I-Effect
earnings I-Effect
. O

We O
forecast O
9 B-Effect
% I-Effect
annual I-Effect
earnings I-Effect
growth I-Effect
at I-Effect
Southern I-Effect
's I-Effect
four I-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
utilities I-Effect
, O
driven O
by O
an B-Cause
estimated I-Cause
$ I-Cause
8 I-Cause
billion I-Cause
of I-Cause
capital I-Cause
expenditures I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
. O

We O
think O
the B-Cause
influx I-Cause
of I-Cause
supply I-Cause
in I-Cause
some I-Cause
of I-Cause
Public I-Cause
Storage I-Cause
's I-Cause
newly I-Cause
penetrated I-Cause
markets I-Cause
signals O
a B-Effect
slowing I-Effect
in I-Effect
the I-Effect
ability I-Effect
to I-Effect
increase I-Effect
prices I-Effect
. O

We O
forecast O
more B-Effect
muted I-Effect
growth I-Effect
for I-Effect
the I-Effect
building I-Effect
product I-Effect
segments I-Effect
in I-Effect
the I-Effect
3 I-Effect
% I-Effect
range I-Effect
, O
having O
benefited O
from O
strong B-Cause
residential I-Cause
repair I-Cause
and I-Cause
maintenance I-Cause
activity I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
in I-Cause
2020 I-Cause
. O

Additionally O
, O
the B-Effect
performance I-Effect
and I-Effect
asset I-Effect
values I-Effect
of I-Effect
Welltower I-Effect
's I-Effect
portfolio I-Effect
will I-Effect
suffer I-Effect
if O
Welltower B-Cause
's I-Cause
operating I-Cause
partners I-Cause
fail I-Cause
to I-Cause
provide I-Cause
superior I-Cause
care I-Cause
or I-Cause
Welltower I-Cause
's I-Cause
assets I-Cause
fail I-Cause
to I-Cause
retain I-Cause
the I-Cause
top I-Cause
tenants I-Cause
. O

Tesla O
's O
mission O
is O
to O
make O
EVs O
increasingly O
more O
affordable O
, O
which O
means O
more B-Cause
assembly I-Cause
plants I-Cause
must I-Cause
come I-Cause
on I-Cause
line I-Cause
to O
achieve B-Effect
annual I-Effect
unit I-Effect
delivery I-Effect
volume I-Effect
in I-Effect
the I-Effect
millions I-Effect
. O

While O
there O
is O
evidence O
that O
these O
products O
enhance O
US O
Foods O
' O
margins O
, O
we B-Effect
think I-Effect
they I-Effect
do I-Effect
n't I-Effect
enhance I-Effect
the I-Effect
firm I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
, O
as O
they B-Cause
are I-Cause
essentially I-Cause
agricultural I-Cause
commodities I-Cause
and O
therefore O
easy B-Effect
to I-Effect
replicate I-Effect
. O

Though O
we O
do O
expect O
the B-Cause
rise I-Cause
in I-Cause
passive I-Cause
investing I-Cause
to O
affect B-Effect
FactSet I-Effect
on I-Effect
the I-Effect
margin I-Effect
, O
the O
company O
still O
achieves O
impressively O
high O
returns O
on O
invested O
capital O
exceeding O
30 O
% O
. O

Therefore O
, O
we O
do O
see O
increased B-Cause
risk I-Cause
of I-Cause
decreased I-Cause
profitability I-Cause
for I-Cause
the I-Cause
bank I-Cause
in I-Cause
the I-Cause
event I-Cause
of I-Cause
a I-Cause
housing I-Cause
downturn I-Cause
, O
and O
this B-Effect
decrease I-Effect
could I-Effect
be I-Effect
more I-Effect
severe I-Effect
than I-Effect
for I-Effect
other I-Effect
banks I-Effect
. O

We O
think O
the O
2 O
Jun O
2021 O
05:00 O
, O
UTCnetwork O
effect O
is O
strongest O
on O
the O
MercadoLibre O
platform O
( O
where O
90 O
% O
of O
the O
listings O
are O
fixed O
price O
) O
and O
believe O
this B-Cause
key I-Cause
competitive I-Cause
advantage I-Cause
is O
enough O
to O
set B-Effect
the I-Effect
firm I-Effect
apart I-Effect
from I-Effect
competition I-Effect
, O
making O
it O
difficult O
for O
rivals B-Effect
to I-Effect
poach I-Effect
customers I-Effect
. O

In O
addition O
, O
the B-Effect
potential I-Effect
for I-Effect
cross-selling I-Effect
of I-Effect
services I-Effect
between I-Effect
Teladoc I-Effect
and I-Effect
Livongo I-Effect
is I-Effect
substantial I-Effect
as O
the B-Cause
two I-Cause
companies I-Cause
had I-Cause
less I-Cause
than I-Cause
a I-Cause
25 I-Cause
% I-Cause
overlap I-Cause
in I-Cause
client I-Cause
base I-Cause
before I-Cause
the I-Cause
merger I-Cause
. O

If O
interest O
rates O
increase O
faster O
than O
expected O
, O
Enterprise B-Effect
units I-Effect
could I-Effect
underperform I-Effect
, O
as O
a B-Cause
steepening I-Cause
yield I-Cause
curve I-Cause
increases I-Cause
expected I-Cause
distribution I-Cause
yield I-Cause
for I-Cause
competing I-Cause
assets I-Cause
. O

Wells B-Cause
Fargo I-Cause
operates I-Cause
in I-Cause
more I-Cause
MSAs I-Cause
and I-Cause
arguably I-Cause
has I-Cause
the I-Cause
broadest I-Cause
branch I-Cause
network I-Cause
in I-Cause
the I-Cause
U.S. O
As O
a O
result O
, O
the B-Effect
bank I-Effect
has I-Effect
the I-Effect
third I-Effect
highest I-Effect
deposit I-Effect
share I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
with I-Effect
the I-Effect
fourth I-Effect
largest I-Effect
player I-Effect
being I-Effect
less I-Effect
than I-Effect
half I-Effect
the I-Effect
size I-Effect
. O

The B-Effect
company I-Effect
has I-Effect
also I-Effect
established I-Effect
a I-Effect
record I-Effect
of I-Effect
very I-Effect
strong I-Effect
realized I-Effect
natural I-Effect
gas I-Effect
prices I-Effect
, O
which O
it O
achieved O
by O
using B-Cause
its I-Cause
firm I-Cause
transport I-Cause
portfolio I-Cause
to I-Cause
sidestep I-Cause
persistently I-Cause
weak I-Cause
basis I-Cause
differentials I-Cause
, O
selling O
most O
of O
its O
production O
at O
premium O
prices O
outside O
the O
basin O
. O

We O
think O
deal B-Effect
sizes I-Effect
are I-Effect
growing I-Effect
more I-Effect
because O
of O
increasingly B-Cause
larger I-Cause
customer I-Cause
sizes I-Cause
-- O
that O
is O
, O
moving O
from O
small O
municipal O
governments O
, O
to O
countywide O
and O
statewide O
deals O
. O

We O
also O
think O
Monjuvi B-Effect
is I-Effect
a I-Effect
differentiated I-Effect
drug I-Effect
in I-Effect
a I-Effect
relatively I-Effect
large I-Effect
indication I-Effect
, O
as O
it B-Cause
is I-Cause
approved I-Cause
as I-Cause
a I-Cause
treatment I-Cause
for I-Cause
second-line I-Cause
diffuse I-Cause
large I-Cause
B-cell I-Cause
lymphoma I-Cause
. O

Overall O
, O
we O
believe O
the O
risk O
of O
a O
significant O
adverse O
event O
is O
lower O
than O
it O
was O
one O
or O
two O
decades O
ago O
, O
but O
the B-Cause
shifting I-Cause
sands I-Cause
of I-Cause
regulation I-Cause
have O
created O
some B-Effect
new I-Effect
risks I-Effect
to I-Effect
Altria I-Effect
's I-Effect
business I-Effect
model I-Effect
in O
recent O
years O
and O
we O
have O
raised O
our O
uncertainty O
rating O
to O
medium O
from O
low O
. O

Healthpeak B-Effect
's I-Effect
life I-Effect
science I-Effect
and I-Effect
medical I-Effect
office I-Effect
portfolios I-Effect
will I-Effect
feature I-Effect
more I-Effect
prominently I-Effect
in I-Effect
the I-Effect
future I-Effect
as O
the B-Cause
proceeds I-Cause
from I-Cause
the I-Cause
senior I-Cause
housing I-Cause
sales I-Cause
are I-Cause
reinvested I-Cause
into I-Cause
these I-Cause
two I-Cause
sectors I-Cause
. O

While O
we O
expect O
Astra B-Effect
will I-Effect
decelerate I-Effect
these I-Effect
asset I-Effect
sales I-Effect
as O
newly B-Cause
launched I-Cause
drugs I-Cause
offset I-Cause
patent I-Cause
pressures I-Cause
, O
a B-Effect
prolonged I-Effect
period I-Effect
of I-Effect
low I-Effect
returns I-Effect
could I-Effect
ensue I-Effect
if O
these B-Cause
avenues I-Cause
of I-Cause
divestments I-Cause
dry I-Cause
up I-Cause
quicker I-Cause
than I-Cause
anticipated I-Cause
. O

Longer O
term O
, O
we O
expect O
revenue O
to O
rise O
at O
a O
faster O
pace O
than O
marketing O
spending O
, O
but O
for O
R B-Effect
& I-Effect
D I-Effect
expenses I-Effect
to I-Effect
stay I-Effect
elevated I-Effect
as O
the B-Cause
firm I-Cause
continually I-Cause
reinvests I-Cause
in I-Cause
innovation I-Cause
. O

Still O
, O
Pegasystems B-Cause
embraced I-Cause
its I-Cause
roots I-Cause
and I-Cause
began I-Cause
developing I-Cause
and I-Cause
acquiring I-Cause
CRM I-Cause
and I-Cause
related I-Cause
assets I-Cause
in O
order O
to O
assemble B-Effect
a I-Effect
suite I-Effect
of I-Effect
customer I-Effect
engagement I-Effect
applications I-Effect
. O

While O
we O
only O
model O
20 O
% O
probability O
of O
approval O
for O
an O
Alzheimer O
's O
program O
with O
Biogen O
and O
30 O
% O
probability O
of O
approval O
for O
a O
hepatitis O
B O
program O
with O
Glaxo O
, O
these O
could B-Effect
significantly I-Effect
boost I-Effect
our I-Effect
revenue I-Effect
forecast I-Effect
if O
they B-Cause
advance I-Cause
into I-Cause
late-stage I-Cause
trials I-Cause
and I-Cause
to I-Cause
the I-Cause
market I-Cause
. O

Our O
concerns O
center O
around O
common B-Cause
consumer I-Cause
motifs I-Cause
in I-Cause
Latin I-Cause
America I-Cause
that O
ultimately B-Effect
limit I-Effect
the I-Effect
avenues I-Effect
through I-Effect
which I-Effect
businesses I-Effect
can I-Effect
monetize I-Effect
assets I-Effect
or I-Effect
make I-Effect
price I-Effect
competition I-Effect
more I-Effect
likely I-Effect
. O

We O
believe O
growth B-Effect
will I-Effect
reaccelerate I-Effect
as O
Comcast B-Cause
invests I-Cause
in I-Cause
additional I-Cause
content I-Cause
and I-Cause
continues I-Cause
to I-Cause
push I-Cause
to I-Cause
grow I-Cause
customer I-Cause
counts I-Cause
outside I-Cause
of I-Cause
the I-Cause
U.K I-Cause
. I-Cause

In O
addition O
to O
differentiating B-Cause
technology I-Cause
, O
Halliburton O
has O
used O
its O
long-standing B-Cause
expertise I-Cause
in O
well O
site O
execution O
, O
along O
with O
economies B-Cause
of I-Cause
scale I-Cause
, O
to O
achieve O
superiority B-Effect
in I-Effect
addressing I-Effect
the I-Effect
challenge I-Effect
of O
sourcing O
and O
transporting O
the O
very O
large O
volumes O
of O
materials O
required O
for O
drilling O
fluids O
. O

Given O
the B-Cause
company I-Cause
's I-Cause
leading I-Cause
position I-Cause
in I-Cause
mature I-Cause
markets I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
's I-Effect
underyling I-Effect
growth I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
will I-Effect
be I-Effect
fairly I-Effect
modest I-Effect
. O

Within O
fiber O
, O
a O
mix B-Cause
shift I-Cause
toward I-Cause
small I-Cause
cells I-Cause
from I-Cause
fiber I-Cause
solutions I-Cause
and I-Cause
to I-Cause
more I-Cause
co-located I-Cause
small I-Cause
cells I-Cause
from I-Cause
anchor I-Cause
nodes I-Cause
both O
contribute B-Effect
to I-Effect
margin I-Effect
improvement I-Effect
. I-Effect

The B-Cause
ability I-Cause
to I-Cause
share I-Cause
mobile I-Cause
towers I-Cause
via I-Cause
the I-Cause
Tower I-Cause
Company I-Cause
joint I-Cause
venture I-Cause
should O
help O
to O
speed B-Effect
up I-Effect
the I-Effect
5G I-Effect
network I-Effect
rollout I-Effect
and I-Effect
lower I-Effect
its I-Effect
overall I-Effect
costs I-Effect
as O
will O
a O
radio O
access O
network O
sharing O
arrangement O
with O
China O
Unicom O
for O
the O
5G O
network O
rollout O
. O

Additionally O
, O
TI B-Cause
is I-Cause
looking I-Cause
to I-Cause
sell I-Cause
a I-Cause
40 I-Cause
% I-Cause
stake I-Cause
in I-Cause
its I-Cause
secondary I-Cause
network I-Cause
to I-Cause
private I-Cause
equity I-Cause
fund I-Cause
KKR. O
These B-Effect
transactions I-Effect
, I-Effect
if I-Effect
successful I-Effect
, I-Effect
should I-Effect
translate I-Effect
into I-Effect
EUR I-Effect
4 I-Effect
billion I-Effect
cash I-Effect
and I-Effect
could I-Effect
reduce I-Effect
the I-Effect
firm I-Effect
's I-Effect
net I-Effect
debt I-Effect
by I-Effect
15 I-Effect
% I-Effect
. O

In O
this O
vein O
, O
we O
think O
the B-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
manage I-Cause
costs I-Cause
while I-Cause
still I-Cause
fueling I-Cause
brand I-Cause
spending I-Cause
( I-Cause
we I-Cause
forecast I-Cause
almost I-Cause
10 I-Cause
% I-Cause
of I-Cause
sales I-Cause
spent I-Cause
on I-Cause
advertising I-Cause
and I-Cause
2 I-Cause
% I-Cause
-2.5 I-Cause
% I-Cause
spent I-Cause
on I-Cause
R I-Cause
& I-Cause
D I-Cause
annually I-Cause
, I-Cause
equating I-Cause
to I-Cause
about I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
in I-Cause
aggregate I-Cause
annually I-Cause
) I-Cause
will O
lead O
to O
modest B-Effect
operating I-Effect
margin I-Effect
gains I-Effect
. O

While O
the O
firm O
will O
be O
competing O
with O
digital O
advertising O
giants O
like O
Google O
, O
Facebook O
, O
and O
more O
recently O
Amazon O
, O
we O
believe O
it O
can O
attract B-Cause
enough I-Cause
advertisers I-Cause
or I-Cause
ad I-Cause
dollars I-Cause
to B-Effect
become I-Effect
profitable I-Effect
and I-Effect
generate I-Effect
excess I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

We O
anticipate O
many B-Effect
synergies I-Effect
from O
the O
PRA B-Cause
Health I-Cause
acquisition I-Cause
, O
including O
an O
enhanced O
global O
footprint O
, O
a O
more O
diversified O
portfolio O
, O
and O
broader O
service O
offerings O
. O

Fracking O
also O
remains O
unpopular O
with O
the O
public O
, O
and O
Patterson O
may O
find O
itself B-Cause
subject I-Cause
to I-Cause
increasingly I-Cause
stringent I-Cause
regulations I-Cause
that O
hinder O
its B-Effect
growth I-Effect
potential I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Americold I-Effect
Realty I-Effect
to I-Effect
$ I-Effect
33 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
32 I-Effect
mainly O
due O
to O
the B-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

Due O
to O
industry B-Cause
fragmentation I-Cause
, O
we O
think O
the B-Effect
rationale I-Effect
for I-Effect
efforts I-Effect
to I-Effect
increase I-Effect
scale I-Effect
and I-Effect
route I-Effect
density I-Effect
is I-Effect
sound I-Effect
, I-Effect
but I-Effect
continued I-Effect
management I-Effect
discipline I-Effect
is I-Effect
necessary I-Effect
. O

Over O
the O
long O
run O
, O
we B-Effect
expect I-Effect
the I-Effect
rail I-Effect
to I-Effect
invest I-Effect
approximately I-Effect
19 I-Effect
% I-Effect
of I-Effect
sales I-Effect
on I-Effect
average I-Effect
in I-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
maintain I-Effect
and I-Effect
improve I-Effect
network I-Effect
operations I-Effect
-- O
below O
the O
historical O
average O
thanks O
in O
part O
to O
previous B-Cause
asset I-Cause
utilization I-Cause
gains I-Cause
. O

Vontier B-Cause
has I-Cause
a I-Cause
strong I-Cause
record I-Cause
of I-Cause
continuous I-Cause
improvement I-Cause
, O
and O
we O
believe O
that O
management B-Effect
can I-Effect
continue I-Effect
to I-Effect
boost I-Effect
core I-Effect
operating I-Effect
margins I-Effect
by I-Effect
roughly I-Effect
25-50 I-Effect
basis I-Effect
points I-Effect
per I-Effect
year I-Effect
. O

We O
assume O
a B-Effect
continued I-Effect
increase I-Effect
in I-Effect
penetration I-Effect
for I-Effect
our I-Effect
entire I-Effect
forecast I-Effect
period I-Effect
due O
to O
attractive B-Cause
growth I-Cause
prospects I-Cause
and O
Gentex B-Cause
's I-Cause
history I-Cause
. O

As O
digital B-Cause
entrants I-Cause
scale I-Cause
and I-Cause
full-price I-Cause
retailers I-Cause
become I-Cause
even I-Cause
more I-Cause
aggressive I-Cause
in I-Cause
attempting I-Cause
to I-Cause
drive I-Cause
traffic I-Cause
, O
the B-Effect
competitive I-Effect
environment I-Effect
should I-Effect
remain I-Effect
volatile I-Effect
. O

The O
environment O
is O
also O
markedly O
different O
from O
the O
strong O
backdrop O
pre-pandemic O
, O
with O
high B-Cause
unemployment I-Cause
pressuring B-Effect
discretionary I-Effect
income I-Effect
and O
customer B-Cause
hesitance I-Cause
to I-Cause
shop I-Cause
in-store I-Cause
likely O
hindering O
sales B-Effect
to I-Effect
some I-Effect
extent I-Effect
. O

With O
an B-Cause
increased I-Cause
focus I-Cause
on I-Cause
higher-quality I-Cause
care I-Cause
being I-Cause
performed I-Cause
in I-Cause
lower-cost I-Cause
settings I-Cause
, O
the O
best O
owners O
and O
operators O
in O
the O
industry O
that O
can O
provide O
better O
outcomes O
while O
driving O
greater O
efficiencies O
should O
see O
demand B-Effect
funneled I-Effect
to I-Effect
them I-Effect
from I-Effect
the I-Effect
best I-Effect
healthcare I-Effect
systems I-Effect
. O

Its B-Effect
solar I-Effect
business I-Effect
, I-Effect
once I-Effect
the I-Effect
rising I-Effect
star I-Effect
of I-Effect
the I-Effect
company I-Effect
, I-Effect
has I-Effect
suffered I-Effect
aggressive I-Effect
pricing I-Effect
declines I-Effect
( O
15 O
% O
-20 O
% O
annually O
) O
caused O
by O
the B-Cause
penetration I-Cause
of I-Cause
upstart I-Cause
Chinese I-Cause
photovoltaic I-Cause
module I-Cause
vendors I-Cause
. O

Online B-Effect
ad I-Effect
revenue I-Effect
is I-Effect
expected I-Effect
to I-Effect
see I-Effect
a I-Effect
10-year I-Effect
CAGR I-Effect
of I-Effect
15 I-Effect
% I-Effect
, O
driven O
by O
the B-Cause
gradual I-Cause
yet I-Cause
inevitable I-Cause
increase I-Cause
in I-Cause
ad I-Cause
inventories I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
Moments I-Cause
and I-Cause
miniprograms I-Cause
) I-Cause
and I-Cause
ad I-Cause
formats I-Cause
, I-Cause
the I-Cause
continuous I-Cause
shift I-Cause
of I-Cause
marketing I-Cause
budgets I-Cause
to I-Cause
online I-Cause
and I-Cause
social I-Cause
media I-Cause
, I-Cause
and I-Cause
improving I-Cause
advertising I-Cause
technologies I-Cause
in I-Cause
targeting I-Cause
and I-Cause
conversion I-Cause
. O

We O
forecast O
a B-Effect
slight I-Effect
decrease I-Effect
in I-Effect
gross I-Effect
margin I-Effect
to I-Effect
40.8 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
( O
compared O
with O
41.0 O
% O
in O
2019 O
) O
due O
to O
COVID-19-related B-Cause
expenses I-Cause
, O
but O
expect O
gross O
margins O
will O
improve O
to O
42.6 O
% O
over O
the O
next O
five O
years O
. O

In O
a O
stronger O
economy O
, O
increased B-Cause
sales I-Cause
of I-Cause
new I-Cause
( I-Cause
under-warranty I-Cause
) I-Cause
cars I-Cause
and I-Cause
trucks I-Cause
could O
lead O
scrappage B-Effect
rates I-Effect
higher I-Effect
, O
reducing B-Effect
demand I-Effect
as O
older B-Cause
vehicles I-Cause
are I-Cause
replaced I-Cause
with I-Cause
more I-Cause
reliable I-Cause
alternatives I-Cause
that O
will O
not O
need O
significant O
aftermarket O
components O
for O
years O
. O

In O
our O
view O
Rolls-Royce B-Cause
's I-Cause
lack I-Cause
of I-Cause
expertise I-Cause
in I-Cause
the I-Cause
narrow-body I-Cause
market I-Cause
relative I-Cause
to I-Cause
peers I-Cause
lowers B-Effect
the I-Effect
probability I-Effect
of I-Effect
success I-Effect
in I-Effect
the I-Effect
next I-Effect
generation I-Effect
of I-Effect
narrow-body I-Effect
aircraft I-Effect
programs O
. O

Operating B-Cause
in I-Cause
offshore I-Cause
environments I-Cause
exposes I-Cause
BP I-Cause
to I-Cause
the I-Cause
risk I-Cause
of I-Cause
large I-Cause
oil I-Cause
spills I-Cause
that O
could O
result O
in O
material B-Effect
losses I-Effect
through I-Effect
lost I-Effect
revenue I-Effect
, I-Effect
fines I-Effect
or I-Effect
penalties I-Effect
, I-Effect
or I-Effect
loss I-Effect
of I-Effect
license I-Effect
to I-Effect
operate I-Effect
. O

The B-Cause
highly I-Cause
cyclical I-Cause
nature I-Cause
of I-Cause
the I-Cause
structural I-Cause
panel I-Cause
business I-Cause
in I-Cause
particular I-Cause
, I-Cause
representing I-Cause
45 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
, O
causes O
profitability B-Effect
to I-Effect
swing I-Effect
substantially I-Effect
depending I-Effect
on I-Effect
the I-Effect
amount I-Effect
of I-Effect
demand I-Effect
for I-Effect
housing I-Effect
starts I-Effect
and I-Effect
remodeling I-Effect
. O

We O
think O
one O
major O
reason O
why O
Boeing B-Cause
has I-Cause
been I-Cause
reluctant I-Cause
to I-Cause
pause I-Cause
production I-Cause
while O
the O
MAX O
remains O
grounded O
is O
to O
protect O
the B-Effect
health I-Effect
of I-Effect
the I-Effect
supply I-Effect
chain I-Effect
. O

However O
, O
these B-Cause
projects I-Cause
will I-Cause
also I-Cause
weigh I-Cause
on I-Cause
returns I-Cause
as I-Cause
they I-Cause
were I-Cause
sanctioned I-Cause
at I-Cause
the I-Cause
top I-Cause
of I-Cause
the I-Cause
cycle I-Cause
and I-Cause
experienced I-Cause
budget I-Cause
overruns I-Cause
, I-Cause
leaving I-Cause
an I-Cause
inflated I-Cause
capital I-Cause
base. O
Consequently O
, O
Chevron B-Effect
's I-Effect
plans I-Effect
call I-Effect
for I-Effect
returns I-Effect
to I-Effect
only I-Effect
reach I-Effect
10 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
at I-Effect
$ I-Effect
60/bbl I-Effect
, I-Effect
improved I-Effect
from I-Effect
recent I-Effect
levels I-Effect
, I-Effect
but I-Effect
well I-Effect
below I-Effect
historical I-Effect
levels I-Effect
, I-Effect
but I-Effect
free I-Effect
cash I-Effect
flow I-Effect
should I-Effect
grow I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

Booking O
derives O
most O
of O
its O
sales O
from O
international O
markets O
, O
exposing O
it O
to O
exchange-rate B-Cause
fluctuations I-Cause
that O
are O
often O
near O
term O
yet O
can O
meaningfully B-Effect
affect I-Effect
sales I-Effect
and I-Effect
profitability I-Effect
. O

At O
this O
same O
time O
, O
fibre B-Effect
cement I-Effect
's I-Effect
share I-Effect
has I-Effect
increased I-Effect
to O
19 O
% O
, O
almost O
entirely O
due O
to O
increased B-Cause
penetration I-Cause
for O
Hardie O
's O
product O
. O

This B-Cause
substantially I-Cause
reduces I-Cause
the I-Cause
systemic I-Cause
risk I-Cause
for I-Cause
investors I-Cause
and I-Cause
helps I-Cause
attract I-Cause
additional I-Cause
trading I-Cause
volume I-Cause
to I-Cause
exchanges I-Cause
while O
greatly B-Effect
reducing I-Effect
the I-Effect
amount I-Effect
of I-Effect
competition I-Effect
for I-Effect
CME I-Effect
Group I-Effect
. O

Though O
Mettler O
has O
a O
leading O
market O
position O
in O
the O
business O
, O
food B-Cause
retail I-Cause
is I-Cause
a I-Cause
highly I-Cause
competitive I-Cause
space I-Cause
, O
and O
competitive B-Effect
bidding I-Effect
to I-Effect
win I-Effect
business I-Effect
from I-Effect
large I-Effect
customers I-Effect
like I-Effect
Walmart I-Effect
through I-Effect
tender I-Effect
offers I-Effect
tends I-Effect
to I-Effect
squeeze I-Effect
margins I-Effect
and I-Effect
limit I-Effect
competitive I-Effect
differentiation I-Effect
. O

Nonetheless O
, O
Hanes B-Effect
' I-Effect
adjusted I-Effect
gross I-Effect
margins I-Effect
have I-Effect
improved I-Effect
to I-Effect
the I-Effect
high I-Effect
30s I-Effect
in I-Effect
recent I-Effect
years I-Effect
from I-Effect
the I-Effect
low-30s I-Effect
before I-Effect
2013 I-Effect
due O
to O
the B-Cause
introduction I-Cause
of I-Cause
innovative I-Cause
product I-Cause
with I-Cause
better I-Cause
pricing I-Cause
and I-Cause
low-cost I-Cause
manufacturing I-Cause
. O

The O
prior O
management O
team O
was O
more O
closed O
off O
, O
so O
we B-Effect
look I-Effect
forward I-Effect
to I-Effect
the I-Effect
merger I-Effect
with I-Effect
Pfizer I-Effect
's I-Effect
Upjohn I-Effect
segment I-Effect
as O
we O
believe O
the B-Cause
changing I-Cause
of I-Cause
the I-Cause
guard I-Cause
could I-Cause
improve I-Cause
visibility I-Cause
into I-Cause
the I-Cause
company I-Cause
's I-Cause
strategy I-Cause
and I-Cause
performance I-Cause
. O

The O
long O
and O
complex O
wellbores O
in O
these O
end O
markets O
required O
increasingly O
higher B-Cause
technical I-Cause
specifications I-Cause
as O
well O
as O
increasing O
overall B-Cause
premium I-Cause
volumes I-Cause
, O
both O
of O
which O
contributed O
to O
the B-Effect
bottom-line I-Effect
performance I-Effect
of I-Effect
the I-Effect
select I-Effect
group I-Effect
of I-Effect
OCTG I-Effect
producers I-Effect
up I-Effect
to I-Effect
the I-Effect
task I-Effect
. O

Since O
the O
onset O
of O
the O
pandemic O
, O
stay-at-home B-Cause
orders I-Cause
and I-Cause
COVID-19-related I-Cause
pantry I-Cause
stocking I-Cause
have I-Cause
led O
to O
impressive B-Effect
sales I-Effect
growth I-Effect
for I-Effect
Church I-Effect
& I-Effect
Dwight I-Effect
( I-Effect
similar I-Effect
to I-Effect
peers I-Effect
) I-Effect
, I-Effect
up I-Effect
high-single-digits I-Effect
on I-Effect
an I-Effect
organic I-Effect
basis I-Effect
. O

Amazon B-Cause
has I-Cause
been I-Cause
insourcing I-Cause
more I-Cause
of I-Cause
its I-Cause
own I-Cause
last-mile I-Cause
delivery I-Cause
needs I-Cause
at I-Cause
a I-Cause
rapid I-Cause
pace I-Cause
to I-Cause
supplement I-Cause
capacity I-Cause
access I-Cause
amid I-Cause
robust I-Cause
growth. O
This O
removes B-Effect
some I-Effect
incremental I-Effect
growth I-Effect
opportunities I-Effect
for I-Effect
UPS I-Effect
while I-Effect
creating I-Effect
risk I-Effect
that I-Effect
Amazon I-Effect
decides I-Effect
to I-Effect
take I-Effect
in I-Effect
house I-Effect
the I-Effect
shipments I-Effect
it I-Effect
currently I-Effect
sends I-Effect
though I-Effect
UPS I-Effect
-- I-Effect
the I-Effect
retailer I-Effect
now I-Effect
makes I-Effect
up I-Effect
about I-Effect
13 I-Effect
% I-Effect
of I-Effect
UPS I-Effect
' I-Effect
total I-Effect
revenue I-Effect
. O

As O
Advance B-Cause
refocuses I-Cause
on I-Cause
closing I-Cause
performance I-Cause
gaps I-Cause
, O
we O
view O
it B-Effect
as I-Effect
poised I-Effect
to I-Effect
build I-Effect
share I-Effect
in I-Effect
a I-Effect
market I-Effect
that O
should O
see O
consolidation O
behind O
large O
, O
national O
retailers O
that O
can O
leverage O
a O
broad O
distribution O
network O
to O
efficiently O
provide O
a O
high O
standard O
of O
service O
. O

Internet B-Effect
Content I-Effect
& I-Effect
InformationThe I-Effect
value I-Effect
of I-Effect
Weibo I-Effect
's I-Effect
network I-Effect
rises I-Effect
as O
more B-Cause
customers I-Cause
use I-Cause
the I-Cause
network I-Cause
, O
via O
more O
users O
or O
more O
usage O
per O
customer O
. O

Its B-Cause
software I-Cause
assigns I-Cause
users I-Cause
one I-Cause
phone I-Cause
number I-Cause
that I-Cause
can I-Cause
be I-Cause
used I-Cause
for I-Cause
all I-Cause
RingCentral I-Cause
communications I-Cause
, I-Cause
both I-Cause
on I-Cause
a I-Cause
desktop I-Cause
as I-Cause
well I-Cause
as I-Cause
on I-Cause
a I-Cause
mobile I-Cause
device. O
This O
supports O
ease O
of O
product O
interoperability O
, O
enabling O
users B-Effect
on I-Effect
the I-Effect
go I-Effect
to I-Effect
transfer I-Effect
a I-Effect
desktop I-Effect
call I-Effect
to I-Effect
their I-Effect
phone I-Effect
without I-Effect
interruption I-Effect
or I-Effect
a I-Effect
sacrifice I-Effect
in I-Effect
call I-Effect
quality I-Effect
. O

In O
the O
event O
of O
a O
housing O
downturn O
, O
the B-Cause
company I-Cause
could I-Cause
see I-Cause
a I-Cause
combination I-Cause
of I-Cause
increased I-Cause
holding I-Cause
costs I-Cause
and I-Cause
interest I-Cause
expenses I-Cause
cause O
significant B-Effect
stress I-Effect
on I-Effect
its I-Effect
financial I-Effect
results I-Effect
. O

Tech O
Radar O
ranks O
Fastly O
as O
the O
second-best O
CDN O
, O
behind O
Cloudflare O
, O
which O
caters B-Cause
to I-Cause
a I-Cause
completely I-Cause
different I-Cause
customer I-Cause
( O
typically O
smaller O
companies O
rather O
than O
the O
much O
larger O
customers O
that O
Fastly O
targets O
) O
and O
therefore O
focuses B-Effect
more I-Effect
on I-Effect
simplicity I-Effect
and I-Effect
other I-Effect
features I-Effect
, I-Effect
such I-Effect
as I-Effect
security I-Effect
. O

Over O
the O
next O
five O
years O
, O
we O
also O
expect O
net B-Effect
interest I-Effect
margins I-Effect
to I-Effect
remain I-Effect
largely I-Effect
flat I-Effect
, I-Effect
with I-Effect
interest I-Effect
rates I-Effect
in I-Effect
Chile I-Effect
normalizing I-Effect
at I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
as O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
novel I-Cause
coronavirus I-Cause
erodes I-Cause
. O

As O
one O
of O
the O
leading O
manufacturers O
of O
energy-efficient O
light O
commercial O
and O
residential O
HVAC O
products O
, O
the B-Cause
firm I-Cause
has I-Cause
long I-Cause
been I-Cause
focused I-Cause
on I-Cause
sustainability I-Cause
, O
and O
based O
on O
its B-Cause
recent I-Cause
product I-Cause
strategy I-Cause
and I-Cause
growth I-Cause
investments I-Cause
, O
we O
believe O
this B-Effect
focus I-Effect
will I-Effect
continue I-Effect
. O

We O
think O
research O
and O
development O
expenses O
will O
stay O
steady O
in O
the O
low O
4 O
% O
range O
of O
sales O
, O
while O
benefits B-Cause
of I-Cause
scale I-Cause
from I-Cause
increased I-Cause
volume I-Cause
are O
realized O
in O
other O
operating O
expenses O
to O
expand B-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
past I-Effect
management I-Effect
's I-Effect
current I-Effect
23 I-Effect
% I-Effect
target I-Effect
. O

Wayfair B-Effect
continues I-Effect
to I-Effect
outspend I-Effect
versus I-Effect
its I-Effect
peers I-Effect
as O
a B-Cause
percentage I-Cause
of I-Cause
sales I-Cause
on I-Cause
advertising I-Cause
, O
confirming O
that O
it O
has O
to O
outpace O
its O
peers O
in O
order O
to O
steal O
share O
. O

The B-Cause
firm I-Cause
's I-Cause
distribution I-Cause
reach I-Cause
encompasses I-Cause
over I-Cause
200 I-Cause
countries I-Cause
, I-Cause
and I-Cause
this I-Cause
apparatus I-Cause
has I-Cause
been I-Cause
refined I-Cause
over I-Cause
decades I-Cause
, O
making O
the B-Effect
company I-Effect
more I-Effect
equipped I-Effect
to I-Effect
strategically I-Effect
and I-Effect
tactically I-Effect
deploy I-Effect
the I-Effect
appropriate I-Effect
go-to-market I-Effect
approach I-Effect
that I-Effect
will I-Effect
extract I-Effect
the I-Effect
best I-Effect
possible I-Effect
economics I-Effect
from I-Effect
its I-Effect
businesses I-Effect
. O

When O
modernizing B-Cause
an I-Cause
elevator I-Cause
or I-Cause
escalator I-Cause
, O
the O
aim O
is O
to O
prolong B-Effect
its I-Effect
life I-Effect
while I-Effect
avoiding I-Effect
the I-Effect
costs I-Effect
of I-Effect
a I-Effect
full I-Effect
investment I-Effect
in I-Effect
new I-Effect
equipment I-Effect
but I-Effect
also I-Effect
ensuring I-Effect
safety I-Effect
and I-Effect
reliability I-Effect
. O

Orange B-Cause
's I-Cause
high I-Cause
interest I-Cause
in I-Cause
diversifying I-Cause
its I-Cause
businesses I-Cause
beyond I-Cause
telecom I-Cause
, O
in O
fields O
like O
fintech O
and O
software O
services O
, O
could O
incur O
extra B-Effect
costs I-Effect
. O

However O
, O
most B-Cause
anchors I-Cause
and I-Cause
in-line I-Cause
tenants I-Cause
in I-Cause
shopping I-Cause
centers I-Cause
are I-Cause
not I-Cause
differentiated I-Cause
enough I-Cause
to O
create B-Effect
a I-Effect
significant I-Effect
draw I-Effect
to I-Effect
the I-Effect
property I-Effect
outside I-Effect
the I-Effect
immediate I-Effect
trade I-Effect
area I-Effect
. O

The B-Cause
more I-Cause
a I-Cause
small I-Cause
craft I-Cause
operation I-Cause
gains I-Cause
scale I-Cause
and I-Cause
distribution I-Cause
, O
the B-Effect
less I-Effect
it I-Effect
jibes I-Effect
with I-Effect
this I-Effect
type I-Effect
of I-Effect
sentiment I-Effect
, I-Effect
and I-Effect
the I-Effect
less I-Effect
appealing I-Effect
it I-Effect
becomes I-Effect
to I-Effect
this I-Effect
type I-Effect
of I-Effect
consumer I-Effect
. O

Most B-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
peers I-Cause
, I-Cause
including I-Cause
Polaris I-Cause
' I-Cause
Indian I-Cause
brand I-Cause
and I-Cause
BRP I-Cause
's I-Cause
Spyder/Ryker I-Cause
motorcycles I-Cause
, I-Cause
currently I-Cause
share I-Cause
floor I-Cause
space I-Cause
with I-Cause
other I-Cause
powersports I-Cause
peers I-Cause
, I-Cause
and I-Cause
would I-Cause
have I-Cause
to I-Cause
build I-Cause
an I-Cause
independent I-Cause
dealer I-Cause
base I-Cause
that I-Cause
sells I-Cause
only I-Cause
its I-Cause
own I-Cause
products I-Cause
from I-Cause
scratch. O
This O
would O
force B-Effect
the I-Effect
competing I-Effect
brands I-Effect
to I-Effect
find I-Effect
willing I-Effect
participants I-Effect
that I-Effect
agree I-Effect
to I-Effect
sell I-Effect
just I-Effect
one I-Effect
brand I-Effect
, I-Effect
forgoing I-Effect
flexibility I-Effect
to I-Effect
sell I-Effect
the I-Effect
most I-Effect
popular I-Effect
products I-Effect
at I-Effect
certain I-Effect
times I-Effect
depending I-Effect
on I-Effect
product I-Effect
launches I-Effect
, I-Effect
something I-Effect
we I-Effect
think I-Effect
is I-Effect
unlikely I-Effect
. O

With O
the B-Cause
supply I-Cause
agreement I-Cause
between I-Cause
Toshiba I-Cause
Memory I-Cause
Corporation I-Cause
and I-Cause
Seagate I-Cause
( I-Cause
among I-Cause
several I-Cause
others I-Cause
) I-Cause
having I-Cause
been I-Cause
completed I-Cause
, I-Cause
we O
expect O
the B-Cause
firm I-Cause
will I-Cause
have I-Cause
better I-Cause
long-term I-Cause
visibility I-Cause
into I-Cause
the I-Cause
NAND I-Cause
supply I-Cause
and I-Cause
demand I-Cause
dynamics I-Cause
which O
should O
help O
them B-Effect
perform I-Effect
better I-Effect
on I-Effect
SSD I-Effect
. O

In O
our O
view O
, O
eroding B-Effect
switching I-Effect
costs I-Effect
for I-Effect
Xerox I-Effect
is I-Effect
reflective I-Effect
in I-Effect
their I-Effect
declining I-Effect
equipment I-Effect
market I-Effect
share I-Effect
as O
Canon B-Cause
and I-Cause
HP I-Cause
grew I-Cause
share I-Cause
. O

With O
its B-Cause
merger I-Cause
with I-Cause
First I-Cause
Data I-Cause
in I-Cause
2019 I-Cause
, O
Fiserv B-Effect
expanded I-Effect
into I-Effect
merchant I-Effect
acquiring I-Effect
, O
and O
the O
acceptance O
segment O
, O
which O
contains O
these O
operations O
, O
makes O
up O
about O
40 O
% O
of O
revenue O
. O

Further O
, O
we O
forecast O
gross B-Effect
and I-Effect
operating I-Effect
margins I-Effect
of I-Effect
55.4 I-Effect
% I-Effect
and I-Effect
18.4 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
, I-Effect
down I-Effect
from I-Effect
55.9 I-Effect
% I-Effect
and I-Effect
22.3 I-Effect
% I-Effect
last I-Effect
year I-Effect
, O
as O
the B-Cause
lower I-Cause
store I-Cause
sales I-Cause
and I-Cause
discounting I-Cause
reduces I-Cause
cost I-Cause
leverage I-Cause
. O

We O
think O
the B-Cause
core I-Cause
differentiating I-Cause
capabilities I-Cause
that O
have O
previously O
yielded O
economic O
profits O
for O
Halliburton O
will O
more O
likely O
than O
not O
persist O
in O
the O
future O
and O
continue B-Effect
to I-Effect
deliver I-Effect
substantial I-Effect
economic I-Effect
profits I-Effect
. O

We O
are O
lifting B-Effect
our I-Effect
valuation I-Effect
of I-Effect
Target I-Effect
to I-Effect
$ I-Effect
127 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
118 I-Effect
, O
reflecting O
comparable B-Cause
sales I-Cause
growth I-Cause
during I-Cause
the I-Cause
holidays I-Cause
that I-Cause
tracked I-Cause
above I-Cause
our I-Cause
expectations I-Cause
. O

With B-Cause
limited I-Cause
growth I-Cause
, I-Cause
intense I-Cause
competition I-Cause
, I-Cause
and I-Cause
rising I-Cause
use I-Cause
of I-Cause
costlier I-Cause
fulfillment I-Cause
methods I-Cause
, O
we B-Effect
foresee I-Effect
the I-Effect
benefits I-Effect
of I-Effect
Target I-Effect
's I-Effect
e-commerce I-Effect
and I-Effect
efficiency I-Effect
gains I-Effect
translating I-Effect
to I-Effect
little I-Effect
profitability I-Effect
improvement I-Effect
, O
expecting O
its O
adjusted O
operating O
margin O
to O
remain O
near O
fiscal O
2020 O
's O
7 O
% O
mark O
. O

Also O
, O
we O
believe O
the B-Cause
T-Mobile I-Cause
merger I-Cause
greatly I-Cause
improved I-Cause
the I-Cause
industry I-Cause
's I-Cause
structure I-Cause
, I-Cause
leaving I-Cause
three I-Cause
players I-Cause
with I-Cause
little I-Cause
incentive I-Cause
to O
price B-Effect
irrationally I-Effect
in I-Effect
search I-Effect
of I-Effect
short-term I-Effect
market I-Effect
share I-Effect
gains I-Effect
. O

While B-Cause
online I-Cause
deposits I-Cause
have I-Cause
allowed I-Cause
Capital I-Cause
One I-Cause
to I-Cause
increase I-Cause
the I-Cause
size I-Cause
and I-Cause
geographical I-Cause
breadth I-Cause
of I-Cause
its I-Cause
deposit I-Cause
base I-Cause
quickly I-Cause
, I-Cause
the B-Effect
heavy I-Effect
use I-Effect
of I-Effect
this I-Effect
funding I-Effect
source I-Effect
is I-Effect
not I-Effect
entirely I-Effect
without I-Effect
consequence I-Effect
. I-Effect

We O
anticipate O
that O
about O
three B-Effect
quarters I-Effect
of I-Effect
fleet I-Effect
growth I-Effect
will I-Effect
be I-Effect
in I-Effect
narrow-bodied I-Effect
aircraft I-Effect
, O
as O
advancing B-Cause
technology I-Cause
unlocks I-Cause
the I-Cause
commercial I-Cause
viability I-Cause
of I-Cause
new I-Cause
routes I-Cause
. O

We O
surmise O
inventory B-Effect
levels I-Effect
will I-Effect
remain I-Effect
a I-Effect
key I-Effect
focus I-Effect
for I-Effect
management I-Effect
given O
that O
inventory B-Cause
clearance I-Cause
and I-Cause
stock-keeping I-Cause
unit I-Cause
creep I-Cause
of I-Cause
lower-productivity I-Cause
brands I-Cause
had I-Cause
a I-Cause
significant I-Cause
negative I-Cause
impact I-Cause
on I-Cause
Mattel I-Cause
's I-Cause
performance I-Cause
throughout I-Cause
2014-18 I-Cause
. O

We O
do O
n't O
envision O
Cummins B-Effect
as I-Effect
ever I-Effect
developing I-Effect
industry-leading I-Effect
electric I-Effect
powertrains I-Effect
given O
the B-Cause
head I-Cause
start I-Cause
that I-Cause
its I-Cause
competitors I-Cause
have I-Cause
in I-Cause
this I-Cause
space I-Cause
. O

The B-Cause
combined I-Cause
store I-Cause
network I-Cause
and O
recent O
purchase B-Cause
of I-Cause
DieHard I-Cause
should O
help B-Effect
Advance I-Effect
lift I-Effect
private-label I-Effect
penetration I-Effect
( O
about O
40 O
% O
before O
the O
deal O
) O
while O
spreading B-Effect
distribution I-Effect
costs I-Effect
over I-Effect
a I-Effect
larger I-Effect
base I-Effect
. I-Effect

However O
, O
Shell B-Cause
should I-Cause
add I-Cause
about I-Cause
1 I-Cause
mmboe/d I-Cause
of I-Cause
new I-Cause
production I-Cause
to O
replace B-Effect
existing I-Effect
portfolio I-Effect
declines I-Effect
, O
primarily O
from O
offshore B-Cause
, I-Cause
where I-Cause
economics I-Cause
have I-Cause
improved I-Cause
materially I-Cause
, I-Cause
and I-Cause
LNG I-Cause
projects I-Cause
. O

We O
also O
think O
Exxon B-Cause
distinguishes I-Cause
itself I-Cause
with I-Cause
greater I-Cause
integration I-Cause
amongst I-Cause
its I-Cause
downstream I-Cause
segment I-Cause
, O
which O
has O
also O
contributed B-Effect
to I-Effect
its I-Effect
higher I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

Costs B-Effect
should I-Effect
deleverage I-Effect
somewhat I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
growth B-Cause
normalizes I-Cause
( I-Cause
18.8 I-Cause
% I-Cause
forecast I-Cause
adjusted I-Cause
operating I-Cause
margin I-Cause
versus I-Cause
19.1 I-Cause
% I-Cause
in I-Cause
the I-Cause
prior I-Cause
year I-Cause
) I-Cause
, O
but O
adjusted O
operating O
margins O
should O
hold O
steady O
in O
the O
high-teens O
over O
our O
10-year O
explicit O
forecast O
. O

Per O
our O
forecasts O
, O
the B-Cause
operating I-Cause
leverage I-Cause
associated I-Cause
with I-Cause
our I-Cause
expectations I-Cause
for I-Cause
improving I-Cause
shipment I-Cause
volume I-Cause
and O
the B-Cause
ramp-up I-Cause
of I-Cause
the I-Cause
highly I-Cause
efficient I-Cause
hot-rolling I-Cause
and I-Cause
processing I-Cause
facility I-Cause
will O
help B-Effect
Allegheny I-Effect
expand I-Effect
operating I-Effect
margins I-Effect
to I-Effect
a I-Effect
midcycle I-Effect
level I-Effect
of I-Effect
11.5 I-Effect
% I-Effect
. O

In O
terms O
of O
environmental O
, O
social O
, O
and O
governance O
risks O
, O
because O
CP B-Cause
carries I-Cause
freight I-Cause
for I-Cause
chemical I-Cause
and I-Cause
energy I-Cause
end-market I-Cause
shippers I-Cause
, O
it B-Effect
is I-Effect
subject I-Effect
to I-Effect
the I-Effect
liabilities I-Effect
associated I-Effect
with I-Effect
hazardous I-Effect
material I-Effect
spills I-Effect
. O

We O
believe O
the B-Effect
stickiness I-Effect
of I-Effect
this I-Effect
consumer I-Effect
is O
helped O
by O
the B-Cause
company I-Cause
's I-Cause
access I-Cause
to I-Cause
more I-Cause
than I-Cause
16,000 I-Cause
suppliers I-Cause
and I-Cause
22 I-Cause
million I-Cause
products I-Cause
, O
offering O
the O
endless O
aisle O
to O
consumers O
who O
might O
be O
looking O
for O
something O
specific O
. O

The B-Effect
SABMiller I-Effect
acquisition I-Effect
has I-Effect
been I-Effect
difficult I-Effect
to I-Effect
swallow I-Effect
, O
with O
the B-Cause
leverage I-Cause
required I-Cause
to I-Cause
do I-Cause
the I-Cause
deal I-Cause
offputting I-Cause
to I-Cause
many I-Cause
investors I-Cause
, O
and O
the O
weak O
balance O
sheet O
would O
not O
usually O
lead O
to O
an O
Exemplary O
. O

Fastly B-Cause
allows I-Cause
its I-Cause
customers I-Cause
' I-Cause
developers I-Cause
to I-Cause
write I-Cause
code I-Cause
for I-Cause
the I-Cause
edge I-Cause
servers I-Cause
, O
so O
if B-Effect
content I-Effect
on I-Effect
a I-Effect
website I-Effect
has I-Effect
a I-Effect
very I-Effect
short I-Effect
shelf-life I-Effect
the I-Effect
changes I-Effect
can I-Effect
be I-Effect
handled I-Effect
on I-Effect
the I-Effect
Fastly I-Effect
servers I-Effect
. O

In O
2017 O
, O
Colfax B-Effect
took I-Effect
a I-Effect
roughly I-Effect
$ I-Effect
150 I-Effect
million I-Effect
goodwill-impairment I-Effect
charge I-Effect
in I-Effect
the I-Effect
air I-Effect
and I-Effect
gas I-Effect
handling I-Effect
business I-Effect
due O
to O
continued B-Cause
weakness I-Cause
in I-Cause
the I-Cause
unit I-Cause
's I-Cause
end I-Cause
markets I-Cause
. O

We O
think O
that O
investors B-Effect
are I-Effect
mistakenly I-Effect
worried I-Effect
about I-Effect
underutilization I-Effect
of I-Effect
the I-Effect
Mainline I-Effect
pipeline I-Effect
system I-Effect
due O
to O
production B-Cause
cuts I-Cause
and I-Cause
the I-Cause
construction I-Cause
of I-Cause
competing I-Cause
pipeline I-Cause
expansions I-Cause
. O

While O
earnings B-Cause
credit I-Cause
rates I-Cause
can O
offset O
some B-Effect
of I-Effect
this I-Effect
benefit I-Effect
, O
we O
believe O
the B-Cause
ability I-Cause
to I-Cause
determine I-Cause
deposit I-Cause
pricing I-Cause
in I-Cause
the I-Cause
context I-Cause
of I-Cause
a I-Cause
complete I-Cause
business I-Cause
relationship I-Cause
does O
lead O
to O
cost B-Effect
advantages I-Effect
. O

Pre-existing B-Effect
Splunk I-Effect
users I-Effect
benefit I-Effect
when O
new O
customers O
use O
its O
product O
as O
the B-Cause
company I-Cause
's I-Cause
algorithm I-Cause
can I-Cause
become I-Cause
more I-Cause
effective I-Cause
at I-Cause
tackling I-Cause
specific I-Cause
use I-Cause
cases I-Cause
, I-Cause
while O
new O
customers O
benefit O
from O
the O
knowledge O
Splunk O
's O
software O
has O
gathered O
from O
pre-existing O
users O
to O
improve O
efficiency O
. O

We O
like O
that O
CEO O
Creel O
has O
pushed B-Cause
to I-Cause
infuse I-Cause
CP I-Cause
's I-Cause
culture I-Cause
with I-Cause
precision I-Cause
railroading I-Cause
principles I-Cause
, O
which O
stand B-Effect
behind I-Effect
the I-Effect
rail I-Effect
's I-Effect
progress I-Effect
. O

All B-Cause
of I-Cause
the I-Cause
California I-Cause
utilities I-Cause
face I-Cause
significant I-Cause
public I-Cause
policy I-Cause
and I-Cause
regulatory I-Cause
pressure I-Cause
to I-Cause
upgrade I-Cause
the I-Cause
state I-Cause
's I-Cause
energy I-Cause
infrastructure I-Cause
to I-Cause
accommodate I-Cause
more I-Cause
distributed I-Cause
generation I-Cause
, I-Cause
renewable I-Cause
energy I-Cause
, I-Cause
and I-Cause
electric I-Cause
vehicles. O
This O
makes O
it O
critical O
that O
PG B-Effect
& I-Effect
E I-Effect
works I-Effect
closely I-Effect
with I-Effect
policymakers I-Effect
and I-Effect
regulators I-Effect
to I-Effect
ensure I-Effect
it I-Effect
has I-Effect
financial I-Effect
support I-Effect
for I-Effect
these I-Effect
investments I-Effect
. O

If O
the B-Cause
operators I-Cause
somehow I-Cause
change I-Cause
their I-Cause
preference I-Cause
for I-Cause
growth I-Cause
at I-Cause
all I-Cause
costs I-Cause
, O
then O
we O
could O
see O
KT B-Effect
's I-Effect
business I-Effect
increasing I-Effect
its I-Effect
returns I-Effect
ahead I-Effect
of I-Effect
our I-Effect
current I-Effect
expectations I-Effect
. O

We O
do O
n't O
see O
an O
inherent O
edge O
that O
will O
sustainably O
separate O
network O
quality O
of O
the O
big O
three O
providers O
over O
the O
long O
term O
, O
and O
we O
think O
the B-Cause
efficient I-Cause
scale I-Cause
with O
which O
each B-Effect
operate I-Effect
will I-Effect
allow I-Effect
all I-Effect
of I-Effect
them I-Effect
to I-Effect
maintain I-Effect
economic I-Effect
profitability I-Effect
. O

Better B-Cause
card I-Cause
analytics I-Cause
, I-Cause
increased I-Cause
capital I-Cause
markets I-Cause
and I-Cause
M I-Cause
& I-Cause
A I-Cause
offerings I-Cause
, I-Cause
and I-Cause
bolt-on I-Cause
acquisitions I-Cause
should O
help O
drive O
growth B-Effect
in I-Effect
fee I-Effect
income I-Effect
. O

If O
an O
economic O
downturn O
were O
to O
occur O
now O
, O
developed B-Effect
markets I-Effect
would I-Effect
not I-Effect
offer I-Effect
the I-Effect
same I-Effect
cushion I-Effect
as I-Effect
they I-Effect
did I-Effect
in I-Effect
2009 I-Effect
because O
of O
more B-Cause
mature I-Cause
penetration I-Cause
and I-Cause
increased I-Cause
competition I-Cause
. O

Since O
consumer B-Cause
devices I-Cause
also I-Cause
compete I-Cause
on I-Cause
price I-Cause
, O
we O
think O
an O
OEM B-Effect
would I-Effect
be I-Effect
much I-Effect
more I-Effect
likely I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
lower-cost I-Effect
supplier I-Effect
even O
if O
it O
posed O
a O
slightly O
heightened O
reliability O
risk O
. O

The B-Effect
addition I-Effect
of I-Effect
Covidien I-Effect
deepens I-Effect
Medtronic I-Effect
's I-Effect
competitive I-Effect
advantages I-Effect
, O
as O
Covidien B-Cause
's I-Cause
medical I-Cause
device I-Cause
segment I-Cause
enjoys I-Cause
brand I-Cause
recognition I-Cause
, I-Cause
technological I-Cause
innovation I-Cause
, I-Cause
and I-Cause
substantial I-Cause
scale I-Cause
. O

Sales B-Cause
of I-Cause
the I-Cause
brand I-Cause
fell I-Cause
70 I-Cause
% I-Cause
in O
the O
aftermath O
of O
the B-Cause
recall I-Cause
, O
and O
Danone B-Cause
wrote I-Cause
down I-Cause
the I-Cause
asset I-Cause
by I-Cause
EUR I-Cause
398 I-Cause
million I-Cause
in I-Cause
2015 I-Cause
and O
ultimately O
sold B-Effect
it I-Effect
for I-Effect
EUR I-Effect
150 I-Effect
million I-Effect
. O

Management O
has O
tried O
to O
right O
the O
ship O
recently O
, O
for O
example O
rearchitecting B-Cause
its I-Cause
supply I-Cause
chain I-Cause
to O
make B-Effect
all I-Effect
pod I-Effect
packaging I-Effect
recyclable I-Effect
. O

Given O
the O
rising O
adoption O
of O
Internet O
services O
, O
with O
household O
penetration O
still O
below O
50 O
% O
, O
we O
believe O
bundled B-Cause
offerings I-Cause
will O
be O
important O
to O
winning B-Effect
and I-Effect
retaining I-Effect
customers I-Effect
. O

All B-Effect
of I-Effect
Arista I-Effect
's I-Effect
market I-Effect
segments I-Effect
should I-Effect
grow I-Effect
as O
hyperscale B-Cause
cloud I-Cause
provider I-Cause
networking I-Cause
trends I-Cause
are I-Cause
adopted I-Cause
by I-Cause
other I-Cause
businesses I-Cause
, O
in O
our O
view O
. O

Previous B-Cause
recessions I-Cause
invited I-Cause
consolidation I-Cause
, O
allowing O
remaining O
firms O
to O
continue O
growing O
, O
but O
we B-Effect
do I-Effect
not I-Effect
anticipate I-Effect
further I-Effect
consolidation I-Effect
to I-Effect
be I-Effect
possible I-Effect
. O

We B-Effect
believe I-Effect
the I-Effect
completed I-Effect
merger I-Effect
with I-Effect
Rexam I-Effect
will I-Effect
create I-Effect
value I-Effect
for I-Effect
shareholders I-Effect
but I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
materially I-Effect
alter I-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
because O
regulators B-Cause
required I-Cause
large I-Cause
divestitures I-Cause
in I-Cause
North I-Cause
America I-Cause
and I-Cause
Europe I-Cause
. O

Spurts B-Effect
of I-Effect
growth I-Effect
may O
be O
realized O
through O
HP B-Cause
's I-Cause
focused I-Cause
initiatives I-Cause
that O
include O
Devices O
as O
a O
Service O
, O
or O
DaaS O
, O
premium O
and O
gaming O
computers O
, O
3D O
printing O
, O
and O
A3 O
printing O
; O
however O
, O
the O
headwinds B-Cause
facing I-Cause
HP I-Cause
's I-Cause
core I-Cause
business I-Cause
segments I-Cause
could O
offset B-Effect
any I-Effect
prospective I-Effect
growth I-Effect
. O

In O
2019 O
, O
GeneSight O
experienced O
volume O
growth O
, O
but O
it B-Effect
encountered I-Effect
revenue I-Effect
decline I-Effect
, O
due O
to O
collateral B-Cause
impact I-Cause
from I-Cause
the I-Cause
discontinuation I-Cause
of I-Cause
two I-Cause
of I-Cause
its I-Cause
testing I-Cause
indications I-Cause
related I-Cause
to I-Cause
analgesic I-Cause
and I-Cause
ADHD I-Cause
. O

The O
ability O
to O
drive O
incremental B-Effect
volume I-Effect
to I-Effect
an I-Effect
average I-Effect
store I-Effect
is O
likely O
driven O
by O
the B-Effect
convenience I-Effect
oriented I-Effect
concept I-Effect
, O
helped O
by O
having B-Cause
best I-Cause
locations I-Cause
and I-Cause
regularly I-Cause
updated I-Cause
stores I-Cause
coupled I-Cause
with I-Cause
macro I-Cause
trends I-Cause
, O
including O
the O
preference O
of O
the O
aging O
population O
to O
purchase O
prescriptions O
at O
physical O
locations O
while O
de-emphasizing O
mail O
order O
pharmacy O
. O

There O
have O
been O
instances O
when O
competitors B-Effect
have I-Effect
been I-Effect
able I-Effect
to I-Effect
bring I-Effect
new I-Effect
products I-Effect
to I-Effect
market I-Effect
more I-Effect
rapidly I-Effect
than I-Effect
McDonald I-Effect
's I-Effect
because O
of O
raw B-Cause
material I-Cause
procurement I-Cause
constraints I-Cause
, O
but O
we O
are O
hopeful O
that O
impressive O
speed-to-market O
for O
the O
all-day O
breakfast O
launch O
in O
the O
U.S O
. O

Doctors B-Cause
often I-Cause
rely I-Cause
on I-Cause
medical I-Cause
device I-Cause
sales I-Cause
reps I-Cause
for I-Cause
their I-Cause
deep I-Cause
device I-Cause
knowledge I-Cause
as I-Cause
well I-Cause
as I-Cause
their I-Cause
experience I-Cause
with I-Cause
device I-Cause
usage I-Cause
in I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
patients. O
As O
a O
result O
, O
Medtronic B-Effect
's I-Effect
reps I-Effect
play I-Effect
the I-Effect
role I-Effect
of I-Effect
highly I-Effect
specialized I-Effect
experts I-Effect
who I-Effect
advise I-Effect
practitioners I-Effect
on I-Effect
implantation I-Effect
, I-Effect
programming I-Effect
, I-Effect
and I-Effect
maintenance I-Effect
of I-Effect
Medtronic I-Effect
devices I-Effect
and I-Effect
create I-Effect
sticky I-Effect
relationships I-Effect
with I-Effect
medical I-Effect
practitioners I-Effect
. O

Coca-Cola B-Effect
's I-Effect
dominant I-Effect
share I-Effect
in I-Effect
most I-Effect
markets I-Effect
and I-Effect
the I-Effect
attendant I-Effect
production I-Effect
volumes I-Effect
allow I-Effect
it I-Effect
to I-Effect
attract I-Effect
hundreds I-Effect
of I-Effect
bottlers I-Effect
to I-Effect
its I-Effect
system I-Effect
on O
the O
premise O
that O
Coca-Cola B-Cause
's I-Cause
brand I-Cause
and I-Cause
trademark I-Cause
beverages I-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
generate I-Cause
enough I-Cause
volume I-Cause
to I-Cause
support I-Cause
their I-Cause
businesses I-Cause
. O

Because O
the B-Cause
liquid I-Cause
could I-Cause
be I-Cause
anything I-Cause
from I-Cause
water I-Cause
to I-Cause
a I-Cause
dangerous I-Cause
chemical I-Cause
, O
choosing B-Effect
the I-Effect
different I-Effect
metals I-Effect
for I-Effect
the I-Effect
seal I-Effect
faces I-Effect
and I-Effect
understanding I-Effect
how I-Effect
they I-Effect
will I-Effect
interact I-Effect
with I-Effect
fluid I-Effect
running I-Effect
through I-Effect
the I-Effect
pump I-Effect
is I-Effect
critical I-Effect
to I-Effect
proper I-Effect
functioning I-Effect
of I-Effect
the I-Effect
seal I-Effect
. O

Given O
its O
complex B-Cause
assets I-Cause
and I-Cause
concentration I-Cause
in I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
, O
Valero O
retains B-Effect
the I-Effect
access I-Effect
and I-Effect
capability I-Effect
to I-Effect
process I-Effect
light I-Effect
or I-Effect
heavy I-Effect
crude I-Effect
, O
depending O
on O
which O
offers O
the O
greatest O
discount O
or O
optimal O
economics O
. O

For O
revenue O
, O
we O
believe O
developing B-Cause
economies I-Cause
will O
help O
accelerate B-Effect
Eaton I-Effect
's I-Effect
growth I-Effect
, O
particularly O
based O
on O
growing B-Cause
demand I-Cause
for I-Cause
upgrading I-Cause
power I-Cause
infrastructure I-Cause
, I-Cause
as I-Cause
well I-Cause
the I-Cause
growing I-Cause
trend I-Cause
toward I-Cause
industrial I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
and I-Cause
automation I-Cause
. O

In O
2021 O
's O
first O
quarter O
, O
Under B-Effect
Armour I-Effect
reported I-Effect
adjusted I-Effect
EPS I-Effect
of I-Effect
$ I-Effect
0.16 I-Effect
, I-Effect
$ I-Effect
0.13 I-Effect
above I-Effect
our I-Effect
forecast I-Effect
, O
on O
35 O
% O
sales O
growth O
and O
a O
9 O
% O
adjusted O
operating O
margin O
that O
benefited O
from O
reduced B-Cause
discounting I-Cause
, I-Cause
lower I-Cause
outlet I-Cause
sales I-Cause
, I-Cause
and I-Cause
expense I-Cause
leverage I-Cause
. O

We O
do O
n't O
deny O
that O
in-house O
R O
& O
amp O
; O
D O
is O
important O
just O
to O
keep O
up O
with O
printer O
tech O
, O
however O
, O
we O
think O
Xerox B-Effect
would I-Effect
do I-Effect
better I-Effect
by O
increasing B-Cause
its I-Cause
PARC I-Cause
headcount I-Cause
in O
order O
to O
cater B-Effect
to I-Effect
more I-Effect
enterprise I-Effect
commissions I-Effect
from I-Effect
the I-Effect
likes I-Effect
of I-Effect
Boeing I-Effect
, O
given O
the B-Cause
group I-Cause
's I-Cause
impressive I-Cause
track I-Cause
record I-Cause
. O

We B-Effect
expect I-Effect
Rogers I-Effect
to I-Effect
remain I-Effect
an I-Effect
industry I-Effect
leader I-Effect
and I-Effect
believe I-Effect
its I-Effect
business I-Effect
will I-Effect
pick I-Effect
up I-Effect
momentum I-Effect
as O
society B-Cause
opens I-Cause
back I-Cause
up I-Cause
. O

However O
, O
the B-Effect
company I-Effect
also I-Effect
has I-Effect
more I-Effect
room I-Effect
on I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
to I-Effect
increase I-Effect
shareholder I-Effect
returns I-Effect
after O
it B-Cause
completed I-Cause
its I-Cause
targeted I-Cause
debt I-Cause
reduction I-Cause
. O

Continuous B-Effect
investment I-Effect
in I-Effect
research I-Effect
and I-Effect
development I-Effect
ensures I-Effect
the I-Effect
competitiveness I-Effect
of I-Effect
its I-Effect
machinery I-Effect
as O
advancements B-Cause
in I-Cause
technology I-Cause
can I-Cause
improve I-Cause
efficiency I-Cause
of I-Cause
the I-Cause
machinery I-Cause
. O

An B-Cause
extended I-Cause
capital I-Cause
expansion I-Cause
cycle I-Cause
through I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
means O
that O
companies B-Effect
will I-Effect
be I-Effect
unlikely I-Effect
to I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
in I-Effect
excess I-Effect
of I-Effect
their I-Effect
costs I-Effect
of I-Effect
capital I-Effect
for I-Effect
quite I-Effect
some I-Effect
time I-Effect
. O

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
has I-Cause
presented I-Cause
airlines I-Cause
with I-Cause
the I-Cause
sharpest I-Cause
demand I-Cause
shock I-Cause
in I-Cause
history I-Cause
, O
forcing B-Effect
airlines I-Effect
to I-Effect
reduce I-Effect
most I-Effect
of I-Effect
their I-Effect
capacity I-Effect
, I-Effect
and I-Effect
the I-Effect
aircraft I-Effect
that I-Effect
are I-Effect
still I-Effect
flying I-Effect
are I-Effect
flying I-Effect
at I-Effect
low I-Effect
load I-Effect
factors I-Effect
. O

As O
we B-Cause
do I-Cause
not I-Cause
see I-Cause
the I-Cause
firm I-Cause
losing I-Cause
the I-Cause
right I-Cause
to I-Cause
renew I-Cause
this I-Cause
contract I-Cause
anytime I-Cause
soon I-Cause
, O
we O
believe O
Verisign B-Effect
can I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
. O

While O
the O
company O
is O
expected O
to O
produce O
revenue O
growth O
at O
the O
high O
end O
of O
peers O
and O
the O
premium O
may O
be O
justified O
, O
higher B-Cause
absolute I-Cause
valuation I-Cause
levels I-Cause
offer I-Cause
less I-Cause
room I-Cause
for I-Cause
missteps I-Cause
and O
therefore O
carry O
greater B-Effect
inherent I-Effect
risks I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

Likewise O
, O
Marvell B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Inphi I-Cause
presents O
opportunities B-Effect
in I-Effect
the I-Effect
data I-Effect
center I-Effect
space I-Effect
that O
now O
constitutes O
the O
largest O
end O
market O
for O
the O
combined O
business O
. O

That O
said O
, O
as O
enterprise B-Cause
HDDs I-Cause
represent I-Cause
an I-Cause
increasingly I-Cause
significant I-Cause
share I-Cause
of I-Cause
the I-Cause
product I-Cause
mix I-Cause
, O
Seagate B-Effect
's I-Effect
gross I-Effect
margins I-Effect
should I-Effect
remain I-Effect
in I-Effect
the I-Effect
high I-Effect
20s I-Effect
through I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
in I-Effect
2025 I-Effect
. O

It O
's O
possible O
that O
PNC B-Cause
will I-Cause
acquire I-Cause
some I-Cause
smaller I-Cause
acquisitions I-Cause
to O
strategically B-Effect
grow I-Effect
into I-Effect
new I-Effect
products I-Effect
or I-Effect
other I-Effect
niches I-Effect
, O
but O
we O
believe O
the O
risks O
here O
are O
low O
. O

Additionally O
, O
the B-Cause
uniform I-Cause
rental I-Cause
industry I-Cause
is I-Cause
fragmented I-Cause
and I-Cause
relatively I-Cause
mature I-Cause
, O
which O
further O
aggravates B-Effect
pricing I-Effect
pressure I-Effect
during I-Effect
periods I-Effect
of I-Effect
anemic I-Effect
demand I-Effect
. O

We O
also O
expect O
the B-Cause
firm I-Cause
can I-Cause
avoid I-Cause
bringing I-Cause
assets I-Cause
back I-Cause
on I-Cause
a I-Cause
1 I-Cause
for I-Cause
1 I-Cause
basis I-Cause
as O
demand B-Cause
recovers I-Cause
in I-Cause
the I-Cause
quarters I-Cause
ahead I-Cause
, O
driving B-Effect
positive I-Effect
operating I-Effect
leverage I-Effect
. O

With O
the O
acquisition O
of O
Charles O
River O
Development O
in O
2018 O
, O
State B-Cause
Street I-Cause
is I-Cause
emphasizing I-Cause
its I-Cause
integrated I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
front I-Cause
to I-Cause
back I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
offering I-Cause
( I-Cause
branded I-Cause
as I-Cause
State I-Cause
Street I-Cause
Alpha I-Cause
) I-Cause
, O
which O
it O
believes O
will O
lead O
to O
stickier B-Effect
, I-Effect
high-revenue-generating I-Effect
customer I-Effect
relationships I-Effect
. O

Despite O
building O
operating O
leverage O
, O
cost-saving O
efforts O
, O
and O
lucrative O
data-related O
sales O
, O
we O
anticipate O
the B-Cause
need I-Cause
to I-Cause
keep I-Cause
prices I-Cause
low I-Cause
in O
light O
of O
intense O
competition O
will O
keep O
operating B-Effect
margins I-Effect
fairly I-Effect
steady I-Effect
at I-Effect
around I-Effect
2.5 I-Effect
% I-Effect
on I-Effect
average I-Effect
long I-Effect
term I-Effect
, O
with O
diminishing O
gross O
margins O
offset O
by O
leverage O
over O
operating O
, O
general O
, O
and O
administrative O
expenses O
. O

However O
, O
optimal B-Cause
locations I-Cause
and I-Cause
store I-Cause
expansion I-Cause
has O
been O
a O
key O
source O
of O
growth B-Effect
for I-Effect
the I-Effect
brand I-Effect
, O
which O
is O
limited O
in O
nature O
before O
store O
cannibalization O
is O
introduced O
, O
especially O
as O
97 O
% O
of O
the O
U.K O
. O

The B-Effect
decline I-Effect
in I-Effect
the I-Effect
expected I-Effect
percentage I-Effect
of I-Effect
CET I-Effect
's I-Effect
earnings I-Effect
contribution I-Effect
in I-Effect
the I-Effect
future I-Effect
is O
due O
to O
Con B-Cause
Ed I-Cause
focusing I-Cause
investments I-Cause
on I-Cause
its I-Cause
regulated I-Cause
utilities I-Cause
and I-Cause
the I-Cause
Clean I-Cause
Energy I-Cause
business I-Cause
, I-Cause
and I-Cause
our I-Cause
assumption I-Cause
of I-Cause
the I-Cause
divestiture I-Cause
of I-Cause
Stagecoach I-Cause
and I-Cause
MVP I-Cause
. O

We O
believe O
Carrier B-Cause
's I-Cause
proven I-Cause
engineering I-Cause
and I-Cause
technological I-Cause
expertise I-Cause
and I-Cause
service I-Cause
capabilities I-Cause
are O
key O
differentiators O
that O
have O
allowed O
the B-Effect
firm I-Effect
to I-Effect
build I-Effect
a I-Effect
large I-Effect
installed I-Effect
base I-Effect
of I-Effect
its I-Effect
commercial I-Effect
building I-Effect
systems I-Effect
and I-Effect
transportation I-Effect
refrigeration I-Effect
products I-Effect
, I-Effect
which I-Effect
has I-Effect
translated I-Effect
into I-Effect
leading I-Effect
market I-Effect
positions I-Effect
. O

A B-Cause
data I-Cause
breach I-Cause
may O
release B-Effect
substantial I-Effect
confidential I-Effect
information I-Effect
, O
which O
may O
in O
turn O
make O
it O
more B-Effect
difficult I-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
win I-Effect
new I-Effect
contracts I-Effect
. O

The B-Cause
likely I-Cause
spin-offs I-Cause
of I-Cause
its I-Cause
marketing I-Cause
arm I-Cause
and I-Cause
its I-Cause
oil I-Cause
and I-Cause
gas I-Cause
pipelines I-Cause
will O
further O
boost B-Effect
its I-Effect
financial I-Effect
position I-Effect
, O
with O
the O
latter O
expected O
to O
reduce O
expenditure O
on O
developing O
its O
own O
pipelines O
. O

We O
think O
Coke B-Cause
's I-Cause
relatively I-Cause
higher I-Cause
marketing I-Cause
spending I-Cause
reflects I-Cause
the I-Cause
firm I-Cause
's I-Cause
choice I-Cause
to I-Cause
leverage I-Cause
superior I-Cause
margins I-Cause
emanating I-Cause
from I-Cause
its I-Cause
scale I-Cause
efficiencies I-Cause
to O
reinforce B-Effect
its I-Effect
brands I-Effect
and I-Effect
maintain I-Effect
market I-Effect
share I-Effect
. O

Even O
so O
, O
Western B-Cause
and I-Cause
Seagate I-Cause
's I-Cause
competition I-Cause
with I-Cause
one I-Cause
another I-Cause
for I-Cause
volume I-Cause
prevents O
either O
from O
shipping B-Effect
enough I-Effect
drives I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
on I-Effect
its I-Effect
invested I-Effect
capital I-Effect
, O
in O
our O
view O
. O

Lilly B-Cause
's I-Cause
patent-protected I-Cause
drugs I-Cause
carry I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
, O
which O
enables O
the B-Effect
firm I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Concrete B-Cause
's I-Cause
largest I-Cause
markets I-Cause
by I-Cause
revenue I-Cause
-- I-Cause
Texas I-Cause
, I-Cause
Northern I-Cause
California I-Cause
, I-Cause
and I-Cause
the I-Cause
New I-Cause
York I-Cause
metro I-Cause
area I-Cause
-- O
have B-Effect
significant I-Effect
road I-Effect
spending I-Effect
needs I-Effect
and I-Effect
strong I-Effect
finances I-Effect
to I-Effect
support I-Effect
high I-Effect
growth I-Effect
. O

While O
ServiceNow O
has O
rapidly O
gained O
share O
by O
displacing O
legacy O
vendors O
in O
the O
help O
desk O
function O
, O
as B-Cause
the I-Cause
company I-Cause
continues I-Cause
to I-Cause
expand I-Cause
into I-Cause
areas I-Cause
outside I-Cause
of I-Cause
IT I-Cause
, O
it B-Effect
will I-Effect
increasingly I-Effect
encounter I-Effect
new I-Effect
competitors I-Effect
. O

In O
our O
opinion O
, O
the O
sizable O
portion O
of O
installed O
platforms O
can O
absorb O
additional O
procedures O
, O
and O
with O
utilization B-Cause
rates I-Cause
going I-Cause
up I-Cause
and I-Cause
average I-Cause
selling I-Cause
prices I-Cause
likely I-Cause
under I-Cause
pressure I-Cause
from O
new O
entrants O
, O
our B-Effect
forecast I-Effect
for I-Effect
system I-Effect
sales I-Effect
is I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
. O

By O
cutting B-Cause
these I-Cause
expenditures I-Cause
, O
as O
a O
percentage O
of O
revenue O
, O
Palo B-Effect
Alto I-Effect
risks I-Effect
losing I-Effect
its I-Effect
channel I-Effect
presence I-Effect
and I-Effect
possibly I-Effect
dropping I-Effect
from I-Effect
the I-Effect
short I-Effect
list I-Effect
of I-Effect
preferred I-Effect
vendors I-Effect
. O

Looking B-Cause
further I-Cause
out I-Cause
( I-Cause
between I-Cause
2022 I-Cause
and I-Cause
2024 I-Cause
) I-Cause
, I-Cause
assuming I-Cause
no I-Cause
long-lasting I-Cause
recession I-Cause
, O
we O
think O
the B-Effect
company I-Effect
can I-Effect
post I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
on I-Effect
average I-Effect
. O

As O
we B-Cause
believe I-Cause
Lululemon I-Cause
's I-Cause
e-commerce I-Cause
will I-Cause
be I-Cause
permanently I-Cause
higher I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
has I-Cause
passed I-Cause
, I-Cause
and I-Cause
as I-Cause
this I-Cause
is I-Cause
more I-Cause
profitable I-Cause
than I-Cause
its I-Cause
physical I-Cause
store I-Cause
sales I-Cause
, O
we B-Effect
have I-Effect
lifted I-Effect
our I-Effect
long-term I-Effect
operating I-Effect
margin I-Effect
estimate I-Effect
for I-Effect
the I-Effect
company I-Effect
by I-Effect
about I-Effect
1 I-Effect
percentage I-Effect
point I-Effect
( I-Effect
to I-Effect
26 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
from I-Effect
25 I-Effect
% I-Effect
previously I-Effect
) I-Effect
. O

In O
a O
factory O
, O
even O
just O
one B-Cause
robot I-Cause
or I-Cause
machine I-Cause
going I-Cause
down I-Cause
could O
halt O
production B-Effect
, O
or O
a B-Cause
faulty I-Cause
sensor I-Cause
could I-Cause
lead I-Cause
to I-Cause
misassembly I-Cause
of I-Cause
parts I-Cause
, O
resulting O
in O
wasted B-Effect
inputs I-Effect
. O

While O
revenue O
per O
customer O
has O
increased O
nicely O
in O
recent O
quarters O
, O
a O
return O
to O
aggressive O
pricing O
is O
a O
possibility O
with O
the O
future O
of O
Oi O
, O
the B-Effect
largest I-Effect
incumbent I-Effect
phone I-Effect
company I-Effect
in I-Effect
the I-Effect
country I-Effect
, I-Effect
still I-Effect
up I-Effect
in I-Effect
the I-Effect
air I-Effect
as O
it B-Cause
seeks I-Cause
to I-Cause
exit I-Cause
bankruptcy I-Cause
. O

However B-Effect
, I-Effect
we I-Effect
forecast I-Effect
Nordstrom I-Effect
's I-Effect
operating I-Effect
margins I-Effect
to I-Effect
remain I-Effect
below I-Effect
6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
due B-Cause
to I-Cause
the I-Cause
intense I-Cause
competition I-Cause
in I-Cause
fashion I-Cause
retail I-Cause
. O

We B-Effect
expect I-Effect
revenue I-Effect
to I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
, O
driven B-Cause
mostly I-Cause
by I-Cause
a I-Cause
lack I-Cause
of I-Cause
new I-Cause
wireless I-Cause
customers I-Cause
, O
but O
we B-Effect
project I-Effect
the I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
will I-Effect
expand I-Effect
by I-Effect
100 I-Effect
basis I-Effect
points I-Effect
from I-Effect
2019 I-Effect
due B-Cause
to I-Cause
relatively I-Cause
few I-Cause
sales I-Cause
of I-Cause
wireless I-Cause
devices I-Cause
, I-Cause
which I-Cause
drag I-Cause
down I-Cause
margins I-Cause
. I-Cause

We O
believe O
Amphenol O
, O
with O
its B-Cause
relatively I-Cause
decentralized I-Cause
structure I-Cause
focused I-Cause
on I-Cause
local I-Cause
management I-Cause
, O
has O
been O
able O
to O
build B-Effect
an I-Effect
ethos I-Effect
around I-Effect
responsibility I-Effect
and I-Effect
cost I-Effect
efficiency I-Effect
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
high I-Effect
, O
as O
we B-Cause
incorporate I-Cause
the I-Cause
cyclical I-Cause
nature I-Cause
of I-Cause
the I-Cause
semiconductor I-Cause
industry I-Cause
, I-Cause
coupled I-Cause
with I-Cause
AMD I-Cause
's I-Cause
smaller I-Cause
scale I-Cause
. O

But O
top-line B-Effect
growth I-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
achieve I-Effect
absent I-Effect
pricing I-Effect
increases I-Effect
, O
given O
the B-Cause
ongoing I-Cause
industry I-Cause
shift I-Cause
, O
and O
policies B-Cause
in I-Cause
force I-Cause
growth I-Cause
has I-Cause
been I-Cause
meager I-Cause
in I-Cause
recent I-Cause
years I-Cause
. O

Overall O
, O
institutional O
equities O
is O
an O
area O
that O
both B-Effect
large I-Effect
and I-Effect
small I-Effect
investment I-Effect
banks I-Effect
have I-Effect
been I-Effect
paring I-Effect
down I-Effect
because O
of O
reduced B-Cause
profitability I-Cause
expectations I-Cause
. O

In O
our O
view O
, O
product B-Cause
strength I-Cause
, I-Cause
market I-Cause
presence I-Cause
, I-Cause
and I-Cause
a I-Cause
strong I-Cause
sales I-Cause
push I-Cause
into I-Cause
areas I-Cause
outside I-Cause
of I-Cause
IT I-Cause
, O
will O
continue O
to O
drive O
robust B-Effect
growth I-Effect
. O

The O
company O
paid O
$ O
15.3 O
million O
to O
acquire O
Revere O
's O
proprietary O
database O
, O
which O
provides B-Cause
workstation I-Cause
users I-Cause
information I-Cause
on I-Cause
the I-Cause
entire I-Cause
supply I-Cause
chain I-Cause
of I-Cause
a I-Cause
company I-Cause
so O
that O
analysts B-Effect
can I-Effect
identify I-Effect
a I-Effect
company I-Effect
's I-Effect
biggest I-Effect
suppliers I-Effect
and I-Effect
customers I-Effect
. O

We B-Effect
also I-Effect
see I-Effect
average I-Effect
revenue I-Effect
per I-Effect
user I-Effect
increasing I-Effect
as O
customer B-Cause
size I-Cause
increases I-Cause
and I-Cause
more I-Cause
customers I-Cause
adopt I-Cause
the I-Cause
complete I-Cause
suite I-Cause
, I-Cause
which I-Cause
carries I-Cause
higher I-Cause
pricing I-Cause
. O

Illumina B-Cause
's I-Cause
genomic I-Cause
sequencing I-Cause
technology I-Cause
enjoys I-Cause
extensive I-Cause
citations I-Cause
in I-Cause
industry I-Cause
publications I-Cause
, I-Cause
and I-Cause
workflows I-Cause
are I-Cause
developing I-Cause
around I-Cause
its I-Cause
systems I-Cause
that I-Cause
need I-Cause
to I-Cause
be I-Cause
repeated I-Cause
consistently. O
Therefore O
, O
we O
think O
end B-Effect
users I-Effect
would I-Effect
need I-Effect
a I-Effect
significant I-Effect
reason I-Effect
to I-Effect
jump I-Effect
ship I-Effect
from I-Effect
Illumina I-Effect
's I-Effect
tools I-Effect
from I-Effect
a I-Effect
reproducibility I-Effect
and I-Effect
end I-Effect
user I-Effect
training I-Effect
perspective I-Effect
. O

Echo O
is O
asset O
light O
and O
enjoys O
a O
variable-cost O
business O
model O
, O
but O
its B-Effect
adjusted I-Effect
EBIT I-Effect
margin I-Effect
( I-Effect
calculated I-Effect
off I-Effect
net I-Effect
revenue I-Effect
) I-Effect
contracted I-Effect
in I-Effect
2020 I-Effect
due O
in O
part O
to O
more B-Cause
IT-related I-Cause
personnel I-Cause
, I-Cause
heavy I-Cause
IT I-Cause
infrastructure I-Cause
investment I-Cause
, I-Cause
and I-Cause
incentive I-Cause
comp I-Cause
. O

The B-Cause
increase I-Cause
primarily I-Cause
from I-Cause
the I-Cause
stronger I-Cause
the I-Cause
near-term I-Cause
copper I-Cause
price I-Cause
forecasts I-Cause
which O
more O
than O
offset O
marginally B-Effect
weaker I-Effect
spot I-Effect
zinc I-Effect
and I-Effect
lead I-Effect
prices I-Effect
. O

If O
clinical B-Effect
data I-Effect
is I-Effect
favorable I-Effect
and I-Effect
the I-Effect
drug I-Effect
is I-Effect
commercialized I-Effect
, I-Effect
this I-Effect
could I-Effect
both I-Effect
siphon I-Effect
off I-Effect
patients I-Effect
who I-Effect
otherwise I-Effect
would I-Effect
have I-Effect
considered I-Effect
LivaNova I-Effect
's I-Effect
implantable I-Effect
technology I-Effect
, I-Effect
and I-Effect
delay I-Effect
the I-Effect
flow I-Effect
of I-Effect
patients I-Effect
as O
more B-Cause
of I-Cause
them I-Cause
try I-Cause
out I-Cause
padsevonil I-Cause
first I-Cause
before I-Cause
moving I-Cause
onto I-Cause
more I-Cause
invasive I-Cause
therapies I-Cause
. O

We B-Cause
suspect I-Cause
it I-Cause
retains I-Cause
its I-Cause
bargaining I-Cause
power I-Cause
by O
not B-Cause
disclosing I-Cause
pricing I-Cause
and O
requiring B-Effect
hospitals I-Effect
to I-Effect
sign I-Effect
non-disclosure I-Effect
agreements I-Effect
regarding I-Effect
any I-Effect
pricing I-Effect
information I-Effect
, I-Effect
keeping I-Effect
confidential I-Effect
what I-Effect
was I-Effect
once I-Effect
common I-Effect
knowledge I-Effect
in I-Effect
the I-Effect
industry I-Effect
two I-Effect
decades I-Effect
ago I-Effect
. O

This B-Cause
architecture I-Cause
, I-Cause
coupled I-Cause
with I-Cause
steady I-Cause
advances I-Cause
in I-Cause
technology I-Cause
, O
has O
enabled O
cable B-Effect
companies I-Effect
to I-Effect
steadily I-Effect
add I-Effect
network I-Effect
capacity I-Effect
at O
modest O
incremental O
cost O
. O

Given O
the B-Cause
maturity I-Cause
of I-Cause
the I-Cause
North I-Cause
American I-Cause
insurance I-Cause
market I-Cause
, O
we O
expect O
management B-Effect
to I-Effect
focus I-Effect
more I-Effect
on I-Effect
Asia I-Effect
and I-Effect
wealth I-Effect
management I-Effect
. O

We O
think O
the O
treasure O
hunt O
format O
should O
retain O
appeal O
with O
product O
availability O
staying O
high O
; O
however O
, O
deviation B-Cause
from I-Cause
this I-Cause
expectation I-Cause
( O
possibly O
spurred O
by O
lingering O
effects O
from O
significant O
e-commerce O
growth O
during O
the O
pandemic O
) O
could O
lead O
performance B-Effect
to I-Effect
stray I-Effect
. O

Further O
, O
we O
believe O
it B-Effect
is I-Effect
cheaper I-Effect
initially I-Effect
for I-Effect
companies I-Effect
to I-Effect
move I-Effect
workloads I-Effect
to I-Effect
the I-Effect
cloud I-Effect
, O
as O
there B-Cause
are I-Cause
less I-Cause
upfront I-Cause
costs I-Cause
and I-Cause
a I-Cause
lower I-Cause
bar I-Cause
to I-Cause
clear I-Cause
for I-Cause
maintenance I-Cause
and I-Cause
administration I-Cause
. O

However O
, O
given O
the B-Cause
average I-Cause
winter I-Cause
in I-Cause
the I-Cause
2020-21 I-Cause
season I-Cause
combined I-Cause
with I-Cause
reduced I-Cause
supply I-Cause
as I-Cause
competitor I-Cause
Cargill I-Cause
shut I-Cause
down I-Cause
the I-Cause
Avery I-Cause
Island I-Cause
mine I-Cause
, O
we O
see O
prices B-Effect
rising I-Effect
starting I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
. O

Although O
the B-Cause
company I-Cause
's I-Cause
international I-Cause
presence I-Cause
provides B-Effect
new I-Effect
growth I-Effect
opportunities I-Effect
, I-Effect
diversifies I-Effect
revenue I-Effect
, I-Effect
and I-Effect
damps I-Effect
cyclicality I-Effect
, I-Effect
it I-Effect
also I-Effect
exposes I-Effect
the I-Effect
company I-Effect
to I-Effect
foreign I-Effect
currency I-Effect
, I-Effect
economic I-Effect
, I-Effect
operational I-Effect
, I-Effect
and I-Effect
political I-Effect
risks I-Effect
. O

We O
note O
that O
the B-Effect
coronary I-Effect
stent I-Effect
market I-Effect
seems I-Effect
to I-Effect
be I-Effect
the I-Effect
most I-Effect
stable I-Effect
when O
there B-Cause
are I-Cause
three I-Cause
competitors I-Cause
in I-Cause
the I-Cause
field I-Cause
-- O
price B-Effect
declines I-Effect
on I-Effect
older I-Effect
products I-Effect
become I-Effect
more I-Effect
pronounced I-Effect
once O
there B-Cause
are I-Cause
four I-Cause
players I-Cause
in I-Cause
the I-Cause
game I-Cause
. O

Partnering B-Cause
with I-Cause
a I-Cause
firm I-Cause
that I-Cause
understands I-Cause
the I-Cause
regulatory I-Cause
approval I-Cause
process I-Cause
and I-Cause
has I-Cause
a I-Cause
wealth I-Cause
of I-Cause
products I-Cause
already O
on O
offer O
reduces B-Effect
the I-Effect
perceived I-Effect
risks I-Effect
for O
drug O
manufacturers O
. O

We O
expect O
Nice B-Effect
to I-Effect
report I-Effect
an I-Effect
average I-Effect
GAAP I-Effect
gross I-Effect
margin I-Effect
of I-Effect
72 I-Effect
% I-Effect
through I-Effect
2030 I-Effect
, O
with O
GAAP B-Cause
and I-Cause
non-GAAP I-Cause
gross I-Cause
margins I-Cause
expanding I-Cause
into I-Cause
the I-Cause
high I-Cause
70s I-Cause
and I-Cause
low I-Cause
80s I-Cause
, I-Cause
respectively I-Cause
, O
as O
the O
business O
scales O
up O
. O

In O
healthcare O
, O
outpatient B-Cause
facilities I-Cause
typically I-Cause
enjoy I-Cause
much I-Cause
lower I-Cause
overhead I-Cause
costs I-Cause
than I-Cause
their I-Cause
hospital I-Cause
peers I-Cause
and O
can B-Effect
be I-Effect
reimbursed I-Effect
by I-Effect
payers I-Effect
at I-Effect
lower I-Effect
rates I-Effect
because O
of O
that O
fundamental O
cost O
advantage O
. O

In O
addition O
, O
we O
remain O
impressed O
by O
AMG B-Cause
's I-Cause
build-out I-Cause
of I-Cause
its I-Cause
global I-Cause
distribution I-Cause
network I-Cause
, O
which O
we O
think O
has O
gone O
a O
long O
way O
toward O
improving B-Effect
the I-Effect
sales I-Effect
growth I-Effect
of O
its O
affiliates O
and O
enhancing B-Effect
the I-Effect
impact I-Effect
that O
the O
firm O
can O
have O
on O
asset O
stickiness O
. O

We O
believe O
the B-Effect
greatest I-Effect
risk I-Effect
for I-Effect
Spotify I-Effect
is I-Effect
competition I-Effect
, O
as O
large B-Cause
firms I-Cause
like I-Cause
Apple I-Cause
, I-Cause
Google I-Cause
, I-Cause
and I-Cause
Amazon I-Cause
may I-Cause
undertake I-Cause
more I-Cause
aggressive I-Cause
strategies I-Cause
to I-Cause
grow I-Cause
listeners I-Cause
. O

Further O
, O
we O
believe O
the B-Effect
firm I-Effect
will I-Effect
benefit I-Effect
from I-Effect
a I-Effect
lower I-Effect
expense I-Effect
ratio I-Effect
in I-Effect
its I-Effect
domestic I-Effect
operations I-Effect
over I-Effect
time I-Effect
as O
recent B-Cause
investments I-Cause
get I-Cause
leveraged I-Cause
, O
and O
we O
also O
expect O
international B-Effect
results I-Effect
will I-Effect
improve I-Effect
modestly I-Effect
as O
these B-Cause
operations I-Cause
scale I-Cause
and I-Cause
mature I-Cause
. O

We B-Cause
employ I-Cause
an I-Cause
11 I-Cause
% I-Cause
cost I-Cause
of I-Cause
equity I-Cause
, I-Cause
reflecting I-Cause
high I-Cause
cyclicality I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
with I-Cause
moderate I-Cause
financial I-Cause
leverage. O
This O
drives B-Effect
a I-Effect
9.2 I-Effect
% I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
assuming I-Effect
a I-Effect
long-run I-Effect
25/75 I-Effect
debt/equity I-Effect
split I-Effect
, I-Effect
appropriate I-Effect
for I-Effect
a I-Effect
major I-Effect
mining I-Effect
company I-Effect
such I-Effect
as I-Effect
BHP I-Effect
. O

We O
forecast O
a B-Cause
substantial I-Cause
drop I-Cause
in I-Cause
earnings I-Cause
and I-Cause
cash I-Cause
flow I-Cause
for I-Cause
the I-Cause
next I-Cause
two I-Cause
years I-Cause
as O
margins O
narrow O
due O
to O
a B-Effect
sharp I-Effect
drop I-Effect
in I-Effect
demand I-Effect
from I-Effect
the I-Effect
coronavirus I-Effect
pandemic I-Effect
. O

Specifically O
, O
management O
's O
greater O
focus O
on O
premiumizing B-Cause
the I-Cause
portfolio I-Cause
, O
with O
commercial O
efforts O
well O
underway O
in O
seltzer O
, O
craft O
, O
and O
nonalcoholic O
categories O
like O
energy O
drinks O
and O
CBD O
, O
should O
drive B-Effect
low-single-digit I-Effect
increases I-Effect
in I-Effect
per I-Effect
hectoliter I-Effect
price I-Effect
realization I-Effect
across I-Effect
the I-Effect
business I-Effect
. O

Lower B-Cause
crop I-Cause
prices I-Cause
forced I-Cause
farmers I-Cause
to I-Cause
pull I-Cause
back I-Cause
on I-Cause
new I-Cause
equipment I-Cause
purchases I-Cause
, O
causing O
CNH B-Effect
's I-Effect
agriculture I-Effect
revenue I-Effect
to I-Effect
fall I-Effect
approximately I-Effect
16 I-Effect
% I-Effect
on I-Effect
average I-Effect
from I-Effect
2014-2016 I-Effect
. O

Consistent B-Cause
with I-Cause
our I-Cause
larger I-Cause
body I-Cause
of I-Cause
research I-Cause
within I-Cause
the I-Cause
heavy I-Cause
equipment I-Cause
sector I-Cause
, I-Cause
end I-Cause
users I-Cause
are I-Cause
gaining I-Cause
a I-Cause
better I-Cause
appreciation I-Cause
of I-Cause
TCO. O
Therefore O
, O
Paccar B-Effect
's I-Effect
history I-Effect
of I-Effect
making I-Effect
superior I-Effect
products I-Effect
with I-Effect
a I-Effect
greater I-Effect
life I-Effect
span I-Effect
and I-Effect
concomitant I-Effect
10 I-Effect
% I-Effect
to I-Effect
15 I-Effect
% I-Effect
price I-Effect
premium I-Effect
over I-Effect
competing I-Effect
offerings I-Effect
aligns I-Effect
with I-Effect
larger I-Effect
trends I-Effect
in I-Effect
the I-Effect
equipment I-Effect
industry I-Effect
. O

In O
the O
prestige O
segment O
, O
after O
fiscal B-Cause
2020 I-Cause
's I-Cause
pandemic-driven O
25 B-Effect
% I-Effect
drop I-Effect
in I-Effect
organic I-Effect
sales I-Effect
, O
we O
expect O
organic B-Effect
sales I-Effect
will I-Effect
recover I-Effect
1 I-Effect
% I-Effect
and I-Effect
12 I-Effect
% I-Effect
in I-Effect
fiscals I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, O
respectively O
, O
as O
stores B-Cause
reopen I-Cause
. O

In O
addition O
, O
while O
institutional O
cafeterias O
have O
the O
benefit O
of O
serving O
a O
captive O
consumer O
base O
, O
the B-Cause
ability I-Cause
to I-Cause
attract I-Cause
outside I-Cause
consumers I-Cause
is I-Cause
usually I-Cause
quite I-Cause
limited I-Cause
, O
which O
makes O
it O
difficult B-Effect
to I-Effect
reverse I-Effect
attrition I-Effect
. O

However O
, O
the O
company B-Effect
reported I-Effect
a I-Effect
blowout I-Effect
first I-Effect
quarter I-Effect
of I-Effect
2021 I-Effect
as O
it B-Cause
is I-Cause
riding I-Cause
the I-Cause
tailwinds I-Cause
of I-Cause
5G I-Cause
smartphone I-Cause
adoption I-Cause
. O

In O
the O
long O
run O
, O
we O
think O
that O
Nordson B-Cause
is I-Cause
poised I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
favorable I-Cause
secular I-Cause
trends I-Cause
such I-Cause
as I-Cause
increasing I-Cause
adoption I-Cause
of I-Cause
5G I-Cause
and I-Cause
autonomous I-Cause
vehicles I-Cause
, O
which O
we B-Effect
expect I-Effect
to I-Effect
create I-Effect
new I-Effect
opportunities I-Effect
for I-Effect
its I-Effect
dispensing I-Effect
business I-Effect
. O

However O
, O
given O
its B-Cause
robust I-Cause
competitive I-Cause
positioning I-Cause
and I-Cause
assuming I-Cause
that I-Cause
Amazon I-Cause
refrains I-Cause
from I-Cause
offering I-Cause
its I-Cause
package I-Cause
delivery I-Cause
capacity I-Cause
to I-Cause
the I-Cause
broader I-Cause
marketplace I-Cause
in I-Cause
an I-Cause
irrational I-Cause
manner I-Cause
, O
we B-Effect
think I-Effect
FedEx I-Effect
will I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
post I-Effect
normalized I-Effect
excess I-Effect
returns I-Effect
on I-Effect
average I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

We O
view O
distribution B-Effect
as I-Effect
exceedingly I-Effect
important I-Effect
in I-Effect
the I-Effect
alcoholic I-Effect
beverage I-Effect
industry I-Effect
given O
that O
all B-Cause
routes I-Cause
to I-Cause
market I-Cause
are I-Cause
typically I-Cause
highly I-Cause
regulated I-Cause
, I-Cause
and I-Cause
three-tier I-Cause
distribution I-Cause
laws I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. I-Cause

We B-Effect
expect I-Effect
first-time I-Effect
buyers I-Effect
will I-Effect
be I-Effect
a I-Effect
key I-Effect
driver I-Effect
of I-Effect
future I-Effect
housing I-Effect
demand I-Effect
, I-Effect
and I-Effect
Lennar I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
capture I-Effect
these I-Effect
potential I-Effect
buyers I-Effect
as O
this B-Cause
market I-Cause
segment I-Cause
represents I-Cause
40 I-Cause
% I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
homebuilding I-Cause
business I-Cause
. O

With O
its B-Cause
merger I-Cause
with I-Cause
Worldpay I-Cause
in I-Cause
2019 I-Cause
, O
FIS B-Effect
expanded I-Effect
into I-Effect
merchant I-Effect
acquiring I-Effect
, O
and O
the O
merchant O
segment O
, O
which O
contains O
these O
operations O
, O
makes O
about O
30 O
% O
of O
revenue O
. O

However O
, O
while O
there O
are O
common O
elements O
( O
around O
40 O
% O
-50 O
% O
of O
the O
categories O
at O
the O
two O
retailers O
overlap O
, O
with O
over O
20 O
% O
of O
stock-keeping O
units O
at O
Family O
Dollar O
sold O
for O
$ O
1 O
) O
, O
the B-Cause
two I-Cause
chains I-Cause
' I-Cause
assortments I-Cause
differ I-Cause
, O
limiting O
leverage B-Effect
opportunities I-Effect
. O

Many O
of O
the O
company O
's O
brands O
face O
secular O
headwinds O
, O
resulting O
in O
declining B-Effect
revenue I-Effect
or I-Effect
lost I-Effect
market I-Effect
share I-Effect
as O
consumer B-Cause
trends I-Cause
move I-Cause
away I-Cause
from I-Cause
its I-Cause
products I-Cause
. O

While O
cash O
flow O
is O
typically O
stable O
at O
cable O
and O
wireless O
firms O
, O
a O
change B-Cause
in I-Cause
technology I-Cause
or I-Cause
regulation I-Cause
that O
forces B-Effect
heavy I-Effect
capital I-Effect
spending I-Effect
or I-Effect
an I-Effect
increase I-Effect
in I-Effect
competition I-Effect
could I-Effect
crimp I-Effect
each I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
meet I-Effect
its I-Effect
obligations I-Effect
while I-Effect
investing I-Effect
in I-Effect
the I-Effect
business I-Effect
. O

We O
think O
that O
as O
a O
result O
of O
these B-Cause
cost I-Cause
advantages I-Cause
, O
Campbell B-Cause
maintains I-Cause
the I-Cause
ability I-Cause
to I-Cause
replicate I-Cause
competitive I-Cause
products I-Cause
and I-Cause
ultimately I-Cause
offer I-Effect
this B-Effect
fare I-Effect
to I-Effect
retailers I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
. I-Effect

While O
near-tem B-Cause
Macau I-Cause
gaming I-Cause
demand I-Cause
continues I-Cause
to I-Cause
be I-Cause
materially I-Cause
affected I-Cause
by I-Cause
COVID-19 I-Cause
, O
our B-Effect
forecast I-Effect
for I-Effect
annual I-Effect
mid-single-digit I-Effect
visitation I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
is I-Effect
supported I-Effect
by I-Effect
Chinese I-Effect
outbound I-Effect
travel I-Effect
, I-Effect
which I-Effect
we I-Effect
expect I-Effect
will I-Effect
average I-Effect
high-single-digit I-Effect
annual I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Simply O
put O
, O
as O
individuals B-Cause
find I-Cause
relationships I-Cause
more I-Cause
easily I-Cause
, O
the B-Effect
firm I-Effect
needs I-Effect
to I-Effect
spend I-Effect
more I-Effect
to I-Effect
market I-Effect
to I-Effect
and I-Effect
acquire I-Effect
new I-Effect
customers I-Effect
, O
impacting O
the B-Effect
company I-Effect
's I-Effect
operating I-Effect
margins I-Effect
. O

The B-Cause
strong I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
that I-Cause
the I-Cause
toy I-Cause
industry I-Cause
can I-Cause
generate I-Cause
will I-Cause
continue I-Cause
to I-Cause
attract I-Cause
competition I-Cause
, O
however O
, O
which O
will O
force O
Hasbro B-Cause
to I-Cause
continuously I-Cause
improve I-Cause
its I-Cause
business I-Cause
and I-Cause
innovate I-Cause
to I-Cause
maintain I-Cause
its I-Cause
leadership I-Cause
position I-Cause
, O
resulting O
in O
elevated B-Effect
development I-Effect
costs I-Effect
over I-Effect
time I-Effect
. O

To O
be O
sure O
, O
the B-Cause
fallout I-Cause
from I-Cause
current I-Cause
low I-Cause
prices I-Cause
is I-Cause
also I-Cause
industry I-Cause
underinvestment I-Cause
that O
could O
ultimately O
result O
in O
a B-Effect
global I-Effect
shortage I-Effect
and I-Effect
much I-Effect
higher I-Effect
prices I-Effect
than I-Effect
our I-Effect
$ I-Effect
60/bbl I-Effect
assumption I-Effect
. O

We B-Effect
have I-Effect
adjusted I-Effect
our I-Effect
2020 I-Effect
earnings I-Effect
per I-Effect
share I-Effect
estimate I-Effect
, I-Effect
to I-Effect
a I-Effect
loss I-Effect
of I-Effect
around I-Effect
$ I-Effect
8.77 I-Effect
per I-Effect
share I-Effect
( I-Effect
from I-Effect
a I-Effect
$ I-Effect
8.50 I-Effect
loss I-Effect
prior I-Effect
) I-Effect
as O
the B-Cause
firm I-Cause
cedes I-Cause
its I-Cause
final I-Cause
quarter I-Cause
to I-Cause
COVID-19 I-Cause
. O

Given O
the B-Cause
large I-Cause
G I-Cause
& I-Cause
K I-Cause
Services I-Cause
acquisition I-Cause
and I-Cause
the I-Cause
fact I-Cause
that I-Cause
additional I-Cause
deals I-Cause
are I-Cause
likely I-Cause
over I-Cause
the I-Cause
long I-Cause
run I-Cause
as I-Cause
the I-Cause
industry I-Cause
gradually I-Cause
consolidates I-Cause
, O
the B-Effect
risk I-Effect
of I-Effect
overpayment I-Effect
or I-Effect
integration I-Effect
complications I-Effect
will I-Effect
remain I-Effect
a I-Effect
factor I-Effect
. O

As O
a O
result O
, O
plants B-Effect
depend I-Effect
on I-Effect
experts I-Effect
from I-Effect
established I-Effect
firms I-Effect
like I-Effect
Emerson I-Effect
to I-Effect
mine I-Effect
the O
data O
given O
their B-Cause
comprehensive I-Cause
expertise I-Cause
around I-Cause
control I-Cause
valves I-Cause
, O
physical O
metering O
, O
and O
systems O
health O
monitoring O
. O

After O
a O
sharp O
10 O
% O
decline O
in O
sales O
and O
25 O
% O
decline O
in O
adjusted O
EBIT O
last O
year O
, O
we O
assume O
a B-Effect
rebound I-Effect
in I-Effect
sales I-Effect
growth I-Effect
of I-Effect
8.3 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, O
primarily O
due O
to O
a B-Cause
recovery I-Cause
in I-Cause
the I-Cause
on-trade I-Cause
. O

For O
instance O
, O
if O
a B-Cause
company I-Cause
decides I-Cause
to I-Cause
replace I-Cause
Twilio I-Cause
's I-Cause
Flex I-Cause
contact I-Cause
center I-Cause
software I-Cause
( I-Cause
customer I-Cause
support I-Cause
use I-Cause
case I-Cause
) I-Cause
with I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
there O
could O
be O
a B-Cause
disruption I-Cause
in I-Cause
call I-Cause
center I-Cause
services I-Cause
, O
impeding B-Effect
customer I-Effect
service I-Effect
capabilities I-Effect
. O

The B-Cause
high I-Cause
cost I-Cause
of I-Cause
FiOS I-Cause
, I-Cause
a I-Cause
fiber-to-the-home I-Cause
, I-Cause
or I-Cause
FTTH I-Cause
, I-Cause
network I-Cause
, O
has O
historically O
prevented B-Effect
Verizon I-Effect
from I-Effect
pricing I-Effect
the I-Effect
service I-Effect
aggressively I-Effect
, I-Effect
and I-Effect
the I-Effect
firm I-Effect
's I-Effect
attention I-Effect
has I-Effect
primarily I-Effect
shifted I-Effect
to I-Effect
the I-Effect
wireless I-Effect
business I-Effect
. O

We O
estimate O
Shell B-Effect
's I-Effect
capital I-Effect
spending I-Effect
per I-Effect
barrel I-Effect
will I-Effect
be I-Effect
nearly I-Effect
60 I-Effect
% I-Effect
lower I-Effect
in I-Effect
2019-23 I-Effect
than I-Effect
it I-Effect
was I-Effect
in I-Effect
2010-14 I-Effect
, O
thanks O
to O
new B-Cause
project I-Cause
growth I-Cause
in I-Cause
the I-Cause
Gulf I-Cause
of I-Cause
Mexico I-Cause
and I-Cause
Brazil I-Cause
, I-Cause
where I-Cause
break-evens I-Cause
are I-Cause
below I-Cause
$ I-Cause
45/bbl I-Cause
. O

Thomson B-Cause
Reuters I-Cause
, I-Cause
along I-Cause
with I-Cause
RELX I-Cause
Group I-Cause
's I-Cause
LexisNexis I-Cause
, I-Cause
has I-Cause
leading I-Cause
market I-Cause
share I-Cause
for I-Cause
legal I-Cause
research I-Cause
and O
a O
result O
could O
face O
antitrust B-Effect
scrutiny I-Effect
. O

Marriott B-Effect
's I-Effect
high I-Effect
exposure I-Effect
to I-Effect
fee-based I-Effect
properties I-Effect
( I-Effect
96 I-Effect
% I-Effect
of I-Effect
total I-Effect
rooms I-Effect
) I-Effect
reduces I-Effect
the I-Effect
operating I-Effect
income I-Effect
impact I-Effect
in I-Effect
a I-Effect
downturn I-Effect
, O
as O
fixed B-Cause
costs I-Cause
are I-Cause
much I-Cause
lower I-Cause
than I-Cause
with I-Cause
ownership-based I-Cause
properties I-Cause
. O

However O
, O
Tegsedi O
's O
efficacy O
comes O
with O
a O
slew O
of O
side O
effects O
, O
and O
the B-Cause
label I-Cause
includes I-Cause
a I-Cause
black-box I-Cause
warning I-Cause
for I-Cause
thrombocytopenia I-Cause
and I-Cause
glomerulonephritis I-Cause
, O
which O
results O
in O
frequent B-Effect
monitoring I-Effect
requirements I-Effect
. O

In O
the O
medium O
term O
, O
we B-Cause
expect I-Cause
to I-Cause
see I-Cause
the I-Cause
investment I-Cause
into I-Cause
JD I-Cause
logistics I-Cause
and I-Cause
the I-Cause
supermarket I-Cause
category I-Cause
will O
hold O
back O
some B-Effect
of I-Effect
the I-Effect
margin I-Effect
gains I-Effect
. O

We O
project O
the B-Effect
sensing I-Effect
solutions I-Effect
segment I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
7.3 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
, O
as O
a B-Cause
sharp I-Cause
reduction I-Cause
in I-Cause
demand I-Cause
in I-Cause
2020 I-Cause
is I-Cause
offset I-Cause
by I-Cause
secular I-Cause
tailwinds I-Cause
in I-Cause
the I-Cause
following I-Cause
years I-Cause
. O

By O
contrast O
, O
the B-Cause
fixed-line I-Cause
phone I-Cause
companies I-Cause
are I-Cause
typically I-Cause
incapable I-Cause
of I-Cause
increasing I-Cause
network I-Cause
speeds I-Cause
broadly I-Cause
across I-Cause
their I-Cause
networks I-Cause
without I-Cause
heavy I-Cause
investment I-Cause
to I-Cause
bring I-Cause
fiber I-Cause
closer I-Cause
to I-Cause
customers. O
As O
a O
result O
, O
large B-Effect
swaths I-Effect
of I-Effect
the I-Effect
phone I-Effect
network I-Effect
remain I-Effect
incapable I-Effect
of I-Effect
delivering I-Effect
the I-Effect
speeds I-Effect
beyond I-Effect
around I-Effect
20 I-Effect
megabits/second I-Effect
, I-Effect
increasingly I-Effect
falling I-Effect
short I-Effect
of I-Effect
customer I-Effect
demand I-Effect
. O

As O
with O
all O
regulated O
utilities O
, O
Sempra O
faces O
the B-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
that O
would O
raise B-Effect
borrowing I-Effect
costs I-Effect
and I-Effect
make I-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

If O
larger B-Cause
clients I-Cause
require I-Cause
specialized I-Cause
implementation I-Cause
or I-Cause
integrations I-Cause
with I-Cause
existing I-Cause
software I-Cause
, I-Effect
Paycom B-Effect
might I-Effect
not I-Effect
win I-Effect
business I-Effect
, O
as O
the B-Cause
firm I-Cause
does I-Cause
not I-Cause
offer I-Cause
such I-Cause
services I-Cause
. O

While O
the O
children O
and O
adolescent O
furniture O
space O
is O
niche O
and O
an O
abundance O
of O
local O
boutique O
competitors O
remain O
in O
regional O
markets O
, O
we O
think O
Williams-Sonoma B-Cause
's I-Cause
national I-Cause
scale I-Cause
allows O
for O
better B-Effect
supply-chain I-Effect
and I-Effect
consumer I-Effect
trend I-Effect
responsiveness I-Effect
. O

These O
features O
are O
important O
in O
the O
print O
industry O
; O
a O
2017 O
report O
by O
Quocirca O
revealed O
that O
60 B-Effect
% I-Effect
of I-Effect
organizations I-Effect
have I-Effect
had I-Effect
at I-Effect
least I-Effect
one I-Effect
data I-Effect
breach I-Effect
due O
to O
unsecured B-Cause
printing I-Cause
. O

The B-Cause
dynamic I-Cause
and I-Cause
channel-specific I-Cause
nature I-Cause
of I-Cause
retail I-Cause
pricing I-Cause
, I-Cause
particularly I-Cause
exacerbated I-Cause
by I-Cause
the I-Cause
prevalence I-Cause
of I-Cause
behavioral I-Cause
algorithms I-Cause
in I-Cause
online I-Cause
commerce I-Cause
and I-Cause
the I-Cause
ability I-Cause
of I-Cause
consumers I-Cause
to I-Cause
compare I-Cause
prices I-Cause
in I-Cause
real I-Cause
time I-Cause
, O
makes O
general B-Effect
statements I-Effect
about I-Effect
relative I-Effect
pricing I-Effect
difficult I-Effect
. I-Effect

By O
focusing B-Cause
on I-Cause
the I-Cause
luxury I-Cause
auto I-Cause
market I-Cause
first I-Cause
, O
Tesla B-Effect
was I-Effect
able I-Effect
to I-Effect
create I-Effect
tremendous I-Effect
media I-Effect
publicity I-Effect
for I-Effect
the I-Effect
company I-Effect
that I-Effect
reaches I-Effect
beyond I-Effect
its I-Effect
customers I-Effect
. O

We O
believe O
O'Reilly B-Effect
's I-Effect
decision I-Effect
to I-Effect
buy I-Effect
known I-Effect
but I-Effect
disused I-Effect
brands I-Effect
with I-Effect
independent I-Effect
histories I-Effect
( O
such O
as O
Murray O
and O
Precision O
) O
rather O
than O
rely O
exclusively O
on O
a O
store-label O
lineup O
is O
prudent O
, O
as O
it B-Cause
has I-Cause
allowed I-Cause
the I-Cause
company I-Cause
to I-Cause
garner I-Cause
a I-Cause
following I-Cause
for I-Cause
its I-Cause
proprietary-label I-Cause
parts I-Cause
more I-Cause
quickly I-Cause
. O

The B-Effect
key I-Effect
to I-Effect
MUFG I-Effect
's I-Effect
overall I-Effect
profitability I-Effect
remains I-Effect
its I-Effect
domestic I-Effect
franchise I-Effect
, O
which O
is O
mostly B-Cause
dependent I-Cause
upon I-Cause
the I-Cause
macroeconomic I-Cause
environment I-Cause
( I-Cause
level I-Cause
of I-Cause
interest I-Cause
rates I-Cause
, I-Cause
and I-Cause
intensity I-Cause
of I-Cause
loan I-Cause
demand I-Cause
) I-Cause
but I-Cause
also I-Cause
MUFG I-Cause
's I-Cause
ability I-Cause
to I-Cause
trim I-Cause
costs I-Cause
as I-Cause
it I-Cause
reconfigures I-Cause
operations I-Cause
for I-Cause
a I-Cause
more I-Cause
digitalized I-Cause
banking I-Cause
era I-Cause
. O

Though O
this O
process O
may O
slow O
down O
in O
the O
near O
term O
, O
we O
anticipate O
robust B-Effect
companion I-Effect
animal I-Effect
growth I-Effect
will O
be B-Cause
primarily I-Cause
fed I-Cause
by I-Cause
the I-Cause
adoption I-Cause
of I-Cause
a I-Cause
series I-Cause
of I-Cause
new I-Cause
products I-Cause
, I-Cause
a I-Cause
larger I-Cause
base I-Cause
of I-Cause
analyzers I-Cause
, I-Cause
sales I-Cause
of I-Cause
ancillary I-Cause
services I-Cause
, I-Cause
and I-Cause
growing I-Cause
strength I-Cause
in I-Cause
consumables I-Cause
and I-Cause
reference I-Cause
labs I-Cause
. O

Furthermore O
, O
we O
believe O
pricing O
gains O
will O
be O
bound O
by O
the O
hesitancy O
of O
new O
cruisers O
over O
the O
next O
few O
years O
, O
as O
those O
potential B-Effect
customers I-Effect
could I-Effect
opt I-Effect
for I-Effect
more I-Effect
safely I-Effect
perceived I-Effect
land-based I-Effect
vacations I-Effect
given O
the O
recent B-Cause
media I-Cause
hype O
. O

We O
contend O
that O
its O
large O
production O
volume O
, O
given O
its B-Cause
market-leading I-Cause
positions I-Cause
, O
allows O
the B-Cause
firm I-Cause
to I-Cause
leverage I-Cause
its I-Cause
fixed I-Cause
costs I-Cause
over I-Cause
a I-Cause
large I-Cause
revenue I-Cause
base I-Cause
, O
providing B-Effect
greater I-Effect
supply I-Effect
chain I-Effect
efficiency I-Effect
. O

At O
its O
regulated O
utilities O
, O
PPL O
faces O
regulatory B-Cause
and I-Cause
legislative I-Cause
risks I-Cause
that O
create O
uncertainties B-Effect
around I-Effect
costs I-Effect
and I-Effect
allowed I-Effect
returns I-Effect
, I-Effect
especially O
given O
its O
investment O
plan O
through O
2024 O
. O

Based O
on O
the B-Cause
average I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
from I-Cause
its I-Cause
diverse I-Cause
product I-Cause
portfolio I-Cause
in I-Cause
the I-Cause
animal I-Cause
health I-Cause
markets I-Cause
, O
we B-Effect
rate I-Effect
Zoetis I-Effect
' I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
. O

If O
H B-Cause
& I-Cause
P I-Cause
is I-Cause
successful I-Cause
in I-Cause
implementing I-Cause
this I-Cause
contracting I-Cause
method I-Cause
and I-Cause
does I-Cause
indeed I-Cause
derive I-Cause
superior I-Cause
margins I-Cause
from I-Cause
its I-Cause
implementation I-Cause
, O
we O
expect O
competitors B-Effect
will I-Effect
quickly I-Effect
follow I-Effect
suit I-Effect
, I-Effect
and I-Effect
any I-Effect
potential I-Effect
excess I-Effect
returns I-Effect
will I-Effect
dissipate I-Effect
over I-Effect
time I-Effect
. O

Since O
the B-Cause
onset I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, I-Cause
stay-at-home I-Cause
orders I-Cause
and I-Cause
COVID-19-related I-Cause
pantry I-Cause
stocking I-Cause
have O
led O
to O
impressive B-Effect
sales I-Effect
growth I-Effect
for I-Effect
Church I-Effect
& I-Effect
Dwight I-Effect
( I-Effect
similar I-Effect
to I-Effect
peers I-Effect
) I-Effect
, I-Effect
up I-Effect
high-single- I-Effect
to I-Effect
low-double-digits I-Effect
on I-Effect
an I-Effect
organic I-Effect
basis I-Effect
. O

Though B-Effect
Silgan I-Effect
's I-Effect
hand I-Effect
may I-Effect
be I-Effect
forced I-Effect
, I-Effect
a I-Effect
sustained I-Effect
shift I-Effect
toward I-Effect
the I-Effect
production I-Effect
of I-Effect
plastic I-Effect
containers I-Effect
would I-Effect
lead I-Effect
to I-Effect
lower I-Effect
sustainable I-Effect
margins I-Effect
, O
given O
that O
the B-Cause
capital I-Cause
costs I-Cause
of I-Cause
bringing I-Cause
plastic I-Cause
production I-Cause
in-house I-Cause
are I-Cause
substantially I-Cause
lower I-Cause
than I-Cause
those I-Cause
for I-Cause
manufacturing I-Cause
metal I-Cause
containers I-Cause
and I-Cause
closures I-Cause
. O

Tesla B-Cause
is I-Cause
fighting I-Cause
a I-Cause
state-by-state I-Cause
battle I-Cause
to O
keep O
its O
stores O
factory-owned O
rather O
than O
franchised O
, O
which O
raises B-Effect
legal I-Effect
risk I-Effect
for I-Effect
Tesla I-Effect
and I-Effect
could I-Effect
one I-Effect
day I-Effect
stall I-Effect
growth I-Effect
. O

In B-Cause
an I-Cause
economic I-Cause
downturn I-Cause
, O
the B-Effect
company I-Effect
would I-Effect
face I-Effect
demand I-Effect
headwinds I-Effect
that I-Effect
could I-Effect
be I-Effect
amplified I-Effect
by I-Effect
the I-Effect
expense I-Effect
deleverage I-Effect
inherent I-Effect
in I-Effect
the I-Effect
model I-Effect
during I-Effect
a I-Effect
cyclical I-Effect
downswing I-Effect
. O

With B-Cause
management I-Cause
fee I-Cause
rates I-Cause
significantly I-Cause
lower I-Cause
for I-Cause
its I-Cause
institutional I-Cause
accounts I-Cause
( I-Cause
0.39 I-Cause
% I-Cause
of I-Cause
average I-Cause
AUM I-Cause
during I-Cause
2020 I-Cause
) I-Cause
than I-Cause
they I-Cause
are I-Cause
for I-Cause
its I-Cause
closed-end I-Cause
( I-Cause
0.85 I-Cause
% I-Cause
) I-Cause
and I-Cause
open-end I-Cause
( I-Cause
0.67 I-Cause
% I-Cause
) I-Cause
funds I-Cause
, O
Cohen B-Effect
& I-Effect
Steers I-Effect
' I-Effect
realization I-Effect
rate I-Effect
would I-Effect
be I-Effect
negatively I-Effect
affected I-Effect
during I-Effect
periods I-Effect
of I-Effect
significant I-Effect
growth I-Effect
from I-Effect
the I-Effect
institutional I-Effect
channel I-Effect
. I-Effect

We O
also O
expect O
its B-Effect
reproductive I-Effect
health I-Effect
franchise I-Effect
to I-Effect
experience I-Effect
some I-Effect
softness I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
the B-Cause
ongoing I-Cause
pandemic I-Cause
has I-Cause
decreased I-Cause
newborn I-Cause
and I-Cause
prenatal I-Cause
testing I-Cause
across I-Cause
geographies I-Cause
. O

Given O
that O
their B-Cause
function I-Cause
is I-Cause
to I-Cause
assess I-Cause
risk I-Cause
, O
our O
experience O
is O
that O
insurance O
companies B-Effect
are I-Effect
much I-Effect
more I-Effect
risk I-Effect
averse I-Effect
than O
, O
for O
example O
, O
a O
technology O
company O
, O
retailer O
, O
or O
manufacturer O
. O

We B-Effect
increased I-Effect
our I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
EPS I-Effect
estimates I-Effect
by I-Effect
$ I-Effect
0.03 I-Effect
after O
Dominion O
indicated O
in O
its O
2020 O
third-quarter O
earnings O
conference O
call O
that O
the B-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
has I-Cause
reduced B-Effect
operating I-Effect
income I-Effect
by I-Effect
about I-Effect
$ I-Effect
0.05 I-Effect
per I-Effect
share I-Cause
, O
less O
than O
originally O
expected O
. O

We O
estimate O
PSEG B-Cause
's I-Cause
25 I-Cause
% I-Cause
stake I-Cause
in I-Cause
New I-Cause
Jersey I-Cause
's I-Cause
Ocean I-Cause
Wind I-Cause
project I-Cause
will I-Cause
require I-Cause
only I-Cause
about I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
of I-Cause
capital I-Cause
investment I-Cause
and I-Cause
comes I-Cause
with I-Cause
state-approved I-Cause
power I-Cause
purchase I-Cause
rates I-Cause
, O
limiting B-Effect
the I-Effect
risks I-Effect
to I-Effect
shareholders I-Effect
. O

Meanwhile O
, O
more B-Cause
marginal I-Cause
assets I-Cause
such O
as O
North O
American O
gas O
will O
be O
pushed O
out O
of O
the O
development O
plan O
or O
sold O
, O
leaving O
Exxon B-Effect
with I-Effect
an I-Effect
overall I-Effect
higher-quality I-Effect
portfolio I-Effect
in I-Effect
five I-Effect
years I-Effect
. O

The B-Cause
coronavirus I-Cause
also O
creates O
event B-Effect
risk I-Effect
for I-Effect
commercial I-Effect
insurers I-Effect
, I-Effect
until I-Effect
the I-Effect
legal I-Effect
outcome I-Effect
on I-Effect
business I-Effect
interruption I-Effect
claims I-Effect
is I-Effect
fully I-Effect
settled I-Effect
. O

We O
expect O
that O
Netflix B-Cause
will I-Cause
expand I-Cause
further I-Cause
into I-Cause
local-language I-Cause
programming I-Cause
to O
offset B-Effect
the I-Effect
weakness I-Effect
of I-Effect
its I-Effect
skinny I-Effect
offering I-Effect
in I-Effect
many I-Effect
countries I-Effect
. O

We O
have O
dialed B-Cause
up I-Cause
our I-Cause
assumptions I-Cause
for I-Cause
the I-Cause
Covance I-Cause
unit I-Cause
as O
pharma B-Effect
and I-Effect
biotech I-Effect
clients I-Effect
have I-Effect
begun I-Effect
to I-Effect
ramp I-Effect
up I-Effect
clinical I-Effect
trial I-Effect
activity I-Effect
in I-Effect
2021 I-Effect
, I-Effect
following I-Effect
the I-Effect
slowdown I-Effect
in I-Effect
2020 I-Effect
. O

Thus O
, O
in O
order O
to O
switch B-Cause
providers I-Cause
for I-Cause
staffing I-Cause
needs I-Cause
, O
a O
client O
would O
need O
to O
juggle B-Effect
many I-Effect
different I-Effect
contracts I-Effect
and O
likely O
receive B-Effect
inferior-quality I-Effect
employees I-Effect
or O
wait B-Effect
longer I-Effect
to I-Effect
meet I-Effect
their I-Effect
staffing I-Effect
needs I-Effect
. O

We B-Effect
stilll I-Effect
like I-Effect
the I-Effect
acquisition I-Effect
of I-Effect
Vertafore I-Effect
, O
as O
we O
think O
it B-Cause
exhibits I-Cause
strong I-Cause
switching I-Cause
costs I-Cause
given O
that O
it B-Cause
's I-Cause
a I-Cause
niche I-Cause
ERP I-Cause
system I-Cause
for I-Cause
the I-Cause
diffcult-to-navigate I-Cause
P I-Cause
& I-Cause
C I-Cause
insurance I-Cause
market I-Cause
. O

We B-Effect
do I-Effect
n't I-Effect
see I-Effect
significant I-Effect
opportunities I-Effect
to I-Effect
enhance I-Effect
profitability I-Effect
, O
especially O
since O
we B-Cause
see I-Cause
the I-Cause
increasing I-Cause
power I-Cause
of I-Cause
hyperscale I-Cause
tenants I-Cause
squeezing I-Cause
pricing I-Cause
. O

In O
addition O
, O
more B-Cause
Google I-Cause
apps I-Cause
such I-Cause
as I-Cause
Maps I-Cause
, I-Cause
Gmail I-Cause
, I-Cause
and I-Cause
Google I-Cause
Play I-Cause
are I-Cause
used I-Cause
by I-Cause
consumers I-Cause
on I-Cause
Android-powered I-Cause
devices I-Cause
, O
further B-Effect
driving I-Effect
ad I-Effect
and I-Effect
other I-Effect
revenue I-Effect
growth I-Effect
. O

The B-Cause
maturity I-Cause
of I-Cause
China I-Cause
's I-Cause
existing I-Cause
infrastructure I-Cause
and I-Cause
housing I-Cause
stock I-Cause
, O
coupled O
with O
falling B-Cause
population I-Cause
growth I-Cause
, O
a B-Cause
declining I-Cause
working I-Cause
age I-Cause
population I-Cause
and O
future B-Cause
urbanisation I-Cause
rates I-Cause
are O
key O
headwinds O
to O
future B-Effect
demand I-Effect
. O

We B-Cause
estimate I-Cause
Nordstrom I-Cause
's I-Cause
WACC I-Cause
at I-Cause
9 I-Cause
% I-Cause
and I-Cause
, I-Cause
therefore O
, O
expect B-Effect
it I-Effect
to I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
for I-Effect
most I-Effect
of I-Effect
the I-Effect
next I-Effect
decade I-Effect
. I-Effect

Our B-Cause
discussions I-Cause
with I-Cause
Yum I-Cause
China I-Cause
management I-Cause
reinforce I-Cause
our I-Cause
views I-Cause
regarding I-Cause
the I-Cause
sophistication I-Cause
of I-Cause
Yum I-Cause
China I-Cause
's I-Cause
site-selection I-Cause
process I-Cause
, O
including O
state-of-the-art B-Cause
mapping I-Cause
tools I-Cause
and O
more-flexible B-Cause
go-to-market I-Cause
restaurant I-Cause
and O
drive-thru B-Cause
buildout I-Cause
strategies I-Cause
in I-Cause
the I-Cause
region I-Cause
, O
which O
should O
facilitate O
the B-Effect
company I-Effect
's I-Effect
unit I-Effect
expansion I-Effect
opportunities I-Effect
in I-Effect
the I-Effect
region I-Effect
. O

Also O
, O
VMware O
will O
face B-Effect
new I-Effect
competitors I-Effect
as O
it B-Cause
moves I-Cause
away I-Cause
from I-Cause
the I-Cause
data I-Cause
center I-Cause
server I-Cause
toward I-Cause
the I-Cause
network I-Cause
edge I-Cause
and I-Cause
software-defined I-Cause
networking I-Cause
. O

Revenue O
seemed O
to O
have O
stabilised O
as O
well O
, O
although O
the B-Cause
current I-Cause
coronavirus I-Cause
pandemic I-Cause
is O
likely O
to O
lead O
to O
substantial B-Effect
top I-Effect
line I-Effect
volatility I-Effect
for I-Effect
Deutsche I-Effect
. O

Federal B-Cause
has I-Cause
been I-Cause
successful I-Cause
in I-Cause
developing I-Cause
new I-Cause
mixed-use I-Cause
assets I-Cause
that I-Cause
feature I-Cause
multifamily I-Cause
buildings I-Cause
inside I-Cause
a I-Cause
large I-Cause
shopping I-Cause
center I-Cause
complex. O
This O
provides B-Effect
residents I-Effect
grocery I-Effect
stores I-Effect
, I-Effect
luxury I-Effect
shopping I-Effect
, I-Effect
a I-Effect
range I-Effect
of I-Effect
restaurants I-Effect
, I-Effect
fitness I-Effect
centers I-Effect
, I-Effect
movie I-Effect
theaters I-Effect
, I-Effect
and I-Effect
other I-Effect
tenants I-Effect
to I-Effect
serve I-Effect
a I-Effect
range I-Effect
of I-Effect
needs I-Effect
. O

On B-Cause
profitability I-Cause
, O
we O
expect O
IBM B-Effect
's I-Effect
gross I-Effect
margins I-Effect
to I-Effect
gradually I-Effect
increase I-Effect
from I-Effect
48 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
near I-Effect
50 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
as I-Effect
customers I-Effect
switch I-Effect
over I-Effect
to I-Effect
SaaS I-Effect
subscriptions I-Effect
. O

Further O
, O
while O
the O
margin O
structure O
may O
ultimately O
be O
lower O
in O
Digital O
Experience O
relative O
to O
Creative O
Cloud O
, O
the O
company O
has O
worked O
to O
improve O
margins O
over O
time O
, O
and O
we O
believe O
Adobe B-Cause
must I-Cause
continue I-Cause
to I-Cause
drive I-Cause
down I-Cause
costs I-Cause
and I-Cause
expand I-Cause
margins I-Cause
to O
meet B-Effect
investor I-Effect
expectations I-Effect
. O

Not B-Cause
only I-Cause
has I-Cause
Oi I-Cause
lost I-Cause
market I-Cause
share I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
it I-Cause
has I-Cause
had I-Cause
to I-Cause
compete I-Cause
on I-Cause
price I-Cause
, O
leaving B-Effect
its I-Effect
share I-Effect
of I-Effect
wireless I-Effect
industry I-Effect
revenue I-Effect
a I-Effect
bit I-Effect
above I-Effect
10 I-Effect
% I-Effect
. O

We O
anticipate O
that O
the B-Cause
company I-Cause
will I-Cause
maintain I-Cause
an I-Cause
funds I-Cause
from I-Cause
operations I-Cause
payout I-Cause
ratio I-Cause
in O
the O
mid-60s O
, O
giving B-Effect
management I-Effect
room I-Effect
to I-Effect
increase I-Effect
dividends I-Effect
along I-Effect
the I-Effect
way I-Effect
. O

Post-Cavium O
merger O
, O
Marvell O
has O
a O
larger O
networking O
business O
that O
we O
believe O
is O
on B-Effect
better I-Effect
footing I-Effect
to I-Effect
compete I-Effect
due O
to O
gaining B-Cause
stronger I-Cause
lines I-Cause
of I-Cause
networking I-Cause
switch I-Cause
chips I-Cause
and I-Cause
embedded I-Cause
processers I-Cause
and I-Cause
greater I-Cause
exposure I-Cause
to I-Cause
growth I-Cause
markets I-Cause
. O

Free B-Effect
cash I-Effect
flow I-Effect
should I-Effect
be I-Effect
less I-Effect
volatile I-Effect
going I-Effect
forward I-Effect
and I-Effect
more I-Effect
closely I-Effect
matched I-Effect
to I-Effect
accounting I-Effect
profits I-Effect
as O
the B-Cause
industry I-Cause
moves I-Cause
away I-Cause
from I-Cause
large I-Cause
advance I-Cause
payments I-Cause
. O

The B-Cause
COVID-19 I-Cause
crisis I-Cause
has I-Cause
shocked I-Cause
the I-Cause
aviation I-Cause
industry I-Cause
and O
we O
expect O
a B-Effect
severe I-Effect
near-term I-Effect
decline I-Effect
in I-Effect
global I-Effect
revenue I-Effect
passenger I-Effect
kilometers I-Effect
. O

Sales B-Cause
representatives I-Cause
use I-Cause
mobile I-Cause
vans I-Cause
to I-Cause
deliver I-Cause
replacement I-Cause
tools I-Cause
and I-Cause
to I-Cause
show I-Cause
technicians I-Cause
their I-Cause
tool I-Cause
inventory I-Cause
for O
purchase B-Effect
right I-Effect
off I-Effect
the I-Effect
truck I-Effect
at I-Effect
the I-Effect
technician I-Effect
's I-Effect
workplace I-Effect
. O

The B-Cause
Americas I-Cause
business I-Cause
has O
been O
the O
key O
driver O
of O
Allegion B-Effect
's I-Effect
stable I-Effect
, I-Effect
industry-leading I-Effect
profitability I-Effect
, O
which O
is O
a O
testament O
to O
the O
firm O
's O
market O
position O
and O
pricing O
power O
. O

We B-Effect
also I-Effect
see I-Effect
governance I-Effect
risk I-Effect
from I-Effect
Teleflex I-Effect
's I-Effect
acquisition-heavy I-Effect
strategy I-Effect
, O
which O
we O
argue O
has O
likely O
been O
value-dilutive O
to O
shareholders O
over O
the O
past O
decade O
, O
given O
the B-Cause
impact I-Cause
large I-Cause
business I-Cause
purchases I-Cause
have I-Cause
had I-Cause
on I-Cause
return I-Cause
on I-Cause
invested I-Cause
capital I-Cause
. O

Orthopedic B-Effect
surgeons I-Effect
tend I-Effect
to I-Effect
be I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
vendors I-Effect
, O
as O
tools B-Cause
and I-Cause
implants I-Cause
used I-Cause
for I-Cause
surgery I-Cause
can I-Cause
vary I-Cause
significantly I-Cause
depending I-Cause
on I-Cause
the I-Cause
provider I-Cause
, O
which O
would O
lead O
to O
a O
steep B-Effect
learning I-Effect
curve I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
competitor I-Effect
's I-Effect
offerings I-Effect
. O

Hence O
, O
if B-Cause
a I-Cause
player I-Cause
decides I-Cause
to I-Cause
increase I-Cause
prices I-Cause
significantly I-Cause
, I-Cause
it I-Cause
is I-Cause
possible I-Cause
that I-Cause
its I-Cause
customers I-Cause
could I-Cause
switch I-Cause
to I-Cause
a I-Cause
competitor I-Cause
with I-Cause
a I-Cause
lower-priced I-Cause
, I-Cause
similar I-Cause
offering. O
As O
a O
result O
, O
Cadence B-Effect
can I-Effect
not I-Effect
enjoy I-Effect
significant I-Effect
pricing I-Effect
power I-Effect
over I-Effect
its I-Effect
customers I-Effect
, I-Effect
especially I-Effect
as I-Effect
the I-Effect
average I-Effect
contract I-Effect
length I-Effect
( I-Effect
three I-Effect
years I-Effect
) I-Effect
roughly I-Effect
coincides I-Effect
with I-Effect
the I-Effect
length I-Effect
of I-Effect
the I-Effect
node I-Effect
development I-Effect
process I-Effect
. O

Specifically O
, O
during O
bouts O
of O
oversupply B-Effect
in I-Effect
the I-Effect
memory I-Effect
space I-Effect
, O
the O
market O
would O
often O
find O
itself O
in O
a O
race O
to O
the B-Cause
bottom I-Cause
as I-Cause
lower-tier I-Cause
memory I-Cause
chipmakers I-Cause
would O
struggle O
financially O
and O
larger O
players O
could O
purchase O
equipment O
and O
fab O
space O
at O
attractive O
prices O
( O
Micron O
buying O
Inotera O
in O
2015 O
, O
for O
example O
) O
. O

After O
adjusting O
our O
model O
for O
first-quarter O
results O
, O
we B-Effect
increaed I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
207 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
198 I-Effect
as O
we B-Cause
adjust I-Cause
our I-Cause
midcycle I-Cause
operating I-Cause
margin I-Cause
upward I-Cause
to I-Cause
reflect I-Cause
increased I-Cause
cost I-Cause
synergies I-Cause
. O

We O
believe O
Grainger B-Cause
's I-Cause
technological I-Cause
capabilities I-Cause
, I-Cause
including I-Cause
its I-Cause
e-commerce I-Cause
sales I-Cause
channel I-Cause
, I-Cause
integrated I-Cause
customer I-Cause
purchasing I-Cause
and I-Cause
inventory I-Cause
management I-Cause
solutions I-Cause
, I-Cause
and I-Cause
warehouse I-Cause
automation I-Cause
, O
drive B-Effect
distribution I-Effect
efficiencies I-Effect
that O
would O
be O
difficult O
for O
smaller O
competitors O
to O
replicate O
. O

From O
an O
environmental O
, O
social O
, O
and O
governance O
perspective O
, O
we B-Effect
are I-Effect
mindful I-Effect
of I-Effect
longer-term I-Effect
lower I-Effect
refined I-Effect
product I-Effect
demand I-Effect
as O
we O
expect O
gasoline B-Cause
demand I-Cause
to I-Cause
decline I-Cause
in I-Cause
the I-Cause
years I-Cause
ahead I-Cause
with I-Cause
the I-Cause
growth I-Cause
in I-Cause
electric I-Cause
vehicles I-Cause
. O

In O
addition O
, O
we O
forecast O
the B-Effect
net I-Effect
charge-off I-Effect
ratio I-Effect
normalizing I-Effect
to I-Effect
0.65 I-Effect
% I-Effect
through I-Effect
the I-Effect
cycle I-Effect
, I-Effect
but I-Effect
being I-Effect
higher I-Effect
than I-Effect
this I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
as O
the B-Cause
effects I-Cause
of I-Cause
COVID-19 I-Cause
play I-Cause
out I-Cause
. O

Verisign O
's O
contracts O
with O
ICANN O
grant O
the O
firm O
the O
right O
to O
be O
the O
sole O
registry O
for O
these O
TLDs O
and O
come O
with O
the O
presumptive O
right O
of O
renewal O
; O
the B-Effect
firm I-Effect
thus I-Effect
effectively I-Effect
maintains I-Effect
over I-Effect
50 I-Effect
% I-Effect
market I-Effect
share I-Effect
within I-Effect
the I-Effect
TLD I-Effect
market I-Effect
, O
mostly O
thanks O
to O
the B-Cause
popularity I-Cause
of I-Cause
.com I-Cause
websites I-Cause
. O

We O
think O
that O
net B-Effect
interest I-Effect
margins I-Effect
will I-Effect
be I-Effect
under I-Effect
pressure I-Effect
for I-Effect
years I-Effect
, O
as O
the B-Cause
latest I-Cause
round I-Cause
of I-Cause
rate I-Cause
cuts I-Cause
plays I-Cause
out I-Cause
in I-Cause
2020 I-Cause
and I-Cause
2021 I-Cause
and I-Cause
then I-Cause
rates I-Cause
stay I-Cause
low I-Cause
for I-Cause
years I-Cause
. O

Reduced B-Cause
rig I-Cause
count I-Cause
and I-Cause
less I-Cause
drilling I-Cause
activity I-Cause
among I-Cause
Waste I-Cause
Connections I-Cause
' I-Cause
customers I-Cause
in I-Cause
the I-Cause
shale I-Cause
plays O
adversely O
affects O
its B-Effect
R360 I-Effect
oil I-Effect
and I-Effect
gas I-Effect
segment I-Effect
, O
which O
disposes O
of O
exploration O
and O
production O
byproducts O
. O

Specialty B-Effect
margins I-Effect
are I-Effect
also I-Effect
more I-Effect
than I-Effect
twice I-Effect
as I-Effect
high I-Effect
as I-Effect
commodity I-Effect
margins I-Effect
, O
as O
Ingredion B-Cause
commands I-Cause
more I-Cause
favorable I-Cause
pricing I-Cause
power I-Cause
for I-Cause
its I-Cause
specialty I-Cause
products I-Cause
. O

Also O
, O
Johnson O
& O
Johnson O
, O
Alcon O
, O
Bausch O
& O
Lomb O
and O
Cooper O
Vision O
, O
which O
together O
account O
for O
over O
97 O
% O
of O
all O
contacts O
, O
have O
set B-Cause
similar I-Cause
price I-Cause
floors I-Cause
for I-Cause
many I-Cause
of I-Cause
their I-Cause
contacts I-Cause
, O
preventing O
largely B-Effect
online I-Effect
, I-Effect
discount I-Effect
retailers I-Effect
from I-Effect
altering I-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
. O

There O
is O
some O
tenuous O
evidence O
of O
such O
an O
exodus O
emerging O
due O
to O
the B-Cause
coronavirus I-Cause
crisis I-Cause
, O
with O
some B-Effect
high I-Effect
profile I-Effect
tech I-Effect
firms I-Effect
shifting I-Effect
their I-Effect
presence I-Effect
to I-Effect
lower-cost I-Effect
regions I-Effect
across I-Effect
. O

However O
, O
it O
is O
investing B-Effect
to O
improve B-Cause
its I-Cause
emissions I-Cause
intensity I-Cause
and I-Cause
reduce I-Cause
upstream I-Cause
methane I-Cause
emissions I-Cause
by I-Cause
45 I-Cause
% I-Cause
by I-Cause
2025 I-Cause
compared I-Cause
with I-Cause
2010 I-Cause
. O

However O
, O
admittedly O
, O
the B-Effect
second I-Effect
10-year I-Effect
period I-Effect
carries I-Effect
significant I-Effect
uncertainty I-Effect
for I-Effect
both I-Effect
Tesla I-Effect
and I-Effect
the I-Effect
broader I-Effect
automotive I-Effect
industry I-Effect
given O
the B-Cause
rapid I-Cause
advancement I-Cause
of I-Cause
autonomous I-Cause
vehicle I-Cause
technologies I-Cause
that O
could O
transform B-Effect
how I-Effect
consumers I-Effect
use I-Effect
vehicles I-Effect
. O

Caterpillar B-Cause
's I-Cause
strategy I-Cause
to I-Cause
launch I-Cause
new I-Cause
offerings I-Cause
focused I-Cause
on I-Cause
customer I-Cause
needs I-Cause
by I-Cause
segment I-Cause
has O
led O
to O
the B-Cause
development I-Cause
of I-Cause
high-quality I-Cause
products I-Cause
customers I-Cause
value I-Cause
, O
strengthening B-Effect
its I-Effect
brand I-Effect
and I-Effect
competitive I-Effect
positioning I-Effect
. O

Disrupting B-Effect
the I-Effect
design I-Effect
process I-Effect
by O
replacing/eliminating B-Cause
these I-Cause
tools I-Cause
would O
have B-Effect
an I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
business I-Effect
operations I-Effect
and I-Effect
slow I-Effect
down I-Effect
the I-Effect
pace I-Effect
of I-Effect
innovation I-Effect
. O

If O
we O
increase B-Cause
Zurich I-Cause
's I-Cause
2019 I-Cause
North I-Cause
America I-Cause
workers I-Cause
' I-Cause
comp I-Cause
claims I-Cause
by I-Cause
60 I-Cause
percentage I-Cause
points I-Cause
, O
this O
represents O
close B-Effect
to I-Effect
a I-Effect
120 I-Effect
% I-Effect
ultimate I-Effect
loss I-Effect
ratio I-Effect
and I-Effect
$ I-Effect
1.275 I-Effect
billion I-Effect
increase I-Effect
in I-Effect
ultimate I-Effect
losses I-Effect
. O

We O
project O
that O
such O
costs O
will O
keep O
Snap O
in O
the O
red O
in O
the O
near-term O
, O
but O
ongoing B-Cause
revenue I-Cause
growth I-Cause
and I-Cause
gross I-Cause
margin I-Cause
expansion I-Cause
, O
will O
lead O
to O
operating B-Effect
leverage I-Effect
and I-Effect
help I-Effect
Snap I-Effect
become I-Effect
profitable I-Effect
in I-Effect
2022 I-Effect
, I-Effect
with I-Effect
further I-Effect
expansion I-Effect
thereafter I-Effect
. O

Still O
, O
we O
think O
there B-Effect
is I-Effect
a I-Effect
low I-Effect
probability I-Effect
that I-Effect
any I-Effect
one I-Effect
player I-Effect
will I-Effect
dominate I-Effect
online I-Effect
distribution I-Effect
, O
given O
the B-Cause
market I-Cause
power I-Cause
of I-Cause
the I-Cause
big I-Cause
brands I-Cause
and I-Cause
their I-Cause
reluctance I-Cause
to I-Cause
depend I-Cause
on I-Cause
a I-Cause
single I-Cause
party I-Cause
for I-Cause
online I-Cause
distribution I-Cause
. O

In O
2011 O
, O
for O
example O
, O
the B-Cause
company I-Cause
lost I-Cause
a I-Cause
large I-Cause
fee-for-service I-Cause
contract I-Cause
packaging I-Cause
customer I-Cause
, O
which O
contributed O
to O
a B-Effect
year-over-year I-Effect
sales I-Effect
decline I-Effect
in I-Effect
the I-Effect
packaging I-Effect
services I-Effect
segment I-Effect
in I-Effect
the I-Effect
first I-Effect
quarter I-Effect
of I-Effect
2012 I-Effect
. O

We O
expect O
approximately B-Effect
7 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
PerkinElmer I-Effect
through I-Effect
2024 I-Effect
, O
driven O
mostly O
by O
the B-Cause
enhanced I-Cause
mix I-Cause
shift I-Cause
in I-Cause
diagnostics I-Cause
and I-Cause
life I-Cause
sciences I-Cause
. O

Even O
with O
more O
retailers O
looking O
to O
expand O
online O
, O
we O
believe O
Amazon B-Effect
will I-Effect
maintain I-Effect
its I-Effect
consumer I-Effect
proposition I-Effect
through O
expedited O
Prime B-Cause
shipping I-Cause
, I-Cause
an I-Cause
expanding I-Cause
digital I-Cause
content I-Cause
library I-Cause
, I-Cause
and I-Cause
new I-Cause
customer I-Cause
services O
. O

A B-Effect
downturn I-Effect
in I-Effect
the I-Effect
economy I-Effect
would I-Effect
slow I-Effect
overall I-Effect
growth I-Effect
, O
as O
Mastercard B-Cause
's I-Cause
revenue I-Cause
is I-Cause
sensitive I-Cause
to I-Cause
the I-Cause
volume I-Cause
and I-Cause
dollar I-Cause
amount I-Cause
of I-Cause
consumer I-Cause
transactions I-Cause
. O

Like O
their O
online O
counterparts O
, O
Roku O
can O
provide O
advertisers B-Cause
with I-Cause
a I-Cause
wealth I-Cause
of I-Cause
behavioral I-Cause
information I-Cause
about I-Cause
users I-Cause
including I-Cause
location I-Cause
, O
time B-Cause
watching I-Cause
, O
type B-Cause
of I-Cause
content I-Cause
, O
and O
other O
specifics O
to O
make B-Effect
the I-Effect
advertising I-Effect
more I-Effect
valuable I-Effect
. O

We O
believe O
there O
are O
some O
switching O
costs O
for O
this O
side O
of O
the O
business O
but O
that O
scale B-Cause
and I-Cause
the I-Cause
resulting I-Cause
cost I-Cause
advantage I-Cause
is O
the O
dominant B-Effect
competitive I-Effect
factor I-Effect
. O

Growth B-Effect
may I-Effect
slow I-Effect
in I-Effect
fiscal I-Effect
2023 I-Effect
on O
tough B-Cause
comparisons I-Cause
and I-Cause
a I-Cause
potential I-Cause
downshift I-Cause
in I-Cause
consumer I-Cause
goods I-Cause
spending I-Cause
, O
but O
we O
do O
n't O
expect O
a O
material O
pullback O
. O

With O
a B-Cause
midteens I-Cause
percentage I-Cause
of I-Cause
GDP I-Cause
and I-Cause
nearly I-Cause
10 I-Cause
% I-Cause
of I-Cause
jobs I-Cause
coming I-Cause
from I-Cause
natural-resource-related I-Cause
sectors I-Cause
, O
any B-Effect
demand I-Effect
side I-Effect
shock I-Effect
or I-Effect
drastic I-Effect
decline I-Effect
in I-Effect
commodity I-Effect
prices I-Effect
could I-Effect
be I-Effect
a I-Effect
large I-Effect
negative I-Effect
. O

We B-Effect
model I-Effect
Zscaler I-Effect
expanding I-Effect
gross I-Effect
margins I-Effect
beyond I-Effect
80 I-Effect
% I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
, O
an O
increase O
from O
roughly O
78 O
% O
in O
fiscal O
2020 O
, O
as O
it B-Cause
leverages I-Cause
its I-Cause
growing I-Cause
footprint I-Cause
in I-Cause
colocation I-Cause
data I-Cause
centers I-Cause
to I-Cause
serve I-Cause
an I-Cause
increasing I-Cause
number I-Cause
of I-Cause
customers I-Cause
deploying I-Cause
multiple I-Cause
Zscaler I-Cause
capabilities I-Cause
. O

Furthermore O
, O
EMR B-Cause
systems I-Cause
are I-Cause
long-term I-Cause
investments I-Cause
, O
and O
stronger O
systems O
are O
less O
likely O
to O
switch B-Effect
to I-Effect
a I-Effect
weaker I-Effect
and I-Effect
smaller I-Effect
HCIT I-Effect
provider I-Effect
with O
limited O
if O
any O
incremental O
value O
adds O
from O
their O
current O
solutions O
. O

Often O
these O
inquiries O
are O
from O
individual O
repair O
shop O
customers O
who O
are O
time-pressed O
to O
complete O
a B-Effect
job I-Effect
that I-Effect
may I-Effect
be I-Effect
stalled I-Effect
by O
lack B-Cause
of I-Cause
a I-Cause
single I-Cause
part I-Cause
. O

Baker B-Effect
's I-Effect
Latin I-Effect
American I-Effect
margins I-Effect
fell I-Effect
to I-Effect
less I-Effect
than I-Effect
3 I-Effect
% I-Effect
in I-Effect
2013 I-Effect
, O
owing O
greatly O
to O
Brazilian B-Cause
falling I-Cause
well I-Cause
below I-Cause
expectations I-Cause
as I-Cause
well I-Cause
as I-Cause
falling I-Cause
pricing I-Cause
. O

We O
expect O
pent-up B-Cause
replacement I-Cause
demand I-Cause
in I-Cause
the I-Cause
agriculture I-Cause
and I-Cause
turf I-Cause
business I-Cause
to O
spur B-Effect
sales I-Effect
growth I-Effect
to I-Effect
nearly I-Effect
8 I-Effect
% I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

Merger O
synergies O
should O
fuel O
Keurig O
Dr O
Pepper O
's O
strategic O
initiatives O
, O
with O
management O
targeting O
$ O
600 O
million O
in O
cost B-Effect
savings I-Effect
( O
5 O
% O
-6 O
% O
of O
sales O
) O
by O
2021 O
through O
consolidated B-Cause
distribution I-Cause
, I-Cause
procurement I-Cause
leverage I-Cause
, I-Cause
and I-Cause
administrative I-Cause
streamlining I-Cause
. O

First O
, O
as O
with O
other O
point-of-care O
diagnostics O
, O
Dexcom B-Effect
generally I-Effect
faces I-Effect
low I-Effect
switching I-Effect
costs I-Effect
, O
as O
patients B-Cause
can I-Cause
fairly I-Cause
easily I-Cause
swap I-Cause
out I-Cause
one I-Cause
CGM I-Cause
for I-Cause
another I-Cause
. O

However O
, O
the B-Effect
industrial I-Effect
segment I-Effect
will I-Effect
fuel I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
, O
as O
the B-Cause
firm I-Cause
's I-Cause
footprint I-Cause
consolidation I-Cause
initiatives I-Cause
in I-Cause
this I-Cause
sector I-Cause
help I-Cause
expand I-Cause
its I-Cause
adjusted I-Cause
operating I-Cause
margin I-Cause
from I-Cause
16 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2019 I-Cause
before I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
( I-Cause
14 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
) I-Cause
to I-Cause
18 I-Cause
% I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
our I-Cause
forecast I-Cause
. O

In B-Cause
addition I-Cause
to I-Cause
the I-Cause
leased I-Cause
network I-Cause
-- I-Cause
which I-Cause
results I-Cause
in I-Cause
relatively I-Cause
low I-Cause
capital I-Cause
spending I-Cause
needs I-Cause
-- I-Cause
and I-Cause
lack I-Cause
of I-Cause
a I-Cause
metro I-Cause
footprint I-Cause
, O
GTT B-Effect
distinguishes I-Effect
itself I-Effect
from I-Effect
its I-Effect
bigger I-Effect
competitors I-Effect
by O
focusing B-Cause
exclusively I-Cause
on I-Cause
large I-Cause
entities I-Cause
with I-Cause
global I-Cause
interconnection I-Cause
needs I-Cause
that I-Cause
a I-Cause
single I-Cause
carrier I-Cause
's I-Cause
network I-Cause
is I-Cause
unlikely I-Cause
to I-Cause
meet I-Cause
. O

We O
expect O
connected B-Effect
data I-Effect
centers I-Effect
to I-Effect
become I-Effect
even I-Effect
more I-Effect
important I-Effect
with O
growing B-Cause
reliance I-Cause
on I-Cause
multiple I-Cause
cloud I-Cause
providers I-Cause
and I-Cause
greater I-Cause
demand I-Cause
for I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
and I-Cause
artificial I-Cause
intelligence I-Cause
functions I-Cause
. O

In O
our O
view O
, O
OEMs B-Effect
and I-Effect
Tier I-Effect
1 I-Effect
suppliers I-Effect
into I-Effect
the I-Effect
aforementioned I-Effect
mission-critical I-Effect
systems I-Effect
are I-Effect
extremely I-Effect
risk-averse I-Effect
when I-Effect
selecting I-Effect
suppliers I-Effect
, O
as O
the B-Cause
cost I-Cause
of I-Cause
system I-Cause
failure I-Cause
can I-Cause
result I-Cause
in I-Cause
human I-Cause
injury I-Cause
, I-Cause
death I-Cause
, I-Cause
or I-Cause
at I-Cause
the I-Cause
very I-Cause
least I-Cause
significant I-Cause
productivity I-Cause
disruption I-Cause
and I-Cause
reputational I-Cause
damage I-Cause
. O

We O
think O
that O
the B-Cause
development I-Cause
of I-Cause
the I-Cause
Columbia-class I-Cause
submarine I-Cause
and I-Cause
a I-Cause
large I-Cause
backlog I-Cause
ought O
to O
allow O
Huntington B-Effect
Ingalls I-Effect
to I-Effect
continue I-Effect
growing I-Effect
despite O
a O
slowing O
budgetary O
environment O
. O

Several B-Cause
of I-Cause
Nestle I-Cause
's I-Cause
categories I-Cause
are I-Cause
becoming I-Cause
increasingly I-Cause
competitive I-Cause
and I-Cause
pricing I-Cause
power I-Cause
is I-Cause
waning I-Cause
, O
and O
we O
do O
not O
expect O
pricing B-Effect
to I-Effect
be I-Effect
as I-Effect
strong I-Effect
of I-Effect
a I-Effect
growth I-Effect
driver I-Effect
in I-Effect
the I-Effect
future I-Effect
as O
it O
has O
been O
in O
the O
past O
. O

Welltower B-Effect
has I-Effect
established I-Effect
itself I-Effect
as I-Effect
a I-Effect
desirable I-Effect
partner I-Effect
with O
some O
of O
the O
top B-Cause
hospitals I-Cause
as I-Cause
95 I-Cause
% I-Cause
of I-Cause
Welltower I-Cause
's I-Cause
MOB I-Cause
assets I-Cause
are I-Cause
affiliated I-Cause
with I-Cause
a I-Cause
health I-Cause
system I-Cause
. I-Cause

This O
is O
bolstered O
by O
Community O
Intelligence O
, O
which O
powers O
AI-driven O
insights O
into O
spending O
habits O
-- O
as O
business B-Cause
spend I-Cause
within I-Cause
Coupa I-Cause
's I-Cause
platform I-Cause
grows I-Cause
, O
the B-Effect
value I-Effect
derived I-Effect
by I-Effect
businesses I-Effect
from I-Effect
Coupa I-Effect
's I-Effect
AI I-Effect
grows I-Effect
as I-Effect
well I-Effect
. O

In O
2019 O
, O
all B-Cause
other I-Cause
offered I-Cause
the I-Cause
highest I-Cause
ROIC I-Cause
( I-Cause
23.1 I-Cause
% I-Cause
) I-Cause
but I-Cause
the I-Cause
lowest I-Cause
operating I-Cause
margin I-Cause
( I-Cause
9.3 I-Cause
% I-Cause
) I-Cause
compared I-Cause
with I-Cause
Cintas I-Cause
' I-Cause
other I-Cause
segments I-Cause
, O
meaning O
the B-Effect
business I-Effect
can I-Effect
offer I-Effect
profitably I-Effect
without I-Effect
the I-Effect
need I-Effect
for I-Effect
large I-Effect
commitments I-Effect
of I-Effect
capital I-Effect
. O

Global B-Effect
forwarding I-Effect
net I-Effect
revenue I-Effect
jumped I-Effect
18 O
% O
on O
robust B-Cause
airfreight I-Cause
pricing I-Cause
rooted I-Cause
in I-Cause
limited I-Cause
belly I-Cause
space I-Cause
capacity I-Cause
amid I-Cause
heavy I-Cause
airlift I-Cause
demand I-Cause
. O

We O
assume O
average O
compound O
annual O
revenue O
growth O
of O
roughly O
7 O
% O
through O
2025 O
, O
fueled O
by O
8 O
% O
growth O
in O
the O
consumer O
solutions O
segment O
, O
where O
we O
think O
Pentair B-Effect
can I-Effect
continue I-Effect
to I-Effect
capture I-Effect
incremental I-Effect
market I-Effect
share I-Effect
gains I-Effect
thanks O
to O
its O
continuous B-Cause
innovation I-Cause
. O

We O
believe O
the B-Cause
company-owned I-Cause
distribution I-Cause
networks I-Cause
allow O
the B-Effect
firm I-Effect
to I-Effect
better I-Effect
control I-Effect
its I-Effect
sales I-Effect
strategy I-Effect
and I-Effect
marketing I-Effect
efforts I-Effect
, O
while O
also O
directly B-Effect
providing I-Effect
training I-Effect
and I-Effect
support I-Effect
to I-Effect
the I-Effect
contractors I-Effect
that I-Effect
install I-Effect
and I-Effect
service I-Effect
Lennox I-Effect
's I-Effect
products I-Effect
. O

Coty O
faces O
several O
environmental O
, O
social O
, O
and O
governance O
risks O
, O
such O
as O
significant O
use O
of O
fresh O
water O
, O
potential B-Cause
harmful I-Cause
ingredients I-Cause
in I-Cause
products I-Cause
( O
which O
can O
lead O
to O
recalls B-Effect
or I-Effect
litigation I-Effect
) O
, O
pushback O
on O
animal O
testing O
, O
and O
insufficient B-Cause
governance I-Cause
which O
has O
allowed O
a B-Effect
series I-Effect
of I-Effect
value-destroying I-Effect
acquisitions I-Effect
. I-Effect

Expectations B-Cause
of I-Cause
record I-Cause
industry I-Cause
RV I-Cause
demand I-Cause
for I-Cause
calendar I-Cause
2021 I-Cause
, I-Cause
with I-Cause
a I-Cause
projected I-Cause
increase I-Cause
from I-Cause
2020 I-Cause
of I-Cause
as I-Cause
much I-Cause
as I-Cause
26 I-Cause
% I-Cause
and I-Cause
record I-Cause
backlog I-Cause
, O
do B-Effect
not I-Effect
give I-Effect
us I-Effect
reason I-Effect
to I-Effect
be I-Effect
apprehensive I-Effect
about I-Effect
Winnebago I-Effect
's I-Effect
results I-Effect
for I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

However O
, O
the B-Cause
company I-Cause
's I-Cause
focus I-Cause
on I-Cause
producing I-Cause
fields I-Cause
that I-Cause
essentially I-Cause
sit I-Cause
at I-Cause
the I-Cause
low I-Cause
end I-Cause
of I-Cause
the I-Cause
industry I-Cause
cost I-Cause
curve I-Cause
gives O
it O
more B-Effect
insulation I-Effect
than I-Effect
most I-Effect
peers I-Effect
against I-Effect
a I-Effect
weaker I-Effect
industry I-Effect
environment I-Effect
. O

The B-Effect
main I-Effect
risk I-Effect
for I-Effect
MPLX I-Effect
is I-Effect
the I-Effect
future I-Effect
production I-Effect
levels I-Effect
of I-Effect
the I-Effect
Appalachian I-Effect
region I-Effect
, O
given O
that O
this B-Cause
is I-Cause
essentially I-Cause
driving I-Cause
the I-Cause
entire I-Cause
asset I-Cause
base I-Cause
. O

As O
compliance B-Cause
needs I-Cause
have I-Cause
risen I-Cause
and I-Cause
investors I-Cause
continue I-Cause
to I-Cause
shift I-Cause
toward I-Cause
passive I-Cause
investment I-Cause
vehicles I-Cause
, O
the B-Effect
need I-Effect
for I-Effect
reliable I-Effect
pricing I-Effect
data I-Effect
has I-Effect
increased I-Effect
. O

We O
think O
this B-Cause
dynamic I-Cause
gives O
the B-Effect
hyperscalers I-Effect
great I-Effect
leverage I-Effect
over I-Effect
CyrusOne I-Effect
, O
and O
even O
if O
they O
remain O
customers O
, O
they O
may O
extract O
terms O
that O
are O
a O
bit O
too O
favorable O
. O

Market O
research O
suggests O
that O
the B-Effect
younger I-Effect
generations I-Effect
tend I-Effect
to I-Effect
be I-Effect
less I-Effect
loyal I-Effect
to I-Effect
online I-Effect
shopping I-Effect
platforms I-Effect
, O
as O
their B-Cause
comfort I-Cause
with I-Cause
shopping I-Cause
online I-Cause
is I-Cause
high I-Cause
and I-Cause
safety I-Cause
concerns I-Cause
diminished I-Cause
. O

Given O
the B-Cause
immense I-Cause
risk I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
in I-Cause
designing I-Cause
complex I-Cause
products I-Cause
such O
as O
fighter O
aircraft O
, O
this B-Effect
dynamic I-Effect
works I-Effect
in I-Effect
the I-Effect
contractor I-Effect
's I-Effect
favor I-Effect
. I-Effect

Burlington B-Effect
also I-Effect
uses I-Effect
its I-Effect
supply I-Effect
chain I-Effect
and I-Effect
distribution I-Effect
agility I-Effect
to I-Effect
take I-Effect
opportunistic I-Effect
positions I-Effect
in I-Effect
product I-Effect
categories I-Effect
as O
attractive B-Cause
off-season I-Cause
buying I-Cause
opportunities I-Cause
arise I-Cause
. O

We B-Effect
view I-Effect
the I-Effect
acquisition I-Effect
positively I-Effect
, O
seeing O
potential O
upside O
as O
Hardie B-Cause
looks I-Cause
to I-Cause
use I-Cause
the I-Cause
business I-Cause
as I-Cause
a I-Cause
means I-Cause
to I-Cause
attaining I-Cause
better I-Cause
penetration I-Cause
of I-Cause
fibre I-Cause
cement I-Cause
product I-Cause
in I-Cause
Europe I-Cause
. O

Volume B-Effect
shares I-Effect
at I-Effect
the I-Effect
manufacturer I-Effect
level I-Effect
have I-Effect
been I-Effect
very I-Effect
stable I-Effect
for I-Effect
decades I-Effect
, O
primarily O
, O
we O
believe O
, O
because O
the B-Cause
lack I-Cause
of I-Cause
marketing I-Cause
communication I-Cause
has I-Cause
discouraged I-Cause
brand I-Cause
switching I-Cause
. O

We B-Cause
have I-Cause
lowered I-Cause
our I-Cause
uncertainty I-Cause
to I-Cause
high I-Cause
from I-Cause
extreme I-Cause
, O
as O
we B-Cause
believe I-Cause
the I-Cause
company I-Cause
's I-Cause
divestitures I-Cause
will I-Cause
provide I-Cause
the I-Cause
necessary I-Cause
resources I-Cause
and I-Cause
potentially I-Cause
free I-Cause
up I-Cause
distractions I-Cause
and O
enable O
management B-Effect
to I-Effect
focus I-Effect
on I-Effect
bolstering I-Effect
its I-Effect
core I-Effect
services I-Effect
. O

Pricing O
power O
is O
strong O
where O
consumers O
have O
an O
aversion O
to O
taking O
a O
risk O
on O
an O
unfamiliar O
product O
( O
such O
as O
infant O
formula O
and O
pet O
food O
) O
, O
as O
the B-Cause
perceived I-Cause
downside I-Cause
risk I-Cause
of I-Cause
untested I-Cause
products I-Cause
makes O
brand B-Effect
recognition I-Effect
highly I-Effect
influential I-Effect
in I-Effect
the I-Effect
purchasing I-Effect
decision I-Effect
. O

Administrative B-Cause
cost I-Cause
savings I-Cause
from O
the O
merger O
, O
in O
addition O
to O
streamlined B-Cause
logistics I-Cause
and O
additional B-Cause
route I-Cause
density I-Cause
, O
should O
bring B-Effect
further I-Effect
leverage I-Effect
to I-Effect
the I-Effect
operating I-Effect
income I-Effect
line I-Effect
, O
and O
we O
model O
these O
margins O
widening O
to O
25.5 O
% O
in O
2024 O
from O
21.4 O
% O
in O
2019 O
. O

Risks B-Cause
remain I-Cause
around I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
an I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccines I-Cause
are I-Cause
globally I-Cause
available I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

Firmwide B-Effect
margin I-Effect
expansion I-Effect
will I-Effect
be I-Effect
limited I-Effect
by O
a B-Cause
higher I-Cause
revenue I-Cause
mix I-Cause
shift I-Cause
to I-Cause
the I-Cause
lower-margin I-Cause
international I-Cause
business I-Cause
and I-Cause
the I-Cause
significant I-Cause
international I-Cause
building I-Cause
of I-Cause
new I-Cause
towers I-Cause
, I-Cause
which I-Cause
start I-Cause
with I-Cause
fewer I-Cause
tenants I-Cause
and I-Cause
therefore I-Cause
lower I-Cause
margins I-Cause
. O

We O
attribute O
this B-Effect
tepid I-Effect
performance I-Effect
to O
the O
lagging B-Cause
categories I-Cause
in I-Cause
which I-Cause
it I-Cause
plays I-Cause
, I-Cause
being I-Cause
overexposed I-Cause
to I-Cause
the I-Cause
underperforming I-Cause
subsegments I-Cause
within I-Cause
its I-Cause
categories I-Cause
, I-Cause
combined I-Cause
with I-Cause
product I-Cause
innovation I-Cause
that I-Cause
has I-Cause
failed I-Cause
to I-Cause
make I-Cause
a I-Cause
meaningful I-Cause
impact I-Cause
against I-Cause
these I-Cause
headwinds I-Cause
. O

On O
the O
expense O
side O
, O
we O
believe O
that O
the B-Effect
segment I-Effect
will I-Effect
not I-Effect
break I-Effect
even I-Effect
on I-Effect
an I-Effect
operating I-Effect
margin I-Effect
basis I-Effect
until I-Effect
2022 I-Effect
as O
the B-Cause
leverage I-Cause
in I-Cause
the I-Cause
model I-Cause
depends I-Cause
on I-Cause
scale I-Cause
. O

While B-Effect
we I-Effect
expect I-Effect
Jakafi I-Effect
patent I-Effect
loss I-Effect
in I-Effect
2028 I-Effect
, I-Effect
we I-Effect
still I-Effect
see I-Effect
ROICs I-Effect
north I-Effect
of I-Effect
20 I-Effect
% I-Effect
throughout I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
period I-Effect
, O
due O
to O
a B-Cause
portfolio I-Cause
of I-Cause
at I-Cause
least I-Cause
four I-Cause
other I-Cause
products I-Cause
with I-Cause
significant I-Cause
expected I-Cause
sales I-Cause
by I-Cause
2029 I-Cause
and I-Cause
royalty I-Cause
streams I-Cause
from I-Cause
collaborators I-Cause
on I-Cause
additional I-Cause
Incyte-discovered I-Cause
drugs I-Cause
. O

Network B-Cause
segments I-Cause
will I-Cause
slide I-Cause
down I-Cause
slightly I-Cause
to I-Cause
56 I-Cause
% I-Cause
in I-Cause
2024 I-Cause
from I-Cause
58 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
as I-Cause
the I-Cause
content I-Cause
costs I-Cause
will I-Cause
expand I-Cause
just I-Cause
ahead I-Cause
of I-Cause
revenue I-Cause
growth. O
As O
a O
result O
, O
EBITDA B-Effect
margin I-Effect
for I-Effect
the I-Effect
firm I-Effect
will I-Effect
fall I-Effect
to I-Effect
40.5 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
, I-Effect
down I-Effect
from I-Effect
41.9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
for I-Effect
Discovery I-Effect
. O

However O
, O
looking O
forward O
we O
see O
the B-Effect
risk I-Effect
of I-Effect
repeat I-Effect
event I-Effect
as O
significantly B-Cause
diminished I-Cause
governance I-Cause
risk I-Cause
as O
following O
the O
EC O
's O
findings O
, O
the B-Cause
elevator I-Cause
OEMs I-Cause
put I-Cause
in I-Cause
place I-Cause
internal I-Cause
controls I-Cause
to O
prevent O
future B-Effect
collusion I-Effect
incidences I-Effect
. O

This O
operational B-Cause
performance I-Cause
and O
the B-Cause
resulting I-Cause
relationships I-Cause
should O
allow O
Southern O
to O
earn B-Effect
above I-Effect
our I-Effect
estimate I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for O
the O
foreseeable O
future O
. O

Furthermore O
, O
the B-Cause
change I-Cause
in I-Cause
consumer I-Cause
preferences I-Cause
has O
created O
a B-Cause
demand I-Cause
dislocation I-Cause
that O
has O
allowed O
new B-Cause
players I-Cause
like I-Cause
Aerie I-Cause
and I-Cause
Third I-Cause
Love I-Cause
to I-Cause
enter I-Cause
and I-Cause
succeed I-Cause
in I-Cause
the I-Cause
intimates I-Cause
' I-Cause
market I-Cause
, O
creating O
permanent B-Effect
long-term I-Effect
competition I-Effect
in I-Effect
the I-Effect
category I-Effect
. O

However O
, O
we O
think O
entry B-Cause
into I-Cause
white-space I-Cause
categories I-Cause
and I-Cause
small I-Cause
acquisitions I-Cause
, I-Cause
particularly I-Cause
in I-Cause
parts I-Cause
and I-Cause
accessories I-Cause
as I-Cause
well I-Cause
as I-Cause
marine I-Cause
, O
are O
possible O
and O
could O
hike B-Effect
margins I-Effect
modestly I-Effect
. O

Due O
to O
size B-Cause
and I-Cause
cost I-Cause
advantages I-Cause
, O
high B-Effect
street I-Effect
banks I-Effect
can I-Effect
be I-Effect
more I-Effect
selective I-Effect
as I-Effect
to I-Effect
which I-Effect
products I-Effect
and I-Effect
risks I-Effect
to I-Effect
take I-Effect
on I-Effect
their I-Effect
balance I-Effect
sheet I-Effect
when I-Effect
competition I-Effect
of I-Effect
mostly I-Effect
wholesale I-Effect
funded I-Effect
challengers I-Effect
increases I-Effect
, O
driving B-Effect
down I-Effect
prices I-Effect
and I-Effect
risk-adjusted I-Effect
returns I-Effect
. O

For O
instance O
, O
Weixin B-Effect
Moments I-Effect
' I-Effect
ad I-Effect
revenue I-Effect
continued I-Effect
to I-Effect
grow I-Effect
as O
advertisers B-Cause
can I-Cause
link I-Cause
their I-Cause
ads I-Cause
with I-Cause
their I-Cause
miniprograms I-Cause
to I-Cause
complete I-Cause
transactions I-Cause
. O

Thus O
, O
economic B-Cause
disruption I-Cause
from I-Cause
potentially I-Cause
recurring I-Cause
government I-Cause
lockdowns I-Cause
and I-Cause
restrictions I-Cause
brings O
elevated B-Effect
uncertainty I-Effect
to I-Effect
our I-Effect
volume I-Effect
and I-Effect
pricing I-Effect
assumptions I-Effect
for I-Effect
2021 I-Effect
. O

While O
American O
does O
not O
have O
any O
major O
non-aircraft O
debt O
maturities O
until O
2022 O
, O
we O
think O
that O
capital B-Effect
markets I-Effect
would I-Effect
be I-Effect
less I-Effect
willing I-Effect
to I-Effect
provide I-Effect
American I-Effect
with I-Effect
additional I-Effect
funding I-Effect
if O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
becomes I-Cause
substantially I-Cause
worse I-Cause
than O
we O
anticipate O
. O

We O
believe O
that O
VeriSign B-Cause
's I-Cause
strong I-Cause
operating I-Cause
history I-Cause
( O
over O
23 O
years O
of O
continuous O
availability O
of O
the O
.net O
and O
.com O
domain O
name O
systems O
) O
makes O
it O
highly O
likely O
that O
it B-Effect
will I-Effect
continue I-Effect
to I-Effect
see I-Effect
its I-Effect
key I-Effect
contracts I-Effect
renewed I-Effect
, I-Effect
providing I-Effect
room I-Effect
for I-Effect
additional I-Effect
revenue I-Effect
growth I-Effect
while I-Effect
maintaining I-Effect
exceptional I-Effect
operating I-Effect
margins I-Effect
. O

However O
, O
with O
the B-Cause
total I-Cause
company I-Cause
size I-Cause
now I-Cause
dwarfing I-Cause
its I-Cause
peers I-Cause
, O
there B-Effect
are I-Effect
only I-Effect
a I-Effect
very I-Effect
few I-Effect
scenarios I-Effect
probable I-Effect
of I-Effect
an I-Effect
acquisition I-Effect
large I-Effect
enough I-Effect
to I-Effect
make I-Effect
a I-Effect
material I-Effect
dent I-Effect
in I-Effect
ROICs I-Effect
. O

CoreSite B-Effect
does I-Effect
not I-Effect
compete I-Effect
on I-Effect
price I-Effect
with I-Effect
most I-Effect
other I-Effect
data I-Effect
center I-Effect
operators I-Effect
because O
of O
the B-Cause
value I-Cause
it I-Cause
provides I-Cause
with I-Cause
its I-Cause
connected I-Cause
buildings I-Cause
. O

As O
Corteva B-Cause
sells I-Cause
a I-Cause
greater I-Cause
proportion I-Cause
of I-Cause
patented I-Cause
crop I-Cause
protection I-Cause
products I-Cause
and I-Cause
Enlist I-Cause
seeds I-Cause
, O
we O
expect O
companywide B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
expand I-Effect
from I-Effect
a I-Effect
little I-Effect
under I-Effect
15 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
over I-Effect
20 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
. O

That O
said O
, O
with O
some B-Cause
of I-Cause
the I-Cause
most I-Cause
profitable I-Cause
assets I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
Crown B-Effect
's I-Effect
food I-Effect
business I-Effect
should I-Effect
create I-Effect
plenty I-Effect
of I-Effect
cash I-Effect
flow I-Effect
to I-Effect
allocate I-Effect
to I-Effect
more I-Effect
attractive I-Effect
opportunities I-Effect
over I-Effect
time I-Effect
. O

Within O
the O
defense O
exposure O
, O
we O
see O
similar O
dynamics O
to O
the O
commercial O
aerospace O
exposure O
, O
though O
carbon B-Effect
fiber I-Effect
has I-Effect
not I-Effect
penetrated I-Effect
the I-Effect
defense I-Effect
market I-Effect
due O
to O
defense B-Cause
users I-Cause
requiring I-Cause
performance I-Cause
over I-Cause
fuel I-Cause
efficiency I-Cause
. O

These B-Effect
brand I-Effect
extensions I-Effect
help I-Effect
keep I-Effect
the I-Effect
Williams-Sonoma I-Effect
portfolio I-Effect
relevant I-Effect
throughout I-Effect
consumer I-Effect
life I-Effect
cycles I-Effect
by O
catering B-Cause
to I-Cause
different I-Cause
needs I-Cause
at I-Cause
disparate I-Cause
life I-Cause
cycle I-Cause
positions I-Cause
. O

Avangrid B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
invest I-Effect
further I-Effect
in I-Effect
offshore I-Effect
wind I-Effect
projects I-Effect
during I-Effect
the I-Effect
coming I-Effect
decade I-Effect
, O
as O
the O
Northeast B-Cause
looks I-Cause
to I-Cause
the I-Cause
Atlantic I-Cause
to I-Cause
meet I-Cause
its I-Cause
aggressive I-Cause
state I-Cause
renewable I-Cause
energy I-Cause
requirements I-Cause
. O

Banco B-Cause
de I-Cause
Chile I-Cause
's I-Cause
reputation I-Cause
and I-Cause
illustrious I-Cause
history I-Cause
have O
allowed O
it O
to O
attract O
a O
high O
proportion O
of O
noninterest-bearing O
deposits O
, O
resulting O
in O
the B-Effect
lowest I-Effect
cost I-Effect
of I-Effect
funding I-Effect
in I-Effect
the I-Effect
Chilean I-Effect
banking I-Effect
industry I-Effect
. O

Over O
the O
near O
term O
, O
we O
remain O
concerned O
that O
the O
supply B-Cause
chain I-Cause
could I-Cause
intermittently I-Cause
be I-Cause
disrupted I-Cause
as O
a O
result O
of O
COVID-19 B-Cause
, O
potentially B-Effect
hindering I-Effect
the I-Effect
availability I-Effect
of I-Effect
product I-Effect
and I-Effect
leading I-Effect
to I-Effect
stock I-Effect
outs I-Effect
. O

We O
think O
vehicle B-Cause
electrification I-Cause
-- I-Cause
both I-Cause
of I-Cause
the I-Cause
drivetrain I-Cause
and I-Cause
the I-Cause
cabin I-Cause
-- O
will O
lead O
to O
content B-Effect
gains I-Effect
and I-Effect
drive I-Effect
11 I-Effect
% I-Effect
growth I-Effect
for I-Effect
automotive I-Effect
circuit I-Effect
protection I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
. O

The B-Effect
firm I-Effect
recently I-Effect
settled I-Effect
a I-Effect
long-running I-Effect
SEC I-Effect
investigation I-Effect
into I-Effect
its I-Effect
past I-Effect
revenue I-Effect
recognition I-Effect
practices I-Effect
by O
paying B-Cause
an I-Cause
immaterial I-Cause
$ I-Cause
9 I-Cause
million I-Cause
fine I-Cause
. O

As O
more B-Cause
people I-Cause
use I-Cause
the I-Cause
service I-Cause
with I-Cause
a I-Cause
positive I-Cause
experience I-Cause
, O
repeat B-Effect
customers I-Effect
have I-Effect
grown I-Effect
to I-Effect
above I-Effect
69 I-Effect
% I-Effect
of I-Effect
the I-Effect
mix I-Effect
in I-Effect
2019 I-Effect
from I-Effect
37 I-Effect
% I-Effect
in I-Effect
2012 I-Effect
. O

Management B-Effect
acknowledged I-Effect
that I-Effect
20 I-Effect
% I-Effect
comparable I-Effect
sales I-Effect
growth I-Effect
posted I-Effect
in I-Effect
the I-Effect
third I-Effect
quarter I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
continue I-Effect
beyond I-Effect
the I-Effect
third I-Effect
quarter I-Effect
due O
to O
a B-Cause
pull-forward I-Cause
of I-Cause
holiday I-Cause
sales I-Cause
into I-Cause
October I-Cause
tied I-Cause
to I-Cause
Prime I-Cause
Day I-Cause
and I-Cause
inventory I-Cause
constraints I-Cause
, O
though O
gaming O
console O
sales O
are O
expected O
to O
remain O
strong O
. O

On O
an O
adjusted O
EPS O
basis O
, O
the O
company O
could O
boost B-Effect
earnings I-Effect
growth I-Effect
to I-Effect
the I-Effect
low I-Effect
double I-Effect
digits I-Effect
primarily O
on O
margin B-Cause
expansion I-Cause
( O
about O
550 O
basis O
points O
possible O
on O
operating O
margin O
line O
from O
2020 O
to O
2025 O
) O
and O
share B-Cause
repurchases I-Cause
. I-Cause

A B-Cause
steady I-Cause
consolidation I-Cause
of I-Cause
various I-Cause
businesses I-Cause
under I-Cause
its I-Cause
roof I-Cause
( I-Cause
Thermo I-Cause
's I-Cause
instrumentation I-Cause
, I-Cause
Fisher I-Cause
's I-Cause
catalog I-Cause
, I-Cause
and I-Cause
the I-Cause
Phadia I-Cause
, I-Cause
Dionex I-Cause
, I-Cause
Life I-Cause
, I-Cause
Affymetrix I-Cause
, I-Cause
FEI I-Cause
, I-Cause
and I-Cause
Patheon I-Cause
acquisitions I-Cause
) I-Cause
has O
allowed B-Effect
the I-Effect
company I-Effect
to I-Effect
market I-Effect
itself I-Effect
as I-Effect
a I-Effect
one-stop I-Effect
shop I-Effect
for I-Effect
its I-Effect
research I-Effect
customers I-Effect
, I-Effect
an I-Effect
appealing I-Effect
feature I-Effect
for I-Effect
laboratories I-Effect
looking I-Effect
to I-Effect
simplify I-Effect
procurement I-Effect
functions I-Effect
. O

Further O
, O
we O
think O
defense B-Effect
and I-Effect
space I-Effect
will I-Effect
benefit I-Effect
from I-Effect
global I-Effect
defense I-Effect
spending I-Effect
as O
nations B-Cause
work I-Cause
to I-Cause
modernize I-Cause
and I-Cause
recapitalize I-Cause
their I-Cause
militaries I-Cause
. O

Given O
that O
the B-Cause
inputs I-Cause
and I-Cause
equipment I-Cause
to I-Cause
create I-Cause
similar I-Cause
products I-Cause
are I-Cause
available I-Cause
to I-Cause
competitors I-Cause
, O
segment B-Effect
margins I-Effect
could I-Effect
come I-Effect
under I-Effect
pressure I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
. O

Icon B-Cause
's I-Cause
resilience I-Cause
through I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
gives B-Effect
us I-Effect
confidence I-Effect
in I-Effect
its I-Effect
abilities I-Effect
to I-Effect
manage I-Effect
both I-Effect
COVID-19-related I-Effect
trial I-Effect
work I-Effect
and I-Effect
more I-Effect
typical I-Effect
drug I-Effect
development I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

Despite O
lower O
returns O
on O
invested O
capital O
than O
peers O
, O
we O
think O
Cognizant B-Effect
's I-Effect
still I-Effect
healthy I-Effect
returns I-Effect
due O
to O
technical B-Cause
and I-Cause
industry I-Cause
expertise I-Cause
will I-Cause
endure I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
. O

However O
, O
there O
are O
no O
switching O
costs O
to O
protect O
Harley O
's O
brand O
when O
consumers O
replace O
their O
bikes O
, O
and O
the B-Cause
premium I-Cause
price I-Cause
Harley I-Cause
commands I-Cause
relative I-Cause
to I-Cause
its I-Cause
peers I-Cause
has I-Cause
proved I-Cause
problematic I-Cause
during O
cyclical O
downturns O
and O
periods O
of O
competitive O
pricing O
, O
hindering O
Harley B-Effect
's I-Effect
retail I-Effect
sales I-Effect
and I-Effect
shipments I-Effect
. O

Scale B-Cause
and I-Cause
cost I-Cause
leverage I-Cause
should O
fuel B-Effect
aggressive I-Effect
pricing I-Effect
and I-Effect
some I-Effect
profitability I-Effect
expansion I-Effect
, O
to O
around O
5.6 O
% O
on O
average O
long O
term O
( O
from O
5.2 O
% O
in O
fiscal O
2020 O
) O
. O

Victoria B-Effect
's I-Effect
Secret I-Effect
's I-Effect
performance I-Effect
will I-Effect
become I-Effect
less I-Effect
of I-Effect
a I-Effect
drag I-Effect
on I-Effect
performance I-Effect
if O
the B-Cause
majority I-Cause
sale I-Cause
or I-Cause
spin-off I-Cause
of I-Cause
the I-Cause
brand I-Cause
is I-Cause
executed I-Cause
, O
which O
we O
expect O
in O
2021 O
. O

In O
addition O
, O
a B-Cause
sticky I-Cause
customer I-Cause
base I-Cause
and I-Cause
a I-Cause
razor/razor I-Cause
blade I-Cause
business I-Cause
model I-Cause
should O
offer B-Effect
ample I-Effect
opportunities I-Effect
for I-Effect
high-margin/high-return I-Effect
aftermarket I-Effect
sales I-Effect
. I-Effect

A B-Cause
focus I-Cause
on I-Cause
tax-managed I-Cause
investments I-Cause
and I-Cause
closed-end I-Cause
funds I-Cause
has I-Cause
traditionally I-Cause
provided B-Effect
Eaton I-Effect
Vance I-Effect
with I-Effect
a I-Effect
stickier I-Effect
set I-Effect
of I-Effect
assets I-Effect
. O

Although O
it O
's O
disproportionately O
exposed O
to O
the O
beleaguered O
soda O
category O
, O
we O
believe O
innovation B-Effect
will I-Effect
continue I-Effect
to I-Effect
resonate I-Effect
, O
owing O
to O
a B-Cause
core I-Cause
consumer I-Cause
gleaning I-Cause
a I-Cause
higher I-Cause
marginal I-Cause
benefit I-Cause
from I-Cause
consumption I-Cause
, I-Cause
affording I-Cause
continued I-Cause
pricing I-Cause
tailwinds I-Cause
, O
which O
we O
model O
in O
the O
midsingle O
digits O
. O

All O
these O
factors O
should O
keep O
the B-Effect
company I-Effect
growing I-Effect
for I-Effect
many I-Effect
years I-Effect
, O
despite O
more B-Cause
competition I-Cause
from I-Cause
franchised I-Cause
dealers I-Cause
and I-Cause
online-only I-Cause
startups I-Cause
, O
and O
may O
one O
day O
lead O
to O
international B-Effect
expansion I-Effect
. O

Economic B-Effect
profitability I-Effect
may I-Effect
be I-Effect
at I-Effect
risk I-Effect
if O
oil B-Cause
, I-Cause
steel I-Cause
, I-Cause
copper I-Cause
, I-Cause
and I-Cause
aluminum I-Cause
prices I-Cause
return I-Cause
to I-Cause
the I-Cause
highs I-Cause
seen I-Cause
in I-Cause
the I-Cause
past I-Cause
decade I-Cause
. O

The O
most O
pressing O
risk O
PFG O
faces O
is O
the B-Cause
pandemic I-Cause
, O
which O
resulted O
in O
a B-Effect
7 I-Effect
% I-Effect
drop I-Effect
in I-Effect
organic I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
and I-Effect
about I-Effect
$ I-Effect
40 I-Effect
million I-Effect
in I-Effect
bad I-Effect
debt I-Effect
expense I-Effect
. O

This O
trend O
has O
been O
supported O
by O
the O
fact O
that O
low-cost O
carriers O
initially O
got O
all O
their O
bookings O
on O
direct O
channels O
, O
but O
as O
the O
routes B-Cause
of I-Cause
these I-Cause
airlines I-Cause
expanded I-Cause
globally I-Cause
over I-Cause
the I-Cause
past I-Cause
several I-Cause
years I-Cause
, O
they O
have B-Effect
increasingly I-Effect
turned I-Effect
to I-Effect
Sabre I-Effect
's I-Effect
distribution I-Effect
channel I-Effect
to I-Effect
reach I-Effect
a I-Effect
global I-Effect
corporate I-Effect
traveler I-Effect
. O

CEO O
Pony O
Ma O
believes O
the O
future O
of O
the O
Internet O
is O
using B-Cause
artificial I-Cause
intelligence I-Cause
to I-Cause
process I-Cause
Big I-Cause
Data I-Cause
in I-Cause
the I-Cause
cloud I-Cause
, O
allowing O
industries B-Effect
to I-Effect
aggregate I-Effect
and I-Effect
unlock I-Effect
value I-Effect
in I-Effect
their I-Effect
data I-Effect
. O

Alternatively O
, O
AT B-Effect
& I-Effect
T I-Effect
and I-Effect
other I-Effect
incumbents I-Effect
could I-Effect
be I-Effect
compelled I-Effect
to I-Effect
bid I-Effect
up I-Effect
prices I-Effect
to O
protect B-Cause
the I-Cause
market I-Cause
, O
as O
we O
suspect O
AT O
& O
T O
did O
in O
2015 O
during O
the O
costly O
AWS-3 O
auction O
. O

Meanwhile O
, O
Tencent B-Cause
invests I-Cause
in I-Cause
loss-making I-Cause
businesses I-Cause
for I-Cause
the I-Cause
future I-Cause
, O
for O
example O
in O
cloud O
, O
Tencent O
Video O
, O
and O
short O
videos O
, O
which O
may O
lower B-Effect
margin I-Effect
overall I-Effect
. O

However O
, O
we B-Effect
plan I-Effect
to I-Effect
evaluate I-Effect
VS I-Effect
's I-Effect
operating I-Effect
margin I-Effect
performance I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
quarters I-Effect
, O
as O
the B-Cause
brand I-Cause
can I-Cause
be I-Cause
exposed I-Cause
to I-Cause
fashion I-Cause
risk I-Cause
, I-Cause
and I-Cause
the I-Cause
intimates I-Cause
space I-Cause
remains I-Cause
fragmented I-Cause
( O
which O
could O
intermittently O
lead O
to O
margin O
pressure O
when O
the O
promotional O
environment O
escalates O
, O
reflected O
in O
our O
high O
uncertainty O
rating O
) O
. O

With O
the B-Cause
2008 I-Cause
acquisition I-Cause
of I-Cause
National I-Cause
City I-Cause
, O
PNC B-Effect
effectively I-Effect
doubled I-Effect
in I-Effect
size I-Effect
and O
has B-Effect
been I-Effect
growing I-Effect
ever I-Effect
since I-Effect
, I-Effect
both I-Effect
organically I-Effect
and I-Effect
inorganically I-Effect
. O

The O
company O
's O
addressable O
market O
likely O
exceeds O
our O
estimates O
of O
core O
telehealth O
services O
, O
but O
we O
have O
excluded B-Effect
significant I-Effect
cross-selling I-Effect
opportunities I-Effect
due O
to O
the B-Cause
nascent I-Cause
size I-Cause
of I-Cause
the I-Cause
virtual I-Cause
health I-Cause
market I-Cause
. O

More O
concerning O
is O
the B-Cause
coronavirus I-Cause
situation I-Cause
, O
which O
is O
expected O
to O
result O
in O
a B-Effect
sharp I-Effect
increase I-Effect
in I-Effect
expected I-Effect
credit I-Effect
loss I-Effect
, I-Effect
or I-Effect
ECL I-Effect
. O

We O
forecast O
L B-Effect
Brands I-Effect
to I-Effect
deliver I-Effect
2.9 I-Effect
% I-Effect
average I-Effect
revenue I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
helped O
by O
the B-Cause
repositioning I-Cause
of I-Cause
the I-Cause
VS I-Cause
brand I-Cause
. O

The O
company O
's O
second-largest O
market O
is O
Russia O
, O
which O
has O
been O
undergoing B-Effect
volume I-Effect
declines I-Effect
since I-Effect
2012 I-Effect
due O
to O
a B-Cause
decade-long I-Cause
government I-Cause
clampdown I-Cause
on I-Cause
the I-Cause
availability I-Cause
and I-Cause
affordability I-Cause
of I-Cause
beer I-Cause
, I-Cause
and I-Cause
a I-Cause
shrinking I-Cause
drinking I-Cause
age I-Cause
population I-Cause
. O

Although O
new O
competitors O
could O
come O
on O
line O
and O
attempt O
to O
build O
a O
brand O
from O
the O
ground O
up O
, O
we O
think O
Wayfair O
has O
built B-Cause
a I-Cause
bit I-Cause
of I-Cause
brand I-Cause
equity I-Cause
over O
the O
last O
few O
years O
, O
which O
has O
given B-Effect
it I-Effect
a I-Effect
slight I-Effect
lead I-Effect
on I-Effect
keeping I-Effect
consumers I-Effect
in I-Effect
its I-Effect
ecosystem I-Effect
. O

An B-Cause
opening-up I-Cause
of I-Cause
imports I-Cause
of I-Cause
petrol I-Cause
products I-Cause
to I-Cause
more I-Cause
entities I-Cause
could O
raise B-Effect
competition I-Effect
in I-Effect
China I-Effect
from I-Effect
global I-Effect
suppliers I-Effect
of I-Effect
gasoline I-Effect
and I-Effect
diesel I-Effect
. O

West O
is O
exposed O
to O
material B-Effect
foreign I-Effect
exchange I-Effect
risk I-Effect
, O
with O
over B-Cause
55 I-Cause
% I-Cause
of I-Cause
the I-Cause
business I-Cause
from I-Cause
markets I-Cause
outside I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

Furthermore O
, O
the B-Cause
firm I-Cause
's I-Cause
scope I-Cause
has O
allowed O
it B-Effect
to I-Effect
mitigate I-Effect
its I-Effect
working-capital I-Effect
burden I-Effect
by I-Effect
holding I-Effect
inventories I-Effect
below I-Effect
accounts I-Effect
payable I-Effect
, O
as O
vendors B-Cause
are I-Cause
more I-Cause
willing I-Cause
to I-Cause
agree I-Cause
to I-Cause
generous I-Cause
payment I-Cause
terms I-Cause
for I-Cause
an I-Cause
industry I-Cause
leader I-Cause
( I-Cause
and I-Cause
as I-Cause
multiple I-Cause
points I-Cause
of I-Cause
sale I-Cause
improve I-Cause
turnover I-Cause
for I-Cause
infrequently I-Cause
purchased I-Cause
items I-Cause
) I-Cause
. O

To O
make O
things O
worse O
, O
we O
believe O
the B-Effect
historical I-Effect
credit I-Effect
loss I-Effect
ratio I-Effect
in I-Effect
Italy I-Effect
should I-Effect
have I-Effect
been I-Effect
higher I-Effect
, O
given O
the B-Cause
continued I-Cause
need I-Cause
for I-Cause
further I-Cause
provisions I-Cause
against I-Cause
the I-Cause
mountain I-Cause
of I-Cause
nonperforming I-Cause
loans I-Cause
that I-Cause
has I-Cause
built I-Cause
up I-Cause
. O

The B-Cause
high I-Cause
pressure I-Cause
solutions I-Cause
divestment I-Cause
will I-Cause
reduce I-Cause
the I-Cause
firm I-Cause
's I-Cause
direct I-Cause
exposure I-Cause
to I-Cause
the I-Cause
upstream I-Cause
oil I-Cause
& I-Cause
gas I-Cause
end I-Cause
market I-Cause
to I-Cause
less I-Cause
than I-Cause
2 I-Cause
% I-Cause
, O
thereby O
reducing O
overall B-Effect
portfolio I-Effect
volatility I-Effect
. O

Hence O
, O
if B-Cause
a I-Cause
player I-Cause
decides I-Cause
to I-Cause
increase I-Cause
prices I-Cause
significantly I-Cause
, I-Cause
it I-Cause
is I-Cause
possible I-Cause
that I-Cause
its I-Cause
customers I-Cause
could I-Cause
switch I-Cause
to I-Cause
a I-Cause
competitor I-Cause
with I-Cause
a I-Cause
lower-priced I-Cause
, I-Cause
similar I-Cause
offering. O
As O
a O
result O
, O
Synopsys B-Effect
can I-Effect
not I-Effect
enjoy I-Effect
significant I-Effect
pricing I-Effect
power I-Effect
over I-Effect
its I-Effect
customers I-Effect
, I-Effect
especially I-Effect
as I-Effect
the I-Effect
average I-Effect
contract I-Effect
length I-Effect
( I-Effect
three I-Effect
years I-Effect
) I-Effect
roughly I-Effect
coincides I-Effect
with I-Effect
the I-Effect
length I-Effect
of I-Effect
the I-Effect
node I-Effect
development I-Effect
process I-Effect
. O

Salamander B-Cause
broilers I-Cause
' I-Cause
heat I-Cause
capabilities I-Cause
far I-Cause
exceed I-Cause
those I-Cause
of I-Cause
conventional I-Cause
ovens I-Cause
, O
so O
they O
're O
more B-Effect
efficient I-Effect
, O
but O
they O
also O
allow O
for O
more O
broiling O
precision O
. O

Most O
importantly O
, O
scale B-Effect
will I-Effect
be I-Effect
lost I-Effect
from I-Effect
ships I-Effect
that I-Effect
remain I-Effect
in I-Effect
layup I-Effect
, O
as O
we O
anticipate O
Royal B-Cause
will I-Cause
execute I-Cause
a I-Cause
staggered I-Cause
, I-Cause
limited I-Cause
return I-Cause
to I-Cause
the I-Cause
sailing I-Cause
of I-Cause
its I-Cause
fleet I-Cause
in I-Cause
the I-Cause
back I-Cause
half I-Cause
of I-Cause
2021 I-Cause
. O

With O
that O
light B-Cause
leverage I-Cause
, O
HCA B-Cause
currently I-Cause
acts I-Cause
like I-Cause
an I-Cause
investment-grade I-Cause
entity I-Cause
with I-Cause
several I-Cause
levers I-Cause
to I-Cause
pull I-Cause
to O
continue O
meeting B-Effect
its I-Effect
debt-related I-Effect
obligations I-Effect
, O
and O
unlike O
some O
of O
its O
peers O
, O
HCA O
should O
not O
face O
significant O
refinancing O
risks O
in O
the O
intermediate O
term O
, O
in O
our O
opinion O
. O

Lower B-Cause
margins I-Cause
of I-Cause
oil I-Cause
refiners I-Cause
could O
lead O
these B-Effect
companies I-Effect
to I-Effect
delay I-Effect
purchases I-Effect
of I-Effect
hydroprocessing I-Effect
catalysts I-Effect
used I-Effect
to I-Effect
remove I-Effect
pollutants I-Effect
from I-Effect
fuel I-Effect
oils I-Effect
. O

The B-Cause
bancassurance I-Cause
model I-Cause
is I-Cause
well I-Cause
established I-Cause
in I-Cause
France I-Cause
, I-Cause
and I-Cause
combined I-Cause
with I-Cause
BNP I-Cause
's I-Cause
asset I-Cause
management I-Cause
operations I-Cause
, O
it O
allows O
BNP B-Effect
to I-Effect
capture I-Effect
substantial I-Effect
portions I-Effect
of I-Effect
the I-Effect
value I-Effect
chain I-Effect
on I-Effect
financial I-Effect
products I-Effect
. O

We O
recognize O
there B-Effect
is I-Effect
political I-Effect
uncertainty I-Effect
in I-Effect
the I-Effect
budget I-Effect
due O
to O
the B-Cause
upcoming I-Cause
2020 I-Cause
presidential I-Cause
election I-Cause
, O
but O
we O
think O
that O
it O
will O
be O
difficult O
to O
materially B-Effect
decrease I-Effect
the I-Effect
defense I-Effect
budget I-Effect
without O
sweeping B-Cause
political I-Cause
change I-Cause
. O

Chevron B-Effect
's I-Effect
latest I-Effect
plans I-Effect
call I-Effect
for I-Effect
production I-Effect
of O
about O
3.5 O
mmboe/d O
in O
2025 O
due O
to O
completion B-Cause
of I-Cause
the I-Cause
Tengiz I-Cause
expansion I-Cause
and I-Cause
Permian I-Cause
growth I-Cause
. O

These B-Cause
segments I-Cause
earn I-Cause
most I-Cause
of I-Cause
their I-Cause
revenue I-Cause
through I-Cause
recurring I-Cause
subscription I-Cause
or I-Cause
licensing I-Cause
fees I-Cause
as I-Cause
opposed I-Cause
to I-Cause
the I-Cause
per I-Cause
transaction I-Cause
fees I-Cause
in I-Cause
the I-Cause
exchange I-Cause
segment. O
This O
provides B-Effect
Nasdaq I-Effect
with I-Effect
a I-Effect
more I-Effect
stable I-Effect
revenue I-Effect
base I-Effect
, I-Effect
and I-Effect
the I-Effect
company I-Effect
now I-Effect
earns I-Effect
roughly I-Effect
50 I-Effect
% I-Effect
of I-Effect
its I-Effect
revenue I-Effect
from I-Effect
recurring I-Effect
sources I-Effect
. O

However O
, O
Rogers B-Effect
' I-Effect
adoption I-Effect
of I-Effect
Comcast I-Effect
's I-Effect
X1 I-Effect
technology I-Effect
should I-Effect
result I-Effect
in I-Effect
meaningfully I-Effect
reduced I-Effect
capital I-Effect
spending I-Effect
as O
it B-Cause
moves I-Cause
to I-Cause
a I-Cause
more I-Cause
IP-based I-Cause
service I-Cause
, I-Cause
reducing I-Cause
Rogers I-Cause
' I-Cause
upfront I-Cause
installation I-Cause
costs I-Cause
. O

Fixed-line B-Cause
infrastructure I-Cause
in I-Cause
African I-Cause
markets I-Cause
is I-Cause
almost I-Cause
nonexistent I-Cause
so O
telecom B-Cause
operators I-Cause
can I-Cause
not I-Cause
offer I-Cause
convergent I-Cause
services I-Cause
in I-Cause
most I-Cause
areas I-Cause
, O
largely O
eliminating B-Effect
the I-Effect
ability I-Effect
to I-Effect
use I-Effect
a I-Effect
converged I-Effect
offering I-Effect
to I-Effect
create I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
. I-Effect

As O
activity B-Cause
in I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
will I-Cause
focus I-Cause
on I-Cause
the I-Cause
Howard I-Cause
County I-Cause
assets I-Cause
anyway I-Cause
, O
a B-Effect
further I-Effect
uptick I-Effect
in I-Effect
performance I-Effect
is O
expected O
, O
but O
when O
Laredo B-Cause
runs I-Cause
out I-Cause
of I-Cause
inventory I-Cause
in I-Cause
that I-Cause
area I-Cause
, O
we O
know O
the B-Effect
legacy I-Effect
assets I-Effect
are I-Effect
capable I-Effect
of I-Effect
higher I-Effect
productivity I-Effect
than I-Effect
the I-Effect
weak I-Effect
2017-18 I-Effect
period I-Effect
suggests I-Effect
. O

We B-Effect
assign I-Effect
the I-Effect
firm I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
which O
reflects O
cyclically B-Cause
challenged I-Cause
end I-Cause
markets I-Cause
as I-Cause
well I-Cause
as I-Cause
an I-Cause
uncertain I-Cause
progression I-Cause
of I-Cause
inorganic I-Cause
growth I-Cause
. O

History O
suggests O
this B-Effect
could I-Effect
be I-Effect
possible I-Effect
, O
as O
Illinois B-Cause
' I-Cause
early I-Cause
plans I-Cause
for I-Cause
recreational I-Cause
Drug I-Cause
Manufacturers I-Cause
- I-Cause
Specialty I-Cause
& I-Cause
Genericlegalization I-Cause
would I-Cause
hand I-Cause
an I-Cause
advantage I-Cause
to I-Cause
companies I-Cause
with I-Cause
medical I-Cause
cultivation I-Cause
and I-Cause
dispensary I-Cause
licenses I-Cause
. O

Despite O
a O
relatively O
late O
emergence O
from O
the O
industry O
patent O
cliff O
that O
largely O
started O
in O
2012 O
, O
Astra B-Cause
's I-Cause
strong I-Cause
lineup I-Cause
of I-Cause
next-generation I-Cause
drugs I-Cause
should O
significantly O
offset O
sales B-Effect
lost I-Effect
to I-Effect
new I-Effect
generic I-Effect
competition I-Effect
. O

With O
the B-Cause
bank I-Cause
's I-Cause
restructuring I-Cause
largely I-Cause
completed I-Cause
, O
the B-Effect
focus I-Effect
is I-Effect
on I-Effect
organic I-Effect
growth I-Effect
in I-Effect
penetrating I-Effect
its I-Effect
existing I-Effect
corporate I-Effect
customers I-Effect
with I-Effect
additional I-Effect
products I-Effect
, I-Effect
enhancing I-Effect
switching I-Effect
costs I-Effect
for I-Effect
clients I-Effect
, O
in O
our O
view O
. O

Additionally O
, O
the B-Cause
firm I-Cause
regularly I-Cause
introduces I-Cause
new I-Cause
or I-Cause
improved I-Cause
solutions I-Cause
that O
allow O
it B-Effect
to I-Effect
remain I-Effect
a I-Effect
step I-Effect
ahead I-Effect
of I-Effect
its I-Effect
competitors I-Effect
. O

However O
, O
we O
still O
assume O
headwinds B-Effect
on I-Effect
2020 I-Effect
sales I-Effect
for I-Effect
most I-Effect
of I-Effect
Roche I-Effect
's I-Effect
cancer I-Effect
drugs I-Effect
and I-Effect
ophthalmology I-Effect
drug I-Effect
Lucentis I-Effect
, O
as O
older B-Cause
patients I-Cause
delay I-Cause
treatment I-Cause
to O
avoid O
exposure O
to O
the O
virus O
. O

The B-Cause
increase I-Cause
is O
driven O
by O
a O
stronger O
recovery O
in O
demand O
this O
year O
and O
Massachusetts O
legalizing O
sports O
betting O
by O
2023 O
, O
allowing B-Effect
the I-Effect
company I-Effect
to I-Effect
leverage I-Effect
its I-Effect
retail I-Effect
location I-Effect
with I-Effect
its I-Effect
digital I-Effect
Interactive I-Effect
platform I-Effect
. O

Notably O
, O
2020 B-Effect
free I-Effect
cash I-Effect
flow I-Effect
will O
likely O
be O
constrained O
by O
COVID-19-related B-Cause
concerns I-Cause
including O
increasing O
supply O
costs O
and O
Baxter O
's O
own O
increase O
in O
inventory O
. O

Building B-Effect
on I-Effect
the I-Effect
acquisition-driven I-Effect
risks I-Effect
, I-Effect
Salesforce.com I-Effect
is I-Effect
likely I-Effect
to I-Effect
face I-Effect
new I-Effect
competitors I-Effect
as O
it B-Cause
continues I-Cause
to I-Cause
acquire I-Cause
its I-Cause
way I-Cause
into I-Cause
markets I-Cause
the I-Cause
company I-Cause
was I-Cause
not I-Cause
previously I-Cause
serving I-Cause
. O

Magnetic B-Cause
flowmeters I-Cause
cause I-Cause
inaccurate I-Cause
measurement I-Cause
in I-Cause
this I-Cause
use I-Cause
case I-Cause
, O
which O
can O
result O
in O
a B-Effect
15 I-Effect
% I-Effect
rejection I-Effect
rate I-Effect
for I-Effect
either I-Effect
insufficient I-Effect
brightness I-Effect
or I-Effect
whiteness I-Effect
. O

Additionally O
, O
our B-Effect
forward I-Effect
estimates I-Effect
are O
based O
on O
selling B-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expenses I-Cause
expanding I-Cause
modestly I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
( I-Cause
as I-Cause
the I-Cause
firm I-Cause
reinvests I-Cause
in I-Cause
innovation I-Cause
and I-Cause
brand I-Cause
elevation I-Cause
) I-Cause
and I-Cause
gross I-Cause
margin I-Cause
levels I-Cause
off I-Cause
( I-Cause
from I-Cause
2020 I-Cause
levels I-Cause
) I-Cause
as I-Cause
some I-Cause
cost I-Cause
leverage I-Cause
recedes I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
. O

With O
most B-Cause
Five I-Cause
Below I-Cause
shopping I-Cause
trips I-Cause
ultimately I-Cause
discretionary I-Cause
, O
we B-Effect
contend I-Effect
that I-Effect
digital I-Effect
rivals I-Effect
can I-Effect
counter I-Effect
its I-Effect
value- I-Effect
and I-Effect
experience-based I-Effect
proposition I-Effect
with I-Effect
at-home I-Effect
convenience I-Effect
. O

Following O
2025 O
, O
we O
think O
MPS B-Effect
' I-Effect
market I-Effect
outgrowth I-Effect
will I-Effect
moderate I-Effect
as O
its B-Cause
top I-Cause
line I-Cause
swells I-Cause
and I-Cause
market I-Cause
share I-Cause
gains I-Cause
come I-Cause
more I-Cause
slowly I-Cause
, O
but O
we O
are O
still O
expecting O
low-double-digit O
sales O
growth O
. O

The B-Cause
technology I-Cause
used I-Cause
in I-Cause
arms I-Cause
production I-Cause
requires I-Cause
extensive I-Cause
expertise I-Cause
and I-Cause
lacks I-Cause
commercial I-Cause
viability I-Cause
outside I-Cause
of I-Cause
the I-Cause
defense I-Cause
industry I-Cause
, O
so O
a B-Effect
new I-Effect
entrant I-Effect
would I-Effect
likely I-Effect
need I-Effect
to I-Effect
develop I-Effect
this I-Effect
know-how I-Effect
entirely I-Effect
from I-Effect
the I-Effect
ground I-Effect
up I-Effect
. O

The B-Cause
larger I-Cause
ecosystems I-Cause
of I-Cause
Snap I-Cause
's I-Cause
competitors I-Cause
may I-Cause
have I-Cause
also I-Cause
created I-Cause
somewhat I-Cause
of I-Cause
an I-Cause
exit I-Cause
barrier I-Cause
for I-Cause
their I-Cause
users I-Cause
, O
which O
we O
think O
could O
further O
limit B-Effect
the I-Effect
growth I-Effect
acceleration I-Effect
of I-Effect
Snapchat I-Effect
users I-Effect
. O

Finally O
, O
automation B-Cause
and I-Cause
a I-Cause
shift I-Cause
toward I-Cause
recurring I-Cause
revenue I-Cause
based I-Cause
on I-Cause
software I-Cause
and I-Cause
services I-Cause
should O
drive B-Effect
about I-Effect
400 I-Effect
basis I-Effect
points I-Effect
in I-Effect
margin I-Effect
expansion I-Effect
from I-Effect
2020 I-Effect
levels I-Effect
, I-Effect
particularly I-Effect
given I-Effect
the I-Effect
upside I-Effect
opportunity I-Effect
in I-Effect
Dover I-Effect
's I-Effect
refrigeration I-Effect
business I-Effect
. O

The B-Effect
auto I-Effect
industry I-Effect
had I-Effect
seen I-Effect
an I-Effect
uptick I-Effect
in I-Effect
costs I-Effect
in I-Effect
previous I-Effect
years I-Effect
, O
as O
a B-Cause
multitude I-Cause
of I-Cause
factors I-Cause
ranging I-Cause
from I-Cause
low I-Cause
gas I-Cause
prices I-Cause
to I-Cause
distracted I-Cause
driving I-Cause
pushed I-Cause
up I-Cause
claims I-Cause
. O

We O
see O
noninterest B-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
roughly I-Cause
2 I-Cause
% I-Cause
-3 I-Cause
% I-Cause
. O
This O
leads O
us O
to O
expect O
a B-Effect
terminal I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
roughly I-Effect
11 I-Effect
% I-Effect
-12 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
slightly I-Effect
above I-Effect
our I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
9 I-Effect
% I-Effect
. O

We O
think O
levels B-Effect
in I-Effect
years I-Effect
after I-Effect
the I-Effect
recession I-Effect
of I-Effect
nearly I-Effect
15 I-Effect
% I-Effect
were I-Effect
inflated I-Effect
owing O
to O
low B-Cause
supply I-Cause
of I-Cause
used I-Cause
vehicles I-Cause
and O
a O
level O
in O
the O
12.5 O
% O
to O
14 O
% O
range O
is O
more O
realistic O
. O

If O
the B-Cause
retailer I-Cause
makes I-Cause
a I-Cause
material I-Cause
shift I-Cause
in I-Cause
its I-Cause
product I-Cause
offerings I-Cause
-- O
to O
more O
natural O
selections O
, O
for O
example O
-- O
to O
align O
itself O
with O
evolving O
consumer O
preferences O
, O
Conagra B-Effect
could I-Effect
lose I-Effect
valuable I-Effect
distribution I-Effect
. O

We B-Effect
view I-Effect
political I-Effect
and I-Effect
regulatory I-Effect
event I-Effect
risk I-Effect
as I-Effect
a I-Effect
key I-Effect
consideration I-Effect
for I-Effect
the I-Effect
company I-Effect
, O
and O
history B-Cause
shows I-Cause
how I-Cause
compliance I-Cause
issues I-Cause
can I-Cause
have I-Cause
a I-Cause
dramatic I-Cause
impact I-Cause
on I-Cause
profitability I-Cause
for I-Cause
Western I-Cause
Union I-Cause
and I-Cause
peers I-Cause
. O

This B-Cause
favors I-Cause
large I-Cause
, I-Cause
well-funded I-Cause
players I-Cause
like I-Cause
Genuine I-Cause
Parts I-Cause
that I-Cause
are I-Cause
able I-Cause
to I-Cause
leverage I-Cause
inventory I-Cause
and I-Cause
infrastructure I-Cause
over I-Cause
a I-Cause
large I-Cause
sales I-Cause
base I-Cause
to I-Cause
maximize I-Cause
the I-Cause
opportunities I-Cause
to I-Cause
sell I-Cause
slow-to-move I-Cause
components. O
Consequently O
, O
the B-Effect
unit I-Effect
also I-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
relative I-Effect
to I-Effect
smaller I-Effect
, I-Effect
regional I-Effect
participants I-Effect
, I-Effect
important I-Effect
in I-Effect
an I-Effect
industry I-Effect
that I-Effect
is I-Effect
highly I-Effect
fragmented I-Effect
( I-Effect
despite I-Effect
its I-Effect
standing I-Effect
as I-Effect
the I-Effect
leading I-Effect
industrial I-Effect
maintenance I-Effect
, I-Effect
repair I-Effect
, I-Effect
and I-Effect
operations I-Effect
parts I-Effect
distributor I-Effect
in I-Effect
North I-Effect
America I-Effect
, I-Effect
the I-Effect
segment I-Effect
's I-Effect
market I-Effect
share I-Effect
is I-Effect
only I-Effect
around I-Effect
8 I-Effect
% I-Effect
) I-Effect
. O

We B-Effect
believe I-Effect
Hostess I-Effect
will I-Effect
continue I-Effect
to I-Effect
outpace I-Effect
its I-Effect
categories I-Effect
as O
it B-Cause
expands I-Cause
into I-Cause
the I-Cause
dollar I-Cause
and I-Cause
club I-Cause
channels I-Cause
and I-Cause
launches I-Cause
the I-Cause
newly I-Cause
acquired I-Cause
Voortman I-Cause
brand I-Cause
into I-Cause
convenience I-Cause
and I-Cause
drug I-Cause
stores I-Cause
. O

The B-Effect
political I-Effect
situation I-Effect
in I-Effect
Guyana I-Effect
also I-Effect
bears I-Effect
watching I-Effect
, O
as O
regime B-Cause
change I-Cause
could I-Cause
theoretically I-Cause
result I-Cause
in I-Cause
less I-Cause
support I-Cause
for I-Cause
international I-Cause
oil I-Cause
companies I-Cause
. O

In O
2017 O
and O
2018 O
, O
it O
attempted O
to O
increase B-Cause
the I-Cause
value I-Cause
of I-Cause
its I-Cause
acreage I-Cause
by O
squeezing B-Effect
more I-Effect
wells I-Effect
into I-Effect
each I-Effect
drilling I-Effect
spacing I-Effect
unit I-Effect
( O
1-mile O
cross-section O
) O
. O

We O
think O
the O
main O
determinants O
of O
the B-Effect
bank I-Effect
's I-Effect
success I-Effect
are O
the B-Cause
interest-rate I-Cause
environment I-Cause
, I-Cause
the I-Cause
ability I-Cause
to I-Cause
maintain I-Cause
and I-Cause
improve I-Cause
operational I-Cause
efficiency I-Cause
gains I-Cause
, I-Cause
and I-Cause
the I-Cause
capacity I-Cause
to I-Cause
control I-Cause
credit I-Cause
costs I-Cause
. O

Although O
Hormel O
has O
its O
roots O
in O
commoditized O
proteins O
, O
it B-Cause
has I-Cause
shifted I-Cause
its I-Cause
business I-Cause
to I-Cause
value-added I-Cause
, I-Cause
differentiated I-Cause
brands I-Cause
and I-Cause
products I-Cause
( I-Cause
both I-Cause
organically I-Cause
and I-Cause
through I-Cause
acquisitions I-Cause
) I-Cause
, O
which O
have B-Effect
demonstrated I-Effect
pricing I-Effect
power I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

While O
a O
leader O
in O
real-world O
evidence O
, O
IQVIA B-Effect
's I-Effect
success I-Effect
there I-Effect
is I-Effect
highly I-Effect
dependent I-Effect
on I-Effect
regulatory I-Effect
cooperation I-Effect
, O
as O
real-world B-Cause
evidence I-Cause
offerings I-Cause
will I-Cause
only I-Cause
be I-Cause
worth I-Cause
a I-Cause
premium I-Cause
if I-Cause
they I-Cause
're I-Cause
completely I-Cause
embraced I-Cause
by I-Cause
the I-Cause
FDA I-Cause
and I-Cause
other I-Cause
regulatory I-Cause
entities I-Cause
. O

As O
Insurance B-Cause
- I-Cause
Property I-Cause
& I-Cause
Casualtycustomers I-Cause
add I-Cause
policies I-Cause
, O
they B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
rely I-Effect
on I-Effect
an I-Effect
agent I-Effect
who I-Effect
can I-Effect
help I-Effect
them I-Effect
customize I-Effect
their I-Effect
policies I-Effect
and I-Effect
save I-Effect
them I-Effect
money I-Effect
through I-Effect
bundling I-Effect
. O

The B-Effect
SaaS I-Effect
business I-Effect
model I-Effect
, I-Effect
and I-Effect
Salesforce I-Effect
's I-Effect
SFA I-Effect
application I-Effect
, I-Effect
rose I-Effect
in I-Effect
popularity I-Effect
as O
customers B-Cause
were I-Cause
able I-Cause
to I-Cause
avoid I-Cause
high I-Cause
up-front I-Cause
costs I-Cause
and I-Cause
lengthy I-Cause
installations I-Cause
or I-Cause
potentially I-Cause
painful I-Cause
upgrade I-Cause
cycles I-Cause
, I-Cause
were I-Cause
always I-Cause
running I-Cause
the I-Cause
latest I-Cause
version I-Cause
, I-Cause
had I-Cause
more I-Cause
predictable I-Cause
operating I-Cause
expenses I-Cause
and I-Cause
capital I-Cause
outlays I-Cause
, I-Cause
and I-Cause
were I-Cause
running I-Cause
modern I-Cause
best-of-breed I-Cause
applications I-Cause
. O

Due O
to O
the O
unknown B-Cause
timing I-Cause
of I-Cause
PFAS I-Cause
payments I-Cause
, O
we B-Effect
assume I-Effect
the I-Effect
remainder I-Effect
is I-Effect
paid I-Effect
over I-Effect
the I-Effect
subsequent I-Effect
12 I-Effect
years I-Effect
, O
which O
is O
in O
line O
with O
the O
20-year O
agreement O
. O

We O
think O
the B-Effect
carrier I-Effect
has I-Effect
managed I-Effect
to I-Effect
gradually I-Effect
take I-Effect
business I-Effect
from I-Effect
many I-Effect
large I-Effect
competitors I-Effect
as O
well O
, O
thanks O
to O
its B-Effect
best-in-class I-Effect
network I-Effect
service I-Effect
, O
which O
is O
bolstered O
by O
OD B-Cause
handling I-Cause
most I-Cause
of I-Cause
its I-Cause
own I-Cause
linehaul I-Cause
needs I-Cause
. O

As O
the B-Cause
agreement I-Cause
is I-Cause
currently I-Cause
constructed I-Cause
, O
ICANN B-Effect
does I-Effect
not I-Effect
have I-Effect
the I-Effect
ability I-Effect
to I-Effect
put I-Effect
the I-Effect
agreement I-Effect
up I-Effect
for I-Effect
bid I-Effect
unless I-Effect
VeriSign I-Effect
breaches I-Effect
the I-Effect
existing I-Effect
agreement I-Effect
. O

This O
limits O
the B-Effect
ability I-Effect
of I-Effect
new I-Effect
entrants I-Effect
to I-Effect
gain I-Effect
share I-Effect
, O
as O
Monster B-Cause
would I-Cause
have I-Cause
more I-Cause
time I-Cause
to I-Cause
pivot I-Cause
its I-Cause
portfolio I-Cause
through I-Cause
either I-Cause
replication I-Cause
or I-Cause
innovation I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
scale I-Cause
its I-Cause
new I-Cause
products I-Cause
' I-Cause
distribution I-Cause
more I-Cause
broadly I-Cause
. O

Like O
most O
gold O
producers O
, O
Agnico B-Cause
Eagle I-Cause
is I-Cause
highly I-Cause
leveraged I-Cause
to I-Cause
gold I-Cause
, O
so O
cash B-Effect
flow I-Effect
faces I-Effect
meaningful I-Effect
risk I-Effect
to I-Effect
fluctuations I-Effect
in I-Effect
price I-Effect
. O

We O
are O
reducing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
45 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
50 I-Effect
after I-Effect
incorporating I-Effect
second-quarter I-Effect
results I-Effect
and I-Effect
updating I-Effect
our I-Effect
internal I-Effect
growth I-Effect
assumptions I-Effect
to O
reflect B-Cause
lower I-Cause
growth I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
quarters I-Cause
. O

The O
sale O
of O
the O
valves O
and O
controls O
unit O
should O
lower B-Effect
cyclicality I-Effect
, O
as O
that O
segment B-Cause
had I-Cause
a I-Cause
large I-Cause
exposure I-Cause
to I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
. O

A B-Cause
shift I-Cause
toward I-Cause
biopharma I-Cause
clients I-Cause
has O
also O
made O
the B-Effect
company I-Effect
less I-Effect
susceptible I-Effect
to I-Effect
more I-Effect
volatile I-Effect
infrastructure I-Effect
and I-Effect
applied I-Effect
end I-Effect
markets I-Effect
, O
even O
in O
emerging-market O
geographies O
where O
the O
biopharma O
channel O
is O
experiencing O
particularly O
high O
growth O
. O

Operating B-Effect
expenses I-Effect
have I-Effect
been I-Effect
elevated I-Effect
over I-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
from O
catch-up B-Cause
research I-Cause
and I-Cause
development I-Cause
costs I-Cause
, I-Cause
higher-than-usual I-Cause
promotional I-Cause
expenses I-Cause
, I-Cause
and I-Cause
other I-Cause
costs I-Cause
from I-Cause
the I-Cause
firm I-Cause
's I-Cause
separation I-Cause
from I-Cause
Novartis I-Cause
. O

In O
Devon O
's O
case O
the B-Cause
inflated I-Cause
capital I-Cause
base I-Cause
depresses O
corporate B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
regardless O
of O
how O
attractive O
its O
incremental O
drilling O
opportunities O
are O
. O

Early B-Cause
entry I-Cause
into I-Cause
the I-Cause
Permian I-Cause
has O
also O
resulted O
in O
lower B-Cause
royalty I-Cause
rates I-Cause
( O
around O
15 O
% O
versus O
about O
25 O
% O
for O
many O
Permian O
peers O
) O
, O
which O
improve O
the B-Effect
return I-Effect
profile I-Effect
of I-Effect
its I-Effect
wells I-Effect
. O

Regulators B-Effect
will I-Effect
have I-Effect
to I-Effect
tread I-Effect
lightly I-Effect
if O
they O
want O
PG B-Cause
& I-Cause
amp I-Cause
; I-Cause
E I-Cause
to I-Cause
be I-Cause
able I-Cause
to I-Cause
raise I-Cause
the I-Cause
capital I-Cause
required I-Cause
to I-Cause
decarbonize I-Cause
the I-Cause
state I-Cause
's I-Cause
economy I-Cause
. O

In O
addition O
, O
we B-Effect
believe I-Effect
Charter I-Effect
's I-Effect
revenue I-Effect
base I-Effect
is I-Effect
more I-Effect
defensible I-Effect
than I-Effect
Comcast I-Effect
's I-Effect
, O
as O
significantly B-Cause
more I-Cause
Charter I-Cause
customers I-Cause
have I-Cause
already I-Cause
cut I-Cause
television I-Cause
service I-Cause
( I-Cause
45 I-Cause
% I-Cause
versus I-Cause
35 I-Cause
% I-Cause
) I-Cause
. O

As O
such O
, O
a B-Effect
reputation I-Effect
for I-Effect
quality I-Effect
and I-Effect
reliability I-Effect
is I-Effect
decisive I-Effect
, O
especially O
in O
the O
commercial O
and O
industrial O
verticals O
, O
as O
any B-Cause
product I-Cause
failures I-Cause
could I-Cause
lead I-Cause
to I-Cause
costly I-Cause
outages I-Cause
or I-Cause
downtime I-Cause
. O

Nokia B-Effect
's I-Effect
technology I-Effect
segment I-Effect
creates I-Effect
revenue I-Effect
through O
licensing B-Cause
critical I-Cause
communication I-Cause
patents I-Cause
and I-Cause
receiving I-Cause
royalty I-Cause
payments I-Cause
through I-Cause
HMD I-Cause
's I-Cause
Nokia-branded I-Cause
smartphone I-Cause
sales I-Cause
. O

We B-Effect
expect I-Effect
Littelfuse I-Effect
to I-Effect
continue I-Effect
acquiring I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
consolidating I-Effect
electronic I-Effect
components I-Effect
industry I-Effect
, O
as O
management B-Cause
aims I-Cause
to I-Cause
achieve I-Cause
half I-Cause
of I-Cause
its I-Cause
long-term I-Cause
top-line I-Cause
growth I-Cause
target I-Cause
of I-Cause
10 I-Cause
% I-Cause
-14 I-Cause
% I-Cause
inorganically I-Cause
. O

That O
said O
, O
we O
expect O
the B-Effect
shortage I-Effect
of I-Effect
storage I-Effect
in I-Effect
the I-Effect
HSC I-Effect
to I-Effect
eventually I-Effect
be I-Effect
addressed I-Effect
within I-Effect
a I-Effect
few I-Effect
years I-Effect
as O
competitors B-Cause
add I-Cause
new I-Cause
capacity I-Cause
, I-Cause
lowering I-Cause
returns I-Cause
. O

IT O
teams O
may O
rely O
on O
the B-Cause
large I-Cause
public I-Cause
cloud I-Cause
vendors I-Cause
for O
traffic B-Effect
management I-Effect
within I-Effect
their I-Effect
respective I-Effect
clouds I-Effect
, O
but O
F5 B-Cause
helps O
control B-Effect
the I-Effect
traffic I-Effect
between I-Effect
on-premises I-Effect
, I-Effect
private I-Effect
, I-Effect
and I-Effect
public I-Effect
clouds I-Effect
and O
has O
enterprise O
rich O
features O
. O

In O
this O
vein O
, O
we B-Cause
see I-Cause
Keurig I-Cause
Dr I-Cause
Pepper I-Cause
as I-Cause
facing I-Cause
a I-Cause
structurally I-Cause
higher I-Cause
bar I-Cause
to I-Cause
earning I-Cause
economic I-Cause
rents I-Cause
, O
as B-Effect
goodwill I-Effect
to I-Effect
the I-Effect
tune I-Effect
of I-Effect
41 I-Effect
% I-Effect
of I-Effect
assets I-Effect
versus I-Effect
a I-Effect
high-teens I-Effect
proportion I-Effect
for I-Effect
its I-Effect
closest I-Effect
peers I-Effect
further I-Effect
bloats I-Effect
the I-Effect
invested I-Effect
capital I-Effect
base I-Effect
. O

Total B-Cause
has I-Cause
also I-Cause
shifted I-Cause
more I-Cause
investment I-Cause
to I-Cause
its I-Cause
marketing I-Cause
and I-Cause
services I-Cause
segment I-Cause
, I-Cause
which I-Cause
is I-Cause
less I-Cause
capital-intensive I-Cause
and I-Cause
has I-Cause
less-volatile I-Cause
earnings. O
As O
a O
result O
, O
returns B-Effect
have I-Effect
improved I-Effect
to I-Effect
average I-Effect
30 I-Effect
% I-Effect
during I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
, I-Effect
compared I-Effect
with I-Effect
10 I-Effect
% I-Effect
during I-Effect
the I-Effect
previous I-Effect
five-year I-Effect
period I-Effect
. O

With O
a B-Cause
large I-Cause
land I-Cause
portfolio I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
Latin I-Cause
America I-Cause
, I-Cause
and I-Cause
New I-Cause
Zealand I-Cause
, O
Ormat B-Effect
is I-Effect
positioned I-Effect
to I-Effect
continue I-Effect
adding I-Effect
capacity I-Effect
in I-Effect
these I-Effect
regions I-Effect
. O

For O
instance O
, O
if O
a O
business B-Cause
decided I-Cause
to I-Cause
replace I-Cause
RingCentral I-Cause
Office I-Cause
with I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
there O
would O
be O
a O
disruption B-Cause
in I-Cause
communication I-Cause
and I-Cause
collaboration I-Cause
capabilities I-Cause
within I-Cause
an I-Cause
organization I-Cause
that O
could O
impede B-Effect
the I-Effect
timely I-Effect
transfer I-Effect
of I-Effect
crucial I-Effect
information I-Effect
among I-Effect
users I-Effect
and I-Effect
impact I-Effect
efficiency I-Effect
. O

In O
its O
smaller O
Medicare O
business O
, O
we O
expect O
low-double-digit B-Effect
growth I-Effect
primarily I-Effect
as O
demographic B-Cause
trends I-Cause
and I-Cause
the I-Cause
increasing I-Cause
popularity I-Cause
of I-Cause
Medicare I-Cause
Advantage I-Cause
plans I-Cause
benefit I-Cause
that I-Cause
business I-Cause
. O

In B-Effect
addition I-Effect
to I-Effect
our I-Effect
concern I-Effect
that I-Effect
enterprises I-Effect
will I-Effect
have I-Effect
less I-Effect
need I-Effect
for I-Effect
data I-Effect
centers I-Effect
as B-Cause
data I-Cause
storage I-Cause
and I-Cause
computing I-Cause
power I-Cause
is I-Cause
concentrated I-Cause
in I-Cause
a I-Cause
few I-Cause
cloud I-Cause
service I-Cause
providers I-Cause
, I-Cause
hardware I-Cause
advances I-Cause
and I-Cause
software I-Cause
virtualization I-Cause
continue I-Cause
to I-Cause
increase I-Cause
capacities I-Cause
for I-Cause
a I-Cause
given I-Cause
physical I-Cause
size I-Cause
. O

Furthermore O
, O
NICE O
offers O
hundreds B-Cause
of I-Cause
integrations I-Cause
with I-Cause
other I-Cause
vital I-Cause
contact I-Cause
center I-Cause
software I-Cause
, O
such O
as O
CRM O
, O
which O
allow O
a B-Effect
business I-Effect
to I-Effect
provide I-Effect
a I-Effect
higher I-Effect
quality I-Effect
of I-Effect
customer I-Effect
service I-Effect
. O

We O
think O
Johnson O
Controls O
benefits O
from O
sustainable B-Cause
competitive I-Cause
advantages I-Cause
that O
should O
support B-Effect
economic I-Effect
profits I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

In O
our O
view O
, O
there O
are O
structural O
factors O
that O
make B-Effect
it I-Effect
difficult I-Effect
for I-Effect
airlines I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
: O
a B-Cause
mostly I-Cause
undifferentiated I-Cause
product I-Cause
, I-Cause
a I-Cause
tendency I-Cause
for I-Cause
irrational I-Cause
competition I-Cause
, I-Cause
substantial I-Cause
operating I-Cause
leverage I-Cause
, I-Cause
and I-Cause
a I-Cause
tendency I-Cause
to I-Cause
employ I-Cause
financial I-Cause
leverage I-Cause
that I-Cause
exacerbates I-Cause
booms I-Cause
and I-Cause
busts I-Cause
. O

This B-Effect
will I-Effect
benefit I-Effect
Splunk I-Effect
, O
as O
greater B-Cause
amounts I-Cause
of I-Cause
data I-Cause
stored I-Cause
with I-Cause
its I-Cause
platform I-Cause
means O
that O
companies B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
run I-Effect
analytics I-Effect
for I-Effect
new I-Effect
use I-Effect
cases I-Effect
since O
all B-Cause
the I-Cause
data I-Cause
necessary I-Cause
to I-Cause
do I-Cause
so I-Cause
is I-Cause
already I-Cause
stored I-Cause
with I-Cause
Splunk I-Cause
. O

In O
addition O
, O
there O
has O
been O
a B-Cause
trend I-Cause
of I-Cause
consolidation I-Cause
in I-Cause
the I-Cause
semiconductor I-Cause
space I-Cause
, O
which O
is O
increasing B-Effect
Cadence I-Effect
's I-Effect
reliance I-Effect
on I-Effect
fewer I-Effect
, I-Effect
larger I-Effect
customers I-Effect
. O

While O
costs O
( O
mainly O
salaries O
) O
are O
largely O
fixed O
to O
maintain O
capacity O
, O
we O
believe O
that O
there O
is O
some B-Effect
room I-Effect
for I-Effect
PRA I-Effect
to I-Effect
use I-Effect
these I-Effect
fixed I-Effect
resources I-Effect
more I-Effect
effectively I-Effect
as O
the B-Cause
CRO I-Cause
business I-Cause
grows I-Cause
, O
in O
addition O
to O
spreading O
data O
solutions O
costs O
over O
a O
larger O
revenue O
base O
. O

Additionally O
, O
even O
though O
AMN O
only O
holds O
11 O
% O
of O
the O
overall O
healthcare O
staffing O
market O
, O
it O
is O
the O
market B-Cause
leader O
, O
underscoring B-Effect
the I-Effect
highly I-Effect
fragmented I-Effect
nature I-Effect
of I-Effect
healthcare I-Effect
staffing I-Effect
. O

Millennials O
have O
been O
driving O
many O
of O
these O
trends O
, O
and O
as O
the O
2 O
Jun O
2021 O
05:00 O
, O
UTCgeneration O
acquires O
enough O
capital O
to O
own O
single-family O
homes O
or O
if O
tastes B-Cause
change I-Cause
significantly I-Cause
, O
these B-Effect
trends I-Effect
could I-Effect
reverse I-Effect
and I-Effect
hurt I-Effect
demand I-Effect
for I-Effect
apartments I-Effect
. O

While B-Effect
scaling I-Effect
is I-Effect
typically I-Effect
difficult I-Effect
for I-Effect
insurance I-Effect
companies I-Effect
, I-Effect
personal I-Effect
line I-Effect
insurers I-Effect
like I-Effect
Geico I-Effect
and I-Effect
Progressive I-Effect
have I-Effect
been I-Effect
better I-Effect
at I-Effect
spreading I-Effect
fixed I-Effect
costs I-Effect
over I-Effect
a I-Effect
wider I-Effect
base I-Effect
, O
as O
their B-Cause
business I-Cause
models I-Cause
do I-Cause
not I-Cause
require I-Cause
as I-Cause
much I-Cause
human I-Cause
capital I-Cause
and I-Cause
specialized I-Cause
underwriters I-Cause
as I-Cause
other I-Cause
insurance I-Cause
lines I-Cause
. O

This O
means O
each B-Cause
patient I-Cause
typically I-Cause
goes I-Cause
through I-Cause
some I-Cause
trial I-Cause
and I-Cause
error I-Cause
before O
finding B-Effect
a I-Effect
highly I-Effect
individualized I-Effect
solution I-Effect
that I-Effect
works I-Effect
for I-Effect
him I-Effect
or I-Effect
her I-Effect
, O
which O
usually O
takes O
place O
in O
the O
first O
year O
following O
surgery O
. O

For O
artists O
, O
sales B-Effect
of I-Effect
albums I-Effect
and I-Effect
singles I-Effect
, I-Effect
either I-Effect
physical I-Effect
or I-Effect
digital I-Effect
, I-Effect
have I-Effect
collapsed I-Effect
over I-Effect
the I-Effect
last I-Effect
decade I-Effect
as O
younger B-Cause
consumers I-Cause
have I-Cause
turned I-Cause
toward I-Cause
streaming I-Cause
platforms I-Cause
like I-Cause
YouTube I-Cause
and I-Cause
Spotify I-Cause
to I-Cause
consume I-Cause
music I-Cause
. O

Seagate B-Cause
has I-Cause
been I-Cause
slow I-Cause
to I-Cause
make I-Cause
the I-Cause
move I-Cause
into I-Cause
SSDs I-Cause
in I-Cause
general I-Cause
, O
which O
we B-Effect
believe I-Effect
has I-Effect
left I-Effect
them I-Effect
comparatively I-Effect
weaker I-Effect
. O

In O
terms O
of O
switching O
costs O
, O
we O
think O
the B-Effect
military I-Effect
faces I-Effect
substantial I-Effect
barriers I-Effect
to O
switching O
from O
a B-Cause
lack I-Cause
of I-Cause
viable I-Cause
alternative I-Cause
suppliers I-Cause
as I-Cause
well I-Cause
as I-Cause
mission I-Cause
criticality I-Cause
from I-Cause
the I-Cause
substantial I-Cause
human I-Cause
cost I-Cause
at I-Cause
product I-Cause
failure I-Cause
. O

We O
think O
Janus B-Cause
' I-Cause
lower I-Cause
fee I-Cause
structure I-Cause
will I-Cause
probably I-Cause
compensate I-Cause
for I-Cause
its I-Cause
middle-of-the I-Cause
road I-Cause
fund I-Cause
performance I-Cause
, O
limiting O
the B-Effect
overall I-Effect
impact I-Effect
of I-Effect
the I-Effect
changes I-Effect
we I-Effect
've I-Effect
seen I-Effect
in I-Effect
retail I-Effect
fund I-Effect
distribution I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
. O

Due O
to O
the B-Cause
labor-intensive I-Cause
nature I-Cause
of I-Cause
protein I-Cause
processing I-Cause
, O
employees B-Cause
are I-Cause
required I-Cause
to I-Cause
stand I-Cause
near I-Cause
one I-Cause
another I-Cause
, O
which O
has O
led O
to O
COVID-19 B-Cause
outbreaks I-Cause
at I-Cause
some I-Cause
plants I-Cause
, O
causing O
some B-Effect
closures I-Effect
or I-Effect
slower I-Effect
line I-Effect
speeds I-Effect
( O
constraining O
beef O
and O
pork O
capacity O
) O
. O

Aside O
from O
those O
penalties O
, O
the B-Cause
resolution I-Cause
of I-Cause
rate I-Cause
reviews I-Cause
in I-Cause
Eversource I-Cause
's I-Cause
largest I-Cause
service I-Cause
territories I-Cause
, I-Cause
Connecticut I-Cause
and I-Cause
Massachusetts I-Cause
, O
has O
eased O
regulatory B-Effect
uncertainty I-Effect
for I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

We O
project O
annual B-Effect
sales I-Effect
increases I-Effect
of I-Effect
11 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
a O
result O
of O
new B-Cause
drug I-Cause
launches I-Cause
offsetting I-Cause
patent I-Cause
losses I-Cause
. O

As O
we O
have O
outlined O
, O
constraints B-Cause
in B-Effect
Mexico I-Effect
introduce I-Effect
risks I-Effect
to I-Effect
setting I-Effect
up I-Effect
operations I-Effect
there I-Effect
, O
and O
we O
believe O
a O
new O
entrant O
would O
have B-Effect
a I-Effect
hard I-Effect
time I-Effect
gaining I-Effect
traction I-Effect
if O
it B-Cause
purported I-Cause
to I-Cause
be I-Cause
a I-Cause
Mexican I-Cause
brand I-Cause
but I-Cause
was I-Cause
not I-Cause
actually I-Cause
brewed I-Cause
there I-Cause
. O

It O
is O
this O
need B-Cause
for I-Cause
reliability I-Cause
, I-Cause
along I-Cause
with I-Cause
desired I-Cause
fuel I-Cause
efficiency I-Cause
, O
that O
leads O
commercial B-Effect
customers I-Effect
to I-Effect
select I-Effect
engines I-Effect
from I-Effect
an I-Effect
established I-Effect
brand I-Effect
such I-Effect
as I-Effect
Cummins I-Effect
. O

Globalization B-Cause
of I-Cause
businesses I-Cause
in I-Cause
various I-Cause
verticals I-Cause
has O
increased B-Effect
demand I-Effect
not I-Effect
only I-Effect
for I-Effect
vertical-specific I-Effect
advertising I-Effect
expertise I-Effect
, I-Effect
but I-Effect
also I-Effect
for I-Effect
experience I-Effect
, I-Effect
knowledge I-Effect
, I-Effect
and I-Effect
a I-Effect
clearer I-Effect
understanding I-Effect
of I-Effect
different I-Effect
cultures I-Effect
and I-Effect
regulations I-Effect
. O

We O
expect O
that O
the O
company B-Effect
will I-Effect
not I-Effect
make I-Effect
any I-Effect
major I-Effect
prices I-Effect
hike I-Effect
in I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
due O
to O
sensitivity B-Cause
around I-Cause
the I-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
the I-Cause
impact I-Cause
from I-Cause
increased I-Cause
competition I-Cause
. O

In O
2018 O
, O
the B-Cause
government I-Cause
forced I-Cause
operators I-Cause
to I-Cause
remove I-Cause
data I-Cause
roaming I-Cause
fees I-Cause
which O
slowed B-Effect
services I-Effect
revenue I-Effect
growth I-Effect
drastically I-Effect
in I-Effect
the I-Effect
third I-Effect
quarter I-Effect
and I-Effect
will I-Effect
impact I-Effect
on I-Effect
wireless I-Effect
service I-Effect
growth I-Effect
rates I-Effect
until I-Effect
the I-Effect
second I-Effect
half I-Effect
of I-Effect
2019 I-Effect
. O

Given O
fluctuations B-Cause
in I-Cause
supply I-Cause
and I-Cause
demand I-Cause
cycles I-Cause
, I-Cause
we I-Cause
expect I-Cause
swings I-Cause
in I-Cause
top- I-Cause
and I-Cause
bottom-line I-Cause
performance I-Cause
and O
accordingly O
anticipate O
that O
the B-Effect
firm I-Effect
's I-Effect
long-term I-Effect
profitability I-Effect
will I-Effect
be I-Effect
limited I-Effect
by I-Effect
the I-Effect
cyclical I-Effect
, I-Effect
commoditylike I-Effect
nature I-Effect
of I-Effect
the I-Effect
memory I-Effect
industry I-Effect
. O

For B-Effect
2021 I-Effect
, I-Effect
we I-Effect
expect I-Effect
gross I-Effect
revenue I-Effect
to I-Effect
rise I-Effect
12 I-Effect
% I-Effect
-13 I-Effect
% I-Effect
on I-Effect
robust I-Effect
demand I-Effect
and I-Effect
pricing I-Effect
trends I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
and I-Effect
look I-Effect
for I-Effect
net I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
almost I-Effect
14 I-Effect
% I-Effect
as O
the B-Cause
firm I-Cause
passes I-Cause
along I-Cause
rising I-Cause
carrier I-Cause
rates I-Cause
to I-Cause
shippers I-Cause
and I-Cause
gross I-Cause
margins I-Cause
recover I-Cause
slightly I-Cause
. O

However O
, O
the B-Cause
production I-Cause
growth I-Cause
prospects I-Cause
for I-Cause
North I-Cause
American I-Cause
gas I-Cause
are I-Cause
quite I-Cause
high I-Cause
, O
so B-Effect
we I-Effect
expect I-Effect
it I-Effect
to I-Effect
meet I-Effect
incremental I-Effect
demand I-Effect
. I-Effect

Similarly O
, O
international B-Effect
demand I-Effect
for I-Effect
natural I-Effect
gas I-Effect
liquids I-Effect
is I-Effect
also I-Effect
on I-Effect
the I-Effect
upswing I-Effect
due O
to O
mainly B-Cause
industrial I-Cause
applications I-Cause
as O
well O
as O
displacing B-Cause
biomass I-Cause
for I-Cause
use I-Cause
residential I-Cause
heating I-Cause
. O

Sanofi B-Cause
's I-Cause
patent-protected I-Cause
drugs I-Cause
carry I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
, O
which O
enables O
the O
firm O
to O
generate B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Also O
, O
Nokia B-Cause
's I-Cause
solutions I-Cause
facilitate I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
and I-Cause
could I-Cause
be I-Cause
the I-Cause
target I-Cause
of I-Cause
cyberattacks I-Cause
, O
making O
data B-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

In O
the O
past O
, O
this O
has O
resulted O
in O
losses B-Effect
for I-Effect
PetroChina I-Effect
, O
as O
the B-Cause
costs I-Cause
of I-Cause
imports I-Cause
are I-Cause
higher I-Cause
than I-Cause
the I-Cause
realized I-Cause
prices I-Cause
. O

Focused B-Cause
entry I-Cause
from I-Cause
companies I-Cause
such I-Cause
as I-Cause
Google I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
Alibaba I-Cause
, I-Cause
Costco I-Cause
, I-Cause
and I-Cause
Facebook I-Cause
could O
have O
a B-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
Expedia I-Effect
's I-Effect
growth I-Effect
. O

Wiley B-Cause
's I-Cause
products I-Cause
targeted I-Cause
to I-Cause
the I-Cause
professional I-Cause
community I-Cause
are I-Cause
affected I-Cause
by I-Cause
economic I-Cause
conditions I-Cause
, O
which O
can O
cause O
firms B-Effect
to I-Effect
change I-Effect
head I-Effect
count I-Effect
and I-Effect
training I-Effect
expenditures I-Effect
( O
though O
its O
education O
offerings O
often O
deliver O
an O
offsetting O
benefit O
as O
a O
soft O
economy O
tends O
to O
lead O
to O
higher O
student O
enrollment O
) O
. O

While O
we O
do O
think O
Huntington O
could O
benefit O
from O
some O
additional O
scale O
, O
it B-Cause
is I-Cause
also I-Cause
small I-Cause
enough I-Cause
to O
avoid B-Effect
some I-Effect
of I-Effect
the I-Effect
extra I-Effect
costs I-Effect
faced I-Effect
by I-Effect
its I-Effect
largest I-Effect
peers I-Effect
. O

Smartphones O
can O
be O
used O
for O
most O
PC O
tasks O
and O
we O
believe O
that O
the B-Effect
computer I-Effect
hardware I-Effect
refresh I-Effect
cycle I-Effect
could I-Effect
grow I-Effect
beyond I-Effect
the I-Effect
historical I-Effect
average I-Effect
of I-Effect
three I-Effect
to I-Effect
four I-Effect
years I-Effect
as O
cloud-based B-Cause
software I-Cause
updates I-Cause
extend I-Cause
the I-Cause
life I-Cause
of I-Cause
existing I-Cause
hardware I-Cause
. O

We B-Effect
expect I-Effect
other I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
12 I-Effect
% I-Effect
CAGR I-Effect
in I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven B-Cause
by I-Cause
strong I-Cause
growth I-Cause
at I-Cause
iQiyi I-Cause
. O

We O
believe O
that O
reducing B-Cause
its I-Cause
fixed-price I-Cause
exposure I-Cause
will O
help B-Effect
derisk I-Effect
Fluor I-Effect
's I-Effect
backlog I-Effect
and I-Effect
lower I-Effect
the I-Effect
risk I-Effect
of I-Effect
material I-Effect
value I-Effect
destruction I-Effect
due I-Effect
to I-Effect
cost I-Effect
overruns I-Effect
. O

Due O
to O
production B-Cause
and I-Cause
supply I-Cause
chain I-Cause
disruptions I-Cause
and I-Cause
the I-Cause
resulting I-Cause
impact I-Cause
on I-Cause
profits I-Cause
and I-Cause
cash I-Cause
flows I-Cause
as O
a O
result O
of O
COVID-19 B-Cause
, O
we O
expect O
free B-Effect
cash I-Effect
flow I-Effect
( I-Effect
preacquisitions I-Effect
of I-Effect
GBP I-Effect
1.8 I-Effect
billion I-Effect
) I-Effect
to I-Effect
decline I-Effect
by O
GBP O
300 O
million O
to O
GBP O
800 O
million O
in O
2020 O
, O
from O
GBP O
1.1 O
billion O
in O
2019 O
. O

We B-Effect
contend I-Effect
it I-Effect
could I-Effect
be I-Effect
harder I-Effect
to I-Effect
capture I-Effect
the I-Effect
same I-Effect
amount I-Effect
of I-Effect
spending I-Effect
over I-Effect
the I-Effect
near I-Effect
term I-Effect
given O
the B-Cause
perceived I-Cause
risk I-Cause
of I-Cause
cruising I-Cause
, I-Cause
heightened I-Cause
by I-Cause
recent I-Cause
media I-Cause
attention I-Cause
. O

The B-Effect
geopolitical I-Effect
risk I-Effect
is I-Effect
broad I-Effect
, O
as O
any B-Cause
number I-Cause
of I-Cause
unpredictable I-Cause
events I-Cause
such I-Cause
as I-Cause
wars I-Cause
, I-Cause
pandemics I-Cause
, I-Cause
international I-Cause
tension I-Cause
, I-Cause
and I-Cause
natural I-Cause
disasters I-Cause
affect I-Cause
travel I-Cause
. O

Our O
forecast O
calls O
for O
low-single-digit B-Effect
earnings I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
comparables B-Cause
will I-Cause
be I-Cause
challenging I-Cause
, O
but O
a O
return O
to O
high-single-digit O
earnings O
growth O
in O
subsequent O
years O
. O

The B-Cause
direct I-Cause
annual I-Cause
cost I-Cause
of I-Cause
diabetes I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
today I-Cause
is I-Cause
over I-Cause
$ I-Cause
500 I-Cause
billion I-Cause
, O
a B-Effect
significant I-Effect
burden I-Effect
on I-Effect
insurers I-Effect
. O

After O
incorporating B-Cause
Huntington I-Cause
Ingall I-Cause
's I-Cause
planned I-Cause
acquisition I-Cause
of I-Cause
Alion I-Cause
Science I-Cause
and I-Cause
Technology I-Cause
into I-Cause
our I-Cause
model I-Cause
, O
we B-Effect
are I-Effect
maintaining I-Effect
our I-Effect
$ I-Effect
201 I-Effect
per I-Effect
share I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

With O
energy O
drinks O
representing O
one O
of O
the O
fastest-growing O
segments O
in O
the O
beverage O
industry O
, O
terminating B-Cause
the I-Cause
Monster I-Cause
agreement I-Cause
would O
hurt B-Effect
utilization I-Effect
rates I-Effect
, I-Effect
route I-Effect
efficiency I-Effect
, I-Effect
and I-Effect
profitability I-Effect
of I-Effect
the I-Effect
bottlers I-Effect
that I-Effect
Coke I-Effect
relies I-Effect
on I-Effect
, O
particularly O
at O
the O
local O
retail O
level O
. O

Although O
switching O
costs O
are O
not O
explicitly O
large O
, O
inertia B-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
of I-Cause
achieving I-Cause
better I-Cause
results I-Cause
elsewhere I-Cause
tend O
to B-Effect
keep I-Effect
investors I-Effect
with I-Effect
the I-Effect
same I-Effect
fund I-Effect
for I-Effect
a I-Effect
period I-Effect
of I-Effect
time I-Effect
. O

Former B-Cause
CEO I-Cause
Sergio I-Cause
Marchionne I-Cause
essentially I-Cause
said I-Cause
in I-Cause
an I-Cause
Italian I-Cause
television I-Cause
interview I-Cause
that I-Cause
Fiat I-Cause
auto I-Cause
would I-Cause
be I-Cause
profitable I-Cause
were I-Cause
it I-Cause
not I-Cause
for I-Cause
its I-Cause
Italian I-Cause
factories I-Cause
, O
no O
doubt O
stirring B-Effect
animosity I-Effect
among I-Effect
Italian I-Effect
workforce I-Effect
leaders I-Effect
and I-Effect
government I-Effect
officials I-Effect
. O

Lastly O
, O
global B-Cause
oil I-Cause
companies I-Cause
such I-Cause
as I-Cause
Exxon I-Cause
often I-Cause
operate I-Cause
in I-Cause
frontier I-Cause
areas I-Cause
such O
as O
Guyana O
, O
Mozambique O
, O
or O
Papua O
New O
Guinea O
, O
where O
oil O
and O
gas O
development O
is O
new O
and O
can O
cause O
friction B-Effect
with I-Effect
local I-Effect
communities I-Effect
. O

Our O
analysis O
also O
shows O
that O
once O
an B-Cause
e-commerce I-Cause
platform I-Cause
reaches I-Cause
more I-Cause
than I-Cause
10 I-Cause
% I-Cause
-15 I-Cause
% I-Cause
of I-Cause
its I-Cause
operating I-Cause
regions I-Cause
' I-Cause
population I-Cause
as I-Cause
active I-Cause
users I-Cause
, O
it O
becomes O
very B-Effect
difficult I-Effect
for I-Effect
competitors I-Effect
to I-Effect
unseat I-Effect
it I-Effect
and I-Effect
can I-Effect
lead I-Effect
to I-Effect
an I-Effect
extended I-Effect
period I-Effect
of I-Effect
excess I-Effect
economic I-Effect
returns I-Effect
. O

Given O
that O
Nordson O
's O
equipment O
often O
performs O
a O
critical O
function O
in O
the O
production O
process O
, O
we O
believe O
that O
customers B-Effect
tend I-Effect
to I-Effect
replace I-Effect
components I-Effect
like-for-like I-Effect
and I-Effect
are I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
vendors I-Effect
as O
the O
potential B-Cause
cost I-Cause
of I-Cause
unscheduled I-Cause
downtime I-Cause
could I-Cause
far I-Cause
outweigh I-Cause
incremental I-Cause
cost I-Cause
savings I-Cause
from I-Cause
switching I-Cause
to I-Cause
a I-Cause
cheaper I-Cause
alternative I-Cause
. I-Cause

We B-Effect
're I-Effect
bullish I-Effect
on I-Effect
narrow-bodies I-Effect
because O
Airbus O
's O
current O
backlog O
for O
the B-Cause
A320neo I-Cause
family I-Cause
covers I-Cause
several I-Cause
years I-Cause
of I-Cause
continuously I-Cause
increasing I-Cause
production I-Cause
( O
~5-6 O
years O
at O
the O
time O
of O
writing O
) O
. O

With O
a B-Cause
business I-Cause
model I-Cause
focused I-Cause
on I-Cause
retail I-Cause
banking I-Cause
, O
Santander B-Effect
has I-Effect
less I-Effect
exposure I-Effect
to I-Effect
sovereign I-Effect
debt I-Effect
( I-Effect
14 I-Effect
% I-Effect
of I-Effect
total I-Effect
assets I-Effect
) I-Effect
than I-Effect
most I-Effect
banks I-Effect
with I-Effect
larger I-Effect
investment I-Effect
banking I-Effect
operations I-Effect
. O

With O
all B-Cause
but I-Cause
two I-Cause
of I-Cause
its I-Cause
9,000-plus I-Cause
hotels I-Cause
managed I-Cause
or I-Cause
franchised I-Cause
, O
Wyndham B-Effect
has I-Effect
an I-Effect
attractive I-Effect
recurring-fee I-Effect
business I-Effect
model I-Effect
with I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
as O
these B-Cause
asset-light I-Cause
relationships I-Cause
have I-Cause
low I-Cause
fixed I-Cause
costs I-Cause
and I-Cause
capital I-Cause
requirements I-Cause
. O

Martin B-Cause
Marietta I-Cause
's I-Cause
footprint I-Cause
-- I-Cause
heavy I-Cause
in I-Cause
Texas I-Cause
, I-Cause
Colorado I-Cause
, I-Cause
North I-Cause
Carolina I-Cause
, I-Cause
Iowa I-Cause
, I-Cause
and I-Cause
Georgia I-Cause
-- O
has B-Effect
significant I-Effect
road I-Effect
spending I-Effect
needs I-Effect
and I-Effect
strong I-Effect
finances I-Effect
to I-Effect
support I-Effect
high I-Effect
growth I-Effect
. O

With O
the O
company O
's O
operating O
leverage O
, O
we O
expect O
gross B-Cause
margin I-Cause
to I-Cause
increase I-Cause
by I-Cause
100 I-Cause
basis I-Cause
points I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
as O
the B-Effect
company I-Effect
looks I-Effect
to I-Effect
overhaul I-Effect
its I-Effect
pricing I-Effect
structure I-Effect
. O

We O
do O
n't O
think O
Mettler-Toledo O
could O
have O
been O
able O
to O
maintain B-Effect
a I-Effect
market-leading I-Effect
position I-Effect
over I-Effect
the I-Effect
ensuing I-Effect
two I-Effect
decades I-Effect
without O
some B-Cause
degree I-Cause
of I-Cause
brand I-Cause
recognition I-Cause
. O

Reflecting O
strong B-Cause
third-quarter I-Cause
profitability I-Cause
( O
7.5 O
% O
operating O
margin O
versus O
our O
6.7 O
% O
expectation O
) O
, O
we B-Effect
are I-Effect
lifting I-Effect
our I-Effect
valuation I-Effect
of I-Effect
Dollar I-Effect
Tree I-Effect
to I-Effect
$ I-Effect
96 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
92 I-Effect
. O

Switching B-Cause
the I-Cause
administrative I-Cause
activities I-Cause
, I-Cause
partner I-Cause
relationships I-Cause
, I-Cause
and I-Cause
pharmacy I-Cause
benefit I-Cause
plan I-Cause
specifications I-Cause
to I-Cause
a I-Cause
new I-Cause
PBM I-Cause
vendor I-Cause
can O
be O
time-consuming O
and O
onerous O
, O
which O
creates B-Effect
inertia I-Effect
for I-Effect
clients I-Effect
with I-Effect
limited I-Effect
realistic I-Effect
alternatives I-Effect
, O
in O
our O
opinion O
. O

In O
turn O
, O
as O
the B-Cause
number I-Cause
of I-Cause
drivers I-Cause
increased I-Cause
, O
the B-Cause
timeliness I-Cause
and I-Cause
reliability I-Cause
of I-Cause
the I-Cause
service I-Cause
improved I-Cause
, O
which O
drove O
the B-Cause
number I-Cause
of I-Cause
users I-Cause
or I-Cause
riders I-Cause
higher I-Cause
, O
which O
in B-Effect
turn I-Effect
attracted I-Effect
more I-Effect
drivers I-Effect
, O
all O
of O
which O
indicates O
a O
network O
effect O
. O

We O
believe O
the B-Effect
global I-Effect
nature I-Effect
of I-Effect
the I-Effect
business I-Effect
reduces I-Effect
the I-Effect
risk I-Effect
of I-Effect
its I-Effect
Spain I-Effect
domicile I-Effect
, O
as O
roughly B-Cause
95 I-Cause
% I-Cause
of I-Cause
sales I-Cause
are I-Cause
outside I-Cause
Spain I-Cause
. O

Our O
bookings O
growth O
forecast O
is O
unchanged O
, O
with B-Effect
our I-Effect
expectation I-Effect
it I-Effect
averages I-Effect
21 I-Effect
% I-Effect
during I-Effect
2021-30 I-Effect
, O
influenced B-Cause
by I-Cause
a I-Cause
large I-Cause
recovery I-Cause
growth I-Cause
rate I-Cause
in I-Cause
2021 I-Cause
after I-Cause
substantial I-Cause
declines I-Cause
in I-Cause
2020 I-Cause
. O

Both B-Cause
Rio I-Cause
and I-Cause
Vale I-Cause
overinvested I-Cause
to I-Cause
a I-Cause
greater I-Cause
degree I-Cause
than I-Cause
BHP I-Cause
in I-Cause
the I-Cause
boom I-Cause
, O
more O
greatly O
diluting B-Effect
long-term I-Effect
returns I-Effect
. O

Low B-Effect
OCC I-Effect
prices I-Effect
could I-Effect
stimulate I-Effect
further I-Effect
capacity I-Effect
build I-Effect
as B-Cause
the I-Cause
capital I-Cause
requirements I-Cause
of I-Cause
a I-Cause
recycled I-Cause
containerboard I-Cause
plant I-Cause
are I-Cause
far I-Cause
lower I-Cause
than I-Cause
that I-Cause
of I-Cause
a I-Cause
virgin I-Cause
fiber I-Cause
facility I-Cause
. O

Phillips B-Effect
66 I-Effect
's I-Effect
limited I-Effect
partner I-Effect
and I-Effect
general I-Effect
partner I-Effect
interests I-Effect
in I-Effect
PSXP I-Effect
further I-Effect
raise I-Effect
the I-Effect
opportunity I-Effect
costs I-Effect
for I-Effect
Phillips I-Effect
66 I-Effect
to O
switch B-Cause
away I-Cause
from I-Cause
PSXP I-Cause
's I-Cause
services I-Cause
. O

We O
also O
think O
international B-Cause
business I-Cause
restrictions I-Cause
could O
hamper O
MPS B-Effect
' I-Effect
foundry I-Effect
partnerships O
but O
think O
the O
firm O
is O
hedged O
in O
partnering O
with O
five O
different O
foundries O
. O

Wireless B-Cause
carriers I-Cause
enter I-Cause
long-term I-Cause
leases I-Cause
that O
include O
rent O
escalators O
( O
annual O
increases O
of O
about O
3 O
% O
in O
the O
United O
States O
and O
generally O
tied O
to O
inflation O
internationally O
) O
, O
which O
gives O
the B-Effect
firm I-Effect
a I-Effect
highly I-Effect
visible I-Effect
and I-Effect
stable I-Effect
revenue I-Effect
stream I-Effect
, O
and O
towers O
have O
significant O
operating O
leverage O
. O

Overall O
, O
pro-employment B-Cause
subsidies I-Cause
can O
increase B-Effect
demand I-Effect
in I-Effect
certain I-Effect
markets I-Effect
, O
countries B-Effect
adopting I-Effect
more I-Effect
stringent I-Effect
labor I-Effect
laws I-Effect
often I-Effect
cause I-Effect
pay I-Effect
rates I-Effect
to I-Effect
climb I-Effect
as O
regulations B-Cause
specify I-Cause
pay I-Cause
scales I-Cause
, I-Cause
benefits I-Cause
, I-Cause
or I-Cause
other I-Cause
contract I-Cause
terms I-Cause
. O

Alongside O
ease B-Cause
of I-Cause
use I-Cause
, O
TwiML B-Cause
serves I-Cause
a I-Cause
second I-Cause
purpose I-Cause
-- I-Cause
it I-Cause
is I-Cause
not I-Cause
compatible I-Cause
with I-Cause
other I-Cause
services I-Cause
, O
making O
it O
very O
difficult O
for O
developers B-Effect
to I-Effect
move I-Effect
an I-Effect
application I-Effect
built I-Effect
on I-Effect
the I-Effect
Twilio I-Effect
platform I-Effect
to I-Effect
another I-Effect
service I-Effect
. I-Effect

Although O
Hexcel O
's O
products O
reduce O
fuel O
burn O
and O
thus O
the O
carbon O
intensity O
of O
an O
aircraft O
, O
they B-Cause
also I-Cause
allow I-Cause
airlines I-Cause
to I-Cause
pass I-Cause
the I-Cause
savings I-Cause
along I-Cause
to I-Cause
customers I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
lower I-Cause
ticket I-Cause
prices I-Cause
, O
which O
encourages B-Effect
additional I-Effect
flights I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
demonstrated I-Cause
consistent I-Cause
operating I-Cause
margin I-Cause
expansion I-Cause
through I-Cause
cost I-Cause
controls I-Cause
during I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
, O
which B-Effect
we I-Effect
expect I-Effect
to I-Effect
continue I-Effect
through I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, I-Effect
highlighting I-Effect
the I-Effect
success I-Effect
of I-Effect
IPG I-Effect
's I-Effect
turnaround I-Effect
, I-Effect
which I-Effect
began I-Effect
more I-Effect
than I-Effect
10 I-Effect
years I-Effect
ago O
. O

Medtronic O
had O
expressed O
interest O
in O
developing O
a O
competitive O
patch O
pump O
eight O
years O
ago O
, O
but O
after O
several O
years O
of O
working O
on O
it O
, O
the B-Effect
firm I-Effect
turned I-Effect
its I-Effect
attention I-Effect
to I-Effect
furthering I-Effect
the I-Effect
technology I-Effect
of I-Effect
its I-Effect
traditional I-Effect
tubed I-Effect
insulin I-Effect
pump I-Effect
to O
increase B-Cause
the I-Cause
automation I-Cause
of I-Cause
its I-Cause
products I-Cause
. O

Switching B-Effect
costs I-Effect
exist I-Effect
here I-Effect
due O
to O
customer B-Cause
pain I-Cause
points I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
strict I-Cause
building I-Cause
codes I-Cause
related I-Cause
to I-Cause
seismic I-Cause
or I-Cause
energy-efficiency I-Cause
requirements I-Cause
. O

The B-Cause
Novartis I-Cause
and I-Cause
Hologic I-Cause
diagnostics I-Cause
acquisitions I-Cause
boosted I-Cause
diagnostics I-Cause
to I-Cause
roughly I-Cause
15 I-Cause
% I-Cause
of I-Cause
Grifols I-Cause
' I-Cause
sales I-Cause
, O
which O
helps O
to O
diversify B-Effect
the I-Effect
firm I-Effect
's I-Effect
profits I-Effect
and I-Effect
reduces I-Effect
reliance I-Effect
on I-Effect
plasma I-Effect
protein I-Effect
sales I-Effect
. O

Further O
, O
for O
users O
involved O
in O
customer O
communications O
, O
this O
could O
lead O
to O
disruption B-Cause
in I-Cause
services I-Cause
, O
which O
may O
lead O
to O
frustration B-Effect
and I-Effect
a I-Effect
loss I-Effect
of I-Effect
customers I-Effect
. O

Moreover O
, O
the B-Cause
crisis I-Cause
forced O
the B-Effect
suspension I-Effect
of I-Effect
nearly I-Effect
all I-Effect
amateur I-Effect
and I-Effect
professional I-Effect
sports I-Effect
, O
causing O
a O
severe O
drop B-Effect
in I-Effect
demand I-Effect
for I-Effect
some I-Effect
of I-Effect
Under I-Effect
Armour I-Effect
's I-Effect
athletic I-Effect
gear I-Effect
. O

If O
customer B-Cause
habits I-Cause
change I-Cause
faster I-Cause
than I-Cause
we I-Cause
expect I-Cause
, O
the B-Effect
need I-Effect
to I-Effect
increase I-Effect
Internet I-Effect
access I-Effect
pricing I-Effect
as I-Effect
an I-Effect
offset I-Effect
could I-Effect
accelerate I-Effect
as I-Effect
well I-Effect
and I-Effect
surpass I-Effect
levels I-Effect
acceptable I-Effect
to I-Effect
regulators I-Effect
. O

While O
we O
expect O
a O
gradual O
and O
manageable O
shift O
, O
allowing O
Valvoline O
to O
build O
its O
other O
offerings O
, O
a B-Cause
more I-Cause
rapid I-Cause
change I-Cause
coupled I-Cause
with I-Cause
a I-Cause
failure I-Cause
to I-Cause
differentiate I-Cause
in I-Cause
ancillary I-Cause
fluid I-Cause
markets I-Cause
could O
impair B-Effect
Valvoline I-Effect
's I-Effect
standing I-Effect
. O

In O
this O
regard O
, O
we O
see O
a B-Cause
synergistic I-Cause
relationship I-Cause
between I-Cause
Constellation I-Cause
's I-Cause
robust I-Cause
beer I-Cause
portfolio I-Cause
and I-Cause
its I-Cause
wine I-Cause
and I-Cause
spirits I-Cause
offerings I-Cause
that O
serves O
to O
increase B-Effect
its I-Effect
clout I-Effect
within I-Effect
the I-Effect
supply I-Effect
chain I-Effect
. O

Our O
long-term O
thesis O
supports O
that O
the O
expansion B-Cause
into I-Cause
nascent I-Cause
markets I-Cause
( I-Cause
Asia I-Cause
, I-Cause
luxury I-Cause
) I-Cause
should I-Cause
benefit I-Cause
Royal I-Cause
Caribbean I-Cause
once I-Cause
COVID-19 I-Cause
subsides I-Cause
, O
supporting B-Effect
modest I-Effect
price I-Effect
increases I-Effect
over I-Effect
time I-Effect
. O

CarMax O
also O
holds O
auctions O
at O
least O
weekly O
, O
which O
helps B-Effect
its I-Effect
retail I-Effect
business I-Effect
as O
the B-Cause
company I-Cause
can I-Cause
better I-Cause
understand I-Cause
what I-Cause
is I-Cause
in I-Cause
demand I-Cause
. O

With O
the B-Cause
increasing I-Cause
importance I-Cause
of I-Cause
more I-Cause
focused I-Cause
marketing I-Cause
and I-Cause
return I-Cause
on I-Cause
investment I-Cause
for I-Cause
advertisers I-Cause
, O
Weibo B-Effect
has I-Effect
started I-Effect
to I-Effect
catch I-Effect
up I-Effect
. O

Also O
, O
healthcare B-Cause
policy I-Cause
risks I-Cause
may O
plague B-Effect
health I-Effect
insurers I-Effect
until I-Effect
affordable I-Effect
, I-Effect
universal I-Effect
coverage I-Effect
is I-Effect
achieved I-Effect
, I-Effect
which I-Effect
is I-Effect
Centene I-Effect
's I-Effect
key I-Effect
ESG I-Effect
risk I-Effect
. O

Ecolab B-Cause
is I-Cause
the I-Cause
largest I-Cause
player I-Cause
in I-Cause
the I-Cause
fragmented I-Cause
cleaning I-Cause
and I-Cause
sanitation I-Cause
industry I-Cause
, O
which O
allows O
it B-Effect
to I-Effect
service I-Effect
large I-Effect
global I-Effect
organizations I-Effect
that I-Effect
are I-Effect
outside I-Effect
the I-Effect
reach I-Effect
of I-Effect
local I-Effect
and I-Effect
regional I-Effect
players I-Effect
. O

Within O
product O
care O
, O
we O
expect O
offerings B-Effect
such I-Effect
as I-Effect
flexible I-Effect
mailers I-Effect
to I-Effect
increasingly I-Effect
gain I-Effect
share I-Effect
over I-Effect
relatively I-Effect
expensive I-Effect
cardboard I-Effect
box I-Effect
solutions I-Effect
, O
particularly O
as O
the B-Cause
company I-Cause
integrates I-Cause
biodegradable I-Cause
resins I-Cause
that O
could O
prove O
cheaper O
and O
remain O
eco-friendly O
like O
boxes O
. O

The O
approximately O
350 O
Class O
C O
and O
Class O
D O
malls O
are O
struggling O
and O
are O
either O
currently O
in O
or O
on O
the O
precipice O
of O
the O
mall O
death O
spiral O
, O
in O
which O
vacancies B-Cause
lead O
to O
lower O
sales B-Effect
for I-Effect
remaining I-Effect
tenants I-Effect
, O
which O
lead O
to O
more O
vacancies O
and O
so O
on O
. O

As O
VS B-Cause
segment I-Cause
margins I-Cause
have I-Cause
trailed I-Cause
that I-Cause
of I-Cause
Bath I-Cause
& I-Cause
Body I-Cause
Works I-Cause
( I-Cause
BBW I-Cause
) I-Cause
, O
we O
expect O
its B-Effect
performance I-Effect
will I-Effect
become I-Effect
less I-Effect
of I-Effect
a I-Effect
drag I-Effect
when I-Effect
a I-Effect
sale I-Effect
or I-Effect
spin-off I-Effect
of I-Effect
the I-Effect
brand I-Effect
is I-Effect
executed I-Effect
, O
which O
is O
set O
to O
occur O
by O
August O
2021 O
. O

While O
these O
projects O
typically O
only O
account O
for O
about O
one O
fifth O
of O
reservoir O
description O
revenue O
, O
Core B-Effect
Lab I-Effect
is I-Effect
able I-Effect
to I-Effect
monetize I-Effect
the I-Effect
value I-Effect
from I-Effect
the I-Effect
network I-Effect
throughout I-Effect
its I-Effect
entire I-Effect
reservoir I-Effect
description I-Effect
segment I-Effect
via O
its O
ability O
to O
develop B-Cause
better I-Cause
technologies I-Cause
and I-Cause
data I-Cause
analysis I-Cause
techniques I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
project I-Cause
. O

Shoppers B-Effect
are I-Effect
consuming I-Effect
more I-Effect
food I-Effect
at I-Effect
home I-Effect
during I-Effect
the I-Effect
pandemic I-Effect
, I-Effect
and I-Effect
Sprouts I-Effect
should I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
, I-Effect
with I-Effect
upside I-Effect
in O
the O
event O
of O
more B-Cause
lockdowns I-Cause
in I-Cause
its I-Cause
main I-Cause
markets I-Cause
. O

Once B-Effect
enterprise I-Effect
workloads I-Effect
are I-Effect
on I-Effect
the I-Effect
cloud I-Effect
, I-Effect
scaling I-Effect
, I-Effect
collecting I-Effect
, I-Effect
and I-Effect
analyzing I-Effect
data I-Effect
becomes I-Effect
easier I-Effect
because O
of O
how B-Cause
effortless I-Cause
it I-Cause
is I-Cause
to I-Cause
scale I-Cause
data I-Cause
storage I-Cause
in I-Cause
the I-Cause
cloud I-Cause
. O

This O
discourages B-Effect
the I-Effect
introduction I-Effect
of I-Effect
new I-Effect
clearinghouses I-Effect
, O
as O
a B-Cause
new I-Cause
entrant I-Cause
provides I-Cause
little I-Cause
risk I-Cause
mitigation I-Cause
to I-Cause
its I-Cause
members I-Cause
until I-Cause
it I-Cause
can I-Cause
establish I-Cause
a I-Cause
userbase I-Cause
. O

We O
view O
the B-Effect
service I-Effect
, I-Effect
where I-Effect
subscribers I-Effect
pay I-Effect
$ I-Effect
88 I-Effect
per I-Effect
month I-Effect
to I-Effect
rent I-Effect
six I-Effect
items I-Effect
of I-Effect
clothing I-Effect
, I-Effect
as I-Effect
primarily I-Effect
defensive I-Effect
, O
as O
traditional B-Cause
apparel I-Cause
retailers I-Cause
have I-Cause
lost I-Cause
sales I-Cause
to I-Cause
rental I-Cause
services I-Cause
like I-Cause
Rent I-Cause
the I-Cause
Runway I-Cause
and I-Cause
Le I-Cause
Tote I-Cause
and I-Cause
new I-Cause
digital I-Cause
concepts I-Cause
like I-Cause
Stitch I-Cause
Fix I-Cause
. O

A B-Cause
cap I-Cause
on I-Cause
growth I-Cause
of I-Cause
tables I-Cause
will O
, O
in O
our O
view O
, O
ensure O
that O
demand B-Cause
outstrips I-Cause
supply I-Cause
by I-Cause
a I-Cause
wide I-Cause
margin I-Cause
, O
allowing O
Melco B-Effect
Resorts I-Effect
' I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
easily I-Effect
exceed I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
during I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Additionally O
, O
we O
think O
Infosys B-Effect
will I-Effect
continue I-Effect
to I-Effect
make I-Effect
its I-Effect
way I-Effect
into I-Effect
the I-Effect
European I-Effect
market I-Effect
, O
as O
European B-Cause
enterprises I-Cause
have I-Cause
become I-Cause
increasingly I-Cause
comfortable I-Cause
with I-Cause
outsourcing I-Cause
to I-Cause
offshore I-Cause
centers I-Cause
. O

Supply O
chains O
are O
complex O
and O
any B-Cause
disruption I-Cause
to I-Cause
warehouse I-Cause
operations I-Cause
could O
have B-Effect
a I-Effect
significant I-Effect
ripple I-Effect
effect I-Effect
among I-Effect
all I-Effect
nodes I-Effect
in I-Effect
the I-Effect
chain I-Effect
, O
which O
is O
captured O
in O
sticky O
customer O
relationships O
. O

Our B-Cause
revenue I-Cause
and I-Cause
margin I-Cause
assumptions I-Cause
reflect B-Effect
higher I-Effect
premium I-Effect
brand I-Effect
volume I-Effect
and I-Effect
cost I-Effect
reduction I-Effect
on I-Effect
greater I-Effect
common-platform I-Effect
use I-Effect
improves I-Effect
operating I-Effect
leverage I-Effect
. O

These B-Effect
instruments I-Effect
are I-Effect
important I-Effect
in I-Effect
a I-Effect
manufacturing I-Effect
process I-Effect
because O
they B-Cause
're I-Cause
vital I-Cause
for I-Cause
retrieving I-Cause
information I-Cause
quickly I-Cause
and I-Cause
accurately I-Cause
for I-Cause
optimum I-Cause
productivity I-Cause
. O

The B-Effect
10 I-Effect
% I-Effect
sales I-Effect
growth I-Effect
stems I-Effect
from I-Effect
3 I-Effect
% I-Effect
of I-Effect
sales I-Effect
stimulus I-Effect
from I-Effect
source I-Effect
books I-Effect
, I-Effect
4 I-Effect
% I-Effect
growth I-Effect
from I-Effect
adjacent I-Effect
offerings I-Effect
( I-Effect
hospitality I-Effect
, I-Effect
guesthouse I-Effect
) I-Effect
and I-Effect
3 I-Effect
% I-Effect
average I-Effect
square I-Effect
footage I-Effect
growth I-Effect
as O
RH B-Cause
converts I-Cause
gallery I-Cause
locations I-Cause
both I-Cause
domestically I-Cause
and I-Cause
expands I-Cause
abroad I-Cause
. O

The B-Cause
company I-Cause
has I-Cause
largely I-Cause
avoided I-Cause
irrational I-Cause
competition I-Cause
with I-Cause
OEMs I-Cause
by O
limiting B-Effect
market I-Effect
share I-Effect
on I-Effect
any I-Effect
part I-Effect
to I-Effect
about I-Effect
30 I-Effect
% I-Effect
with I-Effect
just I-Effect
a I-Effect
few I-Effect
customers I-Effect
. O

Given O
these B-Cause
rational I-Cause
customers I-Cause
allow I-Cause
Snap-on I-Cause
to I-Cause
maintain I-Cause
healthy I-Cause
margins I-Cause
in I-Cause
this I-Cause
segment I-Cause
, O
we O
believe O
the B-Effect
segment I-Effect
's I-Effect
intangible I-Effect
assets I-Effect
are I-Effect
weighted I-Effect
more I-Effect
toward I-Effect
intellectual I-Effect
property I-Effect
in I-Effect
the I-Effect
actual I-Effect
design I-Effect
of I-Effect
the I-Effect
tools I-Effect
and I-Effect
are I-Effect
slightly I-Effect
less I-Effect
reliant I-Effect
on I-Effect
brand I-Effect
value I-Effect
. O

The B-Cause
Reinhart I-Cause
acquisition I-Cause
will I-Cause
be I-Cause
a I-Cause
material I-Cause
addition I-Cause
to I-Cause
sales I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
, I-Cause
and O
beginning O
in O
2022 O
, O
we O
assume O
a O
1 O
% O
annual O
contribution O
from O
acquisitions O
, O
resulting B-Effect
in I-Effect
4 I-Effect
% I-Effect
average I-Effect
consolidated I-Effect
food-service I-Effect
segment I-Effect
long-term I-Effect
growth I-Effect
. I-Effect

Shifts B-Effect
away I-Effect
from I-Effect
equity I-Effect
strategies I-Effect
can I-Effect
have I-Effect
an I-Effect
impact I-Effect
as O
well O
, O
with O
management B-Cause
fees I-Cause
typically I-Cause
being I-Cause
much I-Cause
lower I-Cause
for I-Cause
fixed-income I-Cause
funds I-Cause
. O

We O
think O
Southwest B-Effect
is I-Effect
well-positioned I-Effect
to I-Effect
operationally I-Effect
outperform I-Effect
in I-Effect
a I-Effect
leisure-led I-Effect
recovery I-Effect
because O
its B-Cause
business I-Cause
model I-Cause
is I-Cause
structured I-Cause
to I-Cause
be I-Cause
profitable I-Cause
in I-Cause
an I-Cause
environment I-Cause
that I-Cause
focuses I-Cause
on I-Cause
serving I-Cause
leisure I-Cause
travel I-Cause
. I-Cause

The B-Effect
company I-Effect
's I-Effect
return I-Effect
on I-Effect
investment I-Effect
capital I-Effect
, I-Effect
or I-Effect
ROIC I-Effect
, I-Effect
has I-Effect
consistently I-Effect
improved I-Effect
since I-Effect
2011 I-Effect
because O
of O
the B-Cause
sale I-Cause
of I-Cause
its I-Cause
underperforming I-Cause
businesses I-Cause
, I-Cause
increased I-Cause
volume I-Cause
supported I-Cause
by I-Cause
strengthening I-Cause
end-market I-Cause
demand I-Cause
and I-Cause
Specialty I-Cause
Industrial I-Cause
Machinerymarket I-Cause
share I-Cause
gains I-Cause
, I-Cause
and I-Cause
successful I-Cause
cost-reduction I-Cause
initiatives I-Cause
. O

Land B-Cause
combat I-Cause
systems I-Cause
are I-Cause
incredibly I-Cause
long I-Cause
cycle I-Cause
, O
for O
example O
, O
the O
military O
has O
procured O
General O
Dynamics O
's O
M1 O
Abrams O
tank O
consistently O
since O
the O
1980s O
to O
be O
the O
Army O
's O
main O
battle O
tank O
, O
which O
gives O
us O
confidence O
in O
General B-Effect
Dynamics I-Effect
revenue-generating I-Effect
potential I-Effect
for I-Effect
years I-Effect
into I-Effect
the I-Effect
future O
. O

If O
the B-Cause
local I-Cause
authorities I-Cause
release I-Cause
more I-Cause
policies I-Cause
regarding I-Cause
Internet I-Cause
business I-Cause
, I-Cause
such I-Cause
as I-Cause
online I-Cause
advertising I-Cause
and I-Cause
online I-Cause
finance I-Cause
, O
Baidu B-Effect
's I-Effect
revenue I-Effect
could I-Effect
be I-Effect
negatively I-Effect
affected I-Effect
. O

We O
think O
the B-Cause
growing I-Cause
adoption I-Cause
of I-Cause
streaming I-Cause
will O
continue O
to O
hit B-Effect
digital I-Effect
downloads I-Effect
harder I-Effect
than O
physical O
sales O
, O
where O
a O
core O
, O
though O
shrinking O
, O
base O
of O
loyal O
listeners O
remains O
. O

Improved B-Cause
profitability I-Cause
and I-Cause
efficient I-Cause
capital I-Cause
expenditure I-Cause
plans I-Cause
should O
help O
Baxter B-Effect
generate I-Effect
$ I-Effect
2.7 I-Effect
billion I-Effect
in I-Effect
free I-Effect
cash I-Effect
flow I-Effect
by I-Effect
2024 I-Effect
, I-Effect
up I-Effect
from I-Effect
$ I-Effect
1.4 I-Effect
billion I-Effect
in I-Effect
2019 I-Effect
. O

The B-Cause
gradual I-Cause
sprawl I-Cause
of I-Cause
metro I-Cause
areas I-Cause
tends O
to O
drive B-Effect
timberland I-Effect
valuations I-Effect
higher I-Effect
in O
some O
areas O
, O
making O
it O
prudent O
to O
cull O
and O
replace O
those O
acres O
with O
more O
rural O
plots O
of O
land O
. O

Though O
we O
acknowledge O
this O
perspective O
, O
we O
still O
see O
long-term O
market O
growth O
in O
the O
midsingle O
digits O
and O
we O
think O
it O
can O
be O
difficult B-Effect
to I-Effect
fully I-Effect
control I-Effect
the I-Effect
market I-Effect
in I-Effect
ophthalmology I-Effect
because O
of O
strong B-Cause
competition I-Cause
in I-Cause
the I-Cause
space I-Cause
. I-Cause

Recently O
, O
narrow-body B-Effect
volumes I-Effect
have I-Effect
increased I-Effect
substantially I-Effect
due O
to O
the B-Cause
rise I-Cause
globally I-Cause
of I-Cause
low-cost I-Cause
carriers I-Cause
and I-Cause
improved I-Cause
technology I-Cause
that O
allows O
smaller B-Effect
airplanes I-Effect
to I-Effect
operate I-Effect
flight I-Effect
paths I-Effect
that I-Effect
were I-Effect
previously I-Effect
unprofitable I-Effect
. O

A B-Cause
relatively I-Cause
lower I-Cause
exposure I-Cause
to I-Cause
mortgages I-Cause
reduces I-Cause
the I-Cause
duration I-Cause
of I-Cause
Santander I-Cause
's I-Cause
book I-Cause
, O
making B-Effect
it I-Effect
easier I-Effect
to I-Effect
pull I-Effect
back I-Effect
on I-Effect
credit I-Effect
and I-Effect
reduce I-Effect
exposure I-Effect
to I-Effect
a I-Effect
particular I-Effect
lending I-Effect
category I-Effect
. I-Effect

Although O
the O
company O
's O
international O
presence O
provides O
new B-Cause
growth I-Cause
opportunities I-Cause
, I-Cause
diversifies I-Cause
revenue I-Cause
, I-Cause
and I-Cause
dampens I-Cause
cyclicality I-Cause
, O
it O
also O
exposes B-Effect
the I-Effect
company I-Effect
to I-Effect
foreign I-Effect
currency I-Effect
, I-Effect
economic I-Effect
, I-Effect
operational I-Effect
, I-Effect
and I-Effect
political I-Effect
risks I-Effect
. O

This B-Effect
is I-Effect
270 I-Effect
basis I-Effect
points I-Effect
below I-Effect
the I-Effect
adjusted I-Effect
margin I-Effect
achieved I-Effect
in I-Effect
2020 I-Effect
, O
primarily O
because O
we O
think O
BAT B-Cause
's I-Cause
indiscriminate I-Cause
approach I-Cause
to I-Cause
next I-Cause
generation I-Cause
product I-Cause
investment I-Cause
is I-Cause
likely I-Cause
to I-Cause
reduce I-Cause
the I-Cause
margin I-Cause
benefits I-Cause
of I-Cause
scale I-Cause
in I-Cause
the I-Cause
medium I-Cause
term I-Cause
. O

Snowmobiles O
, O
ATVs O
, O
side-by-sides O
, O
and O
personal O
watercraft O
are O
all O
big-ticket O
items O
, O
and O
a B-Cause
slowdown I-Cause
in I-Cause
the I-Cause
global I-Cause
economy I-Cause
could O
hamper B-Effect
replacement I-Effect
and I-Effect
adoption I-Effect
rates I-Effect
for I-Effect
these I-Effect
recreational I-Effect
products I-Effect
. O

ASML B-Cause
's I-Cause
immersion I-Cause
lithography I-Cause
tools I-Cause
allowed B-Effect
the I-Effect
company I-Effect
to I-Effect
capture I-Effect
and I-Effect
maintain I-Effect
the I-Effect
leading I-Effect
position I-Effect
in I-Effect
the I-Effect
marketplace I-Effect
, O
while O
competitors O
like O
Nikon O
and O
Canon O
do O
not O
have O
the O
scale O
or O
resources O
to O
compete O
at O
the O
cutting-edge O
. O

For O
example O
, O
Williams B-Cause
overpaid I-Cause
for I-Cause
G I-Cause
& I-Cause
amp I-Cause
; I-Cause
P I-Cause
assets I-Cause
during I-Cause
peak I-Cause
industry I-Cause
conditions I-Cause
, O
resulting O
in O
more B-Effect
than I-Effect
$ I-Effect
7 I-Effect
billion I-Effect
of I-Effect
impairments I-Effect
in I-Effect
2015-18 I-Effect
. O

Rising B-Cause
miles I-Cause
driven I-Cause
prior I-Cause
to I-Cause
the I-Cause
pandemic I-Cause
( I-Cause
up I-Cause
1 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2019 I-Cause
) I-Cause
and I-Cause
vehicle I-Cause
age I-Cause
( I-Cause
11.9 I-Cause
years I-Cause
in I-Cause
2020 I-Cause
versus I-Cause
10.6 I-Cause
years I-Cause
in I-Cause
2010 I-Cause
) I-Cause
boosted B-Effect
AutoZone I-Effect
over I-Effect
the I-Effect
last I-Effect
decade I-Effect
. O

As O
electric B-Cause
vehicle I-Cause
penetration I-Cause
increases I-Cause
, O
we O
expect O
high-double-digit B-Effect
annual I-Effect
growth I-Effect
for I-Effect
global I-Effect
lithium I-Effect
demand I-Effect
, O
one O
of O
the O
best O
growth O
profiles O
among O
commodities O
. O

Automotive B-Cause
, I-Cause
industrial I-Cause
, I-Cause
and I-Cause
communications I-Cause
infrastructure I-Cause
customers I-Cause
, O
in O
particular O
, O
are O
unlikely B-Effect
to I-Effect
choose I-Effect
an I-Effect
inferior I-Effect
analog I-Effect
chip I-Effect
in I-Effect
order I-Effect
to I-Effect
save I-Effect
pennies I-Effect
on I-Effect
the I-Effect
cost I-Effect
of I-Effect
a I-Effect
piece I-Effect
of I-Effect
equipment I-Effect
worth I-Effect
tens I-Effect
of I-Effect
thousands I-Effect
of I-Effect
dollars I-Effect
. O

Although O
most O
dealerships O
are O
good O
businesses O
, O
we O
think O
the B-Effect
large I-Effect
publicly I-Effect
traded I-Effect
dealers I-Effect
are I-Effect
best I-Effect
positioned I-Effect
for I-Effect
growth I-Effect
going I-Effect
forward I-Effect
since O
these B-Cause
firms I-Cause
can I-Cause
be I-Cause
the I-Cause
most I-Cause
flexible I-Cause
in I-Cause
changing I-Cause
brand I-Cause
mix I-Cause
. O

In B-Cause
the I-Cause
United I-Cause
States I-Cause
, I-Cause
the I-Cause
average I-Cause
truck I-Cause
driver I-Cause
is I-Cause
55 I-Cause
years I-Cause
old I-Cause
, O
making O
recruitment B-Effect
of I-Effect
younger I-Effect
drivers I-Effect
a I-Effect
critical I-Effect
industry I-Effect
activity I-Effect
. O

As O
with O
most O
integrated O
oil O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would I-Cause
pressure I-Cause
this I-Cause
firm I-Cause
's I-Cause
profitability I-Cause
, I-Cause
reduce I-Cause
cash I-Cause
flows I-Cause
, O
and O
drive B-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

While O
the O
middle-market O
investment O
banking O
and O
advisory O
industry O
remains O
intensely O
competitive O
, O
we O
believe O
KeyCorp B-Cause
's I-Cause
improved I-Cause
scale I-Cause
and I-Cause
product I-Cause
capabilities I-Cause
will O
make B-Effect
the I-Effect
bank I-Effect
competitive I-Effect
. O

Also O
, O
Post B-Cause
's I-Cause
structure I-Cause
as I-Cause
a I-Cause
decentralized I-Cause
holding I-Cause
company I-Cause
results O
in O
higher B-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expenditures I-Cause
( O
11 O
% O
of O
sales O
excluding O
depreciation O
and O
amortization O
, O
compared O
with O
the O
8 O
% O
peer O
average O
) O
, O
which O
makes B-Effect
a I-Effect
cost I-Effect
advantage I-Effect
unlikely I-Effect
. O

There B-Cause
is I-Cause
a I-Cause
vast I-Cause
amount I-Cause
of I-Cause
data I-Cause
stored I-Cause
with I-Cause
Verisign I-Cause
's I-Cause
servers I-Cause
, O
giving O
rise O
to O
the B-Effect
risk I-Effect
of I-Effect
data I-Effect
breaches I-Effect
for I-Effect
Verisign I-Effect
. O

Lastly O
, O
global O
oil O
companies O
such O
as O
Eni O
often O
operate O
in O
frontier O
areas O
such O
as O
Mozambique O
where O
oil B-Cause
and I-Cause
gas I-Cause
development I-Cause
can O
cause O
friction B-Effect
with I-Effect
local I-Effect
communities I-Effect
. O

We O
believe O
Seagate O
has O
intangible O
assets O
within O
the O
HDD O
space O
, O
as O
well O
as O
a O
cost O
advantage O
in O
manufacturing O
them O
, O
but O
these B-Effect
competitive I-Effect
advantages I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
the B-Cause
storage I-Cause
solution I-Cause
continues I-Cause
to I-Cause
decline I-Cause
. O

A B-Cause
drop I-Cause
in I-Cause
stock I-Cause
price I-Cause
or I-Cause
a I-Cause
rise I-Cause
in I-Cause
interest I-Cause
rates I-Cause
will I-Cause
increase I-Cause
the I-Cause
cost I-Cause
to I-Cause
acquire I-Cause
, O
which O
narrows B-Effect
the I-Effect
spread I-Effect
between I-Effect
the I-Effect
company I-Effect
's I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
and I-Effect
the I-Effect
acquisition I-Effect
cap I-Effect
rate I-Effect
, I-Effect
and I-Effect
reduce I-Effect
the I-Effect
value I-Effect
it I-Effect
can I-Effect
create I-Effect
from I-Effect
external I-Effect
growth I-Effect
. O

While O
we O
believe O
Kroger O
has O
done O
well O
to O
embrace O
the O
industry O
's O
future O
, O
consumer B-Effect
buying I-Effect
habits I-Effect
are I-Effect
unsettled I-Effect
as I-Effect
food I-Effect
purchases I-Effect
are I-Effect
increasingly I-Effect
nationalized I-Effect
, O
upending B-Cause
the I-Cause
traditional I-Cause
distance- I-Cause
and I-Cause
routine-based I-Cause
relationship I-Cause
between I-Cause
customers I-Cause
and I-Cause
grocers I-Cause
. O

To B-Cause
manufacture I-Cause
these I-Cause
specialized I-Cause
product I-Cause
offerings I-Cause
, I-Cause
Carpenter I-Cause
employs I-Cause
production I-Cause
methods I-Cause
that I-Cause
are I-Cause
difficult I-Cause
to I-Cause
replicate. O
As O
a O
result O
, O
the B-Effect
market I-Effect
structure I-Effect
for I-Effect
specialty I-Effect
alloy I-Effect
and I-Effect
high-performance I-Effect
metal I-Effect
production I-Effect
is I-Effect
very I-Effect
different I-Effect
than I-Effect
that I-Effect
associated I-Effect
with I-Effect
the I-Effect
production I-Effect
of I-Effect
commodity-grade I-Effect
metal I-Effect
products I-Effect
such I-Effect
as I-Effect
flat-rolled I-Effect
steel I-Effect
. O

Higher B-Cause
commodity I-Cause
prices I-Cause
during I-Cause
2020 I-Cause
have O
led O
to O
an B-Effect
increase I-Effect
in I-Effect
demand I-Effect
for I-Effect
Sandvik I-Effect
's I-Effect
mining I-Effect
equipment I-Effect
and I-Effect
services I-Effect
, I-Effect
which I-Effect
account I-Effect
for I-Effect
46 I-Effect
% I-Effect
of I-Effect
group I-Effect
sales I-Effect
. O

We B-Effect
see I-Effect
net I-Effect
interest I-Effect
margins I-Effect
declining I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
rate B-Cause
cuts I-Cause
as I-Cause
Cullen/Frost I-Cause
remains I-Cause
fairly I-Cause
interest-rate-sensitive I-Cause
with I-Cause
its I-Cause
high I-Cause
proportion I-Cause
of I-Cause
adjustable I-Cause
rate I-Cause
loans I-Cause
and I-Cause
high I-Cause
proportion I-Cause
of I-Cause
sticky I-Cause
, I-Cause
non-interest-bearing I-Cause
deposits I-Cause
. O

Crown B-Effect
Castle I-Effect
's I-Effect
inability I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
is O
a O
direct O
result O
, O
of O
all B-Cause
the I-Cause
capital I-Cause
it I-Cause
has I-Cause
spent I-Cause
on I-Cause
fiber I-Cause
assets I-Cause
, I-Cause
in I-Cause
our I-Cause
opinion I-Cause
. O

When O
combined B-Cause
with I-Cause
labor I-Cause
staffing I-Cause
efficiencies I-Cause
and I-Cause
streamlined I-Cause
operations I-Cause
, O
Chipotle B-Effect
continues I-Effect
to I-Effect
generate I-Effect
impressive I-Effect
restaurant-level I-Effect
profits I-Effect
and I-Effect
remains I-Effect
well I-Effect
positioned I-Effect
for I-Effect
significant I-Effect
market I-Effect
share I-Effect
gains I-Effect
during I-Effect
as I-Effect
the I-Effect
industry I-Effect
recovers I-Effect
. O

Although O
recent O
results O
in O
Europe O
have O
been O
affected O
by O
the O
pandemic O
, O
we B-Effect
see I-Effect
room I-Effect
for I-Effect
growth I-Effect
as O
Ralph B-Cause
Lauren I-Cause
only I-Cause
operates I-Cause
about I-Cause
32 I-Cause
full-line I-Cause
stores I-Cause
in I-Cause
the I-Cause
region I-Cause
. O

NICE B-Effect
's I-Effect
other I-Effect
segment I-Effect
, I-Effect
Financial I-Effect
Crimes I-Effect
and I-Effect
Compliance I-Effect
, I-Effect
also I-Effect
benefits I-Effect
from I-Effect
switching I-Effect
costs I-Effect
as O
a O
result O
of O
the O
reasons O
mentioned B-Cause
above I-Cause
. O

The B-Cause
high I-Cause
costs I-Cause
and I-Cause
regulatory I-Cause
hurdles I-Cause
of I-Cause
FDA I-Cause
approval I-Cause
should O
allow O
Perrigo B-Effect
to I-Effect
maintain I-Effect
its I-Effect
relative I-Effect
monopoly I-Effect
in I-Effect
the I-Effect
store-brand I-Effect
infant I-Effect
formula I-Effect
market I-Effect
( O
the O
other O
three O
products O
are O
branded O
) O
. O

As O
mentioned O
, O
several O
also O
offer O
CDN O
services O
to O
customers O
, O
and O
we O
think O
the O
only O
things O
preventing O
them B-Effect
from I-Effect
taking I-Effect
greater I-Effect
share I-Effect
are O
choosing B-Cause
to I-Cause
more I-Cause
aggressively I-Cause
broaden I-Cause
their I-Cause
networks I-Cause
beyond I-Cause
the I-Cause
confines I-Cause
of I-Cause
what I-Cause
they I-Cause
need I-Cause
to I-Cause
sufficiently I-Cause
meet I-Cause
their I-Cause
own I-Cause
needs I-Cause
. O

Beyond B-Effect
the I-Effect
potential I-Effect
for I-Effect
the I-Effect
erosion I-Effect
of I-Effect
Tenaris I-Effect
' I-Effect
advantage I-Effect
in I-Effect
premium I-Effect
OCTG I-Effect
products I-Effect
, I-Effect
there I-Effect
is I-Effect
potential I-Effect
for I-Effect
material I-Effect
value I-Effect
destruction I-Effect
owing O
to O
severe B-Cause
overcapacity I-Cause
in I-Cause
global I-Cause
OCTG I-Cause
markets I-Cause
. O

We O
believe O
Telenor B-Cause
should I-Cause
be I-Cause
able I-Cause
to I-Cause
balance I-Cause
the I-Cause
timing I-Cause
of I-Cause
its I-Cause
5G I-Cause
investments I-Cause
in I-Cause
its I-Cause
geographic I-Cause
markets I-Cause
, O
and O
as O
a O
result O
, O
we O
expect O
its B-Effect
total I-Effect
capital I-Effect
spending I-Effect
to I-Effect
remain I-Effect
at I-Effect
about I-Effect
NOK I-Effect
20 I-Effect
billion-22 I-Effect
billion I-Effect
, I-Effect
or I-Effect
about I-Effect
16 I-Effect
% I-Effect
-17 I-Effect
% I-Effect
of I-Effect
sales I-Effect
, I-Effect
throughout I-Effect
our I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
. O

While O
we O
believe O
a O
broad O
product O
portfolio O
is O
an O
important O
component O
of O
Fastenal O
's O
business O
strategy O
, O
we O
worry O
that O
a B-Cause
growing I-Cause
mix I-Cause
of I-Cause
lower-margin I-Cause
nonfastener I-Cause
sales I-Cause
could O
expose O
the B-Effect
firm I-Effect
to I-Effect
increased I-Effect
competition I-Effect
and I-Effect
dilute I-Effect
margins I-Effect
. O

Despite O
its O
unionized O
workforce O
and O
asset O
intensity O
, O
UPS B-Effect
produces I-Effect
operating I-Effect
margins I-Effect
well I-Effect
above I-Effect
competitors I-Effect
' I-Effect
, O
thanks O
in O
large B-Cause
part I-Cause
to I-Cause
its I-Cause
leading I-Cause
package I-Cause
density I-Cause
-- I-Cause
it I-Cause
's I-Cause
been I-Cause
around I-Cause
much I-Cause
longer I-Cause
than I-Cause
FedEx I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Cost B-Cause
savings I-Cause
is O
expected O
to O
be O
generated O
from O
digitalization B-Cause
, O
resulting O
in O
automation B-Effect
, I-Effect
a I-Effect
decline I-Effect
in I-Effect
headcount I-Effect
from I-Effect
operations I-Effect
and I-Effect
technology I-Effect
, I-Effect
and I-Effect
a I-Effect
reduced I-Effect
office I-Effect
footprint I-Effect
. O

Bio-Techne O
has O
a O
market-leading O
breadth O
of O
protein O
options O
, O
and O
has O
consistently O
maintained O
pricing O
premium O
over O
peers O
, O
but O
competitors B-Cause
could I-Cause
theoretically I-Cause
develop I-Cause
similar-quality I-Cause
proteins I-Cause
, O
and O
Bio-Techne B-Effect
will I-Effect
always I-Effect
face I-Effect
price I-Effect
competition I-Effect
from I-Effect
value-protein I-Effect
providers I-Effect
. O

Although O
the B-Effect
company I-Effect
will I-Effect
likely I-Effect
maintain I-Effect
share I-Effect
in I-Effect
the I-Effect
current I-Effect
market I-Effect
as O
contracts B-Cause
are I-Cause
negotiated I-Cause
on I-Cause
volumes I-Cause
and I-Cause
pipeline I-Cause
, O
the B-Cause
increased I-Cause
competitive I-Cause
dynamics I-Cause
are O
likely O
to O
make O
it O
challenging B-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
generate I-Effect
significant I-Effect
returns I-Effect
, O
in O
our O
view O
. O

Similarly O
, O
product B-Cause
lifecycles I-Cause
in I-Cause
the I-Cause
smartphone I-Cause
industry I-Cause
are I-Cause
exceptionally I-Cause
short I-Cause
, O
so O
hard-fought O
design B-Effect
wins I-Effect
one I-Effect
year I-Effect
might I-Effect
not I-Effect
translate I-Effect
to I-Effect
a I-Effect
steady I-Effect
revenue I-Effect
stream I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

A O
more O
recent O
risk O
is O
the B-Cause
ongoing I-Cause
U.S.-China I-Cause
tensions I-Cause
that O
have O
resulted O
in O
Applied B-Effect
being I-Effect
restricted I-Effect
from I-Effect
shipping I-Effect
tools I-Effect
to I-Effect
certain I-Effect
customers I-Effect
, I-Effect
such I-Effect
as I-Effect
domestic I-Effect
Chinese I-Effect
foundry I-Effect
SMIC I-Effect
. O

In O
our O
view O
, O
F5 B-Effect
was I-Effect
slow I-Effect
to I-Effect
embrace I-Effect
cloud-based I-Effect
workloads I-Effect
as O
it B-Cause
perilously I-Cause
defended I-Cause
its I-Cause
incumbent I-Cause
offerings I-Cause
, O
but O
a O
revamped O
management O
team O
properly O
pivoted O
F5 O
's O
focus O
toward O
software O
and O
cloud-based O
products O
as O
growth O
catalysts O
to O
supplement O
its O
legacy O
hardware O
dominance O
, O
and O
we O
think O
the O
firm O
is O
set O
to O
thrive O
. O

Thanks O
to O
the B-Cause
resulting I-Cause
cash I-Cause
flow I-Cause
, O
we O
expect O
Malibu B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
finance I-Effect
strategic I-Effect
acquisitions I-Effect
about I-Effect
every I-Effect
two I-Effect
years I-Effect
, O
largely O
via O
cash O
on O
hand O
and O
using O
existing O
credit O
facilities O
, O
while O
still O
having O
some O
flexibility O
to O
facilitate O
share O
repurchases O
, O
indicating O
healthy O
capital O
allocation O
decisions O
. O

Regulated B-Cause
margins I-Cause
, I-Cause
mature I-Cause
markets I-Cause
, I-Cause
customer-paid I-Cause
research I-Cause
and I-Cause
development I-Cause
, I-Cause
and I-Cause
long-term I-Cause
revenue I-Cause
visibility I-Cause
allow O
the B-Effect
defense I-Effect
primes I-Effect
to I-Effect
deliver I-Effect
a I-Effect
lot I-Effect
of I-Effect
cash I-Effect
to I-Effect
shareholders I-Effect
, O
which O
we B-Effect
view I-Effect
positively I-Effect
because O
we B-Cause
do I-Cause
n't I-Cause
see I-Cause
substantial I-Cause
growth I-Cause
in I-Cause
this I-Cause
industry I-Cause
. O

By B-Cause
operating I-Cause
as I-Cause
a I-Cause
closed I-Cause
loop I-Cause
network I-Cause
, I-Cause
American I-Cause
Express I-Cause
can I-Cause
capture I-Cause
the I-Cause
full I-Cause
economic I-Cause
profit I-Cause
from I-Cause
a I-Cause
single I-Cause
credit I-Cause
card I-Cause
payment. O
As O
a O
result O
, O
American B-Effect
Express I-Effect
generates I-Effect
most I-Effect
of I-Effect
its I-Effect
revenue I-Effect
from I-Effect
discount I-Effect
revenue I-Effect
and I-Effect
card I-Effect
fees I-Effect
, I-Effect
with I-Effect
non-interest I-Effect
income I-Effect
making I-Effect
up I-Effect
roughly I-Effect
80 I-Effect
% I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
revenue I-Effect
, I-Effect
unlike I-Effect
other I-Effect
credit I-Effect
card I-Effect
issuers I-Effect
that I-Effect
typically I-Effect
rely I-Effect
heavily I-Effect
on I-Effect
net I-Effect
interest I-Effect
income I-Effect
. O

Marine B-Cause
connectors I-Cause
may I-Cause
have I-Cause
to I-Cause
maintain I-Cause
operation I-Cause
even I-Cause
when I-Cause
submersed I-Cause
in I-Cause
water. O
Thus O
, O
in B-Effect
the I-Effect
eyes I-Effect
of I-Effect
a I-Effect
customer I-Effect
, I-Effect
the I-Effect
trust I-Effect
and I-Effect
reliability I-Effect
that I-Effect
Amphenol I-Effect
offers I-Effect
are I-Effect
of I-Effect
greater I-Effect
value I-Effect
than I-Effect
the I-Effect
potential I-Effect
incremental I-Effect
savings I-Effect
of I-Effect
switching I-Effect
to I-Effect
a I-Effect
lower-cost I-Effect
supplier I-Effect
. O

Similarly O
, O
engineers B-Effect
are I-Effect
loath I-Effect
to I-Effect
swap I-Effect
out I-Effect
an I-Effect
analog I-Effect
from I-Effect
an I-Effect
existing I-Effect
design I-Effect
( O
again O
, O
only O
to O
save O
a O
few O
pennies O
on O
cost O
) O
because O
of O
the B-Cause
onerous I-Cause
redesign I-Cause
and I-Cause
retesting I-Cause
costs I-Cause
associated I-Cause
with I-Cause
the I-Cause
switch I-Cause
. O

However O
, O
as O
utilization B-Cause
has I-Cause
returned I-Cause
to I-Cause
growth I-Cause
, O
LabCorp B-Effect
has I-Effect
also I-Effect
benefited I-Effect
( O
though O
the O
addition O
of O
the O
CRO O
business O
has O
pressured O
margins O
) O
. O

Most B-Cause
of I-Cause
its I-Cause
investment I-Cause
during I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
will I-Cause
be I-Cause
in I-Cause
projects I-Cause
that I-Cause
flow I-Cause
through I-Cause
rates I-Cause
without I-Cause
base I-Cause
rate I-Cause
reviews I-Cause
, O
reducing B-Effect
regulatory I-Effect
risk I-Effect
. O

Volatile B-Cause
oil I-Cause
prices I-Cause
intensify B-Effect
the I-Effect
challenges I-Effect
facing I-Effect
the I-Effect
firm I-Effect
's I-Effect
energy I-Effect
sector I-Effect
clients I-Effect
, O
but O
cheap B-Cause
gas I-Cause
prices I-Cause
are O
a O
benefit B-Effect
in I-Effect
automotive I-Effect
. O

The B-Cause
firm I-Cause
is I-Cause
simultaneously I-Cause
executing I-Cause
its I-Cause
cost I-Cause
savings I-Cause
plan I-Cause
to O
improve B-Effect
supply I-Effect
chain I-Effect
efficiency I-Effect
and I-Effect
reduce I-Effect
its I-Effect
co-packer I-Effect
network I-Effect
, O
which O
could O
also O
be O
disruptive O
. O

Product O
distribution O
can O
be O
a O
tough O
business O
; O
low B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
combined I-Cause
with I-Cause
customer I-Cause
and I-Cause
supplier I-Cause
bargaining I-Cause
power I-Cause
can O
erode O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
for I-Effect
industry I-Effect
players I-Effect
. O

Nevertheless O
, O
we O
believe O
if O
management B-Cause
were I-Cause
to I-Cause
hypothetically I-Cause
shut I-Cause
off I-Cause
the I-Cause
acquisition I-Cause
spigot I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
including I-Effect
goodwill I-Effect
would I-Effect
likely I-Effect
rise I-Effect
. O

Its B-Effect
instruments I-Effect
have I-Effect
significant I-Effect
switching I-Effect
costs I-Effect
resulting O
from O
costly B-Cause
up-front I-Cause
investments I-Cause
in I-Cause
equipment I-Cause
( I-Cause
up I-Cause
to I-Cause
and I-Cause
exceeding I-Cause
$ I-Cause
1 I-Cause
million I-Cause
) I-Cause
and I-Cause
training I-Cause
. O

We B-Cause
do I-Cause
n't I-Cause
see I-Cause
this I-Cause
changing I-Cause
and I-Cause
note I-Cause
that I-Cause
First I-Cause
Niagara I-Cause
had I-Cause
a I-Cause
slightly I-Cause
higher I-Cause
cost I-Cause
of I-Cause
funding I-Cause
than I-Cause
did I-Cause
KeyCorp I-Cause
, O
reinforcing B-Effect
our I-Effect
view I-Effect
that I-Effect
this I-Effect
aspect I-Effect
of I-Effect
the I-Effect
business I-Effect
will I-Effect
probably I-Effect
remain I-Effect
as I-Effect
is I-Effect
. O

Longer O
term O
, O
we B-Effect
think I-Effect
Echo I-Effect
is I-Effect
capable I-Effect
of I-Effect
mid-single-digit I-Effect
normalized I-Effect
net-revenue I-Effect
growth I-Effect
on I-Effect
average I-Effect
, O
with O
help O
from O
market B-Cause
share I-Cause
gains I-Cause
within I-Cause
a I-Cause
highly I-Cause
fragmented I-Cause
landscape I-Cause
. O

Advertisers B-Effect
can I-Effect
also I-Effect
evaluate I-Effect
their I-Effect
sales I-Effect
conversion I-Effect
on I-Effect
Tmall I-Effect
from O
the B-Cause
fans I-Cause
accumulated I-Cause
through I-Cause
advertising I-Cause
campaigns I-Cause
on I-Cause
Weibo I-Cause
in I-Cause
collaboration I-Cause
with I-Cause
Alibaba I-Cause
through I-Cause
the I-Cause
uni-marketing I-Cause
program I-Cause
. O

In O
industrial O
equipment O
like O
robotic O
arms O
, O
the B-Cause
increasing I-Cause
prevalence I-Cause
toward I-Cause
smart I-Cause
and I-Cause
connected I-Cause
factories I-Cause
drives B-Effect
more I-Effect
sensor I-Effect
content I-Effect
, O
and O
more O
complex O
machinery O
requires O
more O
electrical O
connections O
. O

We O
expect O
all B-Effect
firms I-Effect
to I-Effect
see I-Effect
sustainable I-Effect
high-single-digit I-Effect
IG I-Effect
sales I-Effect
growth I-Effect
as O
treatment B-Cause
rates I-Cause
rise I-Cause
and I-Cause
as I-Cause
more I-Cause
patients I-Cause
opt I-Cause
for I-Cause
subcutaneous I-Cause
therapy I-Cause
. O

We O
think O
that O
Imax B-Effect
box I-Effect
office I-Effect
finally I-Effect
surpasses I-Effect
the I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
2023 I-Effect
as O
consumers B-Cause
return I-Cause
to I-Cause
theaters I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
footprint I-Cause
continues I-Cause
to I-Cause
grow I-Cause
. O

More O
specifically O
, O
Mondelez B-Effect
targets I-Effect
3 I-Effect
% I-Effect
-plus I-Effect
sales I-Effect
growth I-Effect
long I-Effect
term I-Effect
as O
it B-Cause
works I-Cause
to I-Cause
sell I-Cause
its I-Cause
wares I-Cause
in I-Cause
more I-Cause
channels I-Cause
and I-Cause
reinvests I-Cause
in I-Cause
new I-Cause
products I-Cause
aligned I-Cause
with I-Cause
consumer I-Cause
trends I-Cause
at I-Cause
home I-Cause
and I-Cause
abroad I-Cause
. O

We B-Effect
forecast I-Effect
that I-Effect
the I-Effect
performance I-Effect
sensing I-Effect
segment I-Effect
, I-Effect
which I-Effect
accounts I-Effect
for I-Effect
74 I-Effect
% I-Effect
of I-Effect
total I-Effect
sales I-Effect
, I-Effect
to I-Effect
grow I-Effect
at I-Effect
an I-Effect
8 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
primarily B-Cause
due I-Cause
to I-Cause
content I-Cause
gains I-Cause
in I-Cause
automotive I-Cause
and I-Cause
HVOR I-Cause
markets I-Cause
. O

Net B-Effect
interest I-Effect
income I-Effect
will I-Effect
be I-Effect
messy I-Effect
for I-Effect
the I-Effect
time I-Effect
being I-Effect
as O
PPP B-Cause
related I-Cause
NII I-Cause
and I-Cause
purchase I-Cause
accounting I-Cause
accretion I-Cause
play I-Cause
out I-Cause
, O
however O
we B-Effect
see I-Effect
the I-Effect
net I-Effect
effect I-Effect
being I-Effect
a I-Effect
decline I-Effect
in I-Effect
NII I-Effect
through I-Effect
2023 I-Effect
. O

Moreover O
, O
Sinopec B-Effect
has I-Effect
limited I-Effect
access I-Effect
to I-Effect
low-cost I-Effect
source I-Effect
of I-Effect
crude I-Effect
, O
as O
it B-Cause
relies I-Cause
on I-Cause
higher-cost I-Cause
imports I-Cause
or I-Cause
domestically I-Cause
sourced I-Cause
production I-Cause
sold I-Cause
at I-Cause
market I-Cause
rates I-Cause
. O

Given O
Morningstar B-Cause
's I-Cause
below-consensus I-Cause
outlook I-Cause
for I-Cause
mining I-Cause
capital I-Cause
expenditures I-Cause
and I-Cause
infrastructure I-Cause
spending I-Cause
in I-Cause
China I-Cause
, O
as O
well O
as O
our O
$ O
55/bbl O
midcycle O
West O
Texas O
Intermediate O
estimate O
, O
we O
are O
skeptical O
that O
Fluor B-Effect
can I-Effect
replicate I-Effect
its I-Effect
remarkable I-Effect
ROIC I-Effect
performance I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

We O
argue O
that O
building B-Cause
brand I-Cause
equity I-Cause
requires I-Cause
significant I-Cause
investments I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
and I-Cause
marketing I-Cause
to O
ensure O
the B-Effect
products I-Effect
continue I-Effect
to I-Effect
offer I-Effect
consumers I-Effect
compelling I-Effect
benefits I-Effect
and I-Effect
maintain I-Effect
sufficient I-Effect
consumer I-Effect
awareness I-Effect
. O

Total B-Effect
's I-Effect
profits I-Effect
and I-Effect
cash I-Effect
flow I-Effect
are O
largely O
tied O
to O
oil B-Cause
and I-Cause
gas I-Cause
production I-Cause
and O
suffer O
during O
periods B-Cause
of I-Cause
weak I-Cause
commodity I-Cause
prices I-Cause
. O

Reliance B-Effect
reduces I-Effect
the I-Effect
impact I-Effect
of I-Effect
volatile I-Effect
steel I-Effect
prices I-Effect
on I-Effect
its I-Effect
bottom I-Effect
line I-Effect
by O
purchasing B-Cause
metal I-Cause
at I-Cause
spot I-Cause
prices I-Cause
and I-Cause
quickly I-Cause
selling I-Cause
finished I-Cause
goods I-Cause
that O
reflect O
the O
going O
market O
price O
for O
the O
raw O
materials O
, O
rather O
than O
entering O
into O
supply O
contracts O
with O
customers O
without O
short-term O
price O
adjustments O
for O
input O
costs O
. O

We O
also O
think O
McCormick B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
exert I-Effect
modest I-Effect
pricing I-Effect
power I-Effect
, O
as O
price/mix B-Cause
has I-Cause
generally I-Cause
exceeded I-Cause
inflation I-Cause
over I-Cause
the I-Cause
past I-Cause
decade I-Cause
. O

Also O
, O
we O
believe O
it O
would O
be O
difficult O
for O
a B-Effect
new I-Effect
competitor I-Effect
to I-Effect
enter I-Effect
the I-Effect
market I-Effect
and I-Effect
steal I-Effect
significant I-Effect
share I-Effect
quickly I-Effect
, O
as O
Mattel B-Cause
and I-Cause
Hasbro I-Cause
already I-Cause
offer I-Cause
most I-Cause
of I-Cause
the I-Cause
popular I-Cause
brands I-Cause
on I-Cause
the I-Cause
market I-Cause
and I-Cause
have I-Cause
numerous I-Cause
other I-Cause
brands I-Cause
under I-Cause
licensing I-Cause
contracts I-Cause
. O

TE B-Effect
also I-Effect
drives I-Effect
this I-Effect
consolidation I-Effect
itself I-Effect
, I-Effect
completing I-Effect
several I-Effect
bolt-on I-Effect
acquisitions I-Effect
a I-Effect
year I-Effect
to O
expand B-Cause
its I-Cause
breadth I-Cause
and I-Cause
maintain I-Cause
its I-Cause
pole I-Cause
market I-Cause
share I-Cause
position I-Cause
. O

We O
anticipate O
non-GAAP B-Effect
operating I-Effect
margins I-Effect
to I-Effect
expand I-Effect
as O
the B-Cause
company I-Cause
improves I-Cause
scale I-Cause
and I-Cause
a I-Cause
richer I-Cause
mix I-Cause
of I-Cause
higher-margin I-Cause
Veeva I-Cause
Vault I-Cause
revenue I-Cause
. O

After B-Cause
it I-Cause
opted I-Cause
to I-Cause
sell I-Cause
the I-Cause
technology I-Cause
solutions I-Cause
business I-Cause
, O
we B-Effect
believe I-Effect
the I-Effect
firm I-Effect
transitioned I-Effect
to I-Effect
a I-Effect
unique I-Effect
distribution I-Effect
model I-Effect
, I-Effect
with I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
expand I-Effect
its I-Effect
customer I-Effect
base I-Effect
and I-Effect
then I-Effect
retain I-Effect
those I-Effect
same I-Effect
customers I-Effect
as I-Effect
they I-Effect
scale I-Effect
. O

There B-Effect
is I-Effect
a I-Effect
substantial I-Effect
risk I-Effect
, O
however O
, O
that B-Cause
Suburban I-Cause
will I-Cause
not I-Cause
be I-Cause
able I-Cause
to I-Cause
sustain I-Cause
profit I-Cause
levels I-Cause
despite O
management O
's O
proven O
abilities O
and O
the O
shift O
away O
from O
less O
profitable O
accounts O
. O

We O
believe O
the B-Effect
firm I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
by O
diversifying B-Cause
its I-Cause
therapeutic I-Cause
portfolio I-Cause
and I-Cause
broadening I-Cause
its I-Cause
service I-Cause
offerings I-Cause
from O
the B-Cause
PRA I-Cause
acquisition I-Cause
. O

We O
believe O
switching B-Cause
costs I-Cause
have O
enabled O
Pegasystems B-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
and I-Effect
that I-Effect
such I-Effect
excess I-Effect
returns I-Effect
will I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
continue I-Effect
for I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
excluding I-Effect
headwinds I-Effect
associated I-Effect
with I-Effect
the I-Effect
company I-Effect
's I-Effect
transition I-Effect
to I-Effect
software I-Effect
as I-Effect
a I-Effect
service I-Effect
. O

Once B-Effect
safety I-Effect
protocols I-Effect
are I-Effect
successful I-Effect
, I-Effect
we I-Effect
expect I-Effect
Royal I-Effect
to I-Effect
see I-Effect
minimal I-Effect
pricing I-Effect
gains I-Effect
as O
it B-Cause
entices I-Cause
cruisers I-Cause
back I-Cause
onto I-Cause
the I-Cause
product I-Cause
, I-Cause
limiting I-Cause
near-term I-Cause
yield I-Cause
gains I-Cause
. O

In O
fact O
, O
Lennar B-Effect
's I-Effect
average I-Effect
homebuilding I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
homebuilding I-Effect
revenue I-Effect
have I-Effect
been I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
average I-Effect
for I-Effect
all I-Effect
public I-Effect
homebuilders I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
, O
suggesting O
that O
other B-Cause
large I-Cause
public I-Cause
homebuilders I-Cause
are I-Cause
also I-Cause
able I-Cause
to I-Cause
manage I-Cause
overhead I-Cause
costs I-Cause
. O

For O
DIY O
customers O
that O
often O
work O
on O
and O
maintain O
their O
own O
cars O
, O
Advance B-Cause
's I-Cause
high I-Cause
level I-Cause
of I-Cause
part I-Cause
availability I-Cause
( I-Cause
relative I-Cause
to I-Cause
subscale I-Cause
rivals I-Cause
) I-Cause
and I-Cause
recently I-Cause
revitalized I-Cause
consumer I-Cause
loyalty I-Cause
program I-Cause
( O
Speed O
Perks O
) O
help O
keep B-Effect
consumers I-Effect
in I-Effect
the I-Effect
fold I-Effect
. O

Tepid B-Effect
industry I-Effect
growth I-Effect
holds I-Effect
potential I-Effect
competitors I-Effect
at I-Effect
bay I-Effect
, O
in O
our O
view O
, O
given O
that O
new B-Cause
entrants I-Cause
would I-Cause
find I-Cause
it I-Cause
difficult I-Cause
to I-Cause
take I-Cause
meaningful I-Cause
share I-Cause
, I-Cause
and I-Cause
the I-Cause
reward I-Cause
for I-Cause
doing I-Cause
so I-Cause
would I-Cause
be I-Cause
relatively I-Cause
small I-Cause
. O

Customer B-Cause
adoption I-Cause
, O
and O
by O
extension O
, O
market B-Effect
share I-Effect
gains I-Effect
, O
wo O
n't O
come O
easy O
, O
and O
management O
has O
acknowledged O
that O
comp B-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
may I-Effect
be I-Effect
back-weighted I-Effect
, O
since O
service B-Cause
offerings I-Cause
take I-Cause
time I-Cause
to I-Cause
scale I-Cause
. O

We O
project O
that O
Grand B-Cause
Theft I-Cause
Auto I-Cause
VI I-Cause
will I-Cause
be I-Cause
released I-Cause
in I-Cause
fiscal I-Cause
2023. O
As O
a O
result O
, O
we B-Effect
now I-Effect
project I-Effect
that I-Effect
fiscal I-Effect
2023 I-Effect
revenue I-Effect
for I-Effect
Take-Two I-Effect
will I-Effect
spike I-Effect
up I-Effect
by I-Effect
50 I-Effect
% I-Effect
to I-Effect
$ I-Effect
4.8 I-Effect
billion I-Effect
with I-Effect
fiscal I-Effect
2024 I-Effect
revenue I-Effect
falling I-Effect
from I-Effect
those I-Effect
heights I-Effect
by I-Effect
14 I-Effect
% I-Effect
. O

However O
, O
given O
no O
alternatives O
to O
aggregates O
and O
cement O
in O
the O
construction O
process O
, O
we O
see O
a B-Effect
low I-Effect
materiality I-Effect
impact I-Effect
to I-Effect
Martin I-Effect
Marietta I-Effect
's I-Effect
valuation I-Effect
, O
as O
any B-Cause
increased I-Cause
costs I-Cause
should I-Cause
ultimately I-Cause
be I-Cause
passed I-Cause
onto I-Cause
end-market I-Cause
customers I-Cause
. O

With O
its B-Cause
vast I-Cause
global I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
network I-Cause
, O
we O
believe O
Mondelez B-Effect
operates I-Effect
with I-Effect
lower I-Effect
unit I-Effect
and I-Effect
distribution I-Effect
costs I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
greater I-Effect
supply I-Effect
chain I-Effect
efficiency I-Effect
and I-Effect
an I-Effect
enhanced I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
brand I-Effect
spending I-Effect
, I-Effect
than I-Effect
smaller I-Effect
peers I-Effect
. O

Match B-Cause
Group I-Cause
service I-Cause
's I-Cause
effectiveness I-Cause
, O
while O
necessary B-Effect
to I-Effect
attract I-Effect
more I-Effect
users I-Effect
, O
could O
also O
increase B-Effect
the I-Effect
firm I-Effect
's I-Effect
enterprise I-Effect
risk I-Effect
. O

We O
think O
demand B-Effect
for I-Effect
repair I-Effect
work I-Effect
will I-Effect
be I-Effect
strong I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
largely O
due O
to O
vehicle B-Effect
owners I-Effect
taking I-Effect
in I-Effect
their I-Effect
cars I-Effect
for I-Effect
overdue I-Effect
servicing I-Effect
( O
delayed O
by O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
) O
. O

Nonetheless O
, O
we O
think O
that O
total B-Cause
revenue I-Cause
generated I-Cause
by I-Cause
ERP I-Cause
customers I-Cause
will I-Cause
grow I-Cause
by I-Cause
about I-Cause
50 I-Cause
% I-Cause
as I-Cause
more I-Cause
and I-Cause
more I-Cause
cloud I-Cause
customers I-Cause
should I-Cause
increase I-Cause
the I-Cause
lifetime I-Cause
value I-Cause
they I-Cause
offer I-Cause
to I-Cause
SAP. O
These O
trends O
should O
enable O
SAP B-Effect
to I-Effect
increase I-Effect
revenue I-Effect
at I-Effect
a I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
of I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

The B-Cause
result I-Cause
is I-Cause
that I-Cause
there I-Cause
is I-Cause
much I-Cause
more I-Cause
fragmentation I-Cause
at I-Cause
the I-Cause
high I-Cause
end I-Cause
where I-Cause
Boston I-Cause
Beer I-Cause
plays I-Cause
, O
which B-Effect
makes I-Effect
it I-Effect
more I-Effect
difficult I-Effect
to I-Effect
reduce I-Effect
per-unit I-Effect
fixed I-Effect
costs I-Effect
through I-Effect
greater I-Effect
volumes I-Effect
, I-Effect
or I-Effect
variable I-Effect
costs I-Effect
by I-Effect
exercising I-Effect
buying I-Effect
clout I-Effect
with I-Effect
suppliers I-Effect
. O

We O
also O
believe O
the B-Cause
segment I-Cause
can I-Cause
maintain I-Cause
its I-Cause
customer I-Cause
retention I-Cause
rates. O
As O
a O
result O
, O
we O
also O
model O
top-line B-Effect
organic I-Effect
growth I-Effect
between I-Effect
5 I-Effect
% I-Effect
and I-Effect
6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
our I-Effect
application I-Effect
software I-Effect
projections I-Effect
. O

Adjusted B-Effect
gross I-Effect
margin I-Effect
understandably I-Effect
dipped I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
headwinds I-Cause
, O
but O
we O
anticipate O
a O
bounceback O
to O
55 O
% O
in O
2021 O
and O
exceeding O
55 O
% O
thereafter O
. O

While B-Cause
we I-Cause
expect I-Cause
management I-Cause
to I-Cause
hit I-Cause
its I-Cause
long-term I-Cause
low-single-digit I-Cause
comparable I-Cause
sales I-Cause
growth I-Cause
goal I-Cause
, I-Cause
we I-Cause
believe I-Cause
share I-Cause
buybacks I-Cause
( I-Cause
fueled I-Cause
by I-Cause
free I-Cause
cash I-Cause
flow I-Cause
to I-Cause
the I-Cause
firm I-Cause
that I-Cause
should I-Cause
remain I-Cause
in I-Cause
the I-Cause
low-single-digits I-Cause
as I-Cause
a I-Cause
share I-Cause
of I-Cause
sales I-Cause
) I-Cause
will I-Cause
be I-Cause
needed I-Cause
to B-Effect
meet I-Effect
its I-Effect
low-double-digit I-Effect
adjusted I-Effect
EPS I-Effect
expansion I-Effect
target I-Effect
. O

Edison B-Effect
could I-Effect
realize I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
, I-Effect
or I-Effect
$ I-Effect
2.50 I-Effect
per I-Effect
share I-Effect
, I-Effect
of I-Effect
incremental I-Effect
value I-Effect
if O
regulators B-Cause
allow I-Cause
it I-Cause
to I-Cause
charge I-Cause
customers I-Cause
for I-Cause
the I-Cause
wildfire I-Cause
repair I-Cause
and I-Cause
mitigation I-Cause
investments I-Cause
Edison I-Cause
has I-Cause
made I-Cause
since I-Cause
2018 I-Cause
. O

Furthermore O
, O
employees B-Cause
would I-Cause
need I-Cause
to I-Cause
be I-Cause
trained I-Cause
on I-Cause
the I-Cause
new I-Cause
platform I-Cause
, O
which O
could O
be O
time O
consuming O
and O
lead O
to O
erroneous B-Cause
usage I-Cause
, O
thus O
impacting B-Effect
productivity I-Effect
. O

Because O
of O
the O
high B-Cause
frequencies I-Cause
Verizon I-Cause
is I-Cause
using I-Cause
to I-Cause
deliver I-Cause
the I-Cause
capacity I-Cause
needed I-Cause
in I-Cause
more I-Cause
densely I-Cause
populated I-Cause
ares I-Cause
, O
we O
expect O
customers B-Effect
will I-Effect
need I-Effect
to I-Effect
be I-Effect
very I-Effect
close I-Effect
to I-Effect
network I-Effect
base I-Effect
stations I-Effect
, I-Effect
requiring I-Effect
fiber I-Effect
to I-Effect
be I-Effect
built I-Effect
deeply I-Effect
into I-Effect
each I-Effect
neighborhood I-Effect
served I-Effect
. O

While O
this O
has O
resulted O
in O
higher O
mileage O
per O
shipment O
than O
its O
peers O
( O
900 O
miles O
versus O
600-650 O
) O
, O
chief O
supply O
chain O
officer O
Dave O
Biegger O
has O
said O
that O
given O
the B-Cause
lack I-Cause
of I-Cause
synergies I-Cause
in I-Cause
its I-Cause
product I-Cause
mix I-Cause
, O
the B-Effect
ability I-Effect
to I-Effect
materially I-Effect
narrow I-Effect
this I-Effect
gap I-Effect
is O
limited O
. O

As O
PNC B-Cause
is I-Cause
the I-Cause
third-largest I-Cause
regional I-Cause
bank I-Cause
that I-Cause
is I-Cause
not I-Cause
labeled I-Cause
a I-Cause
GSIB I-Cause
, O
it B-Effect
can I-Effect
to I-Effect
some I-Effect
extent I-Effect
enjoy I-Effect
better I-Effect
relative I-Effect
regulatory I-Effect
costs I-Effect
. O

Unless O
new B-Cause
discoveries I-Cause
are I-Cause
made I-Cause
, O
we B-Effect
expect I-Effect
the I-Effect
current I-Effect
proven I-Effect
and I-Effect
probable I-Effect
crude I-Effect
reserves I-Effect
in I-Effect
Colombia I-Effect
will I-Effect
be I-Effect
depleted I-Effect
within I-Effect
the I-Effect
next I-Effect
decade I-Effect
. I-Effect

We O
think O
that O
the B-Cause
technical I-Cause
complexity I-Cause
of I-Cause
larger I-Cause
midsize I-Cause
business I-Cause
jets I-Cause
is O
a B-Effect
stiffer I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
than I-Effect
light I-Effect
jets I-Effect
. O

Demand B-Cause
remains I-Cause
weak I-Cause
due I-Cause
in I-Cause
part I-Cause
to I-Cause
the I-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
limits I-Cause
on I-Cause
pipeline I-Cause
capacity I-Cause
to I-Cause
move I-Cause
natural I-Cause
gas I-Cause
out I-Cause
of I-Cause
Alberta I-Cause
have I-Cause
depressed I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
, O
putting B-Effect
additional I-Effect
pressure I-Effect
on I-Effect
power I-Effect
prices I-Effect
and O
the O
earnings O
power O
of O
TransAlta O
's O
hydro O
plants O
and O
wind O
farms O
. O

Trulance B-Cause
's I-Cause
patent I-Cause
will I-Cause
expire I-Cause
in I-Cause
2032 I-Cause
, O
giving B-Effect
the I-Effect
drug I-Effect
a I-Effect
long I-Effect
runway I-Effect
to I-Effect
generate I-Effect
profits I-Effect
for I-Effect
the I-Effect
business I-Effect
, I-Effect
and I-Effect
Bausch I-Effect
has I-Effect
identified I-Effect
synergy I-Effect
initiatives I-Effect
, I-Effect
such I-Effect
as I-Effect
increased I-Effect
reach I-Effect
and I-Effect
promotion I-Effect
, I-Effect
and I-Effect
reductions I-Effect
to I-Effect
cost I-Effect
of I-Effect
goods I-Effect
sold I-Effect
from I-Effect
new I-Effect
packaging I-Effect
. O

While B-Effect
we I-Effect
expect I-Effect
O'Reilly I-Effect
's I-Effect
share I-Effect
of I-Effect
sales I-Effect
from I-Effect
commercial I-Effect
clients I-Effect
to I-Effect
remain I-Effect
around I-Effect
45 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
a I-Effect
rapid I-Effect
shift I-Effect
away I-Effect
from I-Effect
DIY I-Effect
could I-Effect
hinder I-Effect
returns I-Effect
, O
as O
commercial B-Cause
sales I-Cause
carry I-Cause
lower I-Cause
margins I-Cause
( I-Cause
300- I-Cause
to I-Cause
500-basis-point I-Cause
estimated I-Cause
differential I-Cause
) I-Cause
. O

The B-Cause
networking I-Cause
market I-Cause
is I-Cause
moving I-Cause
beyond I-Cause
physical I-Cause
hardware I-Cause
sales I-Cause
, O
and O
we O
think O
the B-Effect
company I-Effect
's I-Effect
strategy I-Effect
is I-Effect
moving I-Effect
in I-Effect
the I-Effect
correct I-Effect
direction I-Effect
for I-Effect
excess I-Effect
economic I-Effect
returns I-Effect
. O

While B-Cause
we I-Cause
expect I-Cause
the I-Cause
windfalls I-Cause
from I-Cause
this I-Cause
rise I-Cause
to I-Cause
accrue I-Cause
disproportionately I-Cause
to I-Cause
retailers I-Cause
( I-Cause
who I-Cause
function I-Cause
as I-Cause
brand I-Cause
owners I-Cause
in I-Cause
this I-Cause
context I-Cause
) I-Cause
, I-Cause
we B-Effect
think I-Effect
Treehouse I-Effect
now I-Effect
has I-Effect
the I-Effect
right I-Effect
commercial I-Effect
and I-Effect
operational I-Effect
infrastructure I-Effect
in I-Effect
place I-Effect
to I-Effect
capture I-Effect
its I-Effect
fair I-Effect
share I-Effect
of I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
. O

Brown-Forman B-Effect
is I-Effect
also I-Effect
harvesting I-Effect
growth I-Effect
abroad I-Effect
, O
buoyed O
by O
the B-Cause
broader I-Cause
resurgence I-Cause
in I-Cause
global I-Cause
demand I-Cause
for I-Cause
bourbon I-Cause
, O
and O
after O
the O
pandemic O
, O
we O
expect O
developed O
markets O
like O
the O
U.K O
. O

This B-Cause
lack I-Cause
of I-Cause
efficiency I-Cause
and I-Cause
need I-Cause
for I-Cause
flexibility I-Cause
by I-Cause
business I-Cause
travelers I-Cause
is O
what O
necessitates B-Effect
American I-Effect
Express I-Effect
' I-Effect
travel I-Effect
management I-Effect
programs I-Effect
and I-Effect
expense I-Effect
software I-Effect
. O

We O
expect O
it O
to O
continue B-Effect
growing I-Effect
in I-Effect
a I-Effect
similar I-Effect
fashion I-Effect
globally I-Effect
to O
benefit O
from O
ongoing B-Cause
growth I-Cause
of I-Cause
the I-Cause
ESRD I-Cause
patient I-Cause
population I-Cause
, O
although O
new O
regulatory O
initiatives O
in O
the O
U.S O
. O

Since O
private-label B-Cause
brands I-Cause
boost I-Cause
profit I-Cause
margins I-Cause
, O
we B-Effect
believe I-Effect
distributors I-Effect
that I-Effect
offer I-Effect
such I-Effect
products I-Effect
have I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
those I-Effect
that I-Effect
do I-Effect
n't I-Effect
. O

As O
incremental B-Cause
capabilities I-Cause
are I-Cause
adopted I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
platform I-Effect
becomes I-Effect
more I-Effect
entrenched I-Effect
across I-Effect
the I-Effect
users I-Effect
, I-Effect
devices I-Effect
, O
and O
perhaps O
most O
important O
, O
daily O
workflows O
of O
the O
customer O
. O

Under B-Effect
Armour I-Effect
has I-Effect
opened I-Effect
its I-Effect
own I-Effect
stores I-Effect
as O
wholesale B-Cause
distribution I-Cause
has I-Cause
slowed I-Cause
, O
but O
90 O
% O
of O
them O
in O
North O
America O
are O
off-price O
. O

Further O
, O
the B-Cause
threat I-Cause
of I-Cause
irrational I-Cause
promotional I-Cause
activity I-Cause
or I-Cause
excessive I-Cause
discounting I-Cause
remains I-Cause
in I-Cause
the I-Cause
background I-Cause
, I-Cause
with I-Cause
lackluster I-Cause
industry I-Cause
growth I-Cause
espousing I-Cause
competition I-Cause
as O
firms B-Effect
fight I-Effect
for I-Effect
incremental I-Effect
market I-Effect
share I-Effect
. O

At O
an O
initial O
takeout O
price O
of O
nearly O
14 O
times O
Eaton O
Vance O
's O
average O
annual O
EBITDA O
over O
the O
past O
five O
years O
, O
the B-Effect
acquisition I-Effect
represented I-Effect
a I-Effect
decent I-Effect
premium I-Effect
( O
as O
it B-Cause
was I-Cause
comfortably I-Cause
above I-Cause
the I-Cause
median I-Cause
run-rate I-Cause
EBITDA I-Cause
transaction I-Cause
multiple I-Cause
of I-Cause
10 I-Cause
times I-Cause
we I-Cause
've I-Cause
seen I-Cause
for I-Cause
asset I-Cause
manager I-Cause
deals I-Cause
the I-Cause
past I-Cause
decade I-Cause
) O
. O

Coal B-Cause
runs I-Cause
in I-Cause
unit I-Cause
trains I-Cause
hauling I-Cause
exclusively I-Cause
coal I-Cause
( O
often O
using O
customers O
' O
cars O
) O
, O
thus O
we O
think O
the B-Effect
rail I-Effect
can I-Effect
continue I-Effect
to I-Effect
adjust I-Effect
its I-Effect
train I-Effect
and I-Effect
crew I-Effect
starts I-Effect
to I-Effect
match I-Effect
sluggish I-Effect
demand I-Effect
. O

Palo O
Alto O
offers O
subscriptions O
for O
cloud-based O
analytics O
that O
pools B-Cause
data I-Cause
across I-Cause
all I-Cause
participating I-Cause
customers I-Cause
, I-Cause
and I-Cause
this I-Cause
wider I-Cause
data I-Cause
set I-Cause
allows O
Palo B-Effect
Alto I-Effect
to I-Effect
better I-Effect
protect I-Effect
customers I-Effect
from I-Effect
future I-Effect
threats I-Effect
seen I-Effect
in I-Effect
other I-Effect
networks I-Effect
. O

The B-Effect
firm I-Effect
underperforms I-Effect
some I-Effect
larger I-Effect
breweries I-Effect
as I-Effect
it I-Effect
relates I-Effect
to I-Effect
COGS I-Effect
per I-Effect
HL I-Effect
( O
given B-Cause
the I-Cause
more I-Cause
cumbersome I-Cause
raw I-Cause
material I-Cause
cost I-Cause
structure I-Cause
of I-Cause
its I-Cause
premium I-Cause
beer I-Cause
) O
but O
demonstrably O
outperforms O
on O
HLs O
per O
brewery O
. O

Consequently O
, O
unfavorable B-Effect
operating I-Effect
leverage I-Effect
is I-Effect
exacerbated I-Effect
during O
cyclical B-Cause
swings I-Cause
in I-Cause
demand I-Cause
from I-Cause
peak I-Cause
to I-Cause
trough I-Cause
, O
which O
is O
the O
current O
situation O
with O
COVID-19 O
. O

For O
customers O
, O
switching B-Cause
to I-Cause
an I-Cause
alternative I-Cause
product I-Cause
poses O
significant B-Effect
risk I-Effect
to I-Effect
their I-Effect
operations I-Effect
, O
with B-Effect
the I-Effect
potential I-Effect
for I-Effect
project I-Effect
disruptions I-Effect
from O
machine B-Cause
failures I-Cause
and I-Cause
long I-Cause
lead I-Cause
times I-Cause
to I-Cause
service I-Cause
equipment I-Cause
. O

Still O
, O
we O
believe O
that O
demand B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
match I-Effect
these I-Effect
supply I-Effect
additions I-Effect
, O
as O
historically O
room O
expansion O
and O
visitation O
in O
the O
region O
have O
been O
correlated O
, O
as O
travelers B-Cause
are I-Cause
enticed I-Cause
to I-Cause
see I-Cause
new I-Cause
attractions I-Cause
( O
the O
football O
stadium O
is O
scheduled O
to O
open O
in O
2020 O
) O
. O

EastSpring B-Cause
Investments I-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
and I-Cause
better-quality I-Cause
asset I-Cause
management I-Cause
divisions I-Cause
in I-Cause
the I-Cause
region I-Cause
, O
and O
this O
helps O
attract B-Effect
net I-Effect
flows I-Effect
and I-Effect
build I-Effect
product I-Effect
reputation I-Effect
. O

Although O
other O
public O
homebuilders O
may O
not O
build O
a O
great O
deal O
of O
competing O
luxury O
products O
, O
they B-Cause
certainly I-Cause
compete I-Cause
for I-Cause
new I-Cause
land I-Cause
, O
which O
can O
bid B-Effect
up I-Effect
land I-Effect
prices I-Effect
or I-Effect
force I-Effect
Toll I-Effect
Brothers I-Effect
to I-Effect
purchase I-Effect
less I-Effect
favorable I-Effect
land I-Effect
. O

During O
this O
downturn O
, O
we O
assume O
Stryker B-Effect
's I-Effect
margins I-Effect
fall I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
volume B-Cause
falls I-Cause
off I-Cause
and I-Cause
the I-Cause
firm I-Cause
attempts I-Cause
to I-Cause
keep I-Cause
its I-Cause
engineers I-Cause
and I-Cause
salesforce I-Cause
intact I-Cause
. O

The B-Effect
firm I-Effect
may I-Effect
prosper I-Effect
from O
either O
a B-Cause
rise I-Cause
in I-Cause
freemium I-Cause
users I-Cause
and I-Cause
, I-Cause
in I-Cause
turn I-Cause
, I-Cause
the I-Cause
number I-Cause
of I-Cause
advertisements I-Cause
shown I-Cause
, O
or O
from O
average B-Cause
revenue I-Cause
per I-Cause
user I-Cause
, I-Cause
by I-Cause
selling I-Cause
more I-Cause
ad I-Cause
inventory I-Cause
per I-Cause
user I-Cause
and/or I-Cause
extracting I-Cause
higher I-Cause
ad I-Cause
prices I-Cause
. O

Over O
the O
long O
term O
, O
we O
foresee O
solid B-Effect
mid-single-digit I-Effect
comparable I-Effect
expansion I-Effect
as O
Costco B-Cause
's I-Cause
attractive I-Cause
values I-Cause
drive B-Effect
store I-Effect
traffic I-Effect
and I-Cause
its B-Cause
newer I-Cause
international I-Cause
operations I-Cause
deliver B-Effect
member I-Effect
growth I-Effect
. O

After O
the B-Cause
initial I-Cause
choice I-Cause
of I-Cause
tools I-Cause
based I-Cause
primarily I-Cause
on I-Cause
intangible I-Cause
assets I-Cause
, O
Agilent B-Effect
benefits I-Effect
from I-Effect
substantial I-Effect
switching I-Effect
costs I-Effect
in I-Effect
most I-Effect
of I-Effect
its I-Effect
end I-Effect
markets I-Effect
. O

Importantly O
, O
the B-Cause
T-Mobile I-Cause
merger I-Cause
greatly I-Cause
improved I-Cause
the I-Cause
industry I-Cause
's I-Cause
structure I-Cause
, O
leaving B-Effect
three I-Effect
players I-Effect
with I-Effect
little I-Effect
incentive I-Effect
to I-Effect
price I-Effect
irrationally I-Effect
in I-Effect
search I-Effect
of I-Effect
short-term I-Effect
market I-Effect
share I-Effect
gains I-Effect
. O

Still O
, O
its B-Cause
free I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
has I-Cause
been I-Cause
quite I-Cause
resilient I-Cause
even I-Cause
during I-Cause
periods I-Cause
of I-Cause
declining I-Cause
sales I-Cause
, O
so O
we B-Effect
think I-Effect
the I-Effect
company I-Effect
can I-Effect
maintain I-Effect
solid I-Effect
financial I-Effect
flexibility I-Effect
throughout I-Effect
the I-Effect
business I-Effect
cycle I-Effect
. O

We O
think O
the B-Cause
pandemic I-Cause
still O
presents O
a B-Effect
risk I-Effect
to I-Effect
oil I-Effect
demand I-Effect
, O
but O
we O
believe O
the O
current O
glut O
will O
likely O
become O
a O
shortage O
in O
the O
near O
term O
. O

Given O
that O
the B-Cause
company I-Cause
is I-Cause
patient I-Cause
with I-Cause
its I-Cause
engineers I-Cause
in O
order O
to O
encourage O
innovation O
, O
we O
do B-Effect
not I-Effect
think I-Effect
Gentex I-Effect
will I-Effect
lose I-Effect
its I-Effect
competitive I-Effect
edge I-Effect
. I-Effect

Due O
to O
the B-Cause
sale I-Cause
of I-Cause
its I-Cause
Asia I-Cause
brake I-Cause
control I-Cause
business I-Cause
, O
we O
had O
already O
forecast O
a B-Effect
12.5 I-Effect
% I-Effect
2020 I-Effect
revenue I-Effect
decline I-Effect
but O
with O
the B-Cause
coronavirus-induced I-Cause
industrywide I-Cause
factory I-Cause
closures I-Cause
, O
we O
now O
forecast O
a B-Effect
23.1 I-Effect
% I-Effect
decline I-Effect
, I-Effect
followed I-Effect
by I-Effect
a I-Effect
19 I-Effect
% I-Effect
increase I-Effect
in I-Effect
2021 I-Effect
as I-Effect
backlog I-Effect
starts I-Effect
to I-Effect
ramp-up I-Effect
. O

As O
usage B-Cause
of I-Cause
the I-Cause
product I-Cause
grows I-Cause
and I-Cause
there I-Cause
is I-Cause
a I-Cause
broader I-Cause
rollout I-Cause
, O
the B-Effect
developer I-Effect
increases I-Effect
usage I-Effect
of I-Effect
Twilio I-Effect
's I-Effect
other I-Effect
offerings I-Effect
as O
well O
. O

We O
believe O
that O
any B-Effect
further I-Effect
upheaval I-Effect
will I-Effect
slow I-Effect
streamlining I-Effect
of I-Effect
its I-Effect
operations I-Effect
in I-Effect
Europe I-Effect
, O
where O
it B-Cause
is I-Cause
now I-Cause
the I-Cause
largest I-Cause
distributor I-Cause
of I-Cause
aftermarket I-Cause
automotive I-Cause
parts I-Cause
. O

Orange O
operates O
in O
several O
countries O
, O
but O
its B-Effect
strongest I-Effect
region I-Effect
is I-Effect
France I-Effect
where I-Effect
it I-Effect
enjoys I-Effect
a I-Effect
comfortable I-Effect
position I-Effect
as O
it B-Cause
is I-Cause
the I-Cause
incumbent I-Cause
operator I-Cause
and I-Cause
has I-Cause
good I-Cause
relationships I-Cause
with I-Cause
the I-Cause
government I-Cause
, O
which O
owns O
23 O
% O
of O
the O
company O
. O

Further O
, O
Ingredion B-Effect
's I-Effect
profits I-Effect
can I-Effect
be I-Effect
affected I-Effect
by I-Effect
the I-Effect
spread I-Effect
between I-Effect
corn I-Effect
meal I-Effect
and I-Effect
soymeal I-Effect
prices I-Effect
as O
the B-Cause
two I-Cause
can I-Cause
be I-Cause
used I-Cause
interchangably I-Cause
in I-Cause
many I-Cause
products I-Cause
such O
as O
animal O
nutrition O
. O

We O
see O
net O
charge-off O
ratios O
normalizing O
to O
0.6 O
% O
, O
and O
despite O
the O
pressure O
from O
the O
pandemic O
, O
we O
expect O
that O
Truist B-Cause
is I-Cause
already I-Cause
more I-Cause
than I-Cause
reserved I-Cause
for I-Cause
the I-Cause
losses I-Cause
that I-Cause
will I-Cause
transpire I-Cause
, O
resulting O
in O
much B-Effect
lower I-Effect
provisioning I-Effect
for I-Effect
the I-Effect
next I-Effect
year I-Effect
or I-Effect
two I-Effect
. O

Most B-Effect
growth I-Effect
will I-Effect
come I-Effect
via I-Effect
acquisition I-Effect
because O
Group B-Cause
1 I-Cause
's I-Cause
business I-Cause
model I-Cause
is I-Cause
similar I-Cause
to I-Cause
the I-Cause
other I-Cause
large I-Cause
dealerships I-Cause
, I-Cause
which I-Cause
have I-Cause
been I-Cause
consolidating I-Cause
stores I-Cause
. O

Additionally O
, O
we B-Cause
believe I-Cause
K-Cups I-Cause
and I-Cause
other I-Cause
Dunkin I-Cause
' I-Cause
at-home I-Cause
CPG I-Cause
products I-Cause
have O
helped O
to O
extend B-Effect
its I-Effect
brand I-Effect
reach I-Effect
, O
while O
loyalty B-Cause
program I-Cause
and I-Cause
mobile I-Cause
ordering I-Cause
efforts I-Cause
( I-Cause
which I-Cause
should I-Cause
be I-Cause
enhanced I-Cause
by I-Cause
an I-Cause
expanded I-Cause
partnership I-Cause
with I-Cause
mobile I-Cause
wallet I-Cause
provider I-Cause
CardFree I-Cause
) I-Cause
have O
improved B-Effect
the I-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
connect I-Effect
with I-Effect
consumers I-Effect
outside I-Effect
its I-Effect
restaurants I-Effect
. O

We O
apply B-Effect
an I-Effect
11 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
assumption I-Effect
as O
a O
result O
of O
our O
belief O
that O
Nucor B-Cause
is I-Cause
subject I-Cause
to I-Cause
an I-Cause
above I-Cause
average I-Cause
level I-Cause
of I-Cause
systematic I-Cause
risk I-Cause
. O

Low B-Effect
agent I-Effect
headcount I-Effect
growth I-Effect
could O
lead O
to O
more B-Effect
competitive I-Effect
pricing I-Effect
offers I-Effect
from I-Effect
rivals I-Effect
and I-Effect
force I-Effect
Nice I-Effect
to I-Effect
respond I-Effect
in O
order O
to O
maintain B-Cause
its I-Cause
share I-Cause
of I-Cause
call I-Cause
center I-Cause
spending I-Cause
. O

European O
staffers O
Adecco O
and O
Randstad O
also O
have B-Cause
sizable I-Cause
databases I-Cause
of I-Cause
resumes I-Cause
capable O
of O
meeting B-Effect
demand I-Effect
and I-Effect
taking I-Effect
clients I-Effect
away I-Effect
from I-Effect
Manpower I-Effect
. O

We O
assume O
a B-Effect
continued I-Effect
increase I-Effect
in I-Effect
penetration I-Effect
for I-Effect
some I-Effect
of I-Effect
our I-Effect
forecast I-Effect
period I-Effect
due O
to O
attractive B-Cause
growth I-Cause
prospects I-Cause
and I-Cause
Gentex I-Cause
's I-Cause
history I-Cause
. O

With O
more B-Cause
places I-Cause
to I-Cause
attack I-Cause
, O
enterprises B-Effect
and I-Effect
government I-Effect
entities I-Effect
must I-Effect
be I-Effect
concerned I-Effect
with I-Effect
securing I-Effect
the I-Effect
network I-Effect
core I-Effect
, I-Effect
branch I-Effect
offices I-Effect
, I-Effect
remote I-Effect
employees I-Effect
, I-Effect
smartphones I-Effect
, I-Effect
and I-Effect
cloud I-Effect
environments I-Effect
. O

We B-Effect
believe I-Effect
Allegheny I-Effect
should I-Effect
deliver I-Effect
much I-Effect
improved I-Effect
profitability I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
, O
given O
that O
it B-Cause
benefits I-Cause
from I-Cause
secular I-Cause
growth I-Cause
for I-Cause
the I-Cause
commercial I-Cause
aerospace I-Cause
end I-Cause
market I-Cause
. O

As O
we B-Cause
do I-Cause
not I-Cause
see I-Cause
any I-Cause
synergies I-Cause
with I-Cause
the I-Cause
remaining I-Cause
divisions I-Cause
, O
strategically B-Effect
a I-Effect
spin-off I-Effect
or I-Effect
sale I-Effect
makes I-Effect
good I-Effect
sense I-Effect
to I-Effect
us I-Effect
. O

We O
believe O
NXP B-Effect
prospers I-Effect
from I-Effect
intangible I-Effect
assets I-Effect
stemming I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
design I-Effect
expertise I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
, O
as O
NXP B-Cause
's I-Cause
products I-Cause
are I-Cause
rarely I-Cause
ripped I-Cause
out I-Cause
once I-Cause
designed I-Cause
into I-Cause
a I-Cause
device I-Cause
, O
particularly O
in O
the O
company O
's O
four O
main O
segments O
-- O
automotive O
, O
industrial O
and O
Internet O
of O
Things O
, O
mobile O
, O
and O
communications O
infrastructure O
. O

This O
is O
because O
shippers O
desire O
efficient O
access O
to O
the O
small O
carrier O
base O
throughout O
the O
cycle O
and O
the O
broader O
trucking O
industry O
will O
continue B-Effect
to I-Effect
face I-Effect
periodic I-Effect
growth I-Effect
constraints I-Effect
due O
to O
the B-Cause
limited I-Cause
driver I-Cause
pool I-Cause
. I-Cause

On B-Cause
Amazon I-Cause
Prime I-Cause
Day I-Cause
in I-Cause
June I-Cause
2018 I-Cause
, I-Cause
one I-Cause
of I-Cause
Amazon I-Cause
's I-Cause
warehouses I-Cause
experienced I-Cause
an I-Cause
outage I-Cause
, O
causing B-Effect
15,000 I-Effect
packages I-Effect
to I-Effect
have I-Effect
shipping I-Effect
delays I-Effect
. O

Further O
, O
our O
position O
is O
that O
insurers B-Cause
will I-Cause
not I-Cause
change I-Cause
their I-Cause
nature I-Cause
once I-Cause
a I-Cause
core I-Cause
Guidewire I-Cause
suite I-Cause
has I-Cause
been I-Cause
implemented I-Cause
, O
and O
the B-Effect
company I-Effect
will I-Effect
therefore I-Effect
benefit I-Effect
from I-Effect
a I-Effect
similarly I-Effect
long-tail I-Effect
relationship I-Effect
. O

Smaller B-Cause
distributors I-Cause
have I-Cause
not I-Cause
been I-Cause
able I-Cause
to I-Cause
replicate I-Cause
this I-Cause
specialized I-Cause
service I-Cause
, O
and O
as O
such O
, O
we O
think O
it O
contributes O
toward O
Sysco B-Effect
's I-Effect
competitive I-Effect
edge I-Effect
. O

Should O
it O
be B-Cause
unable I-Cause
to I-Cause
innovate I-Cause
, O
the O
firm O
may O
lose O
its B-Effect
ability I-Effect
to I-Effect
charge I-Effect
premium I-Effect
prices I-Effect
for I-Effect
hardware I-Effect
that O
is O
no O
longer O
indistinguishable O
from O
many O
comparable O
devices O
. O

The B-Cause
investment I-Cause
opportunities I-Cause
and I-Cause
regulatory I-Cause
mechanisms I-Cause
that O
have O
allowed O
Southern B-Effect
to I-Effect
earn I-Effect
its I-Effect
best-in-class I-Effect
returns I-Effect
on I-Effect
equity I-Effect
are O
in O
large O
part O
because O
of O
the B-Cause
company I-Cause
's I-Cause
constructive I-Cause
relationships I-Cause
with I-Cause
state I-Cause
regulators I-Cause
in I-Cause
Alabama I-Cause
, I-Cause
Georgia I-Cause
, I-Cause
and I-Cause
Mississippi I-Cause
. O

Moreover O
, O
we O
do O
not O
believe O
Adidas B-Effect
can I-Effect
sign I-Effect
sponsorship I-Effect
deals I-Effect
at I-Effect
below-market I-Effect
prices I-Effect
, O
since O
it B-Cause
must I-Cause
compete I-Cause
with I-Cause
Nike I-Cause
and I-Cause
others I-Cause
to I-Cause
sign I-Cause
the I-Cause
top I-Cause
athletes I-Cause
and I-Cause
teams I-Cause
. O

Should O
China B-Cause
's I-Cause
economy I-Cause
slow I-Cause
, O
Brazil B-Effect
's I-Effect
government I-Effect
will I-Effect
face I-Effect
yet I-Effect
another I-Effect
hurdle I-Effect
to I-Effect
returning I-Effect
the I-Effect
country I-Effect
to I-Effect
growth I-Effect
and I-Effect
provide I-Effect
additional I-Effect
pressure I-Effect
to I-Effect
tax I-Effect
receipts I-Effect
. O

While O
underlying O
intermodal O
demand O
has O
bounced O
off O
pandemic O
lows O
, O
Hunt B-Effect
's I-Effect
container I-Effect
volume I-Effect
was O
constrained O
by O
rail B-Cause
network I-Cause
congestion I-Cause
and O
revenue O
fell O
1.5 O
% O
. O

As O
DuPont B-Cause
continues I-Cause
to I-Cause
develop I-Cause
new I-Cause
products I-Cause
, O
we O
forecast O
companywide B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
expand I-Effect
from I-Effect
the I-Effect
mid-20 I-Effect
% I-Effect
to I-Effect
the I-Effect
high-20 I-Effect
% I-Effect
range I-Effect
throughout I-Effect
our I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
. O

From O
its O
vast O
NGL O
system O
, O
Enterprise B-Cause
's I-Cause
connection I-Cause
with I-Cause
every I-Cause
ethylene I-Cause
cracker I-Cause
on I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
, I-Cause
its I-Cause
sold-out I-Cause
PDH I-Cause
splitter I-Cause
( I-Cause
and I-Cause
its I-Cause
second I-Cause
PDH I-Cause
plant I-Cause
is I-Cause
on I-Cause
the I-Cause
way I-Cause
) I-Cause
, I-Cause
and I-Cause
the I-Cause
upgraded I-Cause
isobutylene I-Cause
unit I-Cause
make O
it B-Effect
adept I-Effect
at I-Effect
converting I-Effect
low-cost I-Effect
NGLs I-Effect
into I-Effect
higher I-Effect
value-added I-Effect
olefins I-Effect
. O

We O
had O
previously O
believed O
that O
weaker B-Effect
implementation I-Effect
of I-Effect
the I-Effect
technology I-Effect
could I-Effect
erode I-Effect
ASML I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
as O
chipmakers B-Cause
use I-Cause
alternative I-Cause
solutions I-Cause
( I-Cause
such I-Cause
as I-Cause
multiple I-Cause
patterning I-Cause
) I-Cause
to I-Cause
continue I-Cause
pursuing I-Cause
Moore I-Cause
's I-Cause
law I-Cause
. O

We O
believe O
the B-Cause
long-term I-Cause
contractual I-Cause
agreement I-Cause
with I-Cause
ICANN I-Cause
will O
support O
Verisign B-Effect
's I-Effect
monopoly I-Effect
position I-Effect
and O
support O
long-term B-Effect
returns I-Effect
associated I-Effect
with I-Effect
the I-Effect
.com I-Effect
and I-Effect
.net I-Effect
TLDs I-Effect
. O

We O
believe O
the B-Cause
company I-Cause
's I-Cause
international I-Cause
operations I-Cause
enhance O
its B-Effect
cost I-Effect
standing I-Effect
; O
while O
fashion O
trends O
differ O
sharply O
across O
borders O
, O
TJX B-Cause
's I-Cause
geographic I-Cause
dispersion I-Cause
makes O
it O
a B-Effect
more I-Effect
valuable I-Effect
partner I-Effect
to I-Effect
multinational I-Effect
vendors I-Effect
that I-Cause
face I-Cause
excess I-Cause
inventory I-Cause
issues I-Cause
across I-Cause
all I-Cause
of I-Cause
their I-Cause
operating I-Cause
areas I-Cause
, I-Cause
even I-Cause
if I-Cause
the I-Cause
specific I-Cause
items I-Cause
differ I-Cause
. O

Oil B-Effect
only I-Effect
accounts I-Effect
for I-Effect
about I-Effect
60 I-Effect
% I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
production I-Effect
, O
as O
its B-Cause
Oklahoma I-Cause
properties I-Cause
yield I-Cause
substantial I-Cause
NGLs I-Cause
and I-Cause
natural I-Cause
gas I-Cause
as I-Cause
well I-Cause
as I-Cause
more I-Cause
valuable I-Cause
crude I-Cause
oil I-Cause
. O

The B-Effect
company I-Effect
's I-Effect
advancement I-Effect
of I-Effect
its I-Effect
next-generation I-Effect
respiratory I-Effect
drugs I-Effect
should I-Effect
help I-Effect
Glaxo I-Effect
maintain I-Effect
its I-Effect
entrenchment I-Effect
in I-Effect
both I-Effect
asthma I-Effect
and I-Effect
chronic I-Effect
obstructive I-Effect
pulmonary I-Effect
disease I-Effect
as O
generic B-Cause
Advair I-Cause
competition I-Cause
intensifies I-Cause
. O

However O
, O
we O
expect O
the B-Cause
more I-Cause
aggressive I-Cause
price I-Cause
promotions I-Cause
it I-Cause
is I-Cause
offering I-Cause
with I-Cause
its I-Cause
Shaw I-Cause
Mobile I-Cause
bundled I-Cause
service I-Cause
to O
slow B-Effect
the I-Effect
rate I-Effect
of I-Effect
average I-Effect
billings I-Effect
per I-Effect
user I-Effect
, O
or O
ABPU O
, O
growth O
it O
has O
experienced O
the O
last O
few O
years O
. O

We O
think O
the B-Effect
material I-Effect
deceleration I-Effect
in I-Effect
2021 I-Effect
is I-Effect
primarily I-Effect
due O
to O
the B-Cause
abnormally I-Cause
high I-Cause
sales I-Cause
growth I-Cause
in I-Cause
2020 I-Cause
( I-Cause
45 I-Cause
% I-Cause
) I-Cause
, O
when O
the B-Effect
pandemic I-Effect
pulled I-Effect
forward I-Effect
demand I-Effect
as O
everyone B-Cause
's I-Cause
lives I-Cause
relied I-Cause
much I-Cause
more I-Cause
on I-Cause
online I-Cause
content I-Cause
. O

Gluski B-Effect
narrowed I-Effect
AES I-Effect
' I-Effect
geographic I-Effect
and I-Effect
business I-Effect
focus I-Effect
by O
selling B-Cause
businesses I-Cause
in I-Cause
markets I-Cause
where I-Cause
the I-Cause
company I-Cause
did I-Cause
not I-Cause
have I-Cause
a I-Cause
strong I-Cause
platform I-Cause
or I-Cause
competitive I-Cause
advantage I-Cause
. O

With O
a B-Cause
temporary I-Cause
gap I-Cause
between I-Cause
bidding I-Cause
rounds I-Cause
and I-Cause
the I-Cause
pandemic I-Cause
having I-Cause
deferred I-Cause
the I-Cause
next I-Cause
price I-Cause
adjustment I-Cause
indefinitely I-Cause
, O
we O
expect O
prices B-Effect
could I-Effect
stabilise I-Effect
and I-Effect
improve I-Effect
near-term I-Effect
profitability I-Effect
. O

The O
firm O
should O
also O
see O
lower B-Effect
costs I-Effect
from I-Effect
an I-Effect
improved I-Effect
supply I-Effect
chain I-Effect
and I-Effect
distribution I-Effect
network I-Effect
( O
as O
a O
result O
of O
direct B-Cause
sourcing I-Cause
and I-Cause
furniture I-Cause
delivery I-Cause
operations I-Cause
) O
as O
well O
as O
higher B-Effect
productivity I-Effect
of I-Effect
its I-Effect
store I-Effect
fleet I-Effect
( O
as O
underperforming B-Cause
locations I-Cause
close I-Cause
) O
. O

Finally O
, O
Marriott O
and O
other O
large O
hotel O
brands O
require O
high B-Cause
amounts I-Cause
of I-Cause
human I-Cause
capital I-Cause
, O
which O
helps O
drive B-Effect
traveler I-Effect
experience I-Effect
, O
and O
therefore O
is O
tied B-Effect
to I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
advantages I-Effect
found I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

As O
the O
system B-Cause
is I-Cause
deeply I-Cause
integrated I-Cause
with I-Cause
long I-Cause
cycle I-Cause
cruisers I-Cause
and I-Cause
destroyers I-Cause
, O
it O
is O
substantially O
more B-Effect
affordable I-Effect
for I-Effect
the I-Effect
military I-Effect
to I-Effect
upgrade I-Effect
, O
rather O
than O
replace O
, O
the O
products O
. O

The B-Cause
company I-Cause
employs I-Cause
a I-Cause
distributed I-Cause
network I-Cause
of I-Cause
data I-Cause
centers I-Cause
in I-Cause
a I-Cause
co-location I-Cause
footprint I-Cause
to O
provide B-Effect
high I-Effect
reliability I-Effect
, I-Effect
low I-Effect
latency I-Effect
, I-Effect
and I-Effect
redundancy I-Effect
. O

Integrating B-Cause
fixed-line I-Cause
and I-Cause
wireless I-Cause
networks I-Cause
should O
improve B-Effect
the I-Effect
quality I-Effect
of I-Effect
each I-Effect
over I-Effect
time I-Effect
, O
while O
bundling B-Cause
services I-Cause
should O
enable O
the B-Effect
firm I-Effect
to I-Effect
serve I-Effect
customers I-Effect
more I-Effect
efficiently I-Effect
. O

Management O
said O
that O
the B-Effect
white-box I-Effect
trend I-Effect
does I-Effect
not I-Effect
concern I-Effect
Arista I-Effect
, O
and O
we O
concur O
, O
since O
those B-Cause
consumers I-Cause
appear I-Cause
to I-Cause
be I-Cause
working I-Cause
with I-Cause
the I-Cause
company I-Cause
directly I-Cause
on I-Cause
development I-Cause
projects I-Cause
. O

Finally O
, O
Booking B-Cause
faces O
ESG B-Effect
risks I-Effect
around I-Effect
innovation I-Effect
tax I-Effect
code I-Effect
changes I-Effect
, I-Effect
data I-Effect
breaches I-Effect
, I-Effect
and I-Effect
potential I-Effect
fees I-Effect
should I-Effect
its I-Effect
platform I-Effect
be I-Effect
viewed I-Effect
as I-Effect
anti-competitive I-Effect
. O

This O
is O
a O
multiyear O
process O
and O
investment O
that O
many B-Effect
competitors I-Effect
are I-Effect
unwilling I-Effect
to I-Effect
endure I-Effect
because O
the B-Cause
initial I-Cause
costs I-Cause
are I-Cause
considerable I-Cause
. O

The B-Cause
acquisition I-Cause
strategy I-Cause
has O
allowed O
the B-Effect
firm I-Effect
to I-Effect
significantly I-Effect
broaden I-Effect
its I-Effect
product I-Effect
offering I-Effect
, O
which O
in O
turn O
allowed O
it B-Effect
to I-Effect
steadily I-Effect
gain I-Effect
market I-Effect
share I-Effect
. O

When O
looking O
to O
cut O
costs O
, O
it O
is O
unlikely B-Effect
that I-Effect
a I-Effect
company I-Effect
will I-Effect
trim I-Effect
a I-Effect
low-cost I-Effect
, I-Effect
high-value I-Effect
item I-Effect
, O
given O
that O
maintaining B-Cause
an I-Cause
online I-Cause
presence I-Cause
is I-Cause
crucial I-Cause
to I-Cause
succeeding I-Cause
in O
today O
's O
world O
. O

As B-Cause
customers I-Cause
continue I-Cause
pursuing I-Cause
Moore I-Cause
's I-Cause
Law I-Cause
, I-Cause
smaller I-Cause
chips I-Cause
must I-Cause
meet I-Cause
more I-Cause
precise I-Cause
specifications I-Cause
, O
which O
in B-Effect
turn I-Effect
increase I-Effect
the I-Effect
need I-Effect
for I-Effect
advanced I-Effect
PDC I-Effect
tools I-Effect
. O

Helicopters B-Cause
also I-Cause
have I-Cause
a I-Cause
decades-long I-Cause
product I-Cause
cycle I-Cause
, O
so O
we O
think O
that B-Effect
Airbus I-Effect
's I-Effect
installed I-Effect
base I-Effect
will I-Effect
be I-Effect
a I-Effect
secure I-Effect
revenue-generator I-Effect
for I-Effect
years I-Effect
to I-Effect
come I-Effect
. O

The B-Cause
secular I-Cause
decline I-Cause
of I-Cause
HDD I-Cause
technology I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
decline I-Cause
of I-Cause
PCs I-Cause
generally I-Cause
, O
remains O
a B-Effect
significant I-Effect
headwind I-Effect
for I-Effect
Seagate I-Effect
. O

As O
a O
result O
of O
the B-Cause
greater I-Cause
geographical I-Cause
dispersion I-Cause
of I-Cause
customer I-Cause
assets I-Cause
and I-Cause
the I-Cause
difficulty I-Cause
in I-Cause
centralizing I-Cause
maintenance I-Cause
, O
attachment B-Effect
rates I-Effect
of I-Effect
long-term I-Effect
service I-Effect
contracts I-Effect
are I-Effect
low I-Effect
relative I-Effect
to I-Effect
the I-Effect
commercial I-Effect
aerospace I-Effect
sector I-Effect
at O
approximately O
30 O
% O
. O

Second O
, O
Synchrony B-Cause
's I-Cause
credit I-Cause
cards I-Cause
use I-Cause
reward I-Cause
structures I-Cause
as O
an O
incentive O
for O
consumers B-Effect
to I-Effect
direct I-Effect
more I-Effect
of I-Effect
their I-Effect
spending I-Effect
to I-Effect
the I-Effect
retail I-Effect
partner I-Effect
. O

Ionis B-Cause
has I-Cause
a I-Cause
broad I-Cause
pipeline I-Cause
and I-Cause
strong I-Cause
collaboration I-Cause
partners I-Cause
to O
help B-Effect
usher I-Effect
to I-Effect
market I-Effect
drugs I-Effect
for I-Effect
large I-Effect
indications I-Effect
, I-Effect
requiring I-Effect
large I-Effect
clinical I-Effect
trials I-Effect
and I-Effect
salesforces I-Effect
. O

However O
, O
when O
prices B-Cause
drop I-Cause
, I-Cause
the I-Cause
surcharge I-Cause
remains I-Cause
higher I-Cause
than I-Cause
prices I-Cause
for I-Cause
the I-Cause
same I-Cause
lag I-Cause
time I-Cause
, O
leading O
to O
a B-Effect
mostly I-Effect
net I-Effect
neutral I-Effect
position I-Effect
over I-Effect
time I-Effect
. O

If O
durability B-Cause
of I-Cause
the I-Cause
product I-Cause
does I-Cause
n't I-Cause
meet I-Cause
or I-Cause
exceed I-Cause
the I-Cause
track I-Cause
record I-Cause
on I-Cause
surgical I-Cause
valves I-Cause
, O
clinicians B-Effect
may I-Effect
be I-Effect
wary I-Effect
of I-Effect
using I-Effect
the I-Effect
product I-Effect
in I-Effect
younger I-Effect
patients I-Effect
. O

Overall O
, O
Regency B-Effect
's I-Effect
portfolio I-Effect
should I-Effect
see I-Effect
steady I-Effect
but I-Effect
low I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
the B-Cause
retail I-Cause
landscape I-Cause
adjusts I-Cause
to I-Cause
the I-Cause
emergence I-Cause
of I-Cause
e-commerce I-Cause
. O

We O
think O
it O
is O
possible O
that O
Marvell B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
increase I-Effect
GAAP I-Effect
operating I-Effect
margins I-Effect
in I-Effect
the I-Effect
low-20s-by I-Effect
driving I-Effect
leverage I-Effect
as O
it B-Cause
streamlines I-Cause
its I-Cause
spending I-Cause
in I-Cause
storage I-Cause
and I-Cause
networking I-Cause
. O

The B-Cause
competitive I-Cause
advantages I-Cause
of I-Cause
the I-Cause
Australian I-Cause
major I-Cause
banks I-Cause
allow B-Effect
them I-Effect
to I-Effect
grow I-Effect
in I-Effect
line I-Effect
with I-Effect
system I-Effect
, O
but O
to O
be O
selective O
on O
products O
and O
risks O
, O
especially O
with O
greater O
competition O
from O
challengers O
making O
the O
most O
of O
the O
ultra-low O
interest O
rate O
environment O
. O

We O
also O
think O
Sensata O
boasts O
intangible B-Cause
assets I-Cause
in I-Cause
sensor I-Cause
design I-Cause
-- O
primarily O
in O
its O
automotive O
and O
heavy O
vehicle O
business O
-- O
that O
drive O
its O
ability O
to B-Effect
win I-Effect
new I-Effect
business I-Effect
and I-Effect
expand I-Effect
its I-Effect
presence I-Effect
in I-Effect
existing I-Effect
customers I-Effect
. O

We O
anticipate O
consistent B-Effect
low-single-digit I-Effect
top-line I-Effect
organic I-Effect
lift I-Effect
in I-Effect
2021 I-Effect
and I-Effect
beyond I-Effect
, O
as O
as O
secularly B-Cause
slow I-Cause
industry I-Cause
growth I-Cause
in I-Cause
the I-Cause
mature I-Cause
leisure I-Cause
businesses I-Cause
( I-Cause
particularly I-Cause
, I-Cause
ORV I-Cause
, I-Cause
snow I-Cause
, I-Cause
and I-Cause
motorcycles I-Cause
) I-Cause
is I-Cause
supported I-Cause
by I-Cause
incremental I-Cause
opportunities I-Cause
in I-Cause
the I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
global I-Cause
adjacent I-Cause
markets I-Cause
segments I-Cause
. O

Should B-Cause
rewards I-Cause
continue I-Cause
to I-Cause
accelerate I-Cause
and I-Cause
larger I-Cause
rivals I-Cause
view I-Cause
credit I-Cause
card I-Cause
promotions I-Cause
as I-Cause
a I-Cause
loss I-Cause
leader I-Cause
, O
we B-Effect
doubt I-Effect
Discover I-Effect
would I-Effect
continue I-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
match I-Effect
the I-Effect
rewards I-Effect
and I-Effect
promotions I-Effect
of I-Effect
larger I-Effect
competitors I-Effect
operating I-Effect
with I-Effect
a I-Effect
cheaper I-Effect
cost I-Effect
of I-Effect
funding I-Effect
. O

Persistent B-Effect
competition I-Effect
and I-Effect
the I-Effect
firm I-Effect
's I-Effect
value I-Effect
orientation I-Effect
should I-Effect
leave I-Effect
little I-Effect
room I-Effect
for I-Effect
margin I-Effect
expansion I-Effect
despite O
rising O
cost O
leverage O
, O
as O
Five B-Cause
Below I-Cause
will I-Cause
likely I-Cause
have I-Cause
to I-Cause
reinvest I-Cause
savings I-Cause
derived I-Cause
from I-Cause
operational I-Cause
leverage I-Cause
into I-Cause
keeping I-Cause
prices I-Cause
low I-Cause
and I-Cause
perceived I-Cause
value I-Cause
high I-Cause
. O

The B-Cause
strategy I-Cause
is I-Cause
two-fold I-Cause
鈥 I-Cause
accelerating I-Cause
diagnosis I-Cause
of I-Cause
the I-Cause
underpenetrated I-Cause
market I-Cause
and I-Cause
monitoring I-Cause
patient I-Cause
compliance I-Cause
which O
keeps O
diagnosed B-Effect
patients I-Effect
in I-Effect
the I-Effect
treatment I-Effect
net I-Effect
and I-Effect
payers I-Effect
happier I-Effect
to I-Effect
reimburse I-Effect
the I-Effect
cost I-Effect
of I-Effect
respiratory I-Effect
devices I-Effect
. O

In B-Effect
terms I-Effect
of I-Effect
cost I-Effect
advantage I-Effect
, I-Effect
we I-Effect
would I-Effect
need I-Effect
to I-Effect
see I-Effect
evidence I-Effect
that I-Effect
an I-Effect
iBuyer I-Effect
can I-Effect
structurally I-Effect
speed I-Effect
up I-Effect
and I-Effect
streamline I-Effect
the I-Effect
home I-Effect
purchase I-Effect
and I-Effect
sale I-Effect
process I-Effect
compared I-Effect
with O
competitors B-Cause
to I-Cause
reduce I-Cause
transaction I-Cause
costs I-Cause
, I-Cause
holding I-Cause
costs I-Cause
, I-Cause
and I-Cause
interest I-Cause
expenses I-Cause
. O

As O
a O
result O
, O
Veoneer B-Cause
has I-Cause
a I-Cause
large I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
, O
so O
sudden B-Effect
declines I-Effect
in I-Effect
volume I-Effect
can I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profit I-Effect
. O

In O
our O
view O
, O
cybersecurity B-Effect
defense I-Effect
and I-Effect
prevention I-Effect
complexities I-Effect
increase I-Effect
as O
the B-Cause
source I-Cause
of I-Cause
malicious I-Cause
threats I-Cause
moves I-Cause
from I-Cause
rogue I-Cause
individuals I-Cause
to I-Cause
clandestine I-Cause
operations I-Cause
that I-Cause
could I-Cause
be I-Cause
state-sponsored I-Cause
. O

HPE B-Cause
's I-Cause
R I-Cause
& I-Cause
D I-Cause
expenditures I-Cause
lag I-Cause
competitive I-Cause
peers I-Cause
( I-Cause
on I-Cause
a I-Cause
percentage I-Cause
of I-Cause
revenue I-Cause
basis I-Cause
) I-Cause
and I-Cause
trimming I-Cause
operating I-Cause
expenditures I-Cause
could O
further O
inhibit O
HPE B-Effect
's I-Effect
technology I-Effect
and I-Effect
sales I-Effect
pipelines I-Effect
. O

For O
example O
, O
it O
would O
be O
difficult O
for O
a O
new O
player O
to O
establish B-Effect
what I-Effect
the I-Effect
absolute I-Effect
and I-Effect
relative I-Effect
probabilities I-Effect
of I-Effect
a I-Effect
B1 I-Effect
versus I-Effect
Ba1 I-Effect
versus I-Effect
Baa1 I-Effect
defaulting I-Effect
is I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
without B-Cause
sufficient I-Cause
sample I-Cause
size I-Cause
and I-Cause
time I-Cause
. O

EDU O
is O
guiding O
20 O
% O
-25 O
% O
year-over-year O
growth O
per O
year O
for O
its O
learning O
center O
capacity O
for O
the O
next O
three O
years O
and O
we O
believe O
that O
offline B-Effect
classes I-Effect
should I-Effect
gradually I-Effect
open I-Effect
as O
the O
impact O
of O
the B-Cause
coronavirus I-Cause
gradually I-Cause
fades I-Cause
. O

We O
also O
believe O
McDonald B-Effect
's I-Effect
solidified I-Effect
its I-Effect
position I-Effect
as O
a O
technology O
leader O
in O
the O
QSR O
space O
with O
the O
acquisition O
of O
Apprente O
, O
a B-Cause
voice-based I-Cause
conversational I-Cause
AI I-Cause
platform I-Cause
. O

Albemarle B-Effect
also I-Effect
faces I-Effect
execution I-Effect
risk I-Effect
in I-Effect
ramping I-Effect
up I-Effect
its I-Effect
lithium I-Effect
production I-Effect
as O
the B-Cause
company I-Cause
has I-Cause
faced I-Cause
challenges I-Cause
in I-Cause
ramping I-Cause
up I-Cause
production I-Cause
of I-Cause
its I-Cause
new I-Cause
capacity I-Cause
, O
such O
as O
the O
La O
Negra O
III O
and O
IV O
facilities O
in O
Chile O
and O
the O
Kemerton O
facilities O
in O
Australia O
. O

Taken B-Cause
as I-Cause
a I-Cause
whole I-Cause
, I-Cause
we I-Cause
believe I-Cause
these I-Cause
other I-Cause
businesses I-Cause
are I-Cause
not I-Cause
as I-Cause
profitable I-Cause
as I-Cause
the I-Cause
fixed-line I-Cause
and I-Cause
mobile I-Cause
businesses I-Cause
, O
so B-Effect
the I-Effect
profit I-Effect
skew I-Effect
would I-Effect
be I-Effect
even I-Effect
more I-Effect
in I-Effect
favor I-Effect
of I-Effect
the I-Effect
telecom I-Effect
businesses I-Effect
. O

Marriott B-Effect
's I-Effect
high I-Effect
exposure I-Effect
to I-Effect
fee-based I-Effect
properties I-Effect
( I-Effect
97 I-Effect
% I-Effect
of I-Effect
total I-Effect
rooms I-Effect
) I-Effect
reduces I-Effect
the I-Effect
operating I-Effect
income I-Effect
impact I-Effect
in I-Effect
a I-Effect
downturn I-Effect
, O
as O
fixed B-Cause
costs I-Cause
are I-Cause
much I-Cause
lower I-Cause
than I-Cause
with I-Cause
ownership-based I-Cause
properties I-Cause
. O

While O
we O
think O
Royal B-Cause
's I-Cause
go-forward I-Cause
strategy I-Cause
will O
package O
incremental O
benefits O
in O
its O
itineraries O
, O
we O
suspect O
this B-Cause
will I-Cause
serve I-Cause
to I-Cause
boost I-Cause
onboard I-Cause
spending I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
ticket I-Cause
prices I-Cause
over I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
still O
leading O
to O
lower B-Effect
total I-Effect
per I-Effect
diem I-Effect
yields I-Effect
than I-Effect
2019 I-Effect
's I-Effect
peak I-Effect
figure I-Effect
( O
signaling O
limited O
pricing O
power O
) O
. O

About B-Cause
one I-Cause
third I-Cause
of I-Cause
risk-weighted I-Cause
assets I-Cause
are I-Cause
tied I-Cause
up I-Cause
in I-Cause
unprofitable I-Cause
businesses I-Cause
( O
Ulster O
Bank O
RoI O
, O
9 O
% O
, O
and O
NatWest O
markets O
, O
24 O
% O
) O
, O
which O
form O
a B-Effect
significant I-Effect
drag I-Effect
on I-Effect
overall I-Effect
results I-Effect
. O

Salesforce O
is O
widely O
considered O
a O
leader O
in O
each O
of O
its O
served O
markets O
, O
which O
is O
attractive O
on O
its O
own O
, O
but O
the O
tight B-Cause
integration I-Cause
among I-Cause
the I-Cause
solutions I-Cause
and I-Cause
the I-Cause
natural I-Cause
fit I-Cause
they I-Cause
have I-Cause
with I-Cause
one I-Cause
another I-Cause
makes O
for O
a B-Effect
powerful I-Effect
value I-Effect
proposition I-Effect
, O
in O
our O
view O
. O

We O
believe O
occupancy B-Effect
will I-Effect
decline I-Effect
to I-Effect
the I-Effect
high I-Effect
80s I-Effect
in O
the O
2020s O
, O
as O
newly B-Cause
penetrated I-Cause
markets I-Cause
do I-Cause
not I-Cause
reflect I-Cause
the I-Cause
supply I-Cause
constraints I-Cause
present I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
West I-Cause
Coast I-Cause
properties I-Cause
. O

While O
the O
addition O
of O
advertisers O
is O
generally O
not O
considered O
a O
boon O
to O
users O
, O
the B-Cause
attractiveness I-Cause
of I-Cause
Roku I-Cause
platform I-Cause
and I-Cause
user I-Cause
to I-Cause
advertisers I-Cause
does O
help B-Effect
to I-Effect
attract I-Effect
more I-Effect
free I-Effect
ad-supported I-Effect
video I-Effect
on I-Effect
demand I-Effect
services I-Effect
like I-Effect
Pluto I-Effect
and I-Effect
Tubi I-Effect
. O

Regulatory B-Cause
requirements I-Cause
, I-Cause
reproducibility I-Cause
concerns I-Cause
, I-Cause
and I-Cause
employee I-Cause
training I-Cause
factors I-Cause
create O
switching B-Cause
costs I-Cause
for I-Cause
Waters I-Cause
' I-Cause
pharmaceutical I-Cause
customers I-Cause
, O
which O
results O
in O
a B-Effect
very I-Effect
long I-Effect
potential I-Effect
benefit I-Effect
period I-Effect
for I-Effect
Waters I-Effect
in I-Effect
this I-Effect
regulated I-Effect
market I-Effect
. O

We O
expect O
the B-Cause
greater I-Cause
number I-Cause
of I-Cause
subscribers I-Cause
who I-Cause
give I-Cause
up I-Cause
television I-Cause
and I-Cause
wireline I-Cause
phone I-Cause
service I-Cause
to O
offset O
higher B-Effect
pricing I-Effect
opportunities I-Effect
for I-Effect
some I-Effect
Internet I-Effect
and I-Effect
television I-Effect
subscribers I-Effect
. O

While O
we O
see O
a O
long O
production O
future O
for O
engine O
sales O
, O
we B-Cause
think I-Cause
that I-Cause
early I-Cause
A320neos I-Cause
will I-Cause
soon I-Cause
become I-Cause
old I-Cause
enough I-Cause
for I-Cause
Pratt I-Cause
and O
Whitney B-Effect
to I-Effect
begin I-Effect
reaping I-Effect
substantial I-Effect
benefits I-Effect
from I-Effect
servicing I-Effect
the I-Effect
engines I-Effect
. O

To B-Cause
prolong I-Cause
the I-Cause
excess I-Cause
returns I-Cause
enabled I-Cause
by I-Cause
leading-edge I-Cause
process I-Cause
technology I-Cause
, I-Cause
or I-Cause
nodes I-Cause
, I-Cause
TSMC B-Effect
initially I-Effect
focuses I-Effect
on I-Effect
logic I-Effect
products I-Effect
, O
mostly O
used O
on O
central O
processing O
units O
, O
or O
CPUs O
, O
and O
mobile O
chips O
, O
then O
focuses O
on O
more O
cost-conscious O
applications O
. O

While O
larger B-Cause
pack I-Cause
sizes I-Cause
give I-Cause
customers I-Cause
better I-Cause
unit I-Cause
economics I-Cause
, I-Cause
lower-end I-Cause
customers I-Cause
have I-Cause
significantly I-Cause
less I-Cause
financial I-Cause
flexibility I-Cause
to I-Cause
commit I-Cause
limited I-Cause
capital I-Cause
to I-Cause
a I-Cause
value-size I-Cause
package. O
As O
a O
result O
, O
Dollar B-Effect
General I-Effect
can I-Effect
meet I-Effect
its I-Effect
customers I-Effect
' I-Effect
needs I-Effect
for I-Effect
a I-Effect
low I-Effect
absolute-dollar I-Effect
price I-Effect
point I-Effect
through I-Effect
smaller I-Effect
packages I-Effect
that I-Effect
carry I-Effect
better I-Effect
margins I-Effect
for I-Effect
both I-Effect
the I-Effect
retailer I-Effect
and I-Effect
the I-Effect
manufacturer I-Effect
, I-Effect
supporting I-Effect
the I-Effect
company I-Effect
's I-Effect
low I-Effect
30s I-Effect
gross I-Effect
margins I-Effect
relative I-Effect
to I-Effect
the I-Effect
high I-Effect
20s I-Effect
at I-Effect
Target I-Effect
despite I-Effect
the I-Effect
latter I-Effect
's I-Effect
larger I-Effect
size I-Effect
. O

We O
believe O
SG B-Effect
& I-Effect
A I-Effect
expenses I-Effect
will I-Effect
deleverage I-Effect
modestly I-Effect
from I-Effect
estimated I-Effect
2020 I-Effect
levels I-Effect
( I-Effect
35.2 I-Effect
% I-Effect
) I-Effect
on B-Cause
store I-Cause
closures I-Cause
and I-Cause
a I-Cause
more I-Cause
efficient I-Cause
supply I-Cause
chain I-Cause
. O

Roper B-Cause
's I-Cause
offerings I-Cause
specifically I-Cause
address I-Cause
these I-Cause
needs I-Cause
, I-Cause
which I-Cause
we I-Cause
believe I-Cause
creates I-Cause
a I-Cause
stickier I-Cause
offering I-Cause
and I-Cause
makes I-Cause
it I-Cause
harder I-Cause
for I-Cause
large I-Cause
players I-Cause
to I-Cause
displace I-Cause
them. O
Consequently O
, O
it B-Effect
also I-Effect
offers I-Effect
Roper I-Effect
greater I-Effect
than I-Effect
inflation I-Effect
pricing I-Effect
power I-Effect
, I-Effect
giving I-Effect
us I-Effect
confidence I-Effect
that I-Effect
this I-Effect
segment I-Effect
can I-Effect
grow I-Effect
its I-Effect
organic I-Effect
top-line I-Effect
CAGR I-Effect
at I-Effect
about I-Effect
5.5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Foremost O
, O
Blackbaud B-Cause
is I-Cause
entering I-Cause
2021 I-Cause
having I-Cause
roughly I-Cause
halved I-Cause
its I-Cause
real I-Cause
estate I-Cause
footprint I-Cause
, O
resulting O
in O
$ B-Effect
14 I-Effect
million I-Effect
in I-Effect
annual I-Effect
cost I-Effect
savings I-Effect
moving I-Effect
forward I-Effect
. O

Investment O
in O
automation O
and O
IT O
infrastructure O
have O
escalated O
and O
in O
the O
past O
decade O
, O
and O
Cardinal B-Cause
Health I-Cause
has I-Cause
invested I-Cause
nearly I-Cause
$ I-Cause
18 I-Cause
billion I-Cause
between I-Cause
capital I-Cause
expenditures I-Cause
( I-Cause
$ I-Cause
3.1 I-Cause
billion I-Cause
) I-Cause
and I-Cause
acquisitions I-Cause
( I-Cause
$ I-Cause
14.5 I-Cause
billion I-Cause
) I-Cause
in O
order O
to O
strengthen B-Effect
its I-Effect
position I-Effect
in I-Effect
a I-Effect
mature I-Effect
industry I-Effect
. O

Their B-Effect
favorable I-Effect
competitive I-Effect
position I-Effect
is O
driven O
by O
some O
or O
all O
of O
the O
following O
factors O
: O
greater B-Cause
concentration I-Cause
toward I-Cause
trade I-Cause
customers I-Cause
, I-Cause
who I-Cause
exhibit I-Cause
greater I-Cause
store I-Cause
loyalty I-Cause
; I-Cause
exclusivity I-Cause
over I-Cause
products I-Cause
and I-Cause
brands I-Cause
; I-Cause
large I-Cause
online I-Cause
penetration I-Cause
; I-Cause
and I-Cause
superior I-Cause
supply I-Cause
chain I-Cause
capabilities I-Cause
across I-Cause
a I-Cause
single I-Cause
region I-Cause
, O
resulting O
in O
a B-Effect
more I-Effect
favorable I-Effect
market I-Effect
environment I-Effect
. O

Fresenius B-Cause
' I-Cause
experience I-Cause
operating I-Cause
roughly I-Cause
4,000 I-Cause
dialysis I-Cause
clinics I-Cause
around I-Cause
the I-Cause
globe I-Cause
( I-Cause
over I-Cause
1,000 I-Cause
more I-Cause
than I-Cause
the I-Cause
next-largest I-Cause
player I-Cause
, I-Cause
DaVita I-Cause
) I-Cause
gives B-Effect
it I-Effect
insights I-Effect
into I-Effect
caregiver I-Effect
and I-Effect
patient I-Effect
needs I-Effect
to I-Effect
inform I-Effect
service I-Effect
offerings I-Effect
and I-Effect
product I-Effect
innovation I-Effect
. O

We O
think O
the B-Cause
firm I-Cause
will I-Cause
have I-Cause
to I-Cause
invest I-Cause
heavily I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
to O
maintain B-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
in I-Effect
its I-Effect
touch I-Effect
, I-Effect
display I-Effect
, I-Effect
and I-Effect
fingerprint I-Effect
technologies I-Effect
across I-Effect
end I-Effect
markets I-Effect
as O
well O
as O
develop O
its O
acquired O
capabilities O
for O
video O
and O
audio O
if O
it O
aims O
to O
be O
successful O
. O

If O
an B-Cause
enterprise I-Cause
were I-Cause
using I-Cause
MongoDB I-Cause
under I-Cause
the I-Cause
Community I-Cause
Server I-Cause
, O
they B-Effect
would I-Effect
need I-Effect
to I-Effect
publish I-Effect
any I-Effect
changes I-Effect
they I-Effect
made I-Effect
to I-Effect
the I-Effect
source I-Effect
code I-Effect
to I-Effect
the I-Effect
entire I-Effect
MongoDB I-Effect
community I-Effect
. O

US B-Cause
Foods I-Cause
operates I-Cause
with I-Cause
a I-Cause
4.5 I-Cause
% I-Cause
EBITDA I-Cause
margin I-Cause
on I-Cause
average I-Cause
, I-Cause
less I-Cause
than I-Cause
Sysco I-Cause
's I-Cause
5.2 I-Cause
% I-Cause
, O
further O
evidence O
of O
Sysco B-Effect
's I-Effect
cost I-Effect
advantage I-Effect
. O

On O
the O
top O
line O
, O
we O
think O
the B-Effect
historical I-Effect
growth I-Effect
rate I-Effect
of I-Effect
5 I-Effect
% I-Effect
will O
be O
difficult O
to O
achieve O
, O
given O
the B-Cause
structural I-Cause
pressures I-Cause
on I-Cause
pricing I-Cause
, O
so O
we O
assume O
a O
steady O
state O
revenue O
growth O
rate O
of O
3.4 O
% O
. O

We O
expect O
the B-Effect
TAM I-Effect
to I-Effect
grow I-Effect
over I-Effect
time I-Effect
as O
management B-Cause
adds I-Cause
features I-Cause
to I-Cause
the I-Cause
AspenOne I-Cause
platform I-Cause
and I-Cause
the I-Cause
company I-Cause
moves I-Cause
more I-Cause
meaningfully I-Cause
into I-Cause
areas I-Cause
outside I-Cause
of I-Cause
its I-Cause
core I-Cause
markets I-Cause
. O

This B-Effect
cyclicality I-Effect
is I-Effect
partially I-Effect
offset I-Effect
by O
Nordson B-Cause
's I-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
equipment I-Cause
, I-Cause
which I-Cause
drives I-Cause
a I-Cause
relatively I-Cause
stable I-Cause
stream I-Cause
of I-Cause
recurring I-Cause
revenue I-Cause
from I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
consumables I-Cause
( I-Cause
47 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
fiscal I-Cause
2018 I-Cause
) I-Cause
. O

Moreover O
, O
Tapestry B-Effect
's I-Effect
long-term I-Effect
profits I-Effect
could O
be O
affected O
if O
trade B-Cause
barriers I-Cause
or I-Cause
the I-Cause
outbreak I-Cause
lead I-Cause
to I-Cause
a I-Cause
prolonged B-Effect
economic I-Effect
slowdown I-Effect
in I-Effect
China I-Effect
, O
which O
we O
project O
as O
Tapestry O
's O
highest-growth O
region O
. O

However O
, O
our O
primary O
concern O
is O
that O
consumers B-Cause
can I-Cause
still I-Cause
search I-Cause
online I-Cause
for I-Cause
similar I-Cause
products I-Cause
at I-Cause
more I-Cause
competitive I-Cause
prices I-Cause
, O
bounding O
our B-Effect
upside I-Effect
outlook I-Effect
. O

To O
force O
a O
permanent O
resolution O
of O
all O
existing O
and O
future O
claims O
, O
the B-Cause
company I-Cause
has I-Cause
isolated I-Cause
its I-Cause
liabilities I-Cause
in I-Cause
a I-Cause
subsidiary I-Cause
named I-Cause
Paddock I-Cause
Enterprises I-Cause
, O
subsequently O
forcing O
it O
into O
bankruptcy O
proceedings O
to O
negotiate B-Effect
a I-Effect
trust-based I-Effect
settlement I-Effect
. O

Over O
the O
past O
decade O
, O
Teleflex B-Effect
has I-Effect
transformed I-Effect
from I-Effect
a I-Effect
diverse I-Effect
industrial I-Effect
, I-Effect
commercial I-Effect
, I-Effect
and I-Effect
healthcare I-Effect
company I-Effect
to I-Effect
one I-Effect
focused I-Effect
on I-Effect
single-use I-Effect
medical I-Effect
devices I-Effect
using B-Cause
the I-Cause
dual I-Cause
levers I-Cause
of I-Cause
acquisitions I-Cause
and I-Cause
divestitures I-Cause
. O

Opportunities B-Effect
that I-Effect
do I-Effect
n't I-Effect
currently I-Effect
satisfy I-Effect
this I-Effect
criteria I-Effect
may I-Effect
be I-Effect
upgraded I-Effect
later I-Effect
, O
if O
the B-Cause
company I-Cause
can I-Cause
reduce I-Cause
the I-Cause
expected I-Cause
development I-Cause
cost I-Cause
or I-Cause
boost I-Cause
the I-Cause
likely I-Cause
flow I-Cause
rate I-Cause
of I-Cause
the I-Cause
well I-Cause
. O

On O
the O
former O
, O
its B-Cause
primary I-Cause
risk I-Cause
lies I-Cause
with I-Cause
the I-Cause
possibility I-Cause
that I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
will I-Cause
fall I-Cause
, I-Cause
damaging B-Effect
profitability I-Effect
and I-Effect
preventing I-Effect
economical I-Effect
development I-Effect
of I-Effect
reserves I-Effect
. I-Effect

Management O
is O
confident O
it B-Effect
can I-Effect
deliver I-Effect
roughly I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
cost I-Effect
synergies I-Effect
by I-Effect
year I-Effect
three I-Effect
, O
driven O
by O
procurement B-Cause
, I-Cause
supply I-Cause
chain I-Cause
, I-Cause
and I-Cause
manufacturing I-Cause
efficiencies I-Cause
as I-Cause
well I-Cause
as I-Cause
SG I-Cause
& I-Cause
A I-Cause
savings I-Cause
. O

The B-Cause
bank I-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
more I-Cause
impressive I-Cause
underwriting I-Cause
histories I-Cause
we I-Cause
have I-Cause
seen I-Cause
, O
leading B-Effect
to I-Effect
credit I-Effect
cost I-Effect
advantages I-Effect
over I-Effect
time I-Effect
as I-Effect
well I-Effect
. O

While O
intermodal B-Effect
was I-Effect
hit I-Effect
hard I-Effect
throughout I-Effect
2019 I-Effect
due O
to O
heavy B-Cause
competition I-Cause
from I-Cause
depressed I-Cause
truckload I-Cause
rates I-Cause
, O
it B-Effect
bounced I-Effect
back I-Effect
nicely I-Effect
as O
truckload-market B-Cause
capacity I-Cause
tightened I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
of I-Cause
2020 I-Cause
, O
and O
we O
consider O
it O
to O
be O
a O
key O
long-term O
secular O
growth O
driver O
. O

LabCorp B-Effect
should I-Effect
take I-Effect
advantage I-Effect
of I-Effect
the I-Effect
long-term I-Effect
secular I-Effect
trends I-Effect
that I-Effect
bode I-Effect
well I-Effect
for I-Effect
the I-Effect
diagnostics I-Effect
industry I-Effect
, O
as O
the B-Cause
proliferation I-Cause
of I-Cause
new I-Cause
tests I-Cause
grows I-Cause
and I-Cause
new I-Cause
disease I-Cause
markers I-Cause
and I-Cause
genetic I-Cause
mutations I-Cause
with I-Cause
pharmacogenomic I-Cause
implications I-Cause
are I-Cause
discovered I-Cause
. O

We O
increased B-Cause
our I-Cause
capital I-Cause
expenditure I-Cause
estimates I-Cause
in I-Cause
line I-Cause
with I-Cause
management I-Cause
's I-Cause
new I-Cause
plan I-Cause
, O
resulting O
in O
our B-Effect
8 I-Effect
% I-Effect
average I-Effect
annual I-Effect
rate I-Effect
base I-Effect
growth I-Effect
. O

Bain O
forecasts O
Chinese B-Effect
consumers I-Effect
( I-Effect
both I-Effect
in I-Effect
China I-Effect
and I-Effect
other I-Effect
territories I-Effect
) I-Effect
will I-Effect
constitute I-Effect
45 I-Effect
% I-Effect
of I-Effect
the I-Effect
worldwide I-Effect
luxury I-Effect
market I-Effect
by I-Effect
2023 I-Effect
as O
more B-Cause
Chinese I-Cause
move I-Cause
into I-Cause
the I-Cause
middle I-Cause
class I-Cause
. O

The B-Effect
armies I-Effect
of I-Effect
specialized I-Effect
engineers I-Effect
employed I-Effect
at I-Effect
these I-Effect
two I-Effect
firms I-Effect
play I-Effect
a I-Effect
key I-Effect
role I-Effect
in I-Effect
turning I-Effect
customer-specific I-Effect
computer I-Effect
code I-Effect
into I-Effect
a I-Effect
functional I-Effect
FPGA I-Effect
, O
as O
their B-Cause
extensive I-Cause
experience I-Cause
ca I-Cause
n't I-Cause
be I-Cause
easily I-Cause
replicated I-Cause
at I-Cause
FPGA I-Cause
startups O
. O

If B-Cause
the I-Cause
firm I-Cause
is I-Cause
unable I-Cause
to I-Cause
effectively I-Cause
source I-Cause
and I-Cause
integrate I-Cause
new I-Cause
employees I-Cause
, O
it B-Effect
could I-Effect
stymie I-Effect
innovation I-Effect
and I-Effect
affect I-Effect
Coupa I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

Still O
, O
DCP B-Effect
has I-Effect
few I-Effect
advantages I-Effect
in I-Effect
this I-Effect
environment I-Effect
with O
exposure B-Cause
to I-Cause
the I-Cause
Permian I-Cause
, I-Cause
high I-Cause
leverage I-Cause
, I-Cause
and I-Cause
more I-Cause
commodity I-Cause
exposure I-Cause
than I-Cause
most I-Cause
midstream I-Cause
entities I-Cause
. O

Given B-Cause
its I-Cause
strong I-Cause
capability I-Cause
of I-Cause
creating I-Cause
and I-Cause
operating I-Cause
gaming I-Cause
IP I-Cause
, O
we B-Effect
project I-Effect
NetEase I-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
will I-Effect
be I-Effect
well I-Effect
above I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, O
even O
after O
the O
company O
invests O
in O
other O
currently O
nonprofitable O
businesses O
. O

Ultimately O
, O
the B-Cause
operational I-Cause
risks I-Cause
to I-Cause
changing I-Cause
mission I-Cause
critical I-Cause
technology I-Cause
infrastructure I-Cause
is I-Cause
high I-Cause
, O
which O
is O
why O
core B-Effect
elements I-Effect
such I-Effect
as I-Effect
ERP I-Effect
systems I-Effect
and I-Effect
cloud I-Effect
providers I-Effect
are I-Effect
rarely I-Effect
changed I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
average I-Cause
daily I-Cause
data I-Cause
ingest I-Cause
nearly I-Cause
tripled I-Cause
from I-Cause
28 I-Cause
terabytes I-Cause
to I-Cause
76 I-Cause
terabytes I-Cause
a I-Cause
day. O
This O
also O
led O
to O
an B-Effect
increase I-Effect
in I-Effect
search I-Effect
volume I-Effect
from I-Effect
20 I-Effect
million I-Effect
to I-Effect
23 I-Effect
million I-Effect
, I-Effect
with I-Effect
volumes I-Effect
growing I-Effect
from I-Effect
37 I-Effect
terabytes I-Effect
to I-Effect
109 I-Effect
terabytes I-Effect
per I-Effect
day I-Effect
. O

The O
firm O
produces B-Effect
some I-Effect
of I-Effect
the I-Effect
best I-Effect
operating I-Effect
margins I-Effect
in O
the O
defense O
prime O
business O
because O
it O
develops B-Cause
its I-Cause
products I-Cause
primarily I-Cause
with I-Cause
internal I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
, O
which O
gives O
it O
premium B-Effect
pricing I-Effect
capabilities I-Effect
with O
the O
customer O
. O

Also O
, O
cars B-Effect
' I-Effect
increasingly I-Effect
advanced I-Effect
technology I-Effect
presents I-Effect
an I-Effect
obstacle I-Effect
for I-Effect
smaller I-Effect
repair I-Effect
shops I-Effect
, O
which O
are O
less B-Cause
able I-Cause
to I-Cause
afford I-Cause
the I-Cause
equipment I-Cause
and I-Cause
training I-Cause
needed I-Cause
to I-Cause
provide I-Cause
competent I-Cause
service I-Cause
. O

Meanwhile O
, O
its B-Cause
focus I-Cause
on I-Cause
closed-end I-Cause
funds I-Cause
, O
which O
differ O
from O
open-end O
funds O
in O
that O
they O
can O
not O
be O
redeemed O
back O
to O
the O
fund O
manager O
, O
provides O
the B-Effect
firm I-Effect
with I-Effect
a I-Effect
much I-Effect
stronger I-Effect
hold I-Effect
over I-Effect
another I-Effect
5 I-Effect
% I-Effect
of I-Effect
its I-Effect
AUM I-Effect
. O

TJX B-Effect
faces I-Effect
an I-Effect
unsettled I-Effect
retail I-Effect
landscape I-Effect
as O
rising B-Cause
vaccination I-Cause
rates I-Cause
collide I-Cause
with I-Cause
emerging I-Cause
mutant I-Cause
virus I-Cause
strains I-Cause
, O
and O
the B-Cause
firm I-Cause
laps I-Cause
depressed I-Cause
fiscal I-Cause
2021 I-Cause
sales I-Cause
. O

At B-Cause
the I-Cause
Texas I-Cause
generation I-Cause
business I-Cause
, I-Cause
a I-Cause
flat I-Cause
forward I-Cause
curve I-Cause
and I-Cause
a I-Cause
surge I-Cause
of I-Cause
renewable I-Cause
energy I-Cause
development I-Cause
during I-Cause
the I-Cause
next I-Cause
three I-Cause
years I-Cause
likely O
will O
hurt B-Effect
margins I-Effect
. O

We O
expect O
food B-Effect
cans I-Effect
to I-Effect
gradually I-Effect
lose I-Effect
share I-Effect
in I-Effect
North I-Effect
America I-Effect
and I-Effect
Europe I-Effect
, O
as O
consumers B-Cause
increasingly I-Cause
turn I-Cause
to I-Cause
fresh I-Cause
produce I-Cause
. O

Another B-Effect
risk I-Effect
Hormel I-Effect
faces I-Effect
surrounds I-Effect
the I-Effect
cost I-Effect
of I-Effect
raw I-Effect
materials I-Effect
( I-Effect
primarily I-Effect
hogs I-Effect
and I-Effect
turkey I-Effect
) I-Effect
, I-Effect
which I-Effect
can I-Effect
fluctuate I-Effect
due B-Cause
to I-Cause
supply I-Cause
or I-Cause
demand I-Cause
shocks I-Cause
, I-Cause
drought I-Cause
, I-Cause
volatility I-Cause
in I-Cause
grain I-Cause
prices I-Cause
( I-Cause
turkey I-Cause
feed I-Cause
) I-Cause
, I-Cause
herd/flock I-Cause
disease I-Cause
, I-Cause
and I-Cause
trade I-Cause
restrictions I-Cause
. I-Cause

With O
increased B-Cause
political I-Cause
ad I-Cause
spending I-Cause
, O
the O
election O
cycle O
has O
become O
particularly O
important O
, O
especially O
around O
presidential B-Effect
or I-Effect
midterm I-Effect
congressional I-Effect
contests I-Effect
in I-Effect
even-numbered I-Effect
years I-Effect
. O

Quest B-Cause
's I-Cause
advantageous I-Cause
cost I-Cause
structure I-Cause
and I-Cause
national I-Cause
coverage I-Cause
are O
also O
appealing B-Effect
to I-Effect
the I-Effect
payers I-Effect
that O
structure O
reimbursement O
and O
policies O
to O
funnel O
patients O
to O
the O
large O
independent O
labs O
. O

Compared O
with O
suburban O
markets O
, O
these B-Cause
urban I-Cause
markets I-Cause
are I-Cause
considerably I-Cause
more I-Cause
land-constrained I-Cause
and I-Cause
subject I-Cause
to I-Cause
more I-Cause
stringent I-Cause
zoning I-Cause
restrictions I-Cause
, O
limiting O
construction B-Effect
. O

After B-Cause
a I-Cause
string I-Cause
of I-Cause
scandals I-Cause
, O
Trip.com B-Effect
decided I-Effect
to I-Effect
step I-Effect
up I-Effect
its I-Effect
investment I-Effect
in I-Effect
customer I-Effect
service I-Effect
, I-Effect
such I-Effect
as I-Effect
easier I-Effect
cancelation I-Effect
policies I-Effect
. O

Recent B-Cause
acquisitions I-Cause
in I-Cause
the I-Cause
business I-Cause
should O
position O
Scotts B-Effect
to I-Effect
take I-Effect
advantage I-Effect
of I-Effect
growing I-Effect
demand I-Effect
from I-Effect
states I-Effect
where I-Effect
cannabis I-Effect
has I-Effect
been I-Effect
recently I-Effect
legalized I-Effect
. O

The B-Effect
growth I-Effect
of I-Effect
the I-Effect
CBS I-Effect
segment I-Effect
will I-Effect
be I-Effect
driven I-Effect
by I-Effect
retransmission I-Effect
and I-Effect
reverse I-Effect
compensation I-Effect
growth I-Effect
as O
the B-Cause
national I-Cause
CBS I-Cause
network I-Cause
commands I-Cause
a I-Cause
greater I-Cause
share I-Cause
of I-Cause
revenue I-Cause
from I-Cause
both I-Cause
local I-Cause
affiliate I-Cause
broadcast I-Cause
stations I-Cause
and I-Cause
pay-television I-Cause
providers I-Cause
. O

We B-Effect
are I-Effect
reducing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
22.50 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
23 I-Effect
largely I-Effect
as O
a O
result O
of O
slightly B-Cause
higher I-Cause
pressures I-Cause
on I-Cause
the I-Cause
crop I-Cause
science I-Cause
business I-Cause
that O
will B-Effect
likely I-Effect
pressure I-Effect
sales I-Effect
well I-Effect
into I-Effect
2021 I-Effect
. O

We O
believe O
an B-Effect
equity-heavy I-Effect
approach I-Effect
significantly I-Effect
raises I-Effect
uncertainty I-Effect
for I-Effect
Markel I-Effect
as O
it B-Cause
faces I-Cause
potential I-Cause
stress I-Cause
on I-Cause
both I-Cause
sides I-Cause
of I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
, O
and O
we O
believe O
investors O
should O
look O
for O
a O
higher O
margin O
of O
safety O
relative O
to O
its O
peers O
. O

Hubbell B-Effect
differentiates I-Effect
itself I-Effect
in I-Effect
a I-Effect
competitive I-Effect
market I-Effect
with O
strong B-Cause
brands I-Cause
, I-Cause
breadth I-Cause
of I-Cause
product I-Cause
offering I-Cause
, I-Cause
and I-Cause
its I-Cause
ability I-Cause
to I-Cause
lower I-Cause
a I-Cause
customer I-Cause
's I-Cause
total I-Cause
cost I-Cause
of I-Cause
ownership I-Cause
while I-Cause
managing I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
SKU I-Cause
complexity I-Cause
. O

Even O
with O
this O
shift O
, O
we B-Effect
do I-Effect
n't I-Effect
envision I-Effect
the I-Effect
blistering I-Effect
pace I-Effect
prompted I-Effect
by I-Effect
COVID-19 I-Effect
will I-Effect
extend I-Effect
longer I-Effect
term I-Effect
as B-Cause
consumers I-Cause
work I-Cause
through I-Cause
their I-Cause
pantries I-Cause
and I-Cause
resort I-Cause
to I-Cause
away-from-home I-Cause
food I-Cause
consumption I-Cause
as I-Cause
social I-Cause
distancing I-Cause
mandates I-Cause
are I-Cause
eased I-Cause
. O

Although O
competition O
is O
fierce O
and O
digital O
rivals O
are O
building O
a O
presence O
in O
Ross O
' O
core O
categories O
, O
we O
contend O
that O
its B-Cause
low-frills I-Cause
shopping I-Cause
experience I-Cause
and I-Cause
significant I-Cause
discounts I-Cause
( O
around O
20 O
% O
-70 O
% O
) O
result O
in O
competitive B-Effect
prices I-Effect
and I-Effect
superior I-Effect
economics I-Effect
after O
considering O
shipping O
and O
return O
costs O
. O

Motorcycles O
are O
big-ticket O
purchases O
, O
and O
a B-Cause
slowdown I-Cause
in I-Cause
the I-Cause
domestic I-Cause
economic I-Cause
environment I-Cause
could O
hamper O
the B-Effect
replacement I-Effect
and I-Effect
adoption I-Effect
rates I-Effect
of I-Effect
these I-Effect
products I-Effect
. O

Much B-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
thermal I-Cause
coal I-Cause
production I-Cause
is I-Cause
sold I-Cause
on I-Cause
a I-Cause
cost-plus-3 I-Cause
% I-Cause
basis I-Cause
to I-Cause
South I-Cause
African I-Cause
state-owned I-Cause
utility I-Cause
Eskom I-Cause
, O
limiting B-Effect
profitability I-Effect
. O

Management B-Cause
execution I-Cause
has I-Cause
been I-Cause
impressive I-Cause
over I-Cause
the I-Cause
past I-Cause
five-plus I-Cause
years I-Cause
, I-Cause
with I-Cause
a I-Cause
renewed I-Cause
focus I-Cause
on I-Cause
yield I-Cause
management I-Cause
and I-Cause
optimizing I-Cause
the I-Cause
cost I-Cause
infrastructure I-Cause
, I-Cause
including I-Cause
the I-Cause
divestiture I-Cause
of I-Cause
noncore I-Cause
waste-to-energy I-Cause
assets. O
These O
factors O
have O
enabled O
the B-Effect
firm I-Effect
to I-Effect
translate I-Effect
North I-Effect
American I-Effect
macroeconomic I-Effect
expansion I-Effect
into I-Effect
waste I-Effect
volume I-Effect
gains I-Effect
, I-Effect
core I-Effect
pricing I-Effect
above I-Effect
inflation I-Effect
, I-Effect
and I-Effect
positive I-Effect
operating I-Effect
leverage I-Effect
. O

Depending B-Cause
on I-Cause
the I-Cause
severity I-Cause
of I-Cause
the I-Cause
downturn I-Cause
, O
we O
would O
n't O
be O
surprised O
if O
provisions B-Effect
and I-Effect
securities I-Effect
markdowns I-Effect
increase I-Effect
to I-Effect
closer I-Effect
to I-Effect
1 I-Effect
% I-Effect
of I-Effect
loans I-Effect
. O

We O
expect O
gross B-Effect
margin I-Effect
to I-Effect
trend I-Effect
lower I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
from I-Effect
63.7 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
61.4 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
to O
factor O
in O
the B-Cause
gradual I-Cause
shift I-Cause
toward I-Cause
lower-margin I-Cause
mobile I-Cause
games I-Cause
from I-Cause
higher-margin I-Cause
PC I-Cause
games I-Cause
in I-Cause
China I-Cause
. O

We O
forecast O
gross B-Effect
margins I-Effect
to I-Effect
rise I-Effect
to I-Effect
around I-Effect
37 I-Effect
% I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
strategic I-Cause
merchandising I-Cause
efforts I-Cause
generate I-Cause
an I-Cause
improvement I-Cause
, I-Cause
tempered I-Cause
by I-Cause
incentives I-Cause
( O
free/fast O
shipping O
, O
discounts O
for O
college O
students O
, O
beyond-plus O
program O
) O
that O
persist O
. O

We O
contend O
that O
the B-Effect
Instant I-Effect
Oil I-Effect
Change I-Effect
banner I-Effect
can I-Effect
expand I-Effect
from I-Effect
1,462 I-Effect
locations I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
nearly I-Effect
2,000 I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
fiscal I-Effect
2030 I-Effect
as O
the B-Cause
industry I-Cause
consolidates I-Cause
. O

Some O
evidence O
suggests O
that O
Agco B-Cause
's I-Cause
market I-Cause
share I-Cause
has I-Cause
declined I-Cause
in O
recent O
years O
in B-Effect
Brazil I-Effect
as I-Effect
Deere I-Effect
has I-Effect
ramped I-Effect
up I-Effect
its I-Effect
sales I-Effect
efforts I-Effect
in I-Effect
the I-Effect
region I-Effect
. O

Regency O
's B-Effect
grocery I-Effect
anchors I-Effect
are I-Effect
strong I-Effect
draws I-Effect
to I-Effect
the I-Effect
centers I-Effect
as O
they B-Cause
produce I-Cause
sales I-Cause
per I-Cause
square I-Cause
foot I-Cause
well I-Cause
above I-Cause
the I-Cause
national I-Cause
average I-Cause
and O
are O
very O
healthy B-Cause
with I-Cause
low I-Cause
occupancy I-Cause
costs I-Cause
. O

Martin B-Cause
Marietta I-Cause
's I-Cause
footprint I-Cause
-- I-Cause
heavy I-Cause
in I-Cause
Texas I-Cause
, I-Cause
Colorado I-Cause
, I-Cause
North I-Cause
Carolina I-Cause
, I-Cause
Georgia I-Cause
, I-Cause
and I-Cause
Florida I-Cause
-- I-Cause
has I-Cause
significant I-Cause
road I-Cause
spending I-Cause
needs I-Cause
and I-Cause
strong I-Cause
finances I-Cause
to O
support B-Effect
high I-Effect
growth I-Effect
. O

We O
expect O
sales B-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-single-digit I-Effect
pace I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
( O
3 O
% O
-4 O
% O
, O
after O
2021 O
's O
modest O
decline O
) O
, O
supported O
by O
low-single-digit O
same-store O
sales O
( O
3 O
% O
-4 O
% O
between O
2022-29 O
) O
and O
moderate O
location O
growth O
( O
netting O
10 O
boxes O
per O
year O
after O
2020 O
) O
, O
as O
household B-Cause
formations I-Cause
rise I-Cause
. O

Although O
Barclays B-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
top I-Cause
10 I-Cause
credit I-Cause
card I-Cause
issuers I-Cause
in I-Cause
the I-Cause
U.S. O
, O
we O
think O
it O
is O
missing B-Effect
a I-Effect
substantial I-Effect
deposit I-Effect
franchise I-Effect
to I-Effect
effectively I-Effect
compete I-Effect
and I-Effect
collect I-Effect
economic I-Effect
rents I-Effect
from I-Effect
customers I-Effect
. O

Also O
, O
thanks O
to O
the B-Cause
MRO I-Cause
business I-Cause
( I-Cause
Interline I-Cause
Brands I-Cause
and I-Cause
soon I-Cause
HD I-Cause
Supply I-Cause
) I-Cause
, O
pro B-Effect
revenue I-Effect
could I-Effect
be I-Effect
less I-Effect
cyclical I-Effect
, O
as O
the O
maintenance O
side O
of O
the O
business O
can O
prove O
more O
consistent O
. O

We O
also O
expect O
healthy B-Effect
growth I-Effect
in I-Effect
the I-Effect
soda I-Effect
portfolio I-Effect
, I-Effect
driven I-Effect
by I-Effect
the I-Effect
firm I-Effect
's I-Effect
proven I-Effect
ability I-Effect
to I-Effect
deploy I-Effect
tools I-Effect
like I-Effect
price/pack I-Effect
architecture I-Effect
( I-Effect
essentially I-Effect
offering I-Effect
smaller I-Effect
packages I-Effect
that I-Effect
increase I-Effect
dollars I-Effect
per I-Effect
ounce I-Effect
sold I-Effect
because O
the B-Cause
reduction I-Cause
in I-Cause
price I-Cause
is I-Cause
not I-Cause
commensurate I-Cause
with I-Cause
the I-Cause
reduction I-Cause
in I-Cause
quantity I-Cause
) I-Cause
. O

Before B-Effect
the I-Effect
pandemic I-Effect
, I-Effect
intermodal I-Effect
was I-Effect
already I-Effect
grappling I-Effect
with I-Effect
heavy I-Effect
competition I-Effect
from I-Effect
truckload I-Effect
pricing I-Effect
, I-Effect
and I-Effect
that I-Effect
will I-Effect
probably B-Effect
worsen I-Effect
in I-Effect
the I-Effect
quarters I-Effect
ahead I-Effect
as O
truckload-market B-Cause
demand I-Cause
will I-Cause
likely I-Cause
remain I-Cause
depressed I-Cause
. O

It O
might O
also O
be O
harder O
for O
Spotify B-Effect
to I-Effect
steal I-Effect
share I-Effect
from I-Effect
these I-Effect
competitors I-Effect
over I-Effect
time I-Effect
, O
as O
Apple B-Cause
Music I-Cause
and I-Cause
Apple I-Cause
Podcasts I-Cause
listeners I-Cause
are I-Cause
probably I-Cause
entrenched I-Cause
with I-Cause
other I-Cause
Apple I-Cause
products I-Cause
, I-Cause
Amazon I-Cause
Music I-Cause
with I-Cause
Echo I-Cause
, I-Cause
and I-Cause
so I-Cause
on I-Cause
. O

We O
assume O
roughly O
$ O
2 O
billion O
in O
peak O
global O
Monjuvi O
sales O
( O
$ O
750 O
million O
in O
Incyte O
territories O
) O
, O
but O
there O
is O
significant B-Effect
upside I-Effect
if O
the B-Cause
drug I-Cause
gains I-Cause
approval I-Cause
in I-Cause
combination I-Cause
with I-Cause
Rituxan/chemo I-Cause
in I-Cause
the I-Cause
first-line I-Cause
setting I-Cause
; O
a O
phase O
3 O
study O
is O
starting O
in O
2021 O
. O

By O
getting B-Cause
a I-Cause
bond I-Cause
rating I-Cause
from I-Cause
a I-Cause
market I-Cause
leader I-Cause
such I-Cause
as I-Cause
S I-Cause
& I-Cause
P I-Cause
, O
the B-Effect
bond I-Effect
issuer I-Effect
pays I-Effect
less I-Effect
in I-Effect
interest I-Effect
( I-Effect
often I-Effect
30-50 I-Effect
basis I-Effect
points I-Effect
in I-Effect
savings I-Effect
per I-Effect
year I-Effect
) I-Effect
. O

Our B-Effect
DCF-derived I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
continues I-Effect
to I-Effect
assume I-Effect
the I-Effect
company I-Effect
will I-Effect
face I-Effect
an I-Effect
uneven I-Effect
finish I-Effect
to I-Effect
2020 I-Effect
and I-Effect
start I-Effect
to I-Effect
2021 I-Effect
due O
to O
COVID-19 B-Cause
but O
also O
a B-Cause
strong I-Cause
recovery I-Cause
in I-Cause
subsequent I-Cause
years I-Cause
. O

As O
global B-Cause
solar I-Cause
market I-Cause
growth I-Cause
accelerates I-Cause
due O
to O
lower B-Cause
costs I-Cause
and I-Cause
tougher I-Cause
environmental I-Cause
standards I-Cause
, O
First B-Effect
Solar I-Effect
has I-Effect
narrowed I-Effect
its I-Effect
strategic I-Effect
focus I-Effect
to I-Effect
the I-Effect
United I-Effect
States I-Effect
, I-Effect
Europe I-Effect
, I-Effect
and I-Effect
India I-Effect
. O

With O
essentially O
all O
of O
its O
nearly O
9,000-plus O
hotels O
managed O
or O
franchised O
, O
Wyndham B-Effect
has I-Effect
an I-Effect
attractive I-Effect
recurring-fee I-Effect
business I-Effect
model I-Effect
with I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
as O
these B-Cause
asset-light I-Cause
relationships I-Cause
have I-Cause
low I-Cause
fixed I-Cause
costs I-Cause
and I-Cause
capital I-Cause
requirements I-Cause
. O

However O
, O
industry B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
are I-Cause
relatively I-Cause
low I-Cause
-- O
evidenced O
by O
integrated O
oils O
' O
ability O
to O
enter O
a O
segment O
historically O
dominated O
by O
utilities O
, O
not O
to O
mention O
firms O
like O
Tesla O
in O
distributed O
generation O
-- O
and O
available B-Cause
competitive I-Cause
advantages I-Cause
limited I-Cause
, O
which O
is O
likely O
to O
result O
in O
more B-Effect
competitors I-Effect
entering I-Effect
the I-Effect
market I-Effect
. O

Switching B-Effect
costs I-Effect
arise O
from O
a B-Cause
customer I-Cause
's I-Cause
time I-Cause
and I-Cause
effort I-Cause
to I-Cause
find I-Cause
a I-Cause
comparable I-Cause
supplier I-Cause
that I-Cause
can I-Cause
deliver I-Cause
both I-Cause
safety I-Cause
and I-Cause
reliability I-Cause
, O
the O
need O
to O
maintain O
proper O
certifications O
, O
and O
the O
possible O
disruption O
to O
a O
customer O
's O
production O
process O
. O

The B-Cause
utility I-Cause
and I-Cause
renewables I-Cause
businesses I-Cause
offer I-Cause
opportunities I-Cause
in I-Cause
renewable I-Cause
natural I-Cause
gas I-Cause
, I-Cause
hydrogen I-Cause
, I-Cause
carbon I-Cause
capture I-Cause
, I-Cause
and I-Cause
wind I-Cause
, O
placing O
Enbridge B-Effect
among I-Effect
the I-Effect
leaders I-Effect
in I-Effect
midstream I-Effect
in I-Effect
terms I-Effect
of I-Effect
being I-Effect
able I-Effect
to I-Effect
address I-Effect
long-term I-Effect
demand I-Effect
and I-Effect
ESG-related I-Effect
concerns I-Effect
for I-Effect
oil I-Effect
and I-Effect
gas I-Effect
. O

Moreover O
, O
Stryker O
management O
has O
demonstrated O
an O
acute O
understanding O
of O
new O
opportunities O
for O
med-tech O
competitors O
that O
have O
arisen O
thanks O
to O
the B-Cause
shift I-Cause
toward I-Cause
value-based I-Cause
reimbursement I-Cause
that O
has O
put O
pressure B-Effect
on I-Effect
providers I-Effect
. O

The B-Effect
firm I-Effect
has I-Effect
built I-Effect
an I-Effect
extremely I-Effect
compelling I-Effect
cost I-Effect
structure I-Effect
, O
partially O
thanks O
to O
its B-Cause
scale I-Cause
, I-Cause
its I-Cause
extensive I-Cause
footprint I-Cause
in I-Cause
animal I-Cause
healthcare I-Cause
markets I-Cause
, I-Cause
and I-Cause
its I-Cause
ability I-Cause
to I-Cause
do I-Cause
direct I-Cause
distribution I-Cause
. O

Despite O
its O
lead O
in O
the O
U.S. O
, O
Roku B-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
smaller I-Effect
players I-Effect
in I-Effect
terms I-Effect
of I-Effect
total I-Effect
revenue I-Effect
and I-Effect
financial I-Effect
resources I-Effect
as O
the B-Cause
firm I-Cause
competes I-Cause
with I-Cause
not I-Cause
only I-Cause
other I-Cause
streaming I-Cause
devices I-Cause
but I-Cause
also I-Cause
smart I-Cause
TVs I-Cause
and I-Cause
video I-Cause
game I-Cause
consoles I-Cause
. O

However O
, O
we B-Effect
expect I-Effect
margin I-Effect
trends I-Effect
to I-Effect
inflect I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
investments B-Cause
wind I-Cause
down I-Cause
and I-Cause
Alibaba I-Cause
's I-Cause
more I-Cause
nascent I-Cause
businesses I-Cause
scale I-Cause
, I-Cause
bringing I-Cause
our I-Cause
fiscal I-Cause
2031 I-Cause
adjusted I-Cause
EBITA I-Cause
margin I-Cause
estimates I-Cause
back I-Cause
to I-Cause
high-10s I-Cause
. O

Also O
, O
we O
suspect O
the B-Cause
accelerated I-Cause
transition I-Cause
to I-Cause
e-commerce I-Cause
has O
brought O
more B-Effect
shoppers I-Effect
and I-Effect
advertisers I-Effect
back I-Effect
to I-Effect
the I-Effect
platform I-Effect
more I-Effect
quickly I-Effect
than O
we O
initially O
anticipated O
. O

Wage B-Cause
pressure I-Cause
should I-Cause
offset I-Cause
cost I-Cause
leverage I-Cause
, O
leading O
to O
a B-Effect
14 I-Effect
% I-Effect
long-term I-Effect
average I-Effect
segment I-Effect
margin I-Effect
in I-Effect
Canada I-Effect
( I-Effect
near I-Effect
pre-pandemic I-Effect
levels I-Effect
) I-Effect
, O
with O
the O
international O
unit O
reaching O
7 O
% O
by O
the O
end O
of O
our O
explicit O
forecast O
( O
from O
5.4 O
% O
in O
fiscal O
2020 O
, O
pre-crisis O
) O
. O

Palantir O
has O
historically O
operated O
at O
a O
loss O
, O
which O
we B-Effect
expect I-Effect
to I-Effect
continue I-Effect
on I-Effect
a I-Effect
GAAP I-Effect
basis I-Effect
until I-Effect
later I-Effect
in I-Effect
the I-Effect
2020 I-Effect
decade I-Effect
as O
the B-Cause
company I-Cause
ramps I-Cause
up I-Cause
sales I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
infrastructure I-Cause
investments I-Cause
to I-Cause
seize I-Cause
its I-Cause
market I-Cause
opportunity I-Cause
. O

Pricing B-Cause
increases I-Cause
have I-Cause
n't I-Cause
been I-Cause
this I-Cause
strong I-Cause
in I-Cause
almost I-Cause
20 I-Cause
years. O
This O
should O
boost B-Effect
growth I-Effect
a I-Effect
bit I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
and I-Effect
has I-Effect
helped I-Effect
offset I-Effect
any I-Effect
negative I-Effect
impacts I-Effect
of I-Effect
the I-Effect
coronavirus I-Effect
on I-Effect
the I-Effect
more I-Effect
discretionary I-Effect
areas I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

That O
said O
, O
organic B-Cause
growth I-Cause
and I-Cause
market I-Cause
gains I-Cause
could I-Cause
be I-Cause
strained I-Cause
in I-Cause
the I-Cause
near I-Cause
to I-Cause
medium I-Cause
term I-Cause
by I-Cause
the I-Cause
lingering I-Cause
effects I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
could I-Cause
have I-Cause
on I-Cause
economic I-Cause
growth I-Cause
and I-Cause
the I-Cause
equity I-Cause
and I-Cause
credit I-Cause
markets. O
As O
such O
, O
we B-Effect
are I-Effect
sticking I-Effect
with I-Effect
our I-Effect
forecast I-Effect
for I-Effect
organic I-Effect
AUM I-Effect
growth I-Effect
to I-Effect
average I-Effect
2 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
annually I-Effect
during I-Effect
fiscal I-Effect
2021-25 I-Effect
, I-Effect
with I-Effect
overall I-Effect
AUM I-Effect
growing I-Effect
at I-Effect
a I-Effect
mid-single-digit I-Effect
rate I-Effect
annually I-Effect
on I-Effect
average I-Effect
. O

Tongcheng-Elong B-Cause
has I-Cause
access I-Cause
points I-Cause
on I-Cause
Wechat I-Cause
, O
which O
has O
over O
1 O
billion O
monthly O
active O
users O
, O
which O
gives B-Effect
Ctrip I-Effect
an I-Effect
indirect I-Effect
access I-Effect
to I-Effect
Wechat I-Effect
and I-Effect
helps I-Effect
strengthens I-Effect
Ctrip I-Effect
's I-Effect
network I-Effect
. O

Given O
its B-Cause
focus I-Cause
on I-Cause
the I-Cause
most I-Cause
differentiated I-Cause
portions I-Cause
of I-Cause
the I-Cause
market I-Cause
, O
the B-Effect
segment I-Effect
also I-Effect
has I-Effect
one I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
strongest I-Effect
patent I-Effect
portfolios I-Effect
, I-Effect
with I-Effect
more I-Effect
than I-Effect
3,800 I-Effect
granted I-Effect
or I-Effect
pending I-Effect
in I-Effect
total I-Effect
for I-Effect
ITW I-Effect
. O

Yet O
, O
we O
think O
that O
CGI B-Effect
's I-Effect
growth I-Effect
potential I-Effect
is I-Effect
more I-Effect
limited I-Effect
than I-Effect
its I-Effect
peers I-Effect
due O
to O
the B-Cause
greater I-Cause
resources I-Cause
we I-Cause
find I-Cause
enterprises I-Cause
have I-Cause
to I-Cause
invest I-Cause
in I-Cause
themselves I-Cause
. O

With O
years B-Cause
of I-Cause
intelligence I-Cause
, I-Cause
millions I-Cause
of I-Cause
daily I-Cause
data I-Cause
points I-Cause
, I-Cause
and I-Cause
carrier I-Cause
redundancies I-Cause
to I-Cause
support I-Cause
the I-Cause
flow I-Cause
of I-Cause
information I-Cause
, O
Twilio B-Effect
has I-Effect
garnered I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

We O
expect O
Las B-Effect
Vegas I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
225 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, O
aided O
by O
a B-Effect
market I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
as O
vaccines B-Cause
continue I-Cause
to I-Cause
get I-Cause
distributed I-Cause
and I-Cause
due I-Cause
to I-Cause
the I-Cause
merger I-Cause
between I-Cause
Eldorado I-Cause
and I-Cause
Caesars I-Cause
that I-Cause
closed I-Cause
July I-Cause
2020 I-Cause
. O

Its O
latest O
investment O
strategy O
calls O
for O
reducing O
its O
hydrocarbon O
portfolio O
through O
divestments O
and O
investing O
greater O
amounts O
in O
renewable O
power O
generation O
where O
it B-Cause
has I-Cause
less I-Cause
experience I-Cause
and O
returns B-Effect
are I-Effect
typically I-Effect
lower I-Effect
. O

We B-Effect
expect I-Effect
excess I-Effect
returns I-Effect
to I-Effect
diminish I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
paper-to-linerboard B-Cause
conversions I-Cause
imply I-Cause
a I-Cause
looser I-Cause
supply I-Cause
and I-Cause
demand I-Cause
balance I-Cause
and I-Cause
increased I-Cause
price I-Cause
competition I-Cause
. O

British B-Cause
American I-Cause
's I-Cause
reporting I-Cause
currency I-Cause
is I-Cause
sterling I-Cause
, I-Cause
but I-Cause
it I-Cause
only I-Cause
generates I-Cause
around I-Cause
1 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
Britain I-Cause
, I-Cause
while I-Cause
only I-Cause
a I-Cause
very I-Cause
small I-Cause
percentage I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
operating I-Cause
costs I-Cause
is I-Cause
denominated I-Cause
in I-Cause
sterling I-Cause
, O
meaning O
that O
the B-Effect
firm I-Effect
is I-Effect
highly I-Effect
exposed I-Effect
to I-Effect
a I-Effect
strengthening I-Effect
of I-Effect
the I-Effect
British I-Effect
pound I-Effect
. O

The B-Cause
benefits I-Cause
of I-Cause
a I-Cause
diversified I-Cause
portfolio I-Cause
helped O
Sandvik O
mitigate O
the O
impact O
from O
a B-Effect
sharp I-Effect
drop I-Effect
in I-Effect
volume I-Effect
in I-Effect
its I-Effect
machining I-Effect
solutions I-Effect
segment I-Effect
( I-Effect
39 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
in I-Effect
2020 I-Effect
. O

For O
example O
, O
Seagate B-Cause
was I-Cause
the I-Cause
first I-Cause
to I-Cause
ship I-Cause
16 I-Cause
TB I-Cause
drives I-Cause
, O
and O
won B-Effect
enterprise I-Effect
market I-Effect
share I-Effect
from I-Effect
Western I-Effect
Digital I-Effect
in I-Effect
2020 I-Effect
because O
of O
it O
. O

Multinational B-Cause
corporations I-Cause
that I-Cause
operate I-Cause
globally I-Cause
are I-Cause
increasingly I-Cause
turning I-Cause
to I-Cause
firms I-Cause
such I-Cause
as I-Cause
JLL I-Cause
as I-Cause
a I-Cause
one-stop-shop I-Cause
for I-Cause
their I-Cause
real I-Cause
estate I-Cause
needs. O
As O
a O
result O
, O
the B-Effect
company I-Effect
is I-Effect
a I-Effect
preferred I-Effect
option I-Effect
among I-Effect
larger I-Effect
clients I-Effect
, I-Effect
especially I-Effect
as I-Effect
these I-Effect
types I-Effect
of I-Effect
firms I-Effect
increasingly I-Effect
look I-Effect
to I-Effect
outsource I-Effect
their I-Effect
real I-Effect
estate I-Effect
operations I-Effect
. O

We B-Effect
expect I-Effect
the I-Effect
CRO I-Effect
industry I-Effect
to I-Effect
grow I-Effect
in I-Effect
the I-Effect
mid-single I-Effect
digits I-Effect
due O
to O
low-single B-Cause
digit I-Cause
growth I-Cause
in I-Cause
biopharma I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
as I-Cause
well I-Cause
as I-Cause
modest I-Cause
increases I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
. O

However O
, O
the B-Cause
proliferation I-Cause
of I-Cause
cloud I-Cause
computing I-Cause
and I-Cause
burgeoning I-Cause
artificial I-Cause
intelligence I-Cause
trend I-Cause
will O
provide O
tailwinds O
for O
Intel B-Effect
's I-Effect
data-centric I-Effect
businesses I-Effect
, I-Effect
which I-Effect
we I-Effect
see I-Effect
growing I-Effect
in I-Effect
the I-Effect
high I-Effect
single I-Effect
digits I-Effect
through I-Effect
2025 I-Effect
. O

As B-Cause
industry I-Cause
trends I-Cause
moved I-Cause
more I-Cause
of I-Cause
the I-Cause
drug I-Cause
development I-Cause
cycle I-Cause
out I-Cause
to I-Cause
CROs I-Cause
and I-Cause
outsourcing I-Cause
penetration I-Cause
increased I-Cause
, O
many B-Effect
biopharma I-Effect
players I-Effect
stopped I-Effect
purchasing I-Effect
research I-Effect
models I-Effect
directly I-Effect
from I-Effect
Charles I-Effect
River I-Effect
and I-Effect
instead I-Effect
now I-Effect
opt I-Effect
for I-Effect
Charles I-Effect
River I-Effect
's I-Effect
full I-Effect
preclinical I-Effect
services I-Effect
. O

In O
the O
medium O
term O
, O
PSXP B-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
opportunities I-Effect
to I-Effect
pursue I-Effect
greater I-Effect
levels I-Effect
of I-Effect
attractive I-Effect
organic I-Effect
investments I-Effect
in I-Effect
its I-Effect
network I-Effect
as O
Phillips B-Cause
66 I-Cause
drops I-Cause
down I-Cause
more I-Cause
midstream I-Cause
assets I-Cause
to I-Cause
PSXP I-Cause
. O

Brownfield B-Cause
expansions I-Cause
in I-Cause
Russia I-Cause
and I-Cause
Nigeria I-Cause
along I-Cause
with I-Cause
a I-Cause
greenfield I-Cause
project I-Cause
in I-Cause
Mozambique I-Cause
will O
add B-Effect
low-cost I-Effect
supply I-Effect
to I-Effect
Total I-Effect
's I-Effect
LNG I-Effect
portfolio I-Effect
. O

For O
example O
, O
while B-Cause
grocery I-Cause
stores I-Cause
are I-Cause
extremely I-Cause
important I-Cause
to I-Cause
their I-Cause
entire I-Cause
shopping I-Cause
center I-Cause
as I-Cause
a I-Cause
regular I-Cause
driver I-Cause
of I-Cause
traffic I-Cause
to I-Cause
the I-Cause
property I-Cause
, I-Cause
there I-Cause
are I-Cause
multiple I-Cause
grocery I-Cause
stores I-Cause
, I-Cause
big-box I-Cause
discounters I-Cause
like I-Cause
Walmart I-Cause
and I-Cause
Target I-Cause
, I-Cause
and I-Cause
specialty I-Cause
food I-Cause
stores I-Cause
that I-Cause
compete I-Cause
on I-Cause
quality I-Cause
or I-Cause
price I-Cause
of I-Cause
groceries I-Cause
in I-Cause
any I-Cause
given I-Cause
submarket I-Cause
that I-Cause
offer I-Cause
essentially I-Cause
the I-Cause
same I-Cause
groceries. O
As O
a O
result O
, O
a B-Effect
grocery I-Effect
store I-Effect
might I-Effect
be I-Effect
able I-Effect
to I-Effect
dominate I-Effect
the I-Effect
immediate I-Effect
trade I-Effect
area I-Effect
based I-Effect
on I-Effect
convenience I-Effect
to I-Effect
consumers I-Effect
but I-Effect
does I-Effect
n't I-Effect
present I-Effect
any I-Effect
other I-Effect
unique I-Effect
draw I-Effect
for I-Effect
shoppers I-Effect
. O

Given O
the B-Cause
tilt I-Cause
toward I-Cause
architectural I-Cause
coatings I-Cause
, O
we O
expect O
the B-Effect
segment I-Effect
to I-Effect
benefit I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
from I-Effect
a I-Effect
gradual I-Effect
increase I-Effect
in I-Effect
new- I-Effect
and I-Effect
existing-home I-Effect
transactions I-Effect
. O

The B-Cause
large I-Cause
cash I-Cause
flows I-Cause
create I-Cause
an I-Cause
economy I-Cause
of I-Cause
scale I-Cause
that O
enables O
AbbVie B-Effect
to I-Effect
fund I-Effect
the I-Effect
average I-Effect
$ I-Effect
800 I-Effect
million I-Effect
required I-Effect
for I-Effect
a I-Effect
new I-Effect
drug I-Effect
. O

We B-Effect
view I-Effect
Lumen I-Effect
as I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
stock I-Effect
, O
as O
technological B-Cause
evolution I-Cause
is I-Cause
driving I-Cause
some I-Cause
of I-Cause
its I-Cause
legacy I-Cause
businesses I-Cause
toward I-Cause
obsolescence I-Cause
, O
but O
we O
believe O
the O
firm O
's O
high-quality O
network O
remains O
valuable O
. O

We O
expect O
average B-Effect
annual I-Effect
comps I-Effect
of I-Effect
9 I-Effect
% I-Effect
from I-Effect
2021-24 I-Effect
( I-Effect
including I-Effect
14 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
) I-Effect
due O
to O
new B-Cause
menu I-Cause
innovations I-Cause
, I-Cause
guest I-Cause
experience I-Cause
improvements I-Cause
and I-Cause
second I-Cause
assembly I-Cause
line I-Cause
delivery/catering I-Cause
orders I-Cause
. O

A B-Effect
diversified I-Effect
client I-Effect
base I-Effect
strengthens I-Effect
Syneos I-Effect
' I-Effect
competitive I-Effect
advantage I-Effect
as O
small/midsize B-Cause
clients I-Cause
are I-Cause
likely I-Cause
to I-Cause
need I-Cause
full I-Cause
outsourcing I-Cause
solutions I-Cause
, I-Cause
whereas I-Cause
large I-Cause
biopharma I-Cause
companies I-Cause
offer I-Cause
lucrative I-Cause
preferred I-Cause
partnerships I-Cause
with I-Cause
high I-Cause
switching I-Cause
costs I-Cause
. O

Not O
only O
do O
we O
expect O
pipeline B-Effect
volumes I-Effect
to I-Effect
continue I-Effect
to I-Effect
ramp I-Effect
up I-Effect
as O
Williams B-Cause
executes I-Cause
on I-Cause
its I-Cause
multi-billion-dollar I-Cause
expansion I-Cause
program I-Cause
, O
but O
also O
we O
expect O
it O
to O
be O
able O
to O
increase O
fees O
. O

With B-Cause
1.6 I-Cause
million I-Cause
nonprofits I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
and I-Cause
only I-Cause
40,000 I-Cause
customers I-Cause
, I-Cause
there I-Cause
is I-Cause
clearly I-Cause
room I-Cause
to I-Cause
grow I-Cause
in I-Cause
its I-Cause
core I-Cause
, O
which O
we O
think O
will B-Effect
help I-Effect
pull I-Effect
along I-Effect
domain I-Effect
sales I-Effect
. O

This O
was O
a O
key O
growth O
engine O
for O
the O
company O
until O
recently O
, O
when O
the B-Cause
coronavirus-related I-Cause
collapse I-Cause
in I-Cause
crude I-Cause
prices I-Cause
forced O
the O
company B-Effect
to I-Effect
dial I-Effect
back I-Effect
on I-Effect
drilling I-Effect
capital I-Effect
( O
the O
firm O
has O
two O
completion O
crews O
working O
down O
its O
drilled O
uncompleted O
inventory O
but O
will O
await O
higher O
oil O
prices O
before O
adding O
rigs O
) O
. O

Extra B-Cause
Space I-Cause
's I-Cause
UPREIT I-Cause
structure I-Cause
allows O
it O
to O
compete B-Effect
for I-Effect
acquisition I-Effect
opportunities I-Effect
using I-Effect
operating I-Effect
partnership I-Effect
units I-Effect
as O
a B-Cause
tax-deferral I-Cause
option I-Cause
for I-Cause
potential I-Cause
sellers I-Cause
, I-Cause
an I-Cause
approach I-Cause
not I-Cause
used I-Cause
by I-Cause
industry I-Cause
leader I-Cause
Public I-Cause
Storage I-Cause
. O

We O
project O
that O
net O
charge-offs O
will O
be O
roughly O
0.9 O
% O
through O
the O
cycle O
, O
although O
we O
see O
elevated B-Effect
charge-offs I-Effect
and I-Effect
provisioning I-Effect
occurring I-Effect
during I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
due O
to O
COVID-19 B-Cause
. O

Given O
Weixin B-Cause
's I-Cause
position I-Cause
as I-Cause
a I-Cause
super I-Cause
app I-Cause
, O
it B-Cause
may I-Cause
over-collect I-Cause
and I-Cause
abuse I-Cause
users I-Cause
' I-Cause
data I-Cause
and O
could O
be B-Effect
fined I-Effect
by I-Effect
the I-Effect
government I-Effect
. O

The B-Effect
segment I-Effect
's I-Effect
distribution I-Effect
system I-Effect
has I-Effect
also I-Effect
underperformed I-Effect
, O
as O
a B-Cause
relatively I-Cause
small I-Cause
share I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
dealers I-Cause
are I-Cause
bringing I-Cause
in I-Cause
most I-Cause
of I-Cause
the I-Cause
revenue I-Cause
. O

Since O
Seifi B-Cause
Ghasemi I-Cause
was I-Cause
appointed I-Cause
CEO I-Cause
in I-Cause
2014 I-Cause
, O
new B-Cause
management I-Cause
has I-Cause
launched I-Cause
several I-Cause
initiatives I-Cause
that O
drastically B-Cause
improved I-Cause
Air I-Cause
Products I-Cause
' I-Cause
profitability I-Cause
, O
raising B-Effect
EBITDA I-Effect
margins I-Effect
by I-Effect
over I-Effect
1,500 I-Effect
basis I-Effect
points I-Effect
. O

The B-Cause
acquisition I-Cause
for I-Cause
Republic I-Cause
New I-Cause
York I-Cause
in I-Cause
1999 I-Cause
for I-Cause
USD I-Cause
10.3 I-Cause
billion I-Cause
added I-Cause
scale I-Cause
, O
propelling B-Effect
HSBC I-Effect
to I-Effect
the I-Effect
11th-largest I-Effect
bank I-Effect
by I-Effect
asset I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

We O
expect O
housing B-Effect
starts I-Effect
to I-Effect
rise I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years O
as O
favorable B-Cause
demographics I-Cause
and I-Cause
fading I-Cause
financial I-Cause
constraints I-Cause
catalyze I-Cause
stronger I-Cause
household I-Cause
formation I-Cause
. O

We O
model O
Beyond B-Effect
's I-Effect
market I-Effect
share I-Effect
increasing I-Effect
from I-Effect
2.5 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
nearly I-Effect
9 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
, O
as O
PBMs B-Effect
gain I-Effect
a I-Effect
larger I-Effect
share I-Effect
of I-Effect
the I-Effect
overall I-Effect
meat I-Effect
category I-Effect
, O
and O
as O
Beyond B-Cause
's I-Cause
brand I-Cause
continues I-Cause
to I-Cause
win I-Cause
with I-Cause
consumers I-Cause
, O
given O
its O
strong O
performance O
in O
taste O
tests O
and O
ongoing O
R O
& O
D O
investments O
. O

That O
said O
, O
we O
feel O
that O
the B-Cause
combination I-Cause
of I-Cause
Legg I-Cause
Mason I-Cause
with I-Cause
Franklin I-Cause
will I-Cause
produce I-Cause
a I-Cause
slightly I-Cause
better I-Cause
organic I-Cause
growth I-Cause
profile I-Cause
for I-Cause
the I-Cause
acquiring I-Cause
firm I-Cause
, I-Cause
which I-Cause
we I-Cause
had I-Cause
generating I-Cause
negative I-Cause
6 I-Cause
% I-Cause
-9 I-Cause
% I-Cause
annual I-Cause
organic I-Cause
growth I-Cause
on I-Cause
average I-Cause
during I-Cause
2020-24 I-Cause
, I-Cause
compared I-Cause
with I-Cause
slightly I-Cause
negative I-Cause
average I-Cause
annual I-Cause
organic I-Cause
AUM I-Cause
growth I-Cause
for I-Cause
Legg I-Cause
Mason I-Cause
during I-Cause
the I-Cause
same I-Cause
time I-Cause
frame. O
As O
a O
result O
, O
our B-Effect
current I-Effect
forecast I-Effect
has I-Effect
the I-Effect
combined I-Effect
firms I-Effect
, I-Effect
which I-Effect
will I-Effect
be I-Effect
impacted I-Effect
by I-Effect
some I-Effect
merger-related I-Effect
outflows I-Effect
, I-Effect
generating I-Effect
an I-Effect
organic I-Effect
growth I-Effect
rate I-Effect
of I-Effect
negative I-Effect
4.1 I-Effect
% I-Effect
CAGR I-Effect
for I-Effect
its I-Effect
long-term I-Effect
AUM I-Effect
, I-Effect
with I-Effect
a I-Effect
standard I-Effect
deviation I-Effect
of I-Effect
2.8 I-Effect
% I-Effect
, I-Effect
during I-Effect
2020-24 I-Effect
. O

As O
for O
profitability O
, O
fiscal B-Effect
2020 I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
of I-Effect
31.0 I-Effect
% I-Effect
were I-Effect
50 I-Effect
basis I-Effect
points I-Effect
lower I-Effect
than I-Effect
the I-Effect
prior I-Effect
year I-Effect
's I-Effect
period I-Effect
, O
due O
to O
slightly B-Cause
higher I-Cause
expenses I-Cause
across I-Cause
the I-Cause
board I-Cause
this O
past O
year O
. O

Considered B-Cause
domestic I-Cause
systemically I-Cause
important I-Cause
banks I-Cause
, O
the B-Effect
four I-Effect
majors I-Effect
were I-Effect
required I-Effect
to I-Effect
meet I-Effect
the I-Effect
regulators I-Effect
'Unquestionably I-Effect
Strong I-Effect
' I-Effect
common I-Effect
equity I-Effect
Tier I-Effect
1 I-Effect
target I-Effect
of I-Effect
10.5 I-Effect
% I-Effect
by I-Effect
January I-Effect
2020 I-Effect
. O

If B-Cause
Dish I-Cause
plows I-Cause
ahead I-Cause
with I-Cause
a I-Cause
network I-Cause
buildout I-Cause
that I-Cause
subsequently I-Cause
fails I-Cause
to I-Cause
generate I-Cause
economic I-Cause
returns I-Cause
and I-Cause
it I-Cause
becomes I-Cause
a I-Cause
forced I-Cause
seller I-Cause
, O
the B-Effect
spectrum I-Effect
could I-Effect
have I-Effect
little I-Effect
or I-Effect
no I-Effect
value I-Effect
. O

A B-Effect
customer I-Effect
would I-Effect
face I-Effect
little I-Effect
motivation I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
marginally I-Effect
cheaper I-Effect
supplier I-Effect
just I-Effect
to I-Effect
save I-Effect
half I-Effect
a I-Effect
percent I-Effect
of I-Effect
the I-Effect
total I-Effect
cost I-Effect
, O
given O
the B-Cause
potentially I-Cause
cataclysmic I-Cause
blow I-Cause
to I-Cause
reputation I-Cause
and I-Cause
profits I-Cause
that I-Cause
would I-Cause
arise I-Cause
from I-Cause
an I-Cause
ill-performing I-Cause
new I-Cause
system I-Cause
. O

We O
assign O
Pinterest B-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
given O
the B-Cause
company I-Cause
's I-Cause
fierce I-Cause
competition I-Cause
in I-Cause
winning I-Cause
ad I-Cause
dollars I-Cause
and O
the B-Cause
possibility I-Cause
of I-Cause
a I-Cause
rapidly I-Cause
changing I-Cause
e-commerce I-Cause
and O
social B-Cause
media I-Cause
landscape I-Cause
that I-Cause
could I-Cause
be I-Cause
difficult I-Cause
to I-Cause
which I-Cause
to I-Cause
adapt I-Cause
. O

While O
we O
do O
n't O
normally O
view O
reinsurers O
as O
benefiting O
from O
favorable O
competitive O
positions O
, O
there O
are O
some O
specialty O
lines O
where O
a B-Cause
long I-Cause
history I-Cause
of I-Cause
underwriting I-Cause
incidence I-Cause
and/or I-Cause
from I-Cause
unique I-Cause
relationships I-Cause
can O
allow B-Effect
a I-Effect
firm I-Effect
to I-Effect
build I-Effect
a I-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
. O

The O
pandemic B-Cause
is O
causing O
significant B-Effect
disruption I-Effect
in I-Effect
global I-Effect
food-service I-Effect
markets I-Effect
and O
resulted O
in O
a B-Effect
7 I-Effect
% I-Effect
drop I-Effect
in I-Effect
PFG I-Effect
's I-Effect
organic I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

If B-Cause
Tesla I-Cause
is I-Cause
unable I-Cause
to I-Cause
retain I-Cause
key I-Cause
employees I-Cause
, I-Cause
such I-Cause
as I-Cause
CEO I-Cause
Elon I-Cause
Musk I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
favorable I-Effect
brand I-Effect
image I-Effect
could I-Effect
decline I-Effect
. I-Effect

We O
see O
the B-Effect
biggest I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
issue I-Effect
L I-Effect
Brands I-Effect
faces I-Effect
is I-Effect
consumer I-Effect
choice I-Effect
, O
as O
buyers B-Cause
focus I-Cause
on I-Cause
more I-Cause
sustainable I-Cause
clothes I-Cause
and I-Cause
move I-Cause
away I-Cause
from I-Cause
fast I-Cause
fashion I-Cause
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
creates O
a B-Effect
secular I-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
harm I-Effect
that I-Effect
is I-Effect
quite I-Effect
acute I-Effect
for I-Effect
most I-Effect
corporations I-Effect
, O
in O
our O
view O
. O

Supply B-Cause
interruptions I-Cause
or I-Cause
increased I-Cause
demand I-Cause
that I-Cause
drive I-Cause
up I-Cause
oil I-Cause
prices I-Cause
as I-Cause
well I-Cause
as I-Cause
demand I-Cause
destruction I-Cause
or I-Cause
economic I-Cause
slowdowns I-Cause
that O
depress B-Effect
refined I-Effect
product I-Effect
prices I-Effect
are I-Effect
the I-Effect
primary I-Effect
risks I-Effect
. I-Effect

We O
expect O
the O
firm B-Effect
to I-Effect
maintain I-Effect
its I-Effect
market-leading I-Effect
position I-Effect
as O
it B-Cause
generates I-Cause
competitive I-Cause
organic I-Cause
growth I-Cause
post I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, I-Cause
continues I-Cause
to I-Cause
make I-Cause
acquisitions I-Cause
, O
and O
increases B-Cause
focus I-Cause
on I-Cause
the I-Cause
faster-growing I-Cause
emerging I-Cause
and I-Cause
the I-Cause
overall I-Cause
digital I-Cause
ad I-Cause
markets I-Cause
. O

Further O
, O
Wells B-Cause
Fargo I-Cause
has I-Cause
the I-Cause
lowest I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
surcharge I-Cause
among I-Cause
the I-Cause
big I-Cause
four I-Cause
, O
giving O
it O
a B-Effect
further I-Effect
structural I-Effect
return I-Effect
advantage I-Effect
from I-Effect
having I-Effect
to I-Effect
hold I-Effect
relatively I-Effect
less I-Effect
capital I-Effect
. O

We O
expect O
the B-Cause
efficient I-Cause
scale I-Cause
characteristics I-Cause
of I-Cause
the I-Cause
fixed-line I-Cause
market I-Cause
will O
prevent O
the B-Effect
firm I-Effect
from I-Effect
building I-Effect
fiber I-Effect
deep I-Effect
into I-Effect
neighborhoods I-Effect
solely O
for O
the O
purpose O
of O
attacking O
the O
in-home O
opportunity O
. O

Because O
of O
the B-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
( I-Cause
volumes I-Cause
drive I-Cause
profits I-Cause
) I-Cause
inherent I-Cause
in I-Cause
the I-Cause
retailers I-Cause
' I-Cause
business I-Cause
model I-Cause
and I-Cause
razor-thin I-Cause
margins I-Cause
, O
availability B-Effect
of I-Effect
products I-Effect
on I-Effect
shelves I-Effect
is I-Effect
critical I-Effect
. O

With O
interest B-Cause
rates I-Cause
likely I-Cause
to I-Cause
remain I-Cause
low I-Cause
for I-Cause
years I-Cause
, O
further B-Effect
growth I-Effect
will I-Effect
have I-Effect
to I-Effect
be I-Effect
from I-Effect
newer I-Effect
initiatives I-Effect
, O
such O
as O
its O
expanded O
employee O
stock O
plan O
administration O
services O
and O
the O
discount O
brokerage O
operations O
from O
E-Trade O
and O
integrating O
of O
Eaton O
Vance O
. O

We B-Effect
also I-Effect
fear I-Effect
that I-Effect
margin I-Effect
contraction I-Effect
will I-Effect
continue I-Effect
in I-Effect
many I-Effect
segments I-Effect
, O
as O
commoditized B-Cause
products I-Cause
dominate I-Cause
the I-Cause
product I-Cause
portfolio I-Cause
and I-Cause
the I-Cause
company I-Cause
is I-Cause
unable I-Cause
to I-Cause
reach I-Cause
sufficient I-Cause
scale I-Cause
. O

Additionally O
, O
Kayak B-Effect
and I-Effect
Trivago I-Effect
metasearch I-Effect
competition I-Effect
could I-Effect
intensify I-Effect
, O
driven O
by O
the B-Cause
deep I-Cause
marketing I-Cause
pockets I-Cause
of I-Cause
Booking I-Cause
( I-Cause
which I-Cause
owns I-Cause
Kayak I-Cause
) I-Cause
and I-Cause
Expedia I-Cause
( I-Cause
which I-Cause
owns I-Cause
Trivago I-Cause
) I-Cause
. O

If O
any B-Cause
of I-Cause
Hasbro I-Cause
's I-Cause
core I-Cause
customers I-Cause
seek I-Cause
to I-Cause
engage I-Cause
in I-Cause
the I-Cause
production I-Cause
of I-Cause
private-label I-Cause
toys I-Cause
, O
this O
could O
also O
result B-Effect
in I-Effect
lower I-Effect
sales I-Effect
and I-Effect
margins I-Effect
. O

Also O
, O
with O
the B-Cause
health I-Cause
insurance I-Cause
fee I-Cause
falling I-Cause
off I-Cause
in I-Cause
2021 I-Cause
and I-Cause
COVID-19 I-Cause
challenges I-Cause
likely I-Cause
dissipating I-Cause
in I-Cause
2022 I-Cause
, O
we B-Effect
expect I-Effect
relatively I-Effect
high I-Effect
bottom-line I-Effect
growth I-Effect
in I-Effect
the I-Effect
early I-Effect
years I-Effect
of I-Effect
our I-Effect
forecast I-Effect
period I-Effect
. O

The B-Cause
closer I-Cause
the I-Cause
assets I-Cause
are I-Cause
to I-Cause
the I-Cause
wellhead I-Cause
, O
the B-Effect
more I-Effect
susceptible I-Effect
they I-Effect
are I-Effect
to I-Effect
production I-Effect
declines I-Effect
and I-Effect
energy I-Effect
market I-Effect
downturns I-Effect
. O

Other B-Effect
risks I-Effect
to I-Effect
Hubbell I-Effect
specifically I-Effect
include I-Effect
execution I-Effect
risk I-Effect
as O
it B-Cause
integrates I-Cause
the I-Cause
Aclara I-Cause
acquisition I-Cause
and I-Cause
increased I-Cause
indebtedness I-Cause
on I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
relative I-Cause
to I-Cause
historical I-Cause
norms I-Cause
. O

Supply B-Cause
demand I-Cause
imbalances I-Cause
in I-Cause
these I-Cause
markets I-Cause
, O
which O
may O
have O
nothing O
to O
do O
with O
Treehouse O
, O
could O
impinge B-Effect
on I-Effect
its I-Effect
margin I-Effect
profile I-Effect
. O

While O
HDDs B-Cause
currently I-Cause
have I-Cause
superior I-Cause
cost I-Cause
metrics I-Cause
and I-Cause
higher I-Cause
capacities I-Cause
, O
SSDs B-Effect
have I-Effect
been I-Effect
closing I-Effect
these I-Effect
gaps I-Effect
and I-Effect
quickly I-Effect
limiting I-Effect
the I-Effect
number I-Effect
of I-Effect
use I-Effect
cases I-Effect
for I-Effect
HDDs I-Effect
. O

The B-Effect
risk I-Effect
cuts I-Effect
both I-Effect
ways I-Effect
as O
middle-income B-Cause
consumers I-Cause
trade I-Cause
down I-Cause
in I-Cause
times I-Cause
of I-Cause
stress I-Cause
( O
comparable-store O
sales O
averaged O
high-single-digit O
marks O
during O
the O
financial O
crisis O
) O
, O
but O
much O
of O
what O
governs O
customers O
' O
shopping O
behavior O
is O
beyond O
the O
firm O
's O
control O
. O

Though O
we O
have O
our O
doubts O
about O
Shaw O
's O
path O
to O
success O
, O
its B-Cause
insurgence I-Cause
alone O
could O
result O
in O
losses B-Effect
to I-Effect
the I-Effect
three I-Effect
leaders I-Effect
, O
and O
if O
it B-Cause
proves I-Cause
successful I-Cause
, I-Cause
long-term B-Effect
share I-Effect
and I-Effect
profitability I-Effect
losses I-Effect
for I-Effect
Rogers I-Effect
could I-Effect
ensue I-Effect
. O

Moreover O
, O
the B-Cause
wide I-Cause
price I-Cause
range I-Cause
of I-Cause
Malibu I-Cause
's I-Cause
products I-Cause
, I-Cause
beginning I-Cause
at I-Cause
$ I-Cause
65,000 I-Cause
and I-Cause
extending I-Cause
up I-Cause
to I-Cause
$ I-Cause
800,000 I-Cause
for I-Cause
the I-Cause
high-end I-Cause
Pursuit I-Cause
models I-Cause
, O
alleviates O
our B-Effect
fears I-Effect
that I-Effect
a I-Effect
competitor I-Effect
could I-Effect
undercut I-Effect
Malibu I-Effect
with I-Effect
lower-priced I-Effect
offerings I-Effect
( I-Effect
of I-Effect
a I-Effect
similar I-Effect
quality I-Effect
) I-Effect
during I-Effect
an I-Effect
economic I-Effect
downturn I-Effect
. O

Historically O
, O
homebuilders B-Effect
have I-Effect
used I-Effect
mergers I-Effect
and I-Effect
acquisitions I-Effect
as O
a O
means O
of O
entering O
new O
markets O
, O
as O
acquiring B-Cause
an I-Cause
existing I-Cause
builder I-Cause
grants I-Cause
immediate I-Cause
access I-Cause
to I-Cause
the I-Cause
new I-Cause
market I-Cause
with I-Cause
less I-Cause
risk I-Cause
than I-Cause
a I-Cause
greenfield I-Cause
startup I-Cause
operation I-Cause
. O

Uncertainty B-Cause
concerning I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
and I-Cause
regulators I-Cause
' I-Cause
intense I-Cause
scrutiny I-Cause
of I-Cause
diesel I-Cause
powertrain I-Cause
passenger I-Cause
vehicles I-Cause
will O
plague B-Effect
Volkswagen I-Effect
for I-Effect
several I-Effect
more I-Effect
months I-Effect
, O
and O
higher B-Cause
spending I-Cause
to I-Cause
launch I-Cause
electrified I-Cause
powertrains I-Cause
and I-Cause
diesel I-Cause
headline I-Cause
risk I-Cause
are O
pressuring B-Effect
the I-Effect
stock I-Effect
. O

Despite O
Amazon O
's O
recent O
efforts O
to O
sign O
distribution O
agreements O
with O
manufacturers O
, O
we O
anticipate O
that O
incumbent B-Effect
retailers I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
defend I-Effect
their I-Effect
privileged I-Effect
market I-Effect
standing I-Effect
because O
of O
their B-Cause
in-store I-Cause
services I-Cause
and I-Cause
ability I-Cause
to I-Cause
offer I-Cause
several I-Cause
categories I-Cause
of I-Cause
needed I-Cause
components I-Cause
on I-Cause
demand I-Cause
. O

Our B-Cause
forecast I-Cause
for I-Cause
Garmin I-Cause
consists I-Cause
of I-Cause
many I-Cause
moving I-Cause
parts I-Cause
, I-Cause
given I-Cause
mix I-Cause
shifts I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
five I-Cause
distinct I-Cause
segments I-Cause
, O
which O
are O
largely O
responsible O
for O
substantial B-Effect
changes I-Effect
in I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
going I-Effect
forward I-Effect
compared O
with O
historical O
figures O
. O

When O
combined B-Cause
with I-Cause
increased I-Cause
investments I-Cause
to I-Cause
support I-Cause
this I-Cause
fare I-Cause
as I-Cause
it I-Cause
relates I-Cause
to I-Cause
R I-Cause
& I-Cause
D I-Cause
and I-Cause
marketing I-Cause
, O
we O
think O
the B-Effect
firm I-Effect
is I-Effect
poised I-Effect
for I-Effect
a I-Effect
modest I-Effect
acceleration I-Effect
in I-Effect
sales I-Effect
growth I-Effect
long I-Effect
term I-Effect
. O

Tight B-Cause
government I-Cause
regulations I-Cause
have O
made O
barriers O
to O
entry B-Effect
almost I-Effect
insurmountable I-Effect
in I-Effect
the I-Effect
tobacco I-Effect
space I-Effect
and O
have B-Effect
kept I-Effect
market I-Effect
shares I-Effect
stable I-Effect
. O

Reliance B-Effect
's I-Effect
role I-Effect
is I-Effect
that I-Effect
of I-Effect
an I-Effect
intermediary I-Effect
, O
as O
the B-Cause
company I-Cause
distributes I-Cause
over I-Cause
100,000 I-Cause
product I-Cause
types I-Cause
to I-Cause
over I-Cause
125,000 I-Cause
customers I-Cause
. O

Implementing B-Cause
RPA I-Cause
can O
help B-Effect
free I-Effect
up I-Effect
employees I-Effect
to I-Effect
focus I-Effect
on I-Effect
higher-value I-Effect
issues I-Effect
, I-Effect
reduce I-Effect
average I-Effect
interaction I-Effect
time I-Effect
, I-Effect
improve I-Effect
response I-Effect
times I-Effect
, I-Effect
and I-Effect
lead I-Effect
to I-Effect
happier I-Effect
customers I-Effect
and I-Effect
employees I-Effect
. O

And O
due O
to O
efficiency B-Cause
gains I-Cause
and I-Cause
economies I-Cause
of I-Cause
scale I-Cause
, O
subsequent B-Effect
developments I-Effect
are I-Effect
expected I-Effect
to I-Effect
cost I-Effect
even I-Effect
less I-Effect
on I-Effect
a I-Effect
per-barrel I-Effect
basis I-Effect
. O

Given O
the B-Cause
company I-Cause
's I-Cause
history I-Cause
of I-Cause
fines I-Cause
and I-Cause
one-time I-Cause
charges I-Cause
, O
we B-Effect
include I-Effect
ongoing I-Effect
one-time I-Effect
costs I-Effect
roughly I-Effect
in I-Effect
line I-Effect
with I-Effect
historical I-Effect
averages I-Effect
in I-Effect
our I-Effect
projections I-Effect
, O
but O
these O
costs O
are O
excluded O
from O
the O
margin O
levels O
above O
. O

PSXP B-Cause
's I-Cause
small I-Cause
but I-Cause
growing I-Cause
equity I-Cause
investments I-Cause
in I-Cause
pipelines I-Cause
not I-Cause
directly I-Cause
associated I-Cause
with I-Cause
Phillips I-Cause
66 I-Cause
assets I-Cause
expand B-Effect
PSXP I-Effect
's I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
its I-Effect
existing I-Effect
network I-Effect
and I-Effect
higher I-Effect
profitability I-Effect
to I-Effect
create I-Effect
incremental I-Effect
value I-Effect
for I-Effect
PSXP I-Effect
and I-Effect
Phillips I-Effect
66 I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
strong I-Cause
landlord I-Cause
relationships I-Cause
and I-Cause
square I-Cause
footage I-Cause
creativity I-Cause
could O
accelerate O
the B-Effect
global I-Effect
growth I-Effect
aspirations I-Effect
of I-Effect
Starbucks I-Effect
' I-Effect
more I-Effect
nascent I-Effect
retail I-Effect
formats I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
and O
make B-Effect
it I-Effect
more I-Effect
difficult I-Effect
for I-Effect
rivals I-Effect
to I-Effect
compete I-Effect
. O

Having B-Cause
separated I-Cause
from I-Cause
the I-Cause
more I-Cause
commodity-centric I-Cause
aluminum I-Cause
rolling I-Cause
operations I-Cause
within I-Cause
Arconic I-Cause
, O
the B-Effect
company I-Effect
should I-Effect
enjoy I-Effect
less I-Effect
top-line I-Effect
volatility I-Effect
going I-Effect
forward I-Effect
. O

This B-Effect
historical I-Effect
data I-Effect
is I-Effect
increasing I-Effect
in I-Effect
importance I-Effect
as O
businesses B-Cause
are I-Cause
more I-Cause
inclined I-Cause
now I-Cause
than I-Cause
ever I-Cause
to I-Cause
leverage I-Cause
business I-Cause
intelligence I-Cause
insights I-Cause
, I-Cause
which I-Cause
use I-Cause
such I-Cause
historical I-Cause
data I-Cause
. O

Insurers O
' O
pricing O
and O
practices O
are O
closely O
controlled O
by O
state O
regulators O
, O
and O
the B-Effect
company I-Effect
could I-Effect
face I-Effect
material I-Effect
consequences I-Effect
if O
its B-Cause
behavior I-Cause
is I-Cause
judged I-Cause
to I-Cause
be I-Cause
inappropriate I-Cause
. O

We O
believe O
the B-Cause
combination I-Cause
of I-Cause
highly I-Cause
rated I-Cause
original I-Cause
programming I-Cause
and I-Cause
exclusive I-Cause
sports I-Cause
rights I-Cause
will O
allow B-Effect
CBS I-Effect
to I-Effect
continue I-Effect
to I-Effect
increase I-Effect
its I-Effect
revenue I-Effect
from I-Effect
retransmission I-Effect
fees I-Effect
and I-Effect
reverse I-Effect
compensation I-Effect
. O

In O
our O
view O
, O
neither O
operating O
segment O
contains O
sustainable O
competitive O
advantages O
; O
nonetheless O
, O
increased B-Effect
network I-Effect
complexities I-Effect
due O
to O
5G B-Cause
and I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
networks I-Cause
could I-Cause
create I-Cause
demand I-Cause
for I-Cause
Ericsson I-Cause
's I-Cause
expertise I-Cause
and I-Cause
services I-Cause
. O

Additionally O
, O
many B-Cause
of I-Cause
Reliance I-Cause
's I-Cause
customers I-Cause
require I-Cause
intermittent I-Cause
deliveries I-Cause
over I-Cause
irregular I-Cause
periods I-Cause
; O
as O
such O
, O
they O
can O
more O
effectively O
outsource O
their O
inventory-management O
needs O
to O
Reliance O
to O
reduce B-Effect
their I-Effect
own I-Effect
production I-Effect
costs I-Effect
, I-Effect
working I-Effect
capital I-Effect
needs I-Effect
, I-Effect
and I-Effect
capital I-Effect
expenditures I-Effect
. O

In O
order O
for O
a O
network B-Cause
to I-Cause
convince I-Cause
merchants I-Cause
that I-Cause
they I-Cause
should I-Cause
accept I-Cause
its I-Cause
payments I-Cause
, O
the O
network B-Effect
needs I-Effect
to I-Effect
have I-Effect
enough I-Effect
users I-Effect
to I-Effect
incentivize I-Effect
acceptance I-Effect
. O

Finally O
, O
Edwards B-Effect
could I-Effect
see I-Effect
more I-Effect
competition I-Effect
in I-Effect
its I-Effect
surgical I-Effect
tools I-Effect
business I-Effect
if O
minimally B-Cause
invasive I-Cause
surgical I-Cause
systems I-Cause
makers I-Cause
, I-Cause
such I-Cause
as I-Cause
Intuitive I-Cause
Surgical I-Cause
, I-Cause
enter I-Cause
the I-Cause
cardiac I-Cause
surgery I-Cause
market I-Cause
. O

This O
is O
above O
our O
industry O
forecast O
of O
1 O
% O
-2 O
% O
revPAR O
growth O
, O
as O
the B-Cause
company I-Cause
stands I-Cause
to I-Cause
benefit I-Cause
from I-Cause
its I-Cause
economy I-Cause
and I-Cause
midscale I-Cause
exposure I-Cause
, O
which O
we O
expect O
to O
experience O
lower B-Effect
supply I-Effect
increases I-Effect
versus I-Effect
the I-Effect
upscale I-Effect
and I-Effect
luxury I-Effect
segments I-Effect
. O

We O
expect O
noninterest B-Cause
income I-Cause
to I-Cause
grow I-Cause
at I-Cause
a I-Cause
mid-single-digit I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
3 I-Cause
% I-Cause
-4 I-Cause
% I-Cause
. O
This O
leads O
to O
an B-Effect
average I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
16 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
compared I-Effect
with I-Effect
our I-Effect
cost I-Effect
of I-Effect
equity I-Effect
at I-Effect
9 I-Effect
% I-Effect
. O

We O
project O
operating B-Effect
margins I-Effect
will I-Effect
improve I-Effect
from I-Effect
the I-Effect
11 I-Effect
% I-Effect
reported I-Effect
in I-Effect
2020 I-Effect
to I-Effect
nearly I-Effect
15 I-Effect
% I-Effect
in O
our O
midcycle O
year O
, O
as O
we O
believe O
Caterpillar O
will O
benefit B-Cause
from I-Cause
better I-Cause
sales I-Cause
mix I-Cause
( I-Cause
sales I-Cause
of I-Cause
high-feature I-Cause
equipment I-Cause
) I-Cause
and I-Cause
higher-margin I-Cause
aftermarket I-Cause
sales I-Cause
. I-Cause

Skyworks B-Cause
' I-Cause
ability I-Cause
to I-Cause
integrate I-Cause
a I-Cause
variety I-Cause
of I-Cause
RF I-Cause
parts I-Cause
into I-Cause
a I-Cause
single I-Cause
package I-Cause
, O
like O
its O
SkyOne O
suite O
of O
products O
, O
has O
been O
difficult O
for O
many O
others O
to O
replicate O
, O
and O
Skyworks B-Effect
has I-Effect
reaped I-Effect
the I-Effect
rewards I-Effect
with I-Effect
healthy I-Effect
profitability I-Effect
and I-Effect
earnings I-Effect
growth I-Effect
. O

Although O
new O
brands O
and O
luxury O
retailers O
on O
the O
platform O
increase O
competition O
, O
they B-Effect
also I-Effect
increase I-Effect
credibility I-Effect
of I-Effect
the I-Effect
platform I-Effect
as O
a B-Cause
luxury I-Cause
distribution I-Cause
channel I-Cause
, I-Cause
in I-Cause
our I-Cause
view I-Cause
, I-Cause
benefiting I-Cause
the I-Cause
incumbents I-Cause
. O

So O
long O
as O
Hexcel B-Cause
satisfies I-Cause
its I-Cause
performance I-Cause
obligations I-Cause
, O
manufacturers B-Effect
have I-Effect
no I-Effect
reason I-Effect
to I-Effect
go I-Effect
through I-Effect
the I-Effect
arduous I-Effect
process I-Effect
of I-Effect
certifying I-Effect
an I-Effect
additional I-Effect
supplier I-Effect
and I-Effect
ensuring I-Effect
that I-Effect
the I-Effect
updated I-Effect
product I-Effect
remains I-Effect
safe I-Effect
. O

Based O
on O
third-quarter B-Cause
trends I-Cause
, O
our B-Effect
model I-Effect
assumes I-Effect
a I-Effect
7 I-Effect
% I-Effect
decrease I-Effect
in I-Effect
systemwide I-Effect
sales I-Effect
growth I-Effect
during I-Effect
2020 I-Effect
, O
as O
the B-Cause
contribution I-Cause
from I-Cause
395 I-Cause
net I-Cause
new I-Cause
restaurant I-Cause
openings I-Cause
worldwide I-Cause
is I-Cause
offset I-Cause
by I-Cause
a B-Effect
10 I-Effect
% I-Effect
decline I-Effect
in I-Effect
global I-Effect
comps I-Effect
, O
driven O
by O
the B-Cause
pandemic I-Cause
. O

While O
Post O
is O
the O
number-one O
provider O
of O
eggs O
and O
potatoes O
to O
the O
food-service O
industry O
, O
the B-Cause
commoditized I-Cause
nature I-Cause
of I-Cause
these I-Cause
products I-Cause
makes O
it B-Effect
very I-Effect
difficult I-Effect
to I-Effect
differentiate I-Effect
its I-Effect
offerings I-Effect
. O

We B-Effect
model I-Effect
FireEye I-Effect
producing I-Effect
a I-Effect
8 I-Effect
% I-Effect
five-year I-Effect
revenue I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
as O
it O
gains O
momentum O
with O
cloud-based B-Cause
subscriptions I-Cause
and O
managed B-Cause
services I-Cause
. O

We B-Effect
're I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Chipotle I-Effect
to I-Effect
$ I-Effect
1,200 I-Effect
from I-Effect
$ I-Effect
1,100 I-Effect
following I-Effect
first-quarter I-Effect
earnings I-Effect
, O
due O
to O
time B-Cause
value I-Cause
as I-Cause
well I-Cause
as I-Cause
ongoing I-Cause
near-term I-Cause
sales I-Cause
momentum I-Cause
. O

Additionally O
, O
we O
believe O
that O
franchisee O
buildout O
costs O
for O
Domino O
's O
stores O
remain O
lower O
than O
peers O
, O
but O
the B-Effect
gap I-Effect
is I-Effect
shrinking I-Effect
as O
Pizza B-Cause
Hut I-Cause
and I-Cause
Papa I-Cause
John I-Cause
's I-Cause
pivot I-Cause
to I-Cause
more I-Cause
delivery I-Cause
friendly I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
delco I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
store I-Cause
models I-Cause
. O

Remaining O
in O
favor O
with O
the O
dealer O
base O
is O
imperative O
, O
and O
we O
think O
Malibu B-Effect
could I-Effect
not I-Effect
have I-Effect
captured I-Effect
brand I-Effect
equity I-Effect
over I-Effect
time I-Effect
without O
the B-Cause
relationships I-Cause
of I-Cause
its I-Cause
200 I-Cause
dealers I-Cause
. O

It B-Effect
is I-Effect
also I-Effect
the I-Effect
only I-Effect
Class I-Effect
I I-Effect
railroad I-Effect
that I-Effect
could I-Effect
have I-Effect
a I-Effect
fewer I-Effect
hurdles I-Effect
in I-Effect
terms I-Effect
of I-Effect
acquisition I-Effect
prohibition I-Effect
by I-Effect
the I-Effect
Surface I-Effect
Transportation I-Effect
Board I-Effect
, O
due O
to O
lower B-Cause
concerns I-Cause
about I-Cause
the I-Cause
reduction I-Cause
in I-Cause
competition I-Cause
were I-Cause
this I-Cause
rail I-Cause
to I-Cause
merge I-Cause
with I-Cause
another I-Cause
. O

By O
end O
market O
, O
automotive B-Effect
analog/mixed I-Effect
signal I-Effect
chipmakers I-Effect
tend I-Effect
to I-Effect
benefit I-Effect
from I-Effect
intangible I-Effect
assets I-Effect
, O
as O
auto B-Cause
chip I-Cause
suppliers I-Cause
have I-Cause
their I-Cause
manufacturing I-Cause
processes I-Cause
perfected I-Cause
in O
order O
to O
deliver O
parts O
with O
maximum O
reliability O
, O
in O
some O
cases O
even O
offering O
zero O
defects O
per O
million O
parts O
. O

Overall O
, O
we O
believe O
that O
high B-Cause
retention I-Cause
and I-Cause
enterprise I-Cause
penetration I-Cause
will O
continue O
to O
drive O
growth B-Effect
in I-Effect
market I-Effect
share I-Effect
and I-Effect
cement I-Effect
NICE I-Effect
's I-Effect
position I-Effect
as I-Effect
a I-Effect
leader I-Effect
in I-Effect
the I-Effect
CCaaS I-Effect
space I-Effect
. O

The B-Effect
COVID-19 I-Effect
pandemic I-Effect
reduced I-Effect
customer I-Effect
traffic I-Effect
at I-Effect
Ferguson I-Effect
's I-Effect
blended I-Effect
branches I-Effect
as O
contractor B-Cause
work I-Cause
slowed I-Cause
due O
to O
a B-Cause
reluctance I-Cause
to I-Cause
have I-Cause
contractors I-Cause
enter I-Cause
homes I-Cause
, O
but O
this B-Effect
trend I-Effect
has I-Effect
reversed I-Effect
as O
the B-Cause
virus I-Cause
abates I-Cause
. O

Given O
the B-Cause
need I-Cause
for I-Cause
further I-Cause
R I-Cause
& I-Cause
D I-Cause
reinvestment I-Cause
and I-Cause
ongoing I-Cause
capital I-Cause
expenditures I-Cause
, O
ST B-Effect
's I-Effect
profitability I-Effect
, I-Effect
while I-Effect
improving I-Effect
, I-Effect
may I-Effect
lag I-Effect
the I-Effect
returns I-Effect
earned I-Effect
by I-Effect
several I-Effect
of I-Effect
its I-Effect
U.S.-based I-Effect
rivals I-Effect
like I-Effect
Texas I-Effect
Instruments I-Effect
. O

While O
most B-Cause
Fortune I-Cause
500 I-Cause
companies I-Cause
continue I-Cause
to I-Cause
demand I-Cause
creative I-Cause
and I-Cause
effective I-Cause
ad I-Cause
campaigns I-Cause
, I-Cause
they I-Cause
would I-Cause
also I-Cause
like I-Cause
to I-Cause
simplify I-Cause
the I-Cause
process I-Cause
of I-Cause
campaign I-Cause
design I-Cause
and I-Cause
launch I-Cause
by I-Cause
reducing I-Cause
the I-Cause
number I-Cause
of I-Cause
agencies I-Cause
with I-Cause
which I-Cause
they I-Cause
work I-Cause
for I-Cause
various I-Cause
components I-Cause
of I-Cause
their I-Cause
campaigns I-Cause
, I-Cause
which I-Cause
may I-Cause
include I-Cause
not I-Cause
only I-Cause
ad I-Cause
creation I-Cause
and I-Cause
media I-Cause
buying I-Cause
, I-Cause
but I-Cause
also I-Cause
public I-Cause
relations. O
As O
a O
result O
, O
continuing B-Effect
consolidation I-Effect
has I-Effect
helped I-Effect
the I-Effect
Big I-Effect
Five I-Effect
provide I-Effect
a I-Effect
complete I-Effect
advertising I-Effect
solution I-Effect
to I-Effect
various I-Effect
clients I-Effect
around I-Effect
the I-Effect
world I-Effect
, I-Effect
and I-Effect
benefit I-Effect
from I-Effect
growing I-Effect
digital I-Effect
ad I-Effect
platforms I-Effect
such I-Effect
as I-Effect
social I-Effect
media I-Effect
, I-Effect
mobile I-Effect
, I-Effect
and I-Effect
video I-Effect
. O

Veoneer B-Effect
also I-Effect
has I-Effect
modest I-Effect
corporate I-Effect
governance I-Effect
risk I-Effect
exposure O
on O
the B-Cause
lack I-Cause
of I-Cause
a I-Cause
shareholder I-Cause
rights I-Cause
plan I-Cause
or I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
poison I-Cause
pill I-Cause
, O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
shareholders O
can O
not O
call O
for O
a O
special O
meeting O
, O
directors O
are O
not O
annually O
up O
for O
election O
, O
and O
the O
board O
can O
change O
its O
size O
without O
shareholder O
approval O
. O

We O
think O
actions B-Cause
such I-Cause
as I-Cause
buying I-Cause
Cruise I-Cause
, I-Cause
along I-Cause
with I-Cause
GM I-Cause
's I-Cause
connectivity I-Cause
and I-Cause
data-gathering I-Cause
via O
OnStar O
, O
position O
GM O
well B-Effect
for I-Effect
this I-Effect
new I-Effect
era I-Effect
. O

Through O
acquisitions B-Cause
and I-Cause
eventual I-Cause
organic I-Cause
feature I-Cause
and I-Cause
product I-Cause
development I-Cause
, O
Adobe B-Effect
has I-Effect
established I-Effect
itself I-Effect
as I-Effect
a I-Effect
leader I-Effect
in I-Effect
various I-Effect
categories I-Effect
that I-Effect
fall I-Effect
under I-Effect
the I-Effect
digital I-Effect
experience I-Effect
umbrella I-Effect
, I-Effect
including I-Effect
digital I-Effect
marketing I-Effect
analytics I-Effect
, I-Effect
campaign I-Effect
management I-Effect
, I-Effect
and I-Effect
customer I-Effect
engagement I-Effect
, I-Effect
among I-Effect
others I-Effect
. O

That O
said O
, O
we O
do O
expect O
a B-Effect
market I-Effect
will I-Effect
remain I-Effect
for I-Effect
Marvell I-Effect
's I-Effect
products I-Effect
as O
certain B-Cause
hyperscale I-Cause
customers I-Cause
such I-Cause
as I-Cause
Google I-Cause
and I-Cause
Amazon I-Cause
have I-Cause
become I-Cause
accustomed I-Cause
to I-Cause
using I-Cause
specific I-Cause
controllers I-Cause
and I-Cause
other I-Cause
products I-Cause
for I-Cause
internally I-Cause
optimized I-Cause
storage I-Cause
solutions I-Cause
rather I-Cause
than I-Cause
sourcing I-Cause
a I-Cause
complete I-Cause
solution I-Cause
from I-Cause
Western I-Cause
or I-Cause
Seagate I-Cause
. O

Also O
, O
projects B-Cause
like I-Cause
LNG I-Cause
, I-Cause
with I-Cause
long-plateau I-Cause
production I-Cause
levels I-Cause
that I-Cause
require I-Cause
little I-Cause
additional I-Cause
capital I-Cause
expenditure I-Cause
, O
help O
reduce B-Effect
decline I-Effect
rates I-Effect
while I-Effect
generating I-Effect
significant I-Effect
free I-Effect
cash I-Effect
flow I-Effect
to I-Effect
support I-Effect
reinvestment I-Effect
elsewhere I-Effect
or I-Effect
shareholder I-Effect
returns I-Effect
. O

Additionally O
, O
the O
bank O
does O
have O
some O
more O
attractive O
sources O
of O
noninterest O
income O
, O
and O
the B-Cause
bank I-Cause
's I-Cause
financial I-Cause
technology I-Cause
history I-Cause
gives B-Effect
us I-Effect
confidence I-Effect
that I-Effect
sources I-Effect
of I-Effect
fee I-Effect
income I-Effect
should I-Effect
only I-Effect
improve I-Effect
over I-Effect
time I-Effect
. O

International O
demand O
for O
meat O
has O
been O
strong O
, O
and O
although O
Tyson O
's O
international O
sales O
mix O
is O
just O
14 O
% O
, O
it B-Effect
is I-Effect
likely I-Effect
to I-Effect
increase I-Effect
over I-Effect
time I-Effect
, O
as O
this B-Cause
is I-Cause
an I-Cause
area I-Cause
of I-Cause
acquisition I-Cause
focus I-Cause
. O

Based B-Cause
on I-Cause
the I-Cause
lower-than-average I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
and O
Coloplast B-Cause
's I-Cause
diverse I-Cause
portfolio I-Cause
of I-Cause
non-discretionary I-Cause
products I-Cause
, O
we B-Effect
rate I-Effect
the I-Effect
firm I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
. O

Turning O
to O
technology O
, O
we O
believe O
that O
Domino B-Cause
's I-Cause
relentless I-Cause
pursuit I-Cause
of I-Cause
core I-Cause
process I-Cause
automation I-Cause
and I-Cause
data-driven I-Cause
decision I-Cause
making O
strengthen B-Effect
its I-Effect
brand I-Effect
, O
with O
the O
firm O
's O
competitive O
advantage O
built O
around O
a O
database O
that O
features O
20 O
years O
of O
customer O
data O
. O

We O
think O
ON B-Cause
's I-Cause
primary I-Cause
ESG I-Cause
risk I-Cause
is I-Cause
vehicle I-Cause
part I-Cause
failure I-Cause
leading O
to O
injury B-Cause
or I-Cause
other I-Cause
damage I-Cause
in I-Cause
a I-Cause
mission-critical I-Cause
system I-Cause
like I-Cause
ADAS I-Cause
, O
which O
could O
hamper O
the B-Effect
firm I-Effect
's I-Effect
reputation I-Effect
and I-Effect
ability I-Effect
to I-Effect
sell I-Effect
into I-Effect
mission-critical I-Effect
applications I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

With B-Cause
the I-Cause
delay I-Cause
or I-Cause
cancellations I-Cause
of I-Cause
the I-Cause
grands I-Cause
prix I-Cause
through I-Cause
June I-Cause
2020 I-Cause
, O
our B-Effect
model I-Effect
now I-Effect
assumes I-Effect
that I-Effect
F1 I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
hold I-Effect
an I-Effect
18-race I-Effect
schedule I-Effect
, I-Effect
down I-Effect
from I-Effect
22 I-Effect
originally I-Effect
. O

Over O
the O
past O
decade O
and O
a O
half O
, O
TripAdvisor B-Cause
has I-Cause
built I-Cause
a I-Cause
leading I-Cause
position I-Cause
in I-Cause
travel I-Cause
reviews I-Cause
and I-Cause
content I-Cause
( I-Cause
the I-Cause
supply I-Cause
side I-Cause
of I-Cause
the I-Cause
equation I-Cause
) I-Cause
, O
which O
in O
turn O
has O
driven B-Effect
strong I-Effect
unique I-Effect
visitor I-Effect
traffic I-Effect
to I-Effect
the I-Effect
site I-Effect
( I-Effect
the I-Effect
demand I-Effect
side I-Effect
of I-Effect
the I-Effect
equation I-Effect
) I-Effect
. O

Buoyed O
by O
trends B-Cause
such I-Cause
as I-Cause
urbanization I-Cause
, I-Cause
the I-Cause
institutionalization I-Cause
of I-Cause
real I-Cause
estate I-Cause
, I-Cause
and I-Cause
the I-Cause
growing I-Cause
tendency I-Cause
of I-Cause
corporate I-Cause
outsourcing I-Cause
, O
JLL B-Effect
should I-Effect
post I-Effect
healthy I-Effect
growth I-Effect
rates I-Effect
as O
it B-Cause
continues I-Cause
to I-Cause
take I-Cause
share I-Cause
from I-Cause
its I-Cause
smaller I-Cause
and I-Cause
weaker I-Cause
rivals I-Cause
. O

The B-Effect
industry I-Effect
should I-Effect
also I-Effect
see I-Effect
a I-Effect
benefit I-Effect
from I-Effect
a B-Cause
pivot I-Cause
toward I-Cause
renewable I-Cause
energy I-Cause
sources I-Cause
, O
as O
copper B-Cause
figures I-Cause
to I-Cause
feature I-Cause
directly I-Cause
( I-Cause
in I-Cause
wind I-Cause
turbine I-Cause
manufacture I-Cause
) I-Cause
and I-Cause
indirectly I-Cause
( I-Cause
connecting I-Cause
renewable I-Cause
energy I-Cause
to I-Cause
the I-Cause
grid I-Cause
) I-Cause
, O
which O
could O
provide O
a B-Effect
boost I-Effect
to I-Effect
near-term I-Effect
prices I-Effect
as O
capacity B-Cause
investments I-Cause
contracted I-Cause
significantly I-Cause
in I-Cause
2020 I-Cause
. O

Second O
, O
the B-Cause
company I-Cause
's I-Cause
higher-margin I-Cause
aftermarket I-Cause
business I-Cause
provides I-Cause
farmers I-Cause
priority I-Cause
on I-Cause
proprietary I-Cause
parts I-Cause
and I-Cause
services I-Cause
through O
its B-Effect
extensive I-Effect
dealer I-Effect
network I-Effect
, I-Effect
limiting I-Effect
service I-Effect
intervals I-Effect
and I-Effect
machine I-Effect
down-time O
. O

This B-Cause
business I-Cause
model I-Cause
allows O
Redfin B-Cause
to I-Cause
streamline I-Cause
the I-Cause
real I-Cause
estate I-Cause
transaction I-Cause
and I-Cause
spread I-Cause
certain I-Cause
costs I-Cause
across I-Cause
the I-Cause
entire I-Cause
organization I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
plausibly I-Effect
charge I-Effect
between I-Effect
a I-Effect
1 I-Effect
% I-Effect
and I-Effect
1.5 I-Effect
% I-Effect
sellers I-Effect
commission I-Effect
compared O
with O
the O
industry O
standard O
of O
around O
2.5 O
% O
-3 O
% O
. O

However O
, O
lower-income B-Cause
motorists I-Cause
at I-Cause
the I-Cause
core I-Cause
of I-Cause
the I-Cause
( I-Cause
more I-Cause
lucrative I-Cause
) I-Cause
DIY I-Cause
segment I-Cause
have I-Cause
fewer I-Cause
work-from-home I-Cause
opportunities I-Cause
, O
which O
we O
believe O
contributed O
to O
the B-Effect
segment I-Effect
's I-Effect
recent I-Effect
surge I-Effect
. O

The O
firm O
has O
also O
been O
seeing O
increased O
design O
activity O
for O
its O
e.Motion O
product O
, O
which O
combines O
magnetic B-Cause
sensing I-Cause
chips I-Cause
for I-Cause
angle I-Cause
measurement I-Cause
and I-Cause
magnetic I-Cause
field I-Cause
sensing I-Cause
to O
enable O
more B-Effect
efficient I-Effect
motor I-Effect
design I-Effect
. O

A B-Cause
major I-Cause
risk I-Cause
area I-Cause
for I-Cause
Dropbox I-Cause
is I-Cause
a I-Cause
circumstance I-Cause
in I-Cause
which I-Cause
Dropbox I-Cause
's I-Cause
platform I-Cause
is I-Cause
down I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
time. O
This O
scenario O
would O
prevent O
users B-Effect
, I-Effect
particularly I-Effect
enterprises I-Effect
, I-Effect
from I-Effect
functioning I-Effect
and I-Effect
collaborating I-Effect
as I-Effect
normal I-Effect
and I-Effect
possibly I-Effect
limit I-Effect
access I-Effect
to I-Effect
mission I-Effect
critical I-Effect
files I-Effect
. O

This O
difference B-Cause
in I-Cause
focus I-Cause
, O
in O
our O
view O
, O
accounts O
for O
the O
decline O
in O
segment B-Effect
profitability I-Effect
from O
2012 O
to O
2014 O
, O
even O
while O
peer O
Schlumberger O
saw O
improvement O
owing O
to O
uptake O
of O
new O
technologies O
. O

We O
've O
increased B-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
for I-Cause
Franklin I-Cause
Resources I-Cause
to I-Cause
$ I-Cause
27 I-Cause
per I-Cause
share I-Cause
from I-Cause
$ I-Cause
22 I-Cause
to O
account O
for B-Effect
the I-Effect
continued I-Effect
recovery I-Effect
in I-Effect
the I-Effect
equity I-Effect
, I-Effect
credit I-Effect
and I-Effect
currency I-Effect
markets I-Effect
following I-Effect
the I-Effect
steep I-Effect
COVID-19 I-Effect
induced I-Effect
sell-off I-Effect
in I-Effect
the I-Effect
March I-Effect
quarter I-Effect
of I-Effect
2020 I-Effect
. O

Even B-Effect
in I-Effect
a I-Effect
more I-Effect
competitive I-Effect
environment I-Effect
( I-Effect
our I-Effect
bear I-Effect
case I-Effect
) I-Effect
, I-Effect
we I-Effect
'd I-Effect
expect I-Effect
the I-Effect
firm I-Effect
could I-Effect
generate I-Effect
around I-Effect
20 I-Effect
% I-Effect
ROICs I-Effect
, O
owing O
to O
the B-Cause
strength I-Cause
of I-Cause
its I-Cause
operating I-Cause
strategy I-Cause
. O

This O
strategy O
should O
persist O
for O
the O
next O
several O
years O
, O
after O
which O
we O
expect O
the O
company B-Effect
to I-Effect
be I-Effect
a I-Effect
net I-Effect
acquirer I-Effect
of I-Effect
real I-Effect
estate I-Effect
as O
it O
finds B-Cause
attractive I-Cause
opportunities I-Cause
in I-Cause
its I-Cause
target I-Cause
market I-Cause
of I-Cause
New I-Cause
York I-Cause
. O

Plug B-Cause
loads I-Cause
draw I-Cause
power I-Cause
from I-Cause
standard I-Cause
alternating-current I-Cause
receptacles I-Cause
and I-Cause
often I-Cause
operate I-Cause
all I-Cause
the I-Cause
time I-Cause
( I-Cause
computers I-Cause
and I-Cause
printers I-Cause
typically I-Cause
remain I-Cause
continuously I-Cause
plugged I-Cause
in I-Cause
, O
for O
example O
) O
, O
which O
waste B-Effect
considerable I-Effect
energy I-Effect
. O

We B-Cause
also I-Cause
expect I-Cause
WPP I-Cause
to I-Cause
continue I-Cause
acquiring I-Cause
and I-Cause
investing I-Cause
in I-Cause
the I-Cause
growing I-Cause
digital I-Cause
advertising I-Cause
space I-Cause
, O
which O
will O
help B-Effect
the I-Effect
firm I-Effect
remain I-Effect
competitive I-Effect
. O

Adidas O
claims O
Boost B-Effect
shoes I-Effect
have I-Effect
excellent I-Effect
running I-Effect
properties I-Effect
as O
the B-Cause
midsole I-Cause
springs I-Cause
back I-Cause
into I-Cause
its I-Cause
original I-Cause
shape I-Cause
after I-Cause
impact I-Cause
, I-Cause
thereby I-Cause
reducing I-Cause
energy I-Cause
usage I-Cause
. O

We B-Effect
view I-Effect
L3Harris I-Effect
' I-Effect
sensitivity I-Effect
to I-Effect
the I-Effect
overall I-Effect
budget I-Effect
less I-Effect
favorably I-Effect
than I-Effect
for I-Effect
products I-Effect
with I-Effect
long-term I-Cause
revenue I-Cause
visibility I-Cause
on I-Cause
platform I-Cause
products I-Cause
. O

Farfetch B-Effect
's I-Effect
third-party I-Effect
take I-Effect
rate I-Effect
is I-Effect
above I-Effect
that I-Effect
of I-Effect
established I-Effect
marketplaces I-Effect
, O
partly O
due O
to O
lack B-Cause
of I-Cause
competition I-Cause
in I-Cause
the I-Cause
luxury I-Cause
retailer I-Cause
segment I-Cause
, O
in O
our O
view O
. O

Rent-by-choice O
continues O
to O
gain O
popularity O
in O
the O
housing O
market O
, O
which O
is O
a O
positive O
sign O
for O
self-storage O
, O
given O
that O
renters B-Cause
tend I-Cause
to I-Cause
move I-Cause
more I-Cause
frequently I-Cause
and O
thus O
make B-Effect
use I-Effect
of I-Effect
self-storage I-Effect
facilities I-Effect
in I-Effect
moments I-Effect
of I-Effect
transition I-Effect
. O

While O
Twitter B-Cause
remains I-Cause
one I-Cause
of I-Cause
the I-Cause
main I-Cause
real-time I-Cause
online I-Cause
content I-Cause
distribution I-Cause
platforms I-Cause
, I-Cause
its I-Cause
user I-Cause
base I-Cause
is I-Cause
much I-Cause
smaller I-Cause
than I-Cause
other I-Cause
social I-Cause
networks I-Cause
such I-Cause
as I-Cause
Facebook I-Cause
( I-Cause
including I-Cause
Instagram I-Cause
) I-Cause
and I-Cause
Snap I-Cause
's I-Cause
Snapchat. O
As O
such O
, O
Twitter B-Effect
is I-Effect
not I-Effect
benefiting I-Effect
from I-Effect
increased I-Effect
spending I-Effect
on I-Effect
mobile I-Effect
and I-Effect
online I-Effect
video I-Effect
advertising I-Effect
as I-Effect
much I-Effect
as I-Effect
its I-Effect
peers I-Effect
. O

Gluski B-Effect
narrowed I-Effect
AES I-Effect
' I-Effect
geographic I-Effect
and I-Effect
business I-Effect
focus O
by O
selling B-Cause
businesses I-Cause
in I-Cause
markets I-Cause
where I-Cause
AES I-Cause
did I-Cause
not I-Cause
have I-Cause
a I-Cause
strong I-Cause
platform I-Cause
or I-Cause
competitive I-Cause
advantage I-Cause
. O

Notably O
, O
while O
the O
long-term O
prospects O
of O
the O
semiconductor O
materials O
business O
appear O
strong O
, O
the B-Cause
increasing I-Cause
exposure I-Cause
to I-Cause
this I-Cause
cyclical I-Cause
end I-Cause
market I-Cause
could O
add B-Effect
some I-Effect
volatility I-Effect
to I-Effect
Merck I-Effect
's I-Effect
financial I-Effect
results I-Effect
. O

We O
believe O
Coupa B-Effect
benefits I-Effect
from I-Effect
robust I-Effect
network I-Effect
effects I-Effect
and I-Effect
switching I-Effect
costs I-Effect
, O
as O
evidenced O
by O
strong B-Cause
machine I-Cause
learning I-Cause
capabilities I-Cause
, I-Cause
growing I-Cause
spend I-Cause
under I-Cause
management I-Cause
, I-Cause
and I-Cause
solid I-Cause
user I-Cause
metrics I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
relatively I-Cause
simple I-Cause
network I-Cause
architecture I-Cause
and I-Cause
spectrum I-Cause
holdings I-Cause
enabled O
it O
to O
upgrade B-Effect
to I-Effect
LTE I-Effect
technology I-Effect
efficiently I-Effect
and I-Effect
effectively I-Effect
while O
its B-Cause
innovative I-Cause
service I-Cause
offerings I-Cause
and I-Cause
marketing I-Cause
have O
won B-Effect
customers I-Effect
from I-Effect
other I-Effect
carriers I-Effect
. O

We O
had O
already O
assumed O
Con B-Effect
Ed I-Effect
would I-Effect
divest I-Effect
its I-Effect
gas I-Effect
transmission I-Effect
investments I-Effect
, O
following O
comments O
in O
the O
2020 O
10-K O
that O
it B-Cause
was I-Cause
considering I-Cause
strategic I-Cause
alternatives I-Cause
for I-Cause
its I-Cause
interest I-Cause
in I-Cause
Stagecoach I-Cause
. O

Corning B-Cause
is I-Cause
working I-Cause
with I-Cause
cellular I-Cause
networks I-Cause
like I-Cause
Verizon I-Cause
and I-Cause
AT I-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
to O
provide B-Effect
a I-Effect
fiber I-Effect
backbone I-Effect
to I-Effect
their I-Effect
5G I-Effect
network I-Effect
buildouts I-Effect
as I-Effect
well I-Effect
as I-Effect
providing I-Effect
fiber I-Effect
to I-Effect
the I-Effect
home I-Effect
to I-Effect
cities I-Effect
and I-Effect
communities I-Effect
to I-Effect
improve I-Effect
their I-Effect
home I-Effect
broadband I-Effect
. O

The O
Brazilian O
government O
stepped B-Cause
away I-Cause
from I-Cause
a I-Cause
plan I-Cause
to I-Cause
increase I-Cause
excise I-Cause
taxes I-Cause
ahead O
of O
the O
FIFA O
World O
Cup O
in O
2014 O
, O
but O
we O
think O
it O
is O
likely O
that O
the O
government O
could B-Effect
leverage I-Effect
the I-Effect
fairly I-Effect
low I-Effect
price I-Effect
elasticity I-Effect
of I-Effect
beer I-Effect
to I-Effect
raise I-Effect
taxes I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

We O
believe O
enterprises B-Effect
will I-Effect
continue I-Effect
to I-Effect
pay I-Effect
for I-Effect
VMware I-Effect
software I-Effect
while O
expanding O
operations O
to O
public O
clouds O
due O
to O
commonality B-Cause
between I-Cause
existing I-Cause
VMware I-Cause
product I-Cause
entrenchment I-Cause
and I-Cause
new I-Cause
offerings I-Cause
. O

Small B-Cause
modifications I-Cause
before I-Cause
or I-Cause
after I-Cause
distillation I-Cause
can O
result O
in O
a B-Effect
variety I-Effect
of I-Effect
distinct I-Effect
tastes I-Effect
, O
which O
makes O
differentiation O
less O
difficult O
than O
in O
other O
industries O
. O

Second O
, O
once O
Paylocity O
's O
platform O
is O
integrated O
, O
switching B-Cause
over I-Cause
to I-Cause
a I-Cause
new I-Cause
platform I-Cause
could O
give O
rise O
to O
business B-Cause
disruption I-Cause
and I-Cause
operational I-Cause
risk I-Cause
, O
potentially O
leading O
to O
inefficiencies B-Effect
in I-Effect
payroll I-Effect
processing I-Effect
and I-Effect
HCM I-Effect
solutions I-Effect
and I-Effect
leading I-Effect
to I-Effect
hindrances I-Effect
in I-Effect
day-to-day I-Effect
operations I-Effect
. O

This O
leads B-Effect
to I-Effect
more I-Effect
collaboration I-Effect
and I-Effect
cooperation I-Effect
between I-Effect
regulators I-Effect
and I-Effect
banks I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
greater I-Effect
institutional I-Effect
memory I-Effect
and I-Effect
better-coordinated I-Effect
and I-Effect
more I-Effect
easily I-Effect
implemented I-Effect
responses I-Effect
if O
strains B-Cause
begin I-Cause
to I-Cause
appear I-Cause
in I-Cause
the I-Cause
system I-Cause
. O

We O
think O
CoreSite O
's O
smaller O
footprint O
gives O
it O
greater O
opportunity O
for O
operating O
leverage O
, O
and O
, O
after O
a B-Cause
dip I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
due I-Cause
to I-Cause
higher I-Cause
real I-Cause
estate I-Cause
rents I-Cause
and I-Cause
taxes I-Cause
, O
we B-Effect
project I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
rise I-Effect
about I-Effect
600 I-Effect
basis I-Effect
points I-Effect
between I-Effect
2018 I-Effect
and I-Effect
2029 I-Effect
, I-Effect
to I-Effect
about I-Effect
60 I-Effect
% I-Effect
. O

Additionally O
, O
KBR B-Cause
's I-Cause
portfolio I-Cause
has I-Cause
shifted I-Cause
in I-Cause
recent I-Cause
years I-Cause
toward I-Cause
gas-facing I-Cause
sectors I-Cause
, O
such O
as O
petrochemicals O
, O
LNG O
, O
and O
fertilizers O
, O
which O
has O
reduced B-Effect
its I-Effect
direct I-Effect
exposure I-Effect
to I-Effect
oil I-Effect
price I-Effect
volatility I-Effect
. O

Monolithic B-Cause
's I-Cause
highly I-Cause
integrated I-Cause
chips I-Cause
allow O
its B-Effect
customers I-Effect
to I-Effect
create I-Effect
unique I-Effect
, I-Effect
streamlined I-Effect
designs I-Effect
that O
could O
n't O
be O
achieved O
with O
lagging-edge O
analog O
technology O
. O

As O
a O
result O
of O
the B-Cause
shrunken I-Cause
schedule I-Cause
, O
we O
project O
that O
2020 B-Effect
revenue I-Effect
will I-Effect
fall I-Effect
by I-Effect
$ I-Effect
800 I-Effect
million I-Effect
or I-Effect
40 I-Effect
% I-Effect
year I-Effect
over I-Effect
year I-Effect
to I-Effect
$ I-Effect
1.2 I-Effect
billion I-Effect
due O
to O
lost B-Cause
race I-Cause
promotion I-Cause
fees I-Cause
, I-Cause
lower I-Cause
sponsorship I-Cause
, I-Cause
and I-Cause
decreased I-Cause
broadcasting I-Cause
revenue I-Cause
. O

As O
online B-Cause
rivals I-Cause
need I-Cause
to I-Cause
absorb I-Cause
shipping I-Cause
costs I-Cause
and I-Cause
have I-Cause
ample I-Cause
opportunity I-Cause
to I-Cause
more I-Cause
economically I-Cause
target I-Cause
conventional I-Cause
apparel I-Cause
retailers I-Cause
, O
we O
expect O
Burlington B-Effect
's I-Effect
competitive I-Effect
advantages I-Effect
to I-Effect
endure I-Effect
. O

With O
limited B-Cause
growth I-Cause
, I-Cause
intense I-Cause
competition I-Cause
, I-Cause
and I-Cause
rising I-Cause
use I-Cause
of I-Cause
costlier I-Cause
fulfillment I-Cause
methods I-Cause
, O
we O
foresee O
the B-Effect
benefits I-Effect
of I-Effect
Target I-Effect
's I-Effect
increasing I-Effect
e-commerce I-Effect
size I-Effect
and I-Effect
efficiency I-Effect
gains I-Effect
translating I-Effect
to I-Effect
little I-Effect
profitability I-Effect
improvement I-Effect
, O
with O
our O
forecast O
assuming O
its O
adjusted O
operating O
margin O
remains O
near O
fiscal O
2020 O
's O
7 O
% O
mark O
. O

We O
share O
management O
's O
view O
that O
3G B-Cause
's I-Cause
master I-Cause
franchise I-Cause
joint I-Cause
venture I-Cause
structure I-Cause
offers B-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
by O
which O
to O
accelerate O
Tim O
Hortons O
' O
and O
Popeyes O
' O
unit O
growth O
, O
which O
we O
expect O
to O
become O
more O
pronounced O
in O
the O
years O
to O
come O
( O
after O
shedding O
underperforming O
locations O
in O
2020 O
) O
. O

In O
iron O
ore O
, O
Anglo B-Cause
is I-Cause
a I-Cause
higher-cost I-Cause
producer I-Cause
, O
lagging O
leaders O
Rio O
Tinto O
, O
BHP O
Billiton O
, O
and O
Vale O
, O
which O
dominate B-Effect
more I-Effect
than I-Effect
the I-Effect
lowest I-Effect
half I-Effect
of I-Effect
the I-Effect
industry I-Effect
cost I-Effect
curve I-Effect
. O

However O
, O
KKR O
, O
its O
owner O
in O
the O
interim O
, O
had O
doubled O
the O
earnings O
of O
the O
business O
in O
that O
time O
, O
and O
AB B-Cause
InBev I-Cause
still I-Cause
created I-Cause
value I-Cause
from I-Cause
the I-Cause
deal I-Cause
by I-Cause
extracting I-Cause
duplicate I-Cause
costs I-Cause
and I-Cause
sharing I-Cause
a I-Cause
distribution I-Cause
platform I-Cause
to O
drive O
penetration B-Effect
of I-Effect
the I-Effect
Budweiser I-Effect
and I-Effect
Corona I-Effect
brands I-Effect
. O

In O
our O
view O
, O
IAC B-Cause
has I-Cause
invested I-Cause
in I-Cause
areas I-Cause
within I-Cause
Angi I-Cause
that I-Cause
have I-Cause
resulted I-Cause
in I-Cause
basically I-Cause
a I-Cause
feedback I-Cause
loop I-Cause
-- O
attracting B-Cause
more I-Cause
service I-Cause
professionals I-Cause
who O
have O
helped O
bring B-Cause
in I-Cause
more I-Cause
consumers I-Cause
who O
in O
turn O
have O
attracted B-Effect
more I-Effect
service I-Effect
professionals I-Effect
, O
and O
so O
on O
, O
thereby O
strengthening B-Effect
Angi I-Effect
's I-Effect
network I-Effect
effect I-Effect
. O

As O
an O
example O
, O
Manulife O
, O
along O
with O
other O
insurers O
, O
suspended B-Effect
selling I-Effect
company-owned I-Effect
life I-Effect
insurance I-Effect
policies I-Effect
in O
Japan O
because O
of O
uncertainty B-Cause
regarding I-Cause
the I-Cause
tax I-Cause
treatment I-Cause
of I-Cause
these I-Cause
policies I-Cause
. O

Nice B-Cause
augmented I-Cause
its I-Cause
analytics I-Cause
capabilities I-Cause
in I-Cause
2016 I-Cause
by I-Cause
acquiring I-Cause
Nexidia I-Cause
, O
which O
gives B-Effect
Nice I-Effect
the I-Effect
ability I-Effect
to I-Effect
process I-Effect
and I-Effect
analyze I-Effect
large I-Effect
amounts I-Effect
of I-Effect
omnichannel I-Effect
interactions I-Effect
and I-Effect
provides I-Effect
agents I-Effect
with O
actionable O
insights O
as O
well O
as O
performance O
feedback O
. O

Although O
management O
could O
not O
prevent O
the O
impact O
of O
operating O
in O
hard-hit O
economies O
, O
a B-Cause
generally I-Cause
increasing I-Cause
appetite I-Cause
for I-Cause
risk I-Cause
compounded O
the B-Effect
bank I-Effect
's I-Effect
problems I-Effect
. O

We O
expect O
this B-Cause
gross I-Cause
margin I-Cause
improvement I-Cause
to I-Cause
be I-Cause
somewhen I-Cause
offset I-Cause
by I-Cause
higher I-Cause
levels I-Cause
of I-Cause
marketing I-Cause
investment I-Cause
( I-Cause
increasing I-Cause
from I-Cause
4.5 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
2020 I-Cause
to I-Cause
6.5 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
) I-Cause
, O
resulting O
in O
operating B-Effect
margins I-Effect
of I-Effect
19.4 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, I-Effect
up I-Effect
from I-Effect
17.4 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

When O
California B-Cause
legalized I-Cause
recreational I-Cause
cannabis I-Cause
with I-Cause
a I-Cause
relatively I-Cause
high I-Cause
tax I-Cause
, O
the B-Effect
legal I-Effect
market I-Effect
shrank O
as O
consumers B-Effect
moved I-Effect
back I-Effect
into I-Effect
the I-Effect
black I-Effect
market I-Effect
. O

BorgWarner B-Effect
benefits I-Effect
from O
a B-Cause
substantial I-Cause
global I-Cause
manufacturing I-Cause
presence I-Cause
, I-Cause
highly I-Cause
integrated I-Cause
and I-Cause
long-term I-Cause
customer I-Cause
ties I-Cause
, I-Cause
and I-Cause
a I-Cause
moderate I-Cause
level I-Cause
of I-Cause
pricing I-Cause
power I-Cause
from I-Cause
the I-Cause
regular I-Cause
commercialization I-Cause
of I-Cause
new I-Cause
technologies I-Cause
. O

This B-Cause
gives I-Cause
Zions I-Cause
an I-Cause
attractive I-Cause
deposit I-Cause
base I-Cause
, I-Cause
but I-Cause
the I-Cause
bank I-Cause
still I-Cause
lacks I-Cause
substantial I-Cause
fee I-Cause
income I-Cause
, O
which O
will O
expose B-Effect
it I-Effect
in I-Effect
less-friendly I-Effect
rate I-Effect
environments I-Effect
. O

A B-Cause
jump I-Cause
in I-Cause
midstream I-Cause
earnings I-Cause
following O
the O
completion O
of O
Adelphia O
Gateway O
along O
with O
contributions B-Cause
from I-Cause
solar I-Cause
investments I-Cause
should O
provide O
incremental B-Effect
earnings I-Effect
growth I-Effect
. O

Phillips B-Cause
66 I-Cause
's I-Cause
two I-Cause
California I-Cause
refineries I-Cause
and I-Cause
one I-Cause
East I-Cause
Coast I-Cause
refinery I-Cause
have I-Cause
been I-Cause
challenged I-Cause
compared I-Cause
with I-Cause
the I-Cause
rest I-Cause
of I-Cause
its I-Cause
portfolio. O
As O
a O
result O
, O
it B-Effect
will I-Effect
convert I-Effect
its I-Effect
San I-Effect
Francisco I-Effect
area I-Effect
refinery I-Effect
to I-Effect
produce I-Effect
800 I-Effect
million I-Effect
gallons I-Effect
of I-Effect
renewable I-Effect
fuels I-Effect
, I-Effect
to I-Effect
be I-Effect
completed I-Effect
during I-Effect
the I-Effect
first I-Effect
quarter I-Effect
of I-Effect
2024 I-Effect
. O

Further O
, O
we B-Effect
expect I-Effect
Airbnb I-Effect
to I-Effect
lower I-Effect
marketing I-Effect
expense I-Effect
to I-Effect
20 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
in I-Effect
2030 I-Effect
from I-Effect
34 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
( O
2019 O
was O
a O
heavier O
investment O
year O
, O
with O
2018 O
marketing O
costs O
at O
30 O
% O
of O
sales O
) O
, O
as O
the B-Cause
company I-Cause
benefits I-Cause
from I-Cause
strong I-Cause
global I-Cause
awareness I-Cause
and I-Cause
a I-Cause
more I-Cause
complete I-Cause
platform I-Cause
offering I-Cause
long I-Cause
term I-Cause
. O

We O
expect O
earnings B-Effect
to I-Effect
increase I-Effect
significantly I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
as O
demand B-Cause
from I-Cause
key I-Cause
end I-Cause
markets I-Cause
improves I-Cause
, I-Cause
shipment I-Cause
volumes I-Cause
increase I-Cause
, I-Cause
and I-Cause
margins I-Cause
expand I-Cause
. O

Specific O
to O
Glaxo O
, O
increased B-Effect
generic I-Effect
competition I-Effect
is I-Effect
emerging I-Effect
for I-Effect
leading I-Effect
drug I-Effect
Advair I-Effect
, O
which O
could O
be O
detrimental O
to O
the O
company O
as O
the B-Cause
drug I-Cause
represents I-Cause
close I-Cause
to I-Cause
5 I-Cause
% I-Cause
of I-Cause
the I-Cause
top I-Cause
line I-Cause
and I-Cause
a I-Cause
higher I-Cause
portion I-Cause
of I-Cause
the I-Cause
bottom I-Cause
line I-Cause
because I-Cause
of I-Cause
its I-Cause
high I-Cause
margins I-Cause
. O

However O
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
it I-Effect
enjoys I-Effect
any I-Effect
special I-Effect
advantages I-Effect
in I-Effect
terms I-Effect
of I-Effect
acquiring I-Effect
land I-Effect
for I-Effect
new I-Effect
developments I-Effect
today I-Effect
, O
given O
the B-Cause
maturity I-Cause
of I-Cause
the I-Cause
self-storage I-Cause
space I-Cause
. O

Our O
uncertainty O
rating O
remains O
medium O
, O
which O
reflects O
the B-Effect
widening I-Effect
range I-Effect
of I-Effect
valuation I-Effect
outcomes I-Effect
resulting O
from O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
short-term I-Cause
demand I-Cause
. O

Further O
, O
we O
believe O
Pfizer O
's O
operations O
can O
withstand O
the O
eventual O
generic O
competition O
, O
and O
the B-Cause
firm I-Cause
's I-Cause
diverse I-Cause
portfolio I-Cause
of I-Cause
drugs I-Cause
help O
insulate B-Effect
Pfizer I-Effect
from I-Effect
any I-Effect
one I-Effect
particular I-Effect
patent I-Effect
loss I-Effect
. O

Gross B-Cause
margin I-Cause
for I-Cause
the I-Cause
recorded I-Cause
music I-Cause
segment I-Cause
will I-Cause
benefit I-Cause
from I-Cause
the I-Cause
increased I-Cause
importance I-Cause
of I-Cause
streaming I-Cause
revenue I-Cause
, I-Cause
which I-Cause
has I-Cause
a I-Cause
much I-Cause
better I-Cause
margin I-Cause
profile I-Cause
than I-Cause
physical I-Cause
media. O
This O
improvement O
should O
help B-Effect
product I-Effect
costs I-Effect
drop I-Effect
from I-Effect
21.5 I-Effect
% I-Effect
of I-Effect
segment I-Effect
revenue I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
to I-Effect
19.6 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
, I-Effect
just I-Effect
below I-Effect
20.2 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

His B-Cause
knowledge I-Cause
of I-Cause
those I-Cause
hotels I-Cause
combined I-Cause
with I-Cause
management I-Cause
's I-Cause
demonstrated I-Cause
ability I-Cause
to I-Cause
maximize I-Cause
margins I-Cause
should O
allow O
him B-Effect
to I-Effect
implement I-Effect
cost-saving I-Effect
initiatives I-Effect
that I-Effect
drive I-Effect
up I-Effect
margins I-Effect
. O

The B-Cause
fixed-line I-Cause
business I-Cause
, I-Cause
led I-Cause
by I-Cause
fixed I-Cause
broadband I-Cause
and I-Cause
industrial I-Cause
Internet I-Cause
has O
been O
driving O
China B-Effect
Unicom I-Effect
's I-Effect
growth I-Effect
in O
recent O
years O
while O
heavy B-Cause
competition I-Cause
in I-Cause
mobiles I-Cause
has O
slashed B-Effect
prices I-Effect
. O

Cyclical B-Effect
downturns I-Effect
in I-Effect
demand I-Effect
compress I-Effect
profitability I-Effect
because O
excess B-Cause
capacity I-Cause
normally I-Cause
drives I-Cause
providers I-Cause
to I-Cause
slash I-Cause
rates I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
salvage I-Cause
asset I-Cause
utilization I-Cause
, O
especially O
in O
trucking O
. O

These B-Cause
network I-Cause
effects I-Cause
serve O
to O
both O
create O
barriers O
to O
success B-Effect
for I-Effect
new I-Effect
social I-Effect
network I-Effect
upstarts I-Effect
( I-Effect
as I-Effect
demonstrated I-Effect
by I-Effect
the I-Effect
firm I-Effect
's I-Effect
success I-Effect
against I-Effect
Snap I-Effect
) I-Effect
, O
as O
well O
as O
barriers O
to O
exit B-Effect
for I-Effect
existing I-Effect
users I-Effect
who I-Effect
might I-Effect
leave I-Effect
behind I-Effect
friends I-Effect
, I-Effect
contacts I-Effect
, I-Effect
pictures I-Effect
, I-Effect
memories I-Effect
, O
and O
more O
by O
departing O
to O
alternative O
platforms O
. O

The B-Cause
capital I-Cause
intensity I-Cause
of I-Cause
manufacturing I-Cause
the I-Cause
latest I-Cause
memory I-Cause
chips I-Cause
continues I-Cause
to I-Cause
rise I-Cause
, O
with O
Micron B-Effect
's I-Effect
annual I-Effect
capital I-Effect
expenditure I-Effect
budget I-Effect
approaching I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
. O

We O
do O
believe O
the B-Effect
firm I-Effect
's I-Effect
fee I-Effect
revenue I-Effect
tends I-Effect
to I-Effect
be I-Effect
relatively I-Effect
stable I-Effect
, O
but O
it O
is O
impacted O
by O
market B-Cause
levels I-Cause
, I-Cause
foreign I-Cause
exchange I-Cause
volumes I-Cause
, I-Cause
and I-Cause
securities I-Cause
lending I-Cause
volumes I-Cause
. O

While O
we O
expect O
the B-Cause
Oppenheimer I-Cause
deal I-Cause
to O
keep O
margins B-Effect
from I-Effect
deteriorating I-Effect
too I-Effect
much I-Effect
in O
the O
face O
of O
fee B-Effect
compression I-Effect
and I-Effect
rising I-Effect
costs I-Effect
( O
necessary O
to O
improve B-Cause
investment I-Cause
performance I-Cause
and I-Cause
enhance I-Cause
product I-Cause
distribution I-Cause
) O
, O
near-term B-Effect
organic I-Effect
growth I-Effect
will I-Effect
be I-Effect
trickier I-Effect
as O
the B-Cause
firm I-Cause
navigates I-Cause
merger-related I-Cause
outflows I-Cause
. O

Following B-Cause
the I-Cause
restructuring I-Cause
and I-Cause
the I-Cause
Alcon I-Cause
spin-off I-Cause
, O
we B-Effect
project I-Effect
an I-Effect
average I-Effect
2 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
rate I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
new B-Cause
product I-Cause
launches I-Cause
offset I-Cause
patent I-Cause
losses I-Cause
. O

Law B-Effect
firms I-Effect
particularly I-Effect
loathe I-Effect
change I-Effect
and I-Effect
switch I-Effect
providers I-Effect
at I-Effect
a I-Effect
glacial I-Effect
cadence I-Effect
given O
attorney B-Cause
concerns I-Cause
over I-Cause
both I-Cause
compliance I-Cause
and I-Cause
cybersecurity I-Cause
. O

We O
expect O
Comcast B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
offset I-Effect
lost I-Effect
television I-Effect
revenue I-Effect
with O
steady B-Cause
growth I-Cause
in I-Cause
Internet I-Cause
access I-Cause
customers I-Cause
and I-Cause
pricing I-Cause
. O

In O
industrial O
equipment O
like O
robotic O
arms O
, B-Cause
the I-Cause
increasing I-Cause
prevalence I-Cause
of I-Cause
smart I-Cause
and I-Cause
connected I-Cause
factories I-Cause
drives O
more B-Effect
sensor I-Effect
content I-Effect
, O
and O
more O
complex O
machinery O
requires O
more O
electrical O
connections O
. O

Components B-Cause
such I-Cause
as I-Cause
Motion I-Cause
Industries I-Cause
' I-Cause
pump I-Cause
, I-Cause
power I-Cause
transmission I-Cause
, I-Cause
and I-Cause
motion I-Cause
offerings I-Cause
are I-Cause
often I-Cause
critical I-Cause
to I-Cause
clients I-Cause
' I-Cause
ability I-Cause
to I-Cause
quickly I-Cause
resume I-Cause
operations I-Cause
active I-Cause
after I-Cause
a I-Cause
part I-Cause
failure. O
Consequently O
, O
the B-Effect
industrial I-Effect
unit I-Effect
's I-Effect
clients I-Effect
require I-Effect
leading I-Effect
players I-Effect
to I-Effect
carry I-Effect
a I-Effect
large I-Effect
supply I-Effect
of I-Effect
slow-turning I-Effect
parts I-Effect
for I-Effect
quick I-Effect
delivery I-Effect
( I-Effect
within I-Effect
24 I-Effect
hours I-Effect
and I-Effect
often I-Effect
same I-Effect
day I-Effect
) I-Effect
. O

The B-Cause
incremental I-Cause
investment I-Cause
required I-Cause
to I-Cause
add I-Cause
a I-Cause
new I-Cause
customer I-Cause
or I-Cause
an I-Cause
employee I-Cause
to I-Cause
a I-Cause
platform I-Cause
is I-Cause
small I-Cause
, O
which O
in O
recent O
years O
has O
resulted O
in O
high B-Effect
incremental I-Effect
returns I-Effect
and I-Effect
margins I-Effect
. O

Also O
, O
Class B-Cause
A I-Cause
malls I-Cause
are I-Cause
being I-Cause
redeveloped I-Cause
to O
provide O
more B-Effect
food I-Effect
and I-Effect
recreation I-Effect
options I-Effect
to I-Effect
present I-Effect
themselves I-Effect
as I-Effect
entertainment I-Effect
destinations I-Effect
rather I-Effect
than I-Effect
simply I-Effect
being I-Effect
the I-Effect
place I-Effect
consumers I-Effect
shop I-Effect
. O

Corning B-Cause
can I-Cause
then I-Cause
use I-Cause
the I-Cause
money I-Cause
it I-Cause
saves I-Cause
to I-Cause
reinvest I-Cause
in I-Cause
innovating I-Cause
its I-Cause
production I-Cause
processes I-Cause
even I-Cause
more I-Cause
and O
continue O
to O
sustainably B-Effect
outprofit I-Effect
its I-Effect
competition I-Effect
. O

While O
there O
are O
low O
barriers O
to O
entry O
in O
the O
industry O
, B-Cause
the I-Cause
relationships I-Cause
that I-Cause
have I-Cause
been I-Cause
built I-Cause
with I-Cause
dealers I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
decades I-Cause
have O
resulted O
in O
goodwill B-Effect
that I-Effect
new I-Effect
entrants I-Effect
would I-Effect
find I-Effect
hard I-Effect
to I-Effect
capture I-Effect
, I-Effect
with I-Effect
nearly I-Effect
4,000 I-Effect
global I-Effect
locations I-Effect
that I-Effect
sell I-Effect
BRP I-Effect
's I-Effect
products I-Effect
. O

However O
, O
we B-Effect
anticipate I-Effect
that I-Effect
R I-Effect
& I-Effect
D I-Effect
will I-Effect
remain I-Effect
elevated I-Effect
as O
Uber B-Cause
is I-Cause
likely I-Cause
to I-Cause
invest I-Cause
in I-Cause
new I-Cause
ventures I-Cause
even I-Cause
after I-Cause
the I-Cause
expected I-Cause
sale I-Cause
of I-Cause
its I-Cause
autonomous I-Cause
vehicle I-Cause
business I-Cause
, I-Cause
or I-Cause
ATG I-Cause
, I-Cause
in I-Cause
the I-Cause
first I-Cause
quarter I-Cause
of I-Cause
2021 I-Cause
, I-Cause
resulting I-Cause
in I-Cause
declines I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
net I-Cause
revenue I-Cause
. O

While O
we O
do O
n't O
see O
risks O
stemming O
from O
environmental O
, O
social O
, O
and O
governance O
as O
particularly O
germane O
, O
we O
concede O
Kraft B-Effect
Heinz I-Effect
could I-Effect
be I-Effect
forced I-Effect
to I-Effect
recall I-Effect
its I-Effect
fare I-Effect
if O
quality B-Cause
standards I-Cause
fall I-Cause
short I-Cause
. O

However O
, O
as O
time B-Cause
has I-Cause
passed I-Cause
and I-Cause
performance I-Cause
has I-Cause
grown I-Cause
at I-Cause
an I-Cause
exponential I-Cause
rate I-Cause
, O
it O
is O
extremely B-Effect
difficult I-Effect
to I-Effect
innovate I-Effect
newer I-Effect
and I-Effect
smaller I-Effect
designs I-Effect
without I-Effect
the I-Effect
assistance I-Effect
of I-Effect
EDA I-Effect
tools I-Effect
. O

While O
the B-Cause
firm I-Cause
has I-Cause
been I-Cause
successful I-Cause
so I-Cause
far I-Cause
in I-Cause
increasing I-Cause
market I-Cause
share I-Cause
in I-Cause
Get I-Cause
Bigger I-Cause
categories I-Cause
, O
the B-Effect
categories I-Effect
are I-Effect
very I-Effect
competitive I-Effect
and I-Effect
require I-Effect
consistent I-Effect
spending I-Effect
behind I-Effect
brands I-Effect
to I-Effect
maintain I-Effect
share I-Effect
gains I-Effect
. O

We B-Effect
forecast I-Effect
9 I-Effect
% I-Effect
annual I-Effect
earnings I-Effect
growth I-Effect
at I-Effect
Southern I-Effect
's I-Effect
four I-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
utilities I-Effect
, I-Effect
driven I-Effect
by I-Effect
an I-Effect
estimated I-Effect
$ I-Effect
8 I-Effect
billion I-Effect
of I-Effect
capital I-Effect
expenditures I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years. O
This O
is O
mostly O
driven O
by O
investment B-Cause
in I-Cause
pipe I-Cause
replacement I-Cause
at I-Cause
Nicor I-Cause
in I-Cause
Illinois I-Cause
and I-Cause
AGL I-Cause
in I-Cause
Georgia I-Cause
, I-Cause
Southern I-Cause
's I-Cause
two I-Cause
largest I-Cause
gas I-Cause
utilities I-Cause
, I-Cause
which I-Cause
represent I-Cause
about I-Cause
85 I-Cause
% I-Cause
of I-Cause
gas I-Cause
utility I-Cause
rate I-Cause
base I-Cause
. O

Unlike O
traditional O
drugs O
, O
Lilly B-Effect
's I-Effect
insulin I-Effect
drugs I-Effect
are I-Effect
very I-Effect
hard I-Effect
to I-Effect
copy I-Effect
by I-Effect
generics I-Effect
and I-Effect
create I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
for I-Effect
noninsulin I-Effect
producers I-Effect
because O
of O
the B-Cause
large I-Cause
up-front I-Cause
investments I-Cause
needed I-Cause
to I-Cause
create I-Cause
scale I-Cause
efficiencies I-Cause
. O

As O
Jacobs B-Cause
derives I-Cause
over I-Cause
half I-Cause
of I-Cause
its I-Cause
revenue I-Cause
from I-Cause
contracts I-Cause
with I-Cause
government I-Cause
agencies I-Cause
, O
any B-Effect
potential I-Effect
declines I-Effect
in I-Effect
government I-Effect
spending I-Effect
could I-Effect
have I-Effect
a I-Effect
material I-Effect
impact I-Effect
on I-Effect
Jacobs I-Effect
' I-Effect
profitability I-Effect
. O

We O
believe O
Beyond B-Effect
's I-Effect
gross I-Effect
margins I-Effect
will I-Effect
gradually I-Effect
increase I-Effect
to I-Effect
over I-Effect
35 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, I-Effect
from I-Effect
33 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
the B-Cause
business I-Cause
benefits I-Cause
from I-Cause
added I-Cause
scale I-Cause
, O
and O
as O
a B-Cause
higher I-Cause
portion I-Cause
of I-Cause
manufacturing I-Cause
is I-Cause
brought I-Cause
in-house I-Cause
, O
partially O
offset O
by O
lower O
prices O
. O

TIM B-Cause
could B-Effect
also I-Effect
roll I-Effect
up I-Effect
Brazil I-Effect
's I-Effect
fragmented I-Effect
fixed-line I-Effect
industry I-Effect
, O
but O
a B-Cause
weak I-Cause
balance I-Cause
sheet I-Cause
at I-Cause
parent I-Cause
Telecom I-Cause
Italia I-Cause
may B-Effect
limit I-Effect
flexibility I-Effect
. O

However O
, O
deals O
may O
prove O
less B-Effect
beneficial I-Effect
if O
the B-Cause
firm I-Cause
is I-Cause
forced I-Cause
to I-Cause
pay I-Cause
an I-Cause
excessive I-Cause
premium I-Cause
and/or I-Cause
stumbles I-Cause
in I-Cause
the I-Cause
integration I-Cause
. O

With O
Tesla B-Cause
's I-Cause
cost I-Cause
per I-Cause
vehicle I-Cause
set I-Cause
to I-Cause
fall I-Cause
, O
incumbent B-Effect
automakers I-Effect
may I-Effect
take I-Effect
years I-Effect
or I-Effect
never I-Effect
catch I-Effect
up I-Effect
to I-Effect
Tesla I-Effect
as O
they B-Cause
wo I-Cause
n't I-Cause
want I-Cause
to I-Cause
build I-Cause
many I-Cause
new I-Cause
factories I-Cause
from I-Cause
scratch I-Cause
like I-Cause
Tesla I-Cause
is I-Cause
doing I-Cause
. O

Further O
, O
given O
Microsoft B-Cause
's I-Cause
installed I-Cause
base I-Cause
of I-Cause
approximately I-Cause
275 I-Cause
million I-Cause
Office I-Cause
instances I-Cause
, O
we O
believe O
that O
the B-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
push I-Effect
Teams I-Effect
to I-Effect
existing I-Effect
users I-Effect
is I-Effect
powerful I-Effect
and I-Effect
that I-Effect
it I-Effect
can I-Effect
use I-Effect
pricing I-Effect
as I-Effect
a I-Effect
lever I-Effect
in I-Effect
ways I-Effect
that I-Effect
Slack I-Effect
can I-Effect
not I-Effect
. O

As O
a O
result O
of O
booming B-Cause
demand I-Cause
, O
the B-Effect
industry I-Effect
has I-Effect
overexpanded I-Effect
and I-Effect
active I-Effect
grey I-Effect
market I-Effect
channels I-Effect
were I-Effect
created I-Effect
where I-Effect
the I-Effect
consumer I-Effect
can I-Effect
buy I-Effect
an I-Effect
authentic I-Effect
watch I-Effect
at I-Effect
a I-Effect
discount I-Effect
. O

Capital B-Effect
expenditures I-Effect
will I-Effect
be I-Effect
comparatively I-Effect
lower I-Effect
than I-Effect
other I-Effect
cannabis I-Effect
companies I-Effect
we I-Effect
cover I-Effect
, O
as O
the B-Cause
company I-Cause
plans I-Cause
to I-Cause
purchase I-Cause
cannabis I-Cause
from I-Cause
other I-Cause
cultivators I-Cause
rather I-Cause
than I-Cause
expand I-Cause
capacity I-Cause
. O

In O
terms O
of O
environment O
, O
social O
, O
and O
governance O
measures O
, O
Sustainalytics O
views O
Edwards B-Effect
' I-Effect
risk I-Effect
exposure I-Effect
as I-Effect
medium I-Effect
, O
which O
is O
mitigated O
by O
strong B-Cause
management I-Cause
measures I-Cause
, O
and O
we O
concur O
. O

We O
think O
that O
there O
will B-Cause
be I-Cause
a I-Cause
lag I-Cause
in I-Cause
attendees I-Cause
' I-Cause
willingness I-Cause
to I-Cause
amass I-Cause
in I-Cause
large I-Cause
groups I-Cause
in I-Cause
enclosed I-Cause
space I-Cause
so O
attendance B-Effect
will I-Effect
suffer I-Effect
over I-Effect
the I-Effect
near I-Effect
term I-Effect
after I-Effect
the I-Effect
reopening I-Effect
. O

Changes B-Effect
in I-Effect
new I-Effect
engine I-Effect
delivery I-Effect
forecasts I-Effect
slightly I-Effect
lowers I-Effect
annualized I-Effect
fleet I-Effect
growth I-Effect
over I-Effect
the I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
to I-Effect
0.6 I-Effect
% I-Effect
from I-Effect
0.9 I-Effect
% I-Effect
as O
a O
result O
of O
higher B-Cause
wide-body I-Cause
aircraft I-Cause
retirement I-Cause
on I-Cause
the I-Cause
back I-Cause
of I-Cause
lower B-Cause
underlying I-Cause
demand I-Cause
amid I-Cause
airline B-Effect
capacity I-Effect
rightsizing I-Effect
. O

Positioning B-Effect
in I-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
is I-Effect
also I-Effect
still I-Effect
strong I-Effect
, O
as O
Bristol B-Cause
's I-Cause
Inrebic I-Cause
has I-Cause
a I-Cause
narrower I-Cause
label I-Cause
and I-Cause
a I-Cause
black-box I-Cause
warning I-Cause
. O

If O
Altice B-Cause
USA I-Cause
and I-Cause
its I-Cause
cable I-Cause
peers I-Cause
sharply I-Cause
increase I-Cause
their I-Cause
share I-Cause
of I-Cause
the I-Cause
Internet I-Cause
access I-Cause
market I-Cause
, O
regulatory B-Effect
pressure I-Effect
may I-Effect
grow I-Effect
, O
potentially O
offsetting O
the O
benefits O
of O
these O
gains O
. O

For B-Effect
travelers I-Effect
, I-Effect
Booking.com I-Effect
was I-Effect
intriguing I-Effect
because O
it B-Cause
offered I-Cause
agency I-Cause
bookings I-Cause
, I-Cause
which I-Cause
allowed I-Cause
them I-Cause
to I-Cause
pay I-Cause
after I-Cause
a I-Cause
hotel I-Cause
visit I-Cause
versus I-Cause
having I-Cause
to I-Cause
pay I-Cause
up I-Cause
front I-Cause
with I-Cause
merchant I-Cause
bookings I-Cause
. O

Additionally O
, O
our B-Cause
forward I-Cause
estimates I-Cause
are I-Cause
based I-Cause
on I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expenses I-Cause
leveling I-Cause
off I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
and I-Cause
gross I-Cause
margin I-Cause
expanding I-Cause
modestly I-Cause
( I-Cause
from I-Cause
2019 I-Cause
levels I-Cause
) I-Cause
on I-Cause
merchandise I-Cause
margin I-Cause
, I-Cause
top-line I-Cause
leverage I-Cause
, I-Cause
and I-Cause
decreased I-Cause
lead I-Cause
times. O
Therefore O
, O
there B-Effect
is I-Effect
an I-Effect
inherent I-Effect
risk I-Effect
that I-Effect
the I-Effect
cost I-Effect
structure I-Effect
increases I-Effect
more I-Effect
than I-Effect
expected I-Effect
, I-Effect
further I-Effect
changes I-Effect
to I-Effect
the I-Effect
supply I-Effect
chain I-Effect
are I-Effect
more I-Effect
difficult I-Effect
to I-Effect
achieve I-Effect
, I-Effect
pricing I-Effect
power I-Effect
diminishes I-Effect
, I-Effect
or I-Effect
that I-Effect
consumer I-Effect
spending I-Effect
is I-Effect
lower I-Effect
than I-Effect
expected I-Effect
and I-Effect
the I-Effect
model I-Effect
faces I-Effect
less I-Effect
leverage I-Effect
. O

Spotify O
's O
balance O
is O
somewhat O
unusual O
in O
that O
an O
ad B-Cause
not O
only O
creates B-Effect
revenue I-Effect
for O
the O
firm O
, O
but O
it O
also O
lowers B-Effect
costs I-Effect
, O
as O
it O
leads O
to O
fewer B-Effect
songs I-Effect
being I-Effect
played I-Effect
and O
, O
in O
turn O
, O
modestly O
lower B-Effect
royalties I-Effect
to O
be O
paid O
. O

Comcast B-Effect
has I-Effect
steadily I-Effect
gained I-Effect
market I-Effect
share I-Effect
over I-Effect
its I-Effect
primary I-Effect
competitors I-Effect
, I-Effect
phone I-Effect
companies I-Effect
like I-Effect
AT I-Effect
& I-Effect
T I-Effect
and I-Effect
Verizon I-Effect
, O
as O
high-quality B-Cause
Internet I-Cause
access I-Cause
has I-Cause
become I-Cause
a I-Cause
staple I-Cause
utility I-Cause
in I-Cause
more I-Cause
households I-Cause
. O

While O
data O
on O
the O
venture O
is O
limited O
, O
we O
are O
inclined O
to O
think O
that O
the B-Effect
stores I-Effect
contribute I-Effect
to I-Effect
US I-Effect
Foods I-Effect
' I-Effect
competitive I-Effect
edge I-Effect
by I-Effect
increasing I-Effect
its I-Effect
scale I-Effect
, O
as O
the B-Cause
stores I-Cause
help I-Cause
the I-Cause
firm I-Cause
further I-Cause
penetrate I-Cause
existing I-Cause
clients I-Cause
and I-Cause
generate I-Cause
incremental I-Cause
revenue I-Cause
by I-Cause
reaching I-Cause
new I-Cause
clients I-Cause
. O

The B-Cause
delay I-Cause
in I-Cause
issuing I-Cause
3G I-Cause
licenses I-Cause
meaning O
a B-Effect
concentrated I-Effect
investment I-Effect
period I-Effect
in I-Effect
3G I-Effect
then I-Effect
4G I-Effect
and I-Effect
soon I-Effect
5G I-Effect
mobile I-Effect
networks I-Effect
in I-Effect
a I-Effect
shorter I-Effect
period I-Effect
of I-Effect
time I-Effect
than I-Effect
other I-Effect
markets I-Effect
has O
also O
not O
helped O
returns O
. O

Valvoline B-Effect
's I-Effect
core I-Effect
motor I-Effect
oil I-Effect
products I-Effect
in O
North O
America O
( O
which O
accounted O
for O
40 O
% O
of O
its O
fiscal O
2020 O
revenue O
) O
benefit O
from O
a B-Cause
durable I-Cause
trend I-Cause
toward I-Cause
premium I-Cause
lubricants I-Cause
that O
we O
expect O
to O
endure O
as O
newer O
vehicles O
become O
a O
greater O
part O
of O
the O
overall O
fleet O
. O

However O
, O
we O
believe O
once O
the B-Cause
first I-Cause
purchase I-Cause
is I-Cause
notched I-Cause
at I-Cause
a I-Cause
brand I-Cause
like I-Cause
West I-Cause
Elm I-Cause
, I-Cause
Williams-Sonoma I-Cause
can I-Cause
use I-Cause
its I-Cause
marketing I-Cause
prowess I-Cause
to I-Cause
logically I-Cause
tailor I-Cause
its I-Cause
marketing I-Cause
, O
using B-Effect
data I-Effect
indicating I-Effect
the I-Effect
next I-Effect
likely I-Effect
purchase I-Effect
to I-Effect
suggest I-Effect
the I-Effect
product I-Effect
that I-Effect
is I-Effect
most I-Effect
likely I-Effect
to I-Effect
drive I-Effect
repeat I-Effect
business I-Effect
. O

Perhaps O
more O
important O
, O
we O
are O
concerned O
that O
Coloplast O
's O
limited O
wound-care O
portfolio O
-- O
mainly O
foam O
dressings O
-- O
is O
on O
the O
lower-tech O
end O
of O
the O
spectrum O
, O
leaving O
the B-Effect
firm I-Effect
more I-Effect
vulnerable I-Effect
as O
advanced B-Cause
wound I-Cause
care I-Cause
has I-Cause
moved I-Cause
toward I-Cause
negative-pressure I-Cause
wound I-Cause
therapy I-Cause
and I-Cause
hydrofiber I-Cause
products I-Cause
. O

Corning B-Cause
's I-Cause
operating I-Cause
margins I-Cause
are I-Cause
stable I-Cause
in I-Cause
the I-Cause
low- I-Cause
to I-Cause
midteens I-Cause
, I-Cause
as I-Cause
compared I-Cause
with I-Cause
AGC I-Cause
and I-Cause
NEG I-Cause
, I-Cause
that I-Cause
stagnate I-Cause
in I-Cause
the I-Cause
high I-Cause
single I-Cause
digits. O
This O
is O
all O
while O
Corning B-Effect
more I-Effect
than I-Effect
doubles I-Effect
the I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
spend I-Effect
of I-Effect
these I-Effect
competitors I-Effect
, I-Effect
both I-Effect
on I-Effect
an I-Effect
absolute I-Effect
and I-Effect
percentage-of-sales I-Effect
basis I-Effect
. O

Switching B-Cause
costs I-Cause
for I-Cause
institutional I-Cause
clients I-Cause
( I-Cause
listed I-Cause
companies I-Cause
and I-Cause
government I-Cause
entities I-Cause
) I-Cause
is I-Cause
lower I-Cause
, O
as O
clients B-Effect
often I-Effect
bank I-Effect
with I-Effect
multiple I-Effect
financial I-Effect
institutions I-Effect
. O

As O
such O
, O
we O
think O
PPD B-Effect
's I-Effect
top I-Effect
line I-Effect
is I-Effect
positioned I-Effect
to I-Effect
continue I-Effect
to I-Effect
grow I-Effect
, O
as O
it B-Cause
offers I-Cause
innovative I-Cause
patient I-Cause
recruitment I-Cause
solutions I-Cause
and I-Cause
expands I-Cause
geographically I-Cause
. O

While O
we B-Effect
forecast I-Effect
average I-Effect
ROICs I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
of I-Effect
about I-Effect
9 I-Effect
% I-Effect
because O
of O
large B-Cause
acquisitions I-Cause
in I-Cause
Europe I-Cause
, O
we B-Cause
expect I-Cause
LKQ I-Cause
's I-Cause
ROIC I-Cause
to I-Cause
reach I-Cause
nearly I-Cause
10 I-Cause
% I-Cause
by I-Cause
2024 I-Cause
as O
it B-Effect
refines I-Effect
its I-Effect
operations I-Effect
outside I-Effect
of I-Effect
North I-Effect
America I-Effect
. O

That O
said O
, O
we B-Effect
do I-Effect
not I-Effect
perceive I-Effect
further I-Effect
consolidation I-Effect
in I-Effect
the I-Effect
region I-Effect
as I-Effect
a I-Effect
threat I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
leading I-Effect
position I-Effect
, O
given O
that O
the B-Cause
Dutch I-Cause
food I-Cause
retail I-Cause
sector I-Cause
is I-Cause
fairly I-Cause
concentrated I-Cause
, O
with O
the O
top O
four O
players O
( O
AH O
, O
Jumbo O
, O
Lidl O
, O
and O
Aldi O
) O
accounting O
for O
over O
70 O
% O
of O
the O
market O
. O

The O
firm O
's O
main O
strategic O
initiatives O
are O
improving B-Cause
operating I-Cause
efficiency I-Cause
while I-Cause
maintaining I-Cause
a I-Cause
focus I-Cause
on I-Cause
quality I-Cause
and I-Cause
building I-Cause
long-term I-Cause
customer I-Cause
relationships I-Cause
to O
drive O
growth B-Effect
of I-Effect
higher-margin I-Effect
service I-Effect
options I-Effect
like I-Effect
NovaPure I-Effect
. I-Effect

Overall O
, O
we O
estimate O
the B-Cause
pandemic I-Cause
and O
recession B-Effect
will O
translate O
into O
17 O
% O
top-line O
growth O
in O
2021 O
off O
depressed O
2020 O
revenue O
, O
followed O
by O
a O
return O
to O
more O
normalized O
growth O
averaging O
6 O
% O
through O
2025 O
. O

The O
tower O
business O
is O
very O
capital O
intensive O
, O
and O
returns O
are O
typically O
not O
good O
unless O
or O
until O
the O
tower O
provider O
can O
secure O
multiple O
tenants O
on O
the O
tower O
, O
a B-Effect
feat I-Effect
made I-Effect
more I-Effect
difficult I-Effect
for I-Effect
a I-Effect
competitor I-Effect
by O
the B-Cause
limited I-Cause
pool I-Cause
of I-Cause
potential I-Cause
customers I-Cause
. O

As O
a O
result O
of O
diversified B-Cause
end I-Cause
markets I-Cause
with I-Cause
a I-Cause
common I-Cause
theme I-Cause
of I-Cause
materials I-Cause
science I-Cause
, O
Corning B-Effect
benefits I-Effect
from I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
through I-Effect
massive I-Effect
and I-Effect
centralized I-Effect
annual I-Effect
research I-Effect
and I-Effect
development I-Effect
expenses I-Effect
( O
$ O
1.15 O
billion O
in O
2020 O
) O
that O
benefit O
and O
are O
spread O
across O
all O
of O
its O
segments O
. O

We O
have O
bumped B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Fluor I-Effect
to I-Effect
$ I-Effect
19 I-Effect
from I-Effect
$ I-Effect
17.50 I-Effect
after O
the B-Cause
engineering I-Cause
and I-Cause
construction I-Cause
firm I-Cause
reported I-Cause
its I-Cause
first-quarter I-Cause
2021 I-Cause
earnings I-Cause
. O

Gulfstream B-Cause
has I-Cause
an I-Cause
extensive I-Cause
, I-Cause
global I-Cause
product I-Cause
support I-Cause
network I-Cause
that O
allows O
them B-Cause
to I-Cause
regularly I-Cause
take I-Cause
the I-Cause
top I-Cause
position I-Cause
among I-Cause
product I-Cause
support I-Cause
networks I-Cause
, O
which O
creates B-Effect
a I-Effect
sticky I-Effect
stream I-Effect
of I-Effect
aftermarket I-Effect
revenue I-Effect
, I-Effect
representing I-Effect
about I-Effect
a I-Effect
quarter I-Effect
of I-Effect
segment I-Effect
sales I-Effect
. O

We O
have O
a B-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
on I-Effect
Guardant I-Effect
Health I-Effect
, O
with O
strong B-Cause
competition I-Cause
expected I-Cause
in I-Cause
liquid I-Cause
biopsy I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
, O
and O
we O
see O
a B-Effect
scenario I-Effect
where I-Effect
Guardant I-Effect
does I-Effect
not I-Effect
achieve I-Effect
positive I-Effect
free I-Effect
cash I-Effect
flow I-Effect
over I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
. O

We O
see O
potential B-Effect
healthcare I-Effect
policy I-Effect
changes I-Effect
as I-Effect
the I-Effect
key I-Effect
ESG I-Effect
risk I-Effect
for I-Effect
Tenet I-Effect
, O
as O
government B-Cause
officials I-Cause
strive I-Cause
to I-Cause
reach I-Cause
universal I-Cause
coverage I-Cause
. O

During O
the O
height O
of O
the O
pandemic O
in O
early O
2020 O
, O
we B-Effect
tweaked I-Effect
our I-Effect
rating I-Effect
to I-Effect
high I-Effect
due O
in O
part O
to O
Norfolk B-Cause
's I-Cause
heavy I-Cause
exposure I-Cause
to I-Cause
shorter I-Cause
haul I-Cause
intermodal I-Cause
, I-Cause
which I-Cause
has I-Cause
seen I-Cause
significant I-Cause
pressure I-Cause
from I-Cause
unusually I-Cause
depressed I-Cause
rates I-Cause
in I-Cause
the I-Cause
competing I-Cause
truckload I-Cause
sector I-Cause
. O

After O
a O
major O
management O
changeover O
in O
2014-15 O
, O
Insulet B-Cause
has I-Cause
improved I-Cause
its I-Cause
manufacturing I-Cause
and I-Cause
commercialization I-Cause
strategies I-Cause
and O
has O
made B-Effect
progress I-Effect
in I-Effect
gaining I-Effect
economies I-Effect
of I-Effect
scale I-Effect
to I-Effect
bring I-Effect
down I-Effect
costs I-Effect
, O
while O
enlarging O
its O
user O
base O
. O

On O
a O
standalone O
basis O
, O
we O
expect O
AMD B-Effect
to I-Effect
achieve I-Effect
a I-Effect
top-line I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
21 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
( I-Effect
consistent I-Effect
with I-Effect
management I-Effect
's I-Effect
guidance I-Effect
) I-Effect
, I-Effect
including I-Effect
50 I-Effect
% I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
due O
to O
new B-Cause
product I-Cause
growth I-Cause
and I-Cause
the I-Cause
expectation I-Cause
of I-Cause
strong I-Cause
share I-Cause
gains I-Cause
against I-Cause
Intel I-Cause
. O

Grainger O
's O
scalable B-Cause
distribution I-Cause
network I-Cause
and I-Cause
centralized I-Cause
order I-Cause
fulfillment I-Cause
centers I-Cause
allow O
the O
company O
to O
cost-effectively B-Effect
serve I-Effect
its I-Effect
customer I-Effect
base I-Effect
, O
including O
multinational O
customers O
that O
require O
consistent O
product O
availability O
and O
service O
quality O
around O
the O
globe O
. O

In B-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
Malibu I-Effect
's I-Effect
EBITDA I-Effect
margin I-Effect
was I-Effect
17 I-Effect
% I-Effect
, I-Effect
comparable I-Effect
to I-Effect
Mastercraft I-Effect
's I-Effect
17 I-Effect
% I-Effect
, O
so O
further O
EBITDA O
expansion O
could O
indicate O
integrated B-Cause
engines I-Cause
have I-Cause
helped I-Cause
give I-Cause
Malibu I-Cause
an I-Cause
edge I-Cause
over I-Cause
peers I-Cause
( O
we O
forecast O
an O
18 O
% O
adjusted O
EBITDA O
margin O
in O
fiscal O
2021 O
helped O
by O
still-robust O
demand O
) O
. O

If O
Danone B-Cause
were I-Cause
to I-Cause
be I-Cause
prevented I-Cause
from I-Cause
marketing I-Cause
the I-Cause
health I-Cause
benefits I-Cause
of I-Cause
probiotics I-Cause
, O
this O
would O
probably O
significantly B-Effect
weaken I-Effect
its I-Effect
brand I-Effect
strength I-Effect
in I-Effect
the I-Effect
category I-Effect
, I-Effect
soften I-Effect
its I-Effect
pricing I-Effect
power I-Effect
, I-Effect
and I-Effect
increase I-Effect
its I-Effect
exposure I-Effect
to I-Effect
its I-Effect
other I-Effect
significant I-Effect
business I-Effect
risk I-Effect
: I-Effect
volatile I-Effect
commodity I-Effect
costs I-Effect
. O

However O
, O
investment B-Cause
opportunities I-Cause
have I-Cause
been I-Cause
more I-Cause
limited I-Cause
in I-Cause
the I-Cause
refined I-Cause
products I-Cause
segment. O
As O
a O
result O
, O
Magellan B-Effect
has I-Effect
invested I-Effect
more I-Effect
than I-Effect
$ I-Effect
5 I-Effect
billion I-Effect
largely I-Effect
elsewhere I-Effect
since I-Effect
2010 I-Effect
and I-Effect
has I-Effect
built I-Effect
up I-Effect
a I-Effect
respectable I-Effect
but I-Effect
ultimately I-Effect
more I-Effect
volatile I-Effect
and I-Effect
lower-quality I-Effect
crude I-Effect
oil I-Effect
pipeline I-Effect
and I-Effect
marine I-Effect
storage I-Effect
business I-Effect
, I-Effect
which I-Effect
now I-Effect
contributes I-Effect
about I-Effect
35 I-Effect
% I-Effect
of I-Effect
operating I-Effect
margin I-Effect
. O

The B-Cause
company I-Cause
will I-Cause
need I-Cause
to I-Cause
continue I-Cause
to I-Cause
aggressively I-Cause
replenish I-Cause
its I-Cause
pipeline I-Cause
of I-Cause
complex I-Cause
generic I-Cause
and I-Cause
specialty I-Cause
drugs I-Cause
to O
pay B-Effect
down I-Effect
debt I-Effect
. O

Nonetheless O
, O
we O
think O
that O
subscriptions B-Effect
will I-Effect
naturally I-Effect
start I-Effect
to I-Effect
constitute I-Effect
more I-Effect
of I-Effect
Ansys I-Effect
' I-Effect
overall I-Effect
software I-Effect
revenue I-Effect
as O
many B-Cause
of I-Cause
its I-Cause
latest I-Cause
offerings I-Cause
lend I-Cause
themselves I-Cause
more I-Cause
to I-Cause
the I-Cause
time-based I-Cause
subscription I-Cause
model I-Cause
, O
which O
should O
help B-Effect
Ansys I-Effect
' I-Effect
margins I-Effect
significantly I-Effect
. O

Textron B-Cause
's I-Cause
specialty I-Cause
vehicles I-Cause
business I-Cause
is I-Cause
mostly I-Cause
its I-Cause
EZ I-Cause
Go I-Cause
Golf I-Cause
carts I-Cause
and I-Cause
lawn I-Cause
equipment I-Cause
which I-Cause
are I-Cause
not I-Cause
protected I-Cause
by I-Cause
any I-Cause
meaningful I-Cause
technical I-Cause
complexity I-Cause
or I-Cause
brand I-Cause
asset I-Cause
, I-Cause
which I-Cause
invites I-Cause
competition I-Cause
that I-Cause
brings I-Cause
returns I-Cause
to I-Cause
the I-Cause
cost I-Cause
of I-Cause
capital. O
This B-Effect
segment I-Effect
has I-Effect
not I-Effect
posted I-Effect
meaningfully I-Effect
strong I-Effect
segment I-Effect
returns I-Effect
in I-Effect
recent I-Effect
memory I-Effect
, I-Effect
and I-Effect
we I-Effect
do I-Effect
n't I-Effect
much I-Effect
reason I-Effect
why I-Effect
the I-Effect
company I-Effect
would I-Effect
be I-Effect
able I-Effect
to I-Effect
turn I-Effect
this I-Effect
around I-Effect
. O

We O
think O
that O
this B-Effect
growth I-Effect
will I-Effect
be I-Effect
increasingly I-Effect
driven I-Effect
by I-Effect
international I-Effect
markets I-Effect
, O
as O
emerging B-Cause
markets I-Cause
become I-Cause
a I-Cause
more I-Cause
meaningful I-Cause
engine I-Cause
for I-Cause
the I-Cause
business I-Cause
. O

Similarly O
, O
the B-Cause
company I-Cause
's I-Cause
increasing I-Cause
exposure I-Cause
to I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
, O
which O
require O
customized O
components O
with O
high O
technical O
complexity O
, O
will O
afford B-Effect
it I-Effect
higher I-Effect
pricing I-Effect
power I-Effect
in I-Effect
an I-Effect
increasingly I-Effect
competitive I-Effect
environment I-Effect
. O

The B-Cause
revenue I-Cause
pressure I-Cause
due O
to O
COVID-19 B-Cause
, O
plus O
additional B-Cause
investments I-Cause
to I-Cause
enhance I-Cause
the I-Cause
platform I-Cause
and O
improve O
data O
privacy O
and O
security O
and O
content O
management O
, O
will O
likely O
hurt B-Effect
margins I-Effect
in I-Effect
2020 I-Effect
. O

We B-Effect
assume I-Effect
a I-Effect
7.5 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
, I-Effect
lower I-Effect
than I-Effect
the I-Effect
9 I-Effect
% I-Effect
rate I-Effect
of I-Effect
return I-Effect
we I-Effect
expect I-Effect
investors I-Effect
to I-Effect
demand I-Effect
of I-Effect
a I-Effect
diversified I-Effect
equity I-Effect
portfolio I-Effect
because O
of O
OGE B-Cause
's I-Cause
lower I-Cause
sensitivity I-Cause
to I-Cause
the I-Cause
economic I-Cause
cycle I-Cause
following I-Cause
the I-Cause
divestiture I-Cause
of I-Cause
its I-Cause
midstream I-Cause
investment I-Cause
. O

We O
think O
the B-Cause
historically I-Cause
benign I-Cause
regulatory I-Cause
environment I-Cause
in I-Cause
Mexico I-Cause
had O
been O
a B-Effect
notable I-Effect
factor I-Effect
in I-Effect
Grupo I-Effect
Televisa I-Effect
accumulating I-Effect
its I-Effect
large I-Effect
collection I-Effect
of I-Effect
assets I-Effect
and I-Effect
market I-Effect
power I-Effect
. O

Furthermore O
, O
continued B-Cause
advancements I-Cause
in I-Cause
efficiency I-Cause
create O
added B-Effect
strain I-Effect
on I-Effect
an I-Effect
already I-Effect
tight I-Effect
market I-Effect
, O
since O
fewer B-Cause
frac I-Cause
spreads I-Cause
will O
eventually O
be O
required O
to O
maintain B-Effect
the I-Effect
same I-Effect
levels I-Effect
of I-Effect
production I-Effect
. I-Effect

We O
expect O
these B-Cause
efforts I-Cause
, I-Cause
coupled I-Cause
with I-Cause
increasingly I-Cause
rational I-Cause
industry I-Cause
pricing I-Cause
and I-Cause
improved I-Cause
efficiency I-Cause
running I-Cause
the I-Cause
FTTP I-Cause
network I-Cause
, O
will O
enable B-Effect
margins I-Effect
to I-Effect
continue I-Effect
trending I-Effect
higher I-Effect
. O

As B-Cause
demand I-Cause
resumes I-Cause
longer I-Cause
term I-Cause
, O
we B-Effect
think I-Effect
pricing I-Effect
could I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-single-digit I-Effect
clip I-Effect
( I-Effect
averaging I-Effect
around I-Effect
2.5 I-Effect
% I-Effect
between I-Effect
2023-29 I-Effect
) I-Effect
as O
willingness O
to O
socially O
gather O
resumes O
. O

Our B-Cause
fair I-Cause
value I-Cause
increase I-Cause
reflects B-Effect
the I-Effect
recently I-Effect
announced I-Effect
divestment I-Effect
of I-Effect
the I-Effect
engineered I-Effect
materials I-Effect
segment I-Effect
as I-Effect
well I-Effect
as I-Effect
our I-Effect
more I-Effect
optimistic I-Effect
long-term I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
operating I-Effect
margin I-Effect
assumptions I-Effect
for I-Effect
Crane I-Effect
's I-Effect
core I-Effect
segments I-Effect
. O

Transmission B-Effect
investment I-Effect
is I-Effect
one I-Effect
of I-Effect
AEP I-Effect
's I-Effect
most I-Effect
attractive I-Effect
long-term I-Effect
growth I-Effect
opportunities I-Effect
, O
given O
federal B-Cause
incentives I-Cause
to I-Cause
improve I-Cause
the I-Cause
efficiency I-Cause
of I-Cause
the I-Cause
U.S I-Cause
. I-Cause

We O
believe O
that O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
GTA O
Online O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
and O
this O
stream B-Cause
of I-Cause
free I-Cause
content I-Cause
works I-Cause
with O
the O
franchise O
's O
well-established O
single-player O
experience O
to O
help O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
Grand B-Effect
Theft I-Effect
Auto I-Effect
V I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
effectively I-Effect
become I-Effect
an I-Effect
annual I-Effect
release I-Effect
. O

Because O
of O
its B-Cause
R I-Cause
& I-Cause
D I-Cause
efforts I-Cause
and I-Cause
technical I-Cause
know-how I-Cause
, O
Honeywell B-Effect
has I-Effect
virtually I-Effect
shut I-Effect
out I-Effect
other I-Effect
competitors I-Effect
in I-Effect
awarded I-Effect
contracts I-Effect
for I-Effect
avionics I-Effect
( I-Effect
aviation I-Effect
electronics I-Effect
) I-Effect
, I-Effect
auxiliary I-Effect
power I-Effect
units I-Effect
, I-Effect
and I-Effect
mechanical I-Effect
systems I-Effect
( I-Effect
for I-Effect
example I-Effect
landing I-Effect
gear I-Effect
) I-Effect
since I-Effect
2013 I-Effect
. O

Still O
, O
the B-Cause
firm I-Cause
's I-Cause
net I-Cause
debt I-Cause
was I-Cause
3.6 I-Cause
times I-Cause
EBITDA I-Cause
at O
the O
end O
of O
2020 O
, O
leaving O
it O
vulnerable B-Effect
to I-Effect
a I-Effect
spike I-Effect
in I-Effect
borrowing I-Effect
costs I-Effect
, I-Effect
an I-Effect
inability I-Effect
to I-Effect
roll I-Effect
over I-Effect
its I-Effect
debt I-Effect
, I-Effect
or I-Effect
a I-Effect
greater I-Effect
downturn I-Effect
in I-Effect
its I-Effect
business I-Effect
. O

Range B-Cause
has I-Cause
historically I-Cause
outspent I-Cause
cash I-Cause
flows I-Cause
in I-Cause
most I-Cause
years I-Cause
, I-Cause
and I-Cause
this I-Cause
investment I-Cause
has I-Cause
not I-Cause
paid I-Cause
off I-Cause
yet I-Cause
because I-Cause
commodity I-Cause
prices I-Cause
have I-Cause
deteriorated I-Cause
far I-Cause
more I-Cause
than I-Cause
expected. O
As O
a O
result O
, O
Range B-Effect
now I-Effect
contends I-Effect
with I-Effect
an I-Effect
uncomfortable I-Effect
level I-Effect
of I-Effect
financial I-Effect
leverage I-Effect
and I-Effect
is I-Effect
attempting I-Effect
to I-Effect
make I-Effect
ends I-Effect
meet I-Effect
by I-Effect
keeping I-Effect
production I-Effect
flat I-Effect
with I-Effect
a I-Effect
skeleton I-Effect
budget I-Effect
while I-Effect
awaiting I-Effect
higher I-Effect
natural I-Effect
gas I-Effect
prices I-Effect
. O

With O
the B-Cause
settlement I-Cause
between I-Cause
Apple I-Cause
and I-Cause
Qualcomm I-Cause
in I-Cause
2019 I-Cause
, O
Qualcomm B-Effect
has I-Effect
regained I-Effect
lost I-Effect
share I-Effect
in I-Effect
the I-Effect
iPhone I-Effect
starting I-Effect
with I-Effect
the I-Effect
5G I-Effect
iPhone I-Effect
12 I-Effect
in I-Effect
2020 I-Effect
. O

An B-Cause
extended I-Cause
capital I-Cause
expansion I-Cause
cycle I-Cause
through I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
means O
that O
companies B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
their I-Effect
costs I-Effect
of I-Effect
capital I-Effect
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Twitter I-Effect
is I-Effect
very I-Effect
high I-Effect
, O
given O
questions B-Cause
surrounding I-Cause
the I-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
expand I-Cause
and I-Cause
monetize I-Cause
its I-Cause
user I-Cause
base I-Cause
. O

More O
recently O
, O
as O
a O
result O
of O
temporary B-Cause
factory I-Cause
shutdowns I-Cause
and I-Cause
dealer I-Cause
closures I-Cause
( I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
pushback I-Cause
of I-Cause
product I-Cause
launches I-Cause
until I-Cause
spring I-Cause
2021 I-Cause
) I-Cause
, O
Harley B-Effect
has I-Effect
ceded I-Effect
massive I-Effect
market I-Effect
share I-Effect
. O

With O
its B-Cause
fierce I-Cause
capital I-Cause
discipline I-Cause
, I-Cause
and I-Cause
revised I-Cause
investment I-Cause
framework I-Cause
, O
we O
think O
Diamondback B-Effect
can I-Effect
keep I-Effect
its I-Effect
spending I-Effect
within I-Effect
cash I-Effect
flows I-Effect
going I-Effect
forward I-Effect
. O

We O
expect O
on-going B-Cause
flare-ups I-Cause
in I-Cause
mitigating I-Cause
the I-Cause
pandemic I-Cause
will O
support B-Effect
strong I-Effect
on-going I-Effect
demand I-Effect
for I-Effect
molecular I-Effect
SARS-CoV-2 I-Effect
tests I-Effect
into I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
calendar I-Effect
2021 I-Effect
. O

The O
company O
's O
products O
have O
also O
been O
concentrated O
in O
the O
over-35 O
demographic O
, O
which O
has O
an O
increasing O
proportion O
moving O
into O
retirement O
age O
-- O
offering O
slower B-Effect
demand I-Effect
growth I-Effect
due O
to O
a B-Cause
more I-Cause
conservative I-Cause
consumer I-Cause
. O

We O
are O
optimistic O
about O
the O
company O
's O
partnership O
with O
Agenus O
for O
checkpoint O
modulator O
programs O
directed O
at O
GITR O
, O
OX40 O
, O
TIM-3 O
, O
and O
LAG-3 O
; O
however O
, O
we B-Effect
do I-Effect
not I-Effect
yet I-Effect
attribute I-Effect
any I-Effect
value I-Effect
in I-Effect
our I-Effect
model I-Effect
as O
they B-Cause
are I-Cause
just I-Cause
entering I-Cause
early-stage I-Cause
development I-Cause
. I-Cause

More B-Cause
stringent I-Cause
regulations I-Cause
surrounding I-Cause
carbon I-Cause
emissions I-Cause
in I-Cause
developed I-Cause
markets I-Cause
have O
made B-Effect
regulatory I-Effect
permits I-Effect
difficult I-Effect
to I-Effect
obtain I-Effect
, I-Effect
lowering I-Effect
the I-Effect
threat I-Effect
of I-Effect
new I-Effect
entrants I-Effect
and I-Effect
supply I-Effect
, I-Effect
while I-Effect
significant I-Effect
underinvestment I-Effect
in I-Effect
U.S I-Effect
. O

We O
expect O
a B-Effect
return I-Effect
to I-Effect
trend I-Effect
after I-Effect
strong I-Effect
2020 I-Effect
sales I-Effect
are I-Effect
lapped I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
5 I-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
2022-29 I-Effect
, O
fueled O
by O
industry B-Cause
consolidation I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
Mexican I-Cause
expansion I-Cause
. O

NJR B-Cause
's I-Cause
renewable I-Cause
energy I-Cause
development I-Cause
helps O
reduce B-Effect
cash I-Effect
taxes I-Effect
and I-Effect
provide I-Effect
a I-Effect
decent I-Effect
cash I-Effect
return I-Effect
on I-Effect
investment I-Effect
while I-Effect
minimizing I-Effect
the I-Effect
risk I-Effect
of I-Effect
large I-Effect
cost I-Effect
overruns I-Effect
. O

With O
addition B-Cause
of I-Cause
Paragard I-Cause
to I-Cause
CooperSurgical I-Cause
's I-Cause
portfolio I-Cause
, O
we O
expect O
the O
segment B-Effect
to I-Effect
contribute I-Effect
high-single-digit I-Effect
growth I-Effect
and I-Effect
boost I-Effect
the I-Effect
companywide I-Effect
gross I-Effect
margin I-Effect
. O

As O
the B-Cause
largest I-Cause
players I-Cause
continue I-Cause
to I-Cause
size I-Cause
up I-Cause
and I-Cause
make I-Cause
omnichannel I-Cause
investments I-Cause
, O
we B-Effect
expect I-Effect
they I-Effect
will I-Effect
continue I-Effect
to I-Effect
try I-Effect
and I-Effect
shift I-Effect
the I-Effect
axis I-Effect
of I-Effect
power I-Effect
in I-Effect
their I-Effect
favor I-Effect
from I-Effect
a I-Effect
procurement I-Effect
standpoint I-Effect
. O

However O
, O
considering O
the B-Cause
requirement I-Cause
to I-Cause
continue I-Cause
to I-Cause
invest I-Cause
significantly I-Cause
to I-Cause
sustain I-Cause
production I-Cause
, O
we B-Effect
are I-Effect
not I-Effect
confident I-Effect
those I-Effect
excess I-Effect
returns I-Effect
can I-Effect
continue I-Effect
for I-Effect
the I-Effect
petroleum I-Effect
division I-Effect
for I-Effect
at I-Effect
least I-Effect
10 I-Effect
years I-Effect
. O

We O
anticipate O
a B-Effect
return I-Effect
to I-Effect
mid-single-digit I-Effect
top-line I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
, O
as O
Boston B-Cause
's I-Cause
procedures I-Cause
, O
most O
of O
which O
take O
place O
in O
physicians O
offices O
and O
other O
outpatient O
settings O
, O
resume O
. O

Furthermore O
, O
we O
believe O
the B-Effect
design I-Effect
wins I-Effect
and I-Effect
resulting I-Effect
share I-Effect
gains I-Effect
in I-Effect
sticky I-Effect
areas I-Effect
like O
automotive O
safety O
systems O
, O
industrial O
controls O
, O
and O
server O
platforms O
arise O
from O
customer B-Cause
switching I-Cause
costs I-Cause
. O

BASF B-Effect
faces I-Effect
somewhat I-Effect
higher I-Effect
risks I-Effect
than I-Effect
other I-Effect
chemical I-Effect
firms I-Effect
due I-Effect
to I-Effect
its I-Effect
agricultural I-Effect
chemicals I-Effect
business I-Effect
where O
products B-Cause
can I-Cause
be I-Cause
linked I-Cause
to I-Cause
environmental I-Cause
concerns I-Cause
. O

With B-Cause
its I-Cause
end-to-end I-Cause
portfolio I-Cause
of I-Cause
specialized I-Cause
products I-Cause
and I-Cause
integration I-Cause
of I-Cause
software I-Cause
, I-Cause
we I-Cause
think I-Cause
Zebra I-Cause
's I-Cause
customers I-Cause
would I-Cause
face I-Cause
monetary I-Cause
cost I-Cause
and I-Cause
significant I-Cause
time I-Cause
investment I-Cause
to I-Cause
switch I-Cause
AIDC I-Cause
vendors I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
risking I-Cause
efficiency I-Cause
losses. O
As O
such O
, O
we O
think O
Zebra B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
for I-Effect
the I-Effect
better I-Effect
part I-Effect
of I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Despite O
the O
lower O
margin O
, O
private B-Cause
label I-Cause
makes I-Cause
up I-Cause
less I-Cause
than I-Cause
10 I-Cause
% I-Cause
of I-Cause
its I-Cause
consumer I-Cause
revenue I-Cause
( I-Cause
a I-Cause
mid-single-digit I-Cause
percentage I-Cause
of I-Cause
total I-Cause
sales I-Cause
) I-Cause
, O
so O
these B-Effect
value-priced I-Effect
products I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
dent I-Effect
profits I-Effect
. O

Increased B-Cause
spending I-Cause
on I-Cause
safety I-Cause
and I-Cause
sanitation I-Cause
( O
which O
totaled O
$ O
50 O
million O
in O
fiscal O
2020 O
and O
should O
persist O
into O
fiscal O
2021 O
) O
could O
eat B-Effect
into I-Effect
near-term I-Effect
margins I-Effect
, O
but O
we O
think O
this O
will O
be O
countered O
by O
robust B-Cause
volume I-Cause
growth I-Cause
that O
should O
leverage B-Cause
fixed I-Cause
costs I-Cause
( O
offsetting O
some B-Effect
of I-Effect
the I-Effect
potential I-Effect
hit I-Effect
to I-Effect
profits I-Effect
) O
. O

With B-Cause
the I-Cause
cadence I-Cause
of I-Cause
Moore I-Cause
's I-Cause
Law I-Cause
slowing I-Cause
and I-Cause
chipmaking I-Cause
complexity I-Cause
on I-Cause
the I-Cause
rise I-Cause
, I-Cause
we B-Effect
assign I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
KLA I-Effect
. I-Effect

We O
expect O
cost B-Cause
efficiencies I-Cause
through I-Cause
digitalization I-Cause
, I-Cause
lower I-Cause
marketing I-Cause
spending I-Cause
and I-Cause
regulatory I-Cause
costs I-Cause
in I-Cause
Thailand I-Cause
( I-Cause
concession I-Cause
to I-Cause
license I-Cause
regime I-Cause
change I-Cause
) I-Cause
will O
lead O
to O
a B-Effect
steady I-Effect
EBITDA I-Effect
margin I-Effect
improvement I-Effect
until O
it O
reaches O
43 O
% O
in O
2025 O
. O

In B-Cause
transportation I-Cause
applications I-Cause
, I-Cause
sensor I-Cause
failure I-Cause
in I-Cause
a I-Cause
safety I-Cause
feature I-Cause
like I-Cause
electronic I-Cause
stability I-Cause
control I-Cause
or I-Cause
a I-Cause
failed I-Cause
battery I-Cause
pressure I-Cause
sensor I-Cause
in I-Cause
a I-Cause
battery I-Cause
electric I-Cause
vehicle I-Cause
( I-Cause
BEV I-Cause
) I-Cause
can O
result O
in O
a B-Effect
vehicle I-Effect
crash I-Effect
or I-Effect
fire I-Effect
leading I-Effect
potentially I-Effect
to I-Effect
driver I-Effect
or I-Effect
passenger I-Effect
injury I-Effect
, I-Effect
and I-Effect
in I-Effect
the I-Effect
worst I-Effect
cases I-Effect
, I-Effect
death I-Effect
. O

Ross B-Cause
emphasizes I-Cause
its I-Cause
store I-Cause
experience I-Cause
in I-Cause
its I-Cause
marketing I-Cause
rather I-Cause
than I-Cause
the I-Cause
brands I-Cause
on I-Cause
offer I-Cause
, O
allowing O
it B-Effect
to I-Effect
remain I-Effect
opportunistic I-Effect
in I-Effect
its I-Effect
sourcing I-Effect
practices I-Effect
and I-Effect
enabling I-Effect
vendors I-Effect
to I-Effect
discreetly I-Effect
sell I-Effect
excess I-Effect
merchandise I-Effect
without I-Effect
the I-Effect
stigma I-Effect
of I-Effect
a I-Effect
well-publicized I-Effect
presence I-Effect
in I-Effect
a I-Effect
discount I-Effect
channel I-Effect
. O

The O
fact O
that O
the B-Effect
industry I-Effect
was I-Effect
historically I-Effect
dominated I-Effect
by I-Effect
multinational I-Effect
pharmaceutical I-Effect
companies I-Effect
( O
Abbott O
, O
Wyeth O
, O
Bristol-Myers O
Squibb O
, O
GlaxoSmithKline O
, O
and O
Numico O
all O
operated O
or O
continue O
to O
operate O
a O
baby O
food O
business O
) O
indicates O
that O
the B-Cause
category I-Cause
straddles I-Cause
the I-Cause
boundary I-Cause
between I-Cause
packaged I-Cause
food I-Cause
and I-Cause
pharmaceuticals I-Cause
. O

The B-Cause
mass I-Cause
affluent I-Cause
market I-Cause
's I-Cause
needs I-Cause
are I-Cause
mostly I-Cause
generic I-Cause
enough B-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
use I-Effect
technology I-Effect
intensively I-Effect
to I-Effect
service I-Effect
this I-Effect
market I-Effect
-- I-Effect
so I-Effect
called I-Effect
robo-advisors I-Effect
being I-Effect
an I-Effect
example I-Effect
. O

For O
SiriusXM O
satellite O
radio O
, O
we O
expect O
average B-Effect
annual I-Effect
growth I-Effect
of I-Effect
4 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
self-pay B-Cause
subscriber I-Cause
growth I-Cause
to I-Cause
over I-Cause
33 I-Cause
million I-Cause
from I-Cause
30 I-Cause
million I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2020 I-Cause
and I-Cause
2 I-Cause
% I-Cause
growth I-Cause
in I-Cause
average I-Cause
revenue I-Cause
per I-Cause
self-pay I-Cause
user I-Cause
. O

We B-Effect
believe I-Effect
this I-Effect
rapidly I-Effect
growing I-Effect
business I-Effect
is I-Effect
an I-Effect
important I-Effect
asset I-Effect
to I-Effect
Dell I-Effect
Technologies I-Effect
via I-Effect
VMware I-Effect
as O
companies B-Cause
utilize I-Cause
a I-Cause
hybrid I-Cause
cloud I-Cause
model I-Cause
and I-Cause
require I-Cause
application I-Cause
development I-Cause
and I-Cause
continuous I-Cause
uptime I-Cause
across I-Cause
various I-Cause
cloud I-Cause
platforms I-Cause
. O

Administrative B-Cause
cost I-Cause
savings I-Cause
from I-Cause
the I-Cause
merger I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
streamlined I-Cause
logistics I-Cause
and I-Cause
additional I-Cause
route I-Cause
density I-Cause
, O
should O
bring B-Effect
further I-Effect
leverage I-Effect
to I-Effect
the I-Effect
operating I-Effect
income I-Effect
line I-Effect
, O
and O
we O
model O
these O
margins O
widening O
to O
25.7 O
% O
in O
2025 O
from O
21.3 O
% O
in O
2020 O
. O

In B-Cause
2019 I-Cause
, I-Cause
it I-Cause
reported I-Cause
finding I-Cause
and I-Cause
development I-Cause
costs I-Cause
( I-Cause
a I-Cause
measure I-Cause
of I-Cause
capital I-Cause
costs I-Cause
) I-Cause
of I-Cause
about I-Cause
$ I-Cause
10 I-Cause
per I-Cause
barrel I-Cause
of I-Cause
oil I-Cause
equivalent I-Cause
and I-Cause
operating I-Cause
expenses I-Cause
of I-Cause
about I-Cause
$ I-Cause
12/boe I-Cause
, I-Cause
which I-Cause
translates I-Cause
to I-Cause
a I-Cause
West I-Cause
Texas I-Cause
Intermediate I-Cause
break-even I-Cause
of I-Cause
less I-Cause
than I-Cause
$ I-Cause
30 I-Cause
per I-Cause
barrel I-Cause
and I-Cause
competitively I-Cause
positions I-Cause
the I-Cause
company I-Cause
on I-Cause
the I-Cause
global I-Cause
oil I-Cause
cost I-Cause
curve. O
As O
such O
, O
the B-Effect
company I-Effect
is I-Effect
better I-Effect
positioned I-Effect
to I-Effect
cope I-Effect
with I-Effect
weak I-Effect
oil I-Effect
prices I-Effect
than I-Effect
many I-Effect
of I-Effect
its I-Effect
peers I-Effect
, I-Effect
and I-Effect
at I-Effect
our I-Effect
midcycle I-Effect
forecast I-Effect
of I-Effect
$ I-Effect
55/bbl I-Effect
( I-Effect
WTI I-Effect
) I-Effect
it I-Effect
can I-Effect
really I-Effect
thrive I-Effect
. O

But O
delays B-Cause
on I-Cause
new I-Cause
platforms I-Cause
resulted O
in O
lower-than-expected B-Effect
growth I-Effect
in I-Effect
2019 I-Effect
, O
and O
we O
expect O
lower B-Effect
volumes I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
and I-Cause
planned I-Cause
stoppages I-Cause
compared I-Cause
with I-Cause
the I-Cause
year I-Cause
before I-Cause
. O

Even O
in O
the O
wireline O
space O
, O
we O
believe O
the O
Canadian B-Cause
government I-Cause
views I-Cause
broadband I-Cause
as I-Cause
a I-Cause
public I-Cause
good I-Cause
to I-Cause
some I-Cause
extent I-Cause
, O
which O
leaves O
a B-Effect
threat I-Effect
of I-Effect
things I-Effect
like I-Effect
price I-Effect
caps I-Effect
, I-Effect
mandatory I-Effect
network I-Effect
sharing I-Effect
, I-Effect
or I-Effect
other I-Effect
means I-Effect
of I-Effect
enhancing I-Effect
competition I-Effect
. O

The O
firm O
encourages B-Cause
business I-Cause
unit I-Cause
leaders I-Cause
to I-Cause
think I-Cause
like I-Cause
owners I-Cause
by O
setting B-Effect
aggressive I-Effect
targets I-Effect
for I-Effect
managers I-Effect
and I-Effect
allowing I-Effect
them I-Effect
to I-Effect
achieve I-Effect
these I-Effect
goals I-Effect
however I-Effect
they I-Effect
choose I-Effect
to I-Effect
. O

We O
believe O
Apple B-Effect
has I-Effect
been I-Effect
TSMC I-Effect
's I-Effect
largest I-Effect
customer I-Effect
for I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
, O
owing O
to O
consistent B-Cause
wins I-Cause
of I-Cause
A I-Cause
series I-Cause
processors I-Cause
on I-Cause
multiple I-Cause
devices I-Cause
. O

Over O
the O
three O
years O
since O
the O
expiration O
, O
peers B-Cause
have I-Cause
started I-Cause
to I-Cause
realize I-Cause
traction I-Cause
for I-Cause
competing I-Cause
products I-Cause
and I-Cause
competition I-Cause
continues I-Cause
to I-Cause
intensify I-Cause
, O
further O
deteriorating O
the B-Effect
company I-Effect
's I-Effect
market I-Effect
leadership I-Effect
. O

We B-Effect
believe I-Effect
TJX I-Effect
's I-Effect
ability I-Effect
to I-Effect
deliver I-Effect
a I-Effect
high-value I-Effect
lineup I-Effect
while I-Effect
maintaining I-Effect
strong I-Effect
returns I-Effect
is O
driven O
by O
its B-Cause
difficult-to-replicate I-Cause
sourcing I-Cause
and I-Cause
distribution I-Cause
agility I-Cause
. O

This O
sometimes B-Effect
creates I-Effect
challenges I-Effect
in I-Effect
terms I-Effect
of I-Effect
landing I-Effect
contract I-Effect
commitments I-Effect
, O
as O
shippers B-Cause
commit I-Cause
to I-Cause
paying I-Cause
a I-Cause
company I-Cause
tariff I-Cause
without I-Cause
firm I-Cause
rights I-Cause
to I-Cause
that I-Cause
capacity I-Cause
, O
even O
if O
they O
are O
'anchor O
' O
shippers O
that O
contributed O
to O
the O
pipeline O
's O
original O
development O
. O

If O
Dish B-Cause
plows I-Cause
ahead I-Cause
with I-Cause
a I-Cause
network I-Cause
buildout I-Cause
that I-Cause
subsequently I-Cause
fails I-Cause
to I-Cause
generate I-Cause
economic I-Cause
returns I-Cause
and I-Cause
it I-Cause
becomes I-Cause
a I-Cause
forced I-Cause
seller I-Cause
, O
the B-Effect
spectrum I-Effect
could I-Effect
have I-Effect
little I-Effect
or I-Effect
no I-Effect
value I-Effect
to I-Effect
shareholders I-Effect
. O

In O
addition O
, O
travel B-Effect
restrictions I-Effect
will I-Effect
also I-Effect
have I-Effect
greater I-Effect
impact I-Effect
on I-Effect
its I-Effect
profitability I-Effect
, O
given O
a B-Cause
high I-Cause
operating I-Cause
leverage I-Cause
with I-Cause
fixed I-Cause
cost I-Cause
making I-Cause
60 I-Cause
% I-Cause
-70 I-Cause
% I-Cause
of I-Cause
its I-Cause
operating I-Cause
costs I-Cause
. O

Laredo B-Cause
's I-Cause
legacy I-Cause
assets I-Cause
are I-Cause
primarily I-Cause
located I-Cause
in I-Cause
the I-Cause
eastern I-Cause
fringe I-Cause
of I-Cause
the I-Cause
Midland I-Cause
Basin I-Cause
, I-Cause
which I-Cause
puts I-Cause
it I-Cause
at I-Cause
a I-Cause
relative I-Cause
disadvantage. O
This B-Effect
area I-Effect
has I-Effect
a I-Effect
lower I-Effect
oil I-Effect
content I-Effect
than I-Effect
the I-Effect
core I-Effect
of I-Effect
the I-Effect
play I-Effect
and I-Effect
initial I-Effect
production I-Effect
rates I-Effect
are I-Effect
n't I-Effect
typically I-Effect
as I-Effect
impressive I-Effect
. O

Customers B-Effect
come I-Effect
to I-Effect
Deere I-Effect
not B-Cause
only I-Cause
for I-Cause
the I-Cause
best I-Cause
products I-Cause
in I-Cause
the I-Cause
industry I-Cause
, I-Cause
but I-Cause
also I-Cause
for I-Cause
its I-Cause
ability I-Cause
to I-Cause
provide B-Cause
aftermarket I-Cause
parts I-Cause
on-demand I-Cause
and I-Cause
services I-Cause
to O
keep B-Effect
their I-Effect
machines I-Effect
running I-Effect
, I-Effect
reducing I-Effect
machine I-Effect
down-time I-Effect
. O

Moreover O
, O
both B-Cause
full-price I-Cause
and I-Cause
Rack I-Cause
are I-Cause
supported I-Cause
by I-Cause
large I-Cause
e-commerce I-Cause
presence I-Cause
that O
has O
made O
Nordstrom B-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
online I-Effect
apparel I-Effect
retailers I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

Positive B-Effect
net I-Effect
pricing I-Effect
, O
largely O
due O
to O
mix B-Cause
shifts I-Cause
as I-Cause
the I-Cause
firm I-Cause
prioritizes I-Cause
premium I-Cause
brands I-Cause
like I-Cause
Mountain I-Cause
Valley I-Cause
, O
should O
also O
support O
gross O
margins O
. O

After O
only O
1 B-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2020 I-Effect
due O
in O
large O
part O
to O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
, O
we O
project O
Shaw O
to O
bounce O
back O
with O
close O
to O
5 O
% O
growth O
in O
2021 O
and O
then O
average O
2 O
% O
-3 O
% O
annual O
revenue O
growth O
for O
the O
remainder O
of O
our O
five-year O
forecast O
. O

While O
we O
expect O
a B-Cause
structural I-Cause
lack I-Cause
of I-Cause
transoceanic I-Cause
routes I-Cause
and I-Cause
premium I-Cause
options I-Cause
to O
limit O
Southwest B-Effect
's I-Effect
ability I-Effect
to I-Effect
attract I-Effect
the I-Effect
highest-yielding I-Effect
business I-Effect
travelers I-Effect
, O
we O
think O
Southwest O
's O
focus O
on O
providing O
low O
fares O
ought O
to O
allow O
it O
to O
take O
business O
travel O
share O
while O
business O
travelers O
are O
looking O
to O
cut O
costs O
. O

As O
accidents B-Cause
occur I-Cause
and I-Cause
vehicles I-Cause
break I-Cause
down I-Cause
, O
owners B-Effect
turn I-Effect
to I-Effect
alternative I-Effect
parts I-Effect
to I-Effect
get I-Effect
their I-Effect
vehicles I-Effect
back I-Effect
on I-Effect
the I-Effect
road I-Effect
. O

Although O
global O
travel O
demand O
has O
gradually O
improved O
from O
mid-April O
into O
October O
, O
the B-Cause
recent I-Cause
resurgence I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
could O
pause B-Effect
trips I-Effect
near I-Effect
term I-Effect
. O

For O
2021 O
, O
we O
expect O
continued B-Cause
healthy I-Cause
retail I-Cause
end-market I-Cause
demand I-Cause
, O
recovering B-Effect
industrial I-Effect
markets I-Effect
, O
and O
contract B-Effect
pricing I-Effect
tailwinds I-Effect
to O
push B-Effect
revenue I-Effect
up I-Effect
in I-Effect
the I-Effect
high I-Effect
teens I-Effect
. O

We B-Effect
view I-Effect
this I-Effect
revenue I-Effect
as I-Effect
almost I-Effect
entirely I-Effect
incremental I-Effect
to I-Effect
the I-Effect
airlines I-Effect
and I-Effect
assume I-Effect
that I-Effect
a I-Effect
90 I-Effect
% I-Effect
margin I-Effect
on I-Effect
this I-Effect
revenue I-Effect
is I-Effect
reasonable I-Effect
, O
as O
airlines B-Cause
assume I-Cause
modest I-Cause
performance I-Cause
obligations I-Cause
such I-Cause
as I-Cause
email I-Cause
campaigns I-Cause
, I-Cause
in-flight I-Cause
advertising I-Cause
, I-Cause
and I-Cause
airport I-Cause
advertising I-Cause
. O

Although O
management O
has O
done O
a O
commendable O
job O
redeveloping O
properties O
, O
we O
could O
see O
this O
strategy O
backfire O
in O
the O
event O
that O
the B-Cause
redevelopment I-Cause
strategy I-Cause
becomes I-Cause
value I-Cause
destructive I-Cause
, O
which O
could O
negate B-Effect
any I-Effect
potential I-Effect
excess I-Effect
returns I-Effect
generated I-Effect
by I-Effect
the I-Effect
observation I-Effect
deck I-Effect
. O

Additionally O
, O
several B-Effect
late-stage I-Effect
drugs I-Effect
targeting I-Effect
rare I-Effect
diseases I-Effect
could I-Effect
provide I-Effect
possible I-Effect
upside I-Effect
to I-Effect
our I-Effect
projections I-Effect
as O
these B-Cause
drugs I-Cause
tend I-Cause
to I-Cause
carry I-Cause
considerable I-Cause
pricing I-Cause
power I-Cause
. O

There O
is O
the O
risk O
of O
potentially O
defective O
products O
harming O
pets O
, O
though O
we B-Effect
doubt I-Effect
this I-Effect
leaves I-Effect
the I-Effect
firm I-Effect
vulnerable I-Effect
to I-Effect
much I-Effect
in I-Effect
the I-Effect
way I-Effect
of I-Effect
legal I-Effect
liability I-Effect
given O
the B-Cause
life I-Cause
span I-Cause
and I-Cause
market I-Cause
value I-Cause
of I-Cause
dogs I-Cause
and I-Cause
cats I-Cause
. O

We O
expect O
most B-Effect
of I-Effect
the I-Effect
decrease I-Effect
in I-Effect
trading I-Effect
revenue I-Effect
to I-Effect
come I-Effect
from I-Effect
interest I-Effect
rate I-Effect
products I-Effect
, O
as O
short-term B-Cause
interest I-Cause
rates I-Cause
remain I-Cause
low I-Cause
and I-Cause
stable I-Cause
. O

In O
the O
end O
, O
scale B-Cause
in I-Cause
the I-Cause
packaged I-Cause
water I-Cause
industry I-Cause
bestows O
greater O
negotiating O
clout O
with O
suppliers O
, O
greater O
volumes O
to O
absorb O
fixed O
production-related O
costs O
, O
and O
greater B-Effect
route I-Effect
density I-Effect
for I-Effect
sales I-Effect
and I-Effect
delivery I-Effect
functions I-Effect
. O

Dealers B-Effect
choose I-Effect
to I-Effect
sell I-Effect
Fortune I-Effect
Brand I-Effect
products I-Effect
because O
the B-Cause
company I-Cause
has I-Cause
a I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
products I-Cause
with I-Cause
a I-Cause
regional I-Cause
supply I-Cause
chain I-Cause
that I-Cause
provides I-Cause
dealers I-Cause
with I-Cause
more I-Cause
local I-Cause
production I-Cause
and I-Cause
prompt I-Cause
service I-Cause
. O

From O
an O
ESG O
perspective O
, O
similar O
to O
its O
peer O
set O
, O
Clorox B-Effect
could I-Effect
be I-Effect
challenged I-Effect
if O
it B-Cause
is I-Cause
forced I-Cause
to I-Cause
recall I-Cause
its I-Cause
fare I-Cause
due I-Cause
to I-Cause
quality I-Cause
concerns I-Cause
. O

The B-Cause
resulting I-Cause
cost I-Cause
leverage I-Cause
allows O
it O
to B-Cause
be I-Cause
even I-Cause
more I-Cause
aggressive I-Cause
with I-Cause
pricing I-Cause
, O
sidestepping O
the B-Effect
traffic I-Effect
pressure I-Effect
that I-Effect
other I-Effect
retailers I-Effect
have I-Effect
faced I-Effect
as I-Effect
channels I-Effect
shift I-Effect
. O

Consumers O
flocked O
to O
KFC O
in O
Atlanta O
for O
a B-Cause
limited I-Cause
time I-Cause
test I-Cause
of I-Cause
Beyond I-Cause
Chicken I-Cause
, O
causing O
the B-Effect
store I-Effect
to I-Effect
sell I-Effect
out I-Effect
of I-Effect
the I-Effect
product I-Effect
in O
under O
five O
hours O
. O

If B-Cause
customers I-Cause
choose I-Cause
not I-Cause
to I-Cause
invest I-Cause
in I-Cause
the I-Cause
design I-Cause
of I-Cause
delivery I-Cause
packaging I-Cause
, I-Cause
either I-Cause
to I-Cause
save I-Cause
on I-Cause
costs I-Cause
or I-Cause
because I-Cause
of I-Cause
lack I-Cause
of I-Cause
expertise I-Cause
, O
they B-Effect
turn I-Effect
to I-Effect
West I-Effect
for I-Effect
proprietary I-Effect
products I-Effect
, I-Effect
which I-Effect
includes I-Effect
design I-Effect
and I-Effect
production I-Effect
of I-Effect
packaging I-Effect
components I-Effect
. O

The B-Effect
opportunity I-Effect
for I-Effect
incremental I-Effect
connections I-Effect
comes O
both O
from O
new B-Cause
customers I-Cause
in I-Cause
the I-Cause
buildings I-Cause
where I-Cause
Cogent I-Cause
connects I-Cause
( I-Cause
where I-Cause
the I-Cause
firm I-Cause
currently I-Cause
has I-Cause
only I-Cause
a I-Cause
25 I-Cause
% I-Cause
share I-Cause
) I-Cause
and I-Cause
from I-Cause
existing I-Cause
customers I-Cause
adding I-Cause
additional I-Cause
connections I-Cause
. O

Further O
, O
we O
expect O
Airbnb B-Cause
to I-Cause
lower I-Cause
marketing I-Cause
expense I-Cause
to I-Cause
20 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2030 I-Cause
from I-Cause
34 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
( I-Cause
2019 I-Cause
was I-Cause
a I-Cause
heavier I-Cause
investment I-Cause
year I-Cause
, I-Cause
with I-Cause
2018 I-Cause
marketing I-Cause
costs I-Cause
at I-Cause
30 I-Cause
% I-Cause
of I-Cause
sales I-Cause
) I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
benefits I-Cause
from I-Cause
strong I-Cause
global I-Cause
awareness I-Cause
and I-Cause
a I-Cause
more I-Cause
complete I-Cause
platform I-Cause
offering I-Cause
long I-Cause
term. O
As O
a O
result O
, O
we O
estimate O
Airbnb B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
average I-Effect
23 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
( I-Effect
unchanged I-Effect
) I-Effect
, I-Effect
with I-Effect
operating I-Effect
margins I-Effect
still I-Effect
expanding I-Effect
to I-Effect
the I-Effect
mid-20s I-Effect
in I-Effect
2030 I-Effect
from I-Effect
negative I-Effect
17 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
( I-Effect
before I-Effect
stock-based I-Effect
compensation I-Effect
; I-Effect
and I-Effect
the I-Effect
10 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

With O
sizable B-Cause
ORV I-Cause
recalls I-Cause
and I-Cause
delayed I-Cause
shipments I-Cause
long I-Cause
behind I-Cause
us I-Cause
, O
we O
think O
Polaris B-Effect
has I-Effect
stabilized I-Effect
brand I-Effect
goodwill I-Effect
in I-Effect
the I-Effect
ORV I-Effect
segment I-Effect
, I-Effect
helping I-Effect
support I-Effect
segment I-Effect
growth I-Effect
potential I-Effect
and I-Effect
keep I-Effect
the I-Effect
firm I-Effect
's I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
in I-Effect
place I-Effect
. O

The O
second O
factor O
that O
we O
believe O
has O
impeded B-Effect
the I-Effect
firm I-Effect
's I-Effect
turnaround I-Effect
is O
its B-Cause
lack I-Cause
of I-Cause
a I-Cause
greater I-Cause
shift I-Cause
to I-Cause
e-commerce I-Cause
. O

We O
think O
Autodesk B-Effect
will I-Effect
remain I-Effect
the I-Effect
industry I-Effect
standard I-Effect
, O
as O
its O
switching B-Cause
costs I-Cause
and I-Cause
network I-Cause
effect I-Cause
continue I-Cause
to I-Cause
reinforce I-Cause
one I-Cause
another I-Cause
and I-Cause
Autodesk I-Cause
stays I-Cause
at I-Cause
the I-Cause
forefront I-Cause
of I-Cause
industry I-Cause
trends I-Cause
. O

While O
the B-Cause
breadth I-Cause
of I-Cause
Lumen I-Cause
's I-Cause
services I-Cause
could O
logically O
lead O
to O
cost B-Effect
advantages I-Effect
or I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
, O
the B-Cause
legacy I-Cause
business I-Cause
has O
weighed O
on O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
which O
have O
averaged O
about O
7 O
% O
since O
the O
Level O
3 O
merger O
. O

With B-Cause
98 I-Cause
% I-Cause
of I-Cause
its I-Cause
total I-Cause
rooms I-Cause
under I-Cause
franchise I-Cause
and I-Cause
management I-Cause
contracts I-Cause
, O
the B-Effect
company I-Effect
depends I-Effect
heavily I-Effect
on I-Effect
its I-Effect
brand I-Effect
to I-Effect
attract I-Effect
unit I-Effect
growth I-Effect
from I-Effect
these I-Effect
third-party I-Effect
owners I-Effect
. I-Effect

As O
a O
result O
of O
the B-Cause
greater I-Cause
geographical I-Cause
dispersion I-Cause
of I-Cause
customer I-Cause
assets I-Cause
and I-Cause
the I-Cause
difficulty I-Cause
in I-Cause
centralizing I-Cause
maintenance I-Cause
, I-Cause
attachment I-Cause
rates I-Cause
of I-Cause
long-term I-Cause
service I-Cause
contracts I-Cause
are I-Cause
low I-Cause
relative I-Cause
to I-Cause
the I-Cause
commercial I-Cause
aerospace I-Cause
sector I-Cause
at I-Cause
approximately I-Cause
30 I-Cause
% I-Cause
. O
Consequently O
, O
the B-Effect
bulk I-Effect
of I-Effect
service-related I-Effect
revenue I-Effect
is I-Effect
generated I-Effect
through I-Effect
the I-Effect
sale I-Effect
of I-Effect
spare I-Effect
parts I-Effect
to I-Effect
a I-Effect
fragmented I-Effect
base I-Effect
of I-Effect
third-party I-Effect
service I-Effect
contractors I-Effect
. O

Enterprises B-Effect
can I-Effect
be I-Effect
slow I-Effect
to I-Effect
migrate I-Effect
to I-Effect
the I-Effect
cloud I-Effect
given O
the B-Cause
greater I-Cause
degree I-Cause
of I-Cause
complexity I-Cause
involved I-Cause
in I-Cause
modifying I-Cause
large-scale I-Cause
operations I-Cause
. O

Over O
the O
past O
decade O
, O
RELX B-Cause
has I-Cause
undergone I-Cause
wholesale I-Cause
changes I-Cause
to I-Cause
the I-Cause
structure I-Cause
of I-Cause
the I-Cause
company I-Cause
, O
taking B-Effect
its I-Effect
exposure I-Effect
to I-Effect
electronic-format I-Effect
businesses I-Effect
from I-Effect
35 I-Effect
% I-Effect
to I-Effect
closer I-Effect
to I-Effect
90 I-Effect
% I-Effect
. O

Given O
the B-Effect
pain I-Effect
of I-Effect
changing I-Effect
data I-Effect
vendors I-Effect
, O
we O
believe O
this B-Cause
segment I-Cause
does I-Cause
have I-Cause
some I-Cause
switching I-Cause
costs I-Cause
but I-Cause
also I-Cause
note I-Cause
that I-Cause
it I-Cause
faces I-Cause
competition I-Cause
from I-Cause
the I-Cause
likes I-Cause
of I-Cause
FactSet I-Cause
and I-Cause
Refinitiv I-Cause
. O

Ultimately O
, O
we O
see O
a O
tough O
road O
ahead O
, O
but O
believe O
the B-Effect
company I-Effect
can I-Effect
eventually I-Effect
return I-Effect
to I-Effect
some I-Effect
semblance I-Effect
of I-Effect
growth I-Effect
, O
especially O
as O
management B-Cause
has I-Cause
continued I-Cause
to I-Cause
lay I-Cause
the I-Cause
foundation I-Cause
for I-Cause
its I-Cause
revitalization I-Cause
plan I-Cause
despite O
pandemic-induced O
disruption O
. O

While B-Cause
the I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
are I-Cause
not I-Cause
all I-Cause
that I-Cause
significant I-Cause
for I-Cause
the I-Cause
industry I-Cause
, I-Cause
the I-Cause
barriers I-Cause
to I-Cause
success I-Cause
are I-Cause
extremely I-Cause
high I-Cause
as I-Cause
it I-Cause
not I-Cause
only I-Cause
takes I-Cause
time I-Cause
and I-Cause
skill I-Cause
to I-Cause
put I-Cause
together I-Cause
a I-Cause
long I-Cause
enough I-Cause
track I-Cause
record I-Cause
of I-Cause
investment I-Cause
performance I-Cause
to I-Cause
start I-Cause
gathering I-Cause
assets I-Cause
but I-Cause
even I-Cause
more I-Cause
time I-Cause
to I-Cause
build I-Cause
the I-Cause
scale I-Cause
necessary I-Cause
to I-Cause
remain I-Cause
competitive. O
This O
has O
generally O
provided B-Effect
the I-Effect
larger I-Effect
, I-Effect
more I-Effect
established I-Effect
asset I-Effect
managers I-Effect
with I-Effect
an I-Effect
advantage I-Effect
over I-Effect
the I-Effect
smaller I-Effect
players I-Effect
in I-Effect
the I-Effect
industry I-Effect
, I-Effect
especially I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
gaining I-Effect
cost-effective I-Effect
access I-Effect
to I-Effect
distribution I-Effect
platforms I-Effect
. O

We B-Effect
view I-Effect
Lumen I-Effect
as I-Effect
a I-Effect
high-uncertainty I-Effect
stock I-Effect
, O
as O
technological B-Cause
evolution I-Cause
is I-Cause
driving I-Cause
some I-Cause
of I-Cause
its I-Cause
legacy I-Cause
businesses I-Cause
toward I-Cause
obsolescence I-Cause
, O
but O
we O
believe O
the O
firm O
's O
high-quality O
network O
remains O
valuable O
. O

We O
expect O
future B-Effect
growth I-Effect
to O
derive O
from O
above O
inflation B-Cause
price I-Cause
increases I-Cause
, I-Cause
successful I-Cause
efforts I-Cause
to I-Cause
curb I-Cause
password I-Cause
sharing I-Cause
behavior I-Cause
, I-Cause
and I-Cause
continued I-Cause
cross-selling I-Cause
between I-Cause
CoStar I-Cause
's I-Cause
various I-Cause
products I-Cause
. O

It O
may O
face O
increasing B-Cause
challenges I-Cause
to O
source O
attractive O
risk-adjusted O
investments O
, O
potentially B-Effect
encouraging I-Effect
the I-Effect
company I-Effect
to I-Effect
take I-Effect
undue I-Effect
risks I-Effect
to I-Effect
achieve I-Effect
growth I-Effect
. O

Large B-Effect
dealers I-Effect
are I-Effect
enjoying I-Effect
a I-Effect
growing I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
repair I-Effect
work I-Effect
because O
the B-Cause
increasingly I-Cause
advanced I-Cause
technology I-Cause
of I-Cause
cars I-Cause
presents I-Cause
an I-Cause
obstacle I-Cause
for I-Cause
smaller I-Cause
repair I-Cause
shops I-Cause
that I-Cause
are I-Cause
less I-Cause
able I-Cause
to I-Cause
afford I-Cause
the I-Cause
equipment I-Cause
and I-Cause
training I-Cause
needed I-Cause
to I-Cause
provide I-Cause
competent I-Cause
service I-Cause
. O

A B-Cause
Huntington I-Cause
's I-Cause
disease I-Cause
partnership I-Cause
with I-Cause
Roche I-Cause
( I-Cause
pivotal I-Cause
data I-Cause
expected I-Cause
in I-Cause
2022 I-Cause
) I-Cause
and I-Cause
a I-Cause
broad I-Cause
collaboration I-Cause
with I-Cause
Biogen I-Cause
( I-Cause
pivotal I-Cause
ALS I-Cause
data I-Cause
expected I-Cause
in I-Cause
2021 I-Cause
) I-Cause
drive O
the B-Effect
late-stage I-Effect
neurology I-Effect
pipeline I-Effect
. O

CME B-Cause
does I-Cause
not I-Cause
amortize I-Cause
the I-Cause
intangible I-Cause
assets I-Cause
it I-Cause
acquired I-Cause
from I-Cause
CBOT I-Cause
and I-Cause
Nymex I-Cause
, I-Cause
instead I-Cause
choosing I-Cause
to I-Cause
leave I-Cause
them I-Cause
on I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
, O
inflating B-Effect
its I-Effect
invested I-Effect
capital I-Effect
. O

To O
reach B-Effect
functional I-Effect
parity I-Effect
, O
EV O
will O
need O
to O
have O
adequate B-Cause
range I-Cause
, I-Cause
reduced I-Cause
charging I-Cause
times I-Cause
, I-Cause
and I-Cause
have I-Cause
availability I-Cause
of I-Cause
charging I-Cause
infrastructure I-Cause
. O

Expenses B-Effect
have I-Effect
been I-Effect
elevated I-Effect
over I-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
from O
catch-up B-Cause
research I-Cause
and I-Cause
development I-Cause
, I-Cause
high I-Cause
promotional I-Cause
spending I-Cause
, I-Cause
and I-Cause
separation I-Cause
costs I-Cause
. O

From O
Grainger O
's O
perspective O
, O
they B-Effect
drive I-Effect
incremental I-Effect
sales I-Effect
and I-Effect
build I-Effect
stickier I-Effect
customer I-Effect
relationships I-Effect
as O
Grainger B-Cause
becomes I-Cause
deeply I-Cause
embedded I-Cause
in I-Cause
the I-Cause
customer I-Cause
's I-Cause
procurement I-Cause
process I-Cause
. O

Criteo B-Effect
's I-Effect
heterogenous I-Effect
network I-Effect
effect I-Effect
was O
due O
to O
the B-Cause
positive I-Cause
virtuous I-Cause
cycle I-Cause
and I-Cause
incremental I-Cause
value I-Cause
it I-Cause
created I-Cause
for I-Cause
advertisers I-Cause
and I-Cause
publishers I-Cause
as O
the B-Cause
company I-Cause
gained I-Cause
scale I-Cause
. O

Okta B-Cause
is I-Cause
migrating I-Cause
upstream I-Cause
to O
gain B-Effect
larger I-Effect
enterprise I-Effect
clients I-Effect
, I-Effect
establish I-Effect
larger I-Effect
initial I-Effect
contracts I-Effect
, I-Effect
and I-Effect
expand I-Effect
the I-Effect
number I-Effect
of I-Effect
products I-Effect
customers I-Effect
purchase I-Effect
, O
which O
we O
believe O
help B-Effect
fortify I-Effect
its I-Effect
customer I-Effect
stickiness I-Effect
. O

Otis B-Effect
still I-Effect
seems I-Effect
to I-Effect
prefer I-Effect
a I-Effect
quality I-Effect
versus I-Effect
quantity I-Effect
approach I-Effect
in I-Effect
China I-Effect
, O
as O
it O
expects O
its B-Cause
share I-Cause
of I-Cause
maintenance I-Cause
base I-Cause
derived I-Cause
from I-Cause
'top I-Cause
developers I-Cause
' I-Cause
( I-Cause
large I-Cause
property I-Cause
management I-Cause
companies I-Cause
and I-Cause
infrastructure I-Cause
projects I-Cause
) I-Cause
to I-Cause
increase I-Cause
in I-Cause
the I-Cause
years I-Cause
to I-Cause
come I-Cause
. O

BP B-Effect
's I-Effect
renewable I-Effect
power I-Effect
generation I-Effect
targets I-Effect
are I-Effect
relatively I-Effect
aggressive I-Effect
as O
it B-Cause
plans I-Cause
to I-Cause
grow I-Cause
capacity I-Cause
from I-Cause
2.5 I-Cause
GW I-Cause
currently I-Cause
to I-Cause
20 I-Cause
GW I-Cause
in I-Cause
2025 I-Cause
and I-Cause
50 I-Cause
GW I-Cause
in I-Cause
2030 I-Cause
. O

However O
, O
Quest B-Cause
's I-Cause
pricing I-Cause
is I-Cause
in I-Cause
line I-Cause
with I-Cause
other I-Cause
premium I-Cause
brands I-Cause
that I-Cause
also I-Cause
use I-Cause
natural I-Cause
ingredients I-Cause
, O
and O
as O
such O
, O
fails B-Effect
to I-Effect
suggest I-Effect
evidence I-Effect
of I-Effect
a I-Effect
pricing I-Effect
edge I-Effect
. O

While O
BP O
has O
managed O
to O
maintain O
those O
improvements O
, O
the B-Effect
uncertainty I-Effect
of I-Effect
excess I-Effect
returns I-Effect
10 I-Effect
years I-Effect
from I-Effect
now I-Effect
has I-Effect
increased I-Effect
due O
the B-Cause
changing I-Cause
composition I-Cause
of I-Cause
the I-Cause
business I-Cause
and I-Cause
potential I-Cause
level I-Cause
of I-Cause
commodity I-Cause
prices I-Cause
during I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
. O

We O
also O
expect O
it B-Cause
can I-Cause
avoid I-Cause
bringing I-Cause
assets I-Cause
back I-Cause
on I-Cause
a I-Cause
1-for-1 I-Cause
basis I-Cause
as O
volume B-Cause
recovers I-Cause
, O
driving B-Effect
positive I-Effect
operating I-Effect
leverage I-Effect
. O

Given O
the B-Cause
complex I-Cause
nature I-Cause
of I-Cause
electromechanical I-Cause
systems I-Cause
in I-Cause
vehicles I-Cause
and I-Cause
industrial I-Cause
applications I-Cause
like I-Cause
motor I-Cause
drives I-Cause
, O
it B-Effect
is I-Effect
prohibitively I-Effect
arduous I-Effect
to I-Effect
strip I-Effect
out I-Effect
a I-Effect
specific I-Effect
custom I-Effect
component I-Effect
and I-Effect
replace I-Effect
it I-Effect
once I-Effect
it I-Effect
is I-Effect
designed I-Effect
in I-Effect
. O

Also O
, O
Juniper B-Cause
's I-Cause
products I-Cause
facilitate I-Cause
in I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
, I-Cause
which O
may O
attract B-Effect
cybercriminals I-Effect
, O
and O
its B-Cause
solutions I-Cause
are I-Cause
tasked I-Cause
with I-Cause
protecting I-Cause
customers I-Cause
from I-Cause
cyberattacks I-Cause
, O
making B-Effect
data I-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

Flash B-Cause
technology I-Cause
enables I-Cause
SSDs I-Cause
to I-Cause
have I-Cause
better I-Cause
and I-Cause
more I-Cause
reliable I-Cause
performance I-Cause
than I-Cause
the I-Cause
older I-Cause
spinning I-Cause
disc I-Cause
media I-Cause
and O
as O
a O
result O
, O
HDDs B-Effect
have I-Effect
lost I-Effect
their I-Effect
luster I-Effect
for I-Effect
both I-Effect
PCs I-Effect
and I-Effect
servers O
. O

Although O
partnering B-Cause
with I-Cause
Farfetch I-Cause
reduces B-Effect
wholesaler I-Effect
margin I-Effect
through O
a O
hefty O
30 O
% O
third-party O
take O
, O
a B-Effect
retailer I-Effect
's I-Effect
existing I-Effect
inventory I-Effect
is I-Effect
made I-Effect
available I-Effect
to I-Effect
a I-Effect
wider I-Effect
audience I-Effect
than O
would O
be O
possible O
for O
a O
stand-alone O
boutique O
; O
Farfetch B-Cause
has I-Cause
over I-Cause
1 I-Cause
million I-Cause
active I-Cause
consumers I-Cause
. O

Given O
the B-Cause
growth I-Cause
we I-Cause
see I-Cause
from I-Cause
growing I-Cause
mass I-Cause
gambling I-Cause
and I-Cause
nongaming I-Cause
activity I-Cause
, O
we O
project O
Macao B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
remain I-Effect
steady I-Effect
at I-Effect
35.5 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from O
36.1 O
% O
in O
2019 O
, O
despite O
higher O
expected O
license-renewal O
fees O
beginning O
in O
2022 O
. O

We B-Effect
incorporate I-Effect
a I-Effect
$ I-Effect
3 I-Effect
deduction I-Effect
into I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to O
reflect O
a B-Cause
50 I-Cause
% I-Cause
probability I-Cause
that I-Cause
the I-Cause
DAPL I-Cause
shuts I-Cause
down I-Cause
permanently I-Cause
due I-Cause
to I-Cause
political I-Cause
or I-Cause
legal I-Cause
opposition I-Cause
. O

That O
said O
, O
comparable B-Effect
sales I-Effect
soften I-Effect
for I-Effect
KFC I-Effect
toward I-Effect
the I-Effect
back I-Effect
half I-Effect
of I-Effect
our I-Effect
forecast I-Effect
( O
falling O
to O
a O
terminal O
value O
of O
2.5 O
% O
) O
as O
international B-Cause
competition I-Cause
intensifies I-Cause
. O

The B-Cause
lower-quality I-Cause
mix I-Cause
in I-Cause
the I-Cause
remaining I-Cause
owned I-Cause
assets I-Cause
is I-Cause
more I-Cause
than I-Cause
offset I-Cause
by I-Cause
the I-Cause
overall I-Cause
higher I-Cause
mix I-Cause
of I-Cause
asset-light I-Cause
hotels. O
As O
a O
result O
, O
we B-Effect
project I-Effect
operating I-Effect
margins I-Effect
reaching I-Effect
22.5 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
17.5 I-Effect
% I-Effect
in I-Effect
the I-Effect
prepandemic I-Effect
year I-Effect
of I-Effect
2019 I-Effect
and I-Effect
2030 I-Effect
EBI I-Effect
growth I-Effect
of I-Effect
5.9 I-Effect
% I-Effect
. O

We O
acknowledge O
that O
P B-Effect
& I-Effect
G I-Effect
's I-Effect
essential I-Effect
, I-Effect
trusted I-Effect
items I-Effect
are I-Effect
being I-Effect
propped I-Effect
up I-Effect
by I-Effect
the I-Effect
pandemic I-Effect
, O
given O
consumers B-Cause
' I-Cause
proclivity I-Cause
for I-Cause
personal I-Cause
and I-Cause
home I-Cause
cleaning I-Cause
and I-Cause
health-related I-Cause
fare I-Cause
. O

We O
think O
Corning B-Effect
can I-Effect
produce I-Effect
these I-Effect
high-quality I-Effect
glass I-Effect
substrates I-Effect
for I-Effect
a I-Effect
lower I-Effect
cost I-Effect
than I-Effect
its I-Effect
competition I-Effect
as O
a O
result O
of O
its O
centralized B-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
. I-Cause

The B-Effect
frequency I-Effect
and I-Effect
longevity I-Effect
with I-Effect
which I-Effect
BMW I-Effect
engines I-Effect
have I-Effect
appeared I-Effect
in I-Effect
the I-Effect
10 I-Effect
Best I-Effect
lists I-Effect
demonstrate O
the B-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
regularly I-Cause
innovate I-Cause
to O
maintain B-Effect
its I-Effect
leadership I-Effect
in I-Effect
automotive I-Effect
powertrain I-Effect
technology I-Effect
. O

A B-Effect
Huntington I-Effect
's I-Effect
disease I-Effect
partnership I-Effect
with I-Effect
Roche I-Effect
led I-Effect
to I-Effect
a I-Effect
phase I-Effect
3 I-Effect
trial I-Effect
halt I-Effect
in O
March O
2021 O
due O
to O
a B-Cause
risk/benefit I-Cause
imbalance I-Cause
, O
but O
a B-Cause
broad I-Cause
collaboration I-Cause
with I-Cause
Biogen I-Cause
( I-Cause
pivotal I-Cause
ALS I-Cause
data I-Cause
expected I-Cause
in I-Cause
2021 I-Cause
) I-Cause
drives O
the B-Effect
late-stage I-Effect
neurology I-Effect
pipeline I-Effect
. O

However O
, O
with O
the B-Cause
most I-Cause
recent I-Cause
amendment I-Cause
to I-Cause
AMD I-Cause
and I-Cause
Global I-Cause
Foundries I-Cause
wafer I-Cause
supply I-Cause
agreement I-Cause
, O
AMD B-Effect
is I-Effect
now I-Effect
free I-Effect
to I-Effect
utilize I-Effect
whichever I-Effect
foundry I-Effect
is I-Effect
most I-Effect
competitive I-Effect
at I-Effect
the I-Effect
7-nm I-Effect
and I-Effect
beyond I-Effect
process I-Effect
nodes I-Effect
. O

The B-Effect
growth I-Effect
of I-Effect
this I-Effect
category I-Effect
has O
benefited O
from O
consumers B-Cause
switching I-Cause
from I-Cause
high-fat I-Cause
proteins I-Cause
to I-Cause
leaner I-Cause
turkey I-Cause
, O
making O
this O
an O
important B-Effect
category I-Effect
for I-Effect
retailers I-Effect
. I-Effect

The B-Effect
percentage I-Effect
of I-Effect
people I-Effect
renting I-Effect
has I-Effect
increased I-Effect
in I-Effect
urban I-Effect
, I-Effect
coastal I-Effect
markets I-Effect
due O
to O
favorable B-Cause
demographic I-Cause
trends I-Cause
such I-Cause
as I-Cause
falling I-Cause
homeownership I-Cause
, I-Cause
rising I-Cause
relative I-Cause
cost I-Cause
of I-Cause
single-family I-Cause
housing I-Cause
, I-Cause
and I-Cause
urban I-Cause
gentrification I-Cause
, I-Cause
which I-Cause
has I-Cause
created I-Cause
more I-Cause
demand I-Cause
for I-Cause
multifamily I-Cause
assets I-Cause
. O

In O
turn O
, O
Uber B-Effect
's I-Effect
service I-Effect
may I-Effect
become I-Effect
more I-Effect
effective I-Effect
as O
it O
further B-Cause
monetizes I-Cause
its I-Cause
riders I-Cause
via I-Cause
real-time I-Cause
supply I-Cause
and I-Cause
demand-driven I-Cause
pricing I-Cause
. O

The B-Effect
company I-Effect
's I-Effect
nonrig I-Effect
businesses I-Effect
Oil I-Effect
& I-Effect
Gas I-Effect
Equipment I-Effect
& I-Effect
Serviceshave I-Effect
room I-Effect
to I-Effect
grow I-Effect
as O
global B-Cause
oil I-Cause
and I-Cause
gas I-Cause
capital I-Cause
expenditures I-Cause
grow I-Cause
in I-Cause
coming I-Cause
years I-Cause
. O

With B-Cause
an I-Cause
extensive I-Cause
portfolio I-Cause
of I-Cause
brands I-Cause
under I-Cause
the I-Cause
corporate I-Cause
umbrella I-Cause
, O
we B-Effect
see I-Effect
PBkids I-Effect
as I-Effect
the I-Effect
natural I-Effect
brand I-Effect
extension I-Effect
-- O
as O
the B-Cause
Pottery I-Cause
Barn I-Cause
and I-Cause
Williams-Sonoma I-Cause
consumers I-Cause
have I-Cause
children I-Cause
, I-Cause
the I-Cause
brand I-Cause
loyalty I-Cause
already I-Cause
exists I-Cause
to I-Cause
market I-Cause
to I-Cause
the I-Cause
next I-Cause
of I-Cause
kin I-Cause
. O

While O
we O
think O
competition B-Effect
among I-Effect
these I-Effect
firms I-Effect
is I-Effect
generally I-Effect
rational I-Effect
, O
each B-Cause
company I-Cause
fiercely I-Cause
competes I-Cause
to I-Cause
build I-Cause
the I-Cause
most I-Cause
energy-efficient I-Cause
and I-Cause
eco-friendly I-Cause
climate I-Cause
control I-Cause
products I-Cause
Building I-Cause
Products I-Cause
& I-Cause
Equipmentto I-Cause
meet B-Cause
regulations I-Cause
and I-Cause
lower I-Cause
customer I-Cause
's I-Cause
operating I-Cause
costs I-Cause
. O

Finally O
, O
as O
Zoetis B-Cause
has I-Cause
moved I-Cause
into I-Cause
biologic I-Cause
therapeutics I-Cause
for I-Cause
companion I-Cause
animals I-Cause
, O
we O
think O
the B-Effect
difficulty I-Effect
and I-Effect
cost I-Effect
involved I-Effect
with I-Effect
creating I-Effect
competitive I-Effect
biosimilars I-Effect
could I-Effect
limit I-Effect
competition I-Effect
there I-Effect
even I-Effect
after I-Effect
any I-Effect
patents I-Effect
have I-Effect
expired I-Effect
. O

In B-Cause
a I-Cause
downturn I-Cause
( I-Cause
which I-Cause
can I-Cause
occur I-Cause
from I-Cause
an I-Cause
economic I-Cause
growth I-Cause
slowdown I-Cause
, I-Cause
terror I-Cause
attacks I-Cause
, I-Cause
or I-Cause
airborne I-Cause
illnesses I-Cause
like I-Cause
the I-Cause
coronavirus I-Cause
) I-Cause
, O
consumers B-Effect
and I-Effect
businesses I-Effect
look I-Effect
to I-Effect
cut I-Effect
back I-Effect
on I-Effect
expenses I-Effect
like I-Effect
travel I-Effect
. O

However O
, O
we O
do O
think O
there O
is O
a O
valid O
strategic O
rationale O
for O
these O
deals O
, O
and O
the B-Cause
introduction I-Cause
of I-Cause
Worldpay I-Cause
's I-Cause
acquiring I-Cause
business I-Cause
should O
boost B-Effect
overall I-Effect
long-term I-Effect
growth I-Effect
, O
given O
the O
ongoing O
shift O
toward O
electronic O
payments O
. O

Mint B-Effect
is I-Effect
offered I-Effect
for I-Effect
free I-Effect
, O
as O
Intuit B-Cause
makes I-Cause
money I-Cause
by I-Cause
allowing B-Cause
users I-Cause
to I-Cause
share I-Cause
data I-Cause
with I-Cause
lenders I-Cause
, O
which O
gives O
them O
access O
to O
possibly O
lower B-Effect
interest I-Effect
rates I-Effect
. O

We O
'd O
argue O
that O
data B-Effect
architectures I-Effect
might I-Effect
be I-Effect
even I-Effect
stickier I-Effect
than I-Effect
the I-Effect
enterprise I-Effect
software I-Effect
used I-Effect
to I-Effect
input I-Effect
and I-Effect
access I-Effect
this I-Effect
data I-Effect
, O
since O
the B-Cause
underlying I-Cause
data I-Cause
is I-Cause
even I-Cause
more I-Cause
fundamental I-Cause
and I-Cause
mission-critical I-Cause
to I-Cause
a I-Cause
business I-Cause
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
data I-Cause
quality I-Cause
and I-Cause
data I-Cause
integrity I-Cause
, O
we O
believe O
there B-Effect
is I-Effect
a I-Effect
high I-Effect
bar I-Effect
for I-Effect
customers I-Effect
to I-Effect
switch I-Effect
providers I-Effect
. O

And O
we O
're O
encouraged O
that O
management O
's O
rhetoric O
suggests O
a B-Cause
commitment I-Cause
to I-Cause
investing I-Cause
in I-Cause
product I-Cause
innovation I-Cause
( O
at O
the O
premium O
and O
lower-priced O
end O
of O
its O
range O
) O
to O
prompt B-Effect
consumers I-Effect
to I-Effect
stay I-Effect
within I-Effect
its I-Effect
brand I-Effect
pillars I-Effect
regardless O
of O
the O
economic O
climate O
. O

Carrier B-Cause
Transicold I-Cause
has I-Cause
a I-Cause
long-standing I-Cause
reputation I-Cause
for I-Cause
dependability I-Cause
and I-Cause
continued I-Cause
innovation I-Cause
that O
helps B-Effect
customers I-Effect
lower I-Effect
operating I-Effect
costs I-Effect
and I-Effect
prevent I-Effect
costly I-Effect
damage I-Effect
claims I-Effect
. O

Slower B-Cause
jewelry I-Cause
purchase I-Cause
growth I-Cause
among I-Cause
Chinese I-Cause
and I-Cause
Indian I-Cause
consumers I-Cause
wo I-Cause
n't I-Cause
be I-Cause
enough I-Cause
to I-Cause
offset I-Cause
the I-Cause
turn I-Cause
in I-Cause
investment I-Cause
sentiment I-Cause
, O
leading O
to O
our O
forecast O
decline B-Effect
in I-Effect
the I-Effect
gold I-Effect
price I-Effect
. O

It O
is O
conceivable O
that O
at O
a O
point O
in O
the O
distant O
future O
, O
diesel B-Cause
engines I-Cause
across I-Cause
the I-Cause
industry I-Cause
will I-Cause
reach I-Cause
a I-Cause
level I-Cause
of I-Cause
reliability I-Cause
and I-Cause
performance I-Cause
that O
make B-Effect
brand I-Effect
choice I-Effect
within I-Effect
a I-Effect
vehicle I-Effect
platform I-Effect
unimportant I-Effect
. O

Efficient O
scale O
applies O
in O
this O
context O
because O
a B-Cause
new I-Cause
entrant I-Cause
would I-Cause
have I-Cause
no I-Cause
choice I-Cause
but I-Cause
to I-Cause
replicate I-Cause
UPS I-Cause
' I-Cause
sprawling I-Cause
asset I-Cause
base I-Cause
in I-Cause
the I-Cause
absence I-Cause
of I-Cause
economic I-Cause
package I-Cause
flow I-Cause
, O
yielding B-Effect
a I-Effect
long I-Effect
period I-Effect
of I-Effect
painful I-Effect
losses I-Effect
. O

Through O
its O
health-related B-Cause
benefits I-Cause
and I-Cause
service I-Cause
businesses I-Cause
, O
UnitedHealth B-Effect
has I-Effect
amassed I-Effect
a I-Effect
wealth I-Effect
of I-Effect
data I-Effect
( O
intangible O
assets O
) O
that O
it O
has O
monetized O
through O
its O
OptumInsight O
business O
. O

Fourth O
, O
Coupa B-Effect
is I-Effect
yet I-Effect
to I-Effect
generate I-Effect
GAAP I-Effect
profitability I-Effect
as O
the B-Cause
firm I-Cause
maintains I-Cause
high I-Cause
level I-Cause
of I-Cause
investments I-Cause
into I-Cause
the I-Cause
business I-Cause
. O

Since O
the B-Cause
carriers I-Cause
have I-Cause
additional I-Cause
options I-Cause
with I-Cause
small I-Cause
cells I-Cause
( I-Cause
as I-Cause
opposed I-Cause
to I-Cause
with I-Cause
towers I-Cause
, I-Cause
where I-Cause
carriers I-Cause
must I-Cause
go I-Cause
to I-Cause
outside I-Cause
vendors I-Cause
to I-Cause
meet I-Cause
their I-Cause
critical I-Cause
needs I-Cause
) I-Cause
, O
securing B-Effect
multiple I-Effect
carriers I-Effect
in I-Effect
many I-Effect
areas I-Effect
should I-Effect
be I-Effect
more I-Effect
difficult I-Effect
for I-Effect
Crown I-Effect
Castle I-Effect
. O

Over O
the O
long O
term O
, O
we O
expect O
Albemarle B-Effect
to I-Effect
generate I-Effect
healthy I-Effect
bromine I-Effect
profits I-Effect
due O
to O
its B-Cause
low-cost I-Cause
position I-Cause
in I-Cause
the I-Cause
Dead I-Cause
Sea I-Cause
. O

Our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
is I-Effect
$ I-Effect
26 I-Effect
per I-Effect
share I-Effect
, O
driven O
by O
our B-Cause
expectations I-Cause
for I-Cause
global I-Cause
oil I-Cause
and I-Cause
gas I-Cause
exploration I-Cause
and I-Cause
development I-Cause
expenditures I-Cause
. O

Its B-Cause
status I-Cause
as I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
financial I-Cause
institutions I-Cause
by I-Cause
both I-Cause
headcount I-Cause
and I-Cause
global I-Cause
reach I-Cause
means O
that O
the B-Effect
company I-Effect
has I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
derived I-Effect
from I-Effect
the I-Effect
personal I-Effect
networks I-Effect
of I-Effect
its I-Effect
employees I-Effect
and I-Effect
financial I-Effect
product I-Effect
distribution I-Effect
channels I-Effect
to I-Effect
garner I-Effect
transaction I-Effect
mandates I-Effect
. O

While B-Effect
there I-Effect
are I-Effect
instances I-Effect
where I-Effect
this I-Effect
can I-Effect
be I-Effect
viewed I-Effect
as I-Effect
underinvestment I-Effect
, I-Effect
in I-Effect
this I-Effect
case I-Effect
we I-Effect
see I-Effect
it I-Effect
as I-Effect
indicative I-Effect
of I-Effect
a I-Effect
structurally I-Effect
more I-Effect
productive I-Effect
set I-Effect
of I-Effect
intangibles I-Effect
that I-Effect
necessitates I-Effect
less I-Effect
reinvestment. O
This O
is O
likely O
due O
in O
part O
to O
the B-Cause
inherent I-Cause
promotional I-Cause
synergies I-Cause
that I-Cause
its I-Cause
portfolio I-Cause
breadth I-Cause
begets I-Cause
( I-Cause
with I-Cause
strong I-Cause
brands I-Cause
across I-Cause
all I-Cause
three I-Cause
beverage I-Cause
alcohol I-Cause
segments I-Cause
) I-Cause
. O

We O
believe O
that O
given B-Cause
the I-Cause
ease I-Cause
of I-Cause
integration I-Cause
with I-Cause
third I-Cause
parties I-Cause
such O
as O
benefits O
administrators O
, O
businesses O
would O
also O
hesitate O
to O
rip O
out O
these O
integrations O
and O
potentially O
face B-Effect
a I-Effect
loss I-Effect
of I-Effect
data I-Effect
transfer I-Effect
. O

In O
addition O
, O
the B-Cause
government I-Cause
's I-Cause
intention I-Cause
to I-Cause
create I-Cause
a I-Cause
fully I-Cause
deregulated I-Cause
market I-Cause
will O
also O
introduce B-Effect
more I-Effect
competition I-Effect
. O

Games B-Cause
have I-Cause
typically I-Cause
been I-Cause
backward I-Cause
compatible I-Cause
but I-Cause
in I-Cause
recent I-Cause
new I-Cause
platform I-Cause
releases I-Cause
, I-Cause
console I-Cause
makers I-Cause
have I-Cause
skipped I-Cause
this I-Cause
, O
which O
has O
certainly O
angered B-Effect
users I-Effect
. O

Although O
it B-Cause
has I-Cause
several I-Cause
approved I-Cause
products I-Cause
in I-Cause
its I-Cause
portfolio I-Cause
, O
high B-Effect
R I-Effect
& I-Effect
D I-Effect
expenses I-Effect
have I-Effect
prevented I-Effect
BioMarin I-Effect
from I-Effect
turning I-Effect
a I-Effect
significant I-Effect
profit I-Effect
. O

With O
CGI O
's O
95 O
% O
on-time O
and O
on-budget O
record O
, O
along O
with O
a O
high B-Cause
customer I-Cause
satisfaction I-Cause
score I-Cause
, O
we O
see O
significant B-Effect
switching I-Effect
cost I-Effect
advantages I-Effect
for I-Effect
CGI I-Effect
in I-Effect
this I-Effect
segment I-Effect
as I-Effect
well I-Effect
. O

Recent B-Cause
divestments I-Cause
of I-Cause
low-margin/no-moat I-Cause
businesses I-Cause
that I-Cause
historically I-Cause
formed I-Cause
part I-Cause
of I-Cause
the I-Cause
mining I-Cause
division I-Cause
should I-Cause
raise I-Cause
the I-Cause
segment I-Cause
's I-Cause
profitability I-Cause
closer I-Cause
in I-Cause
line I-Cause
with I-Cause
its I-Cause
most I-Cause
direct I-Cause
competitor I-Cause
, I-Cause
Epiroc. O
This O
has O
helped O
contribute O
to O
Sandvik B-Effect
's I-Effect
current I-Effect
ROIC I-Effect
of I-Effect
20 I-Effect
% I-Effect
, I-Effect
well I-Effect
above I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
of I-Effect
8.9 I-Effect
% I-Effect
. O

We O
forecast O
Kors B-Effect
' I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
will I-Effect
stabilize I-Effect
at I-Effect
21.5 I-Effect
% I-Effect
in I-Effect
the I-Effect
long-term I-Effect
, I-Effect
lower I-Effect
than I-Effect
historical I-Effect
levels I-Effect
, O
as O
store B-Cause
closings I-Cause
and I-Cause
sales I-Cause
of I-Cause
lower-margin I-Cause
apparel I-Cause
and I-Cause
footwear I-Cause
take I-Cause
a I-Cause
toll I-Cause
. O

Attempts B-Effect
to I-Effect
fill I-Effect
capacity I-Effect
by I-Effect
competing I-Effect
for I-Effect
existing I-Effect
contracts I-Effect
would I-Effect
prove I-Effect
challenging I-Effect
because O
staggered B-Cause
multiyear I-Cause
supply I-Cause
contracts I-Cause
reduce I-Cause
the I-Cause
volume I-Cause
of I-Cause
production I-Cause
open I-Cause
to I-Cause
competition I-Cause
in I-Cause
any I-Cause
given I-Cause
year I-Cause
. O

We B-Effect
think I-Effect
this I-Effect
one-stop-shop I-Effect
model I-Effect
is I-Effect
attractive I-Effect
to I-Effect
buyers I-Effect
as B-Cause
this I-Cause
portfolio I-Cause
breadth I-Cause
allows I-Cause
them I-Cause
to I-Cause
streamline I-Cause
their I-Cause
purchasing I-Cause
process I-Cause
and I-Cause
further I-Cause
take I-Cause
advantage I-Cause
of I-Cause
cumulative I-Cause
volume I-Cause
discounts I-Cause
by I-Cause
contracting I-Cause
almost I-Cause
exclusively I-Cause
with I-Cause
ICU I-Cause
rather I-Cause
than I-Cause
a I-Cause
less I-Cause
comprehensive I-Cause
competitor I-Cause
that I-Cause
may I-Cause
have I-Cause
critical I-Cause
gaps I-Cause
in I-Cause
its I-Cause
product I-Cause
offerings I-Cause
. O

The B-Cause
firm I-Cause
largely I-Cause
sat I-Cause
out I-Cause
the I-Cause
overhyped I-Cause
AWS-3 I-Cause
spectrum I-Cause
auction I-Cause
, O
for O
example O
, O
saving B-Effect
its I-Effect
resources I-Effect
to I-Effect
later I-Effect
acquire I-Effect
low-frequency I-Effect
licenses I-Effect
. O

We O
forecast O
selling B-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
will I-Effect
remain I-Effect
around I-Effect
the I-Effect
25 I-Effect
% I-Effect
-26 I-Effect
% I-Effect
level I-Effect
of I-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
as O
the B-Cause
company I-Cause
invests I-Cause
in I-Cause
marketing I-Cause
, I-Cause
e-commerce I-Cause
, I-Cause
and I-Cause
international I-Cause
expansion I-Cause
. O

With O
governments O
on O
national O
, O
state O
, O
and O
local B-Cause
levels I-Cause
reeling I-Cause
from I-Cause
budget I-Cause
problems I-Cause
, O
the O
emergence B-Effect
of I-Effect
cannabis I-Effect
as I-Effect
a I-Effect
legal I-Effect
product I-Effect
has I-Effect
come I-Effect
to I-Effect
be I-Effect
viewed I-Effect
as I-Effect
a I-Effect
funding I-Effect
panacea I-Effect
. O

As O
China B-Cause
, I-Cause
Hong I-Cause
Kong I-Cause
, I-Cause
and I-Cause
Singapore I-Cause
are I-Cause
important I-Cause
pools I-Cause
of I-Cause
wealth I-Cause
and I-Cause
growing I-Cause
trade I-Cause
corridors I-Cause
, O
the B-Effect
bank I-Effect
's I-Effect
pivot I-Effect
toward I-Effect
Asia I-Effect
, I-Effect
which I-Effect
makes I-Effect
up I-Effect
about I-Effect
75 I-Effect
% I-Effect
of I-Effect
pretax I-Effect
profit I-Effect
, I-Effect
makes I-Effect
strategic I-Effect
sense I-Effect
. O

Alternatively O
, O
if O
the B-Cause
public I-Cause
option I-Cause
steals I-Cause
significant I-Cause
share I-Cause
from I-Cause
employer-based I-Cause
insurance I-Cause
rolls I-Cause
, O
the B-Effect
reimbursement I-Effect
rates I-Effect
HCA I-Effect
receives I-Effect
for I-Effect
its I-Effect
services I-Effect
may O
decline O
substantially O
. O

While O
pricing O
in O
emerging O
markets O
is O
not O
usually O
as O
strong O
as O
in O
developed O
markets O
, O
the O
company B-Effect
can I-Effect
still I-Effect
leverage I-Effect
its I-Effect
investment I-Effect
in I-Effect
developing I-Effect
new I-Effect
drugs I-Effect
for I-Effect
developed I-Effect
markets I-Effect
by O
bringing B-Cause
the I-Cause
drugs I-Cause
to I-Cause
emerging I-Cause
markets I-Cause
. I-Cause

CME B-Effect
also I-Effect
benefits I-Effect
from I-Effect
intangible I-Effect
assets I-Effect
as O
a O
result O
of O
the B-Cause
company I-Cause
's I-Cause
27 I-Cause
% I-Cause
ownership I-Cause
stake I-Cause
in I-Cause
S I-Cause
& I-Cause
amp I-Cause
; I-Cause
P/Dow I-Cause
Jones I-Cause
Indices I-Cause
LLC I-Cause
. O

The B-Cause
highly I-Cause
contracted I-Cause
competitive I-Cause
energy I-Cause
business I-Cause
, I-Cause
NextEra I-Cause
Energy I-Cause
Resources I-Cause
, I-Cause
is I-Cause
well I-Cause
positioned I-Cause
to O
benefit B-Effect
from I-Effect
our I-Effect
renewable I-Effect
energy I-Effect
growth I-Effect
outlook I-Effect
. O

We B-Effect
forecast I-Effect
nonresidential I-Effect
spending I-Effect
growth I-Effect
to I-Effect
slow I-Effect
to I-Effect
4 I-Effect
% I-Effect
in I-Effect
the I-Effect
longer I-Effect
term I-Effect
, O
as O
we B-Cause
expect I-Cause
many I-Cause
key I-Cause
sectors I-Cause
to I-Cause
make I-Cause
more I-Cause
efficient I-Cause
use I-Cause
of I-Cause
spending I-Cause
. O

We O
also O
anticipate B-Effect
nearly I-Effect
240 I-Effect
basis I-Effect
points I-Effect
of I-Effect
adjusted I-Effect
OR I-Effect
improvement I-Effect
, I-Effect
to I-Effect
86.9 I-Effect
% I-Effect
net I-Effect
of I-Effect
fuel I-Effect
, O
due O
largely O
to O
marked B-Cause
improvement I-Cause
in I-Cause
Swift-segment I-Cause
profitability I-Cause
, O
which O
has O
moved O
much O
closer O
to O
Knight O
's O
legacy O
performance O
this O
year O
. O

Outside O
of O
the O
U.S. O
, O
Discover B-Effect
has I-Effect
signed I-Effect
network I-Effect
agreements I-Effect
with I-Effect
national I-Effect
card I-Effect
networks I-Effect
in O
order O
to O
extend B-Cause
the I-Cause
acceptance I-Cause
of I-Cause
its I-Cause
cards I-Cause
internationally I-Cause
. O

We O
think O
that O
Accenture O
derives O
excess O
returns O
from O
reputation O
as O
an O
intangible O
asset O
, O
as O
unlike B-Cause
traditional I-Cause
advertising I-Cause
projects I-Cause
, I-Cause
digital I-Cause
work I-Cause
means I-Cause
more I-Cause
uncertainty I-Cause
for I-Cause
the I-Cause
customer I-Cause
, O
so O
they B-Effect
might I-Effect
again I-Effect
turn I-Effect
to I-Effect
best-in-breed I-Effect
providers I-Effect
like I-Effect
Accenture I-Effect
. O

We O
believe O
LKQ O
will O
be O
successful O
in O
its O
efforts O
to O
drive O
cost B-Effect
efficiencies I-Effect
in I-Effect
Europe I-Effect
through O
its B-Cause
1 I-Cause
LKQ I-Cause
Europe I-Cause
initiative I-Cause
. O

We O
model O
a O
strong O
launch O
of O
Padcev O
in O
relapsed O
bladder O
cancer O
, O
but O
longer O
term O
, O
we O
anticipate O
additional B-Effect
growth I-Effect
potential I-Effect
with O
label B-Cause
expansions I-Cause
to I-Cause
the I-Cause
front-line I-Cause
setting I-Cause
and I-Cause
to I-Cause
muscle-invasive I-Cause
bladder I-Cause
cancer I-Cause
. O

Low-cost B-Effect
carriers I-Effect
and I-Effect
ultra-low-cost I-Effect
carriers I-Effect
have I-Effect
tendencies I-Effect
to I-Effect
enter I-Effect
markets I-Effect
and I-Effect
drive I-Effect
returns I-Effect
down I-Effect
for I-Effect
all I-Effect
participants I-Effect
because O
of O
an B-Cause
excess I-Cause
of I-Cause
supply I-Cause
for I-Cause
a I-Cause
somewhat I-Cause
fixed I-Cause
pool I-Cause
of I-Cause
demand I-Cause
. O

We O
think O
the B-Cause
fee-based I-Cause
structure I-Cause
of I-Cause
existing I-Cause
contracts I-Cause
and I-Cause
the I-Cause
competitive I-Cause
positioning I-Cause
of I-Cause
PSXP I-Cause
's I-Cause
assets I-Cause
around I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
and I-Cause
midcontinent I-Cause
will O
allow B-Effect
PSXP I-Effect
to I-Effect
earn I-Effect
economic I-Effect
profits I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

We O
believe O
the B-Effect
CBS I-Effect
broadcast I-Effect
network I-Effect
also I-Effect
provides I-Effect
ViacomCBS I-Effect
with I-Effect
an I-Effect
advantage I-Effect
, O
as O
the B-Cause
networks I-Cause
are I-Cause
the I-Cause
only I-Cause
outlets I-Cause
to I-Cause
reach I-Cause
almost I-Cause
all I-Cause
households I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

While O
we O
see O
nothing O
imminent O
, O
regulatory B-Cause
changes I-Cause
have O
the O
potential B-Effect
to I-Effect
increase I-Effect
costs I-Effect
( I-Effect
via I-Effect
changes I-Effect
in I-Effect
hours I-Effect
of I-Effect
service I-Effect
rules I-Effect
or I-Effect
positive I-Effect
train I-Effect
control I-Effect
mandates I-Effect
in I-Effect
safety I-Effect
bills I-Effect
) I-Effect
and I-Effect
constrain I-Effect
pricing I-Effect
. O

We O
forecast O
positive B-Effect
adjusted I-Effect
EBIT I-Effect
margins I-Effect
in I-Effect
2020 I-Effect
, I-Effect
but I-Effect
will I-Effect
fail I-Effect
to I-Effect
remain I-Effect
sustainably I-Effect
positive I-Effect
until I-Effect
2024 I-Effect
as O
the B-Cause
firm I-Cause
spends I-Cause
to I-Cause
set I-Cause
up I-Cause
its I-Cause
network I-Cause
internationally I-Cause
. O

These O
include O
a B-Cause
basic I-Cause
menu I-Cause
structure I-Cause
and I-Cause
assembly I-Cause
line I-Cause
for I-Cause
food I-Cause
preparation I-Cause
, O
which O
reduces O
employee B-Effect
training I-Effect
costs I-Effect
while O
still O
providing B-Effect
a I-Effect
convenient I-Effect
consumer I-Effect
experience I-Effect
( O
if O
executed B-Cause
properly I-Cause
) O
. O

Even O
though O
individual O
parts O
like O
fuses O
and O
relays O
do O
n't O
carry O
a O
hefty O
price O
tag O
, O
we O
think O
Littelfuse B-Cause
's I-Cause
application I-Cause
expertise I-Cause
helps O
the B-Effect
firm I-Effect
stave I-Effect
off I-Effect
commoditization I-Effect
and I-Effect
creates I-Effect
sticky I-Effect
customer I-Effect
relationships I-Effect
. O

Importantly O
, O
according O
to O
Parker B-Cause
representatives I-Cause
, I-Cause
about I-Cause
85 I-Cause
% I-Cause
of I-Cause
the I-Cause
revenue I-Cause
from I-Cause
these I-Cause
technologies I-Cause
has I-Cause
intellectual I-Cause
property I-Cause
protection I-Cause
, O
which O
we B-Effect
believe I-Effect
helps I-Effect
cement I-Effect
Parker I-Effect
's I-Effect
competitive I-Effect
position I-Effect
given I-Effect
the I-Effect
long I-Effect
product I-Effect
lifecycles I-Effect
and I-Effect
low I-Effect
reinvestment I-Effect
needs I-Effect
of I-Effect
this I-Effect
business I-Effect
. O

First O
, O
the B-Cause
company I-Cause
's I-Cause
software I-Cause
has I-Cause
strong I-Cause
machine-learning I-Cause
capabilities I-Cause
that O
constantly B-Effect
iterates I-Effect
on I-Effect
vast I-Effect
quantities I-Effect
of I-Effect
data I-Effect
to I-Effect
become I-Effect
more I-Effect
efficient I-Effect
at I-Effect
anomaly I-Effect
detection I-Effect
, I-Effect
incident I-Effect
response I-Effect
, I-Effect
and I-Effect
data I-Effect
analytics I-Effect
. O

While O
not O
as O
strong O
as O
other O
Big O
Pharma O
firms O
, O
AbbVie B-Cause
's I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
has I-Cause
created I-Cause
a I-Cause
database I-Cause
of I-Cause
intellectual I-Cause
insights I-Cause
that O
should O
help O
increase B-Effect
the I-Effect
odds I-Effect
of I-Effect
successful I-Effect
drug I-Effect
development I-Effect
. O

We O
think O
that O
the B-Effect
relatively I-Effect
low I-Effect
non-interest I-Effect
expense I-Effect
is I-Effect
a I-Effect
function I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
scale I-Effect
and I-Effect
concentration I-Effect
of I-Effect
deposits I-Effect
( O
nearly O
90 O
% O
of O
deposits O
are O
in O
M O
& O
amp O
; O
T O
's O
top O
10 O
MSAs O
) O
since O
noninterest B-Cause
expenses I-Cause
do I-Cause
not I-Cause
scale I-Cause
with I-Cause
deposits I-Cause
. O

We O
forecast O
that O
Agnico B-Effect
's I-Effect
gold I-Effect
production I-Effect
will I-Effect
increase I-Effect
from I-Effect
nearly I-Effect
1.7 I-Effect
million I-Effect
ounces I-Effect
in I-Effect
2020 I-Effect
to I-Effect
roughly I-Effect
2.15 I-Effect
million I-Effect
ounces I-Effect
by I-Effect
2024 O
, O
as O
development B-Cause
projects I-Cause
Meliadine I-Cause
and I-Cause
the I-Cause
Amaruq I-Cause
satellite I-Cause
deposit I-Cause
at I-Cause
Meadowbank I-Cause
offset I-Cause
production I-Cause
declines I-Cause
at I-Cause
aging I-Cause
mines I-Cause
. O

Constellation B-Effect
's I-Effect
wine/spirits I-Effect
business I-Effect
continues I-Effect
to I-Effect
be I-Effect
in I-Effect
flux I-Effect
, O
as O
management B-Cause
's I-Cause
desire I-Cause
to I-Cause
focus I-Cause
on I-Cause
higher I-Cause
margin I-Cause
, I-Cause
higher I-Cause
growth I-Cause
enclaves I-Cause
within I-Cause
these I-Cause
segments I-Cause
has O
led O
to O
a B-Effect
slew I-Effect
of I-Effect
asset I-Effect
sales I-Effect
over I-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
, I-Effect
including I-Effect
its I-Effect
entire I-Effect
Canadian I-Effect
wine I-Effect
business I-Effect
. O

Furthermore O
, O
the B-Cause
category I-Cause
is I-Cause
shrinking I-Cause
as O
a B-Cause
percentage I-Cause
of I-Cause
overall I-Cause
grocery I-Cause
spend I-Cause
, O
which O
we O
believe O
also O
serves O
to O
lower B-Effect
the I-Effect
importance I-Effect
of I-Effect
the I-Effect
category I-Effect
for I-Effect
retailers I-Effect
. O

We O
do O
n't O
think O
that O
the B-Effect
firm I-Effect
's I-Effect
weak I-Effect
organic I-Effect
consolidated I-Effect
revenue I-Effect
growth I-Effect
heading I-Effect
into I-Effect
the I-Effect
pandemic I-Effect
( I-Effect
with I-Effect
flat I-Effect
volume I-Effect
over I-Effect
the I-Effect
past I-Effect
four I-Effect
years I-Effect
and I-Effect
a I-Effect
1 I-Effect
% I-Effect
erosion I-Effect
in I-Effect
pricing I-Effect
on I-Effect
average I-Effect
) I-Effect
is O
the O
byproduct O
of O
insufficient B-Cause
brand I-Cause
spending I-Cause
. O

Within O
its O
model O
for O
an O
extreme O
pandemic O
, O
Scor B-Effect
guide I-Effect
that I-Effect
this I-Effect
age I-Effect
factor I-Effect
, O
because O
life B-Cause
insurance I-Cause
policies I-Cause
are I-Cause
generally I-Cause
taken I-Cause
out I-Cause
during I-Cause
working I-Cause
age I-Cause
between I-Cause
ages I-Cause
of I-Cause
35 I-Cause
to I-Cause
69 I-Cause
, O
Scor B-Effect
's I-Effect
mortality I-Effect
rate I-Effect
in I-Effect
a I-Effect
1-in-200 I-Effect
year I-Effect
scenario I-Effect
should I-Effect
be I-Effect
revised I-Effect
down I-Effect
by I-Effect
a I-Effect
little I-Effect
under I-Effect
0.15 I-Effect
. O

First O
, O
because O
carriers B-Cause
own I-Cause
and I-Cause
are I-Cause
responsible I-Cause
for I-Cause
the I-Cause
equipment I-Cause
they I-Cause
deploy I-Cause
at I-Cause
and I-Cause
on I-Cause
the I-Cause
towers I-Cause
, O
they B-Effect
bear I-Effect
the I-Effect
brunt I-Effect
of I-Effect
removing I-Effect
it I-Effect
when I-Effect
they I-Effect
leave I-Effect
a I-Effect
tower I-Effect
. O

Longer B-Cause
term I-Cause
, I-Cause
we I-Cause
think I-Cause
Experian I-Cause
's I-Cause
strategy I-Cause
to I-Cause
compete I-Cause
instead I-Cause
of I-Cause
partner I-Cause
with O
new O
entrants O
such O
as O
Credit O
Karma O
offers B-Effect
potential I-Effect
to I-Effect
capture I-Effect
more I-Effect
value I-Effect
in I-Effect
the I-Effect
area I-Effect
, O
even O
though O
this O
path O
may B-Effect
hamper I-Effect
growth I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

Segment-wise O
, O
we B-Effect
model I-Effect
outsize I-Effect
growth I-Effect
( I-Effect
in I-Effect
the I-Effect
low I-Effect
double I-Effect
digits I-Effect
) I-Effect
for I-Effect
global I-Effect
ventures I-Effect
, O
as O
Costa B-Cause
retail I-Cause
store I-Cause
traffic I-Cause
recovers I-Cause
and I-Cause
the I-Cause
brand I-Cause
expands I-Cause
to I-Cause
new I-Cause
markets I-Cause
and I-Cause
formats I-Cause
such I-Cause
as I-Cause
ready-to-drink I-Cause
. O

Policy O
developments O
in O
Texas O
and O
other O
markets O
following B-Cause
the I-Cause
February I-Cause
2021 I-Cause
winter I-Cause
storm I-Cause
could O
raise B-Effect
costs I-Effect
and I-Effect
squeeze I-Effect
margins I-Effect
for I-Effect
retail I-Effect
energy I-Effect
suppliers I-Effect
in O
the O
long O
run O
. O

The O
most O
significant O
risk O
for O
HEI O
is O
the O
potential O
for O
significant B-Effect
regulatory I-Effect
pushback I-Effect
on O
any B-Cause
capital I-Cause
investments I-Cause
that I-Cause
increase I-Cause
rates I-Cause
even I-Cause
further I-Cause
. O

The B-Effect
proliferation I-Effect
of I-Effect
mobile I-Effect
devices I-Effect
has O
come O
at O
the B-Cause
expense I-Cause
of I-Cause
the I-Cause
mature I-Cause
PC I-Cause
market I-Cause
, O
Intel O
's O
historic O
stronghold O
, O
with O
ARM O
and O
its O
cohorts O
joining O
AMD O
as O
chief O
rivals O
. O

Previously O
, O
the O
lack B-Cause
of I-Cause
transparency I-Cause
into I-Cause
the I-Cause
company I-Cause
's I-Cause
strategy I-Cause
and I-Cause
specialty I-Cause
pipeline I-Cause
and I-Cause
generic I-Cause
revenue I-Cause
posed O
challenges O
in O
understanding B-Effect
the I-Effect
key I-Effect
drivers I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

We B-Effect
model I-Effect
an I-Effect
18 I-Effect
% I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, O
in O
line O
with O
management O
's O
target O
, O
as O
the B-Cause
company I-Cause
benefits I-Cause
from I-Cause
improved I-Cause
factory I-Cause
utilization I-Cause
. O

We O
assume O
mid-30s B-Effect
percentage I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
Five B-Cause
Below I-Cause
laps I-Cause
store I-Cause
closures I-Cause
and I-Cause
the I-Cause
initial I-Cause
stages I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
. O

Still O
, O
land B-Cause
and I-Cause
communities I-Cause
can I-Cause
underperform I-Cause
initial I-Cause
expectations I-Cause
for O
myriad B-Cause
reasons I-Cause
, O
resulting O
in O
potential B-Effect
margin I-Effect
dilution I-Effect
and I-Effect
impairment I-Effect
charges I-Effect
, O
even O
in O
a O
healthy O
housing O
market O
. O

We O
do O
n't O
believe O
that O
Johnson B-Effect
Controls I-Effect
' I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
extends I-Effect
to I-Effect
the I-Effect
residential I-Effect
HVAC I-Effect
market I-Effect
because O
residential B-Cause
replacement I-Cause
costs I-Cause
are I-Cause
comparatively I-Cause
low I-Cause
, I-Cause
and I-Cause
the I-Cause
service I-Cause
market I-Cause
is I-Cause
far I-Cause
more I-Cause
fragmented I-Cause
and I-Cause
competitive I-Cause
. O

The B-Cause
labor I-Cause
shortage I-Cause
has I-Cause
increased I-Cause
labor I-Cause
costs I-Cause
for I-Cause
homebuilders I-Cause
and O
can O
extend B-Effect
the I-Effect
length I-Effect
of I-Effect
time I-Effect
it I-Effect
takes I-Effect
to I-Effect
build I-Effect
a I-Effect
home I-Effect
. I-Effect

After O
the O
segment O
's O
adjusted O
EBITDA O
margin O
contracted O
in O
recent O
years O
while O
the O
firm O
expanded O
its O
network O
and O
integrated O
new O
businesses O
, O
we O
expect O
operating B-Effect
leverage I-Effect
to I-Effect
kick I-Effect
in I-Effect
, O
since O
incremental B-Cause
costs I-Cause
on I-Cause
leasing I-Cause
additional I-Cause
fiber I-Cause
are I-Cause
minimal I-Cause
. O

If O
established B-Cause
competitors I-Cause
or I-Cause
new I-Cause
entrants I-Cause
introduce I-Cause
better I-Cause
products I-Cause
or I-Cause
develop I-Cause
stronger I-Cause
relationships I-Cause
with I-Cause
customers I-Cause
, O
Agilent B-Effect
may I-Effect
lose I-Effect
market I-Effect
share I-Effect
as I-Effect
well I-Effect
as I-Effect
its I-Effect
ability I-Effect
to I-Effect
extract I-Effect
price I-Effect
increases I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Royal B-Effect
took I-Effect
quick I-Effect
action I-Effect
to I-Effect
reduce I-Effect
operating I-Effect
expenses I-Effect
and I-Effect
capital I-Effect
expenditures I-Effect
as O
a O
result O
of O
COVID-19 B-Cause
( O
we O
forecast O
capital O
expenditures O
of O
$ O
1.8 O
billion O
in O
2020 O
, O
down O
from O
$ O
3 O
billion O
in O
2019 O
) O
. O

On O
balance O
, O
we O
assume O
Teleflex O
's B-Effect
deals I-Effect
will I-Effect
be I-Effect
, I-Effect
on I-Effect
average I-Effect
, I-Effect
moderately I-Effect
value-destructive I-Effect
, O
given O
the B-Cause
firm I-Cause
's I-Cause
history I-Cause
of I-Cause
overpaying I-Cause
for I-Cause
acquired I-Cause
companies I-Cause
. O

As O
its B-Cause
investments I-Cause
in I-Cause
inventory I-Cause
management I-Cause
technology I-Cause
and I-Cause
supply I-Cause
chain I-Cause
automation I-Cause
are I-Cause
invested I-Cause
across I-Cause
a I-Cause
broader I-Cause
pool I-Cause
of I-Cause
sales I-Cause
and I-Cause
stores I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
cost I-Effect
profile I-Effect
improves I-Effect
in I-Effect
a I-Effect
way I-Effect
that I-Effect
is I-Effect
difficult I-Effect
for I-Effect
smaller I-Effect
competitors I-Effect
to I-Effect
duplicate I-Effect
. O

Intesa B-Effect
offers I-Effect
the I-Effect
full I-Effect
range I-Effect
of I-Effect
investment I-Effect
products I-Effect
, I-Effect
from I-Effect
simple I-Effect
money I-Effect
market I-Effect
investments I-Effect
to I-Effect
retirement I-Effect
products I-Effect
, I-Effect
enabling I-Effect
the I-Effect
bank I-Effect
to I-Effect
retain I-Effect
clients I-Effect
for I-Effect
longer I-Effect
, O
as O
it B-Cause
can I-Cause
direct I-Cause
a I-Cause
client I-Cause
that I-Cause
wants I-Cause
to I-Cause
change I-Cause
its I-Cause
investment I-Cause
strategy I-Cause
to I-Cause
another I-Cause
of I-Cause
its I-Cause
own I-Cause
products I-Cause
. O

The B-Cause
Mexican I-Cause
government I-Cause
amended I-Cause
its I-Cause
constitution I-Cause
in I-Cause
2013 I-Cause
and I-Cause
enacted I-Cause
new I-Cause
legislation I-Cause
in I-Cause
2014 I-Cause
to I-Cause
overhaul I-Cause
telecom I-Cause
regulation I-Cause
in I-Cause
the I-Cause
country I-Cause
, O
resulting O
in B-Effect
the I-Effect
creation I-Effect
of I-Effect
a I-Effect
new I-Effect
regulatory I-Effect
body I-Effect
, O
the O
IFT O
. O

Because O
of O
this O
, O
timeliness B-Cause
in I-Cause
the I-Cause
design I-Cause
process I-Cause
and I-Cause
quickly I-Cause
scaling I-Cause
component I-Cause
manufacturing I-Cause
is O
a O
key O
element O
of O
maximizing B-Effect
a I-Effect
drug I-Effect
's I-Effect
profit I-Effect
years I-Effect
. O

A B-Cause
large I-Cause
company I-Cause
could I-Cause
have I-Cause
10,000 I-Cause
suppliers I-Cause
, I-Cause
for I-Cause
example. O
Therefore O
, O
replacing B-Effect
an I-Effect
intelligent I-Effect
platform I-Effect
solution I-Effect
would I-Effect
require I-Effect
significant I-Effect
resources I-Effect
to I-Effect
onboard I-Effect
10,000 I-Effect
suppliers I-Effect
to I-Effect
the I-Effect
network I-Effect
compared I-Effect
with I-Effect
much I-Effect
more I-Effect
ease I-Effect
in I-Effect
adding I-Effect
, I-Effect
say I-Effect
, I-Effect
20 I-Effect
suppliers I-Effect
to I-Effect
a I-Effect
network I-Effect
. O

Several B-Cause
fines I-Cause
meted I-Cause
out I-Cause
to I-Cause
Swiss I-Cause
banks I-Cause
by I-Cause
global I-Cause
regulators I-Cause
for I-Cause
their I-Cause
part I-Cause
in I-Cause
tax I-Cause
avoidance I-Cause
schemes I-Cause
gave I-Cause
also I-Cause
dented I-Cause
the I-Cause
reputation I-Cause
of I-Cause
Swiss I-Cause
banks I-Cause
, O
this O
also O
led O
to O
the B-Effect
demise I-Effect
of I-Effect
the I-Effect
famed I-Effect
anonymous I-Effect
Swiss I-Effect
bank I-Effect
account I-Effect
. O

In O
our O
view O
, O
more B-Effect
social I-Effect
currency I-Effect
accrues I-Effect
to I-Effect
the I-Effect
typical I-Effect
individual I-Effect
as O
consumption B-Cause
skews I-Cause
to I-Cause
the I-Cause
higher I-Cause
end I-Cause
of I-Cause
the I-Cause
price I-Cause
spectrum I-Cause
. O

The B-Effect
strength I-Effect
of I-Effect
the I-Effect
brand I-Effect
and I-Effect
hence I-Effect
substantial I-Effect
pricing I-Effect
power I-Effect
would I-Effect
be I-Effect
at I-Effect
risk I-Effect
if O
the O
company O
were O
to O
overproduce B-Cause
to I-Cause
the I-Cause
extent I-Cause
that I-Cause
the I-Cause
aura I-Cause
of I-Cause
exclusivity I-Cause
was I-Cause
lost I-Cause
. I-Cause

If B-Cause
Icon I-Cause
does I-Cause
not I-Cause
continue I-Cause
to I-Cause
invest I-Cause
in I-Cause
innovative I-Cause
technology I-Cause
or I-Cause
next-generation I-Cause
processes I-Cause
, O
it O
is O
at O
risk O
of O
falling B-Effect
behind I-Effect
and I-Effect
losing I-Effect
share I-Effect
to I-Effect
more-innovative I-Effect
CROs I-Effect
that O
can O
offer O
faster O
patient O
enrollment O
and O
shorter O
trials O
. O

It O
has O
a O
good O
record O
of O
managing O
operational O
costs O
, O
and O
its B-Cause
presence I-Cause
in I-Cause
uncorrelated I-Cause
geographies I-Cause
creates I-Cause
a I-Cause
diversification I-Cause
benefit I-Cause
that O
reduces B-Effect
the I-Effect
volatility I-Effect
of I-Effect
credit I-Effect
. O

However O
, O
while O
Oxy B-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
play I-Effect
's I-Effect
leading I-Effect
operators I-Effect
, I-Effect
the I-Effect
blistering I-Effect
initial I-Effect
production I-Effect
rates I-Effect
it I-Effect
delivers I-Effect
do I-Effect
not I-Effect
tell I-Effect
the I-Effect
whole I-Effect
story I-Effect
as O
its B-Cause
wells I-Cause
also I-Cause
decline I-Cause
very I-Cause
quickly I-Cause
. O

We O
expect O
Ralph B-Effect
Lauren I-Effect
's I-Effect
North I-Effect
America I-Effect
wholesale I-Effect
revenue I-Effect
to I-Effect
remain I-Effect
below I-Effect
fiscal I-Effect
2020 I-Effect
's I-Effect
level I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
as O
the B-Cause
firm I-Cause
exits I-Cause
low-performing I-Cause
stores I-Cause
, O
but O
we O
think O
its B-Effect
retail I-Effect
sales I-Effect
will I-Effect
increase I-Effect
steadily I-Effect
on O
e-commerce B-Cause
and I-Cause
improved I-Cause
productivity I-Cause
of I-Cause
owned I-Cause
locations I-Cause
. O

Most B-Effect
of I-Effect
the I-Effect
reduction I-Effect
came I-Effect
from I-Effect
underperforming I-Effect
full-price I-Effect
stores I-Effect
, O
as O
the B-Cause
number I-Cause
of I-Cause
factory I-Cause
outlet I-Cause
stores I-Cause
grew I-Cause
to I-Cause
933 I-Cause
from I-Cause
851 I-Cause
between I-Cause
2014 I-Cause
and I-Cause
2019 I-Cause
. O

Companies B-Cause
such I-Cause
as I-Cause
GM I-Cause
have I-Cause
also I-Cause
dramatically I-Cause
improved I-Cause
their I-Cause
car I-Cause
models I-Cause
, O
so O
we B-Effect
'd I-Effect
like I-Effect
to I-Effect
see I-Effect
Honda I-Effect
attain I-Effect
a I-Effect
more I-Effect
complete I-Effect
vehicle I-Effect
lineup I-Effect
. O

Its B-Effect
2020 I-Effect
hosiery I-Effect
and I-Effect
underwear I-Effect
sales I-Effect
fell I-Effect
14 I-Effect
% I-Effect
as O
the B-Cause
Walmart I-Cause
private-label I-Cause
men I-Cause
's I-Cause
underwear I-Cause
deal I-Cause
could I-Cause
not I-Cause
overcome I-Cause
weakness I-Cause
elsewhere I-Cause
. O

Manufacturers B-Effect
are I-Effect
more I-Effect
willing I-Effect
to I-Effect
use I-Effect
Cummins I-Effect
' I-Effect
components I-Effect
, O
which O
offers B-Cause
product I-Cause
differentiation I-Cause
and I-Cause
enhances I-Cause
the I-Cause
value I-Cause
of I-Cause
their I-Cause
trucks I-Cause
, I-Cause
while I-Cause
also I-Cause
meeting I-Cause
regulatory I-Cause
requirements I-Cause
. O

Additionally O
, O
if O
the B-Cause
underlying I-Cause
properties I-Cause
ca I-Cause
n't I-Cause
sustain I-Cause
the I-Cause
rent I-Cause
bumps I-Cause
throughout I-Cause
the I-Cause
lease I-Cause
term I-Cause
then O
eventually O
the B-Effect
leases I-Effect
will I-Effect
need I-Effect
to I-Effect
be I-Effect
broken I-Effect
and I-Effect
new I-Effect
, I-Effect
lower I-Effect
terms I-Effect
will I-Effect
be I-Effect
forced I-Effect
onto I-Effect
the I-Effect
landlord I-Effect
. O

Moreover O
, O
our O
view O
is O
that O
operating B-Effect
margins I-Effect
can I-Effect
expand I-Effect
in O
the O
face O
of O
gross B-Effect
margin I-Effect
pressure I-Effect
, O
driven O
by O
operating B-Cause
leverage I-Cause
across I-Cause
administrative I-Cause
and I-Cause
selling I-Cause
expenses I-Cause
. O

While O
Walmart O
undoubtedly O
drove O
a O
hard O
bargain O
, O
this O
deal B-Cause
has I-Cause
nonetheless I-Cause
granted I-Cause
Capital I-Cause
One I-Cause
new I-Cause
balances I-Cause
and I-Cause
volumes I-Cause
, O
and O
therefore O
new B-Effect
revenue I-Effect
streams I-Effect
. O

We B-Effect
now I-Effect
bake I-Effect
in I-Effect
a I-Effect
midcycle I-Effect
OR I-Effect
near I-Effect
55.5 I-Effect
% I-Effect
, I-Effect
versus I-Effect
our I-Effect
previous I-Effect
57 I-Effect
% I-Effect
assumption I-Effect
, I-Effect
as B-Cause
CP I-Cause
incrementally I-Cause
boosts I-Cause
productivity I-Cause
of I-Cause
equipment I-Cause
, I-Cause
manpower I-Cause
, I-Cause
and I-Cause
yards I-Cause
. I-Cause

While O
in O
a O
lease O
program O
, O
MPS B-Effect
can I-Effect
actually I-Effect
save I-Effect
Xerox I-Effect
money I-Effect
-- I-Effect
it I-Effect
does I-Effect
n't I-Effect
have I-Effect
to I-Effect
stock I-Effect
as O
much B-Cause
supplies I-Cause
or I-Cause
service I-Cause
equipment I-Cause
as I-Cause
often I-Cause
-- I-Cause
it I-Cause
could I-Cause
affect I-Cause
the I-Cause
extent I-Cause
of I-Cause
the I-Cause
next I-Cause
lease I-Cause
entered I-Cause
into I-Cause
. O

Given O
the B-Cause
limited I-Cause
capital I-Cause
needs I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
historical B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
have I-Effect
been I-Effect
higher I-Effect
than I-Effect
any I-Effect
reasonable I-Effect
estimate I-Effect
of I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

We B-Effect
expect I-Effect
Regeneron I-Effect
's I-Effect
Eylea I-Effect
to I-Effect
achieve I-Effect
$ I-Effect
8 I-Effect
billion I-Effect
in I-Effect
peak I-Effect
sales I-Effect
in I-Effect
2023 I-Effect
, I-Effect
given I-Effect
its I-Effect
strong I-Effect
competitive I-Effect
positioning I-Effect
due B-Cause
to I-Cause
its I-Cause
more I-Cause
attractive I-Cause
dosing I-Cause
regimen I-Cause
versus I-Cause
Lucentis/Avastin I-Cause
in I-Cause
ophthalmology I-Cause
indications I-Cause
. I-Cause

A B-Cause
showing I-Cause
of I-Cause
success I-Cause
by I-Cause
GTT I-Cause
could I-Cause
reignite I-Cause
global I-Cause
telecom I-Cause
firms I-Cause
, O
which O
have O
far O
greater O
financial O
resources O
, O
to O
better B-Effect
compete I-Effect
for I-Effect
the I-Effect
business I-Effect
of I-Effect
multinational I-Effect
enterprises I-Effect
. O

As O
the B-Cause
data I-Cause
is I-Cause
integrated I-Cause
into I-Cause
client I-Cause
technology I-Cause
systems I-Cause
and I-Cause
is I-Cause
available I-Cause
at I-Cause
a I-Cause
relatively I-Cause
small I-Cause
cost I-Cause
, O
there B-Effect
is I-Effect
little I-Effect
incentive I-Effect
for I-Effect
manufacturers I-Effect
to I-Effect
switch I-Effect
away I-Effect
from I-Effect
IHS I-Effect
Markit I-Effect
. O

The B-Effect
issue I-Effect
of I-Effect
data I-Effect
security I-Effect
came I-Effect
to I-Effect
the I-Effect
forefront I-Effect
with O
the B-Cause
well-publicized I-Cause
breach I-Cause
of I-Cause
peer I-Cause
Equifax I-Cause
in I-Cause
2017 I-Cause
. O

On O
the O
profitability O
front O
, O
we O
expect O
EBITDA B-Effect
margin I-Effect
to I-Effect
average I-Effect
14.5 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
, I-Effect
above I-Effect
the I-Effect
11.8 I-Effect
% I-Effect
achieved I-Effect
in I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
mainly O
due O
to O
the B-Cause
impact I-Cause
of I-Cause
cost-cutting I-Cause
measures I-Cause
. O

We O
estimate O
ING B-Effect
will I-Effect
book I-Effect
compound I-Effect
average I-Effect
earnings I-Effect
growth I-Effect
of I-Effect
11 I-Effect
% I-Effect
per I-Effect
year I-Effect
over I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
, I-Effect
driven I-Effect
largely I-Effect
by I-Effect
a B-Cause
moderation I-Cause
of I-Cause
loan-loss I-Cause
provisions I-Cause
as O
the B-Cause
economic I-Cause
outlook I-Cause
and I-Cause
credit I-Cause
quality I-Cause
improves I-Cause
. O

In O
addition O
, O
the B-Cause
firm I-Cause
's I-Cause
exposure I-Cause
to I-Cause
potential I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
could O
further O
weaken O
its B-Effect
ability I-Effect
to I-Effect
earn I-Effect
economic I-Effect
profits I-Effect
. O

In O
Germany O
, O
regulations B-Effect
are O
trending O
negatively O
as O
restrictions B-Cause
have I-Cause
been I-Cause
put I-Cause
in I-Cause
place I-Cause
to I-Cause
limit I-Cause
the I-Cause
number I-Cause
of I-Cause
industries I-Cause
candidates I-Cause
can I-Cause
be I-Cause
placed I-Cause
. O

In O
addition O
, O
pricing B-Cause
for I-Cause
fund I-Cause
administration I-Cause
is I-Cause
often I-Cause
tiered I-Cause
, O
so O
incremental B-Effect
changes I-Effect
to I-Effect
asset I-Effect
levels I-Effect
do I-Effect
n't I-Effect
affect I-Effect
them I-Effect
in I-Effect
a I-Effect
1:1 I-Effect
ratio I-Effect
. O

We O
also O
credit O
the B-Cause
company I-Cause
for I-Cause
signing I-Cause
long-term I-Cause
commercial I-Cause
partnerships I-Cause
for I-Cause
the I-Cause
diamides I-Cause
, O
which O
should O
help B-Effect
maintain I-Effect
profits I-Effect
after I-Effect
patents I-Effect
expire I-Effect
, O
albeit O
still O
below O
peak O
levels O
. O

Since O
deal B-Cause
size I-Cause
is I-Cause
increasing I-Cause
, O
it O
is O
possible O
that O
a B-Effect
couple I-Effect
of I-Effect
large I-Effect
deals I-Effect
leaking I-Effect
into I-Effect
the I-Effect
next I-Effect
several I-Effect
quarters I-Effect
could I-Effect
cause I-Effect
a I-Effect
quarterly I-Effect
earnings I-Effect
miss I-Effect
. O

We O
think O
Crown B-Cause
will I-Cause
ultimately I-Cause
monetize I-Cause
those I-Cause
assets I-Cause
to I-Cause
a I-Cause
greater I-Cause
degree I-Cause
than I-Cause
it I-Cause
is I-Cause
currently I-Cause
and I-Cause
generate I-Cause
excess I-Cause
returns I-Cause
on I-Cause
them I-Cause
, I-Cause
but I-Cause
we I-Cause
do I-Cause
n't I-Cause
see I-Cause
it I-Cause
happening I-Cause
yet I-Cause
, I-Cause
and I-Cause
we I-Cause
expect I-Cause
it I-Cause
to I-Cause
take I-Cause
time. O
Consequently O
, O
the B-Effect
company I-Effect
has I-Effect
not I-Effect
outearned I-Effect
the I-Effect
8 I-Effect
% I-Effect
cost I-Effect
of I-Effect
capital I-Effect
that I-Effect
we I-Effect
estimate I-Effect
for I-Effect
it I-Effect
since I-Effect
2013 I-Effect
, I-Effect
and I-Effect
in I-Effect
our I-Effect
view I-Effect
, I-Effect
it I-Effect
will I-Effect
be I-Effect
challenged I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

Clients B-Cause
of I-Cause
WPP I-Cause
and I-Cause
its I-Cause
peers I-Cause
are I-Cause
allocating I-Cause
more I-Cause
ad I-Cause
dollars I-Cause
toward I-Cause
below-the-line I-Cause
, I-Cause
or I-Cause
more I-Cause
targeted I-Cause
, I-Cause
digital I-Cause
campaigns I-Cause
, O
creating O
growth B-Effect
opportunities I-Effect
for I-Effect
WPP I-Effect
and I-Effect
other I-Effect
players I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

During O
our O
five-year O
explicit O
forecast O
period O
, O
we O
forecast O
Komatsu B-Effect
's I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
at I-Effect
a I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
0.6 I-Effect
% I-Effect
. O
This O
is O
mainly O
driven O
by O
the B-Cause
decline I-Cause
in I-Cause
demand I-Cause
from I-Cause
China I-Cause
, I-Cause
Asia I-Cause
( I-Cause
excluding I-Cause
China I-Cause
and I-Cause
Japan I-Cause
) I-Cause
, I-Cause
Africa I-Cause
and I-Cause
Commonwealth I-Cause
of I-Cause
Independent I-Cause
States I-Cause
, I-Cause
partly I-Cause
offset I-Cause
by I-Cause
growth I-Cause
from I-Cause
Oceania I-Cause
and I-Cause
Japan I-Cause
for I-Cause
its I-Cause
construction I-Cause
, I-Cause
mining I-Cause
, I-Cause
and I-Cause
utility I-Cause
equipment I-Cause
. O

Several B-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
key I-Cause
businesses I-Cause
-- I-Cause
insurance I-Cause
, I-Cause
energy I-Cause
generation I-Cause
and I-Cause
distribution I-Cause
, I-Cause
and I-Cause
rail I-Cause
transport I-Cause
-- I-Cause
operate I-Cause
in I-Cause
industries I-Cause
that I-Cause
are I-Cause
subject I-Cause
to I-Cause
higher I-Cause
degrees I-Cause
of I-Cause
regulatory I-Cause
oversight I-Cause
, O
which O
could O
have O
an B-Effect
impact I-Effect
on I-Effect
future I-Effect
business I-Effect
combinations I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
setting I-Effect
of I-Effect
rates I-Effect
that I-Effect
are I-Effect
charged I-Effect
to I-Effect
customers I-Effect
. O

Over O
the O
next O
five O
years O
, O
we O
expect O
that O
the O
satellite O
service O
will O
continue O
to O
expand O
, O
albeit O
slowly O
, O
by O
converting B-Cause
enough I-Cause
new I-Cause
car I-Cause
owners I-Cause
to I-Cause
self-pay I-Cause
in O
order O
to O
offset B-Effect
churn I-Effect
losses I-Effect
and O
by O
discounting O
the O
prices O
of O
subscriptions O
to O
retain O
customers O
. O

And O
in B-Cause
the I-Cause
adjacent I-Cause
Stack I-Cause
play I-Cause
, I-Cause
the I-Cause
vast I-Cause
majority I-Cause
of I-Cause
its I-Cause
acreage I-Cause
is I-Cause
located I-Cause
in I-Cause
the I-Cause
play I-Cause
's I-Cause
overpressured I-Cause
zone I-Cause
, O
which O
supports O
significantly B-Effect
stronger I-Effect
flow I-Effect
rates I-Effect
and I-Effect
juicier I-Effect
economics I-Effect
. O

We B-Effect
have I-Effect
a I-Effect
more I-Effect
positive I-Effect
view I-Effect
of I-Effect
Neogen I-Effect
's I-Effect
longer-term I-Effect
outlook I-Effect
, O
however O
, O
with O
Neogen O
likely O
to O
benefit O
from O
an B-Cause
increasing I-Cause
recognition I-Cause
of I-Cause
the I-Cause
risks I-Cause
of I-Cause
microplastics I-Cause
, I-Cause
and I-Cause
new I-Cause
regulations I-Cause
such O
as O
the O
Food O
Safety O
Modernization O
Act O
and O
the O
European O
Union O
's O
Registration O
, O
Evaluation O
, O
Authorization O
and O
Restriction O
of O
Chemicals O
. O

Also O
, O
we O
expect O
upcoming B-Cause
developments I-Cause
that I-Cause
add I-Cause
attractions I-Cause
and I-Cause
improve I-Cause
Macao I-Cause
's I-Cause
accessibility I-Cause
will O
improve B-Effect
the I-Effect
destination I-Effect
's I-Effect
brand I-Effect
, I-Effect
supporting I-Effect
our I-Effect
constructive I-Effect
long-term I-Effect
view I-Effect
on I-Effect
Macao I-Effect
. O

With O
new B-Cause
plants I-Cause
partially I-Cause
opening I-Cause
in I-Cause
Berlin I-Cause
, I-Cause
Texas I-Cause
, I-Cause
and I-Cause
the I-Cause
Model I-Cause
Y I-Cause
Shanghai I-Cause
plant I-Cause
all I-Cause
in I-Cause
2021 I-Cause
, O
we O
think O
2021 B-Effect
deliveries I-Effect
of I-Effect
around I-Effect
one I-Effect
million I-Effect
units I-Effect
are I-Effect
not I-Effect
unrealistic I-Effect
. O

We O
also O
expect O
that O
a B-Effect
large-scale I-Effect
move I-Effect
by I-Effect
manufacturers I-Effect
in I-Effect
favor I-Effect
of I-Effect
direct I-Effect
sales I-Effect
is I-Effect
unlikely I-Effect
, O
due O
to O
the B-Cause
infrastructure I-Cause
required I-Cause
, I-Cause
end I-Cause
customers I-Cause
' I-Cause
price-inelasticity I-Cause
, I-Cause
and I-Cause
the I-Cause
convenience I-Cause
associated I-Cause
with I-Cause
repair I-Cause
shops I-Cause
ordering I-Cause
parts I-Cause
made O
by O
multiple O
brands O
from O
one O
source O
. O

A B-Cause
solid I-Cause
Michigan I-Cause
economy I-Cause
due O
in O
large O
part O
to O
a B-Cause
strong I-Cause
manufacturing I-Cause
recovery I-Cause
and I-Cause
regulatory I-Cause
frameworks I-Cause
that I-Cause
are I-Cause
constructive I-Cause
for I-Cause
investors I-Cause
have O
resulted O
in O
solid B-Effect
earnings I-Effect
growth I-Effect
at I-Effect
DTE I-Effect
Energy I-Effect
's I-Effect
electric I-Effect
and I-Effect
gas I-Effect
utilities I-Effect
. O

We O
believe O
the B-Cause
eventual I-Cause
implementation I-Cause
of I-Cause
FirstNet I-Cause
and I-Cause
increased I-Cause
LTE I-Cause
adoption I-Cause
in I-Cause
the I-Cause
public I-Cause
safety I-Cause
market I-Cause
will O
be O
challenges O
for O
the O
firm O
, O
but O
we O
do O
n't O
think O
these O
threats O
will O
rapidly O
disrupt O
Motorola B-Effect
's O
trajectory O
. O

For O
instance O
, O
if O
a B-Cause
business I-Cause
decided I-Cause
to I-Cause
replace I-Cause
Paycom I-Cause
's I-Cause
payroll I-Cause
solution I-Cause
with I-Cause
that I-Cause
of I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
there O
could O
be O
a B-Effect
disruption I-Effect
in I-Effect
payroll I-Effect
services I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
employees I-Effect
that I-Effect
could I-Effect
affect I-Effect
critical I-Effect
services I-Effect
such I-Effect
as I-Effect
salaries I-Effect
and I-Effect
taxes I-Effect
. O

Switching B-Effect
to I-Effect
an I-Effect
alternative I-Effect
would I-Effect
slow I-Effect
down I-Effect
operations I-Effect
because O
employees B-Cause
would I-Cause
need I-Cause
to I-Cause
overcome I-Cause
the I-Cause
learning I-Cause
curve I-Cause
associated I-Cause
with I-Cause
adopting I-Cause
a I-Cause
new I-Cause
operations I-Cause
platform I-Cause
. O

Glaxo B-Cause
's I-Cause
patent-protected I-Cause
drugs I-Cause
carry I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
, O
which O
enables O
the B-Effect
firm I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

We O
believe O
Hologic B-Cause
's I-Cause
first-mover I-Cause
advantage I-Cause
in I-Cause
3D I-Cause
mammography I-Cause
, I-Cause
wide I-Cause
installed I-Cause
base I-Cause
, I-Cause
and I-Cause
strong I-Cause
trial I-Cause
data I-Cause
provide O
it B-Effect
with I-Effect
firm I-Effect
footing I-Effect
in I-Effect
this I-Effect
market I-Effect
. O

From O
an B-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
perspective I-Effect
, I-Effect
risks I-Effect
include O
failure B-Cause
to I-Cause
comply I-Cause
with I-Cause
environmental I-Cause
, I-Cause
health I-Cause
and I-Cause
safety I-Cause
, I-Cause
and I-Cause
antibribery I-Cause
regulations I-Cause
; I-Cause
the I-Cause
ability I-Cause
to I-Cause
attract I-Cause
and I-Cause
retain I-Cause
qualified I-Cause
technical I-Cause
personnel I-Cause
; I-Cause
exposure I-Cause
to I-Cause
the I-Cause
oil I-Cause
and I-Cause
gas I-Cause
sector I-Cause
; I-Cause
and I-Cause
execution I-Cause
challenges I-Cause
resulting I-Cause
in I-Cause
cost I-Cause
overruns I-Cause
on I-Cause
fixed-price I-Cause
contracts I-Cause
. O

Williams O
has O
been O
able O
to O
use O
cost B-Cause
savings I-Cause
and I-Cause
minimum I-Cause
volume I-Cause
commitment I-Cause
payments I-Cause
to O
offset O
the B-Effect
near-term I-Effect
impact I-Effect
from I-Effect
lower I-Effect
NGL I-Effect
market I-Effect
prices I-Effect
and I-Effect
oil I-Effect
volumes I-Effect
. O

Pandemic-related O
costs O
and O
inefficiencies O
will O
persist O
in O
the O
near O
term O
, O
and O
XPO O
will O
continue O
investing O
in O
automation O
, O
but O
we B-Effect
expect I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
improve I-Effect
100 I-Effect
basis I-Effect
points I-Effect
to I-Effect
roughly I-Effect
9.6 I-Effect
% I-Effect
( O
with O
EBITDA O
of O
$ O
1.85 O
billion O
) O
on O
leverage O
from O
volume B-Cause
growth I-Cause
, I-Cause
solid I-Cause
pricing I-Cause
conditions I-Cause
, I-Cause
and I-Cause
incremental I-Cause
IT-enabled I-Cause
productivity I-Cause
gains I-Cause
. O

Additionally O
, O
as O
the B-Cause
global I-Cause
economy I-Cause
recovers I-Cause
from I-Cause
the I-Cause
impacts I-Cause
of I-Cause
COVID-19 I-Cause
, O
we B-Effect
expect I-Effect
CME I-Effect
's I-Effect
energy I-Effect
and I-Effect
agricultural I-Effect
futures I-Effect
trading I-Effect
to I-Effect
see I-Effect
steady I-Effect
growth I-Effect
. O

Although O
public B-Cause
cloud I-Cause
adoption I-Cause
should O
create O
headwinds O
for O
virtual B-Effect
machine I-Effect
license I-Effect
sales I-Effect
in O
general O
, O
we O
think O
the B-Cause
dominant I-Cause
public I-Cause
cloud I-Cause
providers I-Cause
offering I-Cause
VMware I-Cause
products I-Cause
should O
help O
the B-Effect
company I-Effect
's I-Effect
overall I-Effect
business I-Effect
. O

However O
, O
we B-Effect
believe I-Effect
MES I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
maintain I-Effect
its I-Effect
market I-Effect
position I-Effect
as O
a O
result O
of O
being B-Cause
part I-Cause
of I-Cause
the I-Cause
largest I-Cause
software I-Cause
company I-Cause
in I-Cause
the I-Cause
world I-Cause
. O

The B-Effect
three I-Effect
largest I-Effect
segments I-Effect
, I-Effect
legal I-Effect
, I-Effect
tax I-Effect
, I-Effect
and I-Effect
corporates I-Effect
, I-Effect
should I-Effect
be I-Effect
considered I-Effect
the I-Effect
core I-Effect
of I-Effect
the I-Effect
business I-Effect
moving I-Effect
forward I-Effect
, O
as O
news B-Cause
operates I-Cause
with I-Cause
razor-thin I-Cause
margins I-Cause
and I-Cause
print I-Cause
is I-Cause
in I-Cause
run-off I-Cause
. O

The B-Cause
sheer I-Cause
number I-Cause
of I-Cause
consumers I-Cause
shopping I-Cause
on I-Cause
Amazon I-Cause
makes O
it B-Effect
attractive I-Effect
to I-Effect
third I-Effect
party I-Effect
sellers I-Effect
, O
while O
the B-Cause
marketplace I-Cause
expands I-Cause
the I-Cause
selection I-Cause
available I-Cause
to I-Cause
shoppers I-Cause
and O
makes B-Effect
Amazon I-Effect
a I-Effect
more I-Effect
attractive I-Effect
online I-Effect
destination I-Effect
for I-Effect
consumers I-Effect
. O

In O
addition O
, O
these B-Cause
systems I-Cause
allow I-Cause
clients I-Cause
to I-Cause
input I-Cause
their I-Cause
own I-Cause
orders I-Cause
, I-Cause
freeing B-Effect
up I-Effect
about I-Effect
50 I-Effect
% I-Effect
of I-Effect
Sysco I-Effect
's I-Effect
salesforce I-Effect
's I-Effect
time I-Effect
so O
they B-Effect
can I-Effect
engage I-Effect
in I-Effect
more I-Effect
value-added I-Effect
activities I-Effect
, O
such O
as O
consultative B-Cause
selling I-Cause
to O
increase B-Effect
penetration I-Effect
of I-Effect
existing I-Effect
accounts I-Effect
or O
following B-Cause
leads O
to O
secure B-Effect
new I-Effect
business I-Effect
. O

We O
believe O
margins B-Effect
can I-Effect
continue I-Effect
to I-Effect
expand I-Effect
from O
here O
as O
VeriSign O
's O
near-monopoly O
.com O
contract O
does B-Cause
not I-Cause
require I-Cause
significant I-Cause
operating I-Cause
expenses I-Cause
( O
such O
as O
little O
need O
for O
selling O
expense O
) O
. O

The O
biggest O
strengths O
of O
the O
network O
are O
that O
about B-Cause
82 I-Cause
% I-Cause
of I-Cause
its I-Cause
capacity I-Cause
serves I-Cause
end-use I-Cause
markets I-Cause
such O
as O
local O
natural O
gas O
distribution O
firms O
, O
electric O
generation O
facilities O
, O
and O
large O
industrial O
companies O
, O
meaning B-Effect
demand I-Effect
is I-Effect
highly I-Effect
stable I-Effect
. O

We O
believe O
Blackbaud O
is O
deeply O
entrenched O
in O
the O
social-good O
community O
and O
expect O
its B-Effect
leadership I-Effect
to I-Effect
continue I-Effect
to I-Effect
drive I-Effect
the I-Effect
space I-Effect
forward I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
as O
the B-Cause
company I-Cause
transitions I-Cause
from I-Cause
a I-Cause
perpetual I-Cause
license I-Cause
to I-Cause
a I-Cause
subscription I-Cause
model I-Cause
. O

In O
addition O
, O
Viper B-Cause
's I-Cause
exposure I-Cause
to I-Cause
potential I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
could O
further O
weaken B-Effect
its I-Effect
ability I-Effect
to I-Effect
earn I-Effect
economic I-Effect
profits I-Effect
. O

In O
the O
face O
of O
a O
global O
economic O
recession O
, O
Estee B-Effect
would I-Effect
likely I-Effect
experience I-Effect
decelerating I-Effect
or I-Effect
declining I-Effect
revenue I-Effect
as O
consumers B-Cause
use I-Cause
less I-Cause
product I-Cause
or I-Cause
trade I-Cause
down I-Cause
to I-Cause
competitors I-Cause
' I-Cause
lower-price I-Cause
alternatives I-Cause
. O

These O
add-on B-Effect
features I-Effect
make I-Effect
the I-Effect
automaker I-Effect
money I-Effect
too O
because O
they B-Cause
are I-Cause
typically I-Cause
bundled I-Cause
with I-Cause
other I-Cause
non-Gentex I-Cause
features I-Cause
in I-Cause
an I-Cause
expensive I-Cause
tech I-Cause
or I-Cause
safety I-Cause
package I-Cause
on I-Cause
a I-Cause
vehicle I-Cause
. O

The B-Cause
WHO I-Cause
classifies I-Cause
red I-Cause
meat I-Cause
( I-Cause
beef I-Cause
, I-Cause
lamb I-Cause
, I-Cause
and I-Cause
pork I-Cause
) I-Cause
as I-Cause
a I-Cause
Group I-Cause
2A I-Cause
carcinogen I-Cause
, O
meaning O
these B-Effect
foods I-Effect
probably I-Effect
cause I-Effect
cancer I-Effect
. O

On O
the O
investment O
side O
, O
we O
assume O
improving O
fixed-income O
results O
over O
time O
as O
the O
interest O
rate O
environment O
improves O
, O
but O
we O
expect O
overall B-Effect
investment I-Effect
returns I-Effect
to I-Effect
moderate I-Effect
as O
the B-Cause
recent I-Cause
bull I-Cause
market I-Cause
proves I-Cause
unsustainable I-Cause
. O

However O
, O
we O
believe O
this O
is O
unlikely O
, O
and O
the B-Cause
company I-Cause
's I-Cause
recent I-Cause
success I-Cause
in I-Cause
open I-Cause
access I-Cause
( I-Cause
augmented I-Cause
by I-Cause
the I-Cause
2021 I-Cause
acquisition I-Cause
of I-Cause
Hindawi I-Cause
) I-Cause
limits O
the B-Effect
chances I-Effect
of I-Effect
a I-Effect
material I-Effect
adverse I-Effect
outcome I-Effect
. O

We O
project O
revenue B-Effect
to I-Effect
decline I-Effect
by I-Effect
about I-Effect
9 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
Rogers B-Cause
has I-Cause
been I-Cause
severely I-Cause
impacted I-Cause
by I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
particularly O
caused O
by O
the B-Cause
cessation I-Cause
of I-Cause
international I-Cause
travel I-Cause
, I-Cause
and I-Cause
therefore I-Cause
roaming I-Cause
revenue I-Cause
, I-Cause
and I-Cause
store I-Cause
closures I-Cause
that I-Cause
weigh I-Cause
on I-Cause
wireless I-Cause
subscriber I-Cause
additions I-Cause
. O

Given O
the B-Cause
hassle I-Cause
of I-Cause
quickly I-Cause
changing I-Cause
suppliers I-Cause
during O
production O
runs O
and O
ongoing O
construction O
projects O
, O
we O
think O
these B-Effect
types I-Effect
of I-Effect
relationships I-Effect
are I-Effect
relatively I-Effect
sticky I-Effect
. O

We O
assume O
a B-Cause
mix I-Cause
shift I-Cause
toward I-Cause
online I-Cause
sales I-Cause
will O
weigh B-Effect
on I-Effect
Scotts I-Effect
' I-Effect
pricing I-Effect
power I-Effect
and I-Effect
cause I-Effect
operating I-Effect
margins I-Effect
to I-Effect
contract I-Effect
to I-Effect
23 I-Effect
% I-Effect
by I-Effect
2029 I-Effect
from I-Effect
24 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

Today O
, O
freight B-Effect
demand I-Effect
is I-Effect
strong I-Effect
largely I-Effect
due O
to O
solid B-Cause
consumer I-Cause
goods I-Cause
and I-Cause
e-commerce I-Cause
demand I-Cause
that I-Cause
started I-Cause
to I-Cause
tick I-Cause
up I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
of I-Cause
2020 I-Cause
, O
following O
pandemic O
lows O
in O
the O
first O
half O
of O
the O
year O
. O

Of O
note O
, O
in O
late O
2019 O
, O
former O
Canadian O
National O
CEO O
Claude O
Mongeau O
joined O
Norfolk O
's O
board O
of O
directors O
, O
and O
we O
expect O
he B-Cause
is I-Cause
bolstering I-Cause
the I-Cause
rail I-Cause
's I-Cause
PSR I-Cause
efforts I-Cause
, O
which O
should O
drive B-Effect
additional I-Effect
OR I-Effect
gains I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
. O

With O
expense B-Cause
synergies I-Cause
to I-Cause
be I-Cause
realized I-Cause
over I-Cause
the I-Cause
18- I-Cause
to I-Cause
36-month I-Cause
integration I-Cause
period I-Cause
and I-Cause
much I-Cause
of I-Cause
the I-Cause
revenue I-Cause
synergies I-Cause
tied I-Cause
to I-Cause
the I-Cause
gradual I-Cause
movement I-Cause
of I-Cause
client I-Cause
cash I-Cause
from I-Cause
Toronto-Dominion I-Cause
Bank I-Cause
to I-Cause
Charles I-Cause
Schwab I-Cause
, O
the B-Effect
combined I-Effect
firm I-Effect
may I-Effect
experience I-Effect
a I-Effect
prolonged I-Effect
earnings I-Effect
tailwind I-Effect
. O

While B-Effect
compensation I-Effect
remains I-Effect
the I-Effect
single-largest I-Effect
expense I-Effect
for I-Effect
most I-Effect
asset I-Effect
managers I-Effect
, I-Effect
supplier I-Effect
power I-Effect
has I-Effect
been I-Effect
manageable I-Effect
, O
as O
many B-Cause
firms I-Cause
have I-Cause
reduced I-Cause
their I-Cause
reliance I-Cause
on I-Cause
star I-Cause
managers I-Cause
and I-Cause
have I-Cause
tied I-Cause
manager I-Cause
and I-Cause
analyst I-Cause
pay I-Cause
to I-Cause
both I-Cause
portfolio I-Cause
and I-Cause
overall I-Cause
firm I-Cause
performance I-Cause
. O

We O
expect O
revenue B-Effect
growth I-Effect
for I-Effect
Universal I-Effect
Music I-Effect
Group I-Effect
will I-Effect
average I-Effect
8 I-Effect
% I-Effect
as O
increased B-Cause
streaming I-Cause
sales I-Cause
offset I-Cause
the I-Cause
ongoing I-Cause
decline I-Cause
in I-Cause
digital I-Cause
media I-Cause
sales I-Cause
and I-Cause
the B-Effect
loss I-Effect
of I-Effect
most I-Effect
of I-Effect
the I-Effect
live-music I-Effect
related I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
due I-Cause
to I-Cause
COVID-19 B-Cause
. O

Eventually O
, O
technology B-Cause
threats I-Cause
, O
such O
as O
regenerative O
medicine O
or O
mechanical O
devices O
that O
eliminate O
the O
need O
for O
dialysis O
, O
could O
emerge O
and O
disrupt B-Effect
Fresenius I-Effect
' I-Effect
business I-Effect
model I-Effect
, O
as O
well O
, O
but O
that O
appears O
to O
be O
a O
very O
long-term O
risk O
. O

While O
barges O
, O
ships O
, O
aircraft O
, O
and O
trucks O
also O
haul O
freight O
, O
railroads B-Effect
are I-Effect
by I-Effect
far I-Effect
the I-Effect
lowest-cost I-Effect
option I-Effect
when O
no B-Cause
waterway I-Cause
connects I-Cause
the I-Cause
origin I-Cause
and I-Cause
destination I-Cause
, I-Cause
especially I-Cause
for I-Cause
freight I-Cause
with I-Cause
low I-Cause
value I-Cause
per I-Cause
unit I-Cause
weight I-Cause
. O

The B-Cause
firm I-Cause
remains I-Cause
dependent I-Cause
on I-Cause
the I-Cause
cable I-Cause
bundle I-Cause
to I-Cause
generate I-Cause
affiliate I-Cause
fee I-Cause
and I-Cause
ad I-Cause
revenue I-Cause
, O
so O
an B-Effect
acceleration I-Effect
of I-Effect
cord-cutting I-Effect
would I-Effect
hurt I-Effect
the I-Effect
firm I-Effect
. O

The O
company O
believes O
that O
its B-Effect
share I-Effect
of I-Effect
in-vehicle I-Effect
software I-Effect
will I-Effect
climb I-Effect
from I-Effect
10 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
60 I-Effect
% I-Effect
for O
vehicles B-Cause
launched I-Cause
on I-Cause
the I-Cause
SSP I-Cause
architecture I-Cause
. O

We B-Effect
anticipate I-Effect
that I-Effect
the I-Effect
company I-Effect
will I-Effect
maintain I-Effect
its I-Effect
relatively I-Effect
high I-Effect
capital I-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
over I-Effect
the I-Effect
next I-Effect
two I-Effect
years I-Effect
, O
as O
it B-Cause
is I-Cause
adding I-Cause
capacity I-Cause
for I-Cause
the I-Cause
Ground I-Cause
Based I-Cause
Strategic I-Cause
Deterrent I-Cause
. O

With B-Cause
cost I-Cause
savings I-Cause
derived I-Cause
from I-Cause
the I-Cause
current I-Cause
restructuring I-Cause
program I-Cause
and I-Cause
a I-Cause
more I-Cause
scalable I-Cause
digital I-Cause
product I-Cause
, O
we O
believe O
this B-Effect
modest I-Effect
improvement I-Effect
in I-Effect
margins I-Effect
, I-Effect
to I-Effect
the I-Effect
tune I-Effect
of I-Effect
30 I-Effect
basis I-Effect
points I-Effect
per I-Effect
year I-Effect
is I-Effect
eminently I-Effect
possible I-Effect
. O

For B-Cause
the I-Cause
remaining I-Cause
half I-Cause
of I-Cause
core I-Cause
sales I-Cause
, I-Cause
the I-Cause
company I-Cause
's I-Cause
active I-Cause
hedging I-Cause
strategy I-Cause
should O
help O
minimize B-Effect
ROIC I-Effect
volatility I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
. O

Booking O
is O
able O
to O
use O
its B-Cause
strong I-Cause
and I-Cause
sustainable I-Cause
cash I-Cause
flows I-Cause
to B-Effect
acquire I-Effect
and I-Effect
partner I-Effect
with I-Effect
attractive I-Effect
products I-Effect
and I-Effect
brands I-Effect
, O
which O
builds O
out O
the O
supply O
offering O
. O

With O
its B-Cause
higher I-Cause
leverage I-Cause
from I-Cause
the I-Cause
2017 I-Cause
merger I-Cause
, O
we O
believe O
Syneos B-Effect
is I-Effect
at I-Effect
higher I-Effect
risk I-Effect
of I-Effect
being I-Effect
constrained I-Effect
with I-Effect
its I-Effect
capital I-Effect
allocation I-Effect
strategy I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

Because O
analog B-Cause
chips I-Cause
generally I-Cause
sell I-Cause
on I-Cause
the I-Cause
basis I-Cause
of I-Cause
reliability I-Cause
rather I-Cause
than I-Cause
cutting-edge I-Cause
performance I-Cause
, O
large B-Effect
analog I-Effect
chipmakers I-Effect
typically I-Effect
build I-Effect
their I-Effect
own I-Effect
manufacturing I-Effect
sites I-Effect
( I-Effect
fabs I-Effect
) I-Effect
with I-Effect
lagging-edge I-Effect
manufacturing I-Effect
processes I-Effect
and I-Effect
extract I-Effect
high I-Effect
returns I-Effect
from I-Effect
producing I-Effect
the I-Effect
same I-Effect
product I-Effect
over I-Effect
the I-Effect
course I-Effect
of I-Effect
decades I-Effect
without I-Effect
much I-Effect
additional I-Effect
development I-Effect
. O

Data B-Cause
centers I-Cause
are I-Cause
already I-Cause
implementing I-Cause
SSDs I-Cause
in I-Cause
data I-Cause
centers I-Cause
as I-Cause
complements I-Cause
to I-Cause
mass I-Cause
capacity I-Cause
HDDs I-Cause
, O
which O
achieves B-Effect
a I-Effect
healthy I-Effect
balance I-Effect
of I-Effect
speed I-Effect
and I-Effect
cost I-Effect
. O

But O
frequent B-Cause
labor I-Cause
unrest I-Cause
and I-Cause
periodic I-Cause
calls I-Cause
for I-Cause
nationalization I-Cause
cast B-Effect
doubts I-Effect
over I-Effect
future I-Effect
profits I-Effect
and I-Effect
Anglo I-Effect
's I-Effect
rights I-Effect
to I-Effect
those I-Effect
profits I-Effect
. O

Additionally O
, O
the B-Cause
firm I-Cause
's I-Cause
advertising I-Cause
business I-Cause
is I-Cause
already I-Cause
large I-Cause
and I-Cause
continues I-Cause
to I-Cause
scale I-Cause
, O
thus O
offering B-Effect
an I-Effect
attractive I-Effect
option I-Effect
for I-Effect
marketers I-Effect
looking I-Effect
to I-Effect
access I-Effect
a I-Effect
vast I-Effect
audience I-Effect
with I-Effect
a I-Effect
variety I-Effect
of I-Effect
proprietary I-Effect
data I-Effect
points I-Effect
about I-Effect
those I-Effect
very I-Effect
consumers I-Effect
. O

We O
believe O
Alcon B-Effect
's I-Effect
portfolio I-Effect
of I-Effect
advanced I-Effect
technology I-Effect
IOLs I-Effect
( O
AT-IOL O
) O
benefits O
from O
intangible B-Cause
assets I-Cause
, O
considering O
Alcon O
's O
very O
strong O
market O
position O
in O
toric O
. O

Walmart B-Effect
's I-Effect
display I-Effect
policies I-Effect
, I-Effect
packaging I-Effect
demands I-Effect
, I-Effect
and I-Effect
stocking I-Effect
requirements I-Effect
carry I-Effect
special I-Effect
weight I-Effect
as O
the B-Cause
firm I-Cause
is I-Cause
responsible I-Cause
for I-Cause
a I-Cause
large I-Cause
share I-Cause
of I-Cause
many I-Cause
leading I-Cause
manufacturers I-Cause
' I-Cause
sales I-Cause
( O
for O
example O
, O
15 O
% O
of O
the O
top O
line O
at O
Procter O
& O
amp O
; O
Gamble O
and O
14 O
% O
at O
PepsiCo O
) O
. O

Attractive B-Cause
development I-Cause
projects I-Cause
including I-Cause
Udinsk I-Cause
and I-Cause
the I-Cause
Peak I-Cause
Project I-Cause
at I-Cause
Fort I-Cause
Knox I-Cause
should O
help B-Effect
the I-Effect
company I-Effect
deliver I-Effect
meaningful I-Effect
production I-Effect
growth I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

While O
PVH B-Effect
may I-Effect
enhance I-Effect
gross I-Effect
margins I-Effect
through O
supply B-Cause
chain I-Cause
improvements I-Cause
, O
we O
think O
these B-Effect
cost I-Effect
savings I-Effect
may O
be O
partially O
offset O
by O
increasing B-Cause
competitive I-Cause
pressure I-Cause
on I-Cause
pricing I-Cause
and I-Cause
lower I-Cause
royalties I-Cause
( I-Cause
which I-Cause
have I-Cause
100 I-Cause
% I-Cause
profit I-Cause
margins I-Cause
) I-Cause
. O

The B-Cause
stores I-Cause
principally I-Cause
operate I-Cause
under I-Cause
long-term I-Cause
leases I-Cause
and I-Cause
are I-Cause
strategically I-Cause
located I-Cause
in I-Cause
the I-Cause
most I-Cause
densely I-Cause
populated I-Cause
areas. O
These B-Effect
locations I-Effect
lend I-Effect
themselves I-Effect
to I-Effect
both I-Effect
impulse I-Effect
and I-Effect
necessity-oriented I-Effect
purchasing I-Effect
and I-Effect
include I-Effect
areas I-Effect
near I-Effect
residential I-Effect
neighborhoods I-Effect
, I-Effect
commercial I-Effect
office I-Effect
buildings I-Effect
, I-Effect
and I-Effect
universities I-Effect
. O

Data O
on O
a O
client O
's O
workforce O
-- O
including O
everything O
from O
performance O
reviews O
to O
job O
postings O
-- O
all B-Cause
would I-Cause
need I-Cause
to I-Cause
be I-Cause
extracted I-Cause
from I-Cause
Workday I-Cause
's I-Cause
database I-Cause
-- O
taking O
significant B-Effect
time I-Effect
and I-Effect
money I-Effect
. O

Tyson O
is O
also O
facing O
litigation O
related O
to O
labor O
relations O
issues O
, O
which O
were O
exacerbated O
during O
the O
pandemic O
, O
but O
as O
the B-Cause
firm I-Cause
has I-Cause
proactively I-Cause
provided I-Cause
healthcare I-Cause
and I-Cause
other I-Cause
benefits I-Cause
and I-Cause
services I-Cause
for I-Cause
its I-Cause
workforce I-Cause
, O
we O
think O
these B-Effect
risks I-Effect
will I-Effect
prove I-Effect
immaterial I-Effect
. O

High O
market O
share O
with O
Creative O
Cloud O
over O
the O
past O
25 O
years O
means O
that O
a O
significant O
portion O
of O
high-margin O
revenue O
is O
at O
risk O
, O
however O
slight O
that O
risk O
may O
be O
, O
if O
any O
competitors O
can O
make B-Effect
inroads I-Effect
with O
new B-Cause
or I-Cause
innovative I-Cause
software I-Cause
. O

We O
expected O
Domino B-Effect
's I-Effect
to I-Effect
be I-Effect
one I-Effect
of I-Effect
the I-Effect
top I-Effect
market I-Effect
share I-Effect
recipients I-Effect
as O
the B-Cause
industry I-Cause
recovered I-Cause
from I-Cause
coronavirus-related I-Cause
disruptions I-Cause
, O
but O
its O
recent O
comp O
trends O
are O
ahead O
of O
industry O
averages O
and O
other O
delivery/to-go-focused O
concepts O
. O

This O
method O
means O
we O
currently O
model O
the B-Cause
yen I-Cause
to I-Cause
slightly I-Cause
strengthen I-Cause
against I-Cause
the I-Cause
dollar I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
relative I-Cause
to I-Cause
the I-Cause
spot I-Cause
rate I-Cause
in I-Cause
February I-Cause
2021 I-Cause
, O
which O
hurts B-Effect
Honda I-Effect
's I-Effect
margins I-Effect
. O

Over O
the O
next O
five O
years O
, O
we O
project O
a O
compound O
annual O
growth O
rate O
for O
revenue O
of O
over O
3 O
% O
, O
including O
the B-Cause
TD I-Cause
Ameritrade I-Cause
merger I-Cause
that O
should O
lead O
to O
around B-Effect
a I-Effect
20 I-Effect
% I-Effect
increase I-Effect
in I-Effect
revenue I-Effect
in I-Effect
2021 I-Effect
. O

We B-Effect
think I-Effect
Lithia I-Effect
will I-Effect
keep I-Effect
realizing I-Effect
strong I-Effect
SG I-Effect
& I-Effect
A I-Effect
leverage I-Effect
as O
it B-Cause
brings I-Cause
newly I-Cause
acquired I-Cause
stores I-Cause
up I-Cause
to I-Cause
Lithia I-Cause
's I-Cause
operating I-Cause
standards I-Cause
and I-Cause
gets I-Cause
the I-Cause
scale I-Cause
to I-Cause
match I-Cause
its I-Cause
growing I-Cause
size I-Cause
. O

As O
Enzo O
Ferrari O
said O
, O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
The O
Ferrari O
is O
a O
dream O
-- O
people O
dream O
of O
owning O
this O
special O
vehicle O
and O
for O
most O
people O
it O
will O
remain O
a O
dream O
apart O
from O
those O
lucky O
few. O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
Substantial B-Cause
pricing I-Cause
power I-Cause
and I-Cause
strategic I-Cause
scarcity I-Cause
support B-Effect
the I-Effect
ultra-exclusivity I-Effect
of I-Effect
Ferrari I-Effect
street I-Effect
cars I-Effect
. O

The B-Cause
short I-Cause
life-cycle I-Cause
gives O
competitors O
increased B-Effect
opportunities I-Effect
to I-Effect
undercut I-Effect
the I-Effect
firm I-Effect
on I-Effect
price I-Effect
( O
as O
is O
currently O
underway O
in O
the O
fingerprint O
and O
display O
driver O
markets O
) O
. O

As O
the B-Cause
cereal I-Cause
category I-Cause
has I-Cause
been I-Cause
in I-Cause
secular I-Cause
decline I-Cause
, O
the B-Effect
firm I-Effect
diversified I-Effect
its I-Effect
revenue I-Effect
base I-Effect
by I-Effect
entering I-Effect
categories I-Effect
that I-Effect
were I-Effect
driving I-Effect
the I-Effect
legacy I-Effect
business I-Effect
' I-Effect
deterioration I-Effect
, O
such O
as O
eggs O
and O
protein-based O
nutritional O
products O
. O

We O
also O
believe O
significant B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
prevent O
a B-Effect
disruption I-Effect
of I-Effect
this I-Effect
dynamic I-Effect
and I-Effect
the I-Effect
competitive I-Effect
positioning I-Effect
of I-Effect
the I-Effect
largest I-Effect
players I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

Overall B-Cause
, I-Cause
we I-Cause
think I-Cause
top-tier I-Cause
positions I-Cause
in I-Cause
most I-Cause
end I-Cause
markets I-Cause
, I-Cause
innovation I-Cause
, I-Cause
marketing I-Cause
operations I-Cause
, I-Cause
and I-Cause
ongoing I-Cause
cost I-Cause
controls I-Cause
should O
help B-Effect
Agilent I-Effect
grow I-Effect
revenue I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
compounded I-Effect
annually I-Effect
and I-Effect
boost I-Effect
margins I-Effect
overall I-Effect
during I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
. O

We O
expect O
the B-Effect
operating I-Effect
margin I-Effect
to I-Effect
stabilize I-Effect
at I-Effect
a I-Effect
higher I-Effect
rate I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
, O
benefiting O
from O
more B-Cause
efficient I-Cause
production I-Cause
, I-Cause
including I-Cause
new I-Cause
manufacturing I-Cause
capacity I-Cause
and I-Cause
better I-Cause
supply I-Cause
chain I-Cause
flexibility I-Cause
( I-Cause
with I-Cause
engines I-Cause
and I-Cause
towers I-Cause
produced I-Cause
in-house I-Cause
) I-Cause
. O

We O
believe O
Ferguson O
manages O
an O
efficient O
and O
scalable O
branch O
and O
distribution B-Cause
network I-Cause
underpinned I-Cause
by I-Cause
its I-Cause
integrated I-Cause
service I-Cause
model I-Cause
, O
which O
will O
continue B-Effect
to I-Effect
drive I-Effect
efficiencies I-Effect
making I-Effect
it I-Effect
difficult I-Effect
for I-Effect
smaller I-Effect
competitors I-Effect
to I-Effect
imitate I-Effect
. O

We O
believe O
growth B-Cause
in I-Cause
content I-Cause
library I-Cause
and I-Cause
in I-Cause
viewers I-Cause
on I-Cause
YouTube I-Cause
will O
drive O
growth B-Effect
in I-Effect
Google I-Effect
online I-Effect
video I-Effect
ad I-Effect
revenue I-Effect
, O
a O
market O
that O
is O
expected O
to O
grow O
at O
a O
strong O
double-digit O
compound O
annual O
growth O
rate O
. O

Failure B-Cause
to I-Cause
invest I-Cause
in I-Cause
innovation I-Cause
, I-Cause
rising I-Cause
commodity I-Cause
costs I-Cause
, I-Cause
and I-Cause
substantial I-Cause
protracted I-Cause
declines I-Cause
in I-Cause
global I-Cause
vehicle I-Cause
production I-Cause
, O
such O
as O
the O
case O
in O
the O
current O
macroeconomic O
environment O
induced O
by O
COVID-19 O
, O
present O
the B-Effect
biggest I-Effect
risk I-Effect
to I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
. O

It O
is O
highly O
leveraged O
to O
Chinese B-Effect
raw I-Effect
materials I-Effect
demand I-Effect
, O
which O
we O
expect O
to O
decelerate B-Effect
as O
the B-Cause
country I-Cause
's I-Cause
infrastructure-led I-Cause
investment I-Cause
boom I-Cause
wanes I-Cause
. O

In O
Northern O
Europe O
, O
we O
anticipate O
softer B-Effect
growth I-Effect
than I-Effect
Southern I-Effect
Europe I-Effect
as O
the B-Cause
economic I-Cause
slowdown I-Cause
and I-Cause
increased I-Cause
regulations I-Cause
in I-Cause
Germany I-Cause
will I-Cause
be I-Cause
headwinds I-Cause
to I-Cause
near-term I-Cause
growth I-Cause
with O
revenue B-Effect
slowing I-Effect
by I-Effect
3.5 I-Effect
% I-Effect
. O

And O
Victoria O
's O
Secret O
could O
have O
to O
continue O
to B-Effect
drive I-Effect
in-store I-Effect
traffic I-Effect
with O
price B-Cause
and I-Cause
promotions I-Cause
after O
COVID-19 O
as O
consumer O
behavior O
around O
brick-and-mortar O
retailing O
shifts O
. O

Also O
, O
expansion B-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
diagnostic I-Cause
product I-Cause
sets I-Cause
through O
an B-Cause
expanding I-Cause
installed I-Cause
base I-Cause
and I-Cause
test I-Cause
menus I-Cause
for I-Cause
its I-Cause
QIAstat-Dx I-Cause
and I-Cause
NeuMoDX I-Cause
platforms I-Cause
should O
add B-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
long-term I-Effect
growth I-Effect
trajectory I-Effect
. O

The O
company B-Cause
operates I-Cause
in I-Cause
the I-Cause
cyclical I-Cause
, I-Cause
capital-intensive I-Cause
passenger I-Cause
car I-Cause
and I-Cause
heavy I-Cause
truck I-Cause
industries I-Cause
where O
raw B-Effect
material I-Effect
commodity I-Effect
costs I-Effect
can I-Effect
be I-Effect
volatile I-Effect
and I-Effect
unionized I-Effect
labor I-Effect
can I-Effect
be I-Effect
expensive I-Effect
. O

Having B-Cause
connectivity I-Cause
to I-Cause
all I-Cause
these I-Cause
payers I-Cause
and I-Cause
providers I-Cause
will O
be O
critical O
in O
creating B-Effect
value I-Effect
with I-Effect
incremental I-Effect
software I-Effect
tools I-Effect
bundled I-Effect
from I-Effect
the I-Effect
other I-Effect
two I-Effect
segments I-Effect
. O

Effective B-Cause
cost-cutting I-Cause
is I-Cause
likely I-Cause
to I-Cause
keep I-Cause
F I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
down I-Cause
, I-Cause
but I-Cause
more I-Cause
is I-Cause
probably I-Cause
needed I-Cause
for I-Cause
returns I-Cause
to I-Cause
improve I-Cause
in I-Cause
the I-Cause
current I-Cause
low-oil-price I-Cause
environment. O
As O
a O
result O
, O
the B-Effect
company I-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
has I-Effect
declined I-Effect
to I-Effect
4.0 I-Effect
% I-Effect
in I-Effect
2015 I-Effect
, I-Effect
below I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
of I-Effect
10.1 I-Effect
% I-Effect
. O

Because O
TE B-Cause
's I-Cause
share I-Cause
of I-Cause
the I-Cause
overall I-Cause
bill I-Cause
of I-Cause
materials I-Cause
is I-Cause
relatively I-Cause
low I-Cause
, O
price B-Effect
is I-Effect
n't I-Effect
the I-Effect
driving I-Effect
consideration I-Effect
for I-Effect
a I-Effect
supplier I-Effect
or I-Effect
OEM I-Effect
; O
customers O
will O
prioritize O
cutting-edge O
technology O
and O
reliability O
, O
and O
pay O
a O
premium O
for O
them O
. O

A B-Effect
much I-Effect
improved I-Effect
balance I-Effect
sheet I-Effect
, O
with O
net B-Cause
debt I-Cause
of I-Cause
just I-Cause
over I-Cause
USD I-Cause
4 I-Cause
billion I-Cause
at I-Cause
end I-Cause
2019 I-Cause
, I-Cause
sees I-Cause
Anglo I-Cause
American I-Cause
on I-Cause
a I-Cause
strong I-Cause
financial I-Cause
footing I-Cause
. O

These B-Effect
reductions I-Effect
are I-Effect
a I-Effect
critical I-Effect
driver I-Effect
of I-Effect
the I-Effect
improved I-Effect
portfolio I-Effect
as O
conventional B-Cause
production I-Cause
constitutes I-Cause
around I-Cause
600 I-Cause
thousand I-Cause
barrels I-Cause
of I-Cause
oil I-Cause
equivalent I-Cause
per I-Cause
day I-Cause
, I-Cause
or I-Cause
about I-Cause
40 I-Cause
% I-Cause
of I-Cause
current I-Cause
production I-Cause
. O

Tightening B-Effect
environmental I-Effect
compliance I-Effect
regulations I-Effect
could O
require O
significant B-Cause
capital I-Cause
investment I-Cause
or I-Cause
added I-Cause
operating I-Cause
costs I-Cause
that O
may O
have O
uncertain O
cost O
recovery O
through O
traditional O
regulated O
rates O
, O
particularly O
ash O
basin O
closure O
requirements O
in O
North O
Carolina O
. O

We O
expect O
such O
network B-Effect
effect I-Effect
to I-Effect
dissipate I-Effect
during O
the O
next O
few O
years O
, O
mainly O
due O
to O
heightened B-Cause
uncertainty I-Cause
about I-Cause
the I-Cause
firm I-Cause
's I-Cause
access I-Cause
to I-Cause
user I-Cause
behavior I-Cause
data I-Cause
. O

Given O
its B-Cause
M I-Cause
& I-Cause
A I-Cause
focus I-Cause
, O
we O
generally O
think O
the B-Effect
biggest I-Effect
risk I-Effect
to I-Effect
our I-Effect
JBT I-Effect
thesis I-Effect
lies I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
execution I-Effect
risk I-Effect
. O

As O
in O
past O
tightening O
cycles O
, O
the B-Effect
company I-Effect
's I-Effect
unmatched I-Effect
truckload I-Effect
capacity I-Effect
access I-Effect
has I-Effect
proved I-Effect
quite I-Effect
valuable I-Effect
over I-Effect
the I-Effect
past I-Effect
year I-Effect
given O
unusually B-Cause
tight I-Cause
capacity I-Cause
rooted I-Cause
in I-Cause
widespread I-Cause
ELD I-Cause
adoption I-Cause
( O
ELDs O
have O
tempered O
small O
truckers O
' O
productivity O
) O
. O

Following O
impressive O
fourth-quarter O
results O
, O
we O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
CAD I-Effect
353 I-Effect
per I-Effect
share I-Effect
from I-Effect
CAD I-Effect
320 I-Effect
due O
largely O
to O
giving B-Cause
the I-Cause
rail I-Cause
more I-Cause
credit I-Cause
over I-Cause
the I-Cause
long I-Cause
run I-Cause
for I-Cause
superb I-Cause
margin I-Cause
execution I-Cause
and I-Cause
the I-Cause
impact I-Cause
of I-Cause
foreign I-Cause
exchange I-Cause
on I-Cause
our I-Cause
U.S I-Cause
. O

However O
, O
this B-Effect
does I-Effect
not I-Effect
preclude I-Effect
Lamb I-Effect
Weston I-Effect
from I-Effect
securing I-Effect
national I-Effect
accounts I-Effect
, O
as O
the B-Cause
largest I-Cause
global I-Cause
restaurant I-Cause
chains I-Cause
use I-Cause
two I-Cause
or I-Cause
three I-Cause
potato I-Cause
providers I-Cause
, I-Cause
carving I-Cause
out I-Cause
various I-Cause
geographies I-Cause
for I-Cause
each I-Cause
, I-Cause
in I-Cause
order I-Cause
to I-Cause
diversify I-Cause
sourcing I-Cause
. O

However O
, O
in B-Cause
2015 I-Cause
, I-Cause
Masimo I-Cause
decided I-Cause
to I-Cause
set I-Cause
price I-Cause
floors I-Cause
and I-Cause
, O
as O
a O
result O
, O
pricing B-Effect
has I-Effect
been I-Effect
marginally I-Effect
up I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

We O
envision O
gross B-Effect
margins I-Effect
being I-Effect
buoyed I-Effect
by O
volume B-Cause
leverage I-Cause
across I-Cause
the I-Cause
manufacturing I-Cause
apparatus I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
more I-Cause
streamlined I-Cause
production/fulfilment I-Cause
processes I-Cause
( I-Cause
like I-Cause
expanding I-Cause
made-to-order I-Cause
for I-Cause
commoditized I-Cause
parts I-Cause
of I-Cause
the I-Cause
portfolio I-Cause
) I-Cause
. O

Perhaps O
a O
good O
comparison O
for O
adjacent O
network O
effects O
, O
where O
one B-Cause
strong I-Cause
network I-Cause
enables O
a B-Effect
firm I-Effect
to I-Effect
expand I-Effect
elsewhere I-Effect
, O
is O
Microsoft O
: O
Its B-Cause
dominant I-Cause
network I-Cause
around I-Cause
Windows I-Cause
allowed O
it O
to O
leverage B-Effect
its I-Effect
strength I-Effect
into I-Effect
the I-Effect
productivity I-Effect
software I-Effect
market I-Effect
with I-Effect
Microsoft I-Effect
Office I-Effect
. O

With O
a B-Cause
spike I-Cause
in I-Cause
telecommuting I-Cause
, O
AWS B-Effect
also I-Effect
stands I-Effect
to I-Effect
benefit I-Effect
from I-Effect
increased I-Effect
enterprise I-Effect
cloud I-Effect
computing I-Effect
, I-Effect
storage I-Effect
, I-Effect
networking/content I-Effect
delivery I-Effect
, I-Effect
mobile I-Effect
app I-Effect
, I-Effect
and I-Effect
digital I-Effect
security I-Effect
usage I-Effect
. O

Diversifying B-Cause
into I-Cause
so I-Cause
many I-Cause
areas I-Cause
increases O
the O
risk O
that O
management B-Effect
resources I-Effect
become I-Effect
spread I-Effect
too I-Effect
thin I-Effect
, O
allocation B-Effect
of I-Effect
capital I-Effect
resources I-Effect
may I-Effect
be I-Effect
less I-Effect
than I-Effect
optimal I-Effect
, O
and O
the B-Effect
firm I-Effect
becomes I-Effect
less I-Effect
effective I-Effect
at I-Effect
developing I-Effect
expertise I-Effect
in I-Effect
any I-Effect
one I-Effect
area I-Effect
. O

While O
Hubbell O
's O
products O
are O
a O
small O
cost O
of O
a O
utility O
's O
bill O
of O
materials O
and O
represent O
about O
5 O
% O
of O
its O
total O
purchases O
, O
Hubbell B-Cause
represents I-Cause
more I-Cause
than I-Cause
half I-Cause
of I-Cause
the I-Cause
SKUs I-Cause
needed I-Cause
to I-Cause
maintain I-Cause
and I-Cause
extend I-Cause
the I-Cause
grid I-Cause
, O
which O
consumes B-Effect
significant I-Effect
customer I-Effect
time I-Effect
and I-Effect
monetary I-Effect
resources I-Effect
. O

Given O
the B-Cause
long-term I-Cause
threat I-Cause
of I-Cause
electrification I-Cause
, O
we O
think O
Donaldson B-Effect
will I-Effect
continue I-Effect
to I-Effect
pursue I-Effect
investments I-Effect
, I-Effect
both I-Effect
organic I-Effect
and I-Effect
through I-Effect
mergers I-Effect
and I-Effect
acquisitions I-Effect
, I-Effect
in I-Effect
its I-Effect
industrial I-Effect
segment I-Effect
to I-Effect
further I-Effect
diversify I-Effect
its I-Effect
business I-Effect
. O

With O
the B-Cause
PlayStation I-Cause
5 I-Cause
and I-Cause
a I-Cause
new I-Cause
Xbox I-Cause
launched I-Cause
in I-Cause
late I-Cause
2020 I-Cause
, O
we O
think O
the B-Effect
semi-custom I-Effect
business I-Effect
will I-Effect
generate I-Effect
strong I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
. O

On B-Effect
the I-Effect
fertilizer I-Effect
production I-Effect
cost I-Effect
side I-Effect
, I-Effect
the I-Effect
health I-Effect
of I-Effect
Nutrien I-Effect
's I-Effect
nitrogen I-Effect
business I-Effect
is I-Effect
closely I-Effect
tied I-Effect
to I-Effect
natural I-Effect
gas I-Effect
prices I-Effect
, O
as O
natural B-Cause
gas I-Cause
is I-Cause
the I-Cause
largest I-Cause
component I-Cause
of I-Cause
nitrogen I-Cause
production I-Cause
costs I-Cause
. O

An O
OEM O
will O
pay O
a O
premium O
for O
TE O
content O
-- O
especially O
given B-Cause
the I-Cause
relatively I-Cause
low I-Cause
share I-Cause
of I-Cause
the I-Cause
bill I-Cause
of I-Cause
materials I-Cause
it I-Cause
represents I-Cause
-- I-Cause
to I-Cause
enable O
cutting-edge B-Effect
features I-Effect
in I-Effect
its I-Effect
vehicles I-Effect
. O

A O
critical O
assumption O
we O
're O
making O
is O
that O
American B-Effect
Airlines I-Effect
' I-Effect
mature I-Effect
frequent-flier I-Effect
program I-Effect
grows I-Effect
with O
capacity B-Cause
and O
the O
firm O
is O
able O
to O
materially O
improve O
its O
cost O
structure O
from O
the O
pandemic O
. O

In O
the O
proximity O
division O
, O
our B-Effect
forecast I-Effect
of I-Effect
a I-Effect
roughly I-Effect
8 I-Effect
% I-Effect
sales I-Effect
CAGR I-Effect
through I-Effect
2024 I-Effect
is O
predominantly O
attributable O
to O
same-store B-Cause
sales I-Cause
( O
we O
model O
roughly O
5 O
% O
growth O
on O
average O
) O
, O
which O
in O
turn O
skews O
toward O
growth O
in O
average O
customer O
ticket O
. O

This O
makes O
it O
difficult O
for O
any B-Effect
cold I-Effect
storage I-Effect
facility I-Effect
to I-Effect
differentiate I-Effect
itself I-Effect
because O
of O
the B-Cause
abundance I-Cause
of I-Cause
unutilized I-Cause
or I-Cause
underutilized I-Cause
land I-Cause
surrounding I-Cause
large I-Cause
population I-Cause
centers I-Cause
. O

Yet O
its B-Cause
nonperforming I-Cause
loan I-Cause
book I-Cause
is I-Cause
still I-Cause
large I-Cause
enough I-Cause
to O
wipe B-Effect
out I-Effect
all I-Effect
the I-Effect
provisions I-Effect
for I-Effect
bad I-Effect
debts I-Effect
on I-Effect
its I-Effect
balance I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
bulk I-Effect
of I-Effect
its I-Effect
equity I-Effect
. O

We B-Effect
project I-Effect
operating I-Effect
margins I-Effect
( I-Effect
unadjusted I-Effect
for I-Effect
cost I-Effect
reimbursement I-Effect
) I-Effect
reaching I-Effect
19.3 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
8.6 I-Effect
% I-Effect
in I-Effect
the I-Effect
prepandemic I-Effect
year I-Effect
of I-Effect
2019 I-Effect
, O
aided O
by O
lower B-Cause
labor I-Cause
expense I-Cause
. O

The B-Effect
Dutch I-Effect
mobile I-Effect
market I-Effect
is I-Effect
unattractive I-Effect
to I-Effect
enter I-Effect
as O
the B-Cause
market I-Cause
is I-Cause
saturated I-Cause
: O
high O
mobile O
penetration O
( O
at O
around O
120 O
% O
) O
and O
low O
population O
growth O
. O

The O
differentiated O
properties O
of O
Waters O
' O
tools O
affect O
the O
performance O
, O
accuracy O
, O
and O
speed O
of O
the O
various O
projects O
they O
enable O
, O
and O
differentiated B-Cause
product I-Cause
features I-Cause
create I-Cause
intangible I-Cause
assets I-Cause
that O
inform B-Effect
decisions I-Effect
to I-Effect
use I-Effect
those I-Effect
tools I-Effect
in I-Effect
specific I-Effect
applications I-Effect
, O
particularly O
at O
the O
beginning O
of O
a O
project O
. O

However O
, O
we B-Effect
expect I-Effect
5 I-Effect
% I-Effect
and I-Effect
4 I-Effect
% I-Effect
declines I-Effect
in I-Effect
these I-Effect
geographies I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, O
as O
consumers B-Cause
shift I-Cause
back I-Cause
to I-Cause
away-from-home I-Cause
eating I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
. O

Furthermore O
, O
we O
do O
n't O
believe O
the B-Effect
company I-Effect
benefits I-Effect
from I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
, O
given O
that O
Reliance B-Cause
and I-Cause
its I-Cause
peers I-Cause
procure I-Cause
commodity-grade I-Cause
metals I-Cause
at I-Cause
prevailing I-Cause
spot I-Cause
prices I-Cause
. O

The B-Effect
company I-Effect
improved I-Effect
its I-Effect
technological I-Effect
prowess I-Effect
with O
the B-Cause
2017 I-Cause
acquisition I-Cause
of I-Cause
Precision I-Cause
Planting I-Cause
, O
a O
company O
that O
creates O
solutions O
to O
improve O
seed O
placement O
. O

Green B-Cause
Thumb I-Cause
's I-Cause
focus I-Cause
on I-Cause
limited I-Cause
license I-Cause
states I-Cause
with I-Cause
large I-Cause
populations I-Cause
, I-Cause
robust I-Cause
medical I-Cause
cannabis I-Cause
markets I-Cause
, I-Cause
and I-Cause
momentum I-Cause
around I-Cause
future I-Cause
recreational I-Cause
legalization I-Cause
provide B-Effect
potential I-Effect
for I-Effect
a I-Effect
regulation I-Effect
intangible I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

The O
emerging O
biotech O
's O
first O
commercial O
vaccine O
, O
for O
COVID-19 O
, O
received O
its O
first O
authorization O
in O
December O
2020 O
, O
and O
its B-Cause
early-stage I-Cause
pipeline I-Cause
and I-Cause
mRNA I-Cause
technology I-Cause
platforms I-Cause
have O
caught B-Effect
the I-Effect
eye I-Effect
of I-Effect
several I-Effect
large I-Effect
pharmaceutical I-Effect
companies I-Effect
, I-Effect
resulting I-Effect
in I-Effect
collaborations I-Effect
and I-Effect
partnerships I-Effect
. O

We O
forecast O
net O
charge-offs O
will O
normalize O
at O
roughly O
0.6 O
% O
of O
loans O
over O
the O
long O
run O
, O
although O
we B-Effect
expect I-Effect
heightened I-Effect
credit I-Effect
costs I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
the B-Cause
effects I-Cause
of I-Cause
COVID-19 I-Cause
. O

Rakuten B-Effect
launched I-Effect
commercial I-Effect
service I-Effect
in I-Effect
April I-Effect
2020 I-Effect
but I-Effect
its I-Effect
initial I-Effect
impact I-Effect
is I-Effect
expected I-Effect
to I-Effect
be I-Effect
reduced I-Effect
by B-Cause
the I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
lifestyle I-Cause
restrictions I-Cause
on I-Cause
its I-Cause
ability I-Cause
to I-Cause
switch I-Cause
customers I-Cause
over I-Cause
from I-Cause
the I-Cause
incumbents I-Cause
. O

That O
said O
, O
if O
Spotify B-Cause
serves I-Cause
too I-Cause
many I-Cause
ads I-Cause
, I-Cause
reducing I-Cause
royalties I-Cause
owed I-Cause
and I-Cause
driving I-Cause
gross I-Cause
margin I-Cause
expansion I-Cause
as I-Cause
a I-Cause
result I-Cause
, O
it O
may O
turn B-Effect
away I-Effect
users I-Effect
. O

We B-Cause
think I-Cause
Kraft I-Cause
Heinz I-Cause
's I-Cause
intent I-Cause
focus I-Cause
on I-Cause
extracting I-Cause
costs I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
brand I-Cause
spend I-Cause
has B-Effect
degraded I-Effect
its I-Effect
intangible I-Effect
assets I-Effect
, I-Effect
eroding I-Effect
its I-Effect
brands I-Effect
and I-Effect
retail I-Effect
relationships I-Effect
. O

Unless O
Sinclair O
lowers B-Cause
its I-Cause
asking I-Cause
price I-Cause
, I-Cause
Dish I-Cause
and I-Cause
its I-Cause
iconoclastic I-Cause
chairman I-Cause
, O
Charlie O
Ergen O
, O
is O
likely O
to O
refuse O
to O
revive B-Effect
the I-Effect
expired I-Effect
carriage I-Effect
contract I-Effect
this I-Effect
year I-Effect
and I-Effect
even I-Effect
beyond I-Effect
. O

Aided B-Cause
by I-Cause
a I-Cause
series I-Cause
of I-Cause
fiscal I-Cause
stimulus I-Cause
packages I-Cause
, O
Synchrony B-Effect
has I-Effect
seen I-Effect
little I-Effect
credit I-Effect
consequences I-Effect
from I-Effect
the I-Effect
pandemic I-Effect
but O
high B-Cause
levels I-Cause
of I-Cause
credit I-Cause
card I-Cause
debt I-Cause
repayment I-Cause
have I-Cause
served I-Cause
as B-Effect
a I-Effect
headwind I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

We O
project O
Beyond B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
will I-Effect
decelerate I-Effect
to I-Effect
39 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
the B-Cause
food-service I-Cause
channel I-Cause
( I-Cause
half I-Cause
of I-Cause
2019 I-Cause
sales I-Cause
) I-Cause
contracts I-Cause
due O
to O
COVID-19 B-Cause
. O

The B-Cause
short-cycle I-Cause
nature I-Cause
of I-Cause
demand I-Cause
for I-Cause
Sandvik I-Cause
's I-Cause
metal-cutting I-Cause
tools I-Cause
and I-Cause
mining I-Cause
equipment I-Cause
exposes O
the B-Effect
group I-Effect
to I-Effect
cyclical I-Effect
swings I-Effect
in I-Effect
industrial I-Effect
manufacturing I-Effect
and I-Effect
commodity I-Effect
prices I-Effect
. O

Commercial B-Cause
operation I-Cause
at I-Cause
Vogtle I-Cause
will B-Effect
allow I-Effect
Georgia I-Effect
Power I-Effect
to I-Effect
earn I-Effect
higher I-Effect
returns I-Effect
on I-Effect
its B-Effect
investment I-Effect
that I-Effect
have I-Effect
been I-Effect
reduced I-Effect
due B-Cause
to I-Cause
the I-Cause
delay I-Cause
and I-Cause
higher I-Cause
expected I-Cause
costs I-Cause
. O

Our B-Effect
forecast I-Effect
has I-Effect
increases I-Effect
in I-Effect
charge-offs I-Effect
due O
to O
the B-Cause
downturn I-Cause
, O
however O
, O
with O
the O
extra O
reserves O
from O
2020 O
, O
we O
see O
provisioning O
trending O
back O
to O
normal O
. O

We O
forecast O
Toll B-Effect
Brothers I-Effect
to I-Effect
increase I-Effect
consolidated I-Effect
revenue I-Effect
at I-Effect
about I-Effect
a I-Effect
5 I-Effect
% I-Effect
10-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
as O
housing B-Cause
starts I-Cause
reach I-Cause
1.6 I-Cause
million I-Cause
units I-Cause
by I-Cause
2024 I-Cause
. O

Our B-Effect
2020 I-Effect
forecast I-Effect
incorporates I-Effect
shipments I-Effect
of I-Effect
around I-Effect
161,000 I-Effect
units I-Effect
( I-Effect
a I-Effect
25 I-Effect
% I-Effect
decline I-Effect
) I-Effect
, O
hindered B-Cause
by I-Cause
COVID-19 I-Cause
disruptions I-Cause
which I-Cause
included I-Cause
closed I-Cause
dealers I-Cause
and I-Cause
manufacturing I-Cause
. O

We B-Effect
suspect I-Effect
the I-Effect
Dollar I-Effect
Tree I-Effect
banner I-Effect
is I-Effect
better I-Effect
positioned I-Effect
long-term I-Effect
, I-Effect
but I-Effect
do I-Effect
not I-Effect
believe I-Effect
the I-Effect
aggregated I-Effect
firm I-Effect
benefits I-Effect
from I-Effect
a I-Effect
durable I-Effect
competitive I-Effect
edge I-Effect
, O
as O
competitive B-Cause
pressure I-Cause
in I-Cause
a I-Cause
fast-changing I-Cause
retail I-Cause
environment I-Cause
amid I-Cause
minimal I-Cause
switching I-Cause
costs I-Cause
limits I-Cause
results I-Cause
. O

Shrinking B-Cause
the I-Cause
chip I-Cause
might I-Cause
not I-Cause
necessarily I-Cause
enhance I-Cause
accuracy I-Cause
( I-Cause
and I-Cause
might I-Cause
even I-Cause
serve I-Cause
to I-Cause
reduce I-Cause
it I-Cause
) I-Cause
, O
so O
analog B-Effect
chips I-Effect
and I-Effect
MCUs I-Effect
tend I-Effect
to I-Effect
be I-Effect
made I-Effect
with I-Effect
lagging-edge I-Effect
manufacturing I-Effect
techniques I-Effect
. O

Cost B-Effect
advantages I-Effect
stem O
from O
three O
primary O
factors O
-- O
a B-Cause
low-cost I-Cause
deposit I-Cause
base I-Cause
, I-Cause
excellent I-Cause
operating I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
conservative I-Cause
underwriting I-Cause
-- I-Cause
with I-Cause
regulatory I-Cause
costs I-Cause
an I-Cause
additional I-Cause
consideration I-Cause
. O

BD B-Cause
's I-Cause
emphasis I-Cause
on I-Cause
profitability I-Cause
should O
allow B-Effect
it I-Effect
to I-Effect
expand I-Effect
its I-Effect
operating I-Effect
margin I-Effect
despite I-Effect
ongoing I-Effect
pricing I-Effect
pressure I-Effect
and I-Effect
raw I-Effect
material I-Effect
inflation I-Effect
, I-Effect
although I-Effect
we I-Effect
do I-Effect
n't I-Effect
incorporate I-Effect
a I-Effect
sizable I-Effect
margin I-Effect
boost I-Effect
from I-Effect
current I-Effect
levels I-Effect
into I-Effect
our I-Effect
forecast I-Effect
-- I-Effect
less I-Effect
than I-Effect
50 I-Effect
basis I-Effect
points I-Effect
per I-Effect
year I-Effect
. O

By O
forcing B-Cause
its I-Cause
subsidiary I-Cause
into I-Cause
bankruptcy I-Cause
, O
O-I B-Effect
will I-Effect
now I-Effect
negotiate I-Effect
a I-Effect
settlement I-Effect
to I-Effect
finalize I-Effect
all I-Effect
current I-Effect
and I-Effect
future I-Effect
asbestos-related I-Effect
claims I-Effect
, O
similar O
to O
what O
companies O
like O
USG O
and O
Owens-Corning O
did O
in O
the O
past O
. O

Icon O
is O
still O
winning O
new O
business O
from O
Pfizer O
, O
its O
largest O
customer O
, O
but O
it O
's O
grown O
and O
won B-Cause
new I-Cause
business I-Cause
from I-Cause
other I-Cause
clients I-Cause
to O
diversify B-Effect
the I-Effect
revenue I-Effect
base I-Effect
. O

Although O
the O
company O
had O
initially O
established O
itself O
as O
a O
leader O
in O
the O
market O
, O
the B-Cause
attractive I-Cause
economics I-Cause
and I-Cause
rising I-Cause
importance I-Cause
of I-Cause
cosmetic I-Cause
procedures I-Cause
has O
attracted B-Cause
a I-Cause
large I-Cause
number I-Cause
of I-Cause
competitors I-Cause
and O
has O
put B-Effect
the I-Effect
company I-Effect
on I-Effect
a I-Effect
defensive I-Effect
footing I-Effect
. O

Firms O
like O
Kroger O
have O
invested O
heavily O
in O
building O
in-house O
manufacturing O
capabilities O
to O
ensure O
product O
quality O
and O
responsiveness O
to O
customer O
trends O
, O
spending B-Effect
that I-Effect
is I-Effect
difficult I-Effect
for I-Effect
a I-Effect
smaller I-Effect
chain I-Effect
with O
less B-Cause
cost I-Cause
leverage I-Cause
to I-Cause
justify I-Cause
. O

Enterprises B-Cause
IT I-Cause
networks I-Cause
are I-Cause
reliant I-Cause
on I-Cause
these I-Cause
products I-Cause
for I-Cause
optimal I-Cause
application I-Cause
and I-Cause
network I-Cause
traffic I-Cause
flow I-Cause
, O
and O
we B-Effect
believe I-Effect
switching I-Effect
vendors I-Effect
would I-Effect
be I-Effect
tremendously I-Effect
disruptive I-Effect
. O

We O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
329 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
304 I-Effect
on O
recently B-Cause
generated I-Cause
cash I-Cause
flows I-Cause
and I-Cause
a I-Cause
strong I-Cause
outlook I-Cause
for I-Cause
2021 I-Cause
, I-Cause
especially I-Cause
on I-Cause
the I-Cause
cash I-Cause
flow I-Cause
front I-Cause
. O

Capital B-Cause
One I-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids O
some B-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

Zebra B-Cause
or I-Cause
its I-Cause
channel I-Cause
partners I-Cause
will O
help O
orient B-Effect
Zebra I-Effect
software I-Effect
to I-Effect
customers I-Effect
' I-Effect
exact I-Effect
business I-Effect
needs I-Effect
, O
and O
in O
some O
cases O
will O
help O
customers B-Effect
write I-Effect
new I-Effect
applications I-Effect
on I-Effect
top I-Effect
of I-Effect
Zebra I-Effect
's I-Effect
modified I-Effect
Android I-Effect
OS I-Effect
. O

Given O
the B-Cause
uncertain I-Cause
extent I-Cause
and I-Cause
duration I-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
the I-Cause
pronounced I-Cause
retreat I-Cause
we I-Cause
've I-Cause
already I-Cause
seen I-Cause
in I-Cause
global I-Cause
travel I-Cause
demand I-Cause
, O
we O
estimate O
MGM B-Effect
's I-Effect
total I-Effect
2020 I-Effect
revenue I-Effect
declining I-Effect
59 I-Effect
% I-Effect
( I-Effect
56 I-Effect
% I-Effect
drop I-Effect
prior I-Effect
) I-Effect
. O

Getting B-Effect
additional I-Effect
Xifaxan I-Effect
indications I-Effect
approved I-Effect
will I-Effect
be I-Effect
a I-Effect
good I-Effect
litmus I-Effect
test I-Effect
for I-Effect
the I-Effect
research I-Effect
pipeline I-Effect
, O
as O
new B-Cause
approvals I-Cause
would I-Cause
extend I-Cause
patent-protection I-Cause
for I-Cause
the I-Cause
drug I-Cause
. O

We O
expect O
the B-Cause
company I-Cause
to I-Cause
continue I-Cause
spending I-Cause
heavily I-Cause
on I-Cause
marketing I-Cause
in O
order O
to O
increase B-Effect
its I-Effect
brand I-Effect
presence I-Effect
and I-Effect
drive I-Effect
incremental I-Effect
growth I-Effect
. O

Valero B-Effect
Energy I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
thrive I-Effect
in I-Effect
almost I-Effect
any I-Effect
market I-Effect
environment I-Effect
, O
thanks O
to O
its B-Cause
high-quality I-Cause
refining I-Cause
assets I-Cause
and I-Cause
their I-Cause
location I-Cause
. I-Cause

Versus O
small O
or O
upstart O
competitors O
, O
Shaw B-Cause
's I-Cause
large I-Cause
scale I-Cause
enables O
it B-Effect
to I-Effect
spread I-Effect
overhead I-Effect
and I-Effect
marketing I-Effect
costs I-Effect
over I-Effect
a I-Effect
larger I-Effect
customer I-Effect
base I-Effect
. O

Even B-Cause
though I-Cause
these I-Cause
are I-Cause
lower-margin I-Cause
sales I-Cause
for I-Cause
McCormick I-Cause
, I-Cause
private I-Cause
label I-Cause
makes I-Cause
up I-Cause
less I-Cause
than I-Cause
10 I-Cause
% I-Cause
of I-Cause
its I-Cause
consumer I-Cause
product I-Cause
revenue I-Cause
, I-Cause
or I-Cause
around I-Cause
a I-Cause
mid-single-digit I-Cause
percentage I-Cause
of I-Cause
its I-Cause
total I-Cause
sales I-Cause
, O
so B-Effect
this I-Effect
value I-Effect
fare I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
dent I-Effect
McCormick I-Effect
's I-Effect
margins I-Effect
but I-Effect
rather I-Effect
stands I-Effect
to I-Effect
support I-Effect
its I-Effect
competitive I-Effect
prowess I-Effect
. O

Based O
on O
the B-Cause
anticipated I-Cause
closing I-Cause
of I-Cause
the I-Cause
proposed I-Cause
acquisition I-Cause
by I-Cause
Optum I-Cause
, O
an O
arm O
of O
UnitedHealthcare O
, O
we O
assign O
a B-Effect
medium I-Effect
uncertainty I-Effect
on I-Effect
Change I-Effect
Healthcare I-Effect
shares I-Effect
. O

Kohl B-Cause
's I-Cause
is I-Cause
downsizing I-Cause
its I-Cause
stores I-Cause
to I-Cause
improve I-Cause
efficiency I-Cause
, O
but O
we O
do O
not O
expect O
this O
will O
drive B-Effect
sales I-Effect
or I-Effect
improve I-Effect
margins I-Effect
. O

That O
said O
, O
due O
to O
pricing B-Cause
and I-Cause
some I-Cause
non-asset-based I-Cause
contracts I-Cause
, O
asset B-Effect
servicing I-Effect
fee I-Effect
growth I-Effect
will I-Effect
likely I-Effect
trail I-Effect
assets I-Effect
under I-Effect
custody I-Effect
growth I-Effect
. O

While O
the B-Cause
current I-Cause
market-based I-Cause
approach I-Cause
has O
allowed B-Effect
for I-Effect
healthy I-Effect
regulatory I-Effect
balance I-Effect
over I-Effect
the I-Effect
years I-Effect
, O
the O
STB O
has O
occasionally O
considered O
using B-Cause
a I-Cause
revenue I-Cause
adequacy I-Cause
model I-Cause
to O
effectively B-Effect
cap I-Effect
rates I-Effect
. O

This O
is O
because O
weak B-Cause
macroeconomics I-Cause
( I-Cause
resulting I-Cause
in I-Cause
weaker I-Cause
demand I-Cause
and I-Cause
pricing I-Cause
for I-Cause
ads I-Cause
) I-Cause
, O
a B-Effect
substantial I-Effect
increase I-Effect
in I-Effect
ad I-Effect
inventory I-Effect
by I-Effect
Bytedance I-Effect
and I-Effect
Tencent I-Effect
, O
moving O
customers O
' O
landing O
pages O
to O
Baidu O
's O
platform O
, O
and O
COVID-19 O
play O
an O
important O
role O
in O
the O
weakness O
of O
the O
past O
. O

Scotts B-Cause
is I-Cause
pursuing I-Cause
a I-Cause
volume-over-price I-Cause
strategy I-Cause
by I-Cause
offering I-Cause
discounts I-Cause
on I-Cause
its I-Cause
Hawthorne I-Cause
equipment I-Cause
in O
order O
to O
gain B-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
hydroponics I-Effect
industry I-Effect
. O

However O
, O
we B-Effect
believe I-Effect
that I-Effect
it I-Effect
is I-Effect
extremely I-Effect
difficult I-Effect
to I-Effect
develop I-Effect
brand I-Effect
equity I-Effect
with I-Effect
agricultural I-Effect
commodities I-Effect
, O
as O
they B-Cause
are I-Cause
essentially I-Cause
undifferentiated I-Cause
from I-Cause
competitive I-Cause
products I-Cause
, I-Cause
and I-Cause
therefore I-Cause
difficult I-Cause
to I-Cause
maintain I-Cause
a I-Cause
price I-Cause
premium I-Cause
. O

Additionally O
, O
while O
it B-Effect
's I-Effect
cheaper I-Effect
in I-Effect
the I-Effect
short-term I-Effect
for O
firms B-Cause
to I-Cause
operate I-Cause
a I-Cause
run-to-failure I-Cause
strategy I-Cause
, O
over O
the O
long O
run O
, O
plant B-Cause
facilities I-Cause
that I-Cause
fail I-Cause
to I-Cause
implement I-Cause
preventative I-Cause
maintenance I-Cause
end O
up O
spending B-Effect
more I-Effect
. O

Based O
largely O
on O
the B-Cause
average I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
from I-Cause
a I-Cause
diverse I-Cause
product I-Cause
portfolio I-Cause
, O
we B-Effect
rate I-Effect
Idexx I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
. O

Our B-Effect
pretax I-Effect
cost I-Effect
of I-Effect
debt I-Effect
assumption I-Effect
is I-Effect
5.8 I-Effect
% I-Effect
as O
we B-Cause
incorporate I-Cause
a I-Cause
normalized I-Cause
long-term I-Cause
real I-Cause
rate I-Cause
environment I-Cause
and I-Cause
normalized I-Cause
credit I-Cause
spreads I-Cause
. O

Receiving B-Cause
contracts I-Cause
from I-Cause
the I-Cause
TSA I-Cause
gives I-Cause
Smiths I-Cause
cachet I-Cause
worldwide I-Cause
, O
securing B-Effect
its I-Effect
place I-Effect
as I-Effect
a I-Effect
major I-Effect
global I-Effect
provider I-Effect
of I-Effect
airport I-Effect
security I-Effect
systems I-Effect
. O

In O
payments O
, O
many O
of O
the O
costs B-Cause
of I-Cause
running I-Cause
the I-Cause
platform I-Cause
are I-Cause
fixed I-Cause
and I-Cause
high I-Cause
in I-Cause
nature I-Cause
, O
leading O
to O
the B-Effect
need I-Effect
for I-Effect
scale I-Effect
. O

We O
also O
expect O
that O
a B-Effect
large-scale I-Effect
move I-Effect
by I-Effect
manufacturers I-Effect
in I-Effect
favor I-Effect
of I-Effect
direct I-Effect
shipping I-Effect
is I-Effect
unlikely I-Effect
, O
due O
to O
the B-Cause
infrastructure I-Cause
required I-Cause
, I-Cause
end I-Cause
customers I-Cause
' I-Cause
price I-Cause
inelasticity I-Cause
, I-Cause
and I-Cause
the I-Cause
convenience I-Cause
associated I-Cause
with I-Cause
repair I-Cause
shops I-Cause
ordering I-Cause
parts I-Cause
made I-Cause
by I-Cause
multiple I-Cause
brands I-Cause
from I-Cause
one I-Cause
source I-Cause
. O

We O
are O
of O
the O
view O
that O
firm B-Cause
's I-Cause
selling I-Cause
efforts I-Cause
in I-Cause
this I-Cause
channel I-Cause
are I-Cause
more I-Cause
coordinated I-Cause
and I-Cause
streamlined I-Cause
from O
an O
administrative O
perspective O
, O
ultimately O
making B-Effect
them I-Effect
less I-Effect
costly I-Effect
. O

Over B-Effect
the I-Effect
past I-Effect
decade I-Effect
, I-Effect
RELX I-Effect
has I-Effect
undergone I-Effect
wholesale I-Effect
changes I-Effect
to I-Effect
the I-Effect
structure I-Effect
of I-Effect
the I-Effect
company I-Effect
, I-Effect
taking I-Effect
its I-Effect
exposure I-Effect
to I-Effect
electronic-format I-Effect
businesses I-Effect
from I-Effect
35 I-Effect
% I-Effect
to I-Effect
closer I-Effect
to I-Effect
90 I-Effect
% I-Effect
. O
This O
change O
was O
achieved O
primarily O
through O
a B-Cause
series I-Cause
of I-Cause
targeted I-Cause
acquisitions I-Cause
and I-Cause
disposals I-Cause
, I-Cause
such I-Cause
as I-Cause
that I-Cause
of I-Cause
data I-Cause
aggregator I-Cause
ChoicePoint I-Cause
in I-Cause
early I-Cause
2008 I-Cause
, I-Cause
which I-Cause
subsequently I-Cause
burdened I-Cause
the I-Cause
company I-Cause
with I-Cause
significant I-Cause
debt-service I-Cause
costs I-Cause
. O

Furthermore O
, O
to O
stay B-Effect
on I-Effect
the I-Effect
cutting I-Effect
edge I-Effect
of I-Effect
industry I-Effect
developments I-Effect
and I-Effect
scale I-Effect
up I-Effect
the I-Effect
production I-Effect
of I-Effect
emergent I-Effect
metallurgical I-Effect
solutions I-Effect
, O
the O
company O
must O
commit B-Cause
to I-Cause
repeated I-Cause
reinvestment I-Cause
cycles I-Cause
that O
are O
quite O
sizable O
. O

The B-Effect
board I-Effect
made I-Effect
income I-Effect
investors I-Effect
nervous I-Effect
when O
it B-Cause
skipped I-Cause
a I-Cause
dividend I-Cause
increase I-Cause
in I-Cause
April I-Cause
2020 I-Cause
before I-Cause
raising I-Cause
it I-Cause
in I-Cause
July I-Cause
2020 I-Cause
, I-Cause
keeping I-Cause
PGE I-Cause
's I-Cause
14-year I-Cause
dividend I-Cause
growth I-Cause
streak I-Cause
intact I-Cause
. I-Cause

There O
are O
many B-Effect
opportunities I-Effect
to I-Effect
expand I-Effect
distribution I-Effect
of I-Effect
these I-Effect
high-growth I-Effect
, O
profitable O
products O
, O
as O
only B-Cause
20 I-Cause
% I-Cause
of I-Cause
these I-Cause
SKUs I-Cause
have I-Cause
more I-Cause
than I-Cause
50 I-Cause
% I-Cause
all-commodity I-Cause
volume I-Cause
distribution I-Cause
. O

Conversely O
, O
Boston O
Beer O
has O
historically O
operated O
at O
close O
to O
full O
capacity O
( O
especially O
during O
peak O
seasonal O
periods O
) O
, O
and O
with O
the B-Cause
rise I-Cause
of I-Cause
the I-Cause
hard I-Cause
seltzer I-Cause
category I-Cause
and I-Cause
its I-Cause
Truly I-Cause
brand I-Cause
, O
has B-Effect
no I-Effect
excess I-Effect
capacity I-Effect
to I-Effect
speak I-Effect
of I-Effect
. O

We O
expect O
AWS-like B-Effect
margins I-Effect
will I-Effect
probably I-Effect
take I-Effect
at I-Effect
least I-Effect
five I-Effect
years I-Effect
due O
to O
ongoing B-Cause
customer I-Cause
acquisition I-Cause
efforts I-Cause
and I-Cause
technology I-Cause
investments I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
potential I-Cause
competition I-Cause
from I-Cause
Tencent I-Cause
's I-Cause
cloud I-Cause
service I-Cause
offerings I-Cause
. O

With O
public B-Cause
payers I-Cause
in I-Cause
developed I-Cause
markets I-Cause
under I-Cause
financial I-Cause
stress I-Cause
, O
the B-Effect
orthopedic I-Effect
implant I-Effect
makers I-Effect
may I-Effect
find I-Effect
themselves I-Effect
on I-Effect
the I-Effect
end I-Effect
of I-Effect
unilateral I-Effect
price I-Effect
cuts I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

We O
think O
the O
widespread O
availability O
of O
relatively O
low-priced O
Michael O
Kors O
bags O
suggests O
that O
the O
brand B-Cause
lacks I-Cause
pricing I-Cause
power I-Cause
and O
thus O
fails B-Effect
to I-Effect
evidence I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
. O

Further O
, O
the B-Effect
ability I-Effect
to I-Effect
monetize I-Effect
this I-Effect
platform I-Effect
may I-Effect
be I-Effect
somewhat I-Effect
limited I-Effect
, O
as O
Square B-Cause
does I-Cause
not I-Cause
charge I-Cause
for I-Cause
person-to-person I-Cause
payments I-Cause
and O
only B-Effect
benefits I-Effect
when O
consumers B-Cause
use I-Cause
the I-Cause
funds I-Cause
within I-Cause
their I-Cause
Cash I-Cause
App I-Cause
account I-Cause
at I-Cause
merchants I-Cause
or I-Cause
pay I-Cause
a I-Cause
fee I-Cause
for I-Cause
instant I-Cause
access I-Cause
to I-Cause
funds I-Cause
. O

In O
an O
age O
where O
consumers O
have O
grown O
accustomed O
to O
shopping O
on O
Amazon O
, O
this B-Cause
experience I-Cause
is I-Cause
essential I-Cause
and O
can B-Effect
even I-Effect
offer I-Effect
competitive I-Effect
advantages I-Effect
, I-Effect
such I-Effect
as I-Effect
the I-Effect
ability I-Effect
to I-Effect
return I-Effect
items I-Effect
purchased I-Effect
online I-Effect
to I-Effect
a I-Effect
physical I-Effect
store I-Effect
. O

We B-Effect
think I-Effect
in I-Effect
the I-Effect
case I-Effect
of I-Effect
telematics I-Effect
this I-Effect
edge I-Effect
will I-Effect
be I-Effect
more I-Effect
durable I-Effect
, O
as O
Progressive B-Cause
should I-Cause
be I-Cause
able I-Cause
to I-Cause
identify I-Cause
its I-Cause
safest I-Cause
drivers I-Cause
and I-Cause
retain I-Cause
them I-Cause
through I-Cause
discounts I-Cause
. O

We O
expect O
TIM O
will O
continue O
to O
gradually O
lose O
market O
share O
in O
the O
coming O
years O
but O
that O
average B-Effect
revenue I-Effect
per I-Effect
customer I-Effect
will I-Effect
also I-Effect
increase I-Effect
as O
the B-Cause
customer I-Cause
base I-Cause
shifts I-Cause
toward I-Cause
the I-Cause
postpaid I-Cause
. O

While O
Constellation O
's O
trademarks O
have O
broad O
appeal O
, O
it O
is O
not O
immune O
to O
the O
fact O
that O
any B-Cause
procedure I-Cause
or I-Cause
policy I-Cause
not I-Cause
consistent I-Cause
with I-Cause
the I-Cause
prevailing I-Cause
ethos I-Cause
gives O
rise O
to O
the B-Effect
possibility I-Effect
that I-Effect
a I-Effect
company I-Effect
's I-Effect
business I-Effect
model I-Effect
could I-Effect
be I-Effect
disrupted I-Effect
. O

We B-Cause
expect I-Cause
the I-Cause
ongoing I-Cause
adoption I-Cause
of I-Cause
Cooper I-Cause
's I-Cause
silicone I-Cause
hydrogel I-Cause
products I-Cause
, I-Cause
combined I-Cause
with I-Cause
customers I-Cause
upgrading I-Cause
to I-Cause
daily I-Cause
disposable I-Cause
lenses I-Cause
, O
will B-Effect
drive I-Effect
the I-Effect
firm I-Effect
's I-Effect
five-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
to I-Effect
7 I-Effect
% I-Effect
. O

In B-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
valuation I-Effect
, I-Effect
we I-Effect
assume I-Effect
an I-Effect
11 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
, I-Effect
higher I-Effect
than I-Effect
our I-Effect
9 I-Effect
% I-Effect
assumed I-Effect
market I-Effect
cost I-Effect
of I-Effect
equity I-Effect
because O
of O
First B-Cause
Solar I-Cause
's I-Cause
higher I-Cause
business I-Cause
risk I-Cause
. O

The O
commercial O
vehicles O
business O
faces O
challenges O
, O
but O
its B-Cause
partnership I-Cause
with I-Cause
Nikola I-Cause
could I-Cause
turn I-Cause
things I-Cause
around I-Cause
if I-Cause
the I-Cause
two I-Cause
companies I-Cause
can O
bring B-Effect
to I-Effect
market I-Effect
zero-emission I-Effect
vehicles I-Effect
. O

While O
airlines O
are O
highly O
cyclical O
, O
they B-Effect
are I-Effect
also I-Effect
reluctant I-Effect
to I-Effect
renege I-Effect
on I-Effect
orders I-Effect
because O
of O
large B-Cause
down I-Cause
payments I-Cause
on I-Cause
aircraft I-Cause
. O

We O
expect O
adjusted B-Effect
EPS I-Effect
to I-Effect
normalize I-Effect
over I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, O
as O
the B-Cause
company I-Cause
is I-Cause
likely I-Cause
to I-Cause
face I-Cause
substantial I-Cause
declines I-Cause
in I-Cause
diagnostics I-Cause
revenue I-Cause
in I-Cause
2022 I-Cause
when O
the B-Cause
vaccine I-Cause
becomes I-Cause
more I-Cause
widely I-Cause
available I-Cause
worldwide I-Cause
. O

In O
2019 O
, O
MSCI O
signed O
a O
10-year O
agreement O
with O
BlackRock O
that O
does O
include O
some B-Effect
pricing I-Effect
concessions I-Effect
, O
but O
we O
believe O
the O
10-year O
horizon O
should O
solidify B-Cause
the I-Cause
relationship I-Cause
between I-Cause
MSCI I-Cause
and I-Cause
BlackRock I-Cause
. O

Republic B-Cause
Service I-Cause
's I-Cause
predictable I-Cause
recurring I-Cause
revenue I-Cause
streams I-Cause
and I-Cause
its I-Cause
strong I-Cause
competitive I-Cause
positioning I-Cause
allow O
the B-Effect
firm I-Effect
to I-Effect
generate I-Effect
strong I-Effect
and I-Effect
stable I-Effect
free I-Effect
cash I-Effect
flow I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Pentair I-Effect
to I-Effect
$ I-Effect
59 I-Effect
from I-Effect
$ I-Effect
55 I-Effect
after O
the O
company O
posted O
strong O
first-quarter O
earnings O
results O
, O
fueled B-Cause
by I-Cause
31 I-Cause
% I-Cause
year-over-year I-Cause
sales I-Cause
growth I-Cause
in I-Cause
consumer I-Cause
solutions I-Cause
. O

We O
give O
AMN O
a B-Cause
high I-Cause
uncertainty I-Cause
rating I-Cause
to O
reflect O
its B-Cause
exposure I-Cause
to I-Cause
variance I-Cause
in I-Cause
the I-Cause
larger I-Cause
labor I-Cause
market I-Cause
that O
can O
push B-Effect
wages I-Effect
substantially I-Effect
higher I-Effect
in I-Effect
the I-Effect
course I-Effect
of I-Effect
an I-Effect
economic I-Effect
cycle I-Effect
and O
its B-Cause
exposure I-Cause
to I-Cause
uncertain I-Cause
COVID-19-related I-Cause
demand I-Cause
fluctuations I-Cause
, O
which O
can O
exacerbate B-Effect
this I-Effect
dynamic I-Effect
. O

Although B-Cause
Missouri I-Cause
regulation I-Cause
has I-Cause
improved I-Cause
in I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
, I-Cause
we I-Cause
continue I-Cause
to I-Cause
believe I-Cause
regulatory I-Cause
frameworks I-Cause
in I-Cause
the I-Cause
Show-Me I-Cause
state I-Cause
and I-Cause
Kansas I-Cause
remain I-Cause
average- I-Cause
to I-Cause
below-average. O
Thus O
, O
we O
think O
it B-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
execute I-Effect
and I-Effect
receive I-Effect
favorable I-Effect
regulatory I-Effect
treatment I-Effect
on I-Effect
the I-Effect
STP I-Effect
investments I-Effect
with I-Effect
respect I-Effect
to I-Effect
returns I-Effect
on I-Effect
investment I-Effect
and I-Effect
Evergy I-Effect
's I-Effect
proposed I-Effect
timeline I-Effect
. O

We O
expect O
Comcast B-Effect
will I-Effect
increase I-Effect
investment I-Effect
in I-Effect
this I-Effect
content I-Effect
, O
absorbing B-Cause
margin I-Cause
pressure I-Cause
that I-Cause
Sky I-Cause
might I-Cause
not I-Cause
have I-Cause
been I-Cause
willing I-Cause
to I-Cause
take I-Cause
as I-Cause
a I-Cause
stand-alone I-Cause
firm I-Cause
. O

COVID-19 B-Cause
disruption I-Cause
will O
temper O
freight B-Effect
demand I-Effect
in I-Effect
2020 I-Effect
, O
but O
Robinson B-Cause
's I-Cause
industry-leading I-Cause
network I-Cause
of I-Cause
asset-based I-Cause
truckload I-Cause
carriers I-Cause
( I-Cause
most I-Cause
small I-Cause
) I-Cause
should O
remain O
highly B-Effect
valuable I-Effect
to I-Effect
shippers I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

To B-Effect
meet I-Effect
and I-Effect
exceed I-Effect
service I-Effect
level I-Effect
agreements I-Effect
, O
VeriSign B-Cause
runs I-Cause
secure I-Cause
data I-Cause
centers I-Cause
with I-Cause
high-speed I-Cause
servers I-Cause
able O
to O
support O
over O
215 O
billion O
daily O
queries O
( O
as O
of O
December O
2020 O
) O
while O
providing O
24-hour O
network O
operations O
and O
call O
center O
support O
. O

However O
, O
these B-Cause
high I-Cause
affiliate I-Cause
fees I-Cause
along I-Cause
with I-Cause
the I-Cause
relatively I-Cause
low I-Cause
viewership I-Cause
of I-Cause
RSNs I-Cause
in I-Cause
comparison I-Cause
with I-Cause
other I-Cause
channels I-Cause
have O
led O
some B-Effect
distributors I-Effect
to I-Effect
question I-Effect
the I-Effect
price I-Effect
and I-Effect
placement I-Effect
of I-Effect
RSNs I-Effect
on I-Effect
the I-Effect
standard I-Effect
basic I-Effect
cable I-Effect
tier I-Effect
. O

Credit B-Cause
growth I-Cause
will I-Cause
be I-Cause
higher I-Cause
in I-Cause
Latin I-Cause
America I-Cause
than I-Cause
in I-Cause
Europe I-Cause
, O
which O
positions B-Effect
Santander I-Effect
on I-Effect
a I-Effect
different I-Effect
growth I-Effect
path I-Effect
to I-Effect
most I-Effect
other I-Effect
European I-Effect
banks I-Effect
. O

Robust B-Cause
ROICs I-Cause
should I-Cause
be I-Cause
supported I-Cause
not I-Cause
only I-Cause
by I-Cause
a I-Cause
stockpile I-Cause
of I-Cause
ideas I-Cause
for I-Cause
movie I-Cause
tie-ins I-Cause
that I-Cause
will I-Cause
provide I-Cause
free I-Cause
product I-Cause
advertising I-Cause
for I-Cause
Hasbro I-Cause
's I-Cause
goods I-Cause
but I-Cause
also I-Cause
by I-Cause
brand I-Cause
enthusiasts I-Cause
, O
leading O
to O
average B-Effect
adjusted I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
of I-Effect
13 I-Effect
% I-Effect
through I-Effect
2024 I-Effect
. O

The O
company O
sells O
branded O
generics O
in O
emerging O
markets O
, O
too O
, O
that O
continue O
to B-Effect
grow I-Effect
at I-Effect
a I-Effect
healthy I-Effect
pace I-Effect
as O
consumers B-Cause
in I-Cause
these I-Cause
markets I-Cause
seek I-Cause
out I-Cause
trusted I-Cause
brands I-Cause
. O

Due O
to O
the B-Cause
critical I-Cause
nature I-Cause
of I-Cause
many I-Cause
of I-Cause
NXP I-Cause
's I-Cause
automotive I-Cause
products I-Cause
, O
their B-Effect
development I-Effect
and I-Effect
effective I-Effect
integration I-Effect
necessitates I-Effect
close I-Effect
collaboration I-Effect
between I-Effect
it I-Effect
and I-Effect
the I-Effect
OEM I-Effect
or I-Effect
the I-Effect
Tier I-Effect
1 I-Effect
supplier I-Effect
. I-Effect

Given O
HSBC B-Cause
's I-Cause
strong I-Cause
deposit I-Cause
market I-Cause
share I-Cause
, O
we O
expect O
the B-Effect
bank I-Effect
to I-Effect
maintain I-Effect
a I-Effect
funding I-Effect
advantage I-Effect
relative I-Effect
to I-Effect
peers I-Effect
in I-Effect
Hong I-Effect
Kong I-Effect
. O

Additionally O
, O
we O
are O
concerned O
that O
the B-Cause
chain I-Cause
's I-Cause
relatively I-Cause
small I-Cause
size I-Cause
makes O
it B-Effect
more I-Effect
vulnerable I-Effect
to I-Effect
exogenous I-Effect
forces I-Effect
, O
such O
as O
trade B-Cause
disputes I-Cause
that O
could O
leave O
Five B-Effect
Below I-Effect
with I-Effect
little I-Effect
room I-Effect
to I-Effect
pass I-Effect
on I-Effect
higher I-Effect
costs I-Effect
to I-Effect
customers I-Effect
given O
its B-Cause
low-price I-Cause
mantra I-Cause
. O

Due O
to O
store B-Cause
closures I-Cause
( I-Cause
including I-Cause
the I-Cause
2018 I-Cause
liquidation I-Cause
of I-Cause
Bon-Ton I-Cause
Stores I-Cause
) I-Cause
and I-Cause
actions I-Cause
taken I-Cause
by I-Cause
Capri I-Cause
, O
the B-Effect
number I-Effect
of I-Effect
wholesale I-Effect
doors I-Effect
that I-Effect
carry I-Effect
Michael I-Effect
Kors I-Effect
merchandise I-Effect
fell I-Effect
to O
2,982 O
at O
the O
end O
of O
fiscal O
2020 O
from O
4,038 O
at O
the O
end O
of O
fiscal O
2015 O
. O

This O
gives O
large B-Effect
players I-Effect
such I-Effect
as I-Effect
Unilever I-Effect
time I-Effect
to I-Effect
adjust I-Effect
to I-Effect
the I-Effect
entrance I-Effect
of I-Effect
a I-Effect
new I-Effect
brand I-Effect
, O
and O
through O
cost B-Cause
advantages I-Cause
generated I-Cause
from I-Cause
economies I-Cause
of I-Cause
scale I-Cause
, O
incumbents O
are O
well B-Cause
positioned I-Cause
to I-Cause
replicate I-Cause
the I-Cause
competitive I-Cause
product I-Cause
and O
offer B-Effect
it I-Effect
to I-Effect
retailers I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
standing I-Cause
is I-Cause
sufficiently I-Cause
unassailable I-Cause
that O
IHS B-Effect
Markit I-Effect
has I-Effect
no I-Effect
direct I-Effect
competitor I-Effect
in I-Effect
many I-Effect
of I-Effect
its I-Effect
core I-Effect
data I-Effect
offerings I-Effect
. O

We B-Effect
project I-Effect
the I-Effect
Italian I-Effect
market I-Effect
to I-Effect
be I-Effect
a I-Effect
drag I-Effect
on I-Effect
the I-Effect
group I-Effect
's I-Effect
total I-Effect
revenues I-Effect
after I-Effect
2020 I-Effect
, O
as O
we B-Cause
model I-Cause
an I-Cause
ongoing I-Cause
decline I-Cause
in I-Cause
traditional I-Cause
fixed I-Cause
services I-Cause
and I-Cause
low I-Cause
ARPU I-Cause
growth I-Cause
. O

Adidas O
experienced O
12 B-Effect
% I-Effect
growth I-Effect
( I-Effect
10 I-Effect
% I-Effect
currency-neutral I-Effect
) I-Effect
in I-Effect
Asia-Pacific I-Effect
in I-Effect
2019 I-Effect
as O
sales B-Cause
increased I-Cause
to I-Cause
EUR I-Cause
8.0 I-Cause
billion I-Cause
from I-Cause
EUR I-Cause
7.1 I-Cause
billion I-Cause
in I-Cause
2018 I-Cause
. O

In O
fact O
, O
we O
'd O
expect O
marginally B-Effect
stronger I-Effect
switching I-Effect
for I-Effect
MongoDB I-Effect
's I-Effect
data I-Effect
lake I-Effect
due O
to O
the O
fact O
that O
a B-Cause
data I-Cause
lake I-Cause
is I-Cause
connected I-Cause
to I-Cause
many I-Cause
databases I-Cause
. O

As O
an O
E O
& O
C O
firm O
, O
Aecom O
faces O
significant O
event O
risk O
, O
such O
as O
legal B-Cause
disputes I-Cause
and I-Cause
cost I-Cause
overruns I-Cause
( O
which O
could O
be O
caused O
by O
a O
number O
of O
factors O
including O
labor B-Cause
shortages I-Cause
, I-Cause
subcontractor I-Cause
performance I-Cause
, I-Cause
inclement I-Cause
weather I-Cause
, I-Cause
and I-Cause
natural I-Cause
events I-Cause
) O
, O
which O
could O
lead O
to O
large B-Effect
losses I-Effect
on I-Effect
individual I-Effect
projects I-Effect
. O

For B-Cause
its I-Cause
specialty I-Cause
colors I-Cause
and I-Cause
flavors I-Cause
, I-Cause
Sensient I-Cause
is I-Cause
able I-Cause
to I-Cause
charge I-Cause
a I-Cause
premium I-Cause
price I-Cause
that O
allows B-Effect
the I-Effect
company I-Effect
to I-Effect
generate I-Effect
a I-Effect
healthy I-Effect
profit I-Effect
. O

We O
expect O
NICE O
to O
report O
an O
average O
GAAP O
gross O
margin O
of O
72 O
% O
over O
our O
explicit O
forecast O
period O
, O
with O
both B-Effect
GAAP I-Effect
and I-Effect
non-GAAP I-Effect
gross I-Effect
margins I-Effect
expanding I-Effect
into I-Effect
the I-Effect
high-70s/low-80s I-Effect
as O
the B-Cause
business I-Cause
scales I-Cause
up I-Cause
. O

New B-Cause
projects I-Cause
should I-Cause
add I-Cause
700 I-Cause
thousand I-Cause
barrels I-Cause
of I-Cause
oil I-Cause
equivalent I-Cause
per I-Cause
day I-Cause
through I-Cause
2026 I-Cause
, O
resulting O
in O
a B-Effect
2 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
. O

We O
project O
per-barrel B-Effect
operating I-Effect
costs I-Effect
to I-Effect
improve I-Effect
slightly I-Effect
as O
natural B-Cause
gas I-Cause
prices I-Cause
remain I-Cause
low I-Cause
and I-Cause
management I-Cause
cost I-Cause
reduction I-Cause
efforts I-Cause
take I-Cause
hold I-Cause
. O

Both B-Cause
peers I-Cause
are I-Cause
able I-Cause
to I-Cause
heavily I-Cause
outspend I-Cause
AMD I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
, O
leading O
to O
further B-Effect
propagation I-Effect
of I-Effect
market I-Effect
share I-Effect
dominance I-Effect
over I-Effect
AMD I-Effect
. O

An B-Cause
unfavorable I-Cause
regulatory I-Cause
landscape I-Cause
could O
also O
hinder O
the B-Effect
company I-Effect
's I-Effect
progress I-Effect
, O
by O
way O
of O
excise O
taxes O
or O
any O
other O
statute O
that O
either O
discourages O
consumption O
or O
alters O
go-to-market O
dynamics O
. O

We O
believe O
innovative B-Cause
product I-Cause
offerings I-Cause
and I-Cause
growth I-Cause
of I-Cause
adjacent I-Cause
categories I-Cause
through I-Cause
acquisitions I-Cause
( O
and O
organically O
) O
have O
positioned B-Effect
the I-Effect
business I-Effect
to I-Effect
continue I-Effect
to I-Effect
capture I-Effect
increasing I-Effect
volume I-Effect
and I-Effect
profits I-Effect
as I-Effect
it I-Effect
reaches I-Effect
new I-Effect
end I-Effect
users I-Effect
. O

However O
, O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
pharmaceutical I-Cause
drugs I-Cause
has O
offset O
some B-Effect
of I-Effect
the I-Effect
decline I-Effect
in I-Effect
the I-Effect
introduction I-Effect
of I-Effect
branded I-Effect
drugs I-Effect
but O
overall O
operating O
margins O
relative O
to O
displaced O
branded O
drugs O
are O
likely O
lower O
. O

We O
recognize O
there O
is O
substantial O
political O
uncertainty O
in O
the O
budget O
, O
but O
we O
think O
that O
it O
will O
be O
difficult O
to O
materially B-Effect
decrease I-Effect
the I-Effect
defense I-Effect
budget I-Effect
without O
sweeping B-Cause
political I-Cause
change I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
direct-to-consumer I-Cause
plans I-Cause
around I-Cause
HBO I-Cause
Max I-Cause
are I-Cause
gaining I-Cause
momentum I-Cause
, I-Cause
which I-Cause
should I-Cause
nicely I-Cause
augment I-Cause
and I-Cause
eventually I-Cause
supplant I-Cause
traditional I-Cause
distribution I-Cause
mechanisms. O
This O
position O
should O
enable O
its B-Effect
studios I-Effect
and I-Effect
networks I-Effect
to I-Effect
remain I-Effect
a I-Effect
destination I-Effect
of I-Effect
choice I-Effect
for I-Effect
the I-Effect
best I-Effect
content I-Effect
creators I-Effect
well I-Effect
into I-Effect
the I-Effect
future I-Effect
. O

Although B-Cause
the I-Cause
company I-Cause
has I-Cause
taken I-Cause
on I-Cause
some I-Cause
additional I-Cause
costs I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
related I-Cause
to I-Cause
becoming I-Cause
a I-Cause
public I-Cause
company I-Cause
, I-Cause
over I-Cause
the I-Cause
long I-Cause
term I-Cause
, I-Cause
we I-Cause
believe I-Cause
the I-Cause
firm I-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
better I-Cause
spread I-Cause
labor I-Cause
costs I-Cause
over I-Cause
a I-Cause
large I-Cause
revenue I-Cause
base. O
This O
results O
in O
a B-Effect
total I-Effect
company I-Effect
adjusted I-Effect
EBITDA/sales I-Effect
margin I-Effect
of I-Effect
about I-Effect
21 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
, I-Effect
improving I-Effect
from I-Effect
just I-Effect
under I-Effect
17 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

While B-Cause
we I-Cause
continue I-Cause
to I-Cause
expect I-Cause
the I-Cause
firm I-Cause
's I-Cause
operating I-Cause
margins I-Cause
to I-Cause
be I-Cause
affected I-Cause
by I-Cause
lower I-Cause
revenue I-Cause
yields I-Cause
and I-Cause
higher I-Cause
operating I-Cause
costs I-Cause
, I-Cause
we I-Cause
see I-Cause
adjusted I-Cause
operating I-Cause
profitability I-Cause
hovering I-Cause
between I-Cause
32 I-Cause
% I-Cause
and I-Cause
35 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
during I-Cause
our I-Cause
five-year I-Cause
forecast I-Cause
period. O
As O
a O
result O
, O
the B-Effect
company I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
generate I-Effect
close I-Effect
to I-Effect
$ I-Effect
900 I-Effect
million I-Effect
in I-Effect
free I-Effect
cash I-Effect
flow I-Effect
( I-Effect
defined I-Effect
as I-Effect
cash I-Effect
flow I-Effect
from I-Effect
operations I-Effect
less I-Effect
capital I-Effect
expenditures I-Effect
) I-Effect
on I-Effect
average I-Effect
annually I-Effect
during I-Effect
2021-25 I-Effect
. O

Thus O
, O
the B-Cause
almost I-Cause
35,000 I-Cause
events I-Cause
that I-Cause
Live I-Cause
Nation I-Cause
held I-Cause
in I-Cause
2018 I-Cause
were I-Cause
likely I-Cause
among I-Cause
the I-Cause
most I-Cause
effective I-Cause
methods I-Cause
of I-Cause
reaching I-Cause
many I-Cause
of I-Cause
these I-Cause
young I-Cause
consumers. O
As O
a O
result O
, O
revenue B-Effect
from I-Effect
sponsorship I-Effect
and I-Effect
advertising I-Effect
has I-Effect
grown I-Effect
at I-Effect
12 I-Effect
% I-Effect
annual I-Effect
rate I-Effect
from I-Effect
2010 I-Effect
to I-Effect
2018 I-Effect
versus I-Effect
total I-Effect
fan I-Effect
annual I-Effect
growth I-Effect
of I-Effect
9 I-Effect
% I-Effect
. O

Although O
we O
think O
these O
projects O
are O
riskier O
, O
we O
believe O
the B-Effect
firm I-Effect
mitigates I-Effect
some I-Effect
of I-Effect
this I-Effect
added I-Effect
risk I-Effect
by O
careful B-Cause
underwriting I-Cause
and I-Cause
joint I-Cause
venture I-Cause
partnerships I-Cause
. O

In O
addition O
, O
Discover B-Cause
's I-Cause
smaller I-Cause
scale I-Cause
and I-Cause
limited I-Cause
ability I-Cause
to I-Cause
sell I-Cause
additional I-Cause
products I-Cause
means O
the B-Effect
company I-Effect
has I-Effect
less I-Effect
ability I-Effect
to I-Effect
offer I-Effect
the I-Effect
same I-Effect
level I-Effect
of I-Effect
rewards I-Effect
as I-Effect
its I-Effect
rivals I-Effect
. O

We O
expect O
that O
companywide B-Effect
operating I-Effect
margin I-Effect
to I-Effect
stabilize I-Effect
in I-Effect
the I-Effect
midteens I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
as O
the B-Cause
company I-Cause
makes I-Cause
improvements I-Cause
in I-Cause
the I-Cause
integration I-Cause
of I-Cause
Omega I-Cause
. O

Additionally O
, O
recurring B-Cause
subscription I-Cause
revenue I-Cause
has I-Cause
increased I-Cause
from I-Cause
65 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
in I-Cause
2013 I-Cause
to I-Cause
91 I-Cause
% I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2019 I-Cause
, O
which O
indicates B-Effect
a I-Effect
highly I-Effect
predictable I-Effect
revenue I-Effect
stream I-Effect
going I-Effect
forward I-Effect
. O

The B-Cause
Athens I-Cause
facility I-Cause
, O
which O
includes O
the O
world O
's O
largest O
radial O
forge O
, O
will O
help B-Effect
improve I-Effect
Carpenter I-Effect
's I-Effect
cost I-Effect
profile I-Effect
because O
it O
is O
highly B-Cause
automated I-Cause
and I-Cause
reduces I-Cause
the I-Cause
number I-Cause
of I-Cause
times I-Cause
that I-Cause
products I-Cause
must I-Cause
be I-Cause
reheated I-Cause
. O

When O
market B-Cause
conditions I-Cause
improve I-Cause
, O
we O
may O
still O
see O
a B-Cause
c-corp I-Cause
conversion I-Cause
or I-Cause
larger I-Cause
asset I-Cause
sales I-Cause
designed O
to O
rid B-Effect
the I-Effect
portfolio I-Effect
of I-Effect
weaker I-Effect
Andeavor I-Effect
Logistics I-Effect
assets I-Effect
. O

However B-Cause
, I-Cause
we I-Cause
view I-Cause
Andeavor I-Cause
's I-Cause
collection I-Cause
of I-Cause
refineries I-Cause
as I-Cause
lower I-Cause
quality I-Cause
than I-Cause
Marathon I-Cause
's I-Cause
and I-Cause
as B-Effect
such I-Effect
is I-Effect
slightly I-Effect
dilutive I-Effect
to I-Effect
portfolio I-Effect
quality I-Effect
. O

We O
anticipate O
sales B-Effect
revert I-Effect
to I-Effect
normal I-Effect
low-single-digit I-Effect
comparable I-Effect
expansion I-Effect
once O
vaccines B-Cause
becomes I-Cause
widely I-Cause
available I-Cause
( O
which O
we O
assume O
occurs O
in O
the O
middle O
of O
calendar O
2021 O
) O
. O

So B-Cause
long I-Cause
as I-Cause
these I-Cause
regions I-Cause
continue I-Cause
to I-Cause
face I-Cause
structural I-Cause
supply I-Cause
constraints I-Cause
, O
Kilroy B-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
benefit I-Effect
from I-Effect
its I-Effect
construction I-Effect
efforts I-Effect
. O

We O
surmise O
that O
HP B-Effect
may I-Effect
garner I-Effect
some I-Effect
printing I-Effect
growth I-Effect
from O
its B-Cause
movement I-Cause
into I-Cause
the I-Cause
A3 I-Cause
, I-Cause
graphics I-Cause
, I-Cause
and I-Cause
3D I-Cause
printing I-Cause
markets I-Cause
; O
however O
, O
declines O
in O
HP O
's O
historical O
core O
printing O
segments O
may O
offset O
any O
potential O
gains O
. O

The O
ad B-Cause
revenue I-Cause
allows O
Spotify B-Effect
's I-Effect
service I-Effect
to I-Effect
remain I-Effect
free I-Effect
for I-Effect
users I-Effect
, O
as O
users O
implicitly O
agree O
to O
listen O
to O
ads O
in O
exchange O
for O
the O
free O
service O
. O

We O
think O
the B-Cause
pandemic I-Cause
will O
result O
in O
a B-Effect
22 I-Effect
% I-Effect
drop I-Effect
in I-Effect
organic I-Effect
sales I-Effect
in I-Effect
2020 I-Effect
, O
although O
a B-Cause
11 I-Cause
% I-Cause
bump I-Cause
from I-Cause
acquisitions I-Cause
and I-Cause
an I-Cause
extra I-Cause
week I-Cause
should O
result O
in O
a B-Effect
11 I-Effect
% I-Effect
drop I-Effect
in I-Effect
reported I-Effect
sales I-Effect
. O

Using B-Cause
Equinix I-Cause
data I-Cause
centers I-Cause
, I-Cause
enterprises I-Cause
can I-Cause
directly I-Cause
connect I-Cause
their I-Cause
own I-Cause
equipment I-Cause
with I-Cause
multiple I-Cause
cloud I-Cause
providers I-Cause
, O
resulting O
in O
reduced B-Effect
latency I-Effect
and I-Effect
superior I-Effect
security I-Effect
and I-Effect
making I-Effect
the I-Effect
data I-Effect
center I-Effect
a I-Effect
draw I-Effect
for I-Effect
both I-Effect
sides I-Effect
. O

Similar O
to O
contract O
research O
organizations O
, O
which O
provide O
research O
support O
in O
the O
healthcare O
space O
, O
West B-Cause
maintains I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
over I-Cause
its I-Cause
customers I-Cause
, O
allowing O
it B-Effect
to I-Effect
win I-Effect
business I-Effect
from I-Effect
companies I-Effect
outsourcing I-Effect
material I-Effect
design I-Effect
and I-Effect
manufacturing I-Effect
. O

As O
CME B-Cause
Group I-Cause
's I-Cause
trading I-Cause
volume I-Cause
has I-Cause
grown I-Cause
, O
the B-Cause
exchange I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
decrease I-Cause
the I-Cause
minimum I-Cause
tick I-Cause
size I-Cause
for I-Cause
prices I-Cause
on I-Cause
futures I-Cause
contracts I-Cause
, O
which O
allows B-Effect
for I-Effect
narrower I-Effect
bid-ask I-Effect
spreads I-Effect
. O

Focused B-Cause
entry I-Cause
from I-Cause
Google I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
Alibaba I-Cause
, I-Cause
and I-Cause
Facebook I-Cause
, I-Cause
and I-Cause
accelerated I-Cause
investment I-Cause
from I-Cause
Booking I-Cause
and I-Cause
Expedia I-Cause
could O
have B-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
Airbnb I-Effect
's I-Effect
growth I-Effect
. I-Effect

As O
a O
result O
, O
GTA B-Cause
V I-Cause
will I-Cause
be I-Cause
launched I-Cause
onto I-Cause
its I-Cause
third I-Cause
generation I-Cause
of I-Cause
consoles I-Cause
in I-Cause
November I-Cause
2021 I-Cause
, O
likely O
pushing B-Effect
the I-Effect
potential I-Effect
launch I-Effect
of I-Effect
GTA I-Effect
VI I-Effect
even I-Effect
further I-Effect
out I-Effect
. O

We O
admit O
that O
the B-Cause
bank I-Cause
is I-Cause
more I-Cause
complex I-Cause
, O
which O
can O
increase B-Effect
uncertainty I-Effect
for I-Effect
projections I-Effect
, O
but O
we O
believe O
that O
the B-Cause
underlying I-Cause
stability I-Cause
and I-Cause
strength I-Cause
of I-Cause
the I-Cause
business I-Cause
model I-Cause
offsets O
this O
. O

We O
have O
been O
impressed O
by O
the B-Cause
bank I-Cause
's I-Cause
continued I-Cause
investment I-Cause
in I-Cause
technology I-Cause
, O
leading O
to O
more B-Effect
integrated I-Effect
back-end I-Effect
systems I-Effect
, I-Effect
a I-Effect
highly I-Effect
competitive I-Effect
payments I-Effect
platform I-Effect
, I-Effect
and I-Effect
a I-Effect
leading I-Effect
presence I-Effect
in I-Effect
the I-Effect
push I-Effect
toward I-Effect
omnichannel I-Effect
banking I-Effect
. O

We O
expect O
this O
to O
increase O
as O
the O
cloud O
transition O
wraps O
up O
and O
the O
firm O
is O
able O
to O
manage B-Cause
certain I-Cause
network I-Cause
carrier I-Cause
costs I-Cause
, O
allowing B-Effect
NICE I-Effect
to I-Effect
benefit I-Effect
from I-Effect
scale-based I-Effect
leverage I-Effect
. O

For O
unconventional O
acreage O
, O
reserves B-Effect
are I-Effect
only I-Effect
booked I-Effect
once O
wells B-Cause
are I-Cause
drilled I-Cause
, O
leaving B-Effect
all I-Effect
undrilled I-Effect
acreage I-Effect
with I-Effect
zero I-Effect
associated I-Effect
reserve I-Effect
bookings I-Effect
. O

Although O
the B-Cause
pandemic I-Cause
has O
resulted O
in O
a B-Effect
sales I-Effect
surge I-Effect
that I-Effect
should I-Effect
ease I-Effect
in I-Effect
2021 I-Effect
as I-Effect
vaccine I-Effect
and I-Effect
therapeutic I-Effect
advancements I-Effect
reduce I-Effect
infection I-Effect
rates I-Effect
, O
O'Reilly B-Effect
's I-Effect
long-term I-Effect
strength I-Effect
remains O
rooted O
in O
its B-Cause
competitive I-Cause
advantages I-Cause
. O

Unilever B-Cause
's I-Cause
scale I-Cause
and I-Cause
scope I-Cause
help O
the B-Effect
firm I-Effect
achieve I-Effect
levels I-Effect
of I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
that I-Effect
allow I-Effect
it I-Effect
to I-Effect
invest I-Effect
behind I-Effect
its I-Effect
brands I-Effect
and I-Effect
to I-Effect
finance I-Effect
the I-Effect
slotting I-Effect
fees I-Effect
necessary I-Effect
when I-Effect
introducing I-Effect
new I-Effect
products I-Effect
, O
an O
intangible O
asset O
that O
can O
not O
be O
replicated O
by O
new O
entrants O
. O

Would-be B-Effect
rational I-Effect
competitors I-Effect
have I-Effect
little I-Effect
incentive I-Effect
to I-Effect
enter I-Effect
because O
massive B-Cause
up-front I-Cause
infrastructure I-Cause
costs I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
creating I-Cause
excess I-Cause
capacity I-Cause
amid I-Cause
limited I-Cause
demand I-Cause
would I-Cause
preclude I-Cause
economic I-Cause
profit I-Cause
and I-Cause
destroy I-Cause
value I-Cause
. O

The B-Effect
latter I-Effect
change I-Effect
is I-Effect
to I-Effect
give I-Effect
the I-Effect
firm I-Effect
more I-Effect
credit I-Effect
for I-Effect
potentially I-Effect
scaling I-Effect
its I-Effect
overhead I-Effect
costs I-Effect
as O
it B-Cause
grows I-Cause
beyond I-Cause
traditional I-Cause
franchise I-Cause
light I-Cause
vehicle I-Cause
dealerships I-Cause
via O
more B-Cause
heavy I-Cause
truck I-Cause
dealers I-Cause
and I-Cause
growing I-Cause
its I-Cause
standalone I-Cause
used I-Cause
vehicle I-Cause
store I-Cause
business I-Cause
, O
CarShop O
. O

While O
this O
venture O
is O
in O
its O
nascency O
, O
high B-Cause
levels I-Cause
of I-Cause
investment I-Cause
and I-Cause
innovation I-Cause
could O
pose B-Effect
competitive I-Effect
threats I-Effect
to I-Effect
Cadence I-Effect
further I-Effect
down I-Effect
the I-Effect
line I-Effect
. O

As O
a O
result O
, O
these B-Cause
issues I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
broader I-Cause
technological I-Cause
trends I-Cause
affecting I-Cause
the I-Cause
storage I-Cause
market I-Cause
, O
we O
assign O
a B-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Western I-Effect
Digital I-Effect
. O

The B-Effect
company I-Effect
deepens I-Effect
this I-Effect
level I-Effect
of I-Effect
engagement I-Effect
by O
offering B-Cause
tool I-Cause
loans I-Cause
, I-Cause
repair I-Cause
guides I-Cause
, I-Cause
how-to I-Cause
videos I-Cause
, I-Cause
and I-Cause
simple I-Cause
diagnostics I-Cause
at I-Cause
its I-Cause
stores I-Cause
, I-Cause
gratis I-Cause
. O

Although O
Lumen B-Cause
is I-Cause
using I-Cause
technology I-Cause
to I-Cause
significantly I-Cause
improve I-Cause
the I-Cause
quality I-Cause
of I-Cause
its I-Cause
network I-Cause
, O
we O
see O
it O
as O
simply O
closing B-Effect
the I-Effect
gap I-Effect
on I-Effect
competitors I-Effect
that I-Effect
it I-Effect
had I-Effect
fallen I-Effect
behind I-Effect
. O

Renewable B-Cause
projects I-Cause
also O
offer O
a B-Effect
growth I-Effect
opportunitites I-Effect
from I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance-friendly I-Effect
secured I-Effect
projects I-Effect
but O
represent O
about O
3 O
% O
of O
the O
company O
's O
EBITDA O
. O

Any B-Effect
increase I-Effect
in I-Effect
competition I-Effect
can I-Effect
quickly I-Effect
hurt I-Effect
results I-Effect
, O
as O
most B-Cause
markets I-Cause
are I-Cause
highly I-Cause
mature I-Cause
and I-Cause
winning I-Cause
market I-Cause
share I-Cause
generally I-Cause
requires I-Cause
very I-Cause
aggressive I-Cause
pricing I-Cause
. O

This O
, O
in O
turn O
, O
means B-Cause
that I-Cause
offshore I-Cause
rig-building I-Cause
wo I-Cause
n't I-Cause
be I-Cause
needed I-Cause
in I-Cause
the I-Cause
foreseeable I-Cause
future. O
This O
limits O
National B-Effect
Oilwell I-Effect
Varco I-Effect
's I-Effect
scope I-Effect
for I-Effect
a I-Effect
recovery I-Effect
in I-Effect
its I-Effect
core I-Effect
rig I-Effect
business I-Effect
, I-Effect
once I-Effect
the I-Effect
star I-Effect
of I-Effect
the I-Effect
company I-Effect
. O

While O
a O
local O
country O
's O
domestic O
rating O
agency O
could O
have O
value O
for O
its O
domestic O
bonds O
, O
a B-Effect
rating I-Effect
from I-Effect
a I-Effect
Big I-Effect
Three I-Effect
firm I-Effect
is I-Effect
critical I-Effect
for I-Effect
a I-Effect
cross-border I-Effect
marketed I-Effect
security I-Effect
as O
global B-Cause
investors I-Cause
desire I-Cause
broad I-Cause
comparability I-Cause
across I-Cause
global I-Cause
bonds I-Cause
. O

By O
not B-Cause
owning I-Cause
its I-Cause
own I-Cause
fabs I-Cause
, O
MPS B-Effect
can I-Effect
be I-Effect
nimbler I-Effect
in I-Effect
innovating I-Effect
its I-Effect
process I-Effect
technology I-Effect
than I-Effect
larger I-Effect
peers I-Effect
that I-Effect
are I-Effect
content I-Effect
to I-Effect
produce I-Effect
lagging-edge I-Effect
, I-Effect
steadfastly I-Effect
reliable I-Effect
chips I-Effect
that I-Effect
produce I-Effect
steady I-Effect
cash I-Effect
flows I-Effect
. O

It O
is O
also O
worth O
noting O
that O
DRI B-Cause
usage I-Cause
has I-Cause
limited I-Cause
benefits I-Cause
for I-Cause
blast I-Cause
furnace I-Cause
operators I-Cause
, O
which O
would O
effectively B-Effect
be I-Effect
doubling I-Effect
their I-Effect
energy I-Effect
costs I-Effect
if O
they O
were O
to O
use O
it O
. O

This O
is O
a O
risk O
, O
as O
many B-Effect
of I-Effect
Synchrony I-Effect
's I-Effect
partners I-Effect
are I-Effect
brick-and-mortar I-Effect
retailers I-Effect
that I-Effect
have I-Effect
been I-Effect
pressured I-Effect
by O
the B-Cause
shift I-Cause
toward I-Cause
increased I-Cause
online I-Cause
purchases I-Cause
. O

With O
the O
majority O
of O
its O
linerboard O
and O
medium O
constructed O
from O
virgin O
fiber O
, O
PCA O
faces O
the O
risk O
that O
softwood B-Cause
chip I-Cause
prices I-Cause
could I-Cause
increase I-Cause
substantially I-Cause
, O
forcing O
virgin B-Effect
fiber I-Effect
manufacturers I-Effect
to I-Effect
live I-Effect
with I-Effect
tighter I-Effect
margins I-Effect
to I-Effect
remain I-Effect
cost-competitive I-Effect
with I-Effect
recycled I-Effect
mills I-Effect
. O

Further O
, O
as O
a O
result O
of O
the O
merger B-Cause
, O
the B-Effect
company I-Effect
leads I-Effect
in I-Effect
real-world I-Effect
evidence I-Effect
, O
in O
which O
data O
from O
sources O
such O
as O
patient O
records O
or O
medical O
claims O
can O
be O
used O
to O
create O
clinical O
evidence O
for O
regulatory O
approval O
. O

Charter B-Effect
's I-Effect
cable I-Effect
networks I-Effect
have I-Effect
provided I-Effect
a I-Effect
significant I-Effect
competitive I-Effect
advantage I-Effect
versus I-Effect
its I-Effect
primary I-Effect
competitors I-Effect
, I-Effect
phone I-Effect
companies I-Effect
like I-Effect
AT I-Effect
& I-Effect
T I-Effect
and I-Effect
Verizon I-Effect
, O
as O
high-quality B-Cause
Internet I-Cause
access I-Cause
has I-Cause
become I-Cause
a I-Cause
staple I-Cause
utility I-Cause
in I-Cause
more I-Cause
households O
. O

Offering B-Cause
ready-to-use I-Cause
injectables I-Cause
in I-Cause
the I-Cause
care I-Cause
setting I-Cause
can O
improve B-Effect
patient I-Effect
safety I-Effect
and I-Effect
reduce I-Effect
the I-Effect
time I-Effect
associated I-Effect
with I-Effect
administration I-Effect
tasks I-Effect
, O
which O
creates O
a O
valuable O
tool O
for O
nurses O
and O
doctors O
on O
the O
front O
lines O
of O
care O
and O
helps O
Baxter O
generate O
some O
mix O
benefits O
in O
these O
otherwise O
commodified O
markets O
. O

This B-Cause
leadership I-Cause
not O
only O
makes O
Tim O
Hortons B-Effect
one I-Effect
of I-Effect
Canada I-Effect
's I-Effect
best-known I-Effect
brands I-Effect
, I-Effect
but I-Effect
also I-Effect
provides I-Effect
its I-Effect
franchisees I-Effect
with I-Effect
access I-Effect
to I-Effect
favorable I-Effect
retail I-Effect
real I-Effect
estate I-Effect
while I-Effect
offering I-Effect
meaningful I-Effect
bargaining I-Effect
clout I-Effect
with I-Effect
suppliers I-Effect
and I-Effect
significant I-Effect
advertising I-Effect
scale I-Effect
. O

Competition B-Effect
should I-Effect
leave I-Effect
little I-Effect
room I-Effect
for I-Effect
margin I-Effect
expansion I-Effect
, O
as O
Ross B-Cause
will I-Cause
likely I-Cause
have I-Cause
to I-Cause
reinvest I-Cause
savings I-Cause
from I-Cause
operating I-Cause
leverage I-Cause
into I-Cause
keeping I-Cause
prices I-Cause
low I-Cause
and I-Cause
perceived I-Cause
value I-Cause
high I-Cause
. O

Moreover B-Effect
, I-Effect
the I-Effect
breadth I-Effect
of I-Effect
Keurig I-Effect
Dr I-Effect
Pepper I-Effect
's I-Effect
selling I-Effect
apparatus I-Effect
facilitates I-Effect
exposure I-Effect
to I-Effect
high-growth I-Effect
segments I-Effect
, O
as O
smaller B-Cause
brands I-Cause
( I-Cause
like I-Cause
Polar I-Cause
Seltzer I-Cause
) I-Cause
leverage I-Cause
the I-Cause
firm I-Cause
for I-Cause
manufacturing I-Cause
or I-Cause
distribution I-Cause
. O

Further O
, O
digitalization B-Cause
of I-Cause
documents I-Cause
and I-Cause
electronic I-Cause
workflow I-Cause
have I-Cause
changed I-Cause
businesses I-Cause
' I-Cause
behavior I-Cause
and I-Cause
generated I-Cause
an I-Cause
integrated I-Cause
document I-Cause
management I-Cause
system I-Cause
, O
which O
is O
becoming O
a B-Effect
threat I-Effect
to I-Effect
Canon I-Effect
's I-Effect
business I-Effect
model I-Effect
. O

Advertising B-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
SG I-Cause
& I-Cause
A I-Cause
costs I-Cause
decreasing I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
from I-Cause
increasing I-Cause
adoption I-Cause
of I-Cause
the I-Cause
3DExperience I-Cause
platform I-Cause
should O
largely B-Effect
drive I-Effect
the I-Effect
expansion I-Effect
. O

Still O
, O
we O
are O
confident O
that O
AutoNation B-Cause
will I-Cause
remain I-Cause
one I-Cause
of I-Cause
the I-Cause
best I-Cause
operators I-Cause
in I-Cause
the I-Cause
dealer I-Cause
sector I-Cause
and O
thus O
be B-Effect
profitable I-Effect
in I-Effect
nearly I-Effect
any I-Effect
economic I-Effect
environment I-Effect
. O

Based O
on O
strong B-Cause
fundamental I-Cause
diabetes I-Cause
market I-Cause
growth I-Cause
and I-Cause
Novo I-Cause
's I-Cause
impressive I-Cause
pipeline I-Cause
, O
we O
expect O
diabetes B-Effect
and I-Effect
obesity I-Effect
care I-Effect
to I-Effect
grow I-Effect
from I-Effect
85 I-Effect
% I-Effect
of I-Effect
Novo I-Effect
's I-Effect
overall I-Effect
sales I-Effect
to I-Effect
93 I-Effect
% I-Effect
in I-Effect
10 I-Effect
years I-Effect
. O

A O
more O
recent O
example O
of O
Idex O
's O
innovation O
is O
the O
2019 O
introduction O
of O
the O
SAM O
Control O
System O
, O
an B-Cause
integrated I-Cause
system I-Cause
that I-Cause
manages I-Cause
a I-Cause
fire I-Cause
truck I-Cause
's I-Cause
water I-Cause
flow I-Cause
and I-Cause
simplifies I-Cause
the I-Cause
job I-Cause
of I-Cause
the I-Cause
pump I-Cause
operator I-Cause
, O
thus O
minimizing B-Effect
the I-Effect
potential I-Effect
for I-Effect
error I-Effect
. O

Grainger O
continues O
to O
expand O
its O
endless O
assortment O
strategy O
, O
but O
we B-Effect
're I-Effect
skeptical I-Effect
of I-Effect
the I-Effect
margin I-Effect
expansion I-Effect
opportunity I-Effect
for I-Effect
this I-Effect
business I-Effect
, O
given O
strong B-Cause
competition I-Cause
in I-Cause
the I-Cause
space I-Cause
from I-Cause
the I-Cause
likes I-Cause
of I-Cause
Amazon I-Cause
Business I-Cause
and I-Cause
others I-Cause
. O

Additionally O
, O
there B-Effect
are I-Effect
indirect I-Effect
costs I-Effect
along I-Effect
those I-Effect
same I-Effect
lines I-Effect
, I-Effect
mainly I-Effect
lost I-Effect
productivity I-Effect
as O
customers B-Cause
move I-Cause
up I-Cause
a I-Cause
learning I-Cause
curve I-Cause
on I-Cause
the I-Cause
new I-Cause
system I-Cause
along O
with O
the B-Cause
distraction I-Cause
of I-Cause
users I-Cause
involved I-Cause
in I-Cause
the I-Cause
function I-Cause
where I-Cause
the I-Cause
change I-Cause
is I-Cause
occurring I-Cause
. O

Nordson B-Cause
invests I-Cause
nearly I-Cause
3 I-Cause
% I-Cause
of I-Cause
sales I-Cause
into I-Cause
research I-Cause
& I-Cause
amp I-Cause
; I-Cause
development I-Cause
, O
which O
is O
roughly O
in O
line O
with O
its O
peers O
and O
we O
think O
should O
help B-Effect
protect I-Effect
the I-Effect
firm I-Effect
's I-Effect
competitive I-Effect
position I-Effect
. O

Operating B-Effect
margins I-Effect
are I-Effect
expected I-Effect
to I-Effect
increase I-Effect
longer I-Effect
term I-Effect
, O
as O
the B-Cause
firm I-Cause
enjoys I-Cause
solid I-Cause
operating I-Cause
leverage I-Cause
in I-Cause
its I-Cause
business I-Cause
model I-Cause
following I-Cause
the I-Cause
recent I-Cause
uptick I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
. O

Given O
the B-Cause
amount I-Cause
of I-Cause
competition I-Cause
in I-Cause
many I-Cause
key I-Cause
end I-Cause
markets I-Cause
from I-Cause
large I-Cause
peers I-Cause
such I-Cause
as I-Cause
Broadcom I-Cause
and I-Cause
Intel I-Cause
, O
we O
think O
these B-Effect
levels I-Effect
could I-Effect
be I-Effect
difficult I-Effect
to I-Effect
sustain I-Effect
. O

If O
the B-Cause
deal I-Cause
is I-Cause
approved I-Cause
, O
it O
's O
likely O
that O
regulators B-Cause
will I-Cause
be I-Cause
even I-Cause
more I-Cause
focused I-Cause
on I-Cause
fostering I-Cause
wireless I-Cause
competition I-Cause
, O
thereby B-Effect
increasing I-Effect
the I-Effect
ever-present I-Effect
regulatory I-Effect
threats I-Effect
, I-Effect
including I-Effect
forcing I-Effect
incumbents I-Effect
to I-Effect
wholesale I-Effect
their I-Effect
networks I-Effect
to I-Effect
mobile I-Effect
virtual I-Effect
network I-Effect
operators I-Effect
( I-Effect
MVNOs I-Effect
) I-Effect
. O

During O
the O
past O
several O
years O
, O
EOG B-Cause
added I-Cause
more I-Cause
premium I-Cause
locations I-Cause
than I-Cause
it I-Cause
drilled I-Cause
, O
resulting O
in O
a B-Effect
net I-Effect
increase I-Effect
to I-Effect
its I-Effect
drilling I-Effect
inventory I-Effect
. O

We O
expect O
Airbnb B-Effect
's I-Effect
revenue I-Effect
take I-Effect
rate I-Effect
to I-Effect
expand I-Effect
to I-Effect
14 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
12.7 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
aided O
by O
expanded B-Cause
experiences I-Cause
, I-Cause
insurance I-Cause
, I-Cause
and I-Cause
promoted I-Cause
listing I-Cause
offerings I-Cause
. O

Competition B-Effect
from I-Effect
Toolstation I-Effect
( I-Effect
owned I-Effect
by I-Effect
Travis I-Effect
Perkins I-Effect
) I-Effect
, I-Effect
which I-Effect
has I-Effect
a I-Effect
similar I-Effect
product I-Effect
offering I-Effect
, I-Effect
is I-Effect
likely I-Effect
to I-Effect
result I-Effect
in I-Effect
competitive I-Effect
pricing I-Effect
behavior I-Effect
between I-Effect
the I-Effect
two I-Effect
, O
as O
consumer B-Cause
switching I-Cause
costs I-Cause
are I-Cause
low I-Cause
and I-Cause
the I-Cause
market I-Cause
shows I-Cause
signs I-Cause
of I-Cause
maturity I-Cause
. O

Given O
the B-Cause
large I-Cause
exposure I-Cause
to I-Cause
mortgages I-Cause
in I-Cause
the I-Cause
loan I-Cause
book I-Cause
( O
31 O
% O
at O
the O
end O
of O
2019 O
) O
, O
prepayment B-Effect
risk I-Effect
is I-Effect
also I-Effect
a I-Effect
concern I-Effect
in I-Effect
a I-Effect
falling-rate I-Effect
environment I-Effect
, O
shortening B-Effect
duration I-Effect
precisely I-Effect
when I-Effect
reinvestment I-Effect
rates I-Effect
are I-Effect
lowest I-Effect
. O

We O
expect O
aggregates B-Effect
shipment I-Effect
volume I-Effect
to I-Effect
grow I-Effect
to I-Effect
roughly I-Effect
257 I-Effect
million I-Effect
tons I-Effect
within I-Effect
the I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
of I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, O
due O
to O
a B-Cause
continued I-Cause
recovery I-Cause
in I-Cause
construction I-Cause
demand I-Cause
and I-Cause
contributions I-Cause
from I-Cause
Bluegrass I-Cause
, I-Cause
Tiller I-Cause
, I-Cause
and I-Cause
the I-Cause
Lehigh I-Cause
Hanson I-Cause
U.S I-Cause
. I-Cause

In O
Argentina O
, O
for O
example O
, O
a O
country O
suffering O
from O
immense O
geopolitical O
volatility O
and O
undergoing O
a O
multiyear O
period O
of O
recession O
, O
hyperinflation O
and O
a O
plummeting O
currency O
, O
Ambev B-Effect
has I-Effect
maintained I-Effect
its I-Effect
margin I-Effect
in I-Effect
the I-Effect
Latin I-Effect
America I-Effect
South I-Effect
segment I-Effect
because O
its B-Cause
cost I-Cause
advantage I-Cause
has I-Cause
allowed I-Cause
it I-Cause
to I-Cause
raise I-Cause
prices I-Cause
at I-Cause
levels I-Cause
below I-Cause
inflation I-Cause
. O

Further B-Effect
, I-Effect
PFG I-Effect
's I-Effect
Vistar I-Effect
segment I-Effect
has I-Effect
recently I-Effect
expanded I-Effect
aggressively I-Effect
into I-Effect
convenience-store I-Effect
( I-Effect
c-store I-Effect
) I-Effect
distribution I-Effect
, I-Effect
a I-Effect
channel I-Effect
with I-Effect
very I-Effect
low I-Effect
margins I-Effect
, O
given B-Cause
its I-Cause
heavy I-Cause
exposure I-Cause
to I-Cause
cigarettes I-Cause
( I-Cause
about I-Cause
60 I-Cause
% I-Cause
of I-Cause
distributor I-Cause
sales I-Cause
) I-Cause
. O

However O
, O
as O
travel B-Cause
slowly I-Cause
returns I-Cause
to I-Cause
normal I-Cause
once I-Cause
the I-Cause
virus I-Cause
has I-Cause
passed I-Cause
, O
we O
think O
the B-Effect
company I-Effect
should I-Effect
see I-Effect
strong I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
and I-Effect
beyond I-Effect
and I-Effect
the I-Effect
company I-Effect
should I-Effect
return I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
within I-Effect
a I-Effect
few I-Effect
years I-Effect
. O

However O
, O
owing B-Cause
to I-Cause
long-term I-Cause
contracts I-Cause
struck I-Cause
with I-Cause
utilities I-Cause
before I-Cause
the I-Cause
post-2003 I-Cause
surge I-Cause
in I-Cause
uranium I-Cause
prices I-Cause
, I-Cause
the I-Cause
company I-Cause
has I-Cause
been I-Cause
unable I-Cause
to I-Cause
fully I-Cause
capture I-Cause
the I-Cause
economic I-Cause
benefits I-Cause
due I-Cause
its I-Cause
cost I-Cause
profile. O
As O
a O
result O
, O
by O
our O
measurements O
, O
Cameco B-Effect
has I-Effect
n't I-Effect
consistently I-Effect
generated I-Effect
returns I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
capital I-Effect
cost I-Effect
( I-Effect
about I-Effect
10 I-Effect
% I-Effect
in I-Effect
our I-Effect
model I-Effect
) I-Effect
over I-Effect
the I-Effect
past I-Effect
several I-Effect
years I-Effect
. O

Additionally O
, O
the B-Effect
competition I-Effect
's I-Effect
efforts I-Effect
to I-Effect
expand I-Effect
to I-Effect
new I-Effect
disease I-Effect
areas I-Effect
may I-Effect
limit I-Effect
Alexion I-Effect
's I-Effect
potential I-Effect
for I-Effect
label I-Effect
expansion I-Effect
as O
the B-Cause
field I-Cause
becomes I-Cause
more I-Cause
crowded I-Cause
. O

Longer-term B-Effect
as I-Effect
Chinese I-Effect
exports I-Effect
return I-Effect
over I-Effect
time I-Effect
and I-Effect
low-cost I-Effect
Moroccan I-Effect
and I-Effect
Middle I-Effect
Eastern I-Effect
production I-Effect
continues I-Effect
to I-Effect
come I-Effect
on I-Effect
line I-Effect
, I-Effect
we I-Effect
forecast I-Effect
long-term I-Effect
phosphate I-Effect
prices I-Effect
of I-Effect
roughly I-Effect
$ I-Effect
360 I-Effect
per I-Effect
metric I-Effect
ton I-Effect
in I-Effect
2021 I-Effect
real I-Effect
terms I-Effect
as O
the B-Cause
new I-Cause
supply I-Cause
limits I-Cause
long-term I-Cause
price I-Cause
appreciation I-Cause
. O

We O
anticipate O
earnings B-Effect
will I-Effect
grow I-Effect
faster I-Effect
than I-Effect
sales I-Effect
because O
of O
the B-Cause
operating I-Cause
margin I-Cause
improvements I-Cause
we I-Cause
expect I-Cause
from I-Cause
the I-Cause
combination I-Cause
of I-Cause
mix I-Cause
shift I-Cause
, O
operating O
efficiencies O
from O
greater O
scale O
, O
and O
research O
costs O
( O
as O
a O
percent O
of O
sales O
) O
trending O
down O
toward O
its O
longer-term O
average O
. O

A B-Cause
recent I-Cause
corruption I-Cause
scandal I-Cause
and I-Cause
new I-Cause
administration O
have O
resulted O
in O
the B-Effect
government I-Effect
taking I-Effect
a I-Effect
more I-Effect
hands-off I-Effect
approach I-Effect
of I-Effect
late I-Effect
, O
but O
it B-Cause
remains I-Cause
the I-Cause
majority I-Cause
shareholder I-Cause
, O
creating B-Effect
the I-Effect
risk I-Effect
that I-Effect
it I-Effect
could I-Effect
become I-Effect
involved I-Effect
again I-Effect
. O

Twilio O
recently O
announced O
its O
acquisition O
of O
Segment O
, O
a B-Cause
San I-Cause
Francisco-based I-Cause
cloud I-Cause
infrastructure I-Cause
firm I-Cause
that I-Cause
takes I-Cause
customer I-Cause
engagement I-Cause
one I-Cause
step I-Cause
further I-Cause
and O
helps B-Effect
businesses I-Effect
leverage I-Effect
data I-Effect
to I-Effect
create I-Effect
comprehensive I-Effect
customer I-Effect
profiles I-Effect
and I-Effect
improve I-Effect
engagement I-Effect
. O

We O
also O
expect O
strong B-Cause
growth I-Cause
from I-Cause
5G I-Cause
and I-Cause
server I-Cause
applications I-Cause
to O
offset O
declines B-Effect
in I-Effect
client I-Effect
computing I-Effect
and I-Effect
smartphones I-Effect
in O
the O
firm O
's O
computing O
and O
communications O
verticals O
as O
ON O
pivots O
its O
portfolio O
to O
focus O
on O
these O
higher-growth O
trends O
. O

Annualized O
organic O
AUM O
growth O
of O
6.8 O
% O
was O
well O
above O
our O
long-term O
target O
of O
3 O
% O
-5 O
% O
annually O
, O
but O
given O
that O
the B-Cause
first I-Cause
quarter I-Cause
is I-Cause
generally I-Cause
a I-Cause
stronger I-Cause
quarter I-Cause
for I-Cause
flows I-Cause
, O
we O
think O
things B-Effect
will I-Effect
moderate I-Effect
some I-Effect
as I-Effect
the I-Effect
year I-Effect
progresses I-Effect
. O

Moreover O
, O
due O
to O
temporary B-Cause
store I-Cause
closures I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
we O
forecast O
95 B-Effect
% I-Effect
e-commerce I-Effect
growth I-Effect
in I-Effect
2020 I-Effect
and O
expect O
the B-Effect
segment I-Effect
will I-Effect
become I-Effect
Lululemon I-Effect
's I-Effect
largest I-Effect
source I-Effect
of I-Effect
operating I-Effect
profit I-Effect
for I-Effect
the I-Effect
first I-Effect
time I-Effect
. O

Given O
RingCentral B-Cause
's I-Cause
high I-Cause
share I-Cause
within I-Cause
UCaaS I-Cause
, O
we O
see O
the O
value O
that O
more B-Effect
and I-Effect
more I-Effect
businesses I-Effect
are I-Effect
deriving I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
platform I-Effect
; O
this B-Effect
high I-Effect
proportion I-Effect
of I-Effect
users I-Effect
also I-Effect
supports I-Effect
strong I-Effect
switching I-Effect
costs I-Effect
as I-Effect
the I-Effect
firm I-Effect
's I-Effect
product I-Effect
becomes I-Effect
increasingly I-Effect
entrenched I-Effect
within I-Effect
organizations I-Effect
. I-Effect

Additionally O
, O
Nasdaq O
has O
seen O
continued B-Cause
pushback I-Cause
from I-Cause
clients I-Cause
and I-Cause
regulators I-Cause
on I-Cause
the I-Cause
pricing I-Cause
of I-Cause
its I-Cause
market I-Cause
data I-Cause
products I-Cause
, O
which O
has O
limited O
the B-Effect
revenue I-Effect
growth I-Effect
from I-Effect
the I-Effect
company I-Effect
's I-Effect
market I-Effect
data I-Effect
. O

The B-Cause
equity I-Cause
issued I-Cause
in I-Cause
2019-20 I-Cause
and I-Cause
cash I-Cause
from I-Cause
recovery I-Cause
of I-Cause
past I-Cause
deferred I-Cause
costs I-Cause
should I-Cause
limit I-Cause
incremental I-Cause
financing I-Cause
costs I-Cause
, O
allowing O
earnings B-Effect
to I-Effect
grow I-Effect
in I-Effect
line I-Effect
with I-Effect
rate I-Effect
base I-Effect
for I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

Given O
the B-Cause
power I-Cause
of I-Cause
its I-Cause
brand I-Cause
equity I-Cause
, O
we B-Effect
're I-Effect
confident I-Effect
that I-Effect
Scotts I-Effect
will I-Effect
continue I-Effect
to I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Although O
the O
pandemic O
presents O
a O
material O
near-term O
demand O
headwind O
, O
we O
continue O
to O
forecast O
annual B-Cause
mid-single-digit I-Cause
steady-state I-Cause
visitation I-Cause
growth I-Cause
in I-Cause
Macao I-Cause
during O
2024-30 O
, O
supported O
by O
China B-Cause
outbound I-Cause
travel I-Cause
that O
we B-Effect
expect I-Effect
will I-Effect
average I-Effect
high-single-digit I-Effect
annual I-Effect
growth I-Effect
during I-Effect
that I-Effect
time I-Effect
. O

As O
competition B-Cause
has I-Cause
intensified I-Cause
, O
we O
think O
Dick B-Effect
's I-Effect
has I-Effect
had I-Effect
to I-Effect
invest I-Effect
heavily I-Effect
in I-Effect
e-commerce I-Effect
, I-Effect
marketing I-Effect
, I-Effect
and I-Effect
merchandising I-Effect
( I-Effect
with I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
exceeding I-Effect
23 I-Effect
% I-Effect
of I-Effect
sales I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
, I-Effect
up I-Effect
from I-Effect
22 I-Effect
% I-Effect
historically I-Effect
) I-Effect
and I-Effect
will I-Effect
continue I-Effect
to I-Effect
do I-Effect
so I-Effect
. O

Our O
estimates O
project O
that O
the B-Effect
firm I-Effect
's I-Effect
revenue I-Effect
and I-Effect
operating I-Effect
income I-Effect
will I-Effect
decline I-Effect
significantly I-Effect
in I-Effect
2020 I-Effect
as O
a O
result O
of O
the B-Cause
coronavirus I-Cause
' I-Cause
negative I-Cause
implications I-Cause
for I-Cause
the I-Cause
Italian I-Cause
mobile I-Cause
market I-Cause
, O
which O
is O
predominantly O
prepaid O
. O

Cost B-Cause
AdvantageCigarette I-Cause
manufacturing I-Cause
is I-Cause
a I-Cause
scalable I-Cause
business I-Cause
model I-Cause
because I-Cause
of I-Cause
the I-Cause
homogeneity I-Cause
of I-Cause
the I-Cause
product I-Cause
, O
and O
there B-Effect
is I-Effect
an I-Effect
inverse I-Effect
correlation I-Effect
between I-Effect
volume I-Effect
and I-Effect
average I-Effect
operating I-Effect
cost I-Effect
per I-Effect
unit I-Effect
. O

We O
are O
anticipating B-Effect
modest I-Effect
growth I-Effect
from I-Effect
these I-Effect
segments I-Effect
, O
largely O
assuming O
that O
defense B-Cause
spending I-Cause
as I-Cause
a I-Cause
proportion I-Cause
of I-Cause
GDP I-Cause
remains I-Cause
constant I-Cause
in I-Cause
the I-Cause
E.U I-Cause
. O

The B-Effect
TNT I-Effect
integration I-Effect
has I-Effect
also I-Effect
proved I-Effect
tricky I-Effect
, O
due O
in O
part O
to O
disruption B-Cause
from I-Cause
a I-Cause
painful I-Cause
2017 I-Cause
cyberattack I-Cause
that O
cost B-Effect
millions I-Effect
and O
drove B-Effect
share I-Effect
losses I-Effect
at I-Effect
TNT I-Effect
. O

Our O
view O
is O
that O
the B-Cause
longer-term I-Cause
competitive I-Cause
environment I-Cause
, I-Cause
including I-Cause
white-box I-Cause
all-flash I-Cause
array I-Cause
proliferation I-Cause
, O
will O
weigh B-Effect
on I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
after I-Effect
the I-Effect
initial I-Effect
surge I-Effect
of I-Effect
all-flash I-Effect
array I-Effect
spending I-Effect
. I-Effect

These B-Cause
IOLs I-Cause
can I-Cause
be I-Cause
monofocal I-Cause
, I-Cause
providing I-Cause
a I-Cause
single I-Cause
focusing I-Cause
distance I-Cause
, I-Cause
or I-Cause
multifocal I-Cause
, I-Cause
with I-Cause
two I-Cause
or I-Cause
three I-Cause
focusing I-Cause
distances I-Cause
, O
allowing O
for O
clearer B-Effect
vision I-Effect
across I-Effect
a I-Effect
range I-Effect
of I-Effect
distances I-Effect
, O
and O
toric O
intraocular O
lenses O
are O
available O
to O
correct O
astigmatic O
eye O
curvature O
imperfections O
. O

However O
, O
numerous B-Cause
clinical I-Cause
studies I-Cause
have I-Cause
been I-Cause
conducted I-Cause
on I-Cause
low I-Cause
carb I-Cause
eating I-Cause
, I-Cause
some I-Cause
evaluating I-Cause
the I-Cause
Atkins I-Cause
diet I-Cause
specifically I-Cause
, I-Cause
showing I-Cause
positive I-Cause
results I-Cause
for I-Cause
weight I-Cause
loss I-Cause
and I-Cause
overall I-Cause
health I-Cause
benefits. O
This O
lowers B-Effect
the I-Effect
risk I-Effect
that I-Effect
low-carb I-Effect
approaches I-Effect
will I-Effect
fall I-Effect
out I-Effect
of I-Effect
favor I-Effect
for I-Effect
a I-Effect
sustained I-Effect
period I-Effect
of I-Effect
time I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

We O
forecast O
lithium B-Effect
demand I-Effect
to I-Effect
grow I-Effect
over I-Effect
6 I-Effect
times I-Effect
during I-Effect
this I-Effect
decade I-Effect
due O
to O
higher B-Cause
electric I-Cause
vehicle I-Cause
adoption I-Cause
, I-Cause
which I-Cause
should I-Cause
make I-Cause
Compass I-Cause
' I-Cause
investment I-Cause
value-accretive I-Cause
. O

We O
believe O
it B-Effect
is I-Effect
unlikely I-Effect
that I-Effect
a I-Effect
significant I-Effect
over I-Effect
issuance I-Effect
of I-Effect
licenses I-Effect
will I-Effect
occur I-Effect
again I-Effect
as O
Oregon B-Cause
's I-Cause
mistake I-Cause
has I-Cause
served I-Cause
as I-Cause
a I-Cause
lesson I-Cause
for I-Cause
regulators I-Cause
to I-Cause
have I-Cause
a I-Cause
more I-Cause
deliberate I-Cause
pace I-Cause
in I-Cause
license I-Cause
issuance I-Cause
. O

Additionally O
, O
if B-Cause
the I-Cause
underlying I-Cause
properties I-Cause
ca I-Cause
n't I-Cause
sustain I-Cause
the I-Cause
rent I-Cause
bumps I-Cause
throughout I-Cause
the I-Cause
lease I-Cause
term I-Cause
, I-Cause
the I-Cause
leases I-Cause
will I-Cause
eventually I-Cause
need I-Cause
to I-Cause
be I-Cause
broken I-Cause
and O
new B-Effect
, I-Effect
lower I-Effect
terms I-Effect
will I-Effect
be I-Effect
forced I-Effect
onto I-Effect
the I-Effect
landlord I-Effect
. I-Effect

In O
life O
sciences O
, O
we O
expect O
Valor B-Effect
Glass I-Effect
to I-Effect
continue I-Effect
outpacing I-Effect
the I-Effect
pharmaceutical I-Effect
glass I-Effect
market I-Effect
as O
it B-Cause
takes I-Cause
share I-Cause
and I-Cause
will I-Cause
drive I-Cause
7 I-Cause
% I-Cause
growth I-Cause
for I-Cause
the I-Cause
segment I-Cause
. O

Through B-Cause
decades I-Cause
of I-Cause
high-quality I-Cause
service I-Cause
, O
travelers B-Effect
and I-Effect
third-party I-Effect
owners I-Effect
view I-Effect
Hilton I-Effect
as I-Effect
a I-Effect
brand I-Effect
they I-Effect
can I-Effect
trust I-Effect
to I-Effect
deliver I-Effect
a I-Effect
consistent I-Effect
high-level I-Effect
experience I-Effect
. O

Long O
term O
, O
gross B-Effect
margin I-Effect
improvement I-Effect
should O
come O
to O
fruition O
through O
input B-Cause
cost I-Cause
relief I-Cause
( I-Cause
particularly I-Cause
as I-Cause
more I-Cause
agave I-Cause
plant I-Cause
is I-Cause
harvested I-Cause
) I-Cause
, I-Cause
positive I-Cause
mix I-Cause
shifts I-Cause
, I-Cause
and I-Cause
greater I-Cause
efficiency I-Cause
in I-Cause
its I-Cause
supply I-Cause
chain I-Cause
, I-Cause
for I-Cause
example I-Cause
at I-Cause
its I-Cause
cooperages I-Cause
and I-Cause
warehouses I-Cause
. O

The B-Effect
group I-Effect
's I-Effect
50 I-Effect
% I-Effect
dividend I-Effect
payout I-Effect
ratio I-Effect
is I-Effect
expected I-Effect
to I-Effect
remain I-Effect
and I-Effect
is I-Effect
appropriate I-Effect
given B-Cause
the I-Cause
reinvestment I-Cause
opportunities I-Cause
the I-Cause
group I-Cause
enjoys I-Cause
. O

Furthermore O
we O
've O
seen O
a B-Effect
rush I-Effect
of I-Effect
competitors I-Effect
into I-Effect
the I-Effect
segment I-Effect
give O
its B-Cause
lack I-Cause
of I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
that O
has O
compressed B-Effect
returns I-Effect
. O

Like O
aggregates O
, O
cement B-Cause
's I-Cause
extremely I-Cause
low I-Cause
value/weight I-Cause
ratio I-Cause
and I-Cause
difficulty I-Cause
obtaining I-Cause
new I-Cause
cement I-Cause
plant I-Cause
permits O
create B-Effect
highly I-Effect
localized I-Effect
markets I-Effect
, O
where O
incumbent O
players O
face O
little O
pressure O
from O
new O
local O
threats O
or O
out-of-market O
competitors O
. O

BMW O
has O
been O
able O
to O
consistently O
produce B-Cause
vehicles I-Cause
that I-Cause
command I-Cause
superior I-Cause
pricing I-Cause
as I-Cause
well I-Cause
as I-Cause
margins I-Cause
and O
to O
generate O
revenue B-Effect
increases I-Effect
above I-Effect
global I-Effect
vehicle I-Effect
growth I-Effect
rates I-Effect
. O

CenterPoint B-Effect
has I-Effect
reduced I-Effect
some I-Effect
of I-Effect
the I-Effect
regulatory I-Effect
uncertainty I-Effect
for I-Effect
its I-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
investments I-Effect
related I-Effect
to I-Effect
safety I-Effect
and I-Effect
reliability I-Effect
by O
receiving B-Cause
preapproval I-Cause
and I-Cause
favorable I-Cause
rate I-Cause
mechanisms I-Cause
. O

We O
believe O
price B-Cause
competition I-Cause
in I-Cause
grocery I-Cause
is I-Cause
endemic I-Cause
, O
necessitating O
scale-based B-Effect
economies I-Effect
and I-Effect
efficient I-Effect
execution I-Effect
; O
while O
we O
anticipate O
Kroger O
will O
meet O
the O
challenge O
, O
the O
stakes O
are O
high O
. O

Cheniere B-Cause
can I-Cause
assign I-Cause
these I-Cause
DES I-Cause
contracts I-Cause
to I-Cause
its I-Cause
marketing I-Cause
operations I-Cause
, O
which O
provides B-Effect
flexibility I-Effect
in I-Effect
terms I-Effect
of I-Effect
where I-Effect
to I-Effect
source I-Effect
the I-Effect
LNG I-Effect
from I-Effect
, I-Effect
potentially I-Effect
improving I-Effect
overall I-Effect
economics I-Effect
. O

As O
FireEye B-Cause
shifts I-Cause
from I-Cause
physical I-Cause
products I-Cause
to I-Cause
cloud I-Cause
subscriptions I-Cause
and I-Cause
managed I-Cause
services I-Cause
, O
we B-Effect
model I-Effect
consolidated I-Effect
GAAP I-Effect
gross I-Effect
margins I-Effect
to I-Effect
expand I-Effect
to I-Effect
68 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
compared I-Effect
with I-Effect
65 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
high I-Effect
from I-Effect
medium I-Effect
, O
given O
the B-Cause
potential I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
the I-Cause
business I-Cause
and I-Cause
on I-Cause
capital I-Cause
markets I-Cause
. O

Further O
, O
we B-Effect
have I-Effect
cut I-Effect
our I-Effect
long-term I-Effect
capital I-Effect
expenditure I-Effect
estimates B-Cause
to I-Cause
3.5 I-Cause
% I-Cause
of I-Cause
sales I-Cause
from I-Cause
3.9 I-Cause
% I-Cause
of I-Cause
sales I-Cause
on I-Cause
less I-Cause
spending I-Cause
on I-Cause
stores I-Cause
. O

Within O
the O
operating O
efficiency O
bucket O
, O
we O
also O
see O
room O
for O
economies O
of O
scope O
leading O
to O
a B-Effect
cost I-Effect
advantage I-Effect
via O
lower B-Cause
relative I-Cause
customer I-Cause
acquisition I-Cause
costs I-Cause
. O

Through O
the B-Cause
Danaher I-Cause
Business I-Cause
System I-Cause
, O
Danaher O
aims O
for O
continuous B-Effect
improvement I-Effect
of I-Effect
its I-Effect
scientific I-Effect
technology I-Effect
portfolio I-Effect
by O
seeking B-Cause
out I-Cause
attractive I-Cause
markets I-Cause
and I-Cause
then I-Cause
acquiring I-Cause
companies I-Cause
to I-Cause
enter I-Cause
or I-Cause
expand I-Cause
within I-Cause
those I-Cause
niches I-Cause
. O

As O
a O
result O
, O
once B-Cause
a I-Cause
customer I-Cause
has I-Cause
integrated I-Cause
a I-Cause
system I-Cause
that I-Cause
functions I-Cause
as I-Cause
designed I-Cause
, I-Cause
required I-Cause
downtime I-Cause
and I-Cause
operational I-Cause
risk I-Cause
of I-Cause
a I-Cause
new I-Cause
system I-Cause
leads O
to O
low B-Effect
levels I-Effect
of I-Effect
customer I-Effect
turnover I-Effect
for I-Effect
Sealed I-Effect
Air I-Effect
. O

The B-Effect
small I-Effect
market I-Effect
has I-Effect
driven I-Effect
some I-Effect
competitors I-Effect
away I-Effect
and I-Effect
likely I-Effect
will I-Effect
keep I-Effect
others I-Effect
at I-Effect
bay I-Effect
, O
as O
they B-Cause
would I-Cause
n't I-Cause
be I-Cause
able I-Cause
to I-Cause
compete B-Effect
without I-Cause
an B-Cause
existing I-Cause
, I-Cause
low-cost I-Cause
network I-Cause
like I-Cause
Cogent I-Cause
has I-Cause
. O

Its B-Cause
gas I-Cause
has I-Cause
a I-Cause
high I-Cause
heat I-Cause
content I-Cause
, O
even O
after O
stripping O
out O
the O
NGLs O
and O
condensate O
from O
its O
production O
, O
which O
supports B-Effect
a I-Effect
further I-Effect
price I-Effect
uplift I-Effect
. O

Management O
is O
confident O
it O
can O
deliver B-Effect
roughly I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
cost I-Effect
synergies I-Effect
by I-Effect
year I-Effect
3 I-Effect
, O
driven O
by O
procurement B-Cause
, I-Cause
supply I-Cause
chain I-Cause
, I-Cause
and I-Cause
manufacturing I-Cause
efficiencies I-Cause
as I-Cause
well I-Cause
as I-Cause
SG I-Cause
& I-Cause
A I-Cause
savings I-Cause
. O

FireEye B-Cause
's I-Cause
ambition I-Cause
could O
catalyze B-Cause
its I-Cause
competitors I-Cause
to I-Cause
be I-Cause
more I-Cause
aggressive I-Cause
in I-Cause
their I-Cause
product I-Cause
roadmaps I-Cause
or I-Cause
pricing I-Cause
to O
lock B-Effect
out I-Effect
FireEye I-Effect
's I-Effect
products I-Effect
. O

One B-Effect
could I-Effect
argue I-Effect
that I-Effect
Intesa I-Effect
's I-Effect
ownership I-Effect
detracts I-Effect
from I-Effect
the I-Effect
value I-Effect
of I-Effect
the I-Effect
asset I-Effect
management I-Effect
and I-Effect
private I-Effect
banking I-Effect
business I-Effect
units I-Effect
, O
as O
it B-Cause
brings I-Cause
with I-Cause
it I-Cause
the I-Cause
risk I-Cause
that I-Cause
the I-Cause
asset I-Cause
management I-Cause
clients I-Cause
will I-Cause
withdraw I-Cause
their I-Cause
funds I-Cause
if I-Cause
there I-Cause
are I-Cause
concerns I-Cause
over I-Cause
Intesa I-Cause
's I-Cause
capital I-Cause
position I-Cause
. O

Its B-Effect
previously I-Effect
strong I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
has O
been O
bound O
by O
consumer B-Cause
trends I-Cause
that O
opened O
the O
door O
for O
competition B-Effect
in I-Effect
the I-Effect
intimates I-Effect
space I-Effect
. O

Internationally O
, O
we B-Effect
've I-Effect
long I-Effect
held I-Effect
Hershey I-Effect
's I-Effect
growth I-Effect
could I-Effect
be I-Effect
hindered I-Effect
as O
larger B-Cause
, I-Cause
more I-Cause
diversified I-Cause
players I-Cause
maintain I-Cause
established I-Cause
positions I-Cause
in I-Cause
faster-growing I-Cause
emerging I-Cause
markets I-Cause
where I-Cause
tastes I-Cause
and I-Cause
preferences I-Cause
tend I-Cause
to I-Cause
be I-Cause
more I-Cause
localized I-Cause
. O

By O
creating B-Cause
brand I-Cause
cachet I-Cause
for I-Cause
its I-Cause
own I-Cause
labels I-Cause
, I-Cause
particularly I-Cause
Duralast I-Cause
, O
the B-Effect
company I-Effect
generates I-Effect
traffic I-Effect
in-store I-Effect
, O
while O
its O
sales B-Cause
staff I-Cause
highlights I-Cause
the I-Cause
value I-Cause
of I-Cause
the I-Cause
proprietary I-Cause
brands I-Cause
through I-Cause
customer I-Cause
store I-Cause
visits I-Cause
, I-Cause
creating I-Cause
a I-Cause
self-reinforcing I-Cause
cycle I-Cause
that O
is B-Effect
difficult I-Effect
for I-Effect
regional I-Effect
and I-Effect
local I-Effect
retailers I-Effect
to I-Effect
match I-Effect
. O

We O
project O
that O
the B-Effect
organic I-Effect
average I-Effect
overall I-Effect
revenue I-Effect
growth I-Effect
will I-Effect
be I-Effect
in I-Effect
the I-Effect
mid-single I-Effect
digits I-Effect
, O
driven O
by O
mid-single-digit B-Cause
growth I-Cause
in I-Cause
retransmission I-Cause
fees I-Cause
and I-Cause
double-digit I-Cause
even-year I-Cause
spikes I-Cause
in I-Cause
total I-Cause
ad I-Cause
revenue I-Cause
that O
will O
be O
partially O
offset O
by O
slightly B-Cause
lower I-Cause
double-digit I-Cause
odd-year I-Cause
declines I-Cause
in I-Cause
ad I-Cause
revenue I-Cause
. O

It O
has O
also O
assembled B-Cause
an I-Cause
impressive I-Cause
portfolio I-Cause
of I-Cause
seltzers I-Cause
, O
which O
should O
allow B-Effect
it I-Effect
to I-Effect
capture I-Effect
some I-Effect
growth I-Effect
from I-Effect
this I-Effect
secularly I-Effect
advantaged I-Effect
category I-Effect
. O

We O
also O
view O
the B-Cause
growing I-Cause
service I-Cause
revenue I-Cause
component I-Cause
as I-Cause
stickier I-Cause
and I-Cause
less I-Cause
cyclical I-Cause
, O
which O
should O
help O
the B-Effect
firm I-Effect
better I-Effect
navigate I-Effect
cyclical I-Effect
troughs I-Effect
. O

We B-Effect
believe I-Effect
the I-Effect
firm I-Effect
is I-Effect
paying I-Effect
below-market I-Effect
rates I-Effect
because B-Cause
it I-Cause
added I-Cause
major I-Cause
portions I-Cause
of I-Cause
its I-Cause
network I-Cause
during I-Cause
times I-Cause
of I-Cause
industry I-Cause
distress I-Cause
and I-Cause
before I-Cause
technology I-Cause
allowed I-Cause
so I-Cause
much I-Cause
capacity I-Cause
on I-Cause
fiber I-Cause
strands I-Cause
. O

We O
believe O
the B-Effect
firm I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
by O
acquiring B-Cause
smaller I-Cause
technology I-Cause
and I-Cause
analytics I-Cause
companies I-Cause
, O
and O
we O
model O
continued O
tuck-in O
acquisitions O
through O
2029 O
, O
in O
line O
with O
the O
company O
's O
historical O
strategy O
. O

Like O
other O
industries O
, O
hyperscale B-Effect
cloud I-Effect
players I-Effect
such I-Effect
as I-Effect
Amazon I-Effect
, I-Effect
Microsoft I-Effect
, I-Effect
or I-Effect
Google I-Effect
could I-Effect
alter I-Effect
the I-Effect
competitive I-Effect
dynamics I-Effect
if O
they B-Cause
chose I-Cause
to I-Cause
enter I-Cause
aggressively I-Cause
. O

Additionally O
, O
investors B-Effect
and I-Effect
the I-Effect
market I-Effect
will O
probably O
react O
negatively O
when O
the B-Effect
company I-Effect
's I-Effect
loan I-Effect
portfolio I-Effect
starts I-Effect
exhibiting I-Effect
a I-Effect
more I-Effect
normal I-Effect
level I-Effect
of I-Effect
losses I-Effect
from I-Cause
the B-Cause
COVID-19 I-Cause
recession I-Cause
. I-Cause

The O
other O
cost B-Effect
advantage I-Effect
comes I-Effect
from I-Effect
the I-Effect
customer I-Effect
side I-Effect
via I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
, O
as O
the B-Cause
cost I-Cause
of I-Cause
electricity I-Cause
for I-Cause
a I-Cause
year I-Cause
versus I-Cause
the I-Cause
cost I-Cause
of I-Cause
gas I-Cause
is I-Cause
not I-Cause
even I-Cause
close I-Cause
. O

Balchem B-Effect
is I-Effect
subject I-Effect
to I-Effect
low I-Effect
systematic I-Effect
risk I-Effect
, O
as O
cash B-Cause
flows I-Cause
are I-Cause
generally I-Cause
quite I-Cause
stable I-Cause
, I-Cause
revenue I-Cause
cyclicality I-Cause
is I-Cause
low I-Cause
, I-Cause
and I-Cause
financial I-Cause
leverage I-Cause
is I-Cause
manageable I-Cause
. O

We O
attribute O
these B-Effect
lackluster I-Effect
returns I-Effect
to O
the B-Cause
prior I-Cause
management I-Cause
team I-Cause
's I-Cause
decision I-Cause
to I-Cause
prioritize I-Cause
near-term I-Cause
cash I-Cause
flow I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
protecting I-Cause
its I-Cause
long-term I-Cause
competitive I-Cause
position I-Cause
. O

Its B-Cause
global I-Cause
reach I-Cause
and I-Cause
scale I-Cause
also O
give B-Effect
it I-Effect
the I-Effect
ability I-Effect
to I-Effect
vie I-Effect
for I-Effect
large I-Effect
cross-border I-Effect
deals I-Effect
that I-Effect
smaller I-Effect
brokerages I-Effect
ca I-Effect
n't I-Effect
handle I-Effect
. O

Low-cost B-Effect
manufacturers I-Effect
have I-Effect
grown I-Effect
rapidly I-Effect
as O
they B-Cause
actively I-Cause
compete I-Cause
for I-Cause
the I-Cause
less I-Cause
differentiated I-Cause
commodity I-Cause
generic I-Cause
drugs I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
where O
regulatory O
hurdles O
are O
lower O
than O
in O
European O
countries O
. O

Customers B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
provider I-Effect
because O
of O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
from I-Cause
testing I-Cause
errors I-Cause
and O
lack B-Cause
of I-Cause
cost I-Cause
savings I-Cause
from I-Cause
switching I-Cause
. O

Online B-Effect
businesses I-Effect
in I-Effect
the I-Effect
region I-Effect
are I-Effect
already I-Effect
profitable I-Effect
to I-Effect
a I-Effect
large I-Effect
extent I-Effect
due O
to O
larger B-Cause
market I-Cause
shares I-Cause
and I-Cause
higher I-Cause
population I-Cause
densities I-Cause
. O

It O
is O
possible O
that O
Moderna B-Cause
's I-Cause
experience I-Cause
with I-Cause
artificial I-Cause
intelligence I-Cause
and I-Cause
proprietary I-Cause
digital I-Cause
technologies I-Cause
could O
allow O
it O
to O
design B-Effect
the I-Effect
best I-Effect
mRNA I-Effect
sequences I-Effect
for I-Effect
protein I-Effect
expression I-Effect
, O
and O
ample O
cash O
could O
give O
it O
an O
edge O
in O
ongoing O
proprietary O
work O
on O
new O
delivery O
technologies O
and O
lipid O
nanoparticles O
. O

In O
April O
, O
Brazil B-Cause
passed I-Cause
China I-Cause
in I-Cause
confirmed I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
deaths I-Cause
, O
making O
it O
the B-Effect
hardest-hit I-Effect
emerging I-Effect
market I-Effect
country I-Effect
from O
the O
pandemic O
. O

We B-Effect
still I-Effect
like I-Effect
the I-Effect
acquisition I-Effect
of I-Effect
Vertafore I-Effect
, O
as O
we O
think O
it B-Cause
exhibits I-Cause
strong I-Cause
switching I-Cause
costs I-Cause
given O
that O
it O
's O
a O
niche O
ERP O
system O
for O
the O
diffcult-to-navigate O
P O
& O
C O
insurance O
market O
. O

Amid O
weaker B-Cause
Chinese I-Cause
steel I-Cause
demand I-Cause
, O
we O
expect O
China B-Effect
's I-Effect
met I-Effect
coal I-Effect
import I-Effect
needs I-Effect
to I-Effect
decline I-Effect
, O
particularly O
once O
supply-side B-Cause
reforms I-Cause
on I-Cause
domestic I-Cause
coal I-Cause
mines I-Cause
are I-Cause
complete I-Cause
. O

As O
these B-Cause
customers I-Cause
have I-Cause
multiple I-Cause
policies I-Cause
for I-Cause
a I-Cause
car I-Cause
( I-Cause
or I-Cause
two I-Cause
) I-Cause
, I-Cause
a I-Cause
home I-Cause
, I-Cause
and I-Cause
possibly I-Cause
a I-Cause
boat I-Cause
, I-Cause
price B-Cause
shopping I-Cause
becomes I-Cause
more I-Cause
burdensome I-Cause
, O
making B-Effect
them I-Effect
less I-Effect
likely I-Effect
to I-Effect
switch I-Effect
companies I-Effect
in I-Effect
order I-Effect
to I-Effect
save I-Effect
a I-Effect
small I-Effect
amount I-Effect
on I-Effect
premiums I-Effect
. O

California B-Effect
's I-Effect
regulatory I-Effect
environment I-Effect
has I-Effect
remained I-Effect
constructive I-Effect
for I-Effect
Sempra I-Effect
, O
as O
its B-Cause
emphasis I-Cause
on I-Cause
distribution-related I-Cause
safety I-Cause
and I-Cause
reliability I-Cause
infrastructure I-Cause
upgrades I-Cause
aligns I-Cause
well I-Cause
with I-Cause
the I-Cause
state I-Cause
's I-Cause
regulatory I-Cause
priorities I-Cause
. O

Edwards B-Effect
is I-Effect
poised I-Effect
to I-Effect
ride I-Effect
the I-Effect
wave I-Effect
as O
new B-Cause
technology I-Cause
shifts I-Cause
more I-Cause
valve I-Cause
replacements I-Cause
to I-Cause
the I-Cause
transcatheter I-Cause
approach I-Cause
, I-Cause
especially I-Cause
as I-Cause
more I-Cause
clinical I-Cause
data I-Cause
support I-Cause
the I-Cause
efficacy I-Cause
and I-Cause
safety I-Cause
of I-Cause
these I-Cause
products I-Cause
. O

Pratt B-Cause
and I-Cause
Whitney I-Cause
will I-Cause
need I-Cause
to I-Cause
continue I-Cause
to I-Cause
reinvest I-Cause
in I-Cause
the I-Cause
business I-Cause
to O
ramp B-Effect
up I-Effect
the I-Effect
Geared I-Effect
Turbofan I-Effect
engine I-Effect
production I-Effect
and O
the O
legacy O
Raytheon O
business O
will O
need O
to O
continue O
increasing O
production O
capabilities O
. O

In B-Cause
1980 I-Cause
, I-Cause
more I-Cause
than I-Cause
40 I-Cause
Class I-Cause
I I-Cause
rails I-Cause
operated I-Cause
across I-Cause
North I-Cause
America I-Cause
, I-Cause
and I-Cause
today I-Cause
there I-Cause
are I-Cause
only I-Cause
seven I-Cause
; I-Cause
by I-Cause
definition I-Cause
, I-Cause
a I-Cause
Class I-Cause
I I-Cause
rail I-Cause
generates I-Cause
at I-Cause
least I-Cause
$ I-Cause
475 I-Cause
million I-Cause
of I-Cause
revenue. O
Consequently O
, O
a B-Effect
single I-Effect
railroad I-Effect
often I-Effect
serves I-Effect
an I-Effect
end-of-the-line I-Effect
shipper I-Effect
, I-Effect
only I-Effect
two I-Effect
railroads I-Effect
operate I-Effect
in I-Effect
most I-Effect
regions I-Effect
, I-Effect
and I-Effect
the I-Effect
rails I-Effect
have I-Effect
been I-Effect
able I-Effect
to I-Effect
reinvest I-Effect
while I-Effect
becoming I-Effect
quite I-Effect
profitable I-Effect
. O

As O
a O
whole O
, O
Altice O
USA O
looks O
similar O
to O
its O
cable O
peers O
, O
using B-Cause
its I-Cause
network I-Cause
advantage I-Cause
to I-Cause
steadily I-Cause
increase I-Cause
data I-Cause
speeds I-Cause
in I-Cause
recent I-Cause
years I-Cause
and O
claim O
more B-Effect
than I-Effect
half I-Effect
the I-Effect
Internet I-Effect
access I-Effect
market I-Effect
in I-Effect
the I-Effect
territories I-Effect
it I-Effect
serves I-Effect
. O

The B-Cause
company I-Cause
benefits I-Cause
from I-Cause
a I-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
public I-Cause
utility I-Cause
customers I-Cause
, O
which O
fuels O
robust B-Effect
aftermarket I-Effect
revenue I-Effect
on I-Effect
the I-Effect
operating I-Effect
expense I-Effect
side I-Effect
. O

The B-Effect
region I-Effect
's I-Effect
operating I-Effect
margins I-Effect
were I-Effect
just I-Effect
5.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
given O
pandemic B-Cause
disruption I-Cause
, O
but O
we O
think O
as O
the O
market O
normalizes O
with O
the O
growing O
availability O
of O
vaccines O
, O
margins O
will O
rebound O
to O
7.0 O
% O
, O
8.5 O
% O
, O
and O
9.5 O
% O
in O
2021 O
, O
2022 O
, O
and O
long O
term O
, O
respectively O
. O

We O
expect O
cost B-Cause
savings I-Cause
( O
0.5 O
% O
-1 O
% O
of O
sales O
) O
that O
run B-Effect
in I-Effect
the I-Effect
background I-Effect
across I-Effect
the I-Effect
group I-Effect
to I-Effect
partially I-Effect
offset I-Effect
this I-Effect
more I-Effect
intense I-Effect
competitive I-Effect
environment I-Effect
. O

We O
expect O
selling O
, O
general O
, O
and O
administrative O
costs O
to O
decrease O
over O
our O
discrete O
forecast O
period O
but O
remain B-Effect
above I-Effect
pre-pandemic I-Effect
levels I-Effect
, O
as O
Myriad B-Effect
plans I-Effect
to I-Effect
break I-Effect
into I-Effect
the I-Effect
primary I-Effect
care I-Effect
market I-Effect
with I-Effect
GeneSight I-Effect
by O
aggressively B-Cause
expanding I-Cause
its I-Cause
salesforce I-Cause
. O

Additionally O
, O
if O
COVID-19 B-Cause
stays I-Cause
prevalent I-Cause
longer I-Cause
than I-Cause
we I-Cause
anticipate I-Cause
, O
some B-Effect
hardware I-Effect
could I-Effect
be I-Effect
laid I-Effect
up I-Effect
over I-Effect
an I-Effect
extended I-Effect
duration I-Effect
, I-Effect
hindering I-Effect
profits I-Effect
. O

However O
, O
management B-Cause
believes I-Cause
a I-Cause
strong I-Cause
focus I-Cause
on I-Cause
prudent I-Cause
inventory I-Cause
management I-Cause
and I-Cause
capital I-Cause
stewardship I-Cause
will O
help O
stabilize B-Effect
and I-Effect
improve I-Effect
future I-Effect
ROICs I-Effect
and I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
. O

We B-Effect
're I-Effect
positive I-Effect
on I-Effect
this I-Effect
business I-Effect
, O
given O
management B-Cause
's I-Cause
work I-Cause
to I-Cause
customize I-Cause
solutions I-Cause
to I-Cause
customer I-Cause
specifications I-Cause
, I-Cause
while I-Cause
also I-Cause
infusing I-Cause
more I-Cause
technology I-Cause
and I-Cause
precision I-Cause
into I-Cause
products I-Cause
. O

In B-Cause
carving I-Cause
out I-Cause
a I-Cause
sizable I-Cause
premium I-Cause
niche I-Cause
, I-Cause
the I-Cause
company I-Cause
has I-Cause
aligned I-Cause
its I-Cause
product I-Cause
strategy I-Cause
with I-Cause
the I-Cause
needs I-Cause
of I-Cause
the I-Cause
highly I-Cause
fragmented I-Cause
trucking I-Cause
industry I-Cause
, I-Cause
which I-Cause
uses I-Cause
such I-Cause
vehicles I-Cause
as I-Cause
recruitment I-Cause
and I-Cause
retention I-Cause
tools. O
This O
strategy O
enabled O
Paccar B-Effect
to I-Effect
gain I-Effect
North I-Effect
American I-Effect
class I-Effect
8 I-Effect
truck I-Effect
market I-Effect
share I-Effect
, I-Effect
which I-Effect
has I-Effect
increased I-Effect
from I-Effect
23 I-Effect
% I-Effect
in I-Effect
2005 I-Effect
to I-Effect
30 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

Finally B-Effect
, I-Effect
we I-Effect
expect I-Effect
the I-Effect
firm I-Effect
's I-Effect
mature I-Effect
Display I-Effect
Technologies I-Effect
segment I-Effect
to I-Effect
remain I-Effect
flat I-Effect
over I-Effect
our I-Effect
forecast I-Effect
, O
as B-Cause
increases I-Cause
in I-Cause
average I-Cause
screen I-Cause
size I-Cause
offset I-Cause
mid-single-digit I-Cause
pricing I-Cause
declines I-Cause
. O

Like O
most O
transportation O
and O
logistics O
firms O
, O
Hub B-Effect
is I-Effect
exposed I-Effect
to I-Effect
the I-Effect
health I-Effect
of I-Effect
the I-Effect
North I-Effect
American I-Effect
economy I-Effect
because O
it B-Cause
serves I-Cause
a I-Cause
variety I-Cause
of I-Cause
industrial I-Cause
and I-Cause
retail I-Cause
end I-Cause
markets I-Cause
. O

As O
a O
result O
of O
the B-Cause
ruling I-Cause
and I-Cause
the I-Cause
increased I-Cause
politicization I-Cause
of I-Cause
American I-Cause
society I-Cause
, O
ad B-Effect
revenue I-Effect
has I-Effect
begun I-Effect
to I-Effect
spike I-Effect
in I-Effect
even-numbered I-Effect
years I-Effect
with I-Effect
larger I-Effect
growth I-Effect
in I-Effect
presidential I-Effect
election I-Effect
years I-Effect
. O

Given O
the B-Cause
high I-Cause
customization I-Cause
demanded I-Cause
by I-Cause
luxury I-Cause
buyers I-Cause
, O
we O
believe O
abundant B-Effect
use I-Effect
of I-Effect
a I-Effect
speculative I-Effect
strategy I-Effect
would I-Effect
be I-Effect
ineffective I-Effect
in I-Effect
the I-Effect
luxury I-Effect
space I-Effect
. I-Effect

Credit B-Effect
losses I-Effect
will I-Effect
be I-Effect
one I-Effect
of I-Effect
the I-Effect
key I-Effect
variables I-Effect
as O
the B-Cause
economy I-Cause
recovers I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
, O
and O
we O
currently O
project O
that O
the B-Effect
large I-Effect
reserve I-Effect
builds I-Effect
are I-Effect
now I-Effect
behind I-Effect
Wells I-Effect
-- O
and O
we O
will O
see O
reserve B-Effect
releases I-Effect
going I-Effect
forward I-Effect
as O
credit B-Cause
losses I-Cause
are I-Cause
ultimately I-Cause
lower I-Cause
than I-Cause
what I-Cause
was I-Cause
initially I-Cause
expected I-Cause
. O

Historically O
, O
locations O
like O
these O
are O
highly O
sought O
after O
by O
any O
retailer O
, O
and O
Simon B-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
leverage I-Cause
the I-Cause
overall I-Cause
size I-Cause
of I-Cause
its I-Cause
portfolio I-Cause
by I-Cause
insisting I-Cause
that I-Cause
retailers I-Cause
put I-Cause
stores I-Cause
in I-Cause
lesser-quality I-Cause
assets I-Cause
in O
order O
to O
gain B-Effect
access I-Effect
to I-Effect
the I-Effect
best-quality I-Effect
ones I-Effect
. O

As O
Advance B-Cause
refocuses I-Cause
on I-Cause
closing I-Cause
performance I-Cause
gaps I-Cause
, O
we O
view O
it B-Effect
as I-Effect
poised I-Effect
to I-Effect
build I-Effect
share I-Effect
in I-Effect
a I-Effect
market I-Effect
that I-Effect
should I-Effect
gradually I-Effect
consolidate I-Effect
behind I-Effect
large I-Effect
retailers I-Effect
that O
can O
leverage O
a O
broad O
distribution O
network O
to O
efficiently O
provide O
a O
high O
standard O
of O
service O
. O

Internet B-Cause
Content I-Cause
& I-Cause
InformationAlphabet I-Cause
dominates I-Cause
the I-Cause
online I-Cause
search I-Cause
market I-Cause
with I-Cause
Google I-Cause
's I-Cause
global I-Cause
share I-Cause
above I-Cause
80 I-Cause
% I-Cause
, I-Cause
via B-Effect
which I-Effect
it I-Effect
generates I-Effect
strong I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
cash I-Effect
flow I-Effect
. I-Effect

Its B-Cause
low I-Cause
cost I-Cause
portfolio I-Cause
gives O
it O
high B-Effect
return I-Effect
investment I-Effect
options I-Effect
to I-Effect
grow I-Effect
in I-Effect
a I-Effect
rising I-Effect
price I-Effect
environment I-Effect
while O
its B-Cause
strong I-Cause
financial I-Cause
position I-Cause
keeps O
the B-Effect
dividend I-Effect
safe I-Effect
in I-Effect
a I-Effect
downcycle I-Effect
. O

The B-Effect
increase I-Effect
in I-Effect
total I-Effect
student I-Effect
enrolments I-Effect
of I-Effect
normal I-Effect
priced I-Effect
long-term I-Effect
courses I-Effect
was O
primarily O
the O
result O
of O
the B-Cause
growth I-Cause
of I-Cause
enrolments I-Cause
in I-Cause
the I-Cause
small I-Cause
class I-Cause
offerings I-Cause
and I-Cause
online I-Cause
courses I-Cause
. O

Despite O
having O
one O
of O
the O
larger O
domestic O
branch O
networks O
, O
CIBC O
's O
products O
have O
n't O
typically O
had O
top O
share O
in O
Canada O
, O
though O
the B-Effect
bank I-Effect
had I-Effect
made I-Effect
significant I-Effect
strides I-Effect
in I-Effect
multiple I-Effect
categories I-Effect
for I-Effect
years I-Effect
starting I-Effect
in I-Effect
2011 I-Effect
, O
as O
the B-Cause
bank I-Cause
increased I-Cause
share I-Cause
in I-Cause
multiple I-Cause
categories I-Cause
and I-Cause
increased I-Cause
product I-Cause
numbers I-Cause
per I-Cause
customer I-Cause
. O

Ormat B-Cause
's I-Cause
power I-Cause
plants I-Cause
can I-Cause
offer I-Cause
power I-Cause
around I-Cause
the I-Cause
clock I-Cause
, O
which O
not B-Effect
only I-Effect
improves I-Effect
reliability I-Effect
planning I-Effect
but I-Effect
also I-Effect
leads I-Effect
to I-Effect
more I-Effect
efficient I-Effect
utilization I-Effect
of I-Effect
grid I-Effect
resources I-Effect
, O
helping O
to O
offset B-Effect
improving I-Effect
costs I-Effect
for I-Effect
alternative I-Effect
resources I-Effect
. O

In O
our O
view O
, O
Allstate B-Effect
has I-Effect
historically I-Effect
had I-Effect
a I-Effect
differentiated I-Effect
model I-Effect
through O
its B-Cause
use I-Cause
of I-Cause
captive I-Cause
agents I-Cause
and I-Cause
its I-Cause
bundling I-Cause
strategy I-Cause
. O

STMicro B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2017 I-Effect
and I-Effect
2018 I-Effect
was I-Effect
stellar I-Effect
, I-Effect
with I-Effect
sales I-Effect
rising I-Effect
20 I-Effect
% I-Effect
and I-Effect
16 I-Effect
% I-Effect
, O
respectively O
, O
thanks O
to O
strong B-Cause
cyclical I-Cause
demand I-Cause
for I-Cause
semis I-Cause
and I-Cause
rising I-Cause
chip I-Cause
content I-Cause
in I-Cause
a I-Cause
host I-Cause
of I-Cause
automotive I-Cause
, I-Cause
industrial I-Cause
, I-Cause
and I-Cause
personal I-Cause
electronics I-Cause
products I-Cause
( I-Cause
such I-Cause
as I-Cause
Apple I-Cause
's I-Cause
iPhones I-Cause
) I-Cause
. O

Due O
to O
AMD B-Cause
's I-Cause
cumbersome I-Cause
wafer I-Cause
supply I-Cause
agreements I-Cause
with I-Cause
GlobalFoundries I-Cause
( O
AMD O
's O
manufacturing O
arm O
, O
which O
was O
spun O
out O
in O
2007 O
) O
, O
AMD B-Cause
was I-Cause
locked I-Cause
into I-Cause
fixed I-Cause
number I-Cause
of I-Cause
wafers I-Cause
from I-Cause
a I-Cause
lagging-edge I-Cause
foundry I-Cause
, O
which O
made O
it B-Effect
difficult I-Effect
for I-Effect
AMD I-Effect
to I-Effect
compete I-Effect
with I-Effect
Intel I-Effect
's I-Effect
products I-Effect
, O
even O
though O
both O
were O
x86-based O
. O

Also O
, O
since O
Textron B-Cause
is I-Cause
moving I-Cause
away I-Cause
from I-Cause
the I-Cause
markets I-Cause
its I-Cause
traditionally I-Cause
competed I-Cause
in I-Cause
, O
it B-Effect
faces I-Effect
the I-Effect
risk I-Effect
of I-Effect
building I-Effect
an I-Effect
invested I-Effect
capital I-Effect
base I-Effect
on I-Effect
failed I-Effect
projects I-Effect
. O

As O
Public B-Cause
Storage I-Cause
's I-Cause
portfolio I-Cause
incorporates I-Cause
newer I-Cause
and I-Cause
less I-Cause
lucrative I-Cause
facilities I-Cause
, O
we O
see O
occupancy B-Effect
rates I-Effect
falling I-Effect
within I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

We O
believe O
Equinix O
can O
expand O
its O
adjusted O
EBITDA O
margin O
as O
it O
gradually O
shifts B-Cause
to I-Cause
owning I-Cause
more I-Cause
of I-Cause
its I-Cause
property I-Cause
, O
reducing B-Effect
rent I-Effect
expense I-Effect
. O

Microsoft B-Effect
is I-Effect
strong I-Effect
generally I-Effect
in I-Effect
the I-Effect
planning I-Effect
tools I-Effect
market I-Effect
, I-Effect
and I-Effect
has I-Effect
seen I-Effect
a I-Effect
further I-Effect
uptick I-Effect
as O
Azure B-Cause
has I-Cause
caught I-Cause
fire I-Cause
over I-Cause
the I-Cause
last I-Cause
couple I-Cause
of I-Cause
years I-Cause
. O

Moreover O
, O
PNC B-Cause
's I-Cause
proportion I-Cause
of I-Cause
non-interest-bearing I-Cause
deposits I-Cause
has I-Cause
declined I-Cause
from I-Cause
the I-Cause
low I-Cause
30s I-Cause
to I-Cause
the I-Cause
mid- I-Cause
to I-Cause
high I-Cause
20s I-Cause
over I-Cause
time. O
This O
has O
brought O
PNC B-Effect
more I-Effect
in I-Effect
line I-Effect
with I-Effect
peers I-Effect
and I-Effect
as I-Effect
a I-Effect
result I-Effect
has I-Effect
reduced I-Effect
some I-Effect
of I-Effect
the I-Effect
benefits I-Effect
the I-Effect
bank I-Effect
may I-Effect
have I-Effect
enjoyed I-Effect
in I-Effect
a I-Effect
high-interest-rate I-Effect
environment I-Effect
. O

This O
is O
because O
weak B-Cause
macroeconomics I-Cause
( I-Cause
resulting I-Cause
in I-Cause
weaker I-Cause
demand I-Cause
and I-Cause
pricing I-Cause
for I-Cause
ads I-Cause
) I-Cause
, I-Cause
a I-Cause
substantial I-Cause
increase I-Cause
in I-Cause
ad I-Cause
inventory I-Cause
by I-Cause
Bytedance I-Cause
and I-Cause
Tencent I-Cause
, I-Cause
moving I-Cause
customers I-Cause
' I-Cause
landing I-Cause
pages I-Cause
to I-Cause
Baidu I-Cause
's I-Cause
platform I-Cause
, I-Cause
and I-Cause
COVID-19 I-Cause
play O
an O
important O
role O
in O
the B-Effect
current I-Effect
weakness I-Effect
. O

Oil B-Effect
spills I-Effect
are I-Effect
an I-Effect
ever-present I-Effect
risk I-Effect
for I-Effect
oil I-Effect
companies I-Effect
operating I-Effect
offshore I-Effect
and I-Effect
can I-Effect
be I-Effect
devastating I-Effect
to I-Effect
firm I-Effect
value I-Effect
, O
as O
BP B-Cause
's I-Cause
2010 I-Cause
Macondo I-Cause
incident I-Cause
in I-Cause
the I-Cause
Gulf I-Cause
of I-Cause
Mexico I-Cause
shows I-Cause
. O

Local B-Cause
scale I-Cause
advantages I-Cause
allow O
for O
greater B-Cause
negotiating I-Cause
leverage I-Cause
versus O
service O
providers O
than O
smaller O
insurers O
in O
each O
community O
, O
which O
contributes O
to O
cost B-Effect
advantages I-Effect
in I-Effect
each I-Effect
specific I-Effect
location I-Effect
. O

With O
management B-Cause
fees I-Cause
expected I-Cause
to I-Cause
continue I-Cause
to I-Cause
be I-Cause
pressured I-Cause
by I-Cause
industry I-Cause
dynamics I-Cause
and I-Cause
ongoing I-Cause
mix I-Cause
shift I-Cause
, O
we B-Effect
have I-Effect
revenue I-Effect
growing I-Effect
at I-Effect
a I-Effect
positive I-Effect
3.6 I-Effect
% I-Effect
CAGR I-Effect
during I-Effect
2021-25 I-Effect
. O

If O
the B-Cause
tenants I-Cause
are I-Cause
not I-Cause
threatened I-Cause
by I-Cause
e-commerce I-Cause
or I-Cause
the I-Cause
possibility I-Cause
of I-Cause
economic I-Cause
recessions I-Cause
, O
then O
they O
should O
be O
able O
to O
increase B-Effect
their I-Effect
cash I-Effect
flow I-Effect
at I-Effect
least I-Effect
at I-Effect
inflationary I-Effect
levels I-Effect
. O

Margins B-Effect
on I-Effect
iQOS I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
lower I-Effect
in I-Effect
the I-Effect
immediate I-Effect
term I-Effect
, O
due O
to O
low B-Cause
margin I-Cause
devices I-Cause
, I-Cause
higher I-Cause
customer I-Cause
acquisition I-Cause
costs I-Cause
, I-Cause
and I-Cause
less I-Cause
economies I-Cause
of I-Cause
scale I-Cause
. O

Cost B-Cause
leverage I-Cause
should O
keep B-Effect
O'Reilly I-Effect
's I-Effect
2021 I-Effect
operating I-Effect
margin I-Effect
above I-Effect
pre-pandemic I-Effect
levels I-Effect
at O
around O
150 O
basis O
points O
higher O
than O
2019 O
's O
18.9 O
% O
, O
but O
lower O
than O
2020 O
's O
20.8 O
% O
. O

Despite O
the O
slowdown O
in O
instrument O
placement O
during O
2020 O
, O
we O
still O
expect O
Idexx B-Cause
's I-Cause
aggressive I-Cause
placement I-Cause
to I-Cause
resume I-Cause
once I-Cause
the I-Cause
pandemic I-Cause
has I-Cause
eased I-Cause
, O
and O
this O
should O
lead O
to O
a B-Effect
steady I-Effect
stream I-Effect
of I-Effect
consumable I-Effect
revenue I-Effect
growth I-Effect
that I-Effect
normalizes I-Effect
in I-Effect
the I-Effect
low I-Effect
double I-Effect
digits I-Effect
. O

From O
a O
DIY O
standpoint O
, O
the B-Cause
increasing I-Cause
complexity I-Cause
of I-Cause
automotive I-Cause
parts I-Cause
and I-Cause
the I-Cause
infrequency I-Cause
of I-Cause
repairs I-Cause
lead B-Effect
consumers I-Effect
to I-Effect
depend I-Effect
on I-Effect
in-store I-Effect
sales I-Effect
staff I-Effect
for I-Effect
knowledge I-Effect
and I-Effect
advice I-Effect
to I-Effect
find I-Effect
the I-Effect
right I-Effect
product I-Effect
and I-Effect
understand I-Effect
how I-Effect
to I-Effect
complete I-Effect
the I-Effect
installation I-Effect
. O

Those O
assumptions O
assume O
commercially B-Effect
insured I-Effect
admissions I-Effect
grow I-Effect
at I-Effect
a I-Effect
materially I-Effect
slower I-Effect
pace I-Effect
than I-Effect
government-based I-Effect
programs I-Effect
due O
to O
potential B-Cause
elective I-Cause
surgery I-Cause
delays I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
and I-Cause
the I-Cause
ongoing I-Cause
aging I-Cause
of I-Cause
the I-Cause
population I-Cause
. O

Walgreens B-Cause
has I-Cause
incurred I-Cause
most I-Cause
of I-Cause
the I-Cause
operating I-Cause
and I-Cause
capital I-Cause
investments I-Cause
to O
successfully B-Effect
complete I-Effect
numerous I-Effect
clinical I-Effect
and I-Effect
consumer I-Effect
packaged I-Effect
goods I-Effect
trials I-Effect
. O

While O
2020 O
will O
still O
present B-Cause
COVID-19 I-Cause
related I-Cause
disruptions I-Cause
, I-Cause
we I-Cause
find I-Cause
management I-Cause
's I-Cause
longer-term I-Cause
goals I-Cause
of I-Cause
high-single-digit I-Cause
system I-Cause
sales I-Cause
growth I-Cause
, I-Cause
17 I-Cause
% I-Cause
restaurant I-Cause
margins I-Cause
, I-Cause
and I-Cause
low- I-Cause
to I-Cause
midteens I-Cause
EPS I-Cause
growth O
realistic O
( B-Effect
if I-Effect
not I-Effect
slightly I-Effect
conservative I-Effect
) I-Effect
given I-Effect
favorable I-Effect
China I-Effect
consumer I-Effect
demographic I-Effect
trends I-Effect
and I-Effect
the I-Effect
operating I-Effect
leverage I-Effect
inherent I-Effect
in I-Effect
its I-Effect
business I-Effect
model I-Effect
. I-Effect

Like O
all O
regulated O
utilities O
, O
the B-Cause
company I-Cause
's I-Cause
regulated I-Cause
utilities I-Cause
face I-Cause
the I-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
that O
would O
raise B-Effect
borrowing I-Effect
costs I-Effect
and I-Effect
make I-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
on I-Effect
Urban I-Effect
Outfitters I-Effect
to I-Effect
$ I-Effect
29 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
28.50 I-Effect
as O
it B-Cause
recovers I-Cause
from I-Cause
the I-Cause
virus-affected I-Cause
fiscal I-Cause
2021 I-Cause
( O
sales O
down O
13 O
% O
, O
an O
operating O
margin O
below O
1 O
% O
, O
and O
EPS O
of O
just O
$ O
0.01 O
) O
. O

To B-Effect
enhance I-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
service I-Effect
offering I-Effect
, O
Change B-Cause
Healthcare I-Cause
will I-Cause
likely I-Cause
opportunistically I-Cause
leverage I-Cause
its I-Cause
familiarity I-Cause
with I-Cause
medical I-Cause
claims I-Cause
to I-Cause
develop I-Cause
incremental I-Cause
mission-critical I-Cause
software I-Cause
. O

If O
existing O
applications O
are O
involved O
in O
the O
transfer B-Effect
process I-Effect
, O
they O
often B-Effect
have I-Effect
to I-Effect
run I-Effect
parallel I-Effect
to I-Effect
the I-Effect
new I-Effect
software I-Effect
as I-Effect
data I-Effect
migrates I-Effect
over I-Effect
, I-Effect
creating I-Effect
duplicate I-Effect
costs I-Effect
as O
the B-Cause
company I-Cause
has I-Cause
to I-Cause
pay I-Cause
two I-Cause
vendors I-Cause
. O

We B-Effect
grant I-Effect
Compass I-Effect
Group I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
as O
recurring B-Cause
revenue I-Cause
streams I-Cause
mitigate I-Cause
the I-Cause
effect I-Cause
of I-Cause
cyclicality I-Cause
on I-Cause
the I-Cause
company I-Cause
's I-Cause
consolidated I-Cause
cash I-Cause
flows I-Cause
. O

A O
recently O
enhanced B-Cause
focus I-Cause
on I-Cause
accessibilty I-Cause
, O
including O
curbside O
pickup O
, O
same- O
and O
next-day O
delivery O
, O
and O
a O
easy O
to O
use O
app O
have O
created B-Effect
further I-Effect
opportunities I-Effect
to I-Effect
connect I-Effect
with I-Effect
the I-Effect
customer I-Effect
base I-Effect
during O
the O
social O
distancing O
period O
of O
COVID-19 O
. O

With O
more B-Cause
Facebook I-Cause
user I-Cause
interaction I-Cause
among I-Cause
friends I-Cause
and I-Cause
family I-Cause
members I-Cause
, I-Cause
sharing I-Cause
of I-Cause
videos I-Cause
and I-Cause
pictures I-Cause
, I-Cause
and I-Cause
the I-Cause
continuing I-Cause
expansion I-Cause
of I-Cause
the I-Cause
social I-Cause
graph I-Cause
, O
we B-Effect
believe I-Effect
the I-Effect
firm I-Effect
compiles I-Effect
more I-Effect
data I-Effect
, I-Effect
which I-Effect
Facebook I-Effect
and I-Effect
its I-Effect
advertising I-Effect
clients I-Effect
then I-Effect
use I-Effect
to I-Effect
launch I-Effect
online I-Effect
advertising I-Effect
campaigns I-Effect
targeting I-Effect
specific I-Effect
users I-Effect
. O

Furthermore O
, O
we O
believe O
that O
possible B-Cause
gains I-Cause
in I-Cause
edge I-Cause
computing I-Cause
may O
impact B-Effect
HPE I-Effect
's I-Effect
server I-Effect
business I-Effect
demand I-Effect
, O
and O
we O
do O
not O
believe O
the O
intelligent O
edge O
segment O
is O
a O
sustainable O
source O
of O
excess O
returns O
. O

We O
expect O
the B-Cause
firm I-Cause
's I-Cause
share I-Cause
of I-Cause
own I-Cause
retail I-Cause
to I-Cause
grow I-Cause
moderately I-Cause
in I-Cause
the I-Cause
mix I-Cause
, O
which O
would O
contribute B-Effect
to I-Effect
higher I-Effect
growth I-Effect
and I-Effect
gross I-Effect
margin I-Effect
. O

These B-Cause
technology I-Cause
developments I-Cause
have O
helped O
the B-Effect
firm I-Effect
achieve I-Effect
over I-Effect
25 I-Effect
million I-Effect
active I-Effect
users I-Effect
on I-Effect
their I-Effect
rewards I-Effect
app I-Effect
( O
active O
defined O
as O
a O
customer O
who O
ordered O
through O
the O
loyalty O
program O
within O
the O
last O
six O
months O
) O
and O
in O
turn O
facilitated B-Effect
the I-Effect
shift I-Effect
of I-Effect
sales I-Effect
to I-Effect
digital I-Effect
platforms I-Effect
( O
more O
than O
75 O
% O
of O
U.S O
. O

Macerich O
's O
moves B-Cause
to I-Cause
improve I-Cause
its I-Cause
portfolio I-Cause
quality I-Cause
were O
necessary O
to O
position B-Effect
the I-Effect
company I-Effect
for I-Effect
the I-Effect
omnichannel I-Effect
strategy I-Effect
many O
retailers O
are O
pursuing O
. O

Although O
many O
of O
these O
instruments O
are O
compatible O
with O
consumables O
from O
third-party O
manufacturers O
, O
customers B-Cause
generally I-Cause
source I-Cause
these I-Cause
consumables I-Cause
from I-Cause
Bio-Techne I-Cause
however I-Cause
, O
to O
limit B-Effect
the I-Effect
number I-Effect
of I-Effect
suppliers I-Effect
, O
and O
because O
Bio-Techne O
consumables O
are O
likely O
to O
run O
effectively O
on O
Bio-Techne O
instruments O
. O

Depressed B-Effect
realized I-Effect
prices I-Effect
have I-Effect
stalled I-Effect
the I-Effect
growth I-Effect
potential I-Effect
of I-Effect
Suncor I-Effect
's I-Effect
additional I-Effect
oil I-Effect
sands I-Effect
assets I-Effect
, O
as O
proposed B-Cause
expansion I-Cause
projects I-Cause
still I-Cause
require I-Cause
high I-Cause
levels I-Cause
of I-Cause
capital I-Cause
spending I-Cause
. O

Specifically O
, O
we O
expect O
about B-Effect
2 I-Effect
% I-Effect
claims I-Effect
growth I-Effect
to I-Effect
be I-Effect
somewhat I-Effect
offset I-Effect
by I-Effect
pricing I-Effect
pressure I-Effect
, O
as O
new B-Cause
competitors I-Cause
could I-Cause
enter I-Cause
the I-Cause
fray I-Cause
, I-Cause
such I-Cause
as I-Cause
Amazon I-Cause
. O

But O
with B-Cause
an I-Cause
enviable I-Cause
portfolio I-Cause
of I-Cause
brands I-Cause
, I-Cause
a I-Cause
bevy I-Cause
of I-Cause
new I-Cause
and I-Cause
redesigned I-Cause
models I-Cause
, I-Cause
leading I-Cause
shares I-Cause
in I-Cause
many I-Cause
of I-Cause
the I-Cause
world I-Cause
's I-Cause
markets I-Cause
, I-Cause
and I-Cause
a I-Cause
healthy I-Cause
pile I-Cause
of I-Cause
cash I-Cause
( I-Cause
despite I-Cause
Dieselgate-related I-Cause
outlays I-Cause
) I-Cause
, O
Volkswagen B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
endure I-Effect
substantial I-Effect
fines I-Effect
and I-Effect
judgments I-Effect
while I-Effect
maintaining I-Effect
spending I-Effect
for I-Effect
new I-Effect
technology I-Effect
vehicle I-Effect
launches I-Effect
. O

Healthy B-Cause
system I-Cause
and I-Cause
instrument I-Cause
pricing I-Cause
reflects I-Cause
the I-Cause
firm I-Cause
's I-Cause
monopoly I-Cause
status I-Cause
in I-Cause
its I-Cause
niche I-Cause
, O
allowing O
Intuitive B-Effect
Surgical I-Effect
to I-Effect
achieve I-Effect
profitability I-Effect
rarely I-Effect
enjoyed I-Effect
by I-Effect
medical I-Effect
equipment I-Effect
makers I-Effect
, I-Effect
with I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
in I-Effect
the I-Effect
low-30s I-Effect
. O

Without B-Cause
meaningful I-Cause
switching I-Cause
costs I-Cause
to I-Cause
Synchrony I-Cause
's I-Cause
partnership I-Cause
agreements I-Cause
, O
we O
do O
not O
see B-Effect
a I-Effect
way I-Effect
for I-Effect
Synchrony I-Effect
to I-Effect
retain I-Effect
high-margin I-Effect
business I-Effect
in I-Effect
its I-Effect
retail I-Effect
card I-Effect
segment I-Effect
without I-Effect
its I-Effect
partners I-Effect
attracting I-Effect
competitive I-Effect
bids I-Effect
from I-Effect
Synchrony I-Effect
's I-Effect
rivals I-Effect
. O

Process B-Cause
technology I-Cause
leadership I-Cause
not O
only O
enables O
TSMC B-Effect
to I-Effect
improve I-Effect
power I-Effect
, I-Effect
( I-Effect
faster I-Effect
) I-Effect
performance I-Effect
and I-Effect
( I-Effect
smaller I-Effect
) I-Effect
area I-Effect
, I-Effect
or I-Effect
PPA I-Effect
, I-Effect
and I-Effect
the I-Effect
cost I-Effect
of I-Effect
each I-Effect
chip I-Effect
, I-Effect
which I-Effect
are I-Effect
critical I-Effect
for I-Effect
the I-Effect
performance I-Effect
of I-Effect
computing I-Effect
devices I-Effect
, O
but O
also O
justifies B-Effect
higher I-Effect
prices I-Effect
than I-Effect
its I-Effect
peers I-Effect
. O

Furthermore O
, O
the B-Cause
firm I-Cause
's I-Cause
cost-conscious I-Cause
culture I-Cause
and I-Cause
stable I-Cause
AUM I-Cause
and I-Cause
revenue I-Cause
levels I-Cause
have O
allowed O
it O
to O
consistently B-Effect
generate I-Effect
operating I-Effect
margins I-Effect
in I-Effect
excess I-Effect
of I-Effect
35 I-Effect
% I-Effect
( I-Effect
one I-Effect
of I-Effect
the I-Effect
highest I-Effect
levels I-Effect
among I-Effect
the I-Effect
U.S.-based I-Effect
asset I-Effect
managers I-Effect
) I-Effect
. O

Although B-Effect
O'Reilly I-Effect
's I-Effect
operating I-Effect
margins I-Effect
grew I-Effect
from I-Effect
13.6 I-Effect
% I-Effect
in I-Effect
2010 I-Effect
to I-Effect
18.9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, I-Effect
we I-Effect
believe I-Effect
there I-Effect
is I-Effect
room I-Effect
for I-Effect
expansion I-Effect
as O
it B-Cause
leverages I-Cause
fixed I-Cause
costs I-Cause
and I-Cause
as I-Cause
house I-Cause
label I-Cause
products I-Cause
gain I-Cause
increasing I-Cause
acceptance I-Cause
and I-Cause
adoption I-Cause
. O

All O
in O
all O
, O
OEMs B-Effect
and I-Effect
Tier I-Effect
1 I-Effect
suppliers I-Effect
will I-Effect
gladly I-Effect
pay I-Effect
more I-Effect
for I-Effect
Amphenol I-Effect
's I-Effect
innovative I-Effect
content I-Effect
in O
order O
to O
bring B-Cause
new I-Cause
capabilities I-Cause
to I-Cause
market I-Cause
. O

We B-Effect
model I-Effect
InterContinental I-Effect
's I-Effect
annual I-Effect
room I-Effect
growth I-Effect
at I-Effect
over I-Effect
3 I-Effect
% I-Effect
for I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
comfortably I-Effect
above I-Effect
the I-Effect
industry I-Effect
's I-Effect
long-term I-Effect
supply I-Effect
growth I-Effect
of I-Effect
1.8 I-Effect
% I-Effect
, O
as O
we O
believe O
InterContinental B-Cause
is I-Cause
well I-Cause
positioned I-Cause
for I-Cause
market I-Cause
share I-Cause
gains I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
. O

However O
, O
the O
contracts O
offer O
little O
in O
the O
way O
of O
volume O
protection O
in O
our O
view O
, O
and O
more B-Effect
volatile I-Effect
volumes I-Effect
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
OPEC+ I-Cause
breakdown I-Cause
reduces I-Cause
asset I-Cause
efficiency I-Cause
, I-Cause
utilization I-Cause
, I-Cause
and I-Cause
returns I-Cause
. O

However O
, O
we O
do O
n't O
expect O
typical B-Effect
generic I-Effect
competition I-Effect
for I-Effect
the I-Effect
vaccine I-Effect
due O
to O
complex B-Cause
manufacturing I-Cause
and I-Cause
relatively I-Cause
low I-Cause
prices I-Cause
for I-Cause
the I-Cause
product I-Cause
. O

We B-Effect
like I-Effect
BBVA I-Effect
's I-Effect
presence I-Effect
in I-Effect
the I-Effect
Sunbelt I-Effect
states I-Effect
of I-Effect
the I-Effect
U.S. O
, O
as O
it B-Cause
increases I-Cause
switching I-Cause
costs I-Cause
for I-Cause
the I-Cause
group I-Cause
as I-Cause
a I-Cause
whole I-Cause
. O

Steel B-Cause
is I-Cause
subject I-Cause
to I-Cause
a I-Cause
very I-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
and O
therefore O
tends O
to O
experience B-Effect
more I-Effect
substantial I-Effect
earnings I-Effect
volatility I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
peers I-Effect
as I-Effect
capacity I-Effect
utilization I-Effect
rates I-Effect
fluctuate I-Effect
. O

Online B-Cause
retailers I-Cause
have I-Cause
been I-Cause
growing I-Cause
market I-Cause
share I-Cause
within I-Cause
the I-Cause
home I-Cause
improvement I-Cause
industry I-Cause
, O
eroding B-Effect
the I-Effect
benefits I-Effect
of I-Effect
distributors I-Effect
being I-Effect
aggregators I-Effect
of I-Effect
demand I-Effect
. O

These B-Cause
businesses I-Cause
invest I-Cause
in I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
innovation I-Cause
, O
bringing O
cloud-based B-Effect
solutions I-Effect
that I-Effect
are I-Effect
becoming I-Effect
increasingly I-Effect
comparable I-Effect
to I-Effect
those I-Effect
of I-Effect
Paycom I-Effect
and I-Effect
Paylocity I-Effect
. O

By B-Cause
getting I-Cause
a I-Cause
bond I-Cause
rating I-Cause
from I-Cause
a I-Cause
market I-Cause
leader I-Cause
such I-Cause
as I-Cause
Moody I-Cause
's I-Cause
, O
the B-Effect
bond I-Effect
issuer I-Effect
pays I-Effect
less I-Effect
in I-Effect
interest I-Effect
( I-Effect
often I-Effect
30-50 I-Effect
basis I-Effect
points I-Effect
in I-Effect
savings I-Effect
per I-Effect
year I-Effect
) I-Effect
. O

Our B-Effect
margin I-Effect
forecast I-Effect
is O
based O
on O
more B-Cause
normalized I-Cause
weather I-Cause
conditions I-Cause
medium-term I-Cause
price I-Cause
increases I-Cause
outpacing I-Cause
cost I-Cause
inflation I-Cause
, I-Cause
and I-Cause
higher I-Cause
volume I-Cause
providing I-Cause
some I-Cause
leverage I-Cause
over I-Cause
fixed I-Cause
costs I-Cause
( I-Cause
mostly I-Cause
depreciation I-Cause
, I-Cause
depletion I-Cause
, I-Cause
and I-Cause
amortization I-Cause
) I-Cause
. O

Virtualization B-Cause
and I-Cause
Moore I-Cause
's I-Cause
law I-Cause
could O
result O
in O
a B-Effect
scenario I-Effect
where I-Effect
Digital I-Effect
Realty I-Effect
's I-Effect
customers I-Effect
satisfy I-Effect
their I-Effect
exploding I-Effect
data I-Effect
needs I-Effect
with I-Effect
less I-Effect
physical I-Effect
space I-Effect
. O

As O
FireEye B-Cause
shifts I-Cause
from I-Cause
physical I-Cause
products I-Cause
to I-Cause
cloud I-Cause
subscriptions I-Cause
and I-Cause
managed I-Cause
services I-Cause
, O
we B-Effect
model I-Effect
consolidated I-Effect
GAAP I-Effect
gross I-Effect
margins I-Effect
to I-Effect
expand I-Effect
to I-Effect
68 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
compared I-Effect
with I-Effect
65 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

While O
others O
, O
including O
US O
Foods O
, O
have O
failed O
to O
disclose O
this O
metric O
, O
we B-Effect
doubt I-Effect
competitors I-Effect
are I-Effect
able I-Effect
to I-Effect
match I-Effect
these I-Effect
high I-Effect
service I-Effect
levels I-Effect
, O
given O
their B-Cause
relative I-Cause
lack I-Cause
of I-Cause
resources I-Cause
. O

CNH B-Cause
Industrial I-Cause
's I-Cause
mission-critical I-Cause
equipment I-Cause
and I-Cause
increased I-Cause
focus I-Cause
on I-Cause
its I-Cause
installed I-Cause
base I-Cause
through I-Cause
aftermarket I-Cause
and I-Cause
service I-Cause
offerings I-Cause
keep B-Effect
customers I-Effect
from I-Effect
switching I-Effect
. O

Even O
though O
HP B-Effect
may I-Effect
garner I-Effect
some I-Effect
success I-Effect
in I-Effect
the I-Effect
graphics I-Effect
market I-Effect
as O
firms B-Cause
move I-Cause
away I-Cause
from I-Cause
offset I-Cause
printing I-Cause
, O
we O
believe O
pricing B-Effect
will I-Effect
dictate I-Effect
customer I-Effect
decisions I-Effect
as O
more B-Cause
vendors I-Cause
sell I-Cause
digital I-Cause
graphic I-Cause
printers I-Cause
. O

Western O
Digital O
is O
one O
of O
two O
leaders O
in O
the O
hard O
disk O
drive O
, O
or O
HDD O
, O
market O
and O
with O
the B-Cause
purchase I-Cause
of I-Cause
SanDisk I-Cause
in I-Cause
2016 I-Cause
has O
become O
a B-Effect
major I-Effect
player I-Effect
within I-Effect
the I-Effect
NAND I-Effect
flash I-Effect
market I-Effect
. O

However O
, O
shortly O
after O
the O
lease O
commenced O
, O
the B-Effect
federal I-Effect
government I-Effect
began I-Effect
to I-Effect
make I-Effect
cuts I-Effect
to I-Effect
Medicare I-Effect
and I-Effect
Medicaid I-Effect
reimbursement I-Effect
increases I-Effect
, I-Effect
reducing I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
reducing I-Effect
profits I-Effect
to I-Effect
an I-Effect
even I-Effect
greater I-Effect
degree I-Effect
due O
to O
the B-Cause
thin I-Cause
margins I-Cause
for I-Cause
the I-Cause
industry I-Cause
. O

Apple O
is O
not O
immune O
to O
these O
pitfalls O
, O
as O
consumer O
sentiment O
for O
technology O
gadgets O
can O
be O
unforgiving O
, O
with O
one B-Cause
buggy I-Cause
or I-Cause
subpar I-Cause
product I-Cause
potentially O
driving B-Effect
customers I-Effect
to I-Effect
other I-Effect
companies I-Effect
' I-Effect
offerings I-Effect
, O
which O
have O
been O
increasingly O
competitive O
. O

Since O
2014 O
, O
Caterpillar O
has O
taken O
steps O
to O
reduce B-Effect
structural I-Effect
costs I-Effect
and I-Effect
its I-Effect
fixed I-Effect
asset I-Effect
base I-Effect
by O
implementing B-Cause
cost I-Cause
management I-Cause
initiatives I-Cause
and O
by O
either B-Cause
closing I-Cause
or I-Cause
consolidating I-Cause
numerous I-Cause
facilities I-Cause
, O
reducing B-Cause
its I-Cause
manufacturing I-Cause
floorspace I-Cause
considerably I-Cause
. O

For O
the O
near O
term O
, O
we O
still O
see O
stronger B-Effect
growth I-Effect
in I-Effect
diagnostics I-Effect
thanks O
to O
demand B-Cause
for I-Cause
SARS-CoV-2 I-Cause
tests I-Cause
, I-Cause
Freestyle I-Cause
Libre I-Cause
supported I-Cause
by I-Cause
the I-Cause
launch I-Cause
of I-Cause
Libre I-Cause
2 I-Cause
, I-Cause
and I-Cause
pediatric I-Cause
nutritionals I-Cause
that I-Cause
remain I-Cause
largely I-Cause
impervious I-Cause
to I-Cause
macroeconomic I-Cause
conditions I-Cause
. O

Once O
an B-Cause
existing I-Cause
kiln I-Cause
or I-Cause
quarry I-Cause
is I-Cause
present I-Cause
in I-Cause
a I-Cause
region I-Cause
, O
the B-Effect
likelihood I-Effect
of I-Effect
authorities I-Effect
permitting I-Effect
additional I-Effect
capacity I-Effect
is I-Effect
extremely I-Effect
unlikely I-Effect
. O

In O
the O
longer O
term O
, O
we O
think O
gross O
margins O
will O
be O
able O
to O
expand B-Effect
to I-Effect
more I-Effect
than I-Effect
28 I-Effect
% I-Effect
as O
volume B-Cause
increases I-Cause
and I-Cause
the I-Cause
company I-Cause
leverages I-Cause
its I-Cause
vendor I-Cause
relationships I-Cause
. O

We O
think O
Sysco B-Effect
's I-Effect
consolidated I-Effect
revenue I-Effect
will I-Effect
decline I-Effect
over I-Effect
the I-Effect
next I-Effect
year I-Effect
( O
until O
the O
June O
2021 O
quarter O
) O
, O
as O
COVID-19 B-Cause
concerns I-Cause
curtail I-Cause
away-from-home I-Cause
food I-Cause
consumption I-Cause
. O

We O
believe O
that O
the B-Cause
acquisition I-Cause
of I-Cause
eMaint I-Cause
, O
a O
leading O
SaaS-based O
computerized O
maintenance O
management O
software O
provider O
, O
will O
allow B-Effect
Fluke I-Effect
to I-Effect
enhance I-Effect
customer I-Effect
loyalty I-Effect
and I-Effect
increase I-Effect
switching I-Effect
costs I-Effect
by I-Effect
offering I-Effect
an I-Effect
integrated I-Effect
package I-Effect
combining I-Effect
wireless I-Effect
tools I-Effect
with I-Effect
software I-Effect
. O

We O
anticipate O
Cooper B-Effect
will I-Effect
likely I-Effect
experience I-Effect
softness I-Effect
into I-Effect
2021 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
but O
will O
beneft O
from O
pent-up O
demand O
in O
the O
latter O
half O
of O
the O
year O
. O

Although O
its O
e-commerce O
has O
soared O
during O
the O
pandemic O
( O
we O
project O
it O
will O
grow O
to O
30 O
% O
of O
sales O
this O
year O
from O
16 O
% O
last O
year O
) O
, O
we O
think O
Dick B-Cause
's I-Cause
large I-Cause
base I-Cause
of I-Cause
about I-Cause
850 I-Cause
stores I-Cause
limits O
its B-Effect
flexibility I-Effect
. O

While O
we O
believe O
footprint O
optimization O
and O
completing O
the O
IXYS O
integration O
will O
be O
beneficial O
, O
we O
believe O
new B-Cause
sensor I-Cause
ramps I-Cause
will O
limit O
margins B-Effect
expanding I-Effect
much I-Effect
further I-Effect
on I-Effect
a I-Effect
sustained I-Effect
basis I-Effect
. O

The B-Cause
company I-Cause
is I-Cause
also I-Cause
driving I-Cause
operational I-Cause
efficiency I-Cause
with I-Cause
investment I-Cause
in I-Cause
technology I-Cause
such I-Cause
as I-Cause
an I-Cause
AI-assisted I-Cause
chat I-Cause
box I-Cause
function I-Cause
to O
reduce B-Effect
staff I-Effect
costs I-Effect
. O

For B-Effect
SYGMA I-Effect
( I-Effect
11 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
, I-Effect
after I-Effect
an I-Effect
11 I-Effect
% I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
, I-Effect
we I-Effect
expect I-Effect
14 I-Effect
% I-Effect
and I-Effect
11 I-Effect
% I-Effect
recoveries I-Effect
in I-Effect
fiscals I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, O
respectively O
due O
to O
$ B-Cause
1.8 I-Cause
billion I-Cause
in I-Cause
contract I-Cause
wins I-Cause
, I-Cause
with I-Cause
3 I-Cause
% I-Cause
growth I-Cause
thereafter I-Cause
. O

The B-Effect
firm I-Effect
faces I-Effect
competition I-Effect
in I-Effect
that I-Effect
area I-Effect
, I-Effect
too I-Effect
, O
as O
some B-Cause
of I-Cause
the I-Cause
other I-Cause
players I-Cause
in I-Cause
this I-Cause
space I-Cause
have I-Cause
access I-Cause
to I-Cause
more I-Cause
capital I-Cause
and I-Cause
can I-Cause
initiate I-Cause
and I-Cause
complete I-Cause
deals I-Cause
with I-Cause
the I-Cause
smaller I-Cause
players I-Cause
. O

Given O
its B-Cause
engineering I-Cause
teams I-Cause
already I-Cause
know I-Cause
the I-Cause
ins I-Cause
and I-Cause
outs I-Cause
of I-Cause
the I-Cause
products I-Cause
in I-Cause
question I-Cause
, O
Littelfuse B-Cause
is I-Cause
better I-Cause
suited I-Cause
to I-Cause
co-develop I-Cause
new I-Cause
iterations I-Cause
or I-Cause
accommodate I-Cause
modifications I-Cause
, O
providing O
a B-Effect
greater I-Effect
and I-Effect
more I-Effect
immediate I-Effect
value-add I-Effect
than I-Effect
a I-Effect
potential I-Effect
replacement I-Effect
, O
who O
would O
need O
time O
to O
learn O
the O
reins O
. O

As O
a O
developer O
of O
projects O
in O
frontier O
regions O
such O
as O
Mozambique O
or O
Papua O
New O
Guinea O
, O
Exxon B-Cause
faces I-Cause
the I-Cause
risk I-Cause
that I-Cause
disputes I-Cause
over I-Cause
development I-Cause
plans I-Cause
with I-Cause
local I-Cause
communities I-Cause
could O
result O
in O
disruption B-Effect
in I-Effect
new I-Effect
construction I-Effect
or I-Effect
existing I-Effect
operations I-Effect
. O

The B-Cause
price I-Cause
discounts I-Cause
close I-Cause
the I-Cause
gap I-Cause
between I-Cause
physical I-Cause
and I-Cause
digital I-Cause
retailers I-Cause
, O
particularly O
when O
shipping O
costs O
are O
considered O
( O
Ross O
does O
not O
have O
a O
meaningful O
online O
retail O
presence O
) O
, O
providing B-Effect
insulation I-Effect
against I-Effect
the I-Effect
rapidly I-Effect
growing I-Effect
virtual I-Effect
channel I-Effect
. O

Outflows B-Cause
can I-Cause
vary I-Cause
based O
on O
the B-Cause
number I-Cause
of I-Cause
enrollees I-Cause
and I-Cause
how I-Cause
those I-Cause
enrollees I-Cause
access I-Cause
care I-Cause
, O
so O
Medicaid B-Effect
spending I-Effect
can I-Effect
fluctuate I-Effect
year I-Effect
to I-Effect
year I-Effect
based I-Effect
on I-Effect
the I-Effect
utilization I-Effect
of I-Effect
this I-Effect
program I-Effect
, O
which O
is O
typically O
countercyclical O
. O

Low B-Effect
vessel I-Effect
utilization I-Effect
will I-Effect
drive I-Effect
lower I-Effect
pricing I-Effect
and I-Effect
margins I-Effect
for I-Effect
all I-Effect
companies I-Effect
in I-Effect
the I-Effect
market I-Effect
as O
new B-Cause
contracts I-Cause
are I-Cause
signed I-Cause
in I-Cause
coming I-Cause
years I-Cause
. O

All B-Cause
of I-Cause
Entergy I-Cause
's I-Cause
remaining I-Cause
merchant I-Cause
nuclear I-Cause
reactors I-Cause
have I-Cause
sale I-Cause
agreements I-Cause
with I-Cause
decommissioning I-Cause
specialists I-Cause
, O
eliminating B-Effect
the I-Effect
risk I-Effect
of I-Effect
unexpected I-Effect
closure I-Effect
costs I-Effect
. O

There B-Effect
is I-Effect
little I-Effect
incentive I-Effect
for I-Effect
clients I-Effect
who I-Effect
prioritize I-Effect
getting I-Effect
equipment I-Effect
back I-Effect
up I-Effect
and I-Effect
running I-Effect
as I-Effect
quickly I-Effect
as I-Effect
possible I-Effect
to I-Effect
switch I-Effect
to I-Effect
an I-Effect
unproven I-Effect
supplier I-Effect
, O
as O
down B-Cause
time I-Cause
from I-Cause
a I-Cause
delay I-Cause
translates I-Cause
to I-Cause
cost I-Cause
without I-Cause
revenue I-Cause
. O

Historically O
, O
Valero O
has O
held O
an O
advantage O
thanks O
to O
its O
system O
of O
14 O
refineries O
that O
is O
more B-Cause
complex I-Cause
than I-Cause
competitors I-Cause
' I-Cause
, O
allowing O
it O
to O
process B-Effect
lower-quality I-Effect
feedstock I-Effect
into I-Effect
a I-Effect
high-value I-Effect
product I-Effect
. O

This B-Cause
openness I-Cause
to I-Cause
any I-Cause
provider I-Cause
, I-Cause
willingness I-Cause
to I-Cause
add I-Cause
new I-Cause
entrants I-Cause
, I-Cause
and I-Cause
lower I-Cause
priced I-Cause
hardware I-Cause
has O
attracted B-Effect
users I-Effect
to I-Effect
the I-Effect
Roku I-Effect
platform I-Effect
. O

However O
, O
the B-Cause
increasing I-Cause
use I-Cause
of I-Cause
automation I-Cause
in I-Cause
Accenture I-Cause
's I-Cause
processes I-Cause
may O
result O
in O
lower B-Effect
utilization I-Effect
rates I-Effect
if O
Accenture B-Cause
ca I-Cause
n't I-Cause
best I-Cause
predict I-Cause
its I-Cause
personnel I-Cause
needs I-Cause
. O

However O
, O
uncertainty B-Cause
regarding I-Cause
CM-AT I-Cause
approval I-Cause
as I-Cause
an I-Cause
unsystematic I-Cause
risk I-Cause
factor I-Cause
drives O
a B-Effect
wide I-Effect
divergence I-Effect
between I-Effect
our I-Effect
bull- I-Effect
and I-Effect
bear-case I-Effect
valuation I-Effect
scenarios I-Effect
. O

We O
expect O
Empire B-Cause
State I-Cause
Realty I-Cause
to I-Cause
eschew I-Cause
ground-up I-Cause
development I-Cause
in I-Cause
favor I-Cause
of I-Cause
redevelopment I-Cause
of I-Cause
its I-Cause
older I-Cause
properties. O
Consequently O
, O
we O
expect O
occupancy B-Effect
to I-Effect
remain I-Effect
at I-Effect
higher I-Effect
levels I-Effect
than I-Effect
was I-Effect
the I-Effect
case I-Effect
historically I-Effect
, I-Effect
and I-Effect
for I-Effect
releasing I-Effect
spreads I-Effect
to I-Effect
increase I-Effect
at I-Effect
a I-Effect
rate I-Effect
that I-Effect
is I-Effect
faster I-Effect
than I-Effect
the I-Effect
market I-Effect
, I-Effect
reflective I-Effect
of I-Effect
an I-Effect
improvement I-Effect
in I-Effect
the I-Effect
quality I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
buildings I-Effect
. O

Fluctuating O
prices O
for O
key O
commodities O
the O
company O
extracts O
and O
sells O
has O
been O
a O
constant O
risk O
for O
Waste O
Management O
's O
recycling O
operations O
( O
7 O
% O
of O
2020 O
revenue O
) O
, O
and O
the O
business O
has O
been O
adversely O
affected O
by O
China B-Cause
and I-Cause
the I-Cause
Basel I-Cause
Convention I-Cause
's I-Cause
import I-Cause
restrictions I-Cause
, O
which O
have O
pressured B-Effect
recycled I-Effect
commodity I-Effect
prices I-Effect
. O

Other B-Cause
networking I-Cause
firms I-Cause
are I-Cause
causing I-Cause
market I-Cause
consternation I-Cause
by I-Cause
unbundling I-Cause
their I-Cause
wares I-Cause
, I-Cause
but I-Cause
unbundled I-Cause
software I-Cause
can I-Cause
create I-Cause
issues I-Cause
by I-Cause
not I-Cause
being I-Cause
optimized I-Cause
for I-Cause
the I-Cause
hardware I-Cause
it I-Cause
is I-Cause
being I-Cause
paired I-Cause
with I-Cause
; I-Cause
those I-Cause
complexities I-Cause
could O
deter B-Effect
IT I-Effect
departments I-Effect
from I-Effect
adopting I-Effect
any I-Effect
unbundled I-Effect
software I-Effect
. I-Effect

However O
, O
we O
believe O
Carnival B-Effect
could I-Effect
generate I-Effect
average I-Effect
ROICs I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
( I-Effect
6 I-Effect
% I-Effect
) I-Effect
below I-Effect
our I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
hindered O
by O
the B-Cause
secular I-Cause
fall I-Cause
out I-Cause
stemming I-Cause
from I-Cause
COVID-19 I-Cause
. O

While O
this O
has O
helped O
sustain O
an O
oligopoly O
market O
structure O
, O
emergent B-Cause
competition I-Cause
from I-Cause
China I-Cause
has O
still O
weighed B-Effect
on I-Effect
pricing I-Effect
power I-Effect
for I-Effect
incumbents I-Effect
, I-Effect
diluting I-Effect
the I-Effect
potency I-Effect
of I-Effect
any I-Effect
such I-Effect
switching I-Effect
costs I-Effect
. O

Nevertheless O
, O
we B-Effect
still I-Effect
anticipate I-Effect
the I-Effect
company I-Effect
to I-Effect
maintain I-Effect
returns I-Effect
well I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
as B-Cause
it I-Cause
enjoys I-Cause
high I-Cause
recurring I-Cause
revenue I-Cause
built I-Cause
upon I-Cause
deep I-Cause
relationships I-Cause
with I-Cause
its I-Cause
customers I-Cause
. O

ADAS B-Effect
penetration I-Effect
drives I-Effect
growth I-Effect
during I-Effect
most I-Effect
of I-Effect
our I-Effect
forecast I-Effect
, I-Effect
followed I-Effect
by I-Effect
another I-Effect
technology I-Effect
penetration I-Effect
wave I-Effect
from I-Effect
HAD I-Effect
and I-Effect
AD I-Effect
beginning I-Effect
in I-Effect
the I-Effect
last I-Effect
two I-Effect
years I-Effect
of I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
, O
for B-Cause
12.0 I-Cause
% I-Cause
average I-Cause
annual I-Cause
revenue I-Cause
growth I-Cause
during I-Cause
our I-Cause
entire I-Cause
10-year I-Cause
Stage I-Cause
I I-Cause
forecast I-Cause
. O

However O
, O
since O
2008 O
, O
we O
estimate O
that O
preclinical B-Cause
outsourcing I-Cause
has I-Cause
increased I-Cause
from O
25 O
% O
penetration O
to O
over O
55 O
% O
, O
so O
the B-Effect
biopharma I-Effect
industry I-Effect
is I-Effect
now I-Effect
more I-Effect
reliant I-Effect
on I-Effect
contract I-Effect
research I-Effect
organizations I-Effect
for I-Effect
preclinical I-Effect
work I-Effect
, O
and O
Charles O
River O
leads O
with O
top O
market O
share O
. O

We B-Effect
forecast I-Effect
flat I-Effect
EBIT I-Effect
margins I-Effect
in I-Effect
2021 I-Effect
, O
as O
scale B-Cause
gains I-Cause
are I-Cause
offset I-Cause
by I-Cause
spending I-Cause
on I-Cause
technology I-Cause
, I-Cause
international I-Cause
expansion I-Cause
and I-Cause
the I-Cause
business I-Cause
to I-Cause
business I-Cause
build I-Cause
out I-Cause
. O

For O
example O
, O
while O
many B-Cause
peers I-Cause
cut I-Cause
down I-Cause
on I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
spending I-Cause
during I-Cause
the I-Cause
Great I-Cause
Recession I-Cause
, I-Cause
Graco I-Cause
increased I-Cause
it I-Cause
from I-Cause
$ I-Cause
30 I-Cause
million I-Cause
in I-Cause
2007 I-Cause
to I-Cause
roughly I-Cause
$ I-Cause
38 I-Cause
million I-Cause
in I-Cause
2008 I-Cause
and I-Cause
2009 I-Cause
, O
which O
allowed B-Effect
it I-Effect
to I-Effect
capture I-Effect
market I-Effect
share I-Effect
during I-Effect
the I-Effect
recovery I-Effect
. O

On O
the O
yield O
side O
, O
we B-Effect
expect I-Effect
Carnival I-Effect
to I-Effect
see I-Effect
some I-Effect
pricing I-Effect
pressure I-Effect
as O
future B-Cause
cruise I-Cause
credits I-Cause
are I-Cause
redeemed I-Cause
in I-Cause
the I-Cause
year I-Cause
ahead I-Cause
, I-Cause
a I-Cause
headwind I-Cause
partially I-Cause
mitigated I-Cause
by I-Cause
a I-Cause
measured I-Cause
return I-Cause
of I-Cause
capacity I-Cause
. O

As O
affordable O
healthy O
food O
has O
long O
been O
Sprouts O
' O
main O
calling O
card O
, O
we O
believe O
the B-Effect
acquisition I-Effect
materially I-Effect
changed I-Effect
the I-Effect
smaller I-Effect
chain I-Effect
's I-Effect
long-term I-Effect
relative I-Effect
standing I-Effect
, O
as O
legacy B-Cause
Whole I-Cause
Foods I-Cause
' I-Cause
pricing I-Cause
left I-Cause
ample I-Cause
room I-Cause
for I-Cause
a I-Cause
value-oriented I-Cause
rival I-Cause
to I-Cause
remain I-Cause
strongly I-Cause
profitable I-Cause
while O
targeting O
a O
somewhat O
different O
, O
less O
affluent O
customer O
. O

The B-Cause
COVID-19 B-Cause
pandemic B-Effect
roiled I-Effect
the I-Effect
landscape I-Effect
, O
bringing B-Effect
what I-Effect
was I-Effect
a I-Effect
booming I-Effect
economy I-Effect
to I-Effect
an I-Effect
only I-Effect
somewhat I-Effect
figurative I-Effect
standstill I-Effect
in I-Effect
the I-Effect
spring I-Effect
, O
with O
ongoing B-Cause
challenges I-Cause
amid O
high B-Effect
case I-Effect
counts I-Effect
in I-Effect
the I-Effect
winter I-Effect
. O

Entities B-Cause
' I-Cause
growing I-Cause
reliance I-Cause
on I-Cause
hybrid I-Cause
cloud I-Cause
( I-Cause
using I-Cause
a I-Cause
combination I-Cause
of I-Cause
their I-Cause
own I-Cause
hardware I-Cause
and I-Cause
cloud I-Cause
services I-Cause
) I-Cause
and I-Cause
multicloud I-Cause
( I-Cause
using I-Cause
multiple I-Cause
cloud I-Cause
providers I-Cause
) I-Cause
models I-Cause
make B-Effect
Equinix I-Effect
's I-Effect
prospects I-Effect
bright I-Effect
. O

Farmers O
trust O
that O
both B-Cause
Deere I-Cause
and I-Cause
CNH I-Cause
can I-Cause
provide I-Cause
consistent I-Cause
parts I-Cause
availability I-Cause
, O
which O
in O
turn O
leads O
to O
strong B-Effect
aftermarket I-Effect
returns I-Effect
for I-Effect
both I-Effect
players I-Effect
. O

Also O
, O
its B-Effect
production I-Effect
has I-Effect
some I-Effect
of I-Effect
the I-Effect
lowest-carbon I-Effect
intensity I-Effect
in I-Effect
the I-Effect
sector I-Effect
and I-Effect
should I-Effect
fall I-Effect
further I-Effect
as O
Equinor B-Cause
targets I-Cause
reductions I-Cause
and I-Cause
invests I-Cause
in I-Cause
greater I-Cause
electrification I-Cause
of I-Cause
offshore I-Cause
fields I-Cause
. O

Omnicom B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
will O
be O
driven O
primarily O
by O
overall B-Cause
GDP I-Cause
growth I-Cause
( I-Cause
like I-Cause
historical I-Cause
patterns I-Cause
) I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
contributions I-Cause
from I-Cause
the I-Cause
firm I-Cause
's I-Cause
acquisitions I-Cause
and I-Cause
headwinds I-Cause
or I-Cause
tailwinds I-Cause
from I-Cause
foreign I-Cause
exchange I-Cause
. O

For B-Effect
example I-Effect
, I-Effect
the I-Effect
Medicare I-Effect
for I-Effect
All I-Effect
scenario I-Effect
debated I-Effect
in I-Effect
the I-Effect
Democratic I-Effect
primaries I-Effect
called I-Effect
for I-Effect
the I-Effect
elimination I-Effect
of I-Effect
the I-Effect
private I-Effect
insurance I-Effect
industry I-Effect
, O
which B-Cause
would I-Cause
have I-Cause
threatened I-Cause
most I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
operations I-Cause
. O

Most O
importantly O
, O
scale B-Effect
will I-Effect
be I-Effect
lost I-Effect
from I-Effect
ships I-Effect
that I-Effect
have I-Effect
been I-Effect
sold I-Effect
and I-Effect
scrapped I-Effect
, I-Effect
or I-Effect
remain I-Effect
in I-Effect
layup I-Effect
, O
as O
we B-Cause
anticipate I-Cause
Carnival I-Cause
will I-Cause
execute I-Cause
a I-Cause
staggered I-Cause
return I-Cause
to I-Cause
the I-Cause
sailing I-Cause
of I-Cause
its I-Cause
fleet I-Cause
across I-Cause
its I-Cause
brand I-Cause
portfolio I-Cause
into I-Cause
2021 I-Cause
. O

The B-Cause
removal I-Cause
of I-Cause
the I-Cause
franc I-Cause
's I-Cause
peg I-Cause
against I-Cause
the I-Cause
euro I-Cause
in I-Cause
2015 I-Cause
enhanced B-Effect
the I-Effect
attraction I-Effect
of I-Effect
the I-Effect
franc I-Effect
as I-Effect
portfolio I-Effect
diversification I-Effect
tool I-Effect
to I-Effect
minimize I-Effect
risk I-Effect
. O

As O
consumers B-Cause
get I-Cause
more I-Cause
averse I-Cause
to I-Cause
fossil I-Cause
fuels I-Cause
, O
the B-Effect
reputational I-Effect
risk I-Effect
grows I-Effect
for I-Effect
oilfield I-Effect
service I-Effect
firms I-Effect
, I-Effect
and I-Effect
the I-Effect
probability I-Effect
of I-Effect
widespread I-Effect
substitution I-Effect
away I-Effect
from I-Effect
fossil I-Effect
fuels I-Effect
increases I-Effect
. O

We B-Effect
do I-Effect
n't I-Effect
think I-Effect
the I-Effect
inability I-Effect
to I-Effect
renew I-Effect
leases I-Effect
on I-Effect
favorable I-Effect
terms I-Effect
brings I-Effect
significant I-Effect
near-term I-Effect
risk I-Effect
, O
as O
its B-Cause
leases I-Cause
have I-Cause
a I-Cause
remaining I-Cause
life I-Cause
, O
on O
average O
, O
of O
more O
than O
15 O
years O
. O

However O
, O
due O
to O
COVID-19 B-Cause
and O
the B-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and O
the B-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
currently I-Effect
assign I-Effect
Zions I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

If O
there O
are O
hitches B-Cause
in I-Cause
vaccine I-Cause
rollout I-Cause
or I-Cause
the I-Cause
new I-Cause
SARS-CoV-2 I-Cause
variants I-Cause
result I-Cause
in I-Cause
further I-Cause
spikes I-Cause
of I-Cause
viral I-Cause
spread I-Cause
in I-Cause
2021 I-Cause
, O
this O
could O
hurt B-Effect
Boston I-Effect
for I-Effect
longer I-Effect
than I-Effect
expected I-Effect
. O

While O
we O
do O
n't O
believe O
a O
decrease O
in O
R O
& O
D O
spending O
or O
outsourcing O
is O
likely O
in O
the O
near O
term O
, O
all O
CROs O
are O
exposed O
to O
these O
risks B-Effect
if I-Effect
biopharma I-Effect
funding I-Effect
is I-Effect
constrained I-Effect
or I-Effect
if I-Effect
there I-Effect
are I-Effect
changes I-Effect
in I-Cause
the I-Cause
drug-approval I-Cause
regulatory I-Cause
landscape I-Cause
. O

We B-Effect
think I-Effect
such I-Effect
outgrowth I-Effect
is I-Effect
sustainable I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
given O
IHS B-Cause
Markit I-Cause
expects I-Cause
less I-Cause
than I-Cause
half I-Cause
of I-Cause
global I-Cause
production I-Cause
in I-Cause
2031 I-Cause
to I-Cause
be I-Cause
internal I-Cause
combustion-only I-Cause
propulsion I-Cause
-- I-Cause
a I-Cause
big I-Cause
jump I-Cause
from I-Cause
2019 I-Cause
, I-Cause
where I-Cause
it I-Cause
made I-Cause
up I-Cause
more I-Cause
than I-Cause
70 I-Cause
% I-Cause
of I-Cause
the I-Cause
total I-Cause
build I-Cause
, I-Cause
per I-Cause
Ultima I-Cause
Media I-Cause
. O

As O
gross O
margins O
stabilize O
beyond O
2022 O
, O
we O
expect O
net B-Effect
earnings I-Effect
margins I-Effect
to I-Effect
contract I-Effect
as O
the B-Cause
company I-Cause
faces I-Cause
higher I-Cause
operating I-Cause
and I-Cause
capital I-Cause
costs I-Cause
for I-Cause
research I-Cause
and I-Cause
development I-Cause
and I-Cause
production I-Cause
expansion I-Cause
to I-Cause
keep I-Cause
up I-Cause
with I-Cause
competition I-Cause
. O

While O
we O
acknowledge O
that O
call B-Effect
centers I-Effect
have I-Effect
high I-Effect
employee I-Effect
turnover I-Effect
, O
which O
means O
many B-Cause
users I-Cause
have I-Cause
n't I-Cause
spent I-Cause
years I-Cause
and I-Cause
years I-Cause
working I-Cause
with I-Cause
a I-Cause
system I-Cause
, O
we O
believe O
that O
longer-tenured O
managers O
need O
to O
learn O
a O
new O
product O
on O
which O
to O
train O
their O
consistently O
changing O
staff O
. O

Meanwhile O
, O
Arkansas B-Cause
legalized I-Cause
gambling I-Cause
in I-Cause
2018 I-Cause
awarding I-Cause
four I-Cause
gaming I-Cause
licenses I-Cause
, O
which O
presents O
competition B-Effect
for I-Effect
12 I-Effect
of I-Effect
Caesars I-Effect
' I-Effect
properties I-Effect
in I-Effect
the I-Effect
neighboring I-Effect
states I-Effect
of I-Effect
Louisiana I-Effect
, I-Effect
Mississippi I-Effect
, I-Effect
and I-Effect
Missouri I-Effect
. O

Compared O
with O
the O
private O
sector O
, O
public-sector B-Effect
construction I-Effect
is I-Effect
generally I-Effect
more I-Effect
stable I-Effect
though I-Effect
slower I-Effect
growing I-Effect
, O
given O
its B-Cause
reliance I-Cause
on I-Cause
government I-Cause
funding I-Cause
. O

We O
also O
expect O
the B-Effect
cloud-based I-Effect
data I-Effect
management I-Effect
software I-Effect
field I-Effect
to I-Effect
become I-Effect
crowded I-Effect
as O
more B-Cause
enterprises I-Cause
transfer I-Cause
workloads I-Cause
to I-Cause
cloud I-Cause
ecosystems I-Cause
. O

Reliance B-Effect
is I-Effect
less I-Effect
susceptible I-Effect
to I-Effect
the I-Effect
threat I-Effect
of I-Effect
imports I-Effect
than O
North O
American O
metal O
producers O
because O
nearly B-Cause
half I-Cause
of I-Cause
its I-Cause
shipments I-Cause
are I-Cause
delivered I-Cause
within I-Cause
24 I-Cause
hours I-Cause
of I-Cause
order I-Cause
receipt I-Cause
, O
a O
turnaround O
time O
that O
foreign O
exporters O
are O
n't O
able O
to O
match O
. O

Laredo B-Cause
's I-Cause
assets I-Cause
are I-Cause
primarily I-Cause
located I-Cause
in I-Cause
the I-Cause
eastern I-Cause
fringe I-Cause
of O
the O
Midland O
Basin O
, O
which O
puts O
it B-Effect
at I-Effect
a I-Effect
relative I-Effect
disadvantage I-Effect
. O

Gross B-Effect
margins I-Effect
will I-Effect
take I-Effect
a I-Effect
modest I-Effect
hit I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
the B-Cause
consolidation I-Cause
of I-Cause
bottling I-Cause
and I-Cause
other I-Cause
finished I-Cause
goods I-Cause
businesses I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
cost I-Cause
deleverage I-Cause
from O
COVID-19 B-Cause
disruption I-Cause
. O

For O
this O
segment O
, O
operating O
margins O
had O
remained O
above O
30 O
% O
over O
the O
past O
decade O
until O
the B-Cause
Chemogas I-Cause
acquisition I-Cause
caused O
a B-Effect
decrease I-Effect
in I-Effect
late I-Effect
2019 I-Effect
. O

We O
think O
its B-Cause
expanding I-Cause
distribution I-Cause
network I-Cause
and I-Cause
product I-Cause
portfolio I-Cause
have O
helped O
Lennox B-Effect
gain I-Effect
market I-Effect
share I-Effect
, O
while O
low-cost B-Cause
manufacturing I-Cause
and I-Cause
product I-Cause
sourcing I-Cause
, I-Cause
and I-Cause
more I-Cause
cost-efficient I-Cause
product I-Cause
designs I-Cause
helped O
the B-Effect
company I-Effect
reduce I-Effect
its I-Effect
cost I-Effect
base I-Effect
. O

Because O
of O
lower B-Cause
entry I-Cause
barriers I-Cause
than I-Cause
antenna I-Cause
system I-Cause
hardware I-Cause
, O
there O
is O
also O
the B-Effect
possibility I-Effect
of I-Effect
software I-Effect
and I-Effect
service I-Effect
specialists I-Effect
vying I-Effect
for I-Effect
5G I-Effect
network I-Effect
connectivity I-Effect
and I-Effect
optimization I-Effect
business I-Effect
. O

We O
believe O
a O
digital O
commerce O
platform O
is O
absolutely O
essential O
for O
a O
business-to-consumer O
model O
, O
and O
small B-Cause
shops I-Cause
would I-Cause
not I-Cause
have I-Cause
an I-Cause
IT I-Cause
support I-Cause
function I-Cause
, O
and O
therefore O
would O
be O
unlikely B-Effect
to I-Effect
take I-Effect
on I-Effect
the I-Effect
challenge I-Effect
of I-Effect
switching I-Effect
platforms I-Effect
. O

We O
expect O
the B-Effect
firm I-Effect
to I-Effect
report I-Effect
nearly I-Effect
$ I-Effect
19 I-Effect
billion I-Effect
in I-Effect
COVID-19 I-Effect
vaccine I-Effect
sales I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
$ I-Effect
17 I-Effect
billion I-Effect
in I-Effect
sales I-Effect
in I-Effect
2022 I-Effect
as O
pandemic-related B-Cause
demand I-Cause
begins I-Cause
to I-Cause
decline I-Cause
but I-Cause
demand I-Cause
for I-Cause
boosters I-Cause
expands I-Cause
. O

IT O
teams O
are O
utilizing O
more O
applications O
and O
software O
through O
public O
clouds O
and O
software-as-a-service O
vendors O
, O
which O
potentially O
means O
lower B-Effect
ADC I-Effect
hardware I-Effect
sales I-Effect
due O
to O
less B-Cause
networking I-Cause
traffic I-Cause
and I-Cause
application I-Cause
management I-Cause
needing I-Cause
to I-Cause
occur I-Cause
on-premises I-Cause
. I-Cause

Its B-Cause
nearly I-Cause
60 I-Cause
% I-Cause
revenue I-Cause
mix I-Cause
outside I-Cause
the I-Cause
North I-Cause
America I-Cause
( I-Cause
based I-Cause
on I-Cause
2019 I-Cause
revenue I-Cause
) I-Cause
, O
in O
our O
view O
, O
gives O
it O
slightly B-Effect
higher I-Effect
tax I-Effect
and I-Effect
labor I-Effect
relations I-Effect
risk I-Effect
. O

The O
stores O
have O
performed O
well O
despite O
steep O
miles O
driven O
declines O
since O
the O
pandemic O
began O
, O
but O
demand B-Effect
could I-Effect
fall I-Effect
as O
rising B-Cause
infection I-Cause
rates I-Cause
trigger I-Cause
restrictions I-Cause
that I-Cause
keep I-Cause
cars I-Cause
and I-Cause
trucks I-Cause
parked I-Cause
. O

Finally O
, O
a B-Effect
greater I-Effect
shift I-Effect
by I-Effect
enterprises I-Effect
toward I-Effect
IaaS I-Effect
cloud I-Effect
adoption I-Effect
could O
reduce B-Effect
their I-Effect
own I-Effect
need I-Effect
for I-Effect
server I-Effect
space I-Effect
, O
as O
their B-Cause
data I-Cause
is I-Cause
shifted I-Cause
to I-Cause
cloud I-Cause
providers I-Cause
' I-Cause
servers I-Cause
and I-Cause
stored I-Cause
more I-Cause
efficiently I-Cause
. O

HD O
Supply O
works O
with O
contractors O
to O
construct O
a O
winning O
bid O
, O
which O
we O
think O
can O
pressure O
margins O
; O
however O
, O
once B-Cause
the I-Cause
job I-Cause
is I-Cause
won I-Cause
, I-Cause
HD B-Effect
Supply I-Effect
can I-Effect
provide I-Effect
contractors I-Effect
with I-Effect
frequently I-Effect
replenished I-Effect
consumable I-Effect
products I-Effect
throughout I-Effect
the I-Effect
construction I-Effect
process I-Effect
, I-Effect
which I-Effect
typically I-Effect
have I-Effect
better I-Effect
margins I-Effect
. O

In O
addition O
, O
CME B-Cause
's I-Cause
deep I-Cause
liquid I-Cause
markets I-Cause
in I-Cause
S I-Cause
& I-Cause
P I-Cause
futures I-Cause
likely O
contributed O
to O
the B-Effect
exchange I-Effect
's I-Effect
ability I-Effect
to I-Effect
attract I-Effect
additional I-Effect
equity I-Effect
index I-Effect
futures I-Effect
license I-Effect
agreements I-Effect
for I-Effect
the I-Effect
Nasdaq I-Effect
and I-Effect
Russell I-Effect
2000 I-Effect
indexes I-Effect
, O
which O
returned O
to O
CME O
Group O
in O
2017 O
. O

We B-Effect
no I-Effect
longer I-Effect
believe I-Effect
Unilever I-Effect
will I-Effect
meet I-Effect
its I-Effect
20 I-Effect
% I-Effect
margin I-Effect
target I-Effect
in I-Effect
2020 I-Effect
due O
to O
macroeconomic B-Cause
pressures I-Cause
, O
and O
we O
suspect O
that O
as O
customer B-Cause
acquisition I-Cause
costs I-Cause
increase I-Cause
, O
further B-Effect
margin I-Effect
expansion I-Effect
will I-Effect
be I-Effect
limited I-Effect
by I-Effect
increasing I-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
. O

Fifth B-Effect
Third I-Effect
is I-Effect
large I-Effect
enough I-Effect
to I-Effect
be I-Effect
subject I-Effect
to I-Effect
the I-Effect
Federal I-Effect
Reserve I-Effect
's I-Effect
stress I-Effect
tests I-Effect
because O
it O
has O
more B-Cause
than I-Cause
$ I-Cause
100 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
, O
but O
it O
only O
has O
to O
go O
through O
the O
full O
process O
every O
two O
years O
. O

The B-Effect
one-stop I-Effect
shop I-Effect
approach I-Effect
, O
made O
possible O
in B-Cause
part I-Cause
by I-Cause
acquisitions I-Cause
, I-Cause
affords I-Cause
it I-Cause
pricing I-Cause
flexibility I-Cause
and I-Cause
results I-Cause
in I-Cause
strong I-Cause
customer I-Cause
relationships I-Cause
. O

We B-Cause
think I-Cause
Janus I-Cause
' I-Cause
lower I-Cause
fee I-Cause
structure I-Cause
will I-Cause
probably I-Cause
compensate I-Cause
for I-Cause
its I-Cause
middle-of-the I-Cause
road I-Cause
fund I-Cause
performance I-Cause
, O
limiting B-Effect
the I-Effect
overall I-Effect
impact I-Effect
of I-Effect
the I-Effect
changes I-Effect
we I-Effect
expect I-Effect
to I-Effect
result I-Effect
from I-Effect
regulation I-Effect
. O

The B-Cause
increased I-Cause
emphasis I-Cause
on I-Cause
immediate-need I-Cause
, I-Cause
or I-Cause
CUE I-Cause
, I-Cause
products I-Cause
( O
which O
we O
estimate O
to O
represent O
40 O
% O
-50 O
% O
of O
sales O
) O
could O
tick B-Effect
gross I-Effect
margins I-Effect
higher I-Effect
on I-Effect
a I-Effect
sustainable I-Effect
basis I-Effect
, O
indicating B-Effect
the I-Effect
company I-Effect
's I-Effect
pricing I-Effect
power I-Effect
and I-Effect
the I-Effect
strength I-Effect
of I-Effect
its I-Effect
brand I-Effect
. O

Also O
, O
we O
expect O
2020 B-Effect
and I-Effect
2021 I-Effect
to I-Effect
underperform I-Effect
given O
the B-Cause
weak I-Cause
market I-Cause
environment I-Cause
, O
although O
trading B-Effect
results I-Effect
have I-Effect
proved I-Effect
stronger I-Effect
than I-Effect
expected I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
they I-Effect
year I-Effect
given O
the B-Cause
volatility I-Cause
. O

We O
like O
KPN O
's O
focus O
on O
brand B-Cause
consolidation I-Cause
in I-Cause
the I-Cause
consumer I-Cause
space I-Cause
and I-Cause
the I-Cause
value I-Cause
over I-Cause
volume I-Cause
shift I-Cause
in I-Cause
the I-Cause
business I-Cause
segment I-Cause
, O
which O
should O
enable O
the B-Effect
firm I-Effect
's I-Effect
profitability I-Effect
to I-Effect
improve I-Effect
going I-Effect
forward I-Effect
. O

The B-Cause
potential I-Cause
challenges I-Cause
to I-Cause
profitability I-Cause
brought O
on O
by O
Lear B-Cause
's I-Cause
operating I-Cause
leverage I-Cause
and I-Cause
by I-Cause
cyclical I-Cause
demand I-Cause
result O
in O
our B-Effect
high I-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
. O

With O
Nvidia O
in O
the O
process O
of O
acquiring O
ARM O
, O
we O
note O
there O
is O
heightened O
risk O
that O
more B-Effect
ARM-based I-Effect
CPUs I-Effect
will I-Effect
threaten I-Effect
Intel I-Effect
's I-Effect
x86 I-Effect
CPU I-Effect
hegemony I-Effect
in I-Effect
the I-Effect
data I-Effect
center I-Effect
, O
as O
Nvidia B-Cause
will I-Cause
attempt I-Cause
to I-Cause
couple I-Cause
ARM I-Cause
server I-Cause
CPUs I-Cause
with I-Cause
its I-Cause
GPUs I-Cause
and I-Cause
networking I-Cause
chips I-Cause
to I-Cause
offer I-Cause
a I-Cause
comprehensive I-Cause
solution I-Cause
. O

In O
our O
opinion O
, O
this B-Cause
balance I-Cause
of I-Cause
capacity I-Cause
can O
force O
Norwegian B-Effect
to I-Effect
be I-Effect
a I-Effect
price-taker I-Effect
in O
periods O
of O
economic O
or O
geopolitical O
distress O
in O
its O
namesake O
brand O
, O
despite O
offering O
its O
customers O
a O
product O
( O
freestyle O
cruising O
) O
that O
differs O
somewhat O
from O
the O
traditional O
cruise O
product O
. O

Consolidation B-Cause
within I-Cause
the I-Cause
fragmented I-Cause
advertising I-Cause
space I-Cause
has I-Cause
resulted I-Cause
in I-Cause
five I-Cause
companies I-Cause
( I-Cause
WPP I-Cause
, I-Cause
Omnicom I-Cause
, I-Cause
Interpublic I-Cause
Group I-Cause
, I-Cause
Publicis I-Cause
Groupe I-Cause
, I-Cause
and I-Cause
Dentsu I-Cause
) I-Cause
, O
known O
as O
the O
Big O
Five O
, O
generating B-Effect
nearly I-Effect
30 I-Effect
% I-Effect
of I-Effect
the I-Effect
world I-Effect
's I-Effect
total I-Effect
ad I-Effect
revenue I-Effect
. O

Beyond O
2021 O
, O
our B-Effect
expectations I-Effect
moderate I-Effect
as O
the B-Cause
recovery I-Cause
takes I-Cause
hold I-Cause
and O
we O
probability-weight O
some O
of O
Centene O
's O
existing O
Medicaid O
contracts O
that O
are O
coming O
up O
for O
bid O
. O

In O
our O
view O
, O
Swatch B-Cause
's I-Cause
cost I-Cause
advantage I-Cause
will O
be O
further O
reinforced O
in O
2019 O
, O
when O
the B-Effect
obligation I-Effect
to I-Effect
supply I-Effect
competitors I-Effect
with I-Effect
movements I-Effect
for I-Effect
controlled I-Effect
prices I-Effect
is O
removed O
. O

Mixed B-Cause
results I-Cause
for I-Cause
Alzheimer I-Cause
's I-Cause
therapy I-Cause
aducanumab I-Cause
in I-Cause
phase I-Cause
3 I-Cause
trials I-Cause
also I-Cause
demonstrates I-Cause
the I-Cause
high-risk I-Cause
nature I-Cause
of I-Cause
some I-Cause
of I-Cause
Biogen I-Cause
's I-Cause
chosen I-Cause
areas I-Cause
of I-Cause
focus I-Cause
within I-Cause
neurology I-Cause
, O
and O
despite O
the O
drug O
's O
FDA O
approval O
as O
Aduhelm O
in O
June O
2021 O
, O
global B-Effect
reimbursement I-Effect
and I-Effect
commercial I-Effect
uptake I-Effect
remain I-Effect
uncertain I-Effect
. O

In O
distribution O
, O
we O
think O
the B-Cause
recent I-Cause
transformation I-Cause
will I-Cause
continue I-Cause
to I-Cause
improve I-Cause
the I-Cause
business I-Cause
, O
leading O
to O
over B-Effect
5 I-Effect
% I-Effect
sales I-Effect
growth I-Effect
over O
the O
next O
five O
years O
. O

To O
facilitate B-Effect
the I-Effect
production I-Effect
of I-Effect
high-strength I-Effect
sheet I-Effect
steel I-Effect
, O
the B-Cause
company I-Cause
's I-Cause
flat-roll I-Cause
operations I-Cause
in I-Cause
Butler I-Cause
, I-Cause
Indiana I-Cause
, I-Cause
and I-Cause
Columbus I-Cause
, I-Cause
Mississippi I-Cause
, I-Cause
use I-Cause
ferrous I-Cause
scrap I-Cause
along I-Cause
with I-Cause
molten I-Cause
pig I-Cause
iron I-Cause
via I-Cause
two I-Cause
dedicated I-Cause
EAFs I-Cause
. O

Pilgrim B-Cause
's I-Cause
efficiency I-Cause
initiatives I-Cause
and I-Cause
key I-Cause
customer I-Cause
strategy I-Cause
( O
which O
positions O
Pilgrim O
's O
as O
a O
strategic O
partner O
to O
its O
customers O
, O
shifting O
conversations O
to O
collaboratively O
meeting O
joint O
goals O
instead O
of O
a O
singular O
focus O
on O
price O
) O
are O
resulting O
in O
improved B-Effect
profits I-Effect
. O

We O
think O
Phillips B-Effect
66 I-Effect
's I-Effect
refinery I-Effect
in I-Effect
Alliance I-Effect
, I-Effect
Louisiana I-Effect
, I-Effect
will I-Effect
particularly I-Effect
benefit I-Effect
, O
as O
it B-Cause
was I-Cause
previously I-Cause
an I-Cause
underperformer I-Cause
and I-Cause
marked I-Cause
for I-Cause
disposition I-Cause
until I-Cause
the I-Cause
possibility I-Cause
of I-Cause
light I-Cause
crude I-Cause
discounts I-Cause
in I-Cause
the I-Cause
Gulf I-Cause
emerged I-Cause
. O

The B-Cause
CarMax I-Cause
customer I-Cause
stays I-Cause
with I-Cause
the I-Cause
same I-Cause
salesperson I-Cause
throughout I-Cause
the I-Cause
transaction I-Cause
rather O
than O
being O
passed O
off O
to O
a O
finance O
department O
, O
receiving B-Effect
a I-Effect
buying I-Effect
experience I-Effect
that I-Effect
is I-Effect
hard I-Effect
to I-Effect
match I-Effect
at I-Effect
a I-Effect
dealership I-Effect
. O

Additionally O
, O
we O
think O
air B-Cause
cargo I-Cause
growth I-Cause
will O
be O
the B-Effect
biggest I-Effect
driver I-Effect
for I-Effect
JBT I-Effect
's I-Effect
airport I-Effect
equipment I-Effect
, I-Effect
along I-Effect
with I-Effect
general I-Effect
infrastructure I-Effect
spending I-Effect
for I-Effect
aging I-Effect
equipment I-Effect
. O

This B-Effect
portfolio I-Effect
would I-Effect
be I-Effect
difficult I-Effect
to I-Effect
replicate I-Effect
and O
would O
require B-Cause
a I-Cause
significant I-Cause
investment I-Cause
of I-Cause
time I-Cause
and I-Cause
money I-Cause
for I-Cause
other I-Cause
players I-Cause
. O

A B-Cause
recently I-Cause
streamlined I-Cause
portfolio I-Cause
has O
allowed O
the B-Effect
company I-Effect
to I-Effect
shift I-Effect
its I-Effect
focus I-Effect
from I-Effect
selling I-Effect
niche I-Effect
endpoint I-Effect
products I-Effect
to I-Effect
selling I-Effect
a I-Effect
holistic I-Effect
and I-Effect
strategic I-Effect
solution I-Effect
. O

Further O
, O
transportation B-Cause
and I-Cause
logistics I-Cause
costs I-Cause
have I-Cause
soared I-Cause
and I-Cause
show I-Cause
little I-Cause
sign I-Cause
of I-Cause
abating I-Cause
, O
which O
stands O
to O
crimp O
profit B-Effect
prospects I-Effect
across I-Effect
the I-Effect
industry I-Effect
. O

MarkitSERV B-Effect
, I-Effect
which I-Effect
is I-Effect
expected I-Effect
to I-Effect
move I-Effect
to I-Effect
joint I-Effect
venture I-Effect
later I-Effect
in I-Effect
2021 I-Effect
, I-Effect
has I-Effect
faced I-Effect
anti-trust I-Effect
scrutiny I-Effect
that B-Cause
was I-Cause
eventually I-Cause
settled I-Cause
. O

Additionally O
, O
when O
3G O
was O
rolled O
out O
, O
the B-Effect
government I-Effect
made I-Effect
China I-Effect
Mobile I-Effect
fight I-Effect
with I-Effect
one I-Effect
hand I-Effect
tied I-Effect
behind I-Effect
its I-Effect
back I-Effect
by O
requiring B-Cause
it I-Cause
to I-Cause
use I-Cause
the I-Cause
home-grown I-Cause
technology I-Cause
of I-Cause
TD-SCDMA I-Cause
, O
an O
inferior O
technology O
with O
limited O
scale O
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
Regions I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Moderna B-Cause
's I-Cause
mRNA I-Cause
platform I-Cause
, I-Cause
involving I-Cause
rapid I-Cause
design I-Cause
and I-Cause
similar I-Cause
manufacturing I-Cause
across I-Cause
programs I-Cause
, I-Cause
allows B-Effect
the I-Effect
company I-Effect
to I-Effect
pursue I-Effect
multiple I-Effect
programs I-Effect
in I-Effect
parallel I-Effect
. I-Effect

Meanwhile O
, O
Valero O
is O
planning O
to O
reduce B-Effect
its I-Effect
carbon I-Effect
intensity I-Effect
through O
improved B-Cause
efficiencies I-Cause
, I-Cause
emissions I-Cause
offsets I-Cause
from I-Cause
ethanol I-Cause
production I-Cause
and I-Cause
renewable I-Cause
fuels I-Cause
blending I-Cause
. O

The B-Effect
company I-Effect
also I-Effect
has I-Effect
modest I-Effect
corporate I-Effect
governance I-Effect
risk I-Effect
exposure O
on O
the B-Cause
lack I-Cause
of I-Cause
a I-Cause
shareholder I-Cause
rights I-Cause
plan I-Cause
or I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
poison I-Cause
pill I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
directors I-Cause
are I-Cause
not I-Cause
annually I-Cause
up I-Cause
for I-Cause
election I-Cause
, O
and O
, O
within O
certain O
limits O
, O
the O
board O
can O
change O
its O
size O
without O
shareholder O
approval O
. O

Theoretically O
, O
the O
Academy O
might O
choose O
to O
leave O
the O
IMDB O
database O
on O
Azure O
, O
but O
workloads B-Effect
accessing I-Effect
this I-Effect
database I-Effect
would I-Effect
be I-Effect
much I-Effect
less I-Effect
performant I-Effect
because O
the B-Cause
data I-Cause
would I-Cause
be I-Cause
housed I-Cause
in I-Cause
different I-Cause
locations I-Cause
. O

As O
with O
all O
regulated O
utilities O
, O
OGE B-Cause
Energy I-Cause
faces I-Cause
the I-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
that O
would B-Effect
raise I-Effect
borrowing I-Effect
costs I-Effect
and I-Effect
make I-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

This B-Effect
indicates I-Effect
the I-Effect
growing I-Effect
importance I-Effect
of I-Effect
a I-Effect
flexible I-Effect
omnichannel I-Effect
customer I-Effect
engagement I-Effect
offering O
as O
customers B-Cause
are I-Cause
demanding I-Cause
smooth I-Cause
and I-Cause
timely I-Cause
communications I-Cause
now I-Cause
more I-Cause
than I-Cause
ever I-Cause
. O

However B-Cause
, I-Cause
given I-Cause
the I-Cause
low-cost I-Cause
position I-Cause
of I-Cause
its I-Cause
salt I-Cause
and I-Cause
fertilizer I-Cause
assets I-Cause
, I-Cause
and I-Cause
the I-Cause
lack I-Cause
of I-Cause
major I-Cause
capital I-Cause
expenditure I-Cause
outlays I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
, O
we B-Effect
think I-Effect
Compass I-Effect
will I-Effect
have I-Effect
no I-Effect
issues I-Effect
meeting I-Effect
its I-Effect
financial I-Effect
obligations I-Effect
. O

Competition O
aside O
, O
we O
think O
Spotify B-Effect
may I-Effect
be I-Effect
at I-Effect
the I-Effect
mercy I-Effect
of I-Effect
the I-Effect
record I-Effect
labels I-Effect
in I-Effect
the I-Effect
music I-Effect
industry I-Effect
, O
as O
it B-Cause
will I-Cause
need I-Cause
access I-Cause
to I-Cause
content I-Cause
to I-Cause
continue I-Cause
attracting I-Cause
more I-Cause
listeners I-Cause
. O

As O
customers B-Cause
require I-Cause
more I-Cause
security I-Cause
coverage I-Cause
, O
we O
expect O
well-entrenched B-Effect
vendors I-Effect
to I-Effect
benefit I-Effect
by I-Effect
offering I-Effect
consolidated I-Effect
platforms I-Effect
that I-Effect
cover I-Effect
multiple I-Effect
attack I-Effect
vectors I-Effect
, I-Effect
with I-Effect
analytics I-Effect
and I-Effect
support I-Effect
features I-Effect
, O
instead O
of O
specializing O
in O
only O
an O
aspect O
of O
security O
. O

From O
a O
longer-term O
perspective O
, O
optimization B-Cause
of I-Cause
this I-Cause
acquisition I-Cause
strategy I-Cause
also O
means O
Abbott B-Effect
needs I-Effect
to I-Effect
hang I-Effect
onto I-Effect
the I-Effect
engineers I-Effect
and I-Effect
sales I-Effect
reps I-Effect
that I-Effect
come I-Effect
along I-Effect
with I-Effect
these I-Effect
acquisitions I-Effect
. O

Another O
reason O
users B-Effect
might I-Effect
hesitate I-Effect
to I-Effect
switch I-Effect
from I-Effect
QuickBooks I-Effect
is O
the B-Cause
need I-Cause
to I-Cause
retrain I-Cause
on I-Cause
other I-Cause
platforms I-Cause
for I-Cause
services I-Cause
already I-Cause
offered I-Cause
on I-Cause
QuickBooks I-Cause
, O
such O
as O
invoicing O
, O
payroll O
, O
assisted O
tax O
services O
, O
procurement O
services O
, O
and O
capital O
. O

While B-Cause
we I-Cause
often I-Cause
cite I-Cause
unit I-Cause
economics I-Cause
and I-Cause
growth I-Cause
as I-Cause
a I-Cause
proxy I-Cause
for I-Cause
franchisee I-Cause
health I-Cause
, O
given O
the B-Cause
Mexican I-Cause
chain I-Cause
's I-Cause
100 I-Cause
% I-Cause
company-ownership I-Cause
, O
we O
approach O
it O
in O
this O
case O
as O
reinforcing B-Effect
the I-Effect
firm I-Effect
's I-Effect
mid-single-digit I-Effect
unit I-Effect
growth I-Effect
aspirations I-Effect
instead I-Effect
. O

If O
the B-Effect
number I-Effect
of I-Effect
claims I-Effect
, I-Effect
frequency I-Effect
, I-Effect
increases I-Effect
due I-Cause
to I-Cause
adverse B-Cause
whether I-Cause
conditions I-Cause
, I-Cause
driving I-Cause
patterns I-Cause
, I-Cause
or I-Cause
changes I-Cause
in I-Cause
highway I-Cause
codes I-Cause
, O
the B-Effect
claims I-Effect
ratio I-Effect
will I-Effect
deteriorate I-Effect
. O

But O
this O
should O
not O
impact B-Effect
Choice I-Effect
's I-Effect
uncertainty I-Effect
rating I-Effect
unless O
travel B-Cause
demand I-Cause
once I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
time I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value O
destructive O
levels O
. O

As O
the B-Cause
firm I-Cause
plans I-Cause
to I-Cause
further I-Cause
invest I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
and I-Cause
content I-Cause
creation I-Cause
and I-Cause
virtual I-Cause
reality I-Cause
and I-Cause
augmented I-Cause
reality I-Cause
offerings I-Cause
, O
in B-Effect
addition I-Effect
to I-Effect
data I-Effect
security I-Effect
, I-Effect
we I-Effect
see I-Effect
the I-Effect
37 I-Effect
% I-Effect
average I-Effect
operating I-Effect
margin I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
lower I-Effect
than I-Effect
the I-Effect
previous I-Effect
three I-Effect
years I-Effect
' I-Effect
39 I-Effect
% I-Effect
. O

Demand B-Cause
for I-Cause
healthineers I-Cause
and I-Cause
mobility I-Cause
should I-Cause
be I-Cause
less I-Cause
cyclically I-Cause
driven I-Cause
, O
and O
we O
expect O
less B-Effect
near-term I-Effect
impact I-Effect
from O
the B-Cause
COVID-19-related I-Cause
shutdowns I-Cause
. O

Estee B-Cause
's I-Cause
2016 I-Cause
acquisitions I-Cause
of I-Cause
Too I-Cause
Faced I-Cause
and I-Cause
Becca I-Cause
make O
the B-Effect
firm I-Effect
an I-Effect
even I-Effect
more I-Effect
important I-Effect
partner I-Effect
in I-Effect
this I-Effect
channel I-Effect
, O
as O
these O
two O
makeup O
brands O
have O
significant O
exposure O
in O
specialty-multi O
. O

Continued B-Effect
investment I-Effect
in I-Effect
natural I-Effect
gas I-Effect
, I-Effect
particulary I-Effect
LNG I-Effect
, I-Effect
could I-Effect
be I-Effect
impaired I-Effect
if O
renewable B-Cause
power I-Cause
generation I-Cause
adoption I-Cause
is I-Cause
greater I-Cause
than I-Cause
expected I-Cause
and I-Cause
less I-Cause
gas I-Cause
generation I-Cause
is I-Cause
needed I-Cause
. O

With O
increasing B-Cause
electronic I-Cause
device I-Cause
and I-Cause
electrical I-Cause
system I-Cause
penetration I-Cause
and I-Cause
modestly I-Cause
higher I-Cause
growth I-Cause
rate I-Cause
in I-Cause
sales I-Cause
of I-Cause
premium-priced I-Cause
vehicles I-Cause
where I-Cause
Lear I-Cause
's I-Cause
seating I-Cause
business I-Cause
has I-Cause
leading I-Cause
market I-Cause
share I-Cause
, O
we O
expect O
revenue B-Effect
growth I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
to I-Effect
average I-Effect
3 I-Effect
% I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
robots I-Effect
( I-Effect
as I-Effect
well I-Effect
as I-Effect
factories I-Effect
, I-Effect
workwear I-Effect
and I-Effect
so I-Effect
on I-Effect
) I-Effect
are I-Effect
noticeably I-Effect
bright I-Effect
yellow I-Effect
, I-Effect
which I-Effect
has I-Effect
been I-Effect
an I-Effect
effective I-Effect
marketing I-Effect
tool I-Effect
as O
people B-Cause
worldwide I-Cause
immediately I-Cause
recognize I-Cause
Fanuc I-Cause
's I-Cause
robots I-Cause
in I-Cause
factories I-Cause
, O
thus O
further O
contributing O
to O
its O
brand O
. O

The B-Cause
return I-Cause
of I-Cause
certain I-Cause
discretionary I-Cause
costs I-Cause
in I-Cause
a I-Cause
post-pandemic I-Cause
world I-Cause
and I-Cause
higher I-Cause
energy I-Cause
prices I-Cause
provide O
headwinds O
to O
further B-Effect
margin I-Effect
expansion I-Effect
. O

By O
owning B-Cause
a I-Cause
substantial I-Cause
senior I-Cause
housing I-Cause
operating I-Cause
portfolio I-Cause
, O
Ventas B-Effect
has I-Effect
unlocked I-Effect
value I-Effect
in I-Effect
its I-Effect
most I-Effect
favorable I-Effect
assets I-Effect
, O
but O
this O
also O
leads O
to O
a B-Effect
greater I-Effect
degree I-Effect
of I-Effect
volatility I-Effect
and I-Effect
financial I-Effect
risk I-Effect
versus O
the O
traditional O
triple-net O
lease O
structure O
, O
which O
remains O
in O
place O
for O
weaker O
assets O
. O

With O
over B-Cause
55,000 I-Cause
products I-Cause
that I-Cause
touch I-Cause
and I-Cause
concern I-Cause
nearly I-Cause
every I-Cause
industry I-Cause
, O
the B-Cause
firm I-Cause
's I-Cause
portfolio I-Cause
is I-Cause
not I-Cause
overly I-Cause
dependent I-Cause
on I-Cause
any I-Cause
single I-Cause
product I-Cause
or I-Cause
category I-Cause
, O
which O
increases O
our B-Effect
confidence I-Effect
in I-Effect
its I-Effect
long-run I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Because O
American B-Cause
Express I-Cause
has I-Cause
its I-Cause
own I-Cause
network I-Cause
, O
it B-Effect
can I-Effect
compensate I-Effect
for I-Effect
the I-Effect
lack I-Effect
of I-Effect
interest I-Effect
payments I-Effect
by I-Effect
capturing I-Effect
more I-Effect
value I-Effect
from I-Effect
each I-Effect
dollar I-Effect
spent I-Effect
with I-Effect
the I-Effect
company I-Effect
's I-Effect
cards I-Effect
, O
but O
competitors O
in O
this O
space O
do O
not O
have O
this O
advantage O
. O

We O
think O
these B-Cause
pervasive I-Cause
academic I-Cause
origins I-Cause
help O
perpetuate B-Cause
Ansys I-Cause
' I-Cause
dominance I-Cause
in I-Cause
corporate I-Cause
engineering I-Cause
teams I-Cause
across I-Cause
the I-Cause
globe I-Cause
, O
which O
we O
think O
will O
ensure B-Effect
Ansys I-Effect
retains I-Effect
its I-Effect
estimated I-Effect
dominant I-Effect
25 I-Effect
% I-Effect
share I-Effect
in I-Effect
the I-Effect
computer-assisted I-Effect
engineering I-Effect
market I-Effect
. O

Coffee B-Cause
procurement I-Cause
also I-Cause
represents I-Cause
the I-Cause
firm I-Cause
's I-Cause
largest I-Cause
ESG I-Cause
risk I-Cause
exposure I-Cause
, I-Cause
with I-Cause
supply I-Cause
chain I-Cause
human I-Cause
rights I-Cause
concerns I-Cause
and I-Cause
the I-Cause
environmental I-Cause
impacts I-Cause
of I-Cause
coffee I-Cause
farming I-Cause
( I-Cause
clear-cutting I-Cause
, I-Cause
synthetic I-Cause
fertilizers I-Cause
) I-Cause
potentially B-Effect
drawing I-Effect
increased I-Effect
scrutiny I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

This O
adds O
a B-Effect
layer I-Effect
of I-Effect
risk I-Effect
if O
the B-Cause
firm I-Cause
markets I-Cause
improperly I-Cause
to I-Cause
new I-Cause
audiences I-Cause
in I-Cause
new I-Cause
markets I-Cause
, I-Cause
which I-Cause
could I-Cause
have I-Cause
different I-Cause
consumption I-Cause
preferences I-Cause
than I-Cause
. O

We O
expect O
this B-Effect
improvement I-Effect
to I-Effect
continue I-Effect
as O
the B-Cause
firm I-Cause
has I-Cause
built I-Cause
a I-Cause
new I-Cause
, I-Cause
highly I-Cause
automated I-Cause
manufacturing I-Cause
facility I-Cause
in I-Cause
Massachusetts I-Cause
that O
will O
allow O
Insulet B-Effect
to I-Effect
exert I-Effect
far I-Effect
more I-Effect
control I-Effect
over I-Effect
quality I-Effect
. O

In O
addition O
, O
the B-Cause
highly I-Cause
contiguous I-Cause
nature I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
acreage I-Cause
supports O
development B-Cause
with I-Cause
more I-Cause
profitable I-Cause
longer I-Cause
laterals I-Cause
, O
delivering B-Effect
more I-Effect
production I-Effect
per I-Effect
dollar I-Effect
of I-Effect
capital I-Effect
spent I-Effect
and O
thus O
reducing B-Effect
unit I-Effect
costs I-Effect
. O

Given O
its B-Cause
strong I-Cause
capability I-Cause
of I-Cause
creating I-Cause
and I-Cause
operating I-Cause
gaming I-Cause
IP I-Cause
, O
we B-Effect
project I-Effect
NetEase I-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
or I-Effect
ROIC I-Effect
, I-Effect
will I-Effect
be I-Effect
well I-Effect
above I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
or I-Effect
WACC I-Effect
, O
even O
after O
the O
company O
invests O
in O
other O
currently O
non-profitable O
businesses O
. O

As O
a O
result O
, O
new B-Cause
products I-Cause
or I-Cause
even I-Cause
previous-generation I-Cause
products I-Cause
that I-Cause
have I-Cause
demonstrated I-Cause
their I-Cause
safety I-Cause
and I-Cause
efficacy I-Cause
can I-Cause
be I-Cause
marketed I-Cause
fairly I-Cause
quickly I-Cause
, O
saving B-Effect
some I-Effect
of I-Effect
the I-Effect
lost I-Effect
sales I-Effect
. O

Despite O
weak O
pricing O
power O
among O
equity O
exchanges O
, O
new B-Effect
competitors I-Effect
have I-Effect
still I-Effect
intruded I-Effect
on I-Effect
both I-Effect
the I-Effect
cash I-Effect
equity I-Effect
and I-Effect
options I-Effect
sides I-Effect
of I-Effect
Nasdaq I-Effect
's I-Effect
business I-Effect
, O
as O
it B-Cause
is I-Cause
not I-Cause
especially I-Cause
difficult I-Cause
to I-Cause
enter I-Cause
the I-Cause
market I-Cause
and O
Nasdaq O
's O
major O
counterparties O
have O
historically O
encouraged O
further O
competition O
in O
the O
exchange O
industry O
. O

As O
the B-Cause
logistics I-Cause
business I-Cause
gains I-Cause
scale I-Cause
and I-Cause
reaches I-Cause
higher I-Cause
capacity I-Cause
utilization I-Cause
, O
which O
we O
expect O
to O
happen O
after O
five O
years O
, O
we O
will O
see O
gross B-Effect
profit I-Effect
margin I-Effect
improvement I-Effect
. O

And O
while O
COVID-19 B-Cause
induced I-Cause
demand I-Cause
has O
been O
inflating B-Effect
the I-Effect
firm I-Effect
's I-Effect
personal I-Effect
care I-Effect
( I-Effect
up I-Effect
5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
and I-Effect
consumer I-Effect
tissue I-Effect
( I-Effect
up I-Effect
13 I-Effect
% I-Effect
) I-Effect
arms I-Effect
( I-Effect
about I-Effect
85 I-Effect
% I-Effect
of I-Effect
total I-Effect
sales I-Effect
) I-Effect
, O
its O
professional O
business O
remains O
challenged O
( O
down O
6 O
% O
) O
. O

This O
architecture B-Cause
, O
coupled B-Cause
with I-Cause
steady I-Cause
advances I-Cause
in I-Cause
technology I-Cause
, O
has O
enabled O
cable B-Effect
companies I-Effect
to I-Effect
repeatedly I-Effect
add I-Effect
network I-Effect
capacity I-Effect
at I-Effect
modest I-Effect
incremental I-Effect
cost I-Effect
. O

Norton B-Cause
products I-Cause
have I-Cause
evolved I-Cause
to I-Cause
include I-Cause
solutions I-Cause
for I-Cause
online I-Cause
privacy I-Cause
and I-Cause
ID I-Cause
protection I-Cause
in O
order O
to O
capture B-Effect
revenue I-Effect
outside I-Effect
of I-Effect
device I-Effect
protection I-Effect
sales I-Effect
. O

While B-Cause
its I-Cause
domestic I-Cause
portfolio I-Cause
is I-Cause
concentrated I-Cause
in I-Cause
mortgages I-Cause
, I-Cause
the I-Cause
bank I-Cause
has I-Cause
the I-Cause
largest I-Cause
non-Canadian I-Cause
loan I-Cause
book I-Cause
, O
helping B-Effect
to I-Effect
diversify I-Effect
its I-Effect
exposures I-Effect
. O

We O
've O
also O
altered O
our O
forecast O
for O
the O
February-ending O
final O
quarter O
of O
fiscal O
2020 O
, O
as O
the O
company O
guided O
to O
sales O
set O
to O
contract O
at O
a O
double-digit O
clip O
( O
much O
worse O
than O
our O
forecast O
3 O
% O
decline O
previously O
) O
, O
while O
shipping B-Cause
constraints I-Cause
and I-Cause
higher I-Cause
freight I-Cause
costs I-Cause
could O
affect B-Effect
cost I-Effect
metrics I-Effect
. O

We B-Effect
expect I-Effect
that I-Effect
net I-Effect
interest I-Effect
income I-Effect
will I-Effect
come I-Effect
under I-Effect
pressure I-Effect
due O
to O
lower B-Cause
rates I-Cause
and I-Cause
lower I-Cause
loan I-Cause
balances I-Cause
in I-Cause
2020 I-Cause
and I-Cause
2021 I-Cause
due I-Cause
to I-Cause
the I-Cause
more I-Cause
difficult I-Cause
economic I-Cause
environment I-Cause
. O

We B-Effect
are I-Effect
lowering I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
KCS I-Effect
to I-Effect
$ I-Effect
286 I-Effect
( O
from O
$ O
302 O
) O
to O
reflect O
recent B-Cause
comments I-Cause
from I-Cause
the I-Cause
Biden I-Cause
administration I-Cause
that I-Cause
we I-Cause
think I-Cause
increases I-Cause
the I-Cause
risk I-Cause
that I-Cause
the I-Cause
STB I-Cause
fails I-Cause
to I-Cause
approve I-Cause
Canadian I-Cause
National I-Cause
's I-Cause
proposed I-Cause
voting I-Cause
trust I-Cause
or I-Cause
the I-Cause
deal I-Cause
as I-Cause
a I-Cause
whole I-Cause
. O

We O
forecast O
Nordstrom B-Effect
's I-Effect
full-price I-Effect
sales I-Effect
will I-Effect
plummet I-Effect
31 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
outbreak I-Cause
but O
jump O
24 O
% O
in O
2021 O
. O

While O
previous B-Cause
plans I-Cause
had I-Cause
also I-Cause
targeted I-Cause
a I-Cause
shrinking I-Cause
investment I-Cause
bank I-Cause
, O
the O
resulting O
declining B-Effect
revenue I-Effect
had I-Effect
been I-Effect
outpacing I-Effect
cost-cutting I-Effect
efforts I-Effect
pushing I-Effect
the I-Effect
bank I-Effect
into I-Effect
a I-Effect
downward I-Effect
spiral I-Effect
. O

FactSet B-Effect
's I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
have I-Effect
been I-Effect
rangebound I-Effect
( I-Effect
31 I-Effect
% I-Effect
-36 I-Effect
% I-Effect
) I-Effect
over I-Effect
the I-Effect
last I-Effect
10 I-Effect
years I-Effect
as O
it B-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
new I-Cause
content I-Cause
and I-Cause
occasionally I-Cause
brings I-Cause
in I-Cause
new I-Cause
acquisitions I-Cause
at I-Cause
lower I-Cause
margins I-Cause
. O

The B-Effect
divestiture I-Effect
of I-Effect
Alcon I-Effect
should I-Effect
improve I-Effect
margins I-Effect
as O
Novartis B-Cause
had I-Cause
been I-Cause
investing I-Cause
in I-Cause
the I-Cause
eyecare I-Cause
business I-Cause
to O
improve O
supply O
chain O
management O
, O
marketing O
, O
and O
innovation O
. O

Five B-Cause
Below I-Cause
stocks I-Cause
only I-Cause
about I-Cause
4,000 I-Cause
items I-Cause
per I-Cause
store I-Cause
, I-Cause
versus I-Cause
over I-Cause
7,000 I-Cause
at I-Cause
Dollar I-Cause
Tree I-Cause
( I-Cause
both I-Cause
chains I-Cause
' I-Cause
locations I-Cause
average I-Cause
roughly I-Cause
8,500 I-Cause
square I-Cause
feet I-Cause
in I-Cause
size I-Cause
) I-Cause
. O
This O
approach O
allows O
it B-Effect
to I-Effect
order I-Effect
in I-Effect
a I-Effect
size I-Effect
not I-Effect
otherwise I-Effect
befitting I-Effect
a I-Effect
chain I-Effect
of I-Effect
only I-Effect
900 I-Effect
stores I-Effect
( I-Effect
as I-Effect
of I-Effect
the I-Effect
end I-Effect
of I-Effect
fiscal I-Effect
2019 I-Effect
) I-Effect
. O

We O
believe O
that O
MongoDB O
benefits O
from O
switching O
costs O
with O
its O
existing O
customer O
base O
today O
, O
as O
we O
think O
that O
data B-Cause
is I-Cause
increasingly I-Cause
mission I-Cause
critical I-Cause
to I-Cause
enterprises I-Cause
, O
which O
makes O
the O
selection B-Effect
of I-Effect
a I-Effect
database I-Effect
vendor I-Effect
an I-Effect
important I-Effect
task I-Effect
for I-Effect
a I-Effect
company I-Effect
. O

A O
tighter O
rig O
market O
typically O
warrants O
higher B-Cause
pricing I-Cause
power I-Cause
for I-Cause
drillers I-Cause
, O
which O
will O
lead O
to O
higher B-Effect
gross I-Effect
margins I-Effect
per I-Effect
rig I-Effect
day I-Effect
, O
and O
vice O
versa O
. O

These B-Cause
clients I-Cause
use I-Cause
CoStar I-Cause
's I-Cause
data I-Cause
to I-Cause
inform I-Cause
critical I-Cause
business I-Cause
decisions I-Cause
regarding I-Cause
commercial I-Cause
real I-Cause
estate I-Cause
transactions I-Cause
that I-Cause
affect I-Cause
profitability. O
As O
such O
, O
the B-Effect
company I-Effect
consistently I-Effect
posts I-Effect
renewal I-Effect
rates I-Effect
above I-Effect
90 I-Effect
% I-Effect
, I-Effect
with I-Effect
the I-Effect
figure I-Effect
typically I-Effect
exceeding I-Effect
95 I-Effect
% I-Effect
for I-Effect
clients I-Effect
who I-Effect
have I-Effect
been I-Effect
customers I-Effect
for I-Effect
five I-Effect
years I-Effect
or I-Effect
longer I-Effect
. O

In O
the O
next O
five O
years O
, O
we O
expect O
the B-Cause
company I-Cause
will I-Cause
invest I-Cause
in I-Cause
further I-Cause
improving I-Cause
interoperability I-Cause
capabilities I-Cause
across I-Cause
healthcare I-Cause
systems I-Cause
and I-Cause
providers I-Cause
to O
gain B-Effect
share I-Effect
from I-Effect
weaker I-Effect
, I-Effect
less-sophisticated I-Effect
peers I-Effect
. O

We B-Effect
believe I-Effect
Caterpillar I-Effect
benefits I-Effect
from I-Effect
pricing I-Effect
power I-Effect
, O
manifested B-Cause
from I-Cause
its I-Cause
brand I-Cause
familiarity I-Cause
of I-Cause
more I-Cause
than I-Cause
90 I-Cause
years I-Cause
and I-Cause
complex I-Cause
customer I-Cause
needs I-Cause
. O

We O
expect O
increased B-Cause
customer I-Cause
activity I-Cause
will O
pressure O
profitability B-Effect
in I-Effect
2021 I-Effect
, O
but O
we O
believe O
Millicom O
can O
hold O
the O
EBITDA O
margin O
at O
about O
40 O
% O
over O
the O
longer O
term O
, O
in O
line O
with O
performance O
over O
the O
past O
two O
years O
. O

With O
three O
sizable O
players O
, O
we O
do O
n't O
expect O
the B-Effect
carriers I-Effect
will I-Effect
have I-Effect
an I-Effect
incentive I-Effect
to I-Effect
aggressively I-Effect
poach I-Effect
each I-Effect
other I-Effect
's I-Effect
customers I-Effect
, O
given O
how O
painfully O
slowly B-Cause
market I-Cause
share I-Cause
shifts I-Cause
occur I-Cause
in I-Cause
the I-Cause
business I-Cause
. O

Impossible B-Cause
found I-Cause
a I-Cause
way I-Cause
to I-Cause
engineer I-Cause
a I-Cause
type I-Cause
of I-Cause
yeast I-Cause
to I-Cause
produce I-Cause
soy I-Cause
leghemoglobin I-Cause
, O
which O
provides B-Effect
the I-Effect
firm I-Effect
with I-Effect
a I-Effect
sufficient I-Effect
supply I-Effect
of I-Effect
heme I-Effect
to I-Effect
produce I-Effect
its I-Effect
burgers I-Effect
. O

We O
believe O
that O
the B-Cause
large I-Cause
development I-Cause
time I-Cause
that I-Cause
would I-Cause
need I-Cause
to I-Cause
be I-Cause
replicated I-Cause
for I-Cause
the I-Cause
military I-Cause
to I-Cause
switch I-Cause
to I-Cause
an I-Cause
alternative I-Cause
provider I-Cause
, O
as O
well O
as O
the B-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
the I-Cause
product I-Cause
, O
presents O
a B-Effect
steep I-Effect
switching I-Effect
cost I-Effect
to I-Effect
the I-Effect
customer I-Effect
. O

We O
are O
bullish O
on O
Ametek B-Cause
's I-Cause
more I-Cause
recent I-Cause
acquisitions I-Cause
in I-Cause
Gatan I-Cause
, O
which O
gives O
Ametek O
increasing O
niche O
specialization O
in O
a O
secular O
growth O
story O
, O
and O
Telular O
and O
Spectro O
, O
which O
helps O
the B-Effect
firm I-Effect
with I-Effect
a I-Effect
recurring I-Effect
revenue I-Effect
base I-Effect
at I-Effect
30 I-Effect
% I-Effect
of I-Effect
overall I-Effect
sales I-Effect
. O

COVID-19 B-Cause
disruption I-Cause
hit O
UP B-Effect
's I-Effect
carloads I-Effect
across I-Effect
a I-Effect
host I-Effect
of I-Effect
end I-Effect
markets I-Effect
, I-Effect
especially I-Effect
intermodal I-Effect
and I-Effect
automotive I-Effect
, I-Effect
in I-Effect
the I-Effect
second I-Effect
quarter I-Effect
. O

In O
an O
asset-light O
industry O
, O
in O
which O
the B-Cause
majority I-Cause
of I-Cause
costs I-Cause
stem I-Cause
from I-Cause
food I-Cause
produce I-Cause
and I-Cause
labour I-Cause
, O
a B-Effect
cost I-Effect
advantage I-Effect
is I-Effect
a I-Effect
rarity I-Effect
. O

The B-Cause
broad I-Cause
geographic I-Cause
nature I-Cause
of I-Cause
its I-Cause
business I-Cause
model I-Cause
results O
in O
reduced B-Effect
pretax I-Effect
profit I-Effect
volatility I-Effect
versus I-Effect
peers I-Effect
, O
as O
evident O
during O
the B-Cause
global I-Cause
financial I-Cause
crisis I-Cause
, O
but O
comes O
with O
higher B-Effect
capital I-Effect
requirements I-Effect
. O

We O
anticipate O
that O
higher B-Cause
spending I-Cause
among I-Cause
online I-Cause
shoppers I-Cause
, I-Cause
a I-Cause
growing I-Cause
user I-Cause
and I-Cause
seller I-Cause
base I-Cause
, I-Cause
and I-Cause
improved I-Cause
technology I-Cause
for I-Cause
merchants I-Cause
to I-Cause
operate I-Cause
their I-Cause
businesses I-Cause
on I-Cause
the I-Cause
platforms I-Cause
and I-Cause
marketing I-Cause
to I-Cause
match I-Cause
users I-Cause
with I-Cause
the I-Cause
right I-Cause
merchandise I-Cause
will O
all O
contribute O
to O
Alibaba B-Effect
's I-Effect
online I-Effect
retail I-Effect
revenue I-Effect
growth I-Effect
. O

We O
believe O
further O
moves O
to O
increase O
efficiency O
, O
largely O
through O
digital O
initiatives O
, O
should O
translate O
to O
good O
expense O
control O
, O
although O
pressure B-Cause
on I-Cause
revenue I-Cause
in I-Cause
the I-Cause
medium I-Cause
term I-Cause
will B-Effect
pressure I-Effect
the I-Effect
efficiency I-Effect
ratio I-Effect
. O

We O
expect O
healthy B-Effect
demand I-Effect
for I-Effect
Nokia I-Effect
's I-Effect
software I-Effect
and I-Effect
service I-Effect
offerings I-Effect
as O
software-defined B-Cause
networking I-Cause
becomes I-Cause
commonplace I-Cause
and I-Cause
customers I-Cause
desire I-Cause
solutions I-Cause
to I-Cause
optimize I-Cause
increasingly I-Cause
complex I-Cause
networks I-Cause
. O

In O
late O
2017 O
, O
FMC B-Cause
acquired I-Cause
DuPont I-Cause
's I-Cause
divested I-Cause
crop I-Cause
chemicals I-Cause
portfolio I-Cause
, O
which O
included O
blockbuster O
insecticide O
Rynaxypyr O
, O
in O
exchange O
for O
FMC B-Effect
's I-Effect
health I-Effect
and I-Effect
nutrition I-Effect
business I-Effect
, I-Effect
cash I-Effect
, I-Effect
and I-Effect
working I-Effect
capital I-Effect
. O

An B-Effect
economic I-Effect
downturn I-Effect
or I-Effect
another I-Effect
financial I-Effect
crisis I-Effect
could I-Effect
provide I-Effect
headwinds I-Effect
to I-Effect
Nice I-Effect
, O
give O
the B-Cause
concentration I-Cause
of I-Cause
its I-Cause
business I-Cause
in I-Cause
financial I-Cause
services I-Cause
. O

For O
example O
, O
International B-Effect
Aero I-Effect
Engine I-Effect
's I-Effect
V2500 I-Effect
engine I-Effect
had I-Effect
its I-Effect
first I-Effect
run I-Effect
in I-Effect
1987 I-Effect
and I-Effect
is I-Effect
still I-Effect
used I-Effect
to I-Effect
power I-Effect
A320s I-Effect
because O
it B-Cause
is I-Cause
generally I-Cause
more I-Cause
economical I-Cause
for I-Cause
airlines I-Cause
to I-Cause
repair I-Cause
an I-Cause
engine I-Cause
than I-Cause
to I-Cause
purchase I-Cause
a I-Cause
new I-Cause
engine I-Cause
and I-Cause
fit I-Cause
it I-Cause
onto I-Cause
an I-Cause
aircraft I-Cause
. O

A B-Cause
good I-Cause
loyalty I-Cause
program I-Cause
can I-Cause
drive I-Cause
brand I-Cause
affinity I-Cause
with I-Cause
customization I-Cause
, I-Cause
personalized I-Cause
offers I-Cause
like I-Cause
birthday I-Cause
rewards I-Cause
, I-Cause
and I-Cause
a I-Cause
seamless I-Cause
ordering I-Cause
experience I-Cause
that O
remembers B-Effect
payments I-Effect
, I-Effect
order I-Effect
history I-Effect
, I-Effect
and I-Effect
reduces I-Effect
the I-Effect
friction I-Effect
associated I-Effect
with I-Effect
transactions I-Effect
. O

Having B-Effect
larger I-Effect
banks I-Effect
helps I-Effect
spread I-Effect
fixed I-Effect
costs I-Effect
across I-Effect
a I-Effect
larger I-Effect
operating I-Effect
base I-Effect
, I-Effect
increasing I-Effect
operating I-Effect
efficiency I-Effect
, O
as O
the B-Cause
four I-Cause
largest I-Cause
Canadian I-Cause
banks I-Cause
are I-Cause
all I-Cause
bigger I-Cause
than I-Cause
the I-Cause
largest I-Cause
U.S I-Cause
. O

In O
2019 O
, O
tariff B-Effect
issues I-Effect
surfaced I-Effect
through O
friction B-Cause
from I-Cause
retail I-Cause
partners I-Cause
that O
no B-Effect
longer I-Effect
want I-Effect
direct I-Effect
import I-Effect
shipments I-Effect
in B-Cause
order I-Cause
to I-Cause
avoid I-Cause
tariff I-Cause
penalties I-Cause
by I-Cause
taking I-Cause
delivery I-Cause
of I-Cause
goods I-Cause
locally I-Cause
, O
waylaying O
sales B-Effect
growth I-Effect
. O

In B-Effect
2020 I-Effect
, I-Effect
management I-Effect
announced I-Effect
its I-Effect
plans I-Effect
to I-Effect
exit I-Effect
the I-Effect
standard I-Effect
stainless I-Effect
sheet I-Effect
businses I-Effect
altogether I-Effect
, O
as O
the B-Cause
company I-Cause
simply I-Cause
was I-Cause
n't I-Cause
cost-competitive I-Cause
in I-Cause
this I-Cause
arena I-Cause
. O

Near-term B-Effect
results I-Effect
are I-Effect
more I-Effect
uncertain I-Effect
than I-Effect
usual I-Effect
, O
as O
sales B-Cause
of I-Cause
lower I-Cause
margin I-Cause
items I-Cause
surge I-Cause
( O
often O
with O
higher-cost O
fulfillment O
) O
, O
with O
offsetting B-Effect
cost I-Effect
leverage I-Effect
. O

On O
the O
plus O
side O
, O
the B-Cause
size I-Cause
and I-Cause
scale I-Cause
of I-Cause
Texas I-Cause
Instruments I-Cause
' I-Cause
salesforce I-Cause
and I-Cause
field I-Cause
applications I-Cause
engineers I-Cause
allow O
the B-Effect
firm I-Effect
to I-Effect
reach I-Effect
a I-Effect
broader I-Effect
customer I-Effect
base I-Effect
than I-Effect
peers I-Effect
, O
which O
has O
translated O
into O
a O
share O
lead O
for O
Texas O
Instruments O
in O
the O
analog O
chip O
market O
. O

Additionally O
, O
a B-Effect
more I-Effect
consolidated I-Effect
customer I-Effect
base I-Effect
, O
greater B-Effect
capital I-Effect
intensity I-Effect
due O
to O
increased B-Cause
complexity I-Cause
, O
and O
more B-Cause
diverse I-Cause
demand I-Cause
drivers I-Cause
have I-Cause
mitigated I-Cause
wafer I-Cause
fabrication I-Cause
equipment I-Cause
sales I-Cause
volatility I-Cause
in I-Cause
recent I-Cause
years I-Cause
. O

Volatile B-Cause
commodity I-Cause
power I-Cause
markets I-Cause
, I-Cause
weather I-Cause
, I-Cause
and I-Cause
reliance I-Cause
on I-Cause
government I-Cause
subsidies I-Cause
for I-Cause
renewable I-Cause
energy I-Cause
create B-Effect
some I-Effect
uncertainty I-Effect
around I-Effect
NextEra I-Effect
's I-Effect
long-term I-Effect
earnings I-Effect
strength I-Effect
at I-Effect
its I-Effect
renewable I-Effect
generation I-Effect
business I-Effect
, O
particularly O
for O
assets O
without O
long-term O
PPA O
. O

Further O
, O
we O
expect O
Airbnb B-Cause
to I-Cause
lower I-Cause
marketing I-Cause
expense I-Cause
to I-Cause
22 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2030 I-Cause
from I-Cause
34 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
( I-Cause
2019 I-Cause
was I-Cause
a I-Cause
heavier I-Cause
investment I-Cause
year I-Cause
, I-Cause
with I-Cause
2018 I-Cause
marketing I-Cause
costs I-Cause
at I-Cause
30 I-Cause
% I-Cause
of I-Cause
sales I-Cause
) I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
benefits I-Cause
from I-Cause
strong I-Cause
global I-Cause
awareness I-Cause
and I-Cause
a I-Cause
more I-Cause
complete I-Cause
platform I-Cause
offering I-Cause
long I-Cause
term. O
As O
a O
result O
, O
we O
estimate O
Airbnb B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
average I-Effect
21 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
( I-Effect
unchanged I-Effect
) I-Effect
, I-Effect
with I-Effect
operating I-Effect
margins I-Effect
still I-Effect
expanding I-Effect
to I-Effect
the I-Effect
mid-20s I-Effect
in I-Effect
2030 I-Effect
from I-Effect
negative I-Effect
17 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
( I-Effect
before I-Effect
stock-based I-Effect
compensation I-Effect
; I-Effect
and I-Effect
the I-Effect
10 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

Still O
, O
we O
think O
Grainger B-Cause
has I-Cause
distinct I-Cause
competitive I-Cause
advantages I-Cause
in I-Cause
its I-Cause
traditional I-Cause
business I-Cause
, I-Cause
such I-Cause
as I-Cause
its I-Cause
long-standing I-Cause
relationships I-Cause
with I-Cause
large I-Cause
customers I-Cause
and I-Cause
its I-Cause
inventory I-Cause
management I-Cause
solutions I-Cause
, O
which O
should O
help O
it B-Effect
earn I-Effect
excess I-Effect
returns I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Overall O
, O
we O
believe O
Marsh B-Effect
& I-Effect
McLennan I-Effect
is I-Effect
a I-Effect
relatively I-Effect
stable I-Effect
business I-Effect
that O
benefits B-Cause
from I-Cause
minimal I-Cause
capital I-Cause
requirements I-Cause
and I-Cause
enduring I-Cause
relationships I-Cause
. O

While O
we O
expect O
that O
the O
number O
of O
channels O
will O
continue O
to O
increase O
, O
Sony B-Cause
owns I-Cause
attractive I-Cause
content I-Cause
and I-Cause
artists I-Cause
, O
which O
would O
differentiate B-Effect
itself I-Effect
and O
generate B-Effect
solid I-Effect
cash I-Effect
flow I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Moreover O
, O
we O
believe O
that O
Colfax B-Effect
's I-Effect
recent I-Effect
transactions I-Effect
will I-Effect
result I-Effect
in I-Effect
a I-Effect
less I-Effect
cyclical I-Effect
and I-Effect
more I-Effect
profitable I-Effect
portfolio I-Effect
, O
as O
the B-Cause
recently I-Cause
acquired I-Cause
DJO I-Cause
Global I-Cause
business I-Cause
is I-Cause
significantly I-Cause
less I-Cause
volatile I-Cause
than I-Cause
the I-Cause
divested I-Cause
air I-Cause
and I-Cause
gas I-Cause
handling I-Cause
business I-Cause
. O

We O
believe O
Adidas B-Effect
has O
gained B-Effect
North I-Effect
America I-Effect
market I-Effect
share I-Effect
through O
fashion B-Cause
products I-Cause
and I-Cause
performance-sports I-Cause
innovations I-Cause
, O
and O
we O
think O
these O
products O
will O
allow O
it B-Effect
to I-Effect
maintain I-Effect
share I-Effect
even O
if O
the B-Cause
recent I-Cause
athleisure I-Cause
and I-Cause
retro I-Cause
trends I-Cause
, O
which O
have O
helped O
the B-Effect
brand I-Effect
, I-Effect
cool I-Effect
off I-Effect
. O

We O
think O
Neogen B-Cause
's I-Cause
unique I-Cause
partnership I-Cause
with I-Cause
International I-Cause
Genetic I-Cause
Solutions I-Cause
, I-Cause
or I-Cause
IGS I-Cause
, I-Cause
a I-Cause
partnership I-Cause
that I-Cause
formed I-Cause
with I-Cause
the I-Cause
specific I-Cause
goal I-Cause
of O
further O
improving B-Effect
the I-Effect
Ingenity I-Effect
test I-Effect
, I-Effect
gives I-Effect
Neogen I-Effect
a I-Effect
leg-up I-Effect
over I-Effect
potential I-Effect
competition I-Effect
in I-Effect
cattle I-Effect
genetics I-Effect
, O
an O
area O
in O
which O
Neogen O
has O
already O
developed O
a O
market-leading O
position O
. O

The B-Cause
vast I-Cause
majority I-Cause
of I-Cause
states I-Cause
outsource I-Cause
at I-Cause
least I-Cause
part I-Cause
of I-Cause
their I-Cause
Medicaid I-Cause
population I-Cause
management I-Cause
to I-Cause
private I-Cause
insurers I-Cause
like I-Cause
Centene I-Cause
, O
which O
can O
reduce B-Effect
the I-Effect
variability I-Effect
and I-Effect
magnitude I-Effect
of I-Effect
Medicaid I-Effect
spending I-Effect
for I-Effect
the I-Effect
states I-Effect
. O

Additionally O
, O
the B-Effect
emergence I-Effect
of I-Effect
Yangtze I-Effect
Memory I-Effect
out I-Effect
of I-Effect
China I-Effect
could I-Effect
introduce I-Effect
irrational I-Effect
competitive I-Effect
behavior I-Effect
if O
the B-Cause
Chinese I-Cause
government I-Cause
subsidizes I-Cause
the I-Cause
firm I-Cause
to I-Cause
compete I-Cause
on I-Cause
price I-Cause
and I-Cause
take I-Cause
market I-Cause
share I-Cause
. O

Further O
, O
Twitter B-Effect
's I-Effect
network I-Effect
effect I-Effect
is I-Effect
considered I-Effect
to I-Effect
be I-Effect
bumpy I-Effect
and/or I-Effect
seasonal I-Effect
, O
as O
large B-Cause
events I-Cause
of I-Cause
all I-Cause
types I-Cause
bring I-Cause
users I-Cause
onto I-Cause
Twitter I-Cause
to I-Cause
gather I-Cause
information I-Cause
, I-Cause
interact I-Cause
, I-Cause
and I-Cause
voice I-Cause
their I-Cause
opinions I-Cause
. O

We O
believe O
BRP O
has O
improved B-Cause
its I-Cause
innovation I-Cause
to O
remove O
excessive B-Effect
seasonal I-Effect
volatility I-Effect
, O
with O
new O
personal O
watercraft O
offerings O
offsetting O
snowmobile O
innovation O
in O
the O
seasonal O
segment O
, O
In O
addition O
, O
exposure B-Cause
to I-Cause
the I-Cause
boating I-Cause
business I-Cause
should O
lead O
to O
more B-Effect
diversified I-Effect
demand I-Effect
profile I-Effect
for I-Effect
the I-Effect
enterprise I-Effect
. O

As O
PetroChina B-Cause
is I-Cause
an I-Cause
integrated I-Cause
oil I-Cause
and I-Cause
gas I-Cause
producer I-Cause
, O
its B-Effect
earnings I-Effect
are I-Effect
exposed I-Effect
to I-Effect
volatility I-Effect
in I-Effect
oil I-Effect
and I-Effect
gas I-Effect
prices I-Effect
, I-Effect
which I-Effect
may I-Effect
negatively I-Effect
affect I-Effect
earnings I-Effect
. O

Expanding B-Effect
business I-Effect
outside I-Effect
the I-Effect
triad I-Effect
of I-Effect
Japan I-Effect
, I-Effect
North I-Effect
America I-Effect
, I-Effect
and I-Effect
Europe I-Effect
is I-Effect
critical I-Effect
for I-Effect
Honda I-Effect
and I-Effect
all I-Effect
other I-Effect
automakers I-Effect
, O
as O
firms B-Cause
should I-Cause
produce I-Cause
where I-Cause
they I-Cause
sell I-Cause
to I-Cause
mitigate I-Cause
exchange I-Cause
risk I-Cause
. O

Combined O
with O
its B-Cause
fairly I-Cause
high I-Cause
leverage I-Cause
, I-Cause
and I-Cause
a I-Cause
business I-Cause
model I-Cause
that I-Cause
depends I-Cause
on I-Cause
drilling I-Cause
, O
DCP B-Effect
's I-Effect
earnings I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
more I-Effect
volatile I-Effect
than I-Effect
peers I-Effect
' I-Effect
, I-Effect
and I-Effect
include I-Effect
a I-Effect
higher I-Effect
risk I-Effect
of I-Effect
financial I-Effect
distress I-Effect
. O

One B-Cause
of I-Cause
only I-Cause
six I-Cause
concession I-Cause
holders I-Cause
to I-Cause
operate I-Cause
casinos I-Cause
in I-Cause
Macao I-Cause
, I-Cause
Melco I-Cause
Resorts I-Cause
is I-Cause
ideally I-Cause
placed I-Cause
to I-Cause
benefit I-Cause
from I-Cause
this I-Cause
market I-Cause
dynamic I-Cause
, I-Cause
given I-Cause
its I-Cause
portfolio I-Cause
of I-Cause
properties I-Cause
catering I-Cause
to I-Cause
both I-Cause
mass-market I-Cause
and I-Cause
premium-end I-Cause
patrons. O
This B-Effect
mitigates I-Effect
Melco I-Effect
Resorts I-Effect
' I-Effect
exposure I-Effect
to I-Effect
the I-Effect
volatile I-Effect
VIP I-Effect
segment I-Effect
, I-Effect
which I-Effect
is I-Effect
much I-Effect
more I-Effect
susceptible I-Effect
to I-Effect
regulatory I-Effect
scrutiny I-Effect
as I-Effect
authorities I-Effect
clamp I-Effect
down I-Effect
on I-Effect
corruption I-Effect
, I-Effect
junket I-Effect
activities I-Effect
, I-Effect
and I-Effect
illicit I-Effect
money I-Effect
transfers I-Effect
. O

Because O
of O
the B-Cause
freemium I-Cause
approach I-Cause
, O
Slack B-Effect
attracts I-Effect
organizations I-Effect
of I-Effect
all I-Effect
sizes I-Effect
, O
from O
small O
and O
medium-size O
businesses O
to O
large O
enterprises O
, O
but O
it O
is O
clearly O
focusing O
on O
driving O
traction O
at O
the O
biggest O
organizations O
. O

Further O
, O
historically B-Cause
weak I-Cause
traffic I-Cause
levels I-Cause
augmented O
the B-Effect
importance I-Effect
of I-Effect
up-selling I-Effect
and I-Effect
cross-selling I-Effect
, O
while O
providing O
food O
suitable O
for O
feeding O
a O
family O
became O
a O
necessity O
. O

Adient B-Cause
operates I-Cause
in I-Cause
a I-Cause
just-in-time I-Cause
system I-Cause
for I-Cause
its I-Cause
complete I-Cause
seat I-Cause
system I-Cause
plants I-Cause
, O
so O
it B-Effect
has I-Effect
to I-Effect
build I-Effect
with I-Effect
its I-Effect
customers I-Effect
, I-Effect
subjecting I-Effect
it I-Effect
to I-Effect
excess I-Effect
capacity I-Effect
in I-Effect
bad I-Effect
times I-Effect
. O

Finally O
, O
in B-Cause
light I-Cause
of I-Cause
COVID-19 I-Cause
, O
Dassault B-Effect
faces I-Effect
risks I-Effect
associated I-Effect
with I-Effect
its I-Effect
exposure I-Effect
to I-Effect
the I-Effect
airline I-Effect
industry I-Effect
, O
given O
the O
significant O
potential O
that O
these O
customers O
( O
like O
Boeing O
and O
Airbus O
) O
could O
go O
bankrupt O
. O

Corning B-Cause
's I-Cause
Gorilla I-Cause
Glass I-Cause
is I-Cause
produced I-Cause
using I-Cause
the I-Cause
same I-Cause
proprietary I-Cause
fusion I-Cause
draw I-Cause
process I-Cause
as I-Cause
it I-Cause
does I-Cause
for I-Cause
display I-Cause
glass I-Cause
, O
which B-Effect
again I-Effect
has I-Effect
helped I-Effect
save I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
investment I-Effect
and I-Effect
allows I-Effect
the I-Effect
firm I-Effect
to I-Effect
save I-Effect
money I-Effect
on I-Effect
refining I-Effect
and I-Effect
polishing I-Effect
versus I-Effect
the I-Effect
competition I-Effect
. O

Given O
the O
rise O
of O
advanced O
4G O
LTE-enabled O
smartphones O
, O
which O
use O
a O
wider O
variety O
of O
wireless O
spectrum O
and O
frequency O
bands O
than O
in O
prior O
generations O
of O
networks O
, O
RF B-Cause
content I-Cause
per I-Cause
phone I-Cause
has I-Cause
grown I-Cause
exponentially I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
lifting O
both B-Effect
Skyworks I-Effect
and I-Effect
its I-Effect
RF I-Effect
competitors I-Effect
. O

Although O
its O
e-commerce O
skyrocketed O
during O
the O
pandemic O
( O
30 O
% O
of O
sales O
in O
2020 O
, O
up O
from O
16 O
% O
in O
2019 O
) O
, O
we O
think O
Dick B-Cause
's I-Cause
large I-Cause
base I-Cause
of I-Cause
about I-Cause
850 I-Cause
stores I-Cause
limits O
its B-Effect
flexibility I-Effect
. O

We O
expect O
revenue B-Effect
to I-Effect
increase I-Effect
at I-Effect
a I-Effect
little I-Effect
over I-Effect
1 I-Effect
% I-Effect
annually I-Effect
in I-Effect
the I-Effect
next I-Effect
five I-Effect
years. O
This O
is O
a O
result O
of O
us O
forecasting O
a B-Cause
downturn I-Cause
in I-Cause
the I-Cause
economy I-Cause
and I-Cause
revenue I-Cause
over I-Cause
the I-Cause
next I-Cause
year I-Cause
that I-Cause
takes I-Cause
two I-Cause
to I-Cause
three I-Cause
years I-Cause
to I-Cause
recover I-Cause
from I-Cause
. O

Specifically O
, O
client B-Cause
losses I-Cause
at I-Cause
DST I-Cause
and O
lower-than-expected B-Cause
usage-based I-Cause
revenue I-Cause
at I-Cause
Eze I-Cause
Software I-Cause
and I-Cause
Intralinks I-Cause
caused O
SS B-Effect
& I-Effect
C I-Effect
to I-Effect
trim I-Effect
its I-Effect
2019 I-Effect
revenue I-Effect
outlook I-Effect
. O

It B-Effect
is I-Effect
known I-Effect
as I-Effect
Canada I-Effect
's I-Effect
most I-Effect
international I-Effect
bank I-Effect
as O
it B-Cause
derives I-Cause
half I-Cause
of I-Cause
its I-Cause
revenue I-Cause
from I-Cause
Canada I-Cause
, I-Cause
over I-Cause
40 I-Cause
% I-Cause
from I-Cause
international I-Cause
operations I-Cause
( I-Cause
primarily I-Cause
Latin I-Cause
America I-Cause
, I-Cause
namely I-Cause
Mexico I-Cause
, I-Cause
Peru I-Cause
, I-Cause
and I-Cause
Chile I-Cause
) I-Cause
, I-Cause
and I-Cause
a I-Cause
single-digit I-Cause
percentage I-Cause
from I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

We O
think O
that O
TAL B-Cause
Education B-Cause
shall I-Cause
be I-Cause
able I-Cause
to I-Cause
attract B-Effect
some I-Effect
of I-Effect
the I-Effect
good I-Effect
quality I-Effect
teachers I-Effect
from I-Effect
the I-Effect
smaller I-Effect
players I-Effect
, O
which O
may O
attract B-Effect
more I-Effect
students I-Effect
. O

As O
credit B-Cause
line I-Cause
utilization I-Cause
contracts I-Cause
and I-Cause
economic I-Cause
headwinds I-Cause
persist I-Cause
, O
we B-Effect
anticipate I-Effect
a I-Effect
marked I-Effect
slowdown I-Effect
in I-Effect
loan I-Effect
growth I-Effect
, I-Effect
normalizing I-Effect
to I-Effect
around I-Effect
7.75 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
. O

We O
expect O
United B-Cause
's I-Cause
fundamentals I-Cause
will I-Cause
recover I-Cause
after I-Cause
a I-Cause
COVID-19 I-Cause
vaccine I-Cause
is I-Cause
distributed I-Cause
, O
which O
we O
assume O
will O
occur O
in O
2021 O
, O
and O
business B-Effect
travel I-Effect
subsequently I-Effect
resumes I-Effect
. O

While O
it O
receives B-Cause
quite I-Cause
a I-Cause
bit I-Cause
of I-Cause
rain I-Cause
, O
Mexico B-Effect
is I-Effect
also I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
flood-prone I-Effect
countries I-Effect
in I-Effect
the I-Effect
region I-Effect
, O
and O
thus O
drainage B-Cause
systems I-Cause
take I-Cause
most I-Cause
of I-Cause
this I-Cause
water I-Cause
away I-Cause
in O
order O
to O
avoid O
prohibitive B-Effect
damage I-Effect
to I-Effect
infrastructure I-Effect
. O

We O
do O
not O
expect O
material B-Effect
competition I-Effect
or I-Effect
churn I-Effect
as O
Veeva B-Effect
's I-Effect
customer I-Effect
penetration I-Effect
should I-Effect
continue I-Effect
to I-Effect
deepen I-Effect
into I-Effect
mission-critical I-Effect
operations I-Effect
as O
customers B-Cause
subscribe I-Cause
to I-Cause
an I-Cause
increasing I-Cause
number I-Cause
of I-Cause
add-on I-Cause
modules I-Cause
. O

Additionally O
, O
many B-Effect
e-tailers I-Effect
are I-Effect
beginning I-Effect
to I-Effect
open I-Effect
stores I-Effect
in I-Effect
Class I-Effect
A I-Effect
malls I-Effect
to O
take B-Cause
advantage I-Cause
of I-Cause
the I-Cause
high I-Cause
foot I-Cause
traffic I-Cause
, O
as O
a O
physical B-Cause
presence I-Cause
provides I-Cause
additional I-Cause
marketing I-Cause
, O
a B-Effect
showroom I-Effect
for I-Effect
products I-Effect
they I-Effect
want I-Effect
to I-Effect
highlight I-Effect
, O
and O
another O
source O
of O
sales O
. O

Because O
Slack B-Cause
already I-Cause
generates I-Cause
GAAP I-Cause
gross I-Cause
margins I-Cause
at I-Cause
the I-Cause
high I-Cause
end I-Cause
of I-Cause
the I-Cause
software I-Cause
peer I-Cause
group I-Cause
, O
we O
anticipate O
that O
GAAP B-Effect
gross I-Effect
margins I-Effect
will I-Effect
dip I-Effect
slightly I-Effect
initially I-Effect
but I-Effect
recover I-Effect
and I-Effect
remain I-Effect
generally I-Effect
stable I-Effect
at I-Effect
87 I-Effect
% I-Effect
throughout I-Effect
the I-Effect
remainder I-Effect
of I-Effect
our I-Effect
discrete I-Effect
forecast I-Effect
period I-Effect
. O

For O
standalone O
Discovery O
, O
we O
forecast O
average B-Effect
annual I-Effect
international I-Effect
sales I-Effect
growth I-Effect
of I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
annual B-Cause
growth I-Cause
of I-Cause
4 I-Cause
% I-Cause
in I-Cause
distribution I-Cause
and I-Cause
5 I-Cause
% I-Cause
in I-Cause
advertising I-Cause
. O

In O
the O
long O
term O
, O
we O
anticipate O
Icon B-Effect
will I-Effect
increase I-Effect
revenue I-Effect
in I-Effect
the I-Effect
high I-Effect
single I-Effect
digits I-Effect
due O
to O
low-single-digit B-Cause
growth I-Cause
in I-Cause
biopharma I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
modest I-Cause
increases I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
. O

We O
believe O
its B-Effect
market I-Effect
position I-Effect
stems O
from O
the B-Cause
intangible I-Cause
assets I-Cause
and I-Cause
switching I-Cause
costs I-Cause
that I-Cause
Airbus I-Cause
and I-Cause
its I-Cause
predecessor I-Cause
companies I-Cause
constructed I-Cause
over I-Cause
decades I-Cause
of I-Cause
supplying I-Cause
aircraft I-Cause
and I-Cause
weapons I-Cause
to I-Cause
European I-Cause
and I-Cause
international I-Cause
governments I-Cause
. O

Several B-Cause
cities I-Cause
have I-Cause
returning I-Cause
to I-Cause
citywide I-Cause
quarantines I-Cause
, I-Cause
and I-Cause
travel I-Cause
volume I-Cause
during I-Cause
the I-Cause
early I-Cause
period I-Cause
of I-Cause
Chinese I-Cause
New I-Cause
Year I-Cause
is I-Cause
down I-Cause
70 I-Cause
% I-Cause
, O
placing B-Effect
pressure I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
near-term I-Effect
results I-Effect
. O

In O
addition O
, O
customer B-Cause
pack I-Cause
data I-Cause
fuels I-Cause
better I-Cause
cube I-Cause
optimization I-Cause
and I-Cause
damage I-Cause
reduction I-Cause
, O
allowing O
Sealed B-Effect
Air I-Effect
to I-Effect
offer I-Effect
various I-Effect
levels I-Effect
of I-Effect
no-damage I-Effect
guarantees I-Effect
. O

An B-Cause
extensive I-Cause
salesforce I-Cause
makes O
J B-Effect
& I-Effect
amp I-Effect
; I-Effect
J I-Effect
a I-Effect
powerful I-Effect
candidate I-Effect
for I-Effect
a I-Effect
smaller I-Effect
biotechnology I-Effect
company I-Effect
looking I-Effect
to I-Effect
partner I-Effect
on I-Effect
a I-Effect
new I-Effect
drug I-Effect
, O
which O
strengthens B-Effect
Johnson I-Effect
& I-Effect
amp I-Effect
; I-Effect
Johnson I-Effect
's I-Effect
ability I-Effect
to I-Effect
bring I-Effect
new I-Effect
products I-Effect
to I-Effect
market I-Effect
. O

Approximately B-Cause
90 I-Cause
% I-Cause
of I-Cause
cost I-Cause
of I-Cause
sales I-Cause
is I-Cause
network I-Cause
carrier I-Cause
fees I-Cause
, O
which O
we O
believe O
will O
limit O
Twilio B-Effect
's I-Effect
ability I-Effect
to I-Effect
significantly I-Effect
expand I-Effect
gross I-Effect
margins I-Effect
to I-Effect
become I-Effect
more I-Effect
in I-Effect
line I-Effect
with I-Effect
other I-Effect
SaaS I-Effect
companies I-Effect
. O

When B-Cause
Zillow I-Cause
purchases I-Cause
its I-Cause
homes I-Cause
, O
it B-Effect
incurs I-Effect
significant I-Effect
additional I-Effect
debt I-Effect
and I-Effect
must I-Effect
hold I-Effect
the I-Effect
homes I-Effect
on I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
as I-Effect
inventory I-Effect
until I-Effect
they I-Effect
are I-Effect
sold I-Effect
. O

Limited B-Cause
competition I-Cause
in I-Cause
its I-Cause
core I-Cause
credit I-Cause
bureau I-Cause
business I-Cause
allows O
Equifax B-Effect
to I-Effect
enjoy I-Effect
strong I-Effect
margins I-Effect
, O
but O
the B-Cause
maturity I-Cause
of I-Cause
its I-Cause
core I-Cause
business I-Cause
restricts O
growth B-Effect
, O
so O
the B-Effect
company I-Effect
has I-Effect
been I-Effect
expanding I-Effect
through I-Effect
acquisition I-Effect
into I-Effect
new I-Effect
geographies I-Effect
and I-Effect
new I-Effect
lines I-Effect
. O

We O
project O
that O
the B-Effect
bank I-Effect
's I-Effect
net I-Effect
interest I-Effect
margins I-Effect
will I-Effect
decrease I-Effect
in I-Effect
2021 I-Effect
as O
rate B-Cause
cuts I-Cause
more I-Cause
fully I-Cause
feed I-Cause
through O
the O
balance O
sheet O
, O
although O
they O
are O
partially O
protected O
from O
the O
bank O
's O
robust O
hedging O
program O
. O

Third O
, O
it B-Cause
enables I-Cause
remote I-Cause
monitoring I-Cause
, O
so O
a B-Effect
hospital I-Effect
patient I-Effect
's I-Effect
drug I-Effect
delivery I-Effect
can I-Effect
be I-Effect
monitored I-Effect
after I-Effect
the I-Effect
patient I-Effect
has I-Effect
been I-Effect
sent I-Effect
home I-Effect
for I-Effect
recovery I-Effect
. O

One O
can O
imagine O
the B-Effect
frustration I-Effect
and I-Effect
possible I-Effect
reputational I-Effect
damage I-Effect
to I-Effect
a I-Effect
product I-Effect
if O
a B-Effect
perfectly I-Effect
functioning I-Effect
electric I-Effect
toothbrush I-Effect
or I-Effect
thermostat I-Effect
were I-Effect
to I-Effect
fail I-Effect
because O
of O
an B-Cause
unforeseen I-Cause
change I-Cause
in I-Cause
how I-Cause
the I-Cause
MCU I-Cause
or I-Cause
analog I-Cause
chip I-Cause
interacts I-Cause
with I-Cause
the I-Cause
rest I-Cause
of I-Cause
the I-Cause
circuit I-Cause
board I-Cause
. O

Some B-Cause
of I-Cause
FireEye I-Cause
's I-Cause
competitors I-Cause
have I-Cause
much I-Cause
larger I-Cause
security I-Cause
platforms I-Cause
, O
and O
FireEye B-Effect
could I-Effect
be I-Effect
forced I-Effect
to I-Effect
win I-Effect
bids I-Effect
based I-Effect
on I-Effect
pricing I-Effect
or I-Effect
by I-Effect
relying I-Effect
on I-Effect
its I-Effect
services I-Effect
division I-Effect
. O

Grifols B-Cause
was O
able O
to O
relieve B-Effect
Talecris I-Effect
of I-Effect
its I-Effect
manufacturing I-Effect
bottlenecks I-Effect
, O
and O
their O
manufacturing O
facilities O
combine O
for O
more O
efficient O
production O
at O
higher O
scale O
. O

Additionally O
, O
the B-Cause
firm I-Cause
is I-Cause
able I-Cause
to I-Cause
rely I-Cause
on I-Cause
warehouse I-Cause
distribution I-Cause
( I-Cause
which I-Cause
is I-Cause
more I-Cause
cost-effective I-Cause
all I-Cause
else I-Cause
equal I-Cause
) I-Cause
for I-Cause
certain I-Cause
channels I-Cause
, O
without O
having O
to O
sacrifice B-Effect
much I-Effect
in I-Effect
terms I-Effect
of I-Effect
shelf I-Effect
space I-Effect
or I-Effect
consumer I-Effect
takeaway I-Effect
. O

Fortinet B-Cause
's I-Cause
Security I-Cause
Fabric I-Cause
is I-Cause
competing I-Cause
against I-Cause
other I-Cause
consolidated I-Cause
cybersecurity I-Cause
strategies I-Cause
, O
which O
could O
make O
winning B-Effect
greenfield I-Effect
opportunities I-Effect
as I-Effect
a I-Effect
centralized I-Effect
security I-Effect
platform I-Effect
challenging I-Effect
. O

We O
think O
that O
there O
will O
be O
a B-Cause
lag I-Cause
in I-Cause
attendees I-Cause
' I-Cause
willingness I-Cause
to I-Cause
amass I-Cause
in I-Cause
large I-Cause
groups I-Cause
, O
so O
attendance B-Effect
will I-Effect
suffer I-Effect
over I-Effect
the I-Effect
near I-Effect
term I-Effect
after I-Effect
reopening I-Effect
. O

We O
believe O
Amphenol B-Cause
will I-Cause
continue I-Cause
to I-Cause
benefit I-Cause
from I-Cause
the I-Cause
secular I-Cause
trends I-Cause
surrounding I-Cause
efficiency I-Cause
, I-Cause
electrification I-Cause
, I-Cause
and I-Cause
automation I-Cause
across I-Cause
the I-Cause
broader I-Cause
industrial I-Cause
landscape I-Cause
and I-Cause
the I-Cause
proliferation I-Cause
of I-Cause
data I-Cause
centers I-Cause
, O
resulting O
in O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
exceeding I-Effect
the I-Effect
company I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Colfax B-Effect
's I-Effect
medical I-Effect
business I-Effect
may I-Effect
also I-Effect
face I-Effect
pricing I-Effect
pressure I-Effect
if O
payers B-Cause
, I-Cause
including I-Cause
Medicare I-Cause
and I-Cause
Medicaid I-Cause
, I-Cause
reduce I-Cause
coverage I-Cause
and I-Cause
reimbursements I-Cause
for I-Cause
joint-reconstruction I-Cause
procedures I-Cause
. O

On B-Effect
the I-Effect
fertilizer I-Effect
side I-Effect
, I-Effect
we I-Effect
think I-Effect
SOP I-Effect
prices I-Effect
will I-Effect
remain I-Effect
fairly I-Effect
flat I-Effect
in I-Effect
nominal I-Effect
terms I-Effect
as B-Cause
they I-Cause
reflect I-Cause
marginal I-Cause
costs I-Cause
of I-Cause
production I-Cause
, I-Cause
which I-Cause
have I-Cause
risen I-Cause
recently I-Cause
due I-Cause
to I-Cause
higher I-Cause
MOP I-Cause
prices I-Cause
. O

Given O
our O
expectations B-Cause
for I-Cause
more I-Cause
volatile I-Cause
equity I-Cause
and I-Cause
credit I-Cause
markets I-Cause
in I-Cause
the I-Cause
near I-Cause
to I-Cause
medium I-Cause
term I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
some I-Cause
disruption I-Cause
as I-Cause
Brexit I-Cause
moves I-Cause
forward I-Cause
, O
we O
remain O
doubtful B-Effect
that I-Effect
flows I-Effect
will I-Effect
improve I-Effect
to I-Effect
positive I-Effect
territory I-Effect
, I-Effect
forecasting I-Effect
negative I-Effect
2 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
annual I-Effect
organic I-Effect
growth I-Effect
on I-Effect
average I-Effect
during I-Effect
2021-25 I-Effect
. O

The B-Effect
combination I-Effect
of I-Effect
these I-Effect
valuable I-Effect
assets I-Effect
and I-Effect
expected I-Effect
continuing I-Effect
growth I-Effect
in I-Effect
online I-Effect
advertising I-Effect
bodes I-Effect
well I-Effect
for I-Effect
Facebook I-Effect
, O
as O
the B-Cause
firm I-Cause
generates I-Cause
strong I-Cause
top-line I-Cause
growth I-Cause
and I-Cause
remains I-Cause
cash I-Cause
flow I-Cause
positive I-Cause
and I-Cause
profitable I-Cause
. O

In B-Cause
Central I-Cause
Europe I-Cause
, I-Cause
with I-Cause
the I-Cause
exception I-Cause
of I-Cause
Poland I-Cause
, I-Cause
Orange I-Cause
is I-Cause
mainly I-Cause
a I-Cause
mobile I-Cause
provider I-Cause
, O
which O
limits B-Effect
its I-Effect
ability I-Effect
to I-Effect
offer I-Effect
converged I-Effect
services I-Effect
. O

We O
believe O
that O
a B-Effect
diversified I-Effect
client I-Effect
base I-Effect
strengthens I-Effect
IQVIA I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
as O
small/midsize B-Cause
clients I-Cause
are I-Cause
likely I-Cause
to I-Cause
need I-Cause
full I-Cause
outsourcing I-Cause
solutions I-Cause
, I-Cause
while I-Cause
large I-Cause
pharmaceutical I-Cause
companies I-Cause
offer I-Cause
profitable I-Cause
preferred I-Cause
partnerships I-Cause
with I-Cause
high I-Cause
switching I-Cause
costs I-Cause
, I-Cause
choosing I-Cause
one I-Cause
or I-Cause
a I-Cause
few I-Cause
trusted I-Cause
CROs I-Cause
to I-Cause
which I-Cause
they I-Cause
funnel I-Cause
most I-Cause
of I-Cause
their I-Cause
new I-Cause
business I-Cause
. O

As O
Tulip B-Cause
's I-Cause
primary I-Cause
revenue I-Cause
source I-Cause
is I-Cause
private I-Cause
label I-Cause
products I-Cause
, O
we B-Effect
hold I-Effect
that I-Effect
this I-Effect
business I-Effect
does I-Effect
not I-Effect
maintain I-Effect
brand I-Effect
intangible I-Effect
assets I-Effect
, I-Effect
either I-Effect
. O

And O
, O
since O
Illumina B-Cause
's I-Cause
Galleri I-Cause
is I-Cause
targeting I-Cause
50 I-Cause
cancers I-Cause
, O
is B-Effect
it I-Effect
unclear I-Effect
whether I-Effect
a I-Effect
trade-off I-Effect
for I-Effect
slightly I-Effect
higher I-Effect
sensitivity I-Effect
without I-Effect
screening I-Effect
for I-Effect
as I-Effect
many I-Effect
cancers I-Effect
will I-Effect
be I-Effect
attractive I-Effect
. O

Overall O
, O
we O
believe O
practitioners B-Effect
prefer I-Effect
to I-Effect
stay I-Effect
with I-Effect
established I-Effect
brands I-Effect
, I-Cause
which I-Cause
they I-Cause
know I-Cause
and I-Cause
that I-Cause
can I-Cause
assure I-Cause
a I-Cause
safe I-Cause
treatment I-Cause
and I-Cause
peace I-Cause
of I-Cause
mind I-Cause
. O

Although O
many O
retailers O
will O
look O
to O
reduce O
their O
store O
count O
over O
the O
next O
decade O
, O
the B-Cause
high I-Cause
foot I-Cause
traffic I-Cause
and I-Cause
sales I-Cause
productivity I-Cause
of I-Cause
Class I-Cause
A I-Cause
malls I-Cause
that I-Cause
now I-Cause
make I-Cause
up I-Cause
Macerich I-Cause
's I-Cause
portfolio I-Cause
continue O
to O
make O
them B-Effect
attractive I-Effect
places I-Effect
for I-Effect
retailers I-Effect
to I-Effect
place I-Effect
stores I-Effect
. O

However O
, O
as O
travel B-Cause
slowly I-Cause
returns I-Cause
to I-Cause
normal I-Cause
once I-Cause
the I-Cause
virus I-Cause
has I-Cause
passed I-Cause
, O
we O
think O
the B-Effect
company I-Effect
should I-Effect
see I-Effect
strong I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
and I-Effect
beyond I-Effect
and I-Effect
the I-Effect
company I-Effect
should I-Effect
eventually I-Effect
return I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
by I-Effect
2024 I-Effect
in I-Effect
our I-Effect
base-case I-Effect
scenario I-Effect
. O

But O
this O
should O
not O
affect O
our O
uncertainty O
rating O
unless O
travel B-Cause
demand I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, O
leading O
to O
the B-Effect
potential I-Effect
need I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
could O
occur O
at O
value-destructive O
levels O
. O

We B-Cause
expect I-Cause
some I-Cause
growth I-Cause
areas I-Cause
highlighted I-Cause
at I-Cause
the I-Cause
Capital I-Cause
Markets I-Cause
Day I-Cause
to I-Cause
be I-Cause
met I-Cause
with I-Cause
greater I-Cause
competition I-Cause
and O
thus O
lower B-Effect
margins I-Effect
than I-Effect
some I-Effect
of I-Effect
Sandvik I-Effect
's I-Effect
high-margin-generating I-Effect
core I-Effect
businesses I-Effect
. O

That O
said O
, O
we B-Effect
expect I-Effect
a I-Effect
decline I-Effect
in I-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
in I-Effect
2021 I-Effect
due O
to O
increased B-Cause
investments I-Cause
into I-Cause
the I-Cause
business I-Cause
, O
but O
strong O
GAAP O
operating O
margin O
expansion O
from O
2023 O
to O
2025 O
. O

For O
Arrow O
, O
the O
value-added O
services O
of O
both O
segments O
are O
playing O
a O
larger O
role O
in O
generating O
revenue O
, O
while O
the B-Effect
firm I-Effect
has I-Effect
increased I-Effect
its I-Effect
market I-Effect
share I-Effect
for I-Effect
demand I-Effect
creation I-Effect
as O
supplier B-Cause
channels I-Cause
have I-Cause
realigned I-Cause
. O

Brand B-Cause
recognition I-Cause
for I-Cause
these I-Cause
generics I-Cause
generally O
supports O
customer B-Effect
loyalty I-Effect
and I-Effect
more I-Effect
stable I-Effect
prices I-Effect
, O
but O
governments O
can O
intervene O
with O
mandated O
pricing O
or O
tender-based O
bidding O
. O

OEMs B-Cause
and I-Cause
suppliers I-Cause
will I-Cause
gladly I-Cause
pay I-Cause
more I-Cause
for I-Cause
TE I-Cause
's I-Cause
innovative I-Cause
content I-Cause
in O
order O
to O
bring B-Effect
new I-Effect
capabilities I-Effect
to I-Effect
market I-Effect
, O
especially O
considering O
it O
still O
represents O
a O
tiny O
fraction O
of O
their O
overall O
bill O
of O
materials O
. O

Orange B-Effect
has I-Effect
also I-Effect
been I-Effect
the I-Effect
main I-Effect
builder I-Effect
of I-Effect
fiber I-Effect
optics I-Effect
in I-Effect
France I-Effect
, I-Effect
which I-Effect
will I-Effect
result I-Effect
in I-Effect
better I-Effect
unit I-Effect
economics I-Effect
for I-Effect
the I-Effect
company I-Effect
in I-Effect
the I-Effect
long-term I-Effect
as O
the B-Cause
payment I-Cause
scheme I-Cause
set I-Cause
by I-Cause
French I-Cause
regulators I-Cause
favors I-Cause
players I-Cause
that I-Cause
took I-Cause
more I-Cause
risks I-Cause
in I-Cause
the I-Cause
buildout I-Cause
phase I-Cause
. O

We O
expect O
equipment B-Effect
operations I-Effect
to I-Effect
generate I-Effect
a I-Effect
14 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
in I-Effect
2021 I-Effect
, O
as O
market B-Cause
fundamentals I-Cause
improve I-Cause
significantly I-Cause
compared I-Cause
with I-Cause
2020 I-Cause
. O

The B-Cause
company I-Cause
owns I-Cause
a I-Cause
massive I-Cause
network I-Cause
of I-Cause
processing I-Cause
plants I-Cause
, I-Cause
storage I-Cause
facilities I-Cause
, I-Cause
mills I-Cause
, I-Cause
port I-Cause
operations I-Cause
, I-Cause
and I-Cause
transportation I-Cause
options I-Cause
that O
would O
be O
difficult B-Effect
to I-Effect
replicate I-Effect
from I-Effect
scratch I-Effect
. O

Given O
the B-Cause
rise I-Cause
of I-Cause
advanced I-Cause
4G I-Cause
LTE-enabled I-Cause
smartphones I-Cause
, O
which O
use O
a O
wider O
variety O
of O
wireless O
spectrum O
and O
frequency O
bands O
than O
in O
prior O
generations O
of O
networks O
, O
RF O
content O
per O
phone O
has O
grown O
exponentially O
in O
recent O
years O
, O
lifting B-Effect
both I-Effect
Qorvo I-Effect
and I-Effect
its I-Effect
RF I-Effect
competitors I-Effect
. O

We B-Effect
assign I-Effect
Jacobs I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
as O
engineering B-Cause
& I-Cause
construction I-Cause
firms I-Cause
have I-Cause
to I-Cause
contend I-Cause
with I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
cyclicality I-Cause
and I-Cause
face I-Cause
the I-Cause
risk I-Cause
of I-Cause
large I-Cause
losses I-Cause
on I-Cause
individual I-Cause
projects I-Cause
, I-Cause
often I-Cause
due I-Cause
to I-Cause
factors I-Cause
largely I-Cause
beyond I-Cause
their I-Cause
control I-Cause
. O

A B-Cause
jump I-Cause
in I-Cause
midstream I-Cause
earnings I-Cause
following I-Cause
the I-Cause
completion I-Cause
of I-Cause
Adelphia I-Cause
Gateway I-Cause
along I-Cause
with I-Cause
contributions I-Cause
from I-Cause
solar I-Cause
growth I-Cause
result O
in O
consolidated B-Effect
earnings I-Effect
growth I-Effect
that I-Effect
should I-Effect
top I-Effect
the I-Effect
core I-Effect
regulated I-Effect
utility I-Effect
growth I-Effect
. O

Given O
that O
KDDI B-Cause
has I-Cause
signed I-Cause
a I-Cause
domestic I-Cause
roaming I-Cause
agreement I-Cause
with I-Cause
Rakuten I-Cause
to I-Cause
provide I-Cause
roaming I-Cause
outside I-Cause
Rakuten I-Cause
's I-Cause
network I-Cause
, O
it B-Effect
should I-Effect
be I-Effect
partially I-Effect
hedged I-Effect
against I-Effect
any I-Effect
potential I-Effect
success I-Effect
for I-Effect
Rakuten I-Effect
. O

We O
believe O
Accenture O
is O
a O
leader O
in O
application O
services O
and O
think O
that O
Accenture B-Cause
's I-Cause
business I-Cause
process I-Cause
outsourcing I-Cause
, O
including O
application O
services O
, O
exhibits O
high B-Effect
switching I-Effect
costs I-Effect
. O

The B-Effect
cost I-Effect
of I-Effect
the I-Effect
acquisition I-Effect
will I-Effect
directly I-Effect
flow I-Effect
to I-Effect
invested I-Effect
capital I-Effect
while I-Effect
the I-Effect
benefit I-Effect
will I-Effect
accrue I-Effect
over I-Effect
time I-Effect
, O
once O
Oxy B-Cause
gets I-Cause
to I-Cause
work I-Cause
developing I-Cause
Anadarko I-Cause
's I-Cause
assets I-Cause
. O

After O
KeyBank B-Cause
incorporated I-Cause
NICE I-Cause
's I-Cause
interactions I-Cause
and I-Cause
AI-driven I-Cause
analytics I-Cause
offerings I-Cause
, O
the B-Effect
firm I-Effect
was I-Effect
able I-Effect
to I-Effect
automate I-Effect
redundant I-Effect
processes I-Effect
, I-Effect
gain I-Effect
insights I-Effect
into I-Effect
agent I-Effect
performance I-Effect
, I-Effect
and I-Effect
improve I-Effect
customer I-Effect
resolution I-Effect
based I-Effect
on I-Effect
the I-Effect
most I-Effect
frequent I-Effect
queries I-Effect
. O

If O
the B-Cause
firm I-Cause
has I-Cause
difficulty I-Cause
sourcing I-Cause
skilled I-Cause
labor I-Cause
or I-Cause
difficulty I-Cause
integrating I-Cause
employees I-Cause
within I-Cause
the I-Cause
firm I-Cause
culture I-Cause
, O
there O
could O
be O
an O
adverse O
impact O
on O
returns B-Effect
. O

Considering B-Cause
the I-Cause
former I-Cause
, I-Cause
adding I-Cause
stores I-Cause
strategically I-Cause
in I-Cause
key I-Cause
markets I-Cause
expands I-Cause
the I-Cause
more I-Cause
profitable I-Cause
carryout I-Cause
market I-Cause
, O
improves B-Effect
delivery I-Effect
times I-Effect
by I-Effect
an I-Effect
estimated I-Effect
two I-Effect
minutes I-Effect
, I-Effect
and I-Effect
expands I-Effect
the I-Effect
U.S I-Effect
. I-Effect

Lululemon O
's O
chain O
of O
retail O
stores O
provides O
a O
sustainable O
competitive O
advantage O
, O
even O
though O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
forced O
temporary B-Effect
closures I-Effect
in I-Effect
2020 I-Effect
. O

Although O
we O
think O
pricing O
pressure O
will O
persist O
, O
we O
do O
not O
yet O
see O
a O
race O
to O
the O
bottom O
; O
however O
, O
if O
Grainger B-Cause
's I-Cause
gross I-Cause
margins I-Cause
converged I-Cause
with I-Cause
Amazon I-Cause
's I-Cause
, O
we B-Effect
estimate I-Effect
that I-Effect
the I-Effect
firm I-Effect
would I-Effect
struggle I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
without I-Effect
restructuring I-Effect
its I-Effect
business I-Effect
model I-Effect
. O

While O
the O
company O
is O
expected O
to O
produce O
revenue O
growth O
at O
the O
high O
end O
of O
peers O
and O
the O
premium O
may O
be O
justified O
, O
higher B-Cause
absolute I-Cause
valuation I-Cause
levels I-Cause
offer O
less B-Effect
room I-Effect
for I-Effect
missteps I-Effect
and O
therefore O
carry O
greater B-Effect
inherent I-Effect
risks I-Effect
, O
in O
our O
opinion O
. O

We O
believe O
Google O
will O
continue O
to O
gain O
traction O
in O
the O
cloud O
market O
( O
35 O
% O
annual O
revenue O
growth O
through O
2024 O
) O
, O
and O
when B-Cause
combined I-Cause
with I-Cause
non-ad I-Cause
YouTube I-Cause
revenue I-Cause
, I-Cause
Google I-Cause
Play I-Cause
, I-Cause
and I-Cause
sales I-Cause
of I-Cause
hardware I-Cause
products I-Cause
, O
we O
see O
Google B-Effect
's I-Effect
other I-Effect
revenue I-Effect
growing I-Effect
36 I-Effect
% I-Effect
to I-Effect
over I-Effect
$ I-Effect
35 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
. O

We O
project O
operating B-Effect
margins I-Effect
( I-Effect
unadjusted I-Effect
for I-Effect
cost I-Effect
reimbursement I-Effect
) I-Effect
reaching I-Effect
18.8 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
12.6 I-Effect
% I-Effect
in I-Effect
the I-Effect
prepandemic I-Effect
year I-Effect
of I-Effect
2019 I-Effect
, O
aided O
by O
lower B-Cause
labor I-Cause
expense I-Cause
. O

With O
its B-Cause
good I-Cause
record I-Cause
following I-Cause
past I-Cause
acquisitions I-Cause
, O
like O
MetroPCS O
in O
the O
U.S O
, O
we O
believe O
DT B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
achieve I-Effect
a I-Effect
sustainable I-Effect
place I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

Brief B-Cause
summer I-Cause
heat I-Cause
spells I-Cause
in I-Cause
2018 I-Cause
and I-Cause
2019 I-Cause
led O
to O
power B-Effect
price I-Effect
spikes I-Effect
and I-Effect
shortage I-Effect
concerns I-Effect
, I-Effect
demonstrating O
the O
option O
value O
of O
NRG O
's O
fossil-fuel O
fleet O
. O

In B-Cause
the I-Cause
mid-Atlantic I-Cause
and I-Cause
Northeast I-Cause
, I-Cause
subsidies I-Cause
for I-Cause
coal I-Cause
, I-Cause
nuclear I-Cause
, I-Cause
and I-Cause
renewable I-Cause
energy I-Cause
present I-Cause
challenges I-Cause
for I-Cause
NRG I-Cause
's I-Cause
gas I-Cause
plants I-Cause
and O
could O
raise B-Effect
retail I-Effect
energy I-Effect
costs I-Effect
. O

We O
forecast O
prices B-Effect
will I-Effect
rise I-Effect
roughly I-Effect
5 I-Effect
% I-Effect
per I-Effect
year I-Effect
on I-Effect
average I-Effect
, O
as O
it B-Cause
will I-Cause
take I-Cause
time I-Cause
for I-Cause
lower-cost I-Cause
producers I-Cause
to I-Cause
compete I-Cause
. O

We O
acknowledge O
that O
pricing B-Effect
has I-Effect
been I-Effect
a I-Effect
point I-Effect
of I-Effect
weakness I-Effect
in I-Effect
the I-Effect
past I-Effect
for I-Effect
Ferguson I-Effect
as O
branch B-Cause
managers I-Cause
had I-Cause
discretion I-Cause
over I-Cause
product I-Cause
discounts I-Cause
based I-Cause
on I-Cause
customer I-Cause
activity I-Cause
, O
which O
promoted O
a B-Effect
focus I-Effect
on I-Effect
growth I-Effect
over I-Effect
profitability I-Effect
. O

The B-Cause
diminished I-Cause
value I-Cause
of I-Cause
its I-Cause
data I-Cause
collection I-Cause
efforts I-Cause
makes O
it O
easier B-Effect
for I-Effect
retailers I-Effect
to I-Effect
switch I-Effect
credit I-Effect
card I-Effect
providers I-Effect
if O
they O
believe O
they O
can O
receive O
better O
terms O
elsewhere O
. O

While O
the O
cause O
of O
disease O
is O
slightly O
different O
, O
patients B-Cause
in I-Cause
both I-Cause
PNH I-Cause
and I-Cause
aHUS I-Cause
are I-Cause
devastated I-Cause
by I-Cause
the I-Cause
uncontrolled I-Cause
activation I-Cause
of I-Cause
the I-Cause
immune I-Cause
system I-Cause
, O
a O
specific O
part O
called O
complement O
, O
which O
results O
in O
the B-Effect
chronic I-Effect
destruction I-Effect
of I-Effect
red I-Effect
blood I-Effect
cells I-Effect
and I-Effect
leads I-Effect
to I-Effect
blood I-Effect
clots I-Effect
and I-Effect
organ I-Effect
failure I-Effect
. O

While O
Equinix O
's O
model O
puts O
the O
company O
in O
the O
sweet O
spot O
today O
, O
the B-Cause
asset-heavy I-Cause
nature I-Cause
makes B-Effect
it I-Effect
susceptible I-Effect
to I-Effect
a I-Effect
downturn I-Effect
in I-Effect
data I-Effect
center I-Effect
demand I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
OR I-Effect
( I-Effect
expenses/revenue I-Effect
) I-Effect
deteriorated I-Effect
slightly I-Effect
to I-Effect
58.8 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
on O
lower B-Cause
volumes I-Cause
and I-Cause
the I-Cause
falloff I-Cause
in I-Cause
export I-Cause
coal I-Cause
pricing I-Cause
, O
but O
a O
sub-60 O
% O
OR O
is O
nonetheless O
impressive O
, O
especially O
amid O
very O
high O
volume O
volatility O
. O

We O
contend O
that O
the B-Cause
Instant I-Cause
Oil I-Cause
Change I-Cause
banner I-Cause
can I-Cause
expand I-Cause
from I-Cause
1,462 I-Cause
locations I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
to I-Cause
just I-Cause
over I-Cause
2,000 I-Cause
by O
the O
end O
of O
fiscal B-Effect
2030 I-Effect
as I-Effect
the I-Effect
industry I-Effect
consolidates I-Effect
. O

While O
Kroger O
sells O
aggregated O
insights O
and O
not O
customer O
contact O
information O
or O
purchasing O
history O
, O
a B-Cause
breach I-Cause
could O
impair B-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
transaction I-Effect
data I-Effect
. O

Furthermore O
, O
we O
estimate O
the B-Effect
company I-Effect
turns I-Effect
free I-Effect
cash I-Effect
flow I-Effect
positive I-Effect
and I-Effect
generates I-Effect
economic I-Effect
profit I-Effect
, O
both O
in O
2025 O
, O
as O
new B-Cause
vehicle I-Cause
programs I-Cause
with I-Cause
ADAS I-Cause
beginning I-Cause
to I-Cause
generate I-Cause
more I-Cause
revenue I-Cause
in I-Cause
2022 I-Cause
and I-Cause
again I-Cause
when I-Cause
HAD I-Cause
and I-Cause
AD I-Cause
programs I-Cause
begin I-Cause
to I-Cause
generate I-Cause
revenue I-Cause
later I-Cause
in I-Cause
the I-Cause
decade I-Cause
. O

Efforts O
to O
reorganize O
the O
business O
and O
streamline O
strategy O
have O
helped O
improve O
these O
metrics O
( O
with O
free O
cash O
flow O
rising O
more O
than O
50 O
% O
in O
2020 O
versus O
2019 O
) O
, O
and O
we O
think O
further B-Effect
gains I-Effect
should I-Effect
be I-Effect
realized I-Effect
ahead I-Effect
, O
as O
further B-Cause
economics I-Cause
are I-Cause
extracted I-Cause
from I-Cause
the I-Cause
business I-Cause
. O

Approximately B-Effect
$ I-Effect
2 I-Effect
of I-Effect
the I-Effect
increase I-Effect
is O
from O
earnings B-Cause
since I-Cause
our I-Cause
previous I-Cause
valuation I-Cause
update I-Cause
, O
while O
the B-Effect
remaining I-Effect
$ I-Effect
6 I-Effect
is O
from O
miscellaneous B-Cause
adjustments I-Cause
, I-Cause
such I-Cause
as I-Cause
projecting B-Cause
a I-Cause
continuation I-Cause
of I-Cause
recently I-Cause
high I-Cause
trading I-Cause
volumes I-Cause
for I-Cause
a I-Cause
while I-Cause
longer I-Cause
and I-Cause
giving I-Cause
the B-Effect
company I-Effect
more I-Effect
credit I-Effect
for I-Effect
some I-Effect
of I-Effect
its I-Effect
investments I-Effect
. O

A B-Cause
second I-Cause
DRI I-Cause
module I-Cause
at I-Cause
the I-Cause
Louisiana I-Cause
site I-Cause
has I-Cause
also I-Cause
been I-Cause
approved I-Cause
and I-Cause
, I-Cause
if I-Cause
constructed I-Cause
, O
would O
allow O
Nucor B-Effect
to I-Effect
reach I-Effect
its I-Effect
target I-Effect
DRI I-Effect
production I-Effect
capacity I-Effect
of I-Effect
7 I-Effect
million I-Effect
mtpy I-Effect
. O

As O
Lyft O
benefits O
from O
its O
network O
effect O
, O
we O
think O
the B-Cause
company I-Cause
has I-Cause
also I-Cause
secured I-Cause
access I-Cause
to I-Cause
valuable I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
driver I-Cause
and I-Cause
rider I-Cause
user I-Cause
data I-Cause
, O
which O
we O
suspect O
helps O
the B-Effect
firm I-Effect
improve I-Effect
its I-Effect
services I-Effect
. O

Excluding B-Effect
this I-Effect
anomaly I-Effect
, I-Effect
we I-Effect
see I-Effect
mid-single-digit I-Effect
growth I-Effect
for I-Effect
the I-Effect
business I-Effect
, O
driven B-Cause
largely I-Cause
by I-Cause
price/mix I-Cause
as I-Cause
innovative I-Cause
line I-Cause
extensions I-Cause
and I-Cause
smaller I-Cause
package I-Cause
sizes I-Cause
grow I-Cause
within I-Cause
the I-Cause
portfolio I-Cause
. O

The B-Cause
single-greatest I-Cause
risk I-Cause
to I-Cause
the I-Cause
Oneok I-Cause
story I-Cause
is I-Cause
failure I-Cause
of I-Cause
demand I-Cause
for I-Cause
natural B-Effect
gas I-Effect
liquids I-Effect
from I-Effect
the I-Effect
petrochemical I-Effect
industry I-Effect
in I-Effect
the I-Effect
Gulf I-Effect
of I-Effect
Mexico I-Effect
to I-Effect
materialize I-Effect
. I-Effect

Eaton O
has O
also O
created O
a B-Effect
new I-Effect
eMobility I-Effect
segment I-Effect
( O
unveiled O
during O
its O
May O
2018 O
Investor O
Day O
) O
, O
which O
combines O
its B-Cause
vehicle I-Cause
and I-Cause
electric I-Cause
technology I-Cause
expertise I-Cause
under O
one O
umbrella O
. O

The O
types B-Cause
of I-Cause
customers I-Cause
served I-Cause
and I-Cause
the I-Cause
level I-Cause
of I-Cause
convenience I-Cause
desired I-Cause
can O
have O
a O
profound O
impact O
on O
product O
profitability O
and O
helps B-Effect
explain I-Effect
the I-Effect
margin I-Effect
differential I-Effect
between I-Effect
HD I-Effect
Supply I-Effect
's I-Effect
two I-Effect
businesses I-Effect
. O

Under B-Effect
Armour I-Effect
's I-Effect
gross I-Effect
margin I-Effect
dropped I-Effect
to I-Effect
46.9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
from I-Effect
49.0 I-Effect
% I-Effect
in I-Effect
2014 I-Effect
on O
excess O
inventory B-Cause
, I-Cause
restructuring I-Cause
, I-Cause
new I-Cause
competition I-Cause
, O
and O
heavy B-Cause
discounting I-Cause
by I-Cause
competitors I-Cause
. O

Domino O
's O
exposure O
to O
the O
quickly O
growing O
Indian O
pizza O
market O
, O
representing O
more O
than O
10 O
% O
of O
its O
international O
units O
, O
remains O
appealing O
; O
while O
an B-Cause
$ I-Cause
80 I-Cause
million I-Cause
investment I-Cause
in I-Cause
Dash I-Cause
Brands I-Cause
, O
a O
master O
franchisee O
in O
China O
, O
could O
offer B-Effect
inroads I-Effect
to I-Effect
the I-Effect
largest I-Effect
food-service I-Effect
market I-Effect
in I-Effect
the I-Effect
world I-Effect
. O

Africa O
clearly O
exhibits O
the B-Effect
characteristics I-Effect
of I-Effect
an I-Effect
entry I-Effect
phase I-Effect
market I-Effect
, O
with O
low B-Cause
but I-Cause
fast-growing I-Cause
per I-Cause
capita I-Cause
alcohol I-Cause
consumption I-Cause
, I-Cause
high I-Cause
levels I-Cause
of I-Cause
unrecorded I-Cause
consumption I-Cause
, I-Cause
rapid I-Cause
urbanization I-Cause
, I-Cause
and I-Cause
fairly I-Cause
low I-Cause
price I-Cause
and I-Cause
income I-Cause
elasticity I-Cause
. O

Given O
the O
elevated O
risk O
of O
Fluor O
's O
backlog O
, O
the B-Cause
company I-Cause
could I-Cause
experience I-Cause
further I-Cause
cost I-Cause
overruns I-Cause
on I-Cause
its I-Cause
fixed-price I-Cause
contracts I-Cause
, O
which O
drives B-Effect
a I-Effect
wide I-Effect
dispersion I-Effect
between I-Effect
our I-Effect
bear-case I-Effect
and I-Effect
bull-case I-Effect
scenarios I-Effect
and O
is O
reflected O
in O
the O
extreme O
uncertainty O
rating O
for O
Fluor O
. O

New B-Effect
entrants I-Effect
directly I-Effect
challenge I-Effect
margins I-Effect
in I-Effect
aviation I-Effect
by O
taking B-Cause
unit I-Cause
sales I-Cause
and I-Cause
preventing I-Cause
learning-curve I-Cause
based I-Cause
margin I-Cause
expansion I-Cause
as O
well O
as O
providing O
direct O
price O
competition O
. O

According O
to O
data O
analytics O
company O
Thasos O
, O
traffic B-Effect
at I-Effect
shopping I-Effect
malls I-Effect
had O
been O
declining O
mid-single-digits O
since O
at O
least O
2017 O
, O
and O
although O
traffic O
improved O
intermittently O
, O
we O
foresee O
forward O
pressure O
to O
footfalls O
stemming O
from O
COVID-19 B-Cause
. O

We O
expect O
Ericsson B-Effect
to I-Effect
earn I-Effect
4 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
and I-Effect
generate I-Effect
a I-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
of I-Effect
2 I-Effect
% I-Effect
, O
which O
is O
mainly O
driven O
by O
CSP B-Cause
5G I-Cause
network I-Cause
build I-Cause
outs I-Cause
and I-Cause
additional I-Cause
4G I-Cause
capacity I-Cause
demand I-Cause
. O

CMS B-Effect
has I-Effect
improved I-Effect
its I-Effect
financial I-Effect
and I-Effect
strategic I-Effect
position I-Effect
dramatically O
during O
the O
past O
decade O
by O
working B-Cause
with I-Cause
Michigan I-Cause
regulators I-Cause
and I-Cause
politicians I-Cause
to I-Cause
turn I-Cause
the I-Cause
state I-Cause
into I-Cause
a I-Cause
constructive I-Cause
place I-Cause
for I-Cause
utility I-Cause
investment I-Cause
. O

With B-Cause
an I-Cause
allowance I-Cause
for I-Cause
loan I-Cause
losses I-Cause
around I-Cause
7.5 I-Cause
% I-Cause
of I-Cause
period-end I-Cause
loans I-Cause
, O
the B-Effect
bank I-Effect
clearly I-Effect
anticipates I-Effect
elevated I-Effect
losses I-Effect
, O
though O
net O
charge-offs O
and O
nonperforming O
loans O
as O
a O
percentage O
of O
the O
aggregate O
loan O
book O
have O
remained O
steady O
. O

For O
the O
full O
year O
, O
the B-Effect
quality I-Effect
of I-Effect
comp I-Effect
store I-Effect
metrics I-Effect
is I-Effect
limited I-Effect
as O
store B-Cause
performance I-Cause
was I-Cause
excluded I-Cause
when I-Cause
locations I-Cause
were I-Cause
closed I-Cause
for I-Cause
four I-Cause
consecutive I-Cause
days I-Cause
or I-Cause
more I-Cause
( O
as O
a O
result O
of O
the O
COVID-19 B-Cause
pandemic I-Cause
) O
. O

Targeting B-Cause
a I-Cause
broad I-Cause
consumer I-Cause
base I-Cause
with I-Cause
a I-Cause
core I-Cause
customer I-Cause
who I-Cause
is I-Cause
female I-Cause
, I-Cause
35-65 I-Cause
years I-Cause
old I-Cause
with I-Cause
household I-Cause
income I-Cause
of I-Cause
$ I-Cause
50,000- I-Cause
$ I-Cause
250,000 I-Cause
also O
means O
Wayfair B-Cause
is I-Cause
competing I-Cause
with I-Cause
mass-market I-Cause
retailers I-Cause
, I-Cause
specialty I-Cause
retail I-Cause
, I-Cause
and I-Cause
low-cost I-Cause
providers I-Cause
, O
making O
it B-Effect
harder I-Effect
to I-Effect
stay I-Effect
front I-Effect
of I-Effect
mind I-Effect
perpetually I-Effect
. O

Now O
, O
Workday B-Effect
is I-Effect
in I-Effect
its I-Effect
next I-Effect
chapter I-Effect
of I-Effect
allowing I-Effect
the I-Effect
option I-Effect
to I-Effect
'rebundle I-Effect
' I-Effect
HCM I-Effect
with I-Effect
other I-Effect
ERP I-Effect
solutions I-Effect
, O
as O
the B-Cause
company I-Cause
now I-Cause
offers I-Cause
a I-Cause
financial I-Cause
management I-Cause
, I-Cause
or I-Cause
FINS I-Cause
, I-Cause
suite I-Cause
and I-Cause
planning I-Cause
suite I-Cause
-- O
which O
has O
been O
further O
boosted O
from O
its O
recent O
acquisition O
of O
Adaptive O
Insights O
. O

This B-Cause
, I-Cause
plus I-Cause
efforts I-Cause
in I-Cause
B2B I-Cause
, I-Cause
marketplace I-Cause
, I-Cause
and I-Cause
emerging I-Cause
brands I-Cause
provide I-Cause
support I-Cause
for I-Cause
Williams-Sonoma I-Cause
to B-Effect
head I-Effect
toward I-Effect
its I-Effect
five-year I-Effect
targets I-Effect
of I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
and I-Effect
a I-Effect
15 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
. O

We O
are O
optimistic O
on O
the O
long-term B-Effect
global I-Effect
demand I-Effect
for I-Effect
chicken I-Effect
, O
as O
developed B-Cause
market I-Cause
consumers I-Cause
have I-Cause
been I-Cause
shifting I-Cause
consumption I-Cause
of I-Cause
red I-Cause
meat I-Cause
toward I-Cause
leaner I-Cause
proteins I-Cause
like I-Cause
poultry I-Cause
, O
and O
in O
emerging O
markets O
, O
a B-Cause
growing I-Cause
middle I-Cause
class I-Cause
is I-Cause
driving I-Cause
higher I-Cause
per I-Cause
capita I-Cause
consumption I-Cause
of I-Cause
protein I-Cause
. O

Risks B-Effect
to I-Effect
pricing I-Effect
power I-Effect
exist I-Effect
, O
as O
the B-Cause
media I-Cause
has I-Cause
clung I-Cause
to I-Cause
negative I-Cause
publicity I-Cause
in I-Cause
prior I-Cause
years I-Cause
, I-Cause
threatening I-Cause
cruise I-Cause
brands I-Cause
' I-Cause
ability I-Cause
to I-Cause
raise I-Cause
fares I-Cause
, I-Cause
a I-Cause
factor I-Cause
that I-Cause
has I-Cause
been I-Cause
resurrected I-Cause
with I-Cause
the I-Cause
pandemic I-Cause
. O

Historically O
, O
Dentsply B-Cause
Sirona I-Cause
's I-Cause
exposure I-Cause
to I-Cause
specialty I-Cause
dental I-Cause
markets I-Cause
-- I-Cause
orthodontics I-Cause
, I-Cause
endodontics I-Cause
, I-Cause
and I-Cause
implants I-Cause
-- O
had O
lessened O
the B-Effect
company I-Effect
's I-Effect
reliance I-Effect
on I-Effect
the I-Effect
more I-Effect
commodified I-Effect
part I-Effect
of I-Effect
its I-Effect
consumables I-Effect
Medical I-Effect
Instruments I-Effect
& I-Effect
Suppliesbusiness I-Effect
, O
but O
the O
we O
see O
pricing O
pressure O
weighing O
on O
specialty O
products O
in O
the O
long O
term O
. O

PerkinElmer B-Cause
's I-Cause
competitive I-Cause
positioning I-Cause
has I-Cause
certainly I-Cause
shifted I-Cause
for I-Cause
the I-Cause
better I-Cause
, I-Cause
and I-Cause
with I-Cause
several I-Cause
attractive I-Cause
avenues I-Cause
of I-Cause
growth I-Cause
within I-Cause
reach I-Cause
, I-Cause
particularly I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
, O
we O
believe O
the B-Effect
firm I-Effect
will I-Effect
produce I-Effect
tangible I-Effect
benefits I-Effect
for I-Effect
shareholders I-Effect
for I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

All O
these O
factors O
should O
keep O
the O
company O
growing O
for O
many O
years O
, O
despite O
more B-Cause
competition I-Cause
from I-Cause
franchised I-Cause
dealers I-Cause
and I-Cause
online-only I-Cause
startups I-Cause
, O
and O
may O
lead O
to O
international B-Effect
expansion I-Effect
. O

In O
the O
medium O
term O
, O
we O
forecast O
around B-Effect
4.5 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
EBIT I-Effect
margin I-Effect
reaching I-Effect
15.5 I-Effect
% I-Effect
, O
driven O
by O
productivity B-Cause
gains I-Cause
and I-Cause
higher-margin I-Cause
digital I-Cause
service I-Cause
contracts I-Cause
. O

The B-Effect
company I-Effect
also I-Effect
faces I-Effect
regulatory I-Effect
risk I-Effect
related I-Effect
to I-Effect
its I-Effect
new I-Effect
crop I-Effect
chemicals I-Effect
as O
it B-Cause
must I-Cause
gain I-Cause
regulatory I-Cause
approval I-Cause
in I-Cause
all I-Cause
geographies I-Cause
for I-Cause
a I-Cause
new I-Cause
product I-Cause
. O

We O
forecast O
that O
MongoDB B-Effect
's I-Effect
gross I-Effect
margins I-Effect
will I-Effect
stay I-Effect
relatively I-Effect
the I-Effect
same I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
increasing I-Cause
mix I-Cause
of I-Cause
Atlas I-Cause
revenue I-Cause
is I-Cause
somewhat I-Cause
margin I-Cause
dilutive I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

Case O
in O
point O
, O
in O
2018 O
, O
Walmart B-Cause
decided I-Cause
to I-Cause
not I-Cause
renew I-Cause
its I-Cause
agreement I-Cause
with I-Cause
Synchrony I-Cause
in I-Cause
favor I-Cause
of I-Cause
signing I-Cause
a I-Cause
new I-Cause
agreement I-Cause
with I-Cause
Capital I-Cause
One. O
This O
was O
a O
significant O
loss O
for O
Synchrony O
, O
as O
the O
Walmart B-Effect
partnership I-Effect
accounted I-Effect
for I-Effect
approximately I-Effect
13 I-Effect
% I-Effect
of I-Effect
Synchrony I-Effect
's I-Effect
credit I-Effect
card I-Effect
receivables I-Effect
at I-Effect
the I-Effect
time I-Effect
. O

The O
acquisition O
of O
Mead O
Johnson O
and O
the O
disposal O
of O
the O
foods O
business O
has O
transformed O
Reckitt O
's O
portfolio O
such O
that O
almost B-Effect
half I-Effect
of I-Effect
its I-Effect
EBIT I-Effect
will O
be O
generated O
from O
leading B-Cause
positions I-Cause
in I-Cause
categories I-Cause
conducive I-Cause
to I-Cause
pricing I-Cause
power I-Cause
. O

We O
expect O
this B-Cause
approach I-Cause
, I-Cause
coupled I-Cause
with I-Cause
the I-Cause
recent I-Cause
purchase I-Cause
of I-Cause
additional I-Cause
wireless I-Cause
spectrum I-Cause
, O
will O
allow O
Verizon B-Effect
to I-Effect
maintain I-Effect
a I-Effect
strong I-Effect
network I-Effect
position I-Effect
in I-Effect
the I-Effect
traditional I-Effect
wireless I-Effect
market I-Effect
. O

If B-Effect
the I-Effect
product I-Effect
in I-Effect
question I-Effect
is I-Effect
, I-Effect
say I-Effect
, I-Effect
a I-Effect
pair I-Effect
of I-Effect
Bluetooth I-Effect
headphones I-Effect
, I-Effect
we I-Effect
do I-Effect
not I-Effect
believe I-Effect
switching I-Effect
costs I-Effect
lead I-Effect
to I-Effect
distinct I-Effect
competitive I-Effect
advantages I-Effect
, O
as B-Cause
the I-Cause
design I-Cause
cycle I-Cause
of I-Cause
these I-Cause
consumer I-Cause
products I-Cause
is I-Cause
short I-Cause
. O

In O
fiscal O
2021 O
, O
we O
project O
adjusted B-Effect
EPS I-Effect
to I-Effect
slide I-Effect
by I-Effect
14 I-Effect
% I-Effect
to I-Effect
of I-Effect
GBX I-Effect
50 I-Effect
, O
mostly O
on O
the B-Effect
GBP I-Effect
400 I-Effect
million I-Effect
impact I-Effect
on I-Effect
the I-Effect
EBIT I-Effect
from I-Cause
the B-Cause
COVID-19 I-Cause
fallout I-Cause
. O

Investor B-Effect
's I-Effect
legitimate I-Effect
concern I-Effect
about I-Effect
coal I-Effect
demand I-Effect
destruction I-Effect
from O
cheap B-Cause
natural I-Cause
gas I-Cause
and I-Cause
lower I-Cause
exports I-Cause
has I-Cause
periodically I-Cause
weighed I-Cause
on I-Cause
Norfolk I-Cause
's I-Cause
shares I-Cause
in O
recent O
years O
. O

By B-Cause
accepting I-Cause
incomplete I-Cause
assortments I-Cause
without I-Cause
return I-Cause
privileges I-Cause
, I-Cause
paying I-Cause
promptly I-Cause
, I-Cause
and I-Cause
stocking I-Cause
brands I-Cause
discreetly I-Cause
( I-Cause
preserving I-Cause
labels I-Cause
' I-Cause
conventional-channel I-Cause
pricing I-Cause
power I-Cause
by I-Cause
avoiding I-Cause
the I-Cause
stigma I-Cause
of I-Cause
a I-Cause
consistent I-Cause
discount I-Cause
presence I-Cause
) I-Cause
, I-Cause
TJX I-Cause
is I-Cause
a I-Cause
valued I-Cause
partner I-Cause
for I-Cause
its I-Cause
more I-Cause
than I-Cause
21,000 I-Cause
vendors I-Cause
, I-Cause
in I-Cause
our I-Cause
view. O
As O
a O
result O
, O
TJX B-Effect
can I-Effect
opportunistically I-Effect
offer I-Effect
a I-Effect
fast-changing I-Effect
, I-Effect
high-value I-Effect
assortment I-Effect
in I-Effect
a I-Effect
treasure-hunt I-Effect
format I-Effect
that I-Effect
is I-Effect
hard I-Effect
to I-Effect
replicate I-Effect
digitally I-Effect
. O

The B-Effect
cold I-Effect
storage I-Effect
industry I-Effect
's I-Effect
fortunes I-Effect
are I-Effect
directly I-Effect
tied I-Effect
to I-Effect
changes I-Effect
in I-Effect
overall I-Effect
demand I-Effect
for I-Effect
food I-Effect
, O
since O
they B-Cause
support I-Cause
the I-Cause
supply I-Cause
chain I-Cause
that I-Cause
allows I-Cause
food I-Cause
to I-Cause
move I-Cause
from I-Cause
agricultural I-Cause
farms I-Cause
and I-Cause
food I-Cause
processing I-Cause
factories I-Cause
to I-Cause
end I-Cause
points I-Cause
of I-Cause
food I-Cause
consumption I-Cause
, O
such O
as O
grocery O
stores O
. O

However O
, O
over O
the O
next O
few O
years O
, O
we O
think O
the O
pork B-Effect
segment I-Effect
will I-Effect
grow I-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
annually I-Effect
, O
due O
to O
higher B-Cause
prices I-Cause
and I-Cause
strong I-Cause
export I-Cause
demand I-Cause
given I-Cause
the B-Effect
global I-Effect
pork I-Effect
shortage I-Effect
resulting I-Cause
from I-Cause
African B-Cause
swine I-Cause
fever I-Cause
. O

This O
margin O
is O
above O
the O
firm O
's O
historical O
run O
rate O
, O
but O
solid B-Cause
execution I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
increases B-Effect
our I-Effect
confidence I-Effect
in I-Effect
continued I-Effect
productivity I-Effect
progress I-Effect
across I-Effect
all I-Effect
segments I-Effect
. O

Management O
expects O
the B-Effect
OR I-Effect
run I-Effect
rate I-Effect
to I-Effect
approach I-Effect
60 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
2021 I-Effect
, I-Effect
and I-Effect
that I-Effect
looks I-Effect
acheivable I-Effect
given O
the B-Cause
rail I-Cause
's I-Cause
good I-Cause
performance I-Cause
over I-Cause
the I-Cause
past I-Cause
year I-Cause
. O

Even O
so O
, O
owing O
to O
COVID-19 B-Cause
, O
we O
forecast O
a B-Effect
2020 I-Effect
revenue I-Effect
decline I-Effect
of I-Effect
21 I-Effect
% I-Effect
, I-Effect
followed I-Effect
by I-Effect
a I-Effect
modest I-Effect
15 I-Effect
% I-Effect
rebound I-Effect
in I-Effect
2021 I-Effect
and I-Effect
a I-Effect
return I-Effect
to I-Effect
more I-Effect
normalized I-Effect
revenue I-Effect
by I-Effect
2023 I-Effect
. O

Lastly O
, O
we O
expect O
the B-Cause
increasing I-Cause
awareness I-Cause
of I-Cause
the I-Cause
importance I-Cause
of I-Cause
software I-Cause
security I-Cause
in I-Cause
chips I-Cause
and I-Cause
applications I-Cause
to O
propel B-Effect
mid- I-Effect
to I-Effect
high-teens I-Effect
growth I-Effect
for I-Effect
Synopsys I-Effect
' I-Effect
newer I-Effect
software I-Effect
integrity I-Effect
segment I-Effect
, O
with O
total O
revenue O
reaching O
$ O
700 O
million O
in O
fiscal O
2025 O
. O

One O
positive O
we O
see O
is O
a B-Cause
large I-Cause
increase I-Cause
in I-Cause
demand I-Cause
deposits I-Cause
, O
which O
has O
caused O
the B-Effect
bank I-Effect
's I-Effect
loan/deposit I-Effect
ratio I-Effect
to I-Effect
fall I-Effect
to I-Effect
76 I-Effect
% I-Effect
, I-Effect
down I-Effect
nearly I-Effect
20 I-Effect
% I-Effect
in I-Effect
just I-Effect
the I-Effect
last I-Effect
year I-Effect
. O

We B-Effect
're I-Effect
impressed I-Effect
by I-Effect
management I-Effect
's I-Effect
prescient I-Effect
investments I-Effect
in I-Effect
loyalty I-Effect
and I-Effect
mobile I-Effect
ordering I-Effect
, O
with O
the B-Cause
adoption I-Cause
of I-Cause
operational I-Cause
improvements I-Cause
from I-Cause
CEO I-Cause
Brian I-Cause
Niccol I-Cause
's I-Cause
Taco I-Cause
Bell I-Cause
playbook I-Cause
( I-Cause
complementary I-Cause
rotating I-Cause
menu I-Cause
items I-Cause
, I-Cause
targeted I-Cause
marketing I-Cause
) I-Cause
helping I-Cause
to I-Cause
drive I-Cause
sustained I-Cause
comparable I-Cause
sales I-Cause
outperformance I-Cause
relative I-Cause
to I-Cause
peers I-Cause
. O

While B-Cause
we I-Cause
do I-Cause
n't I-Cause
expect I-Cause
these I-Cause
companies I-Cause
to I-Cause
materially I-Cause
stymie I-Cause
Zscaler I-Cause
's I-Cause
growth I-Cause
trajectory I-Cause
, I-Cause
the I-Cause
firm I-Cause
may I-Cause
have I-Cause
to I-Cause
spend I-Cause
more I-Cause
aggressively I-Cause
to I-Cause
win I-Cause
market I-Cause
share I-Cause
, O
given B-Effect
that I-Effect
many I-Effect
potential I-Effect
customers I-Effect
have I-Effect
invested I-Effect
heavily I-Effect
over I-Effect
many I-Effect
years I-Effect
in I-Effect
the I-Effect
appliance-based I-Effect
security I-Effect
networks I-Effect
that I-Effect
legacy I-Effect
competitors I-Effect
espouse I-Effect
. O

Margin-accretive B-Cause
options I-Cause
like I-Cause
attaching I-Cause
services I-Cause
and I-Cause
support I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
selling I-Cause
nascent I-Cause
trends I-Cause
like I-Cause
PC-as-a-service I-Cause
, O
provide B-Effect
Dell I-Effect
Technologies I-Effect
opportunities I-Effect
to I-Effect
expand I-Effect
its I-Effect
strong I-Effect
presence I-Effect
in I-Effect
the I-Effect
commercial I-Effect
PC I-Effect
market I-Effect
. O

Darden O
has O
been O
proactive O
with O
its O
ESG O
investments O
, O
going O
as O
far O
as O
reporting O
scope O
1 O
and O
2 O
emissions O
in O
its O
SEC O
filings O
, O
while O
its B-Cause
2016 I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
Food I-Cause
Principles I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
purchasing I-Cause
guidelines I-Cause
help O
to O
alleviate B-Effect
ESG I-Effect
concerns I-Effect
in I-Effect
the I-Effect
supply I-Effect
chain I-Effect
. O

That O
said O
, O
since O
sales B-Cause
and I-Cause
marketing I-Cause
expenses I-Cause
are I-Cause
typically I-Cause
the I-Cause
largest I-Cause
cost I-Cause
for I-Cause
software I-Cause
companies I-Cause
, O
we O
believe O
margins B-Effect
can I-Effect
expand I-Effect
significantly I-Effect
as I-Effect
the I-Effect
company I-Effect
continues I-Effect
to I-Effect
scale I-Effect
. O

IUD B-Cause
usage I-Cause
rate I-Cause
to I-Cause
mirror I-Cause
the I-Cause
rate I-Cause
in I-Cause
other I-Cause
developed I-Cause
countries I-Cause
, O
leading O
to O
market B-Effect
saturation I-Effect
and I-Effect
a I-Effect
slowdown I-Effect
in I-Effect
segment I-Effect
revenue I-Effect
growth I-Effect
. O

Overall O
, O
unlike B-Cause
North I-Cause
America I-Cause
, I-Cause
where I-Cause
a I-Cause
vibrant I-Cause
entrepreneurial I-Cause
sector I-Cause
provides I-Cause
steep I-Cause
competition I-Cause
in I-Cause
many I-Cause
products I-Cause
, I-Cause
the I-Cause
international I-Cause
market I-Cause
is I-Cause
much I-Cause
more I-Cause
oligopolistic I-Cause
, I-Cause
as I-Cause
few I-Cause
companies I-Cause
can I-Cause
maintain I-Cause
a I-Cause
viable I-Cause
level I-Cause
of I-Cause
scale I-Cause
across I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
markets. O
As O
such O
, O
we B-Effect
have I-Effect
more I-Effect
confidence I-Effect
in I-Effect
Halliburton I-Effect
's I-Effect
ability I-Effect
to I-Effect
maintain I-Effect
economic I-Effect
profit I-Effect
generation I-Effect
in I-Effect
this I-Effect
subsegment I-Effect
than I-Effect
in I-Effect
any I-Effect
other I-Effect
portion I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

However O
, O
the B-Cause
company I-Cause
instigated I-Cause
a I-Cause
number I-Cause
of I-Cause
changes I-Cause
over I-Cause
2014 I-Cause
to I-Cause
2015 I-Cause
that O
have O
helped O
restore B-Effect
both I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
and I-Effect
our I-Effect
forecasts I-Effect
. O

As O
the B-Cause
cereal I-Cause
category I-Cause
is I-Cause
in I-Cause
secular I-Cause
decline I-Cause
, O
the B-Effect
firm I-Effect
diversified I-Effect
its I-Effect
revenue I-Effect
base I-Effect
by I-Effect
entering I-Effect
the I-Effect
categories I-Effect
that I-Effect
were I-Effect
driving I-Effect
the I-Effect
legacy I-Effect
business I-Effect
' I-Effect
deterioration I-Effect
, O
such O
as O
eggs O
and O
protein-based O
nutritional O
products O
. O

As O
the B-Cause
funding I-Cause
window I-Cause
for I-Cause
meaningful-use I-Cause
payments I-Cause
closed I-Cause
in I-Cause
2015 I-Cause
, O
the B-Effect
electronic I-Effect
medical I-Effect
record I-Effect
market I-Effect
was I-Effect
largely I-Effect
saturated I-Effect
, I-Effect
and I-Effect
growth I-Effect
in I-Effect
the I-Effect
physician I-Effect
segment I-Effect
slowed I-Effect
significantly I-Effect
. O

Key B-Cause
revenue I-Cause
drivers I-Cause
of I-Cause
price I-Cause
, I-Cause
volume I-Cause
, I-Cause
and I-Cause
mix I-Cause
are I-Cause
not I-Cause
disclosed I-Cause
so O
we B-Effect
have I-Effect
made I-Effect
several I-Effect
assumptions I-Effect
to I-Effect
project I-Effect
industry I-Effect
growth I-Effect
. O

Management B-Cause
is I-Cause
squarely I-Cause
focused I-Cause
on I-Cause
gaining I-Cause
market I-Cause
share I-Cause
instead I-Cause
of I-Cause
profitability I-Cause
at I-Cause
this I-Cause
point I-Cause
, I-Cause
and I-Cause
to I-Cause
do I-Cause
so I-Cause
, O
it B-Effect
has I-Effect
invested I-Effect
heavily I-Effect
in I-Effect
supply I-Effect
chain I-Effect
management I-Effect
, I-Effect
integrated I-Effect
warehouse I-Effect
, I-Effect
and I-Effect
delivery I-Effect
services I-Effect
. O

Given O
the B-Cause
immense I-Cause
risk I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
in I-Cause
designing I-Cause
complex I-Cause
products I-Cause
such I-Cause
as I-Cause
bomber I-Cause
aircraft I-Cause
, O
this B-Effect
dynamic I-Effect
frequently I-Effect
works I-Effect
in I-Effect
the I-Effect
contractor I-Effect
's I-Effect
favor I-Effect
. O

We O
think O
that O
all B-Effect
of I-Effect
these I-Effect
diversified I-Effect
Dassault I-Effect
Systemes I-Effect
offerings I-Effect
also I-Effect
exhibit I-Effect
switching I-Effect
costs I-Effect
given O
the B-Cause
significant I-Cause
implementation I-Cause
costs I-Cause
required O
to O
change O
simulation O
providers O
, O
for O
example O
. O

Fortinet B-Effect
is I-Effect
a I-Effect
leading I-Effect
cybersecurity I-Effect
company I-Effect
that O
established O
its O
market O
presence O
by O
selling B-Cause
unified I-Cause
threat I-Cause
management I-Cause
, I-Cause
or I-Cause
UTM I-Cause
, I-Cause
appliances I-Cause
to I-Cause
small I-Cause
and I-Cause
midsize I-Cause
businesses I-Cause
before I-Cause
expanding I-Cause
into I-Cause
the I-Cause
more I-Cause
demanding I-Cause
enterprise I-Cause
, I-Cause
government I-Cause
, I-Cause
and I-Cause
service I-Cause
provider I-Cause
spaces I-Cause
. O

Bank B-Effect
of I-Effect
America I-Effect
's I-Effect
operating I-Effect
efficiency I-Effect
has I-Effect
generally I-Effect
been I-Effect
worse I-Effect
than O
peers O
since O
the O
crisis O
, O
but O
this O
is O
largely O
due O
to O
the B-Cause
outsize I-Cause
fines I-Cause
the I-Cause
bank I-Cause
has I-Cause
received I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
unique I-Cause
integration I-Cause
challenges I-Cause
following I-Cause
the I-Cause
crisis I-Cause
. I-Cause

Target B-Effect
's I-Effect
fourth I-Effect
quarter I-Effect
( I-Effect
20.5 I-Effect
% I-Effect
comparable I-Effect
growth I-Effect
) I-Effect
capped I-Effect
a I-Effect
pandemic-induced I-Effect
sales I-Effect
surge I-Effect
, I-Effect
which I-Effect
should I-Effect
ease I-Effect
starting I-Effect
first I-Effect
quarter I-Effect
( I-Effect
we I-Effect
forecast I-Effect
10 I-Effect
% I-Effect
comparable I-Effect
expansion I-Effect
) I-Effect
as O
the B-Cause
chain I-Cause
laps I-Cause
the I-Cause
stockpiling I-Cause
that I-Cause
began I-Cause
as I-Cause
case I-Cause
counts I-Cause
initially I-Cause
rose I-Cause
. I-Cause

The O
payment O
processing O
industry O
is O
evolving O
, O
and O
while O
the B-Cause
position I-Cause
of I-Cause
the I-Cause
acquirers I-Cause
within I-Cause
the I-Cause
current I-Cause
dominant I-Cause
framework I-Cause
is I-Cause
well I-Cause
established I-Cause
, O
disruption B-Effect
could I-Effect
lessen I-Effect
the I-Effect
profitability I-Effect
the I-Effect
industry I-Effect
can I-Effect
generate I-Effect
or I-Effect
cut I-Effect
the I-Effect
acquirers I-Effect
out I-Effect
altogether I-Effect
. O

Having B-Effect
the I-Effect
ability I-Effect
to I-Effect
bundle I-Effect
fixed-line I-Effect
voice I-Effect
and I-Effect
broadband I-Effect
services I-Effect
with I-Effect
wireless I-Effect
is I-Effect
becoming I-Effect
increasingly I-Effect
important I-Effect
as B-Cause
more I-Cause
customers I-Cause
demand I-Cause
bundles I-Cause
. O

Given B-Cause
that I-Cause
the I-Cause
workflow I-Cause
automation I-Cause
solution I-Cause
touches I-Cause
many I-Cause
areas I-Cause
outside I-Cause
of I-Cause
IT I-Cause
, O
notably O
HR O
and O
customer O
service O
, O
the B-Effect
overall I-Effect
opportunity I-Effect
available I-Effect
to I-Effect
ServiceNow I-Effect
is I-Effect
obviously I-Effect
larger I-Effect
still—we O
believe O
in O
excess O
of O
$ O
150 O
billion O
. O

NiSource B-Cause
completed I-Cause
its I-Cause
separation I-Cause
from I-Cause
Columbia I-Cause
Pipeline I-Cause
Group I-Cause
in I-Cause
2015 O
and O
now B-Effect
derives I-Effect
all I-Effect
of I-Effect
its I-Effect
operating I-Effect
revenue I-Effect
from I-Effect
its I-Effect
regulated I-Effect
electric I-Effect
and I-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
utilities I-Effect
. O

Given O
that O
the O
cash B-Cause
sitting I-Cause
at I-Cause
the I-Cause
holding I-Cause
company I-Cause
accounts I-Cause
for I-Cause
more I-Cause
than I-Cause
half I-Cause
the I-Cause
firm I-Cause
's I-Cause
total I-Cause
market I-Cause
cap I-Cause
and I-Cause
that I-Cause
only I-Cause
a I-Cause
very I-Cause
small I-Cause
amount I-Cause
of I-Cause
debt I-Cause
resides I-Cause
at I-Cause
the I-Cause
holding I-Cause
company I-Cause
level I-Cause
, O
future B-Effect
capital I-Effect
allocation I-Effect
will I-Effect
play I-Effect
a I-Effect
very I-Effect
large I-Effect
role I-Effect
in I-Effect
determining I-Effect
Liberty I-Effect
Global I-Effect
's I-Effect
value I-Effect
. O

However O
, O
we O
expect O
the B-Cause
growth I-Cause
of I-Cause
digital I-Cause
retail I-Cause
to I-Cause
continue I-Cause
to I-Cause
pressure I-Cause
ADS I-Cause
' I-Cause
partners I-Cause
leading O
to O
low B-Effect
levels I-Effect
of I-Effect
credit I-Effect
card I-Effect
receivable I-Effect
growth I-Effect
after I-Effect
the I-Effect
2020 I-Effect
trough I-Effect
. O

In O
its O
core O
North O
America O
unit O
( O
about O
40 O
% O
of O
revenue O
) O
, O
we O
expect O
a B-Effect
mid-single-digit I-Effect
percentage I-Effect
fiscal I-Effect
2021 I-Effect
revenue I-Effect
uptick I-Effect
as O
Valvoline B-Cause
laps I-Cause
the I-Cause
pandemic I-Cause
's I-Cause
sales I-Cause
challenges I-Cause
, I-Cause
particularly I-Cause
as I-Cause
vaccines I-Cause
become I-Cause
widely I-Cause
available I-Cause
in I-Cause
the I-Cause
middle I-Cause
of I-Cause
the I-Cause
calendar I-Cause
year I-Cause
. O

Imperial B-Cause
's I-Cause
diversified I-Cause
operations I-Cause
partially I-Cause
offset O
the B-Effect
impact I-Effect
of I-Effect
oil I-Effect
price I-Effect
volatility I-Effect
and O
, O
coupled O
with O
reduced B-Cause
capital I-Cause
spending I-Cause
, I-Cause
provide I-Cause
ample I-Cause
cash I-Cause
flow I-Cause
to O
maintain B-Effect
the I-Effect
company I-Effect
's I-Effect
financial I-Effect
position I-Effect
and I-Effect
explore I-Effect
growth I-Effect
opportunities I-Effect
, O
luxuries O
that O
pure-play O
peers O
do O
not O
have O
. O

Longer B-Cause
term I-Cause
, I-Cause
persistently I-Cause
intense I-Cause
competition I-Cause
, I-Cause
mutable I-Cause
customer I-Cause
tastes I-Cause
, I-Cause
and I-Cause
low- I-Cause
to I-Cause
middle-income I-Cause
shoppers I-Cause
' I-Cause
tenuous I-Cause
financial I-Cause
situation I-Cause
constitute O
the O
most B-Effect
significant I-Effect
threats I-Effect
to I-Effect
our I-Effect
outlook I-Effect
. I-Effect

Although O
lower O
prices O
hurt O
gross O
profit O
margins O
, O
volume B-Cause
gains I-Cause
, I-Cause
especially I-Cause
among I-Cause
higher-margin I-Cause
spot I-Cause
buys I-Cause
and I-Cause
midsize I-Cause
accounts I-Cause
, O
have O
offset B-Cause
price I-Cause
reductions I-Cause
and O
helped O
the B-Effect
company I-Effect
meet I-Effect
its I-Effect
12 I-Effect
% I-Effect
to I-Effect
13 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
goal I-Effect
by I-Effect
2019 I-Effect
( I-Effect
12.1 I-Effect
% I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

The B-Effect
travel I-Effect
industry I-Effect
is I-Effect
cyclical I-Effect
and O
affected O
by O
changes B-Cause
in I-Cause
economic I-Cause
growth I-Cause
, I-Cause
terror I-Cause
attacks I-Cause
, I-Cause
and I-Cause
illness I-Cause
outbreaks I-Cause
like I-Cause
COVID-19 I-Cause
. O

We O
also O
forecast O
capital B-Effect
spending I-Effect
to I-Effect
continue I-Effect
declining I-Effect
as O
small-cell B-Cause
deployments I-Cause
rely I-Cause
less I-Cause
on I-Cause
initial I-Cause
fiber I-Cause
build-outs I-Cause
and I-Cause
can I-Cause
more I-Cause
frequently I-Cause
co-locate I-Cause
on I-Cause
existing I-Cause
fiber I-Cause
. O

With O
Wells B-Cause
Fargo I-Cause
's I-Cause
tech I-Cause
budget I-Cause
of I-Cause
roughly I-Cause
$ I-Cause
9 I-Cause
billion I-Cause
per I-Cause
year I-Cause
, O
the B-Effect
bank I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
maintain I-Effect
higher I-Effect
levels I-Effect
of I-Effect
investment I-Effect
while I-Effect
maintaining I-Effect
similar I-Effect
levels I-Effect
of I-Effect
efficiency I-Effect
. O

We O
believe O
that O
Tractor B-Cause
Supply I-Cause
has I-Cause
reached I-Cause
critical I-Cause
mass I-Cause
in I-Cause
its I-Cause
consumer I-Cause
segment I-Cause
, O
which O
should O
facilitate B-Effect
consistent I-Effect
profit I-Effect
expansion I-Effect
helped I-Effect
by I-Effect
corporate I-Effect
development I-Effect
across I-Effect
arenas I-Effect
, O
including O
utilizing O
better O
customer O
attribution O
data O
, O
improved O
bargaining O
with O
vendors O
, O
and O
more O
sophisticated O
logistics O
. O

Our B-Effect
estimated I-Effect
compound I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
around I-Effect
2 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
is O
driven O
by O
strong B-Cause
growth I-Cause
in I-Cause
assets I-Cause
under I-Cause
management I-Cause
from I-Cause
bullish I-Cause
markets I-Cause
and I-Cause
solid I-Cause
net I-Cause
new I-Cause
money I-Cause
inflows I-Cause
especially I-Cause
from I-Cause
Credit I-Cause
Suisse I-Cause
's I-Cause
Asian I-Cause
operations I-Cause
. O

Now O
that O
Otis O
is O
a O
stand-alone O
company O
and O
will O
be O
able O
to O
control O
its O
own O
resources O
, O
we O
expect O
margin B-Effect
stabilization I-Effect
and I-Effect
further I-Effect
expansion I-Effect
thanks O
to O
increased B-Cause
investments I-Cause
during I-Cause
its I-Cause
last I-Cause
years I-Cause
at I-Cause
United I-Cause
Technologies I-Cause
and I-Cause
further I-Cause
investments I-Cause
in I-Cause
the I-Cause
years I-Cause
to I-Cause
come I-Cause
. O

This O
is O
due O
to O
our O
view O
that O
global B-Effect
corporate I-Effect
air I-Effect
travel I-Effect
volumes I-Effect
will I-Effect
not I-Effect
rebound I-Effect
fully I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
until I-Effect
2026 I-Effect
, I-Effect
versus I-Effect
2024 I-Effect
for I-Effect
leisure I-Effect
, O
as O
some B-Cause
sustained I-Cause
use I-Cause
of I-Cause
video I-Cause
conferencing I-Cause
displaces I-Cause
business I-Cause
trips I-Cause
. O

We O
forecast O
a B-Effect
41 I-Effect
% I-Effect
five-year I-Effect
sales I-Effect
CAGR I-Effect
driven O
by O
a B-Cause
prolifically I-Cause
expanding I-Cause
customer I-Cause
base I-Cause
, O
larger B-Cause
deal I-Cause
sizes I-Cause
, O
and O
resilient B-Cause
retention I-Cause
rates I-Cause
. O

The O
food O
safety O
industry O
is O
experiencing O
headwinds B-Cause
from I-Cause
greater I-Cause
regulation I-Cause
and I-Cause
emerging I-Cause
market I-Cause
growth I-Cause
, O
and O
this O
could O
entice B-Cause
new I-Cause
competitors I-Cause
to I-Cause
enter I-Cause
the I-Cause
space I-Cause
, O
putting B-Effect
Neogen I-Effect
's I-Effect
market I-Effect
position I-Effect
at I-Effect
risk I-Effect
. O

With O
the B-Cause
ability I-Cause
to I-Cause
benefit I-Cause
from I-Cause
technological I-Cause
efficiencies I-Cause
realized I-Cause
across I-Cause
the I-Cause
Santander I-Cause
Group I-Cause
ecosystem I-Cause
, O
Banco B-Effect
Santander I-Effect
Chile I-Effect
retains I-Effect
an I-Effect
important I-Effect
advantage I-Effect
over I-Effect
local I-Effect
peers I-Effect
, I-Effect
and I-Effect
one I-Effect
that I-Effect
has I-Effect
seen I-Effect
it I-Effect
operate I-Effect
through I-Effect
the I-Effect
cycle I-Effect
as I-Effect
the I-Effect
most I-Effect
efficient I-Effect
bank I-Effect
in I-Effect
the I-Effect
country I-Effect
. O

With O
fee B-Cause
compression I-Cause
( I-Cause
and I-Cause
fee I-Cause
waivers I-Cause
for I-Cause
money I-Cause
market I-Cause
funds I-Cause
) I-Cause
expected I-Cause
to I-Cause
be I-Cause
an I-Cause
ongoing I-Cause
issue I-Cause
for I-Cause
the I-Cause
U.S.-based I-Cause
active I-Cause
asset I-Cause
managers I-Cause
, O
we O
envision O
Federated B-Effect
generating I-Effect
low- I-Effect
to I-Effect
mid-single-digit I-Effect
top-line I-Effect
growth I-Effect
on I-Effect
average I-Effect
annually I-Effect
, I-Effect
with I-Effect
our I-Effect
forecast I-Effect
calling I-Effect
for I-Effect
a I-Effect
3.0 I-Effect
% I-Effect
CAGR I-Effect
for I-Effect
revenue I-Effect
during I-Effect
2021-25 I-Effect
. O

However O
, O
the B-Effect
company I-Effect
reported I-Effect
a I-Effect
blowout I-Effect
first I-Effect
half I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
as O
it B-Cause
is I-Cause
riding I-Cause
the I-Cause
tailwinds I-Cause
of I-Cause
5G I-Cause
smartphone I-Cause
adoption I-Cause
. O

Recent B-Cause
strategic I-Cause
pivots I-Cause
within I-Cause
the I-Cause
energy I-Cause
category I-Cause
( O
such O
as O
the O
acquisition O
of O
Rockstar O
and O
Mountain O
Dew O
line O
extensions O
) O
should O
also O
underpin B-Effect
growth I-Effect
and I-Effect
margins I-Effect
. O

Similarly O
, O
engineers B-Effect
loathe I-Effect
to I-Effect
swap I-Effect
out I-Effect
an I-Effect
analog I-Effect
or I-Effect
MCU I-Effect
from I-Effect
an I-Effect
existing I-Effect
design I-Effect
( O
again O
, O
only O
to O
save O
a O
few O
pennies O
on O
cost O
) O
because O
of O
the B-Cause
onerous I-Cause
re-design I-Cause
and I-Cause
re-testing I-Cause
costs I-Cause
associated I-Cause
with I-Cause
the I-Cause
switch I-Cause
. O

The O
bank O
was O
previously O
quite O
exposed O
to O
commercial O
real O
estate O
as O
well O
as O
oil O
and O
gas O
, O
but O
in O
response O
it O
hired O
a O
new O
chief O
risk O
officer O
and O
reduced B-Effect
the I-Effect
risk I-Effect
in I-Effect
its I-Effect
loan I-Effect
portfolio I-Effect
by O
diversifying B-Cause
away I-Cause
from I-Cause
these I-Cause
types I-Cause
of I-Cause
loans I-Cause
. O

Such O
a O
social O
commerce O
platform O
could O
help O
advertisers O
to O
not O
only O
introduce O
brands O
or O
new O
products O
to O
the O
nearly O
quarter O
of O
a O
billion O
pinners O
, O
but O
to O
also O
target B-Effect
various I-Effect
groups I-Effect
with O
specific B-Cause
products I-Cause
for I-Cause
immediate I-Cause
purchase I-Cause
on I-Cause
the I-Cause
app I-Cause
. O

We B-Effect
are I-Effect
lowering I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
210 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
225 I-Effect
as O
we B-Cause
take I-Cause
a I-Cause
fresh I-Cause
look I-Cause
at I-Cause
the I-Cause
company I-Cause
following I-Cause
its I-Cause
first I-Cause
full I-Cause
quarter I-Cause
of I-Cause
earnings I-Cause
after I-Cause
the I-Cause
Livongo I-Cause
acquisition I-Cause
. O

Truist B-Cause
does I-Cause
have I-Cause
credit I-Cause
card I-Cause
services I-Cause
as I-Cause
well I-Cause
as I-Cause
trust I-Cause
and I-Cause
wealth I-Cause
management I-Cause
, I-Cause
investment I-Cause
banking I-Cause
, I-Cause
and I-Cause
insurance I-Cause
operations I-Cause
, O
all B-Effect
helping I-Effect
to I-Effect
increase I-Effect
the I-Effect
number I-Effect
of I-Effect
services I-Effect
it I-Effect
can I-Effect
provide I-Effect
for I-Effect
each I-Effect
client I-Effect
. O

Near-term B-Cause
risks I-Cause
center I-Cause
on I-Cause
the I-Cause
pandemic I-Cause
, O
which O
led O
Five B-Effect
Below I-Effect
to I-Effect
close I-Effect
its I-Effect
stores I-Effect
in I-Effect
March I-Effect
( I-Effect
nearly I-Effect
all I-Effect
stores I-Effect
reopened I-Effect
by I-Effect
June I-Effect
30 I-Effect
) I-Effect
. O

Vontier B-Cause
is I-Cause
led I-Cause
by I-Cause
an I-Cause
experienced I-Cause
management I-Cause
team I-Cause
that I-Cause
is I-Cause
well I-Cause
versed I-Cause
in I-Cause
the I-Cause
Danaher I-Cause
playbook I-Cause
, O
and O
we O
believe O
that O
it B-Effect
will I-Effect
continue I-Effect
to I-Effect
drive I-Effect
profitable I-Effect
growth I-Effect
by O
successfully O
implementing O
the O
Vontier O
Business O
System O
. O

We O
are O
modeling O
a B-Effect
large I-Effect
increase I-Effect
in I-Effect
credit I-Effect
costs I-Effect
in I-Effect
2020 I-Effect
and I-Effect
in I-Effect
2021 I-Effect
due O
to O
the B-Cause
COVID-19-driven I-Cause
recession I-Cause
. O

While O
supply-restricted B-Cause
markets I-Cause
should O
be O
able O
to O
maintain B-Effect
rent I-Effect
increases I-Effect
, O
we O
expect O
rental O
growth O
to O
be O
slower O
than O
recent O
levels O
in O
most O
markets O
. O

We B-Effect
assume I-Effect
a I-Effect
7.5 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
, I-Effect
lower I-Effect
than I-Effect
the I-Effect
9 I-Effect
% I-Effect
rate I-Effect
of I-Effect
return I-Effect
we I-Effect
expect I-Effect
investors I-Effect
will I-Effect
demand I-Effect
of I-Effect
a I-Effect
diversified I-Effect
equity I-Effect
portfolio I-Effect
because O
of O
Atmos B-Cause
' I-Cause
lower I-Cause
sensitivity I-Cause
to I-Cause
the I-Cause
economic I-Cause
cycle I-Cause
and I-Cause
low I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
. O

In O
the O
mobile O
payment O
segment O
, O
as O
WeChat B-Cause
's I-Cause
user I-Cause
base I-Cause
expands I-Cause
, O
more B-Effect
users I-Effect
will I-Effect
adopt I-Effect
WeChat I-Effect
Pay I-Effect
, I-Effect
which I-Effect
is I-Effect
embedded I-Effect
in I-Effect
WeChat I-Effect
, I-Effect
and I-Effect
in I-Effect
turn I-Effect
, I-Effect
more I-Effect
merchants I-Effect
will I-Effect
accept I-Effect
WeChat I-Effect
Pay I-Effect
. O

In B-Cause
order I-Cause
to I-Cause
diversify I-Cause
its I-Cause
revenue I-Cause
stream I-Cause
, O
Posco B-Effect
has I-Effect
branched I-Effect
out I-Effect
into I-Effect
various I-Effect
businesses I-Effect
, O
with O
the O
trading O
division O
being O
one O
of O
its O
main O
divisions O
beside O
steel O
. O

This B-Effect
makes I-Effect
Celanese I-Effect
a I-Effect
preferred I-Effect
supplier I-Effect
for I-Effect
generic I-Effect
medical I-Effect
device I-Effect
producers I-Effect
as O
using B-Cause
inputs I-Cause
that I-Cause
have I-Cause
already I-Cause
received I-Cause
regulatory I-Cause
clearance I-Cause
reduces I-Cause
regulatory I-Cause
risk I-Cause
for I-Cause
the I-Cause
generic I-Cause
producer I-Cause
. O

Though O
we O
are O
concerned O
that O
rating B-Cause
agencies I-Cause
could I-Cause
become I-Cause
complacent I-Cause
and O
fall B-Effect
into I-Effect
the I-Effect
same I-Effect
bad I-Effect
habits I-Effect
that O
contributed O
to O
the B-Effect
2008 I-Effect
crisis I-Effect
, O
we O
have O
no O
reason O
to O
believe O
that O
Moody O
's O
is O
on O
the O
same O
path O
to O
repeating O
these O
mistakes O
. O

Our O
top-line O
growth O
estimates O
land O
at O
top O
end O
of O
management O
's O
outlook O
for O
$ O
4.0 O
billion O
to O
$ O
4.5 O
billion O
in O
revenue O
by O
2025 O
, O
but O
we O
still O
think O
there B-Effect
could I-Effect
be I-Effect
upside I-Effect
, O
especially O
as O
Dexcom B-Cause
penetrates I-Cause
the I-Cause
larger I-Cause
Type I-Cause
2 I-Cause
market I-Cause
. O

Failure B-Cause
to I-Cause
gain I-Cause
recovery I-Cause
of I-Cause
and I-Cause
a I-Cause
return I-Cause
on I-Cause
costs I-Cause
could I-Cause
stress I-Cause
the I-Cause
unit I-Cause
's I-Cause
balance I-Cause
sheet O
, O
making O
it B-Effect
more I-Effect
difficult I-Effect
and I-Effect
costly I-Effect
to I-Effect
fund I-Effect
significant I-Effect
growth I-Effect
investments I-Effect
in I-Effect
the I-Effect
area I-Effect
. O

To O
reduce B-Cause
the I-Cause
financial I-Cause
burden I-Cause
of I-Cause
its I-Cause
distributors I-Cause
and I-Cause
better I-Cause
understand I-Cause
the I-Cause
trend I-Cause
in I-Cause
market I-Cause
demand I-Cause
for I-Cause
its I-Cause
machinery I-Cause
so O
that O
Komatsu B-Effect
can I-Effect
adapt I-Effect
to I-Effect
changes I-Effect
in I-Effect
a I-Effect
more I-Effect
timely I-Effect
manner I-Effect
, O
it B-Cause
launched I-Cause
a I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
zero I-Cause
inventory I-Cause
campaign I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
which I-Cause
is I-Cause
ongoing I-Cause
. O

We O
expect O
race B-Effect
promotion I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
by I-Effect
5 I-Effect
% I-Effect
annually I-Effect
as O
the B-Cause
push I-Cause
back I-Cause
against I-Cause
the I-Cause
fee I-Cause
growth I-Cause
from I-Cause
promoters I-Cause
for I-Cause
established I-Cause
races I-Cause
will I-Cause
be I-Cause
more I-Cause
than I-Cause
offset I-Cause
by I-Cause
the I-Cause
growth I-Cause
in I-Cause
flyaway I-Cause
races I-Cause
and I-Cause
addition I-Cause
of I-Cause
more I-Cause
races I-Cause
. O

That O
said O
, O
we O
still O
expect O
some B-Effect
uncertainty I-Effect
as O
the B-Cause
firm I-Cause
is I-Cause
still I-Cause
a I-Cause
major I-Cause
supplier I-Cause
into I-Cause
the I-Cause
extremely I-Cause
competitive I-Cause
smartphone I-Cause
market I-Cause
, O
Synaptics B-Effect
is I-Effect
buffeted I-Effect
by O
the B-Cause
design I-Cause
ambitions I-Cause
of I-Cause
its I-Cause
OEM I-Cause
customers I-Cause
and I-Cause
pricing I-Cause
pressure I-Cause
from I-Cause
competitors I-Cause
. O

As O
technology B-Cause
improves I-Cause
, O
more B-Effect
consumers I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
download I-Effect
content I-Effect
quickly I-Effect
via I-Effect
the I-Effect
web I-Effect
and I-Effect
play I-Effect
it I-Effect
on I-Effect
their I-Effect
televisions I-Effect
or I-Effect
alternative I-Effect
devices I-Effect
. O

Long O
term O
, O
we O
expect B-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
7 I-Effect
% I-Effect
-8 I-Effect
% I-Effect
, I-Effect
as O
a O
budding B-Cause
middle I-Cause
class I-Cause
is I-Cause
steadily I-Cause
driving I-Cause
higher I-Cause
per I-Cause
capita I-Cause
consumption I-Cause
of I-Cause
beauty I-Cause
products I-Cause
across O
the O
globe O
. O

While O
the O
brand O
has O
suffered O
from O
underinvestment O
the O
past O
few O
years O
, O
we O
think O
Hormel B-Cause
will I-Cause
funnel I-Cause
additional I-Cause
resources I-Cause
to O
enhance B-Effect
its I-Effect
product I-Effect
innovation I-Effect
and I-Effect
marketing I-Effect
. O

In O
2020 O
, O
the O
firm O
invested O
in O
Kylie O
and O
KKW O
beauty O
brands O
, O
founded O
by O
celebrities O
Kylie O
Jenner O
and O
Kim O
Kardashian O
West O
, O
but O
we O
think O
it B-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
build I-Effect
sustainable I-Effect
brand I-Effect
equities I-Effect
as O
celebrity B-Cause
popularity I-Cause
tends I-Cause
to I-Cause
ebb I-Cause
and I-Cause
flow I-Cause
. O

Our O
production O
forecast O
for O
2020 O
is O
121 O
mboe/d O
, O
which O
translates O
to O
a B-Effect
year-over-year I-Effect
decline I-Effect
due O
to O
less B-Cause
drilling I-Cause
and I-Cause
recent I-Cause
asset I-Cause
sales I-Cause
. O

Edison B-Cause
's I-Cause
infrastructure I-Cause
investments I-Cause
to I-Cause
support I-Cause
these I-Cause
policies I-Cause
result O
in O
limited B-Effect
pushback I-Effect
from I-Effect
regulators I-Effect
, O
helping B-Effect
to I-Effect
strengthen I-Effect
earned I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

Shell B-Effect
's I-Effect
profits I-Effect
and I-Effect
cash I-Effect
flow I-Effect
are O
largely O
tied O
to O
oil O
and O
gas O
production O
and O
would O
suffer O
as O
a O
result O
of O
any B-Cause
material I-Cause
fall I-Cause
in I-Cause
pricing I-Cause
. O

Because O
of O
this B-Cause
dynamic I-Cause
, I-Cause
along I-Cause
with I-Cause
traces I-Cause
of I-Cause
intangible I-Cause
assets I-Cause
stemming I-Cause
from I-Cause
the I-Cause
stringent I-Cause
regulatory I-Cause
oversight I-Cause
governing I-Cause
the I-Cause
transportation I-Cause
process I-Cause
, O
Balchem B-Effect
almost I-Effect
always I-Effect
serves I-Effect
as I-Effect
the I-Effect
sole I-Effect
onsite I-Effect
provider I-Effect
for I-Effect
its I-Effect
customers I-Effect
. O

The B-Cause
capacity I-Cause
assigned I-Cause
to I-Cause
resolve I-Cause
the I-Cause
Trent I-Cause
1000 I-Cause
problems I-Cause
may O
have O
spill-over B-Effect
effects I-Effect
and I-Effect
impact I-Effect
the I-Effect
successful I-Effect
delivery I-Effect
and I-Effect
service I-Effect
obligations I-Effect
of I-Effect
other I-Effect
engine I-Effect
programs I-Effect
. O

Additionally O
, O
we O
believe O
the B-Effect
management I-Effect
team I-Effect
will I-Effect
look I-Effect
to I-Effect
reduce I-Effect
the I-Effect
company I-Effect
's I-Effect
cost I-Effect
structure I-Effect
, O
as B-Cause
some I-Cause
markets I-Cause
have I-Cause
matured I-Cause
, O
providing B-Effect
an I-Effect
opportunity I-Effect
to I-Effect
rethink I-Effect
its I-Effect
footprint I-Effect
and I-Effect
create I-Effect
a I-Effect
leaner I-Effect
organization I-Effect
. O

We O
believe O
switching B-Cause
costs I-Cause
have O
enabled O
Citrix O
to O
generate B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
historically O
, O
and O
we O
believe O
such O
excess O
returns O
will O
continue O
over O
the O
next O
decade O
. O

Its B-Cause
disciplined I-Cause
acquisition I-Cause
strategy I-Cause
has O
kept B-Cause
returns I-Cause
above I-Cause
its I-Cause
cost I-Cause
of I-Cause
capital I-Cause
and I-Cause
strengthened I-Cause
its I-Cause
core I-Cause
competencies I-Cause
, O
making B-Effect
it I-Effect
the I-Effect
closest I-Effect
pure I-Effect
play I-Effect
in I-Effect
the I-Effect
late-stage I-Effect
CRO I-Effect
industry I-Effect
. O

As O
Ingersoll-Rand B-Cause
's I-Cause
products I-Cause
perform I-Cause
a I-Cause
critical I-Cause
function I-Cause
and I-Cause
are I-Cause
closely I-Cause
integrated I-Cause
within I-Cause
a I-Cause
customer I-Cause
's I-Cause
production I-Cause
process I-Cause
, I-Cause
customers I-Cause
tend I-Cause
to I-Cause
replace I-Cause
components I-Cause
like-for-like. O
Therefore O
, O
the B-Effect
firm I-Effect
's I-Effect
large I-Effect
installed I-Effect
base I-Effect
of I-Effect
equipment I-Effect
generates I-Effect
a I-Effect
relatively I-Effect
steady I-Effect
stream I-Effect
of I-Effect
recurring I-Effect
service I-Effect
and I-Effect
aftermarket I-Effect
revenue I-Effect
, I-Effect
which I-Effect
we I-Effect
estimate I-Effect
accounts I-Effect
for I-Effect
roughly I-Effect
40 I-Effect
% I-Effect
of I-Effect
the I-Effect
combined I-Effect
company I-Effect
's I-Effect
sales I-Effect
following I-Effect
the I-Effect
merger I-Effect
. O

With O
Pioneer B-Cause
already I-Cause
a I-Cause
major I-Cause
Permian I-Cause
landholder I-Cause
, O
it B-Effect
had I-Effect
a I-Effect
head I-Effect
start I-Effect
when I-Effect
the I-Effect
industry I-Effect
finally I-Effect
started I-Effect
recognizing I-Effect
the I-Effect
basin I-Effect
's I-Effect
full I-Effect
horizontal I-Effect
drilling I-Effect
potential I-Effect
. O

For B-Effect
2021 I-Effect
, I-Effect
we I-Effect
expect I-Effect
gross I-Effect
revenue I-Effect
to I-Effect
surge I-Effect
roughly I-Effect
6 I-Effect
% I-Effect
as O
heavy B-Cause
retailer I-Cause
restocking I-Cause
drives I-Cause
strong I-Cause
demand I-Cause
across I-Cause
all I-Cause
segments I-Cause
throughout I-Cause
the I-Cause
first I-Cause
half I-Cause
and I-Cause
intermodal I-Cause
network I-Cause
inefficiencies I-Cause
subside I-Cause
. O

Regulatory B-Effect
changes I-Effect
could I-Effect
limit I-Effect
TransUnion I-Effect
's I-Effect
ability I-Effect
to I-Effect
monetize I-Effect
its I-Effect
database I-Effect
or I-Effect
increase I-Effect
its I-Effect
costs I-Effect
, I-Effect
and I-Effect
the I-Effect
risk I-Effect
on I-Effect
this I-Effect
front I-Effect
domestically I-Effect
is I-Effect
likely I-Effect
raised I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
because O
of O
the B-Cause
high-profile I-Cause
breach I-Cause
at I-Cause
peer I-Cause
Equifax I-Cause
. O

We O
believe O
CenterPoint B-Effect
will I-Effect
be I-Effect
well I-Effect
positioned I-Effect
to I-Effect
manage I-Effect
its I-Effect
ESG I-Effect
risk I-Effect
, O
primarily O
from O
greenhouse O
gas O
emissions O
, O
with O
the B-Cause
divestiture I-Cause
of I-Cause
its I-Cause
midstream I-Cause
investment I-Cause
. O

If B-Cause
Quest I-Cause
can I-Cause
not I-Cause
consistently I-Cause
eke I-Cause
out I-Cause
operating I-Cause
efficiencies I-Cause
, O
then O
the B-Effect
firm I-Effect
could I-Effect
see I-Effect
its I-Effect
profitability I-Effect
buckle I-Effect
under I-Effect
more I-Effect
pressure I-Effect
from I-Effect
payers I-Effect
. O

The B-Effect
consolidation I-Effect
of I-Effect
Mead I-Effect
Johnson I-Effect
should I-Effect
further I-Effect
enhance I-Effect
this I-Effect
profile I-Effect
, O
as O
Mead B-Cause
scored I-Cause
top I-Cause
of I-Cause
the I-Cause
pile I-Cause
on I-Cause
the I-Cause
pricing I-Cause
power I-Cause
metrics I-Cause
within I-Cause
the I-Cause
packaged-food I-Cause
category I-Cause
. O

In O
our O
opinion O
, O
with B-Cause
a I-Cause
15-year I-Cause
median I-Cause
EBITDA I-Cause
margin I-Cause
of I-Cause
26.2 I-Cause
% I-Cause
and I-Cause
no I-Cause
incremental I-Cause
brick I-Cause
and I-Cause
mortar I-Cause
needed I-Cause
for I-Cause
targeted I-Cause
volume I-Cause
, O
contribution B-Effect
margin I-Effect
on I-Effect
incremental I-Effect
units I-Effect
should I-Effect
be I-Effect
substantially I-Effect
greater I-Effect
than I-Effect
40 I-Effect
% I-Effect
. O

Cyclical O
downturns O
in O
demand O
compress O
profitability O
because O
excess B-Cause
capacity I-Cause
normally O
drives B-Effect
providers I-Effect
to I-Effect
slash I-Effect
rates I-Effect
in O
an O
attempt O
to O
salvage O
asset O
utilization O
. O

Dexcom B-Effect
just I-Effect
turned I-Effect
the I-Effect
corner I-Effect
and I-Effect
crossed I-Effect
into I-Effect
the I-Effect
black I-Effect
in I-Effect
2019 I-Effect
, O
after O
years B-Cause
of I-Cause
fast I-Cause
growth I-Cause
and I-Cause
subscale I-Cause
operations I-Cause
. O

Last B-Effect
year I-Effect
was I-Effect
a I-Effect
terrible I-Effect
one I-Effect
for I-Effect
the I-Effect
company I-Effect
( O
sales O
down O
28 O
% O
and O
an O
adjusted O
EPS O
loss O
of O
$ O
1.97 O
) O
as O
it B-Cause
suffered I-Cause
virus-related I-Cause
disruptions I-Cause
in I-Cause
all I-Cause
regions I-Cause
. O

We O
opine O
that O
IT B-Cause
teams I-Cause
have I-Cause
morphed I-Cause
their I-Cause
networks I-Cause
alongside I-Cause
F5 I-Cause
's I-Cause
product I-Cause
releases I-Cause
to O
stay B-Effect
ahead I-Effect
of I-Effect
the I-Effect
latest I-Effect
traffic I-Effect
technology I-Effect
for I-Effect
applications I-Effect
, I-Effect
data I-Effect
centers I-Effect
, I-Effect
and I-Effect
multi-cloud I-Effect
environments I-Effect
. O

Five B-Effect
Below I-Effect
's I-Effect
buyer I-Effect
base I-Effect
is I-Effect
also I-Effect
not I-Effect
conducive I-Effect
to I-Effect
long-term I-Effect
loyalty I-Effect
as O
the B-Cause
store I-Cause
's I-Cause
assortment I-Cause
is I-Cause
targeted I-Cause
; O
we O
expect O
the B-Effect
chain I-Effect
will I-Effect
have I-Effect
to I-Effect
invest I-Effect
to I-Effect
replenish I-Effect
its I-Effect
shopper I-Effect
set I-Effect
as O
teenaged B-Cause
customers I-Cause
age I-Cause
. O

As O
most B-Cause
watch I-Cause
manufacturing I-Cause
is I-Cause
carried I-Cause
out I-Cause
in I-Cause
Switzerland I-Cause
and I-Cause
the I-Cause
majority I-Cause
of I-Cause
sales I-Cause
occur I-Cause
abroad I-Cause
, O
the B-Effect
Swiss I-Effect
watch I-Effect
industry I-Effect
has I-Effect
been I-Effect
suffering I-Effect
from I-Effect
a I-Effect
strengthening I-Effect
Swiss I-Effect
franc I-Effect
for I-Effect
years I-Effect
. O

The B-Cause
restaurant I-Cause
industry I-Cause
is I-Cause
intensely I-Cause
competitive I-Cause
, I-Cause
with I-Cause
nonexistent I-Cause
switching I-Cause
costs I-Cause
and I-Cause
constantly I-Cause
evolving I-Cause
customer I-Cause
demands I-Cause
rendering O
it B-Effect
difficult I-Effect
for I-Effect
operators I-Effect
to I-Effect
carve I-Effect
out I-Effect
sustainable I-Effect
competitive I-Effect
advantages I-Effect
. O

We O
believe O
Arista B-Cause
can I-Cause
leverage I-Cause
existing I-Cause
R I-Cause
& I-Cause
D I-Cause
work I-Cause
to I-Cause
lower I-Cause
new I-Cause
design I-Cause
costs I-Cause
, O
and O
expect O
these B-Effect
expenses I-Effect
to I-Effect
be I-Effect
in I-Effect
the I-Effect
high I-Effect
teens I-Effect
range I-Effect
, I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
. O

We O
forecast O
a B-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
growth I-Effect
of I-Effect
4 I-Effect
% I-Effect
, O
as O
we O
expect O
that O
all-flash B-Cause
arrays I-Cause
, I-Cause
cloud I-Cause
storage I-Cause
, I-Cause
and I-Cause
hyperconverged I-Cause
infrastructure I-Cause
product I-Cause
adoption I-Cause
trends I-Cause
will I-Cause
spur I-Cause
short-term I-Cause
growth I-Cause
, O
but O
for O
those B-Effect
catalysts I-Effect
to I-Effect
slow I-Effect
as O
the B-Cause
technologies I-Cause
become I-Cause
commonplace I-Cause
. O

Millicom B-Cause
's I-Cause
focus I-Cause
on I-Cause
smaller I-Cause
countries I-Cause
and I-Cause
its I-Cause
long I-Cause
history I-Cause
in I-Cause
many I-Cause
of I-Cause
these I-Cause
markets I-Cause
has I-Cause
produced I-Cause
dominant I-Cause
wireless I-Cause
market I-Cause
share I-Cause
, O
providing O
a B-Cause
solid I-Cause
competitive I-Cause
position I-Cause
and I-Cause
a I-Cause
platform I-Cause
to I-Cause
expand I-Cause
its I-Cause
networks I-Cause
to I-Cause
capitalize B-Effect
on I-Effect
rising I-Effect
Internet I-Effect
adoption I-Effect
across I-Effect
Latin I-Effect
America I-Effect
. O

However O
, O
IBA B-Cause
lacks I-Cause
the I-Cause
deep I-Cause
pockets I-Cause
of I-Cause
Varian I-Cause
, O
and O
protons B-Effect
require I-Effect
significant I-Effect
ongoing I-Effect
investment I-Effect
in I-Effect
both I-Effect
the I-Effect
technology I-Effect
and I-Effect
clinical I-Effect
data I-Effect
. O

RevPAR B-Effect
grew I-Effect
around I-Effect
5 I-Effect
% I-Effect
between O
2011 O
and O
2015 O
through O
a B-Cause
combination I-Cause
of I-Cause
occupancy I-Cause
and I-Cause
rate I-Cause
growth I-Cause
, O
but O
as O
occupancy O
leveled O
off O
in O
2016 O
, O
average O
rate O
growth O
slowed O
for O
the O
total O
U.S O
. O

There B-Effect
are I-Effect
indirect I-Effect
costs I-Effect
along I-Effect
those I-Effect
same I-Effect
lines I-Effect
, O
mainly O
lost O
productivity O
as O
customers B-Cause
move I-Cause
up I-Cause
a I-Cause
learning I-Cause
curve I-Cause
on I-Cause
the I-Cause
new I-Cause
system I-Cause
and I-Cause
the I-Cause
distraction I-Cause
of I-Cause
users I-Cause
involved I-Cause
the I-Cause
function I-Cause
where I-Cause
the I-Cause
change I-Cause
is I-Cause
occurring I-Cause
. O

Roughly B-Cause
80 I-Cause
% I-Cause
of I-Cause
Roche I-Cause
's I-Cause
pharmaceutical I-Cause
sales I-Cause
are I-Cause
from I-Cause
biologics I-Cause
, I-Cause
which O
has B-Effect
insulated I-Effect
the I-Effect
firm I-Effect
, I-Effect
to I-Effect
some I-Effect
extent I-Effect
, I-Effect
from I-Effect
rapid I-Effect
erosion I-Effect
of I-Effect
its I-Effect
blockbusters I-Effect
. I-Effect

We B-Effect
expect I-Effect
this I-Effect
to I-Effect
increase I-Effect
as O
the B-Cause
cloud I-Cause
transition I-Cause
wraps I-Cause
up I-Cause
and I-Cause
the I-Cause
firm I-Cause
is I-Cause
able I-Cause
to I-Cause
manage I-Cause
certain I-Cause
network I-Cause
carrier I-Cause
costs I-Cause
, O
allowing O
Nice B-Effect
to I-Effect
benefit I-Effect
from I-Effect
scale-based I-Effect
leverage I-Effect
. O

The B-Effect
shift I-Effect
to I-Effect
original I-Effect
scripted I-Effect
content I-Effect
was O
spurred O
on O
by O
the B-Cause
success I-Cause
of I-Cause
shows I-Cause
such O
as O
Mad O
Men O
and O
The O
Walking O
Dead O
. O

The B-Cause
deposit I-Cause
base I-Cause
and I-Cause
related I-Cause
net I-Cause
interest I-Cause
income I-Cause
will O
add O
more B-Effect
stability I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
revenue I-Effect
stream I-Effect
and I-Effect
balance I-Effect
sheet I-Effect
. O

Vast B-Cause
global I-Cause
scale I-Cause
, I-Cause
along I-Cause
with I-Cause
its I-Cause
monopolylike I-Cause
positions I-Cause
in I-Cause
Latin I-Cause
America I-Cause
and I-Cause
Africa I-Cause
give O
AB B-Effect
InBev I-Effect
significant I-Effect
fixed I-Effect
cost I-Effect
leverage I-Effect
and I-Effect
procurement I-Effect
pricing I-Effect
power I-Effect
. O

The O
late O
1990s O
saw O
the B-Cause
entry I-Cause
of I-Cause
direct I-Cause
fibre I-Cause
cement I-Cause
competition I-Cause
, O
with O
patent B-Cause
protection I-Cause
for I-Cause
Hardie I-Cause
's I-Cause
first-generation I-Cause
formulation I-Cause
having I-Cause
ended I-Cause
; O
thus O
, O
the B-Effect
patent I-Effect
portfolio I-Effect
ceased I-Effect
to I-Effect
be I-Effect
the I-Effect
driving I-Effect
source I-Effect
of I-Effect
competitive I-Effect
advantage I-Effect
. O

We B-Effect
continue I-Effect
to I-Effect
expect I-Effect
depressed I-Effect
surgical I-Effect
valve I-Effect
replacement I-Effect
procedures I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
2021 I-Effect
as O
hospitals B-Cause
stretch I-Cause
to I-Cause
accommodate I-Cause
pandemic I-Cause
patients I-Cause
, O
but O
expect B-Effect
severely I-Effect
afflicted I-Effect
heart I-Effect
patients I-Effect
will I-Effect
be I-Effect
among I-Effect
the I-Effect
earlier I-Effect
patients I-Effect
to I-Effect
return I-Effect
for I-Effect
treatment I-Effect
as O
the B-Cause
pandemic I-Cause
recedes I-Cause
. O

We B-Effect
expect I-Effect
continued I-Effect
investment I-Effect
in I-Effect
missile I-Effect
defense I-Effect
, I-Effect
as B-Cause
adversary I-Cause
states I-Cause
are I-Cause
actively I-Cause
developing I-Cause
hypersonic I-Cause
missiles I-Cause
that I-Cause
would I-Cause
penetrate I-Cause
current I-Cause
systems I-Cause
. I-Cause

We O
model O
an O
increase B-Effect
in I-Effect
credit I-Effect
costs I-Effect
in I-Effect
2022 I-Effect
as O
net-charge B-Cause
offs I-Cause
normalize I-Cause
from I-Cause
their I-Cause
surprisingly I-Cause
low I-Cause
levels I-Cause
in I-Cause
2020 I-Cause
and I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
2021 I-Cause
. O

Diverse B-Cause
operating I-Cause
segments I-Cause
coupled I-Cause
with I-Cause
expected I-Cause
new I-Cause
products I-Cause
insulate O
the B-Effect
company I-Effect
more I-Effect
from I-Effect
patent I-Effect
losses I-Effect
relative O
to O
other O
Big O
Pharma O
firms O
. O

However O
, O
the B-Cause
growing I-Cause
popularity I-Cause
of I-Cause
e-commerce I-Cause
has O
amplified B-Effect
price I-Effect
transparency I-Effect
and I-Effect
opened I-Effect
the I-Effect
door I-Effect
for I-Effect
capable I-Effect
Internet-based I-Effect
competition I-Effect
, O
most O
notably O
Amazon O
Business O
. O

The B-Cause
firm I-Cause
has I-Cause
consistently I-Cause
been I-Cause
able I-Cause
to I-Cause
raise I-Cause
prices I-Cause
on I-Cause
its I-Cause
new I-Cause
products I-Cause
, O
which O
we O
view O
as O
further B-Effect
evidence I-Effect
of I-Effect
its I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
its I-Effect
intangible I-Effect
assets I-Effect
and I-Effect
switching I-Effect
costs I-Effect
. O

Google B-Effect
exited I-Effect
the I-Effect
local I-Effect
market I-Effect
in I-Effect
2010 I-Effect
because O
of O
censorship B-Cause
, O
but O
there O
is O
talk O
that O
it O
will O
re-enter O
the O
search O
market O
in O
China O
. O

In O
contrast O
, O
oil O
pipelines O
are O
designated O
common O
carriers O
, O
which O
means O
they O
must O
provide O
service O
to O
any O
shipper O
upon O
request O
, O
meaning O
, O
with O
a O
fully O
contracted O
oil O
pipeline O
, O
a B-Cause
new I-Cause
shipper I-Cause
request I-Cause
would O
mean O
that O
all O
existing O
customers O
would O
see O
reduced B-Effect
capacity I-Effect
allocations I-Effect
to I-Effect
meet I-Effect
the I-Effect
new I-Effect
customer I-Effect
's I-Effect
needs I-Effect
. O

Because O
their B-Cause
branch I-Cause
networks I-Cause
are I-Cause
spread I-Cause
out I-Cause
through I-Cause
all I-Cause
of I-Cause
Canada I-Cause
, O
the B-Effect
Canadian I-Effect
banks I-Effect
arguably I-Effect
have I-Effect
some I-Effect
of I-Effect
the I-Effect
most I-Effect
powerful I-Effect
distribution I-Effect
networks I-Effect
within I-Effect
Canada I-Effect
. O

In O
categories O
like O
carbonated O
soft O
drinks O
and O
juices O
, O
slight B-Cause
modifications I-Cause
to I-Cause
ingredients I-Cause
can O
result O
in O
distinct B-Cause
tastes I-Cause
, O
and O
thus O
value B-Effect
propositions I-Effect
, I-Effect
to I-Effect
the I-Effect
consumer I-Effect
. O

Offsetting O
the O
Lantus O
weakness O
, O
Sanofi B-Effect
's I-Effect
vaccines I-Effect
and I-Effect
consumer I-Effect
products I-Effect
should I-Effect
continue I-Effect
to I-Effect
post I-Effect
growth I-Effect
as O
these B-Cause
products I-Cause
are I-Cause
less I-Cause
susceptible I-Cause
to I-Cause
patent I-Cause
losses I-Cause
. O

PayPal B-Cause
's I-Cause
development I-Cause
of I-Cause
a I-Cause
network I-Cause
of I-Cause
merchant I-Cause
and I-Cause
consumers I-Cause
early I-Cause
in I-Cause
the I-Cause
evolution I-Cause
of I-Cause
online I-Cause
commerce I-Cause
has O
allowed B-Effect
the I-Effect
company I-Effect
to I-Effect
build I-Effect
and I-Effect
maintain I-Effect
an I-Effect
enviable I-Effect
competitive I-Effect
position I-Effect
. O

Given O
the B-Cause
collaborative I-Cause
nature I-Cause
of I-Cause
the I-Cause
M I-Cause
& I-Cause
A I-Cause
process I-Cause
, O
we B-Effect
believe I-Effect
Intralinks I-Effect
has I-Effect
a I-Effect
slight I-Effect
network I-Effect
effect I-Effect
, O
as O
it O
makes O
sense O
for O
a O
corporation O
to O
use O
a O
platform O
that O
banks O
are O
familiar O
with O
and O
vice O
versa O
. O

We O
believe O
Kellogg B-Effect
also I-Effect
maintains I-Effect
a I-Effect
cost I-Effect
edge I-Effect
resulting O
from O
the B-Cause
economies I-Cause
of I-Cause
scale I-Cause
in I-Cause
production I-Cause
and I-Cause
distribution I-Cause
across I-Cause
its I-Cause
global I-Cause
network I-Cause
, O
which O
has O
afforded B-Cause
it I-Cause
the I-Cause
ability I-Cause
to I-Cause
invest I-Cause
significant I-Cause
resources I-Cause
behind I-Cause
R I-Cause
& I-Cause
D I-Cause
and I-Cause
advertising I-Cause
. O

As O
customers B-Cause
produce I-Cause
more I-Cause
traffic I-Cause
and I-Cause
grow I-Cause
networking I-Cause
touch I-Cause
points I-Cause
, O
dedicated B-Effect
security I-Effect
solutions I-Effect
that I-Effect
have I-Effect
higher I-Effect
performance I-Effect
and I-Effect
associated I-Effect
costs I-Effect
are I-Effect
typically I-Effect
required I-Effect
. O

There B-Cause
is I-Cause
still I-Cause
no I-Cause
plan I-Cause
to I-Cause
widely I-Cause
expand I-Cause
a I-Cause
brick-and-mortar I-Cause
footprint I-Cause
( O
outside O
of O
one O
outlet O
and O
pop-ups O
) O
, O
which O
lowers B-Effect
overhead I-Effect
generally I-Effect
and I-Effect
, I-Effect
we I-Effect
contend I-Effect
, I-Effect
could I-Effect
make I-Effect
the I-Effect
brand I-Effect
more I-Effect
relevant I-Effect
in I-Effect
certain I-Effect
circumstances I-Effect
. O

Although O
a O
restructuring O
plan O
is O
in O
place O
for O
a O
turnaround O
, O
we O
remain O
concerned O
about O
future B-Cause
revenue I-Cause
growth I-Cause
and I-Cause
gross I-Cause
margin I-Cause
compression I-Cause
, O
both O
of O
which O
may O
prevent O
Groupon B-Effect
from I-Effect
yielding I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

As B-Cause
for I-Cause
Commercial I-Cause
and I-Cause
Residential I-Cause
, I-Cause
we I-Cause
believe I-Cause
new I-Cause
technologies I-Cause
will I-Cause
promote I-Cause
new I-Cause
product I-Cause
development I-Cause
that O
meet B-Effect
demands I-Effect
for I-Effect
energy I-Effect
efficiency I-Effect
and I-Effect
global I-Effect
warming I-Effect
concerns I-Effect
over I-Effect
refrigerants I-Effect
in I-Effect
Climate I-Effect
Technologies I-Effect
. O

Also O
, O
its O
resorts O
operate O
at O
all O
hours O
and O
days O
of O
the O
year O
, O
using O
energy O
and O
supplies O
, O
which O
if O
not B-Cause
properly I-Cause
managed I-Cause
could O
disinterest B-Effect
some I-Effect
visitation I-Effect
. O

Market B-Effect
sentiment I-Effect
has I-Effect
turned I-Effect
against I-Effect
3M I-Effect
stock I-Effect
for I-Effect
three I-Effect
reasons I-Effect
: O
1 B-Cause
) I-Cause
slowing I-Cause
organic I-Cause
growth I-Cause
as I-Cause
the I-Cause
company I-Cause
matures I-Cause
; I-Cause
2 I-Cause
) I-Cause
recent I-Cause
weakness I-Cause
in I-Cause
the I-Cause
auto I-Cause
, I-Cause
semiconductor I-Cause
, I-Cause
and I-Cause
Chinese I-Cause
markets I-Cause
; I-Cause
and I-Cause
3 I-Cause
) I-Cause
litigation I-Cause
risks I-Cause
related I-Cause
to I-Cause
PFAS I-Cause
. O

We B-Effect
think I-Effect
Spotify I-Effect
may I-Effect
be I-Effect
at I-Effect
the I-Effect
mercy I-Effect
of I-Effect
the I-Effect
record I-Effect
labels I-Effect
in I-Effect
the I-Effect
music I-Effect
industry I-Effect
, O
as O
it B-Cause
will I-Cause
need I-Cause
access I-Cause
to I-Cause
content I-Cause
to I-Cause
continue I-Cause
attracting I-Cause
more I-Cause
listeners I-Cause
. O

With B-Cause
a I-Cause
solid I-Cause
number-two I-Cause
share I-Cause
position I-Cause
in I-Cause
North I-Cause
America I-Cause
, I-Cause
and I-Cause
comparable I-Cause
positions I-Cause
in I-Cause
many I-Cause
Central I-Cause
European I-Cause
markets I-Cause
, I-Cause
the I-Cause
firm I-Cause
's I-Cause
scale I-Cause
should O
allow O
it B-Effect
to I-Effect
reduce I-Effect
per-unit I-Effect
fixed I-Effect
costs I-Effect
by I-Effect
leveraging I-Effect
these I-Effect
costs I-Effect
over I-Effect
greater I-Effect
volumes I-Effect
, I-Effect
and I-Effect
variable I-Effect
costs I-Effect
by I-Effect
exercising I-Effect
procurement I-Effect
clout I-Effect
with I-Effect
suppliers I-Effect
. O

Due O
to O
Citi B-Cause
's I-Cause
higher I-Cause
I-banking I-Cause
and I-Cause
trading I-Cause
exposures I-Cause
and I-Cause
higher I-Cause
complexity I-Cause
, O
we B-Effect
normally I-Effect
assign I-Effect
the I-Effect
bank I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Winnebago B-Cause
Industries I-Cause
' I-Cause
strong I-Cause
brand I-Cause
equity I-Cause
in I-Cause
recreational I-Cause
vehicles I-Cause
and O
its B-Effect
balance I-Effect
sheet I-Effect
should I-Effect
allow I-Effect
the I-Effect
firm I-Effect
to I-Effect
persevere I-Effect
through I-Effect
economic I-Effect
turmoil I-Effect
. O

After O
a O
deceleration O
to O
37 O
% O
sales O
growth O
in O
2020 O
, O
given O
the O
31 O
% O
drop O
in O
food-service O
sales O
offset O
by O
108 O
% O
growth O
at O
retail O
, O
we O
model B-Effect
59 I-Effect
% I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
China B-Cause
capacity I-Cause
comes I-Cause
online I-Cause
, O
new O
European O
capacity O
ramps O
, O
and O
food-service O
recovers O
from O
the O
pandemic O
. O

In O
contact O
centers O
, O
RPA B-Cause
combines I-Cause
artificial I-Cause
intelligence I-Cause
with I-Cause
desktop I-Cause
analytics I-Cause
to O
track O
an O
agent O
's O
screen O
navigation O
and O
mouse O
clicks O
to O
eliminate B-Effect
manual I-Effect
, I-Effect
repetitive I-Effect
processes I-Effect
. O

We O
expect O
average B-Cause
incrementals I-Cause
between I-Cause
32 I-Cause
% I-Cause
and I-Cause
33 I-Cause
% I-Cause
over I-Cause
the I-Cause
medium I-Cause
term I-Cause
as O
sales O
recover O
and O
believe O
the B-Effect
firm I-Effect
can I-Effect
eventually I-Effect
hit I-Effect
20 I-Effect
% I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
and I-Effect
free I-Effect
cash I-Effect
flow I-Effect
margins I-Effect
of I-Effect
14 I-Effect
% I-Effect
. O

Only B-Cause
the I-Cause
top I-Cause
four I-Cause
flavor I-Cause
and I-Cause
fragrance I-Cause
companies I-Cause
have I-Cause
truly I-Cause
global I-Cause
operations I-Cause
, O
which O
means O
competition B-Effect
for I-Effect
multinational I-Effect
customers I-Effect
is I-Effect
largely I-Effect
limited I-Effect
to I-Effect
them I-Effect
alone I-Effect
. O

Late-stage O
trials O
are O
complex O
and O
provide O
room O
for O
differentiation O
, O
and O
global B-Cause
CROs I-Cause
leverage I-Cause
their I-Cause
expertise I-Cause
to O
shorten B-Effect
the I-Effect
clinical I-Effect
trial I-Effect
time I-Effect
frame I-Effect
and I-Effect
ensure I-Effect
accuracy I-Effect
and I-Effect
precision I-Effect
. O

We B-Cause
assign I-Cause
PTC I-Cause
with I-Cause
a I-Cause
medium I-Cause
uncertainty I-Cause
rating I-Cause
given I-Cause
the I-Cause
company I-Cause
's I-Cause
dependence I-Cause
on I-Cause
the I-Cause
industrials I-Cause
sector I-Cause
, O
which O
could B-Effect
subject I-Effect
PTC I-Effect
to I-Effect
risk I-Effect
in I-Effect
an I-Effect
economic I-Effect
downturn I-Effect
. O

Furthermore O
, O
as O
conventional B-Cause
players I-Cause
move I-Cause
more I-Cause
aggressively I-Cause
into I-Cause
the I-Cause
natural I-Cause
and I-Cause
organic I-Cause
space I-Cause
, I-Cause
they I-Cause
are I-Cause
also I-Cause
building I-Cause
their I-Cause
expertise I-Cause
, O
making O
Hain B-Effect
less I-Effect
unique I-Effect
in I-Effect
that I-Effect
regard I-Effect
. O

Given O
the O
company O
's O
shift O
to O
more O
stable O
data O
and O
technology O
revenue O
, O
we O
are O
exploring O
decreasing B-Cause
our I-Cause
cost I-Cause
of I-Cause
equity I-Cause
to I-Cause
the I-Cause
company I-Cause
to I-Cause
7.5 I-Cause
% I-Cause
, O
which O
could O
increase B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
by I-Effect
over I-Effect
20 I-Effect
% I-Effect
. O

A B-Cause
change I-Cause
in I-Cause
FCC I-Cause
leadership I-Cause
that I-Cause
is I-Cause
less I-Cause
friendly I-Cause
to I-Cause
local I-Cause
broadcasters I-Cause
could O
drastically O
affect B-Effect
Nexstar I-Effect
's I-Effect
ability I-Effect
to I-Effect
acquire I-Effect
further I-Effect
stations I-Effect
and I-Effect
dominate I-Effect
local I-Effect
markets I-Effect
and I-Effect
may I-Effect
put I-Effect
a I-Effect
cap I-Effect
on I-Effect
the I-Effect
price I-Effect
of I-Effect
retransmission I-Effect
fees I-Effect
. O

The O
ease O
at O
which O
individuals B-Cause
can I-Cause
order I-Cause
products I-Cause
online I-Cause
today I-Cause
could O
spur B-Effect
technicians I-Effect
to I-Effect
buy I-Effect
more I-Effect
tools I-Effect
from I-Effect
online I-Effect
retailers I-Effect
. O

Any B-Cause
material I-Cause
breach I-Cause
could O
disrupt O
the O
operations B-Effect
of I-Effect
customers I-Effect
and O
have O
a B-Effect
negative I-Effect
impact I-Effect
on I-Effect
Cerner I-Effect
's I-Effect
customer I-Effect
retention I-Effect
rate I-Effect
and I-Effect
long-term I-Effect
revenue I-Effect
growth I-Effect
. O

However O
, O
operating O
in O
prolific O
basins O
that O
are O
expected O
to O
increase B-Cause
in I-Cause
supply I-Cause
, I-Cause
coupled I-Cause
with I-Cause
the I-Cause
company I-Cause
's I-Cause
integrated I-Cause
value I-Cause
chain I-Cause
, O
major O
underutilization B-Effect
of I-Effect
Pembina I-Effect
's I-Effect
gas I-Effect
assets I-Effect
appears I-Effect
unlikely I-Effect
. O

EBITDA B-Effect
margin I-Effect
improvement I-Effect
will O
be O
driven O
by O
operational B-Cause
digitalization I-Cause
and I-Cause
cost I-Cause
reductions I-Cause
( O
shared O
service O
centers O
and O
labor O
costs O
reductions O
, O
among O
others O
) O
. O

Maintaining B-Effect
share I-Effect
and I-Effect
retaining I-Effect
customers I-Effect
may I-Effect
be I-Effect
increasingly I-Effect
challenging I-Effect
with O
the B-Cause
evolution I-Cause
of I-Cause
reimbursement I-Cause
structures I-Cause
and I-Cause
potential I-Cause
changes I-Cause
to I-Cause
the I-Cause
current I-Cause
regulatory I-Cause
environment I-Cause
. O

We O
do O
expect O
management O
to O
continue O
its O
patient O
and O
prudent O
capital O
stewardship O
, O
but O
high B-Cause
supply I-Cause
and I-Cause
lower I-Cause
near-term I-Cause
demand I-Cause
is O
limiting O
the B-Effect
ability I-Effect
to I-Effect
realize I-Effect
internal I-Effect
and I-Effect
external I-Effect
growth I-Effect
. O

In O
fact O
, O
in O
2018 O
, O
Coty B-Effect
terminated I-Effect
all I-Effect
celebrity I-Effect
fragrance I-Effect
brands I-Effect
( O
Lady O
Gaga O
, O
Celine O
Dion O
, O
Tim O
McGraw O
, O
and O
so O
on O
) O
, O
as O
it B-Cause
sought I-Cause
to I-Cause
focus I-Cause
resources I-Cause
on I-Cause
the I-Cause
highest I-Cause
potential I-Cause
brands I-Cause
. O

Although O
there O
will O
be O
significant O
drug O
patent O
expirations O
over O
the O
coming O
years O
, O
we O
expect O
the O
business B-Effect
will I-Effect
continue I-Effect
to I-Effect
hold I-Effect
a I-Effect
high I-Effect
market I-Effect
share I-Effect
due O
to O
the B-Cause
high I-Cause
switching I-Cause
costs I-Cause
. O

We O
expect O
the B-Effect
firm I-Effect
's I-Effect
largest I-Effect
segment I-Effect
, I-Effect
Discovery I-Effect
and I-Effect
Safety I-Effect
Assessment I-Effect
, I-Effect
to I-Effect
make I-Effect
up I-Effect
about I-Effect
62 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
in I-Effect
2030 I-Effect
, O
driven O
by O
a B-Cause
steady I-Cause
increase I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
throughout I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
. O

To O
bolster B-Effect
its I-Effect
growth I-Effect
rate I-Effect
, O
SK B-Cause
Telecom I-Cause
has I-Cause
made I-Cause
several I-Cause
investments I-Cause
in I-Cause
other I-Cause
countries I-Cause
and I-Cause
industries I-Cause
over I-Cause
the I-Cause
years I-Cause
. O

Once O
vehicle B-Cause
owners I-Cause
know I-Cause
a I-Cause
dealer I-Cause
, O
we O
think O
they B-Effect
are I-Effect
likely I-Effect
to I-Effect
keep I-Effect
going I-Effect
back I-Effect
to I-Effect
the I-Effect
dealer I-Effect
for I-Effect
service I-Effect
. O

Despite O
these O
competitive O
pressures O
, O
HD B-Cause
Supply I-Cause
's I-Cause
superior I-Cause
scale I-Cause
has O
allowed O
the B-Effect
firm I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
, O
and O
we O
expect O
it O
to O
maintain O
its O
competitive O
advantages O
over O
at O
least O
the O
next O
10 O
years O
. O

With O
rising B-Cause
COVID-19 I-Cause
case I-Cause
counts I-Cause
, O
we O
expect O
low- B-Effect
to I-Effect
mid-teens I-Effect
identical I-Effect
sales I-Effect
growth I-Effect
( I-Effect
excluding I-Effect
fuel I-Effect
) I-Effect
in I-Effect
the I-Effect
fourth I-Effect
quarter I-Effect
as O
Americans B-Cause
turn I-Cause
homeward I-Cause
should I-Cause
continue I-Cause
until I-Cause
vaccines I-Cause
become I-Cause
widely I-Cause
available I-Cause
in I-Cause
the I-Cause
middle I-Cause
of I-Cause
calendar I-Cause
2021 I-Cause
. O

The O
company O
's O
approved O
cystic O
fibrosis O
drugs O
are O
Kalydeco O
, O
Orkambi O
, O
Symdeko O
, O
and O
Trikafta O
, O
which O
will O
make B-Effect
Vertex I-Effect
eligible I-Effect
to I-Effect
treat I-Effect
about I-Effect
90 I-Effect
% I-Effect
of I-Effect
the I-Effect
CF I-Effect
population I-Effect
, O
assuming O
international B-Cause
and I-Cause
pediatric I-Cause
approvals I-Cause
. O

Zebra B-Cause
's I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
can I-Cause
all I-Cause
be I-Cause
effectively I-Cause
integrated I-Cause
together I-Cause
which O
, O
in O
our O
view O
, O
makes O
it B-Effect
very I-Effect
attractive I-Effect
for I-Effect
single-product I-Effect
customers I-Effect
to I-Effect
select I-Effect
Zebra I-Effect
for I-Effect
additional I-Effect
solutions I-Effect
when I-Effect
needed I-Effect
. O

For B-Cause
customers I-Cause
, I-Cause
identity I-Cause
access I-Cause
across I-Cause
the I-Cause
various I-Cause
applications I-Cause
and I-Cause
resources I-Cause
becomes I-Cause
easier I-Cause
and I-Cause
enhanced I-Cause
as I-Cause
more I-Cause
entities I-Cause
join I-Cause
the I-Cause
network I-Cause
due I-Cause
to I-Cause
feature I-Cause
set I-Cause
and I-Cause
speed I-Cause
improvements I-Cause
, O
causing B-Effect
security I-Effect
teams I-Effect
to I-Effect
want I-Effect
all I-Effect
resources I-Effect
used I-Effect
within I-Effect
their I-Effect
network I-Effect
to I-Effect
be I-Effect
integrated I-Effect
together I-Effect
. O

We B-Cause
think I-Cause
this I-Cause
flywheel I-Cause
effect I-Cause
will I-Cause
continue I-Cause
as I-Cause
more I-Cause
users I-Cause
attract I-Cause
more I-Cause
artists I-Cause
and I-Cause
labels I-Cause
, O
which O
attract B-Effect
even I-Effect
more I-Effect
users I-Effect
, O
and O
so O
on O
. O

Customer B-Effect
service I-Effect
is I-Effect
crucial I-Effect
to I-Effect
bottom I-Effect
line I-Effect
returns I-Effect
for I-Effect
firms I-Effect
, O
as O
dissatisfied B-Cause
customers I-Cause
taking I-Cause
away I-Cause
business I-Cause
is I-Cause
detrimental I-Cause
to I-Cause
growth I-Cause
. O

Varian B-Cause
's I-Cause
gradual I-Cause
shift I-Cause
toward I-Cause
aftermarket I-Cause
sales I-Cause
should O
allow B-Effect
gross I-Effect
margin I-Effect
to I-Effect
expand I-Effect
gradually I-Effect
, I-Effect
offsetting I-Effect
potential I-Effect
pricing I-Effect
pressure I-Effect
and I-Effect
changing I-Effect
geography I-Effect
mix I-Effect
. O

The O
most O
immediate O
near-term O
risk O
is O
the B-Cause
degree I-Cause
to I-Cause
which I-Cause
hospitalizations I-Cause
of I-Cause
COVID-19 I-Cause
patients I-Cause
crowds O
out O
elective B-Effect
procedures I-Effect
, O
such O
as O
hip O
and O
knee O
replacements O
. O

However O
, O
fragmented B-Cause
land I-Cause
ownership I-Cause
makes O
it B-Effect
unlikely I-Effect
that I-Effect
a I-Effect
supplier I-Effect
of I-Effect
Rayonier I-Effect
's I-Effect
size I-Effect
would I-Effect
be I-Effect
able I-Effect
to I-Effect
enjoy I-Effect
this I-Effect
benefit I-Effect
in I-Effect
more I-Effect
than I-Effect
a I-Effect
small I-Effect
fraction I-Effect
of I-Effect
its I-Effect
acreage I-Effect
. O

We B-Effect
assign I-Effect
KBR I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
since O
E B-Effect
& I-Effect
C I-Effect
firms I-Effect
have I-Effect
to I-Effect
contend I-Effect
with I-Effect
high I-Effect
cyclicality I-Effect
and I-Effect
face I-Effect
the I-Effect
risk I-Effect
of I-Effect
large I-Effect
losses I-Effect
on I-Effect
individual I-Effect
projects I-Effect
, O
often O
due O
to O
factors B-Cause
beyond I-Cause
their I-Cause
control I-Cause
, I-Cause
such I-Cause
as I-Cause
labor I-Cause
shortages I-Cause
, I-Cause
subcontractor I-Cause
performance I-Cause
, I-Cause
inclement I-Cause
weather I-Cause
, I-Cause
and I-Cause
natural I-Cause
events I-Cause
. O

But O
until B-Cause
a I-Cause
network I-Cause
has I-Cause
broad I-Cause
acceptance I-Cause
it I-Cause
is I-Cause
difficult I-Cause
to I-Cause
attract I-Cause
users I-Cause
to I-Cause
its I-Cause
platform I-Cause
, O
making O
it O
difficult O
for O
new B-Effect
competitors I-Effect
to I-Effect
enter I-Effect
the I-Effect
market I-Effect
. O

Formula B-Cause
One I-Cause
Group I-Cause
can I-Cause
be I-Cause
described I-Cause
as I-Cause
a I-Cause
combination I-Cause
of I-Cause
the I-Cause
trademark I-Cause
holder I-Cause
and I-Cause
the I-Cause
business I-Cause
development I-Cause
and I-Cause
promotion I-Cause
arms I-Cause
of I-Cause
the I-Cause
Formula I-Cause
One I-Cause
World I-Cause
Championship. O
As O
a O
result O
, O
the B-Effect
firm I-Effect
's I-Effect
business I-Effect
model I-Effect
is I-Effect
very I-Effect
capital-light I-Effect
with I-Effect
only I-Effect
$ I-Effect
15 I-Effect
million I-Effect
in I-Effect
capital I-Effect
expenditures I-Effect
in I-Effect
2018 I-Effect
and I-Effect
$ I-Effect
90 I-Effect
million I-Effect
in I-Effect
net I-Effect
PP I-Effect
& I-Effect
E I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2018 I-Effect
versus I-Effect
annual I-Effect
revenue I-Effect
of I-Effect
$ I-Effect
1.8 I-Effect
billion I-Effect
. O

However O
, O
customers B-Cause
in I-Cause
a I-Cause
position I-Cause
to I-Cause
ship I-Cause
via I-Cause
barge I-Cause
already I-Cause
do I-Cause
so I-Cause
, O
thus O
removing B-Effect
any I-Effect
threats I-Effect
barging I-Effect
could I-Effect
pose I-Effect
to I-Effect
current I-Effect
railroad I-Effect
volume I-Effect
. I-Effect

Broad-based B-Cause
microcontroller I-Cause
sales I-Cause
also I-Cause
appear I-Cause
to I-Cause
be I-Cause
a I-Cause
nice I-Cause
growth I-Cause
avenue I-Cause
, O
which O
should O
more B-Effect
than I-Effect
compensate I-Effect
for I-Effect
the I-Effect
businesses I-Effect
ST I-Effect
recently I-Effect
exited I-Effect
. O

Cost O
AdvantageIn O
markets O
where O
it O
exists O
, O
AB B-Cause
InBev I-Cause
's I-Cause
cost I-Cause
advantage I-Cause
is I-Cause
very I-Cause
powerful I-Cause
and O
helps O
to O
sustain B-Effect
its I-Effect
high I-Effect
market I-Effect
shares I-Effect
. O

Following O
the O
firm O
's O
release O
of O
fourth-quarter O
financial O
results O
, O
we O
are O
increasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
50 I-Effect
from I-Effect
$ I-Effect
43.50 I-Effect
per I-Effect
share I-Effect
as O
we B-Cause
account I-Cause
for I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
and I-Cause
a I-Cause
bull I-Cause
equity I-Cause
market I-Cause
boosting I-Cause
the I-Cause
firm I-Cause
's I-Cause
asset-management I-Cause
business I-Cause
. O

Based O
on O
the O
recent B-Effect
rate I-Effect
cuts I-Effect
and I-Effect
the I-Effect
economic I-Effect
unease I-Effect
caused O
by O
the B-Cause
coronavirus I-Cause
, O
our O
base O
case O
scenario O
projects O
a B-Effect
decline I-Effect
in I-Effect
net I-Effect
interest I-Effect
margins I-Effect
for I-Effect
the I-Effect
medium I-Effect
term I-Effect
, O
as O
Comerica B-Cause
remains I-Cause
one I-Cause
of I-Cause
the I-Cause
most I-Cause
interest-rate-sensitive I-Cause
names I-Cause
we I-Cause
cover I-Cause
. O

BCE B-Cause
has I-Cause
been I-Cause
investing I-Cause
heavily I-Cause
to I-Cause
upgrade I-Cause
its I-Cause
wireline I-Cause
network I-Cause
by I-Cause
extending I-Cause
fiber I-Cause
to I-Cause
the I-Cause
home I-Cause
, I-Cause
or I-Cause
FTTH I-Cause
, O
which O
we O
think O
positions O
the B-Effect
firm I-Effect
to I-Effect
take I-Effect
share I-Effect
over I-Effect
its I-Effect
footprint I-Effect
. O

Many B-Effect
customers I-Effect
bring I-Effect
their I-Effect
vehicle I-Effect
to I-Effect
the I-Effect
dealer I-Effect
for I-Effect
servicing I-Effect
because O
the B-Cause
vehicle I-Cause
is I-Cause
either I-Cause
under I-Cause
warranty I-Cause
or O
because O
the B-Cause
dealer I-Cause
is I-Cause
close I-Cause
to I-Cause
home I-Cause
and I-Cause
has I-Cause
the I-Cause
factory I-Cause
parts I-Cause
and I-Cause
expertise I-Cause
to I-Cause
service I-Cause
the I-Cause
vehicle I-Cause
. O

The B-Cause
merger I-Cause
with I-Cause
O2 I-Cause
has I-Cause
created I-Cause
the I-Cause
second I-Cause
integrated I-Cause
wireless I-Cause
and I-Cause
fixed-line I-Cause
player I-Cause
in I-Cause
the I-Cause
U.K. I-Cause
, O
which O
should O
benefit B-Effect
Virgin I-Effect
's I-Effect
strategic I-Effect
position I-Effect
, O
but O
we O
expect O
the O
U.K O
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Alphabet I-Effect
is I-Effect
high I-Effect
, O
the B-Cause
result I-Cause
of I-Cause
high I-Cause
dependency I-Cause
on I-Cause
continuing I-Cause
growth I-Cause
in I-Cause
the I-Cause
online I-Cause
advertising I-Cause
space I-Cause
, O
along O
with O
questions B-Effect
as I-Effect
to I-Effect
whether I-Effect
the I-Effect
company I-Effect
's I-Effect
moonshot I-Effect
investments I-Effect
will I-Effect
bear I-Effect
fruit I-Effect
. O

Following O
first-quarter B-Cause
results I-Cause
, O
we O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
CSX I-Effect
to I-Effect
$ I-Effect
82 I-Effect
from I-Effect
$ I-Effect
79 I-Effect
on I-Effect
the I-Effect
time I-Effect
value I-Effect
of I-Effect
money I-Effect
and I-Effect
as I-Effect
we I-Effect
give I-Effect
slightly I-Effect
more I-Effect
credit I-Effect
for I-Effect
margin I-Effect
expansion I-Effect
longer I-Effect
term I-Effect
. O

Landstar B-Cause
's I-Cause
asset-light I-Cause
business I-Cause
model I-Cause
helps O
shield B-Effect
profitability I-Effect
; O
however O
, O
the O
firm O
is O
n't O
immune O
to O
freight O
downturns O
-- O
when O
economic B-Cause
conditions I-Cause
deteriorate I-Cause
, O
gross O
revenue O
trends O
will O
reflect O
declining B-Effect
load I-Effect
volume I-Effect
and I-Effect
soft I-Effect
pricing I-Effect
, I-Effect
especially I-Effect
for I-Effect
spot I-Effect
freight I-Effect
. O

We O
also O
foresee O
strong B-Effect
demand I-Effect
for I-Effect
gaming I-Effect
in I-Effect
Japan I-Effect
driven O
by O
the B-Cause
nation I-Cause
's I-Cause
high I-Cause
per I-Cause
capita I-Cause
income I-Cause
, I-Cause
density I-Cause
, I-Cause
and I-Cause
apparent I-Cause
propensity I-Cause
to I-Cause
gamble I-Cause
, O
exhibited O
by O
its O
existing O
$ O
30 O
billion O
pachinko O
parlor O
industry O
. O

The B-Effect
largest I-Effect
and I-Effect
most I-Effect
mature I-Effect
segment I-Effect
, I-Effect
Network I-Effect
Solutions I-Effect
, I-Effect
is I-Effect
projected I-Effect
to I-Effect
grow I-Effect
5 I-Effect
% I-Effect
-7 I-Effect
% I-Effect
, O
largely O
attributable O
to O
volume B-Cause
, I-Cause
acquisitions I-Cause
, I-Cause
and I-Cause
to I-Cause
a I-Cause
lesser I-Cause
extent I-Cause
new I-Cause
( I-Cause
organic I-Cause
) I-Cause
customer I-Cause
additions I-Cause
and I-Cause
product I-Cause
launches I-Cause
. O

In O
looking O
at O
the O
core O
business O
of O
Pfizer O
, O
we O
expect O
8 B-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
between I-Effect
2020 I-Effect
and I-Effect
2023 I-Effect
as O
new B-Cause
drugs I-Cause
offset I-Cause
generic I-Cause
competition I-Cause
. O

We O
expect O
Hawthorne B-Effect
's I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
nearly I-Effect
4 I-Effect
times I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
hydroponics B-Cause
, I-Cause
indoor I-Cause
gardening I-Cause
, I-Cause
and I-Cause
vertical I-Cause
farming I-Cause
experience I-Cause
significant I-Cause
growth I-Cause
. O

New B-Cause
pipelines I-Cause
are I-Cause
typically I-Cause
constructed I-Cause
to O
allow O
shippers B-Effect
or I-Effect
producers I-Effect
to I-Effect
take I-Effect
advantage I-Effect
of I-Effect
large I-Effect
price I-Effect
differentials I-Effect
( I-Effect
basis I-Effect
differentials I-Effect
) I-Effect
between I-Effect
two I-Effect
market I-Effect
hubs I-Effect
because O
supply B-Cause
and I-Cause
demand I-Cause
are I-Cause
out I-Cause
of I-Cause
balance I-Cause
in I-Cause
both I-Cause
markets I-Cause
. O

It B-Cause
has I-Cause
worked I-Cause
on I-Cause
more I-Cause
than I-Cause
80 I-Cause
% I-Cause
of I-Cause
all I-Cause
FDA-approved I-Cause
drugs I-Cause
since I-Cause
2018 I-Cause
, O
which O
further O
demonstrates B-Effect
its I-Effect
expansive I-Effect
reach I-Effect
across I-Effect
the I-Effect
industry I-Effect
. O

As B-Cause
the I-Cause
company I-Cause
's I-Cause
revenue I-Cause
is I-Cause
directly I-Cause
tied I-Cause
to I-Cause
revenue I-Cause
at I-Cause
its I-Cause
merchant I-Cause
customers I-Cause
, O
Global B-Effect
Payments I-Effect
is I-Effect
sensitive I-Effect
to I-Effect
macroeconomic I-Effect
conditions I-Effect
, O
and O
its B-Effect
small-merchant I-Effect
focus I-Effect
magnifies I-Effect
this I-Effect
dynamic I-Effect
, O
as O
small B-Cause
merchants I-Cause
can I-Cause
fail I-Cause
in I-Cause
large I-Cause
numbers I-Cause
during I-Cause
recessions I-Cause
. O

We O
also O
expect O
AT B-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
and I-Effect
Verizon I-Effect
will I-Effect
increasingly I-Effect
turn I-Effect
to I-Effect
fixed-wireless I-Effect
Internet I-Effect
access I-Effect
as O
5G B-Cause
wireless I-Cause
technologies I-Cause
emerge I-Cause
to O
close O
the B-Effect
gap I-Effect
with I-Effect
the I-Effect
cable I-Effect
companies I-Effect
. O

For O
2021 O
, O
we O
expect O
gross B-Effect
revenue I-Effect
to I-Effect
rise I-Effect
12 I-Effect
% I-Effect
-13 I-Effect
% I-Effect
on I-Effect
robust I-Effect
demand I-Effect
and I-Effect
contract-pricing I-Effect
trends I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
and I-Effect
look I-Effect
for I-Effect
net I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
in I-Effect
the I-Effect
midteens I-Effect
as O
the B-Cause
firm I-Cause
passes I-Cause
along I-Cause
rising I-Cause
carrier I-Cause
rates I-Cause
to I-Cause
shippers I-Cause
and I-Cause
gross I-Cause
margins I-Cause
recover I-Cause
. O

As O
a O
result O
, O
these B-Effect
segments I-Effect
have I-Effect
grown I-Effect
faster I-Effect
than I-Effect
the I-Effect
broader I-Effect
market I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
and I-Effect
firms I-Effect
such I-Effect
as I-Effect
Applied I-Effect
have I-Effect
directly I-Effect
benefited I-Effect
, O
as O
it B-Cause
can I-Cause
outspend I-Cause
smaller I-Cause
chip I-Cause
equipment I-Cause
firms I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
to I-Cause
develop I-Cause
more I-Cause
advanced I-Cause
solutions I-Cause
. O

Being B-Cause
unable I-Cause
to I-Cause
get I-Cause
site I-Cause
approvals I-Cause
in I-Cause
countries I-Cause
where O
corruption B-Cause
could I-Cause
be I-Cause
more I-Cause
prevalent I-Cause
could O
impact B-Effect
growth I-Effect
in I-Effect
the I-Effect
international I-Effect
business I-Effect
, O
but O
with O
international O
business O
only O
one O
quarter O
of O
total O
sales O
, O
we O
would O
n't O
expect O
difficulties B-Cause
or I-Cause
delays I-Cause
in I-Cause
getting I-Cause
approvals I-Cause
to O
cause O
major B-Effect
disruption I-Effect
for I-Effect
SBA I-Effect
's I-Effect
business I-Effect
. O

Currently O
, O
volume B-Cause
increases I-Cause
are O
driving B-Effect
down I-Effect
the I-Effect
per-user I-Effect
customer I-Effect
acquisition I-Effect
and I-Effect
retention I-Effect
costs I-Effect
, O
and O
although O
we O
expect O
these O
costs O
to O
be O
structurally O
higher O
than O
those O
of O
cigarettes O
in O
the O
long O
term O
, O
the O
impact O
is O
not O
likely O
to O
be O
material O
. O

For O
example O
, O
US B-Cause
Foods I-Cause
was I-Cause
the I-Cause
first I-Cause
to I-Cause
market I-Cause
with I-Cause
an I-Cause
integrated I-Cause
platform I-Cause
of I-Cause
technology I-Cause
tools I-Cause
that O
help B-Effect
customers I-Effect
better I-Effect
manage I-Effect
their I-Effect
businesses I-Effect
. I-Effect

Under O
CEO O
Stephen O
MacMillans O
' O
watch O
, B-Cause
Hologic I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
focus I-Cause
on I-Cause
structural I-Cause
competitive I-Cause
advantages I-Cause
, I-Cause
improve I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
, I-Cause
and I-Cause
judiciously I-Cause
step I-Cause
into I-Cause
complimentary I-Cause
markets I-Cause
, I-Cause
which B-Effect
evens I-Effect
out I-Effect
the I-Effect
vagaries I-Effect
of I-Effect
product I-Effect
cycles I-Effect
. I-Effect

Profitability B-Effect
should I-Effect
improve I-Effect
as O
Walmart B-Cause
focuses I-Cause
on I-Cause
its I-Cause
most I-Cause
attractive I-Cause
markets I-Cause
, I-Cause
with I-Cause
segment I-Cause
margins I-Cause
rising I-Cause
from I-Cause
3.1 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
to I-Cause
more I-Cause
than I-Cause
5 I-Cause
% I-Cause
by I-Cause
fiscal I-Cause
2031 I-Cause
. O

This O
business O
group O
also O
highlights B-Effect
the I-Effect
effect I-Effect
of I-Effect
customer I-Effect
size I-Effect
on I-Effect
switching I-Effect
costs I-Effect
, O
as O
it B-Cause
owes I-Cause
some I-Cause
of I-Cause
its I-Cause
stickiness I-Cause
to I-Cause
the I-Cause
sheer I-Cause
number I-Cause
of I-Cause
suppliers I-Cause
a I-Cause
company I-Cause
could I-Cause
have I-Cause
. O

As O
interest B-Cause
rates I-Cause
have I-Cause
remained I-Cause
under I-Cause
pressure I-Cause
and I-Cause
new I-Cause
regulations I-Cause
have I-Cause
led I-Cause
to I-Cause
stricter I-Cause
capital I-Cause
requirements I-Cause
, O
profits B-Effect
of I-Effect
life I-Effect
insurers I-Effect
have I-Effect
thus I-Effect
far I-Effect
not I-Effect
really I-Effect
recovered I-Effect
. O

American B-Cause
Airline I-Cause
's I-Cause
ratio I-Cause
of I-Cause
mileage I-Cause
earned I-Cause
to I-Cause
mileage I-Cause
spent I-Cause
has I-Cause
been I-Cause
reasonably I-Cause
close I-Cause
to I-Cause
one I-Cause
since I-Cause
disclosure I-Cause
began I-Cause
in I-Cause
2017 I-Cause
, O
suggesting O
that O
the B-Effect
program I-Effect
is I-Effect
mature I-Effect
and O
that O
frequent-flier-based B-Effect
margin I-Effect
expansion I-Effect
will I-Effect
be I-Effect
difficult I-Effect
going I-Effect
forward I-Effect
. O

While O
we O
believe O
that O
government B-Cause
stimulus I-Cause
has O
been O
sufficient O
to O
stave B-Effect
off I-Effect
any I-Effect
catastrophic I-Effect
effects I-Effect
, O
elevated B-Effect
credit I-Effect
costs I-Effect
through I-Effect
2021 I-Effect
are I-Effect
likely I-Effect
as O
loans B-Cause
exit I-Cause
forbearance I-Cause
programs I-Cause
and I-Cause
consumer I-Cause
balance I-Cause
sheets I-Cause
remain I-Cause
pressured I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

In O
fact O
, O
during O
a O
downturn O
in O
new-vehicle O
sales O
, O
dealers B-Effect
generally I-Effect
report I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
due O
to O
a B-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
to I-Cause
parts I-Cause
, O
but O
then O
report B-Effect
lower I-Effect
operating I-Effect
margins I-Effect
due O
to O
SG B-Cause
& I-Cause
amp I-Cause
; I-Cause
A I-Cause
deleveraging I-Cause
. O

While O
Dick O
's O
is O
an O
important O
retailer O
for O
Under O
Armour O
and O
other O
athletic O
apparel O
brands O
, O
we O
do O
not O
think O
it B-Cause
has I-Cause
any I-Cause
ability I-Cause
to O
prevent O
Under B-Effect
Armour I-Effect
or I-Effect
others I-Effect
from I-Effect
supplying I-Effect
their I-Effect
products I-Effect
to I-Effect
competing I-Effect
stores I-Effect
. O

Nonetheless O
, O
we O
maintain O
tempered B-Effect
near-term I-Effect
expectations I-Effect
for I-Effect
Banco I-Effect
de I-Effect
Chile I-Effect
, O
with O
the O
dual B-Cause
factors I-Cause
of I-Cause
consumer I-Cause
pressure I-Cause
and I-Cause
an I-Cause
expanded I-Cause
role I-Cause
for I-Cause
government I-Cause
threatening I-Cause
to I-Cause
weigh I-Cause
on I-Cause
profitability I-Cause
. O

Further O
, O
we B-Effect
've I-Effect
baked I-Effect
in I-Effect
less I-Effect
steep I-Effect
cuts I-Effect
in I-Effect
the I-Effect
second I-Effect
round I-Effect
of I-Effect
three-year I-Effect
reimbursement I-Effect
resetting I-Effect
, O
as O
more B-Cause
hospital-based I-Cause
labs I-Cause
are I-Cause
included I-Cause
in I-Cause
the I-Cause
Medicare I-Cause
calculations I-Cause
. O

However O
, O
over B-Cause
the I-Cause
medium I-Cause
to I-Cause
longer I-Cause
term I-Cause
, I-Cause
we I-Cause
do I-Cause
n't I-Cause
think I-Cause
this I-Cause
lofty I-Cause
trajectory I-Cause
has I-Cause
staying I-Cause
power I-Cause
, I-Cause
particularly I-Cause
as I-Cause
vaccine I-Cause
distribution I-Cause
becomes I-Cause
more I-Cause
widespread I-Cause
and I-Cause
concerns I-Cause
surrounding I-Cause
the I-Cause
virus I-Cause
ultimately I-Cause
fade. O
As O
such O
, O
we B-Effect
're I-Effect
holding I-Effect
the I-Effect
line I-Effect
on I-Effect
our I-Effect
long-term I-Effect
forecast I-Effect
for I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
and I-Effect
operating I-Effect
margins I-Effect
approximating I-Effect
20 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
( I-Effect
about I-Effect
100 I-Effect
basis I-Effect
points I-Effect
north I-Effect
of I-Effect
the I-Effect
level I-Effect
achieved I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
. O

Of O
these O
risks O
, O
we O
think O
the O
biggest O
is O
a B-Cause
macroeconomic I-Cause
downturn I-Cause
that O
causes B-Effect
a I-Effect
slowdown I-Effect
in I-Effect
ITW I-Effect
's I-Effect
key I-Effect
end I-Effect
markets I-Effect
. O

We B-Effect
contend I-Effect
that I-Effect
the I-Effect
apparel I-Effect
retail I-Effect
sector I-Effect
offers I-Effect
few I-Effect
opportunities I-Effect
for I-Effect
firms I-Effect
to I-Effect
develop I-Effect
a I-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
, O
in O
part O
because O
we B-Cause
have I-Cause
long I-Cause
held I-Cause
that I-Cause
consumers I-Cause
generally I-Cause
look I-Cause
to I-Cause
product I-Cause
brands I-Cause
rather I-Cause
than I-Cause
the I-Cause
retailer I-Cause
's I-Cause
marquee I-Cause
. O

Secular B-Cause
tailwinds I-Cause
include O
broad-based O
accelerated O
adoption O
of O
cloud-based O
technology O
by O
businesses O
, O
which B-Effect
should I-Effect
generate I-Effect
strong I-Effect
demand I-Effect
for I-Effect
such I-Effect
products I-Effect
in I-Effect
the I-Effect
contact I-Effect
center I-Effect
space I-Effect
, O
as O
well O
. O

Further O
, O
we O
think O
additional B-Effect
gains I-Effect
can I-Effect
be I-Effect
realized I-Effect
as O
Mondelez B-Cause
empowers I-Cause
leaders I-Cause
that I-Cause
maintain I-Cause
a I-Cause
pulse I-Cause
on I-Cause
local I-Cause
consumer I-Cause
tastes I-Cause
to I-Cause
make I-Cause
decisions I-Cause
regarding I-Cause
product I-Cause
innovation I-Cause
and I-Cause
distribution I-Cause
( I-Cause
even I-Cause
if I-Cause
the I-Cause
benefits I-Cause
take I-Cause
longer I-Cause
to I-Cause
manifest I-Cause
) I-Cause
, O
all O
with O
the O
aim O
of O
enhancing O
its O
agility O
. O

Assuming B-Cause
recurring I-Cause
pandemic I-Cause
lockdowns I-Cause
do I-Cause
n't I-Cause
spark I-Cause
recession I-Cause
, O
we B-Effect
expect I-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
on I-Effect
persistent I-Effect
B2C I-Effect
demand I-Effect
growth I-Effect
, O
partly O
offset O
by O
tough O
comparisons O
. O

Additionally O
, O
the O
pandemic O
has O
caused O
many B-Cause
millennials I-Cause
to I-Cause
consider I-Cause
moves I-Cause
to I-Cause
the I-Cause
suburbs I-Cause
, O
either O
into O
suburban O
apartments O
or O
their O
own O
single-family O
homes O
, O
which O
limits B-Effect
the I-Effect
potential I-Effect
short-term I-Effect
demand I-Effect
for I-Effect
new I-Effect
urban I-Effect
apartments I-Effect
. O

Paylocity B-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
its I-Cause
platform I-Cause
to I-Cause
offer I-Cause
new I-Cause
modules I-Cause
within I-Cause
the I-Cause
payroll I-Cause
and I-Cause
HCM I-Cause
space I-Cause
that O
would O
streamline B-Effect
business I-Effect
operations I-Effect
for I-Effect
its I-Effect
clients I-Effect
. O

We O
forecast O
total B-Effect
production I-Effect
volumes I-Effect
to I-Effect
fall I-Effect
slightly I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
due O
to O
our B-Cause
expectation I-Cause
oil I-Cause
volumes I-Cause
decline I-Cause
at I-Cause
1 I-Cause
% I-Cause
-2 I-Cause
% I-Cause
per I-Cause
year I-Cause
, O
in O
line O
with O
management O
's O
guidance O
. O

We O
believe O
that O
the B-Cause
introduction I-Cause
of I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
offerings I-Cause
that I-Cause
complement I-Cause
Ingersoll-Rand I-Cause
's I-Cause
installed I-Cause
base I-Cause
of I-Cause
equipment I-Cause
will O
reinforce B-Effect
customer I-Effect
switching I-Effect
costs I-Effect
. O

Renewable B-Cause
energy I-Cause
and I-Cause
gas I-Cause
distribution I-Cause
infrastructure I-Cause
investment I-Cause
should O
result O
in O
better B-Effect
than I-Effect
7 I-Effect
% I-Effect
earnings I-Effect
growth I-Effect
, I-Effect
strong I-Effect
dividend I-Effect
growth I-Effect
, I-Effect
a I-Effect
better I-Effect
ESG I-Effect
profile I-Effect
, I-Effect
and I-Effect
lower I-Effect
risk I-Effect
for I-Effect
investors I-Effect
. O

While O
product B-Cause
complexity I-Cause
does O
prevent O
new B-Effect
entrants I-Effect
into I-Effect
the I-Effect
industry I-Effect
, O
we O
do O
not O
believe O
the O
product O
complexity O
is O
insurmountable O
in O
this O
segment O
. O

By O
owning O
a B-Cause
substantial I-Cause
senior I-Cause
housing I-Cause
operating I-Cause
portfolio I-Cause
, O
Welltower B-Cause
has I-Cause
unlocked I-Cause
value I-Cause
in I-Cause
its I-Cause
most I-Cause
favorable I-Cause
assets I-Cause
, O
but O
this O
also O
leads O
to O
more B-Effect
volatility I-Effect
and I-Effect
financial I-Effect
risk I-Effect
versus I-Effect
the I-Effect
traditional I-Effect
triple-net I-Effect
lease I-Effect
structure I-Effect
, O
which O
remains O
in O
place O
for O
weaker O
assets O
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
77 I-Effect
from I-Effect
$ I-Effect
74 I-Effect
to I-Effect
reflect I-Effect
our I-Effect
stronger I-Effect
near-term I-Effect
revenue I-Effect
and I-Effect
margin I-Effect
expectations. O
This O
estimate O
is O
principally O
based O
on O
our B-Cause
assumptions I-Cause
of I-Cause
revenue I-Cause
growth I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, I-Cause
which I-Cause
we I-Cause
expect I-Cause
to I-Cause
be I-Cause
4.4 I-Cause
% I-Cause
on I-Cause
average I-Cause
. O

Despite O
all O
of O
these O
positive O
recent O
trends O
related O
to O
those O
strategic O
initiatives O
, O
external B-Cause
factors I-Cause
and I-Cause
an I-Cause
inflated I-Cause
debt I-Cause
position I-Cause
create O
uncertainty B-Effect
around I-Effect
Tenet I-Effect
. O

TAL B-Cause
Education I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
raise I-Cause
5 I-Cause
% I-Cause
-10 I-Cause
% I-Cause
of I-Cause
its I-Cause
fees I-Cause
every I-Cause
two I-Cause
to I-Cause
three I-Cause
years I-Cause
on I-Cause
new I-Cause
students I-Cause
or I-Cause
Education I-Cause
& I-Cause
Training I-Cause
Servicesnew I-Cause
programs I-Cause
to O
cover B-Effect
rising I-Effect
costs I-Effect
, O
driving B-Effect
an I-Effect
improving I-Effect
margin I-Effect
as O
utilization B-Cause
and I-Cause
operational I-Cause
efficiency I-Cause
continues I-Cause
to I-Cause
improve I-Cause
. O

Providing B-Cause
a I-Cause
mix I-Cause
of I-Cause
new I-Cause
aftermarket I-Cause
, I-Cause
recycled I-Cause
, I-Cause
remanufactured I-Cause
, I-Cause
and I-Cause
specialty I-Cause
products I-Cause
across I-Cause
a I-Cause
region I-Cause
allows O
LKQ B-Effect
to I-Effect
shift I-Effect
inventory I-Effect
between I-Effect
warehouse I-Effect
locations I-Effect
to I-Effect
maximize I-Effect
fulfillment I-Effect
rates I-Effect
and I-Effect
minimize I-Effect
delivery I-Effect
times I-Effect
. O

We O
assume O
individual O
sites O
of O
destruction O
as O
a O
normal O
course O
of O
business O
that O
is O
likely O
to O
happen O
on O
an O
annual O
basis O
, O
but O
entire B-Cause
regions I-Cause
would I-Cause
need I-Cause
to I-Cause
be I-Cause
put I-Cause
out I-Cause
of I-Cause
service I-Cause
to O
have O
a B-Effect
material I-Effect
financial I-Effect
impact I-Effect
. O

The B-Cause
firm I-Cause
can I-Cause
offer I-Cause
converged I-Cause
wireless I-Cause
and I-Cause
fixed-line I-Cause
services I-Cause
across I-Cause
a I-Cause
substantial I-Cause
portion I-Cause
of I-Cause
Brazil I-Cause
, I-Cause
including I-Cause
Sao I-Cause
Paulo I-Cause
, O
enabling O
it B-Effect
to I-Effect
effectively I-Effect
serve I-Effect
the I-Effect
high I-Effect
end I-Effect
of I-Effect
the I-Effect
market I-Effect
. O

With O
e-commerce B-Cause
becoming I-Cause
a I-Cause
more I-Cause
material I-Cause
portion I-Cause
of I-Cause
the I-Cause
market I-Cause
, O
traditional B-Effect
point-of-sale I-Effect
acquirers I-Effect
are I-Effect
building I-Effect
out I-Effect
their I-Effect
online I-Effect
capabilities I-Effect
, O
and O
, O
in O
our O
view O
, O
it O
is O
notable O
that O
the B-Effect
commonality I-Effect
in I-Effect
the I-Effect
wave I-Effect
of I-Effect
M I-Effect
& I-Effect
A I-Effect
in I-Effect
2019 I-Effect
was I-Effect
the I-Effect
combination I-Effect
of I-Effect
acquirer I-Effect
and I-Effect
issuer I-Effect
operations I-Effect
. O

A B-Cause
downturn I-Cause
in I-Cause
this I-Cause
industry I-Cause
would O
significantly O
affect B-Effect
the I-Effect
economies I-Effect
of I-Effect
these I-Effect
markets I-Effect
and O
negatively B-Effect
affect I-Effect
the I-Effect
fundamentals I-Effect
of I-Effect
Essex I-Effect
's I-Effect
assets I-Effect
in I-Effect
these I-Effect
markets I-Effect
. O

Kroger B-Cause
has I-Cause
strong I-Cause
pricing I-Cause
leverage I-Cause
for I-Cause
CPG I-Cause
items I-Cause
and I-Cause
the I-Cause
ability I-Cause
for I-Cause
Walgreens I-Cause
to I-Cause
obtain I-Cause
such I-Cause
pricing I-Cause
could O
improve B-Cause
cross I-Cause
selling I-Cause
of I-Cause
front I-Cause
end I-Cause
products I-Cause
and O
as O
a O
result O
improve B-Effect
profitability I-Effect
. O

We O
are O
n't O
as O
positive O
about O
Sky B-Cause
, I-Cause
Comcast I-Cause
's I-Cause
most I-Cause
recent I-Cause
acquisition I-Cause
, O
given O
the O
high O
price O
paid O
, O
but O
we O
expect O
Comcast O
will O
use O
this O
asset O
to O
enhance B-Effect
NBCU I-Effect
's I-Effect
competitive I-Effect
position I-Effect
. I-Effect

Legislation B-Cause
and I-Cause
political I-Cause
turnover I-Cause
helped I-Cause
turn I-Cause
the I-Cause
regulatory I-Cause
environment I-Cause
from I-Cause
below-average I-Cause
to I-Cause
above-average. O
This O
supports B-Effect
CMS I-Effect
' I-Effect
$ I-Effect
13 I-Effect
billion I-Effect
capital I-Effect
investment I-Effect
plan I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
all I-Effect
accretive I-Effect
to I-Effect
earnings I-Effect
and I-Effect
shareholder I-Effect
value I-Effect
. O

Based O
on O
the O
updated O
five-year O
EPS B-Cause
growth I-Cause
guidance I-Cause
and I-Cause
the I-Cause
dilutive I-Cause
impact I-Cause
of I-Cause
the I-Cause
exit I-Cause
from I-Cause
gas I-Cause
transmission I-Cause
, O
we O
reduced B-Effect
our I-Effect
EPS I-Effect
estimates I-Effect
from I-Effect
2021-24 I-Effect
by I-Effect
$ I-Effect
0.04 I-Effect
to I-Effect
$ I-Effect
0.06 I-Effect
per I-Effect
share I-Effect
. O

Although O
we O
think O
approval O
is O
more O
likely O
than O
not O
, O
rejection B-Effect
would I-Effect
likely I-Effect
pressure I-Effect
the I-Effect
stock I-Effect
, O
as O
it O
would O
remove B-Cause
the I-Cause
prospect I-Cause
of I-Cause
lesser I-Cause
competition I-Cause
and O
subject B-Cause
Rogers I-Cause
to I-Cause
a I-Cause
sizable I-Cause
reverse I-Cause
break I-Cause
fee I-Cause
and O
require O
a O
contingent O
strategy O
. O

US B-Cause
Foods I-Cause
can I-Cause
generally I-Cause
pass I-Cause
through I-Cause
food I-Cause
inflation I-Cause
from I-Cause
1 I-Cause
% I-Cause
to I-Cause
3 I-Cause
% I-Cause
, I-Cause
but I-Cause
when I-Cause
it I-Cause
exceeds I-Cause
this I-Cause
, I-Cause
it I-Cause
can I-Cause
take I-Cause
several I-Cause
weeks I-Cause
to I-Cause
fully I-Cause
pass I-Cause
the I-Cause
inflation I-Cause
through I-Cause
, O
which O
can O
lead O
to O
prolonged B-Effect
margin I-Effect
compression I-Effect
. O

As O
patents B-Cause
for I-Cause
FMC I-Cause
's I-Cause
premium I-Cause
products I-Cause
expire I-Cause
, O
the B-Effect
company I-Effect
must I-Effect
continue I-Effect
to I-Effect
invest I-Effect
in I-Effect
R I-Effect
& I-Effect
D I-Effect
to I-Effect
develop I-Effect
new I-Effect
products I-Effect
in I-Effect
order I-Effect
to I-Effect
maintain I-Effect
the I-Effect
same I-Effect
levels I-Effect
of I-Effect
profitability I-Effect
. O

We O
project O
adjusted B-Effect
EBITDA I-Effect
margins I-Effect
expanding I-Effect
by I-Effect
about I-Effect
400 I-Effect
basis I-Effect
points I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
primarily O
due O
to O
expected B-Cause
cost I-Cause
synergies I-Cause
from I-Cause
the I-Cause
merger I-Cause
as I-Cause
well I-Cause
as I-Cause
mix I-Cause
shift I-Cause
. O

However O
, O
from B-Cause
October I-Cause
2015 I-Cause
, I-Cause
the I-Cause
government I-Cause
also I-Cause
required I-Cause
each I-Cause
operator I-Cause
to I-Cause
introduce I-Cause
the I-Cause
Mobile I-Cause
Data I-Cause
Carry-Over I-Cause
Policy. O
This O
policy O
allowed O
customers B-Effect
to I-Effect
carry I-Effect
forward I-Effect
unused I-Effect
data I-Effect
from I-Effect
one I-Effect
month I-Effect
to I-Effect
be I-Effect
used I-Effect
in I-Effect
the I-Effect
next I-Effect
month I-Effect
, O
and O
had O
a B-Effect
very I-Effect
large I-Effect
negative I-Effect
impact I-Effect
on I-Effect
fourth-quarter I-Effect
earnings I-Effect
that I-Effect
year I-Effect
. O

Our B-Effect
expectations I-Effect
would I-Effect
continue I-Effect
a I-Effect
historical I-Effect
trend I-Effect
as O
Workday B-Cause
has I-Cause
already I-Cause
gone I-Cause
from I-Cause
services I-Cause
constituting I-Cause
34 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2012 I-Cause
to I-Cause
now I-Cause
15 I-Cause
% I-Cause
in I-Cause
2020 I-Cause
. O

Climate B-Cause
concerns I-Cause
could O
also O
trigger O
regulatory B-Effect
interventions I-Effect
, I-Effect
such I-Effect
as I-Effect
production I-Effect
limits I-Effect
, I-Effect
removal I-Effect
of I-Effect
existing I-Effect
infrastructure I-Effect
, I-Effect
and I-Effect
perhaps I-Effect
even I-Effect
direct I-Effect
taxes I-Effect
on I-Effect
carbon I-Effect
emissions I-Effect
. O

We O
also O
believe O
that O
Domino B-Effect
's I-Effect
maintains I-Effect
a I-Effect
scale-driven I-Effect
cost I-Effect
advantage I-Effect
, O
with O
the B-Cause
firm I-Cause
benefiting I-Cause
from I-Cause
both I-Cause
favorable I-Cause
food I-Cause
procurement I-Cause
costs I-Cause
and I-Cause
leveraged I-Cause
advertising I-Cause
and I-Cause
technology I-Cause
expenditures I-Cause
across I-Cause
its I-Cause
franchise I-Cause
network I-Cause
. O

To O
encourage O
broadband O
users O
, O
the B-Cause
firm I-Cause
has I-Cause
been I-Cause
rolling I-Cause
out I-Cause
fibre I-Cause
into I-Cause
its I-Cause
fixed-line I-Cause
network I-Cause
to I-Cause
provide I-Cause
its I-Cause
customers I-Cause
with I-Cause
faster I-Cause
speeds I-Cause
, O
with B-Effect
over I-Effect
96 I-Effect
% I-Effect
of I-Effect
its I-Effect
broadband I-Effect
customers I-Effect
on I-Effect
FTTH I-Effect
by I-Effect
year-end I-Effect
2019 I-Effect
and I-Effect
over I-Effect
220 I-Effect
million I-Effect
homes I-Effect
passed I-Effect
with I-Effect
FTTH I-Effect
. O

After O
operating O
losses O
through O
2022 O
( O
mainly O
due O
to O
the O
coronavirus O
pandemic O
) O
, O
we O
have O
modeled O
a B-Effect
10-year I-Effect
average I-Effect
operating I-Effect
margin I-Effect
of I-Effect
9 I-Effect
% I-Effect
as O
the B-Cause
firm I-Cause
will I-Cause
continue I-Cause
to I-Cause
pursue I-Cause
restaurants I-Cause
and I-Cause
diners I-Cause
more I-Cause
aggressively I-Cause
. O

We B-Effect
assign I-Effect
Darden I-Effect
Restaurants I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
consistent O
with O
our O
view O
that O
intense B-Cause
competition I-Cause
in I-Cause
a I-Cause
declining I-Cause
casual I-Cause
dining I-Cause
segment I-Cause
, I-Cause
blurring I-Cause
lines I-Cause
in I-Cause
the I-Cause
food-service I-Cause
industry I-Cause
, I-Cause
and I-Cause
exogenous I-Cause
operational I-Cause
risks I-Cause
result I-Cause
in I-Cause
elevated I-Cause
uncertainty I-Cause
relative I-Cause
to I-Cause
quick-service I-Cause
restaurant I-Cause
peers I-Cause
. O

Management O
has O
previously O
stated O
that O
it B-Effect
wants I-Effect
to I-Effect
partner I-Effect
with I-Effect
a I-Effect
U.S.-based I-Effect
consumer I-Effect
packaged I-Effect
goods I-Effect
company I-Effect
to I-Effect
deliver I-Effect
THC-infused I-Effect
products I-Effect
once O
there B-Cause
is I-Cause
a I-Cause
change I-Cause
to I-Cause
federal I-Cause
law I-Cause
. O

In O
the O
developed O
world O
, O
margins B-Cause
from I-Cause
farming I-Cause
are I-Cause
quite I-Cause
low I-Cause
, O
which O
allows O
Deere B-Effect
to I-Effect
sell I-Effect
farmers I-Effect
on I-Effect
efficiency I-Effect
gains I-Effect
through I-Effect
continuous I-Effect
product I-Effect
innovation I-Effect
in I-Effect
what I-Effect
has I-Effect
become I-Effect
an I-Effect
agricultural I-Effect
arms I-Effect
race I-Effect
. O

Arista B-Cause
works I-Cause
closely I-Cause
with I-Cause
its I-Cause
core I-Cause
customers I-Cause
to O
optimize B-Cause
their I-Cause
networking I-Cause
ecosystems I-Cause
, O
which O
we O
believe O
can O
strengthen B-Effect
its I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
. O

Landstar B-Effect
's I-Effect
trucking I-Effect
capacity I-Effect
is I-Effect
unusual I-Effect
for I-Effect
an I-Effect
asset-light I-Effect
broker I-Effect
because O
it B-Cause
relies I-Cause
in I-Cause
part I-Cause
on I-Cause
captive I-Cause
owner-operators I-Cause
( I-Cause
which I-Cause
the I-Cause
firm I-Cause
refers I-Cause
to I-Cause
as I-Cause
business I-Cause
capacity I-Cause
owners I-Cause
) I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
unaffiliated I-Cause
third-party I-Cause
carriers I-Cause
, I-Cause
to I-Cause
haul I-Cause
freight I-Cause
. O

Lastly O
, O
as O
the B-Cause
company I-Cause
expands I-Cause
Zoom I-Cause
Phone I-Cause
, O
we O
expect O
increased B-Effect
competition I-Effect
from I-Effect
legacy I-Effect
and I-Effect
modern I-Effect
cloud-based I-Effect
private I-Effect
phone I-Effect
providers I-Effect
, O
such O
as O
Avaya O
, O
RingCentral O
, O
and O
8x8 O
. O

Over O
the O
next O
five O
years O
, O
we O
model O
cloud B-Effect
subscriptions I-Effect
and I-Effect
managed I-Effect
services I-Effect
to I-Effect
rapidly I-Effect
expand I-Effect
alongside O
a B-Cause
growing I-Cause
professional I-Cause
services I-Cause
business I-Cause
, O
while O
products B-Effect
and I-Effect
related I-Effect
subscriptions I-Effect
and I-Effect
support I-Effect
decline I-Effect
. O

HSBC B-Effect
is I-Effect
primarily I-Effect
penalized I-Effect
by I-Effect
regulators I-Effect
on O
its B-Cause
G-SIB I-Cause
score I-Cause
versus I-Cause
peers I-Cause
on I-Cause
its I-Cause
cross-border I-Cause
activity I-Cause
, I-Cause
while I-Cause
scoring I-Cause
better I-Cause
than I-Cause
peers I-Cause
in I-Cause
terms I-Cause
of I-Cause
overall I-Cause
complexity I-Cause
. O

Management O
targets O
about O
EUR O
5.0 O
billion O
in O
annual O
run-rate O
synergies O
from O
the O
merger O
, O
80 B-Effect
% I-Effect
of I-Effect
which I-Effect
to I-Effect
be I-Effect
realized I-Effect
after I-Effect
four I-Effect
years I-Effect
on O
a B-Cause
one-time I-Cause
cost I-Cause
estimated I-Cause
at I-Cause
EUR I-Cause
4.0 I-Cause
billion I-Cause
. O

Further O
, O
we O
surmise O
actions B-Cause
it I-Cause
is I-Cause
taking I-Cause
to I-Cause
reduce I-Cause
its I-Cause
cost I-Cause
structure I-Cause
( O
$ O
350 O
million O
in O
permanent O
cost O
reductions O
in O
fiscal O
2021 O
) O
stand O
to O
aid B-Effect
its I-Effect
margin I-Effect
profile I-Effect
, O
although O
a O
portion O
will O
be O
reinvested O
in O
sales O
reps O
specializing O
in O
product O
categories O
or O
cuisines O
. O

The B-Cause
large I-Cause
deal I-Cause
, O
which B-Effect
more I-Effect
than I-Effect
quintupled I-Effect
the I-Effect
company I-Effect
's I-Effect
revenue I-Effect
( I-Effect
from I-Effect
$ I-Effect
693 I-Effect
million I-Effect
in I-Effect
2011 I-Effect
to I-Effect
$ I-Effect
3.9 I-Effect
billion I-Effect
in I-Effect
2012 I-Effect
) I-Effect
, I-Effect
added I-Effect
nearly I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
of I-Effect
goodwill I-Effect
to I-Effect
Colfax I-Effect
's I-Effect
balance I-Effect
sheet I-Effect
and I-Effect
diluted I-Effect
operating I-Effect
margins I-Effect
by I-Effect
over I-Effect
300 I-Effect
basis I-Effect
points I-Effect
. O

We O
believe O
that O
TransDigm B-Effect
Group I-Effect
has I-Effect
intangible I-Effect
assets I-Effect
stemming O
from O
intellectual B-Cause
property I-Cause
rights I-Cause
on I-Cause
components I-Cause
that O
manifest O
as O
a O
material O
barrier O
to B-Effect
entry I-Effect
. O

Historically O
, O
Telus B-Effect
competed I-Effect
with I-Effect
an I-Effect
inferior I-Effect
network I-Effect
, O
as B-Cause
its I-Cause
legacy I-Cause
copper I-Cause
network I-Cause
could I-Cause
n't I-Cause
compare I-Cause
to I-Cause
the I-Cause
speed I-Cause
and I-Cause
quality I-Cause
of I-Cause
the I-Cause
hybrid I-Cause
fiber-coax I-Cause
network I-Cause
of I-Cause
Shaw I-Cause
. O

We O
note O
that O
although O
the O
company O
is O
currently O
somewhat O
insulated O
against O
foreign O
exchange O
exposure O
, O
Align B-Cause
's I-Cause
growing I-Cause
focus I-Cause
on I-Cause
international I-Cause
markets I-Cause
is O
likely O
to O
increase B-Effect
the I-Effect
breadth I-Effect
of I-Effect
its I-Effect
currency I-Effect
exposure I-Effect
somewhat I-Effect
. O

The B-Cause
2013 I-Cause
Supreme I-Cause
Court I-Cause
decision I-Cause
opened I-Cause
the I-Cause
gates I-Cause
for I-Cause
competitors I-Cause
to B-Effect
saturate I-Effect
the I-Effect
hereditary I-Effect
cancer I-Effect
testing I-Effect
market I-Effect
and I-Effect
drive I-Effect
pricing I-Effect
down I-Effect
. O

With O
real-time B-Cause
return I-Cause
on I-Cause
investment I-Cause
analyses I-Cause
of I-Cause
the I-Cause
ads I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
clients I-Effect
are I-Effect
able I-Effect
to I-Effect
adjust I-Effect
their I-Effect
marketing I-Effect
strategies I-Effect
dynamically I-Effect
. O

All O
in O
, O
while O
we B-Cause
are I-Cause
confident I-Cause
that I-Cause
net I-Cause
economic I-Cause
profit I-Cause
generation I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
will I-Cause
be I-Cause
positive I-Cause
( I-Cause
we I-Cause
model I-Cause
ROICs I-Cause
reaching I-Cause
high-single I-Cause
digits I-Cause
by I-Cause
2024 I-Cause
versus I-Cause
a I-Cause
6.8 I-Cause
% I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
) I-Cause
, O
the B-Effect
segment I-Effect
dynamics I-Effect
we I-Effect
have I-Effect
outlined I-Effect
limit I-Effect
our I-Effect
confidence I-Effect
in I-Effect
a I-Effect
20-year I-Effect
time I-Effect
horizon I-Effect
. O

Solutions B-Effect
like I-Effect
these I-Effect
are I-Effect
especially I-Effect
valuable I-Effect
in I-Effect
hazardous I-Effect
environments I-Effect
, O
since O
they B-Cause
allow I-Cause
the I-Cause
user I-Cause
to I-Cause
keep I-Cause
a I-Cause
safe I-Cause
distance I-Cause
from I-Cause
dangerous I-Cause
areas I-Cause
. O

Nevertheless O
, O
despite O
these B-Cause
strategic I-Cause
moves I-Cause
to I-Cause
control I-Cause
costs I-Cause
, O
the B-Effect
shift I-Effect
of I-Effect
its I-Effect
portfolio I-Effect
toward I-Effect
fixed-cost I-Effect
contracts I-Effect
has I-Effect
increased I-Effect
Fluor I-Effect
's I-Effect
exposure I-Effect
to I-Effect
the I-Effect
risk I-Effect
of I-Effect
large I-Effect
losses I-Effect
on I-Effect
individual I-Effect
projects I-Effect
. O

Unlike O
the O
effective O
oligopoly O
within O
HDDs O
, O
the B-Cause
SSD I-Cause
space I-Cause
is I-Cause
highly I-Cause
competitive I-Cause
, O
with B-Cause
high I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
, O
giving O
Seagate O
a B-Effect
limited I-Effect
and I-Effect
difficult I-Effect
opportunity I-Effect
to I-Effect
expand I-Effect
effectively I-Effect
into I-Effect
the I-Effect
flash I-Effect
market I-Effect
. O

Once O
a B-Effect
supplier I-Effect
has I-Effect
the I-Effect
business I-Effect
, I-Effect
it I-Effect
is I-Effect
extremely I-Effect
rare I-Effect
to I-Effect
lose I-Effect
it I-Effect
, I-Effect
especially I-Effect
during I-Effect
a I-Effect
vehicle I-Effect
program I-Effect
, O
because O
automakers B-Cause
then I-Cause
have I-Cause
to I-Cause
remove I-Cause
tooling I-Cause
from I-Cause
the I-Cause
supplier I-Cause
which I-Cause
can I-Cause
cost I-Cause
millions I-Cause
. O

Given O
the O
importance O
of O
a B-Cause
talented I-Cause
workforce I-Cause
in I-Cause
the I-Cause
services-oriented I-Cause
commercial I-Cause
real I-Cause
estate I-Cause
industry I-Cause
, O
it O
is O
imperative O
that O
firms O
such O
as O
CBRE O
continue B-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
top I-Effect
employees I-Effect
. O

These B-Cause
markets I-Cause
should I-Cause
experience I-Cause
strong I-Cause
, I-Cause
long-term I-Cause
demographic I-Cause
trends I-Cause
like O
job O
growth O
, O
income O
growth O
, O
decreasing O
homeownership O
rates O
, O
high O
relative O
cost O
of O
single-family O
housing O
, O
and O
attractive O
urban O
centers O
that O
draw O
younger O
populations O
, O
which O
allows O
the B-Effect
company I-Effect
to I-Effect
maintain I-Effect
high I-Effect
occupancies I-Effect
and I-Effect
drive I-Effect
rent I-Effect
growth I-Effect
above I-Effect
the I-Effect
U.S I-Effect
. I-Effect

We O
project O
per-gallon B-Cause
gross I-Cause
profit I-Cause
for I-Cause
propane I-Cause
to I-Cause
improve I-Cause
, O
growing O
2 O
% O
annually O
, O
helping O
offset B-Effect
volume I-Effect
declines I-Effect
and I-Effect
in I-Effect
line I-Effect
with I-Effect
recent I-Effect
increases I-Effect
. O

The B-Effect
lack I-Effect
of I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
is O
further O
supported O
by O
Simply B-Cause
Good I-Cause
Foods I-Cause
' I-Cause
operating I-Cause
margins I-Cause
, I-Cause
which I-Cause
are I-Cause
not I-Cause
superior I-Cause
to I-Cause
that I-Cause
of I-Cause
its I-Cause
peers I-Cause
. O

And O
agents O
also O
benefit O
from O
having B-Cause
Sabre I-Cause
's I-Cause
platform I-Cause
integrated I-Cause
into I-Cause
their I-Cause
back-office I-Cause
systems I-Cause
, O
which O
makes O
for O
a B-Effect
more I-Effect
efficient I-Effect
process I-Effect
and O
allows O
for O
technology B-Effect
updates I-Effect
as I-Effect
innovation I-Effect
improves I-Effect
. O

The B-Cause
differentiated I-Cause
concept I-Cause
has O
the B-Effect
vast I-Effect
majority I-Effect
of I-Effect
items I-Effect
priced I-Effect
at I-Effect
$ I-Effect
1 I-Effect
, O
simplifying B-Effect
the I-Effect
company I-Effect
's I-Effect
value I-Effect
proposition I-Effect
( O
though O
the O
firm O
has O
added O
a O
small O
section O
of O
somewhat O
higher-priced O
items O
) O
. O

We B-Effect
are I-Effect
decreasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
11 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
13 I-Effect
after I-Effect
lowering I-Effect
our I-Effect
near-term I-Effect
forecasts I-Effect
as O
we O
now O
expect O
the B-Cause
coronavirus I-Cause
pandemic-driven I-Cause
downturn I-Cause
to I-Cause
last I-Cause
longer I-Cause
than I-Cause
we I-Cause
had I-Cause
anticipated I-Cause
. O

Expanded B-Cause
technological I-Cause
offerings I-Cause
may O
help O
differentiate B-Effect
H I-Effect
& I-Effect
P I-Effect
's I-Effect
services I-Effect
-- O
that O
is O
, O
until O
competitors O
deploy O
similar O
enhancements O
-- O
but O
we O
do O
not O
see O
evidence O
that O
this O
technology O
lifts O
operating O
margins O
. O

The B-Effect
market I-Effect
services I-Effect
business I-Effect
received I-Effect
a I-Effect
nice I-Effect
bump I-Effect
in I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
from I-Effect
higher I-Effect
market I-Effect
volatility I-Effect
and I-Effect
changes I-Effect
in I-Effect
retail I-Effect
investor I-Effect
behavior I-Effect
because O
of O
COVID-19 B-Cause
, O
which O
we O
expect O
will O
partially O
revert O
over O
the O
next O
two O
years O
. O

At O
this O
point O
, O
we O
believe O
cannabis O
market O
share O
may O
be O
more O
reflective O
of O
distribution O
rather O
than O
brand O
, O
especially O
as O
the B-Cause
slow I-Cause
rollout I-Cause
of I-Cause
cannabis I-Cause
in I-Cause
Canada I-Cause
hinders B-Effect
growth I-Effect
. O

The B-Effect
third I-Effect
quarter I-Effect
also I-Effect
showed I-Effect
progress I-Effect
in I-Effect
shifting I-Effect
the I-Effect
newly I-Effect
acquired I-Effect
pork I-Effect
business I-Effect
from I-Effect
essentially I-Effect
breakeven I-Effect
in I-Effect
2019 I-Effect
, I-Effect
to I-Effect
mid-single-digit I-Effect
operating I-Effect
margins I-Effect
by I-Effect
2021 I-Effect
and I-Effect
beyond I-Effect
, O
as O
Pilgrim B-Cause
's I-Cause
improves I-Cause
operations I-Cause
. O

We O
forecast O
that O
Check B-Effect
Point I-Effect
will I-Effect
continue I-Effect
to I-Effect
see I-Effect
near I-Effect
term I-Effect
turbulence I-Effect
within I-Effect
its I-Effect
products I-Effect
and I-Effect
licenses I-Effect
business I-Effect
as O
enterprises B-Cause
continue I-Cause
their I-Cause
migration I-Cause
toward I-Cause
software-defined I-Cause
products I-Cause
from I-Cause
hardware I-Cause
appliances I-Cause
. O

With O
baby O
boomers O
hitting O
Medicare O
age O
, O
there O
could O
be O
future B-Cause
cuts I-Cause
to I-Cause
Medicare I-Cause
reimbursement I-Cause
for I-Cause
device-related I-Cause
procedures I-Cause
, O
which O
would O
translate O
into O
financial B-Effect
pressure I-Effect
for I-Effect
Medtronic I-Effect
's I-Effect
hospital I-Effect
customers I-Effect
. O

While O
Essex O
's O
portfolio O
focuses O
on O
markets O
with O
strong O
demand O
drivers O
, O
the O
pandemic B-Cause
has O
caused O
many B-Cause
millennials I-Cause
to I-Cause
consider I-Cause
moving I-Cause
to I-Cause
the I-Cause
suburbs I-Cause
, O
either O
into O
suburban O
apartments O
or O
their O
own O
single-family O
homes O
, O
which O
limits B-Effect
the I-Effect
potential I-Effect
short-term I-Effect
demand I-Effect
for I-Effect
new I-Effect
urban I-Effect
apartments I-Effect
. O

We O
do B-Effect
not I-Effect
think I-Effect
this I-Effect
represents I-Effect
a I-Effect
material I-Effect
liability I-Effect
for I-Effect
Hain I-Effect
, O
as O
the B-Cause
problem I-Cause
is I-Cause
throughout I-Cause
the I-Cause
industry I-Cause
and I-Cause
the I-Cause
product I-Cause
represents I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
Hain I-Cause
's I-Cause
sales I-Cause
. O

On O
the O
construction O
side O
, O
we O
believe O
the O
company B-Effect
will I-Effect
benefit I-Effect
from O
legislation B-Cause
aimed I-Cause
at I-Cause
increasing I-Cause
infrastructure I-Cause
spending I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

As O
Adidas B-Cause
outsources I-Cause
most I-Cause
of I-Cause
its I-Cause
manufacturing I-Cause
to I-Cause
more I-Cause
than I-Cause
600 I-Cause
factories I-Cause
in I-Cause
about I-Cause
50 I-Cause
countries I-Cause
, O
we O
do O
not O
think O
it B-Effect
has I-Effect
any I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
competitors I-Effect
, O
which O
source O
from O
similar O
supply O
chains O
. O

We O
believe O
networking B-Effect
teams I-Effect
are I-Effect
reticent I-Effect
to I-Effect
change I-Effect
vendors I-Effect
because O
of O
VMware B-Cause
's I-Cause
superiority I-Cause
in I-Cause
feature I-Cause
suites I-Cause
, I-Cause
user-friendly I-Cause
graphical I-Cause
user I-Cause
interfaces I-Cause
, I-Cause
and I-Cause
potential I-Cause
network I-Cause
disruption I-Cause
. O

We O
believe O
this B-Cause
has I-Cause
spread I-Cause
company I-Cause
resources I-Cause
too I-Cause
thin I-Cause
, O
causing O
underinvestment B-Cause
in I-Cause
brands I-Cause
, O
which O
has O
resulted O
in O
a B-Effect
lack I-Effect
of I-Effect
brand I-Effect
equity I-Effect
and I-Effect
pricing I-Effect
power I-Effect
. O

Longer O
term O
, O
efforts B-Cause
focused I-Cause
on I-Cause
elevating I-Cause
key I-Cause
brands I-Cause
( I-Cause
Barbie I-Cause
, I-Cause
Hot I-Cause
Wheels I-Cause
) I-Cause
, I-Cause
winning I-Cause
new I-Cause
licenses I-Cause
, I-Cause
and I-Cause
increasing I-Cause
supply I-Cause
chain I-Cause
speed I-Cause
( I-Cause
faster I-Cause
to I-Cause
market I-Cause
) I-Cause
, O
could O
support B-Effect
sales I-Effect
and I-Effect
market I-Effect
share I-Effect
growth I-Effect
at I-Effect
Mattel I-Effect
. O

In O
contrast O
, O
the B-Cause
Appalachian I-Cause
region I-Cause
was I-Cause
relatively I-Cause
underdeveloped I-Cause
until I-Cause
the I-Cause
emergence I-Cause
of I-Cause
the I-Cause
Marcellus I-Cause
in I-Cause
the I-Cause
last I-Cause
decade I-Cause
, O
so O
access B-Effect
to I-Effect
key I-Effect
infrastructure I-Effect
and I-Effect
resources I-Effect
is I-Effect
far I-Effect
more I-Effect
limited I-Effect
. O

High-yielding O
business O
travelers O
are O
some O
of O
the O
most O
profitable O
customers O
for O
airlines O
and O
a B-Cause
lack I-Cause
of I-Cause
business I-Cause
travel I-Cause
may O
constrain O
new B-Effect
aircraft I-Effect
demand I-Effect
if O
business B-Cause
travel I-Cause
does I-Cause
not I-Cause
return I-Cause
. O

We O
expect O
replacement B-Cause
demand I-Cause
in I-Cause
the I-Cause
commercial I-Cause
truck I-Cause
market I-Cause
to O
push B-Effect
sales I-Effect
growth I-Effect
to I-Effect
11 I-Effect
% I-Effect
on I-Effect
average I-Effect
in I-Effect
the I-Effect
truck I-Effect
segment I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

After O
a O
drop O
in O
client O
assets O
in O
early O
2020 O
, O
client B-Cause
assets I-Cause
recovered I-Cause
along I-Cause
with I-Cause
the I-Cause
stock I-Cause
market I-Cause
, O
so O
Raymond B-Effect
James I-Effect
' I-Effect
wealth I-Effect
management I-Effect
business I-Effect
is I-Effect
doing I-Effect
well I-Effect
. O

Consequently O
, O
we O
think O
fiscal B-Effect
2021 I-Effect
revenue I-Effect
will I-Effect
grow I-Effect
29 I-Effect
% I-Effect
thanks O
to O
improved B-Cause
DRAM I-Cause
pricing I-Cause
as I-Cause
well I-Cause
as I-Cause
greater I-Cause
memory I-Cause
and I-Cause
storage I-Cause
requirements I-Cause
across I-Cause
servers I-Cause
, I-Cause
smartphones I-Cause
, I-Cause
game I-Cause
consoles I-Cause
, I-Cause
and I-Cause
new I-Cause
opportunities I-Cause
for I-Cause
Micron I-Cause
such I-Cause
as I-Cause
2 I-Cause
Jun I-Cause
2021 I-Cause
05:00 I-Cause
, I-Cause
UTCembedded I-Cause
DRAM I-Cause
in I-Cause
automotive I-Cause
. O

We O
also O
estimate O
that O
around B-Cause
25 I-Cause
% I-Cause
of I-Cause
client I-Cause
assets I-Cause
are I-Cause
in I-Cause
either I-Cause
a I-Cause
Charles I-Cause
Schwab I-Cause
proprietary I-Cause
or I-Cause
a I-Cause
controlled I-Cause
product I-Cause
, O
which O
allows O
the B-Effect
company I-Effect
to I-Effect
extract I-Effect
more I-Effect
profits I-Effect
on I-Effect
client I-Effect
assets I-Effect
than I-Effect
other I-Effect
brokerages I-Effect
where I-Effect
their I-Effect
clients I-Effect
use I-Effect
primarily I-Effect
third-party I-Effect
products I-Effect
. O

Now O
that O
cloud B-Cause
and I-Cause
enterprise I-Cause
customers I-Cause
alike I-Cause
are I-Cause
more I-Cause
familiar I-Cause
with I-Cause
AMD I-Cause
's I-Cause
platform I-Cause
and I-Cause
support I-Cause
, O
we O
expect O
greater B-Effect
staying I-Effect
power I-Effect
for I-Effect
AMD I-Effect
in I-Effect
the I-Effect
data I-Effect
center I-Effect
. O

One O
potential B-Effect
ESG I-Effect
risk I-Effect
is O
that O
shareholders O
have O
rejected B-Cause
the I-Cause
proposed I-Cause
compensation I-Cause
package I-Cause
of O
$ O
41 O
million O
in O
stock O
awards O
for O
CEO O
Parry O
Sook O
in O
both O
2018 O
and O
2019 O
. O

We O
still O
think O
the B-Cause
peripheral I-Cause
artery I-Cause
disease I-Cause
business I-Cause
is I-Cause
a I-Cause
very I-Cause
attractive I-Cause
opportunity I-Cause
for I-Cause
BD I-Cause
and O
while O
a O
paclitaxel O
setback O
stripped O
BD O
's O
pipeline O
of O
some O
of O
its O
luster O
, O
the B-Effect
firm I-Effect
still I-Effect
retains I-Effect
leadership I-Effect
in I-Effect
that I-Effect
area I-Effect
. O

A B-Cause
culture I-Cause
of I-Cause
continuous I-Cause
innovation I-Cause
, I-Cause
high I-Cause
switching I-Cause
costs I-Cause
for I-Cause
customers I-Cause
, I-Cause
highly I-Cause
integrated I-Cause
engineering I-Cause
relationships I-Cause
with I-Cause
customers I-Cause
, I-Cause
and I-Cause
lengthy I-Cause
vehicle I-Cause
programs I-Cause
provide B-Effect
Lear I-Effect
with I-Effect
sticky I-Effect
market I-Effect
shares I-Effect
. O

Despite O
this O
, O
based O
on O
the B-Cause
historical I-Cause
trend I-Cause
, O
we O
believe O
the B-Effect
normalized I-Effect
gross I-Effect
margin I-Effect
should I-Effect
stay I-Effect
above I-Effect
50 I-Effect
% I-Effect
, O
as O
we O
expect O
scale B-Cause
, I-Cause
a I-Cause
higher I-Cause
utilization I-Cause
rate I-Cause
, I-Cause
and I-Cause
cost I-Cause
efficiency I-Cause
will I-Cause
continue I-Cause
to I-Cause
improve I-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

We O
believe O
Coty B-Cause
will I-Cause
close I-Cause
on I-Cause
the I-Cause
sale I-Cause
of I-Cause
a I-Cause
60 I-Cause
% I-Cause
stake I-Cause
in I-Cause
its I-Cause
professional I-Cause
and I-Cause
retail I-Cause
hair I-Cause
care I-Cause
businesses I-Cause
to I-Cause
KKR I-Cause
for I-Cause
$ I-Cause
2.5 I-Cause
billion I-Cause
in I-Cause
net I-Cause
proceeds I-Cause
by I-Cause
November I-Cause
30 I-Cause
, O
which O
should O
allow O
the B-Effect
firm I-Effect
to I-Effect
reduce I-Effect
debt I-Effect
and I-Effect
fall I-Effect
within I-Effect
the I-Effect
compliance I-Effect
limit I-Effect
. O

Nonetheless O
, O
we B-Effect
continue I-Effect
to I-Effect
stand I-Effect
by I-Effect
our I-Effect
more I-Effect
optimistic I-Effect
projections I-Effect
for I-Effect
longer-term I-Effect
growth I-Effect
now I-Effect
that O
Zimmer B-Cause
Biomet I-Cause
's I-Cause
turnaround I-Cause
efforts I-Cause
have I-Cause
begun I-Cause
to I-Cause
take I-Cause
hold I-Cause
. O

However O
, O
we O
believe O
these B-Cause
ARM-based I-Cause
chips I-Cause
will I-Cause
remain I-Cause
limited I-Cause
to I-Cause
relatively I-Cause
less-intensive I-Cause
workloads I-Cause
and O
we B-Effect
do I-Effect
not I-Effect
foresee I-Effect
Amazon I-Effect
or I-Effect
its I-Effect
peers I-Effect
such I-Effect
as I-Effect
Microsoft I-Effect
or I-Effect
Google I-Effect
converting I-Effect
100 I-Effect
% I-Effect
of I-Effect
its I-Effect
data I-Effect
center I-Effect
workloads I-Effect
to I-Effect
ARM-based I-Effect
processors I-Effect
. O

Western B-Cause
Union I-Cause
generates I-Cause
most I-Cause
of I-Cause
its I-Cause
revenue I-Cause
outside I-Cause
the I-Cause
U.S. O
, O
creating B-Effect
meaningful I-Effect
currency I-Effect
risk I-Effect
that I-Effect
can I-Effect
act I-Effect
as I-Effect
a I-Effect
headwind I-Effect
if I-Effect
the I-Effect
dollar I-Effect
strengthens I-Effect
. O

Comerica B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids O
some B-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

Its B-Cause
proprietary I-Cause
provider I-Cause
relationships I-Cause
( O
which O
include O
fully O
owned O
and O
other O
partnerships O
) O
enjoy B-Effect
even I-Effect
higher I-Effect
profitability I-Effect
and I-Effect
better I-Effect
health I-Effect
outcomes I-Effect
than O
those O
full-risk O
relationships O
. O

Blurring B-Cause
lines I-Cause
between I-Cause
channels I-Cause
have O
led O
to O
improved B-Cause
and I-Cause
diversified I-Cause
assortments I-Cause
in I-Cause
convenience I-Cause
stores I-Cause
, I-Cause
mass I-Cause
merchandisers I-Cause
, I-Cause
hard I-Cause
discounters I-Cause
, I-Cause
and I-Cause
traditional I-Cause
grocery I-Cause
, O
and O
so O
Dollar B-Effect
General I-Effect
faces I-Effect
a I-Effect
competitive I-Effect
landscape I-Effect
that I-Effect
is I-Effect
becoming I-Effect
more I-Effect
foreboding I-Effect
. O

If O
an B-Effect
OEM I-Effect
or I-Effect
Tier I-Effect
1 I-Effect
wanted I-Effect
to I-Effect
switch I-Effect
away I-Effect
from I-Effect
Sensata I-Effect
in I-Effect
between I-Effect
product I-Effect
cycles I-Effect
, O
it O
would O
require O
managing B-Cause
two I-Cause
suppliers I-Cause
for I-Cause
the I-Cause
same I-Cause
part I-Cause
for I-Cause
the I-Cause
overlapping I-Cause
time I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
prior I-Cause
model I-Cause
's I-Cause
sales I-Cause
cycle I-Cause
and I-Cause
the I-Cause
design I-Cause
phase I-Cause
of I-Cause
the I-Cause
new I-Cause
model I-Cause
. O

In O
addition O
to O
the O
synergistic B-Cause
relationship I-Cause
among I-Cause
intangible I-Cause
assets I-Cause
, I-Cause
these I-Cause
partnerships I-Cause
improve B-Effect
Pepsi I-Effect
's I-Effect
capacity I-Effect
utilization I-Effect
and I-Effect
distribution I-Effect
density I-Effect
, O
thus O
bolstering B-Effect
its I-Effect
cost I-Effect
advantage I-Effect
. O

Meanwhile O
, O
Arkansas B-Cause
legalized I-Cause
gambling I-Cause
in I-Cause
2018 I-Cause
awarding I-Cause
four I-Cause
gaming I-Cause
licenses I-Cause
, O
which O
presents B-Effect
competition I-Effect
for I-Effect
Caesars I-Effect
' I-Effect
properties I-Effect
in I-Effect
the I-Effect
neighboring I-Effect
states I-Effect
of I-Effect
Louisiana I-Effect
, I-Effect
Mississippi I-Effect
, I-Effect
and I-Effect
Missouri I-Effect
. O

We O
believe O
deflationary B-Cause
pricing I-Cause
is O
leading O
to O
a B-Cause
shrinking I-Cause
global B-Effect
communications I-Effect
industry I-Effect
, O
so O
GTT B-Cause
must I-Cause
rely I-Cause
on I-Cause
taking I-Cause
market I-Cause
share I-Cause
, I-Cause
reducing I-Cause
costs I-Cause
, I-Cause
and I-Cause
making I-Cause
valuable I-Cause
acquisitions I-Cause
to O
create B-Effect
shareholder I-Effect
value I-Effect
. O

In O
the O
near O
term O
, O
Vontier B-Effect
faces I-Effect
top-line I-Effect
headwinds I-Effect
in I-Effect
its I-Effect
retail I-Effect
fueling I-Effect
business I-Effect
due O
to O
the B-Cause
upcoming I-Cause
fraud I-Cause
liability I-Cause
shift I-Cause
( O
commonly O
referred O
to O
as O
EMV O
, O
which O
stands O
for O
Europay O
, O
Mastercard O
, O
and O
Visa O
) O
in O
April O
. O

We O
think O
substantial B-Effect
growth I-Effect
will O
stem O
from O
the B-Cause
firm I-Cause
's I-Cause
competitive I-Cause
advantage I-Cause
in I-Cause
simulation I-Cause
and I-Cause
the I-Cause
ongoing I-Cause
rise I-Cause
in I-Cause
global I-Cause
connected I-Cause
devices I-Cause
and I-Cause
5G I-Cause
rollouts I-Cause
, O
and O
Ansys O
will O
benefit O
from O
digital O
twins O
and O
predictive O
maintenance O
as O
these O
trends O
gain O
more O
popularity O
. O

As O
credit B-Cause
cards I-Cause
grew I-Cause
, O
partnerships B-Cause
between I-Cause
credit I-Cause
card I-Cause
issuers I-Cause
became I-Cause
necessary I-Cause
, O
and O
Visa B-Effect
as I-Effect
a I-Effect
brand I-Effect
was I-Effect
formed I-Effect
in I-Effect
1976 I-Effect
. O

We O
estimate O
revenue B-Effect
will I-Effect
be I-Effect
up I-Effect
modestly I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
the B-Cause
firm I-Cause
capitalizes I-Cause
on I-Cause
greater I-Cause
data I-Cause
center I-Cause
demand I-Cause
and I-Cause
continues I-Cause
its I-Cause
pivot I-Cause
into I-Cause
flash I-Cause
. O

CNH B-Effect
Industrial I-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
environmental I-Effect
regulation I-Effect
, O
largely O
stemming O
from O
the B-Cause
environmental I-Cause
impact I-Cause
that I-Cause
agricultural I-Cause
machines I-Cause
have I-Cause
on I-Cause
soil I-Cause
and I-Cause
water I-Cause
quality I-Cause
. O

Cadence B-Cause
's I-Cause
Intelligent I-Cause
System I-Cause
Design I-Cause
strategy I-Cause
, I-Cause
connecting I-Cause
chip I-Cause
design I-Cause
to I-Cause
system I-Cause
analysis I-Cause
to I-Cause
AI/ML I-Cause
, O
should O
allow O
the B-Effect
firm I-Effect
to I-Effect
offer I-Effect
a I-Effect
more I-Effect
holistic I-Effect
product I-Effect
flow I-Effect
that O
will O
support O
a O
growing O
total O
addressable O
market O
as O
well O
as O
top-line O
growth O
. O

We B-Effect
lowered I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
109 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
131 I-Effect
to B-Cause
reflect I-Cause
the I-Cause
separation I-Cause
of I-Cause
DT I-Cause
Midstream I-Cause
and I-Cause
the I-Cause
resulting I-Cause
lost I-Cause
earnings I-Cause
. O

However O
, O
Altice B-Cause
USA I-Cause
also I-Cause
employs I-Cause
a I-Cause
heavy I-Cause
debt I-Cause
load I-Cause
that O
will O
increase B-Effect
the I-Effect
volatility I-Effect
of I-Effect
its I-Effect
shares I-Effect
in I-Effect
what I-Effect
otherwise I-Effect
should I-Effect
be I-Effect
a I-Effect
stable I-Effect
, I-Effect
slow-growing I-Effect
operation I-Effect
. O

Nice B-Cause
also O
offers O
workforce B-Cause
optimization/workforce I-Cause
engagement I-Cause
management I-Cause
services I-Cause
that O
increase B-Effect
productivity I-Effect
levels I-Effect
of I-Effect
agents I-Effect
via I-Effect
automation I-Effect
, I-Effect
AI-based I-Effect
scheduling I-Effect
, I-Effect
and I-Effect
elimination I-Effect
of I-Effect
redundant I-Effect
processes I-Effect
. O

Consumer O
price O
inelasticity O
in O
the O
aftermarket O
auto-parts O
industry O
creates O
an O
opportunity O
for O
retailers O
to O
differentiate O
themselves O
based O
on O
service O
levels O
, O
leading O
to O
the B-Effect
formation I-Effect
of I-Effect
strong I-Effect
brands I-Effect
as O
customers B-Cause
navigate I-Cause
a I-Cause
fragmented I-Cause
industry I-Cause
in I-Cause
search I-Cause
of I-Cause
the I-Cause
retail I-Cause
partner I-Cause
that I-Cause
offers I-Cause
the I-Cause
most I-Cause
added I-Cause
value I-Cause
. O

Another B-Cause
potential I-Cause
risk I-Cause
for I-Cause
Alliant I-Cause
Energy I-Cause
shareholders I-Cause
is I-Cause
that I-Cause
electricity I-Cause
or I-Cause
natural I-Cause
gas I-Cause
demand I-Cause
could I-Cause
fall I-Cause
, O
requiring B-Effect
larger I-Effect
rate I-Effect
increases I-Effect
to I-Effect
continue I-Effect
earning I-Effect
its I-Effect
allowed I-Effect
returns I-Effect
. O

Further O
, O
we O
contend O
that O
maintaining B-Cause
an I-Cause
entrenched I-Cause
supply I-Cause
chain I-Cause
creates O
a B-Effect
virtuous I-Effect
cycle I-Effect
, O
starting O
with O
scale O
, O
that O
affords O
manufacturers O
a O
mutually O
beneficial O
relationship O
with O
retailers O
, O
through O
which O
the O
vendor B-Cause
is I-Cause
an I-Cause
important I-Cause
retail I-Cause
partner I-Cause
, O
developing B-Effect
sales I-Effect
strategies I-Effect
to I-Effect
maximize I-Effect
volume I-Effect
and I-Effect
retailers I-Effect
' I-Effect
margins I-Effect
while I-Effect
prioritizing I-Effect
its I-Effect
own I-Effect
brands I-Effect
. O

Global B-Effect
revenue I-Effect
passenger I-Effect
kilometers I-Effect
have I-Effect
roughly I-Effect
been I-Effect
cut I-Effect
in I-Effect
half I-Effect
in I-Effect
2020 I-Effect
due O
to O
a B-Cause
lack I-Cause
of I-Cause
travel I-Cause
demand I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
, O
which O
is O
the O
most O
dramatic O
shock O
to O
global O
aviation O
demand O
ever O
. O

Mattel O
has O
historically O
generated O
ROICs O
above O
our O
weighted O
average O
cost O
of O
capital O
assumption O
( O
8 O
% O
) O
, O
and O
we O
believe O
it B-Effect
could I-Effect
continue I-Effect
to I-Effect
produce I-Effect
compelling I-Effect
ROICs I-Effect
as O
it B-Cause
redevelops I-Cause
brand I-Cause
enthusiasm I-Cause
. O

We O
model O
23 B-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, I-Effect
up I-Effect
significantly I-Effect
from I-Effect
our I-Effect
prior I-Effect
projection I-Effect
of I-Effect
18 I-Effect
% I-Effect
, O
as O
5G B-Cause
RF I-Cause
content I-Cause
gains I-Cause
within I-Cause
wireless I-Cause
infrastructure I-Cause
equipment I-Cause
and I-Cause
smartphones I-Cause
will I-Cause
be I-Cause
more I-Cause
than I-Cause
offset I-Cause
by I-Cause
slower I-Cause
smartphone I-Cause
unit I-Cause
sales I-Cause
associated I-Cause
with I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

The B-Cause
company I-Cause
must I-Cause
also I-Cause
abide I-Cause
by I-Cause
worldwide I-Cause
privacy I-Cause
, I-Cause
anti-bribery I-Cause
and I-Cause
corruption I-Cause
regulations I-Cause
, O
so O
as O
to O
minimise B-Effect
future I-Effect
reputational I-Effect
damage I-Effect
as I-Effect
well I-Effect
as I-Effect
regulatory I-Effect
and I-Effect
legal I-Effect
penalties I-Effect
. O

We O
anticipate O
that O
the B-Cause
company I-Cause
will I-Cause
continue I-Cause
to I-Cause
offer I-Cause
more I-Cause
generous I-Cause
reward I-Cause
offers I-Cause
to I-Cause
its I-Cause
cardholders I-Cause
in I-Cause
order I-Cause
to I-Cause
remain I-Cause
competitive. O
This O
will O
place B-Effect
downward I-Effect
pressure I-Effect
on I-Effect
its I-Effect
noninterest I-Effect
income I-Effect
as I-Effect
the I-Effect
company I-Effect
nets I-Effect
its I-Effect
discount I-Effect
revenue I-Effect
with I-Effect
its I-Effect
cardmember I-Effect
reward I-Effect
expenses I-Effect
. O

Virtualization B-Cause
and I-Cause
Moore I-Cause
's I-Cause
law I-Cause
could O
result B-Effect
in I-Effect
a I-Effect
scenario I-Effect
where I-Effect
Equinix I-Effect
's I-Effect
customers I-Effect
satisfy I-Effect
their I-Effect
exploding I-Effect
data I-Effect
needs I-Effect
with I-Effect
less I-Effect
physical I-Effect
space I-Effect
. O

Also O
, O
Viatris B-Cause
( I-Cause
the I-Cause
new I-Cause
name I-Cause
of I-Cause
Mylan I-Cause
plus I-Cause
Upjohn I-Cause
) I-Cause
paid I-Cause
Pfizer I-Cause
$ I-Cause
12 I-Cause
billion I-Cause
following O
the O
spin-off O
, O
further O
reducing B-Effect
the I-Effect
impact I-Effect
to I-Effect
our I-Effect
fair I-Effect
value I-Effect
of I-Effect
new I-Effect
Pfizer I-Effect
due O
to O
the B-Cause
divestment I-Cause
. O

We O
have O
increased B-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Cantel I-Effect
to I-Effect
high I-Effect
from O
medium B-Cause
to I-Cause
reflect I-Cause
the I-Cause
firm I-Cause
's I-Cause
relatively I-Cause
high I-Cause
debt I-Cause
load I-Cause
and I-Cause
potential I-Cause
credit I-Cause
crunch I-Cause
during O
the O
COVID-19 O
pandemic O
. O

We O
expect O
downside B-Effect
in I-Effect
margins I-Effect
in I-Effect
missiles I-Effect
and I-Effect
fire I-Effect
control I-Effect
, I-Effect
and I-Effect
rotary I-Effect
and I-Effect
mission I-Effect
systems I-Effect
, O
as O
the B-Cause
company I-Cause
takes I-Cause
on I-Cause
lower-margin I-Cause
cost-plus I-Cause
development I-Cause
contracts I-Cause
. O

Despite O
a O
banner O
fiscal O
2020 O
( O
that O
included O
7 O
% O
organic O
sales O
growth O
and O
110 O
basis O
points O
of O
adjusted O
operating O
margin O
improvement O
to O
16.7 O
% O
) O
, O
we O
do O
n't O
think O
this O
pronounced O
sales O
acceleration O
( O
prompted O
by O
increased B-Effect
at-home I-Effect
food I-Effect
consumption I-Effect
due O
to O
concerns B-Cause
over I-Cause
COVID-19 I-Cause
) O
will O
persist O
over O
an O
extended O
horizon O
. O

The B-Cause
firm I-Cause
's I-Cause
exposure I-Cause
to I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
leads O
to O
some B-Effect
cyclicality I-Effect
within I-Effect
its I-Effect
revenue I-Effect
stream I-Effect
; O
FEI B-Effect
's I-Effect
semiconductor I-Effect
business I-Effect
in I-Effect
particular I-Effect
could I-Effect
be I-Effect
severely I-Effect
affected I-Effect
if B-Cause
the I-Cause
industry I-Cause
's I-Cause
spending I-Cause
, I-Cause
at I-Cause
peak I-Cause
of I-Cause
the I-Cause
cycle I-Cause
, I-Cause
declines I-Cause
. O

As O
Terex B-Cause
has I-Cause
expanded I-Cause
its I-Cause
MP I-Cause
product I-Cause
line I-Cause
, O
it B-Effect
has I-Effect
captured I-Effect
a I-Effect
larger I-Effect
global I-Effect
market I-Effect
share I-Effect
of I-Effect
the I-Effect
industry I-Effect
, O
allowing O
it O
to O
gain B-Effect
greater I-Effect
insight I-Effect
into I-Effect
customer I-Effect
demand I-Effect
. O

A B-Cause
string I-Cause
of I-Cause
constructive I-Cause
regulatory I-Cause
decisions I-Cause
and O
the B-Cause
state I-Cause
's I-Cause
2016 I-Cause
Energy I-Cause
Law I-Cause
have O
made O
Michigan B-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
favorable I-Effect
areas I-Effect
for I-Effect
utilities I-Effect
to I-Effect
operate I-Effect
. O

In O
our O
view O
, O
the B-Cause
products I-Cause
mix I-Cause
shift O
from O
hardware O
to O
software O
can O
raise B-Effect
gross I-Effect
margins I-Effect
moderately O
into O
the O
mid-80 O
% O
range O
in O
fiscal O
2025 O
. O

Because O
Sun B-Cause
Life I-Cause
is I-Cause
an I-Cause
established I-Cause
player I-Cause
operating I-Cause
primarily I-Cause
in I-Cause
a I-Cause
mature I-Cause
set I-Cause
of I-Cause
markets I-Cause
, O
we O
continue O
to O
expect B-Effect
fairly I-Effect
muted I-Effect
top-line I-Effect
growth I-Effect
for I-Effect
its I-Effect
core I-Effect
Canadian I-Effect
operations I-Effect
but I-Effect
faster I-Effect
growth I-Effect
in I-Effect
Asia I-Effect
. O

As O
the B-Cause
virus I-Cause
subsides I-Cause
and I-Cause
the I-Cause
economy I-Cause
recovers I-Cause
, O
we B-Effect
believe I-Effect
favorable B-Cause
demographics I-Cause
coupled I-Cause
with I-Cause
the I-Cause
realization I-Cause
of I-Cause
pent-up I-Cause
demand I-Cause
will I-Effect
drive I-Effect
continued B-Effect
housing I-Effect
market I-Effect
strength I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Additionally O
, O
Livent B-Cause
is I-Cause
planning I-Cause
to I-Cause
make I-Cause
large I-Cause
investments I-Cause
to O
increase B-Effect
both I-Effect
its I-Effect
carbonate I-Effect
and I-Effect
hydroxide I-Effect
production I-Effect
capacity I-Effect
, O
which O
brings B-Effect
execution I-Effect
risk I-Effect
and I-Effect
could I-Effect
result I-Effect
in I-Effect
cost I-Effect
overruns I-Effect
. O

As O
a O
diversified O
industrial O
company O
, O
Fortive O
is O
exposed O
to O
the B-Cause
overall I-Cause
health I-Cause
of I-Cause
the I-Cause
global I-Cause
economy I-Cause
, O
including B-Effect
a I-Effect
potential I-Effect
slowdown I-Effect
in I-Effect
industrial I-Effect
production I-Effect
and I-Effect
GDP I-Effect
growth I-Effect
. O

We O
expect O
decent B-Effect
growth I-Effect
for I-Effect
the I-Effect
aftermarket I-Effect
business I-Effect
going I-Effect
forward I-Effect
, O
as O
many B-Cause
of I-Cause
the I-Cause
engines I-Cause
produced I-Cause
to I-Cause
meet I-Cause
emission I-Cause
standards I-Cause
over I-Cause
the I-Cause
past I-Cause
decade I-Cause
are I-Cause
reaching I-Cause
the I-Cause
overhaul I-Cause
stage I-Cause
of I-Cause
their I-Cause
operating I-Cause
life I-Cause
. O

Due O
to O
the B-Cause
risks I-Cause
a I-Cause
software I-Cause
switch I-Cause
entails I-Cause
in I-Cause
mission I-Cause
critical I-Cause
functions I-Cause
, O
we O
think O
there B-Effect
's I-Effect
much I-Effect
inertia I-Effect
in I-Effect
remaining I-Effect
a I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
Catia I-Effect
shop. O
'' O
'' O
'' O
'' O
We O
do O
not B-Effect
think O
Catia B-Effect
exhibits B-Effect
a I-Effect
strong I-Effect
network I-Effect
effect I-Effect
given O
that O
the B-Cause
CAD I-Cause
software I-Cause
is I-Cause
more I-Cause
specialized I-Cause
than I-Cause
the I-Cause
average I-Cause
product I-Cause
design I-Cause
and I-Cause
product I-Cause
lifecycle I-Cause
offerings I-Cause
. O

Given O
the B-Cause
investment I-Cause
required I-Cause
in I-Cause
implementing I-Cause
the I-Cause
platform I-Cause
, O
a B-Cause
customer I-Cause
would I-Cause
be I-Cause
less I-Cause
inclined I-Cause
to I-Cause
shift I-Cause
vendors I-Cause
, O
giving O
rise O
to O
switching B-Effect
costs I-Effect
. O

As O
lower B-Cause
capital I-Cause
demands I-Cause
persist I-Cause
ahead I-Cause
-- O
from O
a B-Cause
smaller I-Cause
DC I-Cause
footprint I-Cause
and I-Cause
a I-Cause
sale-leaseback I-Cause
strategy I-Cause
across I-Cause
the I-Cause
real I-Cause
estate I-Cause
platform I-Cause
-- O
the B-Effect
operating I-Effect
strategy I-Effect
is I-Effect
set I-Effect
to I-Effect
deliver I-Effect
average I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
excluding O
goodwill O
in O
the O
low O
30 O
% O
range O
over O
our O
forecast O
. O

HollyFrontier O
also O
has O
a B-Effect
crude I-Effect
advantage I-Effect
, O
thanks O
to O
the B-Effect
complexity I-Effect
of I-Effect
its I-Effect
refineries I-Effect
and I-Effect
their I-Effect
proximity I-Effect
to I-Effect
cost-advantaged I-Effect
feedstock I-Effect
from I-Effect
Canada I-Effect
. O

This O
happened O
to O
UBS O
' O
asset O
management O
unit O
after O
the O
2008 O
crisis O
, O
when O
it B-Effect
lost I-Effect
17 I-Effect
% I-Effect
of I-Effect
its I-Effect
assets I-Effect
under I-Effect
management I-Effect
due O
to O
concerns B-Cause
over I-Cause
the I-Cause
health I-Cause
of I-Cause
the I-Cause
bank I-Cause
. O

We O
think O
patent B-Cause
protection I-Cause
on I-Cause
newer I-Cause
HIV I-Cause
regimens I-Cause
and O
Gilead B-Cause
's I-Cause
continued I-Cause
dominance I-Cause
in I-Cause
the I-Cause
hepatitis I-Cause
C I-Cause
market I-Cause
will O
be O
enough O
to O
ensure B-Effect
strong I-Effect
returns I-Effect
for I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
decades I-Effect
. O

The O
ability O
to O
achieve B-Cause
even I-Cause
a I-Cause
portion I-Cause
of I-Cause
these I-Cause
gains I-Cause
would O
have B-Effect
an I-Effect
enormous I-Effect
impact I-Effect
when O
extrapolated O
across O
a O
company O
's O
entire O
call O
center O
operation O
. O

We O
also O
assume O
the B-Cause
company I-Cause
uses I-Cause
most I-Cause
of I-Cause
its I-Cause
excess I-Cause
cash I-Cause
flows I-Cause
to I-Cause
repurchase I-Cause
shares I-Cause
, O
which O
contributes O
to O
our O
expected O
13 B-Effect
% I-Effect
adjusted I-Effect
earnings-growth I-Effect
rate I-Effect
. O

First O
, O
we O
expect O
CoStar O
to O
embed B-Effect
more I-Effect
aggressive I-Effect
price I-Effect
increases I-Effect
over I-Effect
time I-Effect
as O
its B-Cause
data I-Cause
becomes I-Cause
more I-Cause
comprehensive I-Cause
and I-Cause
indispensable I-Cause
to I-Cause
its I-Cause
users I-Cause
. O

The B-Cause
terms I-Cause
of I-Cause
the I-Cause
triple-net I-Cause
lease I-Cause
make O
the B-Effect
tenant I-Effect
responsible I-Effect
for I-Effect
the I-Effect
property I-Effect
's I-Effect
operating I-Effect
expenses I-Effect
, I-Effect
real I-Effect
estates I-Effect
taxes I-Effect
, I-Effect
maintenance I-Effect
, I-Effect
and I-Effect
insurance I-Effect
in I-Effect
addition I-Effect
to I-Effect
paying I-Effect
Realty I-Effect
Income I-Effect
rent I-Effect
. O

The B-Effect
software I-Effect
and I-Effect
hardware I-Effect
switching I-Effect
costs I-Effect
support I-Effect
each I-Effect
other I-Effect
, I-Effect
as O
few B-Cause
competitors I-Cause
possess I-Cause
the I-Cause
endpoint I-Cause
hardware I-Cause
expertise I-Cause
to I-Cause
develop I-Cause
a I-Cause
call I-Cause
center I-Cause
program I-Cause
, O
for O
example O
, O
that O
could O
seamlessly O
integrate O
with O
Motorola O
's O
plethora O
of O
radios O
utilized O
by O
first O
responders O
nationwide O
. O

In O
addition O
, O
the B-Effect
government I-Effect
has I-Effect
raised I-Effect
concerns I-Effect
about I-Effect
the I-Effect
adverse I-Effect
impact I-Effect
of I-Effect
gaming I-Effect
on I-Effect
gamers I-Effect
, I-Effect
especially I-Effect
minors I-Effect
-- O
these O
include O
health B-Cause
issues I-Cause
such I-Cause
as I-Cause
myopia I-Cause
and I-Cause
addiction I-Cause
. O

For O
the O
growth O
business O
, O
which O
targets O
less-complex O
shallow O
water O
and O
onshore O
work O
( O
where O
Frank O
's O
has O
been O
historically O
underrepresented O
) O
, O
we O
expect O
a O
strong O
contribution O
to O
the O
segment O
's O
top O
line O
, O
but O
EBITDA B-Effect
margins I-Effect
to I-Effect
remain I-Effect
a I-Effect
step I-Effect
below I-Effect
the I-Effect
segment I-Effect
's I-Effect
base I-Effect
business I-Effect
, O
as O
the B-Cause
competitive I-Cause
pressures I-Cause
here I-Cause
are I-Cause
stronger I-Cause
. O

SunTrust O
also O
offers O
investment O
management O
and O
trust O
services O
, O
and O
is O
building O
out O
further O
treasury O
and O
payments O
platforms O
, O
which O
should O
add B-Effect
to I-Effect
fee I-Effect
income I-Effect
over B-Cause
time I-Cause
. O

In O
the O
early-stage O
business O
, O
there O
are O
fewer O
barriers O
to O
entry O
and O
significantly O
more O
competition O
, O
while O
the B-Cause
asset-heavy I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
weighs B-Effect
on I-Effect
ROICs I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
growth I-Cause
focus I-Cause
areas I-Cause
of I-Cause
device-as-a-service I-Cause
, I-Cause
or I-Cause
DaaS I-Cause
, I-Cause
and I-Cause
expanding I-Cause
its I-Cause
gaming I-Cause
and I-Cause
premium I-Cause
product I-Cause
offerings I-Cause
should O
help O
stem B-Effect
losses I-Effect
from I-Effect
its I-Effect
core I-Effect
expertise I-Effect
of I-Effect
selling I-Effect
basic I-Effect
computer I-Effect
systems I-Effect
. O

In O
most O
cases O
, O
regulators B-Cause
have I-Cause
n't I-Cause
permitted I-Cause
the I-Cause
firm I-Cause
to I-Cause
shut I-Cause
down I-Cause
its I-Cause
copper I-Cause
networks I-Cause
, O
forcing B-Effect
it I-Effect
to I-Effect
maintain I-Effect
costly I-Effect
infrastructure I-Effect
. O

Kinder O
has O
limited O
direct O
exposure O
to O
North O
American O
energy O
prices O
, O
but O
it O
has O
substantial B-Effect
indirect I-Effect
exposure I-Effect
as O
changing B-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
impact I-Cause
volumes I-Cause
through I-Cause
its I-Cause
network I-Cause
. O

In O
the O
motion O
systems O
subsegment O
, O
we O
think O
revenue B-Effect
growth I-Effect
will I-Effect
be I-Effect
driven I-Effect
by I-Effect
greater I-Effect
automation I-Effect
needs I-Effect
, O
particularly O
given O
the B-Cause
market I-Cause
's I-Cause
emphasis I-Cause
on I-Cause
productivity I-Cause
gains I-Cause
and I-Cause
eliminating I-Cause
hazardous I-Cause
tasks I-Cause
. O

We O
expect O
the B-Effect
Internet I-Effect
of I-Effect
Things I-Effect
segment I-Effect
to I-Effect
increase I-Effect
by O
an B-Cause
average I-Cause
of I-Cause
12 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
with I-Cause
touch I-Cause
, I-Cause
display I-Cause
, I-Cause
audio I-Cause
and I-Cause
video I-Cause
solutions I-Cause
proliferating I-Cause
in I-Cause
smart I-Cause
homes I-Cause
, I-Cause
automotive I-Cause
, I-Cause
and I-Cause
future I-Cause
devices I-Cause
like I-Cause
AR I-Cause
and I-Cause
VR I-Cause
headsets I-Cause
. O

To O
effectively B-Effect
reprocess I-Effect
an I-Effect
endoscope I-Effect
, O
specific B-Cause
high-level I-Cause
disinfectants I-Cause
( I-Cause
HLDs I-Cause
) I-Cause
are I-Cause
required I-Cause
, O
and O
Cantel O
's O
proprietary O
Rapicide O
disinfectant O
is O
the O
only O
chemistry O
product O
compatible O
with O
Cantel O
's O
single-use O
AERs O
. O

We O
believe O
telecom O
players O
which O
own B-Cause
both I-Cause
fixed I-Cause
and I-Cause
mobile I-Cause
networks I-Cause
, I-Cause
like I-Cause
TIM I-Cause
, O
enjoy B-Effect
efficiencies I-Effect
from I-Effect
their I-Effect
network I-Effect
's I-Effect
synergies I-Effect
. I-Effect

With O
the B-Cause
increased I-Cause
scale I-Cause
, O
ON B-Cause
Semiconductor I-Cause
can I-Cause
spread I-Cause
the I-Cause
research I-Cause
and I-Cause
manufacturing I-Cause
costs I-Cause
across I-Cause
a I-Cause
larger I-Cause
, I-Cause
more I-Cause
diverse I-Cause
customer I-Cause
base I-Cause
, O
enabling O
it B-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
. O

The B-Cause
pandemic I-Cause
has I-Cause
accelerated I-Cause
the I-Cause
broader I-Cause
e-commerce I-Cause
shift I-Cause
, I-Cause
pulling I-Cause
forward I-Cause
years I-Cause
of I-Cause
B2C I-Cause
package I-Cause
growth I-Cause
and O
driving B-Effect
up I-Effect
residential I-Effect
deliveries I-Effect
for I-Effect
ground I-Effect
. O

We B-Effect
model I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
due O
to O
recent B-Cause
proactive I-Cause
measures I-Cause
the I-Cause
company I-Cause
has I-Cause
taken I-Cause
to I-Cause
rebuild I-Cause
shareholder I-Cause
trust I-Cause
after O
the B-Cause
Fujifilm I-Cause
merger I-Cause
fell I-Cause
through I-Cause
( I-Cause
under I-Cause
Project I-Cause
Own I-Cause
It I-Cause
) I-Cause
. O

The B-Effect
risk I-Effect
of I-Effect
wide I-Effect
swings I-Effect
in I-Effect
profit I-Effect
related I-Effect
to I-Effect
changing I-Effect
feedstock I-Effect
costs I-Effect
is I-Effect
softened I-Effect
by I-Effect
the I-Effect
company I-Effect
's I-Effect
upstream I-Effect
oil I-Effect
and I-Effect
gas I-Effect
activities I-Effect
, O
which O
provide B-Cause
a I-Cause
hedge I-Cause
. O

In O
the O
shorter O
term O
, O
we O
forecast O
that O
Heineken B-Effect
returns I-Effect
to I-Effect
pre-COVID-19 I-Effect
revenue I-Effect
levels I-Effect
in I-Effect
2023 I-Effect
, O
in O
line O
with O
guidance O
, O
and O
implying O
a B-Cause
gradual I-Cause
recovery I-Cause
of I-Cause
the I-Cause
on I-Cause
trade I-Cause
. O

Seating B-Effect
would I-Effect
also I-Effect
be I-Effect
negatively I-Effect
affected I-Effect
from O
a B-Cause
surge I-Cause
in I-Cause
commodity I-Cause
prices I-Cause
, O
especially O
for O
steel O
, O
aluminum O
, O
chemicals O
for O
foam O
, O
and O
oil O
prices O
due O
to O
the O
use O
of O
resin O
. O

While O
its B-Effect
disproportionate I-Effect
exposure I-Effect
to I-Effect
convenience/gas I-Effect
channels I-Effect
introduces I-Effect
uncertainty I-Effect
as O
the B-Cause
pandemic I-Cause
evolves O
, O
we O
expect O
the O
business O
to O
remain O
resilient O
as O
2020 O
winds O
down O
. O

We B-Cause
see I-Cause
the I-Cause
net I-Cause
charge-off I-Cause
ratio I-Cause
normalizing I-Cause
to I-Cause
roughly I-Cause
0.4 I-Cause
% I-Cause
and I-Cause
noninterest I-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
2 I-Cause
% I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate. O
This O
leads O
us O
to O
expect O
a B-Effect
through I-Effect
the I-Effect
cycle I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
roughly I-Effect
14 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
higher I-Effect
than I-Effect
our I-Effect
9 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
. O

Following O
Ferguson O
's O
release O
of O
its O
fiscal O
first-half O
2021 O
results O
, O
we B-Effect
've I-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Ferguson I-Effect
's I-Effect
London-listed I-Effect
shares I-Effect
to I-Effect
GBX I-Effect
7,500 I-Effect
per I-Effect
share I-Effect
from I-Effect
GBX I-Effect
7,200 I-Effect
due O
to O
our B-Cause
more I-Cause
optimistic I-Cause
long-run I-Cause
return I-Cause
on I-Cause
new I-Cause
invested I-Cause
capital I-Cause
assumption I-Cause
. O

With O
the B-Cause
firm I-Cause
introducing I-Cause
new I-Cause
technology I-Cause
and I-Cause
aiming I-Cause
to I-Cause
become I-Cause
even I-Cause
more I-Cause
efficient I-Cause
, O
we O
believe O
margins B-Effect
could I-Effect
improve I-Effect
further I-Effect
, O
which O
bolsters O
our O
confidence O
in O
Baxter O
's O
ability O
to O
generate O
economic O
profits O
in O
the O
long O
run O
. O

Switching B-Cause
to I-Cause
another I-Cause
passive I-Cause
component I-Cause
supplier I-Cause
would O
mean O
at B-Effect
least I-Effect
a I-Effect
partial I-Effect
system I-Effect
redesign I-Effect
, O
in O
addition O
to O
retraining O
staff O
to O
learn O
the O
intricacies O
of O
the O
new O
supplier O
's O
systems O
. O

Switching B-Cause
costs I-Cause
in I-Cause
screening I-Cause
markets I-Cause
should B-Effect
help I-Effect
protect I-Effect
Grifols I-Effect
' I-Effect
market I-Effect
, O
which O
is O
largely O
based O
on O
sales O
of O
immunoassay O
and O
nucleic O
acid O
testing O
products O
. O

In O
2018 O
, O
Myanmar B-Cause
allowed I-Cause
a I-Cause
fourth I-Cause
wireless I-Cause
entrant I-Cause
, O
bringing B-Effect
increased I-Effect
competition I-Effect
and O
causing O
Telenor O
to O
lose O
subscribers O
and O
see O
reduced O
average O
revenue O
per O
user O
and O
margins O
in O
the O
country O
. O

At O
the O
time O
, O
integrated B-Cause
oils I-Cause
, I-Cause
including I-Cause
Shell I-Cause
, I-Cause
had I-Cause
made I-Cause
significant I-Cause
headway I-Cause
in I-Cause
reducing I-Cause
2 I-Cause
Jun I-Cause
2021 I-Cause
05:00 I-Cause
, I-Cause
UTCoperating I-Cause
costs I-Cause
in I-Cause
their I-Cause
existing I-Cause
production I-Cause
base I-Cause
and I-Cause
capital I-Cause
intensity I-Cause
of I-Cause
new I-Cause
projects I-Cause
so O
we O
forecast O
they B-Effect
could I-Effect
earn I-Effect
adequate I-Effect
excess I-Effect
returns I-Effect
at I-Effect
our I-Effect
midcycle I-Effect
price I-Effect
assumption I-Effect
of I-Effect
$ I-Effect
60/bbl I-Effect
. O

Although O
revPAR O
has O
improved O
across O
the O
globe O
since O
mid-April O
, O
COVID-19 B-Cause
materially I-Cause
affected I-Cause
2020 I-Cause
results I-Cause
, O
with B-Effect
the I-Effect
metric I-Effect
down I-Effect
57 I-Effect
% I-Effect
for I-Effect
Hilton I-Effect
brands I-Effect
during I-Effect
last I-Effect
year I-Effect
. O

Prospects B-Effect
are I-Effect
murkier I-Effect
at I-Effect
Family I-Effect
Dollar I-Effect
, I-Effect
which I-Effect
has I-Effect
struggled I-Effect
since I-Effect
its I-Effect
acquisition I-Effect
, O
though O
the B-Cause
pandemic I-Cause
has I-Cause
provided I-Cause
a I-Cause
fleeting I-Cause
sales I-Cause
lift I-Cause
. O

The B-Effect
company I-Effect
may I-Effect
face I-Effect
large I-Effect
claims I-Effect
experience I-Effect
because O
of O
poor B-Cause
underwriting I-Cause
or I-Cause
factors I-Cause
like I-Cause
underpriced I-Cause
claims I-Cause
inflation I-Cause
, O
and O
the B-Cause
specialty I-Cause
nature I-Cause
of I-Cause
its I-Cause
lines I-Cause
creates B-Effect
potential I-Effect
for I-Effect
unforeseen I-Effect
claims I-Effect
to I-Effect
arise I-Effect
. O

While O
it O
is O
expected O
to O
produce O
revenue O
growth O
toward O
the O
high O
end O
of O
peers O
and O
the O
premium O
may O
be O
justified O
, O
higher B-Cause
absolute I-Cause
valuation I-Cause
levels I-Cause
offer I-Cause
less I-Cause
room I-Cause
for I-Cause
missteps I-Cause
and O
therefore O
carry B-Effect
greater I-Effect
inherent I-Effect
risks I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. I-Effect

Steel B-Effect
operates I-Effect
in I-Effect
a I-Effect
very I-Effect
competitive I-Effect
industry I-Effect
and I-Effect
is I-Effect
a I-Effect
price-taker I-Effect
because O
of O
the B-Cause
commoditized I-Cause
nature I-Cause
of I-Cause
its I-Cause
major I-Cause
product I-Cause
categories I-Cause
and I-Cause
the I-Cause
threat I-Cause
of I-Cause
low-priced I-Cause
steel I-Cause
imports I-Cause
. O

Furthermore O
, B-Cause
Aecom I-Cause
's I-Cause
unique I-Cause
expertise I-Cause
in I-Cause
nuclear I-Cause
decommissioning I-Cause
makes O
it B-Effect
one I-Effect
of I-Effect
the I-Effect
leading I-Effect
competitors I-Effect
in I-Effect
the I-Effect
space I-Effect
alongside I-Effect
private I-Effect
company I-Effect
Bechtel I-Effect
. O

However O
, O
a B-Cause
delay I-Cause
or I-Cause
disruption I-Cause
of I-Cause
any I-Cause
one I-Cause
project I-Cause
remains I-Cause
manageable I-Cause
and O
is O
unlikely O
to O
materially B-Effect
affect I-Effect
the I-Effect
value I-Effect
of I-Effect
Petrobras I-Effect
. O

Given O
that O
the B-Cause
company I-Cause
's I-Cause
competitive I-Cause
position I-Cause
has I-Cause
evidently I-Cause
improved I-Cause
since I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
LoopNet I-Cause
, O
we O
think O
there B-Effect
is I-Effect
a I-Effect
minor I-Effect
risk I-Effect
that I-Effect
antitrust I-Effect
concerns I-Effect
flare I-Effect
up I-Effect
again I-Effect
. O

High B-Effect
uncertainty I-Effect
surrounds I-Effect
Centene I-Effect
's I-Effect
cash I-Effect
flows I-Effect
related O
primarily O
to O
the B-Cause
firm I-Cause
's I-Cause
razor-thin I-Cause
margins I-Cause
, I-Cause
contract I-Cause
concentration I-Cause
risk I-Cause
, I-Cause
and I-Cause
potential I-Cause
policy I-Cause
changes I-Cause
after I-Cause
Democrats I-Cause
swept I-Cause
the I-Cause
federal I-Cause
electable I-Cause
bodies I-Cause
in I-Cause
the I-Cause
2020 I-Cause
election I-Cause
. O

However O
, O
it B-Cause
is I-Cause
still I-Cause
early I-Cause
in I-Cause
SAP I-Cause
's I-Cause
transition I-Cause
of I-Cause
on-premises I-Cause
users I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, O
which O
leads O
us B-Effect
to I-Effect
believe I-Effect
its I-Effect
negative I-Effect
trend I-Effect
could I-Effect
be I-Effect
prolonged I-Effect
. O

Following O
the O
breach O
, O
Equifax B-Cause
has I-Cause
invested I-Cause
heavily I-Cause
in I-Cause
cybersecurity I-Cause
( O
$ O
292 O
million O
in O
2019 O
) O
and O
incurred O
significant B-Effect
legal I-Effect
and I-Effect
product I-Effect
liability I-Effect
costs I-Effect
. O

Upon B-Cause
incorporating I-Cause
full-year I-Cause
financials I-Cause
into I-Cause
our I-Cause
DCF I-Cause
model I-Cause
, O
we B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
slightly I-Effect
, I-Effect
to I-Effect
$ I-Effect
41 I-Effect
per I-Effect
share I-Effect
( I-Effect
from I-Effect
$ I-Effect
40 I-Effect
) I-Effect
. O

Underpinning B-Effect
this I-Effect
growth I-Effect
are O
the B-Cause
secular I-Cause
trends I-Cause
toward I-Cause
over-the-top I-Cause
viewing I-Cause
for I-Cause
live I-Cause
and I-Cause
on-demand I-Cause
content I-Cause
and I-Cause
the I-Cause
relentless I-Cause
growth I-Cause
in I-Cause
consumption I-Cause
of I-Cause
filmed I-Cause
content I-Cause
. O

With O
the O
capital O
costs O
of O
a B-Cause
single I-Cause
production I-Cause
line I-Cause
in I-Cause
excess I-Cause
of I-Cause
$ I-Cause
70 I-Cause
million I-Cause
and I-Cause
relatively I-Cause
slim I-Cause
per-can I-Cause
margins I-Cause
, I-Cause
new I-Cause
facilities I-Cause
with I-Cause
low I-Cause
utilization I-Cause
rates I-Cause
would O
be O
immediately B-Effect
unprofitable I-Effect
and I-Effect
unable I-Effect
to I-Effect
remain I-Effect
in I-Effect
business I-Effect
. O

Our O
forecast O
assumes O
a B-Cause
net I-Cause
inflationary I-Cause
top-line I-Cause
growth I-Cause
with I-Cause
the I-Cause
continued I-Cause
integration I-Cause
of I-Cause
services I-Cause
, O
anticipated O
decline B-Effect
in I-Effect
postage I-Effect
, I-Effect
and I-Effect
nature I-Effect
of I-Effect
the I-Effect
medical I-Effect
claims I-Effect
business I-Effect
. O

Given O
that O
divestitures B-Cause
were I-Cause
required I-Cause
in I-Cause
regions I-Cause
where I-Cause
the I-Cause
combined I-Cause
entity I-Cause
's I-Cause
market I-Cause
share I-Cause
would I-Cause
be I-Cause
uncomfortably I-Cause
high I-Cause
, O
the B-Effect
Ball-Rexam I-Effect
tie-up I-Effect
has I-Effect
n't I-Effect
meaningfully I-Effect
changed I-Effect
regional I-Effect
market I-Effect
concentrations I-Effect
. O

In O
addition O
, O
given O
the B-Cause
complexity I-Cause
associated I-Cause
with I-Cause
Internet I-Cause
services I-Cause
and I-Cause
software I-Cause
, O
Verisign B-Effect
faces I-Effect
competition I-Effect
for I-Effect
scarce I-Effect
skilled I-Effect
labor I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

As O
universities B-Cause
shift I-Cause
from I-Cause
traditional I-Cause
textbooks I-Cause
, O
there B-Effect
is I-Effect
the I-Effect
danger I-Effect
that I-Effect
they I-Effect
may I-Effect
broaden I-Effect
their I-Effect
horizons I-Effect
to I-Effect
digital I-Effect
learning I-Effect
products I-Effect
provided I-Effect
by I-Effect
companies I-Effect
outside I-Effect
the I-Effect
traditional I-Effect
oligopoly I-Effect
in I-Effect
educational I-Effect
publishing I-Effect
. O

Additionally O
, O
Xerox B-Effect
's I-Effect
ConnectKey I-Effect
multifunction I-Effect
printers I-Effect
have I-Effect
bolstered I-Effect
sales I-Effect
in I-Effect
entry I-Effect
and I-Effect
mid-range I-Effect
equipment I-Effect
, O
as O
they B-Cause
seemingly I-Cause
offer I-Cause
more I-Cause
security I-Cause
via I-Cause
McAfee I-Cause
whitelisting I-Cause
technology I-Cause
and O
an B-Cause
interface I-Cause
which I-Cause
allows I-Cause
users I-Cause
to I-Cause
print I-Cause
from I-Cause
or I-Cause
scan I-Cause
to I-Cause
third-party I-Cause
apps I-Cause
, I-Cause
like I-Cause
Dropbox I-Cause
. O

Automakers B-Cause
want I-Cause
the I-Cause
same I-Cause
supplier I-Cause
on I-Cause
a I-Cause
program I-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
due I-Cause
to I-Cause
scale I-Cause
benefits I-Cause
for I-Cause
them I-Cause
and I-Cause
reliability I-Cause
with I-Cause
a I-Cause
vendor I-Cause
that I-Cause
knows I-Cause
the I-Cause
vehicle I-Cause
program. O
Therefore O
, O
we B-Effect
see I-Effect
seating I-Effect
as I-Effect
a I-Effect
sector I-Effect
likely I-Effect
to I-Effect
remain I-Effect
best I-Effect
served I-Effect
by I-Effect
a I-Effect
limited I-Effect
number I-Effect
of I-Effect
firms I-Effect
for I-Effect
a I-Effect
long I-Effect
time I-Effect
to I-Effect
come I-Effect
. O

While O
these O
niche O
solutions O
may O
be O
growth O
catalysts O
for O
Xerox O
-- O
we O
think O
even O
these B-Cause
slow-moving I-Cause
industries I-Cause
will I-Cause
eventually I-Cause
become I-Cause
largely I-Cause
digital I-Cause
, O
significantly B-Effect
deteriorating I-Effect
the I-Effect
market I-Effect
for I-Effect
these I-Effect
solutions I-Effect
. O

Brazil B-Effect
also I-Effect
has I-Effect
a I-Effect
history I-Effect
of I-Effect
political I-Effect
instability I-Effect
, O
including O
the B-Cause
impeachment I-Cause
of I-Cause
ex-President I-Cause
Dilma I-Cause
Rouseff I-Cause
and I-Cause
arrests I-Cause
of I-Cause
two I-Cause
other I-Cause
ex-Presidents I-Cause
, I-Cause
Lula I-Cause
da I-Cause
Silva I-Cause
and I-Cause
Michel I-Cause
Themer I-Cause
. O

With B-Cause
more I-Cause
places I-Cause
to I-Cause
attack I-Cause
, O
enterprises B-Effect
and I-Effect
government I-Effect
entities I-Effect
must I-Effect
be I-Effect
concerned I-Effect
about I-Effect
securing I-Effect
the I-Effect
network I-Effect
core I-Effect
, I-Effect
branch I-Effect
offices I-Effect
, I-Effect
remote I-Effect
employees I-Effect
, I-Effect
smartphones I-Effect
, I-Effect
and I-Effect
cloud I-Effect
environments I-Effect
. O

Our B-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Snap I-Effect
is I-Effect
very I-Effect
high I-Effect
, O
based O
upon O
uncertainty B-Cause
around I-Cause
the I-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
capture I-Cause
digital I-Cause
advertising I-Cause
dollars I-Cause
in I-Cause
the I-Cause
online I-Cause
advertising I-Cause
space I-Cause
, O
which O
is O
virtually O
Snap O
's O
sole O
source O
of O
revenue O
today O
. O

As O
a O
part O
of O
the O
process O
, O
Redfin O
must O
hold O
unsold O
homes O
as O
inventory O
, O
which O
would O
represent O
a B-Effect
significant I-Effect
risk I-Effect
should O
the B-Cause
pace I-Cause
of I-Cause
home I-Cause
sales I-Cause
slow I-Cause
in I-Cause
a I-Cause
downturn I-Cause
. O

We B-Cause
do I-Cause
not I-Cause
see I-Cause
Paylocity I-Cause
having I-Cause
a I-Cause
clear I-Cause
leadership I-Cause
position I-Cause
given O
the B-Cause
fragmented I-Cause
nature I-Cause
of I-Cause
the I-Cause
market I-Cause
, O
as O
a O
result O
of O
which O
the B-Effect
firm I-Effect
must I-Effect
consistently I-Effect
make I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
investments I-Effect
into I-Effect
its I-Effect
platform I-Effect
to I-Effect
capture I-Effect
and I-Effect
retain I-Effect
customers I-Effect
. O

However O
, O
we O
think O
intangible O
assets O
-- O
specifically B-Cause
brand I-Cause
and I-Cause
reputation I-Cause
-- O
play B-Effect
a I-Effect
key I-Effect
role I-Effect
in I-Effect
these I-Effect
end I-Effect
markets I-Effect
where I-Effect
end I-Effect
users I-Effect
actively I-Effect
choose I-Effect
their I-Effect
insurance I-Effect
plans I-Effect
. I-Effect

These O
switching O
costs O
should O
be O
pervasive O
in O
life O
science O
labs O
, O
but O
they B-Effect
may I-Effect
become I-Effect
even I-Effect
more I-Effect
important I-Effect
in I-Effect
clinical I-Effect
labs I-Effect
because O
regulators B-Cause
play I-Cause
a I-Cause
role I-Cause
in I-Cause
ensuring I-Cause
test I-Cause
accuracy I-Cause
and I-Cause
workflows I-Cause
need I-Cause
to I-Cause
be I-Cause
standardized I-Cause
for I-Cause
a I-Cause
less I-Cause
skilled I-Cause
workforce I-Cause
. O

However O
, O
we O
believe O
that O
the B-Cause
OMO I-Cause
business I-Cause
will I-Cause
also I-Cause
serve I-Cause
as I-Cause
one I-Cause
of I-Cause
the I-Cause
key I-Cause
drivers I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, I-Cause
as I-Cause
TAL I-Cause
can I-Cause
leverage I-Cause
its I-Cause
existing I-Cause
students I-Cause
at I-Cause
a I-Cause
lower I-Cause
acquisition I-Cause
cost. O
Thus O
, O
we O
also O
expect O
a B-Effect
five-year I-Effect
average I-Effect
gross I-Effect
margin I-Effect
of I-Effect
54.7 I-Effect
% I-Effect
from I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
fiscal I-Effect
2025 I-Effect
from I-Effect
55.1 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
due I-Effect
to I-Effect
improving I-Effect
utilization I-Effect
with I-Effect
increasing I-Effect
student I-Effect
demand I-Effect
and I-Effect
average I-Effect
selling I-Effect
price I-Effect
hikes I-Effect
. O

Credit B-Effect
costs I-Effect
are I-Effect
also I-Effect
low I-Effect
, O
as O
much O
of O
the B-Cause
bank I-Cause
's I-Cause
portfolio I-Cause
is I-Cause
in I-Cause
low-risk I-Cause
agency I-Cause
mortgage-backed I-Cause
securities I-Cause
and I-Cause
loans I-Cause
are I-Cause
primarily I-Cause
made I-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
relatively I-Cause
affluent I-Cause
clients I-Cause
. O

Through B-Effect
PTC I-Effect
's I-Effect
partnership I-Effect
with I-Effect
Rockwell I-Effect
Automation I-Effect
in I-Effect
2018 I-Effect
, I-Effect
the I-Effect
company I-Effect
hopes I-Effect
to I-Effect
become I-Effect
a I-Effect
better-known I-Effect
name I-Effect
on I-Effect
the I-Effect
factory I-Effect
floor I-Effect
, O
given O
that O
PTC B-Cause
's I-Cause
has I-Cause
been I-Cause
historically I-Cause
best I-Cause
known I-Cause
in I-Cause
the I-Cause
engineer I-Cause
design I-Cause
shop I-Cause
. O

Even O
though O
the O
company O
serves O
a O
diverse O
and O
fragmented O
market O
, O
the O
semiconductor O
industry O
is O
notoriously O
cyclical O
, O
and O
Microchip B-Effect
's I-Effect
sales I-Effect
levels I-Effect
tend I-Effect
to I-Effect
ebb I-Effect
and I-Effect
flow I-Effect
with O
the B-Cause
chip I-Cause
industry I-Cause
and I-Cause
the I-Cause
overall I-Cause
global I-Cause
economy I-Cause
. O

Lennar B-Cause
's I-Cause
'' I-Cause
'' I-Cause
Everything I-Cause
's I-Cause
Included I-Cause
'' I-Cause
'' I-Cause
product I-Cause
strategy I-Cause
, O
reduced B-Cause
floor I-Cause
plan I-Cause
offerings I-Cause
, I-Cause
and I-Cause
centralized I-Cause
purchasing I-Cause
have I-Cause
simplified I-Cause
the I-Cause
construction I-Cause
process I-Cause
, O
reducing B-Effect
construction I-Effect
costs I-Effect
and I-Effect
cycle I-Effect
times I-Effect
. O

In O
addition O
, O
given O
the B-Cause
mission I-Cause
criticality I-Cause
of I-Cause
Coupa I-Cause
's I-Cause
platform I-Cause
within I-Cause
different I-Cause
operational I-Cause
areas I-Cause
, O
the B-Cause
business I-Cause
would I-Cause
have I-Cause
to I-Cause
run I-Cause
Coupa I-Cause
's I-Cause
software I-Cause
parallel I-Cause
to I-Cause
the I-Cause
new I-Cause
vendor I-Cause
's I-Cause
as I-Cause
data I-Cause
migrates I-Cause
over I-Cause
, O
leading O
to O
high B-Effect
monetary I-Effect
costs I-Effect
as O
well O
. O

Products B-Effect
are I-Effect
often I-Effect
tailor-made I-Effect
to I-Effect
the I-Effect
client I-Effect
's I-Effect
needs I-Effect
, O
it O
is O
therefore O
virtually O
impossible O
for O
a O
client B-Cause
to I-Cause
easily I-Cause
compare I-Cause
pricing I-Cause
between I-Cause
different I-Cause
providers I-Cause
. O

We O
think O
ITW B-Effect
's I-Effect
emphasis I-Effect
on I-Effect
customer-backed I-Effect
innovation I-Effect
should I-Effect
allow I-Effect
it I-Effect
to I-Effect
gain I-Effect
decent I-Effect
market I-Effect
share I-Effect
from I-Effect
competitors I-Effect
, O
particularly O
on B-Cause
the I-Cause
strength I-Cause
of I-Cause
its I-Cause
differentiated I-Cause
offerings I-Cause
. O

Alliance O
Data O
Systems O
has O
stated O
that O
it B-Cause
has I-Cause
rebuilt I-Cause
much I-Cause
of I-Cause
the I-Cause
capabilities I-Cause
held I-Cause
at I-Cause
those I-Cause
businesses I-Cause
and O
that O
the B-Effect
services I-Effect
provided I-Effect
to I-Effect
its I-Effect
partners I-Effect
will I-Effect
not I-Effect
be I-Effect
impacted I-Effect
by I-Effect
the I-Effect
asset I-Effect
sales I-Effect
. O

Still O
, O
the B-Cause
firm I-Cause
's I-Cause
net I-Cause
debt I-Cause
was I-Cause
more I-Cause
3.7 I-Cause
EBITDA I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2019 I-Cause
, O
leaving O
it O
vulnerable B-Effect
to I-Effect
a I-Effect
spike I-Effect
in I-Effect
borrowing I-Effect
costs I-Effect
, I-Effect
an I-Effect
inability I-Effect
to I-Effect
roll I-Effect
over I-Effect
its I-Effect
debt I-Effect
, I-Effect
or I-Effect
a I-Effect
greater I-Effect
downturn I-Effect
in I-Effect
its I-Effect
business I-Effect
. O

After O
the O
launch O
of O
new O
drugs O
, O
penetration O
is O
temporarily O
boosted O
by O
heavy O
discounting O
, O
and O
Bausch B-Effect
slowly I-Effect
takes I-Effect
up I-Effect
price I-Effect
once O
the B-Cause
drugs I-Cause
become I-Cause
established I-Cause
in I-Cause
the I-Cause
market I-Cause
. O

Autoliv B-Cause
's I-Cause
consistent I-Cause
technology I-Cause
innovation I-Cause
enables O
favorable B-Cause
pricing I-Cause
relative I-Cause
to I-Cause
many I-Cause
automotive I-Cause
industry I-Cause
suppliers I-Cause
, O
increasing B-Effect
the I-Effect
company I-Effect
's I-Effect
dollar I-Effect
content I-Effect
per I-Effect
vehicle I-Effect
. O

The B-Cause
Chilean I-Cause
base I-Cause
rate I-Cause
of I-Cause
0.50 I-Cause
% I-Cause
, O
adopted O
as O
part O
of O
the O
monetary O
response O
to O
the O
coronavirus O
crisis O
, O
represents B-Effect
both I-Effect
the I-Effect
lowest I-Effect
rate I-Effect
on I-Effect
record I-Effect
and I-Effect
a I-Effect
substantial I-Effect
drag I-Effect
on I-Effect
net I-Effect
interest I-Effect
margins I-Effect
, I-Effect
or I-Effect
NIMs I-Effect
. O

Like O
essentially O
all O
oilfield-services O
companies O
, O
National B-Cause
Oilwell I-Cause
Varco I-Cause
would I-Cause
be I-Cause
vulnerable I-Cause
to I-Cause
an I-Cause
economic I-Cause
or I-Cause
technological I-Cause
shock I-Cause
that O
reduced B-Effect
the I-Effect
long-term I-Effect
growth I-Effect
in I-Effect
oil I-Effect
and I-Effect
gas I-Effect
demand I-Effect
. O

We O
have O
not O
modeled O
significant O
change O
in O
our O
10-year O
average O
gross O
margins O
, O
as O
we O
believe O
Omnicom B-Cause
's I-Cause
efficiencies I-Cause
in I-Cause
talent I-Cause
management I-Cause
( O
either O
per O
account O
or O
per O
project O
) O
will O
offset B-Effect
growth I-Effect
in I-Effect
compensation I-Effect
and I-Effect
the I-Effect
slightly I-Effect
lower I-Effect
long-term I-Effect
digital I-Effect
ad I-Effect
margins I-Effect
. O

Unsurprisingly O
, O
Primo B-Effect
's I-Effect
strategy I-Effect
has I-Effect
radically I-Effect
evolved I-Effect
over I-Effect
the I-Effect
years—it O
now B-Cause
uses I-Cause
a I-Cause
conventional I-Cause
razor/blade I-Cause
business I-Cause
model I-Cause
, O
where O
it O
seeks O
to O
increase O
penetration O
of O
its O
water-dispensing O
appliances O
to O
facilitate O
recurring O
sales O
of O
higher-margin O
water O
bottles O
. O

Following B-Cause
an I-Cause
expected I-Cause
1 I-Cause
% I-Cause
sales I-Cause
decline I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
due O
to O
softness B-Cause
related I-Cause
to I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
expect O
mid-single B-Effect
digit I-Effect
top I-Effect
line I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
HDD I-Effect
business I-Effect
. O

Kohl O
's O
does O
not O
plan O
another O
large O
round O
of O
store O
closures O
at O
present O
, O
but O
we O
think O
it B-Effect
may I-Effect
have I-Effect
to I-Effect
do I-Effect
so I-Effect
if O
sales B-Cause
remain I-Cause
stagnant I-Cause
or I-Cause
worse I-Cause
. O

The B-Cause
shift I-Cause
toward I-Cause
electronic I-Cause
payments I-Cause
has O
aided B-Effect
Visa I-Effect
's I-Effect
growth I-Effect
historically I-Effect
, O
and O
we O
expect O
that O
to O
continue O
for O
the O
foreseeable O
future O
. O

However O
, O
an B-Cause
investment I-Cause
bank I-Cause
is I-Cause
much I-Cause
more I-Cause
capital-hungry I-Cause
than I-Cause
a I-Cause
pure I-Cause
private I-Cause
bank I-Cause
and I-Cause
introduces I-Cause
added I-Cause
risks I-Cause
that O
may O
detract B-Effect
from I-Effect
a I-Effect
bank I-Effect
's I-Effect
reputation I-Effect
for I-Effect
solidity I-Effect
. O

We O
think O
banks B-Effect
with I-Effect
relatively I-Effect
low I-Effect
deposit I-Effect
market I-Effect
share I-Effect
are I-Effect
disadvantaged I-Effect
from I-Effect
a I-Effect
cost I-Effect
perspective I-Effect
because O
of O
the B-Cause
fixed-cost I-Cause
investment I-Cause
required I-Cause
to I-Cause
maintain I-Cause
a I-Cause
network I-Cause
of I-Cause
branches I-Cause
and I-Cause
offices I-Cause
. O

Over O
and O
above O
underlying O
shipment O
demand O
trends O
, O
market B-Cause
share I-Cause
gains I-Cause
will O
probably O
remain O
the B-Effect
key I-Effect
growth I-Effect
driver I-Effect
for I-Effect
Robinson I-Effect
. O

Going O
further O
, O
the B-Effect
downside I-Effect
grows I-Effect
exponentially I-Effect
if O
data B-Cause
center I-Cause
and I-Cause
commercial I-Cause
customers I-Cause
have I-Cause
high I-Cause
adoption I-Cause
rates I-Cause
of I-Cause
hyperscale I-Cause
cloud I-Cause
offerings I-Cause
and I-Cause
bypass I-Cause
Cisco I-Cause
's I-Cause
hybrid I-Cause
cloud I-Cause
offerings I-Cause
. O

Norwegian B-Cause
was I-Cause
already I-Cause
facing I-Cause
pricing I-Cause
headwinds I-Cause
in I-Cause
2020 I-Cause
, I-Cause
lapping I-Cause
Cuban I-Cause
itineraries I-Cause
, I-Cause
and I-Cause
the I-Cause
inaugural I-Cause
season I-Cause
of I-Cause
Encore I-Cause
, I-Cause
when I-Cause
the I-Cause
global I-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
exacerbated I-Cause
its I-Cause
plight. O
As O
a O
result O
, O
2020 B-Effect
has I-Effect
been I-Effect
even I-Effect
more I-Effect
difficult I-Effect
to I-Effect
navigate I-Effect
than I-Effect
past I-Effect
recessions I-Effect
, I-Effect
with I-Effect
capacity I-Effect
down I-Effect
nearly I-Effect
100 I-Effect
% I-Effect
over I-Effect
the I-Effect
final I-Effect
three I-Effect
quarters I-Effect
of I-Effect
2020 I-Effect
, I-Effect
by I-Effect
our I-Effect
estimate I-Effect
. O

In B-Effect
March I-Effect
2021 I-Effect
, I-Effect
the I-Effect
VA I-Effect
's I-Effect
secretary I-Effect
announced I-Effect
a I-Effect
strategic I-Effect
review I-Effect
of I-Effect
Cerner I-Effect
's I-Effect
implementation I-Effect
program I-Effect
, I-Effect
halting I-Effect
the I-Effect
rollout I-Effect
temporarily I-Effect
to B-Cause
fix I-Cause
challenges I-Cause
encountered I-Cause
by I-Cause
physicians I-Cause
in I-Cause
switching I-Cause
over I-Cause
from I-Cause
the I-Cause
legacy I-Cause
VA I-Cause
EHR I-Cause
software I-Cause
. O

We O
think O
the B-Effect
new I-Effect
strategy I-Effect
is I-Effect
beneficial I-Effect
as O
it B-Cause
reduces I-Cause
emerging I-Cause
market I-Cause
macroeconomic I-Cause
and I-Cause
currency I-Cause
risks I-Cause
, I-Cause
improves I-Cause
efficiency I-Cause
of I-Cause
operations I-Cause
and I-Cause
provides I-Cause
deleveraging I-Cause
opportunities I-Cause
. O

We B-Cause
've I-Cause
increased I-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
to I-Cause
$ I-Cause
56 I-Cause
from I-Cause
$ I-Cause
54 I-Cause
on I-Cause
stronger I-Cause
expectations I-Cause
for I-Cause
cable I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
margins. O
This O
estimate O
assumes O
Comcast B-Effect
remains I-Effect
the I-Effect
dominant I-Effect
Internet I-Effect
access I-Effect
provider I-Effect
in I-Effect
the I-Effect
markets I-Effect
it I-Effect
serves I-Effect
, I-Effect
providing I-Effect
a I-Effect
solid I-Effect
foundation I-Effect
for I-Effect
the I-Effect
firm I-Effect
to I-Effect
build I-Effect
customer I-Effect
relationships I-Effect
and I-Effect
deliver I-Effect
strong I-Effect
pricing I-Effect
power I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

Although O
management B-Cause
could I-Cause
not I-Cause
avoid I-Cause
the I-Cause
impact I-Cause
of I-Cause
operating I-Cause
in I-Cause
hard-hit I-Cause
economies I-Cause
, O
a B-Effect
generally I-Effect
increasing I-Effect
appetite I-Effect
for I-Effect
risk I-Effect
compounded I-Effect
the I-Effect
bank I-Effect
's I-Effect
problems I-Effect
. O

Textron B-Cause
's I-Cause
specialty I-Cause
vehicles I-Cause
business I-Cause
is I-Cause
mostly I-Cause
its I-Cause
E-Z-GO I-Cause
golf I-Cause
carts I-Cause
and I-Cause
lawn I-Cause
equipment I-Cause
which I-Cause
are I-Cause
not I-Cause
protected I-Cause
by I-Cause
any I-Cause
meaningful I-Cause
technical I-Cause
complexity I-Cause
or I-Cause
brand I-Cause
asset I-Cause
, O
which O
invites O
competition B-Effect
that O
brings O
returns O
to O
the O
cost O
of O
capital O
. O

Also O
, O
Kohl B-Effect
's I-Effect
2021 I-Effect
guidance I-Effect
was I-Effect
above I-Effect
our I-Effect
prior I-Effect
expectations I-Effect
as O
it B-Cause
recovers I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
experiences I-Cause
the I-Cause
full I-Cause
effect I-Cause
of I-Cause
expense I-Cause
cuts I-Cause
. O

While O
Pilgrim O
is O
the O
second-largest O
poultry O
producer O
in O
the O
U.K. O
, O
the B-Cause
firm I-Cause
is I-Cause
not I-Cause
listed I-Cause
in I-Cause
the I-Cause
top I-Cause
five I-Cause
European I-Cause
poultry I-Cause
producers I-Cause
according I-Cause
to I-Cause
Watt I-Cause
Global I-Cause
Media I-Cause
; O
therefore O
, O
we O
deem O
it O
as O
too B-Effect
small I-Effect
to I-Effect
warrant I-Effect
a I-Effect
scale-driven I-Effect
cost I-Effect
advantage I-Effect
. O

With O
anticipated O
capital B-Cause
spending I-Cause
reductions I-Cause
( O
including O
Red O
Oaks O
) O
, O
we O
expect O
Plains B-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
generate I-Effect
excess I-Effect
cash I-Effect
after I-Effect
distributions I-Effect
and I-Effect
capital I-Effect
spending I-Effect
plans I-Effect
in I-Effect
2021 I-Effect
. O

Overlap B-Cause
, I-Cause
or I-Cause
one I-Cause
client I-Cause
working I-Cause
with I-Cause
several I-Cause
CROs I-Cause
, I-Cause
is I-Cause
common. O
For O
this O
reason O
, O
PPD B-Effect
can I-Effect
say I-Effect
it I-Effect
worked I-Effect
with I-Effect
every I-Effect
single I-Effect
top-50 I-Effect
biopharma I-Effect
company I-Effect
in I-Effect
the I-Effect
world I-Effect
in I-Effect
2019 I-Effect
, I-Effect
and I-Effect
PPD I-Effect
was I-Effect
also I-Effect
involved I-Effect
in I-Effect
the I-Effect
development I-Effect
of I-Effect
all I-Effect
of I-Effect
2018 I-Effect
's I-Effect
top-10-selling I-Effect
drugs I-Effect
. O

Nonetheless O
, O
both O
firms O
are O
on O
similar O
timelines O
for O
18 O
TB O
shipments O
, O
and O
we O
think O
market B-Effect
shares I-Effect
will I-Effect
normalize I-Effect
in I-Effect
2021 I-Effect
and I-Effect
beyond I-Effect
as O
customers B-Cause
look I-Cause
to I-Cause
dual-source I-Cause
and I-Cause
keep I-Cause
costs I-Cause
down I-Cause
. O

Further O
, O
Scotts B-Effect
faces I-Effect
risks I-Effect
related I-Effect
to I-Effect
Roundup I-Effect
, O
as O
Scotts B-Cause
markets I-Cause
it I-Cause
under I-Cause
an I-Cause
agreement I-Cause
with I-Cause
Bayer I-Cause
( I-Cause
Monsanto I-Cause
) I-Cause
. O

Because O
of O
pent-up B-Cause
demand I-Cause
for I-Cause
space I-Cause
, O
an B-Effect
apartment I-Effect
manager I-Effect
can I-Effect
charge I-Effect
a I-Effect
higher I-Effect
initial I-Effect
rent I-Effect
and O
increase B-Effect
it I-Effect
easier I-Effect
once O
a O
building O
reaches O
fully O
stabilized O
occupancy O
, O
as O
a B-Cause
marginal I-Cause
tenant I-Cause
would I-Cause
move I-Cause
out I-Cause
because I-Cause
of I-Cause
rent I-Cause
increases I-Cause
. O

As O
such O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
gradually I-Effect
recover I-Effect
to I-Effect
12.8 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
as O
the B-Effect
firm I-Effect
improves I-Effect
the I-Effect
profitability I-Effect
of I-Effect
the I-Effect
Eby-Brown I-Effect
business I-Effect
with O
purchasing B-Cause
synergies I-Cause
, I-Cause
and I-Cause
customer I-Cause
and I-Cause
product I-Cause
mix I-Cause
benefits I-Cause
. O

On O
the O
investment O
side O
, O
we O
assume O
better O
fixed-income O
results O
over O
time O
as O
the O
interest O
rate O
environment O
improves O
, O
but O
we O
expect O
overall B-Effect
investment I-Effect
returns I-Effect
to I-Effect
moderate I-Effect
as O
the B-Cause
recent I-Cause
bull I-Cause
market I-Cause
proves I-Cause
unsustainable I-Cause
. O

In O
addition O
, O
as O
NICE B-Cause
offers I-Cause
more I-Cause
new I-Cause
modules I-Cause
on I-Cause
its I-Cause
platform I-Cause
, O
the B-Cause
firm I-Cause
has I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
cross-sell I-Cause
and I-Cause
upsell I-Cause
products I-Cause
to I-Cause
customers I-Cause
, O
which O
should O
drive B-Effect
higher I-Effect
incremental I-Effect
revenue I-Effect
. O

The B-Cause
bank I-Cause
maintained I-Cause
a I-Cause
common I-Cause
equity I-Cause
Tier I-Cause
1 I-Cause
ratio I-Cause
ratio I-Cause
of I-Cause
10.7 I-Cause
% I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
September I-Cause
2020 I-Cause
, O
which B-Effect
we I-Effect
view I-Effect
as I-Effect
adequately I-Effect
capitalized I-Effect
to I-Effect
absorb I-Effect
all I-Effect
but I-Effect
unprecedented I-Effect
losses I-Effect
. O

Turning O
to O
Biogen O
's O
own O
MS O
franchise O
, O
Avonex B-Effect
is I-Effect
the I-Effect
leading I-Effect
interferon I-Effect
therapy I-Effect
in I-Effect
MS I-Effect
because O
of O
its B-Cause
long-term I-Cause
safety I-Cause
record I-Cause
and I-Cause
relatively I-Cause
convenient I-Cause
once-weekly I-Cause
injections I-Cause
, O
and O
Plegridy O
improves O
convenience O
to O
twice-monthly O
injections O
. O

Companies B-Effect
receiving I-Effect
a I-Effect
WIC I-Effect
contract I-Effect
tend I-Effect
to I-Effect
post I-Effect
85 I-Effect
% I-Effect
-95 I-Effect
% I-Effect
market I-Effect
share I-Effect
in I-Effect
that I-Effect
state I-Effect
, O
as O
the B-Cause
subsidies I-Cause
produce I-Cause
indirect I-Cause
effects I-Cause
such O
as O
improved O
placement O
within O
stores O
, O
word-of-mouth O
marketing O
to O
non-WIC O
participants O
, O
and O
the O
cross-marketing O
of O
other O
products O
not O
covered O
by O
the O
program O
. O

We O
believe O
this B-Cause
will I-Cause
force I-Cause
fleet I-Cause
owners I-Cause
to I-Cause
refresh I-Cause
their I-Cause
fleet I-Cause
with I-Cause
more I-Cause
emission-compliant I-Cause
trucks I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
benefiting B-Effect
Paccar I-Effect
. O

The O
high O
cost O
of O
this O
network O
build O
has O
produced O
weak O
profitability O
in O
the O
fixed-line O
business O
, O
but O
we O
expect O
this B-Effect
asset I-Effect
will I-Effect
be I-Effect
increasingly I-Effect
valuable I-Effect
in I-Effect
serving I-Effect
customers I-Effect
in O
this B-Cause
densely I-Cause
populated I-Cause
region I-Cause
. O

While O
the O
relationships O
between O
supplier O
sales O
representatives O
and O
dental O
practitioners O
still O
produce O
a O
marginal O
degree O
of O
loyalty O
to O
suppliers O
, O
the B-Cause
low-cost I-Cause
providers I-Cause
appear I-Cause
to I-Cause
be I-Cause
garnering I-Cause
market I-Cause
share I-Cause
, O
making O
it B-Effect
increasingly I-Effect
difficult I-Effect
to I-Effect
earn I-Effect
the I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

By B-Cause
tweaking I-Cause
well I-Cause
parameters I-Cause
in I-Cause
nonpremium I-Cause
areas I-Cause
to I-Cause
raise I-Cause
productivity I-Cause
expectations I-Cause
, I-Cause
or I-Cause
by I-Cause
lowering I-Cause
costs I-Cause
through I-Cause
efficiency I-Cause
gains I-Cause
, O
it O
can O
add B-Effect
premium I-Effect
locations I-Effect
without I-Effect
spending I-Effect
capital I-Effect
. O

Chip B-Effect
designers I-Effect
face I-Effect
ongoing I-Effect
pressure I-Effect
to I-Effect
develop I-Effect
optimal I-Effect
chip I-Effect
designs I-Effect
that I-Effect
satisfy I-Effect
these I-Effect
criteria I-Effect
and I-Effect
keep I-Effect
pace I-Effect
with I-Effect
Moore I-Effect
's I-Effect
Law I-Effect
, O
which O
dictates O
that O
the B-Cause
performance I-Cause
capability I-Cause
of I-Cause
computers I-Cause
should I-Cause
double I-Cause
approximately I-Cause
every I-Cause
18 I-Cause
months I-Cause
and I-Cause
the I-Cause
cost I-Cause
of I-Cause
computers I-Cause
should I-Cause
be I-Cause
halved I-Cause
. O

More B-Cause
crucially I-Cause
, I-Cause
the I-Cause
power I-Cause
and I-Cause
ability I-Cause
of I-Cause
hyperscalers I-Cause
could B-Effect
inhibit I-Effect
CyrusOne I-Effect
's I-Effect
ability I-Effect
to I-Effect
fill I-Effect
future I-Effect
capacity I-Effect
for I-Effect
rates I-Effect
that I-Effect
lead I-Effect
to I-Effect
excess I-Effect
returns I-Effect
. O

However O
, O
heightened B-Cause
risk I-Cause
remains I-Cause
and O
any B-Effect
deterioration I-Effect
in I-Effect
Alliance I-Effect
Data I-Effect
System I-Effect
's I-Effect
business I-Effect
model I-Effect
will I-Effect
be I-Effect
magnified I-Effect
by I-Effect
the I-Effect
firm I-Effect
's I-Effect
leverage I-Effect
. O

We O
think O
there B-Effect
are I-Effect
substantial I-Effect
product-complexity-based I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
in I-Effect
this I-Effect
business I-Effect
as O
the B-Cause
ships I-Cause
produced I-Cause
must I-Cause
be I-Cause
able I-Cause
to I-Cause
withstand I-Cause
adversary I-Cause
attempts I-Cause
to I-Cause
destroy I-Cause
the I-Cause
product I-Cause
, O
but O
that O
the O
barriers O
are O
lower O
than O
for O
nuclear-powered O
ships O
. O

Despite O
tougher O
wireline O
competition O
, O
we O
project O
the B-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
marginally I-Effect
improve I-Effect
in I-Effect
that I-Effect
segment I-Effect
as O
services B-Cause
become I-Cause
more I-Cause
IP-based I-Cause
. O

We O
assume O
same-store O
sales O
growth O
stabilizes O
at O
around O
2 O
% O
long O
term O
, O
with O
the B-Cause
chain I-Cause
's I-Cause
focus I-Cause
on I-Cause
delivering I-Cause
low I-Cause
prices I-Cause
resonating B-Effect
with I-Effect
lower-income I-Effect
households I-Effect
and O
renovations B-Cause
revitalizing B-Effect
stores I-Effect
. O

Finally O
, O
consolidation B-Effect
among I-Effect
JLL I-Effect
's I-Effect
competitors I-Effect
would I-Effect
also I-Effect
represent I-Effect
a I-Effect
significant I-Effect
risk I-Effect
to I-Effect
the I-Effect
company I-Effect
, O
since O
it B-Cause
would I-Cause
change I-Cause
the I-Cause
competitive I-Cause
landscape I-Cause
in I-Cause
which I-Cause
it I-Cause
operates I-Cause
. O

Burlington B-Effect
's I-Effect
scale I-Effect
allows I-Effect
it I-Effect
to I-Effect
leverage I-Effect
merchandising I-Effect
, I-Effect
supply I-Effect
chain I-Effect
, I-Effect
and I-Effect
advertising I-Effect
costs I-Effect
over I-Effect
a I-Effect
large I-Effect
base I-Effect
, I-Effect
bolstering I-Effect
profitability I-Effect
despite O
the B-Cause
chain I-Cause
's I-Cause
low-price I-Cause
approach I-Cause
. O

Although O
food O
, O
personal O
, O
and O
home O
care O
companies O
use O
PET O
materials O
in O
their O
packaging O
, O
we O
think O
alternatives B-Cause
are I-Cause
within I-Cause
reach I-Cause
and O
this O
should O
limit B-Effect
the I-Effect
financial I-Effect
impact I-Effect
. O

This O
is O
witnessed O
by O
our O
estimate O
for O
Trip.com O
's B-Effect
2020 I-Effect
revenue I-Effect
will I-Effect
decline I-Effect
substantially I-Effect
due O
to O
lower B-Effect
travel I-Effect
demand I-Effect
resulting I-Cause
from I-Cause
the I-Cause
COVID-19 B-Cause
outbreak I-Cause
. O

As O
we B-Cause
enter I-Cause
a I-Cause
postpandemic I-Cause
environment I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
we O
expect O
ongoing B-Effect
LaCroix I-Effect
flavor I-Effect
innovation I-Effect
, O
along O
with O
more B-Cause
commercial I-Cause
intentionality I-Cause
behind I-Cause
historically I-Cause
underindexed I-Cause
channels I-Cause
like I-Cause
food I-Cause
service I-Cause
, O
to O
support B-Effect
strong I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
growth I-Effect
. O

In O
our O
view O
, O
the B-Effect
industry I-Effect
has I-Effect
low I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
but I-Effect
high I-Effect
barriers I-Effect
to I-Effect
success I-Effect
because O
of O
the B-Cause
power I-Cause
of I-Cause
the I-Cause
network I-Cause
effect I-Cause
. O

We B-Effect
think I-Effect
it I-Effect
will I-Effect
take I-Effect
a I-Effect
few I-Effect
more I-Effect
years I-Effect
for I-Effect
MongoDB I-Effect
to I-Effect
reach I-Effect
such I-Effect
excess I-Effect
returns I-Effect
, O
as O
the B-Cause
company I-Cause
will I-Cause
likely I-Cause
continue I-Cause
to I-Cause
generate I-Cause
operating I-Cause
losses I-Cause
as I-Cause
it I-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
customer I-Cause
acquisition I-Cause
. O

On O
the O
expense O
front O
, O
we B-Effect
expect I-Effect
gradual I-Effect
improvement I-Effect
over I-Effect
time I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
scale I-Cause
advantages I-Cause
widen I-Cause
due O
to O
increases B-Cause
in I-Cause
fixed I-Cause
technology I-Cause
and I-Cause
regulatory I-Cause
costs I-Cause
across I-Cause
the I-Cause
industry I-Cause
. O

Over O
the O
long O
run O
, O
we O
expect O
the B-Cause
firm I-Cause
to I-Cause
invest I-Cause
19 I-Cause
% I-Cause
-20 I-Cause
% I-Cause
of I-Cause
sales I-Cause
on I-Cause
average I-Cause
in I-Cause
capital I-Cause
expenditures I-Cause
to O
maintain B-Effect
and I-Effect
improve I-Effect
network I-Effect
operations I-Effect
, I-Effect
and I-Effect
capitalize I-Effect
on I-Effect
various I-Effect
growth I-Effect
opportunities I-Effect
such O
as O
export O
grain O
. O

However O
, O
leading O
up O
to O
2023 O
, O
Corteva B-Cause
plans I-Cause
to I-Cause
transition I-Cause
nearly I-Cause
all I-Cause
soybean I-Cause
seeds I-Cause
to I-Cause
the I-Cause
Enlist I-Cause
platform I-Cause
, O
which O
should O
expand B-Effect
profits I-Effect
as I-Effect
Corteva I-Effect
will I-Effect
not I-Effect
have I-Effect
to I-Effect
pay I-Effect
royalties I-Effect
. O

Similar O
to O
aggregates O
and O
cement O
, O
ready-mixed B-Cause
concrete I-Cause
and I-Cause
asphalt I-Cause
sell I-Cause
for I-Cause
low I-Cause
prices I-Cause
relative I-Cause
to I-Cause
their I-Cause
weight I-Cause
, O
which O
results O
in O
localized B-Effect
markets I-Effect
. O

With O
strong B-Cause
margins I-Cause
and I-Cause
little I-Cause
in I-Cause
the I-Cause
way I-Cause
of I-Cause
an I-Cause
asset I-Cause
base I-Cause
, O
we O
think O
Slack B-Effect
will I-Effect
eventually I-Effect
generate I-Effect
solid I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
but O
for O
now O
, O
even O
free O
cash B-Cause
flow I-Cause
margins I-Cause
are I-Cause
negative I-Cause
, O
which O
is B-Effect
unusual I-Effect
for I-Effect
a I-Effect
SaaS I-Effect
company I-Effect
. O

The O
emergence O
of O
lower-priced O
competitors O
remains O
a O
key O
risk O
to O
the O
company O
's O
long-term O
competitive O
positioning O
, O
and O
we B-Cause
believe I-Cause
future I-Cause
growth I-Cause
hinges I-Cause
on I-Cause
management I-Cause
's I-Cause
ability I-Cause
to I-Cause
innovate I-Cause
, O
which O
will O
increasingly B-Effect
become I-Effect
more I-Effect
expensive I-Effect
in I-Effect
the I-Effect
face I-Effect
of I-Effect
rising I-Effect
competitive I-Effect
pressure I-Effect
. O

As O
technology B-Cause
advances I-Cause
and I-Cause
new I-Cause
forms I-Cause
of I-Cause
payment I-Cause
are I-Cause
accepted I-Cause
, O
it O
is O
possible O
that O
fewer B-Cause
merchants I-Cause
will I-Cause
accept I-Cause
Discover I-Cause
, O
unless O
Discover B-Effect
continues I-Effect
to I-Effect
evolve I-Effect
its I-Effect
offerings I-Effect
to I-Effect
keep I-Effect
up I-Effect
with I-Effect
changing I-Effect
technologies I-Effect
. O

Pepsi B-Cause
enjoys I-Cause
leading I-Cause
production I-Cause
volume I-Cause
in I-Cause
many I-Cause
of I-Cause
its I-Cause
categories I-Cause
, O
which O
allows B-Effect
for I-Effect
favorable I-Effect
unit I-Effect
economics I-Effect
in I-Effect
manufacturing I-Effect
processes I-Effect
. O

If O
electronic B-Cause
substitution I-Cause
takes I-Cause
place I-Cause
more I-Cause
rapidly I-Cause
than I-Cause
anticipated I-Cause
, O
International B-Effect
Paper I-Effect
could I-Effect
face I-Effect
a I-Effect
steeper I-Effect
decline I-Effect
in I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
. O

The B-Effect
app I-Effect
store I-Effect
exhibits I-Effect
network I-Effect
effects I-Effect
as O
new B-Cause
users I-Cause
would I-Cause
attract I-Cause
new I-Cause
developers I-Cause
to I-Cause
the I-Cause
platform I-Cause
who O
have O
greater O
visibility O
for O
their O
apps O
, O
while O
users B-Effect
would I-Effect
benefit I-Effect
from I-Effect
new I-Effect
developers I-Effect
as O
they B-Cause
have I-Cause
access I-Cause
to I-Cause
a I-Cause
wider I-Cause
array I-Cause
of I-Cause
apps I-Cause
to I-Cause
augment I-Cause
their I-Cause
data I-Cause
insights I-Cause
. O

The B-Cause
varied I-Cause
product I-Cause
lines I-Cause
also O
mean O
Stryker O
has O
more O
opportunities O
to O
engineer O
meaningful O
innovation O
, O
which O
is O
critical B-Effect
to I-Effect
gaining I-Effect
pricing I-Effect
advantages I-Effect
. I-Effect

As O
spending B-Cause
on I-Cause
4G I-Cause
infrastructure I-Cause
declines I-Cause
, O
we O
expect O
5G B-Effect
equipment I-Effect
build-outs I-Effect
to I-Effect
benefit I-Effect
Nokia I-Effect
until I-Effect
the I-Effect
new I-Effect
technology I-Effect
is I-Effect
ubiquitous I-Effect
in I-Effect
early I-Effect
technology-embracing I-Effect
countries I-Effect
. O

Through O
its B-Cause
Contrail I-Cause
software I-Cause
platform I-Cause
and I-Cause
proprietary I-Cause
chip I-Cause
technology I-Cause
offerings I-Cause
, O
we O
believe O
Juniper B-Effect
should I-Effect
benefit I-Effect
from I-Effect
5G I-Effect
networks I-Effect
requiring I-Effect
higher I-Effect
capacity I-Effect
routing I-Effect
capabilities I-Effect
alongside I-Effect
software-defined I-Effect
network I-Effect
management I-Effect
. O

In O
integrating B-Cause
practical I-Cause
software I-Cause
into I-Cause
its I-Cause
hardware I-Cause
solutions I-Cause
, O
Zebra O
creates B-Effect
a I-Effect
compelling I-Effect
use I-Effect
case I-Effect
with I-Effect
customers I-Effect
, O
all O
while O
creating O
a B-Effect
much I-Effect
stickier I-Effect
product I-Effect
. O

It O
is O
also O
the B-Effect
only I-Effect
Class I-Effect
I I-Effect
railroad I-Effect
that I-Effect
could I-Effect
have I-Effect
fewer I-Effect
hurdles I-Effect
in I-Effect
terms I-Effect
of I-Effect
acquisition I-Effect
prohibition I-Effect
by I-Effect
the I-Effect
Surface I-Effect
Transportation I-Effect
Board I-Effect
, O
due O
to O
lower B-Cause
concerns I-Cause
about I-Cause
the I-Cause
reduction I-Cause
in I-Cause
competition I-Cause
in I-Cause
the I-Cause
case I-Cause
of I-Cause
a I-Cause
merger I-Cause
. O

Broadcom O
's O
FBAR O
filters O
are O
best O
of O
breed O
, O
and O
its B-Cause
wafer I-Cause
manufacturing I-Cause
process I-Cause
for I-Cause
the I-Cause
filters I-Cause
leverages I-Cause
gallium I-Cause
arsenide I-Cause
in I-Cause
lieu I-Cause
of I-Cause
silicon I-Cause
, O
which O
we O
think O
makes O
it O
more B-Effect
unique I-Effect
than I-Effect
alternatives I-Effect
. O

The B-Effect
company I-Effect
is I-Effect
fairly I-Effect
cyclical I-Effect
, O
given O
that O
a B-Cause
large I-Cause
share I-Cause
of I-Cause
its I-Cause
sales I-Cause
flow I-Cause
into I-Cause
the I-Cause
construction I-Cause
market I-Cause
, I-Cause
which I-Cause
ebbs I-Cause
and I-Cause
flows I-Cause
with I-Cause
the I-Cause
broader I-Cause
economy I-Cause
. O

Our B-Effect
domestic I-Effect
subscriber I-Effect
forecast I-Effect
generates I-Effect
7 I-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
between I-Effect
2021 I-Effect
and I-Effect
2025 I-Effect
, O
as O
Netflix B-Cause
benefits I-Cause
from I-Cause
charging I-Cause
$ I-Cause
14 I-Cause
as I-Cause
its I-Cause
base I-Cause
price I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Specifically O
, O
a B-Cause
single I-Cause
Vehicle I-Cause
Capture I-Cause
and I-Cause
Recognition I-Cause
System I-Cause
unit I-Cause
includes I-Cause
components I-Cause
and I-Cause
cameras I-Cause
with I-Cause
overlapping I-Cause
fields I-Cause
of I-Cause
view I-Cause
, O
which O
results O
in O
substantially B-Effect
improved I-Effect
system I-Effect
accuracy I-Effect
and I-Effect
revenue I-Effect
capture I-Effect
( O
that O
is O
, O
additional B-Cause
units I-Cause
help O
with O
capturing B-Effect
more I-Effect
license I-Effect
plates I-Effect
) O
. O

While O
Ansys O
is O
n't O
making O
an O
aggressive O
push O
to O
convert O
customers O
to O
lease O
subscriptions O
, O
we O
think O
a B-Effect
mix I-Effect
shift I-Effect
to I-Effect
an I-Effect
increasing I-Effect
portion I-Effect
of I-Effect
lease I-Effect
subscriptions I-Effect
will I-Effect
continue I-Effect
over O
the O
next O
10 O
years O
as O
solutions B-Cause
naturally I-Cause
lend I-Cause
themselves I-Cause
to I-Cause
time-based I-Cause
subscriptions I-Cause
. O

The B-Effect
implied I-Effect
margin I-Effect
expansion I-Effect
is O
in O
large O
part O
due O
to O
the O
mix O
shift O
as O
Exxon B-Cause
adds I-Cause
higher-margin I-Cause
volumes I-Cause
from I-Cause
Guyana I-Cause
, O
but O
also O
a O
reduction O
in O
North O
American O
nonassociated O
dry O
gas O
production O
by O
50 O
% O
by O
2025 O
. O

And O
given O
the B-Cause
pricing I-Cause
competitiveness I-Cause
likely I-Cause
to I-Cause
ensue I-Cause
as O
a O
result O
of O
COVID-19 B-Cause
, I-Cause
at I-Cause
least I-Cause
for I-Cause
some I-Cause
time I-Cause
, O
we O
do O
n't O
expect O
pricing B-Effect
gains I-Effect
to I-Effect
come I-Effect
as I-Effect
easily I-Effect
as I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

Once O
an B-Effect
engine I-Effect
is I-Effect
certified I-Effect
and I-Effect
included I-Effect
in I-Effect
the I-Effect
design I-Effect
of I-Effect
an I-Effect
aircraft I-Effect
the I-Effect
switching I-Effect
costs I-Effect
are I-Effect
extremely I-Effect
high I-Effect
as O
a O
result O
of O
the B-Cause
disruption I-Cause
it I-Cause
can I-Cause
cause I-Cause
during B-Effect
program I-Effect
ramp-up I-Effect
and I-Effect
the I-Effect
subsequent I-Effect
need I-Effect
for I-Effect
re-certification I-Effect
. O

We O
do O
n't O
think O
the O
market O
's O
optimism O
around O
Masimo O
's O
pipeline O
is O
unwarranted O
, O
but O
we O
anticipate O
some B-Effect
growing I-Effect
pains I-Effect
as O
the B-Cause
company I-Cause
scales I-Cause
up I-Cause
these I-Cause
higher-growth-potential I-Cause
businesses I-Cause
. O

Following B-Effect
plant I-Effect
shutdowns I-Effect
and I-Effect
reduced I-Effect
demand I-Effect
in I-Effect
the I-Effect
last I-Effect
quarter I-Effect
of I-Effect
2019 I-Effect
and I-Effect
throughout I-Effect
2020 I-Effect
as O
a O
result O
of O
COVID-19 B-Cause
, O
we B-Effect
expect I-Effect
margins I-Effect
to I-Effect
expand I-Effect
back I-Effect
to I-Effect
midcycle I-Effect
levels I-Effect
as O
Corning B-Cause
ramps I-Cause
back I-Cause
to I-Cause
full I-Cause
production I-Cause
. O

The B-Cause
biggest I-Cause
risk I-Cause
for I-Cause
the I-Cause
firm I-Cause
is I-Cause
the I-Cause
acreage I-Cause
is I-Cause
never I-Cause
drilled I-Cause
and I-Cause
developed I-Cause
, O
and O
thus O
there B-Effect
is I-Effect
no I-Effect
production I-Effect
to I-Effect
pay I-Effect
royalties I-Effect
on I-Effect
. O

We O
also O
assume B-Effect
revenue I-Effect
per I-Effect
customer I-Effect
bounces I-Effect
back I-Effect
, I-Effect
in I-Effect
local I-Effect
currency I-Effect
terms I-Effect
, I-Effect
across I-Effect
markets I-Effect
as O
usage B-Cause
returns I-Cause
to I-Cause
normal I-Cause
and I-Cause
smartphone I-Cause
penetration I-Cause
continues I-Cause
to I-Cause
increase I-Cause
. O

Okta B-Cause
melded I-Cause
these I-Cause
two I-Cause
distinct I-Cause
markets I-Cause
within I-Cause
its I-Cause
identity I-Cause
cloud I-Cause
, I-Cause
and I-Cause
has I-Cause
a I-Cause
robust I-Cause
integration I-Cause
network I-Cause
that O
simplifies B-Effect
identity I-Effect
access I-Effect
and I-Effect
security I-Effect
protocols I-Effect
for I-Effect
the I-Effect
applications I-Effect
its I-Effect
customers I-Effect
rely I-Effect
on I-Effect
. O

We O
believe O
Lululemon B-Cause
has I-Cause
local I-Cause
connections I-Cause
to I-Cause
its I-Cause
customer I-Cause
base I-Cause
that I-Cause
other I-Cause
apparel I-Cause
retailers I-Cause
do I-Cause
not I-Cause
have. O
Thus O
, O
we O
view O
its O
physical B-Effect
stores I-Effect
as I-Effect
a I-Effect
strength I-Effect
for I-Effect
the I-Effect
brand I-Effect
rather I-Effect
than I-Effect
the I-Effect
weakness I-Effect
they I-Effect
are I-Effect
perceived I-Effect
to I-Effect
be I-Effect
for I-Effect
many I-Effect
others I-Effect
. O

We B-Cause
expect I-Cause
Symphony I-Cause
's I-Cause
business I-Cause
to I-Cause
grow I-Cause
in I-Cause
the I-Cause
midsingle I-Cause
digits I-Cause
in I-Cause
2022 I-Cause
and I-Cause
beyond I-Cause
, O
resulting B-Effect
in I-Effect
2025 I-Effect
revenue I-Effect
of I-Effect
about I-Effect
$ I-Effect
350 I-Effect
million I-Effect
. O

The B-Cause
DCH I-Cause
deal I-Cause
reduced B-Effect
Lithia I-Effect
's I-Effect
reliance I-Effect
on I-Effect
the I-Effect
Detroit I-Effect
Three I-Effect
, O
which O
used O
to O
account O
for O
more O
than O
50 O
% O
of O
the O
company O
's O
new-vehicle O
unit O
sales O
. O

As O
mature B-Cause
concepts I-Cause
( I-Cause
Olive I-Cause
Garden I-Cause
, I-Cause
LongHorn I-Cause
) I-Cause
start I-Cause
to I-Cause
approach I-Cause
capacity I-Cause
limits I-Cause
, O
comparable B-Effect
sales I-Effect
will I-Effect
increasingly I-Effect
be I-Effect
driven I-Effect
by I-Effect
the I-Effect
fine I-Effect
dining I-Effect
and I-Effect
other I-Effect
business I-Effect
segments I-Effect
, O
which O
feature O
younger O
brands O
with O
more O
growth O
potential O
, O
especially O
as O
operational O
efficiencies O
are O
adopted O
. O

All B-Cause
of I-Cause
HollyFrontier I-Cause
's I-Cause
refineries I-Cause
are I-Cause
in I-Cause
the I-Cause
midcontinent I-Cause
, O
ensuring O
it B-Effect
405 I-Effect
mbd I-Effect
of I-Effect
capacity I-Effect
to I-Effect
process I-Effect
either I-Effect
discount I-Effect
light I-Effect
or I-Effect
heavy I-Effect
crude I-Effect
, O
while O
it B-Effect
enjoys I-Effect
a I-Effect
discount I-Effect
, O
given O
their O
proximity B-Cause
to I-Cause
the I-Cause
source I-Cause
of I-Cause
production I-Cause
. O

Banks B-Cause
are I-Cause
willing I-Cause
to I-Cause
pay I-Cause
top I-Cause
dollar I-Cause
for I-Cause
these I-Cause
frequent I-Cause
flier I-Cause
miles I-Cause
, O
which O
provides B-Effect
a I-Effect
high-margin I-Effect
income I-Effect
stream I-Effect
to I-Effect
United I-Effect
. O

In O
general O
, O
digitization B-Cause
and I-Cause
the I-Cause
concomitant I-Cause
growth I-Cause
in O
the O
e-commerce O
channel O
have O
disrupted B-Effect
various I-Effect
shopping I-Effect
paradigms I-Effect
, O
both O
in O
the O
ways O
CPG O
firms O
deliver O
their O
products O
and O
the O
ways O
consumers O
make O
purchasing O
decisions O
. O

Citigroup O
has O
one O
of O
the O
largest O
FICC O
trading O
platforms O
, O
with O
particular O
strength O
in O
foreign O
exchange O
trading O
, O
where O
incremental B-Effect
returns I-Effect
from I-Effect
additional I-Effect
volume I-Effect
are I-Effect
maximal I-Effect
because O
the B-Cause
bank I-Cause
can I-Cause
spread I-Cause
the I-Cause
fixed I-Cause
costs I-Cause
of I-Cause
trading I-Cause
operations I-Cause
over I-Cause
an I-Cause
enormous I-Cause
base I-Cause
of I-Cause
transactions I-Cause
. O

Penske O
can O
not O
get B-Effect
as I-Effect
much I-Effect
finance I-Effect
business I-Effect
-- I-Effect
a I-Effect
100 I-Effect
% I-Effect
gross I-Effect
margin I-Effect
business I-Effect
-- I-Effect
as I-Effect
its I-Effect
peers I-Effect
because O
more B-Cause
of I-Cause
its I-Cause
customers I-Cause
lease I-Cause
vehicles I-Cause
or I-Cause
pay I-Cause
cash I-Cause
. O

It B-Effect
benefits I-Effect
from I-Effect
a I-Effect
significant I-Effect
network I-Effect
effect I-Effect
, O
in O
our O
view O
, O
given O
the B-Cause
extent I-Cause
to I-Cause
which I-Cause
it I-Cause
's I-Cause
taught I-Cause
in I-Cause
engineering I-Cause
programs I-Cause
worldwide I-Cause
, I-Cause
similar I-Cause
to I-Cause
Autodesk I-Cause
's I-Cause
strong I-Cause
network I-Cause
effect I-Cause
propelled I-Cause
by I-Cause
its I-Cause
presence I-Cause
in I-Cause
the I-Cause
top I-Cause
architecture I-Cause
and I-Cause
construction I-Cause
programs I-Cause
. O

Along O
with O
competitor O
Arrow O
, O
we O
believe O
Avnet B-Effect
has I-Effect
positioned I-Effect
itself I-Effect
well I-Effect
to I-Effect
benefit I-Effect
from I-Effect
broad-based I-Effect
demand I-Effect
for I-Effect
electronic I-Effect
content I-Effect
in I-Effect
a I-Effect
variety I-Effect
of I-Effect
consumer I-Effect
products I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
automotive I-Effect
, I-Effect
medical I-Effect
, I-Effect
and I-Effect
industrial I-Effect
end I-Effect
markets I-Effect
, O
due O
to O
the B-Cause
growing I-Cause
need I-Cause
for I-Cause
connectivity I-Cause
and I-Cause
automation I-Cause
. O

However O
, O
on O
the O
general O
floor O
, O
Masimo O
is O
continuing O
to O
make O
the O
case O
that O
pulse B-Cause
oximetry I-Cause
can O
improve B-Effect
patient I-Effect
care I-Effect
and I-Effect
reduce I-Effect
hospital I-Effect
costs I-Effect
. O

We O
have O
maintained O
our O
forecast O
for O
parts O
and O
accessories B-Effect
and I-Effect
merchandise I-Effect
sales I-Effect
growth I-Effect
of O
around O
2 O
% O
, O
supported O
by O
wider B-Cause
accessibility I-Cause
and I-Cause
updated I-Cause
merchandising I-Cause
efforts I-Cause
. O

International B-Effect
expansion I-Effect
could I-Effect
help I-Effect
insulate I-Effect
the I-Effect
company I-Effect
from O
these O
fluctuations O
in O
the O
revenue O
base O
, O
as O
global B-Cause
demand I-Cause
does I-Cause
n't I-Cause
necessarily I-Cause
move I-Cause
in I-Cause
tandem I-Cause
. O

The B-Effect
CSG I-Effect
segment I-Effect
's I-Effect
uncertainties I-Effect
rest O
in O
the B-Cause
headwinds I-Cause
facing I-Cause
PCs I-Cause
and I-Cause
peripherals I-Cause
, O
as O
we O
expect O
a O
competitive O
market O
to O
remain O
as O
computer O
purchases O
decline O
. O

This O
, O
coupled O
with O
the B-Cause
fact I-Cause
that I-Cause
BioMarin I-Cause
's I-Cause
drugs I-Cause
hover I-Cause
well I-Cause
below I-Cause
blockbuster I-Cause
status I-Cause
, O
could O
make B-Effect
them I-Effect
less I-Effect
profitable I-Effect
targets I-Effect
for I-Effect
generics I-Effect
firms I-Effect
, O
once O
the B-Cause
costs I-Cause
of I-Cause
manufacturing I-Cause
, I-Cause
clinical I-Cause
trials I-Cause
, I-Cause
and I-Cause
global I-Cause
marketing I-Cause
are I-Cause
tallied I-Cause
. O

We O
think O
multiples B-Effect
are I-Effect
a I-Effect
little I-Effect
less I-Effect
meaningful I-Effect
for I-Effect
Amazon I-Effect
given O
the B-Cause
ongoing I-Cause
heavy I-Cause
investment I-Cause
and I-Cause
rapid I-Cause
scaling I-Cause
that I-Cause
depresses I-Cause
financial I-Cause
performance I-Cause
. O

We O
expect O
that O
Airbus B-Effect
will I-Effect
continue I-Effect
ramping I-Effect
up I-Effect
production I-Effect
of I-Effect
the I-Effect
A320 I-Effect
family I-Effect
of I-Effect
aircraft I-Effect
after I-Effect
the I-Effect
pandemic I-Effect
to O
serve O
the B-Cause
demand I-Cause
proved I-Cause
by I-Cause
the I-Cause
substantial I-Cause
backlog I-Cause
for I-Cause
the I-Cause
aircraft I-Cause
. O

Profitability B-Effect
should I-Effect
improve I-Effect
as O
dilution B-Cause
from I-Cause
Flipkart I-Cause
ebbs I-Cause
and I-Cause
Walmart I-Cause
focuses I-Cause
on I-Cause
its I-Cause
most I-Cause
attractive I-Cause
markets I-Cause
, O
with O
margins O
rising O
from O
3.1 O
% O
in O
fiscal O
2021 O
to O
around O
5 O
% O
by O
fiscal O
2031 O
. O

The B-Effect
chance I-Effect
of I-Effect
errors I-Effect
is I-Effect
higher I-Effect
at I-Effect
Dollar I-Effect
Tree I-Effect
relative I-Effect
to I-Effect
other I-Effect
retailers I-Effect
, O
in O
our O
view O
, O
as O
it B-Cause
operates I-Cause
two I-Cause
banners I-Cause
with I-Cause
distinct I-Cause
business I-Cause
models I-Cause
and I-Cause
shopper I-Cause
profiles I-Cause
. O

With B-Cause
its I-Cause
7-nm I-Cause
EPYC I-Cause
2 I-Cause
( I-Cause
Rome I-Cause
) I-Cause
server I-Cause
CPUs I-Cause
launched I-Cause
in I-Cause
2019 I-Cause
, I-Cause
the I-Cause
firm I-Cause
is I-Cause
poised I-Cause
to I-Cause
grow I-Cause
its I-Cause
market I-Cause
share I-Cause
to I-Cause
over I-Cause
20 I-Cause
% I-Cause
in I-Cause
the I-Cause
coming I-Cause
years. O
Consequently O
, O
we O
believe O
AMD B-Effect
will I-Effect
enjoy I-Effect
stellar I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
the I-Effect
server I-Effect
CPU I-Effect
sub-segment I-Effect
of I-Effect
EESC I-Effect
, I-Effect
going I-Effect
from I-Effect
about I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
2018 I-Effect
to I-Effect
over I-Effect
$ I-Effect
8 I-Effect
billion I-Effect
in I-Effect
2025 I-Effect
. O

We O
attribute O
this O
mostly O
to O
the B-Cause
company I-Cause
's I-Cause
multibrand I-Cause
and I-Cause
multigeography I-Cause
( I-Cause
decentralized I-Cause
) I-Cause
format I-Cause
where I-Cause
consumer I-Cause
tastes I-Cause
differ I-Cause
, O
which O
limits O
Kingfisher B-Effect
's I-Effect
purchasing I-Effect
power I-Effect
over I-Effect
suppliers I-Effect
and O
introduces B-Effect
supply I-Effect
chain I-Effect
complexity I-Effect
. O

Although O
we O
believe O
HPE O
will O
benefit O
from O
hybrid O
cloud O
solutions O
, O
hyperconverged O
infrastructure O
, O
and O
all-flash O
array O
storage O
spending O
, O
we O
expect O
a B-Cause
competitive I-Cause
pricing I-Cause
environment I-Cause
for I-Cause
commoditized I-Cause
servers I-Cause
and I-Cause
storage I-Cause
to O
weigh B-Effect
on I-Effect
HPE I-Effect
's I-Effect
consolidated I-Effect
results I-Effect
. O

By O
investing B-Cause
in I-Cause
large I-Cause
, I-Cause
capital-intensive I-Cause
projects I-Cause
, I-Cause
such O
as O
LNG O
liquefaction O
, O
Exxon O
also O
runs O
the O
risk O
that O
commodity B-Cause
prices I-Cause
will I-Cause
decrease I-Cause
dramatically I-Cause
or I-Cause
it I-Cause
will I-Cause
overrun I-Cause
budgets I-Cause
, O
making O
those B-Effect
projects I-Effect
no I-Effect
longer I-Effect
economical I-Effect
. O

AutoZone O
benefits O
from O
a O
customer B-Cause
base I-Cause
that I-Cause
values I-Cause
service I-Cause
more I-Cause
than I-Cause
price-based I-Cause
appeals I-Cause
, O
which O
insulates B-Effect
the I-Effect
firm I-Effect
's I-Effect
returns I-Effect
and I-Effect
acts I-Effect
as I-Effect
a I-Effect
bulwark I-Effect
against I-Effect
competition I-Effect
. O

So O
, O
by O
MongoDB B-Cause
providing I-Cause
seamless I-Cause
cloud I-Cause
interoperability I-Cause
, O
MongoDB B-Effect
customers I-Effect
avoid I-Effect
the I-Effect
risk I-Effect
of I-Effect
vendor I-Effect
lock-in I-Effect
from I-Effect
their I-Effect
cloud I-Effect
service I-Effect
provider I-Effect
. O

The B-Cause
volatile I-Cause
retail I-Cause
environment I-Cause
and I-Cause
fickle I-Cause
customer I-Cause
tastes I-Cause
make O
demand B-Effect
forecasting I-Effect
challenging I-Effect
for I-Effect
manufacturers I-Effect
and I-Effect
retailers I-Effect
alike I-Effect
, O
with O
demand O
projections O
often O
overly O
optimistic O
( O
a O
dynamic O
that O
has O
only O
become O
more O
pronounced O
as O
digital O
retailers O
proliferate O
) O
. O

Given O
that O
hedge B-Cause
funds I-Cause
have I-Cause
high I-Cause
fees I-Cause
, O
they B-Effect
are I-Effect
less I-Effect
sensitive I-Effect
to I-Effect
the I-Effect
basis I-Effect
points I-Effect
paid I-Effect
for I-Effect
fund I-Effect
administration I-Effect
fees I-Effect
. O

However O
, O
there O
were O
some B-Cause
unusual I-Cause
factors I-Cause
, O
such O
as O
the O
rise O
in O
vaccinations O
and O
government O
stimulus O
, O
that O
encouraged B-Effect
shopping I-Effect
and I-Effect
aided I-Effect
its I-Effect
results I-Effect
. O

Another O
difficulty O
is O
that O
its B-Effect
operations I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
, I-Effect
which I-Effect
had I-Effect
been I-Effect
Experian I-Effect
's I-Effect
main I-Effect
engine I-Effect
for I-Effect
growth I-Effect
, I-Effect
have I-Effect
been I-Effect
struggling I-Effect
a I-Effect
bit I-Effect
due O
to O
currency B-Cause
and I-Cause
macroeconomic I-Cause
headwinds I-Cause
. O

In O
addition O
, O
if O
Moderna B-Cause
's I-Cause
vaccine I-Cause
is I-Cause
more I-Cause
effective I-Cause
, O
a B-Effect
higher I-Effect
percentage I-Effect
of I-Effect
individuals I-Effect
could I-Effect
opt I-Effect
to I-Effect
receive I-Effect
it I-Effect
; O
only O
about O
half O
of O
Americans O
receive O
a O
flu O
shot O
annually O
today O
. O

Additionally O
, O
vertical B-Effect
integration I-Effect
could I-Effect
eliminate I-Effect
the I-Effect
need I-Effect
for I-Effect
Duke I-Effect
Realty I-Effect
's I-Effect
properties I-Effect
, O
as O
companies B-Cause
could I-Cause
decide I-Cause
to I-Cause
build I-Cause
their I-Cause
own I-Cause
facilities I-Cause
. O

Lastly O
, O
regarding O
switching O
costs O
, O
as O
more B-Cause
Fortune I-Cause
500 I-Cause
accounts I-Cause
seek I-Cause
simplicity I-Cause
along I-Cause
with I-Cause
multichannel I-Cause
marketing I-Cause
strategies I-Cause
, O
we O
believe O
integration B-Effect
must I-Effect
take I-Effect
place I-Effect
not I-Effect
only I-Effect
internally I-Effect
within I-Effect
the I-Effect
ad I-Effect
agency I-Effect
, I-Effect
but I-Effect
also I-Effect
externally I-Effect
with I-Effect
the I-Effect
accounts I-Effect
. O

COVID-19 B-Cause
has O
dramatically B-Effect
impaired I-Effect
Hormel I-Effect
's I-Effect
sales I-Effect
to I-Effect
food-service I-Effect
customers I-Effect
( O
26 O
% O
of O
fiscal O
2020 O
sales O
) O
, O
but O
robust B-Cause
retail I-Cause
demand I-Cause
( O
67 O
% O
of O
sales O
) O
has O
more O
than O
compensated B-Effect
for I-Effect
this I-Effect
weakness I-Effect
. O

American B-Effect
Express I-Effect
' I-Effect
strength I-Effect
in I-Effect
the I-Effect
commercial I-Effect
space I-Effect
is O
driven O
by O
its O
success O
in O
becoming B-Cause
the I-Cause
card I-Cause
of I-Cause
choice I-Cause
for I-Cause
small- I-Cause
and I-Cause
medium-sized I-Cause
enterprises I-Cause
( I-Cause
SME I-Cause
) I-Cause
that I-Cause
represent I-Cause
about I-Cause
75 I-Cause
% I-Cause
of I-Cause
its I-Cause
commercial I-Cause
business I-Cause
, O
a O
success O
that O
is O
driven O
by O
its B-Cause
fully I-Cause
integrated I-Cause
operating I-Cause
model I-Cause
. O

We O
look O
for O
net O
revenue O
to O
rise O
1 O
% O
-3 O
% O
in O
2021 O
, O
though O
operating B-Effect
margin I-Effect
could I-Effect
decline I-Effect
slightly I-Effect
as O
certain B-Cause
operating I-Cause
expenses I-Cause
return I-Cause
amid I-Cause
volume I-Cause
growth I-Cause
. O

However O
, O
we O
do O
n't O
think O
there O
's O
any O
true O
barrier O
to O
a O
customer O
leaving O
if O
it O
can B-Cause
better I-Cause
meet I-Cause
its I-Cause
needs I-Cause
elsewhere I-Cause
, O
and O
crucially O
, O
we O
do B-Effect
n't I-Effect
believe I-Effect
that I-Effect
'switching I-Effect
' I-Effect
actually I-Effect
requires I-Effect
a I-Effect
complete I-Effect
abandoning I-Effect
of I-Effect
a I-Effect
CDN I-Effect
provider I-Effect
. O

We O
assume O
the O
risk O
from O
COVID-19 O
is O
transitory O
, O
like O
prior O
viral O
events O
, O
but O
believe O
the B-Effect
consumer I-Effect
recovery I-Effect
could I-Effect
take I-Effect
longer I-Effect
given O
the B-Cause
global I-Cause
nature I-Cause
of I-Cause
this I-Cause
particular I-Cause
event O
. O

While O
beauty O
overall O
is O
an O
important O
category O
for O
food O
, O
drug O
and O
mass O
channels O
, O
as O
the B-Cause
business I-Cause
boasts I-Cause
attractive I-Cause
growth I-Cause
rates I-Cause
, I-Cause
growth I-Cause
has I-Cause
been I-Cause
driven I-Cause
by I-Cause
the I-Cause
higher I-Cause
end I-Cause
of I-Cause
the I-Cause
category I-Cause
, O
where O
Coty B-Effect
lacks I-Effect
a I-Effect
significant I-Effect
presence I-Effect
. O

Our B-Cause
6.0 I-Cause
% I-Cause
midcycle I-Cause
assumption I-Cause
is I-Cause
170 I-Cause
basis I-Cause
points I-Cause
above I-Cause
the I-Cause
15-year I-Cause
historical I-Cause
median I-Cause
margin I-Cause
of I-Cause
4.3 I-Cause
% I-Cause
to O
reflect O
management B-Effect
's I-Effect
impressive I-Effect
turnaround I-Effect
progress I-Effect
. O

Nvidia B-Cause
must I-Cause
invest I-Cause
heavily I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
to I-Cause
maintain I-Cause
its I-Cause
competitive I-Cause
edge I-Cause
in I-Cause
GPUs. O
Thus O
, O
we B-Effect
model I-Effect
long-term I-Effect
R I-Effect
& I-Effect
D I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
around I-Effect
20 I-Effect
% I-Effect
, I-Effect
implying I-Effect
GAAP I-Effect
operating I-Effect
margins I-Effect
in I-Effect
the I-Effect
high I-Effect
30s I-Effect
. O

While O
we O
believe O
Toll B-Cause
Brothers I-Cause
can I-Cause
achieve I-Cause
positive I-Cause
economic I-Cause
profits I-Cause
with I-Cause
increased I-Cause
sales I-Cause
volume I-Cause
and/or I-Cause
a I-Cause
lighter I-Cause
land I-Cause
strategy I-Cause
, O
we O
expect O
land B-Effect
competition I-Effect
to I-Effect
restrain I-Effect
the I-Effect
amplitude I-Effect
of I-Effect
those I-Effect
profits I-Effect
. I-Effect

This O
results O
in O
a O
bloated O
cost O
base O
, O
which O
however O
benefits O
the O
largest O
branch O
operators O
( O
savings O
banks O
and O
cooperative O
banks O
) O
through O
better B-Cause
deposit I-Cause
gathering I-Cause
and O
thus O
lower B-Effect
funding I-Effect
costs I-Effect
. O

Amazon B-Cause
has I-Cause
been I-Cause
insourcing I-Cause
more I-Cause
of I-Cause
its I-Cause
own I-Cause
last-mile I-Cause
delivery I-Cause
needs I-Cause
at I-Cause
a I-Cause
rapid I-Cause
pace I-Cause
to I-Cause
supplement I-Cause
capacity I-Cause
access I-Cause
amid I-Cause
robust I-Cause
growth. O
This O
removes B-Effect
some I-Effect
incremental I-Effect
growth I-Effect
opportunities I-Effect
for I-Effect
UPS I-Effect
while I-Effect
creating I-Effect
risk I-Effect
that I-Effect
Amazon I-Effect
decides I-Effect
to I-Effect
take I-Effect
in I-Effect
house I-Effect
the I-Effect
shipments I-Effect
it I-Effect
sends I-Effect
though I-Effect
UPS I-Effect
-- I-Effect
the I-Effect
retailer I-Effect
now I-Effect
makes I-Effect
up I-Effect
about I-Effect
13 I-Effect
% I-Effect
of I-Effect
UPS I-Effect
' I-Effect
consolidated I-Effect
revenue I-Effect
. O

The B-Effect
legacy I-Effect
Vistar I-Effect
business I-Effect
could I-Effect
be I-Effect
advantaged I-Effect
, O
given O
its B-Cause
market I-Cause
leading I-Cause
positions I-Cause
, I-Cause
share I-Cause
gains I-Cause
, I-Cause
and I-Cause
attractive I-Cause
profitability I-Cause
, O
but O
at B-Cause
16 I-Cause
% I-Cause
of I-Cause
total I-Cause
company I-Cause
revenue I-Cause
, O
it B-Effect
is I-Effect
too I-Effect
insignificant I-Effect
to I-Effect
affect I-Effect
the I-Effect
competitive I-Effect
standing I-Effect
of I-Effect
the I-Effect
firm I-Effect
overall I-Effect
, O
in O
our O
view O
. O

In-store B-Cause
staff I-Cause
expertise I-Cause
is O
an O
important O
barrier O
to O
DIY B-Effect
disruption I-Effect
, O
but O
a B-Cause
significant I-Cause
shopper I-Cause
shift I-Cause
to I-Cause
digital I-Cause
retailers I-Cause
could O
add B-Effect
low-cost I-Effect
competition I-Effect
. O

The B-Cause
downside I-Cause
operational I-Cause
risk I-Cause
of I-Cause
switching I-Cause
is O
expansive O
and O
could O
result O
in O
loss B-Effect
of I-Effect
data I-Effect
in I-Effect
the I-Effect
migration I-Effect
process I-Effect
, I-Effect
temporary I-Effect
disruption I-Effect
to I-Effect
sales I-Effect
activities I-Effect
, I-Effect
or I-Effect
even I-Effect
ultimately I-Effect
delay I-Effect
product I-Effect
launches I-Effect
and I-Effect
put I-Effect
the I-Effect
company I-Effect
at I-Effect
risk I-Effect
of I-Effect
exposure I-Effect
to I-Effect
unnecessary I-Effect
regulatory I-Effect
risk I-Effect
. O

The O
company O
has O
made O
improvements O
in O
its O
supply O
chain O
, O
and O
we O
think O
it B-Cause
can I-Cause
achieve I-Cause
cost I-Cause
efficiencies I-Cause
as O
its B-Effect
men I-Effect
's I-Effect
and I-Effect
international I-Effect
businesses I-Effect
grow I-Effect
. O

Equity O
Residential O
has O
created O
significant O
shareholder O
value O
through O
development O
, O
but O
the B-Cause
increased I-Cause
competition I-Cause
for I-Cause
apartment I-Cause
assets I-Cause
combined I-Cause
with I-Cause
lower I-Cause
near-term I-Cause
demand I-Cause
growth I-Cause
is O
making B-Effect
accretive I-Effect
deals I-Effect
more I-Effect
difficult I-Effect
to I-Effect
find I-Effect
and I-Effect
underwrite I-Effect
. O

Creative B-Cause
Cloud I-Cause
's I-Cause
high I-Cause
market I-Cause
share I-Cause
over I-Cause
the I-Cause
last I-Cause
25 I-Cause
years I-Cause
means O
a B-Effect
significant I-Effect
portion I-Effect
of I-Effect
high I-Effect
margin I-Effect
revenue I-Effect
is I-Effect
at I-Effect
risk I-Effect
, I-Effect
however I-Effect
slight I-Effect
that I-Effect
risk I-Effect
may I-Effect
be I-Effect
, I-Effect
if I-Effect
a I-Effect
competitor I-Effect
were I-Effect
to I-Effect
make I-Effect
inroads I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

However O
, O
as O
a O
major O
wireless O
provider O
, O
we O
think O
BCE B-Effect
's I-Effect
wireline I-Effect
broadband I-Effect
business I-Effect
is I-Effect
well I-Effect
protected I-Effect
, O
as O
we O
expect O
consumers B-Cause
will I-Cause
rely I-Cause
on I-Cause
BCE I-Cause
for I-Cause
Internet I-Cause
service I-Cause
regardless I-Cause
of I-Cause
the I-Cause
type I-Cause
of I-Cause
connection I-Cause
or I-Cause
mode I-Cause
of I-Cause
use I-Cause
. O

Companies B-Cause
such I-Cause
as I-Cause
Google I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
Facebook I-Cause
, I-Cause
and I-Cause
Alibaba I-Cause
have I-Cause
sizable I-Cause
user I-Cause
bases I-Cause
and I-Cause
budgets I-Cause
, O
and O
can O
present O
an B-Effect
increasing I-Effect
competitive I-Effect
threat I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

The B-Cause
remote I-Cause
location I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
main I-Cause
oil I-Cause
assets I-Cause
, I-Cause
in I-Cause
North I-Cause
Dakota I-Cause
's I-Cause
Bakken I-Cause
Shale I-Cause
field I-Cause
, O
is O
a O
further O
drag O
on O
realized B-Effect
prices I-Effect
. O

We O
expect O
GAAP B-Effect
operating I-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
negative I-Effect
36 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
to I-Effect
28 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2031 I-Effect
, O
as O
a O
result O
of O
operating B-Cause
leverage I-Cause
from I-Cause
drastic I-Cause
scale I-Cause
. O

We O
expect O
Oracle B-Effect
's I-Effect
total I-Effect
revenue I-Effect
will I-Effect
grow I-Effect
at I-Effect
a I-Effect
2 I-Effect
% I-Effect
compounded I-Effect
annual I-Effect
rate I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
with O
cloud B-Effect
services I-Effect
and I-Effect
license I-Effect
support I-Effect
segment I-Effect
driving I-Effect
growth I-Effect
offset I-Effect
by I-Effect
hardware I-Effect
and I-Effect
services I-Effect
declining I-Effect
as O
a O
result O
of O
customers B-Cause
' I-Cause
transition I-Cause
to I-Cause
the I-Cause
cloud I-Cause
. O

With O
no B-Cause
user I-Cause
growth I-Cause
, O
premium B-Effect
content I-Effect
providers I-Effect
, I-Effect
in I-Effect
addition I-Effect
to I-Effect
advertisers I-Effect
, I-Effect
could I-Effect
abandon I-Effect
or I-Effect
allocate I-Effect
much I-Effect
less I-Effect
content I-Effect
and I-Effect
ad I-Effect
dollars I-Effect
to I-Effect
be I-Effect
distributed I-Effect
via I-Effect
and I-Effect
spent I-Effect
on I-Effect
Twitter I-Effect
. O

While O
we O
are O
forecasting O
economic O
profits O
in O
each O
of O
the O
next O
10 O
years O
, O
we B-Effect
lack I-Effect
confidence I-Effect
in I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
these I-Effect
returns I-Effect
beyond I-Effect
our I-Effect
10-year I-Effect
explicit I-Effect
forecast I-Effect
, O
particularly O
in O
light O
of O
the B-Cause
intense I-Cause
competitive I-Cause
landscape I-Cause
in I-Cause
which I-Cause
it I-Cause
plays I-Cause
. O

By O
focusing O
on O
areas O
that O
typically B-Cause
yield I-Cause
very I-Cause
impressive I-Cause
initial I-Cause
flow I-Cause
rates I-Cause
, O
Pioneer B-Cause
's I-Cause
fixed I-Cause
costs I-Cause
, O
such O
as O
drilling B-Cause
and I-Cause
completions I-Cause
, O
are O
spread O
more O
thinly O
, O
delivering O
more B-Effect
bang I-Effect
for I-Effect
the I-Effect
buck I-Effect
. O

With O
lower B-Cause
value-based I-Cause
payments I-Cause
, O
Centene B-Cause
may I-Cause
have I-Cause
trouble I-Cause
expanding I-Cause
the I-Cause
breadth I-Cause
and I-Cause
depth I-Cause
of I-Cause
its I-Cause
service I-Cause
offerings I-Cause
, O
which O
can O
limit O
the B-Effect
attractiveness I-Effect
of I-Effect
the I-Effect
plan I-Effect
for I-Effect
end I-Effect
users I-Effect
relative I-Effect
to I-Effect
Centene I-Effect
's I-Effect
peers I-Effect
. O

Further O
, O
the B-Cause
increased I-Cause
transparency I-Cause
and I-Cause
continued I-Cause
consolidation I-Cause
of I-Cause
retail I-Cause
pharmacies I-Cause
could O
affect O
the O
company B-Effect
's I-Effect
ability I-Effect
to I-Effect
negotiate I-Effect
lower I-Effect
pricing I-Effect
, O
which O
is O
the O
cornerstone O
of O
services O
rendered O
by O
the O
company O
. O

We B-Effect
model I-Effect
a I-Effect
12 I-Effect
% I-Effect
recovery I-Effect
in I-Effect
2022 I-Effect
, I-Effect
followed I-Effect
by I-Effect
4 I-Effect
% I-Effect
organic I-Effect
long-term I-Effect
volume I-Effect
growth I-Effect
, O
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
expand I-Cause
into I-Cause
new I-Cause
channels I-Cause
. O

Jimmy O
Choo O
contributed O
only O
10 O
% O
of O
Capri O
's O
revenue O
in O
fiscal O
2020 O
, O
and O
we O
expect O
a B-Effect
large I-Effect
sales I-Effect
decline I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
due O
to O
COVID-19 B-Cause
. O

KRAS O
mutations O
are O
seen O
in O
22 O
% O
of O
cancers O
but O
have O
been O
difficult O
to O
directly B-Effect
target I-Effect
with I-Effect
existing I-Effect
small-molecule I-Effect
and I-Effect
biologic I-Effect
drugs I-Effect
due O
to O
the B-Cause
shape I-Cause
of I-Cause
the I-Cause
KRAS I-Cause
protein I-Cause
itself I-Cause
. O

For O
the O
conventional O
aftermarket O
, O
the B-Cause
additional I-Cause
installed I-Cause
base I-Cause
has I-Cause
allowed I-Cause
Honeywell I-Cause
to I-Cause
have I-Cause
30 I-Cause
% I-Cause
more I-Cause
content I-Cause
per I-Cause
aircraft I-Cause
, I-Cause
and I-Cause
an I-Cause
increased I-Cause
share I-Cause
of I-Cause
maintenance I-Cause
service I-Cause
contracts I-Cause
, O
providing O
the B-Effect
firm I-Effect
with I-Effect
an I-Effect
annuitylike I-Effect
revenue I-Effect
stream I-Effect
. O

In O
our O
view O
, O
Steel B-Effect
Dynamics I-Effect
deserves I-Effect
a I-Effect
higher I-Effect
multiple I-Effect
than I-Effect
its I-Effect
peer I-Effect
group I-Effect
because O
its B-Cause
EAFs I-Cause
are I-Cause
newer I-Cause
than I-Cause
the I-Cause
furnaces I-Cause
employed I-Cause
by I-Cause
its I-Cause
peers I-Cause
and O
therefore O
will O
require O
a O
lower O
reinvestment O
rate O
. O

Then O
we O
increased B-Cause
our I-Cause
long-term I-Cause
tax I-Cause
rate I-Cause
to I-Cause
28 I-Cause
% I-Cause
from I-Cause
24 I-Cause
% I-Cause
in I-Cause
2020 I-Cause
to O
adjust B-Effect
for I-Effect
the I-Effect
higher I-Effect
corporate I-Effect
tax I-Effect
rate I-Effect
likely I-Effect
to I-Effect
be I-Effect
implemented I-Effect
under I-Effect
the I-Effect
Biden I-Effect
administration I-Effect
. O

There O
have O
been O
strikes O
in O
the O
past O
, O
and O
this B-Effect
could I-Effect
potentially I-Effect
disrupt I-Effect
future I-Effect
mining I-Effect
operations I-Effect
and I-Effect
hurt I-Effect
profits I-Effect
if O
a B-Cause
strike I-Cause
is I-Cause
not I-Cause
quickly I-Cause
resolved I-Cause
. O

The B-Cause
lower I-Cause
delivery I-Cause
cost I-Cause
and I-Cause
increased I-Cause
network I-Cause
size I-Cause
spurs I-Cause
additional I-Cause
interest I-Cause
from I-Cause
studios I-Cause
, O
which O
in O
turn O
helps B-Effect
to I-Effect
increase I-Effect
the I-Effect
attractiveness I-Effect
of I-Effect
the I-Effect
theaters I-Effect
. O

We B-Effect
believe I-Effect
Adidas I-Effect
has I-Effect
a I-Effect
strong I-Effect
opportunity I-Effect
in I-Effect
the I-Effect
athletic I-Effect
apparel I-Effect
market I-Effect
in I-Effect
China I-Effect
, O
where O
it B-Cause
is I-Cause
viewed I-Cause
as I-Cause
a I-Cause
premium I-Cause
fashion I-Cause
brand I-Cause
with I-Cause
high I-Cause
pricing I-Cause
. O

The B-Effect
mixed-use I-Effect
combination I-Effect
is I-Effect
becoming I-Effect
increasingly I-Effect
popular I-Effect
with I-Effect
residents I-Effect
, O
who O
get O
a O
more O
urban O
experience O
in O
the O
suburbs O
, O
and O
with O
retailers O
, O
as O
they B-Cause
have I-Cause
a I-Cause
captured I-Cause
population I-Cause
that I-Cause
will I-Cause
be I-Cause
driven I-Cause
to I-Cause
their I-Cause
storefronts I-Cause
and I-Cause
be I-Cause
insulated I-Cause
from I-Cause
e-commerce I-Cause
. O

We O
're O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
76 I-Effect
from I-Effect
$ I-Effect
73 I-Effect
, O
largely O
due O
to O
time B-Cause
value I-Cause
and I-Cause
sales I-Cause
momentum I-Cause
, O
offset O
by O
higher B-Effect
taxes I-Effect
as O
we O
incorporate B-Cause
Morningstar I-Cause
's I-Cause
probability-weighted I-Cause
house I-Cause
view I-Cause
of I-Cause
an I-Cause
increase I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

In O
our O
opinion O
, O
this B-Cause
customer I-Cause
stickiness I-Cause
and I-Cause
difficult-to-replicate I-Cause
IP I-Cause
portfolio I-Cause
will O
drive O
excess B-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
Cadence I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

As B-Cause
consumers I-Cause
slowly I-Cause
resume I-Cause
cruising I-Cause
after I-Cause
an I-Cause
estimated I-Cause
six-month I-Cause
halt I-Cause
to I-Cause
sailing I-Cause
( O
with O
only O
a O
handful O
of O
ships O
expected O
to O
sail O
before O
year-end O
) O
, O
we O
suspect O
cruise B-Effect
operators I-Effect
will I-Effect
have I-Effect
to I-Effect
reassure I-Effect
passengers I-Effect
of I-Effect
both I-Effect
the I-Effect
safety I-Effect
and I-Effect
value I-Effect
proposition I-Effect
of I-Effect
cruising I-Effect
. O

In O
comparison O
, O
the B-Cause
process I-Cause
for I-Cause
producing I-Cause
ready-mixed I-Cause
concrete I-Cause
and I-Cause
asphalt I-Cause
is I-Cause
largely I-Cause
just I-Cause
mixing I-Cause
ingredients I-Cause
, O
so O
opening B-Effect
a I-Effect
new I-Effect
facility I-Effect
tends I-Effect
to I-Effect
meet I-Effect
far I-Effect
less I-Effect
opposition I-Effect
. O

We B-Effect
view I-Effect
the I-Effect
consumer I-Effect
security I-Effect
market I-Effect
as I-Effect
very I-Effect
challenging I-Effect
due O
to O
the B-Cause
quantity I-Cause
of I-Cause
competitors I-Cause
that I-Cause
perpetually I-Cause
lower I-Cause
prices I-Cause
to I-Cause
swap I-Cause
subscribers I-Cause
. O

In O
the O
long O
term O
, O
we B-Effect
forecast I-Effect
prices I-Effect
will I-Effect
grow I-Effect
at I-Effect
roughly I-Effect
inflation I-Effect
, O
as O
supply B-Cause
expansions I-Cause
keep I-Cause
pace I-Cause
with I-Cause
demand I-Cause
growth I-Cause
. O

FactSet B-Cause
combines I-Cause
proprietary I-Cause
data I-Cause
and I-Cause
software I-Cause
analytics I-Cause
with I-Cause
data I-Cause
from I-Cause
220 I-Cause
suppliers I-Cause
, I-Cause
115 I-Cause
news I-Cause
sources I-Cause
, I-Cause
and I-Cause
85 I-Cause
exchanges I-Cause
, O
making O
its B-Effect
workstations I-Effect
a I-Effect
one-stop I-Effect
shop I-Effect
for I-Effect
investors I-Effect
needing I-Effect
to I-Effect
access I-Effect
a I-Effect
variety I-Effect
of I-Effect
proprietary I-Effect
data I-Effect
ranging I-Effect
from I-Effect
securities I-Effect
prices I-Effect
to I-Effect
earnings I-Effect
estimates I-Effect
, I-Effect
ownership I-Effect
data I-Effect
, I-Effect
filings I-Effect
information I-Effect
, I-Effect
and I-Effect
historical I-Effect
M I-Effect
& I-Effect
A I-Effect
data I-Effect
. O

While O
low- B-Cause
to I-Cause
mid-teens I-Cause
restaurant I-Cause
margins I-Cause
and I-Cause
higher I-Cause
buildout I-Cause
costs I-Cause
curtail O
the B-Effect
firm I-Effect
's I-Effect
domestic I-Effect
growth I-Effect
story I-Effect
( O
where O
Chick-Fil-A O
, O
Raising O
Cane O
's O
, O
Zaxby O
's O
, O
and O
Wingstop O
sport O
higher O
unit O
volumes O
) O
, O
strong B-Cause
results I-Cause
abroad I-Cause
make O
investments B-Effect
by I-Effect
third I-Effect
parties I-Effect
a I-Effect
more I-Effect
alluring I-Effect
proposition I-Effect
. O

Now O
that O
Coloplast B-Cause
already I-Cause
has I-Cause
shifted I-Cause
most I-Cause
of I-Cause
its I-Cause
production I-Cause
to I-Cause
Hungary I-Cause
and I-Cause
China I-Cause
, O
we O
anticipate O
smaller B-Effect
margin I-Effect
gains I-Effect
going I-Effect
forward I-Effect
. O

In O
addition O
, O
like O
all O
E O
& O
amp O
; O
P O
firms O
, O
the B-Cause
firm I-Cause
is I-Cause
exposed I-Cause
to I-Cause
a I-Cause
range I-Cause
of I-Cause
potential I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
that O
could O
hurt O
its B-Effect
ability I-Effect
to I-Effect
generate I-Effect
strong I-Effect
returns I-Effect
. O

In O
addition O
to O
its B-Cause
pure I-Cause
scale I-Cause
and I-Cause
efficient I-Cause
business I-Cause
model I-Cause
, I-Cause
both I-Cause
companies I-Cause
have I-Cause
a I-Cause
history I-Cause
of I-Cause
adapting I-Cause
to I-Cause
new I-Cause
sector I-Cause
trends I-Cause
, O
so O
we B-Effect
are I-Effect
confident I-Effect
that I-Effect
together I-Effect
they I-Effect
will I-Effect
be I-Effect
a I-Effect
key I-Effect
financial I-Effect
sector I-Effect
player I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
do O
n't O
believe O
Tractor B-Effect
Supply I-Effect
has I-Effect
unmanageable I-Effect
risk I-Effect
from I-Effect
ESG I-Effect
concerns I-Effect
, O
as O
the B-Cause
factors I-Cause
with I-Cause
most I-Cause
materiality I-Cause
( I-Cause
higher I-Cause
cost I-Cause
of I-Cause
wages I-Cause
and I-Cause
turnover I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
higher I-Cause
energy I-Cause
costs I-Cause
) I-Cause
still I-Cause
provide I-Cause
low I-Cause
risk I-Cause
to I-Cause
economic I-Cause
profits I-Cause
. O

In O
particular O
, O
Burger B-Cause
King I-Cause
's I-Cause
global I-Cause
reach I-Cause
( O
with O
a O
meaningful O
franchisee O
presence O
in O
the O
U.S. O
, O
Latin O
America O
, O
and O
Europe O
) O
can O
help B-Effect
to I-Effect
strengthen I-Effect
the I-Effect
Tim I-Effect
Hortons I-Effect
and I-Effect
Popeyes I-Effect
brand I-Effect
intangible I-Effect
assets I-Effect
outside I-Effect
North I-Effect
America I-Effect
. O

As O
more B-Cause
people I-Cause
use I-Cause
the I-Cause
service I-Cause
with I-Cause
a I-Cause
positive I-Cause
experience I-Cause
, O
repeat B-Effect
customers I-Effect
have I-Effect
grown I-Effect
to I-Effect
above I-Effect
70 I-Effect
% I-Effect
of I-Effect
the I-Effect
mix I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2020 I-Effect
from I-Effect
37 I-Effect
% I-Effect
in I-Effect
2012 I-Effect
. O

Given O
that O
the B-Cause
company I-Cause
operates I-Cause
in I-Cause
less I-Cause
cyclical I-Cause
end I-Cause
markets I-Cause
, I-Cause
financial I-Cause
results I-Cause
are I-Cause
very I-Cause
stable I-Cause
and I-Cause
major I-Cause
profit I-Cause
swings I-Cause
are I-Cause
unlikely. O
Accordingly O
, O
we B-Effect
have I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
confidence I-Effect
that I-Effect
positive I-Effect
economic I-Effect
profits I-Effect
will I-Effect
prove I-Effect
durable I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

We O
also O
think O
higher B-Cause
dollar I-Cause
content I-Cause
from I-Cause
innovations I-Cause
like I-Cause
Ceramic I-Cause
Shield I-Cause
will O
foster B-Effect
growth I-Effect
in I-Effect
Specialty I-Effect
Materials I-Effect
, O
even O
with O
a O
mature O
smartphone O
market O
. O

And O
, O
finally O
, O
Western B-Cause
Union I-Cause
generates I-Cause
most I-Cause
of I-Cause
its I-Cause
revenue I-Cause
outside I-Cause
the I-Cause
U.S. I-Cause
, O
creating O
meaningful B-Effect
currency I-Effect
risk I-Effect
that I-Effect
can I-Effect
act I-Effect
as I-Effect
a I-Effect
headwind I-Effect
if I-Effect
the I-Effect
dollar I-Effect
strengthens I-Effect
. O

Longer O
term O
, O
further B-Cause
adoption I-Cause
of I-Cause
FPGAs I-Cause
in I-Cause
a I-Cause
variety I-Cause
of I-Cause
markets I-Cause
such I-Cause
as I-Cause
data I-Cause
center I-Cause
and I-Cause
automotive I-Cause
contributes I-Cause
to O
our O
expectations B-Effect
of I-Effect
healthier I-Effect
growth I-Effect
for I-Effect
Xilinx I-Effect
than I-Effect
the I-Effect
broader I-Effect
chip I-Effect
industry I-Effect
. O

This B-Cause
aggressive I-Cause
restructuring I-Cause
resulted O
in O
the O
closure B-Effect
of I-Effect
roughly I-Effect
20-25 I-Effect
manufacturing I-Effect
plants I-Effect
, O
the B-Effect
elimination I-Effect
of I-Effect
over I-Effect
10,000 I-Effect
positions I-Effect
, O
the B-Effect
rationalization I-Effect
of I-Effect
unprofitable I-Effect
drugs I-Effect
, O
and O
enable O
the B-Effect
company I-Effect
to I-Effect
pay I-Effect
down I-Effect
debt I-Effect
. O

We O
anticipate O
that O
ADS O
' O
card O
receivables O
will O
decline O
this O
year O
and O
that O
charge-offs B-Effect
will I-Effect
rise I-Effect
due O
to O
the B-Cause
recession I-Cause
. O

Reddy B-Effect
's I-Effect
brand I-Effect
recognition I-Effect
is I-Effect
likely I-Effect
to I-Effect
face I-Effect
stronger I-Effect
competition I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
larger B-Cause
players I-Cause
with I-Cause
greater I-Cause
financial I-Cause
resources I-Cause
hope I-Cause
to I-Cause
expand I-Cause
and I-Cause
diversify I-Cause
operations I-Cause
in I-Cause
the I-Cause
faster-growing I-Cause
emerging I-Cause
markets I-Cause
. O

We O
think O
Ferguson O
faces B-Effect
less I-Effect
risk I-Effect
from I-Effect
Amazon I-Effect
than O
other O
distributors O
because O
its B-Cause
branch-based I-Cause
model I-Cause
and I-Cause
strong I-Cause
product I-Cause
assortment I-Cause
and I-Cause
value-added I-Cause
services I-Cause
should O
help O
keep O
Amazon O
at O
bay O
. O

Considering B-Cause
the I-Cause
firm I-Cause
's I-Cause
concentrated I-Cause
product I-Cause
portfolio I-Cause
, O
that O
type B-Effect
of I-Effect
product I-Effect
recall I-Effect
could I-Effect
have I-Effect
a I-Effect
material I-Effect
impact I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
free I-Effect
cash I-Effect
flow I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
though O
we O
're O
skeptical O
of O
any O
lasting O
damage O
for O
several O
reasons O
. O

Following O
a O
decline O
in O
issuance O
, O
we O
expect O
S B-Effect
& I-Effect
P I-Effect
ratings I-Effect
revenue I-Effect
to I-Effect
rebound I-Effect
, O
driven O
by O
pricing B-Cause
power I-Cause
and I-Cause
a I-Cause
rise I-Cause
in I-Cause
GDP I-Cause
. O

Further O
, O
the O
analog O
chip O
industry O
remains O
quite O
cyclical O
and O
sales B-Effect
probably I-Effect
will I-Effect
continue I-Effect
to I-Effect
ebb I-Effect
and I-Effect
flow I-Effect
with O
these B-Cause
industry I-Cause
cycles I-Cause
over I-Cause
time I-Cause
. O

We O
estimate O
earnings O
per B-Effect
share I-Effect
will I-Effect
grow I-Effect
more I-Effect
slowly I-Effect
than I-Effect
rate I-Effect
base I-Effect
, O
about O
8 O
% O
annually O
, O
due O
to O
the O
dilutive O
impact O
of O
almost O
$ O
3 O
billion O
of O
equity O
issued O
over O
this O
period O
as O
the B-Cause
company I-Cause
maintains I-Cause
a I-Cause
strong I-Cause
balance I-Cause
sheet I-Cause
. O

Pulse B-Cause
integrates I-Cause
all I-Cause
orders I-Cause
( I-Cause
regardless I-Cause
of I-Cause
origin I-Cause
) I-Cause
into I-Cause
a I-Cause
seamless I-Cause
interface I-Cause
that O
provides O
detailed O
monitoring O
of O
every O
aspect O
of O
the O
ordering O
, O
cooking O
, O
fulfilment O
, O
and O
delivery O
processes O
which O
reduces B-Effect
bottlenecks I-Effect
and I-Effect
minimizes I-Effect
downtimes I-Effect
, I-Effect
enabling I-Effect
Domino I-Effect
's I-Effect
to I-Effect
offer I-Effect
faster I-Effect
delivery I-Effect
times I-Effect
than I-Effect
competitors I-Effect
. O

On O
balance O
, O
we O
think O
the B-Cause
high I-Cause
up-front I-Cause
costs I-Cause
, I-Cause
the I-Cause
revenue I-Cause
lag I-Cause
, I-Cause
and I-Cause
particularly I-Cause
for I-Cause
scotch I-Cause
, I-Cause
the I-Cause
finite I-Cause
access I-Cause
to I-Cause
land I-Cause
and I-Cause
water I-Cause
in I-Cause
areas I-Cause
amenable I-Cause
to I-Cause
production I-Cause
, I-Cause
provide B-Effect
a I-Effect
modest I-Effect
cost I-Effect
advantage I-Effect
that I-Effect
will I-Effect
restrict I-Effect
, I-Effect
but I-Effect
probably I-Effect
not I-Effect
eliminate I-Effect
, I-Effect
new I-Effect
entrants I-Effect
to I-Effect
the I-Effect
scotch I-Effect
category I-Effect
. O

As O
such O
, O
we O
see O
elevated B-Effect
risk I-Effect
to I-Effect
our I-Effect
forecasts I-Effect
for I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
( I-Effect
upside I-Effect
and I-Effect
downside I-Effect
) I-Effect
given O
the B-Cause
potential I-Cause
for I-Cause
either I-Cause
economic I-Cause
recovery I-Cause
or I-Cause
retrenchment I-Cause
depending I-Cause
on I-Cause
the I-Cause
success I-Cause
of I-Cause
COVID-19 I-Cause
vaccines I-Cause
and I-Cause
related I-Cause
lifting I-Cause
of I-Cause
government I-Cause
restrictions I-Cause
. O

We O
believe O
repair B-Effect
technicians I-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
higher I-Effect
prices I-Effect
if O
it O
means O
they B-Cause
can I-Cause
consistently I-Cause
complete I-Cause
jobs I-Cause
with I-Cause
more I-Cause
comfortable I-Cause
tools I-Cause
that I-Cause
do I-Cause
n't I-Cause
break I-Cause
, I-Cause
and I-Cause
they I-Cause
can I-Cause
take I-Cause
advantage I-Cause
of I-Cause
flexible I-Cause
payment I-Cause
options I-Cause
. O

Because O
of O
its B-Cause
exclusive I-Cause
clientele I-Cause
of I-Cause
high I-Cause
net I-Cause
worth I-Cause
individuals I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
show I-Effect
resiliency I-Effect
during I-Effect
periods I-Effect
of I-Effect
economic I-Effect
uncertainty I-Effect
, I-Effect
such I-Effect
is I-Effect
currently I-Effect
the I-Effect
case I-Effect
with I-Effect
the I-Effect
coronavirus I-Effect
pandemic I-Effect
. O

SAP O
has O
made O
an O
even O
bigger O
bet O
on O
this O
trend O
with O
its O
decision O
to O
design B-Cause
its I-Cause
next-generation I-Cause
ERP I-Cause
system I-Cause
as I-Cause
closed I-Cause
architecture I-Cause
that O
will O
force O
all B-Effect
customers I-Effect
to I-Effect
migrate I-Effect
to I-Effect
its I-Effect
HANA I-Effect
database I-Effect
. O

Beyond O
the O
challenges O
from O
volatile O
input O
costs O
, O
McCormick B-Effect
is I-Effect
exposed I-Effect
to I-Effect
foreign I-Effect
currency I-Effect
risk I-Effect
, O
as O
around B-Cause
40 I-Cause
% I-Cause
of I-Cause
sales I-Cause
are I-Cause
derived I-Cause
outside I-Cause
the I-Cause
U.S I-Cause
. O

We O
expect O
other O
ESG B-Effect
risks I-Effect
will I-Effect
be I-Effect
manageable I-Effect
for I-Effect
Pilgrim I-Effect
's I-Effect
, O
which O
maintains B-Cause
strong I-Cause
programs I-Cause
for I-Cause
animal I-Cause
welfare I-Cause
and I-Cause
product I-Cause
quality I-Cause
and I-Cause
is I-Cause
actively I-Cause
working I-Cause
to I-Cause
strengthen I-Cause
labor I-Cause
relations I-Cause
. O

However O
, O
if O
the O
public O
option O
creates O
a O
scenario O
where O
a B-Cause
significant I-Cause
portion I-Cause
of I-Cause
the I-Cause
employer-based I-Cause
insurance I-Cause
population I-Cause
switches I-Cause
to I-Cause
government-sponsored I-Cause
plans I-Cause
, O
Anthem B-Effect
's I-Effect
commercial I-Effect
business I-Effect
may I-Effect
suffer I-Effect
. O

The O
most O
important O
driver O
for O
Plains O
will O
be O
its O
Permian O
asset O
base O
, O
where O
we O
think O
the B-Effect
outlook I-Effect
is I-Effect
more I-Effect
of I-Effect
a I-Effect
lower-for-longer I-Effect
scenario I-Effect
as O
producers B-Cause
spend I-Cause
within I-Cause
cash I-Cause
flows I-Cause
and I-Cause
are I-Cause
seeking I-Cause
to I-Cause
hold I-Cause
production I-Cause
flat I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
. O

This B-Effect
technology I-Effect
has I-Effect
been I-Effect
more I-Effect
widely I-Effect
adopted I-Effect
as O
the B-Cause
patient I-Cause
pool I-Cause
expanded I-Cause
to I-Cause
include I-Cause
intermediate-risk I-Cause
patients I-Cause
over I-Cause
time I-Cause
as O
more B-Cause
trial I-Cause
data I-Cause
is I-Cause
amassed I-Cause
. O

We B-Effect
continue I-Effect
to I-Effect
forecast I-Effect
revenue I-Effect
to I-Effect
compound I-Effect
at I-Effect
an I-Effect
annual I-Effect
rate I-Effect
near I-Effect
4 I-Effect
% I-Effect
over I-Effect
the I-Effect
longer I-Effect
term I-Effect
, O
largely O
driven O
by O
continuing B-Cause
growth I-Cause
in I-Cause
the I-Cause
infusion I-Cause
consumables I-Cause
segment I-Cause
and I-Cause
stabilization I-Cause
in I-Cause
the I-Cause
systems I-Cause
and I-Cause
solutions I-Cause
segments I-Cause
. O

More O
than O
$ O
30 O
billion O
has O
been O
deployed O
since O
2010 O
on O
this B-Cause
strategy I-Cause
, O
which O
, O
while O
accretive B-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
reach I-Effect
, I-Effect
scale I-Effect
and I-Effect
product I-Effect
breadth I-Effect
, O
has O
historically O
suppressed B-Effect
its I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
or I-Effect
ROICs I-Effect
, I-Effect
to I-Effect
rather I-Effect
modest I-Effect
levels I-Effect
. O

These B-Cause
factors I-Cause
have I-Cause
combined I-Cause
to O
drive O
a B-Effect
more I-Effect
focused I-Effect
company I-Effect
that I-Effect
offers I-Effect
impressive I-Effect
revenue I-Effect
growth I-Effect
with I-Effect
high I-Effect
and I-Effect
expanding I-Effect
margins I-Effect
. O

Its B-Cause
aversion I-Cause
to I-Cause
low-margin I-Cause
bottle I-Cause
forming I-Cause
has O
allowed O
Aptar B-Effect
to I-Effect
focus I-Effect
on I-Effect
the I-Effect
more I-Effect
lucrative I-Effect
production I-Effect
of I-Effect
items I-Effect
like O
fragrance O
pumps O
, O
respiratory O
inhalers O
, O
and O
food O
and O
beverage O
closures O
. O

Allscripts B-Effect
' I-Effect
dwindling I-Effect
client I-Effect
base I-Effect
depends I-Effect
on I-Effect
the I-Effect
speed I-Effect
of I-Effect
hospital I-Effect
consolidation I-Effect
and I-Effect
its I-Effect
ability I-Effect
to I-Effect
stay I-Effect
afloat I-Effect
amid I-Effect
hospitals I-Effect
streamlining I-Effect
systems I-Effect
, O
as O
inpatient B-Cause
volume I-Cause
is I-Cause
increasingly I-Cause
replaced I-Cause
with I-Cause
ambulatory I-Cause
care I-Cause
. O

From O
a O
funding O
cost O
perspective O
, O
the O
bank O
benefits O
from O
sizable O
market O
share O
in O
Hong O
Kong O
and O
U.K. O
, O
as O
highlighted O
above O
, O
and O
the B-Cause
strong I-Cause
liquidity I-Cause
and I-Cause
capital I-Cause
position I-Cause
allows O
the B-Effect
bank I-Effect
to I-Effect
raise I-Effect
wholesale I-Effect
funding I-Effect
at I-Effect
favourable I-Effect
rates I-Effect
. O

While O
Progressive O
has O
said O
it O
will O
write O
policies O
up O
to O
a O
96 O
% O
combined O
ratio O
, O
this O
is O
the O
upper O
limit O
, O
and O
we O
think O
more B-Cause
profitable I-Cause
policies I-Cause
should O
push B-Effect
the I-Effect
overall I-Effect
combined I-Effect
ratio I-Effect
down I-Effect
below I-Effect
this I-Effect
threshold I-Effect
. O

In O
2013 O
, O
the B-Effect
entire I-Effect
development I-Effect
project I-Effect
was I-Effect
canceled I-Effect
because O
the B-Cause
company I-Cause
was I-Cause
unable I-Cause
to I-Cause
reach I-Cause
an I-Cause
agreement I-Cause
with I-Cause
Ecuador I-Cause
on I-Cause
key I-Cause
economic I-Cause
and I-Cause
legal I-Cause
terms I-Cause
. O

We O
also O
expect O
improvement B-Effect
to I-Effect
be I-Effect
driven I-Effect
by O
a B-Cause
recovery I-Cause
in I-Cause
the I-Cause
Jennie-O I-Cause
turkey I-Cause
business I-Cause
; O
it B-Effect
has I-Effect
experienced I-Effect
depressed I-Effect
pricing I-Effect
the I-Effect
past I-Effect
two I-Effect
years I-Effect
due O
to O
industry B-Cause
oversupply I-Cause
, O
which O
we O
expect O
to O
gradually O
abate O
over O
the O
next O
few O
years O
. O

Utility B-Cause
regulation I-Cause
in O
Hawaii O
includes O
usage-decoupled O
ratemaking O
that O
for O
the O
most O
part O
shields O
utility B-Effect
earnings I-Effect
from I-Effect
lower B-Effect
sales I-Effect
due O
to O
residential B-Cause
rooftop I-Cause
solar I-Cause
growth I-Cause
. O

The O
complexity B-Effect
of I-Effect
managing I-Effect
application I-Effect
traffic I-Effect
will O
increase B-Cause
as I-Cause
disparate I-Cause
devices I-Cause
spread I-Cause
beyond I-Cause
the I-Cause
data I-Cause
center I-Cause
while I-Cause
requiring I-Cause
lower I-Cause
latency I-Cause
, I-Cause
larger I-Cause
data I-Cause
workloads I-Cause
, I-Cause
and I-Cause
protection I-Cause
from I-Cause
a I-Cause
growing I-Cause
quantity I-Cause
of I-Cause
security I-Cause
threat I-Cause
vectors I-Cause
, O
in O
our O
view O
. O

In O
trucking O
, O
we O
think O
new O
truck B-Effect
orders I-Effect
will I-Effect
be I-Effect
strong I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
largely O
due O
to O
strong B-Cause
demand I-Cause
for I-Cause
consumer I-Cause
goods I-Cause
. O

Also O
, O
Agilent B-Cause
's I-Cause
gas I-Cause
chromatography I-Cause
instruments I-Cause
have I-Cause
a I-Cause
very I-Cause
long I-Cause
useful I-Cause
life I-Cause
around I-Cause
10 I-Cause
years I-Cause
, O
and O
that O
long O
life O
contributes O
to O
the B-Effect
sustainability I-Effect
of I-Effect
its I-Effect
economic I-Effect
profits I-Effect
even O
outside O
the O
highly O
regulated O
biopharmaceutical O
end O
market O
. O

Because O
Schwab B-Cause
's I-Cause
commission-free I-Cause
trading I-Cause
product I-Cause
platform I-Cause
is I-Cause
valuable I-Cause
to I-Cause
both I-Cause
clients I-Cause
and I-Cause
product I-Cause
manufacturers I-Cause
, O
the B-Effect
firm I-Effect
is I-Effect
able I-Effect
to I-Effect
extract I-Effect
value I-Effect
from I-Effect
operating I-Effect
it I-Effect
. O

However O
, O
we B-Effect
expect I-Effect
the I-Effect
gross I-Effect
margin I-Effect
to I-Effect
improve I-Effect
as O
we B-Cause
believe I-Cause
the I-Cause
normalized I-Cause
gross I-Cause
margin I-Cause
should I-Cause
stay I-Cause
above I-Cause
50 I-Cause
% I-Cause
, I-Cause
as I-Cause
we I-Cause
expect I-Cause
scale I-Cause
, I-Cause
a I-Cause
higher I-Cause
utilization I-Cause
rate I-Cause
, I-Cause
and I-Cause
cost I-Cause
efficiency I-Cause
will I-Cause
continue I-Cause
to I-Cause
improve I-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

During O
the O
last O
recession B-Cause
, O
many O
consumer O
packaged O
goods O
companies O
delayed B-Effect
new I-Effect
product I-Effect
launches I-Effect
; O
if O
that O
trend B-Cause
continues I-Cause
, O
it O
may O
weigh B-Effect
on I-Effect
Sonoco I-Effect
's I-Effect
profit I-Effect
margins I-Effect
, O
which O
are O
partly O
fueled O
by O
new B-Cause
product I-Cause
development I-Cause
. O

Coupa B-Cause
has I-Cause
made I-Cause
a I-Cause
high I-Cause
level I-Cause
of I-Cause
investments I-Cause
into I-Cause
its I-Cause
platform I-Cause
to O
provide B-Effect
a I-Effect
more I-Effect
holistic I-Effect
spend I-Effect
management I-Effect
tool I-Effect
, I-Effect
most I-Effect
recently I-Effect
expanding I-Effect
its I-Effect
direct I-Effect
spend I-Effect
management I-Effect
offering I-Effect
. O

Though O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
caused O
a B-Effect
significant I-Effect
decline I-Effect
in I-Effect
profitability I-Effect
as O
procedure B-Cause
volume I-Cause
fell I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
, O
we O
expect O
its O
operating O
margin O
should O
regain O
some O
ground O
in O
fiscal O
2022 O
. O

Growth O
will O
be O
disproportionately O
dominated O
by O
offerings O
like O
Truly O
and O
Twisted O
Tea O
, O
though O
we O
anticipate O
that O
laggards B-Effect
like I-Effect
Sam I-Effect
Adams I-Effect
will I-Effect
become I-Effect
less I-Effect
of I-Effect
a I-Effect
drag I-Effect
on I-Effect
overall I-Effect
results I-Effect
as O
the B-Cause
craft I-Cause
category I-Cause
continues I-Cause
to I-Cause
consolidate I-Cause
. O

After O
incorporating O
costs B-Cause
sunk I-Cause
on I-Cause
leasehold I-Cause
, I-Cause
acquisitions I-Cause
, I-Cause
exploration I-Cause
, I-Cause
and I-Cause
infrastructure I-Cause
, O
Apache B-Cause
's I-Cause
capital I-Cause
base I-Cause
inflates I-Cause
to I-Cause
a I-Cause
level I-Cause
that O
makes B-Effect
high I-Effect
returns I-Effect
on I-Effect
capital I-Effect
very I-Effect
difficult I-Effect
even I-Effect
under I-Effect
midcycle I-Effect
conditions I-Effect
( O
$ O
55/bbl O
WTI O
and O
$ O
2.80/mcf O
Henry O
Hub O
) O
. O

We O
think O
examples B-Cause
of I-Cause
rapidly I-Cause
slowing I-Cause
demand I-Cause
like O
this O
indicate O
that O
industry B-Effect
demand I-Effect
can I-Effect
become I-Effect
volatile I-Effect
during I-Effect
periods I-Effect
of I-Effect
economic I-Effect
distress I-Effect
. O

Online B-Cause
travel I-Cause
agencies I-Cause
and I-Cause
online I-Cause
hotel I-Cause
reviews I-Cause
create B-Effect
immediate I-Effect
price I-Effect
discovery I-Effect
for I-Effect
consumers I-Effect
, I-Effect
preventing I-Effect
Host I-Effect
from I-Effect
pushing I-Effect
rate I-Effect
increases I-Effect
even I-Effect
as I-Effect
it I-Effect
returns I-Effect
to I-Effect
full I-Effect
occupancy I-Effect
levels I-Effect
. O

To O
remain O
king O
of O
the O
hill O
in O
the O
premium O
smartphone O
market O
, O
we B-Effect
model I-Effect
higher I-Effect
research I-Effect
and I-Effect
spending I-Effect
as O
Apple B-Cause
drives I-Cause
innovation I-Cause
and I-Cause
potentially I-Cause
ventures I-Cause
into I-Cause
new I-Cause
frontiers I-Cause
. O

The B-Effect
company I-Effect
exhibits I-Effect
medium I-Effect
operating I-Effect
leverage I-Effect
thanks O
to O
its B-Cause
flexible I-Cause
operating I-Cause
model I-Cause
that I-Cause
relies I-Cause
solely I-Cause
on I-Cause
electric I-Cause
arc I-Cause
furnace I-Cause
production I-Cause
. O

However O
, O
we O
expect O
operating B-Effect
profit I-Effect
to I-Effect
decrease I-Effect
at I-Effect
a I-Effect
CAGR I-Effect
of I-Effect
5.3 I-Effect
% I-Effect
from I-Effect
2019 I-Effect
to I-Effect
2024 I-Effect
mainly O
due O
to O
other B-Cause
steel I-Cause
companies I-Cause
that I-Cause
are I-Cause
included I-Cause
in I-Cause
the I-Cause
other I-Cause
non-parent I-Cause
division I-Cause
mitigated I-Cause
by I-Cause
an I-Cause
increase I-Cause
in I-Cause
profitability I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
growth I-Cause
opportunities I-Cause
mentioned I-Cause
. O

On O
balance O
, O
we O
expect O
West O
will O
be O
a O
net O
beneficiary O
of O
the O
pandemic O
, O
and O
given O
the B-Cause
firm I-Cause
's I-Cause
high I-Cause
participation I-Cause
rate I-Cause
, O
we B-Effect
see I-Effect
additional I-Effect
upside I-Effect
if I-Effect
coronavirus I-Effect
vaccines I-Effect
become I-Effect
recurring I-Effect
, I-Effect
or I-Effect
if I-Effect
booster I-Effect
shots I-Effect
are I-Effect
needed I-Effect
. O

This B-Cause
cross-selling I-Cause
opportunity I-Cause
is I-Cause
supported I-Cause
by I-Cause
Paylocity I-Cause
's I-Cause
investments I-Cause
within I-Cause
its I-Cause
platform I-Cause
, O
which O
should O
allow B-Effect
the I-Effect
company I-Effect
to I-Effect
expand I-Effect
its I-Effect
market I-Effect
share I-Effect
. O

We O
still O
believe O
Pier B-Cause
1 I-Cause
and I-Cause
Bed I-Cause
Bath I-Cause
& I-Cause
Beyond I-Cause
procure I-Cause
a I-Cause
significantly I-Cause
lower I-Cause
proportion I-Cause
of I-Cause
their I-Cause
sales I-Cause
directly I-Cause
and I-Cause
target I-Cause
a I-Cause
lower-income I-Cause
demographic I-Cause
, O
so O
we B-Effect
do I-Effect
n't I-Effect
view I-Effect
them I-Effect
as I-Effect
competitive I-Effect
threats I-Effect
jeopardizing I-Effect
RH I-Effect
's I-Effect
big-ticket I-Effect
sales I-Effect
. O

Furthermore O
, O
since O
Graco B-Cause
's I-Cause
equipment I-Cause
often I-Cause
accounts I-Cause
for I-Cause
a I-Cause
relatively I-Cause
small I-Cause
portion I-Cause
of I-Cause
a I-Cause
customer I-Cause
's I-Cause
total I-Cause
production I-Cause
costs I-Cause
( O
for O
instance O
, O
a O
paint O
system O
at O
an O
auto O
assembly O
plant O
) O
, O
the B-Effect
potential I-Effect
cost I-Effect
of I-Effect
unscheduled I-Effect
downtime I-Effect
could I-Effect
far I-Effect
outweigh I-Effect
any I-Effect
cost I-Effect
savings I-Effect
from I-Effect
switching I-Effect
to I-Effect
a I-Effect
cheaper I-Effect
but I-Effect
less I-Effect
proven I-Effect
alternative I-Effect
. O

In O
2020 O
, O
COVID-19 B-Cause
is I-Cause
having I-Cause
a I-Cause
material I-Cause
impact I-Cause
on I-Cause
travel I-Cause
demand I-Cause
and O
we O
estimate O
Wyndham B-Effect
's I-Effect
revPAR I-Effect
declines I-Effect
around I-Effect
37 I-Effect
% I-Effect
this I-Effect
year I-Effect
. O

With B-Cause
access I-Cause
to I-Cause
such I-Cause
data I-Cause
and I-Cause
to I-Cause
billions I-Cause
of I-Cause
photos I-Cause
and I-Cause
videos I-Cause
uploaded I-Cause
by I-Cause
its I-Cause
users I-Cause
, I-Cause
Facebook I-Cause
continues I-Cause
to I-Cause
enhance I-Cause
the I-Cause
social I-Cause
network I-Cause
by I-Cause
offering I-Cause
even I-Cause
more I-Cause
relevant I-Cause
content I-Cause
to I-Cause
its I-Cause
users. O
This B-Effect
virtuous I-Effect
cycle I-Effect
further I-Effect
increases I-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
data I-Effect
asset I-Effect
, I-Effect
which I-Effect
only I-Effect
Facebook I-Effect
and I-Effect
its I-Effect
advertising I-Effect
partners I-Effect
can I-Effect
monetize I-Effect
. O

We O
forecast B-Effect
4 I-Effect
% I-Effect
EBIT I-Effect
margins I-Effect
in I-Effect
2021 I-Effect
, O
as O
scale B-Cause
gains I-Cause
are I-Cause
offset I-Cause
by I-Cause
spending I-Cause
on I-Cause
technology I-Cause
, I-Cause
international I-Cause
expansion I-Cause
and I-Cause
the I-Cause
business I-Cause
to I-Cause
business I-Cause
build I-Cause
out I-Cause
. O

However O
, O
to O
the O
extent O
those O
advantages O
currently O
exist O
, O
we B-Effect
ca I-Effect
n't I-Effect
view I-Effect
them I-Effect
as I-Effect
sustainable I-Effect
, O
since O
we B-Cause
do I-Cause
n't I-Cause
see I-Cause
any I-Cause
barriers I-Cause
preventing I-Cause
competitors I-Cause
from I-Cause
mimicking I-Cause
them I-Cause
. O

Life O
insurance O
had O
been O
the O
bright O
spot O
for O
AIG O
, O
but O
declining B-Cause
interest I-Cause
rates I-Cause
and I-Cause
the I-Cause
fall I-Cause
in I-Cause
equity I-Cause
markets I-Cause
will O
pressure B-Effect
profitability I-Effect
. O

Infusion B-Cause
pumps I-Cause
have I-Cause
a I-Cause
relatively I-Cause
a I-Cause
long I-Cause
life I-Cause
( I-Cause
about I-Cause
seven I-Cause
years I-Cause
) I-Cause
, O
which O
gives B-Effect
them I-Effect
a I-Effect
long I-Effect
period I-Effect
to I-Effect
enjoy I-Effect
recurring I-Effect
consumable I-Effect
sales I-Effect
after I-Effect
the I-Effect
pumps I-Effect
are I-Effect
placed I-Effect
. O

Nitinol B-Effect
, I-Effect
also I-Effect
know I-Effect
as I-Effect
nickel I-Effect
titanium I-Effect
, I-Effect
has I-Effect
become I-Effect
widely I-Effect
used I-Effect
in I-Effect
medical I-Effect
devices I-Effect
thanks O
to O
its B-Cause
superelasticity I-Cause
and I-Cause
shape I-Cause
memory I-Cause
, I-Cause
among I-Cause
other I-Cause
properties I-Cause
. O

We O
believe O
Snap-on B-Effect
's I-Effect
high-quality I-Effect
tools I-Effect
reduces I-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
, O
as O
technicians B-Cause
can I-Cause
complete I-Cause
more I-Cause
repair I-Cause
jobs I-Cause
by I-Cause
using I-Cause
the I-Cause
company I-Cause
's I-Cause
tools I-Cause
before I-Cause
breaks I-Cause
occur I-Cause
. O

As O
Genuine B-Cause
Parts I-Cause
has I-Cause
the I-Cause
largest I-Cause
network I-Cause
of I-Cause
independent I-Cause
retailers I-Cause
under I-Cause
a I-Cause
major I-Cause
brand I-Cause
, O
it O
is O
best O
positioned O
to O
capture B-Effect
partnerships I-Effect
with I-Effect
individual I-Effect
store I-Effect
owners I-Effect
seeking I-Effect
the I-Effect
cachet I-Effect
and I-Effect
infrastructure I-Effect
of I-Effect
a I-Effect
large I-Effect
organization I-Effect
along I-Effect
with I-Effect
a I-Effect
large I-Effect
measure I-Effect
of I-Effect
independence I-Effect
. O

Via B-Cause
Twilio I-Cause
's I-Cause
platform I-Cause
, O
developers B-Effect
are I-Effect
able I-Effect
to I-Effect
embed I-Effect
a I-Effect
variety I-Effect
of I-Effect
communication I-Effect
capabilities I-Effect
into I-Effect
their I-Effect
products I-Effect
, O
and O
as O
usage B-Cause
grows I-Cause
, O
Twilio B-Effect
becomes I-Effect
more I-Effect
integral I-Effect
to I-Effect
businesses I-Effect
, I-Effect
enhancing I-Effect
customer I-Effect
stickiness I-Effect
. O

Furthermore O
, O
participants B-Cause
do I-Cause
not I-Cause
know I-Cause
their I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
for I-Cause
a I-Cause
number I-Cause
of I-Cause
years I-Cause
, O
allowing B-Effect
them I-Effect
to I-Effect
underprice I-Effect
policies I-Effect
without I-Effect
knowing I-Effect
it I-Effect
. O

The B-Cause
consumer I-Cause
shift I-Cause
to I-Cause
researching I-Cause
and I-Cause
buying I-Cause
products I-Cause
online I-Cause
and I-Cause
digital I-Cause
distribution I-Cause
for I-Cause
media I-Cause
products I-Cause
has I-Cause
also I-Cause
driven B-Effect
down I-Effect
in-store I-Effect
transactions I-Effect
, I-Cause
a I-Cause
trend I-Cause
that I-Cause
will I-Cause
likely I-Cause
accelerate I-Cause
following I-Cause
COVID-19-related I-Cause
store I-Cause
operating I-Cause
restrictions I-Cause
. I-Cause

Finally O
, O
prices B-Cause
for I-Cause
Shell I-Cause
's I-Cause
integrated I-Cause
gas I-Cause
production I-Cause
are I-Cause
primarily I-Cause
tied I-Cause
to I-Cause
global I-Cause
crude I-Cause
benchmarks I-Cause
, O
which O
results O
in O
higher B-Effect
prices I-Effect
than I-Effect
typical I-Effect
pipeline I-Effect
gas I-Effect
pricing I-Effect
. O

Amid O
an O
ongoing O
portfolio O
review O
, O
the O
company O
is O
likely O
to O
close B-Cause
some I-Cause
of I-Cause
its I-Cause
higher-cost I-Cause
smelting I-Cause
facilities I-Cause
in O
order O
to O
improve B-Effect
its I-Effect
cost-competitiveness I-Effect
. O

We O
think O
Danone B-Effect
faces I-Effect
heightened I-Effect
brand I-Effect
risk I-Effect
relative O
to O
the O
broader O
fast-moving O
consumer O
goods O
industry O
, O
owing O
to O
its B-Cause
less I-Cause
diversified I-Cause
exposure I-Cause
to I-Cause
categories I-Cause
and I-Cause
brands I-Cause
( O
with O
almost O
50 O
% O
of O
the O
group O
's O
EBIT O
generated O
from O
specialised O
nutrition O
) O
. O

We O
believe O
that O
attractive B-Cause
consumption I-Cause
growth I-Cause
trajectories I-Cause
of I-Cause
emerging I-Cause
and I-Cause
frontier I-Cause
markets I-Cause
should O
inhibit O
contract B-Effect
competition I-Effect
in I-Effect
developed I-Effect
markets I-Effect
over O
the O
next O
decade O
. O

Bond B-Effect
issuers I-Effect
value I-Effect
credit I-Effect
ratings I-Effect
from I-Effect
Moody I-Effect
's I-Effect
and I-Effect
S I-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
because O
of O
their B-Cause
wide I-Cause
acceptance I-Cause
among I-Cause
asset I-Cause
owners I-Cause
and I-Cause
asset I-Cause
managers I-Cause
. O

With O
the B-Cause
network I-Cause
effect I-Cause
emanating I-Cause
from I-Cause
the I-Cause
network I-Cause
service I-Cause
providers I-Cause
, O
we O
think O
it O
is O
unlikely O
that O
new B-Effect
competitors I-Effect
could I-Effect
replicate I-Effect
CoreSite I-Effect
's I-Effect
business I-Effect
or I-Effect
offer I-Effect
similar I-Effect
benefits I-Effect
to I-Effect
customers I-Effect
. O

Given O
the B-Cause
large I-Cause
market I-Cause
share I-Cause
for I-Cause
its I-Cause
main I-Cause
product I-Cause
categories I-Cause
and I-Cause
the I-Cause
high I-Cause
quality I-Cause
of I-Cause
its I-Cause
products I-Cause
, O
dealer B-Effect
loyalty I-Effect
is I-Effect
high I-Effect
in I-Effect
many I-Effect
regions I-Effect
. O

Cognizant O
has O
admitted O
that O
it O
is O
first O
and O
foremost O
perceived O
as O
a O
back-office O
enterprise O
outsourcer O
, O
but O
we O
think O
its B-Cause
existing I-Cause
technical I-Cause
capabilities I-Cause
are I-Cause
strong I-Cause
in I-Cause
more I-Cause
nuanced I-Cause
enterprise I-Cause
IT I-Cause
solutions I-Cause
, O
such O
as O
artificial O
intelligence O
services O
, O
which O
will O
help B-Effect
it I-Effect
become I-Effect
better I-Effect
known I-Effect
for I-Effect
digital I-Effect
transformation I-Effect
. O

Given O
the O
potentially B-Cause
lethal I-Cause
ramifications I-Cause
of I-Cause
an I-Cause
engine I-Cause
malfunction I-Cause
, O
we O
think O
that O
customers B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
switch I-Effect
to I-Effect
an I-Effect
untrusted I-Effect
producer I-Effect
. O

Competitor B-Effect
Seagate I-Effect
has I-Effect
been I-Effect
severely I-Effect
capped I-Effect
in I-Effect
its I-Effect
ability I-Effect
to I-Effect
benefit I-Effect
from I-Effect
the I-Effect
shift I-Effect
to I-Effect
SSDs I-Effect
due O
its B-Cause
previous I-Cause
lack I-Cause
of I-Cause
a I-Cause
captive I-Cause
source I-Cause
of I-Cause
NAND I-Cause
flash I-Cause
capacity I-Cause
to I-Cause
drive I-Cause
its I-Cause
SSD I-Cause
business I-Cause
. O

As O
consolidation O
continues O
in O
the O
auto O
dealership O
industry O
, O
we O
think O
Lithia O
will O
have O
no O
shortage O
of O
acquisition O
candidates O
, O
but O
the B-Cause
2020 I-Cause
five-year I-Cause
plan I-Cause
calls I-Cause
for I-Cause
$ I-Cause
20 I-Cause
billion I-Cause
of I-Cause
acquired I-Cause
revenue I-Cause
that O
may B-Effect
lead I-Effect
to I-Effect
Lithia I-Effect
buying I-Effect
already I-Effect
high I-Effect
performing I-Effect
stores I-Effect
with I-Effect
less I-Effect
room I-Effect
for I-Effect
improvement I-Effect
. I-Effect

However O
, O
Perrigo B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Omega I-Cause
Pharma I-Cause
gives I-Cause
the I-Cause
company I-Cause
a I-Cause
broad I-Cause
sales I-Cause
and I-Cause
distribution I-Cause
platform I-Cause
in I-Cause
Europe I-Cause
, O
where O
brand B-Effect
recognition I-Effect
in I-Effect
these I-Effect
more I-Effect
fragmented I-Effect
customer I-Effect
markets I-Effect
helps I-Effect
stabilize I-Effect
pricing I-Effect
decay I-Effect
and I-Effect
maintain I-Effect
market I-Effect
share I-Effect
. I-Effect

However O
, O
we B-Cause
posit I-Cause
that I-Cause
National I-Cause
Grid I-Cause
will I-Cause
have I-Cause
to I-Cause
cut I-Cause
its I-Cause
dividend I-Cause
by I-Cause
20 I-Cause
% I-Cause
as I-Cause
of I-Cause
2024 I-Cause
to O
avoid O
another B-Effect
credit I-Effect
rating I-Effect
downgrade I-Effect
, O
which O
would O
put B-Effect
the I-Effect
company I-Effect
at I-Effect
the I-Effect
lower I-Effect
end I-Effect
of I-Effect
the I-Effect
investment-grade I-Effect
spectrum I-Effect
. O

As B-Cause
barge I-Cause
shipping I-Cause
costs I-Cause
are I-Cause
typically I-Cause
cheaper I-Cause
than I-Cause
trucking I-Cause
, O
the B-Effect
effective I-Effect
distance I-Effect
for I-Effect
Summit I-Effect
's I-Effect
cement I-Effect
shipment I-Effect
volume I-Effect
extends I-Effect
further I-Effect
than I-Effect
those I-Effect
of I-Effect
competing I-Effect
landlocked I-Effect
cement I-Effect
plants I-Effect
. I-Effect

We O
expect O
adjusted B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
grow I-Effect
over I-Effect
the I-Effect
forecast I-Effect
period I-Effect
as O
investment B-Cause
spending I-Cause
begins I-Cause
to I-Cause
level I-Cause
off I-Cause
and I-Cause
highly I-Cause
incremental I-Cause
workforce I-Cause
solutions I-Cause
revenue I-Cause
flows I-Cause
to I-Cause
the I-Cause
bottom I-Cause
line I-Cause
. O

We B-Cause
do I-Cause
n't I-Cause
expect I-Cause
either I-Cause
the I-Cause
consumer I-Cause
or I-Cause
enterprise I-Cause
businesses I-Cause
to I-Cause
reverse I-Cause
the I-Cause
long-term I-Cause
downtrends I-Cause
they I-Cause
are I-Cause
in I-Cause
, I-Cause
leaving B-Effect
the I-Effect
firm I-Effect
's I-Effect
path I-Effect
to I-Effect
success I-Effect
dependent I-Effect
on I-Effect
more I-Effect
efficient I-Effect
operations I-Effect
. O

Paycom B-Cause
offers I-Cause
a I-Cause
unified I-Cause
cloud-based I-Cause
payroll I-Cause
and I-Cause
human I-Cause
capital I-Cause
management I-Cause
, O
or O
HCM O
, O
platform O
catering B-Effect
to I-Effect
the I-Effect
operational I-Effect
needs I-Effect
of I-Effect
small I-Effect
and I-Effect
midsize I-Effect
businesses I-Effect
. O

A B-Cause
downturn I-Cause
in I-Cause
this I-Cause
industry I-Cause
would I-Cause
significantly I-Cause
affect I-Cause
the I-Cause
economies I-Cause
of I-Cause
these I-Cause
markets I-Cause
, O
leaving O
AvalonBay B-Effect
's I-Effect
portfolio I-Effect
exposed I-Effect
to I-Effect
falling I-Effect
demand I-Effect
for I-Effect
its I-Effect
assets I-Effect
. O

On B-Cause
the I-Cause
capital I-Cause
expense I-Cause
or I-Cause
installation I-Cause
portion I-Cause
, I-Cause
compared I-Cause
with I-Cause
legacy I-Cause
products I-Cause
, I-Cause
Eaton I-Cause
's I-Cause
UPS I-Cause
power I-Cause
density I-Cause
has I-Cause
improved I-Cause
by I-Cause
50 I-Cause
% I-Cause
, O
which O
in O
turn O
, O
reduces B-Effect
a I-Effect
customer I-Effect
's I-Effect
space I-Effect
requirements I-Effect
. O

In O
the O
long O
run O
, O
PSXP O
could O
be O
exposed O
to O
diminishing B-Cause
returns I-Cause
if I-Cause
Phillips I-Cause
66 I-Cause
's I-Cause
business I-Cause
were I-Cause
to I-Cause
deteriorate I-Cause
and O
its B-Effect
assets I-Effect
become I-Effect
stranded I-Effect
, O
but O
we O
do O
n't O
expect O
that O
to O
happen O
for O
at O
least O
the O
next O
10 O
years O
. O

Likewise O
, O
the B-Cause
longer I-Cause
an I-Cause
animal I-Cause
is I-Cause
away I-Cause
from I-Cause
Charles I-Cause
River I-Cause
's I-Cause
facilities I-Cause
, I-Cause
the I-Cause
more I-Cause
likely I-Cause
it I-Cause
is I-Cause
subject I-Cause
to I-Cause
various I-Cause
bacterial I-Cause
conditions I-Cause
, O
which O
would O
impact B-Effect
the I-Effect
results I-Effect
of I-Effect
the I-Effect
study I-Effect
. O

Many O
retailers O
that O
carry O
Adidas O
gear O
are O
suffering O
from O
declining O
customer O
traffic O
and O
closing O
stores O
, O
and O
fallout B-Cause
from I-Cause
the I-Cause
virus I-Cause
could O
make B-Effect
them I-Effect
even I-Effect
less I-Effect
competitive I-Effect
. O

With O
essentially B-Cause
all I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
8,941 I-Cause
properties I-Cause
( I-Cause
as I-Cause
of I-Cause
the I-Cause
end I-Cause
of I-Cause
2020 I-Cause
) I-Cause
being I-Cause
franchise I-Cause
and I-Cause
management I-Cause
contracts I-Cause
, O
respectively O
, O
Wyndham B-Effect
depends I-Effect
heavily I-Effect
on I-Effect
its I-Effect
brand I-Effect
to I-Effect
attract I-Effect
unit I-Effect
growth I-Effect
from I-Effect
third-party I-Effect
owners I-Effect
. O

However O
, O
we B-Effect
estimate I-Effect
Gap I-Effect
's I-Effect
2021 I-Effect
operating I-Effect
margin I-Effect
at I-Effect
just I-Effect
5.4 I-Effect
% I-Effect
, I-Effect
well I-Effect
below I-Effect
prepandemic I-Effect
levels I-Effect
, O
as B-Cause
it I-Cause
continues I-Cause
to I-Cause
work I-Cause
through I-Cause
cost I-Cause
cutting I-Cause
efforts I-Cause
. O

Offshore B-Cause
wind I-Cause
investments I-Cause
add I-Cause
to I-Cause
our I-Cause
earnings I-Cause
forecasts I-Cause
starting I-Cause
in I-Cause
2023 I-Cause
, O
boosting B-Effect
our I-Effect
forecast I-Effect
for I-Effect
Eversource I-Effect
's I-Effect
consolidated I-Effect
annual I-Effect
average I-Effect
earnings I-Effect
growth I-Effect
to I-Effect
7 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
64 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
59 I-Effect
per I-Effect
share I-Effect
after O
updating B-Cause
our I-Cause
model I-Cause
for I-Cause
first-quarter I-Cause
results I-Cause
and I-Cause
incorporating I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
announced I-Cause
acquisition I-Cause
of I-Cause
New I-Cause
Senior I-Cause
Investment I-Cause
Group I-Cause
. O

To O
date O
, O
a B-Cause
lack I-Cause
of I-Cause
scale I-Cause
has O
resulted O
in O
a B-Effect
very I-Effect
high I-Effect
portion I-Effect
of I-Effect
revenue I-Effect
to I-Effect
be I-Effect
invested I-Effect
in I-Effect
SG I-Effect
& I-Effect
amp I-Effect
; I-Effect
A I-Effect
and I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
. O

Genuine B-Effect
Parts I-Effect
maximizes I-Effect
automotive I-Effect
and I-Effect
industrial I-Effect
inventory I-Effect
turnover I-Effect
by I-Effect
centralizing I-Effect
slow-selling I-Effect
items I-Effect
, O
as O
many B-Cause
locations I-Cause
can I-Cause
call I-Cause
upon I-Cause
warehoused I-Cause
parts I-Cause
as I-Cause
demand I-Cause
warrants I-Cause
. O

Even O
so O
, O
we O
think O
large B-Effect
distributors I-Effect
stand I-Effect
to I-Effect
gain I-Effect
some I-Effect
market I-Effect
share I-Effect
, O
given O
the B-Cause
expected I-Cause
permanent I-Cause
closures I-Cause
of I-Cause
smaller I-Cause
, I-Cause
less-well-capitalized I-Cause
distributors I-Cause
. O

The B-Effect
company I-Effect
's I-Effect
desirable I-Effect
community I-Effect
footprint I-Effect
and I-Effect
land I-Effect
supply I-Effect
come I-Effect
at I-Effect
a I-Effect
price I-Effect
, O
however O
, O
as O
premier B-Cause
land I-Cause
parcels I-Cause
are I-Cause
more I-Cause
expensive I-Cause
with I-Cause
less I-Cause
favorable I-Cause
purchasing I-Cause
terms I-Cause
for I-Cause
the I-Cause
buyer I-Cause
( O
that O
is O
, O
fewer O
opportunities O
for O
Toll O
Brothers O
to O
procure O
land O
on O
option O
) O
. O

We B-Effect
expect I-Effect
a I-Effect
sharp I-Effect
rebound I-Effect
in I-Effect
margins I-Effect
in I-Effect
2021 I-Effect
with B-Cause
economic I-Cause
recovery I-Cause
and I-Cause
tight I-Cause
supply I-Cause
in I-Cause
some I-Cause
of I-Cause
BASF I-Cause
's I-Cause
commodity I-Cause
markets I-Cause
. O

Canadian B-Cause
Natural I-Cause
's I-Cause
portfolio I-Cause
spans I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
hydrocarbons I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
enjoy I-Effect
a I-Effect
corporate I-Effect
break-even I-Effect
under I-Effect
$ I-Effect
35/barrel I-Effect
West I-Effect
Texas I-Effect
Intermediate I-Effect
, I-Effect
the I-Effect
best I-Effect
in I-Effect
class I-Effect
among I-Effect
oil I-Effect
sands I-Effect
producers I-Effect
. O

In O
many O
cases O
, O
these O
facilities O
can O
be O
difficult O
to O
create B-Effect
on I-Effect
greenfield I-Effect
spaces I-Effect
due O
to O
requisite B-Cause
government I-Cause
permits I-Cause
and I-Cause
local I-Cause
opposition I-Cause
. O

With O
product B-Cause
availability I-Cause
consistently I-Cause
high I-Cause
, O
we O
see O
ample B-Effect
room I-Effect
for I-Effect
TJX I-Effect
, I-Effect
Ross I-Effect
, I-Effect
and I-Effect
Burlington I-Effect
to I-Effect
grow I-Effect
without I-Effect
constraining I-Effect
inventory I-Effect
flow I-Effect
, I-Effect
particularly I-Effect
as I-Effect
the I-Effect
growth I-Effect
of I-Effect
the I-Effect
online I-Effect
channel I-Effect
has I-Effect
further I-Effect
complicated I-Effect
manufacturers I-Effect
' I-Effect
demand I-Effect
forecasting I-Effect
task I-Effect
. O

Despite O
a O
stagnant O
or O
potentially O
shrinking O
market O
opportunity O
, O
we O
believe O
FactSet B-Effect
could I-Effect
expand I-Effect
share I-Effect
mostly I-Effect
at B-Cause
the I-Cause
expense I-Cause
of I-Cause
rival I-Cause
Refinitiv I-Cause
's I-Cause
flagship I-Cause
product I-Cause
, I-Cause
Eikon I-Cause
. O

Without O
a B-Cause
dramatic I-Cause
commodity I-Cause
rally I-Cause
, O
it O
will O
be O
many O
years O
yet O
before O
the B-Effect
company I-Effect
can I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

We O
expect O
economic B-Effect
profits I-Effect
to I-Effect
return I-Effect
as O
the B-Cause
pandemic I-Cause
eases I-Cause
, O
with O
our B-Effect
10-year I-Effect
average I-Effect
estimate I-Effect
of I-Effect
adjusted I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
remaining I-Effect
in I-Effect
the I-Effect
low-20s I-Effect
. O

We O
expect O
a O
sales B-Effect
drop I-Effect
of I-Effect
16.5 I-Effect
% I-Effect
in O
2020 O
as O
many B-Cause
Adidas-branded I-Cause
stores I-Cause
and I-Cause
those I-Cause
of I-Cause
its I-Cause
wholesale I-Cause
partners I-Cause
have I-Cause
been I-Cause
forced I-Cause
to I-Cause
close I-Cause
temporarily I-Cause
or I-Cause
restrict I-Cause
visitation I-Cause
. O

We O
expect O
demand B-Effect
to I-Effect
continue I-Effect
recovering I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
revenue I-Effect
rising I-Effect
7 I-Effect
% I-Effect
-8 I-Effect
% I-Effect
on O
solid B-Cause
intermodal I-Cause
growth I-Cause
( I-Cause
aided I-Cause
by I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
) I-Cause
, I-Cause
automotive I-Cause
volume I-Cause
recovery I-Cause
, I-Cause
and I-Cause
industrial I-Cause
end-market I-Cause
improvement I-Cause
. O

Management O
did O
acknowledge O
that O
severe B-Cause
trade I-Cause
restrictions I-Cause
would O
negatively O
affect O
not O
only O
Prologis O
but O
the O
economy O
in O
general O
, O
resulting O
in O
a B-Effect
slowdown I-Effect
in I-Effect
growth I-Effect
. O

Walmart B-Effect
's I-Effect
display I-Effect
policies I-Effect
, I-Effect
packaging I-Effect
demands I-Effect
, I-Effect
and I-Effect
stocking I-Effect
requirements I-Effect
carry I-Effect
special I-Effect
weight I-Effect
as O
the B-Cause
firm I-Cause
is I-Cause
responsible I-Cause
for I-Cause
a I-Cause
large I-Cause
share I-Cause
of I-Cause
many I-Cause
leading I-Cause
manufacturers I-Cause
' I-Cause
sales I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
15 I-Cause
% I-Cause
of I-Cause
the I-Cause
top I-Cause
line I-Cause
at I-Cause
Procter I-Cause
& I-Cause
Gamble I-Cause
and I-Cause
14 I-Cause
% I-Cause
at I-Cause
PepsiCo I-Cause
) I-Cause
. O

Recent B-Cause
cost-saving I-Cause
initiatives I-Cause
, I-Cause
including I-Cause
a I-Cause
workforce I-Cause
reduction I-Cause
and I-Cause
sale I-Cause
of I-Cause
certain I-Cause
underperforming I-Cause
or I-Cause
noncore I-Cause
assets I-Cause
, O
should O
help B-Effect
stabilize I-Effect
Perrigo I-Effect
's I-Effect
profitability I-Effect
, O
but O
we O
do O
not O
anticipate O
major O
future O
margin O
expansion O
in O
the O
company O
's O
consumer O
health O
, O
nutritional O
, O
and O
prescription O
drug O
segments O
. O

Of B-Cause
note I-Cause
, I-Cause
a I-Cause
potential I-Cause
merger I-Cause
with I-Cause
Kansas I-Cause
City I-Cause
Southern I-Cause
will I-Cause
carry I-Cause
integration I-Cause
risk I-Cause
and I-Cause
the I-Cause
related I-Cause
threat I-Cause
of I-Cause
material I-Cause
overpayment I-Cause
for I-Cause
KCS I-Cause
should I-Cause
synergies I-Cause
fail I-Cause
to I-Cause
materialize I-Cause
-- O
CN B-Effect
's I-Effect
merger I-Effect
proposal I-Effect
offers I-Effect
KSU I-Effect
a I-Effect
substantial I-Effect
premium I-Effect
. O

PNC B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
does B-Effect
not I-Effect
have I-Effect
to I-Effect
comply I-Effect
with I-Effect
some I-Effect
of I-Effect
the I-Effect
more I-Effect
burdensome I-Effect
regulatory I-Effect
requirements I-Effect
. O

Ocado B-Cause
's I-Cause
highly I-Cause
automated I-Cause
warehouse I-Cause
approach I-Cause
should O
allow O
Kroger B-Effect
to I-Effect
compete I-Effect
effectively I-Effect
with I-Effect
Amazon I-Effect
, O
creating B-Effect
the I-Effect
flexibility I-Effect
to I-Effect
serve I-Effect
orders I-Effect
from I-Effect
dedicated I-Effect
centers I-Effect
that O
would O
not O
incur O
the B-Cause
same I-Cause
order I-Cause
picking I-Cause
costs I-Cause
that O
constrain O
profitability B-Effect
when O
fulfilling O
from O
a O
traditional O
store O
. O

Healthcare B-Cause
systems I-Cause
are I-Cause
resource I-Cause
constrained I-Cause
in I-Cause
terms I-Cause
of I-Cause
both I-Cause
money I-Cause
and I-Cause
people I-Cause
, O
so O
a B-Effect
yearlong I-Effect
disruptive I-Effect
period I-Effect
of I-Effect
package I-Effect
implementation I-Effect
is O
often O
delayed O
as O
long O
as O
possible O
. O

However O
, O
healthcare B-Cause
technologies I-Cause
require I-Cause
a I-Cause
higher I-Cause
level I-Cause
of I-Cause
innovation I-Cause
spending I-Cause
, I-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
in I-Cause
this I-Cause
division I-Cause
runs I-Cause
at I-Cause
9 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, O
necessary B-Effect
to I-Effect
ensure I-Effect
a I-Effect
competitive I-Effect
product I-Effect
portfolio I-Effect
. O

However O
, O
all B-Effect
shopper I-Effect
behavior I-Effect
is I-Effect
especially I-Effect
mutable I-Effect
as O
digital B-Cause
rivals I-Cause
penetrate I-Cause
, O
and O
as O
their B-Cause
habits I-Cause
are I-Cause
not I-Cause
fully I-Cause
formed I-Cause
, O
we O
anticipate O
younger B-Effect
buyers I-Effect
' I-Effect
attention I-Effect
is I-Effect
especially I-Effect
fleeting I-Effect
. O

Additionally O
, O
the B-Cause
company I-Cause
has I-Cause
historically I-Cause
passed I-Cause
along I-Cause
special I-Cause
dividends I-Cause
to I-Cause
shareholder I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
asset I-Cause
sales I-Cause
, O
so O
we B-Effect
will I-Effect
incorporate I-Effect
these I-Effect
as I-Effect
they I-Effect
occur I-Effect
. O

While O
NXP O
derives O
a O
plurality O
of O
its O
sales O
from O
the O
cyclical O
automotive O
market O
, O
we O
believe O
the B-Cause
significant I-Cause
content I-Cause
growth I-Cause
in I-Cause
this I-Cause
market I-Cause
( O
between O
infotainment O
, O
active O
safety O
, O
electrification O
, O
and O
connectivity O
) O
should O
help B-Effect
insulate I-Effect
it I-Effect
from I-Effect
the I-Effect
worst I-Effect
of I-Effect
the I-Effect
cyclical I-Effect
downturns I-Effect
. O

Market B-Effect
share I-Effect
data I-Effect
from I-Effect
Euromonitor I-Effect
suggests I-Effect
Church I-Effect
& I-Effect
amp I-Effect
; I-Effect
Dwight I-Effect
has I-Effect
very I-Effect
few I-Effect
broad I-Effect
category I-Effect
number I-Effect
one I-Effect
products I-Effect
but I-Effect
has I-Effect
more I-Effect
sub-category I-Effect
leaders I-Effect
, I-Effect
which I-Effect
we I-Effect
suspect I-Effect
do I-Effect
not I-Effect
offer I-Effect
the I-Effect
same I-Effect
opportunities I-Effect
to I-Effect
entrench I-Effect
their I-Effect
business I-Effect
with I-Effect
retail I-Effect
partners I-Effect
because B-Cause
the I-Cause
categories I-Cause
are I-Cause
smaller I-Cause
and I-Cause
shelf I-Cause
space I-Cause
is I-Cause
limited I-Cause
. O

ICE B-Cause
's I-Cause
various I-Cause
acquisitions I-Cause
and I-Cause
organic I-Cause
growth I-Cause
in I-Cause
its I-Cause
data I-Cause
products I-Cause
have I-Cause
placed I-Cause
it I-Cause
in I-Cause
a I-Cause
situation I-Cause
where O
roughly O
half O
of O
its O
net O
revenue O
comes O
from O
recurring O
sources O
as O
the B-Effect
firm I-Effect
increasingly I-Effect
becomes I-Effect
a I-Effect
data-services I-Effect
company I-Effect
. I-Effect

While O
the B-Cause
growth I-Cause
in I-Cause
partner I-Cause
and I-Cause
private I-Cause
label I-Cause
K-pod I-Cause
manufacturing I-Cause
, I-Cause
along I-Cause
with I-Cause
pricing I-Cause
moderation I-Cause
in I-Cause
company-owned I-Cause
brands I-Cause
, O
should O
be O
margin-dilutive B-Effect
, O
we O
believe O
these B-Effect
will I-Effect
be I-Effect
more I-Effect
than I-Effect
offset I-Effect
by O
supply-chain B-Cause
productivity I-Cause
, I-Cause
back-end I-Cause
technology I-Cause
investments I-Cause
that I-Cause
yield I-Cause
greater I-Cause
visibility I-Cause
and I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
more I-Cause
favorable I-Cause
raw I-Cause
material I-Cause
procurement I-Cause
, I-Cause
particularly I-Cause
in I-Cause
packaging I-Cause
. O

Unlike O
JD.com O
, O
Alibaba B-Cause
's I-Cause
logistics I-Cause
strategy I-Cause
is I-Cause
to I-Cause
build I-Cause
a I-Cause
scalable I-Cause
logistics I-Cause
platform I-Cause
, O
so O
it B-Effect
has I-Effect
focused I-Effect
on I-Effect
building I-Effect
logistics I-Effect
centers I-Effect
and I-Effect
Big I-Effect
Data I-Effect
infrastructure I-Effect
, O
and O
has B-Effect
collaborated I-Effect
with I-Effect
third I-Effect
parties I-Effect
on I-Effect
last-mile I-Effect
delivery I-Effect
. O

However O
, O
most B-Effect
of I-Effect
these I-Effect
newer I-Effect
competitors I-Effect
are I-Effect
confined I-Effect
to I-Effect
low-end I-Effect
manufacturing I-Effect
due O
to O
prohibitive B-Cause
costs I-Cause
and I-Cause
engineering I-Cause
know-how I-Cause
associated I-Cause
with I-Cause
the I-Cause
leading-edge I-Cause
technology I-Cause
. O

There O
's O
risk O
here O
, O
but O
we O
think O
KCS B-Effect
is I-Effect
capable I-Effect
of I-Effect
a I-Effect
midcycle I-Effect
OR I-Effect
of I-Effect
56.0 I-Effect
% I-Effect
-56.5 I-Effect
% I-Effect
, O
chiefly O
due O
to O
PSR-related B-Cause
improvements I-Cause
to I-Cause
asset I-Cause
utilization I-Cause
and I-Cause
network I-Cause
fluidity I-Cause
-- I-Cause
KCS I-Cause
' I-Cause
OR I-Cause
showed I-Cause
impressive I-Cause
gains I-Cause
in I-Cause
2019 I-Cause
and I-Cause
2020 I-Cause
. O

We O
believe O
Lennox B-Cause
's I-Cause
company-owned I-Cause
distribution I-Cause
networks I-Cause
allow O
the B-Effect
firm I-Effect
to I-Effect
better I-Effect
control I-Effect
its I-Effect
sales I-Effect
strategy I-Effect
and I-Effect
marketing I-Effect
efforts I-Effect
, I-Effect
while I-Effect
also I-Effect
directly I-Effect
providing I-Effect
training I-Effect
and I-Effect
support I-Effect
to I-Effect
the I-Effect
contractors I-Effect
that I-Effect
install I-Effect
and I-Effect
service I-Effect
Lennox I-Effect
's I-Effect
products I-Effect
. O

The B-Effect
firm I-Effect
faces I-Effect
a I-Effect
very I-Effect
difficult I-Effect
2020 I-Effect
, O
as O
it B-Cause
deals I-Cause
with I-Cause
well I-Cause
curtailments I-Cause
and I-Cause
volatility I-Cause
in I-Cause
volumes I-Cause
across I-Cause
its I-Cause
gathering I-Cause
and I-Cause
processing I-Cause
footprint I-Cause
. O

We B-Cause
see I-Cause
little I-Cause
to I-Cause
suggest I-Cause
this I-Cause
competition I-Cause
will I-Cause
subside I-Cause
, I-Cause
particularly I-Cause
if I-Cause
the I-Cause
economic I-Cause
climate I-Cause
becomes I-Cause
more I-Cause
challenging I-Cause
, O
but O
we B-Effect
think I-Effect
the I-Effect
strength I-Effect
of I-Effect
Kellogg I-Effect
's I-Effect
relationships I-Effect
with I-Effect
its I-Effect
retail I-Effect
partners I-Effect
should I-Effect
ultimately I-Effect
ensure I-Effect
its I-Effect
edge I-Effect
persists I-Effect
longer I-Effect
term I-Effect
. O

We O
forecast O
roughly B-Effect
3 I-Effect
% I-Effect
average I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
2025 I-Effect
, O
driven O
by O
opportunities B-Cause
in I-Cause
infrastructure I-Cause
, I-Cause
mining I-Cause
, I-Cause
and I-Cause
energy I-Cause
. O

Further O
, O
if O
small B-Cause
cells I-Cause
do I-Cause
become I-Cause
the I-Cause
primary I-Cause
infrastructure I-Cause
in I-Cause
some I-Cause
locations I-Cause
, O
we B-Effect
believe I-Effect
it I-Effect
is I-Effect
almost I-Effect
certain I-Effect
to I-Effect
be I-Effect
in I-Effect
dense I-Effect
, I-Effect
urban I-Effect
areas I-Effect
, I-Effect
where I-Effect
SBA I-Effect
has I-Effect
less I-Effect
of I-Effect
a I-Effect
presence I-Effect
. O

Both B-Effect
of I-Effect
these I-Effect
factors I-Effect
have I-Effect
become I-Effect
more I-Effect
favorable I-Effect
for I-Effect
PGE I-Effect
based O
on O
recent B-Cause
regulatory I-Cause
activity I-Cause
and I-Cause
falling I-Cause
market I-Cause
costs I-Cause
of I-Cause
capital I-Cause
. O

Through O
the O
discrete O
forecast O
, O
we O
anticipate O
international B-Effect
volumes I-Effect
will I-Effect
eclipse I-Effect
North I-Effect
America I-Effect
volumes I-Effect
as O
the B-Cause
company I-Cause
enters I-Cause
new I-Cause
international I-Cause
markets I-Cause
, O
although O
incremental B-Effect
international I-Effect
growth I-Effect
will I-Effect
likely I-Effect
be I-Effect
increasingly I-Effect
challenging I-Effect
to I-Effect
obtain I-Effect
as O
competitors B-Cause
expand I-Cause
. O

With O
around B-Cause
90 I-Cause
% I-Cause
of I-Cause
cigarette I-Cause
volumes I-Cause
from I-Cause
premium I-Cause
categories I-Cause
( I-Cause
primarily I-Cause
Marlboro I-Cause
) I-Cause
, O
Altria B-Effect
has I-Effect
more I-Effect
exposure I-Effect
to I-Effect
the I-Effect
advantaged I-Effect
premium I-Effect
segments I-Effect
than I-Effect
its I-Effect
competitors I-Effect
. O

This O
is O
in O
line O
with O
to O
slightly O
below O
our O
assumption O
for O
other O
consumer O
product O
companies O
and O
Heineken B-Cause
's I-Cause
cost I-Cause
structure I-Cause
currently O
offers O
opportunities B-Effect
to I-Effect
improve I-Effect
efficiency I-Effect
. O

However O
, O
much B-Effect
of I-Effect
the I-Effect
demand I-Effect
in I-Effect
Equity I-Effect
Residential I-Effect
's I-Effect
markets I-Effect
is I-Effect
absorbed I-Effect
by I-Effect
the I-Effect
supply I-Effect
growth I-Effect
of I-Effect
multifamily I-Effect
properties I-Effect
, O
as O
there B-Cause
are I-Cause
few I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
to I-Cause
the I-Cause
residential I-Cause
market I-Cause
, I-Cause
even I-Cause
in I-Cause
the I-Cause
largest I-Cause
and I-Cause
most I-Cause
dense I-Cause
cities I-Cause
. O

In O
addition O
to O
an O
intangible O
asset O
advantage O
, O
we O
believe O
Hyatt B-Effect
's I-Effect
increasing I-Effect
asset-light I-Effect
exposure I-Effect
generates I-Effect
a I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
, O
as O
managed B-Cause
and I-Cause
franchised I-Cause
contracts I-Cause
are I-Cause
typically I-Cause
for I-Cause
20-30 I-Cause
years I-Cause
( O
depending O
on O
the O
region O
and O
hotel O
) O
. O

If O
materials B-Cause
science I-Cause
interactions I-Cause
predicted I-Cause
in I-Cause
Dassault I-Cause
Systemes I-Cause
software I-Cause
prove I-Cause
faulty I-Cause
, O
animal B-Effect
or I-Effect
human I-Effect
testing I-Effect
of I-Effect
a I-Effect
drug I-Effect
could I-Effect
imply I-Effect
serious I-Effect
results I-Effect
and I-Effect
longer I-Effect
drug I-Effect
cycle I-Effect
times I-Effect
. O

NJR B-Effect
diversified I-Effect
outside I-Effect
its I-Effect
footprint I-Effect
with O
the B-Cause
$ I-Cause
367.5 I-Cause
million I-Cause
acquisition I-Cause
of I-Cause
the I-Cause
Leaf I-Cause
River I-Cause
( I-Cause
Mississippi I-Cause
) I-Cause
Energy I-Cause
Center I-Cause
in I-Cause
late I-Cause
2019 I-Cause
. O

Nordson B-Cause
's I-Cause
acquisition I-Cause
strategy I-Cause
has O
allowed O
the B-Effect
firm I-Effect
to I-Effect
enter I-Effect
into I-Effect
adjacent I-Effect
niche I-Effect
markets I-Effect
and O
expand B-Effect
its I-Effect
ability I-Effect
to I-Effect
handle I-Effect
specialty I-Effect
materials I-Effect
. O

We O
're O
anticipating O
that O
Huntington B-Effect
Ingalls I-Effect
' I-Effect
organic I-Effect
top I-Effect
line I-Effect
will I-Effect
slow I-Effect
materially I-Effect
in I-Effect
2021 I-Effect
as O
production B-Cause
reaches I-Cause
capacity I-Cause
and I-Cause
further I-Cause
growth I-Cause
becomes I-Cause
difficult I-Cause
, O
and O
we O
expect O
a O
2.9 O
% O
compound O
annual O
revenue O
growth O
rate O
for O
shipbuilding O
over O
our O
forecast O
period O
. O

The B-Cause
pandemic I-Cause
has O
resulted O
in O
lower B-Effect
demand I-Effect
from I-Effect
restaurants I-Effect
( O
50 O
% O
of O
sales O
) O
, O
although O
this O
is O
partially O
offset O
by O
strong O
retail O
demand O
, O
the O
other O
50 O
% O
of O
sales O
. O

Operating B-Effect
margins I-Effect
outperformed I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
dearth I-Cause
of I-Cause
available I-Cause
marketing I-Cause
occasions I-Cause
( I-Cause
concerts I-Cause
and I-Cause
sporting I-Cause
events I-Cause
, I-Cause
for I-Cause
example I-Cause
) I-Cause
, O
and O
while O
we O
expect O
a O
pullback O
in O
2021 O
( O
roughly O
50 O
basis O
points O
) O
, O
it O
's O
possible O
that O
the B-Effect
firm I-Effect
's I-Effect
momentum I-Effect
could I-Effect
sustain I-Effect
without B-Cause
commensurate I-Cause
brand I-Cause
investment I-Cause
over I-Cause
the I-Cause
medium I-Cause
term I-Cause
. O

Because O
Square B-Cause
's I-Cause
revenue I-Cause
is I-Cause
directly I-Cause
tied I-Cause
to I-Cause
revenue I-Cause
at I-Cause
its I-Cause
merchant I-Cause
customers I-Cause
, O
it B-Effect
is I-Effect
sensitive I-Effect
to I-Effect
macroeconomic I-Effect
conditions I-Effect
, I-Effect
and I-Effect
its I-Effect
focus I-Effect
on I-Effect
micro I-Effect
and I-Effect
small I-Effect
merchants I-Effect
magnifies I-Effect
this I-Effect
dynamic I-Effect
, O
as O
small B-Cause
merchants I-Cause
can I-Cause
fail I-Cause
in I-Cause
large I-Cause
numbers I-Cause
during I-Cause
recessions I-Cause
. O

Narrower B-Cause
discounts I-Cause
for I-Cause
inland I-Cause
crude I-Cause
have I-Cause
reduced I-Cause
opportunities I-Cause
on I-Cause
the I-Cause
East I-Cause
and I-Cause
West I-Cause
Coast I-Cause
to I-Cause
rail I-Cause
and I-Cause
barge I-Cause
discount I-Cause
light I-Cause
crude I-Cause
to I-Cause
its I-Cause
refineries I-Cause
to I-Cause
back I-Cause
out I-Cause
more I-Cause
expensive I-Cause
foreign I-Cause
imports. O
As O
a O
result O
, O
the B-Effect
refineries I-Effect
in I-Effect
these I-Effect
regions I-Effect
are I-Effect
less I-Effect
competitive I-Effect
than I-Effect
those I-Effect
on I-Effect
the I-Effect
Gulf I-Effect
Coast I-Effect
or I-Effect
in I-Effect
the I-Effect
midcontinent I-Effect
. O

Iodine B-Effect
demand I-Effect
has I-Effect
grown I-Effect
3 I-Effect
% I-Effect
annually I-Effect
over O
the O
past O
decade O
and O
should O
continue O
to O
grow O
at O
this O
pace O
as O
healthcare B-Cause
spending I-Cause
rises I-Cause
with I-Cause
aging I-Cause
populations I-Cause
. O

Our B-Effect
forecast I-Effect
for I-Effect
drillers I-Effect
' I-Effect
gross I-Effect
margin I-Effect
per I-Effect
rig I-Effect
day I-Effect
is I-Effect
driven I-Effect
by I-Effect
our I-Effect
expectations I-Effect
for I-Effect
utilization I-Effect
, O
as O
a B-Cause
tighter I-Cause
rig I-Cause
market I-Cause
should I-Cause
compel I-Cause
greater I-Cause
pricing I-Cause
power I-Cause
. O

Tourism B-Cause
is I-Cause
the I-Cause
most I-Cause
significant I-Cause
economic I-Cause
driver I-Cause
on I-Cause
the I-Cause
islands I-Cause
, O
resulting O
in O
COVID-19 B-Effect
having I-Effect
more I-Effect
impact I-Effect
on I-Effect
the I-Effect
Hawaiian I-Effect
economy I-Effect
than I-Effect
most I-Effect
other I-Effect
states I-Effect
. O

Because O
of O
these B-Cause
priorities I-Cause
related I-Cause
to I-Cause
mission I-Cause
critical I-Cause
product I-Cause
functions I-Cause
reflected I-Cause
in I-Cause
the I-Cause
choice I-Cause
to I-Cause
use I-Cause
Creo I-Cause
, O
we O
think O
that O
Creo B-Effect
exhibits I-Effect
high I-Effect
switching I-Effect
costs I-Effect
. O

Distribution B-Effect
expense I-Effect
fell I-Effect
from I-Effect
5.0 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
4.8 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
as O
a O
result O
of O
the B-Cause
Eby-Brown I-Cause
acquisition I-Cause
, O
and O
should O
fall O
to O
4.3 O
% O
in O
2023 O
including O
Core-Mark O
. O

As O
evidence O
of O
the B-Cause
firm I-Cause
's I-Cause
inability I-Cause
to I-Cause
sustain I-Cause
a I-Cause
competitive I-Cause
edge I-Cause
, O
the B-Effect
vast I-Effect
majority I-Effect
of I-Effect
Conagra I-Effect
's I-Effect
revenue I-Effect
base I-Effect
does I-Effect
not I-Effect
command I-Effect
pricing I-Effect
power I-Effect
, I-Effect
including I-Effect
some I-Effect
of I-Effect
its I-Effect
market-leading I-Effect
brands I-Effect
. O

In O
Italy O
, O
there O
is O
no O
cable O
TV O
operator O
, O
but O
fixed-line B-Effect
competition I-Effect
has I-Effect
increased I-Effect
as O
multiple B-Cause
operators I-Cause
build I-Cause
out I-Cause
fiber I-Cause
networks I-Cause
. O

Grainger B-Effect
continues I-Effect
to I-Effect
expand I-Effect
its I-Effect
endless I-Effect
assortment I-Effect
strategy I-Effect
, O
but O
we B-Cause
're I-Cause
skeptical I-Cause
of I-Cause
management I-Cause
's I-Cause
long-term I-Cause
profit I-Cause
margin I-Cause
goals I-Cause
for I-Cause
this I-Cause
business I-Cause
given I-Cause
strong I-Cause
competition I-Cause
in I-Cause
the I-Cause
space I-Cause
from I-Cause
the I-Cause
likes I-Cause
of I-Cause
Amazon I-Cause
Business I-Cause
and I-Cause
others I-Cause
. O

We O
ultimately O
foresee O
Snowflake B-Effect
achieving I-Effect
massive I-Effect
growth I-Effect
as O
it B-Cause
is I-Cause
well I-Cause
positioned I-Cause
within I-Cause
a I-Cause
large I-Cause
and I-Cause
growing I-Cause
Big I-Cause
Data I-Cause
market O
. O

Bank B-Cause
of I-Cause
America I-Cause
was I-Cause
hit I-Cause
quite I-Cause
hard I-Cause
during I-Cause
the I-Cause
crisis I-Cause
and I-Cause
underperformed I-Cause
peers I-Cause
, O
so O
it B-Effect
has I-Effect
not I-Effect
historically I-Effect
had I-Effect
any I-Effect
credit I-Effect
advantage I-Effect
in I-Effect
the I-Effect
last I-Effect
several I-Effect
decades I-Effect
. O

We O
see O
a B-Cause
confluence I-Cause
of I-Cause
factors I-Cause
driving I-Cause
improved I-Cause
profitability I-Cause
, I-Cause
including I-Cause
better I-Cause
operating I-Cause
leverage I-Cause
on I-Cause
higher I-Cause
sales I-Cause
volumes I-Cause
, I-Cause
a I-Cause
continued I-Cause
mix-shift I-Cause
to I-Cause
electronics I-Cause
products I-Cause
with I-Cause
higher I-Cause
selling I-Cause
prices I-Cause
, O
and O
improved O
EMEA B-Effect
and I-Effect
Asia-Pacific I-Effect
segment I-Effect
profitability I-Effect
as O
those O
businesses O
mature O
and O
gain O
scale O
. O

This B-Cause
is I-Cause
a I-Cause
rapidly I-Cause
evolving I-Cause
market I-Cause
and O
Microsoft B-Effect
must I-Effect
continually I-Effect
adjust I-Effect
its I-Effect
offerings I-Effect
, I-Effect
add I-Effect
solutions I-Effect
to I-Effect
the I-Effect
stack I-Effect
, I-Effect
and I-Effect
compete I-Effect
with I-Effect
a I-Effect
company I-Effect
that I-Effect
has I-Effect
built I-Effect
a I-Effect
business I-Effect
around I-Effect
aggressive I-Effect
pricing I-Effect
. O

Over O
time O
, O
the B-Effect
role I-Effect
of I-Effect
a I-Effect
pharmaceutical I-Effect
distributor I-Effect
has I-Effect
evolved I-Effect
with O
the B-Cause
increasing I-Cause
number I-Cause
of I-Cause
new I-Cause
therapies I-Cause
, I-Cause
formation I-Cause
of I-Cause
government I-Cause
regulatory I-Cause
organizations I-Cause
, I-Cause
and I-Cause
regulatory I-Cause
requirements I-Cause
and I-Cause
licensure I-Cause
of I-Cause
manufacturers I-Cause
, I-Cause
retail I-Cause
pharmacies I-Cause
, I-Cause
and I-Cause
pharmaceutical I-Cause
distributors I-Cause
. O

Longer B-Effect
term I-Effect
, I-Effect
our I-Effect
adjusted I-Effect
EBIT I-Effect
is I-Effect
forecast I-Effect
to I-Effect
grow I-Effect
6 I-Effect
% I-Effect
per I-Effect
year I-Effect
to I-Effect
GBP I-Effect
2.3 I-Effect
billion I-Effect
in I-Effect
2024. O
This O
is O
driven O
by O
revenue B-Cause
growth I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
low-single-digit I-Cause
increases I-Cause
in I-Cause
global I-Cause
defense I-Cause
spending I-Cause
and I-Cause
the I-Cause
contribution I-Cause
of I-Cause
the I-Cause
above-mentioned I-Cause
acquisitions I-Cause
. O

We O
are O
updating O
our O
valuation O
to O
$ O
91 O
per O
share O
from O
$ O
95 O
, O
purely O
driven O
by O
the B-Effect
change I-Effect
in I-Effect
the I-Effect
trading I-Effect
price I-Effect
of O
S O
& O
P O
's O
shares O
( O
just O
less O
than O
$ O
319 O
per O
share O
at O
the O
time O
of O
publication O
) O
and O
reflecting B-Cause
the I-Cause
market I-Cause
value I-Cause
of I-Cause
the I-Cause
merger I-Cause
consideration I-Cause
. O

For O
example O
, O
in O
communities O
where O
Cigna O
already O
has O
substantial O
market O
share O
, O
the O
company O
typically O
aims O
to O
increase B-Effect
its I-Effect
influence I-Effect
by O
offering B-Cause
lower I-Cause
costs I-Cause
or I-Cause
more I-Cause
benefits I-Cause
per I-Cause
member I-Cause
to I-Cause
existing I-Cause
and I-Cause
potential I-Cause
clients I-Cause
. O

Broad-based B-Effect
chipmakers I-Effect
like I-Effect
STMicro I-Effect
stand I-Effect
to I-Effect
profit I-Effect
from I-Effect
greater I-Effect
demand I-Effect
for O
advanced B-Cause
infotainment I-Cause
systems I-Cause
, I-Cause
battery I-Cause
management I-Cause
solutions I-Cause
, I-Cause
and I-Cause
sensors I-Cause
associated I-Cause
with I-Cause
new I-Cause
safety I-Cause
features I-Cause
like I-Cause
blind-spot I-Cause
detection I-Cause
. O

The B-Cause
bank I-Cause
's I-Cause
narrow I-Cause
product I-Cause
offering I-Cause
focuses I-Cause
its I-Cause
assets I-Cause
, O
giving B-Effect
Capital I-Effect
One I-Effect
the I-Effect
benefit I-Effect
of I-Effect
scale I-Effect
in I-Effect
its I-Effect
chosen I-Effect
business I-Effect
lines I-Effect
. O

We O
think O
Xylem B-Effect
is I-Effect
poised I-Effect
to I-Effect
benefit I-Effect
from I-Effect
long-term I-Effect
trends I-Effect
, O
including O
global B-Cause
population I-Cause
growth I-Cause
, I-Cause
water I-Cause
scarcity I-Cause
in I-Cause
developing I-Cause
countries I-Cause
, I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
replace I-Cause
aging I-Cause
water I-Cause
infrastructure I-Cause
in I-Cause
developed I-Cause
countries I-Cause
. O

We O
expect O
Fastly B-Cause
's I-Cause
burgeoning I-Cause
compute I-Cause
@ I-Cause
edge I-Cause
feature I-Cause
will O
contribute O
to O
existing B-Effect
customers I-Effect
continuing I-Effect
to I-Effect
increase I-Effect
their I-Effect
spending I-Effect
levels I-Effect
with I-Effect
the I-Effect
firm I-Effect
as I-Effect
they I-Effect
use I-Effect
edge I-Effect
computing I-Effect
capabilities I-Effect
to I-Effect
a I-Effect
greater I-Effect
extent I-Effect
. O

While O
we O
do O
not O
believe O
acquisitions O
have O
been O
transformative O
, O
the B-Cause
company I-Cause
has I-Cause
certainly I-Cause
made I-Cause
some I-Cause
larger I-Cause
acquisitions I-Cause
in O
order O
to O
help O
establish B-Effect
an I-Effect
immediate I-Effect
or I-Effect
larger I-Effect
presence I-Effect
in I-Effect
a I-Effect
particular I-Effect
solution I-Effect
. O

Demand B-Cause
for I-Cause
voice I-Cause
communications I-Cause
in I-Cause
customer I-Cause
service I-Cause
has I-Cause
been I-Cause
declining I-Cause
, O
leading O
to O
lower B-Effect
requirements I-Effect
for I-Effect
call I-Effect
center I-Effect
agents I-Effect
and I-Effect
thus I-Effect
lower I-Effect
incremental I-Effect
demand I-Effect
for I-Effect
CCaaS I-Effect
products I-Effect
. O

Consistent O
with O
our O
assessment O
of O
other O
vertically O
integrated O
EAF O
steelmakers O
, O
we O
do O
n't O
believe O
that O
CMC B-Cause
's I-Cause
recycling I-Cause
business I-Cause
provides B-Effect
the I-Effect
company I-Effect
with I-Effect
a I-Effect
meaningful I-Effect
, I-Effect
organic I-Effect
cost I-Effect
advantage I-Effect
relative I-Effect
to I-Effect
its I-Effect
peers I-Effect
. O

Even O
though O
its O
customers B-Cause
might I-Cause
be I-Cause
able I-Cause
to I-Cause
save I-Cause
money I-Cause
on I-Cause
a I-Cause
per-item I-Cause
basis I-Cause
by I-Cause
procuring I-Cause
items I-Cause
from I-Cause
different I-Cause
vendors I-Cause
, O
doing O
so O
requires B-Effect
time I-Effect
and I-Effect
more I-Effect
complicated I-Effect
logistical I-Effect
planning I-Effect
. O

We O
expect O
Lennar B-Effect
's I-Effect
home I-Effect
sales I-Effect
gross I-Effect
margin I-Effect
to I-Effect
average I-Effect
about I-Effect
24 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
due O
a B-Cause
sustained I-Cause
period I-Cause
of I-Cause
pricing I-Cause
power I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
and I-Cause
as I-Cause
cost-saving I-Cause
initiatives I-Cause
more I-Cause
than I-Cause
offset I-Cause
cost I-Cause
headwinds I-Cause
related I-Cause
to I-Cause
a I-Cause
tight I-Cause
supply I-Cause
of I-Cause
construction I-Cause
labor I-Cause
and I-Cause
land I-Cause
competition I-Cause
. O

Nuclear B-Cause
plants I-Cause
take I-Cause
nearly I-Cause
a I-Cause
decade I-Cause
to I-Cause
site I-Cause
and I-Cause
build I-Cause
, I-Cause
cost I-Cause
billions I-Cause
of I-Cause
dollars I-Cause
, I-Cause
and I-Cause
typically I-Cause
face I-Cause
community I-Cause
oopposition I-Cause
, O
creating O
significant B-Effect
barriers I-Effect
to I-Effect
entry I-Effect
. O

With B-Effect
care I-Effect
concierges I-Effect
, I-Effect
nurse I-Effect
practitioners I-Effect
, I-Effect
and I-Effect
dietitians I-Effect
in I-Effect
addition I-Effect
to I-Effect
pharmacists I-Effect
already I-Effect
on I-Effect
staff I-Effect
at I-Effect
these I-Effect
stores I-Effect
, O
CVS B-Cause
aims I-Cause
to I-Cause
provide I-Cause
a I-Cause
convenient I-Cause
way I-Cause
for I-Cause
people I-Cause
to I-Cause
check I-Cause
their I-Cause
health I-Cause
conditions I-Cause
. O

For O
public O
utilities O
, O
public B-Effect
safety I-Effect
considerations I-Effect
are I-Effect
also I-Effect
important I-Effect
, O
because O
equipment B-Cause
failures I-Cause
could I-Cause
even I-Cause
create I-Cause
an I-Cause
environmental I-Cause
hazard I-Cause
( O
for O
example O
, O
spills O
or O
sewer O
overflow O
) O
. O

These B-Effect
fees I-Effect
have I-Effect
been I-Effect
increasing I-Effect
rapidly I-Effect
over O
the O
past O
decade O
as O
the B-Effect
O I-Effect
& I-Effect
O I-Effect
stations I-Effect
have I-Effect
aggressively I-Effect
negotiated I-Effect
for I-Effect
higher I-Effect
fees I-Effect
by O
leveraging B-Cause
their I-Cause
must-have I-Cause
content I-Cause
and I-Cause
sport I-Cause
rights I-Cause
. O

In B-Cause
2019 I-Cause
Alliance I-Cause
Data I-Cause
Systems I-Cause
' I-Cause
overall I-Cause
cost I-Cause
of I-Cause
funding I-Cause
was I-Cause
3.29 I-Cause
% I-Cause
compared I-Cause
with I-Cause
2.70 I-Cause
% I-Cause
for I-Cause
Synchrony I-Cause
, O
giving O
it O
a B-Effect
cost I-Effect
disadvantage I-Effect
. O

When B-Cause
customers I-Cause
are I-Cause
using I-Cause
drugs I-Cause
on I-Cause
potentially I-Cause
millions I-Cause
of I-Cause
dollars I-Cause
' I-Cause
worth I-Cause
of I-Cause
livestock I-Cause
, I-Cause
or I-Cause
a I-Cause
pet I-Cause
that I-Cause
they I-Cause
love I-Cause
like I-Cause
a I-Cause
family I-Cause
member I-Cause
, O
they B-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
a I-Effect
premium I-Effect
to I-Effect
buy I-Effect
from I-Effect
a I-Effect
firm I-Effect
they I-Effect
trust I-Effect
. O

We O
anticipate O
pandemic B-Cause
test I-Cause
volume I-Cause
should I-Cause
decline I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
of I-Cause
2021 I-Cause
once I-Cause
there I-Cause
's I-Cause
widespread I-Cause
vaccination I-Cause
against I-Cause
COVID-19 I-Cause
in I-Cause
the I-Cause
U.S. O
This O
leads O
to O
our B-Effect
estimate I-Effect
for I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
at I-Effect
5 I-Effect
% I-Effect
through I-Effect
2024 I-Effect
and I-Effect
operating I-Effect
margin I-Effect
normalizing I-Effect
around I-Effect
15 I-Effect
% I-Effect
. O

While O
we O
believe O
many O
of O
these O
products O
enjoy O
switching O
costs O
, O
and O
areas B-Cause
such I-Cause
as I-Cause
payment I-Cause
processing I-Cause
have I-Cause
built I-Cause
economies I-Cause
of I-Cause
scale I-Cause
that O
lead O
to O
a B-Effect
cost I-Effect
advantage I-Effect
, O
switching O
costs O
for O
Information O
Technology O
Servicesthese O
services O
are O
not O
as O
immense O
as O
for O
core O
processing O
. O

Whether B-Cause
it I-Cause
's I-Cause
a I-Cause
safety I-Cause
feature I-Cause
, I-Cause
hybrid I-Cause
capability I-Cause
, I-Cause
or I-Cause
new I-Cause
cabin I-Cause
amenities I-Cause
, I-Cause
when I-Cause
OEMs I-Cause
wish I-Cause
to I-Cause
include I-Cause
a I-Cause
new I-Cause
feature I-Cause
in I-Cause
a I-Cause
vehicle I-Cause
, I-Cause
Sensata I-Cause
has I-Cause
the I-Cause
technical I-Cause
prowess I-Cause
to I-Cause
enable I-Cause
it I-Cause
and I-Cause
expand I-Cause
its I-Cause
install I-Cause
base I-Cause
in I-Cause
the I-Cause
vehicle. O
As O
such O
, O
the B-Effect
firm I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
grow I-Effect
its I-Effect
automotive I-Effect
and I-Effect
heavy I-Effect
vehicle I-Effect
revenue I-Effect
in I-Effect
excess I-Effect
of I-Effect
their I-Effect
underlying I-Effect
markets I-Effect
' I-Effect
growth I-Effect
by I-Effect
4 I-Effect
% I-Effect
and I-Effect
8.5 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
, I-Effect
since I-Effect
2016 I-Effect
. O

We O
are O
concerned O
Telus B-Effect
may I-Effect
be I-Effect
more I-Effect
susceptible I-Effect
to I-Effect
Shaw I-Effect
's I-Effect
move I-Effect
to I-Effect
become I-Effect
a I-Effect
national I-Effect
wireless I-Effect
competitor I-Effect
, O
as O
Shaw B-Cause
's I-Cause
gains I-Cause
may I-Cause
come I-Cause
disproportionately I-Cause
in I-Cause
the I-Cause
western I-Cause
provinces I-Cause
where I-Cause
it I-Cause
has I-Cause
a I-Cause
wireline I-Cause
business I-Cause
and I-Cause
name I-Cause
recognition I-Cause
, I-Cause
a I-Cause
footprint I-Cause
that I-Cause
overlaps I-Cause
with I-Cause
Telus I-Cause
. O

Database B-Effect
preferences I-Effect
are I-Effect
far I-Effect
wider I-Effect
today I-Effect
due O
to O
the B-Cause
sheer I-Cause
number I-Cause
of I-Cause
ways I-Cause
to I-Cause
manipulate I-Cause
data I-Cause
, O
and O
the O
different O
data O
storage O
practices O
this O
necessitates O
. O

While O
we O
see O
no O
evidence O
of O
this O
in O
the O
early O
stages O
, O
a O
significant O
pricing B-Cause
action I-Cause
for I-Cause
maintenance I-Cause
renewals I-Cause
can O
potentially O
lead O
to O
increased B-Effect
customer I-Effect
churn I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

Exact O
's O
acquired O
technologies O
from O
the O
Thrive O
and O
Base O
acquisitions O
have O
not O
yet O
been O
commercialized O
and O
it B-Effect
remains I-Effect
unclear I-Effect
whether I-Effect
Exact I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
convince I-Effect
payers I-Effect
to I-Effect
cover I-Effect
the I-Effect
test I-Effect
given O
that O
single-cancer B-Cause
screening I-Cause
may I-Cause
offer I-Cause
better I-Cause
test I-Cause
sensitivities I-Cause
. O

We B-Effect
think I-Effect
Snowflake I-Effect
's I-Effect
network I-Effect
effect I-Effect
is I-Effect
a I-Effect
product I-Effect
of I-Effect
its I-Effect
data I-Effect
marketplace I-Effect
because O
each B-Cause
Snowflake I-Cause
marketplace I-Cause
user I-Cause
benefits I-Cause
from I-Cause
each I-Cause
additional I-Cause
Snowflake I-Cause
data I-Cause
set I-Cause
provider I-Cause
on I-Cause
the I-Cause
platform I-Cause
and I-Cause
vice I-Cause
versa I-Cause
. O

Both B-Effect
firms I-Effect
are I-Effect
able I-Effect
to I-Effect
earn I-Effect
economic I-Effect
profits I-Effect
when O
demand B-Cause
is I-Cause
strong I-Cause
and I-Cause
supply I-Cause
is I-Cause
tight I-Cause
, O
but O
any O
glut O
of O
supply O
can O
cause O
prices O
to O
sink O
, O
bringing O
economic O
profits O
with O
them鈥攁s O
seen O
in O
2016 O
and O
2019 O
. O

Furthermore O
, O
if O
the B-Cause
hospital I-Cause
trend I-Cause
toward I-Cause
bundled I-Cause
multiline I-Cause
contracts I-Cause
expands I-Cause
beyond I-Cause
the I-Cause
cardiac I-Cause
therapeutic I-Cause
area I-Cause
, O
Abbott B-Effect
could I-Effect
find I-Effect
itself I-Effect
at I-Effect
a I-Effect
disadvantage I-Effect
compared O
with O
key O
rivals O
such O
as O
Medtronic O
, O
Stryker O
, O
and O
Johnson O
& O
Johnson O
. O

Preferably O
, O
the B-Effect
deposit I-Effect
base I-Effect
consists I-Effect
mostly I-Effect
of I-Effect
retail I-Effect
rather I-Effect
than I-Effect
wholesale I-Effect
deposits I-Effect
, O
as O
the B-Cause
former I-Cause
tend I-Cause
to I-Cause
be I-Cause
stickier I-Cause
and I-Cause
lower I-Cause
cost I-Cause
compared I-Cause
with I-Cause
the I-Cause
latter I-Cause
. O

In O
the O
fixed-line O
business O
, O
we O
expect O
revenue B-Effect
will I-Effect
decline I-Effect
through I-Effect
2022 I-Effect
, I-Effect
with I-Effect
some I-Effect
stability I-Effect
thereafter I-Effect
as O
wholesale B-Cause
revenue I-Cause
derived I-Cause
from I-Cause
Verizon I-Cause
's I-Cause
fiber I-Cause
efforts I-Cause
offsets I-Cause
the I-Cause
decline I-Cause
of I-Cause
legacy I-Cause
voice I-Cause
services I-Cause
, O
and O
as O
Fios B-Cause
enables I-Cause
the I-Cause
consumer I-Cause
business I-Cause
to I-Cause
grow I-Cause
modestly I-Cause
. O

Within O
the O
technologies O
business O
we O
anticipate O
the B-Cause
continued I-Cause
adoption I-Cause
of I-Cause
CAD/CAM I-Cause
and I-Cause
digital I-Cause
technologies I-Cause
to O
offset O
declines B-Effect
in I-Effect
more I-Effect
dated I-Effect
imaging I-Effect
technologies I-Effect
and I-Effect
continue I-Effect
to I-Effect
erode I-Effect
with I-Effect
increased I-Effect
competition I-Effect
. O

We B-Cause
currently I-Cause
assume I-Cause
an I-Cause
in-service I-Cause
date I-Cause
of I-Cause
late I-Cause
2021 I-Cause
for I-Cause
MVP I-Cause
and I-Cause
a I-Cause
capital I-Cause
cost I-Cause
of I-Cause
$ I-Cause
5.9 I-Cause
billion. O
As O
a O
result O
, O
our B-Effect
overall I-Effect
adjusted I-Effect
EBITDA I-Effect
( I-Effect
which I-Effect
includes I-Effect
equity I-Effect
income I-Effect
from I-Effect
MVP I-Effect
but I-Effect
excludes I-Effect
the I-Effect
deferred I-Effect
revenue I-Effect
associated I-Effect
with I-Effect
the I-Effect
latest I-Effect
EQT I-Effect
contracts I-Effect
) I-Effect
increases I-Effect
to I-Effect
$ I-Effect
1.7 I-Effect
billion I-Effect
in I-Effect
2024 I-Effect
compared I-Effect
with I-Effect
$ I-Effect
1.2 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
. O

This B-Cause
dynamic I-Cause
has I-Cause
created I-Cause
a I-Cause
virtuous I-Cause
cycle I-Cause
for I-Cause
JLL I-Cause
, O
allowing O
it B-Effect
to I-Effect
simultaneously I-Effect
retain I-Effect
top I-Effect
talent I-Effect
and I-Effect
poach I-Effect
employees I-Effect
from I-Effect
its I-Effect
competitors I-Effect
. O

If B-Cause
China I-Cause
were I-Cause
to I-Cause
increase I-Cause
regulations I-Cause
on I-Cause
non-sovereign I-Cause
suppliers I-Cause
or I-Cause
if I-Cause
a I-Cause
trade I-Cause
war I-Cause
were I-Cause
to I-Cause
materialize I-Cause
, O
Sensata B-Effect
's I-Effect
growth I-Effect
prospects I-Effect
might I-Effect
be I-Effect
muted I-Effect
. O

However O
, O
deviation B-Effect
from I-Effect
this I-Effect
expectation I-Effect
( O
possibly O
a O
result O
of O
competitive B-Cause
encroachment I-Cause
on I-Cause
the I-Cause
off-price I-Cause
segment I-Cause
or I-Cause
improved I-Cause
production I-Cause
forecasting I-Cause
technology I-Cause
, I-Cause
or I-Cause
conversely I-Cause
a I-Cause
greater-than-anticipated I-Cause
shift I-Cause
from I-Cause
traditional I-Cause
physical I-Cause
retail I-Cause
into I-Cause
the I-Cause
off-price I-Cause
sector I-Cause
) O
could O
lead O
performance O
to O
stray B-Effect
from I-Effect
our I-Effect
targets I-Effect
. O

After O
fiscal O
2020 O
's O
pandemic-driven O
5.6 O
% O
organic O
sales O
boost O
, O
we O
expect O
flat B-Effect
organic I-Effect
sales I-Effect
in I-Effect
2021 I-Effect
, O
as O
continued B-Cause
at-home I-Cause
eating I-Cause
benefits I-Cause
the I-Cause
first I-Cause
three I-Cause
quarters I-Cause
, O
which O
should O
be O
offset O
by O
a B-Effect
fourth-quarter I-Effect
decline I-Effect
when O
peak B-Cause
pantry-stocking I-Cause
is I-Cause
lapped I-Cause
. O

Google B-Cause
's I-Cause
continuing I-Cause
investment I-Cause
in I-Cause
machine I-Cause
learning I-Cause
should O
help O
increase B-Cause
the I-Cause
effectiveness I-Cause
of I-Cause
ad I-Cause
rankings I-Cause
and I-Cause
placements I-Cause
, O
resulting O
in O
higher B-Cause
ROI I-Cause
for I-Cause
advertisers I-Cause
and O
increased B-Effect
revenue I-Effect
for I-Effect
Google I-Effect
. O

However O
, O
the B-Cause
resources I-Cause
industry I-Cause
is I-Cause
still I-Cause
capital-intensive I-Cause
, I-Cause
and I-Cause
cyclicality I-Cause
provides O
ample B-Effect
opportunity I-Effect
for I-Effect
management I-Effect
to I-Effect
invest I-Effect
at I-Effect
the I-Effect
wrong I-Effect
points I-Effect
in I-Effect
the I-Effect
cycle I-Effect
. O

One O
of O
Amazon O
's O
key O
advantages O
is O
the B-Cause
operational I-Cause
efficiency I-Cause
of I-Cause
its I-Cause
fulfillment I-Cause
and I-Cause
distribution I-Cause
network I-Cause
, O
which O
satisfies B-Effect
consumer I-Effect
demand I-Effect
for I-Effect
free I-Effect
and I-Effect
expedited I-Effect
shipping I-Effect
( O
including O
expanded O
one-day O
delivery O
options O
for O
Prime O
members O
starting O
in O
2019 O
) O
. O

CP B-Effect
has I-Effect
posted I-Effect
impressive I-Effect
margin I-Effect
improvement I-Effect
in I-Effect
recent I-Effect
years I-Effect
and I-Effect
that I-Effect
trend I-Effect
has I-Effect
continued I-Effect
into I-Effect
2020 I-Effect
as O
the B-Cause
firm I-Cause
has I-Cause
quickly I-Cause
and I-Cause
efficiently I-Cause
right I-Cause
sized I-Cause
headcount I-Cause
and I-Cause
assets I-Cause
to I-Cause
demand I-Cause
levels I-Cause
. O

We B-Effect
think I-Effect
these I-Effect
cost I-Effect
dynamics I-Effect
threaten I-Effect
to I-Effect
obviate I-Effect
the I-Effect
competitive I-Effect
benefits I-Effect
GE I-Effect
derives I-Effect
from I-Effect
its I-Effect
massive I-Effect
installed I-Effect
base I-Effect
in I-Effect
gas I-Effect
turbines I-Effect
, O
particularly B-Cause
as I-Cause
renewables I-Cause
also I-Cause
offer I-Cause
a I-Cause
far I-Cause
more I-Cause
attractive I-Cause
and I-Cause
minimal I-Cause
carbon I-Cause
footprint I-Cause
. O

Recently O
, O
legal B-Cause
accruals I-Cause
and I-Cause
other I-Cause
charges I-Cause
have I-Cause
weighed I-Cause
on I-Cause
the I-Cause
bank I-Cause
, O
but O
we O
anticipate O
these O
eventually O
go O
away O
, O
and O
the B-Effect
bank I-Effect
will I-Effect
return I-Effect
to I-Effect
a I-Effect
more I-Effect
normal I-Effect
operating I-Effect
position I-Effect
. O

The B-Cause
EUR I-Cause
250.0 I-Cause
million I-Cause
now I-Cause
being I-Cause
saved I-Cause
on I-Cause
the I-Cause
interim I-Cause
will O
be O
used O
to O
help O
pay B-Effect
down I-Effect
debt I-Effect
with I-Effect
EUR I-Effect
550.0 I-Effect
million I-Effect
of I-Effect
senior I-Effect
debt I-Effect
already I-Effect
earmarked I-Effect
for I-Effect
December I-Effect
. O

Customers B-Effect
may I-Effect
postpone I-Effect
their I-Effect
equipment I-Effect
purchases I-Effect
in I-Effect
times I-Effect
of O
high B-Cause
borrowing I-Cause
costs I-Cause
as O
loan O
demand O
is O
negatively O
correlated O
with O
interest O
rates O
. O

Energy B-Effect
Transfer I-Effect
is I-Effect
reaping I-Effect
the I-Effect
earnings I-Effect
and I-Effect
cash I-Effect
from O
the B-Cause
SemGroup I-Cause
acquisition I-Cause
and O
large B-Cause
projects I-Cause
like I-Cause
the I-Cause
Rover I-Cause
gas I-Cause
pipeline I-Cause
, I-Cause
midstream I-Cause
expansions I-Cause
, O
and O
NGL B-Cause
fractionation I-Cause
expansions I-Cause
that O
finished O
in O
2018 O
and O
2019 O
. O

Being O
the O
largest O
restaurant O
group O
, O
Yum B-Cause
China I-Cause
certainly I-Cause
possesses I-Cause
economies I-Cause
of I-Cause
scale I-Cause
, O
thus O
wielding B-Effect
considerable I-Effect
influence I-Effect
over I-Effect
suppliers I-Effect
, I-Effect
ensuring I-Effect
access I-Effect
to I-Effect
food I-Effect
and I-Effect
other I-Effect
raw I-Effect
materials I-Effect
at I-Effect
predictable I-Effect
, I-Effect
competitive I-Effect
prices I-Effect
. O

According B-Cause
to I-Cause
a I-Cause
2015 I-Cause
study I-Cause
by I-Cause
GfK I-Cause
, I-Cause
41 I-Cause
% I-Cause
of I-Cause
Dutch I-Cause
respondents I-Cause
had I-Cause
their I-Cause
main I-Cause
personal I-Cause
current I-Cause
account I-Cause
with I-Cause
ING. O
This O
provides B-Effect
ING I-Effect
with I-Effect
an I-Effect
enviable I-Effect
source I-Effect
of I-Effect
essentially I-Effect
free I-Effect
funding I-Effect
, I-Effect
additionally I-Effect
ING I-Effect
has I-Effect
a I-Effect
26 I-Effect
% I-Effect
share I-Effect
of I-Effect
Dutch I-Effect
savings I-Effect
deposits I-Effect
. O

We O
model O
cable B-Effect
margins I-Effect
to I-Effect
expand I-Effect
a I-Effect
bit I-Effect
from I-Effect
2020 I-Effect
, I-Effect
largely I-Effect
due O
to O
a B-Cause
greater I-Cause
shift I-Cause
toward I-Cause
the I-Cause
IP-based I-Cause
Ignite I-Cause
TV I-Cause
offering I-Cause
, O
but O
we O
expect O
most O
Ignite O
savings O
will O
show O
up O
in O
lower O
capital O
expenditures O
rather O
than O
operating O
expenses O
. O

We O
expect O
Huntington B-Effect
Ingalls I-Effect
will I-Effect
be I-Effect
a I-Effect
leader I-Effect
in O
this O
space O
due O
to O
its B-Cause
acquisitions I-Cause
of I-Cause
Hydroid I-Cause
and I-Cause
the I-Cause
autonomy I-Cause
business I-Cause
of I-Cause
Spatial I-Cause
Integrated I-Cause
Systems I-Cause
. O

CoStar B-Cause
has I-Cause
succesfully I-Cause
established I-Cause
back-end I-Cause
data I-Cause
feeds I-Cause
between I-Cause
CoStar I-Cause
's I-Cause
listing I-Cause
platforms I-Cause
and I-Cause
the I-Cause
CoStar I-Cause
Suite I-Cause
data I-Cause
offering. O
This O
process O
reduces B-Effect
the I-Effect
cost I-Effect
of I-Effect
data I-Effect
procurement I-Effect
as I-Effect
compared I-Effect
with I-Effect
a I-Effect
potential I-Effect
entrant I-Effect
, I-Effect
which I-Effect
would I-Effect
rely I-Effect
on I-Effect
a I-Effect
more I-Effect
manual I-Effect
process I-Effect
. O

Nice O
has O
strong B-Cause
retention I-Cause
rates I-Cause
( I-Cause
above I-Cause
90 I-Cause
% I-Cause
, I-Cause
we I-Cause
believe I-Cause
) I-Cause
in I-Cause
both I-Cause
segments I-Cause
, I-Cause
coupled I-Cause
with I-Cause
an I-Cause
increase I-Cause
in I-Cause
recurring I-Cause
revenue I-Cause
, O
which O
we O
consider O
evidence O
of O
customer B-Effect
switching I-Effect
costs I-Effect
. O

Because O
China B-Cause
lacked I-Cause
reputable I-Cause
food I-Cause
distributors I-Cause
when I-Cause
the I-Cause
company I-Cause
entered I-Cause
the I-Cause
country I-Cause
in I-Cause
the I-Cause
1990s I-Cause
, O
KFC B-Effect
had I-Effect
to I-Effect
develop I-Effect
its I-Effect
own I-Effect
distribution I-Effect
infrastructure I-Effect
, O
which O
now O
encompasses O
25 O
logistics O
facilities O
, O
six O
consolidation O
centers O
, O
and O
a O
fleet O
of O
approximately O
2,100 O
refrigerated O
trucks O
. O

Our B-Effect
valuation I-Effect
does I-Effect
not I-Effect
include I-Effect
a I-Effect
potential I-Effect
sale I-Effect
of I-Effect
the I-Effect
South I-Effect
American I-Effect
industrial I-Effect
chemicals I-Effect
business I-Effect
as O
a B-Cause
deal I-Cause
has I-Cause
not I-Cause
yet I-Cause
been I-Cause
announced I-Cause
. O

That O
said O
, O
the B-Cause
Macao I-Cause
market I-Cause
is I-Cause
highly I-Cause
regulated I-Cause
, O
and O
as O
a O
result O
, O
the B-Effect
pace I-Effect
and I-Effect
timing I-Effect
of I-Effect
growth I-Effect
are I-Effect
at I-Effect
the I-Effect
discretion I-Effect
of I-Effect
the I-Effect
government I-Effect
. O

Spills B-Effect
also I-Effect
occur I-Effect
from I-Effect
time I-Effect
to I-Effect
time I-Effect
during I-Effect
long-haul I-Effect
transit I-Effect
over I-Effect
land I-Effect
, I-Effect
and I-Effect
Occidental I-Effect
could I-Effect
be I-Effect
vulnerable I-Effect
there O
as O
well O
, O
since O
it B-Cause
has I-Cause
substantial I-Cause
midstream I-Cause
operations I-Cause
. O

Larger B-Cause
clients I-Cause
' I-Cause
cost-reduction I-Cause
steps I-Cause
have O
forced O
the B-Cause
Big I-Cause
Five I-Cause
to I-Cause
further I-Cause
consolidate I-Cause
to O
create B-Effect
cost I-Effect
efficiencies I-Effect
over I-Effect
smaller I-Effect
ad I-Effect
agencies I-Effect
and I-Effect
minimize I-Effect
the I-Effect
impact I-Effect
of I-Effect
possibly I-Effect
lower I-Effect
prices I-Effect
offered I-Effect
by I-Effect
the I-Effect
clients I-Effect
. O

Considering O
that O
Medtronic B-Cause
has I-Cause
more I-Cause
attractive I-Cause
near-term I-Cause
prospects I-Cause
in I-Cause
its I-Cause
progress I-Cause
toward I-Cause
closing I-Cause
the I-Cause
loop I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
Medtronic I-Effect
to I-Effect
pose I-Effect
much I-Effect
of I-Effect
a I-Effect
threat I-Effect
to I-Effect
Insulet I-Effect
's I-Effect
niche I-Effect
in I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

In O
a B-Cause
normalized I-Cause
rate I-Cause
environment I-Cause
, O
profits B-Effect
and I-Effect
returns I-Effect
are I-Effect
almost I-Effect
certain I-Effect
to I-Effect
be I-Effect
higher I-Effect
than I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
, O
as O
the B-Cause
low-cost I-Cause
deposit I-Cause
base I-Cause
remains I-Cause
in I-Cause
place I-Cause
and I-Cause
loans I-Cause
reach I-Cause
more I-Cause
normalized I-Cause
yields I-Cause
, O
causing O
net B-Effect
interest I-Effect
margins I-Effect
to I-Effect
expand I-Effect
. O

A B-Cause
strike I-Cause
by I-Cause
these I-Cause
workers I-Cause
would O
likely O
hurt O
the B-Effect
stock I-Effect
price I-Effect
, O
but O
we O
expect O
any O
downturn O
from O
a O
strike O
to O
last O
just O
for O
a O
short O
time O
. O

To O
do O
so O
, O
the B-Effect
company I-Effect
is I-Effect
undergoing I-Effect
a I-Effect
massive I-Effect
capacity I-Effect
expansion I-Effect
to O
grow B-Cause
the I-Cause
number I-Cause
of I-Cause
vehicles I-Cause
it I-Cause
can I-Cause
produce I-Cause
. O

We B-Effect
are I-Effect
lifting I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
on I-Effect
Capri I-Effect
to I-Effect
$ I-Effect
47 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
43.50 I-Effect
as O
the B-Cause
company I-Cause
appears I-Cause
to I-Cause
be I-Cause
emerging I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
crisis I-Cause
quicker I-Cause
than I-Cause
originally I-Cause
expected I-Cause
despite I-Cause
ongoing I-Cause
store I-Cause
disruptions I-Cause
. O

We O
expect O
meaningful B-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
for I-Effect
ON I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
investments B-Cause
in I-Cause
streamlining I-Cause
its I-Cause
manufacturing I-Cause
bear I-Cause
fruit I-Cause
and I-Cause
its I-Cause
top I-Cause
line I-Cause
expands I-Cause
. O

While O
CoreSite O
has O
benefited O
from O
the O
cloud O
trend O
, O
it B-Effect
is I-Effect
not I-Effect
aggressively I-Effect
expanding I-Effect
its I-Effect
footprint I-Effect
to I-Effect
simply I-Effect
accommodate I-Effect
cloud I-Effect
providers I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
is I-Effect
smart I-Effect
, O
since O
we B-Cause
do I-Cause
n't I-Cause
see I-Cause
competitive I-Cause
advantages I-Cause
in I-Cause
generic I-Cause
data I-Cause
centers I-Cause
, O
but O
it O
does O
limit O
CoreSite O
's O
addressable O
market O
. O

Eventually O
the O
company O
will O
need O
to O
attract B-Effect
younger I-Effect
consumers I-Effect
to I-Effect
its I-Effect
brand I-Effect
, O
when O
baby B-Cause
boomers I-Cause
become I-Cause
too I-Cause
old I-Cause
to O
enjoy B-Effect
the I-Effect
RV I-Effect
lifestyle I-Effect
. O

These B-Cause
side I-Cause
effects I-Cause
led O
Tegsedi B-Effect
partner I-Effect
GlaxoSmithKline I-Effect
to I-Effect
not I-Effect
proceed I-Effect
with I-Effect
a I-Effect
planned I-Effect
phase I-Effect
3 I-Effect
trial I-Effect
in I-Effect
familial I-Effect
amyloid I-Effect
cardiomyopathy I-Effect
and I-Effect
opt I-Effect
out I-Effect
rights I-Effect
to I-Effect
the I-Effect
drug I-Effect
's I-Effect
commercialization I-Effect
in I-Effect
FAP I-Effect
. O

Customers B-Cause
in I-Cause
these I-Cause
markets I-Cause
demand I-Cause
highly I-Cause
technical I-Cause
, I-Cause
engineered I-Cause
solutions I-Cause
and I-Cause
trust I-Cause
Dover I-Cause
's I-Cause
portfolio I-Cause
of I-Cause
brands I-Cause
to O
meet B-Effect
both I-Effect
safety I-Effect
and I-Effect
environmental I-Effect
regulatory I-Effect
standards I-Effect
. O

Over O
the O
next O
20 O
years O
, O
we O
think O
Monolithic B-Cause
's I-Cause
asset-light I-Cause
business I-Cause
model I-Cause
will O
allow O
it B-Effect
to I-Effect
continue I-Effect
to I-Effect
earn I-Effect
returns I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
course I-Effect
of I-Effect
the I-Effect
business I-Effect
cycle I-Effect
and I-Effect
through I-Effect
heightened I-Effect
competition I-Effect
as I-Effect
it I-Effect
grows I-Effect
. O

We O
see B-Effect
operating I-Effect
margins I-Effect
approaching I-Effect
50 I-Effect
% I-Effect
by I-Effect
2029 I-Effect
, O
as O
several B-Cause
of I-Cause
the I-Cause
most I-Cause
advanced I-Cause
programs I-Cause
at I-Cause
Ionis I-Cause
are I-Cause
partnered I-Cause
and I-Cause
are I-Cause
likely I-Cause
to I-Cause
translate I-Cause
into I-Cause
higher-margin I-Cause
cash I-Cause
flows I-Cause
from I-Cause
milestones I-Cause
and I-Cause
royalty-based I-Cause
payments I-Cause
. O

Also O
, O
investors O
should O
know O
that O
the B-Cause
company I-Cause
's I-Cause
acquisition I-Cause
activities I-Cause
, O
while O
strategically O
attractive O
, O
may O
constrain B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
including O
goodwill O
for O
the O
foreseeable O
future O
, O
which O
is O
the B-Effect
key I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risk I-Effect
the I-Effect
company I-Effect
faces I-Effect
in I-Effect
terms I-Effect
of I-Effect
its I-Effect
governance I-Effect
practices I-Effect
, O
in O
our O
opinion O
. O

These O
efforts B-Cause
have O
driven B-Effect
about I-Effect
200 I-Effect
basis I-Effect
points I-Effect
of I-Effect
operating I-Effect
margin I-Effect
improvement I-Effect
, O
resulting O
in O
20 O
% O
margins O
for O
the O
domestic O
business O
and O
22 O
% O
for O
the O
international O
division O
. O

In O
addition O
to O
higher-performing O
products O
, O
Fortinet O
allows O
customers B-Effect
to I-Effect
increase I-Effect
their I-Effect
security I-Effect
footprint I-Effect
outside I-Effect
their I-Effect
core I-Effect
centralized I-Effect
data I-Effect
center I-Effect
as O
their O
network B-Cause
operations I-Cause
expand I-Cause
with I-Cause
cloud-based I-Cause
applications I-Cause
, I-Cause
mobile I-Cause
users I-Cause
, I-Cause
and I-Cause
the I-Cause
usage I-Cause
of I-Cause
multiple I-Cause
clouds I-Cause
. O

Combined B-Cause
with I-Cause
the I-Cause
company I-Cause
's I-Cause
high I-Cause
customer I-Cause
retention I-Cause
and I-Cause
strategic I-Cause
importance I-Cause
of I-Cause
its I-Cause
solutions I-Cause
, O
we O
have O
confidence O
that O
such B-Effect
excess I-Effect
returns I-Effect
will I-Effect
probably I-Effect
continue I-Effect
for I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. I-Effect

Although O
we O
think O
short-term B-Cause
volatility I-Cause
will O
negatively O
affect O
the B-Effect
commercial I-Effect
real I-Effect
estate I-Effect
industry I-Effect
through I-Effect
the I-Effect
duration I-Effect
of I-Effect
this I-Effect
coronavirus-induced I-Effect
economic I-Effect
downturn I-Effect
, O
Cushman O
& O
Wakefield O
should O
continue O
to O
benefit O
from O
tailwinds O
affecting O
its O
industry O
. O

Based O
on O
a B-Cause
sensitivity I-Cause
of I-Cause
market I-Cause
rates I-Cause
( I-Cause
Fully I-Cause
loaded I-Cause
retail I-Cause
rental I-Cause
rates I-Cause
of I-Cause
$ I-Cause
35/square I-Cause
feet I-Cause
) I-Cause
, O
we O
estimate O
each B-Effect
dollar I-Effect
negotiated I-Effect
in I-Effect
favor I-Effect
of I-Effect
Walgreens I-Effect
would I-Effect
benefit I-Effect
the I-Effect
company I-Effect
$ I-Effect
150 I-Effect
million- I-Effect
$ I-Effect
200 I-Effect
million I-Effect
annually I-Effect
. O

As O
alternatives B-Cause
arise I-Cause
( O
via O
current O
competition O
or O
startups O
) O
, O
Nvidia B-Effect
's I-Effect
recent I-Effect
explosive I-Effect
growth I-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
sustain I-Effect
, O
in O
our O
view O
. O

This O
is O
260 B-Effect
basis I-Effect
points I-Effect
above I-Effect
the I-Effect
margin I-Effect
achieved I-Effect
in I-Effect
2019 I-Effect
, O
boosted O
by O
the B-Cause
integration I-Cause
of I-Cause
and I-Cause
synergies I-Cause
from I-Cause
the I-Cause
higher-margin I-Cause
Reynolds I-Cause
business I-Cause
( I-Cause
it I-Cause
achieved I-Cause
a I-Cause
45 I-Cause
% I-Cause
EBIT I-Cause
margin I-Cause
in I-Cause
its I-Cause
final I-Cause
year I-Cause
of I-Cause
independence I-Cause
) I-Cause
and O
in O
line O
with O
our O
assumption O
for O
Philip O
Morris O
International O
. O

Though O
corollaries O
of O
the O
pandemic O
will O
likely O
linger O
, O
we O
believe O
increasing B-Cause
vaccination I-Cause
levels I-Cause
globally I-Cause
should O
facilitate O
a B-Effect
more I-Effect
favorable I-Effect
commercial I-Effect
backdrop I-Effect
throughout I-Effect
the I-Effect
year I-Effect
. O

While B-Cause
plans I-Cause
to I-Cause
still I-Cause
enter I-Cause
the I-Cause
middleweight I-Cause
market I-Cause
in I-Cause
2021 I-Cause
exist I-Cause
, I-Cause
we I-Cause
surmise I-Cause
it I-Cause
will I-Cause
occur I-Cause
in I-Cause
a I-Cause
much I-Cause
more I-Cause
methodical I-Cause
way I-Cause
, I-Cause
derisking I-Cause
rapid I-Cause
average I-Cause
selling I-Cause
price I-Cause
declines. O
These O
pivots O
will O
likely O
help O
restore B-Effect
a I-Effect
significant I-Effect
amount I-Effect
of I-Effect
gross I-Effect
margin I-Effect
loss I-Effect
, I-Effect
potentially I-Effect
helping I-Effect
motorcycle I-Effect
operating I-Effect
margins I-Effect
return I-Effect
to I-Effect
a I-Effect
low-teens I-Effect
level I-Effect
over I-Effect
our I-Effect
forecast I-Effect
from I-Effect
an I-Effect
adjusted I-Effect
9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

Oregon O
has O
faced O
the O
opposite O
problem O
, O
as O
an B-Cause
excessive I-Cause
amount I-Cause
of I-Cause
cultivation I-Cause
licences I-Cause
has O
led O
to O
market B-Effect
oversupply I-Effect
, I-Effect
driving I-Effect
lower I-Effect
prices I-Effect
. O

This O
should O
not O
affect B-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
unless O
travel B-Cause
demand I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, O
leading O
to O
the B-Effect
potential I-Effect
need I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, I-Effect
which I-Effect
could I-Effect
occur I-Effect
at I-Effect
value-destructive I-Effect
levels I-Effect
. O

Over O
the O
past O
century O
, O
Caterpillar B-Cause
has I-Cause
skillfully I-Cause
constructed I-Cause
a I-Cause
product I-Cause
portfolio I-Cause
that O
has O
made O
it B-Effect
the I-Effect
largest I-Effect
construction I-Effect
and I-Effect
mining I-Effect
equipment I-Effect
manufacturer I-Effect
in I-Effect
the I-Effect
world I-Effect
. O

We O
also O
anticipate O
low-single-digit B-Effect
same-store I-Effect
sales I-Effect
growth I-Effect
as I-Effect
the I-Effect
firm I-Effect
leverages I-Effect
its I-Effect
concept O
to O
target B-Cause
a I-Cause
broad I-Cause
swath I-Cause
of I-Cause
customers I-Cause
. O

Second O
, O
engineering B-Cause
a I-Cause
solution I-Cause
to I-Cause
any I-Cause
potential I-Cause
defect I-Cause
is I-Cause
relatively I-Cause
quick I-Cause
, O
which O
generally O
allows O
the B-Effect
firm I-Effect
to I-Effect
introduce I-Effect
a I-Effect
replacement I-Effect
product I-Effect
or O
even O
dust B-Effect
off I-Effect
an I-Effect
older I-Effect
, I-Effect
proven I-Effect
product I-Effect
before O
too O
many O
sales O
are O
lost O
. O

We O
believe O
that O
this O
results O
in O
sticky B-Effect
customer I-Effect
relationships I-Effect
as O
clients B-Cause
want I-Cause
to I-Cause
ensure I-Cause
that I-Cause
their I-Cause
production I-Cause
lines I-Cause
continue I-Cause
to I-Cause
operate I-Cause
smoothly I-Cause
. O

Additionally O
, O
operating B-Effect
margins I-Effect
are I-Effect
modeled I-Effect
to I-Effect
reach I-Effect
23 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from O
about O
13 O
% O
in O
the O
prepandemic O
year O
of O
2019 O
, O
aided O
by O
long-term B-Cause
growth I-Cause
and I-Cause
mix I-Cause
shift I-Cause
to I-Cause
higher-margin I-Cause
premium I-Cause
mass- I-Cause
and I-Cause
nongaming I-Cause
in I-Cause
the I-Cause
Macao I-Cause
market I-Cause
. O

For O
customers O
, O
switching B-Effect
to I-Effect
an I-Effect
alternative I-Effect
provider I-Effect
that I-Effect
is I-Effect
working I-Effect
to I-Effect
improve I-Effect
its I-Effect
dealer I-Effect
network I-Effect
poses I-Effect
significant I-Effect
risk I-Effect
to I-Effect
their I-Effect
operations I-Effect
, O
with O
the B-Cause
potential I-Cause
for I-Cause
disruptions I-Cause
from I-Cause
machine I-Cause
failures I-Cause
and I-Cause
long I-Cause
lead I-Cause
times I-Cause
to I-Cause
service I-Cause
equipment I-Cause
. O

Driving B-Effect
QCT I-Effect
growth I-Effect
is O
the B-Cause
5G I-Cause
ramp I-Cause
, I-Cause
regained I-Cause
share I-Cause
at I-Cause
Apple I-Cause
for I-Cause
5G I-Cause
modems I-Cause
, I-Cause
increased I-Cause
RF I-Cause
front-end I-Cause
content I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
adjacencies I-Cause
such I-Cause
as I-Cause
automotive I-Cause
for I-Cause
Qualcomm I-Cause
's I-Cause
Snapdragon I-Cause
chipsets I-Cause
among I-Cause
other I-Cause
products I-Cause
. O

As O
rising B-Cause
fresh I-Cause
water I-Cause
costs I-Cause
increase I-Cause
Ecolab I-Cause
's I-Cause
value I-Cause
proposition I-Cause
to I-Cause
its I-Cause
industrial I-Cause
customers I-Cause
, O
we O
expect O
water B-Effect
profit I-Effect
margins I-Effect
to I-Effect
expand I-Effect
from I-Effect
the I-Effect
industrial I-Effect
segment I-Effect
average I-Effect
of I-Effect
15 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
the I-Effect
low I-Effect
20s I-Effect
, O
in O
line O
with O
the O
institutional O
business O
. O

For O
Keurig O
, O
partnerships O
should O
continue O
to O
be O
a O
potent O
factor O
pulling O
consumers O
into O
its O
ecosystem O
, O
and O
management O
has O
thus O
far O
been O
successful O
in O
increasing B-Effect
penetration I-Effect
through O
various B-Cause
pricing I-Cause
and I-Cause
innovation I-Cause
initiatives I-Cause
in I-Cause
pods I-Cause
and I-Cause
brewers I-Cause
. O

For O
example O
, O
HCA O
pays O
out O
nearly O
half O
of O
its O
revenue O
in O
labor-related O
costs O
, O
and O
since O
only B-Cause
about I-Cause
half I-Cause
of I-Cause
those I-Cause
costs I-Cause
are I-Cause
fixed I-Cause
, O
the B-Effect
company I-Effect
can I-Effect
positively I-Effect
influence I-Effect
its I-Effect
profitability I-Effect
by O
managing O
the O
remaining O
variable O
labor O
costs O
more O
efficiently O
through O
its O
analytical O
capabilities O
. O

With O
the O
consolidation O
of O
local O
station O
ownership O
, O
firms B-Effect
like I-Effect
Nexstar I-Effect
began I-Effect
to I-Effect
sell I-Effect
national I-Effect
advertising I-Effect
, O
as O
the B-Cause
station I-Cause
coverage I-Cause
could I-Cause
allow I-Cause
advertisers I-Cause
to I-Cause
reach I-Cause
a I-Cause
larger I-Cause
daytime I-Cause
audience I-Cause
. O

Having B-Cause
34 I-Cause
% I-Cause
of I-Cause
its I-Cause
AUM I-Cause
dedicated I-Cause
to I-Cause
alternative I-Cause
strategies I-Cause
( I-Cause
which I-Cause
includes I-Cause
multi-strategy I-Cause
, I-Cause
market-neutral I-Cause
, I-Cause
and I-Cause
hedge I-Cause
products I-Cause
) I-Cause
and I-Cause
17 I-Cause
% I-Cause
committed I-Cause
to I-Cause
multi-asset I-Cause
strategies I-Cause
and I-Cause
other I-Cause
products I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
last I-Cause
year I-Cause
, O
AMG B-Effect
is I-Effect
not I-Effect
as I-Effect
heavily I-Effect
exposed I-Effect
to I-Effect
the I-Effect
impact I-Effect
that I-Effect
passive I-Effect
investing I-Effect
has I-Effect
had I-Effect
on I-Effect
active I-Effect
equities I-Effect
. O

Specific O
to O
Glaxo O
, O
increased B-Cause
generic I-Cause
competition I-Cause
is I-Cause
emerging I-Cause
for I-Cause
leading I-Cause
drug I-Cause
Advair I-Cause
, O
which O
could O
be O
detrimental B-Effect
to I-Effect
the I-Effect
company I-Effect
as O
the B-Cause
drug I-Cause
represents I-Cause
close I-Cause
to I-Cause
4 I-Cause
% I-Cause
of I-Cause
the I-Cause
top I-Cause
line I-Cause
and I-Cause
a B-Effect
higher I-Effect
portion I-Effect
of I-Effect
the I-Effect
bottom I-Effect
line I-Effect
because I-Cause
of I-Cause
its B-Cause
high I-Cause
margins I-Cause
. O

As O
domestic O
systemically O
important O
banks O
, O
rating B-Effect
agency I-Effect
's I-Effect
expect I-Effect
the I-Effect
banks I-Effect
to I-Effect
receive I-Effect
support I-Effect
from I-Effect
the I-Effect
government I-Effect
in I-Effect
a I-Effect
crisis I-Effect
, O
reflected O
in O
the B-Cause
explicit I-Cause
2 I-Cause
notch I-Cause
uplift I-Cause
in I-Cause
their I-Cause
ratings I-Cause
. I-Cause

We O
think O
revenue B-Effect
will I-Effect
grow I-Effect
by I-Effect
29 I-Effect
% I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
and I-Effect
will I-Effect
moderate I-Effect
to I-Effect
16 I-Effect
% I-Effect
annual I-Effect
growth I-Effect
over I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
of I-Effect
our I-Effect
explicit I-Effect
projection. O
This O
growth O
will O
be O
driven O
by O
active B-Cause
accounts I-Cause
expanding I-Cause
from I-Cause
51.2 I-Cause
million I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2020 I-Cause
to I-Cause
92.8 I-Cause
million I-Cause
in I-Cause
2025 I-Cause
and I-Cause
121.6 I-Cause
million I-Cause
in I-Cause
2030 I-Cause
. O

We B-Effect
have I-Effect
NIMs I-Effect
staying I-Effect
stuck I-Effect
below I-Effect
what I-Effect
they I-Effect
previously I-Effect
were I-Effect
, O
due O
to O
changes B-Cause
in I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
which I-Cause
affect I-Cause
asset I-Cause
yields I-Cause
. O

The B-Effect
company I-Effect
took I-Effect
significant I-Effect
steps I-Effect
toward I-Effect
its I-Effect
current I-Effect
incarnation I-Effect
as I-Effect
a I-Effect
manufacturer I-Effect
of I-Effect
heavy-duty I-Effect
trucks I-Effect
with O
the B-Cause
acquisitions I-Cause
of I-Cause
Kenworth I-Cause
in I-Cause
1945 I-Cause
, I-Cause
Peterbilt I-Cause
in I-Cause
1958 I-Cause
, I-Cause
and I-Cause
DAF I-Cause
in I-Cause
1996 I-Cause
. O

Afterward O
, O
we O
expect O
the O
cadence O
to O
hit O
management O
's O
10 O
% O
annual O
store O
count O
expansion O
target O
from O
2022-24 O
, O
on O
average O
, O
before O
tapering B-Effect
into I-Effect
the I-Effect
mid-single I-Effect
digits I-Effect
as O
the B-Cause
store I-Cause
network I-Cause
grows I-Cause
. O

However O
, O
we O
think O
Dexcom B-Effect
could I-Effect
cede I-Effect
market I-Effect
share I-Effect
to I-Effect
Abbott I-Effect
and I-Effect
Medtronic I-Effect
, O
as O
their B-Cause
products I-Cause
improve I-Cause
on I-Cause
accuracy I-Cause
, I-Cause
user I-Cause
ease I-Cause
, I-Cause
and I-Cause
offer I-Cause
additional I-Cause
features I-Cause
that I-Cause
Dexcom I-Cause
does I-Cause
not I-Cause
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
42 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
40 I-Effect
after O
Vontier B-Cause
reported I-Cause
solid I-Cause
first-quarter I-Cause
results I-Cause
and I-Cause
raised I-Cause
its I-Cause
guidance I-Cause
for I-Cause
full-year I-Cause
2021 I-Cause
. O

NICE B-Effect
's I-Effect
software I-Effect
is I-Effect
thus I-Effect
mission I-Effect
critical I-Effect
as O
the B-Cause
product I-Cause
is I-Cause
essential I-Cause
in I-Cause
maintaining I-Cause
external I-Cause
relationships I-Cause
and I-Cause
providing I-Cause
a I-Cause
high I-Cause
quality I-Cause
of I-Cause
service I-Cause
. O

With O
operations O
in O
18 O
African O
countries O
, O
we O
think O
the B-Effect
region I-Effect
presents I-Effect
significant I-Effect
growth I-Effect
opportunities I-Effect
due O
to O
current B-Cause
low I-Cause
mobile I-Cause
penetration I-Cause
rates I-Cause
. O

On O
the O
other O
hand O
, O
the B-Cause
presence I-Cause
of I-Cause
established I-Cause
luxury I-Cause
brands I-Cause
, O
provides B-Effect
a I-Effect
positive I-Effect
halo I-Effect
effect I-Effect
to I-Effect
the I-Effect
younger I-Effect
high-end I-Effect
brands I-Effect
that I-Effect
are I-Effect
still I-Effect
looking I-Effect
to I-Effect
establish I-Effect
themselves I-Effect
as I-Effect
luxury I-Effect
, I-Effect
supporting I-Effect
the I-Effect
case I-Effect
for I-Effect
suppliers I-Effect
to I-Effect
use I-Effect
Farfetch I-Effect
. O

Even B-Effect
so I-Effect
, I-Effect
we I-Effect
believe I-Effect
that I-Effect
recent I-Effect
weakness I-Effect
in I-Effect
margins I-Effect
and I-Effect
revenue I-Effect
growth I-Effect
is O
primarily B-Cause
attributable I-Cause
to I-Cause
ongoing I-Cause
efforts I-Cause
to I-Cause
align I-Cause
its I-Cause
footprint I-Cause
with I-Cause
existing I-Cause
customers I-Cause
, I-Cause
as I-Cause
opposed I-Cause
to I-Cause
a I-Cause
sign I-Cause
of I-Cause
things I-Cause
to I-Cause
come I-Cause
. O

High B-Cause
COVID-19 I-Cause
case I-Cause
counts I-Cause
have O
kept O
sales B-Effect
of I-Effect
groceries I-Effect
, I-Effect
essentials I-Effect
, I-Effect
and I-Effect
home I-Effect
décor I-Effect
items I-Effect
high I-Effect
, I-Effect
with I-Effect
the I-Effect
trip I-Effect
consolidation I-Effect
dynamic I-Effect
seen I-Effect
throughout I-Effect
retail I-Effect
advantaging I-Effect
multi-line I-Effect
retailers I-Effect
that I-Effect
offer I-Effect
a I-Effect
one-stop I-Effect
shopping I-Effect
experience I-Effect
. O

We O
think O
the B-Cause
largest I-Cause
risk I-Cause
to I-Cause
Prudential I-Cause
would O
be O
a B-Effect
deterioration I-Effect
in I-Effect
the I-Effect
quality I-Effect
of I-Effect
its I-Effect
IT I-Effect
infrastructure I-Effect
and I-Effect
distribution I-Effect
network I-Effect
. I-Effect

Conagra B-Cause
does I-Cause
not I-Cause
have I-Cause
demonstrated I-Cause
pricing I-Cause
power I-Cause
on I-Cause
75 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
base I-Cause
, O
so O
it B-Effect
may I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
fully I-Effect
offset I-Effect
cost I-Effect
inflation I-Effect
. O

Diamondback B-Cause
's I-Cause
West I-Cause
Texas I-Cause
Intermediate I-Cause
break-evens I-Cause
are I-Cause
less I-Cause
than I-Cause
$ I-Cause
30 I-Cause
per I-Cause
barrel I-Cause
for I-Cause
the I-Cause
marginal I-Cause
well. O
As O
such O
, O
the B-Effect
company I-Effect
is I-Effect
better I-Effect
positioned I-Effect
to I-Effect
cope I-Effect
with I-Effect
very I-Effect
weak I-Effect
oil I-Effect
prices I-Effect
than I-Effect
most I-Effect
peers I-Effect
, I-Effect
and I-Effect
at I-Effect
our I-Effect
midcycle I-Effect
forecast I-Effect
-- I-Effect
currently I-Effect
$ I-Effect
55/bbl I-Effect
( I-Effect
WTI I-Effect
) I-Effect
-- I-Effect
it I-Effect
can I-Effect
really I-Effect
thrive I-Effect
. O

We O
see O
a B-Effect
low I-Effect
materiality I-Effect
impact I-Effect
, O
as O
Nutrien B-Cause
already I-Cause
has I-Cause
a I-Cause
plan I-Cause
to I-Cause
reduce I-Cause
carbon I-Cause
emissions I-Cause
in I-Cause
its I-Cause
nitrogen I-Cause
operations I-Cause
and I-Cause
increase I-Cause
the I-Cause
use I-Cause
of I-Cause
more-renewable I-Cause
energy I-Cause
at I-Cause
its I-Cause
potash I-Cause
operations I-Cause
. O

Thanks O
to O
improved B-Cause
cost I-Cause
efficiencies I-Cause
and I-Cause
acquisition I-Cause
of I-Cause
Noble I-Cause
Energy I-Cause
, O
Chevron B-Effect
still I-Effect
plans I-Effect
to I-Effect
grow I-Effect
production I-Effect
to I-Effect
3.5 I-Effect
mmboe/d I-Effect
by I-Effect
2025 I-Effect
from I-Effect
3.1 I-Effect
mmboe/d I-Effect
in I-Effect
2020 I-Effect
. O

The B-Effect
primary I-Effect
risk I-Effect
that I-Effect
Ameren I-Effect
faces I-Effect
is I-Effect
regulatory I-Effect
, O
since O
most B-Cause
of I-Cause
its I-Cause
revenue I-Cause
and I-Cause
earnings I-Cause
are I-Cause
generated I-Cause
by I-Cause
its I-Cause
regulated I-Cause
utilities I-Cause
. O

The B-Cause
current I-Cause
portfolio I-Cause
is I-Cause
more I-Cause
competitive I-Cause
, I-Cause
but I-Cause
the I-Cause
development I-Cause
cost I-Cause
requirements I-Cause
are I-Cause
heavily I-Cause
front-load. O
Therefore O
, O
it B-Effect
could I-Effect
still I-Effect
be I-Effect
several I-Effect
years I-Effect
before I-Effect
the I-Effect
firm I-Effect
consistently I-Effect
earns I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
though I-Effect
returns I-Effect
are I-Effect
improving I-Effect
steadily I-Effect
. O

For O
example O
, O
top B-Effect
product I-Effect
Rebif I-Effect
continues I-Effect
to I-Effect
decline I-Effect
moderately I-Effect
as O
new B-Cause
multiple I-Cause
sclerosis I-Cause
treatment I-Cause
options I-Cause
-- I-Cause
such I-Cause
as I-Cause
Ocrevus I-Cause
, I-Cause
Gilenya I-Cause
, I-Cause
Aubagio I-Cause
, I-Cause
and I-Cause
Tecfidera I-Cause
-- I-Cause
have I-Cause
stolen I-Cause
market I-Cause
share I-Cause
in I-Cause
recent I-Cause
years I-Cause
. O

Eldorado B-Cause
was I-Cause
able I-Cause
to I-Cause
integrate I-Cause
its I-Cause
decentralized I-Cause
business I-Cause
model I-Cause
, O
which O
aided O
in O
reducing B-Effect
Isle I-Effect
's I-Effect
corporate I-Effect
and I-Effect
property I-Effect
level I-Effect
( I-Effect
marketing I-Effect
and I-Effect
labor I-Effect
) I-Effect
cost I-Effect
structure I-Effect
, O
which O
allows O
individual B-Effect
casino I-Effect
property I-Effect
managers I-Effect
autonomy I-Effect
to I-Effect
customize I-Effect
offerings I-Effect
relevant I-Effect
to I-Effect
local I-Effect
markets I-Effect
. O

AIG B-Cause
also I-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
widest I-Cause
geographic I-Cause
reaches I-Cause
, O
which O
gives O
it B-Effect
an I-Effect
advantage I-Effect
in I-Effect
garnering I-Effect
business I-Effect
from I-Effect
global I-Effect
firms I-Effect
. O

As O
proof O
of O
the O
brand O
's O
weight O
with O
consumers O
, O
the B-Effect
company I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
launch I-Effect
new I-Effect
products I-Effect
with I-Effect
average I-Effect
selling I-Effect
price I-Effect
increases I-Effect
over I-Effect
the I-Effect
last I-Effect
decade I-Effect
( I-Effect
1 I-Effect
% I-Effect
on I-Effect
average I-Effect
, I-Effect
and I-Effect
including I-Effect
a B-Effect
more I-Effect
than I-Effect
2 I-Effect
% I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
, I-Effect
impacted I-Effect
by I-Effect
COVID-19 I-Effect
) I-Effect
, O
helped O
by O
consistent B-Cause
product I-Cause
innovation I-Cause
. O

The B-Cause
pandemic I-Cause
is I-Cause
causing I-Cause
significant I-Cause
disruption I-Cause
in I-Cause
global I-Cause
food-service I-Cause
markets I-Cause
and O
resulted O
in O
a B-Effect
7 I-Effect
% I-Effect
drop I-Effect
in I-Effect
PFG I-Effect
's I-Effect
organic I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
and I-Effect
the I-Effect
permanent I-Effect
closure I-Effect
of I-Effect
10 I-Effect
% I-Effect
of I-Effect
restaurants I-Effect
, O
an O
industry O
representing O
60 O
% O
of O
PFG O
's O
sales O
. O

This O
reflects O
our O
view O
that O
, O
outside O
of O
significant B-Cause
asset I-Cause
injection I-Cause
or I-Cause
acquisitions I-Cause
, O
the B-Effect
organic I-Effect
growth I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
oil I-Effect
and I-Effect
gas I-Effect
output I-Effect
will O
be O
driven O
by O
gas B-Cause
field I-Cause
development I-Cause
. O

Having O
said O
that O
, O
the O
current O
negative O
interest O
rate O
environment O
is O
damaging O
to O
Credit O
Suisse O
's O
net O
interest O
income O
as O
Credit B-Cause
Suisse I-Cause
's I-Cause
strong I-Cause
deposit I-Cause
franchise I-Cause
provides I-Cause
it I-Cause
with I-Cause
ample I-Cause
surplus I-Cause
liquidity I-Cause
that O
it B-Effect
needs I-Effect
to I-Effect
invest I-Effect
in I-Effect
short-term I-Effect
risk-free I-Effect
assets I-Effect
that I-Effect
currently I-Effect
pays I-Effect
no I-Effect
or I-Effect
negative I-Effect
interest I-Effect
. I-Effect

However O
, O
with O
the B-Cause
likely I-Cause
peaking I-Cause
of I-Cause
China I-Cause
's I-Cause
steel I-Cause
consumption I-Cause
and I-Cause
increasing I-Cause
supply I-Cause
in I-Cause
response I-Cause
to I-Cause
higher I-Cause
prices I-Cause
, O
we O
think O
met B-Effect
coal I-Effect
is I-Effect
likely I-Effect
to I-Effect
be I-Effect
well I-Effect
supplied I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

While O
we O
appreciate O
a O
commitment O
to O
datacentric O
decision-making O
, O
we O
harbor O
some O
concerns O
about O
Darden B-Cause
's I-Cause
abandonment I-Cause
of I-Cause
its I-Cause
loyalty I-Cause
program I-Cause
pilot I-Cause
a O
year O
ago O
, O
leading O
us O
to O
question B-Effect
the I-Effect
breadth I-Effect
and I-Effect
utility I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
customer I-Effect
database I-Effect
. O

We O
're O
expecting O
capital O
expenditures O
to O
be O
about O
$ O
600 O
million O
in O
2021 O
, O
as O
Southwest B-Cause
has I-Cause
deferred I-Cause
many I-Cause
of I-Cause
its I-Cause
orders I-Cause
from I-Cause
Boeing I-Cause
, O
and O
will O
average B-Effect
around I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
per I-Effect
year I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
. O

Digital O
Realty O
has O
said O
it B-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
consumers I-Cause
of I-Cause
generators I-Cause
and I-Cause
air I-Cause
conditioning I-Cause
equipment I-Cause
in I-Cause
the I-Cause
world I-Cause
, O
and O
it B-Effect
receives I-Effect
modest I-Effect
discounts I-Effect
on I-Effect
them I-Effect
as I-Effect
a I-Effect
result I-Effect
. O

That O
said O
, O
SS B-Effect
& I-Effect
C I-Effect
's I-Effect
fund I-Effect
administration I-Effect
business I-Effect
( I-Effect
approximately I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
annual I-Effect
revenue I-Effect
) I-Effect
only I-Effect
has I-Effect
modest I-Effect
exposure I-Effect
to I-Effect
equity I-Effect
markets I-Effect
, O
as O
its B-Cause
hedge I-Cause
fund I-Cause
client I-Cause
basis I-Cause
includes I-Cause
a I-Cause
diverse I-Cause
set I-Cause
of I-Cause
funds I-Cause
, I-Cause
including I-Cause
long-short I-Cause
funds I-Cause
, I-Cause
commodity I-Cause
funds I-Cause
, I-Cause
credit I-Cause
funds I-Cause
, I-Cause
event-driven I-Cause
funds I-Cause
, I-Cause
and I-Cause
other I-Cause
types I-Cause
of I-Cause
hedge I-Cause
funds I-Cause
. O

We O
believe O
that O
when O
consumers B-Cause
replace I-Cause
or I-Cause
think I-Cause
about I-Cause
purchasing I-Cause
products I-Cause
in I-Cause
the I-Cause
snowmobile I-Cause
and I-Cause
off-road I-Cause
categories I-Cause
, O
they B-Cause
tend I-Cause
to I-Cause
want I-Cause
the I-Cause
best I-Cause
products I-Cause
with I-Cause
the I-Cause
newest I-Cause
technology I-Cause
, O
which O
is O
what O
Polaris O
provides O
, O
yielding B-Effect
stability I-Effect
in I-Effect
pricing I-Effect
and I-Effect
solid I-Effect
brand I-Effect
perception I-Effect
. O

In O
2021 O
, O
we B-Effect
expect I-Effect
the I-Effect
recent I-Effect
surge I-Effect
in I-Effect
airfreight I-Effect
tonnage I-Effect
and I-Effect
pricing I-Effect
to I-Effect
normalize I-Effect
somewhat I-Effect
, O
but B-Effect
underlying I-Effect
air I-Effect
and I-Effect
ocean I-Effect
demand I-Effect
should I-Effect
remain I-Effect
healthy I-Effect
throughout I-Effect
the I-Effect
first I-Effect
half I-Effect
on I-Effect
heavy I-Effect
inventory I-Effect
restocking I-Effect
. O

Over O
the O
next O
five O
years O
( O
adjusting O
for O
the O
2020 O
industrial O
segment O
spin O
off O
) O
, O
we O
expect O
Trane B-Effect
's I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
at I-Effect
about I-Effect
a I-Effect
5 I-Effect
% I-Effect
compound O
annual O
rate O
as O
demand B-Cause
for I-Cause
the I-Cause
firm I-Cause
's I-Cause
commercial I-Cause
and I-Cause
residential I-Cause
HVAC I-Cause
products I-Cause
rebounds I-Cause
after O
2020 O
. O

We O
think O
that O
the B-Effect
company I-Effect
will I-Effect
see I-Effect
declines I-Effect
in I-Effect
other I-Effect
revenue I-Effect
stabilize I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
Accenture B-Cause
skews I-Cause
its I-Cause
revenue I-Cause
mix I-Cause
away I-Cause
from I-Cause
some I-Cause
commoditized I-Cause
outsourcing I-Cause
services I-Cause
. O

That B-Effect
's I-Effect
up I-Effect
slightly I-Effect
from I-Effect
$ I-Effect
166 I-Effect
( I-Effect
following I-Effect
first I-Effect
quarter I-Effect
results I-Effect
) I-Effect
due B-Cause
to I-Cause
modestly I-Cause
raising I-Cause
our I-Cause
2022 I-Cause
revenue I-Cause
projections I-Cause
on I-Cause
continued I-Cause
strong I-Cause
refined I-Cause
shipment I-Cause
demand I-Cause
into I-Cause
Mexico I-Cause
. O

However O
, O
rising B-Cause
competition I-Cause
from I-Cause
high-speed I-Cause
railways I-Cause
and I-Cause
China I-Cause
's I-Cause
centralized I-Cause
pricing I-Cause
framework I-Cause
have O
historically O
led B-Effect
Guangshen I-Effect
to I-Effect
earn I-Effect
returns I-Effect
below I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. I-Effect

We O
think O
the B-Effect
company I-Effect
's I-Effect
business I-Effect
and I-Effect
technology I-Effect
services I-Effect
segments I-Effect
are I-Effect
the I-Effect
most I-Effect
at I-Effect
risk I-Effect
as O
many B-Cause
customers I-Cause
increasingly I-Cause
become I-Cause
aware I-Cause
of I-Cause
outsourcing I-Cause
capabilities I-Cause
that O
their O
cloud O
service O
provider O
can O
take O
over O
, O
with O
higher O
quality O
servicing O
or O
more O
technologically O
advanced O
capabilities O
. O

We O
think O
Garmin B-Effect
's I-Effect
customer I-Effect
base I-Effect
finds I-Effect
it I-Effect
hard I-Effect
to I-Effect
leave I-Effect
the I-Effect
Garmin I-Effect
ecosystem I-Effect
after O
acquiring B-Cause
a I-Cause
familiarity I-Cause
with I-Cause
the I-Cause
products I-Cause
' I-Cause
capabilities I-Cause
and O
likely B-Effect
considering I-Effect
them I-Effect
best I-Effect
of I-Effect
breed I-Effect
. O

Also O
, O
with O
no B-Cause
on-net I-Cause
footprint I-Cause
, O
GTT B-Cause
gives I-Cause
its I-Cause
full I-Cause
attention I-Cause
to I-Cause
off-net I-Cause
customers I-Cause
, O
which O
can O
translate B-Effect
to I-Effect
better I-Effect
customer I-Effect
service I-Effect
. O

Maxim B-Effect
and I-Effect
its I-Effect
chipmaking I-Effect
peers I-Effect
tend I-Effect
to I-Effect
profit I-Effect
from O
these B-Cause
high I-Cause
switching I-Cause
costs I-Cause
by I-Cause
having I-Cause
lower I-Cause
ongoing I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
and O
capital B-Cause
expenditure I-Cause
investments I-Cause
than I-Cause
digital I-Cause
chipmakers I-Cause
, O
which O
helps O
to B-Effect
contribute I-Effect
to I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
shareholders I-Effect
. O

We O
think O
top-line B-Effect
growth I-Effect
will I-Effect
slow I-Effect
materially I-Effect
from I-Effect
the I-Effect
exceptional I-Effect
growth I-Effect
of I-Effect
2018-19 I-Effect
, O
averaging O
3.4 O
% O
from O
2020 O
to O
2024 O
, O
due O
to O
slowing B-Cause
inorganic I-Cause
growth I-Cause
and I-Cause
the I-Cause
IT I-Cause
services I-Cause
divestiture I-Cause
. O

Overall O
, O
staffing B-Effect
demand I-Effect
ebbs I-Effect
and I-Effect
flows I-Effect
with O
economic B-Cause
activity I-Cause
as I-Cause
employers I-Cause
reduce I-Cause
or I-Cause
add I-Cause
headcount I-Cause
to O
their O
workforce O
based O
on O
demand O
for O
their O
services O
and O
business O
sentiment O
. O

While O
Infosys O
' O
products O
and O
platforms O
segment O
only O
accounts O
for O
6 O
% O
of O
revenue O
, O
we O
believe O
these B-Cause
offerings I-Cause
help I-Cause
drive I-Cause
business I-Cause
to I-Cause
software I-Cause
services I-Cause
, O
as O
they B-Cause
require I-Cause
maintenance I-Cause
, O
which O
helps B-Effect
the I-Effect
company I-Effect
's I-Effect
overall I-Effect
stickiness I-Effect
. O

New O
, O
quality B-Cause
, I-Cause
product I-Cause
drives I-Cause
demand I-Cause
in I-Cause
this I-Cause
segment I-Cause
, O
so O
the B-Effect
company I-Effect
must I-Effect
continuously I-Effect
convince I-Effect
customers I-Effect
that I-Effect
it I-Effect
has I-Effect
built I-Effect
a I-Effect
better I-Effect
aircraft I-Effect
. O

It O
also O
has O
high B-Cause
ductility I-Cause
, O
meaning O
it O
can O
be O
made O
into O
a O
wire O
, O
given B-Effect
its I-Effect
ability I-Effect
to I-Effect
stretch I-Effect
under I-Effect
high-tensile I-Effect
stress I-Effect
. O

Hyatt B-Cause
has I-Cause
switching I-Cause
costs I-Cause
-- I-Cause
an I-Cause
additional I-Cause
source I-Cause
of I-Cause
its I-Cause
narrow I-Cause
moat I-Cause
rating I-Cause
-- I-Cause
through I-Cause
its I-Cause
managed I-Cause
or I-Cause
franchised I-Cause
rooms I-Cause
, I-Cause
which I-Cause
were I-Cause
57 I-Cause
% I-Cause
of I-Cause
total I-Cause
EBITDA I-Cause
( I-Cause
excluding I-Cause
corporate I-Cause
expense I-Cause
) I-Cause
in I-Cause
the I-Cause
prepandemic I-Cause
year I-Cause
of I-Cause
2019. O
These O
asset-light O
rooms O
not O
only O
offer B-Effect
high I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
but I-Effect
also I-Effect
provide I-Effect
contract I-Effect
lengths I-Effect
of I-Effect
20-30 I-Effect
years I-Effect
that I-Effect
are I-Effect
costly I-Effect
to I-Effect
terminate I-Effect
. O

CrowdStrike O
's O
method O
differs O
from O
competition O
who O
either O
store B-Cause
data I-Cause
on I-Cause
the I-Cause
endpoint I-Cause
, O
which O
requires B-Effect
resource-straining I-Effect
remote I-Effect
queries I-Effect
, O
or O
who O
send B-Cause
all I-Cause
data I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, O
which O
can O
tax B-Effect
networks I-Effect
and I-Effect
have I-Effect
expense I-Effect
implications I-Effect
. O

Furthermore O
, O
in O
none O
of O
these O
historical O
years O
, O
including O
the B-Cause
global I-Cause
financial I-Cause
crisis I-Cause
in I-Cause
2008 I-Cause
nor I-Cause
the I-Cause
pandemic-induced I-Cause
recession I-Cause
of I-Cause
2020 I-Cause
, I-Cause
did I-Cause
Honeywell I-Cause
's I-Cause
ROIC I-Cause
ever I-Cause
fall I-Cause
below I-Cause
our I-Cause
estimated I-Cause
cost I-Cause
of I-Cause
capital. O
As O
such O
, O
we B-Effect
have I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
confidence I-Effect
in I-Effect
Honeywell I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
10 I-Effect
years I-Effect
into I-Effect
the I-Effect
future I-Effect
, I-Effect
and I-Effect
believe I-Effect
it I-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
it I-Effect
will I-Effect
continue I-Effect
to I-Effect
do I-Effect
so I-Effect
20 I-Effect
years I-Effect
into I-Effect
the I-Effect
future I-Effect
. O

Furthermore O
, O
we O
think O
Behr B-Effect
enjoys I-Effect
relatively I-Effect
low I-Effect
logistics I-Effect
costs I-Effect
because O
it B-Cause
has I-Cause
built I-Cause
its I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
facilities I-Cause
around I-Cause
a I-Cause
national I-Cause
home I-Cause
improvement I-Cause
behemoth I-Cause
with I-Cause
its I-Cause
own I-Cause
world-class I-Cause
distribution I-Cause
network I-Cause
. O

We O
see B-Effect
net I-Effect
interest I-Effect
income I-Effect
coming I-Effect
under I-Effect
more I-Effect
pressure I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
, O
as O
rate B-Cause
cuts I-Cause
from I-Cause
2019 I-Cause
and I-Cause
2020 I-Cause
put I-Cause
pressure I-Cause
on I-Cause
net I-Cause
interest I-Cause
margins I-Cause
for I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
. O

We O
assume O
ASP B-Effect
grows I-Effect
at I-Effect
a I-Effect
modest I-Effect
1.5 I-Effect
% I-Effect
CAGR I-Effect
through I-Effect
2030 I-Effect
due O
to O
a B-Cause
continued I-Cause
mix I-Cause
shift I-Cause
to I-Cause
lower-priced I-Cause
Express I-Cause
and I-Cause
Freedom I-Cause
homes I-Cause
. O

While O
we O
anticipate O
Sensata O
's O
organic O
sales O
will O
keep O
up O
with O
their O
respective O
geographic O
markets O
, O
content B-Cause
gains I-Cause
should O
allow O
the B-Effect
firm I-Effect
to I-Effect
outpace I-Effect
global I-Effect
automotive I-Effect
production I-Effect
growth I-Effect
, O
while O
also O
broadening O
potential O
switching O
costs O
and O
potentially O
insulating O
revenue B-Effect
and I-Effect
profits I-Effect
from O
the O
worst O
of O
the B-Cause
auto I-Cause
industry I-Cause
's I-Cause
cyclical I-Cause
downturns I-Cause
. O

The B-Cause
two I-Cause
services I-Cause
build I-Cause
on I-Cause
the I-Cause
firm I-Cause
's I-Cause
strong I-Cause
content I-Cause
creation I-Cause
abilities I-Cause
, I-Cause
deep I-Cause
programming I-Cause
library I-Cause
, I-Cause
and I-Cause
the I-Cause
secular I-Cause
trend I-Cause
toward I-Cause
greater I-Cause
streaming I-Cause
adoption. O
As O
a O
result O
, O
Paramount+ B-Effect
can I-Effect
still I-Effect
carve I-Effect
out I-Effect
a I-Effect
position I-Effect
in I-Effect
this I-Effect
intensely I-Effect
competitive I-Effect
market I-Effect
despite I-Effect
the I-Effect
large I-Effect
head I-Effect
start I-Effect
of I-Effect
the I-Effect
incumbents I-Effect
. O

We O
think O
Marvell B-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
leverage I-Cause
its I-Cause
scale I-Cause
to I-Cause
successfully I-Cause
benefit I-Cause
from I-Cause
the I-Cause
capabilities I-Cause
of I-Cause
Inphi I-Cause
( I-Cause
as I-Cause
well I-Cause
as I-Cause
Cavium I-Cause
, I-Cause
Avera I-Cause
and I-Cause
, I-Cause
Acquantia I-Cause
) I-Cause
, O
thus O
increasing B-Effect
the I-Effect
firm I-Effect
's I-Effect
growth I-Effect
and I-Effect
profit I-Effect
potential I-Effect
. O

For O
example O
, O
in O
food O
applications O
, O
its B-Cause
QSight I-Cause
420 I-Cause
LC/MS/MS I-Cause
technology I-Cause
is I-Cause
built I-Cause
using I-Cause
patented I-Cause
components I-Cause
that O
enable O
high B-Effect
sensitivity I-Effect
, I-Effect
performance I-Effect
, I-Effect
and I-Effect
maximum I-Effect
uptime I-Effect
. O

ARM O
is O
the O
de O
facto O
architecture O
in O
effectively O
every O
smartphone O
, O
and O
its B-Cause
low-power I-Cause
efficiency I-Cause
has O
the O
potential O
to O
result O
in O
a B-Effect
superior I-Effect
performance I-Effect
per I-Effect
watt I-Effect
metric I-Effect
relative I-Effect
to I-Effect
incumbent I-Effect
x86 I-Effect
Intel I-Effect
and I-Effect
AMD I-Effect
server I-Effect
CPUs I-Effect
. O

Because O
many B-Cause
components I-Cause
can I-Cause
have I-Cause
numerous I-Cause
spare I-Cause
parts I-Cause
, O
we O
think O
it B-Effect
would I-Effect
be I-Effect
prohibitively I-Effect
expensive I-Effect
for I-Effect
firms I-Effect
to I-Effect
re-engineer I-Effect
enough I-Effect
parts I-Effect
to I-Effect
meaningfully I-Effect
challenge I-Effect
TransDigm I-Effect
's I-Effect
sole-source I-Effect
incumbency I-Effect
on I-Effect
spare I-Effect
parts I-Effect
. O

This O
subscription-based O
service O
automatically O
sends O
ink O
refills O
when O
the O
printer O
is O
running O
low O
on O
ink O
, O
and O
HP B-Effect
charges I-Effect
more I-Effect
per I-Effect
page I-Effect
if O
the B-Cause
chosen I-Cause
monthly I-Cause
allotment I-Cause
of I-Cause
printed I-Cause
pages I-Cause
is I-Cause
exceeded I-Cause
. O

In O
nourish O
, O
we B-Effect
assume I-Effect
an I-Effect
above-market I-Effect
growth I-Effect
rate I-Effect
as O
the B-Effect
company I-Effect
's I-Effect
plant-based I-Effect
protein I-Effect
business I-Effect
should I-Effect
see I-Effect
elevated I-Effect
sales I-Effect
due O
to O
growing B-Cause
consumer I-Cause
demand I-Cause
as I-Cause
well I-Cause
as I-Cause
consumer I-Cause
preferences I-Cause
for I-Cause
more I-Cause
natural I-Cause
flavors I-Cause
. O

With O
profit B-Cause
margins I-Cause
also I-Cause
expected I-Cause
to I-Cause
be I-Cause
under I-Cause
pressure I-Cause
( I-Cause
as I-Cause
asset I-Cause
managers I-Cause
spend I-Cause
more I-Cause
heavily I-Cause
to I-Cause
improve I-Cause
investment I-Cause
performance I-Cause
and I-Cause
enhance I-Cause
distribution I-Cause
capabilities I-Cause
) I-Cause
, O
we O
believe O
much B-Effect
of I-Effect
the I-Effect
operating I-Effect
leverage I-Effect
inherent I-Effect
in I-Effect
the I-Effect
business I-Effect
will I-Effect
be I-Effect
blunted I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
heavy I-Cause
investment I-Cause
in I-Cause
technology I-Cause
and I-Cause
marketing I-Cause
has I-Cause
enabled I-Cause
it I-Cause
to I-Cause
use I-Cause
online I-Cause
bank I-Cause
accounts I-Cause
to I-Cause
build I-Cause
an I-Cause
asset I-Cause
and I-Cause
deposit I-Cause
base I-Cause
that I-Cause
is I-Cause
national I-Cause
in I-Cause
scope I-Cause
while I-Cause
maintaining I-Cause
a I-Cause
limited I-Cause
branch I-Cause
network. O
This B-Effect
has I-Effect
given I-Effect
Capital I-Effect
One I-Effect
the I-Effect
scale I-Effect
necessary I-Effect
to I-Effect
compete I-Effect
effectively I-Effect
in I-Effect
its I-Effect
business I-Effect
lines I-Effect
while I-Effect
keeping I-Effect
operational I-Effect
costs I-Effect
under I-Effect
control I-Effect
. O

President O
Bolsonaro O
ended O
the O
investigation O
in O
February O
2021 O
, O
and O
Petrobras O
has O
implemented B-Cause
management I-Cause
safeguards I-Cause
to O
prevent O
widespread B-Effect
fraudulent I-Effect
transactions I-Effect
and I-Effect
combat I-Effect
corruption I-Effect
. O

If O
Imperial B-Cause
is I-Cause
to I-Cause
compete I-Cause
in I-Cause
heated I-Cause
tobacco I-Cause
, O
it O
is O
likely O
to O
have B-Effect
to I-Effect
follow I-Effect
its I-Effect
competitors I-Effect
into I-Effect
a I-Effect
broader I-Effect
range I-Effect
of I-Effect
products I-Effect
than I-Effect
are I-Effect
available I-Effect
today I-Effect
. O

Schnitzer B-Effect
's I-Effect
shipping I-Effect
operations I-Effect
benefit I-Effect
from I-Effect
economies I-Effect
of I-Effect
scale I-Effect
thanks O
to O
the B-Cause
seven I-Cause
deep-water I-Cause
port I-Cause
terminals I-Cause
from I-Cause
which I-Cause
the I-Cause
company I-Cause
operates I-Cause
. O

We B-Effect
expect I-Effect
a I-Effect
7 I-Effect
% I-Effect
five-year I-Effect
CAGR I-Effect
in I-Effect
Facebook I-Effect
's I-Effect
monthly I-Effect
active I-Effect
users I-Effect
, O
mainly B-Cause
due I-Cause
to I-Cause
strong I-Cause
growth I-Cause
in I-Cause
Asia I-Cause
and I-Cause
other I-Cause
regions I-Cause
. O

Nearly B-Cause
100 I-Cause
% I-Cause
of I-Cause
its I-Cause
production I-Cause
is I-Cause
handled I-Cause
by I-Cause
roughly I-Cause
1,200 I-Cause
factories I-Cause
in I-Cause
40 I-Cause
countries I-Cause
that I-Cause
are I-Cause
not I-Cause
owned I-Cause
by I-Cause
the I-Cause
company I-Cause
, O
indicating O
that O
PVH B-Effect
has I-Effect
no I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
the I-Effect
many I-Effect
other I-Effect
apparel I-Effect
companies I-Effect
with I-Effect
similar I-Effect
outsourcing I-Effect
models I-Effect
. O

Specifically O
on O
Grail O
, O
that O
technology B-Cause
could O
be O
a B-Effect
massive I-Effect
hit I-Effect
for I-Effect
Illumina I-Effect
if O
it O
can O
reach O
even O
a O
fraction O
of O
the O
roughly O
$ O
60 O
billion O
market O
opportunity O
that O
early-stage O
cancer O
detection O
represents O
. O

Over O
the O
past O
several O
years O
, O
Yum O
Brands O
has O
developed O
into O
one O
of O
the O
top O
innovators O
in O
the O
quick-service O
restaurant O
space O
, O
and O
we O
expect O
that O
, O
over O
a O
longer O
horizon O
, O
new B-Cause
daypart I-Cause
expansion I-Cause
, I-Cause
customer I-Cause
engagement I-Cause
, I-Cause
product I-Cause
development I-Cause
efforts I-Cause
, I-Cause
alternative I-Cause
restaurant I-Cause
formats I-Cause
, I-Cause
and I-Cause
delivery I-Cause
partnerships I-Cause
can O
continue B-Effect
to I-Effect
elevate I-Effect
systemwide I-Effect
sales I-Effect
growth I-Effect
. O

We B-Effect
are I-Effect
further I-Effect
reassured I-Effect
about I-Effect
the I-Effect
company I-Effect
's I-Effect
improving I-Effect
financial I-Effect
position I-Effect
with I-Effect
total I-Effect
liquidity I-Effect
over I-Effect
$ I-Effect
1.4 I-Effect
billion I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
first-quarter I-Effect
2021 I-Effect
, O
driven O
by O
strong B-Cause
cash I-Cause
flow I-Cause
generation I-Cause
. O

Though O
core O
nonmortgage O
volume O
was O
under O
pressure O
, O
mortgage B-Effect
volume I-Effect
was I-Effect
strong I-Effect
due O
to O
the B-Cause
large I-Cause
amount I-Cause
of I-Cause
refinancing I-Cause
as O
interest B-Cause
rates I-Cause
went I-Cause
south I-Cause
amid I-Cause
COVID-19 I-Cause
. O

If O
SQM B-Cause
is I-Cause
unable I-Cause
to I-Cause
extend I-Cause
the I-Cause
lease I-Cause
, O
the O
company O
could O
see O
a B-Effect
substantial I-Effect
decline I-Effect
in I-Effect
cash I-Effect
flows I-Effect
after I-Effect
2030 I-Effect
. O

Eversource B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
benefit I-Effect
from I-Effect
the I-Effect
infrastructure I-Effect
investment I-Effect
that O
will O
be O
required O
as O
the B-Cause
region I-Cause
moves I-Cause
toward I-Cause
a I-Cause
carbon-free I-Cause
energy I-Cause
mix I-Cause
. O

The B-Effect
strategy I-Effect
contrasts I-Effect
with I-Effect
many I-Effect
peers I-Effect
as O
its B-Cause
more I-Cause
focused I-Cause
and I-Cause
related I-Cause
to I-Cause
existing I-Cause
operations I-Cause
than I-Cause
peers I-Cause
who I-Cause
are I-Cause
pushing I-Cause
into I-Cause
all I-Cause
varieties I-Cause
of I-Cause
renewable I-Cause
power I-Cause
generation I-Cause
or I-Cause
distribution I-Cause
and I-Cause
low-carbon I-Cause
businesses I-Cause
. O

Unlike O
its O
competitors O
, O
ITW B-Cause
's I-Cause
innovation I-Cause
efforts I-Cause
are I-Cause
incremental I-Cause
, O
often O
adding O
small O
but O
effective O
twists O
to O
its O
product O
lines O
, O
allowing B-Effect
it I-Effect
to I-Effect
spend I-Effect
far I-Effect
less I-Effect
on I-Effect
research I-Effect
and I-Effect
development I-Effect
. O

In O
our O
opinion O
ING B-Cause
has I-Cause
surplus I-Cause
capital I-Cause
, O
which O
could O
boost O
shareholder B-Cause
returns I-Cause
and O
a B-Cause
more I-Cause
focused I-Cause
geographical I-Cause
strategy I-Cause
could O
drive B-Effect
a I-Effect
rerating I-Effect
. O

For O
the O
chemical O
segment O
, O
we O
expect O
soft B-Effect
earnings I-Effect
in I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
, O
given O
global B-Cause
oversupply I-Cause
and I-Cause
impact I-Cause
on I-Cause
demand I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
. O

When O
density B-Cause
is I-Cause
high I-Cause
, O
one B-Effect
technician I-Effect
can I-Effect
efficiently I-Effect
serve I-Effect
many I-Effect
elevators I-Effect
in I-Effect
a I-Effect
small I-Effect
metropolitan I-Effect
area I-Effect
, O
so O
the B-Cause
higher I-Cause
the I-Cause
density I-Cause
, O
the B-Effect
lower I-Effect
number I-Effect
of I-Effect
technicians I-Effect
per I-Effect
elevator I-Effect
needed I-Effect
and I-Effect
the I-Effect
better I-Effect
profitability I-Effect
. O

When O
looking O
to O
cut O
costs O
, O
it B-Effect
is I-Effect
unlikely I-Effect
that I-Effect
a I-Effect
company I-Effect
will I-Effect
trim I-Effect
a I-Effect
low-cost I-Effect
, I-Effect
high-value I-Effect
item I-Effect
given O
that O
maintaining B-Cause
an I-Cause
online I-Cause
presence I-Cause
is I-Cause
crucial I-Cause
to I-Cause
succeeding I-Cause
in I-Cause
today I-Cause
's I-Cause
world I-Cause
. O

We O
expect O
sales B-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-single-digit I-Effect
pace I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
( O
3 O
% O
-4 O
% O
, O
after O
rising O
22 O
% O
in O
2020 O
in O
our O
forecast O
) O
, O
supported O
by O
low-single-digit B-Cause
same-store I-Cause
sales I-Cause
( O
3 O
% O
-4 O
% O
between O
2022-29 O
) O
and B-Cause
moderate I-Cause
location I-Cause
growth I-Cause
( O
netting O
10 O
boxes O
per O
year O
after O
2020 O
) O
, O
as O
household B-Cause
formations I-Cause
rise I-Cause
. O

Chevron B-Cause
is I-Cause
focused I-Cause
on I-Cause
delivering I-Cause
operational I-Cause
improvements I-Cause
to O
reduce B-Effect
its I-Effect
cost I-Effect
base I-Effect
with I-Effect
a I-Effect
targeted I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
in I-Effect
pretax I-Effect
profit I-Effect
improvement I-Effect
by I-Effect
2022 I-Effect
, I-Effect
including I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
, I-Effect
split I-Effect
between I-Effect
cost I-Effect
efficiency I-Effect
and I-Effect
margin I-Effect
capture I-Effect
. O

Moreover O
, O
due O
to O
reduced B-Cause
distribution I-Cause
, O
store B-Cause
closures I-Cause
, O
and O
low B-Cause
international I-Cause
travel I-Cause
, O
we O
do B-Effect
not I-Effect
expect I-Effect
PVH I-Effect
to I-Effect
reach I-Effect
its I-Effect
2019 I-Effect
total I-Effect
sales I-Effect
until I-Effect
2023 I-Effect
. O

The O
likely O
winning B-Effect
strategy I-Effect
going I-Effect
forward I-Effect
for I-Effect
retailers I-Effect
is O
to O
pursue O
an B-Cause
omnichannel I-Cause
strategy I-Cause
where I-Cause
they I-Cause
have I-Cause
an I-Cause
online I-Cause
presence I-Cause
while I-Cause
maintaining I-Cause
a I-Cause
few I-Cause
stores I-Cause
in I-Cause
the I-Cause
top I-Cause
locations I-Cause
. O

We O
estimate O
consolidated B-Effect
operating I-Effect
margins I-Effect
will I-Effect
average I-Effect
3.4 I-Effect
% I-Effect
for I-Effect
the I-Effect
next I-Effect
four I-Effect
years I-Effect
( I-Effect
2021-24 I-Effect
) I-Effect
as O
we O
expect O
COVID-19 B-Cause
pandemic-related I-Cause
margin I-Cause
pressures I-Cause
to I-Cause
abate I-Cause
in I-Cause
2021 I-Cause
and I-Cause
ramp I-Cause
further I-Cause
heading I-Cause
into I-Cause
2022 I-Cause
. O

To O
maintain B-Effect
earned I-Effect
returns I-Effect
near I-Effect
allowed I-Effect
returns I-Effect
during I-Effect
this I-Effect
period I-Effect
of I-Effect
high I-Effect
investment I-Effect
, O
management B-Cause
has I-Cause
worked I-Cause
to I-Cause
reduced I-Cause
regulatory I-Cause
lag I-Cause
risk I-Cause
in I-Cause
Iowa I-Cause
, O
received O
above-average O
allowed O
returns O
across O
its O
subsidiaries O
, O
and O
aims O
continue O
to O
reduce O
operating O
costs O
for O
the O
near O
term O
. O

Management B-Cause
has I-Cause
often I-Cause
aggressively I-Cause
pursued I-Cause
its I-Cause
business I-Cause
interests I-Cause
using I-Cause
tactics I-Cause
that I-Cause
have I-Cause
angered I-Cause
a I-Cause
variety I-Cause
of I-Cause
entities I-Cause
, I-Cause
including I-Cause
regulators I-Cause
, I-Cause
partners I-Cause
, I-Cause
and I-Cause
rivals I-Cause
, O
periodically B-Effect
resulting I-Effect
in I-Effect
sizable I-Effect
financial I-Effect
penalties I-Effect
. O

The B-Effect
firm I-Effect
applied I-Effect
tandem I-Effect
mass I-Effect
spectrometry I-Effect
( I-Effect
MS/MS I-Effect
) I-Effect
to I-Effect
the I-Effect
newborn I-Effect
screening I-Effect
market I-Effect
by O
measuring B-Cause
multiple I-Cause
molecules I-Cause
at I-Cause
once I-Cause
, O
which O
significantly B-Effect
reduces I-Effect
testing I-Effect
time I-Effect
and I-Effect
costs I-Effect
and I-Effect
allows I-Effect
for I-Effect
the I-Effect
analysis I-Effect
of I-Effect
chemical I-Effect
levels I-Effect
in I-Effect
combination I-Effect
rather I-Effect
than I-Effect
in I-Effect
isolation I-Effect
. O

Additionally O
, O
even O
under B-Cause
optimistic I-Cause
adoption I-Cause
scenarios I-Cause
, O
gasoline-powered B-Effect
vehicles I-Effect
should I-Effect
dominate I-Effect
American I-Effect
roadways I-Effect
for I-Effect
decades I-Effect
, I-Effect
particularly I-Effect
as I-Effect
newer I-Effect
, I-Effect
increasingly I-Effect
reliable I-Effect
conventionally I-Effect
powered I-Effect
cars I-Effect
and I-Effect
trucks I-Effect
sold I-Effect
today I-Effect
can I-Effect
linger I-Effect
for I-Effect
well I-Effect
over I-Effect
12 I-Effect
years I-Effect
. O

These B-Cause
realities I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
firm I-Cause
's I-Cause
dominance I-Cause
in I-Cause
single-serve I-Cause
brewing I-Cause
systems I-Cause
, O
lead O
us O
to O
deduce B-Effect
that I-Effect
most I-Effect
Keurig I-Effect
users I-Effect
continue I-Effect
to I-Effect
use I-Effect
K-cup I-Effect
pods I-Effect
in I-Effect
the I-Effect
brewers I-Effect
. O

Gentex B-Cause
also I-Cause
has I-Cause
traditionally I-Cause
kept I-Cause
a I-Cause
debt I-Cause
free I-Cause
balance I-Cause
sheet I-Cause
, O
partly O
so O
its B-Cause
cash I-Cause
hoard I-Cause
ensures O
it O
can O
keep B-Cause
its I-Cause
supply I-Cause
chain I-Cause
moving I-Cause
( O
such O
as O
in O
the O
Great O
Recession O
or O
after O
the O
Japan O
tsunami O
) O
and O
thus O
will O
never O
be O
the O
reason O
an B-Effect
automaker I-Effect
has I-Effect
to I-Effect
stop I-Effect
its I-Effect
production I-Effect
line I-Effect
. O

Data B-Cause
privacy I-Cause
and I-Cause
security I-Cause
breaches I-Cause
resulting O
from O
a B-Cause
hacking I-Cause
event I-Cause
are O
key B-Effect
ESG I-Effect
risks I-Effect
for I-Effect
Cerner I-Effect
and I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
healthcare I-Effect
IT I-Effect
industry I-Effect
. O

Given O
political B-Cause
uncertainty I-Cause
, I-Cause
social I-Cause
unrest I-Cause
, I-Cause
and I-Cause
pressure I-Cause
on I-Cause
consumer I-Cause
balance I-Cause
sheets I-Cause
due O
to O
elevated B-Cause
unemployment I-Cause
and I-Cause
a I-Cause
protracted I-Cause
economic I-Cause
recovery I-Cause
, O
we O
believe O
it O
's O
likely O
the B-Effect
entire I-Effect
Chilean I-Effect
banking I-Effect
system I-Effect
will I-Effect
see I-Effect
moderately I-Effect
lower I-Effect
returns I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

While O
we O
anticipate O
gross B-Effect
profit I-Effect
margins I-Effect
to I-Effect
recede I-Effect
from I-Effect
the I-Effect
unsustainable I-Effect
2020 I-Effect
levels I-Effect
given O
the B-Cause
materially I-Cause
high I-Cause
contribution I-Cause
margin I-Cause
of I-Cause
the I-Cause
PCR I-Cause
test I-Cause
, O
we O
still O
incorporate O
operating O
margin O
levels O
above O
the O
2019 O
numbers O
in O
the O
future O
. O

Meanwhile O
, O
the B-Effect
area I-Effect
figures I-Effect
in I-Effect
future I-Effect
decarbonization I-Effect
plans I-Effect
, O
given O
the B-Cause
low-carbon I-Cause
intensity I-Cause
of I-Cause
its I-Cause
production I-Cause
and I-Cause
opportunities I-Cause
for I-Cause
offshore I-Cause
wind I-Cause
, I-Cause
carbon I-Cause
storage I-Cause
and I-Cause
hydrogen I-Cause
projects I-Cause
. O

Therefore O
, O
we O
expect O
supply B-Cause
to I-Cause
more I-Cause
than I-Cause
offset I-Cause
demand I-Cause
for I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
and O
that O
hotel B-Effect
companies I-Effect
will I-Effect
have I-Effect
difficulty I-Effect
pushing I-Effect
rates I-Effect
to I-Effect
generate I-Effect
significant I-Effect
NOI I-Effect
growth I-Effect
. O

We O
believe O
the B-Effect
firm I-Effect
will I-Effect
maintain I-Effect
its I-Effect
place I-Effect
near I-Effect
the I-Effect
top I-Effect
of I-Effect
the I-Effect
distributor I-Effect
pile I-Effect
due O
to O
its B-Cause
significant I-Cause
cost I-Cause
advantage I-Cause
over I-Cause
other I-Cause
broad-line I-Cause
distributors I-Cause
, O
who O
may O
attempt O
to O
add O
their O
value-added O
services O
, O
and O
suppliers O
, O
who O
may O
consider O
bringing O
such O
services O
in-house O
. O

Fiscal B-Effect
2020 I-Effect
was I-Effect
a I-Effect
challenging I-Effect
year I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
as O
gaming B-Cause
revenue I-Cause
fell I-Cause
due I-Cause
to I-Cause
a I-Cause
cryptocurrency I-Cause
mining-related I-Cause
hangover I-Cause
and I-Cause
excess I-Cause
channel I-Cause
inventories I-Cause
, O
but O
we B-Effect
anticipate I-Effect
sales I-Effect
growth I-Effect
of I-Effect
nearly I-Effect
50 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
, O
thanks B-Cause
to I-Cause
gaming I-Cause
, I-Cause
data I-Cause
center I-Cause
, I-Cause
and I-Cause
crypto-mining I-Cause
strength I-Cause
. O

We O
acknowledge O
that O
Seagate B-Effect
is I-Effect
able I-Effect
to I-Effect
earn I-Effect
economic I-Effect
profits I-Effect
when O
demand B-Cause
is I-Cause
strong I-Cause
and I-Cause
supply I-Cause
is I-Cause
tight I-Cause
, O
but O
any B-Cause
overinvestment I-Cause
in I-Cause
the I-Cause
industry I-Cause
leading I-Cause
to I-Cause
oversupply I-Cause
can O
crater B-Effect
pricing I-Effect
and I-Effect
leave I-Effect
the I-Effect
firm I-Effect
liable I-Effect
for I-Effect
economic I-Effect
losses I-Effect
. O

Credit B-Effect
cards I-Effect
carry I-Effect
inherent I-Effect
product I-Effect
risk I-Effect
, O
as O
they B-Effect
can I-Effect
trap I-Effect
consumers I-Effect
in I-Effect
a I-Effect
cycle I-Effect
of I-Effect
continuously I-Effect
paying I-Effect
high I-Effect
interest I-Effect
rates I-Effect
as O
they B-Cause
struggle I-Cause
to I-Cause
reduce I-Cause
the I-Cause
principal I-Cause
. O

Unlike O
many O
of O
its O
peers O
, O
MetLife B-Effect
does I-Effect
not I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
third-party I-Effect
asset-management I-Effect
business I-Effect
, O
as O
historically B-Cause
it I-Cause
focused I-Cause
on I-Cause
its I-Cause
core I-Cause
life I-Cause
insurance I-Cause
operations I-Cause
. O

Finally O
, O
AbbVie B-Cause
's I-Cause
entrenched I-Cause
salesforce I-Cause
in I-Cause
one I-Cause
of I-Cause
the I-Cause
most I-Cause
sought-after I-Cause
therapeutic I-Cause
areas I-Cause
of I-Cause
immunology I-Cause
should O
help B-Effect
the I-Effect
firm I-Effect
launch I-Effect
its I-Effect
next I-Effect
generation I-Effect
of I-Effect
drugs I-Effect
and I-Effect
make I-Effect
the I-Effect
firm I-Effect
a I-Effect
leading I-Effect
candidate I-Effect
for I-Effect
smaller I-Effect
drug I-Effect
firms I-Effect
needing I-Effect
help I-Effect
to I-Effect
develop I-Effect
and I-Effect
commercialize I-Effect
innovative I-Effect
new I-Effect
drugs I-Effect
. I-Effect

Littelfuse B-Cause
acts I-Cause
as I-Cause
a I-Cause
co-designer I-Cause
with I-Cause
its I-Cause
customers I-Cause
to I-Cause
design I-Cause
its I-Cause
circuit I-Cause
protection I-Cause
, I-Cause
power I-Cause
management I-Cause
, I-Cause
and I-Cause
sensor I-Cause
products I-Cause
into I-Cause
mission I-Cause
critical I-Cause
systems I-Cause
that I-Cause
bear I-Cause
a I-Cause
high I-Cause
cost I-Cause
to I-Cause
failure I-Cause
, I-Cause
and I-Cause
thus I-Cause
high I-Cause
switching I-Cause
costs. O
As O
a O
result O
, O
we O
expect O
the B-Effect
firm I-Effect
to I-Effect
earn I-Effect
returns I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
better I-Effect
part I-Effect
of I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

However O
, O
Zebra B-Cause
has I-Cause
alleviated I-Cause
this I-Cause
pressure I-Cause
in I-Cause
recent I-Cause
years I-Cause
and I-Cause
now I-Cause
has I-Cause
full I-Cause
manufacturing I-Cause
redundancy I-Cause
for I-Cause
every I-Cause
product I-Cause
line I-Cause
, O
which O
will O
mitigate B-Effect
the I-Effect
risk I-Effect
of I-Effect
international I-Effect
tariffs I-Effect
or I-Effect
trade I-Effect
disputes I-Effect
with I-Effect
China I-Effect
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
industrial I-Effect
revenue I-Effect
will I-Effect
stay I-Effect
low I-Effect
in I-Effect
2021 I-Effect
as I-Effect
the I-Effect
world I-Effect
grapples I-Effect
with I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
but I-Effect
see I-Effect
a I-Effect
strong I-Effect
rebound I-Effect
thereafter I-Effect
as O
industrial B-Cause
production I-Cause
rebounds I-Cause
and I-Cause
investments I-Cause
in I-Cause
smart I-Cause
and I-Cause
connected I-Cause
factories I-Cause
increase I-Cause
. O

If O
Exact B-Cause
is I-Cause
unable I-Cause
to I-Cause
develop I-Cause
a I-Cause
screening I-Cause
test I-Cause
that I-Cause
can I-Cause
meaningfully I-Cause
compete I-Cause
with I-Cause
Grails I-Cause
' I-Cause
Galleri I-Cause
( I-Cause
pending I-Cause
acquisition I-Cause
by I-Cause
Illumina I-Cause
) I-Cause
, O
we O
would O
likely O
question B-Effect
management I-Effect
's I-Effect
governance I-Effect
decision I-Effect
to I-Effect
direct I-Effect
shareholder I-Effect
capital I-Effect
toward I-Effect
liquid I-Effect
biopsy I-Effect
cancer I-Effect
screening I-Effect
. O

Customers B-Effect
face I-Effect
switching I-Effect
costs I-Effect
from O
a B-Cause
lack I-Cause
of I-Cause
viable I-Cause
alternatives I-Cause
: O
it O
is O
much O
cheaper O
to O
replace O
a O
part O
, O
even O
if O
the O
supplier O
reaps O
a O
high O
margin O
than O
it O
is O
to O
replace O
a O
helicopter O
. O

Typically O
, O
we B-Effect
do I-Effect
not I-Effect
look I-Effect
favourably I-Effect
on I-Effect
investment I-Effect
banking I-Effect
outside I-Effect
of I-Effect
the I-Effect
bulge-bracket I-Effect
investment I-Effect
banks I-Effect
, O
which O
have O
clear B-Cause
competitive I-Cause
advantages I-Cause
built I-Cause
on I-Cause
the I-Cause
strength I-Cause
of I-Cause
their I-Cause
brands I-Cause
and I-Cause
their I-Cause
network I-Cause
of I-Cause
investors I-Cause
and I-Cause
firms I-Cause
spanning I-Cause
the I-Cause
globe I-Cause
. O

However O
, O
following O
the O
acquisitions O
of O
Telx O
in O
2015 O
and O
Interxion O
in O
2020 O
, O
Digital O
has O
placed B-Cause
greater I-Cause
emphasis I-Cause
on I-Cause
co-location I-Cause
and I-Cause
interconnection I-Cause
, O
which O
typically O
lead O
to O
better B-Effect
returns I-Effect
. O

We O
believe O
some B-Effect
of I-Effect
this I-Effect
demand I-Effect
will I-Effect
persist I-Effect
in I-Effect
the I-Effect
coming I-Effect
quarters I-Effect
as O
businesses B-Cause
navigate I-Cause
reopening I-Cause
in I-Cause
the I-Cause
current I-Cause
environment I-Cause
and I-Cause
project I-Cause
the I-Cause
segment I-Cause
will I-Cause
grow I-Cause
about I-Cause
16 I-Cause
% I-Cause
in I-Cause
fiscal-year I-Cause
2021 I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
intangible I-Cause
brand I-Cause
advantage I-Cause
is O
witnessed O
by O
its O
unit O
room O
growth O
, O
which O
even O
remained B-Effect
positive I-Effect
during I-Effect
the I-Effect
downturn I-Effect
in I-Effect
2008 I-Effect
and I-Effect
2009 I-Effect
, I-Effect
up I-Effect
7.7 I-Effect
% I-Effect
and I-Effect
0.8 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
. O

Industry B-Effect
growth I-Effect
could O
also O
be O
negatively O
affected O
by O
the B-Cause
increased I-Cause
adoption I-Cause
of I-Cause
insect-resistant I-Cause
genetically I-Cause
modified I-Cause
seeds I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
such I-Cause
as I-Cause
China I-Cause
and I-Cause
India I-Cause
. O

We O
assume O
a O
less O
than O
25 O
% O
probability O
of O
BioMarin B-Cause
seeing I-Cause
future I-Cause
costs I-Cause
related I-Cause
to I-Cause
product I-Cause
governance I-Cause
ESG I-Cause
risks I-Cause
( O
off-label O
marketing O
, O
side O
effect O
litigation O
) O
, O
and O
therefore O
we B-Effect
do I-Effect
not I-Effect
include I-Effect
annual I-Effect
legal I-Effect
costs I-Effect
in I-Effect
our I-Effect
valuation I-Effect
. I-Effect

When O
the B-Cause
magnitude I-Cause
of I-Cause
the I-Cause
inflation I-Cause
is I-Cause
so I-Cause
pronounced I-Cause
, O
consumer B-Effect
product I-Effect
manufacturers I-Effect
, I-Effect
including I-Effect
McCormick I-Effect
, I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
forced I-Effect
to I-Effect
look I-Effect
beyond I-Effect
price I-Effect
increases I-Effect
to I-Effect
offset I-Effect
this I-Effect
pressure I-Effect
( I-Effect
including I-Effect
adjusting I-Effect
an I-Effect
item I-Effect
's I-Effect
packaging I-Effect
or I-Effect
extracting I-Effect
additional I-Effect
costs I-Effect
from I-Effect
its I-Effect
underlying I-Effect
business I-Effect
) I-Effect
or I-Effect
risk I-Effect
consumers I-Effect
balking I-Effect
at I-Effect
its I-Effect
higher I-Effect
prices I-Effect
. O

As O
such O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
only I-Effect
gradually I-Effect
recover I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
as O
the O
firm O
improves B-Effect
the I-Effect
profitability I-Effect
of I-Effect
the I-Effect
Eby-Brown I-Effect
business I-Effect
with O
purchasing B-Cause
synergies I-Cause
, I-Cause
and I-Cause
customer I-Cause
and I-Cause
product I-Cause
mix I-Cause
benefits I-Cause
. O

Second O
, O
once O
RingCentral B-Cause
's I-Cause
software I-Cause
is I-Cause
integrated I-Cause
, I-Cause
switching I-Cause
over I-Cause
to I-Cause
a I-Cause
new I-Cause
platform I-Cause
would O
give O
rise O
to O
business B-Effect
disruption I-Effect
and I-Effect
operational I-Effect
risk I-Effect
, I-Effect
potentially I-Effect
leading I-Effect
to I-Effect
day-to-day I-Effect
inefficiencies I-Effect
and I-Effect
loss I-Effect
of I-Effect
customers I-Effect
. O

Therefore O
, O
Ionis B-Effect
can I-Effect
tackle I-Effect
diseases I-Effect
that I-Effect
are I-Effect
difficult I-Effect
to I-Effect
treat I-Effect
effectively I-Effect
with I-Effect
other I-Effect
methods I-Effect
, O
as O
its B-Cause
therapies I-Cause
are I-Cause
targeted I-Cause
( I-Cause
avoiding I-Cause
safety I-Cause
issues I-Cause
with I-Cause
off-target I-Cause
effects I-Cause
of I-Cause
small-molecule I-Cause
drugs I-Cause
) I-Cause
, I-Cause
can I-Cause
act I-Cause
inside I-Cause
the I-Cause
cell I-Cause
( I-Cause
unlike I-Cause
antibody I-Cause
therapies I-Cause
) I-Cause
, I-Cause
and I-Cause
are I-Cause
reversible I-Cause
( I-Cause
unlike I-Cause
gene I-Cause
therapy I-Cause
) I-Cause
. O

Second O
, O
while O
Twilio O
is O
scaling O
rapidly O
, O
the B-Cause
firm I-Cause
is I-Cause
in I-Cause
a I-Cause
relatively I-Cause
nascent I-Cause
market I-Cause
, O
and O
the B-Effect
rate I-Effect
of I-Effect
future I-Effect
growth I-Effect
remains I-Effect
uncertain I-Effect
. O

As O
pay-television B-Cause
providers I-Cause
continue I-Cause
to I-Cause
lose I-Cause
subscribers I-Cause
to I-Cause
cord-cutting I-Cause
, O
Nexstar B-Effect
may I-Effect
experience I-Effect
more I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
blackouts I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
as I-Effect
distributors I-Effect
may I-Effect
not I-Effect
willing I-Effect
or I-Effect
able I-Effect
to I-Effect
afford I-Effect
increasingly I-Effect
high I-Effect
fees I-Effect
to I-Effect
rebroadcast I-Effect
Nexstar I-Effect
's I-Effect
content I-Effect
. O

The B-Cause
reduction I-Cause
in I-Cause
infrastructure I-Cause
investment I-Cause
was O
the O
primary O
driver O
in O
the B-Effect
reduction I-Effect
in I-Effect
our I-Effect
annual I-Effect
EPS I-Effect
growth I-Effect
rate I-Effect
by I-Effect
30 I-Effect
basis I-Effect
points I-Effect
, I-Effect
to I-Effect
3.5 I-Effect
% I-Effect
. O

History B-Effect
suggests I-Effect
that I-Effect
carriers I-Effect
hesitate I-Effect
to I-Effect
leave I-Effect
towers I-Effect
that I-Effect
they I-Effect
are I-Effect
on I-Effect
, O
as O
non-consolidation-related B-Cause
churn I-Cause
for I-Cause
Crown I-Cause
Castle I-Cause
is I-Cause
historically I-Cause
1 I-Cause
% I-Cause
-2 I-Cause
% I-Cause
. O

We B-Effect
do I-Effect
note I-Effect
that I-Effect
SS I-Effect
& I-Effect
C I-Effect
's I-Effect
acquisition I-Effect
of I-Effect
Advent I-Effect
was I-Effect
delayed I-Effect
due O
to O
further B-Cause
antitrust I-Cause
reviews I-Cause
and I-Cause
that I-Cause
there I-Cause
have I-Cause
been I-Cause
antitrust I-Cause
complaints I-Cause
from I-Cause
fund I-Cause
administration I-Cause
competitors I-Cause
such I-Cause
as I-Cause
SEI I-Cause
that I-Cause
use I-Cause
SS I-Cause
& I-Cause
C I-Cause
Advent I-Cause
's I-Cause
software I-Cause
. O

We O
think O
CGI B-Cause
's I-Cause
ability I-Cause
to I-Cause
maintain I-Cause
IT I-Cause
teams I-Cause
near I-Cause
government I-Cause
agencies I-Cause
further O
builds O
this O
trust O
, O
an O
intangible O
asset O
that O
keeps O
governments O
from O
switching B-Effect
to I-Effect
another I-Effect
consulting I-Effect
firm I-Effect
for I-Effect
their I-Effect
ITS I-Effect
needs I-Effect
. O

Circuit B-Cause
protection I-Cause
is O
critical O
to O
avoiding O
these B-Effect
adverse I-Effect
consequences I-Effect
, O
and O
Littelfuse B-Cause
has I-Cause
established I-Cause
a I-Cause
reputation I-Cause
for I-Cause
reliability I-Cause
and I-Cause
consistency I-Cause
at I-Cause
its I-Cause
customers I-Cause
, O
making B-Effect
them I-Effect
loath I-Effect
to I-Effect
switch I-Effect
, O
for O
fear B-Cause
of I-Cause
finding I-Cause
a I-Cause
less I-Cause
reliable I-Cause
new I-Cause
supplier I-Cause
that I-Cause
would I-Cause
open I-Cause
them I-Cause
up I-Cause
to I-Cause
such I-Cause
risks I-Cause
. O

We B-Effect
expect I-Effect
demand I-Effect
to I-Effect
continue I-Effect
its I-Effect
recovery I-Effect
in I-Effect
2021 I-Effect
, O
with O
revenue B-Cause
rising I-Cause
9 I-Cause
% I-Cause
on I-Cause
solid I-Cause
intermodal I-Cause
growth I-Cause
( I-Cause
aided I-Cause
by I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
) I-Cause
, I-Cause
automotive I-Cause
volume I-Cause
recovery I-Cause
, I-Cause
and I-Cause
industrial I-Cause
end-market I-Cause
improvement I-Cause
. O

On O
top O
of O
that O
, O
the B-Effect
hangover I-Effect
persisted I-Effect
into I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
2020 I-Effect
thanks O
to O
pandemic B-Cause
disruption I-Cause
to I-Cause
freight I-Cause
demand I-Cause
. O

In O
the O
late O
2000s O
, O
Steris B-Effect
was I-Effect
forced I-Effect
to I-Effect
discontinue I-Effect
sales I-Effect
of I-Effect
its I-Effect
Steris-1 I-Effect
system I-Effect
because O
of O
approval B-Cause
process I-Cause
concerns I-Cause
from I-Cause
the I-Cause
U.S I-Cause
. I-Cause

Following B-Cause
a I-Cause
decline I-Cause
in I-Cause
issuance I-Cause
, O
we O
expect O
Moody B-Effect
's I-Effect
ratings I-Effect
revenue I-Effect
to I-Effect
rebound I-Effect
driven I-Effect
by I-Effect
pricing I-Effect
power I-Effect
and I-Effect
a I-Effect
rise I-Effect
in I-Effect
GDP I-Effect
. O

The B-Cause
three I-Cause
large I-Cause
players I-Cause
have I-Cause
started I-Cause
to I-Cause
emphasize I-Cause
differentiated I-Cause
offerings I-Cause
over I-Cause
price I-Cause
to I-Cause
attract I-Cause
customers I-Cause
, O
which O
has O
allowed O
average B-Effect
revenue I-Effect
per I-Effect
customer I-Effect
across I-Effect
the I-Effect
industry I-Effect
to I-Effect
stabilize I-Effect
, I-Effect
and I-Effect
in I-Effect
some I-Effect
cases I-Effect
move I-Effect
higher I-Effect
, O
in O
recent O
quarters O
despite O
the O
pandemic O
. O

While O
we O
are O
not O
concerned O
about O
its O
ability O
to O
endure O
the O
crisis O
, O
the B-Cause
pandemic I-Cause
has O
upended B-Effect
the I-Effect
retail I-Effect
landscape I-Effect
, O
with O
unemployment B-Cause
pressuring B-Effect
discretionary I-Effect
income I-Effect
and O
customers O
' O
comfort O
with O
in-store O
shopping O
likely O
to O
take O
time O
to O
build O
. O

Because O
its B-Cause
production I-Cause
is I-Cause
widespread I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
it I-Effect
's I-Effect
overall I-Effect
production I-Effect
costs I-Effect
are I-Effect
low I-Effect
enough I-Effect
to I-Effect
warrant I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
, I-Effect
even I-Effect
when I-Effect
the I-Effect
federal I-Effect
law I-Effect
is I-Effect
changed I-Effect
. O

In O
2019 O
, O
GeneSight O
experienced O
volume O
growth O
, O
but O
it B-Effect
encountered I-Effect
revenue I-Effect
decline I-Effect
due O
to O
collateral B-Cause
impact I-Cause
from I-Cause
the I-Cause
discontinuation I-Cause
of I-Cause
two I-Cause
of I-Cause
its I-Cause
testing I-Cause
indications I-Cause
related I-Cause
to I-Cause
analgesic I-Cause
and I-Cause
ADHD I-Cause
. O

We O
also O
include O
$ O
100 O
million O
of O
annual O
revenue O
for O
Vistra O
's O
Texas O
generation O
fleet O
starting O
in O
2023 O
to O
reflect B-Cause
power I-Cause
market I-Cause
changes I-Cause
that O
we O
expect O
will O
offer B-Effect
economic I-Effect
incentives I-Effect
for I-Effect
fossil-fuel I-Effect
generators I-Effect
like I-Effect
Vistra I-Effect
. O

The O
strategic O
rationale O
behind O
ING O
's O
sprawling O
geographic O
footprint O
is O
n't O
clear O
to O
us O
and O
we O
believe O
ING B-Effect
can I-Effect
drive I-Effect
a I-Effect
material I-Effect
rerating I-Effect
of I-Effect
its I-Effect
valuation I-Effect
by I-Effect
the I-Effect
market I-Effect
if O
it O
were O
to O
reduce B-Effect
its I-Effect
exposure I-Effect
to I-Effect
markets I-Effect
outside I-Effect
the I-Effect
Benelux I-Effect
and I-Effect
Germany I-Effect
and I-Effect
focus I-Effect
on I-Effect
its I-Effect
profitable I-Effect
core I-Effect
markets I-Effect
. O

Grocers B-Cause
use I-Cause
price I-Cause
as I-Cause
a I-Cause
primary I-Cause
lever I-Cause
to I-Cause
drive I-Cause
traffic I-Cause
, O
necessitating B-Effect
efficiency I-Effect
and I-Effect
cost I-Effect
leverage I-Effect
( I-Effect
spurred I-Effect
by I-Effect
high I-Effect
traffic I-Effect
) I-Effect
to I-Effect
deliver I-Effect
returns I-Effect
. O

Apple O
consistently O
touts O
when O
the B-Cause
majority I-Cause
of I-Cause
its I-Cause
user I-Cause
base I-Cause
is I-Cause
on I-Cause
the I-Cause
latest I-Cause
operating I-Cause
system I-Cause
, O
which O
in O
turn O
allows O
developers B-Effect
to I-Effect
build I-Effect
for I-Effect
the I-Effect
latest I-Effect
version I-Effect
of I-Effect
iOS I-Effect
and O
know B-Effect
that I-Effect
their I-Effect
apps I-Effect
are I-Effect
optimized I-Effect
for I-Effect
most I-Effect
of I-Effect
Apple I-Effect
's I-Effect
user I-Effect
base I-Effect
. O

Although O
the O
lifting O
cost O
improved O
from O
$ O
16.80/boe O
in O
2014 O
, O
netback B-Effect
has I-Effect
declined I-Effect
to I-Effect
$ I-Effect
34.19/boe I-Effect
in I-Effect
2015 I-Effect
from I-Effect
$ I-Effect
64.97 I-Effect
in I-Effect
2014 I-Effect
because B-Cause
of I-Cause
lower I-Cause
oil I-Cause
prices I-Cause
. O

Finally O
, O
Corning B-Effect
's I-Effect
display I-Effect
business I-Effect
also I-Effect
presents I-Effect
meaningful I-Effect
switching I-Effect
costs I-Effect
to I-Effect
its I-Effect
customers I-Effect
as O
a O
result O
of O
co-location B-Cause
and I-Cause
co-investment I-Cause
, O
although O
we O
ca O
n't O
say O
that O
all O
of O
Corning O
's O
businesses O
benefit O
from O
similar O
switching O
costs O
. O

The B-Effect
financial I-Effect
impact I-Effect
could I-Effect
be I-Effect
even I-Effect
more I-Effect
pronounced I-Effect
if I-Effect
there I-Effect
is I-Effect
a I-Effect
swift I-Effect
and I-Effect
significant I-Effect
drop I-Effect
in I-Effect
continuing I-Effect
housing I-Effect
demand I-Effect
because O
homebuilders B-Cause
have I-Cause
less I-Cause
time I-Cause
to I-Cause
adjust I-Cause
to I-Cause
a I-Cause
revised I-Cause
demand I-Cause
outlook I-Cause
. O

To O
satisfy O
investors O
, O
Exxon B-Cause
has I-Cause
reduced I-Cause
its I-Cause
aggressive I-Cause
spending I-Cause
plans I-Cause
by I-Cause
over I-Cause
30 I-Cause
% I-Cause
to I-Cause
$ I-Cause
20 I-Cause
billion- I-Cause
$ I-Cause
25 I-Cause
billion I-Cause
in I-Cause
2022-25 I-Cause
, O
which O
should O
keep B-Effect
the I-Effect
dividend I-Effect
safe I-Effect
with I-Effect
oil I-Effect
at I-Effect
$ I-Effect
50 I-Effect
a I-Effect
barrel I-Effect
. O

The B-Cause
company I-Cause
already I-Cause
boasts I-Cause
an I-Cause
operating I-Cause
margin I-Cause
higher I-Cause
than I-Cause
many I-Cause
of I-Cause
its I-Cause
similar-size I-Cause
peers I-Cause
( I-Cause
excluding I-Cause
non-CRO I-Cause
segments I-Cause
of I-Cause
its I-Cause
peers I-Cause
) I-Cause
, O
and O
we O
see O
only B-Effect
modest I-Effect
opportunity I-Effect
for I-Effect
operating I-Effect
margin I-Effect
improvement I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Also O
, O
the B-Cause
complexity I-Cause
of I-Cause
repairs I-Cause
, O
especially O
fixes O
requiring O
more O
than O
one O
part O
, O
likely O
would O
drive O
a B-Effect
customer I-Effect
interested I-Effect
in I-Effect
this I-Effect
sort I-Effect
of I-Effect
a I-Effect
solution I-Effect
to I-Effect
one I-Effect
of I-Effect
the I-Effect
professional I-Effect
repair I-Effect
shops I-Effect
that I-Effect
either I-Effect
O'Reilly I-Effect
or I-Effect
its I-Effect
peers I-Effect
service I-Effect
. O

With O
bug B-Cause
resistance I-Cause
growing I-Cause
globally I-Cause
, O
demand B-Effect
for I-Effect
FMC I-Effect
's I-Effect
new I-Effect
products I-Effect
should I-Effect
allow I-Effect
the I-Effect
company I-Effect
to I-Effect
safely I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

One B-Cause
can I-Cause
point I-Cause
to I-Cause
a I-Cause
slew I-Cause
of I-Cause
historical I-Cause
examples I-Cause
, I-Cause
such I-Cause
as I-Cause
Venezuela I-Cause
, I-Cause
where I-Cause
rampant I-Cause
inflation I-Cause
combined I-Cause
with I-Cause
an I-Cause
unstable I-Cause
government I-Cause
as I-Cause
well I-Cause
as I-Cause
counterproductive I-Cause
currency I-Cause
controls I-Cause
led B-Effect
to I-Effect
irreparable I-Effect
degradation I-Effect
in I-Effect
the I-Effect
company I-Effect
's I-Effect
operations I-Effect
. O

S B-Cause
& I-Cause
L I-Cause
performance I-Cause
is I-Cause
expected I-Cause
to I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
and I-Cause
2021 I-Cause
, O
as O
the B-Cause
temporary I-Cause
boost I-Cause
from I-Cause
2020 I-Cause
storage I-Cause
differentials I-Cause
will I-Cause
disappear I-Cause
, O
Plains B-Effect
has I-Effect
taken I-Effect
steps I-Effect
to I-Effect
ensure I-Effect
its I-Effect
capital I-Effect
position I-Effect
and I-Effect
balance I-Effect
sheet I-Effect
are I-Effect
protected I-Effect
. O

While O
we O
do O
n't O
believe O
a O
decrease O
in O
R O
& O
D O
spending O
or O
outsourcing O
is O
likely O
in O
the O
near-term O
, O
all B-Effect
CROs I-Effect
are I-Effect
exposed I-Effect
to I-Effect
these I-Effect
risks I-Effect
if I-Effect
biopharma I-Effect
funding I-Effect
is I-Effect
constrained I-Effect
or O
if O
there B-Cause
are I-Cause
changes I-Cause
in I-Cause
the I-Cause
drug-approval I-Cause
regulatory I-Cause
landscape I-Cause
. O

Operating O
margins O
( O
using O
net O
revenue O
) O
in O
fiscal O
2020 O
were O
65 O
% O
, O
and O
margins B-Effect
have I-Effect
generally I-Effect
trended I-Effect
upward I-Effect
because O
of O
the B-Cause
scalability I-Cause
of I-Cause
the I-Cause
business I-Cause
. O

The B-Cause
biggest I-Cause
risk I-Cause
for I-Cause
the I-Cause
firm I-Cause
is I-Cause
the I-Cause
acreage I-Cause
is I-Cause
never I-Cause
drilled I-Cause
and I-Cause
developed I-Cause
, I-Cause
and I-Cause
thus I-Cause
there I-Cause
is I-Cause
no I-Cause
production I-Cause
to I-Cause
pay I-Cause
royalties I-Cause
on. O
Thus O
, O
Viper B-Effect
is I-Effect
indirectly I-Effect
exposed I-Effect
to I-Effect
Diamondback I-Effect
and I-Effect
Concho I-Effect
's I-Effect
financial I-Effect
ability I-Effect
and I-Effect
willingness I-Effect
to I-Effect
drill I-Effect
wells I-Effect
on I-Effect
its I-Effect
acreage I-Effect
, I-Effect
any I-Effect
regulatory I-Effect
headwinds I-Effect
( I-Effect
particularly I-Effect
environmental I-Effect
) I-Effect
, I-Effect
and I-Effect
a I-Effect
weaker I-Effect
oil I-Effect
and I-Effect
gas I-Effect
outlook I-Effect
. O

To O
efficiently B-Effect
manage I-Effect
working I-Effect
capital I-Effect
and I-Effect
better I-Effect
serve I-Effect
its I-Effect
customers I-Effect
, O
Reliance B-Cause
provides I-Cause
just-in-time I-Cause
delivery I-Cause
services I-Cause
, O
delivering O
nearly O
half O
of O
its O
shipments O
within O
24 O
hours O
of O
the O
order O
being O
placed O
. O

For O
example O
, O
the O
firm O
's O
barcode O
printers O
are O
an O
important O
component O
of O
the O
manufacturing O
process O
; O
should B-Cause
the I-Cause
printer I-Cause
go I-Cause
down I-Cause
, O
the B-Effect
manufacturing I-Effect
line I-Effect
will I-Effect
also I-Effect
have I-Effect
to I-Effect
stop I-Effect
. O

Once B-Cause
customers I-Cause
decide I-Cause
to I-Cause
outsource I-Cause
these I-Cause
services I-Cause
, I-Cause
and I-Cause
shed I-Cause
their I-Cause
associated I-Cause
resource I-Cause
cost I-Cause
, O
they B-Effect
may I-Effect
be I-Effect
less I-Effect
likely I-Effect
to I-Effect
build I-Effect
these I-Effect
capabilities I-Effect
back I-Effect
up I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

A B-Effect
carbon I-Effect
tax I-Effect
would I-Effect
likely I-Effect
increase I-Effect
the I-Effect
final I-Effect
price I-Effect
of I-Effect
refined I-Effect
products I-Effect
as O
emission B-Cause
costs I-Cause
would I-Cause
probably I-Cause
be I-Cause
borne I-Cause
by I-Cause
consumers I-Cause
. O

However O
, O
the B-Cause
devices I-Cause
in I-Cause
these I-Cause
other I-Cause
areas I-Cause
generally I-Cause
have I-Cause
a I-Cause
steeper I-Cause
learning I-Cause
curve I-Cause
and I-Cause
require I-Cause
a I-Cause
greater I-Cause
investment I-Cause
from I-Cause
practitioners I-Cause
to I-Cause
use I-Cause
well I-Cause
, O
making O
it O
less O
likely O
the B-Effect
devices I-Effect
will I-Effect
be I-Effect
used I-Effect
interchangeably I-Effect
with I-Effect
competitive I-Effect
brands I-Effect
. O

Dispenser-agnostic B-Cause
technology I-Cause
should O
help O
drive B-Effect
above-market I-Effect
growth I-Effect
as I-Effect
more I-Effect
gas I-Effect
stations I-Effect
implement I-Effect
capability I-Effect
to I-Effect
service I-Effect
passenger I-Effect
vehicles I-Effect
equipped I-Effect
with I-Effect
secure I-Effect
electronic I-Effect
wireless I-Effect
payment I-Effect
( I-Effect
part I-Effect
of I-Effect
an I-Effect
'' I-Effect
'' I-Effect
infotainment I-Effect
system I-Effect
'' I-Effect
'' I-Effect
) I-Effect
. O

We O
expect O
most B-Cause
of I-Cause
these I-Cause
savings I-Cause
to I-Cause
be I-Cause
reinvested I-Cause
into I-Cause
the I-Cause
business I-Cause
, O
however O
, O
in O
order O
to O
absorb B-Effect
higher I-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
across I-Effect
the I-Effect
business I-Effect
. O

We O
expect O
Chevron B-Effect
to I-Effect
deliver I-Effect
higher I-Effect
returns I-Effect
and I-Effect
margin I-Effect
expansion I-Effect
thanks O
to O
an B-Cause
oil-leveraged I-Cause
portfolio I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
next I-Cause
phase I-Cause
of I-Cause
growth I-Cause
, O
which O
is O
focused O
on O
developing O
its O
large O
, O
advantaged O
Permian O
Basin O
position O
. O

We B-Cause
had I-Cause
revisited I-Cause
our I-Cause
Eaton I-Cause
thesis I-Cause
and I-Cause
come I-Cause
away I-Cause
far I-Cause
more I-Cause
bullish I-Cause
after I-Cause
management I-Cause
made I-Cause
two I-Cause
vital I-Cause
prudent I-Cause
capital I-Cause
allocation I-Cause
decisions I-Cause
to I-Cause
the I-Cause
commoditized I-Cause
and I-Cause
secularly I-Cause
challenged I-Cause
businesses I-Cause
in I-Cause
lighting I-Cause
and I-Cause
hydraulics I-Cause
( O
with O
the O
exception O
of O
the O
portions O
of O
the O
business O
Eaton O
is O
retaining O
) O
. O
As O
a O
result O
, O
we B-Effect
believe I-Effect
Eaton I-Effect
will I-Effect
hit I-Effect
over I-Effect
20 I-Effect
% I-Effect
non-GAAP I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
by I-Effect
2022 I-Effect
and I-Effect
will I-Effect
drive I-Effect
about I-Effect
500 I-Effect
basis I-Effect
points I-Effect
of I-Effect
ROIC I-Effect
improvement I-Effect
through I-Effect
the I-Effect
cycle I-Effect
. O

We O
consider O
switching B-Cause
costs I-Cause
to O
be O
significant B-Effect
across I-Effect
all I-Effect
these I-Effect
software I-Effect
offerings I-Effect
given I-Effect
the I-Effect
length I-Effect
of I-Effect
time I-Effect
required O
to O
master O
Autodesk O
software O
. O

However O
, O
due O
in O
large O
part O
to O
forward-looking B-Cause
test I-Cause
years I-Cause
, I-Cause
multi-year I-Cause
plans I-Cause
that I-Cause
allowed I-Cause
automatic I-Cause
increases I-Cause
in I-Cause
rate I-Cause
base I-Cause
, I-Cause
decoupling I-Cause
mechanisms I-Cause
and I-Cause
favorable I-Cause
deferral I-Cause
mechanisms I-Cause
, O
Con B-Effect
Ed I-Effect
's I-Effect
utilities I-Effect
have I-Effect
consistently I-Effect
been I-Effect
able I-Effect
to I-Effect
achieve I-Effect
realized I-Effect
ROEs I-Effect
near I-Effect
or I-Effect
even I-Effect
above I-Effect
the I-Effect
allowed I-Effect
ROE I-Effect
. O

Thinner B-Cause
margins I-Cause
in I-Cause
corrugated I-Cause
packaging I-Cause
, I-Cause
which I-Cause
accounts I-Cause
for I-Cause
half I-Cause
of I-Cause
WestRock I-Cause
's I-Cause
sales I-Cause
, O
are O
likely O
to O
weigh O
on O
consolidated B-Effect
profit I-Effect
growth I-Effect
beyond I-Effect
the I-Effect
next I-Effect
year I-Effect
. O

The B-Effect
level I-Effect
of I-Effect
net I-Effect
interest I-Effect
income I-Effect
is I-Effect
more I-Effect
uncertain I-Effect
as B-Cause
net I-Cause
interest I-Cause
margin I-Cause
and I-Cause
balance I-Cause
sheet I-Cause
size I-Cause
can I-Cause
be I-Cause
difficult I-Cause
to I-Cause
forecast I-Cause
. I-Cause

We B-Effect
forecast I-Effect
selling I-Effect
and I-Effect
administrative I-Effect
expense I-Effect
to I-Effect
leverage I-Effect
on I-Effect
continued I-Effect
cost I-Effect
savings I-Effect
( I-Effect
to I-Effect
26 I-Effect
% I-Effect
) I-Effect
, I-Effect
while I-Effect
the I-Effect
advertising I-Effect
spending I-Effect
ratio I-Effect
remains I-Effect
around I-Effect
11 I-Effect
% I-Effect
, O
as O
the B-Cause
company I-Cause
spends I-Cause
to I-Cause
connect I-Cause
with I-Cause
consumers I-Cause
but I-Cause
accesses I-Cause
lower I-Cause
advertising I-Cause
rates I-Cause
to I-Cause
do I-Cause
so I-Cause
. O

In O
taste O
, O
food O
, O
and O
beverage O
, O
we O
assume O
an B-Effect
above-market I-Effect
growth I-Effect
rate I-Effect
as O
the B-Effect
company I-Effect
's I-Effect
plant-based I-Effect
protein I-Effect
business I-Effect
should I-Effect
see I-Effect
elevated I-Effect
sales I-Effect
due O
to O
growing B-Cause
consumer I-Cause
demand I-Cause
as I-Cause
well I-Cause
as I-Cause
consumer I-Cause
preferences I-Cause
for I-Cause
more I-Cause
natural I-Cause
flavors I-Cause
. O

The B-Cause
size I-Cause
of I-Cause
its I-Cause
operations I-Cause
, I-Cause
which I-Cause
is I-Cause
orders I-Cause
of I-Cause
a I-Cause
magnitude I-Cause
larger I-Cause
than I-Cause
most I-Cause
regional I-Cause
competitors I-Cause
, O
fosters O
efficient B-Effect
operations I-Effect
that O
include O
sophisticated O
customer O
service O
capabilities O
, O
optimized O
routes O
, O
and O
large O
disposal O
facilities O
. O

We O
then O
expect O
another B-Effect
large I-Effect
capacity I-Effect
increase I-Effect
in I-Effect
2022 I-Effect
as O
Model B-Cause
Y I-Cause
crossover I-Cause
capacity I-Cause
in I-Cause
each I-Cause
of I-Cause
the I-Cause
three I-Cause
plants I-Cause
above I-Cause
should I-Cause
be I-Cause
at I-Cause
least I-Cause
250,000 I-Cause
. O

Our O
uncertainty B-Effect
rating I-Effect
for I-Effect
Intel I-Effect
is I-Effect
high I-Effect
, O
as O
we B-Cause
incorporate I-Cause
the I-Cause
cyclicality I-Cause
of I-Cause
the I-Cause
chip I-Cause
space I-Cause
and I-Cause
increased I-Cause
competitive I-Cause
pressures I-Cause
and I-Cause
manufacturing I-Cause
challenges I-Cause
faced I-Cause
by I-Cause
the I-Cause
firm I-Cause
. O

We B-Effect
're I-Effect
holding I-Effect
steady I-Effect
on I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
of I-Effect
$ I-Effect
164 I-Effect
per I-Effect
share I-Effect
, O
which O
assumes O
a B-Cause
resumption I-Cause
of I-Cause
procedure I-Cause
volume I-Cause
following I-Cause
the I-Cause
COVID-19 I-Cause
impact I-Cause
in I-Cause
2020 I-Cause
. O

Companies B-Cause
such I-Cause
as I-Cause
Google I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
Facebook I-Cause
, I-Cause
and I-Cause
Alibaba I-Cause
have I-Cause
sizable I-Cause
user I-Cause
bases I-Cause
and I-Cause
budgets I-Cause
and O
can O
present B-Effect
an I-Effect
increasing I-Effect
competitive I-Effect
threat I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Deere B-Effect
's I-Effect
precision I-Effect
solutions I-Effect
allow I-Effect
farmers I-Effect
to I-Effect
become I-Effect
more I-Effect
informed I-Effect
on I-Effect
what I-Effect
's I-Effect
driving I-Effect
higher I-Effect
crop I-Effect
yield I-Effect
, O
from B-Cause
optimal I-Cause
seed I-Cause
placement I-Cause
to I-Cause
targeted I-Cause
chemical I-Cause
spraying I-Cause
. O

On O
the O
bottom O
line O
, O
over O
the O
next O
three O
years O
we O
expect O
improving O
margins O
, O
largely B-Cause
driven I-Cause
by I-Cause
the I-Cause
higher I-Cause
contribution I-Cause
to I-Cause
total I-Cause
sales I-Cause
by I-Cause
specialty I-Cause
drugs I-Cause
, O
which O
carry B-Effect
very I-Effect
high I-Effect
margins I-Effect
. O

For B-Cause
much I-Cause
of I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
, I-Cause
we I-Cause
've I-Cause
been I-Cause
big I-Cause
proponents I-Cause
of I-Cause
consolidation I-Cause
among I-Cause
the I-Cause
U.S.-based I-Cause
asset I-Cause
managers I-Cause
, I-Cause
expecting I-Cause
companies I-Cause
to I-Cause
pursue I-Cause
enhanced I-Cause
scale I-Cause
as I-Cause
a I-Cause
way I-Cause
to B-Effect
offset I-Effect
the I-Effect
ongoing I-Effect
impact I-Effect
of I-Effect
fee I-Effect
and I-Effect
margin I-Effect
compression I-Effect
that I-Effect
has I-Effect
been I-Effect
driven I-Effect
by I-Effect
the I-Effect
growth I-Effect
of I-Effect
low-cost I-Effect
passive I-Effect
products I-Effect
. O

As O
the O
rest O
of O
its O
business O
struggles O
to O
produce O
revenue O
growth O
, O
security B-Cause
solutions I-Cause
have I-Cause
been I-Cause
growing I-Cause
about I-Cause
30 I-Cause
% I-Cause
annually I-Cause
, O
on O
pace O
to O
exceed B-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
by I-Effect
2020 I-Effect
and I-Effect
making I-Effect
up I-Effect
almost I-Effect
one I-Effect
third I-Effect
of I-Effect
Akamai I-Effect
's I-Effect
total I-Effect
sales I-Effect
. O

In O
other O
words O
, O
we O
think O
that O
Accenture B-Effect
's I-Effect
clients I-Effect
' I-Effect
broad I-Effect
familiarity I-Effect
with O
the B-Cause
company I-Cause
is I-Cause
a I-Cause
source I-Cause
of I-Cause
resistance I-Cause
to I-Cause
switching I-Cause
to I-Cause
other I-Cause
consultants I-Cause
and I-Cause
outsourcing I-Cause
providers I-Cause
. O

RingCentral B-Cause
's I-Cause
unique I-Cause
go-to-market I-Cause
strategy I-Cause
combined I-Cause
with I-Cause
a I-Cause
best-in-class I-Cause
platform I-Cause
should O
enable O
the B-Effect
firm I-Effect
to I-Effect
take I-Effect
a I-Effect
sizable I-Effect
slice I-Effect
of I-Effect
the I-Effect
pie I-Effect
and I-Effect
drive I-Effect
growth I-Effect
with I-Effect
enterprise I-Effect
customers I-Effect
as I-Effect
well I-Effect
as I-Effect
in I-Effect
international I-Effect
markets I-Effect
. O

Although O
our O
base O
case O
does O
not O
assume O
pan-cancer O
becomes O
a O
substantial O
threat O
to O
Guardant O
's O
single-cancer O
tests O
, O
we O
see O
competitive B-Cause
risks I-Cause
from I-Cause
pan-cancer I-Cause
in I-Cause
the I-Cause
longer-term I-Cause
, I-Cause
and I-Cause
pan-cancer I-Cause
tests I-Cause
could O
eventually O
see B-Effect
improved I-Effect
efficacy I-Effect
and I-Effect
take I-Effect
share I-Effect
from I-Effect
single-screening I-Effect
players I-Effect
like I-Effect
Guardant I-Effect
. O

This B-Cause
expansion I-Cause
of I-Cause
viewing I-Cause
hours I-Cause
has O
helped O
ARPU B-Effect
per I-Effect
household I-Effect
reach I-Effect
$ I-Effect
2.39 I-Effect
in I-Effect
third I-Effect
quarter I-Effect
of I-Effect
2020 I-Effect
from I-Effect
$ I-Effect
0.45 I-Effect
in I-Effect
the I-Effect
first I-Effect
quarter I-Effect
of I-Effect
2015 I-Effect
. O

As O
an O
insurer B-Cause
gets I-Cause
bigger I-Cause
, O
management B-Effect
are I-Effect
able I-Effect
to I-Effect
spread I-Effect
fixed I-Effect
costs I-Effect
of I-Effect
administering I-Effect
policies I-Effect
over I-Effect
a I-Effect
larger I-Effect
number I-Effect
of I-Effect
contracts I-Effect
and O
fixed O
costs O
per O
policy O
decline O
. O

However O
, O
we O
expect O
margin B-Effect
trends I-Effect
to I-Effect
inflect I-Effect
over O
the O
medium O
term O
as O
investments B-Cause
wind I-Cause
down I-Cause
and I-Cause
Alibaba I-Cause
's I-Cause
more I-Cause
nascent I-Cause
businesses I-Cause
scale I-Cause
, O
bringing O
our O
fiscal O
2030 O
adjusted O
EBITDA O
estimates O
back O
to O
the O
mid-30s O
. O

As O
Silgan O
's O
new O
facilities O
come O
on O
line O
in O
the O
coming O
years O
, O
segment B-Effect
costs I-Effect
are I-Effect
likely I-Effect
to I-Effect
fall I-Effect
as O
the B-Cause
company I-Cause
spends I-Cause
less I-Cause
to I-Cause
accommodate I-Cause
customer I-Cause
needs I-Cause
through O
the O
transition O
. O

Although O
we O
believe O
Exxon B-Effect
has I-Effect
ceded I-Effect
some I-Effect
ground I-Effect
to I-Effect
peers I-Effect
as O
it B-Cause
has I-Cause
added I-Cause
higher-cost I-Cause
oil I-Cause
sands I-Cause
volumes I-Cause
, O
we O
think O
its O
overall O
upstream O
portfolio O
maintains O
a O
low-cost O
position O
. O

The B-Cause
loss I-Cause
of I-Cause
a I-Cause
single I-Cause
European I-Cause
financial I-Cause
centre I-Cause
following I-Cause
Brexit I-Cause
also I-Cause
does I-Cause
not I-Cause
augur I-Cause
well I-Cause
for I-Cause
European I-Cause
banks I-Cause
, O
as O
we O
believe O
this B-Effect
could I-Effect
lead I-Effect
to I-Effect
business I-Effect
not I-Effect
merely I-Effect
shifting I-Effect
out I-Effect
of I-Effect
London I-Effect
but I-Effect
out I-Effect
of I-Effect
Europe I-Effect
altogether I-Effect
. O

In O
addition O
, O
the B-Cause
company I-Cause
's I-Cause
powerful I-Cause
distribution I-Cause
network I-Cause
sets B-Effect
up I-Effect
the I-Effect
firm I-Effect
as I-Effect
a I-Effect
strong I-Effect
partner I-Effect
for I-Effect
smaller I-Effect
drug I-Effect
companies I-Effect
that I-Effect
lack I-Effect
Astra I-Effect
's I-Effect
resources I-Effect
. O

The B-Cause
rise I-Cause
of I-Cause
smartphones I-Cause
and I-Cause
tablets I-Cause
, I-Cause
coupled I-Cause
with I-Cause
bring-your-own-device I-Cause
and I-Cause
a I-Cause
mobile I-Cause
workforce I-Cause
have O
made O
a B-Effect
file I-Effect
format I-Effect
that I-Effect
is I-Effect
usable I-Effect
on I-Effect
any I-Effect
screen I-Effect
more I-Effect
relevant I-Effect
than I-Effect
ever I-Effect
. O

Polaris B-Effect
delivered I-Effect
fourth-quarter I-Effect
2020 I-Effect
sales I-Effect
growth I-Effect
of I-Effect
24 I-Effect
% I-Effect
( I-Effect
to I-Effect
$ I-Effect
2.2 I-Effect
billion I-Effect
) I-Effect
and I-Effect
adjusted I-Effect
EPS I-Effect
growth I-Effect
of I-Effect
83 I-Effect
% I-Effect
( I-Effect
to I-Effect
$ I-Effect
3.34 I-Effect
) I-Effect
thanks O
to O
solid B-Cause
consumer I-Cause
takeaway I-Cause
and I-Cause
well-controlled I-Cause
costs I-Cause
. O

There O
is O
value O
because O
age B-Cause
, I-Cause
in I-Cause
this I-Cause
context I-Cause
, I-Cause
dovetails I-Cause
with I-Cause
drinkers I-Cause
' I-Cause
perception I-Cause
of I-Cause
quality I-Cause
, O
thus O
increasing B-Effect
their I-Effect
willingness I-Effect
to I-Effect
pay I-Effect
and I-Effect
, I-Effect
ultimately I-Effect
, I-Effect
the I-Effect
attendant I-Effect
ability I-Effect
of I-Effect
the I-Effect
supplier I-Effect
to I-Effect
extract I-Effect
margins I-Effect
and I-Effect
rents I-Effect
. O

Given O
our B-Cause
overarching I-Cause
premise I-Cause
that I-Cause
the I-Cause
value I-Cause
of I-Cause
high-quality I-Cause
content I-Cause
will I-Cause
continue I-Cause
to I-Cause
increase I-Cause
, O
the B-Effect
television I-Effect
production I-Effect
studios I-Effect
are I-Effect
among I-Effect
the I-Effect
most I-Effect
attractive I-Effect
assets I-Effect
of I-Effect
the I-Effect
reunited I-Effect
firm I-Effect
. O

We O
think O
Adcetris B-Effect
sales I-Effect
in I-Effect
North I-Effect
America I-Effect
could I-Effect
reach I-Effect
over I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
thanks O
to O
label B-Cause
expansions I-Cause
and I-Cause
potential I-Cause
combinations I-Cause
with I-Cause
checkpoint I-Cause
inhibitors I-Cause
. O

Insurers O
can O
, O
however O
, O
develop B-Effect
sustainable I-Effect
cost I-Effect
advantages I-Effect
by O
either O
focusing B-Cause
on I-Cause
less I-Cause
commodified I-Cause
areas I-Cause
of I-Cause
the I-Cause
market I-Cause
or I-Cause
by I-Cause
developing I-Cause
efficient I-Cause
and/or I-Cause
scalable I-Cause
distribution I-Cause
platforms I-Cause
. O

We O
expect O
the B-Effect
ratio I-Effect
will I-Effect
steadily I-Effect
climb I-Effect
to I-Effect
4.7 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
due O
to O
a B-Cause
higher I-Cause
mix I-Cause
of I-Cause
independent I-Cause
restaurant I-Cause
business I-Cause
. O

We O
have O
slightly B-Effect
lowered I-Effect
the I-Effect
growth I-Effect
assumption I-Effect
in I-Effect
our I-Effect
terminal I-Effect
value I-Effect
calculation I-Effect
which O
previously O
was O
accounting O
for O
long-term O
earnings O
growth O
from O
increased O
capital O
spending O
given O
the B-Cause
delays I-Cause
in I-Cause
earnings I-Cause
targets I-Cause
expected I-Cause
by I-Cause
management I-Cause
. O

While O
digital O
alternatives O
are O
diminishing O
the O
value O
of O
an O
advantaged O
network O
of O
locations O
, O
we O
contend O
that O
such O
proximity B-Cause
remains O
especially O
valuable B-Effect
to I-Effect
low-income I-Effect
customers I-Effect
that O
value B-Cause
convenience I-Cause
, I-Cause
considering I-Cause
time I-Cause
pressures I-Cause
. O

While O
we O
believe O
KFC B-Effect
's I-Effect
initial I-Effect
success I-Effect
could O
be O
largely O
attributed O
to O
novelty B-Cause
, I-Cause
the I-Cause
brand I-Cause
later I-Cause
abandoned I-Cause
its I-Cause
U.S I-Cause
. I-Cause

Lumen B-Cause
's I-Cause
fiber I-Cause
holdings I-Cause
make O
it B-Effect
one I-Effect
of I-Effect
the I-Effect
biggest I-Effect
communications I-Effect
infrastructure I-Effect
providers I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, O
and O
its O
extensive O
network O
is O
matched O
by O
few O
other O
companies O
. O

We O
forecast O
commercial O
aircraft O
deliveries O
will O
increase O
at O
just O
above O
a O
6 O
% O
CAGR O
over O
the O
next O
10 O
years O
, O
although O
deliveries B-Effect
in I-Effect
the I-Effect
2019 I-Effect
base I-Effect
year I-Effect
are I-Effect
atypically I-Effect
low I-Effect
due B-Cause
to I-Cause
the I-Cause
737 I-Cause
MAX I-Cause
production I-Cause
suspension I-Cause
. O

However O
, O
with B-Cause
the I-Cause
business I-Cause
also I-Cause
consisting I-Cause
of I-Cause
other I-Cause
products I-Cause
like I-Cause
injection I-Cause
molding I-Cause
machines I-Cause
( I-Cause
Roboshot I-Cause
) I-Cause
, O
we O
believe O
the B-Effect
robomachine I-Effect
division I-Effect
will I-Effect
further I-Effect
diversify I-Effect
its I-Effect
customer I-Effect
base I-Effect
into I-Effect
other I-Effect
industries I-Effect
and I-Effect
continue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
relatively I-Effect
stable I-Effect
rate I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

We O
expect O
higher B-Cause
lithium I-Cause
prices I-Cause
and I-Cause
volume I-Cause
will O
help O
Albemarle B-Effect
's I-Effect
lithium I-Effect
EBITDA I-Effect
grow I-Effect
nearly I-Effect
5 I-Effect
times I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
assume O
a B-Effect
total I-Effect
revenue I-Effect
growth I-Effect
CAGR I-Effect
of I-Effect
13.4 I-Effect
% I-Effect
, I-Effect
far I-Effect
higher I-Effect
than I-Effect
the I-Effect
trailing I-Effect
five-year I-Effect
CAGR I-Effect
of I-Effect
5.4 I-Effect
% I-Effect
, O
largely O
due O
to O
the B-Cause
pandemic I-Cause
occurring I-Cause
in I-Cause
2020 I-Cause
. O

A B-Effect
carbon I-Effect
tax I-Effect
would I-Effect
likely I-Effect
increase I-Effect
the I-Effect
final I-Effect
price I-Effect
of I-Effect
refined I-Effect
products I-Effect
as O
emission B-Cause
costs I-Cause
would I-Cause
likely I-Cause
be I-Cause
borne I-Cause
by I-Cause
consumers I-Cause
. O

As O
a B-Effect
testament I-Effect
to I-Effect
restrictions I-Effect
inherent I-Effect
to I-Effect
the I-Effect
development I-Effect
process I-Effect
in I-Effect
the I-Effect
state I-Effect
, O
it B-Cause
reportedly I-Cause
took I-Cause
Extra I-Cause
Space I-Cause
10 I-Cause
years I-Cause
to I-Cause
gain I-Cause
permission I-Cause
and I-Cause
develop I-Cause
one I-Cause
of I-Cause
its I-Cause
facilities I-Cause
in I-Cause
Southern I-Cause
California I-Cause
. O

Banco B-Cause
de I-Cause
Chile I-Cause
's I-Cause
reputation I-Cause
and I-Cause
illustrious I-Cause
history I-Cause
have O
allowed O
it O
to O
attract B-Cause
a I-Cause
high I-Cause
proportion I-Cause
of I-Cause
non-interest-bearing I-Cause
deposits I-Cause
, O
resulting O
in O
the B-Effect
lowest I-Effect
cost I-Effect
of I-Effect
funding I-Effect
in I-Effect
the I-Effect
Chilean I-Effect
banking I-Effect
industry I-Effect
. O

Our O
valuation O
is O
based O
on O
an B-Effect
expectation I-Effect
that I-Effect
consolidated I-Effect
revenue I-Effect
grows I-Effect
modestly I-Effect
over I-Effect
the I-Effect
coming I-Effect
decade I-Effect
as I-Effect
total I-Effect
land I-Effect
sales I-Effect
gradually I-Effect
increase I-Effect
, O
offset O
by O
weaker B-Cause
pricing I-Cause
in I-Cause
the I-Cause
Pacific I-Cause
Northwest I-Cause
and I-Cause
New I-Cause
Zealand I-Cause
. O

The B-Cause
threats I-Cause
posed I-Cause
by I-Cause
AMD I-Cause
in I-Cause
x86 I-Cause
CPUs I-Cause
, I-Cause
ARM-based I-Cause
CPUs I-Cause
developed I-Cause
by I-Cause
Intel I-Cause
's I-Cause
customers I-Cause
, I-Cause
Nvidia I-Cause
's I-Cause
first-mover I-Cause
advantage I-Cause
in I-Cause
AI I-Cause
, I-Cause
and I-Cause
Intel I-Cause
's I-Cause
recent I-Cause
manufacturing I-Cause
struggles I-Cause
with I-Cause
its I-Cause
10-nm I-Cause
process I-Cause
collectively O
underpin B-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
. O

There O
are O
additional B-Effect
indirect I-Effect
costs I-Effect
pertaining O
to O
employee B-Cause
training I-Cause
, O
particularly O
HR O
and O
payroll O
personnel O
, O
who O
need O
to O
be O
coached O
on O
how O
to O
use O
the O
system O
effectively O
to O
prevent O
inefficiencies O
with O
hiring O
, O
benefits O
, O
or O
payroll O
services O
; O
inaccurate B-Cause
execution I-Cause
of I-Cause
such I-Cause
processes I-Cause
could O
lead O
to O
an O
impediment O
to O
business B-Effect
operations I-Effect
. O

The B-Effect
risk I-Effect
cuts O
both O
ways O
as O
middle-income B-Cause
consumers I-Cause
trade I-Cause
down I-Cause
in I-Cause
times I-Cause
of I-Cause
stress I-Cause
, O
but O
much O
of O
what O
governs O
customers O
' O
shopping O
behavior O
is O
beyond O
the O
firm O
's O
control O
. O

Larger B-Effect
drillers I-Effect
with I-Effect
more I-Effect
experience I-Effect
in I-Effect
the I-Effect
space I-Effect
typically I-Effect
win I-Effect
business I-Effect
over I-Effect
smaller I-Effect
competitors I-Effect
due O
to O
superior B-Cause
operational I-Cause
efficiency I-Cause
( O
this O
is O
the O
one O
area O
where O
drilling O
specialization O
makes O
a O
difference O
) O
and O
higher B-Cause
customer I-Cause
confidence I-Cause
. O

Thus O
, O
for O
Amazon B-Effect
to I-Effect
offer I-Effect
delivery I-Effect
to I-Effect
the I-Effect
broader I-Effect
marketplace I-Effect
, O
its O
investment B-Cause
in I-Cause
network I-Cause
capabilities I-Cause
( I-Cause
especially I-Cause
national I-Cause
linehaul I-Cause
capacity I-Cause
) I-Cause
would I-Cause
very I-Cause
likely I-Cause
have I-Cause
to I-Cause
expand I-Cause
to I-Cause
even I-Cause
more I-Cause
lofty I-Cause
levels I-Cause
. O

This B-Cause
low I-Cause
cost I-Cause
of I-Cause
supply I-Cause
should O
allow O
it O
to O
continue B-Effect
investing I-Effect
through I-Effect
the I-Effect
cycle I-Effect
, I-Effect
delivering I-Effect
production I-Effect
and I-Effect
free I-Effect
cash I-Effect
flow I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

The O
biggest O
ESG O
risk O
we O
see O
revolves O
around O
broadband O
's O
essential O
function O
in O
society O
, O
which O
means O
regulators B-Cause
may I-Cause
take I-Cause
a I-Cause
heavy I-Cause
hand I-Cause
in I-Cause
ensuring I-Cause
providers I-Cause
reach I-Cause
all I-Cause
residents I-Cause
for I-Cause
reasonable I-Cause
prices—potentially O
limiting B-Effect
pricing I-Effect
power I-Effect
and I-Effect
forcing I-Effect
higher I-Effect
spending I-Effect
even I-Effect
when I-Effect
it I-Effect
does I-Effect
n't I-Effect
make I-Effect
economic I-Effect
sense I-Effect
. O

With O
respect O
to O
BP O
's O
20 O
% O
interest O
in O
Rosneft O
, O
the B-Cause
firm I-Cause
's I-Cause
status I-Cause
as I-Cause
a I-Cause
Western I-Cause
company I-Cause
that I-Cause
holds I-Cause
such I-Cause
a I-Cause
large I-Cause
stake I-Cause
in I-Cause
Russia I-Cause
's I-Cause
national I-Cause
oil I-Cause
company I-Cause
creates O
significant B-Effect
sovereign I-Effect
risk I-Effect
that O
peers O
do O
not O
have O
. O

Further O
, O
we O
anticipate O
cloud O
and O
data B-Effect
center I-Effect
buildouts I-Effect
to O
accommodate B-Cause
ever-increasing I-Cause
bandwidth I-Cause
demand I-Cause
will O
lead O
to O
steady B-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
sales I-Effect
into I-Effect
IT I-Effect
infrastructure I-Effect
. O

However O
, O
since O
there B-Cause
could I-Cause
be I-Cause
a I-Cause
medical I-Cause
device I-Cause
shortage I-Cause
if I-Cause
additional I-Cause
plants I-Cause
are I-Cause
closed I-Cause
, O
we O
believe O
regulators B-Effect
would I-Effect
act I-Effect
, I-Effect
if I-Effect
necessary I-Effect
, I-Effect
to I-Effect
ensure I-Effect
medical I-Effect
device I-Effect
availability I-Effect
. O

CROs B-Cause
with I-Cause
a I-Cause
record I-Cause
of I-Cause
quality I-Cause
and I-Cause
timeliness I-Cause
like I-Cause
PRA I-Cause
can O
drive B-Effect
repeat I-Effect
business I-Effect
with I-Effect
the I-Effect
same I-Effect
biopharma I-Effect
client I-Effect
over I-Effect
extended I-Effect
periods I-Effect
. O

Our B-Effect
10-year I-Effect
forecast I-Effect
sees I-Effect
an I-Effect
average I-Effect
adjusted I-Effect
ROIC I-Effect
of I-Effect
23 I-Effect
% I-Effect
, I-Effect
with I-Effect
our I-Effect
2030 I-Effect
projection I-Effect
of I-Effect
26 I-Effect
% I-Effect
slightly I-Effect
higher I-Effect
than I-Effect
the I-Effect
firm I-Effect
's I-Effect
pre-pandemic I-Effect
average I-Effect
primarily I-Effect
due O
to O
positive B-Cause
operating I-Cause
leverage I-Cause
and I-Cause
refranchising I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
55 I-Cause
% I-Cause
payout I-Cause
ratio I-Cause
based I-Cause
on I-Cause
adjusted I-Cause
2020 I-Cause
earnings I-Cause
is I-Cause
low I-Cause
for I-Cause
the I-Cause
sector I-Cause
, O
thus O
we O
believe O
there B-Effect
is I-Effect
room I-Effect
to I-Effect
increase I-Effect
the I-Effect
dividend I-Effect
modestly I-Effect
faster I-Effect
than I-Effect
earnings I-Effect
growth I-Effect
. O

Given O
the B-Cause
growing I-Cause
presence I-Cause
of I-Cause
renter I-Cause
fatigue I-Cause
with I-Cause
respect I-Cause
to I-Cause
rent I-Cause
increases I-Cause
and I-Cause
pending I-Cause
supply I-Cause
hitting I-Cause
the I-Cause
market I-Cause
, O
we O
see O
overall B-Effect
revenue I-Effect
growth I-Effect
decelerating I-Effect
from I-Effect
the I-Effect
high-single I-Effect
digits I-Effect
. O

We O
like O
the O
movement O
from O
selling O
individual O
firewalls O
toward O
a O
holistic O
security O
approach O
, O
and O
we O
expect O
Palo B-Cause
Alto I-Cause
's I-Cause
innovative I-Cause
machine I-Cause
learning I-Cause
approach O
to O
benefit B-Effect
its I-Effect
customer I-Effect
base I-Effect
while I-Effect
ensuring I-Effect
its I-Effect
products I-Effect
remain I-Effect
sticky I-Effect
within I-Effect
customer I-Effect
networks I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
met I-Cause
the I-Cause
challenge I-Cause
of I-Cause
digital I-Cause
grocery I-Cause
with I-Cause
partnerships I-Cause
with I-Cause
a I-Cause
variety I-Cause
of I-Cause
firms I-Cause
, I-Cause
tie-ups I-Cause
that O
we B-Effect
believe I-Effect
are I-Effect
enabled I-Effect
by I-Effect
Kroger I-Effect
's I-Effect
significant I-Effect
size I-Effect
, I-Effect
established I-Effect
market I-Effect
position I-Effect
, I-Effect
and I-Effect
grocery I-Effect
industry I-Effect
leadership I-Effect
as I-Effect
it B-Cause
is I-Cause
uniquely I-Cause
positioned I-Cause
to I-Cause
deliver I-Cause
meaningful I-Cause
value I-Cause
to I-Cause
its I-Cause
counterparts I-Cause
. O

All B-Effect
these I-Effect
marginal I-Effect
improvements I-Effect
and I-Effect
knowledge I-Effect
buildup I-Effect
can I-Effect
add I-Effect
up I-Effect
and I-Effect
make I-Effect
it I-Effect
more I-Effect
difficult I-Effect
for I-Effect
the I-Effect
client I-Effect
to I-Effect
switch I-Effect
firms I-Effect
as O
the B-Cause
contract I-Cause
nears I-Cause
its I-Cause
end-date I-Cause
. O

It B-Cause
controls I-Cause
GBP I-Cause
236 I-Cause
billion I-Cause
in I-Cause
retail I-Cause
deposits I-Cause
in I-Cause
the I-Cause
U.K. I-Cause
, O
which O
makes O
it B-Effect
the I-Effect
largest I-Effect
retail I-Effect
deposit I-Effect
holder I-Effect
of I-Effect
the I-Effect
high I-Effect
street I-Effect
banks I-Effect
( O
RBS O
GBP O
180 O
billion O
, O
Barclays O
GBP O
154 O
billion O
, O
HSBC O
GBP O
132 O
billion O
, O
Santander O
GBP O
130 O
billion O
) O
. O

This B-Cause
strong I-Cause
position I-Cause
allows O
SK B-Cause
Telecom I-Cause
to I-Cause
keep I-Cause
the I-Cause
majority I-Cause
of I-Cause
its I-Cause
customer I-Cause
calls I-Cause
on I-Cause
its I-Cause
own I-Cause
network I-Cause
, O
thereby O
increasing B-Effect
margins I-Effect
. O

Consequently O
, O
we O
think O
fiscal B-Effect
2021 I-Effect
revenue I-Effect
will I-Effect
be I-Effect
up I-Effect
in I-Effect
the I-Effect
low I-Effect
double-digits I-Effect
thanks O
to O
greater B-Cause
memory I-Cause
and I-Cause
storage I-Cause
requirements I-Cause
across I-Cause
servers I-Cause
, I-Cause
smartphones I-Cause
, I-Cause
game I-Cause
consoles I-Cause
, I-Cause
and I-Cause
new I-Cause
opportunities I-Cause
for I-Cause
Micron I-Cause
such I-Cause
as I-Cause
embedded I-Cause
DRAM I-Cause
in I-Cause
automotive I-Cause
. O

These B-Effect
patients I-Effect
represent I-Effect
lots I-Effect
of I-Effect
growth I-Effect
potential I-Effect
, O
as O
roughly B-Cause
70 I-Cause
% I-Cause
of I-Cause
Americans I-Cause
with I-Cause
Type I-Cause
1 I-Cause
diabetes I-Cause
still I-Cause
take I-Cause
daily I-Cause
insulin I-Cause
injections I-Cause
. O

We O
expect O
Lennox B-Effect
's I-Effect
top I-Effect
line I-Effect
to O
benefit O
from O
continued B-Cause
strength I-Cause
in O
new-home O
construction O
, O
the O
release B-Cause
of I-Cause
pent-up I-Cause
commercial I-Cause
replacement I-Cause
demand I-Cause
related O
to O
the O
2020 O
downturn O
, O
and O
market B-Cause
share I-Cause
gains I-Cause
across O
Lennox O
's O
product O
portfolio O
. O

Volatile B-Cause
commodity I-Cause
power I-Cause
markets I-Cause
, I-Cause
weather I-Cause
, I-Cause
and I-Cause
reliance I-Cause
on I-Cause
government I-Cause
subsidies I-Cause
for I-Cause
renewable I-Cause
energy I-Cause
create O
some B-Effect
uncertainty I-Effect
around I-Effect
NextEra I-Effect
's I-Effect
long-term I-Effect
earnings I-Effect
strength I-Effect
at I-Effect
its I-Effect
renewable I-Effect
generation I-Effect
business I-Effect
. O

The B-Cause
First I-Cause
Niagara I-Cause
acquisition I-Cause
has I-Cause
improved I-Cause
many I-Cause
of I-Cause
these I-Cause
metrics I-Cause
for I-Cause
KeyCorp I-Cause
, O
such B-Effect
as I-Effect
deposits I-Effect
per I-Effect
branch I-Effect
and I-Effect
average I-Effect
metropolitan I-Effect
statistical I-Effect
area I-Effect
market I-Effect
share I-Effect
. O

China B-Effect
Mobile I-Effect
's I-Effect
TD I-Effect
LTE I-Effect
has I-Effect
a I-Effect
better I-Effect
choice I-Effect
of I-Effect
handsets I-Effect
than I-Effect
its I-Effect
3G I-Effect
technology I-Effect
, O
as O
TD B-Cause
LTE I-Cause
has I-Cause
bigger I-Cause
global I-Cause
scale I-Cause
. O

Modest B-Cause
operating I-Cause
leverage I-Cause
and I-Cause
scale-based I-Cause
supply I-Cause
chain I-Cause
savings I-Cause
see O
terminal B-Effect
operating I-Effect
margins I-Effect
reach I-Effect
33.1 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
, I-Effect
higher I-Effect
than I-Effect
the I-Effect
28.7 I-Effect
% I-Effect
seen I-Effect
in I-Effect
2020 I-Effect
but I-Effect
below I-Effect
2019 I-Effect
levels I-Effect
as I-Effect
promotions O
, O
delivery B-Cause
commissions I-Cause
, I-Cause
and I-Cause
incremental I-Cause
advertising I-Cause
expenditure I-Cause
offsets I-Cause
savings I-Cause
. O

We B-Effect
assign I-Effect
the I-Effect
company I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
due O
to O
new B-Cause
market I-Cause
adoption I-Cause
concerns I-Cause
and I-Cause
customer I-Cause
concentration I-Cause
risk I-Cause
with I-Cause
the I-Cause
cloud I-Cause
providers I-Cause
. O

While O
these O
actions O
and O
its O
strong O
brands O
have O
allowed O
it O
to O
maintain O
or O
gain O
share O
within O
its O
categories O
, O
its B-Cause
categories I-Cause
have I-Cause
lost I-Cause
share I-Cause
of I-Cause
consumers I-Cause
' I-Cause
wallets I-Cause
, O
resulting O
in O
a B-Effect
0.2 I-Effect
% I-Effect
decline I-Effect
in I-Effect
organic I-Effect
sales I-Effect
on I-Effect
average I-Effect
over O
the O
past O
five O
years O
. O

Of O
those O
dealer O
relationships O
, O
42 B-Effect
% I-Effect
have I-Effect
lasted I-Effect
over I-Effect
10 I-Effect
years I-Effect
, I-Effect
and I-Effect
92 I-Effect
% I-Effect
exclusively I-Effect
represent I-Effect
Malibu I-Effect
tow I-Effect
boats I-Effect
, O
indicating O
the B-Cause
dealer I-Cause
loyalty I-Cause
and I-Cause
enthusiasm I-Cause
to I-Cause
the I-Cause
brand I-Cause
. O

With B-Cause
consumer I-Cause
electronics I-Cause
likely I-Cause
to I-Cause
become I-Cause
more I-Cause
relevant I-Cause
to I-Cause
consumers I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
through I-Cause
connected I-Cause
home I-Cause
and I-Cause
other I-Cause
technology I-Cause
trends I-Cause
, O
we B-Effect
expect I-Effect
price I-Effect
competition I-Effect
to I-Effect
intensify I-Effect
, I-Effect
likely I-Effect
keeping I-Effect
some I-Effect
pressure I-Effect
on I-Effect
Best I-Effect
Buy I-Effect
's I-Effect
margins I-Effect
. O

In O
additional O
to O
the O
reputational O
threat O
, O
these O
issues O
could O
force O
climate-conscious B-Cause
consumers I-Cause
away I-Cause
from I-Cause
fossil I-Cause
fuels I-Cause
in O
greater O
numbers O
, O
resulting O
in O
long-term B-Effect
demand I-Effect
erosion I-Effect
. O

Our B-Effect
prior I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Intel I-Effect
was O
driven O
by O
its B-Cause
scale I-Cause
and I-Cause
dominant I-Cause
position I-Cause
in I-Cause
x86 I-Cause
PC I-Cause
and I-Cause
server I-Cause
CPUs I-Cause
. O

Because O
Amphenol B-Cause
's I-Cause
share I-Cause
of I-Cause
the I-Cause
overall I-Cause
bill I-Cause
of I-Cause
materials I-Cause
is I-Cause
relatively I-Cause
low I-Cause
, O
price B-Effect
is I-Effect
n't I-Effect
the I-Effect
driving I-Effect
consideration I-Effect
for I-Effect
a I-Effect
supplier I-Effect
or I-Effect
OEM I-Effect
; O
customers O
will O
prioritize O
cutting-edge O
technology O
and O
reliability O
, O
and O
pay O
a O
premium O
for O
them O
. O

CMS O
( O
12 O
% O
of O
fiscal O
2019 O
revenue O
) O
should O
see O
mid-single-digit B-Effect
organic I-Effect
top-line I-Effect
growth I-Effect
through I-Effect
fiscal I-Effect
2024 I-Effect
, I-Effect
with I-Effect
margins I-Effect
rising I-Effect
toward I-Effect
30 I-Effect
% I-Effect
by I-Effect
that I-Effect
year I-Effect
( O
from O
22.7 O
% O
in O
fiscal O
2019 O
) O
as O
new B-Cause
platforms I-Cause
are I-Cause
deployed I-Cause
. O

With O
its B-Cause
assets I-Cause
in I-Cause
cities I-Cause
of I-Cause
little I-Cause
or I-Cause
no I-Cause
focus I-Cause
to I-Cause
big I-Cause
fiber I-Cause
holders I-Cause
like I-Cause
AT I-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
, I-Cause
Verizon I-Cause
, I-Cause
Crown I-Cause
Castle I-Cause
, I-Cause
and I-Cause
Zayo I-Cause
, O
we O
think O
Uniti B-Effect
could I-Effect
have I-Effect
efficient I-Effect
scale I-Effect
benefits I-Effect
over I-Effect
much I-Effect
of I-Effect
its I-Effect
footprint I-Effect
. O

Also O
, O
once O
a O
drug B-Cause
's I-Cause
key I-Cause
patents I-Cause
expire I-Cause
, O
generic B-Effect
manufacturers I-Effect
often I-Effect
try I-Effect
to I-Effect
use I-Effect
the I-Effect
same I-Effect
production I-Effect
methods I-Effect
as I-Effect
the I-Effect
branded I-Effect
manufacturer I-Effect
to I-Effect
reduce I-Effect
product I-Effect
variability I-Effect
, O
and O
that O
adoption O
by O
generic O
manufacturers O
can O
create O
an O
even O
longer O
benefit O
period O
for O
Waters O
on O
a O
specific O
molecule O
. O

The B-Cause
company I-Cause
has I-Cause
shed I-Cause
its I-Cause
diabetes I-Cause
business I-Cause
, I-Cause
medical I-Cause
imaging I-Cause
group I-Cause
, I-Cause
wound-care I-Cause
division I-Cause
, I-Cause
and I-Cause
nutritional I-Cause
business I-Cause
in B-Effect
an I-Effect
effort I-Effect
to I-Effect
focus I-Effect
on I-Effect
the I-Effect
high-margin I-Effect
specialty I-Effect
drug I-Effect
group I-Effect
. O

Retailers B-Cause
are I-Cause
becoming I-Cause
more I-Cause
selective I-Cause
with I-Cause
their I-Cause
physical I-Cause
locations I-Cause
, O
opting B-Effect
to I-Effect
locate I-Effect
storefronts I-Effect
in I-Effect
the I-Effect
highest I-Effect
quality I-Effect
assets I-Effect
while I-Effect
closing I-Effect
stores I-Effect
in I-Effect
low I-Effect
productivity I-Effect
sites I-Effect
. O

In O
addition O
, O
Sun B-Cause
Life I-Cause
's I-Cause
business I-Cause
is I-Cause
sensitive I-Cause
to I-Cause
changes I-Cause
in I-Cause
equity I-Cause
markets I-Cause
and I-Cause
estimates I-Cause
that O
a B-Effect
10 I-Effect
% I-Effect
decline I-Effect
would I-Effect
reduce I-Effect
net I-Effect
income I-Effect
by I-Effect
$ I-Effect
100 I-Effect
million I-Effect
. O

While O
Hubbell B-Effect
's I-Effect
lighting I-Effect
business I-Effect
will O
continue O
facing O
pressures O
on O
the B-Cause
residential I-Cause
side I-Cause
from I-Cause
cheaper I-Cause
Chinese I-Cause
competitors I-Cause
, O
we O
believe O
the O
nonresidential O
side O
of O
the O
business O
still O
consists O
of O
national O
account O
sales O
that O
are O
fairly O
sticky O
and O
value O
differentiated O
technology O
, O
including O
Power O
of O
Ethernet O
cloud O
analytics O
. O

We O
anticipate O
IFRS B-Effect
gross I-Effect
margins I-Effect
will I-Effect
increase I-Effect
modestly I-Effect
to I-Effect
84 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
improving B-Cause
scale I-Cause
in I-Cause
subscriptions I-Cause
, O
offset O
by O
an B-Cause
increasing I-Cause
mix I-Cause
of I-Cause
subscriptions I-Cause
within I-Cause
total I-Cause
revenue I-Cause
. O

When O
restrictions O
are O
lifted O
around O
half O
way O
through O
the O
year O
, O
we O
expect O
pent-up B-Cause
demand I-Cause
for I-Cause
social I-Cause
gatherings I-Cause
to O
provide O
a B-Effect
fairly I-Effect
strong I-Effect
volume I-Effect
rebound I-Effect
, O
but O
high B-Cause
unemployment I-Cause
rates I-Cause
mean O
it O
takes O
another B-Effect
year I-Effect
for I-Effect
volumes I-Effect
to I-Effect
recover I-Effect
to I-Effect
their I-Effect
prior I-Effect
levels I-Effect
. O

Swatch O
's O
diversification B-Cause
in I-Cause
terms I-Cause
of I-Cause
brands I-Cause
and I-Cause
price I-Cause
points I-Cause
helps O
it O
to O
avoid B-Effect
the I-Effect
pitfalls I-Effect
that I-Effect
come I-Effect
with I-Effect
extending I-Effect
brands I-Effect
into I-Effect
categories I-Effect
where O
they O
do O
n't O
strategically O
belong O
, O
and O
to O
potentially O
capture O
positive O
mix O
as O
consumers O
trade O
up O
. O

Given O
the B-Cause
short-term I-Cause
nature I-Cause
of I-Cause
these I-Cause
leases I-Cause
and I-Cause
the I-Cause
growing I-Cause
demand I-Cause
for I-Cause
self-storage I-Cause
space I-Cause
, O
management B-Effect
had I-Effect
been I-Effect
able I-Effect
to I-Effect
achieve I-Effect
material I-Effect
rent I-Effect
increases I-Effect
from I-Effect
new I-Effect
and I-Effect
existing I-Effect
tenants I-Effect
. O

Over O
our O
five-year O
explicit O
forecast O
term O
, O
we O
project O
average B-Cause
annual I-Cause
organic I-Cause
sales I-Cause
growth I-Cause
in I-Cause
the I-Cause
low I-Cause
to I-Cause
midsingle I-Cause
digits I-Cause
in I-Cause
industrial I-Cause
precision I-Cause
solutions I-Cause
and I-Cause
high I-Cause
single I-Cause
digits I-Cause
in I-Cause
advanced I-Cause
technology I-Cause
solutions I-Cause
, O
resulting O
in O
an B-Effect
average I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
of I-Effect
approximately I-Effect
7.5 I-Effect
% I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
. O

This B-Cause
increase I-Cause
in I-Cause
demand I-Cause
combined I-Cause
with I-Cause
slowing I-Cause
supply I-Cause
due I-Cause
to I-Cause
high I-Cause
construction I-Cause
prices I-Cause
should O
promote O
solid B-Effect
fundamental I-Effect
growth I-Effect
for I-Effect
several I-Effect
years I-Effect
. O

While O
5G O
will O
likely O
garner O
lower O
royalty O
rates O
in O
isolation O
, O
the B-Cause
greater I-Cause
number I-Cause
of I-Cause
connected I-Cause
devices I-Cause
should O
allow O
for O
comfortable O
growth B-Effect
in I-Effect
licensing I-Effect
sales I-Effect
, O
in O
our O
view O
. O

H O
& O
P O
's O
aggressive O
capital O
spending O
to O
build O
a O
large O
rig O
fleet O
means O
that O
it O
needs O
high B-Cause
rig I-Cause
counts I-Cause
to O
realize O
high B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Then O
we B-Cause
added I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
HD I-Cause
Supply I-Cause
( I-Cause
set I-Cause
to I-Cause
close I-Cause
in I-Cause
the I-Cause
fourth I-Cause
quarter I-Cause
) I-Cause
, O
a O
tie-up O
that O
could O
bring B-Effect
$ I-Effect
3 I-Effect
billion I-Effect
in I-Effect
sales I-Effect
to I-Effect
the I-Effect
top I-Effect
line I-Effect
, O
with O
similar O
operating O
margin O
performance O
. O

However O
, O
we O
see O
the O
potential O
for O
positive O
changes O
as O
well O
, O
including O
increasing B-Cause
tax I-Cause
credits I-Cause
for I-Cause
the I-Cause
individual I-Cause
exchanges I-Cause
and I-Cause
further I-Cause
Medicaid I-Cause
expansion I-Cause
, O
which O
could O
benefit B-Effect
Centene I-Effect
directly I-Effect
. O

We B-Cause
're I-Cause
raising I-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
to I-Cause
$ I-Cause
263 I-Cause
per I-Cause
share I-Cause
, I-Cause
up I-Cause
from I-Cause
$ I-Cause
240 I-Cause
, I-Cause
after I-Cause
incorporating I-Cause
more I-Cause
optimistic I-Cause
expectations I-Cause
for I-Cause
the I-Cause
commercialization I-Cause
of I-Cause
G7. O
This O
puts B-Effect
our I-Effect
projected I-Effect
$ I-Effect
5.1 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
by I-Effect
2025 I-Effect
beyond I-Effect
the I-Effect
top I-Effect
end I-Effect
of I-Effect
management I-Effect
's I-Effect
outlook I-Effect
for I-Effect
$ I-Effect
4.0 I-Effect
billion I-Effect
to I-Effect
$ I-Effect
4.5 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
by I-Effect
2025 I-Effect
, I-Effect
shared I-Effect
at I-Effect
Dexcom I-Effect
's I-Effect
investor I-Effect
day I-Effect
. O

In B-Cause
addition I-Cause
to I-Cause
in-house I-Cause
games I-Cause
, I-Cause
NetEase I-Cause
partners I-Cause
with I-Cause
global I-Cause
leading I-Cause
game I-Cause
developers I-Cause
, I-Cause
mainly I-Cause
Blizzard I-Cause
and I-Cause
Mojang I-Cause
, I-Cause
to I-Cause
publish I-Cause
their I-Cause
popular I-Cause
games I-Cause
in I-Cause
mainland I-Cause
China I-Cause
, O
which O
has O
diversified B-Effect
the I-Effect
genres I-Effect
of I-Effect
NetEase I-Effect
's I-Effect
online I-Effect
games I-Effect
offering I-Effect
. O

We B-Effect
are I-Effect
forecasting I-Effect
a I-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
of I-Effect
approximately I-Effect
8 I-Effect
% I-Effect
for I-Effect
the I-Effect
segment I-Effect
following I-Effect
a I-Effect
down I-Effect
year I-Effect
in I-Effect
2020 I-Effect
, O
as B-Cause
pent-up I-Cause
demand I-Cause
for I-Cause
mining I-Cause
equipment I-Cause
and I-Cause
related I-Cause
parts I-Cause
pick I-Cause
up I-Cause
. O

We O
believe O
Xilinx O
's O
revenue O
will O
achieve O
a O
7 O
% O
CAGR O
over O
the O
next O
five O
years O
, O
though O
fiscal B-Effect
2021 I-Effect
will I-Effect
be I-Effect
challenging I-Effect
due O
to O
COVID-19-related B-Cause
headwinds I-Cause
. O

We O
think O
the O
COVID-19 O
outbreak O
will O
accelerate O
the B-Cause
shift I-Cause
to I-Cause
e-commerce I-Cause
from O
physical O
store O
sales O
and O
forecast O
1 O
% O
long-term O
comparable O
sales B-Effect
growth I-Effect
for O
Kohl O
's O
. O

We O
have O
increased B-Effect
revenue I-Effect
in I-Effect
the I-Effect
music I-Effect
division I-Effect
benefiting I-Effect
gross I-Effect
margin I-Effect
in I-Effect
the I-Effect
past I-Effect
few I-Effect
quarters I-Effect
due O
to O
leverage B-Cause
from I-Cause
fixed I-Cause
costs I-Cause
. O

We O
expect O
adjusted B-Effect
operating I-Effect
margin I-Effect
to I-Effect
rebound I-Effect
from I-Effect
13.2 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
nearly I-Effect
15 I-Effect
% I-Effect
by I-Effect
2023 I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
stranded I-Cause
cost I-Cause
headwinds I-Cause
related I-Cause
to I-Cause
the I-Cause
spin-off I-Cause
ease I-Cause
and I-Cause
its I-Cause
mix I-Cause
of I-Cause
service I-Cause
revenue I-Cause
increases I-Cause
. O

Although O
the O
COVID-19 O
outbreak O
has O
lifted B-Effect
near-term I-Effect
revenue I-Effect
as O
shoppers B-Cause
stock I-Cause
up I-Cause
and I-Cause
stay I-Cause
home I-Cause
, O
increased B-Cause
digital I-Cause
transactions I-Cause
could I-Cause
linger I-Cause
, O
shifting B-Effect
sales I-Effect
into I-Effect
a I-Effect
less I-Effect
lucrative I-Effect
channel I-Effect
long-term I-Effect
. O

We O
expect O
operating B-Effect
expenses I-Effect
to I-Effect
continue I-Effect
to I-Effect
increase I-Effect
as O
the B-Cause
company I-Cause
funds I-Cause
clinical I-Cause
trials I-Cause
and I-Cause
commercializes I-Cause
Onpattro I-Cause
and I-Cause
, I-Cause
if I-Cause
approved I-Cause
, I-Cause
other I-Cause
therapies I-Cause
. O

Through O
its O
brokerage O
segment O
, O
which O
accounts O
for O
about O
a O
third O
of O
revenue O
, O
Willis O
Towers O
Watson O
acts O
as O
an O
advisor O
and O
insurance O
broker O
, O
helping B-Effect
clients B-Effect
manage I-Effect
their I-Effect
risk I-Effect
by O
negotiating B-Cause
and I-Cause
placing I-Cause
their I-Cause
insurance I-Cause
risk I-Cause
with I-Cause
insurance I-Cause
carriers I-Cause
through I-Cause
a I-Cause
global I-Cause
distribution I-Cause
network I-Cause
. O

Unconstructive B-Effect
regulatory I-Effect
decisions I-Effect
are I-Effect
more I-Effect
likely I-Effect
in I-Effect
a I-Effect
period I-Effect
of I-Effect
rising I-Effect
electricity I-Effect
rates I-Effect
, O
an O
event O
that O
would O
likely O
occur O
with O
increasing B-Cause
fuel I-Cause
costs I-Cause
and I-Cause
tighter I-Cause
environmental I-Cause
restrictions I-Cause
on I-Cause
coal-fired I-Cause
and I-Cause
nuclear I-Cause
power I-Cause
plants I-Cause
. O

A B-Effect
significant I-Effect
portion I-Effect
of I-Effect
increased I-Effect
profitability I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
has O
come O
from O
declining B-Cause
credit I-Cause
costs I-Cause
, O
an O
area O
without O
much O
more O
room O
to O
run O
going O
forward O
. O

For O
PC O
client O
games O
, O
Tencent B-Effect
owns I-Effect
the I-Effect
global I-Effect
top I-Effect
PC I-Effect
client I-Effect
game I-Effect
in I-Effect
terms I-Effect
of I-Effect
revenue I-Effect
, I-Effect
League I-Effect
of I-Effect
Legends I-Effect
, O
through O
full B-Cause
acquisition I-Cause
of I-Cause
Riot I-Cause
Games I-Cause
, I-Cause
the I-Cause
American I-Cause
video I-Cause
game I-Cause
developer I-Cause
. O

We O
believe O
Apple B-Cause
's I-Cause
Intelligent I-Cause
Tracking I-Cause
Prevention I-Cause
feature I-Cause
on I-Cause
its I-Cause
Safari I-Cause
browser I-Cause
will I-Cause
limit I-Cause
Criteo I-Cause
's I-Cause
ability I-Cause
to I-Cause
capture I-Cause
additional I-Cause
user I-Cause
data I-Cause
, O
in O
turn O
weighing B-Effect
on I-Effect
Criteo I-Effect
's I-Effect
revenue I-Effect
and I-Effect
future I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Amazon B-Cause
's I-Cause
public I-Cause
cloud I-Cause
computing I-Cause
offerings I-Cause
possess I-Cause
more I-Cause
than I-Cause
3 I-Cause
times I-Cause
the I-Cause
computing I-Cause
capacity I-Cause
in I-Cause
use I-Cause
than I-Cause
the I-Cause
next I-Cause
10 I-Cause
largest I-Cause
providers I-Cause
combined I-Cause
( O
based O
on O
our O
estimates O
) O
, O
providing B-Effect
the I-Effect
company I-Effect
with I-Effect
scale I-Effect
advantages I-Effect
and I-Effect
often I-Effect
making I-Effect
it I-Effect
the I-Effect
preferred I-Effect
name I-Effect
for I-Effect
corporations I-Effect
looking I-Effect
to I-Effect
reduce I-Effect
information I-Effect
technology I-Effect
expenditures I-Effect
. O

We O
expect O
that O
pricing O
can O
grow O
around O
2.2 O
% O
annually O
, O
after O
COVID-19 O
and O
between O
2021 O
and O
2029 O
, O
with O
capacity B-Effect
growth I-Effect
that I-Effect
slows I-Effect
to I-Effect
3 I-Effect
% I-Effect
in I-Effect
the I-Effect
final I-Effect
five I-Effect
years I-Effect
of I-Effect
our I-Effect
outlook I-Effect
as O
Royal B-Cause
adjusts I-Cause
to I-Cause
changes I-Cause
in I-Cause
demand I-Cause
. O

Oil O
& O
Gas O
Refining O
& O
MarketingHowever O
, O
the B-Cause
viability I-Cause
of I-Cause
these I-Cause
investments I-Cause
remain I-Cause
reliant I-Cause
on O
a B-Cause
commodity I-Cause
price I-Cause
recovery I-Cause
to O
drive B-Effect
an I-Effect
increase I-Effect
in I-Effect
drilling I-Effect
activity I-Effect
. O

Beyond O
stakeholder O
issues O
, O
we O
believe O
refineries B-Cause
that I-Cause
run I-Cause
a I-Cause
heavy I-Cause
crude I-Cause
slate I-Cause
that I-Cause
requires I-Cause
Canadian I-Cause
heavy I-Cause
are I-Cause
increasingly I-Cause
looking I-Cause
to I-Cause
renewable I-Cause
diesel I-Cause
( I-Cause
produced I-Cause
from I-Cause
food I-Cause
waste I-Cause
) I-Cause
, O
raising B-Effect
significant I-Effect
questions I-Effect
around I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
long-term I-Effect
demand I-Effect
. O

Recently O
, O
California B-Cause
and I-Cause
various I-Cause
European I-Cause
countries I-Cause
are I-Cause
taking I-Cause
a I-Cause
more I-Cause
aggressive I-Cause
stance I-Cause
on I-Cause
improving I-Cause
air I-Cause
quality I-Cause
, O
which O
could O
force B-Effect
more I-Effect
carriers I-Effect
to I-Effect
invest I-Effect
in I-Effect
electric I-Effect
powertrains I-Effect
. O

We B-Effect
're I-Effect
lowering I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
75 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
77 I-Effect
after O
lowering B-Cause
our I-Cause
probability I-Cause
of I-Cause
approval I-Cause
for I-Cause
Jyseleca/filgotinib I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Mosaic B-Cause
's I-Cause
cost I-Cause
position I-Cause
is I-Cause
set I-Cause
to I-Cause
improve I-Cause
, I-Cause
however I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
ramps I-Cause
up I-Cause
production I-Cause
at I-Cause
its I-Cause
new I-Cause
K3 I-Cause
mine I-Cause
at I-Cause
Esterhazy I-Cause
, O
which O
will O
eliminate B-Effect
the I-Effect
brine I-Effect
inflow I-Effect
expenses I-Effect
by I-Effect
next I-Effect
year I-Effect
. O

While O
ITW O
's O
product O
line O
simplification O
is O
an O
operating O
tactic O
, O
we O
believe O
Hi-Cone B-Cause
's I-Cause
focus I-Cause
on I-Cause
a I-Cause
specific I-Cause
niche I-Cause
of I-Cause
the I-Cause
market I-Cause
allows O
it B-Effect
to I-Effect
generate I-Effect
a I-Effect
higher I-Effect
volume I-Effect
of I-Effect
orders I-Effect
relative I-Effect
to I-Effect
competitors I-Effect
, O
as O
with O
Hi-Cone O
's O
emphasis O
on O
small O
multipacks O
ranging O
from O
four O
to O
12 O
containers O
. O

Most B-Cause
if I-Cause
not I-Cause
all I-Cause
affiliates I-Cause
of I-Cause
the I-Cause
four I-Cause
national I-Cause
broadcasters I-Cause
have I-Cause
migrated I-Cause
to I-Cause
retransmission I-Cause
consent I-Cause
over O
the O
past O
20 O
years O
and O
thus O
receive B-Effect
a I-Effect
retransmission I-Effect
fee I-Effect
for I-Effect
each I-Effect
subscriber I-Effect
on I-Effect
a I-Effect
monthly I-Effect
basis I-Effect
from I-Effect
pay-TV I-Effect
operators I-Effect
. O

Even O
though O
Sempra O
's O
LNG O
unit O
has O
no O
commodity O
or O
volumetric O
exposure O
, O
a B-Cause
lower-for-longer I-Cause
view I-Cause
on I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
in I-Cause
North I-Cause
America I-Cause
should O
be O
a B-Effect
boon I-Effect
for I-Effect
Sempra I-Effect
's I-Effect
infrastructure I-Effect
businesses I-Effect
. O

We B-Cause
're I-Cause
increasing I-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
for I-Cause
Post I-Cause
to I-Cause
$ I-Cause
105 I-Cause
from I-Cause
$ I-Cause
100 I-Cause
to I-Cause
account I-Cause
for O
cash O
flow O
generated B-Effect
since I-Effect
our I-Effect
last I-Effect
update I-Effect
and I-Effect
a I-Effect
modestly I-Effect
lower I-Effect
share I-Effect
count I-Effect
. O

The B-Cause
decision I-Cause
to I-Cause
split I-Cause
off I-Cause
Vantage I-Cause
Towers I-Cause
into I-Cause
a I-Cause
publicly I-Cause
traded I-Cause
infrastructure I-Cause
firm I-Cause
, O
for O
example O
, O
creates O
the B-Effect
potential I-Effect
for I-Effect
conflict I-Effect
of I-Effect
interest I-Effect
between I-Effect
it I-Effect
and I-Effect
Vodafone I-Effect
while O
also O
introducing O
new O
execution O
risk O
as O
Vantage O
seeks O
to O
expand O
its O
customer O
base O
. O

Also O
, O
Arista B-Cause
's I-Cause
products I-Cause
facilitate I-Cause
in I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
, O
which O
may O
attract B-Effect
cybercriminals I-Effect
, O
and O
its B-Cause
solutions I-Cause
are I-Cause
tasked I-Cause
with I-Cause
protecting I-Cause
customers I-Cause
from I-Cause
cyberattacks I-Cause
, O
making O
data B-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

While O
Echo O
's O
value O
proposition O
strengthens O
in O
such O
an O
environment O
, O
gross B-Effect
margins I-Effect
usually I-Effect
get I-Effect
squeezed I-Effect
in I-Effect
the I-Effect
short I-Effect
run I-Effect
as O
carrier B-Cause
rates I-Cause
spike I-Cause
. O

For O
example O
, O
problems B-Cause
with I-Cause
blowout I-Cause
preventers I-Cause
have O
been O
cited O
as O
the O
top O
source O
of O
nonperforming O
time O
for O
drilling B-Effect
operations I-Effect
in I-Effect
the I-Effect
Gulf I-Effect
of I-Effect
Mexico I-Effect
deep-water I-Effect
over I-Effect
the I-Effect
last I-Effect
several I-Effect
years I-Effect
. O

State B-Cause
and I-Cause
federal I-Cause
regulators I-Cause
grant I-Cause
PGE I-Cause
exclusive I-Cause
rights I-Cause
to I-Cause
charge I-Cause
customers I-Cause
rates I-Cause
that O
allow O
it O
to O
earn B-Effect
a I-Effect
fair I-Effect
return I-Effect
on I-Effect
and I-Effect
return I-Effect
of I-Effect
the I-Effect
capital I-Effect
it I-Effect
invests I-Effect
to I-Effect
build I-Effect
, I-Effect
operate I-Effect
, I-Effect
and I-Effect
maintain I-Effect
its I-Effect
system I-Effect
. O

We O
think O
the B-Cause
firm I-Cause
's I-Cause
recent I-Cause
shift I-Cause
toward I-Cause
working I-Cause
with I-Cause
hospital-based I-Cause
labs I-Cause
could O
hamper B-Effect
efficiency I-Effect
even I-Effect
further I-Effect
due O
to O
the B-Cause
higher I-Cause
cost I-Cause
structure I-Cause
of I-Cause
the I-Cause
latter I-Cause
. O

Generally O
, O
the O
company O
has O
also O
benefited O
from O
a B-Cause
close I-Cause
pulse I-Cause
on I-Cause
its I-Cause
customers I-Cause
, O
which O
has O
allowed B-Effect
it I-Effect
to I-Effect
tailor I-Effect
its I-Effect
product-development I-Effect
efforts I-Effect
on I-Effect
technologies I-Effect
most I-Effect
likely I-Effect
to I-Effect
be I-Effect
adopted I-Effect
by I-Effect
customers I-Effect
. O

We O
believe O
personal B-Effect
computer I-Effect
purchases I-Effect
will I-Effect
contract I-Effect
as O
more B-Cause
households I-Cause
primarily I-Cause
use I-Cause
smartphones I-Cause
for I-Cause
computing I-Cause
tasks I-Cause
and I-Cause
as I-Cause
cloud-based I-Cause
software I-Cause
upgrades I-Cause
can I-Cause
delay I-Cause
the I-Cause
impetus I-Cause
to I-Cause
upgrade I-Cause
computer I-Cause
hardware I-Cause
. O

We B-Cause
now I-Cause
expect I-Cause
a I-Cause
3.2 I-Cause
% I-Cause
top-line I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
and I-Cause
an I-Cause
18.3 I-Cause
% I-Cause
average I-Cause
operating I-Cause
margin I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
reflecting O
progress B-Effect
in I-Effect
the I-Effect
execution I-Effect
of I-Effect
Nestle I-Effect
's I-Effect
structural I-Effect
cost-reduction I-Effect
plans I-Effect
, I-Effect
the I-Effect
impact I-Effect
of I-Effect
growth-accretive I-Effect
acquisitions I-Effect
and I-Effect
divestitures I-Effect
, I-Effect
and I-Effect
an I-Effect
improvement I-Effect
in I-Effect
its I-Effect
underlying I-Effect
legacy I-Effect
businesses I-Effect
. O

We B-Effect
expect I-Effect
further I-Effect
margin I-Effect
expansion I-Effect
after I-Effect
that I-Effect
as O
the B-Cause
5G I-Cause
network I-Cause
will I-Cause
be I-Cause
largely I-Cause
rolled I-Cause
out I-Cause
at I-Cause
the I-Cause
company I-Cause
will I-Cause
return I-Cause
to I-Cause
harvest I-Cause
mode I-Cause
. O

Though O
relationships O
can O
be O
sticky O
, O
client B-Effect
losses I-Effect
can I-Effect
occur I-Effect
from O
a B-Cause
competitive I-Cause
request I-Cause
for I-Cause
proposal I-Cause
bid I-Cause
or I-Cause
from I-Cause
bank I-Cause
mergers I-Cause
. O

User B-Cause
behavior I-Cause
is I-Cause
still I-Cause
engrained I-Cause
to I-Cause
default I-Cause
to I-Cause
.com I-Cause
, O
and O
Delta B-Effect
would I-Effect
not I-Effect
want I-Effect
to I-Effect
risk I-Effect
confusing I-Effect
or I-Effect
losing I-Effect
customers I-Effect
who I-Effect
are I-Effect
trying I-Effect
to I-Effect
book I-Effect
a I-Effect
Delta I-Effect
flight I-Effect
. O

We O
believe O
the B-Cause
market I-Cause
is I-Cause
large I-Cause
enough I-Cause
for I-Cause
multiple I-Cause
successful I-Cause
players I-Cause
and O
that O
Lululemon B-Effect
will I-Effect
maintain I-Effect
its I-Effect
position I-Effect
among I-Effect
the I-Effect
leaders I-Effect
. O

After O
reviewing O
Airbnb O
's O
first-quarter O
results O
, O
we B-Effect
have I-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
84 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
75 I-Effect
, O
to O
account O
for O
a B-Effect
stronger I-Effect
demand I-Effect
recovery I-Effect
, O
mitigated O
by O
incorporating B-Cause
an I-Cause
increase I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Adjusted B-Effect
operating I-Effect
margins I-Effect
rose I-Effect
from I-Effect
34 I-Effect
% I-Effect
in I-Effect
2013 I-Effect
to I-Effect
53 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
which O
we O
attribute O
to O
streamlining B-Cause
operations I-Cause
and I-Cause
revenue I-Cause
growth I-Cause
. O

We O
think O
the O
impact B-Cause
from I-Cause
emission I-Cause
regulation I-Cause
will O
be O
gradual O
rather O
than O
immediate O
, O
but O
this O
could O
accelerate O
faster O
than O
we O
expect O
, O
forcing B-Effect
peers I-Effect
to I-Effect
invest I-Effect
heavily I-Effect
in I-Effect
developing I-Effect
regulatory I-Effect
compliant I-Effect
products I-Effect
. O

PSXP B-Cause
and I-Cause
Phillips I-Cause
66 I-Cause
appear I-Cause
to I-Cause
have I-Cause
an I-Cause
amicable I-Cause
relationship I-Cause
and O
we B-Effect
expect I-Effect
they I-Effect
will I-Effect
agree I-Effect
on I-Effect
uncontested I-Effect
rates I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

Adjusted B-Effect
gross I-Effect
margin I-Effect
understandably I-Effect
dipped I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
headwinds I-Cause
, O
but O
we O
anticipate O
a O
bounceback O
to O
54 O
% O
in O
2021 O
and O
the O
company O
exceeding O
55 O
% O
by O
2023 O
. O

Also O
, O
new B-Cause
sequencing I-Cause
methods I-Cause
such O
as O
nanopore O
technology O
from O
the O
likes O
of O
Oxford O
Nanopore O
Technologies O
could O
eventually O
create O
a B-Effect
threat I-Effect
to I-Effect
Illumina I-Effect
's I-Effect
current I-Effect
sequencing I-Effect
standard I-Effect
. O

The B-Cause
two I-Cause
recent I-Cause
acquisitions I-Cause
of I-Cause
Magento I-Cause
and I-Cause
Marketo I-Cause
also O
pose O
risks B-Effect
, O
as O
those B-Cause
were I-Cause
on I-Cause
the I-Cause
large I-Cause
side I-Cause
for I-Cause
the I-Cause
company I-Cause
, O
despite O
its O
$ O
125 O
billion O
market O
cap O
. O

However O
, O
given O
our B-Cause
expectations I-Cause
that I-Cause
a I-Cause
settlement I-Cause
could I-Cause
top I-Cause
$ I-Cause
1.1 I-Cause
billion I-Cause
, O
it B-Effect
could I-Effect
significantly I-Effect
impair I-Effect
the I-Effect
equity I-Effect
value I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

While O
EDA B-Cause
tools I-Cause
are I-Cause
essential I-Cause
in I-Cause
supporting I-Cause
this I-Cause
, I-Cause
IP I-Cause
blocks I-Cause
also I-Cause
speed I-Cause
up I-Cause
time I-Cause
to I-Cause
market I-Cause
and O
contribute O
to O
the B-Effect
custom I-Effect
design I-Effect
process I-Effect
. O

Although O
an O
additional O
Gmail O
user O
does O
not O
necessarily O
create O
more O
value O
for O
other O
Gmail O
users O
, O
the B-Cause
growing I-Cause
network I-Cause
does O
become O
more O
valuable O
for O
advertisers O
, O
creating B-Effect
additional I-Effect
opportunities I-Effect
to I-Effect
place I-Effect
target I-Effect
ads I-Effect
, I-Effect
resulting I-Effect
in I-Effect
more I-Effect
revenue I-Effect
generated I-Effect
from I-Effect
the I-Effect
network I-Effect
. O

To O
increase B-Effect
its I-Effect
specialty I-Effect
portfolio I-Effect
, O
the B-Cause
firm I-Cause
invests I-Cause
roughly I-Cause
4 I-Cause
% I-Cause
of I-Cause
sales I-Cause
from O
its O
additives O
and O
functional O
products O
and O
advanced O
materials O
segments O
into O
research O
and O
development O
, O
which O
is O
in O
line O
with O
its O
specialty O
chemical O
peers O
. O

Overall O
, O
Hunt B-Effect
's I-Effect
total I-Effect
revenue I-Effect
grew I-Effect
5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
despite O
the O
pandemic O
, O
thanks O
to O
a B-Cause
strong I-Cause
rebound I-Cause
in I-Cause
demand I-Cause
and I-Cause
pricing I-Cause
for I-Cause
the I-Cause
trucking I-Cause
and I-Cause
highway I-Cause
brokerage I-Cause
divisions I-Cause
. O

In O
2020 O
, O
as O
a O
result O
of O
temporary B-Cause
factory I-Cause
shutdowns I-Cause
and I-Cause
dealer I-Cause
closures I-Cause
( I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
pushback I-Cause
of I-Cause
product I-Cause
launches I-Cause
until I-Cause
spring I-Cause
2021 I-Cause
) I-Cause
, O
Harley B-Effect
ceded I-Effect
massive I-Effect
market I-Effect
share I-Effect
. O

We O
think O
the B-Effect
plan I-Effect
makes I-Effect
sense I-Effect
because O
it B-Cause
essentially I-Cause
recognizes I-Cause
Imperial I-Cause
's I-Cause
place I-Cause
in I-Cause
the I-Cause
marketplace I-Cause
: O
it O
is O
a O
fast O
follower O
, O
rather O
than O
a O
leader O
, O
in O
most O
markets O
, O
but O
a O
highly O
profitable O
one O
with O
strong O
cash O
flow O
generation O
potential O
that O
should O
drive O
returns O
to O
shareholders O
higher O
in O
the O
coming O
years O
. O

As O
such O
, O
we O
think O
that O
Curaleaf B-Effect
would I-Effect
need I-Effect
to I-Effect
open I-Effect
cultivation I-Effect
internationally I-Effect
if O
it B-Cause
wants I-Cause
to I-Cause
compete I-Cause
in I-Cause
the I-Cause
global I-Cause
medical I-Cause
cannabis I-Cause
market I-Cause
one O
day O
. O

While O
the B-Effect
segment I-Effect
suffered I-Effect
a I-Effect
35 I-Effect
% I-Effect
sales I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
virus I-Cause
, O
we B-Effect
expect I-Effect
35 I-Effect
% I-Effect
sales I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
economy I-Cause
improves I-Cause
and I-Cause
stores I-Cause
operate I-Cause
a I-Cause
full I-Cause
capacity I-Cause
. O

Given B-Effect
its I-Effect
scale-driven I-Effect
cost I-Effect
advantage I-Effect
( I-Effect
as I-Effect
we I-Effect
'll I-Effect
discuss I-Effect
) I-Effect
, I-Effect
we I-Effect
believe I-Effect
that I-Effect
sustained I-Effect
discounting I-Effect
by I-Effect
competitors I-Effect
( I-Effect
Del I-Effect
Taco I-Effect
, I-Effect
Qdoba I-Effect
, I-Effect
etc. I-Effect
) I-Effect
is I-Effect
unlikely I-Effect
, O
with O
Taco B-Cause
Bell I-Cause
able I-Cause
to I-Cause
match I-Cause
or I-Cause
exceed I-Cause
price I-Cause
cuts I-Cause
while I-Cause
maintaining I-Cause
higher I-Cause
margins I-Cause
. O

The B-Effect
market I-Effect
services I-Effect
business I-Effect
received I-Effect
a I-Effect
nice I-Effect
bump I-Effect
in I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
from I-Effect
higher I-Effect
market I-Effect
volatility I-Effect
and I-Effect
changes I-Effect
in I-Effect
retail I-Effect
investor I-Effect
behavior I-Effect
because O
of O
COVID-19 B-Cause
, O
which O
we O
expect O
will O
partially O
revert O
in O
the O
following O
quarters O
. O

In O
our O
view O
, O
Lumen B-Effect
's I-Effect
biggest I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risk I-Effect
is I-Effect
that I-Effect
of I-Effect
a I-Effect
data I-Effect
or I-Effect
security I-Effect
breach I-Effect
, O
given O
the B-Cause
firm I-Cause
is I-Cause
entrusted I-Cause
with I-Cause
and I-Cause
transports I-Cause
enormous I-Cause
amounts I-Cause
of I-Cause
sensitive I-Cause
data I-Cause
. O

Grainger B-Cause
uses I-Cause
its I-Cause
reputation I-Cause
with I-Cause
suppliers I-Cause
and I-Cause
its I-Cause
scale I-Cause
to I-Cause
expand I-Cause
its I-Cause
vendor I-Cause
base I-Cause
and I-Cause
product I-Cause
selection I-Cause
, I-Cause
take I-Cause
advantage I-Cause
of I-Cause
sales I-Cause
incentives I-Cause
and I-Cause
volume I-Cause
rebates I-Cause
, I-Cause
and I-Cause
gain I-Cause
preferential I-Cause
access I-Cause
to I-Cause
supplier I-Cause
resources I-Cause
and I-Cause
support I-Cause
, O
which O
in O
turn O
, O
allows O
Grainger B-Effect
to I-Effect
offer I-Effect
its I-Effect
customers I-Effect
better I-Effect
product I-Effect
selection I-Effect
, I-Effect
pricing I-Effect
, I-Effect
and I-Effect
services I-Effect
. O

After O
tweaking O
our O
model O
, O
we B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
of I-Effect
Manulife I-Effect
to I-Effect
$ I-Effect
21 I-Effect
from I-Effect
$ I-Effect
19.50 I-Effect
, O
as O
we B-Cause
expect I-Cause
market I-Cause
appreciation I-Cause
to I-Cause
benefit I-Cause
the I-Cause
firm I-Cause
's I-Cause
fee I-Cause
income I-Cause
. O

Coupa O
should O
benefit O
from O
operating B-Cause
leverage I-Cause
, O
and O
we O
expect O
expansion B-Effect
in I-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
from I-Effect
negative I-Effect
19 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
4 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

Furthermore O
, O
most B-Cause
participants I-Cause
do I-Cause
not I-Cause
know I-Cause
their I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
for O
a O
number O
of O
years O
, O
allowing O
them O
to O
underprice B-Effect
policies I-Effect
without I-Effect
knowing I-Effect
it I-Effect
. O

Any B-Effect
competition I-Effect
could I-Effect
lead I-Effect
to I-Effect
a I-Effect
loss I-Effect
of I-Effect
business I-Effect
leads I-Effect
and I-Effect
a I-Effect
resulting I-Effect
decline I-Effect
in I-Effect
revenue I-Effect
or I-Effect
decreased I-Effect
margins I-Effect
as O
Paylocity B-Cause
needs I-Cause
to I-Cause
motivate I-Cause
its I-Cause
broker I-Cause
network I-Cause
in I-Cause
order I-Cause
to I-Cause
maintain I-Cause
top-line I-Cause
growth I-Cause
. O

Once O
children B-Cause
age I-Cause
through I-Cause
the I-Cause
PBkids I-Cause
and I-Cause
PBteen I-Cause
brands I-Cause
, O
they B-Effect
will I-Effect
have I-Effect
experience I-Effect
with I-Effect
Williams-Sonoma I-Effect
's I-Effect
offerings I-Effect
at I-Effect
some I-Effect
level I-Effect
, I-Effect
igniting I-Effect
a I-Effect
level I-Effect
of I-Effect
brand I-Effect
awareness I-Effect
with I-Effect
future I-Effect
customers I-Effect
before I-Effect
they I-Effect
even I-Effect
have I-Effect
an I-Effect
interest I-Effect
in I-Effect
furniture I-Effect
or I-Effect
home I-Effect
furnishings I-Effect
. O

Like O
other O
Permian O
operators O
, O
Pioneer B-Cause
's I-Cause
production I-Cause
is I-Cause
weighted I-Cause
toward I-Cause
liquids鈥攐ver I-Cause
80 I-Cause
% I-Cause
of I-Cause
its I-Cause
output I-Cause
is I-Cause
crude I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
liquids I-Cause
, O
boosting B-Effect
unit I-Effect
revenue I-Effect
. O

Considering O
that O
the B-Cause
adoption I-Cause
curve I-Cause
of I-Cause
in-house I-Cause
diagnostic I-Cause
equipment I-Cause
tends I-Cause
to I-Cause
be I-Cause
slow I-Cause
and I-Cause
steady I-Cause
over O
several O
years O
, O
Idexx O
should O
benefit O
from O
its O
string B-Effect
of I-Effect
new I-Effect
product I-Effect
launches I-Effect
that O
are O
on O
deck O
through O
the O
next O
five O
years O
. O

Given O
our O
view O
of O
near-double-digit B-Cause
growth I-Cause
in I-Cause
the I-Cause
segment I-Cause
over I-Cause
our I-Cause
five-year I-Cause
forecast I-Cause
period I-Cause
, O
the B-Effect
higher I-Effect
margin I-Effect
assumptions I-Effect
in I-Effect
the I-Effect
unit I-Effect
accounts I-Effect
for I-Effect
the I-Effect
bulk I-Effect
of I-Effect
our I-Effect
valuation I-Effect
increase I-Effect
. O

Promotions O
have O
also O
run O
rampant O
in O
the O
consumer O
products O
space O
( O
in O
both O
developed O
and O
emerging O
markets O
) O
at O
times O
in O
the O
recent O
past O
, O
and O
with O
such O
a O
narrowly O
focused O
category O
assortment O
, O
at B-Effect
some I-Effect
point I-Effect
Colgate I-Effect
may I-Effect
see I-Effect
diminishing I-Effect
returns I-Effect
as O
it B-Cause
reaches I-Cause
a I-Cause
ceiling I-Cause
on I-Cause
its I-Cause
market I-Cause
share I-Cause
potential I-Cause
. O

In O
the O
long-term O
, O
we O
believe O
Check O
Point O
can O
expand B-Cause
operating I-Cause
margin I-Cause
via O
its O
shift O
toward O
more O
recurring O
and O
subscription-based B-Cause
revenue I-Cause
streams I-Cause
while O
gaining B-Effect
leverage I-Effect
from I-Effect
a I-Effect
retooled I-Effect
salesforce I-Effect
. I-Effect

Once B-Effect
a B-Cause
hospital I-Cause
purchases I-Cause
Intuitive I-Cause
's I-Cause
system I-Cause
, I-Effect
switching B-Effect
costs I-Effect
become I-Effect
exorbitant I-Effect
, O
as O
the B-Cause
average I-Cause
system I-Cause
price I-Cause
around I-Cause
$ I-Cause
1.5 I-Cause
million I-Cause
represents I-Cause
a I-Cause
large I-Cause
portion I-Cause
of I-Cause
a I-Cause
typical I-Cause
hospital I-Cause
's I-Cause
annual I-Cause
capital-expenditure I-Cause
budget I-Cause
. O

A B-Effect
switch I-Effect
in I-Effect
consumer I-Effect
spending I-Effect
patterns I-Effect
toward I-Effect
home I-Effect
improvement I-Effect
activity I-Effect
during I-Effect
the I-Effect
coronavirus I-Effect
pandemic I-Effect
contributed B-Cause
to I-Cause
the I-Cause
group I-Cause
's I-Cause
7 I-Cause
% I-Cause
organic I-Cause
sales I-Cause
growth I-Cause
in I-Cause
2020-21 I-Cause
. O

Further O
, O
the O
recent O
announcement O
of O
its B-Cause
issues I-Cause
with I-Cause
payments I-Cause
to I-Cause
missing I-Cause
or I-Cause
unresponsive I-Cause
annuity I-Cause
and I-Cause
pension I-Cause
recipients I-Cause
raises B-Effect
legal I-Effect
risks I-Effect
. O

As O
a O
limited O
partner O
, O
unitholders B-Effect
are I-Effect
required I-Effect
to I-Effect
report I-Effect
the I-Effect
pro I-Effect
rata I-Effect
share I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
taxable I-Effect
income I-Effect
on I-Effect
their I-Effect
own I-Effect
individual I-Effect
income I-Effect
tax I-Effect
returns I-Effect
, O
as O
the B-Cause
quarterly I-Cause
cash I-Cause
distributions I-Cause
that I-Cause
the I-Cause
firm I-Cause
issues I-Cause
are I-Cause
considered I-Cause
a I-Cause
return I-Cause
of I-Cause
capital I-Cause
as I-Cause
opposed I-Cause
to I-Cause
interest I-Cause
or I-Cause
dividend I-Cause
income I-Cause
. O

Losing B-Cause
this I-Cause
automation I-Cause
would O
slow B-Effect
down I-Effect
employees I-Effect
, I-Effect
lead I-Effect
to I-Effect
potential I-Effect
errors I-Effect
in I-Effect
processes I-Effect
, I-Effect
and I-Effect
lead I-Effect
to I-Effect
fewer I-Effect
insights I-Effect
on I-Effect
how I-Effect
to I-Effect
assist I-Effect
customers I-Effect
. O

If O
the B-Cause
parent I-Cause
were I-Cause
to I-Cause
drop I-Cause
down I-Cause
these I-Cause
assets I-Cause
to I-Cause
CNOOC I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
operating I-Effect
margins I-Effect
would I-Effect
take I-Effect
a I-Effect
substantial I-Effect
hit I-Effect
. O

With O
an O
aging O
product O
portfolio O
, O
Nissan B-Cause
has I-Cause
been I-Cause
reversing I-Cause
the I-Cause
previous I-Cause
strategy I-Cause
, I-Cause
refocusing I-Cause
the I-Cause
product I-Cause
portfolio I-Cause
, O
reducing B-Effect
incentives I-Effect
, O
and O
cutting B-Effect
sales I-Effect
to I-Effect
daily I-Effect
rental I-Effect
car I-Effect
companies I-Effect
. O

IQVIA B-Cause
's I-Cause
industry-leading I-Cause
database I-Cause
of I-Cause
over I-Cause
600 I-Cause
million I-Cause
patients I-Cause
( I-Cause
from I-Cause
IMS I-Cause
Health I-Cause
, I-Cause
its I-Cause
legacy I-Cause
data I-Cause
business I-Cause
) I-Cause
and I-Cause
LabCorp I-Cause
's I-Cause
unique I-Cause
ability I-Cause
to I-Cause
access I-Cause
data I-Cause
from I-Cause
its I-Cause
500 I-Cause
million-plus I-Cause
diagnostic I-Cause
tests I-Cause
per I-Cause
year I-Cause
stand B-Effect
out I-Effect
above I-Effect
the I-Effect
other I-Effect
competitors I-Effect
. O

Our O
profitability O
outlook O
assumes O
that O
Fastenal B-Cause
will I-Cause
face I-Cause
gross I-Cause
margin I-Cause
pressure I-Cause
due O
to O
increased B-Cause
price I-Cause
competition I-Cause
and I-Cause
a I-Cause
growing I-Cause
mix I-Cause
of I-Cause
on-site I-Cause
and I-Cause
national I-Cause
account I-Cause
businesses I-Cause
, O
which O
tend O
to O
generate B-Effect
lower I-Effect
gross I-Effect
margins I-Effect
. O

On B-Cause
a I-Cause
normalized I-Cause
basis I-Cause
, O
we O
believe O
this B-Effect
segment I-Effect
can I-Effect
earn I-Effect
ROICs I-Effect
in I-Effect
the I-Effect
lower I-Effect
20s I-Effect
over I-Effect
our I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
, O
which O
we O
find O
impressive O
given O
the O
cyclical O
nature O
of O
its O
end O
markets O
. O

Income B-Cause
growth I-Cause
in I-Cause
a I-Cause
metropolitan I-Cause
area I-Cause
leads O
to O
rent B-Effect
growth I-Effect
, O
as O
tenants B-Effect
can I-Effect
afford I-Effect
higher I-Effect
housing I-Effect
costs I-Effect
as O
their B-Cause
incomes I-Cause
increase I-Cause
. O

After B-Cause
a I-Cause
COVID-19-related I-Cause
demand I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
, I-Cause
we B-Effect
expect I-Effect
demand I-Effect
to I-Effect
grow I-Effect
from I-Effect
around I-Effect
288,000 I-Effect
metric I-Effect
tons I-Effect
in I-Effect
2020 I-Effect
to I-Effect
1.9 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
by I-Effect
2030 I-Effect
. O

Equipment B-Cause
and I-Cause
service I-Cause
providers I-Cause
like I-Cause
Emerson I-Cause
can I-Cause
implement I-Cause
systems I-Cause
that O
lead O
to O
meaningful B-Cause
reductions I-Cause
in I-Cause
the I-Cause
number I-Cause
of I-Cause
alarms I-Cause
triggered I-Cause
by I-Cause
machine I-Cause
failures I-Cause
( I-Cause
some I-Cause
figures I-Cause
indicate I-Cause
reductions I-Cause
of I-Cause
up I-Cause
to I-Cause
70 I-Cause
% I-Cause
) I-Cause
, O
allowing O
operators B-Effect
and I-Effect
technicians I-Effect
to I-Effect
focus I-Effect
on I-Effect
the I-Effect
root I-Effect
causes I-Effect
of I-Effect
machine I-Effect
failure I-Effect
. O

Years-long B-Cause
product I-Cause
development I-Cause
cycles I-Cause
, I-Cause
commonality I-Cause
issues I-Cause
, I-Cause
training I-Cause
costs I-Cause
, I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
allied I-Cause
or I-Cause
civilian I-Cause
casualties I-Cause
from I-Cause
product I-Cause
failure I-Cause
give O
switching B-Effect
costs I-Effect
to I-Effect
each I-Effect
product I-Effect
line I-Effect
within I-Effect
this I-Effect
segment I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
benefited I-Cause
substantially I-Cause
from I-Cause
the I-Cause
runup I-Cause
in I-Cause
petrochemical I-Cause
and I-Cause
titanium I-Cause
dioxide I-Cause
prices I-Cause
, O
allowing O
Sherwin B-Effect
to I-Effect
push I-Effect
on I-Effect
prices I-Effect
that I-Effect
have I-Effect
n't I-Effect
yet I-Effect
resulted I-Effect
in I-Effect
pushback I-Effect
. O

Breaches B-Cause
can I-Cause
increase I-Cause
costs I-Cause
and I-Cause
hurt I-Cause
a I-Cause
firm I-Cause
's I-Cause
reputation I-Cause
, O
making O
it B-Effect
more I-Effect
difficult I-Effect
to I-Effect
win I-Effect
new I-Effect
business I-Effect
and I-Effect
new I-Effect
partners I-Effect
. O

Nevertheless O
, O
with B-Cause
continued I-Cause
cost I-Cause
savings I-Cause
in I-Cause
the I-Cause
legacy I-Cause
business I-Cause
, O
we O
think O
Reckitt B-Effect
can I-Effect
sustain I-Effect
ROIC I-Effect
in I-Effect
the I-Effect
midteen I-Effect
range I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
and I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high-teen I-Effect
range I-Effect
in I-Effect
the I-Effect
steady I-Effect
state I-Effect
. I-Effect

KT B-Cause
has I-Cause
recovered I-Cause
after I-Cause
reporting I-Cause
losses I-Cause
in I-Cause
both I-Cause
2013 I-Cause
and I-Cause
2014 I-Cause
and I-Cause
being I-Cause
forced I-Cause
to I-Cause
cut I-Cause
its I-Cause
dividend I-Cause
in I-Cause
2014 I-Cause
to O
preserve B-Effect
cash I-Effect
on I-Effect
its I-Effect
stretched I-Effect
balance I-Effect
sheet I-Effect
. O

With B-Cause
its I-Cause
merger I-Cause
with I-Cause
Worldpay I-Cause
in I-Cause
2019 I-Cause
, I-Cause
FIS I-Cause
expanded I-Cause
into I-Cause
merchant I-Cause
acquiring I-Cause
, O
and O
the B-Effect
merchant I-Effect
segment I-Effect
, I-Effect
which I-Effect
contains I-Effect
these I-Effect
operations I-Effect
, I-Effect
makes I-Effect
about I-Effect
30 I-Effect
% I-Effect
of I-Effect
pro I-Effect
forma I-Effect
revenue I-Effect
. O

Also O
, O
as O
the B-Cause
firm I-Cause
has I-Cause
become I-Cause
more I-Cause
focused I-Cause
on I-Cause
cancer I-Cause
, O
any O
major B-Effect
changes I-Effect
to I-Effect
the I-Effect
pricing I-Effect
around I-Effect
the I-Effect
cancer I-Effect
class I-Effect
of I-Effect
drugs I-Effect
could I-Effect
significantly I-Effect
impact I-Effect
the I-Effect
company I-Effect
. O

However O
, O
areas O
of O
growth O
remain O
fiercely B-Cause
competitive I-Cause
, O
and O
life B-Cause
insurance I-Cause
will I-Cause
remain I-Cause
structurally I-Cause
difficult I-Cause
, O
making O
it O
hard B-Effect
for I-Effect
Sun I-Effect
Life I-Effect
to I-Effect
sustain I-Effect
any I-Effect
excess I-Effect
returns I-Effect
. O

While O
Chevron O
does O
hold O
some O
refineries O
that O
qualify O
on O
the O
Gulf O
Coast O
and O
in O
the O
midcontinent O
, O
the B-Effect
bulk I-Effect
of I-Effect
its I-Effect
capacity I-Effect
does I-Effect
not I-Effect
have I-Effect
such I-Effect
an I-Effect
advantage I-Effect
given O
it B-Cause
is I-Cause
located I-Cause
in I-Cause
California I-Cause
. O

With O
so B-Cause
much I-Cause
fiber I-Cause
already I-Cause
in I-Cause
the I-Cause
ground I-Cause
, O
it O
's O
possible O
that O
wireless B-Effect
carriers I-Effect
like I-Effect
AT I-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
or I-Effect
Verizon I-Effect
, I-Effect
or I-Effect
even I-Effect
cable I-Effect
companies I-Effect
like I-Effect
Charter I-Effect
or I-Effect
Comcast I-Effect
, I-Effect
will I-Effect
use I-Effect
their I-Effect
networks I-Effect
to I-Effect
rival I-Effect
Crown I-Effect
's I-Effect
. O

Given O
the B-Cause
sensitive I-Cause
nature I-Cause
of I-Cause
consumers I-Cause
' I-Cause
data I-Cause
, O
data B-Cause
getting I-Cause
in I-Cause
the I-Cause
wrong I-Cause
hands I-Cause
can O
lead O
to O
adverse B-Effect
consequences I-Effect
for I-Effect
the I-Effect
credit I-Effect
bureaus I-Effect
. O

Further O
, O
Cogent O
has O
indicated O
that O
its B-Cause
business I-Cause
model I-Cause
is I-Cause
only I-Cause
economical I-Cause
in I-Cause
the I-Cause
densest I-Cause
areas I-Cause
( O
about O
10 O
% O
of O
rentable O
office O
space O
) O
, O
so O
we O
think O
legacy B-Effect
carriers I-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
put I-Effect
their I-Effect
resources I-Effect
into I-Effect
the I-Effect
90 I-Effect
% I-Effect
of I-Effect
offices I-Effect
where I-Effect
they B-Cause
face I-Cause
less I-Cause
competition I-Cause
. O

The B-Effect
truckload I-Effect
capacity I-Effect
crunch I-Effect
dissipated I-Effect
in I-Effect
2019 I-Effect
as O
small B-Cause
truckers I-Cause
adjusted I-Cause
to I-Cause
ELD-related I-Cause
disruption I-Cause
and O
because O
of O
a B-Cause
pullback I-Cause
in I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
. O

There B-Cause
tends I-Cause
to I-Cause
be I-Cause
little I-Cause
to I-Cause
no I-Cause
product I-Cause
differentiation I-Cause
in I-Cause
memory I-Cause
( I-Cause
DRAM I-Cause
) I-Cause
or I-Cause
storage I-Cause
( I-Cause
NAND I-Cause
) I-Cause
, I-Cause
with I-Cause
average I-Cause
selling I-Cause
prices I-Cause
normally I-Cause
tracking I-Cause
downward I-Cause
over I-Cause
time. O
This O
ultimately O
leads O
to O
major B-Effect
price I-Effect
competition I-Effect
between I-Effect
Samsung I-Effect
, I-Effect
Micron I-Effect
, I-Effect
and I-Effect
SK I-Effect
Hynix I-Effect
, I-Effect
though I-Effect
the I-Effect
three I-Effect
firms I-Effect
have I-Effect
been I-Effect
acting I-Effect
more I-Effect
rationally I-Effect
in I-Effect
recent I-Effect
years I-Effect
to I-Effect
avoid I-Effect
price I-Effect
wars I-Effect
. O

Global B-Cause
population I-Cause
growth I-Cause
of I-Cause
high-net-worth I-Cause
individuals I-Cause
has I-Cause
averaged I-Cause
5 I-Cause
% I-Cause
, O
increasing B-Effect
Mercedes I-Effect
' I-Effect
addressable I-Effect
market I-Effect
, O
faster O
than O
the O
1 O
% O
-3 O
% O
rate O
we O
estimate O
for O
long-term O
global O
light-vehicle O
demand O
growth O
. O

Verisign B-Cause
's I-Cause
monopoly I-Cause
scale I-Cause
should O
enable O
further B-Effect
expansion I-Effect
on I-Effect
this I-Effect
front I-Effect
, O
especially O
as O
top-line B-Cause
growth I-Cause
speeds I-Cause
up I-Cause
as O
a O
result O
of O
TLD B-Effect
price I-Effect
increases I-Effect
in I-Effect
certain I-Effect
contractual I-Effect
years I-Effect
. O

We O
expect O
the B-Cause
pandemic I-Cause
will O
result O
in O
a B-Effect
drop I-Effect
in I-Effect
volumes I-Effect
and I-Effect
just I-Effect
over I-Effect
a I-Effect
300-basis-point I-Effect
contraction I-Effect
in I-Effect
operating I-Effect
margins I-Effect
in I-Effect
fiscals I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
, O
although O
we O
do O
n't O
expect O
a O
long-term O
impact O
. O

The B-Cause
legacy I-Cause
of I-Cause
acquiring I-Cause
more I-Cause
than I-Cause
50 I-Cause
companies I-Cause
over I-Cause
the I-Cause
past I-Cause
20 I-Cause
years I-Cause
has I-Cause
presented I-Cause
a I-Cause
significant I-Cause
amount I-Cause
of I-Cause
low-hanging I-Cause
fruit I-Cause
, O
which B-Effect
has I-Effect
enabled I-Effect
Terex I-Effect
to I-Effect
cut I-Effect
administrative I-Effect
costs I-Effect
through I-Effect
reducing I-Effect
the I-Effect
number I-Effect
of I-Effect
legal I-Effect
entities I-Effect
by I-Effect
approximately I-Effect
26 I-Effect
% I-Effect
. O

Being B-Effect
a I-Effect
state-owned I-Effect
monopoly I-Effect
has I-Effect
hurt I-Effect
the I-Effect
firm I-Effect
financially I-Effect
, O
as O
it B-Cause
is I-Cause
obligated I-Cause
to I-Cause
import I-Cause
natural I-Cause
gas I-Cause
at I-Cause
a I-Cause
higher I-Cause
cost I-Cause
than I-Cause
it I-Cause
can I-Cause
sell I-Cause
it I-Cause
for I-Cause
. O

We O
think O
cost-control B-Cause
measures I-Cause
, O
such O
as O
the B-Effect
shift I-Effect
to I-Effect
e-commerce I-Effect
and I-Effect
store I-Effect
closures I-Effect
, I-Effect
should I-Effect
mitigate I-Effect
the I-Effect
impact I-Effect
of I-Effect
those I-Effect
brand I-Effect
revenue I-Effect
declines I-Effect
. O

As O
these B-Cause
wells I-Cause
are I-Cause
relatively I-Cause
cheap I-Cause
on I-Cause
a I-Cause
cost-per-foot I-Cause
basis I-Cause
, O
and O
because O
Continental B-Cause
enjoys I-Cause
lower I-Cause
unit I-Cause
costs I-Cause
than I-Cause
most I-Cause
upstream I-Cause
peers I-Cause
, O
the B-Effect
economics I-Effect
are I-Effect
extremely I-Effect
competitive I-Effect
( I-Effect
individual I-Effect
wells I-Effect
are I-Effect
NPV-positive I-Effect
with I-Effect
West I-Effect
Texas I-Effect
Intermediate I-Effect
prices I-Effect
under I-Effect
$ I-Effect
40 I-Effect
) I-Effect
. O

While O
consumables B-Effect
allow I-Effect
for I-Effect
less I-Effect
pricing I-Effect
power I-Effect
and I-Effect
profitability I-Effect
because O
of O
intense B-Cause
competition I-Cause
, O
we O
think O
Family O
Dollar O
's O
focus B-Cause
on I-Cause
smaller I-Cause
pack I-Cause
sizes I-Cause
( O
a O
function O
of O
its O
lower-income O
customers O
' O
need O
to O
sacrifice O
per-item O
value O
for O
absolute O
dollar O
economy O
) O
can O
allow O
for O
higher B-Effect
markups I-Effect
than I-Effect
competing I-Effect
retailers I-Effect
. O

In O
looking O
at O
the O
entire O
company O
, O
we O
project O
10 B-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
new B-Cause
products I-Cause
should I-Cause
offset I-Cause
patent I-Cause
losses I-Cause
. O

Cyclical B-Effect
downturns I-Effect
in I-Effect
freight I-Effect
demand I-Effect
compress I-Effect
profitability I-Effect
because O
excess B-Cause
capacity I-Cause
drives I-Cause
providers I-Cause
to I-Cause
slash I-Cause
rates I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
salvage I-Cause
asset I-Cause
utilization I-Cause
, I-Cause
particularly I-Cause
in I-Cause
asset-intensive I-Cause
trucking I-Cause
. O

As O
a O
result O
, O
the B-Cause
overall I-Cause
health I-Cause
of I-Cause
the I-Cause
Texas I-Cause
economy I-Cause
may I-Cause
be I-Cause
the I-Cause
biggest I-Cause
risk I-Cause
to I-Cause
the I-Cause
bank. O
This O
also O
exposes B-Effect
the I-Effect
bank I-Effect
to I-Effect
the I-Effect
energy I-Effect
industry I-Effect
, I-Effect
both I-Effect
in I-Effect
the I-Effect
south I-Effect
, I-Effect
and I-Effect
with I-Effect
the I-Effect
bank I-Effect
's I-Effect
acquisition I-Effect
of I-Effect
Western I-Effect
National I-Effect
, I-Effect
a I-Effect
higher I-Effect
exposure I-Effect
within I-Effect
the I-Effect
Permian I-Effect
basis I-Effect
as I-Effect
well I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
leading I-Cause
ADC I-Cause
technology I-Cause
has O
allowed B-Effect
it I-Effect
to I-Effect
develop I-Effect
an I-Effect
internal I-Effect
pipeline I-Effect
of I-Effect
innovative I-Effect
cancer I-Effect
treatments I-Effect
and I-Effect
become I-Effect
the I-Effect
partner I-Effect
of I-Effect
choice I-Effect
for I-Effect
leading I-Effect
oncology I-Effect
players I-Effect
. O

However O
, O
growing B-Cause
demand I-Cause
from I-Cause
Industry I-Cause
4.0 I-Cause
has O
meant O
that O
ABB B-Effect
and I-Effect
its I-Effect
close I-Effect
competitors I-Effect
have I-Effect
had I-Effect
to I-Effect
refresh I-Effect
their I-Effect
product I-Effect
offerings I-Effect
, I-Effect
acquiring I-Effect
or I-Effect
developing I-Effect
in-house I-Effect
industrial I-Effect
automation I-Effect
components I-Effect
and I-Effect
software I-Effect
. O

By O
transforming B-Cause
data I-Cause
into I-Cause
common I-Cause
vernacular I-Cause
and I-Cause
views I-Cause
that I-Cause
are I-Cause
easily I-Cause
comprehensible I-Cause
, O
we O
believe O
a B-Effect
network I-Effect
effect I-Effect
exists I-Effect
within I-Effect
organizations I-Effect
as I-Effect
well I-Effect
. O

While O
2021 O
will O
still O
present O
COVID-19 O
related O
disruptions O
, O
we O
find O
management O
's O
longer-term O
goals O
of O
high-single-digit O
system O
sales O
growth O
, O
17 B-Effect
% I-Effect
restaurant I-Effect
margins I-Effect
, I-Effect
and I-Effect
low- I-Effect
to I-Effect
midteens I-Effect
EPS I-Effect
growth I-Effect
realistic I-Effect
( O
if O
not O
slightly O
conservative O
) O
given B-Cause
favorable I-Cause
China I-Cause
consumer I-Cause
demographic I-Cause
trends I-Cause
and I-Cause
the I-Cause
operating I-Cause
leverage I-Cause
inherent I-Cause
in I-Cause
its I-Cause
business I-Cause
model O
. O

Tight B-Cause
government I-Cause
regulations I-Cause
have O
made B-Effect
barriers I-Effect
to I-Effect
entry I-Effect
almost I-Effect
insurmountable I-Effect
and I-Effect
have I-Effect
kept I-Effect
market I-Effect
shares I-Effect
stable I-Effect
in I-Effect
the I-Effect
core I-Effect
combustible I-Effect
business I-Effect
. O

Especially O
in O
France O
, O
Orange B-Cause
's I-Cause
dominant I-Cause
fiber I-Cause
position I-Cause
in I-Cause
some I-Cause
areas I-Cause
prompts O
the B-Effect
firm I-Effect
to I-Effect
be I-Effect
viewed I-Effect
as I-Effect
operating I-Effect
a I-Effect
monopoly I-Effect
over I-Effect
fiber I-Effect
infrastructure I-Effect
. O

To O
reduce B-Effect
costs I-Effect
, O
Tesla B-Cause
focuses I-Cause
on I-Cause
automation I-Cause
and I-Cause
efficiency I-Cause
in I-Cause
its I-Cause
manufacturing I-Cause
process I-Cause
, O
such O
as O
reducing O
the O
total O
number O
of O
parts O
that O
need O
to O
be O
assembled O
in O
a O
vehicle O
. O

The B-Effect
next I-Effect
several I-Effect
years I-Effect
will I-Effect
be I-Effect
heavy I-Effect
in I-Effect
terms I-Effect
of I-Effect
capital I-Effect
expenditures I-Effect
as O
BASF B-Cause
progresses I-Cause
through I-Cause
the I-Cause
development I-Cause
of I-Cause
its I-Cause
fully I-Cause
owned I-Cause
chemical I-Cause
park I-Cause
in I-Cause
China I-Cause
. O

Despite O
the B-Cause
potential I-Cause
for I-Cause
increased I-Cause
near-term I-Cause
consumer I-Cause
sales I-Cause
( O
which O
we B-Effect
peg I-Effect
to I-Effect
grow I-Effect
9 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
outpacing I-Effect
its I-Effect
historic I-Effect
low- I-Effect
to I-Effect
mid-single-digit I-Effect
clip I-Effect
) O
, O
its B-Effect
food-service I-Effect
business I-Effect
remains I-Effect
tepid I-Effect
as O
consumers B-Cause
continue I-Cause
to I-Cause
adhere I-Cause
to I-Cause
social I-Cause
distancing I-Cause
mandates I-Cause
. O

Retailers B-Effect
will I-Effect
want I-Effect
to I-Effect
keep I-Effect
their I-Effect
stores I-Effect
located I-Effect
in I-Effect
the I-Effect
top I-Effect
retail I-Effect
locations I-Effect
as O
the B-Cause
strong I-Cause
demographic I-Cause
trends I-Cause
produce I-Cause
high I-Cause
foot I-Cause
traffic I-Cause
and I-Cause
strong I-Cause
sales I-Cause
growth I-Cause
, O
but O
even O
these O
assets O
will O
slow O
in O
the O
future O
. O

Oil O
sands O
carbon O
intensity O
is O
among O
the O
highest O
among O
all O
the O
basins O
we O
cover O
, O
and O
it B-Effect
is I-Effect
disproportionately I-Effect
exposed I-Effect
to I-Effect
threats I-Effect
if O
countries B-Cause
and I-Cause
governments I-Cause
continue I-Cause
to I-Cause
seek I-Cause
ways I-Cause
to I-Cause
reduce I-Cause
greenhouse I-Cause
gas I-Cause
emissions I-Cause
. O

Given O
this B-Cause
is I-Cause
a I-Cause
scarce I-Cause
resource I-Cause
in I-Cause
some I-Cause
regions I-Cause
, O
Church B-Effect
could I-Effect
be I-Effect
forced I-Effect
to I-Effect
absorb I-Effect
increased I-Effect
costs I-Effect
and/or I-Effect
shortages I-Effect
that O
may O
hinder O
its O
ability O
to O
bring O
product O
to O
market O
in O
a O
timely O
fashion O
. O

Caterpillar B-Cause
offers I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
products I-Cause
that I-Cause
enhance I-Cause
fuel I-Cause
efficiency I-Cause
, I-Cause
specifically I-Cause
through I-Cause
its I-Cause
diesel-electric I-Cause
and I-Cause
electric I-Cause
drivetrains I-Cause
offerings. O
These O
products O
also O
help B-Effect
the I-Effect
company I-Effect
address I-Effect
carbon I-Effect
emissions I-Effect
concerns I-Effect
, I-Effect
which I-Effect
is I-Effect
increasingly I-Effect
a I-Effect
point I-Effect
of I-Effect
focus I-Effect
for I-Effect
government I-Effect
authorities I-Effect
. O

There O
is O
an O
inherent O
risk O
that O
the B-Cause
cost I-Cause
structure I-Cause
increases I-Cause
more I-Cause
than I-Cause
expected I-Cause
, O
further B-Effect
changes I-Effect
to I-Effect
the I-Effect
supply I-Effect
chain I-Effect
are I-Effect
more I-Effect
difficult I-Effect
to I-Effect
achieve I-Effect
, O
pricing B-Effect
power I-Effect
diminishes I-Effect
, O
or O
that O
consumer B-Effect
spending I-Effect
is I-Effect
lower I-Effect
than I-Effect
expected I-Effect
and O
the B-Effect
model I-Effect
faces I-Effect
less I-Effect
leverage I-Effect
. O

That O
said O
, O
demand B-Cause
recovered I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
, I-Cause
driven I-Cause
by I-Cause
the I-Cause
spike I-Cause
consumer I-Cause
goods I-Cause
spending I-Cause
, O
which O
sparked B-Effect
heavy I-Effect
retailer I-Effect
restocking I-Effect
across I-Effect
the I-Effect
U.S I-Effect
. O

While O
these O
designs O
could O
be O
replicated O
to O
some O
extent O
by O
competitors O
, O
there B-Effect
are I-Effect
few I-Effect
peers I-Effect
that I-Effect
compete I-Effect
in I-Effect
this I-Effect
niche I-Effect
space I-Effect
on I-Effect
a I-Effect
global I-Effect
scale I-Effect
, O
which O
we O
attribute O
to O
barriers B-Cause
to I-Cause
entry I-Cause
related I-Cause
to I-Cause
the I-Cause
manufacturing I-Cause
scale I-Cause
and I-Cause
capacity I-Cause
required I-Cause
to I-Cause
generate I-Cause
meaningful I-Cause
profits I-Cause
. O

However O
, O
Gilead B-Cause
's I-Cause
Genvoya I-Cause
( I-Cause
2015 I-Cause
) I-Cause
, I-Cause
Odefsey I-Cause
( I-Cause
2016 I-Cause
) I-Cause
, I-Cause
Descovy I-Cause
( I-Cause
2016 I-Cause
) I-Cause
, I-Cause
and I-Cause
Biktarvy I-Cause
( I-Cause
2018 I-Cause
) I-Cause
launches I-Cause
push B-Effect
patent I-Effect
protection I-Effect
into I-Effect
the I-Effect
late I-Effect
2020s I-Effect
and I-Effect
are I-Effect
boosting I-Effect
the I-Effect
company I-Effect
's I-Effect
market I-Effect
share I-Effect
. O

In O
addition O
, O
there O
has O
been O
a B-Cause
trend I-Cause
of I-Cause
consolidation I-Cause
in I-Cause
the I-Cause
semiconductor I-Cause
space I-Cause
, O
which O
is O
increasing B-Effect
Synopsys I-Effect
' I-Effect
reliance I-Effect
on I-Effect
fewer I-Effect
, I-Effect
larger I-Effect
customers I-Effect
. O

Further O
, O
we O
think O
Accenture B-Effect
generates I-Effect
industry-leading I-Effect
returns I-Effect
on I-Effect
capital I-Effect
because I-Effect
of I-Effect
its B-Cause
scale I-Cause
, O
given O
that O
there B-Cause
are I-Cause
only I-Cause
so I-Cause
many I-Cause
blueprints I-Cause
and I-Cause
software I-Cause
partners I-Cause
that I-Cause
an I-Cause
IT-services I-Cause
company I-Cause
needs I-Cause
to I-Cause
solve I-Cause
enterprise I-Cause
problems I-Cause
. O

While O
there O
are O
incremental O
costs O
incurred O
to O
successfully O
position O
a O
water O
brand O
at O
the O
high O
end O
, O
they B-Cause
are I-Cause
not I-Cause
commensurate I-Cause
with I-Cause
the I-Cause
pricing I-Cause
premium I-Cause
over I-Cause
mainstream I-Cause
offerings I-Cause
( O
which O
tends O
to O
be O
above O
40 O
% O
) O
, O
resulting O
in O
higher B-Effect
margins I-Effect
. O

Collins O
Aerospace O
is O
one O
of O
the O
largest O
diversified O
commercial O
component O
suppliers O
, O
and O
we O
think O
that O
the B-Cause
segment I-Cause
's I-Cause
substantial I-Cause
scale I-Cause
and I-Cause
scope I-Cause
give O
it O
negotiating B-Effect
leverage I-Effect
with I-Effect
the I-Effect
aircraft I-Effect
manufacturers I-Effect
, O
as O
they O
can O
choose O
to O
not O
put O
in O
a O
bid O
on O
critical O
components O
of O
new O
aircraft O
. O

While B-Cause
we I-Cause
see I-Cause
incremental I-Cause
investments I-Cause
deleveraging I-Cause
against I-Cause
weaker I-Cause
travel I-Cause
demand I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, I-Cause
our I-Cause
2024 I-Cause
operating I-Cause
margin I-Cause
( I-Cause
after I-Cause
investments I-Cause
wane I-Cause
and I-Cause
travel I-Cause
demand I-Cause
returns I-Cause
) I-Cause
is I-Cause
19 I-Cause
% I-Cause
. O
As O
a O
result O
of O
our O
top-line O
and O
cost O
forecasts O
, O
we O
expect O
operating B-Effect
margins I-Effect
stay I-Effect
around I-Effect
the I-Effect
high-teen I-Effect
level I-Effect
in I-Effect
the I-Effect
back I-Effect
half I-Effect
of I-Effect
our I-Effect
10 I-Effect
year I-Effect
forecast I-Effect
from I-Effect
9.1 I-Effect
% I-Effect
in I-Effect
in I-Effect
the I-Effect
prepandemic I-Effect
year I-Effect
of I-Effect
2019 I-Effect
( I-Effect
heavy I-Effect
investment I-Effect
year I-Effect
period I-Effect
) I-Effect
. O

While O
location B-Cause
plays I-Cause
a I-Cause
key I-Cause
role I-Cause
in I-Cause
the I-Cause
strength I-Cause
of I-Cause
a I-Cause
portfolio I-Cause
, I-Cause
the I-Cause
massive I-Cause
size I-Cause
of I-Cause
most I-Cause
facilities I-Cause
is I-Cause
such I-Cause
that I-Cause
they I-Cause
are I-Cause
typically I-Cause
located I-Cause
near I-Cause
densely I-Cause
populated I-Cause
areas I-Cause
instead I-Cause
of I-Cause
in I-Cause
them. O
This O
makes O
it O
difficult O
for O
any B-Effect
warehouse I-Effect
to I-Effect
differentiate I-Effect
itself I-Effect
because I-Effect
of I-Effect
the I-Effect
abundance I-Effect
of I-Effect
unutilized I-Effect
or I-Effect
underutilized I-Effect
land I-Effect
surrounding I-Effect
large I-Effect
population I-Effect
centers I-Effect
. O

NetApp B-Cause
also I-Cause
has I-Cause
colocation I-Cause
partners I-Cause
, I-Cause
including I-Cause
a I-Cause
strategic I-Cause
Equinix I-Cause
relationship I-Cause
, O
that O
provide B-Effect
enterprises I-Effect
with I-Effect
NetApp I-Effect
private I-Effect
storage I-Effect
and I-Effect
the I-Effect
ability I-Effect
to I-Effect
use I-Effect
hyperscale I-Effect
cloud I-Effect
resources I-Effect
within I-Effect
the I-Effect
same I-Effect
data I-Effect
center I-Effect
. O

Cushman O
& O
amp O
; O
Wakefield B-Cause
's I-Cause
rapid I-Cause
ascent I-Cause
derives I-Cause
from I-Cause
the I-Cause
combination I-Cause
of I-Cause
its I-Cause
continued I-Cause
ability I-Cause
to O
take B-Effect
share I-Effect
from I-Effect
competitors I-Effect
and I-Effect
several I-Effect
tailwinds I-Effect
in I-Effect
the I-Effect
commercial I-Effect
real I-Effect
estate I-Effect
industry I-Effect
. O

We O
view O
these B-Effect
approaches I-Effect
as I-Effect
prudent I-Effect
and O
believe O
the B-Cause
decision I-Cause
to I-Cause
cull I-Cause
peripheral I-Cause
brands I-Cause
( I-Cause
going I-Cause
from I-Cause
400 I-Cause
master I-Cause
brands I-Cause
to I-Cause
200 I-Cause
) I-Cause
will O
facilitate B-Effect
execution I-Effect
. O

Seagate B-Effect
has I-Effect
consistently I-Effect
driven I-Effect
costs I-Effect
down I-Effect
for I-Effect
its I-Effect
mass I-Effect
capacity I-Effect
HDDs I-Effect
by O
advancing B-Cause
to I-Cause
larger I-Cause
capacities I-Cause
, O
and O
we O
think O
it O
will O
continue O
to O
do O
so O
by O
leveraging O
new O
technologies O
like O
heat-assisted O
magnetic O
recording O
. O

With O
more B-Cause
food I-Cause
options I-Cause
becoming I-Cause
available I-Cause
online I-Cause
, O
the B-Effect
firm I-Effect
attracted I-Effect
more I-Effect
diners I-Effect
, I-Effect
creating I-Effect
the I-Effect
network I-Effect
effect I-Effect
, I-Effect
strengthening B-Effect
further I-Effect
with I-Effect
the I-Effect
virtuous I-Effect
cycle I-Effect
driven I-Effect
by I-Effect
an B-Cause
increase I-Cause
in I-Cause
diners I-Cause
on I-Cause
one I-Cause
side I-Cause
and I-Cause
in I-Cause
restaurant I-Cause
partners I-Cause
on I-Cause
the I-Cause
other I-Cause
. O

On O
the O
branded O
competition O
front O
, O
Merck O
is O
working O
to O
develop O
a B-Cause
next-generation I-Cause
pneumococcal I-Cause
vaccine I-Cause
that I-Cause
covers I-Cause
15 I-Cause
valents I-Cause
, O
which O
could O
threaten O
Pfizer B-Effect
's I-Effect
Prevnar I-Effect
13 I-Effect
, O
which O
covers O
two O
fewer O
valents O
. O

In O
April O
2021 O
, O
Kimco B-Cause
announced I-Cause
a I-Cause
merger I-Cause
with I-Cause
Weingarten I-Cause
Realty I-Cause
to I-Cause
form I-Cause
a I-Cause
company I-Cause
with I-Cause
a I-Cause
combined I-Cause
$ I-Cause
12 I-Cause
billion I-Cause
equity I-Cause
market I-Cause
capitalization I-Cause
, O
which O
would O
make B-Effect
it I-Effect
the I-Effect
largest I-Effect
shopping I-Effect
center I-Effect
REIT I-Effect
. O

Missile B-Effect
defense I-Effect
programs I-Effect
are I-Effect
a I-Effect
decidedly I-Effect
complex I-Effect
long-cycle I-Effect
product I-Effect
, O
as O
missile B-Cause
defense I-Cause
programs I-Cause
essentially I-Cause
are I-Cause
predicated I-Cause
on I-Cause
shooting I-Cause
a I-Cause
high-velocity I-Cause
projectile I-Cause
with I-Cause
another I-Cause
projectile I-Cause
midair I-Cause
. O

We O
expect O
slightly O
more B-Cause
robust I-Cause
volume I-Cause
growth I-Cause
for I-Cause
Europe I-Cause
, O
owing O
to O
its B-Cause
higher I-Cause
exposure I-Cause
to I-Cause
these I-Cause
categories I-Cause
, O
resulting O
in O
roughly B-Effect
2 I-Effect
% I-Effect
average I-Effect
growth I-Effect
from I-Effect
2021-24 I-Effect
( I-Effect
versus I-Effect
1 I-Effect
% I-Effect
for I-Effect
North I-Effect
America I-Effect
) I-Effect
. O

Because O
of O
these B-Cause
priorities I-Cause
related I-Cause
to I-Cause
mission-critical I-Cause
product I-Cause
functions I-Cause
reflected I-Cause
in I-Cause
the I-Cause
choice I-Cause
to I-Cause
use I-Cause
Catia I-Cause
, O
we O
think O
that O
Catia B-Effect
exhibits I-Effect
high I-Effect
switching I-Effect
costs I-Effect
. O

Massachusetts O
is O
also O
an B-Effect
increasingly I-Effect
attractive I-Effect
area I-Effect
for I-Effect
investment I-Effect
with O
rate B-Cause
decoupling I-Cause
, I-Cause
forward-looking I-Cause
rates I-Cause
, I-Cause
and I-Cause
support I-Cause
for I-Cause
grid I-Cause
modernization I-Cause
investment I-Cause
through I-Cause
2023 I-Cause
. O

Ultimately O
, O
though O
, O
we O
believe O
there O
is O
potential O
for O
the O
coronavirus B-Cause
crisis I-Cause
to O
restart B-Effect
the I-Effect
pricing I-Effect
cycle I-Effect
at I-Effect
a I-Effect
less I-Effect
attractive I-Effect
point I-Effect
, O
if O
gas B-Effect
prices I-Effect
remain I-Effect
low I-Effect
as O
the O
economy B-Cause
opens I-Cause
back I-Cause
up I-Cause
. O

After B-Effect
a I-Effect
COVID-19-related I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
that I-Effect
saw I-Effect
catalyst I-Effect
profits I-Effect
cut I-Effect
in I-Effect
half I-Effect
, I-Effect
we I-Effect
expect I-Effect
a I-Effect
gradual I-Effect
recovery I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
as O
FCC B-Cause
sales I-Cause
grow I-Cause
broadly I-Cause
in I-Cause
line I-Cause
with I-Cause
transportation I-Cause
fuel I-Cause
demand I-Cause
and I-Cause
HPC I-Cause
sales I-Cause
recover I-Cause
from I-Cause
trough I-Cause
levels I-Cause
. O

By O
launching B-Cause
Android I-Cause
in I-Cause
2007 I-Cause
, O
Google B-Effect
positioned I-Effect
itself I-Effect
well I-Effect
in I-Effect
the I-Effect
faster-growing I-Effect
mobile I-Effect
ad I-Effect
market I-Effect
, O
maintaining B-Effect
its I-Effect
online I-Effect
search I-Effect
dominance I-Effect
and I-Effect
strengthening I-Effect
its I-Effect
network I-Effect
effect I-Effect
. O

Furthermore O
, O
we O
believe O
the B-Cause
move I-Cause
away I-Cause
from I-Cause
linear I-Cause
TV I-Cause
viewership I-Cause
and I-Cause
the I-Cause
shift I-Cause
to I-Cause
digital I-Cause
media I-Cause
content I-Cause
has O
impaired B-Effect
print I-Effect
publication I-Effect
and I-Effect
television I-Effect
and I-Effect
radio I-Effect
station I-Effect
holdings I-Effect
. O

Corning B-Cause
invents I-Cause
and I-Cause
manufactures I-Cause
all I-Cause
of I-Cause
its I-Cause
own I-Cause
equipment I-Cause
and I-Cause
machinery I-Cause
for I-Cause
its I-Cause
fusion I-Cause
draw I-Cause
, O
which O
produces O
best-of-breed O
display O
glass O
, O
which O
we O
think O
has O
resulted O
in O
its O
leading B-Effect
market I-Effect
share I-Effect
. O

We O
expect O
Ericsson B-Effect
to I-Effect
benefit I-Effect
from I-Effect
selling I-Effect
services I-Effect
to I-Effect
help I-Effect
simplify I-Effect
and I-Effect
manage I-Effect
complex I-Effect
networks I-Effect
as O
more B-Cause
Internet I-Cause
of I-Cause
Things I-Cause
devices I-Cause
touch I-Cause
5G I-Cause
networks I-Cause
. O

Also O
, O
to O
address B-Cause
potential I-Cause
petroleum I-Cause
product I-Cause
demand I-Cause
destruction I-Cause
, I-Cause
reduce I-Cause
carbon I-Cause
intensity I-Cause
and I-Cause
reinvest I-Cause
in I-Cause
growth I-Cause
, O
Valero B-Effect
has I-Effect
moved I-Effect
into I-Effect
renewables I-Effect
via I-Effect
its I-Effect
50 I-Effect
% I-Effect
ownership I-Effect
of I-Effect
Diamond I-Effect
Green I-Effect
Diesel I-Effect
. O

However O
, O
with B-Cause
45 I-Cause
manufacturing I-Cause
facilities I-Cause
in I-Cause
operation I-Cause
, O
PMI B-Cause
has I-Cause
plenty I-Cause
of I-Cause
scope I-Cause
to I-Cause
cut I-Cause
fixed I-Cause
costs I-Cause
, O
which O
could O
help B-Effect
support I-Effect
margins I-Effect
for I-Effect
several I-Effect
years I-Effect
. O

Because O
Grainger B-Cause
has I-Cause
national I-Cause
scale I-Cause
, I-Cause
a I-Cause
global I-Cause
reach I-Cause
, I-Cause
and I-Cause
a I-Cause
robust I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
and I-Cause
valued-added I-Cause
services I-Cause
, O
it B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
this I-Effect
trend I-Effect
and I-Effect
take I-Effect
share I-Effect
from I-Effect
smaller I-Effect
local I-Effect
and I-Effect
regional I-Effect
distributors I-Effect
that I-Effect
do I-Effect
n't I-Effect
have I-Effect
the I-Effect
scale I-Effect
to I-Effect
profitably I-Effect
service I-Effect
these I-Effect
customers I-Effect
. O

We O
like O
SBA O
's O
geographic O
diversification O
, O
but O
we O
think O
its B-Cause
strategy I-Cause
to I-Cause
use I-Cause
financial I-Cause
leverage I-Cause
so I-Cause
aggressively I-Cause
provides O
unnecessary B-Cause
risk I-Cause
and I-Cause
ultimately I-Cause
keeps I-Cause
it I-Cause
from I-Cause
deepening I-Cause
it I-Cause
presence I-Cause
in I-Cause
several I-Cause
of I-Cause
its I-Cause
developing I-Cause
markets I-Cause
, O
leaving B-Effect
too I-Effect
much I-Effect
international I-Effect
concentration I-Effect
in I-Effect
Brazil I-Effect
. O

NJR O
has O
de-risked B-Effect
its I-Effect
non-utility I-Effect
business I-Effect
through O
asset B-Cause
management I-Cause
agreements I-Cause
at I-Cause
its I-Cause
energy I-Cause
services I-Cause
business I-Cause
and I-Cause
a I-Cause
shift I-Cause
into I-Cause
small-scale I-Cause
clean I-Cause
energy I-Cause
growth I-Cause
investment I-Cause
. O

With O
Centene B-Cause
's I-Cause
concentration I-Cause
in I-Cause
government-sponsored I-Cause
programs I-Cause
, I-Cause
its I-Cause
margins I-Cause
are I-Cause
very I-Cause
low I-Cause
, O
creating B-Effect
the I-Effect
potential I-Effect
for I-Effect
large I-Effect
swings I-Effect
in I-Effect
profitability I-Effect
and I-Effect
cash I-Effect
flows I-Effect
with I-Effect
relatively I-Effect
minor I-Effect
adjustments I-Effect
in I-Effect
our I-Effect
underlying I-Effect
assumptions I-Effect
. O

In O
Alberta O
, O
power B-Effect
prices I-Effect
are I-Effect
driven I-Effect
by I-Effect
power I-Effect
supply/demand I-Effect
balance I-Effect
and I-Effect
are I-Effect
volatile I-Effect
due O
to O
the B-Cause
small I-Cause
size I-Cause
of I-Cause
the I-Cause
market I-Cause
. O

In O
light O
of O
the B-Cause
shifting I-Cause
landscape I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
implemented I-Effect
a I-Effect
major I-Effect
restructuring I-Effect
of I-Effect
its I-Effect
sales I-Effect
and I-Effect
wholesaling I-Effect
operations I-Effect
, O
migrating O
away O
from O
a O
legacy O
model O
requiring O
a O
dedicated O
sales O
staff O
toward O
a O
more O
automated O
service O
offering O
. O

Given O
that O
many B-Cause
of I-Cause
its I-Cause
products I-Cause
are I-Cause
used I-Cause
in I-Cause
mission-critical I-Cause
applications I-Cause
where I-Cause
the I-Cause
margin I-Cause
for I-Cause
error I-Cause
is I-Cause
slim I-Cause
( O
for O
instance O
, O
brake O
control O
systems O
used O
on O
airplanes O
, O
advanced O
micro-optic O
security O
features O
used O
in O
banknotes O
, O
and O
wastewater O
pumps O
) O
, O
Crane B-Effect
's I-Effect
reputation I-Effect
for I-Effect
quality I-Effect
and I-Effect
reliability I-Effect
is I-Effect
a I-Effect
key I-Effect
source I-Effect
of I-Effect
competitive I-Effect
advantage I-Effect
. O

However O
, O
we O
anticipate O
that O
Atlassian O
should O
have O
margins B-Effect
near I-Effect
the I-Effect
upper I-Effect
end I-Effect
of I-Effect
the I-Effect
peer I-Effect
group I-Effect
given O
the B-Cause
low-touch I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
approach I-Cause
. O

In O
February O
2021 O
, O
Enable B-Cause
announced I-Cause
it I-Cause
would I-Cause
merge I-Cause
with I-Cause
Energy I-Cause
Transfer I-Cause
, O
offering O
OGE B-Effect
more I-Effect
flexibility I-Effect
to I-Effect
exit I-Effect
its I-Effect
midstream I-Effect
investment I-Effect
. O

While B-Cause
the I-Cause
consent I-Cause
decree I-Cause
will I-Cause
expire I-Cause
in I-Cause
2020 I-Cause
, I-Cause
we I-Cause
expect I-Cause
Live I-Cause
Nation I-Cause
to I-Cause
remain I-Cause
circumspect I-Cause
about I-Cause
conditioning I-Cause
or I-Cause
retaliating I-Cause
against I-Cause
venues I-Cause
given I-Cause
the I-Cause
high I-Cause
level I-Cause
of I-Cause
scrutiny I-Cause
on I-Cause
the I-Cause
firm. O
These O
advantages O
have O
helped B-Effect
the I-Effect
firm I-Effect
not I-Effect
only I-Effect
maintain I-Effect
its I-Effect
dominant I-Effect
position I-Effect
but I-Effect
also I-Effect
win I-Effect
back I-Effect
business I-Effect
that I-Effect
was I-Effect
previously I-Effect
lost I-Effect
to I-Effect
AXS I-Effect
and I-Effect
other I-Effect
competitors I-Effect
. O

Further O
, O
the O
firm O
continues O
to O
grapple O
with O
volatile O
foreign O
currency O
swings O
, O
in O
such O
markets O
as O
Venezuela O
, O
Argentina O
, O
and O
Russia O
, O
where O
currency B-Cause
devaluations I-Cause
have O
weighed B-Effect
on I-Effect
results I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

As O
with O
most O
exploration O
and O
production O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
the I-Effect
firm I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

The B-Cause
shift I-Cause
in I-Cause
product I-Cause
mix I-Cause
toward I-Cause
diagnostics I-Cause
and I-Cause
life I-Cause
sciences I-Cause
will O
help O
lessen B-Effect
PerkinElmer I-Effect
's I-Effect
exposure I-Effect
to I-Effect
lower-growth I-Effect
industrial I-Effect
end I-Effect
markets I-Effect
and I-Effect
offer I-Effect
a I-Effect
better I-Effect
growth I-Effect
profile I-Effect
. O

Aftermarket B-Cause
sales I-Cause
, O
which O
account O
for O
roughly O
one O
quarter O
of O
Crane O
's O
sales O
in O
the O
segment O
, O
generate O
a B-Effect
relatively I-Effect
stable I-Effect
and I-Effect
high-margin I-Effect
stream I-Effect
of I-Effect
recurring I-Effect
revenue I-Effect
that I-Effect
helps I-Effect
shield I-Effect
the I-Effect
firm I-Effect
from I-Effect
cyclicality I-Effect
. O

Additionally O
, O
Home B-Cause
Depot I-Cause
's I-Cause
focus I-Cause
on I-Cause
cross-selling I-Cause
products I-Cause
in I-Cause
both I-Cause
its I-Cause
DIY I-Cause
and I-Cause
its I-Cause
maintenance I-Cause
, I-Cause
repair I-Cause
, I-Cause
and I-Cause
operations I-Cause
channel I-Cause
should O
support O
stable B-Effect
pricing I-Effect
and I-Effect
volatility I-Effect
in I-Effect
the I-Effect
sales I-Effect
base I-Effect
, I-Effect
helping I-Effect
achieve I-Effect
further I-Effect
operating I-Effect
margin I-Effect
lift I-Effect
, O
with O
the O
metric O
reaching O
above O
15 O
% O
over O
the O
next O
decade O
. O

We O
expect O
Coupa O
to O
report O
an O
average O
GAAP O
gross O
margin O
of O
67.2 O
% O
over O
the O
next O
five O
years O
, O
though O
this B-Effect
figure I-Effect
should I-Effect
grow I-Effect
to I-Effect
the I-Effect
low-80s I-Effect
both I-Effect
on I-Effect
a I-Effect
GAAP I-Effect
and I-Effect
non-GAAP I-Effect
basis I-Effect
as O
the B-Cause
business I-Cause
scales I-Cause
up I-Cause
. O

In O
our O
view O
, O
while O
acquirers B-Cause
have I-Cause
always I-Cause
enjoyed I-Cause
a I-Cause
mild I-Cause
switching I-Cause
cost I-Cause
advantage I-Cause
, I-Cause
the I-Cause
shift I-Cause
from I-Cause
selling I-Cause
acquiring I-Cause
services I-Cause
on I-Cause
a I-Cause
stand-alone I-Cause
basis I-Cause
toward I-Cause
integrating I-Cause
acquiring I-Cause
within I-Cause
a I-Cause
more I-Cause
holistic I-Cause
software I-Cause
offering I-Cause
for I-Cause
merchants I-Cause
will O
increase B-Effect
switching I-Effect
costs I-Effect
and I-Effect
turn I-Effect
this I-Effect
into I-Effect
a I-Effect
more I-Effect
meaningful I-Effect
source I-Effect
of I-Effect
competitive I-Effect
advantage I-Effect
. O

Republic B-Cause
Service I-Cause
's I-Cause
predictable I-Cause
recurring I-Cause
revenue I-Cause
streams I-Cause
and I-Cause
strong I-Cause
competitive I-Cause
positioning I-Cause
allow B-Effect
the I-Effect
firm I-Effect
to I-Effect
generate I-Effect
strong I-Effect
and I-Effect
stable I-Effect
free I-Effect
cash I-Effect
flow I-Effect
. I-Effect

We O
think O
stepped-up B-Effect
pressure I-Effect
could I-Effect
manifest I-Effect
as O
supply-demand B-Cause
imbalances I-Cause
dissipate I-Cause
and I-Cause
as I-Cause
prices I-Cause
rise I-Cause
throughout I-Cause
the I-Cause
industry I-Cause
to I-Cause
offset I-Cause
pronounced I-Cause
commodity I-Cause
inflation I-Cause
. O

Even O
though O
we B-Effect
expect I-Effect
near-term I-Effect
top-line I-Effect
and I-Effect
cash I-Effect
flow I-Effect
pressure I-Effect
as O
term B-Cause
licenses I-Cause
see I-Cause
large I-Cause
upfront I-Cause
payments I-Cause
while O
cloud O
sees O
a O
recurring O
revenue O
stream O
, O
the B-Cause
pace I-Cause
of I-Cause
adoption I-Cause
makes O
us O
confident B-Effect
that I-Effect
the I-Effect
cloud-first I-Effect
transition I-Effect
will I-Effect
be I-Effect
successful I-Effect
and I-Effect
support I-Effect
healthy I-Effect
future I-Effect
cash I-Effect
flows I-Effect
. O

These O
defensive O
measures O
will O
likely O
benefit O
growth O
in O
the O
short O
term O
, O
but O
we O
view O
the B-Cause
extension I-Cause
to I-Cause
consumers I-Cause
and I-Cause
generalists I-Cause
( I-Cause
non-orthodontists I-Cause
) I-Cause
will O
continue O
to O
water O
down O
its B-Effect
offering I-Effect
. O

CNH O
's O
diversified B-Cause
portfolio I-Cause
allows O
it O
to O
weather O
economic B-Effect
cycles I-Effect
better I-Effect
than O
if O
it O
were O
a O
stand-alone O
agricultural O
or O
construction O
equipment O
company O
. O

Pioneer B-Effect
's I-Effect
ideally I-Effect
located I-Effect
acreage I-Effect
also I-Effect
supports I-Effect
above-average I-Effect
unit I-Effect
revenue I-Effect
, O
as O
oil B-Cause
cuts I-Cause
are I-Cause
generally I-Cause
strong I-Cause
( O
NGLs O
and O
natural O
gas O
only O
account O
for O
about O
20 O
% O
of O
wells O
Pioneer O
is O
currently O
drilling O
) O
. O

However O
, O
as O
many B-Cause
of I-Cause
Hain I-Cause
's I-Cause
products I-Cause
are I-Cause
natural I-Cause
and I-Cause
organic I-Cause
, O
which O
currently B-Cause
represents I-Cause
only I-Cause
about I-Cause
10 I-Cause
% I-Cause
of I-Cause
overall I-Cause
food I-Cause
and I-Cause
beverage I-Cause
sales I-Cause
, O
it O
is O
understandable O
that O
the B-Effect
company I-Effect
would I-Effect
not I-Effect
have I-Effect
dominant I-Effect
shares I-Effect
. O

These B-Effect
concerns I-Effect
have I-Effect
given I-Effect
way I-Effect
to I-Effect
existential I-Effect
concerns I-Effect
surrounding I-Effect
the I-Effect
New I-Effect
York I-Effect
City I-Effect
office I-Effect
market I-Effect
in O
light O
of O
the B-Cause
severity I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
broader I-Cause
questions I-Cause
surrounding I-Cause
remote I-Cause
work I-Cause
. O

Because O
Marsh B-Cause
& I-Cause
McLennan I-Cause
generally I-Cause
takes I-Cause
a I-Cause
percentage I-Cause
of I-Cause
premiums I-Cause
as I-Cause
commission I-Cause
, O
it B-Effect
is I-Effect
exposed I-Effect
to I-Effect
the I-Effect
direction I-Effect
of I-Effect
the I-Effect
insurance I-Effect
pricing I-Effect
cycle I-Effect
. O

Management B-Cause
is I-Cause
squarely I-Cause
focused I-Cause
on I-Cause
gaining I-Cause
market I-Cause
share I-Cause
instead I-Cause
of I-Cause
profitability I-Cause
at O
this O
point O
, O
and O
to O
do O
so O
, O
it O
has O
invested B-Effect
heavily I-Effect
in I-Effect
supply I-Effect
chain I-Effect
management I-Effect
, I-Effect
integrated I-Effect
warehouse I-Effect
, I-Effect
and I-Effect
delivery I-Effect
services I-Effect
to I-Effect
penetrate I-Effect
into I-Effect
less I-Effect
developed I-Effect
areas I-Effect
. O

Even O
with O
the O
energy O
market O
and O
economic O
turbulence O
in O
2020 O
, O
Williams B-Effect
delivered I-Effect
steady I-Effect
performance I-Effect
based O
on O
its B-Cause
largely I-Cause
fee-based I-Cause
, I-Cause
long-term I-Cause
contracted I-Cause
revenues I-Cause
and I-Cause
its I-Cause
ability I-Cause
to I-Cause
connect I-Cause
areas I-Cause
of I-Cause
low-cost I-Cause
supply I-Cause
with I-Cause
high I-Cause
demand I-Cause
. O

Furthermore O
, O
Hain B-Effect
management I-Effect
has I-Effect
acknowledged I-Effect
that I-Effect
brand I-Effect
investments I-Effect
have I-Effect
not I-Effect
been I-Effect
strategic I-Effect
or I-Effect
efficient I-Effect
, O
as O
investment B-Cause
dollars I-Cause
have I-Cause
been I-Cause
broadly I-Cause
allocated I-Cause
across I-Cause
its I-Cause
brand I-Cause
portfolio I-Cause
without I-Cause
regard I-Cause
for I-Cause
expected I-Cause
return I-Cause
on I-Cause
investment I-Cause
. O

Given O
that O
fundraising B-Cause
is I-Cause
either I-Cause
the I-Cause
core I-Cause
function I-Cause
of I-Cause
a I-Cause
nonprofit I-Cause
, I-Cause
or I-Cause
the I-Cause
primary I-Cause
means I-Cause
in I-Cause
which I-Cause
it I-Cause
funds I-Cause
its I-Cause
own I-Cause
operations I-Cause
, O
it O
is O
highly B-Effect
unlikely I-Effect
a I-Effect
user I-Effect
will I-Effect
switch I-Effect
, O
in O
our O
view O
. O

As O
European O
investment O
banking O
peers O
such O
as O
Deutsche O
Bank O
have O
painfully O
illustrated O
, O
chasing B-Cause
a I-Cause
global I-Cause
top-tier I-Cause
investment I-Cause
banking I-Cause
position I-Cause
can O
quickly B-Effect
turn I-Effect
into I-Effect
a I-Effect
downward I-Effect
spiral I-Effect
where I-Effect
revenue I-Effect
declines I-Effect
faster I-Effect
than I-Effect
costs I-Effect
while I-Effect
significant I-Effect
amounts I-Effect
of I-Effect
capital I-Effect
are I-Effect
tied I-Effect
up I-Effect
in I-Effect
the I-Effect
business I-Effect
. O

We O
expect O
Reliance B-Effect
's I-Effect
profits I-Effect
to I-Effect
remain I-Effect
relatively I-Effect
flat I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
as O
a B-Cause
deflationary I-Cause
price I-Cause
environment I-Cause
limits I-Cause
the I-Cause
potential I-Cause
for I-Cause
margin I-Cause
expansion I-Cause
. O

We O
think O
the B-Effect
probability I-Effect
that I-Effect
Treehouse I-Effect
would I-Effect
lose I-Effect
out I-Effect
entirely I-Effect
on I-Effect
a I-Effect
major I-Effect
customer I-Effect
( I-Effect
like I-Effect
Walmart I-Effect
) I-Effect
is I-Effect
low I-Effect
, O
as O
its B-Cause
scale I-Cause
should I-Cause
allow I-Cause
it I-Cause
to I-Cause
be I-Cause
competitive I-Cause
along I-Cause
all I-Cause
major I-Cause
decision I-Cause
vectors I-Cause
( I-Cause
price I-Cause
, I-Cause
product I-Cause
quality I-Cause
, I-Cause
service I-Cause
quality I-Cause
) I-Cause
. O

Given O
GTT B-Effect
's I-Effect
head I-Effect
start I-Effect
, O
it O
's O
conceivable O
that O
GTT B-Cause
's I-Cause
existing I-Cause
customer I-Cause
base I-Cause
and I-Cause
customer I-Cause
relationships I-Cause
provide I-Cause
it I-Cause
an I-Cause
intangible I-Cause
asset I-Cause
advantage I-Cause
that O
would O
result O
in O
a O
headwind O
for O
upstarts O
. O

As O
data O
and O
analytics O
capabilities O
have O
become O
increasingly O
available O
over O
the O
years O
, O
the B-Cause
firm I-Cause
now I-Cause
increasingly I-Cause
incorporates I-Cause
these I-Cause
insights I-Cause
into I-Cause
the I-Cause
development I-Cause
process I-Cause
, O
which O
has O
significantly O
improved B-Effect
the I-Effect
success I-Effect
rate I-Effect
of I-Effect
its I-Effect
product I-Effect
launches I-Effect
. O

We O
believe O
the B-Effect
firm I-Effect
will I-Effect
maintain I-Effect
its I-Effect
place I-Effect
near I-Effect
the I-Effect
top I-Effect
of I-Effect
the I-Effect
distributor I-Effect
pile I-Effect
due O
to O
its B-Cause
significant I-Cause
cost I-Cause
advantage I-Cause
over I-Cause
other I-Cause
broadline I-Cause
distributors I-Cause
, I-Cause
who I-Cause
may I-Cause
attempt I-Cause
to I-Cause
add I-Cause
their I-Cause
own I-Cause
value-added I-Cause
services I-Cause
, I-Cause
and I-Cause
suppliers I-Cause
, I-Cause
who I-Cause
may I-Cause
consider I-Cause
bringing I-Cause
such I-Cause
services I-Cause
in-house I-Cause
. O

With O
unrivalled B-Cause
scale I-Cause
, I-Cause
prodigious I-Cause
procurement I-Cause
strength I-Cause
, I-Cause
a I-Cause
strong I-Cause
brand I-Cause
, I-Cause
and I-Cause
a I-Cause
growing I-Cause
e-commerce I-Cause
platform I-Cause
, O
we O
believe O
Walmart B-Effect
is I-Effect
the I-Effect
only I-Effect
American I-Effect
retailer I-Effect
that I-Effect
can I-Effect
compete I-Effect
comprehensively I-Effect
with I-Effect
Amazon I-Effect
's I-Effect
retail I-Effect
offering I-Effect
. O

With B-Cause
distribution I-Cause
, I-Cause
the I-Cause
firm I-Cause
has I-Cause
some I-Cause
of I-Cause
the I-Cause
broadest I-Cause
reach I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
but O
we O
do O
n't O
see O
this O
manifesting O
in O
denser O
routes O
or O
economies O
of O
scope O
that O
could O
lead O
to O
a B-Effect
cost I-Effect
advantage I-Effect
. O

The B-Effect
bank I-Effect
is I-Effect
exposed I-Effect
to I-Effect
the I-Effect
economic I-Effect
cycle I-Effect
as O
its B-Cause
profitability I-Cause
is I-Cause
affected I-Cause
by I-Cause
changes I-Cause
in I-Cause
credit I-Cause
quality I-Cause
, I-Cause
interest I-Cause
rates I-Cause
, I-Cause
and I-Cause
consumer I-Cause
spending I-Cause
. O

We O
expect O
the B-Cause
company I-Cause
to I-Cause
continue I-Cause
to I-Cause
take I-Cause
advantage I-Cause
of I-Cause
its I-Cause
higher-priced I-Cause
Wolf I-Cause
Trax I-Cause
nutrients I-Cause
and I-Cause
premium I-Cause
micronutrients I-Cause
, O
which O
should O
offset B-Effect
some I-Effect
of I-Effect
the I-Effect
SOP I-Effect
price I-Effect
decline I-Effect
. O

During O
the O
pandemic B-Cause
, O
Simply B-Effect
Good I-Effect
Foods I-Effect
' I-Effect
portfolio I-Effect
of I-Effect
on-the-go I-Effect
bars I-Effect
and I-Effect
shakes I-Effect
( I-Effect
collectively I-Effect
about I-Effect
70 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
experienced I-Effect
headwinds I-Effect
, O
as O
consumers B-Cause
spent I-Cause
more I-Cause
time I-Cause
at I-Cause
home I-Cause
. O

Nevertheless O
, O
gross B-Effect
margin I-Effect
improvement I-Effect
should I-Effect
come I-Effect
to I-Effect
fruition I-Effect
through O
input B-Cause
cost I-Cause
relief I-Cause
( I-Cause
particularly I-Cause
as I-Cause
more I-Cause
agave I-Cause
plant I-Cause
is I-Cause
harvested I-Cause
) I-Cause
, I-Cause
positive I-Cause
mix I-Cause
shifts I-Cause
, I-Cause
and I-Cause
greater I-Cause
efficiency I-Cause
in I-Cause
its I-Cause
supply I-Cause
chain I-Cause
, O
for O
example O
at O
its O
cooperages O
, O
where O
modernization B-Cause
and I-Cause
automation I-Cause
should I-Cause
facilitate I-Cause
more I-Cause
productivity I-Cause
. O

As O
evidenced O
by O
solid O
ROICs O
( O
at O
18 O
% O
, O
including O
goodwill O
, O
in O
2020 O
) O
, O
Polaris B-Cause
still I-Cause
has I-Cause
topnotch I-Cause
brand I-Cause
goodwill I-Cause
in I-Cause
its I-Cause
segments I-Cause
, O
supporting O
consumer B-Effect
interest I-Effect
and I-Effect
indicating I-Effect
the I-Effect
firm I-Effect
's I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
is I-Effect
intact I-Effect
. O

The B-Effect
pandemic I-Effect
has I-Effect
masked I-Effect
the I-Effect
benefit I-Effect
of I-Effect
smartphone I-Effect
adoptions I-Effect
, O
as O
these B-Cause
wireless I-Cause
markets I-Cause
remain I-Cause
primarily I-Cause
prepaid I-Cause
, I-Cause
with I-Cause
bills I-Cause
based I-Cause
on I-Cause
usage I-Cause
. O

Caterpillar O
's O
service O
agreements O
give O
customers B-Cause
priority I-Cause
on I-Cause
proprietary I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
services I-Cause
from I-Cause
dealers I-Cause
, O
making B-Effect
it I-Effect
easy I-Effect
to I-Effect
understand I-Effect
what I-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
a I-Effect
machine I-Effect
will I-Effect
be I-Effect
throughout I-Effect
its I-Effect
operating I-Effect
life I-Effect
. O

Incremental B-Cause
innovation I-Cause
as O
with O
this O
injection O
molding O
process O
saves B-Effect
ITW I-Effect
massive I-Effect
amounts I-Effect
of I-Effect
R I-Effect
& I-Effect
amp I-Effect
; O
D O
it O
would O
otherwise O
have O
to O
spend O
to O
stay O
competitive O
. O

Along O
those O
lines O
, O
we O
see O
a O
slight O
risk O
that O
future O
regulatory B-Cause
changes I-Cause
force O
truckers B-Effect
to I-Effect
adopt I-Effect
electric I-Effect
Class-8 I-Effect
truck I-Effect
technology I-Effect
( I-Effect
albeit I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
) I-Effect
before I-Effect
it I-Effect
has I-Effect
proven I-Effect
economically I-Effect
beneficial I-Effect
. O

Living B-Cause
arrangements I-Cause
have I-Cause
tended I-Cause
toward I-Cause
more I-Cause
generations I-Cause
under I-Cause
one I-Cause
roof I-Cause
, O
which O
has O
been O
driven B-Effect
by I-Effect
ethnic I-Effect
shifts I-Effect
that I-Effect
are I-Effect
forecast I-Effect
to I-Effect
continue I-Effect
. O

Repair O
and O
remodel O
spending O
is O
more O
resilient O
than O
new O
construction O
but O
still O
moves O
in O
the O
direction O
of O
the O
broader O
economy O
, O
and O
a B-Cause
downturn I-Cause
would O
likely O
weaken B-Effect
the I-Effect
company I-Effect
's I-Effect
financial I-Effect
performance I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
ability I-Cause
to I-Cause
best I-Cause
Richemont I-Cause
despite I-Cause
a I-Cause
higher I-Cause
contribution I-Cause
of I-Cause
cheaper I-Cause
brands I-Cause
in I-Cause
the I-Cause
mix I-Cause
( I-Cause
low-priced I-Cause
Swatch I-Cause
and I-Cause
Tissot I-Cause
represent I-Cause
a I-Cause
little I-Cause
less I-Cause
than I-Cause
20 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, I-Cause
whereas I-Cause
Richemont I-Cause
possesses I-Cause
only I-Cause
luxury I-Cause
brands I-Cause
) I-Cause
points O
to O
a B-Effect
manufacturing I-Effect
cost I-Effect
advantage I-Effect
. O

These B-Cause
companies I-Cause
are I-Cause
well I-Cause
capitalized I-Cause
and I-Cause
have I-Cause
local I-Cause
management I-Cause
teams I-Cause
which O
allows O
them O
to O
capitalize B-Effect
on I-Effect
local I-Effect
experience I-Effect
and I-Effect
ownership I-Effect
to I-Effect
facilitate I-Effect
international I-Effect
growth I-Effect
as O
Domino O
's O
navigates O
unique O
cultural O
and O
culinary O
preferences O
. O

Given O
the B-Cause
high I-Cause
fixed I-Cause
costs I-Cause
in I-Cause
this I-Cause
capital-intensive I-Cause
industry I-Cause
( O
we O
estimate O
30 O
% O
to O
35 O
% O
of O
costs O
are O
fixed O
) O
, O
scale B-Effect
benefits I-Effect
are I-Effect
meaningful I-Effect
. O

We B-Cause
expect I-Cause
Expedia I-Cause
to I-Cause
reinvest I-Cause
savings I-Cause
behind I-Cause
its I-Cause
international I-Cause
and I-Cause
alternative I-Cause
accommodation I-Cause
presence I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
user I-Cause
experience I-Cause
and I-Cause
loyalty I-Cause
enhancements I-Cause
, O
which O
foster B-Effect
direct I-Effect
traffic I-Effect
and I-Effect
its I-Effect
network I-Effect
. O

This B-Cause
scalability I-Cause
leads O
to O
efficient B-Cause
operations I-Cause
that I-Cause
are I-Cause
also I-Cause
not I-Cause
capital-intensive I-Cause
, O
leading O
to O
returns B-Effect
on I-Effect
equity I-Effect
in I-Effect
the I-Effect
20s I-Effect
for I-Effect
the I-Effect
segment I-Effect
. O

Volume/mix O
should O
be O
the O
most O
noteworthy O
revenue O
driver O
, O
and O
from O
a O
segment O
perspective O
, O
we O
expect O
snacking/beverages B-Effect
to I-Effect
outperform I-Effect
( I-Effect
2 I-Effect
% I-Effect
growth I-Effect
on I-Effect
average I-Effect
) I-Effect
, O
as O
secularly B-Cause
advantaged I-Cause
categories I-Cause
( I-Cause
like I-Cause
functional I-Cause
beverages I-Cause
and I-Cause
organic/clean-label I-Cause
snacks I-Cause
) I-Cause
support I-Cause
positive I-Cause
mix I-Cause
. O

Given O
the B-Cause
growth I-Cause
we I-Cause
see I-Cause
from I-Cause
growing I-Cause
mass I-Cause
gambling I-Cause
and I-Cause
nongaming I-Cause
activity I-Cause
, O
we O
project O
Macao B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
remain I-Effect
fairly I-Effect
steady I-Effect
at I-Effect
27 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
25 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
despite O
higher O
expected O
license-renewal O
fees O
beginning O
in O
2022 O
. O

By O
that O
, O
we O
mean O
carving B-Cause
out I-Cause
a I-Cause
superior I-Cause
competitive I-Cause
position I-Cause
by I-Cause
utilizing I-Cause
information I-Cause
technology I-Cause
and I-Cause
scale I-Cause
in O
order O
to O
drive B-Effect
down I-Effect
expenses O
. O

As O
Church O
& O
Dwight O
continues O
to O
purchase B-Cause
leading I-Cause
brands I-Cause
to O
capture O
market O
share O
, O
it B-Effect
could I-Effect
extend I-Effect
too I-Effect
far I-Effect
into I-Effect
categories I-Effect
with I-Effect
which I-Effect
it I-Effect
is I-Effect
not I-Effect
as I-Effect
familiar I-Effect
. O

Shippers B-Effect
are I-Effect
increasing I-Effect
their I-Effect
focus I-Effect
on I-Effect
service I-Effect
quality I-Effect
as I-Effect
demand I-Effect
for I-Effect
greater I-Effect
supply I-Effect
chain I-Effect
velocity I-Effect
is I-Effect
rising I-Effect
, O
due O
in O
part O
to O
the B-Cause
e-commerce I-Cause
shift I-Cause
. O

TIM O
is O
building O
fixed-line O
infrastructure O
, O
but O
it B-Cause
has I-Cause
only I-Cause
reached I-Cause
about I-Cause
6.4 I-Cause
million I-Cause
households I-Cause
, I-Cause
less I-Cause
than I-Cause
10 I-Cause
% I-Cause
of I-Cause
the I-Cause
country I-Cause
, O
and O
it B-Effect
remains I-Effect
a I-Effect
very I-Effect
small I-Effect
player I-Effect
in I-Effect
this I-Effect
market I-Effect
. O

Also O
, O
the B-Effect
need I-Effect
for I-Effect
dialysis I-Effect
clinics I-Effect
will I-Effect
not I-Effect
evaporate I-Effect
in I-Effect
that I-Effect
scenario I-Effect
since O
at-home B-Cause
patients I-Cause
need I-Cause
to I-Cause
be I-Cause
trained I-Cause
and I-Cause
monitored I-Cause
even I-Cause
if I-Cause
they I-Cause
do I-Cause
n't I-Cause
receive I-Cause
treatment I-Cause
in I-Cause
the I-Cause
clinic O
. O

Although O
the O
explicit O
switching O
costs O
for O
managed O
assets O
do O
not O
seem O
large O
, O
inertia B-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
of I-Cause
achieving I-Cause
better I-Cause
results I-Cause
tend O
to O
keep O
investor B-Effect
money I-Effect
in I-Effect
the I-Effect
same I-Effect
funds I-Effect
for I-Effect
long I-Effect
periods I-Effect
. O

However O
, O
there B-Effect
are I-Effect
questions I-Effect
about I-Effect
the I-Effect
market I-Effect
potential I-Effect
of I-Effect
these I-Effect
drugs I-Effect
given O
their B-Cause
high I-Cause
cost I-Cause
and I-Cause
subcutaneous I-Cause
dosing I-Cause
in I-Cause
the I-Cause
context I-Cause
of I-Cause
convenient I-Cause
, I-Cause
effective I-Cause
, I-Cause
and I-Cause
inexpensive I-Cause
oral I-Cause
cholesterol-lowering I-Cause
drugs I-Cause
like I-Cause
statins I-Cause
being I-Cause
the I-Cause
mainstays I-Cause
of I-Cause
treatment I-Cause
. O

If O
they B-Cause
venture I-Cause
further I-Cause
into I-Cause
real-time I-Cause
data I-Cause
insights I-Cause
, O
they O
could O
impact O
Splunk B-Effect
's I-Effect
position I-Effect
as I-Effect
a I-Effect
leader I-Effect
in I-Effect
its I-Effect
core I-Effect
areas I-Effect
. O

For B-Cause
over I-Cause
a I-Cause
century I-Cause
, I-Cause
the I-Cause
company I-Cause
has I-Cause
been I-Cause
the I-Cause
pre-eminent I-Cause
manufacturer I-Cause
of I-Cause
mission-critical I-Cause
agricultural I-Cause
equipment I-Cause
; O
which O
has O
led O
to O
its B-Effect
place I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
world I-Effect
's I-Effect
most I-Effect
valuable I-Effect
brands I-Effect
. O

In B-Cause
2019 I-Cause
, I-Cause
it I-Cause
hired I-Cause
Canadian I-Cause
National I-Cause
veteran I-Cause
Sameh I-Cause
Fahmy I-Cause
and I-Cause
embraced I-Cause
precision I-Cause
scheduled I-Cause
railroading I-Cause
principles I-Cause
( I-Cause
asset I-Cause
utilization I-Cause
focus I-Cause
) I-Cause
, O
allowing O
for O
a B-Effect
solid I-Effect
incremental I-Effect
jump I-Effect
in I-Effect
profitability I-Effect
. O

While O
defense B-Cause
is I-Cause
tied I-Cause
to I-Cause
elevated I-Cause
defense I-Cause
budgets I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
ITT B-Effect
is I-Effect
well I-Effect
positioned I-Effect
in I-Effect
the I-Effect
commercial I-Effect
aerospace I-Effect
recovery I-Effect
. O

PFG O
can O
generally O
pass O
through O
food O
inflation O
that O
ranges O
from O
1 O
% O
to O
4 O
% O
, O
but O
when B-Cause
inflation I-Cause
exceeds I-Cause
this I-Cause
level I-Cause
, I-Cause
the I-Cause
firm I-Cause
typically I-Cause
can I-Cause
not I-Cause
pass I-Cause
it I-Cause
through O
all O
at O
once O
and O
will O
probably O
take B-Effect
a I-Effect
loss I-Effect
on I-Effect
the I-Effect
item I-Effect
. O

Recent B-Cause
divestments I-Cause
of I-Cause
low-margin/no-moat I-Cause
businesses I-Cause
that I-Cause
historically I-Cause
formed I-Cause
part I-Cause
of I-Cause
the I-Cause
mining I-Cause
division I-Cause
should I-Cause
raise I-Cause
the I-Cause
segment I-Cause
's I-Cause
profitability I-Cause
closer I-Cause
in I-Cause
line I-Cause
with I-Cause
its I-Cause
most I-Cause
direct I-Cause
competitor I-Cause
, I-Cause
Epiroc. O
This O
has O
helped O
contribute O
to O
Sandvik B-Effect
's I-Effect
current I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
of I-Effect
20 I-Effect
% I-Effect
, I-Effect
well I-Effect
above I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
of I-Effect
8.9 I-Effect
% I-Effect
. O

Cable B-Cause
networks I-Cause
can I-Cause
be I-Cause
upgraded I-Cause
at I-Cause
modest I-Cause
cost I-Cause
to O
increase O
data B-Effect
capacity I-Effect
and I-Effect
speeds I-Effect
to I-Effect
meet I-Effect
consumers I-Effect
' I-Effect
increasing I-Effect
demands I-Effect
for I-Effect
higher-quality I-Effect
Internet I-Effect
access I-Effect
. O

Although O
the O
government O
has O
n't O
ceased O
intervention O
, O
revisions B-Cause
to I-Cause
domestic I-Cause
product I-Cause
pricing I-Cause
will O
ensure O
closer B-Effect
tracking I-Effect
of I-Effect
international I-Effect
prices I-Effect
and I-Effect
avoid I-Effect
the I-Effect
large I-Effect
losses I-Effect
of I-Effect
the I-Effect
past I-Effect
, O
when O
government-controlled O
prices O
meant O
Petrobras O
subsidized O
the O
domestic O
market O
when O
oil O
prices O
were O
high O
. O

We O
think O
PayPal B-Effect
will I-Effect
remain I-Effect
a I-Effect
preferred I-Effect
partner I-Effect
in I-Effect
the I-Effect
online I-Effect
world I-Effect
, O
given B-Cause
the I-Cause
relative I-Cause
convenience I-Cause
and I-Cause
security I-Cause
of I-Cause
its I-Cause
platform I-Cause
, O
but O
its B-Cause
market I-Cause
position I-Cause
is I-Cause
not I-Cause
so I-Cause
strong I-Cause
that O
the B-Effect
company I-Effect
can I-Effect
dictate I-Effect
terms I-Effect
to I-Effect
other I-Effect
players I-Effect
or I-Effect
gobble I-Effect
up I-Effect
increasing I-Effect
amounts I-Effect
of I-Effect
market I-Effect
share I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
products I-Cause
are I-Cause
highly I-Cause
engineered I-Cause
, O
requiring B-Effect
the I-Effect
company I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
highly I-Effect
skilled I-Effect
human I-Effect
capital I-Effect
with I-Effect
expertise I-Effect
in I-Effect
software I-Effect
and I-Effect
various I-Effect
engineering I-Effect
disciplines I-Effect
. O

Furthermore O
, O
the B-Cause
company I-Cause
's I-Cause
shift I-Cause
to I-Cause
a I-Cause
capital-light I-Cause
strategy I-Cause
should O
offer O
structurally B-Effect
lower I-Effect
capital I-Effect
and I-Effect
operating I-Effect
expenditures I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
, O
supporting O
profit B-Effect
growth I-Effect
while O
allowing O
for O
investment O
in O
product O
innovation O
. O

We O
continue O
to O
expect O
depressed B-Effect
surgical I-Effect
valve I-Effect
replacement I-Effect
procedures I-Effect
in I-Effect
2020 I-Effect
as O
hospitals B-Cause
stretch I-Cause
to I-Cause
accommodate I-Cause
pandemic I-Cause
patients I-Cause
, O
but O
have O
seen O
that O
severely O
afflicted O
heart O
patients O
are O
among O
the O
earlier O
patients O
to O
return O
for O
treatment O
as O
hospitals O
reschedule O
non-COVID-19 O
cases O
. O

Given O
the B-Cause
equity I-Cause
market I-Cause
downturn I-Cause
has I-Cause
reversed I-Cause
, O
we B-Effect
now I-Effect
expect I-Effect
assets I-Effect
under I-Effect
management I-Effect
at I-Effect
Sun I-Effect
Life I-Effect
's I-Effect
asset-management I-Effect
operations I-Effect
( I-Effect
primarily I-Effect
MFS I-Effect
) I-Effect
to I-Effect
be I-Effect
up I-Effect
modestly I-Effect
in I-Effect
2020 I-Effect
. O

As O
with O
most O
E O
& O
P O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
this I-Effect
firm I-Effect
's I-Effect
profitability I-Effect
, O
reduce B-Effect
cash I-Effect
flows I-Effect
, O
and O
drive B-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

With O
over B-Cause
half I-Cause
of I-Cause
its I-Cause
sales I-Cause
into I-Cause
the I-Cause
transportation I-Cause
market I-Cause
-- I-Cause
specifically I-Cause
with I-Cause
42 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
coming I-Cause
from I-Cause
auto I-Cause
-- O
TE B-Effect
's I-Effect
revenue I-Effect
and I-Effect
profits I-Effect
can I-Effect
be I-Effect
vulnerable I-Effect
to I-Effect
fluctuations I-Effect
and I-Effect
cycles I-Effect
in I-Effect
global I-Effect
automotive I-Effect
production I-Effect
. O

While O
Royal B-Effect
's I-Effect
ability I-Effect
to I-Effect
reach I-Effect
its I-Effect
20/20 I-Effect
Vision I-Effect
goal I-Effect
for I-Effect
double-digit I-Effect
EPS I-Effect
by I-Effect
2020 I-Effect
has I-Effect
dissolved I-Effect
as O
a O
result O
of O
COVID-19 B-Cause
, O
the B-Effect
20 I-Effect
> I-Effect
25 I-Effect
by I-Effect
2025 I-Effect
target I-Effect
( I-Effect
EPS I-Effect
to I-Effect
$ I-Effect
20 I-Effect
by I-Effect
2025 I-Effect
) I-Effect
is I-Effect
also I-Effect
now I-Effect
virtually I-Effect
impossible I-Effect
to I-Effect
reach I-Effect
as O
a O
result O
of O
secular B-Cause
changes I-Cause
in I-Cause
demand I-Cause
due O
to O
COVID-19 O
. O

Onpattro B-Effect
showed I-Effect
signs I-Effect
of I-Effect
efficacy I-Effect
in I-Effect
cardiomyopathy I-Effect
in I-Effect
earlier I-Effect
phase I-Effect
3 I-Effect
trials I-Effect
but I-Effect
did I-Effect
not I-Effect
get I-Effect
approval I-Effect
, O
as O
the B-Cause
study I-Cause
was I-Cause
powered I-Cause
for I-Cause
polyneuropathy I-Cause
. O

We O
see O
Akamai B-Effect
as I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
business I-Effect
, O
as O
we O
think O
it B-Cause
faces I-Cause
competing I-Cause
forces I-Cause
that I-Cause
could I-Cause
pull I-Cause
its I-Cause
performance I-Cause
in I-Cause
opposing I-Cause
directions I-Cause
. O

However O
, O
we O
expect O
margin B-Cause
trends I-Cause
to I-Cause
inflect I-Cause
over I-Cause
the I-Cause
medium I-Cause
term I-Cause
as O
investments B-Cause
wind I-Cause
down I-Cause
and I-Cause
Alibaba I-Cause
's I-Cause
more I-Cause
nascent I-Cause
businesses I-Cause
scale I-Cause
, O
bringing O
our B-Effect
fiscal I-Effect
2030 I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
estimates I-Effect
back I-Effect
to I-Effect
the I-Effect
mid-30s I-Effect
. O

With O
strong B-Cause
brand I-Cause
awareness I-Cause
, I-Cause
consistent I-Cause
customer I-Cause
experience I-Cause
, I-Cause
convenient I-Cause
restaurant I-Cause
locations I-Cause
, I-Cause
and I-Cause
a I-Cause
uniform I-Cause
value-priced I-Cause
menu I-Cause
balancing I-Cause
core I-Cause
menu I-Cause
items I-Cause
with I-Cause
locally I-Cause
relevant I-Cause
options I-Cause
, O
McDonald B-Effect
's I-Effect
is I-Effect
among I-Effect
the I-Effect
few I-Effect
restaurant I-Effect
chains I-Effect
to I-Effect
enjoy I-Effect
success I-Effect
globally I-Effect
. O

We O
project O
the B-Effect
bank I-Effect
's I-Effect
net I-Effect
interest I-Effect
margins I-Effect
will I-Effect
contract I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
because O
of O
rate B-Cause
cuts I-Cause
but O
will B-Effect
partially I-Effect
recover I-Effect
over I-Effect
the I-Effect
longer I-Effect
term I-Effect
as O
interest B-Cause
rates I-Cause
eventually I-Cause
normalize I-Cause
through I-Cause
the I-Cause
cycle I-Cause
. O

Such B-Cause
Internet I-Cause
of I-Cause
Things I-Cause
offerings I-Effect
are I-Effect
beneficial I-Effect
for I-Effect
end I-Effect
users I-Effect
as O
iConn B-Cause
allows I-Cause
Ingersoll-Rand I-Cause
to I-Cause
perform I-Cause
predictive I-Cause
analytics I-Cause
and I-Cause
ensure I-Cause
that I-Cause
the I-Cause
equipment I-Cause
is I-Cause
adequately I-Cause
serviced I-Cause
when I-Cause
necessary I-Cause
, O
which O
helps O
prevent O
disruptions B-Effect
in I-Effect
the I-Effect
customer I-Effect
's I-Effect
operations I-Effect
. O

Electronic B-Cause
Arts I-Cause
' I-Cause
size I-Cause
and I-Cause
the I-Cause
depth I-Cause
of I-Cause
its I-Cause
franchise I-Cause
slate I-Cause
allow O
the B-Effect
firm I-Effect
to I-Effect
place I-Effect
larger I-Effect
bets I-Effect
on I-Effect
new I-Effect
IP I-Effect
than I-Effect
many I-Effect
smaller I-Effect
midsize I-Effect
competitors I-Effect
. O

Many B-Effect
mall-based I-Effect
retailers I-Effect
have I-Effect
lost I-Effect
customers I-Effect
to I-Effect
outlet I-Effect
stores I-Effect
, I-Effect
e-commerce I-Effect
, I-Effect
and I-Effect
discounters I-Effect
, O
and O
we O
think O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
is O
accelerating O
this O
trend O
. O

Rolling B-Cause
Sky I-Cause
into I-Cause
the I-Cause
Comcast I-Cause
family I-Cause
promises I-Cause
to I-Cause
further I-Cause
enhance I-Cause
this I-Cause
content I-Cause
position I-Cause
, O
helping B-Effect
Sky I-Effect
cement I-Effect
its I-Effect
position I-Effect
with I-Effect
customers I-Effect
even I-Effect
as I-Effect
distribution I-Effect
methods I-Effect
change I-Effect
. O

We B-Effect
estimate I-Effect
that I-Effect
Santander I-Effect
's I-Effect
normalised I-Effect
earnings I-Effect
, I-Effect
as I-Effect
we I-Effect
calculate I-Effect
it I-Effect
, I-Effect
will I-Effect
decline I-Effect
by I-Effect
about I-Effect
30 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
as O
we B-Cause
expect I-Cause
a I-Cause
pronounced I-Cause
increase I-Cause
in I-Cause
loan I-Cause
loss I-Cause
provisions I-Cause
and I-Cause
some I-Cause
pressure I-Cause
on I-Cause
revenue I-Cause
. O

Movie B-Effect
studios I-Effect
help I-Effect
spread I-Effect
the I-Effect
Imax I-Effect
brand I-Effect
by I-Effect
placing I-Effect
the I-Effect
company I-Effect
's I-Effect
logos I-Effect
into I-Effect
the I-Effect
marketing I-Effect
for I-Effect
their I-Effect
high-profile I-Effect
blockbusters I-Effect
, O
as O
consumers B-Cause
have I-Cause
demonstrated I-Cause
a I-Cause
willingness I-Cause
to I-Cause
pay I-Cause
higher I-Cause
ticket I-Cause
prices I-Cause
for I-Cause
the I-Cause
Imax I-Cause
experience I-Cause
. O

Given O
our B-Cause
assumption I-Cause
that I-Cause
COVID-19 I-Cause
restrictions I-Cause
will I-Cause
be I-Cause
temporary I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
. O

As O
Splunk B-Cause
's I-Cause
products I-Cause
become I-Cause
increasingly I-Cause
integrated I-Cause
in I-Cause
mission-critical I-Cause
business I-Cause
functions I-Cause
, O
it B-Cause
becomes I-Cause
more I-Cause
difficult I-Cause
for I-Cause
customers I-Cause
to I-Cause
uproot I-Cause
its I-Cause
software I-Cause
and I-Cause
move I-Cause
to I-Cause
a I-Cause
new I-Cause
vendor I-Cause
, O
enhancing B-Effect
switching I-Effect
costs I-Effect
. O

Owning B-Cause
Class I-Cause
A I-Cause
properties I-Cause
in I-Cause
these I-Cause
markets I-Cause
attract B-Effect
high-quality I-Effect
, I-Effect
investment-grade I-Effect
tenants I-Effect
that O
can O
work O
on O
a O
number O
of O
research O
projects O
that O
do O
n't O
require O
the O
success O
of O
any O
single O
project O
for O
the O
tenant O
to O
remain O
financially O
solvent O
. O

Historically O
, O
Fastenal O
's O
store O
and O
vending O
count O
has O
exhibited O
a O
very O
strong O
correlation O
with O
the O
company O
's O
sales O
; O
however O
, O
we O
think O
the B-Cause
on-site I-Cause
count I-Cause
will O
become O
an B-Effect
increasingly I-Effect
important I-Effect
factor I-Effect
as O
that O
business O
model O
gains O
prominence O
. O

Nonetheless O
, O
comparable B-Cause
store I-Cause
sales I-Cause
strength I-Cause
pushes O
unit B-Cause
volumes I-Cause
higher I-Cause
, O
permitting B-Effect
Domino I-Effect
's I-Effect
to I-Effect
reach I-Effect
its I-Effect
2025 I-Effect
goal I-Effect
of I-Effect
$ I-Effect
25 I-Effect
billion I-Effect
in I-Effect
global I-Effect
system I-Effect
sales I-Effect
. O

With O
greater B-Cause
bargaining I-Cause
power I-Cause
, I-Cause
better I-Cause
information I-Cause
, I-Cause
and I-Cause
more I-Cause
incentive I-Cause
to I-Cause
seek I-Cause
improved I-Cause
pricing I-Cause
across I-Cause
a I-Cause
portfolio I-Cause
of I-Cause
facilities I-Cause
, O
new B-Effect
owners I-Effect
will I-Effect
be I-Effect
inclined I-Effect
to I-Effect
obtain I-Effect
bids I-Effect
from I-Effect
other O
vendors O
or O
possibly O
acquire O
in-office O
solutions O
. O

We O
're O
also O
intrigued O
by O
management O
's O
emphasis O
on O
creating B-Cause
a I-Cause
customer I-Cause
Experience I-Cause
of I-Cause
the I-Cause
Future I-Cause
flexible I-Cause
enough O
to O
accommodate B-Effect
the I-Effect
demographic I-Effect
, I-Effect
competition I-Effect
, I-Effect
taste I-Effect
, I-Effect
and I-Effect
franchisee I-Effect
permutations I-Effect
across O
its O
different O
operating O
regions O
while O
incorporating O
input O
from O
local O
and O
regional O
decision-makers O
. O

We B-Effect
forecast I-Effect
total I-Effect
annual I-Effect
room I-Effect
growth I-Effect
of I-Effect
3.8 I-Effect
% I-Effect
for I-Effect
2021-30 I-Effect
( I-Effect
essentially I-Effect
unchanged I-Effect
) I-Effect
, O
driven O
by O
high-single-digit B-Cause
unit I-Cause
growth I-Cause
in I-Cause
China I-Cause
, I-Cause
a I-Cause
low-single-digit I-Cause
lift I-Cause
in I-Cause
Europe I-Cause
, I-Cause
Middle I-Cause
East I-Cause
, I-Cause
and I-Cause
Africa I-Cause
, I-Cause
and I-Cause
Asia I-Cause
, I-Cause
and I-Cause
low-single-digit I-Cause
growth I-Cause
in I-Cause
the I-Cause
Americas I-Cause
, O
supported O
by O
a B-Cause
pipeline I-Cause
that I-Cause
represents I-Cause
31 I-Cause
% I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
existing I-Cause
room I-Cause
base I-Cause
. O

With O
most B-Cause
lacking I-Cause
efficient I-Cause
water I-Cause
or I-Cause
rail I-Cause
alternatives I-Cause
, O
markets B-Cause
tend I-Cause
to I-Cause
be I-Cause
extremely I-Cause
localized I-Cause
, O
with O
high B-Effect
barriers I-Effect
to I-Effect
entry I-Effect
for I-Effect
imports I-Effect
from I-Effect
outside I-Effect
markets I-Effect
. O

NAND B-Cause
flash I-Cause
products I-Cause
are I-Cause
electrically I-Cause
rewritable I-Cause
, I-Cause
nonvolatile I-Cause
memory I-Cause
that I-Cause
retains I-Cause
content I-Cause
when I-Cause
power I-Cause
is I-Cause
turned I-Cause
off. O
This O
characteristic O
makes O
NAND B-Effect
ideal I-Effect
for I-Effect
mass-storage I-Effect
uses I-Effect
, I-Effect
specifically I-Effect
for I-Effect
solid-state I-Effect
drives I-Effect
, I-Effect
which I-Effect
have I-Effect
begun I-Effect
to I-Effect
displace I-Effect
traditional I-Effect
hard I-Effect
disk I-Effect
drives I-Effect
. O

A B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
creates O
extremely B-Effect
sticky I-Effect
relationships I-Effect
for O
a O
supplier O
like O
Sensata O
with O
an O
excellent O
operating O
track O
record O
. O

But O
this O
should O
not O
impact O
Expedia O
's O
uncertainty O
rating O
unless O
travel B-Cause
demand I-Cause
once I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
time I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, I-Effect
which I-Effect
perhaps I-Effect
could I-Effect
occur I-Effect
at I-Effect
value I-Effect
destructive I-Effect
levels I-Effect
. O

While O
Pepsi B-Cause
's I-Cause
broader I-Cause
portfolio I-Cause
and I-Cause
integrated I-Cause
business I-Cause
model I-Cause
yield I-Cause
material I-Cause
marketing I-Cause
and I-Cause
distribution I-Cause
synergies I-Cause
, O
in O
aggregate O
, O
the B-Effect
business I-Effect
still I-Effect
has I-Effect
less I-Effect
leverage I-Effect
and I-Effect
an I-Effect
inferior I-Effect
cost I-Effect
structure I-Effect
relative I-Effect
to I-Effect
Coke I-Effect
. O

Additionally O
, O
with B-Cause
global I-Cause
economies I-Cause
slowing I-Cause
, I-Cause
exacerbated I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
spreading I-Cause
coronavirus I-Cause
, O
capturing B-Effect
the I-Effect
same I-Effect
allocation I-Effect
of I-Effect
discretionary I-Effect
dollars I-Effect
as I-Effect
in I-Effect
the I-Effect
past I-Effect
will I-Effect
likely I-Effect
be I-Effect
more I-Effect
difficult I-Effect
than I-Effect
in I-Effect
prior I-Effect
periods I-Effect
. O

With O
an B-Cause
expectation I-Cause
for I-Cause
higher-margin I-Cause
subscriptions I-Cause
and I-Cause
support I-Cause
to I-Cause
outpace I-Cause
products I-Cause
, O
we O
model O
consolidated B-Effect
gross I-Effect
margins I-Effect
to I-Effect
expand I-Effect
toward I-Effect
75 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
versus I-Effect
71 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

The B-Cause
size I-Cause
and I-Cause
physical I-Cause
integration I-Cause
of I-Cause
Exxon I-Cause
's I-Cause
refining I-Cause
and I-Cause
chemical I-Cause
manufacturing I-Cause
is O
a B-Effect
unique I-Effect
asset I-Effect
that I-Effect
creates I-Effect
an I-Effect
unequaled I-Effect
advantage I-Effect
that I-Effect
can I-Effect
not I-Effect
easily I-Effect
be I-Effect
duplicated I-Effect
by I-Effect
peers I-Effect
. O

Even O
if O
prices B-Effect
do I-Effect
n't I-Effect
rise I-Effect
materially I-Effect
as O
a O
result O
of O
the B-Cause
merger I-Cause
, O
an B-Effect
industry I-Effect
with I-Effect
three I-Effect
rather I-Effect
than I-Effect
four I-Effect
major I-Effect
players I-Effect
should I-Effect
operate I-Effect
more I-Effect
efficiently I-Effect
as O
customers B-Cause
stick I-Cause
with I-Cause
their I-Cause
carriers I-Cause
longer I-Cause
, O
all O
else O
equal O
. O

However O
, O
increased B-Cause
competition I-Cause
has I-Cause
lowered I-Cause
cap I-Cause
rates I-Cause
and I-Cause
rising I-Cause
interest I-Cause
rates I-Cause
could O
squeeze B-Effect
the I-Effect
company I-Effect
's I-Effect
spread I-Effect
and I-Effect
its I-Effect
ability I-Effect
to I-Effect
create I-Effect
value I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
long I-Cause
aimed I-Cause
to I-Cause
garner I-Cause
3 I-Cause
points I-Cause
of I-Cause
annual I-Cause
sales I-Cause
growth I-Cause
from I-Cause
newly I-Cause
launched I-Cause
fare I-Cause
, O
and O
we O
think O
this O
focus O
will O
continue O
to O
contribute B-Effect
to I-Effect
its I-Effect
unwavering I-Effect
competitive I-Effect
position I-Effect
. O

With O
most B-Cause
quarries I-Cause
lacking I-Cause
efficient I-Cause
water I-Cause
or I-Cause
rail I-Cause
alternatives I-Cause
, O
markets B-Effect
tend I-Effect
to I-Effect
be I-Effect
highly I-Effect
localized I-Effect
and I-Effect
face I-Effect
minimal I-Effect
threats I-Effect
from I-Effect
distant I-Effect
competition I-Effect
. O

Recurring B-Cause
revenue I-Cause
has I-Cause
been I-Cause
steadily I-Cause
increasing I-Cause
as O
NICE B-Cause
transitions I-Cause
more I-Cause
and I-Cause
more I-Cause
customers I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, O
and O
this O
supports B-Effect
a I-Effect
steady I-Effect
, I-Effect
visible I-Effect
revenue I-Effect
stream I-Effect
. O

We B-Effect
think I-Effect
both I-Effect
divestments I-Effect
make I-Effect
sense I-Effect
from I-Effect
a I-Effect
strategic I-Effect
perspective I-Effect
, O
as O
they B-Cause
will I-Cause
help I-Cause
Ingersoll-Rand I-Cause
simplify I-Cause
its I-Cause
portfolio I-Cause
and I-Cause
allow I-Cause
it I-Cause
to I-Cause
focus I-Cause
on I-Cause
its I-Cause
core I-Cause
business I-Cause
. O

The B-Effect
firm I-Effect
's I-Effect
growth I-Effect
is O
dependent O
on O
ongoing O
capital O
investments O
in O
the O
markets O
in O
which O
it O
operates O
and O
has O
been O
a O
beneficiary O
of O
the B-Cause
healthy I-Cause
macroeconomic I-Cause
environment I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
. O

This B-Cause
integrated I-Cause
MRO I-Cause
shop I-Cause
makes O
it O
much O
easier O
for O
Heico O
to O
place B-Effect
these I-Effect
parts I-Effect
with I-Effect
airlines I-Effect
and O
allows O
Heico O
to O
sell B-Effect
its I-Effect
product I-Effect
. O

After O
the B-Cause
firm I-Cause
's I-Cause
recent I-Cause
write-down I-Cause
of I-Cause
the I-Cause
contingent I-Cause
consideration I-Cause
liability I-Cause
on I-Cause
the I-Cause
Flawless I-Cause
brand I-Cause
, O
we B-Effect
had I-Effect
concerns I-Effect
that I-Effect
the I-Effect
firm I-Effect
could I-Effect
overpay I-Effect
for I-Effect
other I-Effect
brands I-Effect
. O

For O
example O
, O
when O
Brazil O
's O
macroeconomic O
environment O
deteriorated O
over O
the O
recent O
past O
, O
consumers O
traded O
down O
while O
also O
pulling B-Cause
back I-Cause
on I-Cause
product I-Cause
usage I-Cause
-- O
which O
resulted O
in O
using B-Effect
fewer I-Effect
diapers I-Effect
per I-Effect
day I-Effect
-- O
as O
a O
means O
of O
reining O
in O
spending O
. O

We O
assume O
higher B-Effect
investment I-Effect
in I-Effect
research I-Effect
and I-Effect
development I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
net I-Effect
revenue I-Effect
, O
as O
we O
see O
Criteo B-Cause
having I-Cause
to I-Cause
consistently I-Cause
design I-Cause
, I-Cause
test I-Cause
, I-Cause
and I-Cause
implement I-Cause
new I-Cause
methods I-Cause
to I-Cause
gain I-Cause
access I-Cause
to I-Cause
user I-Cause
behavior I-Cause
data I-Cause
on I-Cause
the I-Cause
Safari I-Cause
browser I-Cause
, I-Cause
and I-Cause
Chrome I-Cause
. O

While O
Thermo B-Cause
Fisher I-Cause
largely I-Cause
benefited I-Cause
directly I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
, O
it O
could O
still O
feel B-Effect
the I-Effect
pinch I-Effect
of I-Effect
the I-Effect
prolonged I-Effect
economic I-Effect
downturn I-Effect
, O
particularly O
as O
testing O
revenue O
declines O
. O

The B-Effect
firm I-Effect
's I-Effect
exposure I-Effect
to I-Effect
pressure I-Effect
pumping I-Effect
offers I-Effect
opportunity I-Effect
for I-Effect
revenue I-Effect
growth I-Effect
, O
as O
shale B-Cause
gas I-Cause
producers I-Cause
are I-Cause
expected I-Cause
to I-Cause
grow I-Cause
at I-Cause
least I-Cause
through I-Cause
2022 I-Cause
. O

On O
the O
other O
side O
of O
the O
equation O
, O
job B-Effect
seekers I-Effect
are I-Effect
attracted I-Effect
to I-Effect
AMN I-Effect
because O
it B-Effect
can I-Effect
provide I-Effect
a I-Effect
significant I-Effect
number I-Effect
of I-Effect
premium I-Effect
positions I-Effect
and I-Effect
quick I-Effect
placement I-Effect
over I-Effect
its I-Effect
peers I-Effect
because O
of O
its B-Cause
preferred I-Cause
provider I-Cause
status I-Cause
. O

Movil B-Effect
's I-Effect
performance I-Effect
in I-Effect
Brazil I-Effect
has I-Effect
been I-Effect
disappointing I-Effect
in I-Effect
recent I-Effect
years I-Effect
as O
the B-Cause
economy I-Cause
has I-Cause
struggled I-Cause
, O
but O
we O
believe O
this O
market O
presents O
significant O
upside O
. O

On O
a O
standalone O
basis O
, O
we B-Cause
are I-Cause
lifting I-Cause
our I-Cause
valuation I-Cause
of I-Cause
IHS I-Cause
Markit I-Cause
to I-Cause
$ I-Cause
76 I-Cause
per I-Cause
share I-Cause
from I-Cause
$ I-Cause
73 I-Cause
to I-Cause
reflect I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money. O
Consequently O
, O
the B-Effect
acquisition I-Effect
premium I-Effect
to I-Effect
our I-Effect
valuation I-Effect
is I-Effect
roughly I-Effect
25 I-Effect
% I-Effect
relative I-Effect
to I-Effect
S I-Effect
& I-Effect
P I-Effect
shares I-Effect
' I-Effect
market I-Effect
price I-Effect
and I-Effect
less I-Effect
than I-Effect
5 I-Effect
% I-Effect
considering I-Effect
our I-Effect
valuation I-Effect
of I-Effect
the I-Effect
acquirer I-Effect
's I-Effect
shares I-Effect
. O

As O
the B-Cause
firm I-Cause
expands I-Cause
its I-Cause
compliance-related I-Cause
lineup I-Cause
, O
it B-Effect
is I-Effect
increasingly I-Effect
exposed I-Effect
to I-Effect
products I-Effect
where I-Effect
the I-Effect
cost I-Effect
of I-Effect
inaccuracy I-Effect
is I-Effect
magnified I-Effect
by I-Effect
regulatory I-Effect
scrutiny I-Effect
. O

Additionally O
, O
a B-Cause
meaningful I-Cause
reduction I-Cause
in I-Cause
the I-Cause
world I-Cause
's I-Cause
oil I-Cause
consumption I-Cause
will I-Cause
likely I-Cause
take I-Cause
decades I-Cause
, O
giving O
ICE B-Effect
plenty I-Effect
of I-Effect
time I-Effect
to I-Effect
grow I-Effect
its I-Effect
non-energy-related I-Effect
product I-Effect
lines I-Effect
, O
such O
as O
its O
mortgage O
technology O
business O
. O

While B-Cause
most I-Cause
Fortune I-Cause
500 I-Cause
companies I-Cause
continue I-Cause
to I-Cause
demand I-Cause
creative I-Cause
and I-Cause
effective I-Cause
ad I-Cause
campaigns I-Cause
, I-Cause
they I-Cause
would I-Cause
also I-Cause
like I-Cause
to I-Cause
simplify I-Cause
the I-Cause
process I-Cause
of I-Cause
campaign I-Cause
design I-Cause
and I-Cause
launch I-Cause
by I-Cause
reducing I-Cause
the I-Cause
number I-Cause
of I-Cause
agencies I-Cause
with I-Cause
which I-Cause
they I-Cause
work I-Cause
for I-Cause
various I-Cause
components I-Cause
of I-Cause
their I-Cause
campaigns I-Cause
, I-Cause
which I-Cause
may I-Cause
include I-Cause
not I-Cause
only I-Cause
ad I-Cause
creation I-Cause
and I-Cause
media I-Cause
buying I-Cause
but I-Cause
also I-Cause
public I-Cause
relations. O
As O
a O
result O
, O
continuing B-Effect
consolidation I-Effect
has I-Effect
helped I-Effect
the I-Effect
Big I-Effect
Five I-Effect
provide I-Effect
a I-Effect
complete I-Effect
advertising I-Effect
solution I-Effect
to I-Effect
various I-Effect
clients I-Effect
around I-Effect
the I-Effect
world I-Effect
and I-Effect
benefit I-Effect
from I-Effect
growing I-Effect
digital I-Effect
ad I-Effect
platforms I-Effect
such I-Effect
as I-Effect
social I-Effect
media I-Effect
, I-Effect
mobile I-Effect
, I-Effect
and I-Effect
video I-Effect
. O

Mosaic O
is O
the O
world O
's O
largest O
producer O
of O
phosphate O
and O
has O
expanded B-Effect
capacity I-Effect
with B-Cause
the I-Cause
purchase I-Cause
of I-Cause
assets I-Cause
from I-Cause
Vale I-Cause
and I-Cause
the I-Cause
ramp-up I-Cause
of I-Cause
its I-Cause
Saudi I-Cause
Arabia I-Cause
joint I-Cause
venture I-Cause
with I-Cause
Ma'aden I-Cause
. O

With O
beer O
consumption O
highly O
correlated O
to O
GDP O
growth O
, O
the B-Effect
greatest I-Effect
risk I-Effect
to I-Effect
Heineken I-Effect
's I-Effect
volume I-Effect
is O
a B-Cause
slowdown I-Cause
in I-Cause
the I-Cause
global I-Cause
economy I-Cause
. O

However O
, O
we B-Effect
anticipate I-Effect
that I-Effect
R I-Effect
& I-Effect
D I-Effect
will I-Effect
remain I-Effect
elevated I-Effect
as O
Uber B-Cause
is I-Cause
likely I-Cause
to I-Cause
invest I-Cause
in I-Cause
new I-Cause
ventures I-Cause
within I-Cause
the I-Cause
on-demand I-Cause
delivery I-Cause
services I-Cause
market I-Cause
, O
though O
we O
expect O
declines O
in O
R O
& O
D O
as O
a O
percentage O
of O
net O
revenue O
as O
well O
. O

We O
also O
think O
brand B-Effect
awareness I-Effect
may I-Effect
be I-Effect
lower I-Effect
than I-Effect
key I-Effect
peers I-Effect
in I-Effect
this I-Effect
niche I-Effect
, I-Effect
too I-Effect
, O
where O
intangible B-Cause
assets I-Cause
make I-Cause
a I-Cause
difference I-Cause
for I-Cause
end I-Cause
users I-Cause
, I-Cause
who I-Cause
are I-Cause
the I-Cause
decision-makers I-Cause
on I-Cause
these I-Cause
plans I-Cause
. O

Ross B-Effect
faces I-Effect
an I-Effect
unsettled I-Effect
fiscal I-Effect
2021 I-Effect
, O
as B-Cause
rising I-Cause
vaccination I-Cause
rates I-Cause
suggest I-Cause
a I-Cause
nearing I-Cause
end I-Cause
to I-Cause
the I-Cause
pandemic I-Cause
( I-Cause
if I-Cause
resistant I-Cause
strains I-Cause
do I-Cause
not I-Cause
emerge I-Cause
) I-Cause
and I-Cause
as I-Cause
comparisons I-Cause
should I-Cause
ease I-Cause
dramatically I-Cause
as I-Cause
the I-Cause
crisis I-Cause
' I-Cause
onset I-Cause
is I-Cause
lapped I-Cause
. O

In O
the O
near O
term O
we O
see O
the B-Cause
risk I-Cause
of I-Cause
a I-Cause
public I-Cause
option I-Cause
as I-Cause
still I-Cause
viable I-Cause
, O
which O
could O
influence B-Effect
pricing I-Effect
on I-Effect
the I-Effect
individual I-Effect
exchanges I-Effect
significantly I-Effect
. O

Genuine B-Effect
Parts I-Effect
( I-Effect
mostly I-Effect
via I-Effect
its I-Effect
NAPA I-Effect
brand I-Effect
) I-Effect
should I-Effect
benefit I-Effect
due O
to O
its B-Cause
infrastructure I-Cause
, I-Cause
which I-Cause
enables I-Cause
it I-Cause
to I-Cause
economically I-Cause
offer I-Cause
a I-Cause
vast I-Cause
catalog I-Cause
with I-Cause
quick I-Cause
delivery I-Cause
. O

Properties B-Cause
that I-Cause
distinguish I-Cause
themselves I-Cause
with I-Cause
better I-Cause
amenities I-Cause
, I-Cause
better I-Cause
services I-Cause
, I-Cause
higher-quality I-Cause
finishes I-Cause
, I-Cause
larger I-Cause
floorplans I-Cause
, I-Cause
and I-Cause
other I-Cause
desirable I-Cause
features I-Cause
generate I-Cause
additional I-Cause
demand I-Cause
in I-Cause
any I-Cause
market I-Cause
that O
further B-Effect
support I-Effect
higher I-Effect
rents I-Effect
and I-Effect
larger I-Effect
occupancy/rent I-Effect
increases I-Effect
. O

Concrete B-Cause
wrote I-Cause
down I-Cause
its I-Cause
plant I-Cause
, I-Cause
property I-Cause
, I-Cause
and I-Cause
equipment I-Cause
by I-Cause
more I-Cause
than I-Cause
40 I-Cause
% I-Cause
under I-Cause
fresh-start I-Cause
accounting I-Cause
, O
a B-Effect
major I-Effect
haircut I-Effect
to I-Effect
its I-Effect
invested I-Effect
capital I-Effect
base I-Effect
that I-Effect
flatters I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. I-Effect

Although O
BP O
has O
some O
prior O
experience O
developing O
solar O
projects O
through O
its O
Lightsource O
joint O
venture O
and O
recently O
joined O
Equinor O
to O
develop O
offshore O
wind O
, O
the B-Effect
growth I-Effect
holds I-Effect
execution I-Effect
as I-Effect
well I-Effect
as I-Effect
acquisition I-Effect
risks I-Effect
given O
their B-Cause
growth I-Cause
targets I-Cause
. O

As O
CNPC B-Cause
buys I-Cause
up I-Cause
assets I-Cause
in I-Cause
South I-Cause
America I-Cause
, I-Cause
Central I-Cause
Asia I-Cause
, I-Cause
and I-Cause
Africa I-Cause
, O
we O
expect O
it B-Effect
to I-Effect
drop I-Effect
down I-Effect
some I-Effect
of I-Effect
these I-Effect
projects I-Effect
when I-Effect
they I-Effect
mature I-Effect
. O

In O
Spain O
, O
its O
second-largest O
market O
, O
Orange B-Effect
does I-Effect
not I-Effect
benefit I-Effect
from I-Effect
cost I-Effect
advantages I-Effect
, O
since O
its B-Cause
customer I-Cause
base I-Cause
is I-Cause
smaller I-Cause
than I-Cause
the I-Cause
incumbent I-Cause
Telefonica I-Cause
. O

In O
the O
near O
term O
, O
Paychex B-Effect
's I-Effect
business I-Effect
will I-Effect
be I-Effect
challenged I-Effect
as O
small B-Cause
businesses I-Cause
lay I-Cause
off I-Cause
employees I-Cause
and I-Cause
the I-Cause
company I-Cause
realizes I-Cause
lower I-Cause
yields I-Cause
on I-Cause
cash I-Cause
balances I-Cause
. O

In B-Effect
the I-Effect
U.K. I-Effect
, I-Effect
Virgin I-Effect
Media I-Effect
has I-Effect
enjoyed I-Effect
ligher I-Effect
regulatory I-Effect
pressure I-Effect
than I-Effect
rival I-Effect
BT I-Effect
, O
but O
this O
could O
change O
over O
time O
now O
that O
Virgin B-Cause
and I-Cause
O2 I-Cause
have I-Cause
merged I-Cause
to I-Cause
create I-Cause
a I-Cause
very I-Cause
large I-Cause
firm I-Cause
that I-Cause
controls I-Cause
a I-Cause
large I-Cause
portion I-Cause
of I-Cause
the I-Cause
telecom I-Cause
infrastructure I-Cause
in I-Cause
the I-Cause
country I-Cause
. O

Anything B-Cause
that I-Cause
is I-Cause
not I-Cause
consistent I-Cause
with I-Cause
the I-Cause
political I-Cause
or I-Cause
social I-Cause
zeitgeist I-Cause
, I-Cause
which I-Cause
can I-Cause
manifest I-Cause
in I-Cause
a I-Cause
marketing I-Cause
campaign I-Cause
supply-chain I-Cause
governance I-Cause
among I-Cause
other I-Cause
avenues I-Cause
, O
gives O
rise B-Effect
to I-Effect
the I-Effect
possibility I-Effect
that I-Effect
a I-Effect
company I-Effect
's I-Effect
business I-Effect
model I-Effect
will I-Effect
be I-Effect
disrupted I-Effect
. O

With B-Cause
city I-Cause
dwellers I-Cause
increasingly I-Cause
looking I-Cause
to I-Cause
the I-Cause
suburbs I-Cause
, I-Cause
Five I-Cause
Below I-Cause
should I-Cause
find I-Cause
itself I-Cause
able I-Cause
to I-Cause
access I-Cause
markets I-Cause
that I-Cause
were I-Cause
previously I-Cause
prohibitively I-Cause
expensive I-Cause
as I-Cause
rents I-Cause
near I-Cause
downtown I-Cause
areas I-Cause
reset. O
Therefore O
, O
we B-Effect
do I-Effect
not I-Effect
believe I-Effect
that I-Effect
Five I-Effect
Below I-Effect
's I-Effect
current I-Effect
footprint I-Effect
indicates I-Effect
that I-Effect
choice I-Effect
locations I-Effect
in I-Effect
its I-Effect
existing I-Effect
markets I-Effect
have I-Effect
been I-Effect
exhausted I-Effect
by I-Effect
its I-Effect
presence I-Effect
, I-Effect
and I-Effect
see I-Effect
opportunities I-Effect
for I-Effect
selective I-Effect
relocations I-Effect
in I-Effect
addition I-Effect
to I-Effect
new I-Effect
openings I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
think I-Effect
recent I-Effect
growth I-Effect
rates I-Effect
are I-Effect
achievable I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
as O
fashion B-Cause
trends I-Cause
change I-Cause
and I-Cause
Adidas I-Cause
' I-Cause
sales I-Cause
base I-Cause
has I-Cause
grown I-Cause
much I-Cause
larger I-Cause
. O

We O
anticipate O
low-double B-Effect
digit I-Effect
compound I-Effect
average I-Effect
organic I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
outpacing I-Effect
our I-Effect
low-single-digit I-Effect
estimate I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
aided O
by O
accelerating B-Cause
long-term I-Cause
digital I-Cause
learning I-Cause
adoption I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
. O

By O
end O
market O
, O
we O
expect O
Agilent B-Cause
's I-Cause
organic I-Cause
growth I-Cause
to I-Cause
be I-Cause
led I-Cause
by I-Cause
biopharmaceuticals I-Cause
with O
8 B-Effect
% I-Effect
overall I-Effect
growth I-Effect
expected I-Effect
on I-Effect
strong I-Effect
biologic-related I-Effect
and I-Effect
solid I-Effect
growth I-Effect
in I-Effect
small I-Effect
molecules I-Effect
. O

Regardless O
, O
sales B-Cause
and I-Cause
profits I-Cause
have I-Cause
been I-Cause
relatively I-Cause
steady I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
raw I-Cause
material I-Cause
hedging I-Cause
strategy I-Cause
and I-Cause
cost-plus I-Cause
contracts I-Cause
for I-Cause
its I-Cause
non-specialty I-Cause
core I-Cause
products I-Cause
help O
to O
reduce B-Effect
earnings I-Effect
volatility I-Effect
. O

While O
the O
asset B-Cause
sales I-Cause
helped O
prop B-Effect
up I-Effect
earnings I-Effect
and I-Effect
support I-Effect
the I-Effect
dividend I-Effect
during I-Effect
a I-Effect
challenging I-Effect
time I-Effect
, O
the O
strategy O
is O
not O
sustainable O
. O

The B-Cause
high-volume I-Cause
commoditized I-Cause
nature I-Cause
of I-Cause
Manpower I-Cause
's I-Cause
job I-Cause
placement I-Cause
services I-Cause
prevents O
the B-Effect
firm I-Effect
from I-Effect
earning I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
comparable I-Effect
with I-Effect
other I-Effect
global I-Effect
staffers I-Effect
. O

Dollar O
Tree O
's O
assortment O
is O
limited O
, O
with O
roughly O
7,000 O
stock-keeping O
units O
sold O
at O
its O
stores O
relative O
to O
around O
45,000 O
at O
even O
Target O
's O
small-format O
stores O
, O
simplifying B-Cause
operations I-Cause
and O
allowing O
the B-Effect
company I-Effect
to I-Effect
concentrate I-Effect
its I-Effect
buying I-Effect
power I-Effect
and I-Effect
procurement I-Effect
leverage I-Effect
on I-Effect
a I-Effect
limited I-Effect
assortment I-Effect
. O

The O
expansion O
into O
drug O
classes O
outside O
of O
mRNA O
is O
interesting O
: O
While O
BioNTech O
is O
venturing O
outside O
its O
established O
area O
of O
expertise O
, O
it B-Cause
's I-Cause
also I-Cause
gaining I-Cause
talent I-Cause
in I-Cause
new I-Cause
areas I-Cause
and O
possibly O
boosting B-Effect
its I-Effect
long-term I-Effect
growth I-Effect
potential I-Effect
. O

Parent B-Cause
leverage I-Cause
has O
helped B-Effect
produce I-Effect
impressive I-Effect
consolidated I-Effect
returns I-Effect
on I-Effect
equity I-Effect
, O
but O
investors O
should O
consider O
the O
refinancing O
risk O
if O
credit O
markets O
tighten O
. O

With O
JPMorgan B-Cause
's I-Cause
tech I-Cause
budget I-Cause
of I-Cause
over I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
per I-Cause
year I-Cause
, O
the B-Effect
bank I-Effect
may I-Effect
not I-Effect
drop I-Effect
to I-Effect
the I-Effect
lowest I-Effect
overall I-Effect
efficiency I-Effect
ratio I-Effect
among I-Effect
peers I-Effect
, O
but O
it O
will O
be O
able O
to O
maintain O
higher O
levels O
of O
investment O
at O
similar O
efficiency O
levels O
. O

Because O
of O
the B-Cause
complexity I-Cause
of I-Cause
these I-Cause
machines I-Cause
, O
they B-Effect
require I-Effect
frequent I-Effect
manufacturer I-Effect
servicing I-Effect
, I-Effect
and I-Effect
we I-Effect
think I-Effect
Cantel I-Effect
benefits I-Effect
from I-Effect
strong I-Effect
switching I-Effect
costs I-Effect
for I-Effect
the I-Effect
servicing I-Effect
component I-Effect
. O

However O
, O
prices B-Effect
have I-Effect
since I-Effect
softened I-Effect
and I-Effect
we I-Effect
forecast I-Effect
that I-Effect
they I-Effect
will I-Effect
remain I-Effect
lower I-Effect
for I-Effect
longer. O
This O
outlook O
is O
driven O
by O
our B-Cause
bearish I-Cause
outlook I-Cause
for I-Cause
Chinese I-Cause
fixed-asset I-Cause
investment I-Cause
, I-Cause
the I-Cause
persistence I-Cause
of I-Cause
structural I-Cause
overcapacity I-Cause
, I-Cause
and I-Cause
faltering I-Cause
cost I-Cause
support I-Cause
as I-Cause
steelmaking I-Cause
raw I-Cause
material I-Cause
prices I-Cause
decrease I-Cause
. O

In O
2022 O
and O
thereafter O
, O
we O
expect O
sales B-Effect
to I-Effect
grow I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
as I-Effect
consumers I-Effect
continue I-Effect
to I-Effect
eat I-Effect
more I-Effect
chicken I-Effect
in I-Effect
lieu I-Effect
of I-Effect
red I-Effect
meat I-Effect
for O
health B-Cause
and I-Cause
environmental I-Cause
reasons O
, O
and O
exports O
benefit O
from O
China O
's O
late-2019 O
decision O
to O
lift O
its O
ban O
on O
U.S O
. O

As B-Cause
a I-Cause
response I-Cause
to I-Cause
the I-Cause
significant I-Cause
market I-Cause
change I-Cause
, O
the B-Effect
company I-Effect
implemented I-Effect
a I-Effect
restructuring I-Effect
plan I-Effect
that I-Effect
eliminated I-Effect
$ I-Effect
3 I-Effect
billion I-Effect
in I-Effect
annual I-Effect
operating I-Effect
expenses I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
fiscal I-Effect
2019 I-Effect
. O

The B-Effect
firm I-Effect
was I-Effect
protected I-Effect
during I-Effect
a I-Effect
difficult I-Effect
2020 I-Effect
as O
it B-Cause
has I-Cause
presold I-Cause
95 I-Cause
% I-Cause
of I-Cause
its I-Cause
capacity I-Cause
for I-Cause
the I-Cause
year I-Cause
already I-Cause
, I-Cause
and I-Cause
it I-Cause
has I-Cause
presold I-Cause
similar I-Cause
levels I-Cause
of I-Cause
capacity I-Cause
already I-Cause
for I-Cause
2021 I-Cause
. O

While O
retrans B-Cause
revenue I-Cause
will I-Cause
continue I-Cause
to I-Cause
be I-Cause
a I-Cause
growth I-Cause
driver I-Cause
, O
we B-Effect
project I-Effect
that I-Effect
national I-Effect
networks I-Effect
, I-Effect
like I-Effect
CBS I-Effect
, I-Effect
will I-Effect
also I-Effect
continue I-Effect
to I-Effect
raise I-Effect
their I-Effect
fees I-Effect
, O
decreasing O
the O
bottom-line O
benefit O
to O
Sinclair O
. O

After O
updating O
our O
forecast O
for O
the O
latest O
quarterly O
results O
, O
and O
after O
incorporating B-Cause
a I-Cause
50 I-Cause
% I-Cause
chance I-Cause
that I-Cause
presumptive I-Cause
Democratic I-Cause
candidate I-Cause
Joe I-Cause
Biden I-Cause
is I-Cause
elected I-Cause
president I-Cause
and I-Cause
implements I-Cause
his I-Cause
proposed I-Cause
corporate I-Cause
tax I-Cause
hikes I-Cause
, O
we O
are O
decreasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
59 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
62 I-Effect
. O

Hence O
, O
if O
a B-Cause
player I-Cause
decides I-Cause
to I-Cause
increase I-Cause
prices I-Cause
significantly I-Cause
, O
it O
is O
possible O
that O
its B-Effect
customers I-Effect
could I-Effect
switch I-Effect
to I-Effect
a I-Effect
competitor I-Effect
with I-Effect
a I-Effect
lower-priced I-Effect
, I-Effect
similar I-Effect
offering I-Effect
. O

However O
, O
while O
the B-Cause
firm I-Cause
has I-Cause
become I-Cause
the I-Cause
market I-Cause
leader I-Cause
via I-Cause
content I-Cause
acquisition I-Cause
, O
which O
further B-Effect
diversifies I-Effect
its I-Effect
revenue I-Effect
, O
we O
do O
not O
expect O
its O
dependency O
on O
labels O
to O
be O
lessened O
much O
. O

For O
2021 O
, O
we O
expect O
gross B-Effect
revenue I-Effect
to I-Effect
rise I-Effect
in O
the O
high-single O
digits O
on O
robust O
demand O
and O
contract-pricing O
in O
the O
first O
half O
and O
look O
for O
net B-Effect
revenue I-Effect
to I-Effect
increase I-Effect
in I-Effect
the I-Effect
midteens I-Effect
as O
the B-Cause
firm I-Cause
passes I-Cause
along I-Cause
rising I-Cause
carrier I-Cause
rates I-Cause
to I-Cause
shippers I-Cause
and I-Cause
gross I-Cause
margins I-Cause
recover I-Cause
. O

As O
a O
result O
of O
this O
consolidation O
, O
Cadence B-Effect
also I-Effect
can I-Effect
not I-Effect
exert I-Effect
much I-Effect
pricing I-Effect
power I-Effect
as O
businesses B-Cause
avoid I-Cause
vendor I-Cause
lock-in I-Cause
and I-Cause
can I-Cause
switch I-Cause
to I-Cause
a I-Cause
different I-Cause
EDA I-Cause
vendor I-Cause
if I-Cause
prices I-Cause
rise I-Cause
too I-Cause
much I-Cause
. O

ON O
has O
also O
made B-Effect
increased I-Effect
investments I-Effect
in O
recent O
years O
to O
upgrade B-Cause
its I-Cause
manufacturing I-Cause
capacity I-Cause
: O
shuttering O
smaller O
, O
less O
efficient O
plants O
and O
purchasing O
its O
first O
12-inch O
fab O
from O
GlobalFoundries O
( O
closing O
in O
2022 O
) O
. O

From O
our O
perspective O
, O
Schein B-Effect
's I-Effect
position I-Effect
as I-Effect
a I-Effect
major I-Effect
supplier I-Effect
to I-Effect
dental I-Effect
practices I-Effect
has O
weakened O
over O
the O
last O
few O
years O
, O
as O
competition B-Cause
in I-Cause
the I-Cause
dental I-Cause
consumable I-Cause
segment I-Cause
has I-Cause
increased I-Cause
significantly I-Cause
. O

It O
is O
true O
that O
entry B-Effect
barriers I-Effect
in I-Effect
LTL I-Effect
shipping I-Effect
are I-Effect
higher I-Effect
than I-Effect
those I-Effect
found I-Effect
in I-Effect
the I-Effect
more I-Effect
fragmented I-Effect
full-truckload I-Effect
space I-Effect
, O
namely O
because O
of O
the B-Cause
need I-Cause
for I-Cause
a I-Cause
broad I-Cause
network I-Cause
of I-Cause
consolidation I-Cause
terminals I-Cause
, I-Cause
sophisticated I-Cause
load I-Cause
path I-Cause
planning I-Cause
software I-Cause
, I-Cause
and I-Cause
material I-Cause
IT I-Cause
capabilities I-Cause
. O

The O
most O
prominent O
was O
Bombardier O
's O
C O
Series O
, O
which O
suffered B-Cause
from I-Cause
chronic I-Cause
delays I-Cause
resulting I-Cause
from I-Cause
issues I-Cause
with I-Cause
suppliers I-Cause
that I-Cause
extended I-Cause
development I-Cause
for I-Cause
years I-Cause
and I-Cause
program I-Cause
cost I-Cause
overruns I-Cause
that O
caused O
the B-Effect
company I-Effect
to I-Effect
take I-Effect
a I-Effect
quarterly I-Effect
charge I-Effect
in I-Effect
2015 I-Effect
that I-Effect
was I-Effect
roughly I-Effect
the I-Effect
market I-Effect
capitalization I-Effect
of I-Effect
the I-Effect
company I-Effect
at I-Effect
the I-Effect
time I-Effect
. O

As B-Cause
cloud I-Cause
vendors I-Cause
continue I-Cause
to I-Cause
expand I-Cause
their I-Cause
network I-Cause
edge I-Cause
presence I-Cause
, O
a B-Effect
common I-Effect
platform I-Effect
vendor I-Effect
, I-Effect
like I-Effect
Juniper I-Effect
, I-Effect
may I-Effect
be I-Effect
preferred I-Effect
for I-Effect
management I-Effect
commonality I-Effect
. O

Another O
key O
tenet B-Effect
of I-Effect
Ferguson I-Effect
's I-Effect
scale-driven I-Effect
cost I-Effect
advantage I-Effect
is O
its B-Cause
blended I-Cause
branch I-Cause
model I-Cause
and I-Cause
distribution I-Cause
network I-Cause
, O
which O
allows O
Ferguson B-Cause
to I-Cause
cost-effectively I-Cause
serve I-Cause
its I-Cause
sprawling I-Cause
customer I-Cause
base I-Cause
that O
requires O
quick B-Effect
access I-Effect
to I-Effect
a I-Effect
large I-Effect
assortment I-Effect
of I-Effect
products I-Effect
. O

Banco B-Cause
Santander I-Cause
Chile I-Cause
is I-Cause
the I-Cause
largest I-Cause
bank I-Cause
by I-Cause
assets I-Cause
in I-Cause
the I-Cause
Chilean I-Cause
market. O
This O
scale O
has O
afforded B-Effect
the I-Effect
bank I-Effect
the I-Effect
second-cheapest I-Effect
deposit I-Effect
base I-Effect
in I-Effect
the I-Effect
country I-Effect
, I-Effect
significantly I-Effect
contributing I-Effect
to I-Effect
Santander I-Effect
Chile I-Effect
's I-Effect
impressive I-Effect
returns I-Effect
on I-Effect
equity I-Effect
in I-Effect
the I-Effect
upper I-Effect
teens I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

This B-Effect
created I-Effect
a I-Effect
positive I-Effect
virtuous I-Effect
cycle I-Effect
at I-Effect
a I-Effect
time I-Effect
when O
no B-Cause
other I-Cause
competitor I-Cause
had I-Cause
begun I-Cause
to I-Cause
build I-Cause
scale I-Cause
in I-Cause
Europe I-Cause
; O
customers B-Effect
joined I-Effect
and I-Effect
hoteliers I-Effect
joined I-Effect
, I-Effect
which I-Effect
drove I-Effect
further I-Effect
hotel I-Effect
inventory I-Effect
and I-Effect
customer I-Effect
traffic I-Effect
. I-Effect

These O
partnerships O
often O
turn O
into O
acquisition B-Cause
opportunities I-Cause
for O
Extra O
Space O
, O
which O
differentiates B-Effect
it I-Effect
from I-Effect
industry I-Effect
leader I-Effect
Public I-Effect
Storage I-Effect
and O
gives O
us O
more O
confidence O
that O
the B-Effect
company I-Effect
can I-Effect
sustain I-Effect
its I-Effect
expansion I-Effect
. O

It O
is O
, O
however O
, O
highly O
unlikely O
that O
investments B-Effect
in I-Effect
LTE I-Effect
infrastructure I-Effect
would I-Effect
stop I-Effect
LMR I-Effect
growth I-Effect
as O
public B-Cause
safety I-Cause
would I-Cause
likely I-Cause
demand I-Cause
significant I-Cause
overlap I-Cause
, O
with O
both B-Effect
systems I-Effect
running I-Effect
concurrently I-Effect
as O
the B-Cause
LTE I-Cause
network I-Cause
became I-Cause
hardened I-Cause
to I-Cause
a I-Cause
mission-critical I-Cause
standard I-Cause
. O

Despite O
the O
negative O
impact O
of O
the O
coronavirus O
on O
hotel O
operations O
in O
2020 O
, O
we O
believe O
that O
Host B-Effect
can I-Effect
produce I-Effect
a I-Effect
15.5 I-Effect
% I-Effect
revPAR I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
as O
the B-Cause
company I-Cause
recovers I-Cause
from I-Cause
the I-Cause
massive I-Cause
drop I-Cause
in I-Cause
operations I-Cause
. O

Such B-Effect
efforts I-Effect
could I-Effect
ultimately I-Effect
lead I-Effect
to I-Effect
more I-Effect
consumers I-Effect
choosing I-Effect
one I-Effect
of I-Effect
the I-Effect
portfolio I-Effect
's I-Effect
brands I-Effect
over I-Effect
time I-Effect
as O
its B-Cause
broad I-Cause
marketing I-Cause
bandwidth I-Cause
offers I-Cause
better I-Cause
share I-Cause
of I-Cause
mind I-Cause
. O

Fluctuating B-Cause
prices I-Cause
for I-Cause
key I-Cause
commodities I-Cause
the I-Cause
company I-Cause
extracts I-Cause
and I-Cause
sells I-Cause
has O
been O
a O
constant O
risk O
for O
Waste O
Connections O
' O
recycling O
operations O
( O
less O
than O
2 O
% O
of O
2020 O
revenue O
) O
, O
and O
the O
business O
has O
been O
adversely O
affected O
by O
China O
's O
import O
restrictions O
, O
which O
have O
pressured O
recycled B-Effect
commodity I-Effect
prices I-Effect
. O

HollyFrontier B-Cause
lacks I-Cause
the I-Cause
downstream I-Cause
infrastructure I-Cause
and I-Cause
the I-Cause
retail I-Cause
segment I-Cause
that I-Cause
many I-Cause
peers I-Cause
have. O
As O
a O
result O
, O
it B-Effect
is I-Effect
unable I-Effect
to I-Effect
create I-Effect
renewable I-Effect
identification I-Effect
numbers I-Effect
, I-Effect
or I-Effect
RINs I-Effect
, I-Effect
to I-Effect
meet I-Effect
the I-Effect
renewable I-Effect
fuel I-Effect
standard I-Effect
and I-Effect
must I-Effect
purchase I-Effect
about I-Effect
half I-Effect
of I-Effect
its I-Effect
obligation I-Effect
on I-Effect
the I-Effect
open I-Effect
market I-Effect
. O

After O
acquiring O
the O
business O
with O
Dresser O
in O
1998 O
, O
Halliburton B-Cause
was I-Cause
able I-Cause
to I-Cause
leverage I-Cause
its I-Cause
capabilities I-Cause
in I-Cause
wellbore I-Cause
engineering I-Cause
and I-Cause
chemistry I-Cause
to O
create B-Effect
successful I-Effect
new I-Effect
technologies I-Effect
. O

Macerich B-Cause
may I-Cause
be I-Cause
forced I-Cause
to I-Cause
offer I-Cause
lower I-Cause
rents I-Cause
, I-Cause
rent I-Cause
concessions I-Cause
, I-Cause
shorter I-Cause
lease I-Cause
terms I-Cause
or I-Cause
higher I-Cause
tenant I-Cause
improvement I-Cause
spending I-Cause
to B-Effect
attract I-Effect
and I-Effect
retain I-Effect
tenants I-Effect
. O

We O
expect O
both B-Cause
soaps I-Cause
and I-Cause
sanitizers I-Cause
to I-Cause
enjoy I-Cause
solid I-Cause
demand I-Cause
through I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
2021 I-Cause
, O
supporting B-Effect
our I-Effect
bump I-Effect
in I-Effect
intrinsic I-Effect
value I-Effect
. I-Effect

Nevertheless O
, O
Reckitt B-Cause
has I-Cause
underperformed I-Cause
its I-Cause
potential I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
and I-Cause
the I-Cause
competitively I-Cause
advantaged I-Cause
health I-Cause
business I-Cause
was I-Cause
particularly I-Cause
disappointing I-Cause
in I-Cause
2019 O
, O
posting O
a B-Effect
modest I-Effect
organic I-Effect
sales I-Effect
decline I-Effect
, O
although O
the B-Cause
pandemic I-Cause
helped O
the B-Effect
division I-Effect
reach I-Effect
almost I-Effect
double-digit I-Effect
sales I-Effect
growth I-Effect
in I-Effect
2020 I-Effect
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
democratization I-Cause
of I-Cause
information I-Cause
and I-Cause
amplification I-Cause
of I-Cause
opinions I-Cause
that I-Cause
this I-Cause
begets I-Cause
, O
create B-Effect
a I-Effect
secular I-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
degradation I-Effect
that O
is O
quite O
acute O
for O
most O
corporations O
, O
in O
our O
view O
. O

While O
Novo B-Cause
lost I-Cause
share I-Cause
to I-Cause
Lilly I-Cause
's I-Cause
once-weekly I-Cause
Trulicity I-Cause
, O
Ozempic O
's O
recent O
launch O
and O
the O
ongoing O
launch O
of O
Rybelsus O
in O
2020 O
should O
revitalize B-Effect
growth I-Effect
and I-Effect
expand I-Effect
Novo I-Effect
's I-Effect
reach I-Effect
in I-Effect
the I-Effect
diabetes I-Effect
market I-Effect
. O

We B-Effect
give I-Effect
Agilent I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
thanks O
to O
its B-Cause
sticky I-Cause
end I-Cause
markets I-Cause
that O
should O
result B-Effect
in I-Effect
relatively I-Effect
steady I-Effect
demand I-Effect
trends I-Effect
, I-Effect
despite I-Effect
its I-Effect
dependence I-Effect
on I-Effect
one-time I-Effect
instrument I-Effect
sales I-Effect
that I-Effect
can I-Effect
be I-Effect
delayed I-Effect
during I-Effect
weak I-Effect
times I-Effect
in I-Effect
the I-Effect
general I-Effect
economy I-Effect
or I-Effect
in I-Effect
specific I-Effect
end I-Effect
markets I-Effect
. O

The B-Cause
fruit I-Cause
extraction I-Cause
principle I-Cause
of I-Cause
instantaneous I-Cause
separation I-Cause
is O
the O
primary O
reason O
for O
superior B-Effect
juice I-Effect
quality I-Effect
delivered I-Effect
by I-Effect
JBT I-Effect
's I-Effect
Citrus I-Effect
Extractor I-Effect
. O

Deutsche B-Effect
also I-Effect
has I-Effect
some I-Effect
levers I-Effect
left I-Effect
to I-Effect
pull I-Effect
by O
reducing B-Cause
risk-weighted I-Cause
assets I-Cause
further I-Cause
, O
while O
employee O
count O
reductions O
are O
likely O
to O
be O
postponed O
. O

We O
see O
medium B-Effect
uncertainty I-Effect
around I-Effect
Humana I-Effect
's I-Effect
future I-Effect
cash I-Effect
flows I-Effect
in I-Effect
the I-Effect
intermediate I-Effect
term I-Effect
, O
as O
the B-Cause
positive I-Cause
growth I-Cause
trajectory I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
Medicare I-Cause
Advantage I-Cause
stronghold I-Cause
is I-Cause
clouded I-Cause
by I-Cause
some I-Cause
healthcare I-Cause
policy I-Cause
uncertainty I-Cause
. O

Broadband O
service O
is O
often O
viewed O
as O
essential O
for O
social O
inclusion O
and O
education O
, O
which O
can O
push B-Effect
legislators I-Effect
and I-Effect
regulators I-Effect
to I-Effect
target I-Effect
the I-Effect
telecom I-Effect
industry I-Effect
if O
service B-Cause
quality I-Cause
is I-Cause
deemed I-Cause
too I-Cause
low I-Cause
or I-Cause
prices I-Cause
too I-Cause
high I-Cause
. O

These O
create O
a O
benefit O
for O
established O
players O
that O
can O
be O
succinctly O
described O
as O
" O
" O
" O
" O
scarcity O
value. O
" O
" O
" O
" O
The B-Effect
scarcity I-Effect
value I-Effect
is O
partly O
predicated O
on O
regulation B-Cause
, O
as O
many O
of O
the O
most O
popular O
distilled O
spirit O
variants O
are O
accompanied O
by O
strict O
minimum O
aging O
and O
locale O
requirements O
enforced O
by O
government O
agencies O
. O

Following O
increased O
growth O
in O
2021 O
and O
2022 O
as O
Syneos B-Cause
rebounds I-Cause
from I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
model O
mid-single-digit B-Effect
revenue I-Effect
growth I-Effect
and I-Effect
2025 I-Effect
clinical I-Effect
solutions I-Effect
revenue I-Effect
of I-Effect
nearly I-Effect
$ I-Effect
5.3 I-Effect
billion I-Effect
. O

This B-Effect
is O
a O
driven O
by O
a B-Cause
time I-Cause
value I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
, I-Cause
an I-Cause
increase I-Cause
in I-Cause
our I-Cause
long-term I-Cause
profitability I-Cause
assumptions I-Cause
and I-Cause
an I-Cause
increase I-Cause
in I-Cause
the I-Cause
value I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
investments I-Cause
. O

We O
see O
some O
long-term O
opportunities O
in O
Asia O
but O
building O
a O
database O
from O
scratch O
requires O
a O
very O
long O
build-out O
period O
, O
and O
the B-Effect
payoff I-Effect
is I-Effect
uncertain I-Effect
as B-Cause
there I-Cause
is I-Cause
no I-Cause
competitive I-Cause
advantage I-Cause
until I-Cause
data I-Cause
assets I-Cause
are I-Cause
established I-Cause
. O

The B-Effect
former I-Effect
segment I-Effect
is I-Effect
undergoing I-Effect
a I-Effect
rapid I-Effect
decline I-Effect
, O
as O
solid B-Cause
state I-Cause
drives I-Cause
, I-Cause
or I-Cause
SSDs I-Cause
, I-Cause
built I-Cause
with I-Cause
NAND I-Cause
flash I-Cause
take I-Cause
over I-Cause
the I-Cause
consumer I-Cause
market I-Cause
. O

However O
, O
Roche O
's O
biologics O
focus O
( O
more O
than O
80 O
% O
of O
pharmaceutical O
sales O
) O
provides B-Effect
some I-Effect
buffer I-Effect
against B-Cause
the I-Cause
traditional I-Cause
intense I-Cause
declines I-Cause
from I-Cause
small-molecule I-Cause
generic I-Cause
competition I-Cause
. O

This O
includes O
leveraging B-Cause
previous I-Cause
clinical I-Cause
trial I-Cause
data I-Cause
to O
better B-Effect
understand I-Effect
which I-Effect
inclusion I-Effect
criteria I-Effect
will I-Effect
ensure I-Effect
a I-Effect
fast I-Effect
enrollment I-Effect
with I-Effect
statistically I-Effect
significant I-Effect
results I-Effect
. O

However O
, O
the B-Effect
competitive I-Effect
advantage I-Effect
on I-Effect
this I-Effect
side I-Effect
might I-Effect
not I-Effect
be I-Effect
quite I-Effect
as I-Effect
strong I-Effect
, O
as O
services B-Cause
on I-Cause
this I-Cause
side I-Cause
are I-Cause
generally I-Cause
not I-Cause
as I-Cause
necessary I-Cause
and O
client B-Cause
options I-Cause
are I-Cause
wider I-Cause
. O

Given O
the B-Cause
lack I-Cause
of I-Cause
water I-Cause
or I-Cause
rail I-Cause
access I-Cause
at I-Cause
most I-Cause
quarries I-Cause
, O
more B-Effect
than I-Effect
three I-Effect
fourths I-Effect
of I-Effect
aggregates I-Effect
ship I-Effect
by I-Effect
truck I-Effect
. O

A B-Cause
more I-Cause
structural I-Cause
shift I-Cause
toward I-Cause
cleaner I-Cause
energy I-Cause
alternatives I-Cause
and I-Cause
increased I-Cause
regulatory I-Cause
intervention I-Cause
may O
lead O
to O
long-term B-Effect
demand I-Effect
erosion I-Effect
, O
and O
thus O
value O
destruction O
for O
H O
& O
P O
in O
the O
long O
run O
. O

Thus O
, O
once O
an O
electronics B-Cause
device I-Cause
maker I-Cause
selects I-Cause
an I-Cause
analog I-Cause
or I-Cause
power I-Cause
chip I-Cause
, O
it O
tend B-Effect
to I-Effect
stick I-Effect
with I-Effect
it I-Effect
for I-Effect
the I-Effect
life I-Effect
of I-Effect
the I-Effect
device I-Effect
. O

The B-Cause
patent I-Cause
protection I-Cause
allows O
the B-Effect
firm I-Effect
to I-Effect
price I-Effect
its I-Effect
drugs I-Effect
at I-Effect
levels I-Effect
that I-Effect
translate I-Effect
into I-Effect
superior I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
compared I-Effect
with I-Effect
its I-Effect
cost I-Effect
( O
particularly O
in O
cancer O
drugs O
, O
an O
area O
of O
focus O
for O
Bristol O
) O
. O

The B-Effect
switching I-Effect
costs I-Effect
would O
specifically O
be O
due O
to O
credit B-Cause
card I-Cause
companies I-Cause
facing I-Cause
difficulties I-Cause
in I-Cause
providing I-Cause
their I-Cause
customers I-Cause
with I-Cause
rewards I-Cause
cardholders I-Cause
want I-Cause
. O

Loyalty B-Cause
programs I-Cause
offer I-Cause
a I-Cause
more I-Cause
holistic I-Cause
picture I-Cause
of I-Cause
promotional I-Cause
sensitivity I-Cause
, O
can O
drive O
better B-Effect
engagement I-Effect
, O
and O
may O
represent O
an B-Effect
effective I-Effect
tool I-Effect
to I-Effect
recover I-Effect
lapsed I-Effect
customers I-Effect
, O
while O
raw O
transaction O
data O
offers O
fewer O
levers O
for O
A/B O
testing O
and O
generating O
a O
multifaceted O
picture O
of O
core O
customers O
. O

Even O
though O
there O
is O
limited O
synergy O
between O
the O
two O
sides O
, O
we O
think O
Lear B-Cause
is I-Cause
well-positioned I-Cause
with I-Cause
seating I-Cause
and I-Cause
electrical I-Cause
architecture I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
global I-Cause
growth I-Cause
in I-Cause
premium I-Cause
vehicles I-Cause
, O
bolstering O
our B-Effect
thesis I-Effect
that I-Effect
revenue I-Effect
should I-Effect
outpace I-Effect
global I-Effect
growth I-Effect
in I-Effect
worldwide I-Effect
vehicle I-Effect
production I-Effect
. O

Therefore O
, O
we O
expect O
supply B-Cause
will I-Cause
more I-Cause
than I-Cause
offset I-Cause
demand I-Cause
for I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
and O
hotel B-Effect
companies I-Effect
will I-Effect
have I-Effect
difficulty I-Effect
pushing I-Effect
rates I-Effect
to I-Effect
generate I-Effect
significant I-Effect
NOI I-Effect
growth I-Effect
. O

Knowledge B-Cause
from I-Cause
decades I-Cause
of I-Cause
training I-Cause
on I-Cause
core I-Cause
samples I-Cause
is I-Cause
encapsulated I-Cause
in I-Cause
the I-Cause
design I-Cause
of I-Cause
the I-Cause
equipment I-Cause
and I-Cause
the I-Cause
analytical I-Cause
techniques I-Cause
, O
presenting O
a O
nearly O
insurmountable O
barrier O
to O
any B-Effect
company I-Effect
wishing I-Effect
to I-Effect
replicate I-Effect
Core I-Effect
Lab I-Effect
's I-Effect
business I-Effect
. O

Finally O
, O
the O
large O
amount O
of O
debt O
required O
to O
fund O
these O
home O
purchases O
represents O
another O
source O
of O
risk O
that O
Zillow B-Effect
will I-Effect
have I-Effect
to I-Effect
navigate I-Effect
as O
it B-Cause
expands I-Cause
Zillow I-Cause
Offers I-Cause
. O

As O
the O
health O
crisis O
mutates O
into O
an O
economic O
one O
, O
other B-Effect
revenue I-Effect
sources I-Effect
could I-Effect
also I-Effect
come I-Effect
under I-Effect
siege I-Effect
, O
as B-Cause
pressure I-Cause
mounts I-Cause
on I-Cause
units I-Cause
such I-Cause
as I-Cause
subscription I-Cause
video I-Cause
services I-Cause
and I-Cause
property I-Cause
market-sensitive I-Cause
digital I-Cause
real I-Cause
estate I-Cause
services I-Cause
. I-Cause

In B-Cause
turn I-Cause
, I-Cause
the I-Cause
company I-Cause
's I-Cause
exposure I-Cause
to I-Cause
a I-Cause
limited I-Cause
range I-Cause
of I-Cause
categories I-Cause
, O
which O
are O
sensitive B-Effect
to I-Effect
such I-Effect
risks I-Effect
or I-Effect
unanticipated I-Effect
consumer I-Effect
preference I-Effect
changes I-Effect
, I-Effect
elevates I-Effect
the I-Effect
probability I-Effect
of I-Effect
permanent I-Effect
value I-Effect
destruction I-Effect
longer I-Effect
term I-Effect
versus I-Effect
more I-Effect
diversified I-Effect
larger I-Effect
peers I-Effect
with I-Effect
broader I-Effect
multicategory I-Effect
brand I-Effect
portfolios I-Effect
. O

In O
our O
view O
, O
Check B-Effect
Point I-Effect
could I-Effect
experience I-Effect
customer I-Effect
attrition I-Effect
and I-Effect
lose I-Effect
greenfield I-Effect
opportunities I-Effect
without I-Effect
the I-Effect
required I-Effect
marketing I-Effect
and I-Effect
development I-Effect
expenditures I-Effect
as O
enterprises B-Cause
start I-Cause
consuming I-Cause
more I-Cause
security I-Cause
offerings I-Cause
outside I-Cause
the I-Cause
on-premises I-Cause
network I-Cause
. O

IQiyi O
, O
Tencent O
Video O
, O
and O
Youku-Tudou O
( O
under O
Alibaba O
) O
are O
also O
investing B-Cause
heavily I-Cause
in I-Cause
premium I-Cause
and I-Cause
self-produced I-Cause
content I-Cause
to I-Cause
attract B-Effect
and I-Effect
maintain I-Effect
users I-Effect
. I-Effect

Canada B-Cause
's I-Cause
system I-Cause
of I-Cause
higher I-Cause
taxes I-Cause
, I-Cause
more I-Cause
social I-Cause
safety I-Cause
nets I-Cause
, I-Cause
and I-Cause
undoubtedly I-Cause
other I-Cause
complex I-Cause
factors I-Cause
have O
also O
led B-Effect
to I-Effect
a I-Effect
more I-Effect
robust I-Effect
and I-Effect
stable I-Effect
middle I-Effect
class I-Effect
that I-Effect
contributes I-Effect
to I-Effect
economic I-Effect
and I-Effect
political I-Effect
stability I-Effect
, I-Effect
further I-Effect
reducing I-Effect
systemic I-Effect
risk I-Effect
. O

We O
see O
the O
main O
risks O
around O
Plains O
to O
be O
volumetric O
, O
both O
on O
the O
supply O
and O
demand O
side O
, O
and O
shortfalls B-Cause
could O
lead B-Effect
to I-Effect
lower I-Effect
returns I-Effect
via I-Effect
tougher I-Effect
pipe-on-pipe I-Effect
competition I-Effect
, I-Effect
and I-Effect
lower I-Effect
levels I-Effect
of I-Effect
flows I-Effect
across I-Effect
Plains I-Effect
' I-Effect
pipeline I-Effect
network I-Effect
. O

They B-Effect
would I-Effect
also I-Effect
likely I-Effect
have I-Effect
to I-Effect
run I-Effect
duplicate I-Effect
payroll I-Effect
and I-Effect
HCM I-Effect
solutions I-Effect
, O
given O
their B-Cause
mission I-Cause
criticality I-Cause
, I-Cause
increasing I-Cause
monetary I-Cause
costs I-Cause
as I-Cause
well I-Cause
. O

However O
, O
given O
inconsistent B-Cause
capital I-Cause
allocation I-Cause
practices I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
ROICs B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
surpass I-Effect
our I-Effect
WACC I-Effect
( I-Effect
10 I-Effect
% I-Effect
) I-Effect
over I-Effect
most I-Effect
of I-Effect
our I-Effect
forecast I-Effect
. O

In O
the O
long O
term O
, O
we O
forecast O
the B-Cause
growth I-Cause
of I-Cause
Adidas I-Cause
' I-Cause
direct-to-consumer I-Cause
business I-Cause
will O
boost B-Effect
its I-Effect
margins I-Effect
, O
which O
have O
generally O
trended O
up O
since O
2009 O
, O
and O
we O
think O
the B-Effect
improvement I-Effect
is I-Effect
permanent I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
upgrade I-Cause
the I-Cause
efficiency I-Cause
of I-Cause
its I-Cause
supply I-Cause
chain I-Cause
. O

This O
implies O
6 O
% O
-7 O
% O
average O
annual O
unit O
growth O
the O
next O
five O
years O
, O
though O
new B-Effect
store I-Effect
productivity I-Effect
should I-Effect
run I-Effect
ahead I-Effect
of I-Effect
historical I-Effect
norms I-Effect
because O
of O
the B-Cause
Chipotlane I-Cause
format I-Cause
. O

CMS B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
mitigate I-Effect
COVID-19 I-Effect
and I-Effect
weather-related I-Effect
headwinds I-Effect
in I-Effect
2020 I-Effect
with O
another B-Cause
round I-Cause
of I-Cause
aggressive I-Cause
cost I-Cause
savings I-Cause
. O

For B-Effect
brands I-Effect
such I-Effect
as I-Effect
Shake I-Effect
Shack I-Effect
, I-Effect
that I-Effect
are I-Effect
expanding I-Effect
to I-Effect
a I-Effect
national I-Effect
footprint I-Effect
, I-Effect
Ecolab I-Effect
is I-Effect
a I-Effect
preferred I-Effect
cleaning I-Effect
supplier I-Effect
as O
Ecolab B-Cause
can I-Cause
supply I-Cause
the I-Cause
same I-Cause
dishwashers I-Cause
, I-Cause
cleaning I-Cause
products I-Cause
, I-Cause
and I-Cause
quality I-Cause
to I-Cause
new I-Cause
locations I-Cause
across I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

Changes B-Effect
in I-Effect
new I-Effect
engine I-Effect
delivery I-Effect
forecasts I-Effect
lowers I-Effect
annualized I-Effect
fleet I-Effect
growth I-Effect
over I-Effect
the I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
to I-Effect
0.9 I-Effect
% I-Effect
from I-Effect
1.3 I-Effect
% I-Effect
as O
a O
result O
of O
higher B-Cause
wide-body I-Cause
aircraft I-Cause
retirement I-Cause
on I-Cause
the I-Cause
back I-Cause
of I-Cause
lower I-Cause
underlying I-Cause
demand I-Cause
amid I-Cause
airline I-Cause
capacity I-Cause
rightsizing I-Cause
. O

With O
Jakafi O
's O
continued O
strong B-Cause
performance I-Cause
in I-Cause
MF I-Cause
and I-Cause
PV I-Cause
and I-Cause
launch I-Cause
in I-Cause
GvHD I-Cause
, O
the O
drug B-Effect
continues I-Effect
to I-Effect
see I-Effect
strong I-Effect
volume I-Effect
growth I-Effect
prospects I-Effect
. O

We O
believe O
that O
over B-Effect
a I-Effect
cycle I-Effect
, I-Effect
operating I-Effect
margins I-Effect
will I-Effect
be I-Effect
higher I-Effect
going I-Effect
forward I-Effect
for O
several O
reasons O
: O
the B-Cause
leverage I-Cause
of I-Cause
noncompensation I-Cause
costs I-Cause
and I-Cause
a I-Cause
larger-than-historical I-Cause
proportion I-Cause
of I-Cause
revenue I-Cause
coming I-Cause
from I-Cause
the I-Cause
bank I-Cause
, O
which O
has O
operating O
margins O
about O
3 O
times O
higher O
than O
the O
company O
as O
a O
whole O
. O

Automakers B-Cause
are I-Cause
capital-intensive I-Cause
, O
causing O
significant B-Effect
swings I-Effect
in I-Effect
economic I-Effect
profitability I-Effect
on I-Effect
relatively I-Effect
moderate I-Effect
changes I-Effect
in I-Effect
demand I-Effect
, O
and O
they O
experience O
cyclicality B-Cause
that O
can O
destroy O
economic B-Effect
value I-Effect
for I-Effect
a I-Effect
year I-Effect
or I-Effect
more I-Effect
. O

We O
think O
MPS B-Cause
' I-Cause
asset-light I-Cause
fabless I-Cause
model I-Cause
will O
allow O
it B-Effect
to I-Effect
extract I-Effect
high I-Effect
returns I-Effect
from I-Effect
a I-Effect
low I-Effect
invested I-Effect
capital I-Effect
base I-Effect
, I-Effect
even I-Effect
as I-Effect
competition I-Effect
grows I-Effect
. O

We O
forecast O
marketing B-Cause
to I-Cause
tick I-Cause
up I-Cause
to I-Cause
5 I-Cause
% I-Cause
on I-Cause
average I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
( I-Cause
about I-Cause
in I-Cause
line I-Cause
with I-Cause
the I-Cause
4.9 I-Cause
% I-Cause
on I-Cause
average I-Cause
the I-Cause
last I-Cause
three I-Cause
years I-Cause
) I-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
to I-Cause
approximate I-Cause
1.4 I-Cause
% I-Cause
of I-Cause
sales I-Cause
( I-Cause
about I-Cause
$ I-Cause
130 I-Cause
million I-Cause
a I-Cause
year I-Cause
, I-Cause
or I-Cause
about I-Cause
20 I-Cause
basis I-Cause
points I-Cause
above I-Cause
the I-Cause
three-year I-Cause
average I-Cause
) I-Cause
. O
This O
results O
in O
average B-Effect
operating I-Effect
margins I-Effect
of I-Effect
nearly I-Effect
18 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
( I-Effect
80 I-Effect
basis I-Effect
points I-Effect
above I-Effect
the I-Effect
prior I-Effect
10-year I-Effect
average I-Effect
) I-Effect
. O

This B-Effect
drives I-Effect
about I-Effect
8 I-Effect
% I-Effect
growth I-Effect
in I-Effect
asset I-Effect
management I-Effect
revenue I-Effect
after O
accounting B-Cause
for I-Cause
client I-Cause
assets I-Cause
shifting I-Cause
to I-Cause
fee-based I-Cause
from I-Cause
commission-based I-Cause
charging I-Cause
arrangements I-Cause
and I-Cause
general I-Cause
fee I-Cause
compression I-Cause
. O

Huaneng B-Cause
's I-Cause
strong I-Cause
relations I-Cause
with I-Cause
the I-Cause
central I-Cause
government I-Cause
-- O
reflecting O
its O
status O
as O
a O
state-owned O
enterprise O
, O
or O
SOE O
, O
means O
that O
business B-Effect
decisions I-Effect
may I-Effect
be I-Effect
influenced I-Effect
by I-Effect
government I-Effect
directives I-Effect
, O
whose O
priority O
is O
to O
maintain O
a O
stable O
and O
sufficient O
public O
power O
supply O
, O
rather O
than O
purely O
maximizing O
profitability O
. O

Further O
, O
master O
franchise O
operators O
maintain O
a B-Cause
better I-Cause
sense I-Cause
of I-Cause
customer I-Cause
demographics I-Cause
and I-Cause
preferences I-Cause
, O
incur O
fewer B-Effect
obstacles I-Effect
from I-Effect
unique I-Effect
local I-Effect
regulation I-Effect
, O
and O
help O
the B-Effect
parent I-Effect
company I-Effect
avoid I-Effect
other I-Effect
common I-Effect
pitfalls I-Effect
associated I-Effect
with I-Effect
international I-Effect
expansion I-Effect
. O

While O
, O
the B-Cause
adjusted I-Cause
ROIC I-Cause
rises I-Cause
over I-Cause
our I-Cause
forecast I-Cause
horizon I-Cause
as I-Cause
the I-Cause
assets I-Cause
stabilize I-Cause
from I-Cause
recent I-Cause
transactions I-Cause
and I-Cause
developments I-Cause
, O
it B-Effect
does I-Effect
not I-Effect
exceed I-Effect
our I-Effect
WACC I-Effect
estimate I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

Beyond O
2023 O
, O
we O
bake B-Effect
in I-Effect
only I-Effect
40 I-Effect
more I-Effect
basis I-Effect
points I-Effect
of I-Effect
EBIT I-Effect
margin I-Effect
expansion I-Effect
, O
because O
we B-Cause
suspect I-Cause
tax I-Cause
increases I-Cause
could I-Cause
erode I-Cause
some I-Cause
of I-Cause
PMI I-Cause
's I-Cause
margins I-Cause
, O
and O
our B-Cause
steady-state I-Cause
margin I-Cause
assumption I-Cause
is I-Cause
44.4 I-Cause
% I-Cause
. O

While B-Cause
this I-Cause
business I-Cause
has I-Cause
more I-Cause
attractive I-Cause
growth I-Cause
prospects I-Cause
than I-Cause
cereal I-Cause
( I-Cause
growing I-Cause
1 I-Cause
% I-Cause
-2 I-Cause
% I-Cause
) I-Cause
, I-Cause
agricultural I-Cause
commodities I-Cause
are I-Cause
difficult I-Cause
to I-Cause
differentiate I-Cause
and I-Cause
therefore I-Cause
generally I-Cause
do I-Cause
not I-Cause
command I-Cause
a I-Cause
price I-Cause
premium. O
As O
a O
result O
, O
this B-Effect
business I-Effect
is I-Effect
relatively I-Effect
low I-Effect
margin I-Effect
( I-Effect
10 I-Effect
% I-Effect
-12 I-Effect
% I-Effect
) I-Effect
and I-Effect
does I-Effect
not I-Effect
offer I-Effect
the I-Effect
firm I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
, I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

However O
, O
its B-Effect
executive I-Effect
compensation I-Effect
framework I-Effect
is I-Effect
more I-Effect
progressive I-Effect
than I-Effect
peers I-Effect
, O
as O
management B-Cause
removed I-Cause
production I-Cause
and I-Cause
reserves I-Cause
growth I-Cause
as I-Cause
targets I-Cause
, O
and O
added O
leverage O
and O
emissions O
intensity O
goals O
. O

We B-Effect
think I-Effect
the I-Effect
majority I-Effect
of I-Effect
shift I-Effect
away I-Effect
from I-Effect
canned I-Effect
foods I-Effect
has I-Effect
already I-Effect
played I-Effect
out I-Effect
in I-Effect
developed I-Effect
markets I-Effect
and I-Effect
expect I-Effect
pricing I-Effect
to I-Effect
weaken I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
stagnant B-Cause
volumes I-Cause
lead I-Cause
to I-Cause
slightly I-Cause
more I-Cause
competitive I-Cause
pricing I-Cause
. O

Targeting B-Cause
a I-Cause
broad I-Cause
consumer I-Cause
base I-Cause
with I-Cause
a I-Cause
core I-Cause
customer I-Cause
who I-Cause
is I-Cause
female I-Cause
, O
35-65 B-Cause
years I-Cause
old I-Cause
, O
with B-Cause
household I-Cause
income I-Cause
of I-Cause
$ I-Cause
50,000- I-Cause
$ I-Cause
250,000 I-Cause
also O
means O
Wayfair O
is O
competing O
with O
mass-market O
retailers O
, O
specialty O
retail O
, O
and O
low-cost O
providers O
, O
making O
it O
harder B-Effect
to I-Effect
stay I-Effect
front I-Effect
of I-Effect
mind I-Effect
perpetually I-Effect
. O

However O
, O
because O
Redfin B-Cause
Now I-Cause
remains I-Cause
only I-Cause
a I-Cause
small I-Cause
part I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
business I-Cause
, I-Cause
with I-Cause
minimal I-Cause
disclosures I-Cause
, O
we B-Effect
have I-Effect
little I-Effect
visibility I-Effect
into I-Effect
unit I-Effect
economics I-Effect
. O

Over O
the O
longer O
term O
, O
we O
believe O
operating B-Effect
margin I-Effect
will I-Effect
expand I-Effect
back I-Effect
toward I-Effect
the I-Effect
50 I-Effect
% I-Effect
range I-Effect
, O
as O
compared O
with O
44 O
% O
at O
the O
end O
of O
2020 O
, O
as O
Check B-Cause
Point I-Cause
can I-Cause
pare I-Cause
back I-Cause
some I-Cause
marketing I-Cause
and I-Cause
R I-Cause
& I-Cause
D I-Cause
expenses I-Cause
in I-Cause
the I-Cause
long-run I-Cause
after I-Cause
integrating I-Cause
subscription-based I-Cause
solutions I-Cause
into I-Cause
enterprise I-Cause
networks I-Cause
. O

Additionally O
, O
the B-Cause
large I-Cause
number I-Cause
of I-Cause
resorts I-Cause
and I-Cause
composition I-Cause
of I-Cause
the I-Cause
Strip I-Cause
( O
66 O
% O
nongaming O
and O
34 O
% O
gaming O
) O
helps O
support O
relatively B-Effect
healthy I-Effect
and I-Effect
consistent I-Effect
visitation I-Effect
( O
repeat O
visits O
with O
plenty O
to O
do O
and O
see O
) O
, O
which O
can O
not O
be O
replicated O
by O
the O
U.S O
. O

In O
particular O
, O
the B-Effect
company I-Effect
's I-Effect
capital I-Effect
markets I-Effect
and I-Effect
leasing I-Effect
businesses I-Effect
tend I-Effect
to I-Effect
magnify I-Effect
existing I-Effect
volatility I-Effect
in I-Effect
the I-Effect
overall I-Effect
marketplace I-Effect
because O
of O
their B-Cause
transactional I-Cause
nature I-Cause
. O

We O
estimate O
that O
more B-Cause
than I-Cause
half I-Cause
of I-Cause
Grifols I-Cause
' I-Cause
plasma I-Cause
revenue I-Cause
stems I-Cause
from I-Cause
immunoglobulin I-Cause
products I-Cause
Flebogamma I-Cause
( I-Cause
from I-Cause
Grifols I-Cause
) I-Cause
and I-Cause
Gamunex I-Cause
( I-Cause
from I-Cause
Talecris I-Cause
) I-Cause
combined. O
This B-Effect
gives I-Effect
the I-Effect
firm I-Effect
about I-Effect
one I-Effect
fourth I-Effect
of I-Effect
the I-Effect
global I-Effect
$ I-Effect
12 I-Effect
billion I-Effect
immunoglobulin I-Effect
market I-Effect
, I-Effect
with I-Effect
most I-Effect
of I-Effect
the I-Effect
balance I-Effect
split I-Effect
between I-Effect
CSL I-Effect
and I-Effect
Takeda I-Effect
. O

While O
other O
foundries O
have O
similar O
platforms O
, O
TSMC B-Cause
's I-Cause
dominant I-Cause
market I-Cause
share I-Cause
and I-Cause
technical I-Cause
leadership I-Cause
would O
naturally O
gravitate B-Effect
users I-Effect
to I-Effect
its I-Effect
OIP I-Effect
. O

The B-Cause
bank I-Cause
has I-Cause
some I-Cause
of I-Cause
the I-Cause
more I-Cause
impressive I-Cause
underwriting I-Cause
history I-Cause
we I-Cause
have I-Cause
seen I-Cause
, O
leading O
to O
credit B-Effect
cost I-Effect
advantages I-Effect
over I-Effect
time I-Effect
as I-Effect
well I-Effect
. O

Regulators O
are O
making B-Cause
rules I-Cause
for O
fintech O
companies O
and O
traditional O
financial O
institutions O
uniform O
, O
leading O
to O
more B-Effect
conservative I-Effect
operation I-Effect
of I-Effect
Tencent I-Effect
's I-Effect
fintech I-Effect
arm I-Effect
and O
could O
slow O
growth B-Effect
. O

We O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Pentair I-Effect
to I-Effect
$ I-Effect
50 I-Effect
from I-Effect
$ I-Effect
42 I-Effect
after O
the B-Cause
company I-Cause
posted I-Cause
strong I-Cause
third-quarter I-Cause
earnings I-Cause
results I-Cause
. O

A B-Cause
recently I-Cause
enhanced I-Cause
focus I-Cause
on I-Cause
accessibility I-Cause
, I-Cause
including I-Cause
curbside I-Cause
pickup I-Cause
, I-Cause
same- I-Cause
and I-Cause
next-day I-Cause
delivery I-Cause
, I-Cause
and I-Cause
a I-Cause
easy I-Cause
to I-Cause
use I-Cause
app I-Cause
have O
created O
further O
opportunities O
to O
connect B-Effect
with I-Effect
the I-Effect
customer I-Effect
base I-Effect
during I-Effect
the I-Effect
social I-Effect
distancing I-Effect
period I-Effect
of I-Effect
COVID-19 I-Effect
. O

First O
, O
the B-Cause
recent I-Cause
consolidation I-Cause
of I-Cause
semiconductor I-Cause
firms I-Cause
is O
expected O
to O
create B-Effect
demand I-Effect
for I-Effect
integrated I-Effect
systems I-Effect
made I-Effect
with I-Effect
the I-Effect
most I-Effect
advanced I-Effect
nodes I-Effect
. O

The B-Cause
niche I-Cause
nature I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
offerings I-Cause
has O
prevented O
significant B-Effect
competition I-Effect
, O
and O
the B-Cause
firm I-Cause
's I-Cause
ability I-Cause
to I-Cause
combine I-Cause
several I-Cause
different I-Cause
products I-Cause
within I-Cause
a I-Cause
common I-Cause
digital I-Cause
delivery I-Cause
portal I-Cause
allows O
clients B-Effect
to I-Effect
leverage I-Effect
time I-Effect
spent I-Effect
training I-Effect
staff I-Effect
on I-Effect
IHS I-Effect
Markit I-Effect
's I-Effect
tools I-Effect
compared O
with O
a O
more O
piecemeal O
data O
and O
analytics O
approach O
. O

We O
estimate O
a B-Cause
$ I-Cause
0.01 I-Cause
increase I-Cause
in I-Cause
the I-Cause
price I-Cause
per I-Cause
pound I-Cause
of I-Cause
cotton I-Cause
increases B-Effect
annual I-Effect
raw I-Effect
material I-Effect
costs I-Effect
by I-Effect
approximately I-Effect
$ I-Effect
6 I-Effect
million I-Effect
. O

While O
larger O
pharma O
customers O
may O
have O
the O
capital O
to O
insource O
design O
, O
they B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
do I-Effect
so O
because O
it B-Cause
is I-Cause
often I-Cause
more I-Cause
cost-effective I-Cause
to I-Cause
outsource I-Cause
the I-Cause
work I-Cause
to I-Cause
West I-Cause
. O

With O
the O
rapid O
growth O
of O
large O
craft O
brands O
such O
as O
Sam O
Adams O
, O
Blue O
Moon O
, O
and O
Goose O
Island O
, O
the B-Cause
higher I-Cause
pack I-Cause
densities I-Cause
and I-Cause
lower I-Cause
shipping I-Cause
costs I-Cause
enabled I-Cause
by I-Cause
aluminum I-Cause
cans I-Cause
have O
facilitated O
a B-Effect
shift I-Effect
from I-Effect
bottles I-Effect
to I-Effect
cans I-Effect
. O

An B-Cause
easy I-Cause
way I-Cause
to I-Cause
ensure I-Cause
or I-Cause
maintain I-Cause
compliance I-Cause
is I-Cause
through I-Cause
the I-Cause
GLN I-Cause
and I-Cause
its I-Cause
customs I-Cause
software I-Cause
, I-Cause
so B-Effect
we I-Effect
see I-Effect
customers I-Effect
as I-Effect
having I-Effect
to I-Effect
rely I-Effect
more I-Effect
on I-Effect
Descartes I-Effect
. I-Effect

Buyers B-Effect
, I-Effect
sellers I-Effect
, I-Effect
and I-Effect
researchers I-Effect
benefit I-Effect
when I-Effect
they I-Effect
each I-Effect
share I-Effect
information I-Effect
with I-Effect
CoStar I-Effect
, O
since O
they O
can O
access B-Cause
the I-Cause
aggregated I-Cause
data I-Cause
on I-Cause
CoStar I-Cause
Suite I-Cause
to I-Cause
inform I-Cause
broader I-Cause
decision-making I-Cause
. O

Adding B-Cause
more I-Cause
fracationation I-Cause
capacity I-Cause
to I-Cause
Mont I-Cause
Belvieu I-Cause
to O
address B-Cause
near-term I-Cause
capacity I-Cause
contraints I-Cause
serves O
to O
further B-Effect
extend I-Effect
Targa I-Effect
's I-Effect
control I-Effect
over I-Effect
its I-Effect
molecules I-Effect
. O

Our O
expectation O
is O
for B-Effect
consumer I-Effect
personal I-Effect
computing I-Effect
purchases I-Effect
to I-Effect
decline I-Effect
as O
end B-Cause
users I-Cause
reach I-Cause
for I-Cause
their I-Cause
smartphones I-Cause
and I-Cause
tablets I-Cause
over I-Cause
PCs I-Cause
. O

We B-Effect
estimate I-Effect
24 I-Effect
% I-Effect
annual I-Effect
growth I-Effect
for I-Effect
the I-Effect
DTC I-Effect
segment I-Effect
as O
we B-Cause
are I-Cause
modeling I-Cause
strong I-Cause
subscriber I-Cause
growth I-Cause
for I-Cause
Disney+ I-Cause
and I-Cause
Hulu I-Cause
. O

To B-Cause
stay I-Cause
at I-Cause
the I-Cause
cutting I-Cause
edge I-Cause
of I-Cause
GPU I-Cause
technology I-Cause
, O
Nvidia O
has O
a O
large O
R O
& O
D O
budget O
relative O
to O
AMD O
and O
smaller O
GPU O
suppliers O
that O
allows B-Effect
it I-Effect
to I-Effect
continuously I-Effect
innovate I-Effect
and I-Effect
fuel I-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
for I-Effect
its I-Effect
high-margin I-Effect
chips I-Effect
. O

Reddy O
's O
low-labor-cost O
operations O
based O
in O
India O
provide O
a O
low-cost O
edge O
, O
the B-Cause
continual I-Cause
rise I-Cause
of I-Cause
new I-Cause
entrants I-Cause
, O
particularly O
from O
low-cost O
emerging-market O
peers O
, O
and O
consolidation B-Effect
of I-Effect
sourcing I-Effect
entities I-Effect
have I-Effect
put I-Effect
significant I-Effect
pricing I-Effect
pressure I-Effect
across O
the O
industry O
, O
especially O
for O
the O
least O
complex O
generics O
in O
North O
America O
. O

The B-Cause
acquisition I-Cause
of I-Cause
Clarcor I-Cause
in I-Cause
2017 I-Cause
not O
only O
strengthened B-Effect
Parker I-Effect
's I-Effect
competitive I-Effect
position I-Effect
in I-Effect
the I-Effect
filtration I-Effect
aftermarket I-Effect
with I-Effect
its I-Effect
favorable I-Effect
80 I-Effect
% I-Effect
revenue I-Effect
exposure I-Effect
, I-Effect
but I-Effect
it I-Effect
also I-Effect
shored I-Effect
up I-Effect
its I-Effect
technology I-Effect
offering I-Effect
in I-Effect
the I-Effect
filter I-Effect
and I-Effect
industrial I-Effect
HVAC I-Effect
markets I-Effect
. O

With O
younger B-Cause
consumers I-Cause
watching I-Cause
less I-Cause
ad-supported I-Cause
video I-Cause
and I-Cause
using I-Cause
ad-blockers I-Cause
online I-Cause
, O
Live B-Effect
Nation I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
leverage I-Effect
its I-Effect
large I-Effect
captive I-Effect
audience I-Effect
to I-Effect
grow I-Effect
its I-Effect
advertising I-Effect
and I-Effect
sponsorship I-Effect
revenue I-Effect
. O

For O
example O
, O
predicting B-Cause
if I-Cause
and I-Cause
when I-Cause
delayed I-Cause
healthcare I-Cause
services I-Cause
from I-Cause
2020 I-Cause
come I-Cause
back I-Cause
into I-Cause
the I-Cause
system I-Cause
could I-Cause
be I-Cause
fraught I-Cause
with I-Cause
error I-Cause
that O
leads O
to O
mispricing B-Effect
of I-Effect
insurance I-Effect
policies I-Effect
for I-Effect
2021 I-Effect
especially I-Effect
. O

Although O
mortgages O
constitute O
the O
lion O
's O
share O
of O
loans O
to O
customers O
( O
66 O
% O
) O
, O
Lloyds B-Effect
has I-Effect
delivered I-Effect
robust I-Effect
net I-Effect
interest I-Effect
margins I-Effect
, O
speaking O
to O
its B-Cause
large I-Cause
deposit I-Cause
funding I-Cause
base I-Cause
and I-Cause
policy I-Cause
to I-Cause
prioritize I-Cause
margins I-Cause
over I-Cause
volume I-Cause
in I-Cause
the I-Cause
current I-Cause
environment I-Cause
. O

In O
the O
U.S. O
, O
a B-Cause
sustained I-Cause
decline I-Cause
in I-Cause
demand I-Cause
for I-Cause
'' I-Cause
mainstream I-Cause
'' I-Cause
beer I-Cause
in I-Cause
favor I-Cause
of I-Cause
craft I-Cause
brews I-Cause
could O
lead O
to O
an B-Effect
unfavorable I-Effect
shift I-Effect
away I-Effect
from I-Effect
cans I-Effect
and I-Effect
toward I-Effect
glass I-Effect
in I-Effect
the I-Effect
absence I-Effect
of I-Effect
a I-Effect
packaging I-Effect
mix I-Effect
shift I-Effect
. O

We B-Effect
believe I-Effect
these I-Effect
concessions I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
renewed I-Effect
or I-Effect
extended I-Effect
as O
Wynn B-Cause
and I-Cause
other I-Cause
operators I-Cause
have I-Cause
invested I-Cause
meaningful I-Cause
capital I-Cause
and I-Cause
helped I-Cause
positively I-Cause
develop I-Cause
Macao I-Cause
's I-Cause
economy I-Cause
. O

Overall O
, O
we O
can O
see O
that O
acquisition B-Cause
synergies I-Cause
from I-Cause
integrating I-Cause
Eldorado I-Cause
's I-Cause
decentralized I-Cause
operating I-Cause
model I-Cause
have O
aided O
its O
consolidated O
EBITDA O
margin O
, O
which O
expanded B-Effect
to I-Effect
an I-Effect
estimated I-Effect
27.6 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
( I-Effect
we I-Effect
estimate I-Effect
margins I-Effect
were I-Effect
around I-Effect
22 I-Effect
% I-Effect
excluding I-Effect
these I-Effect
synergies I-Effect
) I-Effect
from I-Effect
18.7 I-Effect
% I-Effect
in I-Effect
2016 I-Effect
( I-Effect
pre-Isle/Tropicana/Elgin I-Effect
acquisitions I-Effect
) I-Effect
. O

Charles B-Cause
River I-Cause
's I-Cause
research I-Cause
model I-Cause
business I-Cause
has I-Cause
built I-Cause
a I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
and I-Cause
speed I-Cause
, O
which O
allows O
it B-Effect
to I-Effect
control I-Effect
35 I-Effect
% I-Effect
market I-Effect
share I-Effect
of I-Effect
the I-Effect
research I-Effect
model I-Effect
& I-Effect
amp I-Effect
; I-Effect
services I-Effect
industry I-Effect
and I-Effect
33 I-Effect
% I-Effect
of I-Effect
the I-Effect
outsourced I-Effect
safety I-Effect
assessment I-Effect
industry I-Effect
worldwide I-Effect
. O

For O
fiscal O
2022 O
, O
we O
expect O
a O
2 B-Effect
% I-Effect
drop I-Effect
in I-Effect
organic I-Effect
sales I-Effect
as O
consumers B-Effect
return I-Effect
to I-Effect
eating I-Effect
away I-Effect
from I-Effect
home I-Effect
, O
given O
the B-Cause
increased I-Cause
availability I-Cause
of I-Cause
COVID-19 I-Cause
vaccines I-Cause
. O

Given O
the O
short B-Cause
duration I-Cause
of I-Cause
a I-Cause
banks I-Cause
funding I-Cause
and I-Cause
the I-Cause
possible I-Cause
liquidity I-Cause
mismatch I-Cause
, O
banks B-Effect
are I-Effect
typically I-Effect
not I-Effect
active I-Effect
players I-Effect
in I-Effect
mortgages I-Effect
that I-Effect
are I-Effect
fixed I-Effect
longer I-Effect
than I-Effect
10 I-Effect
years I-Effect
. O

In O
the O
coming O
years O
, O
we O
expect O
a B-Effect
modest I-Effect
haircut I-Effect
on I-Effect
its I-Effect
main I-Effect
operating I-Effect
expense I-Effect
, I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
costs I-Effect
, O
as O
the B-Cause
company I-Cause
continues I-Cause
to I-Cause
scale I-Cause
. O

FedEx B-Cause
has I-Cause
seen I-Cause
a I-Cause
handful I-Cause
of I-Cause
near-term I-Cause
headwinds I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
particularly I-Cause
heavy I-Cause
network I-Cause
investment I-Cause
and I-Cause
TNT I-Cause
integration I-Cause
outlays I-Cause
, O
then O
the B-Effect
pandemic I-Effect
pressured I-Effect
higher-margin I-Effect
international I-Effect
and I-Effect
B2B I-Effect
package I-Effect
demand I-Effect
. O

Cost-cutting B-Cause
can O
potentially B-Effect
improve I-Effect
profitability I-Effect
, O
but O
there O
is O
also O
an O
inflexion O
point O
where O
further B-Cause
cost-cutting I-Cause
will O
result O
in O
damage B-Effect
to I-Effect
the I-Effect
franchise I-Effect
. O

We O
're O
expecting O
capital O
expenditure O
will O
be O
about O
$ O
2.5 O
billion O
in O
2021 O
, O
as B-Effect
Delta I-Effect
has I-Effect
deferred I-Effect
many I-Effect
of I-Effect
its I-Effect
orders I-Effect
from I-Effect
Airbus I-Effect
, I-Effect
and B-Effect
to I-Effect
average I-Effect
around I-Effect
$ I-Effect
3.8 I-Effect
billion I-Effect
over I-Effect
our I-Effect
forecast I-Effect
period I-Effect
. I-Effect

We O
suspect O
that O
if O
management B-Cause
were I-Cause
to I-Cause
turn I-Cause
off I-Cause
the I-Cause
acquisition I-Cause
spigot I-Cause
, O
ROICs B-Effect
might I-Effect
increase I-Effect
, O
but O
even O
modeling O
continued O
acquisitions O
, O
we O
project O
ROICs O
remaining O
at O
the O
midteen O
level O
throughout O
our O
five-year O
explicit O
forecast O
term O
, O
which O
is O
in O
line O
with O
historical O
numbers O
. O

Railroads O
occasionally O
build O
new O
spurs O
or O
restore O
abandoned O
lines O
, O
but O
we O
anticipate O
no B-Effect
new I-Effect
mainlines I-Effect
will I-Effect
be I-Effect
built I-Effect
, O
given O
the B-Cause
massive I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
. O

Additionally O
, O
customer B-Cause
reviews I-Cause
, I-Cause
product I-Cause
recommendations I-Cause
, I-Cause
and I-Cause
wish I-Cause
lists I-Cause
increase I-Cause
in I-Cause
relevance I-Cause
as O
more B-Effect
consumers I-Effect
and I-Effect
products I-Effect
are I-Effect
added I-Effect
to I-Effect
the I-Effect
Amazon I-Effect
platform I-Effect
, O
enhancing O
its O
network O
effect O
. O

Most B-Cause
tractors I-Cause
are I-Cause
compatible I-Cause
with I-Cause
different I-Cause
trailer I-Cause
platforms I-Cause
, O
making O
it O
possible O
for O
fleet B-Effect
owners I-Effect
to I-Effect
operate I-Effect
a I-Effect
diverse I-Effect
set I-Effect
of I-Effect
tractors I-Effect
. O

In O
research O
publishing O
and O
platforms O
( O
52 O
% O
of O
fiscal O
2020 O
revenue O
) O
, O
we O
expect O
tight B-Cause
library I-Cause
budgets I-Cause
to O
limit O
revenue B-Effect
growth I-Effect
, O
despite O
expansion O
from O
open O
access O
arrangements O
. O

The O
large O
amount O
of O
domestic O
natural O
gas O
production O
from O
the O
XTO O
acquisition O
dragged B-Cause
on I-Cause
returns I-Cause
in I-Cause
the I-Cause
last I-Cause
five I-Cause
years I-Cause
, O
contributing B-Effect
to I-Effect
U.S I-Effect
. O

With O
significant B-Cause
volumes I-Cause
of I-Cause
its I-Cause
interior I-Cause
ranges I-Cause
being I-Cause
distributed I-Cause
via I-Cause
the I-Cause
home I-Cause
improvement I-Cause
retailers I-Cause
, O
there B-Effect
exists I-Effect
better I-Effect
visibility I-Effect
of I-Effect
its I-Effect
relative I-Effect
pricing I-Effect
position I-Effect
. O

As O
next-generation B-Cause
aircraft I-Cause
gradually I-Cause
replace I-Cause
legacy I-Cause
models I-Cause
across I-Cause
the I-Cause
global I-Cause
fleet I-Cause
, O
we O
expect O
Howmet B-Effect
's I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
to I-Effect
grow I-Effect
materially I-Effect
. O

To O
illustrate O
, O
Airbnb B-Effect
's I-Effect
take I-Effect
rate I-Effect
has I-Effect
increased I-Effect
steadily I-Effect
each I-Effect
year I-Effect
to I-Effect
12.7 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
from I-Effect
11.4 I-Effect
% I-Effect
in I-Effect
2014 I-Effect
, O
indicating O
that O
both B-Cause
hosts I-Cause
and I-Cause
guests I-Cause
are I-Cause
finding I-Cause
value I-Cause
in I-Cause
its I-Cause
platform I-Cause
. O

It O
is O
unlikely O
that O
Cummins B-Effect
will I-Effect
ever I-Effect
develop I-Effect
a I-Effect
meaningful I-Effect
competitive I-Effect
advantage I-Effect
in O
battery O
technology O
given O
that O
myriad B-Cause
companies I-Cause
and I-Cause
academic I-Cause
institutions I-Cause
have I-Cause
existing I-Cause
development I-Cause
efforts I-Cause
seeking O
to O
improve O
battery O
performance O
. O

Wells B-Effect
Fargo I-Effect
's I-Effect
operating I-Effect
efficiency I-Effect
has I-Effect
generally I-Effect
been I-Effect
close I-Effect
to I-Effect
or I-Effect
better I-Effect
than I-Effect
peers I-Effect
in I-Effect
most I-Effect
years I-Effect
, I-Effect
however I-Effect
this I-Effect
has I-Effect
admittedly I-Effect
changed I-Effect
in I-Effect
recent I-Effect
years I-Effect
given O
extra B-Cause
expenses I-Cause
associated I-Cause
with I-Cause
the I-Cause
bank I-Cause
's I-Cause
regulatory I-Cause
issues I-Cause
. O

And O
, O
given O
that O
West O
's O
larger O
customers O
could O
use O
their O
size O
in O
pricing O
negotiations O
, O
increased B-Cause
scrutiny I-Cause
of I-Cause
materials I-Cause
and I-Cause
production I-Cause
costs I-Cause
could O
put O
downward O
pressure O
on O
West O
's O
ability O
to O
increase O
price O
and O
lead O
to O
lower B-Effect
demand I-Effect
for I-Effect
higher-value I-Effect
, I-Effect
higher-margin I-Effect
services I-Effect
like I-Effect
NovaPure I-Effect
. O

We O
're O
anticipating O
relatively O
stable B-Effect
margins I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
, O
as O
we O
anticipate O
the B-Cause
divestiture I-Cause
of I-Cause
the I-Cause
IT I-Cause
services I-Cause
business I-Cause
will I-Cause
structurally I-Cause
improve I-Cause
margins I-Cause
but O
that O
this B-Effect
impact I-Effect
will O
be O
partially O
offset O
by O
increased B-Cause
low-margin I-Cause
development I-Cause
programs I-Cause
within I-Cause
the I-Cause
sales I-Cause
mix I-Cause
. O

After O
asset O
sales O
and O
multiple O
distribution O
cuts O
, O
Plains O
addressed O
its B-Effect
too-high I-Effect
leverage I-Effect
as O
a O
result O
of O
its B-Cause
misread I-Cause
of I-Cause
the I-Cause
supply I-Cause
and I-Cause
logistics I-Cause
segment I-Cause
in I-Cause
the I-Cause
past I-Cause
. O

With O
respect O
to O
client O
geographies O
, O
we B-Effect
see I-Effect
management I-Effect
's I-Effect
recent I-Effect
acquisitions I-Effect
in I-Effect
Europe I-Effect
as I-Effect
a I-Effect
leading I-Effect
indicator I-Effect
of I-Effect
more I-Effect
revenue I-Effect
coming I-Effect
in I-Effect
from I-Effect
European I-Effect
markets I-Effect
as O
the B-Cause
company I-Cause
's I-Cause
acquisitions I-Cause
provide I-Cause
additional I-Cause
clientele I-Cause
, I-Cause
cost I-Cause
savings I-Cause
, I-Cause
and I-Cause
growth I-Cause
opportunities I-Cause
. O

HP O
's O
contractual O
managed O
print O
services O
, O
in O
additional O
to O
focusing O
on O
graphics O
, O
A3 O
, O
and O
3D O
printers O
are O
moves O
in O
the O
correct O
direction O
, O
but O
the O
overarching B-Cause
trend I-Cause
of I-Cause
lower I-Cause
printing I-Cause
demand I-Cause
should O
stymie B-Effect
revenue I-Effect
growth I-Effect
within I-Effect
printing I-Effect
, O
in O
our O
view O
. O

For O
customers O
, O
switching B-Cause
to I-Cause
an I-Cause
alternative I-Cause
product I-Cause
poses I-Cause
significant I-Cause
risk I-Cause
to I-Cause
their I-Cause
operations I-Cause
, O
with O
the B-Effect
potential I-Effect
for I-Effect
disruptions I-Effect
from I-Effect
machine I-Effect
failures I-Effect
and I-Effect
long I-Effect
lead I-Effect
times I-Effect
to I-Effect
service I-Effect
equipment I-Effect
. O

Because O
of O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
content I-Cause
, O
margins B-Effect
in I-Effect
the I-Effect
television I-Effect
business I-Effect
are I-Effect
far I-Effect
inferior I-Effect
to I-Effect
the I-Effect
rest I-Effect
of I-Effect
Altice I-Effect
USA I-Effect
's I-Effect
business I-Effect
. O

We O
believe O
RingCentral B-Effect
benefits I-Effect
from I-Effect
robust I-Effect
switching I-Effect
costs I-Effect
, O
as O
shown B-Cause
by I-Cause
the I-Cause
growing I-Cause
importance I-Cause
of I-Cause
UCaaS I-Cause
in I-Cause
business I-Cause
communications I-Cause
( I-Cause
exacerbated I-Cause
by I-Cause
COVID-19 I-Cause
) I-Cause
, I-Cause
a I-Cause
strong I-Cause
recurring I-Cause
revenue I-Cause
stream I-Cause
, I-Cause
and I-Cause
solid I-Cause
user I-Cause
metrics I-Cause
. O

If O
herd B-Cause
supply I-Cause
is I-Cause
insufficient I-Cause
, O
cattle/hog B-Effect
prices I-Effect
can I-Effect
inflate I-Effect
to I-Effect
a I-Effect
greater I-Effect
degree I-Effect
than I-Effect
Tyson I-Effect
's I-Effect
customers I-Effect
can I-Effect
absorb I-Effect
, I-Effect
and I-Effect
Tyson I-Effect
may I-Effect
be I-Effect
forced I-Effect
to I-Effect
accept I-Effect
a I-Effect
lower I-Effect
margin I-Effect
to I-Effect
generate I-Effect
revenue I-Effect
. O

In O
light O
of O
this B-Cause
increasing I-Cause
domestic I-Cause
pressure I-Cause
, O
Align B-Effect
has I-Effect
expanded I-Effect
its I-Effect
market I-Effect
efforts I-Effect
to I-Effect
new I-Effect
markets I-Effect
( O
outside O
of O
North O
America O
) O
in O
addition O
to O
direct B-Effect
marketing I-Effect
of I-Effect
generalists I-Effect
( I-Effect
dentists I-Effect
) I-Effect
and I-Effect
consumers I-Effect
. O

The O
strength B-Cause
of I-Cause
its I-Cause
brand I-Cause
and I-Cause
extensive I-Cause
dealer I-Cause
network I-Cause
has O
solidified B-Effect
Caterpillar I-Effect
as I-Effect
the I-Effect
market I-Effect
leader I-Effect
for I-Effect
heavy I-Effect
machinery I-Effect
equipment I-Effect
. O

We O
also O
see O
the B-Cause
company I-Cause
as I-Cause
among I-Cause
the I-Cause
most I-Cause
negatively I-Cause
affected I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
within I-Cause
our I-Cause
software I-Cause
coverage I-Cause
, O
so O
as B-Effect
the I-Effect
world I-Effect
returns I-Effect
to I-Effect
normal I-Effect
, I-Effect
Blackbaud I-Effect
should I-Effect
benefit I-Effect
. O

In O
2018 O
, O
a B-Cause
9 I-Cause
% I-Cause
price I-Cause
increase I-Cause
led O
to O
an B-Effect
11 I-Effect
% I-Effect
volume I-Effect
decline I-Effect
in I-Effect
foodservice I-Effect
, O
and O
a B-Cause
3 I-Cause
% I-Cause
price I-Cause
increase I-Cause
resulted O
in O
a B-Effect
3 I-Effect
% I-Effect
drop I-Effect
in I-Effect
volume I-Effect
in I-Effect
the I-Effect
international I-Effect
segment I-Effect
. O

Through O
service B-Cause
contracts I-Cause
, O
customers B-Cause
indirectly I-Cause
have I-Cause
access I-Cause
to I-Cause
this I-Cause
database I-Cause
that O
can O
greatly B-Cause
accelerate I-Cause
the I-Cause
time I-Cause
it I-Cause
takes I-Cause
to I-Cause
solve I-Cause
issues I-Cause
in I-Cause
their I-Cause
process I-Cause
flow I-Cause
, O
thus O
reducing B-Effect
tool I-Effect
down I-Effect
time I-Effect
and I-Effect
improving I-Effect
yields I-Effect
. O

In O
the O
long O
run O
, O
we O
believe O
that O
Nordson B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
deliver I-Effect
profitable I-Effect
growth I-Effect
driven O
by O
opportunities B-Cause
in I-Cause
the I-Cause
medical I-Cause
and I-Cause
electronics I-Cause
end I-Cause
markets I-Cause
, O
as O
new B-Cause
technologies I-Cause
drive I-Cause
demand I-Cause
for I-Cause
the I-Cause
firm I-Cause
's I-Cause
dispensing I-Cause
solutions I-Cause
. O

However O
, O
given O
that O
the O
bauxite O
mining O
and O
alumina O
refining O
cost O
curves O
are O
very O
flat O
, O
we O
'd O
only O
consider O
the B-Cause
companies I-Cause
with I-Cause
the I-Cause
very I-Cause
lowest I-Cause
unit I-Cause
costs O
to O
have B-Effect
a I-Effect
durable I-Effect
cost I-Effect
advantage I-Effect
. O

In B-Cause
the I-Cause
middle I-Cause
of I-Cause
the I-Cause
2000s I-Cause
, I-Cause
Imax I-Cause
reinvented I-Cause
itself I-Cause
by I-Cause
embracing I-Cause
the I-Cause
digital I-Cause
video I-Cause
revolution I-Cause
, O
allowing B-Effect
the I-Effect
firm I-Effect
to I-Effect
digitally I-Effect
remaster I-Effect
blockbuster I-Effect
films I-Effect
into I-Effect
its I-Effect
proprietary I-Effect
large-screen I-Effect
format I-Effect
. O

In O
particular O
, O
we O
believe O
Pascua-Lama B-Effect
entails I-Effect
a I-Effect
significant I-Effect
amount I-Effect
of I-Effect
risk I-Effect
, O
given O
the B-Cause
cross-border I-Cause
position I-Cause
of I-Cause
the I-Cause
ore I-Cause
and I-Cause
operations I-Cause
, I-Cause
the I-Cause
high I-Cause
altitude I-Cause
in I-Cause
the I-Cause
Andes I-Cause
, I-Cause
and I-Cause
the I-Cause
delays I-Cause
and I-Cause
capital I-Cause
cost I-Cause
inflation I-Cause
already I-Cause
experienced I-Cause
since I-Cause
the I-Cause
project I-Cause
first I-Cause
entered I-Cause
the I-Cause
pipeline I-Cause
. O

From O
a O
division O
perspective O
, O
we O
forecast O
price/mix O
contributing O
the O
preponderance O
of O
revenue O
growth O
except O
in O
Asia O
and O
Africa O
, O
where O
we O
expect O
more B-Effect
unit I-Effect
growth I-Effect
as O
lower B-Cause
per I-Cause
capita I-Cause
consumption I-Cause
and I-Cause
recent I-Cause
acquisitions I-Cause
( I-Cause
like I-Cause
Pioneer I-Cause
) I-Cause
support I-Cause
volume I-Cause
gains I-Cause
. O

Disney O
uses O
the B-Cause
success I-Cause
of I-Cause
its I-Cause
filmed I-Cause
entertainment I-Cause
not O
only O
to B-Effect
drive I-Effect
Disney+ I-Effect
subscriptions I-Effect
, O
but O
also O
to B-Effect
create I-Effect
new I-Effect
experiences I-Effect
at I-Effect
its I-Effect
parks I-Effect
and I-Effect
resorts I-Effect
, I-Effect
merchandising I-Effect
, I-Effect
TV I-Effect
programming I-Effect
, I-Effect
and I-Effect
even I-Effect
Broadway I-Effect
shows I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
franchises I-Cause
have I-Cause
a I-Cause
dedicated I-Cause
user I-Cause
base I-Cause
, O
providing O
Take-Two B-Cause
with I-Cause
the I-Cause
leverage I-Cause
to I-Cause
push I-Cause
more I-Cause
of I-Cause
its I-Cause
games I-Cause
via I-Cause
direct I-Cause
digital I-Cause
channels I-Cause
, O
thus O
bypassing B-Effect
retailers I-Effect
, I-Effect
generating I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
, I-Effect
and I-Effect
improving I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

However O
, O
in B-Cause
the I-Cause
longer I-Cause
term I-Cause
, I-Cause
electric I-Cause
vehicles I-Cause
are I-Cause
likely I-Cause
to I-Cause
satisfy I-Cause
a I-Cause
greater I-Cause
share I-Cause
of I-Cause
demand I-Cause
for I-Cause
vehicles I-Cause
, O
weighing B-Effect
on I-Effect
demand I-Effect
for I-Effect
platinum I-Effect
and I-Effect
palladium I-Effect
for I-Effect
catalytic I-Effect
converters I-Effect
. O

Given O
the B-Cause
short-cycle I-Cause
nature I-Cause
of I-Cause
its I-Cause
business I-Cause
, O
visibility B-Effect
is I-Effect
low I-Effect
in I-Effect
comparison I-Effect
with I-Effect
the I-Effect
larger I-Effect
backlog I-Effect
other I-Effect
peers I-Effect
enjoy I-Effect
, O
though O
Rockwell O
's O
backlog O
grew O
20 O
% O
year O
over O
year O
in O
the O
fiscal O
first O
quarter O
and O
its O
order O
book O
was O
strong O
. O

Mattel B-Cause
's I-Cause
digital I-Cause
plan I-Cause
, I-Cause
which I-Cause
has I-Cause
focused I-Cause
on I-Cause
strategic I-Cause
relationships I-Cause
with I-Cause
Google I-Cause
, I-Cause
Alibaba I-Cause
, I-Cause
and I-Cause
others I-Cause
, O
should O
help O
brand B-Effect
visibility I-Effect
, I-Effect
potentially I-Effect
stemming I-Effect
losses I-Effect
to I-Effect
other I-Effect
digital I-Effect
toy I-Effect
peers I-Effect
. O

Considering O
the B-Cause
vast I-Cause
amounts I-Cause
of I-Cause
sensitive I-Cause
data I-Cause
stored I-Cause
in I-Cause
its I-Cause
servers I-Cause
, O
the O
greatest O
risk O
is O
VeriSign B-Effect
's I-Effect
exposure I-Effect
to I-Effect
data I-Effect
breaches I-Effect
. O

We B-Cause
expect I-Cause
a I-Cause
COVID-19 I-Cause
vaccine I-Cause
will I-Cause
become I-Cause
widely I-Cause
available I-Cause
in I-Cause
2021 I-Cause
, O
which O
should O
return B-Effect
US I-Effect
Foods I-Effect
' I-Effect
organic I-Effect
sales I-Effect
to I-Effect
prepandemic I-Effect
levels I-Effect
by I-Effect
2022 I-Effect
, I-Effect
with I-Effect
long-term I-Effect
opportunities I-Effect
remaining I-Effect
intact I-Effect
. O

ResMed B-Cause
is I-Cause
taking I-Cause
a I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
smart I-Cause
devices I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
and I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
big I-Cause
data I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
approach I-Cause
to B-Effect
further I-Effect
entrench I-Effect
itself I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
two I-Effect
leading I-Effect
players I-Effect
in I-Effect
the I-Effect
global I-Effect
sleep I-Effect
apnea I-Effect
market I-Effect
. O

We O
admit O
this O
has O
begun O
to O
change O
as O
a O
result O
of O
COVID-19 B-Cause
, O
with O
sales B-Effect
split I-Effect
more I-Effect
evenly I-Effect
between I-Effect
physical I-Effect
and I-Effect
digital I-Effect
in I-Effect
the I-Effect
period I-Effect
, O
a B-Effect
shift I-Effect
that I-Effect
should I-Effect
remain I-Effect
persistent I-Effect
given O
expected B-Cause
store I-Cause
closures I-Cause
. O

In O
many O
cases O
, O
this O
means O
an B-Cause
exchange I-Cause
can I-Cause
create I-Cause
ancillary I-Cause
products I-Cause
to O
capitalize B-Effect
on I-Effect
strength I-Effect
within I-Effect
a I-Effect
particular I-Effect
asset I-Effect
class I-Effect
. O

With O
thousands B-Cause
of I-Cause
partners I-Cause
, I-Cause
including I-Cause
Avaya I-Cause
and I-Cause
AT I-Cause
& I-Cause
T I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
expand I-Effect
within I-Effect
the I-Effect
enterprise I-Effect
and I-Effect
international I-Effect
markets I-Effect
over I-Effect
time I-Effect
. O

We B-Effect
assign I-Effect
Pinterest I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
given O
fierce O
competition B-Cause
in I-Cause
the I-Cause
rapidly I-Cause
changing I-Cause
e-commerce I-Cause
and I-Cause
social I-Cause
media I-Cause
landscape I-Cause
. O

In O
organic O
terms O
, O
we O
expect O
the B-Effect
firm I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-single-digit I-Effect
rate I-Effect
, O
driven O
mainly O
by O
positive B-Cause
developments I-Cause
in I-Cause
Bangladesh I-Cause
. O

These B-Cause
facets I-Cause
enhance I-Cause
switching I-Cause
costs I-Cause
, O
as O
these B-Effect
increasingly I-Effect
customized I-Effect
solutions I-Effect
help I-Effect
improve I-Effect
operational I-Effect
efficiency I-Effect
, I-Effect
support I-Effect
employee I-Effect
productivity I-Effect
, I-Effect
and I-Effect
lead I-Effect
to I-Effect
higher I-Effect
customer I-Effect
satisfaction I-Effect
. O

Turbulent B-Cause
energy I-Cause
markets I-Cause
and I-Cause
excessive I-Cause
leverage I-Cause
led O
EFH B-Effect
into I-Effect
bankruptcy I-Effect
just O
seven B-Cause
years I-Cause
after I-Cause
several I-Cause
high-profile I-Cause
investors I-Cause
closed I-Cause
a I-Cause
$ I-Cause
45 I-Cause
billion I-Cause
leveraged I-Cause
buyout I-Cause
, O
the O
largest O
ever O
at O
the O
time O
. O

With B-Cause
the I-Cause
firm I-Cause
introducing I-Cause
new I-Cause
technology I-Cause
and I-Cause
aiming I-Cause
to I-Cause
become I-Cause
even I-Cause
more I-Cause
efficient I-Cause
, I-Cause
we I-Cause
believe I-Cause
margins I-Cause
could I-Cause
improve I-Cause
further I-Cause
, O
which O
bolsters B-Effect
our I-Effect
confidence I-Effect
in I-Effect
Baxter I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
in I-Effect
the I-Effect
Medical I-Effect
Instruments I-Effect
& I-Effect
Supplieslong I-Effect
run I-Effect
. O

Five B-Cause
Below I-Cause
stocks I-Cause
only I-Cause
about I-Cause
4,000 I-Cause
items I-Cause
per I-Cause
store I-Cause
, I-Cause
versus I-Cause
over I-Cause
7,000 I-Cause
at I-Cause
Dollar I-Cause
Tree I-Cause
( I-Cause
both I-Cause
chains I-Cause
' I-Cause
locations I-Cause
average I-Cause
roughly I-Cause
8,500 I-Cause
square I-Cause
feet I-Cause
in I-Cause
size I-Cause
) I-Cause
. O
This O
approach O
allows O
it B-Effect
to I-Effect
order I-Effect
in I-Effect
a I-Effect
size I-Effect
not I-Effect
otherwise I-Effect
befitting I-Effect
a I-Effect
chain I-Effect
of I-Effect
only I-Effect
1,020 I-Effect
stores I-Effect
( I-Effect
as I-Effect
of I-Effect
the I-Effect
end I-Effect
of I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
. O

As O
Burlington B-Cause
opens I-Cause
new I-Cause
, I-Cause
smaller-format I-Cause
stores I-Cause
( I-Cause
management I-Cause
plans I-Cause
to I-Cause
move I-Cause
to I-Cause
a I-Cause
25,000 I-Cause
square I-Cause
foot I-Cause
target I-Cause
for I-Cause
new I-Cause
units I-Cause
by I-Cause
2022 I-Cause
) I-Cause
and I-Cause
relocates I-Cause
existing I-Cause
locations I-Cause
into I-Cause
more I-Cause
optimal I-Cause
properties I-Cause
, O
we B-Effect
anticipate I-Effect
its I-Effect
economics I-Effect
should I-Effect
improve I-Effect
while I-Effect
customers I-Effect
enjoy I-Effect
a I-Effect
more I-Effect
focused I-Effect
store I-Effect
experience I-Effect
. O

HollyFrontier B-Effect
's I-Effect
primary I-Effect
ESG I-Effect
risk I-Effect
is O
the B-Cause
implantation I-Cause
of I-Cause
a I-Cause
carbon I-Cause
tax I-Cause
on I-Cause
the I-Cause
emissions I-Cause
associated I-Cause
with I-Cause
its I-Cause
operations I-Cause
and I-Cause
products I-Cause
. O

Donaldson B-Effect
faces I-Effect
headwinds I-Effect
in I-Effect
the I-Effect
gas I-Effect
turbine I-Effect
and I-Effect
disk I-Effect
drive I-Effect
end I-Effect
markets I-Effect
( I-Effect
each I-Effect
accounting I-Effect
for I-Effect
4 I-Effect
% I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2018 I-Effect
) I-Effect
, O
as O
the B-Cause
former I-Cause
has I-Cause
been I-Cause
in I-Cause
a I-Cause
downward I-Cause
cycle I-Cause
and I-Cause
the I-Cause
latter I-Cause
is I-Cause
in I-Cause
secular I-Cause
decline I-Cause
. O

Also O
, O
Hanesbrands B-Effect
has I-Effect
expanded I-Effect
its I-Effect
international I-Effect
business I-Effect
through O
acquisitions B-Cause
and O
reduced B-Effect
its I-Effect
dependence I-Effect
on I-Effect
mass I-Effect
market I-Effect
innerwear I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. I-Effect

The B-Cause
bank I-Cause
is I-Cause
also I-Cause
small I-Cause
enough I-Cause
to O
avoid B-Effect
the I-Effect
Federal I-Effect
Reserve I-Effect
's I-Effect
annual I-Effect
CCAR I-Effect
and I-Effect
DFAST I-Effect
exams I-Effect
, O
and O
the B-Effect
bank I-Effect
is I-Effect
also I-Effect
not I-Effect
subject I-Effect
to I-Effect
any I-Effect
of I-Effect
the I-Effect
LCR I-Effect
or I-Effect
modified I-Effect
LCR I-Effect
requirements I-Effect
. O

Synchrony B-Effect
's I-Effect
net I-Effect
interest I-Effect
margins I-Effect
were I-Effect
affected I-Effect
by I-Effect
increased I-Effect
liquidity I-Effect
as O
credit B-Cause
card I-Cause
receivables I-Cause
made I-Cause
up I-Cause
a I-Cause
smaller I-Cause
portion I-Cause
of I-Cause
their I-Cause
asset I-Cause
base I-Cause
after I-Cause
declining I-Cause
sharply I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
2020 I-Cause
. O

Online B-Effect
education I-Effect
firms I-Effect
including I-Effect
Youdao I-Effect
were I-Effect
warned I-Effect
for O
aggressive B-Cause
promotions I-Cause
and I-Cause
sales I-Cause
so I-Cause
far I-Cause
in I-Cause
advance I-Cause
, I-Cause
excessive I-Cause
discounting I-Cause
, I-Cause
classes I-Cause
after I-Cause
9pm I-Cause
etc I-Cause
. O

Contractual B-Effect
service I-Effect
offerings I-Effect
like I-Effect
HP I-Effect
's I-Effect
DaaS I-Effect
are I-Effect
alluring I-Effect
to I-Effect
businesses I-Effect
since O
IT B-Cause
teams I-Cause
can I-Cause
offload I-Cause
hardware I-Cause
management I-Cause
, I-Cause
receive I-Cause
analytics I-Cause
to I-Cause
proactively I-Cause
mitigate I-Cause
computer I-Cause
issues I-Cause
, I-Cause
and I-Cause
pay I-Cause
monthly I-Cause
instead I-Cause
of I-Cause
facing I-Cause
unpredictable I-Cause
large I-Cause
capital I-Cause
expenditures I-Cause
. O

The B-Cause
armies I-Cause
of I-Cause
specialized I-Cause
engineers I-Cause
employed I-Cause
at I-Cause
these I-Cause
two I-Cause
firms I-Cause
play I-Cause
a I-Cause
key I-Cause
role I-Cause
in I-Cause
turning I-Cause
customer-specific I-Cause
computer I-Cause
code I-Cause
into I-Cause
a I-Cause
functional I-Cause
FPGA I-Cause
, I-Cause
as I-Cause
their I-Cause
extensive I-Cause
experience I-Cause
ca I-Cause
n't I-Cause
be I-Cause
easily I-Cause
replicated I-Cause
at I-Cause
FPGA I-Cause
startups. O
As O
a O
result O
, O
we B-Effect
view I-Effect
Xilinx I-Effect
as I-Effect
being I-Effect
able I-Effect
to I-Effect
sustain I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

The O
bank O
is O
one O
of O
the O
top O
issuers O
of O
credit O
and O
debit O
cards O
, O
where O
many B-Cause
of I-Cause
the I-Cause
costs I-Cause
of I-Cause
running I-Cause
a I-Cause
payments I-Cause
platform I-Cause
are I-Cause
fixed I-Cause
and I-Cause
high I-Cause
in I-Cause
nature I-Cause
, O
leading O
to O
the B-Effect
need I-Effect
for I-Effect
scale I-Effect
. O

Following O
third-quarter O
results O
, O
we B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Norfolk I-Effect
Southern I-Effect
slightly I-Effect
, I-Effect
to I-Effect
$ I-Effect
179 I-Effect
per I-Effect
share I-Effect
( I-Effect
from I-Effect
$ I-Effect
177 I-Effect
) I-Effect
due O
to O
increasing B-Cause
our I-Cause
near-term I-Cause
margin I-Cause
forecasts I-Cause
on I-Cause
account I-Cause
of I-Cause
recent I-Cause
impressive I-Cause
performance I-Cause
. O

The O
high-growth O
period O
of O
China O
's O
export O
boom O
is O
probably O
over O
, O
and O
cost B-Cause
inflation I-Cause
and I-Cause
currency I-Cause
appreciation I-Cause
are O
shaving O
away O
the B-Effect
competitive I-Effect
advantages I-Effect
that I-Effect
Chinese I-Effect
manufacturers I-Effect
once I-Effect
enjoyed I-Effect
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
creates O
omnipresent B-Effect
ESG I-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
harm I-Effect
, O
in O
our O
view O
. O

Icon B-Effect
's I-Effect
adjusted I-Effect
ROICs I-Effect
are I-Effect
projected I-Effect
to I-Effect
be I-Effect
slightly I-Effect
below I-Effect
the I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
in I-Effect
2022 I-Effect
and I-Effect
2023 I-Effect
, O
but O
this B-Cause
is I-Cause
due I-Cause
to I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
$ I-Cause
12 I-Cause
billion I-Cause
acquisition I-Cause
of I-Cause
PRA I-Cause
Health I-Cause
. O

More B-Effect
recently I-Effect
, I-Effect
industry I-Effect
VIP I-Effect
gaming I-Effect
revenue I-Effect
dropped I-Effect
a I-Effect
high-teens I-Effect
percentage I-Effect
in I-Effect
2019 I-Effect
, O
due B-Cause
to I-Cause
uncertainty I-Cause
from I-Cause
trade I-Cause
tariff I-Cause
discussions I-Cause
between I-Cause
the I-Cause
U.S I-Cause
. O

We O
think O
Eylea B-Effect
could I-Effect
see I-Effect
worldwide I-Effect
peak I-Effect
sales I-Effect
of I-Effect
$ I-Effect
8 I-Effect
billion I-Effect
should O
it B-Cause
continue I-Cause
growing I-Cause
in I-Cause
international I-Cause
markets I-Cause
, O
despite O
slower O
U.S O
. O

The B-Cause
proposed I-Cause
Northern I-Cause
Gateway I-Cause
crude I-Cause
pipeline I-Cause
's I-Cause
approval I-Cause
was I-Cause
overturned I-Cause
by I-Cause
a I-Cause
federal I-Cause
court I-Cause
, O
affecting O
Enbridge B-Effect
's I-Effect
ability I-Effect
to I-Effect
develop I-Effect
new I-Effect
major I-Effect
crude I-Effect
pipeline I-Effect
projects I-Effect
. O

Factors O
threatening O
Magna B-Effect
's I-Effect
success I-Effect
include O
global B-Cause
economic I-Cause
uncertainty I-Cause
, I-Cause
significant I-Cause
reliance I-Cause
on I-Cause
the I-Cause
Detroit I-Cause
Three I-Cause
( I-Cause
43 I-Cause
% I-Cause
of I-Cause
total I-Cause
2018 I-Cause
revenue I-Cause
) I-Cause
, I-Cause
limited I-Cause
exposure I-Cause
in I-Cause
developing I-Cause
markets I-Cause
, I-Cause
and I-Cause
raw I-Cause
material I-Cause
cost I-Cause
volatility I-Cause
. O

The B-Cause
COVID-19 I-Cause
crisis I-Cause
has O
forced B-Effect
the I-Effect
company I-Effect
to I-Effect
restrict I-Effect
customer I-Effect
counts I-Effect
in I-Effect
its I-Effect
stores I-Effect
and I-Effect
has I-Effect
impacted I-Effect
the I-Effect
global I-Effect
economy I-Effect
. O

In O
our O
base-case O
scenario O
, O
we B-Effect
project I-Effect
operating I-Effect
margins I-Effect
expanding I-Effect
by I-Effect
roughly I-Effect
250 I-Effect
basis I-Effect
points I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
( I-Effect
from I-Effect
25.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
approximately I-Effect
28 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
) I-Effect
, O
as O
we B-Cause
think I-Cause
the I-Cause
company I-Cause
can I-Cause
leverage I-Cause
higher I-Cause
volume I-Cause
to I-Cause
drive I-Cause
increased I-Cause
profitability I-Cause
. O

With B-Cause
no I-Cause
meaningful I-Cause
debt I-Cause
maturities I-Cause
until I-Cause
2024 I-Cause
, I-Cause
greater I-Cause
flexibility I-Cause
under I-Cause
its I-Cause
revolving I-Cause
credit I-Cause
facility I-Cause
( I-Cause
access I-Cause
to I-Cause
$ I-Cause
175 I-Cause
million I-Cause
) I-Cause
, I-Cause
and I-Cause
a I-Cause
cash I-Cause
balance I-Cause
of I-Cause
$ I-Cause
133 I-Cause
million I-Cause
at I-Cause
March I-Cause
we B-Effect
believe I-Effect
WW I-Effect
has I-Effect
the I-Effect
financial I-Effect
foundation I-Effect
to I-Effect
a I-Effect
pursue I-Effect
its I-Effect
digital I-Effect
evolution I-Effect
and I-Effect
transform I-Effect
its I-Effect
physical I-Effect
studio I-Effect
footprint I-Effect
. O

We B-Effect
view I-Effect
the I-Effect
trend I-Effect
of I-Effect
companies I-Effect
increasing I-Effect
their I-Effect
SaaS I-Effect
applications I-Effect
and I-Effect
cloud-based I-Effect
workloads I-Effect
as I-Effect
a I-Effect
boon I-Effect
to I-Effect
Palo I-Effect
Alto I-Effect
, O
as O
traffic B-Cause
going I-Cause
between I-Cause
on-premises I-Cause
, I-Cause
various I-Cause
cloud I-Cause
vendors I-Cause
, I-Cause
and I-Cause
endpoints I-Cause
must I-Cause
remain I-Cause
secure I-Cause
. O

Earnings B-Effect
multiples I-Effect
are I-Effect
not I-Effect
meaningful I-Effect
for I-Effect
Spirit I-Effect
, O
as O
we O
anticipate O
two B-Cause
years I-Cause
of I-Cause
operating I-Cause
losses I-Cause
before O
the O
firm O
returns O
to O
profitability O
in O
2022 O
. O

We B-Effect
do I-Effect
not I-Effect
expect I-Effect
competition I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
a I-Effect
substitute I-Effect
for I-Effect
Facebook I-Effect
, O
as O
most B-Cause
consumers I-Cause
are I-Cause
users I-Cause
of I-Cause
more I-Cause
than I-Cause
one I-Cause
social I-Cause
network I-Cause
. O

While O
the O
original O
equipment O
manufacturers O
would O
likely O
find O
difficulty O
finding O
an O
alternative O
supplier O
, O
long-term O
agreements O
that O
set B-Cause
fixed I-Cause
prices I-Cause
and I-Cause
sometimes I-Cause
volume-based I-Cause
discounts I-Cause
govern I-Cause
the I-Cause
bulk I-Cause
of I-Cause
Spirit I-Cause
's I-Cause
revenue I-Cause
, O
so O
the B-Effect
firm I-Effect
can I-Effect
not I-Effect
effectively I-Effect
raise I-Effect
prices I-Effect
on I-Effect
customers I-Effect
. O

And O
we O
're O
encouraged O
management O
's O
rhetoric O
suggests O
a O
commitment O
to O
investing B-Cause
in I-Cause
product I-Cause
innovation I-Cause
( O
at O
the O
premium O
and O
lower-priced O
end O
of O
its O
range O
) O
to O
prompt O
consumers B-Effect
to I-Effect
stay I-Effect
within I-Effect
its I-Effect
brand I-Effect
pillars I-Effect
regardless O
of O
the O
economic O
climate O
. O

Kyocera B-Cause
's I-Cause
business I-Cause
is I-Cause
diversified I-Cause
, I-Cause
selling I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
products I-Cause
to I-Cause
various I-Cause
industries I-Cause
, I-Cause
such I-Cause
as I-Cause
automotive I-Cause
, I-Cause
semiconductors I-Cause
, I-Cause
telecommunication I-Cause
, I-Cause
printing I-Cause
, I-Cause
machinery I-Cause
, I-Cause
and I-Cause
housing. O
Thus O
, O
we B-Effect
think I-Effect
Kyocera I-Effect
's I-Effect
business I-Effect
portfolio I-Effect
can I-Effect
complement I-Effect
the I-Effect
cyclicality I-Effect
of I-Effect
some I-Effect
businesses I-Effect
, I-Effect
and I-Effect
in I-Effect
fact I-Effect
, I-Effect
Kyocera I-Effect
's I-Effect
operating I-Effect
margin I-Effect
has I-Effect
been I-Effect
relatively I-Effect
stable I-Effect
compared I-Effect
with I-Effect
those I-Effect
of I-Effect
its I-Effect
peers I-Effect
. O

As O
the B-Cause
company I-Cause
has I-Cause
time I-Cause
to I-Cause
integrate I-Cause
and I-Cause
digest I-Cause
the I-Cause
data I-Cause
from O
its O
recent O
acquisitions O
, O
we B-Effect
would I-Effect
not I-Effect
be I-Effect
surprised I-Effect
to I-Effect
see I-Effect
new I-Effect
smaller-format I-Effect
, I-Effect
digital/drive-thru/delivery-oriented I-Effect
McDonald I-Effect
's I-Effect
restaurant I-Effect
formats I-Effect
developed I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
( O
something O
management O
alluded O
to O
at O
its O
2020 O
investor O
day O
event O
) O
. O

Although O
Barrick O
has O
placed O
development O
projects O
at O
Pascua-Lama O
and O
Jabal O
Sayid O
on O
hold O
, O
we O
think O
the B-Effect
company I-Effect
would I-Effect
face I-Effect
meaningful I-Effect
project I-Effect
execution I-Effect
risk I-Effect
if O
and O
when O
it O
brings O
these B-Cause
projects I-Cause
back I-Cause
on I-Cause
line I-Cause
. O

We O
contend O
that O
the B-Cause
firm I-Cause
has I-Cause
maintained I-Cause
a I-Cause
good I-Cause
balance I-Cause
between I-Cause
scale I-Cause
and I-Cause
operational I-Cause
flexibility I-Cause
in I-Cause
launching I-Cause
new I-Cause
products I-Cause
, O
enabling O
it B-Effect
to I-Effect
adhere I-Effect
to I-Effect
local/regional/emerging I-Effect
taste I-Effect
preferences I-Effect
, I-Effect
effectively I-Effect
reducing I-Effect
the I-Effect
risk I-Effect
of I-Effect
consumer I-Effect
fatigue I-Effect
. O

Investigations B-Cause
into I-Cause
junkets I-Cause
over I-Cause
money-laundering I-Cause
and I-Cause
illicit I-Cause
money I-Cause
outflow I-Cause
led O
to O
more-stringent B-Effect
background I-Effect
checks I-Effect
, O
and O
a B-Cause
junket I-Cause
operator I-Cause
's I-Cause
disappearance I-Cause
with I-Cause
USD I-Cause
1.3 I-Cause
billion I-Cause
in I-Cause
April I-Cause
2014 I-Cause
weakened B-Effect
investor I-Effect
confidence I-Effect
in I-Effect
funding I-Effect
junket I-Effect
operations I-Effect
. O

We O
believe O
Autodesk O
is O
now O
significantly B-Effect
more I-Effect
immune I-Effect
to I-Effect
a I-Effect
downturn I-Effect
because O
of O
its O
subscription B-Cause
model I-Cause
, I-Cause
which I-Cause
, I-Cause
unlike I-Cause
its I-Cause
previous I-Cause
license I-Cause
and I-Cause
maintenance I-Cause
model I-Cause
, I-Cause
cuts I-Cause
off I-Cause
all I-Cause
access I-Cause
to I-Cause
the I-Cause
software I-Cause
when I-Cause
a I-Cause
customer I-Cause
goes I-Cause
off I-Cause
his I-Cause
or I-Cause
her I-Cause
subscription I-Cause
. O

As O
Diamondback B-Cause
has I-Cause
been I-Cause
active I-Cause
in I-Cause
the I-Cause
play I-Cause
since I-Cause
2007 I-Cause
, I-Cause
it I-Cause
had I-Cause
a I-Cause
head I-Cause
start I-Cause
when I-Cause
the I-Cause
industry I-Cause
finally I-Cause
started I-Cause
recognizing I-Cause
its I-Cause
full I-Cause
potential. O
This O
enabled O
the B-Effect
company I-Effect
to I-Effect
lock I-Effect
up I-Effect
a I-Effect
large I-Effect
part I-Effect
of I-Effect
its I-Effect
leasehold I-Effect
before I-Effect
the I-Effect
ensuing I-Effect
land I-Effect
grab I-Effect
pushed I-Effect
up I-Effect
prices I-Effect
. O

Beyond O
using O
the O
content O
on O
its O
own O
channels O
worldwide O
, O
Discovery B-Effect
can I-Effect
license I-Effect
the I-Effect
same I-Effect
shows I-Effect
to I-Effect
SVOD I-Effect
providers I-Effect
globally I-Effect
, O
as O
the B-Cause
company I-Cause
owns I-Cause
the I-Cause
digital I-Cause
rights I-Cause
to I-Cause
the I-Cause
majority I-Cause
of I-Cause
its I-Cause
content I-Cause
. O

We O
believe O
the B-Cause
strength I-Cause
of I-Cause
the I-Cause
Coach I-Cause
brand I-Cause
has O
made O
it B-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
luxury I-Effect
leather I-Effect
goods I-Effect
firms I-Effect
in I-Effect
the I-Effect
world I-Effect
in I-Effect
terms I-Effect
of I-Effect
units I-Effect
and I-Effect
revenue I-Effect
. O

Additionally O
, O
the B-Effect
customer I-Effect
could I-Effect
risk I-Effect
production I-Effect
delays I-Effect
from O
testing B-Cause
a I-Cause
new I-Cause
system I-Cause
or O
face B-Effect
the I-Effect
potential I-Effect
for I-Effect
disruption I-Effect
during I-Effect
production I-Effect
. O

With O
an B-Cause
aging I-Cause
product I-Cause
portfolio I-Cause
, O
Nissan B-Effect
has I-Effect
been I-Effect
reversing I-Effect
the I-Effect
previous I-Effect
strategy I-Effect
, I-Effect
renewing I-Effect
the I-Effect
product I-Effect
portfolio I-Effect
, I-Effect
reducing I-Effect
incentives I-Effect
, I-Effect
and I-Effect
cutting I-Effect
sales I-Effect
to I-Effect
daily I-Effect
rental I-Effect
car I-Effect
companies I-Effect
. O

We O
also O
think O
the B-Effect
threat I-Effect
of I-Effect
Tencent I-Effect
re-entering I-Effect
into I-Effect
the I-Effect
microblog I-Effect
business I-Effect
in I-Effect
a I-Effect
big I-Effect
way I-Effect
is I-Effect
limited I-Effect
, O
as O
Tencent B-Cause
strategically I-Cause
reduced I-Cause
its I-Cause
resources I-Cause
in I-Cause
noncore I-Cause
businesses I-Cause
such I-Cause
as I-Cause
microblogs I-Cause
, I-Cause
e-commerce I-Cause
, I-Cause
and I-Cause
search I-Cause
, I-Cause
and I-Cause
focused I-Cause
on I-Cause
QQ I-Cause
and I-Cause
WeChat I-Cause
. O

Also O
, O
earnings B-Cause
growth I-Cause
has I-Cause
stalled I-Cause
at I-Cause
CVS I-Cause
after I-Cause
the I-Cause
merger I-Cause
, O
and O
we O
suspect O
shares B-Effect
may I-Effect
be I-Effect
constrained I-Effect
until O
the O
company O
can O
accelerate O
earnings O
growth O
to O
double-digit O
levels O
that O
are O
more O
in O
line O
with O
its O
peers O
. O

Due O
to O
the B-Cause
critical I-Cause
nature I-Cause
of I-Cause
Amphenol I-Cause
's I-Cause
products I-Cause
, O
the B-Effect
reliability I-Effect
and I-Effect
lasting I-Effect
safety I-Effect
of I-Effect
these I-Effect
products I-Effect
is I-Effect
paramount I-Effect
, O
necessitating O
close O
collaboration O
between O
the O
local O
engineering O
team O
and O
the O
customer O
. O

We B-Effect
reduced I-Effect
our I-Effect
2021 I-Effect
delivery I-Effect
forecast I-Effect
to I-Effect
800,000 I-Effect
from I-Effect
950,000 I-Effect
as O
we O
expect O
the B-Cause
semiconductor I-Cause
shortage I-Cause
to I-Cause
slow I-Cause
Tesla I-Cause
's I-Cause
production I-Cause
. O

The B-Cause
company I-Cause
has I-Cause
significant I-Cause
customer I-Cause
concentration I-Cause
with I-Cause
Apple I-Cause
( I-Cause
56 I-Cause
% I-Cause
of I-Cause
fiscal I-Cause
2020 I-Cause
revenue I-Cause
) I-Cause
, O
and O
it B-Effect
would I-Effect
be I-Effect
a I-Effect
damaging I-Effect
blow I-Effect
to I-Effect
Skyworks I-Effect
if I-Effect
it I-Effect
were I-Effect
to I-Effect
ever I-Effect
miss I-Effect
out I-Effect
on I-Effect
a I-Effect
future I-Effect
iPhone I-Effect
design I-Effect
cycle I-Effect
. O

After O
a O
very O
strong O
2021 O
, O
in O
which O
consumers O
stayed O
home O
and O
stocked O
up O
on O
electronics O
, O
we O
think O
demand B-Effect
will I-Effect
be I-Effect
more I-Effect
rational I-Effect
in I-Effect
2022 I-Effect
as O
people B-Cause
find I-Cause
more I-Cause
avenues I-Cause
to I-Cause
spend I-Cause
excess I-Cause
income I-Cause
, O
though O
there O
may O
be O
some O
bumps O
from O
popular O
releases O
, O
such O
as O
the O
PS5 O
. O

We B-Effect
expect I-Effect
Movil I-Effect
's I-Effect
performance I-Effect
in I-Effect
Mexico I-Effect
will I-Effect
continue I-Effect
to I-Effect
improve I-Effect
thanks O
to O
the B-Cause
recent I-Cause
reduction I-Cause
in I-Cause
competitive I-Cause
intensity I-Cause
in I-Cause
the I-Cause
wireless I-Cause
business I-Cause
. O

Imaging O
devices B-Cause
play I-Cause
a I-Cause
critical I-Cause
role I-Cause
in I-Cause
early I-Cause
disease I-Cause
detection I-Cause
; O
therefore O
hospitals B-Effect
seek I-Effect
equipment I-Effect
suppliers I-Effect
with I-Effect
a I-Effect
track I-Effect
record I-Effect
and I-Effect
reputation I-Effect
for I-Effect
reliable I-Effect
and I-Effect
durable I-Effect
equipment I-Effect
. O

The B-Effect
warehouse I-Effect
setup I-Effect
maximizes I-Effect
efficiency I-Effect
by O
allowing B-Cause
Costco I-Cause
to I-Cause
stock I-Cause
large I-Cause
quantities I-Cause
of I-Cause
goods I-Cause
at I-Cause
their I-Cause
point I-Cause
of I-Cause
sale I-Cause
( I-Cause
often I-Cause
stacked I-Cause
on I-Cause
pallets I-Cause
) I-Cause
, I-Cause
reducing I-Cause
internal I-Cause
distribution I-Cause
costs I-Cause
. O

After O
a B-Effect
nearly I-Effect
12 I-Effect
% I-Effect
year-over-year I-Effect
sales I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
headwinds I-Cause
, O
we O
expect O
Lincoln O
Electric O
's O
sales O
to O
rebound O
and O
we O
forecast O
nearly O
8 O
% O
average O
annual O
organic O
revenue O
growth O
through O
2025 O
. O

The O
Brazilian O
economy O
is O
subject O
to O
economic B-Cause
and I-Cause
political I-Cause
risks I-Cause
that O
could O
lead O
to O
further B-Effect
currency I-Effect
weakness I-Effect
and I-Effect
a I-Effect
decline I-Effect
in I-Effect
personal I-Effect
discretionary I-Effect
income I-Effect
. O

Dick B-Effect
's I-Effect
has I-Effect
no I-Effect
production I-Effect
cost I-Effect
advantage I-Effect
as O
it O
sources B-Cause
its I-Cause
private-label I-Cause
merchandise I-Cause
from I-Cause
the I-Cause
same I-Cause
third-party I-Cause
manufacturers I-Cause
as I-Cause
other I-Cause
sporting I-Cause
goods I-Cause
retailers I-Cause
. O

The B-Cause
combination I-Cause
of I-Cause
WBAD I-Cause
, I-Cause
AmerisourceBergen I-Cause
, I-Cause
Prime I-Cause
and I-Cause
recent I-Cause
acquisition I-Cause
of I-Cause
Rite I-Cause
Aid I-Cause
stores I-Cause
manages I-Cause
roughly I-Cause
a I-Cause
third I-Cause
of I-Cause
generic I-Cause
drug I-Cause
volumes I-Cause
which O
is B-Effect
helpful I-Effect
in I-Effect
pricing I-Effect
negotiations I-Effect
and I-Effect
sourcing I-Effect
. O

It O
may O
be O
tough O
for O
Snap B-Cause
to I-Cause
add I-Cause
new I-Cause
users I-Cause
quickly I-Cause
and I-Cause
create I-Cause
large I-Cause
enough I-Cause
communities I-Cause
for I-Cause
advertisers I-Cause
to O
launch B-Effect
big I-Effect
campaigns I-Effect
consistently I-Effect
. O

Therefore O
, O
under B-Cause
the I-Cause
current I-Cause
extraction I-Cause
process I-Cause
, I-Cause
the I-Cause
combination I-Cause
of I-Cause
intensive I-Cause
capital I-Cause
requirements I-Cause
, I-Cause
high I-Cause
transportation I-Cause
costs I-Cause
, I-Cause
low I-Cause
price I-Cause
realizations I-Cause
, I-Cause
and I-Cause
delay I-Cause
in I-Cause
implementing I-Cause
solvent-aided I-Cause
production I-Cause
hampers O
Cenovus B-Effect
' I-Effect
ability I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
when I-Effect
we I-Effect
reach I-Effect
our I-Effect
midcycle I-Effect
price I-Effect
forecasts I-Effect
. O

Although O
Sony O
has O
improved O
its O
profitability O
by O
focusing O
on O
premium O
products O
, O
we O
think O
this B-Effect
is I-Effect
insufficient I-Effect
to I-Effect
generate I-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
, O
as O
the B-Cause
majority I-Cause
of I-Cause
consumer I-Cause
electronic I-Cause
products I-Cause
are I-Cause
matured I-Cause
and I-Cause
commoditized I-Cause
, I-Cause
making I-Cause
it I-Cause
difficult I-Cause
to I-Cause
develop I-Cause
switching I-Cause
costs I-Cause
. O

While O
Telus B-Effect
is I-Effect
now I-Effect
a I-Effect
much I-Effect
stronger I-Effect
competitor I-Effect
after O
having B-Cause
installed I-Cause
fiber I-Cause
over I-Cause
most I-Cause
of I-Cause
its I-Cause
network I-Cause
, O
the B-Effect
very I-Effect
high I-Effect
capital I-Effect
expenditures I-Effect
that I-Effect
were I-Effect
required I-Effect
to I-Effect
build I-Effect
out I-Effect
the I-Effect
fiber I-Effect
should I-Effect
help I-Effect
to I-Effect
support I-Effect
industry I-Effect
pricing I-Effect
and I-Effect
margins I-Effect
, O
as O
Telus B-Cause
needs I-Cause
to I-Cause
recoup I-Cause
its I-Cause
investment I-Cause
. O

While B-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
slowed B-Effect
Tommy I-Effect
Hilfiger I-Effect
's I-Effect
momentum I-Effect
in I-Effect
international I-Effect
territories I-Effect
( I-Effect
its I-Effect
2020 I-Effect
international I-Effect
revenue I-Effect
fell I-Effect
13 I-Effect
% I-Effect
) I-Effect
, O
we O
think O
it O
will O
be O
reclaimed O
. O

Operationally O
, O
Charter B-Effect
management I-Effect
has I-Effect
chosen I-Effect
to I-Effect
prioritize I-Effect
customer I-Effect
penetration I-Effect
over I-Effect
pricing I-Effect
, O
both B-Cause
to I-Cause
manage I-Cause
through I-Cause
the I-Cause
integration I-Cause
process I-Cause
and I-Cause
, I-Cause
more I-Cause
importantly I-Cause
, I-Cause
on I-Cause
the I-Cause
belief I-Cause
that I-Cause
higher I-Cause
penetration I-Cause
rates I-Cause
will I-Cause
maximize I-Cause
the I-Cause
long-term I-Cause
value I-Cause
of I-Cause
the I-Cause
firm I-Cause
. O

Travelers B-Effect
in I-Effect
China I-Effect
are I-Effect
attracted I-Effect
to I-Effect
Ctrip.com I-Effect
because O
of O
its B-Cause
massive I-Cause
inventory I-Cause
of I-Cause
hotel I-Cause
booking I-Cause
options I-Cause
, O
air O
, O
train O
and O
bus O
tickets O
, O
and O
packaged O
tour O
products O
. O

Should O
operating B-Cause
rates I-Cause
continue I-Cause
to I-Cause
fall I-Cause
, O
Silgan B-Effect
could I-Effect
pursue I-Effect
costly I-Effect
acquisitions I-Effect
in I-Effect
order I-Effect
to I-Effect
shutter I-Effect
capacity I-Effect
that I-Effect
competes I-Effect
with I-Effect
its I-Effect
own I-Effect
. O

Plains B-Cause
GP I-Cause
is I-Cause
a I-Cause
limited I-Cause
partnership I-Cause
that I-Cause
has I-Cause
elected I-Cause
to I-Cause
be I-Cause
taxed I-Cause
as I-Cause
a I-Cause
corporation I-Cause
and O
thus O
issues B-Effect
a I-Effect
1099 I-Effect
and O
has B-Cause
deferred I-Cause
tax I-Cause
assets I-Cause
that O
allow O
it O
to O
prolong B-Effect
paying I-Effect
U.S I-Effect
. O

We O
believe O
the O
need O
for O
content O
delivery O
networks O
continues O
to O
grow O
and O
that O
additional B-Cause
edge I-Cause
computing I-Cause
capabilities I-Cause
will O
bring B-Effect
business I-Effect
that I-Effect
CDNs I-Effect
previously I-Effect
would I-Effect
n't I-Effect
have I-Effect
been I-Effect
good I-Effect
candidates I-Effect
to I-Effect
serve I-Effect
. O

This B-Cause
significant I-Cause
contribution I-Cause
to I-Cause
profitability I-Cause
is I-Cause
less I-Cause
volatile I-Cause
than I-Cause
new- I-Cause
and I-Cause
used-vehicle I-Cause
sales I-Cause
and O
will O
continue B-Effect
to I-Effect
mitigate I-Effect
the I-Effect
cyclical I-Effect
risk I-Effect
of I-Effect
the I-Effect
auto I-Effect
industry I-Effect
. O

However O
, O
Crown B-Cause
Castle I-Cause
has I-Cause
now I-Cause
brought I-Cause
fiber I-Cause
spending I-Cause
down I-Cause
significantly I-Cause
, O
so O
we B-Effect
no I-Effect
longer I-Effect
think I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
will I-Effect
fall I-Effect
below I-Effect
the I-Effect
firm I-Effect
's I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
bulk I-Effect
of I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

While O
Insulet O
has O
n't O
run O
into O
any O
product O
recalls O
, O
the B-Cause
firm I-Cause
's I-Cause
heavy I-Cause
reliance I-Cause
on I-Cause
the I-Cause
Omnipod I-Cause
product I-Cause
means O
any B-Effect
potential I-Effect
recall I-Effect
would I-Effect
have I-Effect
a I-Effect
material I-Effect
effect I-Effect
on I-Effect
cash I-Effect
flow I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

Reddy B-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
due O
to O
its B-Cause
focus I-Cause
on I-Cause
commodity I-Cause
products I-Cause
in I-Cause
a I-Cause
highly I-Cause
competitive I-Cause
market I-Cause
with I-Cause
peers I-Cause
with I-Cause
significant I-Cause
scale I-Cause
. O

By O
providing B-Cause
an I-Cause
even I-Cause
more I-Cause
comprehensive I-Cause
core I-Cause
solution I-Cause
to I-Cause
clients I-Cause
, O
we O
think O
Twilio B-Effect
will I-Effect
reinforce I-Effect
its I-Effect
switching I-Effect
costs I-Effect
, O
as O
businesses O
would O
have O
an O
increased O
level O
of O
reliance O
on O
Twilio O
's O
software O
from O
a O
communications O
as O
well O
as O
a O
data O
analysis O
perspective O
. O

This B-Effect
highly I-Effect
fragmented I-Effect
industry I-Effect
is I-Effect
consolidating I-Effect
because O
smaller B-Cause
players I-Cause
can I-Cause
not I-Cause
compete I-Cause
with I-Cause
the I-Cause
scale I-Cause
of I-Cause
the I-Cause
six I-Cause
public I-Cause
franchise I-Cause
dealerships I-Cause
. O

The B-Effect
main I-Effect
downside I-Effect
risks I-Effect
to O
our O
forecast O
would O
be O
if B-Cause
the I-Cause
decline I-Cause
in I-Cause
pay-TV I-Cause
subscribers I-Cause
accelerates I-Cause
, I-Cause
if I-Cause
television I-Cause
advertising I-Cause
remains I-Cause
materially I-Cause
weak I-Cause
after I-Cause
the I-Cause
coronavirus I-Cause
, I-Cause
and I-Cause
if I-Cause
the I-Cause
company I-Cause
experiences I-Cause
sustained I-Cause
foreign-currency I-Cause
headwinds I-Cause
. O

We O
expect O
a O
combination O
of O
robust B-Cause
demand I-Cause
and I-Cause
weak I-Cause
supply I-Cause
to O
push B-Effect
real I-Effect
prices I-Effect
to I-Effect
$ I-Effect
65 I-Effect
per I-Effect
pound I-Effect
by I-Effect
2022 I-Effect
, O
although O
there O
is O
considerable O
uncertainty O
around O
that O
forecast O
. O

Large B-Cause
rental I-Cause
properties I-Cause
can I-Cause
have I-Cause
lengthy I-Cause
production I-Cause
cycles I-Cause
, O
and O
the B-Effect
company I-Effect
must I-Effect
achieve I-Effect
acceptable I-Effect
occupancy I-Effect
rates I-Effect
to I-Effect
achieve I-Effect
return I-Effect
objectives I-Effect
on I-Effect
build-to-core I-Effect
projects I-Effect
. O

In O
China O
, O
Otis B-Effect
has I-Effect
been I-Effect
a I-Effect
laggard I-Effect
in I-Effect
terms I-Effect
of I-Effect
volume I-Effect
as O
it B-Cause
refused I-Cause
to I-Cause
enter I-Cause
the I-Cause
lower I-Cause
end I-Cause
housing I-Cause
segment I-Cause
which O
, O
despite O
being O
more O
pressured O
, O
accounts O
for O
a O
significant O
portion O
of O
the O
installed O
base O
. O

Although O
digital O
materials O
' O
prices O
are O
lower O
, O
higher B-Cause
sell-through I-Cause
and I-Cause
margins I-Cause
should O
leave O
the B-Effect
segment I-Effect
's I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
around I-Effect
fiscal I-Effect
2020 I-Effect
's I-Effect
24 I-Effect
% I-Effect
. O

Research O
by O
AC O
Nielsen O
indicates O
that O
a B-Cause
product I-Cause
's I-Cause
smell I-Cause
and I-Cause
taste I-Cause
is O
the O
largest O
driver O
of O
consumer B-Effect
repurchase I-Effect
decisions I-Effect
( O
at O
45 O
% O
versus O
only O
15 O
% O
for O
price O
) O
. O

Its O
early O
years O
as O
a O
stand-alone O
entity O
have O
been O
a O
success O
, O
but O
we O
think O
investors B-Effect
should I-Effect
be I-Effect
cautious I-Effect
, O
especially O
as O
fossil-fuel B-Cause
generation I-Cause
goes I-Cause
out I-Cause
of I-Cause
style I-Cause
. O

The O
push B-Effect
into I-Effect
the I-Effect
campus I-Effect
market I-Effect
could I-Effect
be I-Effect
more I-Effect
challenging I-Effect
as O
incumbents B-Cause
like I-Cause
Cisco I-Cause
and I-Cause
Juniper I-Cause
defend I-Cause
their I-Cause
market I-Cause
presence I-Cause
. O

We O
think O
Palo B-Effect
Alto I-Effect
will I-Effect
generate I-Effect
durable I-Effect
excess I-Effect
economic I-Effect
returns I-Effect
over I-Effect
invested I-Effect
capital I-Effect
by O
gaining B-Cause
operating I-Cause
leverage I-Cause
throughout I-Cause
the I-Cause
2020s I-Cause
. O

Through O
various B-Cause
acquisitions I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
transitioned I-Effect
from I-Effect
traditional I-Effect
advertising I-Effect
, I-Effect
which I-Effect
includes I-Effect
print I-Effect
, I-Effect
broadcast I-Effect
and I-Effect
cable I-Effect
television I-Effect
, I-Effect
billboards I-Effect
, I-Effect
and I-Effect
mail I-Effect
, I-Effect
into I-Effect
a I-Effect
complete I-Effect
solutions I-Effect
provider I-Effect
by I-Effect
combining I-Effect
traditional I-Effect
with I-Effect
digital I-Effect
( I-Effect
including I-Effect
online I-Effect
video I-Effect
, I-Effect
social I-Effect
media I-Effect
, I-Effect
and I-Effect
mobile I-Effect
) I-Effect
, I-Effect
along I-Effect
with I-Effect
other I-Effect
services I-Effect
such I-Effect
as I-Effect
public I-Effect
relations I-Effect
. O

We O
currently O
estimate O
that O
Arrow B-Effect
will I-Effect
report I-Effect
an I-Effect
11 I-Effect
% I-Effect
decline I-Effect
in I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 O
concerns O
as O
the B-Cause
market I-Cause
continues I-Cause
to I-Cause
suffer I-Cause
from I-Cause
the I-Cause
weak I-Cause
macroeconomic I-Cause
environment I-Cause
and O
softer-than-expected B-Cause
demand I-Cause
in I-Cause
key I-Cause
end I-Cause
markets I-Cause
. O

Vertex O
has O
been O
able O
to O
build O
upon O
its O
intellectual O
property O
, O
developing B-Cause
better I-Cause
drug I-Cause
combinations I-Cause
that O
increasingly B-Effect
capture I-Effect
a I-Effect
greater I-Effect
number I-Effect
of I-Effect
patients I-Effect
with I-Effect
various I-Effect
cystic I-Effect
fibrosis I-Effect
mutations I-Effect
. O

Many O
developers B-Cause
also I-Cause
focus I-Cause
on I-Cause
redeveloping I-Cause
class I-Cause
B I-Cause
and I-Cause
C I-Cause
properties I-Cause
to I-Cause
class I-Cause
A I-Cause
properties I-Cause
to O
sidestep B-Effect
limits I-Effect
on I-Effect
new I-Effect
construction I-Effect
. O

Despite O
spring O
store O
closures O
, O
inventory O
flow O
challenges O
, O
and O
rising O
infection O
rates O
that O
threaten O
fourth-quarter O
sales O
, O
we O
believe O
TJX B-Effect
and I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
off-price I-Effect
sector I-Effect
are I-Effect
better I-Effect
suited I-Effect
than I-Effect
most I-Effect
retailers I-Effect
to I-Effect
endure I-Effect
the I-Effect
upheaval I-Effect
, O
with O
potential B-Cause
for I-Cause
improved I-Cause
merchandise I-Cause
availability I-Cause
as I-Cause
full-price I-Cause
stores I-Cause
struggle I-Cause
. O

Although O
the O
switching O
costs O
might O
not O
be O
explicitly O
large O
, O
inertia B-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
of I-Cause
achieving I-Cause
better I-Cause
results I-Cause
by I-Cause
moving I-Cause
from I-Cause
one I-Cause
asset I-Cause
manager I-Cause
to I-Cause
another I-Cause
tends O
to O
keep O
many B-Effect
investors I-Effect
invested I-Effect
with I-Effect
the I-Effect
same I-Effect
funds I-Effect
for I-Effect
extended I-Effect
periods I-Effect
. O

On O
the O
international O
side O
, O
we O
expect O
increased B-Cause
customer I-Cause
penetration I-Cause
will O
generate O
average B-Effect
revenue I-Effect
growth I-Effect
of I-Effect
14 I-Effect
% I-Effect
in I-Effect
Europe I-Effect
, I-Effect
12 I-Effect
% I-Effect
in I-Effect
Latin I-Effect
America I-Effect
, I-Effect
and I-Effect
21 I-Effect
% I-Effect
in I-Effect
the I-Effect
Asia-Pacific I-Effect
through I-Effect
2025 I-Effect
. O

Though O
Costco O
employs O
roughly O
275,000 O
individuals O
and O
risks B-Effect
incurring I-Effect
staff I-Effect
members I-Effect
' I-Effect
ire I-Effect
through O
wage B-Cause
, I-Cause
discrimination I-Cause
, I-Cause
or I-Cause
unionization I-Cause
disputes I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
see I-Effect
a I-Effect
significant I-Effect
threat I-Effect
, O
particularly O
as O
Costco B-Cause
has I-Cause
a I-Cause
history I-Cause
of I-Cause
paying I-Cause
store I-Cause
employees I-Cause
at I-Cause
above-market I-Cause
rates I-Cause
. O

Differences B-Cause
in I-Cause
interest I-Cause
rates I-Cause
between I-Cause
countries I-Cause
also I-Cause
affects I-Cause
foreign I-Cause
exchange I-Cause
rates I-Cause
, O
so O
foreign B-Effect
exchange I-Effect
trading I-Effect
will I-Effect
also I-Effect
likely I-Effect
be I-Effect
dampened I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

The B-Cause
support I-Cause
of I-Cause
parent I-Cause
BBVA I-Cause
guarantees I-Cause
a I-Cause
credit I-Cause
rating I-Cause
higher I-Cause
than I-Cause
that I-Cause
of I-Cause
its I-Cause
Mexican I-Cause
peers I-Cause
without I-Cause
a I-Cause
foreign I-Cause
backer I-Cause
; I-Cause
this I-Cause
, I-Cause
combined I-Cause
with I-Cause
its I-Cause
dominant I-Cause
market I-Cause
share I-Cause
in I-Cause
low-cost I-Cause
, I-Cause
sticky I-Cause
retail I-Cause
demand I-Cause
deposits I-Cause
, O
provides B-Effect
it I-Effect
with I-Effect
a I-Effect
funding I-Effect
cost I-Effect
advantage I-Effect
. O

That O
means O
providers B-Cause
that I-Cause
work I-Cause
with I-Cause
these I-Cause
Humana I-Cause
plans I-Cause
should I-Cause
be I-Cause
able I-Cause
to I-Cause
generate I-Cause
higher I-Cause
inflows I-Cause
from I-Cause
star-related I-Cause
bonuses I-Cause
with I-Cause
Humana I-Cause
plans I-Cause
going I-Cause
forward I-Cause
than I-Cause
the I-Cause
average I-Cause
plan I-Cause
, O
which O
gives B-Effect
providers I-Effect
continued I-Effect
incentive I-Effect
to I-Effect
work I-Effect
with I-Effect
Humana I-Effect
. O

However O
, O
many B-Effect
of I-Effect
Ventas I-Effect
' I-Effect
triple-net I-Effect
leases I-Effect
grow I-Effect
only I-Effect
at I-Effect
inflationary I-Effect
levels I-Effect
as O
they B-Cause
are I-Cause
frequently I-Cause
tied I-Cause
to I-Cause
the I-Cause
Consumer I-Cause
Price I-Cause
Index I-Cause
( I-Cause
though I-Cause
often I-Cause
have I-Cause
floors I-Cause
of I-Cause
2 I-Cause
% I-Cause
and I-Cause
ceilings I-Cause
of I-Cause
3 I-Cause
% I-Cause
) I-Cause
. O

But O
the B-Cause
average I-Cause
rent I-Cause
escalator I-Cause
on I-Cause
Realty I-Cause
Income I-Cause
's I-Cause
triple-net I-Cause
lease I-Cause
is I-Cause
only I-Cause
1 I-Cause
% I-Cause
, I-Cause
well I-Cause
below I-Cause
the I-Cause
long-term I-Cause
historical I-Cause
average I-Cause
for I-Cause
inflation. O
Therefore O
, O
even B-Effect
average I-Effect
tenants I-Effect
should I-Effect
see I-Effect
their I-Effect
rent I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
their I-Effect
total I-Effect
cash I-Effect
flows I-Effect
fall I-Effect
over I-Effect
the I-Effect
course I-Effect
of I-Effect
the I-Effect
lease I-Effect
. O

On O
the O
infection O
prevention O
capital O
and O
service O
side O
, O
once O
equipment B-Cause
like I-Cause
sterilizers I-Cause
and I-Cause
washers I-Cause
is I-Cause
sold I-Cause
, O
customers B-Effect
are I-Effect
locked I-Effect
in I-Effect
to I-Effect
using I-Effect
Steris I-Effect
for I-Effect
routine I-Effect
service I-Effect
and I-Effect
consumables I-Effect
through I-Effect
the I-Effect
life I-Effect
of I-Effect
the I-Effect
product I-Effect
. O

Because O
there B-Cause
is I-Cause
no I-Cause
incentive I-Cause
to I-Cause
charge I-Cause
below I-Cause
the I-Cause
maximum I-Cause
fees I-Cause
, O
in O
practice O
the B-Effect
maximum I-Effect
fees I-Effect
are I-Effect
the I-Effect
fees I-Effect
charged I-Effect
to I-Effect
issuers I-Effect
and O
some O
of O
the O
revenue O
is O
shared O
with O
the O
broker/dealer O
. O

Jones B-Cause
Lang I-Cause
LaSalle I-Cause
's I-Cause
reputation I-Cause
also O
allows O
it B-Effect
to I-Effect
attract I-Effect
major I-Effect
multinational I-Effect
clients I-Effect
in I-Effect
its I-Effect
property I-Effect
and I-Effect
facility I-Effect
management I-Effect
business I-Effect
. O

While O
low B-Cause
interest I-Cause
rates I-Cause
have I-Cause
kept I-Cause
debt I-Cause
servicing I-Cause
ratios I-Cause
more I-Cause
controlled I-Cause
, O
this O
does O
put B-Effect
the I-Effect
economy I-Effect
in I-Effect
a I-Effect
riskier I-Effect
position I-Effect
. O

Offshore B-Cause
wind I-Cause
investments I-Cause
add I-Cause
to I-Cause
our I-Cause
earnings I-Cause
forecasts I-Cause
starting I-Cause
in I-Cause
2023 I-Cause
, O
resulting O
in O
a B-Effect
jump I-Effect
in I-Effect
consolidated I-Effect
earnings I-Effect
growth I-Effect
in I-Effect
2024 I-Effect
and I-Effect
2025 I-Effect
. O

Further O
, O
we B-Effect
expect I-Effect
profit I-Effect
margins I-Effect
will I-Effect
expand I-Effect
as O
high B-Cause
margin I-Cause
specialty I-Cause
drugs I-Cause
continue I-Cause
to I-Cause
represent I-Cause
a I-Cause
larger I-Cause
proportion I-Cause
of I-Cause
overall I-Cause
sales I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
. O

We O
believe O
the B-Effect
adoption I-Effect
of I-Effect
high-low I-Effect
pricing I-Effect
has I-Effect
worked I-Effect
well I-Effect
in I-Effect
the I-Effect
previous I-Effect
years I-Effect
, O
as O
evidenced O
by O
the B-Cause
company I-Cause
's I-Cause
leading I-Cause
market I-Cause
position I-Cause
and I-Cause
margins I-Cause
, O
but O
that O
it O
was O
mainly O
a B-Cause
function I-Cause
of I-Cause
a I-Cause
less I-Cause
mature I-Cause
market I-Cause
. O

While O
the O
spread O
has O
narrowed O
, O
we O
expect O
it O
to O
remain O
wider O
than O
historical O
levels O
( O
before O
2010 O
) O
, O
when O
WTI B-Effect
and I-Effect
Brent I-Effect
traded I-Effect
close I-Effect
to I-Effect
par I-Effect
, O
due O
to O
transportation B-Cause
costs I-Cause
to I-Cause
move I-Cause
light I-Cause
crude I-Cause
from I-Cause
the I-Cause
midcontinent I-Cause
to I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
. O

As O
we B-Cause
are I-Cause
wary I-Cause
of I-Cause
the I-Cause
potential I-Cause
of I-Cause
these I-Cause
markets I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
view I-Effect
Gap I-Effect
's I-Effect
stated I-Effect
goal I-Effect
of I-Effect
2,000 I-Effect
Old I-Effect
Navy I-Effect
stores I-Effect
in I-Effect
North I-Effect
America I-Effect
as I-Effect
reasonable I-Effect
. O

If O
a B-Cause
sales I-Cause
decline I-Cause
lasts I-Cause
longer I-Cause
than I-Cause
predicted I-Cause
, O
Winnebago O
's O
financial O
health O
is O
likely O
to O
suffer O
because O
the B-Effect
firm I-Effect
could I-Effect
take I-Effect
on I-Effect
more I-Effect
debt I-Effect
or I-Effect
issue I-Effect
equity I-Effect
. O

We B-Cause
think I-Cause
switching I-Cause
costs I-Cause
, I-Cause
furthermore I-Cause
, I-Cause
are I-Cause
evident I-Cause
in I-Cause
Instron I-Cause
's I-Cause
higher-margin I-Cause
service I-Cause
and I-Cause
parts I-Cause
revenue I-Cause
, O
which B-Effect
constitute I-Effect
about I-Effect
37 I-Effect
% I-Effect
of I-Effect
2018 I-Effect
sales I-Effect
. O

Mettler O
places O
an O
intense O
focus O
on O
sales O
and O
marketing O
and O
has O
leveraged B-Cause
its I-Cause
Spinnaker I-Cause
and I-Cause
Stern I-Cause
Drive I-Cause
programs I-Cause
to O
operate B-Effect
with I-Effect
high I-Effect
efficiency I-Effect
and I-Effect
maintain I-Effect
strong I-Effect
customer I-Effect
retention I-Effect
. O

The O
broadband O
business O
has O
154 O
million O
customers O
and O
despite O
continuing O
to O
grow O
at O
around O
10 O
million O
customers O
per O
year O
, O
has O
seen O
market B-Effect
share I-Effect
declines I-Effect
over O
the O
past O
four O
years O
as O
China B-Cause
Mobile I-Cause
has I-Cause
aggressively I-Cause
entered I-Cause
this I-Cause
space I-Cause
with I-Cause
pricing I-Cause
well I-Cause
below I-Cause
China I-Cause
Telecom O
. O

The B-Cause
bank I-Cause
has I-Cause
invested I-Cause
in I-Cause
its I-Cause
mortgage I-Cause
operations I-Cause
, O
leading O
to O
exceptional B-Effect
growth I-Effect
in I-Effect
2020 I-Effect
, O
while O
also O
completing O
several O
bolt-on O
acquisitions O
to O
better O
build O
out O
the O
wealth O
and O
capital O
markets O
segments O
. O

Notably O
, O
the B-Effect
company I-Effect
's I-Effect
large I-Effect
agricultural I-Effect
equipment I-Effect
command I-Effect
premium I-Effect
pricing I-Effect
due O
to O
the B-Cause
value I-Cause
added I-Cause
from I-Cause
its I-Cause
product I-Cause
features I-Cause
and I-Cause
technological I-Cause
capabilities I-Cause
( O
boosts O
farmer O
productivity O
) O
. O

Nonperforming B-Effect
loan I-Effect
ratios I-Effect
steadily I-Effect
declined I-Effect
for I-Effect
almost I-Effect
all I-Effect
Japanese I-Effect
banks I-Effect
in I-Effect
the I-Effect
2010s I-Effect
as O
interest B-Cause
rates I-Cause
following I-Cause
many I-Cause
years I-Cause
of I-Cause
relatively I-Cause
slow I-Cause
credit I-Cause
growth I-Cause
. O

In B-Effect
the I-Effect
vast I-Effect
majority I-Effect
of I-Effect
cases I-Effect
when I-Effect
replacing I-Effect
a I-Effect
generator I-Effect
, I-Effect
the I-Effect
same I-Effect
brand I-Effect
of I-Effect
generator I-Effect
is I-Effect
chosen I-Effect
because O
it B-Cause
reduces I-Cause
the I-Cause
possibility I-Cause
of I-Cause
malfunction I-Cause
or I-Cause
incompatibility I-Cause
when I-Cause
mixing I-Cause
brands I-Cause
of I-Cause
leads I-Cause
and I-Cause
generators I-Cause
. I-Cause

There O
could O
be O
a B-Effect
significant I-Effect
impact I-Effect
on I-Effect
customer I-Effect
health I-Effect
if O
Aligns B-Cause
products I-Cause
have I-Cause
quality I-Cause
issues I-Cause
, O
which O
makes O
product O
governance O
an O
important O
ASK O
consideration O
. O

However O
, O
now O
with O
the B-Cause
rise I-Cause
of I-Cause
the I-Cause
cloud I-Cause
and I-Cause
open I-Cause
source I-Cause
software I-Cause
, O
the O
possibility O
of O
a B-Effect
mix I-Effect
and I-Effect
match I-Effect
IT I-Effect
infrastructure I-Effect
is O
real O
. O

Eni B-Effect
's I-Effect
overall I-Effect
strategy I-Effect
mirrors I-Effect
many I-Effect
of I-Effect
its I-Effect
peers I-Effect
as O
it B-Cause
relies I-Cause
on I-Cause
a I-Cause
rapidly I-Cause
growing I-Cause
renewable I-Cause
power I-Cause
generation I-Cause
business I-Cause
. O

These O
platforms O
do O
not O
yet O
have O
Alibaba O
's O
GMV O
scale O
in O
China O
, O
but O
they B-Cause
specialize I-Cause
in I-Cause
specific I-Cause
products I-Cause
or I-Cause
services I-Cause
or I-Cause
markets I-Cause
, O
which O
might O
impede O
Alibaba B-Effect
's I-Effect
growth I-Effect
. O

The B-Cause
DIY I-Cause
customer I-Cause
's I-Cause
need I-Cause
for I-Cause
expertise I-Cause
from I-Cause
in-store I-Cause
personnel I-Cause
helps B-Effect
retailers I-Effect
bolster I-Effect
sales I-Effect
of I-Effect
their I-Effect
own-label I-Effect
products I-Effect
, I-Effect
allowing I-Effect
O'Reilly I-Effect
to I-Effect
promote I-Effect
its I-Effect
proprietary I-Effect
brands I-Effect
as I-Effect
high-value I-Effect
alternatives I-Effect
. O

We O
expect O
prudent B-Cause
cost I-Cause
control I-Cause
measures I-Cause
, O
combined O
with O
the B-Cause
pace I-Cause
of I-Cause
revenue I-Cause
growth I-Cause
, O
to O
expand B-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
beyond I-Effect
breakeven I-Effect
in I-Effect
2023 I-Effect
versus I-Effect
the I-Effect
23 I-Effect
% I-Effect
loss I-Effect
in I-Effect
2019 I-Effect
( O
non-GAAP O
operating O
margin O
increasing O
beyond O
20 O
% O
versus O
1 O
% O
in O
2019 O
) O
. O

With O
total B-Cause
cost I-Cause
of I-Cause
ownership I-Cause
being I-Cause
lower I-Cause
for I-Cause
SSDs I-Cause
in I-Cause
many I-Cause
PC I-Cause
applications I-Cause
, O
we O
anticipate O
a B-Effect
sustained I-Effect
decline I-Effect
in I-Effect
annual I-Effect
HDD I-Effect
sales I-Effect
as I-Effect
SSDs I-Effect
further I-Effect
increase I-Effect
share I-Effect
. O

A B-Cause
more I-Cause
consolidated I-Cause
customer I-Cause
base I-Cause
, I-Cause
greater I-Cause
capital I-Cause
intensity I-Cause
due I-Cause
to I-Cause
increased I-Cause
complexity I-Cause
, I-Cause
and I-Cause
more I-Cause
diverse I-Cause
demand I-Cause
drivers I-Cause
have O
also O
mitigated O
equipment B-Effect
sales I-Effect
volatility I-Effect
. O

Currently O
, O
such B-Effect
products I-Effect
already I-Effect
exhibit I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
switching I-Effect
costs I-Effect
as O
they B-Cause
help I-Cause
support I-Cause
the I-Cause
functions I-Cause
of I-Cause
entire I-Cause
departments I-Cause
-- O
replacing O
the O
software O
would O
be O
time-consuming O
, O
expensive O
, O
and O
prohibitive O
to O
smooth O
business O
functioning O
. O

We O
think O
interconnection B-Cause
is O
the O
key O
that O
makes B-Effect
co-located I-Effect
data I-Effect
centers I-Effect
much I-Effect
more I-Effect
valuable I-Effect
than I-Effect
simple I-Effect
leasable I-Effect
real I-Effect
estate I-Effect
. O

By O
offering B-Cause
consistent I-Cause
parts I-Cause
availability I-Cause
and I-Cause
an I-Cause
extensive I-Cause
service I-Cause
offering I-Cause
, O
manufacturers B-Effect
help I-Effect
customers I-Effect
stay I-Effect
on I-Effect
the I-Effect
road I-Effect
by O
limiting B-Cause
vehicle I-Cause
down-time I-Cause
. O

We O
expect O
Baker B-Effect
Hughes I-Effect
' I-Effect
Oilfield I-Effect
Services I-Effect
profitability I-Effect
to I-Effect
be I-Effect
improved I-Effect
versus O
prior O
cycle O
levels O
thanks O
to O
better B-Cause
management I-Cause
, O
though O
the O
firm O
will O
remain O
third O
in O
the O
pack O
behind O
oilfield O
service O
peers O
Schlumberger O
and O
Halliburton O
. O

Nonetheless O
, O
we B-Effect
maintain I-Effect
tempered I-Effect
expectations I-Effect
for I-Effect
Santander I-Effect
Chile I-Effect
's I-Effect
outlook I-Effect
, O
with B-Cause
the I-Cause
dual I-Cause
factors I-Cause
of I-Cause
consumer I-Cause
pressure I-Cause
and I-Cause
an I-Cause
expanded I-Cause
role I-Cause
for I-Cause
government I-Cause
threatening I-Cause
to I-Cause
weigh I-Cause
on I-Cause
profitability I-Cause
. I-Cause

As O
global B-Cause
potash I-Cause
demand I-Cause
continues I-Cause
to I-Cause
grow I-Cause
, O
we O
expect O
Nutrien B-Effect
to I-Effect
increase I-Effect
production I-Effect
accordingly I-Effect
to I-Effect
maintain I-Effect
its I-Effect
current I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
high I-Effect
teens I-Effect
. O

However O
, O
we B-Effect
expect I-Effect
these I-Effect
costs I-Effect
to I-Effect
remain I-Effect
above I-Effect
prepandemic I-Effect
levels I-Effect
as B-Cause
Myriad I-Cause
plans I-Cause
to I-Cause
break I-Cause
into I-Cause
the I-Cause
primary I-Cause
care I-Cause
market I-Cause
with I-Cause
GeneSight I-Cause
by I-Cause
aggressively I-Cause
expanding I-Cause
its I-Cause
salesforce I-Cause
. O

A B-Cause
weak I-Cause
global I-Cause
employment I-Cause
market I-Cause
could O
prompt B-Effect
potential I-Effect
money I-Effect
transfer I-Effect
customers I-Effect
to I-Effect
stay I-Effect
in I-Effect
their I-Effect
home I-Effect
countries I-Effect
or I-Effect
reduce I-Effect
the I-Effect
amount I-Effect
of I-Effect
money I-Effect
they I-Effect
can I-Effect
send I-Effect
home I-Effect
. O

However O
, O
lower-income B-Cause
motorists I-Cause
at I-Cause
the I-Cause
core I-Cause
of I-Cause
the I-Cause
( I-Cause
more I-Cause
lucrative I-Cause
) I-Cause
DIY I-Cause
segment I-Cause
have I-Cause
fewer I-Cause
work-from-home I-Cause
opportunities I-Cause
, O
which O
we O
believe O
contributed B-Effect
to I-Effect
the I-Effect
segment I-Effect
's I-Effect
recent I-Effect
surge O
, O
and O
the B-Effect
professional I-Effect
sector I-Effect
is I-Effect
recovering I-Effect
as O
infection B-Cause
rates I-Cause
have I-Cause
fallen I-Cause
. O

The B-Cause
bank I-Cause
has I-Cause
shied I-Cause
away I-Cause
from I-Cause
dramatic I-Cause
acquisitions I-Cause
since O
and O
has B-Cause
improved I-Cause
its I-Cause
risk I-Cause
management I-Cause
and I-Cause
underwriting I-Cause
capabilities I-Cause
, O
becoming B-Effect
a I-Effect
safer I-Effect
bank I-Effect
in I-Effect
the I-Effect
process I-Effect
. O

Our B-Cause
production I-Cause
forecast I-Cause
assumes I-Cause
volumes O
remain O
at O
about O
3.4 O
mmboe/d O
, O
including O
Rosneft O
, O
through O
2025 O
, O
although O
given O
management B-Cause
's I-Cause
divestment I-Cause
plan I-Cause
actual B-Effect
volumes I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
lower I-Effect
. O

We O
project O
adjusted B-Effect
operating I-Effect
margins I-Effect
expanding I-Effect
from I-Effect
roughly I-Effect
7 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
around I-Effect
9.5 I-Effect
% I-Effect
by I-Effect
fiscal I-Effect
2025 I-Effect
, O
which O
reflects O
mix B-Cause
shift I-Cause
toward I-Cause
higher-margin I-Cause
consulting I-Cause
services I-Cause
, O
margin B-Cause
accretion I-Cause
and I-Cause
cost I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
acquisitions I-Cause
, O
and O
benefits O
from O
management B-Cause
's I-Cause
SG I-Cause
& I-Cause
A I-Cause
cost I-Cause
reduction I-Cause
plan I-Cause
. O

That O
said O
, O
we B-Effect
believe I-Effect
there I-Effect
are I-Effect
some I-Effect
levers I-Effect
ITW I-Effect
can I-Effect
pull I-Effect
, I-Effect
particularly I-Effect
over I-Effect
the I-Effect
new I-Effect
few I-Effect
years I-Effect
as O
it B-Cause
continues I-Cause
simplifying I-Cause
its I-Cause
business I-Cause
structure I-Cause
. O

If O
Enterprise B-Cause
chooses I-Cause
to I-Cause
fund I-Cause
half I-Cause
of I-Cause
its I-Cause
capital I-Cause
spending I-Cause
plans I-Cause
with I-Cause
debt I-Cause
, O
excess B-Effect
cash I-Effect
available I-Effect
for I-Effect
buying I-Effect
back I-Effect
units I-Effect
would I-Effect
easily I-Effect
surpass I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
annually I-Effect
. O

We O
're O
expecting O
net B-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
be I-Effect
about I-Effect
$ I-Effect
1.4 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
, O
as O
the B-Cause
airline I-Cause
is I-Cause
financing I-Cause
all I-Cause
its I-Cause
aircraft I-Cause
deliveries I-Cause
to O
reduce B-Effect
cash I-Effect
burn I-Effect
. O

Margins B-Effect
should I-Effect
also I-Effect
benefit I-Effect
from I-Effect
increased I-Effect
usage I-Effect
of I-Effect
cost-advantaged I-Effect
feedstock I-Effect
with O
the B-Cause
opening I-Cause
of I-Cause
new I-Cause
pipeline I-Cause
access I-Cause
, I-Cause
a I-Cause
recent I-Cause
refinery I-Cause
expansion I-Cause
, I-Cause
and I-Cause
growing I-Cause
domestic I-Cause
production I-Cause
. O

Additionally O
, O
it B-Cause
's I-Cause
investing I-Cause
heavily I-Cause
in I-Cause
both I-Cause
its I-Cause
digital I-Cause
and I-Cause
brick-and-mortar I-Cause
platforms I-Cause
, O
revamping O
the B-Effect
website I-Effect
for I-Effect
a I-Effect
more I-Effect
frictionless I-Effect
checkout I-Effect
process I-Effect
and O
remodeling B-Cause
its I-Cause
physical I-Cause
stores I-Cause
to O
create B-Effect
a I-Effect
cleaner I-Effect
and I-Effect
more I-Effect
enjoyable I-Effect
shopping I-Effect
experience I-Effect
. O

We O
project O
7 O
% O
average O
sales O
growth O
over O
the O
next O
five O
years O
, O
supported B-Cause
by I-Cause
7 I-Cause
% I-Cause
average I-Cause
same-store I-Cause
sales I-Cause
increases I-Cause
and I-Cause
helped I-Cause
by I-Cause
offerings I-Cause
like I-Cause
buy I-Cause
online/pickup I-Cause
in-store I-Cause
and I-Cause
better I-Cause
merchandising I-Cause
, O
which O
drives B-Effect
market I-Effect
share I-Effect
gains I-Effect
. O

Further O
, O
the B-Cause
bank I-Cause
has I-Cause
a I-Cause
number I-Cause
of I-Cause
strong I-Cause
commercial I-Cause
relationships I-Cause
where O
deposit B-Effect
pricing I-Effect
can I-Effect
be I-Effect
made I-Effect
in I-Effect
the I-Effect
context I-Effect
of I-Effect
the I-Effect
total I-Effect
relationship I-Effect
. O

As O
a B-Cause
cable I-Cause
company I-Cause
operating I-Cause
a I-Cause
hybrid I-Cause
fiber-coax I-Cause
network I-Cause
, O
Rogers B-Effect
has I-Effect
historically I-Effect
had I-Effect
a I-Effect
quality I-Effect
edge I-Effect
on I-Effect
BCE I-Effect
and I-Effect
its I-Effect
legacy I-Effect
copper I-Effect
network I-Effect
. O

However O
, O
we O
do O
n't O
think O
any O
of O
them O
form O
a O
sustainable O
competitive O
advantage O
for O
CyrusOne O
, O
and O
we O
think O
the B-Effect
company I-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
those I-Effect
peers I-Effect
to I-Effect
suffer I-Effect
if O
the B-Cause
favorable I-Cause
data I-Cause
center I-Cause
environment I-Cause
we I-Cause
have I-Cause
seen I-Cause
in I-Cause
recent I-Cause
years I-Cause
wanes I-Cause
. O

Although O
we O
did O
n't O
believe O
that O
new O
fiber O
builds O
were O
competitively O
advantaged O
, O
we O
did O
realize O
that O
eventually O
, O
once O
up-front B-Cause
costs I-Cause
were I-Cause
sunk I-Cause
, O
the B-Effect
financial I-Effect
profile I-Effect
of I-Effect
fiber I-Effect
would I-Effect
look I-Effect
better I-Effect
and O
would O
no O
longer O
outweigh O
the O
excess-return-generating O
capabilities O
of O
the O
fantastic O
tower O
segment O
. O

Significant B-Cause
changes I-Cause
in I-Cause
currency I-Cause
exchange I-Cause
rates I-Cause
or I-Cause
acts I-Cause
of I-Cause
terrorism I-Cause
, I-Cause
among I-Cause
others I-Cause
, O
have O
historically B-Effect
affected I-Effect
hotel I-Effect
demand I-Effect
and I-Effect
Park I-Effect
's I-Effect
operations I-Effect
. O

We O
think O
this O
led O
IBM B-Effect
's I-Effect
customer I-Effect
base I-Effect
to I-Effect
further I-Effect
entrench I-Effect
their I-Effect
enterprise I-Effect
with I-Effect
IBM I-Effect
offerings I-Effect
due O
to O
the B-Cause
ease I-Cause
of I-Cause
a I-Cause
main I-Cause
IT I-Cause
services I-Cause
provider I-Cause
and I-Cause
the I-Cause
surety I-Cause
of I-Cause
IT I-Cause
functions I-Cause
having I-Cause
interoperability I-Cause
. O

The B-Effect
modest I-Effect
improvement I-Effect
was O
due O
in B-Cause
large I-Cause
part I-Cause
to I-Cause
the I-Cause
promise I-Cause
of I-Cause
COVID-19 I-Cause
vaccines I-Cause
coming I-Cause
earlier I-Cause
than I-Cause
expected I-Cause
and I-Cause
the I-Cause
positive I-Cause
impact I-Cause
on I-Cause
tourism I-Cause
. O

The B-Effect
company I-Effect
's I-Effect
capital I-Effect
expenditure I-Effect
fell I-Effect
to I-Effect
CNY I-Effect
42 I-Effect
billion I-Effect
in I-Effect
2017 I-Effect
and I-Effect
CNY I-Effect
45 I-Effect
billion I-Effect
in I-Effect
2018 I-Effect
given O
its B-Cause
high I-Cause
capital I-Cause
expenditure I-Cause
over I-Cause
2015 I-Cause
and I-Cause
2016 I-Cause
and I-Cause
network I-Cause
utilization I-Cause
of I-Cause
less I-Cause
than I-Cause
20 I-Cause
% I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2016 I-Cause
. O

ITSM B-Cause
and I-Cause
ITOM I-Cause
together I-Cause
have I-Cause
declined I-Cause
steadily I-Cause
from I-Cause
95 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2013 I-Cause
to I-Cause
approximately I-Cause
61 I-Cause
% I-Cause
in I-Cause
2018 I-Cause
, O
underscoring O
the B-Effect
company I-Effect
's I-Effect
broadening I-Effect
portfolio I-Effect
. O

Overall O
, O
we O
think O
this B-Cause
division I-Cause
's I-Cause
solid I-Cause
growth I-Cause
prospects I-Cause
combined I-Cause
with I-Cause
intangible I-Cause
assets I-Cause
and I-Cause
the I-Cause
switching I-Cause
costs I-Cause
associated I-Cause
with I-Cause
its I-Cause
large I-Cause
installed I-Cause
base I-Cause
contribute O
to O
Agilent B-Effect
's I-Effect
sustainable I-Effect
competitive I-Effect
advantages I-Effect
. O

Less B-Cause
densely I-Cause
populated I-Cause
areas I-Cause
are I-Cause
far I-Cause
less I-Cause
conducive I-Cause
to I-Cause
small I-Cause
cells I-Cause
, O
so O
if B-Effect
small I-Effect
cells I-Effect
become I-Effect
a I-Effect
viable I-Effect
alternative I-Effect
for I-Effect
some I-Effect
towers I-Effect
, I-Effect
we I-Effect
expect I-Effect
it I-Effect
to I-Effect
be I-Effect
mostly I-Effect
in I-Effect
urban I-Effect
areas I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

We O
expect O
Teleflex B-Effect
will I-Effect
benefit I-Effect
from O
an B-Cause
aging I-Cause
population I-Cause
requiring I-Cause
more I-Cause
interventional I-Cause
products I-Cause
such I-Cause
as I-Cause
vascular I-Cause
access I-Cause
devices I-Cause
, I-Cause
which I-Cause
are I-Cause
used I-Cause
in I-Cause
90 I-Cause
% I-Cause
of I-Cause
hospital I-Cause
stays I-Cause
, I-Cause
and I-Cause
implants I-Cause
such I-Cause
as I-Cause
UroLift I-Cause
for I-Cause
prostate I-Cause
gland I-Cause
enlargement I-Cause
, O
which O
affects O
half O
of O
men O
over O
50 O
. O

We O
expect O
non-GAAP B-Effect
operating I-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
9.2 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
the I-Effect
midteens I-Effect
area I-Effect
in I-Effect
2024 I-Effect
as O
the B-Cause
company I-Cause
benefits I-Cause
from I-Cause
operating I-Cause
leverage I-Cause
and I-Cause
the I-Cause
full I-Cause
transition I-Cause
to I-Cause
subscriptions I-Cause
. O

Considering O
the O
life O
cycle O
of O
around O
10 O
years O
for O
most O
construction O
and O
mining O
machinery O
, O
good B-Cause
product I-Cause
quality I-Cause
limits O
the B-Effect
failure I-Effect
rate I-Effect
and O
enables O
easy B-Effect
operations I-Effect
. O

Globalization B-Cause
of I-Cause
businesses I-Cause
in I-Cause
various I-Cause
verticals I-Cause
has I-Cause
increased I-Cause
demand I-Cause
not I-Cause
only I-Cause
for I-Cause
vertical-specific I-Cause
advertising I-Cause
expertise I-Cause
, I-Cause
but I-Cause
also I-Cause
for I-Cause
experience I-Cause
and I-Cause
clearer I-Cause
understanding I-Cause
of I-Cause
different I-Cause
cultures I-Cause
and I-Cause
regulations I-Cause
within I-Cause
the I-Cause
geographic I-Cause
regions I-Cause
in I-Cause
which I-Cause
businesses I-Cause
want I-Cause
to I-Cause
market I-Cause
and I-Cause
sell I-Cause
their I-Cause
products. O
For O
this O
reason O
, O
WPP B-Effect
and I-Effect
the I-Effect
other I-Effect
largest I-Effect
ad I-Effect
holding I-Effect
companies I-Effect
have I-Effect
consistently I-Effect
acquired I-Effect
smaller I-Effect
local I-Effect
ad I-Effect
agencies I-Effect
and I-Effect
quickly I-Effect
gained I-Effect
traction I-Effect
in I-Effect
other I-Effect
international I-Effect
markets I-Effect
. O

It O
is O
our O
view O
that O
analog B-Cause
engineering I-Cause
talent I-Cause
is I-Cause
scarce I-Cause
and I-Cause
valuable I-Cause
, I-Cause
as I-Cause
it I-Cause
takes I-Cause
years I-Cause
to I-Cause
train I-Cause
a I-Cause
new I-Cause
engineer I-Cause
on I-Cause
the I-Cause
intricacies I-Cause
of I-Cause
a I-Cause
firm I-Cause
's I-Cause
analog I-Cause
designs. O
Consequently O
, O
we O
think O
firms B-Effect
that I-Effect
have I-Effect
amassed I-Effect
analog I-Effect
design I-Effect
catalogs I-Effect
and I-Effect
engineering I-Effect
staff I-Effect
pose I-Effect
high I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
to I-Effect
new I-Effect
entrants I-Effect
. O

Through O
its B-Cause
large I-Cause
Gulf I-Cause
Coast I-Cause
footprint I-Cause
, O
Valero B-Effect
is I-Effect
able I-Effect
to I-Effect
export I-Effect
surplus I-Effect
product I-Effect
, O
a B-Effect
critical I-Effect
advantage I-Effect
as O
it B-Cause
supports I-Cause
high I-Cause
utilization I-Cause
levels I-Cause
and I-Cause
potentially I-Cause
captures I-Cause
higher I-Cause
margins I-Cause
. O

PNC O
has O
executed O
on O
many O
expense-saving O
initiatives O
over O
the O
years O
, O
and O
management O
has O
been O
actively O
reinvesting B-Cause
many I-Cause
of I-Cause
these I-Cause
savings I-Cause
back I-Cause
in O
the O
business O
to O
stay B-Effect
ahead I-Effect
on I-Effect
the I-Effect
technology I-Effect
front I-Effect
. O

We O
have O
lifted B-Effect
our I-Effect
revenue I-Effect
expectations I-Effect
for I-Effect
2021 I-Effect
and I-Effect
beyond I-Effect
due I-Effect
to I-Effect
the I-Effect
expected I-Effect
passing I-Effect
of I-Effect
the I-Effect
pandemic I-Effect
, O
the B-Cause
positive I-Cause
effects I-Cause
of I-Cause
some I-Cause
of I-Cause
the I-Cause
Polaris I-Cause
initiatives I-Cause
( I-Cause
such I-Cause
as I-Cause
greater I-Cause
e-commerce I-Cause
and I-Cause
faster I-Cause
production I-Cause
) I-Cause
, I-Cause
and I-Cause
less I-Cause
impact I-Cause
from I-Cause
store I-Cause
closures I-Cause
than I-Cause
originally I-Cause
expected I-Cause
. O

We O
believe O
that O
the B-Effect
continuous I-Effect
increase I-Effect
in I-Effect
student I-Effect
enrolment I-Effect
of I-Effect
after-school I-Effect
tutoring I-Effect
are O
primarily O
attributable O
to O
increasing B-Cause
middle I-Cause
classes I-Cause
in I-Cause
China I-Cause
, O
where O
parents O
are O
willing O
to O
spend O
20 O
% O
to O
50 O
% O
of O
their O
disposal O
income O
on O
Children O
's O
education O
. O

Furthermore B-Effect
, I-Effect
we I-Effect
believe I-Effect
Williams-Sonoma I-Effect
can I-Effect
capture I-Effect
additional I-Effect
global I-Effect
market I-Effect
share I-Effect
through B-Cause
the I-Cause
expansion I-Cause
of I-Cause
its I-Cause
corporate-owned I-Cause
boxes I-Cause
and I-Cause
its I-Cause
franchise I-Cause
relationships I-Cause
. O

Yes O
, O
the O
banks O
are O
reducing O
nonperforming O
loans O
, O
and O
yes O
, O
we O
have O
seen O
some O
steps O
toward O
regulatory O
reform O
, O
but O
the O
key O
problem O
remains O
that O
some B-Cause
of I-Cause
Intesa I-Cause
's I-Cause
competitors I-Cause
exhibit I-Cause
irrational I-Cause
loan I-Cause
pricing I-Cause
that O
do B-Effect
not I-Effect
allow I-Effect
for I-Effect
adequate I-Effect
risk-adjusted I-Effect
returns I-Effect
. O

We O
expect O
the B-Effect
company I-Effect
to I-Effect
take I-Effect
a I-Effect
step I-Effect
back I-Effect
in I-Effect
terms I-Effect
of I-Effect
profitability I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
claims I-Cause
and I-Cause
capital I-Cause
market I-Cause
conditions I-Cause
. O

However O
, O
Mizuho B-Effect
has I-Effect
since I-Effect
moderated I-Effect
the I-Effect
overseas I-Effect
growth I-Effect
in O
order O
to O
better O
manage B-Cause
risks I-Cause
and I-Cause
conserve I-Cause
capital I-Cause
, O
recording O
only O
slight O
growth O
outside O
Japan O
since O
March O
2016 O
. O

In O
our O
opinion O
, O
growth B-Cause
in I-Cause
Chrome I-Cause
browser I-Cause
usage I-Cause
helps O
increase B-Effect
the I-Effect
network I-Effect
effect I-Effect
for I-Effect
Google I-Effect
; O
again O
, O
the B-Effect
network I-Effect
is I-Effect
monetized I-Effect
via O
sales B-Cause
of I-Cause
various I-Cause
online I-Cause
ads I-Cause
. O

That O
said O
, O
there O
are O
plans O
for O
two B-Cause
large I-Cause
resorts I-Cause
to I-Cause
open I-Cause
in I-Cause
2021 I-Cause
( I-Cause
Genting I-Cause
World I-Cause
Resort I-Cause
with I-Cause
3,000 I-Cause
rooms I-Cause
) I-Cause
and I-Cause
2022 I-Cause
( I-Cause
Witkoff I-Cause
Drew I-Cause
with I-Cause
around I-Cause
4,000 I-Cause
rooms I-Cause
) I-Cause
that O
combined O
will O
increase B-Effect
existing I-Effect
supply I-Effect
by I-Effect
a I-Effect
mid-single-digit I-Effect
percentage I-Effect
. O

This B-Cause
large I-Cause
subscriber I-Cause
base I-Cause
allows I-Cause
it I-Cause
to I-Cause
keep I-Cause
most I-Cause
of I-Cause
its I-Cause
subscribers I-Cause
' I-Cause
calls I-Cause
on I-Cause
its I-Cause
own I-Cause
network I-Cause
, O
which B-Effect
reduces I-Effect
costs I-Effect
and I-Effect
helps I-Effect
it I-Effect
generate I-Effect
huge I-Effect
free I-Effect
cash I-Effect
flow I-Effect
. O

We B-Effect
believe I-Effect
the I-Effect
total I-Effect
market I-Effect
size I-Effect
of I-Effect
the I-Effect
China I-Effect
after-school I-Effect
tutoring I-Effect
education I-Effect
should I-Effect
continue I-Effect
to I-Effect
grow I-Effect
as O
we B-Cause
believe I-Cause
tier-one I-Cause
cities I-Cause
have I-Cause
more I-Cause
than I-Cause
70 I-Cause
% I-Cause
of I-Cause
student I-Cause
penetration I-Cause
, I-Cause
while I-Cause
tier-two I-Cause
cities I-Cause
' I-Cause
after-school I-Cause
tutoring I-Cause
penetration I-Cause
remains I-Cause
low I-Cause
at I-Cause
below I-Cause
40 I-Cause
% I-Cause
, I-Cause
but I-Cause
it I-Cause
is I-Cause
expected I-Cause
to I-Cause
increase I-Cause
. O

The B-Effect
risk I-Effect
from I-Effect
carbon I-Effect
emissions I-Effect
is I-Effect
most I-Effect
likely I-Effect
to I-Effect
materialize I-Effect
through O
a B-Cause
carbon I-Cause
tax I-Cause
, I-Cause
which I-Cause
increases I-Cause
the I-Cause
price I-Cause
of I-Cause
end I-Cause
products I-Cause
to I-Cause
consumers I-Cause
, I-Cause
reducing I-Cause
demand I-Cause
over I-Cause
time I-Cause
and I-Cause
threatening I-Cause
Equinor I-Cause
's I-Cause
hydrocarbon I-Cause
business I-Cause
. O

Patching O
up O
the O
balance O
sheet O
is O
management O
's O
first O
priority O
, O
but O
this O
could O
take B-Effect
longer I-Effect
than I-Effect
planned I-Effect
, O
given B-Cause
recent I-Cause
turmoil I-Cause
in I-Cause
the I-Cause
oil I-Cause
markets I-Cause
. O

Low-cost B-Cause
yet I-Cause
high-quality I-Cause
production I-Cause
facilities I-Cause
, I-Cause
such I-Cause
as I-Cause
in I-Cause
Tenaris I-Cause
' I-Cause
Mexico I-Cause
operations I-Cause
, O
enable O
the B-Effect
company I-Effect
to I-Effect
profitably I-Effect
supply I-Effect
OCTG I-Effect
in I-Effect
most I-Effect
world I-Effect
markets I-Effect
, I-Effect
including I-Effect
the I-Effect
crucial I-Effect
United I-Effect
States I-Effect
market I-Effect
. O

Our B-Effect
expectations I-Effect
would I-Effect
continue I-Effect
a I-Effect
historical I-Effect
trend I-Effect
as O
Workday B-Cause
has I-Cause
already I-Cause
gone I-Cause
from I-Cause
services I-Cause
constituting I-Cause
34 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
fiscal I-Cause
2012 I-Cause
to I-Cause
12 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
. O

We O
also O
think O
security B-Cause
will I-Cause
require I-Cause
continued I-Cause
vigilance I-Cause
, O
spawning B-Effect
the I-Effect
opportunity I-Effect
for I-Effect
security I-Effect
providers I-Effect
to I-Effect
sell I-Effect
a I-Effect
greater I-Effect
number I-Effect
of I-Effect
more I-Effect
advanced I-Effect
products I-Effect
. O

Because O
of O
the B-Cause
nature I-Cause
of I-Cause
the I-Cause
type I-Cause
of I-Cause
lending I-Cause
that I-Cause
Capital I-Cause
One I-Cause
does I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
at I-Effect
risk I-Effect
for I-Effect
rising I-Effect
credit I-Effect
costs I-Effect
. O

However O
, O
if O
these B-Cause
efforts I-Cause
were I-Cause
to I-Cause
demonstrate I-Cause
the I-Cause
technology I-Cause
as I-Cause
a I-Cause
value-based I-Cause
proposition I-Cause
for I-Cause
governments I-Cause
or I-Cause
public I-Cause
safety I-Cause
officials I-Cause
, O
it O
could O
initiate B-Effect
technological I-Effect
change I-Effect
at I-Effect
a I-Effect
faster I-Effect
rate I-Effect
than I-Effect
previously I-Effect
anticipated I-Effect
. O

Given O
the B-Cause
lack I-Cause
of I-Cause
long-term I-Cause
certainty I-Cause
in I-Cause
moving I-Cause
to I-Cause
a I-Cause
new I-Cause
data I-Cause
center I-Cause
( I-Cause
due I-Cause
to I-Cause
the I-Cause
relatively I-Cause
short I-Cause
contract I-Cause
) I-Cause
, O
we B-Effect
think I-Effect
firms I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
transfer I-Effect
data I-Effect
centers I-Effect
absent I-Effect
serious I-Effect
quality I-Effect
concerns I-Effect
. O

We O
project O
3 O
% O
average O
sales O
growth O
over O
the O
next O
five O
years O
, O
supported O
by O
2.7 O
% O
average O
same-store O
sales O
increases O
and O
helped O
by O
offerings B-Cause
like I-Cause
buy I-Cause
online/pickup I-Cause
in-store I-Cause
and I-Cause
better I-Cause
merchandising I-Cause
, O
which O
drives B-Effect
market I-Effect
share I-Effect
gains I-Effect
. O

We O
view O
its B-Cause
efforts I-Cause
positively I-Cause
and I-Cause
suspect I-Cause
it I-Cause
has I-Cause
built I-Cause
an I-Cause
infrastructure I-Cause
that O
should O
support O
digital B-Effect
percentage I-Effect
growth I-Effect
well I-Effect
into I-Effect
the I-Effect
double-digits I-Effect
for I-Effect
years I-Effect
to I-Effect
come I-Effect
. O

We B-Effect
expect I-Effect
consolidated I-Effect
sales I-Effect
declines I-Effect
to I-Effect
continue I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
, I-Effect
with I-Effect
growth I-Effect
resuming I-Effect
in I-Effect
the I-Effect
back I-Effect
half I-Effect
, O
supported O
by O
easy B-Cause
comparisons I-Cause
, I-Cause
e-commerce I-Cause
initiatives I-Cause
, I-Cause
and I-Cause
new I-Cause
product I-Cause
launches I-Cause
. O

The B-Cause
cycle I-Cause
can I-Cause
swing I-Cause
year I-Cause
to I-Cause
year I-Cause
from I-Cause
tight I-Cause
capacity I-Cause
to I-Cause
overcapacity I-Cause
based I-Cause
on I-Cause
global I-Cause
economic I-Cause
activity I-Cause
, O
reducing B-Effect
new I-Effect
truck I-Effect
orders I-Effect
. O

It B-Cause
becomes I-Cause
difficult I-Cause
and I-Cause
expensive I-Cause
to I-Cause
maintain I-Cause
relationships I-Cause
with I-Cause
100 I-Cause
different I-Cause
small I-Cause
businesses I-Cause
rather I-Cause
than I-Cause
to I-Cause
have I-Cause
one I-Cause
simple I-Cause
purchase I-Cause
, O
so O
a B-Effect
new I-Effect
entrant I-Effect
would I-Effect
need I-Effect
to I-Effect
build I-Effect
a I-Effect
distribution I-Effect
network I-Effect
and I-Effect
develop I-Effect
customer I-Effect
relationships I-Effect
with I-Effect
airlines I-Effect
, O
which O
takes O
significant O
time O
and O
effort O
. O

Public B-Cause
and I-Cause
mutual I-Cause
banks I-Cause
in I-Cause
Germany I-Cause
follow I-Cause
a I-Cause
regional I-Cause
principle I-Cause
ruling I-Cause
out I-Cause
competition I-Cause
among I-Cause
member I-Cause
banks I-Cause
, I-Cause
while I-Cause
back-office I-Cause
infrastructures I-Cause
are I-Cause
shared I-Cause
to O
reduce B-Effect
costs I-Effect
. O

Specifically O
, O
displacing B-Effect
the I-Effect
use I-Effect
of I-Effect
an I-Effect
established I-Effect
diagnostic I-Effect
platform I-Effect
can I-Effect
be I-Effect
challenging I-Effect
for I-Effect
competitors I-Effect
since O
labs B-Cause
are I-Cause
hesitant I-Cause
to I-Cause
disrupt I-Cause
systems I-Cause
that I-Cause
are I-Cause
integrated I-Cause
into I-Cause
their I-Cause
practices I-Cause
, I-Cause
and I-Cause
pathologists I-Cause
can I-Cause
be I-Cause
particularly I-Cause
loyal I-Cause
influencers I-Cause
on I-Cause
diagnostic I-Cause
platforms I-Cause
. O

Additionally O
, O
Malibu O
expects O
the O
outboard O
and O
offshore O
industry O
to O
grow O
at O
a O
low-single-digit O
pace O
in O
calendar O
2020 O
, O
while O
we O
see O
the B-Cause
Malibu I-Cause
brands I-Cause
rising I-Cause
incrementally I-Cause
faster I-Cause
, O
reflecting O
an B-Effect
overall I-Effect
industry I-Effect
trend I-Effect
toward I-Effect
larger I-Effect
and I-Effect
more I-Effect
luxurious I-Effect
vessels I-Effect
. O

Federal B-Effect
funding I-Effect
power I-Effect
has I-Effect
weakened I-Effect
over I-Effect
time I-Effect
, O
as O
better B-Cause
vehicle I-Cause
mileage I-Cause
and I-Cause
inflation I-Cause
have I-Cause
diminished I-Cause
the I-Cause
buying I-Cause
power I-Cause
of I-Cause
the I-Cause
$ I-Cause
0.18 I-Cause
per I-Cause
gallon I-Cause
gasoline I-Cause
tax I-Cause
, O
unchanged O
since O
1993 O
. O

We B-Cause
do I-Cause
n't I-Cause
think I-Cause
cloud I-Cause
providers I-Cause
want I-Cause
to I-Cause
compete I-Cause
in I-Cause
a I-Cause
retail I-Cause
colocation I-Cause
business I-Cause
, O
considering O
the O
difficulty O
we B-Effect
believe I-Effect
they I-Effect
'd I-Effect
have I-Effect
in I-Effect
mimicking I-Effect
a I-Effect
similar I-Effect
network I-Effect
of I-Effect
customers I-Effect
, O
but O
they O
could O
use O
their O
leverage O
to O
extract O
concessions O
. O

The O
segment O
's O
operating O
margins O
have O
been O
challenged O
over O
the O
past O
decade O
due O
weak O
pricing O
, O
but O
we O
think O
CNH B-Cause
Industrial I-Cause
's I-Cause
work I-Cause
to I-Cause
become I-Cause
a I-Cause
leader I-Cause
in I-Cause
liquified I-Cause
natural I-Cause
gas-powered I-Cause
trucks I-Cause
could O
present B-Effect
an I-Effect
opportunity I-Effect
to I-Effect
raise I-Effect
pricing I-Effect
. O

Switching O
costs O
stem O
from O
the O
fact O
that O
, O
when O
these B-Cause
proprietary I-Cause
formulations I-Cause
are I-Cause
used I-Cause
by I-Cause
consumer I-Cause
packaged I-Cause
goods I-Cause
customers I-Cause
for I-Cause
food I-Cause
and I-Cause
beverages I-Cause
, O
buyers B-Effect
are I-Effect
often I-Effect
unwilling I-Effect
to I-Effect
jeopardize I-Effect
the I-Effect
brand I-Effect
equity I-Effect
of I-Effect
their I-Effect
products I-Effect
by I-Effect
switching I-Effect
to I-Effect
alternative I-Effect
solutions I-Effect
that I-Effect
consumers I-Effect
might I-Effect
reject I-Effect
. O

Historically O
, O
banks B-Cause
could I-Cause
only I-Cause
write I-Cause
off I-Cause
bad I-Cause
loans I-Cause
over I-Cause
five I-Cause
years I-Cause
for I-Cause
tax I-Cause
purposes I-Cause
, O
which O
further O
incentivised O
banks B-Effect
to I-Effect
keep I-Effect
bad I-Effect
loans I-Effect
on I-Effect
their I-Effect
books I-Effect
. O

The B-Cause
reputation I-Cause
for I-Cause
flexibility I-Cause
and I-Cause
a I-Cause
volatile I-Cause
assortment I-Cause
allows B-Effect
TJX I-Effect
to I-Effect
be I-Effect
opportunistic I-Effect
, I-Effect
with I-Effect
loosely I-Effect
defined I-Effect
departments I-Effect
that I-Effect
can I-Effect
expand I-Effect
and I-Effect
contract I-Effect
as I-Effect
demand I-Effect
and I-Effect
product I-Effect
availability I-Effect
warrant I-Effect
. O

As O
a O
result O
, O
the B-Cause
company I-Cause
can I-Cause
procure I-Cause
capacity I-Cause
at I-Cause
lower I-Cause
rates I-Cause
than I-Cause
shippers I-Cause
could I-Cause
generally I-Cause
obtain I-Cause
directly I-Cause
with I-Cause
carriers I-Cause
, O
thereby O
providing B-Effect
customers I-Effect
with I-Effect
opportunities I-Effect
for I-Effect
material I-Effect
cost I-Effect
savings I-Effect
. O

We O
believe O
Johnson B-Effect
Controls I-Effect
' I-Effect
scale-driven I-Effect
cost I-Effect
advantage I-Effect
within I-Effect
its I-Effect
branch I-Effect
network I-Effect
could I-Effect
strengthen I-Effect
relative I-Effect
to I-Effect
competitors I-Effect
as O
the B-Cause
company I-Cause
integrates I-Cause
legacy I-Cause
building I-Cause
efficiency I-Cause
and I-Cause
Tyco I-Cause
branch I-Cause
networks I-Cause
. O

We B-Effect
anticipate I-Effect
Spirit I-Effect
will I-Effect
be I-Effect
among I-Effect
the I-Effect
final I-Effect
aerospace I-Effect
and I-Effect
defense I-Effect
companies I-Effect
to I-Effect
recover I-Effect
from I-Effect
the I-Effect
pandemic I-Effect
as O
Boeing B-Cause
clears I-Cause
its I-Cause
working I-Cause
capital I-Cause
before I-Cause
ordering I-Cause
new I-Cause
shipsets I-Cause
. O

Forecasting B-Effect
the I-Effect
nontelecom I-Effect
businesses I-Effect
is I-Effect
extremely I-Effect
difficult I-Effect
, O
as O
SK B-Cause
Planet I-Cause
, I-Cause
which I-Cause
focuses I-Cause
on I-Cause
e-commerce I-Cause
, I-Cause
comprises I-Cause
a I-Cause
large I-Cause
part I-Cause
of I-Cause
these I-Cause
investments I-Cause
. O

We O
expect O
continued B-Effect
acquisition I-Effect
and I-Effect
disposition I-Effect
activity I-Effect
as O
Aimco B-Cause
recycles I-Cause
capital I-Cause
, I-Cause
repositions I-Cause
its I-Cause
portfolio I-Cause
, I-Cause
and I-Cause
improves I-Cause
the I-Cause
overall I-Cause
quality I-Cause
of I-Cause
its I-Cause
assets I-Cause
. O

State O
and O
federal O
regulators O
grant O
SCE B-Cause
exclusive I-Cause
rights I-Cause
to I-Cause
charge I-Cause
customers I-Cause
rates I-Cause
that O
allow O
it O
to O
earn O
a B-Effect
fair I-Effect
return I-Effect
on I-Effect
and I-Effect
return I-Effect
of I-Effect
the I-Effect
capital I-Effect
it I-Effect
invests I-Effect
to I-Effect
build I-Effect
, I-Effect
operate I-Effect
, I-Effect
and I-Effect
maintain I-Effect
its I-Effect
infrastructure I-Effect
. O

This O
is O
because O
flash B-Cause
and I-Cause
SSD I-Cause
players I-Cause
like I-Cause
Western I-Cause
Digital I-Cause
and I-Cause
Samsung I-Cause
have I-Cause
their I-Cause
own I-Cause
lineups I-Cause
of I-Cause
controller I-Cause
products I-Cause
, O
which O
has O
allowed O
them O
to O
continually B-Effect
augment I-Effect
their I-Effect
SSD I-Effect
portfolio I-Effect
. O

At O
this O
point O
we O
believe O
this B-Effect
cash I-Effect
cow I-Effect
business I-Effect
could I-Effect
be I-Effect
a I-Effect
potential I-Effect
source I-Effect
of I-Effect
disappointment I-Effect
if O
it B-Cause
were I-Cause
to I-Cause
begin I-Cause
to I-Cause
more I-Cause
rapidly I-Cause
deteriorate I-Cause
, O
which O
is O
not O
contemplated O
in O
our O
model O
. O

Though O
Essex O
has O
a O
strong O
balance O
sheet O
and O
we O
expect O
management O
to O
continue O
to O
exhibit O
careful O
but O
strategic O
capital O
stewardship O
, O
we O
believe O
that O
high B-Cause
supply I-Cause
limits O
the B-Effect
upside I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
internal I-Effect
growth I-Effect
, O
and O
the O
company O
's O
exposure O
to O
the O
volatile O
tech O
industry O
presents O
real O
downside O
risk O
. O

ESG B-Cause
related I-Cause
risks I-Cause
include I-Cause
changes I-Cause
in I-Cause
policy I-Cause
related I-Cause
to I-Cause
climate I-Cause
change I-Cause
such O
as O
the B-Effect
implementation I-Effect
of I-Effect
a I-Effect
carbon I-Effect
tax I-Effect
that I-Effect
could I-Effect
result I-Effect
in I-Effect
higher I-Effect
costs I-Effect
, I-Effect
reduced I-Effect
demand I-Effect
, I-Effect
or I-Effect
stranded I-Effect
resources I-Effect
. O

The B-Effect
utility I-Effect
continues I-Effect
to I-Effect
receive I-Effect
support I-Effect
for O
electric B-Cause
transmission I-Cause
and I-Cause
gas I-Cause
distribution I-Cause
investment I-Cause
with O
timely O
cost-recovery O
mechanisms O
that O
limit O
regulatory O
lag O
. O

Typically O
, O
equipment B-Cause
contracted I-Cause
for I-Cause
sale I-Cause
arrives I-Cause
a I-Cause
few I-Cause
weeks I-Cause
before I-Cause
the I-Cause
auction I-Cause
takes I-Cause
place I-Cause
to O
facilitate B-Effect
inspections I-Effect
at I-Effect
times I-Effect
of I-Effect
the I-Effect
bidders I-Effect
' I-Effect
choosing I-Effect
. O

We O
think O
the B-Cause
longest-lasting I-Cause
effects I-Cause
of I-Cause
COVID-19 I-Cause
on I-Cause
the I-Cause
airlines I-Cause
will O
be O
increased B-Effect
leverage I-Effect
and I-Effect
equity I-Effect
dilution I-Effect
at I-Effect
low I-Effect
prices I-Effect
. O

A B-Cause
profit-sharing I-Cause
agreement I-Cause
for I-Cause
the I-Cause
supply I-Cause
chain I-Cause
segment I-Cause
serves B-Effect
to I-Effect
align I-Effect
incentives I-Effect
, O
with O
$ O
169 O
million O
distributed O
to O
participating O
franchisees O
in O
2020 O
-- O
implying O
that O
roughly O
75 O
% O
of O
units O
participated O
in O
the O
long-term O
shared-ownership O
arrangement O
. O

Other O
internal O
catalysts O
for O
top-line B-Effect
growth I-Effect
could O
come O
from O
the B-Cause
firm I-Cause
's I-Cause
efficient I-Cause
supply I-Cause
chain I-Cause
, I-Cause
improved I-Cause
merchandising I-Cause
technology I-Cause
, I-Cause
and I-Cause
penetration I-Cause
of I-Cause
adjacent I-Cause
customer I-Cause
product I-Cause
segments I-Cause
( O
most O
recently O
, O
bolstered O
by O
the O
acquisition O
of O
HD O
Supply O
) O
. O

Orange B-Cause
has I-Cause
increased I-Cause
capital I-Cause
expenditures I-Cause
in I-Cause
recent I-Cause
years I-Cause
to I-Cause
speed B-Effect
up I-Effect
the I-Effect
build-out I-Effect
of I-Effect
4G I-Effect
and I-Effect
fiber I-Effect
networks I-Effect
in I-Effect
France I-Effect
. I-Cause

With O
Pepsi B-Cause
's I-Cause
leading I-Cause
unit I-Cause
share I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
relative I-Cause
similarity I-Cause
across I-Cause
basic I-Cause
ingredient I-Cause
composition I-Cause
and I-Cause
manufacturing I-Cause
processes I-Cause
, O
we B-Effect
would I-Effect
be I-Effect
shocked I-Effect
if I-Effect
any I-Effect
snack I-Effect
competitor I-Effect
were I-Effect
able I-Effect
to I-Effect
achieve I-Effect
better I-Effect
productivity I-Effect
or I-Effect
procurement I-Effect
leverage I-Effect
than I-Effect
Pepsi I-Effect
. I-Effect

With B-Cause
demand I-Cause
for I-Cause
most I-Cause
products I-Cause
likely I-Cause
to I-Cause
soften I-Cause
with I-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
China I-Cause
boom I-Cause
, O
and O
BHP B-Effect
's I-Effect
fiscal I-Effect
2021 I-Effect
earning I-Effect
back I-Effect
near I-Effect
the I-Effect
fiscal I-Effect
2011-12 I-Effect
peak I-Effect
, O
we O
think O
the B-Effect
outlook I-Effect
is I-Effect
for I-Effect
earnings I-Effect
to I-Effect
materially I-Effect
decline I-Effect
, O
with O
iron B-Cause
ore I-Cause
the I-Cause
likely I-Cause
key I-Cause
driver I-Cause
. O

In O
our O
view O
, O
potential B-Effect
new I-Effect
competitive I-Effect
entrants I-Effect
are I-Effect
dissuaded I-Effect
from I-Effect
entering I-Effect
the I-Effect
market I-Effect
because O
doing B-Cause
so I-Cause
would I-Cause
depress I-Cause
returns I-Cause
for I-Cause
all I-Cause
players I-Cause
. O

The B-Cause
growth I-Cause
in I-Cause
users I-Cause
and I-Cause
user I-Cause
engagement I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
valuable I-Cause
data I-Cause
that I-Cause
they I-Cause
generate I-Cause
, O
makes O
Facebook B-Effect
attractive I-Effect
to I-Effect
advertisers I-Effect
in I-Effect
the I-Effect
short I-Effect
and I-Effect
long I-Effect
term I-Effect
. O

IT B-Effect
professionals I-Effect
are I-Effect
increasingly I-Effect
installing I-Effect
the I-Effect
more I-Effect
expensive I-Effect
all-flash I-Effect
arrays I-Effect
or I-Effect
hybrid I-Effect
arrays I-Effect
over O
mature O
hard O
disk O
drives O
because O
of O
performance B-Cause
, I-Cause
capacity I-Cause
per I-Cause
size I-Cause
, I-Cause
and I-Cause
lower I-Cause
power I-Cause
consumption I-Cause
. O

In O
the O
Williston O
Basin O
, O
there B-Cause
is I-Cause
also I-Cause
substantial I-Cause
upside I-Cause
for I-Cause
Oneok I-Cause
in I-Cause
terms I-Cause
of I-Cause
capturing I-Cause
now-flared I-Cause
gas I-Cause
, O
as O
Oneok B-Cause
has I-Cause
about I-Cause
250-300 I-Cause
million I-Cause
cubic I-Cause
feet I-Cause
per I-Cause
day I-Cause
of I-Cause
spare I-Cause
gathering I-Cause
and I-Cause
processing I-Cause
capacity I-Cause
and O
can O
benefit B-Effect
as I-Effect
rig I-Effect
activity I-Effect
in I-Effect
the I-Effect
area I-Effect
increases I-Effect
. O

Variations B-Cause
in I-Cause
regional I-Cause
crude I-Cause
oil I-Cause
quality I-Cause
and I-Cause
refinery I-Cause
specifications I-Cause
require I-Cause
Albemarle B-Effect
to I-Effect
work I-Effect
closely I-Effect
with I-Effect
customers I-Effect
to O
formulate O
customized O
catalysts O
for O
each O
refinery O
. O

This B-Effect
segment I-Effect
also I-Effect
benefits I-Effect
from I-Effect
switching I-Effect
costs I-Effect
due O
to O
reasons O
including O
mission B-Cause
criticality I-Cause
, I-Cause
custom I-Cause
integrations I-Cause
, I-Cause
and I-Cause
the I-Cause
high I-Cause
monetary I-Cause
and I-Cause
time-based I-Cause
costs I-Cause
associated O
with O
replacing O
the O
system O
with O
that O
of O
a O
different O
vendor O
. O

While O
there O
is O
some O
room O
for O
margin O
expansion O
in O
Canada O
, O
expansion B-Cause
outside I-Cause
Canada I-Cause
should O
generally O
limit B-Effect
margin I-Effect
and O
return B-Effect
on I-Effect
equity I-Effect
expansion I-Effect
in I-Effect
the I-Effect
longer I-Effect
term I-Effect
. O

Nordstrom B-Cause
's I-Cause
full-price I-Cause
, I-Cause
full-line I-Cause
stores I-Cause
generated I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
in I-Cause
2019 I-Cause
sales I-Cause
, O
making B-Effect
the I-Effect
company I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
upscale I-Effect
fashion I-Effect
retailers I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, O
before O
falling B-Effect
to I-Effect
$ I-Effect
7 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
. O

The B-Effect
company I-Effect
's I-Effect
global I-Effect
presence I-Effect
limits I-Effect
potential I-Effect
competition I-Effect
at I-Effect
the I-Effect
top I-Effect
end I-Effect
of I-Effect
the I-Effect
corporate I-Effect
market I-Effect
, O
as O
it B-Cause
allows I-Cause
Marsh I-Cause
& I-Cause
amp I-Cause
; I-Cause
McLennan I-Cause
to I-Cause
effectively I-Cause
serve I-Cause
multinational I-Cause
customers I-Cause
that I-Cause
smaller I-Cause
brokers I-Cause
can I-Cause
not O
. O

Huntington B-Cause
Ingalls I-Cause
' I-Cause
top I-Cause
line I-Cause
is I-Cause
, I-Cause
therefore I-Cause
, I-Cause
less I-Cause
sensitive I-Cause
to I-Cause
changes I-Cause
in I-Cause
the I-Cause
defense I-Cause
budget I-Cause
than I-Cause
peer I-Cause
contractors I-Cause
, O
making O
it O
a B-Effect
more I-Effect
defensive I-Effect
play I-Effect
among I-Effect
contractors I-Effect
. O

We O
believe O
these B-Cause
efforts I-Cause
are I-Cause
paying I-Cause
off I-Cause
and O
that O
Ralph B-Cause
Lauren I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
reduce I-Cause
unnecessary I-Cause
expenses I-Cause
to O
fund B-Effect
greater I-Effect
marketing I-Effect
. O

However O
, O
the B-Cause
Mexican I-Cause
government I-Cause
did I-Cause
change I-Cause
regulations I-Cause
in I-Cause
the I-Cause
telecommunication I-Cause
space I-Cause
in O
attempt O
to O
curtail B-Effect
the I-Effect
market I-Effect
dominance I-Effect
of I-Effect
America I-Effect
Movil I-Effect
and I-Effect
Grupo I-Effect
Televisa I-Effect
. O

Still O
, O
we B-Effect
do I-Effect
not I-Effect
think I-Effect
Bio-Techne I-Effect
wants I-Effect
to I-Effect
compete I-Effect
for I-Effect
value-seeking I-Effect
customers I-Effect
, O
as O
maintaining B-Cause
a I-Cause
premium I-Cause
market I-Cause
position I-Cause
is I-Cause
a I-Cause
key I-Cause
element I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
strategy I-Cause
, O
and O
it O
would O
be O
difficult O
to O
maintain O
a O
strong O
reputation O
in O
a O
price O
war O
environment O
. O

And O
after B-Cause
suspending I-Cause
its I-Cause
share-repurchase I-Cause
program I-Cause
briefly I-Cause
during I-Cause
the I-Cause
COVID-19 I-Cause
crisis I-Cause
, O
Anthem B-Effect
's I-Effect
recently I-Effect
increased I-Effect
share I-Effect
repurchase I-Effect
authorization I-Effect
suggests I-Effect
that I-Effect
repurchases I-Effect
may I-Effect
boost I-Effect
earnings I-Effect
growth I-Effect
during I-Effect
our I-Effect
forecast I-Effect
period I-Effect
. O

And O
thus O
, O
if O
an B-Cause
enterprise I-Cause
was I-Cause
to I-Cause
swap I-Cause
out I-Cause
its I-Cause
data I-Cause
lake I-Cause
, I-Cause
it I-Cause
would I-Cause
require I-Cause
reconnecting I-Cause
to I-Cause
all I-Cause
of I-Cause
an I-Cause
enterprise I-Cause
's I-Cause
databases I-Cause
, O
likely O
causing B-Effect
even I-Effect
more I-Effect
work I-Effect
than I-Effect
the I-Effect
already I-Effect
onerous I-Effect
overhaul I-Effect
of I-Effect
access I-Effect
method I-Effect
rewriting I-Effect
between I-Effect
software I-Effect
to I-Effect
a I-Effect
single I-Effect
database I-Effect
when I-Effect
swapping I-Effect
out I-Effect
a I-Effect
database I-Effect
. O

We O
see O
a O
low O
materiality O
impact O
, O
as O
Mosaic O
already O
has O
a O
plan O
to O
reduce B-Cause
carbon I-Cause
emissions I-Cause
in I-Cause
its I-Cause
nitrogen I-Cause
operations I-Cause
and O
increase B-Effect
the I-Effect
use I-Effect
of I-Effect
more I-Effect
renewable I-Effect
energy I-Effect
at I-Effect
its I-Effect
potash I-Effect
operations I-Effect
. O

However O
, O
in O
San O
Francisco O
, O
office B-Cause
development I-Cause
is I-Cause
subject I-Cause
to I-Cause
explicit I-Cause
annual I-Cause
limits I-Cause
on I-Cause
new I-Cause
construction I-Cause
, O
which O
in O
part O
explains B-Effect
why I-Effect
supply I-Effect
has I-Effect
been I-Effect
constrained I-Effect
. O

Consumable B-Effect
patch I-Effect
pumps I-Effect
are I-Effect
trickier I-Effect
to I-Effect
manufacture I-Effect
than I-Effect
traditional I-Effect
'' I-Effect
tubed I-Effect
'' I-Effect
insulin I-Effect
pumps I-Effect
, O
partly O
because O
there B-Cause
are I-Cause
more I-Cause
components I-Cause
in I-Cause
the I-Cause
patch I-Cause
pump I-Cause
that I-Cause
offer I-Cause
more I-Cause
opportunities I-Cause
for I-Cause
things I-Cause
to I-Cause
go I-Cause
wrong I-Cause
. O

At O
some O
point O
in O
the O
future O
, O
we O
anticipate O
a B-Cause
tipping I-Cause
point I-Cause
at O
which O
the O
consumer O
is O
no B-Cause
longer I-Cause
willing I-Cause
to I-Cause
continue I-Cause
to I-Cause
accept I-Cause
price I-Cause
increases I-Cause
above I-Cause
the I-Cause
broader I-Cause
rate I-Cause
of I-Cause
inflation I-Cause
, O
leading O
to O
an B-Effect
increase I-Effect
in I-Effect
price I-Effect
elasticity I-Effect
. O

Zebra B-Effect
creates I-Effect
an I-Effect
even I-Effect
more I-Effect
integrated I-Effect
-- I-Effect
and I-Effect
thus I-Effect
entrenched I-Effect
-- I-Effect
system I-Effect
for I-Effect
its I-Effect
customers I-Effect
by O
layering B-Cause
software I-Cause
on I-Cause
top I-Cause
of I-Cause
its I-Cause
solutions I-Cause
. O

Given O
the B-Cause
extent I-Cause
of I-Cause
Infosys I-Cause
' I-Cause
offshore I-Cause
leverage I-Cause
, I-Cause
estimated I-Cause
to I-Cause
be I-Cause
near I-Cause
75 I-Cause
% I-Cause
, O
we B-Effect
think I-Effect
the I-Effect
company I-Effect
's I-Effect
greatest I-Effect
risk I-Effect
is I-Effect
in I-Effect
a I-Effect
narrowing I-Effect
differential I-Effect
between I-Effect
Indian I-Effect
real I-Effect
wage I-Effect
growth I-Effect
and I-Effect
real I-Effect
wage I-Effect
growth I-Effect
in I-Effect
developed I-Effect
markets I-Effect
such I-Effect
as I-Effect
the I-Effect
U.S I-Effect
. O

In B-Cause
Zscaler I-Cause
's I-Cause
case I-Cause
, I-Cause
the I-Cause
latter I-Cause
simply I-Cause
means I-Cause
that I-Cause
the I-Cause
different I-Cause
functional I-Cause
modules I-Cause
( I-Cause
firewall I-Cause
, I-Cause
URL I-Cause
filtering I-Cause
, I-Cause
sandbox I-Cause
) I-Cause
work I-Cause
well I-Cause
together I-Cause
and I-Cause
complement I-Cause
each I-Cause
other. O
This O
reality O
makes B-Effect
adoption I-Effect
of I-Effect
multiple I-Effect
products I-Effect
comparatively I-Effect
easier I-Effect
and I-Effect
thus I-Effect
is I-Effect
more I-Effect
conducive I-Effect
to I-Effect
being I-Effect
deployed I-Effect
across I-Effect
multiple I-Effect
customer I-Effect
touchpoints I-Effect
and I-Effect
workflows I-Effect
. O

We O
attribute O
3M B-Effect
's I-Effect
ability I-Effect
to I-Effect
remain I-Effect
ahead I-Effect
of I-Effect
GDP I-Effect
based O
on O
its B-Cause
suite I-Cause
of I-Cause
innovative I-Cause
products I-Cause
that I-Cause
are I-Cause
a I-Cause
byproduct I-Cause
of I-Cause
its I-Cause
R I-Cause
& I-Cause
D I-Cause
efforts I-Cause
. O

Further O
, O
if O
key B-Cause
measures I-Cause
of I-Cause
the I-Cause
Affordable I-Cause
Care I-Cause
Act I-Cause
are I-Cause
dismantled I-Cause
, O
this O
could O
lead O
to O
less B-Effect
volume I-Effect
and I-Effect
higher I-Effect
bad I-Effect
debt I-Effect
expense I-Effect
. O

We O
think O
Musk B-Cause
was I-Cause
very I-Cause
smart I-Cause
to I-Cause
not I-Cause
only I-Cause
design I-Cause
a I-Cause
great-looking I-Cause
car I-Cause
, I-Cause
but I-Cause
also I-Cause
have I-Cause
Tesla I-Cause
right I-Cause
away I-Cause
sell I-Cause
vehicles I-Cause
at I-Cause
a I-Cause
premium I-Cause
price I-Cause
point. O
This O
created B-Effect
tremendous I-Effect
media I-Effect
publicity I-Effect
for I-Effect
Tesla I-Effect
beyond I-Effect
its I-Effect
customers I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
creates I-Effect
a I-Effect
halo I-Effect
effect I-Effect
for I-Effect
Model I-Effect
3 I-Effect
and I-Effect
Model I-Effect
Y I-Effect
demand I-Effect
when I-Effect
they I-Effect
were I-Effect
introduced I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
for I-Effect
the I-Effect
Cybertruck I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
is I-Effect
ugly I-Effect
but I-Effect
that I-Effect
ugliness I-Effect
is I-Effect
ironically I-Effect
part I-Effect
of I-Effect
its I-Effect
appeal I-Effect
. O

Still B-Effect
, I-Effect
we I-Effect
forecast I-Effect
sales I-Effect
growth I-Effect
of I-Effect
just I-Effect
8.5 I-Effect
% I-Effect
( I-Effect
or I-Effect
about I-Effect
5 I-Effect
% I-Effect
excluding I-Effect
Mirror I-Effect
) I-Effect
and I-Effect
declines I-Effect
in I-Effect
operating I-Effect
income I-Effect
and I-Effect
EPS I-Effect
in I-Effect
2020 I-Effect
due O
to O
virus-related B-Cause
temporary I-Cause
store I-Cause
closures I-Cause
and I-Cause
soft I-Cause
consumer I-Cause
spending I-Cause
on I-Cause
apparel I-Cause
. O

We B-Cause
do I-Cause
n't I-Cause
expect I-Cause
the I-Cause
technology I-Cause
( I-Cause
for I-Cause
engine I-Cause
, I-Cause
chassis I-Cause
, I-Cause
and I-Cause
accessories I-Cause
) I-Cause
to I-Cause
change I-Cause
enough I-Cause
incrementally I-Cause
each I-Cause
year I-Cause
to O
drive O
substantial O
annual O
replacement O
demand O
, O
leading O
to O
our B-Effect
long-term I-Effect
outlook I-Effect
for I-Effect
low-single-digit I-Effect
industry I-Effect
growth I-Effect
. O

We O
still O
see O
meaningful O
downside O
for O
commodity O
prices O
from O
current O
levels O
, O
particularly O
for O
iron O
ore O
and O
copper O
, O
but O
acknowledge O
that O
tighter B-Effect
markets I-Effect
will I-Effect
take I-Effect
time I-Effect
to I-Effect
normalise I-Effect
as O
the B-Cause
effects I-Cause
of I-Cause
China I-Cause
's I-Cause
fiscal I-Cause
and I-Cause
monetary I-Cause
stimulus I-Cause
wane I-Cause
. O

Business B-Effect
ethics I-Effect
risk I-Effect
was I-Effect
raised I-Effect
with I-Effect
BMW I-Effect
's I-Effect
inclusion I-Effect
in I-Effect
an I-Effect
EU I-Effect
antitrust I-Effect
case I-Effect
regarding O
diesel B-Cause
equipment I-Cause
collusion I-Cause
among I-Cause
German I-Cause
automakers I-Cause
. O

In O
our O
view O
, O
inertia B-Effect
is O
the O
most O
likely O
reason O
customers B-Effect
stay I-Effect
with I-Effect
Biotrue I-Effect
, O
given O
that O
customers B-Cause
are I-Cause
apt I-Cause
to I-Cause
continue I-Cause
using I-Cause
solution I-Cause
that I-Cause
works I-Cause
, I-Cause
and I-Cause
all I-Cause
solutions I-Cause
are I-Cause
generally I-Cause
priced I-Cause
at I-Cause
around I-Cause
the I-Cause
same I-Cause
level I-Cause
. O

As O
a O
large-cap O
consumer O
staples O
multinational O
, O
Reckitt O
is O
a O
relatively O
stable O
operator O
, O
but O
after O
recent B-Cause
operational I-Cause
mishaps I-Cause
, O
we B-Effect
are I-Effect
wary I-Effect
of I-Effect
a I-Effect
black I-Effect
swan I-Effect
event I-Effect
that I-Effect
could I-Effect
materially I-Effect
affect I-Effect
the I-Effect
financial I-Effect
performance I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

However O
, O
a B-Effect
no-deal I-Effect
Brexit I-Effect
trade I-Effect
agreement I-Effect
represents I-Effect
significant I-Effect
risk I-Effect
to I-Effect
our I-Effect
forecast I-Effect
as O
roughly O
40 B-Cause
% I-Cause
of I-Cause
BorgWarner I-Cause
's I-Cause
revenue I-Cause
comes I-Cause
from I-Cause
the I-Cause
euro I-Cause
region I-Cause
. O

We O
think O
the B-Cause
market I-Cause
shift I-Cause
away I-Cause
from I-Cause
the I-Cause
captive I-Cause
agent I-Cause
channel I-Cause
and I-Cause
Allstate I-Cause
's I-Cause
leading I-Cause
position I-Cause
in I-Cause
a I-Cause
mature I-Cause
industry I-Cause
limit O
its B-Effect
growth I-Effect
prospects I-Effect
. O

The B-Cause
jump I-Cause
in I-Cause
retail I-Cause
energy I-Cause
earnings I-Cause
after I-Cause
incorporating I-Cause
Direct I-Cause
Energy I-Cause
should O
help B-Effect
offset I-Effect
falling I-Effect
generation I-Effect
margins I-Effect
and I-Effect
the I-Effect
long-term I-Effect
threat I-Effect
from I-Effect
renewable I-Effect
energy I-Effect
facing I-Effect
NRG I-Effect
's I-Effect
legacy I-Effect
fossil I-Effect
fuel I-Effect
generation I-Effect
. O

Turning B-Effect
to I-Effect
product-specific I-Effect
risks I-Effect
, I-Effect
Roche I-Effect
is I-Effect
already I-Effect
experiencing I-Effect
significant I-Effect
top-line I-Effect
pressure I-Effect
as O
key B-Cause
products I-Cause
Rituxan I-Cause
, I-Cause
Avastin I-Cause
, I-Cause
and I-Cause
Herceptin I-Cause
succumb I-Cause
to I-Cause
biosimilar I-Cause
competition I-Cause
, I-Cause
and I-Cause
biosimilars I-Cause
to I-Cause
both I-Cause
eye I-Cause
disease I-Cause
drug I-Cause
Lucentis I-Cause
and I-Cause
immunology I-Cause
drug I-Cause
Actemra I-Cause
could I-Cause
weigh I-Cause
on I-Cause
sales I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
. O

The B-Cause
cyclical I-Cause
industry I-Cause
in O
which O
Intel O
operates O
will O
cause O
its B-Effect
profitability I-Effect
to I-Effect
fluctuate I-Effect
regardless O
of O
how O
successful O
it O
is O
in O
tailoring O
its O
processors O
to O
new O
markets O
. O

While O
the O
firm O
has O
n't O
committed O
to O
spending O
a O
fixed O
75 O
% O
of O
operating O
cash O
flows O
like O
peers O
, O
its B-Cause
more I-Cause
fluid I-Cause
framework I-Cause
still O
allows B-Effect
for I-Effect
an I-Effect
appropriate I-Effect
amount I-Effect
of I-Effect
investments I-Effect
and I-Effect
enhanced I-Effect
capital I-Effect
returns I-Effect
under I-Effect
a I-Effect
variety I-Effect
of I-Effect
oil I-Effect
price I-Effect
scenarios I-Effect
. O

We O
expect O
the O
company O
's O
adjusted B-Effect
EBITDA I-Effect
margin I-Effect
will I-Effect
reach I-Effect
roughly I-Effect
50 I-Effect
% I-Effect
by O
2030 O
, O
mostly O
due O
to O
fixed B-Cause
cost I-Cause
leverage I-Cause
against I-Cause
overhead I-Cause
expenses I-Cause
. I-Cause

Narrower B-Cause
discounts I-Cause
for I-Cause
inland I-Cause
crude I-Cause
have O
reduced B-Cause
opportunities I-Cause
on I-Cause
the I-Cause
East I-Cause
and I-Cause
West I-Cause
Coast I-Cause
to I-Cause
transport I-Cause
discount I-Cause
light I-Cause
crude I-Cause
to I-Cause
its I-Cause
refineries I-Cause
via I-Cause
rail I-Cause
and I-Cause
barge I-Cause
to O
back B-Effect
out I-Effect
more I-Effect
expensive I-Effect
foreign I-Effect
imports I-Effect
. O

Despite O
considerable O
intangible O
assets O
surrounding O
HDD O
design O
expertise O
as O
well O
as O
a O
cost O
advantage O
in O
HDD O
manufacturing O
, O
these B-Effect
capabilities I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
allow I-Effect
it I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
due O
to O
the B-Cause
broad I-Cause
technological I-Cause
trends I-Cause
away I-Cause
from I-Cause
the I-Cause
legacy I-Cause
hardware I-Cause
. O

The B-Cause
faith I-Cause
that I-Cause
DIY I-Cause
consumers I-Cause
place I-Cause
in I-Cause
AutoZone I-Cause
staff I-Cause
members I-Cause
eases B-Effect
the I-Effect
company I-Effect
's I-Effect
attempts I-Effect
to I-Effect
position I-Effect
its I-Effect
higher-margin I-Effect
proprietary I-Effect
labels I-Effect
as I-Effect
value-oriented I-Effect
alternatives I-Effect
and I-Effect
have I-Effect
helped I-Effect
drive I-Effect
private I-Effect
label I-Effect
's I-Effect
share I-Effect
of I-Effect
sales I-Effect
above I-Effect
50 I-Effect
% I-Effect
. O

However O
, O
volume B-Cause
in I-Cause
discretionary I-Cause
and I-Cause
premium I-Cause
categories I-Cause
such I-Cause
as I-Cause
confectionery I-Cause
and I-Cause
bottled I-Cause
water I-Cause
has I-Cause
sometimes I-Cause
experienced I-Cause
moderate I-Cause
declines I-Cause
during I-Cause
economic I-Cause
contractions I-Cause
, O
and O
consumers B-Effect
usually I-Effect
become I-Effect
more I-Effect
price I-Effect
and I-Effect
channel I-Effect
sensitive I-Effect
. O

However O
, O
given B-Cause
the I-Cause
average I-Cause
winter I-Cause
in I-Cause
the I-Cause
2020-21 I-Cause
season I-Cause
combined O
with O
reduced B-Cause
supply I-Cause
as O
competitor B-Cause
Cargill I-Cause
shut I-Cause
down I-Cause
the I-Cause
Avery I-Cause
Island I-Cause
mine I-Cause
, O
we O
see O
prices B-Effect
rising I-Effect
starting I-Effect
in I-Effect
the I-Effect
fourth I-Effect
quarter I-Effect
of I-Effect
2021 I-Effect
. O

The B-Effect
new I-Effect
development I-Effect
should I-Effect
have I-Effect
positive I-Effect
knock-on I-Effect
effects I-Effect
by I-Effect
increasing B-Cause
foot I-Cause
traffic I-Cause
and I-Cause
rents I-Cause
, O
as O
the B-Cause
project I-Cause
adds I-Cause
activity I-Cause
to I-Cause
a I-Cause
once-drab I-Cause
slice I-Cause
of I-Cause
Manhattan I-Cause
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
industrial I-Effect
revenue I-Effect
will I-Effect
stay I-Effect
low I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
world I-Cause
continues I-Cause
to I-Cause
grapple I-Cause
with I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
but O
see O
a B-Effect
strong I-Effect
rebound I-Effect
thereafter I-Effect
as O
industrial B-Cause
production I-Cause
rebounds I-Cause
and I-Cause
investments I-Cause
in I-Cause
smart I-Cause
and I-Cause
connected I-Cause
factories I-Cause
increase I-Cause
. O

As O
wireless B-Cause
technologies I-Cause
move I-Cause
into I-Cause
5G I-Cause
and I-Cause
future I-Cause
spectrum I-Cause
bands I-Cause
will I-Cause
likely I-Cause
be I-Cause
at I-Cause
2 I-Cause
Gigahertz I-Cause
or I-Cause
above I-Cause
( I-Cause
likely I-Cause
at I-Cause
6 I-Cause
GHz I-Cause
and I-Cause
below I-Cause
) I-Cause
, O
Skyworks B-Effect
could I-Effect
be I-Effect
at I-Effect
a I-Effect
competitive I-Effect
disadvantage I-Effect
in I-Effect
filters I-Effect
. O

These B-Cause
leases I-Cause
are I-Cause
often I-Cause
long I-Cause
term I-Cause
, O
frequently O
15 O
years O
with O
additional B-Cause
extension I-Cause
options I-Cause
, O
which O
provides B-Effect
Realty I-Effect
Income I-Effect
a I-Effect
steady I-Effect
stream I-Effect
of I-Effect
rental I-Effect
income I-Effect
. O

Even O
though O
we O
think O
consumers O
will O
ultimately O
work O
through O
their O
at-home O
inventory O
, O
we O
think O
Kellogg O
could O
sustain B-Effect
a I-Effect
low-single-digit I-Effect
pace I-Effect
of I-Effect
top-line I-Effect
growth I-Effect
by O
focusing B-Cause
on I-Cause
extending I-Cause
the I-Cause
distribution I-Cause
of I-Cause
its I-Cause
mix I-Cause
and I-Cause
reinvesting I-Cause
in I-Cause
product I-Cause
innovation I-Cause
( I-Cause
including I-Cause
on-the-go I-Cause
pack I-Cause
formats I-Cause
) I-Cause
aligned I-Cause
with I-Cause
consumer I-Cause
trends I-Cause
at I-Cause
home I-Cause
and I-Cause
abroad I-Cause
. O

We O
think O
that O
spending B-Effect
plan I-Effect
will I-Effect
go I-Effect
higher I-Effect
as O
CMS B-Effect
expands I-Effect
its I-Effect
investment I-Effect
in I-Effect
renewable I-Effect
energy I-Effect
and I-Effect
carbon I-Effect
emissions I-Effect
reductions I-Effect
based I-Cause
on I-Cause
state B-Cause
policy I-Cause
support I-Cause
. O

The O
useful O
life O
of O
its O
instruments O
likely O
extends O
between O
5 O
and O
10 O
years O
, O
and O
as O
long O
as O
Illumina B-Cause
's I-Cause
sequencing I-Cause
tools I-Cause
remain I-Cause
relevant I-Cause
, O
it B-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
count I-Effect
on I-Effect
substantial I-Effect
consumable I-Effect
revenue I-Effect
for I-Effect
the I-Effect
useful I-Effect
life I-Effect
of I-Effect
its I-Effect
instruments I-Effect
. O

Corporate B-Effect
leverage I-Effect
is I-Effect
rising I-Effect
slightly I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
to O
129 O
% O
as O
of O
March O
2020 O
, O
increasing O
demand O
for O
bank O
loans O
temporarily O
, O
but O
we O
think O
this O
is O
mainly O
for O
liquidity O
purposes O
rather O
than O
investment O
and O
loan O
rates O
continue O
to O
fall O
. O

Since O
primary B-Cause
packaging I-Cause
is I-Cause
in I-Cause
direct I-Cause
contact I-Cause
with I-Cause
the I-Cause
package I-Cause
's I-Cause
contents I-Cause
, O
these B-Effect
components I-Effect
are I-Effect
critical I-Effect
for I-Effect
the I-Effect
successful I-Effect
safe I-Effect
delivery I-Effect
of I-Effect
pharmaceutical I-Effect
products I-Effect
, O
given O
that O
packaging B-Cause
must I-Cause
ensure I-Cause
drugs I-Cause
do I-Cause
n't I-Cause
leak I-Cause
into I-Cause
the I-Cause
packaging I-Cause
and I-Cause
vice-versa I-Cause
. O

At O
the O
moment O
, O
the B-Cause
coronavirus I-Cause
crisis I-Cause
and O
the O
resulting O
mass B-Effect
work-from-home I-Effect
expirement I-Effect
has O
raised O
questions O
about O
the O
viability O
of O
the O
office O
real O
estate O
industry O
. O

Its B-Cause
greater I-Cause
exposure I-Cause
to I-Cause
liquids I-Cause
and I-Cause
liquids-linked I-Cause
natural I-Cause
gas I-Cause
production I-Cause
, I-Cause
together I-Cause
over I-Cause
70 I-Cause
% I-Cause
of I-Cause
total I-Cause
volumes I-Cause
, O
has O
produced B-Effect
peer-leading I-Effect
cash I-Effect
margins I-Effect
and I-Effect
returns I-Effect
of I-Effect
nearly I-Effect
20 I-Effect
% I-Effect
historically I-Effect
. O

Citrix B-Cause
is I-Cause
undergoing I-Cause
a I-Cause
business I-Cause
model I-Cause
transition I-Cause
from I-Cause
perpetual I-Cause
license I-Cause
to I-Cause
subscriptions I-Cause
, O
while O
simultaneously B-Effect
significantly I-Effect
raising I-Effect
maintenance I-Effect
pricing I-Effect
, I-Effect
and I-Effect
emerging I-Effect
from I-Effect
a I-Effect
prolonged I-Effect
period I-Effect
of I-Effect
portfolio I-Effect
and I-Effect
operational I-Effect
restructuring I-Effect
. O

In O
addition O
to O
data O
sharing O
, O
we O
think O
there O
is O
a O
slight O
risk O
that O
brokers B-Cause
and I-Cause
property I-Cause
owners I-Cause
stem O
the O
supply B-Effect
of I-Effect
information I-Effect
. O

Although O
international O
lagged O
North O
American O
completion O
segment O
performance O
during O
2010-14 O
, O
with B-Effect
an I-Effect
average I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
of I-Effect
about I-Effect
16 I-Effect
% I-Effect
, O
we O
believe O
this O
was O
due O
to O
Halliburton B-Cause
's I-Cause
aggressive I-Cause
buildout I-Cause
of I-Cause
its I-Cause
international I-Cause
operations I-Cause
in I-Cause
markets I-Cause
like I-Cause
Brazil I-Cause
. O

Because O
of O
Schwab B-Cause
's I-Cause
scalable I-Cause
business I-Cause
model I-Cause
, O
we B-Effect
have I-Effect
operating I-Effect
margins I-Effect
contracting I-Effect
to I-Effect
the I-Effect
mid- I-Effect
to I-Effect
low I-Effect
30s I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
and I-Effect
then I-Effect
recovering I-Effect
to I-Effect
over I-Effect
45 I-Effect
% I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Vodafone B-Cause
's I-Cause
global I-Cause
scale I-Cause
also I-Cause
provides I-Cause
it I-Cause
with I-Cause
some I-Cause
advantages I-Cause
over I-Cause
competitors I-Cause
, O
allowing O
it O
to O
source B-Effect
equipment I-Effect
at I-Effect
lower I-Effect
prices I-Effect
. O

Strong B-Cause
intangible I-Cause
assets I-Cause
in O
the O
former O
of O
software O
and O
hardware O
engineering O
at O
the O
vertical O
Specialty O
Industrial O
Machinerylevel O
are O
necessary O
to B-Effect
achieve I-Effect
effective I-Effect
results I-Effect
in O
automation O
solutions O
. O

Autodesk O
software O
also O
seeks O
to O
improve B-Effect
its I-Effect
customers I-Effect
' I-Effect
environmental I-Effect
impact I-Effect
by O
providing B-Cause
tools I-Cause
to I-Cause
conduct I-Cause
energy I-Cause
analysis I-Cause
, I-Cause
manage I-Cause
'green I-Cause
' I-Cause
stormwater I-Cause
, I-Cause
reduce I-Cause
construction I-Cause
waste I-Cause
and I-Cause
the I-Cause
like I-Cause
. O

We B-Effect
expect I-Effect
other I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
17 I-Effect
% I-Effect
CAGR I-Effect
in I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
strong B-Cause
growth I-Cause
at I-Cause
iQiyi I-Cause
. O

Chipotle B-Cause
's I-Cause
operational I-Cause
enhancements I-Cause
, I-Cause
including I-Cause
the I-Cause
addition I-Cause
of I-Cause
a I-Cause
digital-only I-Cause
second-make I-Cause
line I-Cause
and I-Cause
the I-Cause
rollout I-Cause
of I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
Chipotlanes I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
or I-Cause
order-ahead I-Cause
drive-thrus I-Cause
, O
have O
materially B-Cause
increased I-Cause
throughput I-Cause
capacity I-Cause
, O
allowing O
stores B-Effect
to I-Effect
offer I-Effect
competitive I-Effect
prices I-Effect
and I-Effect
make I-Effect
up I-Effect
the I-Effect
difference I-Effect
on I-Effect
volume I-Effect
. O

Moreover O
, O
its B-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
of I-Effect
6.2 I-Effect
% I-Effect
was I-Effect
420 I-Effect
basis I-Effect
points I-Effect
above I-Effect
our I-Effect
expectation I-Effect
on O
cost B-Cause
cuts I-Cause
( I-Cause
including I-Cause
layoffs I-Cause
) I-Cause
, I-Cause
unspecified I-Cause
government I-Cause
benefits I-Cause
, I-Cause
and I-Cause
sales I-Cause
leverage I-Cause
. O

We O
'd O
expect O
such O
updates B-Effect
to I-Effect
the I-Effect
supply I-Effect
chain I-Effect
to I-Effect
help I-Effect
improve I-Effect
working I-Effect
capital I-Effect
metrics I-Effect
as I-Effect
inventory I-Effect
turnover I-Effect
increases I-Effect
, O
thanks O
to O
improved B-Cause
in I-Cause
stocks I-Cause
, I-Cause
inventory I-Cause
flow I-Cause
, I-Cause
and I-Cause
more I-Cause
appropriate I-Cause
and I-Cause
predictable I-Cause
delivery I-Cause
schedules I-Cause
. O

From O
the O
perspective O
of O
the O
Class O
I O
railroads O
, O
Hub B-Effect
is I-Effect
an I-Effect
attractive I-Effect
source I-Effect
of I-Effect
freight I-Effect
opportunities I-Effect
, O
given B-Cause
its I-Cause
ability I-Cause
to I-Cause
aggregate I-Cause
fragmented I-Cause
demand I-Cause
across I-Cause
a I-Cause
broad I-Cause
customer I-Cause
base I-Cause
of I-Cause
shippers I-Cause
. O

Its B-Cause
focus I-Cause
on I-Cause
developing I-Cause
and I-Cause
broadening I-Cause
its I-Cause
menu I-Cause
of I-Cause
tests I-Cause
makes O
Idexx B-Effect
more I-Effect
of I-Effect
a I-Effect
one-stop I-Effect
shop I-Effect
for I-Effect
animal I-Effect
hospitals I-Effect
. O

Lastly O
, O
while O
Snap O
is O
focusing O
mostly O
on O
developed O
markets O
which O
represent O
most O
of O
the O
world O
's O
ad O
spending O
, O
it B-Effect
may I-Effect
have I-Effect
difficulty I-Effect
expanding I-Effect
into I-Effect
developing I-Effect
markets I-Effect
as O
its B-Cause
app I-Cause
functions I-Cause
much I-Cause
better I-Cause
with I-Cause
the I-Cause
more I-Cause
expensive I-Cause
, I-Cause
or I-Cause
high-end I-Cause
, I-Cause
smartphones I-Cause
and I-Cause
in I-Cause
areas I-Cause
where I-Cause
high-speed I-Cause
mobile I-Cause
Internet I-Cause
is I-Cause
available I-Cause
. O

While O
Nvidia O
had O
generated O
most O
of O
its O
sales O
from O
gaming O
, O
its B-Cause
increasing I-Cause
data I-Cause
center I-Cause
presence I-Cause
for I-Cause
GPUs I-Cause
used I-Cause
in I-Cause
deep I-Cause
learning I-Cause
has O
helped O
propel B-Effect
the I-Effect
data I-Effect
center I-Effect
segment I-Effect
to I-Effect
a I-Effect
more I-Effect
equitable I-Effect
level I-Effect
. O

With O
the B-Cause
spin-off I-Cause
, O
the O
Change O
Healthcare O
management O
team O
has O
started B-Effect
to I-Effect
foster I-Effect
partnerships I-Effect
with I-Effect
electronic I-Effect
medical I-Effect
record I-Effect
platforms I-Effect
to I-Effect
enhance I-Effect
the I-Effect
company I-Effect
's I-Effect
overall I-Effect
offering I-Effect
. O

Given O
the B-Cause
bank I-Cause
's I-Cause
higher I-Cause
capital I-Cause
levels I-Cause
since I-Cause
the I-Cause
crisis I-Cause
, I-Cause
the I-Cause
increasing I-Cause
importance I-Cause
of I-Cause
scale I-Cause
and I-Cause
scope I-Cause
with I-Cause
changes I-Cause
in I-Cause
technology I-Cause
, I-Cause
and I-Cause
robust I-Cause
fee I-Cause
income I-Cause
, O
we O
believe O
Bank B-Effect
of I-Effect
America I-Effect
will I-Effect
consistently I-Effect
earn I-Effect
returns I-Effect
that I-Effect
exceed I-Effect
its I-Effect
9.5 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
through I-Effect
the I-Effect
cycle I-Effect
. O

However O
, O
we O
still O
expect O
higher O
political O
ad O
revenue O
as O
candidates B-Cause
will I-Cause
need I-Cause
to I-Cause
increase I-Cause
their I-Cause
paid I-Cause
media I-Cause
to O
offset B-Effect
the I-Effect
loss I-Effect
of I-Effect
free I-Effect
media I-Effect
coverage I-Effect
of I-Effect
rallies I-Effect
and I-Effect
other I-Effect
public I-Effect
events I-Effect
. O

We B-Effect
think I-Effect
international I-Effect
expansion I-Effect
will I-Effect
help I-Effect
insulate I-Effect
the I-Effect
company I-Effect
from I-Effect
these I-Effect
fluctuations I-Effect
, O
as O
global B-Cause
consumer I-Cause
confidence I-Cause
levels I-Cause
do I-Cause
n't I-Cause
necessarily I-Cause
move I-Cause
in I-Cause
tandem I-Cause
( I-Cause
though I-Cause
with I-Cause
about I-Cause
16 I-Cause
% I-Cause
of I-Cause
sales I-Cause
outside I-Cause
the I-Cause
U.S I-Cause
. O

We O
do O
expect O
that O
given O
a O
rising B-Cause
rate I-Cause
environment I-Cause
transfers O
from O
general B-Effect
account I-Effect
to I-Effect
separate I-Effect
account I-Effect
will I-Effect
diminish I-Effect
, O
and O
we O
forecast O
net O
flows O
of O
between O
GBP O
1.0 O
billion O
and O
GBP O
1.4 O
billion O
. O

Pricing B-Cause
discounts I-Cause
hurting I-Cause
gross I-Cause
dollar I-Cause
profit I-Cause
per I-Cause
unit I-Cause
for I-Cause
both I-Cause
new I-Cause
and I-Cause
used I-Cause
vehicles I-Cause
and I-Cause
competition I-Cause
and I-Cause
factory I-Cause
rules I-Cause
mean I-Cause
a I-Cause
dealer I-Cause
can I-Cause
sell I-Cause
a I-Cause
vehicle I-Cause
for I-Cause
only I-Cause
so I-Cause
much I-Cause
, O
thus O
management B-Effect
must I-Effect
remain I-Effect
vigilant I-Effect
on I-Effect
leveraging I-Effect
its I-Effect
SG I-Effect
& I-Effect
A/gross I-Effect
profit I-Effect
ratio I-Effect
. O

AES B-Effect
faces I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risk I-Effect
, O
particularly O
given O
its B-Cause
relatively I-Cause
large I-Cause
fleet I-Cause
of I-Cause
coal- I-Cause
and I-Cause
natural I-Cause
gas-fired I-Cause
power I-Cause
plants I-Cause
. O

Along O
those O
lines O
, O
COVID-19 B-Cause
containment I-Cause
measures I-Cause
across I-Cause
the I-Cause
United I-Cause
States I-Cause
will O
very O
likely O
compress O
truckload B-Effect
freight I-Effect
demand I-Effect
in I-Effect
2020 I-Effect
, O
despite O
a O
spike O
in O
food O
and O
beverage O
restocking O
during O
the O
first O
quarter O
. O

Monster B-Cause
's I-Cause
resonance I-Cause
with I-Cause
its I-Cause
core I-Cause
consumer I-Cause
has I-Cause
undoubtedly I-Cause
compounded I-Cause
over I-Cause
time I-Cause
, I-Cause
and I-Cause
staunch I-Cause
patrons I-Cause
of I-Cause
incumbents I-Cause
like I-Cause
Monster I-Cause
probably I-Cause
look I-Cause
askance I-Cause
at I-Cause
Coke I-Cause
's I-Cause
entry I-Cause
into I-Cause
the I-Cause
category I-Cause
, O
which O
should O
continue O
to O
make B-Effect
customer I-Effect
acquisition I-Effect
more I-Effect
difficult I-Effect
for I-Effect
the I-Effect
latter I-Effect
. O

The B-Cause
firm I-Cause
is I-Cause
also I-Cause
managing I-Cause
its I-Cause
basis I-Cause
exposure I-Cause
via I-Cause
its I-Cause
extensive I-Cause
firm I-Cause
transport I-Cause
portfolio I-Cause
, O
which O
enables O
it O
to O
sidestep B-Effect
bottlenecks I-Effect
and I-Effect
sell I-Effect
90 I-Effect
% I-Effect
of I-Effect
its I-Effect
output I-Effect
in I-Effect
premium I-Effect
markets I-Effect
outside I-Effect
the I-Effect
basin I-Effect
. O

If O
moviegoers B-Cause
change I-Cause
their I-Cause
tastes I-Cause
away I-Cause
from I-Cause
tentpole I-Cause
movies I-Cause
, O
the B-Effect
average I-Effect
revenue I-Effect
per I-Effect
screen I-Effect
could I-Effect
drop I-Effect
tremendously I-Effect
, O
as O
Imax B-Cause
would I-Cause
then I-Cause
have I-Cause
less I-Cause
inventory I-Cause
to I-Cause
distribute I-Cause
across I-Cause
its I-Cause
network I-Cause
. O

Over O
the O
past O
three O
years O
Coty O
's O
gross O
margin O
has O
averaged O
60 O
% O
, O
excluding O
the O
Wella O
divestiture O
, O
and O
we O
expect B-Effect
this I-Effect
will I-Effect
improve I-Effect
to I-Effect
61 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
driven O
by O
SKU B-Cause
rationalization I-Cause
, I-Cause
supply I-Cause
chain I-Cause
efficiencies I-Cause
, I-Cause
and I-Cause
procurement I-Cause
savings I-Cause
. O

Robert O
Half O
stores O
a O
large O
amount O
of O
employee O
and O
client O
data O
, O
and O
improper B-Cause
storage I-Cause
and I-Cause
protection I-Cause
of I-Cause
this I-Cause
data I-Cause
could O
have B-Effect
a I-Effect
material I-Effect
effect I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
reputation I-Effect
. O

We B-Effect
project I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
organic I-Effect
growth I-Effect
( I-Effect
excluding I-Effect
divestments I-Effect
) I-Effect
of I-Effect
roughly I-Effect
4.5 I-Effect
% I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
, O
as O
the B-Cause
company I-Cause
is I-Cause
set I-Cause
to I-Cause
benefit I-Cause
from I-Cause
a I-Cause
robust I-Cause
backlog I-Cause
that I-Cause
stood I-Cause
at I-Cause
$ I-Cause
39.7 I-Cause
billion I-Cause
as I-Cause
of I-Cause
December I-Cause
2020 I-Cause
, I-Cause
compared I-Cause
with I-Cause
$ I-Cause
36.5 I-Cause
billion I-Cause
in I-Cause
December I-Cause
2019 I-Cause
. O

Specifically O
, O
we O
think O
the B-Cause
firm I-Cause
will I-Cause
focus I-Cause
its I-Cause
resources I-Cause
on I-Cause
opportunities I-Cause
that I-Cause
expand I-Cause
its I-Cause
content I-Cause
in I-Cause
individual I-Cause
end I-Cause
products I-Cause
, O
allowing O
it O
to O
grow B-Effect
revenues I-Effect
at I-Effect
a I-Effect
faster I-Effect
pace I-Effect
than I-Effect
the I-Effect
underlying I-Effect
markets I-Effect
it I-Effect
serves I-Effect
. O

We O
expect O
margin B-Effect
declines I-Effect
from I-Effect
2020 I-Effect
levels I-Effect
in I-Effect
the I-Effect
aerospace I-Effect
segment I-Effect
as O
G550s B-Cause
are I-Cause
leaving I-Cause
production I-Cause
, O
but O
we O
expect O
medium-term B-Effect
margin I-Effect
expansion I-Effect
from O
the B-Cause
introduction I-Cause
of I-Cause
the I-Cause
G700 I-Cause
. O

We B-Effect
are I-Effect
modeling I-Effect
a I-Effect
roughly I-Effect
350-basis-point I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
from I-Effect
10.2 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
13.7 I-Effect
% I-Effect
by I-Effect
fiscal I-Effect
2025 I-Effect
, O
largely O
driven O
by O
management B-Cause
's I-Cause
general I-Cause
and I-Cause
administrative I-Cause
cost-reduction I-Cause
plan I-Cause
, I-Cause
and I-Cause
mix I-Cause
shift I-Cause
toward I-Cause
higher-margin I-Cause
design I-Cause
and I-Cause
consulting I-Cause
services I-Cause
work I-Cause
. O

The O
current B-Cause
trend I-Cause
to I-Cause
component I-Cause
sourcing I-Cause
means O
the O
existing B-Effect
seating I-Effect
players I-Effect
must I-Effect
know I-Effect
how I-Effect
to I-Effect
work I-Effect
and I-Effect
sell I-Effect
to I-Effect
one I-Effect
another I-Effect
in O
addition O
to O
the O
automakers O
. O

For O
reference O
, O
management O
has O
already O
announced O
the B-Cause
consolidation I-Cause
or I-Cause
shuttering I-Cause
of I-Cause
its I-Cause
three I-Cause
manufacturing I-Cause
sites I-Cause
by O
the O
end O
of O
2020 O
, O
which O
should O
alleviate O
some O
capital B-Effect
demands I-Effect
. O

BorgWarner B-Effect
's I-Effect
products I-Effect
are I-Effect
highly I-Effect
engineered I-Effect
, O
requiring B-Cause
the I-Cause
company I-Cause
to I-Cause
attract I-Cause
and I-Cause
retain I-Cause
highly I-Cause
skilled I-Cause
human I-Cause
capital I-Cause
with I-Cause
expertise I-Cause
in I-Cause
software I-Cause
and I-Cause
various I-Cause
engineering I-Cause
disciplines I-Cause
. O

Even O
though O
some O
markets O
are O
reopening O
, O
social B-Cause
distancing I-Cause
has O
continued O
to O
constrain O
shopping O
trips O
, O
and O
siphoned B-Effect
off I-Effect
its I-Effect
own I-Effect
retail I-Effect
sales I-Effect
( I-Effect
which I-Effect
temporarily I-Effect
shuttered I-Effect
) I-Effect
, I-Effect
food I-Effect
service I-Effect
operations I-Effect
, I-Effect
and I-Effect
travel I-Effect
retail I-Effect
outlets I-Effect
. I-Effect

Burlington B-Effect
's I-Effect
performance I-Effect
lags I-Effect
peers I-Effect
TJX I-Effect
and I-Effect
Ross I-Effect
, O
in O
part O
because O
of O
a B-Cause
store I-Cause
network I-Cause
that I-Cause
is I-Cause
smaller I-Cause
in I-Cause
units I-Cause
but I-Cause
larger I-Cause
in I-Cause
square I-Cause
footage I-Cause
, O
and O
also O
as O
a O
result O
of O
an B-Cause
assortment I-Cause
that I-Cause
is I-Cause
not I-Cause
as I-Cause
well I-Cause
positioned I-Cause
. O

As O
business B-Cause
jets I-Cause
are I-Cause
discretionary I-Cause
luxury I-Cause
goods I-Cause
, O
orders B-Effect
dry I-Effect
up I-Effect
and I-Effect
get I-Effect
canceled I-Effect
during I-Effect
cyclical I-Effect
turns I-Effect
and I-Effect
equity I-Effect
market I-Effect
downturns I-Effect
. O

We B-Effect
project I-Effect
adjusted I-Effect
EBITDA I-Effect
margins I-Effect
expanding I-Effect
by I-Effect
about I-Effect
350 I-Effect
basis I-Effect
points I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
primarily O
due O
to O
expected B-Cause
cost I-Cause
synergies I-Cause
from I-Cause
the I-Cause
merger I-Cause
as I-Cause
well I-Cause
as I-Cause
mix I-Cause
shift I-Cause
. O

While O
we O
have O
a O
constructive O
decade-long O
outlook O
for O
the O
housing O
market O
, O
we O
believe O
home B-Effect
price I-Effect
appreciation I-Effect
will I-Effect
moderate I-Effect
over I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
more B-Cause
supply I-Cause
enters I-Cause
the I-Cause
market I-Cause
and I-Cause
as I-Cause
mortgage I-Cause
rates I-Cause
move I-Cause
higher I-Cause
. O

We O
think O
the B-Effect
rotary I-Effect
and I-Effect
mission I-Effect
systems I-Effect
will I-Effect
grow I-Effect
slower I-Effect
than I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
portfolio I-Effect
, O
due O
to O
slowing B-Cause
helicopter I-Cause
demand I-Cause
( O
partially O
offset O
by O
the O
potential O
Future O
Vertical O
Lift O
contract O
) O
. O

Itau B-Cause
must I-Cause
realize I-Cause
unusually I-Cause
high I-Cause
net I-Cause
interest I-Cause
margins I-Cause
to O
compensate B-Effect
for I-Effect
inflation I-Effect
and I-Effect
political I-Effect
and I-Effect
regulatory I-Effect
risks I-Effect
inherent I-Effect
in I-Effect
Brazilian I-Effect
banking I-Effect
. I-Effect

However O
, O
given O
no B-Cause
alternatives I-Cause
to I-Cause
aggregates I-Cause
and I-Cause
cement I-Cause
in I-Cause
the I-Cause
construction I-Cause
process I-Cause
, O
we B-Effect
see I-Effect
a I-Effect
low I-Effect
materiality I-Effect
impact I-Effect
to I-Effect
Summit I-Effect
's I-Effect
valuation I-Effect
, O
as O
any B-Cause
increased I-Cause
costs I-Cause
should I-Cause
ultimately I-Cause
be I-Cause
passed I-Cause
onto I-Cause
end-market I-Cause
customers I-Cause
. O

Equifax O
relies O
on O
third O
parties O
for O
much O
of O
its O
data O
, O
and O
its B-Effect
business I-Effect
could I-Effect
be I-Effect
disrupted I-Effect
if O
it B-Cause
lost I-Cause
access I-Cause
to I-Cause
key I-Cause
data I-Cause
suppliers I-Cause
. O

For O
the O
chemical O
segment O
, O
we O
expect O
earnings B-Effect
to I-Effect
decline I-Effect
in I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
given O
global B-Cause
oversupply I-Cause
and I-Cause
impact I-Cause
on I-Cause
demand I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
. O

Advance B-Cause
's I-Cause
strong I-Cause
DIY I-Cause
brand I-Cause
and I-Cause
trusted I-Cause
salesforce I-Cause
also O
enable O
it O
to O
drive O
significant B-Effect
traction I-Effect
for I-Effect
its I-Effect
proprietary I-Effect
brands I-Effect
( O
approximately O
40 O
% O
of O
sales O
) O
. O

We O
anticipate O
a B-Effect
continuation I-Effect
of I-Effect
this I-Effect
trend I-Effect
in I-Effect
the I-Effect
near I-Effect
to I-Effect
medium I-Effect
term I-Effect
, O
with O
a B-Cause
sharp I-Cause
drop-off I-Cause
in I-Cause
consumer I-Cause
lending I-Cause
in I-Cause
2020 I-Cause
and I-Cause
tightening I-Cause
spreads I-Cause
across I-Cause
the I-Cause
book I-Cause
. O

This B-Cause
cross-selling I-Cause
opportunity I-Cause
is I-Cause
supported I-Cause
by I-Cause
Paycom I-Cause
's I-Cause
investments I-Cause
within I-Cause
its I-Cause
platform I-Cause
, I-Cause
allowing I-Cause
the I-Cause
company I-Cause
to I-Cause
expand I-Cause
its I-Cause
customer I-Cause
base I-Cause
further I-Cause
up-market. O
This O
expansion O
will O
also O
support B-Effect
a I-Effect
higher I-Effect
per-employee-per-year I-Effect
( I-Effect
PEPY I-Effect
) I-Effect
price I-Effect
that I-Effect
will I-Effect
enable I-Effect
the I-Effect
firm I-Effect
to I-Effect
generate I-Effect
more I-Effect
value I-Effect
per I-Effect
client I-Effect
. O

We O
estimate O
a B-Effect
13 I-Effect
% I-Effect
EPS I-Effect
decline I-Effect
in I-Effect
2022 I-Effect
due O
to O
divestitures B-Cause
and I-Cause
a I-Cause
12.6 I-Cause
% I-Cause
increase I-Cause
in I-Cause
shares I-Cause
outstanding I-Cause
from I-Cause
the I-Cause
conversion I-Cause
of I-Cause
convertible I-Cause
preferred I-Cause
shares I-Cause
. O

These B-Effect
products I-Effect
are I-Effect
attractive I-Effect
to I-Effect
SMBs I-Effect
because O
of O
the B-Cause
operational I-Cause
efficiency I-Cause
of I-Cause
consolidating I-Cause
disparate I-Cause
devices I-Cause
into I-Cause
an I-Cause
appliance I-Cause
that O
smaller O
IT O
teams O
can O
more O
easily O
manage O
versus O
independent O
point O
solutions O
. O

It B-Effect
's I-Effect
investing I-Effect
to I-Effect
eliminate I-Effect
customer I-Effect
pain I-Effect
points I-Effect
by O
removing B-Cause
customer I-Cause
minimum I-Cause
order I-Cause
sizes I-Cause
while I-Cause
maintaining I-Cause
delivery I-Cause
frequency I-Cause
and I-Cause
lengthening I-Cause
payment I-Cause
terms I-Cause
. O

In B-Cause
most I-Cause
instances I-Cause
, I-Cause
the I-Cause
company I-Cause
's I-Cause
products I-Cause
are I-Cause
not I-Cause
the I-Cause
largest I-Cause
brand I-Cause
within I-Cause
its I-Cause
distributors I-Cause
' I-Cause
portfolio I-Cause
, O
and B-Effect
thus I-Effect
its I-Effect
ability I-Effect
to I-Effect
influence I-Effect
routes I-Effect
, I-Effect
SKU I-Effect
assortment I-Effect
, I-Effect
and I-Effect
product I-Effect
ramps I-Effect
, I-Effect
while I-Effect
potent I-Effect
, I-Effect
is I-Effect
still I-Effect
limited I-Effect
. O

We O
forecast O
L B-Effect
Brands I-Effect
to I-Effect
deliver I-Effect
2.8 I-Effect
% I-Effect
average I-Effect
revenue I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
helped O
by O
the B-Cause
repositioning I-Cause
of I-Cause
the I-Cause
VS I-Cause
brand I-Cause
. O

We O
think O
these B-Cause
customers I-Cause
are I-Cause
more I-Cause
likely I-Cause
to I-Cause
stay I-Cause
with I-Cause
their I-Cause
established I-Cause
and I-Cause
trusted I-Cause
cybersecurity I-Cause
vendors I-Cause
to O
avoid O
security B-Effect
and I-Effect
IT I-Effect
network I-Effect
disruptions I-Effect
, O
and O
Fortinet B-Cause
has I-Cause
entrenched I-Cause
its I-Cause
products I-Cause
within I-Cause
the I-Cause
SMB I-Cause
market I-Cause
while O
growing B-Effect
its I-Effect
presence I-Effect
in I-Effect
the I-Effect
even I-Effect
stickier I-Effect
enterprise I-Effect
space I-Effect
. O

Strengthening B-Cause
United I-Cause
States I-Cause
homebuilding I-Cause
should O
support O
above-average O
segment O
growth O
over O
the O
next O
five O
years O
, O
before O
tapering B-Effect
to I-Effect
a I-Effect
low-single-digit I-Effect
growth I-Effect
rate I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Further B-Cause
, I-Cause
Wynn I-Cause
's I-Cause
new I-Cause
Cotai I-Cause
Palace I-Cause
property I-Cause
opened I-Cause
in I-Cause
August I-Cause
2016 I-Cause
and I-Cause
increased I-Cause
its I-Cause
room I-Cause
share I-Cause
to I-Cause
9 I-Cause
% I-Cause
from I-Cause
6 I-Cause
% I-Cause
among I-Cause
the I-Cause
six I-Cause
concessionaires I-Cause
, O
which O
should O
help O
the B-Effect
company I-Effect
maintain I-Effect
a I-Effect
solid I-Effect
competitive I-Effect
position I-Effect
in I-Effect
the I-Effect
Macao I-Effect
marketplace I-Effect
. O

Through O
digital B-Cause
coupons I-Cause
and I-Cause
targeted I-Cause
offers I-Cause
( I-Cause
creating I-Cause
and I-Cause
leveraging I-Cause
a I-Cause
rich I-Cause
dataset I-Cause
of I-Cause
customer I-Cause
behaviors I-Cause
) I-Cause
, O
we O
expect O
the B-Effect
app I-Effect
to I-Effect
enhance I-Effect
Dollar I-Effect
General I-Effect
's I-Effect
ability I-Effect
to I-Effect
communicate I-Effect
its I-Effect
value I-Effect
proposition I-Effect
to I-Effect
its I-Effect
customers I-Effect
, I-Effect
with I-Effect
the I-Effect
brand I-Effect
's I-Effect
strength I-Effect
driving I-Effect
downloads I-Effect
and I-Effect
the I-Effect
deals I-Effect
offered I-Effect
boosting I-Effect
shoppers I-Effect
' I-Effect
perception I-Effect
of I-Effect
the I-Effect
value I-Effect
proposition I-Effect
. O

With O
4,976 B-Cause
stores I-Cause
and I-Cause
51 I-Cause
distribution I-Cause
centers I-Cause
as I-Cause
of I-Cause
the I-Cause
end I-Cause
of I-Cause
2020 I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
able I-Effect
to I-Effect
quickly I-Effect
shift I-Effect
inventory I-Effect
to I-Effect
meet I-Effect
customer I-Effect
demand I-Effect
while I-Effect
keeping I-Effect
reserves I-Effect
of I-Effect
slower-moving I-Effect
parts I-Effect
that I-Effect
can I-Effect
rapidly I-Effect
be I-Effect
delivered I-Effect
to I-Effect
stores I-Effect
if I-Effect
needed I-Effect
. O

Digital B-Effect
acuity I-Effect
, I-Effect
daypart I-Effect
expansion I-Effect
, I-Effect
and I-Effect
menu I-Effect
innovation I-Effect
will I-Effect
become I-Effect
increasingly I-Effect
important I-Effect
as O
RBI B-Cause
looks I-Cause
to I-Cause
defend I-Cause
its I-Cause
competitive I-Cause
position I-Cause
, I-Cause
with I-Cause
the I-Cause
firm I-Cause
increasingly I-Cause
forced I-Cause
to I-Cause
compete I-Cause
with I-Cause
competitively I-Cause
advantaged I-Cause
peers I-Cause
with I-Cause
deep I-Cause
pockets I-Cause
. O

The B-Cause
group I-Cause
's I-Cause
strong I-Cause
incumbent I-Cause
position I-Cause
on I-Cause
a I-Cause
range I-Cause
of I-Cause
key I-Cause
defense I-Cause
programmes I-Cause
limits O
the B-Effect
impact I-Effect
of I-Effect
programme I-Effect
concentration I-Effect
risk I-Effect
on I-Effect
profit I-Effect
sustainability I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

We O
're O
projecting O
that O
operating O
margins O
will O
remain B-Effect
in I-Effect
low-single-digit I-Effect
territory I-Effect
in I-Effect
2021 I-Effect
due O
to O
overhead B-Cause
inefficiencies I-Cause
on I-Cause
a I-Cause
low I-Cause
revenue I-Cause
base I-Cause
and O
will O
expand B-Effect
to I-Effect
roughly I-Effect
2019 I-Effect
levels I-Effect
by I-Effect
2024 I-Effect
. O

Companies B-Cause
that I-Cause
depend I-Cause
heavily I-Cause
on I-Cause
buying I-Cause
content I-Cause
from I-Cause
other I-Cause
creators I-Cause
may O
find B-Effect
themselves I-Effect
squeezed I-Effect
particularly I-Effect
in I-Effect
markets I-Effect
with I-Effect
new I-Effect
entrants I-Effect
. O

Neuromodulation O
has O
been O
an O
area O
of O
weakness O
now O
that O
competitors B-Cause
have I-Cause
introduced I-Cause
new I-Cause
products I-Cause
, O
and O
we O
think O
the B-Effect
segment I-Effect
's I-Effect
return I-Effect
to I-Effect
growth I-Effect
will I-Effect
be I-Effect
delayed I-Effect
by I-Effect
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
and I-Cause
internal I-Cause
sales I-Cause
rep I-Cause
issues I-Cause
. O

With B-Cause
the I-Cause
bulk I-Cause
of I-Cause
the I-Cause
FTTP I-Cause
buildout I-Cause
complete I-Cause
, I-Cause
we I-Cause
believe I-Cause
capital I-Cause
spending I-Cause
, I-Cause
which B-Effect
was I-Effect
elevated I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
peaked I-Effect
in I-Effect
2017 I-Effect
and I-Effect
will I-Effect
remain I-Effect
under I-Effect
CAD I-Effect
3 I-Effect
billion I-Effect
each I-Effect
year I-Effect
through I-Effect
2025 I-Effect
. I-Effect

As O
the B-Cause
newer I-Cause
businesses I-Cause
grow I-Cause
more I-Cause
quickly I-Cause
than I-Cause
the I-Cause
traditional I-Cause
telecom I-Cause
business I-Cause
, O
we O
anticipate O
steady B-Cause
pressure I-Cause
on I-Cause
SK I-Cause
Telecom I-Cause
's I-Cause
margins I-Cause
, I-Effect
causing I-Effect
its B-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
slowly I-Effect
decline I-Effect
. O

This O
integration O
, O
whether O
it O
is O
due O
to O
multichannel B-Cause
campaigns I-Cause
or I-Cause
to I-Cause
enable I-Cause
an I-Cause
account I-Cause
's I-Cause
marketing I-Cause
department I-Cause
to I-Cause
work I-Cause
even I-Cause
more I-Cause
closely I-Cause
with I-Cause
the I-Cause
ad I-Cause
agency I-Cause
, O
creates B-Effect
switching I-Effect
costs I-Effect
for I-Effect
the I-Effect
clients I-Effect
. O

The O
national O
networks O
have O
been O
able O
to O
offset O
some B-Effect
of I-Effect
this I-Effect
loss I-Effect
by O
either B-Cause
selling I-Cause
content I-Cause
to I-Cause
the I-Cause
streaming I-Cause
platforms I-Cause
or I-Cause
creating I-Cause
their I-Cause
own I-Cause
direct-to-consumer I-Cause
offerings I-Cause
, O
an B-Effect
avenue I-Effect
largely I-Effect
denied I-Effect
to I-Effect
local I-Effect
station I-Effect
owners I-Effect
because O
of O
the B-Cause
lack I-Cause
of I-Cause
a I-Cause
content I-Cause
library I-Cause
. O

The B-Effect
increase I-Effect
in I-Effect
our I-Effect
2020 I-Effect
EPS I-Effect
estimate I-Effect
was O
due O
in O
large O
part O
to O
our B-Cause
increased I-Cause
confidence I-Cause
that I-Cause
costs I-Cause
associated I-Cause
with I-Cause
Hurricane I-Cause
Laura I-Cause
and I-Cause
Hurricane I-Cause
Delta I-Cause
will I-Cause
likely I-Cause
be I-Cause
securitized I-Cause
based I-Cause
on I-Cause
past I-Cause
regulatory I-Cause
actions I-Cause
and I-Cause
comments I-Cause
by I-Cause
Entergy I-Cause
management I-Cause
. O

If O
automakers O
intend O
certain B-Effect
models I-Effect
to I-Effect
achieve I-Effect
a I-Effect
4- I-Effect
or I-Effect
5-star I-Effect
safety I-Effect
rating I-Effect
, O
some B-Cause
ADAS I-Cause
features I-Cause
must I-Cause
be I-Cause
part I-Cause
of I-Cause
that I-Cause
vehicle I-Cause
's I-Cause
standard I-Cause
equipment I-Cause
to I-Cause
even I-Cause
qualify I-Cause
for I-Cause
certain I-Cause
rating I-Cause
levels I-Cause
. O

Specifically O
, O
maintenance B-Cause
and I-Cause
engineering I-Cause
costs I-Cause
and I-Cause
spare I-Cause
parts I-Cause
are I-Cause
tied I-Cause
into I-Cause
service I-Cause
contracts I-Cause
, O
that O
deliver O
a B-Effect
stable I-Effect
revenue I-Effect
stream I-Effect
distinct I-Effect
from I-Effect
tool I-Effect
purchases I-Effect
. O

CNOOC B-Cause
has I-Cause
access I-Cause
to I-Cause
financing I-Cause
from I-Cause
Chinese I-Cause
state-owned I-Cause
banks I-Cause
and I-Cause
an I-Cause
ability I-Cause
to I-Cause
tap I-Cause
cross-border I-Cause
bond I-Cause
markets I-Cause
, O
so O
it B-Effect
benefits I-Effect
from I-Effect
access I-Effect
to I-Effect
low-cost I-Effect
debt I-Effect
. O

The O
firm O
has O
broadened O
its O
brand O
awareness O
by O
expanding O
into O
underserved O
categories O
including O
modern O
, O
teen O
, O
and O
hospitality O
, O
where O
few B-Cause
peers I-Cause
have I-Cause
scale I-Cause
, O
helping O
capture B-Effect
incremental I-Effect
market I-Effect
share I-Effect
from I-Effect
boutique I-Effect
competitors I-Effect
( O
the O
2019 O
launches O
of O
beach O
and O
ski O
further O
broaden O
RH O
's O
reach O
) O
. O

There B-Effect
is I-Effect
little I-Effect
incentive I-Effect
to I-Effect
price I-Effect
irrationally I-Effect
because O
, O
for O
example O
, O
a B-Cause
consumer I-Cause
who I-Cause
prefers I-Cause
Coke I-Cause
's I-Cause
taste I-Cause
will I-Cause
continue I-Cause
to I-Cause
do I-Cause
so I-Cause
regardless I-Cause
of I-Cause
Pepsi I-Cause
's I-Cause
price I-Cause
, O
which O
severely O
limits O
the B-Effect
potential I-Effect
marginal I-Effect
benefit I-Effect
for I-Effect
either I-Effect
company I-Effect
to I-Effect
materially I-Effect
underprice I-Effect
its I-Effect
products I-Effect
. O

With O
less B-Cause
investment I-Cause
in I-Cause
new I-Cause
towers I-Cause
, I-Cause
which I-Cause
typically I-Cause
have I-Cause
significantly I-Cause
fewer I-Cause
tenants I-Cause
per I-Cause
tower I-Cause
, O
revenue B-Effect
growth I-Effect
will I-Effect
be I-Effect
primarily I-Effect
from I-Effect
co-locations I-Effect
, I-Effect
amendments I-Effect
, I-Effect
and I-Effect
escalators I-Effect
, I-Effect
which I-Effect
will I-Effect
mostly I-Effect
drop I-Effect
straight I-Effect
to I-Effect
the I-Effect
bottom I-Effect
line I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
made I-Cause
multiple I-Cause
acquisitions I-Cause
to O
move B-Cause
into I-Cause
the I-Cause
burgeoning I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
market I-Cause
, O
which O
we O
think O
will O
help O
the B-Effect
firm I-Effect
improve I-Effect
its I-Effect
overall I-Effect
profitability I-Effect
and I-Effect
returns I-Effect
. O

We O
forecast O
price O
increases O
of O
roughly O
3 O
% O
per O
year O
, O
with O
weaker B-Effect
price I-Effect
growth I-Effect
in I-Effect
the I-Effect
Canadian I-Effect
recreational I-Effect
market I-Effect
due O
to O
Canadian B-Cause
consumers I-Cause
' I-Cause
preference I-Cause
for I-Cause
value I-Cause
over I-Cause
premium I-Cause
. O

We O
project O
10 B-Effect
% I-Effect
sales I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
( I-Effect
versus I-Effect
a I-Effect
4 I-Effect
% I-Effect
increase I-Effect
prior I-Effect
, I-Effect
and I-Effect
modestly I-Effect
ahead I-Effect
of I-Effect
guidance I-Effect
for I-Effect
6 I-Effect
% I-Effect
-8 I-Effect
% I-Effect
growth I-Effect
) I-Effect
, O
as O
healthy B-Cause
first-half I-Cause
growth I-Cause
benefits I-Cause
from I-Cause
disproportionate I-Cause
COVID-19 I-Cause
category I-Cause
spending I-Cause
. O

Hospitals B-Cause
can I-Cause
ill I-Cause
afford I-Cause
to I-Cause
use I-Cause
devices I-Cause
that I-Cause
have I-Cause
n't I-Cause
been I-Cause
effectively I-Cause
sterilized I-Cause
, O
and O
the O
relatively O
low O
cost O
of O
sterilization O
compared O
with O
overall O
device O
cost O
limits B-Effect
the I-Effect
chance I-Effect
a I-Effect
customer I-Effect
would I-Effect
risk I-Effect
switching I-Effect
to I-Effect
another I-Effect
provider I-Effect
. O

However O
, O
though B-Cause
there I-Cause
was I-Cause
a I-Cause
substantial I-Cause
uptick I-Cause
in I-Cause
IUD I-Cause
usage I-Cause
after I-Cause
the I-Cause
ACA I-Cause
, I-Cause
it I-Cause
is I-Cause
important I-Cause
to I-Cause
note I-Cause
that I-Cause
usage I-Cause
rates I-Cause
were I-Cause
already I-Cause
trending I-Cause
upward I-Cause
before I-Cause
2012. O
Thus O
, O
even B-Effect
if I-Effect
this I-Effect
portion I-Effect
or I-Effect
all I-Effect
of I-Effect
the I-Effect
ACA I-Effect
were I-Effect
to I-Effect
be I-Effect
repealed I-Effect
, I-Effect
it I-Effect
is I-Effect
likely I-Effect
that I-Effect
IUD I-Effect
usage I-Effect
would I-Effect
not I-Effect
take I-Effect
a I-Effect
stark I-Effect
dive I-Effect
. O

And O
in O
the O
longer O
term O
, O
it O
may O
be O
possible O
to O
make O
biodegradable B-Cause
soy-based I-Cause
lenses I-Cause
that O
would O
eliminate O
this O
environmental B-Effect
impact I-Effect
. O

Based B-Cause
on I-Cause
current I-Cause
pricing I-Cause
for I-Cause
Exact I-Cause
's I-Cause
Cologuard I-Cause
, O
we O
estimate O
an O
$ O
18.4 O
billion O
market O
opportunity O
in O
colorectal O
cancer O
screening O
, O
and O
we B-Effect
anticipate I-Effect
Guardant I-Effect
's I-Effect
first-mover I-Effect
advantage I-Effect
will I-Effect
allow I-Effect
the I-Effect
company I-Effect
to I-Effect
maintain I-Effect
a I-Effect
leading I-Effect
share I-Effect
in I-Effect
colorectal I-Effect
liquid I-Effect
biopsy I-Effect
screening I-Effect
through I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Pricing B-Effect
on I-Effect
new I-Effect
and I-Effect
popular I-Effect
items I-Effect
does I-Effect
not I-Effect
vary I-Effect
much I-Effect
from I-Effect
site I-Effect
to I-Effect
site I-Effect
due O
to O
competitive B-Cause
pressures I-Cause
and I-Cause
minimum I-Cause
advertised I-Cause
price I-Cause
agreements I-Cause
. O

However O
, O
the B-Cause
bank I-Cause
must I-Cause
also I-Cause
maintain I-Cause
a I-Cause
vast I-Cause
international I-Cause
office I-Cause
network I-Cause
to I-Cause
support I-Cause
its I-Cause
global I-Cause
footprint I-Cause
for I-Cause
its I-Cause
commercial I-Cause
operations. O
Thus O
, O
we O
believe O
that O
Citigroup B-Effect
will I-Effect
likely I-Effect
continue I-Effect
to I-Effect
perform I-Effect
roughly I-Effect
in I-Effect
line I-Effect
with I-Effect
peers I-Effect
from I-Effect
an I-Effect
operating I-Effect
efficiency I-Effect
perspective I-Effect
. O

Further O
, O
although O
we O
do O
n't O
see O
risks O
stemming O
from O
environmental O
, O
social O
, O
and O
governance O
as O
particularly O
pointed O
, O
we O
are O
n't O
blind O
to O
the O
fact O
that O
Campbell B-Effect
could I-Effect
be I-Effect
forced I-Effect
to I-Effect
recall I-Effect
its I-Effect
fare I-Effect
if O
quality B-Cause
standards I-Cause
fall I-Cause
short I-Cause
. O

The B-Cause
company I-Cause
operates I-Cause
in I-Cause
cyclical I-Cause
end I-Cause
markets I-Cause
such I-Cause
as I-Cause
imaging I-Cause
scanners I-Cause
, I-Cause
which I-Cause
can I-Cause
cost I-Cause
several I-Cause
millions I-Cause
of I-Cause
euros I-Cause
per I-Cause
unit I-Cause
so B-Effect
hospitals I-Effect
may I-Effect
delay I-Effect
purchases I-Effect
when I-Effect
economic I-Effect
conditions I-Effect
weaken I-Effect
, I-Effect
and I-Effect
the I-Effect
personal I-Effect
health I-Effect
division I-Effect
, I-Effect
where I-Effect
demand I-Effect
for I-Effect
products I-Effect
is I-Effect
tied I-Effect
to I-Effect
the I-Effect
overall I-Effect
health I-Effect
of I-Effect
the I-Effect
economy I-Effect
. O

Less B-Cause
fragmented I-Cause
and I-Cause
well-integrated I-Cause
banking I-Cause
systems I-Cause
, I-Cause
like I-Cause
the I-Cause
Canadian I-Cause
system I-Cause
, I-Cause
have I-Cause
tended I-Cause
to I-Cause
be I-Cause
more I-Cause
stable I-Cause
over I-Cause
time I-Cause
, O
reducing B-Effect
risk I-Effect
. O

We B-Cause
have I-Cause
raised I-Cause
our I-Cause
long-term I-Cause
tax I-Cause
rate I-Cause
assumption I-Cause
to I-Cause
19.5 I-Cause
% I-Cause
from I-Cause
17 I-Cause
% I-Cause
in O
anticipation O
of O
a O
corporate O
tax O
increase O
in O
the O
United O
States O
, O
which O
lowered B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
by I-Effect
about I-Effect
3 I-Effect
% I-Effect
. O

Then O
we B-Effect
adjusted I-Effect
our I-Effect
operating I-Effect
margin I-Effect
forecast I-Effect
closer I-Effect
to I-Effect
14 I-Effect
% I-Effect
, I-Effect
up I-Effect
from I-Effect
the I-Effect
13.4 I-Effect
% I-Effect
we I-Effect
had I-Effect
initially I-Effect
modeled I-Effect
, O
as O
profitability B-Cause
gains I-Cause
should I-Cause
persist I-Cause
. O

In O
addition O
, O
Sun O
Life O
, O
including O
its O
MFS O
business O
, O
manages O
over O
CAD O
1.3 O
trillion O
in O
assets O
and O
an B-Cause
operational I-Cause
failure I-Cause
could B-Effect
be I-Effect
costly I-Effect
. O

Also O
, O
F5 B-Cause
's I-Cause
products I-Cause
facilitate I-Cause
in I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
, O
which O
may O
attract B-Effect
cybercriminals I-Effect
, O
and O
its B-Cause
solutions I-Cause
are I-Cause
tasked I-Cause
with I-Cause
protecting I-Cause
customers I-Cause
from I-Cause
cyberattacks I-Cause
, O
making O
data B-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

Circuit O
protection O
products O
include O
fuses O
, O
breakers O
, O
diodes O
, O
relays O
, O
and O
other O
components O
that O
ensure B-Effect
the I-Effect
safe I-Effect
function I-Effect
of I-Effect
electrical I-Effect
systems I-Effect
by O
guarding B-Cause
against I-Cause
surges I-Cause
and I-Cause
overcurrent I-Cause
. O

We O
predict O
it B-Effect
will I-Effect
elicit I-Effect
a I-Effect
high-single-digit I-Effect
percentage I-Effect
sales I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
given O
the B-Cause
size I-Cause
of I-Cause
the I-Cause
addressable I-Cause
market I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
growth I-Cause
in I-Cause
e-commerce I-Cause
volumes I-Cause
. O

While O
we O
see O
incremental B-Cause
investments I-Cause
deleveraging B-Effect
against I-Effect
weaker I-Effect
travel I-Effect
demand I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
our O
2024 O
operating O
margin O
( O
after O
investments O
wane O
and O
travel O
demand O
returns O
) O
is O
19 O
% O
. O

We O
believe O
the B-Effect
firm I-Effect
has I-Effect
a I-Effect
durable I-Effect
position I-Effect
in I-Effect
the I-Effect
automotive I-Effect
, I-Effect
industrial I-Effect
, I-Effect
mobile I-Effect
, I-Effect
and I-Effect
communications I-Effect
infrastructure I-Effect
markets I-Effect
due O
to O
a B-Cause
combination I-Cause
of I-Cause
switching I-Cause
costs I-Cause
and I-Cause
intangible I-Cause
assets I-Cause
. O

The B-Cause
rapidly I-Cause
increasing I-Cause
worldwide I-Cause
demand I-Cause
for I-Cause
renewable I-Cause
energy I-Cause
has O
created B-Effect
a I-Effect
race I-Effect
to I-Effect
the I-Effect
bottom I-Effect
among I-Effect
solar I-Effect
manufacturers I-Effect
, I-Effect
financiers I-Effect
, I-Effect
and I-Effect
developers I-Effect
. O

In O
addition O
to O
the O
costs O
of O
switching O
suppliers O
in O
the O
midproduct O
cycle O
, O
an O
automotive O
OEM O
or O
Tier O
1 O
can O
save B-Effect
time I-Effect
and I-Effect
money I-Effect
by O
staying B-Cause
with I-Cause
TE I-Cause
across I-Cause
multiple I-Cause
product I-Cause
cycles I-Cause
. O

If O
management B-Cause
can I-Cause
achieve I-Cause
its I-Cause
target I-Cause
cost I-Cause
synergies I-Cause
and I-Cause
apply I-Cause
the I-Cause
strategies I-Cause
that I-Cause
drove I-Cause
Praxair I-Cause
's I-Cause
industry-leading I-Cause
margins I-Cause
to I-Cause
Linde I-Cause
's I-Cause
asset I-Cause
base I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
deliver I-Effect
strong I-Effect
returns I-Effect
to I-Effect
shareholders I-Effect
. O

Our O
unchanged O
USD O
43 O
per O
tonne O
midcycle O
iron O
ore O
price O
acknowledges O
the O
lowering B-Cause
of I-Cause
the I-Cause
industry I-Cause
cost I-Cause
curve I-Cause
and O
the O
forecast O
drop-off O
in O
China O
's O
steel O
demand O
as O
China O
's O
economy O
transitions O
from O
investment-led O
to O
consumption-led B-Effect
growth I-Effect
. O

Growing B-Cause
scale I-Cause
and I-Cause
support I-Cause
from I-Cause
parent I-Cause
Deutsche I-Cause
Telekom I-Cause
have O
enabled O
T-Mobile B-Effect
to I-Effect
invest I-Effect
in I-Effect
new I-Effect
assets I-Effect
, O
which O
it O
has O
done O
smartly O
, O
in O
our O
view O
. O

We O
believe O
this O
is O
largely O
attributable O
to O
increased B-Cause
access I-Cause
to I-Cause
international I-Cause
capital I-Cause
markets I-Cause
, O
with O
larger B-Effect
corporates I-Effect
and I-Effect
multinational I-Effect
corporations I-Effect
increasingly I-Effect
turning I-Effect
to I-Effect
these I-Effect
cheaper I-Effect
sources I-Effect
of I-Effect
funding I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
CoStar I-Effect
to I-Effect
$ I-Effect
752 I-Effect
per I-Effect
share I-Effect
after O
increasing B-Cause
our I-Cause
near-term I-Cause
revenue I-Cause
and I-Cause
profitability I-Cause
forecasts I-Cause
. O

Fortune B-Cause
Brands I-Cause
' I-Cause
robust I-Cause
cabinet I-Cause
brand I-Cause
portfolio I-Cause
also O
makes O
it O
difficult O
for O
dealers O
' O
customers B-Effect
to I-Effect
compare I-Effect
prices I-Effect
with I-Effect
similar I-Effect
products I-Effect
sold I-Effect
at I-Effect
home I-Effect
centers I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
carbon I-Cause
emissions I-Cause
pose O
an O
environmental B-Effect
risk I-Effect
, O
but O
Sensata O
has O
a O
smaller O
manufacturing O
footprint O
than O
many O
of O
its O
larger O
peers O
in O
the O
electronic O
components O
industry O
, O
and O
we O
think O
it O
will O
move O
to O
reduce O
its O
carbon O
output O
in O
line O
with O
the O
industry O
. O

Due O
to O
the B-Cause
potential I-Cause
growth I-Cause
opportunities I-Cause
in I-Cause
protecting I-Cause
user I-Cause
identities I-Cause
and I-Cause
network I-Cause
access I-Cause
in I-Cause
hybrid-cloud I-Cause
environments I-Cause
, O
we O
expect O
the B-Effect
identity I-Effect
access I-Effect
management I-Effect
space I-Effect
to I-Effect
be I-Effect
a I-Effect
highly I-Effect
contested I-Effect
market I-Effect
. O

Buoyed O
by O
trends O
such O
as O
urbanization O
, O
the O
institutionalization O
of O
real O
estate O
, O
and O
the B-Cause
growing I-Cause
tendency I-Cause
of I-Cause
corporate I-Cause
outsourcing I-Cause
, O
Cushman O
& O
Wakefield O
should O
post O
healthy O
growth O
rates O
as O
it O
continues O
to O
take B-Effect
share I-Effect
from I-Effect
its I-Effect
smaller I-Effect
, I-Effect
more I-Effect
regional I-Effect
and I-Effect
weaker I-Effect
rivals I-Effect
. O

Given O
its B-Cause
scale I-Cause
, O
CBRE B-Effect
is I-Effect
one I-Effect
of I-Effect
just I-Effect
a I-Effect
few I-Effect
options I-Effect
that O
serve O
as O
a B-Cause
one-stop I-Cause
shop I-Cause
to I-Cause
multinational I-Cause
corporations I-Cause
that O
outsource O
their B-Effect
real I-Effect
estate I-Effect
operations I-Effect
. O

Our B-Cause
occupancy I-Cause
, I-Cause
minimum I-Cause
rent I-Cause
growth I-Cause
, I-Cause
re-leasing I-Cause
spreads I-Cause
, I-Cause
and I-Cause
margin I-Cause
assumptions I-Cause
drive B-Effect
total I-Effect
company I-Effect
annual I-Effect
same-store I-Effect
NOI I-Effect
growth I-Effect
averaging I-Effect
0.8 I-Effect
% I-Effect
across I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
. O

Scale B-Cause
and I-Cause
cost I-Cause
leverage I-Cause
should I-Cause
fuel I-Cause
aggressive I-Cause
pricing I-Cause
rather I-Cause
than I-Cause
profitability I-Cause
expansion I-Cause
, O
with O
fiscal B-Effect
2021 I-Effect
's I-Effect
5.3 I-Effect
% I-Effect
mark I-Effect
essentially I-Effect
holding I-Effect
long I-Effect
term I-Effect
. O

For O
example O
, O
Wine O
Intelligence O
( O
a O
research O
agency O
focusing O
on O
wine O
consumer O
insights O
) O
estimates O
that O
three O
fourths O
of O
wine B-Effect
consumers I-Effect
shop I-Effect
based O
on O
promotions B-Cause
in O
lieu O
of O
strong O
brand O
preference O
. O

The B-Cause
over I-Cause
10,000 I-Cause
domestic I-Cause
stores I-Cause
are I-Cause
strategically I-Cause
located I-Cause
in I-Cause
high I-Cause
traffic I-Cause
areas I-Cause
to I-Cause
generate I-Cause
over I-Cause
$ I-Cause
13 I-Cause
million I-Cause
per I-Cause
store I-Cause
, O
which O
drives B-Effect
scale I-Effect
and I-Effect
helps I-Effect
enable I-Effect
the I-Effect
company I-Effect
to I-Effect
negotiate I-Effect
more I-Effect
effectively I-Effect
with I-Effect
suppliers I-Effect
. O

Further O
, O
the B-Cause
decrease I-Cause
of I-Cause
utilization I-Cause
of I-Cause
drugs I-Cause
either I-Cause
driven I-Cause
by I-Cause
slower I-Cause
new I-Cause
drug I-Cause
introductions I-Cause
, I-Cause
fewer I-Cause
alternative I-Cause
generic I-Cause
options I-Cause
or I-Cause
formulary I-Cause
constraints I-Cause
by I-Cause
the I-Cause
PBM I-Cause
would O
impact O
management B-Effect
's I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
the I-Effect
significant I-Effect
fixed I-Effect
costs I-Effect
of I-Effect
maintaining I-Effect
stores I-Effect
with I-Effect
high I-Effect
rent I-Effect
and I-Effect
staffing I-Effect
them I-Effect
with I-Effect
pharmacists I-Effect
. O

The B-Cause
change I-Cause
to I-Cause
Red I-Cause
Hat I-Cause
Enterprise I-Cause
Linux I-Cause
will I-Cause
either I-Cause
entail I-Cause
changing I-Cause
from I-Cause
Windows I-Cause
operating I-Cause
system I-Cause
, O
which O
likely O
means O
massive B-Effect
turnover I-Effect
in I-Effect
an I-Effect
enterprise I-Effect
's I-Effect
engineering I-Effect
team I-Effect
. O

And O
while O
we B-Effect
are I-Effect
n't I-Effect
blind I-Effect
to I-Effect
the I-Effect
resiliency I-Effect
of I-Effect
its I-Effect
fare I-Effect
regardless I-Effect
of I-Effect
the I-Effect
economic I-Effect
backdrop I-Effect
, I-Effect
we I-Effect
do I-Effect
n't I-Effect
think I-Effect
its I-Effect
inflated I-Effect
sales I-Effect
trajectory I-Effect
will I-Effect
prove I-Effect
sustainable I-Effect
either I-Effect
, O
particularly O
as O
the B-Cause
bump I-Cause
from I-Cause
COVID-19 I-Cause
fades I-Cause
and I-Cause
competitive I-Cause
intensity I-Cause
ramps I-Cause
up I-Cause
. O

In O
general O
, O
regulatory B-Cause
actions I-Cause
that I-Cause
affect I-Cause
patient I-Cause
access I-Cause
or I-Cause
reimbursement I-Cause
rates I-Cause
could O
significantly B-Effect
change I-Effect
the I-Effect
profitability I-Effect
of I-Effect
HCA I-Effect
's I-Effect
operations I-Effect
and O
will O
likely O
remain O
a O
key O
risk O
for O
HCA O
in O
the O
long O
run O
. O

Lens O
, O
which O
can O
be O
combined O
with O
text O
search O
, O
is O
Pinterest B-Effect
's I-Effect
most I-Effect
innovative I-Effect
and I-Effect
interactive I-Effect
tool I-Effect
, O
in O
our O
opinion O
, O
as O
it B-Cause
helps I-Cause
users I-Cause
focus I-Cause
on I-Cause
any I-Cause
product I-Cause
in I-Cause
a I-Cause
pin I-Cause
and I-Cause
asks I-Cause
Pinterest I-Cause
to I-Cause
conduct I-Cause
a I-Cause
visual I-Cause
search I-Cause
and I-Cause
bring I-Cause
back I-Cause
pictures I-Cause
or I-Cause
videos I-Cause
of I-Cause
similar I-Cause
products I-Cause
. O

This O
bodes O
well O
for O
the O
ag O
services O
business O
; O
however O
, O
better O
global O
pricing O
information O
for O
farmers O
and O
stronger O
, O
more O
consistent O
crop O
yields O
should O
also O
reduce B-Cause
crop I-Cause
price I-Cause
volatility I-Cause
over O
time O
, O
which O
will O
limit O
the B-Effect
trading I-Effect
desk I-Effect
's I-Effect
arbitrage I-Effect
opportunities I-Effect
. O

First O
Solar O
continues O
growing O
its O
pipeline O
of O
sales O
opportunities O
but O
will O
have O
to O
add B-Cause
production I-Cause
capacity I-Cause
to O
keep B-Effect
growth I-Effect
going I-Effect
. O

We O
also O
expect O
improvement B-Effect
to O
be O
driven O
by O
a B-Cause
recovery I-Cause
in I-Cause
the I-Cause
Jennie-O I-Cause
turkey I-Cause
business I-Cause
; O
it B-Effect
has I-Effect
been I-Effect
experienced I-Effect
depressed I-Effect
pricing I-Effect
the I-Effect
past I-Effect
two I-Effect
years I-Effect
due O
to O
industry B-Cause
oversupply I-Cause
, O
which O
we O
expect O
to O
gradually O
abate O
over O
the O
next O
few O
years O
. O

The B-Cause
group I-Cause
boasts I-Cause
strong I-Cause
technical I-Cause
capabilities I-Cause
, I-Cause
strategic I-Cause
assets I-Cause
, I-Cause
and I-Cause
long-standing I-Cause
partnerships I-Cause
with I-Cause
key I-Cause
governments I-Cause
, O
increasing B-Effect
the I-Effect
probability I-Effect
of I-Effect
participation I-Effect
in I-Effect
future I-Effect
programmes I-Effect
. O

Failure B-Cause
to I-Cause
demonstrate I-Cause
equivalency I-Cause
would I-Cause
mean I-Cause
that I-Cause
the I-Cause
generic I-Cause
product I-Cause
does I-Cause
not I-Cause
pass I-Cause
regulatory I-Cause
approvals. O
As O
such O
, O
generic B-Effect
drug I-Effect
producers I-Effect
tend I-Effect
to I-Effect
stick I-Effect
with I-Effect
binders I-Effect
and I-Effect
other I-Effect
functional I-Effect
nonactive I-Effect
ingredients I-Effect
already I-Effect
used I-Effect
in I-Effect
most I-Effect
of I-Effect
the I-Effect
patented I-Effect
products I-Effect
. O

Rising B-Cause
interest I-Cause
rates I-Cause
will O
compound B-Effect
the I-Effect
problem I-Effect
for I-Effect
firms I-Effect
with I-Effect
large I-Effect
retail I-Effect
fixed-income I-Effect
platforms I-Effect
, O
as O
market B-Cause
losses I-Cause
on I-Cause
bonds I-Cause
will I-Cause
amplify I-Cause
fund I-Cause
redemptions I-Cause
. O

While O
management O
's O
history O
demonstrates O
prudent B-Cause
capital I-Cause
stewardship I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
healthy I-Cause
balance I-Cause
sheet O
should O
help B-Effect
insulate I-Effect
it I-Effect
from I-Effect
negative I-Effect
surprises I-Effect
, O
we O
believe O
the O
company O
's O
internal O
and O
external O
growth O
prospects O
are O
both O
slowing O
to O
their O
historical O
norms O
. O

While O
the O
Anthem O
contract O
loss O
serves O
as O
a O
warning O
that O
turnover O
is O
possible O
even O
in O
this O
very O
sticky O
niche O
, O
we O
think O
that O
situation B-Effect
was I-Effect
unique I-Effect
, O
given O
the O
size B-Cause
of I-Cause
Anthem I-Cause
's I-Cause
insurance I-Cause
operations I-Cause
and I-Cause
its I-Cause
desire I-Cause
get I-Cause
into I-Cause
the I-Cause
PBM I-Cause
business I-Cause
. O

We O
also O
expect O
the B-Cause
decoupling I-Cause
mechanisms I-Cause
to O
shield B-Effect
HEI I-Effect
's I-Effect
three I-Effect
utilities I-Effect
from I-Effect
COVID-19-related I-Effect
sales I-Effect
declines I-Effect
, O
although O
regulators O
did O
not O
contemplate O
this O
at O
the O
time O
the O
regulatory O
structure O
was O
passed O
. O

Pivotal B-Cause
and I-Cause
VMware I-Cause
have I-Cause
collaborative I-Cause
product I-Cause
offerings I-Cause
, O
and O
we O
believe O
this O
enriches B-Effect
Dell I-Effect
Technologies I-Effect
' I-Effect
presence I-Effect
outside I-Effect
of I-Effect
on-premises I-Effect
and I-Effect
private I-Effect
clouds I-Effect
. O

Federal B-Effect
funding I-Effect
has I-Effect
weakened I-Effect
over I-Effect
time I-Effect
, O
as O
improving B-Cause
vehicle I-Cause
mileage I-Cause
and I-Cause
inflation I-Cause
have I-Cause
diminished I-Cause
the I-Cause
power I-Cause
of I-Cause
the I-Cause
$ I-Cause
0.18 I-Cause
per I-Cause
gallon I-Cause
gasoline I-Cause
tax I-Cause
, I-Cause
unchanged I-Cause
since I-Cause
1993 I-Cause
. O

However O
, O
we O
estimate O
Gap B-Effect
's I-Effect
2021 I-Effect
operating I-Effect
margin I-Effect
at I-Effect
just I-Effect
6.4 I-Effect
% I-Effect
, I-Effect
well I-Effect
below I-Effect
pre-2019 I-Effect
levels I-Effect
, O
as O
it B-Cause
continues I-Cause
to I-Cause
work I-Cause
through I-Cause
cost-cutting I-Cause
efforts I-Cause
. O

Our B-Effect
$ I-Effect
60 I-Effect
per I-Effect
ADR I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Coke I-Effect
Femsa I-Effect
is I-Effect
intact I-Effect
post I-Effect
third-quarter I-Effect
results I-Effect
, O
as O
strength B-Cause
in I-Cause
the I-Cause
Mexican I-Cause
peso I-Cause
is I-Cause
offset I-Cause
by I-Cause
weakness I-Cause
in I-Cause
other I-Cause
functional I-Cause
currencies I-Cause
as I-Cause
well I-Cause
as I-Cause
ongoing I-Cause
market I-Cause
challenges I-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
. O

Overall O
, O
we O
rate O
the B-Effect
Brazilian I-Effect
banking I-Effect
system I-Effect
as I-Effect
poor I-Effect
, O
given O
its B-Cause
increasingly I-Cause
unfavorable I-Cause
regulatory I-Cause
outlook I-Cause
, I-Cause
deteriorating I-Cause
macroeconomic I-Cause
prospects I-Cause
, I-Cause
and I-Cause
bleak I-Cause
political I-Cause
environment I-Cause
. O

We O
see O
little B-Effect
in I-Effect
the I-Effect
way I-Effect
of I-Effect
ESG I-Effect
risks I-Effect
for I-Effect
Hain I-Effect
, O
as O
it B-Cause
products I-Cause
are I-Cause
generally I-Cause
considered I-Cause
to I-Cause
be I-Cause
more I-Cause
healthful I-Cause
than O
typical O
consumables O
, O
and O
it O
has O
a B-Cause
small I-Cause
carbon I-Cause
footprint I-Cause
, O
as O
most O
products O
to O
not O
require O
refrigeration O
. O

The B-Cause
acquisition I-Cause
of I-Cause
Concho I-Cause
Resources I-Cause
increases B-Effect
its I-Effect
focus I-Effect
on I-Effect
the I-Effect
Permian I-Effect
and I-Effect
increases I-Effect
total I-Effect
production I-Effect
to I-Effect
over I-Effect
1,500 I-Effect
mboe/d I-Effect
. O

With O
the B-Cause
bank I-Cause
embarking I-Cause
on I-Cause
another I-Cause
round I-Cause
of I-Cause
restructuring I-Cause
, O
we O
assume O
operating B-Effect
costs I-Effect
to I-Effect
decline I-Effect
to I-Effect
USD I-Effect
31 I-Effect
billion I-Effect
by I-Effect
2022 I-Effect
, O
offset O
by O
higher O
investment O
in O
technology O
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
70 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
69 I-Effect
after O
incorporating B-Cause
2020 I-Cause
results I-Cause
in O
line O
with O
our O
expectations O
and O
time-value O
appreciation O
since O
our O
last O
update O
. O

In O
addition O
, O
China B-Cause
Mobile I-Cause
had I-Cause
about I-Cause
a I-Cause
12-month I-Cause
head I-Cause
start I-Cause
on I-Cause
its I-Cause
4G I-Cause
network I-Cause
rollout I-Cause
, O
which O
helped B-Effect
it I-Effect
over I-Effect
2015 I-Effect
and I-Effect
2016 I-Effect
against I-Effect
its I-Effect
competitors I-Effect
, O
which O
only O
gained O
national O
FDD O
LTE O
licences O
in O
February O
2015 O
. O

The B-Cause
material I-Cause
in I-Cause
Lululemon I-Cause
's I-Cause
apparel I-Cause
is I-Cause
significantly I-Cause
more I-Cause
expensive I-Cause
than I-Cause
in I-Cause
traditional I-Cause
athletic I-Cause
shirts I-Cause
and I-Cause
pants I-Cause
, O
partly O
accounting O
for O
its B-Effect
relatively I-Effect
high I-Effect
pricing I-Effect
. O

With O
approvals B-Cause
in I-Cause
rheumatoid I-Cause
arthritis I-Cause
, I-Cause
psoriasis I-Cause
, I-Cause
and I-Cause
Crohn I-Cause
's I-Cause
disease I-Cause
, O
Humira B-Effect
holds I-Effect
a I-Effect
wide I-Effect
range I-Effect
of I-Effect
indications I-Effect
, O
but O
biosimilar B-Cause
pressure I-Cause
in I-Cause
international I-Cause
markets I-Cause
will O
likely O
lead O
to O
declining B-Effect
sales I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
and O
we O
expect O
U.S O
. O

As B-Cause
one I-Cause
of I-Cause
the I-Cause
most I-Cause
experienced I-Cause
players I-Cause
in I-Cause
binary I-Cause
cycle I-Cause
geothermal I-Cause
in I-Cause
the I-Cause
world I-Cause
, O
on B-Effect
both I-Effect
the I-Effect
products I-Effect
and I-Effect
operations I-Effect
side I-Effect
, I-Effect
Ormat I-Effect
has I-Effect
a I-Effect
decades-long I-Effect
head I-Effect
start I-Effect
over I-Effect
potential I-Effect
competitors I-Effect
in I-Effect
power I-Effect
plant I-Effect
design I-Effect
. I-Effect

The B-Cause
exact I-Cause
features I-Cause
included I-Cause
in I-Cause
each I-Cause
tier I-Cause
vary I-Cause
and O
make B-Effect
precise I-Effect
comparisons I-Effect
challenging I-Effect
, O
but O
they O
are O
generally O
consistent O
with O
one O
another O
. O

Given O
the B-Cause
volatile I-Cause
price I-Cause
swings I-Cause
of I-Cause
the I-Cause
raw I-Cause
materials I-Cause
needed I-Cause
to I-Cause
raise I-Cause
poultry I-Cause
( I-Cause
primarily I-Cause
corn I-Cause
and I-Cause
soybean I-Cause
meal I-Cause
) I-Cause
, I-Cause
the I-Cause
industry I-Cause
moved I-Cause
to I-Cause
cost-based I-Cause
pricing I-Cause
after I-Cause
huge I-Cause
spikes I-Cause
in I-Cause
feed I-Cause
costs I-Cause
led O
to O
operating B-Effect
losses I-Effect
for I-Effect
most I-Effect
poultry I-Effect
producers I-Effect
in I-Effect
2008 I-Effect
and I-Effect
2011 I-Effect
. O

Declines B-Cause
in I-Cause
brand I-Cause
satisfaction I-Cause
could O
slow B-Effect
unit I-Effect
volume I-Effect
growth I-Effect
, I-Effect
worsen I-Effect
restaurant I-Effect
level I-Effect
profitability I-Effect
, I-Effect
and I-Effect
lead I-Effect
to I-Effect
declining I-Effect
attractiveness I-Effect
for I-Effect
potential I-Effect
franchisees I-Effect
. O

We B-Effect
assume I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
( I-Effect
before I-Effect
net I-Effect
gains I-Effect
and I-Effect
interest I-Effect
income I-Effect
) I-Effect
increases I-Effect
from I-Effect
24.6 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
29.9 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
as B-Cause
businesses I-Cause
gain I-Cause
scale I-Cause
. O

Given O
fractionation B-Cause
's I-Cause
position I-Cause
in I-Cause
the I-Cause
overall I-Cause
value I-Cause
chain I-Cause
, O
it O
only O
makes O
sense O
to O
expand B-Effect
capacity I-Effect
when O
new O
pipelines O
are O
added O
to O
deliver O
NGLs O
to O
the O
hub O
, O
and O
those B-Effect
assets I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
controlled I-Effect
by I-Effect
the I-Effect
same I-Effect
players I-Effect
who I-Effect
control I-Effect
the I-Effect
fractionation I-Effect
capacity I-Effect
, O
ensuring B-Cause
a I-Cause
rational I-Cause
and I-Cause
profitable I-Cause
market I-Cause
. O

Polaris B-Effect
faces I-Effect
integration I-Effect
risk I-Effect
, I-Effect
particularly I-Effect
as I-Effect
it I-Effect
has I-Effect
become I-Effect
more I-Effect
acquisitive I-Effect
( I-Effect
TAP I-Effect
, I-Effect
Boat I-Effect
Holdings I-Effect
) I-Effect
, I-Effect
and I-Effect
liability I-Effect
risk I-Effect
, O
as O
it B-Cause
self-insures I-Cause
against I-Cause
product I-Cause
liability I-Cause
claims I-Cause
. O

We O
believe O
the B-Effect
firm I-Effect
will I-Effect
consolidate I-Effect
its I-Effect
leading I-Effect
position I-Effect
by O
developing B-Cause
compelling I-Cause
new I-Cause
versions I-Cause
of I-Cause
its I-Cause
existing I-Cause
franchises I-Cause
and I-Cause
creating I-Cause
new I-Cause
ones I-Cause
like I-Cause
Apex I-Cause
Legends I-Cause
. O

Developing B-Cause
a I-Cause
manufacturing I-Cause
footprint I-Cause
the I-Cause
size I-Cause
of I-Cause
BorgWarner I-Cause
's I-Cause
, I-Cause
with I-Cause
a I-Cause
presence I-Cause
in I-Cause
18 I-Cause
countries I-Cause
, I-Cause
would I-Cause
require I-Cause
a I-Cause
high I-Cause
amount I-Cause
of I-Cause
capital I-Cause
investment I-Cause
, O
a B-Effect
substantial I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
for I-Effect
potential I-Effect
new I-Effect
competitors I-Effect
. O

We O
think O
Under O
Armour O
's O
international O
business B-Cause
is I-Cause
a I-Cause
growth I-Cause
opportunity I-Cause
for I-Cause
the I-Cause
company I-Cause
but I-Cause
is I-Cause
too I-Cause
small I-Cause
to O
support B-Effect
a I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
. O

International B-Effect
sales I-Effect
could I-Effect
ramp I-Effect
faster I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
as O
Polaris O
increases O
visibility O
overseas O
and O
if O
it B-Cause
expands I-Cause
its I-Cause
small-vehicle I-Cause
business I-Cause
through I-Cause
acquisitions I-Cause
, O
while O
support O
in O
the O
domestic O
market O
stems O
from O
a O
limited O
used O
market O
and O
replacement O
need O
, O
particularly O
in O
off-road O
and O
snowmobiles O
. O

Given O
the B-Cause
complexity I-Cause
of I-Cause
implementation I-Cause
and I-Cause
the I-Cause
investment I-Cause
required I-Cause
in I-Cause
executing I-Cause
the I-Cause
platform I-Cause
, O
a B-Effect
customer I-Effect
would I-Effect
be I-Effect
less I-Effect
inclined I-Effect
to I-Effect
shift B-Cause
to I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
giving O
rise O
to O
switching B-Effect
costs I-Effect
. O

While O
the B-Effect
bank I-Effect
may I-Effect
not I-Effect
reach I-Effect
its I-Effect
55 I-Effect
% I-Effect
efficiency I-Effect
ratio I-Effect
goal I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
as O
the B-Cause
rate I-Cause
environment I-Cause
has I-Cause
pressured I-Cause
net I-Cause
interest I-Cause
income I-Cause
growth I-Cause
, O
the O
bank O
is O
decidedly O
headed O
in O
the O
right O
directions O
. O

It O
is O
arguable O
, O
though O
, O
that O
S B-Effect
& I-Effect
P I-Effect
would I-Effect
benefit I-Effect
from I-Effect
such I-Effect
a I-Effect
move I-Effect
as O
its B-Cause
credit I-Cause
rating I-Cause
business I-Cause
would I-Cause
require I-Cause
fewer I-Cause
analysts I-Cause
but I-Cause
still I-Cause
receive I-Cause
the I-Cause
seal I-Cause
of I-Cause
approval I-Cause
attached I-Cause
to I-Cause
its I-Cause
ratings I-Cause
. O

In O
hyperscale O
data O
centers O
, O
the B-Cause
entire I-Cause
technological I-Cause
plumbing I-Cause
is I-Cause
replaced I-Cause
every I-Cause
12-24 I-Cause
months I-Cause
, O
meaning O
TE B-Effect
needs I-Effect
to I-Effect
constantly I-Effect
rewin I-Effect
designs I-Effect
. O

Retailers O
in O
our O
coverage O
generally O
derive O
sustainable B-Effect
competitive I-Effect
advantages I-Effect
from O
a B-Cause
combination I-Cause
of I-Cause
their I-Cause
monetizable I-Cause
intangible I-Cause
assets I-Cause
( O
including O
brand O
strength O
, O
consumer O
data O
, O
and/or O
vendor O
relationships O
) O
and O
a O
durable O
cost O
edge O
. O

Rakuten B-Cause
entering I-Cause
the I-Cause
market I-Cause
as I-Cause
a I-Cause
fourth I-Cause
operator I-Cause
in I-Cause
2020 I-Cause
has O
also O
had B-Effect
a I-Effect
negative I-Effect
impact I-Effect
on I-Effect
pricing I-Effect
if O
customers O
can O
be O
convinced O
of O
its O
coverage O
and O
network O
robustness O
. O

However O
, O
initial B-Cause
store I-Cause
build I-Cause
out I-Cause
, I-Cause
inventory I-Cause
, I-Cause
and I-Cause
pre-opening I-Cause
expenses I-Cause
are I-Cause
relatively I-Cause
modest I-Cause
( I-Cause
roughly I-Cause
$ I-Cause
300,000 I-Cause
for I-Cause
a I-Cause
new I-Cause
Five I-Cause
Below I-Cause
store I-Cause
) I-Cause
; O
as O
a O
result O
, O
while O
we B-Effect
commend I-Effect
management I-Effect
's I-Effect
prudent I-Effect
approach I-Effect
to I-Effect
expansion I-Effect
and I-Effect
operational I-Effect
prowess I-Effect
, O
we O
contend O
that O
Five O
Below O
's O
success O
could O
be O
replicated O
. O

Late-stage O
clinical O
trials O
are O
large O
( O
requiring O
hundreds O
to O
thousands O
of O
patients O
) O
, O
span O
sites O
around O
the O
globe O
, O
and O
come O
with O
an B-Cause
increasing I-Cause
number I-Cause
of I-Cause
regulatory I-Cause
and I-Cause
clinical I-Cause
requirements I-Cause
as O
disease B-Effect
areas I-Effect
are I-Effect
better I-Effect
understood I-Effect
. O

These B-Cause
include I-Cause
a I-Cause
basic I-Cause
menu I-Cause
structure I-Cause
and I-Cause
assembly I-Cause
line I-Cause
for I-Cause
food I-Cause
preparation I-Cause
, I-Cause
which I-Cause
reduces I-Cause
employee I-Cause
training I-Cause
costs I-Cause
while I-Cause
still I-Cause
providing I-Cause
a I-Cause
convenient I-Cause
consumer I-Cause
experience I-Cause
( I-Cause
if I-Cause
executed I-Cause
properly I-Cause
) I-Cause
. O
As O
a O
result O
, O
Chipotle B-Effect
historically I-Effect
had I-Effect
been I-Effect
able I-Effect
to I-Effect
accommodate I-Effect
heavier I-Effect
restaurant I-Effect
traffic I-Effect
volume I-Effect
than I-Effect
casual-dining I-Effect
chains I-Effect
, I-Effect
which I-Effect
should I-Effect
transition I-Effect
well I-Effect
to I-Effect
mobile I-Effect
ordering I-Effect
, I-Effect
delivery I-Effect
, I-Effect
and I-Effect
catering I-Effect
options I-Effect
. O

A B-Cause
return I-Cause
to I-Cause
social I-Cause
distancing I-Cause
restrictions I-Cause
could O
continue B-Cause
to I-Cause
compound I-Cause
mall I-Cause
traffic I-Cause
declines I-Cause
, O
sending B-Effect
higher I-Effect
mix I-Effect
of I-Effect
transactions I-Effect
through I-Effect
the I-Effect
historically I-Effect
less I-Effect
profitable I-Effect
e-commerce I-Effect
channel I-Effect
( I-Effect
which I-Effect
is I-Effect
inherently I-Effect
plagued I-Effect
by I-Effect
higher I-Effect
shipping I-Effect
costs I-Effect
) I-Effect
. O

Once O
Littelfuse B-Cause
's I-Cause
products I-Cause
are I-Cause
designed I-Cause
into I-Cause
an I-Cause
end I-Cause
product I-Cause
, O
they B-Effect
are I-Effect
likely I-Effect
to I-Effect
remain I-Effect
in I-Effect
for I-Effect
the I-Effect
entire I-Effect
life I-Effect
cycle I-Effect
. O

In O
2020 O
, O
loans B-Effect
grew I-Effect
by I-Effect
lower I-Effect
double I-Effect
digits O
on O
the B-Cause
back I-Cause
of I-Cause
various I-Cause
government I-Cause
schemes I-Cause
and I-Cause
enhanced I-Cause
liquidity I-Cause
in I-Cause
the I-Cause
banking I-Cause
system I-Cause
. O

Assessing O
Conagra O
's O
pricing O
power O
is O
complicated O
by O
the B-Cause
implementation I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
value-over-volume I-Cause
strategy I-Cause
over O
the O
past O
five O
years O
, O
which O
eliminated O
uneconomic B-Effect
promotions I-Effect
, O
making O
price B-Effect
increases I-Effect
appear I-Effect
more I-Effect
robust I-Effect
than I-Effect
they I-Effect
would I-Effect
have I-Effect
been I-Effect
otherwise I-Effect
. O

While O
Jack O
Henry O
's O
business O
is O
relatively O
resilient O
, O
growth B-Effect
will I-Effect
likely I-Effect
slow I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
leads I-Cause
banks I-Cause
to I-Cause
pull I-Cause
back I-Cause
on I-Cause
spending I-Cause
, I-Cause
and I-Cause
the I-Cause
company I-Cause
sees I-Cause
a I-Cause
dip I-Cause
in I-Cause
deconversion I-Cause
fees I-Cause
. O

The B-Cause
large I-Cause
amount I-Cause
of I-Cause
monthly I-Cause
active I-Cause
users I-Cause
at I-Cause
200 I-Cause
million I-Cause
in O
turn O
drives O
more B-Effect
suppliers I-Effect
to I-Effect
Ctrip I-Effect
's I-Effect
platform I-Effect
, O
forming B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
. O

On O
the O
regulatory O
front O
, O
Capital B-Cause
One I-Cause
is I-Cause
not I-Cause
considered I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
avoid I-Effect
the I-Effect
heaviest I-Effect
regulatory I-Effect
requirements I-Effect
. O

Several O
of O
Bristol O
's O
currently O
marketed O
drugs O
are O
biologics O
, O
which O
create B-Effect
additional I-Effect
hurdles I-Effect
for I-Effect
generic I-Effect
firms I-Effect
as O
the B-Cause
cost I-Cause
of I-Cause
developing I-Cause
and I-Cause
marketing I-Cause
biosimilars I-Cause
is I-Cause
much I-Cause
higher I-Cause
than I-Cause
for I-Cause
typical I-Cause
generic I-Cause
small I-Cause
molecules I-Cause
. I-Cause

Potential B-Effect
data I-Effect
breaches I-Effect
, O
given O
Shaw B-Cause
's I-Cause
access I-Cause
and I-Cause
transport I-Cause
of I-Cause
sensitive I-Cause
data I-Cause
, O
and O
business O
disruptions O
of O
what O
is O
now O
essentially O
a O
utility O
would O
also O
be O
risks O
. O

The B-Effect
integration I-Effect
of I-Effect
Frutarom I-Effect
represents I-Effect
a I-Effect
source I-Effect
of I-Effect
uncertainty I-Effect
as O
Frutarom B-Cause
, I-Cause
in I-Cause
its I-Cause
own I-Cause
right I-Cause
, I-Cause
has I-Cause
been I-Cause
highly I-Cause
acquisitive I-Cause
in I-Cause
recent I-Cause
years I-Cause
. O

Within O
commodity O
futures O
and O
derivatives O
, O
once O
an B-Cause
exchange I-Cause
achieves I-Cause
liquidity I-Cause
in I-Cause
a I-Cause
product I-Cause
, O
it B-Effect
becomes I-Effect
the I-Effect
cheapest I-Effect
venue I-Effect
to I-Effect
transact I-Effect
that I-Effect
product I-Effect
. O

To O
entice B-Cause
cruisers I-Cause
to I-Cause
travel I-Cause
again I-Cause
in I-Cause
2021 I-Cause
, O
we O
think O
Carnival B-Effect
could I-Effect
see I-Effect
further I-Effect
pricing I-Effect
pressure I-Effect
from I-Effect
2019 I-Effect
levels I-Effect
, O
as O
future B-Cause
cruise I-Cause
credits I-Cause
are I-Cause
applied I-Cause
across I-Cause
a I-Cause
plethora I-Cause
of I-Cause
sailings I-Cause
. O

The O
national O
networks O
have O
been O
able O
to O
offset O
some B-Effect
of I-Effect
this I-Effect
loss I-Effect
by O
either B-Cause
selling I-Cause
content I-Cause
to I-Cause
the I-Cause
streaming I-Cause
platforms I-Cause
or I-Cause
creating I-Cause
their I-Cause
own I-Cause
direct-to-consumer I-Cause
offerings I-Cause
, O
an B-Effect
avenue I-Effect
largely I-Effect
denied I-Effect
to I-Effect
local I-Effect
station I-Effect
owners I-Effect
due O
to O
the B-Cause
lack I-Cause
of I-Cause
a I-Cause
content I-Cause
library I-Cause
. O

The B-Cause
biggest I-Cause
risk I-Cause
for I-Cause
the I-Cause
firm I-Cause
is I-Cause
the I-Cause
acreage I-Cause
is I-Cause
never I-Cause
drilled I-Cause
and I-Cause
developed I-Cause
, I-Cause
and I-Cause
thus I-Cause
there I-Cause
is I-Cause
no I-Cause
production I-Cause
to I-Cause
pay I-Cause
royalties I-Cause
on. O
Thus O
, O
Viper B-Effect
is I-Effect
indirectly I-Effect
exposed I-Effect
to I-Effect
Diamondback I-Effect
's I-Effect
financial I-Effect
ability I-Effect
and I-Effect
willingness I-Effect
to I-Effect
drill I-Effect
wells I-Effect
on I-Effect
its I-Effect
acreage I-Effect
, I-Effect
any I-Effect
regulatory I-Effect
headwinds I-Effect
( I-Effect
particularly I-Effect
environmental I-Effect
) I-Effect
, I-Effect
and I-Effect
a I-Effect
weaker I-Effect
oil I-Effect
and I-Effect
gas I-Effect
outlook I-Effect
. O

With O
a B-Cause
lack I-Cause
of I-Cause
security I-Cause
talent I-Cause
in I-Cause
the I-Cause
marketplace I-Cause
, O
we B-Effect
expect I-Effect
firms I-Effect
to I-Effect
increase I-Effect
their I-Effect
usage I-Effect
of I-Effect
external I-Effect
threat I-Effect
assessments I-Effect
and I-Effect
security I-Effect
validation I-Effect
while I-Effect
looking I-Effect
toward I-Effect
experts I-Effect
, I-Effect
such I-Effect
as I-Effect
FireEye I-Effect
, I-Effect
when I-Effect
internal I-Effect
teams I-Effect
are I-Effect
overwhelmed I-Effect
. O

Its B-Effect
bottlers I-Effect
are I-Effect
extremely I-Effect
motivated I-Effect
to I-Effect
distribute I-Effect
certain I-Effect
third-party I-Effect
products I-Effect
, O
such O
as O
Dr O
Pepper O
, O
given O
the B-Cause
strong I-Cause
demand I-Cause
and I-Cause
consequent I-Cause
profitability I-Cause
that I-Cause
they I-Cause
facilitate I-Cause
. O

Although O
we O
anticipate O
the O
pace O
of O
top-line O
gains O
will O
slow O
, O
it O
appears O
management O
understands O
the O
importance O
of O
leaning B-Cause
into I-Cause
brand I-Cause
spending I-Cause
( O
research O
, O
development O
, O
and O
marketing O
) O
, O
even O
in O
a O
more O
challenging O
economic O
landscape O
, O
to O
help O
its B-Effect
brands I-Effect
stay I-Effect
top I-Effect
of I-Effect
mind I-Effect
. O

If O
the B-Cause
firm I-Cause
is I-Cause
unable I-Cause
to I-Cause
effectively I-Cause
source I-Cause
and I-Cause
integrate I-Cause
new I-Cause
employees I-Cause
, O
it B-Effect
could I-Effect
stymie I-Effect
innovation I-Effect
and I-Effect
impact I-Effect
Cadence I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

We B-Effect
also I-Effect
increased I-Effect
in I-Effect
our I-Effect
Express I-Effect
EBIT I-Effect
margin I-Effect
forecasts I-Effect
on I-Effect
a I-Effect
better-than-expected I-Effect
showing I-Effect
, I-Effect
though I-Effect
this I-Effect
was I-Effect
partly I-Effect
offset I-Effect
by I-Effect
tempering I-Effect
Ground I-Effect
's I-Effect
margins I-Effect
as O
investment B-Cause
spending I-Cause
( I-Cause
to I-Cause
support I-Cause
growth I-Cause
) I-Cause
remains I-Cause
elevated I-Cause
. O

Alongside O
selling O
more O
enterprise O
private O
wireless O
networks O
, O
we O
think O
5G B-Cause
networks I-Cause
and I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
device I-Cause
propagation I-Cause
offer B-Effect
Nokia I-Effect
a I-Effect
chance I-Effect
to I-Effect
be I-Effect
less I-Effect
reliant I-Effect
on I-Effect
CSPs I-Effect
' I-Effect
generational I-Effect
network I-Effect
upgrade I-Effect
spending I-Effect
. O

Many B-Cause
of I-Cause
Federal I-Cause
's I-Cause
shopping I-Cause
centers I-Cause
feature I-Cause
a I-Cause
grocery I-Cause
store I-Cause
as I-Cause
an I-Cause
anchor I-Cause
, O
so O
an B-Effect
anchor I-Effect
losing I-Effect
traffic I-Effect
will I-Effect
hurt I-Effect
the I-Effect
business I-Effect
of I-Effect
all I-Effect
stores I-Effect
in I-Effect
the I-Effect
center I-Effect
. O

In O
the O
long O
run O
, O
higher B-Cause
interest I-Cause
rates I-Cause
applied I-Cause
to I-Cause
Schwab I-Cause
's I-Cause
banking I-Cause
business I-Cause
that O
has O
over O
$ O
300 O
billion O
of O
deposits O
will O
lead O
to O
significant B-Effect
earnings I-Effect
growth I-Effect
. O

This O
is O
because O
weak B-Cause
macroeconomics I-Cause
( I-Cause
resulting I-Cause
in I-Cause
weaker I-Cause
demand B-Effect
and I-Effect
pricing I-Effect
for I-Effect
ads I-Effect
) I-Cause
, I-Cause
a I-Cause
substantial I-Cause
increase I-Cause
in I-Cause
ad I-Cause
inventory I-Cause
by I-Cause
Bytedance I-Cause
and I-Cause
Tencent I-Cause
, I-Cause
moving I-Cause
customers I-Cause
' I-Cause
landing I-Cause
pages I-Cause
to I-Cause
Baidu I-Cause
's I-Cause
platform I-Cause
and I-Cause
COVID-19 I-Cause
play O
an O
important O
role O
in O
the O
current B-Effect
weakness I-Effect
. O

Nonetheless O
, O
we O
think O
that O
Skyworks B-Effect
' I-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
lies O
within O
its B-Cause
expertise I-Cause
in I-Cause
RF I-Cause
integration I-Cause
, I-Cause
design I-Cause
, I-Cause
packaging I-Cause
, I-Cause
and I-Cause
other I-Cause
RF I-Cause
parts I-Cause
like I-Cause
power I-Cause
amplifiers I-Cause
, I-Cause
not I-Cause
necessarily I-Cause
filter I-Cause
expertise I-Cause
. O

On O
the O
companion O
side O
, O
Zoetis B-Cause
benefits I-Cause
from I-Cause
pet I-Cause
owners I-Cause
' I-Cause
increasingly I-Cause
strong I-Cause
relationships I-Cause
with I-Cause
pets I-Cause
as I-Cause
members I-Cause
of I-Cause
the I-Cause
family I-Cause
, O
which O
drastically B-Effect
increases I-Effect
their I-Effect
willingness I-Effect
to I-Effect
pay I-Effect
for I-Effect
expensive I-Effect
treatments I-Effect
. O

Its B-Cause
high-complexity I-Cause
Gulf I-Cause
Coast I-Cause
facilities I-Cause
should I-Cause
benefit I-Cause
from I-Cause
the I-Cause
increasing I-Cause
flow I-Cause
of I-Cause
light I-Cause
and I-Cause
heavy I-Cause
crude I-Cause
to I-Cause
the I-Cause
region I-Cause
, O
affording B-Effect
greater I-Effect
flexibility I-Effect
and I-Effect
opportunity I-Effect
to I-Effect
capture I-Effect
crude I-Effect
differentials I-Effect
in I-Effect
varying I-Effect
market I-Effect
conditions I-Effect
. O

This B-Cause
network I-Cause
would I-Cause
be I-Cause
extremely I-Cause
challenging I-Cause
for I-Cause
new I-Cause
players I-Cause
to I-Cause
replicate I-Cause
, I-Cause
and I-Cause
it I-Cause
would I-Cause
be I-Cause
difficult I-Cause
for I-Cause
businesses I-Cause
to I-Cause
find I-Cause
a I-Cause
similar I-Cause
degree I-Cause
of I-Cause
optimized I-Cause
connectivity I-Cause
elsewhere I-Cause
, O
making B-Effect
it I-Effect
challenging I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
new I-Effect
vendor I-Effect
. I-Effect

In O
this O
vein O
, O
we O
think O
the O
company O
's O
ability O
to O
manage B-Cause
costs I-Cause
while I-Cause
still I-Cause
fueling I-Cause
brand I-Cause
spending I-Cause
( O
we O
forecast O
around O
10 O
% O
of O
sales O
spent O
on O
advertising O
and O
2 O
% O
-2.5 O
% O
spent O
on O
R O
& O
D O
annually O
, O
equating O
to O
about O
$ O
1.1 O
billion O
in O
aggregate O
annually O
) O
will O
lead O
to O
modest B-Effect
operating I-Effect
margin I-Effect
gains I-Effect
. O

Eastman B-Cause
achieves I-Cause
high I-Cause
margins I-Cause
in I-Cause
acetate I-Cause
tow I-Cause
production I-Cause
by I-Cause
using I-Cause
coal I-Cause
as I-Cause
a I-Cause
feedstock I-Cause
, O
which O
provides B-Effect
a I-Effect
favorable I-Effect
cost I-Effect
profile I-Effect
versus I-Effect
marginal I-Effect
producers I-Effect
who I-Effect
use I-Effect
crude I-Effect
oil I-Effect
. O

However O
, O
the B-Cause
company I-Cause
's I-Cause
October I-Cause
2020 I-Cause
acquisition I-Cause
of I-Cause
Livongo I-Cause
, O
a O
leader O
in O
virtual O
diabetes O
care O
management O
, O
provides B-Effect
a I-Effect
lucrative I-Effect
end I-Effect
market I-Effect
and I-Effect
a I-Effect
potential I-Effect
competitive I-Effect
advantage I-Effect
. O

While B-Effect
Halliburton I-Effect
's I-Effect
embrace I-Effect
of I-Effect
customer I-Effect
collaboration I-Effect
has I-Effect
long-standing I-Effect
roots I-Effect
, I-Effect
it I-Effect
has I-Effect
emerged I-Effect
as I-Effect
a I-Effect
distinguishing I-Effect
factor I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
owing O
to O
its B-Cause
chief I-Cause
rival I-Cause
Schlumberger I-Cause
's I-Cause
move I-Cause
toward I-Cause
more I-Cause
standardized I-Cause
, I-Cause
top-down I-Cause
solutions I-Cause
. O

In B-Cause
a I-Cause
macroeconomic I-Cause
downturn I-Cause
that O
depresses B-Effect
GDP I-Effect
growth I-Effect
and I-Effect
causes I-Effect
customer I-Effect
capital I-Effect
investment I-Effect
to I-Effect
decline I-Effect
, I-Effect
Zebra I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
revenue I-Effect
growth I-Effect
would I-Effect
slow I-Effect
. O

Peers B-Cause
have I-Cause
had I-Cause
some I-Cause
time I-Cause
to I-Cause
catch I-Cause
up I-Cause
with I-Cause
Align I-Cause
's I-Cause
product I-Cause
complexity I-Cause
and I-Cause
automated I-Cause
production I-Cause
expertise I-Cause
through I-Cause
internal I-Cause
development I-Cause
and I-Cause
acquisitions I-Cause
, O
which O
should O
have B-Effect
an I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

Fierce B-Cause
competition I-Cause
during I-Cause
the I-Cause
consolidation I-Cause
phase I-Cause
could O
raise B-Effect
acquisition I-Effect
prices I-Effect
too I-Effect
much I-Effect
for I-Effect
Grubhub I-Effect
, O
more O
likely O
than O
not O
minimizing O
return O
on O
such O
a O
necessary O
investment O
. O

While O
the B-Cause
relaunch I-Cause
of I-Cause
Indian I-Cause
in I-Cause
2013 I-Cause
and I-Cause
the I-Cause
continued I-Cause
evolution I-Cause
of I-Cause
on- I-Cause
and I-Cause
off-road I-Cause
products I-Cause
( O
Slingshot O
and O
Ace O
launched O
in O
2014 O
, O
for O
example O
) O
should O
drive O
domestic B-Effect
demand I-Effect
, O
small O
vehicles O
could O
experience O
robust O
growth O
overseas O
. O

Teleflex O
has O
a O
leading O
market O
position O
in O
CVCs O
, O
and O
though O
this O
does O
not O
guarantee O
future O
returns O
, O
we O
contend O
that O
Teleflex B-Cause
's I-Cause
portfolio I-Cause
of I-Cause
antimicrobial I-Cause
catheters I-Cause
will O
ensure B-Effect
the I-Effect
continuation I-Effect
of I-Effect
market I-Effect
leadership I-Effect
through I-Effect
the I-Effect
current I-Effect
innovation I-Effect
cycle I-Effect
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
democratization I-Cause
of I-Cause
information I-Cause
and I-Cause
amplification I-Cause
of I-Cause
opinions I-Cause
that I-Cause
this I-Cause
begets I-Cause
, O
create O
a B-Effect
secular I-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
harm I-Effect
that I-Effect
is I-Effect
quite I-Effect
acute I-Effect
for I-Effect
most I-Effect
corporations I-Effect
, O
in O
our O
view O
. O

We O
are O
especially O
skeptical O
of O
fixed O
5G O
in O
a O
market O
like O
New O
York O
, O
where O
population B-Cause
and I-Cause
building I-Cause
density I-Cause
will O
likely O
hurt B-Effect
the I-Effect
quality I-Effect
and I-Effect
reliability I-Effect
of I-Effect
the I-Effect
technology I-Effect
relative O
to O
fixed-line O
alternatives O
. O

We O
continue O
to O
think O
the O
treasure O
hunt O
format O
should O
retain O
appeal O
with O
product O
availability O
staying O
high O
; O
however O
, O
deviation B-Effect
from I-Effect
this I-Effect
expectation I-Effect
( O
possibly O
spurred O
by O
lingering B-Cause
effects I-Cause
from I-Cause
significant I-Cause
e-commerce I-Cause
growth I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
) O
could O
lead O
performance B-Effect
to I-Effect
deviate I-Effect
. O

We O
believe O
the O
operational B-Cause
efficiency I-Cause
gained I-Cause
through I-Cause
the I-Cause
current I-Cause
restructuring I-Cause
plan I-Cause
will O
be O
just O
enough B-Effect
to I-Effect
preserve I-Effect
profitability I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

Twilio B-Cause
's I-Cause
building I-Cause
blocks I-Cause
can I-Cause
be I-Cause
inserted I-Cause
into I-Cause
this I-Cause
pre-existing I-Cause
software I-Cause
rather I-Cause
seamlessly I-Cause
, O
allowing O
customers B-Effect
to O
avoid O
the O
expensive O
overhaul O
of O
systems O
that O
would O
usually B-Effect
be I-Effect
required I-Effect
to I-Effect
utilize I-Effect
this I-Effect
new I-Effect
functionality I-Effect
. O

Deepwater B-Effect
capital I-Effect
expenditure I-Effect
is I-Effect
still I-Effect
near I-Effect
trough I-Effect
levels I-Effect
, I-Effect
hampering I-Effect
profitability I-Effect
for I-Effect
Frank I-Effect
's I-Effect
, O
given O
that O
deepwater B-Cause
has I-Cause
traditionally I-Cause
yielded I-Cause
the I-Cause
highest I-Cause
market I-Cause
share I-Cause
and I-Cause
margins I-Cause
for I-Cause
the I-Cause
company I-Cause
. O

Given O
the B-Cause
recurring I-Cause
nature I-Cause
of I-Cause
the I-Cause
equity I-Cause
proxy I-Cause
and I-Cause
mutual I-Cause
fund I-Cause
interims I-Cause
business I-Cause
, O
we B-Effect
believe I-Effect
Broadridge I-Effect
's I-Effect
business I-Effect
is I-Effect
relatively I-Effect
recession-proof I-Effect
. O

The B-Effect
investment I-Effect
in I-Effect
LNG I-Effect
production I-Effect
allows I-Effect
Chevron I-Effect
to I-Effect
preserve I-Effect
its I-Effect
peer-leading I-Effect
liquids I-Effect
exposure I-Effect
as O
prices B-Cause
are I-Cause
largely I-Cause
indexed I-Cause
to I-Cause
oil I-Cause
. O

We O
believe O
the B-Effect
returns I-Effect
are I-Effect
high I-Effect
for I-Effect
the I-Effect
water I-Effect
business I-Effect
presently O
, O
as O
the B-Cause
infrastructure I-Cause
to I-Cause
support I-Cause
large I-Cause
water I-Cause
volumes I-Cause
in I-Cause
the I-Cause
Appalachian I-Cause
region I-Cause
is I-Cause
minimal I-Cause
-- O
trucking O
is O
far O
more O
prevalent O
. O

Due O
to O
the B-Cause
pandemic I-Cause
, O
we B-Effect
expect I-Effect
operating I-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
21 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
24 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, O
thanks O
to O
savings O
from O
formerly B-Cause
significant I-Cause
travel I-Cause
costs I-Cause
. O

Our B-Effect
margin I-Effect
forecast I-Effect
is O
based O
on O
price B-Cause
increases I-Cause
offsetting I-Cause
cost I-Cause
inflation I-Cause
and O
higher B-Cause
volume I-Cause
providing O
leverage B-Effect
over I-Effect
fixed I-Effect
costs I-Effect
( O
mostly O
overhead O
costs O
) O
. O

We O
think O
Norfolk O
is O
capable O
of O
a O
midcycle O
OR O
near O
58 O
% O
, O
though O
we O
see O
upside B-Effect
potential I-Effect
to O
that O
metric O
if B-Cause
the I-Cause
firm I-Cause
can I-Cause
further I-Cause
close I-Cause
the I-Cause
margin I-Cause
gap I-Cause
relative I-Cause
to I-Cause
peers I-Cause
as I-Cause
it I-Cause
drives I-Cause
greater I-Cause
asset I-Cause
utilization I-Cause
under I-Cause
PSR I-Cause
. O

With O
its B-Cause
focus I-Cause
on I-Cause
high-quality I-Cause
Class I-Cause
A I-Cause
office I-Cause
properties I-Cause
in I-Cause
dense I-Cause
and I-Cause
space-constrained I-Cause
central I-Cause
business I-Cause
districts I-Cause
, O
Boston B-Effect
Properties I-Effect
continues I-Effect
to I-Effect
attract I-Effect
reputable I-Effect
, I-Effect
investment-grade I-Effect
tenants I-Effect
. O

While O
Burger O
King O
's O
master O
franchisee O
joint O
venture O
structure O
is O
important O
to O
our O
longer-term O
growth O
and O
ROIC O
estimates O
, O
we O
believe O
the B-Effect
company I-Effect
's I-Effect
relationships I-Effect
with I-Effect
existing I-Effect
conventional I-Effect
franchisees I-Effect
have I-Effect
also I-Effect
improved I-Effect
under O
3G B-Cause
's I-Cause
stewardship I-Cause
. O

Due B-Cause
to I-Cause
the I-Cause
high I-Cause
iron I-Cause
content I-Cause
of I-Cause
DRI I-Cause
( I-Cause
roughly I-Cause
96 I-Cause
% I-Cause
) I-Cause
, O
Nucor B-Effect
is I-Effect
able I-Effect
to I-Effect
generate I-Effect
cost I-Effect
savings I-Effect
by I-Effect
pairing I-Effect
it I-Effect
with I-Effect
low-quality I-Effect
, I-Effect
less I-Effect
expensive I-Effect
scrap I-Effect
or I-Effect
with I-Effect
lower I-Effect
quantities I-Effect
of I-Effect
high-grade I-Effect
scrap I-Effect
. O

Healthpeak B-Cause
has I-Cause
high-quality I-Cause
assets I-Cause
in I-Cause
top I-Cause
markets I-Cause
that I-Cause
attract I-Cause
credit-grade I-Cause
tenants I-Cause
in I-Cause
both I-Cause
segments I-Cause
, O
so O
we O
believe O
it O
makes O
sense O
to O
strategically B-Effect
focus I-Effect
the I-Effect
company I-Effect
on I-Effect
the I-Effect
segments I-Effect
where I-Effect
it I-Effect
has I-Effect
an I-Effect
advantage I-Effect
. O

On O
the O
bottom O
line O
we B-Effect
project I-Effect
a I-Effect
slightly I-Effect
healthier I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
during I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
as O
cost-cutting B-Cause
plans I-Cause
and I-Cause
share I-Cause
buybacks I-Cause
take I-Cause
shape I-Cause
. O

Given B-Cause
the I-Cause
expensive I-Cause
interchange I-Cause
rates I-Cause
charged I-Cause
by I-Cause
American I-Cause
Express I-Cause
as I-Cause
well I-Cause
as I-Cause
peers I-Cause
Visa I-Cause
and I-Cause
Mastercard I-Cause
, O
merchants B-Effect
will I-Effect
go I-Effect
to I-Effect
great I-Effect
lengths I-Effect
to I-Effect
lessen I-Effect
this I-Effect
burden I-Effect
, O
such O
as O
pushing O
back O
on O
pricing O
, O
or O
encouraging O
customers O
to O
use O
alternative O
payment O
channels O
, O
like O
smartphones O
. O

Starbucks O
should O
also O
have B-Effect
ample I-Effect
opportunities I-Effect
to I-Effect
expand I-Effect
its I-Effect
presence I-Effect
on I-Effect
grocery I-Effect
and I-Effect
mass-channel I-Effect
shelves I-Effect
across I-Effect
the I-Effect
globe I-Effect
through O
its B-Cause
Global I-Cause
Coffee I-Cause
Alliance I-Cause
( I-Cause
GCA I-Cause
) I-Cause
partnership I-Cause
with I-Cause
Nestle I-Cause
to I-Cause
market I-Cause
, I-Cause
sell I-Cause
, I-Cause
and I-Cause
distribute I-Cause
the I-Cause
Starbucks I-Cause
, I-Cause
Teavana I-Cause
, I-Cause
VIA I-Cause
, I-Cause
and I-Cause
other I-Cause
brands I-Cause
across I-Cause
almost I-Cause
200 I-Cause
markets I-Cause
across I-Cause
the I-Cause
globe I-Cause
. O

Ferguson B-Effect
's I-Effect
prospects I-Effect
have I-Effect
improved I-Effect
as O
a O
result O
of O
better B-Cause
pricing I-Cause
discipline I-Cause
and I-Cause
a I-Cause
strategic I-Cause
shift I-Cause
to I-Cause
the I-Cause
attractive I-Cause
North I-Cause
American I-Cause
market I-Cause
, O
and O
we O
expect O
the O
company B-Effect
to I-Effect
return I-Effect
to I-Effect
solid I-Effect
growth I-Effect
in O
the O
near O
term O
as O
the B-Cause
North I-Cause
American I-Cause
market I-Cause
recovers I-Cause
. O

Because O
the B-Cause
typical I-Cause
shipping I-Cause
distance I-Cause
of I-Cause
timber I-Cause
is I-Cause
less I-Cause
than I-Cause
50 I-Cause
miles I-Cause
, O
there O
can O
be O
local O
cases O
where O
low B-Effect
fiber I-Effect
availability I-Effect
may I-Effect
allow I-Effect
above-benchmark I-Effect
pricing I-Effect
. O

New B-Cause
commercial I-Cause
HVAC I-Cause
, I-Cause
building I-Cause
automation I-Cause
, I-Cause
and I-Cause
fire I-Cause
and I-Cause
security I-Cause
systems I-Cause
are I-Cause
a I-Cause
large I-Cause
investment I-Cause
that I-Cause
can I-Cause
require I-Cause
lengthy I-Cause
installation I-Cause
time. O
As O
such O
, O
we O
believe O
building B-Effect
operators I-Effect
would I-Effect
be I-Effect
reluctant I-Effect
to I-Effect
completely I-Effect
replace I-Effect
entire I-Effect
HVAC I-Effect
, I-Effect
building I-Effect
automation I-Effect
, I-Effect
and I-Effect
fire I-Effect
and I-Effect
security I-Effect
systems I-Effect
and I-Effect
instead I-Effect
prefer I-Effect
to I-Effect
upgrade I-Effect
, I-Effect
retrofit I-Effect
, I-Effect
or I-Effect
reconfigure I-Effect
existing I-Effect
systems I-Effect
to I-Effect
adapt I-Effect
to I-Effect
changing I-Effect
technology I-Effect
, I-Effect
regulatory I-Effect
standards I-Effect
, I-Effect
and I-Effect
user I-Effect
requirements I-Effect
. O

Considering O
recent B-Cause
investments I-Cause
that I-Cause
have I-Cause
been I-Cause
made I-Cause
to I-Cause
enhance I-Cause
Coloplast I-Cause
's I-Cause
product I-Cause
portfolio I-Cause
, I-Cause
build I-Cause
out I-Cause
infrastructure I-Cause
in I-Cause
developing I-Cause
geographies I-Cause
, I-Cause
fund I-Cause
R I-Cause
& I-Cause
D I-Cause
efforts I-Cause
, I-Cause
and I-Cause
lower I-Cause
manufacturing I-Cause
costs I-Cause
, O
we B-Effect
remain I-Effect
favorable I-Effect
about I-Effect
the I-Effect
long-term I-Effect
earnings I-Effect
growth I-Effect
that I-Effect
Coloplast I-Effect
can I-Effect
deliver I-Effect
. O

For O
2020 O
, O
we B-Effect
forecast I-Effect
$ I-Effect
1.4 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
( I-Effect
roughly I-Effect
flat I-Effect
versus I-Effect
2019 I-Effect
) I-Effect
as O
strong B-Cause
digital I-Cause
engagement I-Cause
trends I-Cause
and I-Cause
new I-Cause
enhancements I-Cause
like I-Cause
Direct I-Cause
360 I-Cause
( I-Cause
virtual I-Cause
group I-Cause
coaching I-Cause
) I-Cause
offset I-Cause
continued I-Cause
declines I-Cause
in I-Cause
WW I-Cause
's I-Cause
studio I-Cause
business I-Cause
. O

If O
interest O
rates O
increase O
faster O
than O
expected O
, O
Plains B-Effect
' I-Effect
units I-Effect
could I-Effect
underperform I-Effect
, O
as O
a B-Cause
steepening I-Cause
yield I-Cause
curve I-Cause
increases I-Cause
expected I-Cause
distribution I-Cause
yields I-Cause
for I-Cause
competing I-Cause
assets I-Cause
. O

While O
we O
expect O
the O
service O
to O
continue O
to O
gain O
users O
in O
the O
U.S. O
, O
most B-Effect
revenue I-Effect
growth I-Effect
will O
come O
from O
higher B-Cause
ad I-Cause
rates I-Cause
and I-Cause
subscription I-Cause
sales I-Cause
. O

Expense B-Effect
leverage I-Effect
should I-Effect
create I-Effect
some I-Effect
long-term I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
improvement I-Effect
relative O
to O
fiscal B-Cause
2019 I-Cause
's I-Cause
11.8 I-Cause
% I-Cause
mark I-Cause
, O
but O
we O
only O
expect O
expansion O
into O
the O
low- O
to O
midteens O
over O
our O
explicit O
forecast O
. O

This O
, O
coupled B-Cause
with I-Cause
the I-Cause
trend I-Cause
for I-Cause
premier I-Cause
smartphone I-Cause
producers I-Cause
to I-Cause
develop I-Cause
in-house I-Cause
touch I-Cause
, I-Cause
display I-Cause
and I-Cause
fingerprint I-Cause
capabilities I-Cause
, O
puts B-Effect
Synaptics I-Effect
in I-Effect
a I-Effect
difficult I-Effect
position I-Effect
to I-Effect
carve I-Effect
out I-Effect
a I-Effect
sustainable I-Effect
niche I-Effect
in I-Effect
the I-Effect
mobile I-Effect
market I-Effect
. O

We O
expect O
advisory B-Effect
services I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
as O
CBRE B-Cause
continues I-Cause
to I-Cause
take I-Cause
share I-Cause
from I-Cause
smaller I-Cause
brokers I-Cause
. O

And O
Hess B-Effect
has I-Effect
failed I-Effect
to I-Effect
consistently I-Effect
do I-Effect
so I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
because O
of O
historically B-Cause
poor I-Cause
capital I-Cause
allocation I-Cause
( O
which O
resulted O
in O
$ O
10 O
billion O
of O
cumulative O
write-downs O
from O
2010 O
to O
2020 O
) O
. O

Although O
this O
is O
higher O
than O
historical O
utility O
P/E O
multiples O
, O
we O
believe O
it B-Effect
is I-Effect
justified I-Effect
due O
to O
our B-Cause
above-industry-average I-Cause
rate I-Cause
base I-Cause
growth I-Cause
outlook I-Cause
for I-Cause
CenterPoint I-Cause
's I-Cause
utilities I-Cause
. O

As B-Cause
Altice I-Cause
increases I-Cause
its I-Cause
share I-Cause
of I-Cause
total I-Cause
customer I-Cause
telecom I-Cause
spending I-Cause
in I-Cause
a I-Cause
given I-Cause
neighborhood I-Cause
, I-Cause
we B-Effect
expect I-Effect
it I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
further I-Effect
outspend I-Effect
rivals I-Effect
on I-Effect
network I-Effect
maintenance I-Effect
and I-Effect
upgrades I-Effect
while I-Effect
gaining I-Effect
operating I-Effect
cost I-Effect
efficiencies I-Effect
. I-Effect

While O
some B-Effect
of I-Effect
the I-Effect
fervor I-Effect
for I-Effect
equity I-Effect
trading I-Effect
may I-Effect
subside I-Effect
over I-Effect
coming I-Effect
quarters I-Effect
, O
as O
market B-Cause
volatility I-Cause
reduces I-Cause
and I-Cause
self-quarantining I-Cause
is I-Cause
lifted I-Cause
, O
we O
believe O
that O
retail B-Effect
equity I-Effect
trading I-Effect
volume I-Effect
and I-Effect
interest I-Effect
will I-Effect
remain I-Effect
high I-Effect
compared I-Effect
with I-Effect
2019 I-Effect
due O
to O
many B-Cause
retail I-Cause
brokerage I-Cause
firms I-Cause
offering I-Cause
$ I-Cause
0-trading I-Cause
commissions I-Cause
. O

Similarly B-Cause
, I-Cause
YouTube I-Cause
TV I-Cause
could I-Cause
not I-Cause
select I-Cause
a I-Cause
single I-Cause
local I-Cause
broadcast I-Cause
( I-Cause
say I-Cause
, I-Cause
Baltimore I-Cause
) I-Cause
and I-Cause
distribute I-Cause
it I-Cause
nationwide I-Cause
so I-Cause
that I-Cause
all I-Cause
customers I-Cause
can I-Cause
view I-Cause
the I-Cause
nonlocal I-Cause
content I-Cause
( I-Cause
say I-Cause
, I-Cause
The I-Cause
Big I-Cause
Bang I-Cause
Theory I-Cause
or I-Cause
the I-Cause
NFL I-Cause
Super I-Cause
Bowl I-Cause
) I-Cause
. O
This O
means O
that O
any B-Effect
pay-TV I-Effect
distributor I-Effect
( I-Effect
traditional I-Effect
or I-Effect
over I-Effect
the I-Effect
top I-Effect
) I-Effect
must I-Effect
negotiate I-Effect
on I-Effect
a I-Effect
market-by-market I-Effect
and I-Effect
station-owner-by-station-owner I-Effect
basis I-Effect
in I-Effect
order I-Effect
to I-Effect
offer I-Effect
local I-Effect
broadcast I-Effect
channels I-Effect
. O

Nevertheless O
, O
AbbVie B-Cause
derives I-Cause
enormous I-Cause
cash I-Cause
flows I-Cause
from O
its O
current O
product O
portfolio O
to O
fund B-Effect
ongoing I-Effect
discovery I-Effect
and I-Effect
development I-Effect
of I-Effect
the I-Effect
next I-Effect
generation I-Effect
of I-Effect
drugs I-Effect
. O

Considering O
the B-Cause
firm I-Cause
's I-Cause
strong I-Cause
grip I-Cause
on I-Cause
expense I-Cause
control I-Cause
, O
we O
expect O
the B-Effect
operating I-Effect
profit I-Effect
margin I-Effect
to I-Effect
rise I-Effect
by I-Effect
roughly I-Effect
270 I-Effect
basis I-Effect
points I-Effect
in I-Effect
2020 I-Effect
. O

Overall O
, O
we O
expect O
revenue B-Effect
to I-Effect
grow I-Effect
on I-Effect
average I-Effect
about I-Effect
7 I-Effect
% I-Effect
annually I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
Vivendi B-Cause
benefits I-Cause
from I-Cause
increased I-Cause
streaming I-Cause
music I-Cause
usage I-Cause
and I-Cause
international I-Cause
penetration I-Cause
at I-Cause
Canal+ I-Cause
. O

Firms O
have O
a O
significant O
incentive O
to O
chase O
growth O
without O
regard O
for O
profitability O
, O
a B-Cause
cycle I-Cause
that O
repeats O
itself O
as O
competitors O
are O
forced O
to O
match B-Cause
artificially I-Cause
low I-Cause
prices I-Cause
or O
risk B-Effect
losing I-Effect
business I-Effect
. O

Increasing B-Cause
regulation I-Cause
, I-Cause
and I-Cause
the I-Cause
complexities I-Cause
involved I-Cause
with I-Cause
international I-Cause
taxation I-Cause
, O
should O
allow O
the O
firm O
to O
leverage O
economies O
of O
scale O
in O
its O
development O
of O
a O
tax O
and O
accounting O
database O
, O
which O
becomes B-Effect
incrementally I-Effect
better I-Effect
each I-Effect
time I-Effect
a I-Effect
user I-Effect
engages I-Effect
with I-Effect
its I-Effect
search I-Effect
functionalities I-Effect
. O

In B-Cause
exchange I-Cause
for I-Cause
earning I-Cause
a I-Cause
fair I-Cause
return I-Cause
for I-Cause
its I-Cause
shareholders I-Cause
, O
HEI B-Effect
's I-Effect
utilities I-Effect
are I-Effect
expected I-Effect
to I-Effect
provide I-Effect
safe I-Effect
and I-Effect
reliable I-Effect
service I-Effect
at I-Effect
the I-Effect
lowest I-Effect
possible I-Effect
rates I-Effect
. O

During O
the O
next O
five O
years O
, O
Total B-Cause
plans I-Cause
to I-Cause
direct I-Cause
about I-Cause
15 I-Cause
% I-Cause
of I-Cause
its I-Cause
capital I-Cause
spending I-Cause
toward I-Cause
renewable I-Cause
power I-Cause
generation I-Cause
, O
lifting B-Effect
its I-Effect
gross I-Effect
capacity I-Effect
to I-Effect
25 I-Effect
GW I-Effect
from I-Effect
7 I-Effect
GW I-Effect
today I-Effect
. O

We O
assume O
earned B-Effect
premiums I-Effect
increase I-Effect
at I-Effect
a I-Effect
fairly I-Effect
modest I-Effect
2 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
over I-Effect
our I-Effect
projection I-Effect
period I-Effect
, O
as O
we O
expect O
recent B-Cause
price I-Cause
increases I-Cause
to I-Cause
fade I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
marquee I-Cause
product I-Cause
in I-Cause
this I-Cause
segment I-Cause
is I-Cause
Valor I-Cause
Glass I-Cause
, O
which O
reduces B-Effect
particle I-Effect
contamination I-Effect
in I-Effect
pharmaceutical I-Effect
packaging I-Effect
and I-Effect
elevates I-Effect
production I-Effect
throughput I-Effect
via I-Effect
reduced I-Effect
breaking I-Effect
or I-Effect
cracking I-Effect
compared I-Effect
with I-Effect
incumbent I-Effect
pharmaceutical I-Effect
glass I-Effect
. O

Galapagos B-Cause
( I-Cause
in I-Cause
partnership I-Cause
with I-Cause
AbbVie I-Cause
) I-Cause
was I-Cause
previously I-Cause
its I-Cause
closest I-Cause
competitor I-Cause
, I-Cause
but I-Cause
it I-Cause
reported I-Cause
lackluster I-Cause
phase I-Cause
2 I-Cause
results I-Cause
for I-Cause
its I-Cause
lead I-Cause
candidates I-Cause
, I-Cause
illustrating I-Cause
the I-Cause
high I-Cause
bar I-Cause
of I-Cause
efficacy I-Cause
from I-Cause
Vertex I-Cause
's I-Cause
portfolio. O
This O
led B-Effect
partner I-Effect
AbbVie I-Effect
to I-Effect
initially I-Effect
step I-Effect
away I-Effect
from I-Effect
further I-Effect
trials I-Effect
but I-Effect
then I-Effect
acquire I-Effect
most I-Effect
of I-Effect
Galapagos I-Effect
' I-Effect
CF I-Effect
pipeline I-Effect
in I-Effect
October I-Effect
2018 I-Effect
. O

While O
the O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
Medicare O
for O
All O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
threat O
has O
dissipated O
in O
this O
election O
cycle O
, O
a B-Cause
public I-Cause
option I-Cause
is O
possible O
, O
which O
could O
lead O
to O
a B-Effect
shift I-Effect
in I-Effect
some I-Effect
employer-based I-Effect
plans I-Effect
to I-Effect
government-based I-Effect
plans I-Effect
that I-Effect
reimburse I-Effect
at I-Effect
lower I-Effect
rates I-Effect
. O

However O
, O
as O
leases B-Cause
need I-Cause
to I-Cause
be I-Cause
renegotiated I-Cause
, O
we B-Effect
have I-Effect
less I-Effect
confidence I-Effect
that I-Effect
the I-Effect
tower I-Effect
companies I-Effect
have I-Effect
leverage I-Effect
over I-Effect
land I-Effect
owners I-Effect
or I-Effect
advantages I-Effect
versus I-Effect
other I-Effect
potential I-Effect
land I-Effect
tenants I-Effect
. O

Icon B-Cause
has I-Cause
done I-Cause
well I-Cause
in I-Cause
focusing I-Cause
on I-Cause
driving I-Cause
trial I-Cause
efficiencies I-Cause
, I-Cause
with I-Cause
consulting I-Cause
services I-Cause
and I-Cause
technology I-Cause
for I-Cause
patient I-Cause
identification I-Cause
and I-Cause
clinical I-Cause
trial I-Cause
management. O
As O
a O
result O
, O
we O
expect O
the B-Effect
firm I-Effect
to I-Effect
profit I-Effect
from I-Effect
near-term I-Effect
increases I-Effect
in I-Effect
outsourcing I-Effect
, I-Effect
but I-Effect
we I-Effect
are I-Effect
closely I-Effect
watching I-Effect
nascent I-Effect
trends I-Effect
in I-Effect
drug I-Effect
development I-Effect
, I-Effect
including I-Effect
the I-Effect
potential I-Effect
of I-Effect
real-world I-Effect
evidence I-Effect
and I-Effect
the I-Effect
use I-Effect
of I-Effect
data I-Effect
and I-Effect
analytics I-Effect
to I-Effect
reduce I-Effect
a I-Effect
drug I-Effect
's I-Effect
time I-Effect
to I-Effect
market I-Effect
. O

Challenges O
to O
economic O
profit O
First O
, O
given O
that O
the B-Cause
cannabis I-Cause
industry I-Cause
remains I-Cause
in I-Cause
the I-Cause
growth I-Cause
stage I-Cause
, O
we O
think O
that O
years B-Effect
of I-Effect
significant I-Effect
investment I-Effect
will I-Effect
be I-Effect
necessary I-Effect
to I-Effect
support I-Effect
the I-Effect
robust I-Effect
growth I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

This O
substantial O
R O
& O
amp O
; O
D O
spending O
ensures O
that O
the B-Cause
company I-Cause
's I-Cause
pipeline I-Cause
of I-Cause
proprietary I-Cause
formulations I-Cause
remains I-Cause
strong I-Cause
and O
helps O
the B-Effect
company I-Effect
stay I-Effect
ahead I-Effect
of I-Effect
the I-Effect
curve I-Effect
in I-Effect
identifying I-Effect
and I-Effect
servicing I-Effect
new I-Effect
customer I-Effect
trends I-Effect
. O

We B-Effect
're I-Effect
modestly I-Effect
lowering I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
RBI I-Effect
to I-Effect
CAD I-Effect
83 I-Effect
per I-Effect
share I-Effect
, I-Effect
down I-Effect
from I-Effect
CAD I-Effect
85 I-Effect
previously I-Effect
, O
as O
we B-Cause
balance I-Cause
the I-Cause
impacts I-Cause
of I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
, I-Cause
the I-Cause
execution I-Cause
of I-Cause
the I-Cause
Tim I-Cause
Horton I-Cause
's I-Cause
turnaround I-Cause
project I-Cause
, I-Cause
input I-Cause
cost I-Cause
inflation I-Cause
, I-Cause
and I-Cause
a I-Cause
stronger I-Cause
Canadian I-Cause
dollar I-Cause
. O

With B-Cause
more I-Cause
places I-Cause
to I-Cause
attack I-Cause
, O
enterprises B-Effect
, I-Effect
service I-Effect
providers I-Effect
, I-Effect
and I-Effect
government I-Effect
entities I-Effect
must I-Effect
be I-Effect
concerned I-Effect
with I-Effect
securing I-Effect
the I-Effect
network I-Effect
core I-Effect
, I-Effect
branch I-Effect
offices I-Effect
, I-Effect
remote I-Effect
employees I-Effect
, I-Effect
smartphones I-Effect
, I-Effect
and I-Effect
cloud I-Effect
environments I-Effect
. O

Most O
of O
Infineon O
's O
chip O
manufacturing O
is O
performed O
in-house O
, O
and O
when O
the B-Cause
firm I-Cause
has I-Cause
excess I-Cause
manufacturing I-Cause
capacity I-Cause
or I-Cause
chip I-Cause
demand I-Cause
fails I-Cause
to I-Cause
live I-Cause
up I-Cause
to I-Cause
expectations I-Cause
, O
it B-Effect
is I-Effect
on I-Effect
the I-Effect
hook I-Effect
for I-Effect
the I-Effect
high I-Effect
fixed I-Effect
costs I-Effect
associated I-Effect
with I-Effect
running I-Effect
these I-Effect
facilities I-Effect
. O

Graco B-Cause
's I-Cause
engineering I-Cause
capabilities I-Cause
, I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
, I-Cause
and I-Cause
experience I-Cause
with I-Cause
handling I-Cause
difficult-to-move I-Cause
liquids I-Cause
are O
key O
differentiators O
that O
have O
allowed O
it O
to O
establish B-Effect
a I-Effect
strong I-Effect
competitive I-Effect
position I-Effect
across I-Effect
all I-Effect
the I-Effect
markets I-Effect
it I-Effect
competes I-Effect
in I-Effect
. O

CrowdStrike O
, O
known B-Cause
for I-Cause
its I-Cause
prowess I-Cause
in I-Cause
threat I-Cause
hunting I-Cause
and I-Cause
remediation I-Cause
, O
may O
lose B-Effect
credibility I-Effect
if O
customers O
experience O
breaches O
while O
using O
CrowdStrike O
's O
solutions O
. O

Moats B-Effect
for I-Effect
chipmakers I-Effect
with I-Effect
analog I-Effect
and I-Effect
MCU I-Effect
expertise I-Effect
tend I-Effect
to I-Effect
come I-Effect
from I-Effect
intangible I-Effect
assets I-Effect
associated I-Effect
with I-Effect
the I-Effect
strength I-Effect
of I-Effect
proprietary I-Effect
chip I-Effect
designs I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
switching I-Effect
costs I-Effect
that O
make B-Cause
it I-Cause
difficult I-Cause
to I-Cause
swap I-Cause
out I-Cause
analog I-Cause
chips I-Cause
for I-Cause
competing I-Cause
offerings I-Cause
once I-Cause
they I-Cause
are I-Cause
designed I-Cause
into I-Cause
a I-Cause
given I-Cause
electronic I-Cause
device I-Cause
. O

While B-Cause
the I-Cause
2010 I-Cause
Macondo I-Cause
oil I-Cause
spill I-Cause
was I-Cause
primarily I-Cause
blamed I-Cause
on I-Cause
the I-Cause
E I-Cause
& I-Cause
P I-Cause
operator I-Cause
( I-Cause
BP I-Cause
) I-Cause
, I-Cause
Halliburton I-Cause
did I-Cause
take I-Cause
a I-Cause
share I-Cause
of I-Cause
the I-Cause
liability I-Cause
as I-Cause
the I-Cause
provider I-Cause
of I-Cause
cementing I-Cause
and I-Cause
other I-Cause
services. O
As O
a O
result O
, O
the B-Effect
company I-Effect
incurred I-Effect
nearly I-Effect
$ I-Effect
1.5 I-Effect
billion I-Effect
in I-Effect
expenses I-Effect
, I-Effect
of I-Effect
which I-Effect
only I-Effect
about I-Effect
one I-Effect
third I-Effect
was I-Effect
reimbursed I-Effect
by I-Effect
insurers I-Effect
. O

Given O
the B-Cause
refined I-Cause
products I-Cause
markets I-Cause
is I-Cause
demand I-Cause
driven I-Cause
, O
customer B-Effect
credit I-Effect
is I-Effect
not I-Effect
usually I-Effect
relevant I-Effect
, O
as O
if B-Cause
one I-Cause
customer I-Cause
lowers I-Cause
utilization I-Cause
, I-Cause
another I-Cause
one I-Cause
steps I-Cause
in I-Cause
. O

Balchem B-Cause
's I-Cause
consistent I-Cause
free I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
should O
allow O
the B-Effect
company I-Effect
to I-Effect
maintain I-Effect
a I-Effect
strong I-Effect
financial I-Effect
condition I-Effect
and I-Effect
capitalize I-Effect
on I-Effect
value-accretive I-Effect
M I-Effect
& I-Effect
A I-Effect
opportunities I-Effect
when I-Effect
they I-Effect
arise I-Effect
. O

Store B-Cause
closures I-Cause
and I-Cause
social I-Cause
distancing I-Cause
restrictions I-Cause
could O
further O
compound B-Effect
mall I-Effect
traffic I-Effect
declines I-Effect
on I-Effect
its I-Effect
home I-Effect
turf I-Effect
, O
sending O
higher O
mix O
of O
transactions O
through O
the O
historically O
less O
profitable O
e-commerce O
channel O
( O
which O
is O
inherently O
plagued O
by O
higher O
shipping O
costs O
) O
. O

On O
the O
back O
of O
the O
growing O
digital O
ad O
market O
, O
Criteo B-Effect
stood I-Effect
out I-Effect
among I-Effect
many I-Effect
ad-tech I-Effect
companies I-Effect
as I-Effect
it I-Effect
added I-Effect
clients I-Effect
, I-Effect
increased I-Effect
its I-Effect
top I-Effect
line I-Effect
, I-Effect
and I-Effect
expanded I-Effect
margins I-Effect
to O
remain B-Cause
profitable I-Cause
and I-Cause
cash I-Cause
flow I-Cause
positive I-Cause
. O

Meanwhile B-Effect
, I-Effect
it I-Effect
is I-Effect
converting I-Effect
its I-Effect
lower I-Effect
quality I-Effect
European I-Effect
refineries I-Effect
to I-Effect
biofuel I-Effect
facilities I-Effect
which I-Effect
have I-Effect
a I-Effect
more I-Effect
attractive I-Effect
demand I-Effect
and I-Effect
margin I-Effect
outlook I-Effect
, O
thanks B-Cause
in I-Cause
part I-Cause
to I-Cause
government I-Cause
support I-Cause
. O

Bausch B-Cause
Health I-Cause
is I-Cause
exploring I-Cause
a I-Cause
spin-off I-Cause
of I-Cause
the I-Cause
Bausch+Lomb I-Cause
eyecare I-Cause
business I-Cause
, O
which O
would O
effectively B-Effect
separate I-Effect
the I-Effect
firm I-Effect
into I-Effect
two I-Effect
entities I-Effect
of I-Effect
about I-Effect
equal I-Effect
size I-Effect
. I-Effect

For O
these B-Cause
reasons I-Cause
, O
we B-Effect
think I-Effect
Apple I-Effect
and I-Effect
Samsung I-Effect
have I-Effect
an I-Effect
advantage I-Effect
over I-Effect
Garmin I-Effect
, I-Effect
stemming I-Effect
from I-Effect
their I-Effect
dominance I-Effect
in I-Effect
the I-Effect
smartphone I-Effect
market I-Effect
. O

With O
Freedom O
Mobile O
, O
Shaw B-Cause
is I-Cause
offering I-Cause
service I-Cause
spanning I-Cause
most I-Cause
of I-Cause
Canada I-Cause
's I-Cause
population I-Cause
, I-Cause
and I-Cause
, I-Cause
with I-Cause
its I-Cause
large I-Cause
wireline I-Cause
business I-Cause
affording I-Cause
it I-Cause
financial I-Cause
flexibility I-Cause
, O
it O
has O
the O
ability O
to O
build B-Effect
a I-Effect
competitive I-Effect
network I-Effect
and I-Effect
withstand I-Effect
short-term I-Effect
economic I-Effect
losses I-Effect
. O

Also O
, O
foreign B-Effect
exchange I-Effect
exposure I-Effect
could I-Effect
prove I-Effect
unpredictable I-Effect
as O
the O
firm O
grows O
internationally O
, O
as O
we O
have O
seen B-Cause
the I-Cause
dollar I-Cause
and I-Cause
euro I-Cause
trend I-Cause
widely I-Cause
versus I-Cause
the I-Cause
Canadian I-Cause
dollar I-Cause
( O
BRP O
's O
home O
currency O
) O
in O
recent O
years O
. O

We O
estimate O
slightly B-Effect
faster I-Effect
4.6 I-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
the I-Effect
restorative I-Effect
therapies I-Effect
group I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
, O
driven O
by O
adoption B-Cause
of I-Cause
new I-Cause
technologies I-Cause
in I-Cause
neuromodulation I-Cause
and I-Cause
neurovascular I-Cause
and O
a B-Effect
return I-Effect
to I-Effect
growth I-Effect
of I-Effect
the I-Effect
spine I-Effect
business I-Effect
thanks O
to O
the B-Cause
addition I-Cause
of I-Cause
the I-Cause
Mazor I-Cause
robot I-Cause
. O

For O
example O
, O
the B-Effect
wireline I-Effect
evaluation I-Effect
businesses I-Effect
of I-Effect
Schlumberger I-Effect
or I-Effect
Halliburton I-Effect
must I-Effect
collaborate I-Effect
closely I-Effect
with I-Effect
Core I-Effect
in O
order O
to O
calibrate B-Cause
their I-Cause
wireline I-Cause
equipment I-Cause
using I-Cause
Core I-Cause
's I-Cause
real I-Cause
petrophysical I-Cause
data I-Cause
samples I-Cause
. O

Today O
, O
we O
see O
that O
Facebook B-Cause
, I-Cause
Instagram I-Cause
, I-Cause
Messenger I-Cause
, I-Cause
and I-Cause
the I-Cause
different I-Cause
features I-Cause
and I-Cause
apps I-Cause
surrounding I-Cause
them I-Cause
have O
increased B-Effect
user I-Effect
engagement I-Effect
on I-Effect
various I-Effect
devices I-Effect
. O

Afterward O
, O
we O
expect O
the O
cadence O
to O
hit O
management O
's O
10 O
% O
annual O
store O
count O
expansion O
target O
from O
2021-23 O
, O
on O
average O
, O
before O
tapering B-Effect
into I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
as O
the B-Cause
store I-Cause
network I-Cause
grows I-Cause
. O

We O
believe O
that O
increased B-Cause
enterprise I-Cause
adoption I-Cause
will O
lower B-Cause
churn I-Cause
and I-Cause
lead I-Cause
to I-Cause
higher I-Cause
seat I-Cause
penetration I-Cause
, O
further B-Effect
cementing I-Effect
RingCentral I-Effect
's I-Effect
position I-Effect
as I-Effect
a I-Effect
leader I-Effect
in I-Effect
the I-Effect
UCaaS I-Effect
space I-Effect
. O

Roper O
claims O
it B-Effect
's I-Effect
not I-Effect
unusual I-Effect
for I-Effect
a I-Effect
specific I-Effect
load I-Effect
to I-Effect
be I-Effect
on I-Effect
its I-Effect
system I-Effect
in I-Effect
10 I-Effect
seconds I-Effect
or I-Effect
less I-Effect
before I-Effect
it I-Effect
's I-Effect
snatched I-Effect
up I-Effect
, O
given B-Cause
DAT I-Cause
's I-Cause
ability I-Cause
to I-Cause
ascertain I-Cause
the I-Cause
best I-Cause
price I-Cause
for I-Cause
the I-Cause
most I-Cause
loads I-Cause
. O

Pharmaceutical O
companies O
are O
unlikely O
to O
reopen B-Effect
the I-Effect
drug I-Effect
application I-Effect
with O
the O
FDA O
unless O
there O
are O
serious B-Cause
packaging I-Cause
concerns I-Cause
, O
considering O
that O
each O
component O
only O
costs O
a O
few O
cents O
and O
customers O
are O
likely O
to O
turn O
to O
West O
for O
future O
packaging O
needs O
. O

The B-Cause
pressure I-Cause
to I-Cause
manufacture I-Cause
more I-Cause
environmentally I-Cause
friendly I-Cause
products I-Cause
is O
forcing O
truck B-Effect
OEMs I-Effect
to I-Effect
evaluate I-Effect
whether I-Effect
it I-Effect
's I-Effect
economically I-Effect
viable I-Effect
to I-Effect
continue I-Effect
producing I-Effect
their I-Effect
own I-Effect
engines I-Effect
and I-Effect
components I-Effect
or I-Effect
to I-Effect
partner I-Effect
with I-Effect
a I-Effect
market I-Effect
leader I-Effect
like I-Effect
Cummins I-Effect
. O

We O
also O
see O
clinical B-Effect
risks I-Effect
since O
a B-Cause
lower I-Cause
predictive I-Cause
value I-Cause
than I-Cause
expected I-Cause
could I-Cause
make I-Cause
regulatory I-Cause
approval I-Cause
and I-Cause
widespread I-Cause
payer I-Cause
coverage I-Cause
challenging I-Cause
. O

Positively O
, O
however O
, O
it O
will O
be O
able B-Effect
to I-Effect
do I-Effect
so I-Effect
now I-Effect
with I-Effect
less I-Effect
capital I-Effect
spending I-Effect
than I-Effect
previously I-Effect
thought I-Effect
thanks O
to O
the B-Cause
realization I-Cause
of I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
in I-Cause
capital I-Cause
spending I-Cause
savings I-Cause
and I-Cause
a I-Cause
15 I-Cause
% I-Cause
reduction I-Cause
in I-Cause
operating I-Cause
expenses I-Cause
that I-Cause
includes I-Cause
a I-Cause
15 I-Cause
% I-Cause
global I-Cause
workforce I-Cause
reduction I-Cause
by I-Cause
year-end I-Cause
2021 I-Cause
. O

While O
some O
board O
and O
monitors O
may O
be O
placed O
into O
storage O
, O
we O
think O
the B-Effect
large I-Effect
installed I-Effect
base I-Effect
gains I-Effect
during I-Effect
the I-Effect
pandemic I-Effect
will I-Effect
accelerate I-Effect
a I-Effect
shift I-Effect
into I-Effect
the I-Effect
general I-Effect
ward I-Effect
, O
as O
hospitals B-Cause
will I-Cause
be I-Cause
reluctant I-Cause
to I-Cause
put I-Cause
purchased I-Cause
capital I-Cause
into I-Cause
storage I-Cause
. O

Furthermore O
, O
Fluor B-Effect
's I-Effect
financial I-Effect
filings I-Effect
were I-Effect
delayed I-Effect
as O
the B-Cause
firm I-Cause
was I-Cause
subject I-Cause
to I-Cause
an I-Cause
SEC I-Cause
investigation I-Cause
into I-Cause
the I-Cause
firm I-Cause
's I-Cause
accounting I-Cause
for I-Cause
project I-Cause
charges I-Cause
taken I-Cause
in I-Cause
the I-Cause
second I-Cause
quarter I-Cause
of I-Cause
2019 I-Cause
. O

Holding B-Effect
constant I-Effect
Amazon I-Effect
insourcing I-Effect
more I-Effect
of I-Effect
its I-Effect
own I-Effect
package I-Effect
delivery I-Effect
needs I-Effect
, I-Effect
we I-Effect
think I-Effect
it I-Effect
's I-Effect
unlikely I-Effect
that I-Effect
any I-Effect
other I-Effect
company I-Effect
will I-Effect
attempt I-Effect
to I-Effect
replicate I-Effect
a I-Effect
truly I-Effect
global I-Effect
parcel I-Effect
shipping I-Effect
network. O
This O
is O
because O
of O
the B-Cause
immense I-Cause
financial I-Cause
losses I-Cause
an I-Cause
upstart I-Cause
would I-Cause
incur I-Cause
while I-Cause
trying I-Cause
to I-Cause
amass I-Cause
the I-Cause
volume I-Cause
and I-Cause
network I-Cause
density I-Cause
necessary I-Cause
to I-Cause
absorb I-Cause
the I-Cause
remarkably I-Cause
high I-Cause
capital I-Cause
outlays I-Cause
and I-Cause
fixed I-Cause
costs I-Cause
associated I-Cause
with I-Cause
a I-Cause
national I-Cause
or I-Cause
global I-Cause
parcel I-Cause
delivery I-Cause
network I-Cause
. O

Oil B-Cause
prices I-Cause
have I-Cause
plunged I-Cause
in I-Cause
2020 I-Cause
, O
which O
presents B-Effect
the I-Effect
risk I-Effect
that I-Effect
several I-Effect
of I-Effect
their I-Effect
customers I-Effect
may I-Effect
be I-Effect
unable I-Effect
to I-Effect
take I-Effect
delivery I-Effect
of I-Effect
the I-Effect
helicopter I-Effect
. O

WW B-Cause
's I-Cause
recruitment I-Cause
struggles I-Cause
from I-Cause
2012-15 I-Cause
and I-Cause
in I-Cause
early I-Cause
2019 I-Cause
raise B-Effect
questions I-Effect
about I-Effect
the I-Effect
longer-term I-Effect
pricing I-Effect
power I-Effect
of I-Effect
its I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
. O

The O
recent O
ZS B-Cause
Pharma I-Cause
acquisition I-Cause
yielded I-Cause
an I-Cause
interesting I-Cause
hyperkalaemia I-Cause
drug I-Cause
, O
but O
delays B-Effect
in I-Effect
getting I-Effect
the I-Effect
drug I-Effect
to I-Effect
the I-Effect
market I-Effect
have I-Effect
been I-Effect
concerning I-Effect
. O

Oil B-Cause
spills I-Cause
are O
an O
ever-present O
risk O
for O
oil O
companies O
operating O
offshore O
and O
can B-Effect
be I-Effect
devastating I-Effect
to I-Effect
a I-Effect
firm I-Effect
's I-Effect
value I-Effect
as O
BP O
's O
Macondo O
incident O
in O
the O
Gulf O
of O
Mexico O
shows O
. O

We B-Effect
forecast I-Effect
average I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
roughly I-Effect
7 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
for I-Effect
Motorola I-Effect
Solutions I-Effect
, I-Effect
inclusive I-Effect
of I-Effect
9 I-Effect
% I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as B-Cause
the I-Cause
company I-Cause
recovers I-Cause
from I-Cause
COVID-19-related I-Cause
headwinds I-Cause
. O

VMware O
is O
well O
entrenched O
in O
one O
of O
the O
most O
mission-critical O
pieces O
of O
networking O
operations O
, O
and O
we O
believe O
its B-Effect
burgeoning I-Effect
product I-Effect
offerings I-Effect
will I-Effect
be I-Effect
on I-Effect
customers I-Effect
' I-Effect
short I-Effect
list I-Effect
of I-Effect
potential I-Effect
vendors I-Effect
during O
network B-Cause
upgrades I-Cause
. O

Allegion B-Cause
's I-Cause
failure I-Cause
to I-Cause
keep I-Cause
pace I-Cause
with I-Cause
global I-Cause
green I-Cause
building I-Cause
standards I-Cause
could O
result O
in O
reputational B-Effect
risk I-Effect
and I-Effect
lost I-Effect
market I-Effect
share I-Effect
, O
but O
we O
see O
a O
low O
probability O
of O
this O
risk O
materializing O
. O

In O
parallel O
to O
this O
transformation O
, O
the B-Cause
employment I-Cause
of I-Cause
analytical I-Cause
tools I-Cause
will O
be O
critical O
to O
better B-Effect
positioning I-Effect
Cerner I-Effect
as I-Effect
a I-Effect
key I-Effect
partner I-Effect
in I-Effect
navigating I-Effect
the I-Effect
evolution I-Effect
of I-Effect
payment I-Effect
systems I-Effect
that O
will O
increasingly O
de-emphasize O
the O
current O
fee-for-service O
model O
in O
favor O
of O
fee O
for O
value O
. O

While O
we O
believe O
many B-Cause
of I-Cause
these I-Cause
products I-Cause
enjoy I-Cause
switching I-Cause
costs I-Cause
, I-Cause
and I-Cause
areas I-Cause
such I-Cause
as I-Cause
payment I-Cause
processing I-Cause
have I-Cause
built I-Cause
economies I-Cause
of I-Cause
scale I-Cause
that O
lead B-Effect
to I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
, O
switching O
costs O
for O
these O
services O
are O
not O
as O
immense O
as O
for O
core O
processing O
. O

Because O
Sun B-Cause
Life I-Cause
is I-Cause
an I-Cause
established I-Cause
player I-Cause
operating I-Cause
primarily I-Cause
in I-Cause
a I-Cause
mature I-Cause
set I-Cause
of I-Cause
markets I-Cause
, O
we O
continue O
to O
expect O
fairly B-Effect
muted I-Effect
top-line I-Effect
growth I-Effect
for I-Effect
its I-Effect
core I-Effect
Canadian I-Effect
operations I-Effect
. O

The B-Cause
relative I-Cause
affordability I-Cause
of I-Cause
these I-Cause
other I-Cause
housing I-Cause
options I-Cause
keeps O
Equity B-Effect
Residential I-Effect
's I-Effect
ability I-Effect
to I-Effect
set I-Effect
high I-Effect
initial I-Effect
rents I-Effect
and I-Effect
pass I-Effect
along I-Effect
rent I-Effect
increases I-Effect
in I-Effect
check I-Effect
. O

We B-Effect
expect I-Effect
VAS I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
at I-Effect
a I-Effect
10-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
13 I-Effect
% I-Effect
, O
driven O
by O
new B-Cause
key I-Cause
game I-Cause
launches I-Cause
, I-Cause
improvement I-Cause
in I-Cause
monetization I-Cause
of I-Cause
existing I-Cause
popular I-Cause
mobile I-Cause
games I-Cause
, I-Cause
expansion I-Cause
of I-Cause
international I-Cause
games I-Cause
, I-Cause
expansion I-Cause
of I-Cause
game I-Cause
genres I-Cause
and I-Cause
increased I-Cause
willingness I-Cause
to I-Cause
subscribe I-Cause
to I-Cause
content I-Cause
in I-Cause
China I-Cause
. O

It B-Cause
also I-Cause
does I-Cause
n't I-Cause
hurt I-Cause
that I-Cause
the I-Cause
company I-Cause
's I-Cause
biggest I-Cause
rival I-Cause
in I-Cause
the I-Cause
passive I-Cause
space I-Cause
, I-Cause
Vanguard I-Cause
, I-Cause
has I-Cause
announced I-Cause
that I-Cause
it I-Cause
has I-Cause
abandoned I-Cause
its I-Cause
own I-Cause
plans I-Cause
to I-Cause
set I-Cause
up I-Cause
a I-Cause
wholly I-Cause
owned I-Cause
fund I-Cause
management I-Cause
company I-Cause
in I-Cause
China I-Cause
, I-Cause
preferring I-Cause
instead I-Cause
to I-Cause
focus I-Cause
on I-Cause
the I-Cause
joint I-Cause
venture I-Cause
it I-Cause
launched I-Cause
in I-Cause
2020 I-Cause
with I-Cause
the I-Cause
Chinese I-Cause
technology I-Cause
giant I-Cause
Ant I-Cause
Group I-Cause
( I-Cause
aimed I-Cause
at I-Cause
helping I-Cause
individual I-Cause
investors I-Cause
construct I-Cause
their I-Cause
own I-Cause
customized I-Cause
investment I-Cause
portfolios I-Cause
) I-Cause
as I-Cause
well I-Cause
as I-Cause
growing I-Cause
its I-Cause
own I-Cause
advisory I-Cause
business I-Cause
in I-Cause
the I-Cause
U.S. O
As O
a O
result O
, O
we B-Effect
could I-Effect
see I-Effect
BlackRock I-Effect
face I-Effect
far I-Effect
less I-Effect
competition I-Effect
from I-Effect
its I-Effect
biggest I-Effect
rival I-Effect
in I-Effect
the I-Effect
ETF I-Effect
space I-Effect
( I-Effect
and I-Effect
perhaps I-Effect
even I-Effect
make I-Effect
some I-Effect
inroads I-Effect
with I-Effect
index I-Effect
funds I-Effect
) I-Effect
in I-Effect
mainland I-Effect
China I-Effect
. O

We O
think O
Telefonica B-Cause
is I-Cause
set I-Cause
to I-Cause
achieve I-Cause
margin I-Cause
expansion I-Cause
owing O
to O
cost-cutting B-Effect
( I-Effect
digitalization I-Effect
, I-Effect
personnel I-Effect
cuts I-Effect
, I-Effect
lower I-Effect
content I-Effect
and I-Effect
copper I-Effect
costs I-Effect
) I-Effect
. O

Conversely O
, O
the B-Cause
new I-Cause
law I-Cause
erects I-Cause
hurdles I-Cause
that O
keep B-Effect
emerging I-Effect
upstart I-Effect
firms I-Effect
from I-Effect
becoming I-Effect
serious I-Effect
threats I-Effect
to I-Effect
Stryker I-Effect
and I-Effect
its I-Effect
peers I-Effect
. O

With O
a B-Cause
largely I-Cause
fixed-cost I-Cause
base I-Cause
, O
deteriorating B-Effect
fixed-line I-Effect
revenue I-Effect
has I-Effect
a I-Effect
large I-Effect
negative I-Effect
impact I-Effect
on I-Effect
margins I-Effect
( O
fixed O
line O
contributes O
around O
23 O
% O
of O
KT O
's O
revenue O
) O
, O
but O
we O
think O
fixed O
lines O
are O
still O
providing O
decent O
returns O
for O
KT O
. O

We O
are O
not O
modeling B-Effect
any I-Effect
acquisitions I-Effect
, O
despite O
GTT O
's O
preference O
to O
acquire O
, O
because O
we B-Cause
do I-Cause
n't I-Cause
think I-Cause
GTT I-Cause
has I-Cause
the I-Cause
financial I-Cause
ability I-Cause
to I-Cause
make I-Cause
material I-Cause
purchases I-Cause
, I-Cause
and I-Cause
we I-Cause
think I-Cause
they I-Cause
are I-Cause
less I-Cause
critical I-Cause
now I-Cause
that I-Cause
its I-Cause
network I-Cause
is I-Cause
more I-Cause
robust I-Cause
. O

If B-Cause
these I-Cause
providers I-Cause
ever I-Cause
chose I-Cause
to I-Cause
leave I-Cause
, I-Cause
or I-Cause
, I-Cause
more I-Cause
likely I-Cause
, I-Cause
if I-Cause
they I-Cause
chose I-Cause
to I-Cause
not I-Cause
fill I-Cause
new I-Cause
space I-Cause
or I-Cause
negotiate I-Cause
aggressively I-Cause
at I-Cause
contract I-Cause
renewal I-Cause
time I-Cause
, O
CyrusOne B-Effect
's I-Effect
business I-Effect
could I-Effect
severely I-Effect
suffer I-Effect
. O

In O
the O
online O
gaming O
segment O
, O
as O
more B-Cause
gamers I-Cause
use I-Cause
Tencent I-Cause
's I-Cause
platform I-Cause
WeGame I-Cause
to I-Cause
purchase I-Cause
games I-Cause
, I-Cause
participate I-Cause
in I-Cause
the I-Cause
gaming I-Cause
community I-Cause
, I-Cause
and I-Cause
access I-Cause
game-related I-Cause
information I-Cause
, O
more B-Effect
game I-Effect
developers I-Effect
will I-Effect
distribute I-Effect
their I-Effect
games I-Effect
through I-Effect
Tencent I-Effect
, I-Effect
enhancing I-Effect
the I-Effect
choice I-Effect
of I-Effect
games I-Effect
. O

In O
addition O
to O
cost B-Cause
management I-Cause
and I-Cause
distribution I-Cause
leverage I-Cause
, O
we O
believe O
Costco B-Effect
's I-Effect
low I-Effect
prices I-Effect
are O
enabled O
by O
its B-Cause
procurement I-Cause
strength I-Cause
. O

That O
exposure O
comes O
with O
significant O
political O
, O
regulatory O
, O
and O
economic O
uncertainty O
, O
but O
we O
expect O
Movil B-Cause
's I-Cause
strong I-Cause
competitive I-Cause
position I-Cause
in I-Cause
most I-Cause
of I-Cause
the I-Cause
markets I-Cause
it O
serves O
will O
create B-Effect
value I-Effect
for I-Effect
shareholders I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Bancorp B-Effect
has I-Effect
a I-Effect
very I-Effect
strong I-Effect
underwriting I-Effect
culture I-Effect
, O
as O
its B-Cause
performance I-Cause
during I-Cause
the I-Cause
crisis I-Cause
was I-Cause
among I-Cause
the I-Cause
best I-Cause
of I-Cause
the I-Cause
banks I-Cause
we I-Cause
cover I-Cause
. O

Since O
the B-Cause
first I-Cause
quarter I-Cause
of I-Cause
2016 I-Cause
, I-Cause
the I-Cause
number I-Cause
of I-Cause
average I-Cause
monthly I-Cause
unique I-Cause
users I-Cause
has I-Cause
grown I-Cause
from I-Cause
around I-Cause
124 I-Cause
million I-Cause
to I-Cause
nearly I-Cause
200 I-Cause
million I-Cause
in I-Cause
2019. O
This O
makes B-Effect
Zillow I-Effect
the I-Effect
most I-Effect
visited I-Effect
real I-Effect
estate I-Effect
platform I-Effect
by I-Effect
a I-Effect
wide I-Effect
margin I-Effect
, I-Effect
with I-Effect
the I-Effect
company I-Effect
possessing I-Effect
the I-Effect
most I-Effect
visited I-Effect
real I-Effect
estate I-Effect
website I-Effect
in I-Effect
Internet I-Effect
Content I-Effect
& I-Effect
InformationZillow.com I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
third I-Effect
most I-Effect
visited I-Effect
website I-Effect
in I-Effect
Trulia.com I-Effect
. O

Despite O
the O
positive O
demand O
drivers O
in O
Essex O
's O
markets O
and O
assets O
, O
intense B-Cause
competition I-Cause
for I-Cause
high-quality I-Cause
assets I-Cause
in I-Cause
strong I-Cause
markets I-Cause
drove O
up O
the B-Effect
initial I-Effect
capital I-Effect
investment I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
portfolio I-Effect
. O

In O
medication O
delivery O
and O
nutrition O
, O
management O
has O
turned O
around O
these O
operations O
after O
recent B-Cause
hurricane I-Cause
and I-Cause
regulatory I-Cause
concerns I-Cause
damaged O
Baxter B-Effect
's I-Effect
reputation I-Effect
as I-Effect
a I-Effect
reliable I-Effect
supplier I-Effect
of I-Effect
these I-Effect
critical I-Effect
therapies I-Effect
. O

Given O
the B-Cause
unprecedented I-Cause
nature I-Cause
of I-Cause
the I-Cause
crisis I-Cause
, O
it B-Effect
is I-Effect
difficult I-Effect
to I-Effect
estimate I-Effect
the I-Effect
effect I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
revenue I-Effect
base I-Effect
with I-Effect
precision I-Effect
. O

Given O
PTC B-Cause
's I-Cause
exposure I-Cause
to I-Cause
the I-Cause
manufacturing I-Cause
business I-Cause
, O
we B-Effect
think I-Effect
PTC I-Effect
could I-Effect
be I-Effect
affected I-Effect
by I-Effect
stops I-Effect
and I-Effect
starts I-Effect
in I-Effect
large I-Effect
assembly I-Effect
production I-Effect
in I-Effect
the I-Effect
case I-Effect
of I-Effect
a I-Effect
recession I-Effect
. O

When O
hotel B-Cause
demand I-Cause
picked I-Cause
up I-Cause
after I-Cause
the I-Cause
financial I-Cause
crisis I-Cause
, O
supply B-Effect
came I-Effect
on I-Effect
shortly I-Effect
after I-Effect
and I-Effect
was I-Effect
particularly I-Effect
concentrated I-Effect
in I-Effect
certain I-Effect
gateway I-Effect
markets I-Effect
with I-Effect
the I-Effect
strongest I-Effect
demand I-Effect
drivers I-Effect
. O

We O
are O
keeping O
our B-Effect
2021 I-Effect
earnings I-Effect
per I-Effect
share I-Effect
estimate I-Effect
of I-Effect
around I-Effect
$ I-Effect
5.10 I-Effect
per I-Effect
share I-Effect
as O
the B-Cause
firm I-Cause
cedes I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
the I-Cause
year I-Cause
to I-Cause
COVID-19 I-Cause
. O

We O
expect O
aggregates B-Effect
shipment I-Effect
volume I-Effect
to I-Effect
increase I-Effect
to I-Effect
more I-Effect
than I-Effect
255 I-Effect
million I-Effect
tons I-Effect
within I-Effect
the I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
of I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, O
driven O
by O
economic B-Cause
recovery I-Cause
, I-Cause
pent-up I-Cause
construction I-Cause
demand I-Cause
, I-Cause
and I-Cause
acquisitions I-Cause
. O

In O
the O
short O
term O
, O
we O
believe O
healthcare O
distributors O
will O
benefit O
from O
unprecedented O
volumes O
related O
to O
COVID-19 O
that O
will O
bolster B-Effect
profitability I-Effect
as O
they B-Cause
scale I-Cause
operating I-Cause
expenses I-Cause
. O

Owing O
to O
side B-Cause
effects I-Cause
or I-Cause
lack I-Cause
of I-Cause
compelling I-Cause
efficacy I-Cause
, O
Merck B-Effect
experienced I-Effect
major I-Effect
setbacks I-Effect
with I-Effect
cardiovascular I-Effect
disease I-Effect
drugs I-Effect
anacetrapib I-Effect
, I-Effect
Tredaptive I-Effect
, I-Effect
Rolofylline I-Effect
, I-Effect
and I-Effect
TRA I-Effect
along I-Effect
with I-Effect
Telcagepant I-Effect
for I-Effect
migraines I-Effect
. O

Arista O
's O
growth B-Effect
could I-Effect
also I-Effect
be I-Effect
slowed I-Effect
due O
to O
incumbent B-Cause
networking I-Cause
competitors I-Cause
catching I-Cause
up I-Cause
to I-Cause
any I-Cause
Arista I-Cause
innovation I-Cause
and I-Cause
retaining I-Cause
its I-Cause
customers I-Cause
during O
upgrade O
or O
expansion O
plans O
. O

In O
addition O
to O
loan B-Effect
losses I-Effect
stemming O
from O
a O
recession B-Cause
, O
the O
company O
would O
suffer O
reductions B-Effect
in I-Effect
trading I-Effect
, I-Effect
investment I-Effect
banking I-Effect
, I-Effect
mortgage I-Effect
, I-Effect
and I-Effect
wealth I-Effect
management I-Effect
revenue I-Effect
. O

While O
banks O
rarely O
disclose O
products O
per O
customer O
, O
we O
'll O
note O
that O
top B-Cause
market I-Cause
share I-Cause
in I-Cause
credit I-Cause
card I-Cause
usage I-Cause
, I-Cause
residential I-Cause
mortgage I-Cause
loans I-Cause
, I-Cause
and I-Cause
checking I-Cause
accounts I-Cause
strongly I-Cause
enhance B-Effect
the I-Effect
bank I-Effect
's I-Effect
value I-Effect
proposition I-Effect
. O

We B-Effect
see I-Effect
medium I-Effect
uncertainty I-Effect
around I-Effect
Humana I-Effect
's I-Effect
future I-Effect
cash I-Effect
flows I-Effect
in I-Effect
the I-Effect
intermediate I-Effect
term I-Effect
, O
as O
the B-Cause
positive I-Cause
growth I-Cause
trajectory I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
Medicare I-Cause
Advantage I-Cause
stronghold I-Cause
is I-Cause
clouded I-Cause
by I-Cause
healthcare I-Cause
policy I-Cause
uncertainties I-Cause
. O

In B-Cause
terms I-Cause
of I-Cause
ESG-related I-Cause
risks I-Cause
, I-Cause
because I-Cause
KSU I-Cause
carries I-Cause
freight I-Cause
for I-Cause
chemical I-Cause
end-market I-Cause
shippers I-Cause
, O
it B-Effect
is I-Effect
subject I-Effect
to I-Effect
the I-Effect
liabilities I-Effect
surrounding I-Effect
hazardous I-Effect
material I-Effect
spills I-Effect
. O

For O
a O
linerboard O
or O
medium O
mill O
, O
the B-Cause
inputs I-Cause
and I-Cause
outputs I-Cause
are I-Cause
globally I-Cause
fungible I-Cause
, O
which O
diminishes B-Effect
barriers I-Effect
to I-Effect
entry I-Effect
in I-Effect
any I-Effect
particular I-Effect
market I-Effect
. O

We O
think O
the B-Effect
collapse I-Effect
of I-Effect
profits I-Effect
within I-Effect
primary I-Effect
life I-Effect
insurance I-Effect
has I-Effect
been I-Effect
important I-Effect
for I-Effect
the I-Effect
profitability I-Effect
of I-Effect
life I-Effect
reinsurance I-Effect
because O
naturally B-Cause
a I-Cause
provider I-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
afford I-Cause
to I-Cause
pay I-Cause
less I-Cause
to I-Cause
a I-Cause
service I-Cause
provider I-Cause
as I-Cause
their I-Cause
profits I-Cause
come I-Cause
under I-Cause
pressure I-Cause
. O

Each B-Effect
additional I-Effect
agent I-Effect
makes I-Effect
the I-Effect
Western I-Effect
Union I-Effect
network I-Effect
more I-Effect
attractive I-Effect
to I-Effect
other I-Effect
agents I-Effect
, O
as O
a B-Cause
wider I-Cause
network I-Cause
potentially I-Cause
draws I-Cause
more I-Cause
customers I-Cause
into I-Cause
their I-Cause
stores I-Cause
. O

The O
firm O
has O
not O
achieved O
its O
ambition O
of O
becoming O
the O
largest O
operator O
in O
Malaysia O
, O
a B-Effect
market I-Effect
experiencing I-Effect
intense I-Effect
competition I-Effect
due O
to O
the B-Cause
recent I-Cause
entrance I-Cause
of I-Cause
U I-Cause
Mobile I-Cause
. O

This O
law B-Cause
relied I-Cause
on I-Cause
one-time I-Cause
funding I-Cause
rather I-Cause
than I-Cause
an I-Cause
increase I-Cause
in I-Cause
the I-Cause
gas I-Cause
tax I-Cause
, O
so O
the B-Effect
risk I-Effect
to I-Effect
highway I-Effect
funding I-Effect
remains I-Effect
. O

Silgan O
, O
like O
most O
can O
makers O
, O
benefits O
from O
the O
efficient O
scale O
phenomenon O
in O
which O
the B-Effect
introduction I-Effect
of I-Effect
new I-Effect
production I-Effect
within I-Effect
a I-Effect
region I-Effect
can I-Effect
destroy I-Effect
the I-Effect
profitability I-Effect
of I-Effect
both I-Effect
the I-Effect
incumbent I-Effect
and I-Effect
entrant I-Effect
, O
because O
of O
high B-Cause
shipping I-Cause
costs I-Cause
. O

We B-Effect
have I-Effect
removed I-Effect
our I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
legal I-Effect
reserve I-Effect
for I-Effect
ignition I-Effect
recall I-Effect
litigation I-Effect
after I-Effect
reading I-Effect
the I-Effect
10-K I-Effect
because O
most B-Cause
of I-Cause
the I-Cause
lawsuits I-Cause
are I-Cause
now I-Cause
resolved I-Cause
and I-Cause
GM I-Cause
so I-Cause
far I-Cause
has I-Cause
had I-Cause
success I-Cause
in I-Cause
winning I-Cause
the I-Cause
remaining I-Cause
fewer-than I-Cause
100 I-Cause
personal I-Cause
injury I-Cause
cases I-Cause
. O

A B-Cause
blowout I-Cause
in I-Cause
the I-Cause
discount I-Cause
for I-Cause
Western I-Cause
Canadian I-Cause
Select I-Cause
crude I-Cause
, O
currently B-Cause
trading I-Cause
below I-Cause
USD I-Cause
30 I-Cause
per I-Cause
barrel I-Cause
, O
and O
restrictions B-Cause
on I-Cause
pipeline I-Cause
capacity I-Cause
drive O
an B-Effect
approximate I-Effect
40 I-Effect
% I-Effect
or I-Effect
CAD I-Effect
0.5 I-Effect
billion I-Effect
reduction I-Effect
in I-Effect
our I-Effect
forecast I-Effect
oil I-Effect
sands I-Effect
EBITDA I-Effect
over I-Effect
the I-Effect
same I-Effect
period I-Effect
. O

This O
is O
backed B-Effect
by I-Effect
growth I-Effect
in I-Effect
average I-Effect
revenue I-Effect
per I-Effect
user I-Effect
of I-Effect
9 I-Effect
% I-Effect
over I-Effect
the I-Effect
last I-Effect
four I-Effect
fiscal I-Effect
years I-Effect
as O
average B-Cause
contract I-Cause
value I-Cause
grows I-Cause
and I-Cause
businesses I-Cause
incorporate I-Cause
more I-Cause
Coupa I-Cause
modules I-Cause
to I-Cause
drive I-Cause
spend I-Cause
management I-Cause
and I-Cause
efficiency I-Cause
. O

Further O
, O
while O
the O
margin O
structure O
may O
ultimately O
be O
lower O
in O
digital O
experience O
relative O
to O
Creative O
Cloud O
, O
the O
company O
has O
worked O
to O
improve O
margins O
over O
time O
, O
and O
we O
believe O
Adobe B-Cause
must I-Cause
continue I-Cause
to I-Cause
drive I-Cause
down I-Cause
costs I-Cause
and I-Cause
expand I-Cause
margins I-Cause
to O
meet B-Effect
investor I-Effect
expectations I-Effect
. O

Equinor B-Effect
expects I-Effect
further I-Effect
improvement I-Effect
in I-Effect
returns I-Effect
and I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
as O
its B-Cause
major I-Cause
project I-Cause
startups I-Cause
slated I-Cause
between I-Cause
2020 I-Cause
and I-Cause
2026 I-Cause
collectively I-Cause
break I-Cause
even I-Cause
at I-Cause
less I-Cause
than I-Cause
$ I-Cause
35/bbl I-Cause
oil I-Cause
while I-Cause
delivering I-Cause
3 I-Cause
% I-Cause
compound I-Cause
annual I-Cause
volume I-Cause
growth I-Cause
and I-Cause
a I-Cause
return I-Cause
on I-Cause
capital I-Cause
of I-Cause
15 I-Cause
% I-Cause
in I-Cause
2023 I-Cause
. O

We O
forecast O
total B-Effect
revenue I-Effect
to I-Effect
increase I-Effect
at I-Effect
an I-Effect
average I-Effect
annual I-Effect
rate I-Effect
of I-Effect
4 I-Effect
% I-Effect
from I-Effect
2020 I-Effect
through I-Effect
2024 I-Effect
after O
normalizing B-Cause
for I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
Pandora I-Cause
in I-Cause
2019 I-Cause
. O

The O
secular O
trends O
of O
cloud O
and O
mobility O
have O
created O
myriad O
security O
challenges O
, O
and O
we B-Effect
believe I-Effect
Zscaler I-Effect
has I-Effect
been I-Effect
and I-Effect
will I-Effect
continue I-Effect
to I-Effect
be I-Effect
a I-Effect
disproportionate I-Effect
beneficiary I-Effect
, O
given B-Cause
its I-Cause
cloud I-Cause
native I-Cause
architecture I-Cause
and I-Cause
its I-Cause
lack I-Cause
of I-Cause
reliance I-Cause
on I-Cause
the I-Cause
legacy I-Cause
appliance I-Cause
business I-Cause
. I-Cause

Airlines B-Effect
generally I-Effect
do I-Effect
not I-Effect
switch I-Effect
between I-Effect
the I-Effect
major I-Effect
manufacturers I-Effect
because O
it B-Cause
is I-Cause
expensive I-Cause
to I-Cause
update I-Cause
maintenance I-Cause
procedures I-Cause
, I-Cause
which I-Cause
are I-Cause
designed I-Cause
for I-Cause
each I-Cause
aircraft I-Cause
product I-Cause
, I-Cause
and I-Cause
crews I-Cause
and I-Cause
pilots I-Cause
would I-Cause
need I-Cause
to I-Cause
be I-Cause
retrained I-Cause
and I-Cause
certified I-Cause
to I-Cause
the I-Cause
new I-Cause
aircraft I-Cause
. O

In O
the O
institutional O
business O
, O
we B-Effect
expect I-Effect
Ecolab I-Effect
to I-Effect
continue I-Effect
increasing I-Effect
share I-Effect
as O
its B-Cause
products I-Cause
help I-Cause
customers I-Cause
meet I-Cause
regulatory I-Cause
standards I-Cause
, I-Cause
reduce I-Cause
total I-Cause
operating I-Cause
costs I-Cause
, I-Cause
and I-Cause
prevent I-Cause
food I-Cause
safety I-Cause
incidents I-Cause
. O

We O
forecast O
a B-Effect
modest I-Effect
decline I-Effect
in I-Effect
revenue I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
due O
to O
weak B-Cause
labor I-Cause
conditions I-Cause
arising O
from O
the B-Cause
coronavrius I-Cause
pandemic I-Cause
. O

However O
, O
as O
the O
hotel O
starts O
to O
consistently B-Cause
fill I-Cause
up I-Cause
the O
hotel O
should O
start O
to O
be O
able O
to O
raise B-Effect
rates I-Effect
, O
especially O
on O
the B-Cause
last I-Cause
few I-Cause
customers I-Cause
that I-Cause
book I-Cause
a I-Cause
room I-Cause
that O
pushes O
occupancy B-Effect
toward I-Effect
100 I-Effect
% I-Effect
for O
a O
given O
night O
. O

With O
our B-Cause
forecast I-Cause
for I-Cause
nearly I-Cause
2,500 I-Cause
Tractor I-Cause
Supply I-Cause
and I-Cause
around I-Cause
430 I-Cause
Petsense I-Cause
stores I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
, O
the B-Effect
firm I-Effect
risks I-Effect
oversaturation I-Effect
and I-Effect
cannibalization I-Effect
of I-Effect
sales I-Effect
in I-Effect
established I-Effect
locations I-Effect
, O
however O
, O
we O
expect O
some B-Cause
localized I-Cause
merchandise I-Cause
selection I-Cause
could O
prevent O
this O
. O

JLL B-Effect
's I-Effect
strong I-Effect
competitive I-Effect
position I-Effect
derives I-Effect
in O
large O
part O
from O
its B-Cause
lengthy I-Cause
record I-Cause
of I-Cause
effective I-Cause
and I-Cause
ethical I-Cause
service I-Cause
that O
has O
allowed O
it O
to O
bolster B-Effect
its I-Effect
reputation I-Effect
. O

Petrobras B-Effect
took I-Effect
an I-Effect
impairment I-Effect
charge I-Effect
of I-Effect
$ I-Effect
13 I-Effect
billion I-Effect
in I-Effect
early I-Effect
2020 I-Effect
related I-Effect
to I-Effect
E I-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
assets I-Effect
as O
management B-Cause
revised I-Cause
its I-Cause
long-term I-Cause
price I-Cause
deck I-Cause
to I-Cause
$ I-Cause
50/bbl I-Cause
from I-Cause
$ I-Cause
65/bbl I-Cause
. O

Further O
, O
as O
the B-Cause
company I-Cause
increases I-Cause
the I-Cause
proportion I-Cause
of I-Cause
its I-Cause
low-cost I-Cause
, I-Cause
U.S.-based I-Cause
acetic I-Cause
acid I-Cause
production I-Cause
, O
its B-Effect
costs I-Effect
should I-Effect
decrease I-Effect
, I-Effect
further I-Effect
supporting I-Effect
higher I-Effect
profit I-Effect
margins I-Effect
. I-Effect

However O
, O
the B-Cause
business I-Cause
has I-Cause
recently I-Cause
established I-Cause
a I-Cause
relationship I-Cause
with I-Cause
Atlantic I-Cause
Zagros I-Cause
Financial I-Cause
Partners I-Cause
that O
will O
allow O
North B-Effect
America-based I-Effect
investors I-Effect
to I-Effect
invest I-Effect
in I-Effect
Eastspring I-Effect
asset I-Effect
management I-Effect
funds I-Effect
. O

Margins B-Effect
should I-Effect
expand I-Effect
with I-Effect
increased I-Effect
revenue I-Effect
, O
as O
the B-Cause
firm I-Cause
enjoys I-Cause
a I-Cause
relatively I-Cause
fixed I-Cause
cost-base I-Cause
, O
while O
a B-Cause
pivot I-Cause
toward I-Cause
software I-Cause
offerings I-Cause
will O
lead O
to O
gradual B-Effect
expansion I-Effect
in I-Effect
the I-Effect
big I-Effect
three I-Effect
segments I-Effect
( O
somewhat O
offset O
by O
the O
decline O
of O
the O
profitable O
global O
print O
business O
) O
. O

We O
expect O
that O
mix B-Cause
shift I-Cause
towards I-Cause
the I-Cause
high-margin I-Cause
737 I-Cause
MAX I-Cause
and O
learning B-Cause
curve-based I-Cause
cost I-Cause
efficiencies I-Cause
should O
help O
the O
company O
improve B-Effect
margins I-Effect
. I-Effect

However O
, O
we O
think O
that O
even O
in O
such O
cases O
, O
Dassault B-Effect
Systemes I-Effect
subscriptions I-Effect
will I-Effect
be I-Effect
paid I-Effect
given O
that O
the B-Cause
software I-Cause
is I-Cause
crucial I-Cause
to I-Cause
aircraft I-Cause
OEM I-Cause
operations I-Cause
. I-Cause

Williams-Sonoma B-Cause
can I-Cause
begin I-Cause
to I-Cause
work I-Cause
out I-Cause
what I-Cause
the I-Cause
consumer I-Cause
's I-Cause
next I-Cause
likely I-Cause
purchase I-Cause
might I-Cause
be I-Cause
and I-Cause
produce I-Cause
information I-Cause
to I-Cause
facilitate I-Cause
that I-Cause
next I-Cause
sale I-Cause
more I-Cause
quickly I-Cause
, O
leading O
to O
lower B-Effect
repeat I-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
. O

They O
also O
spend B-Cause
a I-Cause
lot I-Cause
of I-Cause
time I-Cause
and I-Cause
capital I-Cause
to I-Cause
safeguard I-Cause
against I-Cause
data I-Cause
breaches I-Cause
, O
which O
can O
cause O
service B-Effect
disruptions I-Effect
, I-Effect
trigger I-Effect
lawsuits I-Effect
and I-Effect
forensic I-Effect
investigations I-Effect
, I-Effect
incur I-Effect
expenses I-Effect
related I-Effect
to I-Effect
repairing I-Effect
or I-Effect
removing I-Effect
threats I-Effect
from I-Effect
data I-Effect
systems I-Effect
, I-Effect
damage I-Effect
reputations I-Effect
and I-Effect
shake I-Effect
customer I-Effect
confidence I-Effect
. I-Effect

We O
think O
the B-Cause
large I-Cause
subscriber I-Cause
base I-Cause
in I-Cause
all I-Cause
segments I-Cause
, I-Cause
mobile I-Cause
( I-Cause
40 I-Cause
% I-Cause
market I-Cause
share I-Cause
) I-Cause
, I-Cause
broadband I-Cause
( I-Cause
40 I-Cause
% I-Cause
market I-Cause
share I-Cause
) I-Cause
and I-Cause
pay I-Cause
TV I-Cause
( I-Cause
30 I-Cause
% I-Cause
market I-Cause
share I-Cause
) I-Cause
, O
underpins B-Effect
KPN I-Effect
's I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
peers I-Effect
like I-Effect
T-Mobile I-Effect
. O

In O
immunohematology O
, O
Bio-Rad O
offers O
a O
full O
product O
line O
for O
blood O
banks O
and O
transfusion O
labs O
, O
and O
we O
believe O
Bio-Rad O
has O
been O
able O
to O
maintain B-Effect
a I-Effect
top I-Effect
three I-Effect
market I-Effect
position I-Effect
through O
niche B-Cause
specialization I-Cause
and O
by O
offering B-Cause
one-stop I-Cause
shopping I-Cause
for I-Cause
blood I-Cause
bank I-Cause
and I-Cause
transfusion I-Cause
customers I-Cause
. O

Historically O
, O
locations O
like O
these O
are O
highly O
sought O
after O
by O
any O
retailer O
and O
Macerich B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
leverage I-Effect
the I-Effect
overall I-Effect
size I-Effect
of I-Effect
its I-Effect
portfolio I-Effect
by O
insisting B-Cause
that I-Cause
retailers I-Cause
put I-Cause
stores I-Cause
in I-Cause
lessor-quality I-Cause
assets I-Cause
in O
order O
to O
gain O
access O
to O
the O
best-quality O
ones O
. O

Additionally O
, O
Hilton O
has O
significant O
leverage O
over O
Park O
to O
demand O
capital O
expenditures O
to O
maintain O
brand O
standards O
that O
are O
subject O
to O
change O
, O
while O
Park B-Effect
is I-Effect
unable I-Effect
to I-Effect
execute I-Effect
on I-Effect
potentially I-Effect
accretive I-Effect
renovations I-Effect
or I-Effect
cost-saving I-Effect
measures I-Effect
if O
they B-Cause
are I-Cause
n't I-Cause
approved I-Cause
by I-Cause
Hilton I-Cause
. O

The B-Effect
stores I-Effect
will I-Effect
not I-Effect
have I-Effect
a I-Effect
big-box I-Effect
retail I-Effect
format I-Effect
and I-Effect
are I-Effect
not I-Effect
capital-intensive I-Effect
due O
to O
most B-Cause
eventually I-Cause
being I-Cause
delivery I-Cause
and I-Cause
buy I-Cause
centers I-Cause
that O
only O
cost O
$ O
1 O
million- O
$ O
2 O
million O
each O
, O
per O
management O
. O

IQiyi B-Effect
, I-Effect
Baidu I-Effect
's I-Effect
online I-Effect
video I-Effect
platform I-Effect
, I-Effect
had I-Effect
been I-Effect
a I-Effect
key I-Effect
growth I-Effect
driver I-Effect
stemming O
from O
increasing B-Cause
willingness I-Cause
to I-Cause
pay I-Cause
for I-Cause
premium I-Cause
content I-Cause
in I-Cause
China I-Cause
and I-Cause
continuous I-Cause
advertising I-Cause
demand I-Cause
on I-Cause
iQiyi I-Cause
until I-Cause
short I-Cause
video I-Cause
platforms I-Cause
took I-Cause
mobile I-Cause
time I-Cause
share I-Cause
. O

Strong B-Cause
information I-Cause
sharing I-Cause
continues I-Cause
between I-Cause
Genentech I-Cause
and I-Cause
Roche I-Cause
researchers I-Cause
, O
boosting B-Effect
research I-Effect
and I-Effect
development I-Effect
productivity I-Effect
and I-Effect
personalized I-Effect
medicine I-Effect
offerings I-Effect
that I-Effect
take I-Effect
advantage I-Effect
of I-Effect
Roche I-Effect
's I-Effect
diagnostic I-Effect
arm I-Effect
. O

Enterprise B-Effect
is I-Effect
pruning I-Effect
its I-Effect
capital I-Effect
spending I-Effect
budget I-Effect
, I-Effect
while I-Effect
focusing I-Effect
on I-Effect
capturing I-Effect
opportunities I-Effect
within I-Effect
petrochemicals I-Effect
, O
which O
we O
think O
will O
be O
its B-Effect
primary I-Effect
growth I-Effect
driver I-Effect
for I-Effect
the I-Effect
time I-Effect
being I-Effect
as O
two B-Cause
thirds I-Cause
of I-Cause
capital I-Cause
spending I-Cause
is I-Cause
being I-Cause
directed I-Cause
toward I-Cause
this I-Cause
area I-Cause
. O

Based O
on O
the B-Cause
anticipated I-Cause
closing I-Cause
of I-Cause
the I-Cause
proposed I-Cause
acquisition I-Cause
by I-Cause
Optum I-Cause
, I-Cause
an I-Cause
arm I-Cause
of I-Cause
UnitedHealthcare I-Cause
, O
we O
assign B-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
on I-Effect
Change I-Effect
Healthcare I-Effect
shares I-Effect
. O

However O
, O
given O
that O
mortgage B-Cause
refinancing I-Cause
has I-Cause
recently I-Cause
been I-Cause
cyclically I-Cause
elevated I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
relatively I-Cause
unproven I-Cause
mortgage I-Cause
technology I-Cause
business I-Cause
, O
we O
're O
highly O
uncertain B-Effect
about I-Effect
the I-Effect
speed I-Effect
of I-Effect
the I-Effect
mortgage I-Effect
technology I-Effect
business I-Effect
gaining I-Effect
traction I-Effect
and I-Effect
its I-Effect
sustainable I-Effect
revenue I-Effect
growth I-Effect
rate I-Effect
. I-Effect

The B-Cause
Marcellus I-Cause
is I-Cause
located I-Cause
in I-Cause
the I-Cause
Appalachian I-Cause
Mountains I-Cause
, I-Cause
with I-Cause
rocky I-Cause
terrain I-Cause
, O
making O
it O
harder B-Effect
to I-Effect
construct I-Effect
even I-Effect
smaller I-Effect
gathering I-Effect
pipelines I-Effect
( I-Effect
clearing I-Effect
land I-Effect
, I-Effect
elevation I-Effect
changes I-Effect
, I-Effect
difficulty I-Effect
digging I-Effect
) I-Effect
, O
whereas O
the O
Permian O
Basin O
has O
a O
relatively O
flat O
topography O
. O

A B-Effect
lower I-Effect
cost I-Effect
of I-Effect
borrowing I-Effect
dwarfs I-Effect
any I-Effect
savings I-Effect
an I-Effect
issuer I-Effect
may I-Effect
achieve I-Effect
by O
not B-Cause
rating I-Cause
its I-Cause
bonds I-Cause
or I-Cause
using I-Cause
a I-Cause
smaller I-Cause
rating I-Cause
agency I-Cause
. O

Finally O
, O
the B-Cause
net-lease I-Cause
structure I-Cause
places I-Cause
the I-Cause
burden I-Cause
of I-Cause
operating I-Cause
expenses I-Cause
on I-Cause
the I-Cause
tenant I-Cause
and O
reduces O
the B-Effect
asset I-Effect
management I-Effect
expertise I-Effect
required I-Effect
, O
increasing B-Effect
the I-Effect
pool I-Effect
of I-Effect
potential I-Effect
investors I-Effect
and I-Effect
developers I-Effect
. O

Large B-Effect
networking I-Effect
giants I-Effect
like I-Effect
Cisco I-Effect
are I-Effect
focused I-Effect
on I-Effect
growing I-Effect
their I-Effect
security I-Effect
portfolios I-Effect
as O
other B-Cause
product I-Cause
streams I-Cause
mature I-Cause
and I-Cause
these I-Cause
firms I-Cause
have I-Cause
strong I-Cause
enterprise I-Cause
relationships I-Cause
and I-Cause
cross-selling I-Cause
opportunities I-Cause
. O

With O
law B-Cause
firms I-Cause
feeling I-Cause
the I-Cause
pressure I-Cause
to I-Cause
deliver I-Cause
more I-Cause
value I-Cause
to I-Cause
firms I-Cause
with I-Cause
fewer I-Cause
resources I-Cause
than I-Cause
ever I-Cause
before I-Cause
, O
Westlaw B-Effect
Edge I-Effect
's I-Effect
database I-Effect
, I-Effect
reputation I-Effect
, I-Effect
and I-Effect
integrated I-Effect
software I-Effect
has I-Effect
become I-Effect
nearly I-Effect
a I-Effect
required I-Effect
investment I-Effect
, I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

Finally B-Effect
, I-Effect
ADI I-Effect
's I-Effect
consumer I-Effect
business I-Effect
received I-Effect
a I-Effect
boost I-Effect
from I-Effect
design I-Effect
wins I-Effect
into I-Effect
Apple I-Effect
products I-Effect
, I-Effect
but I-Effect
sales I-Effect
fell I-Effect
sharply I-Effect
from I-Effect
fiscal I-Effect
2018 I-Effect
through I-Effect
fiscal I-Effect
2020 I-Effect
as O
Apple B-Cause
cut I-Cause
ADI I-Cause
out I-Cause
of I-Cause
some I-Cause
sockets I-Cause
within I-Cause
its I-Cause
iPhones I-Cause
. O

We O
expect O
a B-Effect
rebound I-Effect
in I-Effect
GDP I-Effect
and I-Effect
customer I-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
push I-Effect
2021 I-Effect
gross I-Effect
margins I-Effect
nearly I-Effect
back I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
following O
a B-Cause
COVID-affected I-Cause
2020 I-Cause
. O

As O
with O
most O
processors O
competing O
on O
the O
low O
end O
of O
the O
spectrum O
, O
the B-Effect
company I-Effect
needs I-Effect
to I-Effect
support I-Effect
significant I-Effect
volumes I-Effect
to B-Cause
remain I-Cause
competitive I-Cause
and I-Cause
leverage I-Cause
operating I-Cause
expenses I-Cause
. O

Land B-Effect
acquisition I-Effect
strategies I-Effect
are I-Effect
beginning I-Effect
to I-Effect
shift I-Effect
, O
however O
, O
as O
several B-Cause
public I-Cause
builders I-Cause
( I-Cause
including I-Cause
Lennar I-Cause
) I-Cause
have I-Cause
announced I-Cause
their I-Cause
intentions I-Cause
to I-Cause
implement I-Cause
a I-Cause
lighter I-Cause
land I-Cause
strategy I-Cause
. O

To O
date O
, O
the O
firm O
has O
reduced O
2020 O
growth O
capital O
spending O
by O
40 O
% O
to O
$ O
700 O
million O
, O
plans O
to O
slice O
at O
least O
$ O
100 O
million O
of O
expenses O
out O
of O
an O
estimated O
$ O
1 O
billion O
expense O
base O
, O
and O
cut B-Cause
its I-Cause
dividend I-Cause
payout I-Cause
by I-Cause
90 I-Cause
% I-Cause
saving B-Effect
over I-Effect
$ I-Effect
750 I-Effect
million I-Effect
. O

New O
companies O
are O
encouraged O
to O
be O
listed O
on O
Nasdaq O
to O
prove O
their O
legitimacy O
, O
and O
existing B-Cause
firms I-Cause
are I-Cause
have I-Cause
incentives I-Cause
to I-Cause
list I-Cause
with I-Cause
Nasdaq I-Cause
since O
it B-Effect
makes I-Effect
them I-Effect
eligible I-Effect
for I-Effect
Nasdaq I-Effect
's I-Effect
family I-Effect
of I-Effect
indexes I-Effect
. O

A B-Effect
strong I-Effect
preference I-Effect
is I-Effect
exhibited I-Effect
for I-Effect
warranties I-Effect
from I-Effect
long-established I-Effect
players I-Effect
, I-Effect
which I-Effect
are I-Effect
perceived I-Effect
to I-Effect
have I-Effect
greater I-Effect
balance I-Effect
sheet I-Effect
strength I-Effect
, O
due O
to O
concern B-Cause
that I-Cause
smaller I-Cause
, I-Cause
newer I-Cause
manufacturers I-Cause
may I-Cause
not I-Cause
be I-Cause
around I-Cause
in I-Cause
20 I-Cause
years I-Cause
' I-Cause
time I-Cause
. O

In O
October O
2020 O
, O
AMD B-Cause
agreed I-Cause
to I-Cause
acquire I-Cause
Xilinx I-Cause
to O
bolster B-Effect
its I-Effect
product I-Effect
portfolio I-Effect
with O
the B-Cause
leading I-Cause
FPGA I-Cause
franchise I-Cause
to O
drive B-Effect
growth I-Effect
and I-Effect
better I-Effect
diversify I-Effect
its I-Effect
revenue I-Effect
. O

Specifically O
, O
while O
a O
customer O
uses O
these O
tools O
, O
Agilent O
should O
generate O
recurring O
consumable O
and O
service O
revenue O
, O
but O
we O
also O
believe O
other B-Effect
switching I-Effect
costs I-Effect
persist I-Effect
due O
to O
training B-Cause
and I-Cause
workflow I-Cause
productivity I-Cause
concerns I-Cause
for I-Cause
end I-Cause
users I-Cause
in I-Cause
these I-Cause
highly I-Cause
specialized I-Cause
applications I-Cause
. O

Deere B-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
environmental I-Effect
regulation I-Effect
, O
largely O
stemming O
from O
the B-Cause
environmental I-Cause
impact I-Cause
that I-Cause
agricultural I-Cause
machines I-Cause
have I-Cause
on I-Cause
soil I-Cause
and I-Cause
water I-Cause
quality I-Cause
. O

Monolithic B-Cause
Power I-Cause
's I-Cause
contrasting I-Cause
approach I-Cause
to I-Cause
analog I-Cause
design I-Cause
and I-Cause
focus I-Cause
on I-Cause
innovation I-Cause
has O
resulted O
in O
a O
process O
with O
the O
fewest O
layers O
of O
any O
BCD O
on O
the O
market O
, O
which O
results O
in O
higher B-Effect
power I-Effect
density I-Effect
and I-Effect
faster I-Effect
time I-Effect
to I-Effect
market I-Effect
than I-Effect
competing I-Effect
offerings I-Effect
. O

We O
believe O
Huntington B-Effect
can I-Effect
continue I-Effect
to I-Effect
reduce I-Effect
structural I-Effect
costs I-Effect
as O
it B-Cause
brings I-Cause
a I-Cause
heightened I-Cause
focus I-Cause
to I-Cause
digital I-Cause
and I-Cause
mobile I-Cause
offerings I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
and I-Cause
beyond I-Cause
, O
now O
that O
the O
cost O
savings O
from O
the O
FirstMerit O
acquisition O
have O
been O
completed O
. O

However O
, O
wireless B-Cause
penetration I-Cause
in I-Cause
the I-Cause
region I-Cause
is I-Cause
now I-Cause
approaching I-Cause
the I-Cause
levels I-Cause
of I-Cause
more-developed I-Cause
countries I-Cause
, O
slowing O
growth B-Effect
in I-Effect
subscribers I-Effect
and I-Effect
Telenor I-Effect
's I-Effect
top I-Effect
line I-Effect
. O

While O
the O
competitive O
picture O
remains O
dynamic O
, O
the B-Cause
firm I-Cause
's I-Cause
continued I-Cause
investments I-Cause
in I-Cause
international I-Cause
expansion I-Cause
( O
where O
concept O
portability O
and O
partnerships O
with O
franchisees O
have O
provided O
a O
vector O
for O
impressive O
new O
unit O
development O
) O
appear O
well O
placed O
and O
should O
support O
management O
's O
7 B-Effect
% I-Effect
systemwide I-Effect
sales I-Effect
growth I-Effect
forecast O
, O
consistent O
with O
our O
figures O
through O
2025 O
( O
7.5 O
% O
) O
. O

Given O
the B-Cause
significant I-Cause
margin I-Cause
differential I-Cause
between I-Cause
facilities I-Cause
maintenance I-Cause
and I-Cause
C I-Cause
& I-Cause
I I-Cause
, O
we O
expect O
the O
divestiture O
of O
the O
latter O
will O
increase O
HD O
Supply O
's O
operating B-Effect
margins I-Effect
by I-Effect
200-300 I-Effect
basis I-Effect
points I-Effect
. O

That O
aggression O
extends O
to O
the O
firm O
's O
capital O
structure O
, O
where O
heavy B-Cause
share I-Cause
repurchases I-Cause
bolster B-Effect
shareholder I-Effect
returns I-Effect
but O
have O
also O
kept O
debt O
leverage O
high O
, O
which O
will O
likely O
add O
volatility O
to O
the O
share O
price O
and O
could O
limit O
financial O
flexibility O
. O

In O
reality O
, O
Delta.flights O
redirects O
to O
Delta.com O
, O
but O
we O
could O
envision O
the B-Effect
redirection I-Effect
flipping I-Effect
as O
consumers B-Cause
become I-Cause
more I-Cause
accustomed I-Cause
to I-Cause
new I-Cause
TLDs I-Cause
. O

Building B-Effect
material I-Effect
producers I-Effect
face I-Effect
extreme I-Effect
opposition I-Effect
from I-Effect
local I-Effect
communities I-Effect
in I-Effect
obtaining I-Effect
approval I-Effect
for I-Effect
cement I-Effect
kilns I-Effect
and I-Effect
quarries I-Effect
due O
to O
the B-Cause
significant I-Cause
environmental I-Cause
impact I-Cause
and I-Cause
noise I-Cause
pollution I-Cause
that I-Cause
production I-Cause
causes I-Cause
. O

Weakness B-Cause
in I-Cause
advertising I-Cause
revenue I-Cause
and I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
on I-Cause
business I-Cause
spending I-Cause
, O
especially O
in O
New O
York O
, O
will O
likely O
hurt B-Effect
growth I-Effect
in I-Effect
2020 I-Effect
. O

The B-Cause
streamlined I-Cause
process I-Cause
also O
provides O
general O
practitioners O
who O
have O
very O
limited O
orthodontic O
expertise O
with O
the O
ability O
to O
sell B-Effect
aligners I-Effect
through I-Effect
Invisalign I-Effect
's I-Effect
automated I-Effect
treatment I-Effect
planning I-Effect
software I-Effect
. I-Effect

We O
note O
the O
switching B-Effect
costs I-Effect
between I-Effect
AMD I-Effect
and I-Effect
Intel I-Effect
are I-Effect
fairly I-Effect
miniscule I-Effect
in I-Effect
PCs I-Effect
, O
as O
the B-Cause
majority I-Cause
of I-Cause
software I-Cause
written I-Cause
for I-Cause
x86 I-Cause
chips I-Cause
will I-Cause
run I-Cause
seamlessly I-Cause
on I-Cause
chips I-Cause
from I-Cause
either I-Cause
supplier I-Cause
( O
though O
there O
are O
some O
exceptions O
such O
as O
high-end O
PC O
video O
games O
that O
may O
run O
better O
on O
Intel O
chips O
) O
. O

That O
scrutiny B-Effect
has I-Effect
escalated I-Effect
as O
large B-Cause
wildfires I-Cause
the I-Cause
last I-Cause
few I-Cause
years I-Cause
have I-Cause
led I-Cause
to I-Cause
property I-Cause
destruction I-Cause
, I-Cause
power I-Cause
outages I-Cause
, I-Cause
and I-Cause
public I-Cause
outcry I-Cause
. O

With O
a B-Cause
broad I-Cause
domestic I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
network I-Cause
, O
we O
think O
Hershey B-Effect
operates I-Effect
with I-Effect
lower I-Effect
unit I-Effect
and I-Effect
distribution I-Effect
costs I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
greater I-Effect
supply I-Effect
chain I-Effect
efficiency I-Effect
and I-Effect
an I-Effect
enhanced I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
brand I-Effect
spending I-Effect
, I-Effect
than I-Effect
smaller I-Effect
peers I-Effect
. O

Capital B-Cause
One I-Cause
has I-Cause
higher I-Cause
exposure I-Cause
to I-Cause
subprime I-Cause
credit I-Cause
card I-Cause
lending I-Cause
and I-Cause
subprime I-Cause
auto I-Cause
lending I-Cause
than O
most O
peers O
, O
and O
as O
a O
result O
, O
we B-Effect
think I-Effect
the I-Effect
bank I-Effect
's I-Effect
charge-offs I-Effect
will I-Effect
be I-Effect
higher I-Effect
than I-Effect
peers I-Effect
. O

The B-Cause
do-it-yourself I-Cause
market I-Cause
in I-Cause
the I-Cause
United I-Cause
Kingdom I-Cause
has I-Cause
been I-Cause
plagued I-Cause
by O
low O
consumer O
confidence O
since O
2016 O
due O
to O
Brexit O
uncertainty O
, O
resulting O
in O
low B-Effect
housing I-Effect
transactions I-Effect
and I-Effect
homeownership I-Effect
rates I-Effect
. O

Due O
to O
lower B-Cause
discounting I-Cause
and I-Cause
inventory I-Cause
control I-Cause
, O
gross B-Effect
margin I-Effect
in I-Effect
the I-Effect
quarter I-Effect
was I-Effect
180 I-Effect
basis I-Effect
points I-Effect
better I-Effect
than I-Effect
we I-Effect
had I-Effect
anticipated I-Effect
( I-Effect
39.0 I-Effect
% I-Effect
versus I-Effect
37.2 I-Effect
% I-Effect
) I-Effect
. O

The B-Effect
recent I-Effect
election I-Effect
of I-Effect
Andres I-Effect
Manuel I-Effect
Lopez I-Effect
Obrador I-Effect
adds I-Effect
additional I-Effect
uncertainty I-Effect
as O
Movil B-Cause
continues I-Cause
to I-Cause
challenge I-Cause
elements I-Cause
of I-Cause
the I-Cause
new I-Cause
regulations I-Cause
in I-Cause
the I-Cause
courts I-Cause
. O

In O
wireless O
, O
we O
think O
the O
biggest O
risk O
is O
that O
Shaw B-Cause
severely I-Cause
undercuts I-Cause
competitors I-Cause
on I-Cause
price I-Cause
and O
hurts O
profits B-Effect
for I-Effect
all I-Effect
the I-Effect
major I-Effect
Canadian I-Effect
carriers I-Effect
, I-Effect
including I-Effect
BCE I-Effect
. O

Additionally O
, O
oil B-Effect
production I-Effect
for I-Effect
Shell I-Effect
has I-Effect
peaked I-Effect
and I-Effect
will I-Effect
fall I-Effect
1 I-Effect
% I-Effect
-2 I-Effect
% I-Effect
per I-Effect
year I-Effect
through O
2030 O
through O
natural B-Cause
decline I-Cause
and I-Cause
divestitures I-Cause
, O
implying O
about O
a O
15 O
% O
total O
reduction O
in O
volumes O
, O
reducing O
the O
impact O
of O
the O
upstream O
segment O
's O
improved O
cost O
position O
and O
incremental O
higher O
returns O
on O
total O
company O
returns O
over O
time O
. O

Admittedly O
, O
the B-Cause
pending I-Cause
acquisition I-Cause
of I-Cause
Grail I-Cause
adds O
some B-Effect
pressure I-Effect
on I-Effect
Illumina I-Effect
to I-Effect
execute I-Effect
on I-Effect
this I-Effect
transaction I-Effect
and I-Effect
keep I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
above I-Effect
capital I-Effect
costs I-Effect
, O
as O
we O
project O
ROICs B-Effect
could I-Effect
decline I-Effect
to I-Effect
the I-Effect
midteens I-Effect
in I-Effect
2022 I-Effect
because O
of O
that B-Cause
transaction I-Cause
. O

We O
expect O
that O
United B-Effect
Airlines I-Effect
will I-Effect
participate I-Effect
in I-Effect
the I-Effect
recovery I-Effect
of I-Effect
business I-Effect
and I-Effect
international I-Effect
leisure I-Effect
travel I-Effect
after O
a B-Cause
vaccine I-Cause
for I-Cause
COVID-19 I-Cause
becomes I-Cause
available I-Cause
. O

However O
, O
like O
other O
large O
brand O
scale O
hotel O
chains O
, O
its O
hotels O
operate O
at O
all O
hours O
and O
days O
of O
the O
year O
, O
using O
energy O
and O
supplies O
, O
which O
if O
not B-Cause
properly I-Cause
managed I-Cause
could O
disinterest B-Effect
some I-Effect
visitation I-Effect
. O

The B-Effect
remaining I-Effect
one I-Effect
third I-Effect
of I-Effect
revenue I-Effect
comes O
from O
nonbanking B-Cause
businesses I-Cause
like O
wealth O
management O
or O
deposit O
service O
fees O
, O
which O
tend O
to O
scale O
well O
and O
are O
less O
tethered O
to O
interest O
rates O
. O

While O
higher B-Cause
pricing I-Cause
is O
necessary O
to O
some O
extent O
to O
offset B-Effect
lower I-Effect
interest I-Effect
rates I-Effect
and I-Effect
a I-Effect
rise I-Effect
in I-Effect
social I-Effect
inflation I-Effect
, O
piricing O
increases O
appear O
to O
be O
more O
than O
offsetting O
these O
factors O
. O

The O
most O
salient O
of O
these O
is O
the B-Effect
firm I-Effect
's I-Effect
obvious I-Effect
lack I-Effect
of I-Effect
portfolio I-Effect
diversification I-Effect
, O
as O
it O
is O
primarily O
leveraged B-Cause
to I-Cause
the I-Cause
energy I-Cause
drink I-Cause
category I-Cause
. O

Relative B-Effect
scale I-Effect
in I-Effect
Mexico I-Effect
creates I-Effect
large I-Effect
economics I-Effect
of I-Effect
scale I-Effect
, O
as O
providing B-Cause
broad I-Cause
, I-Cause
high-quality I-Cause
wireless I-Cause
coverage I-Cause
and I-Cause
marketing I-Cause
services I-Cause
within I-Cause
a I-Cause
particular I-Cause
country I-Cause
requires I-Cause
heavy I-Cause
fixed I-Cause
costs I-Cause
, O
best O
spread O
over O
as O
large O
a O
customer O
base O
as O
possible O
. O

While O
Adidas B-Effect
' I-Effect
athletic I-Effect
footwear I-Effect
market I-Effect
share I-Effect
still O
trails O
Nike O
by O
a O
wide O
margin O
, O
it B-Effect
has I-Effect
gained I-Effect
share O
as O
Nike B-Cause
has I-Cause
not I-Cause
experienced I-Cause
double-digit I-Cause
growth I-Cause
in I-Cause
North I-Cause
America I-Cause
since I-Cause
2015 I-Cause
. O

To O
further O
improve B-Cause
the I-Cause
consumer I-Cause
experience I-Cause
and I-Cause
more I-Cause
tightly I-Cause
tie I-Cause
users I-Cause
to I-Cause
Amazon I-Cause
, O
the B-Effect
company I-Effect
has I-Effect
moved I-Effect
increasingly I-Effect
into I-Effect
content I-Effect
. O

While O
compensation B-Effect
remains I-Effect
the I-Effect
single I-Effect
largest I-Effect
expense I-Effect
for I-Effect
most I-Effect
asset I-Effect
managers I-Effect
, I-Effect
supplier I-Effect
power I-Effect
has I-Effect
been I-Effect
manageable I-Effect
, O
as O
many B-Cause
firms I-Cause
have I-Cause
reduced I-Cause
their I-Cause
reliance I-Cause
on I-Cause
star I-Cause
managers I-Cause
and I-Cause
have I-Cause
tied I-Cause
manager I-Cause
and I-Cause
analyst I-Cause
pay I-Cause
to I-Cause
both I-Cause
portfolio I-Cause
and I-Cause
overall I-Cause
firm I-Cause
performance I-Cause
. O

Competition B-Cause
is O
always O
a B-Effect
risk I-Effect
, O
as O
it O
is O
here O
with O
the O
rise O
of O
next-generation O
process O
automation O
from O
the O
likes O
of O
ServiceNow O
and O
Salesforce O
. O

If O
established B-Cause
competitors I-Cause
or I-Cause
new I-Cause
entrants I-Cause
introduce I-Cause
better I-Cause
products I-Cause
or I-Cause
develop I-Cause
stickier I-Cause
relationships I-Cause
with I-Cause
customers I-Cause
, O
Qiagen B-Effect
may I-Effect
lose I-Effect
testing I-Effect
volumes I-Effect
or I-Effect
pricing I-Effect
power I-Effect
. O

We O
believe O
that O
HP B-Effect
's I-Effect
growth I-Effect
initiatives I-Effect
will I-Effect
expand I-Effect
its I-Effect
market I-Effect
share I-Effect
within I-Effect
the I-Effect
PC I-Effect
and I-Effect
printing I-Effect
industries I-Effect
as O
consolidation B-Cause
occurs I-Cause
, O
but O
we O
expect O
cost B-Cause
competitiveness I-Cause
among I-Cause
the I-Cause
remaining I-Cause
vendors I-Cause
to O
limit B-Effect
potential I-Effect
upside I-Effect
. O

We O
expect O
a B-Effect
flattening I-Effect
, I-Effect
rather I-Effect
than I-Effect
declining I-Effect
, I-Effect
budgetary I-Effect
environment I-Effect
as O
we O
think O
that B-Cause
heightened I-Cause
geopolitical I-Cause
tensions I-Cause
between I-Cause
great I-Cause
powers I-Cause
are I-Cause
likely I-Cause
to I-Cause
buoy I-Cause
spending I-Cause
despite I-Cause
the I-Cause
debt I-Cause
burden I-Cause
. O

Typically O
, O
a B-Cause
firm I-Cause
with I-Cause
such I-Cause
a I-Cause
broad I-Cause
fixed I-Cause
network I-Cause
infrastructure I-Cause
and I-Cause
customer I-Cause
base I-Cause
size I-Cause
would O
be O
able O
to O
generate B-Effect
high I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

Commercial B-Effect
aerospace I-Effect
is I-Effect
in I-Effect
its I-Effect
sharpest I-Effect
downturn I-Effect
ever O
because O
the B-Cause
pandemic I-Cause
has I-Cause
made I-Cause
consumers I-Cause
and I-Cause
businesses I-Cause
less I-Cause
willing I-Cause
to I-Cause
travel I-Cause
. O

We O
forecast O
production B-Effect
to I-Effect
fall I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
, O
given O
the B-Cause
reduction I-Cause
in I-Cause
investment I-Cause
and I-Cause
curtailments I-Cause
in I-Cause
the I-Cause
Lower I-Cause
48 I-Cause
and I-Cause
Canada I-Cause
, O
though O
ConocoPhillips O
ended O
its O
curtailment O
program O
during O
the O
third O
quarter O
of O
2020 O
as O
oil O
prices O
began O
to O
stabilize O
around O
the O
$ O
40/bbl O
point O
. O

In O
an O
effort O
to O
offset O
moderating O
revenue O
growth O
, O
FactSet B-Cause
went I-Cause
on I-Cause
an I-Cause
acquisition I-Cause
spree I-Cause
, I-Cause
spending I-Cause
more I-Cause
than I-Cause
$ I-Cause
560 I-Cause
million I-Cause
in I-Cause
2016 I-Cause
and I-Cause
2017 I-Cause
, O
resulting O
in O
negative B-Effect
tangible I-Effect
book I-Effect
value I-Effect
. O

The B-Cause
company I-Cause
rotates I-Cause
its I-Cause
engineers I-Cause
into I-Cause
the I-Cause
field I-Cause
to O
understand B-Effect
customer I-Effect
and I-Effect
industry I-Effect
issues I-Effect
firsthand I-Effect
to O
make B-Effect
its I-Effect
platforms I-Effect
more I-Effect
valuable I-Effect
while I-Effect
gaining I-Effect
deployment I-Effect
cost I-Effect
efficiencies I-Effect
. O

The O
company O
's O
record O
of O
regular O
product O
innovation O
and O
R O
& O
amp O
; O
D O
through O
the O
cycle O
is O
impressive O
; O
however O
, O
the B-Cause
short I-Cause
operating I-Cause
life I-Cause
of I-Cause
tools I-Cause
coupled I-Cause
with I-Cause
an I-Cause
innovation I-Cause
cycle I-Cause
of I-Cause
around I-Cause
six I-Cause
years I-Cause
provides B-Effect
enough I-Effect
time I-Effect
for I-Effect
competitors I-Effect
to I-Effect
replicate I-Effect
its I-Effect
characteristics I-Effect
once I-Effect
future I-Effect
restocking I-Effect
decisions I-Effect
are I-Effect
required I-Effect
. O

We O
expect O
significant B-Effect
margin I-Effect
pressure I-Effect
in I-Effect
fiscal I-Effect
2021 O
, O
as O
management O
has O
indicated O
that O
it O
will O
not B-Cause
pull I-Cause
back I-Cause
on I-Cause
investing I-Cause
in I-Cause
the I-Cause
business I-Cause
despite I-Cause
near-term I-Cause
headwinds I-Cause
. O

The B-Cause
diminished I-Cause
importance I-Cause
of I-Cause
the I-Cause
politically I-Cause
controlled I-Cause
cajas I-Cause
lead O
to O
increased B-Effect
consolidation I-Effect
in I-Effect
Santander I-Effect
's I-Effect
Spanish I-Effect
home I-Effect
market I-Effect
, O
where O
the O
top O
five O
banks O
now O
control O
66 O
% O
of O
deposits O
. O

Furthermore O
, O
it O
continues B-Cause
to I-Cause
improve I-Cause
recoveries I-Cause
from I-Cause
existing I-Cause
assets I-Cause
while I-Cause
maintaining I-Cause
a I-Cause
deep I-Cause
exploration I-Cause
opportunity I-Cause
set I-Cause
that I-Cause
should I-Cause
allow I-Cause
it I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
existing I-Cause
infrastructure I-Cause
to O
add B-Effect
future I-Effect
volumes I-Effect
at I-Effect
low I-Effect
cost I-Effect
. I-Effect

Because O
of O
the B-Cause
focus I-Cause
on I-Cause
building I-Cause
a I-Cause
portfolio I-Cause
of I-Cause
interest-paying I-Cause
consumer I-Cause
loans I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
highly I-Effect
exposed I-Effect
to I-Effect
the I-Effect
credit I-Effect
and I-Effect
interest-rate I-Effect
cycles I-Effect
. O

Even B-Cause
if I-Cause
Skyworks I-Cause
were I-Cause
to I-Cause
retain I-Cause
its I-Cause
fair I-Cause
share I-Cause
of I-Cause
design I-Cause
wins I-Cause
, I-Cause
Apple I-Cause
, I-Cause
Samsung I-Cause
, I-Cause
and I-Cause
others I-Cause
could I-Cause
wield I-Cause
significant I-Cause
pricing I-Cause
power I-Cause
that O
could O
make B-Effect
these I-Effect
design I-Effect
wins I-Effect
less I-Effect
lucrative I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

In B-Cause
Northern I-Cause
Europe I-Cause
, I-Cause
we I-Cause
anticipate I-Cause
softer I-Cause
growth I-Cause
than I-Cause
Southern I-Cause
Europe I-Cause
as I-Cause
the I-Cause
economic I-Cause
slowdown I-Cause
and I-Cause
increased I-Cause
regulations I-Cause
in I-Cause
Germany I-Cause
will O
be B-Effect
headwinds I-Effect
to I-Effect
near-term I-Effect
growth I-Effect
with I-Effect
revenue I-Effect
slowing I-Effect
by I-Effect
0.4 I-Effect
% I-Effect
. O

Fraud O
is O
a O
key O
issue O
for O
online O
transactions O
, O
and O
we O
think O
combining B-Cause
data I-Cause
from I-Cause
both I-Cause
the I-Cause
merchant I-Cause
and I-Cause
consumer I-Cause
side I-Cause
will O
help O
Global B-Effect
Payments I-Effect
combat I-Effect
fraud I-Effect
, O
and O
move B-Effect
closer I-Effect
to I-Effect
online I-Effect
solutions I-Effect
that I-Effect
resemble I-Effect
the I-Effect
successful I-Effect
PayPal I-Effect
model I-Effect
. O

We O
do O
not O
foresee O
any O
material O
environmental O
, O
social O
, O
or O
governance O
issues O
, O
but O
notable B-Cause
risks I-Cause
include I-Cause
attracting I-Cause
and I-Cause
retaining I-Cause
talent O
, O
which O
could O
demand B-Effect
high I-Effect
remuneration I-Effect
. O

We O
believe O
there B-Cause
is I-Cause
simply I-Cause
too I-Cause
much I-Cause
at I-Cause
stake I-Cause
in I-Cause
financial I-Cause
, I-Cause
operational I-Cause
, I-Cause
and I-Cause
informational I-Cause
terms I-Cause
to O
warrant O
companies B-Effect
switching I-Effect
to I-Effect
competing I-Effect
operating I-Effect
systems I-Effect
. O

We O
are O
impressed O
with O
the B-Cause
company I-Cause
's I-Cause
efforts I-Cause
to I-Cause
build I-Cause
its I-Cause
BellRing I-Cause
Brands I-Cause
business I-Cause
, O
resulting O
in O
attractive B-Effect
market I-Effect
share I-Effect
gains I-Effect
and I-Effect
strength I-Effect
of I-Effect
the I-Effect
Premier I-Effect
Protein I-Effect
brand I-Effect
in I-Effect
the I-Effect
shakes I-Effect
segment I-Effect
. O

Even O
though O
the O
number O
of O
firms O
with O
an O
NRSRO O
designation O
has O
increased O
( O
to O
about O
10 O
) O
since O
the O
introduction O
of O
the O
Credit O
Rating O
Agency O
Reform O
Act O
of O
2006 O
, O
we O
believe O
the B-Cause
network I-Cause
effect I-Cause
has I-Cause
been I-Cause
strong I-Cause
enough I-Cause
to O
result O
in O
limited O
traction B-Effect
of I-Effect
other I-Effect
rating I-Effect
agencies I-Effect
. O

Nonetheless B-Effect
, I-Effect
we I-Effect
expect I-Effect
Smith I-Effect
& I-Effect
amp I-Effect
; I-Effect
Nephew I-Effect
to I-Effect
have I-Effect
relatively I-Effect
greater I-Effect
success I-Effect
in I-Effect
establishing I-Effect
its I-Effect
presence I-Effect
in I-Effect
sports I-Effect
medicine I-Effect
( I-Effect
versus I-Effect
joint I-Effect
reconstruction I-Effect
) I-Effect
because O
these B-Cause
physicians I-Cause
are I-Cause
more I-Cause
eager I-Cause
for I-Cause
innovation I-Cause
, I-Cause
the I-Cause
procedures I-Cause
involve I-Cause
fewer I-Cause
permanent I-Cause
implants I-Cause
, I-Cause
and I-Cause
the I-Cause
durability I-Cause
of I-Cause
any I-Cause
devices I-Cause
is I-Cause
less I-Cause
of I-Cause
a I-Cause
concern I-Cause
. O

Furthermore O
, O
we O
expect O
some B-Effect
lasting I-Effect
benefits I-Effect
from O
the B-Cause
11 I-Cause
million I-Cause
pets I-Cause
that I-Cause
were I-Cause
adopted I-Cause
and I-Cause
1 I-Cause
million I-Cause
coffee I-Cause
and I-Cause
espresso I-Cause
machines I-Cause
that I-Cause
were I-Cause
purchased I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
as O
at-home B-Cause
coffee I-Cause
and I-Cause
pet I-Cause
food I-Cause
accounted I-Cause
for I-Cause
28 I-Cause
% I-Cause
and I-Cause
37 I-Cause
% I-Cause
of I-Cause
Smucker I-Cause
's I-Cause
fiscal I-Cause
2020 I-Cause
sales I-Cause
, I-Cause
respectively I-Cause
. O

However O
, O
we O
expect O
that O
the B-Effect
ratio I-Effect
will I-Effect
eventually I-Effect
decline I-Effect
to I-Effect
58 I-Effect
% I-Effect
as O
rates B-Cause
normalize I-Cause
somewhat I-Cause
in I-Cause
the I-Cause
later I-Cause
years I-Cause
of I-Cause
our I-Cause
model I-Cause
and I-Cause
the I-Cause
bank I-Cause
is I-Cause
able I-Cause
to I-Cause
hold I-Cause
the I-Cause
line I-Cause
on I-Cause
expenses I-Cause
. O

Electric B-Effect
vehicles I-Effect
could I-Effect
remain I-Effect
a I-Effect
niche I-Effect
segment I-Effect
if O
mass B-Cause
market I-Cause
consumers I-Cause
do I-Cause
not I-Cause
adopt I-Cause
the I-Cause
new I-Cause
powertrain I-Cause
technology I-Cause
due I-Cause
to I-Cause
higher I-Cause
costs I-Cause
and I-Cause
worse I-Cause
function I-Cause
( I-Cause
range I-Cause
, I-Cause
recharge I-Cause
time I-Cause
, I-Cause
and I-Cause
availability I-Cause
of I-Cause
charging I-Cause
) I-Cause
. O

After O
a B-Cause
coronavirus-related I-Cause
demand I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
, O
we O
expect O
demand B-Effect
to I-Effect
grow I-Effect
from I-Effect
around I-Effect
288,000 I-Effect
metric I-Effect
tons I-Effect
in I-Effect
2020 I-Effect
to I-Effect
1.9 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
by I-Effect
2030 I-Effect
. O

Short-term B-Effect
tactical I-Effect
shifts I-Effect
from I-Effect
ocean I-Effect
to I-Effect
air I-Effect
during I-Effect
2017 I-Effect
and I-Effect
in I-Effect
late I-Effect
2020 I-Effect
because O
of O
West B-Cause
Coast I-Cause
port I-Cause
disruption I-Cause
, O
are O
examples O
of O
the O
mode O
's O
importance O
. O

By O
investing O
in O
large O
, O
capital-intensive O
projects O
, O
Exxon O
also O
runs O
the O
risk O
that O
commodity B-Cause
prices I-Cause
will I-Cause
decrease I-Cause
dramatically I-Cause
, O
making O
those B-Effect
projects I-Effect
no I-Effect
longer I-Effect
economical I-Effect
. O

Regarding O
switching O
costs O
, O
as O
more B-Cause
Fortune I-Cause
500 I-Cause
accounts I-Cause
seek I-Cause
simplicity I-Cause
along I-Cause
with I-Cause
multichannel I-Cause
marketing I-Cause
strategies I-Cause
, O
we O
believe O
integration B-Effect
must I-Effect
take I-Effect
place I-Effect
not I-Effect
only I-Effect
internally I-Effect
within I-Effect
the I-Effect
ad I-Effect
agency I-Effect
, O
but O
also O
externally O
with O
the O
accounts O
. O

Furthermore O
, O
leases B-Cause
are I-Cause
not I-Cause
fully I-Cause
binding I-Cause
and I-Cause
can I-Cause
be I-Cause
terminated I-Cause
by I-Cause
tenants I-Cause
, I-Cause
with I-Cause
termination I-Cause
income I-Cause
not O
representing O
enough B-Effect
of I-Effect
a I-Effect
financial I-Effect
sum I-Effect
to I-Effect
constitute I-Effect
switching I-Effect
costs I-Effect
. O

We O
think O
its B-Cause
expanding I-Cause
distribution I-Cause
network I-Cause
and I-Cause
product I-Cause
portfolio I-Cause
have O
helped O
Lennox B-Effect
gain I-Effect
market I-Effect
share I-Effect
, O
while O
low-cost B-Cause
manufacturing I-Cause
and I-Cause
product I-Cause
sourcing I-Cause
and I-Cause
more I-Cause
cost-efficient I-Cause
product I-Cause
designs I-Cause
helped O
reduce B-Effect
its I-Effect
cost I-Effect
base I-Effect
. O

In O
our O
view O
, O
the B-Effect
lack I-Effect
of I-Effect
a I-Effect
single I-Effect
, I-Effect
easy-to-use I-Effect
alternative I-Effect
augments I-Effect
the I-Effect
firm I-Effect
's I-Effect
switching I-Effect
costs I-Effect
since O
we O
understand O
most B-Cause
competitors I-Cause
offer I-Cause
multiple I-Cause
applications I-Cause
within I-Cause
a I-Cause
customer I-Cause
's I-Cause
enterprise I-Cause
. O

We O
think O
ST B-Effect
carries I-Effect
some I-Effect
risk I-Effect
associated I-Effect
with O
its O
in-house O
manufacturing O
capacity O
, O
as O
it O
will O
have O
to O
generate B-Cause
enough I-Cause
revenue I-Cause
to I-Cause
both I-Cause
cover I-Cause
the I-Cause
high I-Cause
fixed I-Cause
costs I-Cause
associated I-Cause
with I-Cause
advanced I-Cause
chip I-Cause
manufacturing I-Cause
plants I-Cause
( I-Cause
or I-Cause
fabs I-Cause
) I-Cause
and I-Cause
earn I-Cause
excess I-Cause
returns I-Cause
on I-Cause
capital I-Cause
. I-Cause

In O
Wells B-Cause
Fargo I-Cause
's I-Cause
asset I-Cause
management I-Cause
and I-Cause
wealth I-Cause
management I-Cause
operations I-Cause
, O
while O
scale O
is O
n't O
necessarily O
a O
huge O
advantage O
, O
we O
do O
believe O
these O
segments O
can O
help O
contribute B-Effect
to I-Effect
economies I-Effect
of I-Effect
scope I-Effect
. O

Over B-Cause
the I-Cause
same I-Cause
period I-Cause
, I-Cause
we I-Cause
project I-Cause
average I-Cause
annual I-Cause
operating I-Cause
income I-Cause
growth I-Cause
in I-Cause
the I-Cause
midteens I-Cause
, O
as O
the B-Effect
sales I-Effect
leverage I-Effect
tied I-Effect
to I-Effect
increased I-Effect
comps I-Effect
more I-Effect
than I-Effect
offsets I-Effect
store I-Effect
operations I-Effect
investments I-Effect
, I-Effect
new I-Effect
retail I-Effect
configuration I-Effect
and I-Effect
equipment I-Effect
investments I-Effect
, I-Effect
and I-Effect
technology I-Effect
enhancements I-Effect
. O

We O
expect O
the B-Effect
security I-Effect
business I-Effect
to I-Effect
grow I-Effect
in I-Effect
the I-Effect
high I-Effect
single I-Effect
digits I-Effect
as O
networking B-Cause
security I-Cause
remains I-Cause
a I-Cause
top I-Cause
priority I-Cause
for I-Cause
businesses I-Cause
and O
the B-Effect
services I-Effect
business I-Effect
to I-Effect
grow I-Effect
by I-Effect
low I-Effect
single I-Effect
digits I-Effect
as O
Cisco B-Cause
customers I-Cause
request I-Cause
more I-Cause
support I-Cause
in I-Cause
optimizing I-Cause
their I-Cause
hybrid I-Cause
cloud I-Cause
and I-Cause
software-defined I-Cause
networks I-Cause
. O

However O
, O
we O
believe O
Uniti B-Effect
will I-Effect
increasingly I-Effect
focus I-Effect
on I-Effect
being I-Effect
able I-Effect
to I-Effect
further I-Effect
lease I-Effect
some I-Effect
of I-Effect
the I-Effect
fiber I-Effect
it I-Effect
receives I-Effect
in I-Effect
these I-Effect
transactions I-Effect
, O
and O
these B-Effect
can I-Effect
add I-Effect
value I-Effect
, O
as O
they B-Cause
often I-Cause
come I-Cause
with I-Cause
minimal I-Cause
incremental I-Cause
costs I-Cause
. O

We B-Effect
model I-Effect
HDFS I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
around I-Effect
6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
as B-Cause
we I-Cause
expect I-Cause
loans I-Cause
to I-Cause
grow I-Cause
with I-Cause
domestic I-Cause
demand I-Cause
( I-Cause
after I-Cause
shrinking I-Cause
by I-Cause
26 I-Cause
% I-Cause
in I-Cause
2020 I-Cause
) I-Cause
. I-Cause

While O
brokerage O
and O
principal O
investing O
are O
competitive O
businesses O
, O
Goldman O
Sachs O
is O
arguably O
the O
best O
in O
the O
business O
, O
with O
a B-Effect
history I-Effect
of I-Effect
strong I-Effect
growth I-Effect
and I-Effect
returns I-Effect
partially O
attributable O
to O
its B-Cause
informational I-Cause
advantages I-Cause
, I-Cause
technology I-Cause
infrastructure I-Cause
, I-Cause
and I-Cause
risk I-Cause
management I-Cause
. O

We B-Effect
also I-Effect
expect I-Effect
one I-Effect
more I-Effect
year I-Effect
of I-Effect
pressure I-Effect
from O
the B-Cause
transition I-Cause
away I-Cause
from I-Cause
older I-Cause
fixed-line I-Cause
broadband I-Cause
technology I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
FTTP I-Cause
network I-Cause
. O

The O
firm O
will O
face O
some O
cost O
inflation O
this O
year O
, O
but O
expect O
PSR B-Cause
initiatives I-Cause
to O
drive O
further B-Effect
OR I-Effect
improvement I-Effect
to I-Effect
55.6 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
additional I-Effect
gains I-Effect
to I-Effect
roughly I-Effect
55.4 I-Effect
% I-Effect
in I-Effect
2022 I-Effect
. O

We O
anticipate O
FactSet B-Cause
will I-Cause
continue I-Cause
making I-Cause
acquisitions I-Cause
to O
increase B-Effect
the I-Effect
breadth I-Effect
of I-Effect
its I-Effect
IP I-Effect
while O
purchasing O
ancillary O
products O
that O
it O
can O
cross-sell O
to O
its O
base O
of O
over O
133,000 O
users O
. O

However O
, O
as B-Cause
the I-Cause
hotel I-Cause
starts I-Cause
to I-Cause
consistently I-Cause
fill I-Cause
up I-Cause
the I-Cause
hotel I-Cause
should I-Cause
start I-Cause
to I-Cause
be I-Cause
able I-Cause
to I-Cause
raise I-Cause
rates I-Cause
, I-Cause
especially I-Cause
on I-Cause
the I-Cause
last I-Cause
few I-Cause
customers I-Cause
that I-Cause
book I-Cause
a I-Cause
room I-Cause
that I-Cause
pushes I-Cause
occupancy I-Cause
toward I-Cause
100 I-Cause
% I-Cause
for I-Cause
a I-Cause
given I-Cause
night. O
Thus O
, O
we O
should O
see O
RevPAR B-Effect
growth I-Effect
driven I-Effect
by I-Effect
occupancy I-Effect
growth I-Effect
early I-Effect
in I-Effect
the I-Effect
cycle I-Effect
that I-Effect
gives I-Effect
way I-Effect
to I-Effect
RevPAR I-Effect
growth I-Effect
driven I-Effect
by I-Effect
rate I-Effect
growth I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
the I-Effect
cycle I-Effect
. O

In O
the O
stronger O
parts O
of O
the O
cycle O
, O
the B-Cause
firm I-Cause
's I-Cause
employees I-Cause
share I-Cause
in I-Cause
the I-Cause
upside I-Cause
, O
essentially O
capping O
margin B-Effect
expansion I-Effect
potential I-Effect
and I-Effect
ROIC I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

Guidewire O
is O
a O
relatively O
small O
company O
competing O
in O
an O
industry O
with O
only O
1,500 O
potential O
customers O
, O
so O
the O
number O
of O
new O
deals O
won O
in O
any O
given O
quarter O
matters O
a O
great O
deal O
, O
and O
any B-Cause
unexpected I-Cause
deal I-Cause
won I-Cause
or I-Cause
lost I-Cause
can O
swing B-Effect
results I-Effect
materially I-Effect
from I-Effect
one I-Effect
quarter I-Effect
to I-Effect
the I-Effect
next I-Effect
. O

Overall O
, O
we O
expect O
the B-Cause
shifting I-Cause
mix I-Cause
to I-Cause
cloud I-Cause
should O
drive O
operating O
leverage O
such O
that O
operating B-Effect
margins I-Effect
expand I-Effect
to O
40 O
% O
in O
fiscal O
2026 O
from O
39 O
% O
in O
fiscal O
2021 O
. O

Greater B-Cause
memory I-Cause
density I-Cause
on I-Cause
a I-Cause
single I-Cause
chip I-Cause
also I-Cause
reduces I-Cause
the I-Cause
amount I-Cause
of I-Cause
chips I-Cause
needed I-Cause
in I-Cause
an I-Cause
end I-Cause
application I-Cause
, O
which O
reduces B-Effect
the I-Effect
overall I-Effect
cost I-Effect
per I-Effect
gigabyte I-Effect
of I-Effect
storage I-Effect
in I-Effect
an I-Effect
end I-Effect
system I-Effect
. O

Overall O
, O
the B-Effect
company I-Effect
looks I-Effect
well I-Effect
positioned I-Effect
for I-Effect
growth I-Effect
with O
the B-Cause
recently I-Cause
launched I-Cause
cancer I-Cause
drugs I-Cause
carrying I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
that I-Cause
should I-Cause
have I-Cause
an I-Cause
amplified I-Cause
impact I-Cause
on I-Cause
the I-Cause
bottom I-Cause
line I-Cause
. O

Overall B-Effect
revenue I-Effect
is I-Effect
anticipated I-Effect
to I-Effect
be I-Effect
slightly I-Effect
pressured I-Effect
as O
the B-Cause
launches I-Cause
of I-Cause
generic I-Cause
Advair I-Cause
, I-Cause
Wixela I-Cause
, I-Cause
generic I-Cause
Copaxone I-Cause
, I-Cause
and I-Cause
biosimilars I-Cause
partially I-Cause
offset I-Cause
declines I-Cause
in I-Cause
maturing I-Cause
generics I-Cause
including I-Cause
Upjohn I-Cause
. O

Our B-Effect
10-year I-Effect
forecast I-Effect
sees I-Effect
an I-Effect
average I-Effect
adjusted I-Effect
ROIC I-Effect
of I-Effect
22.5 I-Effect
% I-Effect
, I-Effect
with I-Effect
our I-Effect
2030 I-Effect
projection I-Effect
of I-Effect
25.3 I-Effect
% I-Effect
slightly I-Effect
higher I-Effect
than I-Effect
the I-Effect
firm I-Effect
's I-Effect
pre-pandemic I-Effect
average I-Effect
primarily O
due O
to O
positive B-Cause
operating I-Cause
leverage I-Cause
and I-Cause
refranchising I-Cause
. O

The O
main O
barrier O
to O
new B-Effect
entrants I-Effect
replicating I-Effect
a I-Effect
metasearch I-Effect
platform I-Effect
is O
having B-Cause
the I-Cause
customer I-Cause
traffic I-Cause
to I-Cause
attract I-Cause
hoteliers I-Cause
and I-Cause
OTAs I-Cause
to I-Cause
share I-Cause
their I-Cause
content I-Cause
. O

In O
turn O
, O
advertisers B-Cause
may I-Cause
see I-Cause
a I-Cause
lower I-Cause
ROI I-Cause
on I-Cause
such I-Cause
ads I-Cause
and O
, O
similarly O
, O
may O
run B-Effect
fewer I-Effect
ads I-Effect
through I-Effect
Criteo I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

While O
we O
ultimately O
believe O
management O
will O
regain O
a O
hunger O
for O
acquisitions O
once O
the O
Quest O
tie-up O
has O
been O
integrated O
, O
we O
do O
n't O
model B-Effect
unannounced I-Effect
deals I-Effect
in I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, O
given O
the B-Cause
uncertain I-Cause
timing I-Cause
and I-Cause
magnitude I-Cause
. O

We O
see O
ADI B-Effect
continuing I-Effect
to I-Effect
benefit I-Effect
from I-Effect
increased I-Effect
electronics I-Effect
content I-Effect
in I-Effect
automotive I-Effect
and I-Effect
industrial I-Effect
products I-Effect
, O
while O
also O
benefiting O
from O
near-term B-Cause
tailwinds I-Cause
associated I-Cause
with I-Cause
5G I-Cause
wireless I-Cause
infrastructure I-Cause
buildouts I-Cause
. O

With O
vendors B-Cause
looking I-Cause
to I-Cause
avoid I-Cause
the I-Cause
stigma I-Cause
of I-Cause
a I-Cause
visible I-Cause
discount I-Cause
presence I-Cause
( I-Cause
which I-Cause
can I-Cause
diminish I-Cause
their I-Cause
pricing I-Cause
power I-Cause
in I-Cause
the I-Cause
full-price I-Cause
channel I-Cause
) I-Cause
, O
we B-Effect
anticipate I-Effect
it I-Effect
will I-Effect
remain I-Effect
difficult I-Effect
to I-Effect
digitize I-Effect
the I-Effect
treasure-hunt I-Effect
. O

The B-Cause
success I-Cause
of I-Cause
ongoing I-Cause
initiatives I-Cause
should O
set B-Effect
the I-Effect
operating I-Effect
margin I-Effect
back I-Effect
on I-Effect
a I-Effect
improving I-Effect
trajectory I-Effect
in I-Effect
2021 I-Effect
, O
with O
investments O
winding O
down O
. O

In O
2020 O
, O
the O
coronavirus B-Cause
pandemic I-Cause
caused O
another O
oil B-Effect
price I-Effect
crash I-Effect
, O
which O
we O
estimate O
will O
result O
in O
negative O
cumulative O
economic O
profit O
during O
the O
next O
five O
years O
even O
as O
we O
continue O
to O
assume O
oil O
prices O
recover O
to O
$ O
60/bbl O
and O
that O
the O
improvement O
in O
Shell O
's O
cost O
structure O
holds O
. O

At O
that O
point O
, O
states O
in O
the O
West O
and O
Northwest O
would O
likely O
be B-Effect
able I-Effect
to I-Effect
cultivate I-Effect
at O
a O
lower B-Cause
cost I-Cause
through I-Cause
outdoor I-Cause
operations I-Cause
versus I-Cause
states I-Cause
that O
need O
to O
use O
higher-cost O
greenhouse O
or O
indoor O
cultivation O
methods O
due O
to O
their O
climates O
. O

We O
think O
a B-Cause
continuing I-Cause
federal I-Cause
corruption I-Cause
probe I-Cause
and I-Cause
COVID-19 I-Cause
economic I-Cause
headwinds I-Cause
will O
make O
it B-Effect
politically I-Effect
difficult I-Effect
to I-Effect
win I-Effect
additional I-Effect
subsidies I-Effect
. O

Furthermore O
, O
we O
think O
new B-Cause
emission I-Cause
regulation I-Cause
will I-Cause
likely I-Cause
be I-Cause
introduced I-Cause
gradually I-Cause
over I-Cause
the I-Cause
next I-Cause
decade. O
This O
will O
give B-Effect
Paccar I-Effect
time I-Effect
to I-Effect
continue I-Effect
evolving I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
its I-Effect
products I-Effect
and I-Effect
reducing I-Effect
its I-Effect
impact I-Effect
on I-Effect
the I-Effect
environment I-Effect
. O

This B-Cause
market I-Cause
structure I-Cause
has O
enabled O
Sky B-Effect
to I-Effect
offer I-Effect
multiple I-Effect
telecom I-Effect
services I-Effect
to I-Effect
its I-Effect
customers I-Effect
, I-Effect
eliminating I-Effect
any I-Effect
bundling I-Effect
disadvantage I-Effect
it I-Effect
may I-Effect
have I-Effect
faced I-Effect
. O

While O
the O
value/volume O
profile O
of O
certain O
snacks O
can O
make O
distribution O
less O
economically O
desirable O
, O
Pepsi B-Effect
is I-Effect
able I-Effect
to I-Effect
increase I-Effect
its I-Effect
distribution I-Effect
route I-Effect
density I-Effect
by O
filling B-Cause
trucks I-Cause
with I-Cause
both I-Cause
beverage I-Cause
and I-Cause
snack I-Cause
stock-keeping I-Cause
units I-Cause
, O
leading O
to O
economies B-Effect
of I-Effect
scope I-Effect
as O
the B-Cause
firm I-Cause
spreads I-Cause
distribution I-Cause
costs I-Cause
across I-Cause
a I-Cause
greater I-Cause
number I-Cause
of I-Cause
products I-Cause
. O

In O
our O
view O
, O
Campbell B-Cause
has I-Cause
a I-Cause
wide I-Cause
economic I-Cause
moat I-Cause
resulting I-Cause
from I-Cause
brand I-Cause
intangible I-Cause
assets I-Cause
and I-Cause
a I-Cause
cost I-Cause
advantage. O
As O
such O
, O
we O
expect O
the B-Effect
firm I-Effect
's I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
remain I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
( I-Effect
even I-Effect
under I-Effect
a I-Effect
more I-Effect
bearish I-Effect
outlook I-Effect
) I-Effect
over I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

Non-pandemic B-Cause
procedure I-Cause
volume I-Cause
has I-Cause
been I-Cause
returning I-Cause
through I-Cause
May I-Cause
and I-Cause
June I-Cause
, O
making O
for O
a B-Effect
relatively I-Effect
short I-Effect
downturn I-Effect
, O
which O
is O
mirrored O
in O
the O
resumption O
of O
related O
diagnostic O
tests O
. O

Although O
we O
view O
regulatory O
relationships O
as O
mostly O
constructive O
, O
it B-Cause
's I-Cause
always I-Cause
possible I-Cause
that I-Cause
regulators I-Cause
could I-Cause
reverse I-Cause
their I-Cause
stance I-Cause
and O
jeopardize B-Effect
Avangrid I-Effect
's I-Effect
ability I-Effect
to I-Effect
deploy I-Effect
capital I-Effect
at I-Effect
attractive I-Effect
rates I-Effect
of I-Effect
return I-Effect
. O

Zscaler O
wagered O
heavily O
on O
the B-Cause
secular I-Cause
trend I-Cause
of I-Cause
cloud I-Cause
computing I-Cause
and O
the O
ways O
in O
which O
this O
shift O
would O
upend B-Effect
the I-Effect
previous I-Effect
paradigms I-Effect
of I-Effect
network I-Effect
and I-Effect
application I-Effect
security I-Effect
. O

While B-Cause
the I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
are I-Cause
not I-Cause
significant I-Cause
for I-Cause
the I-Cause
industry I-Cause
, I-Cause
the I-Cause
barriers I-Cause
to I-Cause
success I-Cause
are I-Cause
extremely I-Cause
high I-Cause
-- I-Cause
as I-Cause
it I-Cause
takes I-Cause
time I-Cause
and I-Cause
skill I-Cause
to I-Cause
not I-Cause
only I-Cause
put I-Cause
together I-Cause
a I-Cause
long I-Cause
enough I-Cause
track I-Cause
record I-Cause
of I-Cause
investment I-Cause
performance I-Cause
to I-Cause
start I-Cause
gathering I-Cause
assets I-Cause
but I-Cause
to I-Cause
build I-Cause
the I-Cause
scale I-Cause
necessary I-Cause
to I-Cause
be I-Cause
competitive. O
This O
has O
meant O
that O
the B-Effect
larger I-Effect
, I-Effect
more I-Effect
established I-Effect
asset I-Effect
managers I-Effect
in I-Effect
the I-Effect
industry I-Effect
have I-Effect
tended I-Effect
to I-Effect
have I-Effect
an I-Effect
advantage I-Effect
over I-Effect
smaller I-Effect
players I-Effect
, I-Effect
especially I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
gaining I-Effect
cost-effective I-Effect
access I-Effect
to I-Effect
distribution I-Effect
platforms I-Effect
. O

The B-Cause
all-stock I-Cause
nature I-Cause
of I-Cause
the I-Cause
deal I-Cause
leaves O
Global B-Cause
Payments I-Cause
with I-Cause
modest I-Cause
leverage I-Cause
and I-Cause
more I-Cause
flexibility I-Cause
to O
potentially B-Effect
pursue I-Effect
software I-Effect
acquisitions I-Effect
and I-Effect
strengthen I-Effect
its I-Effect
portfolio I-Effect
of I-Effect
owned I-Effect
business I-Effect
software I-Effect
in I-Effect
key I-Effect
industry I-Effect
verticals I-Effect
. O

With O
the O
front O
end O
of O
the O
millennial O
cohort O
just O
entering O
the O
company O
's O
targeted O
age O
range O
, O
we O
believe O
demographic B-Cause
tailwinds I-Cause
exist O
that O
will O
drive O
further O
top-line B-Effect
gains I-Effect
. O

Wine/spirits B-Effect
will I-Effect
be I-Effect
more I-Effect
of I-Effect
a I-Effect
mixed I-Effect
bag I-Effect
, O
as O
the B-Cause
firm I-Cause
seeks I-Cause
to I-Cause
realign I-Cause
its I-Cause
portfolio I-Cause
following I-Cause
the I-Cause
recent I-Cause
divestiture I-Cause
of I-Cause
underperforming I-Cause
brands I-Cause
to I-Cause
E I-Cause
& I-Cause
J I-Cause
Gallo I-Cause
. O

We O
also O
expect O
coronavirus-related B-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
will O
have B-Effect
a I-Effect
lasting I-Effect
impact I-Effect
on I-Effect
the I-Effect
industry I-Effect
while I-Effect
also I-Effect
driving I-Effect
near-term I-Effect
operating I-Effect
volatility I-Effect
. O

While O
Nordstrom O
chose O
to O
close O
16 O
of O
its O
stores O
in O
2020 O
, O
we O
think O
it B-Effect
is I-Effect
in I-Effect
better I-Effect
shape I-Effect
than I-Effect
some I-Effect
mall I-Effect
retailers I-Effect
as O
95 B-Cause
% I-Cause
of I-Cause
its I-Cause
full-price I-Cause
stores I-Cause
are I-Cause
in I-Cause
Class I-Cause
A I-Cause
( I-Cause
greater I-Cause
than I-Cause
$ I-Cause
500 I-Cause
sales I-Cause
per I-Cause
square I-Cause
foot I-Cause
) I-Cause
malls I-Cause
. O

Though O
the B-Effect
COVID-19 I-Effect
crisis I-Effect
has I-Effect
caused I-Effect
a I-Effect
significant I-Effect
decline I-Effect
in I-Effect
profitability I-Effect
as O
procedure B-Cause
volume I-Cause
has I-Cause
fallen I-Cause
, O
we O
expect O
its O
operating O
margin O
should O
regain O
some O
ground O
by O
fiscal O
2022 O
. O

Most B-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
peers I-Cause
, I-Cause
including I-Cause
Polaris I-Cause
' I-Cause
Indian I-Cause
brand I-Cause
and I-Cause
BRP I-Cause
's I-Cause
Spyder/Ryker I-Cause
motorcycles I-Cause
, I-Cause
currently I-Cause
share I-Cause
floor I-Cause
space I-Cause
with I-Cause
other I-Cause
powersports I-Cause
peers I-Cause
, I-Cause
and I-Cause
would I-Cause
have I-Cause
to I-Cause
build I-Cause
an I-Cause
independent I-Cause
dealer I-Cause
base I-Cause
that I-Cause
sells I-Cause
only I-Cause
its I-Cause
own I-Cause
products I-Cause
from I-Cause
scratch. O
This O
would O
force B-Effect
the I-Effect
competing I-Effect
brand I-Effect
to I-Effect
find I-Effect
willing I-Effect
participants I-Effect
that I-Effect
agree I-Effect
to I-Effect
sell I-Effect
just I-Effect
one I-Effect
brand I-Effect
, I-Effect
forgoing I-Effect
flexibility I-Effect
to I-Effect
sell I-Effect
the I-Effect
most I-Effect
popular I-Effect
products I-Effect
at I-Effect
certain I-Effect
times I-Effect
depending I-Effect
on I-Effect
product I-Effect
launches I-Effect
, I-Effect
something I-Effect
we I-Effect
think I-Effect
is I-Effect
unlikely I-Effect
. O

Light O
jets O
remain O
a O
material O
component O
of O
aviation O
revenue O
, O
so O
the O
company B-Effect
's I-Effect
success I-Effect
in I-Effect
this I-Effect
segment I-Effect
depends O
on O
both B-Cause
defending I-Cause
share I-Cause
in I-Cause
an I-Cause
increasingly I-Cause
competitive I-Cause
light I-Cause
jet I-Cause
market I-Cause
and I-Cause
transitioning I-Cause
its I-Cause
focus I-Cause
to I-Cause
higher-value I-Cause
products I-Cause
. O

HollyFrontier B-Cause
does I-Cause
not I-Cause
export I-Cause
products I-Cause
to I-Cause
foreign I-Cause
markets I-Cause
, I-Cause
but I-Cause
should I-Cause
benefit I-Cause
from I-Cause
continued I-Cause
Gulf I-Cause
Coast I-Cause
exports I-Cause
, O
which O
will O
prevent B-Effect
supply I-Effect
from I-Effect
moving I-Effect
inland I-Effect
. O

Tenneco B-Cause
's I-Cause
consistent I-Cause
technology I-Cause
innovation I-Cause
and I-Cause
ability I-Cause
to I-Cause
find I-Cause
alternative I-Cause
vehicular I-Cause
applications I-Cause
enable O
more B-Cause
favorable I-Cause
pricing I-Cause
relative I-Cause
to I-Cause
many I-Cause
automotive I-Cause
industry I-Cause
suppliers I-Cause
, O
increasing B-Effect
the I-Effect
company I-Effect
's I-Effect
dollar I-Effect
content I-Effect
per I-Effect
vehicle I-Effect
. O

Patterson B-Cause
could I-Cause
achieve I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
through I-Cause
superior I-Cause
operational I-Cause
efficiency I-Cause
, I-Cause
but I-Cause
drillers I-Cause
typically I-Cause
outsource I-Cause
larger I-Cause
rig I-Cause
components鈥攕uch I-Cause
as I-Cause
engines I-Cause
, I-Cause
generators I-Cause
, I-Cause
and I-Cause
top I-Cause
drives鈥攆rom I-Cause
third-party I-Cause
providers I-Cause
, O
so O
potentially B-Effect
performance-enhancing I-Effect
inputs I-Effect
typically I-Effect
disseminate I-Effect
across I-Effect
the I-Effect
industry I-Effect
rather I-Effect
quickly I-Effect
. O

With O
offices O
in O
more O
than O
30 O
countries O
, O
on-the-ground B-Cause
investment I-Cause
research I-Cause
, I-Cause
and I-Cause
trading I-Cause
desks I-Cause
in I-Cause
many I-Cause
of I-Cause
these I-Cause
locations I-Cause
, O
Franklin O
has O
been O
able O
to O
offer B-Effect
both I-Effect
global I-Effect
perspective I-Effect
and I-Effect
local I-Effect
expertise I-Effect
to I-Effect
its I-Effect
clients I-Effect
. O

New B-Effect
entrants I-Effect
directly I-Effect
challenge I-Effect
margins I-Effect
in I-Effect
aviation I-Effect
by O
taking B-Cause
unit I-Cause
sales I-Cause
and O
preventing B-Cause
learning-curve-based I-Cause
margin I-Cause
expansion I-Cause
as O
well O
as O
providing B-Cause
direct I-Cause
price I-Cause
competition I-Cause
. O

Therefore O
, O
we O
view O
distributor B-Cause
relationships I-Cause
, I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
influence I-Cause
routes I-Cause
, I-Cause
SKU I-Cause
assortment I-Cause
, I-Cause
and I-Cause
product I-Cause
ramp I-Cause
timing I-Cause
, O
as O
crucial B-Effect
sources I-Effect
of I-Effect
competitive I-Effect
advantage I-Effect
. O

All O
else O
equal O
, O
this O
allows O
for O
lower B-Effect
material I-Effect
costs I-Effect
relative I-Effect
to I-Effect
most I-Effect
other I-Effect
purveyors I-Effect
of I-Effect
packaged I-Effect
water I-Effect
, O
as O
the B-Cause
cost I-Cause
of I-Cause
the I-Cause
plastic I-Cause
can I-Cause
be I-Cause
absorbed I-Cause
over I-Cause
a I-Cause
number I-Cause
of I-Cause
recurring I-Cause
sales I-Cause
. O

The O
sector O
has O
held O
up O
well O
during O
the O
pandemic O
thus O
far O
( O
consistent O
with O
past O
downturns O
) O
, O
with B-Effect
a I-Effect
surge I-Effect
in I-Effect
DIY I-Effect
sales I-Effect
as O
customers B-Cause
look I-Cause
to I-Cause
save I-Cause
on I-Cause
repair I-Cause
costs I-Cause
and I-Cause
as I-Cause
many I-Cause
motorists I-Cause
remaining I-Cause
on I-Cause
the I-Cause
job I-Cause
through I-Cause
lockdowns I-Cause
are I-Cause
lower-income I-Cause
individuals I-Cause
, O
the O
core O
of O
the O
DIY O
segment O
. O

We O
think B-Cause
highly I-Cause
of I-Cause
CarMax I-Cause
's I-Cause
management I-Cause
and I-Cause
business I-Cause
model I-Cause
so O
we O
consider O
macroeconomic B-Effect
variables I-Effect
as I-Effect
the I-Effect
highest I-Effect
risk I-Effect
for I-Effect
the I-Effect
firm I-Effect
rather O
than O
company-specific O
risk O
factors O
. O

However O
, O
due O
to O
COVID-19 B-Cause
and O
the B-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and O
the B-Cause
potential I-Cause
downside I-Cause
, O
we O
are O
currently O
assigning B-Effect
Truist I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

In B-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
it I-Effect
has I-Effect
exported I-Effect
around I-Effect
13 I-Effect
% I-Effect
of I-Effect
its I-Effect
production I-Effect
, I-Effect
but I-Effect
that I-Effect
figure I-Effect
is I-Effect
likely I-Effect
to I-Effect
grow I-Effect
over I-Effect
time I-Effect
as O
the B-Cause
foreign I-Cause
market I-Cause
call I-Cause
on I-Cause
U.S I-Cause
. I-Cause

For O
the O
full O
year O
, O
we B-Cause
have I-Cause
lifted I-Cause
our I-Cause
gross I-Cause
margin I-Cause
forecast I-Cause
to I-Cause
34.5 I-Cause
% I-Cause
from I-Cause
34.0 I-Cause
% I-Cause
, O
leading O
to O
an B-Effect
adjusted I-Effect
EPS I-Effect
forecast I-Effect
that I-Effect
improves I-Effect
to I-Effect
a I-Effect
loss I-Effect
of I-Effect
$ I-Effect
2.74 I-Effect
from I-Effect
our I-Effect
prior I-Effect
view I-Effect
of I-Effect
a I-Effect
loss I-Effect
of I-Effect
$ I-Effect
3.22 I-Effect
. O

After O
stringing B-Cause
together I-Cause
decent I-Cause
growth I-Cause
in I-Cause
the I-Cause
early I-Cause
2010s I-Cause
, O
inventory B-Effect
clearance I-Effect
and I-Effect
stock-keeping I-Effect
unit I-Effect
creep I-Effect
of I-Effect
lower-productivity I-Effect
brands I-Effect
hurt I-Effect
Mattel I-Effect
's I-Effect
performance I-Effect
throughout I-Effect
2014-18 I-Effect
. O

Polaris B-Cause
is I-Cause
still I-Cause
more I-Cause
seasonally I-Cause
and I-Cause
end-user I-Cause
diversified I-Cause
( O
it O
sells O
electric O
vehicles O
, O
military O
products O
, O
motorcycles O
, O
work O
vehicles O
and O
more O
) O
, O
so O
we O
think O
BRP B-Effect
's I-Effect
normalized I-Effect
operating I-Effect
margins I-Effect
could I-Effect
be I-Effect
intermittently I-Effect
volatile I-Effect
. O

Overall O
, O
we O
think O
Master B-Cause
Lock I-Cause
enjoys I-Cause
strong I-Cause
and I-Cause
steadfast I-Cause
brand I-Cause
recognition I-Cause
as O
a B-Cause
high-quality I-Cause
, I-Cause
dependable I-Cause
product I-Cause
, O
which O
has O
resulted O
in O
superior B-Effect
shelf I-Effect
space I-Effect
, I-Effect
stock-keeping I-Effect
unit I-Effect
assortment I-Effect
, I-Effect
and I-Effect
pricing I-Effect
. O

We O
expect O
growth B-Effect
will I-Effect
remain I-Effect
strong I-Effect
beyond I-Effect
2021 I-Effect
, O
averaging B-Cause
5 I-Cause
% I-Cause
annually I-Cause
on I-Cause
stable I-Cause
wireless I-Cause
customer I-Cause
growth I-Cause
, I-Cause
gradually I-Cause
increasing I-Cause
revenue I-Cause
per I-Cause
wireless I-Cause
customer I-Cause
, I-Cause
and I-Cause
high-single-digit I-Cause
growth I-Cause
in I-Cause
the I-Cause
cable I-Cause
business I-Cause
. O

As O
the B-Cause
company I-Cause
's I-Cause
revenue I-Cause
is I-Cause
directly I-Cause
tied I-Cause
to I-Cause
revenue I-Cause
at I-Cause
its I-Cause
merchant I-Cause
customers I-Cause
, O
Fiserv B-Effect
's I-Effect
acquiring I-Effect
operations I-Effect
are I-Effect
sensitive I-Effect
to I-Effect
macroeconomic I-Effect
conditions I-Effect
, O
and O
merchants O
could O
fail O
in O
large O
numbers O
if O
the O
pandemic O
drags O
on O
. O

This O
works O
for O
customers O
because O
PMAs B-Cause
destroy I-Cause
resale I-Cause
value I-Cause
, O
so O
airlines B-Effect
tend I-Effect
to I-Effect
seek I-Effect
to I-Effect
maintain I-Effect
resale I-Effect
value I-Effect
on I-Effect
younger I-Effect
aircraft I-Effect
by I-Effect
shopping I-Effect
with I-Effect
OEMs I-Effect
when I-Effect
the I-Effect
resale I-Effect
value I-Effect
is I-Effect
more I-Effect
important I-Effect
and I-Effect
switching I-Effect
to I-Effect
PMAs I-Effect
when I-Effect
maintenance I-Effect
costs I-Effect
become I-Effect
more I-Effect
important I-Effect
on I-Effect
older I-Effect
aircraft I-Effect
. O

An B-Effect
end I-Effect
customer I-Effect
would I-Effect
face I-Effect
prohibitively I-Effect
high I-Effect
switching I-Effect
costs I-Effect
if O
it B-Cause
wanted I-Cause
to I-Cause
prematurely I-Cause
end I-Cause
its I-Cause
contract I-Cause
with I-Cause
Littelfuse I-Cause
mid-product I-Cause
cycle I-Cause
. O

With O
strong B-Cause
sales I-Cause
bookings I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
First B-Effect
Solar I-Effect
must I-Effect
decide I-Effect
how I-Effect
much I-Effect
and I-Effect
how I-Effect
fast I-Effect
it I-Effect
wants I-Effect
to I-Effect
expand I-Effect
production I-Effect
. O

These B-Cause
retailers I-Cause
are I-Cause
looking I-Cause
to I-Cause
put I-Cause
their I-Cause
new I-Cause
stores I-Cause
in I-Cause
the I-Cause
top I-Cause
retail I-Cause
locations I-Cause
, O
providing O
additional B-Effect
demand I-Effect
for I-Effect
space I-Effect
in I-Effect
the I-Effect
top I-Effect
malls I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
. O

While O
the O
COVID-19 O
crisis O
has O
adversely O
impacted O
VF O
's O
operations O
, O
its B-Effect
sales I-Effect
and I-Effect
earnings I-Effect
in I-Effect
its I-Effect
second I-Effect
quarter I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
surpassed I-Effect
our I-Effect
estimates I-Effect
as O
owned B-Cause
e-commerce I-Cause
and I-Cause
greater I-Cause
China I-Cause
sales I-Cause
grew I-Cause
44 I-Cause
% I-Cause
and I-Cause
16 I-Cause
% I-Cause
, I-Cause
respectively I-Cause
. O

Portland B-Cause
General I-Cause
's I-Cause
$ I-Cause
130 I-Cause
million I-Cause
settlement I-Cause
in I-Cause
July I-Cause
2018 I-Cause
, I-Cause
related I-Cause
to I-Cause
contract I-Cause
disputes I-Cause
with I-Cause
the I-Cause
Carty I-Cause
power I-Cause
plant I-Cause
, O
alleviates B-Effect
an I-Effect
overhang I-Effect
on I-Effect
the I-Effect
stock I-Effect
and I-Effect
a I-Effect
drag I-Effect
on I-Effect
earnings I-Effect
. O

In O
fact O
, O
during O
a O
downturn O
in O
new-vehicle O
sales O
, O
dealers B-Effect
generally I-Effect
report I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
due O
to O
a B-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
, O
but O
then O
report O
lower O
operating O
margins O
because O
of O
SG O
& O
amp O
; O
A O
deleveraging O
. O

In O
addition O
, O
without B-Effect
Weixin/WeChat I-Effect
ID I-Effect
and I-Effect
QQ I-Effect
ID I-Effect
, I-Effect
users I-Effect
may I-Effect
need I-Effect
to I-Effect
spend I-Effect
more I-Effect
time I-Effect
registering I-Effect
on I-Effect
a I-Effect
new I-Effect
Internet I-Effect
service I-Effect
or I-Effect
a I-Effect
new I-Effect
mobile I-Effect
app I-Effect
, O
as O
many B-Cause
sites I-Cause
and I-Cause
apps I-Cause
allow I-Cause
fast I-Cause
login I-Cause
through I-Cause
WeChat I-Cause
ID I-Cause
and I-Cause
QQ I-Cause
ID I-Cause
. O

As O
scale O
is O
an O
essential O
attribute O
for O
long-term O
success O
in O
the O
cash-management O
business O
, O
though O
, O
Federated B-Cause
is I-Cause
well I-Cause
positioned I-Cause
with I-Cause
an I-Cause
estimated I-Cause
$ I-Cause
420 I-Cause
billion I-Cause
in I-Cause
money I-Cause
market I-Cause
AUM I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
June I-Cause
2021 I-Cause
, O
making O
it B-Effect
one I-Effect
of I-Effect
the I-Effect
10 I-Effect
largest I-Effect
managers I-Effect
of I-Effect
U.S I-Effect
. O

Online B-Cause
travel I-Cause
agencies I-Cause
and I-Cause
online I-Cause
hotel I-Cause
reviews I-Cause
create I-Cause
immediate I-Cause
price I-Cause
discovery I-Cause
for I-Cause
consumers I-Cause
, O
preventing O
hotels B-Effect
from I-Effect
pushing I-Effect
rate I-Effect
increases I-Effect
even I-Effect
though I-Effect
it I-Effect
is I-Effect
nearing I-Effect
full I-Effect
occupancy I-Effect
on I-Effect
many I-Effect
nights I-Effect
. O

While O
we O
appreciate O
the O
significant O
improvement O
in O
profitability O
and O
cash O
flows O
since O
new O
management O
took O
over O
, O
we B-Effect
question I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
those I-Effect
changes I-Effect
in O
the O
face O
of O
near-term B-Cause
challenges I-Cause
, I-Cause
including I-Cause
high I-Cause
financial I-Cause
leverage I-Cause
. O

We O
consider O
the O
adoption O
of O
SolidWorks O
within O
universities O
to O
make O
the O
software O
more O
attractive O
to O
employers O
, O
and O
as O
more B-Cause
and I-Cause
more I-Cause
employers I-Cause
deploy I-Cause
SolidWorks I-Cause
, O
it O
becomes O
more B-Effect
attractive I-Effect
to I-Effect
more I-Effect
and I-Effect
more I-Effect
students I-Effect
and I-Effect
universities I-Effect
thereafter I-Effect
. O

This O
coincides O
with O
a O
generation O
of O
millennials O
who O
have O
long O
delayed O
many O
adult O
milestones O
but O
will O
probably B-Effect
move I-Effect
to I-Effect
the I-Effect
suburbs I-Effect
in I-Effect
greater I-Effect
numbers I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
they B-Cause
age I-Cause
and I-Cause
start I-Cause
families I-Cause
. O

In O
addition O
, O
possible B-Cause
changes I-Cause
in I-Cause
social I-Cause
norms I-Cause
and I-Cause
acceptances I-Cause
could I-Cause
increase B-Cause
ESG I-Cause
risk I-Cause
which O
may O
significantly B-Effect
increase I-Effect
negative I-Effect
client I-Effect
reactions I-Effect
in I-Effect
developed I-Effect
and I-Effect
emerging I-Effect
markets I-Effect
, I-Effect
impacting I-Effect
the I-Effect
firm I-Effect
's I-Effect
revenue I-Effect
and I-Effect
overall I-Effect
business I-Effect
. O

The B-Cause
combined I-Cause
store I-Cause
network I-Cause
and I-Cause
recent I-Cause
purchase I-Cause
of I-Cause
DieHard I-Cause
should O
help O
Advance B-Effect
lift I-Effect
private-label I-Effect
penetration I-Effect
( O
from O
about O
40 O
% O
currently O
) O
while O
spreading O
distribution O
costs O
over O
a O
larger O
base O
. O

Manpower B-Effect
benefits I-Effect
slightly I-Effect
from I-Effect
a I-Effect
network I-Effect
effect I-Effect
as O
most B-Cause
of I-Cause
its I-Cause
operations I-Cause
are I-Cause
focused I-Cause
on I-Cause
high-volume I-Cause
blue-collar I-Cause
temporary I-Cause
placements I-Cause
, O
but O
we O
believe O
the O
effect O
is O
moderate O
at O
best O
as O
its O
competitors O
are O
capable O
of O
meeting O
demand O
. O

Packaged-goods B-Effect
manufacturers I-Effect
have I-Effect
taken I-Effect
advantage I-Effect
of I-Effect
the I-Effect
recently I-Effect
benign I-Effect
commodity I-Effect
cost I-Effect
environment I-Effect
to I-Effect
lower I-Effect
prices I-Effect
in I-Effect
some I-Effect
markets I-Effect
, O
a O
strategy O
designed O
to O
help O
mitigate B-Cause
the I-Cause
loss I-Cause
of I-Cause
middle-market I-Cause
retailers I-Cause
to I-Cause
both I-Cause
discounters I-Cause
and I-Cause
high-end I-Cause
stores I-Cause
. O

Like O
essentially O
all O
oilfield-services O
companies O
, O
Halliburton B-Cause
would I-Cause
be I-Cause
vulnerable I-Cause
to I-Cause
an I-Cause
economic I-Cause
or I-Cause
technological I-Cause
shock I-Cause
that O
reduced B-Effect
the I-Effect
long-term I-Effect
growth I-Effect
in I-Effect
oil I-Effect
and I-Effect
gas I-Effect
demand I-Effect
. O

We B-Cause
forecast I-Cause
total I-Cause
room I-Cause
growth I-Cause
to I-Cause
average I-Cause
2.9 I-Cause
% I-Cause
per I-Cause
year I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
, I-Cause
above I-Cause
our I-Cause
prior I-Cause
estimate I-Cause
of I-Cause
2.7 I-Cause
% I-Cause
, O
driven O
by O
improving B-Cause
loyalty I-Cause
, I-Cause
technology I-Cause
, I-Cause
and I-Cause
distribution I-Cause
, O
which O
incentivize B-Effect
third-party I-Effect
owners I-Effect
to I-Effect
join I-Effect
Wyndham I-Effect
. O

The B-Cause
ACA I-Cause
's I-Cause
contraceptive I-Cause
coverage I-Cause
mandate I-Cause
dictates I-Cause
that I-Cause
most I-Cause
private I-Cause
insurance I-Cause
providers I-Cause
and I-Cause
Medicaid I-Cause
must I-Cause
cover I-Cause
IUDs I-Cause
without I-Cause
cost I-Cause
sharing I-Cause
, O
bringing B-Effect
the I-Effect
out-of-pocket I-Effect
cost I-Effect
for I-Effect
the I-Effect
consumer I-Effect
to I-Effect
$ I-Effect
0 I-Effect
. O

We B-Effect
have I-Effect
a I-Effect
medium I-Effect
level I-Effect
of I-Effect
uncertainty I-Effect
on I-Effect
the I-Effect
stock I-Effect
, O
as O
medical B-Cause
devices I-Cause
need I-Cause
to I-Cause
be I-Cause
sterilized I-Cause
regardless I-Cause
of I-Cause
economic I-Cause
conditions I-Cause
. O

We O
believe O
Ctrip O
has O
built O
up O
its O
virtuous B-Cause
ecosystem I-Cause
to O
serve B-Effect
both I-Effect
travelers I-Effect
and I-Effect
travel I-Effect
service I-Effect
providers I-Effect
, I-Effect
such I-Effect
as I-Effect
hotels I-Effect
and I-Effect
airlines I-Effect
. O

As O
more B-Cause
states I-Cause
push I-Cause
enrollees I-Cause
into I-Cause
managed I-Cause
care I-Cause
plans I-Cause
to I-Cause
benefit I-Cause
from I-Cause
the I-Cause
often I-Cause
higher I-Cause
quality I-Cause
and I-Cause
lower I-Cause
costs I-Cause
relative I-Cause
to I-Cause
traditional I-Cause
Medicaid I-Cause
, O
Centene B-Effect
's I-Effect
Medicaid I-Effect
business I-Effect
could I-Effect
grow I-Effect
even I-Effect
without I-Effect
potential I-Effect
policy I-Effect
changes I-Effect
after I-Effect
Democrats I-Effect
swept I-Effect
the I-Effect
federal I-Effect
electable I-Effect
bodies I-Effect
in I-Effect
the I-Effect
2020 I-Effect
U.S I-Effect
. O

Finally O
, O
as O
a B-Cause
large I-Cause
chemical I-Cause
producer I-Cause
whose I-Cause
products I-Cause
are I-Cause
key I-Cause
components I-Cause
of I-Cause
plastics I-Cause
, O
Exxon B-Cause
faces I-Cause
the I-Cause
risk I-Cause
that I-Cause
environmental I-Cause
concerns I-Cause
result I-Cause
in I-Cause
bans I-Cause
or I-Cause
usage I-Cause
reduction I-Cause
that O
decreases B-Effect
demand I-Effect
for I-Effect
its I-Effect
products I-Effect
or I-Effect
results I-Effect
in I-Effect
higher I-Effect
costs I-Effect
related I-Effect
to I-Effect
reuse I-Effect
or I-Effect
recycling I-Effect
. O

Nonetheless O
, O
we O
believe O
that O
profound B-Cause
improvements I-Cause
in I-Cause
margins I-Cause
because O
of O
decreasing B-Cause
the I-Cause
time I-Cause
and I-Cause
number I-Cause
of I-Cause
engineers I-Cause
required I-Cause
to I-Cause
install I-Cause
, I-Cause
deploy I-Cause
, O
and O
manage B-Cause
the I-Cause
software I-Cause
platforms I-Cause
, I-Cause
alongside I-Cause
scaling I-Cause
its I-Cause
customer I-Cause
cohort I-Cause
, O
will O
lead O
to O
sustainable B-Effect
excess I-Effect
returns I-Effect
over I-Effect
invested I-Effect
capital I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Overall O
, O
we O
believe O
Lennox B-Cause
's I-Cause
company-owned I-Cause
distribution I-Cause
model I-Cause
supports I-Cause
its I-Cause
brand I-Cause
reputation I-Cause
and I-Cause
drives I-Cause
improved I-Cause
product I-Cause
availability I-Cause
and I-Cause
service I-Cause
, O
which O
has O
helped O
the B-Effect
company I-Effect
gain I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
last I-Effect
few I-Effect
years I-Effect
. O

We O
now O
expect O
that O
ad B-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
will I-Effect
fall I-Effect
18 I-Effect
% I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
with O
a O
sharp O
rebound O
in O
2021 O
. O

While O
we O
expect O
that O
Hormel B-Effect
will I-Effect
report I-Effect
an I-Effect
economic I-Effect
profit I-Effect
in I-Effect
each I-Effect
of I-Effect
the I-Effect
10 I-Effect
years I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
( I-Effect
ranging I-Effect
from I-Effect
14 I-Effect
% I-Effect
to I-Effect
16 I-Effect
% I-Effect
compared I-Effect
with I-Effect
our I-Effect
7 I-Effect
% I-Effect
WACC I-Effect
estimate I-Effect
) I-Effect
, I-Effect
we I-Effect
do I-Effect
n't I-Effect
have I-Effect
confidence I-Effect
that I-Effect
it I-Effect
will I-Effect
generate I-Effect
ROICs I-Effect
in I-Effect
excess I-Effect
of I-Effect
WACC I-Effect
over I-Effect
a I-Effect
20-year I-Effect
horizon. O
This O
lack O
of O
conviction O
primarily O
stems O
from O
the B-Cause
highly I-Cause
competitive I-Cause
nature I-Cause
of I-Cause
the I-Cause
industry I-Cause
and I-Cause
the I-Cause
rapidly I-Cause
evolving I-Cause
landscape I-Cause
in I-Cause
regard I-Cause
to I-Cause
the I-Cause
shift I-Cause
to I-Cause
the I-Cause
online I-Cause
channel I-Cause
, I-Cause
which I-Cause
has I-Cause
leveled I-Cause
the I-Cause
playing I-Cause
field I-Cause
to I-Cause
a I-Cause
great I-Cause
extent I-Cause
between I-Cause
established I-Cause
, I-Cause
national I-Cause
branded I-Cause
operators I-Cause
and I-Cause
smaller I-Cause
niche I-Cause
startups I-Cause
. O

These O
assumptions O
include O
the B-Cause
transition I-Cause
of I-Cause
Grail I-Cause
's I-Cause
operations I-Cause
from I-Cause
a I-Cause
service I-Cause
starting I-Cause
in I-Cause
2021 I-Cause
to I-Cause
a I-Cause
test I-Cause
that O
is O
sold O
for O
use O
in O
other O
labs O
after O
potential O
regulatory O
approval O
in O
2024 O
, O
which O
could O
cause O
the B-Effect
company I-Effect
's I-Effect
operating I-Effect
margins I-Effect
to I-Effect
expand I-Effect
significantly I-Effect
. O

The B-Effect
level I-Effect
of I-Effect
net I-Effect
interest I-Effect
income I-Effect
is I-Effect
more I-Effect
uncertain I-Effect
, O
as O
net B-Cause
interest I-Cause
margin I-Cause
and I-Cause
balance I-Cause
sheet I-Cause
size I-Cause
can I-Cause
be I-Cause
difficult I-Cause
to I-Cause
forecast I-Cause
. O

We O
believe O
Monolithic B-Cause
's I-Cause
portfolio I-Cause
of I-Cause
thousands I-Cause
of I-Cause
power I-Cause
conversion I-Cause
, I-Cause
charging I-Cause
, I-Cause
switches I-Cause
, I-Cause
and I-Cause
lighting I-Cause
products I-Cause
should O
enable O
the B-Effect
firm I-Effect
to I-Effect
benefit I-Effect
from I-Effect
the I-Effect
secular I-Effect
growth I-Effect
trends I-Effect
in I-Effect
a I-Effect
variety I-Effect
of I-Effect
markets I-Effect
. O

As O
a B-Cause
leading I-Cause
independent I-Cause
diagnostic I-Cause
laboratory I-Cause
, O
LabCorp B-Effect
participates I-Effect
in I-Effect
a I-Effect
highly I-Effect
attractive I-Effect
duopoly I-Effect
that O
offers O
bright B-Effect
prospects I-Effect
as O
healthcare B-Cause
moves I-Cause
toward I-Cause
reformed I-Cause
payment I-Cause
models I-Cause
, O
despite O
current B-Cause
Medicare I-Cause
headwinds I-Cause
. O

We O
anticipate O
comparable B-Effect
growth I-Effect
to I-Effect
moderate I-Effect
somewhat I-Effect
from I-Effect
its I-Effect
4 I-Effect
% I-Effect
three-year I-Effect
historical I-Effect
average I-Effect
as O
stores B-Cause
mature I-Cause
( O
to O
around O
3 O
% O
on O
average O
from O
fiscal O
2022 O
to O
2029 O
, O
with O
roughly O
2 O
% O
from O
transactions O
upticks O
and O
just O
under O
1 O
% O
from O
ticket O
expansion O
) O
. O

We O
've O
been O
encouraged O
by O
WW B-Cause
's I-Cause
efforts I-Cause
to I-Cause
position I-Cause
itself I-Cause
as I-Cause
a I-Cause
lifestyle I-Cause
brand I-Cause
focused I-Cause
on I-Cause
a I-Cause
more I-Cause
holistic I-Cause
approach I-Cause
to I-Cause
health/wellness I-Cause
to O
differentiate B-Effect
itself I-Effect
from I-Effect
calorie-counting I-Effect
mobile I-Effect
apps I-Effect
, I-Effect
activity I-Effect
monitors I-Effect
, I-Effect
and I-Effect
other I-Effect
weight I-Effect
management I-Effect
solutions I-Effect
. O

For O
buildings O
, O
ensuring B-Effect
clean I-Effect
power I-Effect
supply I-Effect
is I-Effect
critical O
, O
as O
large B-Cause
pieces I-Cause
of I-Cause
equipment I-Cause
( I-Cause
like I-Cause
air-conditioning I-Cause
systems I-Cause
in I-Cause
the I-Cause
summer I-Cause
) I-Cause
can I-Cause
create I-Cause
distortions I-Cause
in I-Cause
in-building I-Cause
electrical I-Cause
transmission I-Cause
and I-Cause
disrupt I-Cause
supply I-Cause
. O

That O
said O
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
a I-Effect
better I-Effect
product I-Effect
selection I-Effect
translates I-Effect
into I-Effect
significant I-Effect
pricing I-Effect
power I-Effect
with I-Effect
customers I-Effect
or I-Effect
bargaining I-Effect
power I-Effect
with I-Effect
suppliers I-Effect
due O
to O
the B-Cause
commoditized I-Cause
nature I-Cause
of I-Cause
crop I-Cause
inputs I-Cause
. O

In O
our O
base-case O
scenario O
, O
we O
project O
a B-Effect
roughly I-Effect
200-basis-point I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
volume B-Cause
leverage I-Cause
, I-Cause
mix I-Cause
shift I-Cause
to I-Cause
higher-margin I-Cause
proprietary I-Cause
products I-Cause
, I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
continuous I-Cause
improvement I-Cause
initiatives I-Cause
. O

It O
holds O
unique B-Cause
assets I-Cause
with I-Cause
geological I-Cause
advantages I-Cause
that I-Cause
are I-Cause
nearly I-Cause
impossible I-Cause
to I-Cause
replicate I-Cause
, O
which O
gives O
the B-Effect
firm I-Effect
a I-Effect
sustainable I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
other I-Effect
producers I-Effect
of I-Effect
both I-Effect
salt I-Effect
and I-Effect
sulfate I-Effect
of I-Effect
potash I-Effect
. O

In O
Digital O
Realty O
's O
data O
centers O
, O
tenants B-Cause
can I-Cause
directly I-Cause
connect I-Cause
to I-Cause
their I-Cause
cloud I-Cause
providers I-Cause
or I-Cause
other I-Cause
partners I-Cause
, O
resulting O
in O
reduced B-Effect
latency I-Effect
and I-Effect
superior I-Effect
security I-Effect
. O

We O
believe O
that O
customer B-Cause
engagement I-Cause
tools I-Cause
do I-Cause
have I-Cause
some I-Cause
switching I-Cause
costs I-Cause
, O
as O
they B-Effect
are I-Effect
mission-critical I-Effect
for I-Effect
call I-Effect
center I-Effect
operations I-Effect
and O
can O
help O
companies B-Cause
deliver I-Cause
better I-Cause
customer I-Cause
service I-Cause
, I-Cause
reduce I-Cause
customer I-Cause
churn I-Cause
, I-Cause
drive I-Cause
revenue I-Cause
, I-Cause
and I-Cause
focus I-Cause
on I-Cause
automation I-Cause
so O
employees O
can O
work O
on O
higher-value O
customer O
interactions O
. O

While O
its O
approach O
is O
capital-intensive O
, O
O'Reilly O
has O
been O
the O
most O
successful O
operator O
of O
the O
dual-market O
strategy O
and O
its O
strength B-Cause
has O
allowed O
it B-Effect
to I-Effect
negotiate I-Effect
significantly I-Effect
lower I-Effect
product I-Effect
acquisition I-Effect
costs I-Effect
. O

We O
expect O
the B-Cause
company I-Cause
's I-Cause
markets I-Cause
to I-Cause
see I-Cause
job I-Cause
and I-Cause
income I-Cause
growth I-Cause
above I-Cause
national I-Cause
average I-Cause
, O
which O
should O
continue B-Effect
to I-Effect
support I-Effect
above I-Effect
average I-Effect
net I-Effect
operating I-Effect
income I-Effect
growth I-Effect
. O

Most B-Cause
securities I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
are I-Cause
held I-Cause
in I-Cause
the I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
street I-Cause
name I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
of I-Cause
brokerages I-Cause
rather I-Cause
than I-Cause
directly I-Cause
under I-Cause
the I-Cause
name I-Cause
of I-Cause
the I-Cause
end I-Cause
investor I-Cause
, O
and O
as O
a O
result O
, O
issuers B-Effect
( I-Effect
whether I-Effect
they I-Effect
be I-Effect
corporate I-Effect
issuers I-Effect
, I-Effect
exchange-traded I-Effect
funds I-Effect
, I-Effect
or I-Effect
mutual I-Effect
funds I-Effect
) I-Effect
ca I-Effect
n't I-Effect
directly I-Effect
communicate I-Effect
with I-Effect
their I-Effect
beneficial I-Effect
owners I-Effect
. O

We O
expect O
a O
6 O
% O
compound O
annual O
growth O
rate O
for O
net O
earned O
premiums O
over O
the O
projection O
period O
, O
with O
pricing B-Cause
increases I-Cause
and I-Cause
a I-Cause
firmer I-Cause
market I-Cause
resulting O
in O
stronger B-Effect
growth I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
is I-Effect
lower I-Effect
than I-Effect
its I-Effect
peers I-Effect
under I-Effect
our I-Effect
coverage I-Effect
because O
of O
its B-Cause
highly I-Cause
leveraged I-Cause
balance I-Cause
sheet I-Cause
. O

CSD B-Cause
market I-Cause
is I-Cause
still I-Cause
below I-Cause
1 I-Cause
% I-Cause
. O
This O
leads O
to O
subpar B-Effect
unit I-Effect
economics I-Effect
from I-Effect
a I-Effect
production I-Effect
and I-Effect
distribution I-Effect
standpoint I-Effect
, I-Effect
and I-Effect
we I-Effect
do I-Effect
n't I-Effect
believe I-Effect
the I-Effect
products I-Effect
' I-Effect
appeal I-Effect
is I-Effect
broad I-Effect
enough I-Effect
to I-Effect
support I-Effect
intangibles-based I-Effect
economic I-Effect
profits I-Effect
. O

The B-Effect
growing I-Effect
prevalence I-Effect
of I-Effect
e-commerce I-Effect
has I-Effect
intensified I-Effect
the I-Effect
competitive I-Effect
environment I-Effect
because O
of O
more B-Cause
price I-Cause
transparency I-Cause
and O
increased O
access O
to O
a O
wider O
array O
of O
vendors O
( O
including O
Amazon O
Business O
, O
which O
has O
entered O
the O
mix O
) O
. O

Additionally B-Cause
, I-Cause
supply I-Cause
has I-Cause
entered I-Cause
some I-Cause
key I-Cause
markets I-Cause
, O
which B-Effect
will I-Effect
limit I-Effect
Public I-Effect
Storage I-Effect
's I-Effect
ability I-Effect
to I-Effect
push I-Effect
material I-Effect
price I-Effect
increases I-Effect
to I-Effect
the I-Effect
same I-Effect
degree I-Effect
as I-Effect
it I-Effect
has I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

A B-Cause
20-percentage-point I-Cause
increase I-Cause
in I-Cause
claims I-Cause
from I-Cause
credit I-Cause
and I-Cause
surety I-Cause
leads O
to O
EUR B-Effect
158.0 I-Effect
million I-Effect
in I-Effect
additional I-Effect
claims I-Effect
expenses I-Effect
, I-Effect
EUR I-Effect
150.1 I-Effect
million I-Effect
net I-Effect
. O

As O
homebuilding B-Cause
gradually I-Cause
recovers I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
we O
expect O
same-store B-Effect
sales I-Effect
growth I-Effect
to I-Effect
average I-Effect
about I-Effect
5 I-Effect
% I-Effect
per I-Effect
year I-Effect
. O

As B-Cause
the I-Cause
firm I-Cause
's I-Cause
legacy I-Cause
volumes I-Cause
continue I-Cause
to I-Cause
decline I-Cause
and I-Cause
management I-Cause
focuses I-Cause
more I-Cause
intently I-Cause
on I-Cause
competing I-Cause
at I-Cause
the I-Cause
high I-Cause
end I-Cause
of I-Cause
the I-Cause
category I-Cause
, O
we O
expect O
its B-Effect
brand I-Effect
spending I-Effect
to I-Effect
trend I-Effect
higher I-Effect
toward I-Effect
the I-Effect
levels I-Effect
of I-Effect
craft I-Effect
beer I-Effect
peers I-Effect
or I-Effect
firms I-Effect
with I-Effect
more I-Effect
premium I-Effect
exposure I-Effect
. I-Effect

In O
Northern O
Europe O
, O
we B-Effect
anticipate I-Effect
softer I-Effect
growth I-Effect
than I-Effect
Southern I-Effect
Europe I-Effect
as O
the B-Cause
economic I-Cause
slowdown I-Cause
and I-Cause
increased I-Cause
regulations I-Cause
in I-Cause
Germany I-Cause
will I-Cause
be I-Cause
headwinds I-Cause
to I-Cause
near-term I-Cause
growth I-Cause
with I-Cause
revenue I-Cause
slowing I-Cause
for I-Cause
Northern I-Cause
Europe I-Cause
at I-Cause
a I-Cause
0.4 I-Cause
% I-Cause
10-year I-Cause
CAGR I-Cause
. O

Consequently O
, O
we B-Effect
estimate I-Effect
mainstream I-Effect
brands I-Effect
including I-Effect
Quilmes I-Effect
and I-Effect
Brahma I-Effect
have I-Effect
taken I-Effect
some I-Effect
share I-Effect
both O
because O
of O
downtrading B-Cause
and I-Cause
because I-Cause
Ambev I-Cause
can I-Cause
be I-Cause
price I-Cause
competitive I-Cause
. O

Adient B-Effect
's I-Effect
profits I-Effect
are O
highly O
dependent O
on O
equity B-Cause
income I-Cause
from I-Cause
its I-Cause
Chinese I-Cause
seating I-Cause
joint I-Cause
ventures I-Cause
, O
though O
this O
will O
change O
once O
the O
deal O
to O
sell O
YFAS O
closes O
in O
2021 O
. O

Our O
2021 B-Effect
earnings I-Effect
per I-Effect
share I-Effect
estimate I-Effect
still I-Effect
includes I-Effect
a I-Effect
loss I-Effect
( O
of O
$ O
6.36 O
per O
share O
) O
as O
the B-Cause
firm I-Cause
cedes I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
the I-Cause
year I-Cause
to I-Cause
COVID-19 I-Cause
. O

However O
, O
these B-Cause
expenses I-Cause
have I-Cause
exceeded I-Cause
45 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
the I-Cause
last I-Cause
four I-Cause
years I-Cause
, I-Cause
and I-Cause
we I-Cause
expect I-Cause
this I-Cause
will I-Cause
continue I-Cause
to I-Cause
be I-Cause
the I-Cause
case I-Cause
for I-Cause
the I-Cause
next I-Cause
10 I-Cause
years. O
Consequently O
, O
we O
forecast O
PVH B-Effect
's I-Effect
average I-Effect
annual I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
at I-Effect
9.6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
about I-Effect
2 I-Effect
percentage I-Effect
points I-Effect
lower I-Effect
than I-Effect
a I-Effect
decade I-Effect
ago I-Effect
. O

It B-Effect
typically I-Effect
looks I-Effect
for I-Effect
coatings I-Effect
technologies I-Effect
that I-Effect
it I-Effect
does I-Effect
n't I-Effect
currently I-Effect
have I-Effect
, O
with O
the O
intent O
to O
scale B-Cause
the I-Cause
production I-Cause
of I-Cause
that I-Cause
new I-Cause
offering I-Cause
across I-Cause
its I-Cause
facilities I-Cause
worldwide I-Cause
. O

Alongside B-Cause
ease I-Cause
of I-Cause
ordering I-Cause
, I-Cause
customers I-Cause
also I-Cause
expect I-Cause
proper I-Cause
technological I-Cause
performance I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
personal I-Cause
data I-Cause
security I-Cause
within I-Cause
the I-Cause
Domino I-Cause
's I-Cause
platform. O
As O
a O
result O
, O
the B-Effect
company I-Effect
employs I-Effect
Splunk I-Effect
in I-Effect
a I-Effect
variety I-Effect
of I-Effect
different I-Effect
use I-Effect
cases I-Effect
, I-Effect
including I-Effect
monitoring I-Effect
the I-Effect
health I-Effect
of I-Effect
its I-Effect
applications I-Effect
to I-Effect
ensure I-Effect
a I-Effect
seamless I-Effect
customer I-Effect
experience I-Effect
, I-Effect
watching I-Effect
for I-Effect
security I-Effect
threats I-Effect
, I-Effect
resolving I-Effect
incidents I-Effect
in I-Effect
a I-Effect
timely I-Effect
manner I-Effect
, I-Effect
and I-Effect
analyzing I-Effect
data I-Effect
to I-Effect
support I-Effect
innovation I-Effect
. O

Should O
industry B-Cause
participants I-Cause
be I-Cause
negatively I-Cause
impacted I-Cause
by I-Cause
macro I-Cause
events I-Cause
, O
they O
may O
be O
less B-Effect
willing I-Effect
to I-Effect
invest I-Effect
in I-Effect
technology I-Effect
, O
even O
if O
it O
ultimately O
drives O
efficiencies O
or O
fulfills O
a O
business O
need O
. O

Given B-Cause
our I-Cause
expectations I-Cause
for I-Cause
more I-Cause
volatile I-Cause
equity I-Cause
and I-Cause
credit I-Cause
markets I-Cause
in I-Cause
the I-Cause
near I-Cause
to I-Cause
medium I-Cause
term I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
some I-Cause
disruption I-Cause
as I-Cause
Brexit I-Cause
moves I-Cause
forward I-Cause
, O
we B-Effect
remain I-Effect
doubtful I-Effect
that I-Effect
flows I-Effect
will I-Effect
improve I-Effect
too I-Effect
dramatically I-Effect
, O
forecasting B-Effect
negative I-Effect
3 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
annual I-Effect
organic I-Effect
growth I-Effect
during I-Effect
2020-24 I-Effect
( I-Effect
up I-Effect
from I-Effect
negative I-Effect
4 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
previously I-Effect
) I-Effect
. O

By O
segment O
, O
we O
expect O
life B-Effect
sciences I-Effect
to I-Effect
lead I-Effect
the I-Effect
pack I-Effect
organically I-Effect
, O
as O
it B-Cause
benefits I-Cause
from I-Cause
the I-Cause
robust I-Cause
prospects I-Cause
of I-Cause
its I-Cause
pharmaceutical I-Cause
customers I-Cause
, O
especially O
in O
the O
near O
term O
. O

We O
expect O
that O
TransDigm B-Effect
will I-Effect
reduce I-Effect
spending I-Effect
on I-Effect
acquisitions I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, O
as O
we B-Cause
do I-Cause
not I-Cause
expect I-Cause
many I-Cause
quality I-Cause
targets I-Cause
will I-Cause
be I-Cause
willing I-Cause
to I-Cause
sell I-Cause
in I-Cause
a I-Cause
downturn I-Cause
. O

Given B-Cause
the I-Cause
increased I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
timing I-Cause
of I-Cause
a I-Cause
turnaround I-Cause
at I-Cause
Wells I-Cause
and I-Cause
the I-Cause
fact I-Cause
that I-Cause
the I-Cause
longer I-Cause
this I-Cause
goes I-Cause
on I-Cause
, I-Cause
the I-Cause
more I-Cause
likely I-Cause
it I-Cause
is I-Cause
that I-Cause
a I-Cause
permanent I-Cause
impairment I-Cause
of I-Cause
earnings I-Cause
power I-Cause
has I-Cause
occurred I-Cause
, O
we B-Effect
have I-Effect
raised I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Wells I-Effect
Fargo I-Effect
to I-Effect
high I-Effect
. O

We O
believe O
Ulta B-Effect
can I-Effect
attract I-Effect
new I-Effect
customers I-Effect
and I-Effect
increase I-Effect
its I-Effect
share I-Effect
of I-Effect
customers I-Effect
' I-Effect
annual I-Effect
beauty I-Effect
spending I-Effect
by O
using B-Cause
customer I-Cause
data I-Cause
in I-Cause
promotion I-Cause
and I-Cause
merchandising I-Cause
and I-Cause
increasing I-Cause
its I-Cause
share I-Cause
of I-Cause
premium I-Cause
products I-Cause
. O

We B-Cause
believe I-Cause
that I-Cause
some I-Cause
of I-Cause
Arista I-Cause
's I-Cause
growth I-Cause
can I-Cause
be I-Cause
attributed I-Cause
to I-Cause
offering I-Cause
products I-Cause
and I-Cause
services I-Cause
that O
lower B-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
network I-Effect
ownership I-Effect
versus I-Effect
other I-Effect
vendor I-Effect
products I-Effect
. O

While O
COVID-19 O
stands O
to O
materially O
affect O
near-term O
travel O
demand O
, O
we O
expect O
Marriott B-Effect
to I-Effect
expand I-Effect
room I-Effect
and I-Effect
revenue I-Effect
share I-Effect
in I-Effect
the I-Effect
hotel I-Effect
industry I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
driven O
by O
a B-Cause
favorable I-Cause
next-generation I-Cause
traveler I-Cause
position I-Cause
supported I-Cause
by I-Cause
renovated I-Cause
and I-Cause
newer I-Cause
brands I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
industry-leading I-Cause
loyalty I-Cause
program I-Cause
. O

Extensive B-Effect
regulatory I-Effect
oversight I-Effect
of I-Effect
TC I-Effect
Energy I-Effect
's I-Effect
assets I-Effect
acts I-Effect
as O
barrier B-Cause
for I-Cause
new I-Cause
entrants I-Cause
, I-Cause
with I-Cause
many I-Cause
federal I-Cause
, I-Cause
state I-Cause
, I-Cause
and I-Cause
local I-Cause
agencies I-Cause
involved I-Cause
in I-Cause
permitting I-Cause
, I-Cause
siting I-Cause
, I-Cause
and I-Cause
rate-setting I-Cause
activities I-Cause
. O

In O
2020 O
, O
due O
to O
deleveraging B-Effect
of I-Effect
fixed I-Effect
costs I-Effect
given I-Effect
the B-Cause
COVID-19 I-Cause
sales I-Cause
decline I-Cause
, O
we O
expect O
operating O
expenses O
to O
climb O
to O
15.6 O
% O
of O
sales O
. O

There B-Cause
's I-Cause
limited I-Cause
use I-Cause
of I-Cause
intellectual I-Cause
property I-Cause
in I-Cause
contract I-Cause
manufacturing I-Cause
and O
, O
as O
such O
, O
we O
think O
the B-Effect
business I-Effect
has I-Effect
the I-Effect
potential I-Effect
to I-Effect
be I-Effect
replicated I-Effect
by I-Effect
competitors I-Effect
within I-Effect
a I-Effect
10-year I-Effect
time I-Effect
frame I-Effect
. O

We O
believe O
enterprises B-Effect
will I-Effect
continue I-Effect
to I-Effect
pay I-Effect
for I-Effect
VMware I-Effect
software I-Effect
while I-Effect
expanding I-Effect
operations I-Effect
to I-Effect
public I-Effect
clouds O
because O
of O
commonality B-Cause
between I-Cause
existing I-Cause
VMware I-Cause
product I-Cause
entrenchment I-Cause
and I-Cause
new I-Cause
offerings I-Cause
. O

Since O
many B-Cause
global I-Cause
nondeveloped I-Cause
drug I-Cause
markets I-Cause
lack I-Cause
a I-Cause
consolidated I-Cause
and I-Cause
efficient I-Cause
drug I-Cause
distribution I-Cause
infrastructure I-Cause
, O
generic O
drug O
manufacturers O
generally O
sell O
most O
of O
their O
products O
-- O
frequently B-Effect
called I-Effect
branded I-Effect
generics I-Effect
-- I-Effect
to I-Effect
independent I-Effect
pharmacies I-Effect
and I-Effect
physicians I-Effect
in I-Effect
these I-Effect
areas I-Effect
. O

We B-Cause
do I-Cause
n't I-Cause
believe I-Cause
any I-Cause
of I-Cause
those I-Cause
firms I-Cause
are I-Cause
willing I-Cause
to I-Cause
sacrifice I-Cause
performance I-Cause
, O
so O
we O
infer O
that O
they B-Effect
have I-Effect
created I-Effect
sufficient I-Effect
CDNs I-Effect
to I-Effect
serve I-Effect
most I-Effect
of I-Effect
their I-Effect
own I-Effect
needs I-Effect
. O

We O
expect O
JPMorgan B-Effect
to I-Effect
achieve I-Effect
a I-Effect
55 I-Effect
% I-Effect
efficiency I-Effect
ratio I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
forecast I-Effect
as O
the O
company B-Cause
benefits I-Cause
from I-Cause
additional I-Cause
revenue I-Cause
falling I-Cause
to I-Cause
the I-Cause
bottom I-Cause
line I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
continued I-Cause
expense I-Cause
management I-Cause
efforts I-Cause
. O

With B-Cause
help I-Cause
from I-Cause
PSR I-Cause
and I-Cause
long I-Cause
lengths I-Cause
of I-Cause
haul I-Cause
, O
we B-Effect
believe I-Effect
UP I-Effect
is I-Effect
capable I-Effect
of I-Effect
a I-Effect
midcycle I-Effect
OR I-Effect
near I-Effect
55.0 I-Effect
% I-Effect
( I-Effect
reflected I-Effect
in I-Effect
our I-Effect
model I-Effect
assumptions I-Effect
for I-Effect
2025 I-Effect
) I-Effect
. O

Climate B-Cause
concerns I-Cause
could O
also O
trigger B-Effect
regulatory I-Effect
interventions I-Effect
, I-Effect
such I-Effect
as I-Effect
production I-Effect
limits I-Effect
, I-Effect
removal I-Effect
of I-Effect
existing I-Effect
infrastructure I-Effect
, I-Effect
and I-Effect
even I-Effect
direct I-Effect
taxes I-Effect
on I-Effect
carbon I-Effect
emissions I-Effect
. O

We O
think O
state O
policies O
-- O
including O
California B-Cause
's I-Cause
100 I-Cause
% I-Cause
renewable I-Cause
energy I-Cause
by I-Cause
2045 I-Cause
target I-Cause
-- O
give B-Effect
Edison I-Effect
a I-Effect
good I-Effect
case I-Effect
to I-Effect
gain I-Effect
regulatory I-Effect
support I-Effect
for I-Effect
its I-Effect
investment I-Effect
plan I-Effect
. O

Through O
strategic O
partnerships O
, O
Walgreens B-Cause
has I-Cause
consciously I-Cause
shared I-Cause
pricing I-Cause
information I-Cause
to I-Cause
improve I-Cause
transparency I-Cause
, I-Cause
drive I-Cause
traffic I-Cause
and I-Cause
negotiate I-Cause
payer I-Cause
relationships. O
These O
complimentary O
services O
also O
increase B-Effect
cross I-Effect
selling I-Effect
opportunities I-Effect
and I-Effect
key I-Effect
partnerships I-Effect
serve I-Effect
different I-Effect
purposes I-Effect
and I-Effect
include I-Effect
AmerisourceBergen I-Effect
( I-Effect
distribution I-Effect
) I-Effect
, I-Effect
Express I-Effect
Scripts I-Effect
( I-Effect
PBM I-Effect
) I-Effect
, I-Effect
Prime I-Effect
Therapeutics I-Effect
LLC I-Effect
( I-Effect
Specialty I-Effect
PBM I-Effect
) I-Effect
, I-Effect
Humana I-Effect
( I-Effect
payer I-Effect
) I-Effect
, I-Effect
LabCorp I-Effect
, I-Effect
Kroger I-Effect
( I-Effect
grocer I-Effect
) I-Effect
, I-Effect
United I-Effect
Healthcare I-Effect
( I-Effect
payer I-Effect
) I-Effect
, I-Effect
and I-Effect
Optum I-Effect
( I-Effect
PBM I-Effect
) I-Effect
. O

We B-Effect
estimate I-Effect
operating I-Effect
margins I-Effect
will I-Effect
be I-Effect
in I-Effect
the I-Effect
high I-Effect
single I-Effect
digits I-Effect
for I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
as O
the B-Cause
IT I-Cause
labor I-Cause
shortage I-Cause
allows I-Cause
the I-Cause
firm I-Cause
to I-Cause
charge I-Cause
higher I-Cause
bill I-Cause
rates I-Cause
( I-Cause
what I-Cause
Robert I-Cause
Half I-Cause
bills I-Cause
its I-Cause
clients I-Cause
) I-Cause
for I-Cause
temporary I-Cause
candidates I-Cause
. O

Moreover O
, O
returns O
in O
this O
segment O
are O
volatile O
and O
losses B-Cause
in I-Cause
this I-Cause
segment I-Cause
could O
potentially B-Effect
overwhelm I-Effect
the I-Effect
future I-Effect
earnings I-Effect
power I-Effect
of I-Effect
the I-Effect
group I-Effect
. O

As O
these B-Cause
brands I-Cause
do I-Cause
not I-Cause
hold I-Cause
dominant I-Cause
share I-Cause
or I-Cause
price I-Cause
premiums I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
believe I-Effect
they I-Effect
possess I-Effect
strong I-Effect
brand I-Effect
equity I-Effect
. O

Nevertheless O
, O
given O
that O
TE B-Cause
's I-Cause
products I-Cause
are I-Cause
more I-Cause
basic I-Cause
-- O
and O
thus O
far B-Effect
more I-Effect
removed I-Effect
from I-Effect
the I-Effect
national I-Effect
security I-Effect
spotlight I-Effect
-- O
than O
semiconductors O
, O
and O
that O
the B-Cause
company I-Cause
's I-Cause
domiciled I-Cause
in I-Cause
neutral I-Cause
Switzerland I-Cause
, O
we O
think O
the B-Effect
risk I-Effect
of I-Effect
tariffs I-Effect
or I-Effect
trade I-Effect
restrictions I-Effect
is I-Effect
muted I-Effect
. O

Further O
, O
this B-Cause
management I-Cause
system I-Cause
allows O
the O
firm O
to O
avoid O
layoffs B-Effect
and O
thus O
retain B-Effect
valuable I-Effect
employees I-Effect
during I-Effect
a I-Effect
recession I-Effect
, O
which O
also O
helps B-Effect
maintain I-Effect
high I-Effect
quality I-Effect
and I-Effect
ramp I-Effect
up I-Effect
production I-Effect
during I-Effect
a I-Effect
recovery I-Effect
. I-Effect

The B-Cause
fallout I-Cause
from I-Cause
currently I-Cause
low I-Cause
prices I-Cause
is O
also O
industry B-Cause
underinvestment I-Cause
that O
could O
ultimately O
result O
in O
a B-Effect
global I-Effect
shortage I-Effect
and I-Effect
much I-Effect
higher I-Effect
prices I-Effect
than I-Effect
our I-Effect
$ I-Effect
60/bbl I-Effect
assumption I-Effect
. O

RH B-Cause
has I-Cause
its I-Cause
e-commerce I-Cause
business I-Cause
( I-Cause
about I-Cause
40 I-Cause
% I-Cause
of I-Cause
2019 I-Cause
sales I-Cause
) I-Cause
to O
build B-Effect
brand I-Effect
awareness I-Effect
and I-Effect
help I-Effect
leverage I-Effect
costs I-Effect
, O
with O
the O
ability O
to O
market O
incremental O
SKUs O
( O
and O
other O
concepts O
upon O
the O
World O
of O
RH O
platform O
launch O
in O
2021 O
) O
. O

We O
believe O
Amazon B-Effect
's I-Effect
2017 I-Effect
purchase I-Effect
of I-Effect
Whole I-Effect
Foods I-Effect
remains I-Effect
a I-Effect
threat I-Effect
, O
as O
the B-Cause
digital I-Cause
juggernaut I-Cause
's I-Cause
procurement I-Cause
strength I-Cause
and I-Cause
distribution I-Cause
efficiency I-Cause
can O
fuel B-Cause
price I-Cause
cuts I-Cause
that O
upend B-Cause
Sprouts I-Cause
' I-Cause
value I-Cause
proposition I-Cause
( O
a O
produce-oriented O
store O
featuring O
fresh O
, O
affordable O
items O
) O
. O

Large B-Cause
global I-Cause
CROs I-Cause
like I-Cause
PPD I-Cause
have I-Cause
developed I-Cause
regulatory I-Cause
expertise I-Cause
and I-Cause
proprietary I-Cause
data I-Cause
that I-Cause
help I-Cause
them I-Cause
produce I-Cause
the I-Cause
best I-Cause
trial I-Cause
designs I-Cause
and I-Cause
enroll I-Cause
patients I-Cause
into I-Cause
trials I-Cause
quickly I-Cause
and I-Cause
efficiently I-Cause
, O
allowing O
drugs B-Effect
to I-Effect
get I-Effect
to I-Effect
market I-Effect
faster I-Effect
. O

However O
, O
Waste B-Cause
Connections I-Cause
hopes I-Cause
to I-Cause
mitigate I-Cause
commodity I-Cause
price I-Cause
risk I-Cause
by I-Cause
better I-Cause
managing I-Cause
facility I-Cause
operating I-Cause
costs I-Cause
, O
optimizing O
pricing O
( O
more O
commodity O
price O
risk O
sharing O
in O
customer O
contracts O
) O
, O
and O
finding B-Effect
alternative I-Effect
outlets I-Effect
for I-Effect
its I-Effect
recycled I-Effect
commodities I-Effect
. O

On B-Effect
an I-Effect
adjusted I-Effect
EPS I-Effect
basis I-Effect
, I-Effect
the I-Effect
company I-Effect
could I-Effect
boost I-Effect
earnings I-Effect
growth I-Effect
to I-Effect
the I-Effect
low I-Effect
double I-Effect
digits I-Effect
primarily B-Cause
on I-Cause
margin I-Cause
expansion I-Cause
( I-Cause
about I-Cause
550 I-Cause
basis I-Cause
points I-Cause
possible I-Cause
on I-Cause
the I-Cause
operating I-Cause
margin I-Cause
line I-Cause
from I-Cause
2020 I-Cause
to I-Cause
2025 I-Cause
) I-Cause
and I-Cause
share I-Cause
repurchases I-Cause
. O

We O
assume O
the O
utility O
will O
divest B-Cause
its I-Cause
investment I-Cause
in I-Cause
Energy I-Cause
Transfer I-Cause
by O
2021 O
year-end O
for O
aftertax B-Effect
proceeds I-Effect
exceeding I-Effect
$ I-Effect
500 I-Effect
million I-Effect
. I-Effect

We B-Cause
believe I-Cause
revenue I-Cause
from I-Cause
F5 I-Cause
's I-Cause
shift I-Cause
toward I-Cause
selling I-Cause
more I-Cause
software I-Cause
, I-Cause
security I-Cause
, I-Cause
and I-Cause
cloud-based I-Cause
solutions I-Cause
will O
result O
in O
products B-Effect
outpacing I-Effect
services I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
. O

Owners O
that O
choose B-Cause
to I-Cause
outsource I-Cause
management I-Cause
responsibilities I-Cause
seek I-Cause
a B-Effect
strong I-Effect
brand I-Effect
and I-Effect
management I-Effect
team I-Effect
with I-Cause
scale B-Cause
and I-Cause
expertise I-Cause
in I-Cause
reservation I-Cause
, I-Cause
advertising I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
labor I-Cause
management I-Cause
, O
which O
leads O
to O
strong B-Effect
revenue I-Effect
per I-Effect
available I-Effect
room I-Effect
, I-Effect
occupancy I-Effect
, I-Effect
and I-Effect
profitability I-Effect
. O

We O
assess O
Cisco O
's O
plan O
as O
the O
correct O
direction O
for O
sustainable O
growth O
and O
believe O
the B-Cause
firm I-Cause
's I-Cause
strategic I-Cause
shifts I-Cause
through I-Cause
organic I-Cause
developments I-Cause
and I-Cause
acquisitions I-Cause
, O
keep B-Effect
Cisco I-Effect
as I-Effect
mainstay I-Effect
in I-Effect
today I-Effect
's I-Effect
networks I-Effect
. O

The B-Cause
position I-Cause
is I-Cause
fairly I-Cause
fragmented I-Cause
, O
limiting B-Effect
the I-Effect
scope I-Effect
for I-Effect
long-lateral I-Effect
development I-Effect
( I-Effect
though I-Effect
management I-Effect
is I-Effect
attempting I-Effect
to I-Effect
address I-Effect
this I-Effect
with I-Effect
acreage I-Effect
trades I-Effect
, I-Effect
bolt-on I-Effect
acquisitions I-Effect
, I-Effect
and I-Effect
acreage I-Effect
swaps I-Effect
) I-Effect
. O

Also O
, O
we O
still O
expect O
that O
advertising B-Effect
will I-Effect
remain I-Effect
elevated I-Effect
as O
a B-Effect
percentage I-Effect
of I-Effect
total I-Effect
revenue I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
as O
online B-Cause
travel I-Cause
companies I-Cause
continue I-Cause
spending I-Cause
in I-Cause
order I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
the I-Cause
strong I-Cause
and I-Cause
large I-Cause
vacation I-Cause
rental I-Cause
, I-Cause
in-destination I-Cause
, I-Cause
and I-Cause
emerging- I-Cause
and I-Cause
mobile-market I-Cause
growth I-Cause
opportunities I-Cause
. O

Lyft B-Cause
's I-Cause
initial I-Cause
focus I-Cause
on I-Cause
San I-Cause
Francisco I-Cause
enabled O
it O
to O
gain B-Effect
the I-Effect
critical I-Effect
mass I-Effect
needed I-Effect
to I-Effect
have I-Effect
enough I-Effect
riders I-Effect
to I-Effect
ultimately I-Effect
attract I-Effect
drivers I-Effect
in I-Effect
other I-Effect
cities I-Effect
and I-Effect
regions I-Effect
. O

Driving B-Effect
this I-Effect
growth I-Effect
are O
beneficial B-Cause
trends I-Cause
in I-Cause
the I-Cause
semiconductor I-Cause
industry I-Cause
, O
including O
rise O
of O
in-house O
custom O
chip O
design O
( O
as O
Moore O
's O
Law O
slows O
) O
, O
and O
proliferation B-Cause
of I-Cause
key I-Cause
technologies I-Cause
such I-Cause
as I-Cause
5G I-Cause
, I-Cause
cloud I-Cause
computing I-Cause
, I-Cause
AI/ML I-Cause
, I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
, I-Cause
and I-Cause
autonomous I-Cause
vehicles I-Cause
; O
these O
should O
bolster B-Effect
EDA I-Effect
and I-Effect
IP I-Effect
growth I-Effect
. O

We O
estimate O
average B-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
3 I-Effect
% I-Effect
as O
Maserati B-Cause
, I-Cause
Alfa I-Cause
Romeo I-Cause
, I-Cause
Jeep I-Cause
, I-Cause
and I-Cause
Ram I-Cause
brand I-Cause
volumes I-Cause
become I-Cause
a I-Cause
larger I-Cause
part I-Cause
of I-Cause
the I-Cause
mix I-Cause
. O

The B-Cause
stores I-Cause
provide I-Cause
an I-Cause
ideal I-Cause
venue I-Cause
for I-Cause
monetizing I-Cause
the I-Cause
company I-Cause
's I-Cause
vendor I-Cause
relationships I-Cause
, O
which O
enable B-Effect
TJX I-Effect
to I-Effect
serve I-Effect
as I-Effect
a I-Effect
partner I-Effect
of I-Effect
choice I-Effect
for I-Effect
vendors I-Effect
who O
rely O
on O
it O
to O
clear O
inventory O
quickly O
and O
with O
minimal O
risk O
. O

Our B-Effect
current I-Effect
five-year I-Effect
revenue I-Effect
forecast I-Effect
grows I-Effect
at I-Effect
a I-Effect
rather I-Effect
modest I-Effect
2.9 I-Effect
% I-Effect
on I-Effect
average I-Effect
that I-Effect
includes I-Effect
an I-Effect
18 I-Effect
% I-Effect
dip I-Effect
in I-Effect
2020 I-Effect
due O
to O
its B-Cause
environment I-Cause
solutions I-Cause
divesture I-Cause
, I-Cause
weak I-Cause
sorted I-Cause
office I-Cause
paper I-Cause
pricing I-Cause
, I-Cause
and I-Cause
modest I-Cause
effects I-Cause
from I-Cause
COVID-19 I-Cause
. O

Customer B-Effect
loyalty I-Effect
is I-Effect
solidified I-Effect
by I-Effect
this I-Effect
arrangement I-Effect
as O
franchisees B-Cause
position I-Cause
themselves I-Cause
as I-Cause
advocates I-Cause
who I-Cause
help I-Cause
technicians I-Cause
be I-Cause
at I-Cause
their I-Cause
best I-Cause
. O

Since O
CEO B-Cause
Demetriou I-Cause
took I-Cause
the I-Cause
helm I-Cause
in I-Cause
2015 I-Cause
, O
however O
, O
new B-Effect
management I-Effect
has I-Effect
made I-Effect
great I-Effect
strides I-Effect
in I-Effect
improving I-Effect
execution I-Effect
and I-Effect
has I-Effect
already I-Effect
reduced I-Effect
write-offs I-Effect
by I-Effect
60 I-Effect
% I-Effect
. O

As O
with O
contract O
drilling O
, O
the B-Cause
high I-Cause
degree I-Cause
of I-Cause
competition I-Cause
and I-Cause
relative I-Cause
commoditization I-Cause
forces I-Cause
drillers I-Cause
in I-Cause
this I-Cause
space I-Cause
to I-Cause
compete I-Cause
on I-Cause
price I-Cause
, O
making O
it O
difficult B-Effect
to I-Effect
develop I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
. O

M B-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
Bank I-Cause
's I-Cause
low I-Cause
cost I-Cause
deposit I-Cause
base I-Cause
gives O
the B-Effect
company I-Effect
a I-Effect
deposit I-Effect
cost I-Effect
advantage I-Effect
, O
and O
the B-Cause
bank I-Cause
's I-Cause
strong I-Cause
relationships I-Cause
with I-Cause
customers I-Cause
result O
in O
switching B-Effect
costs I-Effect
. O

Autoliv B-Effect
's I-Effect
engineers I-Effect
participate I-Effect
very I-Effect
early I-Effect
in I-Effect
the I-Effect
development I-Effect
process I-Effect
, I-Effect
especially I-Effect
when I-Effect
an I-Effect
all-new I-Effect
vehicle I-Effect
platform I-Effect
is I-Effect
being I-Effect
developed I-Effect
, O
because O
safety B-Cause
is I-Cause
not I-Cause
only I-Cause
important I-Cause
to I-Cause
consumers I-Cause
but I-Cause
also I-Cause
mandated I-Cause
by I-Cause
governments I-Cause
. O

To B-Effect
access I-Effect
a I-Effect
broader I-Effect
range I-Effect
of I-Effect
customers I-Effect
and I-Effect
simplify I-Effect
the I-Effect
pizza I-Effect
order I-Effect
process I-Effect
, O
Domino B-Cause
's I-Cause
offers I-Cause
over I-Cause
15 I-Cause
different I-Cause
ordering I-Cause
channels I-Cause
, I-Cause
from I-Cause
its I-Cause
website I-Cause
to I-Cause
mobile I-Cause
apps I-Cause
to I-Cause
smartwatches I-Cause
. O

However O
, O
the B-Cause
data I-Cause
warehouse I-Cause
alone I-Cause
does I-Cause
not I-Cause
fulfill I-Cause
all I-Cause
public I-Cause
cloud I-Cause
data I-Cause
needs I-Cause
today I-Cause
-- I-Cause
particularly I-Cause
, I-Cause
the I-Cause
need I-Cause
to I-Cause
create I-Cause
insights I-Cause
from I-Cause
artificial I-Cause
intelligence I-Cause
and I-Cause
big I-Cause
analytics. O
As O
a O
result O
, O
many B-Effect
firms I-Effect
now I-Effect
depend I-Effect
on I-Effect
having I-Effect
a I-Effect
data I-Effect
lake I-Effect
as I-Effect
well I-Effect
as I-Effect
a I-Effect
data I-Effect
warehouse I-Effect
for I-Effect
these I-Effect
needs I-Effect
. O

We B-Effect
give I-Effect
PRA I-Effect
Health I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
due O
to O
its B-Cause
high I-Cause
dependence I-Cause
on I-Cause
the I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
of I-Cause
its I-Cause
customer I-Cause
base I-Cause
: O
biotech O
and O
pharmaceutical O
companies O
. O

The B-Cause
firm I-Cause
's I-Cause
products I-Cause
and I-Cause
services I-Cause
are I-Cause
deeply I-Cause
embedded I-Cause
in I-Cause
workflows I-Cause
and I-Cause
processes I-Cause
of I-Cause
its I-Cause
key I-Cause
markets I-Cause
and O
we B-Effect
believe I-Effect
the I-Effect
associated I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
will I-Effect
support I-Effect
returns I-Effect
above I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
believe O
this B-Cause
ability I-Cause
to I-Cause
fulfill I-Cause
multiple I-Cause
roles I-Cause
helps O
the B-Effect
company I-Effect
gain I-Effect
access I-Effect
to I-Effect
more I-Effect
venues I-Effect
and I-Effect
tours I-Effect
, O
especially O
larger O
, O
more O
complex O
, O
and/or O
multi-nation O
ones O
. O

The B-Cause
firm I-Cause
's I-Cause
business I-Cause
model I-Cause
has I-Cause
changed I-Cause
over I-Cause
the I-Cause
years I-Cause
, O
as O
it B-Effect
has I-Effect
reduced I-Effect
its I-Effect
dependence I-Effect
on I-Effect
royalties I-Effect
and I-Effect
become I-Effect
more I-Effect
of I-Effect
an I-Effect
apparel I-Effect
manufacturer I-Effect
. O

If O
management B-Cause
can I-Cause
deliver I-Cause
on I-Cause
its I-Cause
goal I-Cause
of I-Cause
having I-Cause
overhead I-Cause
costs I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
gross I-Cause
profit I-Cause
under I-Cause
60 I-Cause
% I-Cause
( I-Cause
we I-Cause
model I-Cause
low I-Cause
60s I-Cause
) I-Cause
, O
then O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
could I-Effect
approach I-Effect
$ I-Effect
500 I-Effect
. O

An O
example O
is O
NICE O
inContact O
CTI O
for O
ServiceNow O
, O
which O
allows B-Cause
seamless I-Cause
integration I-Cause
between I-Cause
ServiceNow I-Cause
's I-Cause
and I-Cause
NICE I-Cause
's I-Cause
platform I-Cause
and I-Cause
supports I-Cause
intelligent I-Cause
routing I-Cause
, O
so O
agents B-Effect
do I-Effect
not I-Effect
have I-Effect
to I-Effect
constantly I-Effect
navigate I-Effect
between I-Effect
different I-Effect
applications I-Effect
. O

Although O
remote O
monitoring O
is O
also O
offered O
by O
Philips O
, O
this B-Cause
technology I-Cause
sets I-Cause
this I-Cause
duo I-Cause
apart I-Cause
from I-Cause
the I-Cause
smaller I-Cause
players I-Cause
and O
as O
a O
result O
we O
see O
Medical B-Effect
Instruments I-Effect
& I-Effect
Suppliesthe I-Effect
pair I-Effect
strengthening I-Effect
their I-Effect
market I-Effect
position I-Effect
. O

While O
fertilizer B-Cause
demand I-Cause
has I-Cause
historically I-Cause
been I-Cause
steady I-Cause
over I-Cause
a I-Cause
number I-Cause
of I-Cause
years I-Cause
, I-Cause
supply I-Cause
tends I-Cause
to I-Cause
come I-Cause
on I-Cause
line I-Cause
in I-Cause
large I-Cause
chunks I-Cause
, O
such O
as O
when O
a O
new O
potash O
mine O
begins O
production O
, O
which O
can O
flood B-Effect
the I-Effect
market I-Effect
and I-Effect
drop I-Effect
prices I-Effect
. O

We B-Cause
think I-Cause
realistically I-Cause
, I-Cause
these I-Cause
companies I-Cause
tend I-Cause
to I-Cause
skew I-Cause
higher I-Cause
end I-Cause
for I-Cause
larger I-Cause
customers I-Cause
, O
so B-Effect
they I-Effect
are I-Effect
not I-Effect
necessarily I-Effect
perfect I-Effect
competitors I-Effect
. O

Lear B-Effect
's I-Effect
products I-Effect
are I-Effect
highly I-Effect
engineered I-Effect
requiring B-Cause
the I-Cause
company I-Cause
to I-Cause
attract I-Cause
and I-Cause
retain I-Cause
highly I-Cause
skilled I-Cause
human I-Cause
capital I-Cause
with I-Cause
expertise I-Cause
in I-Cause
various I-Cause
engineering I-Cause
disciplines I-Cause
. O

We O
project O
revenue B-Effect
will I-Effect
increase I-Effect
at I-Effect
a I-Effect
18 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
through I-Effect
fiscal I-Effect
2026 I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
diversify I-Cause
its I-Cause
revenue I-Cause
sources I-Cause
to I-Cause
areas I-Cause
of I-Cause
strong I-Cause
potential I-Cause
. O

In B-Cause
response I-Cause
to I-Cause
the I-Cause
rampant I-Cause
cost I-Cause
inflation I-Cause
in I-Cause
the I-Cause
cheese I-Cause
, I-Cause
meat I-Cause
, I-Cause
and I-Cause
coffee I-Cause
categories I-Cause
a I-Cause
few I-Cause
years I-Cause
ago I-Cause
, O
Kraft B-Effect
raised I-Effect
prices I-Effect
but O
was O
unable B-Effect
to I-Effect
fully I-Effect
offset I-Effect
the I-Effect
profit I-Effect
hit I-Effect
, O
given O
the B-Cause
lag I-Cause
in I-Cause
the I-Cause
benefit I-Cause
. O

Compared O
with O
competitor O
Robert O
Half O
, O
Manpower B-Effect
is I-Effect
more I-Effect
vulnerable I-Effect
to I-Effect
turns I-Effect
in I-Effect
the I-Effect
economic I-Effect
cycle I-Effect
given O
its B-Cause
high I-Cause
exposure I-Cause
to I-Cause
manufacturing-related I-Cause
industries I-Cause
, O
whereas O
Robert O
Half O
is O
tilted O
more O
toward O
professional O
and O
business O
services O
. O

Bio-Techne O
has O
a O
market-leading O
breadth O
of O
proteins O
options O
, O
and O
has O
consistently O
maintained O
pricing O
premium O
over O
peers O
, O
but O
competitors B-Cause
could I-Cause
theoretically I-Cause
develop I-Cause
similar-quality I-Cause
proteins I-Cause
, O
and O
Bio-Techne B-Effect
will I-Effect
always I-Effect
face I-Effect
price I-Effect
competition I-Effect
from I-Effect
value-protein I-Effect
providers I-Effect
. O

We O
expect O
underwriting B-Effect
results I-Effect
in I-Effect
commercial I-Effect
to I-Effect
improve I-Effect
from O
the O
weak O
showing O
over O
the O
past O
couple O
of O
years O
based O
on O
an B-Cause
improved I-Cause
industry I-Cause
picture I-Cause
. O

Further O
, O
given O
the B-Cause
faster-growing I-Cause
Tinder I-Cause
and I-Cause
the I-Cause
international I-Cause
market I-Cause
, I-Cause
combined I-Cause
with I-Cause
lower I-Cause
revenue I-Cause
generated I-Cause
from I-Cause
the I-Cause
two I-Cause
, O
the B-Effect
risk I-Effect
of I-Effect
much I-Effect
faster I-Effect
deceleration I-Effect
in I-Effect
top-line I-Effect
growth I-Effect
and I-Effect
its I-Effect
impact I-Effect
on I-Effect
margins I-Effect
remains I-Effect
. O

We O
share O
management O
's O
view O
that O
3G B-Cause
's I-Cause
master I-Cause
franchise I-Cause
joint I-Cause
venture I-Cause
structure I-Cause
offers I-Cause
a I-Cause
competitive I-Cause
advantage I-Cause
by I-Cause
which I-Cause
to I-Cause
accelerate I-Cause
Tim I-Cause
Hortons I-Cause
' I-Cause
and I-Cause
Popeyes I-Cause
' I-Cause
unit I-Cause
growth I-Cause
, O
which O
we O
expect O
to O
become B-Effect
more I-Effect
pronounced I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
( O
after O
shedding O
underperforming O
locations O
during O
2020 O
) O
. O

As O
the B-Cause
land I-Cause
is I-Cause
carried I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
books I-Cause
at I-Cause
just I-Cause
CNY I-Cause
67 I-Cause
per I-Cause
square I-Cause
meter I-Cause
presently I-Cause
, O
a B-Effect
revaluation I-Effect
to I-Effect
market I-Effect
value I-Effect
results I-Effect
in I-Effect
a I-Effect
sizable I-Effect
potential I-Effect
revaluation I-Effect
gain I-Effect
. O

As O
economic B-Cause
conditions I-Cause
recover I-Cause
from I-Cause
pandemic I-Cause
disruption O
, O
we O
think O
KCS B-Effect
has I-Effect
slightly I-Effect
higher I-Effect
volume I-Effect
growth I-Effect
potential I-Effect
( O
albeit O
with O
higher O
risk O
) O
through O
its O
cross-border O
exposure O
to O
Mexico O
, O
including O
Mexican O
energy O
reform O
shipments O
( O
inbound O
refined O
products O
) O
. O

We O
're O
expecting O
a B-Effect
leisure-led I-Effect
recovery I-Effect
in I-Effect
commercial I-Effect
aviation I-Effect
, O
reflecting O
customers B-Cause
' I-Cause
greater I-Cause
willingness I-Cause
to I-Cause
visit I-Cause
friends I-Cause
and I-Cause
family I-Cause
and I-Cause
go I-Cause
on I-Cause
vacation I-Cause
in I-Cause
a I-Cause
pandemic I-Cause
than I-Cause
to I-Cause
travel I-Cause
for I-Cause
business I-Cause
. O

We O
assume O
ASP B-Effect
grows I-Effect
at I-Effect
a I-Effect
modest I-Effect
1.4 I-Effect
% I-Effect
CAGR I-Effect
through I-Effect
2030 I-Effect
due O
to O
a B-Cause
continued I-Cause
mix I-Cause
shift I-Cause
to I-Cause
lower-priced I-Cause
Express I-Cause
and I-Cause
Freedom I-Cause
homes I-Cause
. O

With B-Cause
the I-Cause
implementation I-Cause
of I-Cause
these I-Cause
regulations I-Cause
, I-Cause
there I-Cause
has I-Cause
been I-Cause
a I-Cause
significant I-Cause
increase I-Cause
in I-Cause
approvals I-Cause
, O
which O
has O
increased B-Effect
the I-Effect
number I-Effect
of I-Effect
generic I-Effect
drugs I-Effect
as I-Effect
well I-Effect
as I-Effect
promoted I-Effect
the I-Effect
entry I-Effect
of I-Effect
a I-Effect
significant I-Effect
number I-Effect
of I-Effect
generic I-Effect
manufacturers I-Effect
. O

Since O
hotel B-Cause
accommodations I-Cause
are I-Cause
elastic I-Cause
in I-Cause
demand I-Cause
and I-Cause
most I-Cause
consumers I-Cause
are I-Cause
price-sensitive I-Cause
, O
competitors B-Effect
can I-Effect
easily I-Effect
steal I-Effect
occupancy I-Effect
by I-Effect
offering I-Effect
low I-Effect
rates I-Effect
, O
which O
happens O
immediately O
as O
hotels O
turn O
over O
their O
tenants O
each O
night O
. O

Exxon B-Effect
's I-Effect
reserves I-Effect
and I-Effect
reserve I-Effect
life I-Effect
have I-Effect
also I-Effect
declined I-Effect
as O
lower B-Cause
prices I-Cause
( I-Cause
reserves I-Cause
are I-Cause
booked I-Cause
at I-Cause
year-end I-Cause
based I-Cause
on I-Cause
average I-Cause
prices I-Cause
for I-Cause
the I-Cause
year I-Cause
) I-Cause
have I-Cause
required I-Cause
it I-Cause
to I-Cause
remove I-Cause
higher-cost I-Cause
reserves I-Cause
from I-Cause
its I-Cause
proved I-Cause
reserve I-Cause
balances I-Cause
. O

This B-Cause
sits I-Cause
below I-Cause
operating I-Cause
margins I-Cause
exhibited I-Cause
by I-Cause
CMC I-Cause
's I-Cause
major I-Cause
competitors I-Cause
that I-Cause
also I-Cause
operate I-Cause
electric I-Cause
arc I-Cause
furnaces I-Cause
, O
but O
companywide B-Effect
margins I-Effect
are I-Effect
slightly I-Effect
depressed I-Effect
by I-Effect
the I-Effect
low-margin I-Effect
recycling I-Effect
and I-Effect
fabrication I-Effect
businesses I-Effect
. O

The B-Effect
company I-Effect
has I-Effect
moved I-Effect
beyond I-Effect
the I-Effect
historical I-Effect
view I-Effect
of I-Effect
a I-Effect
brand I-Effect
that O
children B-Cause
recognize I-Cause
and I-Cause
parents I-Cause
trust I-Cause
by I-Cause
acquiring I-Cause
and I-Cause
creating I-Cause
new I-Cause
franchises I-Cause
and I-Cause
intellectual I-Cause
property I-Cause
. O

Danaher B-Cause
's I-Cause
tools I-Cause
enable O
the B-Effect
essential I-Effect
operations I-Effect
of I-Effect
its I-Effect
clients I-Effect
, O
and O
switching B-Cause
to I-Cause
a I-Cause
competitor I-Cause
's I-Cause
technology I-Cause
could I-Cause
change I-Cause
the I-Cause
outcome I-Cause
of I-Cause
those I-Cause
operations I-Cause
, O
which O
would O
be O
undesirable B-Effect
for I-Effect
users I-Effect
once I-Effect
Danaher I-Effect
's I-Effect
products I-Effect
are I-Effect
incorporated I-Effect
into I-Effect
their I-Effect
work I-Effect
flow I-Effect
. O

To B-Cause
a I-Cause
lesser I-Cause
extent I-Cause
, I-Cause
JBT I-Cause
's I-Cause
intangible I-Cause
assets I-Cause
include I-Cause
over I-Cause
1,500 I-Cause
approved I-Cause
and I-Cause
pending I-Cause
patents I-Cause
and I-Cause
know-how. O
As O
a O
result O
, O
both B-Effect
of I-Effect
JBT I-Effect
's I-Effect
segments I-Effect
have I-Effect
valuable I-Effect
customer I-Effect
relationships I-Effect
with I-Effect
large I-Effect
multinational I-Effect
companies I-Effect
, I-Effect
including I-Effect
Campbell I-Effect
Soup I-Effect
, I-Effect
Heinz I-Effect
, I-Effect
Tyson I-Effect
Foods I-Effect
, I-Effect
Nestle I-Effect
, I-Effect
and I-Effect
Unilever I-Effect
, I-Effect
in I-Effect
FoodTech I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
Fedex I-Effect
, I-Effect
UPS I-Effect
, I-Effect
United I-Effect
Airlines I-Effect
, I-Effect
Southwest I-Effect
Airlines I-Effect
, I-Effect
and I-Effect
Delta I-Effect
Air I-Effect
Lines I-Effect
in I-Effect
AeroTech I-Effect
. O

However O
, O
the B-Effect
company I-Effect
must I-Effect
continue I-Effect
to I-Effect
receive I-Effect
political I-Effect
, I-Effect
regulatory I-Effect
, I-Effect
and I-Effect
customer I-Effect
support I-Effect
for I-Effect
its I-Effect
clean I-Effect
energy I-Effect
investments I-Effect
, O
particularly O
in O
its O
largest O
jurisdictions O
, O
Colorado O
and O
Minnesota O
, O
where O
it B-Cause
plans I-Cause
to I-Cause
invest I-Cause
$ I-Cause
18 I-Cause
billion I-Cause
in I-Cause
2021-25 I-Cause
. O

Management B-Effect
has I-Effect
turned I-Effect
its I-Effect
attention I-Effect
to I-Effect
cost I-Effect
reduction I-Effect
in I-Effect
its I-Effect
paper I-Effect
and I-Effect
industrial I-Effect
segment I-Effect
( I-Effect
35 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
, I-Effect
which I-Effect
serves I-Effect
the I-Effect
mature I-Effect
North I-Effect
American I-Effect
tube I-Effect
and I-Effect
core I-Effect
market I-Effect
and I-Effect
has I-Effect
limited I-Effect
scope I-Effect
for I-Effect
share I-Effect
gains I-Effect
, O
given O
its B-Cause
roughly I-Cause
50 I-Cause
% I-Cause
market I-Cause
share I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
disciplined I-Cause
acquisition I-Cause
strategy I-Cause
has I-Cause
kept I-Cause
returns I-Cause
above I-Cause
its I-Cause
cost I-Cause
of I-Cause
capital I-Cause
and I-Cause
strengthened I-Cause
its I-Cause
core I-Cause
competencies I-Cause
, I-Cause
making B-Effect
it I-Effect
the I-Effect
closest I-Effect
pure I-Effect
play I-Effect
in I-Effect
the I-Effect
late-stage I-Effect
CRO I-Effect
industry I-Effect
. I-Effect

At O
the O
same O
time O
, O
more B-Cause
driver I-Cause
and I-Cause
rider I-Cause
data I-Cause
gathering I-Cause
may O
increase B-Effect
the I-Effect
data I-Effect
privacy I-Effect
and I-Effect
security I-Effect
ESG I-Effect
risk I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

If O
Cadence B-Cause
did I-Cause
raise I-Cause
prices I-Cause
, O
it O
is O
possible O
that O
the O
large B-Effect
business I-Effect
would I-Effect
switch I-Effect
to I-Effect
a I-Effect
different I-Effect
vendor I-Effect
, O
thus O
impacting O
revenue O
. O

However O
, O
Dell O
has O
taken O
strides O
in O
the O
best O
interest O
for O
shareholders O
after O
becoming O
public O
, O
and O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
value I-Effect
destruction I-Effect
as B-Cause
it I-Cause
streamlines I-Cause
its I-Cause
operations I-Cause
and I-Cause
works I-Cause
toward I-Cause
becoming I-Cause
investment-grade I-Cause
. O

Ingrained O
in O
Mobileye O
's O
strategy O
is O
developing O
scalable O
solutions O
, O
with O
its B-Effect
future I-Effect
EyeQ I-Effect
processors I-Effect
poised I-Effect
to I-Effect
incrementally I-Effect
approach I-Effect
Level I-Effect
5 I-Effect
autonomy I-Effect
, O
with O
Intel B-Cause
's I-Cause
help I-Cause
. O

The B-Cause
tarnishing I-Cause
of I-Cause
Stericycle I-Cause
's I-Cause
brand I-Cause
, I-Cause
along I-Cause
with I-Cause
recent I-Cause
innovations I-Cause
in I-Cause
the I-Cause
medical I-Cause
waste I-Cause
disposal I-Cause
industry I-Cause
, O
suggests O
medical B-Effect
waste I-Effect
producers I-Effect
may I-Effect
be I-Effect
questioning I-Effect
the I-Effect
status I-Effect
quo I-Effect
. O

It O
is O
noteworthy O
that O
even B-Cause
the I-Cause
same I-Cause
rodent I-Cause
strain I-Cause
from I-Cause
two I-Cause
different I-Cause
suppliers I-Cause
will I-Cause
have I-Cause
enough I-Cause
variation I-Cause
to I-Cause
compromise I-Cause
an I-Cause
experiment I-Cause
, O
so O
it B-Effect
's I-Effect
a I-Effect
common I-Effect
industry I-Effect
recommendation I-Effect
to I-Effect
stay I-Effect
with I-Effect
a I-Effect
supplier I-Effect
for I-Effect
all I-Effect
future I-Effect
orders I-Effect
to I-Effect
maintain I-Effect
the I-Effect
integrity I-Effect
of I-Effect
the I-Effect
study I-Effect
's I-Effect
results I-Effect
. O

As O
a O
capital O
light O
business O
, O
we O
think O
its O
employees B-Cause
and I-Cause
the I-Cause
intellectual I-Cause
property I-Cause
they O
generate O
are O
Fastly O
's O
most O
valuable O
assets O
, O
so O
anything B-Effect
that I-Effect
makes I-Effect
it I-Effect
more I-Effect
difficult I-Effect
to I-Effect
stay I-Effect
on I-Effect
the I-Effect
cutting I-Effect
edge I-Effect
of I-Effect
technological I-Effect
advancement I-Effect
would I-Effect
likely I-Effect
hurt I-Effect
Fastly I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

The B-Cause
SCM I-Cause
system I-Cause
will I-Cause
assist I-Cause
in I-Cause
tracking I-Cause
the I-Cause
shipment I-Cause
to I-Cause
the I-Cause
customer I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
new I-Cause
inventory I-Cause
ordered I-Cause
to I-Cause
replace I-Cause
it. O
Thus O
, O
a B-Effect
customer I-Effect
looking I-Effect
to I-Effect
displace I-Effect
an I-Effect
SAP I-Effect
ERP I-Effect
system I-Effect
must I-Effect
find I-Effect
alternate I-Effect
solutions I-Effect
and I-Effect
update I-Effect
its I-Effect
processes I-Effect
and I-Effect
procedures I-Effect
for I-Effect
each I-Effect
step I-Effect
along I-Effect
the I-Effect
way I-Effect
. O

Even O
if O
regulation O
never O
rises O
to O
the O
level O
of O
explicit O
price O
caps O
, O
the B-Cause
threat I-Cause
of I-Cause
this I-Cause
regulation I-Cause
limits O
pricing B-Effect
power I-Effect
. O

Since O
Lear B-Cause
's I-Cause
electrical I-Cause
business I-Cause
does I-Cause
not I-Cause
require I-Cause
operations I-Cause
close I-Cause
to I-Cause
customers I-Cause
' I-Cause
facilities I-Cause
like O
the O
seating O
business O
does O
, O
many B-Effect
of I-Effect
the I-Effect
wire I-Effect
harness I-Effect
assembly I-Effect
facilities I-Effect
are I-Effect
in I-Effect
low-cost I-Effect
countries I-Effect
. O

However O
, O
with O
Vertex B-Cause
's I-Cause
substantial I-Cause
cash I-Cause
flow I-Cause
, O
we O
think O
the B-Effect
company I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
continue I-Effect
the I-Effect
research I-Effect
and I-Effect
development I-Effect
of I-Effect
drugs I-Effect
for I-Effect
several I-Effect
rare I-Effect
diseases I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

On O
top O
of O
that O
, O
historically B-Effect
low I-Effect
interest I-Effect
rates I-Effect
have I-Effect
required I-Effect
money I-Effect
market I-Effect
fund I-Effect
providers I-Effect
like I-Effect
Federated I-Effect
to I-Effect
offer I-Effect
fee I-Effect
waivers I-Effect
to I-Effect
offset I-Effect
negative I-Effect
yields I-Effect
on I-Effect
some I-Effect
funds I-Effect
, O
as O
the B-Cause
expenses I-Cause
associated I-Cause
with I-Cause
running I-Cause
those I-Cause
funds I-Cause
run I-Cause
higher I-Cause
than I-Cause
the I-Cause
returns I-Cause
generated I-Cause
by I-Cause
their I-Cause
assets I-Cause
. O

Despite O
recent O
IT-enabled O
efficiency O
gains O
and O
good O
cost O
control O
, O
we B-Effect
look I-Effect
for I-Effect
XPO I-Effect
's I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
decline I-Effect
to I-Effect
8.4 I-Effect
% I-Effect
-8.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, I-Effect
from I-Effect
10 I-Effect
% I-Effect
, O
due O
in B-Cause
large I-Cause
part I-Cause
to I-Cause
rapidly I-Cause
spiking I-Cause
buy I-Cause
rates I-Cause
for I-Cause
capacity I-Cause
in I-Cause
freight I-Cause
brokerage I-Cause
( I-Cause
gross I-Cause
margin I-Cause
compression I-Cause
) I-Cause
, I-Cause
higher I-Cause
incentive I-Cause
compensation I-Cause
and I-Cause
COVID-19-related I-Cause
costs I-Cause
. O

Given O
the B-Cause
close I-Cause
location I-Cause
of I-Cause
the I-Cause
assets I-Cause
to I-Cause
parent I-Cause
Marathon I-Cause
Petroleum I-Cause
refineries I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
believe I-Effect
the I-Effect
contracts I-Effect
are I-Effect
needed I-Effect
to I-Effect
ensure I-Effect
flows I-Effect
to I-Effect
MPLX I-Effect
assets I-Effect
. O

TIM B-Cause
has I-Cause
partnered I-Cause
with I-Cause
Vivo I-Cause
to I-Cause
jointly I-Cause
bid I-Cause
for I-Cause
Oi I-Cause
's I-Cause
wireless I-Cause
business I-Cause
, O
a O
move O
that O
would O
greatly B-Effect
improve I-Effect
the I-Effect
market I-Effect
structure I-Effect
. O

Management O
has O
already O
aggressively B-Cause
reduced I-Cause
fixed I-Cause
costs I-Cause
, O
which O
led O
to O
adjusted B-Effect
operating I-Effect
margins I-Effect
growing I-Effect
from O
16 O
% O
in O
fiscal O
2014 O
to O
24.9 O
% O
in O
fiscal O
2020 O
, O
marking O
a O
nearly O
900-basis-point O
improvement O
during O
Seifi O
Ghasemi O
's O
tenure O
as O
CEO O
. O

This B-Effect
7 I-Effect
% I-Effect
-8 I-Effect
% I-Effect
annual I-Effect
midcycle I-Effect
revenue I-Effect
growth I-Effect
projection I-Effect
is I-Effect
below I-Effect
management I-Effect
's I-Effect
target I-Effect
of I-Effect
10 I-Effect
% I-Effect
-15 I-Effect
% I-Effect
growth I-Effect
for I-Effect
the I-Effect
broader I-Effect
RF I-Effect
industry I-Effect
, O
as O
we B-Cause
remain I-Cause
conservative I-Cause
because O
we B-Cause
see I-Cause
pauses I-Cause
in I-Cause
smartphone I-Cause
unit I-Cause
sales I-Cause
from I-Cause
time I-Cause
to I-Cause
time I-Cause
. O

We O
think O
BCE B-Effect
will I-Effect
be I-Effect
less I-Effect
vulnerable I-Effect
than I-Effect
Telus I-Effect
to I-Effect
Shaw I-Effect
's I-Effect
wireless I-Effect
insurgency I-Effect
due O
to O
its B-Cause
lack I-Cause
of I-Cause
overlapping I-Cause
wireline I-Cause
footprint I-Cause
. O

Finally O
, O
we B-Effect
project I-Effect
retention I-Effect
rates I-Effect
modestly I-Effect
increasing I-Effect
as O
the B-Cause
firm I-Cause
pushes I-Cause
cross-selling I-Cause
and I-Cause
upselling I-Cause
through I-Cause
the I-Cause
sales I-Cause
channel I-Cause
, O
as O
bolt-on O
acquisitions O
and O
sales O
across O
departments O
within O
a O
corporation O
increase O
stickiness O
. O

Like O
other O
shale O
producers O
, O
the B-Effect
firm I-Effect
made I-Effect
considerable I-Effect
progress I-Effect
cutting I-Effect
costs I-Effect
during I-Effect
the I-Effect
post-2014 I-Effect
downturn I-Effect
, O
and O
by O
adopting B-Cause
enhanced I-Cause
completion I-Cause
techniques I-Cause
, O
it B-Effect
has I-Effect
also I-Effect
boosted I-Effect
initial I-Effect
production I-Effect
rates I-Effect
and I-Effect
projected I-Effect
recoveries I-Effect
. O

We B-Cause
consider I-Cause
CarMax I-Cause
a I-Cause
top I-Cause
used-vehicle I-Cause
retailer I-Cause
, O
so O
we B-Effect
want I-Effect
to I-Effect
give I-Effect
the I-Effect
firm I-Effect
plenty I-Effect
of I-Effect
credit I-Effect
in I-Effect
its I-Effect
ability I-Effect
to I-Effect
scale I-Effect
its I-Effect
overhead I-Effect
costs I-Effect
over I-Effect
time I-Effect
as O
more B-Cause
business I-Cause
moves I-Cause
to I-Cause
omnichannel I-Cause
, O
which O
allows O
for O
fewer B-Effect
stores I-Effect
. O

Because O
a B-Cause
meaningful I-Cause
portion I-Cause
of I-Cause
Fastenal I-Cause
's I-Cause
sales I-Cause
are I-Cause
generated I-Cause
from I-Cause
heavy I-Cause
manufacturing I-Cause
and I-Cause
construction I-Cause
, O
performance B-Effect
is I-Effect
no I-Effect
doubt I-Effect
affected I-Effect
by I-Effect
cyclical I-Effect
downturns I-Effect
. O

In O
addition O
to O
some O
of O
the O
tailwinds O
disappearing O
, O
we O
are O
cautious O
about O
Fluor O
's O
growing O
exposure O
to O
fixed-price B-Cause
contracts I-Cause
, O
which O
typically O
carry B-Effect
higher I-Effect
margins I-Effect
but O
shift B-Effect
the I-Effect
risk I-Effect
of I-Effect
cost I-Effect
overruns I-Effect
to I-Effect
the I-Effect
E I-Effect
& I-Effect
amp I-Effect
; O
C O
firm O
and O
create O
the O
possibility O
of O
large O
losses O
on O
individual O
projects O
. O

On O
the O
other O
hand O
, O
consumption B-Cause
occasions I-Cause
for I-Cause
refreshments I-Cause
and I-Cause
personal I-Cause
care I-Cause
will I-Cause
rebound I-Cause
, O
and O
this O
should O
support O
sales B-Effect
growth I-Effect
in I-Effect
2021 I-Effect
. O

Local B-Cause
scale I-Cause
advantages I-Cause
allow I-Cause
for I-Cause
greater I-Cause
negotiating I-Cause
leverage I-Cause
versus I-Cause
service I-Cause
providers I-Cause
than I-Cause
smaller I-Cause
insurers I-Cause
in I-Cause
each I-Cause
community I-Cause
, O
which O
contributes B-Effect
to I-Effect
cost I-Effect
advantages I-Effect
. O

New O
products O
Darfresh O
and O
OptiDure O
demonstrate O
an B-Cause
ability I-Cause
to I-Cause
both I-Cause
reduce I-Cause
per-package I-Cause
material I-Cause
costs I-Cause
and I-Cause
improve I-Cause
throughput I-Cause
for I-Cause
customers I-Cause
, O
allowing O
Sealed B-Effect
Air I-Effect
to I-Effect
capture I-Effect
a I-Effect
share I-Effect
of I-Effect
the I-Effect
value I-Effect
they I-Effect
generate I-Effect
for I-Effect
clients I-Effect
. O

However O
, O
as O
the B-Cause
hotel I-Cause
starts I-Cause
to I-Cause
consistently I-Cause
fill I-Cause
up I-Cause
, O
it B-Effect
should I-Effect
start I-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
raise I-Effect
rates I-Effect
, O
especially O
on O
the O
last O
few O
customers O
that O
book O
a O
room O
that O
pushes O
occupancy O
toward O
100 O
% O
for O
a O
given O
night O
. O

In O
cataracts O
, O
Alcon B-Cause
's I-Cause
leading I-Cause
position I-Cause
in I-Cause
phacoemulsification I-Cause
, I-Cause
with I-Cause
an I-Cause
approximate I-Cause
50 I-Cause
% I-Cause
market I-Cause
share I-Cause
, O
helps O
pull B-Effect
in I-Effect
demand I-Effect
for I-Effect
standard I-Effect
intraocular I-Effect
lenses I-Effect
from I-Effect
product I-Effect
bundling I-Effect
. O

Furthermore O
, O
we O
think O
that O
the B-Cause
sheer I-Cause
amount I-Cause
of I-Cause
fixed I-Cause
investment I-Cause
required I-Cause
to I-Cause
produce I-Cause
NAND I-Cause
chips I-Cause
erodes O
the B-Effect
possibility I-Effect
of I-Effect
earning I-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
on I-Effect
a I-Effect
commoditylike I-Effect
product I-Effect
. O

This B-Effect
is O
largely O
due O
to O
our B-Effect
heightened I-Effect
confidence I-Effect
in I-Effect
its I-Effect
growth I-Effect
trajectory I-Effect
amid I-Effect
mounting I-Effect
evidence I-Effect
that O
remnants B-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
previous I-Cause
missteps I-Cause
are I-Cause
becoming I-Cause
less I-Cause
of I-Cause
a I-Cause
brand I-Cause
overhang I-Cause
. O

While O
our O
2025 O
projection O
comes O
in O
well O
above O
the O
previous O
high-water O
margin O
mark O
of O
28.3 O
% O
set O
in O
2015 O
, O
we O
believe O
that O
the B-Cause
secular I-Cause
trend I-Cause
toward I-Cause
more I-Cause
high-margin I-Cause
digital I-Cause
full-game I-Cause
sales I-Cause
and I-Cause
microtransactions I-Cause
will O
more O
than O
offset B-Effect
the I-Effect
diminishing I-Effect
contribution I-Effect
from I-Effect
the I-Effect
high-margin I-Effect
World I-Effect
of I-Effect
Warcraft I-Effect
game I-Effect
. O

We O
believe O
the O
deal O
should O
significantly O
accelerate O
Kroger O
's O
development O
of O
its O
deliver-to-home O
and O
click-and-collect O
offerings O
, O
with O
Ocado B-Cause
's I-Cause
flexible I-Cause
, I-Cause
low-cost I-Cause
warehouse-based I-Cause
model I-Cause
extending B-Effect
Kroger I-Effect
's I-Effect
reach I-Effect
beyond I-Effect
its I-Effect
existing I-Effect
markets I-Effect
in I-Effect
a I-Effect
cost-efficient I-Effect
, I-Effect
tested I-Effect
manner I-Effect
. O

We O
believe O
intensifying B-Cause
cost I-Cause
cuts I-Cause
will O
help B-Effect
CNOOC I-Effect
's I-Effect
competitiveness I-Effect
, O
but O
the O
company O
will O
still O
need O
to O
boost B-Cause
capital I-Cause
expenditure I-Cause
to O
address B-Effect
its I-Effect
declining I-Effect
reserves I-Effect
life I-Effect
. O

In O
the O
wireless O
space O
, O
the O
government B-Effect
seemingly I-Effect
favors I-Effect
more I-Effect
robust I-Effect
competition I-Effect
for I-Effect
the I-Effect
top I-Effect
three I-Effect
providers I-Effect
, O
as O
evidenced O
by O
it B-Cause
historically I-Cause
giving I-Cause
other I-Cause
competitors I-Cause
favored I-Cause
status I-Cause
in I-Cause
spectrum I-Cause
auctions I-Cause
. O

We O
expect O
CMS B-Cause
to I-Cause
maintain I-Cause
its I-Cause
parent I-Cause
leverage I-Cause
, O
which O
results O
in O
CMS B-Effect
earning I-Effect
consolidated I-Effect
returns I-Effect
on I-Effect
equity I-Effect
above I-Effect
its I-Effect
regulated I-Effect
utility I-Effect
allowed I-Effect
return I-Effect
on I-Effect
equity I-Effect
. O

Given B-Cause
Xcel I-Cause
's I-Cause
large I-Cause
capital I-Cause
investment I-Cause
plans I-Cause
, O
we B-Effect
expect I-Effect
its I-Effect
utilities I-Effect
to I-Effect
continue I-Effect
to I-Effect
be I-Effect
active I-Effect
in I-Effect
front I-Effect
of I-Effect
regulators I-Effect
asking I-Effect
for I-Effect
customer I-Effect
rate I-Effect
increases I-Effect
. O

While O
80 O
% O
of O
Aon O
's O
clients O
are O
middle-market O
companies O
, O
Aon B-Effect
's I-Effect
global I-Effect
presence I-Effect
limits I-Effect
potential I-Effect
competition I-Effect
at I-Effect
the I-Effect
top I-Effect
end I-Effect
of I-Effect
the I-Effect
corporate I-Effect
market I-Effect
as O
it B-Cause
allows I-Cause
Aon I-Cause
to I-Cause
effectively I-Cause
serve I-Cause
multinational I-Cause
customers I-Cause
that I-Cause
smaller I-Cause
brokers I-Cause
can I-Cause
not I-Cause
. O

Combined B-Cause
with I-Cause
recent I-Cause
pricing I-Cause
increases I-Cause
, O
Progressive B-Effect
's I-Effect
top-line I-Effect
outlook I-Effect
is I-Effect
very I-Effect
strong I-Effect
, O
and O
increasing O
penetration O
in O
the O
agent O
channel O
should O
help O
to O
sustain O
this O
growth O
. O

The B-Effect
lack I-Effect
of I-Effect
fee I-Effect
income I-Effect
can O
detract B-Effect
from I-Effect
an I-Effect
operational I-Effect
cost I-Effect
advantage I-Effect
as O
well O
, O
because O
Zions B-Cause
has I-Cause
to I-Cause
make I-Cause
material I-Cause
fixed I-Cause
cost I-Cause
investments I-Cause
to I-Cause
run I-Cause
a I-Cause
banking I-Cause
business I-Cause
but I-Cause
can I-Cause
not I-Cause
reap I-Cause
the I-Cause
rewards I-Cause
of I-Cause
capital-light I-Cause
fee I-Cause
businesses I-Cause
. O

In B-Effect
the I-Effect
long I-Effect
run I-Effect
, I-Effect
we I-Effect
expect I-Effect
modest I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
a I-Effect
stable I-Effect
cost I-Effect
structure I-Effect
to I-Effect
drive I-Effect
mid- I-Effect
to I-Effect
upper I-Effect
single I-Effect
digit I-Effect
earnings I-Effect
growth I-Effect
as O
the B-Cause
company I-Cause
has I-Cause
considerable I-Cause
operating I-Cause
leverage I-Cause
. O

While O
wider B-Cause
adoption I-Cause
of I-Cause
Deal I-Cause
Builder I-Cause
may I-Cause
lower I-Cause
sales I-Cause
expenses I-Cause
and I-Cause
create I-Cause
some I-Cause
operating I-Cause
leverage I-Cause
, O
we O
do O
not O
believe O
it O
will O
result O
in O
enough B-Effect
margin I-Effect
expansion I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

We O
expect O
recovery B-Effect
on I-Effect
the I-Effect
top I-Effect
line I-Effect
through I-Effect
2021 I-Effect
, O
with O
sales B-Cause
growth I-Cause
of I-Cause
8.3 I-Cause
% I-Cause
putting I-Cause
Bausch I-Cause
back I-Cause
to I-Cause
a I-Cause
prepandemic I-Cause
growth I-Cause
trajectory I-Cause
. O

Some O
ESG O
issues O
for O
P O
& O
C O
insurers O
arise O
in O
a O
second-hand O
fashion O
, O
as O
insurers B-Effect
can I-Effect
draw I-Effect
criticism I-Effect
on O
the O
extent O
to O
which O
the B-Cause
insurer I-Cause
incorporates I-Cause
ESG I-Cause
into I-Cause
its I-Cause
investment I-Cause
decisions I-Cause
. O

We O
believe O
switching B-Cause
costs I-Cause
and I-Cause
intangible I-Cause
assets I-Cause
have O
enabled O
Blackbaud B-Effect
historically I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
capital I-Effect
, O
and O
we O
believe O
such O
excess O
returns O
will O
more O
likely O
than O
not O
continue O
for O
the O
next O
20 O
years O
. O

Additionally O
, O
given O
the B-Cause
extremely I-Cause
strong I-Cause
occupancy I-Cause
( I-Cause
97.3 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
) I-Cause
of I-Cause
Las I-Cause
Vegas I-Cause
Sands I-Cause
' I-Cause
Singapore I-Cause
casino I-Cause
, I-Cause
Marina I-Cause
Bay I-Cause
Sands I-Cause
, O
the B-Effect
market I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
support I-Effect
Sands I-Effect
' I-Effect
and I-Effect
Genting I-Effect
's I-Effect
additional I-Effect
room I-Effect
supply I-Effect
that O
we O
expect O
to O
start O
opening O
in O
the O
middle O
of O
this O
decade O
. O

Further B-Cause
unexpected I-Cause
shifts I-Cause
in I-Cause
the I-Cause
Mexican I-Cause
government I-Cause
's I-Cause
taxation I-Cause
and I-Cause
regulatory I-Cause
policies I-Cause
could O
have O
an B-Effect
adverse I-Effect
impact I-Effect
on I-Effect
Televisa I-Effect
's I-Effect
revenue I-Effect
or I-Effect
profitability I-Effect
. O

We O
think O
these B-Cause
synergies I-Cause
are O
what O
lead B-Effect
Intuit I-Effect
partners I-Effect
, I-Effect
like I-Effect
PricewaterhouseCoopers I-Effect
, I-Effect
to I-Effect
do I-Effect
bulk I-Effect
QuickBooks I-Effect
orders I-Effect
in I-Effect
the I-Effect
thousands I-Effect
of I-Effect
units I-Effect
in O
order O
to O
sell B-Effect
the I-Effect
software I-Effect
to I-Effect
their I-Effect
small-business I-Effect
customers I-Effect
. O

On O
the O
other O
hand O
, O
a B-Effect
traditional I-Effect
tubed I-Effect
pump I-Effect
such I-Effect
as I-Effect
those I-Effect
Medtronic I-Effect
makes I-Effect
is I-Effect
not I-Effect
waterproof I-Effect
because O
of O
its B-Cause
motor I-Cause
feature I-Cause
. O

Because O
disposal B-Cause
costs I-Cause
are I-Cause
the I-Cause
most I-Cause
significant I-Cause
expense I-Cause
for I-Cause
waste I-Cause
haulers I-Cause
, O
owning B-Effect
well-placed I-Effect
disposal I-Effect
assets I-Effect
( I-Effect
landfill I-Effect
and I-Effect
transfer I-Effect
stations I-Effect
) I-Effect
can I-Effect
yield I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
local I-Effect
markets I-Effect
over I-Effect
competitors I-Effect
that I-Effect
transport I-Effect
waste I-Effect
over I-Effect
longer I-Effect
distances I-Effect
. O

We O
see O
the B-Effect
main I-Effect
risks I-Effect
around I-Effect
Plains I-Effect
to O
be O
volumetric B-Cause
on I-Cause
both I-Cause
the I-Cause
supply I-Cause
and I-Cause
demand I-Cause
sides I-Cause
, O
and O
shortfalls B-Effect
could I-Effect
lead I-Effect
to I-Effect
lower I-Effect
returns I-Effect
via O
tougher B-Cause
pipe-on-pipe I-Cause
competition I-Cause
and I-Cause
lower I-Cause
levels I-Cause
of I-Cause
flows I-Cause
across I-Cause
Plains I-Cause
' I-Cause
pipeline I-Cause
network I-Cause
. O

This O
network O
, O
with O
all O
of O
its O
global O
" O
" O
" O
" O
nodes O
, O
" B-Cause
" I-Cause
" I-Cause
" I-Cause
would I-Cause
be I-Cause
difficult I-Cause
and I-Cause
costly I-Cause
to I-Cause
re-create I-Cause
, O
producing B-Effect
a I-Effect
barrier I-Effect
for I-Effect
potential I-Effect
competitors I-Effect
. O

Bed O
Bath O
& O
Beyond O
has O
historically O
generated O
returns O
on O
invested O
capital O
above O
our O
weighted O
average O
cost O
of O
capital O
assumption O
( O
9.5 O
% O
) O
, O
but O
given B-Cause
poor I-Cause
capital I-Cause
allocation I-Cause
practices I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
ROICs B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
surpass I-Effect
our I-Effect
WACC I-Effect
over I-Effect
the I-Effect
remainder I-Effect
of I-Effect
our I-Effect
forecast I-Effect
. O

Rather O
, O
we O
attribute O
the B-Effect
gross I-Effect
margin I-Effect
improvement I-Effect
to O
product B-Cause
mix I-Cause
( I-Cause
elimination I-Cause
of I-Cause
lower-margin I-Cause
merchandise I-Cause
) I-Cause
, I-Cause
production I-Cause
efficiencies I-Cause
, I-Cause
and I-Cause
less I-Cause
dependence I-Cause
on I-Cause
wholesale I-Cause
sales I-Cause
. O

On O
the O
medical O
technology O
side O
, O
we O
project O
sales B-Effect
growing I-Effect
at I-Effect
a I-Effect
roughly I-Effect
6 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
over O
the O
next O
five O
years O
, O
fueled O
by O
continued B-Cause
strong I-Cause
growth I-Cause
in I-Cause
the I-Cause
reconstructive I-Cause
product I-Cause
lines I-Cause
. O

In O
a B-Cause
downturn I-Cause
, O
which O
can O
be O
caused O
by O
an B-Cause
airborne I-Cause
illness I-Cause
like I-Cause
the I-Cause
coronavirus I-Cause
, O
consumers B-Effect
and I-Effect
businesses I-Effect
look I-Effect
to I-Effect
cut I-Effect
back I-Effect
on I-Effect
expenses I-Effect
like I-Effect
travel I-Effect
. O

However O
, O
we O
are O
concerned O
that O
the B-Cause
coronavirus I-Cause
lockdown I-Cause
is O
changing B-Effect
the I-Effect
behavior I-Effect
of I-Effect
consumers I-Effect
and O
that O
the O
impact O
will O
even O
be O
felt O
by O
the O
relatively O
insulated O
Class O
A O
malls O
. O

There O
is O
a O
risk O
that O
in B-Cause
response I-Cause
to I-Cause
increased I-Cause
capital I-Cause
requirement I-Cause
the B-Effect
banks I-Effect
lose I-Effect
market I-Effect
share I-Effect
as I-Effect
they I-Effect
attempt I-Effect
to I-Effect
reprice I-Effect
. O

In O
recent O
years O
, O
with O
increased B-Cause
investment I-Cause
spending I-Cause
in I-Cause
the I-Cause
segment I-Cause
, O
Bausch B-Effect
has I-Effect
begun I-Effect
rolling I-Effect
out I-Effect
a I-Effect
daily I-Effect
disposable I-Effect
silicone I-Effect
hydrogel I-Effect
, O
and O
the O
lens O
was O
launched O
in O
Japan O
in O
late O
2018 O
, O
with O
an O
expected O
U.S O
. O

However O
, O
we O
believe O
new B-Cause
industrial I-Cause
cogeneration I-Cause
projects I-Cause
and I-Cause
renewable I-Cause
natural I-Cause
gas I-Cause
from I-Cause
landfill I-Cause
projects I-Cause
should O
, O
for O
the O
most O
part O
, O
offset O
the B-Effect
REF I-Effect
decline I-Effect
. O

LogMeIn B-Cause
provides I-Cause
collaboration I-Cause
software I-Cause
via I-Cause
a I-Cause
freemium I-Cause
model I-Cause
and O
therefore O
generally B-Effect
has I-Effect
a I-Effect
high I-Effect
number I-Effect
of I-Effect
users I-Effect
with I-Effect
low I-Effect
ARPU I-Effect
, I-Effect
making I-Effect
it I-Effect
loosely I-Effect
comparable I-Effect
to I-Effect
Shopify I-Effect
. O

It B-Effect
has I-Effect
no I-Effect
apparent I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
competitors I-Effect
, O
since O
it B-Cause
manufactures I-Cause
much I-Cause
of I-Cause
its I-Cause
clothing I-Cause
through I-Cause
the I-Cause
same I-Cause
independent I-Cause
contractors I-Cause
as I-Cause
others I-Cause
. O

We O
believe O
Sensata B-Cause
Technologies I-Cause
will I-Cause
continue I-Cause
to I-Cause
benefit I-Cause
from I-Cause
the I-Cause
secular I-Cause
trends I-Cause
surrounding I-Cause
efficiency I-Cause
, I-Cause
electrification I-Cause
, I-Cause
and I-Cause
automation I-Cause
across I-Cause
the I-Cause
broader I-Cause
industrial I-Cause
landscape I-Cause
, O
resulting O
in O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
exceeding I-Effect
the I-Effect
company I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

The B-Cause
average I-Cause
order I-Cause
is I-Cause
$ I-Cause
608 I-Cause
at I-Cause
Farfetch I-Cause
and I-Cause
$ I-Cause
336 I-Cause
for I-Cause
Stadium I-Cause
Goods I-Cause
( O
versus O
$ O
380 O
at O
Ynap O
and O
$ O
63 O
at O
Zalando O
) O
; O
thus O
, O
we B-Effect
believe I-Effect
fulfillment I-Effect
economics I-Effect
should I-Effect
be I-Effect
attractive I-Effect
as I-Effect
the I-Effect
business I-Effect
scales I-Effect
. O

With O
prices B-Cause
averaging I-Cause
between I-Cause
25 I-Cause
% I-Cause
and I-Cause
50 I-Cause
% I-Cause
less I-Cause
than I-Cause
Snap-on I-Cause
's I-Cause
, O
Icon B-Effect
tools I-Effect
are I-Effect
compared I-Effect
side I-Effect
by I-Effect
side I-Effect
to I-Effect
Snap-on I-Effect
's I-Effect
products I-Effect
in I-Effect
Harbor I-Effect
Freight I-Effect
's I-Effect
marketing I-Effect
materials I-Effect
. O

While O
the O
company O
is O
expected O
to O
produce O
revenue O
growth O
at O
the O
high O
end O
of O
peers O
and O
the O
premium O
may O
be O
justified O
, O
higher B-Cause
absolute I-Cause
valuation I-Cause
offers O
less O
room O
for O
missteps O
and O
therefore O
carries O
greater B-Effect
inherent I-Effect
risks I-Effect
, O
in O
our O
opinion O
. O

If B-Cause
the I-Cause
economic I-Cause
backdrop I-Cause
weakens I-Cause
, I-Cause
consumers I-Cause
could I-Cause
trade I-Cause
down I-Cause
or I-Cause
out I-Cause
of I-Cause
the I-Cause
categories I-Cause
in O
which O
it O
plays O
, O
prompting O
increased B-Effect
promotional I-Effect
spending I-Effect
to I-Effect
counter I-Effect
these I-Effect
actions I-Effect
. O

According O
to O
Sysco O
, O
independent O
operators O
use O
five O
to O
six O
food-service O
delivery O
services O
, O
with O
the O
leading O
distributor O
averaging O
30 O
% O
-40 O
% O
of O
wallet O
share O
, O
so O
it O
is O
very O
typical O
for O
customers B-Effect
to I-Effect
shift I-Effect
purchases I-Effect
to I-Effect
another I-Effect
distributors I-Effect
if O
a B-Cause
lower I-Cause
price I-Cause
is I-Cause
found I-Cause
. O

The B-Cause
Centers I-Cause
for I-Cause
Medicare I-Cause
and I-Cause
Medicaid I-Cause
Services I-Cause
has I-Cause
established I-Cause
reimbursement I-Cause
for I-Cause
3D I-Cause
mammography I-Cause
that O
appears B-Effect
lucrative I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
customer I-Effect
base I-Effect
, O
which O
has O
bolstered B-Effect
the I-Effect
adoption I-Effect
of I-Effect
3D I-Effect
. O

We O
also O
believe O
that O
Hologic B-Cause
's I-Cause
entry I-Cause
into I-Cause
viral-load I-Cause
testing I-Cause
will O
boost B-Effect
the I-Effect
appeal I-Effect
of I-Effect
its I-Effect
assay I-Effect
menu I-Effect
, O
aided O
by O
the B-Cause
stabilization I-Cause
of I-Cause
the I-Cause
HPV I-Cause
testing I-Cause
market I-Cause
. O

Overall O
, O
we O
expect O
the B-Effect
freight I-Effect
brokerage I-Effect
market I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
faster I-Effect
clip I-Effect
than I-Effect
the I-Effect
combined I-Effect
for-hire I-Effect
trucking I-Effect
and I-Effect
intermodal I-Effect
markets I-Effect
, O
as O
large B-Cause
3PLs I-Cause
continue I-Cause
to I-Cause
process I-Cause
more I-Cause
for-hire I-Cause
truckload I-Cause
and I-Cause
less-than-truckload I-Cause
freight I-Cause
. O

We O
believe O
favorable B-Cause
demographics I-Cause
and O
the B-Cause
realization I-Cause
of I-Cause
pent-up I-Cause
demand I-Cause
will O
drive O
steady B-Effect
residential I-Effect
construction I-Effect
growth I-Effect
through I-Effect
the I-Effect
mid-2020s I-Effect
, O
with O
annual B-Effect
housing I-Effect
starts I-Effect
reaching I-Effect
over I-Effect
1.6 I-Effect
million I-Effect
units I-Effect
by I-Effect
2024 I-Effect
. O

If O
there B-Cause
is I-Cause
a I-Cause
slowdown I-Cause
in I-Cause
government I-Cause
spending I-Cause
on I-Cause
IT I-Cause
services I-Cause
, I-Cause
CGI I-Cause
's I-Cause
topline I-Cause
would O
see O
an B-Effect
outsize I-Effect
impact I-Effect
relative I-Effect
to I-Effect
some I-Effect
of I-Effect
CGI I-Effect
's I-Effect
peers I-Effect
. O

Given O
the B-Cause
competitive I-Cause
overlap I-Cause
that O
has O
ensued O
from O
both O
these O
categories O
competing O
for O
higher-end O
drinking O
occasions O
, O
we O
deem O
it B-Effect
fair I-Effect
to I-Effect
compare I-Effect
Constellation I-Effect
with I-Effect
specialty I-Effect
microbreweries I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

Broader B-Cause
trucking I-Cause
industry I-Cause
issues I-Cause
such I-Cause
as I-Cause
constrained I-Cause
driver I-Cause
availability I-Cause
will O
probably O
drive B-Effect
intermittent I-Effect
capacity I-Effect
constraints I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
, O
assuming O
modest O
freight O
demand O
growth O
. O

While O
the O
West O
Coast O
facilities O
are O
likely O
to O
remain O
the O
stars O
of O
the O
portfolio O
, O
the B-Cause
expansion I-Cause
into I-Cause
other I-Cause
markets I-Cause
will O
ultimately B-Effect
drag I-Effect
occupancy I-Effect
rates I-Effect
down I-Effect
as I-Effect
a I-Effect
whole I-Effect
. O

Industry B-Effect
travel I-Effect
content I-Effect
continues I-Effect
to I-Effect
grow I-Effect
, O
driven O
by O
ongoing B-Cause
online I-Cause
platform I-Cause
transparency I-Cause
( O
which O
makes B-Effect
it I-Effect
easier I-Effect
to I-Effect
find I-Effect
and I-Effect
search I-Effect
through I-Effect
travel I-Effect
information I-Effect
) O
and O
more B-Cause
customized I-Cause
offerings I-Cause
from I-Cause
suppliers I-Cause
( O
which O
increases B-Effect
the I-Effect
amount I-Effect
of I-Effect
available I-Effect
content I-Effect
that I-Effect
can I-Effect
be I-Effect
searched I-Effect
for I-Effect
and I-Effect
processed I-Effect
) O
. O

Due O
to O
store B-Cause
closures I-Cause
( I-Cause
including I-Cause
the I-Cause
2018 I-Cause
liquidation I-Cause
of I-Cause
Bon-Ton I-Cause
Stores I-Cause
) I-Cause
and I-Cause
actions I-Cause
taken I-Cause
by I-Cause
Capri I-Cause
, O
the B-Effect
number I-Effect
of I-Effect
wholesale I-Effect
doors I-Effect
that I-Effect
carry I-Effect
Michael I-Effect
Kors I-Effect
merchandise I-Effect
fell I-Effect
to I-Effect
2,852 I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
from I-Effect
4,038 I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
fiscal I-Effect
2015 I-Effect
. O

Though O
the O
probability O
is O
very O
remote O
, O
a B-Cause
devastating I-Cause
accident I-Cause
like O
the O
BP O
Macondo O
disaster O
in O
2010 O
could O
have O
a B-Effect
material I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
the I-Effect
firm I-Effect
( O
which O
could O
be O
forced O
to O
cover O
cleanup O
costs O
and O
perhaps O
face O
other O
legal O
repercussions O
) O
. O

Wayfair B-Cause
's I-Cause
inventory-light I-Cause
model I-Cause
benefits I-Cause
inventory I-Cause
turns I-Cause
but I-Cause
can I-Cause
risk I-Cause
control I-Cause
of I-Cause
the I-Cause
brand I-Cause
at I-Cause
times. O
This O
strategy O
has O
freed O
up O
capital B-Effect
to I-Effect
spend I-Effect
on I-Effect
customer I-Effect
acquisition I-Effect
and I-Effect
retention I-Effect
, I-Effect
leading I-Effect
to I-Effect
33 I-Effect
million I-Effect
active I-Effect
users I-Effect
in I-Effect
March I-Effect
2021 I-Effect
who I-Effect
spend I-Effect
around I-Effect
$ I-Effect
460 I-Effect
per I-Effect
year I-Effect
( I-Effect
versus I-Effect
1.3 I-Effect
million I-Effect
users I-Effect
who I-Effect
spent I-Effect
$ I-Effect
300 I-Effect
in I-Effect
2012 I-Effect
) I-Effect
. O

However O
, O
we O
think O
DSLR B-Cause
cameras I-Cause
will I-Cause
maintain I-Cause
their I-Cause
position I-Cause
as I-Cause
a I-Cause
high-end I-Cause
product I-Cause
, O
and O
that O
Canon B-Effect
will I-Effect
thus I-Effect
successfully I-Effect
retain I-Effect
most I-Effect
of I-Effect
its I-Effect
customer I-Effect
base I-Effect
, O
which O
enables O
premium B-Effect
pricing I-Effect
and I-Effect
high I-Effect
margins I-Effect
for I-Effect
this I-Effect
business I-Effect
. O

In O
response O
to O
poor B-Cause
inventory I-Cause
control I-Cause
and I-Cause
heavy I-Cause
discounting I-Cause
, O
Ralph B-Cause
Lauren I-Cause
closed I-Cause
more I-Cause
than I-Cause
75 I-Cause
stores I-Cause
, O
reduced B-Effect
exposure I-Effect
to I-Effect
U.S I-Effect
. I-Effect

In B-Cause
support I-Cause
of I-Cause
its I-Cause
pricing I-Cause
power I-Cause
, O
Scotts B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
raise I-Effect
prices I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
nearly I-Effect
every I-Effect
year I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
. O

CME B-Effect
also I-Effect
benefits I-Effect
from I-Effect
intangible I-Effect
assets I-Effect
as O
a O
result O
of O
the B-Cause
company I-Cause
's I-Cause
27 I-Cause
% I-Cause
ownership I-Cause
stake I-Cause
in I-Cause
S I-Cause
& I-Cause
P/Dow I-Cause
Jones I-Cause
Indices I-Cause
LLC I-Cause
. O

The B-Effect
recovery I-Effect
in I-Effect
earnings I-Effect
will I-Effect
largely I-Effect
be I-Effect
driven I-Effect
by B-Cause
sharper I-Cause
lower I-Cause
loan I-Cause
loss I-Cause
provisions I-Cause
and I-Cause
a I-Cause
recovery I-Cause
in I-Cause
income I-Cause
from I-Cause
securities I-Cause
trading I-Cause
. O

TIM O
's O
total O
market O
share O
has O
declined O
in O
recent O
years O
, O
but O
it B-Cause
has I-Cause
roughly I-Cause
maintained I-Cause
its B-Effect
portion I-Effect
of I-Effect
total I-Effect
industry I-Effect
revenue I-Effect
thanks I-Effect
to I-Effect
a I-Effect
focus I-Effect
on I-Effect
higher-end I-Effect
customers I-Effect
and I-Effect
pricing I-Effect
discipline I-Effect
. I-Effect

While O
the O
previous O
owners O
drove O
up O
the O
average O
hosting O
fee O
, O
the B-Effect
current I-Effect
level I-Effect
of I-Effect
fees I-Effect
does I-Effect
not I-Effect
appear I-Effect
to I-Effect
be I-Effect
sustainable I-Effect
as O
five B-Cause
of I-Cause
21 I-Cause
2019 I-Cause
races I-Cause
did I-Cause
not I-Cause
have I-Cause
agreements I-Cause
in I-Cause
place I-Cause
for I-Cause
the I-Cause
2020 I-Cause
season I-Cause
until I-Cause
after I-Cause
the I-Cause
2019 I-Cause
season I-Cause
ended I-Cause
. O

Should B-Cause
carriers I-Cause
begin I-Cause
to I-Cause
gravitate I-Cause
toward I-Cause
electric I-Cause
trucks I-Cause
in I-Cause
the I-Cause
next I-Cause
decade I-Cause
, O
Paccar B-Effect
has I-Effect
an I-Effect
important I-Effect
advantage I-Effect
with I-Effect
its I-Effect
extensive I-Effect
dealer I-Effect
network I-Effect
should I-Effect
it I-Effect
choose I-Effect
to I-Effect
compete I-Effect
head-to-head I-Effect
with I-Effect
pure-electric I-Effect
truck I-Effect
manufacturers I-Effect
. O

We O
forecast O
revenue B-Effect
growth I-Effect
that I-Effect
remains I-Effect
strong I-Effect
in I-Effect
the I-Effect
final I-Effect
quarter I-Effect
of I-Effect
2020 I-Effect
, I-Effect
bolstering I-Effect
our I-Effect
full-year I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
2 I-Effect
% I-Effect
, O
helped O
by O
demand B-Cause
in I-Cause
off-road I-Cause
, I-Cause
motorcycle I-Cause
, I-Cause
and I-Cause
boat I-Cause
segments I-Cause
, I-Cause
areas I-Cause
that I-Cause
have I-Cause
captured I-Cause
the I-Cause
benefit I-Cause
of I-Cause
social I-Cause
distancing I-Cause
efforts I-Cause
. O

We O
forecast O
the B-Cause
South I-Cause
American I-Cause
specialty I-Cause
fertilizer I-Cause
business I-Cause
will I-Cause
continue I-Cause
to I-Cause
grow I-Cause
volumes I-Cause
with O
rising B-Cause
demand I-Cause
and O
contribute B-Effect
nearly I-Effect
$ I-Effect
120 I-Effect
million I-Effect
of I-Effect
adjusted I-Effect
EBITDA I-Effect
by I-Effect
2029 I-Effect
. O

After O
incorporating B-Cause
full-year I-Cause
2020 I-Cause
financials I-Cause
and I-Cause
rolling I-Cause
our I-Cause
discounted I-Cause
cash I-Cause
flow I-Cause
model I-Cause
forward I-Cause
another I-Cause
year I-Cause
, O
we O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
50 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
47 I-Effect
. O

Over B-Cause
the I-Cause
longer I-Cause
term I-Cause
, I-Cause
we I-Cause
think I-Cause
its I-Cause
portfolio I-Cause
wil I-Cause
remain I-Cause
resilient I-Cause
even I-Cause
in I-Cause
a I-Cause
more I-Cause
challenging I-Cause
economic I-Cause
environment I-Cause
( I-Cause
like I-Cause
the I-Cause
mid- I-Cause
to I-Cause
high-single-digit I-Cause
growth I-Cause
posted I-Cause
in I-Cause
the I-Cause
2008-09 I-Cause
recession I-Cause
) I-Cause
. O
As O
such O
, O
we O
continue O
to O
expect O
3 B-Effect
% I-Effect
-4 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
and I-Effect
mid-20s I-Effect
operating I-Effect
margins I-Effect
on I-Effect
average I-Effect
, I-Effect
130 I-Effect
basis I-Effect
points I-Effect
above I-Effect
the I-Effect
prior I-Effect
10-year I-Effect
average I-Effect
. O

After O
an B-Cause
expected I-Cause
sales I-Cause
decline I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
, I-Cause
and I-Cause
an I-Cause
expected I-Cause
rebound I-Cause
in I-Cause
fiscal I-Cause
2022 I-Cause
, O
we O
forecast O
average B-Effect
annual I-Effect
same-store I-Effect
sales I-Effect
growth I-Effect
of I-Effect
just I-Effect
2 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2023-30 I-Effect
. O

Like B-Cause
many I-Cause
diversified I-Cause
conglomerates I-Cause
in I-Cause
our I-Cause
coverage I-Cause
, I-Cause
Roper I-Cause
is I-Cause
exposed I-Cause
to I-Cause
a I-Cause
number I-Cause
of I-Cause
risks I-Cause
in I-Cause
the I-Cause
broad I-Cause
global I-Cause
economy. O
These O
risks O
include O
trade B-Effect
disputes I-Effect
and I-Effect
changes I-Effect
in I-Effect
exportation I-Effect
policies I-Effect
( I-Effect
Roper I-Effect
exports I-Effect
about I-Effect
11 I-Effect
% I-Effect
of I-Effect
sales I-Effect
based I-Effect
on I-Effect
2018 I-Effect
and I-Effect
2017 I-Effect
sales I-Effect
) I-Effect
, I-Effect
cybersecurity I-Effect
risks I-Effect
, I-Effect
and I-Effect
software-product I-Effect
launch-failures I-Effect
in I-Effect
any I-Effect
of I-Effect
its I-Effect
verticals I-Effect
. O

Its B-Cause
flexible I-Cause
distribution I-Cause
network I-Cause
will O
help O
elevate B-Effect
the I-Effect
firm I-Effect
's I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
, I-Effect
with I-Effect
faster I-Effect
time I-Effect
to I-Effect
delivery I-Effect
improving I-Effect
the I-Effect
do-it-yourself I-Effect
experience I-Effect
and I-Effect
market I-Effect
delivery I-Effect
centers I-Effect
catering I-Effect
to I-Effect
the I-Effect
pro I-Effect
business I-Effect
. O

The B-Cause
rise I-Cause
of I-Cause
fabless I-Cause
semiconductor I-Cause
firms I-Cause
has I-Cause
been I-Cause
sustaining I-Cause
the I-Cause
growth I-Cause
of I-Cause
foundries I-Cause
, O
which O
has O
in O
turn O
encouraged B-Effect
increased I-Effect
competition I-Effect
. O

The B-Cause
additional I-Cause
cash I-Cause
flow I-Cause
will O
also O
help B-Effect
the I-Effect
company I-Effect
offset I-Effect
lower I-Effect
contribution I-Effect
from O
its O
upstream O
operations O
in O
a O
low-oil-price O
environment O
. O

The O
replacement O
cycle O
of O
digital O
appliances O
is O
usually O
three O
to O
six O
years O
, O
but O
as O
most B-Cause
products I-Cause
are I-Cause
commoditized I-Cause
, O
it B-Effect
is I-Effect
hard I-Effect
for I-Effect
manufacturers I-Effect
to I-Effect
build I-Effect
an I-Effect
ecosystem I-Effect
that I-Effect
prevents I-Effect
customers I-Effect
from I-Effect
moving I-Effect
to I-Effect
different I-Effect
manufacturers I-Effect
. O

Personalized B-Effect
merchandise I-Effect
should I-Effect
in I-Effect
turn I-Effect
benefit I-Effect
retailers I-Effect
and I-Effect
brands I-Effect
since O
their B-Cause
products I-Cause
are I-Cause
displayed I-Cause
to I-Cause
an I-Cause
audience I-Cause
with I-Cause
higher I-Cause
buying I-Cause
probability I-Cause
( O
the O
equivalent O
of O
targeted O
ads O
on O
Google O
or O
Facebook O
) O
. O

Motor B-Cause
or I-Cause
inverter I-Cause
failure I-Cause
in I-Cause
factories I-Cause
could O
result O
in O
production B-Effect
stoppages I-Effect
and I-Effect
possibly I-Effect
electrical B-Cause
damage I-Cause
leading O
to O
pricey B-Effect
repairs I-Effect
and I-Effect
replacements I-Effect
. O

With B-Cause
its I-Cause
third-generation I-Cause
EPYC I-Cause
( I-Cause
Milan I-Cause
) I-Cause
server I-Cause
CPUs I-Cause
launched I-Cause
in I-Cause
2021 I-Cause
, I-Cause
the I-Cause
firm I-Cause
is I-Cause
poised I-Cause
to I-Cause
grow I-Cause
its I-Cause
market I-Cause
share I-Cause
to I-Cause
over I-Cause
20 I-Cause
% I-Cause
in I-Cause
the I-Cause
coming I-Cause
years. O
Consequently O
, O
we B-Effect
believe I-Effect
AMD I-Effect
will I-Effect
enjoy I-Effect
stellar I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
the I-Effect
server I-Effect
CPU I-Effect
sub-segment I-Effect
of I-Effect
EESC I-Effect
, I-Effect
going I-Effect
from I-Effect
about I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
2018 I-Effect
to I-Effect
$ I-Effect
9 I-Effect
billion I-Effect
in I-Effect
2025 I-Effect
. O

History O
suggests O
that O
carriers B-Cause
hesitate I-Cause
to I-Cause
leave I-Cause
towers I-Cause
that I-Cause
they I-Cause
are I-Cause
on I-Cause
, O
as O
non-consolidation-related B-Effect
churn I-Effect
for I-Effect
Crown I-Effect
Castle I-Effect
is I-Effect
historically I-Effect
between I-Effect
1 I-Effect
% I-Effect
and I-Effect
2 I-Effect
% I-Effect
. O

Price B-Effect
increases I-Effect
are I-Effect
easier I-Effect
to I-Effect
implement I-Effect
as I-Effect
a I-Effect
concentrate I-Effect
producer I-Effect
, O
due O
to O
the B-Cause
exponentially I-Cause
lower I-Cause
price I-Cause
points I-Cause
at I-Cause
which I-Cause
it I-Cause
sells I-Cause
and I-Cause
the I-Cause
lower I-Cause
proportion I-Cause
of I-Cause
total I-Cause
bottler I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
that I-Cause
the I-Cause
beverage I-Cause
base I-Cause
constitutes I-Cause
. O

We O
believe O
that O
Paylocity B-Cause
's I-Cause
unified I-Cause
database I-Cause
and I-Cause
focus I-Cause
on I-Cause
collaboration I-Cause
will O
enable O
businesses B-Effect
to I-Effect
see I-Effect
the I-Effect
value I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
platform I-Effect
and I-Effect
will I-Effect
drive I-Effect
new I-Effect
client I-Effect
adoption I-Effect
alongside I-Effect
further I-Effect
entrenching I-Effect
existing I-Effect
clients I-Effect
within I-Effect
Paylocity I-Effect
. O

Although O
Arizona B-Effect
regulation I-Effect
can I-Effect
be I-Effect
challenging I-Effect
, O
due O
in O
part O
to O
elected B-Cause
commissioners I-Cause
on I-Cause
the I-Cause
ACC I-Cause
, O
we O
expect O
strong B-Cause
customer I-Cause
and I-Cause
sales I-Cause
growth I-Cause
to O
allow O
Pinnacle B-Effect
West I-Effect
to I-Effect
consistently I-Effect
earn I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Conversely O
, O
we O
think O
revenue B-Effect
will I-Effect
be I-Effect
driven I-Effect
by I-Effect
price/mix I-Effect
in I-Effect
North I-Effect
America I-Effect
( I-Effect
roughly I-Effect
2.5 I-Effect
% I-Effect
) I-Effect
and I-Effect
Latin I-Effect
America I-Effect
( I-Effect
approximately I-Effect
6 I-Effect
% I-Effect
) I-Effect
, O
as O
the B-Cause
mature I-Cause
markets I-Cause
of I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
Mexico I-Cause
, I-Cause
and I-Cause
Brazil I-Cause
facilitate I-Cause
innovative I-Cause
line I-Cause
extensions I-Cause
and I-Cause
reformulated I-Cause
packaging I-Cause
. O

OEMs B-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
a I-Effect
premium I-Effect
to I-Effect
vendors I-Effect
for I-Effect
technology I-Effect
that O
differentiates B-Cause
their I-Cause
vehicles I-Cause
, I-Cause
reduces I-Cause
vehicle I-Cause
weight I-Cause
, I-Cause
improves I-Cause
fuel I-Cause
efficiency I-Cause
, I-Cause
reduces I-Cause
emissions I-Cause
, I-Cause
improves I-Cause
safety I-Cause
, I-Cause
or I-Cause
lowers I-Cause
costs I-Cause
. O

We O
anticipate O
gross B-Effect
margin I-Effect
expansion I-Effect
with I-Effect
respect I-Effect
to I-Effect
dating I-Effect
revenue I-Effect
as O
Tinder B-Cause
's I-Cause
successful I-Cause
subscription I-Cause
model I-Cause
likely I-Cause
will I-Cause
further I-Cause
offset I-Cause
the I-Cause
lower I-Cause
margin I-Cause
app I-Cause
revenue I-Cause
. O

We B-Effect
're I-Effect
anticipating I-Effect
material I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
our I-Effect
forecast I-Effect
period I-Effect
due O
to O
synergies B-Cause
from I-Cause
the I-Cause
L3Harris I-Cause
merger I-Cause
, O
and O
we B-Effect
think I-Effect
the I-Effect
firm I-Effect
can I-Effect
improve I-Effect
operating I-Effect
margins I-Effect
from I-Effect
about I-Effect
14.6 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
to I-Effect
17 I-Effect
% I-Effect
at I-Effect
midcycle I-Effect
in I-Effect
2024 I-Effect
. O

So O
, O
even B-Cause
if I-Cause
another I-Cause
exchange I-Cause
charges I-Cause
less I-Cause
than I-Cause
ICE I-Cause
, I-Cause
a I-Cause
1-tick-size I-Cause
worse I-Cause
execution I-Cause
would I-Cause
wipe I-Cause
out I-Cause
any I-Cause
savings I-Cause
to I-Cause
the I-Cause
customer I-Cause
from I-Cause
a I-Cause
lower I-Cause
exchange I-Cause
fee. O
This O
gives B-Effect
ICE I-Effect
considerable I-Effect
pricing I-Effect
power I-Effect
in I-Effect
its I-Effect
futures I-Effect
exchanges I-Effect
and I-Effect
supports I-Effect
the I-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
maintain I-Effect
its I-Effect
operating I-Effect
margin I-Effect
around I-Effect
50 I-Effect
% I-Effect
. O

Larger O
hospitals O
and O
ICUs O
are O
the O
healthcare O
organizations O
that O
can O
make O
the O
most O
out O
of O
Philips O
' O
monitoring O
solutions O
as O
they B-Cause
usually I-Cause
have I-Cause
larger I-Cause
cost I-Cause
bases I-Cause
and I-Cause
more I-Cause
complex I-Cause
workflows I-Cause
, O
and O
therefore O
seek B-Effect
efficiencies I-Effect
. O

While O
Suunto O
's O
products O
offer O
similar O
capabilities O
to O
Garmin O
's O
most O
premium O
watches O
and O
are O
priced O
similarly O
as O
well O
, O
we O
believe O
that O
for B-Cause
both I-Cause
companies I-Cause
, I-Cause
their I-Cause
pricing I-Cause
of I-Cause
these I-Cause
premium I-Cause
watches I-Cause
is I-Cause
not I-Cause
proportional I-Cause
to I-Cause
the I-Cause
marginal I-Cause
utility I-Cause
enabled I-Cause
from I-Cause
adding I-Cause
premium I-Cause
features I-Cause
, O
and O
therefore O
both B-Effect
have I-Effect
significant I-Effect
pricing I-Effect
power I-Effect
. O

Given O
the B-Cause
lack I-Cause
of I-Cause
treatment I-Cause
options I-Cause
and I-Cause
a I-Cause
large I-Cause
market I-Cause
opportunity I-Cause
, O
we O
project O
close B-Effect
to I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
in I-Effect
probability I-Effect
adjusted I-Effect
annual I-Effect
sales I-Effect
by I-Effect
2029 I-Effect
. O

Shell O
plans O
to O
reduce B-Cause
its I-Cause
refining I-Cause
footprint I-Cause
to I-Cause
six I-Cause
core I-Cause
facilities I-Cause
that O
produce O
refined O
products O
and O
chemicals O
, O
which O
typically O
deliver B-Effect
higher I-Effect
returns I-Effect
given I-Effect
lower I-Effect
costs I-Effect
and I-Effect
greater I-Effect
flexibility I-Effect
among I-Effect
feedstocks I-Effect
and I-Effect
final I-Effect
products I-Effect
. O

The B-Cause
quick I-Cause
response I-Cause
from I-Cause
developers I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
excess I-Cause
demand I-Cause
gives B-Effect
us I-Effect
hesitation I-Effect
about I-Effect
Prologis I-Effect
' I-Effect
growth I-Effect
prospects I-Effect
in O
a O
fiercely O
competitive O
industry O
. O

We O
also O
believe O
the B-Cause
firm I-Cause
's I-Cause
geographic I-Cause
and I-Cause
portfolio I-Cause
exposure I-Cause
places I-Cause
structural I-Cause
ceilings I-Cause
on O
the O
extent O
to O
which O
the O
firm O
can O
exploit B-Effect
its I-Effect
cost I-Effect
advantage I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
avenues I-Effect
through O
which O
this O
advantage O
can O
manifest O
. O

Unlike O
its O
peers O
, O
McKesson B-Cause
has I-Cause
made I-Cause
vertical I-Cause
acquisitions I-Cause
into I-Cause
retail I-Cause
pharmacy I-Cause
and I-Cause
specialty I-Cause
pharmaceuticals I-Cause
with I-Cause
clinical I-Cause
( I-Cause
oncology I-Cause
) I-Cause
providers I-Cause
on I-Cause
staff I-Cause
to O
protect B-Effect
its I-Effect
market I-Effect
share I-Effect
. O

We O
expect O
the B-Effect
parts I-Effect
segment I-Effect
to I-Effect
increase I-Effect
sales I-Effect
by I-Effect
a I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
of I-Effect
nearly I-Effect
4 I-Effect
% I-Effect
in I-Effect
our I-Effect
forecast I-Effect
, O
largely O
due O
to O
our O
assumption O
that O
some B-Cause
MX I-Cause
engines I-Cause
designed I-Cause
in I-Cause
response I-Cause
to I-Cause
the I-Cause
2010 I-Cause
EPA I-Cause
standards I-Cause
have I-Cause
entered I-Cause
the I-Cause
overhaul I-Cause
stage I-Cause
of I-Cause
their I-Cause
lifecycle I-Cause
. O

Carriers O
' O
most O
valuable O
assets O
are O
their O
networks O
, O
and O
any O
disruption O
to O
the O
network O
, O
whether O
temporarily B-Cause
during I-Cause
a I-Cause
tower I-Cause
switch I-Cause
or I-Cause
more I-Cause
permanently I-Cause
as O
a O
result O
of O
a B-Effect
new I-Effect
setup I-Effect
and I-Effect
location I-Effect
, I-Effect
risks I-Effect
customer I-Effect
dissatisfaction I-Effect
with I-Effect
their I-Effect
service I-Effect
. O

Nevertheless O
, O
it O
's O
worth O
noting O
that O
there B-Cause
are I-Cause
alternative I-Cause
mechanisms I-Cause
for I-Cause
single-serve I-Cause
coffee I-Cause
consumption I-Cause
( I-Cause
such I-Cause
as I-Cause
reusable I-Cause
pods I-Cause
) I-Cause
, I-Cause
and I-Cause
to I-Cause
the I-Cause
extent I-Cause
that I-Cause
adoption I-Cause
of I-Cause
these I-Cause
grows I-Cause
, O
its B-Effect
plausible I-Effect
that I-Effect
the I-Effect
company I-Effect
's I-Effect
growth I-Effect
and I-Effect
margin I-Effect
profile I-Effect
could I-Effect
be I-Effect
compromised I-Effect
. O

UPS B-Effect
' I-Effect
top I-Effect
line I-Effect
jumped I-Effect
14 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, I-Effect
though I-Effect
adjusted I-Effect
margins I-Effect
fell I-Effect
80 I-Effect
basis I-Effect
points I-Effect
to I-Effect
10.3 I-Effect
% I-Effect
due O
to O
mix B-Cause
, I-Cause
heavy I-Cause
network I-Cause
investment I-Cause
, I-Cause
and I-Cause
pension I-Cause
costs I-Cause
. O

While O
sales O
growth O
may O
take O
time O
to O
stabilize O
, O
we O
believe O
that O
consolidating B-Cause
ownership I-Cause
among I-Cause
stronger I-Cause
franchisees I-Cause
will O
help O
accelerate B-Effect
the I-Effect
brand I-Effect
's I-Effect
digital I-Effect
, I-Effect
delivery I-Effect
, I-Effect
and I-Effect
brand I-Effect
image I-Effect
efforts I-Effect
( I-Effect
including I-Effect
new I-Effect
delivery/takeaway I-Effect
enabled I-Effect
formats I-Effect
) I-Effect
. O

The B-Effect
large I-Effect
ecosystem I-Effect
of I-Effect
AWS I-Effect
users I-Effect
has I-Effect
benefited I-Effect
from I-Effect
the I-Effect
software I-Effect
development I-Effect
efforts I-Effect
of I-Effect
those I-Effect
same I-Effect
users I-Effect
, O
as O
they B-Cause
turnaround I-Cause
and I-Cause
offer I-Cause
applications I-Cause
written I-Cause
on I-Cause
AWS I-Cause
for I-Cause
AWS I-Cause
users I-Cause
. O

Sensitivity O
to O
macroeconomic O
variables O
, O
including O
unemployment O
and O
inflation O
in O
essential O
expenditures O
remains O
important O
moving O
forward O
, O
with O
pressure B-Effect
likely I-Effect
to I-Effect
show I-Effect
up I-Effect
first I-Effect
in I-Effect
guest I-Effect
traffic I-Effect
and I-Effect
transaction I-Effect
volume I-Effect
should I-Effect
cash I-Effect
constrained I-Cause
customers I-Cause
choose I-Cause
to I-Cause
rotate I-Cause
spending I-Cause
toward I-Cause
cheaper I-Cause
substitutes I-Cause
. O

This B-Cause
loyalty I-Cause
presence I-Cause
should I-Cause
offer I-Cause
the I-Cause
potential I-Cause
to I-Cause
leverage I-Cause
data I-Cause
analytics I-Cause
and I-Cause
cross-sell I-Cause
Caesars I-Cause
' I-Cause
growing I-Cause
portfolio I-Cause
, O
leading O
to O
incremental B-Effect
revenue I-Effect
generation I-Effect
. O

Additionally O
, O
since O
there B-Cause
are I-Cause
frequently I-Cause
cheaper I-Cause
alternatives I-Cause
to I-Cause
Snap-on I-Cause
products I-Cause
, O
a B-Effect
trade-down I-Effect
effect I-Effect
during O
periods O
of O
corporate O
belt-tightening O
is O
conceivable O
. O

We O
view O
these B-Cause
segments I-Cause
as I-Cause
good I-Cause
add-on I-Cause
services I-Cause
that O
allow O
the B-Effect
bank I-Effect
to I-Effect
adequately I-Effect
provide I-Effect
for I-Effect
its I-Effect
clients I-Effect
and I-Effect
to I-Effect
diversify I-Effect
the I-Effect
bank I-Effect
's I-Effect
revenue I-Effect
streams I-Effect
, O
but O
we O
do O
n't O
see O
them O
as O
sources O
of O
sustainable O
structural O
advantages O
. O

The O
firm O
has O
thrived O
under O
a O
variety O
of O
conditions O
, O
but O
as O
competition B-Cause
increases I-Cause
and I-Cause
it I-Cause
expands I-Cause
into I-Cause
new I-Cause
markets I-Cause
, O
the B-Effect
degree I-Effect
of I-Effect
difficulty I-Effect
also I-Effect
rises I-Effect
, O
in O
our O
view O
. O

Illumina B-Cause
's I-Cause
focus I-Cause
on I-Cause
early-stage I-Cause
technologies I-Cause
through I-Cause
its I-Cause
venture I-Cause
capital I-Cause
arm I-Cause
and I-Cause
general I-Cause
acquisition I-Cause
prowess I-Cause
should O
help O
give B-Effect
it I-Effect
access I-Effect
to I-Effect
new I-Effect
technology I-Effect
, O
too O
. O

The B-Cause
firm I-Cause
has I-Cause
shed I-Cause
its I-Cause
diabetes I-Cause
business I-Cause
, I-Cause
medical I-Cause
imaging I-Cause
group I-Cause
, I-Cause
woundcare I-Cause
division I-Cause
, I-Cause
and I-Cause
nutritional I-Cause
business I-Cause
in I-Cause
an I-Cause
effort I-Cause
to O
focus B-Effect
on I-Effect
the I-Effect
high-margin I-Effect
specialty I-Effect
drug I-Effect
group I-Effect
. O

We O
expect O
steel B-Effect
prices I-Effect
to I-Effect
remain I-Effect
lower I-Effect
for I-Effect
longer I-Effect
, O
driven O
by O
our B-Cause
bearish I-Cause
outlook I-Cause
for I-Cause
Chinese I-Cause
fixed-asset I-Cause
investment I-Cause
and I-Cause
the I-Cause
persistence I-Cause
of I-Cause
structural I-Cause
overcapacity I-Cause
. O

GeneSight O
's O
clinical O
trial O
testing O
and O
developments O
have O
been O
quite O
muddy O
, O
and O
we B-Effect
question I-Effect
the I-Effect
validity I-Effect
of I-Effect
its I-Effect
accuracy I-Effect
due O
to O
our B-Cause
review I-Cause
of I-Cause
its I-Cause
key I-Cause
clinical I-Cause
trial I-Cause
data I-Cause
highlighted I-Cause
below I-Cause
. O

While O
Bayer O
's O
crop O
science O
business O
is O
well O
positioned O
, O
the B-Cause
challenges I-Cause
caused I-Cause
by I-Cause
COVID-19 I-Cause
are O
reducing O
demand B-Effect
for I-Effect
several I-Effect
crop I-Effect
science I-Effect
products I-Effect
. O

Other B-Effect
internal I-Effect
catalysts I-Effect
for I-Effect
top-line I-Effect
growth I-Effect
could O
come O
from O
the B-Cause
firm I-Cause
's I-Cause
efficient I-Cause
supply I-Cause
chain I-Cause
, I-Cause
improved I-Cause
merchandising I-Cause
technology I-Cause
, I-Cause
and I-Cause
penetration I-Cause
of I-Cause
adjacent I-Cause
customer I-Cause
product I-Cause
segments I-Cause
( O
most O
recently O
bolstered O
by O
the O
acquisition O
of O
HD O
Supply O
) O
. O

As O
a B-Cause
weapons I-Cause
supplier I-Cause
, O
BAE B-Effect
Systems I-Effect
is I-Effect
exposed I-Effect
to I-Effect
reputational I-Effect
risks I-Effect
, O
particularly O
trading O
with O
countries O
considered O
to O
be O
at O
high O
risk O
of O
involvement O
in O
human O
rights O
abuses O
. O

There O
is O
concern O
that O
recent B-Effect
investments I-Effect
have I-Effect
been I-Effect
unnecessary I-Effect
, O
given O
exceptional B-Cause
demand I-Cause
growth I-Cause
in I-Cause
China I-Cause
that I-Cause
is I-Cause
unlikely I-Cause
to I-Cause
repeat I-Cause
itself I-Cause
in I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
. O

We O
expect O
aggregates B-Effect
shipment I-Effect
volume I-Effect
to I-Effect
increase I-Effect
to I-Effect
more I-Effect
than I-Effect
271 I-Effect
million I-Effect
tons I-Effect
within I-Effect
the I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
of I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, O
driven O
by O
economic B-Cause
recovery I-Cause
, I-Cause
pent-up I-Cause
construction I-Cause
demand I-Cause
, I-Cause
and I-Cause
acquisitions I-Cause
. O

We O
believe O
that O
the B-Cause
increasing I-Cause
scope I-Cause
of I-Cause
Ritchie I-Cause
Bros. I-Cause
' I-Cause
online I-Cause
offerings I-Cause
should O
increase B-Effect
its I-Effect
ability I-Effect
to I-Effect
convert I-Effect
prospective I-Effect
sellers I-Effect
into I-Effect
secured I-Effect
contracts I-Effect
. O

Overall O
, O
we O
think O
it O
would O
be O
difficult O
for O
new B-Effect
firms I-Effect
to I-Effect
enter I-Effect
these I-Effect
niches I-Effect
primarily I-Effect
due O
to O
the B-Cause
switching I-Cause
costs I-Cause
associated I-Cause
with I-Cause
some I-Cause
of I-Cause
its I-Cause
medical I-Cause
equipment I-Cause
and I-Cause
the I-Cause
intangible I-Cause
assets I-Cause
surrounding I-Cause
its I-Cause
proprietary I-Cause
technology I-Cause
and I-Cause
manufacturing I-Cause
processes I-Cause
. O

We O
believe O
the B-Effect
education I-Effect
services I-Effect
segment I-Effect
( I-Effect
13 I-Effect
% I-Effect
of I-Effect
fiscal I-Effect
2020 I-Effect
revenue I-Effect
) I-Effect
contains I-Effect
some I-Effect
of I-Effect
Wiley I-Effect
's I-Effect
fastest-growing I-Effect
advantaged I-Effect
businesses I-Effect
, O
leveraging B-Cause
the I-Cause
company I-Cause
's I-Cause
relationships I-Cause
with I-Cause
educational I-Cause
and I-Cause
professional I-Cause
clients I-Cause
. O

It O
has B-Effect
yet I-Effect
to I-Effect
generate I-Effect
positive I-Effect
free I-Effect
cash I-Effect
flow I-Effect
, I-Effect
so I-Effect
Aphria I-Effect
will I-Effect
continue I-Effect
to I-Effect
rely I-Effect
on I-Effect
outside I-Effect
capital I-Effect
raises I-Effect
, O
especially O
as O
it B-Cause
expands I-Cause
production I-Cause
to I-Cause
meet I-Cause
growing I-Cause
demand I-Cause
. O

In O
the O
near O
term O
, O
we O
expect O
double-digit B-Effect
growth I-Effect
and I-Effect
healthy I-Effect
margins I-Effect
to O
continue O
with O
this O
premium-priced B-Cause
product I-Cause
as I-Cause
biologics I-Cause
grow I-Cause
in I-Cause
popularity I-Cause
as O
a O
drug O
class O
. O

Even O
in O
Western O
Europe O
, O
the B-Cause
emergence I-Cause
of I-Cause
craft I-Cause
, I-Cause
the I-Cause
shift I-Cause
to I-Cause
the I-Cause
off-trade I-Cause
, I-Cause
and I-Cause
pricing I-Cause
pressure I-Cause
from I-Cause
large I-Cause
retailers I-Cause
, I-Cause
have O
created B-Effect
an I-Effect
unfavorable I-Effect
cocktail I-Effect
of I-Effect
cyclical I-Effect
and I-Effect
secular I-Effect
headwinds I-Effect
that O
are O
likely O
to O
hinder B-Effect
long-term I-Effect
organic I-Effect
growth I-Effect
. I-Effect

We O
believe O
the B-Cause
firm I-Cause
will I-Cause
utilize I-Cause
automation I-Cause
and I-Cause
other I-Cause
technologies I-Cause
to I-Cause
better I-Cause
manage I-Cause
live I-Cause
inventory I-Cause
across I-Cause
its I-Cause
global I-Cause
facilities I-Cause
, O
resulting O
in O
operating B-Effect
margin I-Effect
improvement I-Effect
throughout I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
. O

Less O
mature O
markets O
leave O
carriers O
with O
a O
long O
runway O
of O
investment O
to O
improve B-Cause
network I-Cause
quality I-Cause
and I-Cause
coverage I-Cause
and I-Cause
results I-Cause
in I-Cause
even I-Cause
faster I-Cause
growth I-Cause
in I-Cause
consumers I-Cause
' I-Cause
data I-Cause
consumption I-Cause
, O
foreshadowing B-Effect
bright I-Effect
growth I-Effect
prospects I-Effect
for I-Effect
SBA I-Effect
. O

We O
're O
anticipating O
that O
capital B-Effect
expenditures I-Effect
will I-Effect
not I-Effect
grow I-Effect
with I-Effect
sales I-Effect
, O
as O
the B-Cause
firm I-Cause
has I-Cause
already I-Cause
built I-Cause
out I-Cause
much I-Cause
of I-Cause
its I-Cause
required I-Cause
plant I-Cause
, I-Cause
property I-Cause
, I-Cause
and I-Cause
equipment I-Cause
. O

Generally O
, O
we B-Effect
do I-Effect
not I-Effect
like I-Effect
universal I-Effect
banking I-Effect
franchises I-Effect
with I-Effect
significant I-Effect
investment I-Effect
banking I-Effect
exposure I-Effect
, O
as O
we B-Cause
often I-Cause
find I-Cause
them I-Cause
inferior I-Cause
to I-Cause
the I-Cause
stand-alone I-Cause
investment I-Cause
banks I-Cause
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
creates I-Cause
a I-Cause
secular I-Cause
ESG I-Cause
risk I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
potential I-Cause
brand I-Cause
harm I-Cause
that O
is O
quite B-Effect
acute I-Effect
for I-Effect
most I-Effect
corporations I-Effect
, O
in O
our O
view O
. O

Though O
this O
segment O
accounts O
for O
just O
10 O
% O
of O
total O
sales O
, O
Alcon B-Cause
's I-Cause
strong I-Cause
position I-Cause
in I-Cause
this I-Cause
market I-Cause
helps B-Effect
drive I-Effect
demand I-Effect
for I-Effect
required I-Effect
equipment I-Effect
consumables I-Effect
, I-Effect
and I-Effect
on I-Effect
a I-Effect
more I-Effect
ancillary I-Effect
basis I-Effect
, I-Effect
supports I-Effect
growth I-Effect
of I-Effect
implantable I-Effect
IOLs I-Effect
. O

We O
think O
state B-Cause
policies I-Cause
-- O
including O
California O
's O
100 O
% O
carbon-free O
energy O
by O
2045 O
target O
-- O
will O
force O
regulators B-Effect
to I-Effect
support I-Effect
Edison I-Effect
's I-Effect
investment I-Effect
plan I-Effect
and I-Effect
earnings I-Effect
growth I-Effect
. O

The O
firm O
has O
managed O
the O
FAA O
's O
communications O
infrastructure O
for O
25 O
years O
, O
and O
there B-Effect
is I-Effect
a I-Effect
substantial I-Effect
cost I-Effect
at I-Effect
failure I-Effect
if O
the O
customer B-Cause
switched I-Cause
to I-Cause
a I-Cause
product I-Cause
that I-Cause
did I-Cause
n't I-Cause
operate I-Cause
as I-Cause
intended I-Cause
. O

Renewable B-Cause
energy I-Cause
, I-Cause
with I-Cause
effectively I-Cause
no I-Cause
marginal I-Cause
costs I-Cause
, I-Cause
has B-Effect
depressed I-Effect
wholesale I-Effect
power I-Effect
prices I-Effect
and I-Effect
hurt I-Effect
Exelon I-Effect
's I-Effect
returns I-Effect
on I-Effect
capital I-Effect
in I-Effect
some I-Effect
of I-Effect
its I-Effect
regions I-Effect
. I-Effect

While O
we O
think O
competition O
among O
these O
firms O
is O
generally O
rational O
, O
each B-Cause
company I-Cause
fiercely I-Cause
competes I-Cause
to I-Cause
build I-Cause
the I-Cause
most I-Cause
energy-efficient I-Cause
and I-Cause
eco-friendly I-Cause
climate I-Cause
control I-Cause
products I-Cause
to O
meet B-Effect
regulations I-Effect
and I-Effect
lower I-Effect
customer I-Effect
's I-Effect
operating I-Effect
costs I-Effect
. O

The B-Effect
risk I-Effect
from I-Effect
carbon I-Effect
emissions I-Effect
is I-Effect
most I-Effect
likely I-Effect
to I-Effect
materialize I-Effect
through O
a B-Cause
carbon I-Cause
tax I-Cause
, O
which O
increases O
the O
price O
of O
end O
products O
to O
consumers O
, O
reducing O
demand O
over O
time O
and O
threatening O
Chevron O
's O
core O
business O
. O

NJR B-Cause
's I-Cause
customer I-Cause
growth I-Cause
and I-Cause
ability I-Cause
to I-Cause
recover I-Cause
large I-Cause
investments I-Cause
through I-Cause
annual I-Cause
rate I-Cause
adjustments I-Cause
mitigate O
the B-Effect
impact I-Effect
on I-Effect
cash I-Effect
flows I-Effect
and I-Effect
earnings I-Effect
. O

Upon O
incorporating B-Cause
full-year I-Cause
2020 I-Cause
financials I-Cause
and I-Cause
rolling I-Cause
our I-Cause
model I-Cause
forward I-Cause
another O
year O
, O
we B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
25.50 I-Effect
, I-Effect
from I-Effect
$ I-Effect
24 I-Effect
. O

Costs B-Effect
should I-Effect
deleverage I-Effect
somewhat I-Effect
in O
fiscal O
2022 O
as O
growth B-Cause
normalizes I-Cause
( O
19.3 O
% O
forecast O
adjusted O
operating O
margin O
versus O
19.9 O
% O
expected O
in O
the O
prior O
year O
) O
but O
adjusted O
operating O
margins O
should O
hold O
steady O
in O
the O
high-teens O
over O
our O
10-year O
explicit O
forecast O
. O

PG B-Cause
& I-Cause
E I-Cause
's I-Cause
inability I-Cause
to I-Cause
access I-Cause
capital I-Cause
markets I-Cause
at I-Cause
reasonable I-Cause
prices I-Cause
due I-Cause
to I-Cause
wildfire-related I-Cause
legal I-Cause
, I-Cause
regulatory I-Cause
, I-Cause
and I-Cause
political I-Cause
concerns I-Cause
led I-Cause
the I-Cause
company I-Cause
to I-Cause
declare I-Cause
bankruptcy I-Cause
in I-Cause
January I-Cause
2019. O
This B-Effect
put I-Effect
shareholders I-Effect
' I-Effect
fate I-Effect
in I-Effect
the I-Effect
hands I-Effect
of I-Effect
California I-Effect
judges I-Effect
, I-Effect
politicians I-Effect
, I-Effect
and I-Effect
regulators I-Effect
and I-Effect
ultimately I-Effect
cost I-Effect
shareholders I-Effect
nearly I-Effect
$ I-Effect
30 I-Effect
billion I-Effect
of I-Effect
lost I-Effect
value I-Effect
. O

On O
the O
demand O
side O
, O
it O
benefits O
from O
LNG O
exports O
, O
gas O
power O
generation O
, O
increased O
industrial O
gas O
demand O
, O
and O
lower B-Effect
levels I-Effect
of I-Effect
ethane I-Effect
rejection I-Effect
resulting O
from O
increased B-Cause
demand I-Cause
for I-Cause
ethylene I-Cause
as O
a O
feedstock O
. O

We O
expect O
a B-Cause
shift I-Cause
toward I-Cause
newer I-Cause
and I-Cause
more I-Cause
efficient I-Cause
engine I-Cause
options I-Cause
on I-Cause
aircraft I-Cause
and I-Cause
learning-curve-based I-Cause
cost I-Cause
efficiencies I-Cause
should O
help B-Effect
the I-Effect
company I-Effect
improve I-Effect
margins I-Effect
. O

We O
also O
expect O
the B-Effect
consumer I-Effect
business I-Effect
will I-Effect
struggle I-Effect
to I-Effect
maintain I-Effect
profitability I-Effect
in I-Effect
future I-Effect
years I-Effect
as O
the B-Cause
television I-Cause
business I-Cause
continues I-Cause
to I-Cause
shrink I-Cause
. O

While O
we O
do O
not O
think O
COVID-19 O
will O
lead O
to O
unmanageable O
medical O
costs O
for O
insurers O
in O
2020 O
, O
we O
think O
the B-Cause
underutilization I-Cause
of I-Cause
the I-Cause
healthcare I-Cause
system I-Cause
could O
create B-Effect
pricing I-Effect
risks I-Effect
for I-Effect
insurers I-Effect
. O

The B-Effect
expected I-Effect
improvements I-Effect
are I-Effect
split I-Effect
nearly I-Effect
evenly I-Effect
between I-Effect
gains I-Effect
in I-Effect
gross I-Effect
margin I-Effect
thanks O
to O
the B-Cause
slimming I-Cause
down I-Cause
of I-Cause
the I-Cause
product I-Cause
portfolio I-Cause
for I-Cause
production I-Cause
animals I-Cause
and I-Cause
consolidation I-Cause
of I-Cause
manufacturing I-Cause
sites I-Cause
. O

For O
example O
, O
new O
or O
cheaper O
sequencing O
tools O
may O
eventually O
displace O
Illumina O
's O
stronghold O
in O
genomic O
sequencing O
, O
and O
the B-Cause
company I-Cause
's I-Cause
$ I-Cause
8 I-Cause
billion I-Cause
bet I-Cause
on I-Cause
Grail I-Cause
's I-Cause
liquid I-Cause
biopsy I-Cause
technology I-Cause
will O
expose O
it B-Effect
to I-Effect
a I-Effect
new I-Effect
risk I-Effect
of I-Effect
disruptive I-Effect
technologies I-Effect
in O
the O
very O
large O
but O
nascent O
preventative O
care O
testing O
market O
for O
cancer O
. O

Raytheon O
's O
Standard O
missile O
family O
has O
been O
one O
of O
the O
backbones O
of O
the O
U.S O
's O
shipborne O
missile O
systems O
since O
the O
1960s O
, O
and O
we O
expect O
that O
Raytheon B-Cause
's I-Cause
expertise I-Cause
in I-Cause
the I-Cause
field I-Cause
will O
allow O
it O
to O
continue B-Effect
winning I-Effect
contracts I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

We O
see O
a B-Effect
potential I-Effect
risk I-Effect
of I-Effect
industry I-Effect
oversupply I-Effect
increasing I-Effect
if O
these O
Chinese B-Cause
chipmakers I-Cause
can I-Cause
catch I-Cause
up I-Cause
to I-Cause
Micron I-Cause
, I-Cause
Samsung I-Cause
, I-Cause
and I-Cause
SK I-Cause
Hynix I-Cause
in I-Cause
NAND I-Cause
and I-Cause
DRAM I-Cause
technology I-Cause
. O

However O
, O
there B-Effect
may I-Effect
always I-Effect
be I-Effect
an I-Effect
inherent I-Effect
conflict I-Effect
of I-Effect
interest I-Effect
between I-Effect
its I-Effect
employees I-Effect
and I-Effect
clients I-Effect
given O
potential B-Cause
transaction-based I-Cause
compensation I-Cause
structures I-Cause
. O

ESG-related B-Effect
risks I-Effect
include O
changes B-Cause
in I-Cause
policy I-Cause
related I-Cause
to I-Cause
climate I-Cause
change I-Cause
such I-Cause
as I-Cause
a I-Cause
carbon I-Cause
tax I-Cause
that I-Cause
could I-Cause
result I-Cause
in I-Cause
higher I-Cause
costs I-Cause
, I-Cause
reduced I-Cause
demand I-Cause
, I-Cause
or I-Cause
stranded I-Cause
resources I-Cause
. O

An B-Cause
increased I-Cause
regulatory I-Cause
push I-Cause
for I-Cause
open I-Cause
access I-Cause
to I-Cause
academic I-Cause
research I-Cause
could O
threaten B-Effect
Wiley I-Effect
's I-Effect
journals I-Effect
business I-Effect
if O
it O
came O
at O
publishers O
' O
expense O
. O

Smith B-Effect
& I-Effect
amp I-Effect
; I-Effect
Nephew I-Effect
should I-Effect
enjoy I-Effect
a I-Effect
respectable I-Effect
footprint I-Effect
in I-Effect
the I-Effect
skin I-Effect
substitute I-Effect
market I-Effect
with I-Effect
purchase I-Effect
of I-Effect
Osiris I-Effect
, O
and O
we B-Cause
recognize I-Cause
this I-Cause
segment I-Cause
of I-Cause
the I-Cause
advanced I-Cause
wound-care I-Cause
market I-Cause
has I-Cause
seen I-Cause
robust I-Cause
growth I-Cause
and I-Cause
innovation I-Cause
. O

We O
concede O
that O
AMD B-Cause
's I-Cause
recent I-Cause
CPUs I-Cause
and I-Cause
GPUs I-Cause
have I-Cause
been I-Cause
more I-Cause
competitive I-Cause
with I-Cause
offerings I-Cause
from I-Cause
Intel I-Cause
and I-Cause
Nvidia I-Cause
, I-Cause
respectively I-Cause
, O
and O
AMD B-Effect
has I-Effect
begun I-Effect
generating I-Effect
solid I-Effect
growth I-Effect
as O
a O
result O
. O

Credit O
losses O
will O
be O
one O
of O
the O
key O
variables O
as O
the O
economy O
recovers O
from O
the O
pandemic O
, O
and O
we O
currently O
project O
that O
the O
large O
reserve O
builds O
are O
now O
behind O
Wells O
-- O
and O
we O
may O
even O
see O
some B-Effect
reserve I-Effect
releases I-Effect
going I-Effect
forward I-Effect
as O
credit B-Cause
losses I-Cause
are I-Cause
ultimately I-Cause
lower I-Cause
than I-Cause
what I-Cause
was I-Cause
initially I-Cause
expected I-Cause
.. O

Each B-Cause
property I-Cause
can I-Cause
operate I-Cause
on I-Cause
a I-Cause
stand-alone I-Cause
basis I-Cause
and O
the B-Effect
benefits I-Effect
to I-Effect
accumulating I-Effect
properties I-Effect
in I-Effect
a I-Effect
single I-Effect
location I-Effect
are I-Effect
limited I-Effect
. I-Effect

Despite O
both O
China O
Unicom O
and O
China O
Telecom O
earning O
below O
WACC O
returns O
, O
the B-Cause
government I-Cause
has I-Cause
taken I-Cause
an I-Cause
active I-Cause
role I-Cause
in I-Cause
setting I-Cause
industrywide I-Cause
prices I-Cause
and I-Cause
price I-Cause
reduction I-Cause
targets I-Cause
that O
have B-Cause
slowed I-Cause
revenue I-Cause
and I-Cause
profit I-Cause
growth I-Cause
, O
making B-Effect
it I-Effect
more I-Effect
difficult I-Effect
for I-Effect
the I-Effect
smaller I-Effect
operators I-Effect
to I-Effect
lift I-Effect
their I-Effect
returns I-Effect
toward I-Effect
WACC I-Effect
. O

In O
the O
core O
cable O
business O
, O
we B-Effect
anticipate I-Effect
3 I-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
, O
with O
a B-Cause
declining I-Cause
television I-Cause
customer I-Cause
base I-Cause
holding I-Cause
the I-Cause
segment I-Cause
back I-Cause
. O

The B-Effect
cereal I-Effect
business I-Effect
( I-Effect
40 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
revenue I-Effect
) I-Effect
has I-Effect
been I-Effect
declining I-Effect
( I-Effect
outside I-Effect
of I-Effect
the I-Effect
pandemic I-Effect
) I-Effect
as O
consumers B-Cause
have I-Cause
shifted I-Cause
away I-Cause
from I-Cause
processed I-Cause
, I-Cause
high-sugar I-Cause
, I-Cause
high-carbohydrate I-Cause
fare I-Cause
. O

Declining B-Cause
volumes I-Cause
and I-Cause
supply I-Cause
chain I-Cause
disruptions I-Cause
should I-Cause
pressure I-Cause
margins I-Cause
and O
we B-Effect
factor I-Effect
in I-Effect
a I-Effect
60-basis-point I-Effect
EBIT I-Effect
margin I-Effect
contraction I-Effect
in I-Effect
2020 I-Effect
to I-Effect
10.1 I-Effect
% I-Effect
, I-Effect
improved I-Effect
from I-Effect
our I-Effect
previous I-Effect
forecast I-Effect
of I-Effect
a I-Effect
160-basis-point I-Effect
decline I-Effect
. O

Bank B-Effect
branches I-Effect
are I-Effect
declining I-Effect
in I-Effect
importance I-Effect
as O
more B-Cause
transactions I-Cause
take I-Cause
place I-Cause
digitally I-Cause
, O
and O
it O
is O
still O
uncertain O
how O
this O
dynamic O
will O
ultimately O
play O
out O
. O

We O
believe O
that O
the B-Effect
national I-Effect
networks I-Effect
increasingly I-Effect
hold I-Effect
the I-Effect
upper I-Effect
hand I-Effect
, O
in O
part O
due O
to O
the B-Cause
relatively I-Cause
higher I-Cause
viewing I-Cause
of I-Cause
national I-Cause
content I-Cause
versus I-Cause
local I-Cause
content I-Cause
and I-Cause
to I-Cause
their I-Cause
direct-to-consumer I-Cause
offerings I-Cause
. O

With O
VMware B-Cause
's I-Cause
expected I-Cause
spin-off I-Cause
from I-Cause
Dell I-Cause
toward I-Cause
the I-Cause
end I-Cause
of I-Cause
2021 I-Cause
, O
the B-Effect
company I-Effect
faces I-Effect
risks I-Effect
with I-Effect
integrating I-Effect
with I-Effect
other I-Effect
partners I-Effect
and I-Effect
going I-Effect
to I-Effect
market I-Effect
outside I-Effect
the I-Effect
Dell I-Effect
umbrella I-Effect
. O

The O
company O
's O
desirable O
community O
footprint O
and O
land O
supply O
come O
at O
a O
price O
, O
however O
, O
as B-Cause
premier I-Cause
land I-Cause
parcels I-Cause
are I-Cause
more I-Cause
expensive I-Cause
and I-Cause
can I-Cause
have I-Cause
less I-Cause
favorable I-Cause
purchasing I-Cause
terms I-Cause
for O
the O
buyer O
( O
that O
is O
, O
fewer B-Effect
opportunities I-Effect
for I-Effect
Toll I-Effect
Brothers I-Effect
to I-Effect
procure I-Effect
land I-Effect
on I-Effect
option I-Effect
) O
. O

While O
the O
Upjohn O
products O
represented O
close O
to O
15 O
% O
of O
total O
sales O
, O
the B-Effect
drugs I-Effect
are I-Effect
largely I-Effect
declining I-Effect
as O
generic B-Cause
competition I-Cause
is I-Cause
eroding I-Cause
pricing I-Cause
power I-Cause
and I-Cause
market I-Cause
share I-Cause
. O

We O
think O
Group B-Cause
1 I-Cause
has I-Cause
made I-Cause
good I-Cause
moves I-Cause
to I-Cause
improve I-Cause
itself I-Cause
in I-Cause
recent I-Cause
years I-Cause
by I-Cause
adding I-Cause
service I-Cause
technicians I-Cause
to I-Cause
increase I-Cause
lucrative I-Cause
service I-Cause
work I-Cause
and I-Cause
from I-Cause
the I-Cause
Val-U-Line I-Cause
used-vehicle I-Cause
strategy I-Cause
, O
which O
should O
result O
in O
more B-Effect
profits I-Effect
over I-Effect
time I-Effect
from O
retailing O
more O
used O
vehicles O
versus O
wholesaling O
them O
. O

In O
response O
to O
declining O
demand O
for O
high-fructose O
corn O
syrup O
, O
the B-Cause
company I-Cause
has I-Cause
been I-Cause
developing I-Cause
more I-Cause
specialty I-Cause
products I-Cause
, O
which O
command B-Effect
higher I-Effect
margins I-Effect
. O

Despite O
the O
fact O
these O
businesses O
bear O
little O
strategic O
relevance O
to O
one O
another O
, O
we B-Effect
surmise I-Effect
Emerson I-Effect
will I-Effect
keep I-Effect
commercial I-Effect
and I-Effect
residential I-Effect
given O
its B-Cause
high I-Cause
returns I-Cause
on I-Cause
capital I-Cause
( I-Cause
the I-Cause
firm I-Cause
's I-Cause
automation I-Cause
business I-Cause
is I-Cause
capital-intensive I-Cause
) I-Cause
. O

Livent B-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
lithium I-Effect
carbonate I-Effect
production I-Effect
due O
to O
its B-Cause
lucrative I-Cause
brine I-Cause
assets I-Cause
in I-Cause
the I-Cause
Salar I-Cause
del I-Cause
Hombre I-Cause
Muerto I-Cause
in I-Cause
Argentina I-Cause
. O

In O
Northern O
Europe O
, O
we B-Effect
anticipate I-Effect
softer I-Effect
growth I-Effect
than I-Effect
Southern I-Effect
Europe I-Effect
as O
the B-Cause
economic I-Cause
slowdown I-Cause
and I-Cause
increased I-Cause
regulations I-Cause
in I-Cause
Germany I-Cause
will I-Cause
be I-Cause
headwinds I-Cause
to I-Cause
near-term I-Cause
growth I-Cause
with I-Cause
revenue I-Cause
increasing I-Cause
for I-Cause
Northern I-Cause
Europe I-Cause
at I-Cause
a I-Cause
0.2 I-Cause
% I-Cause
10-year I-Cause
CAGR I-Cause
. O

PSEG B-Cause
's I-Cause
exit I-Cause
from I-Cause
the I-Cause
commodity-sensitive I-Cause
power I-Cause
generation I-Cause
business I-Cause
after I-Cause
more I-Cause
than I-Cause
two I-Cause
decades I-Cause
reduces B-Effect
risk I-Effect
but I-Effect
also I-Effect
limits I-Effect
upside I-Effect
for I-Effect
shareholders I-Effect
. O

Global B-Cause
staffers I-Cause
are I-Cause
more I-Cause
likely I-Cause
to I-Cause
sign I-Cause
on I-Cause
multinationals I-Cause
, O
which O
to O
some O
degree O
does O
draw B-Effect
more I-Effect
candidates I-Effect
to I-Effect
join I-Effect
the I-Effect
network I-Effect
, O
but O
we O
think O
that O
Manpower O
's O
competitors O
, O
Adecco O
and O
Randstad O
, O
are O
capable O
of O
meeting O
employer O
demand O
, O
especially O
with O
low-skill O
jobs O
. O

Currently B-Cause
, I-Cause
Discover I-Cause
's I-Cause
funding I-Cause
depends I-Cause
heavily I-Cause
on I-Cause
CDs I-Cause
and I-Cause
money I-Cause
market I-Cause
accounts I-Cause
and I-Cause
competes I-Cause
for I-Cause
deposits I-Cause
primarily I-Cause
on I-Cause
rates I-Cause
, O
which O
means O
the B-Effect
bank I-Effect
is I-Effect
at I-Effect
a I-Effect
disadvantage I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
funding I-Effect
. O

A B-Cause
company I-Cause
risks I-Cause
business I-Cause
disruption I-Cause
if O
a B-Cause
failed I-Cause
software I-Cause
migration I-Cause
prevents I-Cause
it I-Cause
from I-Cause
servicing I-Cause
customers I-Cause
, O
possibly O
resulting B-Effect
in I-Effect
lost I-Effect
revenue I-Effect
. O

The B-Cause
Chesapeake I-Cause
acquisition I-Cause
should O
provide O
an B-Effect
additional I-Effect
source I-Effect
of I-Effect
growth I-Effect
as I-Effect
the I-Effect
company I-Effect
drives I-Effect
higher I-Effect
operating I-Effect
efficiencies I-Effect
across I-Effect
this I-Effect
new I-Effect
portfolio I-Effect
. O

We O
also O
think O
that O
, O
like O
Catia O
, O
moving B-Cause
from I-Cause
an I-Cause
alternative I-Cause
midmarket I-Cause
CAD I-Cause
software I-Cause
is I-Cause
arduous I-Cause
, O
which O
we O
think O
leads O
to O
significant B-Effect
switching I-Effect
costs I-Effect
for I-Effect
SolidWorks I-Effect
. O

The B-Cause
dissipation I-Cause
of I-Cause
a I-Cause
well-defined I-Cause
security I-Cause
perimeter I-Cause
in I-Cause
today I-Cause
's I-Cause
hybrid-cloud I-Cause
ecosystems I-Cause
is O
leading O
security B-Effect
teams I-Effect
to I-Effect
rely I-Effect
on I-Effect
user I-Effect
identification I-Effect
for I-Effect
allowing I-Effect
, I-Effect
or I-Effect
preventing I-Effect
, I-Effect
access I-Effect
to I-Effect
resources I-Effect
, O
whether O
outside O
of O
or O
inside O
of O
a O
trusted O
network O
. O

Even O
if O
we O
're O
right O
, O
we O
expect O
wireless B-Cause
technologies I-Cause
will I-Cause
continue I-Cause
to I-Cause
advance I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
, O
potentially O
disrupting B-Effect
Charter I-Effect
's I-Effect
business I-Effect
at I-Effect
some I-Effect
point I-Effect
, O
especially O
in O
less O
densely O
populated O
areas O
, O
where O
capacity O
demands O
on O
wireless O
networks O
are O
lower O
. O

We B-Effect
forecast I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
7 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
and I-Effect
remaining I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high I-Effect
single I-Effect
digits I-Effect
throughout I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
, O
as O
the B-Cause
firm I-Cause
fills I-Cause
new I-Cause
capacity I-Cause
. O

However O
, O
we O
expect O
products B-Effect
, I-Effect
like I-Effect
laundry I-Effect
and I-Effect
vitamins I-Effect
, I-Effect
will I-Effect
continue I-Effect
to I-Effect
be I-Effect
in I-Effect
high I-Effect
demand I-Effect
as O
a B-Cause
focus I-Cause
on I-Cause
wellness I-Cause
and I-Cause
cleaning I-Cause
remains I-Cause
at I-Cause
the I-Cause
forefront I-Cause
for I-Cause
consumers I-Cause
. O

We O
see O
some B-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risks I-Effect
for I-Effect
Delta I-Effect
, O
which O
is O
largely O
a O
function O
of O
the O
greenhouse B-Cause
gas I-Cause
emissions I-Cause
from I-Cause
the I-Cause
company I-Cause
's I-Cause
operations I-Cause
. O

Currently O
, O
expense B-Cause
growth I-Cause
is I-Cause
eating I-Cause
up I-Cause
most I-Cause
revenue I-Cause
growth I-Cause
, I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
may I-Cause
remain I-Cause
challenging I-Cause
in I-Cause
the I-Cause
medium I-Cause
term I-Cause
, O
as O
such O
we B-Effect
do I-Effect
not I-Effect
forecast I-Effect
major I-Effect
improvements I-Effect
in I-Effect
efficiency I-Effect
. O

A B-Cause
recent I-Cause
focus I-Cause
on I-Cause
AI I-Cause
assistants I-Cause
such O
as O
Google O
Now O
and O
Amazon O
Alexa O
has O
also O
put B-Effect
pressure I-Effect
on I-Effect
Apple I-Effect
's I-Effect
Siri I-Effect
that I-Effect
has I-Effect
fallen I-Effect
behind I-Effect
its I-Effect
peers I-Effect
in I-Effect
efficacy I-Effect
. O

For O
example O
, O
Oregon B-Cause
issued I-Cause
too I-Cause
many I-Cause
cultivation I-Cause
licenses I-Cause
upon I-Cause
recreational I-Cause
legalization I-Cause
, O
leading O
to O
significant B-Effect
oversupply I-Effect
and I-Effect
very I-Effect
low I-Effect
selling I-Effect
prices I-Effect
. O

As O
such O
, O
a B-Effect
strong I-Effect
record I-Effect
of I-Effect
reliability I-Effect
is I-Effect
crucial I-Effect
to I-Effect
win I-Effect
business I-Effect
, O
considering O
the B-Cause
risk I-Cause
of I-Cause
product I-Cause
failures I-Cause
leading I-Cause
to I-Cause
unplanned I-Cause
outages I-Cause
or I-Cause
wasted I-Cause
material I-Cause
. O

Furthermore O
, O
we O
believe O
that O
thanks O
to O
its B-Cause
strong I-Cause
position I-Cause
in I-Cause
the I-Cause
water I-Cause
and I-Cause
environment I-Cause
end I-Cause
markets I-Cause
, O
Aecom B-Effect
is I-Effect
poised I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
opportunities I-Effect
as O
customers B-Cause
implement I-Cause
more I-Cause
sustainable I-Cause
and I-Cause
energy-efficient I-Cause
solutions I-Cause
. O

Refining B-Effect
margins I-Effect
had I-Effect
been I-Effect
high I-Effect
at I-Effect
around I-Effect
USD I-Effect
10.35 I-Effect
per I-Effect
barrel I-Effect
in I-Effect
2017 I-Effect
, I-Effect
and I-Effect
USD I-Effect
9.54 I-Effect
in I-Effect
2018 I-Effect
, I-Effect
and I-Effect
have I-Effect
since I-Effect
eased I-Effect
to I-Effect
USD I-Effect
4.76 I-Effect
in I-Effect
2020 I-Effect
, O
partly O
due O
to O
the B-Cause
negative I-Cause
impact I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
outbreak I-Cause
. O

The O
firm O
has O
responded O
admirably O
to O
past O
recessions O
, O
but O
periods B-Cause
of I-Cause
economic I-Cause
weakness I-Cause
will O
nonetheless B-Effect
weigh I-Effect
heavily I-Effect
on I-Effect
its I-Effect
top I-Effect
line I-Effect
, I-Effect
while I-Effect
cutting I-Effect
into I-Effect
operating I-Effect
margins I-Effect
. O

It O
struggled O
with O
leverage B-Effect
issues I-Effect
in I-Effect
early I-Effect
2020 I-Effect
, O
as O
it B-Cause
had I-Cause
to I-Cause
pay I-Cause
off I-Cause
a I-Cause
maturity I-Cause
with I-Cause
its I-Cause
credit I-Cause
facilities I-Cause
, O
but O
it O
was O
able O
to O
pay O
down O
its O
credit O
facilities O
in O
June O
2020 O
with O
a O
bond O
offering O
. O

While O
Cullen/Frost B-Effect
's I-Effect
business I-Effect
model I-Effect
does I-Effect
have I-Effect
heavy B-Effect
interest I-Effect
rate I-Effect
exposure I-Effect
, O
as O
the B-Cause
majority I-Cause
of I-Cause
the I-Cause
bank I-Cause
's I-Cause
loans I-Cause
are I-Cause
floating I-Cause
rate I-Cause
loans I-Cause
, O
the O
bank O
has O
proven O
that O
even O
within O
a O
low O
interest O
rate O
environment O
it O
can O
earn B-Cause
excess I-Cause
returns I-Cause
on I-Cause
tangible I-Cause
equity I-Cause
. O

Hanes O
has O
suffered O
disruptions O
from O
store B-Cause
closures I-Cause
by I-Cause
wholesale I-Cause
partners I-Cause
( I-Cause
such I-Cause
as I-Cause
Sears I-Cause
and I-Cause
Kmart I-Cause
) I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
and O
this O
issue O
will O
probably O
affect B-Effect
sales I-Effect
, O
especially O
as O
the O
virus O
puts O
many O
retailers O
into O
distress O
. O

With B-Cause
6,549 I-Cause
stores I-Cause
and I-Cause
5.9 I-Cause
million I-Cause
square I-Cause
feet I-Cause
of I-Cause
distribution I-Cause
center I-Cause
space I-Cause
as I-Cause
of I-Cause
the I-Cause
end I-Cause
of I-Cause
fiscal I-Cause
2020 I-Cause
, I-Cause
AutoZone I-Cause
is I-Cause
able I-Cause
to I-Cause
quickly I-Cause
shift I-Cause
inventory I-Cause
to I-Cause
meet I-Cause
customer I-Cause
demand I-Cause
while I-Cause
keeping I-Cause
reserves I-Cause
of I-Cause
slower-moving I-Cause
parts I-Cause
that I-Cause
can I-Cause
rapidly I-Cause
be I-Cause
delivered I-Cause
to I-Cause
stores I-Cause
if I-Cause
needed. O
This O
enables O
AutoZone B-Effect
to I-Effect
maximize I-Effect
its I-Effect
inventory I-Effect
turnover I-Effect
( I-Effect
subject I-Effect
to I-Effect
the I-Effect
constraints I-Effect
of I-Effect
a I-Effect
low-turn I-Effect
industry I-Effect
) I-Effect
by I-Effect
holding I-Effect
slow-moving I-Effect
SKUs I-Effect
at I-Effect
distribution I-Effect
centers I-Effect
and I-Effect
hub I-Effect
stores I-Effect
serving I-Effect
many I-Effect
traditional I-Effect
locations I-Effect
in I-Effect
their I-Effect
vicinity I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
cleverly I-Cause
acquired I-Cause
several I-Cause
online I-Cause
media I-Cause
properties I-Cause
, O
including O
trade O
sites O
( O
EETimes.com O
) O
and O
resellers O
( O
Verical.com O
) O
, O
to O
funnel B-Effect
new I-Effect
customers I-Effect
and I-Effect
retain I-Effect
existing I-Effect
ones I-Effect
. O

Latin O
America O
, O
a O
predominantly O
snack O
business O
where O
the O
firm O
boasts O
dominant O
share O
and O
per B-Cause
capita I-Cause
consumption I-Cause
of I-Cause
its I-Cause
products I-Cause
is I-Cause
high I-Cause
, O
should O
be O
particularly O
conducive B-Effect
to I-Effect
price/mix I-Effect
growth I-Effect
( O
roughly O
6 O
% O
on O
average O
in O
our O
projection O
) O
. O

With O
its B-Cause
high I-Cause
leverage I-Cause
following I-Cause
its I-Cause
IPO I-Cause
, O
we B-Effect
believe I-Effect
PPD I-Effect
is I-Effect
at I-Effect
a I-Effect
higher I-Effect
risk I-Effect
of I-Effect
being I-Effect
capital-constrained I-Effect
because I-Effect
of I-Effect
prioritizing I-Effect
debt I-Effect
paydown I-Effect
. O

Since O
products B-Cause
are I-Cause
procured I-Cause
on I-Cause
a I-Cause
sole-source I-Cause
basis I-Cause
for I-Cause
the I-Cause
life I-Cause
of I-Cause
an I-Cause
aircraft I-Cause
, O
suppliers B-Effect
have I-Effect
substantial I-Effect
revenue I-Effect
visibility I-Effect
tied I-Effect
to I-Effect
aircraft I-Effect
production I-Effect
runs I-Effect
that I-Effect
last I-Effect
decades I-Effect
. O

If O
rates B-Cause
rise I-Cause
faster I-Cause
than I-Cause
expected I-Cause
, O
units B-Effect
could I-Effect
underperform I-Effect
as I-Effect
a I-Effect
steepening I-Effect
yield I-Effect
curve I-Effect
increases I-Effect
expected I-Effect
distribution I-Effect
yield I-Effect
for I-Effect
competing I-Effect
assets I-Effect
. O

We O
also O
believe O
that O
while O
upselling O
may O
not O
be O
as O
critical O
for O
the O
company O
as O
it O
is O
for O
other O
software O
stories O
, O
Tyler B-Cause
's I-Cause
product I-Cause
depth I-Cause
and I-Cause
leadership I-Cause
should O
ultimately B-Effect
drive I-Effect
upselling I-Effect
on I-Effect
a I-Effect
larger I-Effect
scale I-Effect
. O

The B-Effect
combination I-Effect
of I-Effect
these I-Effect
valuable I-Effect
assets I-Effect
and I-Effect
expected I-Effect
continuing I-Effect
growth I-Effect
in I-Effect
online I-Effect
advertising I-Effect
bodes I-Effect
well I-Effect
for I-Effect
Facebook I-Effect
, O
as O
the B-Cause
firm I-Cause
generates I-Cause
strong I-Cause
Internet I-Cause
Content I-Cause
& I-Cause
Informationtop-line I-Cause
growth I-Cause
and I-Cause
remains I-Cause
cash I-Cause
flow I-Cause
positive I-Cause
and I-Cause
profitable I-Cause
. O

However O
, O
since O
much B-Cause
of I-Cause
the I-Cause
sales I-Cause
are I-Cause
negotiated I-Cause
at I-Cause
the I-Cause
state I-Cause
and I-Cause
local I-Cause
level I-Cause
, I-Cause
rather I-Cause
than I-Cause
federal I-Cause
, O
we O
believe O
it B-Effect
is I-Effect
unlikely I-Effect
that I-Effect
a I-Effect
uniform I-Effect
response I-Effect
will I-Effect
develop I-Effect
that I-Effect
is I-Effect
likely I-Effect
to I-Effect
disrupt I-Effect
Motorola I-Effect
's I-Effect
power I-Effect
and I-Effect
reputation I-Effect
as I-Effect
the I-Effect
go-to I-Effect
supplier I-Effect
in I-Effect
public I-Effect
markets I-Effect
. O

Eni O
has O
diversified O
its O
European O
refining O
assets O
with O
the B-Effect
addition I-Effect
of I-Effect
capacity I-Effect
in O
the O
Middle O
East O
with O
a B-Cause
partnership I-Cause
with O
ADNOC O
. O

In O
terms O
of O
ESG-related O
risks O
, O
because O
UP B-Cause
carries I-Cause
freight I-Cause
for I-Cause
chemical I-Cause
end-market I-Cause
shippers I-Cause
, O
it B-Effect
is I-Effect
subject I-Effect
to I-Effect
the I-Effect
liabilities I-Effect
associated I-Effect
with I-Effect
hazardous I-Effect
material I-Effect
spills I-Effect
. I-Effect

Additionally O
, O
Livent B-Cause
is I-Cause
also I-Cause
planning I-Cause
to I-Cause
make I-Cause
large I-Cause
investments I-Cause
to I-Cause
increase I-Cause
both I-Cause
its I-Cause
carbonate I-Cause
and I-Cause
hydroxide I-Cause
production I-Cause
capacity I-Cause
, O
which O
brings B-Effect
execution I-Effect
risk I-Effect
and I-Effect
could I-Effect
result I-Effect
in I-Effect
cost I-Effect
overruns I-Effect
. O

Oil B-Cause
spills I-Cause
are O
an O
ever-present O
risk O
for O
oil O
companies O
operating O
offshore O
and O
can O
be B-Effect
devasting I-Effect
to I-Effect
a I-Effect
firm I-Effect
's I-Effect
value I-Effect
as O
BP O
's O
Macondo O
incident O
in O
the O
Gulf O
of O
Mexico O
shows O
. O

Following O
a O
challenging O
2020 O
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we B-Effect
project I-Effect
roughly I-Effect
7 I-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
2021 I-Effect
through I-Effect
2025 I-Effect
, I-Effect
fueled I-Effect
by I-Effect
high-single-digit I-Effect
growth I-Effect
in I-Effect
the I-Effect
measurement I-Effect
and I-Effect
control I-Effect
solutions I-Effect
segment I-Effect
. O

This B-Effect
segment I-Effect
is I-Effect
also I-Effect
higher I-Effect
margin I-Effect
, O
owing B-Cause
to I-Cause
its I-Cause
comparably I-Cause
richer I-Cause
fount I-Cause
of I-Cause
direct I-Cause
aftermarket I-Cause
( I-Cause
parts I-Cause
, I-Cause
service I-Cause
, I-Cause
and I-Cause
software I-Cause
upgrades I-Cause
) I-Cause
revenue I-Cause
that O
we O
strongly O
associate O
with O
switching O
costs O
. O

The B-Effect
aftermarket I-Effect
part I-Effect
retail I-Effect
industry I-Effect
is I-Effect
conducive I-Effect
to I-Effect
the I-Effect
formation I-Effect
of I-Effect
strong I-Effect
brands I-Effect
due O
to O
consumers B-Cause
' I-Cause
price I-Cause
inelasticity I-Cause
when I-Cause
replacing I-Cause
failed I-Cause
components I-Cause
and I-Cause
focus I-Cause
on I-Cause
service-related I-Cause
metrics I-Cause
such O
as O
part O
availability O
, O
convenience O
, O
and O
, O
in O
the O
DIY O
segment O
, O
in-store O
services O
. O

In O
fact O
, O
its B-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
averaged I-Cause
in I-Cause
the I-Cause
midteens I-Cause
since I-Cause
2008 I-Cause
, I-Cause
comfortably I-Cause
above I-Cause
our I-Cause
9 I-Cause
% I-Cause
cost I-Cause
of I-Cause
capital I-Cause
assumption I-Cause
-- O
a O
testament O
to O
the B-Effect
carrier I-Effect
's I-Effect
best-in-class I-Effect
execution I-Effect
. O

Given O
the O
lower O
cost O
of O
the O
drug O
in O
other O
countries O
, O
drug B-Effect
sales I-Effect
could I-Effect
take I-Effect
a I-Effect
hit I-Effect
if O
congress B-Cause
acts I-Cause
on I-Cause
drug I-Cause
pricing I-Cause
, O
with O
Xifaxan O
particularly O
exposed O
to O
international O
drug O
reference O
pricing O
. O

The B-Effect
largest I-Effect
source I-Effect
of I-Effect
uncertainty I-Effect
is O
the B-Cause
possibility I-Cause
that I-Cause
consumer I-Cause
tastes I-Cause
and I-Cause
preferences I-Cause
will I-Cause
shift I-Cause
away I-Cause
from I-Cause
Sensient I-Cause
's I-Cause
key I-Cause
spheres I-Cause
of I-Cause
influence I-Cause
. O

In O
our O
base-case O
scenario O
, O
we O
project O
operating B-Effect
margins I-Effect
expanding I-Effect
by I-Effect
roughly I-Effect
250 I-Effect
basis I-Effect
points I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
( O
from O
25.5 O
% O
in O
2020 O
to O
approximately O
28 O
% O
by O
2025 O
) O
, O
as O
we O
think O
the B-Cause
company I-Cause
can I-Cause
leverage I-Cause
higher I-Cause
volumes I-Cause
to I-Cause
drive I-Cause
increased I-Cause
profitability I-Cause
. O

The B-Effect
latest I-Effect
merger I-Effect
between I-Effect
SunTrust I-Effect
and I-Effect
BB I-Effect
& I-Effect
T I-Effect
likely I-Effect
presents I-Effect
the I-Effect
highest I-Effect
execution I-Effect
risks I-Effect
to I-Effect
date I-Effect
, O
given O
the B-Cause
relative I-Cause
sizes I-Cause
of I-Cause
each I-Cause
firm I-Cause
. O

Given O
the B-Cause
low-cost I-Cause
debt I-Cause
that I-Cause
Realty I-Cause
Income I-Cause
had I-Cause
access I-Cause
to I-Cause
over I-Cause
the I-Cause
past I-Cause
decade I-Cause
, O
the B-Effect
company I-Effect
was O
able O
to B-Effect
create I-Effect
significant I-Effect
value I-Effect
for I-Effect
shareholders I-Effect
through I-Effect
external I-Effect
growth I-Effect
. O

Pipeline O
projects O
typically O
seek O
to O
lock B-Effect
in I-Effect
project I-Effect
economics I-Effect
through O
long-term B-Cause
contracts I-Cause
with I-Cause
shippers I-Cause
before I-Cause
ever I-Cause
breaking I-Cause
ground I-Cause
on I-Cause
a I-Cause
new I-Cause
project I-Cause
and O
do O
n't O
incur O
direct O
commodity O
risk O
. O

This B-Effect
is I-Effect
a I-Effect
critical I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
large I-Effect
manufacturers I-Effect
, O
not O
only O
over O
new O
entrants O
and O
small O
players O
but O
also O
in O
the O
intracategory O
competition O
among O
the O
leading O
three O
or O
four O
brands O
, O
as O
it B-Cause
helps I-Cause
the I-Cause
category I-Cause
leader I-Cause
to I-Cause
retain I-Cause
prime I-Cause
real I-Cause
estate I-Cause
in I-Cause
the I-Cause
store I-Cause
. O

Lilly B-Effect
's I-Effect
entrenched I-Effect
insulin I-Effect
franchise I-Effect
creates I-Effect
an I-Effect
added I-Effect
layer I-Effect
of I-Effect
competitive I-Effect
advantage I-Effect
, O
as O
interchangeable B-Cause
insulin I-Cause
competition I-Cause
seems I-Cause
many I-Cause
years I-Cause
away I-Cause
due I-Cause
to I-Cause
the I-Cause
complexity I-Cause
of I-Cause
gaining I-Cause
generic I-Cause
approval I-Cause
for I-Cause
insulin I-Cause
and I-Cause
the I-Cause
high I-Cause
cost I-Cause
to I-Cause
build I-Cause
the I-Cause
needed I-Cause
economy I-Cause
of I-Cause
scale I-Cause
for I-Cause
insulin I-Cause
production I-Cause
. O

Nevertheless O
, O
on B-Cause
average I-Cause
during I-Cause
the I-Cause
past I-Cause
10 I-Cause
years I-Cause
, I-Cause
3M I-Cause
still I-Cause
managed I-Cause
to I-Cause
earn I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
including I-Cause
goodwill I-Cause
that I-Cause
cleared I-Cause
its I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
hurdle I-Cause
easily I-Cause
by I-Cause
more I-Cause
than I-Cause
2 I-Cause
times I-Cause
( I-Cause
and I-Cause
in I-Cause
some I-Cause
years I-Cause
, I-Cause
more I-Cause
than I-Cause
3 I-Cause
times I-Cause
) I-Cause
. O
As O
a O
result O
, O
we O
have O
a O
high O
degree O
of O
confidence O
that O
3M B-Effect
will I-Effect
continue I-Effect
to I-Effect
produce I-Effect
excess I-Effect
returns I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

As O
Texas B-Cause
Instruments I-Cause
focuses I-Cause
on I-Cause
analog I-Cause
chips I-Cause
and I-Cause
embedded I-Cause
products I-Cause
like I-Cause
microcontrollers I-Cause
, I-Cause
or I-Cause
MCUs I-Cause
, I-Cause
while I-Cause
significantly I-Cause
diversifying I-Cause
its I-Cause
customer I-Cause
base I-Cause
, O
we B-Effect
are I-Effect
confident I-Effect
the I-Effect
firm I-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

In B-Effect
HIV I-Effect
, I-Effect
Express I-Effect
Scripts I-Effect
could I-Effect
exclude I-Effect
newer I-Effect
HIV I-Effect
products I-Effect
from I-Effect
its I-Effect
formularies I-Effect
once B-Cause
safe I-Cause
and I-Cause
effective I-Cause
competition I-Cause
-- I-Cause
like I-Cause
Gilead I-Cause
's I-Cause
own I-Cause
Atripla I-Cause
and I-Cause
Complera I-Cause
-- I-Cause
lose I-Cause
patent I-Cause
protection I-Cause
. O

We B-Effect
expect I-Effect
capital I-Effect
expenditure I-Effect
will I-Effect
be I-Effect
about I-Effect
$ I-Effect
2.5 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
, O
as O
Delta B-Cause
has I-Cause
deferred I-Cause
many I-Cause
of I-Cause
its I-Cause
orders I-Cause
from I-Cause
Airbus I-Cause
, O
and O
will O
average O
around O
$ O
4 O
billion O
per O
year O
over O
our O
forecast O
period O
. O

Financing O
inventories O
through B-Cause
this I-Cause
mechanism I-Cause
offsets B-Cause
the I-Cause
balance I-Cause
sheet I-Cause
cost I-Cause
of I-Cause
providing I-Cause
high I-Cause
availability I-Cause
levels I-Cause
for I-Cause
slow-moving I-Cause
items I-Cause
, O
enabling B-Effect
a I-Effect
standard I-Effect
of I-Effect
service I-Effect
that I-Effect
is I-Effect
uneconomical I-Effect
for I-Effect
smaller I-Effect
peers I-Effect
. O

Ships O
, O
unlike O
aircraft O
or O
ground-based O
products O
, O
often O
take B-Cause
four I-Cause
or I-Cause
five I-Cause
years I-Cause
to I-Cause
produce I-Cause
a I-Cause
single I-Cause
product I-Cause
, O
so O
the B-Effect
customer I-Effect
can I-Effect
not I-Effect
easily I-Effect
reduce I-Effect
funding I-Effect
for I-Effect
a I-Effect
product I-Effect
once I-Effect
production I-Effect
has I-Effect
begun I-Effect
. O

While O
we O
think O
Lennar B-Cause
's I-Cause
scale I-Cause
and I-Cause
industry I-Cause
reputation I-Cause
have I-Cause
helped I-Cause
build I-Cause
strong I-Cause
relationships I-Cause
with I-Cause
subcontractors I-Cause
and I-Cause
land I-Cause
developers I-Cause
, O
we O
do O
n't O
think O
the B-Effect
company B-Effect
is I-Effect
able I-Effect
to I-Effect
negotiate I-Effect
meaningful I-Effect
long-term I-Effect
price I-Effect
concessions I-Effect
, O
especially O
given O
the B-Cause
tightness I-Cause
of I-Cause
the I-Cause
current I-Cause
construction I-Cause
labor I-Cause
market I-Cause
and I-Cause
land I-Cause
supply I-Cause
. O

The B-Effect
malt I-Effect
industry I-Effect
is I-Effect
also I-Effect
similar I-Effect
to I-Effect
CSDs I-Effect
in O
that O
different B-Effect
beers I-Effect
typically I-Effect
fall I-Effect
somewhere I-Effect
in I-Effect
the I-Effect
middle I-Effect
of I-Effect
the I-Effect
spectrum I-Effect
as O
it B-Cause
relates I-Cause
to I-Cause
differentiability I-Cause
; O
they O
're O
not O
completely O
fungible O
commodities O
, O
but O
the O
essence O
and O
functional O
uses O
of O
the O
products O
are O
similar O
enough O
( O
stress O
relief O
, O
inebriation O
, O
or O
the O
like O
) O
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Comerica I-Effect
is I-Effect
high I-Effect
, O
as O
the B-Cause
bank I-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
highest I-Cause
sensitivities I-Cause
to I-Cause
interest I-Cause
rates I-Cause
among I-Cause
the I-Cause
regional I-Cause
U.S I-Cause
. I-Cause

However O
, O
it O
is O
plausible O
, O
based O
on O
various O
economic O
convergence O
theories O
, O
that O
as O
per-capita B-Cause
incomes I-Cause
rise I-Cause
globally I-Cause
, O
current B-Effect
value I-Effect
segments I-Effect
of I-Effect
the I-Effect
beer I-Effect
category I-Effect
are I-Effect
entirely I-Effect
eviscerated I-Effect
and I-Effect
replaced I-Effect
by I-Effect
a I-Effect
portion I-Effect
of I-Effect
what I-Effect
is I-Effect
now I-Effect
considered I-Effect
premium I-Effect
fare I-Effect
. O

The B-Cause
long I-Cause
, I-Cause
expensive I-Cause
, I-Cause
and I-Cause
capital-intensive I-Cause
process I-Cause
of I-Cause
designing I-Cause
and I-Cause
manufacturing I-Cause
an I-Cause
aircraft I-Cause
is O
a O
second O
major O
barrier O
to O
entry B-Effect
into I-Effect
the I-Effect
commercial I-Effect
aviation I-Effect
manufacturing I-Effect
business I-Effect
. O

We O
believe O
greater B-Cause
commoditization I-Cause
in I-Cause
the I-Cause
specialty I-Cause
dental I-Cause
markets I-Cause
poses B-Effect
a I-Effect
significant I-Effect
risk I-Effect
to I-Effect
Dentsply I-Effect
Sirona I-Effect
's I-Effect
long-term I-Effect
competitive I-Effect
advantage I-Effect
. O

Similar B-Effect
to I-Effect
some I-Effect
of I-Effect
its I-Effect
peers I-Effect
, I-Effect
WPP I-Effect
faces I-Effect
additional I-Effect
risk I-Effect
, O
as B-Cause
it I-Cause
monetizes I-Cause
digital I-Cause
ad I-Cause
inventory I-Cause
more I-Cause
aggressively I-Cause
via I-Cause
arbitrage I-Cause
, I-Cause
which I-Cause
requires I-Cause
the I-Cause
firm I-Cause
to I-Cause
outright I-Cause
purchase I-Cause
the I-Cause
ad I-Cause
space I-Cause
. O

We B-Effect
do I-Effect
n't I-Effect
see I-Effect
any I-Effect
major I-Effect
concerns I-Effect
about I-Effect
Asbury I-Effect
for I-Effect
ESG I-Effect
investors I-Effect
as O
we B-Cause
see I-Cause
no I-Cause
significant I-Cause
or I-Cause
unique I-Cause
inherent I-Cause
risk I-Cause
issues I-Cause
about I-Cause
the I-Cause
firm I-Cause
that I-Cause
would I-Cause
be I-Cause
different I-Cause
from I-Cause
other I-Cause
dealerships I-Cause
. O

With B-Cause
top-line I-Cause
growth I-Cause
expected I-Cause
to I-Cause
be I-Cause
negative I-Cause
during I-Cause
nearly I-Cause
all I-Cause
of I-Cause
our I-Cause
forecast I-Cause
period I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
deals I-Cause
with I-Cause
not I-Cause
only I-Cause
weaker I-Cause
AUM I-Cause
growth I-Cause
but I-Cause
industry-driven I-Cause
fee I-Cause
compression I-Cause
, O
the O
net O
result O
is O
a B-Effect
negative I-Effect
4.4 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
for I-Effect
revenue I-Effect
during I-Effect
2020-24 I-Effect
( I-Effect
up I-Effect
from I-Effect
negative I-Effect
5.6 I-Effect
% I-Effect
previously I-Effect
) I-Effect
. O

Without B-Cause
the I-Cause
legislative I-Cause
requirements I-Cause
to I-Cause
buy I-Cause
renewable I-Cause
energy I-Cause
, O
demand B-Effect
for I-Effect
Ormat I-Effect
's I-Effect
production I-Effect
could I-Effect
slip I-Effect
and I-Effect
make I-Effect
its I-Effect
growth I-Effect
less I-Effect
certain I-Effect
. O

Management B-Cause
decided I-Cause
to I-Cause
hold I-Cause
steady I-Cause
on I-Cause
its I-Cause
$ I-Cause
70 I-Cause
ASP I-Cause
for I-Cause
each I-Cause
G6 I-Cause
sensor I-Cause
, O
even O
though O
the O
new O
product O
lasts O
10 O
days O
, O
thereby O
lowering B-Effect
the I-Effect
effective I-Effect
cost I-Effect
of I-Effect
each I-Effect
day I-Effect
of I-Effect
therapy I-Effect
. O

Structural B-Cause
differences I-Cause
between I-Cause
the I-Cause
two I-Cause
markets I-Cause
, I-Cause
such I-Cause
as I-Cause
larger I-Cause
homes I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
resulting O
in O
more B-Effect
frequent I-Effect
and I-Effect
larger I-Effect
tickets I-Effect
, O
also O
contribute O
to O
higher B-Effect
profitability I-Effect
. O

Once B-Effect
an I-Effect
aircraft I-Effect
is I-Effect
certified I-Effect
, I-Effect
aircraft I-Effect
manufacturers I-Effect
tend I-Effect
to I-Effect
keep I-Effect
critical I-Effect
equipment I-Effect
in I-Effect
place I-Effect
until I-Effect
the I-Effect
aircraft I-Effect
is I-Effect
fully I-Effect
redesigned I-Effect
( I-Effect
usually I-Effect
after I-Effect
several I-Effect
decades I-Effect
) I-Effect
because O
adding B-Cause
a I-Cause
new I-Cause
supplier I-Cause
's I-Cause
equipment I-Cause
could I-Cause
disrupt I-Cause
production I-Cause
and I-Cause
require I-Cause
the I-Cause
recertification I-Cause
of I-Cause
the I-Cause
aircraft I-Cause
, I-Cause
which I-Cause
takes I-Cause
years I-Cause
. O

With O
a B-Cause
broad I-Cause
domestic I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
network I-Cause
, O
Kellogg B-Effect
operates I-Effect
with I-Effect
lower I-Effect
unit I-Effect
and I-Effect
distribution I-Effect
costs I-Effect
as I-Effect
well I-Effect
as I-Effect
greater I-Effect
supply I-Effect
chain I-Effect
efficiency I-Effect
and I-Effect
an I-Effect
enhanced I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
brand I-Effect
spending I-Effect
than I-Effect
smaller I-Effect
peers I-Effect
, O
in O
our O
opinion O
. O

We O
expect O
this B-Cause
elevated I-Cause
level I-Cause
of I-Cause
brand I-Cause
spend I-Cause
to I-Cause
continue I-Cause
, O
and O
as O
a O
result O
, O
our B-Effect
long-term I-Effect
operating I-Effect
margin I-Effect
forecast I-Effect
is I-Effect
just I-Effect
over I-Effect
13 I-Effect
% I-Effect
, I-Effect
a I-Effect
material I-Effect
improvement I-Effect
from I-Effect
last I-Effect
year I-Effect
's I-Effect
6.8 I-Effect
% I-Effect
. O

For O
2021 O
, O
we O
now O
expect O
Hyatt B-Effect
's I-Effect
revPAR I-Effect
to I-Effect
achieve I-Effect
nearly I-Effect
60 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
levels I-Effect
versus I-Effect
mid-60 I-Effect
% I-Effect
prior I-Effect
, O
as O
the B-Cause
recovery I-Cause
in I-Cause
urban I-Cause
and I-Cause
full-service I-Cause
accommodations I-Cause
, O
which O
the O
company O
is O
overindexed O
to O
, O
is O
pacing O
slightly O
slower O
than O
prior O
expectations O
. O

It B-Effect
also I-Effect
plans I-Effect
to I-Effect
continue I-Effect
to I-Effect
raise I-Effect
the I-Effect
summer I-Effect
promotion I-Effect
ASP I-Effect
and I-Effect
to I-Effect
no I-Effect
longer I-Effect
offer I-Effect
tuition I-Effect
discounts I-Effect
as B-Cause
offline I-Cause
classes I-Cause
are I-Cause
expected I-Cause
to I-Cause
resume I-Cause
. O

As B-Cause
shipping I-Cause
volume I-Cause
ticks I-Cause
higher I-Cause
, I-Cause
with I-Cause
an I-Cause
emphasis I-Cause
on I-Cause
deepening I-Cause
capital I-Cause
and I-Cause
reducing I-Cause
labor I-Cause
costs I-Cause
, O
we B-Effect
expect I-Effect
mid-single-digit I-Effect
growth I-Effect
for I-Effect
the I-Effect
segment I-Effect
. O

Constructive B-Cause
regulatory I-Cause
decisions I-Cause
give O
us O
confidence O
PSEG B-Effect
can I-Effect
reach I-Effect
the I-Effect
upper I-Effect
end I-Effect
of I-Effect
its I-Effect
$ I-Effect
12.5 I-Effect
billion-14.7 I-Effect
billion I-Effect
five-year I-Effect
investment I-Effect
plan I-Effect
at I-Effect
the I-Effect
regulated I-Effect
utility I-Effect
. O

Due O
to O
COVID-19 B-Cause
, O
most B-Effect
of I-Effect
the I-Effect
company-owned I-Effect
and I-Effect
third-party I-Effect
stores I-Effect
that I-Effect
sell I-Effect
its I-Effect
merchandise I-Effect
worldwide I-Effect
were I-Effect
forced I-Effect
to I-Effect
close I-Effect
temporarily I-Effect
, O
and O
there O
are O
still O
some O
adverse O
effects O
. O

However O
, O
these B-Cause
expenses I-Cause
have I-Cause
exceeded I-Cause
45 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
the I-Cause
last I-Cause
three I-Cause
years I-Cause
, I-Cause
and I-Cause
we I-Cause
expect I-Cause
this I-Cause
will I-Cause
continue I-Cause
to I-Cause
be I-Cause
the I-Cause
case I-Cause
for I-Cause
most I-Cause
of I-Cause
the I-Cause
next I-Cause
10 I-Cause
years. O
Consequently O
, O
we O
forecast O
PVH B-Effect
's I-Effect
average I-Effect
annual I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
at I-Effect
less I-Effect
than I-Effect
9 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
about I-Effect
2 I-Effect
percentage I-Effect
points I-Effect
lower I-Effect
than I-Effect
the I-Effect
average I-Effect
over I-Effect
the I-Effect
past I-Effect
10 I-Effect
. O

Although O
we O
expect O
Palo O
Alto O
to O
remain O
acquisitive O
and O
dedicated O
to O
organic O
innovation O
, O
we O
believe O
significant B-Effect
operating I-Effect
leverage I-Effect
will I-Effect
be I-Effect
gained I-Effect
throughout I-Effect
the I-Effect
coming I-Effect
decade I-Effect
as O
recurring B-Cause
subscription I-Cause
and I-Cause
support I-Cause
revenue I-Cause
streams I-Cause
flow I-Cause
from I-Cause
its I-Cause
expansive I-Cause
customer I-Cause
base I-Cause
. O

Many B-Cause
of I-Cause
these I-Cause
end I-Cause
markets I-Cause
are I-Cause
driven I-Cause
by I-Cause
local I-Cause
governments I-Cause
, O
making B-Effect
them I-Effect
quite I-Effect
stable I-Effect
, O
though O
energy-related B-Cause
capital I-Cause
expenditures I-Cause
are I-Cause
quite I-Cause
volatile I-Cause
and O
drive B-Effect
much I-Effect
of I-Effect
the I-Effect
variance I-Effect
in I-Effect
deliveries I-Effect
. O

Our B-Effect
margin I-Effect
expansion I-Effect
forecast I-Effect
is O
based B-Cause
on I-Cause
realizing I-Cause
further I-Cause
network-related I-Cause
and I-Cause
other I-Cause
synergies I-Cause
with I-Cause
Level I-Cause
3 I-Cause
, I-Cause
including I-Cause
the I-Cause
lower I-Cause
costs I-Cause
associated I-Cause
with I-Cause
a I-Cause
higher I-Cause
number I-Cause
of I-Cause
on-net I-Cause
buildings I-Cause
, I-Cause
and I-Cause
de-emphasizing I-Cause
unprofitable I-Cause
revenue I-Cause
. O

That O
said O
, O
the B-Cause
rise I-Cause
of I-Cause
$ I-Cause
0 I-Cause
commissions I-Cause
, O
changes B-Cause
in I-Cause
investor I-Cause
behavior I-Cause
, O
and O
the B-Cause
availability I-Cause
of I-Cause
futures I-Cause
on I-Cause
retail I-Cause
brokerage I-Cause
platforms I-Cause
will O
provide B-Effect
a I-Effect
permanent I-Effect
tailwind I-Effect
to I-Effect
CME I-Effect
's I-Effect
equity I-Effect
business I-Effect
. O

Sonoco B-Cause
does I-Cause
not I-Cause
have I-Cause
a I-Cause
history I-Cause
of I-Cause
making I-Cause
large I-Cause
acquisitions I-Cause
or I-Cause
stretching I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
, O
so O
a B-Effect
particularly I-Effect
large I-Effect
acquisition I-Effect
might I-Effect
present I-Effect
an I-Effect
integration I-Effect
challenge I-Effect
. O

Overview O
of O
China O
's O
Education O
Industry O
's O
Key O
Regulatory O
Requirements O
: O
The B-Effect
Chinese I-Effect
education I-Effect
sector I-Effect
is I-Effect
highly I-Effect
influenced I-Effect
by I-Effect
government I-Effect
policy I-Effect
, O
given O
any B-Cause
tightened I-Cause
governmental I-Cause
regulations I-Cause
may I-Cause
impact I-Cause
the I-Cause
share I-Cause
price I-Cause
performance I-Cause
of I-Cause
the I-Cause
whole I-Cause
education I-Cause
sector I-Cause
. O

Eversource B-Effect
has I-Effect
derisked I-Effect
its I-Effect
capital I-Effect
investment I-Effect
budget I-Effect
by O
finding B-Cause
smaller I-Cause
distribution I-Cause
projects I-Cause
to O
offset O
the B-Effect
loss I-Effect
of I-Effect
large I-Effect
projects I-Effect
it O
has O
proposed O
, O
notably O
Northern O
Pass O
. O

We O
continue O
to O
think O
that O
the B-Cause
Department I-Cause
of I-Cause
Defense I-Cause
's I-Cause
increasing I-Cause
focus I-Cause
on I-Cause
great I-Cause
powers I-Cause
competition I-Cause
is O
a B-Effect
long-term I-Effect
tailwind I-Effect
for I-Effect
the I-Effect
contractors I-Effect
. O

Regardless O
, O
the B-Effect
company I-Effect
's I-Effect
patent I-Effect
portfolio I-Effect
could I-Effect
become I-Effect
more I-Effect
impactful I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
thanks O
to O
the B-Cause
development I-Cause
of I-Cause
patented I-Cause
chelated I-Cause
minerals I-Cause
through I-Cause
the I-Cause
integration I-Cause
of I-Cause
the I-Cause
Albion I-Cause
International I-Cause
acquisition I-Cause
. O

Based O
on O
consumer B-Cause
acceptance I-Cause
of I-Cause
the I-Cause
brand I-Cause
, I-Cause
market I-Cause
saturation I-Cause
rates I-Cause
, I-Cause
franchisee I-Cause
access I-Cause
to I-Cause
capital I-Cause
, I-Cause
and I-Cause
commercial I-Cause
real I-Cause
estate I-Cause
availability I-Cause
, O
we O
believe O
Dunkin B-Effect
' I-Effect
has I-Effect
meaningful I-Effect
growth I-Effect
opportunities I-Effect
within I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
particularly I-Effect
outside I-Effect
core I-Effect
Northeast I-Effect
markets I-Effect
. O

We O
believe O
favorable B-Cause
demographics I-Cause
and I-Cause
the I-Cause
realization I-Cause
of I-Cause
pent-up I-Cause
demand I-Cause
will O
drive B-Effect
steady I-Effect
residential I-Effect
construction I-Effect
growth I-Effect
through I-Effect
the I-Effect
mid-2020s I-Effect
, I-Effect
with I-Effect
annual I-Effect
housing I-Effect
starts I-Effect
averaging I-Effect
1.6 I-Effect
million I-Effect
units I-Effect
through I-Effect
2025 I-Effect
. O

On O
the O
whole O
, O
though O
, O
Global O
Payments O
' O
competitive O
position O
in O
these O
markets O
, O
if O
anything O
, O
looks B-Effect
stronger I-Effect
than I-Effect
its I-Effect
domestic I-Effect
business I-Effect
, O
as O
margins B-Cause
in I-Cause
international I-Cause
markets I-Cause
are I-Cause
materially I-Cause
higher I-Cause
. O

For O
instance O
, O
we B-Cause
find I-Cause
that I-Cause
Isle I-Cause
was I-Cause
spending I-Cause
over I-Cause
20 I-Cause
% I-Cause
of I-Cause
its I-Cause
net I-Cause
revenue I-Cause
on I-Cause
marketing I-Cause
and I-Cause
administration I-Cause
versus I-Cause
the I-Cause
just I-Cause
5 I-Cause
% I-Cause
of I-Cause
net I-Cause
sales I-Cause
Eldorado I-Cause
was I-Cause
spending I-Cause
on I-Cause
marketing I-Cause
and I-Cause
promotions. O
As O
a O
result O
, O
Eldorado B-Effect
increased I-Effect
Isle I-Effect
's I-Effect
EBITDA I-Effect
35 I-Effect
% I-Effect
to I-Effect
$ I-Effect
270 I-Effect
million I-Effect
at I-Effect
year-end I-Effect
2018 I-Effect
from I-Effect
roughly I-Effect
$ I-Effect
200 I-Effect
million I-Effect
at I-Effect
the I-Effect
time I-Effect
of I-Effect
the I-Effect
deal I-Effect
's I-Effect
closure I-Effect
in I-Effect
May I-Effect
2017 I-Effect
. O

Some B-Cause
competitors I-Cause
are I-Cause
willing I-Cause
to I-Cause
sell I-Cause
hardware I-Cause
at I-Cause
essentially I-Cause
cost I-Cause
to B-Effect
drive I-Effect
revenue I-Effect
or I-Effect
stickiness I-Effect
in I-Effect
other I-Effect
business I-Effect
segments I-Effect
. O

In B-Effect
nutrition I-Effect
, I-Effect
we I-Effect
forecast I-Effect
operating I-Effect
margins I-Effect
to I-Effect
grow I-Effect
from I-Effect
around I-Effect
10 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
over I-Effect
a I-Effect
low-teens I-Effect
percentage I-Effect
by I-Effect
2025 I-Effect
as O
the B-Cause
company I-Cause
sells I-Cause
a I-Cause
higher I-Cause
volume I-Cause
of I-Cause
premium-priced I-Cause
specialty I-Cause
ingredients I-Cause
. O

That O
said O
, O
declining O
fuel O
prices O
artificially O
can O
boost B-Effect
the I-Effect
firm I-Effect
's I-Effect
gross I-Effect
profit I-Effect
margin I-Effect
percentage I-Effect
in I-Effect
the I-Effect
short I-Effect
run I-Effect
because O
lower B-Cause
fuel I-Cause
surcharges I-Cause
will I-Cause
reduce I-Cause
gross I-Cause
revenue I-Cause
with I-Cause
little I-Cause
impact I-Cause
on I-Cause
net I-Cause
revenue I-Cause
. O

We O
expect O
strong B-Cause
labor I-Cause
savings I-Cause
and I-Cause
a I-Cause
recovery I-Cause
in I-Cause
travel I-Cause
demand I-Cause
to O
help O
drive B-Effect
2024 I-Effect
total I-Effect
operating I-Effect
margins I-Effect
over I-Effect
8 I-Effect
% I-Effect
from I-Effect
about I-Effect
4 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

We O
anticipate O
that O
VeriSign B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
will I-Effect
accelerate I-Effect
to I-Effect
the I-Effect
high-single-digit I-Effect
range I-Effect
as O
it B-Cause
realizes I-Cause
the I-Cause
effects I-Cause
of I-Cause
price I-Cause
increases I-Cause
for I-Cause
its I-Cause
.com I-Cause
domain I-Cause
registrations I-Cause
. O

We O
believe O
the O
demand B-Cause
for I-Cause
increased I-Cause
electronic I-Cause
content I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
ability I-Cause
to I-Cause
offer I-Cause
end-to-end I-Cause
solutions I-Cause
will O
enable O
Arrow B-Effect
to I-Effect
generate I-Effect
returns I-Effect
over I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
then O
expect O
revenue B-Effect
growth I-Effect
to I-Effect
average I-Effect
about I-Effect
5 I-Effect
% I-Effect
annually I-Effect
through I-Effect
2024 I-Effect
on O
stable B-Cause
wireless I-Cause
customer I-Cause
growth I-Cause
, I-Cause
gradually I-Cause
increasing I-Cause
revenue I-Cause
per I-Cause
wireless I-Cause
customer I-Cause
, I-Cause
and I-Cause
high-single-digit I-Cause
growth I-Cause
in I-Cause
the I-Cause
cable I-Cause
business I-Cause
. O

We O
believe O
Snap-on B-Effect
is I-Effect
well-positioned I-Effect
to O
help B-Cause
shop I-Cause
owners I-Cause
and I-Cause
dealerships I-Cause
reduce I-Cause
the I-Cause
amount I-Cause
of I-Cause
time I-Cause
it I-Cause
takes I-Cause
to I-Cause
identify I-Cause
and I-Cause
fix I-Cause
an I-Cause
issue I-Cause
. O

Oneok O
brings O
together O
high-quality O
assets O
, O
some B-Effect
of I-Effect
the I-Effect
strongest I-Effect
near- I-Effect
to I-Effect
medium-term I-Effect
growth I-Effect
prospects I-Effect
in O
our O
coverage O
as O
new O
projects O
ramp O
up O
in O
2021 O
, O
a B-Cause
C-Corporation I-Cause
structure I-Cause
, I-Cause
and I-Cause
a I-Cause
well-respected I-Cause
management I-Cause
team I-Cause
in I-Cause
a I-Cause
compelling I-Cause
package I-Cause
. O

Our O
forecast O
anticipates O
the B-Cause
firm I-Cause
will I-Cause
allocate I-Cause
6 I-Cause
% I-Cause
of I-Cause
sales I-Cause
annually I-Cause
( I-Cause
about I-Cause
$ I-Cause
1.4 I-Cause
billion I-Cause
) I-Cause
toward I-Cause
research I-Cause
and I-Cause
development I-Cause
and I-Cause
marketing I-Cause
in I-Cause
the I-Cause
aggregate I-Cause
annually I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
, O
which O
stands O
to O
differentiate B-Effect
Kimberly I-Effect
's I-Effect
fare I-Effect
and I-Effect
sustain I-Effect
its I-Effect
retail I-Effect
relationships I-Effect
. O

In O
2020 O
, O
the B-Cause
coronavirus I-Cause
affected O
the B-Effect
industry I-Effect
's I-Effect
and I-Effect
Chubb I-Effect
's I-Effect
results I-Effect
, O
and O
Chubb O
's O
COVID-19 O
losses B-Effect
have I-Effect
been I-Effect
roughly I-Effect
in I-Effect
line I-Effect
with I-Effect
peers I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
premiums I-Effect
. O

We O
expect O
operating B-Effect
margins I-Effect
to I-Effect
reach I-Effect
20 I-Effect
% I-Effect
by I-Effect
2027 I-Effect
( I-Effect
up I-Effect
from I-Effect
2019 I-Effect
's I-Effect
2 I-Effect
% I-Effect
) I-Effect
, O
as O
Beyond B-Cause
leverages I-Cause
SG I-Cause
& I-Cause
A I-Cause
and I-Cause
R I-Cause
& I-Cause
D I-Cause
expenses I-Cause
on I-Cause
a I-Cause
larger I-Cause
sales I-Cause
base I-Cause
, I-Cause
from I-Cause
2019 I-Cause
's I-Cause
25 I-Cause
% I-Cause
and I-Cause
7 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, I-Cause
respectively I-Cause
, I-Cause
to I-Cause
9 I-Cause
% I-Cause
and I-Cause
3 I-Cause
% I-Cause
, I-Cause
respectively I-Cause
in I-Cause
2029 I-Cause
. O

For O
Halliburton O
in O
particular O
, O
though O
, O
its B-Effect
large I-Effect
expansion I-Effect
of I-Effect
its I-Effect
international I-Effect
operations I-Effect
( I-Effect
particularly I-Effect
deep I-Effect
water I-Effect
) I-Effect
during I-Effect
that I-Effect
period I-Effect
entailed O
large B-Cause
startup I-Cause
operating I-Cause
expenses I-Cause
and I-Cause
unabsorbed I-Cause
overhead I-Cause
. O

Steris B-Effect
has I-Effect
been I-Effect
committing I-Effect
significant I-Effect
dollars I-Effect
to I-Effect
the I-Effect
expansion I-Effect
of I-Effect
AST I-Effect
as O
it O
attempts B-Cause
to I-Cause
win I-Cause
business I-Cause
from O
main O
competitor O
Sterigenics O
. O

As O
these B-Cause
wells I-Cause
are I-Cause
relatively I-Cause
cheap I-Cause
on I-Cause
a I-Cause
cost-per-foot I-Cause
basis I-Cause
, I-Cause
and I-Cause
because I-Cause
Continental I-Cause
enjoys I-Cause
lower I-Cause
unit I-Cause
costs I-Cause
than I-Cause
most I-Cause
upstream I-Cause
peers I-Cause
, O
the B-Effect
economics I-Effect
are I-Effect
extremely I-Effect
attractive I-Effect
( O
WTI O
break-evens O
are O
below O
$ O
40/barrel O
for O
these O
wells O
) O
. O

During B-Cause
the I-Cause
pandemic I-Cause
, I-Cause
US I-Cause
Foods I-Cause
identified I-Cause
an I-Cause
additional I-Cause
$ I-Cause
180 I-Cause
million I-Cause
in I-Cause
permanent I-Cause
cost I-Cause
savings I-Cause
, I-Cause
which I-Cause
will I-Cause
enhance I-Cause
its I-Cause
legacy I-Cause
cost I-Cause
savings I-Cause
program I-Cause
of I-Cause
$ I-Cause
150 I-Cause
million I-Cause
to I-Cause
$ I-Cause
170 I-Cause
million I-Cause
in I-Cause
identified I-Cause
operating I-Cause
expense I-Cause
savings I-Cause
attributed I-Cause
to I-Cause
revamping I-Cause
the I-Cause
firm I-Cause
's I-Cause
supply I-Cause
chain I-Cause
, I-Cause
reducing I-Cause
indirect I-Cause
spending I-Cause
, I-Cause
leveraging I-Cause
shared I-Cause
services I-Cause
, I-Cause
and I-Cause
continuing I-Cause
to I-Cause
optimize I-Cause
the I-Cause
salesforce. O
This O
should O
offset B-Effect
expected I-Effect
wage I-Effect
and I-Effect
health I-Effect
care I-Effect
inflation I-Effect
, I-Effect
and I-Effect
investments I-Effect
in I-Effect
an I-Effect
expanded I-Effect
sales I-Effect
force I-Effect
and I-Effect
the I-Effect
firm I-Effect
's I-Effect
digital I-Effect
transformation I-Effect
, I-Effect
holding I-Effect
operating I-Effect
expense I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
at I-Effect
14.5 I-Effect
% I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
2019 I-Effect
. O

If O
a B-Cause
customer I-Cause
were I-Cause
to I-Cause
switch I-Cause
suppliers I-Cause
, O
it O
would O
risk B-Effect
losing I-Effect
the I-Effect
highly I-Effect
specific I-Effect
characteristics I-Effect
provided I-Effect
by I-Effect
IFF I-Effect
's I-Effect
products I-Effect
, O
potentially O
impairing O
its O
own O
brand O
equity O
. O

For O
instance O
, O
in B-Cause
2018 I-Cause
, I-Cause
the I-Cause
Brazilian I-Cause
real I-Cause
's I-Cause
strong I-Cause
depreciation I-Cause
to I-Cause
the I-Cause
euro I-Cause
caused I-Cause
a I-Cause
negative I-Cause
exchange I-Cause
rate I-Cause
effect I-Cause
of I-Cause
16 I-Cause
% I-Cause
. O
As O
a O
result O
, O
despite B-Effect
a I-Effect
stable I-Effect
organic I-Effect
revenue I-Effect
year I-Effect
on I-Effect
year I-Effect
in I-Effect
the I-Effect
Brazilian I-Effect
market I-Effect
, I-Effect
the I-Effect
reported I-Effect
revenue I-Effect
generated I-Effect
in I-Effect
Brazil I-Effect
decreased I-Effect
by I-Effect
15.8 I-Effect
% I-Effect
over I-Effect
2017 I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
return I-Effect
on I-Effect
investment I-Effect
capital I-Effect
, I-Effect
or I-Effect
ROIC I-Effect
, I-Effect
has I-Effect
consistently I-Effect
improved I-Effect
since I-Effect
2011 I-Effect
because O
of O
the B-Cause
sale I-Cause
of I-Cause
its I-Cause
underperforming I-Cause
businesses I-Cause
, O
increased B-Effect
volume I-Effect
supported I-Effect
by O
strengthening B-Cause
end-market I-Cause
demand I-Cause
and I-Cause
market I-Cause
share I-Cause
gains I-Cause
, I-Cause
and I-Cause
successful I-Cause
cost-reduction I-Cause
initiatives I-Cause
. O

We O
expect O
lackluster B-Effect
growth I-Effect
from I-Effect
grocery I-Effect
and I-Effect
snacks I-Effect
( O
42 O
% O
of O
sales O
, O
1.0 O
% O
growth O
) O
, O
due O
to O
secular B-Cause
headwinds I-Cause
as I-Cause
consumers I-Cause
shy I-Cause
away I-Cause
from I-Cause
processed I-Cause
fare I-Cause
, I-Cause
and I-Cause
foodservice I-Cause
( O
9 O
% O
of O
sales O
, O
1.0 O
% O
growth O
) O
as O
this O
continues O
to O
be O
a O
nonstrategic O
focus O
for O
the O
firm O
. O

Product B-Effect
governance I-Effect
is I-Effect
a I-Effect
potential I-Effect
area I-Effect
of I-Effect
risk I-Effect
for I-Effect
the I-Effect
company I-Effect
as O
most B-Cause
of I-Cause
its I-Cause
equipment I-Cause
or I-Cause
components I-Cause
are I-Cause
mission-critical I-Cause
with I-Cause
a I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
to I-Cause
its I-Cause
customers I-Cause
. O

Barring O
any B-Cause
unforeseen I-Cause
events I-Cause
that I-Cause
drastically I-Cause
cut I-Cause
global I-Cause
new-vehicle I-Cause
demand I-Cause
, O
we O
believe O
it O
is O
more O
likely O
than O
not O
that O
the B-Effect
company I-Effect
will I-Effect
produce I-Effect
excess I-Effect
economic I-Effect
returns I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

We O
think O
Adcetris B-Effect
sales I-Effect
in I-Effect
North I-Effect
America I-Effect
could I-Effect
reach I-Effect
over I-Effect
$ I-Effect
1.8 I-Effect
billion I-Effect
thanks O
to O
label B-Cause
expansions I-Cause
and I-Cause
potential I-Cause
combinations I-Cause
with I-Cause
checkpoint I-Cause
inhibitors I-Cause
. O

The B-Cause
omnichannel I-Cause
strategy I-Cause
, I-Cause
Driveway I-Cause
, I-Cause
may I-Cause
have I-Cause
execution I-Cause
problems I-Cause
in I-Cause
rolling I-Cause
out I-Cause
that O
could O
cause O
it O
to O
not B-Effect
reach I-Effect
its I-Effect
five-year I-Effect
revenue I-Effect
goal I-Effect
of I-Effect
$ I-Effect
9 I-Effect
billion I-Effect
. O

While B-Cause
the I-Cause
sports I-Cause
channels I-Cause
could I-Cause
not I-Cause
be I-Cause
sold I-Cause
to I-Cause
Disney I-Cause
due I-Cause
to I-Cause
its I-Cause
ownership I-Cause
of I-Cause
ESPN I-Cause
, O
we O
believe O
that O
the B-Effect
Murdoch I-Effect
family I-Effect
wanted I-Effect
to I-Effect
hold I-Effect
to I-Effect
the I-Effect
channels I-Effect
to I-Effect
enhance I-Effect
its I-Effect
own I-Effect
bundle I-Effect
when I-Effect
negotiating I-Effect
with I-Effect
both I-Effect
traditional I-Effect
and I-Effect
Internet-based I-Effect
pay I-Effect
television I-Effect
distributors I-Effect
. O

While O
Lamb O
Weston O
may O
not O
have O
a O
cost O
advantage O
over O
Simplot O
in O
terms O
of O
raw O
potato O
sourcing O
, O
we O
believe O
that O
the B-Effect
firm I-Effect
maintains I-Effect
scale I-Effect
advantages I-Effect
, O
as O
Lamb B-Cause
Weston I-Cause
is I-Cause
over I-Cause
twice I-Cause
the I-Cause
size I-Cause
of I-Cause
Simplot I-Cause
. O

We O
forecast O
low-single-digit B-Effect
annual I-Effect
internal I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
2024 I-Effect
, O
fueled O
by O
low-single-digit B-Cause
growth I-Cause
in I-Cause
the I-Cause
consumer I-Cause
health I-Cause
and I-Cause
nutrition I-Cause
segments I-Cause
combined I-Cause
with I-Cause
a I-Cause
return I-Cause
to I-Cause
low-single-digit I-Cause
growth I-Cause
in I-Cause
the I-Cause
prescription I-Cause
drug I-Cause
segment I-Cause
following I-Cause
a I-Cause
decline I-Cause
in I-Cause
2016-18 I-Cause
revenue I-Cause
from I-Cause
competitive I-Cause
pricing I-Cause
pressure I-Cause
. O

As O
the O
virus O
subsides O
and O
the O
economy O
recovers O
, O
we O
believe O
favorable B-Cause
demographics I-Cause
coupled O
with O
the B-Cause
realization I-Cause
of I-Cause
pent-up I-Cause
demand I-Cause
will O
drive B-Effect
a I-Effect
continued I-Effect
housing I-Effect
recovery I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

This O
in O
turn O
helps O
inform O
its B-Cause
artificial I-Cause
intelligence I-Cause
applications I-Cause
in I-Cause
candidate I-Cause
discovery I-Cause
and I-Cause
client I-Cause
targeting I-Cause
, O
leading O
to O
more B-Effect
efficient I-Effect
scoring I-Effect
and I-Effect
matching I-Effect
engines I-Effect
used I-Effect
by I-Effect
recruiters I-Effect
. O

That O
said O
, O
one O
factor O
that O
mitigates O
some O
risk O
on O
fixed-price O
development O
programs O
is O
the O
tendency O
for O
the O
military O
to O
issue B-Cause
change I-Cause
orders I-Cause
for I-Cause
work I-Cause
unspecified I-Cause
by O
the O
original O
contract O
, O
which O
allows B-Effect
the I-Effect
contractor I-Effect
to I-Effect
request I-Effect
additional I-Effect
payment I-Effect
. O

We O
expect O
margins B-Effect
to I-Effect
improve I-Effect
slightly I-Effect
in I-Effect
North I-Effect
America I-Effect
as O
best B-Cause
practices I-Cause
from I-Cause
Latin I-Cause
America I-Cause
are I-Cause
implemented I-Cause
over I-Cause
the I-Cause
coming I-Cause
years I-Cause
. O

In O
December O
2019 O
, O
DuPont B-Cause
announced I-Cause
a I-Cause
transaction I-Cause
to I-Cause
merge I-Cause
its I-Cause
entire I-Cause
nutrition I-Cause
and I-Cause
biosciences I-Cause
portfolio I-Cause
with I-Cause
International I-Cause
Flavors I-Cause
and I-Cause
Fragrances I-Cause
in I-Cause
a I-Cause
tax-efficient I-Cause
transaction I-Cause
where O
DuPont B-Effect
shareholders I-Effect
will I-Effect
receive I-Effect
55.4 I-Effect
% I-Effect
of I-Effect
the I-Effect
combined I-Effect
company I-Effect
. O

With O
Snowflake O
, O
such O
data B-Effect
sharing I-Effect
across I-Effect
different I-Effect
public I-Effect
clouds I-Effect
can I-Effect
happen I-Effect
seamlessly I-Effect
in I-Effect
just I-Effect
a I-Effect
matter I-Effect
of I-Effect
hours I-Effect
or I-Effect
days I-Effect
because O
the B-Cause
data I-Cause
does I-Cause
not I-Cause
need I-Cause
to I-Cause
be I-Cause
transformed I-Cause
manually I-Cause
. O

First O
, O
significant B-Cause
customer I-Cause
concentration I-Cause
raises I-Cause
the I-Cause
risk I-Cause
that O
liquidity B-Cause
issues I-Cause
or I-Cause
changes I-Cause
to I-Cause
ordering I-Cause
patterns I-Cause
could O
affect B-Effect
the I-Effect
firm I-Effect
's I-Effect
profitability I-Effect
. O

Cross-border B-Cause
transactions I-Cause
, O
which O
are O
particularly O
lucrative B-Effect
for I-Effect
the I-Effect
networks I-Effect
, O
came O
under O
heavy B-Effect
pressure I-Effect
due O
to O
the B-Cause
fallout I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
a I-Cause
reduction I-Cause
in I-Cause
global I-Cause
travel I-Cause
. O

Specifically O
, O
management B-Cause
's I-Cause
greater I-Cause
focus I-Cause
on I-Cause
premiumizing I-Cause
the I-Cause
portfolio I-Cause
, I-Cause
with I-Cause
commercial I-Cause
efforts I-Cause
well I-Cause
underway I-Cause
in I-Cause
hard I-Cause
seltzer I-Cause
, I-Cause
craft I-Cause
, I-Cause
and I-Cause
nonalcoholic I-Cause
categories I-Cause
like I-Cause
energy I-Cause
drinks I-Cause
and I-Cause
CBD I-Cause
, O
should O
drive B-Effect
low-single-digit I-Effect
increases I-Effect
in I-Effect
per I-Effect
hectoliter I-Effect
price I-Effect
realization I-Effect
across I-Effect
the I-Effect
business I-Effect
. O

When O
a B-Cause
retail I-Cause
partner I-Cause
goes I-Cause
bankrupt I-Cause
or I-Cause
consolidates I-Cause
its I-Cause
store I-Cause
count I-Cause
, O
downward B-Effect
pressure I-Effect
is I-Effect
placed I-Effect
on I-Effect
ADS I-Effect
' I-Effect
credit I-Effect
card I-Effect
receivables I-Effect
, O
which O
are O
already O
well O
below O
their O
peak O
. O

However O
, O
we O
believe O
that O
it B-Effect
is I-Effect
extremely I-Effect
difficult I-Effect
to I-Effect
develop I-Effect
brand I-Effect
equity I-Effect
with I-Effect
agricultural I-Effect
commodities I-Effect
, O
as O
they B-Cause
are I-Cause
essentially I-Cause
undifferentiated I-Cause
from I-Cause
competitive I-Cause
products I-Cause
and O
therefore O
difficult B-Effect
to I-Effect
maintain I-Effect
a I-Effect
price I-Effect
premium I-Effect
. O

We O
also O
model O
a B-Effect
1 I-Effect
% I-Effect
annual I-Effect
bump I-Effect
in I-Effect
revenue I-Effect
from I-Effect
acquisitions I-Effect
annually I-Effect
, I-Effect
although I-Effect
this I-Effect
will I-Effect
be I-Effect
modestly I-Effect
higher I-Effect
in I-Effect
2021 I-Effect
, O
due O
to O
the B-Cause
Smart I-Cause
Foodservice I-Cause
Warehouse I-Cause
acquisition I-Cause
. O

The O
company O
will O
see O
some O
costs O
return O
this O
year O
( O
including O
marketing O
, O
travel O
and O
insurance O
premiums O
) O
, O
but O
we O
anticipate O
additional B-Effect
OR I-Effect
improvement I-Effect
to I-Effect
76.2 I-Effect
% I-Effect
as O
network B-Cause
density I-Cause
rises I-Cause
and I-Cause
on I-Cause
positive I-Cause
yield I-Cause
gains I-Cause
. O

We O
forecast O
net B-Effect
revenue I-Effect
growing I-Effect
at I-Effect
a I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
of I-Effect
approximately I-Effect
3 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years. O
This O
is O
the O
result O
of O
normalizing B-Cause
senior I-Cause
managing I-Cause
director I-Cause
revenue I-Cause
productivity I-Cause
to I-Cause
an I-Cause
over-a-cycle I-Cause
average I-Cause
of I-Cause
$ I-Cause
16.5 I-Cause
million I-Cause
from I-Cause
an I-Cause
average I-Cause
of I-Cause
near I-Cause
$ I-Cause
17.5 I-Cause
million I-Cause
in I-Cause
the I-Cause
2017-20 I-Cause
period I-Cause
according I-Cause
to I-Cause
our I-Cause
calculations I-Cause
. O

CN B-Cause
's I-Cause
EJ I-Cause
& I-Cause
E I-Cause
line I-Cause
around I-Cause
Chicago I-Cause
( I-Cause
acquired I-Cause
in I-Cause
2009 I-Cause
) I-Cause
has I-Cause
boosted I-Cause
its I-Cause
velocity I-Cause
at I-Cause
a I-Cause
major I-Cause
choke I-Cause
point I-Cause
over I-Cause
the I-Cause
years I-Cause
, O
benefiting O
network B-Effect
reliability I-Effect
and I-Effect
asset I-Effect
turns I-Effect
. O

As O
the B-Cause
firm I-Cause
plans I-Cause
to I-Cause
further I-Cause
invest I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
and I-Cause
content I-Cause
creation I-Cause
and I-Cause
virtual I-Cause
reality I-Cause
and I-Cause
augmented I-Cause
reality I-Cause
offerings I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
data I-Cause
security I-Cause
, O
we O
see O
the B-Effect
38 I-Effect
% I-Effect
average I-Effect
operating I-Effect
margin I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
lower I-Effect
than I-Effect
the I-Effect
previous I-Effect
three I-Effect
years I-Effect
' I-Effect
39 I-Effect
% I-Effect
. I-Effect

Even O
though O
Allscripts O
has O
attempted O
to O
gain O
traction O
in O
the O
EMR O
space O
, O
we O
do O
not O
believe O
its B-Effect
current I-Effect
offerings I-Effect
have I-Effect
the I-Effect
quality I-Effect
or I-Effect
scalability I-Effect
comparable I-Effect
to I-Effect
Epic I-Effect
's I-Effect
or I-Effect
Cerner I-Effect
's I-Effect
products I-Effect
, O
which O
remain B-Cause
more I-Cause
attractive I-Cause
to I-Cause
large I-Cause
providers I-Cause
and I-Cause
health I-Cause
systems I-Cause
. O

With B-Cause
Guangshen I-Cause
a I-Cause
potential I-Cause
beneficiary I-Cause
of I-Cause
a I-Cause
tariff I-Cause
hike I-Cause
, I-Cause
operation I-Cause
efficiency I-Cause
improvement I-Cause
, I-Cause
and I-Cause
asset I-Cause
injections I-Cause
, O
we B-Effect
expect I-Effect
its I-Effect
profitability I-Effect
to I-Effect
continue I-Effect
chugging I-Effect
ahead I-Effect
, I-Effect
which I-Effect
bodes I-Effect
favourably I-Effect
for I-Effect
its I-Effect
long-run I-Effect
competitive I-Effect
positioning I-Effect
. O

We O
project O
operating B-Effect
margins I-Effect
to I-Effect
reach I-Effect
11 I-Effect
% I-Effect
before I-Effect
moderating I-Effect
to I-Effect
our I-Effect
10 I-Effect
% I-Effect
midcycle I-Effect
assumption I-Effect
, O
as O
we B-Cause
assume I-Cause
customers I-Cause
will I-Cause
increasingly I-Cause
adopt I-Cause
higher-margin I-Cause
aftermarket I-Cause
parts I-Cause
. O

We O
expect O
that O
Airbus B-Effect
will I-Effect
continue I-Effect
ramping I-Effect
up I-Effect
production I-Effect
of I-Effect
the I-Effect
A320 I-Effect
family I-Effect
of I-Effect
aircraft I-Effect
after O
the B-Cause
pandemic I-Cause
, O
to O
serve O
the O
demand O
proved O
by O
the O
substantial O
backlog O
for O
the O
aircraft O
. O

We O
think O
the B-Cause
increase I-Cause
in I-Cause
hotel I-Cause
rooms I-Cause
owned I-Cause
by I-Cause
casino I-Cause
operators I-Cause
will O
accommodate B-Effect
increased I-Effect
and I-Effect
extended I-Effect
visits I-Effect
from I-Effect
bigger I-Effect
spenders I-Effect
from I-Effect
provinces I-Effect
outside I-Effect
of I-Effect
Guangdong I-Effect
, O
where O
penetration O
is O
just O
1 O
% O
. O

Low B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
should O
allow B-Effect
a I-Effect
significant I-Effect
increase I-Effect
in I-Effect
new I-Effect
construction I-Effect
to I-Effect
continue I-Effect
, O
from O
recent O
lows O
of O
about O
25 O
million O
square O
feet O
in O
2010 O
to O
over O
260 O
million O
square O
feet O
currently O
. O

We B-Cause
also I-Cause
estimate I-Cause
that I-Cause
around I-Cause
20 I-Cause
% I-Cause
of I-Cause
client I-Cause
assets I-Cause
are I-Cause
in I-Cause
either I-Cause
a I-Cause
Charles I-Cause
Schwab I-Cause
proprietary I-Cause
or I-Cause
a I-Cause
controlled I-Cause
product I-Cause
, O
which B-Effect
allows I-Effect
the I-Effect
company I-Effect
to I-Effect
extract I-Effect
more I-Effect
profits I-Effect
on I-Effect
client I-Effect
assets I-Effect
than I-Effect
other I-Effect
brokerages I-Effect
where I-Effect
their I-Effect
clients I-Effect
use I-Effect
primarily I-Effect
third-party I-Effect
products I-Effect
. O

We O
continue O
to O
see O
challenges B-Cause
with I-Cause
elements I-Cause
of I-Cause
the I-Cause
business I-Cause
, I-Cause
including I-Cause
the I-Cause
impact I-Cause
of I-Cause
potentially I-Cause
depressed I-Cause
long-term I-Cause
North I-Cause
American I-Cause
farm I-Cause
income I-Cause
, O
which O
could O
affect B-Effect
agricultural I-Effect
equipment I-Effect
sales I-Effect
. O

FirstEnergy B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
manage I-Effect
its I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risk I-Effect
since O
its O
businesses B-Cause
are I-Cause
primarily I-Cause
transmission I-Cause
and I-Cause
distribution I-Cause
of I-Cause
electricity I-Cause
. O

On B-Effect
a I-Effect
consolidated I-Effect
basis I-Effect
, I-Effect
we I-Effect
project I-Effect
low-single-digit I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
pandemic I-Cause
recedes I-Cause
and I-Cause
delayed I-Cause
procedures I-Cause
are I-Cause
rescheduled I-Cause
. O

Rolls-Royce B-Effect
risks I-Effect
suffering I-Effect
reputation I-Effect
damage I-Effect
which I-Effect
could I-Effect
lead I-Effect
to I-Effect
order I-Effect
cancellations I-Effect
and I-Effect
jeopardize I-Effect
partnerships I-Effect
on I-Effect
future I-Effect
programs I-Effect
if O
not B-Cause
effectively I-Cause
handled I-Cause
and I-Cause
communicated I-Cause
to I-Cause
customers I-Cause
. O

Under O
the B-Cause
leadership I-Cause
of I-Cause
CEO I-Cause
James I-Cause
Lico I-Cause
, O
who O
brings O
two O
decades O
of O
experience O
at O
Danaher O
, O
Fortive B-Effect
has I-Effect
delivered I-Effect
impressive I-Effect
midteens I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
as I-Effect
a I-Effect
stand-alone I-Effect
company I-Effect
. O

The O
company O
estimated O
a B-Effect
$ I-Effect
1.6 I-Effect
billion I-Effect
pretax I-Effect
loss I-Effect
due O
to O
disruptions B-Cause
in I-Cause
the I-Cause
natural I-Cause
gas I-Cause
market I-Cause
at I-Cause
peak I-Cause
demand I-Cause
periods I-Cause
. O

Many B-Effect
small-business I-Effect
owners I-Effect
are I-Effect
choosing I-Effect
to I-Effect
exit I-Effect
or I-Effect
sell I-Effect
because O
they B-Cause
can I-Cause
not I-Cause
get I-Cause
the I-Cause
scale I-Cause
on I-Cause
a I-Cause
variety I-Cause
of I-Cause
expenses I-Cause
compared I-Cause
with I-Cause
large I-Cause
dealer I-Cause
groups I-Cause
. O

While O
the O
COVID-19 O
crisis O
adversely O
affected O
its O
2020 O
results O
, O
we O
think O
Hanes B-Cause
' I-Cause
share I-Cause
leadership I-Cause
in I-Cause
replenishment I-Cause
apparel I-Cause
categories I-Cause
puts O
it B-Effect
in I-Effect
better I-Effect
shape I-Effect
than I-Effect
some I-Effect
competitors I-Effect
. O

We O
project O
annual B-Effect
sales I-Effect
increases I-Effect
of O
10 O
% O
during O
the O
next O
five O
years O
as O
a O
result O
of O
new B-Cause
drug I-Cause
launches I-Cause
offsetting I-Cause
patent I-Cause
losses I-Cause
. O

Furthermore O
, O
we O
think O
Behr B-Cause
enjoys I-Cause
relatively I-Cause
low I-Cause
logistics I-Cause
costs I-Cause
because I-Cause
it I-Cause
has I-Cause
built I-Cause
its I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
facilities I-Cause
around I-Cause
a I-Cause
national I-Cause
home I-Cause
improvement I-Cause
behemoth I-Cause
with I-Cause
its I-Cause
own I-Cause
world-class I-Cause
distribution I-Cause
network. O
As O
such O
, O
Masco B-Effect
's I-Effect
decorative I-Effect
architectural I-Effect
segment I-Effect
generates I-Effect
much I-Effect
higher I-Effect
margins I-Effect
and I-Effect
ROICs I-Effect
than I-Effect
industry I-Effect
leader I-Effect
Sherwin-Williams I-Effect
, I-Effect
even I-Effect
with I-Effect
the I-Effect
segment I-Effect
's I-Effect
lower-margin I-Effect
hardware I-Effect
and I-Effect
lighting I-Effect
businesses I-Effect
, I-Effect
which I-Effect
accounts I-Effect
for I-Effect
approximately I-Effect
25 I-Effect
% I-Effect
of I-Effect
segment I-Effect
sales I-Effect
, I-Effect
and I-Effect
its I-Effect
far I-Effect
smaller I-Effect
scale I-Effect
( I-Effect
Masco I-Effect
's I-Effect
coatings I-Effect
business I-Effect
is I-Effect
one I-Effect
ninth I-Effect
the I-Effect
size I-Effect
of I-Effect
Sherwin-Williams I-Effect
) I-Effect
. O

While O
demand B-Effect
for I-Effect
outdoor I-Effect
recreational I-Effect
products I-Effect
has I-Effect
been I-Effect
elevated I-Effect
with I-Effect
social I-Effect
distancing I-Effect
measures I-Effect
as O
a O
result O
of O
the B-Cause
pandemic I-Cause
, O
we O
expect O
sustained B-Effect
sales I-Effect
growth I-Effect
stemming I-Effect
from O
market B-Cause
share I-Cause
gains I-Cause
and I-Cause
expansion I-Cause
into I-Cause
whitespace I-Cause
categories I-Cause
. O

As O
such O
, O
our B-Cause
base-case I-Cause
scenario I-Cause
assumes I-Cause
the I-Cause
$ I-Cause
300 I-Cause
million I-Cause
savings I-Cause
goal I-Cause
is I-Cause
achieved I-Cause
by I-Cause
2023 I-Cause
, O
which O
caused O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
increase I-Effect
about I-Effect
4 I-Effect
% I-Effect
to I-Effect
$ I-Effect
50 I-Effect
per I-Effect
share I-Effect
. O

And O
we O
surmise O
Church B-Cause
& I-Cause
amp I-Cause
; I-Cause
Dwight I-Cause
's I-Cause
more I-Cause
muted I-Cause
share I-Cause
position I-Cause
has O
contributed O
to O
its B-Effect
inability I-Effect
to I-Effect
secure I-Effect
enduring I-Effect
retail I-Effect
relationships I-Effect
. O

While O
telecom O
services O
have O
become O
a O
necessity O
for O
many O
, O
times B-Cause
of I-Cause
economic I-Cause
stress I-Cause
can I-Cause
force I-Cause
a I-Cause
reduction I-Cause
in I-Cause
consumption I-Cause
, O
pressuring B-Effect
revenue I-Effect
at I-Effect
Millicom I-Effect
. O

We O
think O
Cogent B-Effect
received I-Effect
very I-Effect
favorable I-Effect
terms I-Effect
on I-Effect
many I-Effect
leases I-Effect
, O
as O
it B-Cause
signed I-Cause
most I-Cause
of I-Cause
them I-Cause
during I-Cause
periods I-Cause
of I-Cause
industry I-Cause
distress I-Cause
. O

Changing B-Cause
an I-Cause
engineering I-Cause
team I-Cause
to I-Cause
a I-Cause
Catia I-Cause
team I-Cause
from I-Cause
a I-Cause
Creo I-Cause
team I-Cause
would O
involve B-Effect
significant I-Effect
retraining I-Effect
and I-Effect
pose I-Effect
significant I-Effect
risks I-Effect
. O

We B-Effect
continue I-Effect
to I-Effect
expect I-Effect
steady I-Effect
long-term I-Effect
growth I-Effect
for I-Effect
the I-Effect
entire I-Effect
firm I-Effect
, O
partly O
driven O
by O
the B-Cause
solid I-Cause
outlook I-Cause
for I-Cause
cancer I-Cause
drug I-Cause
Keytruda I-Cause
and I-Cause
to I-Cause
a I-Cause
lesser I-Cause
extent I-Cause
the I-Cause
strong I-Cause
outlook I-Cause
for I-Cause
HPV I-Cause
vaccine I-Cause
Gardasil I-Cause
( I-Cause
largely I-Cause
in I-Cause
international I-Cause
markets I-Cause
) I-Cause
. O

Discover B-Effect
's I-Effect
biggest I-Effect
risk I-Effect
is O
advances B-Cause
in I-Cause
technology I-Cause
that I-Cause
enables I-Cause
merchants I-Cause
to I-Cause
bypass I-Cause
legacy I-Cause
payment I-Cause
systems I-Cause
like I-Cause
Visa I-Cause
, I-Cause
Mastercard I-Cause
, I-Cause
and I-Cause
Discover I-Cause
. O

However O
, O
its B-Cause
intangible I-Cause
assets I-Cause
will I-Effect
help I-Effect
gain B-Effect
new I-Effect
customers I-Effect
for I-Effect
the I-Effect
company I-Effect
as O
the B-Cause
overall I-Cause
factory I-Cause
automation I-Cause
market I-Cause
continues I-Cause
to I-Cause
increase I-Cause
. O

Operating B-Effect
margins I-Effect
for I-Effect
the I-Effect
segment I-Effect
will I-Effect
average I-Effect
nearly I-Effect
13 I-Effect
% I-Effect
over O
the O
next O
few O
years O
driven O
by O
higher B-Cause
average I-Cause
permanent I-Cause
placement I-Cause
fees I-Cause
. O

Twilio B-Cause
offers I-Cause
a I-Cause
range I-Cause
of I-Cause
services I-Cause
that O
enable O
businesses B-Effect
to I-Effect
improve I-Effect
customer I-Effect
engagement I-Effect
, I-Effect
making I-Effect
it I-Effect
a I-Effect
critical I-Effect
tool I-Effect
for I-Effect
business-to-consumer I-Effect
clients I-Effect
. O

Given B-Cause
the I-Cause
bespoke I-Cause
components I-Cause
required I-Cause
to I-Cause
produce I-Cause
an I-Cause
aircraft I-Cause
, I-Cause
if I-Cause
a I-Cause
key I-Cause
member I-Cause
of I-Cause
the I-Cause
supply I-Cause
chain I-Cause
falls I-Cause
into I-Cause
financial I-Cause
distress I-Cause
, O
then O
Boeing B-Effect
's I-Effect
production I-Effect
rates I-Effect
would I-Effect
likely I-Effect
be I-Effect
limited I-Effect
. O

Revenue B-Effect
declined I-Effect
nearly I-Effect
50 I-Effect
% I-Effect
from I-Effect
2008 I-Effect
to I-Effect
2009 I-Effect
with O
the B-Cause
decline I-Cause
in I-Cause
global I-Cause
economic I-Cause
activity I-Cause
stemming I-Cause
from I-Cause
the I-Cause
global I-Cause
financial I-Cause
crisis I-Cause
. O

Historically O
, O
Telus O
has O
competed O
with O
an O
inferior O
network O
, O
and O
we B-Effect
chalk I-Effect
up I-Effect
its I-Effect
ability I-Effect
to I-Effect
be I-Effect
such I-Effect
a I-Effect
strong I-Effect
competitor I-Effect
versus I-Effect
Shaw I-Effect
to O
excellent B-Cause
execution I-Cause
. O

Cross-border B-Effect
transactions I-Effect
, I-Effect
which I-Effect
are I-Effect
particularly I-Effect
lucrative I-Effect
for I-Effect
the I-Effect
networks I-Effect
, I-Effect
have I-Effect
seen I-Effect
dramatic I-Effect
declines I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
outbreak I-Cause
and I-Cause
a I-Cause
reduction I-Cause
in I-Cause
global I-Cause
travel I-Cause
. O

ICE B-Effect
holds I-Effect
limited I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risks I-Effect
, I-Effect
and I-Effect
we I-Effect
do I-Effect
not I-Effect
see I-Effect
them I-Effect
as O
material B-Cause
enough I-Cause
to I-Cause
alter I-Cause
our I-Cause
uncertainty I-Cause
rating I-Cause
. O

However O
, O
we O
think O
Crown B-Cause
faces I-Cause
challenges I-Cause
with I-Cause
its I-Cause
fiber I-Cause
that O
will O
keep O
returns O
on B-Effect
invested I-Effect
capital I-Effect
depressed I-Effect
for I-Effect
several I-Effect
years I-Effect
. O

However O
, O
credit B-Cause
card I-Cause
programs I-Cause
from I-Cause
shuttered I-Cause
retailers I-Cause
have I-Cause
typically I-Cause
seen I-Cause
higher I-Cause
charge-offs I-Cause
and I-Cause
falling I-Cause
levels I-Cause
of I-Cause
receivables I-Cause
, O
creating B-Effect
headwinds I-Effect
for I-Effect
Synchrony I-Effect
's I-Effect
business I-Effect
. O

Operating B-Cause
margin I-Cause
declines I-Cause
have I-Cause
been I-Cause
exacerbated I-Cause
by I-Cause
the I-Cause
decline I-Cause
in I-Cause
European I-Cause
reimbursement. O
These O
factors O
have O
weighed B-Effect
on I-Effect
ROICs I-Effect
, I-Effect
and I-Effect
these I-Effect
trends I-Effect
are I-Effect
likely I-Effect
to I-Effect
persist I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

Given O
the B-Cause
limited I-Cause
land I-Cause
available I-Cause
to I-Cause
develop I-Cause
and I-Cause
the I-Cause
government I-Cause
's I-Cause
seeming I-Cause
preference I-Cause
to I-Cause
control I-Cause
growth I-Cause
of I-Cause
the I-Cause
region I-Cause
, O
we O
think O
there O
will O
likely O
be O
no O
meaningful O
new B-Effect
gaming I-Effect
concessions I-Effect
or I-Effect
table I-Effect
allocations I-Effect
presented I-Effect
at I-Effect
the I-Effect
time I-Effect
of I-Effect
renewal I-Effect
. O

Looking O
globally O
, O
we O
expect O
infrastructure B-Effect
spending I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
to I-Effect
be I-Effect
relatively I-Effect
strong I-Effect
, O
as O
there B-Cause
is I-Cause
ample I-Cause
demand I-Cause
to I-Cause
build I-Cause
new I-Cause
roads I-Cause
and I-Cause
infrastructure I-Cause
to I-Cause
increase I-Cause
urbanization I-Cause
. O

In O
addition O
, O
the B-Effect
agricultural I-Effect
solutions I-Effect
segment I-Effect
should I-Effect
grow I-Effect
above I-Effect
company I-Effect
average I-Effect
due O
to O
a B-Cause
steady I-Cause
stream I-Cause
of I-Cause
innovative I-Cause
products I-Cause
set I-Cause
to I-Cause
launch I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
. O

Management B-Effect
is O
limited O
in O
the O
amount O
of O
efficiencies O
it O
can O
drive O
out O
of O
the O
business O
during O
periods O
of O
unfavorable B-Cause
weather I-Cause
. O

We O
expect O
noninterest B-Effect
expenses I-Effect
to I-Effect
decline I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
as O
extra B-Cause
COVID-related I-Cause
expenses I-Cause
roll I-Cause
off I-Cause
, O
before O
resuming O
a O
roughly O
2 O
% O
annual O
growth O
rate O
thereafter O
. O

These B-Effect
markets I-Effect
are I-Effect
unattractive I-Effect
to I-Effect
larger I-Effect
public I-Effect
dealers I-Effect
, O
as O
their B-Cause
management I-Cause
teams I-Cause
have I-Cause
no I-Cause
interest I-Cause
in I-Cause
small I-Cause
cities I-Cause
and I-Cause
they I-Cause
have I-Cause
import I-Cause
and I-Cause
luxury I-Cause
brand I-Cause
mixes I-Cause
more I-Cause
favorable I-Cause
to I-Cause
suburban I-Cause
markets I-Cause
. O

As B-Cause
Valvoline I-Cause
grows I-Cause
internationally I-Cause
, O
it B-Effect
will I-Effect
derive I-Effect
a I-Effect
greater I-Effect
portion I-Effect
of I-Effect
sales I-Effect
from I-Effect
unestablished I-Effect
markets I-Effect
while B-Effect
taking I-Effect
on I-Effect
currency I-Effect
and I-Effect
regulatory I-Effect
risks I-Effect
( I-Effect
many I-Effect
of I-Effect
its I-Effect
competitors I-Effect
are I-Effect
state-owned I-Effect
enterprises I-Effect
) I-Effect
. O

The B-Cause
more I-Cause
consumers I-Cause
that I-Cause
are I-Cause
plugged I-Cause
into I-Cause
a I-Cause
payment I-Cause
network I-Cause
, O
the B-Effect
more I-Effect
attractive I-Effect
that I-Effect
payment I-Effect
network I-Effect
becomes I-Effect
for I-Effect
merchants I-Effect
, I-Effect
which I-Effect
, I-Effect
in I-Effect
turn I-Effect
, I-Effect
makes I-Effect
the I-Effect
network I-Effect
more I-Effect
convenient I-Effect
for I-Effect
consumers I-Effect
and I-Effect
so I-Effect
on I-Effect
. O

The B-Cause
increased I-Cause
adoption I-Cause
of I-Cause
Nice I-Cause
's I-Cause
mission-critical I-Cause
services I-Cause
in I-Cause
customer I-Cause
engagement I-Cause
as I-Cause
well I-Cause
as I-Cause
financial I-Cause
crimes I-Cause
and I-Cause
compliance I-Cause
as O
businesses B-Cause
demand I-Cause
more I-Cause
agile I-Cause
solutions I-Cause
should O
support B-Effect
healthy I-Effect
long-term I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

While O
it O
makes O
sense O
for O
the O
company O
to O
have O
more O
service O
personnel O
, O
given O
a B-Cause
dominant I-Cause
share I-Cause
in I-Cause
balances I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
market I-Cause
leadership I-Cause
in I-Cause
75 I-Cause
% I-Cause
of I-Cause
business I-Cause
lines I-Cause
, O
Mettler B-Effect
clearly I-Effect
puts I-Effect
a I-Effect
high I-Effect
focus I-Effect
on I-Effect
customer I-Effect
service I-Effect
and I-Effect
relationship-building I-Effect
. O

If O
cannabis O
is O
legalized O
on O
a O
federal O
level O
, O
as O
a B-Cause
greater I-Cause
proportion I-Cause
of I-Cause
cannabis I-Cause
could I-Cause
be I-Cause
grown I-Cause
outdoors I-Cause
or O
Hawthorne B-Cause
may I-Cause
also I-Cause
face I-Cause
increased I-Cause
competition I-Cause
from I-Cause
traditional I-Cause
agricultural I-Cause
input I-Cause
producers I-Cause
and I-Cause
retailers I-Cause
that O
may O
begin B-Effect
serving I-Effect
larger I-Effect
cannabis I-Effect
growers I-Effect
. O

Additionally O
, O
expansion B-Cause
into I-Cause
whitespace I-Cause
categories I-Cause
, O
like O
the O
B2B O
marketplace O
, O
which O
represents O
a O
$ O
78 O
billion O
market O
opportunity O
( O
which O
Williams-Sonoma O
is O
aiming O
to O
take O
a O
low-single-digit O
share O
of O
) O
, O
should O
allow B-Effect
the I-Effect
firm I-Effect
to I-Effect
grow I-Effect
modestly I-Effect
faster I-Effect
than I-Effect
the I-Effect
home I-Effect
furnishing I-Effect
market I-Effect
. O

But O
this O
should O
not O
impact O
Booking O
's O
uncertainty O
rating O
unless O
travel B-Cause
demand I-Cause
once I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
time I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value O
destructive O
levels O
. O

Revisions B-Cause
to I-Cause
phase I-Cause
3 I-Cause
trial I-Cause
designs I-Cause
( I-Cause
which I-Cause
occasionally I-Cause
do I-Cause
happen I-Cause
, O
usually O
due O
to O
issues B-Cause
with I-Cause
enrollment I-Cause
or I-Cause
adjusting I-Cause
for I-Cause
statistical I-Cause
power I-Cause
) I-Cause
result O
in O
substantial B-Effect
delays I-Effect
and I-Effect
additional I-Effect
costs I-Effect
, I-Effect
heightening I-Effect
the I-Effect
importance I-Effect
of I-Effect
getting I-Effect
the I-Effect
design I-Effect
right I-Effect
the I-Effect
first I-Effect
time I-Effect
. O

The B-Cause
complexity I-Cause
, O
high B-Cause
cost I-Cause
, O
and O
mission-critical B-Cause
nature I-Cause
of I-Cause
clinical I-Cause
trials I-Cause
enforce B-Cause
high I-Cause
switching I-Cause
costs I-Cause
among I-Cause
PPD I-Cause
's I-Cause
biopharma I-Cause
clients I-Cause
, O
which O
usually O
result O
in O
trusted B-Effect
preferred I-Effect
partnership I-Effect
agreements I-Effect
that I-Effect
span I-Effect
several I-Effect
years I-Effect
if I-Effect
not I-Effect
decades I-Effect
. O

We B-Cause
also I-Cause
expect I-Cause
global I-Cause
overcapacity I-Cause
to I-Cause
persist. O
Accordingly O
, O
we B-Effect
expect I-Effect
Alcoa I-Effect
to I-Effect
generate I-Effect
only I-Effect
mid-single-digit I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
a I-Effect
midcycle I-Effect
environment I-Effect
, I-Effect
well I-Effect
below I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Based O
initially O
on O
its B-Cause
technology I-Cause
, O
Google O
has O
successfully O
increased B-Cause
its I-Cause
users I-Cause
' I-Cause
dependence I-Cause
on I-Cause
its I-Cause
products I-Cause
to O
keep O
transforming B-Effect
the I-Effect
usage I-Effect
of I-Effect
those I-Effect
products I-Effect
into I-Effect
something I-Effect
habitual I-Effect
. O

The O
company O
also O
regularly B-Cause
makes I-Cause
capital I-Cause
improvements I-Cause
and I-Cause
redevelops I-Cause
its I-Cause
portfolio I-Cause
to I-Cause
maintain I-Cause
its I-Cause
quality I-Cause
and O
keep B-Effect
it I-Effect
competitive I-Effect
in I-Effect
the I-Effect
market I-Effect
. O

Measured O
by O
cash O
cost O
of O
production O
, O
Cameco B-Effect
ranks I-Effect
among I-Effect
the I-Effect
lower-cost I-Effect
uranium I-Effect
miners I-Effect
at I-Effect
CAD I-Effect
15 I-Effect
per I-Effect
pound I-Effect
in I-Effect
2017 I-Effect
( I-Effect
before I-Effect
royalties I-Effect
) I-Effect
by O
virtue O
of O
an B-Cause
enviable I-Cause
asset I-Cause
base I-Cause
anchored I-Cause
by I-Cause
the I-Cause
extremely I-Cause
high-grade I-Cause
McArthur I-Cause
River I-Cause
mine I-Cause
in I-Cause
Saskatchewan I-Cause
. O

Limited B-Cause
driver I-Cause
availability I-Cause
is I-Cause
placing I-Cause
upward I-Cause
pressure I-Cause
on I-Cause
driver I-Cause
wages I-Cause
and I-Cause
recruiting I-Cause
costs. O
This O
dynamic O
also O
boosts B-Effect
driver I-Effect
turnover I-Effect
at I-Effect
times I-Effect
and I-Effect
when I-Effect
that I-Effect
occurs I-Effect
, I-Effect
unseated I-Effect
tractors I-Effect
will I-Effect
weigh I-Effect
on I-Effect
tractor I-Effect
utilization I-Effect
( I-Effect
miles I-Effect
per I-Effect
tractor I-Effect
) I-Effect
, I-Effect
especially I-Effect
during I-Effect
periods I-Effect
of I-Effect
fleet I-Effect
growth I-Effect
. O

With O
the B-Cause
decision I-Cause
to I-Cause
exit I-Cause
the I-Cause
merchant I-Cause
nuclear I-Cause
business I-Cause
, O
the B-Effect
major I-Effect
risk I-Effect
of I-Effect
the I-Effect
unregulated I-Effect
segment I-Effect
is I-Effect
the I-Effect
decommissioning I-Effect
of I-Effect
these I-Effect
facilities I-Effect
. O

Key B-Cause
to I-Cause
Verisign I-Cause
's I-Cause
intangible I-Cause
assets I-Cause
is I-Cause
the I-Cause
presumptive I-Cause
right I-Cause
of I-Cause
renewal. O
This O
implies O
that O
as B-Effect
long I-Effect
as I-Effect
Verisign I-Effect
complies I-Effect
with I-Effect
the I-Effect
terms I-Effect
of I-Effect
the I-Effect
contract I-Effect
, I-Effect
it I-Effect
will I-Effect
not I-Effect
go I-Effect
up I-Effect
for I-Effect
bid I-Effect
, I-Effect
and I-Effect
Verisign I-Effect
can I-Effect
simply I-Effect
automatically I-Effect
renew I-Effect
for I-Effect
the I-Effect
next I-Effect
six-year I-Effect
period I-Effect
. O

Investment B-Cause
in I-Cause
automation I-Cause
and I-Cause
IT I-Cause
infrastructure I-Cause
have I-Cause
escalated I-Cause
, O
and O
in B-Effect
the I-Effect
past I-Effect
decade I-Effect
, I-Effect
McKesson I-Effect
has I-Effect
invested I-Effect
over I-Effect
$ I-Effect
20 I-Effect
billion I-Effect
between I-Effect
capital I-Effect
expenditures I-Effect
( I-Effect
$ I-Effect
4.9 I-Effect
billion I-Effect
) I-Effect
and I-Effect
acquisitions I-Effect
( I-Effect
$ I-Effect
16.0 I-Effect
billion I-Effect
) I-Effect
in O
order O
to O
strengthen B-Effect
its I-Effect
position I-Effect
in I-Effect
a I-Effect
mature I-Effect
industry I-Effect
. O

So O
far O
, O
ONT B-Cause
's I-Cause
devices I-Cause
have I-Cause
been I-Cause
only I-Cause
a I-Cause
minor I-Cause
competitive I-Cause
threat I-Cause
to I-Cause
Illumina I-Cause
's I-Cause
lower-throughput I-Cause
products I-Cause
, I-Cause
and I-Cause
detection I-Cause
accuracy I-Cause
appears I-Cause
to I-Cause
still I-Cause
be I-Cause
an I-Cause
issue I-Cause
for I-Cause
ONT I-Cause
's I-Cause
technology I-Cause
, I-Cause
leading B-Effect
to I-Effect
relatively I-Effect
high I-Effect
error I-Effect
rates I-Effect
. I-Effect

We O
expect O
TC B-Effect
Energy I-Effect
to I-Effect
meet I-Effect
its I-Effect
targeted I-Effect
8 I-Effect
% I-Effect
-10 I-Effect
% I-Effect
annual I-Effect
dividend I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
and I-Effect
5 I-Effect
% I-Effect
-7 I-Effect
% I-Effect
thereafter I-Effect
, O
driven O
by O
a B-Cause
healthy I-Cause
pipeline I-Cause
of I-Cause
growth I-Cause
opportunities I-Cause
. O

The B-Effect
nature I-Effect
of I-Effect
contact I-Effect
center I-Effect
communication I-Effect
has I-Effect
evolved I-Effect
, O
with O
voice B-Cause
calling I-Cause
associated I-Cause
with I-Cause
long I-Cause
wait I-Cause
periods I-Cause
no I-Cause
longer I-Cause
the I-Cause
only I-Cause
means I-Cause
to I-Cause
get I-Cause
support I-Cause
. O

Anglo B-Effect
's I-Effect
platinum I-Effect
business I-Effect
should I-Effect
benefit I-Effect
as O
rising B-Cause
household I-Cause
incomes I-Cause
bolster I-Cause
Chinese I-Cause
demand I-Cause
for I-Cause
automobiles I-Cause
and I-Cause
jewelry I-Cause
, I-Cause
categories I-Cause
that I-Cause
collectively I-Cause
account I-Cause
for I-Cause
roughly I-Cause
80 I-Cause
% I-Cause
to I-Cause
90 I-Cause
% I-Cause
of I-Cause
platinum I-Cause
and I-Cause
palladium I-Cause
use I-Cause
in I-Cause
China I-Cause
. O

With O
Autodesk B-Cause
software I-Cause
considered I-Cause
the I-Cause
industry I-Cause
standard I-Cause
for I-Cause
many I-Cause
of I-Cause
its I-Cause
solutions I-Cause
, O
universities B-Cause
are I-Cause
convinced I-Cause
to I-Cause
continue I-Cause
teaching I-Cause
the I-Cause
software I-Cause
in I-Cause
its I-Cause
programs I-Cause
, O
which O
drives O
AEC B-Effect
, I-Effect
manufacturing I-Effect
, I-Effect
and I-Effect
M I-Effect
& I-Effect
amp I-Effect
; I-Effect
E I-Effect
firms I-Effect
to I-Effect
continue I-Effect
using I-Effect
it I-Effect
, I-Effect
causing I-Effect
universities I-Effect
to I-Effect
continue I-Effect
teaching I-Effect
it I-Effect
. O

In O
terms O
of O
costs O
, O
we B-Cause
are I-Cause
concerned I-Cause
about I-Cause
wage I-Cause
growth I-Cause
stemming I-Cause
from I-Cause
the I-Cause
strong I-Cause
labor I-Cause
market I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
increased I-Cause
minimum I-Cause
wage I-Cause
plans I-Cause
for I-Cause
the I-Cause
West I-Cause
Coast I-Cause
, O
which O
remains B-Effect
an I-Effect
important I-Effect
region I-Effect
. O

Following O
the B-Cause
firm I-Cause
's I-Cause
release I-Cause
of I-Cause
solid I-Cause
third-quarter I-Cause
2020 I-Cause
financial I-Cause
results I-Cause
from I-Cause
SS I-Cause
& I-Cause
C I-Cause
, O
we B-Effect
have I-Effect
adjusted I-Effect
our I-Effect
valuation I-Effect
model I-Effect
to I-Effect
assume I-Effect
more I-Effect
operating I-Effect
leverage I-Effect
and I-Effect
have I-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
the I-Effect
firm I-Effect
to I-Effect
$ I-Effect
63 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
62 I-Effect
. O

When B-Cause
adjusted I-Cause
for I-Cause
expenses I-Cause
not I-Cause
directly I-Cause
linked I-Cause
to I-Cause
the I-Cause
production I-Cause
and I-Cause
distribution I-Cause
process I-Cause
, I-Cause
RB I-Cause
's I-Cause
profitability I-Cause
and I-Cause
costs I-Cause
per I-Cause
employee I-Cause
appear I-Cause
to I-Cause
be I-Cause
around I-Cause
average I-Cause
for I-Cause
the I-Cause
HPC I-Cause
space. O
This B-Effect
gives I-Effect
it I-Effect
the I-Effect
financial I-Effect
flexibility I-Effect
to I-Effect
outmanoeuvre I-Effect
startup I-Effect
new I-Effect
entrants I-Effect
, I-Effect
but I-Effect
little I-Effect
in I-Effect
the I-Effect
way I-Effect
of I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
its I-Effect
large-cap I-Effect
competitors I-Effect
. O

In B-Effect
Centene I-Effect
's I-Effect
smaller I-Effect
Medicare I-Effect
business I-Effect
, I-Effect
we I-Effect
expect I-Effect
low-double-digit I-Effect
growth I-Effect
primarily I-Effect
as O
demographic B-Cause
trends I-Cause
and I-Cause
the I-Cause
increasing I-Cause
popularity I-Cause
of I-Cause
Medicare I-Cause
Advantage I-Cause
plans I-Cause
benefit I-Cause
that I-Cause
business I-Cause
. O

The O
Reinhart O
acquisition O
will O
be O
a O
material O
addition O
to O
sales O
in O
fiscal O
2021 O
, O
and O
beginning O
in O
2022 O
, O
we O
assume O
a B-Cause
1 I-Cause
% I-Cause
annual I-Cause
contribution I-Cause
from I-Cause
acquisitions I-Cause
, O
resulting O
in O
4.5 B-Effect
% I-Effect
average I-Effect
consolidated I-Effect
food-service I-Effect
segment I-Effect
long-term I-Effect
growth I-Effect
. O

Traditionally O
, O
high-cost B-Effect
natural I-Effect
gas I-Effect
accounted I-Effect
for I-Effect
over I-Effect
90 I-Effect
% I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
production. O
As O
a O
result O
of O
the B-Cause
transformation I-Cause
, I-Cause
we I-Cause
expect I-Cause
that I-Cause
number I-Cause
to I-Cause
fall I-Cause
to I-Cause
about I-Cause
45 I-Cause
% I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
2020 I-Cause
as I-Cause
the I-Cause
company I-Cause
takes I-Cause
advantage I-Cause
of I-Cause
the I-Cause
high-quality I-Cause
drilling I-Cause
locations I-Cause
in I-Cause
the I-Cause
core I-Cause
acreage I-Cause
. O

Finally O
, O
Mastercard B-Effect
is I-Effect
something I-Effect
of I-Effect
a I-Effect
tollbooth I-Effect
business I-Effect
, I-Effect
and I-Effect
the I-Effect
company I-Effect
is I-Effect
relatively I-Effect
agnostic I-Effect
to I-Effect
the I-Effect
smaller I-Effect
shifts I-Effect
within O
electronic O
payments O
, O
as O
it B-Cause
earns I-Cause
fees I-Cause
regardless I-Cause
of I-Cause
whether I-Cause
payment I-Cause
is I-Cause
credit I-Cause
, I-Cause
debit I-Cause
, I-Cause
or I-Cause
mobile I-Cause
. O

Also O
, O
if O
pharmaceutical B-Cause
development I-Cause
projects I-Cause
fail I-Cause
or I-Cause
end-market I-Cause
dynamics I-Cause
change I-Cause
, O
such O
as O
what O
we O
saw O
in O
the O
Chinese O
generic O
pharmaceutical O
market O
in O
early O
2019 O
, O
system B-Effect
purchases I-Effect
may I-Effect
fall I-Effect
even I-Effect
in I-Effect
the I-Effect
steady I-Effect
pharmaceutical I-Effect
end I-Effect
market I-Effect
. O

Since O
some B-Cause
workloads I-Cause
will I-Cause
not I-Cause
shift I-Cause
to I-Cause
public I-Cause
clouds I-Cause
because I-Cause
of I-Cause
latency I-Cause
, I-Cause
safety I-Cause
, I-Cause
or I-Cause
regulatory I-Cause
concerns I-Cause
, O
colocation B-Effect
partnerships I-Effect
provide I-Effect
firms I-Effect
with I-Effect
secure I-Effect
NetApp I-Effect
storage I-Effect
and I-Effect
the I-Effect
ability I-Effect
to I-Effect
use I-Effect
hyperscale I-Effect
providers I-Effect
' I-Effect
compute I-Effect
resources I-Effect
within I-Effect
a I-Effect
single I-Effect
site I-Effect
. O

Looking O
ahead O
, O
Maxim B-Effect
will I-Effect
likely I-Effect
earn I-Effect
less I-Effect
revenue I-Effect
from I-Effect
Samsung I-Effect
going O
forward O
, O
instead O
focusing B-Cause
on I-Cause
broadening I-Cause
its I-Cause
consumer I-Cause
revenue I-Cause
base I-Cause
. O

For O
artists O
, O
sales B-Cause
of I-Cause
albums I-Cause
and I-Cause
singles I-Cause
, I-Cause
either I-Cause
physical I-Cause
or I-Cause
digital I-Cause
, I-Cause
have I-Cause
collapsed I-Cause
over I-Cause
the I-Cause
last I-Cause
decade I-Cause
as I-Cause
younger I-Cause
consumers I-Cause
have I-Cause
turned I-Cause
toward I-Cause
streaming I-Cause
platforms I-Cause
like I-Cause
YouTube I-Cause
and I-Cause
Spotify I-Cause
to I-Cause
consume I-Cause
music. O
As O
a O
result O
, O
touring B-Effect
for I-Effect
major I-Effect
artists I-Effect
has I-Effect
shifted I-Effect
from I-Effect
a I-Effect
method I-Effect
to I-Effect
sell I-Effect
more I-Effect
albums I-Effect
to I-Effect
a I-Effect
major I-Effect
source I-Effect
of I-Effect
revenue I-Effect
. O

There B-Effect
are I-Effect
indirect I-Effect
costs I-Effect
along I-Effect
those I-Effect
same I-Effect
lines I-Effect
, O
mainly B-Cause
lost I-Cause
productivity I-Cause
as I-Cause
employees I-Cause
move I-Cause
up I-Cause
a I-Cause
learning I-Cause
curve I-Cause
on I-Cause
the I-Cause
new I-Cause
system I-Cause
and I-Cause
the I-Cause
distraction I-Cause
of I-Cause
employees I-Cause
involved I-Cause
in I-Cause
the I-Cause
function I-Cause
where I-Cause
the I-Cause
change I-Cause
is I-Cause
occurring I-Cause
. O

ESPN O
garners O
the O
highest O
affiliate O
fees O
of O
any O
basic O
cable O
channel O
, O
and O
a B-Cause
decrease I-Cause
in I-Cause
pay-TV I-Cause
penetration I-Cause
would O
slow O
revenue B-Effect
growth I-Effect
. O

Efficient B-Cause
scale I-Cause
would O
require O
that O
the B-Effect
company I-Effect
's I-Effect
shopping I-Effect
centers I-Effect
dominate I-Effect
their I-Effect
submarkets I-Effect
by I-Effect
effectively I-Effect
and I-Effect
efficiently I-Effect
serving I-Effect
the I-Effect
market I-Effect
's I-Effect
needs I-Effect
. O

Home B-Effect
Depot I-Effect
should I-Effect
continue I-Effect
to I-Effect
capture I-Effect
top-line I-Effect
growth I-Effect
, O
bolstered O
by B-Cause
aging I-Cause
housing I-Cause
stock I-Cause
and I-Cause
rising I-Cause
home I-Cause
prices I-Cause
, O
but O
should O
also O
garner B-Effect
support I-Effect
from I-Effect
the I-Effect
work-at-home I-Effect
movement I-Effect
as O
a O
result O
of O
COVID-19 B-Cause
. O

Google B-Cause
's I-Cause
ecosystem I-Cause
strengthens I-Cause
as O
its B-Effect
products I-Effect
are I-Effect
adopted I-Effect
by I-Effect
more I-Effect
users I-Effect
, O
making O
its B-Effect
online I-Effect
advertising I-Effect
services I-Effect
more I-Effect
attractive I-Effect
to I-Effect
advertisers I-Effect
and I-Effect
publishers I-Effect
and I-Effect
resulting I-Effect
in I-Effect
increased I-Effect
online I-Effect
ad I-Effect
revenue I-Effect
. O

We O
forecast O
8 B-Effect
% I-Effect
per I-Effect
year I-Effect
volume I-Effect
growth I-Effect
for I-Effect
recreational I-Effect
and I-Effect
food-products I-Effect
based O
on O
expanded B-Cause
distribution I-Cause
, I-Cause
consumers I-Cause
converting I-Cause
from I-Cause
the I-Cause
black I-Cause
market I-Cause
, I-Cause
and I-Cause
non-consumers I-Cause
becoming I-Cause
consumers I-Cause
. O

Energy B-Effect
savings I-Effect
are I-Effect
achieved I-Effect
in I-Effect
the I-Effect
Verbund I-Effect
process I-Effect
by O
using B-Cause
byproducts I-Cause
from I-Cause
one I-Cause
plant I-Cause
as I-Cause
feedstock I-Cause
for I-Cause
another I-Cause
plant I-Cause
. O

We O
expect O
the B-Effect
firm I-Effect
to I-Effect
average I-Effect
15 I-Effect
% I-Effect
outgrowth I-Effect
over I-Effect
the I-Effect
underlying I-Effect
analog I-Effect
chip I-Effect
market I-Effect
during I-Effect
this I-Effect
period I-Effect
as O
it B-Cause
takes I-Cause
market I-Cause
share I-Cause
and I-Cause
wins I-Cause
new I-Cause
sockets I-Cause
. O

We O
model O
that O
gross B-Effect
margins I-Effect
will I-Effect
stay I-Effect
in I-Effect
the I-Effect
high-30 I-Effect
% I-Effect
to I-Effect
low I-Effect
40 I-Effect
% I-Effect
range I-Effect
as O
Nokia B-Cause
balances I-Cause
higher I-Cause
margin I-Cause
software I-Cause
with I-Cause
higher I-Cause
costing I-Cause
equipment I-Cause
. O

Macroeconomic B-Cause
headwinds I-Cause
( I-Cause
particularly I-Cause
from I-Cause
coronavirus-related I-Cause
events I-Cause
) I-Cause
are I-Cause
likely I-Cause
to I-Cause
continue I-Cause
to I-Cause
affect I-Cause
growth I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
but O
we O
believe O
the O
company O
will O
ultimately O
return B-Effect
to I-Effect
a I-Effect
top-line I-Effect
growth I-Effect
rate I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high-single-digit I-Effect
percentages I-Effect
. O

In O
considering O
the B-Cause
firm I-Cause
's I-Cause
exposure I-Cause
to I-Cause
ESG I-Cause
risk I-Cause
, O
we O
perceive O
potential B-Effect
product I-Effect
recalls I-Effect
( I-Effect
which I-Effect
if I-Effect
not I-Effect
managed I-Effect
effectively I-Effect
could I-Effect
impair I-Effect
the I-Effect
perception I-Effect
of I-Effect
its I-Effect
brand I-Effect
) I-Effect
as I-Effect
the I-Effect
most I-Effect
pertinent I-Effect
. O

We O
expect O
that O
Studio B-Effect
Canal I-Effect
will I-Effect
suffer I-Effect
the I-Effect
most I-Effect
of I-Effect
the I-Effect
Canal+ I-Effect
properties I-Effect
from I-Effect
COVID-19 I-Effect
as O
theatrical B-Cause
revenue I-Cause
will I-Cause
collapse I-Cause
in I-Cause
2020 I-Cause
and I-Cause
take I-Cause
until I-Cause
2022 I-Cause
to I-Cause
return I-Cause
to I-Cause
2019 I-Cause
levels I-Cause
. O

In O
our O
view O
, O
changes O
above O
and O
beyond O
what O
management O
has O
indicated O
-- O
including O
lower B-Cause
constant I-Cause
price I-Cause
competition I-Cause
and I-Cause
significant I-Cause
restaurant I-Cause
format I-Cause
changes I-Cause
to I-Cause
facilitate I-Cause
greater I-Cause
throughput I-Cause
and I-Cause
lower I-Cause
operating I-Cause
costs I-Cause
-- O
may O
be O
required O
to O
keep O
Olive B-Effect
Garden I-Effect
and I-Effect
many I-Effect
other I-Effect
casual I-Effect
dining I-Effect
brands I-Effect
competitive I-Effect
. O

A B-Cause
more I-Cause
immediate I-Cause
risk I-Cause
involves I-Cause
lawsuits I-Cause
related I-Cause
to I-Cause
corruption I-Cause
or I-Cause
large I-Cause
oil I-Cause
spills I-Cause
both O
could O
result O
in O
either B-Effect
material I-Effect
losses I-Effect
through I-Effect
lost I-Effect
revenue I-Effect
, I-Effect
fines I-Effect
or I-Effect
penalties I-Effect
, I-Effect
or I-Effect
loss I-Effect
of I-Effect
license I-Effect
to I-Effect
operate I-Effect
. O

Scale B-Effect
should I-Effect
lift I-Effect
profitability I-Effect
as O
Wiley B-Cause
signs I-Cause
additional I-Cause
programs I-Cause
and I-Cause
university I-Cause
partners I-Cause
for I-Cause
the I-Cause
online I-Cause
program I-Cause
management I-Cause
offering I-Cause
, I-Cause
bolstered I-Cause
by I-Cause
Learning I-Cause
House I-Cause
's I-Cause
strength I-Cause
at I-Cause
smaller I-Cause
institutions I-Cause
and I-Cause
in I-Cause
the I-Cause
undergraduate I-Cause
segment I-Cause
. O

As O
a O
result O
, O
we O
anticipate O
overall B-Effect
annual I-Effect
top-line I-Effect
growth I-Effect
of I-Effect
roughly I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
, O
largely O
benefiting O
from O
the B-Cause
growth I-Cause
in I-Cause
specialty I-Cause
pipeline I-Cause
( I-Cause
3 I-Cause
% I-Cause
-4 I-Cause
% I-Cause
) I-Cause
, I-Cause
increased I-Cause
number I-Cause
of I-Cause
therapies I-Cause
and I-Cause
aging I-Cause
population I-Cause
( I-Cause
1 I-Cause
% I-Cause
) I-Cause
, I-Cause
and I-Cause
branded I-Cause
drug I-Cause
inflation I-Cause
( I-Cause
2 I-Cause
% I-Cause
) I-Cause
. O

On O
the O
positive O
side O
, O
the B-Cause
firm I-Cause
's I-Cause
FTTH I-Cause
effort I-Cause
has I-Cause
started I-Cause
slowly I-Cause
, O
allowing O
the B-Effect
firm I-Effect
time I-Effect
to I-Effect
adjust I-Effect
its I-Effect
plans I-Effect
if I-Effect
needed I-Effect
. O

When O
adjusted B-Cause
for I-Cause
expenses I-Cause
not I-Cause
directly I-Cause
linked I-Cause
to I-Cause
the I-Cause
production I-Cause
and I-Cause
distribution I-Cause
process I-Cause
, O
Reckitt B-Effect
's I-Effect
profitability I-Effect
and I-Effect
costs I-Effect
per I-Effect
employee I-Effect
appear I-Effect
to I-Effect
be I-Effect
around I-Effect
average I-Effect
for I-Effect
the I-Effect
HPC I-Effect
space I-Effect
. O

INC O
Research O
's O
2017 O
merger O
with O
inVentiv O
Health O
launched O
Syneos O
Health O
, O
the B-Cause
new I-Cause
entity I-Cause
, O
into O
the O
upper O
echelon O
of O
large O
, O
global O
, O
late-stage O
contract O
research O
organizations O
, O
but O
at B-Effect
the I-Effect
price I-Effect
of I-Effect
a I-Effect
significant I-Effect
debt I-Effect
load I-Effect
. O

Preferably O
, O
the B-Effect
deposit I-Effect
base I-Effect
consists I-Effect
mostly I-Effect
of I-Effect
retail I-Effect
rather I-Effect
than I-Effect
wholesale I-Effect
deposits I-Effect
, O
as O
the B-Cause
former I-Cause
tend I-Cause
to I-Cause
be I-Cause
stickier I-Cause
and I-Cause
lower I-Cause
cost I-Cause
than I-Cause
the I-Cause
latter I-Cause
. O

Because O
of O
technical B-Cause
hurdles I-Cause
, O
node B-Cause
advancement I-Cause
has I-Cause
been I-Cause
growing I-Cause
more I-Cause
costly I-Cause
, O
prompting O
some B-Effect
smaller I-Effect
players I-Effect
to I-Effect
give I-Effect
up I-Effect
catching I-Effect
up I-Effect
with I-Effect
the I-Effect
industry I-Effect
leaders I-Effect
and I-Effect
other I-Effect
firms I-Effect
to I-Effect
divest I-Effect
. O

Market B-Effect
share I-Effect
gains I-Effect
were O
driven O
by O
regained B-Cause
shelf I-Cause
space I-Cause
that I-Cause
was I-Cause
lost I-Cause
during I-Cause
its I-Cause
2012-13 I-Cause
hiatus I-Cause
, I-Cause
expansion I-Cause
into I-Cause
new I-Cause
channels I-Cause
( I-Cause
enabled I-Cause
by I-Cause
its I-Cause
differentiated I-Cause
direct-to-warehouse I-Cause
delivery I-Cause
system I-Cause
) I-Cause
and I-Cause
expanded I-Cause
its I-Cause
breakfast I-Cause
and I-Cause
value I-Cause
brand I-Cause
offerings I-Cause
. O

On O
the O
private-label O
front O
, O
we O
believe O
Kroger B-Cause
's I-Cause
strong I-Cause
suite I-Cause
of I-Cause
offerings I-Cause
adds I-Cause
to I-Cause
its I-Cause
intangible I-Cause
assets I-Cause
, O
bolstering B-Effect
its I-Effect
brand I-Effect
in I-Effect
consumers I-Effect
' I-Effect
eyes I-Effect
. O

Although O
the O
merchant O
generation O
business O
has O
not O
done O
well O
, O
Entergy B-Effect
's I-Effect
regulated I-Effect
utilities I-Effect
are I-Effect
experiencing I-Effect
strong I-Effect
industrial I-Effect
sales I-Effect
growth I-Effect
driven O
in O
large O
part O
by O
an B-Cause
industrial I-Cause
boom I-Cause
in I-Cause
the I-Cause
Mississippi I-Cause
Delta I-Cause
region I-Cause
. O

Short-term B-Effect
tactical I-Effect
shifts I-Effect
from I-Effect
ocean I-Effect
to I-Effect
air I-Effect
during I-Effect
2017 I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
during I-Effect
the I-Effect
2014 I-Effect
peak I-Effect
season I-Effect
because O
of O
West B-Cause
Coast I-Cause
port I-Cause
disruption I-Cause
, O
are O
examples O
of O
the O
mode O
's O
importance O
. O

Exposure B-Cause
to I-Cause
PFAS I-Cause
chemicals I-Cause
can O
cause O
adverse B-Effect
health I-Effect
effects I-Effect
, O
and O
we O
think O
drinking O
water O
levels O
will O
eventually O
become O
regulated O
by O
the O
U.S O
. O

While O
we O
do O
n't O
view B-Effect
this I-Effect
risk I-Effect
as I-Effect
imminent I-Effect
, O
given O
that O
cloud O
providers B-Cause
seem I-Cause
content I-Cause
with I-Cause
the I-Cause
partnership I-Cause
approach I-Cause
to I-Cause
securing I-Cause
workloads I-Cause
that I-Cause
travel I-Cause
to I-Cause
and I-Cause
from I-Cause
their I-Cause
clouds I-Cause
, O
it O
would O
certainly O
be O
an O
existential O
threat O
were O
it O
ever O
to O
materialize O
. O

The B-Cause
increasing I-Cause
importance I-Cause
of I-Cause
Internet I-Cause
access I-Cause
provides B-Effect
the I-Effect
phone I-Effect
and I-Effect
cable I-Effect
companies I-Effect
with I-Effect
economies I-Effect
of I-Effect
scope I-Effect
that I-Effect
a I-Effect
satellite I-Effect
network I-Effect
ca I-Effect
n't I-Effect
match I-Effect
. O

We O
expect O
TAL B-Effect
Education I-Effect
Group I-Effect
's I-Effect
margins I-Effect
should I-Effect
improve I-Effect
from I-Effect
fiscal I-Effect
2022 I-Effect
, O
given O
that O
we O
expect O
business O
to O
normalize O
as O
China B-Cause
restores I-Cause
normal I-Cause
business I-Cause
practice I-Cause
with I-Cause
less I-Cause
COVID-19 I-Cause
impact I-Cause
. O

We O
anticipate O
a B-Effect
surge I-Effect
in I-Effect
domestic I-Effect
consumer I-Effect
travel I-Effect
once O
the B-Cause
vaccine I-Cause
rollout I-Cause
enters I-Cause
its I-Cause
final I-Cause
stages I-Cause
but O
that O
this O
will O
not O
be O
enough O
to O
compensate O
for O
a O
weak O
first O
half O
of O
the O
year O
and O
a O
slower O
return O
to O
normalcy O
for O
international O
travel O
. O

We O
continue O
to O
think O
ongoing B-Cause
pandemic I-Cause
disruptions I-Cause
and I-Cause
a I-Cause
focus I-Cause
on I-Cause
bringing I-Cause
down I-Cause
leverage I-Cause
following I-Cause
the I-Cause
2019 I-Cause
acquisition I-Cause
of I-Cause
Hu-Friedy I-Cause
will O
slow O
expansion B-Effect
of I-Effect
Cantel I-Effect
's I-Effect
potentially I-Effect
disruptive I-Effect
Revox I-Effect
sterilization I-Effect
business I-Effect
, O
as O
we O
think O
this B-Cause
business I-Cause
will I-Cause
still I-Cause
require I-Cause
significant I-Cause
capital I-Cause
to I-Cause
get I-Cause
off I-Cause
the I-Cause
ground I-Cause
. O

Given O
that O
deep-water O
port O
terminals O
are O
capital-intensive O
assets O
, O
however O
, O
they O
can O
also O
detract O
from O
companywide B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
when O
throughput B-Cause
volumes I-Cause
are I-Cause
low I-Cause
. O

These B-Cause
businesses I-Cause
invest I-Cause
in I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
innovation I-Cause
, O
bringing B-Cause
cloud-based I-Cause
solutions I-Cause
that O
are O
becoming B-Effect
increasingly I-Effect
comparable I-Effect
with I-Effect
players I-Effect
such I-Effect
as I-Effect
Paycom I-Effect
and I-Effect
Paylocity I-Effect
. O

Paycom B-Cause
has I-Cause
made I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
investment I-Cause
into I-Cause
its I-Cause
platform I-Cause
to O
address B-Effect
a I-Effect
broader I-Effect
range I-Effect
of I-Effect
payroll I-Effect
and I-Effect
HCM I-Effect
needs I-Effect
, O
most O
recently O
introducing O
its O
self-service O
payroll O
offering O
, O
BETI O
. O

Paycom B-Cause
also I-Cause
provides I-Cause
data I-Cause
analytics I-Cause
via I-Cause
Direct I-Cause
Data I-Cause
Exchange I-Cause
, I-Cause
or I-Cause
DDX I-Cause
, O
which O
helps B-Effect
quantify I-Effect
the I-Effect
savings I-Effect
possible I-Effect
by I-Effect
eliminating I-Effect
duplicate I-Effect
processes I-Effect
. O

Over O
the O
same O
time O
frame O
, O
we O
forecast O
modest B-Effect
average I-Effect
pricing I-Effect
increases I-Effect
( O
around O
2 O
% O
) O
, O
helped O
by O
a B-Cause
refocused I-Cause
strategy I-Cause
on I-Cause
higher-ticket I-Cause
touring I-Cause
and I-Cause
cruising I-Cause
models I-Cause
. O

State B-Cause
and I-Cause
federal I-Cause
regulators I-Cause
grant I-Cause
Xcel I-Cause
exclusive I-Cause
rights I-Cause
to I-Cause
charge I-Cause
customers I-Cause
rates I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
earn I-Effect
a I-Effect
fair I-Effect
return I-Effect
on I-Effect
and I-Effect
return I-Effect
of I-Effect
the I-Effect
capital I-Effect
it I-Effect
invests I-Effect
to I-Effect
build I-Effect
, I-Effect
operate I-Effect
, I-Effect
and I-Effect
maintain I-Effect
its I-Effect
distribution I-Effect
networks I-Effect
. O

For O
example O
, O
as O
at O
year-end O
2018 O
, O
a B-Cause
10 I-Cause
% I-Cause
fall I-Cause
in I-Cause
equity I-Cause
prices I-Cause
would O
have O
shaved B-Effect
EUR I-Effect
273.0 I-Effect
million I-Effect
and I-Effect
EUR I-Effect
379.0 I-Effect
million I-Effect
from I-Effect
net I-Effect
income I-Effect
and I-Effect
equity I-Effect
for I-Effect
Aegon I-Effect
shareholders I-Effect
. O

However O
, O
exiting B-Cause
the I-Cause
midstream I-Cause
business I-Cause
will B-Effect
reduce I-Effect
earnings I-Effect
and I-Effect
will I-Effect
increase I-Effect
the I-Effect
payout I-Effect
ratio I-Effect
on O
OGE O
's O
common O
dividend O
to O
over O
85 O
% O
by O
our O
estimates O
. O

As B-Cause
Pinterest I-Cause
enhances I-Cause
its I-Cause
ad I-Cause
selling I-Cause
system I-Cause
to I-Cause
handle I-Cause
more I-Cause
transactions I-Cause
in I-Cause
real I-Cause
time I-Cause
and I-Cause
to I-Cause
make I-Cause
it I-Cause
more I-Cause
programmatic I-Cause
, I-Cause
or I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
self-service I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
costs I-Cause
associated I-Cause
with I-Cause
ads I-Cause
sold I-Cause
will I-Cause
decline I-Cause
and O
gross B-Effect
margins I-Effect
are I-Effect
likely I-Effect
to I-Effect
expand I-Effect
. O

Over B-Effect
the I-Effect
long I-Effect
term I-Effect
Smucker I-Effect
should I-Effect
continue I-Effect
to I-Effect
realize I-Effect
38 I-Effect
% I-Effect
gross I-Effect
margins I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
its I-Effect
three-year I-Effect
average I-Effect
, O
as O
continuous B-Cause
improvement I-Cause
initiatives I-Cause
should I-Cause
offset I-Cause
inflation I-Cause
. O

International B-Effect
( I-Effect
outside I-Effect
North I-Effect
America I-Effect
) I-Effect
sales I-Effect
for I-Effect
the I-Effect
brand I-Effect
increased I-Effect
15 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
( I-Effect
to I-Effect
$ I-Effect
3.1 I-Effect
billion I-Effect
from I-Effect
$ I-Effect
2.7 I-Effect
billion I-Effect
) I-Effect
through O
acquisitions B-Cause
and I-Cause
organic I-Cause
growth I-Cause
, O
its O
fourth O
consecutive O
year O
of O
double-digit O
international O
growth O
. O

Given O
that O
hotel B-Cause
demand I-Cause
turns I-Cause
over I-Cause
each I-Cause
night I-Cause
while I-Cause
hotel I-Cause
development I-Cause
takes I-Cause
18-24 I-Cause
months I-Cause
, O
any B-Effect
further I-Effect
deterioration I-Effect
in I-Effect
demand I-Effect
will I-Effect
be I-Effect
exacerbated I-Effect
by I-Effect
a I-Effect
period I-Effect
of I-Effect
oversupply I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
global I-Effect
presence I-Effect
limits I-Effect
potential I-Effect
competition I-Effect
at I-Effect
the I-Effect
top I-Effect
end I-Effect
of I-Effect
the I-Effect
corporate I-Effect
market I-Effect
, O
as O
it B-Cause
allows I-Cause
Marsh I-Cause
& I-Cause
McLennan I-Cause
to I-Cause
effectively I-Cause
serve I-Cause
multinational I-Cause
customers I-Cause
that I-Cause
smaller I-Cause
brokers I-Cause
can I-Cause
not I-Cause
. O

We O
think O
traditional B-Effect
consulting I-Effect
, I-Effect
which I-Effect
would I-Effect
compete I-Effect
with I-Effect
the I-Effect
likes I-Effect
of I-Effect
Deloitte I-Effect
and I-Effect
Accenture I-Effect
, I-Effect
makes I-Effect
up I-Effect
only I-Effect
a I-Effect
small I-Effect
portion I-Effect
of I-Effect
revenue I-Effect
, O
given O
that O
only B-Cause
about I-Cause
2 I-Cause
% I-Cause
of I-Cause
Cognizant I-Cause
's I-Cause
employee I-Cause
base I-Cause
works I-Cause
in I-Cause
its I-Cause
traditional I-Cause
consulting I-Cause
arm I-Cause
. O

We O
assume O
that O
Snap B-Cause
will I-Cause
be I-Cause
working I-Cause
on I-Cause
additional I-Cause
camera-types I-Cause
for I-Cause
consumers I-Cause
in O
order O
to O
help B-Effect
create I-Effect
more I-Effect
content I-Effect
and I-Effect
user I-Effect
interaction I-Effect
. O

As O
Terex B-Cause
makes I-Cause
products I-Cause
that I-Cause
can I-Cause
significantly I-Cause
affect I-Cause
productivity I-Cause
and I-Cause
worker I-Cause
safety I-Cause
, O
intuition O
would O
suggest O
that O
the B-Effect
market I-Effect
would I-Effect
place I-Effect
a I-Effect
premium I-Effect
on I-Effect
brands I-Effect
known I-Effect
for I-Effect
their I-Effect
quality I-Effect
. O

Furthermore O
, O
the B-Cause
ongoing I-Cause
shift I-Cause
to I-Cause
a I-Cause
capital I-Cause
light I-Cause
strategy I-Cause
should O
lead O
to O
structurally B-Effect
lower I-Effect
capital I-Effect
and I-Effect
operating I-Effect
expenditures I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
, I-Effect
bolstering I-Effect
profit I-Effect
growth I-Effect
and I-Effect
allowing I-Effect
for I-Effect
investment I-Effect
into I-Effect
key I-Effect
brands I-Effect
. O

Vast B-Cause
global I-Cause
scale I-Cause
and I-Cause
near-monopoly I-Cause
dominance I-Cause
in I-Cause
several I-Cause
Latin I-Cause
American I-Cause
and I-Cause
African I-Cause
markets I-Cause
give O
AB B-Effect
InBev I-Effect
significant I-Effect
fixed I-Effect
cost I-Effect
leverage I-Effect
and I-Effect
pricing I-Effect
power I-Effect
in I-Effect
procurement I-Effect
, O
especially O
following O
the O
acquisition O
of O
SABMiller O
in O
late O
2016 O
. O

Combined B-Cause
with I-Cause
a I-Cause
slight I-Cause
increase I-Cause
in I-Cause
volume I-Cause
share I-Cause
owing I-Cause
to I-Cause
its I-Cause
well-placed I-Cause
Bay I-Cause
City I-Cause
plant I-Cause
, O
we O
think O
Tenaris B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
surpass I-Effect
prior-cycle I-Effect
average I-Effect
shipment I-Effect
volumes I-Effect
at I-Effect
midcycle I-Effect
. O

With O
a B-Cause
large I-Cause
, I-Cause
national I-Cause
lab I-Cause
network I-Cause
, O
Idexx B-Effect
is I-Effect
able I-Effect
to I-Effect
run I-Effect
these I-Effect
tests I-Effect
at I-Effect
lower I-Effect
costs I-Effect
thanks I-Effect
to I-Effect
higher I-Effect
throughput I-Effect
. O

We B-Effect
think I-Effect
the I-Effect
company I-Effect
has I-Effect
a I-Effect
long I-Effect
runway I-Effect
for I-Effect
growth I-Effect
as O
it B-Cause
gathers I-Cause
new I-Cause
clients I-Cause
and I-Cause
as I-Cause
it I-Cause
continues I-Cause
to I-Cause
move I-Cause
its I-Cause
existing I-Cause
clients I-Cause
up I-Cause
its I-Cause
tiered I-Cause
pricing I-Cause
structure I-Cause
and I-Cause
sell I-Cause
multiple I-Cause
hubs I-Cause
to I-Cause
larger I-Cause
clients I-Cause
. O

That O
said O
, O
due O
to O
pricing B-Cause
and I-Cause
some I-Cause
non-asset-based I-Cause
contracts I-Cause
, O
asset B-Effect
servicing I-Effect
fee I-Effect
growth I-Effect
is I-Effect
likely I-Effect
to I-Effect
trail I-Effect
assets I-Effect
under I-Effect
custody I-Effect
growth I-Effect
. O

Given O
the B-Cause
reality I-Cause
of I-Cause
joint I-Cause
probabilities I-Cause
( I-Cause
with I-Cause
likelihoods I-Cause
falling I-Cause
as I-Cause
an I-Cause
incremental I-Cause
event I-Cause
is I-Cause
added I-Cause
) I-Cause
, O
we O
believe O
it B-Effect
is I-Effect
less I-Effect
likely I-Effect
that I-Effect
the I-Effect
company I-Effect
will I-Effect
consistently I-Effect
strike I-Effect
gold I-Effect
with I-Effect
its I-Effect
innovation I-Effect
. O

Even O
if O
Host O
had O
significant O
concentration O
in O
a O
given O
market O
and O
differentiated O
assets O
, O
the O
barriers O
to O
supply O
are O
low O
and O
competitors O
can O
easily O
copy B-Cause
winning I-Cause
design I-Cause
concepts I-Cause
, O
erasing B-Effect
any I-Effect
economic I-Effect
gains I-Effect
made I-Effect
by I-Effect
the I-Effect
company I-Effect
. O

Longer B-Effect
term I-Effect
( I-Effect
between I-Effect
2022 I-Effect
and I-Effect
2025 I-Effect
) I-Effect
, I-Effect
we I-Effect
think I-Effect
the I-Effect
firm I-Effect
can I-Effect
post I-Effect
5 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
average I-Effect
net I-Effect
revenue I-Effect
growth I-Effect
, O
as O
benefits B-Cause
from I-Cause
the I-Cause
network I-Cause
effect I-Cause
support I-Cause
share I-Cause
gains I-Cause
. O

Although O
efforts O
to O
right O
the O
ship O
were O
already O
in O
place O
, O
we O
think O
the B-Cause
pandemic I-Cause
is O
creating B-Effect
an I-Effect
opportunity I-Effect
for I-Effect
the I-Effect
Kingsford I-Effect
brand I-Effect
to I-Effect
re-engage I-Effect
with I-Effect
consumers I-Effect
who I-Effect
are I-Effect
cooking I-Effect
more I-Effect
at I-Effect
home I-Effect
. O

Since O
APS B-Cause
' I-Cause
rates I-Cause
are I-Cause
based I-Cause
on I-Cause
customer I-Cause
usage I-Cause
and I-Cause
a I-Cause
fixed I-Cause
charge I-Cause
per I-Cause
customer I-Cause
, O
a B-Effect
growing I-Effect
customer I-Effect
base I-Effect
benefits I-Effect
earnings I-Effect
until O
the B-Cause
next I-Cause
rate I-Cause
case I-Cause
when I-Cause
the I-Cause
total I-Cause
number I-Cause
of I-Cause
customers I-Cause
and I-Cause
their I-Cause
electric I-Cause
usage I-Cause
is I-Cause
accounted I-Cause
for I-Cause
and I-Cause
incorporated I-Cause
into I-Cause
the I-Cause
new I-Cause
rates I-Cause
. O

And O
in O
light O
of O
consumers B-Cause
' I-Cause
newfound I-Cause
interest I-Cause
in I-Cause
cooking I-Cause
at I-Cause
home I-Cause
, O
McCormick B-Effect
has I-Effect
been I-Effect
serving I-Effect
up I-Effect
incredible I-Effect
growth I-Effect
in I-Effect
its I-Effect
retail I-Effect
arm I-Effect
( I-Effect
80 I-Effect
% I-Effect
of I-Effect
its I-Effect
business I-Effect
) I-Effect
. O

Once O
these B-Cause
platform I-Cause
machines I-Cause
are I-Cause
installed I-Cause
, O
the B-Cause
firm I-Cause
offers I-Cause
an I-Cause
array I-Cause
of I-Cause
consumable I-Cause
higher-margin I-Cause
tests I-Cause
that O
provide B-Effect
a I-Effect
stream I-Effect
of I-Effect
recurring I-Effect
revenue I-Effect
. O

LabCorp B-Cause
has I-Cause
done I-Cause
a I-Cause
good I-Cause
job I-Cause
of I-Cause
launching I-Cause
new I-Cause
complex I-Cause
tests I-Cause
, O
which O
leads O
us O
to O
believe O
that O
annual B-Effect
esoteric I-Effect
test I-Effect
volume I-Effect
should I-Effect
outpace I-Effect
market I-Effect
growth I-Effect
. O

The O
most O
simple O
explanation O
of O
this O
segment O
's O
business O
model O
is O
that O
it O
operates O
a O
razor-and-blade O
business O
: O
jet B-Cause
engines I-Cause
are I-Cause
sold I-Cause
at I-Cause
steep I-Cause
discounts I-Cause
( O
even O
at O
negative O
margins O
) O
, O
to O
develop O
as O
large O
of O
an O
installed O
base O
as O
possible O
to O
gain B-Effect
access I-Effect
to I-Effect
high-margin I-Effect
, I-Effect
ultra-sticky I-Effect
servicing I-Effect
revenue I-Effect
. O

In O
ultrasound O
and O
image-guided-therapy O
, O
or O
IGT O
, O
we O
assume O
mid-single-digit B-Effect
growth I-Effect
until I-Effect
2025 I-Effect
driven O
by O
increased B-Cause
usage I-Cause
of I-Cause
noninvasive I-Cause
and I-Cause
minimally I-Cause
invasive I-Cause
procedures I-Cause
. O

Because O
of O
the B-Cause
integration I-Cause
of I-Cause
multiple I-Cause
aspects I-Cause
of I-Cause
IT I-Cause
technology I-Cause
built I-Cause
into I-Cause
a I-Cause
single I-Cause
appliance I-Cause
, O
we O
believe O
HCI B-Effect
becomes I-Effect
a I-Effect
crucial I-Effect
piece I-Effect
of I-Effect
a I-Effect
network I-Effect
and I-Effect
that I-Effect
customers I-Effect
will I-Effect
scale I-Effect
up I-Effect
with I-Effect
their I-Effect
incumbent I-Effect
manufacturer I-Effect
to I-Effect
ensure I-Effect
compatibility I-Effect
and I-Effect
limit I-Effect
disruptions I-Effect
. O

Although O
these O
product O
types O
are O
typically O
manufactured O
by O
use O
of O
blast O
furnaces O
, O
Nucor B-Cause
employs I-Cause
a I-Cause
differentiated I-Cause
production I-Cause
method I-Cause
in O
order O
to O
produce B-Effect
them I-Effect
by I-Effect
use I-Effect
of I-Effect
minimills I-Effect
. O

Plus O
, O
this O
would O
entail B-Cause
creating I-Cause
an I-Cause
infrastructure I-Cause
to O
easily B-Effect
channel I-Effect
workloads I-Effect
to I-Effect
be I-Effect
outsourced I-Effect
from I-Effect
inside I-Effect
the I-Effect
organization I-Effect
to I-Effect
Accenture I-Effect
and I-Effect
back I-Effect
. O

We B-Effect
are I-Effect
n't I-Effect
surprised I-Effect
that I-Effect
previously I-Effect
planned I-Effect
innovation I-Effect
is I-Effect
on I-Effect
hold I-Effect
as O
the B-Cause
firm I-Cause
focuses I-Cause
its I-Cause
manufacturing I-Cause
resources I-Cause
on I-Cause
supplying I-Cause
retailers I-Cause
with I-Cause
the I-Cause
most I-Cause
in-demand I-Cause
offerings I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
which O
we O
view O
as O
prudent O
. O

Indeed B-Cause
, I-Cause
there I-Cause
has I-Cause
been I-Cause
consistent I-Cause
market I-Cause
speculation I-Cause
that I-Cause
the I-Cause
government I-Cause
could I-Cause
merge I-Cause
the I-Cause
smallest I-Cause
two I-Cause
firms I-Cause
, I-Cause
China I-Cause
Telecom I-Cause
and I-Cause
China I-Cause
Unicom I-Cause
, O
in O
order O
to O
reduce B-Effect
the I-Effect
entire I-Effect
industry I-Effect
spend I-Effect
on I-Effect
5G I-Effect
network I-Effect
rollout I-Effect
. O

While O
Under B-Effect
Armour I-Effect
has I-Effect
opened I-Effect
its I-Effect
own I-Effect
stores I-Effect
as B-Cause
wholesale I-Cause
distribution I-Cause
has I-Cause
slowed I-Cause
, O
90 O
% O
of O
them O
in O
North O
America O
are O
off-price O
. O

Fleet B-Cause
applications I-Cause
are O
designed O
to O
make B-Effect
machines I-Effect
more I-Effect
productive I-Effect
, O
while O
also O
reducing B-Effect
machine I-Effect
down-time I-Effect
through O
predictive B-Cause
maintenance I-Cause
( I-Cause
enabled I-Cause
by I-Cause
a I-Cause
connected I-Cause
vehicle I-Cause
architecture I-Cause
) I-Cause
. O

Because O
much B-Cause
of I-Cause
the I-Cause
bidding I-Cause
for I-Cause
these I-Cause
vehicles I-Cause
has I-Cause
transitioned I-Cause
to I-Cause
an I-Cause
online I-Cause
format I-Cause
, O
many B-Effect
of I-Effect
LKQ I-Effect
's I-Effect
bidders I-Effect
are I-Effect
using I-Effect
photos I-Effect
and I-Effect
vehicle I-Effect
specifications I-Effect
compared I-Effect
against I-Effect
the I-Effect
company I-Effect
's I-Effect
current I-Effect
and I-Effect
anticipated I-Effect
parts I-Effect
needs I-Effect
provided O
by O
internally O
developed O
technology O
integrated O
into O
its O
salvage O
ERP O
system O
. O

In B-Cause
2011 I-Cause
, I-Cause
Goldex I-Cause
experienced I-Cause
rock I-Cause
failure I-Cause
that I-Cause
weakened I-Cause
the I-Cause
underground I-Cause
mine I-Cause
, O
forcing O
Agnico B-Effect
Eagle I-Effect
to I-Effect
suspend I-Effect
operations I-Effect
and I-Effect
recognize I-Effect
roughly I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
impairment I-Effect
charges I-Effect
and I-Effect
losses I-Effect
. O

Given O
sufficient B-Cause
demand I-Cause
in I-Cause
a I-Cause
region I-Cause
, O
the B-Cause
above-mentioned I-Cause
factors I-Cause
allow I-Effect
local B-Effect
players I-Effect
to I-Effect
operate I-Effect
profitably I-Effect
without I-Effect
too I-Effect
much I-Effect
concern I-Effect
about I-Effect
imports I-Effect
depressing I-Effect
prices I-Effect
from I-Effect
global I-Effect
competitors I-Effect
. O

Over O
the O
long O
run O
, O
we O
think O
XPO O
's O
transportation O
division O
can O
post O
annual O
organic O
revenue O
growth O
near O
5 O
% O
on O
average O
, O
though O
growth B-Effect
may I-Effect
slow I-Effect
in I-Effect
2022 I-Effect
on I-Effect
tough I-Effect
comps I-Effect
and O
if O
retailers B-Cause
' I-Cause
restocking I-Cause
trends I-Cause
ease I-Cause
. O

Despite O
all O
the O
competitive O
dynamics O
and O
evolving O
macro O
landscape O
, O
we B-Effect
rate I-Effect
Pfizer I-Effect
's I-Effect
overall I-Effect
uncertainty I-Effect
at I-Effect
low I-Effect
, O
given O
its B-Cause
large I-Cause
and I-Cause
diverse I-Cause
product I-Cause
portfolio I-Cause
. O

This B-Cause
Darwinian I-Cause
effect I-Cause
enabled O
Cummins B-Effect
to I-Effect
maintain I-Effect
and I-Effect
elevate I-Effect
its I-Effect
position I-Effect
as I-Effect
the I-Effect
preeminent I-Effect
player I-Effect
in I-Effect
the I-Effect
diesel I-Effect
powertrain I-Effect
ecosystem I-Effect
. O

Sales B-Effect
and I-Effect
marketing I-Effect
leverage I-Effect
can I-Effect
be I-Effect
gained I-Effect
by O
the O
lower B-Cause
incremental I-Cause
costs I-Cause
of I-Cause
servicing I-Cause
and O
upselling B-Cause
existing I-Cause
customers I-Cause
versus I-Cause
gaining I-Cause
new I-Cause
clients I-Cause
. O

EDU B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
raise I-Effect
its I-Effect
fees I-Effect
via I-Effect
new I-Effect
students I-Effect
or I-Effect
new I-Effect
programs I-Effect
to I-Effect
cover I-Effect
rising I-Effect
costs I-Effect
, I-Effect
driving I-Effect
an I-Effect
improving I-Effect
margin I-Effect
as O
utilization B-Cause
and I-Cause
operational I-Cause
efficiency I-Cause
continues I-Cause
to I-Cause
improve I-Cause
. O

We O
expect O
the B-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
to I-Effect
reach I-Effect
6.0 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
2.1 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
due O
to O
its B-Cause
increasing I-Cause
bargaining I-Cause
power I-Cause
with I-Cause
suppliers I-Cause
, O
declining B-Cause
fulfillment I-Cause
cost/sales I-Cause
ratio I-Cause
, I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
. O

A B-Cause
protracted I-Cause
downturn I-Cause
could O
also O
affect B-Cause
the I-Cause
financial I-Cause
services I-Cause
segment I-Cause
, O
making O
lending B-Effect
more I-Effect
costly I-Effect
and I-Effect
the I-Effect
ability I-Effect
to I-Effect
securities I-Effect
receivables I-Effect
increasingly I-Effect
difficult I-Effect
. O

Overall O
, O
Seagen B-Cause
's I-Cause
ADC I-Cause
portfolio I-Cause
boasts I-Cause
a I-Cause
unique I-Cause
combination I-Cause
of I-Cause
efficacy I-Cause
and I-Cause
lucrative I-Cause
areas I-Cause
of I-Cause
focus I-Cause
that O
bolsters B-Effect
our I-Effect
confidence I-Effect
in I-Effect
its I-Effect
returns I-Effect
. O

ICE O
's O
brand O
name O
and O
track O
record O
provide B-Effect
a I-Effect
significant I-Effect
benefit I-Effect
to I-Effect
the I-Effect
value I-Effect
of I-Effect
the I-Effect
service I-Effect
by O
creating B-Cause
confidence I-Cause
in I-Cause
the I-Cause
valuations I-Cause
it I-Cause
produces I-Cause
. O

Governments B-Cause
are I-Cause
resource-constrained I-Cause
in I-Cause
terms I-Cause
of I-Cause
money I-Cause
and I-Cause
people I-Cause
, O
so O
a B-Effect
yearlong I-Effect
disruptive I-Effect
period I-Effect
of I-Effect
package I-Effect
implementation I-Effect
is I-Effect
delayed I-Effect
as I-Effect
long I-Effect
as I-Effect
possible I-Effect
. O

Cost B-Cause
Advantage I-Cause
Throughout I-Cause
much I-Cause
of I-Cause
Latin I-Cause
America I-Cause
, O
Ambev O
's O
cost O
advantage O
is O
powerful O
and O
helps B-Effect
to I-Effect
sustain I-Effect
its I-Effect
high I-Effect
market I-Effect
shares I-Effect
. O

As O
sales B-Cause
from I-Cause
these I-Cause
sources I-Cause
grow I-Cause
, I-Cause
and I-Cause
as I-Cause
Motorola I-Cause
effectively I-Cause
realizes I-Cause
cost I-Cause
reductions I-Cause
for I-Cause
the I-Cause
recent I-Cause
acquisitions I-Cause
, O
we O
expect O
gross B-Effect
and I-Effect
operating I-Effect
margins I-Effect
to I-Effect
expand I-Effect
. O

This B-Effect
has O
been O
evidenced O
by O
the B-Cause
bank I-Cause
's I-Cause
ability I-Cause
to I-Cause
keep I-Cause
explicit I-Cause
deposit I-Cause
costs I-Cause
and I-Cause
its I-Cause
earnings I-Cause
credit I-Cause
rates I-Cause
stable I-Cause
even I-Cause
as I-Cause
rate I-Cause
hikes I-Cause
come I-Cause
about I-Cause
. O

In O
turn O
, O
F5 B-Effect
could I-Effect
be I-Effect
forced I-Effect
to I-Effect
rely I-Effect
on I-Effect
software I-Effect
and I-Effect
cloud-based I-Effect
sales I-Effect
, O
which O
could O
become O
price O
sensitive O
if O
F5 B-Cause
does I-Cause
not I-Cause
provides I-Cause
unique I-Cause
technological I-Cause
advantages I-Cause
versus I-Cause
lower I-Cause
priced I-Cause
open I-Cause
source I-Cause
or I-Cause
hyperscale I-Cause
cloud I-Cause
solutions I-Cause
. O

Over O
the O
long O
term O
, O
we O
anticipate O
solid B-Effect
mid-single-digit I-Effect
comparable I-Effect
expansion I-Effect
as O
Costco B-Cause
's I-Cause
attractive I-Cause
values I-Cause
drive I-Cause
store I-Cause
traffic I-Cause
and I-Cause
its I-Cause
newer I-Cause
international I-Cause
operations I-Cause
deliver I-Cause
member I-Cause
growth I-Cause
. O

Notably O
, O
the B-Cause
pipeline I-Cause
has I-Cause
capacity I-Cause
up I-Cause
to I-Cause
1 I-Cause
mmb/d I-Cause
, O
which O
means O
that O
the B-Effect
pipeline I-Effect
can I-Effect
be I-Effect
expanded I-Effect
to I-Effect
handle I-Effect
incremental I-Effect
demand I-Effect
from I-Effect
producers I-Effect
and I-Effect
the I-Effect
market I-Effect
as I-Effect
needed I-Effect
. O

In O
the O
homes O
segment O
, O
we O
expect O
gross B-Effect
profit I-Effect
to I-Effect
be I-Effect
razor I-Effect
thin I-Effect
and I-Effect
improve I-Effect
slightly I-Effect
over I-Effect
time I-Effect
as O
Zillow B-Cause
pursues I-Cause
the I-Cause
requisite I-Cause
scale I-Cause
to I-Cause
operate I-Cause
effectively I-Cause
in I-Cause
the I-Cause
marketplace I-Cause
. O

Additionally O
, O
flexible B-Effect
seat-count I-Effect
terms I-Effect
could I-Effect
cause I-Effect
a I-Effect
temporary I-Effect
headwind I-Effect
in I-Effect
an I-Effect
economic I-Effect
downturn I-Effect
, O
as O
customers B-Cause
can I-Cause
scale I-Cause
their I-Cause
seat I-Cause
counts I-Cause
up I-Cause
and I-Cause
down I-Cause
on I-Cause
a I-Cause
monthly I-Cause
basis I-Cause
. O

Management O
believes O
the O
existing O
branch O
network O
is O
rightsized O
and O
serves O
an O
important O
role O
in O
the O
company O
; O
however O
, O
we O
think O
the B-Effect
number I-Effect
of I-Effect
branches I-Effect
could I-Effect
continue I-Effect
to I-Effect
decline I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
order B-Cause
trends I-Cause
shift I-Cause
away I-Cause
from I-Cause
the I-Cause
branches I-Cause
. O

We O
project O
Telus O
to O
grow O
its O
mobile O
phone O
subscriber O
base O
by O
about O
2 O
% O
annually O
, O
but O
we O
think O
more B-Cause
aggressive I-Cause
competition I-Cause
will O
limit O
ARPU B-Effect
growth I-Effect
to I-Effect
less I-Effect
than I-Effect
1 I-Effect
% I-Effect
annually I-Effect
, I-Effect
on I-Effect
average I-Effect
, I-Effect
during I-Effect
that I-Effect
span I-Effect
. O

However O
, O
Dell B-Cause
is I-Cause
benefiting I-Cause
from I-Cause
organizations I-Cause
undergoing I-Cause
digital I-Cause
transformation I-Cause
and I-Cause
business I-Cause
continuity I-Cause
needs I-Cause
, O
which O
has O
gradually B-Effect
improved I-Effect
its I-Effect
cash I-Effect
flow I-Effect
and I-Effect
balance I-Effect
sheet I-Effect
risk I-Effect
. O

Nonintegrated B-Effect
lithium I-Effect
producers I-Effect
that I-Effect
purchase I-Effect
and I-Effect
convert I-Effect
hard-rock-based I-Effect
spodumene I-Effect
represent I-Effect
the I-Effect
marginal I-Effect
cost I-Effect
of I-Effect
production I-Effect
for I-Effect
lithium I-Effect
, O
as O
they B-Cause
have I-Cause
a I-Cause
higher I-Cause
cost I-Cause
of I-Cause
production I-Cause
than I-Cause
lithium I-Cause
extracted I-Cause
from I-Cause
brine I-Cause
. O

Ferrari B-Effect
's I-Effect
products I-Effect
are I-Effect
highly I-Effect
engineered I-Effect
, O
requiring O
the B-Cause
company I-Cause
to I-Cause
attract I-Cause
and I-Cause
retain I-Cause
highly I-Cause
skilled I-Cause
human I-Cause
capital I-Cause
with I-Cause
expertise I-Cause
in I-Cause
software I-Cause
and I-Cause
various I-Cause
engineering I-Cause
disciplines I-Cause
. O

Through O
its O
complex B-Cause
assets I-Cause
and I-Cause
concentration I-Cause
in I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
, O
Valero B-Effect
retains I-Effect
the I-Effect
access I-Effect
and I-Effect
capability I-Effect
to I-Effect
process I-Effect
light I-Effect
or I-Effect
heavy I-Effect
crude I-Effect
, O
depending O
on O
which O
offers O
the O
greatest O
discount O
or O
optimal O
economics O
. O

While O
Johnson O
Controls O
is O
diligently O
working O
to O
increase O
its O
exposure O
to O
recurring O
service O
revenue O
, O
a B-Cause
cyclical I-Cause
downturn I-Cause
would O
still O
have B-Effect
a I-Effect
negative I-Effect
impact I-Effect
on I-Effect
Johnson I-Effect
Controls I-Effect
' I-Effect
sales I-Effect
, I-Effect
profit I-Effect
margins I-Effect
, I-Effect
and I-Effect
free I-Effect
cash I-Effect
flow I-Effect
. O

Although O
these B-Effect
fixed-price I-Effect
contracts I-Effect
carry I-Effect
more I-Effect
financial I-Effect
risk I-Effect
to I-Effect
the I-Effect
contractor I-Effect
, O
as O
the B-Cause
burden I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
shifts I-Cause
toward I-Cause
the I-Cause
contractors I-Cause
, O
these B-Effect
contracts I-Effect
on I-Effect
mature I-Effect
programs I-Effect
tend I-Effect
to I-Effect
be I-Effect
more I-Effect
profitable I-Effect
because O
manufacturing B-Cause
costs I-Cause
are I-Cause
better I-Cause
understood I-Cause
as O
a B-Cause
program I-Cause
ages I-Cause
. O

Also B-Cause
, I-Cause
IV I-Cause
pumps I-Cause
benefit I-Cause
from I-Cause
a I-Cause
recurring I-Cause
revenue I-Cause
stream I-Cause
associated I-Cause
with I-Cause
the I-Cause
useful I-Cause
life I-Cause
of I-Cause
those I-Cause
systems I-Cause
, O
so B-Effect
we I-Effect
see I-Effect
switching I-Effect
costs I-Effect
associated I-Effect
with I-Effect
installed I-Effect
IV I-Effect
pumps I-Effect
as I-Effect
the I-Effect
key I-Effect
influencer I-Effect
of I-Effect
economic I-Effect
returns I-Effect
in I-Effect
that I-Effect
niche I-Effect
for I-Effect
ICU I-Effect
. O

Although O
we O
think O
Shaw B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
win I-Effect
some I-Effect
customers I-Effect
by O
offering B-Cause
low I-Cause
prices I-Cause
and I-Cause
affect I-Cause
the I-Cause
incumbents I-Cause
' I-Cause
pricing I-Cause
power I-Cause
, O
we O
think O
its B-Cause
network I-Cause
disadvantages I-Cause
will O
shield B-Effect
the I-Effect
incumbents I-Effect
from I-Effect
a I-Effect
full-blown I-Effect
price I-Effect
war I-Effect
. O

We B-Effect
project I-Effect
capital I-Effect
expenditure I-Effect
intensity I-Effect
will I-Effect
decline I-Effect
after I-Effect
2021 I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
cable I-Cause
network I-Cause
rebuilding I-Cause
has I-Cause
been I-Cause
largely I-Cause
completed I-Cause
and I-Cause
that I-Cause
deferred I-Cause
capital I-Cause
spending I-Cause
from I-Cause
2020 I-Cause
will I-Cause
be I-Cause
largely I-Cause
made I-Cause
up I-Cause
in I-Cause
2021 I-Cause
. O

For O
one O
, O
we B-Cause
expect I-Cause
promotional I-Cause
intensity I-Cause
to I-Cause
edge I-Cause
higher I-Cause
( I-Cause
as I-Cause
supply-demand I-Cause
imbalances I-Cause
dissipate I-Cause
and I-Cause
if I-Cause
the I-Cause
economic I-Cause
malaise I-Cause
persists I-Cause
over I-Cause
an I-Cause
extended I-Cause
horizon I-Cause
) I-Cause
and I-Cause
pantry I-Cause
deloading I-Cause
to I-Cause
continue I-Cause
, O
factors O
that O
should O
lead O
to O
decelerating B-Effect
developed I-Effect
market I-Effect
growth I-Effect
( I-Effect
in I-Effect
line I-Effect
with I-Effect
our I-Effect
low-single-digit I-Effect
annual I-Effect
long-term I-Effect
forecast I-Effect
) I-Effect
. O

That O
said O
, O
we O
believe O
Tractor B-Effect
Supply I-Effect
derives I-Effect
its I-Effect
success I-Effect
from O
its O
customer-centric B-Cause
store I-Cause
layout I-Cause
, O
which O
makes O
it O
a O
destination O
store O
for O
many O
of O
its O
customers O
. O

We O
think O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
is O
likely O
to O
prevent O
the B-Effect
military I-Effect
from I-Effect
entrusting I-Effect
a I-Effect
missile I-Effect
contract I-Effect
with I-Effect
an I-Effect
untested I-Effect
contractor I-Effect
. O

The O
company O
also O
has O
successful B-Cause
digital I-Cause
retailers I-Cause
as I-Cause
partners I-Cause
, O
which O
will O
help O
offset B-Effect
the I-Effect
damage I-Effect
from I-Effect
Synchrony I-Effect
's I-Effect
partners I-Effect
in I-Effect
the I-Effect
brick-and-mortar I-Effect
retail I-Effect
space I-Effect
, O
which O
we O
expect O
to O
continue O
to O
struggle O
. O

In O
short O
, O
we O
suspect O
the B-Cause
options I-Cause
available I-Cause
to I-Cause
Dish I-Cause
to I-Cause
monetize I-Cause
spectrum I-Cause
will I-Cause
narrow I-Cause
over I-Cause
time I-Cause
, O
making O
the O
next O
year O
or O
so O
critical O
to O
its B-Effect
success I-Effect
. O

We O
also O
think O
TE O
will O
remain O
a O
serial O
acquirer O
, O
bolting B-Cause
on I-Cause
smaller I-Cause
components I-Cause
players I-Cause
to O
expand B-Effect
its I-Effect
geographic I-Effect
and I-Effect
technological I-Effect
reach I-Effect
. O

Additionally B-Cause
, I-Cause
properties I-Cause
in I-Cause
desirable I-Cause
submarkets I-Cause
that I-Cause
have I-Cause
easy I-Cause
access I-Cause
to I-Cause
transportation I-Cause
, I-Cause
are I-Cause
near I-Cause
business I-Cause
districts I-Cause
, I-Cause
provide I-Cause
food I-Cause
and I-Cause
entertainment I-Cause
options I-Cause
, I-Cause
and I-Cause
have I-Cause
low I-Cause
crime I-Cause
see O
higher B-Effect
demand I-Effect
that I-Effect
can I-Effect
translate I-Effect
to I-Effect
higher I-Effect
rents I-Effect
and I-Effect
higher I-Effect
growth I-Effect
. O

Similarly O
, O
Advance B-Cause
's I-Cause
partnership I-Cause
with I-Cause
Walmart I-Cause
could O
boost B-Effect
its I-Effect
ability I-Effect
to I-Effect
target I-Effect
digital I-Effect
DIY I-Effect
customers I-Effect
to I-Effect
a I-Effect
greater I-Effect
degree I-Effect
than O
we O
expect O
. O

Annual B-Effect
recurring I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
effectively I-Effect
doubles I-Effect
within I-Effect
a I-Effect
year I-Effect
as O
they B-Cause
expand I-Cause
into I-Cause
new I-Cause
buying I-Cause
centers I-Cause
, O
increasing O
by O
over O
6 O
times O
in O
three O
years O
. O

Finally O
, O
the B-Cause
property I-Cause
book I-Cause
within I-Cause
global I-Cause
corporate I-Cause
had O
led O
to O
losses B-Effect
, O
which O
management B-Cause
attributed O
to O
a B-Effect
higher I-Effect
level I-Effect
of I-Effect
frequency I-Effect
. O

This B-Cause
is I-Cause
likely I-Cause
due I-Cause
in I-Cause
part I-Cause
to I-Cause
the I-Cause
inherent I-Cause
promotional I-Cause
synergies I-Cause
that I-Cause
its I-Cause
portfolio I-Cause
breadth I-Cause
begets I-Cause
( I-Cause
with I-Cause
strong I-Cause
brands I-Cause
across I-Cause
all I-Cause
three I-Cause
beverage I-Cause
alcohol I-Cause
segments I-Cause
) I-Cause
. O
This O
breadth O
allows O
for B-Effect
more I-Effect
efficient I-Effect
brand I-Effect
support I-Effect
across I-Effect
the I-Effect
portfolio I-Effect
, I-Effect
particularly I-Effect
when I-Effect
it I-Effect
can I-Effect
be I-Effect
targeted I-Effect
to I-Effect
consumers I-Effect
that I-Effect
drink I-Effect
across I-Effect
all I-Effect
three I-Effect
alcohol I-Effect
categories I-Effect
( I-Effect
a I-Effect
cohort I-Effect
that I-Effect
has I-Effect
been I-Effect
increasing I-Effect
and I-Effect
now I-Effect
holds I-Effect
upwards I-Effect
of I-Effect
50 I-Effect
% I-Effect
dollar I-Effect
share I-Effect
of I-Effect
total I-Effect
alcohol I-Effect
spend I-Effect
, I-Effect
according I-Effect
to I-Effect
management I-Effect
) I-Effect
. O

Further O
, O
an B-Cause
exogenous I-Cause
shock I-Cause
to I-Cause
macro I-Cause
conditions I-Cause
or I-Cause
global I-Cause
or I-Cause
regional I-Cause
recessions I-Cause
could O
lead O
to O
a B-Effect
slowdown I-Effect
in I-Effect
global I-Effect
shipping I-Effect
velocity I-Effect
. O

We O
believe O
Twilio O
's O
solutions O
APIs O
such O
as O
Flex O
and O
Marketing O
Campaigns O
support O
enterprise-level O
adoption O
of O
its O
services O
, O
and O
once O
embedded O
, O
their B-Cause
mission-critical I-Cause
functions I-Cause
make O
it O
unlikely O
that O
the B-Effect
enterprise I-Effect
will I-Effect
switch I-Effect
vendors I-Effect
anytime I-Effect
soon I-Effect
. O

Marvell B-Cause
has I-Cause
also I-Cause
buttressed I-Cause
its I-Cause
networking I-Cause
chip I-Cause
business I-Cause
through I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
competitor I-Cause
Cavium. O
This O
greatly O
expanded B-Effect
its I-Effect
reach I-Effect
into I-Effect
the I-Effect
infrastructure I-Effect
networking I-Effect
market I-Effect
, I-Effect
and I-Effect
Marvell I-Effect
is I-Effect
now I-Effect
able I-Effect
to I-Effect
serve I-Effect
clients I-Effect
in I-Effect
a I-Effect
variety I-Effect
of I-Effect
functions I-Effect
and I-Effect
price I-Effect
points I-Effect
. O

Furthermore O
, O
the B-Effect
firm I-Effect
's I-Effect
display I-Effect
segment I-Effect
has I-Effect
benefited I-Effect
from O
the B-Cause
ongoing I-Cause
transition I-Cause
of I-Cause
LCD I-Cause
to I-Cause
OLED I-Cause
screens I-Cause
featured I-Cause
in I-Cause
high-end I-Cause
smartphones I-Cause
. O

Given O
the B-Cause
bank I-Cause
's I-Cause
higher I-Cause
capital I-Cause
levels I-Cause
since I-Cause
the I-Cause
crisis I-Cause
, I-Cause
the I-Cause
increasing I-Cause
importance I-Cause
of I-Cause
scale I-Cause
and I-Cause
scope I-Cause
with I-Cause
changes I-Cause
in I-Cause
technology I-Cause
, I-Cause
and I-Cause
the I-Cause
bank I-Cause
's I-Cause
robust I-Cause
fee I-Cause
income I-Cause
, O
we O
believe O
JPMorgan B-Effect
will I-Effect
consistently I-Effect
earn I-Effect
returns I-Effect
that I-Effect
exceed I-Effect
its I-Effect
9.5 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
through I-Effect
the I-Effect
cycle I-Effect
. O

CROs B-Effect
can I-Effect
be I-Effect
susceptible I-Effect
to I-Effect
impacts I-Effect
from I-Effect
large I-Effect
cancellations I-Effect
since O
it B-Cause
can I-Cause
be I-Cause
difficult I-Cause
to I-Cause
repurpose I-Cause
capacity I-Cause
that I-Cause
was I-Cause
previously I-Cause
allocated I-Cause
to I-Cause
a I-Cause
large I-Cause
trial I-Cause
. O

Spirit B-Effect
could I-Effect
theoretically I-Effect
develop I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
if O
it B-Cause
could I-Cause
reduce I-Cause
production I-Cause
costs I-Cause
to I-Cause
sustainably I-Cause
generate I-Cause
strong I-Cause
returns I-Cause
, I-Cause
but O
we O
have O
not O
seen O
much O
evidence O
that O
these O
plans O
allow O
the O
firm O
to O
maintain O
returns O
when O
productions O
are O
reduced O
. O

The B-Effect
market I-Effect
for I-Effect
RT I-Effect
equipment I-Effect
is I-Effect
characterised I-Effect
by I-Effect
very I-Effect
high I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
owing O
to O
significant B-Cause
intellectual I-Cause
property I-Cause
and I-Cause
technological I-Cause
know-how I-Cause
and I-Cause
high B-Effect
switching I-Effect
costs I-Effect
that O
arise O
from O
significant B-Cause
training I-Cause
costs I-Cause
and I-Cause
disruption I-Cause
risk I-Cause
. O

Recently O
, O
the B-Cause
Federal I-Cause
Reserve I-Cause
eased I-Cause
liquidity I-Cause
coverage I-Cause
requirements I-Cause
for I-Cause
banks I-Cause
with I-Cause
assets I-Cause
between I-Cause
$ I-Cause
250 I-Cause
billion I-Cause
and I-Cause
$ I-Cause
700 I-Cause
billion I-Cause
, O
as O
a O
result O
of O
which O
PNC B-Effect
is I-Effect
no I-Effect
longer I-Effect
expected I-Effect
to I-Effect
maintain I-Effect
100 I-Effect
% I-Effect
liquidity I-Effect
coverage I-Effect
. O

With O
total O
and O
average O
AUM O
growth O
expected O
to O
be O
flat O
to O
slightly O
positive O
over O
the O
course O
of O
our O
projection O
period O
, O
and O
base B-Cause
management I-Cause
fees I-Cause
continuing I-Cause
to I-Cause
be I-Cause
pressured I-Cause
, O
Janus B-Effect
Henderson I-Effect
is I-Effect
likely I-Effect
to I-Effect
struggle I-Effect
to I-Effect
generate I-Effect
consistently I-Effect
positive I-Effect
top-line I-Effect
growth I-Effect
. O

We O
believe O
that O
a B-Effect
diversified I-Effect
client I-Effect
base I-Effect
strengthens I-Effect
Icon I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
, O
as O
small/midsize B-Cause
clients I-Cause
are I-Cause
likely I-Cause
to I-Cause
need I-Cause
full I-Cause
outsourcing I-Cause
solutions I-Cause
, O
while O
large B-Cause
pharmaceutical I-Cause
companies I-Cause
offer I-Cause
profitable I-Cause
preferred I-Cause
partnerships I-Cause
with I-Cause
high I-Cause
switching I-Cause
costs I-Cause
, I-Cause
choosing I-Cause
one I-Cause
or I-Cause
a I-Cause
few I-Cause
trusted I-Cause
CROs I-Cause
to O
which O
they B-Effect
funnel I-Effect
most I-Effect
of I-Effect
their I-Effect
new I-Effect
business I-Effect
. O

As O
the B-Cause
global I-Cause
economy I-Cause
recovers I-Cause
from I-Cause
the I-Cause
COVID I-Cause
recession I-Cause
, O
CME B-Effect
Group I-Effect
's I-Effect
energy I-Effect
and I-Effect
agricultural I-Effect
commodity I-Effect
trading I-Effect
volumes I-Effect
should I-Effect
approach I-Effect
pre-COVID I-Effect
levels I-Effect
. O

Third O
, O
Trane B-Cause
Technologies I-Cause
competes I-Cause
against I-Cause
well-established I-Cause
and I-Cause
capable I-Cause
rivals I-Cause
( O
for O
example O
, O
Carrier O
, O
Johnson O
Controls O
, O
and O
Lennox O
) O
and O
must O
stay B-Effect
on I-Effect
the I-Effect
cutting I-Effect
edge I-Effect
of I-Effect
technology I-Effect
to O
meet B-Effect
future I-Effect
environmental I-Effect
and I-Effect
energy-efficiency I-Effect
standards I-Effect
, I-Effect
win I-Effect
future I-Effect
bids I-Effect
, I-Effect
and I-Effect
maintain I-Effect
its I-Effect
brand I-Effect
image I-Effect
. O

To O
diversify B-Cause
its I-Cause
output I-Cause
and I-Cause
protect I-Cause
against I-Cause
RIN I-Cause
purchase I-Cause
obligation I-Cause
costs I-Cause
, O
the B-Effect
company I-Effect
recently I-Effect
began I-Effect
construction I-Effect
on I-Effect
a I-Effect
new I-Effect
renewable I-Effect
diesel I-Effect
unit I-Effect
at I-Effect
the I-Effect
Artesia I-Effect
facility I-Effect
with I-Effect
a I-Effect
production I-Effect
capacity I-Effect
of I-Effect
120 I-Effect
million I-Effect
gallons I-Effect
a I-Effect
year I-Effect
. O

While O
Plegridy O
is O
likely O
to O
help O
Biogen O
maintain O
its O
lead O
in O
the O
interferon O
market O
, O
we B-Cause
expect I-Cause
generic I-Cause
Copaxone I-Cause
and I-Cause
Tecfidera I-Cause
and I-Cause
newer I-Cause
injectables I-Cause
to I-Cause
weigh I-Cause
on I-Cause
sales I-Cause
of I-Cause
injectable I-Cause
MS I-Cause
therapies I-Cause
, O
and O
Tecfidera B-Effect
sales I-Effect
are I-Effect
plummeting I-Effect
due I-Effect
to I-Effect
U.S I-Effect
. O

We B-Effect
think I-Effect
Littelfuse I-Effect
's I-Effect
best I-Effect
organic I-Effect
growth I-Effect
opportunities I-Effect
will I-Effect
come I-Effect
from I-Effect
vehicle I-Effect
electrification I-Effect
; O
battery B-Cause
electric I-Cause
vehicles I-Cause
require I-Cause
five I-Cause
times I-Cause
the I-Cause
circuit I-Cause
protection I-Cause
content I-Cause
of I-Cause
an I-Cause
internal I-Cause
combustion I-Cause
counterpart I-Cause
, I-Cause
and I-Cause
charging I-Cause
infrastructure I-Cause
presents I-Cause
a I-Cause
lucrative I-Cause
opportunity I-Cause
for I-Cause
the I-Cause
firm I-Cause
's I-Cause
growing I-Cause
power I-Cause
semiconductor I-Cause
business I-Cause
. O

Adding O
to O
these O
challenges O
from O
an O
ESG O
perspective O
, O
any B-Cause
product I-Cause
recalls I-Cause
( I-Cause
necessitated I-Cause
by I-Cause
substandard I-Cause
quality I-Cause
) I-Cause
or I-Cause
claims I-Cause
of I-Cause
price-fixing I-Cause
could O
also O
weigh B-Effect
on I-Effect
volume I-Effect
; O
however O
, O
we O
do O
n't O
see O
either O
of O
these O
factors O
as O
likely O
to O
materially O
impair O
its O
brand O
standing O
or O
cash O
flows O
. O

Management B-Effect
has I-Effect
historically I-Effect
delivered I-Effect
strong I-Effect
results O
from O
inorganic B-Cause
growth I-Cause
, O
but O
it O
could O
destroy O
shareholder B-Effect
value I-Effect
by O
mispricing B-Cause
a I-Cause
target I-Cause
company I-Cause
or I-Cause
by I-Cause
anticipating I-Cause
efficiencies I-Cause
that I-Cause
are I-Cause
not I-Cause
realized I-Cause
. O

Although O
Farfetch O
's O
third-party O
take O
rate O
is O
among O
the O
highest O
of O
marketplaces O
under O
our O
coverage O
, O
suggesting O
ability O
to O
monetize O
the O
network O
, O
the B-Effect
company I-Effect
has I-Effect
yet I-Effect
to I-Effect
show I-Effect
profits I-Effect
and I-Effect
positive I-Effect
cash I-Effect
flows I-Effect
, O
given O
the B-Cause
elevated I-Cause
technology I-Cause
investment I-Cause
levels I-Cause
and I-Cause
lack I-Cause
of I-Cause
leverage I-Cause
on I-Cause
general I-Cause
and I-Cause
administrative I-Cause
and I-Cause
fulfillment I-Cause
costs I-Cause
. O

For O
example O
, O
HCA O
has O
spent O
the O
past O
decade O
or O
so O
investing B-Effect
in I-Effect
its I-Effect
surgical I-Effect
suites I-Effect
to I-Effect
improve I-Effect
efficiency I-Effect
, I-Effect
nursing I-Effect
, I-Effect
and I-Effect
technology I-Effect
offerings I-Effect
to I-Effect
appeal I-Effect
to I-Effect
surgeons I-Effect
scheduling I-Effect
those I-Effect
procedures I-Effect
and I-Effect
positively I-Effect
influence I-Effect
patient I-Effect
satisfaction I-Effect
, O
which O
builds O
on O
the B-Cause
reputation I-Cause
of I-Cause
HCA I-Cause
's I-Cause
facilities I-Cause
. O

We O
do O
not O
include O
unannounced B-Effect
acquisitions I-Effect
or O
divestitures O
in O
our O
forecast O
given O
their O
uncertain B-Cause
timing I-Cause
and I-Cause
nature I-Cause
( O
though O
we O
expect O
the O
firm O
to O
deploy O
divestiture O
proceeds O
to O
bolster O
its O
standing O
in O
growth O
markets O
and O
online O
) O
. O

Following O
the B-Cause
appointment I-Cause
of I-Cause
railroading I-Cause
legend I-Cause
Hunter I-Cause
Harrison I-Cause
as I-Cause
CEO I-Cause
in I-Cause
2012 I-Cause
, O
Canadian B-Effect
Pacific I-Effect
embarked I-Effect
on I-Effect
a I-Effect
profitability/efficiency I-Effect
turnaround I-Effect
that O
's O
proved O
quite O
successful O
. O

Even O
so O
, O
we O
expect O
this O
lift O
will O
largely O
be O
temporary O
, O
with O
consumers B-Cause
gradually I-Cause
returning I-Cause
to I-Cause
activities I-Cause
outside I-Cause
of I-Cause
the I-Cause
home I-Cause
, O
returning B-Effect
away-from-home I-Effect
food I-Effect
expenditures I-Effect
to I-Effect
half I-Effect
, I-Effect
as I-Effect
it I-Effect
was I-Effect
prior I-Effect
to I-Effect
the I-Effect
pandemic I-Effect
. O

Using B-Cause
Isle I-Cause
synergies I-Cause
and I-Cause
consolidated I-Cause
free I-Cause
cash I-Cause
free I-Cause
to I-Cause
work I-Cause
down I-Cause
leverage I-Cause
, O
Eldorado B-Effect
soon I-Effect
was I-Effect
able I-Effect
to I-Effect
take I-Effect
on I-Effect
its I-Effect
next I-Effect
large I-Effect
acquisition I-Effect
in I-Effect
Tropicana/Elgin I-Effect
, O
which O
closed O
in O
the O
fourth O
quarter O
of O
2018 O
. O

Overall O
, O
we O
expect O
the B-Cause
shifting I-Cause
mix I-Cause
to I-Cause
cloud I-Cause
should I-Cause
drive I-Cause
operating I-Cause
leverage I-Cause
such O
that O
operating B-Effect
margins I-Effect
expand I-Effect
to I-Effect
40 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
from I-Effect
36 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

Overall O
, O
we O
are O
projecting O
Posco B-Effect
's I-Effect
operating I-Effect
margin I-Effect
to I-Effect
decrease I-Effect
to O
3.9 O
% O
in O
2025 O
from O
4.2 O
% O
in O
2020 O
, O
mainly O
due O
to O
a B-Cause
decline I-Cause
in I-Cause
the I-Cause
steel I-Cause
division I-Cause
, O
as O
competition O
in O
the O
steel O
industry O
remains O
intense O
in O
an O
overcapacity O
environment O
. O

On O
average O
, O
the B-Cause
firm I-Cause
's I-Cause
latest I-Cause
completion I-Cause
design I-Cause
is I-Cause
expected I-Cause
to I-Cause
yield I-Cause
150 I-Cause
thousand I-Cause
barrels I-Cause
of I-Cause
oil I-Cause
in I-Cause
the I-Cause
first I-Cause
180 I-Cause
days I-Cause
of I-Cause
production I-Cause
, O
putting B-Effect
the I-Effect
firm I-Effect
on I-Effect
equal I-Effect
footing I-Effect
with I-Effect
the I-Effect
best I-Effect
Bakken I-Effect
operators I-Effect
. O

Overall O
, O
this B-Effect
drop I-Effect
in I-Effect
retention I-Effect
, O
while O
offset O
by O
rate B-Cause
increases I-Cause
in I-Cause
the I-Cause
remaining I-Cause
books I-Cause
, O
led O
to O
a B-Effect
12 I-Effect
% I-Effect
drop I-Effect
in I-Effect
group I-Effect
gross I-Effect
written I-Effect
premium I-Effect
. O

Even O
in O
a O
more O
competitive O
environment O
( O
our O
bear O
case O
) O
, O
we O
expect O
the B-Effect
firm I-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
average I-Effect
low-double-digit I-Effect
ROICs I-Effect
, O
owing O
to O
the B-Cause
strength I-Cause
of I-Cause
its I-Cause
operating I-Cause
strategy I-Cause
. O

As O
we O
forecast O
activewear B-Cause
will I-Cause
produce I-Cause
67 I-Cause
% I-Cause
of I-Cause
VF I-Cause
's I-Cause
fiscal I-Cause
2021 I-Cause
operating I-Cause
profit I-Cause
, O
any B-Effect
slowdown I-Effect
in I-Effect
athleisure I-Effect
would I-Effect
affect I-Effect
VF I-Effect
's I-Effect
overall I-Effect
profitability I-Effect
. O

Bristol O
's O
Inrebic O
is O
now O
approved O
and O
has O
strong O
efficacy O
, O
but O
serious B-Cause
safety I-Cause
issues I-Cause
will O
likely O
prevent O
it B-Effect
from I-Effect
competing I-Effect
with I-Effect
Jakafi I-Effect
as I-Effect
a I-Effect
first I-Effect
treatment I-Effect
for I-Effect
myelofibrosis I-Effect
patients I-Effect
, O
and O
the O
drug O
will O
instead O
likely O
be O
reserved O
for O
those O
failing O
or O
intolerant O
of O
Jakafi O
. O

As O
Skyworks B-Cause
achieves I-Cause
sales I-Cause
growth I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
we O
expect O
margin B-Effect
expansion I-Effect
so O
that O
the O
firm B-Effect
approaches I-Effect
its I-Effect
long-term I-Effect
target I-Effect
of I-Effect
53 I-Effect
% I-Effect
-- O
we O
model O
this O
occurring O
in O
fiscal O
2024 O
. O

Any B-Cause
uncertainty I-Cause
in I-Cause
the I-Cause
debt I-Cause
markets I-Cause
could O
increase B-Cause
Lithia I-Cause
's I-Cause
future I-Cause
borrowing I-Cause
costs I-Cause
, O
thereby O
limiting B-Effect
its I-Effect
ability I-Effect
to I-Effect
buy I-Effect
more I-Effect
dealerships I-Effect
or O
forcing B-Effect
the I-Effect
company I-Effect
to I-Effect
have I-Effect
a I-Effect
dilutive I-Effect
share I-Effect
offering I-Effect
. O

Operating O
margin O
improved O
to O
7.6 O
% O
in O
2017 O
, O
9.3 O
% O
in O
2018 O
, O
and O
9.7 O
% O
in O
2019 O
, O
and O
we O
project O
that O
the B-Effect
margin I-Effect
will I-Effect
rebound I-Effect
to I-Effect
the I-Effect
2015 I-Effect
level I-Effect
by I-Effect
2024 I-Effect
as O
the B-Cause
firm I-Cause
benefits I-Cause
from I-Cause
higher I-Cause
margin I-Cause
streaming I-Cause
revenue I-Cause
and I-Cause
improved I-Cause
profitability I-Cause
at I-Cause
Canal+ I-Cause
. O

With B-Cause
the I-Cause
vast I-Cause
majority I-Cause
of I-Cause
Aptar I-Cause
's I-Cause
beverage I-Cause
products I-Cause
designed I-Cause
for I-Cause
use I-Cause
with I-Cause
nonpressurized I-Cause
containers I-Cause
, O
this O
would O
impair B-Cause
the I-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
generate I-Cause
the I-Cause
strong I-Cause
growth I-Cause
rates I-Cause
it I-Cause
has I-Cause
in I-Cause
recent I-Cause
years I-Cause
associated O
with O
the B-Effect
ongoing I-Effect
shift I-Effect
away I-Effect
from I-Effect
products I-Effect
like I-Effect
soda I-Effect
and I-Effect
mainstream I-Effect
beers I-Effect
. O

Additionally O
, O
the B-Cause
level I-Cause
of I-Cause
competition I-Cause
has I-Cause
helped I-Cause
to I-Cause
keep I-Cause
subscription I-Cause
prices I-Cause
from I-Cause
rising I-Cause
substantially. O
As O
a O
result O
, O
we O
believe O
that O
many B-Effect
music I-Effect
services I-Effect
are I-Effect
currently I-Effect
either I-Effect
not I-Effect
generating I-Effect
any I-Effect
operating I-Effect
income I-Effect
or I-Effect
relatively I-Effect
low I-Effect
levels I-Effect
of I-Effect
operating I-Effect
income I-Effect
. O

CROs B-Effect
can I-Effect
be I-Effect
susceptible I-Effect
to I-Effect
impacts I-Effect
from I-Effect
large I-Effect
cancellations I-Effect
, O
whether O
due O
to O
clinical O
failure O
or O
reprioritization O
, O
since O
it B-Cause
can I-Cause
be I-Cause
difficult I-Cause
to I-Cause
repurpose I-Cause
capacity I-Cause
that I-Cause
was I-Cause
previously I-Cause
allocated I-Cause
to I-Cause
a I-Cause
large I-Cause
trial I-Cause
. O

We O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
MercadoLibre I-Effect
to I-Effect
$ I-Effect
1,370 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
1,300 I-Effect
after O
its B-Cause
revenue I-Cause
growth I-Cause
of I-Cause
97 I-Cause
% I-Cause
in I-Cause
the I-Cause
fourth I-Cause
quarter I-Cause
of I-Cause
2020 I-Cause
exceeded I-Cause
our I-Cause
80 I-Cause
% I-Cause
forecast I-Cause
. O

Although O
we O
believe O
Eldorado B-Cause
's I-Cause
acquisitions I-Cause
have O
added B-Effect
shareholder I-Effect
value I-Effect
and I-Effect
some I-Effect
support I-Effect
for I-Effect
a I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
advantage I-Effect
, O
this O
is O
overshadowed O
by O
competitive O
barriers O
in O
the O
U.S O
. O

In O
our O
base O
case O
, O
we O
assume O
the B-Effect
company I-Effect
is I-Effect
able I-Effect
to I-Effect
continue I-Effect
growing I-Effect
property I-Effect
rental I-Effect
revenue I-Effect
as O
some B-Cause
of I-Cause
its I-Cause
acquisitions I-Cause
build I-Cause
on I-Cause
occupancy I-Cause
levels I-Cause
and I-Cause
fully I-Cause
influence I-Cause
top-line I-Cause
results I-Cause
. O

Zebra O
consistently O
outspends O
its O
competitors O
on O
R O
& O
amp O
; O
D O
-- O
both O
in O
absolute O
terms O
and O
as O
a O
percentage O
of O
revenue O
-- O
and O
the B-Effect
majority I-Effect
of I-Effect
this I-Effect
budget I-Effect
goes I-Effect
into I-Effect
software I-Effect
, O
as O
more B-Cause
than I-Cause
70 I-Cause
% I-Cause
of I-Cause
Zebra I-Cause
's I-Cause
engineers I-Cause
are I-Cause
software I-Cause
engineers I-Cause
. O

Fuel B-Cause
is I-Cause
airlines I-Cause
' I-Cause
second-largest I-Cause
cost I-Cause
, O
and O
we O
expect O
fuel B-Effect
to I-Effect
be I-Effect
the I-Effect
major I-Effect
variable I-Effect
cost I-Effect
for O
airlines O
for O
the O
foreseeable O
future O
. O

VMware B-Cause
is I-Cause
well-ingrained I-Cause
in I-Cause
mission-critical I-Cause
pieces I-Cause
of I-Cause
networking I-Cause
operations I-Cause
, O
and O
we O
believe O
its O
burgeoning B-Effect
product I-Effect
offerings I-Effect
will I-Effect
be I-Effect
on I-Effect
customers I-Effect
' I-Effect
short I-Effect
list I-Effect
of I-Effect
potential I-Effect
vendors I-Effect
during I-Effect
network I-Effect
upgrades I-Effect
. O

The B-Effect
acquisition I-Effect
was I-Effect
a I-Effect
natural I-Effect
fit I-Effect
for I-Effect
the I-Effect
companies I-Effect
, O
and O
GE B-Cause
was I-Cause
able I-Cause
to I-Cause
rapidly I-Cause
boost I-Cause
Bently I-Cause
Nevada I-Cause
revenue I-Cause
in I-Cause
the I-Cause
years I-Cause
following I-Cause
the I-Cause
acquisition I-Cause
. O

As O
for O
profitability O
, O
with B-Cause
asset-management I-Cause
firms I-Cause
like I-Cause
Janus I-Cause
Henderson I-Cause
expected I-Cause
to I-Cause
not I-Cause
only I-Cause
pare I-Cause
back I-Cause
their I-Cause
fees I-Cause
but I-Cause
also I-Cause
spend I-Cause
more I-Cause
to I-Cause
produce I-Cause
better I-Cause
investment I-Cause
results I-Cause
and I-Cause
enhance I-Cause
distribution I-Cause
, O
we O
expect O
adjusted B-Effect
operating I-Effect
margins I-Effect
to I-Effect
hover I-Effect
between I-Effect
23 I-Effect
% I-Effect
and I-Effect
27 I-Effect
% I-Effect
during I-Effect
the I-Effect
course I-Effect
of I-Effect
our I-Effect
five-year I-Effect
projection I-Effect
period I-Effect
. O

It O
simplified B-Effect
manufacturing I-Effect
by O
reducing B-Cause
the I-Cause
number I-Cause
of I-Cause
items I-Cause
it I-Cause
produces I-Cause
by I-Cause
40 I-Cause
% I-Cause
while I-Cause
improving I-Cause
capacity I-Cause
utilization I-Cause
from I-Cause
50 I-Cause
% I-Cause
to I-Cause
80 I-Cause
% I-Cause
. O

After O
adjusting O
our O
model O
for O
third-quarter O
results O
, O
we B-Effect
are I-Effect
reducing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
77 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
78 I-Effect
due O
to O
a B-Cause
slower I-Cause
assumed I-Cause
recovery I-Cause
in I-Cause
the I-Cause
commercial I-Cause
aftermarket I-Cause
. O

The B-Effect
new I-Effect
platform I-Effect
will I-Effect
be I-Effect
fully I-Effect
digital I-Effect
utilizing B-Cause
the I-Cause
firm I-Cause
's I-Cause
VW.OS I-Cause
operating I-Cause
system I-Cause
developed O
in-house O
by O
Volkwagen O
's O
CARIAD O
software O
group O
. O

Hyatt B-Cause
's I-Cause
growing I-Cause
brand I-Cause
and I-Cause
management I-Cause
expertise I-Cause
, I-Cause
along I-Cause
with I-Cause
these I-Cause
meaningful I-Cause
switching I-Cause
costs I-Cause
, O
result O
in O
low B-Effect
attrition I-Effect
of I-Effect
its I-Effect
managed I-Effect
and I-Effect
franchised I-Effect
customer I-Effect
base I-Effect
. O

Should O
the B-Cause
return I-Cause
on I-Cause
investment I-Cause
be I-Cause
poor I-Cause
, O
Baidu O
will O
cut B-Effect
back I-Effect
on I-Effect
sales I-Effect
and I-Effect
marketing I-Effect
expenses I-Effect
, O
which O
will O
boost B-Effect
margin I-Effect
. O

That O
is O
to O
say O
that O
a B-Cause
significant I-Cause
disruption/slowdown I-Cause
in I-Cause
revenue I-Cause
from I-Cause
North I-Cause
America I-Cause
could O
have B-Effect
a I-Effect
major I-Effect
impact I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
topline I-Effect
. O

And O
with O
a B-Cause
portion I-Cause
of I-Cause
its I-Cause
production I-Cause
occurring I-Cause
in I-Cause
regions I-Cause
( I-Cause
like I-Cause
India I-Cause
) I-Cause
where I-Cause
water I-Cause
is I-Cause
a I-Cause
scarce I-Cause
resource I-Cause
, O
Colgate B-Effect
may I-Effect
also I-Effect
be I-Effect
challenged I-Effect
by I-Effect
impediments I-Effect
to I-Effect
its I-Effect
manufacturing I-Effect
process I-Effect
over I-Effect
time I-Effect
. O

In O
our O
view O
, O
Check B-Effect
Point I-Effect
benefits I-Effect
from O
enterprises B-Cause
desiring I-Cause
to I-Cause
reduce I-Cause
security I-Cause
vendors I-Cause
to I-Cause
lower I-Cause
network I-Cause
complexity I-Cause
and I-Cause
manage I-Cause
security I-Cause
through I-Cause
a I-Cause
singular I-Cause
policy I-Cause
. O

If O
the B-Cause
firm I-Cause
stands I-Cause
its I-Cause
ground I-Cause
on I-Cause
hosting I-Cause
fees I-Cause
, O
it B-Effect
may I-Effect
lose I-Effect
a I-Effect
number I-Effect
of I-Effect
current I-Effect
venues I-Effect
including I-Effect
iconic I-Effect
races I-Effect
in I-Effect
its I-Effect
traditional I-Effect
stronghold I-Effect
of I-Effect
Western I-Effect
Europe I-Effect
and I-Effect
the I-Effect
U.K I-Effect
. I-Effect

Overall O
, O
many B-Effect
states I-Effect
appear I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
managed-care I-Effect
providers I-Effect
, O
especially O
if O
a B-Cause
managed-care I-Cause
plan I-Cause
already I-Cause
has I-Cause
effective I-Cause
programs I-Cause
and I-Cause
provider I-Cause
networks I-Cause
for I-Cause
its I-Cause
Medicaid I-Cause
population I-Cause
, O
which O
are O
evident O
at O
Centene O
. O

However O
, O
the B-Effect
water I-Effect
management I-Effect
business I-Effect
also I-Effect
carries I-Effect
potential I-Effect
upside I-Effect
as O
Ecolab B-Cause
's I-Cause
systems I-Cause
can I-Cause
help I-Cause
its I-Cause
customers I-Cause
meet I-Cause
their I-Cause
ESG I-Cause
goals I-Cause
. O

Small B-Cause
changes I-Cause
in I-Cause
labor I-Cause
regulation I-Cause
can O
result O
in O
significant B-Effect
increases I-Effect
in I-Effect
the I-Effect
reporting I-Effect
requirements I-Effect
that I-Effect
small I-Effect
and I-Effect
midsize I-Effect
business I-Effect
must I-Effect
provide I-Effect
the I-Effect
IRS I-Effect
and I-Effect
government I-Effect
. O

Barriers B-Effect
to I-Effect
entry I-Effect
are I-Effect
very I-Effect
low I-Effect
, O
given B-Cause
the I-Cause
small I-Cause
size I-Cause
of I-Cause
the I-Cause
properties I-Cause
and O
that O
the O
cost O
to O
build O
is O
generally O
around O
$ O
5 O
million O
. O

Competitors B-Effect
have I-Effect
little I-Effect
incentive I-Effect
to I-Effect
build I-Effect
competing I-Effect
transmission I-Effect
lines I-Effect
if O
one O
that O
Ameren B-Cause
owns I-Cause
already I-Cause
is I-Cause
serving I-Cause
a I-Cause
market I-Cause
's I-Cause
full I-Cause
capacity I-Cause
. O

For O
instance O
, O
its B-Effect
recently I-Effect
acquired I-Effect
insurance I-Effect
assets I-Effect
should I-Effect
benefit I-Effect
if O
an B-Cause
insured I-Cause
patient I-Cause
controls I-Cause
a I-Cause
chronic I-Cause
condition I-Cause
through I-Cause
pharmaceuticals I-Cause
rather O
than O
requiring O
a O
major O
surgery O
or O
intensive O
therapy O
, O
like O
dialysis O
. O

Finally O
, O
Dexcom B-Cause
's I-Cause
alliances I-Cause
with I-Cause
Tandem I-Cause
, I-Cause
Insulet I-Cause
, I-Cause
Livongo I-Cause
, I-Cause
and I-Cause
Eli I-Cause
Lilly I-Cause
provide O
opportunities O
for O
the B-Effect
firm I-Effect
to I-Effect
remain I-Effect
tightly I-Effect
woven I-Effect
into I-Effect
most I-Effect
new I-Effect
diabetes I-Effect
technologies I-Effect
. O

We O
forecast O
average B-Effect
production I-Effect
growth I-Effect
of I-Effect
about I-Effect
2 I-Effect
% I-Effect
during O
the O
next O
five O
years O
, O
at B-Cause
the I-Cause
lower I-Cause
end I-Cause
of I-Cause
the I-Cause
peer I-Cause
group I-Cause
, I-Cause
given I-Cause
Shell I-Cause
's I-Cause
size I-Cause
. O

However O
, O
the B-Cause
company I-Cause
's I-Cause
poor I-Cause
track I-Cause
record I-Cause
in I-Cause
executing I-Cause
past I-Cause
programs I-Cause
and I-Cause
low I-Cause
customer I-Cause
switching I-Cause
costs I-Cause
do O
not O
provide O
us O
with O
huge O
optimism O
that O
this O
will O
translate B-Effect
into I-Effect
sustainable I-Effect
economic I-Effect
profits I-Effect
. O

We O
think O
Corning B-Effect
can I-Effect
produce I-Effect
these I-Effect
high-quality I-Effect
glass I-Effect
substrates I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
than I-Effect
its I-Effect
competitors I-Effect
as O
a O
result O
of O
its B-Cause
centralized I-Cause
R I-Cause
& I-Cause
D I-Cause
. O

The B-Cause
combination I-Cause
of I-Cause
Corning I-Cause
's I-Cause
competitive I-Cause
advantages I-Cause
across O
its O
business O
give O
us O
confidence O
that O
it B-Effect
will I-Effect
earn I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
better I-Effect
part I-Effect
of I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Despite O
the O
second-quartile O
cash O
cost O
position O
, O
we O
expect O
returns B-Effect
to I-Effect
be I-Effect
lower I-Effect
in I-Effect
future I-Effect
as O
China B-Cause
's I-Cause
capital I-Cause
investment I-Cause
wanes I-Cause
. O

We O
think O
Nice B-Cause
's I-Cause
expanded I-Cause
portfolio I-Cause
is O
much O
better O
positioned O
for O
more B-Effect
sustainable I-Effect
long-term I-Effect
growth I-Effect
now O
that O
it O
incorporates O
analytics O
and O
inContact O
. O

This O
was O
the O
accidental O
byproduct O
of O
the O
combination O
of O
a O
coal O
price O
rally O
and O
China O
's O
flawed O
coal O
power O
pricing O
mechanism O
: O
The B-Cause
government-controlled I-Cause
on-grid I-Cause
tariffs I-Cause
are I-Cause
usually I-Cause
slow I-Cause
to I-Cause
respond I-Cause
to I-Cause
coal I-Cause
price I-Cause
movements I-Cause
, O
which O
has O
historically O
caused O
coal-fired B-Effect
generators I-Effect
to I-Effect
earn I-Effect
below I-Effect
their I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

We O
also O
believe O
that O
consumer B-Effect
attitudes I-Effect
regarding I-Effect
services I-Effect
have I-Effect
evolved I-Effect
in I-Effect
recent I-Effect
years I-Effect
because O
of O
the B-Cause
proliferation I-Cause
of I-Cause
subscription-based I-Cause
platforms I-Cause
across I-Cause
other I-Cause
consumer I-Cause
categories I-Cause
and I-Cause
new I-Cause
technology I-Cause
innovations I-Cause
that I-Cause
have I-Cause
become I-Cause
integral I-Cause
across I-Cause
several I-Cause
consumer I-Cause
needs I-Cause
. O

In O
addition O
, O
overbuilding B-Cause
can O
lead O
to O
lower B-Cause
occupancy I-Cause
and I-Cause
room I-Cause
rates I-Cause
, O
which O
would O
then O
have B-Effect
an I-Effect
impact I-Effect
on I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
. O

New B-Effect
pipelines I-Effect
are I-Effect
typically I-Effect
constructed I-Effect
to I-Effect
allow I-Effect
shippers I-Effect
or I-Effect
producers I-Effect
to I-Effect
take I-Effect
advantage I-Effect
of I-Effect
large I-Effect
price I-Effect
differentials I-Effect
( I-Effect
basis I-Effect
differentials I-Effect
) I-Effect
between I-Effect
two I-Effect
market I-Effect
hubs I-Effect
because O
supply B-Cause
and I-Cause
demand I-Cause
is I-Cause
out I-Cause
of I-Cause
balance I-Cause
in I-Cause
both I-Cause
markets I-Cause
. O

Further O
, O
given O
the B-Cause
relatively I-Cause
asset-light I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
are I-Effect
quite I-Effect
healthy I-Effect
, I-Effect
averaging I-Effect
27 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
and I-Effect
44 I-Effect
% I-Effect
if I-Effect
goodwill I-Effect
is I-Effect
excluded I-Effect
. O

However O
, O
we O
believe O
digital B-Cause
platform I-Cause
investments I-Cause
will O
help O
to O
keep B-Effect
WW I-Effect
members I-Effect
connected I-Effect
during I-Effect
COVID-19 I-Effect
disruptions I-Effect
and O
should O
unlock O
future O
engagement O
and O
monetization O
opportunities O
. O

We B-Effect
harbor I-Effect
long-term I-Effect
concerns I-Effect
about I-Effect
the I-Effect
G I-Effect
& I-Effect
P I-Effect
business I-Effect
, I-Effect
particularly I-Effect
if I-Effect
Targa I-Effect
does I-Effect
not I-Effect
continue I-Effect
to I-Effect
add I-Effect
more I-Effect
long-haul I-Effect
pipelines I-Effect
to I-Effect
the I-Effect
mix I-Effect
, O
because O
the B-Cause
high I-Cause
level I-Cause
of I-Cause
competitive I-Cause
intensity I-Cause
within I-Cause
the I-Cause
Permian I-Cause
will I-Cause
keep I-Cause
returns I-Cause
extremely I-Cause
low I-Cause
, I-Cause
in I-Cause
our I-Cause
view I-Cause
. O

United B-Cause
does I-Cause
not I-Cause
hedge I-Cause
fuel I-Cause
costs I-Cause
and O
would O
likely O
face O
substantial B-Effect
margin I-Effect
pressures I-Effect
in I-Effect
the I-Effect
event I-Effect
of I-Effect
an I-Effect
oil I-Effect
price I-Effect
spike I-Effect
. O

We O
expect O
Baidu B-Effect
's I-Effect
margins I-Effect
to I-Effect
be I-Effect
under I-Effect
pressure I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
the B-Cause
AI I-Cause
businesses I-Cause
and I-Cause
iQiyi I-Cause
have I-Cause
lower I-Cause
margins I-Cause
than I-Cause
the I-Cause
search I-Cause
business I-Cause
. O

Low-single-digit B-Cause
square I-Cause
footage I-Cause
growth I-Cause
should O
lead O
Family B-Effect
Dollar I-Effect
to I-Effect
exceed I-Effect
10,000 I-Effect
units I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
10-year I-Effect
explicit I-Effect
forecast I-Effect
, O
up O
from O
7,783 O
at O
the O
end O
of O
fiscal O
2019 O
, O
but O
leaving O
room O
for O
growth O
before O
it O
hits O
management O
's O
15,000-store O
opportunity O
assessment O
. O

Furthermore O
, O
later B-Effect
in I-Effect
the I-Effect
decade I-Effect
banks I-Effect
and I-Effect
broker/dealers I-Effect
were I-Effect
given I-Effect
the I-Effect
ability I-Effect
to I-Effect
hold I-Effect
less I-Effect
capital I-Effect
against I-Effect
high-quality I-Effect
bonds I-Effect
if O
the B-Cause
bonds I-Cause
had I-Cause
received I-Cause
a I-Cause
rating I-Cause
from I-Cause
an I-Cause
NRSRO I-Cause
. O

Otis B-Cause
' I-Cause
high I-Cause
retention I-Cause
rates I-Cause
in I-Cause
service I-Cause
in I-Cause
developed I-Cause
markets I-Cause
allow O
the B-Effect
business I-Effect
to I-Effect
still I-Effect
be I-Effect
cash I-Effect
generative I-Effect
even O
when O
new B-Effect
installations B-Effect
( I-Effect
more I-Effect
prone I-Effect
to I-Effect
fluctuations I-Effect
) I-Effect
are I-Effect
hurt I-Effect
by I-Effect
slowdowns I-Effect
, O
giving O
stability B-Cause
to O
the O
business O
. O

Given O
BBVA B-Cause
's I-Cause
significant I-Cause
exposure I-Cause
to I-Cause
emerging-market I-Cause
economies I-Cause
, O
it O
is O
not O
surprising O
that O
BBVA B-Effect
has I-Effect
higher I-Effect
loan-loss I-Effect
provisions I-Effect
and I-Effect
nonperforming I-Effect
loans I-Effect
compared O
with O
its O
European O
peers O
. O

Grainger O
is O
a O
valuable O
channel O
partner O
for O
thousands O
of O
suppliers O
, O
and O
we O
think O
the B-Cause
firm I-Cause
's I-Cause
large I-Cause
customer I-Cause
base I-Cause
and O
ability B-Cause
to I-Cause
outgrow I-Cause
its I-Cause
end I-Cause
markets I-Cause
strengthen B-Effect
its I-Effect
standing I-Effect
with I-Effect
its I-Effect
suppliers I-Effect
. O

However O
, O
if O
the B-Cause
financial I-Cause
health I-Cause
of I-Cause
key I-Cause
program I-Cause
funding I-Cause
sources I-Cause
( I-Cause
the I-Cause
federal I-Cause
government I-Cause
and I-Cause
the I-Cause
states I-Cause
) I-Cause
falter I-Cause
, O
Centene B-Effect
may I-Effect
face I-Effect
some I-Effect
Medicaid I-Effect
rate I-Effect
pressure I-Effect
in I-Effect
subsequent I-Effect
years I-Effect
. O

Although B-Cause
global I-Cause
travel I-Cause
has I-Cause
gradual I-Cause
improved I-Cause
from I-Cause
mid-April I-Cause
in I-Cause
2020 I-Cause
, I-Cause
COVID-19 I-Cause
has I-Cause
materially I-Cause
affected I-Cause
demand I-Cause
in I-Cause
2020 I-Cause
and I-Cause
into I-Cause
2021. O
As O
a O
result O
, O
Expedia B-Effect
's I-Effect
2020 I-Effect
revenue I-Effect
dropped I-Effect
57 I-Effect
% I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
its I-Effect
2021 I-Effect
sales I-Effect
to I-Effect
be I-Effect
just I-Effect
70 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
levels I-Effect
( I-Effect
versus I-Effect
about I-Effect
74 I-Effect
% I-Effect
prior I-Effect
) I-Effect
. O

TE B-Effect
can I-Effect
also I-Effect
better I-Effect
enforce I-Effect
this I-Effect
sticky I-Effect
customer I-Effect
relationship I-Effect
by O
paying B-Cause
regular I-Cause
maintenance I-Cause
visits I-Cause
to I-Cause
the I-Cause
OEM I-Cause
during I-Cause
production I-Cause
and I-Cause
by I-Cause
offering I-Cause
other I-Cause
services I-Cause
. O

It O
is O
our O
view O
that O
systems B-Effect
with I-Effect
a I-Effect
high I-Effect
cost I-Effect
of I-Effect
failure I-Effect
bear I-Effect
steep I-Effect
switching I-Effect
costs I-Effect
, O
especially O
when O
the B-Cause
components I-Cause
in I-Cause
question I-Cause
represent I-Cause
a I-Cause
relatively I-Cause
small I-Cause
portion I-Cause
of I-Cause
the I-Cause
end I-Cause
product I-Cause
's I-Cause
overall I-Cause
bill I-Cause
of I-Cause
materials I-Cause
. O

Rather O
, O
features B-Cause
Clorox I-Cause
has I-Cause
added I-Cause
to I-Cause
trash I-Cause
bags I-Cause
include I-Cause
scents I-Cause
, I-Cause
leak I-Cause
guards I-Cause
, I-Cause
and I-Cause
extra I-Cause
strength I-Cause
, O
which O
has O
enabled O
Clorox B-Effect
to I-Effect
grow I-Effect
to I-Effect
greater I-Effect
than I-Effect
50 I-Effect
% I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
premium I-Effect
trash I-Effect
bag I-Effect
category I-Effect
( O
which O
boasts O
higher O
margins O
and O
faster O
growth O
than O
the O
trash O
bag O
category O
overall O
) O
. O

We O
believe O
that O
the B-Effect
U.S.-based I-Effect
major I-Effect
airlines I-Effect
have I-Effect
structurally I-Effect
improved I-Effect
their I-Effect
business I-Effect
model I-Effect
through O
consolidation B-Cause
that I-Cause
reduces I-Cause
, I-Cause
but I-Cause
not I-Cause
eliminates I-Cause
, I-Cause
the I-Cause
potential I-Cause
for I-Cause
irrational I-Cause
competition I-Cause
and I-Cause
through I-Cause
attractive I-Cause
partnerships I-Cause
with I-Cause
banks I-Cause
on I-Cause
their I-Cause
frequent-flier I-Cause
program I-Cause
. O

While B-Cause
it I-Cause
is I-Cause
harder I-Cause
to I-Cause
gain I-Cause
carriage I-Cause
for I-Cause
a I-Cause
brand-new I-Cause
network I-Cause
as I-Cause
most I-Cause
distributors I-Cause
have I-Cause
enough I-Cause
channels I-Cause
, I-Cause
Viacom I-Cause
can I-Cause
rebrand I-Cause
one I-Cause
of I-Cause
its I-Cause
existing I-Cause
channels I-Cause
in I-Cause
order I-Cause
to I-Cause
quickly I-Cause
gain I-Cause
carriage I-Cause
as I-Cause
the I-Cause
firm I-Cause
did I-Cause
with I-Cause
Paramount I-Cause
Channel I-Cause
, I-Cause
which I-Cause
formerly I-Cause
operated I-Cause
as I-Cause
Spike I-Cause
Network. O
As O
a O
result O
, O
the B-Effect
company I-Effect
owns I-Effect
more I-Effect
than I-Effect
310 I-Effect
channels I-Effect
across I-Effect
180 I-Effect
countries I-Effect
, I-Effect
broadcasting I-Effect
in I-Effect
46 I-Effect
languages I-Effect
with I-Effect
over I-Effect
4.4 I-Effect
billion I-Effect
cumulative I-Effect
subscribers I-Effect
. O

An O
asset O
manager O
may O
prefer O
to O
be O
indexed O
against O
the O
Russell O
1000 O
, O
but O
if O
asset B-Cause
owners I-Cause
and I-Cause
consultants I-Cause
prefer I-Cause
the I-Cause
S I-Cause
& I-Cause
amp I-Cause
; I-Cause
P I-Cause
500 I-Cause
, O
the B-Effect
asset I-Effect
manager I-Effect
would I-Effect
risk I-Effect
outflows I-Effect
. O

And O
in O
January O
2020 O
, O
Parsley B-Cause
completed I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
Jagged I-Cause
Peak I-Cause
Energy I-Cause
, I-Cause
a I-Cause
Delaware I-Cause
Basin I-Cause
operator I-Cause
, I-Cause
in I-Cause
an I-Cause
all-stock I-Cause
transaction I-Cause
for I-Cause
$ I-Cause
2.3 I-Cause
billion. O
These O
transactions O
have O
set B-Effect
up I-Effect
the I-Effect
firm I-Effect
with I-Effect
enough I-Effect
Permian I-Effect
acreage I-Effect
to I-Effect
support I-Effect
multiple I-Effect
decades I-Effect
of I-Effect
potential I-Effect
drilling I-Effect
, I-Effect
based I-Effect
on I-Effect
the I-Effect
current I-Effect
run I-Effect
rate I-Effect
. O

Overall O
, O
we O
expect O
software B-Effect
integrity I-Effect
, I-Effect
which I-Effect
is I-Effect
currently I-Effect
margin I-Effect
dilutive I-Effect
, I-Effect
to I-Effect
be I-Effect
a I-Effect
key I-Effect
driver I-Effect
as O
the B-Cause
business I-Cause
scales I-Cause
and I-Cause
becomes I-Cause
more I-Cause
mature I-Cause
over I-Cause
time I-Cause
. O

Best B-Cause
interest I-Cause
standards I-Cause
for I-Cause
advisors I-Cause
could O
change B-Cause
the I-Cause
products I-Cause
that I-Cause
financial I-Cause
advisors I-Cause
recommend I-Cause
and I-Cause
how I-Cause
they I-Cause
are I-Cause
compensated I-Cause
, O
which O
leads O
to O
material B-Effect
changes I-Effect
in I-Effect
the I-Effect
business I-Effect
models I-Effect
of I-Effect
wealth I-Effect
management I-Effect
firms I-Effect
. O

Omnichannel B-Effect
operations I-Effect
are I-Effect
absolutely I-Effect
essential I-Effect
for I-Effect
modern I-Effect
retail I-Effect
and I-Effect
manufacturer I-Effect
operations I-Effect
because O
they B-Cause
enable I-Cause
consumers I-Cause
to I-Cause
make I-Cause
purchases I-Cause
based I-Cause
on I-Cause
whatever I-Cause
means I-Cause
are I-Cause
most I-Cause
amenable I-Cause
to I-Cause
them I-Cause
. O

The B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
associated I-Cause
with I-Cause
switching I-Cause
away I-Cause
from I-Cause
Deere I-Cause
's I-Cause
products I-Cause
increases O
the B-Effect
likelihood I-Effect
of I-Effect
missing I-Effect
valuable I-Effect
time I-Effect
to I-Effect
plant I-Effect
and I-Effect
harvest I-Effect
crops I-Effect
, O
ultimately O
cutting B-Effect
into I-Effect
a I-Effect
farmer I-Effect
's I-Effect
profitability I-Effect
. O

Alternatively O
, O
the B-Cause
Bath I-Cause
& I-Cause
amp I-Cause
; I-Cause
Body I-Cause
Works I-Cause
segment I-Cause
( I-Cause
40 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
) I-Cause
has I-Cause
seen I-Cause
the I-Cause
ability I-Cause
to I-Cause
connect I-Cause
with I-Cause
its I-Cause
consumers I-Cause
remain I-Cause
, O
supporting B-Effect
brand I-Effect
relevance I-Effect
. O

As O
WW B-Cause
becomes I-Cause
a I-Cause
more I-Cause
comprehensive I-Cause
health I-Cause
and I-Cause
wellness I-Cause
solution I-Cause
( O
including O
attracting O
consumers O
outside O
of O
its O
core O
membership O
platforms O
and O
adoption O
of O
licensed O
products O
, O
travel/leisure O
, O
technology O
and O
B2B O
partnerships O
) O
, O
we O
believe O
it B-Effect
can I-Effect
sustain I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
top-line I-Effect
growth I-Effect
from I-Effect
2021-24 I-Effect
. O

In O
the O
near O
term O
, O
we O
expect O
Bunge B-Effect
will I-Effect
see I-Effect
increased I-Effect
profits I-Effect
from I-Effect
the I-Effect
agribusiness I-Effect
as O
higher B-Cause
crop I-Cause
prices I-Cause
have I-Cause
induced I-Cause
farmer I-Cause
selling I-Cause
and I-Cause
demand I-Cause
for I-Cause
soy I-Cause
meal I-Cause
and I-Cause
oil I-Cause
returns I-Cause
as O
China O
rebuilds O
its O
swine O
population O
. O

We O
believe O
Urban B-Cause
Outfitters I-Cause
lacks I-Cause
the I-Cause
differentiated I-Cause
product I-Cause
and I-Cause
brand I-Cause
strength I-Cause
to O
maintain B-Effect
premium I-Effect
pricing I-Effect
in I-Effect
this I-Effect
extremely I-Effect
competitive I-Effect
market I-Effect
. O

West B-Cause
typically I-Cause
maintains I-Cause
core I-Cause
component I-Cause
pricing I-Cause
growth I-Cause
of I-Cause
1 I-Cause
% I-Cause
-2 I-Cause
% I-Cause
to O
build B-Cause
strong I-Cause
relationships I-Cause
with I-Cause
customers I-Cause
, O
and O
then O
ultimately B-Effect
encourages I-Effect
customers I-Effect
to I-Effect
upgrade I-Effect
to I-Effect
higher I-Effect
value I-Effect
services I-Effect
. O

The B-Cause
benefits I-Cause
of I-Cause
Fastenal I-Cause
's I-Cause
vending I-Cause
, I-Cause
inventory I-Cause
management I-Cause
, I-Cause
and I-Cause
on-site I-Cause
services I-Cause
are I-Cause
twofold I-Cause
: O
Not B-Effect
only I-Effect
do I-Effect
these I-Effect
services I-Effect
drive I-Effect
incremental I-Effect
revenue I-Effect
, I-Effect
they I-Effect
also I-Effect
embed I-Effect
Fastenal I-Effect
in I-Effect
its I-Effect
customers I-Effect
' I-Effect
procurement I-Effect
processes I-Effect
, I-Effect
which I-Effect
supports I-Effect
higher I-Effect
retention I-Effect
rates I-Effect
and I-Effect
pricing I-Effect
power I-Effect
. I-Effect

We O
also O
believe O
Accenture B-Effect
benefits I-Effect
from I-Effect
high I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
as O
the B-Cause
company I-Cause
's I-Cause
key I-Cause
customers I-Cause
loathe I-Cause
to I-Cause
switch I-Cause
service I-Cause
providers I-Cause
for O
large O
or O
ongoing O
contracts O
. O

Interest-rate B-Effect
risk I-Effect
is I-Effect
a I-Effect
potential I-Effect
problem I-Effect
as O
rates B-Cause
can I-Cause
affect I-Cause
the I-Cause
desire I-Cause
to I-Cause
use I-Cause
financing I-Cause
and I-Cause
hence I-Cause
the I-Cause
overall I-Cause
demand I-Cause
for I-Cause
equipment I-Cause
. O

Therefore O
, O
in B-Cause
a I-Cause
low-rate I-Cause
environment I-Cause
, O
its O
loans B-Effect
reprice I-Effect
downward I-Effect
very I-Effect
quickly I-Effect
and I-Effect
net I-Effect
interest I-Effect
margins I-Effect
compress I-Effect
more I-Effect
than I-Effect
peers I-Effect
with I-Effect
different I-Effect
business I-Effect
models I-Effect
. O

With O
a O
greater O
portion O
of O
customers O
on O
the O
platform O
, O
we B-Effect
would I-Effect
not I-Effect
be I-Effect
surprised I-Effect
to I-Effect
see I-Effect
customer I-Effect
churn I-Effect
come I-Effect
down I-Effect
and I-Effect
switching I-Effect
costs I-Effect
increase I-Effect
as O
the B-Cause
platform I-Cause
helps I-Cause
to I-Cause
lock I-Cause
in I-Cause
the I-Cause
benefits I-Cause
of I-Cause
using I-Cause
all I-Cause
Dassault I-Cause
Systemes I-Cause
software I-Cause
, O
which O
used O
to O
be O
more O
disparate O
. O

On O
procurement O
advantages O
, O
we B-Effect
think I-Effect
Coke I-Effect
likely I-Effect
benefits I-Effect
from I-Effect
lower I-Effect
per I-Effect
unit I-Effect
costs I-Effect
for I-Effect
raw I-Effect
materials I-Effect
, I-Effect
such I-Effect
as I-Effect
sweetener I-Effect
and I-Effect
juice I-Effect
concentrate I-Effect
, O
owing O
to O
its B-Cause
scale I-Cause
. O

We B-Effect
're I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Smucker I-Effect
to I-Effect
$ I-Effect
125 I-Effect
from I-Effect
$ I-Effect
120 I-Effect
, O
as O
fiscal B-Cause
2021 I-Cause
results I-Cause
and I-Cause
fiscal I-Cause
2022 I-Cause
guidance I-Cause
exceeded I-Cause
our I-Cause
expectations I-Cause
. O

As O
of O
early O
2021 O
, O
one O
third O
of O
Verizon O
's O
small O
cells O
were O
on O
its O
own O
fiber O
, O
and O
the B-Cause
firm I-Cause
wants I-Cause
to I-Cause
get I-Cause
that I-Cause
proportion I-Cause
to I-Cause
over I-Cause
50 I-Cause
% I-Cause
within O
2-3 O
years O
, O
leading O
us B-Effect
to I-Effect
believe I-Effect
it I-Effect
will I-Effect
not I-Effect
be I-Effect
aggressively I-Effect
adding I-Effect
small I-Effect
cells I-Effect
with I-Effect
outside I-Effect
vendors I-Effect
like I-Effect
Crown I-Effect
. O

Nevertheless O
, O
over O
the O
long O
term O
, O
we B-Effect
think I-Effect
Smith I-Effect
& I-Effect
Nephew I-Effect
's I-Effect
relatively I-Effect
small I-Effect
size I-Effect
leaves I-Effect
it I-Effect
vulnerable I-Effect
as O
the B-Cause
hospital I-Cause
customer I-Cause
base I-Cause
seeks I-Cause
to I-Cause
consolidate I-Cause
vendors I-Cause
to I-Cause
save I-Cause
costs I-Cause
. O

As O
vaccine B-Cause
availability I-Cause
rises I-Cause
, O
we B-Effect
expect I-Effect
economic I-Effect
conditions I-Effect
to I-Effect
normalize I-Effect
, I-Effect
with I-Effect
Americans I-Effect
increasing I-Effect
their I-Effect
spending I-Effect
on I-Effect
pandemic-affected I-Effect
categories I-Effect
like I-Effect
restaurants I-Effect
and I-Effect
reversing I-Effect
some I-Effect
of I-Effect
grocery I-Effect
's I-Effect
fiscal I-Effect
2020 I-Effect
sales I-Effect
surge I-Effect
. O

And O
any B-Cause
significant I-Cause
changes I-Cause
to I-Cause
regulatory I-Cause
standards I-Cause
would O
open B-Effect
the I-Effect
door I-Effect
for I-Effect
new I-Effect
competitors I-Effect
if O
they O
could O
demonstrate O
expertise O
with O
new O
regulatory O
regimes O
. O

Various B-Cause
geographies I-Cause
have I-Cause
banned I-Cause
or I-Cause
limited I-Cause
the I-Cause
installation I-Cause
of I-Cause
Huawei I-Cause
equipment I-Cause
, O
and O
the O
risk O
exists O
that O
China B-Effect
, I-Effect
the I-Effect
largest I-Effect
market I-Effect
for I-Effect
base I-Effect
stations I-Effect
, I-Effect
could I-Effect
impose I-Effect
restrictions I-Effect
on I-Effect
nondomestic I-Effect
suppliers I-Effect
. O

COVID-19 B-Cause
presents I-Cause
a I-Cause
material I-Cause
near-term I-Cause
demand I-Cause
risk I-Cause
, O
but O
InterContinental B-Effect
has I-Effect
sufficient I-Effect
liquidity I-Effect
to I-Effect
operate I-Effect
at I-Effect
near I-Effect
zero I-Effect
revenue I-Effect
through I-Effect
2021 I-Effect
. O

Better B-Cause
pricing I-Cause
and I-Cause
cost I-Cause
efficiencies I-Cause
drive O
new B-Effect
engine I-Effect
delivery I-Effect
break-even I-Effect
from I-Effect
a I-Effect
current I-Effect
loss I-Effect
of I-Effect
GBP I-Effect
1.2 I-Effect
million I-Effect
per I-Effect
engine I-Effect
; I-Effect
recovery I-Effect
of I-Effect
high-margin I-Effect
service I-Effect
revenue I-Effect
; I-Effect
and I-Effect
annual I-Effect
cost I-Effect
benefits I-Effect
of I-Effect
GBP I-Effect
1.3 I-Effect
billion I-Effect
derived I-Effect
from I-Effect
the I-Effect
restructuring I-Effect
program I-Effect
all I-Effect
support I-Effect
margin I-Effect
expansion I-Effect
. O

We O
utilzied O
2019 O
as O
a O
reference O
point O
, O
as O
Carnival B-Cause
only I-Cause
operated I-Cause
sailings I-Cause
through I-Cause
March I-Cause
2020 I-Cause
, O
rendering O
the B-Effect
2020 I-Effect
metric I-Effect
unusable I-Effect
. O

Note O
we O
still O
see O
elevated B-Effect
risk I-Effect
to I-Effect
our I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
model I-Effect
assumptions I-Effect
given O
pandemic-related B-Cause
economic I-Cause
uncertainty I-Cause
at I-Cause
the I-Cause
moment I-Cause
. O

As O
trucks B-Cause
serve I-Cause
as I-Cause
both I-Cause
a I-Cause
workplace I-Cause
and I-Cause
sleeping I-Cause
quarters I-Cause
, O
owner-operators B-Effect
opt I-Effect
for I-Effect
premium I-Effect
vehicles I-Effect
to O
improve O
their O
quality O
of O
life O
and O
minimize O
service O
disruptions O
. O

Discover O
is O
well B-Cause
capitalized I-Cause
with I-Cause
strong I-Cause
reserves I-Cause
, I-Cause
and I-Cause
it I-Cause
is I-Cause
unlikely I-Cause
that I-Cause
higher I-Cause
credit I-Cause
costs I-Cause
will O
place B-Effect
meaningful I-Effect
stress I-Effect
on I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
. O

We O
expect O
this O
to O
increase O
as O
new B-Cause
customers I-Cause
rapidly I-Cause
join I-Cause
Paylocity I-Cause
's I-Cause
platform I-Cause
, O
allowing O
the B-Effect
firm I-Effect
to I-Effect
manage I-Effect
implementation I-Effect
costs I-Effect
and I-Effect
customer I-Effect
service I-Effect
costs I-Effect
and O
benefit B-Effect
from I-Effect
scale-based I-Effect
leverage I-Effect
. O

The O
company O
is O
somewhat O
insulated O
from O
the O
rise O
of O
a O
new O
competitor O
but O
any B-Cause
significant I-Cause
changes I-Cause
to I-Cause
the I-Cause
economy I-Cause
or I-Cause
market I-Cause
dynamics I-Cause
could O
pose B-Effect
a I-Effect
risk I-Effect
. O

In O
addition O
, O
WPP B-Cause
's I-Cause
reputation I-Cause
and I-Cause
brand I-Cause
allow O
it B-Effect
to I-Effect
compete I-Effect
mainly I-Effect
with I-Effect
the I-Effect
other I-Effect
Big I-Effect
Five I-Effect
for I-Effect
the I-Effect
larger I-Effect
accounts I-Effect
. O

As O
Twilio B-Cause
continues I-Cause
to I-Cause
enhance I-Cause
the I-Cause
customer I-Cause
experience I-Cause
and I-Cause
provide I-Cause
an I-Cause
expanding I-Cause
range I-Cause
of I-Cause
services I-Cause
in I-Cause
a I-Cause
greenfield I-Cause
space I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
is I-Effect
well I-Effect
poised I-Effect
for I-Effect
sustained I-Effect
robust I-Effect
growth I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
increasing I-Effect
switching I-Effect
costs I-Effect
. O

HD O
Supply O
uses O
its B-Cause
reputation I-Cause
with I-Cause
suppliers I-Cause
and I-Cause
its I-Cause
scale I-Cause
to O
expand B-Effect
its I-Effect
vendor I-Effect
base I-Effect
and I-Effect
product I-Effect
selection I-Effect
, I-Effect
take I-Effect
advantage I-Effect
of I-Effect
sales I-Effect
incentives I-Effect
and I-Effect
volume I-Effect
rebates I-Effect
, O
and O
gain B-Effect
preferential I-Effect
access I-Effect
to I-Effect
supplier I-Effect
training I-Effect
programs I-Effect
and I-Effect
support I-Effect
. I-Effect

We B-Effect
see I-Effect
the I-Effect
online I-Effect
alternative I-Effect
accommodation I-Effect
industry I-Effect
bookings I-Effect
growing I-Effect
an I-Effect
average I-Effect
of I-Effect
26 I-Effect
% I-Effect
during I-Effect
2021-25 I-Effect
, O
aided O
by O
incremental B-Cause
bleisure I-Cause
( I-Cause
business/leisure I-Cause
) I-Cause
trips I-Cause
resulting I-Cause
from I-Cause
some I-Cause
sustained I-Cause
bump I-Cause
in I-Cause
U.S I-Cause
. O

On O
the O
human O
resources O
side O
, O
Aon O
's O
exposure O
is O
primarily O
to O
the B-Cause
health I-Cause
of I-Cause
the I-Cause
employment I-Cause
market I-Cause
and I-Cause
general I-Cause
macroeconomic I-Cause
conditions I-Cause
, O
as O
any B-Cause
headwinds I-Cause
in I-Cause
these O
areas O
could O
limit O
clients B-Effect
' I-Effect
willingness I-Effect
to I-Effect
pay I-Effect
for I-Effect
Aon I-Effect
's I-Effect
services I-Effect
. O

Not B-Cause
having I-Cause
a I-Cause
full I-Cause
portfolio I-Cause
could O
force O
customers B-Effect
to I-Effect
either I-Effect
opt I-Effect
for I-Effect
a I-Effect
complete I-Effect
solution I-Effect
provider I-Effect
or I-Effect
choose I-Effect
the I-Effect
best-in-breeds I-Effect
for I-Effect
their I-Effect
individual I-Effect
needs I-Effect
. O

We O
project O
the B-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
to I-Effect
rise I-Effect
about I-Effect
100 I-Effect
basis I-Effect
points I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
increased B-Cause
competition I-Cause
that I-Cause
we I-Cause
think I-Cause
Akamai I-Cause
faces I-Cause
will I-Cause
be I-Cause
offset I-Cause
by I-Cause
a I-Cause
higher I-Cause
portion I-Cause
of I-Cause
security I-Cause
sales I-Cause
, O
which O
we O
believe O
bring O
higher B-Effect
gross I-Effect
margins I-Effect
. O

Over O
the O
years O
, O
the B-Effect
firm I-Effect
has I-Effect
moved I-Effect
up-market I-Effect
, I-Effect
expanding I-Effect
the I-Effect
upper I-Effect
limit I-Effect
of I-Effect
its I-Effect
customer I-Effect
range I-Effect
from I-Effect
2,000 I-Effect
employees I-Effect
to I-Effect
5,000 I-Effect
employees I-Effect
as O
Paycom B-Cause
invests I-Cause
to I-Cause
build I-Cause
out I-Cause
a I-Cause
well-rounded I-Cause
platform I-Cause
. O

Additionally O
, O
with O
craft B-Cause
's I-Cause
rise I-Cause
, O
there O
has O
been O
increased B-Effect
demand I-Effect
and I-Effect
attendant I-Effect
pricing I-Effect
for I-Effect
hops I-Effect
that I-Effect
do I-Effect
n't I-Effect
boast I-Effect
abundant I-Effect
supply I-Effect
. O

With O
category B-Cause
growth I-Cause
rates I-Cause
in O
the O
mid- O
to O
high-single-digits O
around O
the O
world O
and O
stemming B-Cause
from I-Cause
its I-Cause
position I-Cause
as O
a O
leading O
player O
in O
each O
of O
these O
categories O
, O
we O
think O
Kimberly O
should O
remain B-Effect
a I-Effect
valued I-Effect
partner I-Effect
for I-Effect
retailers I-Effect
, O
aiding O
in O
its O
efforts O
to O
drive O
traffic O
into O
stores O
. O

M B-Cause
& I-Cause
T I-Cause
Bank I-Cause
's I-Cause
low I-Cause
cost I-Cause
deposit I-Cause
base I-Cause
gives O
the B-Effect
company I-Effect
a I-Effect
deposit I-Effect
cost I-Effect
advantage I-Effect
, O
and O
the B-Cause
bank I-Cause
's I-Cause
strong I-Cause
relationships I-Cause
with I-Cause
customers I-Cause
result O
in B-Effect
switching I-Effect
costs I-Effect
. O

As O
a O
result O
, O
we B-Effect
see I-Effect
this I-Effect
as I-Effect
having I-Effect
a I-Effect
low I-Effect
materiality I-Effect
to I-Effect
the I-Effect
company I-Effect
as O
its B-Cause
new I-Cause
products I-Cause
would I-Cause
replace I-Cause
lost I-Cause
sales I-Cause
. O

Our B-Effect
initial I-Effect
expectations I-Effect
for I-Effect
a I-Effect
drop-off I-Effect
in I-Effect
production I-Effect
and I-Effect
sales I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
have I-Cause
not I-Cause
played I-Cause
out I-Cause
. O

Despite O
the O
recent O
diversification O
, O
the B-Effect
company I-Effect
is I-Effect
still I-Effect
somewhat I-Effect
dependent I-Effect
on I-Effect
'' I-Effect
Grand I-Effect
Theft I-Effect
Auto I-Effect
'' I-Effect
games I-Effect
, O
and O
the B-Cause
failure I-Cause
of I-Cause
a I-Cause
sequel I-Cause
would I-Cause
negatively I-Cause
affect I-Cause
the I-Cause
company I-Cause
, I-Cause
given I-Cause
the I-Cause
high I-Cause
production I-Cause
cost I-Cause
. I-Cause

We O
believe O
safety B-Cause
for I-Cause
first I-Cause
responders I-Cause
is I-Cause
viewed I-Cause
as I-Cause
a I-Cause
nondiscretionary I-Cause
spending I-Cause
item I-Cause
for I-Cause
governments I-Cause
and I-Cause
( I-Cause
re I-Cause
) I-Cause
electable I-Cause
officials I-Cause
, O
which O
should B-Effect
keep I-Effect
investment I-Effect
in I-Effect
public I-Effect
safety I-Effect
technology I-Effect
and I-Effect
equipment I-Effect
ongoing I-Effect
. I-Effect

As O
such O
, O
the B-Cause
company I-Cause
has I-Cause
developed I-Cause
tools I-Cause
-- I-Cause
embedded I-Cause
in I-Cause
its I-Cause
Aladdin I-Cause
enterprise I-Cause
system I-Cause
-- I-Cause
to I-Cause
assess I-Cause
both I-Cause
security- I-Cause
and I-Cause
portfolio-level I-Cause
risks I-Cause
, I-Cause
which I-Cause
it I-Cause
not I-Cause
only I-Cause
uses I-Cause
internally I-Cause
but I-Cause
also I-Cause
offers I-Cause
to I-Cause
external I-Cause
clients I-Cause
for I-Cause
a I-Cause
fee. O
This O
has O
also O
enhanced B-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
roll I-Effect
out I-Effect
new I-Effect
products I-Effect
and I-Effect
to I-Effect
combine I-Effect
existing I-Effect
products I-Effect
to I-Effect
create I-Effect
outcome-based I-Effect
investment I-Effect
offerings I-Effect
. O

Ferguson B-Effect
's I-Effect
RMI I-Effect
exposure I-Effect
should I-Effect
support I-Effect
future I-Effect
revenue I-Effect
stability I-Effect
and I-Effect
margin I-Effect
expansion I-Effect
opportunities I-Effect
as O
project B-Cause
work I-Cause
in I-Cause
the I-Cause
repair I-Cause
and I-Cause
remodel I-Cause
market I-Cause
is I-Cause
typically I-Cause
less I-Cause
cyclical I-Cause
with I-Cause
higher I-Cause
profit I-Cause
margins I-Cause
compared I-Cause
with I-Cause
new I-Cause
construction I-Cause
projects I-Cause
( O
RMI O
projects O
are O
usually O
smaller O
and O
non-discretionary O
) O
. O

Estimated B-Cause
net I-Cause
inflows I-Cause
of I-Cause
$ I-Cause
9.8 I-Cause
billion I-Cause
during I-Cause
the I-Cause
December I-Cause
quarter I-Cause
were I-Cause
driven I-Cause
primarily I-Cause
by I-Cause
fixed-income I-Cause
products I-Cause
, I-Cause
with I-Cause
the I-Cause
firm I-Cause
's I-Cause
equity I-Cause
portfolio I-Cause
being I-Cause
less I-Cause
of I-Cause
a I-Cause
drag I-Cause
on I-Cause
flows I-Cause
than I-Cause
it I-Cause
has I-Cause
been I-Cause
in I-Cause
past I-Cause
periods. O
This O
should O
help B-Effect
improve I-Effect
Franklin I-Effect
's I-Effect
annual I-Effect
organic I-Effect
growth I-Effect
profile I-Effect
, I-Effect
which I-Effect
we I-Effect
expect I-Effect
to I-Effect
be I-Effect
in I-Effect
a I-Effect
negative I-Effect
1 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
range I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( I-Effect
compared I-Effect
with I-Effect
negative I-Effect
3 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
previously I-Effect
) I-Effect
. O

While O
China B-Cause
's I-Cause
economy I-Cause
has I-Cause
recently I-Cause
slowed I-Cause
, O
causing O
copper B-Effect
demand I-Effect
and I-Effect
prices I-Effect
to I-Effect
decline I-Effect
, O
an B-Cause
increase I-Cause
in I-Cause
aggregate I-Cause
demand I-Cause
for I-Cause
copper I-Cause
worldwide I-Cause
should O
alleviate B-Effect
Chilean I-Effect
dependence I-Effect
on I-Effect
Chinese I-Effect
demand I-Effect
. O

We O
expect O
IAC B-Cause
to I-Cause
return I-Cause
to I-Cause
profitability I-Cause
in I-Cause
2021 I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
economic I-Cause
downturn I-Cause
, O
resulting O
in B-Effect
average I-Effect
operating I-Effect
margin I-Effect
of I-Effect
5 I-Effect
% I-Effect
in I-Effect
2021-24 I-Effect
. O

Without B-Cause
the I-Cause
operational I-Cause
expertise I-Cause
in I-Cause
these I-Cause
businesses I-Cause
, O
Federal B-Effect
's I-Effect
management I-Effect
team I-Effect
might I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
maximize I-Effect
the I-Effect
competitive I-Effect
position I-Effect
of I-Effect
these I-Effect
properties I-Effect
. O

Risks B-Cause
surrounding I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccine I-Cause
are I-Cause
globally I-Cause
available I-Cause
remain I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

The B-Cause
more I-Cause
customers I-Cause
that I-Cause
take I-Cause
advantage I-Cause
of I-Cause
this I-Cause
access I-Cause
by I-Cause
anonymously I-Cause
submitting I-Cause
their I-Cause
own I-Cause
data I-Cause
to I-Cause
the I-Cause
collection I-Cause
, O
the B-Effect
greater I-Effect
the I-Effect
network I-Effect
effect I-Effect
that I-Effect
benefits I-Effect
all I-Effect
parties I-Effect
involved I-Effect
. O

Heico B-Cause
has I-Cause
a I-Cause
difficult-to-replicate I-Cause
decadeslong I-Cause
record I-Cause
of I-Cause
never I-Cause
having I-Cause
a I-Cause
product I-Cause
failure I-Cause
in I-Cause
flight I-Cause
, O
which O
we O
think O
makes O
airlines B-Effect
substantially I-Effect
more I-Effect
willing I-Effect
to I-Effect
use I-Effect
Heico I-Effect
parts I-Effect
as I-Effect
spares I-Effect
rather O
than O
alternative O
PMA O
providers O
. O

A B-Cause
corollary I-Cause
of I-Cause
Coke I-Cause
's I-Cause
refranchising I-Cause
is O
that O
it B-Effect
has I-Effect
to I-Effect
work I-Effect
doubly I-Effect
hard I-Effect
to I-Effect
ensure I-Effect
its I-Effect
system I-Effect
remains I-Effect
properly I-Effect
incentivized I-Effect
. O

We O
think O
it B-Cause
has I-Cause
strong I-Cause
sales I-Cause
momentum I-Cause
in I-Cause
the I-Cause
second I-Cause
quarter I-Cause
as I-Cause
well. O
Thus O
, O
for B-Effect
2021 I-Effect
, I-Effect
we I-Effect
have I-Effect
raised I-Effect
our I-Effect
sales I-Effect
growth I-Effect
estimate I-Effect
to I-Effect
33 I-Effect
% I-Effect
from I-Effect
27 I-Effect
% I-Effect
and I-Effect
our I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
estimate I-Effect
to I-Effect
21 I-Effect
% I-Effect
from I-Effect
20 I-Effect
% I-Effect
, I-Effect
resulting I-Effect
in I-Effect
an I-Effect
adjusted I-Effect
EPS I-Effect
forecast I-Effect
that I-Effect
rises I-Effect
to I-Effect
$ I-Effect
6.92 I-Effect
from I-Effect
$ I-Effect
6.40 I-Effect
. O

With O
most B-Cause
items I-Cause
priced I-Cause
below I-Cause
$ I-Cause
6 I-Cause
and O
the B-Cause
average I-Cause
store I-Cause
transaction I-Cause
totaling I-Cause
around I-Cause
$ I-Cause
15 I-Cause
, O
we O
believe O
Five B-Effect
Below I-Effect
's I-Effect
physical I-Effect
locations I-Effect
fulfill I-Effect
orders I-Effect
more I-Effect
economically I-Effect
than I-Effect
digital I-Effect
sellers I-Effect
can I-Effect
on I-Effect
an I-Effect
item-for-item I-Effect
basis I-Effect
, O
considering O
shipping O
costs O
. O

Since O
PPD O
was O
acquired O
by O
private O
equity O
groups O
in O
2011 O
, O
it B-Cause
has I-Cause
acquired I-Cause
several I-Cause
service I-Cause
providers I-Cause
that O
fortify B-Effect
its I-Effect
portfolio I-Effect
of I-Effect
clinical I-Effect
trial I-Effect
services I-Effect
, O
including O
providers O
of O
site O
networks O
, O
data O
assets O
, O
patient O
enrollment O
solutions O
, O
and O
real-world O
evidence O
solutions O
. O

As O
Exelon B-Cause
's I-Cause
regulated I-Cause
utilities I-Cause
generate I-Cause
a I-Cause
greater I-Cause
share I-Cause
of I-Cause
earnings I-Cause
, O
shareholders B-Effect
' I-Effect
returns I-Effect
will I-Effect
be I-Effect
more I-Effect
exposed I-Effect
to I-Effect
state I-Effect
and I-Effect
federal I-Effect
regulatory I-Effect
risk I-Effect
. O

Additionally O
, O
the B-Effect
company I-Effect
's I-Effect
platform I-Effect
reach I-Effect
should I-Effect
expand I-Effect
as O
Sabre B-Cause
looks I-Cause
to I-Cause
expand I-Cause
in I-Cause
European I-Cause
and I-Cause
Middle I-Cause
Eastern I-Cause
countries I-Cause
where O
it O
previously O
had O
only O
minimal O
penetration O
, O
which O
are O
also O
markets O
that O
yield O
higher O
than O
the O
consolidated O
North O
American O
region O
. O

AT O
& O
amp O
; O
T O
said O
in O
early O
2021 O
that O
it B-Cause
plans I-Cause
to I-Cause
increase I-Cause
its I-Cause
already I-Cause
vast I-Cause
fiber I-Cause
footprint I-Cause
by I-Cause
expanding I-Cause
to I-Cause
3 I-Cause
million I-Cause
new I-Cause
customer I-Cause
locations I-Cause
in I-Cause
90 I-Cause
metro I-Cause
areas I-Cause
, O
giving O
it O
even B-Effect
greater I-Effect
ability I-Effect
to I-Effect
self-serve I-Effect
its I-Effect
small-cell I-Effect
needs I-Effect
in I-Effect
many I-Effect
places I-Effect
. O

Spodumene B-Cause
oversupply I-Cause
from I-Cause
new I-Cause
mines I-Cause
in I-Cause
Western I-Cause
Australia I-Cause
has O
caused O
spodumene B-Effect
prices I-Effect
to I-Effect
fall I-Effect
, I-Effect
and I-Effect
lowered I-Effect
lithium I-Effect
producer I-Effect
costs I-Effect
for I-Effect
marginal-cost I-Effect
spodumene I-Effect
converters I-Effect
. O

Regulatory B-Cause
requirements I-Cause
and I-Cause
reproducibility I-Cause
concerns I-Cause
, O
including O
employee O
training O
and O
learning O
curves O
, O
create O
switching O
costs O
for O
biopharmaceutical O
customers O
, O
which O
results O
in O
a B-Effect
very I-Effect
long I-Effect
potential I-Effect
benefit I-Effect
period I-Effect
for I-Effect
Agilent I-Effect
in I-Effect
this I-Effect
highly I-Effect
regulated I-Effect
market I-Effect
. O

Tariffs B-Cause
, I-Cause
currency I-Cause
fluctuations I-Cause
, I-Cause
changing I-Cause
trade I-Cause
agreements I-Cause
, I-Cause
and I-Cause
any I-Cause
impacts I-Cause
on I-Cause
global I-Cause
travel I-Cause
can O
all B-Effect
disrupt I-Effect
demand I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
products I-Effect
and I-Effect
ability I-Effect
to I-Effect
supply I-Effect
them I-Effect
at I-Effect
the I-Effect
expected I-Effect
margin I-Effect
. O

The O
pandemic O
pushed O
the O
hangover O
into O
early O
2020 O
, O
but O
freight B-Effect
demand I-Effect
has I-Effect
since I-Effect
surged I-Effect
offpandemic I-Effect
lows I-Effect
with O
help O
from O
heavy B-Cause
retailer I-Cause
inventory I-Cause
restocking I-Cause
driven I-Cause
by I-Cause
robust I-Cause
U.S I-Cause
. I-Cause

Local B-Effect
, I-Effect
regional I-Effect
, I-Effect
and I-Effect
global I-Effect
players I-Effect
face I-Effect
low I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
in I-Effect
placing I-Effect
workers I-Effect
in I-Effect
industrial I-Effect
and I-Effect
construction I-Effect
positions I-Effect
given O
the B-Cause
lower I-Cause
skill I-Cause
requirement I-Cause
of I-Cause
manufacturing I-Cause
jobs I-Cause
. O

In O
the O
highly O
fragmented O
farm O
retail O
industry O
, O
Nutrien B-Cause
is I-Cause
pursuing I-Cause
an I-Cause
acquisition I-Cause
strategy I-Cause
to O
expand B-Effect
its I-Effect
retail I-Effect
store I-Effect
base I-Effect
, O
which O
should O
improve B-Effect
bargaining I-Effect
power I-Effect
with I-Effect
suppliers I-Effect
. O

The B-Cause
company I-Cause
ended I-Cause
the I-Cause
year I-Cause
at I-Cause
its I-Cause
previously I-Cause
targeted I-Cause
10 I-Cause
% I-Cause
Tier I-Cause
1 I-Cause
leverage I-Cause
regulatory I-Cause
capital I-Cause
ratio I-Cause
, O
so B-Effect
it I-Effect
may I-Effect
have I-Effect
to I-Effect
reduce I-Effect
its I-Effect
capital I-Effect
buffer I-Effect
, O
which O
will O
have O
to O
be O
a O
carefully O
calculated O
risk O
in O
the O
current O
environment O
, O
if B-Effect
it I-Effect
wants I-Effect
to I-Effect
make I-Effect
a I-Effect
sizable I-Effect
acquisition I-Effect
. O

All B-Effect
three I-Effect
firms I-Effect
are I-Effect
likely I-Effect
to I-Effect
compete I-Effect
in I-Effect
cardiomyopathy I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
, O
as O
Ionis B-Cause
and I-Cause
Alnylam I-Cause
are I-Cause
testing I-Cause
next-generation I-Cause
versions I-Cause
of I-Cause
their I-Cause
drugs I-Cause
in I-Cause
phase I-Cause
3 I-Cause
trials I-Cause
. O

The O
firm O
has O
also O
looked O
to O
monetize B-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
assets I-Effect
by O
selling B-Cause
operations I-Cause
where I-Cause
others I-Cause
can I-Cause
provide I-Cause
a I-Cause
better I-Cause
converged I-Cause
offering I-Cause
and O
Liberty O
can O
receive O
a O
high O
price O
. O

Considering O
the B-Cause
opportunities I-Cause
for I-Cause
cross-selling I-Cause
and I-Cause
Idexx I-Cause
's I-Cause
ongoing I-Cause
progress I-Cause
in I-Cause
penetrating I-Cause
new I-Cause
animal I-Cause
hospitals I-Cause
with I-Cause
its I-Cause
analyzer I-Cause
instruments I-Cause
, O
we O
believe O
there B-Effect
is I-Effect
plenty I-Effect
of I-Effect
potential I-Effect
for I-Effect
the I-Effect
sales I-Effect
consultants I-Effect
to I-Effect
sell I-Effect
new I-Effect
services I-Effect
and I-Effect
develop I-Effect
stickier I-Effect
relationships I-Effect
once O
the O
immediate O
COVID-19 O
crisis O
is O
alleviated O
. O

The B-Effect
larger I-Effect
the I-Effect
base I-Effect
of I-Effect
buyers I-Effect
to I-Effect
which I-Effect
an I-Effect
investment I-Effect
bank I-Effect
has I-Effect
access I-Effect
-- I-Effect
investment I-Effect
funds I-Effect
, I-Effect
banks I-Effect
, I-Effect
and I-Effect
insurance I-Effect
companies I-Effect
-- I-Effect
the I-Effect
more I-Effect
attractive I-Effect
it I-Effect
is I-Effect
to I-Effect
sellers I-Effect
, O
as O
it B-Cause
makes I-Cause
it I-Cause
more I-Cause
likely I-Cause
that I-Cause
an I-Cause
asset I-Cause
sale I-Cause
will I-Cause
be I-Cause
completed I-Cause
for I-Cause
a I-Cause
fair I-Cause
price I-Cause
. O

Cigarette B-Cause
sales I-Cause
are I-Cause
in I-Cause
secular I-Cause
decline I-Cause
across I-Cause
most I-Cause
countries I-Cause
, O
and O
so O
we B-Effect
expect I-Effect
Celanese I-Effect
's I-Effect
acetate I-Effect
tow I-Effect
sales I-Effect
will I-Effect
slightly I-Effect
decline I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Furthermore O
, O
BP B-Cause
strategic I-Cause
plans I-Cause
call I-Cause
for I-Cause
a I-Cause
relatively I-Cause
rapid I-Cause
move I-Cause
away I-Cause
from I-Cause
hydrocarbons I-Cause
, O
which O
should O
insulate B-Effect
it I-Effect
to I-Effect
a I-Effect
greater I-Effect
degree I-Effect
than I-Effect
peers I-Effect
from I-Effect
any I-Effect
carbon I-Effect
tax I-Effect
. O

Efforts B-Cause
to I-Cause
add I-Cause
coolers I-Cause
and I-Cause
boost I-Cause
its I-Cause
health I-Cause
and I-Cause
beauty I-Cause
offerings I-Cause
should O
help O
make O
Dollar B-Effect
General I-Effect
locations I-Effect
more I-Effect
attractive I-Effect
by O
concentrating B-Cause
a I-Cause
variety I-Cause
of I-Cause
essentials I-Cause
in I-Cause
a I-Cause
conveniently I-Cause
located I-Cause
store I-Cause
; O
about O
75 O
% O
of O
Americans O
live O
within O
5 O
miles O
of O
a O
Dollar O
General O
. O

Second O
, O
Mattel B-Effect
faces I-Effect
serious I-Effect
risk I-Effect
from I-Effect
litigation I-Effect
regarding O
product B-Cause
recalls I-Cause
or I-Cause
poor I-Cause
manufacturing I-Cause
of I-Cause
its I-Cause
products I-Cause
, O
which O
could O
be O
costly O
. O

Operating B-Cause
deleverage I-Cause
and I-Cause
mid-single-digit I-Cause
increases I-Cause
in I-Cause
raw I-Cause
material I-Cause
costs I-Cause
may O
force B-Effect
the I-Effect
EBIT I-Effect
margin I-Effect
down I-Effect
slightly I-Effect
below I-Effect
30 I-Effect
% I-Effect
this I-Effect
year I-Effect
, O
though O
we O
expect O
2021 O
to O
be O
a O
better O
year O
, O
with O
favourable O
input O
costs O
locked O
in O
and O
operating O
leverage O
from O
the O
rebound O
. O

With O
many B-Cause
4G I-Cause
LTE I-Cause
wireless I-Cause
spectrum I-Cause
bands I-Cause
above I-Cause
2 I-Cause
GHz I-Cause
, O
Broadcom O
's O
FBAR O
filters O
have O
proved O
to O
be O
a B-Effect
critical I-Effect
component I-Effect
in I-Effect
LTE-enabled I-Effect
smartphones I-Effect
and I-Effect
are I-Effect
ubiquitous I-Effect
in I-Effect
premium I-Effect
devices I-Effect
such I-Effect
as I-Effect
Apple I-Effect
's I-Effect
iPhone I-Effect
. O

This O
business O
is O
highly O
correlated O
to O
global O
manufacturing O
, O
though O
the B-Cause
diversified I-Cause
nature I-Cause
of I-Cause
Mettler I-Cause
's I-Cause
global I-Cause
footprint I-Cause
provides O
a O
buffer O
to O
manufacturing B-Effect
weakness I-Effect
in I-Effect
any I-Effect
single I-Effect
region I-Effect
. O

Circuit B-Cause
protectors I-Cause
, I-Cause
like I-Cause
fuses I-Cause
, I-Cause
breakers I-Cause
, I-Cause
thyristors I-Cause
, I-Cause
and I-Cause
varistors I-Cause
all O
collectively O
help O
control B-Effect
the I-Effect
flow I-Effect
of I-Effect
electrical I-Effect
energy I-Effect
across I-Effect
a I-Effect
system I-Effect
. O

The B-Cause
possibility I-Cause
of I-Cause
more I-Cause
stringent I-Cause
regulations I-Cause
in I-Cause
the I-Cause
gaming I-Cause
sector I-Cause
is I-Cause
very I-Cause
high I-Cause
, O
and O
we O
think O
the B-Effect
odds I-Effect
of I-Effect
lowering I-Effect
the I-Effect
duration I-Effect
of I-Effect
casino I-Effect
licenses I-Effect
to I-Effect
less I-Effect
than I-Effect
20 I-Effect
years I-Effect
and I-Effect
increasing I-Effect
gaming I-Effect
taxes I-Effect
should I-Effect
not I-Effect
be I-Effect
ignored I-Effect
. O

We O
expect O
pricing B-Cause
, I-Cause
or I-Cause
commission I-Cause
rate I-Cause
, I-Cause
to I-Cause
become I-Cause
the I-Cause
main I-Cause
differentiator I-Cause
, O
creating O
some B-Effect
margin I-Effect
pressure I-Effect
for I-Effect
Grubhub I-Effect
and I-Effect
its I-Effect
peers I-Effect
in I-Effect
this I-Effect
growing I-Effect
space I-Effect
. O

We O
expect O
SS B-Effect
& I-Effect
C I-Effect
's I-Effect
asset-based I-Effect
fees I-Effect
to O
benefit O
from O
rising B-Cause
equity I-Cause
markets I-Cause
and O
are O
currently O
forecasting O
2021 O
adjusted O
EPS O
of O
$ O
4.40 O
. O

Using B-Cause
the I-Cause
same I-Cause
packaging I-Cause
component I-Cause
reduces O
the B-Effect
regulatory I-Effect
burden I-Effect
for I-Effect
generic I-Effect
drug I-Effect
applications I-Effect
, O
and O
customers O
often O
choose O
to O
stay O
with O
a O
vendor O
that O
had O
success O
with O
the O
brand O
name O
drug O
. O

To O
a O
lesser O
extent O
, O
we O
also O
see O
cost B-Cause
advantage I-Cause
at I-Cause
play I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
economies I-Cause
of I-Cause
scope I-Cause
with I-Cause
Hubbell I-Cause
's I-Cause
broad I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
, O
which O
enables O
cost-efficient B-Effect
customer I-Effect
service I-Effect
and I-Effect
secures I-Effect
favorable I-Effect
pricing I-Effect
with I-Effect
its I-Effect
customers I-Effect
. O

Run-ins B-Effect
with I-Effect
the I-Effect
FDA I-Effect
represent I-Effect
the I-Effect
most I-Effect
pressing I-Effect
risk I-Effect
in I-Effect
this I-Effect
industry I-Effect
, O
as O
infusion B-Cause
pumps I-Cause
have I-Cause
been I-Cause
prone I-Cause
to I-Cause
quality I-Cause
concerns I-Cause
and I-Cause
frequently I-Cause
subject I-Cause
to I-Cause
FDA I-Cause
recalls I-Cause
and I-Cause
ship I-Cause
holds I-Cause
. O

At O
the O
end O
of O
2020 O
, O
the B-Cause
store I-Cause
base I-Cause
had I-Cause
grown I-Cause
about I-Cause
29 I-Cause
% I-Cause
over I-Cause
the I-Cause
prior I-Cause
five-year I-Cause
period I-Cause
, O
to O
about O
1,920 O
locations O
( O
around O
2,100 O
including O
Petsense O
) O
, O
driving O
sales B-Effect
and I-Effect
EPS I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rates I-Effect
over O
the O
past O
three O
years O
of O
14 O
% O
and O
27 O
% O
, O
respectively O
. O

Oxxo O
, O
in O
turn O
, O
benefits O
from O
the O
brand O
equity O
of O
Coca-Cola B-Cause
Femsa I-Cause
's I-Cause
portfolio I-Cause
and I-Cause
the I-Cause
accompanying I-Cause
foot I-Cause
traffic I-Cause
, O
as O
it O
uses O
this O
traffic B-Effect
to I-Effect
increase I-Effect
transactions I-Effect
and I-Effect
ticket I-Effect
sizes I-Effect
across O
its O
broader O
product O
offerings O
. O

Although O
the B-Cause
company I-Cause
's I-Cause
international I-Cause
presence I-Cause
provides B-Effect
new I-Effect
growth I-Effect
opportunities I-Effect
, I-Effect
diversifies I-Effect
revenues I-Effect
, I-Effect
and I-Effect
dampens I-Effect
cyclicality I-Effect
, O
it O
also O
exposes O
the B-Effect
company I-Effect
to I-Effect
foreign I-Effect
currency I-Effect
, I-Effect
economic I-Effect
, I-Effect
and I-Effect
other I-Effect
risks I-Effect
. O

The O
company O
paved B-Effect
the I-Effect
way I-Effect
for I-Effect
the I-Effect
software I-Effect
industry I-Effect
as O
it O
exists O
now O
by O
first B-Cause
selling I-Cause
the I-Cause
concept I-Cause
of I-Cause
software I-Cause
as I-Cause
a I-Cause
service I-Cause
to I-Cause
prospective I-Cause
customers I-Cause
and I-Cause
then I-Cause
selling I-Cause
the I-Cause
actual I-Cause
SFA I-Cause
product I-Cause
. O

Also O
, O
AbbVie O
has O
taken O
on O
significant O
debt O
to O
purchase O
Allergan O
, O
but O
we O
expect O
robust B-Cause
cash I-Cause
flows I-Cause
will O
help B-Effect
manage I-Effect
the I-Effect
heavy I-Effect
debt I-Effect
load I-Effect
. O

Although O
the B-Cause
pandemic I-Cause
presents I-Cause
a I-Cause
material I-Cause
demand I-Cause
headwind I-Cause
in I-Cause
2020 I-Cause
, O
we O
continue O
to O
forecast O
annual B-Effect
mid-single-digit I-Effect
visitation I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
supported I-Effect
by I-Effect
China I-Effect
outbound I-Effect
travel I-Effect
that I-Effect
we I-Effect
expect I-Effect
will I-Effect
average I-Effect
high-single-digit I-Effect
annual I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Exhaust B-Cause
systems I-Cause
are I-Cause
also I-Cause
acoustically I-Cause
tuned I-Cause
with I-Cause
the I-Cause
engine I-Cause
to I-Cause
generate I-Cause
the I-Cause
kind I-Cause
of I-Cause
sound I-Cause
that O
the B-Effect
OEM I-Effect
customer I-Effect
wants I-Effect
its I-Effect
consumers I-Effect
to I-Effect
hear I-Effect
while I-Effect
driving I-Effect
the I-Effect
vehicle I-Effect
. O

While O
Macerich O
's O
revenue O
is O
somewhat O
protected O
by O
long-term O
leases O
, O
we O
see O
retailer B-Cause
bankruptcies I-Cause
causing O
a B-Effect
further I-Effect
drop I-Effect
in I-Effect
occupancy I-Effect
and I-Effect
Macerich I-Effect
has I-Effect
been I-Effect
forced I-Effect
to I-Effect
offer I-Effect
rent I-Effect
concessions I-Effect
to I-Effect
keep I-Effect
others I-Effect
afloat I-Effect
. O

However O
, O
government-mandated B-Cause
price I-Cause
cuts I-Cause
forced I-Cause
operating B-Effect
profit I-Effect
to I-Effect
KRW I-Effect
1.26 I-Effect
trillion I-Effect
in I-Effect
2018 I-Effect
and O
5G B-Cause
launch I-Cause
and I-Cause
marketing I-Cause
costs I-Cause
reduced B-Effect
this I-Effect
further I-Effect
to I-Effect
KRW I-Effect
1.15 I-Effect
trillion I-Effect
in I-Effect
2019 I-Effect
. O

With O
discretionary B-Cause
services I-Cause
set I-Cause
to I-Cause
bounce I-Cause
back I-Cause
as O
the B-Cause
pandemic I-Cause
recedes I-Cause
, O
Marsh B-Effect
& I-Effect
McLennan I-Effect
could I-Effect
see I-Effect
unusually I-Effect
strong I-Effect
growth I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

We O
think O
the O
firm O
will O
keep B-Cause
research I-Cause
and I-Cause
development I-Cause
expenditures I-Cause
in I-Cause
the I-Cause
4.5 I-Cause
% I-Cause
-5 I-Cause
% I-Cause
range I-Cause
of I-Cause
sales I-Cause
in O
order O
to O
keep B-Effect
an I-Effect
innovation I-Effect
lead I-Effect
in I-Effect
circuit I-Effect
protection I-Effect
and I-Effect
further I-Effect
develop I-Effect
its I-Effect
semiconductor I-Effect
portfolio I-Effect
. O

Finally O
, O
we O
expect O
information B-Effect
services I-Effect
to I-Effect
grow I-Effect
at I-Effect
around I-Effect
10 I-Effect
% I-Effect
through I-Effect
2029 I-Effect
, O
as O
CoStar B-Cause
Real I-Cause
Estate I-Cause
manager I-Cause
continues I-Cause
its I-Cause
impressive I-Cause
growth I-Cause
trajectory I-Cause
. O

In O
our O
view O
, O
varying B-Cause
tastes I-Cause
and I-Cause
preferences I-Cause
have I-Cause
proved I-Cause
quite I-Cause
challenging I-Cause
for I-Cause
Kellogg I-Cause
as I-Cause
it I-Cause
has I-Cause
looked I-Cause
to I-Cause
expand I-Cause
abroad I-Cause
, I-Cause
particularly I-Cause
as I-Cause
cold I-Cause
cereal I-Cause
has I-Cause
historically I-Cause
failed I-Cause
to I-Cause
resonate I-Cause
with I-Cause
global I-Cause
consumers. O
As O
such O
, O
we O
think O
the B-Effect
firm I-Effect
will I-Effect
continue I-Effect
pursuing I-Effect
select I-Effect
acquisitions I-Effect
as I-Effect
a I-Effect
means I-Effect
to I-Effect
gain I-Effect
a I-Effect
greater I-Effect
understanding I-Effect
of I-Effect
local I-Effect
consumers I-Effect
and I-Effect
routes I-Effect
to I-Effect
market I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
also I-Cause
moved I-Cause
more I-Cause
aggressively I-Cause
into I-Cause
the I-Cause
pharmacy I-Cause
channel I-Cause
to O
enhance B-Effect
patient I-Effect
access I-Effect
and I-Effect
take I-Effect
advantage I-Effect
of I-Effect
greater I-Effect
volume I-Effect
upside I-Effect
. O

We O
forecast O
Toll B-Effect
Brothers I-Effect
to I-Effect
increase I-Effect
consolidated I-Effect
revenue I-Effect
at I-Effect
about I-Effect
a I-Effect
4 I-Effect
% I-Effect
10-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
as O
housing B-Cause
starts I-Cause
reach I-Cause
over I-Cause
1.4 I-Cause
million I-Cause
units I-Cause
. O

Due O
to O
an B-Cause
exceptional I-Cause
product I-Cause
portfolio I-Cause
that I-Cause
will I-Cause
offset I-Cause
challenged I-Cause
end I-Cause
markets I-Cause
, O
we B-Effect
anticipate I-Effect
revenue I-Effect
will I-Effect
grow I-Effect
at I-Effect
a I-Effect
5 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
over I-Effect
our I-Effect
explicit I-Effect
five-year I-Effect
forecast I-Effect
. O

Thanks O
to O
the O
MRO B-Cause
business I-Cause
( I-Cause
Interline I-Cause
Brands I-Cause
and I-Cause
HD I-Cause
Supply I-Cause
) I-Cause
, O
pro B-Effect
revenue I-Effect
could I-Effect
be I-Effect
less I-Effect
cyclical I-Effect
, O
as O
the B-Cause
maintenance I-Cause
side I-Cause
of I-Cause
the I-Cause
business I-Cause
can I-Cause
prove I-Cause
more I-Cause
consistent I-Cause
. O

The B-Effect
bank I-Effect
regularly I-Effect
reported I-Effect
returns I-Effect
on I-Effect
equity I-Effect
that I-Effect
exceeded I-Effect
17 I-Effect
% I-Effect
before I-Effect
2007 I-Effect
, O
because O
of O
a B-Cause
strong I-Cause
line I-Cause
of I-Cause
fee-income I-Cause
businesses I-Cause
. I-Cause

Predatory B-Cause
or I-Cause
discriminatory I-Cause
lending I-Cause
practices I-Cause
are O
examples O
of O
poor O
product O
governance O
, O
which O
can O
affect B-Effect
certain I-Effect
banks I-Effect
at I-Effect
times I-Effect
. O

The B-Effect
demand I-Effect
for I-Effect
Beyond I-Effect
Burger I-Effect
has I-Effect
accelerated I-Effect
in I-Effect
the I-Effect
restaurants I-Effect
that I-Effect
first I-Effect
launched I-Effect
the I-Effect
products I-Effect
, O
which O
in O
our O
view O
, O
provides O
evidence O
of O
the B-Cause
brand I-Cause
's I-Cause
increasing I-Cause
demand I-Cause
. O

EUV B-Cause
industrialization I-Cause
in I-Cause
high-volume I-Cause
semiconductor I-Cause
production I-Cause
is O
finally O
becoming B-Effect
a I-Effect
reality I-Effect
in I-Effect
logic I-Effect
and I-Effect
foundry I-Effect
fabs I-Effect
that I-Effect
make I-Effect
CPUs I-Effect
, I-Effect
GPUs I-Effect
, I-Effect
and I-Effect
other I-Effect
chips I-Effect
for I-Effect
iPhones I-Effect
, I-Effect
iPads I-Effect
, I-Effect
PCs I-Effect
, I-Effect
and I-Effect
other I-Effect
computer I-Effect
devices I-Effect
. O

Long O
term O
, O
gross B-Effect
margin I-Effect
improvement I-Effect
should I-Effect
come I-Effect
to I-Effect
fruition I-Effect
through O
input B-Cause
cost I-Cause
relief I-Cause
( I-Cause
particularly I-Cause
as I-Cause
more I-Cause
agave I-Cause
plant I-Cause
is I-Cause
harvested I-Cause
) I-Cause
, I-Cause
positive I-Cause
mix I-Cause
shifts I-Cause
, I-Cause
and I-Cause
greater I-Cause
efficiency I-Cause
in I-Cause
its I-Cause
supply I-Cause
chain I-Cause
, O
for O
example O
at O
its O
cooperages O
, O
where O
modernization B-Cause
and I-Cause
automation I-Cause
should O
facilitate B-Effect
more I-Effect
productivity I-Effect
. O

In O
the O
heavy-equipment O
industry O
, O
perceptions B-Cause
of I-Cause
product I-Cause
quality I-Cause
and I-Cause
robustness I-Cause
of I-Cause
the I-Cause
dealer I-Cause
network I-Cause
can O
greatly O
affect B-Effect
customer I-Effect
loyalty I-Effect
and I-Effect
, I-Effect
hence I-Effect
, I-Effect
the I-Effect
value I-Effect
of I-Effect
the I-Effect
brand I-Effect
. I-Effect

These B-Effect
implied I-Effect
multiples I-Effect
represent I-Effect
a I-Effect
slightly I-Effect
lower I-Effect
valuation I-Effect
than I-Effect
competitors I-Effect
Philip I-Effect
Morris I-Effect
and I-Effect
British I-Effect
American I-Effect
, O
which O
we O
think O
is O
justified O
, O
given B-Cause
that I-Cause
Imperial I-Cause
's I-Cause
positioning I-Cause
as I-Cause
a I-Cause
fast-follower I-Cause
is I-Cause
likely I-Cause
to I-Cause
lead I-Cause
to I-Cause
a I-Cause
slower I-Cause
growth I-Cause
profile I-Cause
. O

We O
believe O
Steris B-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
because O
it B-Cause
operates I-Cause
sterilization I-Cause
plants I-Cause
at I-Cause
a I-Cause
very I-Cause
large I-Cause
scale I-Cause
, I-Cause
with I-Cause
the I-Cause
company I-Cause
having I-Cause
a I-Cause
low I-Cause
per-unit I-Cause
cost I-Cause
for I-Cause
sterilization I-Cause
, O
helping O
the B-Effect
business I-Effect
generate I-Effect
high I-Effect
margins I-Effect
. O

In B-Cause
recent I-Cause
years I-Cause
, I-Cause
the I-Cause
company I-Cause
has I-Cause
relied I-Cause
on I-Cause
a I-Cause
combination I-Cause
of I-Cause
asset I-Cause
dispositions I-Cause
and I-Cause
ground-up I-Cause
development I-Cause
to B-Effect
deepen I-Effect
its I-Effect
presence I-Effect
in I-Effect
the I-Effect
Manhattan I-Effect
market I-Effect
. O

In O
order O
to O
keep B-Effect
licensees I-Effect
inside I-Effect
the I-Effect
ecosystem I-Effect
, O
the B-Cause
company I-Cause
releases I-Cause
some I-Cause
of I-Cause
its I-Cause
technical I-Cause
data I-Cause
-- I-Cause
including I-Cause
FinFET I-Cause
and I-Cause
GAA I-Cause
data I-Cause
-- I-Cause
to I-Cause
intellectual I-Cause
property I-Cause
owners I-Cause
to O
entice B-Effect
them I-Effect
to I-Effect
base I-Effect
their I-Effect
future I-Effect
designs I-Effect
on I-Effect
it I-Effect
. O

Additionally O
, O
alternative B-Cause
trading I-Cause
systems I-Cause
like O
dark O
pools O
provide O
additional B-Effect
tools I-Effect
for I-Effect
large I-Effect
investors I-Effect
to I-Effect
lower I-Effect
implicit I-Effect
trading I-Effect
costs I-Effect
without I-Effect
the I-Effect
help I-Effect
of I-Effect
Nasdaq I-Effect
or I-Effect
the I-Effect
other I-Effect
exchanges I-Effect
. O

We O
project O
that O
EBITDA B-Effect
margins I-Effect
for I-Effect
Discovery I-Effect
International I-Effect
will I-Effect
expand I-Effect
to I-Effect
28 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
from I-Effect
26 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
as O
revenue B-Cause
growth I-Cause
will I-Cause
outpace I-Cause
the I-Cause
growth I-Cause
in I-Cause
content I-Cause
costs I-Cause
and I-Cause
investments I-Cause
in I-Cause
the I-Cause
streaming I-Cause
service I-Cause
. O

Southwest O
is O
a O
leisure-focused O
low-cost O
carrier O
that O
has B-Cause
successfully I-Cause
executed I-Cause
the I-Cause
strategy I-Cause
of I-Cause
cutting I-Cause
costs I-Cause
and I-Cause
enticing I-Cause
consumers I-Cause
with I-Cause
lower I-Cause
fares I-Cause
, O
to O
the O
extent O
that O
it B-Effect
has I-Effect
become I-Effect
the I-Effect
largest I-Effect
domestic I-Effect
carrier I-Effect
within I-Effect
the I-Effect
U.S I-Effect
. O

However O
, O
we O
do B-Effect
n't I-Effect
think I-Effect
the I-Effect
company I-Effect
has I-Effect
pricing I-Effect
power I-Effect
, O
as O
numerous B-Cause
competitors I-Cause
and I-Cause
technological I-Cause
advances I-Cause
contribute I-Cause
to I-Cause
the I-Cause
deflationary I-Cause
nature I-Cause
of I-Cause
telecom I-Cause
prices I-Cause
. O

Over O
time O
, O
Internet B-Cause
Content I-Cause
& I-Cause
Informationmanagement I-Cause
has I-Cause
impressively I-Cause
increased I-Cause
online I-Cause
traffic I-Cause
and O
consequently O
the B-Effect
network I-Effect
that I-Effect
can I-Effect
be I-Effect
accessed I-Effect
on I-Effect
its I-Effect
websites I-Effect
. O

Scale B-Effect
is I-Effect
of I-Effect
paramount I-Effect
importance I-Effect
to I-Effect
bottlers I-Effect
, O
due O
to O
the B-Cause
greater I-Cause
operational I-Cause
intensity I-Cause
and I-Cause
lower I-Cause
margins I-Cause
relative I-Cause
to I-Cause
concentrate I-Cause
, I-Cause
and I-Cause
this I-Cause
is I-Cause
the I-Cause
most I-Cause
common I-Cause
avenue I-Cause
through I-Cause
which I-Cause
cost I-Cause
advantages I-Cause
manifest I-Cause
in I-Cause
the I-Cause
industry I-Cause
. O

In O
the O
long O
run O
, O
Donaldson B-Cause
will I-Cause
have I-Cause
to I-Cause
contend I-Cause
with I-Cause
the I-Cause
risk I-Cause
of I-Cause
increasing I-Cause
electrification I-Cause
adoption I-Cause
, O
which O
could O
have B-Effect
a I-Effect
material I-Effect
impact I-Effect
on I-Effect
its I-Effect
engine I-Effect
business I-Effect
. O

Funded B-Effect
mostly O
by O
expected O
savings B-Cause
from I-Cause
business I-Cause
restructuring I-Cause
, O
the O
firm O
also O
expects O
to O
extract B-Effect
efficiencies I-Effect
by O
making B-Cause
its I-Cause
infrastructure I-Cause
and I-Cause
commercial I-Cause
functions I-Cause
more I-Cause
technologically I-Cause
adept I-Cause
. O

And O
given O
that B-Cause
pricing I-Cause
competitiveness I-Cause
could I-Cause
ensue I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
COVID-19 I-Cause
, O
at O
least O
for O
some O
time O
, O
we O
do B-Effect
n't I-Effect
expect I-Effect
pricing I-Effect
gains I-Effect
to I-Effect
come I-Effect
as I-Effect
easily I-Effect
as I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

If O
Beyond B-Cause
is I-Cause
unable I-Cause
to I-Cause
meet I-Cause
demand I-Cause
, O
the B-Effect
firm I-Effect
could I-Effect
lose I-Effect
the I-Effect
business I-Effect
to I-Effect
competitors I-Effect
, O
particularly O
large O
, O
established O
companies O
entering O
the O
space O
. O

But O
it O
still O
faces B-Cause
higher I-Cause
break-evens I-Cause
and I-Cause
weaker I-Cause
returns O
than O
producers B-Effect
with I-Effect
more I-Effect
exposure I-Effect
to I-Effect
the I-Effect
most I-Effect
productive I-Effect
parts I-Effect
of I-Effect
the I-Effect
play I-Effect
. O

Also O
, O
having B-Cause
deeper I-Cause
product I-Cause
lines I-Cause
to I-Cause
cross-sell I-Cause
( O
with O
brands O
like O
Company O
Store O
offering O
exposure O
to O
textiles O
) O
could O
add O
incremental B-Effect
revenue I-Effect
potential I-Effect
, O
with O
some B-Effect
protection I-Effect
from I-Effect
online I-Effect
competitors I-Effect
such O
as O
Amazon O
, O
particularly O
in O
the O
MRO O
business O
. O

Enabling B-Cause
an I-Cause
innovation I-Cause
like I-Cause
high-power I-Cause
charging I-Cause
allows O
Amphenol B-Cause
to I-Cause
occupy I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
the I-Cause
overall I-Cause
bill I-Cause
of I-Cause
materials I-Cause
, I-Effect
both B-Effect
through I-Effect
incorporating I-Effect
more I-Effect
stock-keeping I-Effect
units I-Effect
and I-Effect
through I-Effect
selling I-Effect
higher-tech I-Effect
, I-Effect
higher-priced I-Effect
SKUs—we O
estimate O
Amphenol B-Effect
's I-Effect
dollar I-Effect
content I-Effect
in I-Effect
an I-Effect
EV I-Effect
to I-Effect
double I-Effect
its I-Effect
content I-Effect
in I-Effect
an I-Effect
internal I-Effect
combustion I-Effect
engine I-Effect
. O

Polaris B-Cause
has I-Cause
historically I-Cause
generated I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
well I-Cause
above I-Cause
our I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
assumption I-Cause
( O
9 O
% O
) O
and O
should O
be O
able O
to O
restore B-Effect
adjusted I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
to I-Effect
around I-Effect
45 I-Effect
% I-Effect
if O
it O
can O
avoid B-Cause
manufacturing I-Cause
missteps I-Cause
. O

This O
is O
particularly O
because O
truckload B-Effect
capacity I-Effect
will I-Effect
continue I-Effect
to I-Effect
see I-Effect
growth I-Effect
constraints I-Effect
due O
in O
part O
to O
the B-Cause
stubbornly I-Cause
limited I-Cause
driver I-Cause
pool I-Cause
. O

Advertisers B-Effect
could I-Effect
be I-Effect
drawn I-Effect
to I-Effect
the I-Effect
Pinterest I-Effect
platform I-Effect
as O
the B-Cause
number I-Cause
of I-Cause
users I-Cause
and I-Cause
, I-Cause
more I-Cause
important I-Cause
, I-Cause
content I-Cause
posted I-Cause
by I-Cause
the I-Cause
users I-Cause
increases I-Cause
. O

First O
, O
because O
we B-Cause
anticipate I-Cause
that I-Cause
federal I-Cause
legalization I-Cause
will O
take B-Effect
a I-Effect
few I-Effect
years I-Effect
, I-Effect
cultivation I-Effect
and I-Effect
selling I-Effect
is I-Effect
limited I-Effect
to I-Effect
intrastate I-Effect
. O

Reductions B-Cause
were I-Cause
most I-Cause
pronounced I-Cause
in I-Cause
its I-Cause
conventional I-Cause
assets I-Cause
in I-Cause
Europe I-Cause
and I-Cause
Asia-Pacific/Middle I-Cause
East I-Cause
regions I-Cause
, I-Cause
where I-Cause
costs I-Cause
are I-Cause
down I-Cause
over I-Cause
40 I-Cause
% I-Cause
. O
These O
reductions O
are O
a O
critical O
driver O
of O
the O
improved B-Effect
portfolio I-Effect
as I-Effect
conventional I-Effect
production I-Effect
constitutes I-Effect
around I-Effect
600 I-Effect
thousand I-Effect
barrels I-Effect
of I-Effect
oil I-Effect
equivalent I-Effect
per I-Effect
day I-Effect
, I-Effect
or I-Effect
about I-Effect
half I-Effect
of I-Effect
current I-Effect
production I-Effect
. O

As O
the O
likelihood O
of O
Twitter O
attracting B-Cause
more I-Cause
users I-Cause
via I-Cause
content I-Cause
improvement I-Cause
and I-Cause
increasing I-Cause
focus I-Cause
on I-Cause
more I-Cause
live I-Cause
premium I-Cause
content I-Cause
will O
probably O
decline B-Effect
( O
due O
to O
significant O
competition O
on O
both O
fronts O
) O
, O
so O
will O
the O
firm O
's O
access O
to O
more O
user O
data O
. O

With O
that O
said O
, O
we B-Effect
do I-Effect
believe I-Effect
AMN I-Effect
is I-Effect
better I-Effect
positioned I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
peers I-Effect
given O
its B-Cause
healthcare I-Cause
staffing I-Cause
focus I-Cause
and I-Cause
ability I-Cause
to I-Cause
attract I-Cause
top-tier I-Cause
staffing I-Cause
positions I-Cause
and I-Cause
candidates I-Cause
. O

We O
think O
Eversource B-Effect
's I-Effect
annual I-Effect
earnings I-Effect
growth I-Effect
rate I-Effect
could I-Effect
top I-Effect
6 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
if O
its B-Cause
planned I-Cause
offshore I-Cause
wind I-Cause
investments I-Cause
go I-Cause
smoothly I-Cause
. O

However O
, O
with O
widely-available O
vaccines O
on O
horizon O
for O
2021 O
, O
this O
could O
put B-Effect
a I-Effect
major I-Effect
dent I-Effect
in I-Effect
the I-Effect
diagnostics I-Effect
segment I-Effect
as O
demand B-Cause
for I-Cause
COVID-19 I-Cause
tests I-Cause
falls I-Cause
off I-Cause
by I-Cause
2022 I-Cause
. O

Given O
the O
mission-critical B-Cause
nature I-Cause
of I-Cause
its I-Cause
products I-Cause
, O
customers B-Effect
value I-Effect
the I-Effect
availability I-Effect
of I-Effect
replacement I-Effect
parts I-Effect
and I-Effect
the I-Effect
quality I-Effect
of I-Effect
a I-Effect
vendor I-Effect
's I-Effect
repair I-Effect
service I-Effect
. O

Furthermore O
, O
employees O
would O
need O
to O
receive B-Cause
training I-Cause
for I-Cause
the I-Cause
new I-Cause
system I-Cause
being I-Cause
used I-Cause
, O
which O
takes O
time O
and O
can O
lead O
to O
mistakes O
, O
thus O
reducing B-Effect
productivity I-Effect
. O

This B-Cause
level I-Cause
is I-Cause
below I-Cause
rival I-Cause
Lear I-Cause
's I-Cause
seating I-Cause
segment I-Cause
operating I-Cause
margin I-Cause
of O
typically O
7 O
% O
to O
8 O
% O
, O
so O
upside B-Effect
potential I-Effect
exists I-Effect
for I-Effect
our I-Effect
valuation I-Effect
should I-Effect
Adient I-Effect
start I-Effect
to I-Effect
match I-Effect
or I-Effect
exceed I-Effect
Lear I-Effect
's I-Effect
metrics I-Effect
. I-Effect

Gas B-Effect
processing I-Effect
plants I-Effect
typically I-Effect
connect I-Effect
to I-Effect
only I-Effect
a I-Effect
single I-Effect
NGL I-Effect
fractionation I-Effect
plant I-Effect
because O
it B-Cause
is I-Cause
uneconomic I-Cause
to I-Cause
have I-Cause
multiple I-Cause
connections I-Cause
, O
whereas O
shippers O
often O
have O
multiple O
options O
for O
gas O
gathering O
and O
processing O
. O

The B-Cause
company I-Cause
relies I-Cause
on I-Cause
third I-Cause
parties I-Cause
for I-Cause
much I-Cause
of I-Cause
its I-Cause
data I-Cause
, O
and O
its B-Effect
business I-Effect
could I-Effect
be I-Effect
disrupted I-Effect
if I-Effect
it I-Effect
lost I-Effect
access I-Effect
to I-Effect
key I-Effect
data I-Effect
suppliers I-Effect
. O

On O
the O
music O
publishing O
side O
, O
we O
expect O
slightly B-Cause
slower I-Cause
growth I-Cause
for I-Cause
the I-Cause
digital I-Cause
segment I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
( I-Cause
11.6 I-Cause
% I-Cause
) I-Cause
than I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
, O
which O
leads O
to O
7.8 B-Effect
% I-Effect
average I-Effect
growth I-Effect
for I-Effect
the I-Effect
segment I-Effect
. O

Beyond B-Effect
the I-Effect
coming I-Effect
recovery I-Effect
in I-Effect
investment I-Effect
volumes I-Effect
, I-Effect
we I-Effect
think I-Effect
CBRE I-Effect
is I-Effect
poised I-Effect
to I-Effect
experience I-Effect
long-term I-Effect
growth I-Effect
as O
it B-Cause
benefits I-Cause
from I-Cause
a I-Cause
healthy I-Cause
real I-Cause
estate I-Cause
services I-Cause
industry I-Cause
and I-Cause
takes I-Cause
share I-Cause
from I-Cause
smaller I-Cause
, I-Cause
more I-Cause
fragmented I-Cause
competitors I-Cause
. O

Still O
, O
there B-Cause
has I-Cause
been I-Cause
very I-Cause
minimal I-Cause
industry I-Cause
supply I-Cause
additions I-Cause
this I-Cause
decade I-Cause
that O
should O
support B-Effect
solid I-Effect
industry I-Effect
Strip I-Effect
occupancy I-Effect
, I-Effect
which I-Effect
stood I-Effect
at I-Effect
around I-Effect
90 I-Effect
% I-Effect
in I-Effect
prepandemic I-Effect
2019 I-Effect
. O

In O
the O
near O
term O
, O
we O
expect O
a B-Effect
portion I-Effect
of I-Effect
its I-Effect
recent I-Effect
gains I-Effect
will I-Effect
get I-Effect
eaten I-Effect
up I-Effect
as O
Clorox B-Cause
incurs I-Cause
higher I-Cause
costs I-Cause
associated I-Cause
with I-Cause
ensuring I-Cause
proper I-Cause
safety I-Cause
protocols I-Cause
to I-Cause
protect I-Cause
its I-Cause
labor I-Cause
force I-Cause
, O
as O
well O
as O
higher B-Cause
transportation I-Cause
and I-Cause
logistics I-Cause
, O
as O
it B-Cause
works I-Cause
to I-Cause
keep I-Cause
its I-Cause
product I-Cause
stocked I-Cause
on I-Cause
shelves I-Cause
. O

We O
are O
confident O
that O
JLL B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
particularly O
because O
its B-Cause
product I-Cause
mix I-Cause
has I-Cause
become I-Cause
more I-Cause
contractual I-Cause
and I-Cause
less I-Cause
cyclical I-Cause
as I-Cause
compared I-Cause
with I-Cause
the I-Cause
previous I-Cause
downturn I-Cause
. O

Because O
of O
the B-Cause
FIA I-Cause
100-year I-Cause
agreement I-Cause
, O
the B-Effect
race I-Effect
teams I-Effect
could I-Effect
not I-Effect
hold B-Effect
the I-Effect
Formula I-Effect
One I-Effect
World I-Effect
Championship I-Effect
without B-Cause
the I-Cause
trademarks I-Cause
and I-Cause
licenses I-Cause
Formula I-Cause
One I-Cause
Group I-Cause
holds I-Cause
. O

Meanwhile O
, O
there B-Cause
is I-Cause
a I-Cause
healthy I-Cause
secondary I-Cause
market I-Cause
for I-Cause
heavy-duty I-Cause
trucks I-Cause
, O
making O
it B-Effect
rather I-Effect
easy I-Effect
for I-Effect
a I-Effect
trucker I-Effect
to I-Effect
liquidate I-Effect
an I-Effect
underperforming I-Effect
asset I-Effect
. O

Given O
the B-Cause
negligible I-Cause
switching I-Cause
costs I-Cause
to I-Cause
carriers I-Cause
' I-Cause
customers I-Cause
, O
we O
do O
n't O
think O
network B-Effect
risk I-Effect
is I-Effect
one I-Effect
that I-Effect
carriers I-Effect
would I-Effect
take I-Effect
lightly I-Effect
or I-Effect
put I-Effect
in I-Effect
jeopardy I-Effect
for I-Effect
minimal I-Effect
cost I-Effect
savings I-Effect
, O
adding O
even B-Cause
more I-Cause
to I-Cause
the I-Cause
amount I-Cause
a I-Cause
rival I-Cause
would O
likely O
need B-Effect
undercut I-Effect
prices I-Effect
to I-Effect
coax I-Effect
carriers I-Effect
into I-Effect
making I-Effect
the I-Effect
gamble I-Effect
. O

Although O
we O
think O
pricing O
pressure O
will O
persist O
, O
we O
do O
not O
yet O
see O
a O
" O
" O
" O
" O
race O
to O
the O
bottom O
" O
" O
" O
" O
; O
however O
, O
if O
Grainger B-Cause
's I-Cause
gross I-Cause
margins I-Cause
converged I-Cause
with I-Cause
Amazon I-Cause
's I-Cause
, I-Cause
we O
estimate O
that O
the B-Effect
firm I-Effect
would I-Effect
struggle I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
without I-Effect
restructuring I-Effect
its I-Effect
business I-Effect
model I-Effect
. O

BCE O
reduced O
regulatory B-Effect
risks I-Effect
related I-Effect
to I-Effect
a I-Effect
potential I-Effect
ban I-Effect
on I-Effect
use I-Effect
of I-Effect
Huawei I-Effect
equipment I-Effect
in I-Effect
5G I-Effect
networks I-Effect
when O
it B-Cause
decided I-Cause
to I-Cause
begin I-Cause
using I-Cause
Nokia I-Cause
equipment I-Cause
. O

During B-Effect
2005-14 I-Effect
, I-Effect
OCTG I-Effect
companies I-Effect
, I-Effect
including I-Effect
Tenaris I-Effect
, I-Effect
were I-Effect
able I-Effect
to I-Effect
earn I-Effect
sizable I-Effect
economic I-Effect
profits I-Effect
owing O
to O
the B-Cause
ramp-up I-Cause
in I-Cause
drilling I-Cause
in I-Cause
challenging I-Cause
end I-Cause
markets I-Cause
like I-Cause
deep-water I-Cause
offshore I-Cause
and I-Cause
U.S I-Cause
. O

The B-Cause
lack I-Cause
of I-Cause
organic I-Cause
share I-Cause
gains I-Cause
impairs B-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
its I-Effect
scale I-Effect
and I-Effect
progress I-Effect
toward I-Effect
a I-Effect
scale-based I-Effect
cost I-Effect
advantage I-Effect
. O

While O
at O
a O
gross O
level O
the B-Cause
business I-Cause
incurred I-Cause
a I-Cause
World I-Cause
Trade I-Cause
Centre I-Cause
loss I-Cause
of I-Cause
EUR I-Cause
1.3 I-Cause
billion I-Cause
, I-Cause
EUR I-Cause
920 I-Cause
million I-Cause
of I-Cause
this I-Cause
was I-Cause
recoverable I-Cause
and O
so O
the B-Effect
net I-Effect
loss I-Effect
for I-Effect
Hannover I-Effect
from I-Effect
this I-Effect
one I-Effect
disaster I-Effect
was I-Effect
EUR I-Effect
380 I-Effect
million I-Effect
. O

Despite O
holding O
more O
debt O
at O
the O
parent O
level O
than O
most O
regulated O
utilities O
peers O
, O
CMS B-Effect
has I-Effect
reduced I-Effect
its I-Effect
near-term I-Effect
financing I-Effect
risk I-Effect
with O
opportunistic B-Cause
refinancings I-Cause
. O

Albert O
Heijn O
, O
the O
Dutch O
grocery O
banner O
and O
the O
most O
profitable O
business O
of O
the O
group O
, O
has O
been O
successful B-Effect
in I-Effect
attracting I-Effect
and I-Effect
retaining I-Effect
less I-Effect
price-sensitive I-Effect
consumers I-Effect
through O
a B-Cause
combination I-Cause
of I-Cause
a I-Cause
high-quality I-Cause
customer I-Cause
experience I-Cause
, I-Cause
a I-Cause
broad I-Cause
assortment I-Cause
of I-Cause
offerings I-Cause
, I-Cause
and I-Cause
a I-Cause
variety I-Cause
of I-Cause
store I-Cause
formats I-Cause
across I-Cause
the I-Cause
country I-Cause
. O

In O
addition O
, O
the B-Cause
company I-Cause
's I-Cause
powerful I-Cause
distribution I-Cause
network I-Cause
sets O
up O
the B-Effect
company I-Effect
as I-Effect
a I-Effect
strong I-Effect
partner I-Effect
for I-Effect
smaller I-Effect
drug I-Effect
companies I-Effect
that I-Effect
lack I-Effect
Lilly I-Effect
's I-Effect
resources I-Effect
. O

We O
expect O
continued O
acquisition B-Effect
and I-Effect
disposition I-Effect
activity I-Effect
as O
AvalonBay B-Cause
recycles I-Cause
capital I-Cause
, I-Cause
repositions I-Cause
its I-Cause
portfolio I-Cause
, I-Cause
and I-Cause
improves I-Cause
the I-Cause
overall I-Cause
quality I-Cause
of I-Cause
its I-Cause
assets I-Cause
. O

Dish B-Cause
faces I-Cause
looming I-Cause
network I-Cause
buildout I-Cause
requirements I-Cause
attached I-Cause
to I-Cause
its I-Cause
licenses I-Cause
, O
a O
position O
we O
believe O
limited O
its B-Effect
negotiating I-Effect
leverage I-Effect
against I-Effect
T-Mobile I-Effect
and I-Effect
Sprint I-Effect
. O

To O
boost B-Effect
margins I-Effect
, O
Eastman B-Cause
has I-Cause
focused I-Cause
on I-Cause
the I-Cause
development I-Cause
of I-Cause
patent-protected I-Cause
specialty I-Cause
chemicals I-Cause
that O
have O
an O
average O
commercial O
life O
of O
around O
10 O
years O
. O

Years B-Cause
of I-Cause
government I-Cause
efforts I-Cause
have I-Cause
done I-Cause
little I-Cause
to I-Cause
stem I-Cause
illegal I-Cause
cannabis I-Cause
, I-Cause
but I-Cause
a I-Cause
change I-Cause
to I-Cause
the I-Cause
ease I-Cause
of I-Cause
accessing I-Cause
black-market I-Cause
supply I-Cause
could O
have B-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
the I-Effect
pricing I-Effect
power I-Effect
and I-Effect
thus I-Effect
the I-Effect
profitability I-Effect
of I-Effect
legal I-Effect
cannabis I-Effect
companies I-Effect
. O

ResMed B-Effect
has I-Effect
recently I-Effect
made I-Effect
acquisitions I-Effect
of I-Effect
home I-Effect
healthcare I-Effect
software I-Effect
platforms I-Effect
as O
it B-Cause
seeks I-Cause
to I-Cause
leverage I-Cause
the I-Cause
trend I-Cause
of I-Cause
providing I-Cause
care I-Cause
in I-Cause
a I-Cause
lower-cost I-Cause
setting I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
increased I-Cause
presence I-Cause
in I-Cause
the I-Cause
faster-growing I-Cause
emerging I-Cause
markets I-Cause
may O
also O
partially B-Effect
offset I-Effect
the I-Effect
impact I-Effect
of I-Effect
economic I-Effect
downturns I-Effect
within I-Effect
developed I-Effect
regions I-Effect
. O

Not O
only O
does O
Graco B-Cause
's I-Cause
continuous I-Cause
investment I-Cause
in I-Cause
innovation I-Cause
fend B-Effect
off I-Effect
competitors I-Effect
, O
it O
has O
allowed O
the O
company O
to O
gain B-Effect
ground I-Effect
on I-Effect
its I-Effect
rivals I-Effect
. O

As O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
innovate I-Cause
and I-Cause
provide I-Cause
a I-Cause
comprehensive I-Cause
set I-Cause
of I-Cause
products I-Cause
for I-Cause
businesses I-Cause
, O
we O
believe O
RingCentral B-Effect
can I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
. O

This O
exposes B-Effect
CME I-Effect
to I-Effect
the I-Effect
risk I-Effect
of I-Effect
reduced I-Effect
demand I-Effect
if O
global B-Cause
oil I-Cause
consumption I-Cause
declines I-Cause
as O
a O
result O
of O
environmental B-Cause
concerns I-Cause
. O

OIP B-Effect
becomes I-Effect
more I-Effect
valuable I-Effect
for I-Effect
all I-Effect
users I-Effect
when O
intellectual B-Cause
property I-Cause
owners I-Cause
join I-Cause
in I-Cause
search I-Cause
of I-Cause
potential I-Cause
licensees I-Cause
, I-Cause
and I-Cause
potential I-Cause
licensees I-Cause
look I-Cause
for I-Cause
solutions I-Cause
to I-Cause
optimize I-Cause
their I-Cause
products I-Cause
. O

Insurance B-Cause
is I-Cause
also I-Cause
one I-Cause
of I-Cause
the I-Cause
few I-Cause
industries I-Cause
where I-Cause
the I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
( I-Cause
signified I-Cause
by I-Cause
claims I-Cause
) I-Cause
may I-Cause
not I-Cause
be I-Cause
known I-Cause
for I-Cause
years I-Cause
, O
providing O
an B-Effect
incentive I-Effect
for I-Effect
companies I-Effect
to I-Effect
sacrifice I-Effect
long-term I-Effect
profitability I-Effect
in I-Effect
favor I-Effect
of I-Effect
near-term I-Effect
growth I-Effect
. O

However O
, O
Telus O
has O
replaced B-Cause
most I-Cause
of I-Cause
its I-Cause
legacy I-Cause
copper I-Cause
network I-Cause
with I-Cause
fiber I-Cause
and O
can O
now O
offer B-Effect
broadband I-Effect
service I-Effect
at I-Effect
a I-Effect
quality I-Effect
as I-Effect
good I-Effect
or I-Effect
better I-Effect
than I-Effect
Shaw I-Effect
in I-Effect
many I-Effect
places I-Effect
. I-Effect

Covidien O
's O
innovation O
record O
, O
enhanced B-Cause
by I-Cause
incremental I-Cause
research I-Cause
investment I-Cause
during O
the O
past O
few O
years O
, O
has O
resulted O
in O
a O
steady O
stream O
of O
product B-Effect
upgrades I-Effect
and I-Effect
new I-Effect
technologies I-Effect
. O

Activewear B-Effect
( I-Effect
31 I-Effect
% I-Effect
of I-Effect
2020 I-Effect
sales I-Effect
) I-Effect
did I-Effect
not I-Effect
achieve I-Effect
this I-Effect
growth I-Effect
rate I-Effect
last I-Effect
year I-Effect
due O
to O
the B-Cause
virus I-Cause
and I-Cause
the I-Cause
loss I-Cause
of I-Cause
the I-Cause
C9 I-Cause
business I-Cause
at I-Cause
Target I-Cause
. O

Because O
of O
the B-Cause
highly I-Cause
customized I-Cause
nature I-Cause
of I-Cause
the I-Cause
product I-Cause
, O
it O
is O
difficult O
for O
competitors B-Effect
to I-Effect
provide I-Effect
products I-Effect
that I-Effect
offer I-Effect
greater I-Effect
value I-Effect
than I-Effect
existing I-Effect
catalysts I-Effect
, O
particularly O
as O
they O
must O
undergo O
trial O
periods O
to O
demonstrate O
superior O
efficacy O
. O

Based O
on O
our O
estimates O
, O
Nice B-Cause
InContact I-Cause
currently I-Cause
garners I-Cause
approximately I-Cause
5 I-Cause
% I-Cause
market I-Cause
share I-Cause
in I-Cause
the I-Cause
space I-Cause
, O
paving B-Effect
the I-Effect
way I-Effect
for I-Effect
a I-Effect
long I-Effect
growth I-Effect
runway I-Effect
ahead I-Effect
. O

Annual B-Cause
contractual I-Cause
price I-Cause
reductions I-Cause
are I-Cause
an I-Cause
industry I-Cause
norm I-Cause
, O
so B-Cause
Aptiv I-Cause
has I-Cause
to I-Cause
aggressively I-Cause
employ I-Cause
kaizen I-Cause
, I-Cause
kanban I-Cause
, I-Cause
Six I-Cause
Sigma I-Cause
, I-Cause
and I-Cause
other I-Cause
lean I-Cause
manufacturing I-Cause
practices I-Cause
to B-Effect
advance I-Effect
cost I-Effect
savings I-Effect
. O

Pennsylvania B-Cause
and I-Cause
Maryland I-Cause
approved I-Cause
slots I-Cause
in I-Cause
2004 I-Cause
and I-Cause
2008 I-Cause
, I-Cause
respectively I-Cause
, I-Cause
followed I-Cause
by I-Cause
these I-Cause
states I-Cause
then I-Cause
allowing I-Cause
gaming I-Cause
tables I-Cause
in I-Cause
2010 I-Cause
and I-Cause
2012 I-Cause
, O
respectively O
, O
which O
increases B-Effect
competition I-Effect
for I-Effect
Caesars I-Effect
' I-Effect
properties I-Effect
located I-Effect
in I-Effect
and I-Effect
around I-Effect
those I-Effect
two I-Effect
states I-Effect
. O

Xilinx O
would O
be O
prone O
to O
losing O
market O
share O
, O
but O
we B-Effect
view I-Effect
this I-Effect
risk I-Effect
as I-Effect
moderate I-Effect
at I-Effect
best I-Effect
, O
as O
its B-Cause
manufacturing I-Cause
partner I-Cause
TSMC I-Cause
has I-Cause
proved I-Cause
to I-Cause
be I-Cause
a I-Cause
worthy I-Cause
adversary I-Cause
of I-Cause
Intel I-Cause
, I-Cause
even I-Cause
surpassing I-Cause
Intel I-Cause
at I-Cause
the I-Cause
7-nm I-Cause
process I-Cause
node I-Cause
. O

Overall O
segment O
returns O
should O
improve O
, O
however O
, O
thanks O
to O
higher B-Cause
oil I-Cause
prices I-Cause
during I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
and O
the B-Effect
addition I-Effect
of I-Effect
higher-return I-Effect
projects I-Effect
. O

We O
're O
projecting O
that O
the B-Effect
firm I-Effect
's I-Effect
military I-Effect
exposure I-Effect
will I-Effect
grow I-Effect
roughly I-Effect
in I-Effect
line I-Effect
with I-Effect
overall I-Effect
budgets I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, O
as O
military B-Cause
customers I-Cause
do I-Cause
not I-Cause
value I-Cause
the I-Cause
weight-saving I-Cause
properties I-Cause
of I-Cause
composites I-Cause
as I-Cause
much I-Cause
as I-Cause
commercial I-Cause
customers I-Cause
do I-Cause
. O

Industrial B-Cause
electric I-Cause
sales I-Cause
are I-Cause
expected I-Cause
to I-Cause
grow I-Cause
at I-Cause
2.5 I-Cause
% I-Cause
per I-Cause
year I-Cause
, O
partially B-Effect
offset I-Effect
by I-Effect
slightly I-Effect
declining I-Effect
residential I-Effect
and I-Effect
commercial I-Effect
sales I-Effect
. O

We O
see O
little O
expansion O
opportunity O
in O
wireless O
margins O
due O
to O
increased B-Cause
competition I-Cause
that O
we O
think O
will O
necessitate O
more B-Effect
aggressive I-Effect
promotional I-Effect
pricing I-Effect
. I-Effect

Operating B-Effect
margins I-Effect
will I-Effect
probably I-Effect
also I-Effect
fluctuate I-Effect
slightly I-Effect
, O
due O
to O
the B-Cause
rollout I-Cause
of I-Cause
various I-Cause
strategic I-Cause
partnerships I-Cause
to O
optimize B-Cause
the I-Cause
company I-Cause
's I-Cause
footprint I-Cause
in I-Cause
conjunction I-Cause
with I-Cause
continued I-Cause
progress I-Cause
on I-Cause
cost I-Cause
initiatives I-Cause
. O

We O
note O
that O
Boeing B-Cause
's I-Cause
defense I-Cause
unit I-Cause
is I-Cause
exposed I-Cause
to I-Cause
more I-Cause
fixed-price I-Cause
development I-Cause
contracts I-Cause
than I-Cause
other I-Cause
defense I-Cause
primes I-Cause
, O
which O
introduces B-Effect
more I-Effect
operating I-Effect
income I-Effect
variability I-Effect
than I-Effect
peers I-Effect
. O

At O
the O
beginning O
of O
2020 O
, O
the B-Cause
firm I-Cause
had I-Cause
a I-Cause
fairly I-Cause
integrated I-Cause
supply I-Cause
chain I-Cause
that O
routed B-Effect
around I-Effect
70 I-Effect
% I-Effect
of I-Effect
all I-Effect
Lowe I-Effect
's I-Effect
merchandise I-Effect
through I-Effect
either I-Effect
one I-Effect
of I-Effect
its I-Effect
15 I-Effect
regional I-Effect
distribution I-Effect
centers I-Effect
or I-Effect
its I-Effect
15 I-Effect
flatbed I-Effect
distribution I-Effect
centers I-Effect
( I-Effect
with I-Effect
the I-Effect
rest I-Effect
shipped I-Effect
directly I-Effect
to I-Effect
stores I-Effect
from I-Effect
vendors I-Effect
) I-Effect
. O

Moreover O
, O
our O
view O
is O
that O
operating B-Effect
margins I-Effect
can I-Effect
expand I-Effect
in I-Effect
the I-Effect
face I-Effect
of I-Effect
gross I-Effect
margin I-Effect
pressure I-Effect
, O
driven O
by O
operating B-Cause
leverage I-Cause
across I-Cause
administrative I-Cause
and I-Cause
selling I-Cause
expenses I-Cause
( O
though O
advertising O
and O
promotions O
should O
start O
to O
pick O
up O
following O
an O
industrywide O
lull O
in O
2020 O
) O
. O

Many B-Cause
demographic I-Cause
trends I-Cause
, I-Cause
such I-Cause
as I-Cause
falling I-Cause
homeownership I-Cause
, I-Cause
rising I-Cause
relative I-Cause
cost I-Cause
of I-Cause
single-family I-Cause
housing I-Cause
, I-Cause
and I-Cause
urban I-Cause
gentrification I-Cause
, I-Cause
have I-Cause
favorably I-Cause
shifted I-Cause
the I-Cause
population I-Cause
of I-Cause
urban I-Cause
, I-Cause
coastal I-Cause
markets I-Cause
toward I-Cause
renting I-Cause
, O
creating O
more B-Effect
demand I-Effect
for I-Effect
multifamily I-Effect
assets I-Effect
. O

Second O
, O
the B-Effect
firm I-Effect
's I-Effect
global I-Effect
size I-Effect
versus I-Effect
its I-Effect
local I-Effect
peers I-Effect
gives I-Effect
Orange I-Effect
a I-Effect
pricing I-Effect
advantage I-Effect
when I-Effect
buying I-Effect
equipment I-Effect
, O
which O
is O
further O
enhanced O
by O
Orange B-Cause
's I-Cause
procurement I-Cause
joint I-Cause
venture I-Cause
with I-Cause
Deutsche I-Cause
Telekom I-Cause
( I-Cause
for I-Cause
example I-Cause
customer I-Cause
equipment I-Cause
, I-Cause
network I-Cause
equipment I-Cause
, I-Cause
service I-Cause
platforms I-Cause
) I-Cause
. O

Federal B-Cause
and I-Cause
state I-Cause
regulations I-Cause
and I-Cause
not-in-my-backyard I-Cause
activism I-Cause
have O
made O
its O
very B-Effect
costly I-Effect
to I-Effect
operate I-Effect
and I-Effect
close I-Effect
landfills I-Effect
and I-Effect
extremely I-Effect
difficult I-Effect
to I-Effect
receive I-Effect
approval I-Effect
for I-Effect
new I-Effect
landfills I-Effect
. O

BioMarin B-Cause
has I-Cause
several I-Cause
approved I-Cause
products I-Cause
in I-Cause
its I-Cause
portfolio I-Cause
, I-Cause
but I-Cause
high I-Cause
R I-Cause
& I-Cause
D I-Cause
expenses I-Cause
have I-Cause
prevented I-Cause
BioMarin I-Cause
from I-Cause
turning I-Cause
a I-Cause
significant I-Cause
profit I-Cause
, O
and O
we B-Effect
assign I-Effect
the I-Effect
firm I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
. O

We O
expect O
Paccar B-Effect
to I-Effect
reach I-Effect
modest I-Effect
production I-Effect
volume I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
as O
electrification B-Cause
in I-Cause
the I-Cause
trucking I-Cause
industry I-Cause
proliferates I-Cause
. O

Further O
, O
access B-Cause
to I-Cause
this I-Cause
data I-Cause
may O
help O
IPG O
adjust O
and O
improve O
campaigns O
, O
whether O
on O
the O
creativity O
or O
media-buying O
side O
, O
to O
increase B-Effect
ROI I-Effect
for I-Effect
clients I-Effect
and I-Effect
further I-Effect
enhance I-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
brand I-Effect
. O

However O
, O
we O
believe O
that O
VeriSign B-Effect
is I-Effect
in I-Effect
a I-Effect
strong I-Effect
defensive I-Effect
position I-Effect
as O
the B-Cause
importance I-Cause
of I-Cause
a I-Cause
.com I-Cause
registration I-Cause
is I-Cause
unlikely I-Cause
to I-Cause
diminish I-Cause
. O

As O
the B-Cause
firm I-Cause
's I-Cause
user I-Cause
base I-Cause
strengthens I-Cause
, I-Cause
we I-Cause
expect I-Cause
fewer I-Cause
discount I-Cause
offerings I-Cause
, I-Cause
particularly I-Cause
to I-Cause
potential I-Cause
premium I-Cause
subscribers. O
For O
this O
reason O
, O
we B-Effect
expect I-Effect
premium I-Effect
ARPU I-Effect
to I-Effect
increase I-Effect
at I-Effect
a I-Effect
2 I-Effect
% I-Effect
10-year I-Effect
CAGR I-Effect
to I-Effect
EUR I-Effect
5.02 I-Effect
by I-Effect
2030 I-Effect
, I-Effect
from I-Effect
EUR I-Effect
4.26 I-Effect
in I-Effect
2020 I-Effect
. O

The B-Cause
military I-Cause
relies I-Cause
on I-Cause
these I-Cause
satellites I-Cause
for I-Cause
essential I-Cause
intelligence I-Cause
gathering I-Cause
, O
so O
we O
also O
believe O
there B-Effect
are I-Effect
switching I-Effect
costs I-Effect
relating I-Effect
to I-Effect
the I-Effect
mission I-Effect
criticality I-Effect
of I-Effect
the I-Effect
product I-Effect
operating I-Effect
as I-Effect
intended I-Effect
. O

It O
had O
exclusive O
testing O
rights O
with O
patents O
on O
isolated O
BRCA1 O
and O
BRCA2 O
genes O
until O
a B-Cause
2013 I-Cause
Supreme I-Cause
Court I-Cause
decision I-Cause
ruled I-Cause
that I-Cause
isolated I-Cause
DNA I-Cause
can I-Cause
not I-Cause
be I-Cause
patented I-Cause
, O
stripping B-Effect
away I-Effect
the I-Effect
company I-Effect
's I-Effect
intellectual I-Effect
property I-Effect
in I-Effect
its I-Effect
hereditary I-Effect
cancer I-Effect
suite I-Effect
. O

Additionally O
, O
like O
all O
E O
& O
amp O
; O
P O
firms O
, O
the O
firm O
is O
exposed O
to O
a B-Cause
range I-Cause
of I-Cause
potential I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
that O
could O
hurt B-Effect
its I-Effect
ability I-Effect
to I-Effect
generate I-Effect
strong I-Effect
returns I-Effect
. I-Effect

The B-Cause
bank I-Cause
's I-Cause
narrow I-Cause
product I-Cause
offering I-Cause
focuses I-Cause
its I-Cause
assets I-Cause
, I-Cause
giving I-Cause
Capital I-Cause
One I-Cause
the I-Cause
benefit I-Cause
of I-Cause
scale I-Cause
in I-Cause
its I-Cause
chosen I-Cause
business I-Cause
lines. O
This O
does O
have O
the O
consequence O
of O
leaving B-Effect
the I-Effect
bank I-Effect
undiversified I-Effect
as I-Effect
it I-Effect
generates I-Effect
most I-Effect
of I-Effect
its I-Effect
revenue I-Effect
from I-Effect
its I-Effect
credit I-Effect
cards I-Effect
and I-Effect
auto I-Effect
lending I-Effect
. O

We O
believe O
at-home B-Effect
food I-Effect
consumption I-Effect
is O
poised O
to O
remain O
elevated O
until O
vaccines B-Cause
are I-Cause
more I-Cause
broadly I-Cause
disseminated I-Cause
, O
aiding O
firms O
like O
Kraft O
Heinz O
that O
sell O
the O
bulk O
of O
its O
wares O
through O
the O
retail O
channel O
, O
which O
we O
estimate O
at O
85 O
% O
of O
its O
total O
sales O
. O

Fox O
News O
is O
performing O
very O
well O
today O
, O
but O
advertisers B-Effect
could I-Effect
flee I-Effect
from I-Effect
the I-Effect
network I-Effect
due O
to O
boycotts B-Cause
or I-Cause
controversial I-Cause
commentary I-Cause
from I-Cause
on-air I-Cause
talent I-Cause
. O

Further O
, O
growth B-Cause
in I-Cause
emerging I-Cause
biotechnology I-Cause
companies I-Cause
and I-Cause
continued I-Cause
innovation I-Cause
in I-Cause
drug I-Cause
discovery I-Cause
imply O
outsourcing B-Effect
penetration I-Effect
will I-Effect
continue I-Effect
to I-Effect
increase I-Effect
as O
well O
. O

Poor B-Cause
relative I-Cause
active I-Cause
investment I-Cause
performance I-Cause
and O
the B-Cause
growth I-Cause
of I-Cause
low-cost I-Cause
index-based I-Cause
products I-Cause
continue O
to O
make B-Effect
organic I-Effect
growth I-Effect
challenging I-Effect
for O
most O
active O
equity O
fund O
managers O
, O
leaving O
the O
group O
dependent O
on O
market O
gains O
to O
drive O
asset O
levels O
higher O
. O

Given O
the B-Cause
Affordable I-Cause
Care I-Cause
Act I-Cause
's I-Cause
mandate I-Cause
, I-Cause
which I-Cause
incentivizes I-Cause
coordinated I-Cause
, I-Cause
value-based I-Cause
care I-Cause
between I-Cause
healthcare I-Cause
providers I-Cause
and I-Cause
a I-Cause
shift I-Cause
of I-Cause
patients I-Cause
to I-Cause
the I-Cause
types I-Cause
of I-Cause
lower-cost I-Cause
, I-Cause
consolidated I-Cause
settings I-Cause
that I-Cause
MOBs I-Cause
can I-Cause
provide I-Cause
, O
we B-Effect
believe I-Effect
there I-Effect
will I-Effect
be I-Effect
increasing I-Effect
demand I-Effect
for I-Effect
these I-Effect
types I-Effect
of I-Effect
assets I-Effect
from I-Effect
customers I-Effect
and I-Effect
healthcare I-Effect
partners I-Effect
. O

We O
're O
more O
convinced O
than O
ever O
that O
the B-Effect
firm I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
roll I-Effect
out I-Effect
more I-Effect
Panther I-Effect
instrumentation I-Effect
thanks O
to O
recent B-Cause
moves I-Cause
to I-Cause
double I-Cause
manufacturing I-Cause
capacity I-Cause
. O

Diamondback B-Effect
will I-Effect
be I-Effect
the I-Effect
operator I-Effect
on I-Effect
over I-Effect
50 I-Effect
% I-Effect
of I-Effect
Viper I-Effect
's I-Effect
acres I-Effect
once O
the B-Cause
latest I-Cause
dropdown I-Cause
is I-Cause
complete I-Cause
, O
and O
we O
estimate O
Concho B-Cause
Resources I-Cause
operates I-Cause
on I-Cause
enough I-Cause
acreage I-Cause
to O
ensure O
the B-Effect
two I-Effect
firms I-Effect
constitute I-Effect
the I-Effect
majority I-Effect
( I-Effect
70 I-Effect
% I-Effect
-80 I-Effect
% I-Effect
) I-Effect
of I-Effect
Viper I-Effect
's I-Effect
acreage I-Effect
. O

We O
do O
anticipate O
a B-Effect
bounceback I-Effect
in I-Effect
2021 I-Effect
as O
pent-up B-Cause
replacement I-Cause
demand I-Cause
returns I-Cause
and I-Cause
long-term I-Cause
need I-Cause
for I-Cause
additional I-Cause
linear I-Cause
accelerators I-Cause
remains I-Cause
strong I-Cause
. O

We O
think O
clients B-Effect
will I-Effect
gradually I-Effect
reduce I-Effect
their I-Effect
IBM I-Effect
offerings I-Effect
, I-Effect
from I-Effect
Infrastructure I-Effect
as I-Effect
a I-Effect
Service I-Effect
to I-Effect
software I-Effect
to I-Effect
outsourcing I-Effect
functions I-Effect
( O
like O
payroll O
processing O
and O
talent O
management O
) O
as O
competitors B-Cause
' I-Cause
value I-Cause
add I-Cause
lowers I-Cause
the I-Cause
cost I-Cause
of I-Cause
switching I-Cause
from I-Cause
IBM I-Cause
products I-Cause
. O

The B-Cause
movement I-Cause
into I-Cause
areas I-Cause
with I-Cause
large I-Cause
addressable I-Cause
markets I-Cause
, O
such O
as O
financial O
compliance O
services O
, O
and O
those O
that O
are O
exposed O
to O
secular O
tailwinds O
, O
such O
as O
indexes O
and O
ESG O
, O
could O
provide B-Effect
a I-Effect
fairly I-Effect
exciting I-Effect
revenue I-Effect
growth I-Effect
story I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

Furthermore O
, O
the B-Cause
coronavirus I-Cause
outbreak I-Cause
, O
which O
was O
particularly O
acute O
in O
New O
York O
City O
at O
the O
outset O
, O
has O
the O
potential O
to O
damage B-Effect
the I-Effect
city I-Effect
's I-Effect
reputation I-Effect
and I-Effect
may I-Effect
cause I-Effect
broader I-Effect
doubts I-Effect
surrounding I-Effect
the I-Effect
long-term I-Effect
viability I-Effect
of I-Effect
working I-Effect
in I-Effect
an I-Effect
office I-Effect
. O

In O
fact O
, O
while O
Moderna O
, O
CureVac O
, O
BioNTech O
, O
and O
GlaxoSmithKline O
own O
nearly O
half O
of O
mRNA O
vaccine O
patent O
applications O
, O
several O
other O
firms O
, O
large O
and O
small O
, O
have B-Cause
patents I-Cause
in I-Cause
the I-Cause
field I-Cause
, O
making B-Effect
it I-Effect
a I-Effect
highly I-Effect
fragmented I-Effect
space I-Effect
. O

With O
about O
two B-Cause
thirds I-Cause
of I-Cause
its I-Cause
markets I-Cause
covered I-Cause
with I-Cause
LTE I-Cause
and I-Cause
Millicom I-Cause
shifting O
wireless O
customers O
to O
plans O
tied O
to O
data O
usage O
rather O
than O
traditional O
voice O
, O
growth B-Effect
in I-Effect
the I-Effect
wireless I-Effect
business I-Effect
should I-Effect
accelerate I-Effect
as O
well O
. O

TransAlta O
's O
earnings O
are O
highly O
leveraged O
to O
Alberta O
power O
prices O
, O
which O
are O
volatile B-Effect
due O
to O
the B-Cause
small I-Cause
size I-Cause
of I-Cause
the I-Cause
market I-Cause
and I-Cause
supply/demand I-Cause
fundamentals I-Cause
that I-Cause
can I-Cause
change I-Cause
rapidly I-Cause
. O

We B-Effect
continue I-Effect
to I-Effect
rate I-Effect
Exxon I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
higher-quality I-Effect
integrated I-Effect
firms I-Effect
, O
given O
its B-Cause
ability I-Cause
to I-Cause
capture I-Cause
economic I-Cause
rents I-Cause
along I-Cause
the I-Cause
oil I-Cause
and I-Cause
gas I-Cause
value I-Cause
chain I-Cause
. O

Considering O
the O
risk B-Cause
of I-Cause
its I-Cause
Medicaid I-Cause
enrollee I-Cause
population I-Cause
, O
the B-Effect
states I-Effect
typically I-Effect
set I-Effect
the I-Effect
rates I-Effect
they I-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
the I-Effect
private I-Effect
insurers I-Effect
per I-Effect
Medicaid I-Effect
member I-Effect
rather O
than O
receiving O
direct O
bids O
on O
price O
. O

With O
infection O
rates O
rising O
as O
COVID-19 O
spreads O
, O
we O
expect O
low-double-digit B-Effect
comparable I-Effect
sales I-Effect
growth I-Effect
in I-Effect
the I-Effect
second I-Effect
quarter I-Effect
( I-Effect
mid-single I-Effect
digits I-Effect
previously I-Effect
) I-Effect
, I-Effect
before I-Effect
tapering I-Effect
into I-Effect
the I-Effect
low- I-Effect
to I-Effect
mid-single I-Effect
digits I-Effect
in I-Effect
the I-Effect
second I-Effect
half I-Effect
as O
comparisons B-Cause
become I-Cause
more I-Cause
difficult I-Cause
and I-Cause
vaccines I-Cause
bring I-Cause
the I-Cause
pandemic I-Cause
to I-Cause
a I-Cause
close I-Cause
. O

As O
the B-Cause
funding I-Cause
window I-Cause
for I-Cause
meaningful-use I-Cause
payments I-Cause
closed I-Cause
in I-Cause
2015 I-Cause
, O
the B-Effect
electronic I-Effect
medical I-Effect
record I-Effect
market I-Effect
was I-Effect
largely I-Effect
saturated I-Effect
, I-Effect
and I-Effect
growth I-Effect
in I-Effect
the I-Effect
physician I-Effect
segment I-Effect
slowed I-Effect
considerably I-Effect
. O

More O
recently O
, O
Nvidia B-Cause
acquired I-Cause
Mellanox I-Cause
to O
bolster B-Effect
its I-Effect
data I-Effect
center I-Effect
offerings I-Effect
in I-Effect
the I-Effect
networking I-Effect
realm I-Effect
to I-Effect
raise I-Effect
switching I-Effect
costs I-Effect
and I-Effect
improve I-Effect
performance I-Effect
of I-Effect
Nvidia I-Effect
's I-Effect
existing I-Effect
portfolio I-Effect
. O

The B-Cause
combination I-Cause
of I-Cause
topnotch I-Cause
management I-Cause
plus I-Cause
a I-Cause
strong I-Cause
underlying I-Cause
business I-Cause
has O
delivered B-Effect
unrivaled I-Effect
levels I-Effect
of I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over O
the O
past O
two O
decades O
. O

Textron O
's O
specialty O
vehicles O
business O
is O
mostly O
its O
EZ O
Go O
Golf O
carts O
and O
lawn O
equipment O
which O
are O
not O
protected O
by O
any B-Cause
meaningful I-Cause
technical I-Cause
complexity I-Cause
or I-Cause
brand I-Cause
asset I-Cause
, O
which O
invites B-Effect
competition I-Effect
that I-Effect
brings I-Effect
returns I-Effect
to I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

ON B-Cause
's I-Cause
size I-Cause
and I-Cause
comparatively I-Cause
limited I-Cause
portfolio I-Cause
will O
most O
likely O
keep O
it O
from O
realizing B-Effect
returns I-Effect
above I-Effect
invested I-Effect
capital I-Effect
to I-Effect
the I-Effect
same I-Effect
degree I-Effect
as I-Effect
larger I-Effect
peers I-Effect
, I-Effect
such I-Effect
as I-Effect
Texas I-Effect
Instruments I-Effect
or I-Effect
NXP I-Effect
Semiconductors I-Effect
, O
but O
we O
believe O
it O
has O
a O
sustainable O
niche O
. O

However O
, O
all B-Cause
its I-Cause
facilities I-Cause
are I-Cause
located I-Cause
in I-Cause
the I-Cause
midcontinent I-Cause
, I-Cause
Rockies I-Cause
, I-Cause
or I-Cause
Southwest I-Cause
region. O
As O
a O
result O
, O
each B-Effect
refinery I-Effect
benefits I-Effect
from I-Effect
the I-Effect
difference I-Effect
in I-Effect
price I-Effect
between I-Effect
inland I-Effect
light I-Effect
crudes I-Effect
, I-Effect
particularly I-Effect
in I-Effect
the I-Effect
Permian I-Effect
of I-Effect
which I-Effect
it I-Effect
refines I-Effect
140-160 I-Effect
mbd I-Effect
, I-Effect
and I-Effect
other I-Effect
high-quality I-Effect
waterborne I-Effect
crude I-Effect
such I-Effect
as I-Effect
Brent I-Effect
. O

Brokers B-Cause
such I-Cause
as I-Cause
JLL I-Cause
and I-Cause
CBRE I-Cause
negotiate I-Cause
on I-Cause
behalf I-Cause
of I-Cause
tenants I-Cause
to O
ensure B-Effect
that I-Effect
the I-Effect
terms I-Effect
of I-Effect
lease I-Effect
agreements I-Effect
are I-Effect
priced I-Effect
appropriately I-Effect
. O

We O
believe O
that O
Dropbox B-Effect
's I-Effect
business I-Effect
could I-Effect
be I-Effect
severely I-Effect
affected I-Effect
if O
either B-Cause
office I-Cause
suite I-Cause
providers I-Cause
limited I-Cause
compatibility I-Cause
in I-Cause
the I-Cause
future I-Cause
in I-Cause
order I-Cause
to I-Cause
increase I-Cause
adoption I-Cause
of I-Cause
their I-Cause
own I-Cause
storage I-Cause
and I-Cause
collaboration I-Cause
platforms I-Cause
. O

Another O
reason O
for O
Diageo B-Effect
to I-Effect
continue I-Effect
consolidating I-Effect
is O
to O
broaden B-Cause
its I-Cause
product I-Cause
portfolio I-Cause
, O
an O
important O
strategy O
in O
the O
on O
trade O
. O

Meanwhile O
, O
we O
expect O
IP B-Effect
revenue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-double-digit I-Effect
rate I-Effect
, O
bolstered O
by O
a B-Cause
growth I-Cause
in I-Cause
chip I-Cause
customization I-Cause
as O
Moore O
's O
Law O
slows O
and O
chip O
designers O
seek O
to O
differentiate O
their O
products O
. O

The B-Cause
high-quality I-Cause
properties I-Cause
will I-Cause
continue I-Cause
to I-Cause
provide I-Cause
consumers I-Cause
with I-Cause
unique I-Cause
shopping I-Cause
experiences I-Cause
that I-Cause
are I-Cause
hard I-Cause
to I-Cause
replicate I-Cause
elsewhere I-Cause
, O
and O
as O
a O
result O
, O
we O
think O
Simon B-Effect
's I-Effect
portfolio I-Effect
will I-Effect
be I-Effect
sought I-Effect
after I-Effect
by I-Effect
retailers I-Effect
that I-Effect
are I-Effect
increasingly I-Effect
pursuing I-Effect
an I-Effect
omnichannel I-Effect
strategy I-Effect
. O

Although B-Cause
Williams I-Cause
' I-Cause
G I-Cause
& I-Cause
amp I-Cause
; I-Cause
P I-Cause
business I-Cause
is I-Cause
largely I-Cause
protected I-Cause
from I-Cause
direct I-Cause
commodity I-Cause
price I-Cause
sensitivity I-Cause
, I-Cause
the I-Cause
business I-Cause
is I-Cause
sensitive I-Cause
to I-Cause
drilling I-Cause
activity I-Cause
, I-Cause
which I-Cause
can I-Cause
go I-Cause
through I-Cause
cycles I-Cause
based I-Cause
on I-Cause
oil I-Cause
and I-Cause
gas I-Cause
market I-Cause
prices. O
This O
results O
in O
more B-Effect
volatile I-Effect
margins I-Effect
and I-Effect
gives I-Effect
us I-Effect
little I-Effect
confidence I-Effect
that I-Effect
returns I-Effect
on I-Effect
capital I-Effect
in I-Effect
the I-Effect
G I-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
business I-Effect
will I-Effect
be I-Effect
greater I-Effect
than I-Effect
Williams I-Effect
' I-Effect
cost I-Effect
of I-Effect
capital I-Effect
on I-Effect
a I-Effect
sustainable I-Effect
basis I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

The B-Effect
availability I-Effect
and I-Effect
pricing I-Effect
of I-Effect
agricultural I-Effect
products I-Effect
are O
subject O
to O
unpredictable B-Cause
factors I-Cause
such I-Cause
as I-Cause
weather I-Cause
, I-Cause
planting I-Cause
, I-Cause
disease I-Cause
, I-Cause
and I-Cause
government I-Cause
programs I-Cause
. O

First O
, O
we O
see O
an B-Effect
increased I-Effect
adoption I-Effect
of I-Effect
contact I-Effect
lenses I-Effect
worldwide I-Effect
, O
largely O
in O
emerging O
markets O
, O
as O
the B-Cause
unprecedented I-Cause
rise I-Cause
in I-Cause
myopia I-Cause
, O
particularly O
in O
the O
underpenetrated O
Asian O
market O
, O
presents O
long-term O
growth O
opportunities O
above O
historical O
adoption O
rates O
. O

Further O
, O
the B-Cause
increased I-Cause
competition I-Cause
for I-Cause
apartment I-Cause
assets I-Cause
combined I-Cause
with I-Cause
increasing I-Cause
construction I-Cause
costs I-Cause
is O
reducing B-Effect
the I-Effect
company I-Effect
's I-Effect
development I-Effect
pipeline I-Effect
, O
one O
of O
its O
core O
competencies O
, O
as O
the O
company O
has O
found O
it O
difficult O
to O
source O
accretive O
projects O
. O

Market O
share O
in O
the O
global O
plasma-derived O
protein O
business O
is O
concentrated O
among O
a O
small O
number O
of O
global O
players O
, O
and O
Grifols B-Effect
lifted I-Effect
itself I-Effect
to I-Effect
the I-Effect
level I-Effect
of I-Effect
competitors I-Effect
Takeda I-Effect
and I-Effect
CSL I-Effect
with O
the B-Cause
$ I-Cause
3.7 I-Cause
billion I-Cause
acquisition I-Cause
of I-Cause
Talecris I-Cause
in O
2011 O
. O

Brand B-Effect
loyalty I-Effect
tends I-Effect
to I-Effect
be I-Effect
higher I-Effect
in O
consumer B-Cause
product I-Cause
categories I-Cause
where I-Cause
real I-Cause
product I-Cause
differentiation I-Cause
is I-Cause
achievable I-Cause
, O
or O
at O
least O
where O
the O
perception O
of O
product O
differentiation O
is O
high O
, O
as O
is O
the O
case O
in O
aged O
spirits O
. O

For O
2021 O
, O
we O
expect O
total B-Effect
revenue I-Effect
to I-Effect
rise I-Effect
9 I-Effect
% I-Effect
-10 I-Effect
% I-Effect
as O
heightened B-Cause
retailer I-Cause
restocking I-Cause
drives I-Cause
strong I-Cause
demand I-Cause
across I-Cause
all I-Cause
segments I-Cause
throughout I-Cause
the I-Cause
first I-Cause
half I-Cause
, I-Cause
and I-Cause
as I-Cause
intermodal I-Cause
network I-Cause
inefficiencies I-Cause
subside I-Cause
. O

With O
an B-Cause
improved I-Cause
regulatory I-Cause
framework I-Cause
in I-Cause
Missouri I-Cause
, O
management B-Effect
is I-Effect
keeping I-Effect
its I-Effect
promise I-Effect
to I-Effect
invest I-Effect
in I-Effect
jurisdictions I-Effect
that I-Effect
support I-Effect
investment I-Effect
. O

More B-Cause
effective I-Cause
brand I-Cause
spending I-Cause
should O
enable O
Kellogg O
to O
better B-Effect
weather I-Effect
competitive I-Effect
pressures I-Effect
, O
and O
as O
a O
result O
of O
its O
brand B-Cause
spending I-Cause
, O
we O
think O
its O
products O
will O
uphold B-Effect
strong I-Effect
positions I-Effect
in I-Effect
their I-Effect
respective I-Effect
categories I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. I-Effect

The B-Cause
permanent I-Cause
segment I-Cause
is I-Cause
more I-Cause
sensitive I-Cause
to I-Cause
the I-Cause
economy I-Cause
; O
therefore O
, O
we O
estimate O
the B-Effect
segment I-Effect
will I-Effect
grow I-Effect
higher I-Effect
at I-Effect
a I-Effect
roughly I-Effect
8 I-Effect
% I-Effect
CAGR I-Effect
during I-Effect
our I-Effect
forecast I-Effect
period I-Effect
. O

Through O
a O
tiered O
GPO O
pricing O
system O
and O
multi-year O
contracts O
based O
on O
guaranteed O
volumes O
, O
hospitals O
are O
incentivized O
to O
work O
with O
the O
lowest-priced O
vendors O
in O
specific O
niches O
, O
which O
can O
often O
create B-Cause
a I-Cause
virtuous I-Cause
cycle I-Cause
of I-Cause
benefiting I-Cause
the I-Cause
companies I-Cause
with O
the B-Effect
largest I-Effect
economies I-Effect
of I-Effect
scale I-Effect
or I-Effect
scope I-Effect
within I-Effect
a I-Effect
particular I-Effect
niche I-Effect
. O

While O
three O
of O
the O
five O
races O
were O
on O
the O
2020 O
schedule O
, O
all O
five O
of O
the O
promoters O
cited O
the O
high B-Cause
hosting I-Cause
fees I-Cause
as O
one O
of O
the O
main O
issues O
hindering O
renewals B-Effect
. O

We O
're O
anticipating O
aircraft B-Cause
retirements I-Cause
will I-Cause
accelerate I-Cause
because O
of O
the B-Cause
pandemic I-Cause
, O
which O
reduces B-Effect
the I-Effect
number I-Effect
of I-Effect
out-of-warranty I-Effect
aircraft I-Effect
and I-Effect
thus I-Effect
Heico I-Effect
's I-Effect
addressable I-Effect
market I-Effect
for I-Effect
repair I-Effect
parts I-Effect
. O

Independent O
hotels O
must O
continue O
to O
find O
ways O
to O
stand B-Effect
out I-Effect
through I-Effect
either O
exceptional B-Cause
service I-Cause
, I-Cause
which I-Cause
increases I-Cause
operational I-Cause
risk I-Cause
, O
or O
lower B-Cause
prices I-Cause
, I-Cause
which I-Cause
reduces I-Cause
profits I-Cause
to I-Cause
the I-Cause
hotel I-Cause
owner I-Cause
, O
to O
compete B-Effect
with I-Effect
the I-Effect
growing I-Effect
loyalty I-Effect
programs I-Effect
. O

Recent B-Effect
transaction I-Effect
revenue I-Effect
has I-Effect
been I-Effect
elevated I-Effect
by I-Effect
$ I-Effect
0 I-Effect
commission I-Effect
trades I-Effect
and I-Effect
market I-Effect
volatility I-Effect
caused O
by O
COVID-19 B-Cause
's I-Cause
effect I-Cause
on I-Cause
the I-Cause
economy I-Cause
. O

We O
do O
not O
except O
acquisitions B-Cause
to O
detract O
from O
Sandvik O
's O
investments O
into O
product O
innovation O
, O
which O
has O
been O
a O
common O
feature O
and O
helped O
contribute B-Effect
to I-Effect
its I-Effect
strong I-Effect
market I-Effect
position I-Effect
in I-Effect
the I-Effect
electrification I-Effect
and I-Effect
automation I-Effect
of I-Effect
underground I-Effect
mining I-Effect
equipment I-Effect
. O

The O
company O
has O
made O
improvements O
in O
its O
supply O
chain O
and O
we O
think O
it B-Effect
can I-Effect
achieve I-Effect
cost I-Effect
efficiencies I-Effect
as O
its B-Cause
men I-Cause
's I-Cause
and I-Cause
international I-Cause
businesses I-Cause
grow I-Cause
. O

M O
& O
T O
has O
done O
a O
good O
job O
of O
using B-Cause
mergers I-Cause
to O
gain B-Effect
access I-Effect
to I-Effect
worthwhile I-Effect
regions I-Effect
and I-Effect
customers I-Effect
and O
has O
been O
effective O
in O
integrating O
operations O
. O

We O
have O
assumed O
that O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
will O
drive B-Effect
organic I-Effect
revenue I-Effect
decline I-Effect
for I-Effect
the I-Effect
firm I-Effect
in I-Effect
2020 I-Effect
, O
with O
recovery O
being O
a O
slow O
and O
gradual O
one O
. O

Also O
, O
in O
2021 O
, O
Qiagen B-Cause
aims I-Cause
to I-Cause
introduce I-Cause
a I-Cause
new I-Cause
TB I-Cause
tool I-Cause
to O
expand B-Effect
in I-Effect
low I-Effect
resource I-Effect
countries I-Effect
that I-Effect
do I-Effect
not I-Effect
have I-Effect
access I-Effect
to I-Effect
modern I-Effect
laboratory I-Effect
infrastructures I-Effect
. O

Should O
the B-Cause
government I-Cause
be I-Cause
unable I-Cause
to I-Cause
impose I-Cause
fiscal I-Cause
austerity I-Cause
, O
we O
would O
expect O
accelerating B-Effect
inflation I-Effect
and I-Effect
significant I-Effect
declines I-Effect
in I-Effect
the I-Effect
value I-Effect
of I-Effect
Brazil I-Effect
's I-Effect
sovereign I-Effect
bonds I-Effect
that I-Effect
account I-Effect
for I-Effect
approximately I-Effect
160 I-Effect
% I-Effect
of I-Effect
Itau I-Effect
's I-Effect
equity I-Effect
. O

Natural B-Cause
and I-Cause
organic I-Cause
product I-Cause
sales I-Cause
are I-Cause
growing I-Cause
around I-Cause
mid- I-Cause
to I-Cause
high I-Cause
single I-Cause
digits I-Cause
annually I-Cause
, I-Cause
while I-Cause
the I-Cause
overall I-Cause
food I-Cause
and I-Cause
beverage I-Cause
market I-Cause
grows I-Cause
about I-Cause
2 I-Cause
% I-Cause
. O
Therefore O
, O
we O
think O
the B-Effect
category I-Effect
can I-Effect
approximate I-Effect
a I-Effect
mid- I-Effect
to I-Effect
high I-Effect
teens I-Effect
level I-Effect
of I-Effect
domestic I-Effect
food I-Effect
and I-Effect
beverage I-Effect
sales I-Effect
over I-Effect
the I-Effect
course I-Effect
of I-Effect
the I-Effect
next I-Effect
two I-Effect
decades I-Effect
. O

In O
recent O
years O
Nordson B-Cause
has I-Cause
focused I-Cause
on I-Cause
growing I-Cause
its I-Cause
medical I-Cause
business I-Cause
through I-Cause
acquisitions I-Cause
, O
which O
has O
increased B-Effect
the I-Effect
firm I-Effect
's I-Effect
recurring I-Effect
revenue I-Effect
from I-Effect
consumables I-Effect
. O

We O
believe O
that O
Splunk B-Effect
's I-Effect
wide I-Effect
array I-Effect
of I-Effect
products I-Effect
that I-Effect
employ I-Effect
machine-learning I-Effect
capabilities I-Effect
to I-Effect
support I-Effect
essential I-Effect
operations I-Effect
benefit O
from O
high B-Cause
customer I-Cause
switching I-Cause
costs I-Cause
and I-Cause
network I-Cause
effects I-Cause
, O
as O
supported O
by O
strong O
user O
metrics O
. O

We O
think O
the B-Cause
firm I-Cause
will I-Cause
keep I-Cause
research I-Cause
and I-Cause
development I-Cause
expenditures I-Cause
above I-Cause
4 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
order I-Cause
to O
keep O
an B-Effect
innovation I-Effect
lead I-Effect
in I-Effect
circuit I-Effect
protection I-Effect
and I-Effect
further I-Effect
develop I-Effect
its I-Effect
semiconductor I-Effect
portfolio I-Effect
. O

We O
now O
expect O
the B-Effect
RSN I-Effect
segment I-Effect
to I-Effect
be I-Effect
challenged I-Effect
on I-Effect
affiliate I-Effect
fee I-Effect
growth I-Effect
as O
the B-Cause
distributors I-Cause
push I-Cause
back I-Cause
on I-Cause
fee I-Cause
increases I-Cause
and I-Cause
overall I-Cause
pay-television I-Cause
subscribers I-Cause
decline I-Cause
. O

We O
think O
this B-Cause
continued I-Cause
innovation I-Cause
results O
in O
a B-Effect
persistent I-Effect
cost I-Effect
advantage I-Effect
for I-Effect
Corning I-Effect
's I-Effect
optical I-Effect
business I-Effect
, I-Effect
with I-Effect
gross I-Effect
margins I-Effect
consistently I-Effect
more I-Effect
than I-Effect
1,000 I-Effect
basis I-Effect
points I-Effect
above I-Effect
those I-Effect
of I-Effect
YOFC I-Effect
, I-Effect
its I-Effect
closest I-Effect
peer I-Effect
in I-Effect
global I-Effect
market I-Effect
share I-Effect
. O

Due O
to O
the B-Cause
high I-Cause
capital I-Cause
requirements I-Cause
and I-Cause
multiple I-Cause
moving I-Cause
parts I-Cause
, I-Cause
each I-Cause
with I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
uncertainty I-Cause
, O
we O
believe O
the B-Effect
outlook I-Effect
for I-Effect
Rolls-Royce I-Effect
and I-Effect
the I-Effect
successful I-Effect
implementation I-Effect
of I-Effect
its I-Effect
long-term I-Effect
growth I-Effect
strategy I-Effect
to I-Effect
be I-Effect
highly I-Effect
uncertain I-Effect
. O

The B-Cause
regulatory I-Cause
framework I-Cause
includes I-Cause
historical I-Cause
instead O
of O
forward-looking O
which O
usually O
results O
in O
ROEs B-Effect
being I-Effect
less I-Effect
than I-Effect
allowed I-Effect
, I-Effect
or I-Effect
regulatory I-Effect
lag I-Effect
. O

We O
think O
that B-Cause
combining I-Cause
digital I-Cause
solutions I-Cause
with I-Cause
its I-Cause
equipment I-Cause
will O
allow O
Colfax B-Effect
to I-Effect
create I-Effect
stickier I-Effect
customer I-Effect
relationships I-Effect
by I-Effect
offering I-Effect
an I-Effect
integrated I-Effect
package I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
strong I-Cause
retention I-Cause
, I-Cause
continued I-Cause
development I-Cause
of I-Cause
new I-Cause
applications I-Cause
, I-Cause
increasing I-Cause
penetration I-Cause
within I-Cause
existing I-Cause
customers I-Cause
, I-Cause
addition I-Cause
of I-Cause
new I-Cause
customers I-Cause
, I-Cause
and I-Cause
expansion I-Cause
into I-Cause
industries I-Cause
outside I-Cause
of I-Cause
life I-Cause
sciences I-Cause
should O
allow O
the B-Effect
company I-Effect
to I-Effect
extend I-Effect
its I-Effect
market I-Effect
leadership I-Effect
, O
in O
our O
view O
. O

Runaway B-Cause
inflation I-Cause
and I-Cause
falling I-Cause
disposable I-Cause
incomes I-Cause
in I-Cause
markets I-Cause
like I-Cause
Argentina I-Cause
make O
it O
increasingly B-Effect
difficult I-Effect
to I-Effect
maintain I-Effect
appropriate I-Effect
economics I-Effect
while I-Effect
delivering I-Effect
affordability I-Effect
to I-Effect
its I-Effect
consumers I-Effect
. O

We O
are O
increasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Mastercard I-Effect
to O
$ O
320 O
per O
share O
from O
$ O
312 O
, O
primarily O
due O
to O
time B-Cause
value I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

NRG B-Effect
also I-Effect
faces I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risk I-Effect
, O
given O
its B-Cause
fossil I-Cause
fuel I-Cause
power I-Cause
generation I-Cause
fleet I-Cause
as I-Cause
regulators I-Cause
and I-Cause
politicians I-Cause
are I-Cause
embracing I-Cause
tighter I-Cause
carbon I-Cause
emissions I-Cause
policies I-Cause
. O

We O
think O
that O
this B-Effect
leverage I-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
remain I-Effect
on I-Effect
the I-Effect
firms I-Effect
' I-Effect
balance I-Effect
sheets I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
because O
airlines B-Cause
do I-Cause
not I-Cause
generate I-Cause
enough I-Cause
free I-Cause
cash I-Cause
flow I-Cause
to I-Cause
take I-Cause
this I-Cause
kind I-Cause
of I-Cause
debt I-Cause
of I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
in I-Cause
short I-Cause
order I-Cause
. O

Demand B-Effect
for I-Effect
autos I-Effect
is I-Effect
highly I-Effect
cyclical I-Effect
and O
influenced B-Cause
by I-Cause
employment I-Cause
levels I-Cause
, I-Cause
interest I-Cause
rates I-Cause
, I-Cause
and I-Cause
the I-Cause
availability I-Cause
of I-Cause
credit I-Cause
to I-Cause
consumers I-Cause
. O

New-use B-Cause
cases I-Cause
allow O
TE B-Effect
to I-Effect
sell I-Effect
new I-Effect
, I-Effect
higher-priced I-Effect
SKUs I-Effect
into O
an O
end O
product O
alongside O
its O
incumbent O
positions O
, O
growing O
the O
firm O
's O
overall O
content O
. O

We O
think O
Nvidia B-Cause
will I-Cause
capture I-Cause
a I-Cause
healthy I-Cause
portion I-Cause
of I-Cause
the I-Cause
self-driving I-Cause
opportunity I-Cause
, O
culminating B-Effect
in I-Effect
a I-Effect
24 I-Effect
% I-Effect
CAGR I-Effect
in I-Effect
automotive I-Effect
revenue I-Effect
through I-Effect
fiscal I-Effect
2026 I-Effect
, O
following O
a O
soft O
fiscal O
2021 O
due O
to O
COVID-19 O
. O

Macy B-Effect
's I-Effect
recorded I-Effect
a I-Effect
29 I-Effect
% I-Effect
revenue I-Effect
decline I-Effect
and I-Effect
large I-Effect
operating I-Effect
loss I-Effect
in I-Effect
2020 I-Effect
due O
to O
store B-Cause
closures I-Cause
and I-Cause
economic I-Cause
fallout I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
crisis I-Cause
, O
but O
we O
expect O
profitability O
to O
return O
in O
2021 O
, O
with O
EPS O
of O
$ O
0.72 O
. O

In B-Cause
several I-Cause
of I-Cause
the I-Cause
categories I-Cause
in I-Cause
which I-Cause
it I-Cause
plays I-Cause
, I-Cause
Clorox I-Cause
's I-Cause
primary I-Cause
competition I-Cause
is I-Cause
private-label I-Cause
fare I-Cause
, O
so O
product B-Effect
innovation I-Effect
and I-Effect
marketing I-Effect
support I-Effect
are I-Effect
essential I-Effect
to I-Effect
ensure I-Effect
differentiation I-Effect
from I-Effect
these I-Effect
lower-priced I-Effect
offerings I-Effect
. O

We O
attribute O
the O
sales O
retreat O
to O
an B-Cause
inability I-Cause
to I-Cause
effectively I-Cause
pivot I-Cause
its I-Cause
mix I-Cause
to I-Cause
align I-Cause
with I-Cause
consumer I-Cause
trends I-Cause
, O
which O
has O
also O
constrained B-Effect
profitability I-Effect
. O

Strong B-Effect
growth I-Effect
in I-Effect
core I-Effect
Agco I-Effect
European I-Effect
and I-Effect
North I-Effect
American I-Effect
markets I-Effect
during I-Effect
2018 I-Effect
was O
a O
function O
of O
pent-up B-Cause
replacement I-Cause
demand I-Cause
after I-Cause
years I-Cause
of I-Cause
weaker I-Cause
sales I-Cause
. O

We B-Effect
expect I-Effect
that I-Effect
Studio I-Effect
Canal I-Effect
will I-Effect
take I-Effect
until I-Effect
2022 I-Effect
to I-Effect
return I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
as O
the B-Cause
studio I-Cause
took I-Cause
the I-Cause
biggest I-Cause
hit I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
among I-Cause
the I-Cause
Canal+ I-Cause
properties I-Cause
. O

We O
believe O
Macao B-Effect
has I-Effect
a I-Effect
strong I-Effect
structural I-Effect
demand I-Effect
story I-Effect
, O
supported O
by O
the B-Cause
extremely I-Cause
low I-Cause
penetration I-Cause
rate I-Cause
of I-Cause
2 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
, O
compared O
with O
Las O
Vegas O
' O
13 O
% O
. O

Conversely O
, O
we O
think O
there O
is O
a O
risk O
that O
the O
archaic B-Cause
structure I-Cause
of I-Cause
an I-Cause
industry I-Cause
characterized I-Cause
by I-Cause
minimal I-Cause
price I-Cause
transparency I-Cause
prevents O
consumers B-Effect
from I-Effect
ever I-Effect
fully I-Effect
appreciating I-Effect
Redfin I-Effect
's I-Effect
true I-Effect
value I-Effect
proposition I-Effect
. O

Considering B-Cause
that I-Cause
grueling I-Cause
schedule I-Cause
for I-Cause
an I-Cause
already I-Cause
very I-Cause
sick I-Cause
patient I-Cause
, O
adding B-Effect
commute I-Effect
time I-Effect
to I-Effect
and I-Effect
from I-Effect
the I-Effect
treatment I-Effect
facility I-Effect
remains I-Effect
a I-Effect
major I-Effect
point I-Effect
of I-Effect
concern I-Effect
when I-Effect
physicians I-Effect
and I-Effect
patients I-Effect
determine I-Effect
their I-Effect
individual I-Effect
treatment I-Effect
plans I-Effect
. O

We O
expect O
adjusted B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
grow I-Effect
over I-Effect
the I-Effect
forecast I-Effect
period I-Effect
as O
investment B-Cause
spending I-Cause
begins I-Cause
to I-Cause
level I-Cause
off I-Cause
and I-Cause
from I-Cause
highly I-Cause
incremental I-Cause
Workforce I-Cause
Solutions I-Cause
revenue I-Cause
. O

As B-Effect
customers I-Effect
add I-Effect
policies I-Effect
, I-Effect
they I-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
rely I-Effect
on I-Effect
an I-Effect
agent I-Effect
who O
can O
help B-Cause
them I-Cause
customize I-Cause
their I-Cause
policies I-Cause
and I-Cause
save I-Cause
them I-Cause
money I-Cause
through I-Cause
bundling I-Cause
. O

Further O
, O
as O
L3Harris B-Cause
uses I-Cause
internal I-Cause
funds I-Cause
to I-Cause
develop I-Cause
products I-Cause
, O
so O
the B-Effect
firm I-Effect
retains I-Effect
the I-Effect
risk I-Effect
that I-Effect
it I-Effect
develops I-Effect
products I-Effect
that I-Effect
do I-Effect
not I-Effect
resonate I-Effect
with I-Effect
the I-Effect
customer I-Effect
. O

With O
strong B-Cause
efficacy I-Cause
and I-Cause
pricing I-Cause
power I-Cause
, O
Vertex B-Effect
's I-Effect
cystic I-Effect
fibrosis I-Effect
portfolio I-Effect
has I-Effect
the I-Effect
potential I-Effect
to I-Effect
contribute I-Effect
over I-Effect
$ I-Effect
11 I-Effect
billion I-Effect
in I-Effect
2030 I-Effect
sales I-Effect
compared O
with O
just O
over O
$ O
4 O
billion O
in O
2019 O
. O

Following O
strong B-Cause
full-year I-Cause
2020 I-Cause
results I-Cause
and I-Cause
a I-Cause
favorable I-Cause
outlook I-Cause
for I-Cause
2021 I-Cause
, O
we B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to O
$ O
158 O
from O
$ O
147 O
. O

In O
our O
opinion O
, O
with O
this B-Cause
type I-Cause
of I-Cause
information I-Cause
about I-Cause
each I-Cause
one I-Cause
of I-Cause
its I-Cause
2.5 I-Cause
billion I-Cause
monthly I-Cause
active I-Cause
users I-Cause
, O
Facebook B-Cause
provides I-Cause
unique I-Cause
and I-Cause
attractive I-Cause
advertising I-Cause
opportunities I-Cause
for I-Cause
advertisers I-Cause
and I-Cause
businesses I-Cause
, O
which O
will O
allow B-Effect
the I-Effect
firm I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over I-Effect
time I-Effect
. O

This B-Effect
attribute I-Effect
is I-Effect
highly I-Effect
valuable I-Effect
to I-Effect
shippers I-Effect
throughout I-Effect
the I-Effect
cycle I-Effect
, I-Effect
partly I-Effect
because O
the B-Cause
capacity I-Cause
base I-Cause
comprises I-Cause
very I-Cause
small I-Cause
carriers I-Cause
and I-Cause
also I-Cause
due I-Cause
to I-Cause
secular I-Cause
constraints I-Cause
on I-Cause
driver I-Cause
availability I-Cause
that I-Cause
often I-Cause
limits I-Cause
truckload-industry I-Cause
capacity I-Cause
growth I-Cause
. O

Finally O
, O
it O
is O
typically O
cheaper B-Effect
for I-Effect
an I-Effect
incumbent I-Effect
pipeline I-Effect
to O
add B-Cause
capacity I-Cause
via I-Cause
compression I-Cause
, I-Cause
pumps I-Cause
, I-Cause
or I-Cause
a I-Cause
parallel I-Cause
line I-Cause
than I-Cause
it I-Cause
would I-Cause
be I-Cause
for I-Cause
a I-Cause
competitor I-Cause
to I-Cause
build I-Cause
a I-Cause
competing I-Cause
line I-Cause
. O

Home B-Effect
Depot I-Effect
's I-Effect
sales I-Effect
are O
largely O
driven O
by O
improved B-Cause
consumer I-Cause
willingness I-Cause
to I-Cause
spend I-Cause
thanks I-Cause
to I-Cause
rising I-Cause
home I-Cause
prices I-Cause
and I-Cause
still-decent I-Cause
turnover I-Cause
. O

Buoyed O
by O
growing B-Cause
demand I-Cause
for I-Cause
radiotherapy I-Cause
, O
or O
RT B-Effect
, I-Effect
Varian I-Effect
and I-Effect
main I-Effect
competitor I-Effect
Elekta I-Effect
should I-Effect
enjoy I-Effect
sales I-Effect
momentum I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
particularly O
in O
the O
emerging O
markets O
. O

For O
each O
of O
these O
firms O
, O
a B-Cause
monumental I-Cause
breach I-Cause
is O
probably O
low O
, O
but O
if O
it O
were O
to O
happen O
, O
especially O
if O
due O
to O
company O
negligence O
, O
the B-Effect
financial I-Effect
and I-Effect
reputational I-Effect
damage I-Effect
could O
be O
severe O
. O

If O
that O
offering B-Cause
is I-Cause
compelling I-Cause
enough I-Cause
, O
more B-Effect
employers I-Effect
will I-Effect
be I-Effect
attracted I-Effect
to I-Effect
Cigna I-Effect
's I-Effect
insurance I-Effect
plans I-Effect
in I-Effect
those I-Effect
communities I-Effect
, O
and O
local O
service O
providers O
, O
such O
as O
hospitals O
and O
physician O
groups O
, O
will O
have B-Cause
more I-Cause
incentive I-Cause
to I-Cause
join I-Cause
Cigna I-Cause
's I-Cause
insurance I-Cause
networks I-Cause
to O
gain B-Effect
access I-Effect
to I-Effect
the I-Effect
large I-Effect
, I-Effect
growing I-Effect
membership I-Effect
rolls I-Effect
. O

We O
believe O
that O
VeriSign B-Cause
's I-Cause
strong I-Cause
operating I-Cause
history I-Cause
( O
over O
21 O
years O
of O
continuous O
availability O
of O
the O
.net O
and O
.com O
domain O
name O
systems O
) O
makes O
it B-Cause
highly I-Cause
likely I-Cause
that I-Cause
it I-Cause
will I-Cause
continue I-Cause
to I-Cause
see I-Cause
its I-Cause
key I-Cause
contracts I-Cause
renewed I-Cause
, O
providing B-Effect
room I-Effect
for I-Effect
additional I-Effect
revenue I-Effect
growth I-Effect
while I-Effect
maintaining I-Effect
exceptional I-Effect
operating I-Effect
margins I-Effect
. O

In O
2014 O
, O
the B-Cause
firm I-Cause
tripled I-Cause
in I-Cause
size I-Cause
by I-Cause
adding I-Cause
Motorola I-Cause
Solutions I-Cause
' I-Cause
enterprise I-Cause
unit I-Cause
, O
which O
added B-Effect
data I-Effect
capture I-Effect
, I-Effect
radio I-Effect
frequency I-Effect
identification I-Effect
, I-Effect
and I-Effect
mobile I-Effect
computing I-Effect
capabilities I-Effect
to I-Effect
its I-Effect
legacy I-Effect
barcode I-Effect
printing I-Effect
business I-Effect
. O

Expected O
growth B-Effect
drivers I-Effect
are O
ongoing B-Cause
rig I-Cause
activity I-Cause
, O
ethane B-Cause
recovery I-Cause
, O
and O
reducing B-Cause
flared I-Cause
gas I-Cause
, O
and O
every O
25,000 O
incremental O
bpd O
is O
about O
$ O
100 O
million O
in O
incremental O
EBITDA O
. O

Synchrony B-Cause
's I-Cause
partners I-Cause
are I-Cause
likely I-Cause
to I-Cause
demand I-Cause
more I-Cause
from I-Cause
it I-Cause
, O
and O
the B-Effect
company I-Effect
will I-Effect
be I-Effect
forced I-Effect
to I-Effect
accept I-Effect
lower I-Effect
margins I-Effect
or O
risk B-Cause
losing I-Cause
more I-Cause
partners I-Cause
to I-Cause
competitors I-Cause
. O

Consequently O
, O
Lam B-Effect
is I-Effect
poised I-Effect
to I-Effect
grow I-Effect
faster I-Effect
than I-Effect
the I-Effect
overall I-Effect
equipment I-Effect
industry I-Effect
, O
as O
we B-Cause
think I-Cause
it I-Cause
can I-Cause
capture I-Cause
a I-Cause
larger I-Cause
share I-Cause
of I-Cause
the I-Cause
market I-Cause
with I-Cause
technically I-Cause
superior I-Cause
tools I-Cause
. O

We O
contend O
this B-Effect
channel I-Effect
shift I-Effect
to I-Effect
mobile/digital I-Effect
has I-Effect
been I-Effect
beneficial I-Effect
as O
it B-Cause
is I-Cause
easier I-Cause
to I-Cause
promote I-Cause
sides I-Cause
and I-Cause
drinks I-Cause
leading I-Cause
to I-Cause
larger I-Cause
tickets I-Cause
while I-Cause
also I-Cause
reducing I-Cause
labor I-Cause
needs I-Cause
and I-Cause
increasing I-Cause
order I-Cause
accuracy I-Cause
. O

Although O
management O
believes O
that O
equity O
placements O
are O
becoming O
less O
connected O
to O
secondary O
flows O
, O
we O
are O
unconvinced O
that O
the B-Cause
move I-Cause
away I-Cause
from I-Cause
equities I-Cause
trading I-Cause
will O
not O
affect O
Deutsche B-Effect
's I-Effect
IPO I-Effect
business I-Effect
. O

In O
essence O
, O
we O
believe O
Square B-Effect
's I-Effect
success I-Effect
has I-Effect
largely I-Effect
come I-Effect
from I-Effect
expanding I-Effect
the I-Effect
acquiring I-Effect
market I-Effect
, O
as O
opposed B-Cause
to I-Cause
stealing I-Cause
material I-Cause
share I-Cause
from I-Cause
existing I-Cause
players I-Cause
. O

New O
stores O
should O
drive B-Effect
capital I-Effect
spending I-Effect
; O
we O
anticipate O
Sprouts O
outlays O
3 O
% O
of O
sales O
in O
the O
long O
term O
( O
after O
a O
slowdown O
in O
store O
openings O
in O
fiscal O
2020 O
) O
, O
lower O
than O
its O
4 O
% O
three-year O
average O
as O
new B-Cause
unit I-Cause
costs I-Cause
become I-Cause
a I-Cause
smaller I-Cause
portion I-Cause
of I-Cause
the I-Cause
sales I-Cause
base I-Cause
. O

We O
think O
the B-Effect
value I-Effect
of I-Effect
Tencent I-Effect
's I-Effect
network I-Effect
increases I-Effect
for I-Effect
both I-Effect
new I-Effect
and I-Effect
existing I-Effect
users I-Effect
as O
more B-Cause
users I-Cause
adopt I-Cause
WeChat I-Cause
and I-Cause
mobile I-Cause
QQ I-Cause
. O

Furthermore O
, O
registry B-Effect
programs I-Effect
like I-Effect
The I-Effect
One I-Effect
and I-Effect
loyalty I-Effect
plans I-Effect
such I-Effect
as I-Effect
The I-Effect
Key I-Effect
could I-Effect
further I-Effect
enhance I-Effect
transaction I-Effect
cadence I-Effect
of I-Effect
existing I-Effect
customers I-Effect
and I-Effect
marketing I-Effect
efficiency I-Effect
as O
the B-Cause
firm I-Cause
better I-Cause
understands I-Cause
its I-Cause
customers I-Cause
' I-Cause
desires I-Cause
. O

The B-Cause
more I-Cause
consumers I-Cause
that I-Cause
are I-Cause
plugged I-Cause
into I-Cause
a I-Cause
payment I-Cause
network I-Cause
, I-Cause
the I-Cause
more I-Cause
attractive I-Cause
that I-Cause
payment I-Cause
network I-Cause
becomes I-Cause
for I-Cause
merchants I-Cause
, I-Cause
which I-Cause
in I-Cause
turn I-Cause
makes I-Cause
the I-Cause
network I-Cause
more I-Cause
convenient I-Cause
for I-Cause
consumers I-Cause
, I-Cause
and I-Cause
so I-Cause
on. O
This O
explains O
why O
a B-Effect
handful I-Effect
of I-Effect
networks I-Effect
have I-Effect
come I-Effect
to I-Effect
dominate I-Effect
electronic I-Effect
payments I-Effect
, I-Effect
and I-Effect
at I-Effect
this I-Effect
point I-Effect
, I-Effect
Visa I-Effect
has I-Effect
reached I-Effect
essentially I-Effect
universal I-Effect
acceptance I-Effect
in I-Effect
most I-Effect
developed I-Effect
markets I-Effect
. O

We O
also O
see O
the B-Cause
leverage I-Cause
of I-Cause
the I-Cause
Canadian I-Cause
consumer I-Cause
as I-Cause
a I-Cause
risk I-Cause
, O
which O
could O
result O
in O
greater B-Effect
potential I-Effect
for I-Effect
consumer I-Effect
defaults I-Effect
as I-Effect
well I-Effect
as I-Effect
a I-Effect
longer I-Effect
period I-Effect
of I-Effect
decreased I-Effect
economic I-Effect
demand I-Effect
. O

Through O
the O
Danaher O
Business O
System O
, O
Danaher B-Cause
aims I-Cause
for I-Cause
continuous I-Cause
improvement I-Cause
of I-Cause
its I-Cause
scientific I-Cause
technology I-Cause
portfolio I-Cause
by I-Cause
seeking I-Cause
out I-Cause
attractive I-Cause
markets I-Cause
and O
then O
making B-Effect
acquisitions I-Effect
to I-Effect
enter I-Effect
or I-Effect
expand I-Effect
within I-Effect
those I-Effect
niches I-Effect
. O

We O
think O
this O
incremental O
shelf O
space O
sets O
the O
company O
up O
to O
perform O
well O
in O
the O
upcoming O
year O
, O
but O
we O
acknowledge O
that O
in O
order O
for O
its B-Effect
standing I-Effect
to I-Effect
persist I-Effect
, O
Conagra B-Cause
needs I-Cause
to I-Cause
continue I-Cause
to I-Cause
invest I-Cause
behind I-Cause
innovation I-Cause
and I-Cause
marketing I-Cause
, O
as O
its O
categories O
are O
highly O
competitive O
. O

Given O
the B-Cause
limited I-Cause
capital I-Cause
needs I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
historical B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
have I-Effect
been I-Effect
magnitudes I-Effect
greater I-Effect
than I-Effect
any I-Effect
reasonable I-Effect
estimate I-Effect
of I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

We O
expect O
a B-Effect
portion I-Effect
of I-Effect
the I-Effect
industry I-Effect
's I-Effect
idled I-Effect
paper I-Effect
capacity I-Effect
will I-Effect
be I-Effect
converted I-Effect
to I-Effect
linerboard I-Effect
production I-Effect
, O
attracted B-Cause
by I-Cause
the I-Cause
corrugated I-Cause
packaging I-Cause
industry I-Cause
's I-Cause
healthier I-Cause
economics I-Cause
. O

Consequently O
, O
future O
M O
& O
A O
is O
likely O
to O
be O
highly B-Cause
scrutinized I-Cause
and O
bears B-Effect
a I-Effect
low I-Effect
probability I-Effect
of I-Effect
being I-Effect
successful I-Effect
, O
in O
our O
view O
. O

Over O
the O
long O
run O
, O
we O
think O
this O
combination B-Cause
set I-Cause
up I-Cause
Willis I-Cause
Towers I-Cause
Watson I-Cause
to O
achieve B-Effect
moderate I-Effect
but I-Effect
stable I-Effect
growth I-Effect
and I-Effect
attractive I-Effect
profitability I-Effect
levels I-Effect
. O

Given O
CoreSite B-Cause
's I-Cause
focus I-Cause
on I-Cause
network I-Cause
connection I-Cause
and I-Cause
its I-Cause
small I-Cause
footprint I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
it I-Effect
would I-Effect
be I-Effect
as I-Effect
severely I-Effect
hurt I-Effect
by I-Effect
more I-Effect
efficient I-Effect
server I-Effect
utilization I-Effect
, O
as O
its B-Cause
uniquely I-Cause
connected I-Cause
properties I-Cause
and I-Cause
higher I-Cause
data I-Cause
demand I-Cause
would I-Cause
be I-Cause
mitigators I-Cause
. O

The B-Cause
company I-Cause
operates I-Cause
in I-Cause
a I-Cause
mature I-Cause
oligopoly I-Cause
and I-Cause
the I-Cause
loss I-Cause
of I-Cause
large I-Cause
customers I-Cause
( I-Cause
high I-Cause
customer I-Cause
concentration I-Cause
) I-Cause
, I-Cause
regulatory I-Cause
changes I-Cause
, I-Cause
significant I-Cause
litigation I-Cause
( I-Cause
opioid I-Cause
) I-Cause
, I-Cause
entrant I-Cause
of I-Cause
a I-Cause
new I-Cause
competitor I-Cause
with I-Cause
significant I-Cause
resources I-Cause
or I-Cause
overall I-Cause
market I-Cause
dynamics I-Cause
could O
reduce B-Effect
the I-Effect
ability I-Effect
to I-Effect
negotiate I-Effect
with I-Effect
drug I-Effect
manufacturers I-Effect
and/or I-Effect
customers I-Effect
. O

We O
also O
expect O
healthy B-Effect
growth I-Effect
in I-Effect
the I-Effect
soda I-Effect
portfolio I-Effect
( O
led O
by O
trademark O
Coke O
) O
, O
driven O
by O
the B-Cause
firm I-Cause
's I-Cause
proven I-Cause
ability I-Cause
to I-Cause
deploy I-Cause
revenue I-Cause
growth I-Cause
management I-Cause
tools I-Cause
like I-Cause
price/pack I-Cause
architecture I-Cause
and I-Cause
promotional I-Cause
optimization I-Cause
. O

We O
're O
expecting O
severe B-Effect
near-term I-Effect
headwinds I-Effect
in I-Effect
Pratt I-Effect
& I-Effect
Whitney I-Effect
's I-Effect
commercial I-Effect
segment I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
but O
we O
expect O
Pratt O
commercial O
will O
return O
to O
2019 O
levels O
of O
revenue O
in O
2024 O
. O

Although O
we O
think O
the O
threat O
from O
Amazon O
should O
not O
be O
dismissed O
, O
We O
think O
Amazon B-Cause
would I-Cause
struggle I-Cause
to I-Cause
replicate I-Cause
Wesco I-Cause
's I-Cause
product I-Cause
expertise I-Cause
and I-Cause
high-touch I-Cause
supply-chain I-Cause
management I-Cause
offerings I-Cause
, O
which O
should O
prevent O
Amazon B-Effect
from I-Effect
taking I-Effect
meaningful I-Effect
share I-Effect
from I-Effect
Wesco I-Effect
. O

Still O
, O
the B-Cause
spread I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
represented O
a B-Effect
material I-Effect
headwind I-Effect
to I-Effect
travel I-Effect
demand I-Effect
in I-Effect
2020 I-Effect
, O
and O
we O
estimate O
Airbnb B-Effect
's I-Effect
revenue I-Effect
decline I-Effect
30 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

As O
a O
result O
of O
this B-Cause
high I-Cause
dependence I-Cause
on I-Cause
top I-Cause
customers I-Cause
, O
Cadence B-Effect
can I-Effect
not I-Effect
exercise I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
pricing I-Effect
power I-Effect
and I-Effect
risk I-Effect
losing I-Effect
business I-Effect
to I-Effect
competitors I-Effect
. O

Wells B-Cause
Fargo I-Cause
arguably I-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
best I-Cause
branch I-Cause
networks I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
excels I-Cause
in I-Cause
the I-Cause
middle-market I-Cause
commercial I-Cause
space I-Cause
, I-Cause
and I-Cause
has I-Cause
a I-Cause
strong I-Cause
advisory I-Cause
network. O
This O
gives B-Effect
the I-Effect
bank I-Effect
many I-Effect
of I-Effect
the I-Effect
right I-Effect
pieces I-Effect
for I-Effect
a I-Effect
solid I-Effect
franchise I-Effect
, I-Effect
but I-Effect
operational I-Effect
execution I-Effect
, I-Effect
satisfying I-Effect
regulators I-Effect
, I-Effect
and I-Effect
restoring I-Effect
some I-Effect
operational I-Effect
efficiency I-Effect
remain I-Effect
issues I-Effect
that I-Effect
need I-Effect
to I-Effect
be I-Effect
solved I-Effect
. O

The B-Effect
store I-Effect
is I-Effect
marketed I-Effect
toward I-Effect
professional I-Effect
customers I-Effect
and I-Effect
has I-Effect
consistently I-Effect
gained I-Effect
market I-Effect
share I-Effect
( O
albeit O
off O
a O
low O
base O
) O
, O
largely O
due O
to O
its B-Cause
convenient I-Cause
e-commerce I-Cause
offering I-Cause
( O
33 O
% O
of O
sales O
compared O
with O
3 O
% O
for O
Kingfisher O
's O
other O
retail O
banners O
) O
and O
well-located O
stores O
. O

Its O
three O
Ohio O
distribution O
utilities O
represent O
less O
than O
20 O
% O
of O
operating O
earnings O
, O
and O
Ohio B-Cause
base I-Cause
rates I-Cause
are I-Cause
fixed I-Cause
until I-Cause
May I-Cause
2024 I-Cause
, O
providing B-Effect
ample I-Effect
time I-Effect
for I-Effect
the I-Effect
recently I-Effect
appointed I-Effect
acting I-Effect
CEO I-Effect
to I-Effect
smooth I-Effect
regulatory I-Effect
and I-Effect
political I-Effect
relationships I-Effect
. O

Customer O
growth O
continues O
well O
above O
1 O
% O
annually O
and O
infrastructure B-Cause
investments I-Cause
support O
our B-Effect
6 I-Effect
% I-Effect
annual I-Effect
long-term I-Effect
earnings I-Effect
growth I-Effect
outlook I-Effect
at I-Effect
the I-Effect
utility I-Effect
. O

As O
preferences B-Cause
in I-Cause
North I-Cause
America I-Cause
and I-Cause
Europe I-Cause
increasingly I-Cause
favor I-Cause
fresh I-Cause
food I-Cause
and I-Cause
consumer I-Cause
packaged I-Cause
goods I-Cause
companies I-Cause
shift I-Cause
to I-Cause
plastics I-Cause
to I-Cause
reduce I-Cause
costs I-Cause
, O
operating B-Effect
rates I-Effect
have I-Effect
softened I-Effect
. O

Moreover O
, O
the B-Cause
company I-Cause
's I-Cause
high I-Cause
fixed I-Cause
costs I-Cause
create I-Cause
a I-Cause
substantial I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
that O
makes O
for O
wide B-Effect
profitability I-Effect
swings I-Effect
in I-Effect
response I-Effect
to I-Effect
relatively I-Effect
small I-Effect
changes I-Effect
in I-Effect
demand I-Effect
. O

We O
forecast O
roughly O
7.5 B-Effect
% I-Effect
average I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
, I-Effect
following I-Effect
a I-Effect
9 I-Effect
% I-Effect
year-over-year I-Effect
decline I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
, I-Cause
soft I-Cause
industrial I-Cause
production I-Cause
, I-Cause
and I-Cause
a I-Cause
slowdown I-Cause
in I-Cause
U.S I-Cause
. I-Cause

The B-Cause
process I-Cause
for I-Cause
producing I-Cause
ready-mixed I-Cause
concrete I-Cause
does I-Cause
n't I-Cause
have I-Cause
the I-Cause
extreme I-Cause
adverse I-Cause
environmental I-Cause
impact I-Cause
of I-Cause
either I-Cause
cement I-Cause
or I-Cause
aggregates I-Cause
, O
so O
opening B-Effect
a I-Effect
new I-Effect
mixing I-Effect
facility I-Effect
tends I-Effect
to I-Effect
meet I-Effect
far I-Effect
less I-Effect
opposition I-Effect
. O

Chevron B-Effect
's I-Effect
returns I-Effect
on I-Effect
capital I-Effect
have I-Effect
suffered I-Effect
during I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
as O
a B-Cause
period I-Cause
of I-Cause
high I-Cause
investment I-Cause
was I-Cause
followed I-Cause
by I-Cause
one I-Cause
of I-Cause
low I-Cause
commodity I-Cause
prices I-Cause
. O

After O
an B-Effect
expected I-Effect
decline I-Effect
in I-Effect
the I-Effect
next I-Effect
two I-Effect
years I-Effect
as O
the B-Cause
lower-margin I-Cause
video I-Cause
ad I-Cause
segment I-Cause
picks I-Cause
up I-Cause
growth I-Cause
as O
content B-Cause
approval I-Cause
and I-Cause
the I-Cause
macroeconomic I-Cause
environment I-Cause
normalize I-Cause
, O
we O
expect O
online B-Effect
ad I-Effect
margins I-Effect
will I-Effect
gradually I-Effect
increase I-Effect
as O
higher-margin B-Cause
social I-Cause
and I-Cause
other I-Cause
advertising I-Cause
is I-Cause
expected I-Cause
to I-Cause
grow I-Cause
faster I-Cause
than I-Cause
media I-Cause
advertising I-Cause
. O

The B-Effect
company I-Effect
plans I-Effect
on I-Effect
deepening I-Effect
its I-Effect
presence I-Effect
in I-Effect
this I-Effect
market I-Effect
in I-Effect
a I-Effect
bid I-Effect
to O
benefit B-Cause
from I-Cause
favorable I-Cause
market I-Cause
dynamics I-Cause
deriving I-Cause
from I-Cause
supply I-Cause
constraints I-Cause
and I-Cause
a I-Cause
growing I-Cause
presence I-Cause
of I-Cause
media I-Cause
technology I-Cause
firms I-Cause
such I-Cause
as I-Cause
Netflix I-Cause
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Ingersoll-Rand I-Effect
to I-Effect
$ I-Effect
46 I-Effect
from I-Effect
$ I-Effect
41 I-Effect
after O
the B-Cause
company I-Cause
announced I-Cause
solid I-Cause
fourth-quarter I-Cause
results I-Cause
. O

Our B-Effect
estimates I-Effect
imply I-Effect
that I-Effect
Adidas I-Effect
will I-Effect
continue I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
, O
as O
we B-Cause
expect I-Cause
market I-Cause
growth I-Cause
of I-Cause
3 I-Cause
% I-Cause
to I-Cause
5 I-Cause
% I-Cause
. O

Thanks O
to O
vast B-Cause
national I-Cause
networks I-Cause
of I-Cause
laboratories I-Cause
, O
the B-Effect
two I-Effect
firms I-Effect
have I-Effect
created I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
and I-Effect
generated I-Effect
substantial I-Effect
cost I-Effect
advantages I-Effect
over I-Effect
regional I-Effect
and I-Effect
hospital I-Effect
labs I-Effect
. O

In O
the O
last O
five O
years O
, O
Shell B-Cause
has I-Cause
taken I-Cause
the I-Cause
necessary I-Cause
steps I-Cause
to I-Cause
remain I-Cause
competitive I-Cause
in I-Cause
a I-Cause
world I-Cause
of I-Cause
$ I-Cause
60/barrel I-Cause
oil I-Cause
by I-Cause
reducing I-Cause
its I-Cause
cost I-Cause
base I-Cause
, O
which O
had O
become B-Effect
bloated I-Effect
after I-Effect
years I-Effect
of I-Effect
high I-Effect
oil I-Effect
prices I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
support I-Effect
our I-Effect
contention I-Effect
, O
as O
it B-Cause
has I-Cause
consistently I-Cause
generated I-Cause
adjusted I-Cause
ROICs I-Cause
above I-Cause
our I-Cause
9 I-Cause
% I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
estimate I-Cause
. O

We O
're O
revising B-Effect
our I-Effect
fiscal I-Effect
2021 I-Effect
organic I-Effect
sales I-Effect
estimate I-Effect
to I-Effect
17.5 I-Effect
% I-Effect
from I-Effect
6.0 I-Effect
% I-Effect
previously I-Effect
and I-Effect
increasing I-Effect
the I-Effect
tax I-Effect
rate I-Effect
to I-Effect
30 I-Effect
% I-Effect
from I-Effect
25.5 I-Effect
% I-Effect
in O
calendar O
2022 O
and O
beyond O
, O
given B-Cause
an I-Cause
expected I-Cause
increase I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. I-Cause

Similar B-Cause
to I-Cause
aggregates I-Cause
and I-Cause
cement I-Cause
, I-Cause
ready-mixed I-Cause
concrete I-Cause
sells I-Cause
for I-Cause
low I-Cause
prices I-Cause
relative I-Cause
to I-Cause
its I-Cause
weight I-Cause
, O
which O
results O
in O
localized B-Effect
markets I-Effect
. O

Okta B-Cause
's I-Cause
solutions I-Cause
becoming I-Cause
more I-Cause
widely I-Cause
accepted I-Cause
have O
allowed O
it B-Effect
to I-Effect
gain I-Effect
larger I-Effect
customer I-Effect
accounts I-Effect
, O
and O
we O
believe O
the O
company O
still O
has O
a O
momentous O
opportunity O
with O
the O
world O
's O
largest O
institutions O
. O

We O
acknowledge O
that O
consolidation B-Cause
( O
and O
the O
increased O
economies O
of O
scale O
that O
follow O
for O
industry O
leaders O
) O
typically O
leads O
to O
greater B-Effect
price I-Effect
competition I-Effect
, O
and O
we B-Effect
expect I-Effect
this I-Effect
to I-Effect
continue I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
as O
China B-Cause
's I-Cause
consumers I-Cause
remain I-Cause
value-conscious I-Cause
amid I-Cause
uneven I-Cause
macroeconomic I-Cause
conditions I-Cause
. O

Combined O
with O
strong O
revenue O
growth O
, O
we O
expect O
slight B-Cause
deceleration I-Cause
of I-Cause
growth I-Cause
in I-Cause
other I-Cause
operating I-Cause
expenses I-Cause
to O
increase B-Effect
operating I-Effect
leverage I-Effect
for I-Effect
Alphabet I-Effect
through I-Effect
2025 I-Effect
. O

This B-Cause
is I-Cause
reflected I-Cause
in I-Cause
the I-Cause
advent I-Cause
of I-Cause
systems I-Cause
companies I-Cause
such I-Cause
as I-Cause
Tesla I-Cause
designing I-Cause
more I-Cause
chips I-Cause
in-house I-Cause
, O
thus O
expanding B-Effect
Cadence I-Effect
's I-Effect
customer I-Effect
base I-Effect
beyond I-Effect
traditional I-Effect
semiconductor I-Effect
designers I-Effect
. O

A B-Effect
reversal I-Effect
could I-Effect
cut I-Effect
demand I-Effect
as O
part B-Cause
failure I-Cause
is I-Cause
tied I-Cause
to I-Cause
vehicle I-Cause
age I-Cause
; O
similarly O
, O
a B-Cause
long-term I-Cause
reduction I-Cause
in I-Cause
miles I-Cause
driven I-Cause
could O
reduce B-Effect
wear I-Effect
and I-Effect
tear I-Effect
. O

We B-Effect
give I-Effect
Waters I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
thanks O
to O
its B-Cause
sticky I-Cause
end I-Cause
markets I-Cause
, I-Cause
especially I-Cause
pharmaceuticals I-Cause
, O
that O
should O
result O
in O
relatively B-Effect
steady I-Effect
demand I-Effect
trends I-Effect
, O
despite O
more O
variability O
in O
its O
other O
major O
end O
markets O
-- O
industrials O
and O
academic/government O
. O

The B-Effect
financial I-Effect
impact I-Effect
can I-Effect
be I-Effect
even I-Effect
more I-Effect
pronounced I-Effect
if I-Effect
there I-Effect
is I-Effect
a I-Effect
2 I-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCswift I-Effect
and I-Effect
significant I-Effect
drop I-Effect
in I-Effect
housing I-Effect
demand I-Effect
because O
homebuilders B-Cause
have I-Cause
less I-Cause
time I-Cause
to I-Cause
adjust I-Cause
to I-Cause
a I-Cause
revised I-Cause
demand I-Cause
outlook I-Cause
. O

However O
, O
we O
think O
focusing B-Cause
on I-Cause
emerging I-Cause
markets I-Cause
will O
cause O
margin B-Effect
contraction I-Effect
because O
of O
price B-Effect
declines I-Effect
triggered O
by O
fierce B-Cause
competition I-Cause
, I-Cause
a I-Cause
worsening I-Cause
product I-Cause
mix I-Cause
, I-Cause
and I-Cause
use I-Cause
of I-Cause
third-party I-Cause
supplies I-Cause
instead I-Cause
of I-Cause
high-margin I-Cause
genuine I-Cause
toners I-Cause
, I-Cause
which I-Cause
is I-Cause
popular I-Cause
in I-Cause
these I-Cause
areas I-Cause
. O

Returns B-Effect
then I-Effect
shifted I-Effect
sharply I-Effect
lower I-Effect
in I-Effect
2014 I-Effect
after O
the O
company B-Cause
's I-Cause
invested I-Cause
capital I-Cause
base I-Cause
increased I-Cause
more I-Cause
than I-Cause
fivefold I-Cause
with I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
SensoryEffects I-Cause
. O

Idex B-Cause
's I-Cause
long-standing I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
and I-Cause
track I-Cause
record I-Cause
of I-Cause
safety I-Cause
allow O
it B-Effect
to I-Effect
retain I-Effect
customer I-Effect
loyalty I-Effect
in I-Effect
these I-Effect
specialized I-Effect
and I-Effect
difficult I-Effect
applications I-Effect
where O
the O
margin O
for O
error O
is O
low O
. O

Finally O
, O
while O
the O
shadow B-Cause
supply I-Cause
created I-Cause
by I-Cause
Airbnb I-Cause
does O
n't O
directly O
compete O
with O
Park O
on O
most O
nights O
, O
it O
does O
limit O
Park O
's O
ability O
to O
push O
rates O
on O
nights O
where O
it O
would O
have O
typically O
generated B-Effect
its I-Effect
highest I-Effect
profits I-Effect
. O

Effective O
cost-cutting O
is O
likely O
to O
keep O
F O
& O
amp O
; O
D O
down O
, O
but O
more B-Effect
is I-Effect
probably I-Effect
needed I-Effect
for I-Effect
returns I-Effect
to I-Effect
improve I-Effect
in B-Cause
the I-Cause
current I-Cause
low-oil-price I-Cause
environment I-Cause
. O

We O
think O
the B-Effect
deal I-Effect
has I-Effect
strategic I-Effect
merit I-Effect
as O
it B-Cause
expands I-Cause
Prudential I-Cause
's I-Cause
direct-to-consumer I-Cause
reach I-Cause
to I-Cause
less I-Cause
affluent I-Cause
customers I-Cause
and O
AssuranceIQ B-Cause
's I-Cause
fee-based I-Cause
revenue I-Cause
has O
limited O
exposure B-Effect
to I-Effect
capital I-Effect
7 I-Effect
Jul I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCmarkets I-Effect
. O

For O
example O
, O
if B-Cause
a I-Cause
trader I-Cause
opens I-Cause
a I-Cause
long I-Cause
S I-Cause
& I-Cause
P I-Cause
futures I-Cause
position I-Cause
and I-Cause
is I-Cause
short I-Cause
the I-Cause
NASDAQ I-Cause
futures I-Cause
contract I-Cause
on I-Cause
the I-Cause
CME I-Cause
, I-Cause
the I-Cause
exchange I-Cause
can O
record B-Effect
the I-Effect
offsetting I-Effect
contract I-Effect
positions I-Effect
and I-Effect
reduce I-Effect
the I-Effect
amount I-Effect
of I-Effect
collateral I-Effect
they I-Effect
need I-Effect
to I-Effect
post I-Effect
. O

As O
Broadridge B-Cause
continues I-Cause
to I-Cause
gain I-Cause
scale I-Cause
and I-Cause
generate I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
M I-Cause
& I-Cause
A I-Cause
, O
we B-Effect
expect I-Effect
investor I-Effect
communication I-Effect
solutions I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
( I-Effect
net I-Effect
of I-Effect
distribution I-Effect
revenue I-Effect
) I-Effect
of I-Effect
about I-Effect
26 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

We O
're O
lowering B-Effect
our I-Effect
sales I-Effect
forecast I-Effect
due O
to O
a B-Cause
second I-Cause
wave I-Cause
of I-Cause
restaurant I-Cause
closures I-Cause
in I-Cause
Europe I-Cause
, O
but O
this O
is O
more O
than O
offset O
by O
bad B-Effect
debt I-Effect
swinging I-Effect
to I-Effect
a I-Effect
credit I-Effect
from I-Effect
an I-Effect
expense I-Effect
, O
as O
collections B-Cause
have I-Cause
been I-Cause
stronger I-Cause
than I-Cause
reserved I-Cause
for I-Cause
. O

Sanofi B-Effect
has I-Effect
compiled I-Effect
a I-Effect
robust I-Effect
group I-Effect
of I-Effect
late-stage I-Effect
pipeline I-Effect
products I-Effect
that O
complement B-Cause
its I-Cause
existing I-Cause
lineup I-Cause
and I-Cause
should I-Cause
help I-Cause
mitigate I-Cause
patent I-Cause
losses I-Cause
. O

Air B-Effect
Products I-Effect
' I-Effect
fiscal I-Effect
first-quarter I-Effect
adjusted I-Effect
EPS I-Effect
of I-Effect
$ I-Effect
2.12 I-Effect
fell I-Effect
$ I-Effect
0.06 I-Effect
short I-Effect
of I-Effect
the I-Effect
FactSet I-Effect
consensus I-Effect
estimate I-Effect
, O
as O
ongoing B-Cause
COVID-19 I-Cause
challenges I-Cause
as I-Cause
well I-Cause
as I-Cause
a I-Cause
lower I-Cause
contribution I-Cause
from I-Cause
the I-Cause
Lu'An I-Cause
gasification I-Cause
project I-Cause
had I-Cause
a I-Cause
negative I-Cause
impact I-Cause
on I-Cause
the I-Cause
industrial I-Cause
gas I-Cause
firm I-Cause
's I-Cause
results I-Cause
. O

We O
think O
the B-Effect
impact I-Effect
from I-Effect
climate I-Effect
change I-Effect
will I-Effect
be I-Effect
incremental I-Effect
, O
as O
the B-Cause
industry I-Cause
and I-Cause
academic I-Cause
institutions I-Cause
are I-Cause
studying I-Cause
ways I-Cause
to I-Cause
grow I-Cause
crops I-Cause
in I-Cause
warmer I-Cause
climates I-Cause
. O

We O
continue O
to O
see O
significant B-Cause
secular I-Cause
headwinds I-Cause
for I-Cause
HDD I-Cause
demand I-Cause
in I-Cause
PCs I-Cause
, O
including O
both O
an B-Effect
ongoing I-Effect
decline I-Effect
in I-Effect
annual I-Effect
PC I-Effect
unit I-Effect
sales I-Effect
and I-Effect
SSDs I-Effect
replacing I-Effect
HDDs I-Effect
in I-Effect
new I-Effect
PCs I-Effect
. O

However O
, O
thanks O
to O
strong B-Cause
top-line I-Cause
growth I-Cause
from I-Cause
Adcetris I-Cause
and I-Cause
Padcev I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
earn I-Effect
positive I-Effect
profits I-Effect
in I-Effect
2022 I-Effect
. O

There B-Cause
is I-Cause
little I-Cause
brand I-Cause
switching I-Cause
after I-Cause
the I-Cause
first I-Cause
year I-Cause
with I-Cause
a I-Cause
stoma I-Cause
once I-Cause
patients I-Cause
become I-Cause
familiar I-Cause
with I-Cause
one I-Cause
brand I-Cause
's I-Cause
system. O
Thus O
, O
Coloplast B-Effect
puts I-Effect
its I-Effect
marketing I-Effect
resources I-Effect
into I-Effect
working I-Effect
with I-Effect
ostomy I-Effect
nurses I-Effect
who I-Effect
help I-Effect
teach I-Effect
new I-Effect
patients I-Effect
how I-Effect
to I-Effect
care I-Effect
for I-Effect
their I-Effect
stomas I-Effect
and I-Effect
providing I-Effect
post-acute I-Effect
patient I-Effect
support I-Effect
to I-Effect
troubleshoot I-Effect
usage I-Effect
issues I-Effect
. O

So O
, O
while O
PNC B-Cause
will I-Cause
become I-Cause
a I-Cause
more I-Cause
efficient I-Cause
operator I-Cause
over O
time O
, O
so B-Effect
will I-Effect
its I-Effect
competitors I-Effect
, O
leading O
us O
to O
question O
just O
how O
much O
better O
it O
can O
execute O
these O
changes O
than O
others O
. O

We O
believe O
that O
Okta B-Cause
's I-Cause
innovative I-Cause
methodology I-Cause
for O
user O
access O
and O
security O
will O
provide B-Effect
it I-Effect
with I-Effect
a I-Effect
sustainable I-Effect
presence I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
strong I-Effect
revenue I-Effect
growth I-Effect
alongside I-Effect
significant I-Effect
margin I-Effect
expansion I-Effect
. O

Finally O
, O
Eni B-Cause
's I-Cause
profitability I-Cause
and I-Cause
cash I-Cause
flow I-Cause
will I-Cause
remain I-Cause
highly I-Cause
dependent I-Cause
on I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
for O
many O
years O
, O
meaning O
a B-Effect
price I-Effect
recovery I-Effect
is I-Effect
needed I-Effect
to O
invest O
at O
levels O
necessary O
to O
achieve O
these O
targets O
. O

We O
believe O
this B-Effect
favors I-Effect
branded I-Effect
motor I-Effect
oil I-Effect
producers I-Effect
such O
as O
Valvoline O
that O
can O
use B-Cause
their I-Cause
scale I-Cause
to I-Cause
leverage I-Cause
research I-Cause
and I-Cause
development I-Cause
expenses I-Cause
Oil I-Cause
& I-Cause
Gas I-Cause
Refining I-Cause
& I-Cause
Marketingacross I-Cause
a I-Cause
broad I-Cause
sales I-Cause
base I-Cause
and I-Cause
bring I-Cause
marketing I-Cause
support I-Cause
to I-Cause
bear I-Cause
behind I-Cause
new I-Cause
innovations I-Cause
, O
particularly O
among O
unsophisticated O
customers O
. O

Fierce B-Cause
competition I-Cause
from I-Cause
global I-Cause
staffers I-Cause
like I-Cause
Adecco I-Cause
, I-Cause
Randstad I-Cause
, I-Cause
and I-Cause
Robert I-Cause
Half I-Cause
will O
likely O
constrain O
Manpower B-Effect
's I-Effect
ability I-Effect
to I-Effect
poach I-Effect
clients I-Effect
from I-Effect
competitors I-Effect
, O
and O
we O
expect O
the B-Effect
firm I-Effect
to I-Effect
concede I-Effect
on I-Effect
price I-Effect
in O
order O
to O
maintain B-Cause
position I-Cause
volumes I-Cause
. O

In O
Spain O
, O
we O
expect O
convergent B-Cause
ARPU I-Cause
growth I-Cause
to O
more O
than O
offset O
weakness B-Effect
in I-Effect
the I-Effect
lower I-Effect
end I-Effect
of I-Effect
the I-Effect
market I-Effect
where I-Effect
competition I-Effect
has I-Effect
intensified I-Effect
. O

In B-Effect
terms I-Effect
of I-Effect
cost I-Effect
advantage I-Effect
, I-Effect
increasing I-Effect
fleet I-Effect
size I-Effect
does I-Effect
n't I-Effect
automatically I-Effect
translate I-Effect
into I-Effect
lower I-Effect
costs. O
This O
is O
partly O
because O
a B-Cause
truckload I-Cause
carrier I-Cause
ca I-Cause
n't I-Cause
boost I-Cause
route I-Cause
density I-Cause
by I-Cause
adding I-Cause
more I-Cause
customers I-Cause
since I-Cause
by I-Cause
definition I-Cause
it I-Cause
hauls I-Cause
a I-Cause
full-trailer I-Cause
load I-Cause
from I-Cause
point I-Cause
A I-Cause
to I-Cause
point I-Cause
B I-Cause
for I-Cause
one I-Cause
customer I-Cause
at I-Cause
a I-Cause
time I-Cause
. O

A B-Cause
stricter I-Cause
implementation I-Cause
of I-Cause
transit I-Cause
visas I-Cause
by I-Cause
the I-Cause
customs I-Cause
office I-Cause
in O
July O
2014 O
led O
to O
a B-Effect
4 I-Effect
% I-Effect
year-over-year I-Effect
decline I-Effect
in I-Effect
gaming I-Effect
revenue I-Effect
. O

We B-Effect
have I-Effect
lowered I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
medium I-Effect
, I-Effect
which I-Effect
is I-Effect
in I-Effect
line I-Effect
with I-Effect
its I-Effect
health I-Effect
insurance I-Effect
peers I-Effect
, O
as O
the B-Cause
firm I-Cause
has I-Cause
deleveraged I-Cause
after I-Cause
the I-Cause
Express I-Cause
Scripts I-Cause
merger I-Cause
. O

In O
the O
long O
run O
, O
Trip.com B-Cause
's I-Cause
network I-Cause
effect I-Cause
, I-Cause
investment I-Cause
in I-Cause
customer I-Cause
service I-Cause
, I-Cause
and I-Cause
continuous I-Cause
market I-Cause
share I-Cause
acquisition I-Cause
strategy I-Cause
will O
allow O
it O
to O
continue O
to O
be B-Effect
a I-Effect
leader I-Effect
in I-Effect
the I-Effect
industry I-Effect
and I-Effect
gain I-Effect
scale I-Effect
. O

Increasing B-Cause
interest I-Cause
in O
on-demand O
content O
also O
places O
fixed-line B-Effect
networks I-Effect
in I-Effect
a I-Effect
much I-Effect
better I-Effect
position I-Effect
relative I-Effect
to I-Effect
satellite I-Effect
, O
as O
these O
firms O
can O
provide O
much O
larger O
VOD O
libraries O
or O
simply O
provide O
Internet O
access O
to O
those O
customers O
who O
only O
want O
content O
from O
online O
services O
like O
Netflix O
. O

The B-Cause
COVID-19 I-Cause
outbreak I-Cause
resulted O
in O
the O
temporary O
closure O
of O
many O
VF-owned O
stores O
and O
those O
of O
retail O
partners O
, O
depressing B-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
and I-Effect
causing I-Effect
a I-Effect
12 I-Effect
% I-Effect
sales I-Effect
decline I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
despite O
the O
addition O
of O
Supreme O
. O

We O
also O
expect O
incremental O
productivity O
gains O
to O
persist O
in O
the O
years O
ahead O
as O
UP B-Cause
continues I-Cause
to I-Cause
refine I-Cause
its I-Cause
PSR I-Cause
playbook I-Cause
-- O
we B-Effect
bake I-Effect
in I-Effect
a I-Effect
midcycle I-Effect
OR I-Effect
of I-Effect
55.0 I-Effect
% I-Effect
-55.5 I-Effect
% I-Effect
. O

In O
Frank O
's O
Tubular O
Running O
Services O
segment O
, O
we O
expect O
strong B-Effect
revenue I-Effect
growth I-Effect
in I-Effect
coming I-Effect
years I-Effect
thanks O
to O
an B-Cause
industrywide I-Cause
deepwater I-Cause
activity I-Cause
recovery I-Cause
. O

In O
the O
expanding O
mobile O
market O
, O
we O
believe O
Google B-Cause
will I-Cause
not I-Cause
only I-Cause
maintain I-Cause
but I-Cause
expand I-Cause
its I-Cause
user I-Cause
base I-Cause
, O
positively B-Effect
affecting I-Effect
the I-Effect
network I-Effect
effect I-Effect
as I-Effect
it B-Cause
becomes I-Cause
more I-Cause
valuable I-Cause
to I-Cause
advertisers I-Cause
, I-Effect
resulting I-Effect
in I-Effect
more I-Effect
digital I-Effect
mobile I-Effect
ad I-Effect
revenue I-Effect
growth I-Effect
. O

However O
, O
an B-Effect
extended I-Effect
slide I-Effect
could I-Effect
prove I-Effect
to I-Effect
be I-Effect
a I-Effect
headwind I-Effect
, O
offsetting B-Cause
tailwinds I-Cause
from I-Cause
vehicle I-Cause
age I-Cause
( I-Cause
11.9 I-Cause
years I-Cause
in I-Cause
2020 I-Cause
versus I-Cause
10.6 I-Cause
years I-Cause
in I-Cause
2010 I-Cause
) I-Cause
and I-Cause
a I-Cause
rising I-Cause
number I-Cause
of I-Cause
vehicles I-Cause
in I-Cause
the I-Cause
core I-Cause
of I-Cause
part I-Cause
retailers I-Cause
' I-Cause
addressable I-Cause
market I-Cause
. O

Mix B-Cause
shifts I-Cause
, I-Cause
such I-Cause
as I-Cause
the I-Cause
outperformance I-Cause
of I-Cause
snacking/beverages I-Cause
, I-Cause
and I-Cause
the I-Cause
growth I-Cause
in I-Cause
co-packing I-Cause
contracts I-Cause
( O
which O
generally O
have O
more O
favorable O
cost-sharing O
clauses O
) O
, O
should O
also O
support B-Effect
gross I-Effect
margins I-Effect
. O

The B-Cause
security I-Cause
forces I-Cause
have I-Cause
since I-Cause
been I-Cause
accused I-Cause
of I-Cause
violence I-Cause
against I-Cause
local I-Cause
communities I-Cause
, O
which O
has B-Effect
elevated I-Effect
the I-Effect
risk I-Effect
of I-Effect
instability I-Effect
in I-Effect
the I-Effect
region I-Effect
. O

For O
much O
of O
the O
past O
five O
years O
, O
we B-Cause
've I-Cause
been I-Cause
big I-Cause
proponents I-Cause
of I-Cause
consolidation I-Cause
among I-Cause
the I-Cause
U.S.-based I-Cause
asset I-Cause
managers I-Cause
, I-Cause
expecting I-Cause
companies I-Cause
to I-Cause
pursue I-Cause
enhanced I-Cause
scale I-Cause
as O
a O
way O
to O
offset B-Effect
the I-Effect
impact I-Effect
of I-Effect
fee I-Effect
and I-Effect
margin I-Effect
compression I-Effect
driven I-Effect
by I-Effect
the I-Effect
growth I-Effect
of I-Effect
low-cost I-Effect
passive I-Effect
products I-Effect
. O

Home B-Effect
Depot I-Effect
's I-Effect
sales I-Effect
are I-Effect
largely I-Effect
driven I-Effect
by I-Effect
greater I-Effect
consumer I-Effect
willingness I-Effect
to I-Effect
spend I-Effect
on I-Effect
category I-Effect
goods I-Effect
, O
thanks O
to O
still-rising B-Cause
existing-home I-Cause
prices I-Cause
and I-Cause
decent I-Cause
turnover I-Cause
. O

Ulta B-Effect
's I-Effect
capital I-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
averaged I-Effect
nearly I-Effect
7 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
10 I-Effect
years I-Effect
as O
the B-Cause
company I-Cause
expanded I-Cause
. O

The B-Cause
complexity I-Cause
of I-Cause
ultrahigh-net-worth I-Cause
individuals I-Cause
' I-Cause
needs I-Cause
makes O
it B-Effect
unlikely I-Effect
that I-Effect
artificial I-Effect
intelligent I-Effect
solutions I-Effect
( I-Effect
robo-advisors I-Effect
) I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
replicate I-Effect
the I-Effect
benefits I-Effect
of I-Effect
having I-Effect
a I-Effect
relationship I-Effect
manager I-Effect
. O

This O
, O
combined B-Cause
with I-Cause
the I-Cause
bank I-Cause
's I-Cause
sticky I-Cause
deposit I-Cause
base I-Cause
from I-Cause
its I-Cause
core I-Cause
commercial I-Cause
clients I-Cause
, O
makes B-Effect
the I-Effect
bank I-Effect
ideally I-Effect
positioned I-Effect
for I-Effect
rising I-Effect
rates I-Effect
. O

We O
think O
Norfolk O
is O
capable O
of O
a O
midcycle O
OR O
near O
58.5 O
% O
, O
though O
we O
see O
some O
upside O
potential O
to O
that O
metric O
if B-Effect
the I-Effect
firm I-Effect
can I-Effect
further I-Effect
close I-Effect
the I-Effect
margin I-Effect
gap I-Effect
relative I-Effect
to I-Effect
peers I-Effect
as O
it B-Cause
drives I-Cause
greater I-Cause
asset I-Cause
utilization I-Cause
under I-Cause
PSR I-Cause
. O

During B-Cause
2011-20 I-Cause
, I-Cause
the I-Cause
firm I-Cause
's I-Cause
organic I-Cause
growth I-Cause
rate I-Cause
averaged I-Cause
0.5 I-Cause
% I-Cause
annually I-Cause
, I-Cause
with I-Cause
a I-Cause
standard I-Cause
deviation I-Cause
of I-Cause
2.9 I-Cause
% I-Cause
, O
leaving O
the B-Effect
firm I-Effect
on I-Effect
much I-Effect
better I-Effect
footing I-Effect
that I-Effect
most I-Effect
of I-Effect
its I-Effect
equity-heavy I-Effect
active I-Effect
management I-Effect
peers I-Effect
. O

Recent O
geopolitical B-Cause
developments I-Cause
surrounding I-Cause
the I-Cause
assassination I-Cause
of I-Cause
journalist I-Cause
Jamal I-Cause
Khashoggi I-Cause
at I-Cause
the I-Cause
Saudi I-Cause
consulate I-Cause
in I-Cause
Istanbul I-Cause
and I-Cause
Saudi I-Cause
Arabia I-Cause
's I-Cause
involvement I-Cause
in I-Cause
the I-Cause
war I-Cause
in I-Cause
Yemen I-Cause
have O
led O
to O
pressure B-Effect
from I-Effect
the I-Effect
U.K. B-Effect
's I-Effect
allies I-Effect
to I-Effect
suspend I-Effect
support B-Effect
. O

Additionally O
, O
in O
China O
, O
Qunar B-Cause
and I-Cause
CTrip I-Cause
are I-Cause
leading I-Cause
in I-Cause
terms I-Cause
of I-Cause
review I-Cause
, I-Cause
revenue I-Cause
, I-Cause
and I-Cause
advertising I-Cause
growth I-Cause
, O
which O
presents O
some B-Effect
challenges I-Effect
for I-Effect
TripAdvisor I-Effect
in I-Effect
this I-Effect
very I-Effect
important I-Effect
market I-Effect
. O

If B-Cause
the I-Cause
data I-Cause
are I-Cause
unfavorable I-Cause
, I-Cause
we B-Effect
think I-Effect
it I-Effect
will I-Effect
be I-Effect
highly I-Effect
unlikely I-Effect
that I-Effect
LivaNova I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
get I-Effect
a I-Effect
second I-Effect
shot I-Effect
at I-Effect
this I-Effect
from I-Effect
the I-Effect
Centers I-Effect
for I-Effect
Medicare I-Effect
and I-Effect
Medicaid I-Effect
Services I-Effect
. I-Effect

It B-Effect
is I-Effect
our I-Effect
view I-Effect
that I-Effect
analog I-Effect
engineering I-Effect
talent I-Effect
is I-Effect
scarce I-Effect
and I-Effect
valuable I-Effect
, O
as O
it B-Cause
takes I-Cause
years I-Cause
to I-Cause
train I-Cause
a I-Cause
new I-Cause
engineer I-Cause
on I-Cause
the I-Cause
intricacies I-Cause
of I-Cause
a I-Cause
firm I-Cause
's I-Cause
analog I-Cause
designs I-Cause
. O

Most B-Effect
of I-Effect
its I-Effect
stores I-Effect
and I-Effect
those I-Effect
of I-Effect
its I-Effect
wholesale I-Effect
partners I-Effect
were I-Effect
forced I-Effect
to I-Effect
close I-Effect
temporarily I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

With B-Cause
the I-Cause
Atlantic I-Cause
Coast I-Cause
Pipeline I-Cause
cancellation I-Cause
in I-Cause
July I-Cause
2020 I-Cause
, O
we B-Effect
now I-Effect
think I-Effect
Transco I-Effect
can I-Effect
boost I-Effect
its I-Effect
capacity I-Effect
and I-Effect
throughput I-Effect
by I-Effect
35 I-Effect
% I-Effect
( I-Effect
6 I-Effect
% I-Effect
annually I-Effect
) I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

This O
implicit O
contract O
between O
regulators O
and O
capital O
providers O
should O
, O
on O
balance O
, O
allow O
NiSource O
's O
regulated O
utilities O
to O
achieve O
at O
least O
their O
costs O
of O
capital O
, O
though O
observable B-Effect
returns I-Effect
might I-Effect
vary I-Effect
in I-Effect
the I-Effect
short I-Effect
run I-Effect
based O
on O
demand B-Cause
trends I-Cause
, I-Cause
investment I-Cause
cycles I-Cause
, I-Cause
operating I-Cause
costs I-Cause
, I-Cause
and I-Cause
access I-Cause
to I-Cause
financing I-Cause
. O

Given O
the B-Cause
option I-Cause
between I-Cause
guaranteed I-Cause
performance I-Cause
and I-Cause
incremental I-Cause
cost I-Cause
savings I-Cause
making I-Cause
up I-Cause
potentially I-Cause
less I-Cause
than I-Cause
0.1 I-Cause
% I-Cause
of I-Cause
the I-Cause
total I-Cause
bill I-Cause
of I-Cause
materials I-Cause
, O
we O
think O
OEMs B-Effect
will I-Effect
choose I-Effect
the I-Effect
former I-Effect
. O

As O
a O
result O
, O
the O
industry O
shrank O
from O
revenue O
of O
$ O
23.4 O
billion O
in O
2001 O
to O
$ O
14.8 O
billion O
in O
2010 O
, O
according O
to O
the O
International O
Federation O
of O
the O
Phonographic O
Industry O
, O
as O
the B-Cause
slow I-Cause
growth I-Cause
in I-Cause
digital I-Cause
download I-Cause
sales I-Cause
was O
nowhere B-Effect
close I-Effect
to I-Effect
enough I-Effect
to I-Effect
offset I-Effect
the I-Effect
rapid I-Effect
drop I-Effect
in I-Effect
physical I-Effect
media I-Effect
sales I-Effect
. O

With O
net B-Cause
interest I-Cause
margins I-Cause
at I-Cause
such I-Cause
a I-Cause
low I-Cause
level I-Cause
, O
the B-Effect
efficiency I-Effect
ratio I-Effect
will O
be O
pressured O
, O
but O
a B-Cause
combination I-Cause
of I-Cause
expense I-Cause
cuts I-Cause
and I-Cause
some I-Cause
normalization I-Cause
for I-Cause
NIMs I-Cause
can I-Cause
, O
we O
think O
, O
eventually O
bring O
the B-Effect
efficiency I-Effect
ratio I-Effect
back I-Effect
to I-Effect
60 I-Effect
% I-Effect
( O
missing O
management O
's O
previous O
target O
range O
of O
55 O
% O
-59 O
% O
) O
. O

Given O
recent B-Cause
ERISA I-Cause
litigation I-Cause
, O
we O
believe O
plan B-Effect
sponsors I-Effect
are I-Effect
increasingly I-Effect
discerning I-Effect
on I-Effect
fees I-Effect
and I-Effect
able I-Effect
and I-Effect
willing I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
provider I-Effect
for I-Effect
favorable I-Effect
pricing I-Effect
. O

Through O
Okta B-Cause
's I-Cause
APIs I-Cause
, O
customers O
can O
develop B-Effect
tailored I-Effect
solutions I-Effect
that I-Effect
meld I-Effect
Okta I-Effect
's I-Effect
identity I-Effect
platform I-Effect
with I-Effect
a I-Effect
customer I-Effect
's I-Effect
web I-Effect
, I-Effect
cloud I-Effect
, I-Effect
and I-Effect
mobile I-Effect
applications I-Effect
for I-Effect
their I-Effect
end I-Effect
users I-Effect
. O

RH B-Cause
's I-Cause
reorganization I-Cause
began I-Cause
in I-Cause
2017 I-Cause
with I-Cause
efforts I-Cause
to I-Cause
untie I-Cause
significant I-Cause
capital I-Cause
by I-Cause
moving I-Cause
to I-Cause
a I-Cause
sale-leaseback I-Cause
model I-Cause
on I-Cause
new I-Cause
properties I-Cause
, I-Cause
utilizing I-Cause
reverse I-Cause
logistics I-Cause
to I-Cause
liquidate I-Cause
product I-Cause
and I-Cause
constraining I-Cause
the I-Cause
distribution I-Cause
center I-Cause
footprint I-Cause
, I-Cause
helped I-Cause
by I-Cause
inventory I-Cause
that I-Cause
declined I-Cause
30 I-Cause
% I-Cause
in I-Cause
2017 I-Cause
( I-Cause
and I-Cause
came I-Cause
down I-Cause
more I-Cause
than I-Cause
40 I-Cause
% I-Cause
by I-Cause
2019 I-Cause
) I-Cause
. O
These O
efforts O
have O
put B-Effect
RH I-Effect
on I-Effect
the I-Effect
path I-Effect
to I-Effect
achieve I-Effect
more I-Effect
than I-Effect
21 I-Effect
% I-Effect
operating I-Effect
margins I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
( I-Effect
after I-Effect
delivering I-Effect
a I-Effect
14 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

For O
the O
remainder O
of O
our O
explicit O
forecast O
, O
we O
think O
growing B-Cause
software I-Cause
revenue I-Cause
will O
expand B-Effect
gross I-Effect
margins I-Effect
toward O
49 O
% O
in O
2024 O
, O
compared O
with O
47 O
% O
in O
2019 O
. O

In O
addition O
, O
ISG B-Cause
's I-Cause
networking I-Cause
competitors I-Cause
are I-Cause
also I-Cause
moving I-Cause
toward I-Cause
selling I-Cause
a I-Cause
more I-Cause
holistic I-Cause
suite I-Cause
of I-Cause
products I-Cause
for I-Cause
a I-Cause
digital I-Cause
infrastructure I-Cause
that O
could O
affect B-Effect
pricing I-Effect
and I-Effect
upselling I-Effect
opportunities I-Effect
. O

We O
also O
believe O
the B-Effect
firm I-Effect
's I-Effect
growth I-Effect
opportunities I-Effect
should I-Effect
persist I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
as O
emerging B-Cause
markets I-Cause
( I-Cause
a I-Cause
third I-Cause
of I-Cause
sales I-Cause
) I-Cause
still I-Cause
spend I-Cause
significantly I-Cause
less I-Cause
than I-Cause
developed I-Cause
markets I-Cause
on I-Cause
prestige I-Cause
beauty I-Cause
. O

Unlike O
most O
of O
the O
other O
U.S.-based O
asset O
managers O
we O
cover O
, O
we O
are O
projecting O
an B-Cause
improvement I-Cause
( I-Cause
albeit I-Cause
a I-Cause
slight I-Cause
one I-Cause
) I-Cause
in I-Cause
operating I-Cause
margins I-Cause
for I-Cause
BlackRock I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, I-Cause
with I-Cause
the I-Cause
firm I-Cause
's I-Cause
margins I-Cause
expected I-Cause
to I-Cause
average I-Cause
39 I-Cause
% I-Cause
-40 I-Cause
% I-Cause
on I-Cause
an I-Cause
adjusted I-Cause
basis I-Cause
( I-Cause
compared I-Cause
with I-Cause
38 I-Cause
% I-Cause
-39 I-Cause
% I-Cause
during I-Cause
the I-Cause
past I-Cause
five I-Cause
calendar I-Cause
years I-Cause
) I-Cause
. O
As O
such O
, O
the B-Effect
firm I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
generate I-Effect
more I-Effect
than I-Effect
$ I-Effect
6.0 I-Effect
billion I-Effect
in I-Effect
free I-Effect
cash I-Effect
flow I-Effect
on I-Effect
average I-Effect
annually I-Effect
during I-Effect
2020-24 I-Effect
, I-Effect
much I-Effect
of I-Effect
which I-Effect
will I-Effect
be I-Effect
returned I-Effect
to I-Effect
shareholders I-Effect
as I-Effect
dividends I-Effect
and I-Effect
share I-Effect
repurchases I-Effect
. O

If O
the B-Cause
firm I-Cause
is I-Cause
unable I-Cause
to I-Cause
effectively I-Cause
source I-Cause
and I-Cause
integrate I-Cause
new I-Cause
employees I-Cause
, O
it O
could O
stymie B-Effect
innovation I-Effect
and I-Effect
affect I-Effect
Paycom I-Effect
's I-Effect
competitive I-Effect
positioning I-Effect
. O

That O
said O
, O
organic B-Effect
growth I-Effect
and I-Effect
market I-Effect
gains I-Effect
could I-Effect
be I-Effect
strained I-Effect
in I-Effect
the I-Effect
near I-Effect
to I-Effect
medium I-Effect
term I-Effect
by O
the B-Cause
lingering I-Cause
effects I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
could I-Cause
have I-Cause
on I-Cause
economic I-Cause
growth I-Cause
and I-Cause
the I-Cause
equity I-Cause
and I-Cause
credit I-Cause
markets I-Cause
. O

During O
that O
period O
, O
Illumina B-Cause
's I-Cause
continued I-Cause
innovation I-Cause
significantly I-Cause
reduced I-Cause
the I-Cause
cost I-Cause
of I-Cause
sequencing I-Cause
, O
thereby O
enabling B-Effect
the I-Effect
rapid I-Effect
expansion I-Effect
of I-Effect
sequencing I-Effect
applications I-Effect
. I-Effect

On O
the O
brokerage O
side O
, O
Aon B-Effect
's I-Effect
primary I-Effect
exposure I-Effect
is I-Effect
to I-Effect
the I-Effect
insurance I-Effect
pricing I-Effect
cycle I-Effect
, O
as O
commissions B-Cause
are I-Cause
often I-Cause
calculated I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
premium I-Cause
. O

Long O
term O
we O
expect O
annual B-Effect
revenue I-Effect
growth I-Effect
of I-Effect
just I-Effect
over I-Effect
6 I-Effect
% I-Effect
, O
as O
a B-Cause
budding I-Cause
middle I-Cause
class I-Cause
is I-Cause
steadily I-Cause
driving I-Cause
higher I-Cause
per I-Cause
capita I-Cause
consumption I-Cause
of I-Cause
beauty I-Cause
products I-Cause
across I-Cause
the I-Cause
globe I-Cause
. O

Furthermore O
, O
Aecom B-Effect
has I-Effect
improved I-Effect
its I-Effect
profitability I-Effect
thanks O
to O
several B-Cause
recent I-Cause
initiatives I-Cause
, I-Cause
including I-Cause
a I-Cause
$ I-Cause
225 I-Cause
million I-Cause
general I-Cause
and I-Cause
administrative I-Cause
cost I-Cause
reduction I-Cause
plan I-Cause
completed I-Cause
in I-Cause
fiscal I-Cause
2019 I-Cause
, I-Cause
real I-Cause
estate I-Cause
consolidation I-Cause
, I-Cause
and I-Cause
a I-Cause
plan I-Cause
to I-Cause
exit I-Cause
over I-Cause
30 I-Cause
countries I-Cause
to I-Cause
focus I-Cause
on I-Cause
the I-Cause
most I-Cause
profitable I-Cause
markets I-Cause
. O

We O
also O
believe O
Accenture B-Effect
benefits I-Effect
from I-Effect
high I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
as O
the B-Cause
company I-Cause
's I-Cause
key I-Cause
customers I-Cause
are I-Cause
loath I-Cause
to I-Cause
switch I-Cause
service I-Cause
providers I-Cause
for I-Cause
large I-Cause
or I-Cause
ongoing I-Cause
contracts I-Cause
. O

Under O
the O
direction O
of O
a O
new O
CEO O
, O
the O
company O
is O
looking O
to B-Effect
rebuild I-Effect
its I-Effect
lead I-Effect
through O
renewed B-Cause
focus I-Cause
on I-Cause
technological I-Cause
innovation I-Cause
and I-Cause
creating I-Cause
differentiated I-Cause
steel I-Cause
products I-Cause
. O

Our O
view O
is O
that O
particular B-Cause
enterprise I-Cause
grade I-Cause
software I-Cause
can O
drive B-Effect
switching I-Effect
costs I-Effect
through I-Effect
the I-Effect
time I-Effect
and I-Effect
costs I-Effect
to I-Effect
deploy I-Effect
and I-Effect
adopt I-Effect
the I-Effect
solutions I-Effect
, O
the O
software B-Effect
acumen I-Effect
that I-Effect
could I-Effect
be I-Effect
lost I-Effect
from O
changing B-Cause
platforms I-Cause
, O
and O
the O
high O
risks O
associated O
with O
business O
disruption O
or O
lost O
data O
. O

Recent B-Cause
acquisitions I-Cause
have O
helped B-Effect
broaden I-Effect
Nordson I-Effect
's I-Effect
portfolio I-Effect
of I-Effect
solutions I-Effect
to I-Effect
enable I-Effect
accurate I-Effect
testing I-Effect
in I-Effect
the I-Effect
semiconductor I-Effect
and I-Effect
electronics I-Effect
end I-Effect
markets I-Effect
, O
including O
X-ray O
inspection O
and O
acoustic O
microscopy O
. O

We O
view O
this O
as O
a B-Effect
prudent I-Effect
strategic I-Effect
shift I-Effect
as O
HPE B-Cause
aims I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
enterprises I-Cause
performing I-Cause
on-premises I-Cause
data I-Cause
center I-Cause
refreshes I-Cause
or I-Cause
from I-Cause
firms I-Cause
moving I-Cause
workloads I-Cause
to I-Cause
private I-Cause
and I-Cause
hybrid I-Cause
cloud I-Cause
environments I-Cause
. O

The B-Effect
mixed-use I-Effect
combination I-Effect
is I-Effect
becoming I-Effect
increasingly I-Effect
popular I-Effect
with I-Effect
residents I-Effect
, O
as O
they B-Cause
get I-Cause
a I-Cause
more I-Cause
urban I-Cause
experience I-Cause
in I-Cause
the I-Cause
suburbs I-Cause
, O
and O
retailers B-Effect
, O
as O
they B-Cause
have I-Cause
a I-Cause
captured I-Cause
population I-Cause
that I-Cause
will I-Cause
be I-Cause
driven I-Cause
to I-Cause
their I-Cause
storefronts I-Cause
and I-Cause
be I-Cause
insulated I-Cause
from I-Cause
e-commerce I-Cause
. O

Our B-Effect
unit I-Effect
growth I-Effect
forecast I-Effect
averages I-Effect
4.3 I-Effect
% I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
supported O
by O
a B-Cause
favorable I-Cause
position I-Cause
with I-Cause
next-generation I-Cause
travelers I-Cause
, I-Cause
new I-Cause
brand I-Cause
growth I-Cause
, I-Cause
and I-Cause
a I-Cause
strong I-Cause
pipeline I-Cause
. O

A B-Effect
situation I-Effect
where I-Effect
Envestnet I-Effect
could I-Effect
lose I-Effect
a I-Effect
meaningful I-Effect
client I-Effect
is O
if O
a B-Cause
client I-Cause
were I-Cause
acquired I-Cause
by I-Cause
a I-Cause
nonclient I-Cause
, O
such O
in O
late O
2017 O
and O
early O
2018 O
when O
LPL O
Financial O
acquired O
National O
Planning O
Holdings O
. O

While O
all B-Effect
Corning I-Effect
's I-Effect
segments I-Effect
sell I-Effect
into I-Effect
very I-Effect
different I-Effect
applications I-Effect
, O
Corning B-Cause
is I-Cause
a I-Cause
leader I-Cause
in I-Cause
each I-Cause
one I-Cause
due I-Cause
to I-Cause
its I-Cause
proficiency I-Cause
in I-Cause
materials I-Cause
science I-Cause
, I-Cause
gained I-Cause
through I-Cause
170 I-Cause
years I-Cause
of I-Cause
operation I-Cause
and I-Cause
innovation I-Cause
. O

The O
medical O
technology O
segment O
, O
like O
other O
orthopedic O
device O
manufacturers O
, O
faces O
the B-Cause
risk I-Cause
of I-Cause
product I-Cause
failures I-Cause
which O
could O
lead O
to O
product B-Effect
recalls I-Effect
and I-Effect
significant I-Effect
legal I-Effect
fees I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
necessarily I-Effect
think I-Effect
revenue I-Effect
growth I-Effect
is I-Effect
the I-Effect
optimal I-Effect
key I-Effect
performance I-Effect
indicator I-Effect
, O
however O
, O
as O
we B-Cause
have I-Cause
doubts I-Cause
over I-Cause
the I-Cause
profitability I-Cause
of I-Cause
categories I-Cause
such I-Cause
as I-Cause
vaping I-Cause
, I-Cause
which I-Cause
has I-Cause
lower I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
and I-Cause
lower I-Cause
margins I-Cause
than I-Cause
the I-Cause
traditional I-Cause
tobacco I-Cause
categories I-Cause
. O

We O
forecast O
midcycle B-Effect
adjusted I-Effect
EBITDA I-Effect
margins I-Effect
of I-Effect
around I-Effect
25 I-Effect
% I-Effect
, I-Effect
below I-Effect
management I-Effect
's I-Effect
26 I-Effect
% I-Effect
target I-Effect
as O
we O
are O
skeptical O
that O
all B-Cause
of I-Cause
the I-Cause
cost-saving I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
M I-Cause
& I-Cause
A I-Cause
will I-Cause
come I-Cause
to I-Cause
fruition I-Cause
. O

With O
such O
an O
extensive O
government O
presence O
and O
the O
fact O
that O
private O
student O
loans O
are O
typically O
the O
second O
choice O
for O
student O
borrowers O
, O
we O
think O
it B-Effect
will I-Effect
probably I-Effect
be I-Effect
difficult I-Effect
for I-Effect
Discover I-Effect
to I-Effect
prevent I-Effect
its I-Effect
student I-Effect
lending I-Effect
business I-Effect
from I-Effect
becoming I-Effect
commoditized I-Effect
over I-Effect
time I-Effect
, O
given O
its B-Cause
lack I-Cause
of I-Cause
competitive I-Cause
advantage I-Cause
. O

Big O
pharma O
firms O
may O
have O
incentive O
to O
in-house B-Cause
the I-Cause
production I-Cause
of I-Cause
dispensing I-Cause
equipment I-Cause
in O
order O
to O
force B-Effect
generic I-Effect
manufacturers I-Effect
to I-Effect
leap I-Effect
over I-Effect
additional I-Effect
regulatory I-Effect
hurdles I-Effect
, I-Effect
or I-Effect
to I-Effect
sell I-Effect
the I-Effect
design I-Effect
to I-Effect
them I-Effect
for I-Effect
a I-Effect
higher I-Effect
fee I-Effect
. I-Effect

Although O
the O
previous B-Effect
owners I-Effect
of I-Effect
the I-Effect
Hostess I-Effect
brand I-Effect
filed I-Effect
for I-Effect
bankruptcy I-Effect
in I-Effect
2004 I-Effect
and I-Effect
2012 I-Effect
, O
we O
contend O
it O
was O
due O
not O
to O
a O
lack O
of O
brand O
equity O
but O
rather O
highly B-Cause
inefficient I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
systems I-Cause
, I-Cause
a I-Cause
powerful I-Cause
unionized I-Cause
workforce I-Cause
, I-Cause
and I-Cause
a I-Cause
high I-Cause
debt I-Cause
load I-Cause
. O

With O
restaurants B-Cause
, I-Cause
travel I-Cause
, I-Cause
and I-Cause
other I-Cause
pandemic-restricted I-Cause
categories I-Cause
reclaiming I-Cause
wallet I-Cause
share I-Cause
from I-Cause
retail I-Cause
, O
we B-Effect
anticipate I-Effect
Target I-Effect
's I-Effect
comparable I-Effect
sales I-Effect
will I-Effect
shrink I-Effect
in I-Effect
the I-Effect
last I-Effect
three I-Effect
quarters I-Effect
of I-Effect
the I-Effect
fiscal I-Effect
year I-Effect
, O
but O
two-year O
stacked O
growth O
should O
remain O
around O
10 O
% O
. O

We O
also O
believe O
it O
is O
likely O
that O
a B-Cause
Tier I-Cause
1 I-Cause
multiline I-Cause
carrier I-Cause
eventually I-Cause
serves I-Cause
as I-Cause
a I-Cause
proving I-Cause
ground I-Cause
with I-Cause
Guidewire I-Cause
SaaS I-Cause
solutions I-Cause
at I-Cause
the I-Cause
core I-Cause
of I-Cause
its I-Cause
life I-Cause
insurance I-Cause
operations I-Cause
, O
which O
will O
open B-Effect
up I-Effect
another I-Effect
large I-Effect
growth I-Effect
vector I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

Komatsu B-Cause
's I-Cause
superior I-Cause
product I-Cause
quality I-Cause
and I-Cause
brand I-Cause
name I-Cause
have O
helped O
to B-Effect
solidify I-Effect
its I-Effect
leading I-Effect
position I-Effect
in I-Effect
the I-Effect
global I-Effect
construction I-Effect
machinery I-Effect
space I-Effect
, O
with O
Interbrand O
ranking O
it O
in O
the O
top O
20 O
of O
Japan O
's O
Best O
Global O
Brands O
for O
the O
past O
10 O
years O
. O

Pipeline B-Effect
operators I-Effect
will I-Effect
enter I-Effect
into I-Effect
long-term I-Effect
contracts I-Effect
with I-Effect
shippers I-Effect
to O
recover B-Cause
the I-Cause
project I-Cause
's I-Cause
construction I-Cause
and I-Cause
development I-Cause
costs I-Cause
in I-Cause
exchange I-Cause
for I-Cause
a I-Cause
reasonable I-Cause
tariff I-Cause
that O
allows O
a B-Effect
shipper I-Effect
to I-Effect
capture I-Effect
a I-Effect
profitable I-Effect
differential I-Effect
, O
and O
capacity O
will O
be O
added O
until O
it O
is O
no O
longer O
profitable O
to O
do O
so O
. O

In O
our O
base O
case O
, O
we O
assume B-Effect
hips I-Effect
, I-Effect
knees I-Effect
, I-Effect
and I-Effect
sports I-Effect
medicine I-Effect
will I-Effect
return I-Effect
to I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
vaccination B-Cause
in I-Cause
the I-Cause
developed I-Cause
markets I-Cause
takes I-Cause
hold I-Cause
and I-Cause
the I-Cause
more I-Cause
elective I-Cause
orthopedic I-Cause
, I-Cause
sports I-Cause
medicine I-Cause
, I-Cause
and I-Cause
ENT I-Cause
procedures I-Cause
are I-Cause
rescheduled I-Cause
. O

In O
order O
to O
remain B-Effect
relevant I-Effect
to I-Effect
scientists I-Effect
in I-Effect
early I-Effect
project I-Effect
phases I-Effect
, O
Agilent B-Cause
must I-Cause
continue I-Cause
to I-Cause
innovate I-Cause
, O
and O
that B-Cause
ability I-Cause
to I-Cause
innovate I-Cause
contributes O
to O
its B-Effect
intangible I-Effect
assets I-Effect
in I-Effect
this I-Effect
business I-Effect
, O
as O
well O
. O

We O
expect O
net O
earned O
premiums O
to O
grow O
at O
a O
modest O
3 O
% O
compound O
annual O
rate O
over O
our O
five-year O
forecast O
, O
with O
near-term O
pressure O
due O
to O
the B-Cause
economic I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
giving B-Effect
way I-Effect
to I-Effect
better I-Effect
growth I-Effect
over I-Effect
time I-Effect
as I-Effect
pricing I-Effect
improves I-Effect
. O

This O
could O
limit B-Cause
the I-Cause
potential I-Cause
of I-Cause
another I-Cause
data I-Cause
center I-Cause
storage I-Cause
hardware I-Cause
refresh I-Cause
cycle I-Cause
and O
cause O
NetApp B-Effect
to I-Effect
rely I-Effect
on I-Effect
software-based I-Effect
revenue I-Effect
. O

While O
PlayStation O
4 O
is O
moving O
toward O
the O
end O
of O
the O
cycle O
, O
profit B-Effect
of I-Effect
game I-Effect
and I-Effect
network I-Effect
services I-Effect
segment I-Effect
will I-Effect
not I-Effect
decline I-Effect
as I-Effect
we I-Effect
had I-Effect
anticipated I-Effect
, O
as O
stay-home O
measures O
in O
various O
countries O
became O
the B-Cause
tailwind I-Cause
for I-Cause
both I-Cause
driving I-Cause
game I-Cause
shipment I-Cause
and I-Cause
increasing I-Cause
the I-Cause
revenue I-Cause
proportion I-Cause
of I-Cause
digital I-Cause
content I-Cause
. O

Demand B-Cause
for I-Cause
food I-Cause
is I-Cause
relatively I-Cause
inelastic I-Cause
, O
which B-Effect
ensures I-Effect
that I-Effect
cold I-Effect
storage I-Effect
operators I-Effect
perform I-Effect
well I-Effect
even I-Effect
in I-Effect
the I-Effect
worst I-Effect
economic I-Effect
times I-Effect
. O

Pinterest B-Cause
probably I-Cause
has I-Cause
a I-Cause
weaker I-Cause
social I-Cause
graph I-Cause
than I-Cause
Facebook I-Cause
or I-Cause
Instagram I-Cause
, O
which O
may O
create O
some B-Effect
difficulty I-Effect
for I-Effect
it I-Effect
to I-Effect
attract I-Effect
significantly I-Effect
more I-Effect
ad I-Effect
dollars I-Effect
consistently I-Effect
. O

Yum B-Cause
China I-Cause
's I-Cause
products I-Cause
are I-Cause
largely I-Cause
sourced I-Cause
locally I-Cause
( I-Cause
save I-Cause
for I-Cause
certain I-Cause
herbs I-Cause
and I-Cause
spices I-Cause
) I-Cause
, O
which O
we O
believe O
helps O
to O
keep B-Effect
costs I-Effect
manageable I-Effect
and I-Effect
positions I-Effect
KFC I-Effect
and I-Effect
Pizza I-Effect
Hut I-Effect
as I-Effect
more I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
authentic I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
Chinese I-Effect
brands I-Effect
( I-Effect
despite I-Effect
their I-Effect
obvious I-Effect
Western I-Effect
roots I-Effect
) I-Effect
while I-Effect
strengthening I-Effect
the I-Effect
company I-Effect
's I-Effect
relationships I-Effect
with I-Effect
national I-Effect
and I-Effect
regional I-Effect
government I-Effect
officials I-Effect
. O

While O
location O
plays O
a O
key O
role O
in O
the O
strength O
of O
a O
portfolio O
, O
the B-Cause
massive I-Cause
size I-Cause
of I-Cause
most I-Cause
facilities I-Cause
is O
such O
that O
they B-Effect
are I-Effect
typically I-Effect
located I-Effect
near I-Effect
densely I-Effect
populated I-Effect
areas I-Effect
instead I-Effect
of I-Effect
in I-Effect
them I-Effect
. O

Even O
as O
much B-Effect
of I-Effect
the I-Effect
downside I-Effect
risk I-Effect
is O
mitigated O
by O
sufficiently B-Cause
contracted I-Cause
capacity I-Cause
, O
failure B-Cause
of I-Cause
NGL I-Cause
or I-Cause
petrochemical I-Cause
demand I-Cause
to I-Cause
materialize I-Cause
would O
cap O
Enterprise B-Effect
's I-Effect
earnings I-Effect
upside I-Effect
. O

We O
believe O
Tyson B-Cause
's I-Cause
normalized I-Cause
chicken I-Cause
operating I-Cause
margin I-Cause
is I-Cause
8 I-Cause
% I-Cause
, O
compared O
with O
8 O
% O
for O
Pilgrim O
's O
Pride O
and O
10 O
% O
for O
Sanderson O
Farms O
, O
further O
supporting O
our O
stance O
that O
Tyson O
's O
vast O
scale O
has O
not O
resulted O
in O
a B-Effect
low-cost I-Effect
operating I-Effect
structure I-Effect
. O

A B-Cause
material I-Cause
safety I-Cause
or I-Cause
environmental I-Cause
hazard I-Cause
, O
such O
as O
a O
spill O
or O
explosion O
, O
could O
have B-Effect
a I-Effect
substantial I-Effect
negative I-Effect
impact I-Effect
on I-Effect
shareholder I-Effect
value I-Effect
and I-Effect
cash I-Effect
flow I-Effect
. O

In O
addition O
, O
the B-Cause
company I-Cause
's I-Cause
powerful I-Cause
distribution I-Cause
network I-Cause
sets O
up O
the B-Effect
company I-Effect
as I-Effect
a I-Effect
strong I-Effect
partner I-Effect
for I-Effect
smaller I-Effect
drug I-Effect
companies I-Effect
that O
lack O
Astra O
's O
resources O
. O

Our B-Effect
base-case I-Effect
scenario I-Effect
assumes I-Effect
that I-Effect
the I-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
eventually I-Effect
declines I-Effect
to I-Effect
54 I-Effect
% I-Effect
as B-Cause
management I-Cause
exercises I-Cause
discipline I-Cause
on I-Cause
costs I-Cause
and I-Cause
continues I-Cause
to I-Cause
make I-Cause
technological I-Cause
gains I-Cause
. O

For O
example O
, O
since O
2012 O
, O
HCA O
has O
focused O
on O
investing O
in O
its O
surgical O
suites O
to O
improve B-Cause
efficiency I-Cause
, I-Cause
nursing I-Cause
, I-Cause
and I-Cause
technology I-Cause
offerings I-Cause
to O
appeal B-Effect
to I-Effect
surgeons I-Effect
scheduling I-Effect
those I-Effect
procedures I-Effect
. O

While O
all O
of O
these O
OSes O
are O
originally O
designed O
for O
less O
intensive O
processors O
than O
PC O
ones O
, O
the B-Cause
relatively I-Cause
low I-Cause
requirements I-Cause
for I-Cause
the I-Cause
Roku I-Cause
OS I-Cause
help O
make B-Effect
the I-Effect
user I-Effect
interface I-Effect
feel I-Effect
snappy I-Effect
and I-Effect
fluid I-Effect
even I-Effect
on I-Effect
the I-Effect
low I-Effect
powered I-Effect
processors I-Effect
in I-Effect
cheaper I-Effect
TVs I-Effect
. O

HPE B-Cause
acquired I-Cause
Nimble I-Cause
Storage I-Cause
to O
gain B-Effect
a I-Effect
foothold I-Effect
in I-Effect
the I-Effect
all-flash I-Effect
array I-Effect
storage I-Effect
market I-Effect
, O
and O
the O
purchase O
also O
benefits B-Effect
HPE I-Effect
's I-Effect
hyperconverged I-Effect
infrastructure I-Effect
portfolio I-Effect
. O

Scale B-Effect
should I-Effect
come I-Effect
with I-Effect
cost I-Effect
leverage I-Effect
as O
growth B-Cause
investments I-Cause
bear I-Cause
fruit I-Cause
, I-Cause
helping I-Cause
the I-Cause
unit I-Cause
approach I-Cause
management I-Cause
's I-Cause
15 I-Cause
% I-Cause
segment I-Cause
adjusted I-Cause
EBITDA I-Cause
margin I-Cause
target I-Cause
for I-Cause
fiscal I-Cause
2022 I-Cause
( I-Cause
we I-Cause
assume I-Cause
growth I-Cause
to I-Cause
around I-Cause
21 I-Cause
% I-Cause
by I-Cause
fiscal I-Cause
2030 I-Cause
) I-Cause
. O

While O
Oneok O
does O
not O
have O
direct O
oil O
exposure O
or O
ownership O
of O
the O
pipeline O
, O
lower B-Cause
natural I-Cause
gas I-Cause
volumes I-Cause
, O
and O
weaker B-Cause
prices I-Cause
for I-Cause
Bakken I-Cause
oil I-Cause
barrels I-Cause
place O
pressure B-Cause
on I-Cause
the I-Cause
region I-Cause
's I-Cause
natural I-Cause
gas I-Cause
liquids I-Cause
economics I-Cause
, O
hurting B-Effect
Oneok I-Effect
's I-Effect
marketing I-Effect
profits I-Effect
as I-Effect
well I-Effect
as I-Effect
asset I-Effect
volumes I-Effect
. O

We O
think O
Citrix B-Effect
is I-Effect
well I-Effect
positioned I-Effect
in I-Effect
the I-Effect
coming I-Effect
quarters I-Effect
to I-Effect
be I-Effect
an I-Effect
important I-Effect
partner I-Effect
as O
its B-Cause
customers I-Cause
expand I-Cause
their I-Cause
remote I-Cause
work I-Cause
strategies I-Cause
, I-Cause
especially I-Cause
with I-Cause
the I-Cause
addition I-Cause
of I-Cause
Wrike I-Cause
to I-Cause
the I-Cause
portfolio I-Cause
. O

We O
also O
think O
the B-Cause
AIDC I-Cause
market I-Cause
's I-Cause
transition I-Cause
to I-Cause
software I-Cause
will O
expose B-Effect
Zebra I-Effect
to I-Effect
the I-Effect
threats I-Effect
of I-Effect
open-source I-Effect
software I-Effect
and I-Effect
of I-Effect
a I-Effect
well-capitalized I-Effect
software I-Effect
giant I-Effect
entering I-Effect
the I-Effect
market I-Effect
, O
though O
we O
'd O
point O
to O
Zebra B-Cause
's I-Cause
expansive I-Cause
patches I-Cause
to I-Cause
Android I-Cause
for I-Cause
enterprise I-Cause
use I-Cause
as O
a O
hedge O
against O
the B-Effect
open-source I-Effect
threat I-Effect
. O

While O
we O
believe O
these O
three O
companies O
do O
have O
sustainable O
competitive O
advantages O
, O
their B-Effect
content I-Effect
storage I-Effect
and I-Effect
collaboration I-Effect
offerings I-Effect
have I-Effect
little I-Effect
to I-Effect
no I-Effect
impact I-Effect
on I-Effect
this I-Effect
rating I-Effect
, O
as O
we O
view O
cloud B-Cause
storage I-Cause
as I-Cause
table I-Cause
stakes I-Cause
for I-Cause
broader I-Cause
operating I-Cause
system I-Cause
providers O
. O

We O
're O
currently O
anticipating O
that O
equities B-Effect
trading I-Effect
volume I-Effect
will I-Effect
experience I-Effect
a I-Effect
double-digit I-Effect
decline I-Effect
in I-Effect
the I-Effect
next I-Effect
year I-Effect
or I-Effect
two I-Effect
, O
as O
retail B-Cause
trading I-Cause
interest I-Cause
partially I-Cause
resets I-Cause
from I-Cause
the I-Cause
exuberance I-Cause
of I-Cause
2020 I-Cause
. O

This B-Cause
combination I-Cause
of I-Cause
best-in-class I-Cause
technology I-Cause
along I-Cause
with I-Cause
an I-Cause
extensive I-Cause
third-party I-Cause
dealer I-Cause
network I-Cause
has O
created O
a B-Effect
robust I-Effect
Caterpillar I-Effect
ecosystem I-Effect
that I-Effect
encourages I-Effect
customer I-Effect
loyalty I-Effect
and I-Effect
supports I-Effect
strong I-Effect
resale I-Effect
values I-Effect
. O

Fortinet B-Effect
's I-Effect
ability I-Effect
to I-Effect
rapidly I-Effect
innovate I-Effect
internally I-Effect
, I-Effect
with I-Effect
the I-Effect
incredible I-Effect
pace I-Effect
of I-Effect
change I-Effect
in I-Effect
security I-Effect
threats I-Effect
, I-Effect
will I-Effect
be I-Effect
tested I-Effect
as O
threats B-Cause
become I-Cause
more I-Cause
decentralized I-Cause
through I-Cause
customers I-Cause
' I-Cause
cloud-based I-Cause
ecosystems I-Cause
. O

Fastly B-Cause
handles I-Cause
companies I-Cause
' I-Cause
and I-Cause
consumers I-Cause
' I-Cause
most I-Cause
sensitive I-Cause
information I-Cause
on I-Cause
its I-Cause
servers I-Cause
, O
so O
the B-Effect
financial I-Effect
and I-Effect
reputational I-Effect
damage I-Effect
that I-Effect
could I-Effect
follow I-Effect
a I-Effect
major I-Effect
data I-Effect
breach I-Effect
could I-Effect
be I-Effect
devastating I-Effect
. O

The O
cost B-Cause
advantage I-Cause
allows O
for O
the O
strong O
digital O
investment O
and O
offering O
, O
which O
in O
turn O
helps O
to O
entrench B-Effect
the I-Effect
switching I-Effect
costs I-Effect
. I-Effect

We O
expect O
Ericsson B-Effect
to I-Effect
have I-Effect
3 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
and I-Effect
generate I-Effect
a I-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
of I-Effect
2 I-Effect
% I-Effect
, O
which O
is O
mainly B-Cause
driven I-Cause
by I-Cause
CSP I-Cause
5G I-Cause
network I-Cause
build I-Cause
outs I-Cause
and I-Cause
additional I-Cause
4G I-Cause
capacity I-Cause
demand I-Cause
. O

Additionally O
, O
about B-Cause
50 I-Cause
% I-Cause
of I-Cause
its I-Cause
refining I-Cause
capacity I-Cause
is I-Cause
integrated I-Cause
with I-Cause
chemicals I-Cause
production I-Cause
, O
which O
reduces B-Effect
costs I-Effect
and I-Effect
creates I-Effect
opportunities I-Effect
for I-Effect
feedstock I-Effect
optimization I-Effect
. O

We O
expect O
the B-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
to I-Effect
reach I-Effect
6.0 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
1.5 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
due O
to O
its B-Cause
increasing I-Cause
bargaining I-Cause
power I-Cause
with I-Cause
suppliers I-Cause
, I-Cause
declining I-Cause
fulfillment I-Cause
cost/sales I-Cause
ratio I-Cause
, I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
. O

Vertical B-Cause
integration I-Cause
is O
a O
key O
source O
of O
competitive B-Effect
advantage I-Effect
and O
substantially B-Effect
increases I-Effect
the I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
in I-Effect
an I-Effect
exclusive I-Effect
traded I-Effect
product I-Effect
. O

We O
factor O
in O
that O
Julius O
Baer O
will O
resume O
its B-Effect
share I-Effect
buy I-Effect
back I-Effect
program I-Effect
of I-Effect
CHF I-Effect
400 I-Effect
million I-Effect
in O
2021 O
, O
after O
suspending O
it O
due O
to O
recent B-Cause
guidance I-Cause
from I-Cause
the I-Cause
Swiss I-Cause
regulator I-Cause
. O

We B-Effect
would I-Effect
expect I-Effect
Cheniere I-Effect
's I-Effect
marketing I-Effect
operations I-Effect
to I-Effect
be I-Effect
fairly I-Effect
volatile I-Effect
even I-Effect
in I-Effect
a I-Effect
reasonably I-Effect
healthy I-Effect
environment I-Effect
, I-Effect
given O
the B-Cause
spread-based I-Cause
nature I-Cause
of I-Cause
its I-Cause
business I-Cause
and I-Cause
the I-Cause
substantial I-Cause
volatility I-Cause
in I-Cause
the I-Cause
global I-Cause
LNG I-Cause
market I-Cause
, O
exposing O
the O
company O
to O
potential O
losses O
. O

Even O
so O
, O
transactions B-Cause
of I-Cause
this I-Cause
size I-Cause
( I-Cause
a I-Cause
purchase I-Cause
price I-Cause
of I-Cause
$ I-Cause
8 I-Cause
billion I-Cause
) I-Cause
can O
limit B-Effect
balance I-Effect
sheet I-Effect
flexibility I-Effect
for I-Effect
future I-Effect
deals I-Effect
and I-Effect
may I-Effect
strain I-Effect
company I-Effect
resources I-Effect
and I-Effect
distract I-Effect
management I-Effect
attention I-Effect
from I-Effect
time I-Effect
to I-Effect
time I-Effect
. O

Vornado O
has O
strategically O
chosen B-Cause
to I-Cause
concentrate I-Cause
its I-Cause
efforts I-Cause
on I-Cause
central I-Cause
business I-Cause
district I-Cause
properties I-Cause
in O
New O
York O
City O
in O
a O
bid O
to O
benefit B-Effect
from I-Effect
the I-Effect
city I-Effect
's I-Effect
supply-constrained I-Effect
nature I-Effect
and I-Effect
its I-Effect
pre-eminence I-Effect
as I-Effect
a I-Effect
global I-Effect
hub I-Effect
for I-Effect
talent I-Effect
. O

After O
a B-Cause
COVID-19 I-Cause
weighed I-Cause
on I-Cause
demand I-Cause
in I-Cause
2020 I-Cause
, O
we O
expect O
lithium B-Effect
demand I-Effect
to I-Effect
grow I-Effect
from I-Effect
around I-Effect
300,000 I-Effect
metric I-Effect
tons I-Effect
in I-Effect
2020 I-Effect
to I-Effect
1.9 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
by I-Effect
2030 I-Effect
. O

This B-Effect
investment I-Effect
has I-Effect
swamped I-Effect
the I-Effect
value I-Effect
of I-Effect
Dish I-Effect
's I-Effect
core I-Effect
satellite I-Effect
television I-Effect
business I-Effect
, O
as O
wireless B-Cause
licenses I-Cause
now I-Cause
account I-Cause
for I-Cause
more I-Cause
than I-Cause
two I-Cause
thirds I-Cause
of I-Cause
its I-Cause
roughly I-Cause
$ I-Cause
30 I-Cause
billion I-Cause
invested I-Cause
capital I-Cause
base I-Cause
. O

In O
addition O
, B-Cause
bromine I-Cause
could I-Cause
be I-Cause
substituted I-Cause
with I-Cause
other I-Cause
flame-retardant I-Cause
material I-Cause
or I-Cause
the I-Cause
widespread I-Cause
use I-Cause
of I-Cause
flexible I-Cause
chips I-Cause
in I-Cause
smartphones I-Cause
and I-Cause
tablets I-Cause
that O
do O
not O
use O
BFRs O
could O
accelerate B-Effect
a I-Effect
decline I-Effect
in I-Effect
bromine I-Effect
demand I-Effect
. O

Also O
, O
with O
approximately B-Cause
30 I-Cause
% I-Cause
of I-Cause
sales I-Cause
coming I-Cause
from I-Cause
international I-Cause
markets I-Cause
, O
currency B-Effect
headwinds I-Effect
could I-Effect
have I-Effect
a I-Effect
negative I-Effect
impact I-Effect
on I-Effect
Hologic I-Effect
's I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
performance I-Effect
and I-Effect
potentially I-Effect
undermine I-Effect
domestic I-Effect
progress I-Effect
. O

In O
the O
realm O
of O
product O
development O
, O
the B-Cause
prospect I-Cause
of I-Cause
being I-Cause
able I-Cause
to I-Cause
scale I-Cause
distribution I-Cause
of I-Cause
the I-Cause
final I-Cause
product I-Cause
quickly I-Cause
and I-Cause
broadly I-Cause
makes O
other B-Effect
companies I-Effect
willing I-Effect
to I-Effect
embark I-Effect
on I-Effect
joint I-Effect
ventures I-Effect
with I-Effect
Pepsi I-Effect
. O

In O
2019 O
, O
Expeditors B-Effect
' I-Effect
net I-Effect
revenue I-Effect
flattened I-Effect
and O
EBIT B-Cause
margins I-Cause
fell I-Cause
on I-Cause
slowing I-Cause
global I-Cause
trade I-Cause
and I-Cause
soft I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
. O

We O
can O
certainly O
see O
disparate B-Effect
Workday I-Effect
customers I-Effect
benefiting I-Effect
from I-Effect
additional I-Effect
Workday I-Effect
customers I-Effect
using I-Effect
Credentials I-Effect
, O
as O
this O
would O
allow O
for O
possibly B-Cause
larger I-Cause
application I-Cause
pools I-Cause
and I-Cause
perhaps I-Cause
shorter I-Cause
hiring I-Cause
periods I-Cause
. O

With O
a B-Cause
renewed I-Cause
focus I-Cause
on I-Cause
costs I-Cause
and I-Cause
plenty I-Cause
of I-Cause
profitability I-Cause
drivers I-Cause
at I-Cause
its I-Cause
disposal I-Cause
, O
it O
seems O
almost O
certain O
that O
Heineken B-Effect
's I-Effect
margin I-Effect
will I-Effect
expand I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

Additionally O
, O
the B-Effect
performance I-Effect
and I-Effect
asset I-Effect
values I-Effect
of I-Effect
Ventas I-Effect
' I-Effect
portfolio I-Effect
will I-Effect
suffer I-Effect
if O
Ventas B-Cause
' I-Cause
operating I-Cause
partners I-Cause
fail I-Cause
to I-Cause
provide I-Cause
superior I-Cause
care I-Cause
or I-Cause
Ventas I-Cause
' I-Cause
assets I-Cause
fail I-Cause
to I-Cause
retain I-Cause
the I-Cause
top I-Cause
tenants I-Cause
. O

ABB B-Cause
has I-Cause
been I-Cause
slow I-Cause
to I-Cause
refresh I-Cause
its I-Cause
product I-Cause
offering I-Cause
and O
in O
some O
cases O
has O
had O
to O
turn B-Effect
to I-Effect
second-best I-Effect
choices I-Effect
. O

Tiered O
subscription O
contracts O
allow O
customers O
to O
access O
real-time O
data O
in O
the O
field O
from O
JBT O
's O
equipment O
sensors O
and O
tap B-Cause
into I-Cause
its I-Cause
expert I-Cause
global I-Cause
support I-Cause
staff I-Cause
for O
technical B-Effect
assistance I-Effect
. O

After O
application O
, O
patents B-Cause
enjoy I-Cause
20-year I-Cause
terms I-Cause
, O
which O
keeps O
competitors B-Effect
from I-Effect
directly I-Effect
copying I-Effect
the I-Effect
technology I-Effect
for I-Effect
a I-Effect
long I-Effect
period I-Effect
of I-Effect
time I-Effect
. O

The B-Cause
ability I-Cause
of I-Cause
an I-Cause
exchange I-Cause
to I-Cause
keep I-Cause
implicit I-Cause
costs I-Cause
low I-Cause
is O
largely O
a O
function O
of O
the B-Cause
amount I-Cause
of I-Cause
liquidity I-Cause
on I-Cause
the I-Cause
exchange I-Cause
, O
leading O
to O
powerful B-Effect
network I-Effect
effects I-Effect
for I-Effect
futures I-Effect
exchanges I-Effect
. O

Considering O
that O
the B-Cause
millennial I-Cause
generation I-Cause
entered I-Cause
the I-Cause
job I-Cause
market I-Cause
around I-Cause
the I-Cause
Great I-Cause
Recession I-Cause
and O
so O
delayed B-Cause
saving I-Cause
while I-Cause
also I-Cause
being I-Cause
burdened I-Cause
with I-Cause
record I-Cause
student I-Cause
loan I-Cause
debt I-Cause
, O
many B-Cause
millennials I-Cause
lack I-Cause
the I-Cause
money I-Cause
for I-Cause
a I-Cause
down I-Cause
payment I-Cause
on I-Cause
a I-Cause
home I-Cause
and O
therefore O
will O
most B-Effect
likely I-Effect
consider I-Effect
renting I-Effect
over I-Effect
purchasing I-Effect
. O

Meanwhile O
, O
we O
expect O
slight B-Effect
operating I-Effect
leverage I-Effect
to I-Effect
occur I-Effect
in I-Effect
R I-Effect
& I-Effect
D I-Effect
and I-Effect
general I-Effect
and I-Effect
administrative I-Effect
sales I-Effect
as O
the B-Cause
company I-Cause
expands I-Cause
its I-Cause
scale I-Cause
with I-Cause
its I-Cause
growth I-Cause
platforms I-Cause
in I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
and I-Cause
AR I-Cause
. O

While O
the B-Cause
duopoly I-Cause
should O
allow O
rational B-Effect
behavior I-Effect
from I-Effect
both I-Effect
companies I-Effect
and I-Effect
help I-Effect
prevent I-Effect
price I-Effect
wars I-Effect
, O
the O
HDD O
market O
will O
continue O
to O
experience O
a O
secular O
decline O
. O

With O
TurboTax B-Cause
online I-Cause
sales I-Cause
having I-Cause
eclipsed I-Cause
its I-Cause
desktop I-Cause
sales I-Cause
and I-Cause
our I-Cause
estimate I-Cause
that I-Cause
the I-Cause
same I-Cause
will I-Cause
happen I-Cause
for I-Cause
QuickBooks I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
, O
Intuit B-Effect
has I-Effect
now I-Effect
transitioned I-Effect
into I-Effect
a I-Effect
cloud-first I-Effect
company I-Effect
. O

With O
the B-Cause
bulk I-Cause
of I-Cause
its I-Cause
assets I-Cause
in I-Cause
relatively I-Cause
low-risk I-Cause
jurisdictions I-Cause
like O
Canada O
, O
the O
United O
States O
, O
and O
Chile O
, O
Teck B-Effect
faces I-Effect
a I-Effect
lower I-Effect
level I-Effect
of I-Effect
country I-Effect
risk I-Effect
than O
most O
global O
mining O
companies O
. O

We O
believe O
Ferguson B-Cause
has I-Cause
put I-Cause
the I-Cause
right I-Cause
strategy I-Cause
in I-Cause
place I-Cause
to I-Cause
optimize I-Cause
pricing I-Cause
, O
which O
should O
lead O
to O
a B-Effect
stronger I-Effect
margin I-Effect
profile I-Effect
. O

The O
industry B-Effect
has I-Effect
experienced I-Effect
tremendous I-Effect
growth I-Effect
in I-Effect
the I-Effect
last I-Effect
several I-Effect
years I-Effect
, O
and O
we O
see O
further B-Cause
societal I-Cause
shifts I-Cause
fueling O
that O
growth O
for O
years O
to O
come O
, O
albeit O
at O
a O
more O
modest O
pace O
. O

Expected B-Cause
purchases I-Cause
in I-Cause
2021 I-Cause
could I-Cause
easily I-Cause
top I-Cause
$ I-Cause
250 I-Cause
million I-Cause
, O
given O
the B-Cause
over I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
in I-Cause
expected I-Cause
excess I-Cause
cash I-Cause
flow I-Cause
, O
and O
this O
could O
accelerate B-Effect
into I-Effect
2022 I-Effect
as O
Plains B-Cause
reaches I-Cause
its I-Cause
leverage I-Cause
targets I-Cause
and I-Cause
starts I-Cause
to I-Cause
allocate I-Cause
more I-Cause
cash I-Cause
toward I-Cause
share I-Cause
and I-Cause
unit I-Cause
buybacks I-Cause
. O

On O
the O
flip O
side O
, O
demand B-Effect
growth I-Effect
for O
its O
industrial O
machinery O
, O
which O
includes O
metal O
forging O
, O
stamping O
presses O
, O
machine O
tools O
, O
defense-related O
equipment O
, O
and O
others O
, O
would O
be O
underpinned O
by O
demand O
from O
the O
automotive B-Cause
, I-Cause
solar I-Cause
, I-Cause
and I-Cause
defense I-Cause
industry I-Cause
. I-Cause

We O
envision O
Workday B-Effect
's I-Effect
ACV I-Effect
growing I-Effect
to I-Effect
near I-Effect
$ I-Effect
5.5 I-Effect
million I-Effect
by I-Effect
2032 I-Effect
, O
primarily O
driven O
by O
increasing B-Cause
attach I-Cause
rates I-Cause
rather I-Cause
than I-Cause
price I-Cause
increases I-Cause
. O

We O
expect O
the B-Effect
continence-care I-Effect
segment I-Effect
to I-Effect
deliver I-Effect
the I-Effect
strongest I-Effect
growth I-Effect
, I-Effect
around I-Effect
5 I-Effect
% I-Effect
on I-Effect
average I-Effect
, O
thanks O
to O
the B-Cause
inklings I-Cause
of I-Cause
innovation I-Cause
we I-Cause
've I-Cause
seen I-Cause
there I-Cause
. O

Although O
the O
Swiss O
watch O
industry O
has O
survived O
several O
meaningful O
crises O
associated O
with O
replacement O
technology O
, O
we O
believe O
smartwatches B-Effect
could I-Effect
represent I-Effect
a I-Effect
new I-Effect
meaningful I-Effect
threat I-Effect
if O
they B-Cause
become I-Cause
widespread I-Cause
and I-Cause
give I-Cause
customers I-Cause
previously I-Cause
unprecedented I-Cause
utility I-Cause
beyond I-Cause
telling I-Cause
time I-Cause
. O

Close B-Cause
ties I-Cause
with I-Cause
OEM I-Cause
customers I-Cause
( I-Cause
82 I-Cause
% I-Cause
of I-Cause
2019 I-Cause
revenue I-Cause
) I-Cause
are O
integral B-Effect
to I-Effect
success I-Effect
in I-Effect
the I-Effect
automotive I-Effect
industry I-Effect
supply I-Effect
base I-Effect
and I-Effect
create I-Effect
another I-Effect
significant I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
. O

Recent B-Cause
pricing I-Cause
increases I-Cause
have O
continued O
to O
restore B-Effect
profitability I-Effect
in I-Effect
auto I-Effect
for I-Effect
Allstate I-Effect
, O
following O
a B-Effect
rise I-Effect
in I-Effect
claims I-Effect
driven O
by O
a B-Cause
multitude I-Cause
of I-Cause
factors I-Cause
ranging I-Cause
from I-Cause
low I-Cause
gas I-Cause
prices I-Cause
to I-Cause
distracted I-Cause
driving I-Cause
. O

The B-Cause
press I-Cause
had I-Cause
a I-Cause
field I-Cause
day I-Cause
lambasting I-Cause
ING I-Cause
for I-Cause
the I-Cause
deficiencies I-Cause
uncovered I-Cause
in I-Cause
its I-Cause
ability I-Cause
to I-Cause
combat I-Cause
financial I-Cause
fraud I-Cause
by I-Cause
the I-Cause
Dutch I-Cause
prosecuting I-Cause
authorities I-Cause
in I-Cause
2018 I-Cause
, O
which O
ultimately O
led O
to O
it B-Effect
being I-Effect
slapped I-Effect
with I-Effect
a I-Effect
EUR I-Effect
775 I-Effect
million I-Effect
fine I-Effect
. O

Additionally O
, O
companies O
typically O
stay B-Cause
with I-Cause
their I-Cause
selected I-Cause
CRO I-Cause
throughout I-Cause
the I-Cause
drug I-Cause
's I-Cause
lifetime I-Cause
for O
the O
continued B-Effect
study I-Effect
and I-Effect
development I-Effect
of I-Effect
booster I-Effect
drugs/vaccines I-Effect
. O

We O
think O
its O
biggest O
advantage O
is O
that O
, O
unlike O
some O
of O
its O
competitors O
, O
it O
can O
provide O
businesses O
with O
a O
whole O
array O
of O
services O
rather O
than O
requiring O
its O
customers O
to O
buy O
them O
piecemeal O
, O
and O
its B-Cause
extensive I-Cause
fiber I-Cause
network I-Cause
limits O
the B-Effect
number I-Effect
of I-Effect
rivals I-Effect
who I-Effect
could I-Effect
attempt I-Effect
to I-Effect
replicate I-Effect
all I-Effect
its I-Effect
services I-Effect
. O

We O
are O
raising B-Cause
our I-Cause
uncertainty I-Cause
rating I-Cause
, I-Cause
probably I-Cause
temporarily I-Cause
, I-Cause
to I-Cause
medium I-Cause
from I-Cause
low I-Cause
to O
reflect B-Effect
the I-Effect
widening B-Effect
range I-Effect
of I-Effect
valuation I-Effect
outcomes I-Effect
resulting I-Effect
from I-Effect
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
on I-Cause
short-term I-Cause
demand I-Cause
. I-Cause

Nonetheless O
, O
we O
think O
that O
total B-Effect
revenue I-Effect
generated I-Effect
by I-Effect
ERP I-Effect
customers I-Effect
will I-Effect
grow I-Effect
by I-Effect
over I-Effect
50 I-Effect
% I-Effect
as O
more B-Cause
and I-Cause
more I-Cause
cloud I-Cause
customers I-Cause
should I-Cause
increase I-Cause
the I-Cause
lifetime I-Cause
value I-Cause
they I-Cause
offer I-Cause
to I-Cause
SAP I-Cause
. O

Although O
we O
think O
the O
densification O
dynamic O
has O
largely O
played O
out O
, O
continued B-Cause
decreases I-Cause
in I-Cause
square I-Cause
footage I-Cause
per I-Cause
employee I-Cause
could O
have B-Effect
a I-Effect
negative I-Effect
effect I-Effect
on I-Effect
demand I-Effect
for I-Effect
office I-Effect
space I-Effect
. O

Management B-Effect
is I-Effect
making I-Effect
the I-Effect
most I-Effect
of I-Effect
this I-Effect
premium I-Effect
acreage I-Effect
by O
keeping B-Cause
operations I-Cause
lean I-Cause
and I-Cause
efficient I-Cause
, I-Cause
and I-Cause
staying I-Cause
ahead I-Cause
of I-Cause
the I-Cause
curve I-Cause
with I-Cause
technical I-Cause
advances I-Cause
( O
such O
as O
high-intensity O
completions O
) O
. O

Covidien B-Cause
and I-Cause
J I-Cause
& I-Cause
amp I-Cause
; I-Cause
J I-Cause
dominate I-Cause
a I-Cause
number I-Cause
of I-Cause
surgical I-Cause
specialties I-Cause
with O
the B-Cause
breadth I-Cause
of I-Cause
their I-Cause
portfolios I-Cause
, O
rendering O
competitors B-Effect
' I-Effect
efforts I-Effect
to I-Effect
displace I-Effect
them I-Effect
on O
cost O
on O
an O
individual O
product O
basis O
less O
meaningful O
. O

Nearly B-Cause
all I-Cause
of I-Cause
its I-Cause
products I-Cause
use I-Cause
methanol I-Cause
or I-Cause
ethylene I-Cause
as I-Cause
a I-Cause
core I-Cause
building I-Cause
block I-Cause
, O
so O
increases B-Effect
in I-Effect
the I-Effect
prices I-Effect
of I-Effect
those I-Effect
commodities I-Effect
could I-Effect
hurt I-Effect
profits I-Effect
if I-Effect
the I-Effect
company I-Effect
is I-Effect
unable I-Effect
to I-Effect
pass I-Effect
along I-Effect
raw I-Effect
material I-Effect
price I-Effect
increases I-Effect
. O

Even O
so O
, O
we O
envision O
that O
the B-Effect
firm I-Effect
remains I-Effect
in I-Effect
net I-Effect
outflow I-Effect
mode I-Effect
, I-Effect
with I-Effect
expectations I-Effect
for I-Effect
a I-Effect
mid-single-digit I-Effect
decline I-Effect
in I-Effect
organic I-Effect
AUM I-Effect
growth I-Effect
this I-Effect
year I-Effect
on O
part O
with O
what B-Cause
we I-Cause
've I-Cause
seen I-Cause
annually I-Cause
on I-Cause
average I-Cause
from I-Cause
the I-Cause
firm I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
. O

However O
, O
Crown B-Cause
Castle I-Cause
has I-Cause
now I-Cause
brought I-Cause
fiber I-Cause
spending I-Cause
down I-Cause
significantly I-Cause
, O
so O
we B-Effect
no I-Effect
longer I-Effect
think I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
will I-Effect
fall I-Effect
below I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
bulk I-Effect
of I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

The B-Effect
spread I-Effect
between I-Effect
what I-Effect
AMN I-Effect
can I-Effect
charge I-Effect
customers I-Effect
and I-Effect
what I-Effect
it I-Effect
pays I-Effect
temporary I-Effect
workers I-Effect
may I-Effect
contract I-Effect
and I-Effect
pressure I-Effect
margins I-Effect
if O
the B-Cause
firm I-Cause
has I-Cause
to I-Cause
exorbitantly I-Cause
increase I-Cause
its I-Cause
pay I-Cause
rate I-Cause
in I-Cause
order I-Cause
to I-Cause
maintain I-Cause
a I-Cause
steady I-Cause
inventory I-Cause
of I-Cause
quality I-Cause
workers I-Cause
. O

With O
its B-Cause
enviable I-Cause
roster I-Cause
of I-Cause
blue-chip I-Cause
office I-Cause
and I-Cause
retail I-Cause
tenants I-Cause
, O
Vornado B-Effect
should I-Effect
benefit I-Effect
from I-Effect
healthy I-Effect
rent I-Effect
collections I-Effect
despite I-Effect
the I-Effect
coronavirus I-Effect
crisis I-Effect
. O

The O
best O
models O
will O
have O
consistent O
and O
uniform O
genetic O
makeup O
, O
which O
requires O
generations B-Cause
of I-Cause
systematic I-Cause
inbreeding I-Cause
as I-Cause
well I-Cause
as I-Cause
regular I-Cause
back-crossing I-Cause
with I-Cause
the I-Cause
original I-Cause
genetic I-Cause
source I-Cause
to O
prevent O
genetic B-Effect
drift I-Effect
over I-Effect
time I-Effect
. O

Considering O
the B-Cause
size I-Cause
of I-Cause
the I-Cause
high-end I-Cause
CAD I-Cause
market I-Cause
for I-Cause
product I-Cause
design I-Cause
, O
we O
think O
the B-Effect
benefits I-Effect
of I-Effect
CAD I-Effect
software I-Effect
being I-Effect
taught I-Effect
in I-Effect
graduate I-Effect
programs I-Effect
are I-Effect
less I-Effect
in I-Effect
comparison I-Effect
to I-Effect
midmarket I-Effect
software I-Effect
. O

Given O
the B-Cause
broad I-Cause
gamut I-Cause
of I-Cause
products I-Cause
and I-Cause
price I-Cause
points I-Cause
that I-Cause
licensed I-Cause
alcoholic I-Cause
beverage I-Cause
retailers I-Cause
must I-Cause
carry I-Cause
, O
it O
is O
often O
logistically B-Effect
preferable I-Effect
for I-Effect
them I-Effect
to I-Effect
reduce I-Effect
their I-Effect
number I-Effect
of I-Effect
suppliers I-Effect
, O
which O
can O
be O
favorable O
for O
vendors O
offering O
wares O
across O
multiple O
categories O
. O

We B-Effect
are I-Effect
maintaining I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
of I-Effect
$ I-Effect
150 I-Effect
per I-Effect
share I-Effect
, O
as O
we B-Cause
increased I-Cause
the I-Cause
probability I-Cause
of I-Cause
approval I-Cause
for I-Cause
lumasiran I-Cause
for I-Cause
primary I-Cause
hyperoxaluria I-Cause
type I-Cause
1 I-Cause
to I-Cause
90 I-Cause
% I-Cause
following O
the O
release O
of O
detailed O
phase O
3 O
results O
that O
showed O
strong O
statistical O
significance O
across O
all O
endpoints O
. O

Aon B-Cause
's I-Cause
largest I-Cause
cost I-Cause
component I-Cause
is I-Cause
employee I-Cause
compensation I-Cause
, O
which O
could O
lead O
to O
pressure B-Effect
on I-Effect
margins I-Effect
if O
labor B-Cause
conditions I-Cause
grew I-Cause
tight I-Cause
and I-Cause
any I-Cause
large-scale I-Cause
employee I-Cause
defections I-Cause
could I-Cause
damage I-Cause
the I-Cause
business I-Cause
. O

As O
costs B-Cause
continue I-Cause
to I-Cause
rise I-Cause
in I-Cause
these I-Cause
sectors I-Cause
, O
we O
expect O
more B-Effect
institutions I-Effect
will I-Effect
recognise I-Effect
the I-Effect
savings I-Effect
potential I-Effect
of I-Effect
outsourcing I-Effect
the I-Effect
food-service I-Effect
function I-Effect
. O

Within O
EIG O
, O
we O
think O
a B-Cause
rising I-Cause
need I-Cause
to I-Cause
test I-Cause
different I-Cause
parameters I-Cause
, O
such O
as O
gas O
and O
liquid O
in O
a O
manufacturing O
process O
, O
will O
drive B-Effect
growth I-Effect
in I-Effect
its I-Effect
process I-Effect
and I-Effect
analytical I-Effect
instrumentation I-Effect
subsegment I-Effect
. O

The O
definition O
of O
an O
office O
market O
can O
in O
some O
sense O
be B-Effect
extended I-Effect
to I-Effect
an I-Effect
entire I-Effect
metropolitan I-Effect
area I-Effect
, O
as O
evidenced O
by O
the B-Cause
prevalence I-Cause
of I-Cause
corporate I-Cause
relocations I-Cause
within I-Cause
a I-Cause
given I-Cause
region I-Cause
. O

Demand B-Cause
for I-Cause
new I-Cause
business I-Cause
jets I-Cause
is I-Cause
generally I-Cause
driven I-Cause
by I-Cause
new I-Cause
, I-Cause
high-quality I-Cause
products I-Cause
, O
as O
previous B-Cause
customers I-Cause
must I-Cause
be I-Cause
convinced I-Cause
to I-Cause
upgrade I-Cause
, O
so O
we O
have O
difficulty B-Effect
envisioning I-Effect
a I-Effect
future I-Effect
where I-Effect
the I-Effect
company I-Effect
could I-Effect
compress I-Effect
research I-Effect
spending I-Effect
without I-Effect
compromising I-Effect
its I-Effect
future I-Effect
. O

In O
addition O
, O
the O
pricing O
of O
petrol O
products O
in O
China O
remains O
under B-Cause
government I-Cause
guidance I-Cause
, O
and O
any B-Effect
intervention I-Effect
in I-Effect
the I-Effect
energy I-Effect
markets I-Effect
could I-Effect
hinder I-Effect
Sinopec I-Effect
's I-Effect
ability I-Effect
to I-Effect
pass I-Effect
on I-Effect
cost I-Effect
increases I-Effect
during I-Effect
higher-inflation I-Effect
periods I-Effect
. O

While O
Kraft-Heinz O
was O
targeting O
a O
5 O
% O
increase O
in O
yield O
, O
Rockwell B-Cause
used I-Cause
an I-Cause
analytic I-Cause
software I-Cause
package I-Cause
that I-Cause
was I-Cause
implemented I-Cause
in I-Cause
real I-Cause
time I-Cause
, I-Cause
examined I-Cause
multiple I-Cause
variables I-Cause
, I-Cause
optimized I-Cause
a I-Cause
complex I-Cause
process I-Cause
, O
and O
ultimately O
improved O
yield B-Effect
by I-Effect
10 I-Effect
% I-Effect
. O

H B-Effect
& I-Effect
P I-Effect
seeks I-Effect
to I-Effect
differentiate I-Effect
itself I-Effect
in I-Effect
the I-Effect
commoditized I-Effect
drilling I-Effect
services I-Effect
market I-Effect
by O
staying B-Cause
at I-Cause
the I-Cause
forefront I-Cause
of I-Cause
technological I-Cause
innovation I-Cause
in I-Cause
the I-Cause
space I-Cause
. O

As O
such O
, O
we O
think O
plumbing B-Effect
sales I-Effect
will I-Effect
grow I-Effect
faster I-Effect
than I-Effect
decorative I-Effect
architectural I-Effect
revenue I-Effect
over O
the O
near O
term O
as O
the B-Cause
DIY/DIFM I-Cause
mix I-Cause
normalizes I-Cause
. O

One O
effect O
of O
climate B-Cause
change I-Cause
is O
for O
climates B-Cause
to I-Cause
shift I-Cause
north I-Cause
, O
which O
brings B-Effect
warmer I-Effect
weather I-Effect
and I-Effect
fewer I-Effect
snow I-Effect
days I-Effect
to I-Effect
northern I-Effect
climates I-Effect
. O

Following O
a B-Cause
down I-Cause
fiscal I-Cause
2019 I-Cause
due O
to O
a B-Cause
deceleration I-Cause
in I-Cause
3D I-Cause
NAND I-Cause
, I-Cause
DRAM I-Cause
, I-Cause
and I-Cause
display I-Cause
spending I-Cause
, O
we O
expect O
the B-Effect
firm I-Effect
to I-Effect
grow I-Effect
revenue I-Effect
on I-Effect
average I-Effect
8 I-Effect
% I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
. O

The B-Effect
network I-Effect
's I-Effect
bargaining I-Effect
power I-Effect
increases I-Effect
with O
a B-Cause
great I-Cause
collection I-Cause
of I-Cause
pharmacists I-Cause
, O
which O
its O
uses O
to O
collect O
reimbursement O
through O
the O
Medicare O
Part O
D O
program O
as O
well O
as O
lobby O
for O
their O
interests O
on O
Capitol O
Hill O
. O

Alliance B-Cause
partners I-Cause
' I-Cause
( I-Cause
Renault I-Cause
and I-Cause
Mitsubishi I-Cause
) I-Cause
co-investment I-Cause
in I-Cause
all-electric I-Cause
vehicle I-Cause
capacity I-Cause
helps O
reduce B-Effect
Nissan I-Effect
's I-Effect
risk I-Effect
relative I-Effect
to I-Effect
attempting I-Effect
to I-Effect
launch I-Effect
on I-Effect
its I-Effect
own I-Effect
. O

As B-Cause
process I-Cause
technologies I-Cause
develop I-Cause
, I-Cause
the I-Cause
cost I-Cause
per I-Cause
unit I-Cause
area I-Cause
increases I-Cause
while I-Cause
the I-Cause
unit I-Cause
area I-Cause
per I-Cause
transistor I-Cause
decreases. O
Thus O
, O
by B-Effect
netting I-Effect
these I-Effect
two I-Effect
trends I-Effect
, I-Effect
Intel I-Effect
is I-Effect
able I-Effect
to I-Effect
decrease I-Effect
the I-Effect
cost I-Effect
per I-Effect
transistor I-Effect
with I-Effect
each I-Effect
successive I-Effect
technology I-Effect
node I-Effect
. O

After O
a O
challenging O
2020 O
, O
we O
expect O
modest B-Effect
EPS I-Effect
growth I-Effect
driven O
by O
higher B-Cause
variable I-Cause
investment I-Cause
income I-Cause
, I-Cause
continued I-Cause
expense I-Cause
control I-Cause
, I-Cause
and I-Cause
a I-Cause
lower I-Cause
share I-Cause
count I-Cause
. O

Although B-Cause
the I-Cause
switching I-Cause
costs I-Cause
might I-Cause
not I-Cause
be I-Cause
explicitly I-Cause
large I-Cause
, I-Cause
the I-Cause
benefits I-Cause
of I-Cause
switching I-Cause
from I-Cause
one I-Cause
asset I-Cause
manager I-Cause
or I-Cause
wealth I-Cause
manager I-Cause
to I-Cause
another I-Cause
are I-Cause
at I-Cause
times I-Cause
so I-Cause
uncertain I-Cause
that I-Cause
many I-Cause
clients I-Cause
simply I-Cause
stay I-Cause
where I-Cause
they I-Cause
are. O
As O
a O
result O
, O
money B-Effect
that I-Effect
flows I-Effect
into I-Effect
asset I-Effect
and I-Effect
wealth I-Effect
management I-Effect
firms I-Effect
tend I-Effect
to I-Effect
stay I-Effect
there I-Effect
, I-Effect
creating I-Effect
significant I-Effect
asset I-Effect
stickiness I-Effect
. O

We O
believe O
that O
the O
MAX O
recertification O
is O
nearing O
its O
conclusion O
and O
that O
the B-Effect
aircraft I-Effect
has I-Effect
a I-Effect
bright I-Effect
future I-Effect
due O
to O
the B-Cause
versatility I-Cause
of I-Cause
narrow-bodied I-Cause
aircraft I-Cause
and O
the B-Cause
attractive I-Cause
economics I-Cause
of I-Cause
point-to-point I-Cause
flights I-Cause
. I-Cause

As O
particular B-Cause
software I-Cause
platforms I-Cause
become I-Cause
more I-Cause
widely I-Cause
spread I-Cause
within I-Cause
organizations I-Cause
, O
the B-Effect
higher I-Effect
the I-Effect
cost I-Effect
of I-Effect
changing I-Effect
vendors I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

In O
the O
long O
run O
, O
First B-Cause
Solar I-Cause
will I-Cause
have I-Cause
to I-Cause
continue I-Cause
investing I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
to O
stay B-Effect
at I-Effect
least I-Effect
on I-Effect
par I-Effect
with I-Effect
its I-Effect
competitors I-Effect
. O

The B-Effect
level I-Effect
of I-Effect
net I-Effect
interest I-Effect
income I-Effect
is I-Effect
more I-Effect
uncertain I-Effect
as O
net B-Cause
interest I-Cause
margin I-Cause
( I-Cause
NIM I-Cause
) I-Cause
and I-Cause
balance I-Cause
sheet I-Cause
size I-Cause
can I-Cause
be I-Cause
difficult I-Cause
to I-Cause
forecast I-Cause
. O

Even B-Cause
if I-Cause
another I-Cause
exchange I-Cause
charges I-Cause
less I-Cause
than I-Cause
CME I-Cause
, I-Cause
a I-Cause
1-tick I-Cause
size I-Cause
worse I-Cause
execution I-Cause
on I-Cause
even I-Cause
a I-Cause
fraction I-Cause
of I-Cause
contracts I-Cause
would I-Cause
wipe I-Cause
out I-Cause
any I-Cause
savings I-Cause
to I-Cause
the I-Cause
customer I-Cause
from I-Cause
lower I-Cause
transaction I-Cause
fees. O
This O
gives B-Effect
CME I-Effect
considerable I-Effect
pricing I-Effect
power I-Effect
and I-Effect
has I-Effect
allowed I-Effect
the I-Effect
firm I-Effect
to I-Effect
enjoy I-Effect
an I-Effect
operating I-Effect
margin I-Effect
that I-Effect
has I-Effect
historically I-Effect
been I-Effect
around I-Effect
60 I-Effect
% I-Effect
. O

Private B-Cause
networks I-Cause
have I-Cause
evolved I-Cause
significantly I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
as I-Cause
firms I-Cause
can I-Cause
use I-Cause
Internet-based I-Cause
, I-Cause
virtual I-Cause
solutions I-Cause
rather I-Cause
than I-Cause
more I-Cause
expensive I-Cause
legacy I-Cause
products. O
This O
shift O
is O
shrinking O
the B-Effect
market I-Effect
, I-Effect
but I-Effect
Cogent I-Effect
's I-Effect
lack I-Effect
of I-Effect
legacy I-Effect
offerings I-Effect
leaves I-Effect
it I-Effect
with I-Effect
more I-Effect
opportunity I-Effect
rather I-Effect
than I-Effect
the I-Effect
shrinking I-Effect
prospects I-Effect
of I-Effect
the I-Effect
industry I-Effect
. O

In O
the O
near O
to O
medium O
term O
, O
Aptar B-Cause
faces I-Cause
inflation I-Cause
risk I-Cause
from I-Cause
increasing I-Cause
supply I-Cause
costs I-Cause
, O
which O
could O
eat B-Effect
into I-Effect
margins I-Effect
if I-Effect
Aptar I-Effect
is I-Effect
unable I-Effect
to I-Effect
pass I-Effect
costs I-Effect
to I-Effect
customers I-Effect
. O

Additionally O
, O
its B-Effect
ability I-Effect
to I-Effect
post I-Effect
economic I-Effect
profit I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
business I-Effect
cycle I-Effect
depends O
on O
the B-Cause
firm I-Cause
's I-Cause
heavy I-Cause
network I-Cause
investment I-Cause
( I-Cause
aimed I-Cause
at I-Cause
B2C I-Cause
delivery I-Cause
) I-Cause
paying I-Cause
off I-Cause
. O

That O
said O
, O
we O
believe O
Tractor B-Effect
Supply I-Effect
derives I-Effect
its I-Effect
success I-Effect
from O
its B-Cause
evolving I-Cause
customer-led I-Cause
store I-Cause
layout I-Cause
, O
which O
makes O
it O
a O
destination O
store O
for O
many O
of O
its O
customers O
. O

That O
said O
we B-Effect
're I-Effect
less I-Effect
concerned I-Effect
with I-Effect
normal I-Effect
ebbs I-Effect
and I-Effect
flows I-Effect
of I-Effect
the I-Effect
macro I-Effect
environment I-Effect
, O
given O
that O
Honeywell B-Cause
's I-Cause
business I-Cause
is I-Cause
split I-Cause
60/40 I-Cause
between I-Cause
operating I-Cause
expenditure I-Cause
and I-Cause
capital I-Cause
expenditure I-Cause
cycles I-Cause
. O

The B-Effect
channel I-Effect
has I-Effect
been I-Effect
the I-Effect
most-watched I-Effect
cable I-Effect
network I-Effect
as O
Fox B-Cause
News I-Cause
has I-Cause
benefited I-Cause
from I-Cause
the I-Cause
contentious I-Cause
atmosphere I-Cause
surrounding I-Cause
the I-Cause
Trump I-Cause
presidential I-Cause
administration I-Cause
. O

In O
particular O
, O
the B-Effect
company I-Effect
's I-Effect
capital I-Effect
markets I-Effect
and I-Effect
leasing I-Effect
businesses I-Effect
tend I-Effect
to I-Effect
magnify I-Effect
existing I-Effect
volatility I-Effect
in I-Effect
the I-Effect
overall I-Effect
market I-Effect
place I-Effect
because O
of O
their B-Cause
transactional I-Cause
nature I-Cause
. O

Federal B-Cause
approval I-Cause
for I-Cause
Avangrid I-Cause
's I-Cause
Vineyard I-Cause
Wind I-Cause
project I-Cause
on I-Cause
May I-Cause
11 I-Cause
gives B-Effect
us I-Effect
more I-Effect
confidence I-Effect
that I-Effect
Eversource I-Effect
will I-Effect
get I-Effect
approval I-Effect
for I-Effect
its I-Effect
proposed I-Effect
projects I-Effect
and I-Effect
have I-Effect
ample I-Effect
opportunities I-Effect
to I-Effect
add I-Effect
to I-Effect
its I-Effect
offshore I-Effect
wind I-Effect
project I-Effect
backlog I-Effect
. O

The B-Cause
more I-Cause
critical I-Cause
the I-Cause
function I-Cause
and I-Cause
the I-Cause
more I-Cause
touch I-Cause
points I-Cause
across I-Cause
an I-Cause
organization I-Cause
a I-Cause
software I-Cause
vendor I-Cause
has I-Cause
, O
the B-Effect
higher I-Effect
the I-Effect
switching I-Effect
costs I-Effect
will I-Effect
be I-Effect
. O

In O
Texas O
, O
new B-Cause
reliability I-Cause
incentives I-Cause
for I-Cause
generators I-Cause
could O
raise B-Effect
retail I-Effect
energy I-Effect
costs I-Effect
, I-Effect
more I-Effect
than I-Effect
offsetting I-Effect
financial I-Effect
benefits I-Effect
for I-Effect
NRG I-Effect
's I-Effect
power I-Effect
plants I-Effect
. O

Giving O
its B-Cause
own I-Cause
brands I-Cause
primacy I-Cause
offers O
a B-Effect
significant I-Effect
margin I-Effect
advantage I-Effect
, O
and O
although O
the O
company O
loses O
some O
sales O
to O
buyers O
seeking O
branded O
product O
, O
the B-Cause
offerings I-Cause
simultaneously O
boost B-Effect
its I-Effect
brand I-Effect
strength I-Effect
as O
customers B-Cause
come I-Cause
to I-Cause
trust I-Cause
a I-Cause
NAPA-labeled I-Cause
item I-Cause
. O

Commercialization B-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
expenses I-Cause
have O
kept B-Effect
BioMarin I-Effect
in I-Effect
the I-Effect
red I-Effect
, O
but O
we O
're O
confident O
in O
the O
profit-generating O
power O
of O
its O
rare-disease O
treatments O
, O
and O
BioMarin O
's O
turn O
to O
non-GAAP O
profitability O
in O
2017 O
looks O
sustainable O
. O

The B-Effect
acquisition I-Effect
was I-Effect
eventually I-Effect
approved I-Effect
in I-Effect
2012 I-Effect
, O
but O
only O
after O
CoStar B-Cause
agreed I-Cause
to I-Cause
certain I-Cause
limitations I-Cause
regarding I-Cause
competitive I-Cause
behavior I-Cause
, O
including O
a O
requirement O
that O
LoopNet O
spin O
off O
Xceligent O
, O
which O
was O
CoStar O
's O
only O
notable O
competitor O
. O

Management B-Effect
originally I-Effect
estimated I-Effect
the I-Effect
merger I-Effect
would I-Effect
have I-Effect
$ I-Effect
160 I-Effect
million I-Effect
per I-Effect
year I-Effect
in I-Effect
synergies I-Effect
by I-Effect
2022 I-Effect
because O
of O
the B-Cause
contiguous I-Cause
service I-Cause
territories I-Cause
and I-Cause
the I-Cause
joint I-Cause
ownership I-Cause
of I-Cause
three I-Cause
power I-Cause
plants I-Cause
, O
including O
the O
Wolf O
Creek O
nuclear O
generating O
station O
. O

PVH B-Effect
, I-Effect
like I-Effect
all I-Effect
international I-Effect
apparel I-Effect
manufacturers I-Effect
and I-Effect
retailers I-Effect
, I-Effect
faced I-Effect
a I-Effect
huge I-Effect
challenge I-Effect
with I-Effect
the I-Effect
COVID-19 I-Effect
crisis I-Effect
as O
stores B-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
had I-Cause
to I-Cause
restrict I-Cause
access I-Cause
or I-Cause
close I-Cause
temporarily I-Cause
. I-Cause

An O
example O
of O
this O
dynamic O
is O
Bulgaria B-Effect
's I-Effect
inability I-Effect
to I-Effect
replace I-Effect
its I-Effect
Russian-made I-Effect
MiG-29s I-Effect
with I-Effect
the I-Effect
same I-Effect
aircraft I-Effect
because O
Bulgaria B-Cause
has I-Cause
become I-Cause
a I-Cause
NATO I-Cause
member I-Cause
since I-Cause
it I-Cause
purchased I-Cause
the I-Cause
aircraft I-Cause
. O

However O
, O
we O
believe O
the B-Cause
scalable I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
and I-Cause
the I-Cause
strong I-Cause
growth I-Cause
we O
expect O
will O
allow O
for O
steady B-Effect
margin I-Effect
improvement I-Effect
over I-Effect
time I-Effect
. O

Like O
most O
transportation O
and O
logistics O
firms O
, O
Hub B-Effect
is I-Effect
highly I-Effect
exposed I-Effect
to I-Effect
the I-Effect
health I-Effect
of I-Effect
the I-Effect
North I-Effect
American I-Effect
economy I-Effect
because O
it B-Cause
serves I-Cause
a I-Cause
variety I-Cause
of I-Cause
industrial I-Cause
and I-Cause
retail I-Cause
end I-Cause
markets I-Cause
. O

Tiered B-Cause
pricing I-Cause
also O
allows O
for O
companies B-Effect
to I-Effect
move I-Effect
from I-Effect
Starter I-Effect
to I-Effect
Pro I-Effect
to I-Effect
Enterprise I-Effect
as O
they O
mature O
and O
their O
needs O
and O
budgets O
change O
. O

In O
our O
view O
, O
Infosys B-Cause
benefits I-Cause
from I-Cause
significant I-Cause
cost I-Cause
advantage I-Cause
from I-Cause
its I-Cause
salary I-Cause
arbitrage I-Cause
, I-Cause
with I-Cause
its I-Cause
large I-Cause
base I-Cause
of I-Cause
Indian I-Cause
employees I-Cause
, O
which O
allows O
Infosys O
to O
achieve B-Effect
attractive I-Effect
margins I-Effect
. O

The B-Effect
firm I-Effect
is I-Effect
a I-Effect
powerhouse I-Effect
in I-Effect
Spanish-language I-Effect
media I-Effect
due O
to O
its B-Cause
programming I-Cause
prowess I-Cause
and I-Cause
ownership I-Cause
of I-Cause
the I-Cause
leading I-Cause
broadcast I-Cause
networks I-Cause
in I-Cause
Mexico I-Cause
, I-Cause
which I-Cause
garner I-Cause
about I-Cause
70 I-Cause
% I-Cause
audience I-Cause
share I-Cause
. O

We O
expect O
net B-Effect
charge-offs I-Effect
to I-Effect
be I-Effect
relatively I-Effect
steady I-Effect
, O
as O
the B-Cause
bank I-Cause
easily I-Cause
navigates I-Cause
any I-Cause
potential I-Cause
pressures I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

We O
believe O
that O
American B-Effect
Airlines I-Effect
has I-Effect
a I-Effect
higher I-Effect
chance I-Effect
of I-Effect
firm I-Effect
failure I-Effect
when I-Effect
compared I-Effect
with I-Effect
other I-Effect
legacy I-Effect
carriers I-Effect
as O
it B-Cause
carries I-Cause
much I-Cause
more I-Cause
debt I-Cause
relative I-Cause
to I-Cause
enterprise I-Cause
value I-Cause
than I-Cause
peers I-Cause
. O

We O
attribute O
the B-Effect
lack I-Effect
of I-Effect
customer I-Effect
churn I-Effect
in I-Effect
SaaS I-Effect
in O
general O
to O
easier B-Cause
integration I-Cause
with I-Cause
existing I-Cause
applications I-Cause
and O
infrastructure B-Cause
, O
best-of-breed B-Cause
solutions I-Cause
, O
the B-Cause
time I-Cause
, O
expense B-Cause
, O
and O
risk B-Cause
of I-Cause
moving I-Cause
mission-critical I-Cause
data I-Cause
, O
and O
the B-Cause
retraining I-Cause
of I-Cause
the I-Cause
workforce I-Cause
to I-Cause
learn I-Cause
a I-Cause
new I-Cause
application I-Cause
. O

We O
believe O
the B-Cause
quality I-Cause
and I-Cause
value I-Cause
of I-Cause
Kroger I-Cause
's I-Cause
own I-Cause
labels I-Cause
spurs O
customer B-Effect
affinity I-Effect
for I-Effect
the I-Effect
stores I-Effect
while O
differentiating B-Cause
the I-Cause
assortment I-Cause
from I-Cause
rivals I-Cause
, O
bolstering B-Effect
the I-Effect
company I-Effect
's I-Effect
standing I-Effect
with I-Effect
shoppers I-Effect
( O
and O
traffic O
) O
even O
as O
the O
company O
sells O
meaningfully O
more O
lucrative O
product O
. O

Since O
the O
onset O
of O
the O
pandemic O
, O
stay-at-home B-Cause
orders I-Cause
and I-Cause
COVID-19-related I-Cause
pantry I-Cause
stocking I-Cause
have O
led O
to O
impressive B-Effect
sales I-Effect
growth I-Effect
for I-Effect
Church I-Effect
& I-Effect
Dwight I-Effect
( I-Effect
similar I-Effect
to I-Effect
peers I-Effect
) I-Effect
, O
up O
at O
a O
more O
than O
mid-single-digit O
clip O
each O
quarter O
on O
an O
organic O
basis O
. O

Eventually O
, O
we O
expect O
federal B-Cause
law I-Cause
will I-Cause
be I-Cause
changed I-Cause
to O
allow O
states B-Effect
to I-Effect
choose I-Effect
the I-Effect
legality I-Effect
of I-Effect
cannabis I-Effect
within I-Effect
their I-Effect
borders I-Effect
. O

However O
, O
we O
think O
the B-Cause
company I-Cause
's I-Cause
asset-allocation I-Cause
decisions I-Cause
( I-Cause
and I-Cause
the I-Cause
bull I-Cause
market I-Cause
) I-Cause
have O
been O
a O
much O
bigger O
factor O
in O
driving B-Effect
book I-Effect
value I-Effect
growth I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

Also O
, O
we B-Effect
are I-Effect
modeling I-Effect
in I-Effect
a I-Effect
fairly I-Effect
rapid I-Effect
decline I-Effect
in I-Effect
A380 I-Effect
production I-Effect
as O
the B-Cause
company I-Cause
retires I-Cause
production I-Cause
of I-Cause
the I-Cause
aircraft I-Cause
. O

Although O
we O
do O
n't O
explicitly O
model O
unannounced O
acquisitions O
, O
we O
expect O
that O
Crane B-Cause
will I-Cause
continue I-Cause
to I-Cause
pursue I-Cause
M I-Cause
& I-Cause
A I-Cause
to O
help B-Effect
boost I-Effect
organic I-Effect
growth I-Effect
. I-Effect

From O
a O
financial O
leverage O
perspective O
, O
the O
company O
's O
large B-Cause
debt I-Cause
balance I-Cause
creates I-Cause
an I-Cause
ongoing I-Cause
servicing I-Cause
need I-Cause
that O
could O
also O
exacerbate B-Effect
a I-Effect
large I-Effect
contraction I-Effect
in I-Effect
operating I-Effect
profitability I-Effect
. O

Thanks O
to O
its B-Cause
position I-Cause
near I-Cause
the I-Cause
low I-Cause
end I-Cause
of I-Cause
the I-Cause
industry I-Cause
cost I-Cause
curve I-Cause
, O
we O
forecast O
that O
Steel B-Effect
Dynamics I-Effect
' I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
will I-Effect
only I-Effect
slightly I-Effect
exceed I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
in I-Effect
a I-Effect
midcycle I-Effect
operating I-Effect
environment I-Effect
. O

We B-Effect
view I-Effect
it I-Effect
to I-Effect
be I-Effect
unlikely I-Effect
for I-Effect
these I-Effect
companies I-Effect
to I-Effect
allocate I-Effect
large I-Effect
sums I-Effect
of I-Effect
capital I-Effect
into I-Effect
R I-Effect
& I-Effect
D I-Effect
and I-Effect
upskilling I-Effect
its I-Effect
existing I-Effect
sales I-Effect
and I-Effect
service I-Effect
network I-Effect
, O
given B-Cause
the I-Cause
relatively I-Cause
small I-Cause
market I-Cause
size I-Cause
compared I-Cause
with I-Cause
their I-Cause
existing I-Cause
end I-Cause
markets I-Cause
. O

We O
believe O
the B-Effect
company I-Effect
's I-Effect
established I-Effect
presence I-Effect
confers I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
as O
well O
, O
as O
being B-Cause
one I-Cause
of I-Cause
the I-Cause
first I-Cause
insurers I-Cause
considered I-Cause
creates I-Cause
opportunities I-Cause
to I-Cause
underwrite I-Cause
preferred I-Cause
risks I-Cause
. O

Wage B-Cause
and I-Cause
price I-Cause
pressure I-Cause
should O
hold O
segment B-Effect
margins I-Effect
near I-Effect
their I-Effect
pre-pandemic I-Effect
low I-Effect
teens I-Effect
average I-Effect
, O
despite O
rising O
cost O
leverage O
. O

Retention B-Effect
rates I-Effect
are I-Effect
high I-Effect
since O
these O
multiyear B-Cause
contracts I-Cause
tend I-Cause
to I-Cause
incorporate I-Cause
cost-sharing I-Cause
agreements I-Cause
; O
once O
a O
customer O
integrates O
its O
lab O
maintenance O
procedures O
with O
OneSource O
, O
it O
's O
unlikely B-Effect
to I-Effect
switch I-Effect
to I-Effect
competitive I-Effect
products I-Effect
since O
it O
would O
require B-Cause
additional I-Cause
investment I-Cause
in I-Cause
both I-Cause
time I-Cause
and I-Cause
money I-Cause
. O

However O
, O
the B-Cause
slightly I-Cause
steeper I-Cause
yield I-Cause
curve I-Cause
in I-Cause
Europe I-Cause
, I-Cause
with I-Cause
the I-Cause
addition I-Cause
of I-Cause
some I-Cause
stability I-Cause
in I-Cause
Brazilian I-Cause
interest I-Cause
rates I-Cause
, O
will O
support O
a B-Effect
normalisation I-Effect
of I-Effect
net I-Effect
interest I-Effect
margins I-Effect
. O

Adjusted B-Effect
operating I-Effect
margin I-Effect
slipped I-Effect
to I-Effect
13 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
and I-Cause
added I-Cause
Cypress I-Cause
costs I-Cause
, O
but O
we O
foresee O
healthy O
operating O
margin O
expansion O
from O
here O
. O

In O
addition O
, O
Brazil O
's O
banks O
have O
been O
implicated O
in O
corruption B-Cause
scandals I-Cause
that O
resulted O
in O
the B-Effect
impeachment I-Effect
of I-Effect
Brazil I-Effect
's I-Effect
previous I-Effect
president I-Effect
, I-Effect
Dilma I-Effect
Rousseff I-Effect
. O

As O
we B-Cause
generally I-Cause
view I-Cause
any I-Cause
production I-Cause
process I-Cause
as I-Cause
ultimately I-Cause
replicable I-Cause
in I-Cause
the I-Cause
long I-Cause
run I-Cause
, O
we B-Effect
lack I-Effect
the I-Effect
confidence I-Effect
to I-Effect
assume I-Effect
the I-Effect
cost I-Effect
advantage I-Effect
can I-Effect
be I-Effect
maintained I-Effect
over I-Effect
a I-Effect
longtime I-Effect
horizon I-Effect
. O

Visa B-Effect
is I-Effect
a I-Effect
somewhat I-Effect
unique I-Effect
company I-Effect
in O
that O
it B-Cause
is I-Cause
a I-Cause
longtime I-Cause
, I-Cause
established I-Cause
market I-Cause
leader I-Cause
that O
still O
enjoys O
strong O
growth O
prospects O
. O

We O
model O
a B-Effect
five-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
, O
or O
CAGR O
, O
for O
total O
revenue O
of O
18 O
% O
over O
the O
next O
five O
years O
, O
which O
we O
think O
will O
be O
driven B-Cause
by I-Cause
strength I-Cause
in I-Cause
platform I-Cause
and I-Cause
marketing I-Cause
in I-Cause
particular I-Cause
. O

Thus O
, O
we O
think O
that O
a B-Effect
customer I-Effect
would I-Effect
be I-Effect
hard-pressed I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
supplier I-Effect
and I-Effect
take I-Effect
on I-Effect
a I-Effect
higher I-Effect
risk I-Effect
of I-Effect
failure I-Effect
, O
just O
to O
save B-Cause
on I-Cause
a I-Cause
fraction I-Cause
of I-Cause
a I-Cause
percent I-Cause
of I-Cause
its I-Cause
total I-Cause
cost I-Cause
. O

Insofar O
as O
it B-Cause
is I-Cause
regional I-Cause
scale I-Cause
that I-Cause
creates I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
, I-Cause
Heineken I-Cause
is I-Cause
a I-Cause
strong I-Cause
number I-Cause
one I-Cause
or I-Cause
two I-Cause
in I-Cause
some I-Cause
markets I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
operate I-Effect
more I-Effect
efficiently I-Effect
than I-Effect
competitors I-Effect
. O

Robinson O
's O
gross O
revenue O
up O
6 O
% O
in O
2020 O
despite O
second-quarter O
declines O
, O
though O
falling B-Cause
truck I-Cause
brokerage I-Cause
gross I-Cause
margins I-Cause
( I-Cause
net I-Cause
revenue/gross I-Cause
revenue I-Cause
) I-Cause
linked I-Cause
to I-Cause
spiking I-Cause
capacity I-Cause
costs I-Cause
pushed B-Effect
net I-Effect
revenue I-Effect
down I-Effect
roughly I-Effect
7 I-Effect
% I-Effect
. O

While O
Sonoco O
may O
lack O
exposure O
to O
high-growth O
emerging O
markets O
like O
competitors O
Bemis O
or O
Sealed O
Air O
, O
stable B-Cause
demand I-Cause
allows O
a B-Effect
consistent I-Effect
and I-Effect
growing I-Effect
dividend I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
improved I-Cause
product I-Cause
mix I-Cause
, I-Cause
internal I-Cause
sourcing I-Cause
efforts I-Cause
, I-Cause
manufacturing I-Cause
shift I-Cause
to I-Cause
lower-cost I-Cause
regions I-Cause
, I-Cause
and I-Cause
efficiency I-Cause
improvements I-Cause
should O
more O
than O
offset O
pricing B-Effect
pressure I-Effect
in I-Effect
many I-Effect
of I-Effect
its I-Effect
commodity I-Effect
products I-Effect
. O

Traditional B-Cause
CDNs I-Cause
were I-Cause
designed I-Cause
for I-Cause
static I-Cause
content I-Cause
with O
the O
edge O
CDN O
servers O
merely O
being O
used O
to O
cache O
content O
, O
meaning O
they B-Effect
store I-Effect
a I-Effect
copy I-Effect
of I-Effect
the I-Effect
original I-Effect
file I-Effect
( O
and O
static O
meaning O
the O
data O
file O
is O
n't O
constantly O
changing O
) O
. O

Similar O
to O
other O
players O
in O
this O
space O
, O
the B-Cause
company I-Cause
is I-Cause
also I-Cause
increasingly I-Cause
dependent I-Cause
on I-Cause
the I-Cause
continued I-Cause
strength I-Cause
of I-Cause
China I-Cause
to I-Cause
drive B-Effect
growth I-Effect
, O
opening B-Effect
it I-Effect
up I-Effect
to I-Effect
the I-Effect
potential I-Effect
for I-Effect
disruption I-Effect
from I-Effect
tariffs I-Effect
and I-Effect
other I-Effect
trade I-Effect
actions I-Effect
. O

We O
expect O
growth B-Effect
to I-Effect
reaccelerate I-Effect
in I-Effect
2022 I-Effect
, O
however O
, O
not O
only O
as O
Fastly B-Cause
's I-Cause
sales I-Cause
growth I-Cause
trajectory I-Cause
gets I-Cause
back I-Cause
on I-Cause
trend I-Cause
but O
also O
because O
we O
expect O
it B-Cause
to I-Cause
realize I-Cause
significantly I-Cause
more I-Cause
revenue I-Cause
from I-Cause
edge I-Cause
computing I-Cause
. O

The B-Cause
chain I-Cause
's I-Cause
fast-changing I-Cause
assortment I-Cause
creates I-Cause
a I-Cause
treasure I-Cause
hunt I-Cause
experience I-Cause
that O
has B-Effect
a I-Effect
history I-Effect
of I-Effect
drawing I-Effect
customers I-Effect
( I-Effect
posting I-Effect
3 I-Effect
% I-Effect
same-store I-Effect
sales I-Effect
growth I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
) I-Effect
and I-Effect
has I-Effect
been I-Effect
difficult I-Effect
for I-Effect
online I-Effect
retailers I-Effect
to I-Effect
match I-Effect
. O

Further O
, O
we O
think O
scale B-Effect
will I-Effect
matter I-Effect
more I-Effect
and I-Effect
more I-Effect
over I-Effect
time I-Effect
, O
given O
the O
new O
phase O
of O
banking O
we O
are O
entering O
, O
where O
technological B-Cause
changes I-Cause
are I-Cause
occurring I-Cause
faster I-Cause
and I-Cause
are I-Cause
more I-Cause
impactful I-Cause
than I-Cause
ever I-Cause
before I-Cause
and I-Cause
can I-Cause
be I-Cause
deployed I-Cause
across I-Cause
singular I-Cause
, I-Cause
integrated I-Cause
platforms I-Cause
. O

Additionally O
, O
the O
company O
is O
exposed O
to O
risks O
facing O
the O
entire O
pharmaceutical O
group O
, O
including O
generic O
threats O
, O
decreasing B-Effect
pricing I-Effect
power I-Effect
owing O
to O
managed-care B-Cause
constraints I-Cause
, O
and O
product O
liability O
cases O
. O

Finally O
, O
we O
believe O
the B-Cause
firm I-Cause
's I-Cause
decision I-Cause
to I-Cause
divest I-Cause
of I-Cause
its I-Cause
private I-Cause
brands I-Cause
business I-Cause
was O
beneficial O
, O
as O
it O
enhances B-Effect
the I-Effect
firm I-Effect
's I-Effect
profitability I-Effect
and I-Effect
frees I-Effect
up I-Effect
capital I-Effect
for I-Effect
higher-return I-Effect
opportunities I-Effect
. O

Robert B-Cause
Half I-Cause
's I-Cause
ability I-Cause
to I-Cause
place I-Cause
highly I-Cause
skilled I-Cause
professionals I-Cause
quickly I-Cause
should O
allow B-Effect
the I-Effect
firm I-Effect
to I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from I-Effect
pricing I-Effect
power I-Effect
over I-Effect
SMBs I-Effect
. O

With O
that O
backdrop O
, O
it O
might O
seem O
likely O
that O
competitors O
that O
are O
unburdened B-Cause
by I-Cause
legacy I-Cause
networks I-Cause
could O
more O
readily O
replicate O
Cogent O
's O
business O
, O
but O
we O
believe O
that O
leads O
back O
to O
the B-Effect
favorable I-Effect
terms I-Effect
Cogent I-Effect
originally I-Effect
secured I-Effect
for I-Effect
its I-Effect
network I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
believe I-Effect
the I-Effect
threat I-Effect
is I-Effect
material I-Effect
, O
as O
the B-Cause
firm I-Cause
has I-Cause
managed I-Cause
fleet I-Cause
changes I-Cause
in I-Cause
the I-Cause
past I-Cause
and I-Cause
has I-Cause
a I-Cause
well-diversified I-Cause
, I-Cause
agile I-Cause
industrial I-Cause
unit I-Cause
. O

We O
do O
not O
think O
Catia B-Effect
exhibits I-Effect
a I-Effect
strong I-Effect
network I-Effect
effect I-Effect
, O
given O
that O
the B-Cause
CAD I-Cause
software I-Cause
is I-Cause
more I-Cause
specialized I-Cause
than I-Cause
the I-Cause
average I-Cause
product I-Cause
design I-Cause
and I-Cause
product I-Cause
lifecycle I-Cause
offerings I-Cause
. O

Of O
course O
, O
the B-Effect
success I-Effect
of I-Effect
future I-Effect
acquisitions I-Effect
is I-Effect
uncertain I-Effect
, O
and O
a O
variety O
of O
factors O
, O
such O
as O
unfavorable B-Cause
deal I-Cause
terms I-Cause
, O
integration B-Cause
issues I-Cause
, O
and O
subsequent B-Cause
acquisition I-Cause
underperformance I-Cause
, O
could O
destroy B-Cause
shareholder I-Cause
value I-Cause
. O

Because O
of O
its B-Cause
mixed I-Cause
model I-Cause
, O
Allstate B-Effect
has I-Effect
retained I-Effect
a I-Effect
higher I-Effect
amount I-Effect
of I-Effect
balance I-Effect
sheet I-Effect
leverage I-Effect
compared I-Effect
with I-Effect
many I-Effect
of I-Effect
its I-Effect
property-casualty I-Effect
insurance I-Effect
peers I-Effect
. O

Dropping O
the O
license O
with O
Nasdaq O
would O
require O
an B-Cause
investment I-Cause
provider I-Cause
to I-Cause
migrate I-Cause
existing I-Cause
investors I-Cause
from I-Cause
the I-Cause
Nasdaq-branded I-Cause
products I-Cause
, O
placing B-Effect
their I-Effect
AUM I-Effect
at I-Effect
risk I-Effect
in I-Effect
the I-Effect
process I-Effect
. O

We O
note O
Qualcomm B-Cause
's I-Cause
expertise I-Cause
in I-Cause
5G I-Cause
and I-Cause
recent I-Cause
foray I-Cause
into I-Cause
RF I-Cause
front-end I-Cause
components I-Cause
, I-Cause
automotive I-Cause
, I-Cause
and I-Cause
the I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
has O
helped O
mitigate B-Effect
some I-Effect
of I-Effect
this I-Effect
pressure I-Effect
. O

Meanwhile O
, O
we O
expect O
it B-Cause
will I-Cause
operate I-Cause
more I-Cause
efficiently I-Cause
through I-Cause
its I-Cause
plan I-Cause
, I-Cause
called I-Cause
Efficiencies I-Cause
for I-Cause
Growth I-Cause
, O
to O
cut B-Effect
costs I-Effect
and I-Effect
improve I-Effect
pricing I-Effect
and I-Effect
merchandising I-Effect
. O

We O
remain O
favorable B-Effect
about I-Effect
Stryker I-Effect
's I-Effect
longer-term I-Effect
prospects I-Effect
for I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
as O
procedure B-Cause
volume I-Cause
and I-Cause
healthcare I-Cause
utilization I-Cause
have I-Cause
demonstrated I-Cause
solid I-Cause
growth I-Cause
and O
should O
continue O
to O
do O
so O
, O
this O
near-term O
pandemic O
situation O
notwithstanding O
. O

Declining B-Effect
market I-Effect
share I-Effect
in I-Effect
France I-Effect
can I-Effect
be I-Effect
turned I-Effect
around I-Effect
through O
greater B-Cause
investment I-Cause
in I-Cause
stores I-Cause
and I-Cause
differentiation I-Cause
of I-Cause
its I-Cause
product I-Cause
offering I-Cause
to I-Cause
the I-Cause
different I-Cause
consumer I-Cause
profiles I-Cause
at I-Cause
Brico I-Cause
Depot I-Cause
( I-Cause
discounter I-Cause
) I-Cause
and I-Cause
Castorama I-Cause
( I-Cause
big-box I-Cause
general I-Cause
home I-Cause
improvement I-Cause
) I-Cause
. O

Advance B-Cause
's I-Cause
size I-Cause
should O
also O
help B-Effect
its I-Effect
acquisition I-Effect
costs I-Effect
and I-Effect
lead I-Effect
its I-Effect
accounts I-Effect
payable I-Effect
to I-Effect
inventory I-Effect
ratio I-Effect
to I-Effect
converge I-Effect
toward I-Effect
industry I-Effect
leaders I-Effect
, O
improving B-Effect
efficiency I-Effect
as O
the B-Cause
firm I-Cause
optimizes I-Cause
its I-Cause
inventory I-Cause
and I-Cause
supply I-Cause
chain I-Cause
and I-Cause
gains I-Cause
cachet I-Cause
with I-Cause
vendors I-Cause
. O

We O
believe O
the B-Cause
right I-Cause
investments I-Cause
are I-Cause
being I-Cause
made I-Cause
in I-Cause
technology I-Cause
and I-Cause
the I-Cause
service I-Cause
apparatus I-Cause
, I-Cause
which I-Cause
together I-Cause
with I-Cause
various I-Cause
secular I-Cause
trends I-Cause
( O
like O
wellness O
and O
deteriorating O
trust O
in O
municipal O
water O
) O
should O
facilitate B-Effect
a I-Effect
nice I-Effect
runway I-Effect
of I-Effect
growth I-Effect
. O

We O
expect O
Houston B-Effect
Electric I-Effect
, I-Effect
Indiana I-Effect
Electric I-Effect
, I-Effect
and I-Effect
CenterPoint I-Effect
's I-Effect
six I-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
utilities I-Effect
to I-Effect
increase I-Effect
their I-Effect
rate I-Effect
bases I-Effect
on I-Effect
average I-Effect
about I-Effect
8 I-Effect
% I-Effect
annually I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years. O
This O
is O
due O
in O
large O
part O
to O
above-average B-Cause
electricity I-Cause
demand I-Cause
growth I-Cause
in I-Cause
Houston I-Cause
and I-Cause
systemwide I-Cause
infrastructure I-Cause
investment I-Cause
, I-Cause
notably I-Cause
at I-Cause
the I-Cause
gas I-Cause
distribution I-Cause
utilities I-Cause
that I-Cause
include I-Cause
operations I-Cause
in I-Cause
Minneapolis I-Cause
and I-Cause
Houston O
. O

Meanwhile O
, O
we B-Effect
believe I-Effect
Google I-Effect
faces I-Effect
challenges I-Effect
in I-Effect
getting I-Effect
traditional I-Effect
travel I-Effect
agents I-Effect
and I-Effect
travel I-Effect
management I-Effect
companies I-Effect
to I-Effect
switch I-Effect
from I-Effect
Sabre I-Effect
and I-Effect
Amadeus I-Effect
, O
as O
it B-Cause
would I-Cause
require I-Cause
time I-Cause
and I-Cause
cost I-Cause
, I-Cause
and I-Cause
because I-Cause
Google I-Cause
would I-Cause
also I-Cause
need I-Cause
to I-Cause
offer I-Cause
similar I-Cause
airline I-Cause
content I-Cause
, I-Cause
which I-Cause
we I-Cause
do I-Cause
n't I-Cause
believe I-Cause
is I-Cause
currently I-Cause
the I-Cause
case I-Cause
. O

While O
disruptive O
technologies O
remain O
a O
high-risk O
concern O
in O
this O
innovation-driven O
industry O
, O
we O
think O
the B-Cause
firm I-Cause
's I-Cause
differentiated I-Cause
technology I-Cause
, I-Cause
ongoing I-Cause
innovation I-Cause
, I-Cause
and I-Cause
large I-Cause
installed I-Cause
system I-Cause
base I-Cause
create O
significant B-Effect
entry I-Effect
barriers I-Effect
for I-Effect
competitors I-Effect
. O

Xcel B-Effect
has I-Effect
made I-Effect
substantial I-Effect
progress I-Effect
in I-Effect
recent I-Effect
years I-Effect
bringing I-Effect
earned I-Effect
returns I-Effect
closer I-Effect
to I-Effect
allowed I-Effect
returns I-Effect
through O
constructive B-Cause
regulatory I-Cause
negotiations I-Cause
across I-Cause
its I-Cause
system I-Cause
. O

This B-Cause
implicit I-Cause
contract I-Cause
between I-Cause
regulators I-Cause
and I-Cause
the I-Cause
utilities I-Cause
should I-Cause
, O
in O
the O
long O
run O
, O
allow O
the B-Effect
utilities I-Effect
to I-Effect
earn I-Effect
their I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Conversely O
, O
we O
see O
demand B-Effect
for I-Effect
insecticides I-Effect
, I-Effect
which I-Effect
made I-Effect
up I-Effect
27 I-Effect
% I-Effect
of I-Effect
crop I-Effect
protection I-Effect
sales I-Effect
in I-Effect
2020 I-Effect
, I-Effect
falling I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
due O
to O
an B-Cause
increase I-Cause
in I-Cause
GMO I-Cause
seeds I-Cause
. O

Within O
this O
framework O
, O
insurers O
like O
Humana O
need O
specialized B-Cause
expertise I-Cause
in I-Cause
managing I-Cause
the I-Cause
needs I-Cause
of I-Cause
seniors I-Cause
to O
improve B-Effect
their I-Effect
health I-Effect
outcomes I-Effect
and I-Effect
ultimately I-Effect
lower I-Effect
costs I-Effect
. O

Since O
its O
formation O
in O
1985 O
, O
ACE B-Cause
built I-Cause
a I-Cause
franchise I-Cause
with I-Cause
operations I-Cause
in I-Cause
more I-Cause
than I-Cause
50 I-Cause
countries I-Cause
, O
and O
in O
so O
doing O
, O
carved B-Effect
out I-Effect
a I-Effect
strong I-Effect
position I-Effect
in I-Effect
this I-Effect
niche I-Effect
. O

Uniti O
believes O
it B-Cause
is I-Cause
the I-Cause
only I-Cause
firm I-Cause
really I-Cause
engaging I-Cause
in I-Cause
this I-Cause
type I-Cause
of I-Cause
fiber I-Cause
sale-leaseback I-Cause
business I-Cause
, I-Cause
and I-Cause
we I-Cause
think I-Cause
it I-Cause
could I-Cause
be I-Cause
attractive I-Cause
, O
so O
we B-Effect
would I-Effect
not I-Effect
be I-Effect
surprised I-Effect
to I-Effect
see I-Effect
others I-Effect
follow I-Effect
if I-Effect
Uniti I-Effect
proves I-Effect
successful I-Effect
. O

We O
expect O
the O
pace O
of O
pension O
risk O
transfer O
to O
be O
reasonably O
steady O
in O
the O
near O
to O
medium O
term O
but O
decline B-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
due O
to O
fewer B-Cause
defined-benefit I-Cause
plans I-Cause
being I-Cause
offered I-Cause
. O

We O
think O
this B-Cause
creates I-Cause
an I-Cause
additional I-Cause
layer I-Cause
of I-Cause
distance I-Cause
between I-Cause
Xylem I-Cause
and I-Cause
the I-Cause
ultimate I-Cause
consumer I-Cause
, O
which O
might O
result O
in O
a B-Effect
lower I-Effect
degree I-Effect
of I-Effect
loyalty I-Effect
and I-Effect
make I-Effect
the I-Effect
applied I-Effect
water I-Effect
segment I-Effect
relatively I-Effect
more I-Effect
vulnerable I-Effect
to I-Effect
competition I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Since O
sleds B-Cause
have I-Cause
a I-Cause
fairly I-Cause
long I-Cause
life I-Cause
expectancy I-Cause
( O
can O
be O
10 O
years O
or O
more O
depending O
on O
care O
and O
levels O
of O
usage O
) O
, O
replacement B-Effect
does I-Effect
n't I-Effect
necessarily I-Effect
have I-Effect
to I-Effect
be I-Effect
frequent I-Effect
. O

Production B-Cause
problems I-Cause
resulted O
in O
greater B-Effect
levels I-Effect
of I-Effect
scrap I-Effect
, I-Effect
increased I-Effect
Omnipod I-Effect
failures I-Effect
for I-Effect
patients I-Effect
, I-Effect
disappointing I-Effect
gross I-Effect
margin I-Effect
, I-Effect
and I-Effect
ultimately I-Effect
, I-Effect
management I-Effect
change I-Effect
. O

Given O
the B-Cause
competitiveness I-Cause
in I-Cause
Brazil I-Cause
, O
we O
believe O
TIM B-Effect
and I-Effect
its I-Effect
peers I-Effect
derive I-Effect
little I-Effect
benefit I-Effect
from I-Effect
efficient I-Effect
scale I-Effect
in I-Effect
this I-Effect
market I-Effect
. O

However O
, O
the B-Effect
2021 I-Effect
increase I-Effect
will I-Effect
only I-Effect
be I-Effect
1.3 I-Effect
% I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
this I-Effect
level I-Effect
of I-Effect
increase I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
due O
to O
the B-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
. O

We B-Cause
made I-Cause
the I-Cause
latter I-Cause
two I-Cause
changes I-Cause
to I-Cause
account I-Cause
for I-Cause
more I-Cause
probable I-Cause
omnichannel I-Cause
business I-Cause
over I-Cause
time I-Cause
, O
enabling O
higher B-Effect
margins I-Effect
than O
in O
the O
past O
as O
less O
long-term O
resources O
are O
likely O
needed O
compared O
with O
our O
expectations O
in O
prior O
years O
. O

Regulators O
remain O
highly O
involved O
in O
power O
markets O
, O
and O
any B-Effect
regulatory I-Effect
changes I-Effect
will I-Effect
probably I-Effect
have I-Effect
a I-Effect
material I-Effect
positive I-Effect
or I-Effect
negative I-Effect
impact I-Effect
on I-Effect
Exelon I-Effect
, O
given O
its B-Cause
size I-Cause
. O

The B-Cause
COVID-19 I-Cause
outbreak I-Cause
has I-Cause
had I-Cause
a I-Cause
limited I-Cause
impact I-Cause
on I-Cause
construction I-Cause
activity I-Cause
, O
minimizing B-Effect
any I-Effect
potential I-Effect
value I-Effect
destruction I-Effect
that I-Effect
we I-Effect
're I-Effect
likely I-Effect
to I-Effect
see I-Effect
in I-Effect
other I-Effect
industries I-Effect
. O

Switching B-Effect
costs I-Effect
are I-Effect
also I-Effect
reinforced I-Effect
with I-Effect
the I-Effect
training I-Effect
Hubbell I-Effect
provides I-Effect
for I-Effect
its I-Effect
products I-Effect
, O
which O
is O
critical O
given O
less B-Cause
available I-Cause
skilled I-Cause
labor I-Cause
in I-Cause
the I-Cause
utilities I-Cause
industry I-Cause
. O

OEMs O
have O
tried O
to O
squeeze O
Heico B-Effect
and I-Effect
other I-Effect
PMA I-Effect
providers I-Effect
out I-Effect
of I-Effect
the I-Effect
market I-Effect
, O
but O
due O
to O
an B-Cause
agreement I-Cause
, O
are O
no O
longer O
likely O
to O
. O

High B-Cause
switching I-Cause
costs I-Cause
and I-Cause
high-touch I-Cause
service I-Cause
keep I-Cause
the I-Cause
surgeons I-Cause
closely I-Cause
tied I-Cause
to I-Cause
their I-Cause
primary I-Cause
vendor I-Cause
, I-Cause
and I-Cause
the I-Cause
surgeons I-Cause
bring I-Cause
in I-Cause
enough I-Cause
profitable I-Cause
procedures I-Cause
to B-Effect
keep I-Effect
hospital I-Effect
administrators I-Effect
at I-Effect
bay I-Effect
. O

Unlike O
the O
alcoholic O
beverage O
industry O
, O
there B-Cause
are I-Cause
no I-Cause
laws I-Cause
mandating I-Cause
distribution I-Cause
to I-Cause
customers I-Cause
through I-Cause
an I-Cause
intermediary I-Cause
, O
which O
makes B-Effect
the I-Effect
nonalcoholic I-Effect
industry I-Effect
more I-Effect
susceptible I-Effect
to I-Effect
secular I-Effect
shifts I-Effect
in I-Effect
distribution I-Effect
and I-Effect
fulfilment I-Effect
. O

We O
assume O
the B-Effect
robomachine I-Effect
business I-Effect
will I-Effect
undergo I-Effect
40 I-Effect
% I-Effect
year-on-year I-Effect
growth I-Effect
for I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
from I-Effect
its I-Effect
10-year I-Effect
low I-Effect
in I-Effect
divisional I-Effect
sales I-Effect
, O
as O
a O
result O
of O
strong B-Cause
demand I-Cause
in I-Cause
China I-Cause
. O

But O
despite O
the O
added O
profits O
, O
we O
believe O
the O
reduction B-Cause
in I-Cause
the I-Cause
salesforce I-Cause
hampered O
organic O
market B-Effect
share I-Effect
gains I-Effect
, O
a B-Effect
move I-Effect
with I-Effect
nontrivial I-Effect
consequences I-Effect
, O
as O
we B-Cause
view I-Cause
scale I-Cause
as I-Cause
the I-Cause
path I-Cause
to I-Cause
a I-Cause
competitive I-Cause
edge I-Cause
. O

The B-Effect
strength I-Effect
of I-Effect
the I-Effect
brand I-Effect
is O
boosted O
by O
the B-Cause
large I-Cause
amount I-Cause
of I-Cause
Caterpillar I-Cause
branded I-Cause
clothing I-Cause
and I-Cause
boots I-Cause
available I-Cause
on I-Cause
mainstream I-Cause
online I-Cause
channels I-Cause
such O
as O
Amazon O
. O

This B-Cause
concept I-Cause
may I-Cause
help I-Cause
permeate I-Cause
Check I-Cause
Point I-Cause
's I-Cause
product I-Cause
throughout I-Cause
an I-Cause
organization I-Cause
, O
since O
there B-Cause
are I-Cause
no I-Cause
additional I-Cause
costs I-Cause
for I-Cause
using I-Cause
more I-Cause
products I-Cause
, O
which O
then O
creates B-Effect
higher I-Effect
switching I-Effect
costs I-Effect
and I-Effect
better I-Effect
customer I-Effect
retention I-Effect
, O
in O
our O
view O
. O

Moreover O
, O
the B-Effect
firm I-Effect
's I-Effect
relationships I-Effect
with I-Effect
orthopedic I-Effect
clinics I-Effect
are I-Effect
an I-Effect
important I-Effect
intangible I-Effect
asset I-Effect
, O
as O
pre-operative B-Cause
and I-Cause
post-operative I-Cause
braces I-Cause
prescribed I-Cause
by I-Cause
doctors I-Cause
constitute I-Cause
the I-Cause
firm I-Cause
's I-Cause
core I-Cause
business I-Cause
in I-Cause
the I-Cause
segment I-Cause
. O

However O
, O
we O
believe O
ING B-Effect
can I-Effect
succesfully I-Effect
offset I-Effect
the I-Effect
secular I-Effect
trend I-Effect
of I-Effect
a I-Effect
switch I-Effect
away I-Effect
from I-Effect
fossil I-Effect
fuels I-Effect
by O
continuing B-Cause
to I-Cause
embrace I-Cause
the I-Cause
financing I-Cause
of I-Cause
sustainable I-Cause
energy I-Cause
projects I-Cause
. O

We O
believe O
if O
CPG B-Cause
companies I-Cause
are I-Cause
dominant I-Cause
in I-Cause
categories I-Cause
that I-Cause
are I-Cause
important I-Cause
to I-Cause
their I-Cause
customers I-Cause
because I-Cause
of I-Cause
their I-Cause
size I-Cause
, I-Cause
growth I-Cause
, I-Cause
or I-Cause
profitability I-Cause
, O
they B-Effect
could I-Effect
possess I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
via I-Effect
strategic I-Effect
partner I-Effect
status I-Effect
. O

Gentex B-Cause
was I-Cause
the I-Cause
first I-Cause
to I-Cause
market I-Cause
with I-Cause
electrochromic I-Cause
automatic-dimming I-Cause
mirrors I-Cause
, O
so O
the B-Effect
company I-Effect
enjoyed I-Effect
pricing I-Effect
benefits I-Effect
from I-Effect
the I-Effect
early I-Effect
adopters I-Effect
of I-Effect
the I-Effect
technology I-Effect
. O

Formerly O
a O
supplier O
of O
infusion O
consumables O
, O
ICU B-Effect
enhanced I-Effect
its I-Effect
product I-Effect
mix I-Effect
through O
the B-Cause
transformative I-Cause
acquisition I-Cause
of I-Cause
Hospira I-Cause
Infusion I-Cause
Systems I-Cause
from I-Cause
Pfizer I-Cause
in I-Cause
2017 I-Cause
by I-Cause
bringing I-Cause
infusion I-Cause
pumps I-Cause
, I-Cause
a I-Cause
broader I-Cause
consumables I-Cause
offerings I-Cause
, I-Cause
and I-Cause
IV I-Cause
solution I-Cause
manufacturing I-Cause
into I-Cause
the I-Cause
fold I-Cause
. O

We O
think O
these B-Cause
efforts I-Cause
will I-Cause
ultimately I-Cause
pay I-Cause
off I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
improved I-Cause
operating I-Cause
efficiency I-Cause
, I-Cause
customer I-Cause
engagement I-Cause
, I-Cause
and I-Cause
internal I-Cause
sales I-Cause
coordination. O
This O
leads O
us O
to O
believe O
that O
returns B-Effect
on I-Effect
tangible I-Effect
equity I-Effect
near I-Effect
15 I-Effect
% I-Effect
are I-Effect
sustainable I-Effect
over I-Effect
the I-Effect
longer I-Effect
term I-Effect
for I-Effect
the I-Effect
bank I-Effect
. O

The B-Cause
projects I-Cause
were I-Cause
already I-Cause
low I-Cause
return I-Cause
and I-Cause
capital I-Cause
intensive I-Cause
given I-Cause
the I-Cause
costs I-Cause
associated I-Cause
with I-Cause
timing I-Cause
, I-Cause
location I-Cause
and I-Cause
complexity I-Cause
, I-Cause
but I-Cause
their I-Cause
returns I-Cause
were I-Cause
depressed I-Cause
further I-Cause
by I-Cause
large I-Cause
cost I-Cause
over-runs. O
As O
a O
result O
, O
full B-Effect
cycle I-Effect
returns I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
only I-Effect
marginally I-Effect
above I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
weighing I-Effect
on I-Effect
overall I-Effect
segment I-Effect
and I-Effect
firm I-Effect
returns I-Effect
even I-Effect
as I-Effect
they I-Effect
contribute I-Effect
to I-Effect
higher I-Effect
per-barrel I-Effect
margins I-Effect
. O

Fortune O
Brands O
' O
Therma-Tru O
entry O
door O
brand O
scores O
high O
in O
brand O
awareness O
and O
quality O
among O
homebuilders O
and O
contractors O
, O
but O
based O
on O
the B-Cause
segment I-Cause
's I-Cause
historical I-Cause
margin I-Cause
and I-Cause
return I-Cause
on I-Cause
investment I-Cause
performance I-Cause
, O
we O
think O
the B-Effect
brand I-Effect
has I-Effect
limited I-Effect
pricing I-Effect
power I-Effect
. O

As O
interest B-Cause
rates I-Cause
have I-Cause
continued I-Cause
to I-Cause
slide I-Cause
and I-Cause
along I-Cause
with I-Cause
them I-Cause
interest I-Cause
income I-Cause
on I-Cause
fixed I-Cause
income I-Cause
, O
Hannover B-Effect
has I-Effect
continued I-Effect
to I-Effect
allocate I-Effect
a I-Effect
greater I-Effect
portion I-Effect
of I-Effect
its I-Effect
investment I-Effect
portfolio I-Effect
to I-Effect
real I-Effect
estate I-Effect
, O
and O
we O
expect O
this O
to O
continue O
. O

A O
large O
portion O
of O
the O
segment O
's O
revenue O
is O
recurring O
, O
as O
customers B-Cause
tend I-Cause
to I-Cause
replace I-Cause
equipment I-Cause
with I-Cause
similar I-Cause
products I-Cause
from I-Cause
the I-Cause
same I-Cause
company I-Cause
, O
which O
drives B-Effect
robust I-Effect
aftermarket I-Effect
revenue I-Effect
. O

As O
the B-Cause
firm I-Cause
expends I-Cause
capital I-Cause
to I-Cause
develop I-Cause
owned I-Cause
distribution I-Cause
in O
markets O
like O
the O
U.K. O
, O
we O
think O
the B-Effect
gross I-Effect
margin I-Effect
will I-Effect
also I-Effect
benefit I-Effect
from I-Effect
the I-Effect
lack I-Effect
of I-Effect
a I-Effect
third-party I-Effect
margin I-Effect
. O

We O
expect O
a O
fairly O
flat O
operating O
margins O
over O
that O
period O
as O
cost-cutting B-Cause
efforts I-Cause
help O
to O
offset B-Effect
expansion I-Effect
into I-Effect
lower-margin I-Effect
geographies I-Effect
and I-Effect
lost I-Effect
sales I-Effect
from I-Effect
the I-Effect
high-margin I-Effect
drug I-Effect
Advair I-Effect
. O

That O
said O
, O
during O
periods O
of O
rapid O
fuel O
price O
increases O
, O
truckload B-Effect
carriers I-Effect
often I-Effect
see I-Effect
modest I-Effect
temporary I-Effect
margin I-Effect
headwinds I-Effect
due O
to O
the B-Cause
time I-Cause
lag I-Cause
associated I-Cause
with I-Cause
adjusting I-Cause
fuel I-Cause
surcharges I-Cause
to I-Cause
shippers I-Cause
. O

While O
fans O
will O
continue O
return O
to O
professional O
sports O
in O
the O
summer O
, O
we O
currently O
believe O
that O
the B-Cause
games I-Cause
will I-Cause
be I-Cause
played I-Cause
with I-Cause
limited I-Cause
capacity I-Cause
, O
providing O
a B-Effect
lower I-Effect
benefit I-Effect
to I-Effect
Live I-Effect
Nation I-Effect
. O

We B-Effect
look I-Effect
for I-Effect
adjusted I-Effect
total I-Effect
EBIT I-Effect
margin I-Effect
to I-Effect
recover I-Effect
about I-Effect
260 I-Effect
basis I-Effect
points I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
relative I-Effect
to I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
to I-Effect
7.1 I-Effect
% I-Effect
, O
on O
leverage O
from O
robust B-Cause
B2C I-Cause
volumes I-Cause
at I-Cause
ground I-Cause
, I-Cause
recovering I-Cause
B2B I-Cause
activity I-Cause
, I-Cause
and I-Cause
healthy I-Cause
international I-Cause
airfreight I-Cause
demand I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
. O

From O
a O
partnership O
side O
, O
we O
believe O
the B-Effect
hyperscale I-Effect
cloud I-Effect
vendors I-Effect
find I-Effect
value I-Effect
in I-Effect
collaborating I-Effect
with I-Effect
F5 I-Effect
due O
to O
its O
strong B-Cause
brand I-Cause
presence I-Cause
and I-Cause
engineering I-Cause
aptitude I-Cause
, I-Cause
which I-Cause
drives I-Cause
increased I-Cause
traffic I-Cause
flow I-Cause
to I-Cause
their I-Cause
respective I-Cause
clouds I-Cause
. O

Soybean B-Cause
oil I-Cause
and I-Cause
meal I-Cause
are I-Cause
the I-Cause
firm I-Cause
's I-Cause
primary I-Cause
soybean I-Cause
products I-Cause
, I-Cause
with I-Cause
oils I-Cause
sold I-Cause
mainly I-Cause
to I-Cause
food I-Cause
customers I-Cause
and I-Cause
meal I-Cause
to I-Cause
feed I-Cause
customers. O
As O
such O
, O
ADM B-Effect
's I-Effect
ag I-Effect
services I-Effect
and I-Effect
oilseeds I-Effect
segment I-Effect
is I-Effect
exposed I-Effect
to I-Effect
the I-Effect
soy I-Effect
crush I-Effect
margin I-Effect
, I-Effect
or I-Effect
the I-Effect
difference I-Effect
between I-Effect
the I-Effect
price I-Effect
of I-Effect
soybeans I-Effect
and I-Effect
the I-Effect
prices I-Effect
of I-Effect
soy I-Effect
meal I-Effect
and I-Effect
oil I-Effect
. O

Darden B-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
casual I-Cause
dining I-Cause
restaurant I-Cause
operators I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
, I-Cause
representing I-Cause
more I-Cause
than I-Cause
4 I-Cause
% I-Cause
of I-Cause
the I-Cause
pre-coronavirus I-Cause
$ I-Cause
185 I-Cause
billion I-Cause
domestic I-Cause
casual I-Cause
dining I-Cause
market I-Cause
( I-Cause
based I-Cause
on I-Cause
estimates I-Cause
derived I-Cause
from I-Cause
Technomic I-Cause
data I-Cause
) I-Cause
. O
This O
places B-Effect
the I-Effect
company I-Effect
in I-Effect
the I-Effect
same I-Effect
range I-Effect
as I-Effect
DineEquity I-Effect
( I-Effect
4 I-Effect
% I-Effect
share I-Effect
based I-Effect
on I-Effect
total I-Effect
systemwide I-Effect
sales I-Effect
) I-Effect
and I-Effect
ahead I-Effect
of I-Effect
Bloomin I-Effect
' I-Effect
Brands I-Effect
( I-Effect
3 I-Effect
% I-Effect
) I-Effect
, I-Effect
Brinker I-Effect
International I-Effect
( I-Effect
2 I-Effect
% I-Effect
) I-Effect
, I-Effect
and I-Effect
Cheesecake I-Effect
Factory I-Effect
( I-Effect
2 I-Effect
% I-Effect
) I-Effect
. O

This B-Effect
contributes I-Effect
to I-Effect
economies I-Effect
of I-Effect
scale I-Effect
and I-Effect
scope I-Effect
and I-Effect
can I-Effect
create I-Effect
switching I-Effect
costs I-Effect
for I-Effect
customers I-Effect
as O
they B-Cause
use I-Cause
the I-Cause
bank I-Cause
for I-Cause
more I-Cause
and I-Cause
more I-Cause
products I-Cause
. O

With O
2020-21 B-Cause
set I-Cause
to I-Cause
be I-Cause
plagued I-Cause
by I-Cause
competitive I-Cause
pricing I-Cause
as I-Cause
Royal I-Cause
and I-Cause
the I-Cause
other I-Cause
cruise I-Cause
operators I-Cause
try I-Cause
to I-Cause
entice I-Cause
cruisers I-Cause
to I-Cause
sail I-Cause
again I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
see I-Effect
Royal I-Effect
reaching I-Effect
2019 I-Effect
pricing I-Effect
again I-Effect
until I-Effect
2024 I-Effect
( I-Effect
it I-Effect
took I-Effect
until I-Effect
2017 I-Effect
to I-Effect
recover I-Effect
back I-Effect
to I-Effect
2008 I-Effect
yields I-Effect
after I-Effect
the I-Effect
last I-Effect
recession I-Effect
) I-Effect
. O

Although O
near-term O
pricing O
has O
recently O
strengthened O
due O
to O
carbon O
pricing O
, O
our B-Effect
long-term I-Effect
view I-Effect
of I-Effect
Alberta I-Effect
power I-Effect
prices I-Effect
remains I-Effect
neutral I-Effect
due O
in O
part O
to O
limits B-Cause
on I-Cause
pipeline I-Cause
capacity I-Cause
to I-Cause
move I-Cause
natural I-Cause
gas I-Cause
out I-Cause
of I-Cause
Alberta I-Cause
. O

The B-Effect
legacy I-Effect
Vistar I-Effect
business I-Effect
could I-Effect
be I-Effect
advantaged I-Effect
, O
given O
its B-Cause
market I-Cause
leading I-Cause
positions I-Cause
, I-Cause
share I-Cause
gains I-Cause
, I-Cause
and I-Cause
attractive I-Cause
profitability I-Cause
, O
but O
at O
16 O
% O
of O
total O
company O
revenue O
( O
7 O
% O
after O
the O
Core-Mark O
deal O
closes O
) O
, O
it O
is O
too O
insignificant O
to O
affect O
the O
competitive O
standing O
of O
the O
firm O
overall O
, O
in O
our O
view O
. O

In O
the O
core O
cable O
business O
, O
we O
anticipate O
2 B-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
, O
with O
a B-Cause
declining I-Cause
television I-Cause
customer I-Cause
base I-Cause
holding I-Cause
the I-Cause
segment I-Cause
back I-Cause
. O

Most B-Cause
current I-Cause
influenza I-Cause
vaccines I-Cause
are I-Cause
produced I-Cause
in I-Cause
chicken I-Cause
eggs I-Cause
or I-Cause
cell I-Cause
cultures I-Cause
, I-Cause
which I-Cause
takes I-Cause
about I-Cause
six I-Cause
months I-Cause
and O
requires O
that O
the B-Effect
World I-Effect
Health I-Effect
Organization I-Effect
select I-Effect
inactivated I-Effect
flu I-Effect
strains I-Effect
for I-Effect
the I-Effect
vaccine I-Effect
far I-Effect
in I-Effect
advance I-Effect
of I-Effect
flu I-Effect
season I-Effect
. O

Nevertheless O
, O
positive O
trends O
are O
expected O
despite O
recent O
interest O
rate O
volatility O
; O
however O
, O
we O
anticipate O
growth B-Effect
will I-Effect
still I-Effect
likely I-Effect
be I-Effect
slower I-Effect
than I-Effect
the I-Effect
prerecession I-Effect
pace I-Effect
, O
given O
our B-Cause
position I-Cause
in I-Cause
the I-Cause
current I-Cause
economic I-Cause
cycle I-Cause
. O

While O
nutritional O
snack O
bars O
used O
to O
all O
reside O
in O
the O
HABA O
department O
, O
decelerating B-Cause
growth I-Cause
in I-Cause
the I-Cause
center I-Cause
of I-Cause
the I-Cause
store I-Cause
led O
several B-Effect
retailers I-Effect
to I-Effect
shift I-Effect
most I-Effect
nutritional I-Effect
snack I-Effect
bars I-Effect
to I-Effect
the I-Effect
grocery I-Effect
aisle I-Effect
to I-Effect
drive I-Effect
traffic I-Effect
to I-Effect
that I-Effect
section I-Effect
of I-Effect
the I-Effect
store I-Effect
. O

We O
think O
these B-Cause
pervasive I-Cause
academic I-Cause
origins I-Cause
help B-Effect
perpetuate I-Effect
Ansys I-Effect
' I-Effect
dominance I-Effect
in I-Effect
corporate I-Effect
engineering I-Effect
teams I-Effect
across I-Effect
the I-Effect
globe I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
will I-Effect
ensure I-Effect
Ansys I-Effect
retains I-Effect
its I-Effect
estimated I-Effect
dominant I-Effect
25 I-Effect
% I-Effect
share I-Effect
in I-Effect
the I-Effect
computer I-Effect
assisted I-Effect
engineering I-Effect
market I-Effect
. O

Further O
, O
by O
virtue B-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
decadeslong I-Cause
focus I-Cause
on I-Cause
the I-Cause
nonprofit I-Cause
sector I-Cause
and I-Cause
market I-Cause
leadership I-Cause
position I-Cause
, O
we O
think O
organizations B-Effect
typically I-Effect
are I-Effect
including I-Effect
Blackbaud I-Effect
solutions I-Effect
within I-Effect
their I-Effect
consideration I-Effect
sets I-Effect
. O

The B-Cause
retail I-Cause
customer I-Cause
's I-Cause
need I-Cause
for I-Cause
assistance I-Cause
in I-Cause
purchasing I-Cause
the I-Cause
right I-Cause
component I-Cause
should O
forestall O
significant B-Effect
disruption I-Effect
of I-Effect
Advance I-Effect
's I-Effect
hard I-Effect
part I-Effect
sales I-Effect
by I-Effect
nontraditional I-Effect
, I-Effect
digital I-Effect
retailers I-Effect
( I-Effect
like I-Effect
Amazon I-Effect
) I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

EDU O
expects O
margin B-Effect
improvement I-Effect
in I-Effect
second-half I-Effect
fiscal I-Effect
2021 I-Effect
amid I-Effect
scattered I-Effect
COVID-19 I-Effect
incidents I-Effect
in I-Effect
China I-Effect
, O
given O
that O
EDU B-Cause
expect I-Cause
smaller I-Cause
players I-Cause
may I-Cause
exit I-Cause
the I-Cause
market I-Cause
post-OVID-19 I-Cause
, O
which O
gives B-Cause
EDU I-Cause
more I-Cause
opportunities I-Cause
to I-Cause
increase I-Cause
its I-Cause
market I-Cause
share I-Cause
. O

Following O
a B-Cause
sharp I-Cause
patent I-Cause
cliff I-Cause
in O
2013 O
, O
Sanofi B-Effect
faces I-Effect
relatively I-Effect
mild I-Effect
patent I-Effect
losses I-Effect
, O
and O
diverse B-Cause
operations I-Cause
in I-Cause
vaccines I-Cause
, I-Cause
consumer I-Cause
products I-Cause
, I-Cause
and I-Cause
emerging I-Cause
markets I-Cause
should O
lead O
to O
steady B-Effect
growth I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

We O
anticipate O
that O
consumers B-Cause
will I-Cause
continue I-Cause
to I-Cause
gravitate I-Cause
toward I-Cause
price I-Cause
leaders I-Cause
in I-Cause
the I-Cause
retail I-Cause
category I-Cause
, O
resulting O
in O
industry B-Effect
consolidation I-Effect
and I-Effect
share I-Effect
gains I-Effect
for I-Effect
players I-Effect
that O
can O
pass O
along O
cost O
advantages O
to O
consumers O
in O
the O
form O
of O
low O
prices O
. O

While O
we O
anticipate O
the O
base O
rate O
returning O
to O
a O
more O
normalized O
level O
of O
3.00 O
% O
by O
the O
end O
of O
2025 O
, O
persistently B-Cause
low I-Cause
rates I-Cause
can O
pressure B-Effect
profitability I-Effect
. O

From O
an O
operational O
standpoint O
, O
we O
forecast O
that O
Truist B-Effect
will I-Effect
have I-Effect
an I-Effect
efficiency I-Effect
ratio I-Effect
in I-Effect
the I-Effect
mid-50s. O
This O
will O
be O
driven O
by O
BB B-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
's I-Cause
historically I-Cause
good I-Cause
operating I-Cause
efficiency I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
material I-Cause
cost I-Cause
savings I-Cause
we I-Cause
see I-Cause
coming I-Cause
from I-Cause
the I-Cause
merger I-Cause
. O

We B-Cause
're I-Cause
holding I-Cause
steady I-Cause
on I-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
of I-Cause
$ I-Cause
66 I-Cause
per I-Cause
share I-Cause
, I-Cause
which I-Cause
reflects I-Cause
continued I-Cause
robust I-Cause
growth I-Cause
in I-Cause
COVID-19 I-Cause
molecular I-Cause
tests I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
, O
along O
with O
the B-Effect
pandemic I-Effect
putting I-Effect
pressure I-Effect
on I-Effect
the I-Effect
breast I-Effect
health I-Effect
, I-Effect
cytology I-Effect
, I-Effect
and I-Effect
gynecological I-Effect
surgery I-Effect
businesses I-Effect
. O

Large B-Cause
spikes I-Cause
in I-Cause
volatility I-Cause
generally O
lead O
to O
higher B-Effect
trading I-Effect
volume I-Effect
for I-Effect
CME I-Effect
while O
low B-Cause
volatility I-Cause
leads O
to O
lower B-Effect
trading I-Effect
volumes I-Effect
. O

Demand B-Cause
for I-Cause
industrial I-Cause
gases I-Cause
is I-Cause
strongly I-Cause
correlated I-Cause
to I-Cause
global I-Cause
industrial I-Cause
production I-Cause
, O
so O
core B-Effect
volume I-Effect
growth I-Effect
will I-Effect
depend I-Effect
on I-Effect
the I-Effect
growth I-Effect
of I-Effect
the I-Effect
world I-Effect
economy I-Effect
. O

Although O
the B-Cause
company I-Cause
's I-Cause
premium I-Cause
products I-Cause
have I-Cause
a I-Cause
higher I-Cause
price I-Cause
tag I-Cause
than I-Cause
lower-rated I-Cause
products I-Cause
, I-Cause
they I-Cause
also I-Cause
provide I-Cause
greater I-Cause
energy I-Cause
efficiency I-Cause
that O
results O
in O
significant B-Effect
cost I-Effect
savings I-Effect
over I-Effect
the I-Effect
life I-Effect
of I-Effect
the I-Effect
product I-Effect
. O

We B-Cause
expect I-Cause
ConvaTec I-Cause
can I-Cause
extend I-Cause
the I-Cause
strength I-Cause
of I-Cause
its I-Cause
Aquacel I-Cause
brand I-Cause
to B-Effect
take I-Effect
more I-Effect
share I-Effect
in I-Effect
the I-Effect
$ I-Effect
1.2 I-Effect
billion I-Effect
foam I-Effect
dressing I-Effect
segment I-Effect
. O

The B-Effect
nature I-Effect
of I-Effect
the I-Effect
television I-Effect
business I-Effect
has I-Effect
changed I-Effect
dramatically I-Effect
in I-Effect
recent I-Effect
years I-Effect
as O
rival B-Cause
cable I-Cause
and I-Cause
phone I-Cause
companies I-Cause
have I-Cause
focused I-Cause
on I-Cause
Internet I-Cause
access I-Cause
, I-Cause
selling I-Cause
television I-Cause
service I-Cause
at I-Cause
steadily I-Cause
lower I-Cause
margins I-Cause
. O

We O
surmise O
that O
, O
in B-Cause
an I-Cause
era I-Cause
where I-Cause
competitive I-Cause
differentiation I-Cause
is I-Cause
increasingly I-Cause
driven I-Cause
by I-Cause
technology-enabled I-Cause
analytics I-Cause
and I-Cause
algorithms I-Cause
, I-Cause
the I-Cause
data I-Cause
feedback I-Cause
loop I-Cause
that I-Cause
these I-Cause
retail I-Cause
relationships I-Cause
engender I-Cause
will O
perpetuate B-Effect
Coke I-Effect
's I-Effect
advantage I-Effect
. O

Due O
to O
the B-Cause
pandemic I-Cause
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
17 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
18 I-Effect
% I-Effect
, O
thanks O
to O
savings B-Cause
from I-Cause
formerly I-Cause
significant I-Cause
travel I-Cause
costs I-Cause
. O

With O
a B-Cause
network I-Cause
than I-Cause
can I-Cause
be I-Cause
upgraded I-Cause
at I-Cause
modest I-Cause
incremental I-Cause
cost I-Cause
, O
we O
expect O
Internet B-Effect
access I-Effect
share I-Effect
will I-Effect
continue I-Effect
to I-Effect
shift I-Effect
in I-Effect
Comcast I-Effect
's I-Effect
favor I-Effect
, I-Effect
enabling I-Effect
the I-Effect
firm I-Effect
to I-Effect
gain I-Effect
additional I-Effect
scale I-Effect
efficiencies I-Effect
. O

Most O
importantly O
, O
scale B-Effect
will I-Effect
be I-Effect
lost I-Effect
from I-Effect
ships I-Effect
that I-Effect
remain I-Effect
in I-Effect
layup I-Effect
, O
as O
we O
anticipate O
Royal B-Cause
will I-Cause
execute I-Cause
a I-Cause
staggered I-Cause
, I-Cause
limited I-Cause
return I-Cause
to I-Cause
the I-Cause
sailing I-Cause
of I-Cause
its I-Cause
fleet I-Cause
at I-Cause
the I-Cause
beginning I-Cause
of I-Cause
2021 I-Cause
. O

Additionally O
, O
its B-Cause
large I-Cause
independent I-Cause
wealth I-Cause
management I-Cause
client I-Cause
base I-Cause
gives O
Schwab B-Effect
a I-Effect
singular I-Effect
ability I-Effect
to O
offer O
benchmarking O
and O
process O
improvement O
benefits O
to O
affiliated O
firms O
. O

While O
gradual O
wage O
hikes O
can O
be O
offset O
by O
investments O
in O
automation O
and O
price O
increases O
, O
a O
steep O
jump O
could O
prove O
detrimental O
as O
we O
estimate O
a B-Cause
breakpoint I-Cause
around I-Cause
3 I-Cause
% I-Cause
for I-Cause
annual I-Cause
menu I-Cause
price I-Cause
increases I-Cause
, I-Cause
after I-Cause
which I-Cause
likely I-Cause
traffic I-Cause
and I-Cause
unit I-Cause
volume I-Cause
contractions I-Cause
would O
lead O
to O
operating B-Effect
deleverage I-Effect
and I-Effect
lower I-Effect
margins I-Effect
. O

Veeva B-Effect
will I-Effect
likely I-Effect
continue I-Effect
to I-Effect
have I-Effect
high I-Effect
customer I-Effect
concentration I-Effect
levels I-Effect
as O
the B-Cause
largest I-Cause
life I-Cause
sciences I-Cause
companies I-Cause
account I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of O
overall O
industry O
spend O
. O

As O
of O
the O
latest O
release O
of O
Splunk O
's O
system O
, O
the O
company B-Effect
has I-Effect
scaled I-Effect
up I-Effect
machine-learning I-Effect
performance I-Effect
by I-Effect
400 I-Effect
% I-Effect
by O
incorporating B-Cause
new I-Cause
algorithms I-Cause
to I-Cause
improve I-Cause
efficiency I-Cause
and I-Cause
increasing I-Cause
its I-Cause
value I-Cause
to I-Cause
businesses I-Cause
. O

Risks B-Cause
surrounding I-Cause
a I-Cause
second I-Cause
wave I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and O
vaccine B-Cause
are I-Cause
globally I-Cause
available I-Cause
remain I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

The B-Cause
company I-Cause
specializes I-Cause
in I-Cause
aggregates I-Cause
production I-Cause
, I-Cause
a I-Cause
process I-Cause
that I-Cause
is I-Cause
subject I-Cause
to I-Cause
far I-Cause
less I-Cause
operating I-Cause
leverage I-Cause
than I-Cause
the I-Cause
production I-Cause
of I-Cause
cement I-Cause
( O
or O
even O
other O
commodities O
like O
steel O
) O
. O
This O
also O
limits O
the B-Effect
potential I-Effect
for I-Effect
major I-Effect
value I-Effect
destruction I-Effect
in I-Effect
cyclical I-Effect
troughs I-Effect
, I-Effect
to I-Effect
which I-Effect
other I-Effect
companies I-Effect
with I-Effect
even I-Effect
higher I-Effect
operating I-Effect
leverage I-Effect
might I-Effect
be I-Effect
subject I-Effect
. O

The B-Cause
delay I-Cause
in I-Cause
issuing I-Cause
3G I-Cause
licenses I-Cause
, O
meaning O
a B-Effect
concentrated I-Effect
investment I-Effect
period I-Effect
in I-Effect
3G I-Effect
then I-Effect
4G I-Effect
and I-Effect
soon I-Effect
5G I-Effect
mobile I-Effect
networks I-Effect
, I-Effect
in I-Effect
a I-Effect
shorter I-Effect
period I-Effect
of I-Effect
time I-Effect
than I-Effect
other I-Effect
markets I-Effect
has I-Effect
also I-Effect
not I-Effect
helped I-Effect
returns I-Effect
. O

Brand B-Cause
Intangible I-Cause
AssetsPotentially I-Cause
offsetting O
the B-Effect
challenge I-Effect
of I-Effect
generating I-Effect
economic I-Effect
profit I-Effect
from I-Effect
regulation I-Effect
intangibles I-Effect
, O
we O
think O
that O
the B-Cause
creation I-Cause
of I-Cause
brand I-Cause
intangibles I-Cause
would O
help O
cannabis B-Cause
companies I-Cause
pass I-Cause
the I-Cause
increased I-Cause
cost I-Cause
to I-Cause
consumers I-Cause
, O
thus O
protecting B-Effect
their I-Effect
own I-Effect
economic I-Effect
profit I-Effect
. O

However O
, O
as O
these B-Cause
companies I-Cause
are I-Cause
vital I-Cause
to I-Cause
the I-Cause
development I-Cause
of I-Cause
the I-Cause
country I-Cause
's I-Cause
fledgling I-Cause
oil I-Cause
and I-Cause
gas I-Cause
industry I-Cause
, O
we B-Effect
see I-Effect
little I-Effect
chance I-Effect
that I-Effect
fiscal I-Effect
terms I-Effect
for I-Effect
Hess I-Effect
and I-Effect
its I-Effect
partners I-Effect
would I-Effect
adversely I-Effect
shift I-Effect
. O

As O
a O
result O
, O
the B-Cause
group I-Cause
should I-Cause
become I-Cause
more I-Cause
efficient I-Cause
by I-Cause
streamlining I-Cause
the I-Cause
cost I-Cause
base I-Cause
while O
providing O
a B-Effect
better I-Effect
customer I-Effect
experience I-Effect
. O

Intel B-Cause
's I-Cause
processors I-Cause
are I-Cause
incumbent I-Cause
in I-Cause
the I-Cause
lion I-Cause
's I-Cause
share I-Cause
of I-Cause
servers I-Cause
, O
and O
we O
believe O
the B-Effect
x86 I-Effect
ecosystem I-Effect
coupled I-Effect
with I-Effect
the I-Effect
newer I-Effect
server I-Effect
CPU I-Effect
variants I-Effect
developed I-Effect
with I-Effect
10-nm I-Effect
technology I-Effect
will I-Effect
thwart I-Effect
offerings I-Effect
by I-Effect
ARM I-Effect
. O

Utilities B-Effect
are I-Effect
generally I-Effect
price-insensitive I-Effect
( I-Effect
costs I-Effect
are I-Effect
passed I-Effect
to I-Effect
retail I-Effect
customers I-Effect
) I-Effect
and I-Effect
primarily I-Effect
concerned I-Effect
with I-Effect
supply I-Effect
reliability I-Effect
( O
supply B-Cause
disruptions I-Cause
for I-Cause
utilities I-Cause
can I-Cause
result I-Cause
in I-Cause
regulatory I-Cause
penalties I-Cause
) O
. O

Its B-Cause
German I-Cause
competitors I-Cause
have I-Cause
been I-Cause
slow I-Cause
to I-Cause
develop I-Cause
competitive I-Cause
digital I-Cause
offerings I-Cause
, O
allowing O
ING B-Effect
to I-Effect
make I-Effect
hay I-Effect
while I-Effect
the I-Effect
sun I-Effect
shines I-Effect
, O
this O
will O
however O
not O
continue O
unabated O
. O

Legacy B-Cause
PotashCorp I-Cause
management I-Cause
invested I-Cause
in I-Cause
a I-Cause
new I-Cause
low-cost I-Cause
potash I-Cause
mine I-Cause
and I-Cause
completed I-Cause
an I-Cause
asset I-Cause
optimization I-Cause
before I-Cause
the I-Cause
merger I-Cause
to O
reduce B-Effect
unit I-Effect
production I-Effect
costs I-Effect
and I-Effect
solidify I-Effect
PotashCorp I-Effect
's I-Effect
low-cost I-Effect
position I-Effect
on I-Effect
the I-Effect
cost I-Effect
curve I-Effect
. O

The B-Cause
new I-Cause
competition I-Cause
also O
means O
that O
the B-Effect
prices I-Effect
paid I-Effect
for I-Effect
acreage I-Effect
will I-Effect
be I-Effect
more I-Effect
market-oriented I-Effect
in I-Effect
the I-Effect
future I-Effect
, I-Effect
capping I-Effect
returns I-Effect
on I-Effect
capital I-Effect
closer I-Effect
to I-Effect
Viper I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Both B-Cause
through I-Cause
organic I-Cause
investments I-Cause
and I-Cause
acquisitions I-Cause
, O
Moody B-Effect
's I-Effect
Analytics I-Effect
( I-Effect
MA I-Effect
) I-Effect
has I-Effect
been I-Effect
a I-Effect
key I-Effect
source I-Effect
of I-Effect
growth I-Effect
and I-Effect
currently I-Effect
makes I-Effect
up I-Effect
38 I-Effect
% I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
revenue I-Effect
and I-Effect
23 I-Effect
% I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
adjusted I-Effect
operating I-Effect
income I-Effect
. O

Offering O
secure O
and O
convenient O
payment O
settlement O
between O
sellers O
and O
buyers O
on O
and O
off O
the O
MercadoLibre O
platform O
, O
MercadoPago B-Cause
attracts I-Cause
more I-Cause
sellers I-Cause
if I-Cause
more I-Cause
buyers I-Cause
sign I-Cause
up I-Cause
to I-Cause
use I-Cause
the I-Cause
services I-Cause
; O
the B-Cause
more I-Cause
sellers I-Cause
offer I-Cause
MercadoPago I-Cause
's I-Cause
payment I-Cause
solutions I-Cause
, O
the B-Effect
more I-Effect
popular I-Effect
the I-Effect
service I-Effect
will I-Effect
become I-Effect
among I-Effect
buyers I-Effect
. O

The B-Effect
company I-Effect
maintains I-Effect
a I-Effect
modest I-Effect
degree I-Effect
of I-Effect
financial I-Effect
leverage I-Effect
, O
as O
management B-Cause
's I-Cause
ability I-Cause
to I-Cause
generate I-Cause
free I-Cause
cash I-Cause
flow I-Cause
has I-Cause
helped I-Cause
it I-Cause
reinvest I-Cause
in I-Cause
the I-Cause
business I-Cause
while O
paying O
a O
consistent O
dividend O
without O
having O
to O
rely O
on O
debt O
markets O
. O

We O
assume O
a B-Cause
mix I-Cause
shift I-Cause
toward I-Cause
online I-Cause
sales I-Cause
will O
weigh B-Effect
on I-Effect
Scotts I-Effect
' I-Effect
pricing I-Effect
power I-Effect
and I-Effect
cause I-Effect
operating I-Effect
margins I-Effect
to I-Effect
slightly I-Effect
contract I-Effect
to I-Effect
23 I-Effect
% I-Effect
by I-Effect
2029 I-Effect
from I-Effect
24 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

Larger B-Cause
industrial I-Cause
distributors I-Cause
also I-Cause
operate I-Cause
scalable I-Cause
distribution I-Cause
networks I-Cause
and I-Cause
centralized I-Cause
order-fulfillment I-Cause
centers I-Cause
, O
which O
allows O
these B-Effect
companies I-Effect
to I-Effect
cost-effectively I-Effect
serve I-Effect
their I-Effect
customer I-Effect
base I-Effect
, O
including O
large O
customers O
that O
require O
consistent O
product O
availability O
and O
service O
quality O
across O
North O
America O
. O

The B-Cause
firm I-Cause
's I-Cause
NIM I-Cause
rose I-Cause
in I-Cause
2018 I-Cause
and I-Cause
2019 I-Cause
due O
to O
rising B-Cause
rates I-Cause
but O
can O
be O
sensitive B-Effect
to I-Effect
factors I-Effect
such I-Effect
as I-Effect
reinvestment I-Effect
yields I-Effect
and I-Effect
the I-Effect
level I-Effect
of I-Effect
deposits I-Effect
. O

In O
our O
opinion O
, O
the B-Cause
significant I-Cause
shared I-Cause
capacity I-Cause
between I-Cause
the I-Cause
three I-Cause
largest I-Cause
players I-Cause
can O
force O
Carnival B-Effect
to I-Effect
be I-Effect
a I-Effect
price-taker I-Effect
in I-Effect
periods I-Effect
of I-Effect
economic I-Effect
or I-Effect
geopolitical I-Effect
distress I-Effect
, O
despite O
offering O
widespread O
choices O
. O

These B-Cause
firms I-Cause
have I-Cause
longer I-Cause
operating I-Cause
histories I-Cause
, I-Cause
more I-Cause
resources I-Cause
, I-Cause
and I-Cause
better I-Cause
brand I-Cause
recognition I-Cause
, O
which O
delivers B-Effect
them I-Effect
an I-Effect
edge I-Effect
in I-Effect
this I-Effect
arena I-Effect
. O

Because O
Alibaba O
's O
various O
online B-Cause
marketplaces I-Cause
are I-Cause
interconnected I-Cause
, O
it O
compounds B-Effect
its I-Effect
network I-Effect
effect I-Effect
, O
which O
then O
breeds O
other O
competitive O
advantages O
and O
growth O
opportunities O
. O

Given O
Lockheed B-Cause
's I-Cause
proven I-Cause
expertise I-Cause
in I-Cause
this I-Cause
field I-Cause
, O
we O
do O
n't O
think O
it O
's O
likely O
that O
the O
military B-Effect
will I-Effect
see I-Effect
a I-Effect
compelling I-Effect
reason I-Effect
to I-Effect
switch I-Effect
. O

L B-Effect
Brands I-Effect
' I-Effect
growth I-Effect
framework I-Effect
has I-Effect
historically I-Effect
sought I-Effect
5 I-Effect
% I-Effect
-10 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
, O
driven O
by O
low-single-digit B-Cause
North I-Cause
America I-Cause
comp-store I-Cause
growth I-Cause
, I-Cause
flat I-Cause
North I-Cause
America I-Cause
square I-Cause
footage I-Cause
, I-Cause
midteens I-Cause
direct I-Cause
sales I-Cause
growth I-Cause
, I-Cause
and I-Cause
low-20 I-Cause
% I-Cause
international I-Cause
growth I-Cause
. O

Given O
the B-Cause
dual-brand I-Cause
strategy I-Cause
-- I-Cause
Tmall I-Cause
Global I-Cause
will I-Cause
continue I-Cause
to I-Cause
use I-Cause
a I-Cause
third-party I-Cause
model I-Cause
, I-Cause
while I-Cause
Kaola I-Cause
will I-Cause
deploy I-Cause
a I-Cause
first-party I-Cause
model I-Cause
-- O
global B-Cause
merchants I-Cause
will I-Cause
have I-Cause
greater I-Cause
flexibility I-Cause
in I-Cause
their I-Cause
go-to-market I-Cause
strategies I-Cause
, O
which O
should O
help O
Alibaba B-Effect
accelerate I-Effect
its I-Effect
import I-Effect
services I-Effect
. O

In O
response O
to O
the O
pandemic O
, O
we O
surmise O
Carnival B-Effect
will I-Effect
be I-Effect
subject I-Effect
to I-Effect
higher I-Effect
product I-Effect
governance I-Effect
costs I-Effect
as O
the B-Cause
firm I-Cause
implements I-Cause
improved I-Cause
quality I-Cause
and I-Cause
safety I-Cause
controls I-Cause
, O
which O
we O
capture O
in O
our O
base-case O
scenario O
. O

A B-Cause
security I-Cause
breach I-Cause
in I-Cause
Experian I-Cause
's I-Cause
systems I-Cause
could O
damage B-Effect
its I-Effect
reputation I-Effect
and I-Effect
expose I-Effect
it I-Effect
to I-Effect
legal I-Effect
liability I-Effect
; O
historically O
, O
the O
company O
has O
had O
its O
systems O
hacked O
and O
had O
information O
on O
consumers O
stolen O
. O

Adjusted B-Effect
operating I-Effect
margins I-Effect
contracted I-Effect
from O
12.5 O
% O
in O
2016 O
to O
11.1 O
% O
in O
2017 O
, O
mainly O
due O
to O
aggressive B-Cause
price I-Cause
reductions I-Cause
, O
before O
rebounding O
to O
12.1 O
% O
in O
2019 O
. O

We O
expect O
further B-Effect
cost I-Effect
synergies I-Effect
to I-Effect
emerge I-Effect
from I-Effect
sales I-Effect
and I-Effect
administration I-Effect
, O
thanks O
to O
more B-Cause
cross-selling I-Cause
and I-Cause
bundling I-Cause
of I-Cause
products I-Cause
and I-Cause
services I-Cause
. O

For O
clients O
, O
Robert B-Cause
Half I-Cause
presents I-Cause
the I-Cause
best I-Cause
candidates I-Cause
, O
reducing B-Effect
the I-Effect
time I-Effect
and I-Effect
effort I-Effect
clients I-Effect
spend I-Effect
sifting I-Effect
through I-Effect
less-than-ideal I-Effect
candidates I-Effect
that I-Effect
apply I-Effect
to I-Effect
online I-Effect
job I-Effect
posts I-Effect
. O

Also O
of O
note O
is O
even O
though O
EVs O
may O
decrease O
the O
frequency O
of O
service O
visits O
, O
the B-Effect
dollar I-Effect
amount I-Effect
of I-Effect
repairs I-Effect
can I-Effect
be I-Effect
significantly I-Effect
higher I-Effect
than I-Effect
a I-Effect
traditional I-Effect
vehicle I-Effect
due O
to O
expensive B-Cause
electronics I-Cause
for I-Cause
the I-Cause
battery I-Cause
, I-Cause
safety I-Cause
, I-Cause
and I-Cause
autonomous I-Cause
driving I-Cause
systems I-Cause
. O

We O
anticipate O
elevated B-Effect
commercial I-Effect
HVAC I-Effect
sales I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
driven O
by O
heightened B-Cause
demand I-Cause
for I-Cause
more I-Cause
energy-efficient I-Cause
systems I-Cause
that I-Cause
deliver I-Cause
better I-Cause
air I-Cause
quality I-Cause
, O
and O
we O
believe O
Johnson O
Controls O
, O
along O
with O
other O
leading O
HVAC O
companies O
, O
are O
well O
positioned O
to O
serve O
this O
growing O
market O
. O

Like O
the O
streaming O
services O
that O
it O
offers O
, O
Roku O
has O
benefited O
from O
the O
coronavirus-driven O
stay-home O
trend O
but O
the B-Cause
secular I-Cause
shift I-Cause
toward I-Cause
streaming I-Cause
should O
provide B-Effect
a I-Effect
tailwind I-Effect
to I-Effect
both I-Effect
user I-Effect
and I-Effect
hour I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

The B-Effect
unified I-Effect
communications I-Effect
market I-Effect
has I-Effect
undergone I-Effect
a I-Effect
sizable I-Effect
shift I-Effect
with B-Cause
the I-Cause
advent I-Cause
of I-Cause
cloud-based I-Cause
solutions I-Cause
, O
and O
Cisco B-Effect
's I-Effect
previous I-Effect
leadership I-Effect
in I-Effect
hardware-based I-Effect
solutions I-Effect
are I-Effect
being I-Effect
scorned I-Effect
for B-Cause
new I-Cause
as-a-service I-Cause
offerings I-Cause
. O

About B-Cause
80 I-Cause
% I-Cause
of I-Cause
Tyson I-Cause
's I-Cause
products I-Cause
are I-Cause
undifferentiated I-Cause
( I-Cause
commoditized I-Cause
) I-Cause
and O
therefore O
it B-Effect
is I-Effect
difficult I-Effect
for I-Effect
them I-Effect
to I-Effect
command I-Effect
price I-Effect
premiums I-Effect
and I-Effect
higher I-Effect
returns I-Effect
. O

In O
the O
decades O
since O
inception O
, O
Polaris B-Cause
and I-Cause
BRP I-Cause
( I-Cause
Bombardier I-Cause
) I-Cause
have I-Cause
delivered I-Cause
more I-Cause
compelling I-Cause
and I-Cause
technologically I-Cause
advanced I-Cause
products I-Cause
than I-Cause
their I-Cause
peers. O
This O
has O
allowed O
Polaris B-Effect
and I-Effect
Can-Am I-Effect
to I-Effect
take I-Effect
stronger I-Effect
market I-Effect
share I-Effect
positions I-Effect
than I-Effect
peers I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
including I-Effect
close I-Effect
competitor I-Effect
Arctic I-Effect
Cat I-Effect
. O

We O
're O
modeling O
a B-Effect
solid I-Effect
400 I-Effect
basis I-Effect
points I-Effect
of I-Effect
net I-Effect
operating I-Effect
margin I-Effect
( I-Effect
EBIT/net I-Effect
revenue I-Effect
) I-Effect
improvement I-Effect
, I-Effect
to I-Effect
32.0 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
on O
leverage B-Cause
from I-Cause
net I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
productivity I-Cause
gains I-Cause
from I-Cause
rising I-Cause
transaction I-Cause
automation I-Cause
and I-Cause
good I-Cause
headcount I-Cause
management I-Cause
. O

VF B-Effect
could I-Effect
suffer I-Effect
from I-Effect
a I-Effect
full-blown I-Effect
trade I-Effect
war I-Effect
with I-Effect
China I-Effect
or I-Effect
a I-Effect
slowdown I-Effect
in I-Effect
the I-Effect
Chinese I-Effect
economy I-Effect
due O
to O
COVID-19 B-Cause
or I-Cause
any I-Cause
other I-Cause
reason I-Cause
. O

Regions B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids B-Effect
some I-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

Ongoing B-Cause
investigations I-Cause
into I-Cause
the I-Cause
bribery I-Cause
scheme I-Cause
led O
to O
the B-Effect
termination I-Effect
of I-Effect
the I-Effect
former I-Effect
CEO I-Effect
and I-Effect
are I-Effect
a I-Effect
public I-Effect
relations I-Effect
nightmare I-Effect
. O

IQVIA B-Cause
's I-Cause
significant I-Cause
CRO I-Cause
market I-Cause
share I-Cause
and I-Cause
noteworthy I-Cause
data I-Cause
capabilities I-Cause
allow O
it O
to O
be B-Effect
well I-Effect
positioned I-Effect
to I-Effect
lead I-Effect
the I-Effect
way I-Effect
with I-Effect
real-world I-Effect
evidence I-Effect
work I-Effect
, O
and O
it O
has O
several O
real-world O
trials O
ongoing O
with O
its O
Big O
Pharma O
clients O
. O

We O
believe O
smaller B-Cause
local I-Cause
and I-Cause
regional I-Cause
competitors I-Cause
will I-Cause
struggle I-Cause
to I-Cause
win I-Cause
share I-Cause
in I-Cause
these I-Cause
niche I-Cause
markets I-Cause
, O
allowing O
Ferguson B-Effect
to I-Effect
maintain I-Effect
its I-Effect
strong I-Effect
market I-Effect
share I-Effect
positions I-Effect
. O

Because O
Marsh B-Cause
& I-Cause
McLennan I-Cause
generally I-Cause
takes I-Cause
a I-Cause
percentage I-Cause
of I-Cause
premium I-Cause
amounts I-Cause
as I-Cause
commission I-Cause
, O
it B-Effect
is I-Effect
exposed I-Effect
to I-Effect
the I-Effect
direction I-Effect
of I-Effect
the I-Effect
insurance I-Effect
pricing I-Effect
cycle I-Effect
. O

We O
view O
Aecom O
's O
transformation O
favorably O
and O
believe O
that O
the B-Cause
strategic I-Cause
shift I-Cause
will O
result O
in O
a B-Effect
less I-Effect
volatile I-Effect
and I-Effect
more I-Effect
profitable I-Effect
portfolio I-Effect
. O

However O
, O
we O
believe O
Norwegian B-Effect
could I-Effect
generate I-Effect
average I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
( I-Effect
6 I-Effect
% I-Effect
) I-Effect
below I-Effect
our I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
hindered O
by O
the O
secular B-Cause
fall I-Cause
out I-Cause
stemming I-Cause
from I-Cause
COVID-19 I-Cause
. O

Utilizing B-Cause
its I-Cause
distribution I-Cause
network I-Cause
more I-Cause
comprehensively I-Cause
allows O
the B-Effect
firm I-Effect
to I-Effect
spread I-Effect
investments I-Effect
in I-Effect
inventory I-Effect
management I-Effect
technology I-Effect
and I-Effect
supply I-Effect
chain I-Effect
automation I-Effect
across I-Effect
a I-Effect
broader I-Effect
pool I-Effect
of I-Effect
sales I-Effect
and I-Effect
stores I-Effect
, O
further B-Effect
improving I-Effect
the I-Effect
company I-Effect
's I-Effect
cost I-Effect
profile I-Effect
in O
a B-Cause
way I-Cause
that I-Cause
is I-Cause
difficult I-Cause
for I-Cause
smaller I-Cause
competitors I-Cause
to I-Cause
replicate I-Cause
. O

Azure B-Effect
, I-Effect
in I-Effect
particular I-Effect
, I-Effect
is I-Effect
the I-Effect
single I-Effect
most I-Effect
critical I-Effect
revenue I-Effect
driver I-Effect
over O
the O
next O
10 O
years O
, O
in O
our O
view O
, O
as O
hybrid B-Cause
environments I-Cause
( I-Cause
where I-Cause
Microsoft I-Cause
excels I-Cause
) I-Cause
drive I-Cause
mass I-Cause
cloud I-Cause
adoption I-Cause
. O

We O
see O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
worsening I-Effect
as O
a B-Cause
less I-Cause
favorable I-Cause
interest-rate I-Cause
environment I-Cause
challenges I-Cause
net I-Cause
interest I-Cause
margins I-Cause
, O
but O
eventually O
we O
believe O
the O
efficiency O
ratio O
will O
normalize O
to O
53 O
% O
through O
the O
cycle O
. O

We B-Effect
are I-Effect
not I-Effect
too I-Effect
concerned I-Effect
about I-Effect
Carlsberg I-Effect
's I-Effect
smaller I-Effect
global I-Effect
volumes I-Effect
relative I-Effect
to I-Effect
AB I-Effect
InBev I-Effect
and I-Effect
Heineken I-Effect
because O
it B-Cause
is I-Cause
regional I-Cause
scale I-Cause
that I-Cause
creates I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
. O

We O
believe O
Marvell B-Effect
will I-Effect
achieve I-Effect
a I-Effect
10 I-Effect
% I-Effect
top-line I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
HDD B-Cause
declines I-Cause
and I-Cause
SSD I-Cause
controller I-Cause
growth I-Cause
offset I-Cause
each I-Cause
other I-Cause
to I-Cause
low-single-digit I-Cause
growth I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
networking I-Cause
segment I-Cause
grows I-Cause
in I-Cause
the I-Cause
low I-Cause
teens I-Cause
. O

In O
our O
view O
, O
most B-Effect
of I-Effect
H I-Effect
& I-Effect
P I-Effect
's I-Effect
ESG I-Effect
exposure I-Effect
comes O
from O
greenhouse B-Cause
gas I-Cause
emissions I-Cause
( I-Cause
through I-Cause
extraction I-Cause
operations I-Cause
and I-Cause
downstream I-Cause
consumption I-Cause
) I-Cause
and I-Cause
other I-Cause
emissions I-Cause
, I-Cause
effluents I-Cause
, I-Cause
and I-Cause
waste I-Cause
( I-Cause
primarily I-Cause
oil I-Cause
spills I-Cause
) I-Cause
. O

We O
believe O
EDU B-Cause
can I-Cause
trade I-Cause
above I-Cause
its I-Cause
industry I-Cause
peers I-Cause
' I-Cause
average I-Cause
with I-Cause
its I-Cause
leading I-Cause
position I-Cause
and I-Cause
also I-Cause
solid I-Cause
revenue I-Cause
growth B-Effect
in I-Effect
China I-Effect
. O

Few B-Cause
digital I-Cause
retailers I-Cause
can I-Cause
combine I-Cause
depth I-Cause
of I-Cause
inventory I-Cause
with I-Cause
speed I-Cause
of I-Cause
delivery. O
For O
this O
reason O
, O
a B-Effect
Tire I-Effect
Rack-like I-Effect
model I-Effect
( I-Effect
where I-Effect
the I-Effect
customer I-Effect
buys I-Effect
tires I-Effect
online I-Effect
and I-Effect
has I-Effect
them I-Effect
shipped I-Effect
to I-Effect
an I-Effect
approved I-Effect
shop I-Effect
for I-Effect
installation I-Effect
) I-Effect
is I-Effect
less I-Effect
likely I-Effect
to I-Effect
succeed I-Effect
for I-Effect
failure-related I-Effect
parts I-Effect
that I-Effect
require I-Effect
immediate I-Effect
replacement I-Effect
. O

The B-Effect
legacy I-Effect
Covance I-Effect
business I-Effect
also I-Effect
benefits I-Effect
from O
intangible B-Cause
assets I-Cause
, O
including O
expertise O
with O
local O
country O
cultures O
, O
regulatory O
agencies O
, O
and O
changing O
regulations O
, O
research O
design O
, O
data O
analytics O
, O
knowledge O
of O
key O
disease O
states O
, O
and O
close O
relationships O
with O
pharmaceutical O
and O
biotech O
clients O
. O

In O
environmental O
and O
applied O
solutions O
, O
we O
also O
expect O
6 O
% O
growth B-Effect
annualized I-Effect
during O
the O
next O
five O
years O
, O
as O
demand B-Cause
for I-Cause
tools I-Cause
eventually I-Cause
come I-Cause
back I-Cause
online I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
constrained I-Cause
them I-Cause
. O

Through B-Cause
acquisitions I-Cause
, O
Scotts B-Effect
has I-Effect
established I-Effect
a I-Effect
first-mover I-Effect
advantage I-Effect
in I-Effect
this I-Effect
nascent I-Effect
industry I-Effect
and O
commands O
an O
estimated O
40 O
% O
-50 O
% O
market O
share O
, O
depending O
on O
the O
product O
. O

We O
think O
PFG B-Cause
's I-Cause
channel I-Cause
diversity I-Cause
, I-Cause
vast I-Cause
adoption I-Cause
of I-Cause
carryout I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
containment I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
virus I-Cause
( O
most O
likely O
after O
a O
2021 O
vaccine O
) O
, O
should O
return B-Effect
PFG I-Effect
' I-Effect
organic I-Effect
revenue I-Effect
to I-Effect
the I-Effect
prepandemic I-Effect
level I-Effect
by I-Effect
2022 I-Effect
. O

We B-Effect
have I-Effect
lowered I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
101 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
110 I-Effect
, O
due O
to O
our B-Cause
lower I-Cause
near-term I-Cause
revenue I-Cause
forecast I-Cause
. O

We O
also O
expect O
operating B-Effect
leverage I-Effect
to I-Effect
occur I-Effect
as O
the B-Cause
company I-Cause
continues I-Cause
to I-Cause
gain I-Cause
scale I-Cause
and I-Cause
benefits I-Cause
from I-Cause
additional I-Cause
SG I-Cause
& I-Cause
A I-Cause
operating I-Cause
leverage I-Cause
as O
go-to-market B-Cause
partnerships I-Cause
expand I-Cause
and I-Cause
have I-Cause
little I-Cause
SG I-Cause
& I-Cause
A I-Cause
costs I-Cause
associated I-Cause
with I-Cause
the I-Cause
revenue I-Cause
stream I-Cause
. O

In O
building O
automation O
, O
we O
see O
a B-Effect
cost I-Effect
advantage I-Effect
as O
well O
, O
as O
suppliers B-Cause
will I-Cause
bid I-Cause
for I-Cause
the I-Cause
initial I-Cause
installation I-Cause
, O
but O
the B-Effect
margins I-Effect
are O
largely O
made O
on O
the B-Cause
longer-term I-Cause
maintenance I-Cause
and I-Cause
replacement I-Cause
products I-Cause
. O

The B-Cause
company I-Cause
also I-Cause
sees I-Cause
hybrids I-Cause
over I-Cause
battery I-Cause
electric I-Cause
vehicles I-Cause
as I-Cause
the I-Cause
main I-Cause
driver I-Cause
of I-Cause
electrified I-Cause
vehicle I-Cause
sales I-Cause
, I-Cause
so I-Cause
if I-Cause
that I-Cause
proves I-Cause
incorrect I-Cause
Honda I-Cause
will B-Effect
have I-Effect
to I-Effect
catch I-Effect
up I-Effect
with I-Effect
large I-Effect
spending I-Effect
increases I-Effect
. O

Demands B-Cause
on I-Cause
shoppers I-Cause
' I-Cause
time I-Cause
and I-Cause
wallets I-Cause
have O
led O
them O
to O
seek B-Effect
convenience I-Effect
, I-Effect
with I-Effect
mass I-Effect
merchandisers I-Effect
, I-Effect
convenience I-Effect
stores I-Effect
, I-Effect
and I-Effect
traditional I-Effect
grocers I-Effect
answering I-Effect
the I-Effect
bell I-Effect
. O

The B-Effect
company I-Effect
has I-Effect
deepened I-Effect
this I-Effect
level I-Effect
of I-Effect
engagement I-Effect
by O
offering B-Cause
tool I-Cause
loans I-Cause
, I-Cause
oil I-Cause
and I-Cause
battery I-Cause
recycling I-Cause
, I-Cause
how-to I-Cause
videos I-Cause
, I-Cause
and I-Cause
simple I-Cause
diagnostics I-Cause
at I-Cause
its I-Cause
stores I-Cause
, I-Cause
gratis I-Cause
. O

We O
think O
Delta B-Effect
is I-Effect
the I-Effect
highest-quality I-Effect
legacy I-Effect
carrier I-Effect
because O
it B-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
attract B-Effect
high-yielding I-Effect
business I-Effect
travelers I-Effect
through I-Cause
its B-Cause
product I-Cause
segmentation I-Cause
and I-Cause
credit I-Cause
card I-Cause
partnerships I-Cause
, I-Cause
primarily I-Cause
with I-Cause
American I-Cause
Express I-Cause
. O

Our B-Effect
cost/income I-Effect
ratio I-Effect
, I-Effect
as I-Effect
we I-Effect
calculate I-Effect
it I-Effect
, I-Effect
including I-Effect
remediation I-Effect
and I-Effect
below-the-line I-Effect
items I-Effect
, I-Effect
drops I-Effect
from I-Effect
69 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
53 I-Effect
% I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
below-the-line B-Cause
items I-Cause
reduce I-Cause
materially I-Cause
and I-Cause
Lloyds I-Cause
hits I-Cause
its I-Cause
GBP I-Cause
7.6 I-Cause
billion I-Cause
operating I-Cause
cost I-Cause
target I-Cause
this I-Cause
year I-Cause
. O

We O
are O
reducing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
194 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
214 I-Effect
after O
incorporating B-Cause
second-quarter I-Cause
results I-Cause
and I-Cause
updating I-Cause
our I-Cause
internal I-Cause
growth I-Cause
assumptions I-Cause
to I-Cause
account I-Cause
for I-Cause
lower I-Cause
growth I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
due I-Cause
to I-Cause
fallout I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

We O
expect O
the B-Effect
services I-Effect
business I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
regain I-Effect
profitability I-Effect
faster I-Effect
than I-Effect
Boeing I-Effect
as I-Effect
a I-Effect
whole I-Effect
because O
aftermarket B-Cause
revenue I-Cause
increases I-Cause
directly I-Cause
with I-Cause
flights I-Cause
, O
but O
that O
global B-Cause
retirements I-Cause
will O
slow O
the B-Effect
recovery I-Effect
of I-Effect
this I-Effect
segment I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

Twilio O
recently O
acquired O
Segment O
, O
a O
San O
Francisco-based O
cloud O
infrastructure O
firm O
that O
takes B-Cause
customer I-Cause
engagement I-Cause
one I-Cause
step I-Cause
further I-Cause
and O
helps O
businesses B-Effect
leverage I-Effect
data I-Effect
to I-Effect
create I-Effect
comprehensive I-Effect
customer I-Effect
profiles I-Effect
and I-Effect
improve I-Effect
engagement I-Effect
. O

This B-Cause
continued I-Cause
execution I-Cause
of I-Cause
building I-Cause
and I-Cause
operating I-Cause
some I-Cause
of I-Cause
the I-Cause
best I-Cause
integrated I-Cause
resorts I-Cause
in I-Cause
the I-Cause
world I-Cause
positions I-Cause
Wynn I-Cause
Resorts I-Cause
to O
win B-Effect
concessions I-Effect
in I-Effect
any I-Effect
future I-Effect
gaming I-Effect
markets I-Effect
( O
South O
Korea O
) O
. O

The B-Cause
coronavirus I-Cause
pandemic I-Cause
is O
causing O
significant B-Effect
disruption I-Effect
for I-Effect
Post I-Effect
's I-Effect
food-service I-Effect
business I-Effect
( O
24 O
% O
of O
sales O
) O
and O
is O
also O
affecting O
BellRing B-Effect
Brands I-Effect
( O
17 O
% O
of O
revenue O
) O
, O
as O
25 B-Cause
% I-Cause
of I-Cause
these I-Cause
nutritional I-Cause
products I-Cause
are I-Cause
consumed I-Cause
at I-Cause
gyms I-Cause
and I-Cause
other I-Cause
away-from-home I-Cause
venues I-Cause
. O

This O
is O
especially O
the B-Effect
case I-Effect
in I-Effect
XPO I-Effect
's I-Effect
LTL I-Effect
trucking I-Effect
operations I-Effect
because O
excess B-Cause
capacity I-Cause
has I-Cause
historically I-Cause
driven I-Cause
carriers I-Cause
across I-Cause
the I-Cause
industry I-Cause
to I-Cause
slash I-Cause
rates I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
salvage I-Cause
asset I-Cause
utilization I-Cause
. O

Online B-Cause
multiplayer I-Cause
games I-Cause
or I-Cause
game I-Cause
modes I-Cause
lead B-Cause
users I-Cause
to I-Cause
develop I-Cause
social I-Cause
networks I-Cause
thus O
encouraging B-Effect
player I-Effect
loyalty I-Effect
via I-Effect
either I-Effect
informal I-Effect
friendship I-Effect
networks I-Effect
or I-Effect
actual I-Effect
teams/clans I-Effect
. O

Cummins B-Effect
' I-Effect
strong I-Effect
brand I-Effect
reputation I-Effect
is I-Effect
crucial I-Effect
to I-Effect
its I-Effect
sales I-Effect
in I-Effect
these I-Effect
markets I-Effect
as O
customers B-Cause
demand I-Cause
extraordinary I-Cause
reliability I-Cause
in I-Cause
emergency I-Cause
situations I-Cause
. O

We O
believe O
that O
Alexion B-Cause
's I-Cause
first-to-market I-Cause
status I-Cause
, I-Cause
Soliris I-Cause
' I-Cause
strong I-Cause
efficacy I-Cause
, I-Cause
and I-Cause
now I-Cause
Ultomiris I-Cause
' I-Cause
much I-Cause
more I-Cause
convenient I-Cause
dosing I-Cause
schedule I-Cause
( I-Cause
six I-Cause
to I-Cause
seven I-Cause
infusions I-Cause
per I-Cause
year I-Cause
versus I-Cause
26 I-Cause
infusions I-Cause
per I-Cause
year I-Cause
) I-Cause
establish O
high O
barriers O
to O
entry B-Effect
for I-Effect
potential I-Effect
branded I-Effect
competitors I-Effect
. O

TI B-Cause
will I-Cause
most I-Cause
likely I-Cause
struggle I-Cause
to I-Cause
find I-Cause
such I-Cause
cheap I-Cause
equipment I-Cause
going I-Cause
forward I-Cause
, O
so O
future B-Cause
capacity I-Cause
expansion I-Cause
may I-Effect
come I-Effect
with I-Effect
relatively B-Effect
higher I-Effect
costs I-Effect
and I-Effect
some I-Effect
risk I-Effect
that I-Effect
TI I-Effect
will I-Effect
be I-Effect
unable I-Effect
to I-Effect
fill I-Effect
these I-Effect
factories I-Effect
. O

As O
a O
result O
of O
this O
cannibalization B-Cause
, O
Illinois O
is B-Effect
the I-Effect
only I-Effect
state I-Effect
to I-Effect
post I-Effect
negative I-Effect
gaming I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
each I-Effect
of I-Effect
the I-Effect
past I-Effect
six I-Effect
reported I-Effect
prepandemic I-Effect
years I-Effect
( O
2014-19 O
) O
, O
according O
to O
data O
from O
the O
Illinois O
Gaming O
Board O
and O
American O
Gaming O
Association O
. O

The O
company O
is O
exposed O
to O
the O
cycle O
, O
but O
diversification B-Cause
of I-Cause
the I-Cause
divisions I-Cause
means O
that O
the B-Effect
mix I-Effect
of I-Effect
revenue I-Effect
is I-Effect
not I-Effect
all I-Effect
geared I-Effect
to I-Effect
the I-Effect
early I-Effect
or I-Effect
late I-Effect
part I-Effect
of I-Effect
the I-Effect
cycle I-Effect
, O
smoothing B-Effect
out I-Effect
some I-Effect
of I-Effect
the I-Effect
would-be I-Effect
volatility I-Effect
. O

Given O
the O
company B-Cause
's I-Cause
breadth I-Cause
of I-Cause
product I-Cause
, O
it O
is O
our O
opinion O
that O
the B-Effect
pace I-Effect
and I-Effect
scope I-Effect
of I-Effect
technological I-Effect
innovation I-Effect
should I-Effect
be I-Effect
faster I-Effect
and I-Effect
broader I-Effect
than O
it O
appears O
to O
be O
on O
the O
surface O
from O
Magna O
's O
economic O
profit O
and O
EBITDA O
margins O
. O

Additionally O
, O
a B-Cause
software I-Cause
glitch I-Cause
prevented I-Cause
it I-Cause
from I-Cause
reporting I-Cause
money-laundering I-Cause
activities I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, O
increasing B-Effect
the I-Effect
likelihood I-Effect
of I-Effect
further I-Effect
investigations I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Heineken B-Cause
's I-Cause
strategies I-Cause
for I-Cause
premiumization I-Cause
, I-Cause
expanding I-Cause
adjacent I-Cause
categories I-Cause
, I-Cause
product I-Cause
innovation I-Cause
, I-Cause
and I-Cause
vertical I-Cause
integration I-Cause
make O
it O
a B-Effect
solid I-Effect
investment I-Effect
opportunity I-Effect
at I-Effect
the I-Effect
appropriate I-Effect
margin I-Effect
of I-Effect
safety I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

Further O
, O
Robodrill B-Effect
sales I-Effect
have I-Effect
been I-Effect
increasing I-Effect
amid I-Effect
the I-Effect
coronavirus I-Effect
pandemic I-Effect
as O
demand B-Effect
for I-Effect
PCs I-Effect
and I-Effect
tablets I-Effect
rose I-Effect
from O
people B-Cause
staying I-Cause
home I-Cause
and I-Cause
working I-Cause
remotely I-Cause
. O

The O
rise B-Cause
in I-Cause
cost-sharing I-Cause
also O
means O
Smith B-Effect
& I-Effect
Nephew I-Effect
is I-Effect
vulnerable I-Effect
to I-Effect
shifts I-Effect
in I-Effect
consumer I-Effect
spending I-Effect
, O
to O
a O
greater O
degree O
than O
it O
has O
been O
in O
the O
past O
. O

While O
Sanofi O
shares O
profits O
on O
the O
drug O
with O
Regeneron O
, O
the B-Cause
very I-Cause
high I-Cause
sales I-Cause
expected I-Cause
for I-Cause
the I-Cause
drug I-Cause
should O
provide O
a O
strong O
tailwind O
to O
overall B-Effect
growth I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

Because O
TE B-Cause
's I-Cause
engineers I-Cause
work I-Cause
in I-Cause
tandem I-Cause
with I-Cause
the I-Cause
customer I-Cause
's I-Cause
engineering I-Cause
team I-Cause
-- I-Cause
often I-Cause
physically I-Cause
moving I-Cause
into I-Cause
their I-Cause
offices I-Cause
-- O
there B-Effect
would I-Effect
be I-Effect
an I-Effect
immense I-Effect
amount I-Effect
of I-Effect
redesign I-Effect
and I-Effect
retraining I-Effect
on I-Effect
behalf I-Effect
of I-Effect
a I-Effect
supplier I-Effect
or I-Effect
OEM I-Effect
to I-Effect
learn I-Effect
and I-Effect
integrate I-Effect
the I-Effect
intricacies I-Effect
of I-Effect
a I-Effect
competitor I-Effect
's I-Effect
proprietary I-Effect
technology I-Effect
. O

Additionally O
, O
in O
recent O
years O
, O
the B-Cause
repositioning I-Cause
and I-Cause
deployment I-Cause
of I-Cause
ships I-Cause
to I-Cause
faster-growing I-Cause
and I-Cause
under-represented I-Cause
regions I-Cause
like I-Cause
Asia-Pacific I-Cause
had O
helped B-Effect
balance I-Effect
the I-Effect
supply I-Effect
in I-Effect
high-capacity I-Effect
regions I-Effect
like I-Effect
the I-Effect
Caribbean I-Effect
and I-Effect
Mediterranean I-Effect
, I-Effect
aiding I-Effect
pricing I-Effect
tactics I-Effect
. O

The B-Cause
firm I-Cause
transitioned I-Cause
to I-Cause
TSMC I-Cause
's I-Cause
7-nm I-Cause
process I-Cause
for I-Cause
its I-Cause
Ryzen I-Cause
3000 I-Cause
chips I-Cause
, O
and O
we B-Effect
believe I-Effect
AMD I-Effect
will I-Effect
grow I-Effect
its I-Effect
desktop I-Effect
market I-Effect
share I-Effect
from I-Effect
about I-Effect
11 I-Effect
% I-Effect
in I-Effect
2017 I-Effect
to I-Effect
over I-Effect
20 I-Effect
% I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
. O

As O
incomes O
rise O
and O
motorists O
' O
dependence O
on O
their O
cars O
and O
trucks O
grows O
, O
we O
anticipate O
Valvoline B-Effect
should I-Effect
benefit I-Effect
as O
its B-Cause
higher-quality I-Cause
lineup I-Cause
takes I-Cause
share I-Cause
from I-Cause
small I-Cause
local I-Cause
players I-Cause
. O

As B-Effect
such I-Effect
, I-Effect
we I-Effect
believe I-Effect
the I-Effect
firm I-Effect
's I-Effect
portfolio I-Effect
mix I-Effect
shift I-Effect
toward I-Effect
more I-Effect
on-trend I-Effect
categories I-Effect
( I-Effect
like I-Effect
snacks I-Effect
) I-Effect
has I-Effect
been I-Effect
prudent I-Effect
, O
given B-Cause
that I-Cause
these I-Cause
offerings I-Cause
align I-Cause
with I-Cause
consumer I-Cause
preferences I-Cause
for I-Cause
healthy I-Cause
and I-Cause
convenient I-Cause
fare I-Cause
. O

We O
believe O
Marvell B-Effect
will I-Effect
achieve I-Effect
an I-Effect
18 I-Effect
% I-Effect
top-line I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
HDD B-Cause
declines I-Cause
and I-Cause
SSD I-Cause
controller I-Cause
growth I-Cause
offset I-Cause
each I-Cause
other I-Cause
to I-Cause
low-single-digit I-Cause
growth I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
networking I-Cause
segment I-Cause
grows I-Cause
in I-Cause
the I-Cause
low I-Cause
teens I-Cause
. O

Since O
Arista B-Cause
optimizes I-Cause
its I-Cause
EOS I-Cause
software I-Cause
with I-Cause
its I-Cause
merchant I-Cause
silicon-based I-Cause
hardware I-Cause
together I-Cause
, O
customers B-Effect
that I-Effect
debate I-Effect
designing I-Effect
their I-Effect
own I-Effect
networking I-Effect
infrastructure I-Effect
equipment I-Effect
may I-Effect
find I-Effect
the I-Effect
best I-Effect
network I-Effect
solution I-Effect
is I-Effect
mostly I-Effect
developed I-Effect
but I-Effect
needs I-Effect
some I-Effect
adjustments I-Effect
. O

However O
, O
we O
believe O
Capital O
One O
is O
adequately O
capitalized O
to O
ride O
out O
the O
storm O
, O
and O
the B-Cause
large I-Cause
waves I-Cause
of I-Cause
government I-Cause
stimulus I-Cause
are O
also O
helping B-Cause
sustain I-Cause
consumers I-Cause
, O
more O
so O
than O
headline B-Effect
unemployment I-Effect
numbers I-Effect
alone I-Effect
would I-Effect
suggest I-Effect
. O

That B-Effect
said I-Effect
, I-Effect
during I-Effect
periods I-Effect
of I-Effect
rapid I-Effect
fuel I-Effect
price I-Effect
increases I-Effect
, I-Effect
truckload I-Effect
carriers I-Effect
often I-Effect
see I-Effect
temporary I-Effect
margin I-Effect
headwinds I-Effect
due O
to O
the B-Cause
time I-Cause
lag I-Cause
in I-Cause
adjusting I-Cause
fuel I-Cause
surcharges I-Cause
to I-Cause
shippers I-Cause
. O

Beyond O
Meat O
was O
founded O
in O
2009 O
by O
Ethan O
Brown O
, O
who O
thought O
since O
the B-Cause
primary I-Cause
components I-Cause
of I-Cause
meat I-Cause
( I-Cause
amino I-Cause
acids I-Cause
, I-Cause
lipids I-Cause
, I-Cause
trace I-Cause
minerals I-Cause
, I-Cause
vitamins I-Cause
, I-Cause
and I-Cause
water I-Cause
) I-Cause
are I-Cause
also I-Cause
readily I-Cause
available I-Cause
in I-Cause
plants I-Cause
, O
the B-Effect
architecture I-Effect
of I-Effect
meat I-Effect
could I-Effect
be I-Effect
replicated I-Effect
with I-Effect
plant-based I-Effect
materials I-Effect
. O

In O
the O
near O
term O
, O
we O
expect O
margins B-Effect
to I-Effect
remain I-Effect
weak I-Effect
, I-Effect
albeit I-Effect
volatile I-Effect
, O
as O
the B-Cause
market I-Cause
adjusts I-Cause
to I-Cause
the I-Cause
impact I-Cause
on I-Cause
product I-Cause
demand I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
. O

Heavy B-Cause
planting I-Cause
in I-Cause
the I-Cause
1990s I-Cause
matched I-Cause
with I-Cause
limited I-Cause
harvesting I-Cause
following I-Cause
the I-Cause
Great I-Cause
Recession I-Cause
has O
led O
to O
significant B-Effect
oversupply I-Effect
in I-Effect
softwood I-Effect
timber I-Effect
that I-Effect
will I-Effect
take I-Effect
decades I-Effect
to I-Effect
rebalance I-Effect
. O

The B-Effect
bank I-Effect
regularly I-Effect
reported I-Effect
returns I-Effect
on I-Effect
equity I-Effect
that I-Effect
exceeded I-Effect
17 I-Effect
% I-Effect
before I-Effect
2007 I-Effect
, O
largely O
because O
of O
a B-Cause
strong I-Cause
line I-Cause
of I-Cause
fee-income I-Cause
businesses I-Cause
. O

A B-Cause
priority I-Cause
of I-Cause
the I-Cause
new I-Cause
strategy I-Cause
includes O
investing O
in O
technology O
capabilities O
to O
help O
improve O
Kingfisher O
's O
historically O
low O
online O
penetration O
and O
improve O
supply O
chain O
issues O
, O
which O
have O
contributed B-Effect
to I-Effect
inefficiencies I-Effect
and I-Effect
inferior I-Effect
inventory I-Effect
turn I-Effect
ratios I-Effect
to I-Effect
peers I-Effect
. O

We B-Cause
believe I-Cause
technology I-Cause
, I-Cause
free I-Cause
shipping I-Cause
, I-Cause
loyalty I-Cause
program I-Cause
, I-Cause
and I-Cause
branding I-Cause
investments I-Cause
-- O
which O
could O
continue O
to O
weigh B-Effect
on I-Effect
near-term I-Effect
operating I-Effect
margins I-Effect
-- I-Effect
will I-Effect
allow I-Effect
MercadoLibre I-Effect
to I-Effect
convert I-Effect
a I-Effect
high I-Effect
percentage I-Effect
of I-Effect
users I-Effect
into I-Effect
lifetime I-Effect
customers I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
recent I-Cause
restructuring I-Cause
efforts I-Cause
and I-Cause
ongoing I-Cause
divestitures I-Cause
should O
support B-Cause
an I-Cause
improving I-Cause
product I-Cause
mix I-Cause
that O
will O
provide B-Effect
modest I-Effect
incremental I-Effect
benefits I-Effect
. O

The B-Cause
fact I-Cause
that I-Cause
Cott I-Cause
's I-Cause
former I-Cause
businesses I-Cause
were I-Cause
mostly I-Cause
built I-Cause
through I-Cause
M I-Cause
& I-Cause
A I-Cause
could O
further B-Effect
exacerbate I-Effect
this I-Effect
reality I-Effect
, O
as O
these B-Cause
legacy I-Cause
platforms I-Cause
and I-Cause
protocols I-Cause
could I-Cause
already I-Cause
be I-Cause
quite I-Cause
disjointed I-Cause
. O

Similarly B-Cause
, I-Cause
growing I-Cause
consumer I-Cause
concerns I-Cause
about I-Cause
human I-Cause
rights I-Cause
abuses I-Cause
in I-Cause
some I-Cause
countries I-Cause
where I-Cause
ADM I-Cause
sources I-Cause
crops I-Cause
could O
result B-Effect
in I-Effect
stricter I-Effect
certification I-Effect
requirements I-Effect
that I-Effect
result I-Effect
in I-Effect
higher I-Effect
costs I-Effect
. O

When O
the B-Cause
product I-Cause
accounts I-Cause
for I-Cause
a I-Cause
tiny I-Cause
portion I-Cause
of I-Cause
the I-Cause
total I-Cause
bill I-Cause
of I-Cause
materials I-Cause
but I-Cause
performs I-Cause
an I-Cause
essential I-Cause
function I-Cause
in I-Cause
the I-Cause
long I-Cause
expected I-Cause
life I-Cause
of I-Cause
a I-Cause
product I-Cause
( I-Cause
a I-Cause
factory I-Cause
robot I-Cause
is I-Cause
expected I-Cause
to I-Cause
last I-Cause
eight I-Cause
to I-Cause
10 I-Cause
years I-Cause
) I-Cause
, I-Cause
the I-Cause
cost I-Cause
of I-Cause
switching I-Cause
to I-Cause
marginally I-Cause
cheaper I-Cause
competitors I-Cause
for I-Cause
products I-Cause
that I-Cause
meet I-Cause
a I-Cause
similar I-Cause
reliability I-Cause
standard I-Cause
is I-Cause
extremely I-Cause
high. O
Thus O
, O
once B-Effect
a I-Effect
company I-Effect
's I-Effect
product I-Effect
has I-Effect
been I-Effect
designed I-Effect
in I-Effect
, I-Effect
it I-Effect
is I-Effect
likely I-Effect
to I-Effect
remain I-Effect
in I-Effect
for I-Effect
the I-Effect
duration I-Effect
of I-Effect
that I-Effect
design I-Effect
. O

The B-Effect
strength I-Effect
of I-Effect
its I-Effect
brand I-Effect
and I-Effect
extensive I-Effect
dealer I-Effect
network I-Effect
has I-Effect
solidified I-Effect
the I-Effect
company I-Effect
as O
one B-Cause
of I-Cause
the I-Cause
top I-Cause
players I-Cause
in I-Cause
agricultural I-Cause
equipment I-Cause
. O

We O
view O
a O
strong B-Cause
loyalty I-Cause
program I-Cause
as I-Cause
accretive I-Cause
to I-Cause
customer I-Cause
LTV I-Cause
and I-Cause
the I-Cause
brand I-Cause
's I-Cause
value I-Cause
proposition I-Cause
, O
driving O
increased O
order O
frequency O
, O
reducing O
customer O
churn O
, O
and O
developing B-Effect
menu I-Effect
items I-Effect
and I-Effect
marketing I-Effect
strategies I-Effect
based I-Effect
on I-Effect
real-time I-Effect
customer I-Effect
data I-Effect
. O

The B-Cause
combined I-Cause
firms I-Cause
closed I-Cause
out I-Cause
May I-Cause
2021 I-Cause
with I-Cause
$ I-Cause
1.544 I-Cause
trillion I-Cause
in I-Cause
managed I-Cause
assets I-Cause
, O
composed O
primarily O
of O
equity O
( O
35 O
% O
) O
, O
fixed-income O
( O
42 O
% O
) O
, O
multi-asset/balanced O
( O
10 O
% O
) O
funds O
, O
alternatives O
( O
9 O
% O
) O
and O
money O
market O
funds O
( O
4 O
% O
) O
, O
giving B-Effect
it I-Effect
the I-Effect
size I-Effect
and I-Effect
scale I-Effect
necessary I-Effect
to I-Effect
be I-Effect
competitive I-Effect
. O

We O
expect O
EDU B-Effect
's I-Effect
profit I-Effect
to I-Effect
grow I-Effect
on I-Effect
the I-Effect
back I-Effect
of I-Effect
solid I-Effect
revenues I-Effect
growth I-Effect
, I-Effect
and I-Effect
improving I-Effect
margins I-Effect
thanks O
to O
additional B-Effect
revenue I-Effect
from I-Cause
an B-Cause
increase I-Cause
in I-Cause
student I-Cause
enrolments I-Cause
in I-Cause
existing I-Cause
schools I-Cause
and I-Cause
new I-Cause
schools I-Cause
, I-Cause
tuition I-Cause
fee I-Cause
hikes I-Cause
, I-Cause
better I-Cause
utilization I-Cause
and I-Cause
cost I-Cause
structure I-Cause
improvements I-Cause
at I-Cause
its I-Cause
new I-Cause
schools I-Cause
. O

As O
it O
relates O
to O
TCCC O
, O
to O
the O
extent O
that O
economic B-Cause
value I-Cause
created I-Cause
along I-Cause
the I-Cause
supply I-Cause
chain I-Cause
is I-Cause
conceptually I-Cause
finite I-Cause
, O
we O
believe O
it B-Effect
will I-Effect
disproportionately I-Effect
accrue I-Effect
to I-Effect
the I-Effect
trademark I-Effect
owner I-Effect
longer I-Effect
term I-Effect
. O

The B-Cause
largest I-Cause
database I-Cause
of I-Cause
user I-Cause
behavior I-Cause
data I-Cause
in I-Cause
China I-Cause
, O
which O
Baidu B-Cause
's I-Cause
search I-Cause
engine I-Cause
has I-Cause
accumulated I-Cause
over I-Cause
the I-Cause
course I-Cause
of I-Cause
almost I-Cause
two I-Cause
decades I-Cause
, O
is B-Cause
critical I-Cause
in I-Cause
generating I-Cause
the I-Cause
most I-Cause
relevant I-Cause
results I-Cause
for I-Cause
users I-Cause
, O
which O
leads O
to O
increased B-Cause
usage I-Cause
and I-Cause
more I-Cause
data I-Cause
, O
and O
in O
turn O
higher B-Effect
advertising I-Effect
efficiency I-Effect
. O

CNH B-Cause
Industrial I-Cause
has I-Cause
played I-Cause
an I-Cause
important I-Cause
role I-Cause
in I-Cause
mechanizing I-Cause
crop I-Cause
production I-Cause
and I-Cause
boosting I-Cause
farmers I-Cause
' I-Cause
productivity I-Cause
; O
which O
has O
led O
to O
strong B-Effect
brand I-Effect
loyalty I-Effect
among I-Effect
farmers I-Effect
. O

We O
anticipate O
Adidas O
' O
growth O
will O
slow O
in O
North O
America O
, O
where O
its B-Effect
sales I-Effect
increased I-Effect
more I-Effect
than I-Effect
EUR I-Effect
2.5 I-Effect
billion I-Effect
between I-Effect
2014 I-Effect
and I-Effect
2020 I-Effect
( O
to O
EUR O
4.8 O
billion O
from O
EUR O
2.2 O
billion O
) O
on O
the B-Cause
strength I-Cause
of I-Cause
its I-Cause
casualwear I-Cause
and I-Cause
fashionable I-Cause
footwear I-Cause
. O

The B-Effect
Swiss I-Effect
business I-Effect
will I-Effect
, I-Effect
however I-Effect
, I-Effect
start I-Effect
to I-Effect
see I-Effect
some I-Effect
benefit I-Effect
from O
Credit B-Cause
Suisse I-Cause
's I-Cause
decision I-Cause
in I-Cause
fourth-quarter I-Cause
2019 I-Cause
to I-Cause
pass I-Cause
on I-Cause
negative I-Cause
interest I-Cause
rates I-Cause
to I-Cause
certain I-Cause
clients I-Cause
. O

We O
assign O
Equinix B-Cause
a I-Cause
narrow I-Cause
economic I-Cause
moat I-Cause
based I-Cause
on I-Cause
a I-Cause
network I-Cause
effect I-Cause
that I-Cause
results I-Cause
from I-Cause
its I-Cause
customers I-Cause
' I-Cause
needs I-Cause
to I-Cause
connect I-Cause
with I-Cause
each I-Cause
other I-Cause
and I-Cause
switching I-Cause
costs. O
These O
advantages O
make B-Effect
it I-Effect
unlikely I-Effect
for I-Effect
its I-Effect
customers I-Effect
to I-Effect
consider I-Effect
price I-Effect
as I-Effect
their I-Effect
foremost I-Effect
concern I-Effect
in I-Effect
choosing I-Effect
to I-Effect
initiate I-Effect
or I-Effect
continue I-Effect
a I-Effect
relationship I-Effect
with I-Effect
Equinix I-Effect
. O

Because O
the B-Cause
owners I-Cause
and I-Cause
the I-Cause
clients I-Cause
of I-Cause
these I-Cause
banks I-Cause
are I-Cause
largely I-Cause
the I-Cause
same I-Cause
people I-Cause
, O
the B-Effect
profit I-Effect
motive I-Effect
for I-Effect
the I-Effect
mutually I-Effect
owned I-Effect
banks I-Effect
is I-Effect
not I-Effect
as I-Effect
pronounced I-Effect
as I-Effect
it I-Effect
is I-Effect
for I-Effect
BNP I-Effect
or I-Effect
a I-Effect
traditionally I-Effect
listed I-Effect
bank I-Effect
. O

We O
expect O
Anglo B-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
capital I-Effect
lower I-Effect
than I-Effect
our I-Effect
cost I-Effect
of I-Effect
capital I-Effect
assumption I-Effect
as O
prices B-Cause
for I-Cause
investment-oriented I-Cause
commodities I-Cause
decline I-Cause
as O
China B-Cause
's I-Cause
economy I-Cause
transitions I-Cause
from I-Cause
being I-Cause
investment-led I-Cause
to I-Cause
consumption-led I-Cause
. O

To O
earn B-Effect
capital I-Effect
, O
projects B-Cause
must I-Cause
earn I-Cause
returns I-Cause
at I-Cause
BP I-Cause
's I-Cause
recently I-Cause
revised I-Cause
price I-Cause
deck I-Cause
( I-Cause
$ I-Cause
55/bbl I-Cause
from I-Cause
$ I-Cause
75/bbl I-Cause
) I-Cause
along I-Cause
with I-Cause
an I-Cause
assumed I-Cause
carbon I-Cause
price I-Cause
for I-Cause
operational I-Cause
emissions I-Cause
and O
have O
a O
payback O
of O
less O
10 O
years O
for O
oil O
projects O
or O
15 O
years O
for O
gas O
. O

Persistently B-Cause
low I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
would O
hurt B-Effect
cash I-Effect
flow I-Effect
and I-Effect
would I-Effect
probably I-Effect
force I-Effect
ConocoPhillips I-Effect
to I-Effect
reduce I-Effect
its I-Effect
capital I-Effect
spending I-Effect
plans I-Effect
or I-Effect
impair I-Effect
reserves I-Effect
. O

The B-Effect
bank I-Effect
has I-Effect
consistently I-Effect
operated I-Effect
with I-Effect
one I-Effect
of I-Effect
the I-Effect
best I-Effect
efficiency I-Effect
ratios I-Effect
in I-Effect
Canada I-Effect
, O
partially O
through O
superior B-Cause
operational I-Cause
execution I-Cause
, O
and O
partially O
due O
to O
the B-Cause
highest I-Cause
noninterest I-Cause
income I-Cause
proportion I-Cause
among I-Cause
the I-Cause
Canadian I-Cause
banks I-Cause
. O

Money B-Cause
market I-Cause
funds I-Cause
are I-Cause
also I-Cause
facing I-Cause
increased I-Cause
pressure I-Cause
from I-Cause
low-cost I-Cause
ultrashort I-Cause
bond I-Cause
funds I-Cause
and I-Cause
ETFs I-Cause
, O
which O
we O
feel O
will O
keep O
the B-Effect
industry I-Effect
from I-Effect
ever I-Effect
seeing I-Effect
the I-Effect
26-27 I-Effect
basis I-Effect
point I-Effect
management I-Effect
fees I-Effect
its I-Effect
products I-Effect
generated I-Effect
prior I-Effect
to I-Effect
the I-Effect
2008-09 I-Effect
financial I-Effect
crisis I-Effect
. O

We O
expect O
a B-Effect
6 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
for I-Effect
net I-Effect
earned I-Effect
premiums I-Effect
over I-Effect
the I-Effect
projection I-Effect
period I-Effect
, O
as O
we O
expect O
pricing B-Cause
increases I-Cause
and I-Cause
a I-Cause
firmer I-Cause
market I-Cause
to O
result O
in O
solid B-Effect
growth I-Effect
over I-Effect
time I-Effect
. O

Morgan B-Effect
Stanley I-Effect
's I-Effect
earnings I-Effect
in I-Effect
2020 I-Effect
held I-Effect
up I-Effect
better I-Effect
than I-Effect
expected I-Effect
, O
as O
global B-Cause
macroeconomic I-Cause
uncertainty I-Cause
led I-Cause
to I-Cause
high I-Cause
trading I-Cause
volumes I-Cause
and O
as O
companies B-Cause
used I-Cause
the I-Cause
capital I-Cause
raising I-Cause
services I-Cause
of I-Cause
investment I-Cause
banks I-Cause
to O
bolster B-Effect
liquidity I-Effect
. O

We O
forecast O
that O
Macy B-Effect
's I-Effect
will I-Effect
report I-Effect
a I-Effect
large I-Effect
loss I-Effect
and I-Effect
negative I-Effect
ROIC I-Effect
in I-Effect
2020 I-Effect
as O
a O
result O
of O
the B-Cause
pandemic I-Cause
, O
and O
we O
do O
not O
expect O
it O
will O
generate O
economic O
profit O
in O
the O
next O
decade O
. O

Aside B-Effect
from I-Effect
a I-Effect
down I-Effect
year I-Effect
in I-Effect
2020 I-Effect
amid I-Effect
a I-Effect
coronavirus-fueled I-Effect
economic I-Effect
contraction I-Effect
, I-Effect
we I-Effect
have I-Effect
a I-Effect
positive I-Effect
outlook I-Effect
for I-Effect
Trane I-Effect
's I-Effect
growth I-Effect
prospects I-Effect
, O
driven B-Effect
by I-Effect
what I-Effect
we I-Effect
see I-Effect
as I-Effect
long-term I-Effect
global I-Effect
trends I-Effect
in I-Effect
urbanization I-Effect
, I-Effect
sustainability I-Effect
, I-Effect
and I-Effect
healthful I-Effect
building I-Effect
solutions I-Effect
. O

We O
expect O
that O
going B-Effect
forward I-Effect
ARPU I-Effect
will I-Effect
only I-Effect
experience I-Effect
limited I-Effect
growth I-Effect
, O
due O
to O
higher B-Cause
free I-Cause
cloud I-Cause
storage I-Cause
capacity I-Cause
offerings I-Cause
from I-Cause
competitors I-Cause
. O

We O
also O
expect O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
will O
increase B-Effect
the I-Effect
market I-Effect
opportunity I-Effect
for I-Effect
healthy I-Effect
building I-Effect
solutions I-Effect
, I-Effect
such I-Effect
as I-Effect
air I-Effect
filtration I-Effect
and I-Effect
touchless I-Effect
access I-Effect
controls I-Effect
. O

This B-Cause
consistent I-Cause
care I-Cause
quality I-Cause
influences I-Cause
doctor I-Cause
referrals I-Cause
, I-Cause
and I-Cause
DaVita I-Cause
recently I-Cause
estimated I-Cause
that I-Cause
it I-Cause
has I-Cause
referral I-Cause
relationships I-Cause
with I-Cause
about I-Cause
70 I-Cause
% I-Cause
of I-Cause
the I-Cause
practicing I-Cause
nephrologists I-Cause
in I-Cause
the I-Cause
U.S. O
These O
quality O
ratings O
also O
influence B-Effect
penalties I-Effect
that I-Effect
CMS I-Effect
imposes I-Effect
on I-Effect
underperforming I-Effect
facilities I-Effect
, I-Effect
and I-Effect
DaVita I-Effect
and I-Effect
Fresenius I-Effect
both I-Effect
avoid I-Effect
these I-Effect
penalties I-Effect
at I-Effect
a I-Effect
higher I-Effect
rate I-Effect
than I-Effect
other I-Effect
clinics I-Effect
based I-Effect
on I-Effect
the I-Effect
quality I-Effect
of I-Effect
their I-Effect
service I-Effect
offerings I-Effect
. O

We O
estimate O
that O
roughly O
half O
of O
Delta O
's O
operating O
costs O
are O
fixed O
in O
the O
medium O
term O
and O
expect O
negative B-Cause
operating I-Cause
leverage I-Cause
to O
lead O
to O
near-term B-Effect
losses I-Effect
across I-Effect
the I-Effect
industry I-Effect
. O

Since O
the B-Cause
cost I-Cause
of I-Cause
any I-Cause
disruptions I-Cause
or I-Cause
unscheduled I-Cause
downtime I-Cause
could I-Cause
far I-Cause
outweigh I-Cause
potential I-Cause
cost I-Cause
savings I-Cause
from I-Cause
choosing I-Cause
a I-Cause
lower I-Cause
bid I-Cause
, O
customers B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
weigh I-Effect
an I-Effect
E I-Effect
& I-Effect
amp I-Effect
; I-Effect
C I-Effect
firm I-Effect
's I-Effect
reputation I-Effect
and I-Effect
track I-Effect
record I-Effect
when I-Effect
evaluating I-Effect
bids I-Effect
for I-Effect
such I-Effect
projects I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
broad I-Cause
scope I-Cause
allows O
it B-Effect
to I-Effect
leverage I-Effect
its I-Effect
distribution I-Effect
architecture I-Effect
, I-Effect
spreading I-Effect
such I-Effect
expenditures I-Effect
over I-Effect
a I-Effect
large I-Effect
sales I-Effect
base I-Effect
and I-Effect
reinforcing I-Effect
its I-Effect
low-cost I-Effect
standing I-Effect
. O

Applied B-Cause
's I-Cause
scale I-Cause
and I-Cause
resources I-Cause
allow I-Cause
a I-Cause
research I-Cause
and I-Cause
development I-Cause
budget I-Cause
in I-Cause
excess I-Cause
of I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
to I-Cause
serve I-Cause
cutting-edge I-Cause
technologies I-Cause
and O
thus O
benefit B-Effect
from I-Effect
inflections I-Effect
such I-Effect
as I-Effect
fin I-Effect
field-effect I-Effect
transistors I-Effect
, I-Effect
or I-Effect
FinFET I-Effect
, I-Effect
and I-Effect
3D I-Effect
NAND I-Effect
. I-Effect

However O
, O
this B-Effect
decreasing I-Effect
gross I-Effect
margin I-Effect
in I-Effect
cloud I-Effect
services I-Effect
and I-Effect
license I-Effect
support I-Effect
should I-Effect
be I-Effect
offset I-Effect
by I-Effect
an B-Cause
increase I-Cause
in I-Cause
gross I-Cause
margin I-Cause
in I-Cause
Oracle I-Cause
's I-Cause
hardware I-Cause
business I-Cause
, O
as O
it B-Cause
sheds I-Cause
more I-Cause
commodity I-Cause
hardware I-Cause
, I-Cause
and I-Cause
a I-Cause
decreasing I-Cause
mix I-Cause
of I-Cause
lower-margin I-Cause
services I-Cause
revenue I-Cause
. O

We B-Cause
think I-Cause
the I-Cause
firm I-Cause
will I-Cause
remain I-Cause
leveraged I-Cause
to I-Cause
commoditized I-Cause
categories I-Cause
but O
expect B-Effect
it I-Effect
to I-Effect
be I-Effect
more I-Effect
aggressive I-Effect
in I-Effect
discontinuing I-Effect
or I-Effect
monetizing I-Effect
assets I-Effect
with I-Effect
lower I-Effect
returns I-Effect
on I-Effect
investment I-Effect
. O

Additionally O
, O
there O
are O
indirect O
costs O
along O
those O
same O
lines O
, O
mainly O
lost O
productivity B-Effect
as O
customers B-Cause
move I-Cause
up I-Cause
a I-Cause
learning I-Cause
curve I-Cause
on I-Cause
the I-Cause
new I-Cause
system I-Cause
along I-Cause
with I-Cause
the I-Cause
distraction I-Cause
of I-Cause
users I-Cause
involved I-Cause
the I-Cause
function I-Cause
where I-Cause
the I-Cause
change I-Cause
is I-Cause
occurring I-Cause
. O

However O
, O
our B-Effect
concern I-Effect
remains I-Effect
somewhat I-Effect
tempered I-Effect
, O
as O
past B-Effect
viral I-Effect
events I-Effect
have I-Effect
largely I-Effect
been I-Effect
transitory I-Effect
as O
the B-Cause
cruise I-Cause
companies I-Cause
have I-Cause
attempted I-Cause
to I-Cause
hold I-Cause
pricing I-Cause
firm I-Cause
when I-Cause
possible I-Cause
( O
at O
the O
expense O
of O
occupancy O
) O
. O

While O
Simon O
's O
revenue O
is O
somewhat O
protected O
by O
long-term O
leases O
, O
we O
see O
retailer B-Cause
bankruptcies I-Cause
causing I-Cause
a I-Cause
significant I-Cause
drop I-Cause
in I-Cause
occupancy I-Cause
and O
Simon B-Effect
has I-Effect
been I-Effect
forced I-Effect
to I-Effect
offer I-Effect
rent I-Effect
concessions I-Effect
to I-Effect
keep I-Effect
others I-Effect
afloat I-Effect
. O

The B-Effect
relatively I-Effect
modest I-Effect
growth I-Effect
in I-Effect
revenue I-Effect
per I-Effect
user I-Effect
reflects O
our O
view O
that O
other O
platforms O
, O
like O
Facebook B-Cause
and I-Cause
Google I-Cause
, I-Cause
will I-Cause
remain I-Cause
more I-Cause
attractive I-Cause
to I-Cause
smaller I-Cause
businesses I-Cause
looking I-Cause
to I-Cause
place I-Cause
direct-response I-Cause
ads I-Cause
. O

Costco B-Cause
also I-Cause
handles I-Cause
a I-Cause
significant I-Cause
amount I-Cause
of I-Cause
customer I-Cause
data I-Cause
( O
through O
its O
memberships O
, O
credit O
card O
offerings O
, O
and O
individual O
transactions O
) O
, O
and O
a B-Effect
breach I-Effect
could I-Effect
expose I-Effect
it I-Effect
to I-Effect
financial I-Effect
and I-Effect
reputational I-Effect
risk I-Effect
. O

While O
the B-Effect
intermodal I-Effect
value I-Effect
proposition I-Effect
remains I-Effect
strong I-Effect
thanks O
to O
secular B-Cause
constraints I-Cause
on I-Cause
over-the-road I-Cause
truckload I-Cause
capacity I-Cause
, O
truck-to-rail B-Cause
conversion I-Cause
activity I-Cause
can O
decline O
in O
the B-Effect
short I-Effect
run I-Effect
when I-Effect
diesel I-Effect
fuel I-Effect
prices I-Effect
plummet I-Effect
rapidly I-Effect
. O

Moreover O
, O
while O
cost B-Cause
leverage I-Cause
and I-Cause
smaller I-Cause
package I-Cause
sizes I-Cause
have O
largely O
allowed O
Dollar B-Effect
Tree I-Effect
to I-Effect
maintain I-Effect
its I-Effect
$ I-Effect
1 I-Effect
price I-Effect
concept I-Effect
, O
a B-Cause
large I-Cause
, I-Cause
sustained I-Cause
spike I-Cause
in I-Cause
inflation I-Cause
or I-Cause
tariffs I-Cause
could O
force O
its B-Effect
prices I-Effect
higher I-Effect
. O

Analog B-Cause
Devices I-Cause
earns I-Cause
more I-Cause
than I-Cause
half I-Cause
of I-Cause
its I-Cause
chip I-Cause
sales I-Cause
from I-Cause
the I-Cause
industrial I-Cause
and I-Cause
automotive I-Cause
end I-Cause
markets I-Cause
, O
so O
weakness B-Effect
in I-Effect
these I-Effect
sectors I-Effect
could I-Effect
spell I-Effect
trouble I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

We O
believe O
future B-Cause
revenue I-Cause
growth I-Cause
will O
allow O
the B-Effect
firm I-Effect
to I-Effect
meet I-Effect
its I-Effect
obligations I-Effect
and I-Effect
will I-Effect
stem I-Effect
from I-Effect
Western I-Effect
Digital I-Effect
's I-Effect
solid I-Effect
portfolio I-Effect
of I-Effect
nearline I-Effect
enterprise I-Effect
HDDs I-Effect
along I-Effect
with I-Effect
the I-Effect
firm I-Effect
driving I-Effect
further I-Effect
growth I-Effect
in I-Effect
SSDs I-Effect
. O

But O
it O
is O
possible O
that O
the B-Cause
superior I-Cause
taste I-Cause
of I-Cause
these I-Cause
new I-Cause
products I-Cause
, O
compared O
with O
traditional O
vegetarian O
offerings O
, O
could O
generate B-Effect
some I-Effect
level I-Effect
of I-Effect
incremental I-Effect
demand I-Effect
. O

In O
our O
base-case O
scenario O
, O
we O
are O
forecasting O
a B-Effect
roughly I-Effect
400-basis-point I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
from I-Effect
fiscal I-Effect
2019 I-Effect
levels I-Effect
, O
as O
we O
believe O
that O
volume B-Cause
leverage I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
continuous I-Cause
improvement I-Cause
initiatives I-Cause
will I-Cause
continue I-Cause
to I-Cause
gradually I-Cause
drive I-Cause
increased I-Cause
profitability I-Cause
. O

The B-Effect
majors I-Effect
view I-Effect
these I-Effect
new I-Effect
sources I-Effect
like I-Effect
artist I-Effect
rights I-Effect
and I-Effect
licensing I-Effect
as I-Effect
growth I-Effect
drivers I-Effect
to O
offset B-Cause
the I-Cause
ongoing I-Cause
decline I-Cause
in I-Cause
physical I-Cause
media I-Cause
. O

Aerospace B-Effect
is I-Effect
clearly I-Effect
mission-critical I-Effect
given O
its O
high B-Cause
cost I-Cause
of I-Cause
failure I-Cause
( I-Cause
that I-Cause
is I-Cause
, I-Cause
aircraft I-Cause
failure I-Cause
leads I-Cause
to I-Cause
loss I-Cause
of I-Cause
lives I-Cause
) I-Cause
and I-Cause
the I-Cause
highly I-Cause
regulated I-Cause
nature I-Cause
of I-Cause
the I-Cause
industry I-Cause
. O

Consumers B-Cause
prefer I-Cause
to I-Cause
make I-Cause
their I-Cause
shopping I-Cause
trips I-Cause
efficient I-Cause
by I-Cause
being I-Cause
able I-Cause
to I-Cause
visit I-Cause
their I-Cause
favorite I-Cause
stores I-Cause
and I-Cause
possibly I-Cause
compare I-Cause
prices I-Cause
in I-Cause
a I-Cause
single I-Cause
trip I-Cause
, O
making B-Effect
sought-after I-Effect
retailers I-Effect
next I-Effect
to I-Effect
one I-Effect
another I-Effect
a I-Effect
desirable I-Effect
location I-Effect
for I-Effect
shoppers I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
tenants I-Effect
typically I-Effect
sign I-Effect
multiyear I-Effect
leases I-Effect
, O
so O
it B-Cause
may I-Cause
take I-Cause
some I-Cause
time I-Cause
before I-Cause
we I-Cause
see I-Cause
the I-Cause
effects I-Cause
of I-Cause
new I-Cause
construction I-Cause
on I-Cause
returns I-Cause
. O

Our O
model O
also O
anticipates O
SG B-Cause
& I-Cause
A I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
revenue I-Cause
stabilizes I-Cause
around I-Cause
31 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
, I-Cause
above I-Cause
its I-Cause
10-year I-Cause
average I-Cause
of I-Cause
28 I-Cause
% I-Cause
, O
as O
we O
think O
costs B-Effect
may I-Effect
be I-Effect
permanently I-Effect
higher I-Effect
on I-Effect
greater I-Effect
promotional I-Effect
spending I-Effect
. O

Additionally O
, O
we O
think O
customers B-Effect
will I-Effect
continue I-Effect
to I-Effect
source I-Effect
products I-Effect
from I-Effect
Intel I-Effect
( I-Effect
either I-Effect
directly I-Effect
or I-Effect
via I-Effect
its I-Effect
foundry I-Effect
efforts I-Effect
) I-Effect
, O
primarily O
to O
avoid B-Cause
concentration I-Cause
risk I-Cause
with I-Cause
TSMC I-Cause
. O

The B-Cause
company I-Cause
has I-Cause
made I-Cause
a I-Cause
handful I-Cause
of I-Cause
acquisitions I-Cause
since I-Cause
2011 I-Cause
that O
have O
strengthened B-Effect
its I-Effect
product I-Effect
portfolio I-Effect
and I-Effect
competitive I-Effect
positioning I-Effect
and I-Effect
supplemented I-Effect
its I-Effect
growth I-Effect
trajectory I-Effect
. O

Moving O
forward O
, O
we O
forecast O
low-single-digit B-Effect
growth I-Effect
for I-Effect
Myriad I-Effect
's I-Effect
hereditary I-Effect
cancer I-Effect
business I-Effect
, O
as O
we O
believe O
competition B-Cause
and I-Cause
reimbursement I-Cause
pressures I-Cause
weigh I-Cause
on I-Cause
this I-Cause
business I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
distribution I-Cause
capabilities I-Cause
allow O
it O
to O
make B-Effect
more I-Effect
frequent I-Effect
inventory I-Effect
replenishment I-Effect
deliveries I-Effect
at I-Effect
local I-Effect
stores I-Effect
, O
a O
brisk O
cadence O
that O
only O
large-scale O
competitors O
can O
match O
. O

All O
in O
, O
we O
think O
equipment B-Cause
providers I-Cause
such I-Cause
as I-Cause
ASML I-Cause
are I-Cause
uniquely I-Cause
positioned I-Cause
to O
help B-Effect
customers I-Effect
get I-Effect
the I-Effect
most I-Effect
out I-Effect
of I-Effect
their I-Effect
tool I-Effect
investments I-Effect
, O
particularly O
as O
complexity O
continues O
to O
rise O
in O
semiconductor O
manufacturing O
. O

Thus O
, O
it B-Cause
enjoys I-Cause
a I-Cause
variable-cost I-Cause
structure I-Cause
with I-Cause
relatively I-Cause
low I-Cause
capital I-Cause
intensity I-Cause
that O
generates B-Effect
solid I-Effect
capital I-Effect
returns I-Effect
-- O
more O
than O
30 O
% O
on O
average O
over O
the O
past O
five O
years O
. O

Even O
when O
a B-Cause
product I-Cause
goes I-Cause
off I-Cause
patent I-Cause
, O
the B-Effect
company I-Effect
develops I-Effect
new I-Effect
applications I-Effect
for I-Effect
that I-Effect
product I-Effect
that I-Effect
allow I-Effect
premium I-Effect
prices I-Effect
to I-Effect
be I-Effect
maintained I-Effect
. O

We O
see O
steady O
but O
moderate O
growth B-Effect
prospects I-Effect
at I-Effect
Smiths I-Effect
Medical I-Effect
of I-Effect
2 I-Effect
% I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
, O
supported O
by O
expansion B-Cause
into I-Cause
faster-growth I-Cause
emerging I-Cause
markets I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
non-acute-care I-Cause
sector I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

In O
preclinical O
informatics O
, O
customers B-Effect
remain I-Effect
risk-averse I-Effect
to I-Effect
switching I-Effect
providers I-Effect
since O
PerkinElmer B-Cause
's I-Cause
Cisbio I-Cause
Bioassays I-Cause
offers I-Cause
the I-Cause
broadest I-Cause
rental I-Cause
reagents I-Cause
portfolio I-Cause
and I-Cause
is I-Cause
the I-Cause
only I-Cause
player I-Cause
on I-Cause
the I-Cause
small I-Cause
molecule I-Cause
side I-Cause
to I-Cause
use I-Cause
its I-Cause
proprietary I-Cause
homogeneous I-Cause
time I-Cause
resolved I-Cause
fluorescence I-Cause
, I-Cause
or I-Cause
HTRF I-Cause
, I-Cause
technology I-Cause
for I-Cause
chemical I-Cause
discovery I-Cause
. O

Also O
, O
Lilly O
's O
operating O
structure O
allows O
for O
cost-cutting O
after O
patent O
losses O
to O
reduce B-Cause
the I-Cause
margin I-Cause
pressure I-Cause
from O
lost B-Effect
high-margin I-Effect
drug I-Effect
sales I-Effect
. O

Along O
those O
lines O
, O
as O
a O
maker O
of O
cigarette O
filters O
, O
the B-Effect
company I-Effect
could I-Effect
face I-Effect
a I-Effect
decline I-Effect
in I-Effect
acetate I-Effect
tow I-Effect
profits I-Effect
if O
governments B-Cause
increase I-Cause
tobacco I-Cause
taxes I-Cause
or I-Cause
global I-Cause
cigarette I-Cause
consumption I-Cause
declines I-Cause
more I-Cause
rapidly I-Cause
. O

TwiML B-Cause
was I-Cause
built I-Cause
with I-Cause
the I-Cause
intention I-Cause
to I-Cause
allow I-Cause
quick I-Cause
application I-Cause
development I-Cause
and I-Cause
deployment I-Cause
, O
thus O
reducing B-Effect
time I-Effect
to I-Effect
market I-Effect
( O
for O
example O
, O
basic O
commands O
include O
& O
lt O
; O
Dial O
& O
gt O
; O
and O
& O
lt O
; O
Record O
& O
gt O
; O
) O
. O

Therefore O
, O
although O
we O
think O
MakeMyTrip O
can O
find O
success O
in O
its O
core O
geography O
of O
India O
, O
we O
believe O
it B-Effect
and I-Effect
other I-Effect
smaller I-Effect
competitors I-Effect
face I-Effect
an I-Effect
uphill I-Effect
battle I-Effect
to O
compete B-Cause
globally I-Cause
with I-Cause
Airbnb I-Cause
and I-Cause
other I-Cause
larger I-Cause
online I-Cause
travel I-Cause
agency I-Cause
peers I-Cause
. O

We O
have O
no O
doubt O
that O
Akamai B-Effect
and I-Effect
the I-Effect
major I-Effect
cloud I-Effect
providers I-Effect
, I-Effect
that I-Effect
also I-Effect
run I-Effect
CDNs I-Effect
, I-Effect
could I-Effect
immediately I-Effect
begin I-Effect
to I-Effect
leverage I-Effect
information I-Effect
coming I-Effect
from I-Effect
even I-Effect
bigger I-Effect
customer I-Effect
bases I-Effect
if O
they O
though O
it B-Cause
was I-Cause
critical I-Cause
for I-Cause
them I-Cause
to I-Cause
compete I-Cause
long I-Cause
term I-Cause
. O

Our O
2020 O
EBITDA O
estimate O
is O
set O
at O
$ O
5.1 O
billion O
, O
reflecting O
the B-Effect
contributions I-Effect
from I-Effect
new I-Effect
projects I-Effect
coming I-Effect
online I-Effect
but O
offset O
by O
lower B-Cause
related I-Cause
gathering I-Cause
and I-Cause
processing I-Cause
volumes I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
weaker I-Cause
refinery I-Cause
runs I-Cause
and I-Cause
well I-Cause
curtailments I-Cause
. O

Pearson B-Cause
's I-Cause
long-term I-Cause
involvement I-Cause
in I-Cause
designing I-Cause
and I-Cause
administering I-Cause
such I-Cause
certifications I-Cause
increases B-Effect
the I-Effect
level I-Effect
of I-Effect
integration I-Effect
with I-Effect
these I-Effect
entities I-Effect
and O
enhances B-Effect
the I-Effect
potential I-Effect
financial I-Effect
and I-Effect
disruptive I-Effect
cost I-Effect
of I-Effect
changing I-Effect
suppliers I-Effect
in I-Effect
industries I-Effect
in I-Effect
which I-Effect
profit I-Effect
maximisation I-Effect
is I-Effect
not I-Effect
generally I-Effect
the I-Effect
primary I-Effect
goal I-Effect
. O

This O
advantage O
enabled O
Dish B-Effect
to I-Effect
gain I-Effect
scale I-Effect
over I-Effect
the I-Effect
past I-Effect
two I-Effect
decades I-Effect
, O
a B-Cause
position I-Cause
that I-Cause
gives I-Cause
the I-Cause
firm I-Cause
an I-Cause
advantage I-Cause
when I-Cause
negotiating I-Cause
with I-Cause
content I-Cause
providers I-Cause
. O

Additionally O
, O
with O
Tractor B-Cause
Supply I-Cause
's I-Cause
estimated I-Cause
10 I-Cause
% I-Cause
share I-Cause
of I-Cause
a I-Cause
$ I-Cause
110 I-Cause
billion I-Cause
total I-Cause
addressable I-Cause
market I-Cause
( I-Cause
according I-Cause
to I-Cause
the I-Cause
company I-Cause
) I-Cause
, O
we O
still O
see O
a B-Effect
robust I-Effect
opportunity I-Effect
for I-Effect
market I-Effect
share I-Effect
gains I-Effect
and I-Effect
adjacent I-Effect
category I-Effect
expansion I-Effect
( I-Effect
as I-Effect
noted I-Effect
earlier I-Effect
via I-Effect
the I-Effect
pursuit I-Effect
of I-Effect
garden/outdoor I-Effect
revenue I-Effect
) I-Effect
. O

Because B-Cause
food I-Cause
retail I-Cause
is I-Cause
generally I-Cause
regarded I-Cause
as I-Cause
a I-Cause
thin I-Cause
margin I-Cause
business I-Cause
, I-Cause
running B-Effect
of I-Effect
restaurants I-Effect
( I-Effect
especially I-Effect
for I-Effect
quick-service I-Effect
restaurant I-Effect
) I-Effect
is I-Effect
very I-Effect
much I-Effect
a I-Effect
business I-Effect
of I-Effect
scale I-Effect
. I-Effect

Competition B-Cause
from I-Cause
larger I-Cause
general I-Cause
entertainment I-Cause
networks I-Cause
like I-Cause
TNT I-Cause
, I-Cause
TBS I-Cause
, I-Cause
or I-Cause
FX I-Cause
, O
which O
also O
generate O
original O
content O
, O
could O
cause O
AMC B-Effect
's I-Effect
viewership I-Effect
to I-Effect
decline I-Effect
. O

The B-Cause
Direct I-Cause
Energy I-Cause
acquisition B-Effect
doubles I-Effect
NRG I-Effect
's I-Effect
retail I-Effect
business I-Effect
, O
which O
has O
remained O
surprisingly O
strong O
despite O
lower O
electricity O
demand O
related O
to O
COVID-19 O
. O

In O
our O
view O
, O
after O
the O
investment O
years O
of O
fiscal O
2020 O
and O
2021 O
, O
Palo B-Effect
Alto I-Effect
will I-Effect
continue I-Effect
increasing I-Effect
its I-Effect
operating I-Effect
expenses I-Effect
at I-Effect
a I-Effect
healthy I-Effect
clip I-Effect
, O
albeit O
at O
a O
lower O
year-over-year O
rate O
as O
it O
reaps B-Cause
the I-Cause
benefits I-Cause
of I-Cause
developing I-Cause
a I-Cause
sizable I-Cause
customer I-Cause
base I-Cause
through I-Cause
previous I-Cause
elevated I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
efforts I-Cause
. O

There B-Cause
could I-Cause
be I-Cause
a I-Cause
disruption I-Cause
in I-Cause
Criteo I-Cause
's I-Cause
access I-Cause
to I-Cause
ad I-Cause
inventory I-Cause
for I-Cause
a I-Cause
variety I-Cause
of I-Cause
reasons I-Cause
at I-Cause
any I-Cause
time I-Cause
, O
which O
could O
drive B-Effect
revenue I-Effect
much I-Effect
lower I-Effect
and I-Effect
traffic I-Effect
acquisition I-Effect
costs I-Effect
much I-Effect
higher I-Effect
. I-Effect

Third O
, O
we O
believe O
IP B-Cause
lacks I-Cause
the I-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
some I-Cause
of I-Cause
its I-Cause
other I-Cause
competitors I-Cause
, O
which O
leads O
to O
a B-Effect
smaller I-Effect
proportion I-Effect
of I-Effect
higher-margin I-Effect
aftermarket I-Effect
sales I-Effect
. O

Furthermore O
, O
as O
China B-Cause
is I-Cause
a I-Cause
net I-Cause
importer I-Cause
of I-Cause
oil I-Cause
and I-Cause
gas I-Cause
, O
we B-Effect
think I-Effect
it I-Effect
will I-Effect
be I-Effect
challenging I-Effect
for I-Effect
the I-Effect
three I-Effect
national I-Effect
oil I-Effect
companies I-Effect
to I-Effect
significantly I-Effect
cut I-Effect
exposures I-Effect
rapidly I-Effect
, O
given O
their B-Cause
roles I-Cause
in I-Cause
the I-Cause
country I-Cause
's I-Cause
energy I-Cause
security I-Cause
. O

Given O
the B-Cause
elevated I-Cause
risk I-Cause
of I-Cause
Fluor I-Cause
's I-Cause
backlog I-Cause
, O
the B-Cause
company I-Cause
could I-Cause
experience I-Cause
further I-Cause
cost I-Cause
overruns I-Cause
on I-Cause
its I-Cause
fixed-price I-Cause
contracts I-Cause
, O
which O
drives O
a B-Effect
wide I-Effect
dispersion I-Effect
between I-Effect
our I-Effect
bear-case I-Effect
and I-Effect
bull-case I-Effect
scenarios I-Effect
. O

Spirit B-Cause
has I-Cause
cut I-Cause
a I-Cause
considerable I-Cause
amount I-Cause
of I-Cause
its I-Cause
fixed I-Cause
costs I-Cause
, I-Cause
particularly I-Cause
labor I-Cause
and I-Cause
facilities I-Cause
, O
to B-Effect
preserve I-Effect
cash I-Effect
amid I-Effect
the I-Effect
pandemic-related I-Effect
downturn I-Effect
in I-Effect
aviation I-Effect
. O

COVID-19 B-Cause
concerns I-Cause
and I-Cause
a I-Cause
drop I-Cause
in I-Cause
industrial I-Cause
electricity I-Cause
demand O
in O
2020 B-Effect
initially I-Effect
sent I-Effect
Texas I-Effect
summer I-Effect
power I-Effect
prices I-Effect
down I-Effect
as I-Effect
much I-Effect
as I-Effect
25 I-Effect
% I-Effect
. O

The B-Effect
global I-Effect
restaurant I-Effect
sector I-Effect
has I-Effect
come I-Effect
under I-Effect
pressure I-Effect
as B-Cause
several I-Cause
markets I-Cause
have I-Cause
restricted I-Cause
operations I-Cause
to I-Cause
curb I-Cause
the I-Cause
spread I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
. O

Considering B-Cause
strong I-Cause
second-quarter I-Cause
earnings I-Cause
and I-Cause
steadying I-Cause
revenue I-Cause
in I-Cause
its I-Cause
education I-Cause
publishing I-Cause
unit I-Cause
( I-Cause
flat I-Cause
year-to-date I-Cause
versus I-Cause
a I-Cause
10 I-Cause
% I-Cause
fiscal I-Cause
2020 I-Cause
dip I-Cause
) I-Cause
, O
we B-Effect
are I-Effect
lifting I-Effect
our I-Effect
valuation I-Effect
of I-Effect
Wiley I-Effect
to I-Effect
$ I-Effect
45 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
42 I-Effect
. I-Effect

Going O
forward O
, O
we B-Effect
also I-Effect
expect I-Effect
some I-Effect
margin I-Effect
improvement I-Effect
primarily I-Effect
as O
the B-Cause
health I-Cause
insurer I-Cause
fee I-Cause
is I-Cause
revoked I-Cause
and I-Cause
the I-Cause
company I-Cause
realizes I-Cause
synergies I-Cause
from I-Cause
the I-Cause
WellCare I-Cause
acquisition I-Cause
in I-Cause
2021 I-Cause
and I-Cause
beyond I-Cause
, O
which O
should O
boost O
adjusted O
EPS O
growth O
above O
revenue O
growth O
. O

The B-Cause
firm I-Cause
's I-Cause
broad I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
across I-Cause
multiple I-Cause
categories I-Cause
and I-Cause
supermarket I-Cause
aisles I-Cause
creates B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
of I-Effect
competitive I-Effect
advantages I-Effect
, O
comprising O
intangible O
assets O
and O
cost O
advantages O
that O
new O
entrants O
simply O
could O
not O
replicate O
. O

Further O
, O
the B-Cause
government I-Cause
is I-Cause
working I-Cause
on I-Cause
regulating I-Cause
the I-Cause
returns I-Cause
for I-Cause
transmission I-Cause
pipeline I-Cause
owners I-Cause
, I-Cause
and I-Cause
we I-Cause
think I-Cause
this I-Cause
will I-Cause
lower I-Cause
the I-Cause
profitability I-Cause
of I-Cause
this I-Cause
segment. O
As O
a O
result O
, O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
the I-Effect
segment I-Effect
as I-Effect
a I-Effect
whole I-Effect
to I-Effect
generate I-Effect
substantial I-Effect
economic I-Effect
profit I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

We O
think O
that O
Ansys B-Effect
is I-Effect
at I-Effect
risk I-Effect
of I-Effect
Cadence I-Effect
Design I-Effect
Systems I-Effect
taking I-Effect
share I-Effect
in I-Effect
the I-Effect
electromagnetic I-Effect
simulation I-Effect
space I-Effect
as O
Cadence B-Cause
has I-Cause
developed I-Cause
electromagnetic I-Cause
solver I-Cause
, I-Cause
Clarity I-Cause
3D I-Cause
Solver I-Cause
, I-Cause
which I-Cause
launched I-Cause
in I-Cause
2019 I-Cause
. O

With O
the B-Cause
government I-Cause
being I-Cause
the I-Cause
firm I-Cause
's I-Cause
owner I-Cause
, I-Cause
competitor I-Cause
, I-Cause
customer I-Cause
, I-Cause
and I-Cause
regulator I-Cause
, O
it B-Effect
has I-Effect
many I-Effect
objectives I-Effect
that I-Effect
can I-Effect
be I-Effect
at I-Effect
cross I-Effect
purposes I-Effect
. O

Alternatively O
, O
downstream B-Effect
competitive I-Effect
advantages I-Effect
stem O
from O
access B-Cause
to I-Cause
low-cost I-Cause
crude I-Cause
oil I-Cause
, I-Cause
low I-Cause
operating I-Cause
costs I-Cause
, I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
export I-Cause
the I-Cause
refined I-Cause
product I-Cause
. O

Juniper B-Cause
's I-Cause
partnership I-Cause
with I-Cause
Ericsson I-Cause
enables O
a B-Effect
more I-Effect
complete I-Effect
wireless I-Effect
networks I-Effect
portfolio I-Effect
for I-Effect
service I-Effect
providers I-Effect
, O
but O
we O
believe O
Ericsson B-Cause
's I-Cause
antenna I-Cause
and I-Cause
software I-Cause
technology I-Cause
aid O
the B-Effect
sales I-Effect
process I-Effect
. O

Low B-Effect
switching I-Effect
costs I-Effect
and I-Effect
fierce I-Effect
competition I-Effect
are I-Effect
likely I-Effect
to I-Effect
limit I-Effect
excess I-Effect
profits I-Effect
, O
as O
price B-Cause
ultimately I-Cause
becomes I-Cause
the I-Cause
point I-Cause
of I-Cause
differentiation I-Cause
. O

We O
see O
a B-Effect
potential I-Effect
risk I-Effect
of I-Effect
industry I-Effect
oversupply I-Effect
increasing I-Effect
if O
these B-Cause
Chinese I-Cause
chipmakers I-Cause
can I-Cause
catch I-Cause
up I-Cause
to I-Cause
Micron I-Cause
, I-Cause
Samsung I-Cause
, I-Cause
and I-Cause
SK I-Cause
Hynix I-Cause
in I-Cause
NAND I-Cause
and/or I-Cause
DRAM I-Cause
technology I-Cause
, O
with O
NAND O
being O
more O
likely O
of O
Chinese O
competition O
in O
the O
coming O
years O
, O
in O
our O
view O
. O

In O
recent O
years O
, O
Twilio B-Effect
has I-Effect
increased I-Effect
sales I-Effect
and I-Effect
marketing I-Effect
focus I-Effect
toward I-Effect
large I-Effect
enterprise I-Effect
clients I-Effect
, I-Effect
who I-Effect
tend I-Effect
to I-Effect
be I-Effect
stickier I-Effect
due O
to O
the B-Cause
level I-Cause
of I-Cause
disruption I-Cause
caused I-Cause
by I-Cause
the I-Cause
shift I-Cause
toward I-Cause
a I-Cause
new I-Cause
vendor I-Cause
. O

We O
believe O
that O
regulatory B-Cause
standards I-Cause
and I-Cause
the I-Cause
nature I-Cause
of I-Cause
preclinical I-Cause
research I-Cause
push O
clients B-Effect
to I-Effect
rely I-Effect
more I-Effect
heavily I-Effect
on I-Effect
Charles I-Effect
River I-Effect
's I-Effect
auxiliary I-Effect
services I-Effect
and I-Effect
full-service I-Effect
preclinical I-Effect
trials I-Effect
. O

The B-Effect
global I-Effect
restaurant I-Effect
sector I-Effect
remains I-Effect
under I-Effect
pressure I-Effect
as B-Cause
several I-Cause
regions I-Cause
continue I-Cause
to I-Cause
restrict I-Cause
service I-Cause
in I-Cause
an I-Cause
effort I-Cause
to I-Cause
curb I-Cause
the I-Cause
spread I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
. I-Cause

If O
the B-Cause
regulator I-Cause
requires I-Cause
KPN I-Cause
to I-Cause
open I-Cause
its I-Cause
network I-Cause
, O
Vodafone B-Effect
would I-Effect
set I-Effect
up I-Effect
the I-Effect
wholesale I-Effect
business I-Effect
and I-Effect
compete I-Effect
with I-Effect
KPN I-Effect
in I-Effect
this I-Effect
segment I-Effect
. O

Given O
the O
importance O
of O
meeting O
regulations O
in O
this O
area O
, O
automakers B-Effect
loathe I-Effect
changing I-Effect
this I-Effect
critical I-Effect
component I-Effect
midprogram I-Effect
, O
as O
it B-Cause
could I-Cause
lead I-Cause
to I-Cause
disruptions I-Cause
during I-Cause
the I-Cause
transition I-Cause
and I-Cause
substantial I-Cause
time I-Cause
to I-Cause
develop I-Cause
and I-Cause
validate I-Cause
the I-Cause
new I-Cause
system I-Cause
. O

Having B-Cause
been I-Cause
principally I-Cause
focused I-Cause
on I-Cause
institutional I-Cause
investors I-Cause
for I-Cause
much I-Cause
of I-Cause
its I-Cause
existence I-Cause
, I-Cause
BlackRock I-Cause
has I-Cause
had I-Cause
to I-Cause
be I-Cause
concerned I-Cause
not I-Cause
only I-Cause
with I-Cause
investment I-Cause
performance I-Cause
, I-Cause
but I-Cause
also I-Cause
with I-Cause
the I-Cause
risks I-Cause
taken I-Cause
to I-Cause
generate I-Cause
those I-Cause
results I-Cause
, I-Cause
as I-Cause
most I-Cause
of I-Cause
its I-Cause
institutional I-Cause
clients I-Cause
come I-Cause
to I-Cause
the I-Cause
table I-Cause
with I-Cause
required I-Cause
levels I-Cause
of I-Cause
performance I-Cause
and I-Cause
volatility I-Cause
in I-Cause
their I-Cause
investment I-Cause
mandates. O
As O
such O
, O
the B-Effect
company I-Effect
has I-Effect
developed I-Effect
tools I-Effect
-- I-Effect
embedded I-Effect
in I-Effect
its I-Effect
Aladdin I-Effect
enterprise I-Effect
system I-Effect
-- I-Effect
to I-Effect
assess I-Effect
both I-Effect
security- I-Effect
and I-Effect
portfolio-level I-Effect
risks I-Effect
, I-Effect
which I-Effect
it I-Effect
not I-Effect
only I-Effect
uses I-Effect
internally I-Effect
but I-Effect
also I-Effect
offers I-Effect
to I-Effect
external I-Effect
clients I-Effect
for I-Effect
a I-Effect
fee I-Effect
. O

AMD B-Cause
operates I-Cause
in I-Cause
the I-Cause
x86-based I-Cause
duopoly I-Cause
with I-Cause
Intel I-Cause
that I-Cause
dominates I-Cause
the I-Cause
PC I-Cause
and I-Cause
server I-Cause
markets I-Cause
and O
also O
serves O
as O
a O
major O
barrier O
to O
entry B-Effect
for I-Effect
other I-Effect
chipmakers I-Effect
to I-Effect
encroach I-Effect
upon I-Effect
AMD I-Effect
and I-Effect
Intel I-Effect
's I-Effect
focus I-Effect
areas I-Effect
. O

According B-Cause
to I-Cause
management I-Cause
, I-Cause
55 I-Cause
% I-Cause
of I-Cause
customers I-Cause
started I-Cause
with I-Cause
the I-Cause
free I-Cause
offering I-Cause
, O
which O
is O
not O
the O
same O
as O
a O
conversion O
rate O
but O
certainly O
reinforces B-Effect
the I-Effect
power I-Effect
of I-Effect
viral I-Effect
marketing I-Effect
. O

Despite O
an O
ongoing O
shift O
from O
reusable O
to O
daily O
disposable O
contact O
lenses O
, O
we O
think O
lens B-Effect
solution I-Effect
will I-Effect
still I-Effect
be I-Effect
needed I-Effect
by O
a O
large O
number O
of O
lens O
wearers O
for O
the O
foreseeable O
future O
, O
given O
that O
value-seeking B-Cause
lens I-Cause
wearers I-Cause
will I-Cause
always I-Cause
choose I-Cause
cheaper I-Cause
, I-Cause
reusable I-Cause
lenses I-Cause
, O
which O
require O
continuous O
purchase O
of O
lens O
solution O
. O

Owners O
that O
choose O
to O
outsource O
management O
responsibilities O
seek O
a B-Cause
strong I-Cause
brand I-Cause
and I-Cause
management I-Cause
team I-Cause
with I-Cause
scale I-Cause
and I-Cause
expertise I-Cause
in I-Cause
reservation I-Cause
, I-Cause
advertising I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
labor I-Cause
management I-Cause
, O
which O
lead O
to O
strong B-Effect
revenue I-Effect
per I-Effect
available I-Effect
room I-Effect
, I-Effect
occupancy I-Effect
, I-Effect
and I-Effect
profitability I-Effect
. O

Additionally O
, O
given O
the B-Cause
ongoing I-Cause
consolidation I-Cause
across I-Cause
the I-Cause
electrical I-Cause
component I-Cause
industry I-Cause
, O
prices B-Cause
may I-Cause
be I-Cause
driven I-Cause
to I-Cause
unattractive I-Cause
valuations I-Cause
, O
forcing B-Cause
Amphenol I-Cause
to I-Cause
overpay I-Cause
to O
extend B-Effect
its I-Effect
runway I-Effect
for I-Effect
sales I-Effect
growth I-Effect
. O

Nevertheless O
, O
over O
the O
long O
term O
, O
we O
think O
Smith B-Cause
& I-Cause
Nephew I-Cause
's I-Cause
position I-Cause
as I-Cause
a I-Cause
mid-sized I-Cause
competitor I-Cause
leaves I-Effect
it I-Effect
vulnerable B-Effect
as O
the B-Effect
hospital I-Effect
customer I-Effect
base I-Effect
seeks I-Effect
to I-Effect
consolidate I-Effect
vendors I-Effect
to I-Cause
save B-Cause
costs I-Cause
. O

The B-Cause
firm I-Cause
itself I-Cause
does I-Cause
not I-Cause
expect I-Cause
the I-Cause
acquisition I-Cause
to I-Cause
be I-Cause
earnings I-Cause
accretive I-Cause
for I-Cause
some I-Cause
time I-Cause
, O
and O
we B-Effect
project I-Effect
a I-Effect
slight I-Effect
deterioration I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
as I-Effect
a I-Effect
result I-Effect
. O

Lending B-Effect
, I-Effect
particularly I-Effect
consumer I-Effect
lending I-Effect
, I-Effect
benefits I-Effect
significantly I-Effect
from I-Effect
scale I-Effect
as O
incremental B-Cause
sales I-Cause
growth I-Cause
can I-Cause
drive I-Cause
higher I-Cause
earnings I-Cause
against I-Cause
fixed I-Cause
costs I-Cause
. O

Additionally O
, O
the B-Cause
firm I-Cause
's I-Cause
advertising I-Cause
business I-Cause
is I-Cause
already I-Cause
large I-Cause
and I-Cause
continues I-Cause
to I-Cause
scale I-Cause
, O
thus O
offering B-Effect
an I-Effect
attractive I-Effect
option I-Effect
for I-Effect
marketers I-Effect
looking I-Effect
to I-Effect
access I-Effect
a I-Effect
vast I-Effect
audience I-Effect
with I-Effect
a I-Effect
variety I-Effect
of I-Effect
proprietary I-Effect
datapoints I-Effect
about I-Effect
those I-Effect
very I-Effect
consumers I-Effect
. O

The B-Cause
growth I-Cause
of I-Cause
banking I-Cause
deposits I-Cause
and I-Cause
net I-Cause
interest I-Cause
income I-Cause
has O
been O
and O
will O
remain O
one O
of O
the O
key O
pillars O
of O
Morgan B-Effect
Stanley I-Effect
's I-Effect
growth I-Effect
story I-Effect
. O

On O
the O
supply O
side O
, O
overcapacity B-Cause
problems I-Cause
in I-Cause
the I-Cause
steel I-Cause
industry I-Cause
may I-Cause
persist I-Cause
longer I-Cause
than I-Cause
we I-Cause
expect I-Cause
, I-Cause
should I-Cause
China I-Cause
continue I-Cause
to I-Cause
add I-Cause
steel I-Cause
capacity I-Cause
, O
and O
if O
the B-Effect
consolidation I-Effect
of I-Effect
the I-Effect
Chinese I-Effect
steel I-Effect
industry I-Effect
goes I-Effect
more I-Effect
slowly I-Effect
than I-Effect
we I-Effect
anticipate I-Effect
. O

We O
're O
confident O
that O
Amgen B-Effect
will I-Effect
be I-Effect
capable I-Effect
of I-Effect
defending I-Effect
its I-Effect
bottom I-Effect
line I-Effect
through I-Effect
a I-Effect
key I-Effect
period I-Effect
of I-Effect
weakness I-Effect
for I-Effect
legacy I-Effect
products I-Effect
, O
as O
cost-cutting B-Cause
and I-Cause
manufacturing I-Cause
innovation I-Cause
help I-Cause
to I-Cause
trim I-Cause
operating I-Cause
costs I-Cause
. O

We B-Effect
forecast I-Effect
strong I-Effect
earnings I-Effect
growth I-Effect
for I-Effect
Dominion I-Effect
Energy I-Effect
Virginia I-Effect
, I-Effect
Dominion I-Effect
's I-Effect
largest I-Effect
segment I-Effect
representing I-Effect
about I-Effect
60 I-Effect
% I-Effect
of I-Effect
operating I-Effect
earnings I-Effect
, O
as O
investments B-Cause
in I-Cause
offshore I-Cause
wind I-Cause
and I-Cause
solar I-Cause
are I-Cause
recognized I-Cause
in I-Cause
rates I-Cause
. O

However O
, O
like O
other O
large O
scale O
branded O
hotel O
chains O
, O
its O
hotels O
operate O
at O
all O
hours O
and O
days O
of O
the O
year O
, O
using O
energy O
and O
supplies O
, O
which O
if O
not B-Cause
properly I-Cause
managed I-Cause
could O
disinterest B-Effect
some I-Effect
visitation I-Effect
. O

While O
the O
exact O
duration O
is O
indeterminable O
, O
COVID-19 B-Cause
has O
and O
will O
continue O
to O
hamper O
near-term B-Effect
results I-Effect
; O
we B-Effect
model I-Effect
an I-Effect
11 I-Effect
% I-Effect
revenue I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
driven O
by O
on-premises B-Cause
weakness I-Cause
and I-Cause
coronavirus-induced I-Cause
currency I-Cause
headwinds I-Cause
. O

Duke B-Cause
Realty I-Cause
has I-Cause
been I-Cause
adamant I-Cause
about I-Cause
its I-Cause
goal I-Cause
of I-Cause
focusing I-Cause
on I-Cause
high-quality I-Cause
assets I-Cause
, O
so O
we O
estimate O
that O
management B-Effect
will I-Effect
continue I-Effect
to I-Effect
dispose I-Effect
of I-Effect
noncore I-Effect
assets I-Effect
at I-Effect
somewhat I-Effect
higher I-Effect
yields I-Effect
. O

Furthermore O
, O
the B-Cause
auto I-Cause
industry I-Cause
is I-Cause
so I-Cause
cyclical I-Cause
that O
in B-Effect
bad I-Effect
times I-Effect
even I-Effect
the I-Effect
best I-Effect
parts I-Effect
suppliers I-Effect
can I-Effect
not I-Effect
avoid I-Effect
large I-Effect
declines I-Effect
in I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
and I-Effect
profit I-Effect
. O

We O
estimate O
consolidated B-Effect
operating I-Effect
margins I-Effect
will I-Effect
average I-Effect
2.4 I-Effect
% I-Effect
for I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
as O
we O
expect O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
to I-Cause
pressure I-Cause
margins I-Cause
on I-Cause
the I-Cause
front I-Cause
end I-Cause
-- I-Cause
ultimately I-Cause
picking I-Cause
up I-Cause
in I-Cause
2021 I-Cause
and I-Cause
2022 I-Cause
. O

Cumulatively O
, O
we O
forecast O
Seagate B-Effect
's I-Effect
revenue I-Effect
to I-Effect
be I-Effect
roughly I-Effect
flat I-Effect
on I-Effect
average I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
as O
PC B-Cause
declines I-Cause
and I-Cause
a I-Cause
lack I-Cause
of I-Cause
significant I-Cause
SSD I-Cause
exposure I-Cause
hamstring I-Cause
strong I-Cause
growth I-Cause
in I-Cause
nearline I-Cause
drives I-Cause
. O

VMware B-Cause
's I-Cause
hybrid I-Cause
cloud I-Cause
efforts I-Cause
, I-Cause
through I-Cause
partnerships I-Cause
with I-Cause
cloud I-Cause
providers I-Cause
, O
gives B-Effect
IT I-Effect
teams I-Effect
a I-Effect
sense I-Effect
of I-Effect
familiarity I-Effect
between I-Effect
private I-Effect
and I-Effect
public I-Effect
clouds I-Effect
. O

Approved B-Effect
treatments I-Effect
Kalydeco I-Effect
, I-Effect
Orkambi I-Effect
, I-Effect
Symdeko I-Effect
, I-Effect
and I-Effect
Trikafta I-Effect
will I-Effect
make I-Effect
Vertex I-Effect
eligible I-Effect
to I-Effect
treat I-Effect
about I-Effect
90 I-Effect
% I-Effect
of I-Effect
the I-Effect
CF I-Effect
population I-Effect
, O
assuming O
international B-Cause
and I-Cause
pediatric I-Cause
approvals I-Cause
. O

While B-Effect
we I-Effect
recognize I-Effect
that I-Effect
these I-Effect
multiples I-Effect
are I-Effect
elevated I-Effect
from I-Effect
normal I-Effect
levels I-Effect
, I-Effect
we I-Effect
think I-Effect
multiple I-Effect
expansion I-Effect
is I-Effect
justified I-Effect
because O
we B-Cause
expect I-Cause
a I-Cause
substantial I-Cause
ramp I-Cause
up I-Cause
in I-Cause
production I-Cause
post-pandemic I-Cause
to I-Cause
serve I-Cause
the I-Cause
firm I-Cause
's I-Cause
backlog I-Cause
of I-Cause
roughly I-Cause
7,000 I-Cause
aircraft I-Cause
. O

In O
a B-Effect
downturn I-Effect
, O
which O
can O
be O
caused O
by O
an B-Cause
airborne I-Cause
illness I-Cause
like O
coronavirus O
, O
consumers B-Effect
and I-Effect
businesses I-Effect
look I-Effect
to I-Effect
cut I-Effect
back I-Effect
on I-Effect
expenses I-Effect
like O
travel O
. O

In O
the O
coming O
years O
, O
we O
expect O
a B-Effect
slight I-Effect
haircut I-Effect
on I-Effect
its I-Effect
main I-Effect
operating I-Effect
expense I-Effect
, I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
costs I-Effect
, O
as O
the B-Cause
company I-Cause
continues I-Cause
to I-Cause
scale I-Cause
. O

New B-Cause
use I-Cause
cases I-Cause
allow O
TE B-Cause
to I-Cause
sell I-Cause
new I-Cause
, I-Cause
higher-priced I-Cause
SKUs I-Cause
into I-Cause
an I-Cause
end I-Cause
product I-Cause
alongside I-Cause
its I-Cause
incumbent I-Cause
positions I-Cause
, O
increasing B-Effect
the I-Effect
firm I-Effect
's I-Effect
overall I-Effect
content I-Effect
. O

For O
example O
, O
some O
of O
these O
physicians O
have O
noncontrolling B-Cause
interests I-Cause
in I-Cause
the I-Cause
clinics I-Cause
that O
Fresenius O
operates O
, O
which O
creates O
a B-Effect
natural I-Effect
incentive I-Effect
to I-Effect
refer I-Effect
patients I-Effect
to I-Effect
the I-Effect
related I-Effect
clinic I-Effect
. O

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
forced O
the B-Effect
temporary I-Effect
closure I-Effect
of I-Effect
Tapestry I-Effect
's I-Effect
stores I-Effect
and I-Effect
continues I-Effect
to I-Effect
affect I-Effect
consumer I-Effect
spending I-Effect
on I-Effect
accessories I-Effect
and I-Effect
apparel I-Effect
in I-Effect
some I-Effect
regions I-Effect
. O

The O
history O
of O
oilfield O
services O
, O
as O
in O
many O
industries O
, O
indicates O
that O
such O
an O
oligopoly B-Cause
can O
maintain B-Effect
a I-Effect
level I-Effect
of I-Effect
pricing I-Effect
commensurate I-Effect
with I-Effect
economic I-Effect
profits I-Effect
. O

Total B-Effect
's I-Effect
upstream I-Effect
portfolio I-Effect
managed I-Effect
to I-Effect
deliver I-Effect
returns I-Effect
on I-Effect
capital I-Effect
employed I-Effect
of I-Effect
only I-Effect
6 I-Effect
% I-Effect
during I-Effect
2015-19 I-Effect
, I-Effect
below I-Effect
average I-Effect
compared I-Effect
with I-Effect
other I-Effect
integrated I-Effect
firms I-Effect
, O
as O
greater B-Cause
exposure I-Cause
to I-Cause
natural I-Cause
gas I-Cause
weighed I-Cause
on I-Cause
margins I-Cause
and I-Cause
high I-Cause
levels I-Cause
of I-Cause
spending I-Cause
expanded I-Cause
its I-Cause
capital I-Cause
base I-Cause
. O

For O
instance O
, O
if O
a B-Cause
simulation I-Cause
were I-Cause
to I-Cause
predict I-Cause
erroneous I-Cause
results I-Cause
, O
leading O
to O
a B-Cause
number I-Cause
of I-Cause
faulty I-Cause
aircraft I-Cause
or I-Cause
autos I-Cause
to I-Cause
be I-Cause
produced I-Cause
, O
we O
think O
Dassault B-Effect
Systemes I-Effect
' I-Effect
reputation I-Effect
could I-Effect
greatly I-Effect
suffer I-Effect
. O

While B-Effect
vacancies I-Effect
are I-Effect
hovering I-Effect
around I-Effect
historically I-Effect
low I-Effect
levels I-Effect
, I-Effect
the I-Effect
response I-Effect
from I-Effect
increased I-Effect
construction I-Effect
over I-Effect
the I-Effect
past I-Effect
several I-Effect
years I-Effect
has O
supported O
our O
view O
that O
any B-Cause
increase I-Cause
in I-Cause
demand I-Cause
for I-Cause
industrial I-Cause
warehouse I-Cause
and I-Cause
distribution I-Cause
space I-Cause
can I-Cause
be I-Cause
appropriately I-Cause
met I-Cause
with I-Cause
new I-Cause
supply I-Cause
. O

Growth B-Cause
in I-Cause
demand I-Cause
and I-Cause
further I-Cause
word-of-mouth I-Cause
marketing I-Cause
attracted B-Effect
more I-Effect
drivers I-Effect
or O
, O
in O
other O
words O
, O
increased B-Effect
the I-Effect
supply I-Effect
of I-Effect
Lyft I-Effect
vehicles I-Effect
. O

While O
the O
number O
of O
competitors O
in O
these O
markets O
is O
limited O
, O
changing B-Cause
environments I-Cause
and I-Cause
intensified I-Cause
competition I-Cause
are O
squeezing B-Effect
profit I-Effect
margins I-Effect
for I-Effect
all I-Effect
of I-Effect
these I-Effect
companies I-Effect
. O

We O
expect O
IQVIA B-Cause
to I-Cause
push I-Cause
fixed-price I-Cause
contracting I-Cause
in I-Cause
contracts I-Cause
where I-Cause
it I-Cause
has I-Cause
more I-Cause
visibility I-Cause
into I-Cause
costs I-Cause
, O
allowing O
it O
to O
retain B-Effect
a I-Effect
higher I-Effect
margin I-Effect
. O

However O
, O
Corteva B-Cause
is I-Cause
in I-Cause
the I-Cause
process I-Cause
of I-Cause
launching I-Cause
four I-Cause
herbicides I-Cause
, I-Cause
eight I-Cause
new I-Cause
insecticides I-Cause
, I-Cause
and I-Cause
nine I-Cause
new I-Cause
fungicides I-Cause
over I-Cause
the I-Cause
next I-Cause
decade. O
As O
a O
result O
, O
34 B-Effect
% I-Effect
of I-Effect
crop I-Effect
protection I-Effect
sales I-Effect
come I-Effect
from I-Effect
premium I-Effect
products I-Effect
in I-Effect
2020 I-Effect
, I-Effect
up I-Effect
from I-Effect
14 I-Effect
% I-Effect
in I-Effect
2018 I-Effect
, I-Effect
the I-Effect
year I-Effect
before I-Effect
Corteva I-Effect
was I-Effect
spun I-Effect
off I-Effect
. O

In O
the O
medium O
term O
, O
we O
expect O
net B-Effect
interest I-Effect
margins I-Effect
to I-Effect
expand I-Effect
to I-Effect
1.8 I-Effect
% I-Effect
, O
as O
we B-Cause
do I-Cause
n't I-Cause
anticipate I-Cause
a I-Cause
near-zero I-Cause
base I-Cause
rate I-Cause
to I-Cause
become I-Cause
the I-Cause
new I-Cause
normal I-Cause
. O

We O
think O
the B-Effect
market I-Effect
share I-Effect
bleed I-Effect
has I-Effect
been I-Effect
arrested I-Effect
with O
the B-Cause
divestment I-Cause
of I-Cause
BJ I-Cause
Services I-Cause
and I-Cause
management I-Cause
's I-Cause
renewed I-Cause
focus I-Cause
on I-Cause
the I-Cause
segment I-Cause
's I-Cause
core I-Cause
businesses I-Cause
. O

The O
firm O
tends O
to O
carry O
about O
7 O
to O
8 O
turns O
of B-Cause
gross I-Cause
debt/unadjusted I-Cause
EBITDA I-Cause
, O
and O
we O
expect O
the B-Effect
firm I-Effect
will I-Effect
increase I-Effect
its I-Effect
debt I-Effect
burden O
as O
it O
grows B-Cause
. O

In O
our O
base O
case O
, O
we O
assume O
short-term B-Effect
rent I-Effect
growth I-Effect
and I-Effect
re-leasing I-Effect
spreads I-Effect
decline I-Effect
due O
to O
challenges B-Cause
arising I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
and I-Cause
significant I-Cause
Class I-Cause
A I-Cause
supply I-Cause
additions I-Cause
in I-Cause
Manhattan I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
. O

In O
Asia-Pacific O
, O
we B-Effect
believe I-Effect
volume I-Effect
growth I-Effect
will I-Effect
remain I-Effect
fairly I-Effect
strong I-Effect
, O
as O
per B-Cause
capita I-Cause
GDP I-Cause
growth I-Cause
remains I-Cause
robust I-Cause
throughout I-Cause
much I-Cause
of I-Cause
the I-Cause
region I-Cause
. O

Given O
the O
industry B-Cause
's I-Cause
highly I-Cause
competitive I-Cause
nature I-Cause
, O
mass-market O
manufacturers O
must O
consistently O
and O
frequently O
execute B-Effect
in I-Effect
design I-Effect
and I-Effect
development I-Effect
of I-Effect
both I-Effect
product I-Effect
and I-Effect
assembly I-Effect
process I-Effect
. O

Therefore O
, O
despite O
the O
uncertain O
economic O
outlook O
, O
those B-Effect
projects I-Effect
are I-Effect
more I-Effect
difficult I-Effect
for I-Effect
customers I-Effect
to I-Effect
use I-Effect
as O
levers B-Cause
to I-Cause
cut I-Cause
their I-Cause
budgets I-Cause
, O
as O
they O
are O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
in O
process. O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
Therefore O
, O
we O
would O
expect O
orders B-Cause
to I-Cause
be I-Cause
weak I-Cause
this I-Cause
year I-Cause
, O
dampening O
growth B-Effect
next I-Effect
year I-Effect
. O

Along O
those O
lines O
, O
COVID-19 B-Cause
containment I-Cause
measures I-Cause
across I-Cause
the I-Cause
United I-Cause
States I-Cause
will O
materially B-Effect
compress I-Effect
truckload I-Effect
freight I-Effect
demand I-Effect
throughout I-Effect
2020 I-Effect
, O
despite O
a O
relatively O
short-lived O
spike O
in O
food O
and O
beverage O
and O
household O
item O
restocking O
during O
the O
first O
quarter O
. O

With O
the B-Cause
company I-Cause
owning I-Cause
the I-Cause
production I-Cause
lines I-Cause
and I-Cause
supporting I-Cause
equipment I-Cause
for I-Cause
its I-Cause
products I-Cause
, O
any B-Effect
secular I-Effect
shift I-Effect
in I-Effect
the I-Effect
marketplace I-Effect
away I-Effect
from I-Effect
a I-Effect
particular I-Effect
offering I-Effect
could I-Effect
leave I-Effect
the I-Effect
firm I-Effect
absorbing I-Effect
an I-Effect
inordinate I-Effect
amount I-Effect
of I-Effect
fixed I-Effect
costs I-Effect
as I-Effect
it I-Effect
seeks I-Effect
to I-Effect
pivot I-Effect
the I-Effect
asset I-Effect
base I-Effect
. O

As O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
innovate I-Cause
and I-Cause
provide I-Cause
a I-Cause
comprehensive I-Cause
set I-Cause
of I-Cause
products I-Cause
for I-Cause
businesses I-Cause
, O
we O
believe O
NICE B-Effect
can I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
. O

We O
project O
about B-Effect
50 I-Effect
new I-Effect
enterprise I-Effect
customers I-Effect
per I-Effect
year I-Effect
throughout O
our O
forecast O
, O
as O
Fastly B-Cause
continues I-Cause
to I-Cause
cater I-Cause
to I-Cause
the I-Cause
biggest I-Cause
and I-Cause
most I-Cause
sophisticated I-Cause
companies I-Cause
. O

While B-Cause
demand I-Cause
for I-Cause
outdoor I-Cause
recreational I-Cause
products I-Cause
has I-Cause
been I-Cause
elevated I-Cause
with I-Cause
social I-Cause
distancing I-Cause
measures I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, I-Cause
we I-Cause
expect I-Cause
sustained I-Cause
sales I-Cause
growth I-Cause
stemming I-Cause
from I-Cause
market I-Cause
share I-Cause
gains I-Cause
and I-Cause
expansion I-Cause
into I-Cause
whitespace I-Cause
categories. O
As O
a O
result O
of O
its O
success O
, O
Malibu B-Effect
should I-Effect
generate I-Effect
competitive I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
, I-Effect
that I-Effect
average I-Effect
25 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

As O
a O
result O
, O
we O
expect O
IBM B-Effect
technology I-Effect
services I-Effect
to I-Effect
see I-Effect
a I-Effect
compound I-Effect
annual I-Effect
decline I-Effect
rate I-Effect
of I-Effect
1 I-Effect
% I-Effect
from I-Effect
2021 I-Effect
to I-Effect
2025 I-Effect
as O
more B-Cause
sticky I-Cause
IBM I-Cause
software I-Cause
is I-Cause
applicable I-Cause
in I-Cause
other I-Cause
clouds I-Cause
. O

For O
example O
, O
if O
timber B-Cause
availability I-Cause
is I-Cause
low I-Cause
near I-Cause
a I-Cause
sawmill I-Cause
, O
a B-Effect
local I-Effect
seller I-Effect
could I-Effect
increase I-Effect
pricing I-Effect
up I-Effect
to I-Effect
the I-Effect
point I-Effect
that I-Effect
distant I-Effect
transportation I-Effect
becomes I-Effect
more I-Effect
economical I-Effect
. O

We O
think O
the B-Effect
company I-Effect
's I-Effect
cost I-Effect
leverage I-Effect
can I-Effect
continue I-Effect
to I-Effect
improve I-Effect
as O
the B-Cause
expansion I-Cause
of I-Cause
its I-Cause
brand I-Cause
presence I-Cause
overseas I-Cause
leads I-Cause
to I-Cause
further I-Cause
unit I-Cause
volume I-Cause
growth I-Cause
( I-Cause
once I-Cause
COVID-19 I-Cause
subsides I-Cause
) I-Cause
. O

MPLX O
also O
bought O
G O
& O
amp O
; O
P O
assets O
during O
that O
time O
but O
has B-Effect
taken I-Effect
much I-Effect
smaller I-Effect
write I-Effect
downs I-Effect
as I-Effect
a I-Effect
share I-Effect
of I-Effect
its I-Effect
purchase I-Effect
price I-Effect
because O
of O
the B-Cause
superior I-Cause
asset I-Cause
locations I-Cause
. O

Given O
the B-Cause
collaborative I-Cause
nature I-Cause
of I-Cause
the I-Cause
M I-Cause
& I-Cause
amp I-Cause
; O
A O
process O
, O
we B-Effect
believe I-Effect
Intralinks B-Effect
has I-Effect
a I-Effect
slight I-Effect
network I-Effect
effect I-Effect
, O
as O
it B-Cause
makes I-Cause
sense I-Cause
for I-Cause
a I-Cause
corporation I-Cause
to I-Cause
use I-Cause
a I-Cause
platform I-Cause
that I-Cause
banks I-Cause
are I-Cause
familiar I-Cause
with I-Cause
and I-Cause
vice I-Cause
versa I-Cause
. O

We O
recently O
raised B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
on I-Effect
the I-Effect
shares I-Effect
of I-Effect
Lear I-Effect
to I-Effect
$ I-Effect
142 I-Effect
from I-Effect
$ I-Effect
137 I-Effect
, I-Effect
with I-Effect
$ I-Effect
3 I-Effect
attributable I-Effect
to I-Effect
the I-Effect
time I-Effect
value I-Effect
of I-Effect
money I-Effect
since O
our B-Cause
last I-Cause
update I-Cause
and I-Cause
$ I-Cause
2 I-Cause
from I-Cause
increasing I-Cause
our I-Cause
assumed I-Cause
annual I-Cause
revenue I-Cause
growth I-Cause
rate I-Cause
to I-Cause
6 I-Cause
% I-Cause
from I-Cause
5 I-Cause
% I-Cause
. O

We B-Effect
rate I-Effect
Stryker I-Effect
's I-Effect
uncertainty I-Effect
at I-Effect
medium I-Effect
, O
reflecting B-Cause
its I-Cause
widely I-Cause
diversified I-Cause
product I-Cause
lineup I-Cause
in I-Cause
categories I-Cause
that I-Cause
are I-Cause
relatively I-Cause
insulated I-Cause
from I-Cause
macroeconomic I-Cause
conditions I-Cause
. O

Simon B-Cause
derives I-Cause
more I-Cause
than I-Cause
three I-Cause
fourths I-Cause
of I-Cause
its I-Cause
net I-Cause
operating I-Cause
income I-Cause
from I-Cause
Class I-Cause
A I-Cause
malls I-Cause
and I-Cause
almost I-Cause
90 I-Cause
% I-Cause
of I-Cause
its I-Cause
NOI I-Cause
from I-Cause
B+ I-Cause
or I-Cause
better I-Cause
malls I-Cause
while I-Cause
Class I-Cause
C+ I-Cause
or I-Cause
lower I-Cause
malls I-Cause
make I-Cause
up I-Cause
less I-Cause
than I-Cause
1 I-Cause
% I-Cause
of I-Cause
its I-Cause
NOI. O
Therefore O
, O
we O
do O
not O
assume O
Simon B-Effect
will I-Effect
follow I-Effect
the I-Effect
path I-Effect
of I-Effect
the I-Effect
average I-Effect
mall I-Effect
but I-Effect
rather I-Effect
the I-Effect
path I-Effect
of I-Effect
the I-Effect
Class I-Effect
A I-Effect
mall I-Effect
. O

While O
we B-Cause
do I-Cause
not I-Cause
think I-Cause
the I-Cause
negotiating I-Cause
position I-Cause
of I-Cause
DaVita I-Cause
is I-Cause
substantially I-Cause
different I-Cause
than I-Cause
Fresenius I-Cause
given I-Cause
their I-Cause
similar I-Cause
market I-Cause
positions I-Cause
, O
we O
think O
both B-Effect
players I-Effect
enjoy I-Effect
stronger I-Effect
negotiating I-Effect
positions I-Effect
than I-Effect
the I-Effect
average I-Effect
U.S I-Effect
. O

In B-Effect
the I-Effect
wealth I-Effect
management I-Effect
segment I-Effect
, O
the B-Effect
two I-Effect
potential I-Effect
risks I-Effect
are O
the B-Cause
loss I-Cause
of I-Cause
financial I-Cause
advisors I-Cause
and O
mismanagement B-Cause
of I-Cause
the I-Cause
banking I-Cause
business I-Cause
. O

While O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
brought O
steep O
declines O
to O
automotive B-Effect
production I-Effect
and I-Effect
wireless I-Effect
network I-Effect
buildouts I-Effect
in O
2020 O
, O
we O
expect O
the O
firm O
's O
revenues O
from O
its O
automotive O
and O
mobile O
networks O
verticals O
to O
see O
strong O
rebounds O
in O
2021 O
and O
beyond O
. O

Pandemic B-Cause
disruption I-Cause
hit I-Cause
CP I-Cause
's I-Cause
carload I-Cause
volumes I-Cause
in I-Cause
early I-Cause
2020 I-Cause
, O
and O
the B-Effect
rail I-Effect
has I-Effect
also I-Effect
grappled I-Effect
with I-Effect
soft I-Effect
coal I-Effect
and I-Effect
crude-by-rail I-Effect
shipments I-Effect
. O

Both B-Cause
of I-Cause
these I-Cause
markets I-Cause
pose I-Cause
high I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
and O
require B-Effect
massive I-Effect
capital I-Effect
investment I-Effect
, O
but O
also O
have O
rapid B-Cause
commoditization I-Cause
curves I-Cause
and I-Cause
mostly I-Cause
fungible I-Cause
products I-Cause
that O
we O
think O
erode B-Effect
their I-Effect
participants I-Effect
' I-Effect
ability I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

For B-Cause
Citigroup I-Cause
, I-Cause
compliance I-Cause
costs I-Cause
are I-Cause
high I-Cause
, I-Cause
the I-Cause
firm I-Cause
is I-Cause
large I-Cause
and I-Cause
complex I-Cause
, O
and O
the B-Effect
bank I-Effect
is I-Effect
clearly I-Effect
a I-Effect
prime I-Effect
target I-Effect
for I-Effect
regulators I-Effect
seeking I-Effect
fines I-Effect
and I-Effect
litigants I-Effect
seeking I-Effect
compensation I-Effect
for I-Effect
alleged I-Effect
misdeeds I-Effect
. O

With O
complexity B-Cause
removed I-Cause
from I-Cause
its I-Cause
operations I-Cause
( I-Cause
after I-Cause
shedding I-Cause
more I-Cause
than I-Cause
100 I-Cause
brands I-Cause
from I-Cause
its I-Cause
mix I-Cause
since I-Cause
2014 I-Cause
) I-Cause
, O
P B-Effect
& I-Effect
G I-Effect
has I-Effect
targeted I-Effect
extracting I-Effect
another I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
of I-Effect
costs I-Effect
by I-Effect
reducing I-Effect
overhead I-Effect
, I-Effect
lowering I-Effect
material I-Effect
costs I-Effect
from I-Effect
product I-Effect
design I-Effect
and I-Effect
formulation I-Effect
efficiencies I-Effect
, I-Effect
and I-Effect
increasing I-Effect
manufacturing I-Effect
and I-Effect
marketing I-Effect
productivity I-Effect
. O

LifeLock B-Effect
could I-Effect
be I-Effect
eschewed I-Effect
for O
price-competitive B-Cause
offerings I-Cause
from I-Cause
the I-Cause
large I-Cause
credit I-Cause
bureaus I-Cause
or I-Cause
other I-Cause
competitors I-Cause
, O
and O
existing O
customers O
may O
not O
see B-Effect
the I-Effect
value I-Effect
in I-Effect
their I-Effect
subscriptions I-Effect
without O
proactive B-Cause
protection I-Cause
inhibiting I-Cause
critical I-Cause
information I-Cause
from I-Cause
being I-Cause
stolen I-Cause
throughout I-Cause
the I-Cause
year I-Cause
. O

Regeneron B-Cause
's I-Cause
ability I-Cause
to I-Cause
supply I-Cause
a I-Cause
COVID-19 I-Cause
treatment I-Cause
has O
driven B-Effect
share I-Effect
price I-Effect
appreciation I-Effect
in I-Effect
2020 I-Effect
, O
but O
trials O
with O
Kevzara O
were O
disappointing O
, O
and O
it O
is O
unclear O
how O
long O
there O
will O
be O
demand O
for O
REGN-COV2 O
treatment O
, O
given O
strong O
and O
rapid O
vaccine O
development O
. O

Customers B-Cause
( I-Cause
facilities I-Cause
engineers I-Cause
) I-Cause
depend I-Cause
on I-Cause
the I-Cause
unit I-Cause
's I-Cause
part I-Cause
availability I-Cause
and I-Cause
its I-Cause
trained I-Cause
staff I-Cause
for O
assistance B-Effect
in I-Effect
locating I-Effect
the I-Effect
needed I-Effect
component I-Effect
, I-Effect
guidance I-Effect
on I-Effect
an I-Effect
oft-unfamiliar I-Effect
installation I-Effect
procedure I-Effect
, I-Effect
and I-Effect
rapid I-Effect
delivery I-Effect
. O

Nonetheless O
, O
we O
think O
that O
total B-Cause
revenue I-Cause
generated I-Cause
by I-Cause
ERP I-Cause
customers I-Cause
will I-Cause
grow I-Cause
by I-Cause
over I-Cause
50 I-Cause
% I-Cause
as I-Cause
more I-Cause
and I-Cause
more I-Cause
cloud I-Cause
customers I-Cause
should I-Cause
increase I-Cause
the I-Cause
lifetime I-Cause
value I-Cause
they I-Cause
offer I-Cause
to I-Cause
SAP. O
These O
trends O
should O
enable O
SAP B-Effect
to I-Effect
increase I-Effect
revenue I-Effect
at I-Effect
a I-Effect
compound I-Effect
annual I-Effect
rate I-Effect
of I-Effect
6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

Finally O
, O
we O
think O
there O
is O
a O
slow-moving O
risk O
in O
the O
form O
of O
more B-Cause
consumers I-Cause
embracing I-Cause
vegetarian I-Cause
diets I-Cause
or I-Cause
reducing I-Cause
the I-Cause
volume I-Cause
of I-Cause
meat I-Cause
consumed I-Cause
in O
the O
interest O
of O
mitigating B-Effect
the I-Effect
environmental I-Effect
impact I-Effect
of I-Effect
raising I-Effect
production I-Effect
animals I-Effect
, O
especially O
in O
the O
industrial O
farm O
model O
. O

The O
typical O
wireless O
customer O
consumes O
around O
5 O
GB O
of O
data O
on O
wireless O
networks O
per O
month O
while O
the O
typical O
fixed-line O
Internet O
access O
subscriber O
uses O
several O
hundred O
GB O
, O
a B-Effect
figure I-Effect
that I-Effect
continues I-Effect
to I-Effect
grow I-Effect
rapidly I-Effect
thanks O
to O
demand B-Cause
for I-Cause
streaming I-Cause
and I-Cause
online I-Cause
communications I-Cause
services I-Cause
. O

Synaptics B-Cause
' I-Cause
revenue I-Cause
sources I-Cause
mimic I-Cause
this I-Cause
concentration I-Cause
, O
which O
leaves O
the B-Effect
firm I-Effect
susceptible I-Effect
to I-Effect
the I-Effect
significant I-Effect
risk I-Effect
of I-Effect
being I-Effect
left I-Effect
out I-Effect
of I-Effect
an I-Effect
upcoming I-Effect
design I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
size I-Effect
gives I-Effect
it I-Effect
some I-Effect
economies I-Effect
of I-Effect
scale I-Effect
in I-Effect
terms I-Effect
of I-Effect
controlling I-Effect
costs I-Effect
as O
it B-Cause
can I-Cause
hire I-Cause
its I-Cause
own I-Cause
maintenance I-Cause
and I-Cause
repair I-Cause
technicians I-Cause
to I-Cause
service I-Cause
its I-Cause
homes I-Cause
, O
allowing O
it O
to O
maintain O
higher B-Effect
operating I-Effect
margins I-Effect
than O
smaller O
competitors O
that O
need O
to O
contract O
out O
the O
same O
services O
. O

The B-Cause
heightened I-Cause
focus I-Cause
on I-Cause
contamination I-Cause
and I-Cause
genetic I-Cause
integrity I-Cause
enforces I-Cause
high I-Cause
barriers I-Cause
to B-Effect
entry I-Effect
and I-Effect
emphasizes I-Effect
the I-Effect
value I-Effect
of I-Effect
a I-Effect
trusted I-Effect
brand I-Effect
. O

However O
, O
Avnet O
's O
management O
conceded O
it B-Cause
would I-Cause
have I-Cause
required I-Cause
significant I-Cause
investment I-Cause
to O
catch B-Effect
up I-Effect
to I-Effect
competitors I-Effect
( O
Arrow O
has O
happily O
gobbled O
up O
share O
in O
Avnet O
's O
transition O
) O
. O

Of O
note O
, O
export B-Effect
coal I-Effect
volumes I-Effect
and I-Effect
pricing I-Effect
can I-Effect
see I-Effect
variability I-Effect
linked O
to O
changes B-Cause
in I-Cause
demand I-Cause
for I-Cause
met I-Cause
coal I-Cause
used I-Cause
in I-Cause
steelmaking I-Cause
overseas I-Cause
. O

India O
is O
expected O
to O
be O
the O
main O
source O
of O
incremental O
demand O
; O
however O
, O
we O
forecast O
that O
this O
will O
be O
insufficient B-Effect
to I-Effect
offset I-Effect
the I-Effect
falls I-Effect
we I-Effect
expect I-Effect
from I-Effect
China I-Effect
, O
with O
domestic B-Cause
supply I-Cause
taking I-Cause
share I-Cause
and I-Cause
shrinking I-Cause
overall I-Cause
demand I-Cause
, O
given O
forecast B-Cause
declines I-Cause
in I-Cause
steel I-Cause
consumption I-Cause
and I-Cause
greater I-Cause
scrap I-Cause
usage I-Cause
. O

Video B-Cause
accounts I-Cause
, I-Cause
miniprograms I-Cause
, I-Cause
official I-Cause
accounts I-Cause
, I-Cause
Weixin I-Cause
Pay I-Cause
and I-Cause
WeCom I-Cause
facilitate I-Cause
communications I-Cause
, I-Cause
and I-Cause
more I-Cause
importantly I-Cause
, I-Cause
transactions I-Cause
, I-Cause
between I-Cause
users I-Cause
and I-Cause
industries I-Cause
, O
allowing O
companies B-Effect
to I-Effect
monetize I-Effect
their I-Effect
followers I-Effect
in I-Effect
official I-Effect
accounts I-Effect
and I-Effect
private I-Effect
chat I-Effect
groups I-Effect
. O

Even O
prior O
to O
the O
sale O
of O
Epsilon O
, O
the B-Cause
shift I-Cause
toward I-Cause
digital I-Cause
purchases I-Cause
has O
eroded B-Effect
the I-Effect
value I-Effect
added I-Effect
by I-Effect
the I-Effect
data I-Effect
collection I-Effect
opportunity I-Effect
of I-Effect
Alliance I-Effect
Data I-Effect
Services I-Effect
' I-Effect
credit I-Effect
cards I-Effect
. O

We O
anticipate O
that O
the O
firm O
will O
have O
low O
or O
negative O
growth O
in O
fiscal O
2020 O
and O
2021 O
and O
that O
a B-Cause
recovery I-Cause
in I-Cause
commercial I-Cause
aerospace I-Cause
will O
allow O
the B-Effect
firm I-Effect
to I-Effect
reach I-Effect
midteens I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
the I-Effect
later I-Effect
years I-Effect
of O
our O
forecast O
. O

We O
think O
Autodesk B-Effect
's I-Effect
offerings I-Effect
exhibit I-Effect
switching I-Effect
costs I-Effect
across I-Effect
all I-Effect
its I-Effect
industry I-Effect
exposures I-Effect
due O
to O
the B-Cause
complexity I-Cause
of I-Cause
its I-Cause
products I-Cause
. O

Nontechnical O
users O
may O
have O
to O
use B-Cause
expensive I-Cause
developer I-Cause
support I-Cause
to I-Cause
conduct I-Cause
data I-Cause
analysis I-Cause
and O
derive O
insights B-Effect
, I-Effect
which I-Effect
would I-Effect
lead I-Effect
to I-Effect
wasted I-Effect
business I-Effect
resources I-Effect
. O

While O
the O
quarter O
was O
largely O
as O
expected O
, O
we O
now O
expect O
a B-Cause
more I-Cause
robust I-Cause
post-pandemic I-Cause
sales I-Cause
recovery I-Cause
, O
given O
the B-Cause
firm I-Cause
's I-Cause
brand I-Cause
revitalization I-Cause
efforts I-Cause
and I-Cause
expansion I-Cause
into I-Cause
high-growth I-Cause
markets I-Cause
( O
skincare O
, O
prestige O
makeup O
, O
China O
, O
e-commerce O
) O
, O
taking B-Effect
our I-Effect
three-year I-Effect
forward I-Effect
average I-Effect
annual I-Effect
organic I-Effect
sales I-Effect
estimate I-Effect
to I-Effect
6 I-Effect
% I-Effect
from I-Effect
3 I-Effect
% I-Effect
. O

If O
the B-Cause
company I-Cause
does I-Cause
not I-Cause
invest I-Cause
appropriately I-Cause
in I-Cause
these I-Cause
product I-Cause
sets I-Cause
, O
its B-Effect
peers I-Effect
may I-Effect
surpass I-Effect
Baxter I-Effect
's I-Effect
technology I-Effect
enough I-Effect
to I-Effect
affect I-Effect
market I-Effect
share I-Effect
eventually I-Effect
. O

Capacity B-Effect
in I-Effect
the I-Effect
competing I-Effect
truckload I-Effect
market I-Effect
tightened I-Effect
materially I-Effect
in O
2018 O
on B-Cause
the I-Cause
back I-Cause
of I-Cause
robust I-Cause
demand I-Cause
and I-Cause
widespread I-Cause
adoption I-Cause
of I-Cause
electronic I-Cause
logging I-Cause
devices I-Cause
among I-Cause
truckers I-Cause
( O
ELDs O
tempered O
productivity O
) O
. O

Regulations B-Effect
that I-Effect
limit I-Effect
emissions I-Effect
in I-Effect
the I-Effect
bromine I-Effect
business I-Effect
could I-Effect
hurt I-Effect
profit I-Effect
margins I-Effect
as O
Albemarle B-Cause
's I-Cause
profits I-Cause
come I-Cause
from I-Cause
its I-Cause
cost I-Cause
advantage I-Cause
, O
rather O
than O
pricing O
power O
, O
and O
it O
may O
not O
be O
able O
to O
pass O
along O
the O
cost O
increases O
. O

Given O
that O
regulators B-Cause
are I-Cause
unlikely I-Cause
to I-Cause
allow I-Cause
Comcast I-Cause
to I-Cause
make I-Cause
another I-Cause
significant I-Cause
cable I-Cause
acquisition I-Cause
, O
we B-Effect
expect I-Effect
returns I-Effect
will I-Effect
trend I-Effect
upwards I-Effect
as I-Effect
the I-Effect
business I-Effect
grows I-Effect
. O

On O
top O
of O
this O
, O
there B-Cause
are I-Cause
innate I-Cause
differences I-Cause
in I-Cause
Oxxo I-Cause
's I-Cause
assortment I-Cause
of I-Cause
products I-Cause
relative I-Cause
to I-Cause
retail I-Cause
peers I-Cause
with I-Cause
broader I-Cause
portfolios I-Cause
, O
giving O
rise O
to O
an B-Effect
additional I-Effect
layer I-Effect
of I-Effect
favorable I-Effect
cost I-Effect
dynamics I-Effect
. O

New B-Effect
or I-Effect
smaller I-Effect
entrants I-Effect
have I-Effect
a I-Effect
hard I-Effect
time I-Effect
contending I-Effect
because O
of O
these B-Cause
established I-Cause
players I-Cause
' I-Cause
scale I-Cause
, I-Cause
breadth I-Cause
of I-Cause
product I-Cause
offerings I-Cause
, I-Cause
and I-Cause
product I-Cause
familiarity I-Cause
. O

This O
allows O
for O
common B-Cause
processes I-Cause
to I-Cause
be I-Cause
written I-Cause
once I-Cause
and I-Cause
used I-Cause
repeatedly I-Cause
, O
thereby O
lowering B-Effect
costs I-Effect
and I-Effect
decreasing I-Effect
the I-Effect
time I-Effect
between I-Effect
process I-Effect
or I-Effect
application I-Effect
updates I-Effect
. O

We O
forecast O
low B-Cause
natural I-Cause
gas I-Cause
prices I-Cause
in O
our O
long-term O
outlook O
, O
which O
we O
believe O
will O
continue O
to O
pressure B-Effect
the I-Effect
company I-Effect
's I-Effect
core I-Effect
business I-Effect
. O

Verizon B-Cause
has I-Cause
undertaken I-Cause
a I-Cause
major I-Cause
fiber I-Cause
expansion I-Cause
project I-Cause
recently I-Cause
, I-Cause
which I-Cause
promises I-Cause
to I-Cause
remake I-Cause
Fios I-Cause
to I-Cause
serve I-Cause
wireless I-Cause
and I-Cause
business I-Cause
customers I-Cause
while I-Cause
also I-Cause
adding I-Cause
capacity I-Cause
in I-Cause
other I-Cause
major I-Cause
markets I-Cause
around I-Cause
the I-Cause
United I-Cause
States. O
This O
undertaking O
should O
support B-Effect
the I-Effect
firm I-Effect
's I-Effect
effort I-Effect
to I-Effect
lead I-Effect
the I-Effect
industry I-Effect
in I-Effect
5G I-Effect
technology I-Effect
deployment I-Effect
and I-Effect
enable I-Effect
it I-Effect
to I-Effect
serve I-Effect
new I-Effect
customers I-Effect
, I-Effect
providing I-Effect
strategic I-Effect
benefits I-Effect
, I-Effect
though I-Effect
we I-Effect
do I-Effect
n't I-Effect
expect I-Effect
5G I-Effect
will I-Effect
have I-Effect
a I-Effect
major I-Effect
impact I-Effect
on I-Effect
the I-Effect
home I-Effect
broadband I-Effect
market I-Effect
. O

In O
the O
U.S. O
, O
traditional O
distributors O
may O
already O
have O
too O
many O
channels O
and O
may O
need O
to O
lower B-Cause
the I-Cause
overall I-Cause
size I-Cause
of I-Cause
their I-Cause
offering I-Cause
to O
compete B-Effect
with I-Effect
the I-Effect
skinny I-Effect
bundles I-Effect
from I-Effect
the I-Effect
OTT I-Effect
pay-television I-Effect
platforms I-Effect
. O

The O
firm O
also O
relies O
on O
access B-Cause
to I-Cause
inexpensive I-Cause
, I-Cause
imported I-Cause
items I-Cause
to O
maintain B-Effect
its I-Effect
low I-Effect
price I-Effect
points I-Effect
; O
sharp B-Cause
inflation I-Cause
could O
dilute B-Effect
Five I-Effect
Below I-Effect
's I-Effect
value I-Effect
proposition I-Effect
by I-Effect
forcing I-Effect
prices I-Effect
higher I-Effect
. O

We O
also O
model O
operating B-Effect
margins I-Effect
increasing I-Effect
steadily I-Effect
from I-Effect
37 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
more I-Effect
than I-Effect
40 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
, O
driven B-Cause
by I-Cause
improvements I-Cause
in I-Cause
gross I-Cause
margin I-Cause
as I-Cause
Azure I-Cause
continues I-Cause
to I-Cause
scale I-Cause
as I-Cause
well I-Cause
as I-Cause
some I-Cause
operating I-Cause
leverage I-Cause
. O

A O
cost O
advantage O
would O
be O
exhibited B-Effect
in I-Effect
either I-Effect
profit I-Effect
margins I-Effect
that I-Effect
are I-Effect
higher I-Effect
than I-Effect
competitors I-Effect
or I-Effect
dominant I-Effect
market I-Effect
share I-Effect
( O
a B-Cause
cost I-Cause
advantage I-Cause
would I-Cause
allow I-Cause
the I-Cause
company I-Cause
to I-Cause
offer I-Cause
lower I-Cause
prices I-Cause
to I-Cause
secure I-Cause
greater I-Cause
volume I-Cause
) O
. O

We B-Effect
project I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
organic I-Effect
growth I-Effect
( I-Effect
excluding I-Effect
divestments I-Effect
) I-Effect
of I-Effect
roughly I-Effect
4 I-Effect
% I-Effect
through O
fiscal O
2025 O
, O
as O
the B-Cause
company I-Cause
is I-Cause
set I-Cause
to I-Cause
benefit I-Cause
from I-Cause
a I-Cause
robust I-Cause
backlog I-Cause
that I-Cause
stood I-Cause
at I-Cause
$ I-Cause
39.7 I-Cause
billion I-Cause
as I-Cause
of I-Cause
December I-Cause
2020 I-Cause
, I-Cause
compared I-Cause
with I-Cause
$ I-Cause
36.5 I-Cause
billion I-Cause
in I-Cause
December I-Cause
2019 I-Cause
. O

Additionally O
, O
if O
Spotify B-Cause
could I-Cause
increase I-Cause
stickiness I-Cause
via I-Cause
podcasts I-Cause
, O
the B-Effect
firm I-Effect
would I-Effect
also I-Effect
likely I-Effect
be I-Effect
able I-Effect
to I-Effect
increase I-Effect
subscription I-Effect
costs I-Effect
, O
which O
offset O
some O
or O
most O
of O
the O
market O
share/mindshare O
losses O
on O
Spotify O
. O

To O
address O
these O
headwinds O
, O
Amgen B-Cause
has I-Cause
invested I-Cause
heavily I-Cause
in I-Cause
more-efficient I-Cause
manufacturing I-Cause
and I-Cause
has I-Cause
undertaken I-Cause
a I-Cause
massive I-Cause
cost-cutting I-Cause
program I-Cause
to O
defend B-Effect
margins I-Effect
and I-Effect
reinvest I-Effect
in I-Effect
research I-Effect
and I-Effect
development I-Effect
and I-Effect
promotion I-Effect
in I-Effect
new I-Effect
areas I-Effect
, I-Effect
like I-Effect
cardiology I-Effect
. O

We O
see O
switching B-Cause
costs I-Cause
within I-Cause
the I-Cause
Canadian I-Cause
system I-Cause
as I-Cause
driven I-Cause
by I-Cause
a I-Cause
tightly I-Cause
regulated I-Cause
oligopolistic I-Cause
market I-Cause
structure I-Cause
that O
limits B-Cause
excess I-Cause
competition I-Cause
, O
thereby O
stabilizing B-Effect
product I-Effect
pricing I-Effect
and I-Effect
giving I-Effect
customers I-Effect
less I-Effect
incentive I-Effect
to I-Effect
switch I-Effect
banks I-Effect
. O

We B-Effect
project I-Effect
5 I-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
for I-Effect
the I-Effect
cable I-Effect
segment I-Effect
as O
broadband B-Cause
penetration I-Cause
continues I-Cause
to I-Cause
increase I-Cause
in I-Cause
Mexico I-Cause
and I-Cause
the I-Cause
firm I-Cause
expands I-Cause
its I-Cause
footprint I-Cause
. O

It O
has O
not O
historically O
been O
able O
to O
generate O
free O
cash O
flow O
, O
but O
this O
should O
change O
in O
2021 O
with O
higher B-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
and I-Cause
Range I-Cause
shifting B-Effect
its I-Effect
stance I-Effect
to I-Effect
operating I-Effect
in I-Effect
maintenance I-Effect
mode I-Effect
. O

Additionally O
, O
ArcelorMittal B-Effect
saves I-Effect
on I-Effect
transportation I-Effect
costs I-Effect
because O
some B-Cause
of I-Cause
its I-Cause
mines I-Cause
are I-Cause
very I-Cause
close I-Cause
to I-Cause
the I-Cause
steel I-Cause
plants I-Cause
in I-Cause
which I-Cause
the I-Cause
iron I-Cause
ore I-Cause
is I-Cause
used I-Cause
. O

Concurrently O
, O
larger B-Cause
fleets I-Cause
have I-Cause
more I-Cause
control I-Cause
over I-Cause
their I-Cause
repair I-Cause
costs I-Cause
by O
bringing B-Effect
some I-Effect
of I-Effect
this I-Effect
work I-Effect
in-house I-Effect
and O
elect B-Effect
to I-Effect
keep I-Effect
trucks I-Effect
for I-Effect
a I-Effect
shorter I-Effect
period I-Effect
to O
contain B-Cause
repair I-Cause
expenses I-Cause
. O

We B-Effect
rate I-Effect
Shaw I-Effect
as I-Effect
high I-Effect
uncertainty I-Effect
, O
as O
it B-Cause
has I-Cause
put I-Cause
significant I-Cause
resources I-Cause
behind I-Cause
its I-Cause
attempt I-Cause
to I-Cause
become I-Cause
a I-Cause
fourth I-Cause
major I-Cause
wireless I-Cause
competitor I-Cause
in I-Cause
Canada I-Cause
. O

Though O
Coke O
does O
not O
own O
most O
of O
its O
bottlers O
, O
it B-Effect
tacitly I-Effect
exercises I-Effect
control I-Effect
similar I-Effect
to I-Effect
ownership I-Effect
, O
since O
it B-Cause
controls I-Cause
the I-Cause
lion I-Cause
's I-Cause
share I-Cause
of I-Cause
its I-Cause
bottlers I-Cause
' I-Cause
volumes I-Cause
. O

We O
also O
expect O
the O
use B-Cause
of I-Cause
co-manufacturers I-Cause
to I-Cause
curb I-Cause
profits I-Cause
until O
capacity B-Effect
expansion I-Effect
efforts I-Effect
are I-Effect
complete I-Effect
( O
likely O
by O
the O
end O
of O
fiscal O
2022 O
) O
. O

A B-Cause
number I-Cause
of I-Cause
ADS I-Cause
' I-Cause
partners I-Cause
have I-Cause
already I-Cause
declared I-Cause
bankruptcy I-Cause
, I-Cause
and I-Cause
the I-Cause
credit I-Cause
card I-Cause
portfolios I-Cause
tied I-Cause
to I-Cause
those I-Cause
programs I-Cause
will I-Cause
likely I-Cause
atrophy I-Cause
over I-Cause
time I-Cause
, O
creating B-Effect
a I-Effect
significant I-Effect
headwind I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
receivables I-Effect
balance I-Effect
. O

There B-Cause
could I-Cause
be I-Cause
a I-Cause
significant I-Cause
impact I-Cause
on I-Cause
customer I-Cause
health I-Cause
if I-Cause
Teleflex I-Cause
products I-Cause
have I-Cause
quality I-Cause
issues I-Cause
, O
which O
in O
our O
view O
makes B-Effect
product I-Effect
governance I-Effect
an I-Effect
important I-Effect
ESG I-Effect
consideration I-Effect
. O

In B-Cause
the I-Cause
longer I-Cause
term I-Cause
, I-Cause
food I-Cause
service I-Cause
remains I-Cause
a I-Cause
large I-Cause
fragmented I-Cause
global I-Cause
industry I-Cause
that O
offers B-Effect
Compass I-Effect
ample I-Effect
room I-Effect
to I-Effect
grow I-Effect
. O

Also O
, O
investors O
should O
know O
that O
the B-Cause
company I-Cause
's I-Cause
acquisition I-Cause
activities I-Cause
, O
while O
strategically O
attractive O
, O
may O
constrain B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
including O
goodwill O
for O
the O
foreseeable O
future O
. O

The B-Cause
Medicare I-Cause
for I-Cause
All I-Cause
scenario I-Cause
debated I-Cause
in I-Cause
the I-Cause
Democratic I-Cause
primaries I-Cause
called I-Cause
for I-Cause
the I-Cause
elimination I-Cause
of I-Cause
the I-Cause
private I-Cause
insurance I-Cause
industry I-Cause
, O
which O
would O
have O
threatened O
much B-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
operations I-Effect
. O

Overall O
, O
we O
assume O
a B-Effect
13.1 I-Effect
% I-Effect
EBIT I-Effect
margin I-Effect
in I-Effect
2025 I-Effect
driven O
by O
margin B-Cause
improvements I-Cause
in I-Cause
D I-Cause
& I-Cause
T I-Cause
and I-Cause
connected I-Cause
care I-Cause
and I-Cause
EBIT I-Cause
margins I-Cause
for I-Cause
personal I-Cause
health I-Cause
in I-Cause
the I-Cause
mid- I-Cause
to I-Cause
high I-Cause
teens I-Cause
. O

Cushman O
& O
amp O
; O
Wakefield B-Effect
's I-Effect
competitive I-Effect
position I-Effect
derives O
in O
large O
part O
from O
its B-Cause
lengthy I-Cause
track I-Cause
record I-Cause
of I-Cause
effective I-Cause
service I-Cause
, O
which O
has O
allowed O
it B-Effect
to I-Effect
bolster I-Effect
its I-Effect
reputation I-Effect
. O

First O
Solar O
must O
stay B-Effect
ahead I-Effect
of I-Effect
a I-Effect
large I-Effect
pack I-Effect
of I-Effect
competitors I-Effect
by O
continuing B-Cause
to I-Cause
reduce I-Cause
panel I-Cause
costs I-Cause
and I-Cause
increase I-Cause
efficiency I-Cause
. O

Nonetheless O
, O
we O
believe O
there O
will O
always O
be O
a O
fair O
amount O
of O
risk O
that O
Qualcomm B-Cause
's I-Cause
QTL I-Cause
business I-Cause
will I-Cause
face I-Cause
additional I-Cause
regulatory I-Cause
scrutiny I-Cause
that O
could O
threaten B-Effect
its I-Effect
licensing I-Effect
revenue I-Effect
. O

But O
we O
think O
it B-Cause
's I-Cause
been I-Cause
charting I-Cause
a I-Cause
new I-Cause
course I-Cause
, O
aiming O
to O
extract B-Effect
another I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
in I-Effect
costs I-Effect
to I-Effect
reduce I-Effect
head I-Effect
count I-Effect
and I-Effect
overhead I-Effect
, I-Effect
improve I-Effect
manufacturing I-Effect
efficiency I-Effect
, I-Effect
and I-Effect
free I-Effect
up I-Effect
funds I-Effect
to I-Effect
reinvest I-Effect
in I-Effect
its I-Effect
business I-Effect
. O

We B-Effect
expect I-Effect
the I-Effect
SiC I-Effect
market I-Effect
to I-Effect
rise I-Effect
exponentially I-Effect
in I-Effect
the I-Effect
next I-Effect
decade I-Effect
or I-Effect
more I-Effect
, O
given B-Effect
the I-Effect
potential I-Effect
for I-Effect
SiC I-Effect
semis I-Effect
to I-Effect
displace I-Effect
silicon-based I-Effect
semis I-Effect
in I-Effect
electric I-Effect
vehicles I-Effect
( I-Effect
EVs I-Effect
) I-Effect
and I-Effect
industrial I-Effect
applications I-Effect
as O
SiC B-Cause
can I-Cause
handle I-Cause
higher I-Cause
voltages I-Cause
and I-Cause
temperatures I-Cause
. O

We O
believe O
insurers B-Effect
that I-Effect
consistently I-Effect
achieve I-Effect
positive I-Effect
underwriting I-Effect
profitability I-Effect
are I-Effect
better I-Effect
bets I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
, O
as O
insurance B-Cause
profitability I-Cause
tends I-Cause
to I-Cause
be I-Cause
more I-Cause
sustainable I-Cause
than I-Cause
investment I-Cause
income I-Cause
. O

That O
said O
, O
sometimes O
Williams O
can O
obtain B-Cause
minimum I-Cause
volume I-Cause
commitments I-Cause
for O
its O
G O
& O
amp O
; O
P O
assets O
where O
it O
is O
particularly B-Effect
well I-Effect
positioned I-Effect
in I-Effect
terms I-Effect
of I-Effect
takeaway I-Effect
capacity I-Effect
. O

Our O
forecast O
assumes O
five-year B-Effect
revenue I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
in I-Effect
excess I-Effect
of I-Effect
20 I-Effect
% I-Effect
, O
reflecting O
strength O
in O
Veeva O
Vault O
as O
it B-Cause
eclipses I-Cause
Commercial I-Cause
Cloud I-Cause
. O

Offering B-Cause
customers I-Cause
a I-Cause
select I-Cause
assortment I-Cause
of I-Cause
high-value I-Cause
merchandise I-Cause
in I-Cause
a I-Cause
low-frills I-Cause
environment I-Cause
delivers I-Cause
several I-Cause
benefits I-Cause
that O
allow O
Costco B-Effect
to I-Effect
continually I-Effect
hold I-Effect
prices I-Effect
down I-Effect
and I-Effect
leverage I-Effect
its I-Effect
warehouse I-Effect
infrastructure I-Effect
. O

Because O
we B-Cause
consider I-Cause
interconnection I-Cause
the I-Cause
heart I-Cause
of I-Cause
CoreSite I-Cause
's I-Cause
business I-Cause
, O
our B-Effect
primary I-Effect
considerations I-Effect
include I-Effect
the I-Effect
possibility I-Effect
of I-Effect
firms I-Effect
making I-Effect
comparable I-Effect
connections I-Effect
from I-Effect
off-premise I-Effect
locations I-Effect
and I-Effect
their I-Effect
ability I-Effect
to I-Effect
pass I-Effect
more I-Effect
and I-Effect
more I-Effect
data I-Effect
through I-Effect
a I-Effect
single I-Effect
cross I-Effect
connect I-Effect
. O

While O
the O
environment O
is O
challenged O
, O
we O
believe O
retail O
's O
future O
is O
omnichannel O
, O
with O
customers B-Cause
demanding I-Cause
a I-Cause
range I-Cause
of I-Cause
fulfillment I-Cause
options I-Cause
( I-Cause
ship I-Cause
to I-Cause
home I-Cause
, I-Cause
delivery I-Cause
, I-Cause
click-and-collect I-Cause
, I-Cause
and I-Cause
in-store I-Cause
purchasing I-Cause
) I-Cause
that O
should O
benefit B-Effect
firms I-Effect
with I-Effect
dense I-Effect
store I-Effect
networks I-Effect
. O

We O
estimate O
slightly B-Effect
faster I-Effect
5.5 I-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
the I-Effect
restorative I-Effect
therapies I-Effect
group I-Effect
through I-Effect
fiscal I-Effect
2024 I-Effect
, O
driven O
by O
adoption B-Cause
of I-Cause
new I-Cause
technologies I-Cause
in I-Cause
neuromodulation I-Cause
and I-Cause
neurovascular I-Cause
and O
a B-Effect
return I-Effect
to I-Effect
growth I-Effect
of I-Effect
the I-Effect
spine I-Effect
business I-Effect
thanks O
to O
the B-Cause
addition I-Cause
of I-Cause
the I-Cause
Mazor I-Cause
robot I-Cause
. O

We O
forecast O
roughly O
2.5 B-Effect
% I-Effect
average I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
2024 I-Effect
, O
driven O
by O
opportunities B-Cause
in I-Cause
infrastructure I-Cause
, I-Cause
mining I-Cause
, I-Cause
and I-Cause
energy I-Cause
. O

Additionally O
, O
we O
believe O
the B-Effect
company I-Effect
's I-Effect
expense I-Effect
ratio I-Effect
had I-Effect
been I-Effect
somewhat I-Effect
elevated I-Effect
, O
as O
it B-Cause
has I-Cause
expanded I-Cause
into I-Cause
new I-Cause
lines I-Cause
and I-Cause
geographies I-Cause
. O

The O
tie-up O
calls O
for O
Paccar O
to O
combine B-Cause
its I-Cause
hardware I-Cause
or I-Cause
vehicles I-Cause
with I-Cause
Aurora I-Cause
's I-Cause
software I-Cause
in O
order O
to O
develop B-Effect
autonomous I-Effect
trucks I-Effect
. O

Beyond O
applying B-Cause
expected I-Cause
free I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
in I-Cause
2021 I-Cause
to O
reducing B-Effect
leverage I-Effect
, O
we O
think O
it O
should O
be O
aggressive O
in O
seeking B-Cause
additional I-Cause
ways I-Cause
to O
further O
reduce B-Effect
absolute I-Effect
debt I-Effect
. O

With O
the B-Cause
current I-Cause
lack I-Cause
of I-Cause
pricing I-Cause
transparency I-Cause
with I-Cause
significant I-Cause
variations I-Cause
between I-Cause
list I-Cause
and I-Cause
invoice I-Cause
prices I-Cause
and I-Cause
day I-Cause
to I-Cause
day I-Cause
pricing I-Cause
volatility I-Cause
and I-Cause
regulatory I-Cause
compliance I-Cause
and I-Cause
recalls I-Cause
, O
providers B-Effect
and I-Effect
retail I-Effect
pharmacies I-Effect
do I-Effect
not I-Effect
have I-Effect
the I-Effect
IT I-Effect
infrastructure I-Effect
to I-Effect
quickly I-Effect
manage I-Effect
the I-Effect
available I-Effect
information I-Effect
nor I-Effect
negotiate I-Effect
competitive I-Effect
pricing I-Effect
with I-Effect
manufacturers I-Effect
. O

Silgan B-Effect
's I-Effect
plastic I-Effect
containers I-Effect
segment I-Effect
should I-Effect
achieve I-Effect
organic I-Effect
growth I-Effect
of I-Effect
around I-Effect
4 I-Effect
% I-Effect
amid O
the O
additional O
benefit O
of O
a B-Cause
mix I-Cause
shift I-Cause
in I-Cause
favor I-Cause
of I-Cause
plastic I-Cause
. O

For B-Cause
2021 I-Cause
, I-Cause
we I-Cause
lifted I-Cause
our I-Cause
sales I-Cause
estimate I-Cause
to I-Cause
$ I-Cause
19.0 I-Cause
billion I-Cause
from I-Cause
$ I-Cause
18.4 I-Cause
billion I-Cause
and I-Cause
raised I-Cause
our I-Cause
operating I-Cause
margin I-Cause
forecast I-Cause
to I-Cause
6.0 I-Cause
% I-Cause
from I-Cause
4.8 I-Cause
% I-Cause
, O
leading O
to O
an B-Effect
adjusted I-Effect
EPS I-Effect
forecast I-Effect
that I-Effect
improves I-Effect
to I-Effect
$ I-Effect
4.21 I-Effect
from I-Effect
our I-Effect
prior I-Effect
$ I-Effect
2.85 I-Effect
estimate I-Effect
. O

The O
increase B-Cause
in I-Cause
infrastructure I-Cause
investment I-Cause
resulted O
in O
our B-Effect
five-year I-Effect
annual I-Effect
EPS I-Effect
growth I-Effect
rate I-Effect
increasing I-Effect
to I-Effect
6 I-Effect
% I-Effect
, I-Effect
or I-Effect
30 I-Effect
basis I-Effect
points I-Effect
. O

Both O
segments O
are O
exposed O
to O
the O
automotive O
and O
energy O
sectors O
, O
which O
pose B-Effect
some I-Effect
indirect I-Effect
ESG-related I-Effect
risks I-Effect
as O
the B-Cause
vehicle I-Cause
fleet I-Cause
electrifies I-Cause
. O

We O
think O
its B-Cause
expanding I-Cause
distribution I-Cause
network I-Cause
and I-Cause
product I-Cause
portfolio I-Cause
have O
helped B-Effect
Lennox I-Effect
gain I-Effect
market I-Effect
share I-Effect
, O
while O
low-cost B-Cause
Mexican I-Cause
manufacturing I-Cause
, I-Cause
Asian I-Cause
product I-Cause
sourcing I-Cause
, I-Cause
and I-Cause
more I-Cause
cost-efficient I-Cause
product I-Cause
designs I-Cause
helped B-Effect
the I-Effect
company I-Effect
reduce I-Effect
its I-Effect
cost I-Effect
base I-Effect
. O

We O
expect O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
significantly I-Effect
from I-Effect
20 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
on I-Effect
a I-Effect
pro I-Effect
forma I-Effect
basis I-Effect
to I-Effect
26 I-Effect
% I-Effect
by I-Effect
2025. O
This O
improvement O
comes O
mainly O
from O
cost B-Cause
synergies I-Cause
from I-Cause
the I-Cause
Willis I-Cause
Towers I-Cause
Watson I-Cause
merger I-Cause
and I-Cause
from I-Cause
lower I-Cause
purchase I-Cause
amortization I-Cause
expense I-Cause
over I-Cause
time I-Cause
. O

However O
, O
a B-Cause
significant I-Cause
portion I-Cause
of I-Cause
sales I-Cause
comes I-Cause
from I-Cause
the I-Cause
wired I-Cause
and I-Cause
wireless I-Cause
segment I-Cause
, O
which O
have O
been O
historically O
lumpy O
and O
contribute O
to O
the B-Effect
cyclical I-Effect
nature I-Effect
of I-Effect
the I-Effect
FPGA I-Effect
space I-Effect
. O

The B-Cause
company I-Cause
is I-Cause
large I-Cause
enough I-Cause
to I-Cause
have I-Cause
an I-Cause
established I-Cause
implementation I-Cause
practice I-Cause
within I-Cause
all I-Cause
major I-Cause
consulting I-Cause
companies I-Cause
, O
which O
is O
a B-Effect
competitive I-Effect
point I-Effect
of I-Effect
differentiation I-Effect
and I-Effect
critically I-Effect
important I-Effect
to I-Effect
P I-Effect
& I-Effect
C I-Effect
insurers I-Effect
as I-Effect
they I-Effect
survey I-Effect
the I-Effect
landscape I-Effect
of I-Effect
transforming I-Effect
their I-Effect
own I-Effect
businesses I-Effect
. O

If B-Cause
, I-Cause
Altice I-Cause
USA I-Cause
and I-Cause
its I-Cause
cable I-Cause
peers I-Cause
sharply I-Cause
increase I-Cause
their I-Cause
share I-Cause
of I-Cause
the I-Cause
Internet I-Cause
access I-Cause
market I-Cause
, O
regulatory O
pressure O
may O
grow O
, O
potentially O
offsetting B-Effect
the I-Effect
benefits I-Effect
of I-Effect
these I-Effect
gains I-Effect
. O

In O
our O
view O
, O
networks B-Effect
are I-Effect
crucial I-Effect
to I-Effect
sustaining I-Effect
a I-Effect
network I-Effect
effect I-Effect
because O
they B-Cause
make I-Cause
data I-Cause
centers I-Cause
more I-Cause
valuable I-Cause
both I-Cause
to I-Cause
each I-Cause
other I-Cause
and I-Cause
to I-Cause
cloud I-Cause
providers I-Cause
, O
which O
then O
draw O
their O
own O
customers O
. O

We B-Effect
raised I-Effect
our I-Effect
assumed I-Effect
probability I-Effect
of I-Effect
approval I-Effect
for I-Effect
PD-1 I-Effect
antibody I-Effect
retifanlimab I-Effect
to I-Effect
60 I-Effect
% I-Effect
from I-Effect
50 I-Effect
% I-Effect
, O
as O
the B-Cause
drug I-Cause
is I-Cause
poised I-Cause
to I-Cause
gain I-Cause
FDA I-Cause
approval I-Cause
by I-Cause
July I-Cause
for I-Cause
anal I-Cause
cancer I-Cause
and I-Cause
has I-Cause
several I-Cause
ongoing I-Cause
programs I-Cause
in I-Cause
other I-Cause
niche I-Cause
indications I-Cause
and I-Cause
broader I-Cause
markets I-Cause
like I-Cause
lung I-Cause
cancer I-Cause
. O

We B-Effect
also I-Effect
like I-Effect
Toronto-Dominion I-Effect
's I-Effect
positioning I-Effect
as I-Effect
a I-Effect
major I-Effect
discount-brokerage I-Effect
player I-Effect
because O
we O
believe O
this B-Cause
industry I-Cause
is I-Cause
ripe I-Cause
for I-Cause
growth I-Cause
as I-Cause
investors I-Cause
seek I-Cause
out I-Cause
lower-cost I-Cause
alternatives I-Cause
, O
and O
the O
bank O
could O
leverage B-Cause
its I-Cause
knowledge I-Cause
of I-Cause
the I-Cause
industry I-Cause
for O
future B-Effect
growth I-Effect
in I-Effect
Canada I-Effect
. O

Since O
brokers B-Cause
are I-Cause
primarily I-Cause
compensated I-Cause
via I-Cause
commission I-Cause
that I-Cause
varies I-Cause
with I-Cause
productivity I-Cause
, O
it B-Effect
is I-Effect
likewise I-Effect
important I-Effect
for I-Effect
ambitious I-Effect
employees I-Effect
to I-Effect
work I-Effect
for I-Effect
firms I-Effect
with I-Effect
a I-Effect
strong I-Effect
reputation I-Effect
and I-Effect
a I-Effect
deep I-Effect
network I-Effect
in I-Effect
their I-Effect
desired I-Effect
market I-Effect
. O

While O
the O
Chilean O
government O
has O
maintained O
one O
of O
the O
lowest O
debt O
burdens O
in O
Latin O
America O
, O
at O
roughly O
30 O
% O
of O
GDP O
, O
expanded B-Cause
fiscal I-Cause
spending I-Cause
and I-Cause
consistent I-Cause
budget I-Cause
deficits I-Cause
could O
start O
to O
put O
more O
pressure O
on O
the B-Effect
country I-Effect
's I-Effect
fiscal I-Effect
position I-Effect
. O

Despite B-Cause
these I-Cause
arrangements I-Cause
, I-Cause
the I-Cause
deal I-Cause
left I-Cause
Oxy I-Cause
with I-Cause
significantly I-Cause
higher I-Cause
financial I-Cause
leverage I-Cause
, I-Cause
even I-Cause
before I-Cause
oil I-Cause
prices I-Cause
collapsed I-Cause
at I-Cause
the I-Cause
beginning I-Cause
of I-Cause
2020. O
As O
a O
result O
, O
management B-Effect
is I-Effect
still I-Effect
working I-Effect
on I-Effect
patching I-Effect
up I-Effect
the I-Effect
balance I-Effect
sheet I-Effect
and I-Effect
the I-Effect
firm I-Effect
is I-Effect
still I-Effect
coping I-Effect
with I-Effect
elevated I-Effect
leverage I-Effect
ratios I-Effect
. O

We B-Cause
do I-Cause
not I-Cause
think I-Cause
PTC I-Cause
exhibits I-Cause
a I-Cause
strong I-Cause
network I-Cause
effect I-Cause
given I-Cause
that O
the B-Effect
company I-Effect
's I-Effect
CAD I-Effect
and I-Effect
PLM I-Effect
software I-Effect
are I-Effect
more I-Effect
specialized I-Effect
than I-Effect
the I-Effect
average I-Effect
product I-Effect
design I-Effect
and I-Effect
product I-Effect
lifecycle I-Effect
offerings I-Effect
. I-Effect

We O
believe O
that O
learning O
algorithms O
that O
analyze B-Cause
consumer I-Cause
purchases I-Cause
over I-Cause
time I-Cause
( I-Cause
online I-Cause
as I-Cause
well I-Cause
as I-Cause
potentially I-Cause
offline I-Cause
through I-Cause
connected I-Cause
stores I-Cause
) I-Cause
could I-Cause
increasingly I-Cause
personalize I-Cause
merchandise I-Cause
and I-Cause
the I-Cause
consumer I-Cause
experience I-Cause
, I-Cause
leading B-Effect
to I-Effect
better I-Effect
sales I-Effect
conversion I-Effect
. I-Effect

That O
said O
, O
with O
asset-management B-Cause
firms I-Cause
like I-Cause
Janus I-Cause
Henderson I-Cause
expected I-Cause
to I-Cause
not I-Cause
only I-Cause
pare I-Cause
back I-Cause
their I-Cause
fees I-Cause
but I-Cause
also I-Cause
spend I-Cause
more I-Cause
to I-Cause
produce I-Cause
better I-Cause
investment I-Cause
results I-Cause
and I-Cause
enhance I-Cause
distribution I-Cause
, O
we O
expect O
adjusted B-Effect
operating I-Effect
margins I-Effect
to I-Effect
hover I-Effect
between I-Effect
23 I-Effect
% I-Effect
and I-Effect
26 I-Effect
% I-Effect
over I-Effect
the I-Effect
remainder I-Effect
of I-Effect
2020-24 I-Effect
. O

After O
a O
lean O
decade O
for O
residential O
construction O
, O
we O
expect O
favorable B-Cause
demographics I-Cause
, I-Cause
a I-Cause
tighter I-Cause
labor I-Cause
market I-Cause
, I-Cause
and I-Cause
relatively I-Cause
loose I-Cause
mortgage I-Cause
availability I-Cause
to O
catalyze B-Effect
a I-Effect
major I-Effect
improvement I-Effect
in I-Effect
homebuilding I-Effect
activity I-Effect
in I-Effect
the I-Effect
coming I-Effect
decade I-Effect
. O

We O
think O
that O
political B-Effect
revenue I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
but I-Effect
core I-Effect
ad I-Effect
revenue I-Effect
will I-Effect
fall I-Effect
on I-Effect
an I-Effect
organic I-Effect
basis I-Effect
as O
digital B-Cause
continues I-Cause
to I-Cause
take I-Cause
share I-Cause
from I-Cause
analog I-Cause
platforms I-Cause
. O

We O
model O
Beyond B-Effect
's I-Effect
market I-Effect
share I-Effect
increasing I-Effect
from I-Effect
2.0 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
8.3 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
, O
as O
PBMs B-Cause
gain I-Cause
a I-Cause
larger I-Cause
share I-Cause
of I-Cause
the I-Cause
overall I-Cause
meat I-Cause
category I-Cause
, O
and O
as O
Beyond B-Effect
's I-Effect
brand I-Effect
continues I-Effect
to I-Effect
win I-Effect
with I-Effect
consumers I-Effect
, O
given O
its B-Cause
strong I-Cause
performance I-Cause
in I-Cause
taste I-Cause
tests I-Cause
and I-Cause
ongoing I-Cause
R I-Cause
& I-Cause
D I-Cause
investments I-Cause
. O

We O
see O
noninterest B-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
roughly I-Cause
2 I-Cause
% I-Cause
. O
This O
leads O
us O
to O
expect O
an B-Effect
average I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
roughly I-Effect
11 I-Effect
% I-Effect
-12 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
slightly I-Effect
above I-Effect
our I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
9 I-Effect
% I-Effect
. O

However O
, O
we O
are O
currently O
assigning B-Effect
all I-Effect
Canadian I-Effect
banks I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
because O
of O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
potential I-Cause
downside I-Cause
. O

Once B-Cause
the I-Cause
business I-Cause
returns I-Cause
to I-Cause
growth I-Cause
, I-Cause
we I-Cause
still I-Cause
expect I-Cause
the I-Cause
salesforce I-Cause
to I-Cause
become I-Cause
more I-Cause
productive I-Cause
over I-Cause
time I-Cause
, O
which O
should O
help B-Effect
operating I-Effect
margin I-Effect
expand I-Effect
to I-Effect
14 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
. O

BioNTech B-Cause
's I-Cause
methods I-Cause
would O
allow O
production B-Effect
in I-Effect
roughly I-Effect
three I-Effect
months I-Effect
, O
which O
could O
increase B-Effect
the I-Effect
reliability I-Effect
of I-Effect
flu I-Effect
strain I-Effect
selection I-Effect
and O
allow O
for O
adjustments B-Effect
as I-Effect
the I-Effect
season I-Effect
progresses I-Effect
, O
and O
the O
mRNA-based O
process O
would O
limit O
mutations O
. O

Importantly O
for O
its O
self-funding O
client O
base O
in O
particular O
, O
Cigna B-Cause
already I-Cause
boasts I-Cause
an I-Cause
industry-leading I-Cause
cost I-Cause
trend I-Cause
with O
a O
goal O
to O
push B-Effect
its I-Effect
commercial I-Effect
cost I-Effect
growth I-Effect
down I-Effect
to I-Effect
or I-Effect
below I-Effect
the I-Effect
consumer I-Effect
price I-Effect
index I-Effect
in I-Effect
the I-Effect
near I-Effect
future I-Effect
. O

Via O
the B-Cause
2019 I-Cause
purchase I-Cause
of I-Cause
Fox I-Cause
Sports I-Cause
Networks I-Cause
, O
Sinclair B-Effect
is I-Effect
now I-Effect
also I-Effect
the I-Effect
largest I-Effect
owner I-Effect
or I-Effect
operator I-Effect
of I-Effect
regional I-Effect
sports I-Effect
networks I-Effect
with I-Effect
23 I-Effect
. O

We B-Effect
believe I-Effect
Beyond I-Effect
will I-Effect
report I-Effect
37.5 I-Effect
% I-Effect
gross I-Effect
margins I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, I-Effect
a I-Effect
marked I-Effect
improvement I-Effect
from I-Effect
2019 I-Effect
's I-Effect
33.5 I-Effect
% I-Effect
gross I-Effect
margin I-Effect
, I-Effect
as I-Effect
the I-Effect
business I-Effect
benefits I-Effect
from I-Effect
added I-Effect
scale I-Effect
, O
and O
as O
a B-Cause
higher I-Cause
portion I-Cause
of I-Cause
manufacturing I-Cause
is I-Cause
brought I-Cause
in-house I-Cause
, I-Cause
partially I-Cause
offset I-Cause
by I-Cause
lower I-Cause
prices I-Cause
. O

Given O
the B-Cause
delay I-Cause
of I-Cause
movie I-Cause
premieres I-Cause
and I-Cause
theater I-Cause
closures I-Cause
, O
we O
believe O
that O
theaters B-Effect
will I-Effect
be I-Effect
largely I-Effect
empty I-Effect
until I-Effect
June I-Effect
2021 I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

Heico B-Cause
also I-Cause
runs I-Cause
the I-Cause
largest I-Cause
independent I-Cause
MRO I-Cause
shop I-Cause
, I-Cause
which O
gives O
it O
a B-Effect
distribution I-Effect
network I-Effect
for I-Effect
its I-Effect
parts I-Effect
, O
which O
would O
be O
expensive O
and O
difficult O
to O
replicate O
. O

However O
, O
animal B-Cause
health I-Cause
products I-Cause
are I-Cause
purchased I-Cause
by I-Cause
a I-Cause
fragmented I-Cause
group I-Cause
of I-Cause
protein I-Cause
producers I-Cause
, I-Cause
veterinarians I-Cause
, I-Cause
and I-Cause
pet I-Cause
owners I-Cause
, O
allowing O
very B-Effect
little I-Effect
bargaining I-Effect
power I-Effect
over I-Effect
the I-Effect
highly I-Effect
concentrated I-Effect
animal I-Effect
health I-Effect
firms I-Effect
. O

First O
, O
the B-Cause
bulk I-Cause
of I-Cause
Edwards I-Cause
' I-Cause
products I-Cause
go I-Cause
through I-Cause
the I-Cause
more I-Cause
rigorous I-Cause
premarket I-Cause
approval I-Cause
process I-Cause
with I-Cause
the I-Cause
Food I-Cause
and I-Cause
Drug I-Cause
Administration I-Cause
, O
which O
provides B-Effect
substantial I-Effect
shelter I-Effect
from I-Effect
legal I-Effect
liability I-Effect
from I-Effect
defective I-Effect
products I-Effect
. O

However O
, O
we O
believe O
Hain B-Cause
has I-Cause
historically I-Cause
not I-Cause
been I-Cause
selective I-Cause
but I-Cause
is I-Cause
attempting I-Cause
to I-Cause
maximize I-Cause
revenue I-Cause
by I-Cause
playing I-Cause
in I-Cause
all I-Cause
categories I-Cause
, O
which O
we O
surmise O
has B-Effect
ultimately I-Effect
harmed I-Effect
revenue I-Effect
growth I-Effect
, O
given O
its O
inadequate O
brand O
support O
. O

We O
believe O
the B-Effect
vast I-Effect
creation I-Effect
of I-Effect
data I-Effect
and I-Effect
the I-Effect
dispersed I-Effect
nature I-Effect
of I-Effect
network I-Effect
traffic I-Effect
, O
due O
to O
hybrid B-Cause
environments I-Cause
, I-Cause
software-as-a-service I-Cause
applications I-Cause
, I-Cause
and I-Cause
remote I-Cause
access I-Cause
needs I-Cause
create I-Cause
a I-Cause
larger I-Cause
threat I-Cause
surface I-Cause
. O

Barriers B-Effect
to I-Effect
entry I-Effect
are I-Effect
very I-Effect
low I-Effect
for I-Effect
hotels I-Effect
in I-Effect
major I-Effect
metropolitan I-Effect
areas I-Effect
, O
as O
cities B-Cause
encourage I-Cause
economic I-Cause
development I-Cause
that I-Cause
revitalizes I-Cause
an I-Cause
area I-Cause
and I-Cause
brings I-Cause
tourism I-Cause
dollars I-Cause
and I-Cause
taxable I-Cause
income I-Cause
to I-Cause
the I-Cause
city I-Cause
. O

The B-Cause
product I-Cause
's I-Cause
immense I-Cause
cost I-Cause
, I-Cause
concentration I-Cause
of I-Cause
force I-Cause
, I-Cause
and I-Cause
the I-Cause
higher I-Cause
probability I-Cause
of I-Cause
being I-Cause
destroyed I-Cause
reduce B-Effect
our I-Effect
certainty I-Effect
that O
the O
Navy O
will O
continue O
purchasing O
these O
behemoths O
beyond O
the O
current O
backlog O
. O

While O
its B-Cause
debt-free I-Cause
capital I-Cause
structure I-Cause
and I-Cause
cost-cutting I-Cause
have O
allowed O
the B-Effect
firm I-Effect
to I-Effect
endure I-Effect
the I-Effect
crisis I-Effect
and I-Effect
sales I-Effect
have I-Effect
rebounded I-Effect
strongly I-Effect
, O
financial B-Effect
performance I-Effect
should I-Effect
be I-Effect
volatile I-Effect
, O
exacerbated O
by O
recessionary B-Cause
pressure I-Cause
on I-Cause
discretionary I-Cause
sales I-Cause
but O
offset O
by O
shoppers B-Cause
' I-Cause
thirst I-Cause
for I-Cause
value I-Cause
. O

The B-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
utility I-Effect
is I-Effect
renewing I-Effect
infrastructure I-Effect
and I-Effect
making I-Effect
operational I-Effect
improvements I-Effect
to B-Cause
reduce I-Cause
GHGs I-Cause
and I-Cause
also I-Cause
participating I-Cause
in I-Cause
energy I-Cause
efficiency I-Cause
programs I-Cause
for I-Cause
customers I-Cause
. O

Nevertheless O
, O
we O
think O
JLL B-Effect
is I-Effect
poised I-Effect
to I-Effect
experience I-Effect
long-term I-Effect
growth I-Effect
as O
it B-Cause
continues I-Cause
to I-Cause
benefit I-Cause
from I-Cause
a I-Cause
buoyant I-Cause
real I-Cause
estate I-Cause
services I-Cause
industry I-Cause
and I-Cause
takes I-Cause
share I-Cause
from I-Cause
smaller I-Cause
, I-Cause
more I-Cause
fragmented I-Cause
competitors I-Cause
. O

The B-Effect
high I-Effect
productivity I-Effect
is O
largely O
attributable O
to O
the B-Cause
company I-Cause
's I-Cause
geographic I-Cause
mix I-Cause
being I-Cause
weighted I-Cause
more I-Cause
to I-Cause
the I-Cause
United I-Cause
States I-Cause
, O
which O
has O
had O
a O
healthier O
merger O
and O
acquisition O
recovery O
than O
the O
rest O
of O
the O
globe O
. O

We O
view O
the B-Cause
brewing I-Cause
space I-Cause
as O
quite O
conducive B-Effect
to I-Effect
these I-Effect
dynamics I-Effect
, O
though O
less O
so O
than O
its O
analogue O
in O
the O
non-alcoholic O
beverage O
space O
, O
carbonated O
soft O
drinks O
, O
or O
CSDs O
. O

Lastly O
, O
as O
Twilio B-Cause
's I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
grows I-Cause
, O
the B-Effect
firm I-Effect
will I-Effect
find I-Effect
itself I-Effect
competing I-Effect
with I-Effect
larger I-Effect
, I-Effect
more I-Effect
well-established I-Effect
SaaS I-Effect
players I-Effect
. O

Alphabet B-Effect
dominates I-Effect
the I-Effect
online I-Effect
search I-Effect
market I-Effect
with I-Effect
Google I-Effect
's I-Effect
global I-Effect
share I-Effect
above I-Effect
80 I-Effect
% I-Effect
, O
via O
which O
it B-Cause
generates I-Cause
strong I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
cash I-Cause
flow I-Cause
. O

Despite O
numerous O
competitors O
, O
the B-Effect
company I-Effect
has I-Effect
established I-Effect
leading I-Effect
market I-Effect
share I-Effect
and I-Effect
spectacular I-Effect
profitability I-Effect
with O
its B-Cause
convenient I-Cause
, I-Cause
effective I-Cause
, I-Cause
and I-Cause
safe I-Cause
treatments I-Cause
. O

Furthermore O
, O
analog B-Cause
chips I-Cause
tend I-Cause
to I-Cause
make I-Cause
up I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
a I-Cause
product I-Cause
's I-Cause
bill I-Cause
of I-Cause
materials I-Cause
, O
so O
purchasing B-Effect
decisions I-Effect
tend I-Effect
to I-Effect
be I-Effect
based I-Effect
on I-Effect
performance I-Effect
rather I-Effect
than I-Effect
price I-Effect
, O
helping O
ADI O
and O
its O
peers O
retain O
pricing O
power O
. O

Global B-Cause
pricing I-Cause
pressure I-Cause
and I-Cause
consolidation I-Cause
of I-Cause
pharmacy I-Cause
benefit I-Cause
managers I-Cause
could O
reduce O
Gilead B-Effect
's I-Effect
ability I-Effect
to I-Effect
charge I-Effect
price I-Effect
premiums I-Effect
for I-Effect
new I-Effect
drugs I-Effect
or I-Effect
extend I-Effect
patent I-Effect
protection I-Effect
. O

Turning O
to O
the B-Cause
firm I-Cause
's I-Cause
cost I-Cause
advantage I-Cause
, O
we O
believe O
that O
McDonald B-Effect
's I-Effect
commanding I-Effect
scale I-Effect
allows I-Effect
it I-Effect
to I-Effect
benefit I-Effect
from I-Effect
volume I-Effect
discounts I-Effect
in I-Effect
food I-Effect
and I-Effect
paper I-Effect
procurement I-Effect
from I-Effect
food I-Effect
distributors I-Effect
, O
fixed-cost O
leverage O
in O
general O
and O
administrative O
, O
marketing O
and O
technology O
spending O
, O
and O
lower O
rates O
on O
third-party O
operator O
( O
3PO O
) O
platforms O
. O

We B-Effect
expect I-Effect
the I-Effect
ratio I-Effect
of I-Effect
revenue-to-ad I-Effect
revenue I-Effect
share I-Effect
payments I-Effect
and I-Effect
costs I-Effect
of I-Effect
content I-Effect
creation I-Effect
and I-Effect
data I-Effect
analysis I-Effect
to I-Effect
increase I-Effect
slightly I-Effect
as O
Snap B-Cause
may I-Cause
attain I-Cause
some I-Cause
pricing I-Cause
leverage I-Cause
over I-Cause
time I-Cause
. O

Cyclical B-Effect
downturns I-Effect
in I-Effect
freight I-Effect
demand I-Effect
compress I-Effect
profitability I-Effect
because O
excess B-Cause
capacity I-Cause
normally I-Cause
drives I-Cause
providers I-Cause
to I-Cause
slash I-Cause
rates I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
salvage I-Cause
asset I-Cause
utilization I-Cause
. O

We O
expect O
Home B-Cause
Depot I-Cause
to I-Cause
adapt I-Cause
, O
and O
as O
such O
, O
we O
do O
not O
see O
any B-Effect
material I-Effect
financial I-Effect
impact I-Effect
from I-Effect
such I-Effect
exposure I-Effect
. O

Given O
the B-Cause
high I-Cause
costs I-Cause
associated I-Cause
with I-Cause
chip I-Cause
design I-Cause
, O
it B-Effect
is I-Effect
essential I-Effect
for I-Effect
the I-Effect
chip I-Effect
design I-Effect
process I-Effect
to I-Effect
be I-Effect
error-free I-Effect
and I-Effect
have I-Effect
chips I-Effect
function I-Effect
as I-Effect
intended I-Effect
. O

But O
a O
bounceback O
this O
year O
, O
with O
industry O
participants O
stating O
that O
volumes O
have O
steadily O
and O
significantly O
improved O
from O
April O
lows O
, O
and O
the B-Cause
pandemic I-Cause
could O
ultimately O
accelerate B-Effect
the I-Effect
ongoing I-Effect
shift I-Effect
toward I-Effect
electronic I-Effect
payments I-Effect
. O

These O
moves O
align O
well O
with O
management O
's O
strategy O
to O
focus B-Cause
on I-Cause
developing I-Cause
innovative I-Cause
and I-Cause
proprietary I-Cause
products I-Cause
to O
continue B-Effect
driving I-Effect
aftermarket I-Effect
sales I-Effect
from I-Effect
replacement I-Effect
parts I-Effect
. O

We O
forecast O
that O
sales O
for O
ORV/snowmobiles O
can O
rise O
at O
a O
low-single-digit O
rate O
( O
3 O
% O
) O
over O
our O
longer-term O
forecast O
and O
3 B-Effect
% I-Effect
motorcycle I-Effect
growth I-Effect
as O
Indian B-Cause
captures I-Cause
wider I-Cause
market I-Cause
share I-Cause
( O
with O
automatic O
Slingshot O
shipments O
helping O
support O
demand O
ahead O
) O
. O

While O
this B-Cause
effort I-Cause
has O
enhanced B-Effect
Vodafone I-Effect
's I-Effect
ability I-Effect
to I-Effect
offer I-Effect
converged I-Effect
services I-Effect
, O
the B-Effect
wireless I-Effect
market I-Effect
is I-Effect
becoming I-Effect
more I-Effect
competitive I-Effect
with O
the B-Cause
recent I-Cause
entrance I-Cause
of I-Cause
Iliad I-Cause
. O

Consequently O
, O
Intel B-Cause
has I-Cause
built I-Cause
a I-Cause
broad I-Cause
accelerator I-Cause
portfolio I-Cause
via O
the B-Effect
acquisition I-Effect
of I-Effect
Altera I-Effect
for I-Effect
FPGAs I-Effect
, I-Effect
Mobileye I-Effect
for I-Effect
computer I-Effect
vision I-Effect
chips I-Effect
used I-Effect
in I-Effect
cars I-Effect
, I-Effect
and I-Effect
Habana I-Effect
Labs I-Effect
for I-Effect
AI I-Effect
chips I-Effect
. O

With B-Cause
national I-Cause
, I-Cause
state I-Cause
, I-Cause
and I-Cause
local I-Cause
governments I-Cause
reeling I-Cause
from I-Cause
budget I-Cause
problems I-Cause
, O
the B-Effect
emergence I-Effect
of I-Effect
cannabis I-Effect
as I-Effect
a I-Effect
legal I-Effect
product I-Effect
has I-Effect
come I-Effect
to I-Effect
be I-Effect
viewed I-Effect
as I-Effect
a I-Effect
funding I-Effect
panacea I-Effect
. O

Pegasystems O
is O
in O
the O
early O
stages O
of O
its O
model O
transition O
and O
does O
not O
have B-Cause
a I-Cause
substantial I-Cause
cash I-Cause
hoard I-Cause
on I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
to O
help B-Effect
cushion I-Effect
the I-Effect
immediate I-Effect
depressive I-Effect
impacts I-Effect
on I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
margins I-Effect
. O

While O
we O
do O
n't O
believe O
it O
will O
raise O
prices O
egregiously O
, B-Cause
TCCC I-Cause
is I-Cause
able I-Cause
to I-Cause
assess I-Cause
how I-Cause
the I-Cause
profits I-Cause
along I-Cause
the I-Cause
value I-Cause
chain I-Cause
are I-Cause
divided I-Cause
and I-Cause
adjust I-Cause
concentrate I-Cause
prices I-Cause
accordingly I-Cause
to O
ensure B-Effect
that I-Effect
it I-Effect
gets I-Effect
its I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
fair I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
share I-Effect
. O

Also O
, O
the B-Effect
firm I-Effect
is I-Effect
installing I-Effect
a I-Effect
new I-Effect
enterprise I-Effect
resource I-Effect
planning I-Effect
system I-Effect
to O
help O
manage B-Cause
accounting I-Cause
, I-Cause
procurement I-Cause
, I-Cause
project I-Cause
management I-Cause
and I-Cause
supply I-Cause
chain I-Cause
operations I-Cause
. O

With O
recent B-Cause
concerns I-Cause
around I-Cause
ethylene I-Cause
oxide I-Cause
, I-Cause
or I-Cause
EtO I-Cause
, I-Cause
sterilization I-Cause
, O
there O
is O
a O
risk O
that O
regulators B-Effect
could I-Effect
ban I-Effect
or I-Effect
limit I-Effect
the I-Effect
use I-Effect
of I-Effect
EtO I-Effect
, O
which O
accounts O
for O
about O
half O
of O
device O
sterilization O
. O

Landstar B-Effect
's I-Effect
captive I-Effect
owner-operators I-Effect
( I-Effect
who I-Effect
pay I-Effect
their I-Effect
own I-Effect
operating I-Effect
expenses I-Effect
) I-Effect
benefit I-Effect
further I-Effect
from I-Effect
the I-Effect
ability I-Effect
to I-Effect
choose I-Effect
their I-Effect
own I-Effect
loads I-Effect
because O
the B-Cause
company I-Cause
does I-Cause
not I-Cause
force I-Cause
dispatch I-Cause
. O

If O
we O
assume O
that O
growth B-Cause
occurs I-Cause
at I-Cause
a I-Cause
low-single-digit I-Cause
pace I-Cause
( I-Cause
3 I-Cause
% I-Cause
for I-Cause
the I-Cause
industry I-Cause
) I-Cause
then O
North O
American B-Effect
players I-Effect
should I-Effect
be I-Effect
set I-Effect
to I-Effect
take I-Effect
share I-Effect
, O
as O
product B-Effect
launches I-Effect
could I-Effect
come I-Effect
more I-Effect
quickly I-Effect
in O
order O
to O
remain B-Cause
differentiated I-Cause
if I-Cause
Japanese I-Cause
peers I-Cause
fail I-Cause
to I-Cause
invest I-Cause
in I-Cause
the I-Cause
sector I-Cause
. O

As B-Cause
one I-Cause
of I-Cause
the I-Cause
leading I-Cause
manufacturers I-Cause
of I-Cause
energy-efficient I-Cause
light I-Cause
commercial I-Cause
and I-Cause
residential I-Cause
HVAC I-Cause
products I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
long I-Effect
been I-Effect
focused I-Effect
on I-Effect
sustainability I-Effect
, O
and O
based B-Cause
on I-Cause
its I-Cause
recent I-Cause
product I-Cause
strategy I-Cause
and I-Cause
2 I-Cause
Jun I-Cause
2021 I-Cause
05:00 I-Cause
, I-Cause
UTCgrowth I-Cause
investments I-Cause
, O
we B-Effect
believe I-Effect
this I-Effect
focus I-Effect
will I-Effect
continue I-Effect
. O

Willis O
Tower O
Watson O
's O
largest O
cost O
component O
by O
far O
is O
employee O
compensation O
, O
which O
could O
lead O
to O
pressure O
on O
margins O
if O
labor O
conditions O
grew O
tight O
and O
any O
large-scale B-Cause
employee I-Cause
defections I-Cause
could O
damage B-Effect
the I-Effect
business I-Effect
. O

This O
is O
where O
Fanuc B-Cause
's I-Cause
intangible I-Cause
assets I-Cause
( I-Cause
track I-Cause
record I-Cause
, I-Cause
reputation I-Cause
, I-Cause
brand I-Cause
) I-Cause
play O
a O
major O
role O
in O
the O
decision-making B-Effect
of I-Effect
potential I-Effect
customers I-Effect
looking I-Effect
to I-Effect
procure I-Effect
robots I-Effect
, I-Effect
machine I-Effect
tools I-Effect
, I-Effect
and I-Effect
other I-Effect
factory I-Effect
automation-related I-Effect
equipment I-Effect
. O

While O
Bristol O
discovered O
the O
drug O
internally O
, O
we B-Effect
like I-Effect
its I-Effect
strategic I-Effect
partnering I-Effect
decisions I-Effect
, O
as O
the B-Cause
moves I-Cause
reduce I-Cause
risks I-Cause
and I-Cause
lower I-Cause
development I-Cause
and I-Cause
marketing I-Cause
costs I-Cause
. O

We O
believe O
TAL B-Effect
Education I-Effect
can I-Effect
maintain I-Effect
its I-Effect
leading I-Effect
position I-Effect
and I-Effect
faster I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
China I-Effect
thanks O
to O
its B-Cause
brand I-Cause
and I-Cause
reputation I-Cause
. O

And O
the B-Cause
triple-net I-Cause
lease I-Cause
structure I-Cause
reduces O
the B-Effect
burden I-Effect
of I-Effect
management I-Effect
for I-Effect
the I-Effect
landlord I-Effect
, O
increasing B-Effect
the I-Effect
number I-Effect
of I-Effect
potential I-Effect
investors I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

Owing O
in O
part O
to O
historical B-Cause
legacy I-Cause
, O
Sinopec B-Effect
's I-Effect
revenue I-Effect
and I-Effect
assets I-Effect
are I-Effect
more I-Effect
heavily I-Effect
weighted I-Effect
toward I-Effect
its I-Effect
downstream I-Effect
activities I-Effect
and I-Effect
the I-Effect
company I-Effect
relies I-Effect
on I-Effect
external I-Effect
sources I-Effect
of I-Effect
oil I-Effect
to I-Effect
meet I-Effect
its I-Effect
refining I-Effect
and I-Effect
processing I-Effect
needs I-Effect
. O

However O
, O
as O
carryout B-Cause
becomes I-Cause
an I-Cause
increasingly I-Cause
important I-Cause
contributor I-Cause
and I-Cause
Domino I-Cause
's I-Cause
implements I-Cause
technology I-Cause
enhancements I-Cause
including I-Cause
autonomous I-Cause
delivery I-Cause
, I-Cause
GPS I-Cause
tracking I-Cause
, I-Cause
and I-Cause
in-store I-Cause
operational I-Cause
improvements I-Cause
, O
we O
expect O
it B-Effect
to I-Effect
remain I-Effect
ahead I-Effect
of I-Effect
industry I-Effect
growth I-Effect
trends I-Effect
. O

As O
industry B-Cause
trends I-Cause
have I-Cause
moved I-Cause
more I-Cause
of I-Cause
the I-Cause
drug I-Cause
development I-Cause
cycle I-Cause
to I-Cause
CROs I-Cause
and O
outsourcing B-Cause
penetration I-Cause
has I-Cause
increased I-Cause
, O
many B-Effect
biopharma I-Effect
companies I-Effect
stopped I-Effect
purchasing I-Effect
research I-Effect
models I-Effect
directly I-Effect
from I-Effect
Charles I-Effect
River I-Effect
and I-Effect
instead I-Effect
now I-Effect
select I-Effect
Charles I-Effect
River I-Effect
's I-Effect
full I-Effect
preclinical I-Effect
services I-Effect
. O

As O
a O
result O
of O
its O
M O
& O
A O
focus O
, O
Fortive B-Cause
continues I-Cause
to I-Cause
add I-Cause
assets I-Cause
and I-Cause
goodwill I-Cause
to I-Cause
its I-Cause
capital I-Cause
base I-Cause
, O
which O
constrains O
growth B-Effect
in I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Recurring O
revenue O
now O
makes O
up O
roughly O
50 O
% O
of O
Nasdaq O
total O
revenue O
and O
will O
likely O
continue O
to O
increase O
, O
as O
the B-Cause
company I-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Verafin I-Cause
and I-Cause
its I-Cause
sale I-Cause
of I-Cause
its I-Cause
fixed-income I-Cause
trading I-Cause
business I-Cause
to I-Cause
Tradeweb I-Cause
continues O
to O
push B-Effect
the I-Effect
firm I-Effect
toward I-Effect
its I-Effect
end I-Effect
goal I-Effect
of I-Effect
being I-Effect
a I-Effect
diversified I-Effect
technology I-Effect
company I-Effect
. O

Furthermore O
, O
we O
think O
new B-Cause
emission I-Cause
regulation I-Cause
will I-Cause
likely I-Cause
be I-Cause
introduced I-Cause
gradually I-Cause
over I-Cause
the I-Cause
next I-Cause
decade. O
This O
will O
give B-Effect
CNH I-Effect
Industrial I-Effect
time I-Effect
to I-Effect
continue I-Effect
evolving I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
its I-Effect
products I-Effect
and I-Effect
reducing I-Effect
its I-Effect
impact I-Effect
on I-Effect
the I-Effect
environment I-Effect
. O

We O
also O
model O
operating B-Effect
margins I-Effect
increasing I-Effect
steadily I-Effect
from I-Effect
37 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
approximately I-Effect
42 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
, O
driven O
by O
improvements B-Cause
in I-Cause
gross I-Cause
margin I-Cause
as O
Azure B-Cause
continues I-Cause
to I-Cause
scale I-Cause
as I-Cause
well I-Cause
as I-Cause
some I-Cause
operating I-Cause
leverage I-Cause
. O

We O
forecast O
12 O
% O
per O
year O
volume O
growth B-Effect
for I-Effect
recreational I-Effect
and I-Effect
food-products I-Effect
based O
on O
expanded B-Cause
distribution I-Cause
, O
consumers B-Cause
converting I-Cause
from I-Cause
the I-Cause
black I-Cause
market I-Cause
, O
and O
non-consumers B-Cause
becoming I-Cause
consumers I-Cause
. O

Further O
, O
Kellogg B-Cause
has I-Cause
struggled I-Cause
in I-Cause
the I-Cause
past I-Cause
at I-Cause
the I-Cause
hand I-Cause
of I-Cause
self-inflicted I-Cause
supply I-Cause
chain I-Cause
issues I-Cause
and I-Cause
lackluster I-Cause
innovation O
, O
which O
has O
weighed B-Effect
on I-Effect
its I-Effect
domestic I-Effect
morning I-Effect
foods I-Effect
and I-Effect
snacks I-Effect
segments I-Effect
( O
each O
have O
chalked O
up O
low- O
to O
mid-single-digit O
declines O
on O
average O
the O
four O
years O
prior O
to O
the O
pandemic O
) O
. O

We B-Cause
see I-Cause
this I-Cause
network I-Cause
effect I-Cause
continuing I-Cause
to I-Cause
expand I-Cause
in I-Cause
both I-Cause
developed I-Cause
and I-Cause
emerging I-Cause
markets I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
vertical I-Cause
markets I-Cause
such I-Cause
as I-Cause
rentals I-Cause
and I-Cause
attractions I-Cause
, O
resulting B-Effect
in I-Effect
a I-Effect
full I-Effect
connected I-Effect
trip I-Effect
offering I-Effect
. O

With O
an O
expectation O
for O
higher-margin B-Cause
subscriptions I-Cause
and I-Cause
support I-Cause
to I-Cause
outpace I-Cause
products I-Cause
, O
we O
model B-Effect
consolidated I-Effect
gross I-Effect
margins I-Effect
to I-Effect
expand I-Effect
toward I-Effect
the I-Effect
mid I-Effect
70 I-Effect
% I-Effect
range I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
versus I-Effect
71 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

Other B-Cause
costs I-Cause
that O
a O
supplier O
or O
OEM O
would O
face O
from O
switching O
away O
from O
TE O
may O
include O
, O
but O
are O
not O
limited O
to O
, O
the O
lead O
time O
and O
expense O
of O
designing O
and O
testing O
the O
new O
system O
, O
the B-Effect
potential I-Effect
for I-Effect
disruption I-Effect
during I-Effect
production I-Effect
, I-Effect
and I-Effect
purchase I-Effect
or I-Effect
relocation I-Effect
of I-Effect
heavy I-Effect
equipment I-Effect
or I-Effect
manufacturing I-Effect
. O

In O
our O
view O
, O
if O
management B-Cause
were I-Cause
to I-Cause
turn I-Cause
off I-Cause
the I-Cause
acquisition I-Cause
spigot I-Cause
, O
we O
believe O
the B-Effect
firm I-Effect
's I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
would I-Effect
likely I-Effect
rise I-Effect
albeit I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
value-accretive I-Effect
growth I-Effect
. O

If O
future B-Cause
changes I-Cause
to I-Cause
the I-Cause
ACA I-Cause
cause O
healthcare B-Cause
subsectors I-Cause
that I-Cause
Welltower I-Cause
invests I-Cause
in I-Cause
to I-Cause
fall I-Cause
out I-Cause
of I-Cause
favor I-Cause
, O
then O
the B-Effect
performance I-Effect
and I-Effect
asset I-Effect
values I-Effect
of I-Effect
Welltower I-Effect
's I-Effect
portfolio I-Effect
will I-Effect
suffer I-Effect
. O

Once O
in O
the O
street O
, O
fixed B-Cause
field I-Cause
costs I-Cause
such I-Cause
as I-Cause
technician I-Cause
labor I-Cause
costs I-Cause
and I-Cause
vehicle I-Cause
costs I-Cause
( I-Cause
leasing I-Cause
) I-Cause
represent I-Cause
close I-Cause
to I-Cause
70 I-Cause
% I-Cause
of I-Cause
the I-Cause
total I-Cause
cost I-Cause
structure I-Cause
of I-Cause
the I-Cause
service I-Cause
business I-Cause
, O
so O
reaching B-Effect
scale I-Effect
and I-Effect
service I-Effect
density I-Effect
becomes I-Effect
critical I-Effect
to I-Effect
benefit I-Effect
from I-Effect
operating I-Effect
leverage I-Effect
. O

So O
far O
, O
margins O
in O
the O
first O
half O
of O
2020 O
have O
expanded B-Cause
and I-Cause
expense I-Cause
growth I-Cause
trailing I-Cause
revenue I-Cause
growth I-Cause
should O
lead O
to O
further B-Effect
expansion I-Effect
. O

Finally O
, O
TripAdvisor B-Effect
faces I-Effect
ESG I-Effect
risks I-Effect
around I-Effect
innovation I-Effect
tax I-Effect
code I-Effect
changes I-Effect
, I-Effect
data I-Effect
breaches I-Effect
, I-Effect
and I-Effect
potential I-Effect
fees I-Effect
should O
its B-Cause
platform I-Cause
be I-Cause
viewed I-Cause
as I-Cause
anticompetitive I-Cause
. O

From O
a O
market O
perspective O
, O
North B-Cause
American I-Cause
gas I-Cause
has I-Cause
to I-Cause
remain I-Cause
viable I-Cause
on I-Cause
an I-Cause
economic I-Cause
basis I-Cause
for O
Cheniere B-Effect
to I-Effect
benefit I-Effect
from I-Effect
increased I-Effect
LNG I-Effect
demand I-Effect
. O

We O
also O
believe O
McCormick B-Cause
is I-Cause
advantaged I-Cause
in I-Cause
its I-Cause
flavor I-Cause
solutions I-Cause
( I-Cause
formerly I-Cause
industrial I-Cause
) I-Cause
operations I-Cause
, O
which O
cater B-Effect
to I-Effect
packaged I-Effect
food I-Effect
firms I-Effect
and I-Effect
restaurant I-Effect
operators I-Effect
. I-Effect

This O
also O
represented O
a B-Cause
permanent I-Cause
downward I-Cause
shift I-Cause
in I-Cause
the I-Cause
cost I-Cause
curve I-Cause
as O
well O
and O
led O
to O
the B-Effect
revision I-Effect
of I-Effect
our I-Effect
midcycle I-Effect
price I-Effect
to I-Effect
$ I-Effect
60/bbl I-Effect
. O

In O
recent O
years O
, O
supply B-Cause
has I-Cause
increased I-Cause
considerably I-Cause
as O
the B-Cause
industry I-Cause
becomes I-Cause
increasingly I-Cause
crowded I-Cause
, O
driven O
by O
the B-Effect
simple I-Effect
development I-Effect
process I-Effect
relative I-Effect
to I-Effect
other I-Effect
real I-Effect
estate I-Effect
subsectors I-Effect
and I-Effect
short I-Effect
one-year I-Effect
lead I-Effect
time I-Effect
required I-Effect
to I-Effect
add I-Effect
new I-Effect
supply I-Effect
to I-Effect
most I-Effect
markets I-Effect
. O

We O
think O
Adient B-Effect
's I-Effect
cost I-Effect
advantage I-Effect
has I-Effect
the I-Effect
potential I-Effect
to I-Effect
improve I-Effect
as O
the B-Cause
firm I-Cause
moves I-Cause
certain I-Cause
production I-Cause
, I-Cause
such I-Cause
as I-Cause
metals I-Cause
, I-Cause
to I-Cause
low-cost I-Cause
countries I-Cause
such I-Cause
as I-Cause
China I-Cause
and I-Cause
Mexico I-Cause
from I-Cause
high-cost I-Cause
countries I-Cause
in I-Cause
North I-Cause
America I-Cause
and I-Cause
Europe I-Cause
. O

We B-Effect
forecast I-Effect
Kors I-Effect
' I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
will I-Effect
average I-Effect
about I-Effect
21 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
lower I-Effect
than I-Effect
historical I-Effect
levels I-Effect
, O
as O
store B-Cause
closings I-Cause
and I-Cause
sales I-Cause
of I-Cause
lower-margin I-Cause
apparel I-Cause
and I-Cause
footwear I-Cause
take I-Cause
a I-Cause
toll I-Cause
. O

Or O
, O
as O
we O
suspect O
was O
the O
case O
in O
the O
C-band O
auction O
, O
the B-Cause
threat I-Cause
of I-Cause
entry I-Cause
could O
drive B-Effect
up I-Effect
the I-Effect
prices I-Effect
Verizon I-Effect
feels I-Effect
compelled I-Effect
to I-Effect
pay I-Effect
. O

The B-Cause
company I-Cause
will I-Cause
continue I-Cause
to I-Cause
experience I-Cause
meaningful I-Cause
growth I-Cause
from I-Cause
unpenetrated I-Cause
international I-Cause
markets I-Cause
and I-Cause
the I-Cause
expansion I-Cause
into I-Cause
generalist I-Cause
dentistry I-Cause
and I-Cause
consumers I-Cause
, O
but O
this O
growth O
will O
likely O
adversely O
affect O
average B-Effect
selling I-Effect
price I-Effect
. O

While B-Effect
the I-Effect
firm I-Effect
has I-Effect
plenty I-Effect
of I-Effect
room I-Effect
on I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
to I-Effect
accommodate I-Effect
purchases I-Effect
of I-Effect
emerging I-Effect
technology I-Effect
, I-Effect
there I-Effect
's I-Effect
the I-Effect
risk I-Effect
that I-Effect
LivaNova I-Effect
could I-Effect
overpay I-Effect
, O
especially B-Cause
as I-Cause
these I-Cause
technologies I-Cause
are I-Cause
bid I-Cause
up I-Cause
by I-Cause
larger I-Cause
competitors I-Cause
with I-Cause
deeper I-Cause
pockets I-Cause
. O

We B-Effect
expect I-Effect
the I-Effect
segment I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
nearly I-Effect
10 I-Effect
% I-Effect
CAGR I-Effect
clip I-Effect
with O
tailwinds B-Cause
from I-Cause
the I-Cause
rising I-Cause
number I-Cause
of I-Cause
cybersecurity I-Cause
threats I-Cause
and I-Cause
IT I-Cause
infrastructure I-Cause
needs I-Cause
. O

The O
company O
acts B-Effect
as I-Effect
an I-Effect
advisor I-Effect
and I-Effect
insurance I-Effect
and I-Effect
reinsurance I-Effect
broker I-Effect
, I-Effect
helping I-Effect
clients I-Effect
manage I-Effect
their I-Effect
risk I-Effect
by O
negotiating B-Cause
and I-Cause
placing I-Cause
their I-Cause
insurance I-Cause
risk I-Cause
with I-Cause
insurance I-Cause
carriers I-Cause
through I-Cause
a I-Cause
global I-Cause
distribution I-Cause
network I-Cause
. O

Recent O
stimulus O
measures B-Cause
to I-Cause
support I-Cause
home I-Cause
purchases I-Cause
, I-Cause
more I-Cause
time I-Cause
being I-Cause
spent I-Cause
at I-Cause
home I-Cause
because I-Cause
of I-Cause
COVID-19 I-Cause
, I-Cause
and I-Cause
pressure I-Cause
on I-Cause
smaller I-Cause
competitors I-Cause
are O
likely O
to O
provide B-Effect
unexpected I-Effect
short-term I-Effect
tailwinds I-Effect
. O

Longer O
term O
, O
we O
anticipate O
increased B-Cause
raw I-Cause
material I-Cause
demand I-Cause
in I-Cause
faster-growing I-Cause
emerging I-Cause
markets I-Cause
will O
keep B-Effect
upward I-Effect
pressure I-Effect
on I-Effect
commodity I-Effect
costs I-Effect
, O
and O
as O
such O
, O
may B-Effect
plague I-Effect
the I-Effect
firm I-Effect
. O

Outsize B-Effect
growth I-Effect
at I-Effect
YouTube I-Effect
should O
stem O
from O
its B-Cause
impressive I-Cause
reach I-Cause
and I-Cause
frequency I-Cause
, I-Cause
plus I-Cause
its I-Cause
video-only I-Cause
content I-Cause
format I-Cause
, O
which O
is O
attractive O
to O
brand O
advertisers O
. O

Population B-Cause
growth I-Cause
and I-Cause
household I-Cause
formation I-Cause
growth I-Cause
both O
directly O
lead O
to O
demand B-Cause
for I-Cause
more I-Cause
housing I-Cause
stock I-Cause
, O
which O
support O
high B-Effect
occupancies I-Effect
for I-Effect
a I-Effect
residential I-Effect
portfolio I-Effect
. O

Considering O
vendors B-Cause
' I-Cause
desire I-Cause
to I-Cause
avoid I-Cause
the I-Cause
stigma I-Cause
of I-Cause
a I-Cause
visible I-Cause
discount I-Cause
presence I-Cause
, O
we B-Effect
expect I-Effect
the I-Effect
channel I-Effect
to I-Effect
remain I-Effect
insulated I-Effect
from I-Effect
digital I-Effect
disruption I-Effect
. O

State B-Cause
and I-Cause
federal I-Cause
regulators I-Cause
grant I-Cause
CMS I-Cause
exclusive I-Cause
rights I-Cause
to I-Cause
charge I-Cause
customers I-Cause
rates I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
earn I-Effect
a I-Effect
fair I-Effect
return I-Effect
on I-Effect
and I-Effect
return I-Effect
of I-Effect
the I-Effect
capital I-Effect
it I-Effect
invests I-Effect
to I-Effect
build I-Effect
, I-Effect
operate I-Effect
, I-Effect
and I-Effect
maintain I-Effect
its I-Effect
generation I-Effect
, I-Effect
transmission I-Effect
, I-Effect
and I-Effect
distribution I-Effect
electricity I-Effect
and I-Effect
gas I-Effect
networks I-Effect
. O

Even O
after O
the O
improvement O
in O
operations O
since O
emerging O
from O
bankruptcy O
in O
2009 O
, O
high B-Cause
feed I-Cause
costs I-Cause
led O
to O
an O
operating O
loss O
in O
2011 O
, O
with O
the B-Effect
company I-Effect
reporting I-Effect
an I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
of I-Effect
negative I-Effect
4.6 I-Effect
% I-Effect
. O

Despite O
significant O
competition O
in O
Amphenol O
's O
end O
markets O
, O
the B-Cause
content I-Cause
growth I-Cause
story I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
switching I-Cause
costs I-Cause
should O
result B-Effect
in I-Effect
high-single-digit I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
increasing I-Effect
profitability I-Effect
, I-Effect
with I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
exceeding I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
think O
the O
operating B-Effect
margin I-Effect
expansion I-Effect
story I-Effect
will I-Effect
continue I-Effect
, O
particularly O
as O
ITW B-Cause
continues I-Cause
narrowing I-Cause
its I-Cause
focus I-Cause
on I-Cause
its I-Cause
most I-Cause
important I-Cause
customers I-Cause
and I-Cause
simplifying I-Cause
its I-Cause
product I-Cause
line I-Cause
by I-Cause
eliminating I-Cause
products I-Cause
. O

Clients B-Cause
of I-Cause
IPG I-Cause
and I-Cause
its I-Cause
peers I-Cause
are I-Cause
allocating I-Cause
more I-Cause
ad I-Cause
dollars I-Cause
toward I-Cause
below-the-line I-Cause
, I-Cause
or I-Cause
more I-Cause
targeted I-Cause
, I-Cause
digital I-Cause
campaigns I-Cause
, O
creating B-Effect
growth I-Effect
opportunities I-Effect
for I-Effect
agencies I-Effect
like O
IPG O
's O
MRM/McCann O
and O
Cadreon O
. O

Moreover O
, O
the B-Cause
company I-Cause
preserved I-Cause
its I-Cause
slice I-Cause
of I-Cause
the I-Cause
market I-Cause
by I-Cause
maintaining I-Cause
service I-Cause
levels I-Cause
despite I-Cause
pressure I-Cause
to I-Cause
cut I-Cause
costs I-Cause
-- O
this B-Effect
has I-Effect
translated I-Effect
into I-Effect
a I-Effect
stellar I-Effect
reputation I-Effect
among I-Effect
shippers I-Effect
. O

In O
the O
near O
term O
, O
we O
assume O
Anthem B-Effect
's I-Effect
medical I-Effect
membership I-Effect
stays I-Effect
flat I-Effect
in I-Effect
2020 I-Effect
, I-Effect
or I-Effect
a I-Effect
4 I-Effect
% I-Effect
drop I-Effect
from I-Effect
the I-Effect
end I-Effect
of I-Effect
June I-Effect
, O
as O
recent B-Cause
layoffs I-Cause
eventually O
lead O
to O
sustained B-Effect
health I-Effect
benefit I-Effect
losses I-Effect
. O

Despite B-Cause
the I-Cause
availability I-Cause
of I-Cause
its I-Cause
branches I-Cause
, I-Cause
Capital I-Cause
One I-Cause
still I-Cause
competes I-Cause
with I-Cause
online I-Cause
banks I-Cause
for I-Cause
deposits I-Cause
, I-Cause
which I-Cause
means I-Cause
they I-Cause
need I-Cause
to I-Cause
offer I-Cause
competitive I-Cause
interest I-Cause
rates I-Cause
to I-Cause
their I-Cause
depositors. O
This O
leads O
Capital B-Effect
One I-Effect
to I-Effect
have I-Effect
a I-Effect
high I-Effect
cost I-Effect
of I-Effect
funding I-Effect
from I-Effect
its I-Effect
interest-bearing I-Effect
deposit I-Effect
base I-Effect
relative I-Effect
to I-Effect
more I-Effect
traditional I-Effect
banks I-Effect
. O

We O
forecast O
net O
charge-offs O
will O
normalize O
at O
roughly O
0.6 O
% O
of O
loans O
over O
the O
long O
run O
, O
and O
in O
the O
short O
run O
we O
expect O
material B-Effect
reserve I-Effect
releases I-Effect
as O
the B-Cause
economy I-Cause
recovers I-Cause
and I-Cause
most I-Cause
businesses I-Cause
and I-Cause
consumers I-Cause
emerge I-Cause
intact I-Cause
. O

For B-Cause
operating I-Cause
expenses I-Cause
, I-Cause
we I-Cause
project I-Cause
that I-Cause
Roku I-Cause
will I-Cause
continue I-Cause
to I-Cause
invest I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
to B-Effect
support I-Effect
both I-Effect
the I-Effect
Roku I-Effect
OS I-Effect
, I-Effect
its I-Effect
own I-Effect
hardware I-Effect
, I-Effect
and I-Effect
its I-Effect
partners I-Effect
' I-Effect
hardware I-Effect
. O

Tenants B-Cause
often I-Cause
require I-Cause
custom-built I-Cause
laboratories I-Cause
and I-Cause
research I-Cause
office I-Cause
space I-Cause
for I-Cause
their I-Cause
specialized I-Cause
field I-Cause
of I-Cause
research I-Cause
, O
so O
there B-Cause
are I-Cause
significant I-Cause
switching I-Cause
costs I-Cause
to I-Cause
the I-Cause
tenant I-Cause
during I-Cause
the I-Cause
lease I-Cause
term I-Cause
, O
increasing B-Effect
the I-Effect
chance I-Effect
of I-Effect
tenant I-Effect
retention I-Effect
upon I-Effect
the I-Effect
lease I-Effect
's I-Effect
maturity I-Effect
. O

Between O
2021 O
and O
2025 O
, O
we O
assume O
the B-Effect
firm I-Effect
can I-Effect
post I-Effect
organic I-Effect
top-line I-Effect
expansion I-Effect
of I-Effect
about I-Effect
4 I-Effect
% I-Effect
as O
the B-Cause
economy I-Cause
normalizes I-Cause
and I-Cause
residential I-Cause
housing I-Cause
construction I-Cause
remains I-Cause
strong I-Cause
. O

Despite O
appreciable O
headwinds O
in O
about O
40 O
% O
of O
Honeywell O
's O
portfolio O
from O
the O
pandemic O
, O
in O
some O
ways O
, O
we O
believe O
COVID B-Effect
has I-Effect
only I-Effect
accelerated I-Effect
the I-Effect
need I-Effect
for I-Effect
automation I-Effect
, O
particularly O
in O
warehousing O
given O
the B-Cause
strong I-Cause
secular I-Cause
trend I-Cause
toward I-Cause
e-commerce I-Cause
. O

The B-Cause
firm I-Cause
boasts I-Cause
four I-Cause
brands I-Cause
that I-Cause
generate I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
or I-Cause
more I-Cause
in I-Cause
annual I-Cause
sales I-Cause
( I-Cause
Pringles I-Cause
, I-Cause
Cheez-It I-Cause
, I-Cause
Frosted I-Cause
Flakes I-Cause
, I-Cause
and I-Cause
Special I-Cause
K I-Cause
) I-Cause
and I-Cause
another I-Cause
five I-Cause
that O
generate O
sales O
of O
$ O
500 O
million- O
$ O
1 O
billion O
each O
year O
( O
Eggo O
, O
Pop-Tarts O
, O
Corn O
Flakes O
, O
Rice O
Krispies O
, O
and O
Nutri-Grain O
) O
that O
help O
drive B-Effect
traffic I-Effect
into I-Effect
retail I-Effect
outlets I-Effect
. O

Further O
, O
platforms B-Effect
can I-Effect
be I-Effect
a I-Effect
preferred I-Effect
channel I-Effect
over I-Effect
wholesale I-Effect
online I-Effect
partners I-Effect
for I-Effect
brands I-Effect
, O
due O
to O
better B-Cause
economics I-Cause
( I-Cause
brand I-Cause
margin I-Cause
is I-Cause
higher I-Cause
versus I-Cause
wholesale I-Cause
channel I-Cause
, I-Cause
even I-Cause
after I-Cause
Farfetch I-Cause
's I-Cause
hefty I-Cause
cut I-Cause
) I-Cause
, I-Cause
and I-Cause
since I-Cause
control I-Cause
over I-Cause
pricing I-Cause
is I-Cause
retained I-Cause
. O

Although O
Echo O
's O
variable-cost O
model O
provides O
a O
partial O
buffer O
for O
profitability O
, O
the B-Effect
company I-Effect
is I-Effect
not I-Effect
immune I-Effect
to I-Effect
cyclical I-Effect
downturns I-Effect
-- O
when O
economic B-Cause
conditions I-Cause
deteriorate I-Cause
, I-Cause
gross I-Cause
revenue I-Cause
trends I-Cause
will I-Cause
reflect I-Cause
declining I-Cause
load I-Cause
volume I-Cause
and I-Cause
soft I-Cause
pricing I-Cause
for I-Cause
transactional I-Cause
and I-Cause
contractual I-Cause
accounts I-Cause
. O

We O
also O
believe O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
associated I-Cause
with I-Cause
switching I-Cause
away I-Cause
from I-Cause
Caterpillar I-Cause
's I-Cause
products I-Cause
increases B-Cause
the I-Cause
likelihood I-Cause
of I-Cause
elevated I-Cause
projects I-Cause
costs I-Cause
, O
ultimately B-Effect
cutting I-Effect
into I-Effect
a I-Effect
customer I-Effect
's I-Effect
profitability I-Effect
. O

The B-Cause
most I-Cause
recent I-Cause
data I-Cause
available I-Cause
suggests I-Cause
that I-Cause
the I-Cause
government I-Cause
funds I-Cause
about I-Cause
75 I-Cause
% I-Cause
of I-Cause
L3Harris I-Cause
' I-Cause
research I-Cause
and I-Cause
development I-Cause
, O
so B-Effect
would-be I-Effect
competitors I-Effect
would I-Effect
need I-Effect
to I-Effect
spend I-Effect
quite I-Effect
a I-Effect
bit I-Effect
out I-Effect
of I-Effect
pocket I-Effect
to I-Effect
catch I-Effect
up I-Effect
before I-Effect
being I-Effect
competitive I-Effect
for I-Effect
a I-Effect
contract I-Effect
. O

Cummins B-Cause
' I-Cause
ability I-Cause
to I-Cause
advance I-Cause
product I-Cause
performance I-Cause
and I-Cause
durability I-Cause
over O
many O
decades O
has O
earned O
the B-Effect
company I-Effect
a I-Effect
well-deserved I-Effect
reputation I-Effect
for I-Effect
making I-Effect
exceptionally I-Effect
reliable I-Effect
products I-Effect
that O
improve O
the O
economics O
of O
customers O
' O
operations O
. O

Also O
, O
demand B-Effect
for I-Effect
Centene I-Effect
's I-Effect
exchange-related I-Effect
plans I-Effect
could I-Effect
rise I-Effect
, O
as O
well O
, O
as O
the B-Cause
government I-Cause
increases I-Cause
financial I-Cause
incentives I-Cause
to I-Cause
use I-Cause
the I-Cause
exchanges I-Cause
and I-Cause
opens I-Cause
up I-Cause
the I-Cause
enrollment I-Cause
period I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
. O

Beyond O
the O
PR O
and O
development O
issues O
, O
excessive B-Cause
crunch I-Cause
could O
lead O
to O
high B-Effect
levels I-Effect
of I-Effect
turnover I-Effect
with I-Effect
the I-Effect
resultant I-Effect
loss I-Effect
of I-Effect
institutional I-Effect
knowledge I-Effect
along O
with O
time B-Effect
and I-Effect
money I-Effect
spent I-Effect
hiring I-Effect
and I-Effect
training I-Effect
replacements I-Effect
. O

Exelon O
continues O
to O
seek B-Effect
additional I-Effect
subsidies I-Effect
for O
its O
Illinois O
plants O
, O
though O
we O
think O
that O
may O
be O
difficult O
given O
the B-Cause
difficult I-Cause
political I-Cause
environment I-Cause
in O
the O
state O
. O

Within O
its O
investment O
portfolio O
, O
its O
largest O
exposure O
is O
to O
corporate O
debt O
, O
and O
it B-Effect
could I-Effect
suffer I-Effect
from I-Effect
losses I-Effect
in I-Effect
this I-Effect
area I-Effect
if B-Cause
the I-Cause
economy I-Cause
suffered I-Cause
another I-Cause
recession I-Cause
. I-Cause

One B-Effect
factor I-Effect
that I-Effect
limits I-Effect
Estee I-Effect
's I-Effect
vulnerability I-Effect
to I-Effect
economic I-Effect
weakness I-Effect
is O
its B-Cause
diverse I-Cause
exposure I-Cause
to I-Cause
over I-Cause
150 I-Cause
countries I-Cause
and I-Cause
ability I-Cause
to I-Cause
pivot I-Cause
resources I-Cause
to I-Cause
the I-Cause
best I-Cause
opportunities I-Cause
. O

We O
assume O
Exact B-Cause
's I-Cause
pan-cancer I-Cause
test I-Cause
receives I-Cause
FDA I-Cause
approval I-Cause
around O
2026 O
, O
leading O
to O
average B-Effect
annual I-Effect
EPS I-Effect
growth I-Effect
greater I-Effect
than O
20 O
% O
in O
the O
four-year O
period O
ending O
2029 O
. O

We O
believe O
the B-Cause
firm I-Cause
can I-Cause
leverage I-Cause
this I-Cause
device I-Cause
dominance I-Cause
through I-Cause
its I-Cause
expanding I-Cause
suite I-Cause
of I-Cause
service I-Cause
offerings I-Cause
for I-Cause
public I-Cause
safety I-Cause
command I-Cause
centers I-Cause
, O
such O
as O
computer-aided O
dispatch O
and O
analytics O
, O
to B-Effect
be I-Effect
an I-Effect
even I-Effect
more I-Effect
integral I-Effect
component I-Effect
of I-Effect
the I-Effect
public I-Effect
safety I-Effect
landscape I-Effect
. O

As O
a O
result O
of O
the B-Cause
low-cost I-Cause
but I-Cause
impulse-friendly I-Cause
nature I-Cause
of I-Cause
the I-Cause
assortment I-Cause
, O
Dollar B-Effect
Tree I-Effect
stores I-Effect
mostly I-Effect
attract I-Effect
low- I-Effect
to I-Effect
middle-income I-Effect
consumers I-Effect
to I-Effect
its I-Effect
generally I-Effect
suburban I-Effect
locations I-Effect
. O

The B-Cause
economic I-Cause
downturn I-Cause
that I-Cause
started I-Cause
in I-Cause
2019 I-Cause
and I-Cause
was I-Cause
amplified I-Cause
by I-Cause
the I-Cause
carnivores I-Cause
caused O
the B-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
fall I-Effect
to I-Effect
12.6 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
which O
was O
even O
lower O
than O
the O
global O
financial O
crisis O
in O
2009 O
. O

We O
think O
the B-Cause
rail I-Cause
can I-Cause
avoid I-Cause
bringing I-Cause
assets I-Cause
back I-Cause
on I-Cause
a I-Cause
1-for-1 I-Cause
basis I-Cause
as O
demand B-Cause
recovers I-Cause
, O
driving O
positive B-Effect
operating I-Effect
leverage I-Effect
. O

Motorcycles O
, O
snowmobiles O
, O
and O
ATVs O
are O
all O
big-ticket O
items O
, O
and O
a B-Cause
widespread I-Cause
slowdown I-Cause
in I-Cause
the I-Cause
global I-Cause
economic I-Cause
environment I-Cause
could O
hamper O
the B-Effect
replacement I-Effect
and I-Effect
adoption I-Effect
rates I-Effect
of I-Effect
these I-Effect
products I-Effect
. O

However O
, O
we O
think O
Sysco B-Cause
's I-Cause
solid I-Cause
balance I-Cause
sheet I-Cause
, I-Cause
with I-Cause
$ I-Cause
8 I-Cause
billion I-Cause
of I-Cause
cash I-Cause
and I-Cause
available I-Cause
liquidity I-Cause
as I-Cause
of I-Cause
December I-Cause
, O
positions O
the B-Effect
firm I-Effect
well I-Effect
to I-Effect
endure I-Effect
the I-Effect
current I-Effect
environment I-Effect
. O

STMicro B-Cause
has I-Cause
a I-Cause
decent I-Cause
amount I-Cause
of I-Cause
exposure I-Cause
in I-Cause
consumer I-Cause
devices I-Cause
, O
which O
is O
part O
of O
the B-Effect
reason I-Effect
why I-Effect
the I-Effect
firm I-Effect
's I-Effect
gross I-Effect
margins I-Effect
hover I-Effect
in I-Effect
the I-Effect
high I-Effect
30 I-Effect
% I-Effect
-40 I-Effect
% I-Effect
range I-Effect
, I-Effect
rather I-Effect
than I-Effect
the I-Effect
60 I-Effect
% I-Effect
-plus I-Effect
range I-Effect
seen I-Effect
by I-Effect
firms I-Effect
like I-Effect
Texas I-Effect
Instruments I-Effect
or I-Effect
Analog I-Effect
Devices I-Effect
. O

We O
expect O
high-single-digit B-Effect
growth I-Effect
in I-Effect
utility I-Effect
earnings I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
in O
large O
part O
by O
grid B-Cause
investment I-Cause
at I-Cause
DTE I-Cause
Electric I-Cause
and I-Cause
replacing I-Cause
aging I-Cause
infrastructure I-Cause
at I-Cause
DTE I-Cause
Gas I-Cause
. O

Undoubtedly O
, O
some B-Cause
of I-Cause
these I-Cause
retailers I-Cause
will I-Cause
go I-Cause
out I-Cause
of I-Cause
business I-Cause
, O
which O
in O
addition O
to O
affecting B-Effect
growth I-Effect
would O
probably O
result O
in O
higher B-Effect
charge-offs I-Effect
as O
customers B-Effect
frequently I-Effect
forget I-Effect
to I-Effect
pay I-Effect
off I-Effect
credit I-Effect
cards I-Effect
on I-Effect
stores I-Effect
that I-Effect
no I-Effect
longer I-Effect
exist I-Effect
. O

However O
, O
we O
believe O
Norwegian B-Effect
could I-Effect
generate I-Effect
average I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
( I-Effect
8 I-Effect
% I-Effect
) I-Effect
below I-Effect
our I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
hindered O
by O
the B-Effect
secular I-Effect
fall I-Effect
out I-Effect
stemming I-Cause
from I-Cause
COVID-19 B-Cause
. O

The B-Cause
cyclical I-Cause
industry I-Cause
in I-Cause
which I-Cause
Intel I-Cause
operates I-Cause
could O
cause O
its B-Effect
profitability I-Effect
to I-Effect
fluctuate I-Effect
regardless O
of O
how O
successful O
it O
is O
in O
tailoring O
its O
chips O
to O
new O
markets O
. O

Looking O
ahead O
, O
we O
think O
Palo B-Cause
Alto I-Cause
's I-Cause
nascent I-Cause
threat-prevention I-Cause
solutions I-Cause
will O
provide B-Effect
robust I-Effect
growth I-Effect
along I-Effect
with I-Effect
a I-Effect
significantly I-Effect
improved I-Effect
margin I-Effect
profile I-Effect
. O

In O
our O
view O
, O
switching B-Effect
costs I-Effect
provide I-Effect
Digital I-Effect
Realty I-Effect
's I-Effect
biggest I-Effect
competitive I-Effect
advantage I-Effect
, O
as O
there O
are O
numerous O
reasons O
tenants B-Cause
are I-Cause
unlikely I-Cause
to I-Cause
churn I-Cause
to I-Cause
a I-Cause
competitor I-Cause
, O
namely O
the O
significant B-Cause
monetary I-Cause
costs I-Cause
to I-Cause
deploy I-Cause
equipment I-Cause
and O
the B-Cause
risk I-Cause
in I-Cause
moving I-Cause
critical I-Cause
equipment I-Cause
. O

Like O
its O
larger O
rivals O
, O
MPS B-Effect
also I-Effect
benefits I-Effect
from I-Effect
high I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
once O
its B-Cause
chips I-Cause
are I-Cause
designed I-Cause
into I-Cause
end I-Cause
products I-Cause
, I-Cause
especially I-Cause
in I-Cause
end I-Cause
markets I-Cause
with I-Cause
long I-Cause
product I-Cause
life I-Cause
cycles I-Cause
. O

It B-Effect
makes I-Effect
sense I-Effect
that I-Effect
the I-Effect
company I-Effect
appears I-Effect
to I-Effect
be I-Effect
prioritizing I-Effect
investment I-Effect
in I-Effect
its I-Effect
PEO I-Effect
business I-Effect
, I-Effect
as I-Effect
it I-Effect
represents I-Effect
a I-Effect
higher-return I-Effect
use I-Effect
of I-Effect
capital I-Effect
. I-Effect

Alongside O
this O
, O
businesses B-Effect
would I-Effect
have I-Effect
to I-Effect
spend I-Effect
more I-Effect
time I-Effect
training I-Effect
relevant I-Effect
personnel I-Effect
on O
how B-Cause
to I-Cause
utilize I-Cause
the I-Cause
new I-Cause
system I-Cause
, I-Cause
hampering I-Cause
productivity I-Cause
. O

As O
these B-Cause
businesses I-Cause
scale I-Cause
, O
we O
expect O
operating B-Effect
margins I-Effect
will I-Effect
increase I-Effect
from I-Effect
low I-Effect
and I-Effect
midsingle I-Effect
digits I-Effect
to I-Effect
high I-Effect
single I-Effect
digits I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

China B-Cause
's I-Cause
transition I-Cause
from I-Cause
an I-Cause
investment-led I-Cause
to I-Cause
a I-Cause
consumption-led I-Cause
economic I-Cause
growth I-Cause
model I-Cause
will O
lead O
to O
lower B-Effect
fixed I-Effect
asset I-Effect
investment I-Effect
growth I-Effect
, I-Effect
in I-Effect
turn I-Effect
damping I-Effect
aluminum I-Effect
demand I-Effect
. O

However O
, O
industry B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
are I-Cause
relatively I-Cause
low I-Cause
-- O
evidenced O
by O
integrated O
oils O
ability O
to O
enter O
a O
segment O
historically O
dominated O
by O
utilities O
, O
not O
to O
mention O
firms O
like O
Tesla O
in O
distributed O
generation O
-- O
and O
available B-Cause
competitive I-Cause
advantages I-Cause
limited I-Cause
, O
which O
is O
likely O
to O
result O
in O
more B-Effect
competitors I-Effect
entering I-Effect
the I-Effect
market I-Effect
. O

While O
its O
Macy O
's O
and O
Bloomingdale O
's O
brands O
are O
very O
well-known O
in O
the O
U.S. O
, O
intense B-Cause
competition I-Cause
from I-Cause
both I-Cause
e-commerce I-Cause
and I-Cause
discount I-Cause
retailers I-Cause
has O
reduced O
mall B-Effect
traffic I-Effect
and O
eroded O
profit B-Effect
margins I-Effect
on I-Effect
many I-Effect
products I-Effect
sold I-Effect
in I-Effect
department I-Effect
stores I-Effect
. I-Effect

While O
we O
believe O
Norwegian B-Effect
has I-Effect
carved I-Effect
out I-Effect
a I-Effect
compelling I-Effect
position I-Effect
in I-Effect
cruising I-Effect
, O
thanks O
to O
its O
freestyle B-Cause
offering I-Cause
, O
the O
product O
still O
has O
to O
compete O
with O
other O
land-based O
vacations O
and O
discretionary O
spend O
for O
share O
of O
wallet O
. O

Any B-Cause
shakiness I-Cause
in I-Cause
consumer I-Cause
spending I-Cause
or I-Cause
consumer I-Cause
confidence I-Cause
could O
hamper B-Effect
pet I-Effect
healthcare I-Effect
spending I-Effect
-- O
showing O
up O
as O
less O
vet O
traffic O
and O
reluctance O
to O
spend O
on O
diagnostics O
, O
as O
well O
as O
vets O
themselves O
holding O
off O
on O
the O
purchase O
of O
new O
and O
upgraded O
equipment O
. O

Public O
Storage O
has O
the O
highest O
occupancy O
rates O
in O
the O
industry O
, O
although O
we O
see O
occupancy B-Effect
rates I-Effect
decreasing I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
due O
to O
an B-Cause
increase I-Cause
in I-Cause
supply I-Cause
and I-Cause
increased I-Cause
penetration I-Cause
of I-Cause
competitive I-Cause
markets I-Cause
such O
as O
Dallas O
, O
Orlando O
, O
and O
Houston O
. O

EOG B-Cause
's I-Cause
acreage I-Cause
is I-Cause
mainly I-Cause
located I-Cause
in I-Cause
areas I-Cause
that O
typically B-Effect
yield I-Effect
very I-Effect
impressive I-Effect
initial I-Effect
flow I-Effect
rates I-Effect
and I-Effect
strong I-Effect
oil I-Effect
cuts I-Effect
, I-Effect
giving I-Effect
the I-Effect
company I-Effect
a I-Effect
clear I-Effect
cost I-Effect
advantage I-Effect
. O

The B-Cause
breadth I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
portfolio I-Cause
, I-Cause
spanning I-Cause
a I-Cause
variety I-Cause
of I-Cause
snacks I-Cause
and I-Cause
beverages I-Cause
, I-Cause
also I-Cause
begets I-Cause
synergies I-Cause
in I-Cause
distribution I-Cause
that O
support B-Effect
its I-Effect
cost I-Effect
advantage I-Effect
, O
in O
our O
view O
. O

With B-Cause
watercraft I-Cause
and I-Cause
all-terrain I-Cause
vehicle I-Cause
production I-Cause
in I-Cause
Mexico I-Cause
( I-Cause
closer I-Cause
to I-Cause
demand I-Cause
) I-Cause
and I-Cause
ongoing I-Cause
spend I-Cause
for I-Cause
further I-Cause
facility I-Cause
capacity I-Cause
( I-Cause
fall I-Cause
2021 I-Cause
start I-Cause
) I-Cause
, O
BRP B-Effect
continues I-Effect
to I-Effect
pursue I-Effect
efficiencies I-Effect
in I-Effect
its I-Effect
manufacturing I-Effect
process I-Effect
. O

Given O
the B-Cause
degree I-Cause
of I-Cause
consolidation I-Cause
in I-Cause
the I-Cause
global I-Cause
confectionery I-Cause
arena I-Cause
over I-Cause
the I-Cause
last I-Cause
several I-Cause
years I-Cause
, O
Hershey B-Effect
may I-Effect
feel I-Effect
compelled I-Effect
to I-Effect
take I-Effect
part I-Effect
by I-Effect
pursuing I-Effect
a I-Effect
deal I-Effect
of I-Effect
its I-Effect
own I-Effect
, O
which O
could O
add B-Effect
risk I-Effect
to I-Effect
operations I-Effect
if O
it B-Cause
extends I-Cause
the I-Cause
firm I-Cause
beyond I-Cause
its I-Cause
core I-Cause
competencies I-Cause
. O

Additionally O
, O
considering O
Crane B-Cause
's I-Cause
leading I-Cause
market I-Cause
share I-Cause
in I-Cause
relatively I-Cause
small I-Cause
niche I-Cause
markets I-Cause
, O
we O
think O
new B-Effect
entrants I-Effect
would I-Effect
struggle I-Effect
to I-Effect
match I-Effect
Crane I-Effect
's I-Effect
scale I-Effect
and I-Effect
cost I-Effect
efficiency I-Effect
to I-Effect
compete I-Effect
effectively I-Effect
. O

We O
also O
expect O
the B-Cause
company I-Cause
to I-Cause
cut I-Cause
costs I-Cause
as I-Cause
it I-Cause
integrates I-Cause
Symphony I-Cause
and I-Cause
grows I-Cause
, O
resulting O
in B-Effect
a I-Effect
2025 I-Effect
operating I-Effect
margin I-Effect
of I-Effect
12 I-Effect
% I-Effect
. O

Our O
forecast O
calls O
for O
the O
firm B-Effect
to I-Effect
chalk I-Effect
up I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
including O
goodwill O
, O
of O
32 O
% O
on O
average O
through O
fiscal O
2030 O
, O
bolstered O
by O
the O
asset-light B-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
. O

Currently O
, O
this B-Effect
is I-Effect
damaging I-Effect
to I-Effect
Credit I-Effect
Suisse I-Effect
's I-Effect
net I-Effect
interest I-Effect
income I-Effect
-- O
it B-Cause
needs I-Cause
to I-Cause
invest I-Cause
its I-Cause
excess I-Cause
liquidity I-Cause
in I-Cause
short-term I-Cause
risk-free I-Cause
assets I-Cause
that I-Cause
currently I-Cause
pays I-Cause
no I-Cause
or I-Cause
negative I-Cause
interest I-Cause
. O

Management B-Cause
's I-Cause
efforts I-Cause
to I-Cause
control I-Cause
costs I-Cause
, I-Cause
and I-Cause
discipline I-Cause
around I-Cause
marketing I-Cause
efforts I-Cause
, O
should O
enable O
margins B-Effect
to I-Effect
trend I-Effect
higher I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

An O
asset O
manager O
may O
prefer O
to O
be O
indexed O
against O
the O
Russell O
1000 O
, O
but O
if O
asset B-Cause
owners I-Cause
and I-Cause
consultants I-Cause
prefer I-Cause
the I-Cause
S I-Cause
& I-Cause
P I-Cause
500 I-Cause
, O
the B-Effect
asset I-Effect
manager I-Effect
would I-Effect
risk I-Effect
outflows I-Effect
. O

Additionally O
, O
Celanese B-Cause
sells I-Cause
products I-Cause
used I-Cause
in I-Cause
electronics I-Cause
and I-Cause
'' I-Cause
'' I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
'' I-Cause
'' I-Cause
technologies I-Cause
, O
which O
provides B-Effect
another I-Effect
area I-Effect
of I-Effect
growth I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

Merger B-Cause
synergies I-Cause
should O
fuel B-Effect
Keurig I-Effect
Dr I-Effect
Pepper I-Effect
's I-Effect
strategic I-Effect
initiatives I-Effect
, O
with O
management O
on O
its O
way O
to O
$ B-Effect
600 I-Effect
million I-Effect
in I-Effect
cost I-Effect
savings I-Effect
( I-Effect
5 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
by I-Effect
2021 I-Effect
through O
consolidated B-Cause
distribution I-Cause
, I-Cause
procurement I-Cause
leverage I-Cause
, I-Cause
and I-Cause
administrative I-Cause
streamlining I-Cause
. O

We O
see O
the B-Effect
net I-Effect
charge-off I-Effect
ratio I-Effect
normalizing I-Effect
to I-Effect
0.3 I-Effect
% I-Effect
as O
Cullen/Frost B-Cause
increases I-Cause
the I-Cause
overall I-Cause
mix I-Cause
of I-Cause
its I-Cause
loans I-Cause
coming I-Cause
from I-Cause
consumer I-Cause
lending I-Cause
. O

The B-Cause
global I-Cause
nature I-Cause
of I-Cause
the I-Cause
market I-Cause
means O
that O
Cheniere B-Effect
has I-Effect
to I-Effect
compete I-Effect
on I-Effect
new I-Effect
greenfield I-Effect
and I-Effect
brownfield I-Effect
capital I-Effect
costs I-Effect
, I-Effect
availability I-Effect
and I-Effect
cost I-Effect
of I-Effect
gas I-Effect
, I-Effect
and I-Effect
transportation I-Effect
costs I-Effect
. O

With O
its B-Cause
end-to-end I-Cause
portfolio I-Cause
of I-Cause
specialized I-Cause
products I-Cause
and I-Cause
integration I-Cause
of I-Cause
software I-Cause
, O
we O
think O
Zebra B-Effect
's I-Effect
customers I-Effect
would I-Effect
face I-Effect
monetary I-Effect
cost I-Effect
and I-Effect
significant I-Effect
time I-Effect
investment I-Effect
to I-Effect
switch I-Effect
AIDC I-Effect
vendors I-Effect
, I-Effect
in I-Effect
addition I-Effect
to I-Effect
risking I-Effect
efficiency I-Effect
losses I-Effect
. I-Effect

Revenue B-Cause
from I-Cause
the I-Cause
apps I-Cause
produced I-Cause
less I-Cause
than I-Cause
3 I-Cause
% I-Cause
of I-Cause
its I-Cause
2019 I-Cause
total I-Cause
revenue. O
Thus O
, O
it B-Effect
was I-Effect
not I-Effect
surprising I-Effect
that I-Effect
, I-Effect
in I-Effect
late I-Effect
2020 I-Effect
, I-Effect
Under I-Effect
Armour I-Effect
announced I-Effect
that I-Effect
MyFitnessPal I-Effect
would I-Effect
be I-Effect
sold I-Effect
( I-Effect
for I-Effect
$ I-Effect
345 I-Effect
million I-Effect
) I-Effect
and I-Effect
Endomondo I-Effect
would I-Effect
be I-Effect
shut I-Effect
down I-Effect
. O

Yet O
the B-Effect
speed I-Effect
required I-Effect
to I-Effect
respond I-Effect
to I-Effect
changing I-Effect
customer I-Effect
demands I-Effect
is I-Effect
increasing I-Effect
, O
in O
our O
view O
, O
as O
digital B-Cause
retail I-Cause
gives I-Cause
shoppers I-Cause
access I-Cause
to I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
sellers I-Cause
, O
which O
has O
effectively O
nationalized O
searches O
for O
in-demand O
items O
. O

Over O
the O
past O
decade O
, O
plumbing B-Effect
margins I-Effect
have I-Effect
benefited I-Effect
from O
the B-Cause
segment I-Cause
's I-Cause
ability I-Cause
to I-Cause
persistently I-Cause
generate I-Cause
favorable I-Cause
price/cost I-Cause
spreads I-Cause
Building I-Cause
Products I-Cause
& I-Cause
Equipment I-Cause
( O
that O
is O
, O
increasing O
prices O
more O
than O
input O
cost O
inflation O
) O
. O

During B-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
, I-Cause
unit I-Cause
sales I-Cause
have I-Cause
fallen I-Cause
3 I-Cause
% I-Cause
annually I-Cause
on I-Cause
average I-Cause
, O
so O
our B-Effect
secular I-Effect
growth I-Effect
prospects I-Effect
for I-Effect
the I-Effect
industry I-Effect
lie I-Effect
largely I-Effect
in I-Effect
international I-Effect
growth I-Effect
opportunities I-Effect
, O
as O
North O
America O
still O
represents O
about O
70 O
% O
of O
BRP O
's O
total O
sales O
. O

Given O
the B-Cause
continued I-Cause
growth I-Cause
of I-Cause
its I-Cause
auto I-Cause
insurance I-Cause
operations I-Cause
, I-Cause
and I-Cause
the I-Cause
more I-Cause
meager I-Cause
growth I-Cause
in I-Cause
its I-Cause
reinsurance I-Cause
operations I-Cause
, O
Geico B-Effect
has I-Effect
become I-Effect
the I-Effect
largest I-Effect
generator I-Effect
of I-Effect
earned I-Effect
premiums I-Effect
for I-Effect
Berkshire I-Effect
. O

Delivery O
can O
extend O
Sprouts O
' O
appeal O
to O
customers O
that O
do O
not O
regularly O
drive O
past O
a O
store O
, O
but O
the B-Cause
channel I-Cause
is I-Cause
margin-dilutive I-Cause
even O
for O
firms B-Effect
that I-Effect
are I-Effect
able I-Effect
to I-Effect
scale I-Effect
costs I-Effect
over I-Effect
a I-Effect
much I-Effect
larger I-Effect
sales I-Effect
base I-Effect
. O

Five O
Below O
's O
cost O
position O
is O
integral O
to O
its O
value O
proposition O
, O
as O
minimizing B-Cause
outlays I-Cause
enables O
a B-Effect
higher-value I-Effect
assortment I-Effect
of I-Effect
items I-Effect
priced I-Effect
at I-Effect
or I-Effect
below I-Effect
the I-Effect
chain I-Effect
's I-Effect
$ I-Effect
5.55 I-Effect
per I-Effect
item I-Effect
cap I-Effect
( I-Effect
outside I-Effect
of I-Effect
its I-Effect
generally I-Effect
$ I-Effect
6- I-Effect
$ I-Effect
10 I-Effect
Five I-Effect
Beyond I-Effect
lineup I-Effect
) I-Effect
. I-Effect

This B-Cause
implicit I-Cause
contract I-Cause
between I-Cause
regulators I-Cause
and I-Cause
capital I-Cause
providers I-Cause
should I-Cause
, I-Cause
on I-Cause
balance I-Cause
, O
allow B-Effect
regulated I-Effect
utilities I-Effect
like I-Effect
Atmos I-Effect
to I-Effect
achieve I-Effect
at I-Effect
least I-Effect
their I-Effect
costs I-Effect
of I-Effect
capital I-Effect
, O
though O
observable O
returns O
might O
vary O
in O
the O
short O
run O
based O
on O
demand O
trends O
, O
investment O
cycles O
, O
operating O
costs O
, O
and O
access O
to O
financing O
. O

While O
Sabre B-Cause
's I-Cause
distribution I-Cause
network I-Cause
holds I-Cause
network I-Cause
and I-Cause
efficient I-Cause
scale I-Cause
advantages I-Cause
, O
its B-Effect
IT I-Effect
solutions I-Effect
and I-Effect
hospitality I-Effect
solutions I-Effect
business I-Effect
( I-Effect
27 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
revenue I-Effect
after I-Effect
eliminations I-Effect
) I-Effect
, I-Effect
provide I-Effect
a I-Effect
third I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
, I-Effect
which I-Effect
makes I-Effect
it I-Effect
costly I-Effect
and I-Effect
time I-Effect
consuming I-Effect
for I-Effect
carriers I-Effect
to I-Effect
move I-Effect
to I-Effect
another I-Effect
provider I-Effect
. O

However O
, O
with O
Yum B-Cause
's I-Cause
brands I-Cause
continuing I-Cause
to I-Cause
lead I-Cause
several I-Cause
'' I-Cause
'' I-Cause
most I-Cause
preferred I-Cause
brand I-Cause
'' I-Cause
'' I-Cause
surveys I-Cause
in I-Cause
China I-Cause
, O
we O
expect O
these B-Effect
initiatives I-Effect
to I-Effect
sustain I-Effect
consolidated I-Effect
same-store I-Effect
sales I-Effect
growth I-Effect
in I-Effect
the I-Effect
low- I-Effect
to I-Effect
mid-single-digit I-Effect
range I-Effect
. O

Through O
its O
Low O
Carbon O
Ventures O
business O
unit O
, O
Oxy B-Cause
aims I-Cause
to I-Cause
construct I-Cause
a I-Cause
Direct I-Cause
Air I-Cause
Capture I-Cause
plant I-Cause
in I-Cause
the I-Cause
Permian I-Cause
area I-Cause
, O
which O
will O
reduce B-Effect
atmospheric I-Effect
CO2 I-Effect
by I-Effect
1 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
annually I-Effect
( O
which O
would O
offset O
about O
half O
of O
Oxy O
's O
current O
emissions O
) O
. O

Management B-Effect
will I-Effect
need I-Effect
to I-Effect
pull I-Effect
through I-Effect
more I-Effect
volume I-Effect
in I-Effect
the I-Effect
recently I-Effect
acquired I-Effect
Rite I-Effect
Aid I-Effect
locations I-Effect
along I-Effect
with I-Effect
stores I-Effect
abroad I-Effect
as O
reimbursement B-Cause
stabilizes I-Cause
in I-Cause
Europe I-Cause
. O

Canadian O
regulators O
are O
debating O
whether O
to O
require B-Cause
the I-Cause
big I-Cause
wireless I-Cause
providers I-Cause
to I-Cause
wholesale I-Cause
their I-Cause
networks I-Cause
to I-Cause
mobile I-Cause
virtual I-Cause
network I-Cause
operators I-Cause
, I-Cause
or I-Cause
MVNOs I-Cause
, O
which O
could B-Effect
increase I-Effect
wireless I-Effect
competition I-Effect
. O

We O
expect O
that O
the B-Effect
lion I-Effect
's I-Effect
share I-Effect
of I-Effect
Arista I-Effect
's I-Effect
revenue I-Effect
will I-Effect
remain I-Effect
from I-Effect
cloud-based I-Effect
data I-Effect
center I-Effect
clients I-Effect
expanding I-Effect
their I-Effect
operations I-Effect
as O
software-defined B-Cause
networking I-Cause
paired I-Cause
with I-Cause
faster I-Cause
switching I-Cause
and I-Cause
routing I-Cause
products I-Cause
continue I-Cause
to I-Cause
be I-Cause
adopted I-Cause
. O

While O
we O
expect O
WestRock O
may O
be O
able O
to O
temporarily O
widen B-Effect
margins I-Effect
through O
ongoing B-Cause
productivity I-Cause
improvements I-Cause
, O
they O
are O
likely O
to O
be O
adopted O
by O
competitors O
, O
simply O
lowering O
the O
broader O
cost O
curve O
. O

Like O
other O
industries O
, O
hyperscale O
cloud O
players O
such O
as O
Amazon O
, O
Microsoft O
, O
or O
Google O
could O
alter B-Effect
the I-Effect
2 I-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCcompetitive I-Effect
dynamics I-Effect
if O
they B-Cause
chose I-Cause
to I-Cause
enter I-Cause
aggressively I-Cause
. O

As O
DocuSign B-Cause
continues I-Cause
to I-Cause
move I-Cause
upstream I-Cause
to I-Cause
larger I-Cause
clients I-Cause
, O
it B-Effect
will I-Effect
likely I-Effect
need I-Effect
to I-Effect
expand I-Effect
its I-Effect
sales I-Effect
and I-Effect
servicing I-Effect
headcount I-Effect
to I-Effect
deal I-Effect
with I-Effect
more I-Effect
complex I-Effect
issues I-Effect
. O

Regions B-Effect
continues I-Effect
to I-Effect
make I-Effect
efforts I-Effect
in I-Effect
building I-Effect
its I-Effect
fee-based I-Effect
revenue I-Effect
, O
primarily B-Cause
through I-Cause
its I-Cause
mortgage I-Cause
banking I-Cause
, I-Cause
wealth-management I-Cause
, I-Cause
and I-Cause
capital I-Cause
markets I-Cause
businesses I-Cause
. O

In O
this O
vein O
, O
we O
believe O
that O
Sysco B-Effect
does I-Effect
maintain I-Effect
a I-Effect
distribution I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
US I-Effect
Foods I-Effect
, O
as O
Sysco B-Cause
's I-Cause
vast I-Cause
distribution I-Cause
network I-Cause
of I-Cause
167 I-Cause
U.S I-Cause
. I-Cause

We O
forecast O
6 O
% O
average O
annual O
revenue O
growth O
over O
the O
next O
10 O
years O
, O
driven O
by O
3 O
% O
systemwide O
unit O
growth O
and O
normalized O
average O
annual O
same-restaurant O
sales O
of O
2 O
% O
( O
with B-Cause
menu I-Cause
, I-Cause
takeout I-Cause
, I-Cause
and I-Cause
technology I-Cause
initiatives I-Cause
helping O
to O
offset B-Effect
what I-Effect
may I-Effect
become I-Effect
a I-Effect
more I-Effect
promotional I-Effect
casual I-Effect
dining I-Effect
environment I-Effect
) O
. O

The O
firm B-Cause
also I-Cause
has I-Cause
a I-Cause
growing I-Cause
exposure I-Cause
to I-Cause
the I-Cause
Chinese I-Cause
market I-Cause
that O
may O
curtail O
margin B-Effect
expansion I-Effect
and I-Effect
swings I-Effect
in I-Effect
revenue I-Effect
to I-Effect
be I-Effect
more I-Effect
dramatic I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
also I-Cause
expanded I-Cause
its I-Cause
offerings I-Cause
of I-Cause
hydraulic I-Cause
rescue I-Cause
tools I-Cause
with I-Cause
new I-Cause
battery-powered I-Cause
tools I-Cause
that I-Cause
are I-Cause
portable I-Cause
, I-Cause
such I-Cause
as I-Cause
eDraulic I-Cause
and I-Cause
StrongArm I-Cause
, O
which O
have O
helped O
Idex B-Effect
expand I-Effect
its I-Effect
market I-Effect
share I-Effect
and I-Effect
keep I-Effect
abreast I-Effect
of I-Effect
competition I-Effect
. O

Still O
, O
we O
think O
Spade B-Effect
can I-Effect
grow I-Effect
in I-Effect
both I-Effect
North I-Effect
America I-Effect
and I-Effect
Asia I-Effect
through O
store B-Cause
openings I-Cause
and I-Cause
new I-Cause
products I-Cause
, O
such O
as O
shoes O
( O
currently O
licensed O
) O
. O

Longer O
term O
, O
we O
believe O
climate B-Cause
change I-Cause
initiatives I-Cause
will O
impact B-Effect
new I-Effect
wells I-Effect
on I-Effect
federal I-Effect
lands I-Effect
, O
rather O
than O
the O
private O
lands O
that O
shale O
firms O
operate O
on O
. O

The B-Effect
complexity I-Effect
of I-Effect
an I-Effect
entity I-Effect
's I-Effect
threat I-Effect
management I-Effect
increases I-Effect
as O
the B-Cause
quantity I-Cause
of I-Cause
data I-Cause
and I-Cause
traffic I-Cause
being I-Cause
generated I-Cause
off-premises I-Cause
grows I-Cause
. O

With O
the B-Cause
domestic I-Cause
professional I-Cause
segment I-Cause
returning I-Cause
to I-Cause
growth I-Cause
in I-Cause
the I-Cause
first I-Cause
quarter I-Cause
, O
we O
expect O
mid-single-digit B-Effect
percentage I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
the I-Effect
automotive I-Effect
unit I-Effect
in I-Effect
2021 I-Effect
. O

Net B-Effect
revenue I-Effect
is I-Effect
a I-Effect
key I-Effect
performance I-Effect
metric I-Effect
, O
as O
it B-Cause
represents I-Cause
gross I-Cause
sales I-Cause
less I-Cause
the I-Cause
cost I-Cause
of I-Cause
air I-Cause
and I-Cause
ocean I-Cause
capacity I-Cause
. O

Auto B-Cause
technicians I-Cause
can I-Cause
find I-Cause
themselves I-Cause
working I-Cause
in I-Cause
difficult I-Cause
angles I-Cause
, O
so O
finding B-Effect
tools I-Effect
that I-Effect
improve I-Effect
their I-Effect
comfort I-Effect
level I-Effect
is I-Effect
very I-Effect
valuable I-Effect
. O

We B-Effect
project I-Effect
that I-Effect
ad I-Effect
revenue I-Effect
will I-Effect
fall I-Effect
by I-Effect
20 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
lower B-Effect
demand I-Effect
from I-Effect
advertisers I-Effect
due O
to O
COVID-19 B-Cause
overwhelms I-Cause
any I-Cause
ratings I-Cause
boosts I-Cause
from I-Cause
viewers I-Cause
staying I-Cause
at I-Cause
home I-Cause
. O

Switching B-Cause
to I-Cause
another I-Cause
instrumentation I-Cause
system I-Cause
would I-Cause
require I-Cause
taking I-Cause
time I-Cause
out I-Cause
for I-Cause
training I-Cause
, I-Cause
developing I-Cause
a I-Cause
relationship I-Cause
with I-Cause
new I-Cause
sales I-Cause
rep I-Cause
, I-Cause
and I-Cause
working I-Cause
less I-Cause
efficiently I-Cause
during I-Cause
the I-Cause
early I-Cause
period I-Cause
of I-Cause
mastering I-Cause
another I-Cause
vendor I-Cause
's I-Cause
tools I-Cause
, O
possibly O
raising B-Effect
risks I-Effect
for I-Effect
the I-Effect
patient I-Effect
and I-Effect
reducing I-Effect
the I-Effect
number I-Effect
of I-Effect
procedures I-Effect
( O
and O
income O
for O
the O
surgeon O
) O
. O

UP B-Effect
's I-Effect
initial I-Effect
success I-Effect
on I-Effect
the I-Effect
margin I-Effect
front O
came O
a O
few O
decades O
after O
partial O
deregulation O
in O
1980 O
, O
as O
it B-Cause
eliminated I-Cause
unprofitable I-Cause
routes I-Cause
and I-Cause
gained I-Cause
efficiency I-Cause
during I-Cause
industry I-Cause
consolidation I-Cause
. O

While O
the O
components O
themselves O
may O
be O
easy O
to O
replicate O
, O
the B-Cause
complex I-Cause
systems I-Cause
they I-Cause
are I-Cause
integrated I-Cause
into I-Cause
are I-Cause
not I-Cause
, O
which O
we B-Effect
think I-Effect
constitutes I-Effect
a I-Effect
substantial I-Effect
switching I-Effect
cost I-Effect
for I-Effect
the I-Effect
prime I-Effect
contractors I-Effect
. O

One O
can O
imagine O
the B-Effect
frustration I-Effect
and I-Effect
possible I-Effect
reputational I-Effect
damage I-Effect
to I-Effect
a I-Effect
product I-Effect
if O
a B-Cause
perfectly I-Cause
functioning I-Cause
electric I-Cause
toothbrush I-Cause
or I-Cause
thermostat I-Cause
were I-Cause
to I-Cause
fail I-Cause
because O
of O
an O
unforeseen O
change O
in O
how O
the O
analog O
chip O
interacts O
with O
the O
rest O
of O
the O
circuit O
board O
. O

However O
, O
the B-Effect
firm I-Effect
and I-Effect
its I-Effect
primary I-Effect
shareholders I-Effect
, I-Effect
the I-Effect
Slim I-Effect
family I-Effect
, I-Effect
are I-Effect
likely I-Effect
to I-Effect
garner I-Effect
regulatory I-Effect
scrutiny I-Effect
in I-Effect
Mexico I-Effect
from I-Effect
time I-Effect
to I-Effect
time I-Effect
as O
officials B-Cause
seek I-Cause
to I-Cause
increase I-Cause
network I-Cause
investment I-Cause
and I-Cause
service I-Cause
adoption I-Cause
. O

As O
Corteva B-Cause
sells I-Cause
a I-Cause
greater I-Cause
proportion I-Cause
of I-Cause
patented I-Cause
crop I-Cause
protection I-Cause
products I-Cause
and I-Cause
Enlist I-Cause
seeds I-Cause
, O
we O
expect O
companywide B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
expand I-Effect
from I-Effect
a I-Effect
midteens I-Effect
percentage I-Effect
in I-Effect
2019 I-Effect
to I-Effect
a I-Effect
high I-Effect
teens I-Effect
percentage I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

We B-Effect
see I-Effect
this I-Effect
as I-Effect
a I-Effect
positive I-Effect
, O
given B-Cause
Domino I-Cause
's I-Cause
stakes I-Cause
it I-Cause
's I-Cause
brand I-Cause
identity I-Cause
on I-Cause
customer I-Cause
value I-Cause
and I-Cause
this I-Cause
is I-Cause
highlighted I-Cause
in I-Cause
the I-Cause
lack I-Cause
of I-Cause
menu I-Cause
price I-Cause
changes I-Cause
over O
the O
past O
decade O
. O

The O
firm O
should O
be O
able O
to O
make B-Effect
up I-Effect
for I-Effect
weakness I-Effect
in I-Effect
some I-Effect
areas I-Effect
of I-Effect
retail I-Effect
through O
direct-to-consumer B-Cause
sales I-Cause
and I-Cause
sales I-Cause
through I-Cause
retailers I-Cause
that I-Cause
are I-Cause
not I-Cause
closing I-Cause
stores I-Cause
. O

Pandemic-related B-Cause
acceleration I-Cause
of I-Cause
digital I-Cause
sales I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
hold I-Cause
prices I-Cause
down I-Cause
should O
limit O
SG B-Effect
& I-Effect
A I-Effect
expense I-Effect
leverage I-Effect
, O
limiting O
operating B-Effect
margins I-Effect
to I-Effect
about I-Effect
3.5 I-Effect
% I-Effect
on I-Effect
average I-Effect
post-pandemic I-Effect
, I-Effect
versus I-Effect
3.9 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
( O
fiscal O
2020 O
should O
see O
a O
nearly O
6 O
% O
mark O
as O
costs O
lever O
on O
higher O
volume O
) O
. O

Given O
the B-Cause
northern I-Cause
location I-Cause
of I-Cause
CP I-Cause
's I-Cause
assets I-Cause
, O
cold B-Effect
weather I-Effect
and I-Effect
avalanches I-Effect
can I-Effect
materially I-Effect
hamper I-Effect
efficiency I-Effect
by I-Effect
blocking I-Effect
tracks I-Effect
and I-Effect
necessitating I-Effect
shorter I-Effect
trains I-Effect
. O

Furthermore O
, O
we O
believe O
the B-Cause
firm I-Cause
's I-Cause
vast I-Cause
resources I-Cause
enable O
it B-Effect
to I-Effect
respond I-Effect
to I-Effect
evolving I-Effect
consumer I-Effect
trends I-Effect
more I-Effect
effectively I-Effect
, I-Effect
and I-Effect
to I-Effect
help I-Effect
the I-Effect
firm I-Effect
recover I-Effect
more I-Effect
quickly I-Effect
and I-Effect
cost-effectively I-Effect
if I-Effect
it I-Effect
were I-Effect
to I-Effect
miss I-Effect
a I-Effect
trend I-Effect
. O

ArcelorMittal B-Effect
also I-Effect
boasts I-Effect
significant I-Effect
end-market I-Effect
diversification I-Effect
, O
as O
it B-Cause
is I-Cause
leveraged I-Cause
to I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
industries I-Cause
, I-Cause
including I-Cause
construction I-Cause
, I-Cause
automotive I-Cause
, I-Cause
energy I-Cause
, I-Cause
transportation I-Cause
, I-Cause
packaging I-Cause
, I-Cause
and I-Cause
appliances I-Cause
. O

While O
the O
customer O
penetration O
rates O
remain O
low O
, O
with O
a O
single-digit O
level O
of O
the O
global O
population O
ever O
having O
cruised O
, O
we O
believe O
low B-Cause
switching I-Cause
costs I-Cause
could O
hinder O
the B-Effect
growth I-Effect
rate I-Effect
of I-Effect
cruisers I-Effect
, O
decreasing O
our B-Effect
confidence I-Effect
that I-Effect
Norwegian I-Effect
is I-Effect
poised I-Effect
to I-Effect
generate I-Effect
ROICs I-Effect
above I-Effect
WACC I-Effect
over I-Effect
an I-Effect
extended I-Effect
period I-Effect
. O

Further O
, O
this O
continued B-Cause
success I-Cause
in I-Cause
Macao I-Cause
helped O
Wynn B-Effect
win I-Effect
the I-Effect
only I-Effect
gaming I-Effect
concession I-Effect
awarded I-Effect
in I-Effect
the I-Effect
Boston I-Effect
market I-Effect
, O
where O
the B-Effect
company I-Effect
opened I-Effect
a I-Effect
resort I-Effect
in I-Effect
June I-Effect
2019 I-Effect
. O

Additionally O
, O
we O
expect O
slight O
operating B-Effect
leverage I-Effect
in I-Effect
SG I-Effect
& I-Effect
A I-Effect
costs I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
a O
result O
of O
continued O
customer B-Cause
preference I-Cause
for I-Cause
vendor I-Cause
consolidation I-Cause
. O

We O
believe O
that O
Nokia O
benefits O
from O
government O
regulation O
banning O
Huawei O
and O
ZTE O
from O
participating O
in O
certain O
geographies O
; O
however O
, O
we B-Effect
do I-Effect
not I-Effect
view I-Effect
these I-Effect
bans I-Effect
as I-Effect
a I-Effect
sustainable I-Effect
advantage I-Effect
because O
political B-Cause
policies I-Cause
are I-Cause
tentative I-Cause
and I-Cause
could I-Cause
affect I-Cause
Nokia I-Cause
negatively I-Cause
in I-Cause
the I-Cause
future I-Cause
. O

Furthermore O
, O
a B-Cause
surgeon I-Cause
's I-Cause
relationships I-Cause
with I-Cause
an I-Cause
orthopedic I-Cause
sales I-Cause
representative I-Cause
is O
another O
critical O
consideration O
that O
often O
makes O
them O
reluctant B-Effect
to I-Effect
switch I-Effect
vendors I-Effect
. O

With O
just O
over B-Cause
half I-Cause
the I-Cause
fleet I-Cause
expected I-Cause
to I-Cause
be I-Cause
deployed I-Cause
by O
the O
end O
of O
fiscal O
2021 O
, O
we O
have O
better B-Effect
visibility I-Effect
on I-Effect
the I-Effect
return I-Effect
to I-Effect
operations I-Effect
, O
although O
we O
still O
do O
n't O
model O
passenger O
capacity O
reaching O
2019 O
levels O
again O
until O
around O
2023 O
. O

We O
expect O
Hyatt B-Effect
to I-Effect
expand I-Effect
room I-Effect
and I-Effect
revenue I-Effect
share I-Effect
in I-Effect
the I-Effect
hotel I-Effect
industry I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
driven O
by O
a B-Cause
favorable I-Cause
next-generation I-Cause
traveler I-Cause
position I-Cause
supported I-Cause
by I-Cause
its I-Cause
newer I-Cause
House I-Cause
and I-Cause
Place I-Cause
brands I-Cause
( I-Cause
30 I-Cause
% I-Cause
of I-Cause
2020 I-Cause
total I-Cause
rooms I-Cause
) I-Cause
, I-Cause
supporting I-Cause
its I-Cause
intangible I-Cause
brand I-Cause
advantage I-Cause
. O

As O
the B-Cause
business I-Cause
world I-Cause
has I-Cause
become I-Cause
increasingly I-Cause
digitized I-Cause
, O
one B-Effect
avenue I-Effect
that I-Effect
has I-Effect
lacked I-Effect
significant I-Effect
investment I-Effect
is I-Effect
the I-Effect
enterprise I-Effect
phone I-Effect
system I-Effect
, I-Effect
often I-Effect
with I-Effect
landline I-Effect
phone I-Effect
equipment I-Effect
sitting I-Effect
on I-Effect
desks I-Effect
. O

There B-Effect
is I-Effect
no I-Effect
revenue I-Effect
concentration I-Effect
from I-Effect
a I-Effect
risk I-Effect
standpoint I-Effect
, O
as O
there B-Cause
are I-Cause
no I-Cause
10 I-Cause
% I-Cause
customers I-Cause
, O
but O
this B-Effect
may I-Effect
become I-Effect
a I-Effect
concern I-Effect
as O
management B-Cause
continues I-Cause
to I-Cause
sell I-Cause
more I-Cause
memberships I-Cause
to I-Cause
existing I-Cause
customers I-Cause
. O

As O
truckers B-Cause
have I-Cause
many I-Cause
forums I-Cause
to I-Cause
exchange I-Cause
experiences I-Cause
with I-Cause
their I-Cause
peers I-Cause
, O
nuanced B-Effect
product I-Effect
quality I-Effect
issues I-Effect
can I-Effect
quickly I-Effect
spread I-Effect
throughout I-Effect
the I-Effect
community I-Effect
. O

We B-Effect
expect I-Effect
West I-Effect
to I-Effect
maintain I-Effect
a I-Effect
dominant I-Effect
share I-Effect
in I-Effect
biologics I-Effect
, O
as O
reputational B-Cause
expertise I-Cause
tends I-Cause
to I-Cause
be I-Cause
long-lasting I-Cause
, O
and O
the O
company O
is O
poised O
to O
benefit O
from O
above-trend O
growth O
of O
biologic O
drugs O
, O
which O
has O
recently O
been O
in O
the O
double O
digits O
. O

Also O
, O
the B-Cause
state I-Cause
of I-Cause
California I-Cause
requires I-Cause
that I-Cause
products I-Cause
with I-Cause
glyphosate I-Cause
must I-Cause
be I-Cause
labeled I-Cause
with I-Cause
cancer I-Cause
warnings I-Cause
, O
which O
could O
hurt B-Effect
sales I-Effect
as I-Effect
consumers I-Effect
may I-Effect
no I-Effect
longer I-Effect
want I-Effect
to I-Effect
buy I-Effect
the I-Effect
product I-Effect
. I-Effect

Overall O
, O
we O
think O
Idex O
has O
done O
a O
respectable O
job O
refreshing B-Cause
its I-Cause
product I-Cause
portfolio I-Cause
to O
maintain B-Effect
its I-Effect
competitive I-Effect
position I-Effect
and I-Effect
keep I-Effect
rivals I-Effect
at I-Effect
bay I-Effect
. O

We O
now O
expect O
Las B-Effect
Vegas I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
270 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
versus I-Effect
225 I-Effect
% I-Effect
prior I-Effect
, O
driven O
by O
a B-Cause
faster I-Cause
recovery I-Cause
in I-Cause
demand I-Cause
, I-Cause
which I-Cause
is I-Cause
being I-Cause
aided I-Cause
by I-Cause
improving I-Cause
vaccination I-Cause
rates I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Within O
the O
pipeline O
, O
Bristol B-Cause
's I-Cause
astute I-Cause
acquisition I-Cause
of I-Cause
Medarex I-Cause
helps O
secure B-Effect
Bristol I-Effect
's I-Effect
strong I-Effect
first-mover I-Effect
advantage I-Effect
in I-Effect
cancer I-Effect
immunotherapy I-Effect
, I-Effect
which I-Effect
should I-Effect
yield I-Effect
several I-Effect
major I-Effect
blockbuster I-Effect
compounds I-Effect
. O

Continued B-Cause
pressure I-Cause
on I-Cause
drug I-Cause
pricing I-Cause
poses O
a B-Effect
risk I-Effect
to I-Effect
the I-Effect
company I-Effect
and O
includes O
deflation O
in O
generic O
drug O
prices O
, O
increased O
generic O
mix O
, O
slower O
growth O
in O
the O
pharmaceutical O
pipeline O
, O
and O
lower O
spending O
on O
hepatitis O
C O
and O
opioids O
. O

After B-Cause
a I-Cause
strong I-Cause
third I-Cause
quarter I-Cause
( I-Cause
13 I-Cause
% I-Cause
comparable I-Cause
sales I-Cause
growth I-Cause
) I-Cause
, O
we B-Effect
are I-Effect
lifting I-Effect
our I-Effect
valuation I-Effect
to I-Effect
$ I-Effect
103 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
95 I-Effect
, I-Effect
or I-Effect
25 I-Effect
times I-Effect
expected I-Effect
fiscal I-Effect
2021 I-Effect
earnings I-Effect
. O

Because O
of O
the B-Cause
first I-Cause
mover I-Cause
advantage I-Cause
and I-Cause
concurrent I-Cause
de I-Cause
facto I-Cause
status I-Cause
as I-Cause
the I-Cause
standard I-Cause
in I-Cause
desktop I-Cause
OS I-Cause
software I-Cause
, O
software B-Effect
was I-Effect
initially I-Effect
written I-Effect
for I-Effect
Windows I-Effect
. O

However O
, O
as O
the B-Cause
company I-Cause
divests I-Cause
or I-Cause
retires I-Cause
its I-Cause
merchant I-Cause
nuclear I-Cause
plants I-Cause
, O
regulated B-Effect
operations I-Effect
will I-Effect
represent I-Effect
almost I-Effect
all I-Effect
of I-Effect
consolidated I-Effect
earnings I-Effect
in I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
and O
an B-Cause
adverse I-Cause
decision I-Cause
from I-Cause
regulators I-Cause
would O
negatively O
affect O
earnings B-Effect
and I-Effect
cash I-Effect
flow I-Effect
. O

Although O
the O
sorting O
of O
scrap O
metal O
is O
largely O
automated O
, O
the B-Cause
separation I-Cause
process I-Cause
still I-Cause
involves I-Cause
certain I-Cause
manual I-Cause
tasks I-Cause
that O
prevent O
average B-Effect
costs I-Effect
from I-Effect
decreasing I-Effect
significantly I-Effect
as I-Effect
throughput I-Effect
volume I-Effect
increases I-Effect
. O

Its B-Cause
strengths I-Cause
in I-Cause
these I-Cause
related I-Cause
areas I-Cause
help I-Cause
Fresenius B-Effect
maintain I-Effect
the I-Effect
leading I-Effect
global I-Effect
position I-Effect
in I-Effect
this I-Effect
expanding I-Effect
market I-Effect
, O
and O
we O
expect O
the B-Effect
company I-Effect
to I-Effect
continue I-Effect
benefiting I-Effect
from I-Effect
solid I-Effect
demand I-Effect
in I-Effect
developed I-Effect
markets I-Effect
, I-Effect
such I-Effect
as I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
and I-Effect
even I-Effect
faster I-Effect
expansion I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
, I-Effect
such I-Effect
as I-Effect
China I-Effect
, I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Relative O
to O
Western O
Digital O
, O
we B-Effect
believe I-Effect
Seagate I-Effect
is I-Effect
in I-Effect
a I-Effect
weaker I-Effect
competitive I-Effect
position I-Effect
, O
as O
the B-Cause
firm I-Cause
lacks I-Cause
a I-Cause
captive I-Cause
source I-Cause
of I-Cause
NAND I-Cause
flash I-Cause
capacity I-Cause
to I-Cause
drive I-Cause
its I-Cause
SSD I-Cause
business I-Cause
. I-Cause

In O
addition O
, O
we O
believe O
that O
the O
online O
business O
should O
continue O
to O
benefit O
from O
the O
COVID-19 O
impact O
, O
despite O
the B-Cause
intensified I-Cause
online I-Cause
competition I-Cause
may O
resulted O
near-term B-Effect
margin I-Effect
pressure O
due O
to O
higher O
selling O
and O
marketing O
expenses O
. O

Bancorp B-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
best I-Cause
deposit I-Cause
market I-Cause
share I-Cause
concentrations I-Cause
under I-Cause
our I-Cause
coverage I-Cause
, I-Cause
which O
strengthens B-Effect
the I-Effect
efficiency I-Effect
and I-Effect
profitability I-Effect
of I-Effect
its I-Effect
traditional I-Effect
banking I-Effect
segments I-Effect
. I-Effect

The B-Cause
category I-Cause
captain I-Cause
partners I-Cause
with I-Cause
the I-Cause
retailer I-Cause
, I-Cause
recommending I-Cause
optimal I-Cause
product I-Cause
mix I-Cause
, I-Cause
promotional I-Cause
strategies I-Cause
, I-Cause
and I-Cause
placement I-Cause
, I-Cause
with I-Cause
both I-Cause
parties I-Cause
sharing I-Cause
data I-Cause
and I-Cause
analysis. O
This B-Effect
is I-Effect
a I-Effect
critical I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
large I-Effect
manufacturers I-Effect
, I-Effect
not I-Effect
only I-Effect
over I-Effect
new I-Effect
entrants I-Effect
and I-Effect
small I-Effect
players I-Effect
, I-Effect
but I-Effect
also I-Effect
in I-Effect
the I-Effect
intracategory I-Effect
competition I-Effect
among I-Effect
the I-Effect
leading I-Effect
three I-Effect
or I-Effect
four I-Effect
manufacturers I-Effect
, I-Effect
as I-Effect
it I-Effect
helps I-Effect
the I-Effect
category I-Effect
leader I-Effect
to I-Effect
retain I-Effect
prime I-Effect
real I-Effect
estate I-Effect
in I-Effect
the I-Effect
store I-Effect
. O

Over B-Cause
the I-Cause
long I-Cause
term I-Cause
, I-Cause
we I-Cause
surmise I-Cause
Campbell I-Cause
will I-Cause
direct I-Cause
a I-Cause
portion I-Cause
of I-Cause
these I-Cause
savings I-Cause
to I-Cause
its I-Cause
brand I-Cause
spending I-Cause
in B-Effect
support I-Effect
of I-Effect
its I-Effect
competitive I-Effect
edge I-Effect
. O

After B-Cause
updating I-Cause
our I-Cause
projections I-Cause
, I-Cause
largely O
with O
tweaks O
to O
our O
future O
net O
interest O
income O
forecasts O
, O
we B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Huntington I-Effect
to I-Effect
$ I-Effect
18 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
16 I-Effect
. I-Effect

We O
think O
returns B-Cause
in I-Cause
this I-Cause
segment I-Cause
are I-Cause
below I-Cause
cost I-Cause
of I-Cause
equity I-Cause
and I-Cause
will I-Cause
likely I-Cause
remain I-Cause
so I-Cause
for I-Cause
the I-Cause
foreseeable I-Cause
future I-Cause
, O
given O
higher B-Effect
risk I-Effect
weights I-Effect
for I-Effect
corporate I-Effect
lending I-Effect
products I-Effect
. O

Over O
the O
long O
term O
, O
we B-Effect
expect I-Effect
2 I-Effect
% I-Effect
consolidated I-Effect
organic I-Effect
sales I-Effect
growth I-Effect
, O
driven O
by O
low-single-digit B-Cause
growth I-Cause
in I-Cause
its I-Cause
packaged I-Cause
food I-Cause
segments I-Cause
and I-Cause
9 I-Cause
% I-Cause
average I-Cause
annual I-Cause
10-year I-Cause
growth I-Cause
for I-Cause
pet I-Cause
food I-Cause
, O
as O
the O
BLUE O
brand O
continues O
to O
expand O
its O
offerings O
beyond O
its O
foundational O
dry O
dog O
food O
lineup O
. O

However O
, O
Dell B-Cause
Technologies I-Cause
derives I-Cause
most I-Cause
of I-Cause
its I-Cause
revenue I-Cause
from I-Cause
challenging I-Cause
commoditized I-Cause
markets I-Cause
that O
affect O
its B-Effect
ability I-Effect
to I-Effect
generate I-Effect
excess I-Effect
economic I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Also O
, O
the B-Cause
price I-Cause
wars I-Cause
that I-Cause
hit I-Cause
the I-Cause
market I-Cause
following I-Cause
regulatory I-Cause
reform I-Cause
and I-Cause
AT I-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
's I-Cause
entrance I-Cause
have O
hurt B-Effect
third-place I-Effect
carrier I-Effect
Telefonica I-Effect
particularly I-Effect
hard I-Effect
, O
prompting O
the B-Effect
firm I-Effect
to I-Effect
effectively I-Effect
exit I-Effect
the I-Effect
market I-Effect
in I-Effect
2019 I-Effect
as I-Effect
a I-Effect
facilities-based I-Effect
operator I-Effect
. O

However O
, O
we O
do O
expect O
modest B-Effect
improvements I-Effect
to I-Effect
a I-Effect
14 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
driven I-Effect
by I-Effect
mix I-Effect
, O
as O
we B-Cause
forecast I-Cause
that I-Cause
the I-Cause
high I-Cause
margin I-Cause
consumables I-Cause
segment I-Cause
will I-Cause
grow I-Cause
at I-Cause
a I-Cause
faster I-Cause
pace I-Cause
than I-Cause
the I-Cause
other I-Cause
segments I-Cause
. O

We O
believe O
Hologic B-Cause
's I-Cause
first-mover I-Cause
advantage I-Cause
in I-Cause
3D I-Cause
mammography I-Cause
, I-Cause
wide I-Cause
installed I-Cause
base I-Cause
, I-Cause
and I-Cause
strong I-Cause
trial I-Cause
validation I-Cause
provide B-Effect
it I-Effect
with I-Effect
firm I-Effect
footing I-Effect
in I-Effect
this I-Effect
market I-Effect
. O

We O
expect O
generic B-Cause
competition I-Cause
will O
cause O
Xifaxan B-Effect
sales I-Effect
to I-Effect
fall I-Effect
over I-Effect
50 I-Effect
% I-Effect
from I-Effect
the I-Effect
2027 I-Effect
partial I-Effect
patent I-Effect
expiry I-Effect
through I-Effect
2029 I-Effect
, O
leading O
to O
a O
nearly O
10 O
% O
decline O
in O
total O
firm O
sales O
over O
this O
period O
. O

With O
recent B-Cause
concerns I-Cause
around I-Cause
ethylene I-Cause
oxide I-Cause
, I-Cause
or I-Cause
EtO I-Cause
, I-Cause
sterilization I-Cause
, O
there B-Effect
is I-Effect
a I-Effect
risk I-Effect
that I-Effect
regulators I-Effect
could I-Effect
ban I-Effect
or I-Effect
limit I-Effect
the I-Effect
use I-Effect
of I-Effect
EtO I-Effect
, O
which O
accounts O
for O
about O
half O
of O
all O
device O
sterilization O
, O
and O
25 O
% O
of O
Steris O
' O
device O
sterilization O
business O
. O

The B-Effect
bank I-Effect
has I-Effect
also I-Effect
been I-Effect
making I-Effect
multiple I-Effect
acquisitions I-Effect
in I-Effect
its I-Effect
Latin I-Effect
America I-Effect
footprint I-Effect
as O
it B-Cause
attempts I-Cause
to I-Cause
consolidate I-Cause
better I-Cause
share I-Cause
within I-Cause
the I-Cause
area I-Cause
. O

Despite O
its O
size O
, O
Capital B-Effect
One I-Effect
has I-Effect
fewer I-Effect
than I-Effect
500 I-Effect
branches I-Effect
, I-Effect
which I-Effect
is I-Effect
down I-Effect
from I-Effect
its I-Effect
peak I-Effect
of I-Effect
over I-Effect
700 I-Effect
as O
the B-Cause
firm I-Cause
has I-Cause
been I-Cause
shrinking I-Cause
its I-Cause
already I-Cause
small I-Cause
footprint I-Cause
while I-Cause
expanding I-Cause
its I-Cause
deposit I-Cause
base I-Cause
and I-Cause
assets I-Cause
. O

The B-Cause
next I-Cause
major I-Cause
transistor I-Cause
innovation I-Cause
expected I-Cause
to I-Cause
succeed I-Cause
FinFET I-Cause
is I-Cause
gate I-Cause
all-around I-Cause
, I-Cause
or I-Cause
GAA I-Cause
, O
that O
will O
allow O
chipmakers B-Effect
to I-Effect
continue I-Effect
traversing I-Effect
Moore I-Effect
's I-Effect
Law I-Effect
. O

While O
we O
do O
n't O
believe O
a O
decrease O
in O
R O
& O
D O
spending O
or O
outsourcing O
is O
likely O
in O
the O
near O
term O
, O
all B-Effect
CROs I-Effect
are I-Effect
left I-Effect
exposed I-Effect
to I-Effect
these I-Effect
risks I-Effect
if O
biopharma B-Cause
funding I-Cause
is I-Cause
constrained I-Cause
, O
if O
there O
are O
changes B-Cause
in I-Cause
the I-Cause
drug I-Cause
approval I-Cause
regulatory I-Cause
landscape I-Cause
, O
or O
if O
the B-Cause
biopharma I-Cause
industry I-Cause
faces I-Cause
other I-Cause
macroeconomic I-Cause
headwinds I-Cause
. O

The B-Effect
firm I-Effect
nearly I-Effect
doubled I-Effect
its I-Effect
store I-Effect
base I-Effect
between I-Effect
2007 I-Effect
and I-Effect
2019 I-Effect
( O
to O
850 O
stores O
at O
the O
end O
of O
2019 O
from O
434 O
at O
the O
end O
of O
2007 O
) O
as O
it B-Cause
moved I-Cause
away I-Cause
from I-Cause
its I-Cause
East I-Cause
Coast I-Cause
roots I-Cause
. O

We O
expect O
Hilton B-Effect
's I-Effect
room I-Effect
share I-Effect
expansion I-Effect
to I-Effect
be I-Effect
among I-Effect
the I-Effect
industry I-Effect
's I-Effect
fastest I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
because O
of O
an B-Cause
industry-leading I-Cause
pipeline I-Cause
, I-Cause
favorable I-Cause
next-generation I-Cause
traveler I-Cause
position I-Cause
supported I-Cause
by I-Cause
newer I-Cause
brands I-Cause
, I-Cause
and I-Cause
its I-Cause
highly I-Cause
rated I-Cause
loyalty I-Cause
program I-Cause
. O

Sustainalytics O
specifically O
calls O
out O
Idexx O
's O
diagnostics O
for O
water O
and O
production O
animals O
where O
faulty B-Cause
test I-Cause
results I-Cause
could O
lead O
to O
contaminated B-Effect
food I-Effect
or I-Effect
water I-Effect
for I-Effect
human I-Effect
consumption I-Effect
. O

A B-Cause
complementary I-Cause
digital I-Cause
plan I-Cause
, O
which O
has O
focused O
on O
strategic O
relationships O
with O
Google O
, O
Alibaba O
, O
and O
others O
, O
should O
help B-Effect
brand I-Effect
visibility I-Effect
, O
potentially O
preventing O
share B-Effect
losses I-Effect
to I-Effect
other I-Effect
digital I-Effect
toy I-Effect
peers I-Effect
. O

Water O
should O
see O
its O
organic B-Effect
growth I-Effect
rate I-Effect
slightly I-Effect
negative I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
sales B-Effect
declines I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
( I-Effect
at I-Effect
16 I-Effect
% I-Effect
in I-Effect
our I-Effect
estimates I-Effect
) I-Effect
due O
to O
the B-Effect
segment I-Effect
's I-Effect
exposure I-Effect
in I-Effect
food I-Effect
service I-Effect
and I-Effect
impulse I-Effect
channels I-Effect
, O
which O
are O
severely O
affected O
by O
COVID-19-induced B-Cause
lockdowns I-Cause
. O

We O
believe O
that O
Host B-Cause
will I-Cause
continue I-Cause
to I-Cause
acquire I-Cause
high-quality I-Cause
hotels I-Cause
at I-Cause
an I-Cause
average I-Cause
6.5 I-Cause
% I-Cause
cap I-Cause
rate I-Cause
and I-Cause
selectively I-Cause
dispose I-Cause
of I-Cause
noncore I-Cause
hotels I-Cause
at I-Cause
an I-Cause
8.5 I-Cause
% I-Cause
cap I-Cause
rate I-Cause
to O
partially O
fund B-Effect
its I-Effect
external I-Effect
growth I-Effect
each I-Effect
year I-Effect
. O

We B-Effect
expect I-Effect
net I-Effect
interest I-Effect
income I-Effect
to I-Effect
continue I-Effect
to I-Effect
decline I-Effect
meaningfully I-Effect
in I-Effect
2021 I-Effect
as O
low B-Cause
interest I-Cause
rates I-Cause
and I-Cause
a I-Cause
flatter I-Cause
yield I-Cause
curve I-Cause
weigh I-Cause
on I-Cause
net I-Cause
interest I-Cause
margins I-Cause
. O

Still O
, O
Coke B-Cause
's I-Cause
reliance I-Cause
on I-Cause
its I-Cause
bottlers I-Cause
for I-Cause
execution I-Cause
is I-Cause
incontrovertible I-Cause
, O
and O
as O
a O
result O
, O
the B-Effect
firm I-Effect
not I-Effect
only I-Effect
commits I-Effect
to I-Effect
providing I-Effect
resources I-Effect
, I-Effect
but I-Effect
also I-Effect
to I-Effect
buy I-Effect
outright I-Effect
underperforming I-Effect
bottlers I-Effect
. O

Given O
the B-Cause
exit I-Cause
from I-Cause
merchant I-Cause
generation I-Cause
and I-Cause
the I-Cause
solid I-Cause
growth I-Cause
of I-Cause
Entergy I-Cause
's I-Cause
utilities I-Cause
, O
we O
believe O
the B-Effect
dividend I-Effect
is I-Effect
secure I-Effect
and I-Effect
expect I-Effect
increases I-Effect
to I-Effect
be I-Effect
more I-Effect
in O
line O
with O
long-term O
earnings O
growth O
, O
or O
about O
5 O
% O
-6 O
% O
annually O
, O
beginning O
with O
the O
fourth-quarter O
dividend O
in O
2021 O
. O

Partly O
due O
to O
store B-Effect
closures I-Effect
related I-Cause
to I-Cause
the B-Cause
pandemic I-Cause
, O
Nike B-Effect
expects I-Effect
digital I-Effect
sales I-Effect
from I-Effect
its I-Effect
own I-Effect
channels I-Effect
and I-Effect
those I-Effect
of I-Effect
wholesale I-Effect
partners I-Effect
to I-Effect
increase I-Effect
to I-Effect
as I-Effect
much I-Effect
as I-Effect
30 I-Effect
% I-Effect
of I-Effect
its I-Effect
sales I-Effect
this I-Effect
fiscal I-Effect
year I-Effect
. O

Client B-Cause
size I-Cause
in I-Cause
the I-Cause
commercial I-Cause
loan I-Cause
book I-Cause
should I-Effect
moderate B-Effect
the I-Effect
bank I-Effect
's I-Effect
exposure I-Effect
, O
with O
an B-Cause
evident I-Cause
skew I-Cause
toward I-Cause
smaller I-Cause
corporates I-Cause
and I-Cause
small I-Cause
and I-Cause
medium-size I-Cause
enterprises I-Cause
that I-Cause
have I-Cause
more I-Cause
difficulty I-Cause
accessing I-Cause
capital I-Cause
markets I-Cause
. O

The B-Effect
increase I-Effect
in I-Effect
earnings I-Effect
guidance I-Effect
was O
driven O
by O
an B-Effect
improved I-Effect
outlook I-Effect
for I-Effect
American I-Effect
Savings I-Effect
Bank I-Effect
due O
in O
large O
part O
to O
a B-Cause
steady I-Cause
recovery I-Cause
of I-Cause
the I-Cause
Hawaiian I-Cause
economy I-Cause
. O

PG B-Effect
& I-Effect
E I-Effect
's I-Effect
inability I-Effect
to I-Effect
access I-Effect
capital I-Effect
markets I-Effect
at I-Effect
reasonable I-Effect
prices I-Effect
due O
to O
wildfire-related B-Cause
legal I-Cause
, I-Cause
regulatory I-Cause
, I-Cause
and I-Cause
political I-Cause
concerns I-Cause
led O
the B-Effect
company I-Effect
to I-Effect
declare I-Effect
bankruptcy I-Effect
in I-Effect
January I-Effect
2019 I-Effect
. O

We O
think O
Bed B-Effect
Bath I-Effect
& I-Effect
Beyond I-Effect
( I-Effect
and I-Effect
its I-Effect
secondary I-Effect
concepts I-Effect
) I-Effect
should I-Effect
remain I-Effect
an I-Effect
existing I-Effect
shopping I-Effect
destination I-Effect
post I-Effect
COVID-19 I-Effect
, O
thanks O
to O
significant B-Cause
efforts I-Cause
to I-Cause
boost I-Cause
buy I-Cause
online I-Cause
, I-Cause
pickup I-Cause
in I-Cause
store I-Cause
, I-Cause
and I-Cause
curbside I-Cause
pickup I-Cause
capabilities I-Cause
. O

Risks B-Cause
remain I-Cause
around I-Cause
new I-Cause
variant I-Cause
strains I-Cause
and I-Cause
an I-Cause
elongated I-Cause
time I-Cause
until I-Cause
vaccines I-Cause
are I-Cause
widely I-Cause
globally I-Cause
available I-Cause
, O
which O
could O
delay O
our B-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

We O
expect O
consolidated B-Effect
revenue I-Effect
to I-Effect
grow I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
on I-Effect
average I-Effect
through I-Effect
2025 I-Effect
, O
primarily O
driven B-Cause
by I-Cause
recent I-Cause
acquisitions I-Cause
and I-Cause
new I-Cause
product I-Cause
development I-Cause
in I-Cause
Sonoco I-Cause
's I-Cause
consumer I-Cause
products I-Cause
and I-Cause
protective I-Cause
solutions I-Cause
segments I-Cause
. O

As B-Effect
consumers I-Effect
slowly I-Effect
resume I-Effect
cruising I-Effect
after O
a B-Cause
more I-Cause
than I-Cause
nine-month I-Cause
sailing I-Cause
halt I-Cause
( O
which O
could O
be O
prolonged O
) O
, O
we O
suspect O
cruise O
operators O
will O
have O
to O
reassure O
passengers O
of O
the O
safety O
and O
value O
propositions O
of O
cruising O
. O

Network B-Cause
segments I-Cause
will I-Cause
stay I-Cause
roughly I-Cause
flat I-Cause
at I-Cause
57 I-Cause
% I-Cause
through I-Cause
2025 I-Cause
as I-Cause
the I-Cause
content I-Cause
costs I-Cause
will I-Cause
just I-Cause
about I-Cause
offset I-Cause
revenue I-Cause
growth. O
As O
a O
result O
, O
the B-Effect
EBITDA I-Effect
margin I-Effect
for I-Effect
the I-Effect
firm I-Effect
will I-Effect
expand I-Effect
slightly I-Effect
to I-Effect
42.3 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
, I-Effect
up I-Effect
from I-Effect
41.9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
for I-Effect
Discovery I-Effect
. O

However O
, O
FireEye B-Effect
's I-Effect
architecture I-Effect
lacks I-Effect
the I-Effect
breadth I-Effect
of I-Effect
its I-Effect
peers I-Effect
and I-Effect
is I-Effect
a I-Effect
more I-Effect
difficult I-Effect
sell I-Effect
since O
FireEye B-Cause
is I-Cause
not I-Cause
entrenched I-Cause
within I-Cause
customer I-Cause
security I-Cause
infrastructure I-Cause
like I-Cause
the I-Cause
leading I-Cause
firewall I-Cause
vendors I-Cause
. O

In O
the O
longer O
term O
, O
the B-Effect
uncertainty I-Effect
revolving I-Effect
around I-Effect
technological I-Effect
progress I-Effect
may I-Effect
potentially I-Effect
prove I-Effect
detrimental I-Effect
to I-Effect
the I-Effect
company I-Effect
, O
as O
Intel B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Altera I-Cause
will I-Cause
leverage I-Cause
the I-Cause
former I-Cause
's I-Cause
advanced I-Cause
manufacturing I-Cause
capabilities I-Cause
. O

However O
, O
the B-Effect
firm I-Effect
gained I-Effect
share I-Effect
in I-Effect
2019 I-Effect
, I-Effect
when I-Effect
it I-Effect
reported I-Effect
5.8 I-Effect
% I-Effect
organic I-Effect
growth I-Effect
, I-Effect
above I-Effect
the I-Effect
low-single-digit I-Effect
industry I-Effect
growth I-Effect
rate I-Effect
, O
as O
PFG B-Cause
reaped I-Cause
the I-Cause
benefits I-Cause
of I-Cause
an I-Cause
expanded I-Cause
salesforce I-Cause
. O

In O
addition O
, O
after O
the O
acquisition O
, O
the B-Cause
Jabal I-Cause
Sayid I-Cause
project I-Cause
faced I-Cause
questions I-Cause
from I-Cause
Saudi I-Cause
Arabia I-Cause
's I-Cause
deputy I-Cause
minister I-Cause
for I-Cause
mineral I-Cause
resources I-Cause
, O
forcing O
the B-Effect
company I-Effect
to I-Effect
temporarily I-Effect
place I-Effect
the I-Effect
development I-Effect
on I-Effect
care I-Effect
and I-Effect
maintenance I-Effect
. O

Gathering B-Cause
, I-Cause
processing I-Cause
, I-Cause
and I-Cause
fractionation I-Cause
assets I-Cause
have I-Cause
fewer I-Cause
of I-Cause
the I-Cause
protections I-Cause
experienced I-Cause
by I-Cause
pipeline I-Cause
projects I-Cause
and O
thus B-Effect
have I-Effect
less I-Effect
of I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
. O

In O
its O
retail O
operations O
, O
CVS B-Cause
has I-Cause
established I-Cause
significant I-Cause
scale I-Cause
that O
has O
enabled O
it B-Effect
to I-Effect
leverage I-Effect
some I-Effect
negotiating I-Effect
power I-Effect
with I-Effect
suppliers I-Effect
. O

Close B-Cause
ties I-Cause
with I-Cause
OEM I-Cause
customers I-Cause
( I-Cause
75 I-Cause
% I-Cause
of I-Cause
total I-Cause
2020 I-Cause
revenue I-Cause
) I-Cause
are O
integral O
to O
success B-Effect
in I-Effect
the I-Effect
automotive I-Effect
industry I-Effect
supply I-Effect
base I-Effect
and I-Effect
create I-Effect
another I-Effect
significant I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
. O

The O
technology O
improves B-Cause
the I-Cause
potency I-Cause
and I-Cause
safety I-Cause
of I-Cause
cancer-targeting I-Cause
monoclonal I-Cause
antibodies I-Cause
by I-Cause
linking I-Cause
them I-Cause
to I-Cause
potent I-Cause
cell-killing I-Cause
drugs I-Cause
( O
chemotherapies O
) O
, O
thereby O
enhancing B-Effect
antitumor I-Effect
activity I-Effect
while I-Effect
reducing I-Effect
the I-Effect
potential I-Effect
toxicity I-Effect
. O

We O
assume O
operating B-Effect
margins I-Effect
recover I-Effect
from I-Effect
the I-Effect
roughly I-Effect
3.7 I-Effect
% I-Effect
posted I-Effect
in I-Effect
2020 I-Effect
due O
to O
better B-Cause
capacity I-Cause
utilization I-Cause
from I-Cause
increased I-Cause
production I-Cause
in I-Cause
the I-Cause
final I-Cause
years I-Cause
of I-Cause
our I-Cause
model I-Cause
. O

As O
a O
result O
, O
we O
think O
the O
company O
is O
well O
diversified O
against O
client O
concentration O
risk O
, O
where O
individual B-Cause
trial I-Cause
cancellations I-Cause
can O
have O
a O
sizable O
impact B-Effect
on I-Effect
a I-Effect
CRO I-Effect
's I-Effect
business I-Effect
results I-Effect
. O

With O
the B-Cause
company I-Cause
already I-Cause
in I-Cause
turnaround I-Cause
mode I-Cause
, O
the B-Effect
coronavirus I-Effect
pandemic I-Effect
will I-Effect
prolong I-Effect
the I-Effect
process I-Effect
, I-Effect
detouring B-Effect
any I-Effect
improvement I-Effect
in I-Effect
execution I-Effect
through I-Effect
the B-Cause
rough I-Cause
roads I-Cause
of I-Cause
margin I-Cause
contraction I-Cause
on I-Cause
the I-Cause
severely I-Cause
negative I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
factory I-Cause
closures I-Cause
induced I-Cause
by I-Cause
the I-Cause
outbreak I-Cause
. O

If O
domestic B-Effect
pricing I-Effect
pressure I-Effect
is I-Effect
exacerbated I-Effect
more I-Effect
than I-Effect
expected I-Effect
as I-Cause
new B-Cause
entrants I-Cause
emerge I-Cause
, O
we B-Effect
may I-Effect
need I-Effect
to I-Effect
revisit I-Effect
our I-Effect
assumptions I-Effect
in I-Effect
those I-Effect
out I-Effect
years I-Effect
. O

Eastman B-Effect
's I-Effect
continual I-Effect
innovation I-Effect
of I-Effect
its I-Effect
Impera I-Effect
brand I-Effect
allows I-Effect
the I-Effect
company I-Effect
to I-Effect
charge I-Effect
a I-Effect
premium I-Effect
as O
its B-Cause
newest I-Cause
patented I-Cause
products I-Cause
allow I-Cause
tire I-Cause
manufacturers I-Cause
to I-Cause
meet I-Cause
the I-Cause
pending I-Cause
regulations I-Cause
in I-Cause
both I-Cause
of I-Cause
these I-Cause
areas I-Cause
. O

A B-Effect
wave I-Effect
of I-Effect
consolidation I-Effect
hit I-Effect
the I-Effect
local I-Effect
station I-Effect
marketplace I-Effect
in I-Effect
the I-Effect
1990s I-Effect
and I-Effect
has I-Effect
continued I-Effect
to I-Effect
this I-Effect
day I-Effect
as O
the B-Cause
Federal I-Cause
Communications I-Cause
Commission I-Cause
has I-Cause
weakened I-Cause
its I-Cause
stance I-Cause
on I-Cause
media I-Cause
ownership I-Cause
concentration I-Cause
. O

Furthermore O
, O
even O
with O
Facebook O
's O
dominant O
position O
in O
the O
social O
network O
market O
, O
its O
high B-Cause
dependence I-Cause
on I-Cause
continuing I-Cause
growth I-Cause
of I-Cause
online I-Cause
advertising I-Cause
could O
heighten B-Effect
the I-Effect
negative I-Effect
impact I-Effect
of I-Effect
a I-Effect
lengthy I-Effect
downturn I-Effect
in I-Effect
online I-Effect
ad I-Effect
spending I-Effect
on I-Effect
the I-Effect
company I-Effect
, O
resulting O
in O
a B-Effect
much I-Effect
lower I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
. O

By O
end O
market O
, O
we O
expect O
Waters O
' O
growth O
to O
be O
led O
by O
pharmaceuticals O
, O
with O
4 B-Effect
% I-Effect
overall I-Effect
growth I-Effect
expected I-Effect
on I-Effect
high-single-digit I-Effect
biologic-related I-Effect
growth I-Effect
that O
considers O
robust B-Cause
general I-Cause
demand I-Cause
trends I-Cause
along I-Cause
with I-Cause
its I-Cause
new I-Cause
product I-Cause
launches I-Cause
and I-Cause
low-single-digit I-Cause
growth I-Cause
in I-Cause
small I-Cause
molecules I-Cause
. O

Overall O
, O
Pfizer B-Cause
's I-Cause
established I-Cause
product I-Cause
line I-Cause
creates I-Cause
the I-Cause
enormous I-Cause
cash I-Cause
flows I-Cause
needed O
to O
fund B-Effect
the I-Effect
average I-Effect
$ I-Effect
800 I-Effect
million I-Effect
in I-Effect
development I-Effect
costs I-Effect
per I-Effect
new I-Effect
drug I-Effect
. O

Boeing B-Effect
's I-Effect
narrow-body I-Effect
business I-Effect
is I-Effect
bruised I-Effect
after O
the B-Cause
extended I-Cause
grounding I-Cause
of I-Cause
the I-Cause
737 I-Cause
MAX I-Cause
, O
but O
we O
anticipate O
that O
the B-Effect
structural I-Effect
tailwinds I-Effect
driving I-Effect
narrow-body I-Effect
demand I-Effect
, I-Effect
particularly I-Effect
the I-Effect
development I-Effect
of I-Effect
emerging-market I-Effect
economies I-Effect
, I-Effect
will I-Effect
continue I-Effect
as O
the B-Cause
world I-Cause
emerges I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

The B-Effect
dealer I-Effect
knows I-Effect
the I-Effect
vehicle I-Effect
, I-Effect
and I-Effect
comparison I-Effect
shopping I-Effect
for I-Effect
repair I-Effect
work I-Effect
is I-Effect
very I-Effect
time-consuming I-Effect
, O
as O
the B-Cause
customer I-Cause
has I-Cause
to I-Cause
bring I-Cause
the I-Cause
vehicle I-Cause
to I-Cause
each I-Cause
shop I-Cause
to I-Cause
get I-Cause
a I-Cause
quote I-Cause
. O

The B-Effect
impact I-Effect
of I-Effect
COVID-19 I-Effect
on I-Effect
our I-Effect
forecast I-Effect
is I-Effect
altogether I-Effect
a I-Effect
positive I-Effect
, O
as O
the B-Cause
company I-Cause
stands I-Cause
to I-Cause
benefit I-Cause
from I-Cause
strong I-Cause
demand I-Cause
for I-Cause
Veritor I-Cause
and I-Cause
testing I-Cause
revenue I-Cause
as I-Cause
well I-Cause
as I-Cause
vaccine-related I-Cause
syringe I-Cause
demand I-Cause
. O

On O
the O
latter O
point O
, O
we O
think O
Intel B-Effect
had I-Effect
less I-Effect
incentive I-Effect
to I-Effect
rush I-Effect
out I-Effect
its I-Effect
new I-Effect
10-nm I-Effect
process I-Effect
, O
as O
new B-Cause
processes I-Cause
are I-Cause
typically I-Cause
margin-dilutive I-Cause
during I-Cause
the I-Cause
initial I-Cause
ramp I-Cause
. O

Asset B-Cause
performance I-Cause
management I-Cause
, I-Cause
or I-Cause
APM I-Cause
, I-Cause
is I-Cause
generating I-Cause
a I-Cause
lot I-Cause
of I-Cause
interest I-Cause
from I-Cause
both I-Cause
new I-Cause
and I-Cause
existing I-Cause
clients I-Cause
, O
leading B-Effect
Aspen I-Effect
to I-Effect
invest I-Effect
more I-Effect
in I-Effect
both I-Effect
product I-Effect
and I-Effect
sales I-Effect
capacities I-Effect
. O

Further O
, O
given O
the B-Cause
complexity I-Cause
in I-Cause
marketing I-Cause
and I-Cause
manufacturing I-Cause
insulin I-Cause
, O
we O
do O
n't O
expect O
the B-Effect
typical I-Effect
major I-Effect
generic I-Effect
competition I-Effect
following I-Effect
the I-Effect
drug I-Effect
's I-Effect
2015 I-Effect
patent I-Effect
loss I-Effect
. O

The B-Cause
successful I-Cause
acquisition I-Cause
history I-Cause
, I-Cause
seemingly I-Cause
successful I-Cause
expansion I-Cause
initiatives I-Cause
, I-Cause
and I-Cause
improved I-Cause
credit I-Cause
performance I-Cause
during I-Cause
the I-Cause
2007 I-Cause
downturn I-Cause
lead B-Effect
us I-Effect
to I-Effect
believe I-Effect
that I-Effect
PNC I-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
better I-Effect
operators I-Effect
we I-Effect
cover I-Effect
. O

Offsetting B-Cause
some I-Cause
of I-Cause
the I-Cause
challenges I-Cause
in I-Cause
the I-Cause
generic I-Cause
industry I-Cause
, O
Teva B-Effect
's I-Effect
global I-Effect
scale I-Effect
and I-Effect
vertical I-Effect
integration I-Effect
provide I-Effect
the I-Effect
firm I-Effect
with I-Effect
a I-Effect
low-cost I-Effect
edge I-Effect
in O
a O
highly O
fragmented O
market O
where O
a O
select O
few O
firms O
control O
the O
lion O
's O
share O
of O
the O
worlds O
generic O
production O
. O

As O
volatility B-Cause
in I-Cause
crude I-Cause
oil I-Cause
, I-Cause
natural I-Cause
gas I-Cause
, I-Cause
and I-Cause
other I-Cause
commodity I-Cause
prices I-Cause
can O
cause O
customers B-Effect
to I-Effect
defer I-Effect
or I-Effect
even I-Effect
terminate I-Effect
projects I-Effect
, I-Effect
Fluor I-Effect
faces I-Effect
a I-Effect
high I-Effect
level I-Effect
of I-Effect
uncertainty I-Effect
in I-Effect
those I-Effect
business I-Effect
lines I-Effect
. O

Weather B-Cause
volatility I-Cause
and I-Cause
declining I-Cause
business I-Cause
fundamentals I-Cause
have O
led O
to O
volatility B-Effect
in I-Effect
Suburban I-Effect
's I-Effect
adjusted I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
which O
have O
recently O
been O
below O
our O
weighted-average O
cost O
of O
capital O
. O

During O
our O
five-year O
explicit O
forecast O
period O
, O
we B-Effect
apply I-Effect
a I-Effect
CAGR I-Effect
of I-Effect
roughly I-Effect
1.4 I-Effect
% I-Effect
for I-Effect
steel I-Effect
shipment I-Effect
volumes I-Effect
, O
due O
to O
a B-Cause
gradual I-Cause
demand I-Cause
recovery I-Cause
in I-Cause
its I-Cause
end I-Cause
markets I-Cause
. O

We O
also O
think O
GTT B-Cause
's I-Cause
narrow I-Cause
focus I-Cause
on I-Cause
serving I-Cause
large I-Cause
, I-Cause
multinational I-Cause
customers I-Cause
results O
in O
superior B-Effect
service I-Effect
and I-Effect
the I-Effect
opportunity I-Effect
to I-Effect
poach I-Effect
some I-Effect
customers I-Effect
from I-Effect
bigger I-Effect
competitors I-Effect
. O

Since B-Cause
switching I-Cause
requires I-Cause
potentially I-Cause
retraining I-Cause
, I-Cause
retooling I-Cause
, I-Cause
and I-Cause
even I-Cause
relocating I-Cause
manufacturing I-Cause
, I-Cause
the I-Cause
cost I-Cause
of I-Cause
switching I-Cause
to I-Cause
marginally I-Cause
cheaper I-Cause
connector I-Cause
and I-Cause
sensors I-Cause
for I-Cause
products I-Cause
that I-Cause
meet I-Cause
a I-Cause
similar I-Cause
reliability I-Cause
standard I-Cause
is I-Cause
extremely I-Cause
high I-Cause
for I-Cause
these I-Cause
customers I-Cause
both I-Cause
in I-Cause
terms I-Cause
of I-Cause
time I-Cause
, I-Cause
expense I-Cause
, I-Cause
and I-Cause
loss I-Cause
of I-Cause
revenue. O
Thus O
, O
once B-Effect
a I-Effect
company I-Effect
's I-Effect
product I-Effect
has I-Effect
been I-Effect
designed I-Effect
in I-Effect
, I-Effect
it I-Effect
is I-Effect
likely I-Effect
to I-Effect
remain I-Effect
in I-Effect
for I-Effect
the I-Effect
duration I-Effect
of I-Effect
the I-Effect
design I-Effect
lifecycle I-Effect
. O

Nevertheless O
, O
the O
fact O
that O
the B-Effect
firm I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
maintain I-Effect
some I-Effect
semblance I-Effect
of I-Effect
price I-Effect
integrity I-Effect
in O
these O
lower O
income O
markets O
is O
a O
strong B-Cause
indicator I-Cause
of I-Cause
its I-Cause
brand I-Cause
cachet I-Cause
, O
in O
our O
view O
. O

Finally O
, O
the B-Cause
recently I-Cause
closed I-Cause
acquisition I-Cause
of I-Cause
UnityMedia I-Cause
from I-Cause
Liberty I-Cause
Global I-Cause
further O
enhance O
Vodafone O
's O
fixed-line O
reach O
in O
Germany O
, O
as O
Vodafone B-Effect
can I-Effect
now I-Effect
reach I-Effect
about I-Effect
60 I-Effect
% I-Effect
of I-Effect
the I-Effect
country I-Effect
with I-Effect
its I-Effect
fixed-line I-Effect
networks I-Effect
. O

The B-Cause
Australian I-Cause
government I-Cause
's I-Cause
'' I-Cause
'' I-Cause
four I-Cause
pillars I-Cause
'' I-Cause
'' I-Cause
policy I-Cause
prevents O
any O
of O
the O
four O
major O
banks O
from O
taking O
over O
each O
other O
, O
negating O
the B-Effect
risk I-Effect
of I-Effect
peers I-Effect
merging I-Effect
to I-Effect
gain I-Effect
greater I-Effect
scale I-Effect
and I-Effect
competitive I-Effect
advantages I-Effect
. O

This O
makes O
it O
difficult O
for O
new B-Effect
premium I-Effect
credit I-Effect
cards I-Effect
to I-Effect
enter I-Effect
American I-Effect
Express I-Effect
' I-Effect
market I-Effect
since O
without B-Cause
a I-Cause
preexisting I-Cause
cardholder I-Cause
base I-Cause
that I-Cause
is I-Cause
attractive I-Cause
to I-Cause
merchants I-Cause
, I-Cause
they I-Cause
will I-Cause
need I-Cause
to I-Cause
compete I-Cause
with I-Cause
American I-Cause
Express I-Cause
' I-Cause
benefit I-Cause
programs I-Cause
without I-Cause
support I-Cause
. O

Most B-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
services I-Effect
were I-Effect
likely I-Effect
born I-Effect
from I-Effect
its I-Effect
Network I-Effect
Solutions I-Effect
segment I-Effect
as O
it B-Cause
is I-Cause
a I-Cause
dental I-Cause
and I-Cause
medical I-Cause
claim I-Cause
clearing I-Cause
house I-Cause
servicing I-Cause
both I-Cause
payers I-Cause
and I-Cause
providers I-Cause
. O

We O
attribute O
these O
share O
gains O
to O
a B-Cause
successful I-Cause
innovation I-Cause
strategy O
, O
as O
17 O
% O
of O
sales O
stem O
from O
new O
products O
launched O
over O
the O
past O
three O
years O
, O
up O
from O
just O
9 O
% O
in O
fiscal O
2015 O
, O
and O
above O
the O
firm O
's O
15 O
% O
goal O
and O
that O
of O
many O
peers O
( O
for O
example O
, O
no-moat O
Smucker O
stands O
at O
5 O
% O
and O
wide-moat O
McCormick O
at O
7 O
% O
) O
. O
As O
a O
result O
, O
we O
think O
retailers B-Effect
are I-Effect
recognizing I-Effect
Conagra I-Effect
's I-Effect
recharged I-Effect
innovation I-Effect
competency I-Effect
, I-Effect
as I-Effect
evidenced I-Effect
by I-Effect
the I-Effect
fact I-Effect
that I-Effect
it I-Effect
was I-Effect
designated I-Effect
28 I-Effect
% I-Effect
more I-Effect
shelf I-Effect
space I-Effect
for I-Effect
its I-Effect
innovations I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
versus I-Effect
the I-Effect
year-ago I-Effect
period I-Effect
. O

The B-Cause
AspenOne I-Cause
software I-Cause
platform I-Cause
helps O
improve B-Cause
process-oriented I-Cause
plant I-Cause
efficiency I-Cause
, O
and O
thereby O
lower B-Effect
capital I-Effect
intensity I-Effect
, I-Effect
increase I-Effect
working I-Effect
capital I-Effect
efficiency I-Effect
, I-Effect
and I-Effect
improve I-Effect
margins I-Effect
. O

Synaptics B-Cause
leveraged I-Cause
these I-Cause
acquired I-Cause
tools I-Cause
to I-Cause
build I-Cause
combined I-Cause
products I-Cause
, O
like O
touch O
and O
display O
driver O
integrated O
chips O
( O
or O
TDDI O
) O
, O
that O
allow O
it O
to O
increase B-Effect
its I-Effect
device I-Effect
content I-Effect
while I-Effect
staving I-Effect
off I-Effect
much I-Effect
of I-Effect
the I-Effect
commoditization I-Effect
that I-Effect
frequently I-Effect
consumes I-Effect
comparable I-Effect
entities I-Effect
. O

However O
, O
we B-Cause
think I-Cause
that I-Cause
fierce I-Cause
competition I-Cause
, I-Cause
the I-Cause
prevalence I-Cause
of I-Cause
projects I-Cause
with I-Cause
standardized I-Cause
specifications I-Cause
, I-Cause
and I-Cause
lack I-Cause
of I-Cause
customer I-Cause
switching I-Cause
costs I-Cause
will O
make B-Effect
it I-Effect
difficult I-Effect
for I-Effect
the I-Effect
people I-Effect
& I-Effect
amp I-Effect
; I-Effect
places I-Effect
solutions I-Effect
segment I-Effect
to I-Effect
consistently I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

While O
its O
domestic O
portfolio O
is O
concentrated O
in O
mortgages O
, O
the O
bank B-Cause
has I-Cause
the I-Cause
largest I-Cause
non-Canadian I-Cause
loan I-Cause
book I-Cause
, O
helping O
diversify B-Effect
its I-Effect
exposures I-Effect
. I-Effect

Per O
company O
insiders O
, O
Synopsys B-Cause
has I-Cause
relationships I-Cause
with I-Cause
100 I-Cause
% I-Cause
of I-Cause
chip I-Cause
design I-Cause
companies I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
today I-Cause
, O
so O
if B-Effect
a I-Effect
company I-Effect
is I-Effect
involved I-Effect
in I-Effect
the I-Effect
chip I-Effect
design I-Effect
process I-Effect
, I-Effect
it I-Effect
uses I-Effect
Synopsys I-Effect
tools I-Effect
at I-Effect
some I-Effect
stage I-Effect
of I-Effect
its I-Effect
design I-Effect
process I-Effect
. O

States O
and O
according O
to O
the O
Senate O
Lobbying O
Disclosure O
Act O
database O
has O
spent B-Cause
at I-Cause
least I-Cause
$ I-Cause
10 I-Cause
million I-Cause
a I-Cause
year I-Cause
lobbying I-Cause
since I-Cause
2007 I-Cause
, O
we O
believe O
that O
Boeing B-Effect
has I-Effect
developed I-Effect
lasting I-Effect
relationships I-Effect
with I-Effect
congresspeople I-Effect
. O

In O
the O
long O
term O
, O
we O
expect O
sluggish B-Effect
visitor I-Effect
growth I-Effect
to I-Effect
be I-Effect
strengthened I-Effect
by I-Effect
above-inflation I-Effect
price I-Effect
increases I-Effect
, O
as O
tourist B-Cause
demand I-Cause
eventually I-Cause
catches I-Cause
up I-Cause
with I-Cause
the I-Cause
addition I-Cause
of I-Cause
new I-Cause
observation I-Cause
decks I-Cause
. O

Gentex B-Cause
's I-Cause
quality I-Cause
and I-Cause
reliability I-Cause
are I-Cause
very I-Cause
hard I-Cause
to I-Cause
beat I-Cause
, I-Cause
and I-Cause
customers I-Cause
do I-Cause
not I-Cause
source I-Cause
mirrors I-Cause
solely I-Cause
based I-Cause
on I-Cause
price I-Cause
, O
which O
reduces B-Effect
the I-Effect
threat I-Effect
from I-Effect
low-cost I-Effect
Asian I-Effect
suppliers I-Effect
. O

Furthermore O
, O
leases B-Cause
are I-Cause
not I-Cause
fully I-Cause
binding I-Cause
and I-Cause
can I-Cause
be I-Cause
terminated I-Cause
by I-Cause
tenants I-Cause
, O
with O
termination B-Effect
income I-Effect
not I-Effect
enough I-Effect
of I-Effect
a I-Effect
financial I-Effect
sum I-Effect
to I-Effect
constitute I-Effect
switching I-Effect
costs I-Effect
. O

The B-Cause
strength I-Cause
of I-Cause
recent I-Cause
technological I-Cause
investments I-Cause
, I-Cause
the I-Cause
company I-Cause
's I-Cause
strong I-Cause
performance I-Cause
during I-Cause
a I-Cause
trying I-Cause
2020 I-Cause
( I-Cause
during I-Cause
which I-Cause
its I-Cause
ROIC I-Cause
of I-Cause
15 I-Cause
% I-Cause
still I-Cause
outperformed I-Cause
its I-Cause
cost I-Cause
of I-Cause
capital I-Cause
) I-Cause
, I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
success I-Cause
in I-Cause
international I-Cause
markets I-Cause
leave O
us O
confident O
that O
McDonald B-Effect
's I-Effect
will I-Effect
continue I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
over I-Effect
an I-Effect
extended I-Effect
period I-Effect
. O

We O
believe O
Televisa O
can O
retain O
a O
dominant O
position O
because O
of O
its B-Cause
huge I-Cause
market I-Cause
share I-Cause
and I-Cause
programming I-Cause
prowess I-Cause
, O
even O
though O
the O
government O
has O
granted O
a O
license O
for O
a B-Effect
new I-Effect
entrant I-Effect
into I-Effect
the I-Effect
broadcast I-Effect
market I-Effect
. O

While O
Zscaler B-Effect
has I-Effect
had I-Effect
tremendous I-Effect
success I-Effect
thus I-Effect
far I-Effect
in I-Effect
fostering I-Effect
adoption I-Effect
of I-Effect
its I-Effect
cloud I-Effect
for I-Effect
various I-Effect
security I-Effect
use I-Effect
cases I-Effect
, I-Effect
risks I-Effect
abound I-Effect
as O
the B-Cause
company I-Cause
seeks I-Cause
to I-Cause
broaden I-Cause
the I-Cause
scope I-Cause
of I-Cause
its I-Cause
platform I-Cause
and I-Cause
entrench I-Cause
itself I-Cause
in I-Cause
IT I-Cause
ecosystems I-Cause
. O

We O
have O
greater O
than O
50 O
% O
confidence O
that O
Phillips B-Effect
66 I-Effect
Partners I-Effect
can I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
during I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
based O
on O
its B-Cause
efficient-scale I-Cause
competitive I-Cause
advantage I-Cause
. O

Selling O
, O
general O
, O
and O
administrative O
expenses O
( O
less O
depreciation O
) O
were O
around O
$ O
40 O
per O
square O
foot O
in O
fiscal O
2019 O
, O
suggesting O
that O
the B-Cause
simple I-Cause
assortment I-Cause
( I-Cause
limited I-Cause
to I-Cause
about I-Cause
7,000 I-Cause
basic I-Cause
items I-Cause
alongside I-Cause
seasonal I-Cause
products I-Cause
) I-Cause
and I-Cause
low-cost I-Cause
stores I-Cause
also O
advantage B-Effect
that I-Effect
chain I-Effect
's I-Effect
cost I-Effect
position I-Effect
. O

However O
, O
over O
time O
, O
improved B-Cause
gross I-Cause
margin I-Cause
results I-Cause
from I-Cause
strong I-Cause
private-label I-Cause
penetration I-Cause
and I-Cause
better I-Cause
operating I-Cause
expense I-Cause
leverage I-Cause
from I-Cause
scale I-Cause
gains I-Cause
could O
lead O
to O
operating B-Cause
margins I-Cause
that O
rise O
modestly O
every O
year O
, O
leading O
to O
10 B-Effect
% I-Effect
long-term I-Effect
metrics I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
10 I-Effect
% I-Effect
captured I-Effect
in I-Effect
2020 I-Effect
. O

Because O
the B-Cause
accuracy I-Cause
and I-Cause
completeness I-Cause
of I-Cause
data I-Cause
is I-Cause
critical I-Cause
to I-Cause
credit I-Cause
decisions I-Cause
, O
lenders B-Effect
often I-Effect
pull I-Effect
from I-Effect
more I-Effect
than I-Effect
one I-Effect
credit I-Effect
bureau I-Effect
and O
we O
do O
not O
believe O
pricing O
is O
the O
primary O
factor O
for O
choosing O
a O
credit O
bureau O
. O

That O
said O
, O
the B-Cause
Macau I-Cause
market I-Cause
is I-Cause
highly I-Cause
regulated I-Cause
, O
and O
as O
a O
result O
, O
the B-Effect
pace I-Effect
and I-Effect
timing I-Effect
of I-Effect
growth I-Effect
are I-Effect
at I-Effect
the I-Effect
discretion I-Effect
of I-Effect
the I-Effect
government I-Effect
. O

Complex B-Cause
devices I-Cause
and I-Cause
procedures I-Cause
require I-Cause
greater I-Cause
practitioner I-Cause
education I-Cause
and I-Cause
product I-Cause
support I-Cause
that O
have O
helped B-Effect
protect I-Effect
brand I-Effect
loyalty I-Effect
in I-Effect
the I-Effect
past I-Effect
, O
but O
the B-Cause
growth I-Cause
of I-Cause
lower-priced I-Cause
competitors I-Cause
has O
eroded O
intangible B-Effect
competitive I-Effect
advantages I-Effect
. O

Although O
national B-Cause
accounts I-Cause
can I-Cause
generate I-Cause
lower I-Cause
gross I-Cause
profit I-Cause
margins I-Cause
, I-Cause
they I-Cause
also I-Cause
generate I-Cause
higher I-Cause
volumes I-Cause
, O
which O
Fastenal O
can O
leverage O
to B-Effect
improve I-Effect
operating I-Effect
margins I-Effect
. O

By O
focusing B-Cause
on I-Cause
the I-Cause
most I-Cause
productive I-Cause
parts I-Cause
of I-Cause
the I-Cause
Permian I-Cause
, O
it O
is O
able O
to B-Effect
keep I-Effect
its I-Effect
unit I-Effect
costs I-Effect
well I-Effect
below I-Effect
the I-Effect
peer I-Effect
average I-Effect
. O

However O
, O
with B-Cause
the I-Cause
plethora I-Cause
of I-Cause
UCaaS I-Cause
services I-Cause
, I-Cause
ranging I-Cause
from I-Cause
messaging I-Cause
to I-Cause
calls I-Cause
to I-Cause
webinars I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
additional I-Cause
contact I-Cause
center I-Cause
offerings I-Cause
, O
we O
believe O
the B-Effect
market I-Effect
is I-Effect
large I-Effect
enough I-Effect
to I-Effect
have I-Effect
multiple I-Effect
winners I-Effect
. O

There B-Effect
's I-Effect
been I-Effect
a I-Effect
shortage I-Effect
of I-Effect
skilled I-Effect
construction I-Effect
labor I-Effect
for I-Effect
some I-Effect
time I-Effect
that I-Effect
has I-Effect
been I-Effect
exacerbated I-Effect
by O
an B-Cause
aging I-Cause
workforce I-Cause
. O

In O
Franklin O
's O
case O
, O
we O
expect O
adjusted O
operating O
margins O
will O
be O
dragged O
down O
into O
a O
22 O
% O
-25 O
% O
range O
( O
from O
27.0 O
% O
during O
fiscal O
2019 O
) O
, O
especially O
with O
the B-Effect
cost I-Effect
savings I-Effect
coming I-Effect
from I-Effect
the I-Effect
Legg I-Effect
Mason I-Effect
deal I-Effect
during I-Effect
2020-24 I-Effect
likely I-Effect
to I-Effect
be I-Effect
eaten I-Effect
away I-Effect
by O
competitive B-Cause
pressures I-Cause
. O

We O
forecast O
only B-Effect
modest I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
as O
we O
believe O
the B-Cause
inherent I-Cause
scalability I-Cause
of I-Cause
the I-Cause
business I-Cause
will I-Cause
be I-Cause
largely I-Cause
offset I-Cause
by I-Cause
an I-Cause
increase I-Cause
in I-Cause
transaction I-Cause
expense I-Cause
, I-Cause
driven I-Cause
by I-Cause
the I-Cause
company I-Cause
's I-Cause
move I-Cause
toward I-Cause
offering I-Cause
consumers I-Cause
more I-Cause
payment I-Cause
choices I-Cause
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
183 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
153 I-Effect
to O
reflect B-Cause
the I-Cause
acquisitions I-Cause
of I-Cause
Livongo I-Cause
and I-Cause
InTouch I-Cause
. O

Competition O
is O
strong O
but O
several B-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
end I-Cause
markets I-Cause
are I-Cause
also I-Cause
very I-Cause
fragmented I-Cause
, O
particularly O
industrial O
sensors O
, O
giving B-Effect
Amphenol I-Effect
and I-Effect
its I-Effect
global I-Effect
manufacturing I-Effect
and I-Effect
engineering I-Effect
footprint I-Effect
opportunities I-Effect
to I-Effect
significantly I-Effect
increase I-Effect
share I-Effect
by O
acquiring O
smaller O
players O
. O

Because O
faucets B-Cause
and I-Cause
showers I-Cause
represent I-Cause
a I-Cause
very I-Cause
low I-Cause
percentage I-Cause
of I-Cause
total I-Cause
home I-Cause
construction I-Cause
cost I-Cause
yet O
are O
very O
visible O
to O
customers O
, O
homebuilders B-Effect
opt I-Effect
for I-Effect
higher-end I-Effect
products I-Effect
. O

In O
addition O
to O
the O
fear O
of O
not O
having O
protection O
for O
the O
latest O
threat O
signatures O
or O
behavior-based O
anomaly O
detection O
, O
the B-Cause
various I-Cause
products I-Cause
CrowdStrike I-Cause
sells I-Cause
feed O
into O
switching B-Effect
costs I-Effect
. O

Sysco B-Effect
prefers I-Effect
these I-Effect
products I-Effect
as O
they O
have B-Cause
twice I-Cause
the I-Cause
margin I-Cause
of I-Cause
nationally I-Cause
branded I-Cause
product I-Cause
, O
and O
the O
distributors O
incentivize O
their O
sales O
reps O
to O
promote O
these O
items O
to O
clients O
. O

Regulatory B-Effect
risk I-Effect
is I-Effect
our I-Effect
primary I-Effect
source I-Effect
of I-Effect
uncertainty I-Effect
since O
roughly B-Cause
90 I-Cause
% I-Cause
of I-Cause
operating I-Cause
earnings I-Cause
come I-Cause
from I-Cause
regulated I-Cause
utilities I-Cause
in I-Cause
Michigan I-Cause
post-spin-off O
. O

We O
assume O
a B-Cause
10-year I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
9 I-Cause
% I-Cause
for I-Cause
Twitter I-Cause
's I-Cause
user I-Cause
base I-Cause
and I-Cause
an I-Cause
8 I-Cause
% I-Cause
annual I-Cause
growth I-Cause
in I-Cause
average I-Cause
revenue I-Cause
per I-Cause
user I-Cause
, O
resulting O
in O
17 B-Effect
% I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
. O

The B-Cause
international I-Cause
exposure I-Cause
gives O
the B-Effect
bank I-Effect
the I-Effect
potential I-Effect
for I-Effect
higher I-Effect
growth I-Effect
and O
return B-Effect
opportunities I-Effect
compared I-Effect
with I-Effect
peers I-Effect
, O
but O
it O
also O
exposes B-Effect
the I-Effect
bank I-Effect
to I-Effect
more I-Effect
risks I-Effect
. O

We O
expect O
Activision B-Effect
to I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from O
the B-Cause
current I-Cause
console I-Cause
upgrade I-Cause
cycle I-Cause
, O
the O
ongoing O
revitalization O
of O
PC O
gaming O
, O
and O
the O
growth O
in O
the O
mobile O
market O
via O
its O
King O
Digital O
subsidiary O
. O

On O
a O
consolidated O
basis O
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
remain I-Effect
fairly I-Effect
flat I-Effect
as O
increasing B-Cause
beverage I-Cause
can I-Cause
pricing I-Cause
offsets I-Cause
weaker I-Cause
pricing I-Cause
in I-Cause
food I-Cause
cans I-Cause
. O

We O
expect O
Five B-Cause
Below I-Cause
's I-Cause
low I-Cause
price I-Cause
points I-Cause
currently O
help O
insulate B-Effect
it I-Effect
from I-Effect
digital I-Effect
retail I-Effect
's I-Effect
continued I-Effect
advance I-Effect
, O
particularly O
as O
online O
sellers O
need O
to O
absorb O
shipping O
costs O
. O

More O
specifically O
, O
Amgen B-Effect
's I-Effect
overall I-Effect
pricing I-Effect
power I-Effect
could I-Effect
wane I-Effect
if O
proposed B-Cause
reductions I-Cause
in I-Cause
Medicare I-Cause
Part I-Cause
B I-Cause
reimbursement I-Cause
are I-Cause
implemented I-Cause
, O
given O
the B-Cause
firm I-Cause
's I-Cause
reliance I-Cause
on I-Cause
the I-Cause
Medicare I-Cause
for I-Cause
a I-Cause
high I-Cause
proportion I-Cause
of I-Cause
sales I-Cause
. O

New B-Cause
product I-Cause
launches I-Cause
, I-Cause
including I-Cause
several I-Cause
new I-Cause
infusion I-Cause
pumps I-Cause
, O
may O
boost B-Effect
growth I-Effect
in I-Effect
these I-Effect
segments I-Effect
as I-Effect
well I-Effect
, O
assuming O
capital O
equipment O
budgets O
do O
not O
freeze O
up O
at O
hospital O
clients O
. O

We O
think O
the B-Cause
move I-Cause
upstream I-Cause
and I-Cause
cross-selling I-Cause
will O
allow O
Square B-Effect
to I-Effect
materially I-Effect
improve I-Effect
margins I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
and I-Effect
show I-Effect
the I-Effect
viability I-Effect
of I-Effect
its I-Effect
business I-Effect
model I-Effect
. O

We B-Effect
view I-Effect
the I-Effect
residential I-Effect
portion I-Effect
of I-Effect
lighting I-Effect
as I-Effect
commoditized I-Effect
and I-Effect
price-competitive I-Effect
, O
given O
the B-Cause
rise I-Cause
of I-Cause
Chinese I-Cause
competitors I-Cause
willing I-Cause
to I-Cause
undercut I-Cause
more I-Cause
established I-Cause
competitors I-Cause
. O

While O
Royal O
is O
set O
to O
redeploy O
its O
fleet O
over O
time O
, O
its B-Effect
prior I-Effect
20 I-Effect
> I-Effect
25 I-Effect
by I-Effect
2025 I-Effect
target I-Effect
( I-Effect
EPS I-Effect
to I-Effect
$ I-Effect
20 I-Effect
by I-Effect
2025 I-Effect
) I-Effect
is I-Effect
virtually I-Effect
impossible I-Effect
to I-Effect
reach I-Effect
as O
a O
result O
of O
secular B-Cause
changes I-Cause
in I-Cause
demand I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
. O

In O
addition O
, O
the B-Effect
bank I-Effect
is I-Effect
expanding I-Effect
its I-Effect
corporate I-Effect
banking I-Effect
offerings I-Effect
by O
building B-Cause
out I-Cause
its I-Cause
M I-Cause
& I-Cause
amp I-Cause
; I-Cause
A I-Cause
platform I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
capital I-Cause
markets I-Cause
offerings I-Cause
capabilities I-Cause
. O

Management O
believes O
the O
existing O
branch O
network O
is O
rightsized O
and O
serves O
an O
important O
role O
in O
the O
company O
; O
however O
, O
we O
think O
the B-Effect
number I-Effect
of I-Effect
branches I-Effect
could I-Effect
continue I-Effect
to I-Effect
decline I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
order B-Cause
trends I-Cause
continue I-Cause
to I-Cause
shift I-Cause
away I-Cause
from I-Cause
the I-Cause
branches I-Cause
. O

Most B-Cause
cities I-Cause
across I-Cause
the I-Cause
United I-Cause
States I-Cause
are I-Cause
typically I-Cause
less I-Cause
restrictive I-Cause
from I-Cause
a I-Cause
zoning I-Cause
perspective I-Cause
and I-Cause
land I-Cause
is I-Cause
more I-Cause
widely I-Cause
available I-Cause
, O
making O
land B-Effect
prices I-Effect
lower I-Effect
and I-Effect
new I-Effect
construction I-Effect
easier I-Effect
to I-Effect
build I-Effect
. O

Frac B-Cause
spreads I-Cause
have I-Cause
much I-Cause
shorter I-Cause
useful I-Cause
lives I-Cause
than I-Cause
drilling I-Cause
rigs I-Cause
, O
so O
entry B-Cause
into I-Cause
and I-Cause
exit I-Cause
from I-Cause
the I-Cause
market I-Cause
is I-Cause
easier I-Cause
, O
allowing O
supply/demand B-Effect
imbalances I-Effect
to I-Effect
correct I-Effect
more I-Effect
easily I-Effect
. O

Informed O
opinion O
does B-Cause
not I-Cause
discount I-Cause
the I-Cause
possibility I-Cause
of I-Cause
a I-Cause
Five I-Cause
Star/Northern I-Cause
League I-Cause
coalition I-Cause
, O
which O
could O
open B-Effect
the I-Effect
doors I-Effect
to I-Effect
serious I-Effect
debate I-Effect
about I-Effect
Italy I-Effect
's I-Effect
continued I-Effect
use I-Effect
of I-Effect
the I-Effect
euro I-Effect
. I-Effect

Franchise B-Effect
dealers I-Effect
have I-Effect
tried I-Effect
the I-Effect
no-haggle I-Effect
approach I-Effect
in I-Effect
the I-Effect
past I-Effect
but I-Effect
have I-Effect
been I-Effect
unsuccessful I-Effect
because O
their B-Cause
salespeople I-Cause
pursue I-Cause
deals I-Cause
with I-Cause
high I-Cause
gross I-Cause
profit I-Cause
. O

We O
believe O
it B-Effect
will I-Effect
take I-Effect
this I-Effect
long I-Effect
as O
the B-Cause
legal I-Cause
market I-Cause
continues I-Cause
to I-Cause
mature I-Cause
and I-Cause
company I-Cause
's I-Cause
capital I-Cause
expenditures I-Cause
will I-Cause
remain I-Cause
elevated I-Cause
for I-Cause
the I-Cause
next I-Cause
two I-Cause
years I-Cause
, I-Cause
before I-Cause
reaching I-Cause
management I-Cause
's I-Cause
target I-Cause
of I-Cause
roughly I-Cause
5 I-Cause
% I-Cause
to I-Cause
6 I-Cause
% I-Cause
on I-Cause
a I-Cause
run I-Cause
rate I-Cause
. O

Cerner B-Cause
's I-Cause
mixed I-Cause
execution I-Cause
on I-Cause
the I-Cause
rollout I-Cause
of I-Cause
its I-Cause
RCM I-Cause
software I-Cause
was O
a O
notable O
factor O
that O
resulted O
in O
the B-Effect
loss I-Effect
of I-Effect
a I-Effect
major I-Effect
customer I-Effect
, I-Effect
AdventHealth I-Effect
, I-Effect
in I-Effect
2020 I-Effect
. O

Product O
governance O
is O
the O
main O
ESG O
risk O
, O
as O
failure B-Cause
to I-Cause
adhere I-Cause
to I-Cause
extensive I-Cause
regulations I-Cause
and I-Cause
quality I-Cause
management I-Cause
standards I-Cause
can O
lead O
to O
expensive B-Effect
recalls I-Effect
, O
increased B-Effect
regulatory I-Effect
scrutiny I-Effect
, I-Effect
compliance I-Effect
costs I-Effect
, O
and O
lawsuits B-Effect
from I-Effect
affected I-Effect
customers I-Effect
. O

The B-Effect
cereal I-Effect
business I-Effect
( I-Effect
42 I-Effect
% I-Effect
of I-Effect
fiscal I-Effect
2020 I-Effect
revenue I-Effect
) I-Effect
has I-Effect
been I-Effect
declining I-Effect
( I-Effect
outside I-Effect
of I-Effect
the I-Effect
pandemic I-Effect
) I-Effect
as O
consumers B-Cause
have I-Cause
shifted I-Cause
away I-Cause
from I-Cause
processed I-Cause
, I-Cause
high-sugar I-Cause
, I-Cause
high-carbohydrate I-Cause
fare I-Cause
. O

Through O
high-grading O
and O
cost O
improvements O
, O
the O
company B-Cause
has I-Cause
reduced I-Cause
the I-Cause
oil I-Cause
price I-Cause
necessary I-Cause
to O
earn B-Effect
a I-Effect
10 I-Effect
% I-Effect
return I-Effect
on I-Effect
produced I-Effect
resource I-Effect
in O
its O
plan O
to O
$ O
28/bbl O
. O

We B-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for O
TransAlta O
to O
$ O
7.35 O
per O
share O
from O
$ O
6.55 O
due O
to O
stronger B-Cause
Alberta I-Cause
power I-Cause
markets I-Cause
and I-Cause
increased I-Cause
confidence I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
renewable I-Cause
energy I-Cause
development I-Cause
pipeline I-Cause
. O

The B-Cause
growing I-Cause
reliance I-Cause
on I-Cause
hybrid I-Cause
cloud I-Cause
models I-Cause
, I-Cause
where I-Cause
businesses I-Cause
use I-Cause
a I-Cause
combination I-Cause
of I-Cause
their I-Cause
own I-Cause
hardware I-Cause
and I-Cause
cloud I-Cause
services I-Cause
, O
makes B-Effect
Equinix I-Effect
's I-Effect
prospects I-Effect
bright I-Effect
. O

The B-Cause
bank I-Cause
has I-Cause
been I-Cause
expanding I-Cause
its I-Cause
domestic I-Cause
wealth I-Cause
operations I-Cause
significantly I-Cause
with O
its B-Cause
acquisitions I-Cause
of I-Cause
MD I-Cause
Financial I-Cause
and I-Cause
Jarislowsky I-Cause
Fraser I-Cause
, O
making O
it B-Effect
the I-Effect
third-largest I-Effect
active I-Effect
manager I-Effect
in I-Effect
Canada I-Effect
. O

Capri O
achieved O
an O
adjusted O
operating O
margin O
of O
nearly O
14 O
% O
in O
fiscal O
2020 O
, O
but O
the B-Cause
sales I-Cause
drop I-Cause
is O
likely O
to O
result O
in O
reduced B-Effect
expense I-Effect
leverage I-Effect
despite O
an O
expected O
20 O
% O
decline O
in O
operating O
expenses O
. O

We O
expect O
continued B-Cause
revenue I-Cause
growth I-Cause
volatility I-Cause
at I-Cause
NBCU I-Cause
, I-Cause
given I-Cause
the I-Cause
timing I-Cause
of I-Cause
big I-Cause
live I-Cause
broadcasting I-Cause
events I-Cause
, O
notably B-Effect
the I-Effect
Olympics I-Effect
, I-Effect
and I-Effect
the I-Effect
sporadic I-Effect
nature I-Effect
of I-Effect
movie I-Effect
releases I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
a I-Cause
significant I-Cause
ongoing I-Cause
development I-Cause
program I-Cause
that O
is O
subject O
to O
potential B-Effect
cost I-Effect
overruns I-Effect
and I-Effect
political I-Effect
and I-Effect
regulatory I-Effect
risk I-Effect
. O

In O
our O
view O
, O
if O
management B-Cause
were I-Cause
to I-Cause
hypothetically I-Cause
to I-Cause
turn I-Cause
off I-Cause
the I-Cause
acquisition I-Cause
spigot I-Cause
, O
we O
believe O
the B-Effect
firm I-Effect
's I-Effect
reported I-Effect
ROICs I-Effect
would I-Effect
likely I-Effect
rise I-Effect
. O

Restaurants B-Cause
, I-Cause
in I-Cause
general I-Cause
, I-Cause
are I-Cause
also I-Cause
susceptible I-Cause
to I-Cause
negative B-Cause
publicity I-Cause
tied I-Cause
to I-Cause
food I-Cause
quality I-Cause
concerns I-Cause
, O
which O
can O
result O
in O
substantial B-Effect
drops I-Effect
in I-Effect
near-term I-Effect
foot I-Effect
traffic I-Effect
. O

Many O
tenants B-Cause
do I-Cause
n't I-Cause
have I-Cause
enough I-Cause
capital I-Cause
to I-Cause
survive I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
lower I-Cause
sales I-Cause
and O
may O
be O
forced B-Effect
to I-Effect
permanently I-Effect
close I-Effect
. O

Given B-Cause
a I-Cause
tight I-Cause
supply I-Cause
of I-Cause
land I-Cause
and I-Cause
water I-Cause
( I-Cause
potatoes I-Cause
require I-Cause
irrigation I-Cause
) I-Cause
, O
it B-Effect
is I-Effect
very I-Effect
difficult I-Effect
to I-Effect
meaningfully I-Effect
increase I-Effect
the I-Effect
supply I-Effect
of I-Effect
potatoes I-Effect
, O
and O
farmers B-Cause
focus I-Cause
on I-Cause
improving I-Cause
yield I-Cause
in O
order O
to O
meet B-Effect
the I-Effect
growing I-Effect
demand I-Effect
of I-Effect
the I-Effect
four I-Effect
processors I-Effect
. O

We B-Effect
expect I-Effect
ROICs I-Effect
to I-Effect
return I-Effect
to I-Effect
a I-Effect
double-digit I-Effect
rate I-Effect
again I-Effect
in I-Effect
2021 I-Effect
as O
leadership B-Cause
focuses I-Cause
back I-Cause
on I-Cause
the I-Cause
core I-Cause
consumer I-Cause
, I-Cause
helping I-Cause
extract I-Cause
excess I-Cause
economic I-Cause
profits I-Cause
. O

We O
think O
Kraft B-Cause
Heinz I-Cause
's I-Cause
intent I-Cause
focus I-Cause
on I-Cause
extracting I-Cause
costs I-Cause
( I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
brand I-Cause
spending I-Cause
) I-Cause
has O
resulted O
in O
the B-Effect
degradation I-Effect
of I-Effect
its I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
, I-Effect
eroding I-Effect
its I-Effect
brands I-Effect
and I-Effect
retail I-Effect
relationships I-Effect
. O

Anything B-Cause
that I-Cause
is I-Cause
not I-Cause
consistent I-Cause
with I-Cause
the I-Cause
zeitgeist I-Cause
, O
which O
can O
manifest O
in O
anything O
from O
a O
misguided O
marketing O
campaign O
to O
disregard O
for O
human O
capital O
, O
gives O
rise O
to O
the B-Effect
possibility I-Effect
that I-Effect
a I-Effect
company I-Effect
's I-Effect
business I-Effect
model I-Effect
will I-Effect
be I-Effect
disrupted I-Effect
. O

Because O
the B-Cause
Suddenlink I-Cause
territory I-Cause
covers I-Cause
smaller I-Cause
cities I-Cause
and I-Cause
towns I-Cause
, O
AT B-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
has I-Effect
n't I-Effect
invested I-Effect
heavily I-Effect
in I-Effect
its I-Effect
networks I-Effect
in I-Effect
these I-Effect
markets I-Effect
, I-Effect
with I-Effect
U-verse I-Effect
likely I-Effect
available I-Effect
in I-Effect
around I-Effect
10 I-Effect
% I-Effect
of I-Effect
the I-Effect
Suddenlink I-Effect
territory I-Effect
. O

We O
expect O
Lennar B-Effect
's I-Effect
home I-Effect
sales I-Effect
gross I-Effect
margin I-Effect
to I-Effect
average I-Effect
about I-Effect
23.8 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
due O
a B-Cause
sustained I-Cause
period I-Cause
of I-Cause
pricing I-Cause
power I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
and I-Cause
as I-Cause
cost-saving I-Cause
initiatives I-Cause
more I-Cause
than I-Cause
offset I-Cause
cost I-Cause
headwinds I-Cause
related I-Cause
to I-Cause
a I-Cause
tight I-Cause
supply I-Cause
of I-Cause
construction I-Cause
labor I-Cause
and I-Cause
land I-Cause
competition I-Cause
. I-Cause

BCE B-Effect
also I-Effect
distinguishes I-Effect
itself I-Effect
from I-Effect
competitors I-Effect
with O
a B-Cause
high-quality I-Cause
and I-Cause
diversified I-Cause
media I-Cause
unit I-Cause
( O
Rogers O
is O
the O
only O
other O
Canadian O
telecom O
firm O
with O
media O
exposure O
, O
and O
we O
think O
BCE B-Cause
's I-Cause
has I-Cause
superior I-Cause
assets I-Cause
) O
. O

Reflecting B-Cause
a I-Cause
new I-Cause
appreciation I-Cause
of I-Cause
the I-Cause
stability I-Cause
of I-Cause
Merck I-Cause
's I-Cause
diverse I-Cause
operations I-Cause
in I-Cause
any I-Cause
environment I-Cause
after I-Cause
2020 I-Cause
's I-Cause
strong I-Cause
results I-Cause
, O
we B-Effect
are I-Effect
reducing I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
medium I-Effect
from I-Effect
high I-Effect
previously I-Effect
. O

We O
expect O
5G B-Cause
will I-Cause
provide I-Cause
incremental I-Cause
capacity I-Cause
to O
meet B-Effect
growing I-Effect
mobile I-Effect
wireless I-Effect
demands I-Effect
, O
but O
serving O
in-home O
needs O
is O
a O
challenge O
an O
order O
of O
magnitude O
larger O
. O

Long-term B-Cause
contracts I-Cause
that I-Cause
include I-Cause
both I-Cause
development I-Cause
and I-Cause
production I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
high I-Cause
customer I-Cause
switching I-Cause
costs I-Cause
, O
promote B-Effect
sticky I-Effect
market I-Effect
share I-Effect
for I-Effect
vehicular I-Effect
electrical I-Effect
and I-Effect
electronic I-Effect
products I-Effect
. O

Maxim B-Cause
has I-Cause
historically I-Cause
been I-Cause
well-positioned I-Cause
with I-Cause
one I-Cause
such I-Cause
titan I-Cause
, I-Cause
securing I-Cause
a I-Cause
key I-Cause
analog I-Cause
chip I-Cause
supplier I-Cause
relationship I-Cause
with I-Cause
Samsung I-Cause
in I-Cause
its I-Cause
high-end I-Cause
handsets I-Cause
and I-Cause
tablets. O
This O
position O
led O
to O
strong B-Effect
growth I-Effect
in I-Effect
years I-Effect
past I-Effect
as I-Effect
Samsung I-Effect
gained I-Effect
meaningful I-Effect
share I-Effect
in I-Effect
these I-Effect
end I-Effect
markets I-Effect
, I-Effect
but I-Effect
some I-Effect
hard I-Effect
times I-Effect
as I-Effect
well I-Effect
when I-Effect
Samsung I-Effect
's I-Effect
smartphone I-Effect
sales I-Effect
were I-Effect
slumping I-Effect
. O

The B-Cause
strength I-Cause
of I-Cause
the I-Cause
brand I-Cause
leads I-Cause
to I-Cause
consistently I-Cause
high I-Cause
resale I-Cause
values I-Cause
of I-Cause
Deere I-Cause
equipment I-Cause
and I-Cause
what O
appears B-Effect
to I-Effect
be I-Effect
a I-Effect
slight I-Effect
price I-Effect
premium I-Effect
. I-Effect

We O
do O
n't O
foresee O
significant O
environmental O
, O
social O
, O
or O
governance O
( O
ESG O
) O
risk O
for O
Monolithic B-Effect
Power I-Effect
, O
but O
its O
greatest O
risk O
on O
this O
front O
would O
be O
in O
regard O
to O
human B-Cause
capital I-Cause
. O

We O
think O
this O
is O
important O
because O
as O
technology B-Cause
plays I-Cause
an I-Cause
increasing I-Cause
role I-Cause
in I-Cause
the I-Cause
industrial I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
race I-Cause
, O
having B-Effect
workers I-Effect
trained I-Effect
and I-Effect
comfortable I-Effect
with I-Effect
that I-Effect
technology I-Effect
becomes I-Effect
increasingly I-Effect
critical I-Effect
. O

Additionally O
, O
six B-Cause
of I-Cause
the I-Cause
seven I-Cause
top I-Cause
contract I-Cause
research I-Cause
organizations I-Cause
( I-Cause
CROs I-Cause
) I-Cause
use I-Cause
Veeva I-Cause
Vault I-Cause
CDMS I-Cause
, O
making O
it O
significantly B-Effect
easier I-Effect
for I-Effect
smaller I-Effect
pre-commercial I-Effect
customers I-Effect
that O
partner O
with O
these O
organizations O
during O
development O
to O
use O
Veeva O
Vault O
. O

Refining B-Effect
is I-Effect
a I-Effect
fragmented I-Effect
, I-Effect
capital-intensive I-Effect
, I-Effect
and I-Effect
competitive I-Effect
industry I-Effect
where O
firms B-Cause
have I-Cause
little I-Cause
pricing I-Cause
power I-Cause
on I-Cause
feedstock I-Cause
and I-Cause
end I-Cause
products I-Cause
. O

Customer B-Effect
concentration I-Effect
levels I-Effect
in I-Effect
American I-Effect
Tower I-Effect
's I-Effect
other I-Effect
geographies I-Effect
range I-Effect
between I-Effect
60 I-Effect
% I-Effect
and I-Effect
80 I-Effect
% I-Effect
and I-Effect
should I-Effect
increase I-Effect
as O
carrier B-Cause
consolidation I-Cause
in I-Cause
those I-Cause
markets I-Cause
continues I-Cause
. O

Adient B-Effect
has I-Effect
more I-Effect
scale I-Effect
opportunity I-Effect
than I-Effect
its I-Effect
competition I-Effect
due O
to O
its B-Cause
larger I-Cause
size I-Cause
in I-Cause
seating I-Cause
and I-Cause
its I-Cause
present I-Cause
inefficient I-Cause
, O
though O
improving O
, O
manufacturing O
. O

Although O
the O
recent O
migration O
of O
wealth O
to O
urban O
centers O
has O
been O
a O
boon O
to O
Empire O
State O
Realty O
, O
these B-Cause
dynamics I-Cause
can I-Cause
reverse I-Cause
, O
with O
such O
shifts O
having B-Effect
the I-Effect
potential I-Effect
to I-Effect
have I-Effect
a I-Effect
dramatic I-Effect
impact I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
fortunes I-Effect
. O

In O
these O
industries O
, O
Skyworks B-Effect
appears O
to B-Effect
be I-Effect
profiting I-Effect
from O
longer B-Cause
product I-Cause
life I-Cause
cycles I-Cause
and I-Cause
steadier I-Cause
pricing I-Cause
due O
to O
fewer B-Cause
volume I-Cause
discounts I-Cause
. O

We O
think O
Prime B-Cause
subscriptions I-Cause
and I-Cause
the I-Cause
accompanying I-Cause
benefits I-Cause
, I-Cause
combined I-Cause
with I-Cause
selection I-Cause
, I-Cause
price I-Cause
, I-Cause
and I-Cause
convenience I-Cause
continue O
to O
drive B-Effect
the I-Effect
retail I-Effect
story I-Effect
. O

We B-Effect
estimate I-Effect
margins I-Effect
on I-Effect
owned I-Effect
properties I-Effect
to I-Effect
reach I-Effect
25 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
22.9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
as O
Hyatt B-Cause
continues I-Cause
to I-Cause
leverage I-Cause
the I-Cause
top I-Cause
line I-Cause
and I-Cause
see I-Cause
operational I-Cause
improvement I-Cause
in I-Cause
a I-Cause
recycled I-Cause
owned-asset I-Cause
portfolio I-Cause
that I-Cause
is I-Cause
higher I-Cause
in I-Cause
quality I-Cause
. O

The B-Cause
strong I-Cause
balance I-Cause
sheet I-Cause
and I-Cause
resilience I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
puts O
Discover B-Effect
in I-Effect
a I-Effect
good I-Effect
position I-Effect
to I-Effect
recover I-Effect
from I-Effect
the I-Effect
uncertainty I-Effect
of I-Effect
2020 I-Effect
. O

With O
a O
persistent B-Cause
deficit I-Cause
, O
lower B-Effect
tax I-Effect
receipts I-Effect
anticipated I-Effect
in O
2020 O
, O
and O
a O
stimulus O
program O
that O
amounts B-Cause
to I-Cause
15 I-Cause
% I-Cause
-20 I-Cause
% I-Cause
of I-Cause
2019 I-Cause
GDP I-Cause
to O
deal B-Effect
with I-Effect
the I-Effect
fallout I-Effect
from I-Effect
COVID-19 B-Cause
, O
the B-Effect
safety I-Effect
of I-Effect
government-issued I-Effect
securities I-Effect
is I-Effect
far I-Effect
from I-Effect
guaranteed I-Effect
. O

The B-Cause
low I-Cause
value/weight I-Cause
ratio I-Cause
of I-Cause
aggregates I-Cause
and I-Cause
cement I-Cause
require I-Cause
production I-Cause
and I-Cause
consumption I-Cause
to I-Cause
be I-Cause
in I-Cause
close I-Cause
proximity I-Cause
( I-Cause
within I-Cause
300 I-Cause
kilometers I-Cause
for I-Cause
cement I-Cause
and I-Cause
100 I-Cause
kilometers I-Cause
for I-Cause
aggregates I-Cause
) I-Cause
in O
order O
to O
prevent O
transportation B-Effect
costs I-Effect
exceeding I-Effect
the I-Effect
price I-Effect
of I-Effect
the I-Effect
product I-Effect
itself I-Effect
. O

We O
are O
increasing O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
1,096 I-Effect
from I-Effect
$ I-Effect
1,007 I-Effect
per I-Effect
share I-Effect
, I-Effect
primarily I-Effect
due O
to O
equity B-Cause
market I-Cause
movements I-Cause
and I-Cause
time I-Cause
value I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

Corning B-Cause
invents I-Cause
and I-Cause
manufactures I-Cause
all I-Cause
its I-Cause
own I-Cause
equipment I-Cause
and I-Cause
machinery I-Cause
for I-Cause
its I-Cause
fusion I-Cause
draw I-Cause
, I-Cause
which I-Cause
produces I-Cause
best-of-breed I-Cause
display I-Cause
glass I-Cause
that O
we O
think O
has O
resulted O
in O
its B-Effect
leading I-Effect
market I-Effect
share I-Effect
. O

Although O
beef O
industry O
greenhouse B-Effect
gas I-Effect
emissions I-Effect
can O
be O
dramatically O
reduced O
by O
using B-Cause
grass-fed I-Cause
cattle I-Cause
, O
this B-Cause
approach I-Cause
does I-Cause
not I-Cause
improve I-Cause
environmental I-Cause
concerns I-Cause
related I-Cause
to I-Cause
water I-Cause
use I-Cause
or I-Cause
downstream I-Cause
pollution I-Cause
, I-Cause
while I-Cause
it I-Cause
significantly I-Cause
exacerbates I-Cause
the I-Cause
land I-Cause
use I-Cause
concern I-Cause
, O
likely O
resulting O
in O
accelerated B-Effect
deforestation I-Effect
and I-Effect
species I-Effect
extinction I-Effect
. O

With O
more B-Cause
requirements I-Cause
in I-Cause
order I-Cause
to I-Cause
register I-Cause
on I-Cause
the I-Cause
site I-Cause
, O
we O
think O
that O
most B-Effect
users I-Effect
felt I-Effect
Internet I-Effect
Content I-Effect
& I-Effect
Informationsafer I-Effect
to I-Effect
engage I-Effect
with I-Effect
other I-Effect
users I-Effect
from I-Effect
their I-Effect
schools I-Effect
and I-Effect
from I-Effect
other I-Effect
schools I-Effect
, I-Effect
than I-Effect
they I-Effect
did I-Effect
on I-Effect
other I-Effect
early I-Effect
social I-Effect
network I-Effect
websites I-Effect
like I-Effect
MySpace I-Effect
. O

Given O
that O
Bausch B-Cause
has I-Cause
a I-Cause
history I-Cause
of I-Cause
making I-Cause
acquisitions I-Cause
to O
drive B-Effect
business I-Effect
growth I-Effect
, O
we O
're O
skeptical O
of O
the O
company O
' O
ability O
to O
develop O
a O
consistent O
organic O
pipeline O
. O

We O
look O
for O
intermodal B-Effect
container I-Effect
repositioning I-Effect
costs I-Effect
to I-Effect
ease I-Effect
and I-Effect
box I-Effect
turns I-Effect
to I-Effect
improve I-Effect
this I-Effect
year I-Effect
as O
Class B-Cause
I I-Cause
rail I-Cause
service I-Cause
and I-Cause
terminal I-Cause
throughput I-Cause
recalibrate I-Cause
to I-Cause
strong I-Cause
demand I-Cause
. O

Additionally O
, O
rising B-Cause
demand I-Cause
in I-Cause
home I-Cause
improvement I-Cause
stemming I-Cause
from I-Cause
consumers I-Cause
spending I-Cause
more I-Cause
time I-Cause
at I-Cause
home I-Cause
( I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
) I-Cause
has O
generated B-Effect
better I-Effect
cost I-Effect
leverage I-Effect
results I-Effect
faster I-Effect
than I-Effect
we I-Effect
had I-Effect
anticipated I-Effect
. O

FIFA B-Cause
, I-Cause
though I-Cause
, I-Cause
has I-Cause
been I-Cause
embroiled I-Cause
in I-Cause
corruption I-Cause
scandals I-Cause
since I-Cause
2015 I-Cause
that O
have O
already O
led O
to O
convictions B-Effect
of I-Effect
more I-Effect
than I-Effect
two I-Effect
dozen I-Effect
officials I-Effect
. O

Assembling B-Cause
systems I-Cause
is I-Cause
relatively I-Cause
easy I-Cause
work I-Cause
for I-Cause
any I-Cause
general I-Cause
contractor I-Cause
, O
one B-Effect
reason I-Effect
First I-Effect
Solar I-Effect
decided I-Effect
to I-Effect
exit I-Effect
the I-Effect
system I-Effect
construction I-Effect
business I-Effect
in I-Effect
2019 I-Effect
. O

Despite O
the O
possibility O
of O
further O
changes O
to O
the O
ACA O
, O
we B-Cause
think I-Cause
any I-Cause
changes I-Cause
will I-Cause
still I-Cause
result I-Cause
in I-Cause
a I-Cause
coordinated I-Cause
value- I-Cause
and I-Cause
outcome-based I-Cause
system I-Cause
that O
will O
provide B-Effect
Healthpeak I-Effect
's I-Effect
current I-Effect
portfolio I-Effect
with I-Effect
strong I-Effect
tailwinds I-Effect
. O

We O
believe O
Guardant O
is O
slightly O
ahead O
of O
peers O
in O
single-cancer O
screening O
, O
with O
the O
firm O
currently O
enrolling O
10,000 O
people O
for O
its O
Eclipse O
clinical O
trial O
, O
which O
could O
lead O
to O
FDA B-Effect
approval I-Effect
by I-Effect
2024 I-Effect
if O
the B-Cause
full I-Cause
trial I-Cause
supports I-Cause
initial I-Cause
promising I-Cause
data I-Cause
. O

That O
said O
, O
we O
believe O
mining B-Effect
markets I-Effect
will I-Effect
have I-Effect
limited I-Effect
upside I-Effect
, O
as O
fixed B-Cause
asset I-Cause
investment I-Cause
growth I-Cause
in I-Cause
China I-Cause
starts I-Cause
to I-Cause
slow I-Cause
, I-Cause
likely I-Cause
capping B-Effect
commodity I-Effect
price I-Effect
upside I-Effect
. O

In O
recent O
years O
, O
Nordson B-Cause
has I-Cause
focused I-Cause
on I-Cause
expanding I-Cause
its I-Cause
medical I-Cause
business I-Cause
through I-Cause
M I-Cause
& I-Cause
A I-Cause
, O
and O
the B-Effect
company I-Effect
should I-Effect
benefit I-Effect
from I-Effect
favorable I-Effect
secular I-Effect
trends I-Effect
in I-Effect
healthcare I-Effect
, I-Effect
including I-Effect
an I-Effect
aging I-Effect
baby I-Effect
boomer I-Effect
population I-Effect
and I-Effect
growing I-Effect
demand I-Effect
for I-Effect
minimally I-Effect
invasive I-Effect
medical I-Effect
devices I-Effect
. O

Overall O
, O
because O
the B-Cause
bank I-Cause
avoids I-Cause
much I-Cause
of I-Cause
the I-Cause
extra I-Cause
regulation I-Cause
that I-Cause
larger I-Cause
peers I-Cause
attract I-Cause
, O
we O
would O
view B-Effect
the I-Effect
bank I-Effect
's I-Effect
regulatory I-Effect
burden I-Effect
as I-Effect
slightly I-Effect
advantageous I-Effect
. O

We O
believe O
that O
the B-Effect
rate I-Effect
of I-Effect
margin I-Effect
improvement I-Effect
that I-Effect
TransUnion I-Effect
has I-Effect
achieved I-Effect
in I-Effect
recent I-Effect
years I-Effect
wo I-Effect
n't I-Effect
be I-Effect
maintained I-Effect
, O
as O
the B-Cause
cost I-Cause
benefits I-Cause
from I-Cause
modernizing I-Cause
its I-Cause
data I-Cause
infrastructure I-Cause
have I-Cause
largely I-Cause
been I-Cause
realized I-Cause
. O

The B-Cause
increased I-Cause
uncertainty I-Cause
rating I-Cause
also O
reflects B-Effect
a I-Effect
deteriorating I-Effect
macroeconomic I-Effect
outlook I-Effect
, I-Effect
including I-Effect
uncertainty I-Effect
in I-Effect
the I-Effect
energy I-Effect
end I-Effect
market I-Effect
due I-Effect
to I-Effect
the I-Effect
recent I-Effect
steep I-Effect
decline I-Effect
in I-Effect
oil I-Effect
prices I-Effect
. O

Finally O
, O
the B-Cause
firm I-Cause
sells I-Cause
semiconductors I-Cause
and I-Cause
components I-Cause
into I-Cause
cyclical I-Cause
markets I-Cause
, O
such O
as O
automotive O
and O
industrial O
, O
which O
exposes B-Effect
Arrow I-Effect
's I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
to I-Effect
economic I-Effect
downturns I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
CoStar I-Effect
to I-Effect
$ I-Effect
84 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
78.60 I-Effect
due O
to O
a B-Cause
slight I-Cause
increase I-Cause
in I-Cause
our I-Cause
near-term I-Cause
revenue I-Cause
and I-Cause
profitability I-Cause
forecasts I-Cause
and I-Cause
due I-Cause
to I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

In O
total O
, O
we O
expect O
the B-Effect
life I-Effect
sciences I-Effect
segment I-Effect
's I-Effect
sales I-Effect
to I-Effect
grow I-Effect
8 I-Effect
% I-Effect
compounded I-Effect
annually I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
on O
double-digit B-Cause
growth I-Cause
of I-Cause
its I-Cause
process I-Cause
solutions I-Cause
division I-Cause
, I-Cause
mid-single-digit I-Cause
growth I-Cause
in I-Cause
applied I-Cause
solutions I-Cause
, I-Cause
and I-Cause
mid-single-digit I-Cause
growth I-Cause
in I-Cause
research I-Cause
solutions I-Cause
. O

Employees B-Cause
need I-Cause
to I-Cause
be I-Cause
coached I-Cause
on I-Cause
how I-Cause
to I-Cause
use I-Cause
the I-Cause
system I-Cause
effectively I-Cause
to B-Effect
prevent I-Effect
inefficiencies I-Effect
with I-Effect
hiring I-Effect
, I-Effect
benefits I-Effect
, I-Effect
or I-Effect
payroll I-Effect
services I-Effect
; O
inaccurate B-Cause
execution I-Cause
of I-Cause
such I-Cause
processes I-Cause
could O
impede O
business B-Effect
operations I-Effect
. O

Thanks O
to O
recent B-Cause
acquisitions I-Cause
, O
we O
expect O
GAAP B-Effect
margins I-Effect
in I-Effect
the I-Effect
mid-40s I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
before I-Effect
reaching I-Effect
48 I-Effect
% I-Effect
by I-Effect
mid-cycle I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
forecast I-Effect
, O
driven O
by O
the B-Cause
Internet I-Cause
of I-Cause
Things I-Cause
related I-Cause
sales I-Cause
that O
we O
expect O
to O
do B-Effect
the I-Effect
heavy I-Effect
lifting I-Effect
. O

We O
see O
Johnson B-Cause
Controls I-Cause
' I-Cause
prudent I-Cause
capital I-Cause
allocation I-Cause
strategy I-Cause
in I-Cause
tandem I-Cause
with I-Cause
a I-Cause
simplified I-Cause
business I-Cause
model I-Cause
that O
is O
clearly O
showing O
improving B-Effect
fundamentals I-Effect
as I-Effect
catalysts I-Effect
for I-Effect
the I-Effect
stock I-Effect
. O

To O
offset B-Cause
some I-Cause
of I-Cause
the I-Cause
decline I-Cause
, O
Eastman B-Effect
has I-Effect
been I-Effect
investing I-Effect
in I-Effect
capacity I-Effect
for I-Effect
other I-Effect
uses I-Effect
for I-Effect
its I-Effect
fibers I-Effect
, I-Effect
including I-Effect
fabrics I-Effect
and I-Effect
apparel I-Effect
. O

With O
top-line B-Effect
growth I-Effect
expected I-Effect
to I-Effect
be I-Effect
mixed I-Effect
during I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, O
as O
the B-Cause
company I-Cause
deals I-Cause
with I-Cause
not I-Cause
only I-Cause
weaker I-Cause
AUM I-Cause
growth I-Cause
but I-Cause
industry-driven I-Cause
fee I-Cause
compression I-Cause
, O
the B-Effect
net I-Effect
result I-Effect
is I-Effect
a I-Effect
positive I-Effect
1.3 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
for I-Effect
revenue I-Effect
during I-Effect
2021-25 I-Effect
. O

We O
're O
anticipating O
a B-Effect
material I-Effect
decline I-Effect
in I-Effect
capital I-Effect
reinvestment I-Effect
rates I-Effect
as O
Huntington B-Cause
Ingalls I-Cause
has I-Cause
completed I-Cause
a I-Cause
substantial I-Cause
capacity I-Cause
increase I-Cause
and I-Cause
can I-Cause
reduce I-Cause
capital I-Cause
expenditure I-Cause
to I-Cause
roughly I-Cause
maintenance I-Cause
levels I-Cause
. O

Intense B-Effect
competition I-Effect
amid I-Effect
unsettled I-Effect
consumer I-Effect
habits I-Effect
as O
the B-Cause
digital I-Cause
channel I-Cause
grows I-Cause
and I-Cause
physical I-Cause
sellers I-Cause
innovate I-Cause
toward I-Cause
an I-Cause
omnichannel I-Cause
future I-Cause
constitutes O
the O
primary O
long-term O
risk O
to O
our O
outlook O
. O

Also O
, O
several B-Effect
of I-Effect
Lilly I-Effect
's I-Effect
cancer I-Effect
drugs I-Effect
, I-Effect
such I-Effect
as I-Effect
Cyramza I-Effect
and I-Effect
Verzenio I-Effect
, I-Effect
should I-Effect
develop I-Effect
into I-Effect
blockbusters I-Effect
if O
additional B-Cause
clinical I-Cause
data I-Cause
holds I-Cause
up I-Cause
. O

However O
, O
we O
do O
not O
expect O
resultant B-Effect
mid-single-digit I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
resulting I-Effect
cost I-Effect
leverage I-Effect
to I-Effect
meaningfully I-Effect
improve I-Effect
margins I-Effect
from I-Effect
fiscal I-Effect
2019 I-Effect
's I-Effect
13 I-Effect
% I-Effect
, I-Effect
due O
to O
competition B-Cause
, I-Cause
wage I-Cause
pressure I-Cause
, I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
keep I-Cause
perceived I-Cause
value I-Cause
high I-Cause
. O

In O
the O
longer O
term O
, O
the B-Effect
firm I-Effect
might I-Effect
need I-Effect
to I-Effect
replace I-Effect
the I-Effect
old I-Effect
network I-Effect
with I-Effect
fiber I-Effect
optic I-Effect
lines I-Effect
to O
meet O
customer B-Cause
demand I-Cause
for I-Cause
speeds I-Cause
only I-Cause
achievable I-Cause
through I-Cause
fiber I-Cause
technology I-Cause
. O

That O
said O
, O
Ferguson B-Effect
's I-Effect
free I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
has I-Effect
been I-Effect
strong I-Effect
during I-Effect
prior I-Effect
cyclical I-Effect
downturns I-Effect
because O
when B-Cause
sales I-Cause
slow I-Cause
, I-Cause
Ferguson I-Cause
can I-Cause
turn I-Cause
working I-Cause
capital I-Cause
into I-Cause
a I-Cause
source I-Cause
of I-Cause
cash I-Cause
. O

Spirit O
's O
sales O
are O
generally O
governed O
by O
fixed-price O
agreements O
and O
sometimes O
have O
volume-based O
discounts O
, O
which O
requires O
productivity B-Cause
increases I-Cause
to O
maintain B-Effect
margin I-Effect
when I-Effect
production I-Effect
increases I-Effect
. O

While O
we O
believe O
the B-Effect
proposed I-Effect
acquisition I-Effect
of I-Effect
Shaw I-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
be I-Effect
approved I-Effect
by I-Effect
regulators I-Effect
, O
our B-Cause
model I-Cause
reflects I-Cause
Rogers I-Cause
' I-Cause
standalone I-Cause
business I-Cause
. O

However O
, O
the B-Effect
viability I-Effect
of I-Effect
these I-Effect
investments I-Effect
remain O
reliant O
on O
a B-Cause
commodity I-Cause
price I-Cause
recovery I-Cause
to O
drive O
an B-Cause
increase I-Cause
in I-Cause
drilling I-Cause
activity I-Cause
. O

We B-Effect
model I-Effect
23 I-Effect
% I-Effect
ad I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
2021 I-Effect
due O
to O
the B-Cause
economic I-Cause
recovery I-Cause
, O
which O
will O
be O
accompanied O
by O
higher B-Effect
ad I-Effect
spending I-Effect
across I-Effect
verticals I-Effect
, I-Effect
including I-Effect
travel I-Effect
. O

We O
project O
sponsorship B-Effect
revenue I-Effect
will I-Effect
decline I-Effect
by I-Effect
66 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
because O
of O
the B-Cause
vastly I-Cause
lower I-Cause
number I-Cause
of I-Cause
events I-Cause
, I-Cause
cancellation I-Cause
of I-Cause
most I-Cause
festivals I-Cause
, O
and O
lower B-Cause
ad I-Cause
spending I-Cause
. O

Contact B-Cause
manufacturers I-Cause
are I-Cause
shielded I-Cause
by I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
in I-Cause
the I-Cause
vision-care I-Cause
market I-Cause
that O
allow O
the B-Effect
firms I-Effect
to I-Effect
produce I-Effect
consistent I-Effect
economic I-Effect
profits I-Effect
. O

It B-Cause
can I-Cause
take I-Cause
several I-Cause
weeks I-Cause
to I-Cause
fully I-Cause
pass I-Cause
the I-Cause
inflation I-Cause
through I-Cause
, O
which O
can O
lead O
to O
prolonged B-Effect
periods I-Effect
of I-Effect
margin I-Effect
compression I-Effect
. O

These B-Effect
high I-Effect
expected I-Effect
growth I-Effect
rates I-Effect
( I-Effect
roughly I-Effect
3 I-Effect
to I-Effect
4 I-Effect
percentage I-Effect
points I-Effect
greater I-Effect
than I-Effect
company I-Effect
growth I-Effect
) I-Effect
have I-Effect
significant I-Effect
impact I-Effect
on I-Effect
Adidas I-Effect
' I-Effect
margins I-Effect
as O
Asia-Pacific B-Cause
is I-Cause
its I-Cause
most I-Cause
profitable I-Cause
market I-Cause
. O

Once B-Effect
Danaher I-Effect
's I-Effect
products I-Effect
are I-Effect
chosen I-Effect
by I-Effect
the I-Effect
end I-Effect
user I-Effect
as I-Effect
part I-Effect
of I-Effect
the I-Effect
production I-Effect
process I-Effect
of I-Effect
a I-Effect
molecule I-Effect
at I-Effect
the I-Effect
beginning I-Effect
of I-Effect
the I-Effect
clinical I-Effect
trial I-Effect
process I-Effect
, I-Effect
the I-Effect
client I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
switch I-Effect
suppliers I-Effect
for I-Effect
that I-Effect
tool I-Effect
due B-Cause
to I-Cause
regulatory I-Cause
and I-Cause
reproducibility I-Cause
factors I-Cause
. O

As O
competition B-Cause
intensifies I-Cause
, O
it B-Cause
's I-Cause
possible I-Cause
the I-Cause
contracted I-Cause
prices I-Cause
or I-Cause
rates I-Cause
of I-Cause
return I-Cause
fall I-Cause
toward I-Cause
the I-Cause
cost I-Cause
of I-Cause
capital I-Cause
in I-Cause
a I-Cause
competitive I-Cause
bid I-Cause
process I-Cause
, O
reducing B-Effect
the I-Effect
potential I-Effect
for I-Effect
excess I-Effect
returns I-Effect
. O

Although O
OGE O
shares O
provide O
an O
attractive O
yield O
over O
4.5 O
% O
as O
of O
mid-May O
, O
we O
believe O
future B-Effect
dividend I-Effect
increases I-Effect
will I-Effect
only I-Effect
average I-Effect
about I-Effect
1 I-Effect
% I-Effect
annually I-Effect
as O
the B-Cause
utility I-Cause
reduces I-Cause
the I-Cause
payout I-Cause
ratio I-Cause
to I-Cause
the I-Cause
mid-70s I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
. O

This B-Cause
demand I-Cause
resumption I-Cause
should O
support B-Cause
the I-Cause
continuation I-Cause
of I-Cause
near-term I-Cause
pricing I-Cause
and I-Cause
cost I-Cause
leverage I-Cause
, O
which O
should O
allow B-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
in I-Effect
2020 I-Effect
( I-Effect
to I-Effect
more I-Effect
than I-Effect
9 I-Effect
% I-Effect
) I-Effect
. O

Due O
to O
the B-Cause
inherently I-Cause
fragile I-Cause
nature I-Cause
of I-Cause
sheets I-Cause
of I-Cause
glass I-Cause
as I-Cause
large I-Cause
as I-Cause
100 I-Cause
square I-Cause
feet I-Cause
in I-Cause
area I-Cause
and I-Cause
as I-Cause
thin I-Cause
as I-Cause
0.5 I-Cause
millimeters I-Cause
, O
the B-Cause
firm I-Cause
's I-Cause
display I-Cause
plants I-Cause
are I-Cause
located I-Cause
next I-Cause
to I-Cause
customer I-Cause
facilities I-Cause
to O
reduce B-Effect
the I-Effect
risk I-Effect
of I-Effect
lost I-Effect
inventory I-Effect
and I-Effect
to I-Effect
save I-Effect
on I-Effect
travel I-Effect
time I-Effect
and I-Effect
expense I-Effect
. O

Also O
, O
HP B-Cause
's I-Cause
products I-Cause
facilitate I-Cause
in I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
, O
which O
may O
attract B-Effect
cybercriminals I-Effect
, O
and O
its B-Cause
solutions I-Cause
are I-Cause
tasked I-Cause
with I-Cause
protecting I-Cause
customers I-Cause
from I-Cause
cyberattacks I-Cause
, O
making O
data B-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

Looking O
abroad O
, O
Sysco B-Cause
has I-Cause
a I-Cause
new I-Cause
leadership I-Cause
team I-Cause
in O
place O
for O
its O
international O
operations O
, O
increasing B-Effect
our I-Effect
confidence I-Effect
that O
execution O
will O
improve O
. O

Along O
these O
lines O
, O
intangible B-Cause
assets I-Cause
and I-Cause
customer I-Cause
switching I-Cause
costs I-Cause
enable O
firms B-Cause
like I-Cause
Infineon I-Cause
to I-Cause
benefit I-Cause
from I-Cause
long I-Cause
useful I-Cause
lives I-Cause
associated I-Cause
with I-Cause
certain I-Cause
chip I-Cause
products I-Cause
, O
which O
leads O
to O
lower B-Effect
ongoing I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
and I-Effect
capital I-Effect
expenditure I-Effect
. O

We O
forecast O
the B-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expense I-Effect
ratio I-Effect
remain I-Effect
flattish I-Effect
at O
the O
end O
of O
our O
forecast O
( O
23.3 O
% O
) O
as O
the B-Cause
business I-Cause
continues I-Cause
to I-Cause
invest I-Cause
to I-Cause
maintain I-Cause
its I-Cause
leadership I-Cause
position I-Cause
in I-Cause
the I-Cause
outdoor I-Cause
enthusiast I-Cause
segment I-Cause
. O

We O
expect O
profitability B-Cause
to I-Cause
hold I-Cause
steady I-Cause
long I-Cause
term I-Cause
as O
the B-Cause
company I-Cause
scales I-Cause
and I-Cause
takes I-Cause
share I-Cause
from I-Cause
independent I-Cause
and I-Cause
regional I-Cause
competitors I-Cause
, O
with O
adjusted B-Effect
operating I-Effect
margins I-Effect
remaining I-Effect
near I-Effect
fiscal I-Effect
2020 I-Effect
's I-Effect
19 I-Effect
% I-Effect
mark I-Effect
despite I-Effect
rising I-Effect
wages I-Effect
. O

And O
we O
surmise O
that O
by O
maintaining B-Cause
a I-Cause
leading I-Cause
position I-Cause
across I-Cause
a I-Cause
number I-Cause
of I-Cause
categories I-Cause
, O
Colgate B-Effect
is I-Effect
an I-Effect
even I-Effect
more I-Effect
valued I-Effect
partner I-Effect
for I-Effect
retailers I-Effect
. O

Profit B-Effect
margins I-Effect
should I-Effect
be I-Effect
pressured I-Effect
while O
disruption B-Cause
persists I-Cause
, I-Cause
given I-Cause
production I-Cause
inefficiencies I-Cause
and I-Cause
direct I-Cause
COVID-19 I-Cause
expenses I-Cause
, O
but O
we O
expect O
this O
pressure O
to O
moderate O
throughout O
2021 O
. O

Taking O
a O
broader O
view O
, O
the B-Effect
company I-Effect
materially I-Effect
built I-Effect
out I-Effect
its I-Effect
private I-Effect
client I-Effect
and I-Effect
capital I-Effect
markets I-Effect
businesses I-Effect
with O
its B-Cause
2012 I-Cause
acquisition I-Cause
of I-Cause
Morgan I-Cause
Keegan I-Cause
from I-Cause
Regions I-Cause
Financial I-Cause
and I-Cause
2016 I-Cause
acquisition I-Cause
of I-Cause
Deutsche I-Cause
Bank I-Cause
's I-Cause
U.S I-Cause
. O

While O
there O
is O
evidence O
that O
these O
products O
enhance O
US O
Foods O
' O
margins O
, O
we O
do O
n't O
think O
they O
enhance B-Effect
the I-Effect
firm I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
, O
as O
they B-Cause
are I-Cause
essentially I-Cause
agricultural I-Cause
commodities I-Cause
and O
therefore O
easy B-Cause
to I-Cause
replicate I-Cause
. O

A B-Cause
prolonged I-Cause
freeze I-Cause
in I-Cause
the I-Cause
credit I-Cause
markets I-Cause
could O
force B-Effect
the I-Effect
company I-Effect
to I-Effect
scale I-Effect
back I-Effect
growth I-Effect
expenditures I-Effect
, O
though O
utilities O
with O
healthy B-Cause
balance I-Cause
sheets I-Cause
saw O
little B-Effect
disruption I-Effect
even I-Effect
during I-Effect
the I-Effect
last I-Effect
financial I-Effect
crisis I-Effect
. O

Still O
, O
the B-Cause
stores I-Cause
' I-Cause
criticality I-Cause
leaves I-Cause
the I-Cause
firm I-Cause
vulnerable I-Cause
to I-Cause
rising I-Cause
infection I-Cause
rates I-Cause
that O
could O
lead O
to O
further B-Effect
closures I-Effect
despite O
the O
assortment O
changes O
. O

While O
the O
$ O
4 O
billion O
global O
influenza O
vaccine O
market O
is O
already O
crowded O
and O
has O
poor O
pricing O
power O
, O
Moderna B-Cause
's I-Cause
technology I-Cause
could O
allow O
the B-Effect
firm I-Effect
to I-Effect
provide I-Effect
higher I-Effect
efficacy I-Effect
than I-Effect
traditional I-Effect
vaccines I-Effect
, O
which O
in O
a O
good O
year O
are O
only O
60 O
% O
effective O
. O

These B-Effect
run I-Effect
rates I-Effect
are I-Effect
below I-Effect
KCS I-Effect
's I-Effect
historical I-Effect
run I-Effect
rate I-Effect
due O
to O
efforts B-Cause
to I-Cause
materially I-Cause
rationalize I-Cause
the I-Cause
locomotive I-Cause
fleet I-Cause
as I-Cause
part I-Cause
of I-Cause
its I-Cause
PSR I-Cause
implementation I-Cause
. O

It B-Cause
also I-Cause
has I-Cause
the I-Cause
largest I-Cause
amount I-Cause
of I-Cause
assets I-Cause
under I-Cause
management I-Cause
and I-Cause
assets I-Cause
under I-Cause
administration I-Cause
among I-Cause
the I-Cause
Canadian I-Cause
banks I-Cause
, O
giving O
it O
the B-Effect
largest I-Effect
exposure I-Effect
to I-Effect
this I-Effect
higher-margin I-Effect
, I-Effect
fee-based I-Effect
business I-Effect
, I-Effect
and I-Effect
a I-Effect
larger I-Effect
share I-Effect
of I-Effect
clients I-Effect
' I-Effect
overall I-Effect
wealth I-Effect
. O

Given O
the B-Cause
monetary I-Cause
costs I-Cause
and I-Cause
business I-Cause
risks I-Cause
, O
we O
do O
n't O
expect O
that O
tenants B-Effect
take I-Effect
a I-Effect
decision I-Effect
to I-Effect
move I-Effect
lightly I-Effect
, O
and O
we O
think O
they O
are O
effectively O
precluded O
from O
price-shopping O
once O
they O
are O
in O
a O
data O
center O
. O

CXone B-Cause
provides I-Cause
an I-Cause
omnichannel I-Cause
customer I-Cause
service I-Cause
solution I-Cause
that I-Cause
provides I-Cause
both I-Cause
contact I-Cause
center I-Cause
infrastructure I-Cause
and I-Cause
WFO/WEM I-Cause
solutions I-Cause
to O
improve B-Effect
call I-Effect
center I-Effect
efficiency I-Effect
. O

We O
expect O
LNG O
markets O
to O
remain O
oversupplied O
for O
several O
years O
, O
although O
we O
expect O
an B-Effect
eventual I-Effect
uptick I-Effect
in I-Effect
segment I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
as O
new B-Cause
projects I-Cause
are I-Cause
launched I-Cause
toward I-Cause
the I-Cause
end I-Cause
of I-Cause
our I-Cause
five-year I-Cause
forecast I-Cause
period I-Cause
. O

We O
also O
forecast O
for O
profit B-Effect
of I-Effect
the I-Effect
pictures I-Effect
segment I-Effect
to I-Effect
drop I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
segment I-Cause
's I-Cause
profitability I-Cause
for I-Cause
fiscal I-Cause
2020 I-Cause
is I-Cause
higher I-Cause
than I-Cause
usual I-Cause
-- O
as O
Sony O
was O
able O
to O
save B-Cause
marketing I-Cause
and I-Cause
film I-Cause
production I-Cause
costs I-Cause
due O
to O
the O
pandemic O
-- O
which O
would O
reverse B-Effect
in I-Effect
2021 I-Effect
. O

Celgene B-Cause
's I-Cause
drugs I-Cause
largely I-Cause
target I-Cause
cancer I-Cause
, I-Cause
which I-Cause
tends I-Cause
to I-Cause
be I-Cause
an I-Cause
area I-Cause
with I-Cause
strong I-Cause
drug I-Cause
pricing I-Cause
power I-Cause
, O
which O
should O
help B-Effect
Bristol I-Effect
maintain I-Effect
its I-Effect
drug I-Effect
pricing I-Effect
ability I-Effect
in I-Effect
a I-Effect
time I-Effect
when I-Effect
both I-Effect
governments I-Effect
and I-Effect
private I-Effect
payers I-Effect
are I-Effect
pushing I-Effect
back I-Effect
on I-Effect
drug I-Effect
prices I-Effect
. I-Effect

We O
think O
Seagate B-Effect
is I-Effect
successfully I-Effect
transitioning I-Effect
its I-Effect
portfolio I-Effect
to I-Effect
focus I-Effect
on I-Effect
mass I-Effect
capacity I-Effect
drives I-Effect
for I-Effect
cloud I-Effect
providers I-Effect
and I-Effect
enterprises I-Effect
as O
consumer B-Cause
applications I-Cause
for I-Cause
legacy I-Cause
HDDs I-Cause
switch I-Cause
to I-Cause
faster I-Cause
flash-based I-Cause
solid I-Cause
state I-Cause
drives I-Cause
, I-Cause
or I-Cause
SSDs I-Cause
. O

Firms B-Cause
such I-Cause
as I-Cause
Cushman I-Cause
& I-Cause
amp I-Cause
; I-Cause
Wakefield I-Cause
increasingly I-Cause
bundle I-Cause
services I-Cause
to I-Cause
provide I-Cause
a I-Cause
consolidated I-Cause
suite I-Cause
of I-Cause
offerings. O
This O
benefits B-Effect
Cushman I-Effect
& I-Effect
amp I-Effect
; I-Effect
Wakefield I-Effect
in I-Effect
that I-Effect
it I-Effect
can I-Effect
leverage I-Effect
certain I-Effect
parts I-Effect
of I-Effect
its I-Effect
business I-Effect
such I-Effect
as I-Effect
research I-Effect
and I-Effect
consulting I-Effect
, I-Effect
and I-Effect
it I-Effect
benefits I-Effect
clients I-Effect
, I-Effect
who I-Effect
receive I-Effect
a I-Effect
more I-Effect
customized I-Effect
and I-Effect
tailored I-Effect
experience I-Effect
. O

We O
expect O
revenue B-Effect
generation I-Effect
to I-Effect
remain I-Effect
below I-Effect
its I-Effect
prepandemic I-Effect
levels I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
coronavirus I-Cause
continues I-Cause
to I-Cause
impact I-Cause
the I-Cause
company I-Cause
's I-Cause
results I-Cause
. O

A B-Effect
poor I-Effect
crop I-Effect
will I-Effect
impact I-Effect
margins I-Effect
for I-Effect
two I-Effect
fiscal I-Effect
years I-Effect
, O
as O
each B-Cause
year I-Cause
's I-Cause
new I-Cause
harvest I-Cause
begins I-Cause
production I-Cause
in I-Cause
the I-Cause
firm I-Cause
's I-Cause
fiscal I-Cause
third I-Cause
quarter I-Cause
. O

Barrick B-Effect
was I-Effect
forced I-Effect
to I-Effect
re-evaluate I-Effect
operations I-Effect
at I-Effect
Lumwana I-Effect
after I-Effect
the I-Effect
acquisition I-Effect
, O
as O
prior B-Cause
owners I-Cause
boosted I-Cause
short-term I-Cause
production I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
long-term I-Cause
viability I-Cause
. O

Naturally O
, O
Cigna B-Cause
's I-Cause
new I-Cause
bulked-up I-Cause
service I-Cause
offerings I-Cause
should O
allow O
it B-Cause
to I-Cause
cross-sell I-Cause
PBM I-Cause
services I-Cause
into I-Cause
its I-Cause
managed-care I-Cause
client I-Cause
set I-Cause
and I-Cause
vice I-Cause
versa I-Cause
, O
opening B-Effect
up I-Effect
new I-Effect
profit I-Effect
streams I-Effect
with I-Effect
existing I-Effect
clientele I-Effect
. O

While O
orphan B-Effect
drugs I-Effect
make I-Effect
headlines I-Effect
because O
of O
their B-Cause
high I-Cause
per-person I-Cause
cost I-Cause
, O
the B-Effect
overall I-Effect
burden I-Effect
on I-Effect
the I-Effect
healthcare I-Effect
system I-Effect
is I-Effect
minimal I-Effect
due O
to O
the B-Cause
small I-Cause
patient I-Cause
populations I-Cause
, O
especially O
compared O
with O
overall O
healthcare O
costs O
. O

But O
we O
think O
its O
been O
charting O
a O
new O
course O
, O
aiming B-Cause
to I-Cause
extract I-Cause
another I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
in O
costs O
to B-Effect
reduce I-Effect
head I-Effect
count I-Effect
and I-Effect
overhead I-Effect
, I-Effect
improve I-Effect
manufacturing I-Effect
efficiency I-Effect
, I-Effect
and I-Effect
free I-Effect
up I-Effect
funds I-Effect
to I-Effect
reinvest I-Effect
in I-Effect
its I-Effect
business I-Effect
. O

Relatedly O
, O
a B-Effect
greater I-Effect
shift I-Effect
by I-Effect
enterprises I-Effect
toward I-Effect
infrastructure I-Effect
as I-Effect
a I-Effect
service I-Effect
cloud I-Effect
adoption I-Effect
could I-Effect
reduce I-Effect
their I-Effect
own I-Effect
need I-Effect
for I-Effect
server I-Effect
space I-Effect
, O
as O
their B-Cause
data I-Cause
is I-Cause
shifted I-Cause
to I-Cause
cloud I-Cause
providers I-Cause
' I-Cause
servers I-Cause
and I-Cause
stored I-Cause
more I-Cause
efficiently I-Cause
. O

The B-Cause
company I-Cause
must I-Cause
keep I-Cause
its I-Cause
plants I-Cause
operating I-Cause
at I-Cause
high I-Cause
availability I-Cause
levels I-Cause
to O
take B-Effect
advantage I-Effect
of I-Effect
the I-Effect
times I-Effect
when I-Effect
there I-Effect
are I-Effect
high I-Effect
margins I-Effect
in I-Effect
the I-Effect
wholesale I-Effect
power I-Effect
markets I-Effect
. O

With O
the B-Cause
Atlantic I-Cause
Coast I-Cause
Pipeline I-Cause
cancellation I-Cause
in I-Cause
July I-Cause
2020 I-Cause
, O
we B-Effect
now I-Effect
think I-Effect
Transco I-Effect
can I-Effect
boost I-Effect
its I-Effect
capacity I-Effect
and I-Effect
throughput I-Effect
by I-Effect
35 I-Effect
% I-Effect
( I-Effect
6 I-Effect
% I-Effect
annually I-Effect
) I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
with I-Effect
similar I-Effect
growth I-Effect
potential I-Effect
beyond I-Effect
2024 I-Effect
. O

However O
, O
in B-Effect
weakened I-Effect
environments I-Effect
, I-Effect
its I-Effect
professionals I-Effect
share I-Effect
in I-Effect
the I-Effect
pain I-Effect
, O
as O
the B-Cause
firm I-Cause
is I-Cause
able I-Cause
to I-Cause
significantly I-Cause
cut I-Cause
costs I-Cause
, I-Cause
helping I-Cause
preserve I-Cause
reasonable I-Cause
profits I-Cause
, I-Cause
cash I-Cause
flow I-Cause
, I-Cause
and I-Cause
ROIC I-Cause
. O

Thus O
, O
though O
we O
see O
the O
over O
$ O
1 O
billion O
IUD O
market O
growing O
rapidly O
, O
we O
believe O
that B-Effect
the I-Effect
nonhormonal I-Effect
portion I-Effect
is I-Effect
able I-Effect
to I-Effect
be I-Effect
served I-Effect
entirely I-Effect
by I-Effect
Paragard I-Effect
at I-Effect
a I-Effect
very I-Effect
low I-Effect
marginal I-Effect
cost I-Effect
, O
due O
to O
its B-Cause
high-margin I-Cause
nature I-Cause
and I-Cause
likely I-Cause
decreasing I-Cause
distribution I-Cause
costs I-Cause
as I-Cause
healthcare I-Cause
providers I-Cause
consolidate I-Cause
. O

Eaton B-Effect
's I-Effect
traditional I-Effect
offerings I-Effect
should I-Effect
further I-Effect
benefit I-Effect
from I-Effect
increased I-Effect
noise I-Effect
, I-Effect
weight I-Effect
, I-Effect
safety I-Effect
, I-Effect
and I-Effect
environmental I-Effect
regulations I-Effect
, O
since O
customers B-Cause
trust I-Cause
Eaton I-Cause
's I-Cause
reputation I-Cause
for I-Cause
reliability I-Cause
and I-Cause
compliance I-Cause
. O

However O
, O
we O
forecast O
the B-Effect
entire I-Effect
Canadian I-Effect
market I-Effect
to I-Effect
grow I-Effect
roughly I-Effect
20 I-Effect
% I-Effect
per I-Effect
year I-Effect
on I-Effect
average I-Effect
through I-Effect
2030 I-Effect
, O
driven O
by O
the B-Cause
conversion I-Cause
of I-Cause
black-market I-Cause
consumers I-Cause
into I-Cause
the I-Cause
legal I-Cause
market I-Cause
and I-Cause
new I-Cause
cannabis I-Cause
consumers I-Cause
. O

We O
view O
winter B-Cause
weather I-Cause
and I-Cause
farmer I-Cause
planting I-Cause
decisions I-Cause
to O
be O
greater B-Effect
demand I-Effect
drivers I-Effect
for I-Effect
salt I-Effect
and I-Effect
fertilizer I-Effect
, O
respectively O
, O
which O
are O
typically O
the O
primary O
drivers O
in O
any O
given O
year O
. O

And O
because O
China B-Cause
, I-Cause
India I-Cause
and I-Cause
Thailand I-Cause
are I-Cause
seen I-Cause
as I-Cause
the I-Cause
most I-Cause
marketable I-Cause
opportunities I-Cause
for I-Cause
Eastspring I-Cause
, O
we O
think O
it O
is O
these B-Effect
three I-Effect
countries I-Effect
where I-Effect
there I-Effect
will I-Effect
be I-Effect
the I-Effect
greatest I-Effect
focus I-Effect
. O

We B-Effect
look I-Effect
for I-Effect
net I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
come I-Effect
in I-Effect
slightly I-Effect
lower I-Effect
( I-Effect
up I-Effect
25 I-Effect
% I-Effect
) I-Effect
than I-Effect
gross I-Effect
revenue I-Effect
growth I-Effect
due O
to O
gross B-Cause
profit I-Cause
margin I-Cause
( I-Cause
percentage I-Cause
) I-Cause
compression I-Cause
. O

Integrated B-Cause
oil I-Cause
companies I-Cause
can O
achieve B-Effect
competitive I-Effect
advantages I-Effect
through I-Effect
upstream I-Effect
or I-Effect
downstream I-Effect
operations I-Effect
, O
but O
the O
best O
achieve O
competitive O
advantages O
when B-Cause
upstream I-Cause
and I-Cause
downstream I-Cause
assets I-Cause
are I-Cause
aligned I-Cause
, O
such O
that O
one O
segment O
can O
recapture B-Effect
the I-Effect
economic I-Effect
rents I-Effect
that I-Effect
the I-Effect
other I-Effect
segment I-Effect
is I-Effect
losing I-Effect
. O

We B-Effect
expect I-Effect
a I-Effect
deterioration I-Effect
in I-Effect
asset I-Effect
quality I-Effect
to I-Effect
be I-Effect
limited I-Effect
higher I-Effect
credit I-Effect
cost I-Effect
and I-Effect
lower I-Effect
profitability I-Effect
, O
with O
the B-Cause
bank I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
remaining I-Cause
intact I-Cause
. O

In O
addition O
, O
the B-Effect
company I-Effect
faces I-Effect
more I-Effect
risk I-Effect
, O
as O
it B-Cause
has I-Cause
moved I-Cause
into I-Cause
additional I-Cause
crowded I-Cause
markets I-Cause
such I-Cause
as I-Cause
travel I-Cause
and I-Cause
food I-Cause
delivery I-Cause
, O
while O
the O
returns O
generated O
from O
those O
markets O
are O
more O
likely O
to O
be O
minimal O
. O

If O
Boston B-Cause
Scientific I-Cause
's I-Cause
Lotus I-Cause
Edge I-Cause
device I-Cause
is I-Cause
easier I-Cause
to I-Cause
use I-Cause
, I-Cause
faster I-Cause
to I-Cause
use I-Cause
, I-Cause
or I-Cause
works I-Cause
in I-Cause
a I-Cause
broader I-Cause
range I-Cause
of I-Cause
patients I-Cause
, O
it O
could O
cut B-Effect
into I-Effect
the I-Effect
Sapien I-Effect
franchise I-Effect
. O

Although O
there O
is O
not O
a O
major O
maturation O
of O
debt O
until O
2024 O
when O
$ O
4.6 O
billion O
is O
due O
, O
a B-Cause
prolonged I-Cause
economic I-Cause
downturn I-Cause
from I-Cause
COVID-19 I-Cause
or I-Cause
sustained I-Cause
drop I-Cause
in I-Cause
Caesars I-Cause
' I-Cause
competitive I-Cause
positioning I-Cause
could B-Effect
present I-Effect
challenges I-Effect
to I-Effect
meeting I-Effect
its I-Effect
debt I-Effect
obligations I-Effect
. O

We B-Cause
are I-Cause
lifting I-Cause
our I-Cause
valuation I-Cause
of I-Cause
Target I-Cause
to I-Cause
$ I-Cause
138 I-Cause
per I-Cause
share I-Cause
from I-Cause
$ I-Cause
127 I-Cause
, O
reflecting B-Effect
exceptional I-Effect
comparable I-Effect
growth I-Effect
after I-Effect
the I-Effect
holidays I-Effect
. O

The O
TV O
business O
is O
evolving O
, O
which O
will O
present O
challenges O
for O
NBCU O
, O
but O
we O
believe O
it B-Cause
has I-Cause
the I-Cause
breadth I-Cause
of I-Cause
assets I-Cause
to O
compete B-Effect
effectively I-Effect
. O

We B-Effect
are I-Effect
cutting I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
modestly I-Effect
to I-Effect
$ I-Effect
36 I-Effect
from I-Effect
$ I-Effect
37 I-Effect
after O
increasing B-Cause
our I-Cause
expectations I-Cause
for I-Cause
spending I-Cause
on I-Cause
wireless I-Cause
spectrum I-Cause
. O

However O
, O
due O
to O
decreasing B-Cause
reliance I-Cause
on I-Cause
its I-Cause
personnel I-Cause
base I-Cause
, O
we O
assume O
Accenture B-Cause
will I-Cause
benefit I-Cause
from I-Cause
some I-Cause
operating I-Cause
leverage I-Cause
on I-Cause
the I-Cause
SG I-Cause
& I-Cause
A I-Cause
line I-Cause
, O
aiding B-Effect
in I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
from I-Effect
14.7 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
15.1 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

Frequently O
, O
business B-Effect
travelers I-Effect
use I-Effect
miles I-Effect
from I-Effect
a I-Effect
cobranded I-Effect
credit I-Effect
card I-Effect
to I-Effect
upgrade I-Effect
flights I-Effect
when O
their B-Cause
company I-Cause
is I-Cause
unwilling I-Cause
to I-Cause
pay I-Cause
a I-Cause
premium I-Cause
price I-Cause
. O

As O
more B-Cause
key I-Cause
opinion I-Cause
leaders I-Cause
join I-Cause
Weibo I-Cause
, O
more B-Effect
users I-Effect
use I-Effect
Weibo I-Effect
to I-Effect
read I-Effect
view I-Effect
the I-Effect
key I-Effect
opinion I-Effect
leaders I-Effect
' I-Effect
content I-Effect
and I-Effect
engage I-Effect
with I-Effect
them I-Effect
through I-Effect
replying I-Effect
, I-Effect
sharing I-Effect
, I-Effect
and I-Effect
clicking I-Effect
the I-Effect
'Like I-Effect
' I-Effect
button I-Effect
. O

Furthermore O
, O
we O
can O
see O
interest B-Effect
costs I-Effect
rising I-Effect
materially I-Effect
if O
the B-Cause
current I-Cause
low I-Cause
interest-rate I-Cause
regime I-Cause
gives I-Cause
way I-Cause
to I-Cause
a I-Cause
more I-Cause
historically I-Cause
normal I-Cause
level I-Cause
. O

This O
is O
partly O
explained O
because O
a B-Cause
strong I-Cause
network I-Cause
effect I-Cause
can O
have B-Effect
a I-Effect
flywheel I-Effect
effect I-Effect
and I-Effect
drive I-Effect
growth I-Effect
in I-Effect
other I-Effect
adjacent I-Effect
business I-Effect
lines I-Effect
, O
such O
as O
membership O
and O
subscription O
services O
, O
online-to-offline O
services O
, O
and O
cross-border O
trade O
. O

We B-Effect
expect I-Effect
the I-Effect
service I-Effect
to I-Effect
struggle I-Effect
during I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
due O
to O
lower B-Cause
conversion I-Cause
and I-Cause
renewal I-Cause
rates I-Cause
along I-Cause
with I-Cause
a I-Cause
smaller I-Cause
funnel I-Cause
of I-Cause
trial I-Cause
users I-Cause
to I-Cause
convert I-Cause
. O

With O
restaurant B-Cause
operators I-Cause
representing I-Cause
the I-Cause
bottom I-Cause
of I-Cause
the I-Cause
labor I-Cause
market I-Cause
stack I-Cause
, I-Cause
increased I-Cause
attention I-Cause
to I-Cause
minimum I-Cause
wage I-Cause
growth I-Cause
and I-Cause
worker I-Cause
benefits I-Cause
could O
pressure B-Cause
results I-Cause
, O
forcing B-Effect
restaurants I-Effect
to I-Effect
look I-Effect
for I-Effect
ways I-Effect
to I-Effect
keep I-Effect
costs I-Effect
in I-Effect
check I-Effect
by I-Effect
reducing I-Effect
their I-Effect
dependency I-Effect
on I-Effect
labor I-Effect
hours I-Effect
. O

In O
the O
long O
term O
, O
we O
forecast O
the B-Effect
company I-Effect
will I-Effect
report I-Effect
a I-Effect
sustainable I-Effect
gross I-Effect
margin I-Effect
of I-Effect
64 I-Effect
% I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
as O
it B-Cause
achieves I-Cause
premium I-Cause
pricing I-Cause
on I-Cause
its I-Cause
core I-Cause
products I-Cause
. O

Discovery O
is O
leveraged O
to O
benefit B-Effect
from I-Effect
increased I-Effect
pay-TV I-Effect
penetration I-Effect
internationally I-Effect
, O
as O
it B-Cause
already I-Cause
generates I-Cause
36 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
and I-Cause
23 I-Cause
% I-Cause
of I-Cause
its I-Cause
EBITDA I-Cause
outside I-Cause
the I-Cause
U.S I-Cause
. I-Cause

We O
expect O
these B-Effect
returns I-Effect
to I-Effect
average I-Effect
46 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
remaining I-Effect
strong I-Effect
and O
helped O
by O
continued B-Effect
cost I-Effect
leverage I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
stemming O
from O
higher B-Cause
volume I-Cause
demand I-Cause
as O
COVID-19 B-Cause
boosts I-Cause
the I-Cause
sales I-Cause
of I-Cause
outdoor I-Cause
products I-Cause
that I-Cause
offer I-Cause
social I-Cause
distancing I-Cause
. O

Infusion B-Cause
pumps I-Cause
have I-Cause
a I-Cause
relatively I-Cause
a I-Cause
long I-Cause
life I-Cause
( I-Cause
over I-Cause
seven I-Cause
years I-Cause
) I-Cause
, O
which O
gives O
them O
a B-Effect
long I-Effect
period I-Effect
to I-Effect
enjoy I-Effect
recurring I-Effect
sales I-Effect
after I-Effect
the I-Effect
pumps I-Effect
are I-Effect
placed I-Effect
. O

We B-Cause
expect I-Cause
the I-Cause
company I-Cause
will I-Cause
slow I-Cause
price I-Cause
hikes I-Cause
in I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
due O
to O
the B-Effect
impact I-Effect
from I-Effect
increased I-Effect
competition I-Effect
at I-Effect
lower I-Effect
prices I-Effect
. O

Although O
O'Reilly O
's O
operating O
margins O
grew O
from O
13.6 O
% O
in O
2010 O
to O
18.9 O
% O
in O
2019 O
( O
pandemic-fueled O
cost O
leverage O
led O
to O
a O
20.8 O
% O
2020 O
mark O
) O
, O
we O
believe O
there B-Effect
is I-Effect
room I-Effect
for I-Effect
expansion I-Effect
as O
it B-Cause
leverages I-Cause
fixed I-Cause
costs I-Cause
and O
as O
house B-Cause
label I-Cause
products I-Cause
gain I-Cause
increasing I-Cause
acceptance I-Cause
and I-Cause
adoption I-Cause
. O

This O
means O
Edwards B-Cause
faces I-Cause
the I-Cause
risk I-Cause
that I-Cause
some I-Cause
legal I-Cause
judgments I-Cause
will I-Cause
go I-Cause
against I-Cause
the I-Cause
firm I-Cause
, O
which O
can O
depress O
cash B-Effect
flow I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

We O
now O
expect O
regional B-Effect
revenue I-Effect
to I-Effect
grow I-Effect
120 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
versus O
85 O
% O
prior O
, O
driven O
by O
a B-Cause
faster I-Cause
recovery I-Cause
in I-Cause
demand I-Cause
, O
which O
is O
being O
aided O
by O
improving B-Cause
vaccination I-Cause
rates I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. I-Cause

Still O
, O
we O
believe O
harmonization B-Cause
of I-Cause
systems I-Cause
, I-Cause
technology-fueled I-Cause
analytics I-Cause
, I-Cause
and I-Cause
optimization I-Cause
of I-Cause
the I-Cause
supply I-Cause
chain I-Cause
and I-Cause
manufacturing I-Cause
apparatus I-Cause
will O
allow O
for O
margin B-Effect
expansion I-Effect
while I-Effect
reinvesting I-Effect
appropriately I-Effect
for I-Effect
growth I-Effect
. O

These B-Cause
efficiencies I-Cause
, I-Cause
and I-Cause
extraction I-Cause
of I-Cause
stranded I-Cause
costs I-Cause
after I-Cause
divesting I-Cause
Symantec I-Cause
, O
would O
increase B-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
into I-Effect
the I-Effect
mid-40 I-Effect
% I-Effect
range O
in O
fiscal O
2025 O
. O

That O
said O
, O
given O
Toll B-Cause
's I-Cause
luxury I-Cause
build-to-order I-Cause
focus I-Cause
and I-Cause
higher I-Cause
average I-Cause
selling I-Cause
price I-Cause
, O
we O
do O
n't O
think O
the O
firm O
is O
as O
well O
positioned O
to O
capture B-Effect
demand I-Effect
from I-Effect
first-time I-Effect
millennial I-Effect
buyers I-Effect
as I-Effect
lower-priced I-Effect
homebuilders I-Effect
like I-Effect
D.R I-Effect
. I-Effect

Loss B-Cause
of I-Cause
data I-Cause
could O
result O
in O
less B-Cause
traffic I-Cause
to I-Cause
Dotdash I-Cause
properties I-Cause
which O
will O
reduce B-Effect
demand I-Effect
from I-Effect
advertisers I-Effect
and I-Effect
possibly I-Effect
reverse I-Effect
the I-Effect
network I-Effect
effect I-Effect
of I-Effect
the I-Effect
Dotdash I-Effect
platform I-Effect
. O

In O
addition O
, O
we O
think O
mobile B-Cause
technology I-Cause
enables I-Cause
retailers I-Cause
to I-Cause
more I-Cause
easily I-Cause
operate I-Cause
their I-Cause
own I-Cause
closed-loop I-Cause
networks I-Cause
, O
which O
would O
entirely B-Effect
bypass I-Effect
the I-Effect
traditional I-Effect
networks I-Effect
. O

Beyond O
the O
synergistic O
value O
creation O
, O
the B-Cause
Isle I-Cause
and I-Cause
Tropicana/Elgin I-Cause
deals I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
Caesars I-Cause
acquisition I-Cause
, O
have O
meaningfully B-Effect
increased I-Effect
Eldorado I-Effect
's I-Effect
presence I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

While O
some O
CUE O
products O
generate O
lower O
merchandise O
margins O
, O
the B-Cause
increased I-Cause
frequency I-Cause
of I-Cause
consumer I-Cause
visits I-Cause
drives B-Effect
adjacent I-Effect
product I-Effect
sales I-Effect
with I-Effect
higher I-Effect
margins I-Effect
. O

Focus B-Cause
on I-Cause
more I-Cause
profitable I-Cause
DIY I-Cause
customers I-Cause
as I-Cause
well I-Cause
as I-Cause
rising I-Cause
infrastructure I-Cause
and I-Cause
inventory I-Cause
leverage I-Cause
should O
lead O
segment B-Effect
margins I-Effect
to I-Effect
approach I-Effect
10 I-Effect
% I-Effect
long I-Effect
term I-Effect
from I-Effect
7.6 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

To O
produce B-Effect
flat-panel I-Effect
glass I-Effect
to I-Effect
be I-Effect
used I-Effect
in I-Effect
televisions I-Effect
, O
Corning B-Cause
uses I-Cause
its I-Cause
proprietary I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
fusion I-Cause
draw I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
process I-Cause
. O

However O
, O
in O
the O
case O
of O
Citrix O
, O
we O
think O
there O
are O
very B-Cause
tangible I-Cause
risks I-Cause
that O
drive O
heightened B-Effect
uncertainty I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

Macerich B-Cause
derives I-Cause
more I-Cause
than I-Cause
80 I-Cause
% I-Cause
of I-Cause
its I-Cause
net I-Cause
operating I-Cause
income I-Cause
from I-Cause
Class I-Cause
A I-Cause
malls I-Cause
and I-Cause
90 I-Cause
% I-Cause
of I-Cause
its I-Cause
NOI I-Cause
from I-Cause
B+ I-Cause
or I-Cause
better I-Cause
malls I-Cause
, I-Cause
while I-Cause
Class I-Cause
C+ I-Cause
or I-Cause
lower I-Cause
malls I-Cause
make I-Cause
up I-Cause
only I-Cause
7 I-Cause
% I-Cause
of I-Cause
Macerich I-Cause
's I-Cause
NOI. O
Therefore O
, O
when B-Effect
we I-Effect
think I-Effect
of I-Effect
Macerich I-Effect
's I-Effect
future I-Effect
, I-Effect
we I-Effect
should I-Effect
not I-Effect
assume I-Effect
it I-Effect
follows I-Effect
the I-Effect
path I-Effect
of I-Effect
the I-Effect
average I-Effect
mall I-Effect
but I-Effect
rather I-Effect
the I-Effect
path I-Effect
of I-Effect
the I-Effect
Class I-Effect
A I-Effect
mall I-Effect
. O

Overall O
, O
we O
view O
the B-Cause
strong I-Cause
traction I-Cause
of I-Cause
recently I-Cause
launched I-Cause
high-margin I-Cause
drugs I-Cause
in I-Cause
immunology I-Cause
and I-Cause
oncology I-Cause
as O
supporting B-Effect
the I-Effect
overall I-Effect
profitability I-Effect
gains I-Effect
. O

The O
breadth O
of O
Descartes O
' O
network O
was O
on O
display O
during O
the O
coronavirus O
pandemic O
that O
idled B-Cause
manufacturing I-Cause
facilities I-Cause
in I-Cause
China I-Cause
and O
forced O
the B-Effect
supply I-Effect
chain I-Effect
to I-Effect
be I-Effect
both I-Effect
creative I-Effect
and I-Effect
flexible I-Effect
. O

Growth B-Cause
in I-Cause
customers I-Cause
has O
led O
to O
rapid B-Effect
expansion I-Effect
in I-Effect
CSUM I-Effect
, O
which O
has O
grown O
over O
50 O
% O
in O
the O
last O
year O
to O
almost O
$ O
2 O
trillion O
. O

Through O
both O
direct O
ownership O
and O
partnerships O
, O
Humana B-Cause
remains I-Cause
at I-Cause
the I-Cause
forefront I-Cause
of I-Cause
encouraging I-Cause
value-based I-Cause
offerings I-Cause
in O
order O
to O
boost O
health B-Effect
outcomes I-Effect
and I-Effect
better I-Effect
manage I-Effect
costs I-Effect
. O

We O
project O
revenue B-Effect
will I-Effect
increase I-Effect
at O
a O
15 O
% O
compound O
annual O
growth O
rate O
through O
fiscal O
2026 O
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
diversify I-Cause
its I-Cause
revenue I-Cause
sources I-Cause
to I-Cause
areas I-Cause
of I-Cause
strong I-Cause
potential I-Cause
. O

However O
, O
the B-Cause
steelmaking I-Cause
cost I-Cause
curve I-Cause
, I-Cause
which I-Cause
was I-Cause
already I-Cause
flat I-Cause
relative I-Cause
to I-Cause
the I-Cause
cost I-Cause
curves I-Cause
of I-Cause
other I-Cause
commodities I-Cause
, I-Cause
has I-Cause
flattened I-Cause
further I-Cause
in I-Cause
recent I-Cause
years. O
As O
a O
result O
, O
even B-Effect
though I-Effect
Steel I-Effect
Dynamics I-Effect
operates I-Effect
near I-Effect
the I-Effect
low I-Effect
end I-Effect
of I-Effect
the I-Effect
industry I-Effect
cost I-Effect
curve I-Effect
, I-Effect
the I-Effect
magnitude I-Effect
of I-Effect
its I-Effect
cost I-Effect
advantage I-Effect
relative I-Effect
to I-Effect
its I-Effect
peers I-Effect
is I-Effect
still I-Effect
relatively I-Effect
modest I-Effect
in I-Effect
absolute I-Effect
unit I-Effect
costs I-Effect
. O

On O
a O
divisional O
level O
, O
our O
forecast O
marginal B-Effect
improvement I-Effect
is I-Effect
again I-Effect
broadly I-Effect
in I-Effect
the I-Effect
middle I-Effect
of I-Effect
management I-Effect
's I-Effect
guided I-Effect
annual I-Effect
improvement I-Effect
range I-Effect
of I-Effect
5-10 I-Effect
basis I-Effect
points I-Effect
, O
driven O
by O
volume B-Cause
growth I-Cause
improvements I-Cause
and I-Cause
continued I-Cause
cost I-Cause
improvements I-Cause
across I-Cause
the I-Cause
group I-Cause
. O

Canada B-Effect
and I-Effect
the I-Effect
United I-Effect
States I-Effect
continue I-Effect
to I-Effect
have I-Effect
several I-Effect
demographic I-Effect
trends I-Effect
working I-Effect
in I-Effect
favor I-Effect
of I-Effect
insurers I-Effect
, O
especially O
with O
wealth- O
and O
asset-management O
businesses O
, O
as O
an B-Cause
aging I-Cause
population I-Cause
increasingly I-Cause
looks I-Cause
to I-Cause
manage I-Cause
its I-Cause
savings I-Cause
. O

As O
consumers B-Cause
get I-Cause
more I-Cause
averse I-Cause
to I-Cause
fossil I-Cause
fuels I-Cause
, O
the O
reputational B-Effect
risk I-Effect
grows I-Effect
for I-Effect
oilfield I-Effect
service I-Effect
firms I-Effect
and I-Effect
the I-Effect
probability I-Effect
of I-Effect
widespread I-Effect
substitution I-Effect
away I-Effect
from I-Effect
fossil I-Effect
fuels I-Effect
increases I-Effect
. O

The B-Effect
aerospace I-Effect
industry I-Effect
is I-Effect
likely I-Effect
to I-Effect
drive I-Effect
substantial I-Effect
growth I-Effect
for I-Effect
Allegheny I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
as O
next-generation B-Cause
jet I-Cause
engines I-Cause
and I-Cause
airframes B-Effect
will I-Effect
require I-Effect
significantly I-Effect
larger I-Effect
volumes I-Effect
of I-Effect
titanium I-Effect
and I-Effect
nickel-based I-Effect
alloys I-Effect
in O
order O
to O
minimize B-Cause
weight I-Cause
and I-Cause
maximize I-Cause
fuel I-Cause
efficiency I-Cause
. O

For O
example O
, O
Seagate B-Cause
was I-Cause
the I-Cause
first I-Cause
to I-Cause
ship I-Cause
16 I-Cause
TB I-Cause
drives I-Cause
, O
and O
won B-Effect
enterprise I-Effect
market I-Effect
share I-Effect
from I-Effect
Western I-Effect
Digital I-Effect
in I-Effect
2020 I-Effect
( O
fiscal O
2021 O
) O
because O
of O
it O
. O

Abbott B-Cause
's I-Cause
efforts I-Cause
to I-Cause
improve I-Cause
efficiency I-Cause
, I-Cause
including I-Cause
streamlining I-Cause
its I-Cause
distribution I-Cause
channels I-Cause
and I-Cause
building I-Cause
facilities I-Cause
in I-Cause
lower-cost I-Cause
locations I-Cause
like I-Cause
China I-Cause
and I-Cause
India I-Cause
, O
have O
demonstrated O
some B-Effect
success I-Effect
. O

The B-Cause
biggest I-Cause
risk I-Cause
, I-Cause
in I-Cause
our I-Cause
opinion I-Cause
, I-Cause
is I-Cause
a I-Cause
slowdown I-Cause
in I-Cause
domestic I-Cause
economic I-Cause
growth I-Cause
, O
which O
could O
lead O
to O
declines B-Effect
in I-Effect
home I-Effect
sales I-Effect
pricing I-Effect
, I-Effect
higher I-Effect
unemployment I-Effect
, I-Effect
or I-Effect
slowing I-Effect
income I-Effect
growth I-Effect
levels I-Effect
. O

We O
still O
expect O
selling B-Effect
and I-Effect
research I-Effect
costs I-Effect
to I-Effect
be I-Effect
elevated I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
compared I-Effect
with I-Effect
the I-Effect
long-term I-Effect
average I-Effect
because O
of O
a B-Cause
focus I-Cause
on I-Cause
scaling I-Cause
up I-Cause
these I-Cause
high-potential I-Cause
genomic I-Cause
business I-Cause
lines I-Cause
. O

One O
of O
only O
six O
concession O
holders O
to O
operate O
casinos O
in O
Macao O
, O
Melco B-Effect
Resorts I-Effect
is I-Effect
ideally I-Effect
placed I-Effect
to I-Effect
benefit I-Effect
from I-Effect
this I-Effect
market I-Effect
dynamic I-Effect
, O
given O
its B-Cause
portfolio I-Cause
of I-Cause
properties I-Cause
catering I-Cause
to I-Cause
both I-Cause
mass-market I-Cause
and I-Cause
premium-end I-Cause
patrons I-Cause
. O

We O
expect O
a B-Effect
significant I-Effect
increase I-Effect
in I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
from O
the B-Cause
impact I-Cause
of I-Cause
PRA I-Cause
's I-Cause
revenue I-Cause
contribution I-Cause
in O
the O
third O
and O
fourth O
quarters O
. O

And O
in O
the O
first O
quarter O
of O
2020 O
, O
as O
a O
result O
of O
COVID-19 B-Cause
, O
RH B-Effect
sales I-Effect
contracted I-Effect
19 I-Effect
% I-Effect
, O
although O
the O
core O
business O
( O
inclusive O
of O
baby O
and O
teen O
, O
excluding O
outlet O
) O
fell O
just O
11 O
% O
, O
faring O
significantly O
better O
than O
the O
industry O
. O

After B-Effect
reviewing I-Effect
Grainger I-Effect
's I-Effect
first-quarter I-Effect
2021 I-Effect
results I-Effect
and I-Effect
full-year I-Effect
outlook I-Effect
, I-Effect
we I-Effect
've I-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
about I-Effect
11 I-Effect
% I-Effect
to I-Effect
$ I-Effect
333 I-Effect
per I-Effect
share. O
This O
increase O
was O
primarily O
due O
to O
our B-Cause
expectations I-Cause
for I-Cause
stronger I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
better I-Cause
endless I-Cause
assortment I-Cause
profitability I-Cause
over I-Cause
our I-Cause
five-year I-Cause
forecast I-Cause
. O

Durable B-Effect
cost I-Effect
advantages I-Effect
for I-Effect
industry I-Effect
participants I-Effect
are I-Effect
elusive I-Effect
because O
low-cost B-Cause
carriers I-Cause
and I-Cause
ultra-low-cost I-Cause
carriers I-Cause
' I-Cause
business I-Cause
models I-Cause
are I-Cause
predicated I-Cause
on I-Cause
continuously I-Cause
driving I-Cause
down I-Cause
yields I-Cause
to I-Cause
attract I-Cause
customers I-Cause
with I-Cause
lower I-Cause
fares I-Cause
. O

Rather O
than O
just O
upgrading O
core O
systems O
, O
customers B-Cause
are I-Cause
now I-Cause
jumping I-Cause
to I-Cause
the I-Cause
cloud I-Cause
for I-Cause
the I-Cause
first I-Cause
time I-Cause
, O
which O
has O
made B-Effect
financial I-Effect
results I-Effect
quite I-Effect
volatile I-Effect
and I-Effect
heightens I-Effect
the I-Effect
uncertainty I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

However O
, O
we O
think O
scale B-Cause
in I-Cause
the I-Cause
acquiring I-Cause
service I-Cause
and I-Cause
the I-Cause
contribution I-Cause
from I-Cause
ancillary I-Cause
products I-Cause
will O
lead O
to O
strong B-Effect
margin I-Effect
improvement I-Effect
and I-Effect
excess I-Effect
returns I-Effect
over I-Effect
time I-Effect
, O
and O
that O
returns O
ultimately O
will O
be O
multiples O
of O
any O
reasonable O
cost O
of O
equity O
, O
given O
the O
limited O
amount O
of O
capital O
the O
business O
requires O
. O

This B-Cause
segment I-Cause
is I-Cause
heavily I-Cause
tied I-Cause
to I-Cause
the I-Cause
future I-Cause
health I-Cause
of I-Cause
its I-Cause
retail I-Cause
partners I-Cause
, O
and O
as O
such O
, O
we O
expect O
this B-Effect
segment I-Effect
to I-Effect
also I-Effect
face I-Effect
headwinds I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

If O
interest B-Cause
rates I-Cause
rise I-Cause
without I-Cause
corresponding I-Cause
income I-Cause
growth I-Cause
, O
there O
is O
a B-Effect
risk I-Effect
that I-Effect
yield-searching I-Effect
capital I-Effect
will I-Effect
flow I-Effect
out I-Effect
of I-Effect
REITs I-Effect
, I-Effect
pressuring I-Effect
asset I-Effect
values I-Effect
and I-Effect
limiting I-Effect
capital I-Effect
alternatives I-Effect
for I-Effect
Apartment I-Effect
Income I-Effect
. O

That O
said O
, O
organic B-Effect
growth I-Effect
and I-Effect
market I-Effect
gains I-Effect
could O
be O
strained O
in O
the O
near O
term O
by O
the B-Cause
impact I-Cause
that I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
is I-Cause
likely I-Cause
to I-Cause
have I-Cause
on I-Cause
economic I-Cause
growth I-Cause
and I-Cause
the I-Cause
equity I-Cause
and I-Cause
credit I-Cause
markets I-Cause
. O

Lack B-Cause
of I-Cause
enough I-Cause
compensation I-Cause
and/or O
benefits O
is O
also O
a O
human O
capital O
ESG O
risk O
, O
in O
our O
view O
, O
that O
can O
lead O
to O
drivers B-Effect
jumping I-Effect
to I-Effect
other I-Effect
platforms I-Effect
and I-Effect
reversing I-Effect
Lyft I-Effect
's I-Effect
network I-Effect
effect I-Effect
. O

As O
pressure B-Cause
from I-Cause
the I-Cause
cloud I-Cause
transition I-Cause
eases I-Cause
, O
we O
believe O
Splunk B-Effect
can I-Effect
enjoy I-Effect
strong I-Effect
long-run I-Effect
top-line I-Effect
growth I-Effect
; O
this O
will O
be O
supported O
by O
a O
ramp-up O
in O
pandemic-induced O
business O
digitization O
efforts O
. O

Seagate O
has O
attempted O
to O
offset B-Effect
declines I-Effect
in I-Effect
the I-Effect
legacy I-Effect
HDD I-Effect
market I-Effect
by O
spending B-Cause
considerably I-Cause
on I-Cause
new I-Cause
HDD I-Cause
technologies I-Cause
( O
helium O
drives O
and O
heat-assisted O
magnetic O
recording O
or O
HAMR O
, O
for O
example O
) O
and O
, O
at O
present O
, O
HDDs O
boast O
superior O
storage O
capacities O
at O
similar O
price O
points O
. O

Since O
the O
1900s O
, O
the B-Effect
company I-Effect
has I-Effect
grown I-Effect
through O
mergers B-Cause
and I-Cause
acquisitions I-Cause
, O
and O
by O
the O
1990s O
, O
management O
divested O
unrelated O
businesses O
to O
focus O
on O
healthcare O
by O
acquiring O
General O
Medical O
, O
the O
largest O
distributor O
of O
medical O
surgical O
supplies O
. O

The B-Cause
segment I-Cause
also I-Cause
faces I-Cause
fierce I-Cause
competition I-Cause
from I-Cause
low-cost I-Cause
producers I-Cause
in I-Cause
China I-Cause
, O
making O
it B-Effect
difficult I-Effect
for I-Effect
the I-Effect
business I-Effect
to I-Effect
command I-Effect
any I-Effect
cost I-Effect
advantage I-Effect
. O

This B-Cause
tailwind I-Cause
intensified I-Cause
in I-Cause
2019 I-Cause
in I-Cause
primary I-Cause
lines I-Cause
, I-Cause
and I-Cause
commentary I-Cause
from I-Cause
carriers I-Cause
suggest I-Cause
that I-Cause
pricing I-Cause
momentum I-Cause
has I-Cause
only I-Cause
accelerated I-Cause
in I-Cause
2020. O
This O
should O
boost B-Effect
Aon I-Effect
's I-Effect
growth I-Effect
a I-Effect
bit I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
and I-Effect
has I-Effect
helped I-Effect
offset I-Effect
any I-Effect
negative I-Effect
impacts I-Effect
the I-Effect
coronavirus I-Effect
has I-Effect
on I-Effect
the I-Effect
more I-Effect
discretionary I-Effect
areas I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

Its B-Cause
previously I-Cause
strong I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
has I-Cause
been I-Cause
bound I-Cause
by I-Cause
consumer I-Cause
trends I-Cause
that O
allowed O
for O
competition B-Effect
in I-Effect
the I-Effect
intimates I-Effect
space I-Effect
. O

Insourcing O
contracts O
are O
usually O
three O
to O
five O
years O
in O
length O
, O
and O
these B-Cause
embed I-Cause
Charles I-Cause
River I-Cause
in I-Cause
clients I-Cause
' I-Cause
core I-Cause
operations I-Cause
and O
reduce B-Effect
a I-Effect
client I-Effect
's I-Effect
likelihood I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
new I-Effect
supplier I-Effect
. I-Effect

Uniti B-Effect
has I-Effect
the I-Effect
same I-Effect
data I-Effect
security I-Effect
and I-Effect
privacy I-Effect
risk I-Effect
as I-Effect
other I-Effect
network I-Effect
providers I-Effect
, O
because B-Cause
it I-Cause
transports I-Cause
high I-Cause
amounts I-Cause
of I-Cause
sensitive I-Cause
data I-Cause
. O

As O
more B-Cause
data I-Cause
flows I-Cause
through I-Cause
Splunk I-Cause
software I-Cause
, O
it O
can O
learn B-Cause
to I-Cause
provide I-Cause
more I-Cause
accurate I-Cause
and I-Cause
timely I-Cause
insights I-Cause
for I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
use I-Cause
cases I-Cause
, O
improving B-Effect
the I-Effect
value I-Effect
businesses I-Effect
derive I-Effect
from I-Effect
Splunk I-Effect
's I-Effect
platform I-Effect
. O

Balchem B-Effect
is I-Effect
subject I-Effect
to I-Effect
only I-Effect
modest I-Effect
systematic I-Effect
risk I-Effect
, O
as O
cash B-Cause
flows I-Cause
are I-Cause
generally I-Cause
quite I-Cause
stable I-Cause
, I-Cause
revenue I-Cause
cyclicality I-Cause
is I-Cause
low I-Cause
, I-Cause
and I-Cause
financial I-Cause
leverage I-Cause
is I-Cause
manageable I-Cause
. O

The B-Effect
traditional I-Effect
brick-and-mortar I-Effect
retail I-Effect
industry I-Effect
has I-Effect
undergone I-Effect
a I-Effect
period I-Effect
of I-Effect
rapid I-Effect
transformation I-Effect
the O
past O
several O
years O
, O
a O
trend O
that O
will O
likely O
continue O
as O
the O
industry B-Cause
recovers I-Cause
from I-Cause
COVID-19 I-Cause
. O

In O
our O
view O
, O
market B-Effect
competitiveness I-Effect
should I-Effect
increase I-Effect
with O
ODM B-Cause
white-box I-Cause
offerings I-Cause
weighing I-Cause
on I-Cause
branded I-Cause
hardware I-Cause
sales I-Cause
and I-Cause
alternatives I-Cause
seeking I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
heightened I-Cause
cloud I-Cause
storage I-Cause
services I-Cause
demand I-Cause
. O

We B-Effect
raise I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
248 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
233 I-Effect
, O
due O
to O
our B-Cause
more I-Cause
optimistic I-Cause
outlook I-Cause
regarding I-Cause
Cintas I-Cause
' I-Cause
end-market I-Cause
recovery I-Cause
. O

Although O
it O
is O
somewhat O
more O
difficult O
to O
build O
a O
temperature-controlled O
warehouse O
than O
a O
traditional O
warehouse O
, O
there B-Cause
remain I-Cause
low I-Cause
enough I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
such O
that O
new B-Effect
construction I-Effect
could I-Effect
be I-Effect
harmful I-Effect
. O

Share B-Effect
shifts I-Effect
in I-Effect
this I-Effect
market I-Effect
are I-Effect
glacial I-Effect
at I-Effect
best I-Effect
, O
thanks O
to O
significant B-Cause
switching I-Cause
costs I-Cause
, O
and O
new O
technology O
does O
not O
necessarily O
trump O
those O
switching O
costs O
. O

For O
example O
, O
recently B-Cause
acquired I-Cause
Sensus I-Cause
is I-Cause
a I-Cause
leader I-Cause
in I-Cause
smart I-Cause
meters I-Cause
, O
which O
help O
avoid B-Effect
costly I-Effect
disruptions I-Effect
, I-Effect
minimize I-Effect
revenue I-Effect
loss I-Effect
due O
to O
inaccurate B-Cause
measurements I-Cause
, I-Cause
and I-Cause
significantly I-Cause
reduce I-Cause
labor I-Cause
costs I-Cause
by O
allowing O
customers B-Cause
to I-Cause
monitor I-Cause
water I-Cause
quality I-Cause
remotely I-Cause
. O

Simon O
may O
be O
forced O
to O
offer B-Cause
lower I-Cause
rents I-Cause
, I-Cause
rent I-Cause
concessions I-Cause
, I-Cause
shorter I-Cause
lease I-Cause
terms I-Cause
or I-Cause
higher I-Cause
tenant I-Cause
improvement I-Cause
spending I-Cause
to O
attract B-Effect
and I-Effect
retain I-Effect
tenants I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
view I-Effect
Kohl I-Effect
's I-Effect
increased I-Effect
emphasis I-Effect
on I-Effect
national I-Effect
brands I-Effect
as I-Effect
creating I-Effect
any I-Effect
competitive I-Effect
advantage I-Effect
as O
these B-Cause
products I-Cause
are I-Cause
widely I-Cause
available I-Cause
at I-Cause
other I-Cause
department I-Cause
stores I-Cause
, I-Cause
outlet I-Cause
stores I-Cause
, I-Cause
specialty I-Cause
stores I-Cause
, I-Cause
and I-Cause
online I-Cause
retailers I-Cause
. O

As O
cannabis B-Cause
shifts I-Cause
from I-Cause
its I-Cause
traditional I-Cause
smoking I-Cause
form I-Cause
to I-Cause
infused I-Cause
drinks I-Cause
and I-Cause
food I-Cause
products I-Cause
, O
there B-Effect
may I-Effect
be I-Effect
the I-Effect
potential I-Effect
for I-Effect
the I-Effect
creation I-Effect
of I-Effect
brand I-Effect
intangibles I-Effect
. O

Lastly O
, O
we B-Effect
have I-Effect
lowered I-Effect
the I-Effect
SG I-Effect
& I-Effect
A I-Effect
ratio I-Effect
to I-Effect
26 I-Effect
% I-Effect
from I-Effect
27 I-Effect
% I-Effect
, O
as O
improved B-Cause
marketing I-Cause
return I-Cause
on I-Cause
investment I-Cause
drives O
to O
more B-Cause
efficient I-Cause
and I-Cause
lower I-Cause
levels I-Cause
of I-Cause
spend I-Cause
. O

Along O
those O
lines O
, O
we O
see O
slight O
risk O
that O
future B-Cause
regulatory I-Cause
changes I-Cause
force O
truckers B-Effect
to I-Effect
adopt I-Effect
electric I-Effect
Class-8 I-Effect
truck I-Effect
technology I-Effect
( O
albeit O
over O
the O
long O
run O
) O
before O
it O
has O
proven O
economically O
beneficial O
. O

Additionally O
, O
we O
expect O
that O
over O
the O
longer O
term O
, O
reimbursement B-Cause
pressure I-Cause
will O
push B-Effect
hospital-based I-Effect
labs I-Effect
and I-Effect
small I-Effect
independents I-Effect
to I-Effect
outsource I-Effect
more I-Effect
volume I-Effect
at I-Effect
the I-Effect
largest I-Effect
, I-Effect
lowest-cost I-Effect
producers I-Effect
, I-Effect
including I-Effect
Quest I-Effect
. O

Success B-Cause
or I-Cause
failure I-Cause
in I-Cause
new I-Cause
game I-Cause
launches I-Cause
and O
legacy B-Cause
game I-Cause
maintenance I-Cause
and I-Cause
expansion B-Cause
packs I-Cause
could O
lead O
to O
significant O
fluctuations B-Effect
in I-Effect
the I-Effect
growth I-Effect
of I-Effect
gaming I-Effect
revenue I-Effect
and I-Effect
profits I-Effect
. O

If O
Cigna B-Cause
can I-Cause
achieve I-Cause
that I-Cause
goal I-Cause
, O
clients B-Effect
should I-Effect
benefit I-Effect
along I-Effect
with I-Effect
Cigna I-Effect
, O
and O
we O
think O
this B-Cause
reduction I-Cause
in I-Cause
its I-Cause
cost I-Cause
trend I-Cause
may O
help O
Cigna B-Effect
attract I-Effect
more I-Effect
business I-Effect
from I-Effect
existing I-Effect
and I-Effect
potential I-Effect
clients I-Effect
. O

While O
we O
believe O
these O
acquisitions O
expanded O
the O
firms O
reach O
and O
capabilities O
, O
as O
well O
as O
its O
revenue O
and O
profitability O
potential O
, O
it B-Cause
is I-Cause
also I-Cause
up I-Cause
against I-Cause
competitors I-Cause
which O
are B-Effect
likely I-Effect
to I-Effect
hem I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
continue I-Effect
to I-Effect
expand I-Effect
its I-Effect
share I-Effect
and I-Effect
realize I-Effect
high-margin I-Effect
sales I-Effect
over I-Effect
the I-Effect
long-term I-Effect
. O

While O
we O
forecast O
average B-Effect
ROICs I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
of I-Effect
about I-Effect
9 I-Effect
% I-Effect
because O
of O
large B-Cause
acquisitions I-Cause
in I-Cause
Europe I-Cause
, O
we O
expect O
LKQ B-Effect
's I-Effect
ROIC I-Effect
to I-Effect
reach I-Effect
nearly I-Effect
10 I-Effect
% I-Effect
by O
2025 O
as O
it B-Cause
refines I-Cause
its I-Cause
operations I-Cause
outside I-Cause
of I-Cause
North I-Cause
America I-Cause
. O

KeyCorp B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids B-Effect
some I-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

Over O
the O
past O
70 O
years O
, O
Canon O
has O
established O
defensible O
market O
positions O
in O
its O
core O
office O
and O
consumer O
segments O
, O
but O
secular B-Cause
headwinds I-Cause
and I-Cause
shifting I-Cause
industry I-Cause
dynamics I-Cause
limit O
its B-Effect
long-term I-Effect
growth I-Effect
potential I-Effect
. O

But O
based O
on O
recent B-Cause
governance I-Cause
changes I-Cause
and I-Cause
a I-Cause
properly I-Cause
executed I-Cause
$ I-Cause
3 I-Cause
billion I-Cause
common I-Cause
stock I-Cause
issuance I-Cause
in I-Cause
2019 I-Cause
to I-Cause
provide I-Cause
equity I-Cause
for I-Cause
the I-Cause
Eletropaulo I-Cause
acquisition I-Cause
, O
we O
have O
more O
confidence O
that O
management B-Effect
can I-Effect
create I-Effect
shareholder I-Effect
value I-Effect
. O

In O
2018 O
, O
the B-Effect
IFT I-Effect
further I-Effect
issued I-Effect
criteria I-Effect
requiring I-Effect
Movil I-Effect
to I-Effect
carve I-Effect
out I-Effect
Telmex I-Effect
's I-Effect
infrastructure I-Effect
into I-Effect
a I-Effect
legally I-Effect
distinct I-Effect
subsidiary I-Effect
to O
offer B-Cause
wholesale I-Cause
services I-Cause
to I-Cause
Telmex I-Cause
and I-Cause
other I-Cause
competitors I-Cause
. O

We O
forecast O
nonresidential B-Effect
spending I-Effect
growth I-Effect
to I-Effect
slow I-Effect
to I-Effect
4 I-Effect
% I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
, I-Effect
as O
we O
expect O
many B-Cause
key I-Cause
sectors I-Cause
to I-Cause
make I-Cause
more I-Cause
efficient I-Cause
use I-Cause
of I-Cause
their I-Cause
construction I-Cause
spending I-Cause
. O

We O
believe O
sales B-Effect
will I-Effect
continue I-Effect
to I-Effect
slow I-Effect
over I-Effect
the I-Effect
remainder I-Effect
of I-Effect
the I-Effect
fourth I-Effect
quarter I-Effect
, O
as O
parents B-Cause
are I-Cause
further I-Cause
settled I-Cause
in I-Cause
the I-Cause
work-from-home I-Cause
routine I-Cause
and I-Cause
children I-Cause
complete I-Cause
preparation I-Cause
for I-Cause
remote I-Cause
learning I-Cause
workspaces I-Cause
. O

We O
forecast O
total B-Effect
rooms I-Effect
averaging I-Effect
annual I-Effect
growth I-Effect
of I-Effect
5.8 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
driven O
by O
our B-Cause
managed I-Cause
and I-Cause
franchised I-Cause
10-year I-Cause
annual I-Cause
forecast I-Cause
of I-Cause
6.2 I-Cause
% I-Cause
growth I-Cause
. O

However O
, O
as O
travel B-Cause
slowly I-Cause
returns I-Cause
to I-Cause
normal I-Cause
once I-Cause
the I-Cause
virus I-Cause
has I-Cause
passed I-Cause
, O
we O
think O
the B-Effect
company I-Effect
should I-Effect
see I-Effect
strong I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
beyond I-Effect
and I-Effect
the I-Effect
company I-Effect
should I-Effect
eventually I-Effect
return I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
by I-Effect
2024 I-Effect
. O

It B-Effect
is I-Effect
divesting I-Effect
lower-quality I-Effect
brands I-Effect
as O
it B-Cause
places I-Cause
more I-Cause
intentionality I-Cause
behind I-Cause
its I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
high I-Cause
growth I-Cause
, I-Cause
high I-Cause
margin I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
long-term I-Cause
strategy I-Cause
, O
but O
the O
remaining O
brands O
( O
such O
as O
Meiomi O
, O
Kim O
Crawford O
, O
SVEDKA O
vodka O
, O
and O
High O
West O
craft O
whiskey O
) O
will O
still O
face O
rife O
competition O
. O

A B-Cause
combination I-Cause
of I-Cause
a I-Cause
high I-Cause
Herfindahl I-Cause
ratio I-Cause
, I-Cause
significant I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
, I-Cause
and I-Cause
moderate I-Cause
degree I-Cause
of I-Cause
rivalry I-Cause
positions B-Effect
RT I-Effect
favourably I-Effect
relative I-Effect
to I-Effect
several I-Effect
other I-Effect
device I-Effect
industry I-Effect
segments I-Effect
. O

Eversource B-Effect
faces I-Effect
ESG I-Effect
risk I-Effect
, O
given O
the B-Cause
aggressive I-Cause
clean I-Cause
energy I-Cause
goals I-Cause
in I-Cause
the I-Cause
Northeast I-Cause
and I-Cause
its I-Cause
operations I-Cause
of I-Cause
natural I-Cause
gas I-Cause
distribution I-Cause
businesses I-Cause
. O

Before O
2012 O
, O
the O
firm O
was O
struggling O
with O
persistent O
budget O
overruns O
and O
costly O
exploration O
failures O
, O
and O
the B-Cause
eventual I-Cause
collapse I-Cause
in I-Cause
its I-Cause
share I-Cause
price I-Cause
led O
to O
a B-Effect
heated I-Effect
proxy I-Effect
fight I-Effect
with I-Effect
an I-Effect
activist I-Effect
investor I-Effect
( I-Effect
which I-Effect
it I-Effect
lost I-Effect
) I-Effect
. O

Lower B-Cause
crop I-Cause
prices I-Cause
forced O
farmers B-Cause
to I-Cause
pull I-Cause
back I-Cause
on I-Cause
new I-Cause
equipment I-Cause
purchases I-Cause
, O
causing O
Agco B-Effect
's I-Effect
revenue I-Effect
to I-Effect
fall I-Effect
approximately I-Effect
11 I-Effect
% I-Effect
on I-Effect
average I-Effect
from O
2014-16 O
. O

In O
a O
similar O
vein O
, O
there B-Effect
is I-Effect
no I-Effect
guarantee I-Effect
that I-Effect
traders I-Effect
using I-Effect
derivatives I-Effect
tied I-Effect
to I-Effect
the I-Effect
Nasdaq I-Effect
index I-Effect
will I-Effect
migrate I-Effect
to I-Effect
another I-Effect
equity-linked I-Effect
product I-Effect
at I-Effect
the I-Effect
same I-Effect
firm I-Effect
if O
the B-Cause
license I-Cause
is I-Cause
not I-Cause
renewed I-Cause
. O

With O
the B-Cause
advent I-Cause
of I-Cause
autonomous I-Cause
vehicles I-Cause
, O
an O
increasing O
focus O
on O
lighter-weight O
vehicles O
, O
as O
well O
as O
increased O
connectivity O
options O
, O
we O
expect O
vehicle B-Effect
order I-Effect
complexity I-Effect
will I-Effect
increase I-Effect
over I-Effect
time I-Effect
. O

Disney B-Effect
's I-Effect
theme I-Effect
parks I-Effect
and I-Effect
resorts I-Effect
are I-Effect
almost I-Effect
impossible I-Effect
to I-Effect
replicate I-Effect
, O
especially O
considering O
the B-Cause
tie-ins I-Cause
with I-Cause
its I-Cause
franchises I-Cause
and I-Cause
other I-Cause
business I-Cause
lines I-Cause
. O

Losing B-Cause
the I-Cause
routing I-Cause
, I-Cause
analytics I-Cause
, I-Cause
and I-Cause
communication I-Cause
capabilities I-Cause
provided I-Cause
by I-Cause
CXone I-Cause
would O
lead O
to O
a B-Cause
poorer I-Cause
customer I-Cause
experience I-Cause
and I-Cause
employee I-Cause
frustration I-Cause
, O
thus O
supporting B-Effect
switching I-Effect
costs I-Effect
for I-Effect
Nice I-Effect
. O

Celanese B-Effect
's I-Effect
acetate I-Effect
tow I-Effect
segment I-Effect
also I-Effect
benefits I-Effect
from I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
as O
acetic B-Cause
acid I-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
primary I-Cause
ingredients I-Cause
used I-Cause
to I-Cause
produce I-Cause
acetate I-Cause
tow I-Cause
. O

Annual B-Cause
contractual I-Cause
price I-Cause
reductions I-Cause
for I-Cause
OEM I-Cause
customers I-Cause
are I-Cause
an I-Cause
auto I-Cause
industry I-Cause
norm I-Cause
, I-Cause
so I-Cause
Veoneer B-Effect
has I-Effect
to I-Effect
aggressively I-Effect
employ I-Effect
kaizen I-Effect
, I-Effect
kanban I-Effect
, I-Effect
and I-Effect
Six I-Effect
Sigma I-Effect
lean I-Effect
manufacturing I-Effect
programs I-Effect
to I-Effect
advance I-Effect
cost I-Effect
savings I-Effect
. I-Cause

One O
of O
Travelers O
' O
largest O
investment O
exposures O
is O
to O
municipal O
bonds O
, O
which O
constitute O
almost O
40 O
% O
of O
its O
investment O
portfolio O
, O
and O
the O
company B-Effect
might I-Effect
be I-Effect
subject I-Effect
to I-Effect
write-downs I-Effect
or I-Effect
defaults I-Effect
if O
the B-Cause
financial I-Cause
picture I-Cause
for I-Cause
municipal I-Cause
governments I-Cause
deteriorates I-Cause
widely I-Cause
. O

With O
the B-Cause
spin-off I-Cause
, O
the B-Effect
Change I-Effect
Healthcare I-Effect
management I-Effect
team I-Effect
has I-Effect
started I-Effect
to I-Effect
foster I-Effect
partnerships I-Effect
with I-Effect
electric I-Effect
medical I-Effect
record I-Effect
platforms I-Effect
to I-Effect
enhance I-Effect
the I-Effect
company I-Effect
's I-Effect
overall I-Effect
offering I-Effect
. O

Switching B-Effect
costs I-Effect
are O
evident O
in O
this O
industry O
, O
given O
many B-Cause
of I-Cause
same I-Cause
dynamics I-Cause
, O
including O
concerns O
about O
passenger O
safety O
, O
security O
, O
and O
reliability O
as O
well O
as O
demand O
for O
energy-efficient O
transport O
systems O
. O

We B-Effect
anticipate I-Effect
that I-Effect
the I-Effect
frequency I-Effect
of I-Effect
fractions I-Effect
will I-Effect
be I-Effect
under I-Effect
pressure I-Effect
from I-Effect
the I-Effect
reimbursement I-Effect
perspective I-Effect
, O
resulting O
in O
a B-Cause
higher I-Cause
prevalence I-Cause
of I-Cause
hypofractionation I-Cause
. O

Further O
, O
we O
surmise O
actions O
it O
is O
taking O
to O
reduce B-Cause
its I-Cause
cost I-Cause
structure I-Cause
( I-Cause
by I-Cause
reorganizing I-Cause
its I-Cause
Canadian I-Cause
operations I-Cause
and I-Cause
Guest I-Cause
Supply I-Cause
hotel I-Cause
business I-Cause
, I-Cause
eliminating I-Cause
around I-Cause
10 I-Cause
% I-Cause
of I-Cause
its I-Cause
salaried I-Cause
corporate I-Cause
support I-Cause
functions I-Cause
, I-Cause
and I-Cause
overhauling I-Cause
its I-Cause
financial I-Cause
operations I-Cause
) I-Cause
stand O
to O
aid O
its B-Effect
margin I-Effect
profile I-Effect
. O

The B-Effect
firm I-Effect
finished I-Effect
2020 I-Effect
on I-Effect
a I-Effect
high I-Effect
note I-Effect
but I-Effect
expects I-Effect
some I-Effect
headwinds I-Effect
in I-Effect
the I-Effect
first I-Effect
quarter I-Effect
of I-Effect
2021 I-Effect
due O
to O
the B-Cause
resurgence I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
. O

For O
example O
, O
ICU O
Medical O
was O
built O
around O
its O
needle-free O
connector O
products O
, O
which O
the O
company O
has O
developed O
into O
its O
Clave B-Cause
product I-Cause
family I-Cause
, O
and O
which O
helps O
nurses O
avoid O
accidental B-Cause
needle I-Cause
pricks I-Cause
that I-Effect
can I-Effect
result B-Effect
in I-Effect
bloodborne I-Effect
illnesses I-Effect
. O

The B-Cause
Permian I-Cause
is I-Cause
also I-Cause
much I-Cause
thicker I-Cause
, I-Cause
with I-Cause
numerous I-Cause
productive I-Cause
reservoir I-Cause
layers. O
As O
a O
result O
, O
operators B-Effect
think I-Effect
it I-Effect
can I-Effect
accommodate I-Effect
at I-Effect
least I-Effect
20 I-Effect
wells I-Effect
per I-Effect
square I-Effect
mile I-Effect
on I-Effect
the I-Effect
surface I-Effect
, I-Effect
which I-Effect
is I-Effect
at I-Effect
least I-Effect
double I-Effect
the I-Effect
optimum I-Effect
density I-Effect
in I-Effect
other I-Effect
plays I-Effect
. O

The B-Cause
benefit I-Cause
of I-Cause
this I-Cause
strategy I-Cause
became I-Cause
clear I-Cause
as O
the B-Cause
Great I-Cause
Recession I-Cause
pushed I-Cause
the I-Cause
orthopedic I-Cause
market I-Cause
into I-Cause
slow-growth I-Cause
mode I-Cause
, O
demonstrating B-Effect
that I-Effect
the I-Effect
historically I-Effect
recession-resistant I-Effect
business I-Effect
was I-Effect
indeed I-Effect
vulnerable I-Effect
when I-Effect
many I-Effect
uneasy I-Effect
patients I-Effect
deferred I-Effect
elective I-Effect
procedures I-Effect
. O

After O
tweaking B-Cause
our I-Cause
valuation I-Cause
model I-Cause
following O
the O
company O
's O
release O
of O
fiscal O
fourth-quarter O
results O
, O
we B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Broadridge I-Effect
Financial I-Effect
Solutions I-Effect
to I-Effect
$ I-Effect
120 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
116 I-Effect
. O

We O
think O
the B-Effect
difficulty I-Effect
in I-Effect
replicating I-Effect
this I-Effect
offering I-Effect
is I-Effect
evidenced I-Effect
by I-Effect
the I-Effect
fact I-Effect
that I-Effect
CoStar I-Effect
's I-Effect
now I-Effect
bankrupt I-Effect
competitor I-Effect
Xceligent I-Effect
met I-Effect
its I-Effect
demise I-Effect
in I-Effect
large I-Effect
part I-Effect
because O
it B-Effect
resorted I-Effect
to I-Effect
stealing I-Effect
CoStar I-Effect
's I-Effect
data I-Effect
due O
to O
the B-Cause
prohibitive I-Cause
cost I-Cause
associated I-Cause
with I-Cause
building I-Cause
out I-Cause
its I-Cause
own I-Cause
offering I-Cause
. O

Product B-Effect
development I-Effect
and I-Effect
channel I-Effect
investments I-Effect
would I-Effect
also I-Effect
continuously I-Effect
rise I-Effect
at I-Effect
a I-Effect
6 I-Effect
% I-Effect
five-year I-Effect
CAGR I-Effect
in O
order O
to O
improve B-Cause
competitiveness I-Cause
, O
versus O
only O
a O
5 O
% O
top-line O
five-year O
CAGR O
. O

Overall O
, O
we O
think O
it O
's O
unlikely O
BHP O
will O
sustainably O
generate B-Effect
excess I-Effect
returns I-Effect
on I-Effect
aggregate I-Effect
from I-Effect
its I-Effect
portfolio I-Effect
, O
once O
past B-Cause
impairments I-Cause
and I-Cause
write-downs I-Cause
are I-Cause
added I-Cause
back I-Cause
to I-Cause
the I-Cause
invested I-Cause
capital I-Cause
base I-Cause
. O

Increased B-Effect
accountability I-Effect
is I-Effect
an I-Effect
added I-Effect
benefit I-Effect
of I-Effect
the I-Effect
restructuring I-Effect
as O
layers B-Cause
have I-Cause
been I-Cause
eliminated I-Cause
and I-Cause
there I-Cause
is I-Cause
increased I-Cause
transparency I-Cause
into I-Cause
P I-Cause
& I-Cause
L I-Cause
responsibilities I-Cause
. O

However O
, O
if O
the O
public O
option O
creates O
a O
scenario O
where O
a B-Cause
significant I-Cause
portion I-Cause
of I-Cause
the I-Cause
employer-based I-Cause
insurance I-Cause
population I-Cause
switches I-Cause
to I-Cause
government-sponsored I-Cause
plans I-Cause
, O
UnitedHealth B-Effect
's I-Effect
insurance I-Effect
operations O
may O
suffer O
. O

Local B-Cause
scale I-Cause
advantages I-Cause
allow I-Cause
for I-Cause
greater I-Cause
negotiating I-Cause
leverage I-Cause
versus I-Cause
service I-Cause
providers I-Cause
than O
smaller O
insurers O
in O
that O
market O
, O
which O
adds B-Effect
to I-Effect
its I-Effect
cost I-Effect
advantage I-Effect
. O

Regional B-Effect
freight I-Effect
is I-Effect
an I-Effect
attractive I-Effect
niche I-Effect
because O
shipments B-Cause
face I-Cause
less I-Cause
competition I-Cause
from I-Cause
intermodal I-Cause
and I-Cause
are I-Cause
seeing I-Cause
growth I-Cause
as I-Cause
shippers I-Cause
locate I-Cause
distribution I-Cause
centers I-Cause
closer I-Cause
to I-Cause
end I-Cause
customers I-Cause
. O

For O
example O
, O
Industrial B-Effect
Scientific I-Effect
provides I-Effect
gas I-Effect
detection I-Effect
services I-Effect
and I-Effect
Landauer I-Effect
measures I-Effect
radiation I-Effect
exposure I-Effect
, I-Effect
areas I-Effect
where I-Effect
reliability I-Effect
is I-Effect
critical I-Effect
, O
as O
human B-Cause
safety I-Cause
and I-Cause
even I-Cause
life I-Cause
could I-Cause
be I-Cause
at I-Cause
stake I-Cause
. O

Furthermore O
, O
we O
estimate O
the B-Effect
company I-Effect
turns I-Effect
free I-Effect
cash I-Effect
flow I-Effect
positive I-Effect
in I-Effect
2025 I-Effect
, O
as O
new B-Cause
vehicle I-Cause
programs I-Cause
with I-Cause
ADAS I-Cause
begin I-Cause
to I-Cause
generate I-Cause
more I-Cause
revenue I-Cause
. I-Cause

Compared O
with O
trickle O
charging O
techniques O
that O
are O
typically O
used O
by O
competitors O
, O
Eaton B-Cause
's I-Cause
UPS I-Cause
uses I-Cause
a I-Cause
unique I-Cause
three-stage I-Cause
charging I-Cause
technique I-Cause
that O
significantly B-Effect
extends I-Effect
a I-Effect
battery I-Effect
's I-Effect
service I-Effect
life I-Effect
and I-Effect
optimizes I-Effect
recharge I-Effect
time I-Effect
. O

Also O
, O
the O
delicate O
balance O
between O
supply O
and O
demand O
remains O
a O
formidable O
concern O
, O
with B-Cause
bouts I-Cause
of I-Cause
oversupply I-Cause
crippling B-Effect
margins I-Effect
and O
times B-Cause
of I-Cause
undersupply I-Cause
leading O
to O
overexpansion B-Effect
. O

We O
believe O
that O
VMware B-Effect
's I-Effect
customer I-Effect
stickiness I-Effect
is I-Effect
reinforced I-Effect
through O
its B-Cause
ecosystem I-Cause
of I-Cause
virtual I-Cause
machine I-Cause
products I-Cause
, I-Cause
including I-Cause
virtual I-Cause
storage I-Cause
, I-Cause
security I-Cause
, I-Cause
and I-Cause
routing I-Cause
. O

Increased B-Cause
use I-Cause
of I-Cause
Weixin I-Cause
and I-Cause
mobile I-Cause
QQ I-Cause
has I-Cause
attracted I-Cause
third-party I-Cause
content I-Cause
creators I-Cause
such I-Cause
as I-Cause
those I-Cause
in I-Cause
online I-Cause
games I-Cause
and I-Cause
media I-Cause
and I-Cause
merchants I-Cause
, O
which O
is O
helping B-Effect
to I-Effect
improve I-Effect
user I-Effect
experiences I-Effect
and I-Effect
increase I-Effect
usage I-Effect
. O

However O
, O
Eversource B-Cause
's I-Cause
large I-Cause
planned I-Cause
capital I-Cause
investment I-Cause
budget I-Cause
will I-Cause
require I-Cause
continued I-Cause
regulatory I-Cause
support I-Cause
during O
the O
next O
five O
years O
to O
produce B-Effect
earnings I-Effect
growth I-Effect
. I-Effect

With B-Cause
lightweighting I-Cause
and I-Cause
electrification I-Cause
trends I-Cause
growing I-Cause
in I-Cause
the I-Cause
future I-Cause
, O
engineered B-Effect
materials I-Effect
' I-Effect
volume I-Effect
growth I-Effect
should I-Effect
outpace I-Effect
global I-Effect
auto I-Effect
production I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Our B-Effect
sales I-Effect
forecast I-Effect
is I-Effect
modestly I-Effect
below I-Effect
program I-Effect
goals I-Effect
given O
that O
we B-Cause
incorporate I-Cause
normalized I-Cause
growth I-Cause
over I-Cause
a I-Cause
cycle I-Cause
rather I-Cause
than I-Cause
steady-state I-Cause
improvement I-Cause
. O

We O
expect O
the B-Effect
company I-Effect
to I-Effect
continue I-Effect
to I-Effect
invest I-Effect
in I-Effect
new I-Effect
intellectual I-Effect
property I-Effect
and I-Effect
to I-Effect
fund I-Effect
its I-Effect
development I-Effect
via O
sequels B-Cause
and I-Cause
expanding I-Cause
its I-Cause
core I-Cause
franchises I-Cause
onto I-Cause
mobile I-Cause
platforms I-Cause
. O

Constructive B-Cause
regulatory I-Cause
decisions I-Cause
give O
us O
confidence O
PSEG B-Effect
can I-Effect
reach I-Effect
the I-Effect
upper I-Effect
end I-Effect
of I-Effect
its I-Effect
$ I-Effect
13 I-Effect
billion- I-Effect
$ I-Effect
15 I-Effect
billion I-Effect
five-year I-Effect
investment I-Effect
plan I-Effect
at I-Effect
the I-Effect
regulated I-Effect
utility I-Effect
. O

Hanes B-Cause
' I-Cause
quarter I-Cause
included I-Cause
$ I-Cause
179 I-Cause
million I-Cause
in I-Cause
nonrecurring I-Cause
sales I-Cause
of I-Cause
personal I-Cause
protective I-Cause
equipment I-Cause
, O
which O
helped B-Effect
it I-Effect
to I-Effect
exceed I-Effect
our I-Effect
prior I-Effect
sales I-Effect
and I-Effect
earnings I-Effect
estimates I-Effect
. O

Research O
and O
development O
expenses O
will O
impact O
Micron O
's O
operating O
margin O
, O
as O
the O
firm O
must O
continue O
to O
spend B-Cause
to I-Cause
support I-Cause
new I-Cause
technologies I-Cause
such O
as O
10-nanometer O
and O
below O
DRAM O
, O
176-layer O
and O
above O
3D O
NAND O
, O
and O
3D O
XPoint O
to B-Effect
remain I-Effect
competitive I-Effect
. O

Among O
these O
is O
the B-Cause
increasing I-Cause
tendency I-Cause
of I-Cause
institutions I-Cause
to I-Cause
own I-Cause
and I-Cause
invest I-Cause
in I-Cause
real I-Cause
estate I-Cause
, O
which O
is O
driving B-Effect
investment I-Effect
dollars I-Effect
to I-Effect
the I-Effect
space I-Effect
. O

We O
believe O
the B-Cause
Canadian I-Cause
government I-Cause
views I-Cause
telecom I-Cause
services I-Cause
as I-Cause
public I-Cause
goods I-Cause
to O
some O
extent O
, O
and O
we O
think O
it O
will O
continue O
looking O
out O
for O
public O
interests O
, O
often O
to O
the B-Effect
detriment I-Effect
of I-Effect
top I-Effect
providers I-Effect
. O

Competition O
should O
leave O
little O
room O
for O
margin O
expansion O
as O
Dollar B-Cause
General I-Cause
will I-Cause
likely I-Cause
have I-Cause
to I-Cause
reinvest I-Cause
savings I-Cause
derived I-Cause
from I-Cause
operational I-Cause
leverage I-Cause
in O
keeping B-Effect
prices I-Effect
low I-Effect
. O

More O
specifically O
, O
Clorox B-Cause
has I-Cause
long I-Cause
targeted I-Cause
to I-Cause
garner I-Cause
3 I-Cause
points I-Cause
of I-Cause
annual I-Cause
sales I-Cause
growth I-Cause
from I-Cause
newly I-Cause
launched I-Cause
fare I-Cause
, O
and O
we O
think O
this O
focus O
will O
continue O
to O
contribute O
to O
its B-Effect
unwavering I-Effect
competitive I-Effect
position I-Effect
. O

Following O
first-quarter O
results O
, O
we O
are O
raising B-Effect
Knight-Swift I-Effect
's I-Effect
DCF-derived I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
slightly I-Effect
, I-Effect
to I-Effect
$ I-Effect
43 I-Effect
per I-Effect
share I-Effect
( I-Effect
from I-Effect
$ I-Effect
42 I-Effect
) I-Effect
, O
mostly O
due O
to O
the B-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since I-Cause
our I-Cause
previous I-Cause
update I-Cause
. O

Oracle O
remains O
a O
best-of-breed O
provider O
of O
on-premises O
databases O
and O
software O
, O
and O
customers B-Effect
face I-Effect
very I-Effect
high I-Effect
switching I-Effect
costs I-Effect
if O
they B-Cause
look I-Cause
to I-Cause
migrate I-Cause
elsewhere I-Cause
. O

Depending O
on O
the O
size O
of O
a O
health O
network O
, O
implementation B-Effect
costs I-Effect
of I-Effect
new I-Effect
EHR I-Effect
technology I-Effect
can I-Effect
easily I-Effect
run I-Effect
in I-Effect
the I-Effect
billions I-Effect
, O
due O
to O
the B-Cause
training I-Cause
resources I-Cause
need I-Cause
to I-Cause
familiarize I-Cause
all I-Cause
clinicians I-Cause
with I-Cause
the I-Cause
software I-Cause
. O

We B-Effect
're I-Effect
anticipating I-Effect
material I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
our I-Effect
forecast I-Effect
period I-Effect
due O
to O
synergies B-Cause
from I-Cause
the I-Cause
L3Harris I-Cause
merger I-Cause
, O
and O
we O
think O
the O
firm O
can O
improve O
operating O
margins O
from O
about O
14.5 O
% O
in O
2021 O
to O
16.2 O
% O
at O
midcycle O
in O
2024 O
. O

The B-Effect
risk I-Effect
surrounding I-Effect
the I-Effect
shift I-Effect
to I-Effect
digital I-Effect
is I-Effect
also I-Effect
mitigated I-Effect
in O
some O
regard O
by O
the O
fact O
that O
Pearson B-Cause
has I-Cause
been I-Cause
slowly I-Cause
managing I-Cause
the I-Cause
shift I-Cause
to I-Cause
digital I-Cause
for I-Cause
a I-Cause
number I-Cause
of I-Cause
years I-Cause
, O
and O
66 O
% O
of O
its O
business O
is O
now O
digital O
or O
at O
least O
digitally O
enabled O
. O

Our O
base O
case O
assumes O
some O
erosion O
of O
Halliburton O
's O
advantage O
in O
execution O
, O
but O
with O
much B-Effect
of I-Effect
that I-Effect
advantage I-Effect
remaining I-Effect
in I-Effect
place I-Effect
for I-Effect
the I-Effect
longer I-Effect
term I-Effect
, O
owing O
to O
the B-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
continually I-Cause
utilize I-Cause
new I-Cause
technology I-Cause
to I-Cause
enhance I-Cause
its I-Cause
execution I-Cause
capabilities I-Cause
. O

To O
deliver B-Effect
users I-Effect
the I-Effect
highest I-Effect
speeds I-Effect
possible I-Effect
while O
not O
succumbing B-Effect
to I-Effect
the I-Effect
limitations I-Effect
of I-Effect
physics I-Effect
, O
networks B-Cause
will I-Cause
require I-Cause
an I-Cause
abundant I-Cause
number I-Cause
of I-Cause
small-cell I-Cause
antenna I-Cause
systems I-Cause
. O

As O
a O
result O
, O
we O
think O
major B-Effect
margin I-Effect
expansion I-Effect
is I-Effect
unlikely I-Effect
, O
especially O
given O
that O
Ambev B-Cause
already I-Cause
has I-Cause
best-in-class I-Cause
margins I-Cause
in I-Cause
several I-Cause
Latin I-Cause
American I-Cause
markets I-Cause
. O

Agilent O
generates O
more O
than O
double O
the O
revenue O
of O
its O
closest O
peer O
in O
gas O
chromatography O
products O
, O
and O
we O
believe O
its B-Cause
differentiated I-Cause
technology I-Cause
, I-Cause
strong I-Cause
reputation I-Cause
, I-Cause
and I-Cause
innovative I-Cause
capabilities I-Cause
create O
an B-Effect
intangible I-Effect
asset I-Effect
advantage I-Effect
in I-Effect
gas I-Effect
chromatography I-Effect
in I-Effect
particular I-Effect
. O

We B-Effect
do I-Effect
n't I-Effect
anticipate I-Effect
this I-Effect
changing I-Effect
materially I-Effect
, O
as O
the B-Cause
bank I-Cause
is I-Cause
investing I-Cause
heavily I-Cause
in I-Cause
IT I-Cause
and I-Cause
infrastructure I-Cause
, I-Cause
minimizing B-Effect
any I-Effect
potential I-Effect
advantages I-Effect
from I-Effect
positive I-Effect
operating I-Effect
leverage I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
. O

We O
expect O
a B-Effect
mostly I-Effect
constructive I-Effect
outcome I-Effect
in I-Effect
the I-Effect
GRC I-Effect
based O
on O
a B-Cause
series I-Cause
of I-Cause
constructive I-Cause
outcomes I-Cause
in I-Cause
its I-Cause
recent I-Cause
rate I-Cause
cases I-Cause
. O

The B-Effect
efficiency I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
beverage I-Effect
business I-Effect
is I-Effect
less I-Effect
pronounced I-Effect
relative I-Effect
to I-Effect
snacks I-Effect
, O
given O
the B-Cause
higher I-Cause
capital I-Cause
intensity I-Cause
; O
beverages B-Effect
have I-Effect
more-involved I-Effect
production I-Effect
lines I-Effect
because O
of O
the B-Cause
various I-Cause
infrastructure I-Cause
requirements I-Cause
, I-Cause
such I-Cause
as I-Cause
piping I-Cause
, I-Cause
tubing I-Cause
, I-Cause
and I-Cause
filters I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
less I-Cause
streamlined I-Cause
packaging I-Cause
. O

LivaNova O
's O
significant O
head O
start O
in O
this O
market O
means O
it O
has O
had O
more B-Cause
time I-Cause
to I-Cause
collect I-Cause
a I-Cause
substantial I-Cause
body I-Cause
of I-Cause
clinical I-Cause
evidence I-Cause
to O
demonstrate B-Effect
the I-Effect
device I-Effect
's I-Effect
safety I-Effect
profile I-Effect
and I-Effect
efficacy I-Effect
. O

Tenneco B-Cause
operates I-Cause
in I-Cause
a I-Cause
capital-intense I-Cause
industry I-Cause
, O
resulting O
in O
a B-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
, O
so O
sudden B-Effect
declines I-Effect
in I-Effect
volume I-Effect
can I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profit I-Effect
. O

With B-Cause
both I-Cause
the I-Cause
efficacy/safety I-Cause
of I-Cause
the I-Cause
technology I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
scale I-Cause
manufacturing I-Cause
now I-Cause
largely I-Cause
validated I-Cause
, O
we B-Effect
think I-Effect
this I-Effect
lowers I-Effect
the I-Effect
risk I-Effect
the I-Effect
firm I-Effect
faces I-Effect
as I-Effect
it I-Effect
expands I-Effect
into I-Effect
other I-Effect
markets I-Effect
and I-Effect
also I-Effect
shortens I-Effect
timelines I-Effect
for I-Effect
further I-Effect
development I-Effect
. O

An B-Cause
investigation I-Cause
into I-Cause
ComEd I-Cause
's I-Cause
lobbying I-Cause
practices I-Cause
in I-Cause
Illinois I-Cause
could O
result B-Effect
in I-Effect
regulators I-Effect
taking I-Effect
a I-Effect
tougher I-Effect
stance I-Effect
against I-Effect
the I-Effect
utility I-Effect
at I-Effect
a I-Effect
time I-Effect
when I-Effect
there I-Effect
has I-Effect
been I-Effect
improvement I-Effect
in I-Effect
Illinois I-Effect
' I-Effect
regulatory I-Effect
environment I-Effect
. O

The B-Effect
short I-Effect
length I-Effect
of I-Effect
stay I-Effect
is I-Effect
further I-Effect
complicated I-Effect
by O
the B-Cause
commoditization I-Cause
of I-Cause
these I-Cause
facilities I-Cause
and I-Cause
the I-Cause
numerous I-Cause
substitutes I-Cause
available I-Cause
in I-Cause
key I-Cause
metropolitan I-Cause
distribution I-Cause
hubs I-Cause
. O

As O
integrated B-Cause
solutions I-Cause
with I-Cause
both I-Cause
clinical I-Cause
trial I-Cause
and I-Cause
selling I-Cause
components I-Cause
continue I-Cause
to I-Cause
be I-Cause
popular I-Cause
with O
Syneos O
' O
clients O
, O
we O
expect O
commercial B-Effect
solutions I-Effect
revenue I-Effect
to I-Effect
climb I-Effect
to I-Effect
about I-Effect
$ I-Effect
1.3 I-Effect
billion I-Effect
in I-Effect
2024 I-Effect
. O

The O
most O
prominent O
was O
Bombardiers O
' O
C O
Series O
, O
which O
suffered O
from O
chronic B-Effect
delays I-Effect
resulting O
from O
issues B-Cause
with I-Cause
suppliers I-Cause
that I-Cause
extended I-Cause
development I-Cause
for O
years O
, O
and O
program B-Cause
cost I-Cause
overruns I-Cause
that O
caused O
the B-Effect
company I-Effect
to I-Effect
take I-Effect
a I-Effect
quarterly I-Effect
charge I-Effect
in I-Effect
2015 I-Effect
that O
was O
roughly O
the O
market O
capitalization O
of O
the O
company O
at O
the O
time O
. O

Howmet O
's O
product O
lines O
must O
undergo O
commissioning O
and O
qualification O
cycles O
that O
generally O
take O
one O
to O
three O
years O
because O
, O
in B-Effect
many I-Effect
cases I-Effect
, I-Effect
the I-Effect
materials I-Effect
must I-Effect
be I-Effect
approved I-Effect
by I-Effect
not I-Effect
only I-Effect
the I-Effect
company I-Effect
's I-Effect
customers I-Effect
, I-Effect
but I-Effect
also I-Effect
end I-Effect
users I-Effect
. O

Honda O
will O
keep O
focusing B-Cause
on I-Cause
hybrids I-Cause
over I-Cause
pure I-Cause
electric I-Cause
vehicles I-Cause
, O
which O
eventually O
may O
require O
catching B-Effect
up I-Effect
to I-Effect
other I-Effect
firms I-Effect
should I-Effect
EV I-Effect
growth I-Effect
accelerate I-Effect
. O

Pressure B-Cause
in I-Cause
the I-Cause
television I-Cause
business I-Cause
has I-Cause
limited I-Cause
revenue I-Cause
growth I-Cause
, I-Cause
but I-Cause
the I-Cause
firm I-Cause
generates I-Cause
consistent I-Cause
cash I-Cause
flow I-Cause
, O
enabling O
it O
to O
return B-Effect
capital I-Effect
to I-Effect
shareholders I-Effect
while I-Effect
also I-Effect
slowly I-Effect
reducing I-Effect
debt I-Effect
leverage I-Effect
. O

Although B-Effect
we I-Effect
think I-Effect
the I-Effect
overall I-Effect
market I-Effect
should I-Effect
struggle I-Effect
to I-Effect
contend I-Effect
with I-Effect
new I-Effect
supply I-Effect
, I-Effect
SL I-Effect
Green I-Effect
's I-Effect
portfolio I-Effect
should I-Effect
be I-Effect
insulated I-Effect
somewhat I-Effect
considering B-Cause
its I-Cause
portfolio I-Cause
of I-Cause
well-located I-Cause
, I-Cause
high-quality I-Cause
properties I-Cause
. O

Around B-Cause
35 I-Cause
% I-Cause
of I-Cause
consolidated I-Cause
transactions I-Cause
occurred I-Cause
in I-Cause
store I-Cause
during O
2020 O
, O
and O
as O
such O
, O
the B-Effect
company I-Effect
is I-Effect
adjusting I-Effect
its I-Effect
capital I-Effect
expenditures I-Effect
spend I-Effect
to I-Effect
adapt I-Effect
to I-Effect
such I-Effect
changes I-Effect
( O
historically O
the O
majority O
of O
capital O
expenditures O
were O
spent O
on O
stores O
) O
. O

The O
biggest O
near-term O
risk O
to O
JBT O
, O
in O
our O
view O
, O
comes O
from O
a B-Cause
potential I-Cause
additional I-Cause
wave I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
that O
could O
prompt B-Effect
either I-Effect
lockdowns I-Effect
or I-Effect
other I-Effect
restrictions I-Effect
, O
which O
in O
turn O
would O
impact O
global O
air O
travel O
demand O
and O
our O
forecast O
. O

We O
believe O
the B-Cause
technology I-Cause
gap I-Cause
between I-Cause
Posco I-Cause
and I-Cause
its I-Cause
rivals I-Cause
has I-Cause
narrowed I-Cause
over I-Cause
the I-Cause
years I-Cause
, O
while O
competitors B-Effect
have I-Effect
been I-Effect
able I-Effect
to I-Effect
produce I-Effect
larger I-Effect
quantities I-Effect
of I-Effect
high-grade I-Effect
steel I-Effect
at I-Effect
lower I-Effect
costs I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

In O
response O
, O
Carnival B-Cause
had I-Cause
implemented I-Cause
scrubber I-Cause
technology I-Cause
onto I-Cause
much I-Cause
of I-Cause
its I-Cause
existing I-Cause
fleet I-Cause
to O
ensure O
compliance B-Effect
with I-Effect
global I-Effect
rules I-Effect
. O

Cross-border B-Cause
transactions I-Cause
are I-Cause
highly I-Cause
lucrative I-Cause
for I-Cause
Mastercard I-Cause
, O
making O
the B-Effect
company I-Effect
very I-Effect
sensitive I-Effect
to I-Effect
any I-Effect
swings I-Effect
in I-Effect
these I-Effect
types I-Effect
of I-Effect
transactions I-Effect
. O

Given O
its B-Cause
tumultuous I-Cause
past I-Cause
and I-Cause
relative I-Cause
lack I-Cause
of I-Cause
operating I-Cause
history I-Cause
as I-Cause
a I-Cause
software I-Cause
company I-Cause
, O
we O
assign O
BlackBerry B-Effect
a I-Effect
very I-Effect
high I-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
. O

The B-Cause
gradual I-Cause
sale I-Cause
of I-Cause
Baker I-Cause
Hughes I-Cause
furthers B-Effect
GE I-Effect
deleveraging I-Effect
goals I-Effect
, I-Effect
while I-Effect
allowing I-Effect
the I-Effect
firm I-Effect
to I-Effect
focus I-Effect
on I-Effect
its I-Effect
core I-Effect
portfolio I-Effect
. O

We O
expect O
the B-Cause
firm I-Cause
's I-Cause
asset I-Cause
management I-Cause
business I-Cause
to I-Cause
grow I-Cause
as I-Cause
market I-Cause
appreciation I-Cause
and I-Cause
inflows I-Cause
can I-Cause
exceed I-Cause
the I-Cause
drag I-Cause
on I-Cause
fee I-Cause
pressure. O
This O
leads O
to O
a B-Effect
GAAP I-Effect
return I-Effect
of I-Effect
equity I-Effect
in I-Effect
the I-Effect
mid-single-digit I-Effect
percentages I-Effect
, I-Effect
a I-Effect
bit I-Effect
below I-Effect
the I-Effect
high-single-digits I-Effect
seen I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

As O
we B-Cause
anticipate I-Cause
wide-body I-Cause
production I-Cause
will I-Cause
remain I-Cause
lower I-Cause
for I-Cause
longer I-Cause
, O
we O
do O
n't O
think O
Hexcel B-Effect
will I-Effect
need I-Effect
to I-Effect
reinvest I-Effect
as I-Effect
much I-Effect
into I-Effect
PP I-Effect
& I-Effect
E I-Effect
this I-Effect
cycle I-Effect
as I-Effect
it I-Effect
did I-Effect
during I-Effect
the I-Effect
previous I-Effect
one I-Effect
. O

We O
believe O
that O
the B-Effect
low I-Effect
contribution I-Effect
made I-Effect
by I-Effect
demand I-Effect
deposits I-Effect
to I-Effect
SocGen I-Effect
's I-Effect
funding I-Effect
( I-Effect
20 I-Effect
% I-Effect
of I-Effect
interest-bearing I-Effect
liabilities I-Effect
) I-Effect
partly O
explains O
its O
lack B-Cause
of I-Cause
a I-Cause
funding I-Cause
advantage I-Cause
. O

Further O
, O
Airbnb B-Effect
faces I-Effect
ESG I-Effect
risks I-Effect
around I-Effect
innovative I-Effect
tax I-Effect
code I-Effect
changes I-Effect
, I-Effect
data I-Effect
breaches I-Effect
, I-Effect
and I-Effect
potential I-Effect
fees I-Effect
should O
its B-Cause
platform I-Cause
be I-Cause
viewed I-Cause
as I-Cause
anticompetitive I-Cause
. O

Outside O
of O
traditional B-Cause
providers I-Cause
, O
there O
are O
a O
host O
of O
regional B-Cause
payroll I-Cause
providers I-Cause
as O
well O
as O
in-house B-Cause
systems I-Cause
, O
which O
creates B-Effect
an I-Effect
opportunity I-Effect
for I-Effect
disruption I-Effect
. O

Should O
the B-Cause
country I-Cause
be I-Cause
unable I-Cause
to I-Cause
enact I-Cause
near-term I-Cause
austerity I-Cause
measures I-Cause
, O
sovereign B-Effect
yields I-Effect
could I-Effect
climb I-Effect
as O
the B-Cause
market I-Cause
demands I-Cause
higher I-Cause
credit I-Cause
risk I-Cause
premiums I-Cause
. O

Due O
to O
the B-Cause
risks I-Cause
a I-Cause
software I-Cause
switch I-Cause
entails I-Cause
in I-Cause
mission I-Cause
critical I-Cause
functions I-Cause
, O
we O
think O
there B-Effect
's I-Effect
much I-Effect
inertia I-Effect
in I-Effect
remaining I-Effect
a I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
Creo I-Effect
shop. I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
PTC I-Effect
's I-Effect
PLM I-Effect
solution I-Effect
, O
Windchill O
, O
can O
be O
thought O
of O
as O
the O
repository O
of O
all O
info O
about O
a O
given O
product O
, O
including O
specifications O
and O
information O
on O
supply O
sourcing O
. O

When O
combined B-Cause
with I-Cause
the I-Cause
user-generated I-Cause
driver I-Cause
ratings I-Cause
, O
we O
think O
such B-Effect
information I-Effect
helps I-Effect
Uber I-Effect
improve I-Effect
the I-Effect
timeliness I-Effect
of I-Effect
matching I-Effect
riders I-Effect
with I-Effect
drivers I-Effect
. O

We O
still O
believe O
that O
the B-Cause
firm I-Cause
will I-Cause
have I-Cause
an I-Cause
opportunity I-Cause
to I-Cause
accelerate I-Cause
openings I-Cause
in I-Cause
higher-growth I-Cause
markets I-Cause
with O
real B-Cause
estate I-Cause
pricing I-Cause
growing I-Cause
more I-Cause
attractive I-Cause
in I-Cause
light I-Cause
of I-Cause
recent I-Cause
restaurant I-Cause
closures I-Cause
, O
underpinning B-Effect
our I-Effect
unit-growth I-Effect
thesis I-Effect
. O

At O
this O
time O
, O
we B-Cause
do I-Cause
not I-Cause
see I-Cause
a I-Cause
way I-Cause
for I-Cause
airlines I-Cause
to I-Cause
escape I-Cause
cyclicality I-Cause
, O
and O
we B-Effect
think I-Effect
a I-Effect
very I-Effect
high I-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
appropriate I-Effect
for I-Effect
this I-Effect
firm I-Effect
. O

For O
2021 O
, O
we O
expect O
gross B-Effect
revenue I-Effect
to I-Effect
rise I-Effect
about I-Effect
8 I-Effect
% I-Effect
on I-Effect
robust I-Effect
demand I-Effect
and I-Effect
contract-pricing I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
, I-Effect
and I-Effect
we I-Effect
look I-Effect
for I-Effect
net I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
in I-Effect
the I-Effect
12 I-Effect
% I-Effect
-13 I-Effect
% I-Effect
as O
the B-Cause
firm I-Cause
passes I-Cause
along I-Cause
rising I-Cause
carrier I-Cause
rates I-Cause
to I-Cause
shippers I-Cause
and I-Cause
gross I-Cause
margins I-Cause
recover I-Cause
. O

It O
's O
still O
possible O
that O
the B-Cause
coronavirus I-Cause
crisis I-Cause
will I-Cause
play I-Cause
out I-Cause
in I-Cause
worst I-Cause
case I-Cause
fashion O
and O
be O
accompanied O
by O
substantial B-Effect
investment I-Effect
impairments I-Effect
. O

Pairing B-Cause
Medtronic I-Cause
's I-Cause
diversified I-Cause
product I-Cause
portfolio I-Cause
aimed I-Cause
at I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
chronic I-Cause
diseases I-Cause
with I-Cause
its I-Cause
expansive I-Cause
selection I-Cause
of I-Cause
products I-Cause
for I-Cause
acute I-Cause
care I-Cause
in I-Cause
hospitals I-Cause
has O
bolstered B-Effect
Medtronic I-Effect
's I-Effect
position I-Effect
as I-Effect
a I-Effect
key I-Effect
partner I-Effect
for I-Effect
its I-Effect
hospital I-Effect
customers I-Effect
. O

We B-Effect
discount I-Effect
our I-Effect
cash I-Effect
flow I-Effect
forecasts I-Effect
at I-Effect
7 I-Effect
% I-Effect
and I-Effect
assume I-Effect
a I-Effect
4.5 I-Effect
% I-Effect
stage I-Effect
II I-Effect
EBI I-Effect
growth I-Effect
rate I-Effect
, I-Effect
slightly I-Effect
higher I-Effect
than I-Effect
some I-Effect
peers I-Effect
due O
to O
Unilever B-Cause
's I-Cause
emerging-market I-Cause
presence I-Cause
. O

Further O
, O
Kellogg B-Cause
has I-Cause
struggled I-Cause
in I-Cause
the I-Cause
past I-Cause
at I-Cause
the I-Cause
hand I-Cause
of I-Cause
self-inflicted I-Cause
supply I-Cause
chain I-Cause
issues I-Cause
and I-Cause
lackluster I-Cause
innovation I-Cause
, O
which O
has O
weighed B-Effect
on I-Effect
its I-Effect
domestic I-Effect
morning I-Effect
foods I-Effect
and I-Effect
snacks I-Effect
segments I-Effect
( O
each O
have O
chalked O
up O
low- O
to O
mid-single-digit O
declines O
on O
average O
the O
past O
four O
years O
) O
. O

We O
see O
particular O
strength O
in O
the O
beverage O
concentrates O
and O
Latin O
America O
beverages O
segments O
, O
and O
contributions B-Cause
from I-Cause
mix I-Cause
( I-Cause
through I-Cause
innovative I-Cause
price/pack I-Cause
architectures I-Cause
) I-Cause
should O
offset O
any B-Effect
volume I-Effect
declines I-Effect
in I-Effect
the I-Effect
packaged I-Effect
beverages I-Effect
segment I-Effect
. O

Some O
industry O
observers O
have O
speculated O
that O
the B-Cause
emergence I-Cause
of I-Cause
Amazon I-Cause
into I-Cause
industrial I-Cause
distribution I-Cause
is O
the B-Effect
beginning I-Effect
of I-Effect
the I-Effect
end I-Effect
for I-Effect
many I-Effect
incumbent I-Effect
distributors I-Effect
. O

Finally O
, O
SQM B-Effect
's I-Effect
lithium I-Effect
capacity I-Effect
expansions I-Effect
carry I-Effect
project I-Effect
execution I-Effect
risk I-Effect
, O
especially O
the O
spodumene-based O
operation O
in O
Australia O
, O
as O
SQM B-Cause
has I-Cause
never I-Cause
operated I-Cause
a I-Cause
hard I-Cause
rock I-Cause
project I-Cause
. O

The B-Cause
pandemic I-Cause
presents O
a O
material O
near-term O
headwind O
to O
industry B-Effect
travel I-Effect
demand I-Effect
, O
while O
cyclicality B-Cause
and I-Cause
overbuilding I-Cause
in I-Cause
the I-Cause
market I-Cause
present O
another B-Effect
main I-Effect
risk I-Effect
for I-Effect
shareholders I-Effect
. O

As O
we O
anticipate O
the B-Cause
industry I-Cause
will I-Cause
remain I-Cause
intensely I-Cause
price I-Cause
competitive I-Cause
with I-Cause
customers I-Cause
nonetheless I-Cause
still I-Cause
demanding I-Cause
a I-Cause
high-quality I-Cause
store I-Cause
experience I-Cause
, O
we O
believe O
chains B-Effect
will I-Effect
have I-Effect
to I-Effect
rely I-Effect
on I-Effect
cost I-Effect
leverage I-Effect
to I-Effect
deliver I-Effect
value I-Effect
. O

Although O
COVID-19 O
and O
the O
discontinuation O
of O
the O
C9 O
label O
at O
Target O
hurt O
Champion O
's O
sales O
in O
2020 O
, O
we B-Effect
believe I-Effect
it I-Effect
will I-Effect
continue I-Effect
its I-Effect
growth I-Effect
path I-Effect
in I-Effect
2021 I-Effect
as B-Cause
it I-Cause
and I-Cause
other I-Cause
activewear I-Cause
apparel I-Cause
have I-Cause
become I-Cause
more I-Cause
than I-Cause
just I-Cause
athletic I-Cause
apparel I-Cause
and I-Cause
are I-Cause
increasingly I-Cause
worn I-Cause
as I-Cause
lifestyle/fashion I-Cause
brands I-Cause
. O

We O
agree O
with O
management O
that O
government B-Cause
policies I-Cause
, I-Cause
corporate I-Cause
demand I-Cause
, I-Cause
and I-Cause
robust I-Cause
project I-Cause
development I-Cause
industries I-Cause
in I-Cause
these I-Cause
regions I-Cause
make B-Effect
these I-Effect
the I-Effect
world I-Effect
's I-Effect
most I-Effect
attractive I-Effect
solar I-Effect
markets I-Effect
. I-Effect

We O
believe O
Wesco B-Cause
's I-Cause
product I-Cause
selection I-Cause
and I-Cause
availability I-Cause
, I-Cause
combined I-Cause
with I-Cause
its I-Cause
value-added I-Cause
services I-Cause
, I-Cause
offer I-Cause
customers I-Cause
convenience I-Cause
, I-Cause
support I-Cause
, I-Cause
and I-Cause
cost I-Cause
savings I-Cause
, O
which O
help B-Effect
strengthen I-Effect
customer I-Effect
relationships I-Effect
and I-Effect
win I-Effect
new I-Effect
business I-Effect
. O

We O
expect O
continued O
acquisition B-Effect
and I-Effect
disposition I-Effect
activity I-Effect
as O
Apartment B-Cause
Income I-Cause
recycles I-Cause
capital I-Cause
, I-Cause
repositions I-Cause
its I-Cause
portfolio I-Cause
, I-Cause
and I-Cause
improves I-Cause
the I-Cause
overall I-Cause
quality I-Cause
of I-Cause
its I-Cause
assets I-Cause
. O

However O
, O
given O
the B-Cause
troubles I-Cause
with I-Cause
filing I-Cause
financials I-Cause
, O
we B-Effect
have I-Effect
no I-Effect
way I-Effect
of I-Effect
knowing I-Effect
whether I-Effect
the I-Effect
financial I-Effect
position I-Effect
reported I-Effect
up I-Effect
until I-Effect
now I-Effect
is I-Effect
an I-Effect
accurate I-Effect
depiction I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
standing I-Effect
. O

Since O
self-storage B-Cause
is I-Cause
not I-Cause
very I-Cause
human I-Cause
capital-intensive I-Cause
and I-Cause
requires I-Cause
limited I-Cause
staff I-Cause
to I-Cause
operate I-Cause
effectively I-Cause
, O
existing B-Effect
facilities I-Effect
can I-Effect
be I-Effect
run I-Effect
very I-Effect
profitably I-Effect
, O
achieving O
net O
operating O
margins O
of O
over O
70 O
% O
. O

Beneath O
these O
two O
, O
share B-Cause
is I-Cause
highly I-Cause
fragmented I-Cause
, O
making O
it O
extremely B-Effect
challenging I-Effect
for I-Effect
smaller I-Effect
new I-Effect
entrants I-Effect
to I-Effect
gain I-Effect
customer I-Effect
traffic I-Effect
and I-Effect
supplier I-Effect
scale I-Effect
. O

Overall O
, O
unlike O
North O
America O
, O
where O
a O
vibrant O
entrepreneurial O
sector O
provides O
steep O
competition O
in O
many O
products O
, O
the B-Effect
international I-Effect
market I-Effect
is I-Effect
much I-Effect
more I-Effect
oligopolistic I-Effect
, O
as O
few B-Cause
companies I-Cause
can I-Cause
maintain I-Cause
a I-Cause
viable I-Cause
level I-Cause
of I-Cause
scale I-Cause
across I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
markets I-Cause
. O

As O
economic B-Cause
conditions I-Cause
recover I-Cause
from I-Cause
pandemic I-Cause
disruption I-Cause
, O
we O
think O
KCS B-Effect
has I-Effect
slightly I-Effect
higher I-Effect
volume I-Effect
growth I-Effect
potential I-Effect
( I-Effect
albeit I-Effect
with I-Effect
higher I-Effect
risk I-Effect
) I-Effect
through I-Effect
its I-Effect
cross I-Effect
border I-Effect
exposure I-Effect
to I-Effect
Mexico I-Effect
, I-Effect
including I-Effect
Mexican I-Effect
energy I-Effect
reform I-Effect
shipments I-Effect
( I-Effect
inbound I-Effect
refined I-Effect
products I-Effect
) I-Effect
. I-Effect

A B-Cause
rival I-Cause
would I-Cause
need I-Cause
to I-Cause
undercut I-Cause
Crown I-Cause
Castle I-Cause
's I-Cause
prices I-Cause
by I-Cause
that I-Cause
much I-Cause
more I-Cause
to I-Cause
make I-Cause
up I-Cause
for I-Cause
the I-Cause
loss I-Cause
carriers I-Cause
would I-Cause
face I-Cause
in I-Cause
deciding I-Cause
to I-Cause
switch I-Cause
, O
further O
impeding O
a B-Effect
competitor I-Effect
's I-Effect
prospects I-Effect
of I-Effect
generating I-Effect
excess I-Effect
returns I-Effect
. O

We B-Effect
raise I-Effect
our I-Effect
2021 I-Effect
estimates I-Effect
mainly O
as O
a O
result O
of O
rising B-Cause
prices I-Cause
from I-Cause
tight I-Cause
industry I-Cause
supply I-Cause
chains I-Cause
for I-Cause
products I-Cause
in I-Cause
the I-Cause
chemicals I-Cause
and I-Cause
materials I-Cause
segments I-Cause
, O
but O
we O
expect O
this O
temporary O
state O
to O
normalize O
in O
2022 O
. O

We B-Cause
believe I-Cause
a I-Cause
favorable I-Cause
outcome I-Cause
in I-Cause
the I-Cause
pending I-Cause
rate I-Cause
case I-Cause
would B-Effect
likely I-Effect
result I-Effect
in I-Effect
Pinnacle I-Effect
West I-Effect
increasing I-Effect
its I-Effect
capital I-Effect
expenditure I-Effect
outlook I-Effect
. O

Likewise O
, O
we B-Effect
praise I-Effect
the I-Effect
2016 I-Effect
acquisition I-Effect
of I-Effect
Toshiba I-Effect
Medical I-Effect
Systems I-Effect
, I-Effect
the I-Effect
global I-Effect
third I-Effect
player I-Effect
in I-Effect
the I-Effect
CT I-Effect
scanner I-Effect
market I-Effect
, O
because O
medical B-Cause
equipment I-Cause
is I-Cause
an I-Cause
established I-Cause
market I-Cause
and I-Cause
entry I-Cause
barriers I-Cause
are I-Cause
fairly I-Cause
high I-Cause
. O

Airbnb O
's O
network O
advantage O
was O
established O
by O
attracting O
private B-Cause
accommodation I-Cause
owners I-Cause
to I-Cause
post I-Cause
their I-Cause
dwellings I-Cause
( I-Cause
supply I-Cause
side I-Cause
) I-Cause
on I-Cause
the I-Cause
company I-Cause
's I-Cause
platform I-Cause
, O
which O
in O
turn O
attracted B-Cause
more I-Cause
travelers I-Cause
( I-Cause
demand I-Cause
side I-Cause
) I-Cause
subsequently I-Cause
enticing I-Cause
more I-Cause
supply I-Cause
, O
creating O
a B-Effect
virtuous I-Effect
cycle I-Effect
that I-Effect
increases I-Effect
value I-Effect
for I-Effect
both I-Effect
new I-Effect
and I-Effect
existing I-Effect
users I-Effect
( I-Effect
hosts I-Effect
and I-Effect
guests I-Effect
) I-Effect
. O

Given O
our B-Cause
assumptions I-Cause
, O
we B-Effect
expect I-Effect
Fifth I-Effect
Third I-Effect
's I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
to I-Effect
be I-Effect
reach I-Effect
a I-Effect
longer-term I-Effect
average I-Effect
of I-Effect
about I-Effect
12 I-Effect
% I-Effect
, I-Effect
ahead I-Effect
of I-Effect
our I-Effect
9 I-Effect
% I-Effect
estimated I-Effect
cost I-Effect
of I-Effect
equity I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

We O
see O
industrywide O
occupancy O
at O
peak O
levels O
now O
, O
so O
in O
a O
few O
years O
as O
supply B-Cause
begins I-Cause
to I-Cause
materially I-Cause
affect I-Cause
Extra I-Cause
Space I-Cause
's I-Cause
portfolio I-Cause
, O
we O
project O
occupancy B-Effect
rates I-Effect
to I-Effect
decrease I-Effect
materially I-Effect
. O

We O
think O
the B-Cause
reshaping I-Cause
of I-Cause
Vodafone I-Cause
's I-Cause
capabilities I-Cause
across I-Cause
Europe I-Cause
to I-Cause
integrate I-Cause
fixed-line I-Cause
and I-Cause
wireless I-Cause
assets I-Cause
positions I-Cause
the B-Effect
firm I-Effect
to I-Effect
compete I-Effect
more I-Effect
effectively I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Furthermore O
, O
automotive B-Cause
semiconductors I-Cause
have I-Cause
stringent I-Cause
quality I-Cause
requirements I-Cause
, O
so O
Infineon B-Effect
's I-Effect
expertise I-Effect
in I-Effect
automotive I-Effect
chip I-Effect
manufacturing I-Effect
is I-Effect
another I-Effect
area I-Effect
where I-Effect
the I-Effect
firm I-Effect
's I-Effect
expertise I-Effect
would I-Effect
be I-Effect
difficult I-Effect
for I-Effect
newcomers I-Effect
to I-Effect
replicate I-Effect
. O

Although O
we O
think O
CoreSite B-Effect
is I-Effect
less I-Effect
exposed I-Effect
to I-Effect
the I-Effect
power I-Effect
of I-Effect
cloud I-Effect
companies I-Effect
than I-Effect
many I-Effect
competitors I-Effect
due O
to O
its B-Cause
smaller I-Cause
footprint I-Cause
that I-Cause
consists I-Cause
almost I-Cause
entirely I-Cause
of I-Cause
uniquely I-Cause
connected I-Cause
properties I-Cause
, O
it O
still O
stands O
to O
lose O
enterprise O
tenants O
that O
could O
make O
a O
bigger O
move O
to O
cloud O
infrastructure O
. O

Still O
, O
we O
expect O
its B-Cause
strategy I-Cause
to I-Cause
lead I-Cause
to I-Cause
a I-Cause
largely I-Cause
stable I-Cause
core I-Cause
business I-Cause
, I-Cause
which I-Cause
, I-Cause
along I-Cause
with I-Cause
new I-Cause
growth I-Cause
vectors I-Cause
( I-Cause
like I-Cause
co-packing I-Cause
) I-Cause
, O
should O
allow O
it B-Effect
to I-Effect
navigate I-Effect
the I-Effect
environment I-Effect
. O

Greater B-Cause
use I-Cause
of I-Cause
small I-Cause
cells I-Cause
by I-Cause
carriers I-Cause
, I-Cause
which I-Cause
we I-Cause
expect I-Cause
to I-Cause
be I-Cause
more I-Cause
likely I-Cause
with I-Cause
5G I-Cause
, O
could O
affect B-Effect
tower I-Effect
demand I-Effect
. O

In O
2018 O
, O
Nike B-Cause
won I-Cause
a I-Cause
10-year I-Cause
extension I-Cause
to O
its O
existing O
National O
Football O
League O
contract O
that O
has O
allowed B-Effect
it I-Effect
to I-Effect
remain I-Effect
the I-Effect
official I-Effect
provider I-Effect
of O
game-day O
uniforms O
and O
sideline O
apparel O
for O
the O
NFL O
. O

While O
expenses O
as O
a O
percentage O
of O
sales O
should O
decline O
as O
volume O
rises O
over O
time O
, O
faster B-Cause
product-to-market I-Cause
speed I-Cause
across I-Cause
the I-Cause
industry I-Cause
will O
force B-Effect
operators I-Effect
to I-Effect
manufacture I-Effect
smarter I-Effect
, I-Effect
innovate I-Effect
faster I-Effect
, I-Effect
and I-Effect
compete I-Effect
intermittently I-Effect
on I-Effect
price I-Effect
. O

It O
might O
also O
be O
harder O
for O
Spotify O
to O
steal O
share O
from O
these O
competitors O
over O
time O
, O
as O
Apple B-Cause
Music I-Cause
and I-Cause
Apple I-Cause
Podcasts I-Cause
listeners I-Cause
are I-Cause
probably I-Cause
entrenched I-Cause
with I-Cause
other I-Cause
Apple I-Cause
products I-Cause
, I-Cause
Amazon I-Cause
Music I-Cause
with I-Cause
Echo I-Cause
, I-Cause
and I-Cause
so I-Cause
on. O
Thus O
, O
they B-Effect
might I-Effect
be I-Effect
relatively I-Effect
more I-Effect
loyal I-Effect
to I-Effect
these I-Effect
music I-Effect
and I-Effect
podcast I-Effect
platforms I-Effect
than I-Effect
the I-Effect
users I-Effect
an I-Effect
operating-system-agnostic I-Effect
platform I-Effect
like I-Effect
Spotify I-Effect
can I-Effect
capture I-Effect
. O

The B-Cause
ease I-Cause
of I-Cause
use I-Cause
of I-Cause
these I-Cause
products I-Cause
saves I-Cause
valuable I-Cause
time I-Cause
and I-Cause
in I-Cause
turn I-Cause
, O
means O
contractors B-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
a I-Effect
premium I-Effect
for I-Effect
them I-Effect
. O

Customers B-Cause
in I-Cause
this I-Cause
city I-Cause
prefer I-Cause
to I-Cause
deal I-Cause
with I-Cause
trusted I-Cause
advisers I-Cause
and O
so O
Beijing B-Effect
is I-Effect
home I-Effect
to I-Effect
a I-Effect
growing I-Effect
force I-Effect
of I-Effect
Prudential I-Effect
agents I-Effect
. O

From O
an O
intangible O
asset O
standpoint O
, O
the B-Effect
aftermarket I-Effect
part I-Effect
retail I-Effect
industry I-Effect
is I-Effect
conducive I-Effect
to I-Effect
the I-Effect
formation I-Effect
of I-Effect
strong I-Effect
brands I-Effect
due O
to O
consumers B-Cause
' I-Cause
price-inelasticity I-Cause
and I-Cause
focus I-Cause
on I-Cause
service-related I-Cause
metrics I-Cause
such O
as O
part O
availability O
, O
convenience O
, O
and O
, O
in O
the O
DIY O
segment O
, O
in-store O
services O
such O
as O
diagnostics O
, O
tool O
loans O
, O
and O
knowledgeable O
sales O
staff O
. O

But O
the B-Cause
San I-Cause
Bruno I-Cause
pipeline I-Cause
explosion I-Cause
in I-Cause
September I-Cause
2010 I-Cause
, I-Cause
allegations I-Cause
of I-Cause
gas I-Cause
pipeline I-Cause
mismanagement I-Cause
, I-Cause
and I-Cause
2017-18 I-Cause
wildfire I-Cause
liabilities I-Cause
have O
sunk B-Effect
PG I-Effect
& I-Effect
amp I-Effect
; I-Effect
E I-Effect
's I-Effect
earned I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

Pandemic O
lockdowns O
weighed O
on O
freight O
demand O
in O
early O
2020 O
, O
but O
retail B-Effect
shipments I-Effect
have I-Effect
turned I-Effect
robust I-Effect
on O
strong B-Cause
inventory I-Cause
restocking I-Cause
, O
and O
industrial O
end O
markets O
are O
recovering O
off O
pandemic O
lows O
. O

Their B-Cause
aggressive I-Cause
pricing I-Cause
has O
put O
relentless B-Effect
pressure I-Effect
on I-Effect
incumbent I-Effect
conventional I-Effect
grocers I-Effect
in I-Effect
Europe I-Effect
and I-Effect
( I-Effect
in I-Effect
Aldi I-Effect
's I-Effect
case I-Effect
) I-Effect
Australia I-Effect
, O
where O
they O
are O
more O
established O
. O

Furthermore O
, O
products B-Cause
such I-Cause
as I-Cause
the I-Cause
company I-Cause
's I-Cause
valuation I-Cause
, I-Cause
trade I-Cause
settlement I-Cause
, I-Cause
and I-Cause
portfolio I-Cause
management I-Cause
software I-Cause
allow B-Effect
financial I-Effect
institutions I-Effect
to I-Effect
outsource I-Effect
technological I-Effect
development I-Effect
and I-Effect
data I-Effect
management I-Effect
and I-Effect
focus I-Effect
on I-Effect
their I-Effect
core I-Effect
competencies I-Effect
, I-Effect
leaving I-Effect
little I-Effect
risk I-Effect
of I-Effect
an I-Effect
insourcing I-Effect
trend I-Effect
emerging I-Effect
. O

On O
a O
stand O
alone O
basis O
, O
however O
, O
we B-Cause
maintain I-Cause
a I-Cause
very I-Cause
high I-Cause
uncertainty I-Cause
rating I-Cause
, O
largely O
reflecting O
its B-Effect
significant I-Effect
debt I-Effect
balance I-Effect
and I-Effect
disjointed I-Effect
roll I-Effect
up I-Effect
strategy I-Effect
. O

On O
a O
national O
level O
, O
we O
expect O
spending B-Effect
to I-Effect
increase I-Effect
about I-Effect
6 I-Effect
% I-Effect
annually I-Effect
, I-Effect
an I-Effect
acceleration I-Effect
from I-Effect
the I-Effect
last I-Effect
couple I-Effect
of I-Effect
decades I-Effect
, O
as O
inadequate B-Cause
historical I-Cause
funding I-Cause
has I-Cause
led I-Cause
to I-Cause
worsening I-Cause
conditions I-Cause
. O

In O
addition O
, O
ICE B-Effect
's I-Effect
fixed-income I-Effect
data I-Effect
offering I-Effect
has O
greatly O
benefited O
from O
increasing B-Cause
compliance I-Cause
requirements I-Cause
, O
which O
require O
banks O
to O
report O
almost O
real-time O
pricing O
and O
liquidity O
data O
to O
regulators O
. O

Product B-Cause
development I-Cause
and I-Cause
channel I-Cause
investments I-Cause
would I-Cause
also I-Cause
continuously I-Cause
rise I-Cause
at I-Cause
an I-Cause
8 I-Cause
% I-Cause
and I-Cause
3 I-Cause
% I-Cause
five-year I-Cause
CAGR I-Cause
in O
order O
to O
improve B-Effect
competitiveness I-Effect
, O
versus O
only O
a O
3 O
% O
top-line O
five-year O
CAGR O
. O

In O
parallel O
, O
the B-Cause
company I-Cause
has I-Cause
created I-Cause
incremental I-Cause
use I-Cause
cases I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
expand I-Effect
into I-Effect
industries I-Effect
outside I-Effect
of I-Effect
life I-Effect
sciences I-Effect
that I-Effect
have I-Effect
regulatory I-Effect
interplay I-Effect
, I-Effect
such I-Effect
as I-Effect
cosmetics I-Effect
, I-Effect
chemicals I-Effect
, I-Effect
and I-Effect
consumer I-Effect
goods I-Effect
. O

Further O
, O
nearly O
one O
quarter O
of O
its O
sales O
result O
from O
the O
convenience O
and O
drug O
store O
channels O
, O
which O
have O
succumbed O
to O
more B-Effect
tepid I-Effect
traffic I-Effect
trends I-Effect
due O
to O
social B-Cause
distancing I-Cause
mandates I-Cause
. O

Further O
, O
with O
its B-Cause
solid I-Cause
mix I-Cause
of I-Cause
fee I-Cause
income I-Cause
, O
Bank B-Effect
of I-Effect
America I-Effect
will I-Effect
be I-Effect
better I-Effect
insulated I-Effect
if I-Effect
rates I-Effect
decline I-Effect
as O
it B-Cause
is I-Cause
less I-Cause
dependent I-Cause
on I-Cause
rate-sensitive I-Cause
net I-Cause
interest I-Cause
income I-Cause
. O

After O
fiscal O
2020 O
's O
pandemic-driven O
4 O
% O
drop O
in O
sales O
, O
we O
expect O
the B-Effect
metric I-Effect
to I-Effect
recover I-Effect
16 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
and I-Effect
15 I-Effect
% I-Effect
in I-Effect
2022 I-Effect
, O
as O
stores B-Cause
and I-Cause
salons I-Cause
reopen I-Cause
, I-Cause
social I-Cause
distancing I-Cause
mandates I-Cause
relax I-Cause
, I-Cause
and I-Cause
travel I-Cause
retail I-Cause
recovers I-Cause
. O

Volkswagen B-Cause
's I-Cause
products I-Cause
are I-Cause
highly I-Cause
engineered I-Cause
, O
requiring B-Effect
the I-Effect
company I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
highly I-Effect
skilled I-Effect
human I-Effect
capital I-Effect
with I-Effect
expertise I-Effect
in I-Effect
software I-Effect
and I-Effect
various I-Effect
engineering I-Effect
disciplines I-Effect
. O

Thus O
, O
once B-Cause
a I-Cause
company I-Cause
's I-Cause
product I-Cause
has I-Cause
been I-Cause
designed I-Cause
in I-Cause
, I-Cause
it I-Cause
is I-Cause
likely I-Cause
to I-Cause
remain I-Cause
in I-Cause
for I-Cause
the I-Cause
duration I-Cause
of I-Cause
the I-Cause
design I-Cause
life I-Cause
cycle. O
This O
results O
in O
high B-Effect
switching I-Effect
costs I-Effect
for I-Effect
NXP I-Effect
's I-Effect
automotive I-Effect
customers I-Effect
especially I-Effect
but I-Effect
also I-Effect
for I-Effect
certain I-Effect
industrial I-Effect
customers I-Effect
( I-Effect
particularly I-Effect
those I-Effect
purchasing I-Effect
industrial I-Effect
controls I-Effect
and I-Effect
factory I-Effect
automation I-Effect
solutions I-Effect
) I-Effect
and I-Effect
communication I-Effect
infrastructure I-Effect
customers I-Effect
( I-Effect
such I-Effect
as I-Effect
in I-Effect
transit I-Effect
systems I-Effect
) I-Effect
. O

We O
believe O
positive B-Cause
MT I-Cause
growth I-Cause
drivers I-Cause
include I-Cause
a I-Cause
strong I-Cause
secular I-Cause
trend I-Cause
away I-Cause
from I-Cause
copper I-Cause
and I-Cause
other I-Cause
metal I-Cause
brakes I-Cause
, I-Cause
market I-Cause
preference I-Cause
for I-Cause
smoother I-Cause
, I-Cause
noise-damping I-Cause
brakes I-Cause
, I-Cause
and I-Cause
demand I-Cause
for I-Cause
increased I-Cause
safety I-Cause
leading O
to O
additional B-Effect
adoption I-Effect
of I-Effect
ceramics I-Effect
. O

However O
, O
we O
think O
a B-Cause
shift I-Cause
in I-Cause
the I-Cause
mix I-Cause
toward I-Cause
more I-Cause
retail I-Cause
tenants I-Cause
and I-Cause
a I-Cause
higher I-Cause
number I-Cause
of I-Cause
interconnections I-Cause
will O
result O
in O
modest B-Effect
margin I-Effect
expansion I-Effect
. O

We B-Effect
view I-Effect
the I-Effect
CoStar I-Effect
Suite I-Effect
business I-Effect
as I-Effect
a I-Effect
borderline I-Effect
monopoly I-Effect
in O
that O
it B-Cause
has I-Cause
no I-Cause
true I-Cause
threats I-Cause
in I-Cause
terms I-Cause
of I-Cause
competition I-Cause
. O

The B-Cause
television I-Cause
business I-Cause
is I-Cause
evolving I-Cause
, O
which O
will O
present O
challenges O
for O
NBCU B-Effect
, O
and O
2020 B-Effect
will I-Effect
be I-Effect
difficult I-Effect
thanks O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
but O
we O
believe O
it O
has O
the O
breadth O
of O
assets O
to O
compete O
effectively O
in O
the O
years O
to O
come O
. O

We B-Effect
forecast I-Effect
price I-Effect
increases I-Effect
of I-Effect
roughly I-Effect
3 I-Effect
% I-Effect
per I-Effect
year I-Effect
, O
with O
weaker B-Cause
price I-Cause
growth I-Cause
in I-Cause
the I-Cause
Canadian I-Cause
recreational I-Cause
market I-Cause
due I-Cause
to I-Cause
Aphria I-Cause
's I-Cause
focus I-Cause
on I-Cause
flower I-Cause
and I-Cause
Canadian I-Cause
consumers I-Cause
' I-Cause
preference I-Cause
for I-Cause
value-added I-Cause
products I-Cause
. O

We O
believe O
Huntington B-Effect
can I-Effect
continue I-Effect
to I-Effect
reduce I-Effect
structural I-Effect
costs I-Effect
as O
it B-Cause
brings I-Cause
a I-Cause
heightened I-Cause
focus I-Cause
to I-Cause
digital I-Cause
and I-Cause
mobile I-Cause
offerings I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
and I-Cause
beyond I-Cause
, O
and O
we O
expect O
the B-Cause
TCF I-Cause
merger I-Cause
will O
provide B-Effect
even I-Effect
more I-Effect
opportunities I-Effect
for I-Effect
scale I-Effect
and I-Effect
efficiency I-Effect
. O

This B-Effect
disintermediation I-Effect
in I-Effect
lending I-Effect
is I-Effect
a I-Effect
trend I-Effect
we I-Effect
expect I-Effect
to I-Effect
continue I-Effect
as O
capital B-Cause
requirements I-Cause
force I-Cause
loans I-Cause
that I-Cause
otherwise I-Cause
would I-Cause
have I-Cause
been I-Cause
held I-Cause
on I-Cause
a I-Cause
bank I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
to I-Cause
migrate I-Cause
to I-Cause
nonbank I-Cause
investors I-Cause
. O

The B-Cause
firm I-Cause
continues I-Cause
to I-Cause
spend I-Cause
on I-Cause
perpetual I-Cause
improvement I-Cause
in I-Cause
technology I-Cause
, O
which O
should O
lead O
the B-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
administrative I-Effect
and I-Effect
technology I-Effect
ratio I-Effect
to I-Effect
only I-Effect
lever I-Effect
modestly I-Effect
in I-Effect
2021 I-Effect
. O

Moreover O
, O
its B-Cause
problems I-Cause
have I-Cause
been I-Cause
exacerbated I-Cause
by O
the B-Cause
coronavirus I-Cause
crisis I-Cause
, O
which O
caused O
a B-Effect
29 I-Effect
% I-Effect
drop I-Effect
in I-Effect
its I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
and I-Effect
a I-Effect
nearly I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
adjusted I-Effect
operating I-Effect
loss I-Effect
. O

Health B-Effect
insurers I-Effect
could I-Effect
play I-Effect
key I-Effect
roles I-Effect
in I-Effect
a I-Effect
public I-Effect
option I-Effect
and I-Effect
could I-Effect
even I-Effect
benefit I-Effect
from I-Effect
the I-Effect
expansion I-Effect
of I-Effect
services I-Effect
provided I-Effect
, O
if O
the B-Cause
public I-Cause
option I-Cause
merely I-Cause
expands I-Cause
access I-Cause
to I-Cause
insurance I-Cause
rather I-Cause
than I-Cause
causes I-Cause
significant I-Cause
shifts I-Cause
in I-Cause
insurance I-Cause
sources I-Cause
. O

The B-Cause
acquisition I-Cause
of I-Cause
McKesson I-Cause
's I-Cause
EIS I-Cause
helped O
Allscripts B-Effect
quickly I-Effect
enter I-Effect
the I-Effect
hospital I-Effect
segment I-Effect
with I-Effect
approximately I-Effect
6 I-Effect
% I-Effect
share I-Effect
, O
but O
we O
are O
skeptical O
that O
the O
company B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
expand I-Effect
its I-Effect
share I-Effect
to O
effectively O
compete O
with O
Cerner B-Cause
and I-Cause
Epic I-Cause
, I-Cause
which I-Cause
together I-Cause
control I-Cause
more I-Cause
than I-Cause
85 I-Cause
% I-Cause
of I-Cause
the I-Cause
space I-Cause
. O

Quest B-Effect
sells I-Effect
at I-Effect
a I-Effect
higher I-Effect
average I-Effect
price I-Effect
point I-Effect
than I-Effect
Atkins I-Effect
, O
given O
Quest B-Cause
's I-Cause
premium I-Cause
positioning I-Cause
and I-Cause
added I-Cause
benefit I-Cause
of I-Cause
being I-Cause
made I-Cause
with I-Cause
natural I-Cause
, I-Cause
recognizable I-Cause
ingredients I-Cause
. O

To O
stay B-Effect
at I-Effect
the I-Effect
cutting I-Effect
edge I-Effect
of I-Effect
GPU I-Effect
technology I-Effect
, O
Nvidia B-Cause
has I-Cause
a I-Cause
large I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
budget I-Cause
relative O
to O
AMD O
and O
smaller O
GPU O
suppliers O
that O
allows O
it B-Effect
to I-Effect
continuously I-Effect
innovate I-Effect
and I-Effect
fuel I-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
for I-Effect
its I-Effect
high-margin I-Effect
chips I-Effect
. O

The O
process O
of O
developing O
a O
working O
FPGA O
requires O
complex B-Cause
software I-Cause
tools I-Cause
that O
enable O
the O
customer O
to O
actually B-Effect
use I-Effect
the I-Effect
chip I-Effect
as I-Effect
desired I-Effect
. O

A B-Cause
long-running I-Cause
deflationary I-Cause
environment I-Cause
has O
led O
to O
low B-Effect
demand I-Effect
for I-Effect
loans I-Effect
, I-Effect
with I-Effect
the I-Effect
loan/deposit I-Effect
ratio I-Effect
having I-Effect
declined I-Effect
from I-Effect
83 I-Effect
% I-Effect
in I-Effect
2000 I-Effect
to I-Effect
around I-Effect
58 I-Effect
% I-Effect
at I-Effect
present I-Effect
. O

The B-Cause
all-equity I-Cause
deal I-Cause
will O
give O
Enable B-Effect
unit I-Effect
holders I-Effect
nearly I-Effect
three I-Effect
times I-Effect
the I-Effect
number I-Effect
of I-Effect
shares I-Effect
we I-Effect
think I-Effect
is I-Effect
fair I-Effect
based O
on O
our O
Energy O
Transfer O
valuation O
and O
Enable O
's O
market O
price O
as O
of O
mid-February O
. O

As O
with O
most O
E O
& O
P O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
Laredo I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

Global B-Cause
sourcing I-Cause
and I-Cause
preferential I-Cause
pricing I-Cause
from O
suppliers O
lower O
the O
company O
's O
cost O
of O
goods O
sold O
and O
promote O
better O
gross B-Effect
profit I-Effect
margins I-Effect
relative I-Effect
to I-Effect
smaller I-Effect
distributors I-Effect
that I-Effect
lack I-Effect
such I-Effect
scale I-Effect
. O

The O
team O
agreements O
all O
expire O
after O
the O
2020 O
season O
, O
but O
we O
expect O
Formula B-Effect
One I-Effect
Group I-Effect
and I-Effect
the I-Effect
teams I-Effect
to I-Effect
sign I-Effect
new I-Effect
contracts I-Effect
prior I-Effect
to I-Effect
the I-Effect
expiration I-Effect
, O
as O
both B-Cause
sides I-Cause
need I-Cause
the I-Cause
Formula I-Cause
One I-Cause
season I-Cause
to I-Cause
occur I-Cause
. O

As O
new B-Cause
cars I-Cause
continue I-Cause
to I-Cause
add I-Cause
smart I-Cause
features I-Cause
and I-Cause
supports I-Cause
apps I-Cause
from O
Spotify O
, O
Apple O
Music O
, O
and O
Pandora O
, O
we B-Effect
view I-Effect
the I-Effect
streaming I-Effect
platforms I-Effect
as I-Effect
the I-Effect
largest I-Effect
competitors I-Effect
to I-Effect
Sirius I-Effect
converting I-Effect
and I-Effect
holding I-Effect
onto I-Effect
its I-Effect
customers I-Effect
. O

Over O
the O
past O
decade O
, O
Nucor B-Effect
's I-Effect
management I-Effect
team I-Effect
has I-Effect
stressed I-Effect
the I-Effect
importance I-Effect
of I-Effect
locking I-Effect
in I-Effect
flexibility I-Effect
on I-Effect
the I-Effect
sourcing I-Effect
of I-Effect
raw I-Effect
materials I-Effect
in O
an B-Cause
effort I-Cause
to I-Cause
optimize I-Cause
costs I-Cause
in I-Cause
any I-Cause
given I-Cause
market I-Cause
environment I-Cause
. O

The B-Effect
firm I-Effect
materially I-Effect
trails I-Effect
Coca-Cola I-Effect
in I-Effect
these I-Effect
two I-Effect
metrics I-Effect
( I-Effect
by I-Effect
factors I-Effect
of I-Effect
3 I-Effect
in I-Effect
both I-Effect
respects I-Effect
) I-Effect
, O
owing O
to O
the B-Cause
latter I-Cause
's I-Cause
structurally I-Cause
lower-cost I-Cause
position I-Cause
in I-Cause
the I-Cause
supply I-Cause
chain I-Cause
( I-Cause
focusing I-Cause
primarily I-Cause
on I-Cause
beverage I-Cause
concentrates I-Cause
in I-Cause
lieu I-Cause
of I-Cause
finished I-Cause
drink I-Cause
manufacturing I-Cause
) I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
more I-Cause
streamlined I-Cause
raw I-Cause
material I-Cause
procurement I-Cause
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
MercadoLibre I-Effect
to I-Effect
$ I-Effect
1,300 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
1,020 I-Effect
due O
to O
a B-Cause
more I-Cause
optimistic I-Cause
near-term I-Cause
revenue I-Cause
growth I-Cause
forecast I-Cause
stemming I-Cause
from I-Cause
COVID-19-related I-Cause
market I-Cause
share I-Cause
gains I-Cause
and I-Cause
improved I-Cause
monetization I-Cause
potential I-Cause
. O

A B-Effect
new I-Effect
entrant I-Effect
would I-Effect
need I-Effect
to I-Effect
replicate I-Effect
hundreds I-Effect
or I-Effect
thousands I-Effect
of I-Effect
parts I-Effect
to I-Effect
become I-Effect
viable I-Effect
because O
of O
the B-Cause
uncertain I-Cause
demand I-Cause
for I-Cause
individual I-Cause
parts I-Cause
and O
because O
the B-Cause
cost I-Cause
of I-Cause
integrating I-Cause
a I-Cause
small I-Cause
PMA I-Cause
manufacturer I-Cause
in I-Cause
a I-Cause
complex I-Cause
maintenance I-Cause
operation I-Cause
would I-Cause
likely I-Cause
at I-Cause
least I-Cause
offset I-Cause
the I-Cause
potential I-Cause
savings I-Cause
on I-Cause
a I-Cause
part I-Cause
. O

Second O
, O
Twilio B-Effect
faces I-Effect
a I-Effect
degree I-Effect
of I-Effect
concentration I-Effect
risk I-Effect
, O
with O
its B-Cause
10 I-Cause
largest I-Cause
customers I-Cause
contributing I-Cause
to I-Cause
13 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2019 I-Cause
. O

The B-Cause
shift I-Cause
away I-Cause
from I-Cause
showing I-Cause
lower-rated I-Cause
movies I-Cause
to I-Cause
original I-Cause
scripted I-Cause
and I-Cause
unscripted I-Cause
shows I-Cause
has O
attracted B-Effect
a I-Effect
larger I-Effect
audience I-Effect
for I-Effect
AMC I-Effect
's I-Effect
networks I-Effect
. O

IUD B-Effect
market I-Effect
will I-Effect
double I-Effect
by I-Effect
2030 I-Effect
, O
as O
adoption B-Cause
rates I-Cause
converge I-Cause
with I-Cause
usage I-Cause
rates I-Cause
in I-Cause
the I-Cause
rest I-Cause
of I-Cause
the I-Cause
developed I-Cause
world I-Cause
. O

We O
think O
the O
platform O
offers O
a O
network O
effect O
benefit O
as O
well O
, O
as O
more O
users B-Cause
attract I-Cause
more I-Cause
developers I-Cause
, I-Cause
and I-Cause
more I-Cause
developers I-Cause
add I-Cause
more I-Cause
features I-Cause
, O
which O
in O
turn O
attract B-Effect
more I-Effect
users I-Effect
in I-Effect
a I-Effect
virtuous I-Effect
circle I-Effect
. O

We B-Effect
continue I-Effect
to I-Effect
have I-Effect
a I-Effect
positive I-Effect
outlook I-Effect
for I-Effect
2021 I-Effect
thanks O
to O
PPD B-Cause
's I-Cause
strong I-Cause
backlog I-Cause
and I-Cause
solid I-Cause
net I-Cause
new I-Cause
business I-Cause
growth I-Cause
. O

We O
think O
swapping B-Effect
databases I-Effect
like I-Effect
DB2 I-Effect
is I-Effect
not I-Effect
an I-Effect
easy I-Effect
decision I-Effect
for I-Effect
customers I-Effect
to I-Effect
make I-Effect
due O
to O
the B-Cause
cost I-Cause
and I-Cause
time I-Cause
required I-Cause
. O

We O
anticipate O
elevated B-Effect
commercial I-Effect
HVAC I-Effect
sales I-Effect
( O
which O
we O
estimate O
to O
be O
over O
60 O
% O
of O
Trane O
's O
revenue O
) O
for O
the O
foreseeable O
future O
, O
driven O
by O
heightened B-Cause
demand I-Cause
for I-Cause
more I-Cause
energy-efficient I-Cause
systems I-Cause
that I-Cause
deliver I-Cause
better I-Cause
air I-Cause
quality I-Cause
. O

We O
expect O
an B-Cause
earnings I-Cause
improvement I-Cause
in I-Cause
2021 I-Cause
thanks I-Cause
to I-Cause
a I-Cause
recovery I-Cause
in I-Cause
refining I-Cause
margins I-Cause
that O
will B-Effect
be I-Effect
partially I-Effect
offset I-Effect
by I-Effect
high I-Effect
RIN I-Effect
costs I-Effect
. O

Therefore O
, O
AMN O
is O
in O
an O
advantageous O
position O
as O
the O
market O
leader O
overall O
and O
in O
the O
largest O
subsector O
of O
this O
staffing O
market O
, O
but O
still B-Effect
has I-Effect
formidable I-Effect
room I-Effect
to I-Effect
expand I-Effect
in I-Effect
this I-Effect
flourishing I-Effect
market I-Effect
due O
to O
secular B-Cause
trends I-Cause
of I-Cause
aging I-Cause
demographics I-Cause
and I-Cause
a I-Cause
dearth I-Cause
of I-Cause
qualified I-Cause
clinicians I-Cause
. O

Given O
that O
the B-Cause
company I-Cause
operates I-Cause
in I-Cause
less I-Cause
cyclical I-Cause
end I-Cause
markets I-Cause
, O
financial B-Effect
results I-Effect
are I-Effect
very I-Effect
stable I-Effect
and I-Effect
major I-Effect
profit I-Effect
swings I-Effect
are I-Effect
unlikely I-Effect
. O

Many B-Cause
life I-Cause
insurance I-Cause
companies I-Cause
also O
significantly O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
de-risked O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
after O
the O
global O
financial O
crisis O
and O
became O
more O
conservative O
with O
their O
guaranteed O
benefit O
contracts O
, O
so O
we O
expect O
Ameriprise B-Effect
to I-Effect
navigate I-Effect
through I-Effect
the I-Effect
recent I-Effect
economic I-Effect
downturn I-Effect
well I-Effect
. O

As O
retailers B-Cause
spend I-Cause
more I-Cause
to I-Cause
attract I-Cause
buyers I-Cause
tempted I-Cause
by I-Cause
digital I-Cause
rivals I-Cause
' I-Cause
convenience I-Cause
, O
we O
expect O
the B-Effect
environment I-Effect
to I-Effect
remain I-Effect
competitive I-Effect
, I-Effect
with I-Effect
little I-Effect
margin I-Effect
for I-Effect
error I-Effect
. O

Regions B-Effect
is I-Effect
large I-Effect
enough I-Effect
to I-Effect
be I-Effect
subject I-Effect
to I-Effect
the I-Effect
Federal I-Effect
Reserve I-Effect
's I-Effect
stress I-Effect
tests I-Effect
because O
it B-Cause
has I-Cause
more I-Cause
than I-Cause
$ I-Cause
100 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
, O
but O
it O
only O
has O
to O
go O
through O
the O
full O
process O
every O
two O
years O
. O

However O
, O
if O
the B-Effect
public I-Effect
option I-Effect
creates I-Effect
a I-Effect
scenario I-Effect
where O
a B-Cause
significant I-Cause
portion I-Cause
of I-Cause
the I-Cause
employer-based I-Cause
insurance I-Cause
population I-Cause
switches I-Cause
to I-Cause
government-sponsored I-Cause
plans I-Cause
, O
Cigna B-Effect
's I-Effect
commercial I-Effect
business I-Effect
may I-Effect
suffer I-Effect
. O

In O
ultrasound O
and O
IGT O
we O
assume O
mid-single-digit B-Effect
growth I-Effect
until O
2024 O
driven O
by O
increased B-Cause
usage I-Cause
of I-Cause
noninvasive I-Cause
and I-Cause
minimally I-Cause
invasive I-Cause
procedures I-Cause
. O

Although O
Republic O
's O
traditional O
solid O
waste O
operations O
have O
been O
performing O
well O
, O
its O
recycling O
division O
has O
encountered O
painful O
headwinds O
-- O
prices B-Cause
for I-Cause
recycled I-Cause
commodities I-Cause
the I-Cause
company I-Cause
extracts I-Cause
and I-Cause
sells I-Cause
, O
particularly O
old O
corrugated O
cardboard O
, O
plummeted B-Effect
on I-Effect
China I-Effect
's I-Effect
decision I-Effect
to I-Effect
suspend I-Effect
most I-Effect
import I-Effect
licenses I-Effect
in I-Effect
early I-Effect
2018 I-Effect
. O

When O
users B-Cause
share I-Cause
those I-Cause
Snaps I-Cause
with I-Cause
other I-Cause
users I-Cause
, O
we O
believe O
they O
are O
helping B-Effect
advertisers I-Effect
utilize I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
effective I-Effect
advertising I-Effect
methods I-Effect
– I-Effect
word I-Effect
of I-Effect
mouth I-Effect
. O

In O
the O
U.S. O
, O
we O
think O
Medicare-related B-Cause
plans I-Cause
will I-Cause
lead I-Cause
the I-Cause
way I-Cause
, I-Cause
growth-wise I-Cause
, O
due O
to O
demographic B-Effect
trends I-Effect
and I-Effect
the I-Effect
growing I-Effect
popularity I-Effect
of I-Effect
Medicare I-Effect
Advantage I-Effect
plans I-Effect
. O

Knovel B-Cause
is I-Cause
focused I-Cause
on I-Cause
the I-Cause
engineering I-Cause
community I-Cause
and I-Cause
offers I-Cause
guidance I-Cause
and I-Cause
best I-Cause
practice I-Cause
information I-Cause
on I-Cause
a I-Cause
huge I-Cause
range I-Cause
of I-Cause
materials I-Cause
, O
allowing B-Effect
engineers I-Effect
to I-Effect
quickly I-Effect
establish I-Effect
tolerances I-Effect
, I-Effect
environmental I-Effect
impacts I-Effect
, I-Effect
and I-Effect
safety I-Effect
and I-Effect
compliance I-Effect
procedures I-Effect
, I-Effect
all I-Effect
in I-Effect
one I-Effect
place I-Effect
. I-Effect

Driving B-Effect
our I-Effect
financial I-Effect
model I-Effect
is O
our B-Cause
expectation I-Cause
for I-Cause
IBM I-Cause
to I-Cause
continue I-Cause
to I-Cause
shed I-Cause
market I-Cause
share I-Cause
in I-Cause
global I-Cause
IT I-Cause
services I-Cause
, O
leading O
to O
customer B-Effect
losses I-Effect
in I-Effect
its I-Effect
global I-Effect
business I-Effect
services I-Effect
. O

New B-Effect
cement I-Effect
kiln I-Effect
and I-Effect
quarry I-Effect
permits I-Effect
are I-Effect
difficult I-Effect
to I-Effect
obtain I-Effect
near I-Effect
well-populated I-Effect
areas I-Effect
due O
to O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
not B-Cause
in I-Cause
my I-Cause
backyard I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
tendencies I-Cause
, O
as O
kilns B-Cause
are I-Cause
highly I-Cause
pollutive I-Cause
and I-Cause
quarries I-Cause
use I-Cause
dynamite I-Cause
to I-Cause
loosen I-Cause
rocks I-Cause
that I-Cause
can I-Cause
be I-Cause
felt I-Cause
in I-Cause
nearby I-Cause
areas I-Cause
. O

Given O
its B-Cause
monopoly I-Cause
in I-Cause
the I-Cause
nonhormonal I-Cause
, I-Cause
highly I-Cause
regulated I-Cause
IUD I-Cause
space I-Cause
, O
we O
expect O
this B-Effect
segment I-Effect
to I-Effect
continue I-Effect
to I-Effect
experience I-Effect
double-digit I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
after O
which O
we O
expect O
the O
U.S O
. O

While O
we B-Effect
remain I-Effect
cautious I-Effect
regarding I-Effect
this I-Effect
growth-via-acquisition I-Effect
strategy I-Effect
, O
as O
we B-Cause
have I-Cause
yet I-Cause
to I-Cause
see I-Cause
evidence I-Cause
that O
the O
$ O
30 O
billion-plus O
the O
company O
spent O
on O
acquisitions O
since O
2010 O
has O
yielded O
any O
benefits O
to O
its O
returns O
on O
invested O
capital O
, O
we O
're O
cognizant O
of O
the O
firm O
's O
increasingly O
behemoth O
position O
in O
the O
life O
science O
space O
. O

With B-Cause
the I-Cause
company I-Cause
's I-Cause
operating I-Cause
leverage I-Cause
, O
we B-Effect
expect I-Effect
gross B-Effect
margin I-Effect
to I-Effect
increase I-Effect
by I-Effect
nearly I-Effect
200 I-Effect
basis I-Effect
points I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as I-Effect
the B-Cause
company I-Cause
looks I-Cause
to I-Cause
overhaul I-Cause
its I-Cause
pricing I-Cause
structure I-Cause
. O

We O
believe O
the O
firm B-Effect
's I-Effect
aggressive I-Effect
approach I-Effect
is I-Effect
the I-Effect
best I-Effect
strategy I-Effect
as O
Western B-Cause
Union I-Cause
positions I-Cause
itself I-Cause
to I-Cause
maintain I-Cause
its I-Cause
scale I-Cause
advantage I-Cause
despite I-Cause
the I-Cause
shift I-Cause
. O

The B-Effect
engineering I-Effect
design I-Effect
further I-Effect
eliminates I-Effect
the I-Effect
need I-Effect
for I-Effect
an B-Cause
internal I-Cause
rod I-Cause
that I-Effect
other I-Effect
competitors I-Effect
rely I-Effect
on I-Effect
that B-Cause
can I-Cause
cause B-Effect
overheating I-Effect
or I-Effect
loosening I-Effect
that I-Effect
ultimately I-Effect
lead I-Effect
to I-Effect
bushing I-Effect
failures I-Effect
. O

That O
said O
, O
the B-Cause
company I-Cause
's I-Cause
thirst I-Cause
for I-Cause
growth I-Cause
, I-Cause
vast I-Cause
financial I-Cause
flexibility I-Cause
, I-Cause
and I-Cause
balance I-Cause
sheet I-Cause
strength I-Cause
may O
lead O
to O
value-destructive B-Effect
acquisitions I-Effect
, O
such O
as O
pricey O
transactions O
executed O
in O
an O
already O
inflated O
market O
environment O
. O

If B-Cause
carriers I-Cause
do I-Cause
n't I-Cause
have I-Cause
additional I-Cause
spectrum I-Cause
to I-Cause
deploy I-Cause
, O
their B-Effect
best I-Effect
alternative I-Effect
to I-Effect
improve I-Effect
their I-Effect
networks I-Effect
is I-Effect
densifying I-Effect
them I-Effect
-- I-Effect
locating I-Effect
towers I-Effect
closer I-Effect
together I-Effect
. O

The B-Effect
brewing I-Effect
industry I-Effect
has I-Effect
been I-Effect
one I-Effect
of I-Effect
the I-Effect
worst-hit I-Effect
industries I-Effect
in O
the O
consumer O
sector O
as O
the B-Cause
on-trade I-Cause
has I-Cause
closed I-Cause
down I-Cause
, I-Cause
and I-Cause
the I-Cause
stock I-Cause
has I-Cause
not I-Cause
been I-Cause
as I-Cause
defensive I-Cause
as I-Cause
it I-Cause
usually I-Cause
is I-Cause
during I-Cause
economic I-Cause
downturns I-Cause
. O

Telefonica O
Brasil O
's O
reputation O
for O
quality O
, O
as O
seen O
in O
its B-Cause
outsize I-Cause
postpaid I-Cause
wireless I-Cause
presence I-Cause
and I-Cause
steadily I-Cause
expanding I-Cause
fiber-to-the-home I-Cause
fixed-line I-Cause
network I-Cause
, O
should O
serve B-Effect
it I-Effect
well I-Effect
going I-Effect
forward I-Effect
. O

In O
our O
base-case O
scenario O
, O
we O
assume O
a B-Effect
gradual I-Effect
lift I-Effect
in I-Effect
base I-Effect
rates I-Effect
as O
the B-Cause
economy I-Cause
recovers I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
demand I-Cause
outstrips I-Cause
supply I-Cause
, O
lifting O
inflation O
expectations O
. O

We B-Effect
assign I-Effect
Snap-on I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
as O
we B-Cause
believe I-Cause
the I-Cause
most I-Cause
acute I-Cause
threat I-Cause
facing I-Cause
the I-Cause
company I-Cause
, I-Cause
which I-Cause
is I-Cause
the I-Cause
penetration I-Cause
of I-Cause
low-maintenance I-Cause
electric I-Cause
cars I-Cause
, I-Cause
is I-Cause
more I-Cause
than I-Cause
20 I-Cause
years I-Cause
away I-Cause
. O

We O
also O
expect O
product B-Effect
development I-Effect
expense I-Effect
to I-Effect
leverage I-Effect
to I-Effect
11 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
in I-Effect
2030 I-Effect
versus I-Effect
the I-Effect
20 I-Effect
% I-Effect
posted I-Effect
in I-Effect
2019 I-Effect
, O
which O
was O
a B-Effect
heavier I-Effect
investment I-Effect
year I-Effect
( O
2018 O
's O
product O
development O
as O
a O
percent O
of O
sales O
was O
15.9 O
% O
) O
, O
as O
Airbnb B-Cause
leverages I-Cause
a I-Cause
more I-Cause
complete I-Cause
network I-Cause
funded I-Cause
by I-Cause
near-term I-Cause
investment I-Cause
. O

For O
riders O
, O
Lyft B-Cause
's I-Cause
knowledge I-Cause
of I-Cause
supply I-Cause
and O
demand O
may O
help O
the O
firm O
resolve B-Effect
any I-Effect
imbalances I-Effect
that I-Effect
might I-Effect
otherwise I-Effect
force I-Effect
riders I-Effect
into O
using O
an O
alternative O
transportation O
service O
. O

Natural B-Cause
gas I-Cause
composes I-Cause
over I-Cause
two I-Cause
thirds I-Cause
of I-Cause
its I-Cause
production I-Cause
, I-Cause
but I-Cause
a I-Cause
portion I-Cause
of I-Cause
its I-Cause
acreage I-Cause
also I-Cause
yields I-Cause
natural I-Cause
gas I-Cause
liquids I-Cause
, O
which O
gives O
it B-Effect
indirect I-Effect
exposure I-Effect
to I-Effect
crude I-Effect
prices I-Effect
( I-Effect
NGLs I-Effect
are I-Effect
substitutes I-Effect
for I-Effect
certain I-Effect
refined I-Effect
oil I-Effect
products I-Effect
) I-Effect
. O

State B-Cause
and I-Cause
federal I-Cause
regulators I-Cause
grant I-Cause
Energy I-Cause
's I-Cause
utilities I-Cause
exclusive I-Cause
rights I-Cause
to I-Cause
charge I-Cause
customers I-Cause
rates I-Cause
that O
allow B-Effect
the I-Effect
utilities I-Effect
to I-Effect
earn I-Effect
a I-Effect
fair I-Effect
return I-Effect
on I-Effect
and I-Effect
return I-Effect
of I-Effect
the I-Effect
capital I-Effect
they I-Effect
invest I-Effect
to I-Effect
build I-Effect
, I-Effect
operate I-Effect
, I-Effect
and I-Effect
maintain I-Effect
their I-Effect
distribution I-Effect
networks I-Effect
. O

This O
is O
because O
under B-Cause
these I-Cause
circumstances I-Cause
, O
prices B-Effect
have I-Effect
fallen I-Effect
and O
therefore O
Aegon O
no O
longer O
has O
adequate B-Cause
asset I-Cause
values I-Cause
to O
meet O
the B-Effect
annuity I-Effect
and I-Effect
guaranteed I-Effect
savings I-Effect
product I-Effect
cash I-Effect
flows I-Effect
. O

These B-Cause
custom I-Cause
integrations I-Cause
make O
NICE B-Cause
's I-Cause
offering I-Cause
more I-Cause
tightly I-Cause
woven I-Cause
with I-Cause
the I-Cause
day-to-day I-Cause
functionalities I-Cause
of I-Cause
businesses I-Cause
and O
makes O
it B-Effect
important I-Effect
in I-Effect
facilitating I-Effect
communications I-Effect
. O

This B-Cause
network I-Cause
advantage I-Cause
is I-Cause
solidified I-Cause
by I-Cause
technology I-Cause
that I-Cause
integrates I-Cause
GDS I-Cause
content I-Cause
with I-Cause
back-office I-Cause
operations I-Cause
of I-Cause
agents I-Cause
and I-Cause
IT I-Cause
solutions I-Cause
of I-Cause
suppliers I-Cause
, O
leading O
to O
more B-Effect
accurate I-Effect
information I-Effect
that I-Effect
is I-Effect
also I-Effect
easier I-Effect
to I-Effect
book I-Effect
and I-Effect
service I-Effect
the I-Effect
end I-Effect
customer I-Effect
with I-Effect
. O

On O
the O
other O
hand O
, O
if O
GTT B-Cause
proved I-Cause
its I-Cause
business I-Cause
to I-Cause
be I-Cause
highly I-Cause
profitable I-Cause
, O
we O
believe O
it O
could O
face O
greater B-Effect
competition I-Effect
from I-Effect
both I-Effect
ends I-Effect
. O

However O
, O
corporate B-Cause
executive I-Cause
confidence I-Cause
is O
one O
of O
the O
primary O
factors O
that O
drives O
acquisition B-Effect
activity I-Effect
, O
and O
it O
may O
still O
be O
a O
while O
before O
economic O
normalcy O
resumes O
. O

While O
having O
cloud O
service O
providers O
as O
tenants O
can O
create O
a O
network O
effect O
at O
present O
, O
we O
see O
little B-Cause
to I-Cause
hold I-Cause
the I-Cause
cloud I-Cause
providers I-Cause
, O
giving O
them O
a O
disproportionate B-Effect
amount I-Effect
of I-Effect
power I-Effect
. O

Vivo B-Cause
also I-Cause
holds I-Cause
the I-Cause
largest I-Cause
, I-Cause
and I-Cause
fastest I-Cause
growing I-Cause
, I-Cause
fiber I-Cause
network I-Cause
footprint I-Cause
in I-Cause
Brazil I-Cause
, O
which O
should O
allow O
the B-Effect
firm I-Effect
to I-Effect
stabilize I-Effect
and I-Effect
ultimately I-Effect
grow I-Effect
broadband I-Effect
market I-Effect
share I-Effect
. O

However O
, O
KLA B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
charge I-Effect
a I-Effect
premium I-Effect
for I-Effect
its I-Effect
specialized I-Effect
products I-Effect
, O
as O
competitors B-Cause
' I-Cause
offerings I-Cause
are I-Cause
generally I-Cause
not I-Cause
as I-Cause
advanced I-Cause
. O

The O
firm O
has O
made O
some O
strides O
toward O
diversification O
but O
has O
yet B-Cause
to I-Cause
gain I-Cause
the I-Cause
scale I-Cause
necessary I-Cause
in I-Cause
its I-Cause
non-REIT I-Cause
offerings I-Cause
to O
overcome B-Effect
the I-Effect
high I-Effect
level I-Effect
of I-Effect
concentration I-Effect
risk I-Effect
that I-Effect
exists I-Effect
in I-Effect
its I-Effect
investment I-Effect
portfolio I-Effect
. O

While O
technological B-Cause
developments I-Cause
have O
made B-Effect
it I-Effect
possible I-Effect
to I-Effect
build I-Effect
more I-Effect
efficient I-Effect
and I-Effect
reliable I-Effect
networks I-Effect
than I-Effect
the I-Effect
legacy I-Effect
providers I-Effect
possess I-Effect
, O
deploying B-Effect
these I-Effect
technologies I-Effect
still O
requires O
heavy B-Cause
construction I-Cause
outlays I-Cause
, I-Cause
while I-Cause
also I-Cause
overcoming I-Cause
the I-Cause
regulatory I-Cause
hurdles I-Cause
that I-Cause
municipalities I-Cause
often I-Cause
impose I-Cause
. O

The O
effect O
is O
to O
raise B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
, O
thus O
assisting B-Effect
in I-Effect
keeping I-Effect
the I-Effect
market I-Effect
structure I-Effect
less I-Effect
competitive I-Effect
and O
promote B-Effect
the I-Effect
pricing I-Effect
power I-Effect
of I-Effect
Hardie I-Effect
, I-Effect
the I-Effect
most I-Effect
established I-Effect
player I-Effect
. O

We O
forecast O
EBIT B-Effect
margins I-Effect
tempering I-Effect
over I-Effect
our I-Effect
forecast I-Effect
as O
the B-Cause
firm I-Cause
reinvests I-Cause
in I-Cause
the I-Cause
business I-Cause
to I-Cause
remain I-Cause
competitive I-Cause
, I-Cause
spending I-Cause
on I-Cause
better I-Cause
technology I-Cause
, I-Cause
the I-Cause
e-commerce I-Cause
channel I-Cause
, I-Cause
and I-Cause
a I-Cause
faster I-Cause
supply I-Cause
chain I-Cause
. O

Large B-Effect
manufacturers I-Effect
also I-Effect
secure I-Effect
shelf I-Effect
space I-Effect
through O
their O
resilient O
financial O
position O
, O
as O
they B-Cause
can I-Cause
use I-Cause
their I-Cause
considerable I-Cause
resources I-Cause
to I-Cause
support I-Cause
their I-Cause
brands I-Cause
at I-Cause
the I-Cause
shelf I-Cause
and I-Cause
defend I-Cause
their I-Cause
share I-Cause
position I-Cause
against I-Cause
the I-Cause
encroachment I-Cause
of I-Cause
smaller I-Cause
foes I-Cause
, I-Cause
leveraging I-Cause
costs I-Cause
over I-Cause
a I-Cause
wide I-Cause
base I-Cause
. O

Mitigating B-Effect
our I-Effect
otherwise I-Effect
favorable I-Effect
view I-Effect
of I-Effect
Airbnb I-Effect
's I-Effect
network I-Effect
position I-Effect
in I-Effect
the I-Effect
online I-Effect
travel I-Effect
growth I-Effect
industry I-Effect
are I-Effect
competitive I-Effect
, O
regulatory B-Cause
, I-Cause
and I-Cause
structural I-Cause
cost I-Cause
threats I-Cause
. O

We O
expect O
an B-Effect
8 I-Effect
% I-Effect
drop I-Effect
in I-Effect
its I-Effect
2020 I-Effect
hosiery I-Effect
and I-Effect
underwear I-Effect
sales I-Effect
as O
the B-Cause
Walmart I-Cause
private-label I-Cause
men I-Cause
's I-Cause
underwear I-Cause
deal I-Cause
can I-Cause
not I-Cause
overcome I-Cause
weakness I-Cause
elsewhere I-Cause
. O

Recommended B-Cause
cervical I-Cause
screening I-Cause
intervals I-Cause
have I-Cause
lengthened I-Cause
, O
reducing B-Effect
Pap I-Effect
smear I-Effect
volumes I-Effect
and I-Effect
forcing I-Effect
Hologic I-Effect
to I-Effect
preserve I-Effect
market I-Effect
share I-Effect
against I-Effect
Becton I-Effect
Dickinson I-Effect
. O

These B-Cause
proposed I-Cause
regulatory I-Cause
changes I-Cause
would O
reduce B-Effect
the I-Effect
cost I-Effect
of I-Effect
drugs I-Effect
which O
is O
currently O
a O
pass-through O
to O
revenue O
and O
a O
basis O
of O
how O
pharmacy O
wholesalers O
are O
compensated O
. O

As O
vendors B-Cause
rarely I-Cause
disclose I-Cause
the I-Cause
number I-Cause
of I-Cause
category I-Cause
captains I-Cause
they I-Cause
employ I-Cause
, O
we B-Effect
use I-Effect
the I-Effect
number I-Effect
of I-Effect
category I-Effect
leadership I-Effect
positions I-Effect
( I-Effect
defined I-Effect
as I-Effect
being I-Effect
the I-Effect
category I-Effect
leader I-Effect
or I-Effect
a I-Effect
strong I-Effect
number I-Effect
two I-Effect
) I-Effect
, I-Effect
proportionate I-Effect
to I-Effect
sales I-Effect
, I-Effect
as I-Effect
a I-Effect
proxy I-Effect
for I-Effect
category I-Effect
captaincies I-Effect
. O

Given O
its B-Cause
focus I-Cause
on I-Cause
the I-Cause
most I-Cause
differentiated I-Cause
portions I-Cause
of I-Cause
the I-Cause
market O
, O
the B-Effect
segment I-Effect
also I-Effect
has I-Effect
one I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
strongest I-Effect
patent I-Effect
portfolios I-Effect
, I-Effect
with I-Effect
more I-Effect
than I-Effect
3,600 I-Effect
granted I-Effect
or I-Effect
pending I-Effect
. O

Toll B-Cause
Brothers I-Cause
' I-Cause
joint I-Cause
ventures I-Cause
generate I-Cause
equity I-Cause
income I-Cause
for I-Cause
the I-Cause
firm I-Cause
, I-Cause
which I-Cause
can I-Cause
be I-Cause
quite I-Cause
volatile I-Cause
and O
therefore O
difficult B-Effect
to I-Effect
forecast I-Effect
. O

While O
the B-Cause
company I-Cause
's I-Cause
international I-Cause
presence I-Cause
creates O
revenue B-Effect
growth I-Effect
opportunities I-Effect
and I-Effect
diversification I-Effect
benefits I-Effect
, O
it O
also O
exposes B-Effect
Lincoln I-Effect
Electric I-Effect
to I-Effect
economic I-Effect
, I-Effect
political I-Effect
, I-Effect
and I-Effect
foreign I-Effect
exchange I-Effect
risks I-Effect
associated I-Effect
with I-Effect
its I-Effect
operations I-Effect
abroad I-Effect
. O

Consumers B-Cause
in I-Cause
areas I-Cause
affected I-Cause
by I-Cause
water I-Cause
supply I-Cause
constraints I-Cause
, O
such O
as O
Texas O
and O
California O
, O
contribute O
75 B-Effect
% I-Effect
of I-Effect
revenue I-Effect
to I-Effect
Scotts I-Effect
Miracle-Gro I-Effect
. O

As B-Cause
its I-Cause
clients I-Cause
' I-Cause
ads I-Cause
drove I-Cause
more I-Cause
revenue I-Cause
for I-Cause
the I-Cause
client I-Cause
( I-Cause
say I-Cause
, I-Cause
online I-Cause
clothing I-Cause
sales I-Cause
at I-Cause
Macy I-Cause
's I-Cause
) I-Cause
, O
more B-Effect
clients I-Effect
jumped I-Effect
on I-Effect
board I-Effect
. O

Gene B-Cause
therapy I-Cause
competitors I-Cause
like I-Cause
Sangamo/Pfizer I-Cause
and I-Cause
Roche I-Cause
( I-Cause
Spark I-Cause
) I-Cause
could I-Cause
also I-Cause
see I-Cause
delays I-Cause
as O
they B-Cause
are I-Cause
still I-Cause
enrolling I-Cause
phase I-Cause
3 I-Cause
studies I-Cause
, O
which O
could B-Effect
improve I-Effect
BioMarin I-Effect
's I-Effect
early I-Effect
market I-Effect
share I-Effect
lead I-Effect
beginning I-Effect
in I-Effect
2022 I-Effect
. O

Given O
the B-Cause
company I-Cause
's I-Cause
inherent I-Cause
exposure I-Cause
to I-Cause
the I-Cause
residential I-Cause
real I-Cause
estate I-Cause
industry I-Cause
, O
we B-Effect
view I-Effect
it I-Effect
as I-Effect
being I-Effect
tied I-Effect
to I-Effect
various I-Effect
housing I-Effect
related I-Effect
macroeconomic I-Effect
risks I-Effect
. O

The B-Cause
global I-Cause
scale I-Cause
and I-Cause
sheer I-Cause
pharmaceutical I-Cause
volumes I-Cause
enable O
the B-Effect
company I-Effect
to I-Effect
negotiate I-Effect
competitive I-Effect
prices I-Effect
between I-Effect
manufacturers I-Effect
and I-Effect
pharmacies I-Effect
, I-Effect
providers I-Effect
, I-Effect
and I-Effect
PBMs I-Effect
and O
it O
can O
efficiently B-Effect
provide I-Effect
access I-Effect
to I-Effect
a I-Effect
vast I-Effect
portfolio I-Effect
of I-Effect
drugs I-Effect
. O

Further O
, O
we B-Effect
forecast I-Effect
a I-Effect
mid-single-digit I-Effect
operating I-Effect
margin I-Effect
in I-Effect
2020 I-Effect
after O
negative B-Cause
operating I-Cause
margins I-Cause
in I-Cause
2018 I-Cause
and I-Cause
2019 I-Cause
, O
but O
we B-Effect
see I-Effect
a I-Effect
path I-Effect
to I-Effect
midteens I-Effect
operating I-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
four I-Effect
years I-Effect
through O
take-rate B-Cause
monetization I-Cause
opportunities I-Cause
( I-Cause
payments I-Cause
and I-Cause
logistics I-Cause
) I-Cause
and I-Cause
improved I-Cause
operating I-Cause
leverage I-Cause
. O

We B-Effect
anticipate I-Effect
Royal I-Effect
Caribbean I-Effect
's I-Effect
EBITDA I-Effect
margins I-Effect
can I-Effect
expand I-Effect
to I-Effect
more I-Effect
than I-Effect
30 I-Effect
% I-Effect
by I-Effect
2023 I-Effect
if B-Cause
the I-Cause
firm I-Cause
continues I-Cause
to I-Cause
stringently I-Cause
control I-Cause
costs I-Cause
once I-Cause
sailing I-Cause
resumes I-Cause
. O

The B-Cause
strength I-Cause
of I-Cause
its I-Cause
brand I-Cause
, I-Cause
coupled I-Cause
with I-Cause
its I-Cause
cost I-Cause
advantage I-Cause
, O
should O
enable O
the B-Effect
firm I-Effect
to I-Effect
foster I-Effect
new I-Effect
and I-Effect
deepening I-Effect
relationships I-Effect
with I-Effect
its I-Effect
customers I-Effect
by I-Effect
providing I-Effect
a I-Effect
better I-Effect
standard I-Effect
of I-Effect
service I-Effect
, I-Effect
protecting I-Effect
O'Reilly I-Effect
's I-Effect
results I-Effect
from I-Effect
competitive I-Effect
threats I-Effect
from I-Effect
smaller I-Effect
and I-Effect
like-sized I-Effect
peers I-Effect
. O

We O
expect O
Expedia B-Effect
to I-Effect
achieve I-Effect
cost I-Effect
savings I-Effect
with O
a B-Cause
efficient I-Cause
focus I-Cause
on I-Cause
investing I-Cause
behind I-Cause
brands I-Cause
that I-Cause
are I-Cause
resonating I-Cause
in I-Cause
specific I-Cause
geographies I-Cause
versus O
a O
prior O
strategy O
of O
investing O
in O
all O
brands O
in O
every O
region O
. O

Along O
those O
lines O
, O
a B-Cause
lack I-Cause
of I-Cause
visibility I-Cause
surrounding I-Cause
the I-Cause
duration I-Cause
of I-Cause
economic I-Cause
recession I-Cause
sparked I-Cause
by I-Cause
the I-Cause
COVID-19 I-Cause
outbreak I-Cause
brings O
elevated B-Effect
uncertainty I-Effect
to I-Effect
our I-Effect
volume I-Effect
and I-Effect
pricing I-Effect
assumptions I-Effect
for I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
. O

As O
the B-Cause
trend I-Cause
of I-Cause
outsourcing I-Cause
continues I-Cause
and I-Cause
the I-Cause
complexity I-Cause
of I-Cause
services I-Cause
provided I-Cause
increases I-Cause
, O
it B-Effect
will I-Effect
only I-Effect
become I-Effect
more I-Effect
difficult I-Effect
to I-Effect
switch I-Effect
firms I-Effect
. O

Most B-Cause
of I-Cause
Prologis I-Cause
' I-Cause
activity I-Cause
comes I-Cause
from I-Cause
the I-Cause
U.S. I-Cause
, O
so O
trade B-Effect
concerns I-Effect
surrounding I-Effect
the I-Effect
new I-Effect
administration I-Effect
could I-Effect
act I-Effect
as I-Effect
a I-Effect
tailwind I-Effect
, I-Effect
especially I-Effect
given I-Effect
ongoing I-Effect
tariff I-Effect
discussions I-Effect
. O

First O
, O
the B-Cause
technology I-Cause
used I-Cause
in I-Cause
arms I-Cause
production I-Cause
requires I-Cause
extensive I-Cause
expertise I-Cause
and I-Cause
lacks I-Cause
commercial I-Cause
viability I-Cause
outside I-Cause
of I-Cause
the I-Cause
defense I-Cause
industry I-Cause
( O
aside O
from O
commercial O
aerospace O
manufacturing O
) O
, O
so O
a O
new O
entrant B-Effect
would I-Effect
likely I-Effect
need I-Effect
to I-Effect
develop I-Effect
this I-Effect
know-how I-Effect
entirely I-Effect
from I-Effect
the I-Effect
ground I-Effect
up I-Effect
. O

Additionally O
, O
properties B-Cause
in I-Cause
desirable I-Cause
submarkets I-Cause
with I-Cause
easy I-Cause
access I-Cause
to I-Cause
transportation I-Cause
, I-Cause
are I-Cause
near I-Cause
business I-Cause
districts I-Cause
, I-Cause
provide I-Cause
food I-Cause
and I-Cause
entertainment I-Cause
options I-Cause
, I-Cause
and I-Cause
have I-Cause
low I-Cause
crime I-Cause
see I-Cause
higher I-Cause
demand I-Cause
that O
can O
translate B-Effect
to I-Effect
higher I-Effect
rents I-Effect
and I-Effect
higher I-Effect
growth I-Effect
. O

This O
allows O
hospitals B-Effect
to I-Effect
gain I-Effect
efficiencies I-Effect
by O
reducing B-Cause
duplicities I-Cause
, I-Cause
personnel I-Cause
costs I-Cause
and I-Cause
freeing I-Cause
up I-Cause
doctors I-Cause
' I-Cause
and I-Cause
nurses I-Cause
' I-Cause
time I-Cause
from I-Cause
redundant I-Cause
activities I-Cause
. O

We B-Effect
assume I-Effect
CNOOC I-Effect
's I-Effect
oil I-Effect
and I-Effect
gas I-Effect
output I-Effect
to I-Effect
rise I-Effect
at O
a O
compound O
annual O
growth O
rate O
of O
6.4 O
% O
from O
2019 O
to O
2024 O
, O
supported O
by O
new B-Cause
projects I-Cause
coming I-Cause
on I-Cause
stream I-Cause
. O

Furthermore O
, O
as O
an O
E O
& O
C O
firm O
, O
Jacobs O
also O
faces O
significant O
event O
risk O
, O
such O
as O
legal B-Cause
disputes I-Cause
and I-Cause
cost I-Cause
overruns I-Cause
( I-Cause
which I-Cause
could I-Cause
be I-Cause
caused I-Cause
by I-Cause
a I-Cause
number I-Cause
of I-Cause
factors I-Cause
including I-Cause
labor I-Cause
shortages I-Cause
, I-Cause
subcontractor I-Cause
performance I-Cause
, I-Cause
inclement I-Cause
weather I-Cause
, I-Cause
and I-Cause
natural I-Cause
events I-Cause
) I-Cause
, O
which O
could B-Effect
lead I-Effect
to I-Effect
large I-Effect
losses I-Effect
on I-Effect
individual I-Effect
projects I-Effect
. O

We O
project O
Shaw B-Effect
's I-Effect
capital I-Effect
intensity I-Effect
to I-Effect
continue I-Effect
declining I-Effect
as O
it B-Cause
gets I-Cause
beyond I-Cause
the I-Cause
initial I-Cause
stages I-Cause
of I-Cause
its I-Cause
rapid I-Cause
wireless I-Cause
network I-Cause
buildout I-Cause
. O

Marriott B-Cause
's I-Cause
strong I-Cause
brand I-Cause
and I-Cause
management I-Cause
expertise I-Cause
, I-Cause
along I-Cause
with I-Cause
these I-Cause
meaningful I-Cause
switching I-Cause
costs I-Cause
, O
results O
in O
low B-Effect
attrition I-Effect
of I-Effect
its I-Effect
managed I-Effect
and I-Effect
franchised I-Effect
customer I-Effect
base I-Effect
. O

We O
think O
the B-Cause
growth I-Cause
in I-Cause
yoga I-Cause
allows O
Lululemon B-Effect
to I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
position I-Effect
despite I-Effect
new I-Effect
entrants I-Effect
into I-Effect
the I-Effect
yoga I-Effect
apparel I-Effect
category I-Effect
. O

We B-Effect
expect I-Effect
services I-Effect
revenue I-Effect
can I-Effect
decrease I-Effect
to I-Effect
5 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
by I-Effect
fiscal I-Effect
2031 I-Effect
, O
as O
the B-Cause
company I-Cause
relies I-Cause
increasingly I-Cause
on I-Cause
third I-Cause
party I-Cause
IT I-Cause
servicers I-Cause
to I-Cause
implement I-Cause
and I-Cause
service I-Cause
its I-Cause
software I-Cause
. O

Competitors O
are O
seldom O
far O
behind O
in O
the O
consumer O
technology O
market O
and O
are O
likely O
to O
develop O
similar O
solutions O
, O
like O
competing B-Cause
TDDI I-Cause
, O
that O
reduce B-Effect
Synaptics I-Effect
' I-Effect
current I-Effect
competitive I-Effect
advantage I-Effect
. O

We O
think O
Tyson B-Effect
's I-Effect
operating I-Effect
margin I-Effect
will I-Effect
dip I-Effect
below I-Effect
its I-Effect
normal I-Effect
7 I-Effect
% I-Effect
-8 I-Effect
% I-Effect
range I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
to I-Effect
6 I-Effect
% I-Effect
as O
the B-Cause
firm I-Cause
invests I-Cause
in I-Cause
its I-Cause
chicken I-Cause
segment I-Cause
, O
which O
has O
suffered O
from O
executional B-Cause
missteps I-Cause
over O
the O
past O
few O
years O
. O

This B-Cause
field I-Cause
is I-Cause
regulated I-Cause
, I-Cause
and I-Cause
the I-Cause
Food I-Cause
and I-Cause
Drug I-Cause
Administration I-Cause
requires I-Cause
a I-Cause
closed I-Cause
loop I-Cause
, I-Cause
meaning I-Cause
only I-Cause
one I-Cause
diagnostic I-Cause
test I-Cause
is I-Cause
approved I-Cause
for I-Cause
a I-Cause
related I-Cause
drug. O
Therefore O
, O
the B-Effect
sustainability I-Effect
of I-Effect
that I-Effect
revenue I-Effect
stream I-Effect
is I-Effect
connected I-Effect
to I-Effect
each I-Effect
pharmaceutical I-Effect
product I-Effect
with I-Effect
exclusivity I-Effect
until I-Effect
the I-Effect
drug I-Effect
's I-Effect
patent I-Effect
expires I-Effect
, I-Effect
which I-Effect
can I-Effect
last I-Effect
for I-Effect
roughly I-Effect
10 I-Effect
years I-Effect
after I-Effect
approval I-Effect
. O

Newmont B-Cause
has I-Cause
some I-Cause
of I-Cause
the I-Cause
largest I-Cause
reserves I-Cause
among I-Cause
senior I-Cause
gold I-Cause
producers I-Cause
, O
so O
sustaining B-Effect
production I-Effect
levels I-Effect
is I-Effect
not I-Effect
of I-Effect
particular I-Effect
concern I-Effect
. I-Effect

As O
UnitedHealth B-Cause
's I-Cause
local I-Cause
market I-Cause
share I-Cause
rises I-Cause
, O
its B-Cause
negotiating I-Cause
leverage I-Cause
with I-Cause
healthcare I-Cause
suppliers I-Cause
particularly I-Cause
service I-Cause
providers I-Cause
also I-Cause
rises I-Cause
, O
which O
can O
create B-Cause
a I-Cause
virtuous I-Cause
cycle I-Cause
where O
UnitedHealth B-Effect
attracts I-Effect
even I-Effect
more I-Effect
clients I-Effect
and I-Effect
more I-Effect
providers I-Effect
to I-Effect
its I-Effect
insurance I-Effect
network I-Effect
. O

Trent B-Cause
XWB I-Cause
and I-Cause
Trent I-Cause
7000 I-Cause
engine I-Cause
delivery I-Cause
ramp-up I-Cause
, O
which O
power O
the O
A350 O
and O
A330neo O
wide-body O
aircraft O
, O
respectively O
, O
will O
increase O
the O
in-service O
fleet O
and O
is O
a O
key O
driver O
for O
higher B-Effect
group I-Effect
margins I-Effect
and I-Effect
returns I-Effect
. O

Because O
of O
its B-Cause
mixed I-Cause
model I-Cause
, O
Allstate B-Effect
retains I-Effect
a I-Effect
higher I-Effect
amount I-Effect
of I-Effect
balance I-Effect
sheet I-Effect
leverage I-Effect
compared I-Effect
with I-Effect
many I-Effect
of I-Effect
its I-Effect
property-casualty I-Effect
insurance I-Effect
peers I-Effect
. O

Despite O
first-quarter O
weather O
disruption O
, O
demand B-Effect
across I-Effect
most I-Effect
end I-Effect
markets I-Effect
is I-Effect
rebounding I-Effect
nicely I-Effect
this I-Effect
year I-Effect
as O
lockdowns B-Cause
ease I-Cause
and I-Cause
economic I-Cause
activity I-Cause
recovers I-Cause
( I-Cause
especially I-Cause
the I-Cause
retail I-Cause
sector I-Cause
) I-Cause
. O

With B-Cause
more I-Cause
users I-Cause
, I-Cause
more I-Cause
data I-Cause
is I-Cause
gathered I-Cause
and I-Cause
analyzed I-Cause
, O
helping O
advertisers B-Effect
target I-Effect
the I-Effect
large I-Effect
user I-Effect
base I-Effect
more I-Effect
effectively I-Effect
with I-Effect
online I-Effect
ads I-Effect
. O

Buildings B-Cause
where I-Cause
modernization I-Cause
operations I-Cause
are I-Cause
performed I-Cause
keep I-Cause
functioning I-Cause
normally I-Cause
( I-Cause
unlike I-Cause
in I-Cause
new I-Cause
construction I-Cause
) I-Cause
, O
so O
minimal B-Effect
disruption I-Effect
of I-Effect
daily I-Effect
routines I-Effect
is I-Effect
also I-Effect
important I-Effect
. I-Effect

Even O
though O
ArcelorMittal B-Cause
's I-Cause
scale I-Cause
, I-Cause
geographic I-Cause
diversification I-Cause
, I-Cause
and I-Cause
multifaceted I-Cause
end I-Cause
market I-Cause
exposure I-Cause
may O
help O
reduce B-Effect
earnings I-Effect
volatility I-Effect
, O
they O
do O
n't O
materially O
improve O
the O
likelihood O
that O
the O
company O
will O
be O
able O
to O
consistently O
generate O
returns O
on O
invested O
capital O
in O
excess O
of O
its O
weighted O
average O
cost O
of O
capital O
. O

We O
believe O
that O
the B-Cause
value I-Cause
of I-Cause
Coupa I-Cause
's I-Cause
holistic I-Cause
spend I-Cause
management I-Cause
platform I-Cause
will O
drive B-Effect
new I-Effect
enterprise I-Effect
customer I-Effect
adoption I-Effect
and I-Effect
further I-Effect
entrench I-Effect
existing I-Effect
customers I-Effect
within I-Effect
Coupa I-Effect
. O

Recently O
, O
management B-Effect
has I-Effect
focused I-Effect
on I-Effect
streamlining I-Effect
operations I-Effect
through O
reducing B-Cause
duplicative I-Cause
manufacturing I-Cause
operations I-Cause
, I-Cause
standardizing I-Cause
ERP I-Cause
systems I-Cause
, I-Cause
and I-Cause
a I-Cause
global I-Cause
strategic I-Cause
sourcing I-Cause
initiative I-Cause
. O

Teladoc B-Cause
's I-Cause
business-to-business I-Cause
relationships I-Cause
cater I-Cause
to I-Cause
large I-Cause
subscription I-Cause
bases I-Cause
from I-Cause
payer I-Cause
and I-Cause
self-funded I-Cause
employers I-Cause
, O
which O
means O
revenue B-Effect
is I-Effect
concentrated I-Effect
among I-Effect
the I-Effect
largest I-Effect
customers I-Effect
. O

The B-Cause
combination I-Cause
with I-Cause
battery I-Cause
storage I-Cause
would O
present O
an O
even O
bigger O
threat O
, O
allowing O
wind B-Effect
and I-Effect
solar I-Effect
energy I-Effect
to I-Effect
provide I-Effect
the I-Effect
same I-Effect
reliability I-Effect
benefits I-Effect
as I-Effect
geothermal I-Effect
. O

And O
in O
the O
U.S. O
, O
where O
BAE O
Systems O
has O
a O
60 O
% O
share O
of O
the O
non-nuclear O
Naval O
repair O
market O
, O
the B-Effect
strategically I-Effect
located I-Effect
shipyards I-Effect
afford I-Effect
it I-Effect
a I-Effect
geographical I-Effect
advantage I-Effect
as O
there B-Cause
is I-Cause
usually I-Cause
only I-Cause
one I-Cause
shipyard I-Cause
supporting I-Cause
an I-Cause
entire I-Cause
region I-Cause
. O

However O
, O
we O
believe O
the B-Effect
small I-Effect
premium I-Effect
is I-Effect
warranted I-Effect
, O
given O
the B-Cause
solid I-Cause
electricity I-Cause
growth I-Cause
and I-Cause
constructive I-Cause
regulatory I-Cause
framework I-Cause
in I-Cause
Virginia I-Cause
, I-Cause
its I-Cause
largest I-Cause
service I-Cause
territory I-Cause
. O

However O
, O
because B-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
all I-Effect
Canadian I-Effect
banks I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Given O
its B-Cause
entrenched I-Cause
supply I-Cause
chain I-Cause
position I-Cause
, I-Cause
pricing I-Cause
power I-Cause
in I-Cause
specialised I-Cause
nutrition I-Cause
, I-Cause
and I-Cause
a I-Cause
durable I-Cause
cost I-Cause
edge I-Cause
, O
we O
believe O
the B-Effect
firm I-Effect
is I-Effect
poised I-Effect
to I-Effect
meet I-Effect
changing I-Effect
consumer I-Effect
demands I-Effect
while I-Effect
generating I-Effect
healthy I-Effect
returns I-Effect
. O

However O
, O
the B-Effect
First I-Effect
Niagara I-Effect
acquisition I-Effect
has I-Effect
been I-Effect
a I-Effect
very I-Effect
positive I-Effect
step I-Effect
here I-Effect
, O
and O
the B-Cause
bank I-Cause
is I-Cause
now I-Cause
on I-Cause
a I-Cause
path I-Cause
to I-Cause
consistent I-Cause
performance I-Cause
in I-Cause
the I-Cause
mid- I-Cause
to I-Cause
upper-50s I-Cause
. O

While O
Match O
Group O
has O
been O
a O
first-mover O
in O
creating O
useful O
and O
attractive O
features O
on O
its O
offerings O
such O
as O
the O
right O
and O
left O
swipes O
, O
match O
likelihood O
, O
passport O
, O
or O
boost O
on O
Tinder O
, O
we O
note O
that O
it B-Cause
lacks I-Cause
intangible I-Cause
assets I-Cause
protecting I-Cause
such I-Cause
innovation I-Cause
, O
practically B-Effect
eliminating I-Effect
any I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
. O

Generally B-Effect
, I-Effect
ultrapremium I-Effect
brands I-Effect
experience I-Effect
less I-Effect
downside I-Effect
volatility I-Effect
than I-Effect
high-volume I-Effect
brands I-Effect
because O
recessionary B-Cause
periods I-Cause
rarely I-Cause
dissuade I-Cause
wealthy I-Cause
customers I-Cause
from I-Cause
purchasing I-Cause
. O

The O
AI-driven B-Cause
menu I-Cause
is I-Cause
also I-Cause
promoting I-Cause
sides I-Cause
and I-Cause
drinks I-Cause
to I-Cause
diners I-Cause
, O
leading O
to O
larger B-Effect
tickets I-Effect
while I-Effect
also I-Effect
reducing I-Effect
labor I-Effect
needs I-Effect
and I-Effect
increasing I-Effect
order I-Effect
accuracy I-Effect
. O

To B-Cause
be I-Cause
effective I-Cause
for I-Cause
money I-Cause
transfers I-Cause
, I-Cause
payment I-Cause
options I-Cause
need I-Cause
to I-Cause
be I-Cause
available I-Cause
on I-Cause
both I-Cause
sides I-Cause
of I-Cause
the I-Cause
transaction I-Cause
, I-Cause
both I-Cause
sending I-Cause
and I-Cause
receiving. O
As O
a O
result O
, O
conditions B-Effect
in I-Effect
the I-Effect
less I-Effect
developed I-Effect
recipient I-Effect
countries I-Effect
typically I-Effect
limit I-Effect
the I-Effect
potential I-Effect
reach I-Effect
of I-Effect
any I-Effect
money I-Effect
transfer I-Effect
method I-Effect
. O

However O
, O
in O
recent O
years O
, O
this O
sector B-Effect
's I-Effect
demand I-Effect
has I-Effect
been I-Effect
low I-Effect
relative I-Effect
to I-Effect
historical I-Effect
levels I-Effect
amid O
underfunding B-Cause
that O
has O
led O
to O
worsening B-Cause
conditions I-Cause
. O

The B-Cause
exclusivity I-Cause
of I-Cause
the I-Cause
x86 I-Cause
license I-Cause
serves I-Cause
as I-Cause
a I-Cause
major I-Cause
barrier I-Cause
to I-Cause
entry I-Cause
for O
other B-Effect
chipmakers I-Effect
( I-Effect
such I-Effect
as I-Effect
Qualcomm I-Effect
, I-Effect
Broadcom I-Effect
, I-Effect
and I-Effect
so I-Effect
on I-Effect
) I-Effect
that I-Effect
can I-Effect
not I-Effect
make I-Effect
an I-Effect
x86 I-Effect
processor I-Effect
without I-Effect
a I-Effect
license I-Effect
. O

Tightening B-Cause
environmental I-Cause
compliance I-Cause
regulations I-Cause
could O
require B-Effect
significant I-Effect
capital I-Effect
investment I-Effect
or I-Effect
added I-Effect
operating I-Effect
costs I-Effect
that O
may O
have O
uncertain O
cost O
recovery O
in O
traditional O
regulated O
rates O
. O

Whereas O
our O
growth O
expectations O
are O
flattish O
for O
the O
upcoming O
year O
, O
we O
expect O
sales B-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
4 I-Effect
% I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
owing O
to O
a B-Cause
robust I-Cause
global I-Cause
economic I-Cause
recovery I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

For B-Effect
the I-Effect
year I-Effect
, I-Effect
we I-Effect
expect I-Effect
flat I-Effect
adjusted I-Effect
income I-Effect
from I-Effect
operations I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
( I-Effect
17.4 I-Effect
% I-Effect
) I-Effect
as B-Cause
incremental I-Cause
coronavirus-related I-Cause
expenses I-Cause
largely I-Cause
offset I-Cause
any I-Cause
operating I-Cause
expense I-Cause
leverage I-Cause
. O

We B-Cause
expect I-Cause
net I-Cause
earned I-Cause
premiums I-Cause
to I-Cause
grow I-Cause
at I-Cause
a I-Cause
modest I-Cause
4 I-Cause
% I-Cause
compound I-Cause
annual I-Cause
rate I-Cause
over I-Cause
our I-Cause
five-year I-Cause
forecast I-Cause
, O
with B-Effect
better I-Effect
growth I-Effect
in I-Effect
the I-Effect
near-term I-Effect
as I-Effect
pricing I-Effect
improves I-Effect
. O

Overall O
, O
we O
expect O
annual B-Effect
earnings I-Effect
per I-Effect
share I-Effect
growth I-Effect
will I-Effect
average I-Effect
5 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
strong B-Cause
growth I-Cause
in I-Cause
new I-Cause
pipeline I-Cause
drugs I-Cause
should I-Cause
offset I-Cause
some I-Cause
patent I-Cause
losses I-Cause
in I-Cause
the I-Cause
pharmaceutical I-Cause
division I-Cause
. O

We O
see O
almost B-Effect
no I-Effect
growth I-Effect
prospects I-Effect
in I-Effect
canned I-Effect
food I-Effect
or I-Effect
aerosols I-Effect
in I-Effect
these I-Effect
markets I-Effect
, O
as O
developed-market B-Cause
consumers I-Cause
are I-Cause
unlikely I-Cause
to I-Cause
increase I-Cause
their I-Cause
consumption I-Cause
of I-Cause
canned I-Cause
products I-Cause
. O

In O
terms O
of O
operating O
expenses O
growth O
, O
we O
expect O
management B-Cause
to I-Cause
be I-Cause
conservative I-Cause
given I-Cause
the I-Cause
headwinds I-Cause
and O
thus O
forecast O
relatively B-Effect
flat I-Effect
to I-Effect
low-single-digit I-Effect
percent I-Effect
expense I-Effect
levels I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

This B-Effect
decline I-Effect
in I-Effect
organic I-Effect
brokerage I-Effect
asset I-Effect
growth I-Effect
wo I-Effect
n't I-Effect
necessarily I-Effect
reduce I-Effect
overall I-Effect
brokerage I-Effect
assets I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
because O
of O
market B-Cause
effects I-Cause
. O

With O
the B-Cause
company I-Cause
's I-Cause
book I-Cause
value I-Cause
per I-Cause
share I-Cause
expected O
to O
increase O
at O
a O
high-single-digit O
rate O
this O
year O
and O
next O
, O
our O
new O
estimate O
is O
equivalent B-Effect
to I-Effect
1.40 I-Effect
and I-Effect
1.31 I-Effect
times I-Effect
our I-Effect
estimates I-Effect
for I-Effect
Berkshire I-Effect
's I-Effect
book I-Effect
value I-Effect
per I-Effect
share I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, O
respectively O
. O

Magellan B-Effect
can I-Effect
pivot I-Effect
to I-Effect
other I-Effect
fuels I-Effect
such I-Effect
as I-Effect
aviation I-Effect
, I-Effect
but I-Effect
air I-Effect
travel I-Effect
demand I-Effect
is I-Effect
similarly I-Effect
pressured I-Effect
due O
to O
COVID-19 B-Cause
and I-Cause
changing I-Cause
views I-Cause
toward I-Cause
air I-Cause
travel I-Cause
and I-Cause
carbon I-Cause
emissions I-Cause
. I-Cause

We O
assume O
slightly B-Effect
higher I-Effect
growth I-Effect
rates I-Effect
than I-Effect
historically I-Effect
for I-Effect
the I-Effect
monitoring I-Effect
business I-Effect
, O
as O
we O
believe O
COVID-19 B-Cause
has I-Cause
been I-Cause
a I-Cause
trigger I-Cause
for I-Cause
hospitals I-Cause
to I-Cause
realize I-Cause
efficiencies I-Cause
from I-Cause
having I-Cause
remote I-Cause
monitoring I-Cause
systems I-Cause
. O

Most B-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
services I-Effect
were I-Effect
likely I-Effect
born I-Effect
from I-Effect
its I-Effect
Network I-Effect
Solutions I-Effect
segment I-Effect
as O
it B-Cause
is I-Cause
a I-Cause
medical I-Cause
and I-Cause
dental I-Cause
claim I-Cause
clearing I-Cause
house I-Cause
that I-Cause
services I-Cause
both I-Cause
payers I-Cause
and I-Cause
providers I-Cause
. O

We O
believe O
Beyond B-Effect
's I-Effect
gross I-Effect
margins I-Effect
will I-Effect
gradually I-Effect
increase I-Effect
to I-Effect
35 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, I-Effect
from I-Effect
33 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
the B-Cause
business I-Cause
benefits I-Cause
from I-Cause
added I-Cause
scale I-Cause
, O
and O
as O
a O
higher O
portion O
of O
manufacturing O
is O
brought O
in-house O
, O
partially O
offset O
by O
lower O
prices O
. O

Moreover O
, O
the B-Cause
aggregate I-Cause
invested I-Cause
capital I-Cause
is I-Cause
now I-Cause
disproportionately I-Cause
inflated I-Cause
with I-Cause
goodwill. O
Therefore O
, O
we B-Effect
see I-Effect
a I-Effect
fundamentally I-Effect
higher I-Effect
bar I-Effect
to I-Effect
earning I-Effect
excess I-Effect
returns I-Effect
and I-Effect
do I-Effect
n't I-Effect
expect I-Effect
economic I-Effect
profits I-Effect
to I-Effect
persist I-Effect
over I-Effect
20 I-Effect
years I-Effect
. O

In B-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, I-Cause
it I-Cause
became I-Cause
clear I-Cause
how I-Cause
quickly I-Cause
production I-Cause
rates I-Cause
could I-Cause
decrease I-Cause
, O
which O
in O
turn O
dragged B-Effect
down I-Effect
Hexcel I-Effect
's I-Effect
commercial I-Effect
aerospace I-Effect
revenue I-Effect
by I-Effect
almost I-Effect
50 I-Effect
% I-Effect
for I-Effect
the I-Effect
full I-Effect
year I-Effect
2020 I-Effect
versus I-Effect
2019 I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
analytical I-Effect
tools I-Effect
and I-Effect
services I-Effect
aim O
to O
improve B-Cause
care I-Cause
quality I-Cause
and I-Cause
improve I-Cause
efficiency I-Cause
in I-Cause
the I-Cause
healthcare I-Cause
system I-Cause
through I-Cause
a I-Cause
variety I-Cause
of I-Cause
solutions I-Cause
, I-Cause
including I-Cause
population I-Cause
health I-Cause
and I-Cause
risk I-Cause
analytics I-Cause
, I-Cause
consulting I-Cause
services I-Cause
to I-Cause
improve I-Cause
clinical I-Cause
performance I-Cause
and I-Cause
reduce I-Cause
administrative I-Cause
costs I-Cause
, I-Cause
and I-Cause
revenue I-Cause
cycle I-Cause
management I-Cause
tools I-Cause
. O

This B-Effect
change I-Effect
in I-Effect
affordability I-Effect
could I-Effect
suppress I-Effect
homeownership I-Effect
rates I-Effect
as O
people B-Cause
attempt I-Cause
to I-Cause
build I-Cause
up I-Cause
larger I-Cause
down I-Cause
payments I-Cause
or I-Cause
forgo I-Cause
purchasing I-Cause
a I-Cause
house I-Cause
until I-Cause
monthly I-Cause
payments I-Cause
become I-Cause
more I-Cause
palatable I-Cause
. O

From O
here O
, O
we O
do O
see O
room B-Effect
for I-Effect
some I-Effect
margin I-Effect
expansion I-Effect
as O
Grainger B-Cause
wins I-Cause
business I-Cause
from I-Cause
higher-margin I-Cause
spot I-Cause
buy I-Cause
purchasers I-Cause
and I-Cause
midsize I-Cause
accounts I-Cause
. O

It O
's O
worth O
highlighting O
that O
the B-Effect
Thomson I-Effect
Reuters I-Effect
business I-Effect
fundamentally I-Effect
changes I-Effect
as O
a B-Cause
result I-Cause
of I-Cause
the I-Cause
Refinitiv I-Cause
deal I-Cause
with I-Cause
Blackstone I-Cause
. O

While O
Hilton B-Cause
has I-Cause
a I-Cause
strong I-Cause
and I-Cause
growing I-Cause
loyalty I-Cause
program I-Cause
that O
drives O
significant B-Effect
demand I-Effect
driver I-Effect
for I-Effect
Park I-Effect
's I-Effect
portfolio I-Effect
, O
Park O
must O
deal O
with O
the O
costs O
of O
servicing O
that O
program O
. O

Arista B-Effect
Networks I-Effect
has I-Effect
solidified I-Effect
its I-Effect
market I-Effect
presence I-Effect
through O
data B-Cause
center I-Cause
switching I-Cause
and O
software-based B-Cause
networking I-Cause
innovation I-Cause
, O
and O
we O
believe O
customers O
will O
remain O
loyal O
to O
the O
firm O
's O
Extensible O
Operating O
System O
software O
and O
peripheral O
products O
. O

At O
the O
same O
time O
, O
the B-Effect
benefits I-Effect
of I-Effect
switching I-Effect
can I-Effect
be I-Effect
difficult I-Effect
to I-Effect
measure I-Effect
, O
as B-Effect
pricing I-Effect
is I-Effect
somewhat I-Effect
opaque I-Effect
and I-Effect
future I-Effect
performance I-Effect
is I-Effect
unknowable I-Effect
. O

The B-Cause
bank I-Cause
is I-Cause
admittedly I-Cause
quite I-Cause
sensitive I-Cause
to I-Cause
rates I-Cause
, O
and O
therefore O
the B-Effect
rate I-Effect
cycle I-Effect
will I-Effect
play I-Effect
a I-Effect
role I-Effect
in I-Effect
its I-Effect
efficiency I-Effect
, O
but O
through O
the O
cycle O
we O
see O
good O
enough O
efficiency O
for O
the O
bank O
. O

The O
firm B-Cause
is I-Cause
simultaneously I-Cause
executing I-Cause
its I-Cause
cost-saving I-Cause
plan I-Cause
to O
improve B-Effect
supply I-Effect
chain I-Effect
efficiency I-Effect
and I-Effect
reduce I-Effect
its I-Effect
co-packer I-Effect
network I-Effect
, O
which O
could O
also O
be O
disruptive O
. O

Its B-Cause
most I-Cause
publicized I-Cause
large I-Cause
pharma I-Cause
partnership I-Cause
was I-Cause
inked I-Cause
in I-Cause
2016 I-Cause
with I-Cause
Takeda I-Cause
, O
which O
resulted O
in O
a B-Effect
joint I-Effect
venture I-Effect
in I-Effect
2017 I-Effect
that I-Effect
further I-Effect
integrated I-Effect
the I-Effect
CRO I-Effect
with I-Effect
Takeda I-Effect
's I-Effect
business I-Effect
in I-Effect
Japan I-Effect
. O

We O
expect O
capital B-Effect
expenditures I-Effect
to I-Effect
be I-Effect
low I-Effect
for I-Effect
fiscal I-Effect
2020 I-Effect
at I-Effect
about I-Effect
6.5 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
and I-Effect
then I-Effect
revert I-Effect
to I-Effect
normalized I-Effect
levels I-Effect
at I-Effect
about I-Effect
9 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
until I-Effect
fiscal I-Effect
2024 I-Effect
, O
as O
the B-Cause
company I-Cause
has I-Cause
already I-Cause
made I-Cause
significant I-Cause
capital I-Cause
investments I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
. O

While O
we O
do O
not O
think O
the B-Effect
negotiating I-Effect
position I-Effect
of I-Effect
Fresenius I-Effect
is I-Effect
substantially I-Effect
different I-Effect
than I-Effect
DaVita I-Effect
given O
their B-Cause
similar I-Cause
market I-Cause
positions I-Cause
, O
we O
think O
both O
players O
enjoy O
stronger O
negotiating O
positions O
than O
the O
average O
U.S O
. O

Higher B-Cause
prices I-Cause
for I-Cause
processed I-Cause
chicken I-Cause
, I-Cause
coupled I-Cause
with I-Cause
modest I-Cause
inflation I-Cause
in I-Cause
chicken I-Cause
feed I-Cause
, O
should O
boost B-Effect
segment I-Effect
operating I-Effect
margins I-Effect
longer I-Effect
term I-Effect
from I-Effect
1 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
8 I-Effect
% I-Effect
by I-Effect
2022 I-Effect
. O

When B-Cause
interest I-Cause
rate I-Cause
hikes I-Cause
are I-Cause
coupled I-Cause
with I-Cause
a I-Cause
cyclical I-Cause
downturn I-Cause
, O
customers B-Cause
' I-Cause
default I-Cause
risks I-Cause
could I-Cause
increase I-Cause
, O
resulting O
in O
a B-Effect
potential I-Effect
increase I-Effect
in I-Effect
bad I-Effect
debts I-Effect
. O

There B-Cause
tends I-Cause
to I-Cause
be I-Cause
little I-Cause
to I-Cause
no I-Cause
product I-Cause
differentiation I-Cause
in I-Cause
memory I-Cause
( I-Cause
DRAM I-Cause
) I-Cause
or I-Cause
storage I-Cause
( I-Cause
NAND I-Cause
) I-Cause
, I-Cause
with I-Cause
average I-Cause
selling I-Cause
prices I-Cause
normally I-Cause
tracking I-Cause
downward I-Cause
over I-Cause
time. O
This O
ultimately O
leads O
to O
major B-Effect
price I-Effect
competition I-Effect
between I-Effect
industry I-Effect
leader I-Effect
Samsung I-Effect
and I-Effect
second-tier I-Effect
firms I-Effect
such I-Effect
as I-Effect
Micron I-Effect
and I-Effect
SK I-Effect
Hynix I-Effect
, I-Effect
though I-Effect
the I-Effect
three I-Effect
firms I-Effect
have I-Effect
been I-Effect
acting I-Effect
more I-Effect
rationally I-Effect
in I-Effect
recent I-Effect
years I-Effect
to I-Effect
avoid I-Effect
price I-Effect
wars I-Effect
. O

Alongside O
productivity O
costs O
, O
there B-Cause
could I-Cause
be I-Cause
direct I-Cause
time I-Cause
and I-Cause
other I-Cause
expenses I-Cause
associated I-Cause
with I-Cause
transitioning I-Cause
to I-Cause
a I-Cause
new I-Cause
vendor I-Cause
, O
including O
paying O
for O
the O
installation O
of O
new O
systems O
and O
having O
to O
spend O
more O
internal O
hours O
on O
incorporating O
functionalities O
that O
could O
provide O
a B-Effect
similar I-Effect
degree I-Effect
and I-Effect
quality I-Effect
of I-Effect
services I-Effect
that I-Effect
Splunk I-Effect
does I-Effect
. O

Snap-on B-Effect
's I-Effect
hand I-Effect
tools I-Effect
business I-Effect
and I-Effect
its I-Effect
reliance I-Effect
on I-Effect
a I-Effect
high-touch I-Effect
model I-Effect
could I-Effect
be I-Effect
disrupted I-Effect
by I-Effect
e-commerce I-Effect
as O
younger B-Cause
technicians I-Cause
get I-Cause
more I-Cause
comfortable I-Cause
making I-Cause
time-sensitive I-Cause
purchases I-Cause
of I-Cause
tools I-Cause
online I-Cause
. O

We O
expect O
comparable B-Effect
sales I-Effect
growth I-Effect
to I-Effect
taper I-Effect
from I-Effect
7 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
around I-Effect
5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
the B-Cause
pandemic I-Cause
continues I-Cause
to I-Cause
lift I-Cause
sales I-Cause
but I-Cause
conditions I-Cause
begin I-Cause
to I-Cause
normalize I-Cause
as I-Cause
vaccines I-Cause
become I-Cause
more I-Cause
widespread I-Cause
. O

Additionally O
, O
the B-Effect
cyclical I-Effect
nature I-Effect
of I-Effect
the I-Effect
chip I-Effect
industry I-Effect
is I-Effect
a I-Effect
ubiquitous I-Effect
threat I-Effect
to I-Effect
equipment I-Effect
makers I-Effect
, O
as O
capital B-Cause
expenditures I-Cause
for I-Cause
customers I-Cause
can I-Cause
be I-Cause
highly I-Cause
volatile I-Cause
. O

Also O
, O
we O
believe O
the B-Effect
company I-Effect
's I-Effect
collective I-Effect
brands I-Effect
will I-Effect
see I-Effect
revPAR I-Effect
share I-Effect
gains I-Effect
, O
supported B-Cause
by I-Cause
a I-Cause
growing I-Cause
loyalty I-Cause
program I-Cause
and I-Cause
demand I-Cause
for I-Cause
its I-Cause
upscale I-Cause
and I-Cause
extended-stay I-Cause
portfolio I-Cause
. O

We B-Effect
still I-Effect
see I-Effect
nice I-Effect
growth I-Effect
opportunities I-Effect
on I-Effect
the I-Effect
horizon I-Effect
for I-Effect
ST I-Effect
in I-Effect
industrial I-Effect
and I-Effect
automotive I-Effect
chips I-Effect
, I-Effect
and I-Effect
we I-Effect
're I-Effect
particularly I-Effect
optimistic I-Effect
about I-Effect
the I-Effect
automotive I-Effect
end I-Effect
market I-Effect
, O
thanks B-Cause
to I-Cause
the I-Cause
secular I-Cause
trend I-Cause
of I-Cause
increased I-Cause
electronics I-Cause
content I-Cause
per I-Cause
car I-Cause
. I-Cause

Consequently O
, O
we O
expect O
a B-Cause
long-term I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
rate I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
in I-Cause
the I-Cause
low I-Cause
20s I-Cause
implying O
a B-Effect
long-term I-Effect
operating I-Effect
margin I-Effect
near I-Effect
17 I-Effect
% I-Effect
as I-Effect
we I-Effect
reach I-Effect
midcycle I-Effect
. O

We B-Effect
model I-Effect
Fortinet I-Effect
generating I-Effect
a I-Effect
13 I-Effect
% I-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
, O
which O
is O
driven O
by O
services B-Cause
and I-Cause
subscriptions I-Cause
outpacing I-Cause
product I-Cause
revenue I-Cause
. O

Of O
course O
, O
like O
all O
E O
& O
P O
firms O
, O
Hess B-Cause
is I-Cause
exposed I-Cause
to I-Cause
a I-Cause
range I-Cause
of I-Cause
potential I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
that O
could O
hurt B-Effect
its I-Effect
ability I-Effect
to I-Effect
generate I-Effect
strong I-Effect
returns I-Effect
. O

Also O
, O
as O
the O
firm O
has O
become O
more O
focused O
on O
cancer O
, O
any B-Cause
major I-Cause
changes I-Cause
to I-Cause
the I-Cause
pricing I-Cause
around I-Cause
the I-Cause
cancer I-Cause
class I-Cause
of I-Cause
drugs I-Cause
could B-Effect
significantly I-Effect
impact I-Effect
the I-Effect
firm I-Effect
. O

As O
with O
Google O
search O
, O
we O
see O
network B-Cause
effects I-Cause
from I-Cause
large I-Cause
and I-Cause
growing I-Cause
user I-Cause
bases I-Cause
of I-Cause
other I-Cause
products I-Cause
, O
such O
as O
Maps O
, O
Gmail O
, O
and O
Chrome O
, O
all O
of O
which O
create B-Effect
value I-Effect
for I-Effect
users I-Effect
and I-Effect
advertisers I-Effect
. O

If O
the B-Cause
concentrate I-Cause
producer I-Cause
wants I-Cause
to I-Cause
take I-Cause
a I-Cause
10 I-Cause
% I-Cause
price I-Cause
increase I-Cause
, O
all O
else O
equal O
, O
this O
would O
result O
in O
a B-Effect
3.7 I-Effect
% I-Effect
COGS I-Effect
increase I-Effect
for I-Effect
the I-Effect
bottler I-Effect
and O
, O
if O
the B-Cause
bottler I-Cause
passes I-Cause
it I-Cause
through I-Cause
to I-Cause
maintain I-Cause
its I-Cause
margin I-Cause
, O
a B-Effect
2.1 I-Effect
% I-Effect
price I-Effect
increase I-Effect
for I-Effect
the I-Effect
retailer I-Effect
. O

We O
expect O
top-line B-Cause
growth I-Cause
and I-Cause
some I-Cause
additional I-Cause
cost I-Cause
control I-Cause
of I-Cause
office I-Cause
and I-Cause
general I-Cause
expenses I-Cause
to O
expand B-Effect
operating I-Effect
margin I-Effect
from I-Effect
a I-Effect
three-year I-Effect
average I-Effect
of I-Effect
12.7 I-Effect
% I-Effect
to I-Effect
an I-Effect
average I-Effect
of I-Effect
more I-Effect
than I-Effect
13 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Wellbutrin B-Cause
has O
been O
an O
impressively O
resilient O
drug O
for O
Bausch O
, O
and O
while O
sales O
declined O
over O
2019 O
, O
franchise O
revenue O
will O
likely O
taper O
off O
slowly O
, O
and O
the O
drug O
should O
generate B-Effect
very I-Effect
strong I-Effect
cash I-Effect
flow I-Effect
over I-Effect
the I-Effect
coming I-Effect
years I-Effect
. O

However O
, O
in O
the O
long O
term O
, O
we O
do O
n't O
foresee O
consolidation B-Effect
with I-Effect
large I-Effect
biopharma I-Effect
to I-Effect
have I-Effect
a I-Effect
significant I-Effect
impact I-Effect
, I-Effect
largely I-Effect
due O
to O
the B-Cause
diversifying I-Cause
effect I-Cause
from I-Cause
small- I-Cause
and I-Cause
midsize I-Cause
biotech I-Cause
clients I-Cause
. O

For O
2021 O
, O
we O
expect O
revenue B-Effect
to I-Effect
jump I-Effect
8 I-Effect
% I-Effect
-9 I-Effect
% I-Effect
on O
solid B-Cause
intermodal I-Cause
growth I-Cause
( O
aided O
by O
unusually B-Cause
tight I-Cause
truckload I-Cause
market I-Cause
capacity I-Cause
and I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
) O
, O
automotive B-Cause
volume I-Cause
recovery I-Cause
, O
and O
industrial B-Cause
end-market I-Cause
improvement I-Cause
. O

Within O
this O
segment O
, O
we O
expect O
the B-Effect
top I-Effect
line I-Effect
will I-Effect
be I-Effect
driven I-Effect
mostly I-Effect
by I-Effect
unit I-Effect
growth I-Effect
, O
as O
continued B-Cause
demographic I-Cause
and I-Cause
secular I-Cause
tailwinds I-Cause
support I-Cause
volumes I-Cause
within I-Cause
its I-Cause
imported I-Cause
beer I-Cause
portfolio I-Cause
. O

Throughout O
the O
Great O
Recession O
, O
the B-Effect
firm I-Effect
kept I-Effect
its I-Effect
head I-Effect
above I-Effect
water I-Effect
via O
impressive B-Cause
rate I-Cause
discipline I-Cause
and I-Cause
steadfast I-Cause
investment I-Cause
in I-Cause
network I-Cause
capacity I-Cause
. O

These B-Cause
changes I-Cause
, I-Cause
net I-Cause
of I-Cause
our I-Cause
increased I-Cause
effective I-Cause
tax I-Cause
rate I-Cause
assumption I-Cause
( I-Cause
Morningstar I-Cause
assumes I-Cause
a I-Cause
26 I-Cause
% I-Cause
corporate I-Cause
tax I-Cause
rate I-Cause
effective I-Cause
in I-Cause
2022 I-Cause
) I-Cause
, O
caused O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
increase I-Effect
4 I-Effect
% I-Effect
to I-Effect
$ I-Effect
52 I-Effect
per I-Effect
share I-Effect
. O

A B-Effect
customer I-Effect
would I-Effect
face I-Effect
little I-Effect
motivation I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
marginally I-Effect
cheaper I-Effect
supplier I-Effect
just I-Effect
to I-Effect
save I-Effect
half I-Effect
a I-Effect
percent I-Effect
of I-Effect
their I-Effect
total I-Effect
cost I-Effect
, O
given O
the B-Cause
potentially I-Cause
cataclysmic I-Cause
blow I-Cause
to I-Cause
the I-Cause
customer I-Cause
's I-Cause
reputation I-Cause
and I-Cause
profits I-Cause
that I-Cause
would I-Cause
arise I-Cause
from I-Cause
an I-Cause
ill-performing I-Cause
new I-Cause
system I-Cause
. O

This O
suggests O
that O
Vallourec B-Cause
's I-Cause
ability I-Cause
to I-Cause
preserve I-Cause
a I-Cause
rational I-Cause
duopoly I-Cause
with I-Cause
Tenaris I-Cause
in I-Cause
international I-Cause
premium I-Cause
OCTG I-Cause
markets I-Cause
may O
be B-Effect
tested I-Effect
by I-Effect
an I-Effect
eagerness I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
. O

We O
also O
project O
elevated B-Effect
noninterest I-Effect
income I-Effect
growth I-Effect
of I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
the B-Cause
bank I-Cause
's I-Cause
Houston I-Cause
expansion I-Cause
bears I-Cause
some I-Cause
fruit I-Cause
. I-Cause

Viper B-Cause
's I-Cause
cost I-Cause
advantage I-Cause
stems I-Cause
from I-Cause
acquiring I-Cause
minerals I-Cause
rights I-Cause
at I-Cause
prices I-Cause
that O
allow O
it O
to O
consistently B-Effect
earn I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
above I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Our B-Cause
pessimistic I-Cause
view I-Cause
of I-Cause
the I-Cause
Missouri I-Cause
and I-Cause
Kansas I-Cause
regulation I-Cause
puts O
our B-Effect
earnings I-Effect
growth I-Effect
at I-Effect
the I-Effect
bottom I-Effect
of I-Effect
management I-Effect
's I-Effect
6 I-Effect
% I-Effect
-8 I-Effect
% I-Effect
target I-Effect
. O

Depending B-Cause
on I-Cause
the I-Cause
category I-Cause
, I-Cause
larger I-Cause
CPG I-Cause
firms I-Cause
can I-Cause
often I-Cause
take I-Cause
on I-Cause
some I-Cause
of I-Cause
the I-Cause
financial I-Cause
and I-Cause
logistical I-Cause
burden I-Cause
of I-Cause
retailers I-Cause
' I-Cause
distribution I-Cause
, I-Cause
enhancing I-Cause
their I-Cause
retailer I-Cause
relationships I-Cause
and O
boosting B-Effect
their I-Effect
standing I-Effect
against I-Effect
subscale I-Effect
rivals I-Effect
. O

While O
a O
single O
instance O
would O
not O
significantly O
impact O
the O
firm O
, O
recurring O
losses B-Cause
of I-Cause
service I-Cause
could O
cause O
spikes B-Effect
in I-Effect
churn I-Effect
or I-Effect
a I-Effect
decrease I-Effect
in I-Effect
the I-Effect
conversion I-Effect
rate I-Effect
. O

While O
we O
expect O
the O
Legg B-Effect
Mason I-Effect
deal I-Effect
to I-Effect
keep I-Effect
margins I-Effect
from I-Effect
deteriorating I-Effect
in O
the O
face O
of O
industrywide B-Cause
fee I-Cause
compression I-Cause
and I-Cause
rising I-Cause
costs I-Cause
( O
necessary O
to O
improve B-Effect
investment I-Effect
performance I-Effect
and I-Effect
enhance I-Effect
product I-Effect
distribution I-Effect
) O
, O
near-term O
organic O
growth O
will O
still O
be O
negative O
( O
albeit O
less O
negative O
than O
for O
a O
stand-alone O
Franklin O
) O
. O

Landstar B-Effect
's I-Effect
net I-Effect
revenue I-Effect
grew I-Effect
a I-Effect
robust I-Effect
24 I-Effect
% I-Effect
in I-Effect
2018 I-Effect
on I-Effect
historically I-Effect
tight I-Effect
truckload-market I-Effect
capacity I-Effect
rooted O
in O
widespread B-Cause
ELD I-Cause
adoption I-Cause
among I-Cause
truckers I-Cause
. O

While O
the B-Cause
diversity I-Cause
of I-Cause
Pepsi I-Cause
's I-Cause
portfolio I-Cause
and I-Cause
the I-Cause
vast I-Cause
resources I-Cause
at I-Cause
its I-Cause
disposal I-Cause
should O
help O
the B-Effect
firm I-Effect
navigate I-Effect
these I-Effect
risks I-Effect
, O
we O
do O
not O
think O
any O
entity O
is O
completely O
immune O
to O
them O
. O

A B-Cause
Zebra I-Cause
replacement I-Cause
might I-Cause
be I-Cause
lacking I-Cause
in I-Cause
printing I-Cause
or I-Cause
RFID I-Cause
ability I-Cause
, O
for O
example O
, O
which O
would O
mean O
finding B-Effect
multiple I-Effect
vendors I-Effect
to I-Effect
accomplish I-Effect
what I-Effect
Zebra I-Effect
could I-Effect
do I-Effect
by I-Effect
itself I-Effect
. O

The B-Effect
company I-Effect
made I-Effect
its I-Effect
name I-Effect
over I-Effect
past I-Effect
century I-Effect
by O
providing B-Cause
the I-Cause
best I-Cause
diesel I-Cause
engines I-Cause
on I-Cause
the I-Cause
market I-Cause
, O
but O
it O
's O
evident O
today O
that O
the B-Effect
industry I-Effect
is I-Effect
shifting I-Effect
to I-Effect
more I-Effect
emission-reducing I-Effect
products I-Effect
due O
to O
increasing B-Cause
emissions I-Cause
regulation I-Cause
globally I-Cause
. O

As O
the B-Cause
credit I-Cause
bureaus I-Cause
' I-Cause
data I-Cause
is I-Cause
based I-Cause
on I-Cause
the I-Cause
voluntary I-Cause
reporting I-Cause
of I-Cause
thousands I-Cause
of I-Cause
financial I-Cause
institutions I-Cause
, O
it O
's O
unlikely O
that O
a B-Effect
startup I-Effect
credit I-Effect
bureau I-Effect
, I-Effect
particularly I-Effect
with I-Effect
heightened I-Effect
data I-Effect
security I-Effect
concerns I-Effect
, I-Effect
could I-Effect
convince I-Effect
banks I-Effect
to I-Effect
share I-Effect
consumer I-Effect
information I-Effect
. O

We B-Effect
model I-Effect
HDFS I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
around I-Effect
9 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
( O
including O
a O
53 O
% O
hike O
in O
2021 O
, O
helped O
by O
a O
reserves O
release O
) O
, O
as O
we B-Cause
expect I-Cause
loans I-Cause
to I-Cause
grow I-Cause
with I-Cause
domestic I-Cause
demand I-Cause
. O

And O
there O
is O
evidence O
that O
the B-Effect
global I-Effect
financial I-Effect
crisis I-Effect
of I-Effect
2008-09 I-Effect
made I-Effect
Booking I-Effect
's I-Effect
platform I-Effect
even I-Effect
more I-Effect
valuable I-Effect
2 I-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCto I-Effect
suppliers I-Effect
, O
as O
hoteliers B-Cause
needed I-Cause
its I-Cause
distribution I-Cause
power I-Cause
to I-Cause
fill I-Cause
rooms I-Cause
. O

Efficient B-Effect
scale I-Effect
followed I-Effect
industry I-Effect
consolidation I-Effect
escalated I-Effect
by O
the O
1980 B-Cause
Staggers I-Cause
Act I-Cause
, O
which O
permitted B-Effect
extensive I-Effect
rail I-Effect
line I-Effect
sales I-Effect
, I-Effect
abandonment I-Effect
, I-Effect
and I-Effect
combination I-Effect
while I-Effect
allowing I-Effect
for I-Effect
private I-Effect
contracts I-Effect
and I-Effect
rate I-Effect
7 O
Jul O
2021 O
05:00 O
, O
UTCsetting O
based O
on O
market O
demand O
. O

SBA O
focuses O
exclusively O
on O
towers O
and O
has O
some O
geographic O
diversification O
, O
but O
we O
think O
its B-Cause
strategy I-Cause
to I-Cause
use I-Cause
financial I-Cause
leverage I-Cause
so I-Cause
aggressively I-Cause
provides O
unnecessary B-Effect
risk I-Effect
and O
ultimately O
keeps O
it B-Effect
from I-Effect
deepening I-Effect
it I-Effect
presence I-Effect
in I-Effect
several I-Effect
of I-Effect
its I-Effect
developing I-Effect
markets I-Effect
. O

Through O
a B-Cause
combination I-Cause
of I-Cause
potential I-Cause
exploration I-Cause
success I-Cause
, I-Cause
new I-Cause
project I-Cause
startups I-Cause
, I-Cause
and I-Cause
improved I-Cause
recovery I-Cause
on I-Cause
acquired I-Cause
mature I-Cause
assets I-Cause
, O
Equinor O
estimates O
it B-Effect
can I-Effect
increase I-Effect
volumes I-Effect
to I-Effect
upward I-Effect
of I-Effect
500 I-Effect
thousand I-Effect
boe I-Effect
per I-Effect
day I-Effect
by I-Effect
2030 I-Effect
from I-Effect
a I-Effect
little I-Effect
less I-Effect
than I-Effect
100 I-Effect
mboed I-Effect
currently I-Effect
. O

ESG-related B-Effect
risks I-Effect
include O
implementation B-Cause
of I-Cause
a I-Cause
carbon I-Cause
tax I-Cause
or I-Cause
other I-Cause
climate I-Cause
change I-Cause
policies I-Cause
that I-Cause
could I-Cause
raise I-Cause
costs I-Cause
or I-Cause
reduce I-Cause
demand I-Cause
. O

If O
call B-Cause
center I-Cause
growth I-Cause
slows I-Cause
further I-Cause
, O
there O
could O
be O
higher B-Effect
competition I-Effect
for I-Effect
existing I-Effect
seats I-Effect
, I-Effect
which I-Effect
could I-Effect
reduce I-Effect
TAM I-Effect
expansion I-Effect
and I-Effect
pressure I-Effect
gains I-Effect
in I-Effect
market I-Effect
share I-Effect
. O

Strong B-Cause
third-quarter I-Cause
top-line I-Cause
performance I-Cause
( O
2 O
% O
decline O
versus O
our O
expected O
11 O
% O
) O
leads B-Effect
us I-Effect
to I-Effect
lift I-Effect
our I-Effect
valuation I-Effect
of I-Effect
Ross I-Effect
to I-Effect
$ I-Effect
94 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
88 I-Effect
. O

In O
our O
opinion O
, O
Aptiv B-Cause
's I-Cause
ability I-Cause
to I-Cause
regularly I-Cause
innovate I-Cause
and I-Cause
commercialize I-Cause
new I-Cause
technologies I-Cause
bolsters B-Effect
sales I-Effect
growth I-Effect
, I-Effect
margin I-Effect
, I-Effect
and I-Effect
return I-Effect
on I-Effect
investment I-Effect
. O

We O
expect O
many B-Effect
smaller I-Effect
restaurant I-Effect
operators I-Effect
to I-Effect
permanently I-Effect
close I-Effect
due O
to O
coronavirus-related B-Cause
traffic I-Cause
declines I-Cause
and I-Cause
incremental I-Cause
cost I-Cause
burdens I-Cause
but O
see O
future B-Effect
market I-Effect
share I-Effect
opportunities I-Effect
for I-Effect
surviving I-Effect
operators I-Effect
with O
strong B-Cause
brand I-Cause
intangible I-Cause
assets I-Cause
and I-Cause
scale I-Cause
advantages I-Cause
. O

The B-Effect
raise I-Effect
was O
primarily O
due O
to O
a B-Cause
slight I-Cause
increase I-Cause
in I-Cause
revenue I-Cause
in I-Cause
our I-Cause
forecast I-Cause
, O
albeit O
offset O
by O
slightly O
tempered O
margins O
in O
both O
operating O
segments O
. O

This B-Cause
dynamic I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
fact I-Cause
that I-Cause
Balchem I-Cause
's I-Cause
flavor I-Cause
systems I-Cause
account I-Cause
for I-Cause
a I-Cause
very I-Cause
small I-Cause
portion I-Cause
of I-Cause
customer I-Cause
costs I-Cause
, I-Cause
provides I-Cause
modest I-Cause
pricing I-Cause
power I-Cause
and I-Cause
typically I-Cause
leads B-Effect
to I-Effect
sticky I-Effect
business I-Effect
relationships I-Effect
. O

LKQ B-Cause
has I-Cause
shifted I-Cause
its I-Cause
focus I-Cause
to I-Cause
integrating I-Cause
its I-Cause
businesses I-Cause
and I-Cause
improving I-Cause
its I-Cause
cost I-Cause
structure I-Cause
, O
and O
we B-Effect
believe I-Effect
it I-Effect
will I-Effect
aim I-Effect
to I-Effect
make I-Effect
smaller I-Effect
tuck-in I-Effect
acquisitions I-Effect
as I-Effect
opposed I-Effect
to I-Effect
larger I-Effect
deals I-Effect
. O

The O
most O
tangible O
threat O
facing O
the O
industry O
is O
that O
of O
significant B-Cause
new I-Cause
supply I-Cause
, O
which O
would O
throttle O
Extra B-Effect
Space I-Effect
's I-Effect
ability I-Effect
to I-Effect
pass I-Effect
on I-Effect
price I-Effect
increases I-Effect
to I-Effect
customers I-Effect
. O

A B-Effect
30 I-Effect
% I-Effect
average I-Effect
annual I-Effect
decline I-Effect
( I-Effect
90 I-Effect
% I-Effect
from I-Effect
2019 I-Effect
to I-Effect
2020 I-Effect
) I-Effect
in I-Effect
corporate I-Effect
revenue I-Effect
as O
a O
result O
of O
resegmentation B-Cause
accounts I-Cause
for I-Cause
the I-Cause
low I-Cause
overall I-Cause
growth I-Cause
metric I-Cause
. O

We O
believe O
it B-Cause
is I-Cause
this I-Cause
self-reinforcing I-Cause
combination I-Cause
of I-Cause
sources I-Cause
of I-Cause
its I-Cause
competitive I-Cause
edge I-Cause
that O
has O
created B-Effect
high I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
, O
shielding B-Effect
vendors I-Effect
like I-Effect
Kellogg I-Effect
that O
are O
entrenched O
in O
retailers O
' O
supply O
chains O
. O

The O
lower O
rated O
regional O
banks O
struggle O
to O
access B-Effect
senior I-Effect
debt I-Effect
markets I-Effect
and O
rely O
primarily O
on O
more B-Cause
expensive I-Cause
residential I-Cause
securitisation I-Cause
markets I-Cause
for I-Cause
a I-Cause
large I-Cause
share I-Cause
of I-Cause
their I-Cause
wholesale I-Cause
funding I-Cause
. O

The B-Effect
company I-Effect
is I-Effect
highly I-Effect
exposed I-Effect
to I-Effect
the I-Effect
economic I-Effect
cycle I-Effect
, O
as O
it B-Cause
is I-Cause
affected I-Cause
by I-Cause
changes I-Cause
in I-Cause
credit I-Cause
quality I-Cause
, I-Cause
retail I-Cause
sales I-Cause
, I-Cause
and I-Cause
interest I-Cause
rates I-Cause
. O

To O
boost B-Cause
margins I-Cause
, O
Eastman B-Effect
has I-Effect
focused I-Effect
on I-Effect
the I-Effect
development I-Effect
of I-Effect
patent-protected I-Effect
formulations I-Effect
that I-Effect
have I-Effect
an I-Effect
average I-Effect
commercial I-Effect
life I-Effect
of I-Effect
around I-Effect
10 I-Effect
years I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
incorporate I-Effect
the I-Effect
announced I-Effect
merger I-Effect
with I-Effect
UBI I-Effect
Banca I-Effect
into I-Effect
our I-Effect
model I-Effect
yet I-Effect
, O
as O
it B-Cause
is I-Cause
not I-Cause
unconditional I-Cause
, O
although O
it O
seems O
likely O
that O
the O
deal O
will O
go O
ahead O
. O

A B-Cause
decline I-Cause
in I-Cause
digital I-Cause
ads I-Cause
would O
hurt B-Effect
Snap I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
more I-Effect
than I-Effect
that I-Effect
of I-Effect
its I-Effect
competitors I-Effect
and O
could O
delay B-Effect
or I-Effect
change I-Effect
the I-Effect
firm I-Effect
's I-Effect
path I-Effect
toward I-Effect
profitability I-Effect
. O

Broadcom B-Cause
sells I-Cause
embedded I-Cause
processors I-Cause
based I-Cause
on I-Cause
ARM I-Cause
CPU I-Cause
designs I-Cause
that I-Cause
allow I-Cause
extensive I-Cause
inspection I-Cause
of I-Cause
application I-Cause
and I-Cause
data I-Cause
content I-Cause
to O
make B-Effect
intelligent I-Effect
switching I-Effect
and I-Effect
routing I-Effect
decisions I-Effect
. O

We B-Effect
expect I-Effect
long-term I-Effect
profits I-Effect
to I-Effect
recover I-Effect
from I-Effect
higher I-Effect
prices I-Effect
and I-Effect
lower I-Effect
unit I-Effect
production I-Effect
costs I-Effect
as B-Cause
it I-Cause
continues I-Cause
to I-Cause
transition I-Cause
production I-Cause
to I-Cause
lower-cost I-Cause
mines I-Cause
from I-Cause
its I-Cause
higher-cost I-Cause
operations I-Cause
. O

ESAB B-Cause
generates I-Cause
a I-Cause
majority I-Cause
of I-Cause
its I-Cause
sales I-Cause
in I-Cause
foreign I-Cause
countries I-Cause
, O
which O
exposes B-Effect
the I-Effect
business I-Effect
to I-Effect
economic I-Effect
, I-Effect
political I-Effect
, O
and O
foreign B-Effect
exchange I-Effect
risks I-Effect
associated I-Effect
with I-Effect
its I-Effect
operations I-Effect
abroad I-Effect
. O

Given O
its B-Cause
impressive I-Cause
legacy I-Cause
of I-Cause
prudent I-Cause
capital I-Cause
allocation I-Cause
and I-Cause
driving I-Cause
operational I-Cause
improvement I-Cause
at O
acquired O
companies O
through O
FBS O
, O
we O
believe O
that O
Fortive B-Effect
has I-Effect
solid I-Effect
prospects I-Effect
to I-Effect
continue I-Effect
compounding I-Effect
cash I-Effect
flows I-Effect
and I-Effect
creating I-Effect
value I-Effect
for I-Effect
shareholders I-Effect
. O

Developers B-Effect
continue I-Effect
to I-Effect
struggle I-Effect
to I-Effect
bring I-Effect
new I-Effect
supply I-Effect
to I-Effect
the I-Effect
California I-Effect
market I-Effect
because O
of O
intense B-Cause
zoning I-Cause
restrictions I-Cause
. O

We O
think O
2021 B-Effect
margins I-Effect
wo I-Effect
n't I-Effect
be I-Effect
sustained I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
, O
as O
we O
expect O
travel B-Cause
in I-Cause
the I-Cause
long I-Cause
term I-Cause
to I-Cause
be I-Cause
reduced I-Cause
from I-Cause
its I-Cause
level I-Cause
before I-Cause
the I-Cause
pandemic I-Cause
, O
but O
still O
be O
greater O
than O
virtually O
zero O
, O
as O
in O
fiscal O
2021 O
. O

We B-Cause
've I-Cause
increased I-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
for I-Cause
AMG I-Cause
to I-Cause
$ I-Cause
163 I-Cause
per I-Cause
share I-Cause
from I-Cause
$ I-Cause
136 I-Cause
to I-Cause
account I-Cause
for I-Cause
marked I-Cause
improvements I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
AUM I-Cause
, O
as O
well O
as O
our B-Effect
own I-Effect
near-to-medium-term I-Effect
forecasts I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
since O
our O
last O
update O
. O

However O
, O
concerns B-Cause
about I-Cause
reproducibility I-Cause
in I-Cause
the I-Cause
customers I-Cause
' I-Cause
test I-Cause
results O
during O
the O
course O
of O
a O
research O
project O
can O
create B-Effect
some I-Effect
inertia I-Effect
to I-Effect
switch I-Effect
from I-Effect
those I-Effect
technologies I-Effect
during I-Effect
that I-Effect
period I-Effect
. O

We O
model O
53.5 B-Effect
% I-Effect
and I-Effect
52.1 I-Effect
% I-Effect
gross I-Effect
margins I-Effect
for I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
, O
respectively O
, O
compared O
with O
nearly O
56 O
% O
in O
2019 O
, O
due O
to O
the B-Cause
higher I-Cause
cost I-Cause
of I-Cause
YouTube I-Cause
content I-Cause
. O

Additionally O
, O
CIBC B-Cause
has I-Cause
the I-Cause
highest I-Cause
percentage I-Cause
of I-Cause
its I-Cause
loan I-Cause
book I-Cause
dedicated I-Cause
to I-Cause
retail I-Cause
loans I-Cause
, O
so O
any B-Effect
hit I-Effect
to I-Effect
the I-Effect
Canadian I-Effect
consumer I-Effect
, I-Effect
of I-Effect
which I-Effect
a I-Effect
large I-Effect
portion I-Effect
of I-Effect
their I-Effect
average I-Effect
debt I-Effect
is I-Effect
mortgages I-Effect
, I-Effect
could I-Effect
be I-Effect
painful I-Effect
for I-Effect
CIBC I-Effect
. O

With O
a B-Cause
midteens I-Cause
percentage I-Cause
of I-Cause
GDP I-Cause
and I-Cause
nearly I-Cause
10 I-Cause
% I-Cause
of I-Cause
jobs I-Cause
coming I-Cause
from I-Cause
natural I-Cause
resource-related I-Cause
sectors I-Cause
, O
any B-Cause
demand I-Cause
side I-Cause
shocks I-Cause
or I-Cause
drastic I-Cause
declines I-Cause
in I-Cause
commodity I-Cause
prices I-Cause
could I-Effect
have I-Effect
negative B-Effect
consequences I-Effect
. O

We B-Cause
now I-Cause
expect I-Cause
Dexcom I-Cause
to I-Cause
reach I-Cause
operating I-Cause
margin I-Cause
of I-Cause
26.5 I-Cause
% I-Cause
by I-Cause
2025 I-Cause
thanks I-Cause
to I-Cause
the I-Cause
rollout I-Cause
of I-Cause
G7 I-Cause
, O
which B-Effect
should I-Effect
be I-Effect
considerably I-Effect
less I-Effect
expensive I-Effect
to I-Effect
manufacture I-Effect
. I-Effect

We O
believe O
that O
a B-Effect
diversified I-Effect
client I-Effect
base I-Effect
strengthens I-Effect
Icon I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
as O
small/midsize B-Cause
clients I-Cause
are I-Cause
likely I-Cause
to I-Cause
need I-Cause
full I-Cause
outsourcing I-Cause
solutions I-Cause
, O
while O
large O
pharmaceutical O
companies O
offer O
profitable O
preferred O
partnerships O
with O
high O
switching O
costs O
. O

However O
, O
good B-Cause
businesses I-Cause
do I-Cause
not I-Cause
come I-Cause
cheap I-Cause
, I-Cause
and I-Cause
the I-Cause
transaction I-Cause
included I-Cause
a I-Cause
significant I-Cause
amount I-Cause
of I-Cause
goodwill I-Cause
, O
which O
has O
damped O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
. I-Effect

Another O
risk O
of O
switching O
to O
a O
new O
set O
of O
instruments O
is O
that O
a B-Cause
surgeon I-Cause
's I-Cause
lack I-Cause
of I-Cause
familiarity I-Cause
with I-Cause
the I-Cause
tools I-Cause
could O
lead O
to O
fewer B-Effect
procedures I-Effect
or I-Effect
even I-Effect
higher I-Effect
clinical I-Effect
risks I-Effect
for I-Effect
patients I-Effect
. O

Clients B-Cause
of I-Cause
WPP I-Cause
and I-Cause
its I-Cause
peers I-Cause
are I-Cause
allocating I-Cause
more I-Cause
ad I-Cause
dollars I-Cause
toward I-Cause
below-the-line I-Cause
digital I-Cause
campaigns I-Cause
, O
creating B-Effect
growth I-Effect
opportunities I-Effect
for I-Effect
WPP I-Effect
and I-Effect
other I-Effect
players I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

The O
company O
benefits O
from O
switching B-Cause
costs I-Cause
in I-Cause
refining I-Cause
catalysts I-Cause
, O
which O
are O
tailored O
to O
specific O
refineries O
to O
maximize B-Effect
customer I-Effect
profits I-Effect
. O

As O
on-premises B-Cause
workloads I-Cause
shift I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, O
not B-Effect
only I-Effect
is I-Effect
there I-Effect
a I-Effect
shift I-Effect
in I-Effect
the I-Effect
pathways I-Effect
that I-Effect
data I-Effect
packets I-Effect
take I-Effect
, I-Effect
but I-Effect
the I-Effect
amount I-Effect
of I-Effect
Internet I-Effect
traffic I-Effect
generated I-Effect
by I-Effect
these I-Effect
workloads I-Effect
increases I-Effect
at I-Effect
an I-Effect
exponential I-Effect
clip I-Effect
, O
which O
can O
strain O
legacy O
security O
appliances O
. O

With O
a B-Cause
new I-Cause
low-risk I-Cause
indication I-Cause
added I-Cause
in I-Cause
2019 I-Cause
, O
we O
anticipate O
the B-Effect
firm I-Effect
will I-Effect
further I-Effect
expand I-Effect
TAVR I-Effect
indications I-Effect
to I-Effect
fuel I-Effect
growth I-Effect
. O

Although O
these O
fixed-price O
contracts O
carry O
more O
financial O
risk O
, O
as O
the B-Cause
burden I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
shifts I-Cause
toward I-Cause
the I-Cause
contractors I-Cause
, O
because O
many O
of O
these O
contracts O
are O
for O
mature O
programs O
, O
they B-Effect
tend I-Effect
to I-Effect
be I-Effect
more I-Effect
profitable I-Effect
because O
manufacturing B-Effect
costs I-Effect
are I-Effect
better I-Effect
understood I-Effect
as O
a B-Cause
program I-Cause
ages I-Cause
. O

And O
despite O
the O
likelihood O
of O
reduced B-Effect
demand I-Effect
and I-Effect
supply I-Effect
( O
as O
consumers B-Cause
remain I-Cause
more I-Cause
cautious I-Cause
about I-Cause
group I-Cause
gatherings I-Cause
and I-Cause
cruise I-Cause
operators I-Cause
divest I-Cause
hardware I-Cause
) O
, O
at O
least O
for O
some O
time O
, O
we O
do O
n't O
expect O
pricing O
gains O
to O
come O
as O
easily O
as O
in O
the O
past O
. O

The B-Cause
shift I-Cause
toward I-Cause
e-commerce I-Cause
erodes I-Cause
the I-Cause
benefit I-Cause
distributors I-Cause
have B-Effect
previously I-Effect
enjoyed I-Effect
of I-Effect
being I-Effect
an I-Effect
aggregator I-Effect
of I-Effect
demand I-Effect
on I-Effect
a I-Effect
regional I-Effect
level I-Effect
and O
has B-Effect
contributed I-Effect
to I-Effect
the I-Effect
competitive I-Effect
market I-Effect
dynamics I-Effect
while I-Effect
also I-Effect
making I-Effect
price I-Effect
comparisons I-Effect
for I-Effect
the I-Effect
consumer I-Effect
easier I-Effect
. O

We B-Effect
forecast I-Effect
7 I-Effect
% I-Effect
growth I-Effect
for I-Effect
the I-Effect
communications I-Effect
solutions I-Effect
segment I-Effect
as O
rapidly B-Cause
growing I-Cause
data I-Cause
center I-Cause
sales I-Cause
become I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
the I-Cause
segment I-Cause
's I-Cause
top I-Cause
line I-Cause
. O

This B-Cause
is I-Cause
not I-Cause
surprising I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
pioneered I-Cause
the I-Cause
category I-Cause
in I-Cause
North I-Cause
America I-Cause
, I-Cause
and I-Cause
up I-Cause
until I-Cause
2012 I-Cause
every I-Cause
single-serve I-Cause
coffee I-Cause
maker I-Cause
had I-Cause
to I-Cause
use I-Cause
Keurig I-Cause
K-cups. O
This O
led O
to O
supply B-Effect
chain I-Effect
entrenchment I-Effect
and I-Effect
favorable I-Effect
retail I-Effect
positioning I-Effect
that I-Effect
continues I-Effect
today I-Effect
, I-Effect
with I-Effect
K-cups I-Effect
being I-Effect
the I-Effect
most I-Effect
widely I-Effect
available I-Effect
variant I-Effect
of I-Effect
the I-Effect
single-serve I-Effect
format I-Effect
. O

Given O
Mettler B-Cause
's I-Cause
relative I-Cause
resiliency I-Cause
through I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
think O
the B-Cause
firm I-Cause
could I-Cause
even I-Cause
take I-Cause
some I-Cause
additional I-Cause
share I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
and O
we O
expect O
Mettler B-Effect
to I-Effect
comfortably I-Effect
maintain I-Effect
its I-Effect
dominant I-Effect
position I-Effect
in I-Effect
balances I-Effect
. O

Excess B-Cause
watch I-Cause
inventories I-Cause
rising I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
store I-Cause
closures I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
may B-Effect
be I-Effect
sold I-Effect
in I-Effect
secondary I-Effect
channels I-Effect
and I-Effect
heavily I-Effect
discounted I-Effect
, I-Effect
which I-Effect
would I-Effect
erode I-Effect
brand I-Effect
strength I-Effect
. I-Effect

While O
some O
of O
the O
emerging-market O
banks O
are O
very O
profitable O
, O
they O
remain B-Cause
too I-Cause
small I-Cause
to O
move B-Effect
the I-Effect
needle I-Effect
in I-Effect
the I-Effect
consolidated I-Effect
numbers I-Effect
. O

Through O
the O
end O
of O
2019 O
, O
Paychex B-Cause
served I-Cause
670,000 I-Cause
clients. O
This O
captive O
list O
of O
clients O
has O
enabled O
the B-Effect
company I-Effect
to I-Effect
expand I-Effect
its I-Effect
product I-Effect
offering I-Effect
from I-Effect
employee I-Effect
payroll I-Effect
to I-Effect
record-keeping I-Effect
for I-Effect
retirement I-Effect
plans I-Effect
, I-Effect
health I-Effect
benefits I-Effect
, I-Effect
and I-Effect
workers I-Effect
' I-Effect
compensation I-Effect
. O

In O
exchange O
for O
PGE B-Cause
's I-Cause
service I-Cause
territory I-Cause
monopoly I-Cause
, O
state B-Effect
and I-Effect
federal I-Effect
regulators I-Effect
set I-Effect
returns I-Effect
at I-Effect
levels I-Effect
that I-Effect
aim I-Effect
to I-Effect
minimize I-Effect
customer I-Effect
costs I-Effect
while I-Effect
offering I-Effect
fair I-Effect
returns I-Effect
for I-Effect
capital I-Effect
providers I-Effect
. O

Additionally O
, O
we O
think O
Wirtgen B-Cause
's I-Cause
strong I-Cause
position I-Cause
in I-Cause
the I-Cause
road I-Cause
construction I-Cause
business I-Cause
globally I-Cause
gives O
Deere B-Effect
access I-Effect
to I-Effect
new I-Effect
customers I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
. O

The B-Cause
addition I-Cause
of I-Cause
each I-Cause
new I-Cause
ad I-Cause
and I-Cause
advertiser I-Cause
improves I-Cause
the I-Cause
efficiency I-Cause
of I-Cause
Google I-Cause
's I-Cause
programmatic I-Cause
advertising I-Cause
offerings I-Cause
, O
allowing O
the B-Effect
firm I-Effect
to I-Effect
better I-Effect
monetize I-Effect
the I-Effect
network I-Effect
. O

The B-Effect
firm I-Effect
has I-Effect
also I-Effect
grappled I-Effect
with I-Effect
weakness I-Effect
in I-Effect
coal I-Effect
, I-Effect
frac I-Effect
sand I-Effect
, I-Effect
and I-Effect
crude-by-rail I-Effect
shipments I-Effect
due O
to O
energy B-Cause
end I-Cause
market I-Cause
headwinds I-Cause
. O

We O
do O
n't O
see O
particularly O
strong O
switching O
costs O
with O
large O
corporates O
, O
however O
, O
as O
such O
clients O
often O
bank O
with O
multiple O
institutions O
and O
are O
keen O
to O
shop B-Cause
around I-Cause
for O
better B-Effect
rates I-Effect
or I-Effect
commissions I-Effect
. O

The O
pandemic O
pushed O
the O
hangover O
into O
early O
2020 O
, O
but O
freight B-Effect
demand I-Effect
has I-Effect
since I-Effect
surged I-Effect
off I-Effect
pandemic I-Effect
lows I-Effect
with B-Cause
help I-Cause
from I-Cause
heavy I-Cause
retailer I-Cause
inventory I-Cause
restocking I-Cause
driven I-Cause
by I-Cause
robust I-Cause
U.S I-Cause
. I-Cause

However O
, O
Exxon B-Effect
has I-Effect
booked I-Effect
2.2 I-Effect
billion I-Effect
barrels I-Effect
of I-Effect
liquids I-Effect
reserves I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
since I-Effect
2015 I-Effect
as O
it B-Cause
has I-Cause
drilled I-Cause
wells I-Cause
. O

The B-Effect
uncovering I-Effect
of I-Effect
insights I-Effect
and I-Effect
the I-Effect
easy I-Effect
integration I-Effect
of I-Effect
data I-Effect
is I-Effect
a I-Effect
largely I-Effect
untapped I-Effect
market I-Effect
, O
in O
our O
view O
, O
due B-Cause
to I-Cause
legacy I-Cause
data I-Cause
sets I-Cause
saved I-Cause
around I-Cause
the I-Cause
world I-Cause
, I-Cause
various I-Cause
data I-Cause
formats I-Cause
, I-Cause
the I-Cause
uptick I-Cause
in I-Cause
cloud-based I-Cause
resources I-Cause
, I-Cause
and I-Cause
the I-Cause
proliferation I-Cause
of I-Cause
the I-Cause
need I-Cause
for I-Cause
real-time I-Cause
access I-Cause
via I-Cause
distributed I-Cause
devices I-Cause
. O

The B-Cause
bail I-Cause
out I-Cause
of I-Cause
UBS I-Cause
by I-Cause
the I-Cause
Swiss I-Cause
government I-Cause
in O
2009 O
did O
damage B-Effect
to I-Effect
the I-Effect
popular I-Effect
image I-Effect
of I-Effect
the I-Effect
inviolable I-Effect
stability I-Effect
of I-Effect
Swiss I-Effect
banks I-Effect
. O

As O
they B-Cause
shift I-Cause
from I-Cause
green I-Cause
, I-Cause
spacious I-Cause
lawns I-Cause
to I-Cause
ones I-Cause
suited I-Cause
for I-Cause
drier I-Cause
climates I-Cause
, O
demand B-Effect
for I-Effect
Scotts I-Effect
' I-Effect
premium I-Effect
lawncare I-Effect
products I-Effect
will I-Effect
falter I-Effect
. I-Effect

Lennox-branded B-Effect
products I-Effect
are I-Effect
distributed I-Effect
through I-Effect
a I-Effect
company-owned I-Effect
distribution I-Effect
network I-Effect
, I-Effect
which I-Effect
we I-Effect
believe I-Effect
is I-Effect
advantageous I-Effect
because O
Lennox B-Cause
has I-Cause
more I-Cause
control I-Cause
over I-Cause
sales I-Cause
strategy I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
dealer I-Cause
support I-Cause
. O

Although O
we O
think O
Imperial B-Cause
's I-Cause
strong I-Cause
presence I-Cause
in I-Cause
value I-Cause
categories I-Cause
could O
lead O
to O
increased B-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
event I-Effect
of I-Effect
trading I-Effect
down I-Effect
, O
we B-Effect
would I-Effect
be I-Effect
concerned I-Effect
about I-Effect
the I-Effect
global I-Effect
industry I-Effect
profit I-Effect
pool I-Effect
if O
plain B-Cause
packaging I-Cause
is I-Cause
introduced I-Cause
in I-Cause
other I-Cause
major I-Cause
markets I-Cause
. O

Much O
like O
its O
closest O
competitor O
, O
Progressive O
( O
which O
generated O
12.2 O
% O
of O
written O
premiums O
during O
2019 O
) O
, O
Geico B-Effect
has I-Effect
set I-Effect
itself I-Effect
apart I-Effect
from I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
industry I-Effect
by O
its B-Cause
scale I-Cause
in I-Cause
the I-Cause
direct I-Cause
response I-Cause
channel I-Cause
. O

Years B-Cause
of I-Cause
low I-Cause
spot I-Cause
prices I-Cause
have O
prevented O
investment B-Effect
in I-Effect
new I-Effect
mines I-Effect
, O
while O
existing O
mines O
have O
entered O
care O
and O
maintenance O
or O
near O
the O
end O
of O
their O
lives O
. O

We O
assign O
Workday B-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
which O
is O
mostly O
derived O
from O
the B-Cause
possibility I-Cause
of I-Cause
facing I-Cause
tougher I-Cause
competition I-Cause
-- I-Cause
in I-Cause
either I-Cause
incumbents I-Cause
SAP I-Cause
or I-Cause
Oracle I-Cause
catching I-Cause
up I-Cause
to I-Cause
Workday I-Cause
-- I-Cause
or I-Cause
in I-Cause
new I-Cause
entrants I-Cause
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
British I-Effect
American I-Effect
Tobacco I-Effect
is I-Effect
medium I-Effect
, O
and O
we O
view O
tobacco B-Cause
as I-Cause
being I-Cause
inherently I-Cause
riskier I-Cause
than I-Cause
most I-Cause
other I-Cause
staples I-Cause
categories I-Cause
. O

Given O
the B-Cause
company I-Cause
's I-Cause
significant I-Cause
presence I-Cause
in I-Cause
the I-Cause
region I-Cause
and I-Cause
its I-Cause
ability I-Cause
to I-Cause
supply I-Cause
the I-Cause
region I-Cause
by I-Cause
ship I-Cause
from I-Cause
its I-Cause
Playa I-Cause
del I-Cause
Carmen I-Cause
operations I-Cause
, O
we O
think O
the B-Effect
company I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
capture I-Effect
the I-Effect
region I-Effect
's I-Effect
growth I-Effect
. O

On O
a O
standalone O
basis O
, O
if O
the B-Cause
deal I-Cause
were I-Cause
to I-Cause
fall I-Cause
apart I-Cause
, O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Slack I-Effect
would I-Effect
likely I-Effect
remain I-Effect
at I-Effect
$ I-Effect
20 I-Effect
per O
share O
, O
which O
implies O
a O
fiscal O
2022 O
enterprise O
value/sales O
multiple O
of O
22 O
times O
. O

However O
, O
in O
contrast O
to O
the O
consumables O
market O
, O
ICU B-Cause
does I-Cause
not I-Cause
hold I-Cause
the I-Cause
leading I-Cause
market I-Cause
share I-Cause
position I-Cause
nor I-Cause
does I-Cause
it I-Cause
have I-Cause
the I-Cause
top I-Cause
production I-Cause
capacity I-Cause
and O
, O
consequently O
, O
does B-Effect
not I-Effect
have I-Effect
the I-Effect
scale I-Effect
advantage I-Effect
that I-Effect
allows I-Effect
the I-Effect
market I-Effect
leader I-Effect
, I-Effect
Baxter I-Effect
, I-Effect
to I-Effect
retain I-Effect
and I-Effect
capture I-Effect
customers I-Effect
through I-Effect
low I-Effect
pricing I-Effect
. O

We O
assume O
that O
Simon O
closes O
on O
the O
$ O
3.0 O
billion O
acquisition O
of O
Taubman O
Centers O
in O
the O
first O
quarter O
of O
2021 O
and O
that O
Simon B-Effect
wo I-Effect
n't I-Effect
have I-Effect
any I-Effect
other I-Effect
significant I-Effect
acquisition I-Effect
opportunities I-Effect
as O
most B-Cause
Class I-Cause
A I-Cause
malls I-Cause
are I-Cause
already I-Cause
owned I-Cause
by I-Cause
long-term I-Cause
investors I-Cause
. O

Although O
we O
expect O
global O
demand O
to O
recover O
to O
near O
2014 O
peak O
levels O
, O
belated B-Cause
capacity I-Cause
additions I-Cause
( I-Cause
of I-Cause
perhaps I-Cause
over I-Cause
15 I-Cause
% I-Cause
of I-Cause
global I-Cause
supply I-Cause
) I-Cause
, I-Cause
which I-Cause
were I-Cause
completed I-Cause
after I-Cause
the I-Cause
downturn I-Cause
began I-Cause
, O
mean O
global B-Effect
OCTG I-Effect
utilization I-Effect
-- I-Effect
and I-Effect
hence I-Effect
overall I-Effect
pricing I-Effect
-- I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
return I-Effect
to I-Effect
prior I-Effect
levels I-Effect
. O

While O
Danaher O
's O
current O
business O
mix O
generates O
relatively O
stable O
results O
, O
COVID-related B-Cause
uncertainty I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
acquisition-focused I-Cause
strategy I-Cause
creates O
medium B-Effect
uncertainty I-Effect
around I-Effect
future I-Effect
cash I-Effect
flows I-Effect
. O

Designers O
would O
be O
hesitant O
to O
lose B-Cause
the I-Cause
time I-Cause
spent I-Cause
learning I-Cause
these I-Cause
products I-Cause
and I-Cause
sacrifice I-Cause
familiarity I-Cause
and I-Cause
productivity I-Cause
, O
thus O
giving O
rise O
to O
switching B-Effect
costs I-Effect
. O

We O
expect O
comparable B-Effect
sales I-Effect
growth I-Effect
to I-Effect
taper I-Effect
from I-Effect
7 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
around I-Effect
3.5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
the B-Cause
pandemic I-Cause
continues I-Cause
to I-Cause
lift I-Cause
sales I-Cause
but O
conditions O
begin O
to O
normalize O
as O
vaccines O
and O
treatments O
emerge O
in O
calendar O
2021 O
. O

The B-Cause
expansion I-Cause
of I-Cause
the I-Cause
audience I-Cause
provides O
the B-Effect
company I-Effect
with I-Effect
growth I-Effect
, O
but O
we O
view O
this O
as O
watering O
down O
the B-Effect
value I-Effect
of I-Effect
the I-Effect
proprietary I-Effect
offering I-Effect
. O

While O
the O
pandemic O
did O
not O
lead O
to O
unmanageable O
medical O
costs O
for O
insurers O
in O
2020 O
, O
we O
think O
the B-Cause
underutilization I-Cause
of I-Cause
the I-Cause
healthcare I-Cause
system I-Cause
created B-Effect
some I-Effect
pricing I-Effect
risks I-Effect
for I-Effect
insurers I-Effect
in I-Effect
2021 I-Effect
. O

The O
firm O
does O
boast O
leading O
share O
( O
high O
single O
digits O
) O
in O
North O
American O
craft O
thanks O
to O
Blue O
Moon O
, O
but O
this B-Effect
is I-Effect
only I-Effect
a I-Effect
mid-single-digit I-Effect
percentage I-Effect
of I-Effect
that I-Effect
region I-Effect
's I-Effect
volumes I-Effect
, I-Effect
rendering I-Effect
it I-Effect
immaterial I-Effect
as O
it B-Cause
relates I-Cause
to I-Cause
driving I-Cause
rents I-Cause
for I-Cause
the I-Cause
entire I-Cause
business I-Cause
. O

We O
expect O
gains B-Effect
will I-Effect
be I-Effect
driven I-Effect
by I-Effect
personal I-Effect
care I-Effect
( O
more O
than O
half O
of O
sales O
) O
, O
as O
volumes B-Cause
are I-Cause
propped I-Cause
up I-Cause
by I-Cause
an I-Cause
increase I-Cause
in I-Cause
adult I-Cause
incontinence I-Cause
products I-Cause
and I-Cause
greater I-Cause
usage I-Cause
of I-Cause
diapers I-Cause
in I-Cause
China I-Cause
and I-Cause
other I-Cause
emerging I-Cause
markets I-Cause
, O
which O
underlies O
our O
more O
than O
3 O
% O
average O
segment O
sales O
growth O
outlook O
. O

Because O
Wesco B-Cause
has I-Cause
national I-Cause
scale I-Cause
, I-Cause
a I-Cause
global I-Cause
reach I-Cause
, I-Cause
and I-Cause
a I-Cause
robust I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
and I-Cause
value-added I-Cause
services I-Cause
, O
it B-Effect
has I-Effect
been I-Effect
increasing I-Effect
its I-Effect
share I-Effect
of I-Effect
national I-Effect
accounts I-Effect
and I-Effect
taking I-Effect
share I-Effect
from I-Effect
smaller I-Effect
local I-Effect
and I-Effect
regional I-Effect
distributors I-Effect
that I-Effect
do I-Effect
not I-Effect
have I-Effect
the I-Effect
scale I-Effect
to I-Effect
profitably I-Effect
service I-Effect
these I-Effect
customers I-Effect
. O

With O
roots O
as O
a O
supplier O
of O
infusion O
consumables O
, O
ICU B-Effect
enhanced I-Effect
its I-Effect
product I-Effect
mix I-Effect
through O
the B-Cause
transformative I-Cause
acquisition I-Cause
of I-Cause
Hospira I-Cause
Infusion I-Cause
Systems I-Cause
from I-Cause
Pfizer I-Cause
in I-Cause
2017 I-Cause
by I-Cause
bringing I-Cause
infusion I-Cause
pumps I-Cause
, I-Cause
a I-Cause
broader I-Cause
consumables I-Cause
offerings I-Cause
, O
and O
IV B-Cause
solution I-Cause
manufacturing I-Cause
into I-Cause
the I-Cause
fold I-Cause
. O

Organic B-Effect
growth I-Effect
will I-Effect
likely I-Effect
be I-Effect
in I-Effect
a I-Effect
negative I-Effect
3 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
range I-Effect
during O
fiscal O
2020-24 O
, O
as O
Franklin O
( O
much O
like O
its O
peers O
) O
continues O
to O
face O
the O
pressure O
from O
passively O
managed O
products O
, O
especially O
with O
its B-Cause
own I-Cause
active I-Cause
fund I-Cause
performance I-Cause
faltering I-Cause
. O

Additionally O
, O
the B-Cause
high I-Cause
supply I-Cause
growth I-Cause
present I-Cause
in I-Cause
many I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
markets I-Cause
and I-Cause
the I-Cause
ever-present I-Cause
competition I-Cause
from I-Cause
alternative I-Cause
housing I-Cause
options I-Cause
keeps O
rent B-Effect
growth I-Effect
in I-Effect
the I-Effect
low- I-Effect
to I-Effect
mid-single-digits I-Effect
. O

The O
reversal O
of O
the O
Seaway O
pipeline O
to O
flow O
oil O
to O
the O
Enterprise O
Hydrocarbons O
Terminal O
was O
a O
smart O
move O
, O
and O
the B-Cause
planned I-Cause
construction I-Cause
of I-Cause
a I-Cause
new I-Cause
pipeline I-Cause
transporting I-Cause
crude I-Cause
to I-Cause
Sealy I-Cause
( I-Cause
on I-Cause
the I-Cause
Coast I-Cause
) I-Cause
from I-Cause
Midland I-Cause
will O
strengthen B-Effect
the I-Effect
overall I-Effect
network I-Effect
. O

Over O
the O
coming O
years O
, O
industrial B-Cause
plants I-Cause
will I-Cause
be I-Cause
spending I-Cause
increasingly I-Cause
more I-Cause
of I-Cause
their I-Cause
capital I-Cause
budgets I-Cause
on B-Effect
software I-Effect
that I-Effect
can I-Effect
create I-Effect
efficiencies I-Effect
from I-Effect
design I-Effect
through I-Effect
to I-Effect
production I-Effect
. O

However O
, O
investors O
looking O
to O
hold O
a O
position O
in O
the O
combined O
entity O
should O
instead O
consider B-Cause
our I-Cause
valuation I-Cause
of I-Cause
S I-Cause
& I-Cause
P I-Cause
( I-Cause
$ I-Cause
320 I-Cause
per I-Cause
share I-Cause
at I-Cause
the I-Cause
time I-Cause
of I-Cause
publication I-Cause
) I-Cause
, O
which O
would O
give O
IHS B-Effect
Markit I-Effect
shareholders I-Effect
roughly I-Effect
$ I-Effect
91 I-Effect
per I-Effect
share I-Effect
in I-Effect
value I-Effect
. O

Lastly O
, O
and O
importantly O
, O
a B-Cause
modern I-Cause
system I-Cause
that I-Cause
can I-Cause
effectively I-Cause
manage I-Cause
inventory I-Cause
and I-Cause
facilities I-Cause
can O
also O
help O
improve B-Effect
working I-Effect
capital I-Effect
efficiency I-Effect
and I-Effect
margins I-Effect
. O

Further O
, O
legislative B-Cause
changes I-Cause
in I-Cause
tax I-Cause
laws I-Cause
and I-Cause
labor I-Cause
laws I-Cause
can I-Cause
be I-Cause
murky I-Cause
and I-Cause
difficult I-Cause
for O
smaller B-Effect
companies I-Effect
to I-Effect
understand I-Effect
, O
and O
Paylocity B-Effect
works I-Effect
toward I-Effect
ensuring I-Effect
its I-Effect
platform I-Effect
is I-Effect
up I-Effect
to I-Effect
date I-Effect
with I-Effect
regulations I-Effect
to O
ensure B-Cause
clients I-Cause
remain I-Cause
in I-Cause
compliance I-Cause
with I-Cause
the I-Cause
law I-Cause
. O

Volumes B-Effect
are I-Effect
set I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
2 I-Effect
% I-Effect
compound I-Effect
growth I-Effect
rate I-Effect
through I-Effect
2026 I-Effect
thanks O
to O
the B-Cause
addition I-Cause
of I-Cause
over I-Cause
700 I-Cause
mboe/d I-Cause
of I-Cause
new I-Cause
volumes I-Cause
. O

Land O
drillers O
' O
operating O
costs O
are O
about O
two O
thirds O
labor O
, O
and O
no B-Cause
land I-Cause
driller I-Cause
, I-Cause
H I-Cause
& I-Cause
amp I-Cause
; I-Cause
P I-Cause
included I-Cause
, I-Cause
appears I-Cause
to I-Cause
have I-Cause
a I-Cause
systematic I-Cause
advantage I-Cause
in O
saving B-Effect
on I-Effect
labor I-Effect
costs I-Effect
per I-Effect
day I-Effect
. O

After O
cutting B-Cause
out I-Cause
over I-Cause
40 I-Cause
% I-Cause
of I-Cause
FirstMerit I-Cause
's I-Cause
original I-Cause
cost I-Cause
base I-Cause
, O
Huntington B-Effect
has I-Effect
gone I-Effect
about I-Effect
selling I-Effect
its I-Effect
more I-Effect
expansive I-Effect
product I-Effect
set I-Effect
in I-Effect
new I-Effect
and I-Effect
underpenetrated I-Effect
markets I-Effect
. O

In O
this O
regard O
, O
we O
do B-Cause
not I-Cause
view I-Cause
this I-Cause
demographic I-Cause
's I-Cause
preference I-Cause
for I-Cause
Mexican I-Cause
beer I-Cause
as I-Cause
fleeting I-Cause
but I-Cause
rather I-Cause
engrained I-Cause
, I-Cause
normative I-Cause
, O
and O
thus O
more B-Effect
likely I-Effect
to I-Effect
be I-Effect
innate I-Effect
to I-Effect
their I-Effect
palates I-Effect
longer I-Effect
term I-Effect
. O

Considering O
regulatory B-Cause
risk I-Cause
, I-Cause
and I-Cause
Itau I-Cause
's I-Cause
recent I-Cause
decision I-Cause
to I-Cause
lower I-Cause
interest I-Cause
rates I-Cause
on I-Cause
card I-Cause
processing I-Cause
, O
we B-Effect
've I-Effect
lowered I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
to I-Effect
an I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
5.5 I-Effect
% I-Effect
in I-Effect
card I-Effect
interchange I-Effect
fees I-Effect
and I-Effect
issuance I-Effect
and I-Effect
2.5 I-Effect
% I-Effect
in I-Effect
payment I-Effect
processing I-Effect
. O

While O
the B-Effect
partnership I-Effect
is I-Effect
prudent I-Effect
given O
Sprouts B-Cause
' I-Cause
size I-Cause
, O
it B-Effect
imposes I-Effect
costs I-Effect
that I-Effect
larger I-Effect
firms I-Effect
can I-Effect
mitigate I-Effect
by O
fulfilling B-Cause
digital I-Cause
orders I-Cause
internally I-Cause
. O

Regency B-Cause
may I-Cause
face I-Cause
increasing I-Cause
challenges I-Cause
to I-Cause
source I-Cause
attractive I-Cause
risk-adjusted I-Cause
investments I-Cause
, O
potentially O
encouraging B-Effect
the I-Effect
company I-Effect
to I-Effect
take I-Effect
undue I-Effect
risks I-Effect
to I-Effect
achieve I-Effect
growth I-Effect
. O

We O
project O
that O
Grand B-Cause
Theft I-Cause
Auto I-Cause
VI I-Cause
will I-Cause
be I-Cause
released I-Cause
in I-Cause
fiscal I-Cause
2023. O
As O
a O
result O
, O
we O
now O
project O
that O
fiscal B-Effect
2023 I-Effect
revenue I-Effect
for I-Effect
Take-Two I-Effect
will I-Effect
spike I-Effect
up I-Effect
by I-Effect
50 I-Effect
% I-Effect
to I-Effect
$ I-Effect
5.9 I-Effect
billion I-Effect
with I-Effect
fiscal I-Effect
2024 I-Effect
revenue I-Effect
falling I-Effect
from I-Effect
those I-Effect
heights I-Effect
by I-Effect
14 I-Effect
% I-Effect
. O

Margins B-Effect
were I-Effect
hit I-Effect
in I-Effect
2020 I-Effect
as O
Pepsi B-Cause
booked I-Cause
charges I-Cause
for I-Cause
merger I-Cause
integration I-Cause
and I-Cause
system I-Cause
implementation I-Cause
associated I-Cause
with I-Cause
its I-Cause
productivity I-Cause
initiatives I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
incremental I-Cause
strategic I-Cause
investments I-Cause
. O

We O
think O
Cognizant B-Cause
will I-Cause
keep I-Cause
a I-Cause
close I-Cause
eye I-Cause
on I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
costs I-Cause
, O
so O
that O
revenue B-Effect
grows I-Effect
at I-Effect
a I-Effect
faster I-Effect
pace I-Effect
than I-Effect
operating I-Effect
expenses I-Effect
. O

The B-Cause
merger I-Cause
with I-Cause
Total I-Cause
System I-Cause
Services I-Cause
will O
diversify B-Effect
the I-Effect
business I-Effect
a I-Effect
bit I-Effect
, O
but O
it O
will O
remain O
centered O
on O
consumer O
payments O
. O

To O
be O
sure O
, O
the B-Cause
company I-Cause
's I-Cause
portfolio I-Cause
is I-Cause
very I-Cause
large I-Cause
and I-Cause
being I-Cause
continually I-Cause
restocked I-Cause
with I-Cause
new I-Cause
patents I-Cause
, O
meaning O
that O
the B-Effect
loss I-Effect
of I-Effect
protection I-Effect
on I-Effect
any I-Effect
one I-Effect
technology I-Effect
would I-Effect
not I-Effect
be I-Effect
significant I-Effect
. O

As O
free O
users O
listen O
to O
more O
music O
and O
Spotify O
collects B-Cause
more I-Cause
data I-Cause
, O
it O
is O
likely O
to O
attract B-Effect
more I-Effect
advertising I-Effect
buyers I-Effect
. O

The O
flip O
side O
of O
this O
model O
is O
that O
the B-Cause
bank I-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
highest I-Cause
proportions I-Cause
of I-Cause
adjustable-rate-based I-Cause
commercial I-Cause
loans I-Cause
, O
meaning O
its B-Effect
loan I-Effect
book I-Effect
reprices I-Effect
very I-Effect
quickly I-Effect
, I-Effect
with I-Effect
almost I-Effect
90 I-Effect
% I-Effect
of I-Effect
the I-Effect
book I-Effect
being I-Effect
adjustable I-Effect
rate I-Effect
. O

Not O
only O
will O
Carpenter O
benefit O
from O
increasing O
build O
rates O
, O
but O
its O
shipment O
volume O
growth O
will O
be O
supported O
by O
the O
increasing B-Effect
amount I-Effect
of I-Effect
lightweight I-Effect
metals I-Effect
per I-Effect
plane I-Effect
as O
aerospace B-Cause
companies I-Cause
look I-Cause
to I-Cause
increase I-Cause
fuel I-Cause
efficiency I-Cause
. O

Dilution B-Cause
from I-Cause
the I-Cause
equity I-Cause
and I-Cause
preferred I-Cause
stock I-Cause
issuances I-Cause
in I-Cause
2020-21 I-Cause
will O
keep O
earnings B-Effect
and I-Effect
the I-Effect
dividend I-Effect
growing I-Effect
more I-Effect
slowly I-Effect
than I-Effect
Edison I-Effect
's I-Effect
asset I-Effect
base I-Effect
. O

A O
significant O
50 O
% O
increase B-Cause
in I-Cause
loan I-Cause
loss I-Cause
provisions I-Cause
to O
EUR O
6.2 O
billion O
is O
the O
main O
driver O
of O
the B-Effect
earnings I-Effect
decline I-Effect
. O

Its B-Effect
share I-Effect
of I-Effect
the I-Effect
broadband I-Effect
business I-Effect
has I-Effect
slipped I-Effect
under I-Effect
18 I-Effect
% I-Effect
from I-Effect
28 I-Effect
% I-Effect
five I-Effect
years I-Effect
ago I-Effect
as O
it B-Cause
has I-Cause
lost I-Cause
customers I-Cause
in I-Cause
areas I-Cause
where I-Cause
its I-Cause
network I-Cause
is I-Cause
older I-Cause
and I-Cause
less I-Cause
capable I-Cause
and I-Cause
upstarts I-Cause
have I-Cause
invested I-Cause
aggressively I-Cause
to I-Cause
build I-Cause
fiber I-Cause
. O

If O
the B-Cause
company I-Cause
can I-Cause
not I-Cause
generate I-Cause
meaningful I-Cause
cash I-Cause
in I-Cause
its I-Cause
restructuring I-Cause
efforts I-Cause
due O
to O
poor B-Cause
execution I-Cause
or I-Cause
from I-Cause
effects I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
damaging I-Cause
the I-Cause
economy I-Cause
, O
then O
it B-Effect
could I-Effect
file I-Effect
for I-Effect
bankruptcy I-Effect
but O
this O
seems O
unlikely O
to O
us O
. O

In O
our O
base O
case O
, O
we O
assume O
contractual B-Effect
rent I-Effect
growth I-Effect
, I-Effect
occupancy I-Effect
and I-Effect
re-leasing I-Effect
spreads I-Effect
suffer I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
outbreak I-Cause
that O
has O
forced O
nearly O
all O
retail O
and O
office O
properties O
to O
remain O
empty O
due O
to O
government-mandated O
shelter-in-place O
orders O
. O

We O
expect O
these B-Cause
initiatives I-Cause
to O
offset O
the B-Effect
negative I-Effect
customer I-Effect
mix I-Effect
from I-Effect
the I-Effect
significant I-Effect
amount I-Effect
of I-Effect
lower-margin I-Effect
chain I-Effect
restaurant I-Effect
business I-Effect
picked I-Effect
up I-Effect
during I-Effect
the I-Effect
pandemic I-Effect
, O
holding B-Effect
operating I-Effect
margins I-Effect
around I-Effect
4.5 I-Effect
% I-Effect
. O

Despite O
considerable B-Cause
intangible I-Cause
assets I-Cause
around I-Cause
HDD I-Cause
design I-Cause
expertise I-Cause
and I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
in I-Cause
HDD I-Cause
manufacturing I-Cause
, O
such B-Cause
advantages I-Cause
are I-Cause
unlikely I-Cause
to I-Cause
allow I-Cause
the I-Cause
firm I-Cause
to I-Cause
generate I-Cause
excess I-Cause
returns I-Cause
on I-Cause
capital I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
due O
to O
the B-Effect
technological I-Effect
shift I-Effect
away I-Effect
from I-Effect
hard I-Effect
disk I-Effect
to I-Effect
solid I-Effect
state I-Effect
drives I-Effect
. O

Total B-Cause
is I-Cause
targeting I-Cause
annual I-Cause
operating I-Cause
cost I-Cause
reductions I-Cause
of I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
by I-Cause
2023 I-Cause
, O
leading O
to O
an B-Effect
increase I-Effect
in I-Effect
debt-adjusted I-Effect
cash I-Effect
flow I-Effect
of I-Effect
$ I-Effect
5 I-Effect
billion I-Effect
, I-Effect
assuming I-Effect
$ I-Effect
50/bbl I-Effect
oil I-Effect
prices I-Effect
by I-Effect
2025 I-Effect
, I-Effect
while I-Effect
achieving I-Effect
a I-Effect
return I-Effect
on I-Effect
equity I-Effect
of I-Effect
at I-Effect
least I-Effect
10 I-Effect
% I-Effect
. O

We O
assume O
stronger B-Effect
growth I-Effect
from I-Effect
the I-Effect
European I-Effect
region I-Effect
in O
the O
wake O
of O
Stryker B-Cause
's I-Cause
reorganization I-Cause
there I-Cause
, O
though O
there B-Effect
may I-Effect
be I-Effect
delays I-Effect
here I-Effect
as O
COVID-19 B-Cause
vaccination I-Cause
has I-Cause
been I-Cause
slower I-Cause
in I-Cause
that I-Cause
region I-Cause
compared I-Cause
with I-Cause
North I-Cause
America I-Cause
. O

We O
forecast O
capital B-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
drop I-Effect
to I-Effect
3.4 I-Effect
% I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
store B-Cause
openings I-Cause
slow I-Cause
and I-Cause
less I-Cause
in-store I-Cause
investment I-Cause
is I-Cause
needed I-Cause
. O

As O
China B-Cause
's I-Cause
restaurant I-Cause
industry I-Cause
consolidates I-Cause
, O
we O
expect O
chains B-Effect
to I-Effect
increasingly I-Effect
compete I-Effect
with I-Effect
one I-Effect
another I-Effect
on I-Effect
price I-Effect
and I-Effect
product I-Effect
differentiation I-Effect
across I-Effect
multiple I-Effect
dayparts I-Effect
, O
with O
aggressive B-Effect
( I-Effect
and I-Effect
often I-Effect
irrational I-Effect
) I-Effect
promotional I-Effect
activity I-Effect
likely I-Effect
to I-Effect
escalate I-Effect
. O

In O
the O
long O
run O
, O
we O
think O
Xcel O
could B-Effect
spend I-Effect
more I-Effect
than I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
per I-Effect
year I-Effect
on I-Effect
renewable I-Effect
energy I-Effect
and I-Effect
other I-Effect
clean I-Effect
energy I-Effect
initiatives I-Effect
as O
its B-Cause
focus I-Cause
shifts I-Cause
from I-Cause
wind I-Cause
to I-Cause
solar I-Cause
. O

The B-Cause
price I-Cause
wars I-Cause
that I-Cause
hit I-Cause
the I-Cause
market I-Cause
following I-Cause
regulatory I-Cause
reform I-Cause
and I-Cause
AT I-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
's I-Cause
entrance I-Cause
have I-Cause
hurt I-Cause
third-place I-Cause
carrier I-Cause
Telefonica I-Cause
particularly I-Cause
hard I-Cause
, O
prompting O
the B-Effect
firm I-Effect
to I-Effect
effectively I-Effect
exit I-Effect
the I-Effect
market I-Effect
in I-Effect
2019 I-Effect
as I-Effect
a I-Effect
facilities-based I-Effect
operator I-Effect
. O

We B-Effect
have I-Effect
increased I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Fluor I-Effect
to I-Effect
extreme I-Effect
from I-Effect
very I-Effect
high I-Effect
because O
of O
the B-Cause
firm I-Cause
's I-Cause
exposure I-Cause
to I-Cause
fixed-price I-Cause
contracts I-Cause
, I-Cause
which I-Cause
account I-Cause
for I-Cause
nearly I-Cause
60 I-Cause
% I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
backlog I-Cause
excluding I-Cause
the I-Cause
government I-Cause
segment I-Cause
. O

In O
general O
, O
the B-Cause
company I-Cause
is I-Cause
able I-Cause
to I-Cause
get I-Cause
paid I-Cause
well I-Cause
before I-Cause
the I-Cause
customer I-Cause
takes I-Cause
final I-Cause
delivery I-Cause
of I-Cause
the I-Cause
rig I-Cause
, O
which O
diminishes B-Effect
counterparty I-Effect
risk I-Effect
. O

We O
anticipate O
an B-Cause
additional I-Cause
8 I-Cause
percentage I-Cause
points I-Cause
of I-Cause
market I-Cause
share I-Cause
to I-Cause
be I-Cause
picked I-Cause
up I-Cause
by I-Cause
Hardie I-Cause
over I-Cause
this I-Cause
period I-Cause
, O
leading O
to O
market B-Effect
share I-Effect
for I-Effect
Hardie I-Effect
peaking I-Effect
at I-Effect
circa I-Effect
28 I-Effect
% I-Effect
. O

Like O
all O
regulated O
utilities O
, O
PPL B-Cause
faces I-Cause
the I-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
that O
would O
raise B-Effect
borrowing I-Effect
costs I-Effect
and I-Effect
make I-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

Millennials O
have O
been O
driving O
many O
of O
these O
trends O
, O
and O
as O
the B-Cause
generation I-Cause
acquires I-Cause
enough I-Cause
capital I-Cause
to I-Cause
own I-Cause
single-family I-Cause
homes I-Cause
or I-Cause
if I-Cause
tastes I-Cause
change I-Cause
significantly I-Cause
, O
these B-Effect
trends I-Effect
could I-Effect
reverse I-Effect
and I-Effect
hurt I-Effect
demand I-Effect
for I-Effect
apartments I-Effect
. O

With O
a O
holiday O
season O
marked O
by O
rising B-Cause
COVID-19 I-Cause
case I-Cause
counts I-Cause
that O
threaten B-Effect
store I-Effect
traffic I-Effect
( O
and O
, O
in O
some O
markets O
, O
renewed O
closures O
) O
, O
we O
expect O
a O
low-double O
digit O
comparable O
sales O
decline O
in O
the O
fourth O
quarter O
. O

Xcel B-Cause
has I-Cause
significantly I-Cause
improved I-Cause
the I-Cause
regulatory I-Cause
structures I-Cause
and I-Cause
asset I-Cause
mix I-Cause
in I-Cause
its I-Cause
primary I-Cause
jurisdictions I-Cause
since I-Cause
2014 I-Cause
such O
that O
we B-Effect
now I-Effect
have I-Effect
good I-Effect
confidence I-Effect
that I-Effect
it I-Effect
can I-Effect
consistently I-Effect
earn I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

We O
believe O
PRA B-Effect
is I-Effect
moderately I-Effect
susceptible I-Effect
to I-Effect
this I-Effect
, O
with O
its B-Cause
largest I-Cause
single I-Cause
study I-Cause
in I-Cause
2017 I-Cause
accounting I-Cause
for I-Cause
4 I-Cause
% I-Cause
of I-Cause
service I-Cause
revenue I-Cause
, O
but O
the B-Effect
risk I-Effect
is I-Effect
diminishing I-Effect
as O
the B-Cause
company I-Cause
scales I-Cause
, O
in O
our O
opinion O
. O

TJX B-Cause
's I-Cause
assortment I-Cause
is I-Cause
rapidly I-Cause
changing I-Cause
, I-Cause
with I-Cause
brands I-Cause
and I-Cause
items I-Cause
rotating I-Cause
based I-Cause
on I-Cause
availability. O
This O
encourages B-Effect
bargain-seeking I-Effect
customers I-Effect
to I-Effect
visit I-Effect
the I-Effect
stores I-Effect
frequently I-Effect
, I-Effect
spurring I-Effect
traffic I-Effect
and I-Effect
repeat I-Effect
store I-Effect
visits I-Effect
that I-Effect
are I-Effect
further I-Effect
spurred I-Effect
by I-Effect
the I-Effect
firm I-Effect
's I-Effect
loyalty I-Effect
program I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
network I-Cause
advantage I-Cause
should O
remain O
intact O
and O
help B-Effect
position I-Effect
TripAdvisor I-Effect
well I-Effect
for I-Effect
the I-Effect
increasing I-Effect
global I-Effect
shift I-Effect
to I-Effect
booking I-Effect
via I-Effect
mobile I-Effect
applications I-Effect
. O

We O
expect O
Dropbox B-Cause
will I-Cause
continue I-Cause
to I-Cause
optimize I-Cause
their I-Cause
data I-Cause
centers I-Cause
for I-Cause
file I-Cause
storage I-Cause
, O
which O
will O
continue B-Effect
to I-Effect
push I-Effect
gross I-Effect
margins I-Effect
higher I-Effect
, I-Effect
topping I-Effect
81 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
. O

Further O
, O
to B-Cause
stem I-Cause
obsesity I-Cause
levels I-Cause
, I-Cause
local I-Cause
governments I-Cause
could I-Cause
mandate I-Cause
increased I-Cause
regulations I-Cause
and/or I-Cause
impose I-Cause
taxes I-Cause
, O
which O
may O
impair B-Effect
volumes I-Effect
to I-Effect
a I-Effect
greater I-Effect
extent I-Effect
than I-Effect
we I-Effect
current I-Effect
forecast I-Effect
. O

Additionally O
, O
Marriott O
has O
significant O
leverage O
over O
Host O
to O
demand O
capital O
expenditures O
to O
maintain O
brand O
standards O
that O
are O
subject O
to O
change O
, O
while O
Host B-Effect
is I-Effect
unable I-Effect
to I-Effect
execute I-Effect
on I-Effect
potentially I-Effect
accretive I-Effect
renovations I-Effect
or I-Effect
cost-saving I-Effect
measures I-Effect
if O
they B-Cause
are I-Cause
n't I-Cause
approved I-Cause
by I-Cause
Marriott I-Cause
. O

This B-Cause
ability I-Cause
for I-Cause
users I-Cause
to I-Cause
customize I-Cause
their I-Cause
NICE I-Cause
products I-Cause
and I-Cause
generate I-Cause
personalized I-Cause
analytics I-Cause
and I-Cause
integrations I-Cause
is O
likely O
to O
attract B-Cause
new I-Cause
customers I-Cause
for I-Cause
NICE I-Cause
, O
which O
in O
turn O
will O
attract B-Effect
new I-Effect
developers I-Effect
as I-Effect
they B-Cause
can I-Cause
reach I-Cause
a I-Cause
wider I-Cause
audience I-Cause
. O

In B-Cause
iodine I-Cause
, I-Cause
we I-Cause
assume I-Cause
SQM I-Cause
will I-Cause
act I-Cause
as I-Cause
a I-Cause
rational I-Cause
player I-Cause
, I-Cause
growing I-Cause
volumes I-Cause
with I-Cause
market I-Cause
demand. O
As O
a O
result O
, O
we O
forecast O
the B-Effect
company I-Effect
's I-Effect
realized I-Effect
iodine I-Effect
prices I-Effect
will I-Effect
continue I-Effect
to I-Effect
remain I-Effect
above I-Effect
$ I-Effect
30 I-Effect
per I-Effect
kilogram I-Effect
, I-Effect
compared I-Effect
with I-Effect
2017 I-Effect
, I-Effect
when I-Effect
prices I-Effect
averaged I-Effect
$ I-Effect
15.75 I-Effect
per I-Effect
kilogram I-Effect
at I-Effect
the I-Effect
peak I-Effect
of I-Effect
SQM I-Effect
's I-Effect
volume I-Effect
over I-Effect
price I-Effect
strategy I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
. O

We O
think O
Alcon B-Effect
maintains I-Effect
its I-Effect
top I-Effect
market I-Effect
position I-Effect
in I-Effect
ophthalmic I-Effect
equipment I-Effect
because O
of O
surgeon B-Cause
familiarly I-Cause
with I-Cause
Alcon I-Cause
's I-Cause
system I-Cause
interface I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
continuous I-Cause
product I-Cause
innovation I-Cause
, O
making O
it O
difficult O
for O
competitors O
to O
take O
share O
. O

We O
think O
the O
increased O
importance O
of O
direct B-Cause
to I-Cause
consumer I-Cause
sales I-Cause
allowed O
the O
firm O
better B-Effect
control I-Effect
of I-Effect
pricing I-Effect
and I-Effect
its I-Effect
brand I-Effect
. I-Effect

However O
, O
Enel B-Effect
Americas I-Effect
' I-Effect
ability I-Effect
to I-Effect
develop I-Effect
new I-Effect
projects I-Effect
from I-Effect
EGP I-Effect
's I-Effect
pipeline I-Effect
of I-Effect
projects I-Effect
under I-Effect
development I-Effect
will I-Effect
likely I-Effect
be I-Effect
more I-Effect
difficult I-Effect
than I-Effect
we I-Effect
originally I-Effect
believed I-Effect
, O
due O
in O
large B-Cause
part I-Cause
to I-Cause
the I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
on I-Cause
South I-Cause
American I-Cause
economies I-Cause
. O

That O
said O
, O
ultimately B-Effect
growing I-Effect
production I-Effect
should I-Effect
improve I-Effect
earnings I-Effect
and I-Effect
cash I-Effect
flow I-Effect
as O
cost B-Cause
reductions I-Cause
and I-Cause
the I-Cause
addition I-Cause
of I-Cause
low-cost I-Cause
presalt I-Cause
volumes I-Cause
could I-Cause
lower I-Cause
portfolio I-Cause
operating I-Cause
costs I-Cause
to I-Cause
$ I-Cause
5/bbl I-Cause
on I-Cause
average I-Cause
through I-Cause
2024 I-Cause
, O
assuming O
a O
recovery O
in O
oil O
prices O
. O

These B-Cause
multiyear I-Cause
contracts I-Cause
, I-Cause
combined I-Cause
with I-Cause
material I-Cause
fit-out I-Cause
costs I-Cause
, O
dissuade B-Effect
clients I-Effect
from I-Effect
switching I-Effect
providers I-Effect
, I-Effect
as I-Effect
does I-Effect
the I-Effect
potential I-Effect
disruption I-Effect
to I-Effect
service I-Effect
, O
particularly O
in O
sensitive O
areas O
such O
as O
hospital O
catering O
. O

We O
believe O
Farfetch B-Cause
has I-Cause
a I-Cause
cost I-Cause
base I-Cause
to I-Cause
support I-Cause
higher I-Cause
revenue I-Cause
, I-Cause
providing I-Cause
opportunity I-Cause
for I-Cause
positive I-Cause
operating I-Cause
leverage I-Cause
as I-Cause
revenue I-Cause
grows. O
Hence O
, O
we O
expect O
general B-Effect
and I-Effect
administrative I-Effect
expense I-Effect
( I-Effect
including I-Effect
depreciation I-Effect
and I-Effect
technology I-Effect
expense I-Effect
) I-Effect
to I-Effect
scale I-Effect
from I-Effect
around I-Effect
26 I-Effect
% I-Effect
of I-Effect
gross I-Effect
merchandise I-Effect
value I-Effect
currently I-Effect
to I-Effect
10.6 I-Effect
% I-Effect
in I-Effect
10 I-Effect
years I-Effect
' I-Effect
time I-Effect
. O

We O
are O
starting O
to O
see O
signs O
of O
improved B-Effect
speed I-Effect
to I-Effect
market I-Effect
through O
better B-Cause
communication I-Cause
with I-Cause
its I-Cause
key I-Cause
vendors I-Cause
and I-Cause
franchisees I-Cause
and I-Cause
giving I-Cause
local I-Cause
and I-Cause
regional I-Cause
decision-makers I-Cause
more I-Cause
autonomy I-Cause
but O
believe O
further O
supply O
chain O
improvements O
are O
possible O
. O

As B-Cause
AutoZone I-Cause
's I-Cause
commercial I-Cause
revenue I-Cause
rises I-Cause
, O
it B-Effect
should I-Effect
reap I-Effect
the I-Effect
benefits I-Effect
of I-Effect
a I-Effect
strong I-Effect
dual-market I-Effect
approach I-Effect
, I-Effect
balancing I-Effect
the I-Effect
faster-growing I-Effect
professional I-Effect
segment I-Effect
with I-Effect
more I-Effect
lucrative I-Effect
DIY I-Effect
sales I-Effect
. O

Our B-Effect
confidence I-Effect
stems O
from O
an B-Cause
improving I-Cause
upstream I-Cause
cost I-Cause
position I-Cause
and I-Cause
a I-Cause
strong I-Cause
downstream I-Cause
competitive I-Cause
position I-Cause
capable O
of O
supporting B-Effect
returns I-Effect
through I-Effect
the I-Effect
commodity I-Effect
price I-Effect
cycle I-Effect
. O

These B-Cause
key I-Cause
opinion I-Cause
leaders I-Cause
can I-Cause
also I-Cause
get I-Cause
tipping I-Cause
from I-Cause
or I-Cause
sell I-Cause
merchandise I-Cause
to I-Cause
their I-Cause
fans I-Cause
, O
which O
can O
encourage B-Effect
them I-Effect
to I-Effect
share I-Effect
more I-Effect
content I-Effect
on I-Effect
the I-Effect
Weibo I-Effect
platform I-Effect
. O

We O
expect O
regulators B-Cause
will I-Cause
allow I-Cause
Southern I-Cause
to I-Cause
pass I-Cause
most I-Cause
of I-Cause
the I-Cause
incremental I-Cause
costs I-Cause
on I-Cause
to I-Cause
customers I-Cause
, O
preserving B-Effect
the I-Effect
firm I-Effect
's I-Effect
long-term I-Effect
earnings I-Effect
power I-Effect
. O

Given O
the O
difficult O
environment O
, O
Diamondback B-Cause
has I-Cause
made I-Cause
the I-Cause
expected I-Cause
pivots I-Cause
, I-Cause
including I-Cause
adding I-Cause
$ I-Cause
3 I-Cause
billion I-Cause
worth I-Cause
of I-Cause
Midland-focused I-Cause
deals I-Cause
in I-Cause
late I-Cause
2020 I-Cause
, O
which O
we O
see O
as O
creating B-Effect
shareholder I-Effect
value I-Effect
. O

Larger B-Cause
clients I-Cause
' I-Cause
cost-reduction I-Cause
steps I-Cause
have O
also O
forced B-Effect
Omnicom I-Effect
and I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
Big I-Effect
Five I-Effect
to O
further O
consolidate O
to O
create B-Cause
cost I-Cause
efficiencies I-Cause
over I-Cause
smaller I-Cause
ad I-Cause
agencies I-Cause
and O
minimize B-Effect
the I-Effect
impact I-Effect
of I-Effect
possibly I-Effect
lower I-Effect
prices I-Effect
offered I-Effect
by I-Effect
the I-Effect
clients I-Effect
. O

The O
firm O
's O
domestic O
franchise O
agreement O
also O
requires B-Cause
franchisee I-Cause
exclusivity I-Cause
( O
preventing O
franchisees O
from O
opening O
other O
restaurant O
units O
) O
, O
further O
strengthening B-Effect
the I-Effect
commitment I-Effect
between I-Effect
corporate I-Effect
and I-Effect
franchisees I-Effect
. O

For O
categories B-Cause
that I-Cause
are I-Cause
either I-Cause
in I-Cause
early I-Cause
or I-Cause
mature I-Cause
stages I-Cause
of I-Cause
growth I-Cause
( I-Cause
snacking I-Cause
and I-Cause
beverages I-Cause
) I-Cause
, O
the B-Effect
team I-Effect
is I-Effect
looking I-Effect
to I-Effect
grow I-Effect
the I-Effect
top I-Effect
line I-Effect
profitably I-Effect
through I-Effect
volume I-Effect
leverage I-Effect
and I-Effect
value-added I-Effect
innovation I-Effect
. O

Mondelez O
benefits O
from O
a O
mutually O
beneficial O
relationship O
with O
retailers O
, O
through O
which O
it B-Effect
is I-Effect
an I-Effect
important I-Effect
retail I-Effect
partner I-Effect
in O
terms O
of O
assisting B-Cause
with I-Cause
sales I-Cause
strategies I-Cause
to I-Cause
maximize I-Cause
category I-Cause
volumes I-Cause
and I-Cause
profitability I-Cause
while O
prioritizing O
its O
own O
brands O
. O

Profitability B-Effect
should I-Effect
improve I-Effect
as O
dilution B-Cause
from I-Cause
Flipkart I-Cause
ebbs I-Cause
and I-Cause
Walmart I-Cause
focuses I-Cause
on I-Cause
its I-Cause
most I-Cause
attractive I-Cause
markets I-Cause
, O
with O
margins O
rising O
from O
3.1 O
% O
in O
fiscal O
2020 O
to O
more O
than O
5 O
% O
by O
fiscal O
2030 O
. O

Lower B-Cause
oil I-Cause
prices I-Cause
intensify B-Effect
the I-Effect
challenges I-Effect
facing I-Effect
the I-Effect
firm I-Effect
's I-Effect
energy I-Effect
sector I-Effect
clients I-Effect
, I-Effect
but I-Effect
cheap I-Effect
gas I-Effect
prices I-Effect
are I-Effect
a I-Effect
benefit I-Effect
in I-Effect
automotive I-Effect
. O

However O
, O
given B-Cause
its I-Cause
clean I-Cause
balance I-Cause
sheet I-Cause
and I-Cause
low I-Cause
presence I-Cause
in I-Cause
developing I-Cause
markets I-Cause
, O
there B-Effect
is I-Effect
a I-Effect
possibility I-Effect
that I-Effect
the I-Effect
company I-Effect
could I-Effect
look I-Effect
for I-Effect
a I-Effect
larger I-Effect
transaction I-Effect
to I-Effect
diversify I-Effect
its I-Effect
customer I-Effect
base I-Effect
and I-Effect
geographic I-Effect
footprint I-Effect
. O

Given O
that O
the B-Cause
Pearl I-Cause
River I-Cause
Delta I-Cause
's I-Cause
economies I-Cause
are I-Cause
highly I-Cause
exposed I-Cause
to I-Cause
exports I-Cause
, O
slower B-Effect
trade I-Effect
growth I-Effect
would I-Effect
pressure I-Effect
freight I-Effect
transportation I-Effect
volume I-Effect
. O

However O
, O
shortly O
after O
the O
lease O
commenced O
, O
the B-Effect
Federal I-Effect
government I-Effect
began I-Effect
to I-Effect
make I-Effect
cuts I-Effect
to I-Effect
Medicare I-Effect
and I-Effect
Medicaid I-Effect
reimbursement I-Effect
increases I-Effect
, I-Effect
reducing I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
reducing I-Effect
profits I-Effect
to I-Effect
an I-Effect
even I-Effect
greater I-Effect
degree I-Effect
due O
to O
the B-Cause
thin I-Cause
margins I-Cause
for I-Cause
the I-Cause
industry I-Cause
. O

From O
an O
ESG O
perspective O
, O
overpaying B-Cause
for I-Cause
acquisitions I-Cause
to I-Cause
grow I-Cause
at I-Cause
any I-Cause
cost I-Cause
introduces O
corporate B-Effect
governance I-Effect
risk I-Effect
that O
could O
dilute O
shareholder O
returns O
. O

Beyond O
fiscal O
2021 O
, O
we O
believe O
that O
Best B-Cause
Buy I-Cause
's I-Cause
recent I-Cause
COVID-19 I-Cause
sales I-Cause
momentum I-Cause
will O
also O
help O
to O
accelerate B-Effect
its I-Effect
in-home I-Effect
advisory I-Effect
, I-Effect
total I-Effect
tech I-Effect
support I-Effect
, I-Effect
and I-Effect
healthcare I-Effect
services I-Effect
. O

Our B-Effect
prior I-Effect
forecast I-Effect
had I-Effect
already I-Effect
been I-Effect
below I-Effect
program I-Effect
goals I-Effect
as O
we B-Cause
incorporated I-Cause
normalized I-Cause
growth I-Cause
over I-Cause
a I-Cause
cycle I-Cause
, O
rather O
than O
steady-state O
improvement O
. O

Nuclear-powered B-Effect
submarines I-Effect
, I-Effect
Newport I-Effect
News I-Effect
' I-Effect
second I-Effect
major I-Effect
product I-Effect
, I-Effect
are I-Effect
the I-Effect
Navy I-Effect
's I-Effect
highest I-Effect
priority I-Effect
programs I-Effect
due O
to O
their B-Cause
stealthiness I-Cause
and I-Cause
relative I-Cause
cheapness I-Cause
. O

Since O
TransDigm B-Cause
's I-Cause
designs I-Cause
are I-Cause
proprietary I-Cause
, I-Cause
it I-Cause
is I-Cause
challenging I-Cause
for I-Cause
would-be I-Cause
competitors I-Cause
to I-Cause
prove I-Cause
that I-Cause
their I-Cause
design I-Cause
is I-Cause
identical. O
This O
barrier O
to O
entry O
allows O
TransDigm B-Effect
to I-Effect
extract I-Effect
value I-Effect
from I-Effect
FAA-required I-Effect
maintenance I-Effect
and I-Effect
enables I-Effect
the I-Effect
firm I-Effect
to I-Effect
aggressively I-Effect
price I-Effect
spare I-Effect
parts I-Effect
for I-Effect
its I-Effect
products I-Effect
. O

The B-Cause
merger I-Cause
of I-Cause
T-Mobile I-Cause
and I-Cause
Sprint I-Cause
has O
improved B-Effect
the I-Effect
industry I-Effect
's I-Effect
structure I-Effect
, O
leaving O
three O
players O
with O
little O
incentive O
to O
price O
irrationally O
in O
search O
of O
short-term O
market O
share O
gains O
. O

Despite O
this O
, O
we B-Cause
still I-Cause
do I-Cause
n't I-Cause
think I-Cause
its I-Cause
banner I-Cause
fiscal I-Cause
2020 I-Cause
( I-Cause
that I-Cause
included I-Cause
7 I-Cause
% I-Cause
organic I-Cause
sales I-Cause
growth I-Cause
and I-Cause
110 I-Cause
basis I-Cause
points I-Cause
of I-Cause
adjusted I-Cause
operating I-Cause
margin I-Cause
improvement I-Cause
to I-Cause
16.7 I-Cause
% I-Cause
) I-Cause
signals I-Cause
a I-Cause
sustained I-Cause
sales I-Cause
acceleration I-Cause
( I-Cause
prompted I-Cause
by I-Cause
increased I-Cause
at-home I-Cause
food I-Cause
consumption I-Cause
due I-Cause
to I-Cause
concerns I-Cause
over I-Cause
COVID-19 I-Cause
) I-Cause
will I-Cause
manifest I-Cause
over I-Cause
an I-Cause
extended I-Cause
horizon. O
As O
such O
, O
we B-Effect
have I-Effect
n't I-Effect
wavered I-Effect
on I-Effect
our I-Effect
long-term I-Effect
forecast I-Effect
for I-Effect
about I-Effect
2 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
longer I-Effect
term I-Effect
and I-Effect
mid-single-digit I-Effect
adjusted I-Effect
average I-Effect
earnings I-Effect
per-share I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

This O
creates O
outsize B-Cause
purchasing I-Cause
leverage I-Cause
that O
we O
believe O
is O
a O
key O
ingredient O
in O
delivering B-Effect
the I-Effect
values I-Effect
Costco I-Effect
offers I-Effect
, O
augmented O
by O
a O
robust O
private-label O
offering O
. O

Because O
recycled B-Cause
ferrous I-Cause
scrap I-Cause
metal I-Cause
used I-Cause
to I-Cause
produce I-Cause
steel I-Cause
in I-Cause
electric I-Cause
arc I-Cause
furnaces I-Cause
is I-Cause
imbued I-Cause
with I-Cause
impurities I-Cause
, O
owing O
to O
its B-Cause
exposure I-Cause
to I-Cause
other I-Cause
naturally I-Cause
occurring I-Cause
elements I-Cause
in I-Cause
use I-Cause
, O
steel B-Effect
produced I-Effect
by I-Effect
electric I-Effect
arc I-Effect
furnaces I-Effect
is I-Effect
typically I-Effect
lower-quality I-Effect
than I-Effect
steel I-Effect
produced I-Effect
via I-Effect
blast I-Effect
furnace I-Effect
. O

However O
, O
as O
long O
as O
the O
two O
companies O
continue O
to O
demonstrate O
the O
effectiveness O
of O
RT O
, O
we O
anticipate O
the B-Effect
CMS I-Effect
to I-Effect
be I-Effect
rather I-Effect
friendly I-Effect
to I-Effect
the I-Effect
industry I-Effect
, O
given O
the B-Cause
low I-Cause
cost I-Cause
of I-Cause
RT I-Cause
relative I-Cause
to I-Cause
the I-Cause
overall I-Cause
cancer I-Cause
treatment I-Cause
industry I-Cause
. O

We B-Cause
continue I-Cause
to I-Cause
model I-Cause
strong I-Cause
growth I-Cause
for I-Cause
the I-Cause
experiences I-Cause
and I-Cause
dining I-Cause
segment I-Cause
, O
where O
we B-Effect
forecast I-Effect
2020-29 I-Effect
revenue I-Effect
to I-Effect
average I-Effect
19 I-Effect
% I-Effect
, I-Effect
versus I-Effect
15 I-Effect
% I-Effect
prior I-Effect
, I-Effect
as I-Effect
its I-Effect
benefits I-Effect
from I-Effect
leading I-Effect
content I-Effect
and I-Effect
awareness I-Effect
. I-Effect

The O
firm O
is O
also O
seeing O
related B-Effect
weakness I-Effect
in I-Effect
utility I-Effect
coal I-Effect
, I-Effect
frac I-Effect
sand I-Effect
, I-Effect
and I-Effect
crude I-Effect
shipments I-Effect
stemming I-Effect
in O
part O
from O
depressed B-Cause
oil I-Cause
prices I-Cause
. O

We B-Cause
do I-Cause
n't I-Cause
think I-Cause
cloud I-Cause
providers I-Cause
want I-Cause
to I-Cause
compete I-Cause
in I-Cause
a I-Cause
retail I-Cause
co-location I-Cause
business I-Cause
, I-Cause
considering I-Cause
the I-Cause
difficulty I-Cause
we B-Effect
believe I-Effect
they I-Effect
'd I-Effect
have I-Effect
in I-Effect
mimicking I-Effect
a I-Effect
similar I-Effect
network I-Effect
of I-Effect
customers I-Effect
, I-Effect
but I-Effect
they I-Effect
could I-Effect
use I-Effect
their I-Effect
leverage I-Effect
to I-Effect
extract I-Effect
concessions I-Effect
. O

This B-Cause
allows O
for O
lower B-Effect
per-unit I-Effect
freight I-Effect
costs I-Effect
relative O
to O
those O
associated O
with O
containerized O
shipments O
loaded O
at O
ports O
without O
deep-water O
access O
that O
each O
hold O
20,000 O
tons O
or O
less O
. O

We O
think O
the B-Cause
lack I-Cause
of I-Cause
close I-Cause
competition I-Cause
and I-Cause
strong I-Cause
cash I-Cause
generation I-Cause
in B-Effect
the I-Effect
medium I-Effect
term I-Effect
provide I-Effect
a I-Effect
solid I-Effect
cushion I-Effect
from I-Effect
the I-Effect
risk I-Effect
of I-Effect
reliance I-Effect
on I-Effect
cystic I-Effect
fibrosis I-Effect
. O

Conversely O
, O
employment B-Cause
, I-Cause
wage I-Cause
, I-Cause
and I-Cause
miles I-Cause
driven I-Cause
growth I-Cause
could O
cause O
long-term B-Effect
outperformance I-Effect
( O
if O
scrappage O
rates O
did O
not O
rise O
as O
flush O
consumers O
bought O
new O
, O
under-warranty O
vehicles O
) O
. O

Macy B-Effect
's I-Effect
, I-Effect
though I-Effect
, I-Effect
has I-Effect
been I-Effect
reporting I-Effect
poor I-Effect
same-store I-Effect
sales I-Effect
numbers I-Effect
even I-Effect
as I-Effect
its I-Effect
e-commerce I-Effect
business I-Effect
has I-Effect
grown I-Effect
, O
suggesting O
that O
e-commerce B-Cause
is I-Cause
cannibalizing I-Cause
its I-Cause
physical I-Cause
store I-Cause
sales I-Cause
. I-Cause

Because O
of O
the B-Cause
nature I-Cause
of I-Cause
the I-Cause
telecom I-Cause
industry I-Cause
, O
it B-Effect
is I-Effect
very I-Effect
difficult I-Effect
, I-Effect
though I-Effect
not I-Effect
impossible I-Effect
, I-Effect
for I-Effect
new I-Effect
operators I-Effect
to I-Effect
enter I-Effect
the I-Effect
markets I-Effect
Millicom I-Effect
serves I-Effect
. O

RH B-Cause
remains I-Cause
tied I-Cause
to I-Cause
housing I-Cause
and I-Cause
equity I-Cause
market I-Cause
conditions I-Cause
and I-Cause
weakness I-Cause
in I-Cause
spending I-Cause
could O
lead O
to O
wide B-Effect
swings I-Effect
in I-Effect
profits I-Effect
( O
but O
low O
interest O
rates O
could O
support O
spending O
over O
the O
near O
term O
) O
. O

Barring B-Cause
any I-Cause
new I-Cause
large I-Cause
growth I-Cause
projects I-Cause
, O
we O
expect O
earnings B-Effect
and I-Effect
cash I-Effect
flow I-Effect
to I-Effect
grow I-Effect
less I-Effect
than I-Effect
2 I-Effect
% I-Effect
on I-Effect
a I-Effect
normalized I-Effect
basis I-Effect
. O

In O
many O
cases O
, O
it O
might O
not O
be O
physically O
possible O
for B-Effect
competitors I-Effect
to I-Effect
displace I-Effect
PSXP I-Effect
because O
PSXP B-Cause
's I-Cause
assets I-Cause
are I-Cause
directly I-Cause
connected I-Cause
to I-Cause
Phillips I-Cause
66 I-Cause
facilities I-Cause
. O

Most O
importantly O
, O
scale B-Effect
will I-Effect
be I-Effect
lost I-Effect
from I-Effect
ships I-Effect
that I-Effect
have I-Effect
been I-Effect
sold I-Effect
and I-Effect
scrapped I-Effect
, I-Effect
or I-Effect
remain I-Effect
in I-Effect
layup I-Effect
, O
as O
we O
anticipate O
Carnival B-Cause
will I-Cause
execute I-Cause
a I-Cause
staggered I-Cause
return I-Cause
to I-Cause
the I-Cause
sailing I-Cause
of I-Cause
the I-Cause
majority I-Cause
of I-Cause
its I-Cause
fleet I-Cause
across I-Cause
its I-Cause
brand I-Cause
portfolio I-Cause
in I-Cause
the I-Cause
back I-Cause
half I-Cause
of I-Cause
2021 I-Cause
. O

We B-Effect
have I-Effect
some I-Effect
concerns I-Effect
that I-Effect
Allstate I-Effect
is I-Effect
prioritizing I-Effect
growth I-Effect
over I-Effect
profitability I-Effect
, O
as O
we B-Cause
do I-Cause
not I-Cause
believe I-Cause
the I-Cause
company I-Cause
has I-Cause
a I-Cause
meaningful I-Cause
advantage I-Cause
outside I-Cause
the I-Cause
captive I-Cause
agent I-Cause
channel I-Cause
. O

Though B-Cause
management I-Cause
has I-Cause
been I-Cause
gradually I-Cause
adding I-Cause
capacity I-Cause
to I-Cause
their I-Cause
manufacturing I-Cause
operations I-Cause
, I-Cause
the I-Cause
increases I-Cause
have I-Cause
n't I-Cause
been I-Cause
commensurate I-Cause
with I-Cause
demand I-Cause
, O
resulting O
in O
increased B-Effect
reliance I-Effect
on I-Effect
external I-Effect
breweries I-Effect
. O

During O
the O
Great O
Recession O
in O
2008 O
, O
gaming O
revenue O
on O
the O
Vegas O
Strip O
declined O
19 O
% O
, O
and O
we O
expect O
Caesars B-Effect
' I-Effect
Vegas I-Effect
sales I-Effect
to I-Effect
drop I-Effect
around I-Effect
65 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
. O

Additionally O
, O
if B-Cause
COVID-19 I-Cause
stays I-Cause
prevalent I-Cause
longer I-Cause
then O
we O
anticipate O
( O
past O
the O
current O
June O
1 O
, O
2021 O
, O
start O
sail O
date O
in O
the O
U.S. O
) O
, O
hardware B-Effect
could I-Effect
continue I-Effect
to I-Effect
be I-Effect
laid I-Effect
up I-Effect
, I-Effect
hindering I-Effect
profits I-Effect
. O

Still B-Cause
, I-Cause
the I-Cause
relatively I-Cause
low I-Cause
cost I-Cause
of I-Cause
pippetes I-Cause
and I-Cause
lack I-Cause
of I-Cause
true I-Cause
product I-Cause
differentiation I-Cause
may B-Effect
allow I-Effect
for I-Effect
some I-Effect
price I-Effect
shopping I-Effect
and I-Effect
thereby I-Effect
limit I-Effect
upside I-Effect
to I-Effect
the I-Effect
business I-Effect
, I-Effect
despite I-Effect
the I-Effect
attractive I-Effect
razor-razor I-Effect
blade I-Effect
model I-Effect
. O

Once O
the B-Cause
cost I-Cause
of I-Cause
C-band I-Cause
spectrum I-Cause
is I-Cause
added I-Cause
to I-Cause
the I-Cause
capital I-Cause
base I-Cause
, O
we O
estimate O
wireless B-Effect
ROICs I-Effect
will I-Effect
drop I-Effect
a I-Effect
bit I-Effect
more I-Effect
than I-Effect
one I-Effect
percentage I-Effect
point I-Effect
, I-Effect
remaining I-Effect
ahead I-Effect
of I-Effect
AT I-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

With O
increasing B-Cause
electronic I-Cause
device I-Cause
and I-Cause
electrical I-Cause
system I-Cause
penetration I-Cause
and I-Cause
modestly I-Cause
higher I-Cause
growth I-Cause
rate I-Cause
in I-Cause
sales I-Cause
of I-Cause
premium-priced I-Cause
vehicles I-Cause
where O
Lear O
's O
seating O
business O
has O
leading O
market O
share O
, O
we O
expect O
annual B-Effect
revenue I-Effect
growth I-Effect
of I-Effect
6 I-Effect
% I-Effect
, O
using O
2019 O
as O
the O
base O
year O
, O
during O
our O
Stage O
I O
forecast O
. O

PSEG B-Effect
's I-Effect
1.3 I-Effect
gigawatts I-Effect
of I-Effect
new I-Effect
capacity I-Effect
plus I-Effect
incremental I-Effect
upgrades I-Effect
to I-Effect
its I-Effect
existing I-Effect
fleet I-Effect
should I-Effect
lift I-Effect
fleetwide I-Effect
returns I-Effect
on I-Effect
capital I-Effect
as O
that O
revenue B-Cause
replaces I-Cause
its I-Cause
legacy I-Cause
coal I-Cause
generation I-Cause
. O

We O
view O
this B-Cause
area I-Cause
as I-Cause
the I-Cause
weakest I-Cause
for I-Cause
Boston I-Cause
Properties I-Cause
, O
and O
further B-Effect
difficulties I-Effect
could I-Effect
pose I-Effect
a I-Effect
risk I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
financial I-Effect
performance I-Effect
. O

Either B-Cause
through I-Cause
decreased I-Cause
demand I-Cause
or I-Cause
increased I-Cause
supply I-Cause
, I-Cause
the I-Cause
return I-Cause
of I-Cause
homes I-Cause
to I-Cause
the I-Cause
market I-Cause
will O
negatively B-Effect
affect I-Effect
fundamentals I-Effect
for I-Effect
Invitation I-Effect
Homes I-Effect
' I-Effect
portfolio I-Effect
. O

At B-Cause
a I-Cause
high I-Cause
level I-Cause
, I-Cause
our I-Cause
view I-Cause
is I-Cause
that I-Cause
factors I-Cause
endemic I-Cause
to I-Cause
the I-Cause
malt I-Cause
beverage I-Cause
segments I-Cause
where I-Cause
Boston I-Cause
Beer I-Cause
is I-Cause
situated I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
positioning I-Cause
within I-Cause
these I-Cause
segments I-Cause
, O
will B-Effect
allow I-Effect
the I-Effect
company I-Effect
to I-Effect
extract I-Effect
economic I-Effect
rents I-Effect
from I-Effect
the I-Effect
markets I-Effect
in I-Effect
which I-Effect
it I-Effect
competes I-Effect
. O

The O
company O
is O
still O
too O
young O
and O
too O
small O
, O
and O
although O
it B-Cause
may I-Cause
have I-Cause
a I-Cause
nice I-Cause
head I-Cause
start I-Cause
, O
we O
do O
n't O
think O
Fastly O
's O
position O
would O
prevent O
a B-Effect
hypothetical I-Effect
new I-Effect
competitor I-Effect
entering I-Effect
the I-Effect
market I-Effect
today I-Effect
from I-Effect
competing I-Effect
effectively I-Effect
. O

As O
a B-Cause
greater I-Cause
proportion I-Cause
of I-Cause
businesses I-Cause
invest I-Cause
in I-Cause
CCaaS I-Cause
technology I-Cause
, O
NICE O
should O
see B-Effect
an I-Effect
expansion I-Effect
in I-Effect
the I-Effect
number I-Effect
of I-Effect
customers I-Effect
on I-Effect
its I-Effect
platform I-Effect
given O
its O
leadership O
position O
in O
the O
space O
. O

The B-Cause
firm I-Cause
boasts I-Cause
a I-Cause
portfolio I-Cause
of I-Cause
businesses I-Cause
with I-Cause
well-regarded I-Cause
brands I-Cause
in I-Cause
niche I-Cause
markets I-Cause
that O
benefit O
from O
sizable B-Cause
installed I-Cause
bases I-Cause
, O
leading O
to O
highly B-Effect
recurring I-Effect
revenue I-Effect
. O

The B-Cause
testing I-Cause
kit I-Cause
provides B-Effect
a I-Effect
significant I-Effect
opportunity I-Effect
in I-Effect
terms I-Effect
of I-Effect
additional I-Effect
new I-Effect
product I-Effect
volume I-Effect
growth I-Effect
but O
still O
represents B-Effect
a I-Effect
smaller I-Effect
part I-Effect
of I-Effect
sales I-Effect
due O
to O
the B-Cause
lack I-Cause
of I-Cause
reimbursement I-Cause
that I-Cause
exists I-Cause
even I-Cause
after I-Cause
UnitedHealthcare I-Cause
's I-Cause
decision I-Cause
. O

We O
think O
Hasbro B-Effect
is I-Effect
in I-Effect
a I-Effect
slightly I-Effect
protected I-Effect
position I-Effect
, O
as O
its B-Cause
sheer I-Cause
size I-Cause
allows I-Cause
it I-Cause
to I-Cause
allocate I-Cause
significant I-Cause
capital I-Cause
to I-Cause
marketing I-Cause
, O
a O
luxury O
likely O
not O
available O
to O
a O
new O
market O
entrant O
. O

Offshore O
drilling O
remains O
unpopular O
with O
the B-Cause
public I-Cause
, I-Cause
and I-Cause
as I-Cause
consumers I-Cause
, I-Cause
companies I-Cause
, I-Cause
and I-Cause
countries I-Cause
alike I-Cause
seek I-Cause
more I-Cause
environmentally I-Cause
friendly I-Cause
alternatives I-Cause
, O
significantly B-Effect
decreased I-Effect
offshore I-Effect
drilling I-Effect
activity I-Effect
-- I-Effect
especially I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
-- I-Effect
is I-Effect
a I-Effect
possibility I-Effect
. O

Most B-Effect
of I-Effect
the I-Effect
revenue I-Effect
increase I-Effect
is O
from O
the B-Cause
TD I-Cause
Ameritrade I-Cause
merger I-Cause
that O
should O
increase O
net O
revenue O
about O
40 O
% O
in O
2021 O
. O

Our O
forecast O
includes O
a O
recovery O
from O
the O
COVID-19-related O
slowdown O
in O
2021 O
, O
but O
we O
expect O
the B-Effect
company I-Effect
's I-Effect
growth I-Effect
to I-Effect
get I-Effect
back I-Effect
on I-Effect
track I-Effect
as O
sales B-Cause
to I-Cause
the I-Cause
food-service I-Cause
industry I-Cause
pick I-Cause
up I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
. O

According B-Cause
to I-Cause
management I-Cause
, I-Cause
MongoDB I-Cause
typically I-Cause
represents I-Cause
only I-Cause
single I-Cause
digits I-Cause
of I-Cause
an I-Cause
enterprise I-Cause
's I-Cause
total I-Cause
spend I-Cause
on I-Cause
databases. O
Therefore O
, O
we O
want O
to O
stress O
that O
we O
think O
strong B-Effect
switching I-Effect
costs I-Effect
exist I-Effect
at I-Effect
the I-Effect
molecular I-Effect
level I-Effect
-- I-Effect
ripping I-Effect
out I-Effect
MongoDB I-Effect
can I-Effect
be I-Effect
painful I-Effect
for I-Effect
a I-Effect
single I-Effect
use I-Effect
case I-Effect
within I-Effect
an I-Effect
enterprise I-Effect
, I-Effect
even I-Effect
if I-Effect
the I-Effect
same I-Effect
enterprise I-Effect
can I-Effect
claim I-Effect
that I-Effect
it I-Effect
uses I-Effect
multiple I-Effect
vendors I-Effect
. O

Colfax O
's O
increased O
R O
& O
D O
spending O
has O
started O
to O
bear O
fruit O
, O
and O
the B-Effect
company I-Effect
has I-Effect
gained I-Effect
market I-Effect
share I-Effect
in I-Effect
recent I-Effect
years I-Effect
thanks O
to O
new B-Cause
product I-Cause
introductions I-Cause
. O

Typically O
, O
most B-Cause
customers I-Cause
pay I-Cause
their I-Cause
loans I-Cause
off I-Cause
before I-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
promotional I-Cause
period I-Cause
, O
leading O
to O
a B-Effect
higher I-Effect
degree I-Effect
of I-Effect
asset I-Effect
intensity I-Effect
, O
particularly O
in O
payment O
solutions O
. O

While O
many O
studies O
have O
shown O
glyphosate O
use O
to O
be O
safe O
, O
some B-Cause
reports I-Cause
of I-Cause
linkage I-Cause
to I-Cause
cancer I-Cause
drove O
large B-Effect
class I-Effect
action I-Effect
legal I-Effect
cases I-Effect
against I-Effect
Bayer I-Effect
and I-Effect
led I-Effect
to I-Effect
a I-Effect
legal I-Effect
settlement I-Effect
of I-Effect
over I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
. O

For O
instance O
, O
employees B-Cause
can I-Cause
update I-Cause
their I-Cause
own I-Cause
timesheet I-Cause
and I-Cause
upload I-Cause
it I-Cause
automatically I-Cause
into I-Cause
the I-Cause
portal I-Cause
, O
eliminating B-Effect
the I-Effect
step I-Effect
of I-Effect
payroll I-Effect
from O
having O
to O
check O
timesheets O
and O
update O
it O
in O
the O
payroll O
platform O
themselves O
. O

We O
think O
increased B-Cause
emissions I-Cause
content I-Cause
has I-Effect
led I-Effect
to I-Effect
market B-Effect
share I-Effect
gains I-Effect
for I-Effect
Cummins I-Effect
, O
as O
some B-Cause
truck I-Cause
manufacturers I-Cause
have I-Cause
opted I-Cause
to I-Cause
forego I-Cause
investing I-Cause
in I-Cause
new I-Cause
components I-Cause
to O
meet O
more O
stringent O
emission O
standards O
. O

With O
about B-Cause
40 I-Cause
% I-Cause
share I-Cause
of I-Cause
the I-Cause
ADC I-Cause
market I-Cause
, O
F5 B-Effect
will I-Effect
likely I-Effect
remain I-Effect
the I-Effect
go-to I-Effect
provider I-Effect
of I-Effect
solutions I-Effect
for I-Effect
their I-Effect
customers I-Effect
' I-Effect
cloud I-Effect
ecosystems I-Effect
due O
to O
product B-Cause
familiarity I-Cause
, I-Cause
customization I-Cause
features I-Cause
, I-Cause
application I-Cause
and I-Cause
network I-Cause
level I-Cause
management I-Cause
, I-Cause
security-focus I-Cause
, I-Cause
and I-Cause
an I-Cause
active I-Cause
developer I-Cause
community I-Cause
. O

Finally O
, O
we O
've O
surveyed O
prior O
environmental O
and O
product O
liability O
cases O
and O
believe O
the B-Effect
stock I-Effect
price I-Effect
bakes I-Effect
in O
overly B-Cause
pessimistic I-Cause
litigation I-Cause
risks I-Cause
. O

We O
think O
the O
goals B-Effect
are I-Effect
achievable O
, O
as O
Cognizant O
claims O
that O
its O
managers B-Cause
have I-Cause
half I-Cause
the I-Cause
direct I-Cause
reports I-Cause
of I-Cause
the I-Cause
average I-Cause
IT I-Cause
servicer I-Cause
and I-Cause
1.5 I-Cause
times I-Cause
the I-Cause
tiers I-Cause
of I-Cause
a I-Cause
typical I-Cause
firm I-Cause
, O
and O
maximum O
bench O
time O
( O
the O
time O
consultants O
go O
without O
projects O
) O
will O
be O
cut O
from O
60 O
days O
to O
35 O
. O

As O
one O
simple O
example O
, O
one O
can O
imagine O
the O
disaster O
that O
would O
occur O
if O
Weather B-Cause
Channel I-Cause
data I-Cause
for I-Cause
Peru I-Cause
were I-Cause
accidentally I-Cause
replacing I-Cause
the I-Cause
data I-Cause
set I-Cause
for I-Cause
weather I-Cause
patterns I-Cause
in I-Cause
Ohio I-Cause
, O
which O
might O
lead O
to O
bad B-Effect
decisions I-Effect
and I-Effect
damages I-Effect
for I-Effect
companies I-Effect
reliant I-Effect
on I-Effect
such I-Effect
data I-Effect
, I-Effect
like I-Effect
airlines I-Effect
or I-Effect
scientific I-Effect
researchers I-Effect
. O

This B-Cause
strategy I-Cause
has I-Cause
freed I-Cause
up I-Cause
capital I-Cause
to I-Cause
spend I-Cause
on I-Cause
customer I-Cause
acquisition I-Cause
and I-Cause
retention I-Cause
, O
leading O
to O
nearly B-Effect
29 I-Effect
million I-Effect
active I-Effect
users I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
September I-Effect
2020 I-Effect
who I-Effect
spend I-Effect
around I-Effect
$ I-Effect
450 I-Effect
per I-Effect
year I-Effect
( I-Effect
versus I-Effect
1.3 I-Effect
million I-Effect
users I-Effect
who I-Effect
spent I-Effect
$ I-Effect
300 I-Effect
in I-Effect
2012 I-Effect
) I-Effect
. O

Unlike O
with O
individual O
equities O
, O
which O
can O
be O
bought O
and O
then O
sold O
on O
different O
exchanges O
, O
futures B-Cause
must I-Cause
be I-Cause
bought I-Cause
and I-Cause
sold I-Cause
on I-Cause
the I-Cause
same I-Cause
exchange I-Cause
, O
giving B-Effect
CME I-Effect
Group I-Effect
substantial I-Effect
pricing I-Effect
power I-Effect
. O

Industry O
professionals O
strive O
for O
Cisco O
certifications O
to O
demonstrate O
networking O
expertise O
, O
and O
the B-Effect
company I-Effect
continues I-Effect
to I-Effect
expand I-Effect
its I-Effect
branded I-Effect
training I-Effect
programs I-Effect
as O
the B-Cause
market I-Cause
shifts I-Cause
to I-Cause
software-defined I-Cause
networking I-Cause
. O

Following O
the O
2018 O
trucking O
capacity O
crunch O
, O
2019 B-Effect
was I-Effect
a I-Effect
hangover I-Effect
year I-Effect
for I-Effect
LTL I-Effect
carriers I-Effect
and I-Effect
asset-light I-Effect
highway I-Effect
brokers I-Effect
as O
industrial B-Cause
end I-Cause
markets I-Cause
softened I-Cause
and I-Cause
spot I-Cause
rates I-Cause
retreated I-Cause
. O

However O
, O
leading O
up O
to O
2023 O
, O
Corteva O
plans O
to O
transition O
all O
of O
its O
new O
seed O
products O
to O
the O
Enlist O
platform O
, O
which O
should O
expand B-Effect
profits I-Effect
as O
Corteva B-Cause
will I-Cause
not I-Cause
have I-Cause
to I-Cause
pay I-Cause
royalties I-Cause
. O

Emissions B-Cause
, I-Cause
fuel I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
other I-Cause
environmental-related I-Cause
regulation I-Cause
has O
from O
time O
to O
time O
driven B-Effect
material I-Effect
tractor I-Effect
cost I-Effect
inflation I-Effect
for O
truckload O
carriers O
. O

We B-Effect
continue I-Effect
to I-Effect
model I-Effect
strong I-Effect
growth I-Effect
for I-Effect
the I-Effect
experiences I-Effect
and I-Effect
dining I-Effect
segment I-Effect
, I-Effect
where I-Effect
we I-Effect
forecast I-Effect
2021-30 I-Effect
revenue I-Effect
to I-Effect
average I-Effect
23 I-Effect
% I-Effect
, O
as O
its B-Cause
benefits I-Cause
from I-Cause
leading I-Cause
content I-Cause
and I-Cause
awareness I-Cause
. O

We O
forecast O
an B-Cause
operating I-Cause
margin I-Cause
of I-Cause
just I-Cause
20 I-Cause
% I-Cause
( I-Cause
excluding I-Cause
unusual I-Cause
charges I-Cause
) I-Cause
in I-Cause
2021 I-Cause
despite I-Cause
27 I-Cause
% I-Cause
sales I-Cause
growth I-Cause
, O
leading O
to O
adjusted B-Effect
EPS I-Effect
for I-Effect
the I-Effect
year I-Effect
of I-Effect
$ I-Effect
6.40 I-Effect
. O

Caterpillar B-Effect
has I-Effect
also I-Effect
benefited I-Effect
from I-Effect
its I-Effect
ability I-Effect
to I-Effect
bring I-Effect
down I-Effect
maintenance I-Effect
costs I-Effect
for I-Effect
customers I-Effect
by O
increasing B-Cause
machine I-Cause
connectivity I-Cause
over I-Cause
the I-Cause
past I-Cause
decade I-Cause
. O

The B-Effect
more I-Effect
buyers I-Effect
and I-Effect
sellers I-Effect
there I-Effect
are I-Effect
on I-Effect
a I-Effect
platform I-Effect
the I-Effect
more I-Effect
valuable I-Effect
the I-Effect
platform I-Effect
is I-Effect
to I-Effect
other I-Effect
buyers I-Effect
and I-Effect
sellers I-Effect
since O
they B-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
conduct I-Cause
transactions I-Cause
at I-Cause
a I-Cause
lower I-Cause
total I-Cause
cost I-Cause
. O

With O
2021 B-Cause
off I-Cause
to I-Cause
a I-Cause
faster-than-expected I-Cause
start I-Cause
in I-Cause
Genuine I-Cause
Parts I-Cause
' I-Cause
automotive I-Cause
and I-Cause
industrial I-Cause
segments I-Cause
as O
domestic B-Cause
vaccination I-Cause
progress I-Cause
leads I-Cause
economic I-Cause
conditions I-Cause
to I-Cause
improve I-Cause
, O
we B-Effect
are I-Effect
lifting I-Effect
our I-Effect
valuation I-Effect
of I-Effect
Genuine I-Effect
Parts I-Effect
to I-Effect
$ I-Effect
109 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
104 I-Effect
. O

Our O
fair O
value O
estimate O
is O
first O
driven O
by O
our O
expectations B-Cause
for I-Cause
global I-Cause
oil I-Cause
and I-Cause
gas I-Cause
development I-Cause
activity I-Cause
, O
which O
drives B-Effect
our I-Effect
expectation I-Effect
for I-Effect
OCTG I-Effect
demand I-Effect
volumes I-Effect
. O

While O
Lululemon O
can O
not O
match O
the O
marketing O
budgets O
of O
the O
biggest O
players O
, O
its B-Cause
$ I-Cause
4 I-Cause
billion I-Cause
in I-Cause
annual I-Cause
sales I-Cause
allows B-Effect
it I-Effect
to I-Effect
spend I-Effect
more I-Effect
on I-Effect
marketing I-Effect
than I-Effect
the I-Effect
smaller I-Effect
competitors I-Effect
. O

If O
real-world B-Cause
evidence I-Cause
trials I-Cause
become I-Cause
more I-Cause
prevalent I-Cause
and I-Cause
PRA I-Cause
invests I-Cause
in I-Cause
proprietary I-Cause
analytics I-Cause
capabilities I-Cause
, O
we O
see O
some O
potential B-Effect
benefit I-Effect
from I-Effect
easy I-Effect
access I-Effect
to I-Effect
de-identified I-Effect
patient I-Effect
data I-Effect
, O
but O
we O
currently O
model O
modest O
contribution O
from O
the O
data O
business O
. O

Profitability B-Effect
has I-Effect
been I-Effect
depressed I-Effect
since I-Effect
the I-Effect
late I-Effect
2014 I-Effect
oil I-Effect
and I-Effect
gas I-Effect
downturn I-Effect
, O
not O
only O
because O
of O
the B-Cause
direct I-Cause
effect I-Cause
of I-Cause
lower I-Cause
drilling I-Cause
activity I-Cause
on I-Cause
equipment I-Cause
usage I-Cause
, O
but O
also O
because O
National B-Cause
Oilwell I-Cause
Varco I-Cause
's I-Cause
customers I-Cause
have I-Cause
been I-Cause
cannibalizing I-Cause
their I-Cause
inventory I-Cause
of I-Cause
spare I-Cause
parts I-Cause
stripped I-Cause
from I-Cause
idle I-Cause
equipment I-Cause
. O

In O
the O
face O
of O
this B-Cause
competition I-Cause
in I-Cause
Mississippi I-Cause
, O
as O
well O
as O
new B-Cause
openings I-Cause
set I-Cause
to I-Cause
occur I-Cause
in I-Cause
the I-Cause
neighboring I-Cause
state I-Cause
of I-Cause
Arkansas I-Cause
, O
Caesars B-Effect
closed I-Effect
its I-Effect
Tunica I-Effect
resort I-Effect
in I-Effect
2019 I-Effect
. O

In O
the O
coming O
years O
, O
we O
see O
GAAP B-Effect
gross I-Effect
margins I-Effect
reaching I-Effect
the I-Effect
low-60s I-Effect
as O
Broadcom B-Cause
has I-Cause
done I-Cause
well I-Cause
paring I-Cause
most I-Cause
of I-Cause
the I-Cause
margin I-Cause
dilutive I-Cause
businesses I-Cause
acquired I-Cause
through I-Cause
its I-Cause
M I-Cause
& I-Cause
A I-Cause
tear I-Cause
. O

Despite B-Effect
periodic I-Effect
bouts I-Effect
of I-Effect
price I-Effect
competition I-Effect
from I-Effect
asset-based I-Effect
truckers I-Effect
on I-Effect
certain I-Effect
short-haul I-Effect
freight I-Effect
, I-Effect
demand I-Effect
for I-Effect
intermodal I-Effect
shipping I-Effect
should I-Effect
remain I-Effect
sound I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
, O
driven O
in O
part O
by O
improving B-Cause
service I-Cause
levels I-Cause
from I-Cause
the I-Cause
rails I-Cause
and I-Cause
shippers I-Cause
' I-Cause
rising I-Cause
focus I-Cause
on I-Cause
supply-chain I-Cause
efficiency I-Cause
. O

We O
project O
revenue B-Cause
to I-Cause
grow I-Cause
at I-Cause
an I-Cause
10 I-Cause
% I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
through I-Cause
2025 I-Cause
, O
driven O
by O
the B-Cause
secular I-Cause
shift I-Cause
toward I-Cause
electronic I-Cause
payments I-Cause
, O
increasing B-Effect
e-commerce I-Effect
revenue I-Effect
, I-Effect
and I-Effect
growth I-Effect
in I-Effect
international I-Effect
markets I-Effect
. O

For O
instance O
, O
contact B-Cause
center I-Cause
representatives I-Cause
using I-Cause
Flex I-Cause
would O
be O
able O
to O
see B-Cause
all I-Cause
of I-Cause
the I-Cause
customer I-Cause
's I-Cause
interactions I-Cause
and I-Cause
purchases I-Cause
with I-Cause
the I-Cause
company I-Cause
in I-Cause
one I-Cause
place I-Cause
, O
enabling O
them O
to O
provide B-Effect
a I-Effect
more I-Effect
personalized I-Effect
support I-Effect
experience I-Effect
. O

Such B-Cause
solutions I-Cause
lead I-Cause
to I-Cause
a I-Cause
happier I-Cause
workforce I-Cause
, O
which O
in O
turn O
leads B-Effect
to I-Effect
a I-Effect
better I-Effect
customer I-Effect
service I-Effect
experience I-Effect
, O
which O
leads B-Effect
to I-Effect
higher I-Effect
customer I-Effect
loyalty I-Effect
, I-Effect
and I-Effect
the I-Effect
cycle I-Effect
repeats I-Effect
. O

We O
do O
not O
necessarily O
think O
revenue B-Effect
growth I-Effect
is I-Effect
the I-Effect
optimal I-Effect
key I-Effect
performance I-Effect
indicator I-Effect
, I-Effect
or I-Effect
KPI I-Effect
, O
however O
, O
as O
we B-Cause
have I-Cause
doubts I-Cause
over I-Cause
the I-Cause
profitability I-Cause
of I-Cause
categories I-Cause
such I-Cause
as I-Cause
vaping I-Cause
, I-Cause
which I-Cause
has I-Cause
lower I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
and I-Cause
lower I-Cause
margins I-Cause
than I-Cause
the I-Cause
traditional I-Cause
tobacco I-Cause
categories I-Cause
. O

We O
think O
a B-Cause
strong I-Cause
network I-Cause
effect I-Cause
allows O
leading B-Effect
e-commerce I-Effect
players I-Effect
to I-Effect
extend I-Effect
into I-Effect
other I-Effect
growth I-Effect
avenues I-Effect
, O
and O
nowhere O
is O
that O
more O
evident O
than O
Alibaba O
. O

With O
raw B-Cause
materials I-Cause
transported I-Cause
through I-Cause
pipelines I-Cause
, O
the B-Effect
company I-Effect
avoids I-Effect
transporting I-Effect
7 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
of I-Effect
freight I-Effect
( I-Effect
equivalent I-Effect
to I-Effect
280,000 I-Effect
truckloads I-Effect
) I-Effect
each I-Effect
year I-Effect
. O

The B-Effect
wireless I-Effect
market I-Effect
has I-Effect
been I-Effect
plagued I-Effect
by I-Effect
intense I-Effect
competition I-Effect
over I-Effect
the I-Effect
years I-Effect
, I-Effect
which I-Effect
could I-Effect
ease I-Effect
if O
TIM B-Cause
, I-Cause
Vivo I-Cause
, I-Cause
and I-Cause
America I-Cause
Movil I-Cause
succeed I-Cause
in I-Cause
carving I-Cause
up I-Cause
Oi I-Cause
. O

Given O
the B-Cause
limited I-Cause
need I-Cause
for I-Cause
capital I-Cause
in I-Cause
retailing I-Cause
( I-Cause
with I-Cause
most I-Cause
operators I-Cause
using I-Cause
operating I-Cause
leases I-Cause
) I-Cause
, O
we O
would O
expect O
average B-Effect
ROICs I-Effect
to I-Effect
surpass I-Effect
our I-Effect
WACC I-Effect
unless O
the O
housing O
market O
faces O
another O
downturn O
; O
however O
, O
our O
model O
predicts O
volatile B-Effect
ROIC I-Effect
performance I-Effect
, O
given O
the B-Cause
magnitude I-Cause
of I-Cause
negative I-Cause
working I-Cause
capital I-Cause
. O

With O
an B-Cause
expanding I-Cause
customer I-Cause
base I-Cause
and I-Cause
a I-Cause
service I-Cause
territory I-Cause
with I-Cause
rich I-Cause
renewable I-Cause
energy I-Cause
resources I-Cause
, O
Portland B-Effect
General I-Effect
Electric I-Effect
, I-Effect
or I-Effect
PGE I-Effect
, I-Effect
has I-Effect
found I-Effect
plenty I-Effect
of I-Effect
investment I-Effect
opportunities I-Effect
. O

With B-Cause
management I-Cause
fees I-Cause
continuing I-Cause
to I-Cause
be I-Cause
pressured I-Cause
by I-Cause
industry I-Cause
dynamics I-Cause
, O
we O
expect O
AB B-Effect
to I-Effect
generate I-Effect
a I-Effect
1.2 I-Effect
% I-Effect
CAGR I-Effect
for I-Effect
revenue I-Effect
during I-Effect
2020-24 I-Effect
. O

We O
do O
n't O
anticipate O
bigger B-Effect
margin I-Effect
expansion I-Effect
because O
we O
expect O
the B-Cause
firm I-Cause
will I-Cause
need I-Cause
to I-Cause
undertake I-Cause
greater I-Cause
investment I-Cause
in I-Cause
sales I-Cause
people I-Cause
and I-Cause
marketing I-Cause
expenses I-Cause
to I-Cause
realize I-Cause
organic I-Cause
growth I-Cause
, O
which O
we O
do O
n't O
perceive O
to O
have O
been O
the O
firm O
's O
focus O
while O
it O
was O
rapidly O
acquiring O
other O
companies O
. O

On O
the O
human O
resources O
side O
, O
the O
company O
's O
exposure O
is O
primarily O
to O
the B-Cause
health I-Cause
of I-Cause
the I-Cause
employment I-Cause
market I-Cause
and I-Cause
general I-Cause
macroeconomic I-Cause
conditions I-Cause
, O
as O
any O
headwinds O
in O
these O
areas O
could O
limit B-Effect
clients I-Effect
' I-Effect
willingness I-Effect
to I-Effect
pay I-Effect
for I-Effect
services I-Effect
. O

While O
we O
do O
not O
see O
Commerce O
Cloud O
as O
a O
clear O
add-on O
to O
SFA O
, O
we B-Effect
do I-Effect
see I-Effect
a I-Effect
more I-Effect
obvious I-Effect
relation I-Effect
to I-Effect
Marketing I-Effect
, O
as O
it B-Cause
enables I-Cause
an I-Cause
e-commerce I-Cause
engine I-Cause
driven I-Cause
by I-Cause
data I-Cause
and I-Cause
analytics I-Cause
. O

We O
expect O
a B-Effect
high-70 I-Effect
% I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
industry I-Effect
Macao I-Effect
gaming I-Effect
revenue I-Effect
( I-Effect
mid-50 I-Effect
% I-Effect
decline I-Effect
prior I-Effect
) I-Effect
, O
as O
visa B-Cause
and I-Cause
COVID-19 I-Cause
testing I-Cause
restrictions I-Cause
have I-Cause
remained I-Cause
in I-Cause
place I-Cause
longer I-Cause
than I-Cause
previously I-Cause
expected I-Cause
. O

In O
our O
opinion O
, O
one B-Effect
of I-Effect
the I-Effect
biggest I-Effect
challenges I-Effect
facing I-Effect
consumer I-Effect
product I-Effect
manufacturers I-Effect
, O
and O
the O
primary O
reason O
for O
the O
intense O
competition O
among O
the O
leading O
players O
, O
is O
the B-Cause
finite I-Cause
nature I-Cause
of I-Cause
shelf I-Cause
space I-Cause
and I-Cause
distribution I-Cause
capacity I-Cause
. O

Despite O
the O
strides O
made O
, O
investments B-Cause
to I-Cause
improve I-Cause
the I-Cause
Tractor I-Cause
experience I-Cause
( O
via O
side-lot O
expansion O
in O
garden O
and O
project O
fusion O
investments O
to O
increase O
productivity O
) O
could O
constrain O
near-term B-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
. O

The B-Cause
pipeline I-Cause
has I-Cause
several I-Cause
therapies I-Cause
using I-Cause
the I-Cause
firm I-Cause
's I-Cause
liver-targeting I-Cause
LICA I-Cause
technology I-Cause
, O
which O
allows O
lower B-Effect
dosages I-Effect
and I-Effect
reduced I-Effect
side I-Effect
effects I-Effect
while I-Effect
improving I-Effect
potency I-Effect
and I-Effect
convenience I-Effect
, O
and O
Ionis O
has O
published O
clinical O
data O
supporting O
these O
improved O
profiles O
. O

The B-Cause
patents I-Cause
, I-Cause
in I-Cause
particular I-Cause
, I-Cause
protect I-Cause
Fresenius I-Cause
' I-Cause
tools I-Cause
from I-Cause
direct I-Cause
copycats I-Cause
for I-Cause
the I-Cause
life I-Cause
of I-Cause
the I-Cause
patent I-Cause
( I-Cause
20 I-Cause
years I-Cause
from I-Cause
application I-Cause
to I-Cause
expiration I-Cause
) I-Cause
, O
creating B-Effect
differentiated I-Effect
features I-Effect
that O
would O
be O
difficult O
for O
competitors O
to O
completely O
replicate O
when O
introducing O
similar O
products O
during O
the O
patent-protected O
period O
. O

The B-Cause
bank I-Cause
is I-Cause
also I-Cause
large I-Cause
enough I-Cause
to O
be B-Effect
subject I-Effect
to I-Effect
the I-Effect
Federal I-Effect
Reserve I-Effect
's I-Effect
annual I-Effect
stress I-Effect
tests I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
a I-Effect
host I-Effect
of I-Effect
other I-Effect
regulatory I-Effect
requirements I-Effect
( O
LCR O
, O
SLR O
, O
and O
so O
on O
) O
, O
and O
we O
do O
n't O
see O
any O
massive O
regulatory O
relief O
coming O
for O
the O
large O
money O
center O
banks O
. O

In O
the O
very O
long O
term O
, O
technology B-Cause
threats I-Cause
, O
such O
as O
regenerative O
medicine O
or O
mechanical O
devices O
that O
eliminate O
the O
need O
for O
dialysis O
, O
could O
emerge O
and O
disrupt B-Effect
DaVita I-Effect
business I-Effect
model I-Effect
, O
although O
we O
see O
those O
threats O
as O
very O
unlikely O
in O
the O
foreseeable O
future O
. O

Endowments B-Cause
of I-Cause
oil I-Cause
resources I-Cause
are I-Cause
spread I-Cause
across I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
countries I-Cause
, O
meaning O
that O
oil B-Effect
producers I-Effect
have I-Effect
less I-Effect
available I-Effect
discretion I-Effect
with I-Effect
respect I-Effect
to I-Effect
choosing I-Effect
political I-Effect
partners I-Effect
compared I-Effect
with I-Effect
participants I-Effect
in I-Effect
other I-Effect
industries I-Effect
. O

In O
addition O
, O
given O
ICE B-Cause
's I-Cause
recent I-Cause
acquisition I-Cause
of I-Cause
BAML I-Cause
fixed-income I-Cause
indexes I-Cause
and I-Cause
its I-Cause
strong I-Cause
position I-Cause
in I-Cause
fixed-income I-Cause
data I-Cause
, O
it B-Effect
is I-Effect
conceivable I-Effect
ICE I-Effect
may I-Effect
be I-Effect
in I-Effect
the I-Effect
process I-Effect
of I-Effect
constructing I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
calculating I-Effect
and I-Effect
licensing I-Effect
fixed-income I-Effect
indexes I-Effect
. O

We B-Cause
favor I-Cause
companies I-Cause
with I-Cause
a I-Cause
greater I-Cause
exposure I-Cause
to I-Cause
infrastructure I-Cause
spending I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
which O
has O
buoyed B-Effect
CRH I-Effect
's I-Effect
outperformance I-Effect
against I-Effect
more I-Effect
diversified I-Effect
peers I-Effect
. O

Around B-Effect
20 I-Effect
% I-Effect
-25 I-Effect
% I-Effect
of I-Effect
Unilever I-Effect
's I-Effect
cost I-Effect
of I-Effect
goods I-Effect
sold I-Effect
is I-Effect
linked I-Effect
to I-Effect
energy I-Effect
prices I-Effect
, I-Effect
and I-Effect
this I-Effect
could I-Effect
rise I-Effect
if O
economic B-Cause
growth I-Cause
re-accelerates I-Cause
. O

Favorable B-Cause
regulatory I-Cause
frameworks I-Cause
and I-Cause
large I-Cause
infrastructure I-Cause
investment I-Cause
opportunities I-Cause
have O
driven B-Effect
strong I-Effect
earnings I-Effect
growth I-Effect
and I-Effect
steady I-Effect
dividend I-Effect
increases I-Effect
for I-Effect
Atmos I-Effect
Energy I-Effect
. O

Further O
, O
we O
forecast O
a O
3.6 O
% O
operating O
margin O
in O
2021 O
, O
but O
we O
see O
a B-Effect
path I-Effect
to I-Effect
low-teens I-Effect
operating I-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
six I-Effect
years I-Effect
through O
take-rate B-Cause
monetization I-Cause
opportunities I-Cause
( I-Cause
payments I-Cause
and I-Cause
logistics I-Cause
) I-Cause
and I-Cause
improved I-Cause
operating I-Cause
leverage I-Cause
. O

The B-Cause
commitment I-Cause
to I-Cause
better I-Cause
merchandising I-Cause
and I-Cause
an I-Cause
efficient I-Cause
supply I-Cause
chain I-Cause
has O
led O
the O
firm O
to O
achieve B-Effect
operating I-Effect
margins I-Effect
and I-Effect
adjusted I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
excluding I-Effect
goodwill I-Effect
, I-Effect
of I-Effect
13.8 I-Effect
% I-Effect
and I-Effect
43 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
, I-Effect
in I-Effect
2020 I-Effect
. O

In O
a O
downturn O
, O
which O
can O
occur B-Effect
from I-Effect
economic I-Effect
slowdown I-Effect
, O
terror B-Cause
attacks I-Cause
, I-Cause
or I-Cause
illnesses I-Cause
like I-Cause
COVID-19 I-Cause
, I-Cause
consumers I-Cause
and I-Cause
businesses I-Cause
look I-Cause
to I-Cause
cut I-Cause
back I-Cause
on I-Cause
expenses I-Cause
like I-Cause
travel I-Cause
. O

Although O
Exxon O
continues O
to O
operate O
a O
highly O
integrated O
model O
and O
has O
aligned O
its O
management O
structure O
to O
do O
so O
, O
its B-Effect
lead I-Effect
in I-Effect
returns I-Effect
on I-Effect
capital I-Effect
employed I-Effect
, I-Effect
a I-Effect
key I-Effect
metric I-Effect
of I-Effect
performance I-Effect
among I-Effect
the I-Effect
group I-Effect
, I-Effect
has I-Effect
eroded I-Effect
as O
upstream B-Cause
performance I-Cause
has I-Cause
waned I-Cause
. O

Focused B-Effect
entry I-Effect
from I-Effect
companies I-Effect
such I-Effect
as I-Effect
Google I-Effect
, I-Effect
Amazon I-Effect
, I-Effect
Facebook I-Effect
, I-Effect
and I-Effect
Alibaba I-Effect
would I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
TripAdvisor I-Effect
's I-Effect
growth I-Effect
, O
as O
the B-Cause
barriers I-Cause
to I-Cause
replicating I-Cause
its I-Cause
business I-Cause
model I-Cause
could I-Cause
be I-Cause
surmounted I-Cause
within I-Cause
a I-Cause
few I-Cause
years O
, O
in O
our O
opinion O
. O

In O
the O
long O
run O
, O
we O
believe O
margins B-Effect
should I-Effect
benefit I-Effect
from I-Effect
growth I-Effect
over I-Effect
time I-Effect
, I-Effect
but I-Effect
the I-Effect
impact I-Effect
will I-Effect
be I-Effect
relatively I-Effect
modest I-Effect
given O
the B-Cause
limited I-Cause
fixed I-Cause
costs I-Cause
in I-Cause
the I-Cause
business I-Cause
model I-Cause
. O

Furthermore O
, O
it O
believes O
that O
the B-Effect
segment I-Effect
can I-Effect
expand I-Effect
its I-Effect
margins I-Effect
through I-Effect
cost I-Effect
reductions I-Effect
by O
roughly B-Cause
100-200 I-Cause
basis I-Cause
points I-Cause
per I-Cause
year I-Cause
, O
to O
the O
high O
teens O
by O
2024 O
. O

The O
company O
may O
also O
make O
acquisitions O
, O
and O
although O
we O
have O
not O
included O
major O
activities O
in O
our O
projections O
, O
acquisitions B-Cause
could O
add B-Effect
to I-Effect
earnings I-Effect
growth I-Effect
. O

Since O
private-label B-Cause
brands I-Cause
boost I-Cause
profit I-Cause
margins I-Cause
, O
we O
believe O
distributors B-Effect
that I-Effect
offer I-Effect
them I-Effect
have I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
those I-Effect
that I-Effect
do I-Effect
n't I-Effect
. O

Beyond O
fiscal O
2022 O
we O
believe O
that O
Best B-Cause
Buy I-Cause
's I-Cause
recent I-Cause
COVID-19 I-Cause
sales I-Cause
momentum I-Cause
will O
also O
help B-Effect
to I-Effect
accelerate I-Effect
its I-Effect
in-home I-Effect
advisory I-Effect
, I-Effect
total I-Effect
tech I-Effect
support I-Effect
, I-Effect
and I-Effect
healthcare I-Effect
services I-Effect
. O

In O
agriculture O
, O
we O
think O
demand B-Effect
for I-Effect
corn I-Effect
and I-Effect
soybeans I-Effect
will I-Effect
be I-Effect
strong I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
largely O
due O
to O
robust B-Cause
demand I-Cause
from I-Cause
China I-Cause
and I-Cause
tight I-Cause
global I-Cause
supplies I-Cause
. O

Brands B-Effect
can I-Effect
be I-Effect
a I-Effect
significant I-Effect
advantage I-Effect
if I-Effect
a I-Effect
consumer I-Effect
product I-Effect
company I-Effect
is I-Effect
able I-Effect
to I-Effect
garner I-Effect
value I-Effect
from I-Effect
its I-Effect
portfolio I-Effect
mix I-Effect
by O
passing B-Cause
through I-Cause
higher I-Cause
costs I-Cause
to I-Cause
end I-Cause
customers I-Cause
. O

While O
that O
particular O
installation O
may O
be O
Palantir O
's O
largest O
, O
its O
solutions O
are O
used O
across O
36 O
industries O
as O
of O
June O
2020 O
and O
we O
believe O
each B-Effect
commercial I-Effect
or I-Effect
government I-Effect
customer I-Effect
faces I-Effect
tremendous I-Effect
disruptions I-Effect
if O
changing B-Cause
from I-Cause
Palantir I-Cause
's I-Cause
platforms I-Cause
. O

Implementation B-Effect
of I-Effect
a I-Effect
new I-Effect
vendor I-Effect
would I-Effect
likely I-Effect
require I-Effect
parallel I-Effect
testing I-Effect
given O
the B-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
NICE I-Cause
's I-Cause
product I-Cause
, O
leading O
to O
high B-Effect
monetary I-Effect
costs I-Effect
, O
as O
well O
. O

We O
think O
YouTube B-Effect
is I-Effect
also I-Effect
valuable I-Effect
, O
as O
it B-Cause
benefits I-Cause
from I-Cause
a I-Cause
network I-Cause
effect I-Cause
that I-Cause
creates I-Cause
value I-Cause
for I-Cause
users I-Cause
, I-Cause
content I-Cause
creators I-Cause
, I-Cause
and I-Cause
advertisers I-Cause
. O

In O
addition O
to O
cost O
synergies O
, O
we O
see O
opportunities B-Effect
to I-Effect
achieve I-Effect
revenue I-Effect
synergies I-Effect
( I-Effect
from I-Effect
cross I-Effect
selling I-Effect
and I-Effect
enhanced I-Effect
pricing I-Effect
power I-Effect
) I-Effect
and I-Effect
improve I-Effect
capital I-Effect
efficiency I-Effect
as O
the B-Cause
combined I-Cause
firm I-Cause
embraces I-Cause
digitalization I-Cause
to I-Cause
better I-Cause
manage I-Cause
its I-Cause
cash-conversion I-Cause
cycle I-Cause
. O

Given O
that O
small B-Cause
cells I-Cause
are I-Cause
in I-Cause
the I-Cause
early I-Cause
stages I-Cause
, O
it O
is O
possible O
that O
Crown O
Castle O
will O
be B-Effect
unable I-Effect
to I-Effect
develop I-Effect
switching I-Effect
costs I-Effect
or I-Effect
other I-Effect
competitive I-Effect
advantages I-Effect
on I-Effect
small I-Effect
cells I-Effect
that I-Effect
we I-Effect
think I-Effect
would I-Effect
be I-Effect
necessary I-Effect
to I-Effect
earn I-Effect
adequate I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

We B-Effect
forecast I-Effect
nonresidential I-Effect
spending I-Effect
growth I-Effect
to I-Effect
slow I-Effect
to I-Effect
4 I-Effect
% I-Effect
in I-Effect
the I-Effect
longer I-Effect
term I-Effect
, O
as O
we O
expect O
many B-Cause
key I-Cause
sectors I-Cause
to I-Cause
make I-Cause
more I-Cause
efficient I-Cause
use I-Cause
of I-Cause
their I-Cause
construction I-Cause
spending I-Cause
. O

Although O
Teladoc O
has O
established O
itself O
as O
the O
national O
telehealth O
leader O
with O
global O
reach O
, O
the B-Cause
virtual I-Cause
care I-Cause
delivery I-Cause
market I-Cause
remains I-Cause
fragmented I-Cause
and I-Cause
the I-Cause
current I-Cause
offering I-Cause
and I-Cause
infrastructure I-Cause
are O
not O
mature O
enough O
to O
support B-Effect
economic I-Effect
profits I-Effect
. O

Federal B-Effect
funding I-Effect
power I-Effect
has I-Effect
weakened I-Effect
as O
better B-Cause
vehicle I-Cause
mileage I-Cause
and I-Cause
inflation I-Cause
have I-Cause
diminished I-Cause
the I-Cause
buying I-Cause
power I-Cause
of I-Cause
the I-Cause
$ I-Cause
0.18 I-Cause
per I-Cause
gallon I-Cause
gasoline I-Cause
tax I-Cause
, I-Cause
unchanged I-Cause
since I-Cause
1993 I-Cause
. O

After O
2020 O
's O
21 O
% O
drop O
in O
organic O
sales O
, O
we O
think O
the O
increasing B-Cause
availability I-Cause
of I-Cause
coronavirus I-Cause
vaccines I-Cause
in I-Cause
2021 I-Cause
will O
spur O
a B-Effect
recovery I-Effect
in I-Effect
away-from-home I-Effect
dining I-Effect
, O
resulting O
in O
16 B-Effect
% I-Effect
and I-Effect
9 I-Effect
% I-Effect
bumps I-Effect
in I-Effect
organic I-Effect
sales I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, O
respectively O
. O

With O
growing B-Cause
clinical I-Cause
and I-Cause
payer I-Cause
support I-Cause
for I-Cause
at-home I-Cause
treatments I-Cause
, O
Fresenius B-Effect
is I-Effect
taking I-Effect
aim I-Effect
at I-Effect
those I-Effect
ESRD I-Effect
therapies I-Effect
with I-Effect
significant I-Effect
investments I-Effect
, I-Effect
too I-Effect
. O

Federal B-Effect
will I-Effect
have I-Effect
to I-Effect
re-lease I-Effect
vacant I-Effect
space I-Effect
to I-Effect
new I-Effect
tenants I-Effect
, O
which O
may B-Cause
be I-Cause
at I-Cause
lower I-Cause
rents I-Cause
in I-Cause
a I-Cause
negative I-Cause
sales I-Cause
environment I-Cause
. O

As O
the B-Cause
number I-Cause
of I-Cause
Android-powered I-Cause
smartphones I-Cause
increases I-Cause
, O
more B-Cause
developers I-Cause
will I-Cause
create I-Cause
more I-Cause
apps I-Cause
to I-Cause
be I-Cause
made I-Cause
available I-Cause
on I-Cause
Google I-Cause
Play I-Cause
and I-Cause
run I-Cause
on I-Cause
those I-Cause
smartphones I-Cause
, O
creating B-Effect
additional I-Effect
value I-Effect
for I-Effect
Android I-Effect
smartphone I-Effect
users I-Effect
. O

While O
National B-Cause
Oilwell I-Cause
Varco I-Cause
as I-Cause
the I-Cause
OEM I-Cause
can I-Cause
already I-Cause
be I-Cause
expected I-Cause
to I-Cause
have I-Cause
the I-Cause
best I-Cause
knowledge I-Cause
of I-Cause
its I-Cause
equipment I-Cause
, O
this B-Effect
knowledge I-Effect
is I-Effect
greatly I-Effect
enhanced I-Effect
by I-Effect
using I-Effect
the I-Effect
data I-Effect
from I-Effect
its I-Effect
large I-Effect
installed I-Effect
base I-Effect
. O

For O
2021 O
, O
we O
expect O
continued B-Cause
healthy I-Cause
retail I-Cause
end-market I-Cause
demand I-Cause
, I-Cause
recovering I-Cause
industrial I-Cause
markets I-Cause
, I-Cause
and I-Cause
contract I-Cause
pricing I-Cause
tailwinds I-Cause
( I-Cause
for I-Cause
LTL I-Cause
and I-Cause
truck I-Cause
brokerage I-Cause
) I-Cause
to O
push O
XPO B-Effect
's I-Effect
organic I-Effect
gross I-Effect
revenue I-Effect
up I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high I-Effect
single I-Effect
digits I-Effect
( I-Effect
ingoring I-Effect
the I-Effect
second I-Effect
half I-Effect
logistics I-Effect
segment I-Effect
spin-off I-Effect
) I-Effect
. O

We O
believe O
this B-Effect
makes I-Effect
it I-Effect
even I-Effect
harder I-Effect
for I-Effect
cannabis I-Effect
companies I-Effect
to I-Effect
build I-Effect
a I-Effect
recognizable I-Effect
brand I-Effect
, O
as O
opportunities B-Cause
to I-Cause
directly I-Cause
address I-Cause
the I-Cause
consumer I-Cause
will I-Cause
be I-Cause
limited I-Cause
. O

The B-Cause
customizable I-Cause
nature I-Cause
of I-Cause
titration I-Cause
equipment I-Cause
creates O
friction B-Cause
that O
would O
need O
to O
be O
overcome O
for O
customers B-Effect
to I-Effect
purchase I-Effect
equipment I-Effect
from I-Effect
a I-Effect
competitor I-Effect
. O

Improvements B-Effect
will I-Effect
come I-Effect
over I-Effect
time I-Effect
from I-Effect
cost-cutting I-Effect
, O
particularly O
via O
moving B-Cause
metals I-Cause
production I-Cause
to I-Cause
low-cost I-Cause
countries I-Cause
from I-Cause
high-cost I-Cause
European I-Cause
locations I-Cause
, I-Cause
exiting I-Cause
unfavorable I-Cause
business I-Cause
, I-Cause
reducing I-Cause
its I-Cause
scrappage I-Cause
and I-Cause
premium I-Cause
freight I-Cause
charges I-Cause
, I-Cause
and I-Cause
lower I-Cause
SG I-Cause
& I-Cause
A I-Cause
expenses I-Cause
. O

Further O
, O
we O
think O
reimbursement B-Effect
pressure I-Effect
could I-Effect
ease I-Effect
in I-Effect
2022 I-Effect
once O
hospital-based B-Cause
labs I-Cause
( I-Cause
which I-Cause
are I-Cause
reimbursed I-Cause
at I-Cause
higher I-Cause
levels I-Cause
) I-Cause
are I-Cause
included I-Cause
in I-Cause
the I-Cause
recalculation I-Cause
of I-Cause
Medicare I-Cause
's I-Cause
clinical I-Cause
lab I-Cause
fee I-Cause
schedule I-Cause
. O

The O
entry O
of O
Rakuten O
in O
the O
mobile O
network O
business O
poses O
some O
risks O
to O
KDDI O
, O
but O
we O
believe O
that O
it B-Cause
is I-Cause
unlikely I-Cause
to I-Cause
build I-Cause
a I-Cause
sustainable I-Cause
network I-Cause
operator I-Cause
business I-Cause
so O
any B-Effect
pricing I-Effect
pressure I-Effect
it I-Effect
brings I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
be I-Effect
permanent I-Effect
. O

Very B-Effect
strong I-Effect
demand I-Effect
for I-Effect
luxury I-Effect
watches I-Effect
has O
historically B-Cause
been I-Cause
correlated I-Cause
to I-Cause
periods I-Cause
of I-Cause
economic I-Cause
expansion I-Cause
and I-Cause
wealth I-Cause
creation I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
( I-Cause
most I-Cause
importantly I-Cause
China I-Cause
) I-Cause
. O

We B-Effect
think I-Effect
revenue I-Effect
growth I-Effect
will I-Effect
average I-Effect
around I-Effect
6 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
as O
rapid B-Cause
adoption I-Cause
of I-Cause
RFID I-Cause
technology I-Cause
supplements I-Cause
relatively I-Cause
slow I-Cause
growth I-Cause
in I-Cause
retail I-Cause
branding I-Cause
and I-Cause
apparel I-Cause
embellishments I-Cause
. O

Over O
our O
explicit O
forecast O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
improve I-Effect
by I-Effect
nearly I-Effect
400 I-Effect
basis I-Effect
points I-Effect
as O
the B-Cause
company I-Cause
gains I-Cause
scale I-Cause
in I-Cause
its I-Cause
expansion I-Cause
of I-Cause
its I-Cause
3DExperience I-Cause
customers I-Cause
and I-Cause
as I-Cause
low-gross-margin I-Cause
servicing I-Cause
revenue I-Cause
decreases I-Cause
. O

We O
think O
that O
software B-Effect
programs I-Effect
like I-Effect
Autodesk I-Effect
's I-Effect
Inventor I-Effect
or I-Effect
Dassault I-Effect
Systemes I-Effect
' I-Effect
SolidWorks I-Effect
have I-Effect
a I-Effect
more I-Effect
expansive I-Effect
university I-Effect
presence I-Effect
, O
given O
that O
they B-Cause
specialize I-Cause
in I-Cause
meeting I-Cause
midmarket I-Cause
CAD I-Cause
needs I-Cause
, I-Cause
which I-Cause
makes I-Cause
up I-Cause
the I-Cause
majority I-Cause
of I-Cause
the I-Cause
CAD I-Cause
market I-Cause
. O

Finally O
, O
while O
the B-Cause
shadow I-Cause
supply I-Cause
created I-Cause
by I-Cause
Airbnb I-Cause
does I-Cause
n't I-Cause
directly I-Cause
compete I-Cause
most I-Cause
nights I-Cause
, O
it O
does O
limit B-Effect
Pebblebrook I-Effect
's I-Effect
ability I-Effect
to I-Effect
push I-Effect
rates I-Effect
on I-Effect
nights I-Effect
when I-Effect
it I-Effect
would I-Effect
have I-Effect
typically I-Effect
generated I-Effect
its I-Effect
highest I-Effect
profits I-Effect
. O

In O
summary O
, O
with O
each B-Cause
new I-Cause
data I-Cause
source I-Cause
or I-Cause
organization I-Cause
joining I-Cause
Palantir I-Cause
's I-Cause
platform I-Cause
, O
we B-Effect
believe I-Effect
its I-Effect
solutions I-Effect
become I-Effect
more I-Effect
powerful I-Effect
and I-Effect
valuable I-Effect
for I-Effect
other I-Effect
customers I-Effect
, I-Effect
solidifying I-Effect
a I-Effect
network I-Effect
effect I-Effect
. O

For O
example O
, O
in B-Cause
2018 I-Cause
Walmart I-Cause
reduced I-Cause
the I-Cause
floor I-Cause
space I-Cause
allocated I-Cause
to I-Cause
Hostess I-Cause
display I-Cause
cases I-Cause
, O
causing O
a B-Effect
sharp I-Effect
and I-Effect
abrupt I-Effect
deceleration I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
5.7 I-Effect
% I-Effect
in I-Effect
the I-Effect
first I-Effect
quarter I-Effect
to I-Effect
negative I-Effect
4.3 I-Effect
% I-Effect
in I-Effect
the I-Effect
second I-Effect
quarter I-Effect
when I-Effect
the I-Effect
cuts I-Effect
went I-Effect
into I-Effect
effect I-Effect
. O

As B-Cause
we I-Cause
forecast I-Cause
Lululemon I-Cause
's I-Cause
e-commerce I-Cause
operating I-Cause
margins I-Cause
at I-Cause
45.5 I-Cause
% I-Cause
in I-Cause
the I-Cause
long I-Cause
term I-Cause
, I-Cause
rising B-Effect
digital I-Effect
sales I-Effect
should I-Effect
lift I-Effect
its I-Effect
overall I-Effect
profitability I-Effect
. I-Effect

Mattel B-Effect
is I-Effect
expected I-Effect
to I-Effect
deliver I-Effect
sustained I-Effect
improved I-Effect
operating I-Effect
performance I-Effect
in I-Effect
2021 I-Effect
( O
we O
forecast O
an O
11 O
% O
margin O
) O
helped O
by O
the B-Cause
initiation I-Cause
of I-Cause
a I-Cause
new I-Cause
$ I-Cause
250 I-Cause
million I-Cause
cost-saving I-Cause
program I-Cause
. O

BorgWarner B-Effect
's I-Effect
customers I-Effect
would I-Effect
incur I-Effect
prohibitively I-Effect
high I-Effect
switching I-Effect
costs I-Effect
should O
they B-Cause
withdraw I-Cause
business I-Cause
in I-Cause
the I-Cause
middle I-Cause
of I-Cause
a I-Cause
vehicle I-Cause
program I-Cause
, O
especially O
when O
BorgWarner O
has O
a O
supply O
agreement O
for O
a O
complete O
set O
of O
engine O
, O
drivetrain O
, O
electrified O
powertrain O
components O
. O

We B-Cause
also I-Cause
project I-Cause
noninterest I-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
CAGR I-Cause
of I-Cause
4 I-Cause
% I-Cause
in I-Cause
normal I-Cause
years I-Cause
, I-Cause
while I-Cause
expecting I-Cause
a I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
due I-Cause
to I-Cause
pressure I-Cause
from I-Cause
COVID-19. O
This O
leads O
us O
to O
expect B-Effect
a I-Effect
terminal I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
14 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
compared I-Effect
with I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
9 I-Effect
% I-Effect
. O

Rather O
, O
accelerating B-Cause
digitization I-Cause
( I-Cause
as I-Cause
customers I-Cause
are I-Cause
effectively I-Cause
forced I-Cause
to I-Cause
become I-Cause
familiar I-Cause
with I-Cause
convenient I-Cause
delivery I-Cause
and I-Cause
click I-Cause
and I-Cause
collect I-Cause
options I-Cause
) O
stands O
to O
shift B-Effect
sales I-Effect
into I-Effect
more I-Effect
costly I-Effect
fulfillment I-Effect
channels I-Effect
. O

Coca-Cola O
Femsa O
operates O
exclusively O
in O
Latin O
America O
and O
, O
in O
our O
view O
, O
the B-Effect
bottling I-Effect
industry I-Effect
here I-Effect
and I-Effect
in I-Effect
other I-Effect
developing I-Effect
regions I-Effect
is I-Effect
even I-Effect
more I-Effect
conducive I-Effect
to I-Effect
scale-based I-Effect
advantages I-Effect
, O
given O
the B-Cause
much I-Cause
higher I-Cause
levels I-Cause
of I-Cause
concentration I-Cause
. O

Over O
the O
next O
several O
years O
, O
we O
expect O
adjusted B-Effect
operating I-Effect
margins I-Effect
to I-Effect
remain I-Effect
slightly I-Effect
ahead I-Effect
of I-Effect
the I-Effect
casual I-Effect
dining I-Effect
industry I-Effect
average I-Effect
in I-Effect
the I-Effect
high-single-digits I-Effect
, I-Effect
growing I-Effect
to I-Effect
11 I-Effect
% I-Effect
within I-Effect
five I-Effect
years I-Effect
as O
cost-optimization B-Cause
efforts I-Cause
bear O
fruit O
. O

Given O
that O
the B-Cause
U.S.-based I-Cause
asset I-Cause
managers I-Cause
are I-Cause
facing I-Cause
not I-Cause
only I-Cause
fee I-Cause
compression I-Cause
but I-Cause
margin I-Cause
compression I-Cause
over I-Cause
the I-Cause
long I-Cause
run I-Cause
( O
as O
they B-Cause
spend I-Cause
more I-Cause
heavily I-Cause
to I-Cause
improve I-Cause
investment I-Cause
performance I-Cause
and I-Cause
enhance I-Cause
distribution I-Cause
capabilities I-Cause
) O
, O
we O
believe O
much B-Effect
of I-Effect
the I-Effect
operating I-Effect
leverage I-Effect
inherent I-Effect
in I-Effect
the I-Effect
business I-Effect
will I-Effect
be I-Effect
blunted I-Effect
. O

Additionally O
, O
the B-Cause
rejection I-Cause
of I-Cause
merger I-Cause
proposals I-Cause
in O
1998 O
between O
Royal O
Bank O
of O
Canada O
and O
Bank O
of O
Montreal O
, O
and O
between O
Toronto O
Dominion O
and O
Canadian O
Imperial O
Bank O
of O
Commerce O
created B-Effect
a I-Effect
precedent I-Effect
in O
which O
the O
regulators O
will O
accept O
no O
further O
consolidation O
. O

However O
, O
the B-Cause
retail I-Cause
business I-Cause
operates I-Cause
with I-Cause
razor-thin I-Cause
margins I-Cause
, O
offering B-Effect
little I-Effect
room I-Effect
for I-Effect
error I-Effect
when I-Effect
NRG I-Effect
prices I-Effect
customer I-Effect
contracts I-Effect
to I-Effect
incorporate I-Effect
volume I-Effect
and I-Effect
energy I-Effect
cost I-Effect
risk I-Effect
. O

Corning B-Cause
's I-Cause
synergies I-Cause
between I-Cause
display I-Cause
and I-Cause
specialty I-Cause
materials I-Cause
, I-Cause
along I-Cause
with I-Cause
its I-Cause
unparalleled I-Cause
scale I-Cause
in I-Cause
the I-Cause
cover I-Cause
glass I-Cause
market I-Cause
, O
allow O
it O
to O
consistently B-Effect
achieve I-Effect
operating I-Effect
margins I-Effect
500-plus I-Effect
basis I-Effect
points I-Effect
above I-Effect
its I-Effect
chief I-Effect
competitors I-Effect
. O

Ferguson B-Effect
's I-Effect
prospects I-Effect
have I-Effect
improved I-Effect
as O
a O
result O
of O
better B-Cause
pricing I-Cause
discipline I-Cause
and I-Cause
a I-Cause
strategic I-Cause
shift I-Cause
to I-Cause
the I-Cause
attractive I-Cause
North I-Cause
American I-Cause
market I-Cause
, O
and O
we O
expect O
the O
company O
to O
generate O
solid O
growth O
in O
the O
near O
term O
as O
the O
North O
American O
market O
recovers O
. O

While O
reimbursement O
pressure O
could O
arise O
in O
the O
U.S. O
, O
we B-Effect
see I-Effect
medium I-Effect
uncertainty I-Effect
around O
DaVita O
's O
ongoing O
cash O
flows O
given O
its B-Cause
essential I-Cause
service I-Cause
and I-Cause
strong I-Cause
position I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Unlike O
the O
retail O
card O
segment O
, O
payment B-Cause
solutions I-Cause
and I-Cause
CareCredit I-Cause
are I-Cause
heavily I-Cause
diversified I-Cause
, O
reducing B-Effect
partner I-Effect
bargaining I-Effect
power I-Effect
, O
and O
do B-Effect
not I-Effect
have I-Effect
significant I-Effect
retailer I-Effect
share I-Effect
arrangement I-Effect
spending I-Effect
. O

We B-Effect
model I-Effect
a I-Effect
roughly I-Effect
250 I-Effect
basis I-Effect
points I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
during O
our O
explicit O
five-year O
forecast O
term O
, O
driven O
by O
volume B-Cause
leverage I-Cause
and I-Cause
productivity I-Cause
initiatives I-Cause
helping O
boost O
margins O
in O
the O
international O
welding O
and O
Harris O
Products O
Group O
segments O
. O

Walgreens B-Cause
may I-Cause
also I-Cause
be I-Cause
impacted I-Cause
by I-Cause
the I-Cause
consolidation I-Cause
of I-Cause
healthcare I-Cause
companies I-Cause
and I-Cause
providers I-Cause
that O
could O
influence B-Effect
where I-Effect
prescriptions I-Effect
are I-Effect
filled I-Effect
. O

There O
is O
risk O
that O
policymakers B-Effect
will I-Effect
move I-Effect
retail I-Effect
customers I-Effect
away I-Effect
from I-Effect
gas I-Effect
heating I-Effect
, O
but O
we O
think O
that O
's O
unlikely O
in O
the O
near O
future O
given O
the B-Cause
colder I-Cause
climates I-Cause
where I-Cause
Eversource I-Cause
operates I-Cause
. O

Avnet B-Cause
could I-Cause
have I-Cause
used I-Cause
its I-Cause
position I-Cause
between I-Cause
semiconductor I-Cause
vendors I-Cause
and I-Cause
customers I-Cause
, I-Cause
providing I-Cause
customized I-Cause
products I-Cause
and I-Cause
platforms I-Cause
from I-Cause
multiple I-Cause
vendors I-Cause
( I-Cause
hardware I-Cause
, I-Cause
software I-Cause
, I-Cause
and I-Cause
services I-Cause
) I-Cause
and I-Cause
even I-Cause
used I-Cause
its I-Cause
components I-Cause
business I-Cause
as I-Cause
an I-Cause
opportunity I-Cause
to B-Effect
help I-Effect
enterprise I-Effect
clients I-Effect
design I-Effect
custom I-Effect
hardware I-Effect
where I-Effect
vendor I-Effect
options I-Effect
were I-Effect
unavailable I-Effect
. O

In O
recent O
years O
, O
RH B-Cause
has I-Cause
made I-Cause
operational I-Cause
and I-Cause
supply I-Cause
chain I-Cause
changes I-Cause
to O
improve B-Effect
its I-Effect
operating I-Effect
costs I-Effect
, O
including O
adjusting O
its O
distribution O
center O
footprint O
and O
rightsizing O
the O
inventory O
base O
. O

We B-Cause
established I-Cause
a I-Cause
2025 I-Cause
EPS I-Cause
estimate I-Cause
of I-Cause
$ I-Cause
5.00 I-Cause
, O
resulting O
in O
a B-Effect
4.1 I-Effect
% I-Effect
average I-Effect
annual I-Effect
EPS I-Effect
growth I-Effect
rate I-Effect
, O
near O
the O
bottom O
of O
Con O
Ed O
's O
new O
EPS O
growth O
target O
. O

This B-Cause
could I-Cause
be I-Cause
a I-Cause
hurdle I-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
expand I-Cause
and O
could O
force O
it O
to O
purchase B-Effect
land I-Effect
at I-Effect
lofty I-Effect
prices I-Effect
to I-Effect
execute I-Effect
on I-Effect
future I-Effect
plans I-Effect
, I-Effect
decreasing I-Effect
yields I-Effect
on I-Effect
developments I-Effect
. O

In O
the O
longer O
term O
, O
Bio-Rad B-Effect
's I-Effect
success I-Effect
will O
depend O
on O
whether O
the B-Cause
firm I-Cause
can I-Cause
successfully I-Cause
invest I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
to I-Cause
maintain I-Cause
diagnostic I-Cause
specializations I-Cause
, O
and O
the O
company O
is O
also O
likely O
to O
focus O
on O
improving O
operational O
efficiency O
, O
which O
lags O
peers O
. O

ICE B-Effect
's I-Effect
mortgage I-Effect
technology I-Effect
segment I-Effect
is O
the O
result O
of O
several B-Cause
acquisitions I-Cause
over I-Cause
the I-Cause
years I-Cause
, O
most O
notably O
the O
purchase O
of O
Ellie O
Mae O
in O
2020 O
for O
$ O
11 O
billion O
. O

Specifically O
, O
all-inclusive B-Cause
services I-Cause
that I-Cause
handle I-Cause
the I-Cause
storage I-Cause
of I-Cause
a I-Cause
customer I-Cause
's I-Cause
belongings I-Cause
from I-Cause
start I-Cause
to I-Cause
finish I-Cause
could O
capture B-Effect
customers I-Effect
looking I-Effect
for I-Effect
a I-Effect
hands-free I-Effect
way I-Effect
of I-Effect
decluttering I-Effect
. O

While O
investors O
have O
been O
clamoring O
for O
greater O
capital O
discipline O
from O
integrated O
oils O
, O
Exxon O
's O
view O
is O
it B-Cause
holds I-Cause
a I-Cause
host I-Cause
of I-Cause
high-return I-Cause
projects I-Cause
that O
can O
leverage B-Effect
its I-Effect
superior I-Effect
integrated I-Effect
model I-Effect
and I-Effect
thus I-Effect
warrant I-Effect
investment I-Effect
. O

At O
a O
high O
level O
, O
factors B-Cause
that I-Cause
are I-Cause
inherent I-Cause
to I-Cause
its I-Cause
position I-Cause
in I-Cause
a I-Cause
secularly I-Cause
advantaged I-Cause
beverage I-Cause
category I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
specific I-Cause
business I-Cause
model I-Cause
, O
facilitate B-Effect
durable I-Effect
competitive I-Effect
advantages I-Effect
, O
in O
our O
view O
. O

Shipping B-Effect
needs I-Effect
have I-Effect
evolved I-Effect
as O
the B-Cause
supply I-Cause
chain I-Cause
has I-Cause
become I-Cause
global I-Cause
and I-Cause
customer I-Cause
expectations I-Cause
have I-Cause
been I-Cause
reset I-Cause
by I-Cause
the I-Cause
Amazon I-Cause
experience I-Cause
. O

The B-Cause
most I-Cause
likely I-Cause
risk I-Cause
stems I-Cause
from I-Cause
potential I-Cause
weak I-Cause
product I-Cause
governance I-Cause
, O
which B-Effect
could I-Effect
lead I-Effect
to I-Effect
quality I-Effect
and I-Effect
safety I-Effect
issues I-Effect
, I-Effect
provoking I-Effect
recalls I-Effect
, I-Effect
something I-Effect
we I-Effect
do I-Effect
n't I-Effect
see I-Effect
as I-Effect
imminent I-Effect
in I-Effect
our I-Effect
prognosis I-Effect
. O

Following O
a O
down B-Cause
fiscal I-Cause
2019 I-Cause
due O
to O
a B-Cause
deceleration I-Cause
in I-Cause
3D I-Cause
NAND I-Cause
, I-Cause
DRAM I-Cause
, I-Cause
and I-Cause
display I-Cause
spending I-Cause
, O
we O
expect O
the B-Effect
firm I-Effect
to I-Effect
grow I-Effect
revenue I-Effect
at I-Effect
a I-Effect
12 I-Effect
% I-Effect
CAGR I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
. O

Hubbell B-Cause
's I-Cause
large I-Cause
suite I-Cause
of I-Cause
products I-Cause
enables O
it B-Effect
to I-Effect
generate I-Effect
sufficient I-Effect
volumes I-Effect
for I-Effect
scale I-Effect
efficiencies I-Effect
, O
particularly O
in B-Cause
its I-Cause
supply I-Cause
chain I-Cause
through I-Cause
activities I-Cause
like I-Cause
automation I-Cause
as I-Cause
in I-Cause
the I-Cause
firm I-Cause
's I-Cause
Missouri I-Cause
operation I-Cause
, O
which O
automates B-Effect
pick I-Effect
and I-Effect
pack I-Effect
as I-Effect
well I-Effect
as I-Effect
welding I-Effect
operations I-Effect
. O

Although B-Cause
customers I-Cause
outline I-Cause
the I-Cause
specific I-Cause
flavor I-Cause
, I-Cause
texture I-Cause
, I-Cause
and I-Cause
fragrance I-Cause
profiles I-Cause
they I-Cause
are I-Cause
looking I-Cause
to I-Cause
achieve I-Cause
, I-Cause
the I-Cause
resulting I-Cause
intellectual I-Cause
property I-Cause
developed I-Cause
by I-Cause
International I-Cause
Flavors I-Cause
& I-Cause
amp I-Cause
; I-Cause
Fragrances I-Cause
stays I-Cause
with I-Cause
the I-Cause
company. O
This O
establishes O
valuable O
intangible O
assets O
that O
allow O
IFF B-Effect
to I-Effect
generate I-Effect
economic I-Effect
profit I-Effect
over I-Effect
the I-Effect
lifecycle I-Effect
of I-Effect
the I-Effect
products I-Effect
in I-Effect
which I-Effect
the I-Effect
proprietary I-Effect
formulations I-Effect
are I-Effect
used I-Effect
. O

Beyond O
simple O
volumetric O
growth O
, O
we B-Effect
also I-Effect
are I-Effect
optimistic I-Effect
about I-Effect
Plains I-Effect
' I-Effect
opportunity I-Effect
to I-Effect
segregate I-Effect
volumes I-Effect
based I-Effect
on I-Effect
crude I-Effect
oil I-Effect
gravity I-Effect
and I-Effect
obtain I-Effect
additional I-Effect
fees I-Effect
, O
as O
increasingly B-Cause
Permian I-Cause
volumes I-Cause
are I-Cause
at I-Cause
the I-Cause
light I-Cause
end I-Cause
of I-Cause
the I-Cause
spectrum I-Cause
in I-Cause
the I-Cause
45-55-degree I-Cause
gravity I-Cause
range I-Cause
. O

Shell B-Effect
's I-Effect
primary I-Effect
ESG I-Effect
risk I-Effect
stems O
from O
carbon B-Cause
emissions I-Cause
in I-Cause
its I-Cause
operations I-Cause
and I-Cause
use I-Cause
of I-Cause
its I-Cause
products I-Cause
and I-Cause
emissions I-Cause
, I-Cause
effluents I-Cause
and I-Cause
waste I-Cause
generated I-Cause
in I-Cause
operations I-Cause
such I-Cause
as I-Cause
oil I-Cause
spills I-Cause
. O

Usually O
, O
x86-based B-Cause
platforms I-Cause
have I-Cause
more I-Cause
powerful I-Cause
CPUs I-Cause
and I-Cause
GPUs I-Cause
with I-Cause
many I-Cause
compute I-Cause
cores I-Cause
and I-Cause
memory I-Cause
, O
which O
are O
important B-Effect
factors I-Effect
when I-Effect
trying I-Effect
to I-Effect
maximize I-Effect
performance I-Effect
( I-Effect
including I-Effect
framerate I-Effect
and I-Effect
graphical I-Effect
fidelity I-Effect
) I-Effect
. O

Additionally O
, O
long-term B-Effect
price I-Effect
depreciation I-Effect
would I-Effect
expose I-Effect
the I-Effect
company I-Effect
to I-Effect
weakening I-Effect
returns I-Effect
on I-Effect
capital I-Effect
, O
as O
new B-Cause
projects I-Cause
coming I-Cause
on I-Cause
line I-Cause
would I-Cause
be I-Cause
unlikely I-Cause
to I-Cause
generate I-Cause
their I-Cause
projected I-Cause
economic I-Cause
results I-Cause
. O

Tractor B-Cause
Supply I-Cause
's I-Cause
target I-Cause
demographic I-Cause
is I-Cause
fairly I-Cause
affluent I-Cause
, O
which O
helps O
insulate B-Effect
the I-Effect
firm I-Effect
somewhat I-Effect
during I-Effect
a I-Effect
recession I-Effect
( O
generating O
same-store O
sales O
of O
1 O
% O
in O
2008 O
, O
negative O
1 O
% O
in O
2009 O
, O
and O
23 O
% O
in O
2020 O
) O
. O

In O
2019 O
, O
Equinix B-Effect
generated I-Effect
22 I-Effect
% I-Effect
of I-Effect
its I-Effect
revenue I-Effect
from I-Effect
interconnections I-Effect
, O
which O
result O
from O
the B-Cause
company I-Cause
charging I-Cause
a I-Cause
fee I-Cause
to I-Cause
directly I-Cause
connect I-Cause
enterprises I-Cause
to I-Cause
each I-Cause
other I-Cause
within I-Cause
data I-Cause
centers I-Cause
or I-Cause
across I-Cause
Equinix I-Cause
data I-Cause
centers I-Cause
. O

With O
the B-Cause
inclusion I-Cause
of I-Cause
CA I-Cause
Technologies I-Cause
and I-Cause
Symantec I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
a I-Cause
rebound I-Cause
in I-Cause
wireless I-Cause
revenue I-Cause
thanks O
to O
new B-Cause
5G I-Cause
devices I-Cause
that I-Cause
contain I-Cause
higher I-Cause
RF I-Cause
content I-Cause
from I-Cause
Broadcom I-Cause
, O
we O
assume O
fiscal B-Effect
2021 I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
about I-Effect
10 I-Effect
% I-Effect
. O

Also O
, O
much O
of O
the O
value O
in O
Waters O
stems O
from O
the O
intellectual O
property O
of O
its O
employee O
base O
, O
which O
creates B-Effect
an I-Effect
ESG I-Effect
risk I-Effect
if O
there B-Cause
is I-Cause
ever I-Cause
a I-Cause
brain I-Cause
drain I-Cause
at I-Cause
the I-Cause
firm I-Cause
. O

Our B-Effect
10-year I-Effect
forecast I-Effect
sees I-Effect
an I-Effect
average I-Effect
adjusted I-Effect
ROIC I-Effect
of I-Effect
21 I-Effect
% I-Effect
, I-Effect
with I-Effect
our I-Effect
2030 I-Effect
projection I-Effect
of I-Effect
23.7 I-Effect
% I-Effect
slightly I-Effect
higher I-Effect
than I-Effect
the I-Effect
firm I-Effect
's I-Effect
pre-pandemic I-Effect
average I-Effect
primarily I-Effect
due O
to O
positive B-Cause
operating I-Cause
leverage I-Cause
and I-Cause
refranchising I-Cause
. O

A B-Effect
firm I-Effect
can I-Effect
carve I-Effect
out I-Effect
an I-Effect
operating I-Effect
cost I-Effect
advantage I-Effect
if O
it B-Cause
has I-Cause
a I-Cause
large I-Cause
concentration I-Cause
of I-Cause
assets I-Cause
, O
but O
there O
is O
no O
barrier O
to O
multiple O
firms O
achieving O
this O
. O

Illinois B-Cause
' I-Cause
supply I-Cause
increases I-Cause
appear O
to O
have O
also O
negatively O
affected O
neighboring B-Effect
states I-Effect
, O
like O
Indiana O
, O
Iowa O
, O
and O
Missouri O
, O
where O
gaming O
revenue O
growth O
has O
held O
about O
flat O
the O
past O
few O
years O
, O
below O
the O
industry O
's O
low-single-digit O
growth O
rate O
. O

We O
forecast O
the B-Effect
segment I-Effect
's I-Effect
operating I-Effect
income I-Effect
to I-Effect
drop I-Effect
to I-Effect
JPY I-Effect
300 I-Effect
billion I-Effect
( I-Effect
fiscal I-Effect
2021 I-Effect
) I-Effect
from I-Effect
JPY I-Effect
360 I-Effect
billion I-Effect
( I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
, O
as O
the B-Cause
number I-Cause
of I-Cause
games I-Cause
sold I-Cause
in I-Cause
2020 I-Cause
was I-Cause
boosted I-Cause
by I-Cause
stay-home I-Cause
measures I-Cause
implemented I-Cause
in I-Cause
various I-Cause
countries I-Cause
. O

However O
, O
even O
though O
these O
new O
offerings O
could O
further O
aid O
its O
sales O
prospects O
, O
we O
do B-Effect
not I-Effect
believe I-Effect
these I-Effect
additional I-Effect
businesses I-Effect
contribute I-Effect
to I-Effect
Hostess I-Effect
' I-Effect
competitive I-Effect
advantage I-Effect
, O
given O
their O
smaller B-Cause
size I-Cause
and O
the O
fact O
that O
they O
have B-Cause
not I-Cause
demonstrated I-Cause
pricing I-Cause
power I-Cause
sufficient O
to O
imply O
the O
presence O
of O
a O
competitive O
advantage O
. O

Service B-Effect
attachment I-Effect
rates I-Effect
for I-Effect
OEMs I-Effect
of I-Effect
imaging I-Effect
equipment I-Effect
are I-Effect
high I-Effect
for O
the O
same O
reason O
: O
minimizing B-Cause
equipment I-Cause
failures I-Cause
with I-Cause
hospitals I-Cause
preferring I-Cause
to I-Cause
rely I-Cause
on I-Cause
OEMs I-Cause
for I-Cause
equipment I-Cause
maintenance I-Cause
. O

We B-Effect
do I-Effect
not I-Effect
believe I-Effect
that I-Effect
lower I-Effect
input I-Effect
costs I-Effect
account I-Effect
for I-Effect
the I-Effect
improvement I-Effect
as O
cotton B-Cause
and I-Cause
other I-Cause
raw I-Cause
material I-Cause
prices I-Cause
increased I-Cause
in I-Cause
this I-Cause
period I-Cause
. O

Also O
, O
the B-Effect
most I-Effect
significant I-Effect
ESG I-Effect
risk I-Effect
surrounds I-Effect
safety I-Effect
issues I-Effect
related I-Effect
to I-Effect
using I-Effect
powersports I-Effect
products I-Effect
, O
resulting O
from O
persistent B-Cause
recalls I-Cause
( I-Cause
which I-Cause
can I-Cause
weigh I-Cause
on I-Cause
the I-Cause
firm I-Cause
's I-Cause
ability I-Cause
to I-Cause
maintain I-Cause
its I-Cause
brand I-Cause
equity I-Cause
) I-Cause
. O

Over B-Effect
the I-Effect
next I-Effect
decade I-Effect
we I-Effect
expect I-Effect
gross I-Effect
margins I-Effect
to I-Effect
continue I-Effect
to I-Effect
improve I-Effect
due O
to O
the B-Cause
Hostess I-Cause
brand I-Cause
's I-Cause
demonstrated I-Cause
pricing I-Cause
power I-Cause
, I-Cause
ongoing I-Cause
operational I-Cause
efficiencies I-Cause
, I-Cause
and I-Cause
scale I-Cause
benefits I-Cause
as I-Cause
the I-Cause
firm I-Cause
continues I-Cause
to I-Cause
drive I-Cause
penetration I-Cause
of I-Cause
acquired I-Cause
brands I-Cause
into I-Cause
new I-Cause
channels I-Cause
. O

Flexible B-Effect
capacity I-Effect
access I-Effect
is I-Effect
an I-Effect
increasingly I-Effect
sought-after I-Effect
attribute I-Effect
( I-Effect
for I-Effect
shippers I-Effect
) I-Effect
because O
of O
the B-Cause
threat I-Cause
of I-Cause
logistics-related I-Cause
disruption I-Cause
-- I-Cause
long I-Cause
supply I-Cause
chains I-Cause
and I-Cause
tight I-Cause
inventory I-Cause
levels I-Cause
make O
interruption B-Effect
more I-Effect
likely I-Effect
when O
faced B-Cause
with I-Cause
capacity I-Cause
shortages I-Cause
, I-Cause
intermittent I-Cause
port I-Cause
delays I-Cause
, I-Cause
and I-Cause
shifting I-Cause
import/export I-Cause
regulation I-Cause
. O

We O
also O
anticipate O
that O
price/mix B-Effect
will I-Effect
lend I-Effect
nontrivial I-Effect
contributions I-Effect
to I-Effect
the I-Effect
sales I-Effect
trajectory I-Effect
, O
as O
super- B-Cause
and I-Cause
ultra-premium I-Cause
offerings I-Cause
grow I-Cause
within I-Cause
the I-Cause
overall I-Cause
mix I-Cause
and I-Cause
the I-Cause
company I-Cause
takes I-Cause
price I-Cause
in I-Cause
certain I-Cause
markets I-Cause
. O

Using B-Cause
a I-Cause
bevy I-Cause
of I-Cause
product I-Cause
care I-Cause
customer I-Cause
data I-Cause
, I-Cause
Sealed I-Cause
Air I-Cause
continuously I-Cause
works I-Cause
with I-Cause
customers I-Cause
to O
reduce B-Effect
package I-Effect
size I-Effect
to I-Effect
save I-Effect
on I-Effect
freight I-Effect
costs I-Effect
while O
looking O
to O
improve O
fulfillment O
velocity O
for O
rising O
volume O
. O

We B-Effect
forecast I-Effect
5 I-Effect
% I-Effect
growth I-Effect
for I-Effect
the I-Effect
communications I-Effect
solutions I-Effect
segment I-Effect
as B-Cause
rapidly I-Cause
growing I-Cause
data I-Cause
center I-Cause
sales I-Cause
become I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
the I-Cause
segment I-Cause
's I-Cause
top I-Cause
line I-Cause
. O

In B-Cause
the I-Cause
absence I-Cause
of I-Cause
a I-Cause
strong I-Cause
brand I-Cause
, O
the B-Effect
product I-Effect
needs I-Effect
to I-Effect
compete I-Effect
on I-Effect
price I-Effect
, I-Effect
which I-Effect
is I-Effect
very I-Effect
difficult I-Effect
with I-Effect
a I-Effect
strong I-Effect
private-label I-Effect
presence I-Effect
. O

We B-Cause
expect I-Cause
the I-Cause
current I-Cause
level I-Cause
of I-Cause
supply I-Cause
to I-Cause
be I-Cause
absorbed I-Cause
by I-Cause
demand I-Cause
growth I-Cause
and O
help B-Effect
moderate I-Effect
the I-Effect
market I-Effect
but O
recognize B-Cause
that I-Cause
increased I-Cause
new I-Cause
supply I-Cause
will B-Effect
pressure I-Effect
operations I-Effect
and I-Effect
asset I-Effect
values I-Effect
. O

We B-Effect
do I-Effect
n't I-Effect
think I-Effect
Huaneng I-Effect
has I-Effect
a I-Effect
sustainable I-Effect
low-cost I-Effect
advantage I-Effect
, O
as O
it B-Cause
does I-Cause
n't I-Cause
own I-Cause
its I-Cause
own I-Cause
coal I-Cause
mines I-Cause
, I-Cause
and I-Cause
most I-Cause
of I-Cause
the I-Cause
coal I-Cause
used I-Cause
for I-Cause
its I-Cause
power I-Cause
plants I-Cause
is I-Cause
purchased I-Cause
at I-Cause
market I-Cause
rates I-Cause
. O

This O
segment O
benefits O
from O
annually O
adjusted O
tariff O
rate O
increases O
tied O
to O
PPI O
, O
but O
any B-Cause
reduction I-Cause
in I-Cause
fuel I-Cause
demand I-Cause
could O
pressure B-Effect
earnings I-Effect
. O

Operational B-Effect
risks I-Effect
involve I-Effect
potential I-Effect
difficulty I-Effect
turning I-Effect
a I-Effect
profit I-Effect
because O
of O
high B-Cause
sales I-Cause
expenses I-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
costs I-Cause
to I-Cause
keep I-Cause
up I-Cause
with I-Cause
competition I-Cause
. O

With O
thousands B-Cause
of I-Cause
partners I-Cause
, I-Cause
including I-Cause
Avaya I-Cause
and I-Cause
AT I-Cause
& I-Cause
T I-Cause
, I-Cause
among I-Cause
others I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
expand I-Effect
within I-Effect
the I-Effect
enterprise I-Effect
and I-Effect
international I-Effect
markets I-Effect
over I-Effect
time I-Effect
. O

We O
expect O
Hilton B-Effect
's I-Effect
intangible I-Effect
brand I-Effect
asset I-Effect
and I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
to I-Effect
strengthen I-Effect
, O
driven O
by O
new B-Cause
hotel I-Cause
brands I-Cause
and I-Cause
its I-Cause
highly I-Cause
rated I-Cause
loyalty I-Cause
program I-Cause
. O

In O
our O
view O
, O
Carrier B-Effect
's I-Effect
primary I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risks I-Effect
include O
environmental B-Cause
and I-Cause
social I-Cause
impact I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
products I-Cause
and I-Cause
services I-Cause
and I-Cause
product I-Cause
governance I-Cause
. O

Unlike O
the O
pharmaceutical O
distributors O
, O
Henry O
Schein O
competes O
in O
a O
less O
complex B-Effect
and I-Effect
more I-Effect
transparent I-Effect
dental I-Effect
and I-Effect
medical I-Effect
practice I-Effect
market I-Effect
untethered O
by O
reimbursement B-Cause
and I-Cause
significant I-Cause
regulatory I-Cause
oversight I-Cause
. O

If B-Cause
Verizon I-Cause
's I-Cause
services I-Cause
are I-Cause
deemed I-Cause
insufficient I-Cause
or I-Cause
overpriced I-Cause
, I-Cause
especially I-Cause
if I-Cause
in I-Cause
response I-Cause
to I-Cause
weak I-Cause
competition I-Cause
, O
regulators B-Effect
or I-Effect
politicians I-Effect
could I-Effect
step I-Effect
in I-Effect
. O

Previously O
we B-Effect
rated I-Effect
the I-Effect
Dutch I-Effect
banking I-Effect
system I-Effect
as I-Effect
only I-Effect
Fair I-Effect
, O
with O
the B-Cause
poor I-Cause
performance I-Cause
of I-Cause
the I-Cause
Dutch I-Cause
banks I-Cause
during I-Cause
the I-Cause
2008 I-Cause
financial I-Cause
crisis I-Cause
a O
major O
consideration O
. O

We O
think O
Garmin B-Effect
's I-Effect
outdoor I-Effect
segment I-Effect
exhibits I-Effect
switching I-Effect
costs I-Effect
due O
to O
its B-Cause
perception I-Cause
as I-Cause
the I-Cause
industry I-Cause
standard I-Cause
in I-Cause
wearables I-Cause
and I-Cause
handheld I-Cause
products I-Cause
for I-Cause
hardcore I-Cause
sports I-Cause
, O
like O
scuba O
diving O
, O
rock O
climbing O
, O
and O
trekking O
. O

This B-Cause
strategy I-Cause
has O
led O
to O
a B-Effect
partnership I-Effect
base I-Effect
that I-Effect
is I-Effect
weighted I-Effect
toward I-Effect
mall-based I-Effect
retailers I-Effect
, O
which O
are O
in B-Effect
decline I-Effect
due O
to O
increased B-Cause
online I-Cause
shopping I-Cause
. O

Its B-Cause
chemical I-Cause
segment I-Cause
is I-Cause
also I-Cause
moving I-Cause
into I-Cause
bio/recycled I-Cause
products I-Cause
to O
reduce B-Effect
exposure I-Effect
to I-Effect
oil I-Effect
price I-Effect
volatility I-Effect
and I-Effect
improve I-Effect
returns I-Effect
while I-Effect
reducing I-Effect
carbon I-Effect
intensity I-Effect
. O

Customers B-Effect
such I-Effect
as I-Effect
GM I-Effect
, I-Effect
Boeing I-Effect
, I-Effect
and I-Effect
Caterpillar I-Effect
have I-Effect
strict I-Effect
quality I-Effect
standards I-Effect
due O
to O
the B-Cause
regulatory I-Cause
, I-Cause
durability I-Cause
, I-Cause
and I-Cause
safety I-Cause
standards I-Cause
within I-Cause
these I-Cause
industries I-Cause
, O
and O
Sensata O
has O
a O
track O
record O
of O
meeting O
these O
standards O
and O
delivering O
high-quality O
products O
into O
" O
" O
" O
" O
mission-critical O
" O
" O
" O
" O
applications O
. O

Airlines B-Effect
prefer I-Effect
to I-Effect
enter I-Effect
into I-Effect
full-service I-Effect
contracts I-Effect
based I-Effect
on I-Effect
flight I-Effect
hours I-Effect
with I-Effect
the I-Effect
original I-Effect
equipment I-Effect
manufacturers I-Effect
, I-Effect
or I-Effect
OEMs I-Effect
, O
as O
it B-Cause
protects I-Cause
the I-Cause
residual I-Cause
value I-Cause
of I-Cause
the I-Cause
engine I-Cause
; I-Cause
ensures I-Cause
portability I-Cause
across I-Cause
regulatory I-Cause
jurisdictions I-Cause
; I-Cause
and I-Cause
minimizes I-Cause
the I-Cause
probability I-Cause
of I-Cause
engine I-Cause
failure I-Cause
. O

While O
returns O
are O
likely O
to O
be O
lower O
after O
recent O
FERC O
decisions O
, O
higher B-Cause
returns I-Cause
relative I-Cause
to I-Cause
other I-Cause
regulated I-Cause
investments I-Cause
and I-Cause
the I-Cause
forward-looking I-Cause
rate I-Cause
recovery I-Cause
continue O
to O
make B-Effect
transmission I-Effect
an I-Effect
attractive I-Effect
investment I-Effect
area I-Effect
. O

While O
we O
do O
n't O
believe O
a O
decrease O
in O
R O
& O
D O
spending O
or O
outsourcing O
is O
likely O
in O
the O
near O
term O
, O
all B-Effect
CROs I-Effect
are I-Effect
left I-Effect
exposed I-Effect
to I-Effect
these I-Effect
risks I-Effect
if O
biopharma B-Cause
funding I-Cause
is I-Cause
constrained I-Cause
if I-Cause
there I-Cause
are I-Cause
changes I-Cause
in I-Cause
the I-Cause
drug-approval I-Cause
regulatory I-Cause
landscape I-Cause
or I-Cause
if I-Cause
the I-Cause
biopharma I-Cause
industry I-Cause
faces I-Cause
other I-Cause
macroeconomic I-Cause
headwinds I-Cause
. O

We O
expect O
aggregates B-Effect
shipment I-Effect
volume I-Effect
to I-Effect
grow I-Effect
to I-Effect
roughly I-Effect
237 I-Effect
million I-Effect
tons I-Effect
within I-Effect
the I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
of I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, O
due O
to O
a B-Cause
continued I-Cause
recovery I-Cause
in I-Cause
construction I-Cause
demand I-Cause
and I-Cause
contributions I-Cause
from I-Cause
Bluegrass I-Cause
and I-Cause
Tiller I-Cause
. O

This B-Effect
business I-Effect
may I-Effect
be I-Effect
the I-Effect
biggest I-Effect
beneficiary I-Effect
of I-Effect
increasing I-Effect
regulations I-Effect
as O
Moody B-Cause
's I-Cause
can I-Cause
cross-sell I-Cause
sticky I-Cause
solutions I-Cause
that I-Cause
aid I-Cause
in I-Cause
compliance I-Cause
. O

Once O
safety O
protocols O
are O
successful O
, O
we O
expect O
Royal B-Effect
to I-Effect
see I-Effect
minimal I-Effect
pricing I-Effect
gains I-Effect
as O
it B-Cause
entices I-Cause
cruisers I-Cause
back I-Cause
onto I-Cause
the I-Cause
product I-Cause
, I-Cause
limiting I-Cause
yield I-Cause
gains I-Cause
. O

We O
forecast O
assets B-Effect
under I-Effect
management I-Effect
growing I-Effect
at I-Effect
a I-Effect
rate I-Effect
of I-Effect
around I-Effect
4 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
from O
asset B-Cause
price I-Cause
appreciation I-Cause
and I-Cause
the I-Cause
shift I-Cause
to I-Cause
wealth I-Cause
management I-Cause
fee-based I-Cause
assets I-Cause
from I-Cause
commission-based I-Cause
assets I-Cause
. O

The B-Cause
firm I-Cause
is I-Cause
plans I-Cause
to I-Cause
form I-Cause
a I-Cause
joint I-Cause
venture I-Cause
with I-Cause
a I-Cause
third-party I-Cause
that I-Cause
will I-Cause
supply I-Cause
capital I-Cause
to O
allow O
the B-Effect
fixed-line I-Effect
buildout I-Effect
to I-Effect
accelerate I-Effect
, O
but O
we O
do O
n't O
expect O
TIM O
will O
catch O
rivals O
, O
at O
least O
not O
economically O
. O

However O
, O
deals B-Effect
could O
prove O
less O
beneficial O
if O
the B-Cause
firm I-Cause
is I-Cause
forced I-Cause
to I-Cause
pay I-Cause
an I-Cause
excessive I-Cause
premium I-Cause
or I-Cause
stumbles I-Cause
in I-Cause
the I-Cause
integration I-Cause
, O
particularly O
if O
it O
opts O
to O
extend O
further O
beyond O
its O
core O
soup O
niche O
. O

From B-Cause
its I-Cause
vast I-Cause
NGL I-Cause
system I-Cause
, I-Cause
Enterprise I-Cause
's I-Cause
connection I-Cause
with I-Cause
every I-Cause
steam I-Cause
cracker I-Cause
on I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
, O
its O
sold-out O
PDH O
splitter O
( O
and O
its O
second O
PDH O
plant O
is O
on O
the O
way O
) O
, O
and O
the O
upgraded O
isobutylene O
unit O
make O
it O
adept O
at O
converting B-Effect
low-cost I-Effect
NGLs I-Effect
into I-Effect
higher I-Effect
value-added I-Effect
olefins I-Effect
. O

Despite O
competition O
from O
Shaw O
, O
we O
think O
Telus B-Cause
' I-Cause
best-in-class I-Cause
wireless I-Cause
network I-Cause
will O
allow O
it O
to O
maintain B-Effect
its I-Effect
wireless I-Effect
market I-Effect
share I-Effect
, O
but O
we O
think O
competition B-Cause
and I-Cause
the I-Cause
transition I-Cause
to I-Cause
unlimited I-Cause
plans I-Cause
will O
weigh B-Effect
on I-Effect
ARPU I-Effect
growth I-Effect
and I-Effect
margin I-Effect
expansion I-Effect
opportunities I-Effect
after O
a B-Effect
near-term I-Effect
boost I-Effect
spurred O
by O
the B-Cause
re-opening I-Cause
of I-Cause
the I-Cause
economy I-Cause
. O

If O
the B-Cause
public I-Cause
option I-Cause
creates I-Cause
a I-Cause
scenario I-Cause
where O
a B-Effect
significant I-Effect
portion I-Effect
of I-Effect
the I-Effect
employer-based I-Effect
insurance I-Effect
population I-Effect
switches I-Effect
to I-Effect
government-sponsored I-Effect
plans I-Effect
, O
though O
, O
Anthem B-Effect
's I-Effect
commercial I-Effect
business I-Effect
may I-Effect
suffer I-Effect
. O

BAE O
supplies O
mission-critical O
products O
to O
defense O
departments O
globally O
and O
any B-Cause
cost I-Cause
over-runs I-Cause
or I-Cause
delays I-Cause
in I-Cause
project I-Cause
execution I-Cause
could O
result O
in O
billion B-Effect
of I-Effect
dollars I-Effect
in I-Effect
costs I-Effect
. O

This B-Cause
plus I-Cause
efforts I-Cause
in I-Cause
B2B I-Cause
, I-Cause
marketplace I-Cause
, I-Cause
and I-Cause
emerging I-Cause
brands I-Cause
provide I-Cause
support I-Cause
for I-Cause
Williams-Sonoma I-Cause
to O
head B-Effect
toward I-Effect
its I-Effect
five-year I-Effect
targets I-Effect
of I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
and I-Effect
a I-Effect
15 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
expect I-Effect
the I-Effect
same I-Effect
stellar I-Effect
returns I-Effect
from I-Effect
its I-Effect
STACK I-Effect
, I-Effect
Powder I-Effect
River I-Effect
Basin I-Effect
, I-Effect
or I-Effect
Eagle I-Effect
Ford I-Effect
assets I-Effect
, O
and O
its B-Cause
Bakken I-Cause
footprint I-Cause
, I-Cause
to I-Cause
be I-Cause
acquired I-Cause
with I-Cause
WPX I-Cause
Energy I-Cause
, I-Cause
is I-Cause
too I-Cause
small I-Cause
to I-Cause
move I-Cause
the I-Cause
needle I-Cause
on I-Cause
returns I-Cause
at I-Cause
the I-Cause
firm I-Cause
level I-Cause
. O

With O
customers B-Cause
increasingly I-Cause
starting I-Cause
product I-Cause
searches I-Cause
on I-Cause
digital I-Cause
properties I-Cause
owned I-Cause
by I-Cause
either I-Cause
Amazon I-Cause
or I-Cause
( I-Cause
particularly I-Cause
for I-Cause
non-Prime I-Cause
members I-Cause
) I-Cause
Walmart I-Cause
, O
we O
expect O
Target B-Effect
will I-Effect
have I-Effect
to I-Effect
compete I-Effect
on I-Effect
the I-Effect
two I-Effect
giants I-Effect
' I-Effect
terms I-Effect
. O

Both B-Cause
SG I-Cause
& I-Cause
A I-Cause
and I-Cause
R I-Cause
& I-Cause
D I-Cause
margins I-Cause
improved I-Cause
considerably I-Cause
in I-Cause
2018-19 I-Cause
to O
accommodate B-Effect
the I-Effect
pipeline I-Effect
and I-Effect
expansion I-Effect
into I-Effect
new I-Effect
therapeutic I-Effect
areas I-Effect
. O

Any B-Cause
violations I-Cause
at I-Cause
Western I-Cause
Union I-Cause
or I-Cause
its I-Cause
agents I-Cause
could O
have B-Effect
serious I-Effect
consequences I-Effect
, I-Effect
and I-Effect
the I-Effect
company I-Effect
recently I-Effect
paid I-Effect
a I-Effect
substantial I-Effect
fine I-Effect
. O

In O
addition O
, O
from O
an O
ESG O
perspective O
, O
claims B-Cause
of I-Cause
price-fixing I-Cause
could O
weigh O
on O
volume B-Effect
and/or O
prompt O
increased B-Effect
regulatory I-Effect
oversight I-Effect
, O
though O
we O
do O
n't O
think O
either O
would O
stand O
to O
materially O
impair O
its O
brand O
standing O
or O
cash O
flows O
. O

If O
a O
time O
comes O
where O
the B-Cause
total I-Cause
cost I-Cause
of I-Cause
ownership I-Cause
for I-Cause
mass I-Cause
capacity I-Cause
SSDs I-Cause
dips I-Cause
below I-Cause
that I-Cause
of I-Cause
nearline I-Cause
HDDs I-Cause
, O
we O
would O
expect O
Western B-Effect
's I-Effect
HDD I-Effect
sales I-Effect
to I-Effect
begin I-Effect
a I-Effect
steady I-Effect
decline I-Effect
. O

The B-Effect
portfolio I-Effect
should I-Effect
maintain I-Effect
its I-Effect
relative I-Effect
quality I-Effect
advantage I-Effect
over I-Effect
time I-Effect
as O
the B-Cause
company I-Cause
regularly I-Cause
makes I-Cause
capital I-Cause
improvements I-Cause
and I-Cause
redevelops I-Cause
its I-Cause
portfolio I-Cause
to I-Cause
keep I-Cause
it I-Cause
competitive I-Cause
. O

Holding B-Cause
leading I-Cause
market I-Cause
share I-Cause
positions I-Cause
in I-Cause
the I-Cause
categories I-Cause
in I-Cause
which I-Cause
it I-Cause
operates I-Cause
( I-Cause
the I-Cause
company I-Cause
holds I-Cause
leadership I-Cause
positions I-Cause
in I-Cause
ATVs I-Cause
and I-Cause
SBS I-Cause
, I-Cause
and I-Cause
is I-Cause
number I-Cause
two I-Cause
in I-Cause
snowmobiles I-Cause
and I-Cause
domestic I-Cause
motorcycles I-Cause
) I-Cause
has O
ensured B-Effect
the I-Effect
company I-Effect
's I-Effect
brand I-Effect
remains I-Effect
relevant I-Effect
. O

Eversource O
's O
electric O
, O
gas O
, O
and O
water B-Effect
utilities I-Effect
will I-Effect
require I-Effect
$ I-Effect
3.5 I-Effect
billion I-Effect
of I-Effect
capital I-Effect
investment I-Effect
annually I-Effect
in I-Effect
2021-25 I-Effect
to O
serve B-Cause
customer I-Cause
growth I-Cause
, O
integrate B-Cause
new I-Cause
energy I-Cause
sources I-Cause
, O
and O
strengthen B-Cause
the I-Cause
grid I-Cause
. O

If O
disposable B-Cause
income I-Cause
remains I-Cause
depressed I-Cause
throughout I-Cause
developed I-Cause
markets I-Cause
, O
margins B-Effect
could I-Effect
remain I-Effect
lower I-Effect
for I-Effect
longer I-Effect
in I-Effect
Aptar I-Effect
's I-Effect
food I-Effect
and I-Effect
beverage I-Effect
and I-Effect
beauty I-Effect
and I-Effect
home I-Effect
categories I-Effect
. O

Over O
time O
, O
as O
artificial B-Cause
intelligence I-Cause
has I-Cause
improved I-Cause
and I-Cause
the I-Cause
usages I-Cause
proliferated I-Cause
, O
the B-Effect
growth I-Effect
remained I-Effect
more I-Effect
robust I-Effect
than I-Effect
what I-Effect
was I-Effect
initially I-Effect
expected I-Effect
by I-Effect
industry I-Effect
observers I-Effect
. O

We B-Effect
forecast I-Effect
ROICs I-Effect
that I-Effect
rise I-Effect
to I-Effect
a I-Effect
mid-20 I-Effect
% I-Effect
level I-Effect
as O
some B-Cause
of I-Cause
the I-Cause
economic I-Cause
profits I-Cause
that I-Cause
are I-Cause
generated I-Cause
are I-Cause
reinvested I-Cause
into I-Cause
the I-Cause
business I-Cause
to I-Cause
elevate I-Cause
the I-Cause
brand I-Cause
. O

This B-Effect
real-time I-Effect
content I-Effect
solidifies I-Effect
its I-Effect
position I-Effect
in I-Effect
the I-Effect
traditional I-Effect
cable I-Effect
television I-Effect
bundle I-Effect
and I-Effect
provides I-Effect
increased I-Effect
optionality I-Effect
as O
television B-Cause
viewing I-Cause
habits I-Cause
evolve I-Cause
. O

However O
, O
Waters B-Cause
' I-Cause
growth I-Cause
has I-Cause
underperformed I-Cause
expectations I-Cause
recently I-Cause
because I-Cause
of I-Cause
end-market I-Cause
challenges I-Cause
, I-Cause
including I-Cause
weakness I-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
in I-Cause
2020 I-Cause
and I-Cause
competitive I-Cause
pressures I-Cause
from I-Cause
the I-Cause
likes I-Cause
of I-Cause
Agilent I-Cause
, I-Cause
which B-Effect
has I-Effect
stepped I-Effect
up I-Effect
its I-Effect
LC-MS I-Effect
product I-Effect
offerings I-Effect
. I-Effect

Revenue B-Effect
fell I-Effect
7 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
on O
fewer B-Cause
carloads I-Cause
, I-Cause
falling I-Cause
fuel I-Cause
surcharges I-Cause
and I-Cause
mix I-Cause
, O
though O
core O
pricing O
remained O
ahead O
of O
cost O
inflation O
and O
top-line O
declines O
eased O
in O
the O
second O
half O
. O

Nice B-Effect
's I-Effect
success I-Effect
with I-Effect
stickier I-Effect
customers I-Effect
, O
like O
large O
enterprises O
in O
the O
Fortune O
100 O
, O
and O
high O
retention O
rates O
( O
over O
90 O
% O
, O
we O
believe O
) O
lead O
us O
to O
believe O
that O
Nice B-Cause
's I-Cause
applications I-Cause
benefit I-Cause
from I-Cause
customer I-Cause
switching I-Cause
costs I-Cause
once I-Cause
their I-Cause
solutions I-Cause
are I-Cause
deployed I-Cause
. O

Despite O
its O
debt O
burden O
, O
which O
Carrier O
is O
diligently O
working O
down O
, O
the B-Cause
firm I-Cause
now I-Cause
has I-Cause
a I-Cause
narrowed I-Cause
strategic I-Cause
focus I-Cause
and O
no B-Effect
longer I-Effect
must I-Effect
fight I-Effect
for I-Effect
capital I-Effect
from I-Effect
an I-Effect
increasingly I-Effect
aerospace-focused I-Effect
parent I-Effect
company I-Effect
. O

A B-Effect
digital I-Effect
agency I-Effect
takes I-Effect
a I-Effect
more I-Effect
holistic I-Effect
view I-Effect
of I-Effect
marketing I-Effect
than I-Effect
a I-Effect
traditional I-Effect
agency I-Effect
, O
as O
it B-Cause
looks I-Cause
to I-Cause
bring I-Cause
more I-Cause
integrated I-Cause
product I-Cause
experiences I-Cause
for I-Cause
customers I-Cause
, O
which O
often O
require B-Effect
a I-Effect
heavy I-Effect
lift I-Effect
on I-Effect
the I-Effect
technology I-Effect
side I-Effect
. O

For O
example O
, O
one O
can O
observe O
Eaton B-Cause
's I-Cause
technical I-Cause
expertise I-Cause
in I-Cause
compact I-Cause
circuit I-Cause
protection I-Cause
devices I-Cause
in I-Cause
its I-Cause
electrical I-Cause
sector I-Cause
, O
which O
has O
wide B-Effect
applications I-Effect
as I-Effect
the I-Effect
world I-Effect
increasingly I-Effect
transitions I-Effect
toward I-Effect
electric I-Effect
vehicles I-Effect
. O

Meanwhile O
, O
Valero B-Cause
has I-Cause
invested I-Cause
in I-Cause
logistics I-Cause
assets I-Cause
and I-Cause
processing I-Cause
capacity I-Cause
to O
capture B-Effect
discounts I-Effect
associated I-Effect
with I-Effect
domestic I-Effect
light I-Effect
crude I-Effect
production I-Effect
. O

Payment O
processing O
of O
any O
type O
is O
highly O
scalable O
, O
as O
once B-Cause
a I-Cause
payment I-Cause
platform I-Cause
is I-Cause
established I-Cause
, O
there O
is O
little B-Effect
incremental I-Effect
cost I-Effect
to I-Effect
additional I-Effect
transactions I-Effect
. O

We O
believe O
spending B-Effect
needs I-Effect
will I-Effect
remain I-Effect
high I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
Equinix B-Cause
continues I-Cause
expanding I-Cause
cabinet I-Cause
capacity I-Cause
and I-Cause
moves I-Cause
to I-Cause
own I-Cause
more I-Cause
of I-Cause
its I-Cause
data I-Cause
centers I-Cause
. O

New B-Cause
production I-Cause
facilities I-Cause
can I-Cause
take I-Cause
three I-Cause
to I-Cause
six I-Cause
years I-Cause
to I-Cause
mature I-Cause
after I-Cause
the I-Cause
initial I-Cause
investment. O
As O
a O
result O
, O
demand B-Effect
expected I-Effect
at I-Effect
the I-Effect
time I-Effect
capital I-Effect
was I-Effect
committed I-Effect
may I-Effect
not I-Effect
be I-Effect
there I-Effect
when I-Effect
the I-Effect
production I-Effect
facility I-Effect
is I-Effect
complete I-Effect
, I-Effect
which I-Effect
could I-Effect
impair I-Effect
financial I-Effect
results I-Effect
for I-Effect
several I-Effect
years I-Effect
. O

ASML B-Cause
and I-Cause
its I-Cause
peers I-Cause
have I-Cause
formed I-Cause
strong I-Cause
research I-Cause
partnerships I-Cause
with I-Cause
customers I-Cause
and I-Cause
align I-Cause
their I-Cause
product I-Cause
development I-Cause
activities I-Cause
with I-Cause
customer I-Cause
process I-Cause
technology I-Cause
roadmaps I-Cause
, O
which O
could O
create B-Effect
potential I-Effect
IP I-Effect
risk I-Effect
. O

We O
believe O
sales B-Effect
will I-Effect
continue I-Effect
to I-Effect
slow I-Effect
over O
the O
remainder O
of O
the O
first O
quarter O
, O
with O
parents B-Cause
already I-Cause
settled I-Cause
in I-Cause
the I-Cause
work-from-home I-Cause
routine I-Cause
and I-Cause
children I-Cause
complete I-Cause
preparation I-Cause
for I-Cause
remote I-Cause
learning I-Cause
workspaces I-Cause
. O

Yet O
, O
a B-Cause
change I-Cause
to I-Cause
the I-Cause
ease I-Cause
of I-Cause
accessing I-Cause
illegal I-Cause
supply I-Cause
could O
impact B-Effect
pricing I-Effect
power I-Effect
and I-Effect
profitability I-Effect
. O

Tenants B-Cause
often I-Cause
require I-Cause
custom-built I-Cause
laboratories I-Cause
and I-Cause
research I-Cause
office I-Cause
space I-Cause
for I-Cause
their I-Cause
specialized I-Cause
field I-Cause
of I-Cause
research I-Cause
, O
so O
there O
are O
significant B-Effect
switching I-Effect
costs I-Effect
to I-Effect
the I-Effect
tenant I-Effect
during O
the O
lease O
term O
and O
increases O
the B-Effect
chance I-Effect
of I-Effect
tenant I-Effect
retention I-Effect
upon O
the O
lease O
's O
maturity O
. O

The B-Cause
proliferation I-Cause
of I-Cause
online I-Cause
reviews I-Cause
could O
help B-Effect
technicians I-Effect
close I-Effect
any I-Effect
knowledge I-Effect
gap I-Effect
as I-Effect
they I-Effect
're I-Effect
comparing I-Effect
which I-Effect
products I-Effect
to I-Effect
buy I-Effect
online I-Effect
. O

In O
line O
with O
its O
peers O
, O
we O
have O
a B-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
on I-Effect
Sinopec I-Effect
given O
its B-Cause
earnings I-Cause
and I-Cause
cash I-Cause
flow I-Cause
sensitivity I-Cause
to I-Cause
oil I-Cause
and I-Cause
gas I-Cause
price I-Cause
swings I-Cause
. O

We O
believe O
it O
is O
this B-Cause
self-reinforcing I-Cause
combination I-Cause
of I-Cause
sources I-Cause
of I-Cause
Campbell I-Cause
's I-Cause
competitive I-Cause
edge I-Cause
that O
has O
created B-Effect
high I-Effect
barriers I-Effect
to I-Effect
profitable I-Effect
entry I-Effect
, I-Effect
shielding I-Effect
vendors I-Effect
that I-Effect
are I-Effect
entrenched I-Effect
in I-Effect
retailers I-Effect
' I-Effect
supply I-Effect
chains I-Effect
. O

In O
fiscal O
2021 O
, O
we O
expect O
total B-Effect
revenue I-Effect
to I-Effect
grow I-Effect
1 I-Effect
% I-Effect
, O
owing O
to O
a B-Cause
continued I-Cause
recovery I-Cause
in I-Cause
retail I-Cause
and I-Cause
manufacturing I-Cause
demand I-Cause
, O
a O
vertical O
that O
bore O
the O
brunt O
of O
the O
pandemic-induced O
demand O
slowdowns O
in O
2020 O
. O

Barring B-Cause
any I-Cause
changes I-Cause
to I-Cause
credit I-Cause
liquidity I-Cause
, O
we B-Effect
expect I-Effect
that I-Effect
credit I-Effect
will I-Effect
remain I-Effect
available I-Effect
to I-Effect
both I-Effect
wholesale I-Effect
and I-Effect
retail I-Effect
channels I-Effect
at I-Effect
current I-Effect
levels I-Effect
. I-Effect

As B-Cause
Under I-Cause
Armour I-Cause
generated I-Cause
only I-Cause
24 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
in I-Cause
these I-Cause
regions I-Cause
in I-Cause
2019 I-Cause
, O
we B-Effect
think I-Effect
it I-Effect
has I-Effect
room I-Effect
for I-Effect
growth I-Effect
, I-Effect
but I-Effect
it I-Effect
lacks I-Effect
strong I-Effect
retail I-Effect
partnerships I-Effect
and I-Effect
marketing I-Effect
. I-Effect

In O
addition O
, O
the B-Effect
company I-Effect
's I-Effect
powerful I-Effect
distribution I-Effect
network I-Effect
sets I-Effect
up I-Effect
the I-Effect
company I-Effect
as O
a B-Cause
strong I-Cause
partner I-Cause
for I-Cause
smaller I-Cause
drug I-Cause
companies I-Cause
that I-Cause
lack I-Cause
Pfizer I-Cause
's I-Cause
resources I-Cause
. O

We O
believe O
the B-Effect
stickiness I-Effect
of I-Effect
this I-Effect
consumer O
is O
helped O
by O
the B-Cause
company I-Cause
's I-Cause
access I-Cause
to I-Cause
more I-Cause
than I-Cause
12,000 I-Cause
suppliers I-Cause
and I-Cause
18 I-Cause
million I-Cause
products I-Cause
, O
offering O
the O
endless O
aisle O
to O
consumers O
who O
might O
be O
looking O
for O
something O
specific O
. O

Finally O
, O
management O
has O
historically O
been O
willing O
to O
pursue B-Cause
large-scale I-Cause
acquisitions I-Cause
, O
which O
could O
lead O
to O
integration B-Effect
risk I-Effect
and I-Effect
high I-Effect
financial I-Effect
leverage I-Effect
at I-Effect
certain I-Effect
points I-Effect
. O

We O
have O
seen O
a O
gradual O
resumption O
of O
growth O
in O
patient O
traffic O
, O
but O
if O
unfavorable B-Cause
macro I-Cause
conditions I-Cause
arise I-Cause
, O
LabCorp B-Effect
's I-Effect
volume I-Effect
could I-Effect
drop I-Effect
again I-Effect
. O

We B-Effect
expect I-Effect
margins I-Effect
to I-Effect
expand I-Effect
as O
the B-Cause
high-margin I-Cause
Celgene I-Cause
drugs I-Cause
are I-Cause
folded I-Cause
into I-Cause
Bristol I-Cause
's I-Cause
portfolio I-Cause
, O
but O
the B-Cause
high I-Cause
royalty I-Cause
rate I-Cause
paid I-Cause
on I-Cause
Eliquis I-Cause
to I-Cause
Pfizer I-Cause
will O
weigh O
on O
gross B-Effect
margins I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

In O
2020 O
, O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
caused I-Cause
another I-Cause
oil I-Cause
price I-Cause
crash I-Cause
which I-Cause
we I-Cause
estimate I-Cause
will O
result B-Effect
in I-Effect
a I-Effect
negative I-Effect
cumulative I-Effect
economic I-Effect
profit I-Effect
during O
the O
next O
five O
years O
even O
as O
we O
continue O
to O
assume O
oil O
prices O
recover O
to O
$ O
60/bbl O
and O
that O
the O
improvement O
in O
BP O
's O
cost O
structure O
holds O
. O

Primarily O
through O
margin B-Cause
improvement I-Cause
, O
we O
expect O
adjusted B-Effect
EPS I-Effect
growth I-Effect
( I-Effect
8 I-Effect
% I-Effect
) I-Effect
to I-Effect
be I-Effect
materially I-Effect
higher I-Effect
than I-Effect
the I-Effect
company I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
( I-Effect
3 I-Effect
% I-Effect
) I-Effect
through I-Effect
2025 I-Effect
on I-Effect
a I-Effect
compound I-Effect
annual I-Effect
basis I-Effect
. O

Partnerships B-Cause
with I-Cause
financial I-Cause
technology I-Cause
firms I-Cause
, O
such O
as O
GreenSky O
, O
have O
helped B-Effect
to I-Effect
increase I-Effect
loan I-Effect
and I-Effect
fee I-Effect
growth I-Effect
, O
and O
the O
bank O
has O
bolstered O
its O
investment O
banking O
franchise O
with O
bolt-on O
additions O
. O

For O
example O
, O
brake B-Cause
pads I-Cause
use I-Cause
molybdenum I-Cause
as I-Cause
a I-Cause
lubricant I-Cause
to O
reduce B-Effect
wear I-Effect
and I-Effect
tear I-Effect
as I-Effect
well I-Effect
as I-Effect
noise I-Effect
from I-Effect
breaking I-Effect
. O

Our O
position O
is O
that O
switching B-Effect
costs I-Effect
for I-Effect
software I-Effect
are O
driven O
by O
several O
factors O
, O
the O
most O
obvious O
of O
which O
is O
the B-Cause
direct I-Cause
time I-Cause
and I-Cause
expense I-Cause
of I-Cause
implementing I-Cause
a I-Cause
new I-Cause
software I-Cause
package I-Cause
while I-Cause
maintaining I-Cause
the I-Cause
existing I-Cause
platform I-Cause
. O

Waylivra O
and O
Tegsedi O
, O
both O
approved O
for O
rare O
metabolic O
disorders O
and O
wholly O
owned O
by O
Ionis O
, O
have O
yet O
to O
generate B-Effect
significant I-Effect
revenue I-Effect
, O
due O
to O
significant B-Cause
side I-Cause
effects I-Cause
for I-Cause
both I-Cause
and I-Cause
direct I-Cause
competition I-Cause
for I-Cause
Tegsedi I-Cause
from I-Cause
Alnylam I-Cause
's I-Cause
Onpattro I-Cause
. O

In O
an O
industry O
characterized O
by O
thin O
margins O
, O
users B-Cause
are I-Cause
obviously I-Cause
searching I-Cause
for I-Cause
ways I-Cause
to O
wring B-Effect
even I-Effect
modest I-Effect
improvements I-Effect
to I-Effect
operations I-Effect
out I-Effect
of I-Effect
its I-Effect
facilities I-Effect
, O
given O
a O
price O
tag O
of O
billions O
of O
dollars O
for O
a O
new O
oil O
refinery O
. O

Activewear B-Effect
( I-Effect
31 I-Effect
% I-Effect
of I-Effect
2020 I-Effect
sales I-Effect
) I-Effect
suffered I-Effect
a I-Effect
large I-Effect
( I-Effect
36 I-Effect
% I-Effect
) I-Effect
sales I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
virus I-Cause
and I-Cause
the I-Cause
loss I-Cause
of I-Cause
the I-Cause
C9 I-Cause
business I-Cause
at I-Cause
Target I-Cause
, O
but O
we O
believe O
it O
has O
good O
growth O
prospects O
, O
reflecting O
geographic O
and O
product O
expansion O
plans O
for O
Champion O
. O

We O
see O
switching B-Cause
costs I-Cause
in I-Cause
the I-Cause
Canadian I-Cause
system I-Cause
being O
driven O
by O
a B-Cause
tightly I-Cause
regulated I-Cause
oligopolistic I-Cause
market I-Cause
structure I-Cause
, O
which O
limits O
excess B-Effect
competition I-Effect
and O
stabilizes B-Effect
product I-Effect
pricing I-Effect
, O
giving B-Effect
customers I-Effect
less I-Effect
incentive I-Effect
to I-Effect
switch I-Effect
banks I-Effect
. O

Electronic B-Cause
Gaming I-Cause
& I-Cause
Multimedia I-Cause
Its I-Cause
portfolio I-Cause
of I-Cause
widely I-Cause
successful I-Cause
franchises I-Cause
allows I-Cause
the I-Cause
firm I-Cause
to I-Cause
monetize I-Cause
its I-Cause
intellectual I-Cause
property I-Cause
year I-Cause
after I-Cause
year I-Cause
by I-Cause
delivering I-Cause
content I-Cause
via I-Cause
sequels I-Cause
, I-Cause
expansion I-Cause
packs I-Cause
, I-Cause
downloadable I-Cause
content I-Cause
, I-Cause
or I-Cause
DLC I-Cause
, I-Cause
and I-Cause
toys I-Cause
, I-Cause
exemplified I-Cause
by I-Cause
the I-Cause
decade-old I-Cause
World I-Cause
of I-Cause
Warcraft I-Cause
franchise I-Cause
and I-Cause
the I-Cause
annual I-Cause
versions I-Cause
of I-Cause
Call I-Cause
of I-Cause
Duty. O
These O
franchises O
can O
also O
spawn B-Effect
games I-Effect
that I-Effect
move I-Effect
the I-Effect
company I-Effect
into I-Effect
new I-Effect
arenas I-Effect
such I-Effect
as I-Effect
F2P I-Effect
( I-Effect
Hearthstone I-Effect
from I-Effect
WoW I-Effect
) I-Effect
and I-Effect
China I-Effect
( I-Effect
Call I-Effect
of I-Effect
Duty I-Effect
Online I-Effect
) I-Effect
. O

As O
pay-TV O
providers O
continue O
to O
lose O
subscribers O
to O
cord-cutting O
, O
Sinclair B-Effect
may I-Effect
experience I-Effect
more I-Effect
'blackouts I-Effect
' I-Effect
as O
distributors B-Cause
may I-Cause
not I-Cause
be I-Cause
willing I-Cause
or I-Cause
able I-Cause
to I-Cause
afford I-Cause
increasingly I-Cause
high I-Cause
fees I-Cause
to I-Cause
rebroadcast I-Cause
its I-Cause
content I-Cause
. O

Not O
only O
are O
networks O
necessary O
for O
Equinix O
's O
tenants O
to O
reach O
the O
outside O
world O
, O
but O
they B-Cause
use I-Cause
Equinix I-Cause
facilities I-Cause
to I-Cause
peer I-Cause
with I-Cause
each I-Cause
other I-Cause
, O
making O
the B-Effect
locations I-Effect
critical I-Effect
components I-Effect
of I-Effect
the I-Effect
Internet I-Effect
's I-Effect
backbone I-Effect
and I-Effect
providing I-Effect
almost I-Effect
a I-Effect
quarter I-Effect
of I-Effect
Equinix I-Effect
's I-Effect
revenue I-Effect
. O

As O
more B-Cause
consumers I-Cause
use I-Cause
Maps I-Cause
, O
more B-Effect
data I-Effect
regarding I-Effect
traffic I-Effect
, I-Effect
commuting I-Effect
tendencies I-Effect
, I-Effect
and I-Effect
so I-Effect
forth I-Effect
is I-Effect
gathered I-Effect
, O
helping O
Google B-Effect
generate I-Effect
more I-Effect
accurate I-Effect
results I-Effect
( I-Effect
in I-Effect
terms I-Effect
of I-Effect
locations I-Effect
, I-Effect
travel I-Effect
times I-Effect
, I-Effect
and I-Effect
route I-Effect
suggestions I-Effect
) I-Effect
. O

NXP B-Cause
and I-Cause
its I-Cause
analog/mixed-signal I-Cause
chipmaking I-Cause
peers I-Cause
tend I-Cause
to I-Cause
profit I-Cause
from I-Cause
these I-Cause
high I-Cause
switching I-Cause
costs I-Cause
by I-Cause
having I-Cause
lower I-Cause
ongoing I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
and I-Cause
capital I-Cause
expenditure I-Cause
investments I-Cause
than I-Cause
digital I-Cause
chipmaking I-Cause
leaders I-Cause
like I-Cause
Intel I-Cause
and I-Cause
Qualcomm I-Cause
, O
which O
helps O
contribute B-Effect
to I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
shareholders I-Effect
. O

One O
of O
the O
more O
salient O
harkens O
back O
to O
what O
makes O
alcohol B-Effect
an I-Effect
attractive I-Effect
industry I-Effect
in I-Effect
the I-Effect
first I-Effect
place I-Effect
, O
that O
is O
its B-Cause
status I-Cause
as I-Cause
a I-Cause
sort I-Cause
of I-Cause
signaling I-Cause
mechanism I-Cause
, I-Cause
particularly I-Cause
in I-Cause
social I-Cause
contexts I-Cause
. O

Amphenol O
can O
reinforce B-Effect
this I-Effect
sticky I-Effect
relationship I-Effect
by O
paying B-Cause
regular I-Cause
maintenance I-Cause
visits I-Cause
to I-Cause
its I-Cause
customers I-Cause
during I-Cause
production I-Cause
and I-Cause
offering I-Cause
other I-Cause
services I-Cause
. O

A B-Effect
highly I-Effect
fragmented I-Effect
industry I-Effect
should I-Effect
keep I-Effect
this I-Effect
strategy I-Effect
viable I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
, I-Effect
though I-Effect
we I-Effect
generally I-Effect
dislike I-Effect
acquisition-dependent I-Effect
strategies I-Effect
, O
as O
target B-Cause
company I-Cause
shareholders I-Cause
typically I-Cause
receive I-Cause
all I-Cause
of I-Cause
the I-Cause
synergy I-Cause
value I-Cause
in I-Cause
these I-Cause
deals I-Cause
. O

Because O
waste B-Cause
disposal I-Cause
costs I-Cause
are I-Cause
typically I-Cause
less I-Cause
than I-Cause
0.1 I-Cause
% I-Cause
of I-Cause
a I-Cause
medical I-Cause
practice I-Cause
's I-Cause
expenses I-Cause
, O
most B-Effect
Stericycle I-Effect
customers I-Effect
are I-Effect
not I-Effect
inclined I-Effect
to I-Effect
aggressively I-Effect
seek I-Effect
lower-priced I-Effect
services I-Effect
by I-Effect
lesser-known I-Effect
disposal I-Effect
companies I-Effect
. O

We B-Effect
're I-Effect
boosting I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
130 I-Effect
per I-Effect
share I-Effect
, I-Effect
up I-Effect
from I-Effect
$ I-Effect
108 I-Effect
, O
to O
reflect O
demand O
for O
COVID-19 O
testing O
that O
is O
stronger O
than O
we O
'd O
originally O
anticipated O
thanks O
to O
the B-Cause
U.S. I-Cause
's I-Cause
inability I-Cause
to I-Cause
rein I-Cause
in I-Cause
the I-Cause
spread I-Cause
of I-Cause
the I-Cause
virus I-Cause
. O

On O
the O
other O
hand O
, O
most B-Cause
of I-Cause
Coloplast I-Cause
's I-Cause
revenue I-Cause
is I-Cause
still I-Cause
derived I-Cause
from I-Cause
Europe I-Cause
, O
and O
ongoing B-Cause
stress I-Cause
on I-Cause
government I-Cause
finances I-Cause
are O
likely O
to O
hamper B-Effect
the I-Effect
firm I-Effect
. O

Uber B-Effect
helps I-Effect
people I-Effect
get I-Effect
from I-Effect
point I-Effect
A I-Effect
to I-Effect
point I-Effect
B I-Effect
by O
taking B-Cause
ride I-Cause
requests I-Cause
and I-Cause
matching I-Cause
them I-Cause
with I-Cause
drivers I-Cause
available I-Cause
in I-Cause
the I-Cause
area I-Cause
. O

Segment O
results O
depend O
on O
driving O
sales O
through O
an O
expansive O
( O
and O
expensive O
) O
infrastructure O
, O
and O
even O
its B-Cause
relatively I-Cause
mild I-Cause
2.6 I-Cause
% I-Cause
2015 I-Cause
revenue I-Cause
dip I-Cause
led O
to O
a B-Effect
nearly I-Effect
50-basis-point I-Effect
operating I-Effect
margin I-Effect
contraction I-Effect
, O
though O
growth O
and O
margins O
recovered O
in O
2017 O
. O

TransDigm B-Effect
can I-Effect
avoid I-Effect
sharing I-Effect
detailed I-Effect
cost I-Effect
information I-Effect
with I-Effect
the I-Effect
government I-Effect
, I-Effect
unlike I-Effect
many I-Effect
prime I-Effect
contractors I-Effect
, O
because O
there B-Cause
are I-Cause
laxer I-Cause
requirements I-Cause
on I-Cause
providing I-Cause
cost I-Cause
information I-Cause
for I-Cause
small-dollar-value I-Cause
spares I-Cause
and I-Cause
commercially I-Cause
priced I-Cause
contracts I-Cause
. O

Finally O
, O
the B-Cause
cardiac I-Cause
medical I-Cause
device I-Cause
industry I-Cause
is I-Cause
structured I-Cause
in I-Cause
such I-Cause
a I-Cause
way I-Cause
that O
makes O
it B-Effect
highly I-Effect
unlikely I-Effect
that I-Effect
a I-Effect
new I-Effect
market I-Effect
entrant I-Effect
could I-Effect
come I-Effect
in I-Effect
and I-Effect
edge I-Effect
out I-Effect
Boston I-Effect
. O

In O
terms O
of O
the O
ancillary O
businesses O
, O
we O
expect O
a B-Effect
more I-Effect
meaningful I-Effect
contribution I-Effect
from O
the B-Cause
multifamily I-Cause
segment I-Cause
as I-Cause
that I-Cause
business I-Cause
matures I-Cause
. O

We O
believe O
that O
Cisco B-Effect
can I-Effect
be I-Effect
considered I-Effect
the I-Effect
safe I-Effect
choice I-Effect
for I-Effect
networking I-Effect
solutions I-Effect
, O
since O
it B-Cause
's I-Cause
a I-Cause
brand I-Cause
that I-Cause
most I-Cause
corporate I-Cause
decision-makers I-Cause
know I-Cause
of I-Cause
when I-Cause
making I-Cause
a I-Cause
vendor I-Cause
decision I-Cause
. O

Growth O
is O
largely O
coming O
from O
GLP-1 O
therapies O
, O
which O
include O
daily O
Victoza O
, O
weekly O
Ozempic O
, O
and O
innovative O
daily O
oral O
Rybelsus O
; O
strong B-Cause
efficacy I-Cause
and I-Cause
cardiovascular I-Cause
benefits I-Cause
to I-Cause
treatment O
should O
lead O
the B-Effect
$ I-Effect
10 I-Effect
billion I-Effect
GLP-1 I-Effect
market I-Effect
to I-Effect
double I-Effect
over O
the O
next O
5 O
years O
. O

Further O
, O
we O
believe O
that O
the O
largest B-Effect
QSR I-Effect
operators I-Effect
benefit I-Effect
from I-Effect
favorable I-Effect
commissions I-Effect
on I-Effect
third-party I-Effect
marketplace I-Effect
providers I-Effect
, O
such O
as O
Grubhub O
or O
JustEat O
Takeaway O
, O
as O
their B-Cause
presence I-Cause
drives I-Cause
volumes I-Cause
to I-Cause
the I-Cause
platforms I-Cause
and I-Cause
exposes I-Cause
QSR I-Cause
customers I-Cause
to I-Cause
more I-Cause
profitable I-Cause
( I-Cause
for I-Cause
the I-Cause
marketplace I-Cause
) I-Cause
independent I-Cause
restaurants I-Cause
. O

Customers B-Cause
that I-Cause
are I-Cause
highly I-Cause
risk I-Cause
averse I-Cause
might I-Cause
opt I-Cause
to I-Cause
go I-Cause
with I-Cause
a I-Cause
more I-Cause
established I-Cause
competitor I-Cause
for B-Effect
an I-Effect
end-to-end I-Effect
solution I-Effect
, I-Effect
especially I-Effect
when I-Effect
money I-Effect
is I-Effect
tight I-Effect
. O

On B-Cause
balance I-Cause
, I-Cause
management I-Cause
has I-Cause
historically I-Cause
set I-Cause
conservative I-Cause
goals I-Cause
, O
and O
as O
such O
, O
we O
model O
organic B-Effect
revenue I-Effect
growth I-Effect
at I-Effect
a I-Effect
CAGR I-Effect
of I-Effect
3 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

This B-Effect
shift I-Effect
to I-Effect
cloud I-Effect
will I-Effect
propel I-Effect
customer I-Effect
growth I-Effect
as O
we B-Cause
move I-Cause
into I-Cause
a I-Cause
cloud-driven I-Cause
economy I-Cause
, O
enable O
more B-Effect
efficient I-Effect
cross-selling I-Effect
and I-Effect
support I-Effect
additional I-Effect
use I-Effect
cases I-Effect
. O

We O
believe O
Julius B-Cause
Baer I-Cause
has I-Cause
material I-Cause
intangible I-Cause
assets I-Cause
and I-Cause
high I-Cause
switching I-Cause
costs I-Cause
that O
entrenches B-Effect
its I-Effect
excess I-Effect
profitability I-Effect
over I-Effect
an I-Effect
extended I-Effect
period I-Effect
. O

Given O
this B-Cause
analysis I-Cause
is I-Cause
for I-Cause
the I-Cause
state I-Cause
versus I-Cause
NCCI I-Cause
's I-Cause
38 I-Cause
states I-Cause
that I-Cause
it I-Cause
services I-Cause
, O
there B-Effect
is I-Effect
clearly I-Effect
a I-Effect
lot I-Effect
of I-Effect
uncertainty I-Effect
around I-Effect
this I-Effect
outcome I-Effect
. O

We O
appreciate O
the O
hiring O
of O
new O
CEO O
Pat O
Gelsinger O
in O
2021 O
, O
as O
he B-Cause
boasts I-Cause
a I-Cause
strong I-Cause
technical I-Cause
background I-Cause
that O
we O
think O
has B-Effect
spurred I-Effect
the I-Effect
return I-Effect
of I-Effect
former I-Effect
top I-Effect
chip I-Effect
designers I-Effect
. O

For O
IHS O
Markit O
alone O
, O
in O
financial O
services O
( O
42 O
% O
of O
fiscal O
2020 O
revenue O
) O
, O
Ipreo B-Effect
should I-Effect
drive I-Effect
expansion I-Effect
as O
its B-Cause
lineup I-Cause
targeting I-Cause
primary I-Cause
issuance I-Cause
and I-Cause
alternative I-Cause
investments I-Cause
complements I-Cause
other I-Cause
offerings I-Cause
. O

Still O
, O
the B-Cause
development I-Cause
of I-Cause
a I-Cause
high I-Cause
sensitivity/high I-Cause
specificity I-Cause
test I-Cause
is I-Cause
uncertain I-Cause
, I-Cause
and I-Cause
CancerSEEK I-Cause
current I-Cause
has I-Cause
just I-Cause
27 I-Cause
% I-Cause
specificity I-Cause
in I-Cause
10 I-Cause
cancers I-Cause
, O
unlikely O
to O
be O
good O
enough O
for O
widespread B-Effect
market I-Effect
adoption I-Effect
, O
in O
our O
view O
. O

In O
the O
Philippines O
, O
there O
were O
structural B-Cause
issues I-Cause
that I-Cause
eroded I-Cause
the I-Cause
firm I-Cause
's I-Cause
profitability I-Cause
in I-Cause
the I-Cause
market I-Cause
and O
drove O
it O
to O
sell B-Effect
the I-Effect
territory I-Effect
's I-Effect
rights I-Effect
back I-Effect
to I-Effect
TCCC I-Effect
. O

We B-Cause
maintain I-Cause
our I-Cause
high I-Cause
uncertainty I-Cause
rating I-Cause
to O
reflect B-Effect
the I-Effect
uncertainty I-Effect
in I-Effect
management I-Effect
's I-Effect
turnaround I-Effect
and I-Effect
anticipated I-Effect
short-term I-Effect
decline I-Effect
in I-Effect
retail I-Effect
volume I-Effect
. O

We B-Effect
expect I-Effect
the I-Effect
firm I-Effect
to I-Effect
average I-Effect
more I-Effect
than I-Effect
15 I-Effect
% I-Effect
outgrowth I-Effect
over I-Effect
the I-Effect
underlying I-Effect
analog I-Effect
chip I-Effect
market I-Effect
during I-Effect
this I-Effect
period I-Effect
as O
it B-Cause
takes I-Cause
market I-Cause
share I-Cause
and I-Cause
wins I-Cause
new I-Cause
sockets I-Cause
. O

Returns B-Effect
have I-Effect
dropped I-Effect
steadily I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
as O
investments B-Cause
in I-Cause
wireless I-Cause
spectrum I-Cause
have I-Cause
bloated I-Cause
the I-Cause
capital I-Cause
base I-Cause
, O
but O
both O
figures O
remain O
ahead O
of O
AT O
& O
amp O
; O
T O
's O
cost O
of O
capital O
. O

Nasdaq O
's O
exchange O
business O
enjoyed O
a O
strong O
2020 O
, O
as O
higher B-Cause
market I-Cause
volatility I-Cause
and I-Cause
increased I-Cause
retail I-Cause
interest I-Cause
in I-Cause
equity I-Cause
markets I-Cause
drove O
elevated B-Effect
trading I-Effect
volumes I-Effect
at I-Effect
the I-Effect
company I-Effect
's I-Effect
exchanges I-Effect
. O

In O
general O
, O
we O
believe O
sustained B-Effect
brand I-Effect
equity I-Effect
is I-Effect
tough I-Effect
to I-Effect
disrupt I-Effect
in O
the B-Cause
absence I-Cause
of I-Cause
some I-Cause
paradigmatic I-Cause
shift I-Cause
in I-Cause
consumption I-Cause
trends I-Cause
. O

After O
a B-Cause
decade I-Cause
of I-Cause
declining I-Cause
margins I-Cause
, O
CEO B-Effect
Andres I-Effect
Lopez I-Effect
has I-Effect
worked I-Effect
to I-Effect
introduce I-Effect
plant I-Effect
improvement I-Effect
teams I-Effect
made I-Effect
up I-Effect
of I-Effect
manufacturing I-Effect
experts I-Effect
from I-Effect
O-I I-Effect
's I-Effect
best-run I-Effect
locations I-Effect
. O

We B-Effect
are I-Effect
lifting I-Effect
our I-Effect
valuation I-Effect
of I-Effect
Valvoline I-Effect
to I-Effect
$ I-Effect
22.50 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
22 I-Effect
, O
mostly B-Cause
reflecting I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
after I-Cause
a I-Cause
solid I-Cause
first I-Cause
quarter I-Cause
. O

For O
example O
, O
fluid B-Effect
ends I-Effect
used I-Effect
in I-Effect
hydraulic I-Effect
fracturing I-Effect
pumps I-Effect
need I-Effect
to I-Effect
be I-Effect
replaced I-Effect
frequently I-Effect
due O
to O
their B-Cause
exposure I-Cause
to I-Cause
corrosive I-Cause
fluids I-Cause
and I-Cause
abrasive I-Cause
proppants I-Cause
. O

These O
factors O
will O
result O
in O
increased B-Cause
construction I-Cause
equipment I-Cause
revenue I-Cause
for I-Cause
CNH I-Cause
, O
leading O
us O
to O
forecast B-Effect
over I-Effect
5 I-Effect
% I-Effect
average I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

Insulet B-Cause
's I-Cause
differentiated I-Cause
design I-Cause
has I-Cause
spurred I-Cause
above-market I-Cause
growth I-Cause
, O
which O
could O
be O
attractive B-Effect
to I-Effect
potential I-Effect
buyers I-Effect
looking I-Effect
to I-Effect
round I-Effect
out I-Effect
their I-Effect
diabetes I-Effect
portfolios I-Effect
. O

As O
a O
result O
of O
our O
revenue B-Cause
and I-Cause
SG I-Cause
& I-Cause
A I-Cause
forecast I-Cause
, O
we O
project O
operating B-Effect
margins I-Effect
reaching I-Effect
31.4 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
28.6 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
and I-Effect
2029 I-Effect
EBI I-Effect
growth I-Effect
of I-Effect
6.6 I-Effect
% I-Effect
. O

From O
a O
longer-term O
point O
of O
view O
, O
we O
think O
it O
is O
likely O
that O
smaller B-Cause
and I-Cause
more I-Cause
regional I-Cause
networks I-Cause
are I-Cause
building I-Cause
out I-Cause
additional I-Cause
capacity I-Cause
for I-Cause
cross-border I-Cause
transactions I-Cause
, O
which O
could O
eat B-Effect
into I-Effect
growth I-Effect
a I-Effect
bit I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
, O
but O
we O
have O
n't O
seen O
a O
material O
effect O
yet O
. O

But O
this O
should O
not O
impact O
TripAdvisor O
's O
uncertainty O
rating O
unless O
travel B-Cause
demand I-Cause
once I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
time I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value O
destructive O
levels O
. O

Commercial B-Effect
aerospace I-Effect
is I-Effect
in I-Effect
a I-Effect
steep I-Effect
downcycle I-Effect
because O
the B-Cause
pandemic I-Cause
has I-Cause
made I-Cause
consumers I-Cause
and I-Cause
businesses I-Cause
less I-Cause
willing I-Cause
to I-Cause
travel I-Cause
. O

We B-Cause
also I-Cause
believe I-Cause
emerging I-Cause
markets I-Cause
with I-Cause
economies I-Cause
tied I-Cause
to I-Cause
energy I-Cause
and I-Cause
commodity I-Cause
extraction I-Cause
typically I-Cause
require I-Cause
higher-margin I-Cause
remote I-Cause
and I-Cause
offshore I-Cause
services I-Cause
, O
and O
thus O
offer B-Effect
good I-Effect
longer-term I-Effect
growth I-Effect
opportunities I-Effect
. O

While O
Roper O
has O
never O
taken O
an B-Effect
impairment I-Effect
charge I-Effect
from I-Effect
an I-Effect
acquisition I-Effect
, O
we O
think O
it O
's O
inevitable O
it O
may O
one O
day O
have O
to O
, O
even O
if O
it O
's O
multiple O
years O
into O
the O
future O
as O
it B-Cause
grows I-Cause
in I-Cause
market I-Cause
capitalization I-Cause
. O

Despite O
our O
expectations O
for O
double-digit O
flash O
sales O
growth O
through O
2025 O
, O
NAND B-Cause
production I-Cause
requires I-Cause
massive I-Cause
recurring I-Cause
capital I-Cause
investment I-Cause
that O
we O
think O
compresses B-Effect
margins I-Effect
and I-Effect
erodes I-Effect
economic I-Effect
profits I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Ferguson O
's O
prospects O
have O
improved O
as O
a O
result O
of O
better B-Cause
pricing I-Cause
discipline I-Cause
and I-Cause
a I-Cause
strategic I-Cause
shift I-Cause
to I-Cause
the I-Cause
attractive I-Cause
North I-Cause
American I-Cause
market I-Cause
, O
and O
we O
expect O
the B-Effect
company I-Effect
to I-Effect
return I-Effect
to I-Effect
strong I-Effect
growth I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

We O
believe O
Best O
Buy O
's O
management O
team O
has O
developed B-Cause
several I-Cause
reasonable I-Cause
initiatives I-Cause
to O
optimize B-Effect
its I-Effect
cost I-Effect
structure I-Effect
and I-Effect
improve I-Effect
its I-Effect
relevancy I-Effect
among I-Effect
consumers I-Effect
. O

If O
the B-Cause
value I-Cause
of I-Cause
this I-Cause
collateral I-Cause
falls I-Cause
due B-Cause
to I-Cause
economic I-Cause
pressure I-Cause
, O
then O
the B-Effect
credit I-Effect
risk I-Effect
of I-Effect
Capital I-Effect
One I-Effect
's I-Effect
auto I-Effect
loans I-Effect
increases I-Effect
. O

Slowing B-Cause
improvement I-Cause
in I-Cause
the I-Cause
real I-Cause
estate I-Cause
market I-Cause
, I-Cause
as I-Cause
evidenced I-Cause
by I-Cause
increased I-Cause
home I-Cause
inventories I-Cause
for I-Cause
sale I-Cause
or I-Cause
slower I-Cause
growth I-Cause
in I-Cause
home I-Cause
prices I-Cause
, O
could O
alter B-Effect
the I-Effect
wealth I-Effect
effect I-Effect
on I-Effect
consumers I-Effect
and O
cause O
them B-Effect
to I-Effect
spend I-Effect
less I-Effect
on I-Effect
replacing I-Effect
goods I-Effect
in I-Effect
their I-Effect
homes I-Effect
. O

As O
these B-Cause
engines I-Cause
become I-Cause
more I-Cause
electrified I-Cause
and I-Cause
EVs I-Cause
take I-Cause
up I-Cause
a I-Cause
larger I-Cause
share I-Cause
of I-Cause
the I-Cause
global I-Cause
fleet I-Cause
, O
Amphenol B-Effect
's I-Effect
average I-Effect
content I-Effect
per I-Effect
vehicle I-Effect
increases I-Effect
. O

However O
, O
we O
point O
out O
that O
this B-Effect
reserve I-Effect
does I-Effect
not I-Effect
account I-Effect
for I-Effect
product I-Effect
liability I-Effect
risks I-Effect
, O
which O
are O
significant O
given O
an B-Cause
association I-Cause
with I-Cause
higher I-Cause
cholesterol I-Cause
among I-Cause
exposed I-Cause
populations I-Cause
, I-Cause
with I-Cause
a I-Cause
limited I-Cause
association I-Cause
of I-Cause
low I-Cause
birth I-Cause
weights I-Cause
and I-Cause
immunological I-Cause
effects I-Cause
. O

In B-Effect
emerging I-Effect
markets I-Effect
, I-Effect
the I-Effect
firm I-Effect
is I-Effect
expanding I-Effect
its I-Effect
presence I-Effect
in I-Effect
China I-Effect
with I-Effect
its I-Effect
Ctrip I-Effect
and I-Effect
Meituan-Dianping I-Effect
partnerships I-Effect
, I-Effect
and I-Effect
in I-Effect
its I-Effect
own I-Effect
Booking.com I-Effect
and I-Effect
Agoda.com I-Effect
platforms I-Effect
, I-Effect
which I-Effect
is I-Effect
crucial I-Effect
, O
as O
we B-Cause
see I-Cause
the I-Cause
Asia-Pacific I-Cause
region I-Cause
representing I-Cause
around I-Cause
one I-Cause
third I-Cause
of I-Cause
total I-Cause
industry I-Cause
online I-Cause
booking I-Cause
growth I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
. O

In O
addition O
, O
Eastman O
's O
high O
operating O
leverage O
means O
production B-Cause
disruptions I-Cause
, O
whether O
caused O
by O
internal O
or O
external O
factors O
, O
can O
severely B-Effect
affect I-Effect
cash I-Effect
flows I-Effect
. O

The O
firm O
has O
adapted O
well O
by O
keeping O
its O
costs O
in O
check O
-- O
although O
Laredo O
reports O
the O
lowest O
unit O
costs O
in O
our O
coverage O
, O
it B-Effect
still I-Effect
lags I-Effect
peers I-Effect
on I-Effect
margins I-Effect
because O
of O
its O
subpar B-Cause
acreage I-Cause
. O

We O
expect O
net O
charge-offs O
to O
average O
1.4 O
% O
of O
gross O
loans O
in O
the O
long O
run O
, O
and O
while O
we B-Effect
project I-Effect
higher I-Effect
losses I-Effect
in I-Effect
the I-Effect
initial I-Effect
years I-Effect
of I-Effect
our I-Effect
forecast I-Effect
due O
to O
economic B-Cause
weakness I-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
, O
we O
expect O
losses B-Effect
will I-Effect
be I-Effect
quite I-Effect
manageable I-Effect
with O
sizable B-Cause
reserve I-Cause
releases I-Cause
along I-Cause
the I-Cause
way I-Cause
. O

This O
maximizes B-Cause
inventory I-Cause
turnover I-Cause
( I-Cause
subject I-Cause
to I-Cause
the I-Cause
constraints I-Cause
of I-Cause
a I-Cause
low-turn I-Cause
industry I-Cause
) I-Cause
while I-Cause
minimizing I-Cause
the I-Cause
need I-Cause
to O
hold O
units O
of O
slow-moving O
SKUs O
at O
individual O
stores O
, O
reducing B-Effect
capital I-Effect
costs I-Effect
. O

Margins B-Cause
were I-Cause
hit I-Cause
in I-Cause
2020 I-Cause
as I-Cause
Pepsi I-Cause
booked I-Cause
charges I-Cause
for I-Cause
merger I-Cause
integration I-Cause
and I-Cause
system I-Cause
implementation I-Cause
associated I-Cause
with I-Cause
productivity I-Cause
initiatives I-Cause
, O
in O
addition O
to O
incremental B-Effect
strategic I-Effect
investments I-Effect
. O

With O
continued B-Cause
focus I-Cause
on I-Cause
retail I-Cause
fundamentals I-Cause
( I-Cause
merchandising I-Cause
excellence I-Cause
, I-Cause
operational I-Cause
efficiency I-Cause
, I-Cause
supply I-Cause
chain I-Cause
improvements I-Cause
, I-Cause
and I-Cause
customer I-Cause
engagement I-Cause
) I-Cause
, O
Lowe B-Effect
's I-Effect
scale I-Effect
should I-Effect
help I-Effect
it I-Effect
leverage I-Effect
expenses I-Effect
and I-Effect
maintain I-Effect
its I-Effect
low-cost I-Effect
position I-Effect
. O

We O
expect O
tepid B-Cause
energy I-Cause
demand I-Cause
growth I-Cause
, I-Cause
generation I-Cause
overcapacity I-Cause
, I-Cause
renewable I-Cause
energy I-Cause
growth I-Cause
, I-Cause
and I-Cause
uncertain I-Cause
capacity I-Cause
markets I-Cause
will O
hurt B-Effect
returns I-Effect
for I-Effect
whoever I-Effect
ends I-Effect
up I-Effect
owning I-Effect
the I-Effect
plants I-Effect
. O

Walgreens B-Cause
has I-Cause
established I-Cause
significant I-Cause
scale I-Cause
which O
has O
enabled O
it O
to O
foster B-Effect
meaningful I-Effect
partnerships I-Effect
and I-Effect
to I-Effect
have I-Effect
negotiating I-Effect
power I-Effect
with I-Effect
suppliers I-Effect
. O

In O
the O
near O
term O
, O
though O
, O
Global B-Cause
Payments I-Cause
will I-Cause
feel I-Cause
the I-Cause
pinch I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
as O
payment B-Cause
transactions I-Cause
have I-Cause
fallen I-Cause
markedly I-Cause
, O
and O
its B-Effect
focus I-Effect
on I-Effect
small I-Effect
merchants I-Effect
will I-Effect
likely I-Effect
make I-Effect
the I-Effect
company I-Effect
more I-Effect
sensitive I-Effect
than I-Effect
its I-Effect
peers I-Effect
to I-Effect
any I-Effect
resulting I-Effect
macroeconomic I-Effect
fallout I-Effect
. I-Effect

We O
think O
interconnection B-Cause
will I-Cause
continue I-Cause
to I-Cause
be I-Cause
the I-Cause
fastest I-Cause
growing I-Cause
portion I-Cause
of I-Cause
Equinix I-Cause
's I-Cause
business I-Cause
, O
driven O
mostly B-Effect
by I-Effect
customers I-Effect
having I-Effect
continually I-Effect
greater I-Effect
needs I-Effect
to I-Effect
connect I-Effect
with I-Effect
their I-Effect
cloud I-Effect
service I-Effect
providers I-Effect
. O

Risks B-Cause
around I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccine I-Cause
are I-Cause
globally I-Cause
available I-Cause
remains I-Cause
, O
which O
could O
delay O
our B-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

Winnebago B-Cause
's I-Cause
towables I-Cause
share I-Cause
is I-Cause
only I-Cause
about I-Cause
10 I-Cause
% I-Cause
, I-Cause
up I-Cause
from I-Cause
about I-Cause
1 I-Cause
% I-Cause
before I-Cause
Grand I-Cause
Design I-Cause
, O
so O
we B-Effect
see I-Effect
a I-Effect
long I-Effect
growth I-Effect
runway I-Effect
if I-Effect
it I-Effect
can I-Effect
keep I-Effect
chipping I-Effect
into I-Effect
Thor I-Effect
's I-Effect
and I-Effect
Forest I-Effect
River I-Effect
's I-Effect
82 I-Effect
% I-Effect
combined I-Effect
share I-Effect
. O

Although O
other O
companies O
' O
lack O
of O
interest O
can O
be O
GTT O
's O
gain O
, O
we O
generally O
do O
n't O
see O
this O
business O
as O
being O
overly O
attractive O
, O
and O
we O
do O
n't O
think O
there B-Effect
is I-Effect
much I-Effect
stopping I-Effect
competitors I-Effect
from I-Effect
refocusing I-Effect
if O
the B-Cause
business I-Cause
proved I-Cause
more I-Cause
lucrative I-Cause
. O

Instead O
, O
we O
're O
seeing O
favorable O
trends O
where O
firms O
are O
consolidating O
their O
IT O
services O
work O
to O
reduce B-Effect
potential I-Effect
breaches I-Effect
by O
limiting B-Cause
possible I-Cause
points I-Cause
of I-Cause
entry I-Cause
for I-Cause
malicious I-Cause
actors I-Cause
. O

We O
think O
cheaper B-Effect
suppliers I-Effect
in O
lower B-Cause
cost I-Cause
labor I-Cause
countries I-Cause
will O
emerge O
; O
however O
, O
Cronos B-Cause
' I-Cause
production I-Cause
expansion I-Cause
into I-Cause
Israel I-Cause
, I-Cause
Colombia I-Cause
, I-Cause
and I-Cause
Australia I-Cause
helps I-Cause
protect B-Effect
its I-Effect
share I-Effect
. O

Newer O
projects O
have O
superior O
economics O
and O
can O
earn B-Effect
higher I-Effect
returns I-Effect
at I-Effect
lower I-Effect
oil I-Effect
prices I-Effect
after O
rounds B-Cause
of I-Cause
cost I-Cause
reductions I-Cause
, I-Cause
re-engineering I-Cause
( I-Cause
standardization I-Cause
and I-Cause
simplification I-Cause
) I-Cause
and I-Cause
service I-Cause
price I-Cause
deflation I-Cause
. O

We O
expect O
Group B-Effect
1 I-Effect
's I-Effect
SG I-Effect
& I-Effect
A I-Effect
leverage I-Effect
to I-Effect
be I-Effect
far I-Effect
better I-Effect
thanks O
to O
the B-Cause
Acceleride I-Cause
omnichannel I-Cause
platform I-Cause
and I-Cause
some I-Cause
SG I-Cause
& I-Cause
A I-Cause
cuts I-Cause
on I-Cause
staffing I-Cause
and I-Cause
advertising I-Cause
being I-Cause
permanent I-Cause
. O

Here O
Alliance B-Effect
Data I-Effect
Systems I-Effect
can I-Effect
offer I-Effect
retailers I-Effect
a I-Effect
compelling I-Effect
value I-Effect
proposition I-Effect
by O
combining B-Cause
consumer I-Cause
financing I-Cause
and I-Cause
loyalty I-Cause
rewards I-Cause
with O
the O
company O
's O
in-house O
data O
analytics O
and O
digital O
marketing O
. O

To O
monitor B-Effect
the I-Effect
attractiveness I-Effect
of I-Effect
Reliance I-Effect
's I-Effect
wide-ranging I-Effect
end I-Effect
market I-Effect
exposure I-Effect
, O
the B-Cause
key I-Cause
metrics I-Cause
to I-Cause
track I-Cause
are I-Cause
airplane I-Cause
build I-Cause
rates I-Cause
and I-Cause
backlogs I-Cause
, I-Cause
oil I-Cause
and I-Cause
gas I-Cause
rig I-Cause
counts I-Cause
, I-Cause
manufacturing I-Cause
PMI I-Cause
, I-Cause
the I-Cause
architectural I-Cause
billing I-Cause
index I-Cause
, I-Cause
and I-Cause
consumer I-Cause
confidence I-Cause
. O

These B-Effect
numbers I-Effect
overstate I-Effect
Kohl I-Effect
's I-Effect
in-store I-Effect
productivity I-Effect
as O
compared O
with O
Ross O
as O
Kohl B-Cause
's I-Cause
sales I-Cause
numbers I-Cause
include I-Cause
e-commerce I-Cause
, I-Cause
but I-Cause
Ross I-Cause
has I-Cause
no I-Cause
digital I-Cause
business I-Cause
. O

But O
we O
believe O
COVID-19 B-Cause
has I-Cause
given I-Cause
Harley I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
press I-Cause
the I-Cause
reset I-Cause
button I-Cause
on I-Cause
its I-Cause
strategy I-Cause
and I-Cause
refocus I-Cause
effort I-Cause
back I-Cause
on I-Cause
its I-Cause
core I-Cause
consumer I-Cause
, O
one O
which O
we O
believe O
holds O
the O
key O
to O
higher B-Effect
profit I-Effect
margins I-Effect
ahead I-Effect
( O
even O
with O
some O
ceded O
shipment O
opportunities O
) O
. O

We O
believe O
continued B-Cause
innovation I-Cause
, I-Cause
gathering I-Cause
new I-Cause
users I-Cause
, I-Cause
and I-Cause
upselling I-Cause
existing I-Cause
users I-Cause
in I-Cause
Creative I-Cause
Cloud I-Cause
should I-Cause
help B-Effect
drive I-Effect
strong I-Effect
growth I-Effect
for I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

Led O
by O
subscription B-Cause
products I-Cause
greatly I-Cause
outpacing I-Cause
professional I-Cause
services I-Cause
offerings I-Cause
, O
we O
model O
consolidated B-Effect
gross I-Effect
margins I-Effect
expanding I-Effect
to I-Effect
79 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
compared I-Effect
with I-Effect
73 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

We O
forecast O
the B-Effect
acetyl I-Effect
chain I-Effect
segment I-Effect
to I-Effect
rebound I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
then I-Effect
grow I-Effect
slowly I-Effect
thereafter I-Effect
because O
of O
its B-Cause
exposure I-Cause
to I-Cause
mostly I-Cause
mature I-Cause
end I-Cause
markets I-Cause
. O

Nevertheless O
, O
we O
think O
Cushman B-Cause
& I-Cause
Wakefield I-Cause
is I-Cause
poised I-Cause
to I-Cause
experience I-Cause
long-term I-Cause
growth I-Cause
as I-Cause
it I-Cause
continues I-Cause
to I-Cause
benefit I-Cause
from I-Cause
a I-Cause
buoyant I-Cause
real I-Cause
estate I-Cause
services I-Cause
industry I-Cause
and I-Cause
takes I-Cause
share I-Cause
from I-Cause
smaller I-Cause
, I-Cause
more I-Cause
fragmented I-Cause
competitors. O
Accordingly O
, O
we O
expect O
the B-Effect
company I-Effect
to I-Effect
experience I-Effect
mid-single-digit I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
2029 I-Effect
, I-Effect
a I-Effect
bit I-Effect
lower I-Effect
than I-Effect
rival I-Effect
CBRE I-Effect
, I-Effect
which I-Effect
has I-Effect
a I-Effect
slight I-Effect
benefit I-Effect
deriving I-Effect
from I-Effect
its I-Effect
increased I-Effect
scale I-Effect
. O

However O
, O
the O
most O
critical O
near-term O
risk O
, O
in O
our O
view O
, O
is O
the O
new O
COVID-19 O
variants O
, O
since O
Aclara B-Effect
's I-Effect
revenue I-Effect
numbers I-Effect
fell I-Effect
double-digits I-Effect
year I-Effect
over I-Effect
year I-Effect
in I-Effect
2020 I-Effect
given O
its B-Cause
limited I-Cause
installation I-Cause
and I-Cause
maintenance I-Cause
access I-Cause
to I-Cause
homes I-Cause
and I-Cause
buildings I-Cause
during I-Cause
pandemic I-Cause
lockdowns I-Cause
. O

Instead O
, O
the B-Effect
firm I-Effect
generates I-Effect
revenue I-Effect
via O
selling B-Cause
and I-Cause
leasing I-Cause
the I-Cause
required I-Cause
proprietary I-Cause
Imax I-Cause
equipment I-Cause
and I-Cause
via I-Cause
fees I-Cause
for I-Cause
digitally I-Cause
remastering I-Cause
standard I-Cause
films I-Cause
into I-Cause
the I-Cause
proprietary I-Cause
Imax I-Cause
format I-Cause
. O

While O
the O
firm O
has O
seen O
major O
growth O
in O
interconnection O
revenue O
recently O
, O
as O
more B-Cause
enterprises I-Cause
are I-Cause
colocating I-Cause
and I-Cause
connecting I-Cause
with I-Cause
their I-Cause
cloud I-Cause
providers I-Cause
, O
it O
does O
not O
operate B-Effect
any I-Effect
major I-Effect
Internet I-Effect
exchanges I-Effect
, O
and O
its B-Cause
properties I-Cause
are I-Cause
less I-Cause
network-dense I-Cause
than I-Cause
top I-Cause
competitors I-Cause
, O
so O
we O
think O
little B-Effect
differentiates I-Effect
its I-Effect
offering I-Effect
. O

We O
only O
foresee B-Effect
some I-Effect
slight I-Effect
leverage I-Effect
on I-Effect
gross I-Effect
margins I-Effect
, O
as O
we O
think O
the B-Cause
firm I-Cause
will I-Cause
continue I-Cause
to I-Cause
invest I-Cause
in I-Cause
A I-Cause
& I-Cause
R I-Cause
. O

After B-Effect
normalization I-Effect
, I-Effect
rapid I-Effect
change I-Effect
in I-Effect
apparel I-Effect
retail I-Effect
as I-Effect
competition I-Effect
intensifies I-Effect
poses I-Effect
the I-Effect
primary I-Effect
risk I-Effect
to I-Effect
our I-Effect
outlook I-Effect
, O
particularly B-Cause
as I-Cause
consumers I-Cause
incur I-Cause
virtually I-Cause
no I-Cause
switching I-Cause
costs I-Cause
. O

The O
firm O
has O
been O
successful B-Effect
in I-Effect
driving I-Effect
higher I-Effect
adoption I-Effect
of I-Effect
its I-Effect
proprietary I-Effect
solutions I-Effect
, O
as O
those O
products B-Cause
have I-Cause
accounted I-Cause
for I-Cause
roughly I-Cause
three I-Cause
fourths I-Cause
of I-Cause
new I-Cause
wins I-Cause
in I-Cause
recent I-Cause
years I-Cause
. O

Moreover B-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
opens I-Cause
new I-Cause
offices I-Cause
according I-Cause
to I-Cause
demand I-Cause
, O
existing B-Effect
offices I-Effect
become I-Effect
more I-Effect
valuable I-Effect
because I-Effect
there I-Effect
are I-Effect
more I-Effect
locations I-Effect
with I-Effect
which I-Effect
to I-Effect
arrange I-Effect
trade I-Effect
. O

Because O
of O
the B-Cause
long I-Cause
duration I-Cause
attached I-Cause
to I-Cause
many I-Cause
of I-Cause
the I-Cause
products I-Cause
they I-Cause
sell I-Cause
, I-Cause
insurers O
do O
not O
necessarily O
know O
their O
cost O
of O
goods O
sold O
for O
a O
number O
of O
years O
, O
allowing B-Effect
them I-Effect
to I-Effect
underprice I-Effect
policies I-Effect
without I-Effect
knowing I-Effect
it I-Effect
. I-Effect

However O
, O
there O
are O
no B-Cause
switching I-Cause
costs I-Cause
to I-Cause
protect I-Cause
Harley I-Cause
's I-Cause
brand I-Cause
when O
consumers B-Effect
replace I-Effect
their I-Effect
bikes I-Effect
, O
and O
the O
premium O
price O
Harley O
commands O
relative O
to O
its O
peers O
has O
proven O
problematic O
during O
cyclical O
downturns O
and O
periods O
of O
competitive O
pricing O
, O
hindering O
Harley O
's O
retail O
sales O
and O
shipments O
. O

We O
also O
see O
the B-Effect
leverage I-Effect
of I-Effect
the I-Effect
Canadian I-Effect
consumer I-Effect
as I-Effect
a I-Effect
risk I-Effect
, O
as O
it B-Cause
has I-Cause
been I-Cause
the I-Cause
consumer I-Cause
sector I-Cause
that I-Cause
has I-Cause
been I-Cause
slowly I-Cause
leveraging I-Cause
up I-Cause
for O
more O
than O
a O
decade O
. O

We O
project O
sales B-Cause
growth I-Cause
rates I-Cause
of I-Cause
20 I-Cause
% I-Cause
and I-Cause
4.1 I-Cause
% I-Cause
for I-Cause
Coach I-Cause
and I-Cause
Kate I-Cause
Spade I-Cause
, I-Cause
respectively I-Cause
, I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
, O
but O
a B-Effect
decline I-Effect
of I-Effect
7 I-Effect
% I-Effect
on I-Effect
permanent I-Effect
store I-Effect
closures I-Effect
for I-Effect
Stuart I-Effect
Weitzman I-Effect
in I-Effect
Europe I-Effect
and I-Effect
Asia I-Effect
( I-Effect
excluding I-Effect
China I-Effect
) I-Effect
. O

Taking O
around O
50 O
minutes O
from O
Guangzhou O
to O
Hong O
Kong O
, O
this B-Cause
high-speed I-Cause
line I-Cause
substantially I-Cause
reduces B-Effect
the I-Effect
attractiveness I-Effect
of I-Effect
Guangshen I-Effect
's I-Effect
existing I-Effect
through I-Effect
train I-Effect
, O
which O
takes O
about O
two O
hours O
to O
cover O
the O
distance O
from O
Guangzhou O
to O
Hong O
Kong O
. O

With O
its B-Cause
substantial I-Cause
local I-Cause
and I-Cause
national I-Cause
market I-Cause
share I-Cause
, O
Anthem B-Effect
aims I-Effect
to I-Effect
deepen I-Effect
its I-Effect
influence I-Effect
on I-Effect
both I-Effect
the I-Effect
provider I-Effect
and I-Effect
client I-Effect
front I-Effect
. O

The B-Cause
company I-Cause
doubled I-Cause
in I-Cause
size I-Cause
while I-Cause
taking I-Cause
on I-Cause
only I-Cause
a I-Cause
portion I-Cause
of I-Cause
the I-Cause
general I-Cause
and I-Cause
administrative I-Cause
costs I-Cause
, O
making O
the B-Effect
combined I-Effect
company I-Effect
more I-Effect
efficient I-Effect
. O

Evergy B-Effect
should I-Effect
be I-Effect
well I-Effect
positioned I-Effect
to I-Effect
manage I-Effect
its I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risk I-Effect
, I-Effect
primarily I-Effect
from I-Effect
greenhouse I-Effect
gas I-Effect
emissions I-Effect
, O
as O
it B-Cause
retires I-Cause
coal I-Cause
plants I-Cause
and I-Cause
replaces I-Cause
the I-Cause
capacity I-Cause
with I-Cause
wind I-Cause
farms I-Cause
. O

If O
the B-Cause
company I-Cause
is I-Cause
not I-Cause
able I-Cause
to I-Cause
build I-Cause
sufficient I-Cause
scale I-Cause
and I-Cause
brand I-Cause
power I-Cause
in I-Cause
its I-Cause
foreign I-Cause
markets I-Cause
, O
such O
investments B-Effect
could I-Effect
destroy I-Effect
shareholder I-Effect
value I-Effect
. O

KeyCorp B-Effect
's I-Effect
profitability I-Effect
will O
largely O
be O
determined O
by O
the B-Cause
interest-rate I-Cause
cycle I-Cause
and I-Cause
the I-Cause
effects I-Cause
of I-Cause
credit I-Cause
and I-Cause
debt I-Cause
cycles I-Cause
, O
all O
of O
which O
are O
not O
under O
management O
's O
control O
. O

Ultimately O
, O
we O
believe O
additional B-Cause
store I-Cause
closings I-Cause
or I-Cause
a I-Cause
move I-Cause
to I-Cause
smaller-format I-Cause
locations I-Cause
and I-Cause
a I-Cause
more I-Cause
competitive I-Cause
online I-Cause
sales I-Cause
platform I-Cause
will I-Cause
be I-Cause
necessary I-Cause
to O
consistently B-Effect
deliver I-Effect
excess I-Effect
economic I-Effect
profits I-Effect
over I-Effect
a I-Effect
longer I-Effect
horizon I-Effect
. O

Assuming O
successful B-Cause
network I-Cause
construction I-Cause
, O
entrants B-Effect
then I-Effect
face I-Effect
steep I-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
and I-Effect
startup I-Effect
losses I-Effect
as I-Effect
they I-Effect
attempt I-Effect
to I-Effect
gain I-Effect
share I-Effect
, O
typically O
with O
a O
modestly O
differentiated O
product O
in O
a O
rapidly O
maturing O
market O
. O

We O
anticipate B-Effect
growth I-Effect
will I-Effect
be I-Effect
driven I-Effect
by I-Effect
a I-Effect
combination I-Effect
of I-Effect
stronger I-Effect
results I-Effect
in I-Effect
Europe I-Effect
, O
owing O
to O
gains B-Cause
in I-Cause
convergence I-Cause
and I-Cause
higher I-Cause
data I-Cause
usage I-Cause
, I-Cause
and I-Cause
continued I-Cause
growth I-Cause
from I-Cause
emerging I-Cause
markets I-Cause
. I-Cause

To O
date O
, O
a O
lack B-Cause
of I-Cause
scale I-Cause
has O
resulted O
in O
a B-Effect
very I-Effect
high I-Effect
portion I-Effect
of I-Effect
revenue I-Effect
to I-Effect
be I-Effect
invested I-Effect
in I-Effect
SG I-Effect
& I-Effect
A I-Effect
and I-Effect
R I-Effect
& I-Effect
D I-Effect
. O

Developing B-Effect
a I-Effect
manufacturing I-Effect
footprint I-Effect
the I-Effect
size I-Effect
of I-Effect
Tenneco I-Effect
's I-Effect
would I-Effect
require I-Effect
a I-Effect
high I-Effect
amount I-Effect
of I-Effect
capital I-Effect
investment I-Effect
, I-Effect
a I-Effect
substantial I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
for I-Effect
potential I-Effect
competitors I-Effect
, O
particularly O
given B-Cause
auto I-Cause
suppliers I-Cause
' I-Cause
uncertain I-Cause
prospects I-Cause
of I-Cause
economic I-Cause
profit I-Cause
. O

Furthermore O
, O
hospitals B-Effect
are I-Effect
significantly I-Effect
curtailing I-Effect
their I-Effect
capital I-Effect
expenditures I-Effect
in I-Effect
2020 I-Effect
and I-Effect
likely I-Effect
into I-Effect
2021 I-Effect
due O
to O
declining B-Cause
profitability I-Cause
related I-Cause
to I-Cause
the I-Cause
reduction I-Cause
in I-Cause
elective I-Cause
procedures I-Cause
and I-Cause
admissions I-Cause
. O

At B-Effect
Sky I-Effect
, I-Effect
we I-Effect
expect I-Effect
reported I-Effect
revenue I-Effect
will I-Effect
return I-Effect
to I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
content B-Cause
investments I-Cause
and I-Cause
efforts I-Cause
to I-Cause
grow I-Cause
outside I-Cause
of I-Cause
the I-Cause
U.K I-Cause
. O

Customers B-Cause
have I-Cause
few I-Cause
choices I-Cause
thus O
wield B-Effect
limited I-Effect
buyer I-Effect
power I-Effect
, O
with O
most O
Class O
I O
railroads O
operating O
as O
duopolies O
( O
and O
some O
being O
a O
monopoly O
supplier O
) O
to O
the O
end O
client O
in O
many O
markets O
. O

Its B-Cause
midband I-Cause
spectrum I-Cause
holdings I-Cause
, O
which O
will O
likely O
provide B-Effect
the I-Effect
bulk I-Effect
of I-Effect
wireless I-Effect
network I-Effect
capacity I-Effect
well I-Effect
into I-Effect
the I-Effect
future I-Effect
, O
are O
far O
larger O
than O
either O
of O
its O
primary O
competitors O
' O
. O

Innovations B-Cause
from I-Cause
both I-Cause
firms I-Cause
may O
help O
to O
stave B-Effect
off I-Effect
obsolescence I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
but O
the O
next O
decade O
promises O
to O
limit O
the O
number O
of O
use O
cases O
. O

Security B-Effect
and I-Effect
software I-Effect
are I-Effect
two I-Effect
areas I-Effect
where I-Effect
Cisco I-Effect
is I-Effect
focused I-Effect
due O
to O
the B-Cause
importance I-Cause
in I-Cause
traditional I-Cause
data I-Cause
centers I-Cause
, I-Cause
cloud I-Cause
networks I-Cause
, I-Cause
and I-Cause
the I-Cause
growing I-Cause
number I-Cause
of I-Cause
wide I-Cause
network I-Cause
access I-Cause
points I-Cause
. O

InterContinental O
's O
unit O
growth B-Cause
is I-Cause
lowered I-Cause
by I-Cause
the I-Cause
company I-Cause
's I-Cause
focus I-Cause
on I-Cause
brand I-Cause
quality I-Cause
, O
which O
leads B-Effect
to I-Effect
annual I-Effect
closures I-Effect
of I-Effect
around I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
of I-Effect
its I-Effect
existing I-Effect
rooms I-Effect
. O

Moreover O
, O
Terex B-Effect
crane I-Effect
products I-Effect
do I-Effect
n't I-Effect
possess I-Effect
features I-Effect
that I-Effect
are I-Effect
significantly I-Effect
differentiated I-Effect
from I-Effect
competitors. O
This O
may O
be O
a O
result O
of O
the B-Cause
high I-Cause
level I-Cause
of I-Cause
quality I-Cause
and I-Cause
safety I-Cause
already I-Cause
demanded I-Cause
from I-Cause
all I-Cause
crane I-Cause
manufacturers I-Cause
, I-Cause
leaving I-Cause
little I-Cause
room I-Cause
for I-Cause
distinguishing I-Cause
capabilities I-Cause
or I-Cause
features I-Cause
. O

We O
eventually O
see O
additional B-Effect
supply I-Effect
bringing I-Effect
Duke I-Effect
Realty I-Effect
's I-Effect
returns I-Effect
to I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, O
since O
nothing B-Cause
prohibits I-Cause
new I-Cause
entrants I-Cause
to I-Cause
this I-Cause
market I-Cause
. O

With O
no B-Cause
meaningful I-Cause
debt I-Cause
maturities I-Cause
until I-Cause
2024 I-Cause
, I-Cause
greater I-Cause
flexibility I-Cause
under I-Cause
its I-Cause
revolving I-Cause
credit I-Cause
facility I-Cause
( I-Cause
access I-Cause
to I-Cause
$ I-Cause
175 I-Cause
million I-Cause
) I-Cause
, I-Cause
and I-Cause
a I-Cause
cash I-Cause
balance I-Cause
of I-Cause
$ I-Cause
204 I-Cause
million I-Cause
at I-Cause
September I-Cause
, O
we O
believe O
WW B-Effect
has I-Effect
the I-Effect
financial I-Effect
foundation I-Effect
to I-Effect
a I-Effect
pursue I-Effect
its I-Effect
digital I-Effect
evolution I-Effect
and I-Effect
transform I-Effect
its I-Effect
physical I-Effect
studio I-Effect
footprint I-Effect
. O

These O
targets O
are O
premised O
on O
a O
recovery O
in O
oil O
prices O
, O
however O
, O
as O
production B-Effect
growth I-Effect
will I-Effect
pause I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
given O
reduced B-Cause
short-cycle I-Cause
spending I-Cause
. O

While O
Mosaic O
benefits O
from O
a O
cost O
position O
well O
below O
marginal O
cost O
, O
it B-Effect
currently I-Effect
sits I-Effect
above I-Effect
its I-Effect
Canadian I-Effect
peers I-Effect
on I-Effect
the I-Effect
cost I-Effect
curve I-Effect
because O
of O
brine B-Cause
inflow I-Cause
expenses I-Cause
. O

Donaldson B-Effect
's I-Effect
recurring I-Effect
revenue I-Effect
partially I-Effect
shields I-Effect
it I-Effect
from I-Effect
cyclicality I-Effect
, O
as O
the B-Cause
firm I-Cause
generates I-Cause
over I-Cause
half I-Cause
of I-Cause
its I-Cause
revenue I-Cause
from I-Cause
replacement I-Cause
parts I-Cause
and I-Cause
consumables I-Cause
( O
62 O
% O
in O
fiscal O
2018 O
) O
. O

While O
the O
firm O
has O
the O
inklings O
of O
switching O
costs O
in O
the O
form O
of O
being O
a O
sole-source O
supplier O
of O
various O
aerostructures O
, O
Spirit B-Effect
is I-Effect
unable I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
this I-Effect
position I-Effect
because O
it B-Cause
does I-Cause
not I-Cause
own I-Cause
most I-Cause
of I-Cause
the I-Cause
intellectual I-Cause
property I-Cause
it I-Cause
works I-Cause
with I-Cause
. O

Factors O
that O
affect O
the B-Effect
soy I-Effect
crush I-Effect
spread I-Effect
include O
the B-Cause
global I-Cause
supply I-Cause
of I-Cause
soybeans I-Cause
and I-Cause
global I-Cause
demand I-Cause
for I-Cause
soy I-Cause
meal I-Cause
and I-Cause
soy I-Cause
oil I-Cause
. O

We O
also O
think O
that O
Monolithic B-Effect
Power I-Effect
faces I-Effect
risk I-Effect
arising O
from O
its B-Cause
revenue I-Cause
concentration I-Cause
out I-Cause
of I-Cause
Asia I-Cause
-- I-Cause
91 I-Cause
% I-Cause
of I-Cause
2020 I-Cause
sales I-Cause
were I-Cause
from I-Cause
Asia I-Cause
and I-Cause
61 I-Cause
% I-Cause
come I-Cause
from I-Cause
China I-Cause
specifically I-Cause
. O

We O
are O
raising B-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
high I-Effect
from I-Effect
medium I-Effect
to O
reflect O
the B-Cause
increased I-Cause
competitive I-Cause
pressures I-Cause
and I-Cause
manufacturing I-Cause
challenges I-Cause
faced I-Cause
by I-Cause
Intel I-Cause
. O

Thus O
, O
we O
believe O
that O
Kimco B-Cause
must I-Cause
continue I-Cause
improving I-Cause
its I-Cause
overall I-Cause
quality I-Cause
mix I-Cause
to O
maintain B-Effect
solid I-Effect
net I-Effect
operating I-Effect
income I-Effect
growth I-Effect
across I-Effect
its I-Effect
total I-Effect
portfolio I-Effect
. O

Like O
all O
orthopedic O
device O
makers O
, O
Smith B-Cause
& I-Cause
Nephew I-Cause
is I-Cause
exposed I-Cause
to I-Cause
faulty I-Cause
design I-Cause
on I-Cause
occasion I-Cause
, O
which O
in O
some O
cases O
leads O
to O
product B-Effect
recalls I-Effect
, I-Effect
inventory I-Effect
write-downs I-Effect
, I-Effect
and I-Effect
legal I-Effect
fees I-Effect
. O

We B-Effect
're I-Effect
expecting I-Effect
a I-Effect
leisure-led I-Effect
recovery I-Effect
in I-Effect
commercial I-Effect
aviation I-Effect
, O
reflecting O
customers B-Cause
increased I-Cause
willingness I-Cause
to I-Cause
visit I-Cause
friends I-Cause
and I-Cause
family I-Cause
and I-Cause
vacation I-Cause
in I-Cause
a I-Cause
pandemic I-Cause
relative I-Cause
to I-Cause
business I-Cause
travel I-Cause
. O

However O
, O
Kinder B-Cause
's I-Cause
low I-Cause
returns I-Cause
on I-Cause
these I-Cause
assets I-Cause
and I-Cause
exposure I-Cause
to I-Cause
producer-side I-Cause
economics I-Cause
give O
us O
less B-Effect
confidence I-Effect
that I-Effect
Kinder I-Effect
can I-Effect
maintain I-Effect
returns I-Effect
on I-Effect
capital I-Effect
greater I-Effect
than I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
consistently I-Effect
for I-Effect
many I-Effect
years I-Effect
. O

However O
, O
share B-Effect
loss I-Effect
could I-Effect
be I-Effect
mitigated I-Effect
with O
progress O
with O
a B-Cause
higher I-Cause
dose I-Cause
version I-Cause
of I-Cause
Spinraza I-Cause
( I-Cause
in I-Cause
the I-Cause
Devote I-Cause
phase I-Cause
2/3 I-Cause
study I-Cause
) I-Cause
and I-Cause
next-generation I-Cause
drugs I-Cause
that I-Cause
could I-Cause
see I-Cause
dosing I-Cause
every I-Cause
nine I-Cause
months I-Cause
or I-Cause
yearly I-Cause
( I-Cause
instead I-Cause
of I-Cause
every I-Cause
four I-Cause
months I-Cause
) I-Cause
. O

Gildan O
's O
capital O
expenditures O
as O
a O
percent O
of O
revenue O
have O
averaged O
just O
under O
7 O
% O
per O
year O
since O
2010 O
but O
are O
now B-Effect
trending I-Effect
downward I-Effect
as O
major B-Cause
projects I-Cause
have I-Cause
been I-Cause
completed I-Cause
. I-Cause

Brand B-Cause
Intangible I-Cause
Assets I-Cause
Potentially I-Cause
offsetting O
the B-Effect
challenge I-Effect
of I-Effect
generating I-Effect
economic I-Effect
profit I-Effect
from I-Effect
regulation I-Effect
intangibles I-Effect
, O
we O
think O
that O
the B-Cause
creation I-Cause
of I-Cause
brand I-Cause
intangibles I-Cause
would O
help O
cannabis B-Effect
companies I-Effect
pass I-Effect
the I-Effect
increased I-Effect
cost I-Effect
to I-Effect
consumers I-Effect
, I-Effect
thus I-Effect
protecting I-Effect
their I-Effect
own I-Effect
economic I-Effect
profit I-Effect
. O

New B-Cause
emission I-Cause
standards I-Cause
have I-Cause
pushed I-Cause
truck I-Cause
manufacturers I-Cause
to I-Cause
reduce I-Cause
harmful I-Cause
emissions I-Cause
and I-Cause
to I-Cause
develop I-Cause
zero-emission I-Cause
technology. O
These O
investments O
will O
help B-Effect
the I-Effect
company I-Effect
create I-Effect
a I-Effect
pathway I-Effect
for I-Effect
its I-Effect
eventual I-Effect
shift I-Effect
to I-Effect
alternatively I-Effect
powered I-Effect
vehicles I-Effect
( I-Effect
BEVs I-Effect
and I-Effect
fuel I-Effect
cells I-Effect
) I-Effect
. O

While O
competition O
is O
always O
a O
risk O
, O
we B-Effect
believe I-Effect
Tyler I-Effect
is I-Effect
somewhat I-Effect
insulated I-Effect
from I-Effect
competition I-Effect
as O
local B-Cause
governments I-Cause
and I-Cause
public I-Cause
institutions I-Cause
have I-Cause
continued I-Cause
to I-Cause
push I-Cause
off I-Cause
investing I-Cause
in I-Cause
new I-Cause
systems I-Cause
as I-Cause
long I-Cause
as I-Cause
possible I-Cause
and I-Cause
maintenance I-Cause
of I-Cause
legacy I-Cause
systems I-Cause
is I-Cause
often I-Cause
no I-Cause
longer I-Cause
an I-Cause
option I-Cause
. O

Given O
the B-Cause
embedded I-Cause
nature I-Cause
of I-Cause
credit I-Cause
ratings I-Cause
among I-Cause
capital I-Cause
markets I-Cause
participants I-Cause
, I-Cause
regulators I-Cause
, I-Cause
and I-Cause
index I-Cause
providers I-Cause
, O
Moody B-Effect
's I-Effect
enjoys I-Effect
a I-Effect
strong I-Effect
competitive I-Effect
position I-Effect
and I-Effect
strong I-Effect
operating I-Effect
margin I-Effect
. O

The O
traditional O
television O
business O
( O
DirecTV O
) O
is O
also O
in O
a O
challenging O
position O
, O
but O
we O
believe O
the B-Cause
deal I-Cause
with I-Cause
TPG I-Cause
provides B-Effect
an I-Effect
incentive I-Effect
to I-Effect
quickly I-Effect
find I-Effect
strategic I-Effect
alternatives I-Effect
for I-Effect
the I-Effect
assets I-Effect
. O

The B-Effect
expansion I-Effect
mainly I-Effect
comes I-Effect
from I-Effect
gross I-Effect
margin I-Effect
increasing I-Effect
toward I-Effect
61 I-Effect
% I-Effect
versus I-Effect
59 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
as O
we O
expect O
a B-Cause
larger I-Cause
portion I-Cause
of I-Cause
software I-Cause
sales I-Cause
to I-Cause
favorably I-Cause
impact I-Cause
product I-Cause
costs O
. O

The B-Cause
company I-Cause
may I-Cause
face I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
, I-Cause
or I-Cause
ESG I-Cause
, I-Cause
risks I-Cause
that I-Cause
would I-Cause
negatively I-Cause
affect I-Cause
the I-Cause
portfolio I-Cause
or I-Cause
cashflows. O
These O
include O
properly B-Effect
maintaining I-Effect
the I-Effect
safety I-Effect
of I-Effect
the I-Effect
buildings I-Effect
across I-Effect
the I-Effect
portfolio I-Effect
, I-Effect
paying I-Effect
a I-Effect
competitive I-Effect
wage I-Effect
to I-Effect
employees I-Effect
, I-Effect
and I-Effect
accounting I-Effect
for I-Effect
the I-Effect
future I-Effect
impact I-Effect
of I-Effect
climate I-Effect
change I-Effect
. O

While O
positive B-Cause
data I-Cause
in I-Cause
the I-Cause
larger I-Cause
diabetic I-Cause
retinopathy I-Cause
population I-Cause
should O
provide B-Effect
another I-Effect
boost I-Effect
, O
we B-Cause
expect I-Cause
pricing I-Cause
pressure I-Cause
and I-Cause
competition I-Cause
( I-Cause
Novartis I-Cause
' I-Cause
Beovu I-Cause
approved I-Cause
in I-Cause
late I-Cause
2019 I-Cause
, I-Cause
Roche I-Cause
's I-Cause
port I-Cause
delivery I-Cause
system I-Cause
and I-Cause
faricimab I-Cause
approvals I-Cause
expected I-Cause
in I-Cause
2021-22 I-Cause
) I-Cause
should O
limit B-Effect
Eylea I-Effect
growth I-Effect
through I-Effect
patent I-Effect
expiration I-Effect
in I-Effect
2024 I-Effect
. O

For O
most O
manufacturers O
, O
unplanned B-Cause
downtime I-Cause
is O
the O
single O
largest O
contributor O
to O
lost B-Effect
production I-Effect
time I-Effect
and O
according O
to O
a O
study O
conducted O
by O
the O
International O
Society O
of O
Automation O
, O
downtime O
costs O
the O
global O
manufacturing O
industry O
approximately O
$ O
647 O
billion O
every O
year O
. O

While O
current O
market O
strength O
is O
not O
necessarily O
a O
meaningful O
predictor O
of O
future O
market O
leadership O
and O
shareholder O
returns O
, O
the O
diagnostic O
and O
life O
science O
markets O
tend O
to O
favor O
strong O
incumbents O
, O
and O
, O
in O
our O
view O
, O
the B-Cause
complexity I-Cause
of I-Cause
instruments I-Cause
and I-Cause
analysis I-Cause
creates O
lasting B-Effect
system I-Effect
familiarity I-Effect
for I-Effect
practitioners I-Effect
. O

A O
series O
of O
discoveries O
in O
offshore O
China O
, O
where O
cost B-Effect
is I-Effect
lowest I-Effect
for I-Effect
CNOOC I-Effect
given O
its B-Cause
PSC I-Cause
arrangements I-Cause
, O
is O
possible O
but O
difficult O
for O
us O
to O
factor O
in O
with O
certainty O
. O

Additional B-Cause
investments I-Cause
in O
streamlining O
its O
cooking O
and O
fulfilment O
process O
have O
fostered O
the O
brand O
image O
to O
make B-Effect
Domino I-Effect
's I-Effect
synonymous I-Effect
with I-Effect
fast I-Effect
and I-Effect
reliable I-Effect
service I-Effect
at I-Effect
an I-Effect
affordable I-Effect
price I-Effect
. O

The O
company O
's O
reserve O
life O
has O
also O
declined O
to O
about O
14 O
years O
from O
18 O
years O
in O
2010 O
, O
and O
a B-Cause
large I-Cause
part I-Cause
of I-Cause
its I-Cause
proven I-Cause
and I-Cause
undeveloped I-Cause
reserves I-Cause
is I-Cause
trapped I-Cause
in I-Cause
low-permeability I-Cause
and I-Cause
deeper I-Cause
reservoirs I-Cause
that O
would O
make O
it O
costlier B-Effect
to I-Effect
develop I-Effect
. O

The B-Effect
need I-Effect
for I-Effect
infrastructure I-Effect
investment I-Effect
is O
due O
in O
large O
part O
to O
above-average B-Cause
electricity I-Cause
demand I-Cause
growth I-Cause
in I-Cause
Houston I-Cause
and I-Cause
infrastructure I-Cause
investment I-Cause
to I-Cause
replace I-Cause
substandard I-Cause
gas I-Cause
distribution I-Cause
pipe I-Cause
, I-Cause
notably I-Cause
at I-Cause
its I-Cause
distribution I-Cause
utilities I-Cause
in I-Cause
Minneapolis I-Cause
and I-Cause
Houston I-Cause
. O

We B-Effect
model I-Effect
about I-Effect
$ I-Effect
7.2 I-Effect
billion I-Effect
in I-Effect
cystic I-Effect
fibrosis I-Effect
sales I-Effect
in I-Effect
2021 I-Effect
, O
driven O
by O
Trikafta B-Cause
( O
in O
both O
F508del O
homozygous O
and O
heterozygous O
patients O
) O
. O

We B-Effect
assign I-Effect
Qualcomm I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
as B-Cause
its I-Cause
chip I-Cause
business I-Cause
faces I-Cause
a I-Cause
competitive I-Cause
market I-Cause
in O
which O
customers O
design O
their O
own O
processors O
and O
its O
licensing O
business O
has O
historically O
faced O
both O
regulatory O
scrutiny O
and O
customer O
disagreements O
. O

HollyFrontier O
also O
has O
a O
crude B-Effect
advantage I-Effect
, O
thanks O
to O
the B-Cause
complexity I-Cause
of I-Cause
its I-Cause
refineries I-Cause
and O
their O
proximity B-Cause
to I-Cause
cost-advantaged I-Cause
feedstock I-Cause
from O
Canada O
of O
which O
it O
refines O
60-70 O
mbd O
. O

The B-Cause
desire I-Cause
to I-Cause
consolidate I-Cause
vendors I-Cause
makes O
Adobe B-Effect
an I-Effect
obvious I-Effect
choice I-Effect
to I-Effect
turn I-Effect
to I-Effect
for I-Effect
needed I-Effect
marketing I-Effect
software I-Effect
solutions I-Effect
, O
and O
the B-Cause
fact I-Cause
that I-Cause
Adobe I-Cause
's I-Cause
products I-Cause
are I-Cause
strong I-Cause
should O
help O
initially O
in O
what B-Effect
we I-Effect
believe I-Effect
is I-Effect
a I-Effect
large I-Effect
greenfield I-Effect
opportunity I-Effect
. O

Outside O
of O
TPMS O
, O
there O
is O
also O
the O
risk O
that O
electrification B-Cause
might I-Cause
happen I-Cause
more I-Cause
quickly I-Cause
than I-Cause
Sensata I-Cause
can I-Cause
rightsize I-Cause
its I-Cause
product I-Cause
lines I-Cause
, O
causing O
significant B-Effect
downturns I-Effect
in I-Effect
revenue I-Effect
and I-Effect
profits I-Effect
. O

We O
expect O
that O
Cameco B-Effect
's I-Effect
price I-Effect
realizations I-Effect
will I-Effect
naturally I-Effect
improve I-Effect
as O
contracts B-Cause
struck I-Cause
in I-Cause
periods I-Cause
of I-Cause
weaker I-Cause
uranium I-Cause
prices I-Cause
continue I-Cause
to I-Cause
roll I-Cause
off I-Cause
its I-Cause
books I-Cause
. O

Additionally O
, O
Howmet B-Effect
's I-Effect
profitability I-Effect
is I-Effect
highly I-Effect
leveraged I-Effect
to I-Effect
a I-Effect
single I-Effect
end I-Effect
market I-Effect
, O
a O
concerning O
dynamic O
given O
that O
the B-Cause
commercial I-Cause
aerospace I-Cause
industry I-Cause
is I-Cause
cyclical I-Cause
. O

We O
also O
think O
these B-Cause
specialized I-Cause
tests I-Cause
will I-Cause
carry I-Cause
a I-Cause
higher I-Cause
price I-Cause
tag I-Cause
than I-Cause
routine I-Cause
counterparts I-Cause
, O
resulting O
in O
an B-Effect
average I-Effect
annual I-Effect
price I-Effect
increase I-Effect
of I-Effect
about I-Effect
1 I-Effect
% I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Moreover O
, O
the B-Cause
virus I-Cause
has O
caused O
a B-Effect
recession I-Effect
that I-Effect
has I-Effect
negatively I-Effect
affect I-Effect
apparel I-Effect
sales I-Effect
and I-Effect
accelerated I-Effect
the I-Effect
closings I-Effect
of I-Effect
many I-Effect
stores I-Effect
and I-Effect
malls I-Effect
. O

The B-Cause
most I-Cause
important I-Cause
risks I-Cause
are I-Cause
the I-Cause
pace I-Cause
and I-Cause
status I-Cause
of I-Cause
legalization I-Cause
, O
which O
determine O
when B-Effect
and I-Effect
where I-Effect
cannabis I-Effect
can I-Effect
be I-Effect
sold I-Effect
. O

We B-Effect
forecast I-Effect
gross I-Effect
margin I-Effect
will I-Effect
return I-Effect
to I-Effect
about I-Effect
78 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
, O
as O
newer B-Cause
products I-Cause
like I-Cause
Vectra I-Cause
DA I-Cause
, I-Cause
Prolaris I-Cause
, I-Cause
and I-Cause
EndoPredict I-Cause
gains I-Cause
developments I-Cause
, I-Cause
and I-Cause
Myriad I-Cause
implements I-Cause
cost I-Cause
controls I-Cause
. O

However O
, O
any O
future O
stagnation O
in O
housing O
turnover O
, O
spike O
in O
unemployment O
, O
predatory O
pricing O
tactics O
, O
or O
slowdown B-Cause
in I-Cause
consumer I-Cause
confidence I-Cause
could O
reduce B-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
. O

As O
these B-Cause
consumer I-Cause
benefits I-Cause
are I-Cause
costly I-Cause
to I-Cause
deliver I-Cause
, O
larger B-Effect
retailers I-Effect
are I-Effect
at I-Effect
an I-Effect
advantage I-Effect
as O
they B-Cause
can I-Cause
spread I-Cause
service I-Cause
costs I-Cause
( I-Cause
as I-Cause
well I-Cause
as I-Cause
inventory I-Cause
holding I-Cause
expenses I-Cause
) I-Cause
over I-Cause
a I-Cause
large I-Cause
sales I-Cause
base I-Cause
. O

Given B-Cause
the I-Cause
small I-Cause
margin I-Cause
of I-Cause
error I-Cause
and I-Cause
the I-Cause
continuing I-Cause
secular I-Cause
headwinds I-Cause
, O
we B-Effect
lack I-Effect
confidence I-Effect
that I-Effect
Conagra I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
report I-Effect
consistent I-Effect
economic I-Effect
profits I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

With O
more-consistent B-Cause
cash I-Cause
flow I-Cause
generation I-Cause
thanks I-Cause
to I-Cause
a I-Cause
stronger I-Cause
product I-Cause
pipeline I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
we O
think O
a B-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
appropriate I-Effect
for I-Effect
Boston I-Effect
. O

Because O
of O
the B-Cause
strong I-Cause
customer I-Cause
growth I-Cause
, O
a B-Cause
higher I-Cause
allowed I-Cause
ROE I-Cause
for I-Cause
APS I-Cause
' I-Cause
Federal I-Cause
Energy I-Cause
Regulatory I-Cause
Commission-regulated I-Cause
transmission I-Cause
, I-Cause
and I-Cause
management I-Cause
's I-Cause
track I-Cause
record I-Cause
of I-Cause
cost I-Cause
control I-Cause
, O
we O
have O
a O
high O
level O
of O
confidence O
that O
regulatory B-Effect
lag I-Effect
will I-Effect
be I-Effect
minimal I-Effect
and I-Effect
Pinnacle I-Effect
West I-Effect
should I-Effect
earn I-Effect
its I-Effect
targeted I-Effect
return I-Effect
. O

Online B-Cause
retailers I-Cause
have I-Cause
been I-Cause
increasing I-Cause
market I-Cause
share I-Cause
in I-Cause
the I-Cause
home I-Cause
improvement I-Cause
industry I-Cause
, O
eroding B-Effect
the I-Effect
benefits I-Effect
of I-Effect
distributors I-Effect
being I-Effect
aggregators I-Effect
of I-Effect
demand I-Effect
. O

In O
the O
research O
publishing O
and O
platforms O
segment O
( O
52 O
% O
of O
fiscal O
2020 O
revenue O
) O
, O
the B-Cause
criticality I-Cause
of I-Cause
many I-Cause
of I-Cause
Wiley I-Cause
's I-Cause
journal I-Cause
publications I-Cause
has O
secured B-Effect
the I-Effect
standing I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
offerings I-Effect
, O
while O
the B-Cause
relatively I-Cause
small I-Cause
audience I-Cause
for I-Cause
each I-Cause
individual I-Cause
title I-Cause
restricts O
upstarts B-Effect
' I-Effect
ability I-Effect
to I-Effect
profitably I-Effect
develop I-Effect
a I-Effect
competitor I-Effect
. O

We O
also O
think O
CIBC B-Effect
is I-Effect
more I-Effect
at I-Effect
risk I-Effect
of I-Effect
disruption I-Effect
to I-Effect
its I-Effect
current I-Effect
returns I-Effect
because O
of O
its B-Cause
outsize I-Cause
exposure I-Cause
to I-Cause
the I-Cause
Canadian I-Cause
housing I-Cause
market I-Cause
, I-Cause
the I-Cause
largest I-Cause
of I-Cause
all I-Cause
the I-Cause
Canadian I-Cause
banks I-Cause
. O

Smart B-Effect
home I-Effect
products I-Effect
will I-Effect
require I-Effect
a I-Effect
greater I-Effect
level I-Effect
of I-Effect
service I-Effect
that I-Effect
exceeds I-Effect
the I-Effect
technical I-Effect
support I-Effect
or I-Effect
installation I-Effect
services I-Effect
than O
most O
retailers O
because O
they B-Cause
encompass I-Cause
multiple I-Cause
brands I-Cause
across I-Cause
all I-Cause
rooms I-Cause
of I-Cause
the I-Cause
house I-Cause
. O

The O
stock O
is O
trading O
at O
a O
discount O
to O
our O
fair O
value O
, O
but O
because O
of O
our B-Cause
extreme I-Cause
uncertainty I-Cause
rating I-Cause
and I-Cause
solvency I-Cause
risks I-Cause
, O
we B-Effect
suggest I-Effect
investors I-Effect
remain I-Effect
on I-Effect
the I-Effect
sidelines I-Effect
. O

We O
look O
for O
adjusted B-Effect
total I-Effect
EBIT I-Effect
margin I-Effect
to I-Effect
recover I-Effect
270 I-Effect
basis I-Effect
points I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, I-Effect
to I-Effect
7.2 I-Effect
% I-Effect
, O
on O
leverage O
from O
robust B-Cause
B2C I-Cause
volumes I-Cause
at I-Cause
ground I-Cause
, I-Cause
recovering I-Cause
B2B I-Cause
activity I-Cause
, I-Cause
and I-Cause
healthy I-Cause
international I-Cause
airfreight I-Cause
demand I-Cause
. O

The B-Cause
bank I-Cause
is I-Cause
also I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
subject I-Cause
to I-Cause
the I-Cause
Federal I-Cause
Reserve I-Cause
's I-Cause
annual I-Cause
stress I-Cause
tests I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
a I-Cause
host I-Cause
of I-Cause
other I-Cause
regulatory I-Cause
requirements I-Cause
, O
and O
we B-Effect
do I-Effect
n't I-Effect
see I-Effect
any I-Effect
massive I-Effect
regulatory I-Effect
relief I-Effect
coming I-Effect
for I-Effect
the I-Effect
large I-Effect
money I-Effect
center I-Effect
banks I-Effect
. O

All O
in O
all O
, O
Livent B-Cause
's I-Cause
cost I-Cause
advantage I-Cause
in I-Cause
lithium I-Cause
carbonate I-Cause
production I-Cause
should O
prove B-Effect
more I-Effect
than I-Effect
sufficient I-Effect
for I-Effect
the I-Effect
business I-Effect
to I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over O
the O
next O
decade O
. O

Graco B-Effect
's I-Effect
fourth-quarter I-Effect
sales I-Effect
and I-Effect
adjusted I-Effect
EPS I-Effect
both I-Effect
meaningfully I-Effect
surpassed I-Effect
our I-Effect
expectations I-Effect
thanks O
to O
stellar B-Cause
performance I-Cause
in I-Cause
the I-Cause
contractor I-Cause
segment I-Cause
, O
which O
grew O
its O
core O
revenue O
33 O
% O
year O
over O
year O
. O

We O
believe O
fleet B-Cause
owners I-Cause
are I-Cause
willing I-Cause
to I-Cause
pay I-Cause
higher I-Cause
up-front I-Cause
prices I-Cause
if O
it O
means O
they B-Effect
'll I-Effect
save I-Effect
on I-Effect
fuel I-Effect
, I-Effect
maintenance I-Effect
, I-Effect
and I-Effect
repair I-Effect
costs I-Effect
over I-Effect
the I-Effect
life I-Effect
of I-Effect
a I-Effect
truck I-Effect
. O

At O
the O
retail O
business O
, O
we O
expect O
normalized B-Cause
gross I-Cause
margins I-Cause
to I-Cause
level I-Cause
off I-Cause
near I-Cause
20 I-Cause
% I-Cause
, O
resulting O
in O
midcycle B-Effect
EBITDA I-Effect
near I-Effect
$ I-Effect
1.1 I-Effect
billion I-Effect
. O

Given O
the O
rapidly B-Cause
changing I-Cause
marketplace I-Cause
, O
we O
think B-Effect
it I-Effect
is I-Effect
too I-Effect
early I-Effect
to I-Effect
tell I-Effect
if I-Effect
Beyond I-Effect
's I-Effect
first-mover I-Effect
advantage I-Effect
will I-Effect
result I-Effect
in I-Effect
a I-Effect
sustained I-Effect
market I-Effect
leadership I-Effect
position I-Effect
. I-Effect

The B-Cause
complexity I-Cause
of I-Cause
these I-Cause
services I-Cause
creates O
switching B-Effect
costs I-Effect
, O
as O
the O
value O
of O
changing O
providers O
is O
not O
clear O
to O
customers O
and O
there O
is O
perceived O
value O
for O
the O
client O
in O
continuing O
to O
work O
with O
a O
broker O
that O
has O
experience O
in O
managing O
their O
risk O
. O

Patents O
, O
innovations O
such O
as O
SmartBeam O
, O
and O
a B-Cause
consistent I-Cause
world-class I-Cause
manufacturing I-Cause
process I-Cause
have O
let B-Effect
the I-Effect
firm I-Effect
increase I-Effect
its I-Effect
auto-dimming I-Effect
mirror I-Effect
share I-Effect
to I-Effect
94 I-Effect
% I-Effect
. O

The B-Cause
combination I-Cause
of I-Cause
fixed-line I-Cause
and I-Cause
wireless I-Cause
offerings I-Cause
given I-Cause
Millicom I-Cause
a I-Cause
unique I-Cause
position I-Cause
in I-Cause
many I-Cause
areas I-Cause
, O
providing O
an B-Effect
advantage I-Effect
in I-Effect
marketing I-Effect
to I-Effect
customers I-Effect
as I-Effect
Internet I-Effect
adoption I-Effect
in I-Effect
the I-Effect
region I-Effect
increases I-Effect
. O

Lockheed O
also O
faces O
the O
risk O
that O
supply B-Cause
chain I-Cause
issues I-Cause
or I-Cause
production I-Cause
challenges I-Cause
would I-Cause
prevent I-Cause
them I-Cause
from I-Cause
meeting B-Effect
their I-Effect
contractual I-Effect
obligations I-Effect
, O
which O
could O
strain B-Effect
the I-Effect
relationship I-Effect
with I-Effect
the I-Effect
customer I-Effect
. O

Lack B-Cause
of I-Cause
user I-Cause
growth I-Cause
, I-Cause
along I-Cause
with I-Cause
a I-Cause
big I-Cause
downturn I-Cause
in I-Cause
online I-Cause
ad I-Cause
spending I-Cause
, O
would O
force O
Twitter B-Cause
to I-Cause
burn I-Cause
cash I-Cause
, O
resulting O
in O
a B-Effect
much I-Effect
lower I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
. O

Penalties B-Cause
imposed I-Cause
by I-Cause
Connecticut I-Cause
regulators I-Cause
in I-Cause
mid-2021 I-Cause
related I-Cause
to I-Cause
outages I-Cause
during I-Cause
the I-Cause
2020 I-Cause
Storm I-Cause
Isaias I-Cause
erased B-Effect
a I-Effect
decade I-Effect
of I-Effect
improving I-Effect
regulatory I-Effect
relationships I-Effect
and I-Effect
ratemaking I-Effect
in I-Effect
the I-Effect
state I-Effect
. O

Currently O
, O
these O
contracts O
are O
accompanied O
by O
the O
presumptive O
right O
of O
renewal O
, O
which O
implies O
that O
they B-Effect
can I-Effect
be I-Effect
automatically I-Effect
renewed I-Effect
at I-Effect
expiration I-Effect
as O
long O
as O
Verisign B-Cause
abides I-Cause
by I-Cause
service I-Cause
requirements I-Cause
. O

One O
of O
Intesa O
's O
key O
strategies O
has O
been O
to O
focus B-Cause
on I-Cause
noninterest I-Cause
revenue I-Cause
growth I-Cause
ahead I-Cause
of I-Cause
more I-Cause
capital-intensive I-Cause
margin I-Cause
income I-Cause
; O
this O
will O
support B-Effect
fee I-Effect
income I-Effect
growth I-Effect
. O

Its B-Cause
slimmed-down I-Cause
product I-Cause
set I-Cause
allows O
it O
to O
focus B-Effect
its I-Effect
resources I-Effect
and I-Effect
maintain I-Effect
operating I-Effect
margins I-Effect
on I-Effect
par I-Effect
with I-Effect
its I-Effect
larger I-Effect
peers I-Effect
. O

It B-Effect
enjoys I-Effect
market I-Effect
leadership I-Effect
in I-Effect
infusion I-Effect
sets I-Effect
, I-Effect
which I-Effect
we I-Effect
anticipate I-Effect
will I-Effect
continue I-Effect
, O
thanks B-Cause
to I-Cause
strong I-Cause
relationships I-Cause
with I-Cause
the I-Cause
pump I-Cause
makers I-Cause
. I-Cause

The O
firm O
is O
not O
resting O
on O
its O
laurels O
, O
either O
; O
it B-Cause
recently I-Cause
introduced I-Cause
a I-Cause
kit I-Cause
to I-Cause
enable I-Cause
$ I-Cause
600 I-Cause
genomes I-Cause
and I-Cause
aims I-Cause
to I-Cause
enable I-Cause
a I-Cause
$ I-Cause
100 I-Cause
genome I-Cause
in I-Cause
the I-Cause
foreseeable I-Cause
future I-Cause
, O
which O
could O
expand B-Effect
those I-Effect
advantages I-Effect
and I-Effect
applications I-Effect
for I-Effect
genetic I-Effect
testing I-Effect
even I-Effect
further I-Effect
. O

We O
believe O
Square B-Cause
's I-Cause
suite I-Cause
of I-Cause
offerings I-Cause
, I-Cause
quick I-Cause
startup I-Cause
time I-Cause
, I-Cause
and I-Cause
simplified I-Cause
pricing I-Cause
will O
allow O
it O
to O
attract B-Effect
enough I-Effect
merchants I-Effect
above I-Effect
the I-Effect
$ I-Effect
125,000 I-Effect
level I-Effect
to I-Effect
scale I-Effect
and I-Effect
reach I-Effect
an I-Effect
attractive I-Effect
overall I-Effect
return I-Effect
. O

This O
planning O
means O
the B-Cause
supplier I-Cause
gets I-Cause
into I-Cause
planning I-Cause
a I-Cause
vehicle I-Cause
early I-Cause
enough I-Cause
to O
offer B-Cause
the I-Cause
best I-Cause
design I-Cause
and I-Cause
integration I-Cause
into I-Cause
the I-Cause
vehicle I-Cause
's I-Cause
floor I-Cause
so O
as O
to O
reduce B-Effect
weight I-Effect
while I-Effect
also I-Effect
lining I-Effect
up I-Effect
its I-Effect
own I-Effect
supply I-Effect
chain I-Effect
to I-Effect
offer I-Effect
the I-Effect
best I-Effect
cost I-Effect
savings I-Effect
to I-Effect
the I-Effect
OEM I-Effect
. O

Demand B-Effect
for I-Effect
Invitation I-Effect
Homes I-Effect
' I-Effect
portfolio I-Effect
is I-Cause
also I-Cause
driven I-Cause
by I-Cause
the B-Cause
employment I-Cause
opportunities I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
core I-Cause
markets I-Cause
, O
which O
makes O
the B-Effect
portfolio I-Effect
sensitive I-Effect
to I-Effect
any I-Effect
changes I-Effect
to I-Effect
the I-Effect
economies I-Effect
of I-Effect
these I-Effect
markets I-Effect
. O

This B-Cause
virtuous I-Cause
cycle I-Cause
of I-Cause
intangible I-Cause
assets I-Cause
brought I-Cause
by I-Cause
heavy I-Cause
R I-Cause
& I-Cause
D I-Cause
and I-Cause
cost I-Cause
advantages I-Cause
brought I-Cause
by I-Cause
better I-Cause
PPA I-Cause
reinforce I-Cause
each I-Cause
other I-Cause
, O
preventing O
smaller B-Effect
peers I-Effect
catching I-Effect
up I-Effect
, O
in O
our O
view O
. O

Waste O
industry O
leader O
Waste O
Management O
enjoys O
leading O
market O
share O
and O
unmatched O
dominance O
in O
landfill O
ownership O
, O
which O
is O
nearly B-Effect
impossible I-Effect
to I-Effect
replicate I-Effect
given O
immense B-Cause
regulatory I-Cause
hurdles I-Cause
. O

With O
rising B-Cause
COVID-19 I-Cause
case I-Cause
counts I-Cause
and I-Cause
local I-Cause
market I-Cause
capacity I-Cause
restrictions I-Cause
as O
the O
holiday O
season O
gets O
underway O
, O
Ross B-Effect
faces I-Effect
a I-Effect
challenging I-Effect
near-term I-Effect
environment I-Effect
that I-Effect
we I-Effect
expect I-Effect
to I-Effect
lead I-Effect
to I-Effect
a I-Effect
mid-single-digit I-Effect
comparable I-Effect
sales I-Effect
decline I-Effect
in I-Effect
the I-Effect
fourth I-Effect
quarter I-Effect
. O

Second O
, O
military B-Effect
program I-Effect
development I-Effect
is I-Effect
lengthy I-Effect
and I-Effect
expensive I-Effect
, O
so O
a B-Cause
would-be I-Cause
competitor I-Cause
would I-Cause
need I-Cause
to I-Cause
accept I-Cause
material I-Cause
sunk I-Cause
costs I-Cause
ranging I-Cause
from I-Cause
the I-Cause
time I-Cause
spent I-Cause
developing I-Cause
a I-Cause
prototype I-Cause
to I-Cause
pitch I-Cause
for I-Cause
a I-Cause
contract I-Cause
to I-Cause
the I-Cause
challenge I-Cause
of I-Cause
developing I-Cause
a I-Cause
workforce I-Cause
that I-Cause
has I-Cause
the I-Cause
required I-Cause
security I-Cause
clearances I-Cause
to I-Cause
enter I-Cause
the I-Cause
space I-Cause
. O

To O
manage B-Effect
the I-Effect
volatility I-Effect
associated I-Effect
with I-Effect
its I-Effect
raw I-Effect
material I-Effect
costs I-Effect
, O
Carpenter B-Cause
uses I-Cause
pricing I-Cause
surcharges I-Cause
, I-Cause
indexing I-Cause
mechanisms I-Cause
, I-Cause
and I-Cause
base I-Cause
price I-Cause
adjustments I-Cause
. O

The B-Effect
powertrain I-Effect
business I-Effect
is I-Effect
solid I-Effect
, O
given O
customers B-Cause
typically I-Cause
purchase I-Cause
engines I-Cause
and I-Cause
components I-Cause
from I-Cause
a I-Cause
single I-Cause
supplier I-Cause
to I-Cause
limit I-Cause
maintenance I-Cause
and I-Cause
repair I-Cause
costs I-Cause
. O

With O
manufacturing B-Cause
rapidly I-Cause
brought I-Cause
to I-Cause
a I-Cause
massive I-Cause
scale I-Cause
, O
we O
think O
Moderna B-Effect
's I-Effect
technology I-Effect
platform I-Effect
could I-Effect
be I-Effect
applied I-Effect
in I-Effect
numerous I-Effect
areas I-Effect
but O
looks O
particularly O
promising O
and O
well O
validated O
in O
other O
prophylactic O
vaccine O
markets O
. O

T-Mobile B-Effect
US I-Effect
has I-Effect
operated I-Effect
at I-Effect
a I-Effect
cost I-Effect
disadvantage I-Effect
relative I-Effect
to I-Effect
rivals I-Effect
Verizon I-Effect
and I-Effect
AT I-Effect
& I-Effect
amp I-Effect
; O
T O
, O
in O
our O
view O
, O
thanks O
to O
its B-Cause
relative I-Cause
lack I-Cause
of I-Cause
scale I-Cause
. O

Its B-Cause
live I-Cause
auctions I-Cause
do I-Cause
n't I-Cause
have I-Cause
minimum I-Cause
bids I-Cause
or I-Cause
reserve I-Cause
pricing I-Cause
, O
virtually O
guaranteeing O
that O
99 B-Effect
% I-Effect
of I-Effect
equipment I-Effect
at I-Effect
these I-Effect
events I-Effect
is I-Effect
sold I-Effect
. O

The O
firm O
squares O
off O
against O
a O
variety O
of O
well-established O
players O
, O
such O
as O
Texas O
Instruments O
and O
Infineon O
, O
and O
we O
expect O
pressure B-Cause
to I-Cause
capture I-Cause
new I-Cause
greenfield I-Cause
opportunities I-Cause
will O
require O
the B-Cause
firm I-Cause
to I-Cause
maintain I-Cause
its I-Cause
high I-Cause
level I-Cause
of I-Cause
investment I-Cause
, O
limiting B-Effect
sustained I-Effect
margin I-Effect
expansion I-Effect
. O

Through O
its B-Cause
ownership I-Cause
in I-Cause
Enable I-Cause
Midstream I-Cause
Partners I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
exposed I-Effect
to I-Effect
fluctuations I-Effect
in I-Effect
the I-Effect
price I-Effect
of I-Effect
natural I-Effect
gas I-Effect
and I-Effect
natural I-Effect
gas I-Effect
liquids I-Effect
. O

This O
is O
lower O
than O
the O
9 O
% O
rate O
of O
return O
we O
expect O
investors B-Effect
will I-Effect
demand I-Effect
of I-Effect
a I-Effect
diversified I-Effect
equity I-Effect
portfolio I-Effect
, O
owing O
to O
the O
lower B-Cause
risk I-Cause
associated I-Cause
with I-Cause
American I-Cause
Water I-Cause
's I-Cause
regulated I-Cause
businesses I-Cause
. O

Patent O
protection O
of O
Duobrii O
through O
mid-2030 O
gives O
the O
dermatology O
business O
attractive O
intangible O
assets O
, O
but O
we O
see O
some B-Effect
uncertainty I-Effect
related I-Effect
to I-Effect
realization I-Effect
of I-Effect
price I-Effect
increases I-Effect
over I-Effect
time I-Effect
considering O
potential B-Cause
development I-Cause
of I-Cause
alternative I-Cause
treatments I-Cause
by I-Cause
competitors I-Cause
, I-Cause
and I-Cause
possible I-Cause
congressional I-Cause
action I-Cause
on I-Cause
drug I-Cause
pricing I-Cause
. O

With B-Cause
structural I-Cause
changes I-Cause
like I-Cause
the I-Cause
closure I-Cause
of I-Cause
the I-Cause
Orchard I-Cause
Supply I-Cause
brand I-Cause
and I-Cause
the I-Cause
sale I-Cause
of I-Cause
the I-Cause
Mexico I-Cause
assets I-Cause
completed I-Cause
, O
increased B-Effect
capital I-Effect
expenditures I-Effect
( I-Effect
estimated I-Effect
at I-Effect
$ I-Effect
1.7 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
) I-Effect
are I-Effect
likely I-Effect
to I-Effect
focus I-Effect
on I-Effect
efforts I-Effect
that I-Effect
should I-Effect
lead I-Effect
to I-Effect
better I-Effect
working-capital I-Effect
efficiency I-Effect
ahead I-Effect
. I-Effect

A B-Cause
protracted I-Cause
downturn I-Cause
could I-Cause
also I-Cause
affect I-Cause
the I-Cause
financial I-Cause
services I-Cause
segment I-Cause
, O
making O
lending B-Effect
more I-Effect
costly I-Effect
and O
the B-Effect
ability I-Effect
to I-Effect
securitize I-Effect
receivables I-Effect
increasingly I-Effect
difficult I-Effect
. O

We O
are O
raising B-Cause
our I-Cause
first-quarter I-Cause
revenue I-Cause
forecast I-Cause
( I-Cause
to I-Cause
$ I-Cause
2.55 I-Cause
billion I-Cause
from I-Cause
$ I-Cause
2.44 I-Cause
billion I-Cause
) I-Cause
to I-Cause
account I-Cause
for I-Cause
improved I-Cause
sales I-Cause
trends I-Cause
, I-Cause
and I-Cause
lifting I-Cause
our I-Cause
gross I-Cause
margin I-Cause
outlook I-Cause
( I-Cause
to I-Cause
44 I-Cause
% I-Cause
in I-Cause
the I-Cause
period I-Cause
) I-Cause
, O
while O
trimming O
our O
SG O
& O
A O
expense O
ratio O
, O
leading O
to O
EPS B-Effect
of I-Effect
$ I-Effect
0.93 I-Effect
. O

Lululemon B-Cause
offers I-Cause
free I-Cause
yoga I-Cause
and I-Cause
other I-Cause
fitness I-Cause
classes I-Cause
in I-Cause
many I-Cause
of I-Cause
its I-Cause
stores. O
These O
popular O
classes O
increase B-Effect
customer I-Effect
goodwill I-Effect
and I-Effect
encourage I-Effect
its I-Effect
primary I-Effect
demographic I-Effect
of I-Effect
women I-Effect
interested I-Effect
in I-Effect
yoga I-Effect
and I-Effect
fitness I-Effect
to I-Effect
visit I-Effect
its I-Effect
stores I-Effect
on I-Effect
a I-Effect
frequent I-Effect
basis I-Effect
. O

Given B-Cause
tired I-Cause
legacy I-Cause
products I-Cause
, I-Cause
industry I-Cause
buzz I-Cause
, I-Cause
and I-Cause
the I-Cause
rapid I-Cause
market I-Cause
uptake I-Cause
of I-Cause
Slack I-Cause
thus I-Cause
far I-Cause
, O
we O
have O
little O
doubt O
that O
revenue B-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
rapidly O
over O
the O
next O
several O
years O
, O
but O
we O
do O
not O
believe O
the O
firm O
has O
carved O
out O
a O
sustainable O
competitive O
advantage O
just O
yet O
. O

Today O
, O
vehicles B-Cause
and I-Cause
machines I-Cause
are I-Cause
increasingly I-Cause
being I-Cause
manufactured I-Cause
with I-Cause
tighter I-Cause
tolerances I-Cause
( I-Cause
screws/bolts I-Cause
are I-Cause
wound I-Cause
tighter I-Cause
) I-Cause
; O
which O
requires B-Effect
tools I-Effect
with I-Effect
more I-Effect
strength I-Effect
. O

We O
think O
Cognizant B-Effect
can I-Effect
reaccelerate I-Effect
top-line I-Effect
growth I-Effect
, O
given O
increased B-Cause
investments I-Cause
in I-Cause
the I-Cause
cutting I-Cause
edge I-Cause
of I-Cause
enterprise I-Cause
digital I-Cause
IT I-Cause
and I-Cause
a I-Cause
gradual I-Cause
expansion I-Cause
of I-Cause
its I-Cause
strategic I-Cause
consulting I-Cause
business I-Cause
. O

We O
expect O
1 B-Effect
% I-Effect
long-term I-Effect
growth I-Effect
in I-Effect
refrigerated I-Effect
retail I-Effect
, O
as B-Effect
strong I-Effect
growth I-Effect
of I-Effect
Bob I-Effect
Evans I-Effect
refrigerated I-Effect
sides I-Effect
( I-Cause
a I-Cause
fresh I-Cause
alternative I-Cause
to I-Cause
processed I-Cause
, I-Cause
shelf-stable I-Cause
side I-Cause
dishes I-Cause
, I-Cause
with I-Cause
the I-Cause
added I-Cause
convenience I-Cause
of I-Cause
being I-Cause
already I-Cause
prepared I-Cause
) I-Cause
is I-Cause
offset B-Cause
by I-Cause
slower I-Cause
growth I-Cause
in I-Cause
cheese I-Cause
, I-Cause
egg I-Cause
, I-Cause
and I-Cause
sausage I-Cause
categories I-Cause
. O

To O
the O
extent O
that O
a O
particular O
private-label O
product O
can O
support O
economic O
profit O
on O
the O
basis O
of O
its O
trademark O
, O
these O
rents B-Effect
would I-Effect
accrue I-Effect
disproportionately I-Effect
to I-Effect
the I-Effect
retailer I-Effect
, O
as O
the B-Cause
latter I-Cause
moonlights I-Cause
as I-Cause
the I-Cause
brand I-Cause
owner I-Cause
in I-Cause
the I-Cause
world I-Cause
of I-Cause
private I-Cause
label I-Cause
. O

We B-Effect
contend I-Effect
it I-Effect
could I-Effect
be I-Effect
harder I-Effect
to I-Effect
capture I-Effect
the I-Effect
same I-Effect
percentage I-Effect
of I-Effect
spend I-Effect
over I-Effect
the I-Effect
near I-Effect
term I-Effect
given B-Cause
the I-Cause
perceived I-Cause
risk I-Cause
of I-Cause
cruising I-Cause
, I-Cause
heightened I-Cause
by I-Cause
recent I-Cause
media I-Cause
attention I-Cause
. O

We O
assume O
a B-Effect
total I-Effect
revenue I-Effect
growth I-Effect
CAGR O
of O
13.2 O
% O
, O
far B-Effect
higher I-Effect
than I-Effect
the I-Effect
trailing I-Effect
three-year O
CAGR O
of O
5.4 O
% O
, O
largely O
due O
to O
the B-Cause
pandemic I-Cause
occurring I-Cause
in I-Cause
2020 I-Cause
. O

When O
linerboard B-Cause
prices I-Cause
are I-Cause
high I-Cause
, O
market B-Effect
entry I-Effect
via I-Effect
greenfield I-Effect
OCC I-Effect
mills I-Effect
or I-Effect
the I-Effect
conversion I-Effect
of I-Effect
aged I-Effect
paper I-Effect
assets I-Effect
into I-Effect
recycled I-Effect
linerboard I-Effect
facilities I-Effect
becomes I-Effect
increasingly I-Effect
attractive I-Effect
. O

BB O
& O
amp O
; O
T O
was O
the O
larger O
of O
the O
two O
franchises O
, O
and O
we O
see O
material B-Cause
cost I-Cause
savings I-Cause
and O
therefore O
operating B-Effect
improvements I-Effect
from O
the B-Cause
merger I-Cause
. O

Bancorp B-Cause
is I-Cause
the I-Cause
largest I-Cause
regional I-Cause
bank I-Cause
that I-Cause
is I-Cause
also I-Cause
small I-Cause
enough I-Cause
to I-Cause
avoid I-Cause
being I-Cause
labeled I-Cause
a I-Cause
GSIB. O
Therefore O
, O
we O
believe O
the B-Effect
bank I-Effect
arguably I-Effect
has I-Effect
one I-Effect
of I-Effect
the I-Effect
best I-Effect
relative I-Effect
regulatory I-Effect
cost I-Effect
positions I-Effect
among I-Effect
the I-Effect
regionals I-Effect
we I-Effect
cover I-Effect
. O

Key B-Cause
Intangible I-Cause
Assets I-Cause
: O
We B-Effect
believe I-Effect
the I-Effect
barriers I-Effect
, I-Effect
including I-Effect
scales I-Effect
, I-Effect
to I-Effect
entering I-Effect
China I-Effect
's I-Effect
K-12 I-Effect
after-school I-Effect
tutoring I-Effect
sector I-Effect
include I-Effect
establishing I-Effect
a I-Effect
brand I-Effect
reputation I-Effect
and I-Effect
premium I-Effect
pricing I-Effect
. O

Malibu O
holds O
patents O
on O
seven O
of O
its O
proprietary O
innovations O
, O
including O
the B-Cause
Surf I-Cause
Gate I-Cause
and I-Cause
Power I-Cause
Wedge I-Cause
technologies I-Cause
, O
both O
of O
which O
are O
key O
to O
its B-Effect
success I-Effect
with I-Effect
wake-sport I-Effect
enthusiasts I-Effect
( O
as O
evidenced O
by O
the O
continued O
persistent O
growth O
in O
market O
share O
) O
. O

While O
Suburban B-Cause
Propane I-Cause
will I-Cause
need I-Cause
little I-Cause
invested I-Cause
capital I-Cause
to I-Cause
maintain I-Cause
its I-Cause
current I-Cause
asset I-Cause
base I-Cause
, O
thus O
boosting B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital O
, O
we O
do O
n't O
believe O
this O
is O
a O
sustainable O
strategy O
. O

We B-Effect
assign I-Effect
Aecom I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
as O
E B-Cause
& I-Cause
C I-Cause
firms I-Cause
have I-Cause
to I-Cause
contend I-Cause
with I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
cyclicality I-Cause
and I-Cause
face I-Cause
the I-Cause
risk I-Cause
of I-Cause
large I-Cause
losses I-Cause
on I-Cause
individual I-Cause
projects I-Cause
, O
often O
due O
to O
factors B-Cause
largely I-Cause
beyond I-Cause
their I-Cause
control I-Cause
. O

Tapestry B-Cause
increasingly I-Cause
depends I-Cause
on I-Cause
greater I-Cause
China I-Cause
for I-Cause
profits I-Cause
and I-Cause
growth I-Cause
, O
so O
any B-Effect
slowdown I-Effect
in I-Effect
consumer I-Effect
spending I-Effect
in I-Effect
the I-Effect
region I-Effect
would I-Effect
have I-Effect
an I-Effect
adverse I-Effect
effect I-Effect
. O

Nordson B-Effect
's I-Effect
penchant I-Effect
for I-Effect
M I-Effect
& I-Effect
amp I-Effect
; I-Effect
A I-Effect
creates I-Effect
acquisition I-Effect
risk I-Effect
, O
as O
an O
M O
& O
amp O
; O
A-heavy B-Cause
capital I-Cause
allocation I-Cause
strategy I-Cause
can I-Cause
depress B-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
by O
adding B-Cause
goodwill I-Cause
and I-Cause
assets I-Cause
to I-Cause
a I-Cause
firm I-Cause
's I-Cause
capital I-Cause
base I-Cause
. O

We B-Cause
also I-Cause
think I-Cause
Pinterest I-Cause
's I-Cause
more I-Cause
innovative I-Cause
features I-Cause
have O
attracted B-Effect
retailers I-Effect
and I-Effect
direct-to-consumer I-Effect
brands I-Effect
to I-Effect
purchase I-Effect
ads I-Effect
on I-Effect
the I-Effect
platform I-Effect
. O

Morningstar B-Cause
anticipates I-Cause
a I-Cause
COVID-19 I-Cause
vaccine I-Cause
to I-Cause
be I-Cause
well I-Cause
distributed I-Cause
by I-Cause
mid-2021 I-Cause
, O
which O
we B-Effect
anticipate I-Effect
will I-Effect
allow I-Effect
robust I-Effect
increases I-Effect
in I-Effect
revenue I-Effect
passenger I-Effect
kilometers I-Effect
, I-Effect
which I-Effect
would I-Effect
support I-Effect
new I-Effect
aircraft I-Effect
demand I-Effect
. I-Effect

Even O
though O
the O
firm O
is O
now O
investing O
mainly O
in O
attractive O
projects O
with O
low O
break-evens O
and O
strong O
potential O
returns O
, O
the B-Cause
capital I-Cause
sunk I-Cause
in I-Cause
the I-Cause
pre-2015 I-Cause
era I-Cause
will O
hamper B-Effect
efforts I-Effect
to I-Effect
restore I-Effect
profitability I-Effect
quickly I-Effect
. O

Our O
longer-term O
revenue O
growth O
forecast O
assumes O
4 B-Effect
% I-Effect
-5 I-Effect
% I-Effect
annual I-Effect
comp I-Effect
growth I-Effect
( O
owing O
to O
improved B-Cause
franchisee I-Cause
unit I-Cause
economics I-Cause
stemming I-Cause
from I-Cause
inflationary I-Cause
price I-Cause
increases I-Cause
, I-Cause
carryout I-Cause
expansion I-Cause
efforts I-Cause
, I-Cause
and I-Cause
continued I-Cause
loyalty I-Cause
program I-Cause
marketing I-Cause
) O
and O
6 B-Effect
% I-Effect
unit I-Effect
growth I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
build I-Cause
store I-Cause
density I-Cause
and I-Cause
improve I-Cause
delivery I-Cause
speeds I-Cause
. O

We O
believe O
that O
Yum B-Effect
China I-Effect
faces I-Effect
less I-Effect
than I-Effect
average I-Effect
risk I-Effect
on I-Effect
the I-Effect
product I-Effect
side I-Effect
, O
due O
to O
the B-Cause
firm I-Cause
's I-Cause
sophisticated I-Cause
supply I-Cause
chain I-Cause
systems I-Cause
. I-Cause

Its B-Cause
60 I-Cause
% I-Cause
revenue I-Cause
mix I-Cause
outside I-Cause
North I-Cause
America I-Cause
( O
based O
on O
2020 O
revenue O
) O
, O
in O
our O
view O
, O
gives O
it B-Effect
slightly I-Effect
higher I-Effect
tax I-Effect
and I-Effect
labor I-Effect
relations I-Effect
risk I-Effect
. O

While B-Effect
the I-Effect
company I-Effect
has I-Effect
achieved I-Effect
higher I-Effect
operating I-Effect
margins I-Effect
relative I-Effect
to I-Effect
its I-Effect
competitors I-Effect
throughout I-Effect
business I-Effect
cycles I-Effect
in I-Effect
the I-Effect
past I-Effect
, I-Effect
in I-Effect
future I-Effect
we I-Effect
believe I-Effect
the I-Effect
gap I-Effect
between I-Effect
Fanuc I-Effect
's I-Effect
and I-Effect
its I-Effect
competitors I-Effect
' I-Effect
operating I-Effect
margins I-Effect
will I-Effect
gradually I-Effect
diminish I-Effect
over I-Effect
the I-Effect
long I-Effect
term. O
This O
can O
be O
mainly O
attributed O
to O
2 O
factors O
: O
1 B-Cause
) I-Cause
the I-Cause
company I-Cause
's I-Cause
shift I-Cause
toward I-Cause
focusing I-Cause
on I-Cause
the I-Cause
ability I-Cause
to I-Cause
provide I-Cause
stable I-Cause
supply I-Cause
of I-Cause
products I-Cause
rather I-Cause
than I-Cause
centralized I-Cause
production I-Cause
, I-Cause
and I-Cause
2 I-Cause
) I-Cause
likelihood I-Cause
of I-Cause
competitors I-Cause
' I-Cause
ability I-Cause
to I-Cause
undermine I-Cause
Fanuc I-Cause
's I-Cause
higher I-Cause
margins I-Cause
. O

It B-Cause
has I-Cause
implemented I-Cause
a I-Cause
relationship-based I-Cause
approach I-Cause
to I-Cause
banking I-Cause
that O
has B-Effect
garnered I-Effect
strong I-Effect
loyalty I-Effect
in I-Effect
its I-Effect
customer I-Effect
base I-Effect
, I-Effect
which I-Effect
is I-Effect
largely I-Effect
small I-Effect
to I-Effect
medium I-Effect
sized I-Effect
Texas I-Effect
based I-Effect
commercial I-Effect
clients I-Effect
. O

Tesla B-Effect
's I-Effect
brand I-Effect
cachet I-Effect
is I-Effect
not I-Effect
likely I-Effect
to I-Effect
be I-Effect
impaired I-Effect
any I-Effect
time I-Effect
soon I-Effect
as I-Effect
other I-Effect
automakers I-Effect
move I-Effect
into I-Effect
the I-Effect
battery I-Effect
electric I-Effect
vehicle I-Effect
, I-Effect
or I-Effect
BEV I-Effect
, I-Effect
space I-Effect
because O
we B-Cause
expect I-Cause
Tesla I-Cause
to I-Cause
keep I-Cause
innovating I-Cause
to I-Cause
stay I-Cause
ahead I-Cause
of I-Cause
startup I-Cause
and I-Cause
established I-Cause
competitors I-Cause
. O

We O
also O
know O
that O
general B-Effect
consumer I-Effect
inflation I-Effect
is I-Effect
not I-Effect
necessarily I-Effect
indicative I-Effect
of I-Effect
the I-Effect
economics I-Effect
of I-Effect
a I-Effect
business I-Effect
, O
as O
input B-Cause
cost I-Cause
inflation I-Cause
can I-Cause
diverge I-Cause
materially I-Cause
from I-Cause
these I-Cause
broader I-Cause
metrics I-Cause
. O

In O
Crown O
's O
transit O
business O
, O
we O
expect O
revenue B-Effect
growth I-Effect
to I-Effect
remain I-Effect
in I-Effect
the I-Effect
mid-single-digit I-Effect
range I-Effect
as O
global B-Cause
shipping I-Cause
volume I-Cause
continues I-Cause
to I-Cause
track I-Cause
higher I-Cause
and I-Cause
firms I-Cause
seek I-Cause
to I-Cause
increasingly I-Cause
deepen I-Cause
the I-Cause
capital I-Cause
base I-Cause
and O
automate B-Cause
their I-Cause
fulfillment I-Cause
processes I-Cause
with I-Cause
Signode I-Cause
equipment I-Cause
and I-Cause
consumable I-Cause
products I-Cause
. O

Capital O
One O
's O
customers O
reacted O
to O
the B-Cause
economic I-Cause
uncertainty I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
by O
increasing B-Effect
savings I-Effect
and I-Effect
paying I-Effect
off I-Effect
credit I-Effect
card I-Effect
debt I-Effect
. O

Additionally O
, B-Effect
SQM I-Effect
's I-Effect
joint-venture I-Effect
operation I-Effect
in I-Effect
Australia I-Effect
will I-Effect
become I-Effect
a I-Effect
low-cost I-Effect
lithium I-Effect
hydroxide I-Effect
operation I-Effect
when O
the B-Cause
spodumene I-Cause
mine I-Cause
and I-Cause
accompanying I-Cause
lithium I-Cause
hydroxide I-Cause
conversion I-Cause
plant I-Cause
fully I-Cause
ramp I-Cause
up I-Cause
by I-Cause
the I-Cause
mid-2020s I-Cause
. O

The B-Cause
company I-Cause
seeks I-Cause
$ I-Cause
2,000 I-Cause
profit I-Cause
on I-Cause
each I-Cause
vehicle I-Cause
regardless I-Cause
of I-Cause
make I-Cause
or I-Cause
age I-Cause
, O
so O
value B-Effect
vehicles I-Effect
can I-Effect
have I-Effect
very I-Effect
high I-Effect
margins I-Effect
. O

Burlington O
can O
lift O
margins O
, O
but O
we O
believe O
prospects B-Effect
are I-Effect
limited I-Effect
by O
competition B-Cause
, I-Cause
the I-Cause
need I-Cause
to I-Cause
keep I-Cause
value I-Cause
high I-Cause
( I-Cause
necessitating I-Cause
reinvestment I-Cause
of I-Cause
savings I-Cause
from I-Cause
cost I-Cause
leverage I-Cause
) I-Cause
, I-Cause
and I-Cause
rising I-Cause
wages I-Cause
. O

Although O
national O
accounts O
can O
generate O
lower O
gross O
profit O
margins O
, O
they B-Cause
also I-Cause
generate I-Cause
much I-Cause
higher I-Cause
volume I-Cause
, O
which O
Grainger B-Effect
can I-Effect
leverage I-Effect
to I-Effect
improve I-Effect
operating I-Effect
margins I-Effect
. O

As O
Adidas B-Cause
outsources I-Cause
most I-Cause
of I-Cause
its I-Cause
manufacturing I-Cause
to I-Cause
more I-Cause
than I-Cause
500 I-Cause
factories I-Cause
in I-Cause
about I-Cause
50 I-Cause
countries I-Cause
, O
we O
do O
not O
think O
it B-Effect
has I-Effect
any I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
competitors I-Effect
, I-Effect
which I-Effect
source I-Effect
from I-Effect
similar I-Effect
supply I-Effect
chains I-Effect
. O

We O
believe O
its B-Cause
measured I-Cause
approach I-Cause
to I-Cause
international I-Cause
expansion I-Cause
should O
lead B-Effect
to I-Effect
further I-Effect
long-term I-Effect
growth I-Effect
, O
even O
after O
its O
core O
market O
consolidates O
and O
stabilizes O
. O

As O
a O
result O
, O
we O
expect O
Mosaic B-Cause
's I-Cause
potash I-Cause
unit I-Cause
production I-Cause
costs I-Cause
on I-Cause
a I-Cause
cash I-Cause
basis I-Cause
to I-Cause
decline I-Cause
from I-Cause
just I-Cause
below I-Cause
$ I-Cause
90 I-Cause
per I-Cause
metric I-Cause
ton I-Cause
in I-Cause
2019 I-Cause
to I-Cause
under I-Cause
$ I-Cause
60 I-Cause
in I-Cause
2025 I-Cause
, O
which O
should O
boost B-Effect
potash I-Effect
profits I-Effect
. O

These B-Cause
new I-Cause
products I-Cause
should O
help B-Effect
farmers I-Effect
fight I-Effect
resistant I-Effect
pests I-Effect
, I-Effect
which I-Effect
are I-Effect
increasingly I-Effect
rendering I-Effect
older I-Effect
crop I-Effect
chemicals I-Effect
ineffective I-Effect
and I-Effect
require I-Effect
new I-Effect
crop I-Effect
chemicals I-Effect
. I-Effect

As O
we O
expect O
the B-Cause
corporate I-Cause
tax I-Cause
rate I-Cause
to I-Cause
lift I-Cause
to I-Cause
26 I-Cause
% I-Cause
from I-Cause
21 I-Cause
% I-Cause
under O
the O
Biden O
administration O
, O
we B-Effect
have I-Effect
included I-Effect
a I-Effect
24 I-Effect
% I-Effect
tax I-Effect
rate I-Effect
in I-Effect
our I-Effect
model I-Effect
. O

We O
expect O
operating O
margins O
in O
Eastman B-Effect
's I-Effect
chemical I-Effect
intermediates I-Effect
business I-Effect
to I-Effect
slightly I-Effect
increase I-Effect
over O
the O
next O
five O
years O
from O
around O
8 O
% O
in O
2019 O
to O
over O
9 O
% O
as O
demand B-Cause
returns I-Cause
, O
partially O
offset O
by O
a O
lower O
spread O
between O
oil O
and O
natural O
gas O
. O

Thus O
, O
the B-Effect
riders I-Effect
on I-Effect
the I-Effect
platform I-Effect
benefit I-Effect
as O
more B-Cause
drivers I-Cause
are I-Cause
added I-Cause
, O
and O
existing B-Cause
drivers I-Cause
benefit I-Cause
from I-Cause
more I-Cause
riders I-Cause
, I-Cause
making B-Effect
the I-Effect
driver I-Effect
's I-Effect
utilization I-Effect
even I-Effect
more I-Effect
efficient I-Effect
. O

There B-Effect
's I-Effect
potential I-Effect
for I-Effect
a I-Effect
considerable I-Effect
amount I-Effect
of I-Effect
internal I-Effect
upheaval I-Effect
to I-Effect
be I-Effect
created I-Effect
when O
stretching B-Cause
R I-Cause
& I-Cause
D I-Cause
, I-Cause
engineering I-Cause
, I-Cause
component I-Cause
suppliers I-Cause
, I-Cause
supply-chain I-Cause
logistics I-Cause
, I-Cause
vehicle I-Cause
architectures I-Cause
, I-Cause
corporate I-Cause
functions I-Cause
, I-Cause
and I-Cause
capacity I-Cause
with I-Cause
the I-Cause
growth I-Cause
targets I-Cause
set I-Cause
by I-Cause
management I-Cause
to I-Cause
globally I-Cause
expand I-Cause
. O

HDD B-Cause
advancements I-Cause
like O
energy-assisted O
recording O
can O
also O
help O
lower B-Effect
costs I-Effect
and I-Effect
expand I-Effect
gross I-Effect
margins I-Effect
on I-Effect
higher I-Effect
capacity I-Effect
drives I-Effect
, O
and O
Western O
hopes O
to O
take O
market O
share O
with O
its O
second-generation O
enterprise O
SSD O
. O

Server O
virtualization O
saw O
astronomical O
growth O
for O
a O
period O
of O
nearly O
10 O
years O
before O
abruptly B-Effect
stalling I-Effect
as O
penetration B-Cause
was I-Cause
quickly I-Cause
saturated I-Cause
. O

Baidu B-Effect
has I-Effect
the I-Effect
urgency I-Effect
to I-Effect
strengthen I-Effect
its I-Effect
mobile I-Effect
business I-Effect
because O
it B-Cause
has I-Cause
not I-Cause
developed I-Cause
another I-Cause
industry-leading I-Cause
business I-Cause
other I-Cause
than I-Cause
its I-Cause
mobile I-Cause
search I-Cause
app I-Cause
for I-Cause
years I-Cause
. O

If B-Cause
Invitation I-Cause
Homes I-Cause
does I-Cause
start I-Cause
making I-Cause
economic I-Cause
profits I-Cause
, I-Cause
additional I-Cause
market I-Cause
participants I-Cause
will O
be B-Effect
encouraged I-Effect
to I-Effect
rent I-Effect
out I-Effect
their I-Effect
single-family I-Effect
homes I-Effect
to I-Effect
attempt I-Effect
to I-Effect
steal I-Effect
the I-Effect
profits I-Effect
. O

Through O
analyzing O
this O
data O
, O
the O
group O
is O
trying O
to O
lock B-Effect
in I-Effect
its I-Effect
customers I-Effect
through O
personalized O
menu B-Cause
creations I-Cause
based I-Cause
on I-Cause
each I-Cause
diner I-Cause
's I-Cause
past I-Cause
order I-Cause
history I-Cause
and I-Cause
local I-Cause
tastes I-Cause
. O

Management O
has O
made O
several B-Cause
moves I-Cause
that O
should O
give B-Effect
the I-Effect
company I-Effect
better I-Effect
control I-Effect
over I-Effect
costs I-Effect
, O
including O
a O
shift O
toward O
more O
direct-hire O
engineering O
and O
construction O
( O
to O
reduce O
reliance O
on O
subcontractors O
) O
, O
investments O
in O
fabrication O
yards O
, O
and O
enhanced O
data O
analytics O
. O

Furthermore O
, O
given O
that O
its B-Cause
rivals I-Cause
are I-Cause
traditional I-Cause
banks I-Cause
with I-Cause
cheaper I-Cause
deposit I-Cause
funding I-Cause
, O
Discover B-Effect
is I-Effect
at I-Effect
a I-Effect
cost I-Effect
disadvantage I-Effect
and I-Effect
much I-Effect
more I-Effect
vulnerable I-Effect
to I-Effect
a I-Effect
rising I-Effect
rate I-Effect
environment I-Effect
. O

While O
we O
anticipate O
an O
increase O
in O
returns O
and O
cost-saving O
synergies O
realized O
within O
four O
years O
, O
the B-Effect
returns I-Effect
will I-Effect
nevertheless I-Effect
be I-Effect
partially I-Effect
diluted I-Effect
by O
goodwill O
due O
to O
the B-Cause
30 I-Cause
% I-Cause
premium I-Cause
Icon I-Cause
is I-Cause
paying I-Cause
. O

We O
anticipate O
further B-Effect
growth I-Effect
of I-Effect
10 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
and I-Effect
8 I-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
thereafter I-Effect
, O
as O
Qorvo B-Cause
will I-Cause
still I-Cause
prosper I-Cause
in I-Cause
its I-Cause
infrastructure I-Cause
and I-Cause
defense I-Cause
products I-Cause
, I-Cause
or I-Cause
IDP I-Cause
, I-Cause
business I-Cause
from I-Cause
content I-Cause
gains I-Cause
in I-Cause
the I-Cause
early I-Cause
innings I-Cause
of I-Cause
5G I-Cause
adoption I-Cause
. O

Furthermore O
, O
we O
anticipate O
that O
the B-Effect
price I-Effect
differences I-Effect
between I-Effect
organic I-Effect
and I-Effect
conventional I-Effect
produce I-Effect
will I-Effect
fall I-Effect
as O
supply B-Cause
of I-Cause
the I-Cause
former I-Cause
rises I-Cause
, O
and O
that O
traditional B-Effect
retailers I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
replicate I-Effect
Sprouts I-Effect
' I-Effect
sourcing I-Effect
opportunities I-Effect
. O

A B-Cause
figure I-Cause
that O
we O
believe O
supports B-Effect
this I-Effect
and I-Effect
demonstrates I-Effect
the I-Effect
increase I-Effect
in I-Effect
vehicle I-Effect
capacity I-Effect
utilization I-Effect
is I-Effect
growth I-Effect
in I-Effect
average I-Effect
number I-Effect
of I-Effect
rides I-Effect
dispatched I-Effect
per I-Effect
unique I-Effect
Uber I-Effect
vehicle I-Effect
, O
which O
has B-Cause
been I-Cause
increasing I-Cause
gradually I-Cause
from I-Cause
2015 I-Cause
through I-Cause
2018 I-Cause
. O

We B-Effect
expect I-Effect
Hyatt I-Effect
to I-Effect
expand I-Effect
room I-Effect
and I-Effect
revenue I-Effect
share I-Effect
in I-Effect
the I-Effect
hotel I-Effect
industry I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
driven O
by O
a B-Cause
favorable I-Cause
next-generation I-Cause
traveler I-Cause
position I-Cause
supported I-Cause
by I-Cause
its I-Cause
newer I-Cause
House I-Cause
and I-Cause
Place I-Cause
brands I-Cause
( I-Cause
30 I-Cause
% I-Cause
of I-Cause
2019 I-Cause
total I-Cause
rooms I-Cause
) I-Cause
, I-Cause
supporting I-Cause
its I-Cause
intangible I-Cause
brand I-Cause
advantage I-Cause
. O

However O
, O
we O
recognize O
that O
Church B-Cause
& I-Cause
Dwight I-Cause
could I-Cause
face I-Cause
product I-Cause
recalls I-Cause
that O
may O
prove O
costly B-Effect
and/or I-Effect
impinge I-Effect
on I-Effect
its I-Effect
brand I-Effect
intangible I-Effect
assets I-Effect
. O

Fewer B-Cause
travelers I-Cause
mean O
that O
airlines B-Cause
run I-Cause
fewer I-Cause
flights I-Cause
, O
which O
ultimately O
means O
that O
aircraft B-Effect
undergo I-Effect
fewer I-Effect
maintenance I-Effect
cycles I-Effect
, O
which O
directly O
challenges O
the O
company O
's O
flight O
support O
group O
. O

We O
think O
Sysco B-Effect
's I-Effect
consolidated I-Effect
revenue I-Effect
will I-Effect
continue I-Effect
to I-Effect
decline I-Effect
until O
the O
June O
2021 O
quarter O
, O
as O
COVID-19 B-Cause
concerns I-Cause
curtail I-Cause
away-from-home I-Cause
food I-Cause
consumption I-Cause
. O

The O
2017 O
merger O
of O
Knight O
Transportation O
and O
Swift O
Transportation O
placed O
a O
material B-Cause
amount I-Cause
of I-Cause
goodwill I-Cause
on I-Cause
Knight-Swift I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
, O
which O
tempers B-Effect
the I-Effect
company I-Effect
's I-Effect
ROIC I-Effect
performance I-Effect
. O

When B-Cause
that I-Cause
runs I-Cause
out I-Cause
it I-Cause
will I-Cause
have I-Cause
to I-Cause
go I-Cause
back I-Cause
to I-Cause
the I-Cause
legacy I-Cause
area I-Cause
, I-Cause
where I-Cause
unit I-Cause
revenues I-Cause
are I-Cause
weaker I-Cause
due I-Cause
to I-Cause
the I-Cause
low I-Cause
oil I-Cause
content. O
As O
a O
result O
, O
its B-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
are I-Effect
not I-Effect
expected I-Effect
to I-Effect
be I-Effect
as I-Effect
competitive I-Effect
as I-Effect
those I-Effect
of I-Effect
its I-Effect
peers I-Effect
that I-Effect
primarily I-Effect
operate I-Effect
in I-Effect
core I-Effect
areas I-Effect
. O

Therefore O
, O
despite O
the O
healthy O
and O
defensive O
nature O
of O
the O
businesses O
that O
operate O
out O
of O
Realty O
Income O
's O
portfolio O
, O
tenants B-Cause
possess I-Cause
the I-Cause
negotiating I-Cause
power I-Cause
to I-Cause
demand I-Cause
lease I-Cause
terms I-Cause
that O
severely B-Effect
limit I-Effect
the I-Effect
company I-Effect
's I-Effect
internal I-Effect
growth I-Effect
prospects I-Effect
. O

Even O
though O
the O
government O
participation O
is O
silent O
in O
principal O
, O
anti-bank B-Cause
sentiment I-Cause
in I-Cause
the I-Cause
public I-Cause
could O
potentially B-Effect
affect I-Effect
NatWest I-Effect
more I-Effect
than I-Effect
peers I-Effect
as O
a O
result O
. O

These O
three O
have O
large O
revenue O
that O
allows B-Cause
them I-Cause
to I-Cause
pump I-Cause
massive I-Cause
investment I-Cause
into I-Cause
research I-Cause
and I-Cause
development I-Cause
to I-Cause
continuously I-Cause
innovate I-Cause
their I-Cause
sensors I-Cause
for O
cutting-edge B-Effect
smartphone I-Effect
cameras I-Effect
, O
and O
we O
think O
it O
would O
be O
incredibly O
difficult O
for O
a O
new O
entrant O
to O
compete O
. O

We O
also O
believe O
that O
advertising B-Effect
revenue I-Effect
will I-Effect
decline I-Effect
as O
the B-Cause
result I-Cause
of I-Cause
a I-Cause
lower I-Cause
subscriber I-Cause
base I-Cause
in I-Cause
an I-Cause
increasingly I-Cause
competitive I-Cause
market I-Cause
. O

Charter B-Cause
also I-Cause
operates I-Cause
with I-Cause
a I-Cause
fairly I-Cause
heavy I-Cause
debt I-Cause
load I-Cause
, O
which O
can O
cause O
its B-Effect
shares I-Effect
to I-Effect
respond I-Effect
sharply I-Effect
to I-Effect
changes I-Effect
in I-Effect
the I-Effect
business I-Effect
or I-Effect
general I-Effect
market I-Effect
volatility I-Effect
. O

Or O
, O
the B-Cause
firm I-Cause
could I-Cause
lose I-Cause
out I-Cause
on I-Cause
the I-Cause
NFL I-Cause
rights I-Cause
entirely I-Cause
after O
the O
2022 O
season O
, O
a O
situation O
that O
would O
create O
significant B-Effect
uncertainty I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

Despite O
these O
low O
margins O
, O
the B-Effect
company I-Effect
has I-Effect
historically I-Effect
generated I-Effect
ROICs I-Effect
of I-Effect
15-20 I-Effect
% I-Effect
largely I-Effect
due O
to O
scale B-Effect
and I-Effect
growth I-Effect
driven O
by O
strong B-Cause
drug I-Cause
price I-Cause
inflation I-Cause
and I-Cause
increases I-Cause
in I-Cause
therapies I-Cause
. O

We O
view O
the B-Cause
scale I-Cause
and I-Cause
resources I-Cause
required I-Cause
to I-Cause
compete I-Cause
for I-Cause
the I-Cause
business I-Cause
of I-Cause
leading-edge I-Cause
manufacturers I-Cause
as I-Cause
major I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
, O
with O
firms O
such O
as O
Lam O
boasting O
R O
& O
amp O
; B-Effect
D I-Effect
cost I-Effect
advantages I-Effect
over I-Effect
smaller I-Effect
peers I-Effect
. O

A B-Cause
rival I-Cause
would I-Cause
need I-Cause
to I-Cause
undercut I-Cause
SBA I-Cause
's I-Cause
prices I-Cause
by I-Cause
that I-Cause
much I-Cause
more I-Cause
to O
make B-Effect
up I-Effect
for I-Effect
the I-Effect
loss I-Effect
carriers I-Effect
would I-Effect
be I-Effect
facing I-Effect
in I-Effect
deciding I-Effect
to I-Effect
switch I-Effect
, O
further O
impeding B-Effect
a I-Effect
competitor I-Effect
's I-Effect
prospects I-Effect
of I-Effect
generating I-Effect
excess I-Effect
returns I-Effect
. O

Within O
its O
target O
markets O
, O
HCA O
aims O
to O
expand B-Cause
market I-Cause
share I-Cause
through O
a B-Cause
variety I-Cause
of I-Cause
strategies I-Cause
to O
attract B-Effect
patients I-Effect
, I-Effect
physicians I-Effect
, I-Effect
and I-Effect
third-party I-Effect
payers I-Effect
. O

Longer B-Effect
term I-Effect
( I-Effect
between I-Effect
2022 I-Effect
and I-Effect
2024 I-Effect
) I-Effect
, I-Effect
we I-Effect
think I-Effect
the I-Effect
firm I-Effect
can I-Effect
post I-Effect
5 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
average I-Effect
net I-Effect
revenue I-Effect
growth I-Effect
, O
as O
benefits B-Cause
from I-Cause
the I-Cause
network I-Cause
effect I-Cause
support I-Cause
share I-Cause
gains I-Cause
. O

The O
senior O
population O
was O
one O
of O
the O
worst O
hit O
from O
the O
virus O
, O
and O
a B-Cause
few I-Cause
cases I-Cause
led I-Cause
to I-Cause
quarantines I-Cause
of I-Cause
entire I-Cause
facilities I-Cause
, O
which O
dramatically O
impacted B-Effect
occupancy I-Effect
. O

As O
the B-Cause
effects I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
fade I-Cause
, O
our O
forecast O
calls O
for O
growth B-Effect
in I-Effect
Lululemon I-Effect
's I-Effect
company-owned I-Effect
stores I-Effect
segment I-Effect
based I-Effect
on I-Effect
store I-Effect
openings I-Effect
and I-Effect
a I-Effect
gradually I-Effect
increasing I-Effect
average I-Effect
store I-Effect
size I-Effect
, O
which O
is O
modestly O
offset O
by O
slightly O
reduced O
sales O
per O
square O
foot O
. O

Pressure B-Cause
in I-Cause
the I-Cause
television I-Cause
business I-Cause
has O
limited O
revenue B-Effect
growth I-Effect
, O
but O
the B-Cause
firm I-Cause
generates I-Cause
consistent I-Cause
cash I-Cause
flow I-Cause
, O
enabling O
it B-Effect
to I-Effect
return I-Effect
capital I-Effect
to I-Effect
shareholders I-Effect
and I-Effect
pursue I-Effect
acquisition I-Effect
opportunities I-Effect
, I-Effect
limited I-Effect
as I-Effect
they I-Effect
are I-Effect
. O

Delaying B-Cause
some I-Cause
smaller I-Cause
projects I-Cause
scheduled I-Cause
for I-Cause
2020 I-Cause
could O
help O
reduce B-Effect
regulatory I-Effect
lag I-Effect
and I-Effect
push I-Effect
off I-Effect
a I-Effect
rate I-Effect
case I-Effect
into I-Effect
2022 I-Effect
. O

Many B-Effect
small I-Effect
business I-Effect
owners I-Effect
are I-Effect
choosing I-Effect
to I-Effect
exit I-Effect
or I-Effect
sell I-Effect
because O
they B-Cause
can I-Cause
not I-Cause
get I-Cause
the I-Cause
scale I-Cause
on I-Cause
a I-Cause
variety I-Cause
of I-Cause
expenses I-Cause
compared I-Cause
with I-Cause
large I-Cause
dealer I-Cause
groups I-Cause
. O

With O
its O
higher B-Cause
leverage I-Cause
from I-Cause
the I-Cause
2017 I-Cause
merger I-Cause
, O
we O
believe O
Syneos B-Effect
is I-Effect
at I-Effect
greater I-Effect
risk I-Effect
of I-Effect
being I-Effect
constrained I-Effect
with I-Effect
its I-Effect
capital I-Effect
allocation I-Effect
strategy I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

We O
also O
expect O
revenue B-Effect
per I-Effect
customer I-Effect
will I-Effect
return I-Effect
to I-Effect
solid I-Effect
growth I-Effect
, O
as O
the B-Cause
shift I-Cause
to I-Cause
unsubsidized I-Cause
rate I-Cause
plans I-Cause
has I-Cause
neared I-Cause
an I-Cause
end I-Cause
. O

With O
essentially O
all O
rooms O
franchised O
, O
Choice B-Effect
has I-Effect
an I-Effect
attractive I-Effect
recurring-fee I-Effect
business I-Effect
model I-Effect
with I-Effect
high I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
( I-Effect
averaging I-Effect
40 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
) I-Effect
, O
as O
franchised O
hotels B-Cause
have I-Cause
low I-Cause
fixed I-Cause
costs I-Cause
and I-Cause
capital I-Cause
requirements I-Cause
. O

We O
have O
also O
assumed O
that O
the B-Cause
sale I-Cause
of I-Cause
a I-Cause
minority I-Cause
interest I-Cause
in I-Cause
Lightpath I-Cause
will O
result O
in O
the B-Effect
payment I-Effect
of I-Effect
$ I-Effect
45 I-Effect
million I-Effect
in I-Effect
dividends I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
minority I-Effect
partner I-Effect
in I-Effect
2021 I-Effect
, O
growing O
steadily O
thereafter O
. O

We B-Cause
project I-Cause
that I-Cause
while I-Cause
Pandora I-Cause
will I-Cause
slowly I-Cause
expand I-Cause
its I-Cause
subscriber I-Cause
base I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, I-Cause
the B-Effect
segment I-Effect
will I-Effect
continue I-Effect
to I-Effect
lose I-Effect
money I-Effect
as I-Effect
royalty I-Effect
payments I-Effect
will I-Effect
remain I-Effect
a I-Effect
drag I-Effect
on I-Effect
operating I-Effect
income I-Effect
generation I-Effect
. I-Effect

The O
high O
cost O
of O
some O
imaging O
systems O
( O
an O
MR O
machine O
can O
cost O
up O
to O
EUR O
8 O
million O
and O
a O
CT O
scanner O
up O
to O
EUR O
2 O
million O
) O
requires B-Effect
hospitals I-Effect
to I-Effect
maximize I-Effect
utilization I-Effect
rates I-Effect
and I-Effect
reduce I-Effect
downtime I-Effect
, O
as O
a O
prolonged B-Cause
interruption I-Cause
can I-Cause
have I-Cause
implications I-Cause
for I-Cause
hospital I-Cause
profitability I-Cause
and I-Cause
waiting I-Cause
times I-Cause
. O

Lastly O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
amplification I-Cause
of I-Cause
opinions I-Cause
that I-Cause
this I-Cause
begets I-Cause
, O
create O
a O
secular B-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
degradation I-Effect
that O
is O
quite O
acute O
for O
firms O
that O
rely O
heavily O
on O
a O
single O
trademark O
. O

Revenue B-Effect
growth I-Effect
will I-Effect
be I-Effect
driven I-Effect
by O
growth B-Cause
in I-Cause
the I-Cause
firm I-Cause
's I-Cause
overall I-Cause
users I-Cause
for I-Cause
both I-Cause
premium I-Cause
and I-Cause
ad-supported I-Cause
services I-Cause
( I-Cause
including I-Cause
podcast I-Cause
) I-Cause
, I-Cause
along I-Cause
with I-Cause
continuing I-Cause
growth I-Cause
in I-Cause
online I-Cause
ad I-Cause
spending I-Cause
. O

For O
the O
full O
year O
, O
we O
see O
a B-Effect
double-digit I-Effect
comp-store I-Effect
sales I-Effect
increase I-Effect
that I-Effect
is I-Effect
boosted I-Effect
by O
the B-Cause
limited I-Cause
number I-Cause
of I-Cause
stores I-Cause
operating I-Cause
during I-Cause
the I-Cause
earlier I-Cause
part I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, I-Cause
along I-Cause
with I-Cause
a I-Cause
robust I-Cause
increase I-Cause
in I-Cause
direct-to-consumer I-Cause
sales I-Cause
, I-Cause
as I-Cause
customers I-Cause
continue I-Cause
to I-Cause
choose I-Cause
more I-Cause
socially I-Cause
distanced I-Cause
options I-Cause
. O

Ferguson B-Effect
has I-Effect
also I-Effect
strengthened I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
by O
pivoting O
to O
its O
stronger O
performing O
North O
American O
business O
with O
the B-Cause
divestiture I-Cause
of I-Cause
its I-Cause
poor I-Cause
performing I-Cause
Central I-Cause
European I-Cause
and I-Cause
U.K I-Cause
. O

Oregon O
faced O
the O
opposite O
problem O
, O
as O
an O
excessive B-Cause
amount I-Cause
of I-Cause
cultivation I-Cause
licenses I-Cause
led O
to O
market B-Effect
oversupply I-Effect
, I-Effect
driving I-Effect
cannabis I-Effect
prices I-Effect
lower I-Effect
. O

Also O
, O
projects B-Cause
like I-Cause
liquid I-Cause
natural I-Cause
gas I-Cause
, I-Cause
or I-Cause
LNG I-Cause
, I-Cause
with I-Cause
long-plateau I-Cause
production I-Cause
levels I-Cause
that I-Cause
require I-Cause
little I-Cause
additional I-Cause
capital I-Cause
expenditure I-Cause
, O
help O
reduce B-Cause
decline I-Cause
rates I-Cause
while I-Cause
generating I-Cause
significant I-Cause
free I-Cause
cash I-Cause
flow I-Cause
to O
support O
reinvestment B-Effect
elsewhere I-Effect
or I-Effect
shareholder I-Effect
returns I-Effect
. O

We O
're O
expecting O
a B-Effect
leisure-led I-Effect
recovery I-Effect
in I-Effect
commercial I-Effect
aviation I-Effect
, O
reflecting O
customers B-Cause
being I-Cause
more I-Cause
willing I-Cause
to I-Cause
visit I-Cause
friends I-Cause
and I-Cause
family I-Cause
and I-Cause
vacation I-Cause
in I-Cause
a I-Cause
pandemic I-Cause
than I-Cause
they I-Cause
are I-Cause
to I-Cause
go I-Cause
on I-Cause
business I-Cause
travel I-Cause
. O

Unconstructive B-Effect
regulatory I-Effect
decisions I-Effect
are I-Effect
more I-Effect
likely I-Effect
in I-Effect
periods I-Effect
of I-Effect
rising I-Effect
electricity I-Effect
rates I-Effect
, O
which O
could O
occur O
if O
power B-Cause
prices I-Cause
rise I-Cause
while I-Cause
Evergy I-Cause
retires I-Cause
coal I-Cause
plants I-Cause
. O

The B-Effect
segment I-Effect
benefited I-Effect
from I-Effect
robust I-Effect
demand I-Effect
for I-Effect
residential I-Effect
products I-Effect
as O
people B-Cause
have I-Cause
been I-Cause
spending I-Cause
more I-Cause
time I-Cause
at I-Cause
home I-Cause
due I-Cause
to I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
, O
and O
more B-Cause
consumers I-Cause
decided I-Cause
to I-Cause
build I-Cause
new I-Cause
pools I-Cause
or I-Cause
to I-Cause
upgrade I-Cause
their I-Cause
existing I-Cause
pools I-Cause
. O

We O
expect O
Mosaic B-Effect
to I-Effect
increase I-Effect
its I-Effect
potash I-Effect
production I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
as O
the B-Cause
new I-Cause
K3 I-Cause
mine I-Cause
is I-Cause
ramped I-Cause
up I-Cause
to I-Cause
full I-Cause
capacity I-Cause
and I-Cause
global I-Cause
demand I-Cause
for I-Cause
potash I-Cause
continues I-Cause
to I-Cause
grow I-Cause
. O

The B-Cause
addition I-Cause
of I-Cause
new I-Cause
modules I-Cause
will O
increase B-Effect
the I-Effect
value I-Effect
proposition I-Effect
of O
Paycom O
's O
offerings O
and O
keep O
businesses B-Effect
entrenched I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
platform I-Effect
, O
supporting O
switching O
costs O
. O

As O
the O
law O
nears O
expiration O
, O
we O
think O
bipartisan B-Cause
support I-Cause
for I-Cause
improved I-Cause
infrastructure I-Cause
should O
help B-Effect
bring I-Effect
a I-Effect
new I-Effect
long-term I-Effect
law I-Effect
in I-Effect
its I-Effect
place I-Effect
. O

German B-Cause
labor I-Cause
unions I-Cause
, I-Cause
in I-Cause
conjunction I-Cause
with I-Cause
political I-Cause
sympathy I-Cause
for I-Cause
domestic I-Cause
labor I-Cause
, O
could O
make B-Effect
it I-Effect
difficult I-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
rationalize I-Effect
capacity I-Effect
in I-Effect
its I-Effect
home I-Effect
market I-Effect
. O

With O
manufacturing B-Cause
facilities I-Cause
located I-Cause
near I-Cause
demand I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
personal I-Cause
watercraft I-Cause
in I-Cause
Mexico I-Cause
) I-Cause
and I-Cause
ongoing I-Cause
spending I-Cause
for I-Cause
further I-Cause
facility I-Cause
capacity I-Cause
( I-Cause
fall I-Cause
2021 I-Cause
start I-Cause
) I-Cause
, O
BRP B-Effect
continues I-Effect
to I-Effect
pursue I-Effect
efficiencies I-Effect
in I-Effect
its I-Effect
manufacturing I-Effect
process I-Effect
. O

Given O
the B-Cause
company I-Cause
's I-Cause
historical I-Cause
capital I-Cause
structure I-Cause
, I-Cause
which I-Cause
has I-Cause
relied I-Cause
heavily I-Cause
on I-Cause
balance I-Cause
sheet I-Cause
leverage I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
Federal-Mogul I-Cause
deal I-Cause
, O
we O
have O
assumed O
a B-Effect
33 I-Effect
% I-Effect
equity I-Effect
and I-Effect
a I-Effect
67 I-Effect
% I-Effect
debt I-Effect
capital I-Effect
weighting I-Effect
. O

Once B-Cause
federal I-Cause
regulations I-Cause
are I-Cause
changed I-Cause
and I-Cause
interstate I-Cause
trade I-Cause
is I-Cause
permitted I-Cause
, I-Cause
there I-Cause
will I-Cause
be I-Cause
intense I-Cause
competition I-Cause
in I-Cause
the I-Cause
cannabis I-Cause
market I-Cause
as I-Cause
companies I-Cause
attempt I-Cause
to I-Cause
establish I-Cause
and I-Cause
strengthen I-Cause
their I-Cause
brands. O
This O
would O
create B-Effect
a I-Effect
highly I-Effect
competitive I-Effect
environment I-Effect
that I-Effect
would I-Effect
likely I-Effect
limit I-Effect
the I-Effect
potential I-Effect
return I-Effect
on I-Effect
marketing I-Effect
spend I-Effect
for I-Effect
any I-Effect
single I-Effect
brand I-Effect
. O

Diageo O
is O
undertaking O
a B-Cause
premiumization I-Cause
strategy I-Cause
, O
which O
we O
think O
will O
be O
a B-Effect
significant I-Effect
long-term I-Effect
tailwind I-Effect
to I-Effect
both I-Effect
volumes I-Effect
and I-Effect
price/mix I-Effect
. O

For O
SiriusXM O
satellite O
radio O
, O
we O
expect O
average B-Effect
annual I-Effect
growth I-Effect
of I-Effect
4 I-Effect
% I-Effect
over O
the O
next O
five O
years O
, O
driven O
by O
self-pay B-Cause
subscriber I-Cause
growth I-Cause
to O
over O
32 O
million O
from O
29 O
million O
at O
the O
end O
of O
2019 O
and O
2 B-Cause
% I-Cause
growth I-Cause
in I-Cause
average I-Cause
revenue I-Cause
per I-Cause
self-pay I-Cause
user I-Cause
. O

As O
Snap-on B-Cause
has I-Cause
acquired I-Cause
four I-Cause
precision I-Cause
torque I-Cause
tool I-Cause
manufacturers I-Cause
since I-Cause
2016 I-Cause
, O
it B-Effect
has I-Effect
become I-Effect
a I-Effect
leader I-Effect
in I-Effect
this I-Effect
niche I-Effect
field I-Effect
. O

With O
competition B-Cause
rising I-Cause
, O
we O
anticipate O
margins B-Effect
will I-Effect
be I-Effect
pressured I-Effect
long I-Effect
term I-Effect
, O
though O
improved B-Cause
pricing I-Cause
practices I-Cause
as I-Cause
well I-Cause
as I-Cause
supply I-Cause
chain I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
distribution I-Cause
capabilities I-Cause
should O
help O
offset O
the B-Effect
strain I-Effect
, O
as O
should O
a O
growing O
private O
label O
portfolio O
and O
procurement O
leverage O
. O

Many O
malls O
have O
suffered O
declines O
in O
customer O
traffic O
over O
the O
past O
few O
years O
and O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
could O
accelerate B-Effect
mall I-Effect
closures I-Effect
. O

Although O
this B-Cause
competitive I-Cause
advantage I-Cause
would I-Cause
evaporate I-Cause
if O
ICANN B-Cause
were I-Cause
to I-Cause
end I-Cause
this I-Cause
contract I-Cause
, O
which O
would B-Effect
be I-Effect
catastrophic I-Effect
for I-Effect
VeriSign I-Effect
and I-Effect
its I-Effect
investors I-Effect
, O
we O
think O
the O
likelihood O
is O
remote O
. O

Most O
recently O
, O
Veeva B-Effect
Systems I-Effect
has I-Effect
expanded I-Effect
into I-Effect
other I-Effect
regulated I-Effect
industries I-Effect
outside I-Effect
of I-Effect
life I-Effect
sciences I-Effect
, I-Effect
including I-Effect
cosmetic I-Effect
and I-Effect
chemical I-Effect
companies I-Effect
, O
as O
these B-Cause
industries I-Cause
have I-Cause
some I-Cause
regulatory I-Cause
cross I-Cause
over I-Cause
. O

We O
believe O
that O
networking B-Effect
customers I-Effect
are I-Effect
reluctant I-Effect
to I-Effect
make I-Effect
vendor I-Effect
changes I-Effect
because O
of O
the B-Cause
potential I-Cause
downtime I-Cause
costs I-Cause
associated I-Cause
with I-Cause
adjusting I-Cause
existing I-Cause
trusted I-Cause
infrastructure I-Cause
providers I-Cause
. O

The B-Cause
intricacy I-Cause
of I-Cause
Autodesk I-Cause
software I-Cause
and I-Cause
the I-Cause
training I-Cause
required I-Cause
for I-Cause
proficiency I-Cause
has B-Effect
us I-Effect
less I-Effect
concerned I-Effect
with I-Effect
the I-Effect
interoperability I-Effect
among I-Effect
many I-Effect
of I-Effect
the I-Effect
Autodesk I-Effect
solutions I-Effect
. O

We O
believe O
that O
the B-Effect
benefit I-Effect
of I-Effect
high-margin I-Effect
retransmission I-Effect
revenue I-Effect
will O
be O
offset O
by O
increased B-Cause
reverse I-Cause
compensation I-Cause
demands I-Cause
from I-Cause
the I-Cause
national I-Cause
broadcasters I-Cause
. O

Enterprises B-Effect
utilizing I-Effect
virtual I-Effect
machines I-Effect
through I-Effect
a I-Effect
hypervisor I-Effect
, I-Effect
such I-Effect
as I-Effect
the I-Effect
industry I-Effect
gold I-Effect
standard I-Effect
ESXi I-Effect
by I-Effect
VMware I-Effect
, I-Effect
enjoy I-Effect
higher I-Effect
server I-Effect
utilization I-Effect
rates I-Effect
due O
to O
the B-Cause
software I-Cause
's I-Cause
ability I-Cause
to I-Cause
segment I-Cause
the I-Cause
hardware I-Cause
into I-Cause
multiple I-Cause
instances I-Cause
of I-Cause
itself I-Cause
. O

Twilio B-Cause
's I-Cause
software I-Cause
routes I-Cause
calls/messages I-Cause
to I-Cause
the I-Cause
most I-Cause
cost-effective I-Cause
and I-Cause
fastest I-Cause
carrier I-Cause
, O
allowing O
for O
low-latency B-Effect
client I-Effect
communication I-Effect
at I-Effect
the I-Effect
lowest I-Effect
possible I-Effect
expense I-Effect
. O

Combined O
with O
most B-Cause
consumption I-Cause
taking I-Cause
place I-Cause
in I-Cause
communal I-Cause
settings I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
'social I-Cause
currency I-Cause
' I-Cause
that I-Cause
many I-Cause
individuals I-Cause
derive I-Cause
from I-Cause
these I-Cause
occasions I-Cause
, O
we O
believe O
resonant B-Effect
brands I-Effect
are I-Effect
particularly I-Effect
advantaged I-Effect
in I-Effect
this I-Effect
space I-Effect
. O

Further O
, O
management B-Cause
's I-Cause
care I-Cause
to I-Cause
open I-Cause
nearby I-Cause
stores I-Cause
through I-Cause
existing I-Cause
franchise I-Cause
partners I-Cause
( O
ensuring O
that O
any O
sales O
transfers O
remain O
under O
the O
franchise O
operator O
's O
territory O
) O
avoids O
pitting B-Effect
franchisees I-Effect
against I-Effect
one I-Effect
another I-Effect
, O
as O
we O
've O
seen O
cause O
problems O
at O
both O
McDonald O
's O
( O
in O
the O
1990s O
) O
and O
Subway O
( O
in O
the O
2010s O
) O
. O

We B-Effect
are I-Effect
reducing I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
medium I-Effect
from I-Effect
high I-Effect
as O
we B-Cause
believe I-Cause
uncertainty I-Cause
about I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
on I-Cause
Global I-Cause
Payments I-Cause
' I-Cause
business I-Cause
has I-Cause
subsided I-Cause
. O

We O
think O
Clorox B-Cause
is I-Cause
employing I-Cause
a I-Cause
tactical I-Cause
approach I-Cause
, I-Cause
anchored I-Cause
in I-Cause
investing I-Cause
in I-Cause
consumer-valued I-Cause
innovation I-Cause
supported I-Cause
by I-Cause
advertising I-Cause
, I-Cause
pursuing I-Cause
cost I-Cause
savings I-Cause
, I-Cause
and I-Cause
surgically I-Cause
taking I-Cause
price I-Cause
( I-Cause
with I-Cause
plans I-Cause
to I-Cause
raise I-Cause
prices I-Cause
in I-Cause
its I-Cause
Glad I-Cause
lineup I-Cause
beginning I-Cause
in I-Cause
July I-Cause
) I-Cause
, I-Cause
which I-Cause
we I-Cause
view I-Cause
as I-Cause
prudent. O
As O
such O
, O
we B-Effect
are I-Effect
n't I-Effect
altering I-Effect
our I-Effect
long-term I-Effect
forecast I-Effect
for I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
and I-Effect
operating I-Effect
margins I-Effect
approximating I-Effect
20 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
( I-Effect
about I-Effect
100 I-Effect
basis I-Effect
points I-Effect
north I-Effect
of I-Effect
the I-Effect
level I-Effect
achieved I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
. O

As O
a O
result O
of O
the B-Cause
time I-Cause
spent I-Cause
implementing I-Cause
the I-Cause
platform I-Cause
and I-Cause
training I-Cause
necessary I-Cause
employees I-Cause
, O
businesses B-Effect
would I-Effect
be I-Effect
loath I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
different I-Effect
platform I-Effect
and I-Effect
undergo I-Effect
the I-Effect
process I-Effect
all I-Effect
over I-Effect
again I-Effect
. O

The B-Effect
inability I-Effect
to I-Effect
use I-Effect
its I-Effect
most I-Effect
resonant I-Effect
trademark I-Effect
into I-Effect
completely I-Effect
greenfield I-Effect
opportunities I-Effect
places B-Cause
a I-Cause
ceiling I-Cause
on I-Cause
monetizing I-Cause
and I-Cause
entrenching I-Cause
its I-Cause
intangible I-Cause
assets I-Cause
, O
in O
our O
view O
. O

We O
assume O
Dollar B-Effect
General I-Effect
's I-Effect
stores I-Effect
continue I-Effect
to I-Effect
remain I-Effect
open I-Effect
during I-Effect
the I-Effect
pandemic I-Effect
, O
with O
trade-down B-Cause
and I-Cause
Americans I-Cause
' I-Cause
turn I-Cause
homeward I-Cause
driving I-Cause
sales I-Cause
despite O
high O
unemployment O
. O

Nordstrom B-Effect
's I-Effect
full-price I-Effect
sales I-Effect
plummeted I-Effect
30 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
outbreak I-Cause
and I-Cause
the I-Cause
closure I-Cause
of I-Cause
16 I-Cause
stores I-Cause
, O
but O
we O
anticipate O
a O
24 O
% O
sales O
increase O
in O
2021 O
. O

The B-Cause
acquisition I-Cause
of I-Cause
Cable I-Cause
Onda I-Cause
and I-Cause
the I-Cause
acquisitions I-Cause
from I-Cause
Telefonica I-Cause
add B-Effect
integration I-Effect
risk I-Effect
and I-Effect
exposure I-Effect
in I-Effect
markets I-Effect
where O
Millicom O
has O
had O
a O
limited O
presence O
historically O
. O

For B-Effect
an I-Effect
asset-light I-Effect
global I-Effect
forwarder I-Effect
, I-Effect
net I-Effect
revenue I-Effect
is I-Effect
a I-Effect
key I-Effect
performance I-Effect
metric I-Effect
, O
as O
it B-Cause
represents I-Cause
gross I-Cause
sales I-Cause
less I-Cause
the I-Cause
cost I-Cause
of I-Cause
obtaining I-Cause
air I-Cause
and I-Cause
ocean I-Cause
capacity I-Cause
. O

After O
fiscal O
2020 O
's O
pandemic-driven O
4 O
% O
drop O
in O
organic O
sales O
, O
we O
expect O
the B-Effect
metric I-Effect
to I-Effect
recover I-Effect
12 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, O
as O
stores B-Cause
and I-Cause
salons I-Cause
reopen I-Cause
, I-Cause
social I-Cause
distancing I-Cause
mandates I-Cause
relax I-Cause
, I-Cause
and I-Cause
travel I-Cause
retail I-Cause
recovers I-Cause
. O

We O
would O
expect O
volume B-Effect
growth I-Effect
to I-Effect
slightly I-Effect
outpace I-Effect
global I-Effect
population I-Effect
growth I-Effect
, O
the O
excess O
being O
driven O
by O
increased B-Cause
coating I-Cause
use I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
. O

The B-Effect
global I-Effect
restaurant I-Effect
sector I-Effect
has I-Effect
come I-Effect
under I-Effect
pressure I-Effect
, O
as O
several B-Cause
markets I-Cause
have I-Cause
restricted I-Cause
dine-in I-Cause
service I-Cause
to I-Cause
curb I-Cause
the I-Cause
spread I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
. O

With B-Cause
no I-Cause
imminent I-Cause
debt I-Cause
maturities I-Cause
and I-Cause
ample I-Cause
liquidity I-Cause
, O
Burlington B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
successfully I-Effect
meet I-Effect
a I-Effect
changing I-Effect
demand I-Effect
environment I-Effect
( I-Effect
as I-Effect
apparel I-Effect
sales I-Effect
rise I-Effect
with I-Effect
Americans I-Effect
increasingly I-Effect
returning I-Effect
to I-Effect
normal I-Effect
activities I-Effect
outside I-Effect
the I-Effect
home I-Effect
) I-Effect
. O

Arrow B-Cause
is I-Cause
a I-Cause
linchpin I-Cause
between I-Cause
semiconductor I-Cause
vendors I-Cause
and I-Cause
its I-Cause
end-market I-Cause
customers I-Cause
, O
and O
is O
thus O
exposed B-Effect
to I-Effect
cyclicality I-Effect
on I-Effect
both I-Effect
sides I-Effect
. O

However O
, O
we O
believe O
the O
following O
can O
be O
highlighted O
as O
potential O
risks O
: O
1 O
) O
lower-than-expected B-Effect
student I-Effect
enrolment I-Effect
rate I-Effect
due O
to O
intensified B-Cause
competition I-Cause
; O
2 O
) O
lower-than-expected B-Effect
tuition I-Effect
rate I-Effect
adjustment I-Effect
due O
to O
intensified O
competition O
; O
and O
3 O
) O
higher-than-expected B-Effect
teacher I-Effect
cost I-Effect
due O
to O
intensified B-Cause
competition I-Cause
for I-Cause
online I-Cause
education I-Cause
. O

The B-Cause
cash I-Cause
flows I-Cause
also I-Cause
put I-Cause
the I-Cause
company I-Cause
in I-Cause
the I-Cause
rare I-Cause
position I-Cause
of O
supporting B-Effect
the I-Effect
approximately I-Effect
$ I-Effect
800 I-Effect
million I-Effect
in I-Effect
R I-Effect
& I-Effect
amp I-Effect
; O
D O
needed O
on O
average O
to O
bring O
each O
new O
drug O
to O
the O
market O
. O

For B-Cause
an I-Cause
OEM I-Cause
to I-Cause
produce I-Cause
a I-Cause
vehicle I-Cause
that I-Cause
can I-Cause
accommodate I-Cause
a I-Cause
new I-Cause
technology I-Cause
like I-Cause
high-power I-Cause
charging I-Cause
, I-Cause
it I-Cause
relies I-Cause
on I-Cause
a I-Cause
supplier I-Cause
like I-Cause
TE I-Cause
to I-Cause
invent I-Cause
the I-Cause
component I-Cause
technology I-Cause
to I-Cause
do I-Cause
so. O
These O
innovations O
allow O
TE B-Effect
to I-Effect
occupy I-Effect
a I-Effect
larger I-Effect
portion I-Effect
of I-Effect
the I-Effect
overall I-Effect
bill I-Effect
of I-Effect
materials I-Effect
, I-Effect
through I-Effect
incorporating I-Effect
more I-Effect
SKUs I-Effect
and I-Effect
through I-Effect
selling I-Effect
higher-tech I-Effect
, I-Effect
higher-priced I-Effect
SKUs I-Effect
-- I-Effect
$ I-Effect
60 I-Effect
of I-Effect
content I-Effect
in I-Effect
an I-Effect
ICE I-Effect
vehicle I-Effect
doubles I-Effect
to I-Effect
$ I-Effect
120 I-Effect
in I-Effect
an I-Effect
EV I-Effect
. O

We O
expect O
operating B-Effect
margin I-Effect
of I-Effect
20 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
, I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
, O
and O
we B-Cause
think I-Cause
automation I-Cause
efforts I-Cause
and I-Cause
mix I-Cause
shift I-Cause
toward I-Cause
higher-value I-Cause
services I-Cause
will I-Cause
drive I-Cause
this I-Cause
margin I-Cause
expansion I-Cause
. O

Like B-Cause
essentially I-Cause
all I-Cause
oilfield I-Cause
service I-Cause
companies I-Cause
, I-Cause
Tenaris I-Cause
would I-Cause
be I-Cause
vulnerable I-Cause
to I-Cause
an I-Cause
economic I-Cause
or I-Cause
technological I-Cause
shock I-Cause
that O
reduced B-Effect
the I-Effect
long-term I-Effect
growth I-Effect
in I-Effect
oil I-Effect
and I-Effect
gas I-Effect
demand I-Effect
. O

The B-Effect
geopolitical I-Effect
risk I-Effect
is I-Effect
broader I-Effect
than I-Effect
the I-Effect
pandemic I-Effect
, O
as O
any B-Cause
number I-Cause
of I-Cause
unpredictable I-Cause
events I-Cause
such I-Cause
as I-Cause
wars I-Cause
, I-Cause
international I-Cause
tension I-Cause
, I-Cause
and I-Cause
natural I-Cause
disasters I-Cause
affect I-Cause
travel I-Cause
. O

We O
see O
material B-Effect
uncertainty I-Effect
from O
the B-Cause
ongoing I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
with O
most O
of O
the O
firm O
's O
revenue O
tied O
to O
capital B-Effect
spending I-Effect
cycles I-Effect
, I-Effect
which I-Effect
could I-Effect
be I-Effect
depressed I-Effect
in O
a B-Cause
recessionary I-Cause
environment I-Cause
. O

We O
believe O
both O
the O
infant B-Cause
formula I-Cause
and I-Cause
consumer I-Cause
health I-Cause
categories I-Cause
possess I-Cause
strong I-Cause
pricing I-Cause
, O
and O
when O
RB O
's O
portfolio O
repositioning O
to O
increase O
exposure O
to O
these O
businesses O
is O
complete O
, O
we O
believe O
the B-Effect
firm I-Effect
will I-Effect
have I-Effect
a I-Effect
stronger I-Effect
price/mix I-Effect
growth I-Effect
driver I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
competitors I-Effect
. O

When O
fuel B-Cause
prices I-Cause
increase I-Cause
, O
fuel B-Effect
expenses I-Effect
and I-Effect
fuel I-Effect
surcharges I-Effect
increase I-Effect
, O
albeit O
with O
a O
delay O
between O
the O
rise O
in O
prices O
and O
surcharge O
implementation O
. O

Capital B-Effect
One I-Effect
is I-Effect
more I-Effect
exposed I-Effect
to I-Effect
the I-Effect
credit I-Effect
cycle I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
peers I-Effect
because O
of O
the B-Cause
large I-Cause
amount I-Cause
of I-Cause
subprime I-Cause
consumer I-Cause
lending I-Cause
it I-Cause
does I-Cause
. O

Historically O
, B-Cause
Carnival I-Cause
touted I-Cause
a I-Cause
solid I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
, O
allowing O
the B-Effect
firm I-Effect
to I-Effect
capture I-Effect
rising I-Effect
capacity-adjusted I-Effect
yields I-Effect
, O
which O
rose O
a O
modest O
1 O
% O
on O
average O
over O
the O
past O
five O
years O
. O

The B-Cause
Charter I-Cause
acquisition I-Cause
added I-Cause
roughly I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
of I-Cause
goodwill I-Cause
to I-Cause
Colfax I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
and I-Cause
diluted I-Cause
the I-Cause
firm I-Cause
's I-Cause
operating I-Cause
margins I-Cause
, O
which O
caused O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
including I-Effect
goodwill I-Effect
to I-Effect
decline I-Effect
. O

We O
believe O
this B-Effect
arrangement I-Effect
drives I-Effect
customer I-Effect
loyalty I-Effect
as I-Effect
mechanics I-Effect
rely I-Effect
on I-Effect
Matco I-Effect
's I-Effect
financing I-Effect
, I-Cause
and I-Cause
the I-Cause
company I-Cause
ensures I-Cause
that I-Cause
they I-Cause
have I-Cause
all I-Cause
the I-Cause
necessary I-Cause
tools I-Cause
to I-Cause
avoid I-Cause
any I-Cause
work I-Cause
delays I-Cause
. O

Aside O
from O
cyclical O
demand O
, O
overcapacity B-Effect
is I-Effect
on I-Effect
of I-Effect
the I-Effect
top I-Effect
problems I-Effect
manufacturers I-Effect
may I-Effect
have I-Effect
to I-Effect
face I-Effect
and O
the O
problem O
will O
only O
worsen O
, O
exacerbated B-Cause
by I-Cause
many I-Cause
manufacturers I-Cause
' I-Cause
new I-Cause
capacity I-Cause
plans I-Cause
to I-Cause
serve I-Cause
long-term I-Cause
growth I-Cause
potential I-Cause
in I-Cause
China I-Cause
. O

This B-Effect
increased I-Effect
penetration I-Effect
should O
be O
driven O
by O
RingCentral B-Cause
's I-Cause
relationships I-Cause
with I-Cause
key I-Cause
channel I-Cause
partners I-Cause
such I-Cause
as I-Cause
Avaya I-Cause
, I-Cause
Atos I-Cause
, I-Cause
and I-Cause
Alcatel-Lucent I-Cause
Enterprise I-Cause
, I-Cause
which I-Cause
boast I-Cause
a I-Cause
combined I-Cause
on-premise I-Cause
user I-Cause
base I-Cause
of I-Cause
about I-Cause
150 I-Cause
million I-Cause
to I-Cause
180 I-Cause
million I-Cause
. O

U.S B-Effect
and I-Effect
emerging-market I-Effect
opportunities I-Effect
in I-Effect
newborn I-Effect
screening I-Effect
and I-Effect
reproductive I-Effect
health I-Effect
remain I-Effect
healthy I-Effect
, O
while O
continued B-Cause
growth I-Cause
from O
the B-Cause
Euroimmun I-Cause
acquisition I-Cause
should O
add O
incremental B-Effect
benefit I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
diagnostic I-Effect
channels I-Effect
. O

We B-Effect
model I-Effect
modest I-Effect
loan I-Effect
growth I-Effect
averaging I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
Brazil B-Cause
recovers I-Cause
from I-Cause
the I-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
. O

Furthermore O
, O
the B-Cause
substantial I-Cause
equipment I-Cause
spending I-Cause
in I-Cause
3D I-Cause
NAND I-Cause
in I-Cause
recent I-Cause
years I-Cause
could O
result O
in O
excess B-Cause
capacity I-Cause
, O
leading O
to O
a B-Effect
slowdown I-Effect
in I-Effect
Lam I-Effect
's I-Effect
equipment I-Effect
sales I-Effect
to I-Effect
this I-Effect
end I-Effect
market I-Effect
. O

We O
also O
believe O
that O
military B-Effect
and I-Effect
defense I-Effect
sales I-Effect
will I-Effect
maintain I-Effect
high-single-digit I-Effect
growth I-Effect
with O
similarly B-Effect
strong I-Effect
performance I-Effect
from I-Effect
the I-Effect
IT I-Effect
and I-Effect
data I-Effect
communications I-Effect
market I-Effect
, O
due O
to O
increased B-Cause
5G I-Cause
and I-Cause
broader I-Cause
connectivity I-Cause
demand I-Cause
growth I-Cause
. O

Despite O
the O
pressure O
, O
we O
still O
believe O
TJX B-Effect
and I-Effect
its I-Effect
peers I-Effect
benefit I-Effect
from O
durable B-Cause
advantages I-Cause
over I-Cause
full-price I-Cause
apparel I-Cause
and I-Cause
home I-Cause
d茅cor I-Cause
sellers I-Cause
, I-Cause
with I-Cause
strong I-Cause
brands I-Cause
, I-Cause
store I-Cause
experiences I-Cause
, I-Cause
and I-Cause
scale I-Cause
working I-Cause
to I-Cause
keep I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
high I-Cause
( I-Cause
high-20s I-Cause
average I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
) I-Cause
. O

However O
, O
we O
think O
Incyte B-Cause
has I-Cause
a I-Cause
robust I-Cause
late-stage I-Cause
pipeline I-Cause
focusing I-Cause
primarily I-Cause
on I-Cause
oncology I-Cause
and I-Cause
other I-Cause
autoimmune I-Cause
indications I-Cause
, O
which O
provides B-Effect
attractive I-Effect
long-term I-Effect
growth I-Effect
opportunities I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

CNH B-Cause
Industrial I-Cause
gives I-Cause
customers I-Cause
priority I-Cause
on I-Cause
proprietary I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
services I-Cause
from I-Cause
dealers I-Cause
, O
making O
it B-Effect
easy I-Effect
to I-Effect
understand I-Effect
what I-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
a I-Effect
machine I-Effect
will I-Effect
be I-Effect
throughout I-Effect
its I-Effect
operating I-Effect
life I-Effect
. O

In O
fiscal O
2021 O
, O
we O
project O
adjusted B-Effect
EPS I-Effect
to I-Effect
slide I-Effect
by I-Effect
9 I-Effect
% I-Effect
to I-Effect
GBX I-Effect
53 I-Effect
, O
mostly O
on O
the B-Cause
GBP I-Cause
400 I-Cause
million I-Cause
impact I-Cause
on I-Cause
the I-Cause
EBIT I-Cause
from I-Cause
the I-Cause
COVID-19 I-Cause
fallout I-Cause
. O

Analysis B-Cause
of I-Cause
Taste I-Cause
Graph I-Cause
data I-Cause
helps I-Cause
Pinterest I-Cause
and I-Cause
advertisers I-Cause
post I-Cause
more I-Cause
relevant I-Cause
and I-Cause
effective I-Cause
ads I-Cause
, O
or O
Promoted O
Pins O
, O
which O
may O
generate B-Effect
attractive I-Effect
conversion I-Effect
rates I-Effect
. O

However O
, O
as O
share-based B-Cause
compensation I-Cause
represents I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
operating I-Cause
costs I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
GAAP I-Effect
operating I-Effect
income I-Effect
or I-Effect
net I-Effect
income I-Effect
to I-Effect
turn I-Effect
positive I-Effect
until I-Effect
the I-Effect
back I-Effect
half I-Effect
of I-Effect
the I-Effect
decade I-Effect
. O

We B-Effect
are I-Effect
also I-Effect
encouraged I-Effect
by I-Effect
its B-Cause
initial I-Cause
forays I-Cause
into I-Cause
checking I-Cause
accounts I-Cause
, O
as O
this B-Effect
should I-Effect
help I-Effect
Discover I-Effect
further I-Effect
narrow I-Effect
the I-Effect
cost I-Effect
of I-Effect
funding I-Effect
gap I-Effect
and O
allow B-Cause
it I-Cause
to I-Cause
benefit I-Cause
more I-Cause
from I-Cause
rising I-Cause
interest I-Cause
rates I-Cause
. O

And O
although O
Clorox O
has O
a O
successful O
history O
of O
acquisitions O
and O
imposes O
disciplined O
criteria O
to O
assess O
potential O
targets O
, O
any B-Cause
misstep I-Cause
in I-Cause
timing I-Cause
, I-Cause
execution I-Cause
, I-Cause
or I-Cause
valuation I-Cause
could O
constrain O
returns B-Effect
. O

However O
, O
we O
would O
note O
that O
the B-Effect
PBM I-Effect
business I-Effect
may I-Effect
face I-Effect
challenges I-Effect
if B-Cause
Anthem I-Cause
can I-Cause
successfully I-Cause
compete I-Cause
away I-Cause
incumbent I-Cause
market I-Cause
share I-Cause
from I-Cause
the I-Cause
likes I-Cause
of I-Cause
Cigna I-Cause
. O

In O
our O
view O
, O
an B-Cause
unfavorable I-Cause
regulatory I-Cause
environment I-Cause
in O
China O
means O
that O
Huaneng O
will O
not O
consistently B-Effect
earn I-Effect
returns I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

With O
close B-Cause
to I-Cause
three I-Cause
quarters I-Cause
of I-Cause
annual I-Cause
revenue I-Cause
coming I-Cause
from I-Cause
management I-Cause
and I-Cause
performance I-Cause
fees I-Cause
earned I-Cause
on I-Cause
its I-Cause
AUM I-Cause
, O
dramatic B-Cause
market I-Cause
movements I-Cause
or I-Cause
changes I-Cause
in I-Cause
fund I-Cause
flows I-Cause
can I-Effect
have B-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
AllianceBernstein I-Effect
's I-Effect
operating I-Effect
income I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
expect I-Effect
a I-Effect
return I-Effect
to I-Effect
these I-Effect
margins I-Effect
because O
Brazil B-Cause
has I-Cause
become I-Cause
more I-Cause
competitive I-Cause
, O
but O
we O
see O
plenty O
of O
room O
for O
upside O
from O
current O
levels O
. O

We O
think O
the B-Effect
company I-Effect
has I-Effect
a I-Effect
long I-Effect
runway I-Effect
for I-Effect
growth I-Effect
within I-Effect
its I-Effect
existing I-Effect
roster I-Effect
of I-Effect
clients I-Effect
as O
it B-Cause
continues I-Cause
to I-Cause
improve I-Cause
the I-Cause
feature I-Cause
set I-Cause
and I-Cause
add I-Cause
new I-Cause
solutions I-Cause
to I-Cause
the I-Cause
portfolio I-Cause
. O

Several B-Cause
factors I-Cause
, I-Cause
including I-Cause
inadequate I-Cause
standards I-Cause
of I-Cause
handling I-Cause
and I-Cause
reporting I-Cause
animal I-Cause
models I-Cause
, I-Cause
were I-Cause
associated I-Cause
with I-Cause
the I-Cause
low I-Cause
rate I-Cause
of I-Cause
reproducibility. O
As O
a O
result O
, O
there B-Effect
became I-Effect
a I-Effect
greater I-Effect
focus I-Effect
on I-Effect
avoiding I-Effect
bacterial I-Effect
contamination I-Effect
, I-Effect
maintaining I-Effect
genetic I-Effect
integrity I-Effect
, I-Effect
and I-Effect
careful I-Effect
documentation I-Effect
of I-Effect
animal I-Effect
characteristics I-Effect
. O

However O
, O
we O
do O
n't O
think O
that O
investments B-Effect
to I-Effect
protect I-Effect
the I-Effect
brands I-Effect
will I-Effect
hurt I-Effect
cash I-Effect
flow I-Effect
potential I-Effect
, O
as O
cash B-Cause
flow I-Cause
rises I-Cause
from I-Cause
catalysts I-Cause
like I-Cause
strong I-Cause
film I-Cause
launches I-Cause
, I-Cause
new I-Cause
licences I-Cause
, I-Cause
and I-Cause
expense I-Cause
leverage I-Cause
. O

Although O
switching B-Effect
costs I-Effect
could I-Effect
be I-Effect
established I-Effect
due O
to O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
network I-Cause
disruptions I-Cause
if I-Cause
Juniper I-Cause
's I-Cause
innovation I-Cause
leapfrogs I-Cause
its I-Cause
peers I-Cause
in I-Cause
software-defined I-Cause
networking I-Cause
for I-Cause
hybrid-cloud I-Cause
environments I-Cause
, O
we O
believe O
the O
company O
must O
make O
up O
lost O
ground O
before O
cementing O
tangible O
switching O
costs O
. O

However O
, O
overall O
we B-Effect
view I-Effect
Pfizer I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
low I-Effect
based O
on O
the B-Cause
low I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
from I-Cause
a I-Cause
diverse I-Cause
product I-Cause
portfolio I-Cause
with I-Cause
inelastic I-Cause
demand I-Cause
. O

Finally O
, O
Class B-Cause
A I-Cause
malls I-Cause
are I-Cause
being I-Cause
redeveloped I-Cause
to O
provide B-Effect
more I-Effect
food I-Effect
and I-Effect
recreation I-Effect
options I-Effect
to I-Effect
present I-Effect
themselves I-Effect
as I-Effect
destinations I-Effect
for I-Effect
entertainment I-Effect
rather I-Effect
than I-Effect
simply I-Effect
places I-Effect
that I-Effect
consumers I-Effect
shop I-Effect
. O

Ultimately O
, O
this B-Cause
process I-Cause
identifies I-Cause
areas I-Cause
that I-Cause
need I-Cause
improvement I-Cause
, O
which O
eventually O
leads O
to O
innovation B-Effect
and I-Effect
shorter I-Effect
lead I-Effect
times I-Effect
as O
new B-Cause
processes I-Cause
are I-Cause
implemented I-Cause
. O

This B-Cause
large I-Cause
installed I-Cause
base I-Cause
creates O
stickiness B-Effect
and I-Effect
offers I-Effect
Lam I-Effect
an I-Effect
intimate I-Effect
look I-Effect
into I-Effect
problems I-Effect
faced I-Effect
by I-Effect
chipmakers I-Effect
, I-Effect
providing I-Effect
valuable I-Effect
information I-Effect
it I-Effect
can I-Effect
use I-Effect
to I-Effect
implement I-Effect
solutions I-Effect
and I-Effect
additional I-Effect
capabilities I-Effect
in I-Effect
future I-Effect
tools I-Effect
. O

Roughly O
80 O
% O
of O
its O
Chinese O
seating O
volume O
comes O
from O
non-Chinese O
automakers O
, O
and O
we O
think O
there B-Effect
is I-Effect
potential I-Effect
to I-Effect
expand I-Effect
with I-Effect
Chinese I-Effect
automakers I-Effect
, O
as O
those B-Cause
firms I-Cause
will I-Cause
want I-Cause
to I-Cause
partner I-Cause
with I-Cause
the I-Cause
top I-Cause
seating I-Cause
company I-Cause
as I-Cause
they I-Cause
expand I-Cause
outside I-Cause
China I-Cause
. O

We O
also O
expect O
incremental B-Effect
adjusted I-Effect
OR I-Effect
( I-Effect
net I-Effect
of I-Effect
fuel I-Effect
) I-Effect
improvement I-Effect
to I-Effect
around I-Effect
85.3 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, O
thanks O
in O
part O
to O
leverage B-Cause
from I-Cause
strong I-Cause
pricing I-Cause
. O

This B-Cause
pace I-Cause
of I-Cause
cost I-Cause
reduction I-Cause
and I-Cause
innovation I-Cause
has O
been O
unparalleled O
in O
the O
field O
and O
has O
created B-Effect
significant I-Effect
entry I-Effect
barriers I-Effect
for I-Effect
potential I-Effect
rivals I-Effect
, O
in O
our O
opinion O
. O

If O
Grifols B-Cause
does I-Cause
not I-Cause
accurately I-Cause
estimate I-Cause
market I-Cause
demand I-Cause
for I-Cause
products I-Cause
like I-Cause
IG I-Cause
, O
it B-Effect
could I-Effect
see I-Effect
a I-Effect
mismatch I-Effect
between I-Effect
costly I-Effect
manufacturing I-Effect
capacity I-Effect
( I-Effect
which I-Effect
takes I-Effect
five I-Effect
to I-Effect
seven I-Effect
years I-Effect
to I-Effect
construct I-Effect
) I-Effect
and I-Effect
customer I-Effect
needs I-Effect
. O

We B-Cause
see I-Cause
noninterest I-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
roughly I-Cause
2 I-Cause
% I-Cause
. O
This O
leads O
us O
to O
expect O
an B-Effect
average I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
roughly I-Effect
10 I-Effect
% I-Effect
-12 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
slightly I-Effect
above I-Effect
our I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
9 I-Effect
% I-Effect
. O

Users O
would O
also O
see B-Effect
a I-Effect
negative I-Effect
impact I-Effect
on I-Effect
productivity I-Effect
, O
as O
they B-Cause
would I-Cause
have I-Cause
to I-Cause
spend I-Cause
time I-Cause
learning I-Cause
the I-Cause
new I-Cause
platform I-Cause
and I-Cause
incorporating I-Cause
previous I-Cause
customizations I-Cause
, I-Cause
thus I-Cause
hindering I-Cause
their I-Cause
actual I-Cause
workflows I-Cause
. O

Horton B-Cause
clearly I-Cause
enjoys I-Cause
certain I-Cause
benefits I-Cause
from I-Cause
its I-Cause
large I-Cause
scale I-Cause
; I-Cause
however I-Cause
, I-Cause
it I-Cause
operates I-Cause
in I-Cause
an I-Cause
extremely I-Cause
cyclical I-Cause
, I-Cause
competitive I-Cause
, I-Cause
capital-intensive I-Cause
industry I-Cause
that O
has O
prevented O
the B-Effect
company I-Effect
from I-Effect
earning I-Effect
consistent I-Effect
positive I-Effect
economic I-Effect
profits I-Effect
over I-Effect
the I-Effect
business I-Effect
cycle I-Effect
. O

We O
expect O
that O
Palo B-Effect
Alto I-Effect
will I-Effect
continue I-Effect
to I-Effect
outpace I-Effect
its I-Effect
security I-Effect
peers I-Effect
by O
focusing B-Cause
on I-Cause
providing I-Cause
solutions I-Cause
in I-Cause
areas I-Cause
like I-Cause
cloud I-Cause
security I-Cause
and I-Cause
automation I-Cause
. O

We B-Effect
project I-Effect
a I-Effect
1 I-Effect
% I-Effect
average I-Effect
annual I-Effect
decline I-Effect
for I-Effect
the I-Effect
Sky I-Effect
TV I-Effect
satellite I-Effect
business I-Effect
as I-Effect
the B-Cause
video I-Cause
side I-Cause
of I-Cause
business I-Cause
remains I-Cause
challenging I-Cause
, O
but O
the B-Effect
fixed I-Effect
wireless I-Effect
side I-Effect
of I-Effect
the I-Effect
business I-Effect
will I-Effect
offset I-Effect
some I-Effect
the I-Effect
losses I-Effect
. O

To B-Cause
support I-Cause
activity I-Cause
beyond I-Cause
the I-Cause
company I-Cause
's I-Cause
existing I-Cause
reserve I-Cause
potential I-Cause
, O
high B-Effect
levels I-Effect
of I-Effect
capital I-Effect
spending I-Effect
are I-Effect
required I-Effect
for I-Effect
potential I-Effect
discoveries I-Effect
and I-Effect
any I-Effect
subsequent I-Effect
development I-Effect
projects I-Effect
. O

While O
R O
& O
D O
costs O
are O
high O
, O
Daimler B-Cause
needs I-Cause
leading I-Cause
technologies I-Cause
-- O
lithium-ion O
batteries O
for O
hybrid O
and O
electric O
cars O
-- O
to O
preserve B-Effect
its I-Effect
reputation I-Effect
as I-Effect
an I-Effect
innovator I-Effect
. O

We O
are O
forecasting O
an B-Effect
extremely I-Effect
slow I-Effect
recovery I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
commercial I-Effect
aerospace I-Effect
revenue I-Effect
, O
as O
we O
anticipate O
this O
market B-Cause
to I-Cause
continue I-Cause
bottoming I-Cause
out I-Cause
in I-Cause
2021 I-Cause
. O

In O
addition O
, O
small B-Effect
price I-Effect
increases I-Effect
on I-Effect
TLDs I-Effect
do I-Effect
not I-Effect
necessarily I-Effect
lead I-Effect
to I-Effect
loss I-Effect
of I-Effect
customers I-Effect
, O
given O
it B-Cause
is I-Cause
a I-Cause
minuscule I-Cause
proportion I-Cause
of I-Cause
annual I-Cause
business I-Cause
spend I-Cause
and O
maintaining O
an O
online O
presence O
is O
crucial O
to O
succeeding O
in O
today O
's O
world O
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
creates O
omnipresent B-Effect
ESG I-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
degradation I-Effect
, O
and O
this O
is O
quite O
acute O
for O
most O
corporations O
, O
in O
our O
view O
. O

Microchip B-Effect
's I-Effect
GAAP I-Effect
revenue I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
was I-Effect
$ I-Effect
5.27 I-Effect
billion I-Effect
, I-Effect
down I-Effect
1 I-Effect
% I-Effect
year I-Effect
over I-Effect
year I-Effect
as O
the B-Cause
inorganic I-Cause
growth I-Cause
due I-Cause
to I-Cause
12 I-Cause
months I-Cause
of I-Cause
contribution I-Cause
from I-Cause
Microsemi I-Cause
( I-Cause
versus I-Cause
only I-Cause
10 I-Cause
months I-Cause
in I-Cause
fiscal I-Cause
2019 I-Cause
) I-Cause
was I-Cause
offset I-Cause
by I-Cause
U.S.-China I-Cause
trade I-Cause
tensions I-Cause
that I-Cause
weighed I-Cause
on I-Cause
chip I-Cause
demand I-Cause
during I-Cause
calendar I-Cause
2019 I-Cause
. O

With O
multiple O
offsets O
to O
its O
challenged O
food-service O
and O
commercial O
coffee O
businesses O
, O
the B-Cause
firm I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
maintain I-Cause
its I-Cause
growth I-Cause
and I-Cause
margin I-Cause
profile I-Cause
throughout I-Cause
the I-Cause
pandemic I-Cause
, O
and O
we O
expect O
an B-Effect
even I-Effect
stronger I-Effect
2021 I-Effect
as I-Effect
strategic I-Effect
investments I-Effect
continue I-Effect
to I-Effect
bear I-Effect
fruit I-Effect
. O

Drilling B-Cause
technologies I-Cause
can I-Cause
always I-Cause
improve I-Cause
to O
allow O
for O
faster B-Effect
drilling I-Effect
, O
and O
completions B-Cause
technologies I-Cause
can I-Cause
always I-Cause
improve I-Cause
to O
deliver O
an B-Effect
incremental I-Effect
amount I-Effect
of I-Effect
oil I-Effect
for I-Effect
a I-Effect
given I-Effect
cost I-Effect
input I-Effect
. O

However O
, O
hydroxide B-Cause
can I-Cause
not I-Cause
be I-Cause
made I-Cause
directly I-Cause
from I-Cause
brine I-Cause
, I-Cause
which I-Cause
requires I-Cause
the I-Cause
additional I-Cause
step I-Cause
of I-Cause
producing I-Cause
carbonate I-Cause
first. O
As O
a O
result O
, O
hydroxide B-Effect
production I-Effect
costs I-Effect
from I-Effect
some I-Effect
high-quality I-Effect
, I-Effect
fully I-Effect
integrated I-Effect
spodumene I-Effect
assets I-Effect
will I-Effect
be I-Effect
lower I-Effect
on I-Effect
the I-Effect
cost I-Effect
curve I-Effect
than I-Effect
Livent I-Effect
's I-Effect
cost I-Effect
position I-Effect
. O

Consumers B-Cause
incur I-Cause
search I-Cause
costs I-Cause
( I-Cause
most I-Cause
notably I-Cause
time I-Cause
) I-Cause
to I-Cause
get I-Cause
many I-Cause
service I-Cause
estimates I-Cause
, O
which O
we O
think O
makes O
it O
more O
likely O
that O
they B-Effect
will I-Effect
keep I-Effect
going I-Effect
to I-Effect
the I-Effect
dealer I-Effect
. O

Each B-Effect
additional I-Effect
policy I-Effect
will I-Effect
allow I-Effect
the I-Effect
customer I-Effect
to I-Effect
save I-Effect
money I-Effect
, O
as O
it B-Cause
has I-Cause
been I-Cause
actuarially I-Cause
proved I-Cause
that I-Cause
these I-Cause
policyholders I-Cause
are I-Cause
lower I-Cause
risk I-Cause
, O
and O
each O
incremental O
policy O
creates O
stickier O
customers O
. O

We O
believe O
Kohl B-Effect
's I-Effect
sales I-Effect
will I-Effect
decline I-Effect
20 I-Effect
% I-Effect
after O
widespread B-Cause
store I-Cause
closures I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
the I-Cause
fiscal I-Cause
year I-Cause
, I-Cause
ongoing I-Cause
restrictions I-Cause
, I-Cause
and I-Cause
an I-Cause
uncertain I-Cause
economic I-Cause
recovery I-Cause
. O

As O
a O
result O
of O
Snap-on B-Cause
's I-Cause
premium I-Cause
pricing I-Cause
and I-Cause
franchise I-Cause
model I-Cause
that I-Cause
offloads I-Cause
risks I-Cause
and I-Cause
costs I-Cause
to I-Cause
third I-Cause
parties I-Cause
, O
the B-Effect
company I-Effect
has I-Effect
been I-Effect
consistently I-Effect
profitable I-Effect
. O

On O
the O
other O
hand O
, O
we B-Effect
believe I-Effect
the I-Effect
connected I-Effect
care I-Effect
division I-Effect
is I-Effect
more I-Effect
stable I-Effect
through I-Effect
the I-Effect
cycle I-Effect
as O
its B-Cause
systems I-Cause
are I-Cause
deeply I-Cause
embedded I-Cause
in I-Cause
hospital I-Cause
IT I-Cause
systems I-Cause
. O

Through O
the O
midterm O
, O
we O
expect O
average B-Effect
annual I-Effect
top-line I-Effect
growth I-Effect
of I-Effect
6 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
through I-Effect
2024 I-Effect
, O
fueled O
primarily O
by O
the O
cardiovascular B-Cause
and I-Cause
med-surg I-Cause
segments I-Cause
, I-Cause
and I-Cause
the I-Cause
addition I-Cause
of I-Cause
BTG I-Cause
. O

In B-Effect
the I-Effect
Suddenlink I-Effect
portion I-Effect
of I-Effect
Altice I-Effect
's I-Effect
business I-Effect
, I-Effect
AT I-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
is I-Effect
the I-Effect
most I-Effect
significant I-Effect
competitor I-Effect
, O
as O
Verizon B-Cause
did I-Cause
not I-Cause
build I-Cause
FiOS I-Cause
in I-Cause
any I-Cause
of I-Cause
these I-Cause
markets I-Cause
. O

However O
, O
implementing B-Cause
the I-Cause
technology I-Cause
is I-Cause
still I-Cause
a I-Cause
few I-Cause
years I-Cause
out I-Cause
, O
and O
the B-Effect
company I-Effect
will I-Effect
not I-Effect
benefit I-Effect
from I-Effect
these I-Effect
cost I-Effect
reductions I-Effect
today I-Effect
. O

We O
see O
high B-Effect
uncertainty I-Effect
around I-Effect
HCA I-Effect
's I-Effect
cash I-Effect
flows I-Effect
due O
to O
potential B-Cause
healthcare I-Cause
policy I-Cause
changes I-Cause
, I-Cause
the I-Cause
company I-Cause
's I-Cause
high I-Cause
fixed I-Cause
costs I-Cause
, I-Cause
and I-Cause
potential I-Cause
shocks I-Cause
to I-Cause
the I-Cause
system I-Cause
, O
such O
as O
the O
COVID-19 O
crisis O
. O

With B-Cause
an I-Cause
increase I-Cause
in I-Cause
ad I-Cause
inventory I-Cause
sales I-Cause
, I-Cause
plus I-Cause
growth I-Cause
in I-Cause
freemium I-Cause
and I-Cause
podcast I-Cause
users I-Cause
, O
ad-supported B-Effect
ARPU I-Effect
can I-Effect
grow I-Effect
at I-Effect
an I-Effect
average I-Effect
annual I-Effect
rate I-Effect
of I-Effect
25 I-Effect
% I-Effect
to I-Effect
EUR I-Effect
3.18 I-Effect
through I-Effect
2030 I-Effect
, I-Effect
up I-Effect
from I-Effect
EUR I-Effect
0.35 I-Effect
in I-Effect
2020 I-Effect
. O

But O
we O
think O
growth B-Effect
will I-Effect
then I-Effect
moderate I-Effect
to I-Effect
the I-Effect
mid-single-digits I-Effect
category I-Effect
pace I-Effect
, O
due O
to O
numerous B-Cause
new I-Cause
market I-Cause
entrants I-Cause
looking I-Cause
to I-Cause
tap I-Cause
into I-Cause
trends I-Cause
toward I-Cause
clean I-Cause
labels I-Cause
and I-Cause
plant-based I-Cause
proteins I-Cause
. O

We B-Effect
do I-Effect
n't I-Effect
think I-Effect
cloud I-Effect
providers I-Effect
want I-Effect
to I-Effect
compete I-Effect
with I-Effect
Equinix I-Effect
's I-Effect
colocation I-Effect
business I-Effect
, O
considering O
the B-Cause
difficulty I-Cause
we I-Cause
believe I-Cause
they I-Cause
'd I-Cause
have I-Cause
in I-Cause
mimicking I-Cause
a I-Cause
similar I-Cause
network I-Cause
of I-Cause
their I-Cause
customers I-Cause
, O
but O
we O
think O
their B-Cause
leverage I-Cause
could O
result O
in O
less B-Effect
favorable I-Effect
terms I-Effect
for I-Effect
Equinix I-Effect
. O

Governments B-Cause
may I-Cause
enact I-Cause
policies I-Cause
that I-Cause
place I-Cause
restrictions I-Cause
on I-Cause
Diageo I-Cause
's I-Cause
business I-Cause
activities I-Cause
or I-Cause
increase I-Cause
liquor I-Cause
taxes I-Cause
, O
resulting O
in O
a B-Effect
demand I-Effect
headwind I-Effect
. O

We O
expect O
to O
see B-Effect
significant I-Effect
earnings I-Effect
growth I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
because O
of O
higher B-Cause
market I-Cause
uranium I-Cause
prices I-Cause
, I-Cause
driven I-Cause
by I-Cause
the I-Cause
expansion I-Cause
of I-Cause
China I-Cause
's I-Cause
reactor I-Cause
fleet I-Cause
, I-Cause
and I-Cause
growth I-Cause
in I-Cause
uranium I-Cause
sales I-Cause
volume I-Cause
driven I-Cause
by I-Cause
higher I-Cause
mine I-Cause
output I-Cause
. O

Mobileye B-Cause
's I-Cause
incumbency I-Cause
in O
countless O
advanced O
driver O
assistance O
systems O
programs O
and O
robust O
pipeline O
of O
design O
wins O
, O
coupled O
with O
Intel B-Cause
's I-Cause
technological I-Cause
and O
financial B-Cause
resources I-Cause
give O
us O
confidence O
Intel B-Effect
will I-Effect
be I-Effect
a I-Effect
formidable I-Effect
player I-Effect
in I-Effect
the I-Effect
race I-Effect
to I-Effect
self-driving I-Effect
cars I-Effect
. O

The B-Cause
key I-Cause
risks I-Cause
could I-Cause
emanate I-Cause
from I-Cause
the I-Cause
proposed I-Cause
government I-Cause
rulings I-Cause
seeking I-Cause
increased I-Cause
transparency I-Cause
of I-Cause
drug I-Cause
pricing I-Cause
and I-Cause
elimination I-Cause
of I-Cause
rebates I-Cause
to I-Cause
PBMs. O
These O
proposed O
regulatory O
changes O
would O
reduce B-Effect
the I-Effect
cost I-Effect
of I-Effect
drugs I-Effect
, I-Effect
which I-Effect
is I-Effect
currently I-Effect
a I-Effect
pass-through I-Effect
to I-Effect
revenue I-Effect
and I-Effect
a I-Effect
basis I-Effect
of I-Effect
how I-Effect
pharmacy I-Effect
wholesalers I-Effect
are I-Effect
compensated I-Effect
. O

In O
the O
past O
decade O
, O
firms B-Effect
have I-Effect
increased I-Effect
the I-Effect
amount I-Effect
of I-Effect
data I-Effect
they I-Effect
can I-Effect
move I-Effect
through I-Effect
a I-Effect
connection I-Effect
per I-Effect
second I-Effect
from I-Effect
1 I-Effect
GB I-Effect
to I-Effect
10 I-Effect
GB I-Effect
to I-Effect
100 I-Effect
GB I-Effect
, O
and O
as O
the B-Cause
capacity I-Cause
rises I-Cause
, I-Cause
companies I-Cause
can I-Cause
do I-Cause
more I-Cause
with I-Cause
fewer I-Cause
cross-connects I-Cause
. O

Meanwhile O
, O
we O
anticipate O
gross B-Effect
margins I-Effect
stabilizing I-Effect
in I-Effect
the I-Effect
high-20s I-Effect
thanks O
to O
a O
relatively B-Cause
favorable I-Cause
product I-Cause
mix I-Cause
of I-Cause
SSDs I-Cause
and I-Cause
enterprise I-Cause
HDDs I-Cause
, I-Cause
with I-Cause
operating I-Cause
margins I-Cause
tracking I-Cause
into I-Cause
the I-Cause
low I-Cause
double I-Cause
digits I-Cause
. O

We B-Effect
are I-Effect
modestly I-Effect
increasing I-Effect
our I-Effect
long-term I-Effect
consolidated I-Effect
organic I-Effect
sales I-Effect
forecast I-Effect
to I-Effect
1.8 I-Effect
% I-Effect
from I-Effect
1.5 I-Effect
% I-Effect
to O
account O
for O
better B-Cause
performance I-Cause
of I-Cause
the I-Cause
BLUE I-Cause
brand I-Cause
and I-Cause
a I-Cause
surge I-Cause
in I-Cause
pet I-Cause
adoptions I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
. O

The B-Cause
need I-Cause
for I-Cause
rarer I-Cause
and I-Cause
a I-Cause
broader I-Cause
array I-Cause
of I-Cause
ingredients I-Cause
for I-Cause
differentiation I-Cause
results O
in O
less B-Effect
streamlined I-Effect
procurement I-Effect
and I-Effect
inventory I-Effect
management I-Effect
at I-Effect
the I-Effect
facilities I-Effect
. O

Demand B-Cause
for I-Cause
industrial I-Cause
gases I-Cause
has I-Cause
a I-Cause
strong I-Cause
correlation I-Cause
to I-Cause
global I-Cause
industrial I-Cause
production I-Cause
so O
core B-Effect
volume I-Effect
growth I-Effect
will I-Effect
depend I-Effect
on I-Effect
the I-Effect
future I-Effect
growth I-Effect
of I-Effect
the I-Effect
world I-Effect
economy I-Effect
. O

Additionally O
, O
we O
believe O
Nice B-Effect
has I-Effect
had I-Effect
success I-Effect
in I-Effect
cross-selling I-Effect
products I-Effect
, I-Effect
which I-Effect
would I-Effect
further I-Effect
increase I-Effect
switching I-Effect
costs I-Effect
, O
as O
evidenced B-Cause
by I-Cause
60 I-Cause
% I-Cause
of I-Cause
new I-Cause
business I-Cause
in I-Cause
2017 I-Cause
coming I-Cause
from I-Cause
analytics I-Cause
. O

Our B-Effect
valuation I-Effect
for I-Effect
Berkshire I-Effect
's I-Effect
insurance I-Effect
operations I-Effect
is I-Effect
$ I-Effect
104 I-Effect
per I-Effect
Class I-Effect
B I-Effect
share I-Effect
( I-Effect
up I-Effect
from I-Effect
$ I-Effect
98 I-Effect
previously I-Effect
) I-Effect
mostly I-Effect
due O
to O
improved B-Cause
performance I-Cause
of I-Cause
the I-Cause
equity I-Cause
portfolio I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

Since O
its O
inception O
in O
2005 O
, O
Echo B-Cause
Global I-Cause
Logistics I-Cause
has I-Cause
expanded I-Cause
at I-Cause
a I-Cause
healthy I-Cause
clip I-Cause
, I-Cause
supported I-Cause
by I-Cause
salesforce I-Cause
growth I-Cause
and I-Cause
acquisitions I-Cause
, I-Cause
along I-Cause
with I-Cause
market I-Cause
share I-Cause
gains I-Cause
from I-Cause
asset-based I-Cause
carriers I-Cause
and I-Cause
less I-Cause
sophisticated I-Cause
truck I-Cause
brokers. O
As O
a O
result O
, O
the B-Effect
firm I-Effect
has I-Effect
worked I-Effect
its I-Effect
way I-Effect
into I-Effect
the I-Effect
ranks I-Effect
of I-Effect
the I-Effect
top I-Effect
players I-Effect
in I-Effect
asset-light I-Effect
truck I-Effect
brokerage I-Effect
. O

While O
the O
firm O
's O
medical O
membership O
rolls O
are O
smaller O
than O
some O
of O
its O
more O
integrated O
peers O
, O
the B-Cause
development I-Cause
of I-Cause
a I-Cause
core I-Cause
competency I-Cause
in I-Cause
Medicare-related I-Cause
products I-Cause
, I-Cause
particularly I-Cause
Medicare I-Cause
Advantage I-Cause
, I-Cause
combined I-Cause
with I-Cause
its I-Cause
geographic I-Cause
concentration I-Cause
has O
been O
difficult B-Effect
to I-Effect
replicate I-Effect
. O

The B-Effect
sophistication I-Effect
of I-Effect
flavor I-Effect
and I-Effect
fragrance I-Effect
products I-Effect
continues I-Effect
to I-Effect
increase I-Effect
as O
consumers B-Cause
demand I-Cause
less I-Cause
sugar I-Cause
, I-Cause
fat I-Cause
, I-Cause
and I-Cause
salt I-Cause
but I-Cause
are I-Cause
not I-Cause
willing I-Cause
to I-Cause
sacrifice I-Cause
taste I-Cause
. O

For O
Ahold O
, O
we O
see O
lower B-Effect
risks I-Effect
ahead I-Effect
in O
case O
online B-Cause
grocery I-Cause
does I-Cause
not I-Cause
live I-Cause
up I-Cause
to I-Cause
expectations I-Cause
as O
the B-Cause
fulfilment I-Cause
model I-Cause
it I-Cause
has I-Cause
chosen I-Cause
to I-Cause
follow I-Cause
is I-Cause
less I-Cause
capital-intensive I-Cause
than I-Cause
some I-Cause
of I-Cause
its I-Cause
large I-Cause
competitors I-Cause
( I-Cause
Kroger I-Cause
) I-Cause
. O

However O
, O
we O
anticipate O
the B-Cause
increasing I-Cause
demand I-Cause
for I-Cause
data I-Cause
and I-Cause
more I-Cause
dispersed I-Cause
corporate I-Cause
footprints I-Cause
, I-Cause
including I-Cause
usage I-Cause
of I-Cause
cloud I-Cause
providers I-Cause
and I-Cause
more I-Cause
spread I-Cause
out I-Cause
employee I-Cause
bases I-Cause
, O
can B-Effect
largely I-Effect
offset I-Effect
pricing I-Effect
pressures I-Effect
for I-Effect
several I-Effect
enterprise I-Effect
services I-Effect
. O

We O
view O
AstraZeneca B-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
as O
the B-Effect
company I-Effect
faces I-Effect
the I-Effect
typical I-Effect
risks I-Effect
inherent I-Cause
in I-Cause
the I-Cause
pharmaceutical I-Cause
industry I-Cause
, I-Cause
including I-Cause
patent B-Cause
expirations I-Cause
, I-Cause
regulatory B-Cause
delays I-Cause
, I-Cause
and I-Cause
nonapprovals B-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
increasingly B-Cause
aggressive I-Cause
generic I-Cause
and I-Cause
managed-care I-Cause
industries I-Cause
. O

We O
expect O
Regeneron O
's O
Eylea O
to O
achieve O
$ O
9 O
billion O
in O
peak O
sales O
in O
2023 O
, O
given B-Effect
its I-Effect
strong I-Effect
competitive I-Effect
positioning I-Effect
due O
to O
its B-Cause
more I-Cause
attractive I-Cause
dosing I-Cause
regimen I-Cause
versus I-Cause
Lucentis/Avastin I-Cause
in I-Cause
ophthalmology I-Cause
indications I-Cause
. O

Given O
the B-Cause
significant I-Cause
challenges I-Cause
that I-Cause
the I-Cause
coronavirus I-Cause
presents I-Cause
to I-Cause
the I-Cause
senior I-Cause
housing I-Cause
industry I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
quarters I-Cause
, O
Healthpeak B-Effect
made I-Effect
the I-Effect
strategic I-Effect
decision I-Effect
in I-Effect
the I-Effect
third I-Effect
quarter I-Effect
of I-Effect
2019 I-Effect
to I-Effect
dispose I-Effect
of I-Effect
most I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
senior I-Effect
housing I-Effect
assets I-Effect
in I-Effect
multiple I-Effect
transactions I-Effect
for I-Effect
around I-Effect
$ I-Effect
4 I-Effect
billion I-Effect
in I-Effect
total I-Effect
proceeds I-Effect
. O

Segment B-Cause
exposure I-Cause
to I-Cause
both I-Cause
Asia I-Cause
and I-Cause
the I-Cause
Middle-East I-Cause
will I-Cause
be I-Cause
segment I-Cause
tailwinds I-Cause
that O
should B-Effect
more I-Effect
than I-Effect
offset I-Effect
cyclical I-Effect
weakness I-Effect
in I-Effect
developed I-Effect
markets I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

This B-Effect
is O
backed O
by O
growth B-Cause
in I-Cause
average I-Cause
revenue I-Cause
per I-Cause
user I-Cause
( I-Cause
ARPU I-Cause
) I-Cause
of I-Cause
9 I-Cause
% I-Cause
over I-Cause
the I-Cause
last I-Cause
four I-Cause
fiscal I-Cause
years I-Cause
as O
average B-Cause
contract I-Cause
value I-Cause
grows I-Cause
and I-Cause
businesses I-Cause
incorporate I-Cause
more I-Cause
Coupa I-Cause
modules I-Cause
to O
drive B-Effect
spend I-Effect
management I-Effect
and I-Effect
efficiency I-Effect
. O

Furthermore O
, O
with O
an B-Cause
abundance I-Cause
of I-Cause
fiber I-Cause
across I-Cause
the I-Cause
globe I-Cause
, O
there B-Effect
's I-Effect
little I-Effect
holding I-Effect
any I-Effect
other I-Effect
firm I-Effect
back I-Effect
from I-Effect
replicating I-Effect
a I-Effect
similar I-Effect
network I-Effect
with I-Effect
a I-Effect
leasing I-Effect
strategy I-Effect
like I-Effect
GTT I-Effect
's I-Effect
. O

Patterson O
is O
also O
subject O
to O
environmental B-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
with O
potentially B-Cause
detrimental I-Cause
impacts I-Cause
that O
create B-Effect
risk I-Effect
for I-Effect
oilfield-services I-Effect
investors I-Effect
. O

While O
we O
expect O
long-term O
demand O
to O
eventually O
absorb O
this O
incremental O
supply O
, O
persistent B-Cause
new I-Cause
supply I-Cause
will O
continue B-Effect
to I-Effect
pressure I-Effect
performance I-Effect
and I-Effect
asset I-Effect
values I-Effect
. O

This O
marketing B-Cause
scale I-Cause
advantage I-Cause
allows O
these O
leading O
operators B-Effect
to I-Effect
expand I-Effect
their I-Effect
network I-Effect
into I-Effect
other I-Effect
verticals I-Effect
and I-Effect
geographies I-Effect
while I-Effect
also I-Effect
acquiring I-Effect
customers I-Effect
faster I-Effect
than I-Effect
smaller I-Effect
competitors I-Effect
. O

We O
project O
out-year B-Effect
operating I-Effect
margins I-Effect
lifting I-Effect
to I-Effect
the I-Effect
high I-Effect
40s I-Effect
in I-Effect
2030 I-Effect
versus I-Effect
the I-Effect
low I-Effect
40s I-Effect
prior I-Effect
, O
as O
we O
expect O
recent B-Cause
cost I-Cause
initiatives I-Cause
to I-Cause
prove I-Cause
more I-Cause
sustainable I-Cause
. O

A B-Cause
constantly I-Cause
evolving I-Cause
digital I-Cause
commerce I-Cause
landscape I-Cause
-- I-Cause
including I-Cause
Amazon I-Cause
's I-Cause
expanding I-Cause
third-party I-Cause
seller I-Cause
offerings I-Cause
and I-Cause
enhanced I-Cause
Fulfillment I-Cause
by I-Cause
Amazon I-Cause
capabilities I-Cause
-- I-Cause
and I-Cause
the I-Cause
threat I-Cause
of I-Cause
data I-Cause
breaches I-Cause
or I-Cause
disruptions I-Cause
to I-Cause
search I-Cause
algorithms I-Cause
that I-Cause
drive I-Cause
traffic I-Cause
to I-Cause
its I-Cause
various I-Cause
websites I-Cause
present O
potential B-Effect
disruptions I-Effect
to I-Effect
eBay I-Effect
's I-Effect
network I-Effect
effect I-Effect
. O

The B-Cause
majority I-Cause
of I-Cause
third-party I-Cause
servicing I-Cause
and I-Cause
supplies I-Cause
companies I-Cause
are I-Cause
compatible I-Cause
with I-Cause
hardware I-Cause
from I-Cause
Xerox I-Cause
's I-Cause
competitors I-Cause
-- O
which O
would O
make O
it B-Effect
easy I-Effect
for I-Effect
customers I-Effect
to I-Effect
switch I-Effect
out I-Effect
of I-Effect
Xerox I-Effect
hardware I-Effect
even O
if O
in O
the O
midst O
of O
a O
servicing O
contract O
. O

While O
Motorola O
Solutions O
is O
primarily O
focused O
on O
the O
public O
market O
, O
contracting O
with O
city O
, O
state O
, O
and O
federal O
agencies O
, O
recent B-Cause
acquisitions I-Cause
have O
enabled O
the B-Effect
firm I-Effect
to I-Effect
push I-Effect
further I-Effect
into I-Effect
commercial I-Effect
contracts I-Effect
. O

Composites B-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
aircraft I-Effect
weight I-Effect
have I-Effect
increased I-Effect
with I-Effect
each I-Effect
generation I-Effect
of I-Effect
aircraft I-Effect
development I-Effect
as O
composites B-Cause
are I-Cause
frequently I-Cause
lighter I-Cause
than I-Cause
traditional I-Cause
metals I-Cause
, O
which O
allows B-Effect
airlines I-Effect
to I-Effect
save I-Effect
on I-Effect
fuel I-Effect
expense I-Effect
, I-Effect
and I-Effect
are I-Effect
as I-Effect
strong I-Effect
as I-Effect
needed I-Effect
for I-Effect
aerospace I-Effect
purposes I-Effect
. O

Sensata O
established O
a O
leading O
share O
in O
the O
tire O
pressure O
monitoring O
system O
( O
TPMS O
) O
market O
in O
2014 O
with O
its O
acquisition O
of O
Schrader O
, O
and O
we O
think O
acquisitions B-Cause
will O
play O
a O
key O
role O
in O
allowing B-Effect
the I-Effect
firm I-Effect
to I-Effect
enter I-Effect
new I-Effect
, I-Effect
higher-growth I-Effect
, I-Effect
adjacent I-Effect
markets I-Effect
. O

Automakers B-Effect
plan I-Effect
to I-Effect
electrify I-Effect
their I-Effect
fleets I-Effect
through O
the B-Cause
addition I-Cause
of I-Cause
an I-Cause
EV I-Cause
version I-Cause
of I-Cause
existing I-Cause
vehicles I-Cause
and I-Cause
the I-Cause
creation I-Cause
of I-Cause
new I-Cause
platforms I-Cause
. O

In O
addition O
, O
partially O
offsetting B-Cause
the I-Cause
poor I-Cause
Missouri I-Cause
regulatory I-Cause
framework I-Cause
is O
FERC-regulated O
interstate O
transmission O
, O
about O
12 O
% O
of O
rate O
base O
and O
growing B-Effect
faster I-Effect
than I-Effect
Evergy I-Effect
's I-Effect
state-regulated I-Effect
jurisdictions I-Effect
. O

A O
strong B-Cause
reputation I-Cause
makes O
an O
investment B-Effect
bank I-Effect
more I-Effect
likely I-Effect
to I-Effect
be I-Effect
selected I-Effect
as I-Effect
a I-Effect
bookrunner I-Effect
, O
capturing B-Cause
more I-Cause
of I-Cause
the I-Cause
profits I-Cause
from O
an O
underwriting O
deal O
, O
and O
gives O
the B-Effect
firm I-Effect
an I-Effect
early I-Effect
opportunity I-Effect
to I-Effect
hire I-Effect
top I-Effect
revenue-generating I-Effect
talent I-Effect
. O

The B-Cause
merger I-Cause
of I-Cause
Gardner I-Cause
Denver I-Cause
with I-Cause
Ingersoll-Rand I-Cause
's I-Cause
industrial I-Cause
segment I-Cause
has O
diversified B-Effect
new I-Effect
Ingersoll-Rand I-Effect
's I-Effect
portfolio I-Effect
, O
and O
upstream B-Cause
energy I-Cause
now I-Cause
accounts I-Cause
for I-Cause
only I-Cause
about I-Cause
10 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
but O
the O
business O
could O
still O
be B-Effect
a I-Effect
contributor I-Effect
to I-Effect
top-line I-Effect
volatility I-Effect
. O

Specifically O
, O
it O
is O
shooting O
for O
13 B-Effect
% I-Effect
to I-Effect
16 I-Effect
% I-Effect
earnings I-Effect
growth I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
based O
on O
strong B-Cause
operational I-Cause
growth I-Cause
and I-Cause
capital I-Cause
allocation I-Cause
activities I-Cause
, O
such O
as O
acquisitions O
and O
repurchases O
. O

Then O
when O
those B-Cause
consumers I-Cause
have I-Cause
children I-Cause
, O
additional B-Effect
marketing I-Effect
through I-Effect
the I-Effect
PBkids I-Effect
and I-Effect
PBteen I-Effect
( I-Effect
along I-Effect
with I-Effect
rising I-Effect
offerings I-Effect
in I-Effect
baby I-Effect
) I-Effect
brands I-Effect
could I-Effect
ensue I-Effect
. O

It B-Cause
has I-Cause
strategically I-Cause
acquired I-Cause
and I-Cause
developed I-Cause
assets I-Cause
in I-Cause
submarkets I-Cause
with I-Cause
strong I-Cause
demand I-Cause
drivers I-Cause
, I-Cause
creating I-Cause
a I-Cause
portfolio I-Cause
with I-Cause
average I-Cause
location I-Cause
population I-Cause
density I-Cause
and I-Cause
median I-Cause
household I-Cause
income I-Cause
higher I-Cause
than I-Cause
any I-Cause
other I-Cause
retail I-Cause
REIT. O
As O
a O
result O
, O
Federal B-Effect
Realty I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
drive I-Effect
solid I-Effect
same-store I-Effect
net I-Effect
operating I-Effect
income I-Effect
growth I-Effect
and I-Effect
average I-Effect
double-digit I-Effect
re-leasing I-Effect
spreads I-Effect
over I-Effect
the I-Effect
past I-Effect
two I-Effect
decades I-Effect
. O

It B-Cause
moved I-Cause
its I-Cause
assortment I-Cause
to I-Cause
high-demand I-Cause
categories I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
stay I-Effect
open I-Effect
even I-Effect
when I-Effect
case I-Effect
counts I-Effect
surged I-Effect
in I-Effect
late I-Effect
2020 I-Effect
. O

Thus O
, O
we O
see O
a O
slight O
risk O
that O
future B-Cause
regulatory I-Cause
changes I-Cause
force O
truckload B-Effect
carriers I-Effect
to I-Effect
adopt I-Effect
electric I-Effect
Class I-Effect
8 I-Effect
truck I-Effect
technology I-Effect
before I-Effect
it I-Effect
has I-Effect
proved I-Effect
economically I-Effect
beneficial I-Effect
. O

Furthermore O
, O
with O
the B-Cause
joint I-Cause
acquisition I-Cause
of I-Cause
Osisko I-Cause
Mining I-Cause
, O
we O
anticipate O
Agnico B-Cause
's I-Cause
exposure I-Cause
to I-Cause
Canada I-Cause
to I-Cause
only I-Cause
increase I-Cause
, O
further B-Effect
cementing I-Effect
its I-Effect
lower I-Effect
level I-Effect
of I-Effect
geopolitical I-Effect
risk I-Effect
. O

We O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate O
to O
$ O
386 O
from O
$ O
350 O
, O
largely O
attributable O
to O
a B-Cause
reduction I-Cause
in I-Cause
our I-Cause
cost I-Cause
of I-Cause
equity I-Cause
assumption I-Cause
, O
to O
7.5 O
% O
. O

Similar O
to O
the O
dynamics O
in O
its O
glass O
businesses O
, O
Corning B-Cause
can I-Cause
divide I-Cause
hefty I-Cause
fixed I-Cause
costs I-Cause
across I-Cause
a I-Cause
greater I-Cause
volume I-Cause
than I-Cause
its I-Cause
competition I-Cause
, O
resulting O
in O
materially B-Effect
lower I-Effect
average I-Effect
costs I-Effect
and I-Effect
industry-leading I-Effect
margins I-Effect
. O

Many B-Cause
of I-Cause
Kimco I-Cause
's I-Cause
shopping I-Cause
centers I-Cause
feature I-Cause
a I-Cause
grocery I-Cause
store I-Cause
as I-Cause
an I-Cause
anchor I-Cause
, O
so O
an B-Effect
anchor I-Effect
losing I-Effect
traffic I-Effect
will I-Effect
hurt I-Effect
the I-Effect
business I-Effect
of I-Effect
all I-Effect
stores I-Effect
in I-Effect
the I-Effect
center I-Effect
. O

Mosaic B-Cause
's I-Cause
cost I-Cause
position I-Cause
is I-Cause
set I-Cause
to I-Cause
improve I-Cause
, I-Cause
however I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
ramps I-Cause
up I-Cause
production I-Cause
at I-Cause
its I-Cause
new I-Cause
K3 I-Cause
mine I-Cause
at I-Cause
Esterhazy I-Cause
, O
which O
will O
eliminate B-Effect
the I-Effect
brine I-Effect
inflow I-Effect
expenses I-Effect
by I-Effect
the I-Effect
middle I-Effect
of I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

These B-Cause
large I-Cause
deal I-Cause
sizes I-Cause
, I-Cause
higher I-Cause
reliance I-Cause
of I-Cause
partners I-Cause
on I-Cause
RingCentral I-Cause
to I-Cause
sell I-Cause
cloud-based I-Cause
solutions I-Cause
to I-Cause
their I-Cause
users I-Cause
, I-Cause
and I-Cause
increasing I-Cause
entrenchment I-Cause
within I-Cause
the I-Cause
firm I-Cause
's I-Cause
partners I-Cause
' I-Cause
installed I-Cause
bases I-Cause
all O
support O
healthy B-Effect
switching I-Effect
costs I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

The B-Effect
firm I-Effect
remains I-Effect
uniquely I-Effect
positioned I-Effect
as O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
continues I-Cause
to I-Cause
linger I-Cause
, O
with O
multiple B-Cause
offsets I-Cause
to I-Cause
its I-Cause
challenged I-Cause
food-service I-Cause
and I-Cause
commercial I-Cause
coffee I-Cause
businesses I-Cause
that O
should O
allow O
it O
to O
maintain B-Effect
its I-Effect
growth I-Effect
and I-Effect
margin I-Effect
profile I-Effect
. O

The O
French B-Effect
retail I-Effect
banking I-Effect
market I-Effect
suffers I-Effect
from I-Effect
competition I-Effect
issues I-Effect
, O
given O
the B-Cause
presence I-Cause
of I-Cause
mutual I-Cause
owned I-Cause
banks I-Cause
with I-Cause
a I-Cause
diminished I-Cause
profit I-Cause
motive I-Cause
. O

Because O
of O
JPMorgan B-Cause
's I-Cause
higher I-Cause
investment I-Cause
banking I-Cause
and I-Cause
trading I-Cause
exposures I-Cause
, I-Cause
and I-Cause
higher I-Cause
complexity I-Cause
, O
we O
assign O
the B-Effect
firm I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

While O
we O
are O
not O
concerned O
about O
its O
ability O
to O
endure O
the O
crisis O
, O
the B-Effect
pandemic I-Effect
has I-Effect
upended I-Effect
the I-Effect
retail I-Effect
landscape I-Effect
, O
with O
high B-Cause
unemployment I-Cause
pressuring I-Cause
discretionary I-Cause
income I-Cause
and I-Cause
customers I-Cause
' I-Cause
comfort I-Cause
with I-Cause
in-store I-Cause
shopping I-Cause
likely I-Cause
to I-Cause
take I-Cause
time I-Cause
to I-Cause
build I-Cause
. O

And O
our B-Effect
2021-30 I-Effect
IT I-Effect
solutions I-Effect
( I-Effect
IT I-Effect
for I-Effect
airlines I-Effect
) I-Effect
sales I-Effect
forecast I-Effect
is O
derived O
from O
increasing B-Effect
airline I-Effect
revenue I-Effect
per I-Effect
passenger I-Effect
boarded I-Effect
( I-Effect
to I-Effect
$ I-Effect
1.28 I-Effect
in I-Effect
2030 I-Effect
from I-Effect
$ I-Effect
1.34 I-Effect
in I-Effect
2019 I-Effect
) I-Effect
as I-Cause
customers B-Cause
adopt I-Cause
new I-Cause
and I-Cause
existing I-Cause
products I-Cause
and I-Cause
by I-Cause
passenger I-Cause
boarding I-Cause
growth I-Cause
over I-Cause
the I-Cause
IT I-Cause
platform I-Cause
. O

Management O
expects O
Intel B-Cause
to I-Cause
outsource I-Cause
some I-Cause
portion I-Cause
of I-Cause
its I-Cause
chips I-Cause
to I-Cause
TSMC I-Cause
beginning I-Cause
in I-Cause
2023 I-Cause
to O
retain B-Effect
product I-Effect
leadership I-Effect
, O
which O
we O
view O
as O
prudent O
course O
of O
action O
. O

If B-Cause
enterprises I-Cause
tighten I-Cause
up I-Cause
their I-Cause
cybersecurity I-Cause
presence I-Cause
and I-Cause
limit I-Cause
the I-Cause
quantity I-Cause
of I-Cause
large-scale I-Cause
data I-Cause
breaches I-Cause
that I-Cause
have I-Cause
personal I-Cause
customer I-Cause
information I-Cause
stolen I-Cause
, O
the B-Effect
demand I-Effect
for I-Effect
personal I-Effect
identity I-Effect
protection I-Effect
could I-Effect
wane I-Effect
. O

With O
strong B-Cause
patent I-Cause
protection I-Cause
throughout I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
, I-Cause
first-mover I-Cause
status I-Cause
in I-Cause
the I-Cause
rare I-Cause
indication I-Cause
, I-Cause
and I-Cause
significant I-Cause
patient I-Cause
share I-Cause
, O
we O
believe O
it O
is O
more O
likely O
than O
not O
that O
Vertex B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Core B-Cause
pricing I-Cause
and I-Cause
margin I-Cause
resilience I-Cause
in I-Cause
past I-Cause
freight I-Cause
recessions I-Cause
and I-Cause
in I-Cause
the I-Cause
face I-Cause
of I-Cause
substantial I-Cause
coal I-Cause
volume I-Cause
losses I-Cause
over I-Cause
the I-Cause
past I-Cause
decade-plus I-Cause
are O
a B-Effect
testament I-Effect
to I-Effect
the I-Effect
rails I-Effect
' I-Effect
robust I-Effect
competitive I-Effect
positioning I-Effect
. O

Furthermore O
, O
Hain O
management O
has O
acknowledged O
that O
historically O
, O
brand B-Effect
investments I-Effect
have I-Effect
not I-Effect
been I-Effect
strategic I-Effect
or I-Effect
efficient I-Effect
, O
as O
investment B-Cause
dollars I-Cause
were I-Cause
broadly I-Cause
allocated I-Cause
across I-Cause
its I-Cause
brand I-Cause
portfolio I-Cause
without O
regard O
for O
expected O
return O
on O
investment O
. O

Overall O
, O
we B-Effect
expect I-Effect
improving I-Effect
margins I-Effect
over I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
overall B-Cause
sales I-Cause
are I-Cause
represented I-Cause
by I-Cause
more I-Cause
specialty-oriented I-Cause
drugs I-Cause
that I-Cause
carry I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
and I-Cause
need I-Cause
less I-Cause
marketing I-Cause
support I-Cause
. O

Active B-Cause
safety I-Cause
is I-Cause
a I-Cause
very I-Cause
fast-growing I-Cause
field I-Cause
, O
so O
more B-Effect
camera I-Effect
products I-Effect
are I-Effect
likely I-Effect
to I-Effect
show I-Effect
up I-Effect
on I-Effect
other I-Effect
vehicle I-Effect
programs I-Effect
and I-Effect
Gentex I-Effect
develops I-Effect
its I-Effect
own I-Effect
cameras I-Effect
. O

From O
a O
competitive O
standpoint O
, O
at O
the O
enterprise O
end O
of O
the O
spectrum O
, O
our O
analysis O
suggests O
Shopify B-Cause
carries I-Cause
a I-Cause
less I-Cause
robust I-Cause
feature I-Cause
set I-Cause
, O
and O
therefore O
is O
less B-Effect
expensive I-Effect
, I-Effect
simpler I-Effect
to I-Effect
use I-Effect
, I-Effect
and I-Effect
enjoys I-Effect
faster I-Effect
implementation I-Effect
. O

The B-Effect
company I-Effect
entered I-Effect
the I-Effect
A3 I-Effect
market I-Effect
, O
which O
represents O
about O
half O
of O
the O
commercial O
printing O
and O
copier O
market O
, O
inorganically B-Cause
through I-Cause
HP I-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Samsung I-Cause
's I-Cause
printing I-Cause
business I-Cause
. O

Shop B-Effect
closures I-Effect
can I-Effect
create I-Effect
opportunities I-Effect
for I-Effect
Advance I-Effect
to I-Effect
grow I-Effect
with I-Effect
survivors I-Effect
as O
they B-Cause
take I-Cause
share I-Cause
or I-Cause
cost I-Cause
it I-Cause
long-standing I-Cause
clients I-Cause
. O

We O
believe O
margin B-Effect
expansion I-Effect
from I-Effect
2019 I-Effect
levels I-Effect
is I-Effect
reasonable I-Effect
because O
we O
expect O
high-margin B-Cause
loyalty I-Cause
marketing I-Cause
income I-Cause
will I-Cause
continue I-Cause
to I-Cause
grow I-Cause
, O
as O
loyalty O
revenue O
continues O
to O
grow O
from O
increased O
spending O
on O
Delta O
cobranded O
cards O
, O
and O
due O
to O
voluntary B-Cause
retirement I-Cause
packages I-Cause
during O
the O
pandemic O
sustainably O
improving B-Effect
the I-Effect
company I-Effect
's I-Effect
cost I-Effect
structure I-Effect
. O

With O
JPMorgan B-Cause
's I-Cause
tech I-Cause
budget I-Cause
of I-Cause
over I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
per I-Cause
year I-Cause
, O
the B-Cause
bank I-Cause
may I-Cause
not I-Cause
drop I-Cause
to I-Cause
the I-Cause
lowest I-Cause
overall I-Cause
efficiency I-Cause
ratio I-Cause
7 O
Jul O
2021 O
05:00 O
, O
UTCamong O
peers O
, O
but O
it O
will O
be O
able O
to O
maintain B-Effect
higher I-Effect
levels I-Effect
of I-Effect
investment I-Effect
at I-Effect
similar I-Effect
efficiency I-Effect
levels I-Effect
. O

In O
looking O
at O
the O
entire O
company O
, O
Novartis B-Cause
gained I-Cause
margin I-Cause
improvement I-Cause
following I-Cause
the I-Cause
corporate I-Cause
reshuffling I-Cause
with I-Cause
Glaxo I-Cause
and I-Cause
Eli I-Cause
Lilly I-Cause
, O
and O
we O
expect O
further B-Effect
margin I-Effect
improvement I-Effect
following I-Effect
the I-Effect
spin-off I-Effect
of I-Effect
Alcon I-Effect
. O

In O
commercial O
aerospace O
, O
Pratt O
and O
Whitney O
, O
Raytheon O
's O
jet O
engine O
manufacturer O
, O
is O
amid O
a B-Cause
large I-Cause
ramp I-Cause
up I-Cause
for O
the O
Geared O
Turbofan O
engine O
to O
support B-Effect
its I-Effect
placement I-Effect
on I-Effect
the I-Effect
popular I-Effect
A320neo I-Effect
family I-Effect
of I-Effect
aircraft I-Effect
. O

Although O
we O
remain O
constructive O
about O
the O
long-term O
growth O
potential O
of O
Burger O
King O
, O
Tim O
Hortons O
, O
and O
Popeyes O
, O
each O
faces B-Effect
a I-Effect
competitive I-Effect
and I-Effect
evolving I-Effect
marketplace I-Effect
, O
with O
restaurant B-Cause
operators I-Cause
increasingly I-Cause
competing I-Cause
for I-Cause
market I-Cause
share I-Cause
based I-Cause
on I-Cause
price I-Cause
and I-Cause
product I-Cause
differentiation I-Cause
across I-Cause
all I-Cause
dayparts I-Cause
. O

We B-Effect
think I-Effect
the I-Effect
majority I-Effect
of I-Effect
the I-Effect
shift I-Effect
away I-Effect
from I-Effect
canned I-Effect
foods I-Effect
has I-Effect
already I-Effect
played I-Effect
out I-Effect
in I-Effect
developed I-Effect
markets I-Effect
and I-Effect
expect I-Effect
pricing I-Effect
to I-Effect
weaken I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
stagnant B-Cause
volume I-Cause
leads I-Cause
to I-Cause
slightly I-Cause
more I-Cause
competitive I-Cause
pricing I-Cause
. O

Additionally O
, O
we O
think O
acquisition B-Cause
opportunities I-Cause
( I-Cause
not I-Cause
explicitly I-Cause
forecast I-Cause
) I-Cause
remain I-Cause
across I-Cause
the I-Cause
global I-Cause
adjacent I-Cause
and I-Cause
aftermarket I-Cause
parts I-Cause
segments I-Cause
, O
which O
can O
build B-Effect
incremental I-Effect
demand I-Effect
. O

Oil B-Cause
spills I-Cause
are O
an B-Effect
ever-present I-Effect
risk I-Effect
for I-Effect
oil I-Effect
companies I-Effect
operating I-Effect
offshore I-Effect
and I-Effect
can I-Effect
be I-Effect
devastating I-Effect
to I-Effect
a I-Effect
firm I-Effect
's I-Effect
value I-Effect
, O
as O
BP O
's O
Macondo O
incident O
in O
the O
Gulf O
of O
Mexico O
shows O
. O

More B-Cause
cost-conscious I-Cause
consumers I-Cause
could I-Cause
pay I-Cause
more I-Cause
attention I-Cause
to I-Cause
individual I-Cause
product I-Cause
pricing I-Cause
, O
causing O
them O
to O
choose B-Effect
packaged I-Effect
goods I-Effect
that I-Effect
have I-Effect
lower I-Effect
prices I-Effect
and I-Effect
flat I-Effect
caps I-Effect
. O

Specifically O
, O
we B-Effect
raised I-Effect
our I-Effect
Stage I-Effect
2 I-Effect
RONIC I-Effect
assumption I-Effect
to I-Effect
18 I-Effect
% I-Effect
from I-Effect
15 I-Effect
% I-Effect
previously I-Effect
as O
we B-Cause
've I-Cause
become I-Cause
more I-Cause
confident I-Cause
in I-Cause
Ferguson I-Cause
's I-Cause
ability I-Cause
to I-Cause
maintain I-Cause
strong I-Cause
profit I-Cause
margins I-Cause
and I-Cause
generate I-Cause
good I-Cause
returns I-Cause
on I-Cause
acquired I-Cause
businesses I-Cause
. O

Still O
, O
we O
forecast O
sharp B-Effect
downturns I-Effect
in I-Effect
sales I-Effect
, I-Effect
margins I-Effect
, I-Effect
and I-Effect
earnings I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
, O
including O
sales O
drops O
for O
all O
three O
of O
its O
segments O
. O

We B-Effect
do I-Effect
n't I-Effect
expect I-Effect
industry I-Effect
Macao I-Effect
gaming I-Effect
revenue I-Effect
to I-Effect
return I-Effect
to I-Effect
2019 I-Effect
sales I-Effect
levels I-Effect
until I-Effect
2022 I-Effect
( I-Effect
unchanged I-Effect
) I-Effect
, O
as O
we B-Cause
expect I-Cause
pent-up I-Cause
demand I-Cause
to I-Cause
drive I-Cause
traffic I-Cause
. O

Additionally O
, O
a O
pullback B-Cause
in I-Cause
regulatory I-Cause
oversight I-Cause
could O
lead O
to O
a O
pullback B-Effect
in I-Effect
compliance I-Effect
department I-Effect
spending I-Effect
, O
which O
has O
been O
an O
area O
of O
strength O
for O
Nice O
over O
the O
last O
decade O
. O

We B-Effect
also I-Effect
base I-Effect
our I-Effect
midcycle I-Effect
OR I-Effect
estimate I-Effect
on I-Effect
continued I-Effect
core-price I-Effect
increases I-Effect
as O
the B-Cause
firm I-Cause
boosts I-Cause
volume I-Cause
in I-Cause
cross-border I-Cause
intermodal I-Cause
and I-Cause
cross-border I-Cause
automotive I-Cause
shipments I-Cause
. O

We O
are O
lowering B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Cushman I-Effect
& I-Effect
Wakefield I-Effect
to I-Effect
$ I-Effect
20 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
21 I-Effect
due O
to O
a B-Cause
slightly I-Cause
weaker I-Cause
near-term I-Cause
outlook I-Cause
, O
offset O
slightly O
by O
the O
time O
value O
of O
money O
. O

Management B-Cause
also I-Cause
entered I-Cause
Spain I-Cause
with I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
Seguros I-Cause
y I-Cause
Reaseguros I-Cause
de I-Cause
Danos I-Cause
, I-Cause
providing I-Cause
a I-Cause
nice I-Cause
segue I-Cause
for I-Cause
the I-Cause
2011 I-Cause
purchase I-Cause
of I-Cause
a I-Cause
controlling I-Cause
stake I-Cause
in I-Cause
Santander I-Cause
Latin I-Cause
America I-Cause
that O
made O
Santander B-Effect
exclusive I-Effect
provider I-Effect
of I-Effect
Zurich I-Effect
insurance I-Effect
in I-Effect
the I-Effect
region I-Effect
. O

We O
believe O
Kellogg B-Cause
also I-Cause
maintains I-Cause
a I-Cause
cost I-Cause
edge I-Cause
resulting O
from O
the B-Cause
economies I-Cause
of I-Cause
scale I-Cause
in I-Cause
production I-Cause
and I-Cause
distribution I-Cause
across I-Cause
its I-Cause
global I-Cause
network I-Cause
, O
which O
has O
afforded B-Effect
it I-Effect
the I-Effect
ability I-Effect
to I-Effect
invest I-Effect
significant I-Effect
resources I-Effect
behind I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
and I-Effect
advertising I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
advertising I-Effect
profile I-Effect
is I-Effect
particularly I-Effect
salient I-Effect
to I-Effect
us I-Effect
, O
as O
this B-Cause
line I-Cause
item I-Cause
is I-Cause
typically I-Cause
the I-Cause
most I-Cause
direct I-Cause
customer I-Cause
acquisition I-Cause
cost I-Cause
for I-Cause
many I-Cause
consumer I-Cause
packaged I-Cause
goods I-Cause
businesses I-Cause
. O

As O
the B-Cause
number I-Cause
of I-Cause
users I-Cause
and I-Cause
cumulative I-Cause
spend I-Cause
under I-Cause
management I-Cause
( I-Cause
CSUM I-Cause
) I-Cause
within I-Cause
Coupa I-Cause
grows I-Cause
, O
Coupa B-Effect
's I-Effect
AI I-Effect
has I-Effect
access I-Effect
to I-Effect
greater I-Effect
quantities I-Effect
of I-Effect
spending I-Effect
data I-Effect
. O

Juniper B-Cause
revamped I-Cause
its I-Cause
cloud I-Cause
vertical I-Cause
product I-Cause
strategy I-Cause
to O
strip B-Effect
out I-Effect
extraneous I-Effect
features I-Effect
that I-Effect
the I-Effect
tech-savvy I-Effect
cloud I-Effect
customers I-Effect
did I-Effect
not I-Effect
require I-Effect
and I-Effect
focused I-Effect
on I-Effect
developing I-Effect
wide-area I-Effect
network I-Effect
software I-Effect
. O

Furthermore O
, O
our B-Cause
model I-Cause
incorporates I-Cause
meaningful I-Cause
acquisitions I-Cause
during I-Cause
our I-Cause
five-year I-Cause
explicit I-Cause
forecast I-Cause
term I-Cause
, O
helping O
boost B-Effect
total I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
roughly I-Effect
11 I-Effect
% I-Effect
annually I-Effect
. O

With O
its B-Cause
focus I-Cause
on I-Cause
making I-Cause
the I-Cause
complex I-Cause
healthcare I-Cause
system I-Cause
simpler I-Cause
and I-Cause
driving I-Cause
better I-Cause
health I-Cause
outcomes I-Cause
for I-Cause
end I-Cause
users I-Cause
, O
Humana B-Cause
generally I-Cause
leads I-Cause
the I-Cause
health I-Cause
insurance I-Cause
group I-Cause
in I-Cause
terms I-Cause
of I-Cause
customer I-Cause
satisfaction I-Cause
, O
which O
contributes B-Effect
to I-Effect
some I-Effect
intangible I-Effect
assets I-Effect
, O
in O
our O
opinion O
. O

We B-Effect
anticipate I-Effect
Royal I-Effect
Caribbean I-Effect
's I-Effect
EBITDA I-Effect
margins I-Effect
can I-Effect
expand I-Effect
to I-Effect
a I-Effect
mid-30 I-Effect
% I-Effect
rate I-Effect
in I-Effect
2030 I-Effect
if O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
stringently I-Cause
control I-Cause
costs I-Cause
once I-Cause
sailing I-Cause
resumes I-Cause
. I-Cause

While O
a O
local O
country O
's O
domestic O
rating O
agency O
could O
have O
value O
for O
its O
domestic O
bonds O
, O
a B-Effect
rating I-Effect
from I-Effect
a I-Effect
Big I-Effect
Three I-Effect
firm I-Effect
is I-Effect
critical I-Effect
for I-Effect
a I-Effect
cross-border I-Effect
marketed I-Effect
security I-Effect
, O
as O
global B-Cause
investors I-Cause
desire I-Cause
broad I-Cause
comparability I-Cause
across I-Cause
global I-Cause
bonds I-Cause
. O

The B-Cause
firm I-Cause
has I-Cause
profited I-Cause
from I-Cause
increases I-Cause
in I-Cause
miles I-Cause
driven I-Cause
and I-Cause
average I-Cause
vehicle I-Cause
age I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
benefits I-Cause
of I-Cause
its I-Cause
expansive I-Cause
distribution I-Cause
network I-Cause
in I-Cause
ensuring I-Cause
part I-Cause
availability I-Cause
, O
leading O
to O
adjusted B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
that I-Effect
have I-Effect
grown I-Effect
more I-Effect
than I-Effect
900 I-Effect
basis I-Effect
points I-Effect
since I-Effect
2010 I-Effect
, I-Effect
to I-Effect
22 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

With B-Cause
increased I-Cause
consolidation I-Cause
expected I-Cause
in I-Cause
the I-Cause
global I-Cause
IT I-Cause
services I-Cause
industry I-Cause
, O
CGI B-Effect
will I-Effect
have I-Effect
plenty I-Effect
of I-Effect
opportunities I-Effect
to I-Effect
make I-Effect
relevant I-Effect
acquisitions I-Effect
. O

We B-Effect
also I-Effect
see I-Effect
corporate I-Effect
governance I-Effect
as I-Effect
an I-Effect
additional I-Effect
ESG I-Effect
risk I-Effect
given O
Bio-Techne B-Cause
's I-Cause
propensity I-Cause
to I-Cause
expand I-Cause
the I-Cause
diagnostics I-Cause
and I-Cause
genomics I-Cause
business I-Cause
segment I-Cause
through I-Cause
acquisitions I-Cause
. O

Accellacare B-Cause
enhances I-Cause
the I-Cause
patient I-Cause
experience I-Cause
either I-Cause
at I-Cause
traditional I-Cause
clinical I-Cause
testing I-Cause
sites I-Cause
or I-Cause
at I-Cause
home I-Cause
as I-Cause
part I-Cause
of I-Cause
integrated I-Cause
operations I-Cause
with I-Cause
Symphony. O
This O
approach O
is O
leading O
to O
higher B-Effect
patient I-Effect
recruitment I-Effect
in I-Effect
a I-Effect
shorter I-Effect
time I-Effect
frame I-Effect
and I-Effect
greater I-Effect
retention I-Effect
rates I-Effect
for I-Effect
clinical I-Effect
trials I-Effect
. O

While O
Sabre O
's O
distribution O
network O
holds O
network O
and O
efficient O
scale O
advantages O
, O
its B-Cause
airline I-Cause
IT I-Cause
solutions I-Cause
and I-Cause
hospitality I-Cause
solutions I-Cause
business I-Cause
( I-Cause
56 I-Cause
% I-Cause
of I-Cause
2020 I-Cause
revenue I-Cause
) I-Cause
, I-Cause
provide I-Cause
a I-Cause
third I-Cause
switching I-Cause
cost I-Cause
advantage I-Cause
, O
which O
makes B-Effect
it I-Effect
costly I-Effect
and I-Effect
time I-Effect
consuming I-Effect
for I-Effect
carriers I-Effect
to I-Effect
move I-Effect
to I-Effect
another I-Effect
provider I-Effect
. O

While O
some O
of O
Medtronic O
's O
product O
lines O
have O
waned O
as O
new O
clinical O
data O
has O
altered O
treatment O
guidelines O
, O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
emerging I-Cause
technologies I-Cause
, I-Cause
including I-Cause
renal I-Cause
denervation I-Cause
and I-Cause
transcatheter I-Cause
mitral I-Cause
valves I-Cause
, O
that O
should O
drive B-Effect
future I-Effect
growth I-Effect
. O

We O
are O
confident O
that O
CBRE B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
particularly O
because O
its B-Cause
product I-Cause
mix I-Cause
has I-Cause
become I-Cause
more I-Cause
contractual I-Cause
and I-Cause
less I-Cause
cyclical I-Cause
compared I-Cause
with I-Cause
the I-Cause
previous I-Cause
downturn I-Cause
. O

Furthermore O
, O
failures B-Cause
of I-Cause
critical I-Cause
parts I-Cause
that O
render O
a B-Effect
vehicle I-Effect
immobile I-Effect
require O
immediate O
replacement O
for O
users O
to O
regain O
the O
use O
of O
a O
car O
or O
truck O
used O
for O
commuting O
or O
commercial O
endeavors O
. O

For O
these O
reasons O
, O
drug B-Effect
packaging I-Effect
components I-Effect
effectively I-Effect
have I-Effect
indefinite I-Effect
switching I-Effect
costs I-Effect
as O
drug B-Cause
packaging I-Cause
is I-Cause
highly I-Cause
likely I-Cause
to I-Cause
stay I-Cause
the I-Cause
same I-Cause
through I-Cause
the I-Cause
life I-Cause
of I-Cause
the I-Cause
drug I-Cause
's I-Cause
commercialization I-Cause
, O
which O
can O
span O
several O
decades O
or O
more O
. O

The B-Cause
increased I-Cause
supply I-Cause
will O
either O
lower B-Effect
housing I-Effect
prices I-Effect
to I-Effect
the I-Effect
point I-Effect
that I-Effect
renters I-Effect
can I-Effect
afford I-Effect
to I-Effect
purchase I-Effect
a I-Effect
home I-Effect
or I-Effect
create I-Effect
new I-Effect
rental I-Effect
housing I-Effect
stock I-Effect
that I-Effect
will I-Effect
compete I-Effect
with I-Effect
Invitation I-Effect
Homes I-Effect
' I-Effect
portfolio I-Effect
. O

Furthermore O
, O
Conagra B-Effect
operates I-Effect
with I-Effect
a I-Effect
more I-Effect
complex I-Effect
supply I-Effect
chain I-Effect
network I-Effect
, O
as O
90 B-Cause
% I-Cause
of I-Cause
its I-Cause
products I-Cause
are I-Cause
produced I-Cause
in I-Cause
only I-Cause
one I-Cause
location I-Cause
. O

Between O
Fox O
News O
, O
Fox O
Sports O
, O
and O
the B-Cause
Fox I-Cause
network I-Cause
, I-Cause
Fox I-Cause
can I-Cause
offer I-Cause
content I-Cause
that I-Cause
appeals I-Cause
to I-Cause
almost I-Cause
any I-Cause
viewer I-Cause
, O
making O
the B-Effect
firm I-Effect
's I-Effect
channel I-Effect
bundle I-Effect
must I-Effect
have I-Effect
content I-Effect
for I-Effect
most I-Effect
pay I-Effect
television I-Effect
distributors I-Effect
. O

The O
corporate O
trust O
businesses O
have O
similar O
dynamics O
, O
where O
the B-Cause
current I-Cause
players I-Cause
have I-Cause
reached I-Cause
scale I-Cause
with I-Cause
the I-Cause
number I-Cause
of I-Cause
relationships I-Cause
, I-Cause
assets I-Cause
administered I-Cause
, I-Cause
and I-Cause
transactions I-Cause
completed I-Cause
, O
making O
it B-Effect
nearly I-Effect
impossible I-Effect
to I-Effect
break I-Effect
in I-Effect
and I-Effect
still I-Effect
charge I-Effect
competitive I-Effect
rates I-Effect
. O

At O
a O
minimum O
, O
we O
think O
the B-Cause
anti-immigration I-Cause
stance I-Cause
of I-Cause
the I-Cause
current I-Cause
administration I-Cause
has O
hampered O
immigrant B-Effect
populations I-Effect
and I-Effect
industry I-Effect
growth I-Effect
, O
and O
we O
see O
significant B-Effect
event I-Effect
risk I-Effect
if O
the B-Cause
industry I-Cause
is I-Cause
directly I-Cause
targeted I-Cause
. O

While O
we O
think O
peer B-Cause
Schlumberger I-Cause
is I-Cause
unparalleled I-Cause
in I-Cause
its I-Cause
understanding I-Cause
of I-Cause
oil I-Cause
and I-Cause
gas I-Cause
reservoirs I-Cause
, I-Cause
Halliburton I-Cause
leads I-Cause
in I-Cause
understanding I-Cause
the I-Cause
interaction I-Cause
between I-Cause
the I-Cause
reservoir I-Cause
and I-Cause
the I-Cause
wellbore. O
This O
understanding O
has O
long B-Effect
delivered I-Effect
Halliburton I-Effect
an I-Effect
edge I-Effect
in I-Effect
cementing I-Effect
services I-Effect
, I-Effect
completion I-Effect
equipment I-Effect
, I-Effect
frac I-Effect
chemicals I-Effect
, I-Effect
and I-Effect
similar I-Effect
products I-Effect
and I-Effect
services I-Effect
. O

Yet O
it B-Effect
was I-Effect
able I-Effect
to I-Effect
sustain I-Effect
this I-Effect
dominant I-Effect
position I-Effect
throughout I-Effect
the I-Effect
following I-Effect
decade I-Effect
( I-Effect
despite I-Effect
the I-Effect
lucrative I-Effect
rewards I-Effect
to I-Effect
would-be I-Effect
rivals I-Effect
) I-Effect
because O
of O
its B-Cause
ability I-Cause
to I-Cause
continually I-Cause
create I-Cause
valuable I-Cause
new I-Cause
products I-Cause
and I-Cause
drive I-Cause
down I-Cause
costs I-Cause
via I-Cause
manufacturing I-Cause
economies I-Cause
of I-Cause
scale I-Cause
and I-Cause
other I-Cause
efficiencies I-Cause
. O

We O
see O
a B-Effect
nice I-Effect
growth I-Effect
runway I-Effect
for I-Effect
Masco I-Effect
as O
the B-Cause
company I-Cause
capitalizes I-Cause
on I-Cause
improving I-Cause
end I-Cause
markets I-Cause
and I-Cause
internal I-Cause
growth I-Cause
initiatives I-Cause
across I-Cause
its I-Cause
remaining I-Cause
plumbing I-Cause
and I-Cause
decorative I-Cause
architectural I-Cause
platforms I-Cause
. O

Our B-Effect
estimate I-Effect
is I-Effect
significantly I-Effect
below I-Effect
the I-Effect
most I-Effect
recent I-Effect
levels I-Effect
, O
as O
we B-Cause
do I-Cause
not I-Cause
view I-Cause
the I-Cause
current I-Cause
growth I-Cause
to I-Cause
be I-Cause
sustainable I-Cause
for I-Cause
the I-Cause
foreseeable I-Cause
future I-Cause
as I-Cause
implied I-Cause
by I-Cause
the I-Cause
current I-Cause
share I-Cause
price I-Cause
. O

Loan O
loss O
charge-offs O
may O
tick O
up O
over O
the O
next O
year O
, O
but O
the O
company O
's O
existing O
allowance O
for O
loan O
losses O
should O
be O
sufficient O
and O
extended B-Cause
government I-Cause
stimulus I-Cause
has O
greatly O
reduced O
the B-Effect
potential I-Effect
downside I-Effect
. O

We O
've O
been O
lifting B-Cause
our I-Cause
midcycle I-Cause
OR I-Cause
assumptions I-Cause
for I-Cause
most I-Cause
of I-Cause
the I-Cause
rails I-Cause
, O
despitefirst-quarter O
weather O
headwinds O
, O
given O
continued B-Effect
PSR-related I-Effect
advancements I-Effect
to I-Effect
incremental I-Effect
margins I-Effect
. O

Finally O
, O
Farfetch O
can O
help O
brands O
establish O
themselves O
with O
younger O
luxury O
consumers O
; O
luxury B-Effect
company I-Effect
management I-Effect
teams I-Effect
are I-Effect
concerned I-Effect
about I-Effect
appealing I-Effect
to I-Effect
the I-Effect
millennial I-Effect
demographic I-Effect
, O
given O
their B-Cause
rising I-Cause
purchasing I-Cause
power I-Cause
. O

We O
believe O
customers O
value O
Salesforce.com O
's O
discrete O
clouds O
as O
stand-alone O
solutions O
, O
but O
the B-Cause
various I-Cause
clouds I-Cause
are I-Cause
highly I-Cause
complementary I-Cause
and I-Cause
are I-Cause
tightly I-Cause
integrated I-Cause
with I-Cause
one I-Cause
another I-Cause
, O
making B-Effect
the I-Effect
complete I-Effect
set I-Effect
of I-Effect
solutions I-Effect
more I-Effect
compelling I-Effect
. O

We O
think O
that O
in O
an O
era O
where O
competitive B-Effect
differentiation I-Effect
is I-Effect
increasingly I-Effect
driven I-Effect
by O
technology-enabled B-Cause
analytics I-Cause
and I-Cause
algorithms I-Cause
, O
the B-Cause
data I-Cause
feedback I-Cause
loop I-Cause
that I-Cause
these I-Cause
retail I-Cause
relationships I-Cause
engender I-Cause
will O
serve O
to O
perpetuate B-Effect
Pepsi I-Effect
's I-Effect
advantage I-Effect
. O

Landstar O
enjoys O
a O
high O
variable-cost O
business O
model O
, O
but O
for O
2020 B-Effect
we I-Effect
expect I-Effect
EBIT I-Effect
margin I-Effect
( I-Effect
calculated I-Effect
off I-Effect
net I-Effect
revenue I-Effect
) I-Effect
to I-Effect
fall I-Effect
to I-Effect
roughly I-Effect
25.5 I-Effect
% I-Effect
, I-Effect
from I-Effect
31.1 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
on B-Cause
lower I-Cause
net I-Cause
revenue I-Cause
, I-Cause
higher I-Cause
insurance I-Cause
premiums I-Cause
, I-Cause
a I-Cause
small I-Cause
asset I-Cause
impairment I-Cause
, I-Cause
and I-Cause
IT I-Cause
investments I-Cause
aimed I-Cause
at I-Cause
transaction I-Cause
automation I-Cause
. O

Malibu O
expects O
the O
sport O
boat O
market O
to O
continue O
to O
grow O
( O
rising O
at O
a O
high-single-digit O
clip O
in O
calendar O
2020 O
) O
, O
while O
we B-Effect
expect I-Effect
Malibu I-Effect
, I-Effect
already I-Effect
the I-Effect
market I-Effect
leader I-Effect
, I-Effect
to I-Effect
organically I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-double-digit I-Effect
clip I-Effect
( O
and O
a O
high-single-digit O
rate O
longer O
term O
to O
hold O
its O
share O
) O
thanks B-Cause
to I-Cause
continuous I-Cause
product I-Cause
innovation I-Cause
. O

Acquisitions B-Cause
are I-Cause
likely I-Cause
to I-Cause
be I-Cause
a I-Cause
part I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
capital I-Cause
allocation I-Cause
going I-Cause
forward I-Cause
, I-Cause
and I-Cause
lower I-Cause
returns I-Cause
from I-Cause
past I-Cause
acquisitions I-Cause
creates B-Effect
risk I-Effect
that I-Effect
future I-Effect
purchases I-Effect
could I-Effect
further I-Effect
dilute I-Effect
returns I-Effect
, I-Effect
and I-Effect
potentially I-Effect
lead I-Effect
to I-Effect
returns I-Effect
at I-Effect
or I-Effect
near I-Effect
the I-Effect
firm I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Within O
our O
base O
case O
scenario O
, O
we O
expect O
revenue B-Cause
to I-Cause
grow I-Cause
at I-Cause
a I-Cause
compounded I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
38 I-Cause
% I-Cause
through I-Cause
2024. O
This O
growth O
will O
be O
a O
result O
of O
increased B-Effect
usage I-Effect
of I-Effect
core I-Effect
products I-Effect
by I-Effect
existing I-Effect
customers I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
an I-Effect
increase I-Effect
in I-Effect
new I-Effect
customers I-Effect
( I-Effect
we I-Effect
anticipate I-Effect
growth I-Effect
at I-Effect
a I-Effect
25 I-Effect
% I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
) I-Effect
. O

This B-Effect
helped I-Effect
the I-Effect
other I-Effect
two I-Effect
operators I-Effect
gain I-Effect
greater I-Effect
market I-Effect
share I-Effect
of I-Effect
3G I-Effect
customers I-Effect
than I-Effect
in I-Effect
2G I-Effect
and I-Effect
helped I-Effect
its I-Effect
home-grown I-Effect
technology I-Effect
, O
which O
reduced B-Cause
fees I-Cause
to I-Cause
Qualcomm I-Cause
for I-Cause
the I-Cause
use I-Cause
of I-Cause
its I-Cause
technology I-Cause
designs I-Cause
. O

Asbury B-Cause
tends I-Cause
to I-Cause
have I-Cause
one I-Cause
of I-Cause
the I-Cause
lowest I-Cause
SG I-Cause
& I-Cause
A I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
gross I-Cause
profit I-Cause
ratios I-Cause
in I-Cause
the I-Cause
dealer I-Cause
sector I-Cause
, O
so O
it B-Effect
is I-Effect
a I-Effect
top I-Effect
operator I-Effect
. O

A O
private O
bank O
that O
offers B-Cause
its I-Cause
clients I-Cause
transactional I-Cause
and I-Cause
lending I-Cause
products I-Cause
raises B-Effect
switching I-Effect
costs I-Effect
compared O
with O
wealth O
management O
businesses O
that O
only O
offer O
investment O
products O
. O

We O
believe O
Grubhub O
will O
have O
difficulty O
differentiating B-Effect
itself I-Effect
from I-Effect
small I-Effect
or I-Effect
large I-Effect
and I-Effect
well-capitalized I-Effect
competitors I-Effect
, O
as O
evidenced O
by O
its B-Cause
declining I-Cause
market I-Cause
share I-Cause
. O

Similarly O
, O
Urban B-Effect
Outfitters I-Effect
' I-Effect
ROICs I-Effect
dropped I-Effect
to I-Effect
9 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
from I-Effect
18 I-Effect
% I-Effect
in I-Effect
2014 I-Effect
, I-Effect
and I-Effect
then I-Effect
fell I-Effect
to I-Effect
just I-Effect
1 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
due O
to O
the B-Cause
pandemic I-Cause
. O

Customers B-Cause
tend I-Cause
to I-Cause
exhibit I-Cause
little I-Cause
brand I-Cause
loyalty I-Cause
and O
thus O
there B-Effect
is I-Effect
no I-Effect
pricing I-Effect
power I-Effect
, O
with O
all B-Effect
premium I-Effect
players I-Effect
' I-Effect
tools I-Effect
typically I-Effect
being I-Effect
present I-Effect
at I-Effect
their I-Effect
customers I-Effect
manufacturing I-Effect
sites I-Effect
. O

We O
assume O
advanced B-Effect
wound-care I-Effect
growth I-Effect
declines I-Effect
in I-Effect
the I-Effect
low-single-digit I-Effect
range I-Effect
as O
those B-Cause
products I-Cause
are I-Cause
still I-Cause
primarily I-Cause
associated I-Cause
with I-Cause
patient I-Cause
acuity I-Cause
, I-Cause
trauma I-Cause
, I-Cause
and I-Cause
chronic I-Cause
conditions I-Cause
, I-Cause
such I-Cause
as I-Cause
diabetes I-Cause
. O

We O
think O
Deere B-Effect
's I-Effect
risk I-Effect
to I-Effect
increased I-Effect
emissions I-Effect
regulation I-Effect
is I-Effect
moderate I-Effect
given O
its O
continued O
focus O
on O
producing B-Cause
next I-Cause
generation I-Cause
products I-Cause
that I-Cause
reduce I-Cause
machine I-Cause
emissions I-Cause
. O

In B-Effect
terms I-Effect
of I-Effect
cost I-Effect
advantage I-Effect
, I-Effect
increasing I-Effect
fleet I-Effect
size I-Effect
does I-Effect
n't I-Effect
automatically I-Effect
translate I-Effect
into I-Effect
lower I-Effect
costs. O
This O
is O
partly O
because O
a B-Cause
truckload I-Cause
carrier I-Cause
ca I-Cause
n't I-Cause
boost I-Cause
route I-Cause
density I-Cause
by I-Cause
adding I-Cause
more I-Cause
customers I-Cause
, I-Cause
as I-Cause
by I-Cause
definition I-Cause
it I-Cause
hauls I-Cause
a I-Cause
full-trailer I-Cause
load I-Cause
from I-Cause
point I-Cause
A I-Cause
to I-Cause
point I-Cause
B I-Cause
for I-Cause
one I-Cause
customer I-Cause
at I-Cause
a I-Cause
time I-Cause
. O

We O
see O
non-GAAP B-Effect
operating I-Effect
margin I-Effect
expanding I-Effect
from I-Effect
14 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
the I-Effect
low I-Effect
20 I-Effect
% I-Effect
area I-Effect
by I-Effect
fiscal I-Effect
2025 I-Effect
, O
largely O
as O
a O
result O
of O
cloud B-Cause
revenues I-Cause
scaling I-Cause
. O

Corporates B-Cause
are I-Cause
less I-Cause
likely I-Cause
to I-Cause
use I-Cause
risk-management I-Cause
products I-Cause
that I-Cause
BNP I-Cause
Paribas I-Cause
offers I-Cause
and I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
bid-ask I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
spreads I-Cause
have I-Cause
narrowed I-Cause
; O
this O
should O
lead O
to O
a B-Effect
normalisation I-Effect
of I-Effect
trading I-Effect
revenue I-Effect
. O

Specifically O
, O
we O
think O
it O
will O
focus B-Cause
its I-Cause
resources I-Cause
on I-Cause
opportunities I-Cause
that I-Cause
expand I-Cause
its I-Cause
content I-Cause
in I-Cause
individual I-Cause
end I-Cause
products I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
grow I-Effect
revenue I-Effect
faster I-Effect
than I-Effect
the I-Effect
underlying I-Effect
markets I-Effect
it I-Effect
serves I-Effect
. O

Since B-Cause
brokers I-Cause
are I-Cause
primarily I-Cause
compensated I-Cause
via I-Cause
commission I-Cause
that I-Cause
varies I-Cause
with I-Cause
productivity I-Cause
, I-Cause
it I-Cause
is I-Cause
likewise I-Cause
important I-Cause
for I-Cause
ambitious I-Cause
employees I-Cause
to I-Cause
work I-Cause
for I-Cause
firms I-Cause
with I-Cause
a I-Cause
strong I-Cause
reputation I-Cause
and I-Cause
a I-Cause
deep I-Cause
network I-Cause
in I-Cause
their I-Cause
desired I-Cause
market. O
This O
dynamic O
has O
created B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
for I-Effect
CBRE I-Effect
, I-Effect
allowing I-Effect
it I-Effect
to I-Effect
simultaneously I-Effect
retain I-Effect
top I-Effect
talent I-Effect
and I-Effect
poach I-Effect
employees I-Effect
from I-Effect
its I-Effect
competitors I-Effect
. O

We O
believe O
its O
marketplace O
will O
benefit O
from O
Walmart B-Cause
's I-Cause
recent I-Cause
move I-Cause
to I-Cause
permit I-Cause
in-store I-Cause
returns I-Cause
for I-Cause
items I-Cause
bought I-Cause
on I-Cause
its I-Cause
platform I-Cause
, O
improving B-Effect
convenience I-Effect
and I-Effect
buying I-Effect
confidence I-Effect
for I-Effect
customers I-Effect
and I-Effect
therefore I-Effect
boosting I-Effect
the I-Effect
value I-Effect
of I-Effect
the I-Effect
venue I-Effect
to I-Effect
third-party I-Effect
sellers I-Effect
. O

CMS B-Cause
' I-Cause
transformation I-Cause
during I-Cause
the I-Cause
past I-Cause
decade I-Cause
into I-Cause
a I-Cause
mostly I-Cause
regulated I-Cause
utility I-Cause
has O
set B-Effect
it I-Effect
up I-Effect
for I-Effect
a I-Effect
long I-Effect
runway I-Effect
of I-Effect
growth I-Effect
during I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

As O
refrigerated B-Cause
options I-Cause
gain I-Cause
traction I-Cause
in I-Cause
the I-Cause
side I-Cause
dish I-Cause
market I-Cause
( O
they O
are O
reporting O
high-single-digit O
growth O
rates O
on O
average O
) O
, O
the B-Effect
brand I-Effect
's I-Effect
presence I-Effect
should I-Effect
become I-Effect
increasingly I-Effect
prevalent I-Effect
in I-Effect
the I-Effect
broader I-Effect
side I-Effect
dish I-Effect
category I-Effect
. O

Further O
, O
the B-Cause
company I-Cause
's I-Cause
rapid I-Cause
growth I-Cause
, I-Cause
even I-Cause
from I-Cause
a I-Cause
sizable I-Cause
revenue I-Cause
base I-Cause
of I-Cause
$ I-Cause
880 I-Cause
million I-Cause
last I-Cause
year I-Cause
suggests O
the B-Effect
software I-Effect
resonates I-Effect
with I-Effect
customers I-Effect
. O

With O
regulatory B-Cause
and I-Cause
political I-Cause
backing I-Cause
, O
CMS B-Effect
plans I-Effect
at I-Effect
least I-Effect
$ I-Effect
25 I-Effect
billion I-Effect
of I-Effect
investment I-Effect
during I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
including O
more O
than O
$ O
13 O
billion O
during O
the O
next O
five O
years O
. O

That O
said O
, O
we O
expect O
successful B-Cause
contract I-Cause
repricing I-Cause
to O
enable B-Effect
margins I-Effect
to I-Effect
stabilize I-Effect
sequentially I-Effect
as I-Effect
the I-Effect
year I-Effect
progresses I-Effect
, I-Effect
and I-Effect
normalize I-Effect
upward I-Effect
in I-Effect
2022 I-Effect
. O

While O
the B-Cause
pandemic I-Cause
could O
slightly B-Effect
slow I-Effect
the I-Effect
launch I-Effect
of I-Effect
Novo I-Effect
's I-Effect
new I-Effect
oral I-Effect
GLP-1 I-Effect
therapy I-Effect
Rybelsus I-Effect
, O
we O
expect O
Novo B-Effect
to I-Effect
gain I-Effect
$ I-Effect
19 I-Effect
billion I-Effect
of I-Effect
a I-Effect
potential I-Effect
$ I-Effect
26 I-Effect
billion I-Effect
global I-Effect
GLP-1 I-Effect
market I-Effect
in I-Effect
diabetes I-Effect
by I-Effect
2029 I-Effect
, O
with O
Lilly O
standing O
as O
the O
firm O
's O
key O
competitor O
. O

Tesla B-Effect
's I-Effect
product I-Effect
plans I-Effect
for I-Effect
now I-Effect
do I-Effect
not I-Effect
mean I-Effect
an I-Effect
electric I-Effect
vehicle I-Effect
for I-Effect
every I-Effect
consumer I-Effect
who I-Effect
wants I-Effect
one I-Effect
, O
because B-Cause
the I-Cause
prices I-Cause
are I-Cause
too I-Cause
high I-Cause
. O

We O
think O
DT B-Cause
's I-Cause
strong I-Cause
mobile I-Cause
offerings I-Cause
coupled I-Cause
with I-Cause
customer I-Cause
demand I-Cause
for I-Cause
higher I-Cause
data I-Cause
usage I-Cause
should O
help O
the B-Effect
firm I-Effect
easily I-Effect
differentiate I-Effect
from I-Effect
its I-Effect
rivals I-Effect
. O

As B-Cause
more I-Cause
organizations I-Cause
adopt I-Cause
Palantir I-Cause
's I-Cause
platforms I-Cause
, O
the B-Effect
company I-Effect
gains I-Effect
additional I-Effect
unique I-Effect
industry-specific I-Effect
capabilities I-Effect
to I-Effect
meet I-Effect
customer I-Effect
demands I-Effect
, I-Effect
which I-Effect
then I-Effect
creates I-Effect
more I-Effect
industrywide I-Effect
demand I-Effect
for I-Effect
its I-Effect
software I-Effect
. O

The B-Cause
high I-Cause
switching I-Cause
costs I-Cause
of I-Cause
the I-Cause
capital I-Cause
equipment I-Cause
lay I-Cause
a I-Cause
path I-Cause
for I-Cause
the I-Cause
purchase I-Cause
of I-Cause
consumables I-Cause
, O
and O
we O
think O
many B-Effect
customers I-Effect
would I-Effect
be I-Effect
unwilling I-Effect
to I-Effect
incur I-Effect
the I-Effect
required I-Effect
costs I-Effect
of I-Effect
overhauling I-Effect
their I-Effect
equipment I-Effect
to I-Effect
switch I-Effect
to I-Effect
an I-Effect
unproven I-Effect
supplier I-Effect
of I-Effect
reprocessors I-Effect
. O

Certain B-Cause
parts I-Cause
of I-Cause
chip I-Cause
design I-Cause
can I-Cause
be I-Cause
outsourced I-Cause
, O
reducing B-Effect
time I-Effect
spent I-Effect
developing I-Effect
more I-Effect
standardized I-Effect
aspects I-Effect
of I-Effect
a I-Effect
chip I-Effect
and I-Effect
allowing I-Effect
for I-Effect
more I-Effect
focus I-Effect
on I-Effect
customizable I-Effect
, I-Effect
differentiated I-Effect
components I-Effect
. O

As O
more B-Cause
and I-Cause
more I-Cause
electronic I-Cause
devices I-Cause
become I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
smarter I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
and I-Cause
connected I-Cause
to I-Cause
the I-Cause
Internet I-Cause
, O
Microchip B-Effect
's I-Effect
MCUs I-Effect
and I-Effect
analog I-Effect
chips I-Effect
stand I-Effect
to I-Effect
benefit I-Effect
. O

As O
a O
commodity O
producer O
, O
the O
firm O
has O
no O
pricing O
power O
over O
the O
fertilizer O
products O
it O
sells O
, O
and O
oversupply B-Cause
by I-Cause
competitors I-Cause
is O
always O
a O
threat O
to O
crop B-Effect
nutrient I-Effect
price I-Effect
levels I-Effect
. O

While O
the B-Effect
COVID-19 I-Effect
pandemic I-Effect
has I-Effect
created I-Effect
headwinds I-Effect
in I-Effect
some I-Effect
industries I-Effect
that I-Effect
Twilio I-Effect
services I-Effect
such I-Effect
as I-Effect
ridesharing I-Effect
and I-Effect
dining I-Effect
, O
this O
has O
been O
offset O
by O
tailwinds B-Cause
in I-Cause
areas I-Cause
such I-Cause
as I-Cause
food I-Cause
delivery I-Cause
and I-Cause
telehealth I-Cause
. O

Despite O
Sensata B-Cause
's I-Cause
presence I-Cause
in I-Cause
a I-Cause
very I-Cause
competitive I-Cause
space I-Cause
, I-Cause
content I-Cause
growth I-Cause
should O
result B-Effect
in I-Effect
mid-single-digit I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
in I-Effect
these I-Effect
markets I-Effect
. O

As O
with O
all O
regulated O
utilities O
, O
Alliant B-Cause
Energy I-Cause
faces I-Cause
the I-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
that O
would O
raise B-Effect
borrowing I-Effect
costs I-Effect
and I-Effect
make I-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

Social B-Cause
distancing I-Cause
restrictions I-Cause
could O
continue O
to O
compound O
mall B-Effect
traffic I-Effect
declines I-Effect
, O
sending B-Effect
higher I-Effect
mix I-Effect
of I-Effect
transactions I-Effect
through O
the B-Cause
historically I-Cause
less I-Cause
profitable I-Cause
e-commerce I-Cause
channel I-Cause
( I-Cause
which I-Cause
is I-Cause
inherently I-Cause
plagued I-Cause
by I-Cause
higher I-Cause
shipping I-Cause
costs I-Cause
) I-Cause
. O

Given O
the B-Cause
volatile I-Cause
price I-Cause
swings I-Cause
of I-Cause
the I-Cause
raw I-Cause
materials I-Cause
needed I-Cause
to I-Cause
raise I-Cause
chickens I-Cause
( O
primarily O
corn O
or O
wheat O
and O
soybean O
meal O
) O
, O
the B-Effect
poultry I-Effect
industry I-Effect
moved I-Effect
to I-Effect
cost-based I-Effect
pricing I-Effect
after O
huge B-Cause
spikes I-Cause
in I-Cause
feed I-Cause
costs I-Cause
led O
to O
operating B-Cause
losses I-Cause
for I-Cause
most I-Cause
poultry I-Cause
producers I-Cause
in I-Cause
2008 I-Cause
and I-Cause
2011 I-Cause
. O

However O
, O
the B-Effect
contracts I-Effect
offer I-Effect
little I-Effect
in I-Effect
the I-Effect
way I-Effect
of I-Effect
volume I-Effect
protection I-Effect
in I-Effect
our I-Effect
view I-Effect
, I-Effect
and I-Effect
more I-Effect
volume I-Effect
volatility I-Effect
due O
to O
COVID-19 B-Cause
reduces I-Cause
asset I-Cause
efficiency I-Cause
, I-Cause
utilization I-Cause
, I-Cause
and I-Cause
returns I-Cause
. O

Merchant O
customers O
, O
on O
the O
other O
hand O
, O
do O
face B-Effect
switching I-Effect
costs I-Effect
as O
they B-Cause
typically I-Cause
enter I-Cause
into I-Cause
3-7 I-Cause
year I-Cause
contracts I-Cause
and I-Cause
often I-Cause
rely I-Cause
on I-Cause
industrial I-Cause
gas I-Cause
companies I-Cause
for I-Cause
storage I-Cause
and I-Cause
vaporization I-Cause
. O

With O
the B-Cause
BBVA I-Cause
acquisition I-Cause
scheduled I-Cause
to I-Cause
close I-Cause
in I-Cause
mid-2021 I-Cause
, O
PNC O
's O
focus O
will O
shift O
towards O
integration O
of O
operations O
, O
cost O
cuts O
, O
and O
ultimately B-Effect
to I-Effect
potential I-Effect
revenue I-Effect
synergies I-Effect
down I-Effect
the I-Effect
road I-Effect
. O

The B-Effect
expansion I-Effect
mainly I-Effect
comes I-Effect
from I-Effect
gross I-Effect
margin I-Effect
increasing I-Effect
into I-Effect
the I-Effect
low I-Effect
60 I-Effect
% I-Effect
range I-Effect
versus I-Effect
58 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
as O
we O
expect O
a B-Cause
larger I-Cause
portion I-Cause
of I-Cause
software I-Cause
sales I-Cause
to I-Cause
favorably I-Cause
impact I-Cause
product I-Cause
costs I-Cause
. O

Given O
our B-Cause
anticipation I-Cause
of I-Cause
more I-Cause
normalized I-Cause
growth I-Cause
after I-Cause
a I-Cause
modestly I-Cause
down I-Cause
2019 I-Cause
and I-Cause
2020 I-Cause
, O
we O
forecast O
annual B-Effect
revenue I-Effect
growth I-Effect
for I-Effect
Agco I-Effect
to I-Effect
average I-Effect
approximately I-Effect
4 I-Effect
% I-Effect
between I-Effect
2021 I-Effect
and I-Effect
2024 I-Effect
. O

In O
our O
base-case O
scenario O
, O
we B-Effect
are I-Effect
forecasting I-Effect
a I-Effect
roughly I-Effect
300-basis-point I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
from I-Effect
fiscal I-Effect
2019 I-Effect
levels I-Effect
, O
as O
we O
believe O
that O
volume B-Cause
leverage I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
continuous I-Cause
improvement I-Cause
initiatives I-Cause
will I-Cause
continue I-Cause
to I-Cause
gradually I-Cause
drive I-Cause
increased I-Cause
profitability I-Cause
. O

Chief O
among O
these O
is O
greater B-Cause
production I-Cause
line I-Cause
changeover I-Cause
, O
which O
reduces B-Effect
the I-Effect
amount I-Effect
of I-Effect
throughput I-Effect
and I-Effect
fixed I-Effect
cost I-Effect
leverage I-Effect
it I-Effect
can I-Effect
achieve I-Effect
. O

Diageo B-Effect
's I-Effect
non-aged I-Effect
portfolio I-Effect
is I-Effect
strong I-Effect
, O
arguably O
the O
strongest O
in O
the O
industry O
, O
given B-Cause
its I-Cause
breadth I-Cause
and I-Cause
leadership I-Cause
positions I-Cause
in I-Cause
some I-Cause
large I-Cause
categories I-Cause
. O

Fixed B-Effect
costs I-Effect
associated I-Effect
with I-Effect
blast I-Effect
furnaces I-Effect
are I-Effect
higher I-Effect
because O
once B-Cause
a I-Cause
blast I-Cause
furnace I-Cause
is I-Cause
started I-Cause
, I-Cause
it I-Cause
will I-Cause
typically I-Cause
run I-Cause
for I-Cause
years I-Cause
at I-Cause
a I-Cause
time I-Cause
. O

However O
, O
technological B-Cause
advances I-Cause
continually I-Cause
improve I-Cause
networking I-Cause
efficiency I-Cause
and I-Cause
enable I-Cause
less I-Cause
costly I-Cause
solutions I-Cause
to I-Cause
store I-Cause
and I-Cause
transport I-Cause
data. O
Consequently O
, O
even B-Effect
in I-Effect
Lumen I-Effect
's I-Effect
business I-Effect
segments I-Effect
, I-Effect
which I-Effect
account I-Effect
for I-Effect
over I-Effect
70 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
, I-Effect
we I-Effect
think I-Effect
revenue I-Effect
is I-Effect
likely I-Effect
to I-Effect
continue I-Effect
declining I-Effect
. O

Overall O
, O
we O
think O
Lennar B-Effect
's I-Effect
gross I-Effect
margins I-Effect
will I-Effect
converge I-Effect
closer I-Effect
to I-Effect
the I-Effect
industry I-Effect
average I-Effect
over I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
the B-Cause
company I-Cause
exhausts I-Cause
its I-Cause
lower-cost I-Cause
land I-Cause
supply I-Cause
, O
increasingly B-Cause
relies I-Cause
on I-Cause
more-capital-friendly I-Cause
but I-Cause
lower I-Cause
margin I-Cause
optioned I-Cause
land I-Cause
, I-Cause
and I-Cause
as I-Cause
peers I-Cause
replicate I-Cause
successful I-Cause
marketing I-Cause
and I-Cause
building I-Cause
efficiency I-Cause
strategies I-Cause
. O

Cash B-Cause
flow I-Cause
from I-Cause
these I-Cause
mature I-Cause
assets I-Cause
is I-Cause
being I-Cause
deployed I-Cause
to I-Cause
fund I-Cause
the I-Cause
buildout I-Cause
of I-Cause
the I-Cause
emerging I-Cause
Flat I-Cause
Lake I-Cause
and I-Cause
Uinta I-Cause
assets I-Cause
, O
which O
could O
represent B-Effect
the I-Effect
next I-Effect
significant I-Effect
growth I-Effect
pillar I-Effect
. O

Tenneco B-Cause
's I-Cause
ride-control I-Cause
products I-Cause
provide I-Cause
resistance I-Cause
between I-Cause
the I-Cause
vehicle I-Cause
and I-Cause
the I-Cause
tires I-Cause
so O
that O
the B-Effect
tires I-Effect
maintain I-Effect
contact I-Effect
with I-Effect
the I-Effect
road I-Effect
surface I-Effect
, I-Effect
critical I-Effect
to I-Effect
safety I-Effect
under I-Effect
various I-Effect
road I-Effect
conditions I-Effect
and I-Effect
vehicle-handling I-Effect
maneuvers I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
varying I-Effect
and I-Effect
shifting I-Effect
weight I-Effect
loads I-Effect
. O

In O
our O
model O
, O
if O
we O
took B-Cause
operating I-Cause
margin I-Cause
including I-Cause
floorplan I-Cause
interest I-Cause
in I-Cause
the I-Cause
final I-Cause
three I-Cause
years I-Cause
of I-Cause
our I-Cause
five-year I-Cause
explicit I-Cause
forecast I-Cause
period I-Cause
up I-Cause
significantly I-Cause
to I-Cause
4.5 I-Cause
% I-Cause
in I-Cause
each I-Cause
year I-Cause
, O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
would I-Effect
be I-Effect
$ I-Effect
89 I-Effect
. O

Another O
risk-reducing O
regulatory O
framework O
is O
that O
all B-Cause
Houston I-Cause
Electric I-Cause
customers I-Cause
are I-Cause
served I-Cause
under I-Cause
market-based I-Cause
tariffs I-Cause
, O
eliminating O
all B-Effect
commodity I-Effect
risk I-Effect
. O

First O
, O
a B-Cause
prolonged I-Cause
downturn I-Cause
in I-Cause
new I-Cause
commercial I-Cause
and I-Cause
residential I-Cause
construction I-Cause
would O
hurt B-Effect
the I-Effect
company I-Effect
's I-Effect
financial I-Effect
performance I-Effect
; O
however O
, O
Allegion B-Cause
's I-Cause
aftermarket I-Cause
exposure I-Cause
helps O
to O
dampen B-Effect
the I-Effect
firm I-Effect
's I-Effect
cyclicality I-Effect
. O

Negative B-Cause
real I-Cause
interest I-Cause
rates I-Cause
have I-Cause
increased I-Cause
gold I-Cause
's I-Cause
investment I-Cause
appeal I-Cause
, O
supporting B-Effect
our I-Effect
2021 I-Effect
price I-Effect
forecast I-Effect
of I-Effect
$ I-Effect
1,700 I-Effect
per I-Effect
ounce I-Effect
. O

Second O
, O
once O
Paycom B-Cause
's I-Cause
platform I-Cause
is I-Cause
integrated I-Cause
, O
switching B-Effect
platforms I-Effect
could I-Effect
cause I-Effect
business I-Effect
disruption I-Effect
and I-Effect
operational I-Effect
risk I-Effect
, I-Effect
potentially I-Effect
leading I-Effect
to I-Effect
inefficiencies I-Effect
in I-Effect
payroll I-Effect
processing I-Effect
and I-Effect
HCM I-Effect
solutions I-Effect
and I-Effect
hindering I-Effect
day-to-day I-Effect
operations I-Effect
. O

As O
Mattel B-Cause
continues I-Cause
to I-Cause
wind I-Cause
down I-Cause
some I-Cause
of I-Cause
its I-Cause
manufacturing I-Cause
, O
ROICs B-Effect
should I-Effect
increase I-Effect
, I-Effect
with I-Effect
the I-Effect
most I-Effect
capital-intensive I-Effect
portion I-Effect
of I-Effect
the I-Effect
business I-Effect
eliminated I-Effect
. O

However O
, O
the B-Cause
segment I-Cause
's I-Cause
asset-light I-Cause
nature I-Cause
provides B-Effect
ample I-Effect
opportunity I-Effect
for I-Effect
Cintas I-Effect
to I-Effect
increase I-Effect
revenues I-Effect
without I-Effect
much I-Effect
additional I-Effect
cost I-Effect
, I-Effect
strengthening I-Effect
its I-Effect
cost I-Effect
advantage I-Effect
while I-Effect
sustaining I-Effect
its I-Effect
image I-Effect
as I-Effect
a I-Effect
one-stop I-Effect
shop I-Effect
. O

The B-Cause
relatively I-Cause
low I-Cause
visibility I-Cause
of I-Cause
the I-Cause
gaming I-Cause
business I-Cause
and I-Cause
intense I-Cause
competition I-Cause
with I-Cause
Bytedance I-Cause
entering I-Cause
the I-Cause
space I-Cause
can O
lead O
to O
volatility B-Effect
in I-Effect
gaming I-Effect
earnings I-Effect
. O

Overall O
, O
Federal B-Effect
's I-Effect
portfolio I-Effect
should I-Effect
see I-Effect
steady I-Effect
but I-Effect
low I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
the B-Cause
retail I-Cause
landscape I-Cause
adjusts I-Cause
to I-Cause
the I-Cause
emergence I-Cause
of I-Cause
e-commerce I-Cause
. O

Cable B-Cause
networks I-Cause
have I-Cause
generally I-Cause
provided I-Cause
a I-Cause
cost-effective I-Cause
platform I-Cause
for I-Cause
owners I-Cause
to O
steadily B-Effect
invest I-Effect
in I-Effect
upgrades I-Effect
to I-Effect
enable I-Effect
new I-Effect
service I-Effect
offerings I-Effect
. O

We B-Effect
anticipate I-Effect
slower I-Effect
recovery I-Effect
in I-Effect
the I-Effect
surgical I-Effect
and I-Effect
dermatology I-Effect
segments I-Effect
, O
with O
resilience B-Cause
in I-Cause
pharma I-Cause
providing O
a B-Effect
counterweight I-Effect
to I-Effect
the I-Effect
pandemic I-Effect
's I-Effect
effect I-Effect
on I-Effect
the I-Effect
business I-Effect
units I-Effect
more I-Effect
exposed I-Effect
to I-Effect
consumer I-Effect
purchasing I-Effect
power I-Effect
. O

We O
believe O
that O
an B-Cause
additional I-Cause
search I-Cause
on I-Cause
Google I-Cause
's I-Cause
search I-Cause
engine I-Cause
creates B-Effect
value I-Effect
for I-Effect
other I-Effect
users I-Effect
, O
as O
well O
as O
for O
advertisers O
and O
businesses O
. O

However O
, O
we O
believe O
Carnival B-Effect
could I-Effect
generate I-Effect
ROICs I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
( I-Effect
7 I-Effect
% I-Effect
average I-Effect
) I-Effect
below I-Effect
our I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
hindered O
by O
the B-Cause
secular I-Cause
fall I-Cause
out I-Cause
stemming I-Cause
from I-Cause
COVID-19 I-Cause
. O

Waste B-Cause
Connections I-Cause
has I-Cause
a I-Cause
large I-Cause
amount I-Cause
of I-Cause
goodwill I-Cause
on I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
from I-Cause
its I-Cause
2016 I-Cause
merger I-Cause
with I-Cause
Progressive I-Cause
, O
and O
this O
dynamic O
has O
resulted O
in O
a B-Effect
relatively I-Effect
tight I-Effect
spread I-Effect
between I-Effect
the I-Effect
firm I-Effect
's I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
and I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

The B-Cause
partnership I-Cause
agreements I-Cause
that I-Cause
Synchrony I-Cause
signs I-Cause
in I-Cause
these I-Cause
segments I-Cause
are I-Cause
often I-Cause
not I-Cause
exclusive I-Cause
, O
which O
means O
that O
a B-Effect
retailer I-Effect
could I-Effect
be I-Effect
offering I-Effect
multiple I-Effect
financing I-Effect
options I-Effect
alongside I-Effect
Synchrony I-Effect
's I-Effect
credit I-Effect
cards I-Effect
. O

In O
addition O
, O
with O
much B-Cause
more I-Cause
stable I-Cause
cash I-Cause
flows I-Cause
than I-Cause
most I-Cause
of I-Cause
the I-Cause
other I-Cause
asset I-Cause
managers I-Cause
in I-Cause
our I-Cause
coverage I-Cause
universe I-Cause
, O
we B-Effect
expect I-Effect
BlackRock I-Effect
to I-Effect
continually I-Effect
invest I-Effect
capital I-Effect
back I-Effect
into I-Effect
its I-Effect
business I-Effect
at I-Effect
a I-Effect
rate I-Effect
that I-Effect
far I-Effect
exceeds I-Effect
the I-Effect
capabilities I-Effect
of I-Effect
its I-Effect
peers I-Effect
. O

Despite O
the O
coronavirus O
pandemic O
in O
2020 O
, O
we B-Effect
think I-Effect
HD I-Effect
Supply I-Effect
's I-Effect
growth I-Effect
story I-Effect
can I-Effect
continue I-Effect
as O
the B-Cause
economy I-Cause
normalizes I-Cause
and I-Cause
the I-Cause
company I-Cause
executes I-Cause
on I-Cause
its I-Cause
proven I-Cause
growth I-Cause
playbook I-Cause
. O

TransAlta B-Cause
raised I-Cause
its I-Cause
quarterly I-Cause
dividend I-Cause
by I-Cause
6.3 I-Cause
% I-Cause
in I-Cause
2020 I-Cause
and I-Cause
another I-Cause
5.9 I-Cause
% I-Cause
in I-Cause
the I-Cause
2021 I-Cause
first I-Cause
quarter I-Cause
, O
supporting O
our O
opinion O
that O
the B-Effect
dividend I-Effect
is I-Effect
now I-Effect
secure I-Effect
. O

While O
peers O
have O
turned O
to O
menu O
diversification O
and O
quality O
to O
carve O
out O
a O
niche O
, O
we O
view O
Domino B-Cause
's I-Cause
commitment I-Cause
to I-Cause
value I-Cause
and I-Cause
convenience I-Cause
as I-Cause
disciplined I-Cause
, O
doubling B-Effect
down I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
core I-Effect
competencies I-Effect
. O

When B-Cause
the I-Cause
new I-Cause
refinery I-Cause
projects I-Cause
fell I-Cause
behind I-Cause
schedule I-Cause
and I-Cause
ran I-Cause
over I-Cause
budget I-Cause
, I-Cause
Petrobras I-Cause
took I-Cause
$ I-Cause
17 I-Cause
billion I-Cause
in I-Cause
impairment I-Cause
charges I-Cause
, O
ensuring B-Effect
future I-Effect
returns I-Effect
will I-Effect
fail I-Effect
to I-Effect
meet I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

If O
a B-Cause
CN I-Cause
or I-Cause
CP I-Cause
merger I-Cause
fails I-Cause
to I-Cause
receive I-Cause
regulatory I-Cause
approval I-Cause
, O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
would I-Effect
revert I-Effect
to I-Effect
our I-Effect
$ I-Effect
169 I-Effect
DCF-derived I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
stand-alone I-Effect
KCS I-Effect
. O

Over O
the O
past O
couple O
of O
years O
, O
SQM B-Cause
increased I-Cause
its I-Cause
market I-Cause
share I-Cause
to I-Cause
35 I-Cause
% I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
2017 I-Cause
through I-Cause
a I-Cause
volume-over-price I-Cause
strategy I-Cause
, O
which O
caused O
iodine B-Effect
prices I-Effect
to I-Effect
fall I-Effect
. O

In O
fact O
, O
we O
suspect O
that O
absent B-Effect
government I-Effect
intervention I-Effect
, I-Effect
the I-Effect
rational I-Effect
number I-Effect
of I-Effect
competitors I-Effect
on I-Effect
the I-Effect
continent I-Effect
would I-Effect
be I-Effect
two I-Effect
, I-Effect
via I-Effect
additional I-Effect
consolidation. O
This O
is O
because O
in B-Cause
most I-Cause
regions I-Cause
customers I-Cause
already I-Cause
have I-Cause
only I-Cause
two I-Cause
capable I-Cause
providers I-Cause
that I-Cause
service I-Cause
the I-Cause
market I-Cause
effectively I-Cause
and I-Cause
efficiently I-Cause
. O

One B-Effect
exception I-Effect
to I-Effect
this I-Effect
dynamic I-Effect
has I-Effect
been I-Effect
Texas I-Effect
Instruments I-Effect
, I-Effect
which I-Effect
no I-Effect
longer I-Effect
pays I-Effect
distributors I-Effect
for I-Effect
demand I-Effect
creation I-Effect
, O
as O
it O
believes O
it B-Cause
can I-Cause
attract I-Cause
customers I-Cause
to I-Cause
its I-Cause
TI.com I-Cause
website I-Cause
and I-Cause
service I-Cause
these I-Cause
customers I-Cause
with I-Cause
its I-Cause
internal I-Cause
salesforce I-Cause
. O

We O
predict O
it B-Effect
will I-Effect
elicit I-Effect
a I-Effect
high-single-digit-plus I-Effect
percentage I-Effect
sales I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
given O
the B-Cause
size I-Cause
of I-Cause
the I-Cause
addressable I-Cause
market I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
growth I-Cause
in I-Cause
e-commerce I-Cause
volume I-Cause
. O

The B-Cause
application I-Cause
of I-Cause
high-iron-content I-Cause
pig I-Cause
iron I-Cause
allows I-Cause
for I-Cause
the I-Cause
production I-Cause
of I-Cause
higher-strength I-Cause
steel I-Cause
than I-Cause
the I-Cause
use I-Cause
of I-Cause
scrap I-Cause
alone. O
As O
a O
result O
, O
the B-Effect
company I-Effect
is I-Effect
able I-Effect
to I-Effect
enjoy I-Effect
the I-Effect
flexibility I-Effect
of I-Effect
minimill I-Effect
production I-Effect
while I-Effect
competing I-Effect
in I-Effect
an I-Effect
arena I-Effect
otherwise I-Effect
dominated I-Effect
by I-Effect
blast I-Effect
furnace I-Effect
operators I-Effect
at I-Effect
favorable I-Effect
unit I-Effect
costs I-Effect
. O

The B-Cause
growth I-Cause
of I-Cause
the I-Cause
high-speed I-Cause
rail I-Cause
network I-Cause
offers O
great B-Effect
convenience I-Effect
for I-Effect
travelers I-Effect
and I-Effect
will I-Effect
strengthen I-Effect
the I-Effect
competitive I-Effect
advantages I-Effect
of O
high-speed O
railways O
, O
in O
our O
view O
. O

Frank B-Cause
's I-Cause
has I-Cause
also I-Cause
developed I-Cause
a I-Cause
core I-Cause
capability I-Cause
of I-Cause
continuous I-Cause
innovation I-Cause
to O
improve B-Effect
its I-Effect
operations I-Effect
and I-Effect
stay I-Effect
ahead I-Effect
of I-Effect
evolving I-Effect
market I-Effect
needs I-Effect
. O

We B-Effect
also I-Effect
believe I-Effect
these I-Effect
qualities I-Effect
will I-Effect
help I-Effect
Chipotle I-Effect
compete I-Effect
for I-Effect
market I-Effect
share I-Effect
ceded I-Effect
by I-Effect
smaller I-Effect
independents I-Effect
that B-Cause
are I-Cause
unable I-Cause
to I-Cause
survive I-Cause
extended I-Cause
periods I-Cause
of I-Cause
coronavirus-related I-Cause
restaurant I-Cause
regulation I-Cause
and I-Cause
guest I-Cause
traffic I-Cause
declines I-Cause
. O

For O
instance O
, O
battery B-Effect
weight I-Effect
is I-Effect
a I-Effect
concern I-Effect
for I-Effect
on-road I-Effect
vehicles I-Effect
, O
as O
it B-Cause
may I-Cause
reduce I-Cause
payload I-Cause
capacity I-Cause
, O
while O
lack O
of O
convenient O
access O
to O
the O
grid O
is O
an O
issue O
for O
off-road O
applications O
. O

Food B-Cause
cans I-Cause
have I-Cause
a I-Cause
low I-Cause
value/volume I-Cause
ratio I-Cause
, I-Cause
so I-Cause
shipping I-Cause
empty I-Cause
cans I-Cause
beyond I-Cause
200-300 I-Cause
miles I-Cause
is I-Cause
unprofitable. O
As O
a O
result O
, O
opening B-Effect
a I-Effect
new I-Effect
plant I-Effect
tends I-Effect
to I-Effect
be I-Effect
viable I-Effect
only I-Effect
when I-Effect
demand I-Effect
changes I-Effect
materially I-Effect
within I-Effect
the I-Effect
shipping I-Effect
radius I-Effect
. O

While O
all O
Corning O
's O
segments O
sell O
into O
very O
different O
applications O
, O
Corning B-Effect
is I-Effect
a I-Effect
leader I-Effect
in I-Effect
each I-Effect
one I-Effect
because O
of O
its B-Cause
proficiency I-Cause
in I-Cause
materials I-Cause
science I-Cause
, I-Cause
gained I-Cause
through I-Cause
170 I-Cause
years I-Cause
of I-Cause
operation I-Cause
and I-Cause
innovation I-Cause
. O

We O
like O
Texas B-Cause
Instruments I-Cause
' I-Cause
moves I-Cause
to I-Cause
buy I-Cause
manufacturing I-Cause
equipment I-Cause
at I-Cause
pennies I-Cause
on I-Cause
the I-Cause
dollar I-Cause
a I-Cause
decade I-Cause
ago I-Cause
, O
which O
jump-started B-Effect
the I-Effect
firm I-Effect
's I-Effect
efforts I-Effect
in I-Effect
production I-Effect
on I-Effect
300-millimeter I-Effect
silicon I-Effect
wafers I-Effect
and O
enabled O
gross B-Effect
margin I-Effect
expansion I-Effect
. O

Preferences B-Effect
for I-Effect
electric I-Effect
frac I-Effect
spreads I-Effect
have I-Effect
also I-Effect
increased I-Effect
in I-Effect
recent I-Effect
years I-Effect
as O
E B-Cause
& I-Cause
Ps I-Cause
seek I-Cause
to I-Cause
mitigate I-Cause
their I-Cause
environmental I-Cause
impact I-Cause
. O

With O
solid O
cash O
flow O
generation O
ahead O
, O
we O
expect O
BRP B-Cause
will I-Cause
reinvest I-Cause
in I-Cause
product I-Cause
innovation I-Cause
, O
facilitate O
share B-Effect
repurchases I-Effect
, I-Effect
and I-Effect
increase I-Effect
its I-Effect
dividend I-Effect
over I-Effect
time I-Effect
. O

Of O
course O
, O
like O
all O
E O
& O
amp O
; O
P O
firms O
, O
Hess O
is O
exposed O
to O
a B-Cause
range I-Cause
of I-Cause
potential I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
that O
could O
hurt O
its B-Effect
ability I-Effect
to I-Effect
generate I-Effect
strong I-Effect
returns I-Effect
. O

Macy B-Effect
's I-Effect
could I-Effect
suffer I-Effect
in O
a B-Cause
trade I-Cause
war I-Cause
with I-Cause
China I-Cause
or I-Cause
if I-Cause
the I-Cause
coronavirus I-Cause
adversely I-Cause
affects I-Cause
imports I-Cause
to I-Cause
the I-Cause
U.S I-Cause
. I-Cause

We O
do O
n't O
think O
the B-Effect
intangible I-Effect
assets I-Effect
and I-Effect
switching I-Effect
costs I-Effect
of I-Effect
these I-Effect
partnerships I-Effect
are I-Effect
significant I-Effect
compared I-Effect
with I-Effect
NetEase I-Effect
's I-Effect
in-house I-Effect
legacy I-Effect
IP I-Effect
, O
as O
licensed B-Cause
games I-Cause
accounted I-Cause
for I-Cause
only I-Cause
8 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
in I-Cause
2019 I-Cause
and I-Cause
have I-Cause
lower I-Cause
margin I-Cause
. O

Our O
forecasts O
are O
revised B-Effect
lower I-Effect
to I-Effect
35 I-Effect
basis I-Effect
points I-Effect
and I-Effect
remain I-Effect
conservative I-Effect
as O
economic B-Cause
conditions I-Cause
remain I-Cause
uncertain I-Cause
at I-Cause
this I-Cause
stage I-Cause
. O

The B-Cause
company I-Cause
is I-Cause
increasing I-Cause
its I-Cause
overseas I-Cause
exposure I-Cause
, O
which O
does O
provide B-Effect
growth I-Effect
opportunities I-Effect
but O
also O
exposes B-Effect
Imax I-Effect
to I-Effect
foreign-currency I-Effect
headwinds I-Effect
and I-Effect
individual I-Effect
country I-Effect
risks I-Effect
. O

We O
think O
this O
is O
justified O
as O
the B-Effect
airline I-Effect
may I-Effect
need I-Effect
to I-Effect
use I-Effect
the I-Effect
cash I-Effect
on I-Effect
hand I-Effect
to I-Effect
fund I-Effect
unprofitable I-Effect
operations I-Effect
if O
the B-Cause
pandemic I-Cause
worsens I-Cause
. O

Marvell B-Cause
has I-Cause
also I-Cause
bolstered I-Cause
its I-Cause
networking I-Cause
chip I-Cause
business I-Cause
through I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
competitor I-Cause
Cavium. O
This O
acquisition O
significantly O
expanded B-Effect
the I-Effect
firm I-Effect
's I-Effect
reach I-Effect
into I-Effect
the I-Effect
infrastructure I-Effect
networking I-Effect
market I-Effect
, I-Effect
and I-Effect
Marvell I-Effect
is I-Effect
now I-Effect
able I-Effect
to I-Effect
serve I-Effect
clients I-Effect
in I-Effect
a I-Effect
variety I-Effect
of I-Effect
functions I-Effect
and I-Effect
price I-Effect
points I-Effect
. O

Moreover O
, O
competitors B-Effect
will I-Effect
quickly I-Effect
copy I-Effect
any I-Effect
categories I-Effect
that B-Cause
are I-Cause
unusually I-Cause
strong I-Cause
, O
and O
we B-Effect
think I-Effect
Anthropologie I-Effect
has I-Effect
little I-Effect
ability I-Effect
to I-Effect
draw I-Effect
shoppers I-Effect
consistently I-Effect
. O

We O
expect O
margin B-Effect
improvement I-Effect
to I-Effect
stall I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, O
as O
management B-Cause
has I-Cause
indicated I-Cause
that I-Cause
it I-Cause
will I-Cause
not I-Cause
pull I-Cause
back I-Cause
on I-Cause
investing I-Cause
in I-Cause
the I-Cause
business I-Cause
despite I-Cause
near-term I-Cause
headwinds I-Cause
. O

The B-Cause
increase I-Cause
in I-Cause
renewables I-Cause
, I-Cause
EVs I-Cause
, I-Cause
and I-Cause
cleaner I-Cause
ICE I-Cause
vehicles I-Cause
will O
likely O
have B-Effect
a I-Effect
modest I-Effect
impact I-Effect
on I-Effect
fossil I-Effect
fuel I-Effect
demand I-Effect
in I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Barriers B-Effect
to I-Effect
entry I-Effect
are I-Effect
very I-Effect
low I-Effect
for I-Effect
hotels I-Effect
in I-Effect
major I-Effect
metropolitan I-Effect
areas I-Effect
as O
cities B-Cause
encourage I-Cause
economic I-Cause
development I-Cause
that I-Cause
revitalizes I-Cause
an I-Cause
area I-Cause
and I-Cause
brings I-Cause
tourism I-Cause
dollars I-Cause
and I-Cause
taxable I-Cause
income I-Cause
to I-Cause
the I-Cause
city I-Cause
. O

In O
our O
view O
, O
given O
that O
most B-Cause
Pinterest I-Cause
users I-Cause
access I-Cause
the I-Cause
app I-Cause
with I-Cause
the I-Cause
intention I-Cause
of I-Cause
finding I-Cause
various I-Cause
products I-Cause
or I-Cause
ideas I-Cause
, O
which O
could O
result O
in O
high B-Effect
ad I-Effect
conversion I-Effect
rates I-Effect
for I-Effect
Pinterest I-Effect
and I-Effect
advertisers I-Effect
, O
monetization O
of O
pinners O
is O
likely O
to O
outpace O
user O
growth O
. O

With O
patient B-Cause
volumes I-Cause
across I-Cause
the I-Cause
globe I-Cause
starting I-Cause
to I-Cause
show I-Cause
signs I-Cause
of I-Cause
recovery I-Cause
and I-Cause
hospitals I-Cause
budgets I-Cause
slowly I-Cause
unfreezing I-Cause
, O
focus B-Effect
once I-Effect
again I-Effect
turns I-Effect
to I-Effect
daVinci I-Effect
and I-Effect
its I-Effect
continuing I-Effect
adoption I-Effect
across I-Effect
all I-Effect
areas I-Effect
of I-Effect
soft I-Effect
tissue I-Effect
surgery I-Effect
. O

Regulators B-Cause
also I-Cause
help I-Cause
to I-Cause
control I-Cause
pricing I-Cause
in I-Cause
the I-Cause
market I-Cause
at I-Cause
times I-Cause
, O
such O
as O
on O
mortgage O
products O
, O
helping O
to O
reduce B-Effect
the I-Effect
potential I-Effect
for I-Effect
pricing I-Effect
wars I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
underwriting I-Effect
standards I-Effect
. O

Pinterest B-Cause
has I-Cause
a I-Cause
weaker I-Cause
social I-Cause
graph I-Cause
than I-Cause
Facebook I-Cause
or I-Cause
Instagram I-Cause
, O
which O
may O
create O
difficulty O
for O
it B-Effect
to I-Effect
attract I-Effect
significantly I-Effect
more I-Effect
ad I-Effect
dollars I-Effect
consistently I-Effect
. O

With B-Cause
robust I-Cause
cloud I-Cause
infrastructure I-Cause
already O
in O
place O
, O
these B-Effect
firms I-Effect
could I-Effect
build I-Effect
and I-Effect
deliver I-Effect
similar I-Effect
multitenant I-Effect
security I-Effect
clouds I-Effect
, I-Effect
likely I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
. O

Finally O
, O
Nutrien B-Effect
is I-Effect
a I-Effect
risk I-Effect
for I-Effect
being I-Effect
negatively I-Effect
affected I-Effect
by I-Effect
the I-Effect
retail I-Effect
shift I-Effect
to I-Effect
an I-Effect
online I-Effect
marketplace I-Effect
, O
as O
new B-Cause
competitors I-Cause
can I-Cause
more I-Cause
easily I-Cause
set I-Cause
up I-Cause
shop I-Cause
and I-Cause
compete I-Cause
in I-Cause
multiple I-Cause
products I-Cause
. O

With B-Cause
Keurig I-Cause
Dr I-Cause
Pepper I-Cause
heavily I-Cause
exposed I-Cause
to I-Cause
retailers I-Cause
like I-Cause
Walmart I-Cause
, I-Cause
Costco I-Cause
, I-Cause
and I-Cause
Oxxo I-Cause
in I-Cause
Mexico I-Cause
, O
it O
is O
plausible O
that O
its B-Effect
negotiating I-Effect
clout I-Effect
could I-Effect
be I-Effect
reduced I-Effect
. O

High B-Cause
transportation I-Cause
costs I-Cause
, I-Cause
predictable I-Cause
demand I-Cause
, I-Cause
staggered I-Cause
long-term I-Cause
contracts I-Cause
, I-Cause
and I-Cause
high I-Cause
capital I-Cause
costs I-Cause
lead O
to O
an B-Effect
industry I-Effect
that I-Effect
benefits I-Effect
from I-Effect
efficient I-Effect
scale I-Effect
. O

With O
60 B-Cause
% I-Cause
-65 I-Cause
% I-Cause
of I-Cause
total I-Cause
operating I-Cause
profits I-Cause
coming I-Cause
from I-Cause
outside I-Cause
the I-Cause
U.S. O
, O
McDonald B-Effect
's I-Effect
is I-Effect
sensitive I-Effect
to I-Effect
economic I-Effect
fluctuations I-Effect
across I-Effect
the I-Effect
globe I-Effect
, O
including O
currency O
movements O
, O
minimum O
wage O
hikes O
, O
and O
negative O
publicity O
tied O
to O
food O
quality O
concerns O
. O

Most O
importantly O
, O
scale B-Effect
will I-Effect
be I-Effect
lost I-Effect
from I-Effect
ships I-Effect
that I-Effect
remain I-Effect
in I-Effect
layup I-Effect
, O
as O
we B-Cause
anticipate I-Cause
Royal I-Cause
will I-Cause
execute I-Cause
a I-Cause
staggered I-Cause
, I-Cause
limited I-Cause
return I-Cause
to I-Cause
the I-Cause
sailing I-Cause
of I-Cause
its I-Cause
fleet I-Cause
over I-Cause
the I-Cause
remainder I-Cause
of I-Cause
2021 I-Cause
. O

For O
reference O
, O
as O
COVID-19 B-Cause
continues I-Cause
to I-Cause
wane I-Cause
, O
52 B-Effect
% I-Effect
of I-Effect
the I-Effect
fleet I-Effect
is I-Effect
expected I-Effect
to I-Effect
be I-Effect
deployed I-Effect
by I-Effect
November I-Effect
. O

Growth O
in O
Facebook O
's O
average O
ad O
revenue O
per O
user O
indicates O
advertisers B-Effect
' I-Effect
willingness I-Effect
to I-Effect
pay I-Effect
more I-Effect
for I-Effect
Facebook-placed I-Effect
ads I-Effect
, O
as O
they B-Cause
expect I-Cause
high I-Cause
return I-Cause
on I-Cause
investment I-Cause
from I-Cause
the I-Cause
targeted I-Cause
ads I-Cause
. O

Growth B-Cause
in I-Cause
public I-Cause
cloud-based I-Cause
workloads I-Cause
caused O
a B-Effect
decline I-Effect
in I-Effect
the I-Effect
on-premises I-Effect
ADC I-Effect
hardware I-Effect
required I-Effect
and O
shifted B-Effect
ADC I-Effect
demand I-Effect
to I-Effect
software-based I-Effect
solutions I-Effect
. O

By O
the O
end O
of O
our O
10-year O
explicit O
forecast O
, O
we O
expect O
the O
chain O
to O
exceed O
30,000 O
stores O
, O
with O
increasing B-Effect
variance I-Effect
as O
it B-Cause
deploys I-Cause
smaller-format I-Cause
concepts I-Cause
in I-Cause
more I-Cause
densely I-Cause
populated I-Cause
areas I-Cause
and I-Cause
introduces I-Cause
pOpshelf I-Cause
. I-Cause

This O
highlighted O
Coty O
's O
lack O
of O
negotiating O
power O
over O
its O
retail O
customers O
, O
as O
penalties B-Cause
for I-Cause
not I-Cause
maintaining I-Cause
a I-Cause
certain I-Cause
level I-Cause
of I-Cause
service I-Cause
led O
to O
heightened B-Effect
promotional I-Effect
activity I-Effect
and I-Effect
further I-Effect
distribution I-Effect
headwinds I-Effect
. O

Yum B-Cause
's I-Cause
2014 I-Cause
corporate I-Cause
restructuring I-Cause
-- O
where O
operations O
outside O
China O
were O
consolidated O
at O
the O
KFC O
, O
Pizza O
Hut O
, O
and O
Taco O
Bell O
brand O
level O
-- O
also O
helped O
sharpen B-Effect
the I-Effect
focus I-Effect
of I-Effect
the I-Effect
different I-Effect
brand I-Effect
management I-Effect
teams I-Effect
while I-Effect
driving I-Effect
intangible I-Effect
asset I-Effect
and I-Effect
cost I-Effect
advantage I-Effect
benefits I-Effect
. O

But O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
marks O
a B-Effect
reversal I-Effect
on I-Effect
this I-Effect
front I-Effect
and I-Effect
shows I-Effect
how I-Effect
two I-Effect
seemingly I-Effect
uncorrelated I-Effect
risks I-Effect
( I-Effect
equity I-Effect
market I-Effect
movements I-Effect
and I-Effect
claims I-Effect
losses I-Effect
) I-Effect
can I-Effect
potentially I-Effect
become I-Effect
quickly I-Effect
and I-Effect
unexpectedly I-Effect
correlated I-Effect
. O

Oil B-Cause
sands I-Cause
development I-Cause
projects I-Cause
are I-Cause
situated I-Cause
high I-Cause
on I-Cause
the I-Cause
crude I-Cause
oil I-Cause
production I-Cause
cost I-Cause
curve I-Cause
and O
require B-Effect
higher I-Effect
West I-Effect
Texas I-Effect
Intermediate I-Effect
break-even I-Effect
prices I-Effect
compared O
with O
conventional O
oil O
projects O
. O

Given O
management B-Cause
's I-Cause
capital I-Cause
allocation I-Cause
bias I-Cause
toward I-Cause
M I-Cause
& I-Cause
A I-Cause
, O
we O
view O
the B-Effect
potential I-Effect
of I-Effect
overpaying I-Effect
for I-Effect
acquisitions I-Effect
or I-Effect
trouble I-Effect
integrating I-Effect
acquired I-Effect
companies I-Effect
as O
another O
key O
risk O
. O

OptumHealth B-Cause
service I-Cause
providers I-Cause
allows O
the B-Cause
company I-Cause
to I-Cause
better I-Cause
manage I-Cause
the I-Cause
care I-Cause
of I-Cause
its I-Cause
members I-Cause
and I-Cause
incentivize I-Cause
use I-Cause
of I-Cause
lower I-Cause
cost-of-care I-Cause
sites I-Cause
, O
which O
can O
result O
in O
significantly B-Effect
lower I-Effect
costs I-Effect
relative O
to O
an O
acute O
hospital O
setting O
when O
its O
insurance O
and O
OptumHealth O
assets O
overlap O
. O

Past B-Cause
downturns I-Cause
made O
it O
difficult O
for O
equipment B-Effect
firms I-Effect
to I-Effect
sustain I-Effect
the I-Effect
virtuous I-Effect
cycle I-Effect
of O
catering O
to O
leading-edge O
chipmakers O
while O
simultaneously O
investing O
in O
advanced O
technologies O
. O

We O
believe O
this B-Cause
ability I-Cause
to I-Cause
reliably I-Cause
deliver I-Cause
product I-Cause
to I-Cause
store I-Cause
shelves I-Cause
during I-Cause
the I-Cause
current I-Cause
pandemic I-Cause
could O
buoy B-Effect
the I-Effect
company I-Effect
's I-Effect
previously I-Effect
impaired I-Effect
relationships I-Effect
with I-Effect
its I-Effect
retail I-Effect
partners I-Effect
. O

The B-Effect
biggest I-Effect
issue I-Effect
for I-Effect
P I-Effect
& I-Effect
C I-Effect
insurers I-Effect
is I-Effect
climate I-Effect
change I-Effect
, O
as O
insurers B-Cause
typically I-Cause
cover I-Cause
weather-related I-Cause
losses I-Cause
, O
and O
climate B-Cause
change I-Cause
is O
likely O
to O
increase B-Effect
the I-Effect
frequency I-Effect
and I-Effect
severity I-Effect
of I-Effect
extreme I-Effect
weather I-Effect
events I-Effect
. O

Additionally O
, O
Home B-Cause
Depot I-Cause
's I-Cause
focus I-Cause
on I-Cause
cross-selling I-Cause
products I-Cause
in I-Cause
both I-Cause
its I-Cause
DIY I-Cause
and I-Cause
its I-Cause
maintenance I-Cause
, I-Cause
repair I-Cause
, I-Cause
and I-Cause
operations I-Cause
channel I-Cause
should O
support O
stable B-Effect
pricing I-Effect
and I-Effect
volatility I-Effect
in I-Effect
the I-Effect
sales I-Effect
base I-Effect
, I-Effect
helping I-Effect
achieve I-Effect
further I-Effect
operating I-Effect
margin I-Effect
lift I-Effect
, I-Effect
with I-Effect
the I-Effect
metric I-Effect
reaching I-Effect
above I-Effect
15 I-Effect
% I-Effect
sustainably I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Veeva B-Cause
has I-Cause
earned I-Cause
a I-Cause
strong I-Cause
reputation I-Cause
within I-Cause
life I-Cause
sciences I-Cause
and I-Cause
continues I-Cause
to I-Cause
develop I-Cause
new I-Cause
adjacencies I-Cause
to O
further B-Effect
entrench I-Effect
itself I-Effect
into I-Effect
the I-Effect
core I-Effect
operations I-Effect
of I-Effect
its I-Effect
customers I-Effect
. O

Revenue B-Effect
fell I-Effect
1 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
on O
fewer B-Cause
carloads I-Cause
, I-Cause
falling I-Cause
fuel I-Cause
surcharges I-Cause
, I-Cause
and I-Cause
mix I-Cause
, O
but O
core O
pricing O
was O
positive O
and O
top-line O
declines O
moderated O
in O
the O
second O
half O
. O

Analog B-Cause
and I-Cause
power I-Cause
semis I-Cause
tend I-Cause
to I-Cause
make I-Cause
up I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
a I-Cause
product I-Cause
's I-Cause
bill I-Cause
of I-Cause
materials I-Cause
, O
so O
purchasing B-Cause
decisions I-Cause
tend I-Cause
to I-Cause
be I-Cause
based I-Cause
on I-Cause
performance I-Cause
rather I-Effect
than I-Effect
price I-Effect
, O
helping O
firms B-Effect
to I-Effect
retain I-Effect
pricing I-Effect
power I-Effect
. O

We O
believe O
HD B-Cause
Supply I-Cause
's I-Cause
product I-Cause
selection I-Cause
and I-Cause
availability I-Cause
, I-Cause
combined I-Cause
with I-Cause
its I-Cause
value-added I-Cause
services I-Cause
, I-Cause
offer I-Cause
customers I-Cause
unmatched I-Cause
convenience I-Cause
and I-Cause
support I-Cause
, O
which O
helps B-Effect
strengthen I-Effect
existing I-Effect
customer I-Effect
relationships I-Effect
and I-Effect
win I-Effect
new I-Effect
business I-Effect
. O

First O
, O
because O
carriers B-Cause
own I-Cause
and I-Cause
are I-Cause
responsible I-Cause
for I-Cause
the I-Cause
equipment I-Cause
they I-Cause
deploy I-Cause
at I-Cause
and I-Cause
on I-Cause
the I-Cause
towers I-Cause
, O
they B-Effect
bear I-Effect
the I-Effect
brunt I-Effect
of I-Effect
removing I-Effect
it I-Effect
when I-Effect
they I-Effect
leave I-Effect
the I-Effect
towers I-Effect
. O

Third O
, O
Cheniere B-Cause
Energy I-Cause
only I-Cause
receives I-Cause
part I-Cause
of I-Cause
the I-Cause
cash I-Cause
flows I-Cause
generated I-Cause
by I-Cause
Sabine I-Cause
Pass I-Cause
LNG I-Cause
terminals I-Cause
, I-Cause
given I-Cause
its I-Cause
ownership I-Cause
stake I-Cause
in I-Cause
Cheniere I-Cause
Partners I-Cause
, I-Cause
whereas I-Cause
it I-Cause
receives I-Cause
100 I-Cause
% I-Cause
of I-Cause
any I-Cause
cash I-Cause
flows I-Cause
generated I-Cause
from I-Cause
Corpus I-Cause
Christi I-Cause
terminals. O
This O
dynamic O
is O
why O
the B-Effect
Corpus I-Effect
Christi I-Effect
Train I-Effect
3 I-Effect
earned I-Effect
a I-Effect
final I-Effect
investment I-Effect
decision I-Effect
before I-Effect
Sabine I-Effect
Pass I-Effect
Train I-Effect
6 I-Effect
, I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
Cheniere I-Effect
Partners I-Effect
unitholders I-Effect
. O

That O
said O
, O
the B-Cause
company I-Cause
's I-Cause
rebranding I-Cause
of I-Cause
Managers I-Cause
Investment I-Cause
Group I-Cause
as I-Cause
AMG I-Cause
Funds I-Cause
not O
only O
enhanced B-Effect
AMG I-Effect
Funds I-Effect
' I-Effect
identity I-Effect
but I-Effect
helped I-Effect
strengthen I-Effect
the I-Effect
positioning I-Effect
of I-Effect
both I-Effect
AMG I-Effect
Funds I-Effect
and I-Effect
AMG I-Effect
's I-Effect
affiliates I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

This B-Cause
has O
facilitated O
the B-Effect
shift I-Effect
of I-Effect
sales I-Effect
to I-Effect
various I-Effect
digital I-Effect
platforms I-Effect
( O
more O
than O
84 O
% O
of O
sales O
were O
digital O
in O
2020 O
) O
and O
enabled O
the B-Effect
company I-Effect
to I-Effect
collect I-Effect
a I-Effect
vast I-Effect
amount I-Effect
of I-Effect
consumer I-Effect
data I-Effect
. O

Historically O
, O
Scotts B-Effect
has I-Effect
generated I-Effect
healthy I-Effect
margins I-Effect
on I-Effect
its I-Effect
products I-Effect
through O
effective B-Cause
branding I-Cause
that O
allows O
it O
to O
maintain B-Effect
favorable I-Effect
product I-Effect
positioning I-Effect
and I-Effect
shelf I-Effect
space I-Effect
in I-Effect
the I-Effect
largest I-Effect
mass-market I-Effect
and I-Effect
home I-Effect
improvement I-Effect
retailers I-Effect
. O

We B-Effect
also I-Effect
expect I-Effect
expansion I-Effect
to I-Effect
also I-Effect
be I-Effect
driven I-Effect
by I-Effect
a I-Effect
recovery I-Effect
in I-Effect
the I-Effect
Jennie-O I-Effect
turkey I-Effect
business I-Effect
; I-Effect
it I-Effect
has I-Effect
experienced I-Effect
depressed I-Effect
pricing I-Effect
the I-Effect
past I-Effect
two I-Effect
years I-Effect
due O
to O
industry B-Cause
oversupply I-Cause
, I-Cause
which I-Cause
we I-Cause
expect I-Cause
to I-Cause
gradually I-Cause
abate I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
. O

In O
2012 O
, O
Domino O
's O
implemented O
a O
fortressing O
corporate O
strategy O
where O
the O
firm B-Effect
focused I-Effect
on I-Effect
increasing I-Effect
store I-Effect
density I-Effect
by O
splitting B-Cause
and I-Cause
subdividing I-Cause
franchise I-Cause
store I-Cause
territories I-Cause
. O

For O
2021 O
, O
we O
expect O
continued B-Cause
healthy I-Cause
retail I-Cause
end-market I-Cause
demand I-Cause
, I-Cause
recovering I-Cause
industrial I-Cause
markets I-Cause
, I-Cause
and I-Cause
contract I-Cause
pricing I-Cause
tailwinds I-Cause
( I-Cause
for I-Cause
LTL I-Cause
and I-Cause
truck I-Cause
brokerage I-Cause
) I-Cause
to O
push O
XPO B-Effect
's I-Effect
organic I-Effect
gross I-Effect
revenue I-Effect
up I-Effect
in I-Effect
the I-Effect
mid-teens I-Effect
( I-Effect
ignoring I-Effect
the I-Effect
second-half I-Effect
logistics I-Effect
segment I-Effect
spin-off I-Effect
) I-Effect
. O

ICE B-Cause
also I-Cause
has I-Cause
the I-Cause
strength I-Cause
of I-Cause
the I-Cause
NYSE I-Cause
's I-Cause
brand I-Cause
, O
which O
makes O
it B-Effect
desirable I-Effect
for I-Effect
companies I-Effect
to I-Effect
be I-Effect
listed I-Effect
on I-Effect
the I-Effect
exchange I-Effect
. O

Cloud B-Effect
's I-Effect
scalable I-Effect
nature I-Effect
adds I-Effect
value I-Effect
for I-Effect
businesses I-Effect
as O
they B-Cause
can I-Cause
avoid I-Cause
onerous I-Cause
up-front I-Cause
costs I-Cause
both I-Cause
in I-Cause
relation I-Cause
to I-Cause
time I-Cause
and I-Cause
money I-Cause
. O

The B-Effect
decision I-Effect
to I-Effect
merge I-Effect
the I-Effect
television I-Effect
business I-Effect
into I-Effect
a I-Effect
single I-Effect
unit I-Effect
was I-Effect
smart I-Effect
, O
in O
our O
view O
, O
as O
it B-Cause
should I-Cause
allow I-Cause
NBCU I-Cause
to I-Cause
make I-Cause
better I-Cause
content I-Cause
decisions I-Cause
and I-Cause
place I-Cause
programming I-Cause
on I-Cause
whichever I-Cause
platform I-Cause
-- I-Cause
broadcast I-Cause
, I-Cause
cable I-Cause
, I-Cause
or I-Cause
the I-Cause
new I-Cause
Peacock I-Cause
service I-Cause
-- I-Cause
will I-Cause
deliver I-Cause
the I-Cause
best I-Cause
returns I-Cause
. O

Further O
, O
governments B-Cause
could I-Cause
look I-Cause
to I-Cause
tax I-Cause
less I-Cause
healthy I-Cause
fare I-Cause
( I-Cause
like I-Cause
some I-Cause
of I-Cause
the I-Cause
snacking I-Cause
and I-Cause
confectionery I-Cause
offerings I-Cause
in I-Cause
Mondelez I-Cause
's I-Cause
mix I-Cause
) I-Cause
and/or I-Cause
regulate I-Cause
product I-Cause
formulations I-Cause
as I-Cause
a I-Cause
means I-Cause
to I-Cause
curb I-Cause
obesity. O
This O
may O
require O
alterations B-Effect
to I-Effect
the I-Effect
ingredient I-Effect
profile I-Effect
( I-Effect
which I-Effect
may I-Effect
prove I-Effect
costly I-Effect
to I-Effect
do I-Effect
without I-Effect
changing I-Effect
the I-Effect
taste I-Effect
) I-Effect
and I-Effect
could I-Effect
ultimately I-Effect
constrain I-Effect
volumes O
. O

We O
are O
lifting B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
per I-Effect
share I-Effect
to I-Effect
$ I-Effect
23.50 I-Effect
from I-Effect
$ I-Effect
22 I-Effect
after O
lifting B-Cause
our I-Cause
full-year I-Cause
2021 I-Cause
sales I-Cause
outlook I-Cause
from I-Cause
$ I-Cause
8.0 I-Cause
billion I-Cause
to I-Cause
closer I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
updated I-Cause
guidance I-Cause
of I-Cause
$ I-Cause
8.2 I-Cause
billion- I-Cause
$ I-Cause
8.4 I-Cause
billion I-Cause
. O

We O
believe O
Coach B-Effect
has I-Effect
pricing I-Effect
power I-Effect
in I-Effect
many I-Effect
categories I-Effect
because O
of O
its B-Cause
status I-Cause
as I-Cause
a I-Cause
premier I-Cause
American I-Cause
leather I-Cause
goods I-Cause
brand I-Cause
. O

In O
addition O
to O
the O
firm O
's O
dominance O
in O
global O
prestige O
beauty O
, O
Estee B-Effect
also I-Effect
adds I-Effect
value I-Effect
to I-Effect
its I-Effect
retail I-Effect
partners I-Effect
by O
periodically B-Cause
launching I-Cause
new I-Cause
products I-Cause
exclusively I-Cause
with I-Cause
a I-Cause
specific I-Cause
retailer I-Cause
, O
in O
order O
to O
drive B-Cause
excitement I-Cause
and I-Cause
traffic I-Cause
for I-Cause
the I-Cause
retailer I-Cause
and I-Cause
the I-Cause
brand I-Cause
. O

While O
there O
is O
a O
wide O
variety O
of O
competitive O
products O
, O
Adobe B-Cause
Creative I-Cause
Cloud I-Cause
is I-Cause
so I-Cause
pervasive I-Cause
within I-Cause
the I-Cause
creative I-Cause
world I-Cause
and I-Cause
the I-Cause
educational I-Cause
system I-Cause
that O
replacing B-Effect
it I-Effect
would I-Effect
be I-Effect
an I-Effect
insurmountable I-Effect
barrier I-Effect
, O
in O
our O
view O
. O

The B-Cause
restaurant I-Cause
industry I-Cause
is I-Cause
subject I-Cause
to I-Cause
intense I-Cause
competition I-Cause
, I-Cause
minimal I-Cause
switching I-Cause
costs I-Cause
, I-Cause
and I-Cause
changing I-Cause
consumer I-Cause
preferences I-Cause
, O
contributing O
to O
execution B-Effect
risk I-Effect
for I-Effect
the I-Effect
operators I-Effect
in I-Effect
our I-Effect
coverage I-Effect
. O

As O
with O
most O
E O
& O
P O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure O
Diamondback B-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

Still O
, O
the B-Effect
margin I-Effect
delivery I-Effect
should I-Effect
be I-Effect
slightly I-Effect
tempered I-Effect
by O
ongoing B-Cause
investments I-Cause
in I-Cause
technology I-Cause
and I-Cause
service I-Cause
competencies I-Cause
( I-Cause
payment I-Cause
platforms I-Cause
, I-Cause
etc. I-Cause
) I-Cause
, O
as O
well O
as O
higher B-Effect
marketing I-Effect
investments I-Effect
to O
increase B-Cause
household I-Cause
penetration I-Cause
of I-Cause
coolers I-Cause
. O

However O
, O
several O
factors O
can O
cause O
this O
balance O
to O
be O
disrupted O
, O
such O
as O
flock B-Cause
disease I-Cause
, I-Cause
weather I-Cause
, I-Cause
export I-Cause
conditions I-Cause
, I-Cause
and I-Cause
regulation I-Cause
, O
which O
can O
cause O
significant B-Effect
swings I-Effect
in I-Effect
the I-Effect
refrigerated I-Effect
food I-Effect
segment I-Effect
's I-Effect
margins I-Effect
. O

Data B-Effect
centers I-Effect
are I-Effect
increasingly I-Effect
using I-Effect
all-flash I-Effect
arrays I-Effect
because O
of O
their B-Cause
performance I-Cause
, I-Cause
capacity I-Cause
per I-Cause
size I-Cause
, I-Cause
and I-Cause
lower I-Cause
power I-Cause
consumption I-Cause
over I-Cause
mature I-Cause
storage I-Cause
solutions I-Cause
. O

We O
do O
expect O
the B-Cause
firm I-Cause
to I-Cause
realize I-Cause
some I-Cause
leverage I-Cause
in I-Cause
its I-Cause
research I-Cause
and I-Cause
development I-Cause
costs I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
from I-Cause
its I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
expenses I-Cause
, O
leading O
to O
GAAP B-Effect
operating I-Effect
margins I-Effect
reaching I-Effect
16 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
forecast I-Effect
We I-Effect
assign I-Effect
Littelfuse I-Effect
a I-Effect
High I-Effect
uncertainty I-Effect
rating I-Effect
. O

While O
competition O
is O
increasing O
in O
hemophilia O
and O
in O
eyecare O
, O
the B-Cause
manufacturing I-Cause
complexity I-Cause
of I-Cause
these I-Cause
drugs I-Cause
deters B-Effect
generics I-Effect
from I-Effect
entering I-Effect
the I-Effect
market I-Effect
. O

In O
particular O
, O
we O
view O
Alibaba B-Effect
's I-Effect
controlling I-Effect
stake I-Effect
in I-Effect
Southeast I-Effect
Asia I-Effect
e-commerce I-Effect
platform I-Effect
Lazada I-Effect
as O
a B-Cause
positive I-Cause
for I-Cause
its I-Cause
international I-Cause
expansion I-Cause
aspirations I-Cause
. O

Although O
Sensient B-Cause
is I-Cause
growing I-Cause
its I-Cause
natural I-Cause
flavor I-Cause
and I-Cause
color I-Cause
portfolio I-Cause
, I-Cause
synthetic I-Cause
ingredients I-Cause
still I-Cause
make I-Cause
up I-Cause
the I-Cause
majority I-Cause
of I-Cause
sales. O
This O
weighs O
on O
our B-Effect
degree I-Effect
of I-Effect
confidence I-Effect
that I-Effect
the I-Effect
company I-Effect
will I-Effect
generate I-Effect
economic I-Effect
profit I-Effect
more I-Effect
than I-Effect
10 I-Effect
years I-Effect
into I-Effect
the I-Effect
future I-Effect
. O

While O
the O
firm O
achieves O
solid O
operating O
margins O
in O
Asia-Pacific O
( O
we O
estimate O
them O
at O
just O
under O
20 O
% O
in O
the O
long O
term O
) O
, O
competitors B-Effect
' I-Effect
operating I-Effect
margins I-Effect
are I-Effect
even I-Effect
higher I-Effect
( O
generally O
greater O
than O
30 O
% O
for O
both O
Nike O
and O
Adidas O
) O
because O
they B-Cause
have I-Cause
much I-Cause
greater I-Cause
brand I-Cause
recognition I-Cause
, I-Cause
pricing I-Cause
, I-Cause
distribution I-Cause
, I-Cause
and I-Cause
marketing I-Cause
. O

A B-Cause
carefully I-Cause
curated I-Cause
database I-Cause
offers I-Cause
valuable I-Cause
IP I-Cause
, I-Cause
with I-Cause
teams I-Cause
of I-Cause
accounting I-Cause
experts I-Cause
integrating I-Cause
timely I-Cause
editorial I-Cause
news I-Cause
and I-Cause
regulatory I-Cause
changes I-Cause
with I-Cause
an I-Cause
AI-enabled I-Cause
search I-Cause
product I-Cause
, I-Cause
Checkpoint I-Cause
Edge I-Cause
, O
that O
allows O
generalist B-Effect
corporate I-Effect
tax I-Effect
officers I-Effect
to I-Effect
effectively I-Effect
handle I-Effect
a I-Effect
complex I-Effect
legal I-Effect
and I-Effect
regulatory I-Effect
environment I-Effect
across I-Effect
jurisdictions I-Effect
. O

We O
believe O
the B-Cause
segment I-Cause
's I-Cause
focus I-Cause
on I-Cause
5G I-Cause
and I-Cause
cloud-based I-Cause
products I-Cause
should O
drive B-Effect
more I-Effect
value I-Effect
for I-Effect
CSPs I-Effect
and I-Effect
potentially I-Effect
create I-Effect
solutions I-Effect
for I-Effect
enterprises I-Effect
that I-Effect
will I-Effect
utilize I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
devices I-Effect
on I-Effect
their I-Effect
networks I-Effect
. O

We O
also O
believe O
the B-Cause
Telefonica I-Cause
acquisition I-Cause
, I-Cause
coupled I-Cause
with I-Cause
the I-Cause
2018 I-Cause
acquisition I-Cause
of I-Cause
Cable I-Cause
Onda I-Cause
in I-Cause
Panama I-Cause
, O
improves B-Effect
Millicom I-Effect
's I-Effect
position I-Effect
, O
as O
the B-Cause
firm I-Cause
will I-Cause
own I-Cause
fixed-line I-Cause
and I-Cause
wireless I-Cause
operations I-Cause
in I-Cause
every I-Cause
country I-Cause
in I-Cause
which I-Cause
it I-Cause
operates I-Cause
. O

Moreover O
, O
many B-Cause
of I-Cause
the I-Cause
territories I-Cause
in I-Cause
these I-Cause
regions I-Cause
are I-Cause
far-flung I-Cause
and I-Cause
mountainous I-Cause
with I-Cause
low I-Cause
population I-Cause
density. O
These O
realities O
make B-Effect
operations I-Effect
in I-Effect
these I-Effect
markets I-Effect
more I-Effect
onerous I-Effect
, I-Effect
which I-Effect
we I-Effect
believe I-Effect
contributes I-Effect
to I-Effect
the I-Effect
higher I-Effect
levels I-Effect
of I-Effect
concentration I-Effect
and I-Effect
ongoing I-Effect
consolidation I-Effect
. O

Many B-Cause
life I-Cause
insurance I-Cause
companies I-Cause
also I-Cause
significantly I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
de-risked I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
after I-Cause
the I-Cause
global I-Cause
financial I-Cause
crisis I-Cause
and I-Cause
became I-Cause
more I-Cause
conservative I-Cause
with I-Cause
their I-Cause
guaranteed I-Cause
benefit I-Cause
contracts I-Cause
, O
so O
we B-Effect
expect I-Effect
Ameriprise I-Effect
to I-Effect
navigate I-Effect
through I-Effect
the I-Effect
near-term I-Effect
economic I-Effect
environment I-Effect
well I-Effect
. O

If O
a O
security B-Cause
transaction I-Cause
tax I-Cause
were I-Cause
passed I-Cause
in I-Cause
the I-Cause
U.S. O
, O
it O
would O
do O
significant B-Effect
damage I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
exchange I-Effect
and I-Effect
market I-Effect
data I-Effect
businesses I-Effect
. O

In O
energy O
, O
we O
think O
the B-Cause
improvement I-Cause
in I-Cause
the I-Cause
price I-Cause
of I-Cause
oil I-Cause
since I-Cause
COVID-19 I-Cause
lows I-Cause
will O
incentivize B-Effect
exploration I-Effect
and I-Effect
production I-Effect
companies I-Effect
to I-Effect
increase I-Effect
oil I-Effect
and I-Effect
gas I-Effect
capital I-Effect
expenditures I-Effect
, I-Effect
leading I-Effect
to I-Effect
increased I-Effect
sales I-Effect
of I-Effect
Caterpillar I-Effect
's I-Effect
oil I-Effect
well-serving I-Effect
products I-Effect
. O

However O
, O
as B-Cause
many I-Cause
of I-Cause
Hain I-Cause
's I-Cause
products I-Cause
are I-Cause
natural I-Cause
and I-Cause
organic I-Cause
, I-Cause
which I-Cause
currently I-Cause
represent I-Cause
only I-Cause
about I-Cause
10 I-Cause
% I-Cause
of I-Cause
overall I-Cause
food I-Cause
and I-Cause
beverage I-Cause
sales I-Cause
, O
it O
is O
understandable O
that O
the B-Effect
company I-Effect
would I-Effect
not I-Effect
have I-Effect
dominant I-Effect
shares I-Effect
. O

We O
estimate O
that O
Entergy B-Effect
will I-Effect
grow I-Effect
EPS I-Effect
by I-Effect
6 I-Effect
% I-Effect
annually I-Effect
for O
the O
foreseeable O
future O
due O
in O
large O
part O
to O
strong O
industrial B-Cause
sales I-Cause
growth I-Cause
in I-Cause
the I-Cause
Mississippi I-Cause
Delta I-Cause
region I-Cause
. O

Climate B-Cause
change I-Cause
introduces O
a B-Effect
new I-Effect
point I-Effect
of I-Effect
uncertainty I-Effect
for I-Effect
insurers I-Effect
with I-Effect
catastrophe I-Effect
exposure I-Effect
, O
and O
future B-Effect
returns I-Effect
could O
be O
impaired O
if O
the B-Cause
price I-Cause
response I-Cause
is I-Cause
not I-Cause
adequate I-Cause
. O

The O
regulatory O
framework O
insulates B-Cause
electric I-Cause
and I-Cause
natural I-Cause
gas I-Cause
distribution I-Cause
earnings I-Cause
from I-Cause
variables I-Cause
like I-Cause
weather I-Cause
and I-Cause
sales I-Cause
volume I-Cause
, O
resulting O
in O
less B-Effect
earnings I-Effect
and I-Effect
cash I-Effect
flow I-Effect
volatility I-Effect
than I-Effect
peers I-Effect
. O

Due O
to O
its B-Cause
global I-Cause
operations I-Cause
, O
Thomson B-Effect
Reuters I-Effect
is I-Effect
subject I-Effect
to I-Effect
economic I-Effect
, I-Effect
political I-Effect
, I-Effect
and I-Effect
social I-Effect
risks I-Effect
in I-Effect
the I-Effect
countries I-Effect
it I-Effect
operates I-Effect
. O

Critically O
, O
we B-Cause
assume I-Cause
that I-Cause
a I-Cause
COVID-19 I-Cause
vaccine I-Cause
will I-Cause
be I-Cause
well-distributed I-Cause
by I-Cause
mid-2021 I-Cause
in I-Cause
the I-Cause
developed I-Cause
world I-Cause
and I-Cause
in I-Cause
2022 I-Cause
for I-Cause
much I-Cause
of I-Cause
the I-Cause
emerging I-Cause
world I-Cause
, O
which O
would O
allow B-Effect
a I-Effect
sharp I-Effect
rebound I-Effect
in I-Effect
air I-Effect
traffic I-Effect
. O

Penske B-Cause
Automotive I-Cause
Group I-Cause
receives I-Cause
93 I-Cause
% I-Cause
of I-Cause
its I-Cause
light-vehicle I-Cause
dealer I-Cause
revenue I-Cause
from I-Cause
import I-Cause
and I-Cause
luxury I-Cause
brands. O
This O
percentage O
is O
significantly O
higher O
than O
many O
dealers O
and O
helps O
mitigate B-Effect
the I-Effect
cyclical I-Effect
nature I-Effect
of I-Effect
auto I-Effect
sales I-Effect
; I-Effect
these I-Effect
brands I-Effect
have I-Effect
more-affluent I-Effect
customers I-Effect
who I-Effect
will I-Effect
not I-Effect
limit I-Effect
their I-Effect
discretionary I-Effect
spending I-Effect
during I-Effect
a I-Effect
downturn I-Effect
. O

The B-Effect
bankruptcy I-Effect
of I-Effect
a I-Effect
retailer I-Effect
is I-Effect
not I-Effect
a I-Effect
total I-Effect
loss I-Effect
for I-Effect
Synchrony I-Effect
, O
as O
cardholders B-Cause
remain I-Cause
responsible I-Cause
for I-Cause
their I-Cause
debt I-Cause
, O
but O
credit O
card O
programs O
from O
shuttered O
retailers O
have O
typically O
seen O
higher O
charge-offs O
and O
falling O
levels O
of O
receivables O
. O

We B-Effect
like I-Effect
MPLX I-Effect
's I-Effect
portfolio I-Effect
of I-Effect
refining I-Effect
and I-Effect
Appalachian-based I-Effect
gathering I-Effect
and I-Effect
processing I-Effect
assets I-Effect
, O
given O
the B-Cause
propensity I-Cause
for I-Cause
fee-for-capacity I-Cause
and I-Cause
minimum I-Cause
volume I-Cause
commitment I-Cause
contracts I-Cause
, I-Cause
which I-Cause
present I-Cause
a I-Cause
highly I-Cause
secure I-Cause
stream I-Cause
of I-Cause
income I-Cause
over I-Cause
the I-Cause
long I-Cause
run I-Cause
. O

The B-Effect
salt I-Effect
brines I-Effect
in I-Effect
the I-Effect
Salar I-Effect
de I-Effect
Atacama I-Effect
are I-Effect
the I-Effect
lowest-cost I-Effect
source I-Effect
of I-Effect
lithium I-Effect
globally I-Effect
because O
of O
the B-Cause
high I-Cause
concentrations I-Cause
of I-Cause
lithium I-Cause
. O

An B-Cause
additional I-Cause
ESG I-Cause
risk I-Cause
is I-Cause
the I-Cause
potential I-Cause
that I-Cause
regulatory I-Cause
disclosures I-Cause
result O
in O
competitors B-Cause
figuring I-Cause
out I-Cause
Sensient I-Cause
's I-Cause
specialty I-Cause
natural I-Cause
ingredient I-Cause
formulations I-Cause
, O
reducing B-Effect
the I-Effect
company I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
. O

In O
contrast O
, O
we O
expect O
volume B-Effect
for I-Effect
equity I-Effect
futures I-Effect
to I-Effect
remain I-Effect
strong I-Effect
in I-Effect
2021 I-Effect
but I-Effect
to I-Effect
experience I-Effect
double-digit I-Effect
declines I-Effect
in I-Effect
the I-Effect
following I-Effect
years I-Effect
as O
retail B-Cause
interest I-Cause
in I-Cause
equity I-Cause
markets I-Cause
wanes I-Cause
. O

Economies B-Effect
of I-Effect
scale I-Effect
can I-Effect
boost I-Effect
returns I-Effect
as O
the B-Cause
retail I-Cause
business I-Cause
grows I-Cause
, O
but O
we O
do O
n't O
think O
this O
is O
a O
sustainable O
source O
of O
competitive O
advantage O
. O

The B-Cause
potential I-Cause
from I-Cause
5G I-Cause
, I-Cause
ARM I-Cause
server I-Cause
compute I-Cause
, I-Cause
and I-Cause
general I-Cause
network I-Cause
infrastructure I-Cause
growth I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
a I-Cause
recent I-Cause
record I-Cause
of I-Cause
increased I-Cause
design I-Cause
activity I-Cause
and I-Cause
partnerships I-Cause
, O
makes B-Effect
us I-Effect
more I-Effect
confident I-Effect
that I-Effect
the I-Effect
firm I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
achieve I-Effect
solid I-Effect
growth I-Effect
despite I-Effect
significant I-Effect
competition I-Effect
in I-Effect
the I-Effect
networking I-Effect
market I-Effect
. O

We O
model O
a B-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
( I-Effect
CAGR I-Effect
) I-Effect
of I-Effect
8 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
driven O
by O
a B-Cause
transition I-Cause
to I-Cause
cloud I-Cause
delivery I-Cause
and I-Cause
accelerating I-Cause
revenue I-Cause
coming I-Cause
out I-Cause
of I-Cause
2020 I-Cause
that O
culminates O
in O
sustainable O
double-digit O
revenue O
growth O
. O

In O
the O
short O
run O
, O
we O
estimate O
a B-Cause
full-year I-Cause
shutdown I-Cause
would O
reduce B-Effect
equity I-Effect
earnings I-Effect
by I-Effect
about I-Effect
$ I-Effect
200 I-Effect
million I-Effect
, I-Effect
or I-Effect
12 I-Effect
% I-Effect
, I-Effect
of I-Effect
our I-Effect
2021 I-Effect
EBITDA I-Effect
estimate I-Effect
. O

Margins O
dipped O
to O
13 O
% O
in O
2019 O
and O
2020 O
, O
but O
in O
the O
medium O
term O
, O
we O
anticipate O
healthy B-Cause
operating I-Cause
leverage I-Cause
to O
bring B-Effect
operating I-Effect
margins I-Effect
to I-Effect
15 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
( I-Effect
within I-Effect
management I-Effect
's I-Effect
target I-Effect
of I-Effect
15 I-Effect
% I-Effect
-17 I-Effect
% I-Effect
) I-Effect
and I-Effect
as I-Effect
high I-Effect
as I-Effect
19 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
. O

Beyond O
boosting O
profits O
, O
we O
think O
these O
savings B-Cause
will I-Cause
fuel I-Cause
its I-Cause
product I-Cause
innovation I-Cause
and I-Cause
advertising I-Cause
to O
ensure B-Effect
its I-Effect
offerings I-Effect
stay I-Effect
top-of-mind I-Effect
with I-Effect
consumers I-Effect
and I-Effect
retailers I-Effect
. O

Because O
we O
anticipate O
Moody B-Cause
's I-Cause
will I-Cause
continue I-Cause
its I-Cause
growth I-Cause
trajectory I-Cause
, O
we O
believe O
it B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
expand I-Effect
margins I-Effect
through O
operating O
leverage O
. O

Oi B-Cause
, I-Cause
the I-Cause
smallest I-Cause
carrier I-Cause
with I-Cause
about I-Cause
16 I-Cause
% I-Cause
share I-Cause
, I-Cause
has I-Cause
been I-Cause
in I-Cause
bankruptcy I-Cause
reorganization I-Cause
since I-Cause
2016 I-Cause
, O
a O
position O
that O
has O
hindered O
its B-Effect
ability I-Effect
to I-Effect
invest I-Effect
in I-Effect
its I-Effect
wireless I-Effect
and I-Effect
fixed-line I-Effect
networks I-Effect
. O

The B-Cause
acquisition I-Cause
of I-Cause
Core-Mark I-Cause
, I-Cause
another I-Cause
c-store I-Cause
distributor I-Cause
, I-Cause
in I-Cause
late I-Cause
fiscal I-Cause
2022 I-Cause
will O
further B-Effect
depress I-Effect
gross I-Effect
margins I-Effect
, I-Effect
to I-Effect
10 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2023 I-Effect
and I-Effect
beyond I-Effect
. O

The B-Cause
Acceleride I-Cause
omnichannel I-Cause
platform I-Cause
should O
keep B-Effect
the I-Effect
firm I-Effect
competitive I-Effect
with I-Effect
new I-Effect
entrants I-Effect
to I-Effect
the I-Effect
online I-Effect
market I-Effect
such I-Effect
as I-Effect
Carvana I-Effect
, O
and O
we O
think O
digital O
will O
enable O
much O
better O
SG O
& O
A O
leverage O
than O
the O
company O
has O
had O
in O
the O
past O
. O

As O
the B-Cause
firm I-Cause
's I-Cause
products I-Cause
are I-Cause
distributed I-Cause
across I-Cause
a I-Cause
vast I-Cause
network I-Cause
of I-Cause
natural I-Cause
foods I-Cause
supermarkets I-Cause
, I-Cause
independent I-Cause
natural I-Cause
retailers I-Cause
, I-Cause
and I-Cause
specialty I-Cause
stores I-Cause
, O
a B-Effect
significant I-Effect
portion I-Effect
of I-Effect
its I-Effect
revenue I-Effect
is I-Effect
sold I-Effect
through I-Effect
brokers I-Effect
and I-Effect
distributors I-Effect
. O

Intermodal O
saw O
first-half O
2020 O
volume O
headwinds O
from O
COVID-19 O
disruption O
and O
depressed O
rates O
in O
the O
competing O
truckload O
industry O
but O
has O
since B-Cause
rebounded I-Cause
dramatically I-Cause
on O
robust B-Effect
retailer I-Effect
restocking I-Effect
and I-Effect
tight I-Effect
truckload I-Effect
market I-Effect
capacity I-Effect
( I-Effect
rising I-Effect
truck-to-rail I-Effect
conversions I-Effect
) I-Effect
, O
and O
we O
still O
see O
it O
as O
a O
key O
long-term O
growth O
opportunity O
for O
CSX O
. O

Online B-Cause
travel I-Cause
agencies I-Cause
and I-Cause
online I-Cause
hotel I-Cause
reviews I-Cause
create O
immediate B-Effect
price I-Effect
discovery I-Effect
for I-Effect
consumers I-Effect
, O
preventing O
Host B-Effect
from I-Effect
pushing I-Effect
rate I-Effect
increases I-Effect
even O
though O
it O
is O
nearing O
full O
occupancy O
on O
many O
nights O
. O

We O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
KBR I-Effect
to I-Effect
$ I-Effect
38 I-Effect
from I-Effect
$ I-Effect
36 I-Effect
after I-Effect
the I-Effect
firm I-Effect
posted I-Effect
solid I-Effect
first I-Effect
quarter I-Effect
results I-Effect
, O
as O
its B-Cause
revenue I-Cause
of I-Cause
$ I-Cause
1,460 I-Cause
million I-Cause
and I-Cause
adjusted I-Cause
EPS I-Cause
of I-Cause
$ I-Cause
0.48 I-Cause
were I-Cause
both I-Cause
in I-Cause
line I-Cause
with I-Cause
FactSet I-Cause
consensus I-Cause
estimates I-Cause
. O

Fee B-Cause
streams I-Cause
related I-Cause
to I-Cause
payments I-Cause
and I-Cause
wealth I-Cause
management I-Cause
will O
also O
help O
the B-Effect
bank I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

In O
our O
view O
, O
Sensata B-Effect
's I-Effect
ability I-Effect
to I-Effect
grow I-Effect
its I-Effect
dollar I-Effect
content I-Effect
in I-Effect
vehicles I-Effect
demonstrates I-Effect
intangible I-Effect
assets I-Effect
in I-Effect
sensor I-Effect
design I-Effect
, O
as O
it B-Cause
works I-Cause
closely I-Cause
with I-Cause
OEMs I-Cause
and I-Cause
Tier I-Cause
1 I-Cause
suppliers I-Cause
to I-Cause
build I-Cause
its I-Cause
products I-Cause
into I-Cause
new I-Cause
sockets I-Cause
. O

We O
believe O
it O
will O
use O
its O
cost O
advantage O
to O
boost B-Effect
sales I-Effect
through O
its B-Cause
ability I-Cause
to I-Cause
offer I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
parts I-Cause
on I-Cause
short I-Cause
order I-Cause
, O
building B-Effect
inventory I-Effect
and I-Effect
cost I-Effect
leverage I-Effect
as O
sales B-Cause
rise I-Cause
while O
fortifying B-Effect
brand I-Effect
value I-Effect
in O
a O
way O
subscale B-Cause
peers I-Cause
can I-Cause
not I-Cause
economically I-Cause
replicate I-Cause
. O

Cost B-Cause
leverage I-Cause
, I-Cause
supplier I-Cause
relationships I-Cause
, I-Cause
and I-Cause
Ross I-Cause
' I-Cause
value I-Cause
proposition I-Cause
feed I-Cause
on I-Cause
themselves I-Cause
; I-Cause
low I-Cause
prices I-Cause
drive I-Cause
traffic I-Cause
, O
which O
makes O
Ross B-Effect
a I-Effect
more I-Effect
valued I-Effect
partner I-Effect
for I-Effect
vendors I-Effect
that O
ultimately O
offer O
the O
chain O
additional O
and O
better O
products O
at O
even O
more O
attractive O
values O
. O

Komatsu B-Cause
offers I-Cause
attractive I-Cause
financing I-Cause
services I-Cause
, I-Cause
with I-Cause
down I-Cause
payments I-Cause
as I-Cause
low I-Cause
as I-Cause
zero I-Cause
to I-Cause
20 I-Cause
% I-Cause
, O
which O
can O
alleviate B-Effect
customers I-Effect
' I-Effect
financial I-Effect
burdens I-Effect
and I-Effect
help I-Effect
smooth I-Effect
the I-Effect
impact I-Effect
of I-Effect
the I-Effect
credit I-Effect
cycle I-Effect
and I-Effect
industry I-Effect
downturns I-Effect
. O

Veoneer O
's O
revenue B-Cause
cyclicality I-Cause
, O
operating B-Cause
leverage I-Cause
, O
and O
high B-Cause
initial I-Cause
research I-Cause
and O
development B-Cause
investment I-Cause
results O
in O
our B-Effect
above I-Effect
average I-Effect
systematic I-Effect
risk I-Effect
rating I-Effect
. O

Moderna B-Effect
gained I-Effect
access I-Effect
to I-Effect
valuable I-Effect
patents I-Effect
from I-Effect
the I-Effect
University I-Effect
of I-Effect
Pennsylvania I-Effect
covering O
modified O
mRNA O
technology O
through O
a B-Cause
nonexclusive I-Cause
license I-Cause
( I-Cause
via I-Cause
mRNA I-Cause
RiboTherapeutics I-Cause
and I-Cause
its I-Cause
affiliate I-Cause
, I-Cause
Cellscript I-Cause
) I-Cause
, O
so O
other O
firms O
could O
also O
license O
the O
fundamental O
technology O
allowing O
mRNA O
to O
function O
as O
a O
therapeutic O
. O

That B-Effect
said I-Effect
, I-Effect
during I-Effect
periods I-Effect
of I-Effect
rapid I-Effect
fuel I-Effect
price I-Effect
increases I-Effect
, I-Effect
truckers I-Effect
often I-Effect
see I-Effect
temporary I-Effect
margin I-Effect
headwinds I-Effect
, O
given O
the B-Cause
time I-Cause
lag I-Cause
in I-Cause
adjusting I-Cause
surcharges I-Cause
to I-Cause
shippers I-Cause
. O

The O
division O
with O
the B-Effect
greatest I-Effect
potential I-Effect
to I-Effect
possibly I-Effect
propel I-Effect
the I-Effect
group I-Effect
is I-Effect
the I-Effect
Detection I-Effect
division I-Effect
as O
it B-Cause
offers I-Cause
security I-Cause
screening I-Cause
equipment I-Cause
with O
a O
potential O
addressable O
market O
beyond O
its O
current O
focus O
. O

These B-Cause
close I-Cause
relationships I-Cause
are I-Cause
an I-Cause
advantage I-Cause
as I-Cause
Crane I-Cause
Currency I-Cause
often I-Cause
collaborates I-Cause
with I-Cause
central I-Cause
banks I-Cause
and I-Cause
is I-Cause
involved I-Cause
in I-Cause
early I-Cause
stages I-Cause
of I-Cause
designing I-Cause
a I-Cause
new I-Cause
banknote I-Cause
series I-Cause
, O
which O
then O
leads B-Effect
to I-Effect
repeat I-Effect
business I-Effect
as I-Effect
a I-Effect
banknote I-Effect
series I-Effect
lifecycle I-Effect
can I-Effect
last I-Effect
over I-Effect
10 I-Effect
years I-Effect
. I-Effect

If O
the B-Cause
domestic I-Cause
acquiring I-Cause
market I-Cause
grew I-Cause
at I-Cause
an I-Cause
8 I-Cause
% I-Cause
rate I-Cause
over I-Cause
this I-Cause
time I-Cause
frame I-Cause
, O
this O
would O
imply B-Effect
roughly I-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
market I-Effect
share I-Effect
for I-Effect
Square I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
10-year I-Effect
projection I-Effect
period I-Effect
. O

The B-Cause
mix I-Cause
shift I-Cause
toward I-Cause
the I-Cause
most I-Cause
profitable I-Cause
brands I-Cause
such O
as O
Omega O
and O
Longines O
( O
according O
to O
our O
estimates O
) O
should O
further B-Effect
help I-Effect
the I-Effect
margin I-Effect
. O

However O
, O
the B-Cause
diversity I-Cause
of I-Cause
Enterprise I-Cause
's I-Cause
asset I-Cause
base I-Cause
, O
its O
ability O
to O
take B-Effect
advantage I-Effect
of I-Effect
just I-Effect
about I-Effect
any I-Effect
profitable I-Effect
opportunity I-Effect
that O
appears O
in O
U.S O
. O

We O
assume O
higher B-Effect
investment I-Effect
in I-Effect
research I-Effect
and I-Effect
development I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
gross I-Effect
revenue I-Effect
, O
as O
we O
see O
Criteo B-Cause
having I-Cause
to I-Cause
consistently I-Cause
design I-Cause
, I-Cause
test I-Cause
, I-Cause
and I-Cause
implement I-Cause
new I-Cause
methods I-Cause
to I-Cause
gain I-Cause
access I-Cause
to I-Cause
user I-Cause
behavior I-Cause
data I-Cause
on I-Cause
the I-Cause
Safari I-Cause
browser I-Cause
, I-Cause
and I-Cause
Chrome I-Cause
. O

An B-Cause
individual I-Cause
ship I-Cause
takes I-Cause
years I-Cause
to I-Cause
build I-Cause
and I-Cause
the I-Cause
military I-Cause
purchases I-Cause
ships I-Cause
in I-Cause
several-unit I-Cause
blocks I-Cause
, O
so O
a B-Effect
single I-Effect
block I-Effect
purchase I-Effect
can I-Effect
provide I-Effect
over I-Effect
a I-Effect
decade I-Effect
of I-Effect
revenue I-Effect
for I-Effect
a I-Effect
given I-Effect
product I-Effect
. O

However O
, O
the B-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
will O
likely O
reduce B-Effect
annual I-Effect
increases I-Effect
to I-Effect
only I-Effect
1 I-Effect
% I-Effect
to I-Effect
3 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

The B-Cause
attractive I-Cause
economics I-Cause
and I-Cause
rising I-Cause
importance I-Cause
of I-Cause
cosmetic I-Cause
procedures I-Cause
has B-Effect
attracted I-Effect
a I-Effect
large I-Effect
number I-Effect
of I-Effect
competitors I-Effect
and I-Effect
has I-Effect
put I-Effect
the I-Effect
company I-Effect
on I-Effect
a I-Effect
defensive I-Effect
footing I-Effect
. O

In O
2010 O
, O
TCCC B-Effect
had I-Effect
to I-Effect
buy I-Effect
back I-Effect
a I-Effect
substantial I-Effect
majority I-Effect
of I-Effect
its I-Effect
North I-Effect
American I-Effect
territories I-Effect
, O
as O
its B-Effect
distribution I-Effect
system I-Effect
performed I-Effect
poorly I-Effect
due O
in O
large B-Cause
part I-Cause
to I-Cause
an I-Cause
outdated I-Cause
concentrate I-Cause
pricing I-Cause
model I-Cause
. O

Its B-Effect
ability I-Effect
to I-Effect
raise I-Effect
core I-Effect
prices I-Effect
on I-Effect
acquired I-Effect
volume I-Effect
( O
thanks O
to O
its B-Cause
vast I-Cause
ownership I-Cause
of I-Cause
landfills I-Cause
, I-Cause
a I-Cause
preferred I-Cause
asset I-Cause
) O
should O
remain O
a O
key O
organic O
growth O
driver O
. O

We O
expect O
revenue B-Effect
growth I-Effect
for I-Effect
Universal I-Effect
Music I-Effect
Group I-Effect
will I-Effect
average I-Effect
13 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
increased B-Cause
streaming I-Cause
sales I-Cause
offset I-Cause
the I-Cause
ongoing I-Cause
decline I-Cause
in I-Cause
digital I-Cause
media I-Cause
sales I-Cause
and O
most B-Cause
of I-Cause
the I-Cause
live-music B-Effect
related I-Effect
revenue I-Effect
lost I-Effect
in I-Effect
2020 I-Effect
due I-Cause
to I-Cause
COVID-19 B-Cause
comes I-Cause
back I-Cause
by I-Cause
2022 I-Cause
. O

We O
're O
bumping B-Effect
up I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Hershey I-Effect
to I-Effect
$ I-Effect
139 I-Effect
, I-Effect
from I-Effect
$ I-Effect
134 I-Effect
, O
driven O
by O
slightly B-Cause
more I-Cause
favorable I-Cause
near-term I-Cause
prospects I-Cause
and I-Cause
additional I-Cause
cash I-Cause
generated I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

We O
expect O
Airbnb B-Effect
's I-Effect
revenue I-Effect
take I-Effect
rate I-Effect
to I-Effect
expand I-Effect
toward I-Effect
14 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
12.7 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
( I-Effect
2020 I-Effect
's I-Effect
14.1 I-Effect
% I-Effect
level I-Effect
had I-Effect
one-time I-Effect
timing I-Effect
benefits I-Effect
) I-Effect
, O
aided O
by O
expanded B-Cause
experiences I-Cause
, I-Cause
insurance I-Cause
, I-Cause
and I-Cause
promoted I-Cause
listing I-Cause
offerings I-Cause
. O

While O
Southwest O
is O
partially O
protected O
from O
oil O
price O
increases O
, O
we O
think O
that O
an B-Cause
oil I-Cause
price I-Cause
spike I-Cause
would O
dramatically B-Effect
challenge I-Effect
the I-Effect
company I-Effect
and I-Effect
the I-Effect
industry I-Effect
as I-Effect
a I-Effect
whole I-Effect
. O

We O
think O
unrivaled B-Cause
scale I-Cause
in I-Cause
consumables I-Cause
allows B-Effect
ICU I-Effect
to I-Effect
offer I-Effect
rock-bottom I-Effect
prices I-Effect
that I-Effect
competitors I-Effect
would I-Effect
be I-Effect
hard-pressed I-Effect
to I-Effect
beat I-Effect
and I-Effect
gives I-Effect
us I-Effect
confidence I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
over I-Effect
the I-Effect
coming I-Effect
decade I-Effect
. O

We O
believe O
other B-Cause
storage I-Cause
and I-Cause
flash I-Cause
players I-Cause
will I-Cause
increasingly I-Cause
pursue I-Cause
similar I-Cause
levels I-Cause
of I-Cause
vertical I-Cause
integration I-Cause
to O
differentiate B-Effect
their I-Effect
products I-Effect
and I-Effect
provide I-Effect
an I-Effect
edge I-Effect
in I-Effect
the I-Effect
highly I-Effect
commoditized I-Effect
flash I-Effect
chip I-Effect
technology I-Effect
market I-Effect
. O

Ferguson B-Effect
has I-Effect
also I-Effect
strengthened I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
by O
pivoting B-Cause
to I-Cause
its I-Cause
stronger-performing I-Cause
North I-Cause
American I-Cause
business I-Cause
with I-Cause
the I-Cause
divestiture I-Cause
of I-Cause
its I-Cause
poor-performing I-Cause
Central I-Cause
European I-Cause
and I-Cause
U.K I-Cause
. I-Cause

Despite O
both O
China O
Unicom O
and O
China O
Telecom O
earning O
below O
WACC O
returns O
the B-Cause
Government I-Cause
has I-Cause
taken I-Cause
an I-Cause
active I-Cause
role I-Cause
in I-Cause
setting I-Cause
industry I-Cause
wide I-Cause
prices I-Cause
and I-Cause
price I-Cause
reduction I-Cause
targets I-Cause
which O
have O
slowed B-Effect
revenue I-Effect
and I-Effect
profit I-Effect
growth I-Effect
making I-Effect
it I-Effect
more I-Effect
difficult I-Effect
for I-Effect
the I-Effect
smaller I-Effect
operators I-Effect
to I-Effect
lift I-Effect
their I-Effect
returns I-Effect
toward I-Effect
WACC I-Effect
. O

Net B-Effect
interest I-Effect
income I-Effect
tends I-Effect
to I-Effect
do I-Effect
better I-Effect
with O
higher B-Cause
interest I-Cause
rates I-Cause
and I-Cause
a I-Cause
steeper I-Cause
yield I-Cause
curve I-Cause
, O
but O
COVID-19 B-Cause
brought O
lower B-Effect
rates I-Effect
and I-Effect
a I-Effect
flatter I-Effect
yield I-Effect
curve I-Effect
. O

Weak B-Cause
macroeconomics I-Cause
, I-Cause
a I-Cause
pandemic I-Cause
like I-Cause
COVID-19 I-Cause
, I-Cause
and I-Cause
consumer I-Cause
sentiment I-Cause
can O
adversely B-Effect
affect I-Effect
Tencent I-Effect
's I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
, I-Effect
especially I-Effect
in I-Effect
the I-Effect
advertising I-Effect
businesses I-Effect
. O

The B-Cause
deceleration I-Cause
of I-Cause
pharmaceutical B-Effect
drug I-Effect
growth I-Effect
due I-Cause
to I-Cause
the B-Cause
slower I-Cause
branded I-Cause
drug I-Cause
inflation I-Cause
, I-Cause
shifting I-Cause
mix I-Cause
favoring I-Cause
generic I-Cause
drugs I-Cause
with I-Cause
lower I-Cause
price I-Cause
points I-Cause
, I-Cause
slower I-Cause
introduction I-Cause
of I-Cause
blockbuster I-Cause
drugs I-Cause
, I-Cause
and I-Cause
increasing I-Cause
provider I-Cause
negotiating I-Cause
leverage I-Cause
( O
and O
customer O
concentration O
) O
have O
put O
operating B-Effect
margins I-Effect
under O
pressure O
. O

With O
Autodesk B-Cause
software I-Cause
considered I-Cause
the I-Cause
industry I-Cause
standard I-Cause
for I-Cause
many I-Cause
of I-Cause
its I-Cause
solutions I-Cause
, O
universities B-Cause
are I-Cause
convinced I-Cause
to I-Cause
continue I-Cause
teaching I-Cause
the I-Cause
software I-Cause
in I-Cause
its I-Cause
programs I-Cause
, O
which O
drives O
AEC B-Effect
, I-Effect
manufacturing I-Effect
, I-Effect
and I-Effect
M I-Effect
& I-Effect
E I-Effect
firms I-Effect
to I-Effect
continue I-Effect
using I-Effect
it I-Effect
, O
causing O
universities B-Effect
to I-Effect
continue I-Effect
teaching I-Effect
it I-Effect
. O

The B-Cause
recovery I-Cause
following I-Cause
the I-Cause
Great I-Cause
Financial I-Cause
Crisis I-Cause
was I-Cause
fueled I-Cause
by I-Cause
increased I-Cause
commodity I-Cause
demand I-Cause
, O
leading O
mining B-Cause
companies I-Cause
to I-Cause
increase I-Cause
production I-Cause
to I-Effect
meet B-Effect
demand I-Effect
from I-Effect
emerging I-Effect
markets I-Effect
. O

We O
think O
Sysco B-Cause
's I-Cause
channel I-Cause
diversity I-Cause
, I-Cause
its I-Cause
customers I-Cause
' I-Cause
widespread I-Cause
adoption I-Cause
of I-Cause
carryout I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
containment I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
( O
most O
likely O
after O
a O
2021 O
vaccine O
) O
, O
will O
return B-Effect
Sysco I-Effect
's I-Effect
revenue I-Effect
to I-Effect
the I-Effect
prepandemic I-Effect
level I-Effect
by I-Effect
fiscal I-Effect
2023 I-Effect
. O

In O
the O
past O
decade O
, O
increasingly B-Cause
stringent I-Cause
environmental I-Cause
regulations I-Cause
have O
forced O
diesel B-Effect
engine I-Effect
makers I-Effect
to I-Effect
add I-Effect
complex I-Effect
exhaust I-Effect
aftertreatment I-Effect
systems I-Effect
not I-Effect
required I-Effect
in I-Effect
gasoline I-Effect
engines I-Effect
. O

We B-Cause
are I-Cause
raising I-Cause
our I-Cause
valuation I-Cause
of I-Cause
O'Reilly I-Cause
to I-Cause
$ I-Cause
410 I-Cause
per I-Cause
share I-Cause
from I-Cause
$ I-Cause
378 I-Cause
, O
reflecting O
stellar O
third-quarter O
sales O
results O
( O
17 O
% O
comparable O
growth O
) O
that O
led B-Effect
us I-Effect
to I-Effect
lift I-Effect
our I-Effect
2020 I-Effect
marks I-Effect
( I-Effect
to I-Effect
11 I-Effect
% I-Effect
comparable I-Effect
growth I-Effect
from I-Effect
7 I-Effect
% I-Effect
) I-Effect
. O

Furthermore O
, O
participants B-Cause
do I-Cause
not I-Cause
Insurance I-Cause
- I-Cause
Property I-Cause
& I-Cause
Casualtyknow I-Cause
their I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold O
for O
a O
number O
of O
years O
, O
allowing O
them O
to O
underprice B-Effect
policies I-Effect
without O
knowing O
it O
. O

A B-Cause
change I-Cause
in I-Cause
FCC I-Cause
leadership I-Cause
that I-Cause
is I-Cause
less I-Cause
friendly I-Cause
to I-Cause
local I-Cause
broadcasters I-Cause
may O
drastically O
affect B-Effect
Sinclair I-Effect
's I-Effect
ability I-Effect
to I-Effect
acquire I-Effect
additional I-Effect
stations I-Effect
and I-Effect
dominate I-Effect
local I-Effect
markets I-Effect
and I-Effect
may I-Effect
put I-Effect
a I-Effect
cap I-Effect
on I-Effect
the I-Effect
price I-Effect
of I-Effect
retransmission I-Effect
fees I-Effect
. O

However O
, O
these B-Cause
expenses I-Cause
have I-Cause
exceeded I-Cause
45 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
the I-Cause
last I-Cause
four I-Cause
years I-Cause
, I-Cause
and I-Cause
we I-Cause
expect I-Cause
this I-Cause
will I-Cause
continue I-Cause
to I-Cause
be I-Cause
the I-Cause
case I-Cause
for I-Cause
the I-Cause
next I-Cause
10 I-Cause
years. O
Consequently O
, O
we O
forecast O
PVH B-Effect
's I-Effect
average I-Effect
annual I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
at I-Effect
about I-Effect
9 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
down I-Effect
from I-Effect
the I-Effect
low I-Effect
double I-Effect
digits I-Effect
just I-Effect
a I-Effect
few I-Effect
years I-Effect
ago I-Effect
. O

Furthermore O
, O
individual B-Cause
exposures I-Cause
are I-Cause
large I-Cause
, O
so O
an B-Effect
insurer I-Effect
needs I-Effect
substantial I-Effect
size I-Effect
for I-Effect
the I-Effect
law I-Effect
of I-Effect
large I-Effect
numbers I-Effect
to I-Effect
hold I-Effect
, O
which O
limits O
the B-Effect
number I-Effect
of I-Effect
carriers I-Effect
that I-Effect
can I-Effect
successfully I-Effect
operate I-Effect
in I-Effect
this I-Effect
area I-Effect
. O

The B-Effect
worst I-Effect
is I-Effect
not I-Effect
quite I-Effect
over I-Effect
yet I-Effect
for I-Effect
airlines I-Effect
, O
as O
the O
COVID-19 B-Cause
vaccine I-Cause
has I-Cause
not I-Cause
been I-Cause
fully I-Cause
distributed I-Cause
yet I-Cause
, O
but O
we O
see O
a O
leisure-led O
recovery O
for O
airlines O
and O
anticipate O
United O
can O
return O
to O
2019 O
levels O
of O
capacity O
in O
2023 O
. O

Finally B-Cause
, I-Cause
and I-Cause
especially I-Cause
in I-Cause
the I-Cause
case I-Cause
of I-Cause
Monolithic I-Cause
's I-Cause
products I-Cause
( I-Cause
as I-Cause
hinted I-Cause
in I-Cause
the I-Cause
name I-Cause
) I-Cause
, I-Cause
the I-Cause
products I-Cause
are I-Cause
often I-Cause
single I-Cause
, I-Cause
integrated I-Cause
solutions. O
Therefore O
, O
the B-Effect
customer I-Effect
would I-Effect
need I-Effect
to I-Effect
find I-Effect
a I-Effect
competing I-Effect
design I-Effect
that I-Effect
has I-Effect
the I-Effect
same I-Effect
performance I-Effect
capabilities I-Effect
with I-Effect
a I-Effect
similar I-Effect
form I-Effect
factor I-Effect
and I-Effect
satisfies I-Effect
the I-Effect
preceding I-Effect
concerns I-Effect
about I-Effect
qualification I-Effect
. O

Given B-Effect
the I-Effect
competitiveness I-Effect
of I-Effect
the I-Effect
segment I-Effect
and I-Effect
the I-Effect
potential I-Effect
for I-Effect
lower I-Effect
returns I-Effect
as O
more B-Cause
firms I-Cause
enter I-Cause
the I-Cause
segment I-Cause
, O
this O
is O
likely O
prudent O
. O

Given B-Cause
the I-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
commercial I-Cause
building I-Cause
Specialty I-Cause
Industrial I-Cause
Machinerysystems O
, O
maintenance O
, O
service O
, O
and O
aftermarket O
parts O
are O
needed O
to O
avoid B-Effect
disruptive I-Effect
and I-Effect
costly I-Effect
system I-Effect
breakdowns I-Effect
. O

However O
, O
we O
do O
not O
fully O
understand O
Santander B-Cause
's I-Cause
presence I-Cause
in I-Cause
the I-Cause
U.K I-Cause
and I-Cause
U.S. O
, O
which O
detracts O
from O
overall B-Effect
profitability I-Effect
and I-Effect
growth I-Effect
prospects I-Effect
. O

Intel B-Effect
's I-Effect
historical I-Effect
market I-Effect
leadership I-Effect
benefits O
from O
sizable B-Cause
R I-Cause
& I-Cause
D I-Cause
expenses I-Cause
( I-Cause
$ I-Cause
13 I-Cause
billion I-Cause
on I-Cause
average I-Cause
in I-Cause
recent I-Cause
years I-Cause
) I-Cause
, O
which O
is O
critical O
to O
the O
firm O
's O
ability O
to O
sustain O
its O
advantage O
, O
though O
the O
firm B-Cause
has I-Cause
faced I-Cause
manufacturing I-Cause
delays I-Cause
more I-Cause
recently I-Cause
that O
may O
lead O
to O
Intel B-Effect
outsourcing I-Effect
some I-Effect
of I-Effect
its I-Effect
chip I-Effect
production I-Effect
. O

We O
expect O
additional B-Cause
contribution I-Cause
from I-Cause
management I-Cause
's I-Cause
corporate I-Cause
G I-Cause
& I-Cause
A I-Cause
reduction I-Cause
efforts I-Cause
paired I-Cause
with I-Cause
increased I-Cause
traffic I-Cause
as O
vaccines B-Cause
are I-Cause
rolled I-Cause
out I-Cause
to O
result O
in O
a B-Effect
modest I-Effect
increase I-Effect
in I-Effect
2021 I-Effect
consolidated I-Effect
adjusted I-Effect
pro I-Effect
forma I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
41.6 I-Effect
% I-Effect
( I-Effect
versus I-Effect
37.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
) I-Effect
. O

We O
assign O
McDonald B-Effect
's I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
with B-Cause
cyclical I-Cause
headwinds I-Cause
, I-Cause
brand I-Cause
health I-Cause
, I-Cause
input I-Cause
cost I-Cause
inflation I-Cause
, I-Cause
food I-Cause
safety I-Cause
, I-Cause
and I-Cause
legislative I-Cause
risks I-Cause
representing I-Cause
key I-Cause
sensitivities I-Cause
. O

Fee B-Cause
rates I-Cause
for I-Cause
the I-Cause
contracts I-Cause
are I-Cause
typically I-Cause
set I-Cause
based I-Cause
on I-Cause
independent I-Cause
analysis I-Cause
of I-Cause
similar I-Cause
assets I-Cause
at I-Cause
other I-Cause
refineries I-Cause
in I-Cause
the I-Cause
region. O
As O
a O
result O
, O
we O
see O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
averaging I-Effect
around I-Effect
8 I-Effect
% I-Effect
-9 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( I-Effect
including I-Effect
the I-Effect
acquisition I-Effect
of I-Effect
Andeavor I-Effect
Logistics I-Effect
) I-Effect
, I-Effect
in I-Effect
excess I-Effect
of I-Effect
our I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

We B-Effect
model I-Effect
FireEye I-Effect
producing I-Effect
an I-Effect
8 I-Effect
% I-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
as O
it B-Cause
gains I-Cause
momentum I-Cause
with I-Cause
cloud-based I-Cause
subscriptions I-Cause
and I-Cause
managed I-Cause
services I-Cause
. O

For O
instance O
, O
if B-Cause
a I-Cause
business I-Cause
decided I-Cause
to I-Cause
replace I-Cause
NICE I-Cause
's I-Cause
CXOne I-Cause
with I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
there B-Effect
would I-Effect
be I-Effect
a I-Effect
disruption I-Effect
in I-Effect
customer I-Effect
communication I-Effect
that I-Effect
could I-Effect
adversely I-Effect
impact I-Effect
customer I-Effect
service I-Effect
activities I-Effect
, I-Effect
leading I-Effect
to I-Effect
frustration I-Effect
and I-Effect
a I-Effect
loss I-Effect
of I-Effect
customers I-Effect
. O

There B-Cause
are I-Cause
industry I-Cause
constituents I-Cause
that I-Cause
have I-Cause
bigger I-Cause
franchises I-Cause
and I-Cause
financial I-Cause
resources I-Cause
, O
which O
could O
cause O
the B-Effect
competitive I-Effect
environment I-Effect
to I-Effect
become I-Effect
promotional I-Effect
. O

Nvidia B-Effect
has I-Effect
experienced I-Effect
initial I-Effect
success I-Effect
in B-Cause
focusing I-Cause
its I-Cause
GPUs I-Cause
in I-Cause
nascent I-Cause
markets I-Cause
such I-Cause
as I-Cause
artificial I-Cause
intelligence I-Cause
( I-Cause
deep I-Cause
learning I-Cause
) I-Cause
and I-Cause
self-driving I-Cause
vehicles I-Cause
. O

CRH B-Cause
enjoy I-Cause
one I-Cause
of I-Cause
the I-Cause
strongest I-Cause
balance I-Cause
sheets I-Cause
in O
the O
sector O
and O
therefore O
has O
capacity O
to O
expand B-Effect
its I-Effect
regional I-Effect
presence I-Effect
through I-Effect
larger I-Effect
deals I-Effect
, O
should O
value O
emerge O
. O

We B-Cause
expect I-Cause
the I-Cause
company I-Cause
to I-Cause
reinvest I-Cause
some I-Cause
of I-Cause
these I-Cause
cost I-Cause
savings I-Cause
in I-Cause
building I-Cause
its I-Cause
network I-Cause
through I-Cause
loyalty I-Cause
and B-Effect
user I-Effect
experience I-Effect
enhancements I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. I-Effect

After O
digesting O
US O
Foods O
' O
fourth-quarter O
earnings O
report O
, O
we B-Cause
are I-Cause
bumping I-Cause
our I-Cause
per I-Cause
share I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
to I-Cause
$ I-Cause
32 I-Cause
from I-Cause
$ I-Cause
30 I-Cause
as O
the B-Cause
company I-Cause
has I-Cause
identified I-Cause
$ I-Cause
180 I-Cause
million I-Cause
in I-Cause
permanent I-Cause
expense I-Cause
reductions I-Cause
, O
which O
should O
modestly B-Effect
bump I-Effect
our I-Effect
long-term I-Effect
operating I-Effect
margins I-Effect
by I-Effect
10 I-Effect
basis I-Effect
points I-Effect
to I-Effect
3.5 I-Effect
% I-Effect
. O

We O
model O
growth B-Effect
, I-Effect
absent I-Effect
the I-Effect
rebound I-Effect
from I-Effect
the I-Effect
pandemic I-Effect
, I-Effect
accelerating I-Effect
in I-Effect
later I-Effect
years O
as O
HBO B-Cause
Max I-Cause
gains I-Cause
acceptance I-Cause
and I-Cause
offsets I-Cause
weakness I-Cause
in I-Cause
the I-Cause
traditional I-Cause
television I-Cause
business I-Cause
. O

Stifel B-Effect
Financial I-Effect
, I-Effect
along I-Effect
with I-Effect
other I-Effect
investment I-Effect
banks I-Effect
, I-Effect
has I-Effect
had I-Effect
relatively I-Effect
strong I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
, O
as O
economic B-Cause
uncertainty I-Cause
led O
to O
strong B-Cause
trading I-Cause
volumes I-Cause
and I-Cause
capital I-Cause
raising I-Cause
activity I-Cause
. O

Despite O
the O
decline O
in O
earnings O
, O
a B-Cause
focus I-Cause
on I-Cause
debt I-Cause
repayment I-Cause
sees O
BHP B-Effect
with I-Effect
a I-Effect
strong I-Effect
balance I-Effect
sheet I-Effect
with I-Effect
net I-Effect
debt/EBITDA I-Effect
below I-Effect
0.5 I-Effect
for I-Effect
the I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
. I-Effect

With O
a B-Cause
net I-Cause
debt/adjusted I-Cause
EBITDA I-Cause
ratio I-Cause
that I-Cause
has I-Cause
consistently I-Cause
been I-Cause
around I-Cause
6 I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
, O
we O
think O
the B-Effect
firm I-Effect
is I-Effect
constantly I-Effect
in I-Effect
danger I-Effect
of I-Effect
tripping I-Effect
debt I-Effect
covenants I-Effect
. O

More B-Effect
of I-Effect
ADS I-Effect
' I-Effect
partners I-Effect
are I-Effect
likely I-Effect
to I-Effect
go I-Effect
out I-Effect
of I-Effect
business I-Effect
due O
to O
the B-Cause
current I-Cause
downturn I-Cause
, O
which O
would O
be O
a O
negative B-Effect
for I-Effect
the I-Effect
company I-Effect
's I-Effect
future I-Effect
revenue I-Effect
. O

We O
expect O
net B-Effect
interest I-Effect
income I-Effect
to I-Effect
decline I-Effect
meaningfully I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
as O
low B-Cause
interest I-Cause
rates I-Cause
and I-Cause
a I-Cause
flatter I-Cause
yield I-Cause
curve I-Cause
weigh I-Cause
on I-Cause
net I-Cause
interest I-Cause
margin I-Cause
. O

We B-Effect
think I-Effect
combined I-Effect
global I-Effect
sales I-Effect
of I-Effect
Avonex I-Effect
and I-Effect
Plegridy I-Effect
will I-Effect
continue I-Effect
to I-Effect
fall I-Effect
, O
with O
low-double-digit B-Cause
declines I-Cause
annually I-Cause
because I-Cause
of I-Cause
new I-Cause
competition I-Cause
. O

We O
forecast O
only B-Effect
modest I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
as O
we O
believe O
the B-Cause
inherent I-Cause
scalability I-Cause
of I-Cause
the I-Cause
business I-Cause
will I-Cause
be I-Cause
largely I-Cause
offset I-Cause
by O
investments B-Cause
to I-Cause
accelerate I-Cause
growth I-Cause
. O

We B-Effect
project I-Effect
the I-Effect
bank I-Effect
's I-Effect
net I-Effect
interest I-Effect
margins I-Effect
will I-Effect
contract I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
because O
of O
rate B-Cause
cuts I-Cause
, O
but O
will O
partially O
recover O
over O
the O
longer O
term O
as O
interest O
rates O
eventually O
normalize O
through O
the O
cycle O
. O

Further O
, O
Sysco B-Cause
has I-Cause
switched I-Cause
to I-Cause
a I-Cause
team-based I-Cause
sales I-Cause
approach I-Cause
, I-Cause
with I-Cause
product I-Cause
specialists I-Cause
that O
should O
help B-Effect
drive I-Effect
increased I-Effect
adoption I-Effect
of I-Effect
Sysco I-Effect
's I-Effect
specialized I-Effect
product I-Effect
categories I-Effect
such I-Effect
as I-Effect
produce I-Effect
, I-Effect
fresh I-Effect
meats I-Effect
, I-Effect
and I-Effect
seafood I-Effect
. O

Because O
Oxxo B-Cause
is I-Cause
a I-Cause
pure-play I-Cause
convenience I-Cause
store I-Cause
chain I-Cause
, O
the B-Cause
preponderance I-Cause
of I-Cause
its I-Cause
goods I-Cause
are I-Cause
high-velocity I-Cause
items I-Cause
, O
with O
fast-turning B-Effect
wares I-Effect
like I-Effect
beer I-Effect
, I-Effect
cigarettes I-Effect
, I-Effect
soft I-Effect
drinks I-Effect
, I-Effect
and I-Effect
snacks I-Effect
serving I-Effect
as I-Effect
its I-Effect
largest I-Effect
draws I-Effect
. O

We O
believe O
Cantel B-Effect
is I-Effect
considered I-Effect
a I-Effect
highly I-Effect
reliable I-Effect
AER I-Effect
provider I-Effect
, O
with O
a B-Cause
market-leading I-Cause
position I-Cause
solidified O
by O
taking B-Cause
share I-Cause
after I-Cause
recalls I-Cause
at I-Cause
Custom I-Cause
Ultrasonics I-Cause
in I-Cause
2015 I-Cause
and I-Cause
Steris I-Cause
in I-Cause
2012 I-Cause
. O

We O
expect O
gross B-Effect
margins I-Effect
to I-Effect
steady I-Effect
near I-Effect
fiscal I-Effect
2019 I-Effect
's I-Effect
33.6 I-Effect
% I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
, I-Effect
down I-Effect
from I-Effect
36.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
( O
the O
near-term O
mark O
is O
fueled O
by O
cost B-Cause
leverage I-Cause
from I-Cause
elevated I-Cause
sales I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
promotion I-Cause
optimization I-Cause
work I-Cause
) O
. O

Further O
, O
Merck B-Cause
is I-Cause
through I-Cause
the I-Cause
worst I-Cause
of I-Cause
its I-Cause
patent I-Cause
cliff I-Cause
, O
which O
should O
remove B-Effect
the I-Effect
heightened I-Effect
generic I-Effect
competition I-Effect
the I-Effect
company I-Effect
has I-Effect
experienced I-Effect
over I-Effect
the I-Effect
past I-Effect
years I-Effect
. O

Ferrari B-Effect
's I-Effect
healthy I-Effect
profits I-Effect
and I-Effect
economic I-Effect
returns I-Effect
would I-Effect
be I-Effect
at I-Effect
risk I-Effect
if O
its O
research B-Cause
and I-Cause
development I-Cause
budget I-Cause
were I-Cause
for I-Cause
some I-Cause
reason I-Cause
drastically I-Cause
cut I-Cause
. O

The B-Cause
remaining I-Cause
$ I-Cause
4.50 I-Cause
increase I-Cause
was I-Cause
a I-Cause
combination I-Cause
of I-Cause
stronger I-Cause
expected I-Cause
near-term I-Cause
results I-Cause
and I-Cause
incorporatin I-Cause
the I-Cause
Eaton I-Cause
Vance I-Cause
and I-Cause
E-Trade I-Cause
acquisitions B-Effect
into I-Effect
our I-Effect
earnings I-Effect
forecast I-Effect
. O

The B-Cause
emergence I-Cause
of I-Cause
the I-Cause
eurosceptic I-Cause
Five I-Cause
Star I-Cause
movement I-Cause
comes O
with O
the B-Effect
possibility I-Effect
of I-Effect
an I-Effect
Italian I-Effect
exit I-Effect
from I-Effect
the I-Effect
common I-Effect
currency I-Effect
-- O
but O
not O
an O
exit O
from O
the O
European O
Union O
. O

While O
we B-Effect
foresee I-Effect
some I-Effect
charge-offs I-Effect
emerging I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
due O
to O
the B-Cause
effects I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
on I-Cause
the I-Cause
economy I-Cause
, O
we O
also O
expect O
material O
reserve O
releases O
. O

Given O
ICU B-Cause
's I-Cause
very I-Cause
different I-Cause
business I-Cause
mix I-Cause
versus I-Cause
a I-Cause
few I-Cause
years I-Cause
ago I-Cause
, O
we O
think O
it O
's O
unlikely O
that O
the B-Effect
firm I-Effect
will I-Effect
return I-Effect
to I-Effect
historical I-Effect
levels I-Effect
of I-Effect
profitability I-Effect
. O

Secular B-Cause
tailwinds I-Cause
include I-Cause
broad-based I-Cause
accelerated I-Cause
adoption I-Cause
of I-Cause
cloud-based I-Cause
technology I-Cause
by I-Cause
businesses I-Cause
, O
which O
should O
generate B-Effect
strong I-Effect
demand I-Effect
for I-Effect
such I-Effect
products I-Effect
in I-Effect
the I-Effect
contact I-Effect
center I-Effect
space I-Effect
as I-Effect
well I-Effect
. O

Additionally O
, O
there O
's O
some O
risk O
that O
a B-Cause
rising I-Cause
incidence I-Cause
of I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
nuclear I-Cause
verdicts I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
( I-Cause
for I-Cause
fatal I-Cause
crashes I-Cause
) I-Cause
against I-Cause
truckers I-Cause
pushes O
claims-related B-Effect
outflows I-Effect
materially I-Effect
higher I-Effect
and I-Effect
drives I-Effect
persistent I-Effect
insurance-cost I-Effect
inflation I-Effect
. O

A O
significant O
portion O
of O
Asbury B-Effect
's I-Effect
growth I-Effect
will O
come O
from O
roll-up B-Cause
acquisitions I-Cause
, O
and O
the O
Park O
Place O
deal O
brings O
integration O
risk O
and O
some O
balance O
sheet O
risk O
. O

Although O
recent O
results O
in O
Europe O
have O
been O
affected O
by O
the O
pandemic O
, O
we O
see O
room B-Effect
for I-Effect
growth I-Effect
as O
Ralph B-Cause
Lauren I-Cause
only I-Cause
operates I-Cause
about I-Cause
30 I-Cause
full-line I-Cause
stores I-Cause
in I-Cause
the I-Cause
region I-Cause
. O

Further O
, O
a B-Cause
good I-Cause
portion I-Cause
of I-Cause
its I-Cause
fee-based I-Cause
and I-Cause
hedged I-Cause
income I-Cause
stream I-Cause
is I-Cause
not I-Cause
take-or-pay I-Cause
contracts I-Cause
, O
meaning O
it B-Effect
is I-Effect
exposed I-Effect
to I-Effect
volume I-Effect
risks I-Effect
. O

Merchant O
customers O
, O
on O
the O
other O
hand O
, O
do O
face B-Effect
switching I-Effect
costs I-Effect
, O
as O
they B-Cause
typically I-Cause
enter I-Cause
into I-Cause
three- I-Cause
to I-Cause
seven-year I-Cause
contracts I-Cause
and I-Cause
often I-Cause
rely I-Cause
on I-Cause
industrial I-Cause
gas I-Cause
companies I-Cause
for I-Cause
storage I-Cause
and I-Cause
vaporization I-Cause
. O

Focus B-Cause
on I-Cause
more I-Cause
profitable I-Cause
DIY I-Cause
customers I-Cause
as O
well O
as O
rising B-Cause
infrastructure I-Cause
and I-Cause
inventory I-Cause
leverage I-Cause
should O
lead B-Effect
segment I-Effect
margins I-Effect
to I-Effect
approach I-Effect
10 I-Effect
% I-Effect
long I-Effect
term I-Effect
from I-Effect
8.0 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. I-Effect

That O
said O
, O
we O
expect O
a B-Cause
decline I-Cause
in I-Cause
GAAP I-Cause
operating I-Cause
margin I-Cause
in I-Cause
2021 I-Cause
and I-Cause
2022 I-Cause
due O
to O
increased B-Cause
investments I-Cause
into I-Cause
the I-Cause
business I-Cause
, O
but O
strong B-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
from I-Effect
2023 I-Effect
to I-Effect
2025 I-Effect
. O

Considering B-Cause
LivaNova I-Cause
's I-Cause
demonstrated I-Cause
ability I-Cause
to I-Cause
innovate I-Cause
in I-Cause
neuromodulation I-Cause
, O
we B-Effect
're I-Effect
confident I-Effect
that I-Effect
the I-Effect
firm I-Effect
can I-Effect
continue I-Effect
to I-Effect
evolve I-Effect
its I-Effect
VNS I-Effect
device I-Effect
for I-Effect
refractory I-Effect
epilepsy I-Effect
and I-Effect
earn I-Effect
economic I-Effect
profits I-Effect
exceeding I-Effect
cost I-Effect
of I-Effect
capital I-Effect
through I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
Comerica I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Additionally O
, O
should O
the B-Cause
government I-Cause
succeed I-Cause
in I-Cause
attracting I-Cause
a I-Cause
strong I-Cause
fourth I-Cause
mobile I-Cause
operator I-Cause
into I-Cause
the I-Cause
market I-Cause
, O
this B-Effect
could I-Effect
have I-Effect
longer-term I-Effect
negative I-Effect
impacts I-Effect
on I-Effect
both I-Effect
market I-Effect
share I-Effect
and I-Effect
margins I-Effect
for I-Effect
KT I-Effect
. O

Historical O
profitability O
indicates O
that B-Cause
R I-Cause
& I-Cause
D I-Cause
efforts I-Cause
have I-Cause
been I-Cause
successful I-Cause
; O
as O
such O
, O
we B-Effect
have I-Effect
confidence I-Effect
that I-Effect
Hardie I-Effect
can I-Effect
continue I-Effect
to I-Effect
sustain I-Effect
high I-Effect
returns I-Effect
from I-Effect
its I-Effect
R I-Effect
& I-Effect
D I-Effect
program I-Effect
. O

It B-Cause
's I-Cause
unlikely I-Cause
that I-Cause
interest I-Cause
rates I-Cause
return I-Cause
to I-Cause
pre-financial I-Cause
crisis I-Cause
levels I-Cause
and O
thus B-Effect
we I-Effect
expect I-Effect
MetLife I-Effect
to I-Effect
continue I-Effect
to I-Effect
face I-Effect
this I-Effect
headwind I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

The B-Cause
risks I-Cause
of I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
vaccine I-Cause
is I-Cause
widely I-Cause
distributed I-Cause
remain I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

Beyond O
this O
tie-up O
, O
over O
the O
next O
few O
quarters O
, O
we O
expect O
products B-Effect
( I-Effect
like I-Effect
laundry I-Effect
and I-Effect
vitamins I-Effect
) I-Effect
will I-Effect
continue I-Effect
to I-Effect
be I-Effect
in I-Effect
high I-Effect
demand I-Effect
as O
a B-Cause
focus I-Cause
on I-Cause
wellness I-Cause
and I-Cause
cleaning I-Cause
remains I-Cause
at I-Cause
the I-Cause
forefront I-Cause
for I-Cause
consumers I-Cause
. O

Furthermore O
, O
the O
industry O
has O
seen O
a O
trend O
of O
consolidation O
, O
and O
as O
large B-Effect
players I-Effect
expand I-Effect
their I-Effect
offerings I-Effect
via I-Cause
inorganic B-Cause
investments I-Cause
, O
Splunk B-Effect
faces I-Effect
more I-Effect
pressure I-Effect
in I-Effect
maintaining I-Effect
its I-Effect
leadership I-Effect
position I-Effect
. O

However O
, O
the B-Cause
relatively I-Cause
high I-Cause
population I-Cause
density I-Cause
of I-Cause
the I-Cause
markets I-Cause
Virgin I-Cause
serves I-Cause
also O
enables B-Effect
the I-Effect
firm I-Effect
to I-Effect
employ I-Effect
less I-Effect
capital I-Effect
per I-Effect
home I-Effect
, O
as O
well O
. O

Second O
, O
the B-Cause
shelter-in-place I-Cause
orders I-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
caused I-Cause
massive I-Cause
layoffs I-Cause
, O
and O
if O
those O
unemployed B-Effect
people I-Effect
lose I-Effect
their I-Effect
health I-Effect
insurance I-Effect
for I-Effect
a I-Effect
sustained I-Effect
period I-Effect
, O
Anthem O
's O
employer-based O
insurance O
rolls O
could O
remain O
lower O
than O
currently O
expected O
. O

Low B-Cause
long-term I-Cause
interest I-Cause
rates I-Cause
will O
affect B-Effect
Schwab B-Effect
's I-Effect
reinvestment I-Effect
opportunities I-Effect
for I-Effect
much I-Effect
of I-Effect
its I-Effect
banking I-Effect
portfolio I-Effect
, O
while O
short-term B-Cause
interest I-Cause
rates I-Cause
, O
such O
as O
the O
federal-funds O
rate O
, O
will O
affect B-Effect
the B-Effect
company I-Effect
's I-Effect
floating-rate I-Effect
securities I-Effect
. O

In O
the O
leisure O
market O
, O
we O
expect O
Southwest B-Effect
to I-Effect
focus I-Effect
on I-Effect
maintaining I-Effect
its I-Effect
existing I-Effect
network I-Effect
for I-Effect
the I-Effect
time I-Effect
being I-Effect
, O
as O
cyclically B-Cause
shaken I-Cause
passenger I-Cause
traffic I-Cause
is I-Cause
too I-Cause
small I-Cause
to I-Cause
support I-Cause
expansion I-Cause
. O

Secular B-Cause
trends I-Cause
that I-Cause
benefit I-Cause
portions I-Cause
of I-Cause
Eaton I-Cause
's I-Cause
portfolio I-Cause
include I-Cause
the I-Cause
trend I-Cause
toward I-Cause
electrification I-Cause
of I-Cause
vehicles I-Cause
, O
which O
complements B-Effect
Eaton I-Effect
's I-Effect
core I-Effect
competencies I-Effect
, O
and O
which O
we B-Effect
believe I-Effect
will I-Effect
help I-Effect
drive I-Effect
top-line I-Effect
growth I-Effect
. O

In O
recent O
months O
, O
gold B-Effect
prices I-Effect
have I-Effect
risen I-Effect
to I-Effect
more I-Effect
than I-Effect
$ I-Effect
1,900 I-Effect
per I-Effect
ounce I-Effect
as O
investment B-Cause
demand I-Cause
has I-Cause
strengthened I-Cause
during I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

Because O
of O
the B-Cause
third-party I-Cause
broker I-Cause
arrangement I-Cause
, O
there B-Effect
is I-Effect
little I-Effect
opportunity I-Effect
for I-Effect
Boston I-Effect
Properties I-Effect
to I-Effect
directly I-Effect
influence I-Effect
a I-Effect
leasing I-Effect
decision I-Effect
, O
and O
leasing O
terms O
tend O
to O
be O
specified O
to O
meet O
client O
needs O
and O
reflective O
of O
current O
market O
rates O
coordinated O
through O
the O
brokers O
. O

Given O
that O
two O
of O
data O
centers O
' O
biggest O
expenses O
are O
cooling O
equipment O
and O
power O
, O
we B-Effect
think I-Effect
scale I-Effect
allows I-Effect
a I-Effect
meaningful I-Effect
cost I-Effect
advantage I-Effect
, O
as O
a B-Cause
firm I-Cause
of I-Cause
size I-Cause
can I-Cause
contract I-Cause
for I-Cause
these I-Cause
needs I-Cause
in I-Cause
bulk I-Cause
. O

Due O
to O
accelerating B-Cause
investments I-Cause
in I-Cause
transmission I-Cause
, O
we B-Effect
estimate I-Effect
these I-Effect
businesses I-Effect
will I-Effect
contribute I-Effect
almost I-Effect
one I-Effect
third I-Effect
of I-Effect
earnings I-Effect
by I-Effect
2025 I-Effect
and I-Effect
provide I-Effect
an I-Effect
almost I-Effect
guaranteed I-Effect
economic I-Effect
benefit I-Effect
to I-Effect
shareholders I-Effect
. I-Effect

A B-Cause
strong I-Cause
end I-Cause
to I-Cause
fiscal I-Cause
2020 I-Cause
for I-Cause
Ross I-Cause
( I-Cause
fourth-quarter I-Cause
comparable I-Cause
sales I-Cause
down I-Cause
a I-Cause
better-than-expected I-Cause
6 I-Cause
% I-Cause
) I-Cause
and I-Cause
its I-Cause
peers I-Cause
leads O
us O
to O
lift B-Effect
our I-Effect
valuation I-Effect
of I-Effect
its I-Effect
shares I-Effect
to I-Effect
$ I-Effect
100 I-Effect
from I-Effect
$ I-Effect
94 I-Effect
. O

These B-Effect
customers I-Effect
do I-Effect
not I-Effect
want I-Effect
to I-Effect
undertake I-Effect
the I-Effect
switching I-Effect
cost I-Effect
to I-Effect
receive I-Effect
cheaper I-Effect
EPYC I-Effect
processors I-Effect
for I-Effect
one I-Effect
cycle I-Effect
before O
AMD B-Cause
is I-Cause
unable I-Cause
to I-Cause
launch I-Cause
the I-Cause
next I-Cause
generation I-Cause
on-time I-Cause
, I-Cause
or I-Cause
at I-Cause
all I-Cause
. O

While O
we O
recognize O
that O
controversies B-Cause
surrounding I-Cause
the I-Cause
fatal I-Cause
accidents I-Cause
that O
caused O
global B-Effect
regulators I-Effect
to I-Effect
ground I-Effect
737 I-Effect
MAX I-Effect
may I-Effect
challenge I-Effect
some I-Effect
of I-Effect
Boeing I-Effect
's I-Effect
authority I-Effect
on I-Effect
the I-Effect
matter I-Effect
, O
we O
believe O
that O
the B-Cause
continued I-Cause
cost-efficiency I-Cause
of I-Cause
certification I-Cause
delegation I-Cause
will O
allow O
Boeing B-Effect
to I-Effect
retain I-Effect
an I-Effect
advantaged I-Effect
position I-Effect
within I-Effect
the I-Effect
regulatory I-Effect
framework I-Effect
. O

Increased B-Effect
winter I-Effect
weather I-Effect
volatility I-Effect
from I-Cause
the I-Cause
effects I-Cause
of I-Cause
climate B-Cause
change I-Cause
will O
likely O
cause B-Effect
volumes I-Effect
to I-Effect
fluctuate I-Effect
from I-Effect
year I-Effect
to I-Effect
year I-Effect
. O

By O
selling B-Cause
commercial I-Cause
software I-Cause
products I-Cause
instead I-Cause
of I-Cause
using I-Cause
a I-Cause
contract I-Cause
model I-Cause
, O
the O
company O
bucked O
the B-Effect
historical I-Effect
trend I-Effect
of I-Effect
customers I-Effect
requiring I-Effect
high I-Effect
customization I-Effect
and I-Effect
those I-Effect
clients I-Effect
owning I-Effect
the I-Effect
associated I-Effect
intellectual I-Effect
property I-Effect
. O

Nasdaq B-Cause
's I-Cause
exchange I-Cause
business I-Cause
has I-Cause
benefited I-Cause
from I-Cause
increased I-Cause
retail I-Cause
interest I-Cause
in I-Cause
equity I-Cause
markets I-Cause
which O
drove B-Effect
substantially I-Effect
higher I-Effect
trading I-Effect
volume I-Effect
in I-Effect
2020 I-Effect
, I-Effect
which I-Effect
continued I-Effect
into I-Effect
2021 I-Effect
. O

This O
is O
also O
supported O
by O
the O
broader O
trend O
within O
technology O
to O
consolidate B-Cause
vendors I-Cause
to O
ease B-Effect
the I-Effect
burden I-Effect
on I-Effect
CIOs I-Effect
and I-Effect
IT I-Effect
management I-Effect
professionals I-Effect
. O

The B-Cause
bank I-Cause
's I-Cause
larger I-Cause
proportional I-Cause
focus I-Cause
on I-Cause
commercial I-Cause
clients I-Cause
and O
therefore O
adjustable B-Effect
rate I-Effect
loans I-Effect
can I-Effect
increase I-Effect
rate I-Effect
sensitivity I-Effect
for I-Effect
banks I-Effect
like I-Effect
Cullen/Frost I-Effect
. I-Effect

But O
this B-Cause
should I-Cause
not I-Cause
impact I-Cause
InterContinental I-Cause
's I-Cause
uncertainty I-Cause
rating I-Cause
unless O
travel O
demand O
once O
again O
returns O
to O
near O
zero O
for O
an O
extended O
period O
of O
time O
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value O
destructive O
levels O
. O

The B-Cause
fast-growing I-Cause
segment I-Cause
's I-Cause
high I-Cause
operating I-Cause
margin I-Cause
( I-Cause
in I-Cause
the I-Cause
low I-Cause
30s I-Cause
) I-Cause
, I-Cause
along I-Cause
with I-Cause
slight I-Cause
decreases I-Cause
of I-Cause
corporate I-Cause
overhead I-Cause
, O
helps O
contribute O
to O
overall B-Effect
operating I-Effect
margin I-Effect
improvement I-Effect
for I-Effect
the I-Effect
company I-Effect
throughout O
our O
explicit O
forecast O
. O

Steep B-Cause
switching I-Cause
costs I-Cause
result I-Cause
from I-Cause
incremental I-Cause
engineering I-Cause
, I-Cause
development I-Cause
, I-Cause
and I-Cause
tooling I-Cause
costs I-Cause
; I-Cause
the I-Cause
need I-Cause
to I-Cause
relocate I-Cause
or I-Cause
even I-Cause
repurchase I-Cause
large I-Cause
, I-Cause
heavy I-Cause
industrial I-Cause
equipment I-Cause
; I-Cause
the I-Cause
risk I-Cause
that I-Cause
the I-Cause
automaker I-Cause
's I-Cause
assembly I-Cause
line I-Cause
may I-Cause
be I-Cause
shut I-Cause
down I-Cause
during I-Cause
a I-Cause
switch I-Cause
; I-Cause
the I-Cause
lengthy I-Cause
time I-Cause
to I-Cause
develop I-Cause
the I-Cause
competing I-Cause
supplier I-Cause
's I-Cause
product I-Cause
to I-Cause
customer I-Cause
specifications I-Cause
; I-Cause
and I-Cause
preproduction I-Cause
validation I-Cause
to I-Cause
ensure I-Cause
process I-Cause
and I-Cause
product I-Cause
integrity. O
Consequently O
, O
it B-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
that I-Effect
Aptiv I-Effect
will I-Effect
continue I-Effect
generating I-Effect
economic I-Effect
profits I-Effect
for I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
excluding I-Effect
cyclical I-Effect
downturns I-Effect
, I-Effect
such I-Effect
as I-Effect
the I-Effect
current I-Effect
macroeconomic I-Effect
environment I-Effect
induced I-Effect
by I-Effect
the I-Effect
coronavirus I-Effect
. O

Today O
, O
farmers B-Effect
are I-Effect
more I-Effect
confident I-Effect
in I-Effect
the I-Effect
demand I-Effect
outlook I-Effect
, O
as O
trade B-Cause
tensions I-Cause
have I-Cause
eased I-Cause
, O
and O
weather B-Cause
has I-Cause
not I-Cause
been I-Cause
an I-Cause
issue I-Cause
. O

However O
, O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
that O
has O
led O
to O
sharply O
lower O
oil B-Effect
and I-Effect
petrochemical I-Effect
prices I-Effect
, O
will O
dent O
Sinopec B-Effect
's I-Effect
earnings I-Effect
and I-Effect
cash I-Effect
flow I-Effect
in I-Effect
2020-21 I-Effect
. O

In O
our O
view O
, O
customers B-Effect
are I-Effect
likely I-Effect
to I-Effect
stay I-Effect
with I-Effect
VMware I-Effect
because O
of O
knowledge B-Cause
of I-Cause
its I-Cause
product I-Cause
ecosystem I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
risks I-Cause
and I-Cause
complexities I-Cause
associated I-Cause
with I-Cause
changing I-Cause
virtual I-Cause
machine I-Cause
providers I-Cause
. O

To O
combat O
profitability B-Effect
concerns I-Effect
, O
HPE B-Cause
pared I-Cause
its I-Cause
sales I-Cause
of I-Cause
servers I-Cause
to I-Cause
hyperscale I-Cause
cloud I-Cause
providers I-Cause
and I-Cause
shifted I-Cause
toward I-Cause
expanding I-Cause
margin-accretive I-Cause
areas I-Cause
like I-Cause
hyperconverged I-Cause
infrastructure I-Cause
, I-Cause
network I-Cause
edge I-Cause
products I-Cause
, I-Cause
and I-Cause
hybrid I-Cause
cloud I-Cause
solutions I-Cause
. O

The O
tendency O
for O
manufacturers B-Effect
to I-Effect
reduce I-Effect
the I-Effect
cost I-Effect
of I-Effect
aircraft I-Effect
design I-Effect
by O
using B-Cause
derivative I-Cause
( O
such O
as O
Airbus O
' O
A320neo O
and O
Boeing O
's O
737 O
MAX O
) O
, O
rather O
than O
clean-sheet O
new O
aircraft O
, O
reduces O
the O
probability O
that O
a O
particular O
component O
will O
be O
recompeted O
in O
the O
redesign O
. O

Lennar B-Cause
's I-Cause
investment I-Cause
in I-Cause
its I-Cause
multifamily I-Cause
business I-Cause
distinguishes B-Effect
the I-Effect
company I-Effect
from I-Effect
many I-Effect
other I-Effect
homebuilders I-Effect
and O
has B-Effect
the I-Effect
potential I-Effect
to I-Effect
create I-Effect
shareholder I-Effect
value I-Effect
down I-Effect
the I-Effect
road I-Effect
. O

Carnival B-Cause
was I-Cause
already I-Cause
facing I-Cause
pricing I-Cause
headwinds I-Cause
, I-Cause
with I-Cause
weak I-Cause
performance I-Cause
across I-Cause
European I-Cause
geographies I-Cause
, I-Cause
when I-Cause
the I-Cause
global I-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
exacerbated I-Cause
its I-Cause
plight. O
As O
a O
result O
, O
2020 B-Effect
has I-Effect
been I-Effect
even I-Effect
more I-Effect
difficult I-Effect
to I-Effect
navigate I-Effect
than I-Effect
past I-Effect
recessions I-Effect
, I-Effect
with I-Effect
capacity I-Effect
down I-Effect
more I-Effect
than I-Effect
70 I-Effect
% I-Effect
( I-Effect
by I-Effect
our I-Effect
estimate I-Effect
) I-Effect
. O

Because O
databases B-Cause
are I-Cause
even I-Cause
more I-Cause
fundamental I-Cause
and I-Cause
mission-critical I-Cause
to I-Cause
a I-Cause
business I-Cause
than I-Cause
the I-Cause
very I-Cause
enterprise I-Cause
software I-Cause
that I-Cause
accesses I-Cause
a I-Cause
database I-Cause
, O
we B-Effect
think I-Effect
switching I-Effect
costs I-Effect
are I-Effect
even I-Effect
stronger I-Effect
in I-Effect
the I-Effect
realm I-Effect
of I-Effect
databases I-Effect
compared I-Effect
with I-Effect
enterprise I-Effect
software I-Effect
. O

The B-Cause
economic I-Cause
impact I-Cause
from I-Cause
COVID-19 I-Cause
will O
lead O
to O
a B-Effect
pronounced I-Effect
increase I-Effect
in I-Effect
loan-loss I-Effect
provisions I-Effect
of I-Effect
all I-Effect
European I-Effect
banks I-Effect
, O
and O
SocGen O
will O
be O
no O
exception O
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Groupon I-Effect
is I-Effect
very I-Effect
high I-Effect
, O
as O
the B-Cause
firm I-Cause
is I-Cause
in I-Cause
a I-Cause
crowded I-Cause
space I-Cause
with I-Cause
fierce I-Cause
competition I-Cause
from I-Cause
much I-Cause
larger I-Cause
companies I-Cause
with O
significantly O
more O
users O
and O
access O
to O
much O
more O
capital O
. O

Management O
is O
confident O
it O
can O
deliver B-Effect
roughly I-Effect
$ I-Effect
250 I-Effect
million I-Effect
in I-Effect
cost I-Effect
synergies I-Effect
by I-Effect
year I-Effect
3 I-Effect
, O
driven B-Cause
by I-Cause
procurement I-Cause
, I-Cause
supply I-Cause
chain I-Cause
, I-Cause
and I-Cause
manufacturing I-Cause
efficiencies I-Cause
as I-Cause
well I-Cause
as I-Cause
SG I-Cause
& I-Cause
A I-Cause
savings I-Cause
. O

The O
unit O
will O
convert B-Cause
renewable I-Cause
feedstocks I-Cause
into I-Cause
renewable I-Cause
diesel I-Cause
to O
meet O
demand B-Effect
for I-Effect
low-carbon I-Effect
fuels I-Effect
while I-Effect
covering I-Effect
the I-Effect
cost I-Effect
of I-Effect
its I-Effect
annual I-Effect
RINs I-Effect
purchase I-Effect
obligation I-Effect
. O

This O
made O
Otis O
disregard O
important B-Cause
investments I-Cause
like I-Cause
remote I-Cause
electronic I-Cause
monitoring I-Cause
systems I-Cause
, O
which O
allow O
for O
better B-Effect
preventive I-Effect
maintenance I-Effect
and I-Effect
less I-Effect
unexpected I-Effect
callouts I-Effect
, I-Effect
improving I-Effect
margins I-Effect
and I-Effect
efficiency I-Effect
. O

We B-Effect
forecast I-Effect
that I-Effect
it I-Effect
will I-Effect
recover I-Effect
to I-Effect
above I-Effect
the I-Effect
WACC I-Effect
level I-Effect
by I-Effect
2023 I-Effect
as O
its O
higher-margin B-Cause
international I-Cause
businesses I-Cause
gain I-Cause
scale I-Cause
. O

Specifically O
, O
the O
company O
uses O
analytics B-Cause
from I-Cause
its I-Cause
industry-leading I-Cause
healthcare I-Cause
services I-Cause
database I-Cause
to I-Cause
spread I-Cause
best I-Cause
practices I-Cause
across I-Cause
its I-Cause
network I-Cause
of I-Cause
facilities I-Cause
, O
which O
appears O
to O
have O
both O
quality O
effects O
and O
cost-related O
efficiencies O
that O
help B-Effect
HCA I-Effect
achieve I-Effect
top-tier I-Effect
profitability I-Effect
in I-Effect
the I-Effect
hospital I-Effect
space I-Effect
. O

We B-Effect
assign I-Effect
a I-Effect
narrow I-Effect
economic I-Effect
rating I-Effect
to I-Effect
Scotts I-Effect
Miracle-Gro I-Effect
because O
of O
intangible B-Cause
assets I-Cause
from I-Cause
the I-Cause
company I-Cause
's I-Cause
portfolio I-Cause
of I-Cause
well-recognized I-Cause
brands I-Cause
. O

There O
are O
a B-Cause
limited I-Cause
shipyards I-Cause
available I-Cause
for I-Cause
new I-Cause
builds I-Cause
and I-Cause
long I-Cause
lead I-Cause
times I-Cause
to I-Cause
take I-Cause
a I-Cause
ship I-Cause
from I-Cause
design I-Cause
to I-Cause
market I-Cause
, O
which O
would O
prevent O
any B-Effect
new I-Effect
ships I-Effect
from I-Effect
sailing I-Effect
on I-Effect
the I-Effect
seas I-Effect
for I-Effect
at I-Effect
least I-Effect
three I-Effect
years I-Effect
. O

With O
diminishing B-Cause
growth I-Cause
prospects I-Cause
, O
management B-Effect
has I-Effect
slashed I-Effect
investment I-Effect
, I-Effect
strengthened I-Effect
the I-Effect
balance I-Effect
sheet I-Effect
, I-Effect
and I-Effect
focused I-Effect
on I-Effect
returning I-Effect
cash I-Effect
to I-Effect
shareholders I-Effect
through O
the B-Cause
dividend I-Cause
and I-Cause
stock I-Cause
buybacks I-Cause
. O

Consumers O
must O
still O
repay O
their O
credit O
cards O
and O
the O
card O
portfolio O
enters O
into O
run-off O
; O
existing B-Cause
card I-Cause
members I-Cause
can I-Cause
be I-Cause
converted I-Cause
into I-Cause
other I-Cause
programs I-Cause
, O
so O
it O
's O
not O
a O
total O
loss B-Effect
of I-Effect
customers I-Effect
. O

We O
estimate O
Shaw B-Cause
has I-Cause
only I-Cause
about I-Cause
5 I-Cause
% I-Cause
of I-Cause
the I-Cause
Canadian I-Cause
wireless I-Cause
subscribers I-Cause
as I-Cause
of I-Cause
2020 I-Cause
, O
and O
the B-Effect
economics I-Effect
of I-Effect
its I-Effect
wireless I-Effect
segment I-Effect
pale I-Effect
in I-Effect
comparison I-Effect
to I-Effect
competitors I-Effect
. O

Our O
base-case O
scenario O
assumes O
that O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
eventually I-Effect
declines I-Effect
to I-Effect
52 I-Effect
% I-Effect
as O
management B-Cause
exercises I-Cause
discipline I-Cause
on I-Cause
costs I-Cause
and I-Cause
continues I-Cause
to I-Cause
make I-Cause
technological I-Cause
gains I-Cause
. O

We O
do O
n't O
think O
Uniti B-Cause
adds I-Cause
much I-Cause
value I-Cause
beyond I-Cause
providing I-Cause
capital I-Cause
, O
so O
we O
expect O
virtually O
any B-Effect
firm I-Effect
with I-Effect
access I-Effect
to I-Effect
cheap I-Effect
financing I-Effect
can I-Effect
compete I-Effect
. O

In O
recent O
years O
, O
AMD B-Cause
has I-Cause
taken I-Cause
advantage I-Cause
of I-Cause
Intel I-Cause
's I-Cause
delays I-Cause
by I-Cause
launching I-Cause
more I-Cause
competitive I-Cause
chips I-Cause
that O
have O
helped O
it B-Effect
gain I-Effect
market I-Effect
share I-Effect
. O

For O
example O
, O
the O
firm O
bought O
URS O
when O
oil O
prices O
were O
near O
their O
peak O
, O
and O
the B-Effect
acquired I-Effect
oil I-Effect
and I-Effect
gas I-Effect
unit I-Effect
has I-Effect
been I-Effect
significantly I-Effect
downsized I-Effect
due O
to O
a B-Cause
prolonged I-Cause
downturn I-Cause
in I-Cause
oil I-Cause
prices I-Cause
. O

Journals O
' O
prestige O
is O
derived O
, O
in O
part O
, O
from O
a O
network O
effect O
-- O
increased B-Cause
readership I-Cause
within I-Cause
the I-Cause
target I-Cause
audience I-Cause
makes O
the B-Effect
publication I-Effect
more I-Effect
important I-Effect
to I-Effect
authors I-Effect
, O
while O
the B-Cause
achievements I-Cause
and I-Cause
notoriety I-Cause
of I-Cause
the I-Cause
authors I-Cause
drive O
subscriptions B-Effect
. O

If O
regulatory B-Cause
requirements I-Cause
become I-Cause
less I-Cause
stringent I-Cause
, O
demand B-Effect
for I-Effect
Aptar I-Effect
's I-Effect
consulting-like I-Effect
services I-Effect
could I-Effect
decline I-Effect
, O
and O
pharmaceutical B-Effect
companies I-Effect
could I-Effect
bring I-Effect
more I-Effect
primary I-Effect
packaging I-Effect
design I-Effect
and I-Effect
production I-Effect
in-house I-Effect
. O

The O
flip O
side O
of O
this O
model O
is O
that O
the B-Cause
bank I-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
highest I-Cause
proportions I-Cause
of I-Cause
Libor-based I-Cause
commercial I-Cause
loans I-Cause
, O
meaning O
its B-Effect
loan I-Effect
book I-Effect
reprices I-Effect
very I-Effect
quickly I-Effect
, I-Effect
with I-Effect
almost I-Effect
90 I-Effect
% I-Effect
of I-Effect
the I-Effect
book I-Effect
being I-Effect
adjustable I-Effect
rate I-Effect
. O

For O
example O
, O
one O
would O
n't O
expect B-Effect
Boston I-Effect
Beer I-Effect
to I-Effect
tout I-Effect
a I-Effect
procurement I-Effect
advantage I-Effect
over I-Effect
large I-Effect
mainstream I-Effect
brewers I-Effect
, O
given O
that O
the B-Cause
most I-Cause
common I-Cause
brewing I-Cause
inputs I-Cause
( I-Cause
packaging I-Cause
, I-Cause
malt I-Cause
, I-Cause
and I-Cause
other I-Cause
grains I-Cause
) I-Cause
are I-Cause
utilized I-Cause
by I-Cause
the I-Cause
latter I-Cause
players I-Cause
across I-Cause
the I-Cause
gamut I-Cause
of I-Cause
beer I-Cause
segments I-Cause
and I-Cause
price I-Cause
points I-Cause
. O

Although O
the O
firm O
has O
generally O
been O
able O
to O
pass O
higher O
propane O
costs O
through O
to O
consumers O
, O
there B-Effect
's I-Effect
no I-Effect
guarantee I-Effect
that I-Effect
this I-Effect
will I-Effect
continue I-Effect
, O
given B-Cause
continued I-Cause
expansion I-Cause
of I-Cause
gas I-Cause
infrastructure I-Cause
in I-Cause
Suburban I-Cause
's I-Cause
operating I-Cause
regions I-Cause
. O

The O
TNT O
integration O
has O
made O
headway O
over O
the O
past O
year O
, O
and O
we B-Effect
expect I-Effect
efforts I-Effect
to I-Effect
gradually I-Effect
bear I-Effect
fruit I-Effect
in I-Effect
Europe I-Effect
as O
FedEx B-Cause
fully I-Cause
integrates I-Cause
all I-Cause
of I-Cause
its I-Cause
ground I-Cause
and I-Cause
express I-Cause
assets I-Cause
there I-Cause
. O

The B-Cause
'' I-Cause
Gear I-Cause
Up I-Cause
'' I-Cause
initiative I-Cause
, I-Cause
which O
reached O
completion O
in O
2018 O
, O
brought O
some O
needed B-Effect
reductions I-Effect
to I-Effect
the I-Effect
bank I-Effect
's I-Effect
overall I-Effect
cost I-Effect
base I-Effect
, O
which O
does O
help O
, O
but O
there O
is O
no O
way O
for O
Comerica O
to O
completely O
offset O
the O
pressure O
that O
a O
lower O
rate O
environment O
brings O
. O

We O
assume O
neuromodulation B-Effect
will I-Effect
return I-Effect
to I-Effect
match I-Effect
market I-Effect
growth I-Effect
at I-Effect
7 I-Effect
% I-Effect
annually I-Effect
by I-Effect
2022 I-Effect
, O
as O
the B-Cause
firm I-Cause
rebuilds I-Cause
its I-Cause
referral I-Cause
pipeline I-Cause
. O

We O
forecast O
modestly O
improving B-Effect
gross I-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( O
at O
36 O
% O
in O
2025 O
) O
as O
the B-Cause
company I-Cause
intermittently I-Cause
plays I-Cause
defense I-Cause
on I-Cause
its I-Cause
pricing I-Cause
. O

However O
, O
we B-Effect
foresee I-Effect
the I-Effect
gross I-Effect
margin I-Effect
expanding I-Effect
as O
Monster B-Cause
gains I-Cause
scale I-Cause
in I-Cause
newer I-Cause
markets I-Cause
, I-Cause
optimizes I-Cause
inbound I-Cause
freight I-Cause
logistics I-Cause
, I-Cause
and I-Cause
benefits I-Cause
from I-Cause
more I-Cause
favorable I-Cause
product I-Cause
mix I-Cause
dynamics I-Cause
( I-Cause
such I-Cause
as I-Cause
the I-Cause
growth I-Cause
of I-Cause
Reign I-Cause
Performance I-Cause
Energy I-Cause
) I-Cause
. O

With B-Cause
the I-Cause
brand I-Cause
equity I-Cause
of I-Cause
the I-Cause
beer I-Cause
business I-Cause
tethered I-Cause
to I-Cause
the I-Cause
authenticity I-Cause
that I-Cause
emanates I-Cause
from I-Cause
exclusive I-Cause
brewing I-Cause
in I-Cause
Mexico I-Cause
, O
water B-Effect
scarcity I-Effect
and I-Effect
community I-Effect
relations I-Effect
within I-Effect
the I-Effect
country I-Effect
will I-Effect
remain I-Effect
omnipresent I-Effect
ESG I-Effect
risks I-Effect
. O

Cisco B-Effect
's I-Effect
shift I-Effect
into I-Effect
selling I-Effect
subscription-based I-Effect
hardware I-Effect
, I-Effect
software I-Effect
and I-Effect
services I-Effect
as I-Effect
three- I-Effect
, I-Effect
five- I-Effect
, I-Effect
or I-Effect
seven-year I-Effect
packages I-Effect
has I-Effect
further I-Effect
entwined I-Effect
the I-Effect
company I-Effect
within O
its B-Cause
expansive I-Cause
customer I-Cause
base I-Cause
. O

Moen B-Cause
's I-Cause
growing I-Cause
presence I-Cause
in I-Cause
China I-Cause
, I-Cause
new I-Cause
product I-Cause
introductions I-Cause
across I-Cause
Fortune I-Cause
Brands I-Cause
' I-Cause
three I-Cause
segments I-Cause
, I-Cause
and O
price B-Cause
increases I-Cause
should O
also O
support B-Effect
sales I-Effect
growth I-Effect
over I-Effect
our I-Effect
forecast I-Effect
. I-Effect

To O
reflect B-Effect
the I-Effect
significant I-Effect
degree I-Effect
of I-Effect
operating I-Effect
leverage I-Effect
inherent I-Effect
in I-Effect
a I-Effect
large I-Effect
manufacturer I-Effect
and O
the O
possibility O
that O
commodity B-Cause
costs I-Cause
could I-Cause
rise I-Cause
beyond I-Cause
our I-Cause
forecast I-Cause
, O
our B-Cause
fair I-Cause
value I-Cause
uncertainty I-Cause
rating I-Cause
is I-Cause
high I-Cause
. O

Analogous O
to O
the O
decline O
of O
PCs O
( O
with O
current O
PCs O
more O
than O
adequate O
for O
most O
applications O
) O
, O
Apple B-Effect
faces I-Effect
the I-Effect
possibility I-Effect
of I-Effect
smartphone I-Effect
unit I-Effect
stagnation I-Effect
or I-Effect
even I-Effect
declines I-Effect
once O
emerging B-Cause
markets I-Cause
saturate I-Cause
or I-Cause
consumers I-Cause
gravitate I-Cause
to I-Cause
mid-tier I-Cause
devices I-Cause
. O

Movil O
reports O
Mexican O
wireless O
operating O
income O
roughly O
equal O
to O
the O
carrying O
value O
of O
net O
PP O
& O
amp O
; O
E O
and O
spectrum O
assets O
, O
a B-Effect
figure I-Effect
likely I-Effect
understated I-Effect
as O
the B-Cause
firm I-Cause
lumps I-Cause
corporate I-Cause
costs I-Cause
into I-Cause
this I-Cause
segment I-Cause
. O

Okta B-Cause
's I-Cause
cloud-delivered I-Cause
software I-Cause
solutions I-Cause
for I-Cause
identity-based I-Cause
cybersecurity I-Cause
profoundly O
disrupted O
how B-Effect
business I-Effect
and I-Effect
government I-Effect
entities I-Effect
secure I-Effect
their I-Effect
internal I-Effect
users I-Effect
and I-Effect
customers I-Effect
. O

Companies B-Effect
that I-Effect
use I-Effect
freemium I-Effect
models I-Effect
do I-Effect
not I-Effect
typically I-Effect
report I-Effect
a I-Effect
customer I-Effect
churn I-Effect
statistic I-Effect
, O
as O
it B-Cause
generally I-Cause
would I-Cause
not I-Cause
be I-Cause
nearly I-Cause
as I-Cause
attractive I-Cause
as I-Cause
dollar I-Cause
retention I-Cause
. O

Finally O
, O
TripAdvisor B-Effect
faces I-Effect
ESG I-Effect
risks I-Effect
around I-Effect
innovation I-Effect
tax I-Effect
code I-Effect
changes I-Effect
, O
data O
breaches O
, O
and O
potential B-Cause
fees I-Cause
should I-Cause
its I-Cause
platform I-Cause
be I-Cause
viewed I-Cause
as I-Cause
anti-competitive I-Cause
. O

Corteva B-Effect
's I-Effect
intangible I-Effect
assets I-Effect
stem O
from O
the B-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
required I-Cause
for I-Cause
the I-Cause
continual I-Cause
development I-Cause
of I-Cause
proprietary I-Cause
seed I-Cause
and I-Cause
crop I-Cause
chemical I-Cause
formulations I-Cause
. O

We O
believe O
SG B-Effect
& I-Effect
A I-Effect
expenses I-Effect
will I-Effect
deleverage I-Effect
modestly I-Effect
from I-Effect
estimated I-Effect
2020 I-Effect
levels I-Effect
( I-Effect
34.5 I-Effect
% I-Effect
) I-Effect
on O
store B-Cause
closures I-Cause
and I-Cause
a I-Cause
more I-Cause
efficient I-Cause
supply I-Cause
chain I-Cause
. O

The B-Effect
firm I-Effect
differentiates I-Effect
itself I-Effect
by O
attempting B-Cause
to I-Cause
identify I-Cause
prospective I-Cause
areas I-Cause
before I-Cause
most I-Cause
peers I-Cause
catch I-Cause
on I-Cause
, O
enabling O
it B-Effect
to I-Effect
secure I-Effect
leasehold I-Effect
at I-Effect
attractive I-Effect
rates I-Effect
( O
rather O
than O
overpaying O
for O
land O
after O
the O
market O
overheats O
) O
. O

RNA-based O
therapies O
have O
been O
on O
a O
long O
and O
winding O
path O
to O
market O
, O
with O
enthusiasm B-Effect
in I-Effect
the I-Effect
early I-Effect
2000s I-Effect
drying I-Effect
up I-Effect
as O
the B-Cause
difficulties I-Cause
of I-Cause
successfully I-Cause
delivering I-Cause
the I-Cause
treatments I-Cause
to I-Cause
the I-Cause
right I-Cause
tissue I-Cause
in I-Cause
the I-Cause
body I-Cause
became I-Cause
clear I-Cause
. O

Automakers B-Effect
' I-Effect
move I-Effect
to I-Effect
more I-Effect
global I-Effect
platforms I-Effect
is I-Effect
very I-Effect
good I-Effect
news I-Effect
for I-Effect
Gentex I-Effect
since O
a B-Cause
supplier I-Cause
must I-Cause
be I-Cause
able I-Cause
to I-Cause
service I-Cause
the I-Cause
OEM I-Cause
consistently I-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
. O

We O
feel O
that O
Adient B-Effect
's I-Effect
leading I-Effect
position I-Effect
in I-Effect
seating I-Effect
positions I-Effect
it O
well O
with O
new B-Cause
OEM I-Cause
entrants I-Cause
, O
such O
as O
electric O
vehicle O
startups O
, O
and O
possible B-Cause
new I-Cause
markets I-Cause
, O
such O
as O
autonomous O
vehicles O
made O
by O
Silicon O
Valley O
firms O
and O
by O
incumbent O
automakers O
. O

Natural O
gas O
pipeline O
contracts O
are O
on O
a O
firm O
capacity O
basis O
, O
which O
means O
once O
capacity B-Cause
is I-Cause
fully I-Cause
contracted I-Cause
, O
new B-Effect
shippers I-Effect
will I-Effect
be I-Effect
denied I-Effect
service I-Effect
. O

Certainly O
, O
the B-Effect
rising I-Effect
tide I-Effect
of I-Effect
global I-Effect
renewable I-Effect
power I-Effect
generation I-Effect
is I-Effect
likely I-Effect
to I-Effect
lift I-Effect
all I-Effect
boats I-Effect
over O
time O
as O
private B-Cause
and I-Cause
public I-Cause
customers I-Cause
seek I-Cause
out I-Cause
renewable I-Cause
generation I-Cause
. O

We O
expect O
average B-Effect
annual I-Effect
comps I-Effect
of I-Effect
6 I-Effect
% I-Effect
from I-Effect
2022-25 I-Effect
due O
to O
new B-Cause
menu I-Cause
innovations I-Cause
, I-Cause
guest I-Cause
experience I-Cause
improvements I-Cause
and I-Cause
second I-Cause
assembly I-Cause
line I-Cause
delivery/catering I-Cause
orders I-Cause
. O

When B-Cause
Colfax I-Cause
acquired I-Cause
ESAB I-Cause
in I-Cause
2012 I-Cause
, I-Cause
the I-Cause
business I-Cause
was I-Cause
struggling I-Cause
financially I-Cause
and I-Cause
underinvested I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
and O
as O
a O
result O
ceded B-Effect
market I-Effect
share I-Effect
to I-Effect
its I-Effect
larger I-Effect
competitors I-Effect
. I-Effect

At O
times O
, O
pricing B-Cause
can I-Cause
get I-Cause
very I-Cause
aggressive I-Cause
( I-Cause
especially I-Cause
during I-Cause
periods I-Cause
of I-Cause
high I-Cause
food I-Cause
inflation I-Cause
) I-Cause
, O
and O
US B-Effect
Foods I-Effect
may I-Effect
experience I-Effect
margin I-Effect
compression I-Effect
. O

We O
also O
think O
the B-Effect
company I-Effect
is I-Effect
more I-Effect
sensitive I-Effect
to I-Effect
an I-Effect
economic I-Effect
downturn I-Effect
than I-Effect
a I-Effect
typical I-Effect
enterprise I-Effect
, O
as O
people B-Cause
may I-Cause
be I-Cause
less I-Cause
willing I-Cause
to I-Cause
make I-Cause
donations I-Cause
during I-Cause
recessions I-Cause
and I-Cause
customer I-Cause
churn I-Cause
at I-Cause
the I-Cause
smaller I-Cause
end I-Cause
will I-Cause
likely I-Cause
increase I-Cause
. O

Finally O
, O
InterContinental B-Cause
and I-Cause
other I-Cause
large I-Cause
hotel I-Cause
brands I-Cause
require I-Cause
high I-Cause
amounts I-Cause
of I-Cause
human I-Cause
capital I-Cause
, O
which O
helps B-Effect
drive I-Effect
traveler I-Effect
experience I-Effect
and I-Effect
therefore I-Effect
is I-Effect
tied I-Effect
to I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
advantages I-Effect
found I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

We O
believe O
sales B-Cause
from I-Cause
these I-Cause
additional I-Cause
lease-ups I-Cause
can I-Cause
grow I-Cause
about I-Cause
10 I-Cause
% I-Cause
annually I-Cause
from I-Cause
a I-Cause
low I-Cause
base I-Cause
, O
resulting O
in O
leasing B-Effect
segment I-Effect
revenue I-Effect
growing I-Effect
by I-Effect
about I-Effect
2 I-Effect
% I-Effect
annually I-Effect
while I-Effect
maintaining I-Effect
EBITDA I-Effect
margins I-Effect
of I-Effect
at I-Effect
least I-Effect
98 I-Effect
% I-Effect
. O

We O
forecast O
wireless B-Effect
margin I-Effect
expansion I-Effect
to O
be O
held O
back O
by O
an B-Cause
inability I-Cause
to I-Cause
materially I-Cause
raise I-Cause
prices I-Cause
, O
and O
we O
project O
wireline O
margin O
expansion O
to O
be O
held O
back O
by O
continually O
shrinking B-Cause
voice I-Cause
revenue I-Cause
, O
which O
we O
believe O
comes O
with O
high O
contribution O
margins O
. O

For O
example O
, O
Rapiscan B-Effect
lost I-Effect
a I-Effect
TSA I-Effect
contract I-Effect
in I-Effect
2013 I-Effect
after O
it B-Cause
failed I-Cause
to I-Cause
adapt I-Cause
in I-Cause
time I-Cause
to I-Cause
new B-Cause
requirements I-Cause
that I-Cause
called I-Cause
for I-Cause
body I-Cause
scanner I-Cause
images I-Cause
to I-Cause
reflect I-Cause
a I-Cause
cartoon-type I-Cause
image I-Cause
, O
but O
with O
threat O
areas O
still O
highlighted O
, O
to O
protect B-Effect
passenger I-Effect
privacy I-Effect
. O

Secular B-Effect
changes I-Effect
to I-Effect
behavior I-Effect
surrounding I-Effect
travel I-Effect
( O
and O
cruising O
in O
particular O
) O
as O
a O
result O
of O
the B-Cause
coronavirus I-Cause
are O
set O
to O
alter O
the O
economic O
performance O
of O
Norwegian O
Cruise O
Line O
Holdings O
over O
an O
extended O
horizon O
. O

Regarding O
switching O
costs O
, O
analog B-Cause
and I-Cause
MCUs I-Cause
tend I-Cause
to I-Cause
make I-Cause
up I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
a I-Cause
product I-Cause
's I-Cause
bill I-Cause
of I-Cause
materials I-Cause
, O
so O
purchasing B-Effect
decisions I-Effect
tend I-Effect
to I-Effect
be I-Effect
based I-Effect
on I-Effect
performance I-Effect
rather I-Effect
than I-Effect
price I-Effect
, I-Effect
helping I-Effect
Microchip I-Effect
retain I-Effect
pricing I-Effect
power I-Effect
. O

However O
, O
it B-Cause
faces I-Cause
intense I-Cause
competition I-Cause
and I-Cause
has I-Cause
a I-Cause
( I-Cause
mostly I-Cause
) I-Cause
variable I-Cause
cost I-Cause
structure I-Cause
that O
may B-Effect
limit I-Effect
Spotify I-Effect
's I-Effect
future I-Effect
operating I-Effect
leverage I-Effect
and I-Effect
profitability I-Effect
. O

A O
corollary O
of O
this O
is O
there B-Cause
is I-Cause
substantial I-Cause
demand I-Cause
for I-Cause
cheaper I-Cause
, I-Cause
lower-quality I-Cause
products I-Cause
, O
making O
the B-Effect
landscape I-Effect
more I-Effect
price I-Effect
competitive I-Effect
and I-Effect
brand I-Effect
integrity I-Effect
more I-Effect
difficult I-Effect
to I-Effect
maintain I-Effect
. O

Management B-Cause
has I-Cause
stated I-Cause
that I-Cause
they I-Cause
plan I-Cause
to I-Cause
reduce I-Cause
their I-Cause
overall I-Cause
energy I-Cause
exposure I-Cause
over I-Cause
time I-Cause
, O
so O
we B-Effect
see I-Effect
risks I-Effect
from I-Effect
this I-Effect
receding I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
growing I-Cause
maintenance I-Cause
contracts I-Cause
and I-Cause
increasing I-Cause
software I-Cause
portfolio I-Cause
will O
be O
the O
major O
growth O
drivers O
, O
and O
we O
anticipate O
that O
software B-Effect
in I-Effect
particular I-Effect
will I-Effect
grow I-Effect
very I-Effect
strongly I-Effect
, O
albeit O
from O
a O
small O
base O
. O

We B-Effect
project I-Effect
$ I-Effect
200 I-Effect
million- I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
dispositions I-Effect
annually I-Effect
at I-Effect
an I-Effect
average I-Effect
cap I-Effect
rate I-Effect
of I-Effect
5.0 I-Effect
% I-Effect
and I-Effect
$ I-Effect
100 I-Effect
million- I-Effect
$ I-Effect
500 I-Effect
million I-Effect
of I-Effect
acquisitions I-Effect
at I-Effect
4.5 I-Effect
% I-Effect
cap I-Effect
rates I-Effect
as O
the B-Cause
company I-Cause
looks I-Cause
to I-Cause
recycle I-Cause
lower-quality I-Cause
assets I-Cause
to I-Cause
fund I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
higher-quality I-Cause
assets I-Cause
. O

Erratic O
changes O
in O
input O
costs O
can O
weigh O
on O
profits O
; O
if O
Kellogg O
opts O
to O
raise O
prices O
to O
offset O
these O
pressures O
, O
volume B-Effect
may I-Effect
contract I-Effect
if O
consumers B-Cause
balk I-Cause
, O
especially O
during O
economic O
periods O
where O
consumers O
maintain O
a O
tighter O
grip O
on O
their O
purse O
strings O
. O

While O
the O
automotive O
part O
sector O
has O
performed O
relatively O
well O
thus O
far O
, O
unemployment B-Cause
and I-Cause
global I-Cause
lockdowns I-Cause
have O
slashed B-Effect
miles I-Effect
driven I-Effect
and I-Effect
slowed I-Effect
vehicle I-Effect
wear I-Effect
and I-Effect
tear I-Effect
. O

Rather O
, O
we O
think O
the B-Cause
combination I-Cause
of I-Cause
COVID-19 I-Cause
costs I-Cause
( I-Cause
related I-Cause
to I-Cause
safety I-Cause
and I-Cause
sanitation I-Cause
) I-Cause
and I-Cause
increased I-Cause
investments I-Cause
in I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
capacity I-Cause
will O
offset B-Effect
the I-Effect
impressive I-Effect
margins I-Effect
posted I-Effect
earlier I-Effect
in I-Effect
the I-Effect
year I-Effect
. O

Product B-Effect
governance I-Effect
is I-Effect
a I-Effect
potential I-Effect
area I-Effect
of I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risk I-Effect
given B-Cause
the I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
for I-Cause
Sandvik I-Cause
's I-Cause
highly I-Cause
specialized I-Cause
mining I-Cause
equipment I-Cause
, I-Cause
which I-Cause
is I-Cause
used I-Cause
in I-Cause
harsh I-Cause
underground I-Cause
environments I-Cause
. O

We O
believe O
Robert B-Effect
Half I-Effect
's I-Effect
experience I-Effect
and I-Effect
industry I-Effect
knowledge I-Effect
have I-Effect
created I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
for I-Effect
local I-Effect
and I-Effect
regional I-Effect
recruiters I-Effect
in I-Effect
placing I-Effect
accounting I-Effect
and I-Effect
finance I-Effect
personnel I-Effect
, O
as O
it B-Cause
takes I-Cause
time I-Cause
and I-Cause
industry I-Cause
contacts I-Cause
to I-Cause
build I-Cause
out I-Cause
a I-Cause
database I-Cause
of I-Cause
candidates I-Cause
to I-Cause
pitch I-Cause
to I-Cause
prospective I-Cause
clients I-Cause
. O

Although O
the O
company O
's O
premium O
products O
have O
a O
higher O
price O
tag O
as O
compared O
with O
lower-rated O
products O
, O
they O
also O
provide O
greater B-Cause
energy I-Cause
efficiency I-Cause
that O
results O
in O
significant B-Effect
cost I-Effect
savings I-Effect
over I-Effect
the I-Effect
life I-Effect
of I-Effect
the I-Effect
product I-Effect
. O

Not O
only O
does O
the B-Cause
acquisition I-Cause
extend B-Effect
the I-Effect
company I-Effect
's I-Effect
footprint I-Effect
into I-Effect
the I-Effect
STACK/SCOOP I-Effect
basin I-Effect
, I-Effect
but I-Effect
it I-Effect
adds I-Effect
more I-Effect
liquids-rich I-Effect
core I-Effect
acreage I-Effect
to I-Effect
the I-Effect
portfolio I-Effect
. O

Switching B-Effect
to I-Effect
a I-Effect
different I-Effect
course I-Effect
workflow I-Effect
provider I-Effect
is I-Effect
difficult I-Effect
because O
it B-Cause
requires I-Cause
retraining I-Cause
professors I-Cause
and I-Cause
students I-Cause
to I-Cause
use I-Cause
a I-Cause
new I-Cause
tool I-Cause
, O
while O
testing O
bodies O
are O
reluctant O
to O
incur O
the O
cost O
of O
overhauling O
materials O
alongside O
a O
different O
partner O
. O

After O
digesting O
fiscal O
2021 O
's O
first-quarter O
results O
, O
we O
're O
maintaining B-Effect
our I-Effect
$ I-Effect
17 I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Hostess I-Effect
, O
as O
better-than-expected B-Cause
sales I-Cause
and I-Cause
gross I-Cause
margins I-Cause
are I-Cause
offset I-Cause
by I-Cause
a I-Cause
higher I-Cause
share I-Cause
count I-Cause
and I-Cause
an I-Cause
increase I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

The B-Cause
projects I-Cause
are I-Cause
also I-Cause
attractive I-Cause
in I-Cause
that I-Cause
they I-Cause
are I-Cause
tied I-Cause
to I-Cause
long-term I-Cause
power I-Cause
purchase I-Cause
agreements I-Cause
, O
which O
result O
in O
steady B-Effect
revenue I-Effect
and I-Effect
cash I-Effect
flow I-Effect
. O

In O
aggregate O
, O
we O
project O
the B-Effect
firm I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
average I-Effect
10 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
with I-Effect
the I-Effect
largest I-Effect
growth I-Effect
occurring I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
coronavirus I-Cause
and I-Cause
the I-Cause
resultant I-Cause
stay-at-home I-Cause
orders I-Cause
. O

For O
instance O
, O
if O
a B-Cause
business I-Cause
decided I-Cause
to I-Cause
replace I-Cause
Paylocity I-Cause
's I-Cause
payroll I-Cause
solution I-Cause
with I-Cause
that I-Cause
of I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
there O
could O
be O
a B-Cause
disruption I-Cause
in I-Cause
payroll I-Cause
services I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
employees I-Cause
that O
could O
impact B-Effect
critical I-Effect
services I-Effect
such I-Effect
as I-Effect
salaries I-Effect
and I-Effect
taxes I-Effect
. O

If B-Cause
the I-Cause
risk I-Cause
is I-Cause
n't I-Cause
properly I-Cause
managed I-Cause
, I-Cause
the I-Cause
increase I-Cause
in I-Cause
equity I-Cause
securities I-Cause
on I-Cause
the I-Cause
company I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
, I-Cause
approximately I-Cause
40 I-Cause
% I-Cause
growth I-Cause
in I-Cause
the I-Cause
past I-Cause
two I-Cause
years I-Cause
and I-Cause
over I-Cause
100 I-Cause
% I-Cause
in I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
, I-Cause
could O
lead B-Effect
to I-Effect
some I-Effect
acute I-Effect
pain I-Effect
. O

Impressive B-Cause
innovation I-Cause
has O
allowed O
Smith O
& O
Nephew O
to O
carve B-Effect
out I-Effect
a I-Effect
slice I-Effect
of I-Effect
the I-Effect
orthopedic I-Effect
, I-Effect
sports I-Effect
medicine I-Effect
, I-Effect
and I-Effect
wound-care I-Effect
markets I-Effect
. O

We O
expect O
on-going B-Cause
flare-ups I-Cause
in I-Cause
mitigating I-Cause
the I-Cause
pandemic I-Cause
will O
support B-Effect
strong I-Effect
on-going I-Effect
demand I-Effect
for I-Effect
molecular I-Effect
SARS-CoV-2 I-Effect
tests I-Effect
until I-Effect
late I-Effect
calendar I-Effect
2021 I-Effect
, O
although O
we O
admit O
that O
demand O
could O
remain O
strong O
for O
longer O
than O
expected O
if O
the O
viral O
variants O
from O
Brazil O
or O
South O
Africa O
begin O
to O
spread O
in O
the O
U.S O
. O

We O
expect O
Marathon B-Effect
to I-Effect
extend I-Effect
its I-Effect
crude I-Effect
advantage I-Effect
, O
as O
a B-Cause
key I-Cause
element I-Cause
of I-Cause
its I-Cause
strategy I-Cause
is I-Cause
to I-Cause
integrate I-Cause
its I-Cause
refineries I-Cause
and I-Cause
invest I-Cause
in I-Cause
assets I-Cause
to I-Cause
increase I-Cause
throughput I-Cause
of I-Cause
advantaged I-Cause
feedstocks I-Cause
from I-Cause
Canada I-Cause
, I-Cause
the I-Cause
Permian I-Cause
, I-Cause
and I-Cause
the I-Cause
Bakken I-Cause
while I-Cause
investing I-Cause
in I-Cause
upgrading I-Cause
capability I-Cause
and I-Cause
conversion I-Cause
capacity I-Cause
. O

Due O
to O
the B-Cause
pandemic I-Cause
, O
all B-Effect
three I-Effect
of I-Effect
Tapestry I-Effect
's I-Effect
brands I-Effect
suffered I-Effect
sales I-Effect
and I-Effect
operating I-Effect
profit I-Effect
declines I-Effect
in O
fiscal O
2020 O
, O
but O
its B-Effect
results I-Effect
are I-Effect
improving I-Effect
rapidly O
in O
fiscal O
2021 O
as O
it B-Cause
implements I-Cause
its I-Cause
three-year I-Cause
Acceleration I-Cause
Program I-Cause
strategy I-Cause
to I-Cause
cut I-Cause
costs I-Cause
and I-Cause
improve I-Cause
margins I-Cause
. O

We O
now O
expect O
Dexcom B-Cause
to I-Cause
reach I-Cause
operating I-Cause
margin I-Cause
of I-Cause
25.5 I-Cause
% I-Cause
by I-Cause
2025 I-Cause
thanks O
to O
the B-Cause
rollout I-Cause
of I-Cause
G7 I-Cause
, O
which O
should O
be O
considerably B-Effect
less I-Effect
expensive I-Effect
to I-Effect
manufacture I-Effect
. O

Santander O
did O
provision B-Cause
proactively I-Cause
for I-Cause
credit I-Cause
losses I-Cause
, O
and O
the B-Effect
coverage I-Effect
ratio I-Effect
is I-Effect
still I-Effect
high I-Effect
, O
but O
with O
NPL B-Cause
formation I-Cause
not I-Cause
slowing I-Cause
down I-Cause
, O
coverage B-Effect
is I-Effect
decreasing I-Effect
. O

This B-Cause
sustained I-Cause
level I-Cause
of I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
spending I-Cause
also O
allows O
Ametek B-Effect
to I-Effect
take I-Effect
price I-Effect
greater I-Effect
than I-Effect
inflation I-Effect
( I-Effect
positive I-Effect
price I-Effect
inflation I-Effect
spread I-Effect
typically I-Effect
hovers I-Effect
in I-Effect
the I-Effect
20- I-Effect
to I-Effect
30-basis-point I-Effect
range I-Effect
) I-Effect
, O
which O
is O
somewhat O
exceptional O
. O

The B-Cause
membership I-Cause
structure I-Cause
enables O
Costco B-Effect
to I-Effect
price I-Effect
merchandise I-Effect
aggressively I-Effect
, O
shifting B-Effect
the I-Effect
focus I-Effect
from I-Effect
optimizing I-Effect
per-unit I-Effect
margins I-Effect
to I-Effect
driving I-Effect
member I-Effect
growth I-Effect
and I-Effect
retention I-Effect
. O

The B-Cause
time I-Cause
lag I-Cause
in I-Cause
monetizing I-Cause
investment I-Cause
in I-Cause
PP I-Cause
& I-Cause
amp I-Cause
; I-Cause
E I-Cause
and I-Cause
multi-year I-Cause
storage I-Cause
costs I-Cause
can O
make O
it O
difficult O
for O
new B-Effect
entrants I-Effect
to I-Effect
raise I-Effect
capital I-Effect
. O

The B-Cause
nature I-Cause
of I-Cause
the I-Cause
post-pandemic I-Cause
economy I-Cause
is I-Cause
opaque I-Cause
and I-Cause
could I-Cause
see I-Cause
customers I-Cause
shop I-Cause
Target I-Cause
's I-Cause
higher-margin I-Cause
( I-Cause
non-grocery I-Cause
) I-Cause
categories I-Cause
to I-Cause
a I-Cause
greater I-Cause
or I-Cause
lesser I-Cause
extent I-Cause
than O
we O
expect O
, O
with O
profitability B-Effect
implications I-Effect
. O

We O
're O
also O
intrigued B-Effect
by I-Effect
Starbucks I-Effect
' I-Effect
partnership I-Effect
with I-Effect
retail I-Effect
technology I-Effect
company I-Effect
Brightloom I-Effect
, O
which B-Cause
will I-Cause
develop I-Cause
new I-Cause
digital I-Cause
flywheel I-Cause
and I-Cause
in-store I-Cause
experience I-Cause
technology I-Cause
solutions I-Cause
for I-Cause
Starbucks I-Cause
' I-Cause
licensed I-Cause
partners I-Cause
outside I-Cause
the I-Cause
U.S I-Cause
. O

Furthermore O
, O
the O
industry O
has O
seen O
a O
trend O
of O
consolidation O
, O
and O
as O
large B-Cause
players I-Cause
expand I-Cause
their I-Cause
offerings I-Cause
via I-Cause
inorganic I-Cause
investments I-Cause
, O
Coupa B-Effect
faces I-Effect
more I-Effect
pressure I-Effect
in I-Effect
maintaining I-Effect
its I-Effect
leadership I-Effect
position I-Effect
. O

Pipeline B-Effect
operators I-Effect
will I-Effect
enter I-Effect
into I-Effect
long-term I-Effect
contracts I-Effect
with I-Effect
shippers I-Effect
to I-Effect
recover I-Effect
the I-Effect
project I-Effect
's I-Effect
construction I-Effect
and I-Effect
development I-Effect
costs I-Effect
, O
in O
exchange O
for O
a B-Cause
reasonable I-Cause
tariff I-Cause
that I-Cause
allows I-Cause
a I-Cause
shipper I-Cause
to I-Cause
capture I-Cause
a I-Cause
profitable I-Cause
differential I-Cause
, I-Cause
and I-Cause
capacity I-Cause
will I-Cause
be I-Cause
added I-Cause
until I-Cause
it I-Cause
is I-Cause
no I-Cause
longer I-Cause
profitable I-Cause
to I-Cause
do I-Cause
so I-Cause
. O

The B-Cause
membership I-Cause
model I-Cause
( I-Cause
which I-Cause
involves I-Cause
controlling I-Cause
doorways I-Cause
with I-Cause
membership I-Cause
card I-Cause
and I-Cause
receipt I-Cause
checks I-Cause
) I-Cause
also O
likely O
reduces B-Effect
shrinkage I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

Finally O
, O
as O
the B-Cause
tariff I-Cause
situation I-Cause
evolves I-Cause
with I-Cause
aluminum I-Cause
and I-Cause
steel I-Cause
as I-Cause
well I-Cause
as I-Cause
retaliatory I-Cause
tariffs I-Cause
on I-Cause
exports I-Cause
, I-Cause
rising I-Cause
penalties I-Cause
for I-Cause
either I-Cause
could O
provide O
an B-Effect
incremental I-Effect
profit I-Effect
headwind I-Effect
. O

Even O
the O
president O
of O
Brazil O
's O
central O
bank O
, O
Ilan O
Goldfajn O
, O
Itau O
's O
former O
top O
economist O
, O
has O
discussed O
his O
desire O
to O
increase O
competition O
and O
prevent B-Effect
banks I-Effect
from I-Effect
charging I-Effect
excessively I-Effect
high I-Effect
interest I-Effect
rates I-Effect
and I-Effect
fees I-Effect
as O
he O
believes O
it B-Cause
's I-Cause
one I-Cause
of I-Cause
Brazil I-Cause
's I-Cause
biggest I-Cause
obstacles I-Cause
to I-Cause
growth I-Cause
. O

We B-Effect
project I-Effect
that I-Effect
overall I-Effect
streaming I-Effect
revenue I-Effect
for I-Effect
the I-Effect
recorded I-Effect
music I-Effect
industry I-Effect
will I-Effect
grow I-Effect
22 I-Effect
% I-Effect
annually I-Effect
from I-Effect
2019 I-Effect
until I-Effect
2025 I-Effect
, O
driven O
by O
a B-Cause
number I-Cause
of I-Cause
factors I-Cause
, I-Cause
including I-Cause
our I-Cause
forecast I-Cause
that I-Cause
the I-Cause
number I-Cause
of I-Cause
paid I-Cause
streaming I-Cause
music I-Cause
subscribers I-Cause
will I-Cause
double I-Cause
to I-Cause
over I-Cause
800 I-Cause
million I-Cause
. O

Nutrien B-Effect
is I-Effect
also I-Effect
investing I-Effect
in I-Effect
its I-Effect
online I-Effect
retail I-Effect
platform I-Effect
, I-Effect
which I-Effect
should I-Effect
generate I-Effect
sales I-Effect
growth I-Effect
as O
a B-Cause
greater I-Cause
proportion I-Cause
of I-Cause
farm I-Cause
retail I-Cause
sales I-Cause
move I-Cause
online I-Cause
. O

That O
said O
, O
we O
believe O
Marvell O
has O
improved B-Cause
on I-Cause
its I-Cause
own I-Cause
flagging I-Cause
Armada I-Cause
line I-Cause
by O
adopting B-Cause
Cavium I-Cause
's I-Cause
higher-performance I-Cause
Octeon I-Cause
chips I-Cause
, O
allowing O
customers B-Effect
to I-Effect
scale I-Effect
across I-Effect
more I-Effect
price I-Effect
points I-Effect
. O

Ralph B-Cause
Lauren I-Cause
continues I-Cause
to I-Cause
operate I-Cause
a I-Cause
few I-Cause
lesser I-Cause
brands I-Cause
, I-Cause
including O
its O
low-priced O
Chaps O
and O
fast-fashion O
Club O
Monaco O
brands O
, O
which O
could O
lead B-Effect
to I-Effect
brand I-Effect
degradation I-Effect
if O
improperly B-Cause
managed I-Cause
. I-Cause

If O
any O
of O
these B-Cause
retailers I-Cause
go I-Cause
bankrupt I-Cause
( I-Cause
or I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
ADS I-Cause
' I-Cause
smaller I-Cause
relationships I-Cause
goes I-Cause
bankrupt I-Cause
) I-Cause
, O
it B-Effect
would I-Effect
be I-Effect
detrimental I-Effect
to I-Effect
company I-Effect
performance I-Effect
. O

The O
expansion B-Cause
should O
hold B-Effect
long-term I-Effect
segment I-Effect
margins I-Effect
to I-Effect
around I-Effect
12 I-Effect
% I-Effect
on I-Effect
average I-Effect
, O
in O
line O
with O
their O
three-year O
average O
but O
around O
230 O
basis O
points O
greater O
than O
fiscal O
2020 O
's O
10.7 O
% O
by O
fiscal O
2029 O
. O

With B-Cause
a I-Cause
fourth I-Cause
of I-Cause
its I-Cause
revenue I-Cause
and I-Cause
NOI I-Cause
stemming I-Cause
from I-Cause
California I-Cause
, I-Cause
loosening I-Cause
of I-Cause
zoning I-Cause
laws I-Cause
could O
result O
in O
an B-Effect
influx I-Effect
of I-Effect
facilities I-Effect
that I-Effect
threaten I-Effect
the I-Effect
company I-Effect
's I-Effect
competitive I-Effect
position I-Effect
and I-Effect
tempt I-Effect
customers I-Effect
away I-Effect
. O

In O
the O
long O
term O
, O
more B-Cause
of I-Cause
Aphria I-Cause
's I-Cause
sales I-Cause
will I-Cause
come I-Cause
from I-Cause
the I-Cause
international I-Cause
medical I-Cause
market I-Cause
, O
driving O
higher B-Effect
average I-Effect
realized I-Effect
prices I-Effect
despite O
mild O
increases O
in O
Canada O
. O

This B-Effect
below-consensus I-Effect
outlook I-Effect
will I-Effect
drive I-Effect
margin I-Effect
contraction I-Effect
, O
as O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
restructuring I-Cause
efforts I-Cause
have I-Cause
been I-Cause
dwarfed I-Cause
by I-Cause
the I-Cause
impact I-Cause
of I-Cause
new I-Cause
, I-Cause
low-cost I-Cause
capacity I-Cause
being I-Cause
brought I-Cause
on I-Cause
line I-Cause
in I-Cause
China I-Cause
. O

These B-Cause
kinds I-Cause
of I-Cause
agreements I-Cause
demand I-Cause
no I-Cause
incremental I-Cause
investment I-Cause
from I-Cause
Coke I-Cause
( O
and O
very O
little O
from O
its O
bottlers O
) O
, O
leading O
to O
high-margin B-Cause
revenue I-Cause
streams I-Cause
that O
are O
accretive B-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
economic I-Effect
profits I-Effect
. O

On O
the O
bottom O
line O
, O
we O
expect O
adjusted B-Effect
earnings I-Effect
per I-Effect
share I-Effect
will I-Effect
rise I-Effect
roughly I-Effect
13 I-Effect
% I-Effect
compounded I-Effect
annually I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
or O
well O
above O
sales O
growth O
primarily O
on O
margin B-Cause
expansion I-Cause
and I-Cause
share I-Cause
repurchase I-Cause
activities I-Cause
. O

LKQ B-Cause
's I-Cause
bidders I-Cause
utilize I-Cause
internally I-Cause
developed I-Cause
software I-Cause
to I-Cause
cross-check I-Cause
current I-Cause
inventory I-Cause
levels I-Cause
and I-Cause
average I-Cause
selling I-Cause
prices I-Cause
to O
determine B-Effect
an I-Effect
optimal I-Effect
bid I-Effect
for I-Effect
vehicles I-Effect
. O

Given O
its B-Cause
healthy I-Cause
balance I-Cause
sheet I-Cause
and I-Cause
strong I-Cause
cash I-Cause
flows I-Cause
, O
Graco B-Effect
has I-Effect
ample I-Effect
liquidity I-Effect
to I-Effect
continue I-Effect
funding I-Effect
its I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
even I-Effect
during I-Effect
an I-Effect
economic I-Effect
downturn I-Effect
, O
and O
we O
believe O
that O
its B-Cause
commitment I-Cause
to I-Cause
innovation I-Cause
will O
make O
it B-Effect
difficult I-Effect
for I-Effect
rivals I-Effect
to I-Effect
undermine I-Effect
Graco I-Effect
's I-Effect
competitive I-Effect
position I-Effect
. O

The B-Cause
largest I-Cause
banks I-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
spend I-Cause
the I-Cause
most I-Cause
on I-Cause
technology I-Cause
, I-Cause
and I-Cause
Citigroup I-Cause
is I-Cause
no I-Cause
exception I-Cause
, O
so O
it B-Effect
may I-Effect
improve I-Effect
its I-Effect
operations I-Effect
over I-Effect
time I-Effect
. O

Increased B-Cause
user I-Cause
base I-Cause
and I-Cause
time I-Cause
spent I-Cause
on I-Cause
Weibo I-Cause
has O
in O
turn O
attracted B-Cause
more I-Cause
key I-Cause
opinion I-Cause
leaders I-Cause
and I-Cause
multi-channel I-Cause
networks I-Cause
( I-Cause
entities I-Cause
that I-Cause
affiliate I-Cause
with I-Cause
multiple I-Cause
Weibo I-Cause
channels I-Cause
that I-Cause
assist I-Cause
in I-Cause
operations I-Cause
and I-Cause
monetization I-Cause
) I-Cause
to I-Cause
distribute I-Cause
their I-Cause
content I-Cause
on I-Cause
Weibo I-Cause
, O
which O
in O
return O
is O
helping O
to O
improve B-Effect
and I-Effect
lengthen I-Effect
user I-Effect
experiences I-Effect
. O

In O
our O
view O
, O
Dunkin B-Effect
's I-Effect
long-term I-Effect
cash I-Effect
flow I-Effect
potential I-Effect
is I-Effect
augmented I-Effect
by O
a B-Cause
strong I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
and I-Cause
franchisee I-Cause
system I-Cause
, O
particularly O
in O
the O
Northeast O
U.S O
. O

However O
, O
a B-Cause
regulation I-Cause
intangible I-Cause
only I-Cause
exists I-Cause
if I-Cause
governments I-Cause
issue I-Cause
a I-Cause
limited I-Cause
number I-Cause
of I-Cause
licenses I-Cause
in O
order O
to O
not B-Effect
imbalance I-Effect
supply I-Effect
and I-Effect
demand I-Effect
for I-Effect
cannabis I-Effect
. O

We O
think O
this O
elevated B-Effect
level I-Effect
of I-Effect
capital I-Effect
expenditures I-Effect
relative I-Effect
to O
historical O
levels O
is O
reasonable O
given O
Southwest O
is O
replacing B-Cause
its I-Cause
older I-Cause
NG I-Cause
fleet I-Cause
with O
MAXes O
. O

At B-Cause
the I-Cause
end I-Cause
of I-Cause
October I-Cause
2020 I-Cause
, I-Cause
Schwab I-Cause
supported I-Cause
over I-Cause
$ I-Cause
5.5 I-Cause
trillion I-Cause
of I-Cause
client I-Cause
assets I-Cause
, O
making B-Effect
it I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
U.S.-based I-Effect
companies I-Effect
focused I-Effect
on I-Effect
securities I-Effect
trading I-Effect
and I-Effect
wealth I-Effect
management I-Effect
. O

For O
2021 O
, O
we O
expect O
gross B-Effect
revenue I-Effect
to I-Effect
surge I-Effect
30 I-Effect
% I-Effect
on O
robust B-Cause
demand I-Cause
and I-Cause
much I-Cause
higher I-Cause
sell I-Cause
rates I-Cause
to I-Cause
shippers I-Cause
, I-Cause
including I-Cause
solid I-Cause
contract I-Cause
rate I-Cause
gains I-Cause
. O

CP B-Effect
has I-Effect
posted I-Effect
excellent I-Effect
margin I-Effect
gains I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
especially I-Effect
in I-Effect
2020 I-Effect
, O
as O
it B-Cause
rightsized I-Cause
head I-Cause
count I-Cause
and I-Cause
assets I-Cause
to I-Cause
demand I-Cause
levels I-Cause
. O

Given B-Cause
the I-Cause
uncertainty I-Cause
caused I-Cause
by I-Cause
the I-Cause
current I-Cause
pandemic I-Cause
and O
our O
belief O
that O
B2B O
clients O
will O
mostly O
keep O
costs O
under O
control O
, O
we O
expect O
the B-Effect
EUR I-Effect
2 I-Effect
billion I-Effect
threshold I-Effect
for I-Effect
the I-Effect
unit I-Effect
to I-Effect
materialize I-Effect
in I-Effect
2023 I-Effect
. O

Asset B-Cause
management I-Cause
is O
one O
of O
the O
few O
components O
of O
universal O
banks O
that O
can O
be O
sold O
at O
a O
premium O
to O
book O
value O
, O
which O
makes B-Effect
it I-Effect
one I-Effect
of I-Effect
the I-Effect
few I-Effect
viable I-Effect
options I-Effect
open I-Effect
to I-Effect
a I-Effect
bank I-Effect
to I-Effect
improve I-Effect
its I-Effect
capital I-Effect
adequacy I-Effect
through I-Effect
rationalisation I-Effect
of I-Effect
businesses I-Effect
. O

In O
order O
to O
develop B-Effect
more I-Effect
advanced I-Effect
products I-Effect
and/or I-Effect
reach I-Effect
superior I-Effect
economies I-Effect
of I-Effect
scale I-Effect
, O
these B-Cause
smaller I-Cause
competitors I-Cause
occasionally I-Cause
establish I-Cause
joint I-Cause
ventures I-Cause
or I-Cause
purchase I-Cause
even I-Cause
smaller I-Cause
peers I-Cause
to O
gain B-Cause
additional I-Cause
capacity I-Cause
at I-Cause
attractive I-Cause
prices I-Cause
. O

Nutrien B-Effect
's I-Effect
potash I-Effect
mines I-Effect
are I-Effect
located I-Effect
in I-Effect
Canada I-Effect
and I-Effect
sit I-Effect
on I-Effect
the I-Effect
low I-Effect
end I-Effect
of I-Effect
the I-Effect
global I-Effect
cost I-Effect
curve I-Effect
due O
to O
favorable B-Cause
geological I-Cause
. O

We O
believe O
Under B-Cause
Armour I-Cause
's I-Cause
lack I-Cause
of I-Cause
pricing I-Cause
power I-Cause
in I-Cause
athletic I-Cause
footwear I-Cause
is O
indicative O
of O
a O
brand O
without O
a B-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
. O

Finally O
, O
its O
acquisition B-Cause
strategy I-Cause
continually O
exposes B-Effect
the I-Effect
firm I-Effect
to I-Effect
risk I-Effect
of I-Effect
overpaying I-Effect
for I-Effect
increasingly I-Effect
larger I-Effect
acquisitions I-Effect
or I-Effect
inability I-Effect
to I-Effect
integrate I-Effect
acquired I-Effect
businesses I-Effect
. O

As O
in O
past O
tightening O
cycles O
, O
the B-Effect
company I-Effect
's I-Effect
unmatched I-Effect
truckload I-Effect
capacity I-Effect
access I-Effect
has I-Effect
proved I-Effect
quite I-Effect
valuable I-Effect
over I-Effect
the I-Effect
past I-Effect
year I-Effect
given O
highly B-Cause
constrained I-Cause
truckload I-Cause
capacity I-Cause
rooted O
in O
robust B-Cause
demand I-Cause
and I-Cause
the I-Cause
limited I-Cause
driver I-Cause
pool I-Cause
, O
which O
restricts O
truckers B-Effect
' I-Effect
fleet I-Effect
growth I-Effect
. O

The B-Cause
early I-Cause
signs I-Cause
of I-Cause
trouble I-Cause
for I-Cause
its I-Cause
subprime I-Cause
portfolio I-Cause
also O
prompted O
HSBC B-Effect
to I-Effect
review I-Effect
and I-Effect
manage I-Effect
down I-Effect
its I-Effect
exposure I-Effect
and O
carry B-Effect
out I-Effect
a I-Effect
review I-Effect
across I-Effect
its I-Effect
global I-Effect
operation I-Effect
prior I-Effect
to I-Effect
the I-Effect
onset I-Effect
to I-Effect
the I-Effect
global I-Effect
financial I-Effect
crisis I-Effect
. O

Demand B-Cause
for I-Cause
these I-Cause
types I-Cause
of I-Cause
assets I-Cause
will I-Cause
remain I-Cause
strong I-Cause
as O
patients B-Cause
seek I-Cause
the I-Cause
best I-Cause
treatments I-Cause
from I-Cause
to I-Cause
the I-Cause
top I-Cause
health I-Cause
systems I-Cause
, O
driving O
consistent B-Effect
patient I-Effect
volumes I-Effect
to I-Effect
their I-Effect
affiliated I-Effect
assets I-Effect
and O
thus O
increasing B-Effect
the I-Effect
rents I-Effect
that I-Effect
can I-Effect
be I-Effect
charged I-Effect
to I-Effect
doctor I-Effect
's I-Effect
groups I-Effect
that I-Effect
want I-Effect
to I-Effect
service I-Effect
these I-Effect
patients I-Effect
. O

Our O
inventory O
as O
a O
percentage O
of O
homebuilding O
revenue O
assumptions O
reflect O
our O
belief O
that O
while O
Toll O
Brothers O
will O
try O
to O
improve O
its O
inventory O
efficiency O
where O
possible O
, O
its B-Cause
luxury I-Cause
strategy I-Cause
will O
continue O
to O
result O
in O
higher B-Effect
inventory/home I-Effect
sales I-Effect
ratios I-Effect
relative I-Effect
to I-Effect
other I-Effect
public I-Effect
homebuilders I-Effect
. O

If O
the B-Cause
deal I-Cause
fails I-Cause
to I-Cause
receive I-Cause
regulatory I-Cause
approval I-Cause
, O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
would I-Effect
likely I-Effect
revert I-Effect
back I-Effect
to I-Effect
$ I-Effect
166 I-Effect
per I-Effect
share I-Effect
( O
all O
else O
equal O
) O
. O

We O
believe O
that O
other B-Cause
market I-Cause
participants I-Cause
, I-Cause
like I-Cause
Dell I-Cause
, I-Cause
Lenovo I-Cause
, I-Cause
and I-Cause
Huawei I-Cause
will I-Cause
aggressively I-Cause
compete I-Cause
on I-Cause
cost I-Cause
which O
may O
impact B-Effect
HPE I-Effect
's I-Effect
most I-Effect
important I-Effect
revenue I-Effect
source I-Effect
. O

Facebook B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
will O
be O
driven B-Cause
primarily I-Cause
by I-Cause
growth I-Cause
in I-Cause
online I-Cause
advertising I-Cause
and I-Cause
increasing I-Cause
allocation I-Cause
of I-Cause
online I-Cause
ad I-Cause
dollars I-Cause
toward I-Cause
mobile I-Cause
, I-Cause
video I-Cause
, I-Cause
and I-Cause
social I-Cause
network I-Cause
ads I-Cause
. O

We B-Effect
forecast I-Effect
EBITDA I-Effect
margins I-Effect
contracting I-Effect
to I-Effect
around I-Effect
19 I-Effect
% I-Effect
from I-Effect
roughly I-Effect
21 I-Effect
% I-Effect
over I-Effect
the I-Effect
same I-Effect
period I-Effect
because O
of O
mounting B-Cause
competitive I-Cause
pressures I-Cause
for I-Cause
the I-Cause
industrial I-Cause
packaging I-Cause
segment I-Cause
and I-Cause
deteriorating I-Cause
demand I-Cause
for I-Cause
the I-Cause
printing I-Cause
papers I-Cause
segment I-Cause
. O

Partnership O
agreements O
last O
seven O
to O
10 O
years O
and O
switching B-Cause
costs I-Cause
for I-Cause
fully I-Cause
ramped I-Cause
programs I-Cause
are I-Cause
high I-Cause
since O
an O
institution O
would O
have O
to O
either O
reabsorb O
noncore O
functions O
such O
as O
recruiting O
and O
technological O
infrastructure O
development O
or O
find O
another O
provider O
, O
enduring B-Effect
significant I-Effect
disruption I-Effect
. O

Macy B-Effect
's I-Effect
also I-Effect
revealed I-Effect
that I-Effect
40 I-Effect
% I-Effect
of I-Effect
these I-Effect
top I-Effect
customers I-Effect
drop I-Effect
down I-Effect
into I-Effect
lower I-Effect
segments I-Effect
on I-Effect
an I-Effect
annual I-Effect
basis I-Effect
, O
suggesting O
its B-Cause
most I-Cause
important I-Cause
customers I-Cause
are I-Cause
not I-Cause
particularly I-Cause
loyal I-Cause
. O

Over O
the O
years O
, O
XPO O
has O
successfully O
integrated O
its O
acquisitions O
, O
often O
outperforming B-Effect
our I-Effect
profitability I-Effect
expectations I-Effect
, O
especially O
for O
its B-Cause
LTL I-Cause
trucking I-Cause
division I-Cause
. O

That O
said O
, O
the B-Cause
majority I-Cause
of I-Cause
Archer I-Cause
Daniels I-Cause
Midland I-Cause
's I-Cause
products I-Cause
are I-Cause
commodities I-Cause
where I-Cause
the I-Cause
company I-Cause
does I-Cause
not I-Cause
benefit I-Cause
from I-Cause
any I-Cause
particular I-Cause
moat I-Cause
source. O
As O
such O
, O
we B-Effect
do I-Effect
not I-Effect
have I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
confidence I-Effect
that I-Effect
the I-Effect
company I-Effect
as I-Effect
a I-Effect
whole I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
believe O
that B-Cause
Instant I-Cause
Ink I-Cause
could I-Cause
garner I-Cause
some I-Cause
success I-Cause
with I-Cause
individuals I-Cause
, O
and O
this B-Effect
offering I-Effect
could I-Effect
help I-Effect
HP I-Effect
's I-Effect
focused I-Effect
growth I-Effect
plan I-Effect
of I-Effect
DaaS I-Effect
for I-Effect
businesses I-Effect
as I-Effect
contractual I-Effect
services I-Effect
become I-Effect
more I-Effect
prevalent I-Effect
in I-Effect
the I-Effect
printing I-Effect
market I-Effect
. O

We O
believe O
much B-Effect
of I-Effect
the I-Effect
TAL I-Effect
Education I-Effect
market I-Effect
share I-Effect
gained I-Effect
was O
mainly O
attributes O
to O
an B-Cause
early I-Cause
mover I-Cause
advantage I-Cause
for I-Cause
TAL I-Cause
Education I-Cause
Group I-Cause
for I-Cause
the I-Cause
online I-Cause
investment I-Cause
started I-Cause
in I-Cause
2011 I-Cause
. O

We O
think O
that O
the O
relatively B-Effect
low I-Effect
non-interest I-Effect
expense I-Effect
is I-Effect
a I-Effect
function I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
scale I-Effect
and I-Effect
concentration I-Effect
of I-Effect
deposits I-Effect
( O
nearly O
90 O
% O
of O
deposits O
are O
in O
M O
& O
T O
's O
top O
10 O
MSAs O
) O
since O
noninterest B-Cause
expenses I-Cause
do I-Cause
not I-Cause
scale I-Cause
with I-Cause
deposits I-Cause
. O

Although O
we O
forecast O
a B-Effect
decline I-Effect
to I-Effect
less I-Effect
than I-Effect
1 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
due O
to O
the B-Cause
virus I-Cause
, O
we O
forecast O
Ralph O
Lauren O
's O
adjusted O
ROIC O
including O
goodwill O
to O
average O
19 O
% O
in O
fiscal O
2022-30 O
, O
well O
above O
our O
estimated O
weighted O
average O
cost O
of O
capital O
for O
the O
company O
of O
10 O
% O
. O

PVH B-Effect
, I-Effect
like I-Effect
all I-Effect
international I-Effect
apparel I-Effect
manufacturers I-Effect
and I-Effect
retailers I-Effect
, I-Effect
faced I-Effect
a I-Effect
huge I-Effect
challenge I-Effect
with I-Effect
the I-Effect
COVID-19 I-Effect
crisis I-Effect
as O
stores B-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
have I-Cause
had I-Cause
to I-Cause
restrict I-Cause
access I-Cause
or I-Cause
temporarily I-Cause
close I-Cause
. O

Kraft B-Cause
Heinz I-Cause
targets I-Cause
a I-Cause
30 I-Cause
% I-Cause
increase I-Cause
in I-Cause
marketing I-Cause
investments I-Cause
between I-Cause
fiscal I-Cause
2020 I-Cause
and I-Cause
2024 I-Cause
, O
which O
we B-Effect
think I-Effect
stands I-Effect
to I-Effect
support I-Effect
its I-Effect
brand I-Effect
mix I-Effect
and I-Effect
its I-Effect
retail I-Effect
relationships I-Effect
. O

Because O
Corning B-Cause
's I-Cause
sales I-Cause
double I-Cause
that I-Cause
of I-Cause
its I-Cause
closest I-Cause
competitor I-Cause
, I-Cause
AGC I-Cause
, O
it B-Effect
is I-Effect
able I-Effect
to I-Effect
spread I-Effect
its I-Effect
fixed I-Effect
costs I-Effect
over I-Effect
a I-Effect
larger I-Effect
volume I-Effect
, O
resulting O
in O
an B-Effect
enduring I-Effect
lower I-Effect
average I-Effect
cost I-Effect
per I-Effect
glass I-Effect
substrate I-Effect
. O

As O
with O
other O
chemical O
companies O
, O
Eastman O
's O
business O
model O
is O
subject O
to O
a O
high O
degree O
of O
operating O
leverage O
, O
as O
changes B-Cause
in I-Cause
volumes I-Cause
can O
have B-Effect
an I-Effect
outsize I-Effect
impact I-Effect
on I-Effect
profits I-Effect
. I-Effect

Given O
the B-Cause
new I-Cause
phase I-Cause
of I-Cause
banking I-Cause
we I-Cause
are I-Cause
entering I-Cause
, I-Cause
where I-Cause
technological I-Cause
changes I-Cause
are I-Cause
occurring I-Cause
faster I-Cause
and I-Cause
are I-Cause
more I-Cause
impactful I-Cause
than I-Cause
ever I-Cause
before I-Cause
and I-Cause
can I-Cause
be I-Cause
deployed I-Cause
across I-Cause
singular I-Cause
, I-Cause
integrated I-Cause
platforms I-Cause
, O
we B-Effect
see I-Effect
only I-Effect
more I-Effect
advantages I-Effect
for I-Effect
the I-Effect
largest I-Effect
banks I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
operating I-Effect
efficiency I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

These O
assumptions O
include O
the B-Cause
transition I-Cause
of I-Cause
Grail I-Cause
's I-Cause
operations I-Cause
from I-Cause
a I-Cause
service I-Cause
starting I-Cause
in I-Cause
the I-Cause
second I-Cause
quarter I-Cause
of I-Cause
2021 I-Cause
to I-Cause
a I-Cause
test I-Cause
that I-Cause
is I-Cause
sold I-Cause
for I-Cause
use I-Cause
in I-Cause
other I-Cause
labs I-Cause
after O
potential O
regulatory O
approval O
in O
2024 O
, O
which O
could O
cause O
the B-Effect
company I-Effect
's I-Effect
operating I-Effect
margins I-Effect
to I-Effect
expand I-Effect
significantly I-Effect
. O

Given O
the O
need O
to O
persuade O
businesses O
to O
share O
sensitive O
employee O
income O
data O
, O
we O
believe O
this B-Cause
business I-Cause
benefits I-Cause
from I-Cause
a I-Cause
first-mover I-Cause
advantage I-Cause
that O
allowed O
it B-Effect
to I-Effect
amass I-Effect
a I-Effect
sizable I-Effect
number I-Effect
of I-Effect
records I-Effect
. O

We O
expect O
TAL B-Effect
Education I-Effect
Group I-Effect
's I-Effect
margins I-Effect
should I-Effect
improve I-Effect
from I-Effect
fiscal I-Effect
2022 I-Effect
despite O
a O
slower-than-expected O
recovery O
, O
given O
that O
we O
expect O
business B-Cause
to I-Cause
normalize I-Cause
as I-Cause
China I-Cause
restores I-Cause
normal I-Cause
business I-Cause
practice I-Cause
with I-Cause
less I-Cause
COVID-19 I-Cause
impact I-Cause
. O

Given O
the B-Cause
rise I-Cause
of I-Cause
advanced I-Cause
4G- I-Cause
and I-Cause
5G-enabled I-Cause
smartphones I-Cause
, O
which O
use O
a B-Cause
wider I-Cause
variety I-Cause
of I-Cause
wireless I-Cause
spectrum I-Cause
and I-Cause
frequency I-Cause
bands I-Cause
than I-Cause
in I-Cause
prior I-Cause
generations I-Cause
of I-Cause
networks I-Cause
, O
RF B-Cause
content I-Cause
per I-Cause
phone I-Cause
has I-Cause
grown I-Cause
exponentially I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
lifting B-Effect
Skyworks I-Effect
and I-Effect
its I-Effect
RF I-Effect
competitors I-Effect
. O

We O
believe O
Spotify B-Cause
can I-Cause
benefit I-Cause
from I-Cause
various I-Cause
network I-Cause
effects I-Cause
that O
will O
help O
the B-Effect
firm I-Effect
increase I-Effect
its I-Effect
users I-Effect
and I-Effect
amass I-Effect
valuable I-Effect
intangible I-Effect
assets I-Effect
associated I-Effect
with I-Effect
user I-Effect
data I-Effect
and I-Effect
listening I-Effect
preferences I-Effect
. O

The B-Cause
discovery I-Cause
of I-Cause
the I-Cause
presalt I-Cause
reserves I-Cause
prompted O
the B-Cause
government I-Cause
to I-Cause
push I-Cause
Petrobras I-Cause
to I-Cause
invest I-Cause
in I-Cause
lower-returning I-Cause
assets I-Cause
, O
particularly O
refining O
, O
as O
a O
way O
to O
build B-Effect
out I-Effect
domestic I-Effect
infrastructure I-Effect
and I-Effect
create I-Effect
jobs I-Effect
. O

We O
expect O
the B-Effect
satellite I-Effect
television I-Effect
business I-Effect
will I-Effect
continue I-Effect
to I-Effect
lose I-Effect
customers I-Effect
at I-Effect
a I-Effect
steady I-Effect
clip I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
with O
average B-Effect
revenue I-Effect
per I-Effect
customer I-Effect
also I-Effect
drifting I-Effect
lower I-Effect
as I-Cause
Dish B-Cause
increasingly I-Cause
prices I-Cause
against I-Cause
online I-Cause
competitors I-Cause
. O

We O
believe O
MercadoLibre B-Effect
can I-Effect
withstand I-Effect
competition I-Effect
through I-Effect
mobile I-Effect
, I-Effect
payment I-Effect
, I-Effect
shipping I-Effect
, I-Effect
and I-Effect
loyalty I-Effect
solutions I-Effect
, O
each B-Cause
of I-Cause
which I-Cause
should I-Cause
attract I-Cause
merchants I-Cause
looking I-Cause
to I-Cause
expand I-Cause
in I-Cause
Latin I-Cause
America I-Cause
. O

We O
note O
that O
Mexico B-Effect
has I-Effect
advantages I-Effect
such O
as O
lower B-Cause
labor I-Cause
costs I-Cause
, I-Cause
offset I-Cause
somewhat I-Cause
by I-Cause
less I-Cause
ability I-Cause
to I-Cause
reduce I-Cause
staff I-Cause
levels I-Cause
when I-Cause
demand I-Cause
sours I-Cause
. O

Even O
if O
we O
're O
right O
, O
we B-Cause
expect I-Cause
wireless I-Cause
technologies I-Cause
will I-Cause
continue I-Cause
to I-Cause
advance I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
, I-Cause
potentially I-Cause
disrupting I-Cause
Altice I-Cause
USA I-Cause
's I-Cause
business I-Cause
at I-Cause
some I-Cause
point I-Cause
, O
rendering O
incremental B-Effect
fiber I-Effect
investment I-Effect
futile I-Effect
. O

Significant B-Cause
changes I-Cause
in I-Cause
currency I-Cause
exchange I-Cause
rates I-Cause
or I-Cause
acts I-Cause
of I-Cause
terrorism I-Cause
, O
among O
others O
, O
have O
historically O
affected B-Effect
hotel I-Effect
demand I-Effect
and I-Effect
Host I-Effect
's I-Effect
operations I-Effect
. O

However O
, O
the B-Effect
benefits I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
efficiency I-Effect
programs I-Effect
should I-Effect
be I-Effect
slightly I-Effect
offset I-Effect
by O
lower-margin B-Cause
emerging I-Cause
markets I-Cause
making I-Cause
up I-Cause
a I-Cause
growing I-Cause
portion I-Cause
of I-Cause
Zoetis I-Cause
' I-Cause
sales I-Cause
. O

While O
the O
patent O
protection O
of O
510 O
( O
k O
) O
and O
de O
novo O
clearance O
can O
be O
less O
comprehensive O
than O
alternatives O
such O
as O
premarket O
notification O
, O
which O
require O
human O
trials O
, O
time B-Cause
to I-Cause
market I-Cause
is I-Cause
shortened I-Cause
, O
and O
this O
strategy O
allows O
Teleflex B-Effect
to I-Effect
keep I-Effect
research I-Effect
and I-Effect
development I-Effect
costs I-Effect
lower I-Effect
than I-Effect
peers I-Effect
. O

Sysco O
can O
generally O
pass O
through O
food O
inflation O
that O
ranges O
from O
1 O
% O
to O
3 O
% O
, O
but O
when O
inflation B-Cause
exceeds I-Cause
this I-Cause
level I-Cause
, O
Sysco B-Effect
can I-Effect
typically I-Effect
not I-Effect
pass I-Effect
it I-Effect
through I-Effect
all I-Effect
at I-Effect
once I-Effect
and I-Effect
will I-Effect
likely I-Effect
take I-Effect
a I-Effect
loss I-Effect
on I-Effect
the I-Effect
item I-Effect
. O

Switzerland O
is O
one O
of O
the O
world O
's O
most O
stable O
democracies O
and O
its B-Cause
devolved I-Cause
, I-Cause
cantonal I-Cause
system I-Cause
of I-Cause
government I-Cause
limits O
the B-Effect
potential I-Effect
of I-Effect
populist I-Effect
extremist I-Effect
parties I-Effect
. O

Notably O
, O
at O
its O
nadir O
in O
2009 O
, O
post-financial O
crisis O
, O
Rockwell B-Cause
's I-Cause
ROICs I-Cause
including I-Cause
goodwill I-Cause
only I-Cause
dipped I-Cause
to I-Cause
just I-Cause
over I-Cause
16 I-Cause
% I-Cause
, I-Cause
or I-Cause
just I-Cause
over I-Cause
750 I-Cause
basis I-Cause
points I-Cause
above I-Cause
our I-Cause
estimated I-Cause
cost I-Cause
of I-Cause
capital I-Cause
, I-Cause
even I-Cause
though I-Cause
its I-Cause
performance I-Cause
is I-Cause
highly I-Cause
correlated I-Cause
to I-Cause
global I-Cause
industrial I-Cause
production I-Cause
, I-Cause
which I-Cause
was I-Cause
severely I-Cause
hampered I-Cause
from I-Cause
the I-Cause
crisis. O
As O
such O
, O
we O
believe O
it B-Effect
's I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
Rockwell I-Effect
can I-Effect
continue I-Effect
to I-Effect
out-earn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

Our B-Effect
confidence I-Effect
in I-Effect
the I-Effect
reduction I-Effect
is O
due O
to O
Cognizant B-Cause
's I-Cause
restructuring I-Cause
of I-Cause
its I-Cause
organizational I-Cause
layers I-Cause
in I-Cause
its I-Cause
2020 I-Cause
Fit I-Cause
for I-Cause
Growth I-Cause
plan I-Cause
. O

Economic B-Effect
weakness I-Effect
in I-Effect
the I-Effect
eurozone I-Effect
presents I-Effect
another I-Effect
source I-Effect
of I-Effect
uncertainty I-Effect
, O
since O
Europe B-Cause
accounts I-Cause
for I-Cause
a I-Cause
little I-Cause
over I-Cause
a I-Cause
tenth I-Cause
of I-Cause
revenue I-Cause
. O

In O
2018 O
, O
Travelport O
told O
us O
that O
Google B-Effect
's I-Effect
platform I-Effect
had I-Effect
not I-Effect
seen I-Effect
global I-Effect
airline I-Effect
adoption I-Effect
because O
of O
high B-Cause
costs I-Cause
, O
which O
we O
think O
are O
compounded O
by O
anti-competitive O
and O
regulation O
concerns O
. O

Aquaform B-Cause
has I-Cause
both I-Cause
high I-Cause
oxygen I-Cause
transmissibility I-Cause
and I-Cause
a I-Cause
low I-Cause
modulus I-Cause
, O
which O
keeps O
Medical B-Effect
Instruments I-Effect
& I-Effect
Suppliesthe I-Effect
lens I-Effect
softer I-Effect
and I-Effect
more I-Effect
flexible I-Effect
. O

While O
the O
company O
believes O
its O
catastrophe O
and O
supercatastrophe O
underwriting O
can O
generate O
solid O
long-term O
results O
, O
the B-Cause
volatility I-Cause
of I-Cause
these I-Cause
business I-Cause
lines I-Cause
, O
which O
have O
the B-Effect
potential I-Effect
to I-Effect
subject I-Effect
the I-Effect
firm I-Effect
to I-Effect
especially I-Effect
large I-Effect
losses I-Effect
, O
tends B-Cause
to I-Cause
be I-Cause
high I-Cause
. O

On O
the O
client O
front O
, O
Anthem B-Cause
's I-Cause
launch I-Cause
of I-Cause
its I-Cause
IngenioRx I-Cause
pharmacy I-Cause
benefit I-Cause
management I-Cause
platform I-Cause
should O
help O
it O
provide B-Cause
a I-Cause
more I-Cause
holistic I-Cause
view I-Cause
of I-Cause
a I-Cause
patient I-Cause
's I-Cause
health I-Cause
, O
which O
could O
lead O
to O
better B-Effect
cost I-Effect
controls I-Effect
and I-Effect
management I-Effect
of I-Effect
health I-Effect
conditions I-Effect
. O

This B-Cause
database I-Cause
provides I-Cause
the I-Cause
basis I-Cause
for I-Cause
the I-Cause
marquee I-Cause
law I-Cause
research I-Cause
offering I-Cause
on I-Cause
the I-Cause
market I-Cause
, I-Cause
Westlaw I-Cause
Edge I-Cause
, I-Cause
and I-Cause
integration I-Cause
with I-Cause
the I-Cause
West I-Cause
Key I-Cause
Number I-Cause
System I-Cause
helps O
professionals B-Effect
find I-Effect
the I-Effect
research I-Effect
they I-Effect
need I-Effect
, I-Effect
quickly I-Effect
and I-Effect
accurately I-Effect
. O

Our B-Effect
long-term I-Effect
growth I-Effect
assumption I-Effect
for I-Effect
airfreight I-Effect
demand I-Effect
falls I-Effect
below I-Effect
the I-Effect
historical I-Effect
high-single-digit I-Effect
rate I-Effect
, O
which O
enjoyed O
a B-Cause
boost I-Cause
from I-Cause
the I-Cause
expansion I-Cause
of I-Cause
foreign I-Cause
production I-Cause
sourcing I-Cause
( I-Cause
west I-Cause
to I-Cause
east I-Cause
) I-Cause
in I-Cause
decades I-Cause
past I-Cause
. O

Bio-Rad B-Effect
is I-Effect
likely I-Effect
to I-Effect
consider I-Effect
a I-Effect
combination I-Effect
with I-Effect
Sartorius I-Effect
when O
the O
Sartorius O
trust O
lockup O
expires O
in O
2027 O
, O
if O
Bio-Rad B-Cause
maintains I-Cause
its I-Cause
Sartorius I-Cause
stake I-Cause
until I-Cause
then I-Cause
. O

Combined B-Cause
with I-Cause
its I-Cause
leadership I-Cause
in I-Cause
process I-Cause
technology I-Cause
, O
TSMC B-Effect
can I-Effect
readily I-Effect
justify I-Effect
hefty I-Effect
investments I-Effect
in I-Effect
new I-Effect
process I-Effect
nodes I-Effect
by I-Effect
convincing I-Effect
customers I-Effect
to I-Effect
share I-Effect
detailed I-Effect
roadmaps I-Effect
, O
while O
smaller O
foundries O
have O
to O
build O
facilities O
first O
and O
wait O
for O
orders O
that O
TSMC O
can O
not O
fill O
. O

Supporting B-Effect
its I-Effect
market I-Effect
leadership I-Effect
, O
it O
's O
demonstrated O
an B-Cause
ability I-Cause
to I-Cause
meet I-Cause
evolving I-Cause
customer I-Cause
preferences I-Cause
, I-Cause
bringing I-Cause
new I-Cause
products I-Cause
to I-Cause
market I-Cause
quickly I-Cause
, I-Cause
with I-Cause
four I-Cause
new I-Cause
models I-Cause
and I-Cause
30-40 I-Cause
new I-Cause
features I-Cause
rolled I-Cause
out I-Cause
annually I-Cause
in I-Cause
the I-Cause
performance I-Cause
sport I-Cause
segment I-Cause
. O

It B-Cause
operates I-Cause
in I-Cause
a I-Cause
rational I-Cause
oligopoly I-Cause
with I-Cause
70 I-Cause
% I-Cause
of I-Cause
the I-Cause
market I-Cause
controlled I-Cause
by I-Cause
five I-Cause
global I-Cause
OEMs I-Cause
, I-Cause
of I-Cause
which I-Cause
it I-Cause
is I-Cause
the I-Cause
largest. O
This O
adds B-Effect
a I-Effect
level I-Effect
of I-Effect
pricing I-Effect
stability I-Effect
in I-Effect
most I-Effect
markets I-Effect
, I-Effect
although I-Effect
the I-Effect
Chinese I-Effect
market I-Effect
, I-Effect
where I-Effect
it I-Effect
has I-Effect
16 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
exposure I-Effect
, I-Effect
has I-Effect
more I-Effect
fragmented I-Effect
competition I-Effect
and I-Effect
greater I-Effect
pricing I-Effect
pressure I-Effect
. O

The B-Cause
full I-Cause
divestment I-Cause
of I-Cause
Covestro I-Cause
for I-Cause
over I-Cause
EUR I-Cause
10 I-Cause
billion I-Cause
eliminated B-Effect
over I-Effect
EUR I-Effect
5 I-Effect
billion I-Effect
of I-Effect
invested I-Effect
capital I-Effect
( O
just O
under O
10 O
% O
of O
Bayer O
's O
total O
) O
that O
was O
not O
likely O
to O
earn O
excess O
returns O
. O

Further B-Cause
sluggishness I-Cause
at I-Cause
the I-Cause
start I-Cause
of I-Cause
fiscal I-Cause
2020 I-Cause
and I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
caused O
revenue B-Effect
to I-Effect
fall I-Effect
another I-Effect
5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020.We O
anticipate O
a O
snap O
back O
in O
chip O
orders O
with O
revenue O
rising O
14 O
% O
in O
fiscal O
2021 O
, O
7 O
% O
in O
fiscal O
2022 O
and O
growing O
at O
an O
average O
midcycle O
rate O
of O
6 O
% O
thereafter O
. O

As O
businesses O
have O
grown O
and O
operations O
have O
become O
increasingly O
disparate O
and O
complex O
, O
they B-Cause
have I-Cause
run I-Cause
into I-Cause
the I-Cause
issue I-Cause
of I-Cause
aggregating I-Cause
data I-Cause
in I-Cause
a I-Cause
timely I-Cause
and I-Cause
effective I-Cause
manner I-Cause
to O
help O
drive B-Effect
insights I-Effect
, I-Effect
flag I-Effect
potential I-Effect
issues I-Effect
, I-Effect
and I-Effect
monitor I-Effect
system/application I-Effect
performance I-Effect
. O

We O
expect O
lower B-Cause
refined I-Cause
products I-Cause
demand I-Cause
, I-Cause
weaker I-Cause
crude I-Cause
volumes I-Cause
, I-Cause
to I-Cause
be I-Cause
somewhat I-Cause
offset I-Cause
by I-Cause
expense I-Cause
savings I-Cause
and I-Cause
storage I-Cause
benefits I-Cause
to O
result O
in O
distributable B-Effect
cash I-Effect
flow I-Effect
about I-Effect
$ I-Effect
175 I-Effect
million I-Effect
lower I-Effect
than I-Effect
management I-Effect
's I-Effect
original I-Effect
2020 I-Effect
guidance I-Effect
of I-Effect
$ I-Effect
1.2 I-Effect
billion I-Effect
. O

The B-Cause
money I-Cause
transfer I-Cause
business I-Cause
is I-Cause
highly I-Cause
scalable I-Cause
because I-Cause
the I-Cause
incremental I-Cause
costs I-Cause
of I-Cause
processing I-Cause
additional I-Cause
transactions I-Cause
are I-Cause
minimal. O
This B-Effect
gives I-Effect
Western I-Effect
Union I-Effect
a I-Effect
marked I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
its I-Effect
rivals I-Effect
, I-Effect
and I-Effect
its I-Effect
operating I-Effect
margins I-Effect
are I-Effect
roughly I-Effect
twice I-Effect
that I-Effect
of I-Effect
its I-Effect
most I-Effect
profitable I-Effect
competitor I-Effect
. O

Against B-Cause
secular I-Cause
( I-Cause
higher I-Cause
competition I-Cause
from I-Cause
small I-Cause
brands I-Cause
, I-Cause
changing I-Cause
consumer I-Cause
shopping I-Cause
habits I-Cause
) I-Cause
and I-Cause
cyclical I-Cause
( I-Cause
inflation I-Cause
) I-Cause
headwinds I-Cause
, I-Cause
most I-Cause
large I-Cause
consumer I-Cause
product I-Cause
companies I-Cause
are I-Cause
struggling I-Cause
to I-Cause
reinvigorate I-Cause
ailing I-Cause
brands I-Cause
and I-Cause
categories I-Cause
while I-Cause
cutting I-Cause
costs I-Cause
to I-Cause
fund I-Cause
growth I-Cause
investments. O
Consequently O
, O
unlike O
Danone O
, O
their B-Effect
organic I-Effect
growth I-Effect
has I-Effect
been I-Effect
driven I-Effect
more I-Effect
by I-Effect
volume I-Effect
and I-Effect
less I-Effect
by I-Effect
pricing/mix I-Effect
lately I-Effect
, I-Effect
with I-Effect
mix I-Effect
playing I-Effect
a I-Effect
key I-Effect
role I-Effect
for I-Effect
companies I-Effect
that I-Effect
can I-Effect
take I-Effect
advantage I-Effect
of I-Effect
premiumisation I-Effect
trends I-Effect
. O

Given O
Parker B-Cause
's I-Cause
well-documented I-Cause
history I-Cause
of I-Cause
conservatism I-Cause
, O
we B-Effect
raise I-Effect
our I-Effect
own I-Effect
projections I-Effect
to I-Effect
4.7 I-Effect
% I-Effect
year I-Effect
over I-Effect
year I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
reported I-Effect
top-line I-Effect
, O
and O
to O
$ O
14.93 O
on O
an O
adjusted O
EPS O
basis O
. O

Given O
the B-Cause
inherent I-Cause
scalability I-Cause
in I-Cause
the I-Cause
asset-light I-Cause
business I-Cause
model I-Cause
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
over I-Effect
time I-Effect
as I-Effect
general I-Effect
and I-Effect
administrative I-Effect
, I-Effect
marketing I-Effect
, I-Effect
and I-Effect
technology I-Effect
and I-Effect
development I-Effect
costs I-Effect
decrease I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
. O

Eldorado O
was O
able O
to O
integrate B-Cause
its I-Cause
decentralized I-Cause
business I-Cause
model I-Cause
, O
which O
aided B-Effect
in I-Effect
reducing I-Effect
Isle I-Effect
's I-Effect
corporate I-Effect
and I-Effect
property-level I-Effect
( I-Effect
marketing I-Effect
and I-Effect
labor I-Effect
) I-Effect
cost I-Effect
structure I-Effect
; O
this O
allows O
individual B-Effect
casino I-Effect
property I-Effect
managers I-Effect
autonomy I-Effect
to I-Effect
customize I-Effect
offerings I-Effect
relevant I-Effect
to I-Effect
local I-Effect
markets I-Effect
. O

We B-Effect
think I-Effect
the I-Effect
firm I-Effect
's I-Effect
higher-than-peers I-Effect
cost I-Effect
of I-Effect
equity I-Effect
is I-Effect
justified I-Effect
because O
we B-Cause
think I-Cause
the I-Cause
firm I-Cause
's I-Cause
product I-Cause
portfolio I-Cause
is I-Cause
shorter I-Cause
cycle I-Cause
than I-Cause
peers I-Cause
, I-Cause
which I-Cause
provides I-Cause
us I-Cause
with I-Cause
less I-Cause
long-term I-Cause
top-line I-Cause
visibility I-Cause
. O

The B-Effect
.com I-Effect
agreement I-Effect
renewal I-Effect
has I-Effect
faced I-Effect
higher I-Effect
levels I-Effect
of I-Effect
scrutiny I-Effect
and I-Effect
is I-Effect
more I-Effect
important I-Effect
to I-Effect
VeriSign I-Effect
's I-Effect
business I-Effect
as O
.com B-Cause
accounts I-Cause
for I-Cause
roughly I-Cause
90 I-Cause
% I-Cause
of I-Cause
domain I-Cause
registrations I-Cause
as I-Cause
well I-Cause
as I-Cause
revenue I-Cause
. O

An B-Effect
OEM I-Effect
or I-Effect
Tier I-Effect
1 I-Effect
supplier I-Effect
would I-Effect
face I-Effect
prohibitively I-Effect
high I-Effect
switching I-Effect
costs I-Effect
if B-Cause
it I-Cause
wanted I-Cause
to I-Cause
prematurely I-Cause
end I-Cause
its I-Cause
contract I-Cause
with I-Cause
Amphenol I-Cause
mid-product I-Cause
cycle I-Cause
. O

For O
2021 O
, O
we O
expect O
total O
revenue O
to O
rise O
in O
the O
low O
teens O
as O
heightened B-Cause
retailer I-Cause
restocking I-Cause
drives B-Effect
strong I-Effect
demand I-Effect
across I-Effect
all I-Effect
segments I-Effect
throughout I-Effect
the I-Effect
first I-Effect
half I-Effect
, I-Effect
and I-Effect
as I-Effect
intermodal I-Effect
network I-Effect
inefficiencies I-Effect
subside I-Effect
. O

However O
, O
lower-cost B-Cause
alternatives I-Cause
have O
put B-Effect
pressure I-Effect
on I-Effect
its I-Effect
NovaSure I-Effect
product I-Effect
and I-Effect
adverse I-Effect
macroeconomic I-Effect
conditions I-Effect
have I-Effect
resulted I-Effect
in I-Effect
mixed I-Effect
skeletal I-Effect
results I-Effect
. O

It O
is O
possible O
that O
when O
commodity O
costs O
rise O
, O
margins B-Effect
could I-Effect
be I-Effect
squeezed I-Effect
if O
the B-Cause
retail I-Cause
environment I-Cause
remains I-Cause
deflationary I-Cause
, O
but O
past O
cycles O
suggest O
that O
RB O
and O
its O
competitors O
will O
be O
able O
to O
pass O
through O
commodity O
cost O
inflation O
to O
consumers O
. O

While O
Macerich O
's O
malls O
are O
located O
in O
densely O
populated O
, O
high-income O
submarkets O
that O
support O
high O
foot O
traffic O
and O
high O
sales O
for O
tenants O
, O
we O
are O
concerned O
about O
a B-Cause
change I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
that O
may O
reduce B-Effect
the I-Effect
impact I-Effect
of I-Effect
the I-Effect
network I-Effect
effect I-Effect
. O

Annual B-Cause
contractual I-Cause
price I-Cause
reductions I-Cause
are I-Cause
the I-Cause
industry I-Cause
norm I-Cause
, O
so O
Aptiv B-Effect
has I-Effect
to I-Effect
aggressively I-Effect
employ I-Effect
kaizen I-Effect
, I-Effect
kanban I-Effect
, I-Effect
and I-Effect
Six I-Effect
Sigma I-Effect
lean I-Effect
manufacturing I-Effect
practices I-Effect
, I-Effect
among I-Effect
others I-Effect
, I-Effect
to I-Effect
advance I-Effect
cost I-Effect
savings I-Effect
. O

To B-Cause
justify I-Cause
the I-Cause
significant I-Cause
up-front I-Cause
costs I-Cause
of I-Cause
a I-Cause
cutting-edge I-Cause
ASIC I-Cause
or I-Cause
ASSP I-Cause
, O
there B-Effect
needs I-Effect
to I-Effect
be I-Effect
a I-Effect
significant I-Effect
boost I-Effect
in I-Effect
performance I-Effect
. O

If O
siRNA B-Cause
reaches I-Cause
its I-Cause
intended I-Cause
target I-Cause
, O
it B-Effect
can I-Effect
silence I-Effect
the I-Effect
gene I-Effect
that I-Effect
it I-Effect
contains I-Effect
code I-Effect
for I-Effect
, I-Effect
making I-Effect
it I-Effect
a I-Effect
potentially I-Effect
game-changing I-Effect
technology I-Effect
for O
tough-to-treat O
diseases O
caused O
by O
genetic O
mutations O
. O

The B-Effect
company I-Effect
does I-Effect
not I-Effect
believe I-Effect
e-commerce I-Effect
hurts I-Effect
its I-Effect
profitability I-Effect
as O
it B-Cause
claims I-Cause
its I-Cause
contribution I-Cause
margins I-Cause
from I-Cause
Nordstrom.com I-Cause
sales I-Cause
are I-Cause
like I-Cause
those I-Cause
of I-Cause
sales I-Cause
through I-Cause
its I-Cause
physical I-Cause
stores I-Cause
. O

One B-Effect
of I-Effect
the I-Effect
key I-Effect
takeaways I-Effect
from I-Effect
this I-Effect
event I-Effect
for I-Effect
investors I-Effect
in I-Effect
Hannover I-Effect
has I-Effect
been I-Effect
the I-Effect
reduction I-Effect
in I-Effect
its I-Effect
exposure I-Effect
because O
of O
efficient B-Cause
use I-Cause
of I-Cause
retrocession I-Cause
. O

High-quality B-Cause
anchors I-Cause
, I-Cause
in I-Cause
line I-Cause
tenants I-Cause
, I-Cause
and I-Cause
entertainment I-Cause
options I-Cause
historically I-Cause
has I-Cause
drawn I-Cause
significant I-Cause
foot I-Cause
traffic I-Cause
to I-Cause
the I-Cause
mall I-Cause
, O
which O
makes O
placing B-Effect
a I-Effect
store I-Effect
in I-Effect
the I-Effect
mall I-Effect
attractive I-Effect
to I-Effect
other I-Effect
retailers I-Effect
as O
their B-Cause
store I-Cause
would I-Cause
benefit I-Cause
from I-Cause
the I-Cause
large I-Cause
number I-Cause
of I-Cause
people I-Cause
already I-Cause
heading I-Cause
to I-Cause
the I-Cause
mall I-Cause
. O

However O
, O
if O
the B-Cause
enterprise I-Cause
's I-Cause
data I-Cause
lake I-Cause
and I-Cause
warehousing I-Cause
needs I-Cause
were I-Cause
met I-Cause
through I-Cause
Snowflake I-Cause
's I-Cause
platform I-Cause
, O
the B-Effect
shift I-Effect
would I-Effect
be I-Effect
far I-Effect
less I-Effect
painful I-Effect
as O
Snowflake B-Cause
's I-Cause
platform I-Cause
has I-Cause
built I-Cause
in I-Cause
cloud I-Cause
vendor I-Cause
interoperability I-Cause
such I-Cause
that I-Cause
even I-Cause
a I-Cause
company I-Cause
on I-Cause
multiple I-Cause
public I-Cause
clouds I-Cause
could I-Cause
use I-Cause
the I-Cause
Snowflake I-Cause
platform I-Cause
across I-Cause
all I-Cause
. O

Finally O
, O
as O
a O
large O
chemical O
producer O
whose O
products O
are O
key O
components O
of O
plastics O
, O
Chevron B-Cause
faces I-Cause
the I-Cause
risk I-Cause
environmental I-Cause
concerns I-Cause
result I-Cause
in I-Cause
bans I-Cause
or I-Cause
usage I-Cause
reduction I-Cause
that O
reduces B-Effect
demand I-Effect
for I-Effect
its I-Effect
products I-Effect
or I-Effect
higher I-Effect
costs I-Effect
related I-Effect
to I-Effect
reuse I-Effect
or I-Effect
recycling I-Effect
. O

Given O
the B-Cause
growth I-Cause
we I-Cause
see I-Cause
from I-Cause
growing I-Cause
mass I-Cause
gambling I-Cause
and I-Cause
nongaming I-Cause
activity I-Cause
, O
we B-Effect
project I-Effect
Macao I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
remain I-Effect
steady I-Effect
at I-Effect
36.6 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
36.1 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
despite O
higher O
expected O
license-renewal O
fees O
beginning O
in O
2022 O
. O

MetLife B-Cause
is I-Cause
smaller I-Cause
than I-Cause
competitor I-Cause
Prudential I-Cause
in I-Cause
Japan I-Cause
and I-Cause
faces I-Cause
additional I-Cause
competition I-Cause
from I-Cause
Japan-based I-Cause
firms I-Cause
such I-Cause
as I-Cause
Nippon I-Cause
and I-Cause
Japan I-Cause
Post I-Cause
; O
therefore O
, O
we B-Effect
do I-Effect
not I-Effect
believe I-Effect
it I-Effect
has I-Effect
a I-Effect
meaningful I-Effect
advantage I-Effect
over I-Effect
its I-Effect
competitors I-Effect
. O

As O
we O
expect O
the B-Cause
corporate I-Cause
tax I-Cause
rate I-Cause
to I-Cause
lift I-Cause
to I-Cause
26 I-Cause
% I-Cause
from I-Cause
21 I-Cause
% I-Cause
under I-Cause
the I-Cause
Biden I-Cause
Administration I-Cause
, O
we B-Effect
have I-Effect
included I-Effect
a I-Effect
24 I-Effect
% I-Effect
tax I-Effect
rate I-Effect
in I-Effect
our I-Effect
model I-Effect
, O
moderated O
by O
the O
relatively O
small O
portion O
of O
sales O
Malibu O
captures O
internationally O
. O

About B-Cause
40 I-Cause
% I-Cause
of I-Cause
homes I-Cause
served I-Cause
by I-Cause
Fios I-Cause
take I-Cause
Verizon I-Cause
Internet I-Cause
access I-Cause
service I-Cause
, I-Cause
a I-Cause
figure I-Cause
that I-Cause
has I-Cause
n't I-Cause
moved I-Cause
much I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
, O
which O
likely O
leaves O
the B-Effect
firm I-Effect
slightly I-Effect
trailing I-Effect
the I-Effect
cable I-Effect
companies I-Effect
in I-Effect
these I-Effect
markets I-Effect
. O

On O
the O
chip O
side O
of O
Qualcomm O
's O
business O
, O
Apple O
disclosed O
it B-Effect
had I-Effect
been I-Effect
receiving I-Effect
quarterly I-Effect
rebates I-Effect
for O
exclusively B-Cause
using I-Cause
Qualcomm I-Cause
modem I-Cause
chips I-Cause
in I-Cause
iPhones I-Cause
. O

Utility B-Cause
customers I-Cause
are I-Cause
a I-Cause
risk-averse I-Cause
cohort I-Cause
, I-Cause
and I-Cause
eliminating I-Cause
both I-Cause
logistical I-Cause
and I-Cause
supply I-Cause
chain I-Cause
complexities I-Cause
in I-Cause
a I-Cause
reliable I-Cause
way I-Cause
, O
including O
reduced O
lead O
times O
, O
makes O
these B-Effect
customers I-Effect
loath I-Effect
to I-Effect
switch I-Effect
. O

Overall O
, O
for O
2020 O
we O
look O
for O
total B-Effect
revenue I-Effect
to I-Effect
decline I-Effect
13 I-Effect
% I-Effect
on O
pandemic-related B-Cause
disruption I-Cause
, O
which O
weighed O
heavily O
on O
carload B-Effect
and I-Effect
intermodal I-Effect
volumes I-Effect
during I-Effect
the I-Effect
first I-Effect
half I-Effect
. O

We O
forecast O
Michael B-Effect
Kors I-Effect
' I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
will I-Effect
stabilize I-Effect
at I-Effect
21 I-Effect
% I-Effect
in I-Effect
the I-Effect
long-term I-Effect
, I-Effect
lower I-Effect
than I-Effect
historical I-Effect
levels I-Effect
, O
as O
store B-Cause
closings I-Cause
and I-Cause
sales I-Cause
of I-Cause
lower-margin I-Cause
apparel I-Cause
and I-Cause
footwear I-Cause
take I-Cause
a I-Cause
toll I-Cause
. O

Based O
on O
the B-Cause
average I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
from I-Cause
its I-Cause
extensive I-Cause
orthopedic I-Cause
product I-Cause
portfolio I-Cause
, O
we O
rate O
Zimmer B-Effect
Biomet I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
. O

The B-Cause
2015 I-Cause
acquisition I-Cause
of I-Cause
GVT I-Cause
, I-Cause
a I-Cause
phone I-Cause
company I-Cause
with I-Cause
a I-Cause
high-quality I-Cause
fiber I-Cause
network I-Cause
, O
has O
allowed O
the B-Effect
expansion I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
fixed-line I-Effect
capabilities I-Effect
across I-Effect
much I-Effect
of I-Effect
the I-Effect
rest I-Effect
of I-Effect
Brazil I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
education I-Cause
offerings I-Cause
are I-Cause
sensitive I-Cause
to I-Cause
student I-Cause
enrollment I-Cause
levels I-Cause
, O
which O
directly B-Effect
affect I-Effect
demand I-Effect
for I-Effect
textbooks I-Effect
and I-Effect
the I-Effect
budgets I-Effect
available I-Effect
for I-Effect
classroom I-Effect
management I-Effect
technology I-Effect
( O
though O
the B-Effect
dynamic I-Effect
would I-Effect
be I-Effect
complicated I-Effect
if O
professors B-Cause
' I-Cause
willingness I-Cause
to I-Cause
use I-Cause
alternative I-Cause
learning I-Cause
materials I-Cause
in I-Cause
lieu I-Cause
of I-Cause
textbooks I-Cause
changed I-Cause
materially I-Cause
) O
. O

Focused B-Cause
entry I-Cause
from I-Cause
these I-Cause
competitors I-Cause
would I-Cause
double I-Cause
the I-Cause
current I-Cause
number I-Cause
of I-Cause
companies I-Cause
that I-Cause
have I-Cause
dominant I-Cause
scale I-Cause
( I-Cause
Booking I-Cause
, I-Cause
Expedia I-Cause
, I-Cause
Trip.com I-Cause
, I-Cause
and I-Cause
Airbnb I-Cause
) I-Cause
, O
leading O
to O
commodification B-Effect
of I-Effect
the I-Effect
industry I-Effect
and I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
to I-Effect
margins I-Effect
. O

But O
this O
should O
not O
affect B-Effect
Hyatt I-Effect
's I-Effect
uncertainty I-Effect
rating I-Effect
unless O
travel B-Cause
demand I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value-destructive O
levels O
. O

In O
fact O
, O
robots B-Cause
tend I-Cause
to I-Cause
perform I-Cause
dangerous I-Cause
tasks I-Cause
, O
like O
heavy O
lifting O
of O
objects O
and O
repetitive O
tasks O
over O
long O
periods O
( O
which O
avoids O
fatigue-related O
injuries O
) O
, O
thus O
generally O
allowing O
workers B-Effect
to I-Effect
focus I-Effect
on I-Effect
other I-Effect
safer I-Effect
tasks I-Effect
. O

Further O
, O
smartphone B-Cause
proliferation I-Cause
and I-Cause
technology I-Cause
advances I-Cause
are I-Cause
increasingly I-Cause
enabling O
boutique B-Effect
firms I-Effect
to I-Effect
compete I-Effect
head I-Effect
to I-Effect
head I-Effect
with I-Effect
major I-Effect
brands I-Effect
like I-Effect
InterContinental I-Effect
. O

Platforms B-Effect
like I-Effect
K-Cups I-Effect
and I-Effect
Nespresso I-Effect
should I-Effect
facilitate I-Effect
global I-Effect
channel I-Effect
diversification I-Effect
efforts I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
, O
boosted O
by O
the B-Cause
Global I-Cause
Coffee I-Cause
Alliance I-Cause
partnership I-Cause
with I-Cause
Nestle I-Cause
. O

Given B-Cause
Molson I-Cause
's I-Cause
material I-Cause
exposure I-Cause
to I-Cause
the I-Cause
former I-Cause
( O
over O
70 O
% O
of O
volume O
) O
and O
limited O
success O
in O
the O
latter O
, O
such O
a B-Effect
world I-Effect
could I-Effect
be I-Effect
a I-Effect
dystopian I-Effect
one I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

After O
2021 O
, O
we O
model B-Cause
PRA I-Cause
's I-Cause
CRO I-Cause
business I-Cause
growing I-Cause
in I-Cause
the I-Cause
low I-Cause
double I-Cause
digits I-Cause
, O
resulting O
in O
2025 B-Effect
CRO I-Effect
revenue I-Effect
of I-Effect
over I-Effect
$ I-Effect
5 I-Effect
billion I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
include I-Effect
the I-Effect
Corpus I-Effect
Christi I-Effect
Stage I-Effect
III I-Effect
modular I-Effect
train I-Effect
in I-Effect
our I-Effect
financial I-Effect
forecast I-Effect
as O
it B-Cause
has I-Cause
not I-Cause
received I-Cause
a I-Cause
final I-Cause
investment I-Cause
decision I-Cause
. O

Since O
a B-Cause
significant I-Cause
amount I-Cause
of I-Cause
a I-Cause
drug I-Cause
's I-Cause
patent I-Cause
life I-Cause
is I-Cause
allocated I-Cause
to I-Cause
development I-Cause
, O
getting B-Effect
a I-Effect
drug I-Effect
to I-Effect
market I-Effect
earlier I-Effect
is I-Effect
crucial I-Effect
to I-Effect
give I-Effect
the I-Effect
sponsor I-Effect
more I-Effect
time I-Effect
to I-Effect
monetize I-Effect
the I-Effect
asset I-Effect
. O

This B-Effect
process I-Effect
would I-Effect
be I-Effect
even I-Effect
further I-Effect
complicated I-Effect
by I-Effect
CME I-Effect
's I-Effect
model I-Effect
as O
a B-Cause
vertically I-Cause
integrated I-Cause
clearinghouse I-Cause
and I-Cause
the I-Cause
restrictiveness I-Cause
of I-Cause
futures I-Cause
contracts I-Cause
. O

We O
forecast O
modest B-Effect
margin I-Effect
expansion I-Effect
for I-Effect
the I-Effect
legacy I-Effect
business I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
IFF B-Cause
's I-Cause
product I-Cause
mix I-Cause
improves I-Cause
and I-Cause
the I-Cause
company I-Cause
harvests I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
M I-Cause
& I-Cause
A I-Cause
deals I-Cause
. O

On O
the O
generic O
sourcing O
front O
, O
between O
2010 O
and O
2018 O
, O
distributors B-Cause
and I-Cause
large I-Cause
pharmacies I-Cause
developed I-Cause
generic I-Cause
buying I-Cause
consortiums I-Cause
to O
better B-Effect
negotiate I-Effect
pricing I-Effect
with I-Effect
generic I-Effect
manufacturers I-Effect
. O

For O
example O
in O
some O
product O
sets O
, O
Qiagen B-Cause
will I-Cause
place I-Cause
an I-Cause
instrument I-Cause
in I-Cause
a I-Cause
laboratory I-Cause
, O
and O
the B-Cause
lab I-Cause
will I-Cause
agree I-Cause
to I-Cause
a I-Cause
minimum I-Cause
volume I-Cause
of I-Cause
reagent I-Cause
use I-Cause
to I-Cause
pay I-Cause
for I-Cause
the I-Cause
instrument I-Cause
and I-Cause
related I-Cause
consumables I-Cause
over I-Cause
a I-Cause
multi-year I-Cause
period I-Cause
, O
which O
adds B-Effect
to I-Effect
switching I-Effect
costs I-Effect
in I-Effect
those I-Effect
product I-Effect
niches I-Effect
. O

To O
remain B-Cause
relevant I-Cause
to I-Cause
scientists I-Cause
in I-Cause
early I-Cause
project I-Cause
phases I-Cause
, O
Waters B-Effect
must I-Effect
continue I-Effect
to I-Effect
innovate I-Effect
, O
and O
that B-Cause
ability I-Cause
to I-Cause
innovate I-Cause
contributes O
to O
its B-Effect
intangible I-Effect
assets I-Effect
in I-Effect
this I-Effect
business I-Effect
, O
as O
well O
. O

To B-Effect
service I-Effect
complex I-Effect
accounts I-Effect
, O
an B-Cause
insurance I-Cause
company I-Cause
must I-Cause
be I-Cause
able I-Cause
to I-Cause
match I-Cause
these I-Cause
unique I-Cause
and I-Cause
diverse I-Cause
risks I-Cause
with I-Cause
an I-Cause
equally I-Cause
diversified I-Cause
global I-Cause
network I-Cause
. O

Gross B-Cause
margins I-Cause
have I-Cause
taken I-Cause
a I-Cause
hit I-Cause
recently I-Cause
due B-Effect
to I-Effect
the I-Effect
consolidation I-Effect
of I-Effect
various I-Effect
finished I-Effect
goods I-Effect
businesses I-Effect
( I-Effect
like I-Effect
Fairlife I-Effect
and I-Effect
bottlers I-Effect
in I-Effect
Africa I-Effect
) I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
cost I-Effect
deleverage I-Effect
from I-Effect
COVID-19 I-Effect
disruption I-Effect
. O

A O
nearer-term O
issue O
is O
an O
industry O
shift O
toward O
bank O
account O
and O
credit O
or O
debit O
card O
funded O
transactions O
, O
but O
Western O
Union O
has O
been O
investing O
heavily O
in O
these O
areas O
, O
and O
we O
believe O
it B-Effect
has I-Effect
positioned I-Effect
itself I-Effect
to I-Effect
maintain I-Effect
its I-Effect
overall I-Effect
share I-Effect
as O
these B-Cause
methods I-Cause
grow I-Cause
in I-Cause
importance I-Cause
. O

Its O
variable B-Effect
annuities I-Effect
product I-Effect
suite I-Effect
is O
built O
around O
a O
simple B-Cause
core I-Cause
product I-Cause
strategy I-Cause
with I-Cause
a I-Cause
menu I-Cause
of I-Cause
optional I-Cause
extras I-Cause
that O
allow O
customers O
to O
pick O
and O
choose O
riders O
that O
lead O
to O
a O
product O
that O
is O
highly O
tailored O
to O
their O
needs O
. O

The B-Cause
iRules I-Cause
feature I-Cause
set I-Cause
allows I-Cause
customers I-Cause
to I-Cause
tailor I-Cause
traffic I-Cause
flow I-Cause
per I-Cause
their I-Cause
unique I-Cause
situations I-Cause
, O
and O
we O
believe O
this B-Effect
customer-centric I-Effect
approach I-Effect
helps I-Effect
keep I-Effect
F5 I-Effect
products I-Effect
engrained I-Effect
within I-Effect
networks I-Effect
. O

As O
SAP B-Cause
's I-Cause
concentration I-Cause
of I-Cause
cloud I-Cause
customers I-Cause
increases I-Cause
, O
the B-Effect
mix I-Effect
shift I-Effect
toward I-Effect
higher-margin I-Effect
cloud I-Effect
and I-Effect
software I-Effect
revenue I-Effect
should I-Effect
lead I-Effect
to I-Effect
expansion I-Effect
in I-Effect
SAP I-Effect
's I-Effect
margins I-Effect
. O

The O
risk O
for O
investors O
, O
however O
, O
is O
that O
further B-Cause
cost-cutting I-Cause
on I-Cause
RB I-Cause
's I-Cause
already I-Cause
high I-Cause
operating I-Cause
margins I-Cause
can O
not O
be O
achieved O
without O
causing O
further B-Effect
strains I-Effect
in I-Effect
the I-Effect
route-to-market I-Effect
. O

We O
believe O
customers B-Effect
are I-Effect
also I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
away I-Effect
from I-Effect
Sales I-Effect
Cloud I-Effect
because O
of O
the B-Cause
time I-Cause
, I-Cause
expense I-Cause
, I-Cause
and I-Cause
risk I-Cause
of I-Cause
implementing I-Cause
new I-Cause
applications I-Cause
and I-Cause
migrating I-Cause
data I-Cause
and I-Cause
the I-Cause
time I-Cause
, I-Cause
expense I-Cause
, I-Cause
and I-Cause
lost I-Cause
productivity I-Cause
of I-Cause
retraining I-Cause
the I-Cause
workforce I-Cause
on I-Cause
a I-Cause
new I-Cause
platform I-Cause
. O

We O
expect O
the B-Effect
mobile I-Effect
segment I-Effect
to I-Effect
grow I-Effect
10 I-Effect
% I-Effect
, O
as O
the B-Cause
decline I-Cause
of I-Cause
Candy I-Cause
Crush I-Cause
Saga I-Cause
is I-Cause
offset I-Cause
by I-Cause
growth I-Cause
from I-Cause
new I-Cause
King I-Cause
Digital I-Cause
properties I-Cause
, I-Cause
the I-Cause
reintroduction I-Cause
of I-Cause
third-party I-Cause
ads I-Cause
, I-Cause
and I-Cause
Activision/Blizzard I-Cause
mobile I-Cause
efforts I-Cause
. O

Finally O
, O
in O
an O
extreme O
bear O
case O
, O
we O
believe O
the B-Effect
weakness I-Effect
in I-Effect
servicing I-Effect
fees I-Effect
would O
be O
partially O
offset O
by O
higher B-Cause
volatility-driven I-Cause
foreign I-Cause
exchange I-Cause
trading I-Cause
services I-Cause
and I-Cause
securities I-Cause
finance I-Cause
revenue I-Cause
. O

We O
expect O
the B-Effect
segment I-Effect
to I-Effect
see I-Effect
mid-single-digit I-Effect
growth I-Effect
long I-Effect
term I-Effect
, I-Effect
recovering I-Effect
after I-Effect
a I-Effect
low-double-digit I-Effect
dip I-Effect
in I-Effect
2020 I-Effect
as O
the B-Cause
industrial I-Cause
economy I-Cause
normalizes I-Cause
. O

The B-Cause
firm I-Cause
also I-Cause
has I-Cause
product I-Cause
governance I-Cause
risk I-Cause
exposure I-Cause
from I-Cause
potential I-Cause
vehicle I-Cause
safety I-Cause
recalls I-Cause
which O
have O
increased B-Effect
compliance I-Effect
scrutiny I-Effect
from I-Effect
various I-Effect
governments I-Effect
' I-Effect
safety I-Effect
regulations I-Effect
. O

Owing O
to O
its B-Cause
category I-Cause
leadership I-Cause
across I-Cause
snacks I-Cause
and I-Cause
beverages I-Cause
, O
Pepsi B-Cause
is I-Cause
often I-Cause
viewed I-Cause
as I-Cause
a I-Cause
strategic I-Cause
partner I-Cause
by I-Cause
retailers I-Cause
, O
helping B-Effect
to I-Effect
incubate I-Effect
strategies I-Effect
to I-Effect
increase I-Effect
overall I-Effect
category I-Effect
value I-Effect
. O

This O
has O
helped O
Microsoft O
Server O
become O
the O
path O
of O
least O
resistance O
for O
CIOs O
and O
IT O
managers O
as O
well O
: O
a B-Cause
larger I-Cause
installed I-Cause
base I-Cause
attracts I-Cause
developers I-Cause
, O
which O
in O
turn O
attracts B-Effect
more I-Effect
customers I-Effect
. O

Therefore O
, O
the B-Cause
exchange I-Cause
's I-Cause
clearinghouse I-Cause
must I-Cause
stand I-Cause
between I-Cause
the I-Cause
buyer I-Cause
and I-Cause
seller I-Cause
in I-Cause
order I-Cause
to I-Cause
limit I-Cause
the I-Cause
risk I-Cause
of I-Cause
a I-Cause
counterparty I-Cause
failing I-Cause
to I-Cause
fulfill I-Cause
its I-Cause
end I-Cause
of I-Cause
the I-Cause
contract I-Cause
by I-Cause
default. O
Therefore O
, O
with B-Effect
derivatives I-Effect
and I-Effect
futures I-Effect
products I-Effect
, I-Effect
after I-Effect
achieving I-Effect
liquidity I-Effect
, I-Effect
one I-Effect
exchange I-Effect
will I-Effect
become I-Effect
the I-Effect
dominant I-Effect
home I-Effect
to I-Effect
trade I-Effect
a I-Effect
particular I-Effect
product I-Effect
. O

Our B-Effect
2029 I-Effect
operating I-Effect
margin I-Effect
forecast I-Effect
is I-Effect
for I-Effect
roughly I-Effect
4.6 I-Effect
% I-Effect
, O
supported O
by O
gross B-Effect
margin I-Effect
gains I-Effect
( O
which O
reach O
37 O
% O
, O
below O
the O
above O
38 O
% O
corporate O
goal O
) O
from O
a B-Cause
greater I-Cause
focus I-Cause
on I-Cause
private I-Cause
label I-Cause
, O
including O
the O
introduction O
of O
10 O
new O
owned O
brands O
. O

This B-Cause
rapidly I-Cause
growing I-Cause
subscriber I-Cause
base I-Cause
( I-Cause
over I-Cause
130 I-Cause
million I-Cause
worldwide I-Cause
) I-Cause
creates I-Cause
a I-Cause
humongous I-Cause
data I-Cause
set I-Cause
that I-Cause
Netflix I-Cause
mines I-Cause
in I-Cause
order I-Cause
to I-Cause
better I-Cause
purchase I-Cause
and I-Cause
create I-Cause
content. O
This O
new O
content O
not B-Effect
only I-Effect
strengthens I-Effect
its I-Effect
relationship I-Effect
with I-Effect
its I-Effect
current I-Effect
customers I-Effect
, I-Effect
but I-Effect
also I-Effect
attracts I-Effect
new I-Effect
customers I-Effect
via I-Effect
word I-Effect
of I-Effect
mouth I-Effect
and I-Effect
the I-Effect
halo I-Effect
effect I-Effect
from I-Effect
critical I-Effect
acclaim I-Effect
and I-Effect
award I-Effect
nominations I-Effect
. O

In O
a O
power O
plant O
, O
failure B-Cause
to I-Cause
adequately I-Cause
transfer I-Cause
power I-Cause
in I-Cause
a I-Cause
safe I-Cause
manner I-Cause
can O
result O
in O
power B-Effect
outages I-Effect
for I-Effect
large I-Effect
swaths I-Effect
of I-Effect
a I-Effect
community I-Effect
, I-Effect
or I-Effect
overcurrent B-Cause
could I-Effect
cause I-Effect
fires B-Effect
and I-Effect
damage I-Effect
to I-Effect
vital I-Effect
electrical I-Effect
infrastructure I-Effect
. O

Those B-Cause
firms I-Cause
also I-Cause
are I-Cause
particularly I-Cause
vulnerable I-Cause
to I-Cause
various I-Cause
hacking I-Cause
and I-Cause
security I-Cause
threats I-Cause
, O
which O
left O
an O
opportunity O
for O
Akamai B-Effect
to I-Effect
offer I-Effect
security I-Effect
products I-Effect
. O

That O
said O
, O
the O
company O
has O
been O
cutting O
costs O
amid O
the O
low O
oil O
price O
environment O
since O
2014 O
, O
and O
we O
think O
CNOOC B-Effect
will I-Effect
remain I-Effect
profitable I-Effect
going I-Effect
forward I-Effect
following O
the B-Cause
recovery I-Cause
in I-Cause
oil I-Cause
prices I-Cause
and I-Cause
given I-Cause
its I-Cause
low I-Cause
all-in I-Cause
cost I-Cause
of I-Cause
below I-Cause
$ I-Cause
40 I-Cause
per I-Cause
barrel I-Cause
. O

We O
anticipate O
some B-Cause
margin I-Cause
compression I-Cause
in I-Cause
the I-Cause
medium I-Cause
term I-Cause
, O
leading O
to O
a B-Effect
normalized I-Effect
segment I-Effect
margin I-Effect
of I-Effect
11.4 I-Effect
% I-Effect
, I-Effect
below I-Effect
the I-Effect
previous I-Effect
five-year I-Effect
average I-Effect
of I-Effect
11.6 I-Effect
% I-Effect
. O

While O
the O
races O
and O
practices O
do O
burn O
fuel O
, O
the B-Effect
amount I-Effect
is I-Effect
dwarfed I-Effect
by I-Effect
the I-Effect
amount I-Effect
consumed I-Effect
by I-Effect
the I-Effect
transportation I-Effect
between I-Effect
races I-Effect
as O
the B-Cause
larger I-Cause
teams I-Cause
can I-Cause
have I-Cause
up I-Cause
to I-Cause
100 I-Cause
personnel I-Cause
and I-Cause
50 I-Cause
tons I-Cause
of I-Cause
cargo I-Cause
shipped I-Cause
for I-Cause
each I-Cause
race I-Cause
. O

If B-Cause
regulatory I-Cause
requirements I-Cause
become I-Cause
less I-Cause
stringent I-Cause
, O
demand B-Effect
for I-Effect
West I-Effect
's I-Effect
consulting-like I-Effect
services I-Effect
could I-Effect
decline I-Effect
, I-Effect
and I-Effect
pharmaceutical I-Effect
companies I-Effect
could I-Effect
bring I-Effect
some I-Effect
primary I-Effect
packaging I-Effect
design I-Effect
and I-Effect
production I-Effect
in-house I-Effect
. O

Along O
the O
same O
lines O
, O
if B-Cause
OCC I-Cause
prices I-Cause
remain I-Cause
low I-Cause
, O
the B-Effect
relative I-Effect
cost I-Effect
position I-Effect
of I-Effect
manufacturers I-Effect
with I-Effect
a I-Effect
higher I-Effect
recycled I-Effect
mix I-Effect
would I-Effect
improve I-Effect
. O

As O
a O
result O
of O
the B-Cause
strong I-Cause
network I-Cause
effect I-Cause
, O
Expedia B-Effect
and I-Effect
Booking I-Effect
each I-Effect
have I-Effect
around I-Effect
30 I-Effect
% I-Effect
share I-Effect
of I-Effect
the I-Effect
global I-Effect
online I-Effect
travel I-Effect
agency I-Effect
booking I-Effect
market I-Effect
. O

In O
2020 O
, O
the O
firm O
invested O
in O
the O
Kylie O
and O
KKW O
beauty O
brands O
, O
founded O
by O
celebrities O
Kylie O
Jenner O
and O
Kim O
Kardashian O
West O
, O
but O
we O
think O
it B-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
build I-Effect
sustainable I-Effect
brand I-Effect
equities I-Effect
as O
celebrity B-Cause
popularity I-Cause
tends I-Cause
to I-Cause
ebb I-Cause
and I-Cause
flow I-Cause
. O

Further O
, O
the O
company O
has O
increased O
opportunity O
to O
assist O
with O
the O
evolving O
reimbursement O
policies O
, O
but O
we O
do O
view O
risk O
in O
the B-Effect
ability I-Effect
to I-Effect
stem I-Effect
the I-Effect
loss I-Effect
of I-Effect
certain I-Effect
of I-Effect
the I-Effect
more I-Effect
commoditized I-Effect
services I-Effect
with O
the O
push O
for O
increased B-Cause
interoperability I-Cause
between I-Cause
all I-Cause
electronic I-Cause
medical I-Cause
records I-Cause
and I-Cause
uncertainty I-Cause
in I-Cause
future I-Cause
reimbursement I-Cause
trends I-Cause
. O

However O
, O
the B-Cause
pandemic I-Cause
also O
accelerated B-Effect
the I-Effect
broader I-Effect
e-commerce I-Effect
shift I-Effect
( O
likely O
by O
many O
years O
) O
, O
and O
heavy B-Cause
online I-Cause
fulfullment I-Cause
demand I-Cause
drove O
a B-Effect
massive I-Effect
surge I-Effect
in I-Effect
UPS I-Effect
' I-Effect
B2C I-Effect
package I-Effect
volumes I-Effect
. O

People B-Effect
are I-Effect
often I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
advisors I-Effect
because O
of O
their B-Cause
relationships I-Cause
with I-Cause
them I-Cause
, O
uncertainty B-Cause
about I-Cause
the I-Cause
potential I-Cause
cost/benefit I-Cause
trade-off I-Cause
, O
and O
inertia B-Cause
with I-Cause
financial I-Cause
management I-Cause
decision-making I-Cause
. O

Overall O
, O
FedEx O
, O
UPS O
, O
and O
DHL O
Express O
dominate O
the O
global O
parcel O
shipping O
landscape O
( O
FDX O
and O
UPS O
in O
the O
U.S. O
, O
DHL O
in O
Europe O
) O
, O
and O
the B-Cause
networks I-Cause
these I-Cause
providers I-Cause
have I-Cause
erected I-Cause
constitute O
formidable B-Effect
barriers I-Effect
to I-Effect
entry I-Effect
. O

The B-Cause
combination I-Cause
of I-Cause
competitive I-Cause
pricing I-Cause
, I-Cause
unparalleled I-Cause
logistics I-Cause
capabilities I-Cause
and I-Cause
speed I-Cause
, I-Cause
and I-Cause
high-level I-Cause
customer I-Cause
service I-Cause
makes O
Amazon B-Effect
an I-Effect
increasingly I-Effect
vital I-Effect
distribution I-Effect
channel I-Effect
for I-Effect
consumer I-Effect
brands I-Effect
( O
especially O
in O
light O
of O
COVID-19 O
operating O
restrictions O
hindering O
physical O
retailers O
) O
. O

Thus O
, O
any B-Cause
delays I-Cause
or I-Cause
reduced I-Cause
demand I-Cause
, O
perhaps O
due O
to O
ongoing B-Cause
COVID-19 I-Cause
weakness I-Cause
, O
from O
international O
markets O
, O
particularly O
important O
petrochemicals O
markets O
such O
as O
India O
or O
China O
would O
have O
a B-Effect
materially I-Effect
negative I-Effect
effect I-Effect
on I-Effect
Enterprise I-Effect
's I-Effect
earnings I-Effect
. O

We O
currently O
assume O
an B-Cause
in-service I-Cause
date I-Cause
of I-Cause
late I-Cause
2021 I-Cause
for I-Cause
MVP I-Cause
and I-Cause
a I-Cause
capital I-Cause
cost I-Cause
of I-Cause
$ I-Cause
5.9 I-Cause
billion. O
As O
a O
result O
, O
our B-Effect
overall I-Effect
adjusted I-Effect
EBITDA I-Effect
( I-Effect
which I-Effect
includes I-Effect
equity I-Effect
income I-Effect
from I-Effect
MVP I-Effect
but I-Effect
excludes I-Effect
the I-Effect
deferred I-Effect
revenue I-Effect
associated I-Effect
with I-Effect
the I-Effect
latest I-Effect
EQT I-Effect
contracts I-Effect
) I-Effect
increases I-Effect
to I-Effect
$ I-Effect
1.7 I-Effect
billion I-Effect
in I-Effect
2025 I-Effect
compared I-Effect
with I-Effect
$ I-Effect
1.16 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
. O

There O
is O
a O
long-term O
risk O
that O
policymakers O
will O
move O
retail B-Effect
customers I-Effect
away I-Effect
from I-Effect
gas I-Effect
heating I-Effect
, O
but O
we O
think O
that O
's O
unlikely O
in O
the O
near O
future O
given O
the B-Cause
technical I-Cause
and I-Cause
economic I-Cause
hurdles I-Cause
in I-Cause
the I-Cause
colder I-Cause
climate I-Cause
where I-Cause
CMS I-Cause
operates I-Cause
. O

Strict B-Cause
pharmaceutical I-Cause
regulations I-Cause
create O
high B-Effect
stickiness I-Effect
, O
and O
customers O
are O
unlikely O
to O
reopen O
drug O
patents O
to O
switch O
suppliers O
for O
relatively O
low-cost O
packaging O
components O
. O

While O
we O
forecast O
a B-Effect
35 I-Effect
% I-Effect
decline I-Effect
in I-Effect
sales I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
virus I-Cause
, O
we O
expect O
34 B-Effect
% I-Effect
sales I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
economy I-Cause
improves I-Cause
and I-Cause
more I-Cause
Rack I-Cause
stores I-Cause
open I-Cause
. O

Third O
, O
NICE B-Cause
also I-Cause
provides I-Cause
powerful I-Cause
analytics I-Cause
and I-Cause
robotic I-Cause
process I-Cause
automation I-Cause
( I-Cause
RPA I-Cause
) I-Cause
services I-Cause
that O
increase B-Effect
its I-Effect
platform I-Effect
's I-Effect
value I-Effect
proposition I-Effect
for I-Effect
businesses I-Effect
. O

Especially O
considering O
younger B-Cause
customers I-Cause
' I-Cause
embrace I-Cause
of I-Cause
social I-Cause
media I-Cause
, O
we O
anticipate O
the B-Effect
expenditures I-Effect
needed I-Effect
to I-Effect
reach I-Effect
such I-Effect
shoppers I-Effect
is I-Effect
falling I-Effect
, I-Effect
as I-Effect
more I-Effect
expensive I-Effect
traditional I-Effect
media I-Effect
continues I-Effect
to I-Effect
cede I-Effect
ground I-Effect
to I-Effect
digital I-Effect
alternatives I-Effect
. O

Although O
we O
acknowledge O
that O
the O
structural O
barriers O
to O
entry O
and O
switching O
costs O
are O
not O
as O
high O
in O
the O
prevention O
and O
rehabilitation O
business O
, O
we O
still O
think O
that O
Colfax B-Effect
enjoys I-Effect
a I-Effect
meaningful I-Effect
competitive I-Effect
advantage I-Effect
thanks O
to O
its B-Cause
recognized I-Cause
brand I-Cause
names I-Cause
, I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
, I-Cause
and I-Cause
leading I-Cause
market I-Cause
share I-Cause
globally I-Cause
. O

Perhaps O
more O
importantly O
, O
the B-Cause
ability I-Cause
to I-Cause
drive I-Cause
sales I-Cause
volume I-Cause
growth I-Cause
has O
improved B-Effect
Domino I-Effect
's I-Effect
cost I-Effect
picture I-Effect
, I-Effect
with I-Effect
incremental I-Effect
sales I-Effect
offering I-Effect
leverage I-Effect
over I-Effect
largely I-Effect
fixed I-Effect
expenses I-Effect
such O
as O
payroll O
and O
occupancy O
costs O
. O

Despite O
this O
strength O
, O
the B-Effect
observation I-Effect
deck I-Effect
has I-Effect
recently I-Effect
seen I-Effect
declining I-Effect
visitor I-Effect
counts I-Effect
stemming O
from O
flailing B-Cause
international I-Cause
tourist I-Cause
demand I-Cause
, I-Cause
competition I-Cause
from I-Cause
newer I-Cause
observation I-Cause
decks I-Cause
, I-Cause
and I-Cause
an I-Cause
increase I-Cause
in I-Cause
bad-weather I-Cause
days I-Cause
, I-Cause
with I-Cause
the I-Cause
outbreak I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
further I-Cause
compounding I-Cause
its I-Cause
issues I-Cause
. O

In O
our O
view O
, O
revenue B-Effect
growth I-Effect
will O
be O
driven O
by O
new B-Cause
logo I-Cause
wins I-Cause
and I-Cause
upsell I-Cause
of I-Cause
additional I-Cause
solutions I-Cause
based O
on O
the O
Aspen O
core O
platform O
release O
. O

Larger O
customers O
are O
usually O
stickier O
, O
as O
it B-Effect
would I-Effect
be I-Effect
more I-Effect
operationally I-Effect
invasive I-Effect
for I-Effect
them I-Effect
to I-Effect
rip I-Effect
out I-Effect
a I-Effect
large-scale I-Effect
contact I-Effect
center I-Effect
or I-Effect
compliance I-Effect
solution I-Effect
given O
that O
they B-Cause
are I-Cause
more I-Cause
likely I-Cause
to I-Cause
utilize I-Cause
a I-Cause
greater I-Cause
amount I-Cause
of I-Cause
software I-Cause
solutions I-Cause
that I-Cause
are I-Cause
highly I-Cause
integrated I-Cause
with I-Cause
company I-Cause
operations I-Cause
. O

Periods B-Cause
of I-Cause
prolonged I-Cause
low I-Cause
oil I-Cause
prices I-Cause
weaken I-Cause
returns I-Cause
on I-Cause
capital I-Cause
, O
and O
new B-Effect
oil I-Effect
and I-Effect
gas I-Effect
projects I-Effect
would I-Effect
be I-Effect
unlikely I-Effect
to I-Effect
generate I-Effect
their I-Effect
projected I-Effect
economic I-Effect
results I-Effect
. O

Both B-Cause
of I-Cause
these I-Cause
industries I-Cause
are I-Cause
running I-Cause
processes I-Cause
24/7 I-Cause
and I-Cause
in I-Cause
potentially I-Cause
dangerous I-Cause
environments I-Cause
, O
and O
therefore O
tend B-Effect
to I-Effect
be I-Effect
very I-Effect
conservative I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
picking I-Effect
suppliers I-Effect
. O

Finally O
, O
supplying O
products O
into O
these O
markets O
, O
particularly O
aviation O
, O
comes O
with O
significant B-Effect
risks I-Effect
if O
the B-Cause
firm I-Cause
's I-Cause
products I-Cause
are I-Cause
found I-Cause
to I-Cause
malfunction I-Cause
. O

If O
demand B-Cause
for I-Cause
third-party I-Cause
data I-Cause
centers I-Cause
weakens I-Cause
for I-Cause
any I-Cause
reason I-Cause
, O
Digital B-Effect
would I-Effect
find I-Effect
itself I-Effect
with I-Effect
too I-Effect
much I-Effect
capacity I-Effect
and I-Effect
a I-Effect
weakened I-Effect
cost I-Effect
profile I-Effect
. O

Through O
its B-Cause
proxy I-Cause
and I-Cause
interim I-Cause
communication I-Cause
business I-Cause
, O
Broadridge B-Effect
has I-Effect
developed I-Effect
mailing I-Effect
, I-Effect
technology I-Effect
, I-Effect
and I-Effect
processing I-Effect
capabilities I-Effect
and I-Effect
has I-Effect
leveraged I-Effect
this I-Effect
to I-Effect
other I-Effect
offerings I-Effect
. O

While O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
has O
brought B-Effect
steep I-Effect
declines I-Effect
to I-Effect
automotive I-Effect
production I-Effect
and I-Effect
wireless I-Effect
network I-Effect
buildouts I-Effect
, O
we O
expect O
the O
firm O
's O
revenue O
from O
its O
automotive O
and O
mobile O
networks O
verticals O
to O
rebound O
strongly O
in O
2021 O
and O
beyond O
. O

We O
expect O
the B-Cause
retail I-Cause
customer I-Cause
's I-Cause
need I-Cause
for I-Cause
guidance I-Cause
to O
help O
forestall O
significant B-Effect
entry I-Effect
by I-Effect
nontraditional I-Effect
, I-Effect
digital I-Effect
retailers I-Effect
( I-Effect
like I-Effect
Amazon I-Effect
) I-Effect
into I-Effect
the I-Effect
hard-parts I-Effect
DIY I-Effect
space I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

Notably O
, O
IQVIA B-Cause
, I-Cause
with I-Cause
its I-Cause
top-tier I-Cause
technology I-Cause
and I-Cause
head I-Cause
start I-Cause
in I-Cause
real-world I-Cause
evidence I-Cause
, O
is B-Effect
positioned I-Effect
to I-Effect
deftly I-Effect
adapt I-Effect
to I-Effect
a I-Effect
changing I-Effect
regulatory I-Effect
landscape I-Effect
. O

Turning B-Cause
their I-Cause
attention I-Cause
to I-Cause
scale I-Cause
to I-Cause
combat I-Cause
float I-Cause
and I-Cause
expenses I-Cause
, O
the B-Effect
leadership I-Effect
looked I-Effect
for I-Effect
growth I-Effect
and I-Effect
found I-Effect
the I-Effect
most I-Effect
similarities I-Effect
with I-Effect
the I-Effect
excess I-Effect
layer I-Effect
segment I-Effect
in I-Effect
primary I-Effect
lead I-Effect
. O

We O
think O
CoreSite B-Cause
's I-Cause
focus I-Cause
on I-Cause
this I-Cause
connection I-Cause
niche I-Cause
insulates I-Cause
it B-Effect
from I-Effect
the I-Effect
broader I-Effect
data I-Effect
center I-Effect
leasing I-Effect
industry I-Effect
and I-Effect
preserves I-Effect
a I-Effect
nearly I-Effect
ironclad I-Effect
network I-Effect
effect I-Effect
. I-Effect

We O
believe O
the B-Cause
broader I-Cause
assortment I-Cause
contributes O
to O
Kroger B-Effect
's I-Effect
greater I-Effect
sales I-Effect
productivity I-Effect
, O
at O
more O
than O
$ O
700 O
in O
sales O
per O
supermarket O
square O
foot O
versus O
Sprouts O
' O
roughly O
$ O
640 O
in O
fiscal O
2020 O
. O

The B-Effect
firm I-Effect
has I-Effect
benefited I-Effect
from I-Effect
strong I-Effect
PC I-Effect
gaming I-Effect
momentum I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
as O
gamers B-Cause
shift I-Cause
from I-Cause
consoles I-Cause
to I-Cause
PC I-Cause
gaming I-Cause
. O

We O
are O
maintaining B-Effect
our I-Effect
average I-Effect
gross I-Effect
margin I-Effect
of I-Effect
40 I-Effect
% I-Effect
) I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
as O
we O
expect O
strategic B-Cause
changes I-Cause
at I-Cause
VS I-Cause
to I-Cause
stabilize I-Cause
demand I-Cause
and I-Cause
innovation I-Cause
at I-Cause
BBW I-Cause
to I-Cause
permit I-Cause
pricing I-Cause
power I-Cause
. O

Customers B-Cause
tend I-Cause
to I-Cause
exhibit I-Cause
Specialty I-Cause
Industrial I-Cause
Machinerylittle I-Cause
brand I-Cause
loyalty I-Cause
and O
thus O
there B-Effect
is I-Effect
no I-Effect
pricing I-Effect
power I-Effect
, I-Effect
with I-Effect
all I-Effect
premium I-Effect
players I-Effect
' I-Effect
tools I-Effect
typically I-Effect
being I-Effect
present I-Effect
at I-Effect
their I-Effect
customers I-Effect
manufacturing I-Effect
sites I-Effect
. O

Jude B-Cause
's I-Cause
heart-focused I-Cause
portfolio I-Cause
( O
along O
with O
smaller O
tuck-ins O
) O
significantly O
broadens B-Effect
Abbott I-Effect
's I-Effect
cardiac I-Effect
device I-Effect
product I-Effect
offering I-Effect
, O
raising B-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
compete I-Effect
as I-Effect
hospital I-Effect
clients I-Effect
seek I-Effect
to I-Effect
winnow I-Effect
suppliers I-Effect
. I-Effect

After O
the O
pandemic O
subsides O
, O
volume B-Effect
leverage I-Effect
should I-Effect
manifest I-Effect
slowly I-Effect
as O
on-premises B-Cause
beer I-Cause
consumption I-Cause
recovers I-Cause
and I-Cause
management I-Cause
executes I-Cause
more I-Cause
meaningfully I-Cause
against I-Cause
its I-Cause
innovation I-Cause
pipeline I-Cause
. O

Finally O
, O
Google B-Cause
has I-Cause
partnered I-Cause
with I-Cause
Sabre I-Cause
to I-Cause
help I-Cause
develop I-Cause
cloud-based I-Cause
infrastructure I-Cause
and I-Cause
product I-Cause
innovation I-Cause
, O
which O
offers B-Effect
another I-Effect
sign I-Effect
that I-Effect
the I-Effect
search I-Effect
engine I-Effect
giant I-Effect
appears I-Effect
to I-Effect
have I-Effect
no I-Effect
plans I-Effect
to I-Effect
compete I-Effect
directly I-Effect
with I-Effect
GDS I-Effect
operators I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
reliance I-Cause
on I-Cause
organic I-Cause
developments I-Cause
could O
hinder O
it B-Effect
against I-Effect
competitors I-Effect
that I-Effect
more I-Effect
readily I-Effect
use I-Effect
acquisitions I-Effect
to I-Effect
gain I-Effect
the I-Effect
latest I-Effect
trends I-Effect
in I-Effect
cybersecurity I-Effect
threat I-Effect
prevention I-Effect
. O

In O
many O
ways O
, O
Canadian B-Cause
regulation I-Cause
makes I-Cause
it I-Cause
more I-Cause
difficult I-Cause
for I-Cause
banks I-Cause
to I-Cause
issue I-Cause
bad I-Cause
credit I-Cause
, I-Cause
including I-Cause
mandatory I-Cause
insurance I-Cause
and I-Cause
standards I-Cause
on I-Cause
riskier I-Cause
mortgage I-Cause
loans I-Cause
, I-Cause
not I-Cause
having I-Cause
a I-Cause
GSE I-Cause
like I-Cause
government I-Cause
subsidized I-Cause
mortgage I-Cause
securitization I-Cause
market I-Cause
, O
and O
forcing B-Effect
banks I-Effect
to I-Effect
hold I-Effect
more I-Effect
of I-Effect
the I-Effect
risk I-Effect
on I-Effect
their I-Effect
own I-Effect
balance I-Effect
sheets I-Effect
. O

We B-Effect
have I-Effect
lowered I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
58 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
60 I-Effect
, O
as O
lower B-Cause
near-term I-Cause
demand I-Cause
is I-Cause
mitigated I-Cause
by I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

Overall O
, O
Nice B-Cause
's I-Cause
healthy I-Cause
user I-Cause
metrics I-Cause
with I-Cause
a I-Cause
strong I-Cause
predictable I-Cause
revenue I-Cause
stream I-Cause
, I-Cause
high I-Cause
retention I-Cause
, I-Cause
large I-Cause
enterprise I-Cause
adoption I-Cause
, I-Cause
and I-Cause
public I-Cause
safety I-Cause
usage I-Cause
point I-Cause
toward O
strong B-Effect
switching I-Effect
costs I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

The B-Effect
paper I-Effect
and I-Effect
industrial I-Effect
converted I-Effect
segment I-Effect
is I-Effect
likely I-Effect
to I-Effect
experience I-Effect
low-single-digit I-Effect
growth I-Effect
and I-Effect
some I-Effect
operating I-Effect
margin I-Effect
contraction I-Effect
due O
to O
long-term B-Cause
containerboard I-Cause
price I-Cause
compression I-Cause
. O

The B-Cause
rising I-Cause
cost I-Cause
of I-Cause
living I-Cause
in I-Cause
New I-Cause
York I-Cause
City I-Cause
could O
also O
hamper O
the B-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
seek I-Effect
rate I-Effect
increases I-Effect
. O

Some O
manufacturers O
have O
regulatory O
approvals O
for O
device B-Cause
sterilization I-Cause
in I-Cause
specific I-Cause
Steris I-Cause
sterilization I-Cause
chambers I-Cause
and O
, O
therefore O
, O
switching B-Effect
to I-Effect
another I-Effect
provider I-Effect
is O
n't O
practically O
possible O
in O
the O
near O
term O
. O

We B-Effect
forecast I-Effect
total I-Effect
annual I-Effect
room I-Effect
growth I-Effect
of I-Effect
3.6 I-Effect
% I-Effect
for I-Effect
2020-29 I-Effect
, O
driven O
by O
high-single-digit B-Cause
unit I-Cause
growth I-Cause
in I-Cause
China I-Cause
, I-Cause
a I-Cause
low-single-digit I-Cause
lift I-Cause
in I-Cause
Europe I-Cause
, I-Cause
Middle I-Cause
East I-Cause
, I-Cause
and I-Cause
Africa I-Cause
, I-Cause
and I-Cause
Asia I-Cause
, I-Cause
and I-Cause
low-single-digit I-Cause
growth I-Cause
in I-Cause
the I-Cause
Americas I-Cause
, O
supported O
by O
a B-Cause
pipeline I-Cause
that I-Cause
represents I-Cause
32 I-Cause
% I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
existing I-Cause
room I-Cause
base I-Cause
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Lincoln I-Effect
Electric I-Effect
to I-Effect
$ I-Effect
115 I-Effect
from I-Effect
$ I-Effect
107 I-Effect
per I-Effect
share I-Effect
after O
the B-Cause
company I-Cause
reported I-Cause
strong I-Cause
first-quarter I-Cause
earnings I-Cause
results I-Cause
, O
as O
its O
adjusted O
EPS O
of O
$ O
1.37 O
easily O
beat O
the O
FactSet O
consensus O
estimate O
of O
$ O
1.18 O
. O

Azure B-Effect
also I-Effect
is I-Effect
an I-Effect
excellent I-Effect
launching I-Effect
point I-Effect
for I-Effect
secular I-Effect
trends I-Effect
in I-Effect
AI I-Effect
, I-Effect
business I-Effect
intelligence I-Effect
and I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
, O
as O
it B-Cause
continues I-Cause
to I-Cause
launch I-Cause
new I-Cause
services I-Cause
centered I-Cause
around I-Cause
these I-Cause
broad I-Cause
themes I-Cause
. O

As O
a O
result O
of O
a B-Cause
fragmented I-Cause
industry I-Cause
structure I-Cause
, I-Cause
high I-Cause
volatility I-Cause
, I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
large I-Cause
losses I-Cause
on I-Cause
individual I-Cause
projects I-Cause
, O
it B-Effect
is I-Effect
difficult I-Effect
for I-Effect
E I-Effect
& I-Effect
amp I-Effect
; I-Effect
C I-Effect
firms I-Effect
to I-Effect
sustain I-Effect
consistently I-Effect
attractive I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
throughout I-Effect
the I-Effect
economic I-Effect
cycle I-Effect
. O

Landstar B-Cause
's I-Cause
customer I-Cause
base I-Cause
of I-Cause
more I-Cause
than I-Cause
30,000 I-Cause
shippers I-Cause
allows I-Cause
for I-Cause
significant I-Cause
buying I-Cause
power. O
As O
a O
result O
, O
the B-Effect
company I-Effect
can I-Effect
usually I-Effect
procure I-Effect
capacity I-Effect
more I-Effect
efficiently I-Effect
and I-Effect
at I-Effect
lower I-Effect
rates I-Effect
than I-Effect
shippers I-Effect
could I-Effect
generally I-Effect
obtain I-Effect
directly I-Effect
with I-Effect
carriers I-Effect
. O

Farmers B-Cause
are I-Cause
becoming I-Cause
more I-Cause
sophisticated I-Cause
, I-Cause
realizing I-Cause
the I-Cause
benefits I-Cause
of I-Cause
the I-Cause
most I-Cause
advanced I-Cause
equipment I-Cause
and I-Cause
the I-Cause
latest I-Cause
in I-Cause
digital I-Cause
technology. O
This O
is O
one O
reason O
we O
believe O
that O
the B-Effect
agricultural I-Effect
equipment I-Effect
division I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
produce I-Effect
an I-Effect
average I-Effect
9.5 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
between I-Effect
2011 I-Effect
and I-Effect
2019 I-Effect
. O

We B-Effect
model I-Effect
18 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, I-Effect
up I-Effect
significantly I-Effect
from I-Effect
our I-Effect
prior I-Effect
projection I-Effect
of I-Effect
5 I-Effect
% I-Effect
, O
as B-Cause
5G I-Cause
RF I-Cause
content I-Cause
gains I-Cause
within I-Cause
wireless I-Cause
infrastructure I-Cause
equipment I-Cause
and I-Cause
smartphones I-Cause
will I-Cause
be I-Cause
more I-Cause
than I-Cause
offset I-Cause
by I-Cause
slower I-Cause
smartphone I-Cause
unit I-Cause
sales I-Cause
associated I-Cause
with I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

Going O
forward O
, O
the B-Cause
events I-Cause
of I-Cause
the I-Cause
past I-Cause
year I-Cause
appear I-Cause
to I-Cause
have I-Cause
acted I-Cause
as I-Cause
an I-Cause
additional I-Cause
spur I-Cause
to I-Cause
pricing I-Cause
, O
which O
could O
improve B-Effect
the I-Effect
outlook I-Effect
for I-Effect
industry I-Effect
profitabilty I-Effect
going I-Effect
forward I-Effect
. O

We B-Effect
project I-Effect
sponsorship I-Effect
revenue I-Effect
in I-Effect
2021 I-Effect
will I-Effect
still I-Effect
be I-Effect
31 I-Effect
% I-Effect
below I-Effect
2019 I-Effect
because O
of O
the B-Cause
lower I-Cause
number I-Cause
of I-Cause
events I-Cause
, I-Cause
cancellation I-Cause
of I-Cause
many I-Cause
festivals I-Cause
, I-Cause
and I-Cause
lower I-Cause
ad I-Cause
spending I-Cause
. O

We O
believe O
that O
ING B-Effect
has I-Effect
a I-Effect
material I-Effect
funding I-Effect
advantage I-Effect
that O
comes O
primarily O
from O
its B-Cause
strong I-Cause
competitive I-Cause
position I-Cause
in I-Cause
Dutch I-Cause
retail I-Cause
banking I-Cause
. O

Since O
TransDigm B-Cause
faces I-Cause
no I-Cause
competition I-Cause
for I-Cause
spare I-Cause
parts I-Cause
in I-Cause
the I-Cause
markets I-Cause
it I-Cause
serves I-Cause
and I-Cause
airlines I-Cause
need I-Cause
to I-Cause
have I-Cause
properly I-Cause
maintained I-Cause
aircraft I-Cause
to I-Cause
perform I-Cause
the I-Cause
core I-Cause
function I-Cause
of I-Cause
their I-Cause
business I-Cause
, O
they B-Effect
often I-Effect
have I-Effect
little I-Effect
choice I-Effect
but I-Effect
to I-Effect
accept I-Effect
TransDigm I-Effect
's I-Effect
prices I-Effect
. O

Significant B-Cause
procyclical I-Cause
expansions I-Cause
in I-Cause
the I-Cause
boom I-Cause
and I-Cause
the I-Cause
abysmal I-Cause
acquisition I-Cause
of I-Cause
Alcan I-Cause
diluted B-Effect
returns I-Effect
to I-Effect
the I-Effect
point I-Effect
where I-Effect
Rio I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
earn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
particularly I-Effect
in I-Effect
a I-Effect
post-China-boom I-Effect
world I-Effect
. O

While O
we O
do O
view O
the B-Effect
banking I-Effect
sector I-Effect
as I-Effect
intensely I-Effect
competitive I-Effect
, O
we O
note O
that O
the B-Cause
largest I-Cause
banks I-Cause
by I-Cause
asset I-Cause
size I-Cause
have I-Cause
generally I-Cause
been I-Cause
able I-Cause
to I-Cause
earn I-Cause
higher I-Cause
returns I-Cause
on I-Cause
equity I-Cause
for O
the O
last O
several O
decades O
, O
and O
still O
do O
so O
today O
. O

However O
, O
we O
are O
cognizant O
of O
capital B-Cause
spending I-Cause
budgets I-Cause
constraints I-Cause
that O
will O
materialize B-Effect
from I-Effect
lack I-Effect
of I-Effect
highly I-Effect
profitable I-Effect
elective I-Effect
procedures I-Effect
for I-Effect
the I-Effect
hospitals I-Effect
, O
and O
thus O
our B-Effect
forecast I-Effect
for I-Effect
2020 I-Effect
is I-Effect
rather I-Effect
tepid I-Effect
at I-Effect
nearly I-Effect
zero I-Effect
growth I-Effect
. O

Because O
LPL B-Cause
has I-Cause
been I-Cause
a I-Cause
net I-Cause
recruiter I-Cause
of I-Cause
advisors I-Cause
and I-Cause
is I-Cause
often I-Cause
able I-Cause
to I-Cause
bring I-Cause
advisors I-Cause
onboard I-Cause
from I-Cause
competing I-Cause
brokers I-Cause
, O
additional B-Effect
exits I-Effect
from I-Effect
the I-Effect
protocol I-Effect
could I-Effect
provide I-Effect
a I-Effect
headwind I-Effect
to I-Effect
recruitment I-Effect
efforts I-Effect
. O

Demographic B-Effect
shifts I-Effect
also I-Effect
play I-Effect
a I-Effect
nontrivial I-Effect
role I-Effect
in I-Effect
this I-Effect
phenomenon I-Effect
, O
as O
younger B-Cause
drinking I-Cause
cohorts I-Cause
have I-Cause
demanded I-Cause
richer I-Cause
, I-Cause
more I-Cause
flavorful I-Cause
beer I-Cause
with I-Cause
more I-Cause
unique I-Cause
ingredient I-Cause
composition I-Cause
. O

Likewise O
, O
Littelfuse O
is O
expecting O
regulations B-Effect
supporting I-Effect
efficiency I-Effect
and I-Effect
safety I-Effect
to I-Effect
continue I-Effect
supporting I-Effect
demand I-Effect
for I-Effect
its I-Effect
products I-Effect
that O
could O
be O
impacted O
by O
political B-Cause
shifts I-Cause
in I-Cause
key I-Cause
regions I-Cause
. O

CarMax O
will O
need O
to O
ensure B-Effect
its I-Effect
data I-Effect
security I-Effect
measures I-Effect
are I-Effect
ironclad I-Effect
as O
it B-Cause
moves I-Cause
into I-Cause
the I-Cause
omnichannel I-Cause
space I-Cause
with I-Cause
its I-Cause
customers I-Cause
sharing I-Cause
more I-Cause
personal I-Cause
information I-Cause
. O

Over O
the O
past O
few O
years O
, O
uncertainty B-Cause
around I-Cause
trade I-Cause
, I-Cause
weather I-Cause
, I-Cause
and I-Cause
agriculture I-Cause
commodity I-Cause
demand I-Cause
prevented O
farmers B-Effect
from I-Effect
replacing I-Effect
their I-Effect
machine I-Effect
fleet I-Effect
. O

As O
Skyworks B-Cause
achieves I-Cause
sales I-Cause
growth I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
we O
expect O
margin B-Effect
expansion I-Effect
so I-Effect
that I-Effect
the I-Effect
firm I-Effect
approaches I-Effect
its I-Effect
long-term I-Effect
target I-Effect
of I-Effect
53 I-Effect
% I-Effect
-- I-Effect
we I-Effect
model I-Effect
this I-Effect
occurring I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

While O
there B-Cause
are I-Cause
some I-Cause
global I-Cause
beer I-Cause
brands I-Cause
( I-Cause
in I-Cause
Ambev I-Cause
's I-Cause
case I-Cause
, I-Cause
it I-Cause
markets I-Cause
AB I-Cause
InBev I-Cause
's I-Cause
global I-Cause
brands I-Cause
: I-Cause
Budweiser I-Cause
, I-Cause
Stella I-Cause
Artois I-Cause
and O
Corona O
) O
that O
benefit B-Effect
from I-Effect
global I-Effect
procurement I-Effect
and I-Effect
marketing I-Effect
, O
the O
majority O
of O
the O
industry O
is O
composed O
of O
brands O
with O
fairly O
limited O
geographic O
reach O
. O

These B-Cause
channel I-Cause
relationships I-Cause
may I-Cause
necessitate I-Cause
less I-Cause
reinvestment I-Cause
over I-Cause
time I-Cause
, O
which O
could O
allow O
the B-Effect
firm I-Effect
to I-Effect
win I-Effect
large I-Effect
deals I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
. O

With O
city O
dwellers O
increasingly O
looking O
to O
the O
suburbs O
, O
Five O
Below O
should O
find O
itself B-Effect
able I-Effect
to I-Effect
access I-Effect
markets I-Effect
that I-Effect
were I-Effect
previously I-Effect
prohibitively I-Effect
expensive I-Effect
as O
rents B-Cause
near I-Cause
downtown I-Cause
areas I-Cause
reset I-Cause
. O

Thus O
, O
TIM B-Cause
is I-Cause
able I-Cause
to I-Cause
leverage I-Cause
its I-Cause
strong I-Cause
fixed-line I-Cause
infrastructure I-Cause
to I-Cause
meet I-Cause
demand I-Cause
in I-Cause
the I-Cause
mobile I-Cause
segment. O
As O
a O
result O
, O
TIM B-Effect
's I-Effect
combined I-Effect
fixed-line I-Effect
and I-Effect
wireless I-Effect
businesses I-Effect
in I-Effect
Italy I-Effect
generated I-Effect
an I-Effect
EBITDA I-Effect
margin I-Effect
of I-Effect
40 I-Effect
% I-Effect
in I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
, I-Effect
one I-Effect
of I-Effect
the I-Effect
highest I-Effect
rates I-Effect
in I-Effect
Europe I-Effect
. O

Robust B-Effect
ROICs I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
, I-Effect
are I-Effect
not I-Effect
uncommon I-Effect
for I-Effect
advantaged I-Effect
marketplaces I-Effect
like O
Airbnb O
, O
given O
the B-Cause
lack I-Cause
capital I-Cause
intensity I-Cause
that O
can O
be O
very O
scalable O
. O

These O
assets B-Cause
are I-Cause
also I-Cause
primarily I-Cause
demand-driven I-Cause
and I-Cause
serve I-Cause
end I-Cause
users I-Cause
like I-Cause
utilities I-Cause
, O
which O
keeps B-Effect
utilization I-Effect
high I-Effect
and I-Effect
removes I-Effect
the I-Effect
risk I-Effect
of I-Effect
a I-Effect
basin I-Effect
becoming I-Effect
less I-Effect
cost I-Effect
competitive I-Effect
and I-Effect
stranding I-Effect
the I-Effect
pipeline I-Effect
asset I-Effect
. O

The B-Effect
current I-Effect
management I-Effect
team I-Effect
spent I-Effect
its I-Effect
first I-Effect
four I-Effect
years I-Effect
focused I-Effect
on I-Effect
ongoing I-Effect
integration I-Effect
of I-Effect
its I-Effect
acquisitions I-Effect
, I-Effect
playing I-Effect
catch-up I-Effect
on I-Effect
the I-Effect
operations I-Effect
front I-Effect
, I-Effect
and I-Effect
streamlining I-Effect
the I-Effect
organization I-Effect
for B-Cause
greater I-Cause
efficiency I-Cause
. O

GE O
's O
principal O
risk O
is O
related O
to O
COVID-19 B-Cause
fallout I-Cause
on I-Cause
its I-Cause
commercial I-Cause
aerospace I-Cause
business I-Cause
, I-Cause
including I-Cause
government I-Cause
interventions I-Cause
and I-Cause
acceleration I-Cause
of I-Cause
infections I-Cause
which O
ultimately O
affect B-Effect
both I-Effect
revenue I-Effect
passenger I-Effect
kilometers I-Effect
( I-Effect
demand I-Effect
) I-Effect
and I-Effect
load I-Effect
factors I-Effect
( I-Effect
utilization I-Effect
) I-Effect
. O

BHP O
's O
petroleum O
division O
earned O
a O
return O
of O
12 O
% O
at O
the O
peak O
of O
the O
boom O
in O
fiscal O
2012 O
, O
but O
earnings B-Effect
subsequently I-Effect
cratered I-Effect
with O
the B-Cause
lower I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
. O

As O
consumers B-Cause
change I-Cause
their I-Cause
habits I-Cause
from I-Cause
shopping I-Cause
in I-Cause
physical I-Cause
stores I-Cause
to I-Cause
shopping I-Cause
online I-Cause
, O
the O
demand O
for O
retail O
space O
will O
shrink O
, O
and O
many B-Effect
existing I-Effect
stores I-Effect
and I-Effect
malls I-Effect
will I-Effect
go I-Effect
away I-Effect
. O

Moreover O
, O
the B-Cause
firm I-Cause
preserved I-Cause
its I-Cause
slice I-Cause
of I-Cause
the I-Cause
market I-Cause
by I-Cause
maintaining I-Cause
service I-Cause
levels I-Cause
despite I-Cause
pressure I-Cause
to I-Cause
cut I-Cause
costs I-Cause
-- O
this O
has O
translated B-Effect
into I-Effect
a I-Effect
stellar I-Effect
reputation I-Effect
among I-Effect
shippers I-Effect
. O

With O
Samsung O
, O
Intel O
, O
Micron O
, O
and O
SK O
Hynix O
there O
is O
also O
the O
risk O
that O
competitors B-Cause
will I-Cause
beat I-Cause
Western I-Cause
Digital I-Cause
to I-Cause
producing I-Cause
novel I-Cause
silicon I-Cause
products I-Cause
( O
such O
as O
Intel O
and O
Micron O
's O
3D O
XPoint O
) O
that O
further O
curb O
the O
firm B-Effect
's I-Effect
ability I-Effect
to I-Effect
benefit I-Effect
from I-Effect
flash I-Effect
. O

After O
a B-Cause
period I-Cause
of I-Cause
significant I-Cause
turmoil I-Cause
in I-Cause
2015-16 I-Cause
, O
Bausch B-Cause
Health I-Cause
took I-Cause
steps I-Cause
to I-Cause
deleverage I-Cause
and I-Cause
stabilize I-Cause
the I-Cause
business I-Cause
, O
and O
we B-Effect
see I-Effect
more I-Effect
stable I-Effect
days I-Effect
ahead I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

The O
company O
has O
been O
actively B-Cause
building I-Cause
out I-Cause
its I-Cause
presence I-Cause
in I-Cause
electronic I-Cause
channels I-Cause
in I-Cause
recent I-Cause
years I-Cause
to O
adapt B-Effect
to I-Effect
the I-Effect
change I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

In O
our O
view O
, O
minimizing B-Cause
delivery I-Cause
times I-Cause
and I-Cause
emphasizing I-Cause
the I-Cause
higher-margin I-Cause
carryout I-Cause
business I-Cause
through I-Cause
fortressing I-Cause
, I-Cause
and I-Cause
maintaining I-Cause
value I-Cause
price I-Cause
points I-Cause
( I-Cause
$ I-Cause
5.99 I-Cause
and I-Cause
$ I-Cause
7.99 I-Cause
options I-Cause
) I-Cause
positions B-Effect
Domino I-Effect
's I-Effect
to I-Effect
compete I-Effect
in I-Effect
a I-Effect
world I-Effect
where I-Effect
expanded I-Effect
consumer I-Effect
choice I-Effect
demands I-Effect
quality I-Effect
, I-Effect
convenience I-Effect
, I-Effect
and I-Effect
competitive I-Effect
pricing I-Effect
. I-Effect

HCI B-Effect
, I-Effect
the I-Effect
combination I-Effect
of I-Effect
computing I-Effect
, I-Effect
storage I-Effect
, I-Effect
networking I-Effect
, I-Effect
and I-Effect
virtualization I-Effect
, I-Effect
is I-Effect
an I-Effect
emerging I-Effect
technology I-Effect
that I-Effect
IT I-Effect
professions I-Effect
are I-Effect
embracing I-Effect
because O
of O
its B-Cause
scalability I-Cause
and I-Cause
the I-Cause
convenience I-Cause
of I-Cause
discrete I-Cause
items I-Cause
merged I-Cause
into I-Cause
a I-Cause
single I-Cause
resource I-Cause
. O

That B-Cause
declined I-Cause
to I-Cause
less I-Cause
than I-Cause
$ I-Cause
0.40 I-Cause
per I-Cause
gigabyte I-Cause
in I-Cause
2018 I-Cause
amid I-Cause
considerable I-Cause
investments I-Cause
from I-Cause
NAND I-Cause
players I-Cause
and O
we B-Effect
currently I-Effect
estimate I-Effect
it I-Effect
will I-Effect
continue I-Effect
to I-Effect
decrease I-Effect
to I-Effect
$ I-Effect
0.10- I-Effect
$ I-Effect
0.15 I-Effect
by I-Effect
2022 I-Effect
. O

These B-Cause
segments I-Cause
generate I-Cause
solid I-Cause
cash I-Cause
flow I-Cause
that O
Broadcom B-Effect
can I-Effect
subsequently I-Effect
use I-Effect
to I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
edge I-Effect
in I-Effect
core I-Effect
end I-Effect
markets I-Effect
by I-Effect
bolstering I-Effect
research I-Effect
and I-Effect
development I-Effect
as I-Effect
well I-Effect
as I-Effect
M I-Effect
& I-Effect
A I-Effect
. O

We O
think O
US B-Cause
Food I-Cause
's I-Cause
channel I-Cause
diversity I-Cause
, I-Cause
vast I-Cause
adoption I-Cause
of I-Cause
carryout I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
containment I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
virus I-Cause
( O
most O
likely O
after O
a O
2021 O
vaccine O
) O
, O
should O
return B-Effect
US I-Effect
Foods I-Effect
' I-Effect
revenue I-Effect
to I-Effect
a I-Effect
pre-pandemic I-Effect
level I-Effect
by I-Effect
2022 I-Effect
. O

Fee B-Effect
margins I-Effect
in I-Effect
wealth I-Effect
management I-Effect
should I-Effect
remain I-Effect
under I-Effect
pressure I-Effect
as O
competition B-Cause
heats I-Cause
up I-Cause
and I-Cause
the I-Cause
high I-Cause
transactional I-Cause
revenues I-Cause
of I-Cause
last I-Cause
year I-Cause
moderate I-Cause
. O

We O
expect O
mid-single-digit B-Effect
growth I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
mobile I-Effect
device I-Effect
segment I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
management I-Effect
's I-Effect
target I-Effect
of I-Effect
4 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
growth I-Effect
, O
as B-Cause
NFC I-Cause
and I-Cause
UWB I-Cause
solutions I-Cause
become I-Cause
more I-Cause
ubiquitous I-Cause
for I-Cause
payments I-Cause
and I-Cause
secure I-Cause
access I-Cause
. I-Cause

Since O
the B-Cause
February I-Cause
merger I-Cause
announcement I-Cause
, O
Energy B-Effect
Transfer I-Effect
common I-Effect
units I-Effect
have I-Effect
risen I-Effect
almost I-Effect
40 I-Effect
% I-Effect
driven I-Effect
by I-Effect
an I-Effect
improved I-Effect
commodity I-Effect
outlook I-Effect
and I-Effect
Energy I-Effect
Transfer I-Effect
's I-Effect
recently I-Effect
announced I-Effect
$ I-Effect
2.4 I-Effect
billion I-Effect
pretax I-Effect
gain I-Effect
from I-Effect
the I-Effect
winter I-Effect
storm I-Effect
in I-Effect
Texas I-Effect
. O

We O
believe O
one B-Effect
of I-Effect
the I-Effect
more I-Effect
salient I-Effect
is I-Effect
the I-Effect
secular I-Effect
decline I-Effect
in I-Effect
carbonated I-Effect
soft I-Effect
drinks I-Effect
due O
to O
heightened B-Cause
social I-Cause
awareness I-Cause
around I-Cause
the I-Cause
potential I-Cause
health I-Cause
impacts I-Cause
. O

We O
do O
not O
think O
Nordstrom B-Effect
's I-Effect
off-price I-Effect
business I-Effect
hurts I-Effect
its I-Effect
full-price I-Effect
business I-Effect
as O
Rack B-Cause
attracts I-Cause
a I-Cause
somewhat I-Cause
younger I-Cause
( I-Cause
average I-Cause
age I-Cause
under I-Cause
40 I-Cause
) I-Cause
, O
less O
affluent O
customer O
than O
the O
full-price O
stores O
. O

If O
the O
company O
encounters O
unexpected O
operational O
distress O
, O
the B-Cause
high I-Cause
leverage I-Cause
of I-Cause
the I-Cause
firm I-Cause
will O
compound B-Cause
any I-Cause
financial I-Cause
difficulties I-Cause
, O
which O
could O
lead O
to O
increased B-Effect
risk I-Effect
of I-Effect
bankruptcy I-Effect
. O

In O
order O
to O
offer B-Cause
its I-Cause
cardholders I-Cause
these I-Cause
larger I-Cause
lines I-Cause
, O
the B-Effect
firm I-Effect
controls I-Effect
its I-Effect
risk I-Effect
by I-Effect
adjusting I-Effect
the I-Effect
exact I-Effect
line I-Effect
size I-Effect
proactively I-Effect
based I-Effect
on I-Effect
spending I-Effect
patterns I-Effect
and I-Effect
payment I-Effect
history I-Effect
of I-Effect
the I-Effect
cardholder I-Effect
as I-Effect
well I-Effect
as I-Effect
requiring I-Effect
monthly I-Effect
payment I-Effect
. O

Because O
Discover B-Cause
operates I-Cause
at I-Cause
a I-Cause
smaller I-Cause
scale I-Cause
than I-Cause
American I-Cause
Express I-Cause
, I-Cause
Citi I-Cause
, I-Cause
JPMorgan I-Cause
, I-Cause
and I-Cause
Capital I-Cause
One I-Cause
, O
it B-Effect
does I-Effect
not I-Effect
enjoy I-Effect
the I-Effect
same I-Effect
cost I-Effect
advantages I-Effect
of I-Effect
advertising I-Effect
on I-Effect
a I-Effect
national I-Effect
scale I-Effect
. O

We B-Effect
have I-Effect
also I-Effect
tempered I-Effect
potential I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
gains I-Effect
, O
given O
higher B-Cause
spending I-Cause
ahead I-Cause
on I-Cause
elevating I-Cause
the I-Cause
perception I-Cause
of I-Cause
the I-Cause
core I-Cause
brands I-Cause
. O

Amid B-Cause
fragmentation I-Cause
in I-Cause
consumer I-Cause
profiles I-Cause
and I-Cause
retail I-Cause
and I-Cause
marketing I-Cause
channels I-Cause
, I-Cause
along I-Cause
with I-Cause
lower I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
for I-Cause
startups I-Cause
, O
most B-Effect
consumer I-Effect
staples I-Effect
multinationals I-Effect
are I-Effect
fighting I-Effect
strong I-Effect
organic I-Effect
growth I-Effect
headwinds I-Effect
, O
and O
many O
are O
cutting B-Cause
costs I-Cause
in O
order O
to O
spend B-Effect
to I-Effect
drive I-Effect
growth I-Effect
. O

Fibre B-Cause
cement I-Cause
siding I-Cause
possesses I-Cause
durability I-Cause
advantages I-Cause
and I-Cause
superior I-Cause
aesthetics I-Cause
over I-Cause
vinyl I-Cause
cladding I-Cause
, O
leading O
to O
vinyl B-Effect
's I-Effect
market I-Effect
share I-Effect
eroding I-Effect
to I-Effect
about I-Effect
26 I-Effect
% I-Effect
today I-Effect
from I-Effect
around I-Effect
39 I-Effect
% I-Effect
in I-Effect
2003 I-Effect
. O

In O
connected O
care O
, O
Philips B-Effect
will I-Effect
benefit I-Effect
from O
increased B-Cause
sales I-Cause
volumes I-Cause
in I-Cause
sleep I-Cause
apnea I-Cause
in O
the O
long O
term O
, O
a O
disease O
that O
is O
largely O
unknown O
by O
the O
majority O
of O
patients O
who O
suffer O
from O
it O
. O

Potential B-Cause
customers I-Cause
can I-Cause
visit I-Cause
the I-Cause
company I-Cause
's I-Cause
website I-Cause
, I-Cause
download I-Cause
the I-Cause
software I-Cause
, I-Cause
and I-Cause
be I-Cause
up I-Cause
and I-Cause
running I-Cause
within I-Cause
minutes I-Cause
, O
reinforcing B-Effect
the I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
frictionless I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
message I-Effect
the I-Effect
company I-Effect
espouses I-Effect
. O

More O
so O
than O
some O
peers O
upmarket O
, O
Paylocity B-Effect
could I-Effect
see I-Effect
potential I-Effect
increases I-Effect
in I-Effect
customer I-Effect
churn I-Effect
as O
its B-Cause
key I-Cause
market I-Cause
of I-Cause
small I-Cause
to I-Cause
medium-size I-Cause
businesses I-Cause
is I-Cause
more I-Cause
vulnerable I-Cause
to I-Cause
business I-Cause
failure I-Cause
during I-Cause
a I-Cause
downturn I-Cause
. O

Predictive B-Cause
maintenance I-Cause
further O
allows O
for O
reduced B-Effect
enterprise I-Effect
risk I-Effect
, O
while O
analytics B-Cause
helps I-Cause
customer I-Cause
products I-Cause
get B-Effect
to I-Effect
market I-Effect
faster I-Effect
through I-Effect
optimized I-Effect
throughput I-Effect
. O

A O
dealer O
is O
at O
risk O
of O
selling O
vehicles O
with O
an O
open O
recall O
, O
but O
that O
risk O
is O
not O
unique O
to O
Asbury O
and O
some B-Effect
lost I-Effect
vehicle I-Effect
sales I-Effect
from I-Effect
a I-Effect
recall I-Effect
can I-Effect
be I-Effect
recouped I-Effect
with I-Effect
more I-Effect
service I-Effect
business I-Effect
as O
owners B-Cause
of I-Cause
the I-Cause
recalled I-Cause
vehicle I-Cause
get I-Cause
it I-Cause
repaired I-Cause
at I-Cause
the I-Cause
dealer I-Cause
. O

In B-Cause
addition I-Cause
to I-Cause
intangible I-Cause
assets I-Cause
, I-Cause
Yum I-Cause
China I-Cause
also I-Cause
possesses I-Cause
cost I-Cause
advantages I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
offer I-Effect
superior I-Effect
price I-Effect
and I-Effect
quality I-Effect
combination I-Effect
. O

It O
has O
become O
more O
economically O
attractive O
to O
encourage B-Cause
patients I-Cause
to I-Cause
use I-Cause
any I-Cause
low-cost I-Cause
producer I-Cause
( I-Cause
in I-Cause
place I-Cause
of I-Cause
the I-Cause
more I-Cause
expensive I-Cause
hospital-based I-Cause
labs I-Cause
) I-Cause
instead I-Cause
of I-Cause
pitting I-Cause
LabCorp I-Cause
and I-Cause
Quest I-Cause
against I-Cause
each I-Cause
other I-Cause
to I-Cause
eke I-Cause
out I-Cause
savings I-Cause
that O
also O
reduce B-Effect
patient I-Effect
access I-Effect
to I-Effect
lower-cost I-Effect
tests I-Effect
. O

While O
we O
anticipate O
the O
base O
rate O
returning O
to O
a O
more O
normalized O
level O
of O
3.35 O
% O
by O
the O
end O
of O
2024 O
, O
persistently B-Cause
low I-Cause
rates I-Cause
lowers B-Effect
yields I-Effect
on I-Effect
earning I-Effect
assets I-Effect
, I-Effect
impeding I-Effect
profitability I-Effect
. O

While O
we O
applaud O
conservative O
investing O
in O
a O
historically O
poorly O
performing O
segment O
, O
we O
fear O
Patterson B-Effect
may I-Effect
be I-Effect
further I-Effect
edged I-Effect
out I-Effect
of I-Effect
the I-Effect
market I-Effect
as O
more B-Cause
successful I-Cause
competitors I-Cause
offer I-Cause
pressure-pumping I-Cause
services I-Cause
more I-Cause
in I-Cause
line I-Cause
with I-Cause
customer I-Cause
demand I-Cause
. O

That O
said O
, O
PGIM B-Cause
only I-Cause
accounts I-Cause
for I-Cause
just I-Cause
over I-Cause
10 I-Cause
% I-Cause
of I-Cause
its I-Cause
operating I-Cause
profit I-Cause
and O
thus O
the B-Effect
life I-Effect
insurance I-Effect
business I-Effect
dominates I-Effect
Prudential I-Effect
's I-Effect
overall I-Effect
results I-Effect
. O

Cardholders B-Effect
who I-Effect
have I-Effect
existing I-Effect
balances I-Effect
are I-Effect
usually I-Effect
considered I-Effect
comparatively I-Effect
more I-Effect
risky I-Effect
by I-Effect
competing I-Effect
issuers I-Effect
and I-Effect
usually I-Effect
can I-Effect
not I-Effect
lower I-Effect
their I-Effect
interest I-Effect
rate I-Effect
by I-Effect
consolidating I-Effect
with I-Effect
another I-Effect
credit I-Effect
card I-Effect
issuer I-Effect
, O
since B-Cause
transferring B-Cause
a I-Cause
balance I-Cause
often I-Cause
results I-Cause
in I-Cause
a B-Effect
higher I-Effect
or I-Effect
comparable I-Effect
rate I-Effect
. O

If O
intellectual B-Cause
property I-Cause
rights I-Cause
have I-Cause
been I-Cause
violated I-Cause
, O
this O
can O
result O
in O
sales B-Effect
injunctions I-Effect
where I-Effect
competitors I-Effect
are I-Effect
required I-Effect
to I-Effect
stop I-Effect
selling I-Effect
the I-Effect
product I-Effect
. O

Longer O
term O
, O
with O
its B-Cause
stringent I-Cause
focus I-Cause
on I-Cause
extracting I-Cause
costs I-Cause
, O
we O
think O
the B-Effect
firm I-Effect
remains I-Effect
committed I-Effect
to I-Effect
fueling I-Effect
addditional I-Effect
brand I-Effect
spending I-Effect
( O
which O
we O
forecast O
will O
amount O
to O
6 O
% O
of O
sales O
over O
the O
next O
10 O
years O
, O
or O
about O
$ O
400 O
million O
annually O
, O
up O
from O
5 O
% O
on O
average O
the O
past O
three O
years O
) O
. O

We O
view O
this B-Effect
revenue I-Effect
as I-Effect
almost I-Effect
entirely I-Effect
incremental I-Effect
to I-Effect
the I-Effect
airlines I-Effect
and I-Effect
assume I-Effect
that I-Effect
a I-Effect
90 I-Effect
% I-Effect
margin I-Effect
on I-Effect
this I-Effect
revenue I-Effect
is I-Effect
reasonable I-Effect
, O
as O
airlines B-Cause
assume I-Cause
modest I-Cause
performance I-Cause
obligations I-Cause
such I-Cause
as I-Cause
email I-Cause
campaigns I-Cause
, I-Cause
in-flight I-Cause
advertising I-Cause
and I-Cause
airport I-Cause
advertising I-Cause
. O

Most B-Cause
company-owned I-Cause
stores I-Cause
and I-Cause
those I-Cause
of I-Cause
its I-Cause
wholesale I-Cause
partners I-Cause
were I-Cause
forced I-Cause
to I-Cause
close I-Cause
temporarily I-Cause
or I-Cause
restrict I-Cause
access I-Cause
, O
leading O
to O
large B-Effect
losses I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
2020 I-Effect
. O

However O
, O
we O
think O
that O
the B-Effect
firm I-Effect
will I-Effect
find I-Effect
it I-Effect
difficult I-Effect
to I-Effect
compete I-Effect
in I-Effect
the I-Effect
increasingly I-Effect
tight I-Effect
market I-Effect
for I-Effect
talent I-Effect
within I-Effect
television I-Effect
production I-Effect
as O
it B-Cause
no I-Cause
longer I-Cause
owns I-Cause
platforms I-Cause
for I-Cause
edgier I-Cause
content I-Cause
, I-Cause
similar I-Cause
to I-Cause
the I-Cause
way I-Cause
its I-Cause
predecessor I-Cause
used I-Cause
FX I-Cause
and I-Cause
FXX I-Cause
( I-Cause
now I-Cause
part I-Cause
of I-Cause
Disney I-Cause
) I-Cause
. O

Models B-Cause
are I-Cause
no I-Cause
longer I-Cause
cloned I-Cause
, O
which O
should O
help B-Effect
dealer I-Effect
profitability I-Effect
, O
and O
product O
will O
be O
positioned O
around O
a O
good O
, O
better O
, O
best O
framework O
. O

With O
an B-Cause
enviable I-Cause
growth I-Cause
profile I-Cause
and I-Cause
best I-Cause
of I-Cause
breed I-Cause
margins I-Cause
, O
we O
have O
confidence O
that O
the B-Effect
beer I-Effect
business I-Effect
can I-Effect
thrive I-Effect
even I-Effect
amid I-Effect
an I-Effect
evolving I-Effect
industry I-Effect
landscape I-Effect
. O

Midcycle B-Effect
margins I-Effect
should I-Effect
also I-Effect
benefit I-Effect
from O
increased B-Cause
usage I-Cause
of I-Cause
cost-advantaged I-Cause
feedstock I-Cause
with I-Cause
the I-Cause
opening I-Cause
of I-Cause
new I-Cause
pipeline I-Cause
access I-Cause
, I-Cause
a I-Cause
recent I-Cause
refinery I-Cause
expansion I-Cause
, I-Cause
and I-Cause
growing I-Cause
domestic I-Cause
production I-Cause
. O

At O
a O
high O
level O
, O
being O
a O
Latin O
America O
pure-play O
subjects O
the O
firm O
to O
geopolitical B-Cause
issues I-Cause
that O
can O
have O
a O
pernicious B-Effect
effect I-Effect
on I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
and I-Effect
execution I-Effect
. O

In O
terms O
of O
profitability O
, O
we O
expect O
both B-Effect
gross I-Effect
margins I-Effect
and I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
to I-Effect
return I-Effect
to I-Effect
historical I-Effect
midcycle I-Effect
levels I-Effect
by O
2023 O
as O
volumes B-Cause
return I-Cause
. O

Taking B-Cause
into I-Cause
consideration I-Cause
management I-Cause
guidance I-Cause
, I-Cause
tempered I-Cause
by I-Cause
our I-Cause
view I-Cause
of I-Cause
the I-Cause
automotive I-Cause
competitive I-Cause
landscape I-Cause
, O
we B-Effect
raised I-Effect
our I-Effect
margin I-Effect
assumptions I-Effect
to I-Effect
7.5 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
expansion I-Effect
to I-Effect
8.5 I-Effect
% I-Effect
in I-Effect
2023 I-Effect
, I-Effect
and I-Effect
contraction I-Effect
to I-Effect
a I-Effect
6.0 I-Effect
% I-Effect
normalized I-Effect
sustainable I-Effect
midcycle I-Effect
assumption I-Effect
which O
is O
in O
line O
with O
Volkswagen O
's O
historical O
15-year O
median O
. O

We O
also O
include O
$ B-Cause
100 I-Cause
million I-Cause
of I-Cause
incremental I-Cause
annual I-Cause
revenue I-Cause
for I-Cause
Vistra I-Cause
's I-Cause
Texas I-Cause
generation I-Cause
fleet I-Cause
starting O
in O
2023 O
to O
reflect O
power O
market O
changes O
following O
the O
2021 O
winter O
storm O
that O
we O
expect O
will O
offer B-Effect
economic I-Effect
incentives I-Effect
for I-Effect
fossil-fuel I-Effect
generators I-Effect
like I-Effect
Vistra I-Effect
. O

We O
're O
positive O
regarding O
the O
future O
for O
autonomous O
undersea O
vehicles O
, O
as O
they O
are O
far B-Cause
cheaper I-Cause
than I-Cause
traditional I-Cause
ships I-Cause
, O
which O
allows B-Effect
them I-Effect
to I-Effect
operate I-Effect
in I-Effect
a I-Effect
distributed I-Effect
manner I-Effect
, O
and O
we O
anticipate O
that O
they O
will O
eventually O
be O
able O
to O
perform O
many O
of O
the O
intelligence-gathering O
and O
payload O
delivery O
functions O
of O
traditional O
ships O
. O

While O
the B-Effect
segment I-Effect
suffered I-Effect
a I-Effect
35 I-Effect
% I-Effect
sales I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
virus I-Cause
, O
we O
expect O
32 B-Effect
% I-Effect
sales I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
economy I-Cause
improves I-Cause
and I-Cause
stores I-Cause
operate I-Cause
a I-Cause
full I-Cause
capacity I-Cause
. O

BorgWarner B-Cause
's I-Cause
ability I-Cause
to I-Cause
consistently I-Cause
innovate I-Cause
provides B-Effect
long-term I-Effect
pricing I-Effect
opportunities I-Effect
that O
, O
in O
conjunction O
with O
cost B-Cause
advantages I-Cause
derived I-Cause
from I-Cause
low-cost I-Cause
country I-Cause
locations I-Cause
, O
should O
support B-Effect
above-industry-average I-Effect
EBITDA I-Effect
margins I-Effect
. O

Additionally O
, O
many O
retailers O
are O
looking O
to O
reduce B-Cause
average I-Cause
store I-Cause
square I-Cause
footage I-Cause
to O
increase B-Effect
efficiency I-Effect
and I-Effect
profitability I-Effect
, I-Effect
increasing I-Effect
the I-Effect
number I-Effect
of I-Effect
tenants I-Effect
Simon O
will O
have O
to O
attract O
to O
fill O
its O
portfolio O
. O

LoyaltyOne B-Effect
generates I-Effect
enough I-Effect
operating I-Effect
income I-Effect
to I-Effect
cover I-Effect
the I-Effect
parent I-Effect
company I-Effect
's I-Effect
interest I-Effect
payments I-Effect
, O
but O
there O
is O
limited O
prospect O
of O
principal O
reduction O
without O
continued B-Cause
distributions I-Cause
from I-Cause
the I-Cause
two I-Cause
underlying I-Cause
banks I-Cause
, O
especially O
considering O
LoyaltyOne O
's O
lack O
of O
growth O
. O

All O
in O
all O
, O
cash B-Cause
equity I-Cause
and I-Cause
equity I-Cause
option I-Cause
execution I-Cause
can I-Cause
be I-Cause
seen I-Cause
as I-Cause
a I-Cause
loss I-Cause
leader I-Cause
that O
enables O
Nasdaq B-Effect
's I-Effect
profitable I-Effect
data- I-Effect
and I-Effect
service-driven I-Effect
revenue I-Effect
streams I-Effect
to I-Effect
persist I-Effect
and I-Effect
grow I-Effect
. O

With O
the O
bank O
's O
preference O
to O
maintain B-Effect
a I-Effect
high B-Cause
liquidity I-Cause
position I-Cause
by O
raising B-Cause
deposits I-Cause
ahead I-Cause
of I-Cause
lending I-Cause
, O
we O
expect O
deposit B-Effect
growth I-Effect
to I-Effect
match I-Effect
loan I-Effect
growth I-Effect
in I-Effect
our I-Effect
forecast I-Effect
period I-Effect
. O

Shell B-Effect
's I-Effect
upstream I-Effect
cost I-Effect
position I-Effect
deteriorated I-Effect
during I-Effect
2010-14 I-Effect
as O
higher B-Cause
spending I-Cause
on I-Cause
capital-intensive I-Cause
projects I-Cause
such I-Cause
as I-Cause
LNG I-Cause
weighed B-Cause
on I-Cause
returns I-Cause
and O
costs B-Cause
increased I-Cause
at I-Cause
a I-Cause
greater I-Cause
rate I-Cause
than I-Cause
commodity I-Cause
prices I-Cause
, O
eroding B-Effect
margins I-Effect
. O

History O
suggests O
that O
carriers B-Effect
hesitate I-Effect
to I-Effect
leave I-Effect
towers I-Effect
that I-Effect
they I-Effect
are I-Effect
on I-Effect
, O
as O
non-consolidation-related B-Cause
churn I-Cause
for I-Cause
SBA I-Cause
has I-Cause
consistently I-Cause
been I-Cause
under I-Cause
one I-Cause
percent I-Cause
for I-Cause
the I-Cause
last I-Cause
several I-Cause
years I-Cause
. O

We O
think O
the B-Effect
global I-Effect
automation I-Effect
market I-Effect
Rockwell I-Effect
serves I-Effect
will I-Effect
grow I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
based O
on O
rapidly B-Cause
increasing I-Cause
demand I-Cause
for I-Cause
fast I-Cause
production I-Cause
capacities I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
innovative I-Cause
solutions I-Cause
. O

Verizon O
has O
been O
a O
leader O
in O
deploying O
the O
latest O
network O
technologies O
and O
it B-Cause
has I-Cause
the I-Cause
resources I-Cause
to I-Cause
make I-Cause
major I-Cause
investments I-Cause
, O
which O
we O
think O
will O
insulate B-Effect
it I-Effect
from I-Effect
unexpected I-Effect
changes I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

While O
Host O
has O
done O
a O
good O
job O
cutting O
variable O
expenses O
, O
there O
are O
still O
many B-Cause
fixed I-Cause
operating I-Cause
costs I-Cause
that O
will O
lead O
to O
negative B-Effect
operating I-Effect
income I-Effect
. O

Newly B-Cause
assembled I-Cause
machines I-Cause
are I-Cause
equipped I-Cause
with I-Cause
technology I-Cause
( I-Cause
the I-Cause
company I-Cause
is I-Cause
also I-Cause
working I-Cause
to I-Cause
retrofit I-Cause
machines I-Cause
in I-Cause
the I-Cause
field I-Cause
) I-Cause
helping O
both B-Effect
customers I-Effect
and I-Effect
the I-Effect
company I-Effect
track I-Effect
data I-Effect
( I-Effect
machine I-Effect
utilization I-Effect
rates I-Effect
and I-Effect
productivity I-Effect
) I-Effect
to I-Effect
inform I-Effect
future I-Effect
service I-Effect
needs I-Effect
. O

We O
expect O
additional B-Cause
contribution I-Cause
from I-Cause
management I-Cause
's I-Cause
corporate I-Cause
G I-Cause
& I-Cause
A I-Cause
reduction I-Cause
efforts I-Cause
and I-Cause
the I-Cause
elimination I-Cause
of I-Cause
unprofitable I-Cause
Tim I-Cause
Hortons I-Cause
stores I-Cause
to I-Cause
be I-Cause
offset I-Cause
by I-Cause
COVID-19-related I-Cause
operating I-Cause
expense I-Cause
deleverage I-Cause
, O
resulting O
in O
a B-Effect
modest I-Effect
decrease I-Effect
in I-Effect
2020 I-Effect
consolidated I-Effect
adjusted I-Effect
pro I-Effect
forma I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
38.7 I-Effect
% I-Effect
( I-Effect
versus I-Effect
41.1 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

Additionally O
, O
the B-Effect
firm I-Effect
has I-Effect
created I-Effect
separate I-Effect
infrastructure I-Effect
and I-Effect
technology I-Effect
divisions I-Effect
in O
order O
to O
pursue B-Cause
growth I-Cause
or I-Cause
divestment I-Cause
opportunities I-Cause
outside I-Cause
the I-Cause
tradictional I-Cause
telecom I-Cause
space I-Cause
. I-Cause

The B-Cause
purchase I-Cause
price I-Cause
of I-Cause
heavy I-Cause
machinery I-Cause
can I-Cause
run I-Cause
up I-Cause
into I-Cause
the I-Cause
hundreds I-Cause
of I-Cause
thousands I-Cause
( I-Cause
can I-Cause
get I-Cause
into I-Cause
the I-Cause
low-million I-Cause
dollar I-Cause
range I-Cause
for I-Cause
new I-Cause
mining I-Cause
trucks I-Cause
) I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
the I-Cause
time I-Cause
it I-Cause
takes I-Cause
machine I-Cause
operators I-Cause
to I-Cause
fully I-Cause
train I-Cause
on I-Cause
a I-Cause
machine I-Cause
to O
reach O
optimal B-Effect
productivity I-Effect
to I-Effect
complete I-Effect
projects I-Effect
on I-Effect
time I-Effect
. O

The B-Cause
firm I-Cause
owns I-Cause
and I-Cause
operates I-Cause
fabrication I-Cause
yards I-Cause
in I-Cause
China I-Cause
and I-Cause
Mexico I-Cause
, O
and O
its B-Cause
fabrication I-Cause
and I-Cause
modular I-Cause
construction I-Cause
capabilities I-Cause
allow O
it O
to O
complete B-Effect
parts I-Effect
of I-Effect
large I-Effect
projects I-Effect
off-site I-Effect
and I-Effect
ship I-Effect
them I-Effect
in I-Effect
modules I-Effect
. O

We O
think O
Equitrans B-Effect
has I-Effect
one I-Effect
of I-Effect
the I-Effect
higher-quality I-Effect
revenue I-Effect
mixes I-Effect
in I-Effect
our I-Effect
coverage I-Effect
, O
as O
over B-Cause
50 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
comes I-Cause
from I-Cause
firm I-Cause
fixed-fee I-Cause
contracts I-Cause
that I-Cause
are I-Cause
take I-Cause
or I-Cause
pay I-Cause
with I-Cause
average I-Cause
lengths I-Cause
of I-Cause
about I-Cause
15 I-Cause
years I-Cause
. O

Similarly O
, O
this B-Cause
lock-in I-Cause
around I-Cause
Imax I-Cause
's I-Cause
proprietary I-Cause
cameras I-Cause
provides O
the O
firm O
with O
a O
barrier O
to O
entry O
in O
keeping B-Effect
other I-Effect
upstarts I-Effect
out I-Effect
of I-Effect
the I-Effect
space I-Effect
. O

Carrier B-Cause
offers I-Cause
customers I-Cause
service I-Cause
and I-Cause
maintenance I-Cause
programs I-Cause
through I-Cause
a I-Cause
network I-Cause
of I-Cause
hundreds I-Cause
of I-Cause
service I-Cause
and I-Cause
parts I-Cause
locations I-Cause
worldwide I-Cause
, O
which O
can O
prevent O
downtime B-Effect
. O

Our B-Cause
forecast I-Cause
assumes I-Cause
that I-Cause
Fox I-Cause
retains I-Cause
the I-Cause
NFL I-Cause
rights I-Cause
in I-Cause
fiscal I-Cause
2024. O
As O
a O
result O
, O
we B-Effect
expect I-Effect
the I-Effect
EBITDA I-Effect
margins I-Effect
for I-Effect
the I-Effect
television I-Effect
side I-Effect
to I-Effect
slide I-Effect
from I-Effect
6.5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
3.5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2024 I-Effect
. O

Despite O
the O
cyclical O
nature O
of O
the O
automotive O
and O
heavy O
vehicle O
markets O
, O
electric B-Cause
vehicles I-Cause
( I-Cause
EVs I-Cause
) I-Cause
and I-Cause
stricter I-Cause
emissions I-Cause
regulations I-Cause
provide I-Cause
Sensata I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
sell I-Cause
into I-Cause
new I-Cause
sockets I-Cause
, O
which O
allows O
the O
firm O
to O
outpace B-Effect
underlying I-Effect
vehicle I-Effect
production I-Effect
growth I-Effect
by I-Effect
about I-Effect
4 I-Effect
% I-Effect
. O

Ralph O
Lauren O
has O
had O
to O
respond O
to O
an B-Cause
oversupply I-Cause
of I-Cause
weaker I-Cause
merchandise I-Cause
that O
led O
to O
poor B-Effect
sales I-Effect
and I-Effect
price I-Effect
reductions I-Effect
. O

These O
softer B-Effect
sales I-Effect
initiatives I-Effect
are I-Effect
costly I-Effect
to I-Effect
replicate I-Effect
and I-Effect
difficult I-Effect
to I-Effect
usurp O
, O
as O
they B-Cause
deepen I-Cause
Genuine I-Cause
Parts I-Cause
' I-Cause
engagement I-Cause
with I-Cause
its I-Cause
customer I-Cause
base I-Cause
. O

If O
the B-Cause
necessity I-Cause
of I-Cause
cloud I-Cause
service I-Cause
providers I-Cause
to I-Cause
the I-Cause
model I-Cause
drives O
those B-Cause
companies I-Cause
to I-Cause
become I-Cause
competitors I-Cause
or O
technological O
advances B-Cause
lead O
to O
tenants B-Cause
needing I-Cause
less I-Cause
space I-Cause
, O
Equinix B-Effect
could I-Effect
find I-Effect
itself I-Effect
with I-Effect
too I-Effect
much I-Effect
capacity I-Effect
. O

We O
believe O
that O
the O
largest O
benefits O
of O
consolidated O
purchasing O
have O
been O
realized O
, O
with O
future O
incremental O
margin O
benefits O
tapering O
down O
, O
while O
a B-Cause
shift I-Cause
toward I-Cause
greater I-Cause
online I-Cause
penetration I-Cause
will O
be O
attached O
with O
greater B-Effect
IT I-Effect
and I-Effect
logistical I-Effect
costs I-Effect
. O

Unlike O
OTC O
drugs O
, O
store-brand B-Cause
penetration I-Cause
in I-Cause
some I-Cause
product I-Cause
categories I-Cause
remains I-Cause
relatively I-Cause
small I-Cause
, O
and O
Perrigo B-Effect
will I-Effect
likely I-Effect
seek I-Effect
to I-Effect
leverage I-Effect
its I-Effect
store-brand I-Effect
retailing I-Effect
expertise I-Effect
to I-Effect
expand I-Effect
into I-Effect
new I-Effect
markets I-Effect
. O

In O
the O
healthcare O
and O
life O
sciences O
business O
, O
we O
expect O
Ecolab B-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
revenue I-Effect
faster I-Effect
than I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
company I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
as O
this B-Cause
business I-Cause
makes I-Cause
a I-Cause
push I-Cause
to I-Cause
expand I-Cause
its I-Cause
presence I-Cause
selling I-Cause
products I-Cause
and I-Cause
services I-Cause
to I-Cause
the I-Cause
healthcare I-Cause
and I-Cause
pharmaceutical I-Cause
end I-Cause
markets I-Cause
. O

We B-Effect
see I-Effect
the I-Effect
success I-Effect
story I-Effect
for I-Effect
CyrusOne I-Effect
depending I-Effect
on I-Effect
cloud I-Effect
providers I-Effect
and I-Effect
enterprises I-Effect
continuing I-Effect
to I-Effect
need I-Effect
more I-Effect
data I-Effect
storage I-Effect
, I-Effect
computing I-Effect
, I-Effect
and I-Effect
interconnection I-Effect
as O
the B-Cause
world I-Cause
becomes I-Cause
more I-Cause
data-dependent I-Cause
and I-Cause
connected O
. O

However O
, O
despite O
an O
easy O
comparison O
, O
we O
expect O
sales B-Effect
growth I-Effect
of I-Effect
only I-Effect
6 I-Effect
% I-Effect
for I-Effect
Gap I-Effect
Global I-Effect
in I-Effect
2021 I-Effect
as O
some B-Cause
sales I-Cause
are I-Cause
lost I-Cause
from I-Cause
permanent I-Cause
store I-Cause
closures I-Cause
. O

Also O
, O
a B-Cause
more I-Cause
cost-conscious I-Cause
consumer I-Cause
in O
emerging O
markets O
raises B-Effect
the I-Effect
risk I-Effect
that O
the O
disciplined O
pricing O
environment O
deployed O
throughout O
the O
world O
could O
deteriorate O
. O

Corning B-Cause
uses I-Cause
the I-Cause
same I-Cause
fusion I-Cause
draw I-Cause
process I-Cause
to I-Cause
make I-Cause
glass I-Cause
substrates I-Cause
for I-Cause
both I-Cause
its I-Cause
Display I-Cause
Technologies I-Cause
and I-Cause
Specialty I-Cause
Materials I-Cause
segments I-Cause
, O
which O
it B-Effect
credits I-Effect
for I-Effect
saving I-Effect
upward I-Effect
of I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
investment I-Effect
, O
on O
top O
of O
the O
money O
it O
saves O
per O
substrate O
on O
refining O
and O
polishing O
. O

Similarly O
, O
the B-Cause
company I-Cause
's I-Cause
exposure I-Cause
to I-Cause
power I-Cause
semis I-Cause
allows O
it B-Effect
to I-Effect
benefit I-Effect
from I-Effect
trends I-Effect
in I-Effect
the I-Effect
electronics I-Effect
industry I-Effect
toward I-Effect
power I-Effect
conservation I-Effect
, O
not O
only O
in O
more O
efficient O
devices O
like O
industrial O
drives O
, O
but O
also O
in O
green O
energy O
solutions O
like O
solar O
panels O
. O

As O
the B-Cause
firm I-Cause
has I-Cause
already I-Cause
has I-Cause
moderate I-Cause
international I-Cause
brick-and-mortar I-Cause
exposure I-Cause
at I-Cause
this I-Cause
point I-Cause
, O
we O
assume O
that O
new B-Effect
location I-Effect
growth I-Effect
overseas I-Effect
will I-Effect
be I-Effect
taken I-Effect
on I-Effect
methodically I-Effect
. O

The O
specialized O
nature O
of O
these O
investments O
also O
insulates O
CBRE B-Effect
somewhat I-Effect
from I-Effect
fee I-Effect
compression I-Effect
prevalent I-Effect
in I-Effect
the I-Effect
industry I-Effect
, O
since O
its B-Cause
investments I-Cause
are I-Cause
considered I-Cause
more I-Cause
niche I-Cause
and I-Cause
difficult I-Cause
to I-Cause
replicate I-Cause
by I-Cause
investors I-Cause
. O

In O
reality O
, O
we O
believe O
this O
manifests O
in O
numerous O
ways O
, O
not O
least O
of O
which O
is O
the O
fact O
that O
Coca-Cola B-Cause
Femsa I-Cause
is I-Cause
forced I-Cause
to I-Cause
operate I-Cause
at I-Cause
the I-Cause
most I-Cause
capital-intensive I-Cause
part I-Cause
of I-Cause
the I-Cause
supply I-Cause
chain I-Cause
, O
achieving O
significantly B-Effect
lower I-Effect
margins I-Effect
and I-Effect
economic I-Effect
profits I-Effect
. O

We O
forecast O
marketing B-Cause
to I-Cause
tick I-Cause
up I-Cause
to I-Cause
nearly I-Cause
6 I-Cause
% I-Cause
on I-Cause
average I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
( I-Cause
above I-Cause
the I-Cause
4.9 I-Cause
% I-Cause
on I-Cause
average I-Cause
the I-Cause
last I-Cause
three I-Cause
years I-Cause
) I-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
to I-Cause
approximate I-Cause
1.8 I-Cause
% I-Cause
of I-Cause
sales I-Cause
( I-Cause
about I-Cause
$ I-Cause
160 I-Cause
million I-Cause
a I-Cause
year I-Cause
, I-Cause
or I-Cause
about I-Cause
60 I-Cause
basis I-Cause
points I-Cause
above I-Cause
the I-Cause
three-year I-Cause
average I-Cause
) I-Cause
. O
This O
results O
in O
average B-Effect
operating I-Effect
margins I-Effect
of I-Effect
nearly I-Effect
18 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
( I-Effect
60 I-Effect
basis I-Effect
points I-Effect
above I-Effect
the I-Effect
prior I-Effect
10-year I-Effect
average I-Effect
) I-Effect
. O

Because O
of O
the B-Cause
company I-Cause
's I-Cause
web-based I-Cause
sales I-Cause
model I-Cause
, O
its B-Effect
sales I-Effect
and I-Effect
marketing I-Effect
expenses I-Effect
are I-Effect
among I-Effect
the I-Effect
lowest I-Effect
among I-Effect
enterprise I-Effect
software I-Effect
peers I-Effect
, O
leading O
to O
solid B-Effect
non-IFRS I-Effect
margins I-Effect
. O

All O
the O
while O
, O
prices B-Cause
of I-Cause
IGBTs I-Cause
and I-Cause
MOSFETs I-Cause
can I-Cause
be I-Cause
as I-Cause
low I-Cause
as I-Cause
a I-Cause
few I-Cause
cents I-Cause
, I-Cause
so I-Cause
any I-Cause
upstart I-Cause
or I-Cause
challenger I-Cause
would I-Cause
struggle I-Cause
to I-Cause
undercut I-Cause
Infineon I-Cause
on I-Cause
price I-Cause
while I-Cause
still I-Cause
generating I-Cause
an I-Cause
adequate I-Cause
return I-Cause
on I-Cause
investment. O
This O
last O
point O
is O
probably O
why O
a B-Effect
firm I-Effect
with I-Effect
significant I-Effect
excess I-Effect
capacity I-Effect
like I-Effect
Texas I-Effect
Instruments I-Effect
, I-Effect
for I-Effect
example I-Effect
, I-Effect
is I-Effect
likely I-Effect
to I-Effect
stay I-Effect
out I-Effect
of I-Effect
this I-Effect
market I-Effect
. O

For O
example O
, O
fluid B-Cause
ends I-Cause
used I-Cause
in I-Cause
hydraulic I-Cause
fracturing I-Cause
pumps I-Cause
need I-Cause
to I-Cause
be I-Cause
replaced I-Cause
frequently I-Cause
due I-Cause
to I-Cause
their I-Cause
exposure I-Cause
to I-Cause
corrosive I-Cause
fluids I-Cause
and I-Cause
abrasive I-Cause
proppants. O
This O
leads O
to O
a B-Effect
substantial I-Effect
recurring I-Effect
revenue I-Effect
opportunity I-Effect
, I-Effect
as I-Effect
the I-Effect
total I-Effect
aftermarket I-Effect
sales I-Effect
throughout I-Effect
a I-Effect
product I-Effect
's I-Effect
life I-Effect
span I-Effect
can I-Effect
represent I-Effect
a I-Effect
multiple I-Effect
of I-Effect
the I-Effect
initial I-Effect
cost I-Effect
outlay I-Effect
. O

The O
global O
infant O
nutrition O
market O
is O
characterised O
by O
low O
private-label O
penetration O
, O
reflecting O
the B-Effect
high I-Effect
degree I-Effect
of I-Effect
brand I-Effect
loyalty I-Effect
in I-Effect
the I-Effect
category I-Effect
and I-Effect
resulting I-Effect
in I-Effect
opportunities I-Effect
for I-Effect
higher I-Effect
profit I-Effect
margins I-Effect
, O
a O
consequence B-Cause
of I-Cause
pricing I-Cause
power I-Cause
. O

Enterprise O
storage O
provides B-Effect
a I-Effect
significant I-Effect
opportunity I-Effect
for I-Effect
the I-Effect
firm I-Effect
in O
the O
near-term O
, O
with O
nearline B-Cause
or I-Cause
business I-Cause
critical I-Cause
storage I-Cause
demands I-Cause
increasing I-Cause
, O
but O
should O
energy B-Cause
efficiency I-Cause
concerns I-Cause
within I-Cause
data I-Cause
centers I-Cause
and I-Cause
hyperscale I-Cause
cloud I-Cause
players I-Cause
increase I-Cause
, O
this B-Effect
opportunity I-Effect
may I-Effect
quickly I-Effect
evaporate I-Effect
. O

We O
expect O
2021 B-Effect
levels I-Effect
of I-Effect
capacity I-Effect
will I-Effect
be I-Effect
roughly I-Effect
63 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
levels I-Effect
, I-Effect
roughly I-Effect
somewhat I-Effect
lower I-Effect
than I-Effect
peer I-Effect
carriers I-Effect
as O
international B-Cause
travel I-Cause
and I-Cause
business I-Cause
travel I-Cause
remain I-Cause
depressed I-Cause
. O

Our B-Cause
projected I-Cause
EBITDA I-Cause
margin I-Cause
expansion—a I-Cause
total I-Cause
of I-Cause
about I-Cause
100 I-Cause
basis I-Cause
points I-Cause
from I-Cause
2020 I-Cause
to I-Cause
2025—results O
from B-Effect
both I-Effect
wireless I-Effect
and I-Effect
wireline I-Effect
growing I-Effect
by I-Effect
about I-Effect
that I-Effect
amount I-Effect
. O

Given B-Cause
that I-Cause
much I-Cause
of I-Cause
Sandvik I-Cause
's I-Cause
equipment I-Cause
is I-Cause
operated I-Cause
underground I-Cause
and I-Cause
is I-Cause
thus I-Cause
subject I-Cause
to I-Cause
large I-Cause
degrees I-Cause
of I-Cause
wear I-Cause
and I-Cause
tear I-Cause
, I-Cause
customers I-Cause
also I-Cause
place I-Cause
a I-Cause
greater I-Cause
emphasis I-Cause
on I-Cause
quality I-Cause
and I-Cause
safety I-Cause
in I-Cause
order I-Cause
to I-Cause
protect I-Cause
reputational I-Cause
damage. O
This O
record O
of O
reliability O
stretches O
back O
many O
decades O
with O
customers O
, O
which O
has O
resulted O
in O
Sandvik B-Effect
and I-Effect
Epiroc I-Effect
enjoying I-Effect
dominant I-Effect
positions I-Effect
in I-Effect
niche I-Effect
applications I-Effect
such I-Effect
as I-Effect
surface I-Effect
drilling I-Effect
, I-Effect
underground I-Effect
drilling I-Effect
, I-Effect
and I-Effect
underground I-Effect
loaders I-Effect
with I-Effect
combined I-Effect
market I-Effect
shares I-Effect
in I-Effect
certain I-Effect
niche I-Effect
segments I-Effect
at I-Effect
approximately I-Effect
80 I-Effect
% I-Effect
. O

In B-Effect
total I-Effect
, I-Effect
we I-Effect
forecast I-Effect
the I-Effect
company I-Effect
to I-Effect
achieve I-Effect
normalized I-Effect
GAAP I-Effect
operating I-Effect
margins I-Effect
in I-Effect
the I-Effect
lower I-Effect
50s I-Effect
from I-Effect
the I-Effect
upper I-Effect
40s I-Effect
today I-Effect
as B-Cause
the I-Cause
company I-Cause
slows I-Cause
the I-Cause
rate I-Cause
of I-Cause
investment I-Cause
. O

In O
brokerage O
, O
the O
network O
effect O
essentially O
means O
that O
as O
a B-Cause
provider I-Cause
's I-Cause
network I-Cause
of I-Cause
shippers I-Cause
and I-Cause
carriers I-Cause
grows I-Cause
, O
it O
often O
becomes O
more B-Effect
valuable I-Effect
to I-Effect
all I-Effect
parties I-Effect
and I-Effect
increasingly I-Effect
difficult I-Effect
to I-Effect
replicate I-Effect
. O

We O
recognize O
that O
Dexcom B-Cause
has I-Cause
made I-Cause
progress I-Cause
on I-Cause
this I-Cause
front I-Cause
with I-Cause
its I-Cause
therapeutic I-Cause
indication I-Cause
, O
which O
means O
the B-Effect
patient I-Effect
can I-Effect
make I-Effect
treatment I-Effect
decisions I-Effect
based I-Effect
on I-Effect
G6 I-Effect
readings I-Effect
without I-Effect
confirming I-Effect
the I-Effect
blood I-Effect
glucose I-Effect
levels I-Effect
with I-Effect
a I-Effect
traditional I-Effect
meter I-Effect
. O

Since O
deal B-Cause
size I-Cause
is I-Cause
increasing I-Cause
, O
it O
is O
possible O
that O
a B-Effect
couple I-Effect
of I-Effect
large I-Effect
deals I-Effect
leaking I-Effect
into I-Effect
the I-Effect
next I-Effect
several I-Effect
quarters I-Effect
could I-Effect
cause I-Effect
a I-Effect
quarterly I-Effect
miss I-Effect
. O

While O
resources O
are O
rarely O
an O
issue O
for O
Vodafone O
, O
government B-Cause
control I-Cause
of I-Cause
spectrum I-Cause
licensing I-Cause
still O
often O
acts O
to O
limit O
the B-Effect
size I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
. O

As O
the B-Cause
trend I-Cause
of I-Cause
outsourcing I-Cause
continues I-Cause
and I-Cause
the I-Cause
level I-Cause
of I-Cause
complexity I-Cause
of I-Cause
services I-Cause
provided I-Cause
increases I-Cause
, O
it O
will O
only O
become O
more O
difficult O
to O
switch B-Effect
service I-Effect
providers I-Effect
. O

Like O
peers O
, O
Equinor B-Cause
has I-Cause
focused I-Cause
on I-Cause
cost-cutting I-Cause
in I-Cause
recent I-Cause
years I-Cause
to O
adapt O
its B-Effect
portfolio I-Effect
to I-Effect
the I-Effect
lower I-Effect
oil I-Effect
price I-Effect
environment I-Effect
. O

Novo B-Cause
's I-Cause
pipeline I-Cause
productivity I-Cause
has O
also O
made O
older B-Effect
, I-Effect
human I-Effect
insulin I-Effect
therapies I-Effect
less I-Effect
desirable I-Effect
for I-Effect
patients I-Effect
, O
and O
more O
than O
80 O
% O
of O
the O
firm O
's O
insulin O
sales O
today O
derive O
from O
modern O
and O
next-generation O
insulin O
analogs O
. O

The B-Effect
market I-Effect
services I-Effect
business I-Effect
remains I-Effect
a I-Effect
key I-Effect
part I-Effect
of I-Effect
Nasdaq I-Effect
's I-Effect
overall I-Effect
business I-Effect
, O
as O
it B-Cause
is I-Cause
the I-Cause
foundation I-Cause
for I-Cause
much I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
other I-Cause
segments I-Cause
: I-Cause
information I-Cause
services I-Cause
, I-Cause
market I-Cause
technology I-Cause
, I-Cause
and I-Cause
corporate I-Cause
services I-Cause
. O

Zions B-Cause
' I-Cause
profitability I-Cause
will I-Cause
largely I-Cause
be I-Cause
determined I-Cause
by I-Cause
the I-Cause
interest-rate I-Cause
cycle I-Cause
and I-Cause
the I-Cause
effects I-Cause
of I-Cause
credit I-Cause
and I-Cause
debt I-Cause
cycles I-Cause
, O
all B-Effect
of I-Effect
which I-Effect
will I-Effect
affect I-Effect
profitability I-Effect
and I-Effect
are I-Effect
not I-Effect
under I-Effect
management I-Effect
's I-Effect
control I-Effect
. O

With O
the B-Cause
elimination I-Cause
of I-Cause
incentive I-Cause
distribution I-Cause
rights I-Cause
, O
we B-Effect
reduced I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
medium I-Effect
from I-Effect
high I-Effect
, O
reflecting O
a O
narrower O
range O
of O
outcomes O
without O
the O
IDR O
cash O
flow O
burden O
. O

On O
the O
top O
line O
, O
we O
expect O
relatively B-Effect
flat I-Effect
revenue I-Effect
in I-Effect
2021 I-Effect
despite I-Effect
increased I-Effect
aircraft I-Effect
sales I-Effect
as O
suppliers B-Cause
destock I-Cause
current I-Cause
inventory I-Cause
before I-Cause
ordering I-Cause
new I-Cause
composites I-Cause
. O

Unfortunately O
, O
we O
think O
Macy B-Cause
's I-Cause
large I-Cause
fleet I-Cause
of I-Cause
more I-Cause
than I-Cause
600 I-Cause
full-line I-Cause
stores I-Cause
and I-Cause
more I-Cause
than I-Cause
100 I-Cause
million I-Cause
square I-Cause
feet I-Cause
of I-Cause
selling I-Cause
space I-Cause
limits O
its B-Effect
options I-Effect
. O

Ferguson B-Cause
's I-Cause
dedicated I-Cause
fleet I-Cause
reduces I-Cause
the I-Cause
cost I-Cause
to I-Cause
move I-Cause
inventory I-Cause
relative I-Cause
to I-Cause
third-party I-Cause
options I-Cause
, O
ultimately O
proving O
to O
be O
a B-Effect
key I-Effect
cost I-Effect
advantage I-Effect
when I-Effect
compared I-Effect
with I-Effect
smaller I-Effect
competitors I-Effect
. O

We O
expect O
amortization B-Effect
to I-Effect
gradually I-Effect
decrease I-Effect
as I-Effect
a I-Effect
percent I-Effect
of I-Effect
sales I-Effect
, O
as O
intangible B-Cause
assets I-Cause
continue I-Cause
to I-Cause
decline I-Cause
on I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
as I-Cause
they I-Cause
are I-Cause
amortized I-Cause
. O

Still O
, O
we O
think O
Fortune B-Effect
Brands I-Effect
has I-Effect
a I-Effect
durable I-Effect
business I-Effect
model I-Effect
as O
it B-Cause
has I-Cause
consistently I-Cause
generated I-Cause
positive I-Cause
free I-Cause
cash I-Cause
flow I-Cause
, I-Cause
even O
during O
the O
last O
downturn O
. O

Having B-Effect
a I-Effect
reputation I-Effect
for I-Effect
reliability I-Effect
is I-Effect
imperative I-Effect
in I-Effect
this I-Effect
segment I-Effect
, O
as O
the B-Cause
equipment I-Cause
often I-Cause
performs I-Cause
a I-Cause
mission-critical I-Cause
function I-Cause
( O
for O
instance O
, O
pumps O
for O
wastewater O
treatment O
facilities O
) O
. O

We O
expect O
that O
mix B-Cause
shift I-Cause
toward I-Cause
the I-Cause
high-margin I-Cause
737 I-Cause
MAX I-Cause
and I-Cause
learning I-Cause
curve-based I-Cause
cost I-Cause
efficiencies I-Cause
should O
help O
the B-Effect
company I-Effect
improve I-Effect
margins I-Effect
. O

Customer B-Cause
penetration I-Cause
and I-Cause
revenue I-Cause
per I-Cause
customer I-Cause
are I-Cause
both I-Cause
below I-Cause
average I-Cause
, O
which O
should O
provide B-Effect
some I-Effect
growth I-Effect
potential I-Effect
at I-Effect
very I-Effect
attractive I-Effect
returns I-Effect
on I-Effect
incremental I-Effect
investment I-Effect
. O

We B-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
about I-Effect
4 I-Effect
% I-Effect
to I-Effect
$ I-Effect
50 I-Effect
per I-Effect
share I-Effect
due O
to O
our B-Cause
upward-revised I-Cause
10-year I-Cause
housing I-Cause
starts I-Cause
forecast I-Cause
. O

Although O
the O
new O
equipment O
division O
represents O
a O
low O
proportion O
of O
the O
overall O
EBIT O
( O
20 O
% O
) O
, O
we O
believe O
having B-Effect
a I-Effect
strong I-Effect
reputation I-Effect
and I-Effect
track I-Effect
record I-Effect
in I-Effect
this I-Effect
business I-Effect
segment I-Effect
is I-Effect
critical I-Effect
, O
as O
new B-Cause
installations I-Cause
will I-Cause
drive I-Cause
conversion I-Cause
to I-Cause
future I-Cause
service I-Cause
contracts I-Cause
, O
the O
ones O
providing O
the O
largest O
chunk O
of O
profitability O
. O

Coke B-Effect
's I-Effect
future I-Effect
trajectory I-Effect
is I-Effect
not I-Effect
without I-Effect
risk I-Effect
, O
as O
it O
faces O
COVID-19 B-Cause
disruption I-Cause
, O
secular B-Cause
headwinds I-Cause
in I-Cause
terms I-Cause
of I-Cause
consumer I-Cause
sentiment I-Cause
, O
and O
well-capitalized B-Cause
rivals I-Cause
. O

With O
the B-Cause
potential I-Cause
to I-Cause
expand I-Cause
into I-Cause
new I-Cause
indications I-Cause
, I-Cause
two I-Cause
other I-Cause
drugs I-Cause
for I-Cause
ultrarare I-Cause
diseases I-Cause
( I-Cause
Strensiq I-Cause
and I-Cause
Kanuma I-Cause
) I-Cause
, I-Cause
a I-Cause
promising I-Cause
pipeline I-Cause
, I-Cause
and I-Cause
its I-Cause
specialized I-Cause
salesforce I-Cause
, O
we B-Effect
believe I-Effect
Alexion I-Effect
is I-Effect
well-positioned I-Effect
to I-Effect
retain I-Effect
its I-Effect
leading I-Effect
status I-Effect
in I-Effect
rare-disease I-Effect
markets I-Effect
. O

The B-Effect
company I-Effect
is I-Effect
less I-Effect
exposed I-Effect
than O
the O
Great O
Recession O
when O
it O
only O
sold O
motor O
homes O
, O
because O
towables B-Cause
typically I-Cause
do I-Cause
not I-Cause
fall I-Cause
as I-Cause
hard I-Cause
in I-Cause
volume I-Cause
as I-Cause
motor I-Cause
homes I-Cause
and I-Cause
the I-Cause
cost I-Cause
structure I-Cause
is I-Cause
about I-Cause
85 I-Cause
% I-Cause
variable I-Cause
. O

Sticky B-Effect
market I-Effect
share I-Effect
and I-Effect
cost I-Effect
advantages I-Effect
result O
from O
Lear B-Cause
's I-Cause
global I-Cause
engineering I-Cause
, I-Cause
its I-Cause
global I-Cause
manufacturing I-Cause
footprint I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
long-term I-Cause
highly I-Cause
integrated I-Cause
customer I-Cause
relationships I-Cause
. O

However O
, O
dealing B-Cause
with I-Cause
the I-Cause
large I-Cause
near-term I-Cause
impacts I-Cause
from O
the O
collapse O
in O
both O
oil O
demand O
and O
supply O
will O
consume B-Effect
the I-Effect
management I-Effect
team I-Effect
's I-Effect
time I-Effect
in O
the O
near O
term O
. O

As O
an B-Cause
insurer I-Cause
outstrips I-Cause
competitors I-Cause
in I-Cause
size I-Cause
, O
the B-Effect
fixed I-Effect
cost I-Effect
base I-Effect
of I-Effect
administering I-Effect
policies I-Effect
becomes I-Effect
spread I-Effect
over I-Effect
a I-Effect
larger I-Effect
number I-Effect
of I-Effect
policies I-Effect
. O

Mergers B-Cause
and I-Cause
acquisitions I-Cause
remain O
part O
of O
the O
firm O
's O
DNA O
, O
and O
subsequent B-Cause
transactions I-Cause
-- I-Cause
some I-Cause
transformative I-Cause
, I-Cause
others I-Cause
bolt-on I-Cause
-- O
have O
established O
Diageo B-Effect
as I-Effect
the I-Effect
global I-Effect
industry I-Effect
leader I-Effect
. O

Importantly O
, O
a B-Cause
retail I-Cause
segment I-Cause
provides I-Cause
opportunities I-Cause
to I-Cause
blend I-Cause
biofuel I-Cause
and I-Cause
create I-Cause
RINs I-Cause
, O
defraying B-Effect
a I-Effect
cost I-Effect
incurred I-Effect
by I-Effect
the I-Effect
refining I-Effect
operation I-Effect
. O

Although O
we O
see O
this O
as O
a O
very O
long-term O
risk O
, O
if O
sequencing B-Cause
standards I-Cause
change I-Cause
, O
Qiagen B-Effect
's I-Effect
related I-Effect
products I-Effect
may I-Effect
be I-Effect
threatened I-Effect
as I-Effect
well I-Effect
. O

We O
believe O
Sandvik B-Cause
's I-Cause
leading I-Cause
market I-Cause
positions I-Cause
across I-Cause
its I-Cause
machining I-Cause
and I-Cause
niche I-Cause
mining I-Cause
segments I-Cause
allows O
the B-Effect
company I-Effect
to I-Effect
utilize I-Effect
its I-Effect
existing I-Effect
close I-Effect
relationships I-Effect
with I-Effect
customers I-Effect
to I-Effect
gain I-Effect
a I-Effect
greater I-Effect
share I-Effect
of I-Effect
wallet I-Effect
. O

We O
do O
n't O
think O
this O
2 B-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTClevel I-Effect
of I-Effect
profitability I-Effect
evidences O
a O
scale O
edge O
but O
rather O
has O
been O
derived O
as O
the B-Cause
firm I-Cause
refrained I-Cause
from I-Cause
investing I-Cause
meaningful I-Cause
resources I-Cause
behind I-Cause
its I-Cause
brands I-Cause
. O

Additionally O
, O
each B-Cause
individual I-Cause
order I-Cause
has I-Cause
a I-Cause
fixed-cost I-Cause
component I-Cause
, I-Cause
and I-Cause
so I-Cause
the I-Cause
incremental I-Cause
costs I-Cause
of I-Cause
managing I-Cause
multiple I-Cause
product I-Cause
orders I-Cause
would I-Cause
mitigate I-Cause
any I-Cause
potential I-Cause
savings I-Cause
for I-Cause
the I-Cause
customer. O
This O
allows O
Reliance B-Effect
to I-Effect
earn I-Effect
a I-Effect
modest I-Effect
degree I-Effect
of I-Effect
economic I-Effect
rent I-Effect
, I-Effect
helping I-Effect
the I-Effect
company I-Effect
maintain I-Effect
profitability I-Effect
through I-Effect
the I-Effect
business I-Effect
cycle I-Effect
. O

We O
think O
capital B-Effect
expenditures I-Effect
will I-Effect
be I-Effect
roughly I-Effect
$ I-Effect
3 I-Effect
billion I-Effect
per I-Effect
year I-Effect
at I-Effect
midcycle I-Effect
, I-Effect
about I-Effect
a I-Effect
billion I-Effect
less I-Effect
than I-Effect
the I-Effect
trailing I-Effect
five-year I-Effect
average I-Effect
, O
due O
to O
the B-Cause
airline I-Cause
having I-Cause
completed I-Cause
its I-Cause
fleet I-Cause
renewal I-Cause
. O

The B-Cause
value I-Cause
of I-Cause
airfreight I-Cause
declines I-Cause
with I-Cause
distance I-Cause
, O
while O
production B-Effect
shifts I-Effect
to I-Effect
other I-Effect
emerging I-Effect
geographies I-Effect
moves I-Effect
freight I-Effect
demand I-Effect
to I-Effect
nonmajor I-Effect
trade I-Effect
lanes I-Effect
where O
transportation O
infrastructure O
is O
often O
less O
developed O
. O

We B-Effect
model I-Effect
a I-Effect
roughly I-Effect
150-basis-point I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
from I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
the I-Effect
welding I-Effect
business I-Effect
, I-Effect
to I-Effect
management I-Effect
's I-Effect
long-term I-Effect
target I-Effect
of I-Effect
around I-Effect
15 I-Effect
% I-Effect
, O
driven O
by O
volume B-Cause
leverage I-Cause
, I-Cause
mix I-Cause
shift I-Cause
, I-Cause
and I-Cause
ongoing I-Cause
productivity I-Cause
initiatives I-Cause
. O

While O
Edwards O
did O
not O
regularly O
engage O
in O
serial O
acquisition O
, O
the O
firm O
has O
recently O
made O
a B-Cause
series I-Cause
of I-Cause
purchases I-Cause
of I-Cause
transcatheter I-Cause
mitral I-Cause
valve I-Cause
technologies I-Cause
in O
order O
to O
get B-Effect
a I-Effect
jump I-Effect
on I-Effect
the I-Effect
next I-Effect
wave I-Effect
of I-Effect
innovation I-Effect
. O

We O
forecast O
gross B-Effect
margins I-Effect
to I-Effect
rise I-Effect
to I-Effect
more I-Effect
than I-Effect
37 I-Effect
% I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
strategic I-Cause
merchandising I-Cause
efforts I-Cause
generate I-Cause
an I-Cause
improvement I-Cause
, I-Cause
tempered I-Cause
by I-Cause
incentives I-Cause
( I-Cause
free/fast I-Cause
shipping I-Cause
, I-Cause
discounts I-Cause
for I-Cause
college I-Cause
students I-Cause
, I-Cause
beyond-plus I-Cause
program I-Cause
) I-Cause
that I-Cause
persist I-Cause
. O

However O
, O
as O
Jimmy B-Cause
Choo I-Cause
is I-Cause
best I-Cause
known I-Cause
for I-Cause
shoes I-Cause
and I-Cause
Versace I-Cause
for I-Cause
high I-Cause
fashion I-Cause
apparel I-Cause
, O
it B-Effect
may I-Effect
be I-Effect
difficult I-Effect
for I-Effect
either I-Effect
to I-Effect
compete I-Effect
against I-Effect
established I-Effect
handbag I-Effect
brands I-Effect
. O

Microbreweries B-Effect
have I-Effect
been I-Effect
taking I-Effect
share I-Effect
from I-Effect
established I-Effect
craft I-Effect
players I-Effect
like I-Effect
Boston I-Effect
Beer I-Effect
, O
as O
parochial B-Cause
preferences I-Cause
seem I-Cause
to I-Cause
be I-Cause
driving I-Cause
many I-Cause
consumers I-Cause
toward I-Cause
locally I-Cause
produced I-Cause
beers I-Cause
with I-Cause
small I-Cause
and I-Cause
homely I-Cause
essences I-Cause
. O

If O
Bausch B-Cause
is I-Cause
unable I-Cause
to I-Cause
generate I-Cause
a I-Cause
consistent I-Cause
pipeline I-Cause
of I-Cause
patented I-Cause
drugs I-Cause
, O
sales B-Effect
would I-Effect
wane I-Effect
, I-Effect
and I-Effect
returns I-Effect
could I-Effect
fall I-Effect
below I-Effect
costs I-Effect
of I-Effect
capital I-Effect
. O

Subsequent O
acquisitions O
have O
also O
proven O
smart O
, O
as O
initial B-Effect
well I-Effect
productivity I-Effect
in I-Effect
the I-Effect
Permian I-Effect
has I-Effect
improved I-Effect
about I-Effect
50 I-Effect
% I-Effect
since I-Effect
2016 I-Effect
, O
when O
Viper B-Cause
began I-Cause
its I-Cause
latest I-Cause
acquisition I-Cause
efforts I-Cause
. O

With O
a B-Cause
sizable I-Cause
presence I-Cause
across I-Cause
nearly I-Cause
every I-Cause
continent I-Cause
, O
it B-Effect
is I-Effect
also I-Effect
primed I-Effect
to I-Effect
accommodate I-Effect
the I-Effect
needs I-Effect
of I-Effect
global I-Effect
enterprises I-Effect
that I-Effect
want I-Effect
a I-Effect
fluid I-Effect
solution I-Effect
across I-Effect
their I-Effect
data I-Effect
center I-Effect
footprint I-Effect
. O

In B-Effect
many I-Effect
cases I-Effect
, I-Effect
the I-Effect
only I-Effect
viable I-Effect
alternative I-Effect
for I-Effect
Heico I-Effect
parts I-Effect
is I-Effect
the I-Effect
OEM I-Effect
part I-Effect
, I-Effect
which I-Effect
is I-Effect
generally I-Effect
much I-Effect
more I-Effect
expensive I-Effect
as B-Cause
OEMs I-Cause
use I-Cause
monopolistic I-Cause
pricing I-Cause
to I-Cause
cover I-Cause
the I-Cause
substantial I-Cause
research I-Cause
and I-Cause
development I-Cause
required I-Cause
to I-Cause
create I-Cause
the I-Cause
initial I-Cause
part I-Cause
. O

This B-Effect
is I-Effect
driven I-Effect
by I-Effect
a I-Effect
combination I-Effect
of I-Effect
further I-Effect
cost I-Effect
improvements I-Effect
and I-Effect
an I-Effect
improved I-Effect
business I-Effect
mix I-Effect
focused I-Effect
on I-Effect
scalable I-Effect
electronic I-Effect
products I-Effect
, I-Effect
with I-Effect
less I-Effect
of I-Effect
a I-Effect
drag I-Effect
from I-Effect
legacy I-Effect
print I-Effect
products I-Effect
, O
as O
this B-Cause
medium I-Cause
now I-Cause
contributes I-Cause
less I-Cause
than I-Cause
10 I-Cause
% I-Cause
of I-Cause
group I-Cause
revenue I-Cause
. O

The B-Cause
pandemic I-Cause
has I-Cause
caused I-Cause
material I-Cause
economic I-Cause
weakness I-Cause
in I-Cause
Mexico I-Cause
, O
and O
we O
expect O
sales B-Effect
to I-Effect
fall I-Effect
10.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
before I-Effect
recovering I-Effect
11.5 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
and I-Effect
stabilizing I-Effect
at I-Effect
2.5 I-Effect
% I-Effect
-4.5 I-Effect
% I-Effect
thereafter I-Effect
. I-Effect

Speed B-Effect
and I-Effect
quality I-Effect
are I-Effect
essential I-Effect
because O
there B-Cause
is I-Cause
a I-Cause
high I-Cause
risk I-Cause
of I-Cause
failure I-Cause
at I-Cause
each I-Cause
step I-Cause
of I-Cause
the I-Cause
development I-Cause
process I-Cause
and I-Cause
clinical I-Cause
trials I-Cause
are I-Cause
expensive I-Cause
, I-Cause
with I-Cause
estimates I-Cause
of I-Cause
average I-Cause
development I-Cause
costs I-Cause
spanning I-Cause
$ I-Cause
1.3 I-Cause
billion I-Cause
to I-Cause
$ I-Cause
2.8 I-Cause
billion I-Cause
per I-Cause
drug I-Cause
. O

GTT O
has O
not O
shown O
it O
can O
continually O
produce O
economic O
profits O
( O
it O
has O
outearned O
its O
cost O
of O
capital O
two O
times O
in O
the O
last O
five O
years O
, O
most O
recently O
in O
2017 O
) O
, O
although O
ROIC B-Effect
calculations I-Effect
likely I-Effect
do I-Effect
n't I-Effect
give I-Effect
a I-Effect
full I-Effect
picture I-Effect
due O
to O
multiple B-Cause
annual I-Cause
acquisitions I-Cause
. O

Or O
, O
if B-Cause
the I-Cause
customer I-Cause
is I-Cause
unable I-Cause
to I-Cause
find I-Cause
such I-Cause
a I-Cause
solution I-Cause
, I-Cause
it I-Cause
would I-Cause
need I-Cause
to I-Cause
source I-Cause
multiple I-Cause
discrete I-Cause
products I-Cause
from I-Cause
various I-Cause
suppliers I-Cause
to I-Cause
develop I-Cause
bespoke I-Cause
solutions I-Cause
with I-Cause
the I-Cause
same I-Cause
functionality I-Cause
, I-Cause
complicating I-Cause
its I-Cause
supply I-Cause
chain I-Cause
and I-Cause
requiring I-Cause
significant I-Cause
engineering I-Cause
investment. O
Thus O
, O
in O
our O
view O
, O
once B-Effect
these I-Effect
power I-Effect
solutions I-Effect
have I-Effect
been I-Effect
designed I-Effect
into I-Effect
applications I-Effect
, I-Effect
they I-Effect
are I-Effect
likely I-Effect
to I-Effect
remain I-Effect
for I-Effect
duration I-Effect
of I-Effect
the I-Effect
design I-Effect
life I-Effect
cycle I-Effect
. O

We O
expect O
Novo B-Effect
, I-Effect
Sanofi I-Effect
, I-Effect
and I-Effect
Lilly I-Effect
to I-Effect
enjoy I-Effect
continued I-Effect
insulin I-Effect
volume I-Effect
growth I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
, O
as O
the B-Cause
increasingly I-Cause
overweight I-Cause
and I-Cause
aging I-Cause
global I-Cause
population I-Cause
initiates I-Cause
or I-Cause
requires I-Cause
more I-Cause
intensive I-Cause
treatment I-Cause
to B-Effect
control I-Effect
blood I-Effect
sugar I-Effect
and I-Effect
prevent I-Effect
diabetes-related I-Effect
complications I-Effect
or I-Effect
death I-Effect
. O

Second O
, O
regarding O
customers O
, O
any B-Cause
potential I-Cause
network I-Cause
effect I-Cause
for I-Cause
Groupon I-Cause
requires I-Cause
significant I-Cause
marketing I-Cause
and I-Cause
high I-Cause
customer I-Cause
acquisition I-Cause
costs I-Cause
, O
all O
with O
a B-Effect
high I-Effect
level I-Effect
of I-Effect
uncertainty I-Effect
as O
to O
whether O
or O
not O
the O
customer O
will O
buy O
enough O
vouchers O
or O
products O
in O
local O
markets O
to O
sufficiently O
cover O
these O
costs O
. O

Winnebago B-Cause
also I-Cause
has I-Cause
excellent I-Cause
efficiency I-Cause
in I-Cause
its I-Cause
cost I-Cause
structure I-Cause
from I-Cause
scale I-Cause
, O
which O
has O
in O
the O
past O
allowed O
it B-Effect
to I-Effect
generate I-Effect
a I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
of I-Effect
about I-Effect
25 I-Effect
% I-Effect
-35 I-Effect
% I-Effect
in I-Effect
a I-Effect
good I-Effect
year I-Effect
. O

Compared O
with O
historical O
norms O
, O
we O
expect O
Check B-Cause
Point I-Cause
to I-Cause
continue I-Cause
elevated I-Cause
expenditures I-Cause
of I-Cause
marketing I-Cause
( I-Cause
29 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2025 I-Cause
) I-Cause
and I-Cause
research I-Cause
( I-Cause
13 I-Cause
% I-Cause
of I-Cause
2025 I-Cause
sales I-Cause
) I-Cause
to O
win B-Effect
greenfield I-Effect
opportunities I-Effect
within I-Effect
the I-Effect
cloud-based I-Effect
and I-Effect
remote I-Effect
access I-Effect
security I-Effect
markets I-Effect
. O

We O
estimate O
that O
about B-Cause
50 I-Cause
% I-Cause
of I-Cause
PFG I-Cause
's I-Cause
food-service I-Cause
business I-Cause
( I-Cause
35 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
) I-Cause
uses I-Cause
negotiated I-Cause
spot I-Cause
prices I-Cause
, O
which O
exposes B-Effect
PFG I-Effect
to I-Effect
food I-Effect
inflation I-Effect
risk I-Effect
. O

Additionally O
, O
these B-Cause
airlines I-Cause
run I-Cause
complex I-Cause
, I-Cause
fast-moving I-Cause
MRO I-Cause
operations I-Cause
and O
need B-Effect
suppliers I-Effect
that I-Effect
can I-Effect
quickly I-Effect
and I-Effect
efficiently I-Effect
deliver I-Effect
parts I-Effect
and I-Effect
that I-Effect
have I-Effect
the I-Effect
technical I-Effect
depth I-Effect
to I-Effect
service I-Effect
a I-Effect
broad I-Effect
array I-Effect
of I-Effect
needs I-Effect
. O

Severe B-Cause
economic I-Cause
conditions I-Cause
and I-Cause
the I-Cause
new I-Cause
realities I-Cause
of I-Cause
cost-sharing I-Cause
that I-Cause
have I-Cause
increased I-Cause
out-of-pocket I-Cause
healthcare I-Cause
costs I-Cause
could O
increase B-Effect
Stryker I-Effect
's I-Effect
vulnerability I-Effect
to I-Effect
larger I-Effect
trends I-Effect
in I-Effect
consumer I-Effect
spending I-Effect
. O

Crown B-Effect
Castle I-Effect
's I-Effect
inability I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
is O
a O
direct O
result O
of O
all B-Cause
the I-Cause
capital I-Cause
it I-Cause
has I-Cause
spent I-Cause
on I-Cause
fiber I-Cause
assets I-Cause
, O
in O
our O
opinion O
. O

The B-Cause
company I-Cause
has I-Cause
become I-Cause
a I-Cause
favorable I-Cause
partner I-Cause
with I-Cause
large I-Cause
system I-Cause
integrators O
, O
which O
we O
expect O
to O
help B-Effect
its I-Effect
growth I-Effect
plan I-Effect
with I-Effect
large I-Effect
customers I-Effect
undergoing I-Effect
a I-Effect
digital I-Effect
transformation I-Effect
in O
order O
to O
utilize B-Effect
more I-Effect
cloud-based I-Effect
resources I-Effect
. O

At O
high O
valuation O
levels O
, O
companies O
can O
often O
become O
momentum O
stocks O
, O
where O
companies B-Effect
are I-Effect
punished I-Effect
severely I-Effect
if O
they B-Cause
do I-Cause
not I-Cause
deliver I-Cause
against I-Cause
expectations I-Cause
that I-Cause
are I-Cause
regularly I-Cause
higher I-Cause
than I-Cause
consensus I-Cause
figures I-Cause
indicate I-Cause
. O

However O
, O
we O
expect O
these B-Effect
gains I-Effect
to I-Effect
be I-Effect
offset I-Effect
by I-Effect
higher I-Effect
investment I-Effect
as O
the B-Cause
home I-Cause
furnishing I-Cause
landscape I-Cause
remains I-Cause
highly I-Cause
fragmented I-Cause
and I-Cause
competitive I-Cause
, I-Cause
limiting I-Cause
profitability B-Effect
to I-Effect
levels I-Effect
that I-Effect
are I-Effect
structurally I-Effect
lower I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

In O
2020 O
, O
PBMs O
represented O
4.3 O
% O
of O
the O
global O
ground O
meat O
market O
, O
and O
we O
expect O
penetration B-Effect
into I-Effect
the I-Effect
meat I-Effect
category I-Effect
to I-Effect
be I-Effect
robust I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
as B-Cause
restaurants I-Cause
and I-Cause
retailers I-Cause
across I-Cause
the I-Cause
globe I-Cause
offer I-Cause
the I-Cause
new I-Cause
meat-like I-Cause
products I-Cause
. O

If O
commodity B-Cause
inflation I-Cause
returns I-Cause
, O
margins B-Effect
could I-Effect
be I-Effect
squeezed I-Effect
if O
the B-Cause
retail I-Cause
environment I-Cause
remains I-Cause
deflationary I-Cause
, O
although O
past O
cycles O
suggest O
that O
Unilever O
and O
its O
competitors O
should O
be O
able O
to O
pass O
through O
the O
majority O
of O
its O
raw O
material O
inflation O
to O
consumers O
. O

Program B-Cause
wins I-Cause
are I-Cause
generally I-Cause
long-term I-Cause
resulting O
in O
high B-Effect
barriers I-Effect
to I-Effect
entry I-Effect
and I-Effect
intense I-Effect
competition I-Effect
amongst I-Effect
entrenched I-Effect
competitors I-Effect
for I-Effect
new I-Effect
opportunities I-Effect
. O

Additionally O
, O
FMC O
faces O
factors O
outside O
its O
control O
, O
such O
as O
declining B-Cause
crop I-Cause
prices I-Cause
and I-Cause
farmer I-Cause
incomes I-Cause
, O
which O
would O
lead O
to O
lower B-Effect
crop I-Effect
chemical I-Effect
demand I-Effect
. O

We B-Effect
're I-Effect
racheting I-Effect
up I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
217 I-Effect
per I-Effect
share I-Effect
, I-Effect
up I-Effect
from I-Effect
$ I-Effect
190 I-Effect
, O
after O
recalibrating B-Cause
our I-Cause
projections I-Cause
for I-Cause
how I-Cause
the I-Cause
COVID-19 I-Cause
crisis I-Cause
should I-Cause
weigh I-Cause
on I-Cause
2020 I-Cause
results I-Cause
, I-Cause
followed I-Cause
by I-Cause
recessionary I-Cause
conditions I-Cause
in I-Cause
2021-22 I-Cause
. O

As B-Cause
investors I-Cause
have I-Cause
shifted I-Cause
to I-Cause
passive I-Cause
investment I-Cause
vehicles I-Cause
, O
the B-Effect
need I-Effect
for I-Effect
reliable I-Effect
pricing I-Effect
data I-Effect
has I-Effect
increased I-Effect
as I-Effect
investors I-Effect
have I-Effect
piled I-Effect
into I-Effect
fixed-income I-Effect
exchange-traded I-Effect
funds I-Effect
. O

Change B-Effect
Healthcare I-Effect
has I-Effect
wedged I-Effect
a I-Effect
niche I-Effect
position I-Effect
within I-Effect
healthcare I-Effect
and I-Effect
provides I-Effect
administrative I-Effect
efficiency I-Effect
to I-Effect
healthcare I-Effect
payers I-Effect
and I-Effect
providers I-Effect
by O
leveraging B-Cause
its I-Cause
IT I-Cause
infrastructure I-Cause
and I-Cause
large I-Cause
collection I-Cause
of I-Cause
medical I-Cause
claims I-Cause
data I-Cause
. I-Cause

Most O
importantly O
, O
scale B-Effect
will I-Effect
be I-Effect
lost I-Effect
from I-Effect
ships I-Effect
that I-Effect
remain I-Effect
in I-Effect
layup I-Effect
, O
as O
we O
anticipate O
Norwegian O
will O
execute O
a B-Cause
staggered I-Cause
return I-Cause
to I-Cause
the I-Cause
sailing I-Cause
of I-Cause
its I-Cause
fleet I-Cause
beginning I-Cause
at I-Cause
the I-Cause
beginning I-Cause
of I-Cause
2021 I-Cause
. O

We B-Effect
have I-Effect
seen I-Effect
signs I-Effect
of I-Effect
turnaround I-Effect
for I-Effect
the I-Effect
mobile I-Effect
business I-Effect
since B-Cause
2016 I-Cause
with I-Cause
stronger I-Cause
customer I-Cause
and I-Cause
service I-Cause
revenue I-Cause
growth I-Cause
. O

Premier B-Cause
land I-Cause
inventory I-Cause
, I-Cause
combined I-Cause
with I-Cause
luxurious I-Cause
, I-Cause
customizable I-Cause
designs I-Cause
, O
allows B-Effect
the I-Effect
company I-Effect
to I-Effect
charge I-Effect
industry-leading I-Effect
average I-Effect
selling I-Effect
prices I-Effect
( I-Effect
among I-Effect
public I-Effect
peers I-Effect
) I-Effect
. O

A B-Cause
greater I-Cause
proportion I-Cause
of I-Cause
tenancy I-Cause
going I-Cause
to I-Cause
hyperscale I-Cause
cloud I-Cause
providers I-Cause
would O
shift B-Effect
the I-Effect
customer I-Effect
base I-Effect
to I-Effect
lower I-Effect
price I-Effect
per I-Effect
square I-Effect
foot I-Effect
tenants I-Effect
and O
result O
in O
CoreSite B-Effect
realizing I-Effect
lower I-Effect
prices I-Effect
on I-Effect
net I-Effect
. O

And B-Effect
there I-Effect
is I-Effect
evidence I-Effect
that I-Effect
the I-Effect
global I-Effect
financial I-Effect
crisis I-Effect
of I-Effect
2008-09 I-Effect
made I-Effect
Booking I-Effect
's I-Effect
platform I-Effect
even I-Effect
more I-Effect
valuable I-Effect
to I-Effect
suppliers I-Effect
, O
as B-Effect
hoteliers I-Effect
needed I-Effect
its I-Effect
distribution I-Effect
power I-Effect
to I-Effect
fill I-Effect
rooms I-Effect
. O

All B-Effect
three I-Effect
firms I-Effect
are I-Effect
likely I-Effect
to I-Effect
compete I-Effect
in I-Effect
cardiomyopathy I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
, O
as O
both B-Cause
Ionis I-Cause
and I-Cause
Alnylam I-Cause
are I-Cause
testing I-Cause
next-generation I-Cause
versions I-Cause
of I-Cause
their I-Cause
drugs I-Cause
in I-Cause
phase I-Cause
3 I-Cause
trials I-Cause
. O

The O
lines O
between O
the O
two O
are O
blurring O
, O
as O
functions B-Cause
have I-Cause
been I-Cause
added I-Cause
to I-Cause
ITSM I-Cause
solutions I-Cause
, O
and O
the B-Effect
complexity I-Effect
of I-Effect
IT I-Effect
infrastructure I-Effect
has I-Effect
increased I-Effect
with O
the B-Cause
rise I-Cause
of I-Cause
bring I-Cause
your I-Cause
own I-Cause
device I-Cause
and I-Cause
cloud I-Cause
and I-Cause
hybrid I-Cause
cloud I-Cause
environments I-Cause
. O

Total B-Effect
's I-Effect
upstream I-Effect
portfolio I-Effect
managed I-Effect
to I-Effect
deliver I-Effect
returns I-Effect
on I-Effect
capital I-Effect
employed I-Effect
of I-Effect
only I-Effect
6 I-Effect
% I-Effect
during I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
, I-Effect
below I-Effect
average I-Effect
compared I-Effect
with I-Effect
other I-Effect
integrated I-Effect
firms I-Effect
, O
as O
greater B-Cause
exposure I-Cause
to I-Cause
natural I-Cause
gas I-Cause
weighed I-Cause
on I-Cause
margins I-Cause
and I-Cause
high I-Cause
levels I-Cause
of I-Cause
spending I-Cause
expanded I-Cause
its I-Cause
capital I-Cause
base I-Cause
. O

Another B-Cause
advantage I-Cause
of I-Cause
Hormel I-Cause
's I-Cause
direct I-Cause
salesforce I-Cause
is I-Cause
that I-Cause
it I-Cause
allows I-Cause
the I-Cause
company I-Cause
to I-Cause
foster I-Cause
stronger I-Cause
relationships I-Cause
with I-Cause
clients I-Cause
and I-Cause
distributors. O
These O
partnerships O
allow O
Hormel B-Effect
to I-Effect
educate I-Effect
clients I-Effect
on I-Effect
their I-Effect
products I-Effect
( I-Effect
creating I-Effect
a I-Effect
pull I-Effect
) I-Effect
and I-Effect
the I-Effect
distributors I-Effect
as I-Effect
well I-Effect
( I-Effect
creating I-Effect
a I-Effect
push I-Effect
) I-Effect
. O

However O
, O
freight B-Cause
costs I-Cause
can O
be O
material O
and O
reduce B-Effect
the I-Effect
incentive I-Effect
of I-Effect
mills I-Effect
to O
sell O
into O
a O
distant O
regional O
market O
that O
may O
have O
more O
attractive O
prices O
than O
its O
own O
. O

The B-Effect
company I-Effect
is I-Effect
, I-Effect
however I-Effect
, I-Effect
at I-Effect
a I-Effect
lower I-Effect
risk I-Effect
of I-Effect
experiencing I-Effect
material I-Effect
financial I-Effect
impacts I-Effect
from I-Effect
ESG I-Effect
factors I-Effect
, O
due O
to O
its B-Cause
medium I-Cause
exposure I-Cause
to I-Cause
risks I-Cause
that I-Cause
are I-Cause
inherent I-Cause
to I-Cause
the I-Cause
industry I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
own I-Cause
operations I-Cause
, I-Cause
offset I-Cause
by I-Cause
the I-Cause
firm I-Cause
's I-Cause
strong I-Cause
management I-Cause
of I-Cause
its I-Cause
material I-Cause
ESG I-Cause
issues I-Cause
. O

The B-Cause
industrial I-Cause
parts I-Cause
group I-Cause
should I-Cause
also I-Cause
benefit I-Cause
from I-Cause
consolidation I-Cause
, O
enabling B-Effect
margin I-Effect
improvements I-Effect
from I-Effect
turning I-Effect
inventory I-Effect
more I-Effect
quickly I-Effect
and I-Effect
escalating I-Effect
operating I-Effect
leverage I-Effect
. O

Scale B-Cause
allows I-Cause
the B-Effect
company I-Effect
to I-Effect
leverage I-Effect
fixed I-Effect
costs I-Effect
( I-Effect
pharmacist I-Effect
and I-Effect
rent I-Effect
) I-Effect
more I-Effect
effectively I-Effect
than I-Effect
sub-scale I-Effect
peers I-Effect
, O
which O
has O
contributed B-Effect
to I-Effect
the I-Effect
declining I-Effect
market I-Effect
share I-Effect
of I-Effect
smaller I-Effect
independent I-Effect
pharmacies I-Effect
and I-Effect
deterioration I-Effect
of I-Effect
the I-Effect
third I-Effect
largest I-Effect
competitor I-Effect
, O
Rite O
Aid O
. O

We O
see B-Effect
little I-Effect
in I-Effect
the I-Effect
way I-Effect
of I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risks I-Effect
for I-Effect
Hain I-Effect
, O
as O
it B-Cause
products I-Cause
are I-Cause
generally I-Cause
considered I-Cause
to I-Cause
be I-Cause
more I-Cause
healthful I-Cause
than I-Cause
typical I-Cause
consumables I-Cause
, O
and O
it O
has O
a O
small O
carbon O
footprint O
, O
as O
most O
products O
do O
not O
require O
refrigeration O
. O

Switching B-Cause
to I-Cause
another I-Cause
interconnect I-Cause
or I-Cause
sensor I-Cause
supplier I-Cause
would I-Cause
mean I-Cause
at I-Cause
least I-Cause
a I-Cause
partial I-Cause
system I-Cause
redesign I-Cause
on I-Cause
behalf I-Cause
of I-Cause
the I-Cause
OEM I-Cause
, O
in B-Effect
addition I-Effect
to I-Effect
retraining I-Effect
staff I-Effect
to I-Effect
learn I-Effect
the I-Effect
intricacies I-Effect
of I-Effect
the I-Effect
new I-Effect
supplier I-Effect
's I-Effect
systems I-Effect
. I-Effect

Refiners B-Effect
are I-Effect
increasingly I-Effect
investing I-Effect
in I-Effect
renewable I-Effect
diesel I-Effect
to I-Effect
reduce I-Effect
carbon I-Effect
intensity I-Effect
, O
given O
its B-Cause
50 I-Cause
% I-Cause
lower I-Cause
emissions I-Cause
than I-Cause
petroleum I-Cause
diesel I-Cause
and I-Cause
the I-Cause
increasing I-Cause
number I-Cause
of I-Cause
national I-Cause
and I-Cause
state I-Cause
governments I-Cause
, I-Cause
including I-Cause
California I-Cause
, I-Cause
with I-Cause
blending I-Cause
mandates I-Cause
and I-Cause
credits I-Cause
, O
which O
ensures B-Effect
growing I-Effect
demand I-Effect
and I-Effect
attractive I-Effect
margins I-Effect
. O

Scor B-Cause
does I-Cause
not I-Cause
provide I-Cause
impairment I-Cause
information I-Cause
for I-Cause
its I-Cause
available-for-sale I-Cause
assets I-Cause
, I-Cause
or I-Cause
any I-Cause
other I-Cause
assets I-Cause
, O
so O
this O
makes O
a B-Effect
direct I-Effect
comparison I-Effect
with I-Effect
previous I-Effect
years I-Effect
within I-Effect
the I-Effect
business I-Effect
challenging I-Effect
. O

We O
expect O
reported B-Effect
sales I-Effect
will I-Effect
rise I-Effect
about I-Effect
7 I-Effect
% I-Effect
, O
while O
we O
expect O
adjusted B-Effect
operating I-Effect
margins I-Effect
will I-Effect
rise I-Effect
170 I-Effect
basis-points I-Effect
due O
to O
both B-Cause
operating I-Cause
leverage I-Cause
and I-Cause
continuous I-Cause
improvement I-Cause
initiatives I-Cause
. O

Even O
if O
another B-Cause
exchange I-Cause
charges I-Cause
less I-Cause
than I-Cause
CME I-Cause
, I-Cause
a I-Cause
1-tick I-Cause
size I-Cause
worse I-Cause
execution I-Cause
on I-Cause
even I-Cause
a I-Cause
fraction I-Cause
of I-Cause
contracts I-Cause
would O
wipe B-Effect
out I-Effect
any I-Effect
savings I-Effect
to I-Effect
the I-Effect
customer I-Effect
from I-Effect
lower I-Effect
transaction I-Effect
fees I-Effect
. O

If O
consumers B-Cause
begin I-Cause
to I-Cause
doubt I-Cause
the I-Cause
benefits I-Cause
of I-Cause
high-protein I-Cause
low-carbohydrate I-Cause
diets I-Cause
, O
the B-Effect
demand I-Effect
for I-Effect
Simply I-Effect
Good I-Effect
Foods I-Effect
' I-Effect
products I-Effect
would O
be O
impacted O
. O

Over O
the O
near O
term O
, O
the B-Cause
higher I-Cause
tariffs I-Cause
and I-Cause
shipping I-Cause
costs I-Cause
could O
put B-Effect
further I-Effect
pressure I-Effect
on I-Effect
operating I-Effect
margins I-Effect
, I-Effect
if I-Effect
the I-Effect
duration I-Effect
of I-Effect
these I-Effect
costs I-Effect
persist I-Effect
longer I-Effect
than I-Effect
we I-Effect
anticipate I-Effect
. O

That O
dynamic O
was O
evident O
throughout O
the O
Great O
Recession O
, O
when O
numerous B-Cause
struggling I-Cause
LTL I-Cause
carriers I-Cause
on I-Cause
the I-Cause
brink I-Cause
of I-Cause
collapse I-Cause
slashed I-Cause
prices I-Cause
to I-Cause
unsustainable I-Cause
levels I-Cause
in O
a O
desperate O
attempt O
to O
grab B-Effect
volume I-Effect
and I-Effect
stay I-Effect
alive I-Effect
. O

We B-Effect
project I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
expanding I-Effect
by I-Effect
about I-Effect
350 I-Effect
basis I-Effect
points I-Effect
over O
the O
next O
five O
years O
, O
primarily O
due O
to O
expected B-Cause
cost I-Cause
synergies I-Cause
from I-Cause
the I-Cause
merger I-Cause
. O

As O
long O
as O
Zimmer B-Cause
can I-Cause
launch I-Cause
comparable I-Cause
technology I-Cause
within I-Cause
a I-Cause
few I-Cause
years I-Cause
of I-Cause
its I-Cause
rivals I-Cause
, O
it B-Effect
can I-Effect
remain I-Effect
in I-Effect
a I-Effect
strong I-Effect
competitive I-Effect
position I-Effect
. O

Should O
oil B-Cause
and I-Cause
gas I-Cause
prices I-Cause
fall I-Cause
below I-Cause
the I-Cause
cost I-Cause
of I-Cause
production I-Cause
, O
the O
value O
of O
these O
investments O
would O
suffer O
materially O
, O
leading O
to O
large B-Effect
impairment I-Effect
losses I-Effect
. O

While O
the O
consent O
decree O
will O
expire O
in O
2020 O
, O
we O
expect O
Live O
Nation O
to O
remain B-Effect
circumspect I-Effect
about I-Effect
conditioning I-Effect
or O
retaliating B-Effect
against I-Effect
venues I-Effect
given O
the B-Cause
high I-Cause
level I-Cause
of I-Cause
scrutiny I-Cause
on I-Cause
the I-Cause
firm I-Cause
. I-Cause

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
creates B-Effect
omnipresent I-Effect
ESG I-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
harm I-Effect
. O

As O
cloud-based B-Cause
processing I-Cause
expands I-Cause
closer I-Cause
to I-Cause
the I-Cause
end I-Cause
users I-Cause
, I-Cause
increasing I-Cause
management I-Cause
complexity I-Cause
, I-Cause
and I-Cause
hyperscale I-Cause
cloud I-Cause
providers I-Cause
continue I-Cause
to I-Cause
use I-Cause
white-box I-Cause
solutions I-Cause
for I-Cause
basic I-Cause
tasks I-Cause
, O
we O
believe O
Juniper B-Effect
's I-Effect
software I-Effect
prowess I-Effect
will I-Effect
determine I-Effect
its I-Effect
ultimate I-Effect
success I-Effect
in I-Effect
this I-Effect
market I-Effect
. O

Meanwhile O
, O
Chevron B-Cause
's I-Cause
upstream I-Cause
GHG I-Cause
intensity I-Cause
is I-Cause
rather I-Cause
high I-Cause
for I-Cause
its I-Cause
peer I-Cause
group I-Cause
at I-Cause
27 I-Cause
kilograms I-Cause
CO2e/boe I-Cause
( I-Cause
2020 I-Cause
) I-Cause
, O
making O
it B-Effect
a I-Effect
higher I-Effect
cost I-Effect
producer I-Effect
. O

NextEra B-Cause
Energy I-Cause
's I-Cause
high-quality I-Cause
regulated I-Cause
utility I-Cause
in I-Cause
Florida I-Cause
and I-Cause
a I-Cause
fast-growing I-Cause
renewable I-Cause
energy I-Cause
business I-Cause
gives O
investors B-Effect
the I-Effect
best I-Effect
of I-Effect
both I-Effect
worlds I-Effect
: I-Effect
a I-Effect
secure I-Effect
dividend I-Effect
and I-Effect
industry-leading I-Effect
renewable I-Effect
energy I-Effect
growth I-Effect
potential I-Effect
. O

We B-Effect
model I-Effect
adjusted I-Effect
EBIT I-Effect
margins I-Effect
that I-Effect
expand I-Effect
from I-Effect
5.1 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
negative I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
COVID-19 I-Cause
factory I-Cause
closures I-Cause
, O
to O
a O
normalized O
sustainable O
midcycle O
of O
10.8 O
% O
in O
the O
final O
year O
of O
our O
forecast O
, O
160 O
basis O
points O
above O
the O
15-year O
historical O
9.2 O
% O
median O
. O

Trip.com B-Cause
's I-Cause
last I-Cause
intense I-Cause
competition I-Cause
with I-Cause
Qunar I-Cause
and I-Cause
eLong I-Cause
squeezed B-Effect
its I-Effect
operating I-Effect
margin I-Effect
into I-Effect
negative I-Effect
territory I-Effect
in I-Effect
2014 I-Effect
, I-Effect
from I-Effect
above I-Effect
positive I-Effect
30 I-Effect
% I-Effect
before I-Effect
2011 I-Effect
. O

For O
Ticketmaster O
, O
the O
ticketing O
platform O
will O
look O
to O
maintain B-Effect
its I-Effect
position I-Effect
via O
continued B-Cause
investment I-Cause
in I-Cause
its I-Cause
technology I-Cause
and I-Cause
leveraging I-Cause
its I-Cause
unique I-Cause
relationship I-Cause
with I-Cause
the I-Cause
concerts I-Cause
segment I-Cause
. O

Its O
strategy O
in O
France O
is O
simple O
: O
maintain O
market O
share O
in O
mobile O
and O
fixed O
markets O
, O
and O
offset B-Cause
potential I-Cause
pricing I-Cause
pressures B-Effect
with I-Effect
employee I-Effect
cost I-Effect
reductions I-Effect
, O
where O
Orange O
is O
limited O
by O
French O
regulations O
. O

Suppliers B-Cause
that I-Cause
are I-Cause
not I-Cause
on I-Cause
the I-Cause
core I-Cause
list I-Cause
will I-Cause
not I-Cause
have I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
bid I-Cause
on I-Cause
the I-Cause
company I-Cause
's I-Cause
business I-Cause
, O
which O
reduces B-Effect
overall I-Effect
competitive I-Effect
intensity I-Effect
. O

The B-Cause
ability I-Cause
to I-Cause
provide I-Cause
customers I-Cause
a I-Cause
full I-Cause
suite I-Cause
of I-Cause
products I-Cause
, I-Cause
and I-Cause
marketing I-Cause
to I-Cause
support I-Cause
already I-Cause
well-known I-Cause
and I-Cause
trusted I-Cause
brands I-Cause
, O
has O
historically O
allowed O
the B-Effect
major I-Effect
banks I-Effect
to I-Effect
charge I-Effect
a I-Effect
premium I-Effect
on I-Effect
their I-Effect
loans I-Effect
relative I-Effect
to I-Effect
smaller I-Effect
competitors I-Effect
and O
offer O
deposit B-Effect
rates I-Effect
lower I-Effect
than I-Effect
competitors I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
institutional I-Effect
securities I-Effect
business I-Effect
has I-Effect
somewhat I-Effect
surprisingly I-Effect
benefited I-Effect
from I-Effect
COVID-19 I-Effect
in I-Effect
2020 I-Effect
, O
as O
businesses B-Cause
raised I-Cause
capital I-Cause
to I-Cause
secure I-Cause
funding I-Cause
through I-Cause
the I-Cause
recession I-Cause
and I-Cause
trading I-Cause
volume I-Cause
increased I-Cause
. O

Rising B-Cause
demand I-Cause
in I-Cause
home I-Cause
improvement I-Cause
stemming O
from O
consumers B-Cause
spending I-Cause
more I-Cause
time I-Cause
at I-Cause
home I-Cause
( O
due O
to O
COVID-19 B-Cause
) O
has O
generated B-Effect
better I-Effect
cost I-Effect
leverage I-Effect
results I-Effect
faster I-Effect
than I-Effect
we I-Effect
had I-Effect
anticipated I-Effect
. O

We O
've O
boosted B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
93 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
82 I-Effect
after B-Cause
incorporating I-Cause
the I-Cause
stellar I-Cause
fourth-quarter I-Cause
performance I-Cause
and O
raising B-Effect
our I-Effect
projections I-Effect
for I-Effect
molecular I-Effect
diagnostics I-Effect
and I-Effect
rapid I-Effect
diagnostics I-Effect
in I-Effect
2021 I-Effect
. O

Our O
conviction B-Effect
in I-Effect
rising I-Effect
fast I-Effect
food I-Effect
penetration I-Effect
is O
underpinned O
by O
three O
long-term O
secular O
trends O
: O
longer B-Cause
working I-Cause
hours I-Cause
for I-Cause
urban I-Cause
consumers I-Cause
; I-Cause
rapidly I-Cause
rising I-Cause
disposable I-Cause
income I-Cause
; I-Cause
and I-Cause
ever I-Cause
smaller I-Cause
family I-Cause
sizes I-Cause
. I-Cause

We O
expect O
the B-Cause
firm I-Cause
's I-Cause
largest I-Cause
segment I-Cause
, I-Cause
Discovery I-Cause
and I-Cause
Safety I-Cause
Assessment I-Cause
, I-Cause
to I-Cause
make I-Cause
up I-Cause
about I-Cause
63 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
, I-Cause
driven I-Cause
by I-Cause
a I-Cause
slow I-Cause
increase I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
throughout I-Cause
our I-Cause
explicit I-Cause
forecast. O
This O
implies O
modest B-Effect
share I-Effect
gains I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
the I-Effect
firm I-Effect
to I-Effect
make I-Effect
small I-Effect
acquisitions I-Effect
in I-Effect
the I-Effect
space I-Effect
, I-Effect
resulting I-Effect
in I-Effect
nearly I-Effect
$ I-Effect
3 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
in I-Effect
2024 I-Effect
. O

We O
also O
expect O
the B-Cause
company I-Cause
to I-Cause
continue I-Cause
funding I-Cause
research I-Cause
in I-Cause
cystic I-Cause
fibrosis I-Cause
to O
develop B-Effect
next-generation I-Effect
therapies I-Effect
for I-Effect
CF I-Effect
, I-Effect
from I-Effect
small I-Effect
molecule I-Effect
correctors I-Effect
to I-Effect
gene I-Effect
editing I-Effect
. O

In O
general O
, O
just O
as O
firms O
with O
network O
effects O
benefit O
from O
the O
positive O
flywheel O
effect O
when O
a O
network O
expands O
, O
they B-Effect
also I-Effect
run I-Effect
the I-Effect
risk I-Effect
of I-Effect
a I-Effect
negative I-Effect
flywheel I-Effect
if O
customers B-Cause
, I-Cause
drivers I-Cause
, I-Cause
or I-Cause
both I-Cause
start I-Cause
to I-Cause
depart I-Cause
, I-Cause
especially I-Cause
if I-Cause
the I-Cause
network I-Cause
lacks I-Cause
meaningful I-Cause
switching I-Cause
costs I-Cause
. O

Risks B-Cause
remain I-Cause
around I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
an I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccine I-Cause
are I-Cause
globally I-Cause
available I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

In O
its O
global O
products O
unit O
( O
nearly O
65 O
% O
of O
fiscal O
2020 O
sales O
) O
, O
we O
contend O
that O
the B-Effect
shift I-Effect
toward I-Effect
premium I-Effect
lubricants I-Effect
favors I-Effect
firms I-Effect
like I-Effect
Valvoline I-Effect
that I-Effect
can I-Effect
use I-Effect
their I-Effect
superior I-Effect
lineups I-Effect
as O
motor B-Cause
oil I-Cause
changes I-Cause
become I-Cause
less I-Cause
frequent I-Cause
but I-Cause
more I-Cause
costly I-Cause
. O

Historically O
, O
operating B-Effect
margins I-Effect
are O
either O
negative O
or O
very O
low O
single O
digits O
, O
and O
we O
expect O
tight O
margins O
will O
persist O
, O
given O
the B-Cause
nature I-Cause
of I-Cause
the I-Cause
pressure-pumping I-Cause
market I-Cause
and I-Cause
Patterson I-Cause
's I-Cause
place I-Cause
within I-Cause
it I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
target I-Cause
procedures I-Cause
are I-Cause
n't I-Cause
elective I-Cause
and I-Cause
most I-Cause
done I-Cause
in I-Cause
the I-Cause
outpatient I-Cause
setting I-Cause
, O
so O
even B-Effect
if I-Effect
the I-Effect
epidemic I-Effect
remains I-Effect
throughout I-Effect
2020 I-Effect
, I-Effect
cancer I-Effect
treatment I-Effect
centers I-Effect
' I-Effect
volumes I-Effect
are I-Effect
not I-Effect
likely I-Effect
to I-Effect
be I-Effect
materially I-Effect
down I-Effect
. O

With O
increasing B-Cause
disintermediation I-Cause
caused O
by O
developments O
in O
digital O
technology O
, O
the O
Internet O
, O
and O
mobile O
devices O
, O
the B-Effect
industry I-Effect
's I-Effect
traditional I-Effect
stranglehold I-Effect
on I-Effect
consumers I-Effect
is I-Effect
waning I-Effect
rapidly I-Effect
in O
most O
developed O
countries O
. O

Second O
, O
Boeing O
has O
a O
large O
array O
of O
existing O
aircraft O
that O
are O
certified O
for O
flight O
, O
and O
the B-Cause
FAA I-Cause
's I-Cause
regulatory I-Cause
framework I-Cause
allows I-Cause
for I-Cause
an I-Cause
expedited I-Cause
certification I-Cause
for I-Cause
derivative I-Cause
aircraft I-Cause
and O
estimates O
that O
this B-Effect
requires I-Effect
only I-Effect
three I-Effect
to I-Effect
five I-Effect
years I-Effect
to I-Effect
complete I-Effect
. I-Effect

Despite O
continued O
increases O
in O
operating O
expense O
to O
fund O
both O
commercialization O
and O
clinical O
strategies O
, O
operating B-Effect
margin I-Effect
expands I-Effect
nicely O
to O
over O
45 O
% O
by O
the O
end O
of O
our O
10-year O
forecast O
thanks O
to O
growth B-Cause
on I-Cause
the I-Cause
top I-Cause
line I-Cause
. O

The O
impact O
of O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
led O
to O
a O
revenue B-Effect
decline I-Effect
in I-Effect
2020 I-Effect
, O
and O
we O
think O
the O
company O
will O
benefit O
from O
a O
bounceback O
this O
year O
. O

Wesco B-Effect
's I-Effect
proven I-Effect
ability I-Effect
to I-Effect
increase I-Effect
customer I-Effect
wallet I-Effect
share I-Effect
can O
be O
directly O
attributed O
to O
the B-Cause
company I-Cause
's I-Cause
success I-Cause
in I-Cause
cross-selling I-Cause
its I-Cause
growing I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
and I-Cause
services I-Cause
to I-Cause
a I-Cause
customer I-Cause
base I-Cause
that I-Cause
is I-Cause
increasingly I-Cause
looking I-Cause
to I-Cause
consolidate I-Cause
spending I-Cause
with I-Cause
value-added I-Cause
distributors I-Cause
that I-Cause
have I-Cause
global I-Cause
scale I-Cause
. O

We O
believe O
Ross B-Effect
can I-Effect
manage I-Effect
the I-Effect
volatility I-Effect
, O
as O
the O
treasure-hunt B-Cause
concept I-Cause
appears I-Cause
to I-Cause
have I-Cause
durable I-Cause
appeal I-Cause
and O
product B-Effect
availability I-Effect
should I-Effect
remain I-Effect
favorable I-Effect
as O
manufacturers B-Cause
struggle I-Cause
to I-Cause
match I-Cause
production I-Cause
to I-Cause
increasingly I-Cause
hard-to-forecast I-Cause
demand I-Cause
across I-Cause
myriad I-Cause
channels I-Cause
. O

In O
addition O
, O
growth B-Effect
in I-Effect
new I-Effect
users I-Effect
, I-Effect
user I-Effect
engagement I-Effect
, I-Effect
and I-Effect
time I-Effect
spent I-Effect
on I-Effect
Snapchat I-Effect
may I-Effect
face I-Effect
a I-Effect
natural I-Effect
limit I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
as O
customers B-Cause
only I-Cause
have I-Cause
so I-Cause
much I-Cause
time I-Cause
to I-Cause
give I-Cause
to I-Cause
various I-Cause
mobile I-Cause
app I-Cause
interactions I-Cause
each I-Cause
day I-Cause
. O

As B-Cause
a I-Cause
top-tier I-Cause
healthcare-focused I-Cause
retail I-Cause
store I-Cause
, I-Cause
pharmacy I-Cause
benefit I-Cause
manager I-Cause
, I-Cause
and I-Cause
insurer I-Cause
, O
we B-Effect
believe I-Effect
CVS I-Effect
possesses I-Effect
enough I-Effect
scale-related I-Effect
cost I-Effect
advantages I-Effect
to I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
for I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

However O
, O
the B-Cause
stores I-Cause
are I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
US I-Cause
Foods I-Cause
' I-Cause
overall I-Cause
business I-Cause
, O
so O
they B-Effect
do I-Effect
n't I-Effect
make I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
overall I-Effect
competitive I-Effect
standing I-Effect
. O

Although O
our O
base O
case O
does O
not O
assume O
pan-cancer O
becomes O
a O
substantial O
threat O
to O
Guardant O
, O
pan-cancer B-Cause
tests I-Cause
could O
eventually O
see B-Effect
improved I-Effect
efficacy I-Effect
and I-Effect
take I-Effect
share I-Effect
from I-Effect
single-screening I-Effect
players I-Effect
like I-Effect
Guardant I-Effect
. O

The B-Cause
existence I-Cause
of I-Cause
well-located I-Cause
grocery I-Cause
stores I-Cause
means O
they B-Effect
will I-Effect
remain I-Effect
the I-Effect
preferable I-Effect
last I-Effect
touch I-Effect
point I-Effect
before I-Effect
food I-Effect
is I-Effect
ultimately I-Effect
delivered I-Effect
to I-Effect
consumers I-Effect
, O
tempering O
expectations O
for O
demand O
growth O
. O

The B-Cause
FAA I-Cause
does I-Cause
not I-Cause
have I-Cause
reciprocal I-Cause
acceptance I-Cause
of I-Cause
aircraft I-Cause
design I-Cause
approval I-Cause
with I-Cause
these I-Cause
nations I-Cause
, O
so O
we O
anticipate O
material B-Effect
frictions I-Effect
in I-Effect
the I-Effect
international I-Effect
approval I-Effect
process I-Effect
. O

Citigroup B-Cause
is I-Cause
banking I-Cause
on I-Cause
the I-Cause
long-run I-Cause
rise I-Cause
of I-Cause
the I-Cause
global I-Cause
consumer I-Cause
and I-Cause
the I-Cause
overall I-Cause
stability I-Cause
of I-Cause
the I-Cause
banking I-Cause
systems I-Cause
of I-Cause
the I-Cause
countries I-Cause
it I-Cause
operates I-Cause
in I-Cause
, O
but O
there O
are O
bound O
to O
be O
bumps O
along O
the O
way O
, O
leading O
to O
potentially B-Effect
volatile I-Effect
financial I-Effect
results I-Effect
. O

We O
are O
broadly O
assuming O
GDP-like O
growth O
in O
the O
defense O
business O
and O
expect O
the O
services O
business O
will O
regain O
profitability O
faster O
than O
Boeing O
as O
a O
whole O
because O
aftermarket B-Cause
revenue I-Cause
increases I-Cause
directly I-Cause
with I-Cause
flights I-Cause
, O
but O
that O
global B-Effect
retirements I-Effect
will I-Effect
slow I-Effect
the I-Effect
recovery I-Effect
of I-Effect
this I-Effect
segment I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

We O
think O
that O
the B-Cause
amount I-Cause
of I-Cause
data I-Cause
collected I-Cause
and I-Cause
analytical I-Cause
computations I-Cause
on I-Cause
such I-Cause
data I-Cause
in I-Cause
the I-Cause
cloud I-Cause
will I-Cause
continue I-Cause
to I-Cause
dramatically I-Cause
increase. O
These O
trends O
should O
increase B-Effect
usage I-Effect
of I-Effect
Snowflake I-Effect
's I-Effect
platform I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
, I-Effect
which I-Effect
will I-Effect
, I-Effect
in I-Effect
turn I-Effect
, I-Effect
strengthen I-Effect
Snowflake I-Effect
's I-Effect
stickiness I-Effect
and I-Effect
compound I-Effect
the I-Effect
benefits I-Effect
of I-Effect
its I-Effect
network I-Effect
effect I-Effect
. O

We O
also O
assume B-Cause
the I-Cause
company I-Cause
uses I-Cause
most I-Cause
of I-Cause
its I-Cause
excess I-Cause
cash I-Cause
flows I-Cause
to I-Cause
repurchase I-Cause
shares I-Cause
, O
which O
contributes O
to O
our B-Effect
expected I-Effect
11 I-Effect
% I-Effect
adjusted I-Effect
earnings-growth I-Effect
rate I-Effect
. O

Regulators O
closely O
scrutinze O
firms O
providing O
these O
services O
, O
often O
taking B-Effect
steps I-Effect
to I-Effect
increase I-Effect
competition I-Effect
if O
prices B-Cause
are I-Cause
deemed I-Cause
too I-Cause
high I-Cause
or I-Cause
service I-Cause
quality I-Cause
too I-Cause
poor I-Cause
. O

However O
, O
our O
confidence O
in O
the O
company O
continuing O
to O
generate O
economic O
profits O
thereafter O
is O
slim O
, O
and O
we O
also O
see O
very B-Effect
material I-Effect
risk I-Effect
of I-Effect
overall I-Effect
value I-Effect
destruction I-Effect
owing O
to O
the B-Cause
threat I-Cause
of I-Cause
overcapacity I-Cause
and I-Cause
increased I-Cause
competition I-Cause
in I-Cause
the I-Cause
lower-end I-Cause
OCTG I-Cause
markets I-Cause
. O

However O
, O
we O
anticipate O
the B-Cause
combination I-Cause
of I-Cause
higher I-Cause
prices I-Cause
at I-Cause
the I-Cause
shelf I-Cause
and I-Cause
the I-Cause
pursuit I-Cause
of I-Cause
additional I-Cause
cost I-Cause
efficiencies I-Cause
will O
serve O
to O
stem O
the O
hit O
to O
profits B-Effect
longer I-Effect
term I-Effect
. O

CenterPoint B-Effect
's I-Effect
regulatory I-Effect
exposure I-Effect
is I-Effect
somewhat I-Effect
diversified I-Effect
because O
the B-Cause
company I-Cause
has I-Cause
operations I-Cause
in I-Cause
six I-Cause
states I-Cause
with I-Cause
the I-Cause
planned I-Cause
divestiture I-Cause
of O
its O
natural O
gas O
distribution O
utilities O
in O
Arkansas O
and O
Oklahoma O
. O

Even B-Cause
the I-Cause
same I-Cause
rodent I-Cause
strain I-Cause
from I-Cause
two I-Cause
different I-Cause
suppliers I-Cause
will I-Cause
have I-Cause
enough I-Cause
variation I-Cause
to I-Cause
compromise I-Cause
an I-Cause
experiment I-Cause
, O
so O
it O
's O
a O
common O
industry O
recommendation O
to O
stay B-Effect
with I-Effect
a I-Effect
supplier I-Effect
for I-Effect
all I-Effect
future I-Effect
orders I-Effect
to I-Effect
maintain I-Effect
the I-Effect
integrity I-Effect
of I-Effect
experiments I-Effect
' I-Effect
results I-Effect
. O

However O
, O
we O
are O
skeptical B-Effect
of O
the O
value O
of O
economies O
of O
scale O
as O
a O
competitive O
advantage O
that O
sustains O
excess O
returns O
on O
invested O
capital O
in O
the O
distillation O
industry O
, O
because O
independent B-Cause
distilleries I-Cause
usually I-Cause
compete I-Cause
on I-Cause
product I-Cause
differentiation I-Cause
rather O
than O
price O
. O

While O
the O
producers O
required O
to O
destroy O
flocks O
received O
government O
assistance O
, O
there O
are O
lingering O
effects O
such O
as O
lost B-Cause
revenue I-Cause
, O
which O
can O
slash B-Effect
the I-Effect
return I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
advertising I-Effect
, I-Effect
distribution I-Effect
, I-Effect
and I-Effect
innovation I-Effect
expenditures I-Effect
. O

For O
commercial O
insurers O
, O
insuring B-Cause
industries I-Cause
with I-Cause
a I-Cause
high I-Cause
level I-Cause
of I-Cause
ESG I-Cause
risk I-Cause
could O
draw O
criticism O
and O
potentially O
lead O
to O
lost B-Effect
revenue I-Effect
if I-Effect
the I-Effect
situation I-Effect
becomes I-Effect
unsustainable I-Effect
. O

To B-Effect
quantify I-Effect
its I-Effect
leadership I-Effect
spread I-Effect
, I-Effect
we I-Effect
estimate I-Effect
the I-Effect
closest I-Effect
competitors I-Effect
in I-Effect
its I-Effect
sterndrive I-Effect
niche I-Effect
, I-Effect
Sea I-Effect
Ray I-Effect
and I-Effect
Chaparral I-Effect
, I-Effect
hold I-Effect
midteens I-Effect
market I-Effect
shares I-Effect
, I-Effect
while I-Effect
other I-Effect
competitors I-Effect
fall I-Effect
into I-Effect
the I-Effect
single-digit I-Effect
range. O
This B-Cause
market I-Cause
position I-Cause
( I-Cause
reached I-Cause
via I-Cause
solid I-Cause
brand I-Cause
equity I-Cause
) I-Cause
has I-Cause
offered I-Cause
Malibu I-Cause
strong I-Cause
adjusted I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
, I-Cause
including I-Cause
goodwill I-Cause
, I-Cause
that I-Cause
have I-Cause
averaged I-Cause
49 I-Cause
% I-Cause
during I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
, I-Cause
far I-Cause
outpacing I-Cause
our I-Cause
11 I-Cause
% I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
estimate I-Cause
. O

A B-Cause
moderate I-Cause
level I-Cause
of I-Cause
pricing I-Cause
power I-Cause
exists I-Cause
for I-Cause
suppliers I-Cause
like I-Cause
Lear I-Cause
that I-Cause
consistently I-Cause
generate I-Cause
innovative I-Cause
technologies I-Cause
, O
enabling O
a B-Effect
steady I-Effect
stream I-Effect
of I-Effect
intellectual I-Effect
property I-Effect
. O

This B-Effect
local I-Effect
scale I-Effect
is I-Effect
important I-Effect
in I-Effect
developing I-Effect
a I-Effect
broader I-Effect
local I-Effect
membership I-Effect
base I-Effect
as O
it B-Cause
creates I-Cause
efficiencies I-Cause
in I-Cause
that I-Cause
population I-Cause
and I-Cause
creates I-Cause
negotiating I-Cause
power I-Cause
over I-Cause
local I-Cause
service I-Cause
providers I-Cause
. O

The B-Effect
automotive I-Effect
industry I-Effect
is I-Effect
also I-Effect
cyclical I-Effect
, O
as O
its B-Cause
strength I-Cause
is I-Cause
dependent I-Cause
upon I-Cause
employment I-Cause
and I-Cause
income I-Cause
levels I-Cause
, O
in O
addition O
to O
financing O
availability O
. O

The B-Effect
bar I-Effect
for I-Effect
securing I-Effect
reimbursement I-Effect
for I-Effect
new I-Effect
technology I-Effect
has I-Effect
risen I-Effect
as O
payers B-Cause
have I-Cause
become I-Cause
more I-Cause
stringent I-Cause
about I-Cause
clinical I-Cause
data I-Cause
before I-Cause
committing I-Cause
to I-Cause
payment I-Cause
. O

While O
most O
of O
these O
are O
transient O
in O
nature O
, O
we O
see O
some O
, O
such O
as O
a B-Cause
possible I-Cause
reduction I-Cause
in I-Cause
consumer I-Cause
purchasing I-Cause
power I-Cause
across I-Cause
developing I-Cause
markets I-Cause
( O
and O
the O
resultant O
increase B-Effect
in I-Effect
the I-Effect
appeal I-Effect
of I-Effect
lower-priced I-Effect
brands I-Effect
to I-Effect
price I-Effect
conscious I-Effect
consumers I-Effect
) O
, O
as O
potent O
threats O
in O
the O
medium O
to O
long O
term O
. O

Fleet B-Effect
owners I-Effect
often I-Effect
use I-Effect
brands I-Effect
like I-Effect
Peterbilt I-Effect
, I-Effect
Kenworth I-Effect
, I-Effect
and I-Effect
DAF I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
drivers I-Effect
in O
an O
industry O
where O
employee B-Cause
turnover I-Cause
can I-Cause
be I-Cause
high I-Cause
in B-Cause
strong I-Cause
economic I-Cause
periods I-Cause
. O

Due O
to O
lower B-Cause
discounting I-Cause
and I-Cause
inventory I-Cause
control I-Cause
( O
inventories O
down O
27 O
% O
year-over-year O
) O
, O
its B-Effect
gross I-Effect
margin I-Effect
in I-Effect
the I-Effect
quarter I-Effect
was I-Effect
120 I-Effect
basis I-Effect
points I-Effect
better I-Effect
than I-Effect
we I-Effect
had I-Effect
anticipated I-Effect
( O
32.0 O
% O
versus O
30.8 O
% O
) O
. O

Though B-Effect
generic I-Effect
competition I-Effect
entered I-Effect
the I-Effect
market I-Effect
in I-Effect
2006 I-Effect
, I-Effect
two I-Effect
manufacturers I-Effect
ceased I-Effect
production I-Effect
of I-Effect
the I-Effect
generic I-Effect
versions I-Effect
in I-Effect
2010 I-Effect
because B-Cause
of I-Cause
evidence I-Cause
showing I-Cause
the I-Cause
generic I-Cause
was I-Cause
not I-Cause
bioequivalent I-Cause
. O

We O
think O
that O
the B-Effect
company I-Effect
will I-Effect
see I-Effect
declines I-Effect
in I-Effect
other I-Effect
revenue I-Effect
stabilize I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
it B-Cause
skews I-Cause
its I-Cause
revenue I-Cause
mix I-Cause
away I-Cause
from I-Cause
some I-Cause
commoditized I-Cause
outsourcing I-Cause
services I-Cause
. O

We O
have O
not O
modeled O
significant O
changes O
in O
our O
10-year O
average O
gross O
margins O
as O
we O
believe O
the B-Cause
higher-margin I-Cause
Acxiom I-Cause
and I-Cause
IPG I-Cause
's I-Cause
efficiencies I-Cause
in I-Cause
talent I-Cause
management I-Cause
( O
per O
account O
or O
per O
project O
) O
will O
offset B-Effect
growth I-Effect
in I-Effect
compensation I-Effect
and I-Effect
slightly I-Effect
lower I-Effect
long-term I-Effect
margins I-Effect
on I-Effect
digital I-Effect
. O

The B-Cause
players I-Cause
of I-Cause
more I-Cause
hardcore I-Cause
games I-Cause
usually I-Cause
spend I-Cause
more I-Cause
time I-Cause
and I-Cause
money I-Cause
in I-Cause
the I-Cause
games I-Cause
, O
allowing B-Effect
operators I-Effect
, I-Effect
such I-Effect
as I-Effect
NetEase I-Effect
, I-Effect
to I-Effect
monetize I-Effect
their I-Effect
IP I-Effect
through I-Effect
expansion I-Effect
packs I-Effect
, I-Effect
version I-Effect
upgrades I-Effect
, I-Effect
spin-off I-Effect
games I-Effect
, I-Effect
and I-Effect
so I-Effect
on I-Effect
. O

This O
was O
n't O
the O
first O
time O
Equifax O
suffered O
a O
data O
breach O
; O
however O
, O
the B-Cause
depth I-Cause
and I-Cause
the I-Cause
breadth I-Cause
of I-Cause
the I-Cause
breach I-Cause
created O
ire O
among O
the O
public O
and O
showed O
that O
the B-Effect
company I-Effect
was O
n't O
prepared B-Effect
to I-Effect
handle I-Effect
customers I-Effect
data I-Effect
securely I-Effect
. O

However O
, O
global B-Cause
travel I-Cause
has I-Cause
waned I-Cause
as O
a O
result O
of O
COVID-19 B-Cause
, O
potentially O
leading O
to O
longer-term B-Effect
secular I-Effect
shifts I-Effect
in I-Effect
consumer I-Effect
behavior I-Effect
, I-Effect
challenging I-Effect
the I-Effect
economic I-Effect
performance I-Effect
of I-Effect
Carnival I-Effect
over I-Effect
an I-Effect
extended I-Effect
horizon I-Effect
. O

On B-Cause
the I-Cause
back I-Cause
of I-Cause
the I-Cause
success I-Cause
of I-Cause
EastSpring I-Cause
Investments I-Cause
, O
we B-Effect
forecast I-Effect
a I-Effect
slightly I-Effect
higher I-Effect
rate I-Effect
of I-Effect
growth I-Effect
for I-Effect
new I-Effect
and I-Effect
existing I-Effect
premiums I-Effect
for I-Effect
this I-Effect
unit I-Effect
. O

In O
addition O
, O
as O
most B-Cause
of I-Cause
the I-Cause
ad I-Cause
holding I-Cause
companies I-Cause
' I-Cause
larger I-Cause
clients I-Cause
and I-Cause
Fortune I-Cause
500 I-Cause
firms I-Cause
favor I-Cause
omnichannel I-Cause
or I-Cause
multichannel I-Cause
marketing I-Cause
and I-Cause
advertising I-Cause
campaigns I-Cause
, O
these O
acquisitions O
help O
make O
the B-Effect
ad I-Effect
holding I-Effect
companies I-Effect
platform-agnostic I-Effect
and I-Effect
one-stop I-Effect
shops I-Effect
. O

Apart O
from O
tax-season O
stress O
, O
TurboTax B-Cause
Online I-Cause
users I-Cause
can I-Cause
access I-Cause
former I-Cause
tax I-Cause
returns I-Cause
, I-Cause
which I-Cause
will I-Cause
autofill I-Cause
current I-Cause
tax I-Cause
forms I-Cause
with I-Cause
basic I-Cause
information I-Cause
from I-Cause
the I-Cause
previous I-Cause
year I-Cause
, O
which O
we O
think O
supports B-Effect
high I-Effect
switching I-Effect
costs I-Effect
and O
which O
we O
believe O
is O
reflected O
in O
the B-Cause
software I-Cause
's I-Cause
79 I-Cause
% I-Cause
retention I-Cause
rate I-Cause
. O

In O
addition O
to O
benefits B-Cause
from I-Cause
larger I-Cause
scale I-Cause
like I-Cause
potentially I-Cause
lower I-Cause
interest I-Cause
rates I-Cause
and I-Cause
higher I-Cause
administrative I-Cause
efficiencies I-Cause
, O
Weingarten B-Effect
improves I-Effect
Kimco I-Effect
's I-Effect
portfolio I-Effect
quality I-Effect
by O
raising B-Cause
average I-Cause
rental I-Cause
rates I-Cause
and I-Cause
increasing I-Cause
exposure I-Cause
to I-Cause
grocers I-Cause
and I-Cause
growth I-Cause
markets I-Cause
. O

We O
've O
increased B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
AllianceBernstein I-Effect
to I-Effect
$ I-Effect
30 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
28 I-Effect
after O
updating B-Cause
our I-Cause
assumptions I-Cause
about I-Cause
assets I-Cause
under I-Cause
management I-Cause
, I-Cause
revenue I-Cause
, I-Cause
and I-Cause
profitability I-Cause
in I-Cause
the I-Cause
near I-Cause
to I-Cause
medium I-Cause
term I-Cause
. O

The B-Cause
lightweight I-Cause
agents I-Cause
, I-Cause
installed I-Cause
on I-Cause
physical I-Cause
devices I-Cause
like I-Cause
servers I-Cause
and I-Cause
laptops I-Cause
, I-Cause
or I-Cause
in I-Cause
virtual I-Cause
machines I-Cause
and I-Cause
cloud I-Cause
environments I-Cause
, I-Cause
are I-Cause
continually I-Cause
improving I-Cause
through I-Cause
its I-Cause
cloud I-Cause
database I-Cause
algorithms I-Cause
, O
becoming B-Effect
more I-Effect
capable I-Effect
as I-Effect
more I-Effect
data I-Effect
is I-Effect
received I-Effect
. O

Its O
Australian B-Effect
operations I-Effect
incurred I-Effect
hefty I-Effect
impairments I-Effect
following O
a B-Cause
period I-Cause
of I-Cause
rapid I-Cause
expansion I-Cause
( O
growing O
at O
multiple O
times O
system O
for O
3-5 O
years O
) O
, O
but O
evidently O
the O
bank O
took O
on O
high-risk O
loans O
other O
lenders O
did O
not O
want O
. O

Internationally O
, O
the B-Cause
company I-Cause
risks I-Cause
marketing I-Cause
improperly I-Cause
to I-Cause
audiences I-Cause
in I-Cause
Mexico I-Cause
and I-Cause
Canada I-Cause
, O
which O
could O
have B-Effect
significantly I-Effect
different I-Effect
consumption I-Effect
preferences I-Effect
than I-Effect
Americans I-Effect
. O

As O
part B-Cause
of I-Cause
a I-Cause
litigation I-Cause
settlement I-Cause
agreement I-Cause
with I-Cause
Teva I-Cause
Pharmaceutical I-Cause
Industries I-Cause
, O
Teva B-Effect
can I-Effect
either I-Effect
bring I-Effect
a I-Effect
generic I-Effect
version I-Effect
to I-Effect
market I-Effect
or I-Effect
sell I-Effect
a I-Effect
Salix-authorized I-Effect
generic I-Effect
in I-Effect
2028 I-Effect
. O

A B-Effect
significant I-Effect
supply I-Effect
gap I-Effect
could I-Effect
open I-Effect
up I-Effect
if O
the B-Cause
industry I-Cause
does I-Cause
not I-Cause
increase I-Cause
the I-Cause
pace I-Cause
of I-Cause
drilling I-Cause
, I-Cause
especially I-Cause
now I-Cause
that I-Cause
oil-directed I-Cause
drilling I-Cause
has I-Cause
slowed I-Cause
down I-Cause
( O
reducing O
the O
supply O
contribution O
from O
associated O
gas O
) O
. O

Oneok B-Effect
brings I-Effect
together I-Effect
high-quality I-Effect
assets I-Effect
, I-Effect
some I-Effect
of I-Effect
the I-Effect
strongest I-Effect
near- I-Effect
to I-Effect
medium-term I-Effect
growth I-Effect
prospects I-Effect
in I-Effect
our I-Effect
coverage I-Effect
as O
new B-Cause
projects I-Cause
continue I-Cause
to I-Cause
ramp I-Cause
up I-Cause
in I-Cause
2021 I-Cause
, I-Cause
a I-Cause
C-Corporation I-Cause
structure I-Cause
, I-Cause
and I-Cause
a I-Cause
well-respected I-Cause
management I-Cause
team I-Cause
in I-Cause
a I-Cause
compelling I-Cause
package I-Cause
. O

This B-Cause
custom I-Cause
integration I-Cause
makes I-Cause
its I-Cause
offering I-Cause
more I-Cause
tightly I-Cause
woven I-Cause
with I-Cause
the I-Cause
day-to-day I-Cause
functionalities I-Cause
of I-Cause
businesses I-Cause
and O
makes B-Effect
it I-Effect
vital I-Effect
in I-Effect
facilitating I-Effect
communications I-Effect
. O

Likewise O
, O
if O
the B-Cause
severity I-Cause
of I-Cause
collisions I-Cause
increases I-Cause
because O
of O
impaired B-Cause
car I-Cause
safety I-Cause
or I-Cause
driving I-Cause
patterns I-Cause
, O
the B-Effect
cost I-Effect
of I-Effect
claims I-Effect
will I-Effect
escalate I-Effect
. O

Since O
reducing B-Cause
debt I-Cause
is I-Cause
a I-Cause
key I-Cause
capital I-Cause
allocation I-Cause
priority I-Cause
, O
the O
firm B-Effect
may I-Effect
have I-Effect
less I-Effect
available I-Effect
capital I-Effect
to I-Effect
reinvest I-Effect
in I-Effect
the I-Effect
business I-Effect
compared O
with O
peers O
. O

Rather O
, O
it O
can O
take B-Effect
a I-Effect
number I-Effect
of I-Effect
years I-Effect
for I-Effect
acquired I-Effect
assets O
to O
start O
generating B-Cause
better I-Cause
returns I-Cause
given I-Cause
the I-Cause
slow I-Cause
pace I-Cause
of I-Cause
price I-Cause
increases I-Cause
a I-Cause
market I-Cause
can I-Cause
generally I-Cause
bear I-Cause
. O

As O
other B-Cause
firms I-Cause
have I-Cause
more I-Cause
reasons I-Cause
to I-Cause
own I-Cause
fiber I-Cause
, O
it B-Effect
makes I-Effect
it I-Effect
more I-Effect
difficult I-Effect
for I-Effect
Crown I-Effect
Castle I-Effect
to I-Effect
corner I-Effect
the I-Effect
market I-Effect
with I-Effect
existing I-Effect
infrastructure I-Effect
. O

Still O
, O
we B-Effect
forecast I-Effect
sales I-Effect
growth I-Effect
of I-Effect
just I-Effect
4 I-Effect
% I-Effect
and I-Effect
declines I-Effect
in I-Effect
operating I-Effect
income I-Effect
and I-Effect
EPS I-Effect
in I-Effect
2020 I-Effect
due O
to O
virus-related B-Cause
temporary I-Cause
store I-Cause
closures I-Cause
and I-Cause
soft I-Cause
consumer I-Cause
spending I-Cause
on I-Cause
apparel I-Cause
. O

Digital B-Cause
solutions I-Cause
( I-Cause
precision I-Cause
farming I-Cause
) I-Cause
are I-Cause
also I-Cause
a I-Cause
critical I-Cause
component I-Cause
in I-Cause
today I-Cause
's I-Cause
machines I-Cause
, I-Cause
helping I-Cause
customers I-Cause
make I-Cause
data-driven I-Cause
decisions I-Cause
to I-Cause
boost I-Cause
their I-Cause
productivity. O
These O
factors O
have O
led O
to O
CNH B-Effect
Industrial I-Effect
developing I-Effect
intense I-Effect
brand I-Effect
loyalty I-Effect
among I-Effect
farmers I-Effect
, I-Effect
manifested I-Effect
from I-Effect
its I-Effect
brand I-Effect
familiarity I-Effect
of I-Effect
more I-Effect
than I-Effect
a I-Effect
century I-Effect
and I-Effect
ability I-Effect
to I-Effect
continually I-Effect
provide I-Effect
innovative I-Effect
products I-Effect
. O

We O
think O
the B-Cause
consolidation I-Cause
that I-Cause
has I-Cause
occurred I-Cause
in I-Cause
recent I-Cause
years I-Cause
should O
encourage O
the B-Effect
remaining I-Effect
firms I-Effect
to I-Effect
act I-Effect
rationally I-Effect
in I-Effect
terms I-Effect
of I-Effect
future I-Effect
capacity I-Effect
additions I-Effect
. O

RingCentral O
closed O
15 O
seven-figure O
total O
contract O
value O
deals O
in O
2017 O
and O
100 O
in O
2019 O
, O
an B-Effect
indication I-Effect
of I-Effect
increasing I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
as O
RingCentral B-Cause
lands I-Cause
larger I-Cause
initial I-Cause
deals I-Cause
. O

In O
Asia O
, O
where O
Ralph O
Lauren O
trails O
some O
competitors O
, O
we O
expect O
8 B-Effect
% I-Effect
compound I-Effect
average I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
stores B-Cause
open I-Cause
and I-Cause
e-commerce I-Cause
expands I-Cause
in I-Cause
mainland I-Cause
China I-Cause
. O

Many B-Effect
customers I-Effect
bring I-Effect
their I-Effect
vehicles I-Effect
to I-Effect
the I-Effect
dealer I-Effect
for I-Effect
servicing I-Effect
because O
the B-Cause
vehicle I-Cause
is I-Cause
either I-Cause
under I-Cause
warranty I-Cause
or I-Cause
because I-Cause
the I-Cause
dealer I-Cause
is I-Cause
close I-Cause
to I-Cause
home I-Cause
and I-Cause
has I-Cause
the I-Cause
factory I-Cause
parts I-Cause
and I-Cause
expertise I-Cause
to I-Cause
service I-Cause
the I-Cause
vehicle I-Cause
. O

The B-Effect
longer I-Effect
Smiths I-Effect
works I-Effect
with I-Effect
the I-Effect
TSA I-Effect
, I-Effect
the I-Effect
higher I-Effect
the I-Effect
switching I-Effect
costs I-Effect
for I-Effect
the I-Effect
TSA I-Effect
, O
as O
Smiths B-Cause
accumulates I-Cause
knowledge I-Cause
and I-Cause
expertise I-Cause
that O
is O
confidential O
to O
outsiders O
and O
becomes B-Cause
a I-Cause
trusted I-Cause
partner I-Cause
. O

If O
the B-Cause
cost I-Cause
of I-Cause
debt I-Cause
rises I-Cause
without I-Cause
corresponding I-Cause
income I-Cause
growth I-Cause
, O
there O
is O
a O
risk O
that O
yield-searching B-Effect
capital I-Effect
will I-Effect
flow I-Effect
out I-Effect
of I-Effect
REITs I-Effect
, I-Effect
pressuring I-Effect
asset I-Effect
values I-Effect
and I-Effect
limiting I-Effect
capital I-Effect
alternatives I-Effect
for I-Effect
Essex I-Effect
. O

Net B-Effect
long-term I-Effect
inflows I-Effect
of I-Effect
$ I-Effect
9.8 I-Effect
billion I-Effect
during I-Effect
the I-Effect
quarter I-Effect
were I-Effect
better I-Effect
than I-Effect
our I-Effect
forecast I-Effect
for I-Effect
$ I-Effect
6.7 I-Effect
billion I-Effect
, O
with O
most O
of O
the O
difference O
due O
to O
stronger B-Cause
institutional I-Cause
flows I-Cause
. O

We O
forecast O
recreational B-Effect
volume I-Effect
to I-Effect
rise I-Effect
roughly I-Effect
11 I-Effect
% I-Effect
per I-Effect
year I-Effect
on I-Effect
average I-Effect
as O
distribution B-Cause
expands I-Cause
, I-Cause
consumers I-Cause
convert I-Cause
from I-Cause
the I-Cause
black I-Cause
market I-Cause
, I-Cause
and I-Cause
nonconsumers I-Cause
become I-Cause
consumers I-Cause
. O

Another B-Cause
risk I-Cause
is I-Cause
focused I-Cause
entry I-Cause
from I-Cause
Google I-Cause
, I-Cause
Facebook I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
Alibaba I-Cause
, I-Cause
Costco I-Cause
, I-Cause
and I-Cause
others I-Cause
could I-Cause
double I-Cause
the I-Cause
current I-Cause
handful I-Cause
of I-Cause
players I-Cause
with I-Cause
dominant I-Cause
scale I-Cause
, O
leading O
to O
a B-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profitability I-Effect
. O

Large B-Effect
networking I-Effect
firm I-Effect
with I-Effect
strong I-Effect
channel I-Effect
relationships I-Effect
like I-Effect
Cisco I-Effect
are I-Effect
focused I-Effect
on I-Effect
expanding I-Effect
their I-Effect
security I-Effect
portfolios I-Effect
as O
other B-Cause
product I-Cause
streams I-Cause
mature I-Cause
. O

For O
the O
portion O
of O
its O
sales O
that O
are O
consummated O
via O
fixed O
pricing O
arrangements O
, O
the O
company O
uses O
material B-Cause
forward I-Cause
contracts I-Cause
to O
mitigate B-Effect
the I-Effect
impact I-Effect
of I-Effect
changing I-Effect
raw I-Effect
material I-Effect
prices I-Effect
. O

Based O
on O
remarkable B-Cause
progress I-Cause
since I-Cause
2013 I-Cause
, O
we B-Effect
have I-Effect
high I-Effect
confidence I-Effect
concerning I-Effect
the I-Effect
magnitude I-Effect
of I-Effect
improvement I-Effect
that I-Effect
CP I-Effect
's I-Effect
leadership I-Effect
and I-Effect
operators I-Effect
can I-Effect
accomplish I-Effect
longer I-Effect
term I-Effect
. O

Because O
TE B-Cause
's I-Cause
share I-Cause
of I-Cause
the I-Cause
overall I-Cause
bill I-Cause
of I-Cause
materials I-Cause
is I-Cause
relatively I-Cause
low I-Cause
, O
price B-Effect
is I-Effect
n't I-Effect
the I-Effect
driving I-Effect
consideration I-Effect
for I-Effect
a I-Effect
supplier I-Effect
or I-Effect
OEM I-Effect
; O
customers B-Effect
will I-Effect
prioritize I-Effect
cutting-edge I-Effect
technology I-Effect
and O
reliability O
and O
pay O
a O
premium O
for O
them O
. O

Even B-Cause
a I-Cause
few I-Cause
cases I-Cause
could I-Cause
lead I-Cause
to I-Cause
quarantines I-Cause
of I-Cause
entire I-Cause
facilities I-Cause
, O
which O
would O
dramatically B-Effect
affect I-Effect
occupancy I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
quarters I-Effect
. I-Effect

Historically O
, O
homebuilders B-Effect
have I-Effect
used I-Effect
mergers I-Effect
and I-Effect
acquisitions I-Effect
as I-Effect
a I-Effect
means I-Effect
to I-Effect
enter I-Effect
new I-Effect
markets I-Effect
because O
acquiring B-Cause
an I-Cause
existing I-Cause
builder I-Cause
grants I-Cause
immediate I-Cause
access I-Cause
to I-Cause
the I-Cause
new I-Cause
market I-Cause
with I-Cause
less I-Cause
risk I-Cause
than O
a O
greenfield O
startup O
operation O
. O

We B-Cause
surmise I-Cause
his I-Cause
retail I-Cause
experience I-Cause
( I-Cause
centered I-Cause
in I-Cause
supply I-Cause
chain I-Cause
and I-Cause
logistics I-Cause
) I-Cause
should O
help O
Sysco B-Effect
weather I-Effect
the I-Effect
pandemic I-Effect
and I-Effect
facilitate I-Effect
enhanced I-Effect
focus I-Effect
on I-Effect
scale I-Effect
longer I-Effect
term I-Effect
. O

We O
believe O
that O
switching B-Cause
costs I-Cause
are I-Cause
relatively I-Cause
low I-Cause
in I-Cause
this I-Cause
area I-Cause
, I-Cause
and I-Cause
that I-Cause
scale I-Cause
and I-Cause
the I-Cause
resulting I-Cause
cost I-Cause
advantage I-Cause
are I-Cause
the I-Cause
dominant I-Cause
factor I-Cause
in I-Cause
terms I-Cause
of I-Cause
competitive I-Cause
positioning. O
As O
a O
result O
, O
a B-Effect
handful I-Effect
of I-Effect
acquirers I-Effect
have I-Effect
come I-Effect
to I-Effect
dominate I-Effect
the I-Effect
industry I-Effect
over I-Effect
time I-Effect
, I-Effect
and I-Effect
mergers I-Effect
and I-Effect
acquisitions I-Effect
in I-Effect
recent I-Effect
years I-Effect
have I-Effect
further I-Effect
consolidated I-Effect
the I-Effect
space I-Effect
. O

Developers B-Cause
can I-Cause
integrate I-Cause
a I-Cause
whole I-Cause
host I-Cause
of I-Cause
functionalities I-Cause
to O
better B-Effect
serve I-Effect
customers I-Effect
, O
including O
automated O
voice O
, O
text O
, O
and O
messaging O
, O
as O
well O
as O
use-case-specific O
solutions O
that O
improve O
customer O
communications O
. O

If O
ICE B-Cause
were I-Cause
to I-Cause
be I-Cause
too I-Cause
aggressive I-Cause
with I-Cause
pricing I-Cause
increases I-Cause
, O
it B-Cause
could I-Cause
attract I-Cause
the I-Cause
attention I-Cause
of I-Cause
regulators I-Cause
, O
which O
could O
weaken B-Effect
its I-Effect
ability I-Effect
to I-Effect
raise I-Effect
prices I-Effect
. O

In O
Amazon O
's O
case O
, O
we O
do O
not O
believe O
traditional B-Effect
price/earnings I-Effect
and I-Effect
enterprise I-Effect
value/EBITDA I-Effect
metrics I-Effect
are I-Effect
meaningful I-Effect
, O
given O
the B-Cause
impact I-Cause
that I-Cause
near-term I-Cause
investments I-Cause
are I-Cause
expected I-Cause
to I-Cause
have I-Cause
on I-Cause
near-term I-Cause
margins I-Cause
. O

We O
think O
gross B-Effect
margins I-Effect
will I-Effect
remain I-Effect
around I-Effect
70 I-Effect
% I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
innovate I-Cause
and I-Cause
improve I-Cause
its I-Cause
product I-Cause
portfolio I-Cause
while I-Cause
transitioning I-Cause
to I-Cause
more I-Cause
advanced I-Cause
process I-Cause
nodes I-Cause
. O

While O
we O
expect O
management O
to O
hit O
its O
long-term O
low-single-digit O
comparable O
sales O
growth O
goal O
, O
we O
believe O
share B-Cause
buybacks I-Cause
( I-Cause
fueled I-Cause
by I-Cause
free I-Cause
cash I-Cause
flow I-Cause
to I-Cause
the I-Cause
firm I-Cause
that I-Cause
should I-Cause
remain I-Cause
in I-Cause
the I-Cause
low I-Cause
single I-Cause
digits I-Cause
as I-Cause
a I-Cause
share I-Cause
of I-Cause
sales I-Cause
) I-Cause
will O
be O
needed O
to O
meet B-Effect
its I-Effect
low-double-digit I-Effect
adjusted I-Effect
EPS I-Effect
expansion I-Effect
target I-Effect
. I-Effect

As O
it B-Cause
looks I-Cause
to I-Cause
accelerate I-Cause
Tim I-Cause
Hortons I-Cause
' I-Cause
and I-Cause
Popeyes I-Cause
' I-Cause
international I-Cause
growth I-Cause
, O
RBI B-Effect
adds I-Effect
a I-Effect
layer I-Effect
of I-Effect
execution I-Effect
risks I-Effect
on I-Effect
top I-Effect
of I-Effect
structural I-Effect
industry I-Effect
headwinds I-Effect
. O

Though O
the O
full O
federal O
circuit O
court O
decided O
not O
to O
hear O
10x O
's O
appeal O
, O
we O
are O
not O
yet O
convinced O
this O
is O
the O
end O
of O
the O
story O
, O
and O
there B-Effect
remains I-Effect
some I-Effect
governance I-Effect
risk I-Effect
from O
the O
possibility O
that O
10x B-Cause
tries I-Cause
to I-Cause
bring I-Cause
Bio-Rad I-Cause
back I-Cause
to I-Cause
court I-Cause
. O

Given O
its O
size B-Cause
, O
Siemens O
is O
able O
to O
bid B-Cause
at I-Cause
a I-Cause
low I-Cause
or I-Cause
no I-Cause
margin I-Cause
for O
the O
initial O
business O
to O
secure B-Effect
the I-Effect
higher-margin I-Effect
aftermarket I-Effect
. O

Welltower B-Effect
has I-Effect
historically I-Effect
shown I-Effect
an I-Effect
ability I-Effect
to I-Effect
drive I-Effect
higher I-Effect
internal I-Effect
operating I-Effect
income I-Effect
growth I-Effect
than I-Effect
peers I-Effect
, O
but O
we O
see O
this O
as O
more B-Cause
an I-Cause
attribute I-Cause
of I-Cause
its I-Cause
management I-Cause
team I-Cause
working I-Cause
with I-Cause
the I-Cause
best I-Cause
operators I-Cause
than I-Cause
qualities I-Cause
inherent I-Cause
in I-Cause
the I-Cause
properties I-Cause
themselves I-Cause
. O

Oracle B-Cause
Database I-Cause
users I-Cause
do I-Cause
not I-Cause
need I-Cause
to I-Cause
run I-Cause
the I-Cause
database I-Cause
on I-Cause
the I-Cause
Exadata I-Cause
Machine I-Cause
, O
however O
, O
which O
is O
one O
reason O
why O
we B-Effect
think I-Effect
Oracle I-Effect
hardware I-Effect
does I-Effect
not I-Effect
merit I-Effect
switching I-Effect
costs I-Effect
. O

Pandemic-related B-Cause
acceleration I-Cause
of I-Cause
digital I-Cause
sales I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
hold I-Cause
prices I-Cause
down I-Cause
should O
restrain B-Effect
SG I-Effect
& I-Effect
A I-Effect
expense I-Effect
leverage I-Effect
, I-Effect
limiting I-Effect
operating I-Effect
margins I-Effect
to I-Effect
a I-Effect
3 I-Effect
% I-Effect
to I-Effect
4 I-Effect
% I-Effect
range I-Effect
on I-Effect
average I-Effect
post-pandemic I-Effect
, O
versus O
3.9 O
% O
in O
fiscal O
2019 O
( O
fiscal O
2020 O
's O
6.2 O
% O
mark O
reflected O
unprecedented O
cost O
leverage O
) O
. O

With O
JD.com B-Cause
's I-Cause
aggressive I-Cause
expansion I-Cause
into I-Cause
nonelectronic I-Cause
goods I-Cause
, O
we B-Effect
view I-Effect
Vipshop I-Effect
as I-Effect
a I-Effect
strong I-Effect
competitor I-Effect
in I-Effect
this I-Effect
field I-Effect
, O
although O
its O
revenue O
is O
still O
only O
about O
20 O
% O
that O
of O
JD.com O
and O
its O
active O
user O
base O
is O
12 O
% O
that O
of O
JD.com O
. O

Enterprise B-Effect
storage I-Effect
provides I-Effect
a I-Effect
significant I-Effect
opportunity I-Effect
for I-Effect
the I-Effect
firm I-Effect
in I-Effect
the I-Effect
near-term I-Effect
with O
nearline B-Cause
or I-Cause
business I-Cause
critical I-Cause
storage I-Cause
demands I-Cause
increasing I-Cause
, O
but O
this B-Effect
opportunity I-Effect
may I-Effect
quickly I-Effect
evaporate I-Effect
should O
energy B-Cause
efficiency I-Cause
concerns I-Cause
within I-Cause
data I-Cause
centers I-Cause
and I-Cause
hyperscale I-Cause
cloud I-Cause
players I-Cause
increase I-Cause
. O

We O
project O
that O
China B-Effect
Unicom I-Effect
's I-Effect
margins I-Effect
will I-Effect
gradually I-Effect
increase I-Effect
as O
it B-Cause
spreads I-Cause
its I-Cause
fixed I-Cause
costs I-Cause
across I-Cause
a I-Cause
larger I-Cause
network I-Cause
and I-Cause
it I-Cause
harnesses I-Cause
the I-Cause
benefits I-Cause
from I-Cause
the I-Cause
radio I-Cause
access I-Cause
network I-Cause
sharing I-Cause
arrangement I-Cause
initially I-Cause
for I-Cause
5G I-Cause
but O
now O
being O
extended O
to O
4G O
. O

ITP B-Effect
gives I-Effect
customers I-Effect
access I-Effect
to I-Effect
all I-Effect
of I-Effect
Check I-Effect
Point I-Effect
's I-Effect
products I-Effect
with O
the B-Cause
intention I-Cause
of I-Cause
enticing I-Cause
companies I-Cause
to I-Cause
deploy I-Cause
as I-Cause
many I-Cause
offerings I-Cause
as I-Cause
possible I-Cause
. O

We O
think O
that O
if B-Effect
Tesla I-Effect
had I-Effect
started I-Effect
with I-Effect
a I-Effect
mass-market I-Effect
vehicle I-Effect
, I-Effect
it I-Effect
probably I-Effect
would I-Effect
have I-Effect
failed I-Effect
, O
as O
too B-Cause
few I-Cause
people I-Cause
would I-Cause
have I-Cause
known I-Cause
about I-Cause
the I-Cause
car I-Cause
and I-Cause
would I-Cause
have I-Cause
been I-Cause
willing I-Cause
to I-Cause
pay I-Cause
for I-Cause
the I-Cause
brand I-Cause
. O

In O
the O
short O
term O
, O
we O
view O
Discover B-Effect
's I-Effect
prospects I-Effect
less I-Effect
favorably I-Effect
as O
the B-Cause
heated I-Cause
rewards I-Cause
environment I-Cause
means I-Cause
customer I-Cause
acquisition I-Cause
costs I-Cause
will I-Cause
weigh I-Cause
on I-Cause
margins I-Cause
. O

Limited B-Cause
capital I-Cause
requirements I-Cause
and I-Cause
a I-Cause
smaller I-Cause
equipment I-Cause
footprint I-Cause
often O
prevent O
economic B-Effect
profits I-Effect
, O
as B-Cause
customers I-Cause
can I-Cause
more I-Cause
easily I-Cause
balk I-Cause
at I-Cause
higher I-Cause
prices I-Cause
and I-Cause
bring I-Cause
processing I-Cause
in-house I-Cause
. O

Any B-Cause
weaknesses I-Cause
in I-Cause
the I-Cause
banking I-Cause
sector I-Cause
could O
lead O
banks B-Effect
to I-Effect
defer I-Effect
technology I-Effect
purchases I-Effect
, I-Effect
hurting I-Effect
Jack I-Effect
Henry I-Effect
's I-Effect
top I-Effect
line I-Effect
, O
and O
any B-Cause
dramatic I-Cause
changes I-Cause
in I-Cause
the I-Cause
structure I-Cause
of I-Cause
the I-Cause
banking I-Cause
industry I-Cause
could O
have O
hard-to-predict B-Effect
consequences I-Effect
for I-Effect
the I-Effect
bank I-Effect
technology I-Effect
providers I-Effect
. O

We O
view O
distribution B-Effect
as I-Effect
exceedingly I-Effect
important I-Effect
in I-Effect
the I-Effect
alcoholic I-Effect
beverage I-Effect
industry I-Effect
because O
all B-Cause
routes I-Cause
to I-Cause
market I-Cause
are I-Cause
typically I-Cause
highly I-Cause
regulated I-Cause
, O
and O
three-tier B-Cause
distribution I-Cause
laws I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Beyond O
this O
year O
, O
there O
is O
a O
clear O
line O
of O
sight O
on O
new B-Cause
project I-Cause
startups I-Cause
that O
should O
result O
in O
production B-Effect
growing I-Effect
, O
but O
the O
previous O
target O
of O
3.5 O
million O
barrels O
of O
oil O
equivalent O
per O
day O
for O
2024 O
will O
likely O
be O
pushed O
back O
. O

Similarly O
, O
we B-Effect
do I-Effect
not I-Effect
see I-Effect
switching I-Effect
costs I-Effect
for I-Effect
restaurants I-Effect
that I-Effect
partner I-Effect
with I-Effect
Grubhub I-Effect
or I-Effect
any I-Effect
of I-Effect
its I-Effect
competitors I-Effect
, O
as O
most B-Cause
, I-Cause
if I-Cause
not I-Cause
all I-Cause
, I-Cause
partnerships I-Cause
with I-Cause
restaurants I-Cause
are I-Cause
nonexclusive I-Cause
. O

In O
commercial O
computing O
, O
we O
believe O
that O
cost B-Effect
competitiveness I-Effect
between I-Effect
HP I-Effect
, I-Effect
Lenovo I-Effect
, I-Effect
and I-Effect
Dell I-Effect
could I-Effect
weigh I-Effect
on I-Effect
top I-Effect
line I-Effect
growth I-Effect
and I-Effect
operating I-Effect
margins I-Effect
, O
as O
the B-Cause
differences I-Cause
between I-Cause
mass I-Cause
market I-Cause
computers I-Cause
are I-Cause
limited I-Cause
, O
in O
our O
view O
. O

Since O
occupancy B-Cause
gains I-Cause
increase I-Cause
variable I-Cause
costs I-Cause
, I-Cause
while I-Cause
average I-Cause
daily I-Cause
rate I-Cause
increases I-Cause
go I-Cause
straight I-Cause
to I-Cause
the I-Cause
bottom I-Cause
line I-Cause
, O
we B-Effect
would I-Effect
normally I-Effect
expect I-Effect
significant I-Effect
EBITDA I-Effect
margin I-Effect
gains I-Effect
at I-Effect
this I-Effect
point I-Effect
in I-Effect
the I-Effect
cycle I-Effect
. O

With O
biopharma B-Cause
R I-Cause
& I-Cause
D I-Cause
growing I-Cause
at I-Cause
a I-Cause
low-single-digit I-Cause
rate I-Cause
and I-Cause
outsourcing I-Cause
penetration I-Cause
increasing I-Cause
steadily I-Cause
, O
we O
expect O
industry B-Effect
growth I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high I-Effect
single I-Effect
digits I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

A O
key O
driver O
of O
our O
top-line O
growth O
forecast O
is O
very B-Cause
tight I-Cause
industry I-Cause
capacity I-Cause
, O
which O
is B-Effect
breathing I-Effect
new I-Effect
life I-Effect
into I-Effect
Knight I-Effect
's I-Effect
contract I-Effect
pricing I-Effect
, I-Effect
and I-Effect
double-digit I-Effect
rate I-Effect
gains I-Effect
are I-Effect
n't I-Effect
out I-Effect
of I-Effect
the I-Effect
question I-Effect
for I-Effect
2021 I-Effect
. O

Through O
its B-Cause
ownership I-Cause
in I-Cause
Scania I-Cause
and I-Cause
MAN I-Cause
, O
the B-Effect
company I-Effect
should I-Effect
benefit I-Effect
from I-Effect
increases I-Effect
in I-Effect
medium- I-Effect
and I-Effect
heavy-duty I-Effect
truck I-Effect
demand I-Effect
on I-Effect
favorable I-Effect
European I-Effect
economic I-Effect
conditions I-Effect
, O
barring O
a O
no-deal O
Brexit O
or O
international O
trade O
conflict O
. O

As O
the B-Cause
network I-Cause
buildout I-Cause
matures I-Cause
and I-Cause
the I-Cause
firm I-Cause
gains I-Cause
share I-Cause
, O
we O
expect O
the B-Effect
EBITDA I-Effect
margin I-Effect
will I-Effect
expand I-Effect
back I-Effect
to I-Effect
45 I-Effect
% I-Effect
( I-Effect
excluding I-Effect
stock-based I-Effect
compensation I-Effect
, I-Effect
which I-Effect
we I-Effect
deduct I-Effect
on I-Effect
a I-Effect
consolidated I-Effect
basis I-Effect
) I-Effect
from I-Effect
43 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

The B-Effect
food I-Effect
and I-Effect
beverage I-Effect
division I-Effect
is I-Effect
slightly I-Effect
more I-Effect
profitable I-Effect
because O
of O
higher B-Cause
value-add I-Cause
for I-Cause
innovative I-Cause
food I-Cause
delivery I-Cause
dispensing I-Cause
components I-Cause
and O
because O
food B-Effect
and I-Effect
beverage I-Effect
suppliers I-Effect
tend I-Effect
to I-Effect
be I-Effect
less I-Effect
price I-Effect
sensitive I-Effect
than I-Effect
beauty I-Effect
customers I-Effect
because O
of O
industry B-Cause
traditions I-Cause
on I-Cause
accepting I-Cause
higher I-Cause
pass-through I-Cause
supply I-Cause
costs I-Cause
. O

Meanwhile O
, O
we B-Effect
forecast I-Effect
that I-Effect
ARPS I-Effect
will I-Effect
increase I-Effect
as O
the B-Cause
global I-Cause
construction I-Cause
market I-Cause
grows I-Cause
and I-Cause
the I-Cause
company I-Cause
continues I-Cause
to I-Cause
upsell I-Cause
its I-Cause
customers I-Cause
, O
specifically O
on O
AutoCAD O
LT O
to O
AutoCAD O
, O
Revit O
, O
or O
the O
AEC O
Collection O
. O

We B-Effect
expect I-Effect
long-term I-Effect
salt I-Effect
volumes I-Effect
to I-Effect
grow I-Effect
from I-Effect
2020 I-Effect
's I-Effect
below-average I-Effect
9.4 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
to I-Effect
over I-Effect
11.5 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
starting I-Effect
in I-Effect
2021 I-Effect
as O
production B-Cause
at I-Cause
the I-Cause
Goderich I-Cause
mine I-Cause
is I-Cause
fully I-Cause
restored I-Cause
. O

We O
expect O
freight B-Effect
demand I-Effect
to I-Effect
continue I-Effect
recovering I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
revenue I-Effect
rising I-Effect
more I-Effect
than I-Effect
8 I-Effect
% I-Effect
on O
solid B-Effect
intermodal I-Effect
growth I-Effect
( I-Cause
aided I-Cause
by I-Cause
unusually B-Cause
tight I-Cause
truckload I-Cause
market I-Cause
capacity I-Cause
and I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
) I-Cause
, I-Cause
automotive I-Cause
volume I-Cause
recovery I-Cause
, I-Cause
and I-Cause
industrial I-Cause
end-market I-Cause
improvement I-Cause
. O

Further B-Cause
uncertainty I-Cause
surrounding I-Cause
a I-Cause
sustained I-Cause
recession I-Cause
in I-Cause
Italy I-Cause
( I-Cause
a I-Cause
key I-Cause
sourcing I-Cause
market I-Cause
for I-Cause
Costa I-Cause
) I-Cause
, I-Cause
financial I-Cause
austerity I-Cause
, I-Cause
any I-Cause
terrorism I-Cause
incidents I-Cause
, I-Cause
or I-Cause
a I-Cause
protracted I-Cause
conclusion I-Cause
to I-Cause
COVID-19 I-Cause
could O
provide O
incremental O
headwinds O
for O
the B-Effect
business I-Effect
. O

We O
forecast O
ROICs B-Effect
will I-Effect
remain I-Effect
at I-Effect
mid-teens I-Effect
levels I-Effect
as O
the B-Cause
economic I-Cause
profits I-Cause
that I-Cause
are I-Cause
generated I-Cause
continue I-Cause
to I-Cause
surpass I-Cause
the I-Cause
company I-Cause
's I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
. O

TIM B-Cause
's I-Cause
modest I-Cause
fixed-line I-Cause
assets I-Cause
will O
make O
it O
difficult O
for O
the B-Effect
company I-Effect
to I-Effect
participate I-Effect
in I-Effect
the I-Effect
move I-Effect
to I-Effect
converged I-Effect
offerings I-Effect
and I-Effect
benefit I-Effect
from I-Effect
increasing I-Effect
adoption I-Effect
of I-Effect
Internet I-Effect
access I-Effect
services I-Effect
. O

Even B-Cause
though I-Cause
the I-Cause
venerable I-Cause
Rolls-Royce I-Cause
and I-Cause
BMW I-Cause
brand I-Cause
names I-Cause
command I-Cause
premium I-Cause
pricing I-Cause
, I-Cause
consumers I-Cause
can I-Cause
easily I-Cause
switch I-Cause
to I-Cause
other I-Cause
brands I-Cause
like I-Cause
Bentley I-Cause
, I-Cause
Mercedes-Benz I-Cause
, I-Cause
or I-Cause
Audi I-Cause
, O
and O
a B-Effect
seemingly I-Effect
bulletproof I-Effect
brand I-Effect
image I-Effect
can I-Effect
tarnish I-Effect
quickly I-Effect
. O

We O
forecast O
revenue B-Effect
growth I-Effect
of I-Effect
6 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
and I-Effect
remaining I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high I-Effect
single I-Effect
digits I-Effect
throughout I-Effect
our I-Effect
10-year I-Effect
forecast I-Effect
, O
as O
the B-Cause
firm I-Cause
fills I-Cause
new I-Cause
capacity I-Cause
. O

We O
expect O
upstream B-Effect
oil I-Effect
& I-Effect
gas I-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
mount I-Effect
a I-Effect
resounding I-Effect
recovery I-Effect
from I-Effect
COVID-19 I-Effect
, O
as O
we B-Cause
do I-Cause
n't I-Cause
think I-Cause
the I-Cause
pandemic I-Cause
will I-Cause
have I-Cause
a I-Cause
major I-Cause
long-run I-Cause
impact I-Cause
on I-Cause
oil I-Cause
demand I-Cause
. O

Given O
its B-Cause
ability I-Cause
to I-Cause
profitably I-Cause
monetize I-Cause
its I-Cause
network I-Cause
via I-Cause
advertising I-Cause
, O
we O
think O
Facebook B-Effect
will I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

However O
, O
the B-Cause
merger I-Cause
of I-Cause
inVentiv I-Cause
Health I-Cause
and I-Cause
INC I-Cause
Research I-Cause
diversified I-Cause
the I-Cause
company I-Cause
's I-Cause
client I-Cause
base I-Cause
, O
adding B-Effect
exposure I-Effect
to I-Effect
large I-Effect
biotech I-Effect
and I-Effect
pharmaceutical I-Effect
clients I-Effect
. O

Also O
, O
litigation B-Effect
risk I-Effect
remains I-Effect
from O
patients O
who O
took O
one-time O
blockbuster O
Fosamax O
for O
osteoporosis O
as O
the B-Cause
medicine I-Cause
has I-Cause
been I-Cause
linked I-Cause
to I-Cause
infrequent I-Cause
but I-Cause
serious I-Cause
side I-Cause
effects I-Cause
. O

This B-Effect
translates I-Effect
into I-Effect
16 I-Effect
% I-Effect
top-line I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
, I-Effect
followed I-Effect
by I-Effect
average I-Effect
annual I-Effect
growth I-Effect
of I-Effect
6 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
fueled O
primarily O
by O
the B-Cause
cardiovascular I-Cause
and I-Cause
med-surg I-Cause
segments I-Cause
and I-Cause
the I-Cause
addition I-Cause
of I-Cause
BTG I-Cause
. O

However O
, O
given O
the B-Cause
firm I-Cause
's I-Cause
consistent I-Cause
long-term I-Cause
track I-Cause
record I-Cause
and I-Cause
expansive I-Cause
scale I-Cause
, O
we O
expect O
Colgate B-Effect
's I-Effect
gross I-Effect
margins I-Effect
wo I-Effect
n't I-Effect
falter I-Effect
( O
after O
dipping O
to O
just O
57 O
% O
in O
fiscal O
2011 O
, O
significantly O
below O
its O
prior O
aim O
for O
gross O
margins O
in O
excess O
of O
60 O
% O
) O
. O

With O
an B-Cause
increase I-Cause
in I-Cause
ad I-Cause
inventory I-Cause
sales I-Cause
, I-Cause
plus I-Cause
growth I-Cause
in I-Cause
freemium I-Cause
and I-Cause
podcast I-Cause
users I-Cause
, O
ad-supported B-Effect
ARPU I-Effect
can I-Effect
grow I-Effect
at I-Effect
an I-Effect
average I-Effect
annual I-Effect
rate I-Effect
of I-Effect
23 I-Effect
% I-Effect
to I-Effect
EUR I-Effect
2.65 I-Effect
through I-Effect
2030 I-Effect
, I-Effect
up I-Effect
from I-Effect
EUR I-Effect
0.35 I-Effect
in I-Effect
2020 I-Effect
. O

Risks B-Cause
surrounding I-Cause
a I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccine I-Cause
are I-Cause
widely I-Cause
distributed I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

Pricing B-Effect
is I-Effect
higher I-Effect
at I-Effect
the I-Effect
premium I-Effect
end I-Effect
( I-Effect
where I-Effect
LaCroix I-Effect
is I-Effect
situated I-Effect
) I-Effect
, O
as O
the B-Cause
commoditylike I-Cause
aura I-Cause
is I-Cause
less I-Cause
pronounced I-Cause
, I-Cause
leaving I-Cause
more I-Cause
room I-Cause
for I-Cause
brand I-Cause
equity I-Cause
. O

The B-Cause
CAD I-Cause
4.5 I-Cause
billion I-Cause
sale I-Cause
net I-Cause
$ I-Cause
1.9 I-Cause
billion I-Cause
of I-Cause
after-tax I-Cause
cash I-Cause
for I-Cause
Kinder I-Cause
, O
which O
gives O
it O
exceptional B-Effect
financial I-Effect
flexibility I-Effect
as O
it O
looks O
for O
other O
large O
investment O
projects O
. O

Gas B-Cause
and I-Cause
diesel I-Cause
engines I-Cause
produce I-Cause
toxic I-Cause
pollutants I-Cause
that O
can O
render B-Effect
air I-Effect
harmful I-Effect
to I-Effect
breathe I-Effect
, O
and O
the O
Clean O
Air O
Act O
was O
the O
first O
legislation O
to O
target O
a O
reduction O
in O
those O
emissions O
. O

If O
other B-Cause
browsers I-Cause
, I-Cause
such I-Cause
as I-Cause
Google I-Cause
's I-Cause
Chrome I-Cause
, I-Cause
were I-Cause
to I-Cause
follow I-Cause
in I-Cause
Apple I-Cause
's I-Cause
ITP I-Cause
footsteps I-Cause
, O
the B-Effect
effectiveness I-Effect
of I-Effect
Criteo I-Effect
's I-Effect
retargeting I-Effect
offering I-Effect
could I-Effect
be I-Effect
further I-Effect
hit I-Effect
. O

It O
is O
fair O
to O
argue O
that O
these B-Cause
small-format I-Cause
stores I-Cause
deal I-Cause
in I-Cause
lower I-Cause
volumes I-Cause
, O
thus O
giving O
them O
higher B-Effect
per-unit I-Effect
fixed I-Effect
costs I-Effect
as I-Effect
well I-Effect
as I-Effect
less I-Effect
favorable I-Effect
procurement I-Effect
terms I-Effect
than I-Effect
similarly I-Effect
scaled I-Effect
big-box I-Effect
retailers I-Effect
. O

The B-Effect
pandemic I-Effect
injects I-Effect
considerable I-Effect
uncertainty I-Effect
into I-Effect
forecasting I-Effect
Dollar I-Effect
Tree I-Effect
's I-Effect
near-term I-Effect
results I-Effect
, O
as O
consumables B-Cause
spending I-Cause
rises I-Cause
as I-Cause
shoppers I-Cause
stock I-Cause
up I-Cause
, I-Cause
high I-Cause
unemployment I-Cause
pressures I-Cause
discretionary I-Cause
income I-Cause
( I-Cause
but I-Cause
also I-Cause
creates I-Cause
trade-down I-Cause
) I-Cause
, I-Cause
and I-Cause
supply I-Cause
chains I-Cause
are I-Cause
disrupted I-Cause
. O

Although O
switching O
costs O
are O
not O
explicitly O
large O
, O
inertia B-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
of I-Cause
achieving I-Cause
better I-Cause
results I-Cause
elsewhere O
tends O
to O
keep B-Effect
investors I-Effect
invested I-Effect
with I-Effect
the I-Effect
same I-Effect
fund I-Effect
for I-Effect
a I-Effect
period I-Effect
of I-Effect
time I-Effect
. O

Telecommunication B-Cause
services I-Cause
are I-Cause
considered I-Cause
public I-Cause
goods I-Cause
in I-Cause
several I-Cause
countries I-Cause
, I-Cause
which I-Cause
leads I-Cause
to I-Cause
regulators I-Cause
scrutinizing I-Cause
a I-Cause
firm I-Cause
's I-Cause
network I-Cause
quality I-Cause
and I-Cause
pricing I-Cause
regularly. O
This O
can O
lead O
to O
the B-Effect
introduction I-Effect
of I-Effect
new I-Effect
players I-Effect
: I-Effect
this I-Effect
happened I-Effect
with I-Effect
Iliad I-Effect
in I-Effect
France I-Effect
in I-Effect
2012 I-Effect
, I-Effect
when I-Effect
regulators I-Effect
conclude I-Effect
that I-Effect
consumer I-Effect
welfare I-Effect
is I-Effect
not I-Effect
good I-Effect
enough I-Effect
. O

In O
contrast O
to O
Coloplast O
's O
dominant O
positions O
in O
ostomy O
and O
continence O
care O
, O
ConvaTec B-Effect
is I-Effect
strongest I-Effect
in I-Effect
advanced I-Effect
wound I-Effect
care I-Effect
and I-Effect
infusion I-Effect
sets I-Effect
for I-Effect
insulin I-Effect
pumps I-Effect
, O
thanks O
to O
investments B-Cause
and I-Cause
acquisitions I-Cause
by I-Cause
its I-Cause
private I-Cause
equity I-Cause
owners I-Cause
. O

This O
is O
witnessed O
with O
its O
Qunar O
deal O
, O
where O
it O
only O
acquired O
a O
48 O
% O
stake O
, O
and O
Baidu B-Effect
still I-Effect
holding I-Effect
some I-Effect
Qunar I-Effect
shares I-Effect
, O
partly O
to O
avoid B-Cause
antitrust I-Cause
investigation I-Cause
by I-Cause
the I-Cause
Chinese I-Cause
government I-Cause
. O

Products B-Effect
like I-Effect
the I-Effect
cores I-Effect
used I-Effect
for I-Effect
toilet I-Effect
paper I-Effect
or I-Effect
paper I-Effect
towels I-Effect
generally I-Effect
rely I-Effect
on I-Effect
population I-Effect
growth I-Effect
, O
given O
high B-Cause
penetration I-Cause
rates I-Cause
and I-Cause
Sonoco I-Cause
's I-Cause
already I-Cause
dominant I-Cause
market I-Cause
share I-Cause
. O

Conversely O
, O
Harley B-Cause
dealers I-Cause
have I-Cause
a I-Cause
long-standing I-Cause
commitment I-Cause
to I-Cause
sell I-Cause
just I-Cause
one I-Cause
brand I-Cause
, O
and O
we O
think O
this B-Effect
type I-Effect
of I-Effect
loyalty I-Effect
helps I-Effect
elevate I-Effect
Harley I-Effect
's I-Effect
brand I-Effect
perception I-Effect
. O

However O
, O
as O
Siemens B-Cause
AG I-Cause
has I-Cause
employed I-Cause
an I-Cause
ethics I-Cause
code I-Cause
for I-Cause
its I-Cause
suppliers I-Cause
and I-Cause
is I-Cause
working I-Cause
on I-Cause
reducing I-Cause
business I-Cause
ethics I-Cause
risks I-Cause
, O
we B-Effect
would I-Effect
not I-Effect
expect I-Effect
material I-Effect
fines I-Effect
that I-Effect
might I-Effect
be I-Effect
associated I-Effect
with I-Effect
widespread I-Effect
internal I-Effect
ethics I-Effect
issues I-Effect
. O

The B-Cause
store I-Cause
base I-Cause
has I-Cause
grown I-Cause
about I-Cause
29 I-Cause
% I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
to O
about O
1,920 O
locations O
( O
around O
2,100 O
including O
Petsense O
) O
, O
driving B-Effect
sales I-Effect
and I-Effect
EPS I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rates I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
of I-Effect
14 I-Effect
% I-Effect
and I-Effect
27 I-Effect
% I-Effect
, O
respectively O
. O

However O
, O
we O
've O
long O
opined O
Church O
is O
dwarfed O
by O
the O
scale O
, O
resources O
, O
and O
negotiating O
prowess O
of O
its O
larger O
peers O
, O
and O
such O
actions O
, O
if O
not B-Cause
followed I-Cause
by I-Cause
the I-Cause
rest I-Cause
of I-Cause
its I-Cause
peer I-Cause
set I-Cause
, O
could O
lead O
to O
volume B-Effect
compression I-Effect
in I-Effect
subsequent I-Effect
periods I-Effect
. O

Sanofi B-Cause
's I-Cause
entrenched I-Cause
rare-disease I-Cause
drug I-Cause
, I-Cause
consumer I-Cause
, I-Cause
and I-Cause
vaccine I-Cause
franchises I-Cause
create O
added B-Effect
layers I-Effect
of I-Effect
competitive I-Effect
advantages I-Effect
, O
stemming O
from O
efficient B-Cause
scale I-Cause
in I-Cause
some I-Cause
rare-disease I-Cause
drugs I-Cause
, O
brand B-Cause
power I-Cause
in I-Cause
consumer I-Cause
, O
and O
some B-Cause
cost I-Cause
advantages I-Cause
in I-Cause
the I-Cause
vaccines I-Cause
division I-Cause
. O

Partnering B-Cause
DaimlerChrysler I-Cause
aerospace I-Cause
engineers I-Cause
worked I-Cause
with I-Cause
different I-Cause
design I-Cause
software I-Cause
than I-Cause
that I-Cause
of I-Cause
Airbus I-Cause
engineers I-Cause
, O
leading O
to O
copper B-Effect
and I-Effect
aluminum I-Effect
wiring I-Effect
for I-Effect
the I-Effect
plane I-Effect
being I-Effect
too I-Effect
short I-Effect
as O
a O
result O
of O
the O
different B-Cause
software I-Cause
programs I-Cause
2 I-Cause
Jun I-Cause
2021 I-Cause
05:00 I-Cause
, O
UTCcalculating B-Effect
wire I-Effect
bend I-Effect
radii I-Effect
differently I-Effect
. O

In O
terms O
of O
ESG-related O
risks O
, O
because O
Norfolk B-Cause
carries I-Cause
freight I-Cause
for I-Cause
chemical I-Cause
end-market I-Cause
shippers I-Cause
, O
it B-Effect
is I-Effect
subject I-Effect
to I-Effect
the I-Effect
liabilities I-Effect
associated I-Effect
with I-Effect
hazardous I-Effect
material I-Effect
spills I-Effect
. O

Several B-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
products I-Cause
require I-Cause
proprietary I-Cause
software I-Cause
or I-Cause
service I-Cause
, O
which O
provide B-Effect
stability I-Effect
to I-Effect
cash I-Effect
flows I-Effect
and I-Effect
help I-Effect
to I-Effect
lock I-Effect
in I-Effect
the I-Effect
customer I-Effect
. I-Effect

We O
now O
believe O
Eaton B-Effect
will I-Effect
likely I-Effect
hit I-Effect
all I-Effect
its I-Effect
upward I-Effect
revised I-Effect
targets I-Effect
by I-Effect
2025 I-Effect
, O
save O
for O
its O
eMobility O
margin O
aspirations O
, O
given O
continued B-Cause
investment I-Cause
needs I-Cause
there I-Cause
. O

The B-Cause
pandemic-driven I-Cause
push I-Cause
to I-Cause
significantly I-Cause
increase I-Cause
the I-Cause
Panther I-Cause
installed I-Cause
base O
should O
pave B-Effect
the I-Effect
way I-Effect
for I-Effect
a I-Effect
stream I-Effect
of I-Effect
recurring I-Effect
test I-Effect
revenue I-Effect
. O

Any O
time O
regulatory B-Cause
agencies I-Cause
change I-Cause
the I-Cause
guidelines I-Cause
for I-Cause
livestock I-Cause
and I-Cause
poultry I-Cause
testing I-Cause
, I-Cause
or I-Cause
if I-Cause
the I-Cause
protein I-Cause
markets I-Cause
suffer I-Cause
from I-Cause
excess I-Cause
supply I-Cause
and I-Cause
prolonged I-Cause
low I-Cause
prices I-Cause
, O
this O
has O
ripple B-Effect
effects I-Effect
for I-Effect
that I-Effect
part I-Effect
of I-Effect
Idexx I-Effect
's I-Effect
business I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
size I-Cause
and I-Cause
scale I-Cause
, I-Cause
the I-Cause
strength I-Cause
of I-Cause
its I-Cause
brands I-Cause
, I-Cause
and I-Cause
the I-Cause
diversity I-Cause
of I-Cause
its I-Cause
AUM I-Cause
by I-Cause
asset I-Cause
class I-Cause
, I-Cause
distribution I-Cause
channel I-Cause
, I-Cause
and I-Cause
geographic I-Cause
reach I-Cause
provide O
it O
with O
a B-Effect
leg I-Effect
up I-Effect
over I-Effect
competitors I-Effect
. O

We B-Effect
apply I-Effect
an I-Effect
11.0 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
assumption I-Effect
due O
to O
our B-Cause
belief I-Cause
that I-Cause
Steel I-Cause
Dynamics I-Cause
is I-Cause
subject I-Cause
to I-Cause
an I-Cause
above-average I-Cause
level I-Cause
of I-Cause
systematic I-Cause
risk I-Cause
. O

Dropbox B-Effect
gained I-Effect
initial I-Effect
traction I-Effect
following I-Effect
its I-Effect
founding I-Effect
in I-Effect
2007 I-Effect
, O
as O
it B-Cause
was I-Cause
one I-Cause
of I-Cause
the I-Cause
first I-Cause
companies I-Cause
to I-Cause
take I-Cause
file I-Cause
storage I-Cause
to I-Cause
the I-Cause
cloud I-Cause
. O

We O
believe O
that O
Rolls-Royce B-Effect
's I-Effect
exposure I-Effect
to I-Effect
wide-body I-Effect
engines I-Effect
heightens I-Effect
this I-Effect
risk I-Effect
as O
we O
believe O
long-haul B-Cause
travel I-Cause
will I-Cause
take I-Cause
longer I-Cause
to I-Cause
recover I-Cause
than I-Cause
short-haul I-Cause
travel I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
lingering I-Cause
international I-Cause
travel I-Cause
restrictions I-Cause
. O

Hospitals B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
choose I-Effect
a I-Effect
sterilization I-Effect
provider I-Effect
that I-Effect
can I-Effect
provide I-Effect
the I-Effect
quickest I-Effect
turnaround I-Effect
time I-Effect
because B-Cause
of I-Cause
the I-Cause
pass-through I-Cause
shipping I-Cause
and I-Cause
handling I-Cause
costs I-Cause
, O
and O
to B-Cause
reduce I-Cause
the I-Cause
time I-Cause
cost I-Cause
of I-Cause
having I-Cause
devices I-Cause
unavailable I-Cause
. O

TI O
and O
its O
chipmaking O
peers O
tend O
to O
profit B-Cause
from I-Cause
these I-Cause
high I-Cause
switching I-Cause
costs I-Cause
by O
having O
lower O
ongoing O
R O
& O
D O
and O
capital O
expenditure O
investments O
than O
digital O
chipmakers O
, O
which O
helps O
to O
contribute B-Effect
to I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
shareholders I-Effect
. O

The B-Cause
treasure I-Cause
hunt I-Cause
experience I-Cause
and I-Cause
low-frills I-Cause
environment I-Cause
enable O
steep B-Cause
discounts I-Cause
relative I-Cause
to I-Cause
the I-Cause
full-price I-Cause
channel I-Cause
( I-Cause
up I-Cause
to I-Cause
60 I-Cause
% I-Cause
for I-Cause
Burlington I-Cause
) I-Cause
, O
limiting O
price B-Effect
gaps I-Effect
. O

Further O
evidence O
supporting O
our O
conclusion O
that O
Post B-Effect
lacks I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
is O
that O
the B-Cause
company I-Cause
has I-Cause
consistently I-Cause
failed I-Cause
to I-Cause
earn I-Cause
an I-Cause
economic I-Cause
profit I-Cause
( I-Cause
return I-Cause
on I-Cause
invested I-Cause
capital I-Cause
that I-Cause
exceeds I-Cause
the I-Cause
firm I-Cause
's I-Cause
weighted I-Cause
average I-Cause
cost I-Cause
of I-Cause
capital I-Cause
) I-Cause
. O

Furthermore O
, O
the B-Cause
residential I-Cause
HVAC I-Cause
service I-Cause
market I-Cause
is I-Cause
almost I-Cause
exclusively I-Cause
third-party I-Cause
owned I-Cause
and I-Cause
operated I-Cause
, O
so O
manufacturers B-Effect
do I-Effect
n't I-Effect
generate I-Effect
service I-Effect
revenue I-Effect
from I-Effect
residential I-Effect
equipment I-Effect
sales I-Effect
( O
although O
they O
do O
generate O
revenue O
from O
replacement O
parts O
) O
. O

International B-Cause
( I-Cause
low-double-digit I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
) I-Cause
expansion I-Cause
also O
remains O
promising O
and O
could O
drive O
revenue B-Effect
upside I-Effect
, O
particularly O
as O
Polaris O
increases O
its O
global O
operating O
presence O
with O
a O
wider O
physical O
presence O
abroad O
( O
which O
could O
be O
strained O
in O
the O
near O
term O
given O
the O
political O
and O
economic O
climate O
) O
. O

The B-Cause
Omega I-Cause
acquisition I-Cause
positions I-Cause
Perrigo I-Cause
as I-Cause
a I-Cause
major I-Cause
player I-Cause
in I-Cause
the I-Cause
European I-Cause
OTC I-Cause
market I-Cause
and I-Cause
provides I-Cause
the I-Cause
necessary I-Cause
brand I-Cause
portfolio I-Cause
and I-Cause
salesforce I-Cause
to O
compete B-Effect
among I-Effect
the I-Effect
more I-Effect
fragmented I-Effect
customer I-Effect
base I-Effect
of I-Effect
retailers I-Effect
in I-Effect
the I-Effect
region I-Effect
. O

And B-Effect
volatility I-Effect
in I-Effect
commodity I-Effect
prices I-Effect
, I-Effect
specifically I-Effect
oil I-Effect
, I-Effect
may I-Effect
affect I-Effect
profitability I-Effect
if O
fuel B-Cause
prices I-Cause
remain I-Cause
inflated I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
( I-Cause
Royal I-Cause
hedges I-Cause
about I-Cause
half I-Cause
of I-Cause
current-year I-Cause
costs I-Cause
) I-Cause
. O

However O
, O
these O
headwinds O
are O
dissipating O
, O
and O
we O
think O
FedEx B-Cause
's I-Cause
heavy I-Cause
investment I-Cause
spending I-Cause
will O
pay O
off O
in O
greater B-Effect
efficiency I-Effect
and I-Effect
an I-Effect
enhanced I-Effect
ability I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
e-commerce I-Effect
tailwinds I-Effect
. O

The B-Cause
acquisition I-Cause
of I-Cause
Mead I-Cause
Johnson I-Cause
may O
not O
be O
rich O
in O
cost O
synergies O
, O
but O
it O
gives O
Reckitt B-Effect
exposure I-Effect
to I-Effect
another I-Effect
consumer I-Effect
health I-Effect
business I-Effect
with I-Effect
pricing I-Effect
power I-Effect
and I-Effect
wide I-Effect
margins I-Effect
. O

We O
assume O
a B-Effect
9.0 I-Effect
% I-Effect
midcycle I-Effect
margin I-Effect
, I-Effect
150 I-Effect
basis I-Effect
points I-Effect
higher I-Effect
than I-Effect
the I-Effect
2015-19 I-Effect
average I-Effect
, O
as O
we B-Cause
expect I-Cause
the I-Cause
company I-Cause
can I-Cause
reap I-Cause
the I-Cause
reward I-Cause
of I-Cause
previous I-Cause
aviation I-Cause
research I-Cause
and I-Cause
development I-Cause
costs I-Cause
and I-Cause
due I-Cause
to I-Cause
structural I-Cause
improvements I-Cause
in I-Cause
Textron I-Cause
Systems I-Cause
. O

However O
, O
we B-Effect
view I-Effect
the I-Effect
overall I-Effect
uncertainty I-Effect
as I-Effect
low I-Effect
given O
the B-Cause
high I-Cause
level I-Cause
of I-Cause
diversity I-Cause
within I-Cause
the I-Cause
company I-Cause
's I-Cause
broad I-Cause
drug I-Cause
portfolio I-Cause
. O

In O
our O
view O
, O
new B-Effect
use I-Effect
cases I-Effect
in I-Effect
particular I-Effect
are I-Effect
critical I-Effect
in I-Effect
driving I-Effect
long-term I-Effect
growth I-Effect
, O
as O
the B-Cause
service I-Cause
desk I-Cause
solution I-Cause
is I-Cause
applicable I-Cause
throughout I-Cause
an I-Cause
enterprise I-Cause
, I-Cause
whereas I-Cause
the I-Cause
IT-centric I-Cause
products I-Cause
have I-Cause
a I-Cause
narrower I-Cause
market I-Cause
. O

Thus O
, O
we O
also O
expect O
a B-Effect
five-year I-Effect
average I-Effect
gross I-Effect
margin I-Effect
of I-Effect
54.5 I-Effect
% I-Effect
from I-Effect
fiscal I-Effect
2021 I-Effect
to I-Effect
fiscal I-Effect
2025 I-Effect
from I-Effect
55.1 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, O
due O
to O
improving B-Cause
utilization I-Cause
with I-Cause
increasing I-Cause
student I-Cause
demand I-Cause
and I-Cause
average I-Cause
selling I-Cause
price I-Cause
hikes I-Cause
. O

In O
our O
view O
, O
the B-Cause
vast I-Cause
creation I-Cause
of I-Cause
data I-Cause
plus I-Cause
the I-Cause
increased I-Cause
usage I-Cause
of I-Cause
software-as-a-service I-Cause
applications I-Cause
and I-Cause
cloud-based I-Cause
ecosystems I-Cause
will O
continuously O
drive B-Effect
up I-Effect
the I-Effect
quantity I-Effect
and I-Effect
complexity I-Effect
of I-Effect
cyber I-Effect
threats I-Effect
. I-Effect

We O
expect O
that O
figure B-Cause
to I-Cause
rebound I-Cause
to I-Cause
the I-Cause
20 I-Cause
% I-Cause
mark I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, I-Cause
slightly I-Cause
higher I-Cause
than I-Cause
guidance I-Cause
, I-Cause
supported I-Cause
by I-Cause
Unilever I-Cause
's I-Cause
cost-savings I-Cause
program I-Cause
, O
which O
should O
help B-Effect
mitigate I-Effect
pressure I-Effect
from I-Effect
the I-Effect
intensely I-Effect
competitive I-Effect
environment I-Effect
. O

We O
believe O
that O
customers B-Effect
adopting I-Effect
multiple I-Effect
cloud I-Effect
modules I-Effect
is I-Effect
a I-Effect
natural I-Effect
movement I-Effect
as O
entities B-Cause
struggle I-Cause
with I-Cause
managing I-Cause
various I-Cause
security I-Cause
toolsets I-Cause
from I-Cause
different I-Cause
vendors I-Cause
. O

Market B-Cause
gains I-Cause
in I-Cause
the I-Cause
aftermath I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
selloff I-Cause
during I-Cause
the I-Cause
first I-Cause
quarter I-Cause
helped O
lift B-Effect
total I-Effect
AUM I-Effect
above I-Effect
2019 I-Effect
levels I-Effect
. O

Cash B-Effect
equity I-Effect
trading I-Effect
at I-Effect
the I-Effect
NYSE I-Effect
will I-Effect
likely I-Effect
decline I-Effect
from I-Effect
its I-Effect
current I-Effect
highs I-Effect
as O
retail B-Cause
interest I-Cause
in I-Cause
equity I-Cause
markets I-Cause
fades I-Cause
, O
before O
returning O
to O
growth O
. O

The B-Cause
hallmark I-Cause
of I-Cause
the I-Cause
combination I-Cause
of I-Cause
Kraft I-Cause
and I-Cause
Heinz I-Cause
had O
resided O
in O
its O
ability O
to O
extract B-Effect
a I-Effect
significant I-Effect
degree I-Effect
of I-Effect
costs I-Effect
from I-Effect
its I-Effect
operations I-Effect
( O
with O
operating O
margins O
that O
now O
hover O
in O
the O
low O
20s O
, O
materially O
above O
the O
mid- O
to O
high O
teens O
its O
peers O
boast O
) O
. O

Additionally O
, O
consumer B-Cause
electronic I-Cause
products I-Cause
are I-Cause
often I-Cause
differentiated I-Cause
by I-Cause
price I-Cause
, O
making B-Effect
industry I-Effect
players I-Effect
like I-Effect
Amazon I-Effect
and I-Effect
Walmart I-Effect
threats I-Effect
to I-Effect
Best I-Effect
Buy I-Effect
's I-Effect
market I-Effect
position I-Effect
. O

That O
said O
, O
credit B-Effect
costs I-Effect
ended I-Effect
up I-Effect
being I-Effect
low I-Effect
in I-Effect
2020 I-Effect
as O
massive O
amounts O
of O
government B-Cause
stimulus I-Cause
supported I-Cause
consumers I-Cause
during I-Cause
the I-Cause
downturn I-Cause
caused I-Cause
by I-Cause
the I-Cause
pandemic I-Cause
. O

The B-Effect
services I-Effect
segment I-Effect
now I-Effect
accounts I-Effect
for I-Effect
about I-Effect
a I-Effect
quarter I-Effect
of I-Effect
total I-Effect
revenue I-Effect
, O
driven O
by O
value-based B-Cause
software/tool I-Cause
upgrades I-Cause
, I-Cause
a I-Cause
growing I-Cause
installed I-Cause
base I-Cause
, I-Cause
tool I-Cause
relocations I-Cause
, I-Cause
and I-Cause
service I-Cause
contracts I-Cause
that I-Cause
help I-Cause
customers I-Cause
improve I-Cause
productivity I-Cause
, I-Cause
throughput I-Cause
, I-Cause
extend I-Cause
tool I-Cause
lifetimes I-Cause
, I-Cause
and I-Cause
other I-Cause
key I-Cause
performance I-Cause
metrics I-Cause
. O

We O
expect O
Equifax B-Effect
's I-Effect
competitive I-Effect
position I-Effect
to I-Effect
persist I-Effect
as O
the B-Cause
large I-Cause
amount I-Cause
of I-Cause
existing I-Cause
records I-Cause
and I-Cause
the I-Cause
difficulty I-Cause
of I-Cause
convincing I-Cause
employers I-Cause
to I-Cause
share I-Cause
employee I-Cause
information I-Cause
would I-Cause
be I-Cause
too I-Cause
tough I-Cause
for I-Cause
new I-Cause
entrants I-Cause
to I-Cause
overcome I-Cause
. O

While O
traditional O
agencies O
like O
WPP O
and O
Omnicom O
also O
have O
digital O
agency O
offerings O
, O
Accenture B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
make I-Effect
it I-Effect
in I-Effect
the I-Effect
top I-Effect
10 I-Effect
marketing I-Effect
agencies I-Effect
worldwide I-Effect
( O
according O
to O
Ad O
Age O
) O
because O
it B-Cause
already I-Cause
had I-Cause
the I-Cause
technology I-Cause
expertise I-Cause
and I-Cause
relevant I-Cause
customer I-Cause
relationships I-Cause
. O

For O
commercial O
airlines O
, O
the B-Cause
company I-Cause
provides I-Cause
equipment I-Cause
to O
enable O
Wi-Fi B-Effect
for I-Effect
passengers I-Effect
by O
capturing B-Cause
satellite I-Cause
signals I-Cause
from I-Cause
an I-Cause
antenna I-Cause
placed I-Cause
on I-Cause
the I-Cause
tail I-Cause
of I-Cause
the I-Cause
aircraft I-Cause
. O

Cost B-Effect
advantages I-Effect
stem O
from O
three O
primary O
factors O
: O
a B-Cause
low-cost I-Cause
deposit I-Cause
base I-Cause
, I-Cause
excellent I-Cause
operating I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
conservative I-Cause
underwriting I-Cause
, I-Cause
with I-Cause
regulatory I-Cause
costs I-Cause
an I-Cause
additional I-Cause
consideration I-Cause
. O

Rockstar O
does O
incur O
development O
and O
supports O
costs O
for O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
GTA O
Online O
, O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
but O
we O
believe O
that O
the B-Cause
microtransactions I-Cause
and I-Cause
added I-Cause
sales I-Cause
more O
than O
offset O
those B-Effect
additional I-Effect
costs I-Effect
. O

With O
Royal B-Cause
Caribbean I-Cause
and I-Cause
Carnival I-Cause
able I-Cause
to I-Cause
cut I-Cause
prices I-Cause
when I-Cause
necessary I-Cause
, O
we O
see O
Norwegian B-Effect
as I-Effect
a I-Effect
price-taker I-Effect
in I-Effect
certain I-Effect
instances I-Effect
, O
primarily O
during O
economic O
slowdowns O
of O
longer O
durations O
, O
during O
times O
of O
geopolitical O
uncertainty O
, O
or O
in O
response O
to O
a O
global O
pandemic O
. O

We B-Cause
only I-Cause
foresee I-Cause
some I-Cause
slight I-Cause
leverage I-Cause
on I-Cause
gross I-Cause
margins I-Cause
, I-Cause
as I-Cause
we I-Cause
think I-Cause
the I-Cause
firm I-Cause
will I-Cause
continue I-Cause
to I-Cause
invest I-Cause
in I-Cause
A I-Cause
& I-Cause
R. O
As O
a O
result O
, O
gross B-Effect
margin I-Effect
for I-Effect
publishing I-Effect
improves I-Effect
by I-Effect
only I-Effect
50 I-Effect
basis I-Effect
points I-Effect
from I-Effect
fiscal I-Effect
2019 I-Effect
to I-Effect
38.2 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

We O
expect O
that O
profitability B-Effect
at I-Effect
NBCU I-Effect
will I-Effect
suffer I-Effect
over I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
but O
that O
the B-Cause
maturation I-Cause
of I-Cause
Peacock I-Cause
and I-Cause
growth I-Cause
in I-Cause
the I-Cause
high-margin I-Cause
theme I-Cause
park I-Cause
business I-Cause
will I-Cause
enable I-Cause
EBITDA I-Cause
margins I-Cause
to I-Cause
return I-Cause
to I-Cause
the I-Cause
mid-20s I-Cause
by I-Cause
2024 I-Cause
. O

Moreover O
, O
operators B-Cause
' I-Cause
lack I-Cause
of I-Cause
practice I-Cause
and I-Cause
familiarity I-Cause
with I-Cause
required I-Cause
procedures I-Cause
often O
lead O
to O
heightened B-Effect
chances I-Effect
of I-Effect
accidents I-Effect
and I-Effect
waste I-Effect
, O
and O
a B-Cause
breakdown I-Cause
in I-Cause
a I-Cause
plant I-Cause
's I-Cause
existing I-Cause
systems I-Cause
can O
translate O
to O
heavy B-Effect
losses I-Effect
( O
which O
some O
estimates O
peg O
up O
to O
$ O
1 O
million O
in O
losses O
per O
plant O
) O
. O

Honda B-Cause
's I-Cause
brand I-Cause
and I-Cause
reputation I-Cause
for O
quality B-Effect
drive I-Effect
demand I-Effect
for I-Effect
its I-Effect
vehicles I-Effect
, O
but O
its B-Cause
longtime I-Cause
niche I-Cause
in I-Cause
fuel-efficient I-Cause
cars I-Cause
historically I-Cause
positioned I-Cause
the B-Effect
company I-Effect
well I-Effect
to I-Effect
take I-Effect
advantage I-Effect
of I-Effect
consumers I-Effect
seeking I-Effect
more I-Effect
fuel-efficient I-Effect
vehicles I-Effect
. O

Moody O
's O
adjusted O
EBITDA O
margin O
was O
50 O
% O
in O
2020 O
, O
and O
while O
we O
expect O
margins B-Effect
to I-Effect
be I-Effect
flat I-Effect
in I-Effect
2021 I-Effect
as O
2020 B-Cause
was I-Cause
a I-Cause
banner I-Cause
year I-Cause
for I-Cause
issuance I-Cause
, O
we O
expect O
margins O
to O
expand O
thereafter O
. O

Margin B-Effect
expansion I-Effect
has I-Effect
become I-Effect
particularly I-Effect
pronounced I-Effect
since O
2000 O
as O
International B-Cause
Paper I-Cause
, I-Cause
WestRock I-Cause
, I-Cause
and I-Cause
PCA I-Cause
have I-Cause
driven I-Cause
continuous I-Cause
consolidation I-Cause
within I-Cause
the I-Cause
containerboard I-Cause
space I-Cause
. O

But O
in O
most O
markets O
, O
fixed-line B-Effect
revenue I-Effect
has I-Effect
been I-Effect
in I-Effect
decline I-Effect
for O
many O
years O
, O
as O
customers B-Cause
are I-Cause
substituting I-Cause
fixed-line I-Cause
traffic I-Cause
for I-Cause
mobile I-Cause
traffic I-Cause
, O
while O
new O
entrant B-Cause
fixed-line I-Cause
operators I-Cause
provide I-Cause
competition I-Cause
for I-Cause
some I-Cause
of I-Cause
the I-Cause
more I-Cause
profitable I-Cause
customers I-Cause
in O
high O
density O
areas O
. O

Although O
the O
COVID-19 B-Cause
outbreak I-Cause
has O
lifted B-Effect
near-term I-Effect
revenue I-Effect
as O
shoppers B-Cause
spend I-Cause
more I-Cause
time I-Cause
at I-Cause
home I-Cause
, O
increased B-Cause
digital I-Cause
transactions I-Cause
could I-Cause
linger I-Cause
, O
shifting B-Effect
sales I-Effect
into I-Effect
a I-Effect
less I-Effect
lucrative I-Effect
channel I-Effect
long I-Effect
term I-Effect
. O

Additionally O
, O
agents B-Cause
are I-Cause
freed I-Cause
from I-Cause
tasks I-Cause
such I-Cause
as I-Cause
prospecting I-Cause
and I-Cause
schedule I-Cause
management I-Cause
, O
allowing O
them O
to O
focus B-Effect
on I-Effect
being I-Effect
a I-Effect
resource I-Effect
to I-Effect
their I-Effect
clients I-Effect
. O

The O
company O
may O
face O
environmental B-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
, I-Cause
or I-Cause
ESG I-Cause
, O
risks O
that O
would O
negatively O
affect O
the O
portfolio B-Effect
or I-Effect
cashflows I-Effect
. O

From O
a O
geographic O
perspective O
, O
SEI B-Cause
generates I-Cause
approximately I-Cause
83 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
, I-Cause
with I-Cause
the I-Cause
United I-Cause
Kingdom I-Cause
about I-Cause
10 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
and I-Cause
the I-Cause
remainder I-Cause
from I-Cause
Canada I-Cause
and I-Cause
Ireland. O
As O
a O
result O
, O
we O
believe O
SEI B-Effect
's I-Effect
foreign-exchange I-Effect
rate I-Effect
risk I-Effect
is I-Effect
minimal I-Effect
, I-Effect
and I-Effect
SEI I-Effect
has I-Effect
a I-Effect
natural I-Effect
offset I-Effect
with I-Effect
its I-Effect
expenses I-Effect
in I-Effect
foreign I-Effect
currencies I-Effect
. O

With O
the O
firm O
needing O
to O
make O
product B-Effect
to I-Effect
meet I-Effect
demand I-Effect
that I-Effect
is I-Effect
years I-Effect
away I-Effect
, O
any B-Cause
materially I-Cause
erroneous I-Cause
assumptions I-Cause
regarding I-Cause
consumer I-Cause
preferences I-Cause
or I-Cause
general I-Cause
competitive I-Cause
dynamics I-Cause
could O
have O
dire B-Effect
consequences I-Effect
. O

To O
relieve B-Effect
the I-Effect
unprecedented I-Effect
bottleneck I-Effect
and I-Effect
facilitate I-Effect
care I-Effect
, O
the B-Cause
federal I-Cause
government I-Cause
acted I-Cause
to I-Cause
ease I-Cause
regulation I-Cause
and I-Cause
provider I-Cause
reimbursement I-Cause
for I-Cause
telehealth I-Cause
, O
which O
have B-Effect
been I-Effect
major I-Effect
constraints I-Effect
on I-Effect
the I-Effect
industry I-Effect
. O

Airbus B-Effect
benefits O
immensely O
from O
being B-Cause
in I-Cause
a I-Cause
duopoly I-Cause
with I-Cause
Boeing I-Cause
in I-Cause
the I-Cause
commercial I-Cause
aircraft I-Cause
manufacturing I-Cause
business I-Cause
for I-Cause
aircraft I-Cause
130 I-Cause
seats I-Cause
and I-Cause
up I-Cause
, O
and O
the O
pair O
of O
companies O
act O
as O
a O
funnel O
through O
which O
all O
commercial O
aircraft O
demand O
must O
flow O
. O

We O
do O
, O
however O
, O
see B-Effect
growth I-Effect
opportunities I-Effect
for I-Effect
both I-Effect
outside I-Effect
of I-Effect
North I-Effect
America I-Effect
and I-Effect
expect I-Effect
PVH I-Effect
to I-Effect
return I-Effect
to I-Effect
consistent I-Effect
profitability I-Effect
after O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
has I-Cause
passed I-Cause
. O

After O
reviewing O
Parker B-Cause
's I-Cause
fiscal I-Cause
second-quarter I-Cause
results I-Cause
, I-Cause
which I-Cause
once I-Cause
again I-Cause
moved I-Cause
well I-Cause
past I-Cause
our I-Cause
estimates I-Cause
on I-Cause
both I-Cause
the I-Cause
top I-Cause
and I-Cause
bottom I-Cause
lines I-Cause
, O
we B-Effect
raise I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
by I-Effect
15 I-Effect
% I-Effect
to I-Effect
$ I-Effect
257 I-Effect
from I-Effect
$ I-Effect
223 I-Effect
previously I-Effect
. O

Although O
new B-Cause
product I-Cause
launches I-Cause
and I-Cause
continued I-Cause
dominance I-Cause
of I-Cause
their I-Cause
respective I-Cause
niches I-Cause
should I-Cause
keep I-Cause
growth I-Cause
positive I-Cause
in I-Cause
future I-Cause
, I-Cause
we I-Cause
expect I-Cause
the I-Cause
acute I-Cause
therapy I-Cause
and I-Cause
advanced I-Cause
surgery I-Cause
segments I-Cause
to I-Cause
be I-Cause
somewhat I-Cause
sensitive I-Cause
to I-Cause
uncertainty I-Cause
surrounding I-Cause
COVID-19. O
Therefore O
, O
we B-Effect
have I-Effect
trimmed I-Effect
our I-Effect
expectations I-Effect
for I-Effect
those I-Effect
segments I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, I-Effect
which I-Effect
has I-Effect
pushed I-Effect
down I-Effect
their I-Effect
growth I-Effect
rates I-Effect
through I-Effect
2024 I-Effect
to I-Effect
7 I-Effect
% I-Effect
in I-Effect
acute I-Effect
therapies I-Effect
and I-Effect
5 I-Effect
% I-Effect
in I-Effect
advanced I-Effect
surgery I-Effect
, I-Effect
down I-Effect
from I-Effect
8 I-Effect
% I-Effect
and I-Effect
7 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
. O

Current O
returns O
stand O
in O
the O
high-teens O
, O
but O
we O
think O
they B-Effect
could I-Effect
reach I-Effect
the I-Effect
lower-20s I-Effect
, O
strongly O
driven O
by O
the B-Cause
medical I-Cause
market I-Cause
. O

Department B-Cause
of I-Cause
Defense I-Cause
typically I-Cause
funds I-Cause
much I-Cause
of I-Cause
the I-Cause
nonrecurring I-Cause
costs I-Cause
on I-Cause
major I-Cause
programs I-Cause
, O
so O
it B-Effect
would I-Effect
take I-Effect
a I-Effect
long I-Effect
time I-Effect
before I-Effect
a I-Effect
new I-Effect
competitor I-Effect
could I-Effect
be I-Effect
built I-Effect
from I-Effect
the I-Effect
ground I-Effect
up I-Effect
. O

There B-Effect
has I-Effect
been I-Effect
a I-Effect
substantial I-Effect
push I-Effect
for I-Effect
military I-Effect
modernization I-Effect
under I-Effect
the I-Effect
Trump I-Effect
administration I-Effect
as O
the B-Cause
updated I-Cause
National I-Cause
Defense I-Cause
Strategy I-Cause
prioritized I-Cause
protecting I-Cause
against I-Cause
great I-Cause
powers I-Cause
conflict I-Cause
. O

This B-Cause
method I-Cause
means I-Cause
we I-Cause
model I-Cause
the I-Cause
yen I-Cause
to I-Cause
strengthen I-Cause
against I-Cause
the I-Cause
dollar I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
hurting O
Toyota B-Effect
's I-Effect
margins I-Effect
over I-Effect
time I-Effect
. O

West B-Cause
's I-Cause
ability I-Cause
to I-Cause
rapidly I-Cause
identify I-Cause
effective I-Cause
design I-Cause
options I-Cause
and I-Cause
ramp I-Cause
component I-Cause
production I-Cause
allows O
the B-Effect
firm I-Effect
to I-Effect
maintain I-Effect
a I-Effect
solidified I-Effect
position I-Effect
in I-Effect
the I-Effect
pharmaceutical I-Effect
supply I-Effect
chain I-Effect
. O

That O
said O
, O
we O
have O
used O
the O
solution O
and O
think O
that O
once O
employees O
use O
Zoom O
Meetings O
, O
given O
the O
simplicity B-Cause
and I-Cause
quality I-Cause
experience I-Cause
, O
they B-Effect
are I-Effect
likely I-Effect
to I-Effect
push I-Effect
back I-Effect
on I-Effect
an I-Effect
organization I-Effect
that I-Effect
tries I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
vendor I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

The O
most O
pressing O
risk O
US O
Foods O
faces O
is O
the B-Cause
pandemic I-Cause
, O
which O
should O
have O
a O
significant O
impact O
on O
2020 B-Effect
results I-Effect
, I-Effect
including I-Effect
an I-Effect
22 I-Effect
% I-Effect
drop I-Effect
in I-Effect
organic I-Effect
sales I-Effect
, I-Effect
a I-Effect
220-basis-point I-Effect
contraction I-Effect
in I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
to I-Effect
1.0 I-Effect
% I-Effect
, I-Effect
and I-Effect
$ I-Effect
85 I-Effect
million I-Effect
in I-Effect
bad I-Effect
debt I-Effect
expenses I-Effect
. O

We O
think O
the B-Cause
firm I-Cause
will I-Cause
have I-Cause
to I-Cause
invest I-Cause
heavily I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
to I-Cause
maintain I-Cause
a I-Cause
competitive I-Cause
advantage I-Cause
in I-Cause
its I-Cause
touch I-Cause
, I-Cause
display I-Cause
, I-Cause
and I-Cause
fingerprint I-Cause
technologies I-Cause
across I-Cause
end I-Cause
markets I-Cause
as I-Cause
well I-Cause
as I-Cause
develop I-Cause
its I-Cause
acquired I-Cause
capabilities I-Cause
for I-Cause
video I-Cause
and I-Cause
audio I-Cause
if I-Cause
it I-Cause
aims I-Cause
to I-Cause
be I-Cause
successful. O
Consequently O
, O
we O
expect O
a B-Effect
long-term I-Effect
research I-Effect
and I-Effect
development I-Effect
spending I-Effect
rate I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
in I-Effect
the I-Effect
high I-Effect
teens I-Effect
implying I-Effect
a I-Effect
long-term I-Effect
operating I-Effect
margin I-Effect
near I-Effect
14 I-Effect
% I-Effect
as I-Effect
we I-Effect
reach I-Effect
midcycle I-Effect
. O

The O
firm B-Cause
emphasizes I-Cause
an I-Cause
employees-first I-Cause
approach I-Cause
, I-Cause
encouraging I-Cause
self-service I-Cause
at I-Cause
various I-Cause
stages I-Cause
of I-Cause
the I-Cause
payroll/HCM I-Cause
process I-Cause
to O
increase B-Effect
efficiency I-Effect
and I-Effect
reduce I-Effect
duplicate I-Effect
work I-Effect
. O

Payments O
and O
other O
technology O
investments O
bleed O
over O
into O
the O
corporate O
payments O
space O
, O
where O
Wells B-Cause
' I-Cause
strong I-Cause
treasury I-Cause
and I-Cause
payments I-Cause
management I-Cause
platform I-Cause
has O
helped O
the B-Effect
bank I-Effect
maintain I-Effect
excellent I-Effect
share I-Effect
in I-Effect
the I-Effect
commercial I-Effect
market I-Effect
, I-Effect
particularly I-Effect
with I-Effect
middle-market I-Effect
business I-Effect
clients I-Effect
. O

We B-Effect
doubt I-Effect
that I-Effect
AT I-Effect
& I-Effect
T I-Effect
's I-Effect
transformation I-Effect
into I-Effect
a I-Effect
diversified I-Effect
media I-Effect
and I-Effect
telecom I-Effect
company I-Effect
will I-Effect
deliver I-Effect
significant I-Effect
strategic I-Effect
benefits I-Effect
, O
as O
we B-Cause
do I-Cause
n't I-Cause
believe I-Cause
these I-Cause
industries I-Cause
complement I-Cause
each I-Cause
other I-Cause
well I-Cause
, O
despite O
their O
close O
association O
. O

For O
instance O
, O
if O
a B-Cause
customer I-Cause
decided I-Cause
to I-Cause
replace I-Cause
Coupa I-Cause
's I-Cause
platform I-Cause
with I-Cause
that I-Cause
of I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
it B-Effect
would I-Effect
lose I-Effect
access I-Effect
to I-Effect
potentially I-Effect
crucial I-Effect
supplier I-Effect
information I-Effect
and I-Effect
relationships I-Effect
, I-Effect
the I-Effect
capability I-Effect
to I-Effect
negotiate I-Effect
discounts I-Effect
, I-Effect
and I-Effect
the I-Effect
cost-saving I-Effect
insights I-Effect
garnered I-Effect
by I-Effect
Community I-Effect
Intelligence I-Effect
. O

Its B-Cause
products I-Cause
employ I-Cause
better I-Cause
efficiency I-Cause
and I-Cause
output I-Cause
( I-Cause
measured I-Cause
by I-Cause
cost I-Cause
per I-Cause
work I-Cause
completed I-Cause
or I-Cause
cost I-Cause
per I-Cause
ton I-Cause
) I-Cause
for I-Cause
customers I-Cause
compared I-Cause
with I-Cause
competitors I-Cause
, O
allowing O
them B-Effect
to I-Effect
spread I-Effect
costs I-Effect
over I-Effect
the I-Effect
lifetime I-Effect
of I-Effect
equipment I-Effect
( I-Effect
operating I-Effect
leverage I-Effect
as I-Effect
work I-Effect
output I-Effect
increases I-Effect
) I-Effect
. O

As O
a O
result O
, O
the B-Cause
company I-Cause
's I-Cause
portfolio I-Cause
should I-Cause
produce I-Cause
higher I-Cause
tenant I-Cause
sales I-Cause
productivity I-Cause
, I-Cause
occupancy I-Cause
levels I-Cause
and I-Cause
rent I-Cause
and O
therefore O
is O
much B-Effect
better-positioned I-Effect
to I-Effect
face I-Effect
the I-Effect
economic I-Effect
headwinds I-Effect
of I-Effect
e-commerce I-Effect
. O

NetApp B-Cause
's I-Cause
innovation I-Cause
prowess I-Cause
has O
positioned O
itself B-Effect
to I-Effect
capitalize I-Effect
on I-Effect
the I-Effect
networking I-Effect
storage I-Effect
trends I-Effect
of I-Effect
all-flash I-Effect
arrays I-Effect
, I-Effect
hyperconverged I-Effect
infrastructure I-Effect
, I-Effect
and I-Effect
cloud-based I-Effect
software I-Effect
for I-Effect
data I-Effect
management I-Effect
. O

If O
the B-Cause
firm I-Cause
is I-Cause
unable I-Cause
to I-Cause
effectively I-Cause
source I-Cause
and I-Cause
integrate I-Cause
new I-Cause
employees I-Cause
, O
it O
could O
lead O
to O
operational B-Effect
costs I-Effect
and I-Effect
business I-Effect
disruption I-Effect
. O

We O
posit O
Juniper B-Cause
's I-Cause
routing I-Cause
and I-Cause
security I-Cause
products I-Cause
, I-Cause
alongside I-Cause
its I-Cause
software I-Cause
to I-Cause
simplify I-Cause
network I-Cause
orchestration I-Cause
and I-Cause
management I-Cause
, I-Cause
offer I-Cause
complementary I-Cause
products I-Cause
that O
could O
be O
appealing B-Effect
to I-Effect
networking I-Effect
build I-Effect
outs I-Effect
that I-Effect
connect I-Effect
the I-Effect
centralized I-Effect
data I-Effect
center I-Effect
to I-Effect
the I-Effect
wide-area I-Effect
network I-Effect
. O

The B-Cause
firm I-Cause
acquired I-Cause
control I-Cause
of I-Cause
Hanaro I-Cause
Telecom I-Cause
in I-Cause
2008 I-Cause
, O
which O
enables O
SK B-Effect
Telecom I-Effect
to I-Effect
offer I-Effect
bundles I-Effect
of I-Effect
wireless I-Effect
and I-Effect
fixed-line I-Effect
telephony I-Effect
and I-Effect
broadband I-Effect
services I-Effect
to I-Effect
better I-Effect
compete I-Effect
with I-Effect
KT I-Effect
. O

Given O
the B-Cause
sometimes I-Cause
daunting I-Cause
compliance I-Cause
and I-Cause
reporting I-Cause
requirements I-Cause
, O
human B-Effect
resources I-Effect
departments I-Effect
often I-Effect
do I-Effect
not I-Effect
risk I-Effect
substituting I-Effect
their I-Effect
payroll I-Effect
service I-Effect
provider I-Effect
out B-Cause
of I-Cause
fear I-Cause
it I-Cause
could I-Cause
result I-Cause
in I-Cause
errors I-Cause
that I-Cause
could I-Cause
lead I-Cause
to I-Cause
fines I-Cause
. O

Our B-Cause
critical I-Cause
valuation I-Cause
assumption I-Cause
is I-Cause
that I-Cause
Boeing I-Cause
will I-Cause
steadily I-Cause
re-ramp I-Cause
production I-Cause
to I-Cause
a I-Cause
terminal I-Cause
rate I-Cause
of I-Cause
73 I-Cause
MAXes I-Cause
per I-Cause
month I-Cause
in I-Cause
2030 I-Cause
, O
and B-Effect
that I-Effect
these I-Effect
production I-Effect
increases I-Effect
will I-Effect
be I-Effect
somewhat I-Effect
margin I-Effect
accretive I-Effect
to I-Effect
Spirit I-Effect
. O

We O
see O
several O
idiosyncratic O
factors O
that O
will O
help B-Effect
Carrier I-Effect
achieve I-Effect
it I-Effect
goal I-Effect
of I-Effect
mid-single-digit I-Effect
sales I-Effect
growth I-Effect
, O
including O
higher B-Cause
service I-Cause
attachment I-Cause
rates I-Cause
, I-Cause
applied I-Cause
HVAC I-Cause
market I-Cause
share I-Cause
gains I-Cause
, I-Cause
increased I-Cause
demand I-Cause
for I-Cause
air-filtration I-Cause
and I-Cause
touchless I-Cause
access I-Cause
control I-Cause
solutions I-Cause
, I-Cause
and I-Cause
new I-Cause
product I-Cause
introductions I-Cause
with I-Cause
higher I-Cause
average I-Cause
selling I-Cause
prices I-Cause
. O

It O
is O
provided O
as O
a B-Effect
vendor-agnostic I-Effect
solution I-Effect
for I-Effect
customers I-Effect
, O
as O
entities B-Effect
can I-Effect
dislike I-Effect
the I-Effect
notion I-Effect
of I-Effect
using I-Effect
the I-Effect
same I-Effect
vendor I-Effect
for I-Effect
their I-Effect
applications I-Effect
and I-Effect
user I-Effect
security I-Effect
due O
to O
vendor B-Cause
lock-in I-Cause
and I-Cause
not I-Cause
having I-Cause
straightforward I-Cause
access I-Cause
and I-Cause
security I-Cause
monitoring I-Cause
across I-Cause
other I-Cause
vendors I-Cause
' I-Cause
applications I-Cause
. O

If O
sufficient B-Cause
acreage I-Cause
is I-Cause
n't I-Cause
allocated I-Cause
to I-Cause
these I-Cause
hop I-Cause
strains I-Cause
in I-Cause
a I-Cause
sustainable I-Cause
way I-Cause
, O
supply B-Effect
constraints I-Effect
or I-Effect
input I-Effect
cost I-Effect
inflation I-Effect
could I-Effect
constrain I-Effect
both I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
performance I-Effect
. O

As O
such O
, O
when O
branded B-Cause
CPG I-Cause
firms I-Cause
pick I-Cause
up I-Cause
their I-Cause
price-promotional I-Cause
activity I-Cause
, O
the B-Effect
marketplace I-Effect
necessarily I-Effect
becomes I-Effect
more I-Effect
difficult I-Effect
for I-Effect
retailers I-Effect
and I-Effect
their I-Effect
private-label I-Effect
manufacturing I-Effect
partners I-Effect
. O

LTL B-Effect
demand I-Effect
cooled I-Effect
in I-Effect
2019 I-Effect
on O
tough B-Cause
comparisons I-Cause
( I-Cause
2018 I-Cause
was I-Cause
exceptional I-Cause
) I-Cause
and I-Cause
a I-Cause
pullback I-Cause
in I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
, I-Cause
and I-Cause
COVID-19 I-Cause
lockdowns I-Cause
across I-Cause
the I-Cause
U.S I-Cause
. I-Cause

Because O
of O
the B-Cause
third-party I-Cause
broker I-Cause
arrangement I-Cause
, O
there B-Effect
is I-Effect
little I-Effect
opportunity I-Effect
for I-Effect
Empire I-Effect
State I-Effect
Realty I-Effect
to I-Effect
directly I-Effect
influence I-Effect
a I-Effect
leasing I-Effect
decision I-Effect
, O
and O
leasing O
terms O
tend O
to O
be O
specified O
to O
meet O
client O
needs O
and O
reflective O
of O
current O
market O
rates O
coordinated O
through O
the O
brokers O
. O

In O
digital O
, O
there O
is O
a O
danger O
that O
the B-Cause
demand I-Cause
for I-Cause
more I-Cause
frequently I-Cause
updated I-Cause
or I-Cause
more I-Cause
tailored I-Cause
educational I-Cause
material I-Cause
could O
lead O
to O
higher B-Cause
ongoing I-Cause
development I-Cause
costs I-Cause
and I-Cause
a I-Cause
shorter I-Cause
shelf I-Cause
life I-Cause
, I-Effect
which I-Effect
could I-Effect
ultimately B-Effect
be I-Effect
margin-dilutive I-Effect
. I-Effect

In O
contrast O
, O
Izzi B-Cause
passes I-Cause
15 I-Cause
million I-Cause
homes I-Cause
with I-Cause
hybrid-fiber I-Cause
networks I-Cause
that I-Cause
use I-Cause
the I-Cause
DOCSIS I-Cause
3.0 I-Cause
standard I-Cause
, O
capable O
of O
reliably B-Effect
delivering I-Effect
data I-Effect
speeds I-Effect
of I-Effect
at I-Effect
least I-Effect
100 I-Effect
Mbps I-Effect
, I-Effect
with I-Effect
offerings I-Effect
at I-Effect
up I-Effect
to I-Effect
200 I-Effect
Mbps I-Effect
. O

With O
its B-Cause
concentration I-Cause
of I-Cause
production I-Cause
in I-Cause
Brazil I-Cause
, O
Petrobras B-Effect
mostly I-Effect
avoids I-Effect
geopolitical I-Effect
risk I-Effect
, O
but O
the B-Cause
government I-Cause
's I-Cause
historical I-Cause
involvement I-Cause
in I-Cause
capital-allocation I-Cause
and I-Cause
operational I-Cause
decisions I-Cause
has O
resulted O
in O
poor O
investments B-Effect
and I-Effect
losses I-Effect
. O

From B-Cause
and I-Cause
asset I-Cause
management I-Cause
perspective I-Cause
, I-Cause
Franklin I-Cause
is I-Cause
committed I-Cause
to I-Cause
integrating I-Cause
ESG I-Cause
across I-Cause
all I-Cause
asset I-Cause
classes I-Cause
and I-Cause
investment I-Cause
strategies I-Cause
, O
which O
is O
expected O
to O
help B-Effect
the I-Effect
firm I-Effect
meet I-Effect
rapid I-Effect
and I-Effect
evolving I-Effect
demand I-Effect
for I-Effect
the I-Effect
integration I-Effect
of I-Effect
ESG I-Effect
factors I-Effect
into I-Effect
investment I-Effect
decisions I-Effect
on I-Effect
the I-Effect
part I-Effect
of I-Effect
both I-Effect
institutional I-Effect
and I-Effect
individual I-Effect
investors I-Effect
. O

In O
terms O
of O
go-to-market O
, O
it B-Cause
is I-Cause
able I-Cause
to I-Cause
rely I-Cause
on I-Cause
warehouse I-Cause
distribution I-Cause
for I-Cause
big I-Cause
box I-Cause
retail I-Cause
channels I-Cause
, O
lowering B-Effect
costs I-Effect
while O
allowing B-Effect
its I-Effect
brand I-Effect
equity I-Effect
to I-Effect
drive I-Effect
consumer I-Effect
takeaway I-Effect
. O

Thanks O
to O
pricing B-Cause
power I-Cause
provided I-Cause
by I-Cause
switching I-Cause
costs I-Cause
, I-Cause
the I-Cause
continual I-Cause
development I-Cause
of I-Cause
new I-Cause
products I-Cause
, O
we O
think O
Ecolab B-Effect
's I-Effect
operating I-Effect
margins I-Effect
will I-Effect
expand I-Effect
to I-Effect
over I-Effect
20 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
from I-Effect
around I-Effect
13.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

The B-Cause
acquisition I-Cause
of I-Cause
Mead I-Cause
Johnson I-Cause
and I-Cause
the I-Cause
disposal I-Cause
of I-Cause
the I-Cause
foods I-Cause
business I-Cause
has O
transformed B-Effect
RB I-Effect
's I-Effect
portfolio I-Effect
such O
that O
almost O
half O
of O
its O
EBIT O
will O
be O
generated O
from O
leading O
positions O
in O
categories O
conducive O
to O
pricing O
power O
. O

Despite O
the O
growth O
, O
we B-Cause
remain I-Cause
cautious I-Cause
about I-Cause
the I-Cause
potential I-Cause
for I-Cause
partners I-Cause
like I-Cause
TCL I-Cause
or I-Cause
Hisense I-Cause
to I-Cause
switch I-Cause
some I-Cause
or I-Cause
all I-Cause
of I-Cause
their I-Cause
TV I-Cause
lineup I-Cause
to I-Cause
other I-Cause
platforms I-Cause
which B-Effect
would I-Effect
severely I-Effect
hamper I-Effect
platform I-Effect
revenue I-Effect
growth I-Effect
. O

However O
, O
like O
most O
chipmakers O
, O
its B-Effect
business I-Effect
remains I-Effect
highly I-Effect
cyclical I-Effect
as O
demand B-Cause
ebbs I-Cause
and I-Cause
flows I-Cause
in I-Cause
line I-Cause
with I-Cause
the I-Cause
health I-Cause
of I-Cause
its I-Cause
various I-Cause
end I-Cause
markets I-Cause
. O

This O
helped O
drive O
increased B-Cause
customer I-Cause
traffic I-Cause
( O
the O
demand O
side O
of O
the O
network O
effect O
equation O
) O
, O
which O
in O
turn O
drove O
hotel B-Effect
inventory I-Effect
to I-Effect
the I-Effect
website I-Effect
( O
the O
supply O
side O
of O
the O
network O
effect O
equation O
) O
. O

In O
addition O
, O
we O
believe O
Moody B-Effect
's I-Effect
benefits I-Effect
from I-Effect
the I-Effect
network I-Effect
effect I-Effect
as O
it O
maintains B-Cause
a I-Cause
network I-Cause
of I-Cause
issuers I-Cause
and I-Cause
investors I-Cause
. O

Automotive B-Cause
end I-Cause
markets I-Cause
, I-Cause
for I-Cause
example I-Cause
, I-Cause
are I-Cause
under I-Cause
significant I-Cause
pressure I-Cause
from I-Cause
manufacturing I-Cause
shut-downs I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
and I-Cause
a I-Cause
pullback I-Cause
in I-Cause
consumer I-Cause
spending I-Cause
and I-Cause
retailer I-Cause
restocking I-Cause
will O
hurt B-Effect
intermodal I-Effect
this I-Effect
year I-Effect
, I-Effect
which I-Effect
mostly I-Effect
carries I-Effect
consumer I-Effect
goods I-Effect
. O

First O
, O
and O
most O
important O
in O
our O
view O
, O
is O
the B-Cause
cachet I-Cause
of I-Cause
Keurig I-Cause
Dr I-Cause
Pepper I-Cause
's I-Cause
brands I-Cause
, O
which O
should O
help O
ensure B-Effect
sufficient I-Effect
and I-Effect
sustained I-Effect
end-demand I-Effect
for I-Effect
the I-Effect
company I-Effect
's I-Effect
beverages I-Effect
such I-Effect
that I-Effect
neither I-Effect
Pepsi I-Effect
nor I-Effect
Coke I-Effect
need I-Effect
to I-Effect
worry I-Effect
about I-Effect
inventory I-Effect
builds I-Effect
or I-Effect
sell-through I-Effect
. O

We B-Effect
've I-Effect
also I-Effect
decreased I-Effect
our I-Effect
expectation I-Effect
for I-Effect
research I-Effect
and I-Effect
development I-Effect
spending I-Effect
as O
a B-Cause
percentage I-Cause
of I-Cause
sales I-Cause
because I-Cause
of I-Cause
growing I-Cause
firm I-Cause
scale I-Cause
. O

While O
rising O
competition O
from O
high-speed O
rail O
poses O
a O
threat O
to O
Guangshen O
's O
profitability O
and O
competitive O
strength O
, O
we O
think O
the B-Cause
company I-Cause
will I-Cause
benefit I-Cause
from I-Cause
ongoing I-Cause
railway I-Cause
sector I-Cause
reform I-Cause
, O
which O
should O
offset B-Effect
some I-Effect
of I-Effect
that I-Effect
negative I-Effect
impact I-Effect
. O

We O
forecast O
total B-Effect
room I-Effect
growth I-Effect
to I-Effect
average I-Effect
2.7 I-Effect
% I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
driven O
by O
continued B-Cause
optimism I-Cause
around I-Cause
La I-Cause
Quinta I-Cause
's I-Cause
long-term I-Cause
growth I-Cause
opportunity I-Cause
. O

We O
think O
that O
Dell B-Cause
Technologies I-Cause
' I-Cause
debt I-Cause
burden I-Cause
may O
affect O
its B-Effect
ability I-Effect
to I-Effect
invest I-Effect
in I-Effect
the I-Effect
development I-Effect
and I-Effect
sales I-Effect
of I-Effect
future I-Effect
innovative I-Effect
products I-Effect
. O

Also O
, O
loans B-Effect
to I-Effect
a I-Effect
primary I-Effect
banked I-Effect
client I-Effect
tend I-Effect
to I-Effect
be I-Effect
of I-Effect
a I-Effect
higher I-Effect
credit I-Effect
quality I-Effect
, O
as O
Santander B-Cause
has I-Cause
direct I-Cause
insight I-Cause
into I-Cause
the I-Cause
client I-Cause
's I-Cause
financial I-Cause
health I-Cause
. O

Formula B-Cause
One I-Cause
Group I-Cause
can I-Cause
be I-Cause
described I-Cause
as I-Cause
a I-Cause
combination I-Cause
of I-Cause
the I-Cause
trademark I-Cause
holder I-Cause
and I-Cause
the I-Cause
business I-Cause
development I-Cause
and I-Cause
promotion I-Cause
arms I-Cause
of I-Cause
the I-Cause
Formula I-Cause
One I-Cause
World I-Cause
Championship. O
As O
a O
result O
, O
the B-Effect
firm I-Effect
's I-Effect
business I-Effect
model I-Effect
is I-Effect
very I-Effect
capital-light I-Effect
with I-Effect
only I-Effect
$ I-Effect
15 I-Effect
million I-Effect
in I-Effect
capital I-Effect
expenditures I-Effect
in I-Effect
2018 I-Effect
and I-Effect
$ I-Effect
90 I-Effect
million I-Effect
in I-Effect
net I-Effect
PP I-Effect
& I-Effect
amp I-Effect
; I-Effect
E I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2018 I-Effect
versus I-Effect
annual I-Effect
revenue I-Effect
of I-Effect
$ I-Effect
1.8 I-Effect
billion I-Effect
. O

The B-Cause
firm I-Cause
generally I-Cause
trades I-Cause
at I-Cause
high I-Cause
multiples I-Cause
relative I-Cause
to I-Cause
peers I-Cause
, O
which O
is O
exacerbated O
by O
the O
fact O
it B-Effect
is I-Effect
expected I-Effect
to I-Effect
grow I-Effect
only I-Effect
near I-Effect
the I-Effect
median I-Effect
of I-Effect
the I-Effect
software I-Effect
group I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

New B-Effect
pipelines I-Effect
are I-Effect
typically I-Effect
constructed I-Effect
to I-Effect
allow I-Effect
shippers I-Effect
or I-Effect
producers I-Effect
to I-Effect
take I-Effect
advantage I-Effect
of I-Effect
large I-Effect
price I-Effect
differentials I-Effect
( I-Effect
basis I-Effect
differentials I-Effect
) I-Effect
between I-Effect
two I-Effect
market I-Effect
hubs I-Effect
because O
supply B-Cause
and I-Cause
demand I-Cause
is I-Cause
out I-Cause
of I-Cause
7 I-Cause
Jul I-Cause
2021 I-Cause
05:00 I-Cause
, I-Cause
UTCbalance I-Cause
in I-Cause
both I-Cause
markets I-Cause
. O

While O
the B-Effect
observation I-Effect
deck I-Effect
boasts I-Effect
ostensibly I-Effect
impressive I-Effect
net I-Effect
operating I-Effect
income I-Effect
margins I-Effect
of I-Effect
around I-Effect
75 I-Effect
% I-Effect
, I-Effect
this I-Effect
number I-Effect
is I-Effect
inflated I-Effect
because O
the B-Cause
company I-Cause
owns I-Cause
the I-Cause
building I-Cause
and I-Cause
does I-Cause
not I-Cause
have I-Cause
to I-Cause
pay I-Cause
rent I-Cause
on I-Cause
it I-Cause
. O

However O
, O
the B-Cause
democratization I-Cause
of I-Cause
manufacturing I-Cause
process I-Cause
technology I-Cause
( O
via O
the O
foundry O
and O
fabless O
business O
models O
) O
has O
provided B-Effect
both I-Effect
AMD I-Effect
and I-Effect
Nvidia I-Effect
access I-Effect
to I-Effect
advanced I-Effect
manufacturing I-Effect
. O

Between O
2016 O
and O
2020 O
, O
NRG B-Cause
's I-Cause
restructuring I-Cause
cut I-Cause
its I-Cause
generation I-Cause
fleet I-Cause
in I-Cause
half I-Cause
, O
brought O
in O
nearly B-Effect
$ I-Effect
3 I-Effect
billion I-Effect
of I-Effect
cash I-Effect
, I-Effect
and I-Effect
eliminated I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
of I-Effect
debt I-Effect
. O

As B-Cause
the I-Cause
integration I-Cause
of I-Cause
NEX I-Cause
is I-Cause
completed I-Cause
and I-Cause
revenue I-Cause
grows I-Cause
we B-Effect
anticipate I-Effect
that I-Effect
the I-Effect
company I-Effect
's I-Effect
operating I-Effect
margin I-Effect
to I-Effect
return I-Effect
to I-Effect
about I-Effect
60 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
from I-Effect
the I-Effect
current I-Effect
mid-50s I-Effect
. O

If O
the B-Cause
firm I-Cause
was I-Cause
viewed I-Cause
as I-Cause
a I-Cause
strategic I-Cause
partner I-Cause
, O
we O
do O
n't O
think O
it O
would O
encounter B-Effect
so I-Effect
much I-Effect
difficulty I-Effect
in I-Effect
securing I-Effect
additional I-Effect
shelf I-Effect
space I-Effect
. O

Implementation B-Cause
of I-Cause
a I-Cause
new I-Cause
vendor I-Cause
would I-Cause
likely I-Cause
require I-Cause
parallel I-Cause
testing I-Cause
given O
the B-Cause
mission I-Cause
critical I-Cause
nature I-Cause
of I-Cause
Nice I-Cause
's I-Cause
product I-Cause
, O
leading O
to O
high B-Effect
monetary I-Effect
costs I-Effect
as O
well O
. O

PFG B-Cause
has I-Cause
a I-Cause
strong I-Cause
lineup I-Cause
of I-Cause
private I-Cause
brand I-Cause
products I-Cause
, I-Cause
such I-Cause
as I-Cause
Braveheart I-Cause
grass-fed I-Cause
beef I-Cause
, I-Cause
which I-Cause
is I-Cause
traceable I-Cause
to I-Cause
its I-Cause
farm I-Cause
of I-Cause
origin I-Cause
, I-Cause
and I-Cause
many I-Cause
specialty I-Cause
cheeses I-Cause
to O
meet B-Effect
the I-Effect
needs I-Effect
of I-Effect
its I-Effect
vast I-Effect
pizzeria I-Effect
clientele I-Effect
. O

We O
project O
operating B-Effect
margins I-Effect
to I-Effect
stabilize I-Effect
, O
given B-Cause
that I-Cause
many I-Cause
costs I-Cause
related I-Cause
to I-Cause
Extra I-Cause
Space I-Cause
's I-Cause
acquisitions I-Cause
, O
such O
as O
property O
taxes O
, O
are O
linear O
and O
will O
increase B-Effect
at I-Effect
a I-Effect
similar I-Effect
rate I-Effect
as I-Effect
revenue I-Effect
generated I-Effect
from I-Effect
these I-Effect
facilities I-Effect
. O

That O
said O
, O
management O
notes O
that O
new B-Effect
competition I-Effect
could I-Effect
even I-Effect
benefit I-Effect
existing I-Effect
operators I-Effect
, O
as O
only B-Cause
having I-Cause
two I-Cause
properties I-Cause
currently I-Cause
in I-Cause
the I-Cause
market I-Cause
may I-Cause
reduce I-Cause
the I-Cause
desire I-Cause
for I-Cause
repeat I-Cause
visits I-Cause
. O

We O
believe O
demand B-Effect
for I-Effect
multimodal I-Effect
solutions I-Effect
is I-Effect
rising I-Effect
, O
driven O
in O
part O
by O
improving B-Cause
service I-Cause
levels I-Cause
from I-Cause
the I-Cause
rails I-Cause
and I-Cause
shippers I-Cause
' I-Cause
focus I-Cause
on I-Cause
supply-chain I-Cause
efficiency I-Cause
. O

The B-Effect
integrated I-Effect
network I-Effect
delivers I-Effect
wider I-Effect
margins I-Effect
and I-Effect
returns I-Effect
than I-Effect
peers I-Effect
, O
thanks O
to O
a B-Cause
low-cost I-Cause
position I-Cause
derived I-Cause
from I-Cause
economies I-Cause
of I-Cause
scale I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
process I-Cause
a I-Cause
variety I-Cause
of I-Cause
feedstocks I-Cause
into I-Cause
the I-Cause
highest-value I-Cause
products I-Cause
. O

This B-Effect
should I-Effect
keep I-Effect
O'Reilly I-Effect
's I-Effect
relative I-Effect
positioning I-Effect
strong I-Effect
among I-Effect
the I-Effect
national I-Effect
retailers I-Effect
as O
the B-Cause
industry I-Cause
consolidates I-Cause
, O
with B-Effect
large-scale I-Effect
participants I-Effect
like I-Effect
O'Reilly I-Effect
increasingly I-Effect
favored I-Effect
due O
to O
their B-Cause
ability I-Cause
to I-Cause
provide I-Cause
hard-to-find I-Cause
parts I-Cause
to I-Cause
commercial I-Cause
( I-Cause
and I-Cause
, I-Cause
to I-Cause
a I-Cause
lesser I-Cause
extent I-Cause
, I-Cause
DIY I-Cause
) I-Cause
customers I-Cause
more I-Cause
quickly I-Cause
, I-Cause
reliably I-Cause
, I-Cause
and I-Cause
efficiently I-Cause
. O

We O
expect O
Zoetis O
to O
grow O
slightly O
faster O
than O
the O
industry O
and O
maintain B-Effect
above-average I-Effect
margins I-Effect
due O
to O
its B-Cause
scale I-Cause
and I-Cause
its I-Cause
shift I-Cause
toward I-Cause
the I-Cause
faster-growing I-Cause
companion I-Cause
animal I-Cause
segment I-Cause
. O

We O
do O
consider O
fractionators B-Effect
to I-Effect
be I-Effect
higher-quality I-Effect
assets I-Effect
than I-Effect
natural I-Effect
gas I-Effect
and I-Effect
processing I-Effect
assets I-Effect
because O
of O
the B-Cause
more I-Cause
concentrated I-Cause
nature I-Cause
of I-Cause
the I-Cause
market I-Cause
. O

Additionally O
, O
the O
customer O
may O
risk B-Effect
production I-Effect
delays I-Effect
from O
testing B-Cause
a I-Cause
new I-Cause
system I-Cause
, O
or O
face O
the B-Effect
potential I-Effect
for I-Effect
disruption I-Effect
during I-Effect
production I-Effect
. O

We O
expect O
healthy B-Effect
recovery I-Effect
in O
2021 O
, O
with O
revenue B-Cause
rising I-Cause
8 I-Cause
% I-Cause
-9 I-Cause
% I-Cause
on I-Cause
solid I-Cause
intermodal I-Cause
growth I-Cause
( I-Cause
aided I-Cause
by I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
) I-Cause
, I-Cause
new I-Cause
automotive I-Cause
business I-Cause
, I-Cause
and I-Cause
industrial I-Cause
sector I-Cause
improvement I-Cause
. O

M O
& O
amp O
; O
T B-Effect
's I-Effect
credit I-Effect
cost I-Effect
advantage I-Effect
is O
based O
on O
the B-Cause
company I-Cause
's I-Cause
well-established I-Cause
focus I-Cause
on I-Cause
risk-adjusted I-Cause
yield I-Cause
, O
which O
was O
set O
in O
place O
by O
the O
late O
longtime O
CEO O
Robert O
Wilmers O
. O

Further O
, O
a B-Cause
decrease I-Cause
of I-Cause
utilization I-Cause
of I-Cause
drugs I-Cause
either O
driven O
by O
slower O
new O
drug O
introductions O
, O
fewer O
alternative O
generic O
options O
or O
formulary O
constraints O
by O
the O
PBMs O
would O
adversely B-Effect
affect I-Effect
management I-Effect
's I-Effect
ability I-Effect
to O
leverage O
the O
significant O
fixed O
costs O
of O
maintaining O
stores O
with O
high O
rent O
and O
staffing O
them O
with O
pharmacists O
. O

BCD O
combines O
analog O
, O
digital O
, O
and O
memory O
components O
into O
a O
single O
integrated O
chip O
; O
the O
combination O
of O
these B-Cause
three I-Cause
components I-Cause
creates I-Cause
a I-Cause
final I-Cause
product I-Cause
with O
higher B-Effect
power I-Effect
density I-Effect
and I-Effect
configurability I-Effect
than I-Effect
a I-Effect
combination I-Effect
of I-Effect
three I-Effect
point I-Effect
solutions I-Effect
. O

In B-Cause
the I-Cause
face I-Cause
of I-Cause
this I-Cause
competition I-Cause
in I-Cause
Mississippi I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
new I-Cause
openings I-Cause
set I-Cause
to I-Cause
occur I-Cause
in I-Cause
the I-Cause
neighboring I-Cause
state I-Cause
of I-Cause
Arkansas I-Cause
, O
Caesars B-Effect
closed I-Effect
its I-Effect
Tunica I-Effect
Resort I-Effect
in I-Effect
2019 I-Effect
. O

Further O
, O
the B-Cause
rapid I-Cause
adoption I-Cause
of I-Cause
Photoshop I-Cause
within I-Cause
the I-Cause
creative I-Cause
professions I-Cause
more I-Cause
broadly I-Cause
( I-Cause
advertising I-Cause
, I-Cause
graphics I-Cause
, I-Cause
web I-Cause
design I-Cause
, I-Cause
content I-Cause
creation I-Cause
, I-Cause
and I-Cause
so I-Cause
on I-Cause
) I-Cause
allowed O
Adobe B-Effect
to I-Effect
fill I-Effect
in I-Effect
adjacent I-Effect
needs I-Effect
with I-Effect
new I-Effect
products I-Effect
, I-Effect
further I-Effect
entrenching I-Effect
itself I-Effect
within I-Effect
the I-Effect
creative I-Effect
world I-Effect
. O

Moreover O
, O
Japanese O
megabanks O
' O
expansion O
of O
overseas O
lending O
in O
the O
current O
decade O
, O
which O
has O
made O
them O
the O
largest O
cross-border O
lenders O
in O
the O
world O
, O
leaves B-Effect
them I-Effect
exposed I-Effect
to I-Effect
credit I-Effect
losses I-Effect
in O
the O
current O
global B-Cause
recession I-Cause
. I-Cause

Pricing B-Cause
increases I-Cause
have I-Cause
n't I-Cause
been I-Cause
this I-Cause
strong I-Cause
in I-Cause
almost I-Cause
20 I-Cause
years. O
This O
should O
boost B-Effect
growth I-Effect
a I-Effect
bit I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
and I-Effect
has I-Effect
helped I-Effect
offset I-Effect
any I-Effect
negative I-Effect
impacts I-Effect
the I-Effect
coronavirus I-Effect
has I-Effect
had I-Effect
on I-Effect
the I-Effect
more I-Effect
discretionary I-Effect
areas I-Effect
of I-Effect
the I-Effect
business I-Effect
. O

If B-Cause
airlines I-Cause
take I-Cause
delivery I-Cause
of I-Cause
new I-Cause
aircraft I-Cause
and I-Cause
use I-Cause
newer I-Cause
, I-Cause
under-warranty I-Cause
aircraft I-Cause
to I-Cause
bring I-Cause
back I-Cause
capacity I-Cause
, O
it B-Effect
will I-Effect
likely I-Effect
reduce I-Effect
TransDigm I-Effect
's I-Effect
addressable I-Effect
market I-Effect
for I-Effect
several I-Effect
years I-Effect
. O

Over O
this O
same O
period O
, O
Activision B-Effect
( I-Effect
the I-Effect
predecessor I-Effect
company I-Effect
) I-Effect
has I-Effect
transitioned I-Effect
from I-Effect
a I-Effect
console-based I-Effect
video I-Effect
game I-Effect
publisher I-Effect
to I-Effect
the I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
publishers I-Effect
on I-Effect
both I-Effect
consoles I-Effect
and I-Effect
the I-Effect
PC I-Effect
via O
the B-Cause
2008 I-Cause
merger I-Cause
with I-Cause
Blizzard I-Cause
( I-Cause
then I-Cause
owned I-Cause
by I-Cause
Vivendi I-Cause
) I-Cause
. O

Dollar B-Effect
General I-Effect
faces I-Effect
competition I-Effect
from I-Effect
a I-Effect
range I-Effect
of I-Effect
retailers I-Effect
, O
with O
digital B-Cause
sellers I-Cause
' I-Cause
increasing I-Cause
reach I-Cause
into I-Cause
less I-Cause
densely I-Cause
populated I-Cause
areas I-Cause
adding I-Cause
pressure I-Cause
to I-Cause
what I-Cause
had I-Cause
been I-Cause
a I-Cause
more I-Cause
protected I-Cause
store I-Cause
network I-Cause
. O

With O
vacancy B-Cause
rates I-Cause
hovering I-Cause
around I-Cause
historic I-Cause
lows I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
and I-Cause
Europe I-Cause
and I-Cause
average I-Cause
market I-Cause
rent I-Cause
rebounding I-Cause
significantly I-Cause
since I-Cause
2012 I-Cause
, O
we O
believe O
Prologis B-Effect
is I-Effect
in I-Effect
the I-Effect
best I-Effect
position I-Effect
to I-Effect
benefit I-Effect
from I-Effect
incremental I-Effect
demand I-Effect
. O

With O
the B-Cause
market I-Cause
tending I-Cause
to I-Cause
reward I-Cause
organic I-Cause
growth I-Cause
and I-Cause
above-average I-Cause
profitability I-Cause
in I-Cause
the I-Cause
asset I-Cause
managers I-Cause
, O
Invesco B-Effect
has I-Effect
a I-Effect
steeper I-Effect
hill I-Effect
to I-Effect
climb I-Effect
than I-Effect
some I-Effect
of I-Effect
its I-Effect
peers I-Effect
. O

Assembling B-Cause
systems I-Cause
is I-Cause
relatively I-Cause
easy I-Cause
work I-Cause
for I-Cause
any I-Cause
general I-Cause
contractor I-Cause
, O
one O
reason O
First B-Effect
Solar I-Effect
decided I-Effect
to I-Effect
exit I-Effect
the I-Effect
system I-Effect
construction I-Effect
and I-Effect
U.S I-Effect
. I-Effect

Reliance B-Cause
on I-Cause
commercial I-Cause
sales I-Cause
requires I-Cause
expensive I-Cause
investments I-Cause
in I-Cause
inventory I-Cause
management I-Cause
to O
provide B-Effect
services I-Effect
like I-Effect
rapid I-Effect
store I-Effect
inventory I-Effect
replenishment I-Effect
and I-Effect
high I-Effect
availability I-Effect
levels I-Effect
that O
are O
increasingly O
de O
rigueur O
in O
the O
industry O
. O

We O
expect O
there O
could O
be O
a B-Effect
disproportionate I-Effect
impact I-Effect
on I-Effect
the I-Effect
bottom I-Effect
line I-Effect
if O
the B-Cause
company I-Cause
ca I-Cause
n't I-Cause
reinvigorate I-Cause
its I-Cause
WoW I-Cause
user I-Cause
base I-Cause
. O

Mizuho O
also O
lacks B-Cause
the I-Cause
large I-Cause
consumer I-Cause
finance I-Cause
, I-Cause
credit I-Cause
card I-Cause
, I-Cause
and I-Cause
leasing I-Cause
operations I-Cause
of I-Cause
its I-Cause
two I-Cause
rivals I-Cause
, O
leaving O
it O
dependent B-Effect
on I-Effect
banking I-Effect
, I-Effect
securities I-Effect
and I-Effect
asset I-Effect
management I-Effect
alone I-Effect
for I-Effect
future I-Effect
returns I-Effect
. O

Given O
that O
these B-Cause
sectors I-Cause
have I-Cause
experienced I-Cause
periods I-Cause
of I-Cause
tumult I-Cause
in I-Cause
the I-Cause
past I-Cause
, O
we B-Effect
think I-Effect
a B-Cause
lack I-Cause
of I-Cause
diversification I-Cause
in I-Cause
sector I-Cause
employment I-Cause
could O
cause O
volatility B-Effect
in I-Effect
the I-Effect
company I-Effect
's I-Effect
returns I-Effect
. O

After O
high-single-digit O
growth O
in O
2021 O
and O
a O
low-double-digit O
decline O
in O
2022 O
that O
will O
likely O
be O
driven O
by O
COVID O
trends O
, O
we O
expect O
approximately O
3 B-Effect
% I-Effect
overall I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
PerkinElmer I-Effect
through I-Effect
2025 I-Effect
, O
driven O
mostly O
by O
the B-Cause
enhanced I-Cause
mix I-Cause
shift I-Cause
in I-Cause
diagnostics I-Cause
and I-Cause
life I-Cause
sciences I-Cause
. O

The B-Cause
company I-Cause
enjoys I-Cause
a I-Cause
strong I-Cause
competitive I-Cause
position I-Cause
across I-Cause
a I-Cause
variety I-Cause
of I-Cause
niche I-Cause
markets I-Cause
with I-Cause
high I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
, O
and O
we O
believe O
that O
Idex B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
continue I-Effect
outearning I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
throughout I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

For O
instance O
, O
in O
2018 O
, O
the B-Cause
Brazilian I-Cause
real I-Cause
's I-Cause
strong I-Cause
depreciation I-Cause
to I-Cause
the I-Cause
euro I-Cause
caused O
a B-Effect
negative I-Effect
exchange I-Effect
rate I-Effect
effect I-Effect
of O
16 O
% O
. O

With O
80 O
% O
of O
the O
firm O
's O
annual O
revenue O
coming O
from O
management O
fees O
earned O
on O
its O
AUMs O
, O
dramatic B-Cause
market I-Cause
movements I-Cause
or I-Cause
significant I-Cause
changes I-Cause
in I-Cause
fund I-Cause
flows I-Cause
( O
which O
can O
be O
difficult O
to O
forecast O
with O
accuracy O
) O
can O
have B-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
revenue I-Effect
, I-Effect
profitability I-Effect
, I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
think I-Effect
Telenor I-Effect
's I-Effect
position I-Effect
is I-Effect
strong I-Effect
in I-Effect
Myanmar I-Effect
and I-Effect
Thailand I-Effect
; O
the B-Cause
firm I-Cause
has I-Cause
been I-Cause
losing I-Cause
subscribers I-Cause
in I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
, I-Cause
and I-Cause
its I-Cause
customer I-Cause
bases I-Cause
tend I-Cause
to I-Cause
be I-Cause
less I-Cause
loyal I-Cause
. O

This B-Effect
percentage I-Effect
is I-Effect
significantly I-Effect
higher I-Effect
than I-Effect
many I-Effect
dealers I-Effect
and I-Effect
helps I-Effect
mitigate I-Effect
the I-Effect
cyclical I-Effect
nature I-Effect
of I-Effect
auto I-Effect
sales I-Effect
; O
these B-Cause
brands I-Cause
have I-Cause
more-affluent I-Cause
customers I-Cause
who I-Cause
will I-Cause
not I-Cause
limit I-Cause
their I-Cause
discretionary I-Cause
spending I-Cause
as I-Cause
much I-Cause
as I-Cause
lower-income I-Cause
car I-Cause
buyers I-Cause
during I-Cause
a I-Cause
downturn I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
brand I-Cause
portfolio I-Cause
is I-Cause
strong I-Cause
enough I-Cause
that O
we B-Effect
think I-Effect
it I-Effect
can I-Effect
maintain I-Effect
its I-Effect
premium I-Effect
pricing I-Effect
and I-Effect
shelf I-Effect
space I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

California B-Effect
's I-Effect
regulatory I-Effect
environment I-Effect
has I-Effect
remained I-Effect
constructive I-Effect
for I-Effect
Sempra I-Effect
, O
as O
its B-Cause
emphasis I-Cause
on I-Cause
distribution-related I-Cause
safety I-Cause
and I-Cause
reliability I-Cause
infrastructure I-Cause
upgrades I-Cause
aligns I-Cause
well I-Cause
with I-Cause
the I-Cause
state I-Cause
's I-Cause
regulatory I-Cause
agenda I-Cause
. O

To O
reduce B-Cause
costs I-Cause
, O
some B-Effect
of I-Effect
the I-Effect
underlying I-Effect
safety I-Effect
components I-Effect
of I-Effect
a I-Effect
particular I-Effect
vehicle I-Effect
sold I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
may I-Effect
be I-Effect
the I-Effect
same I-Effect
as I-Effect
another I-Effect
vehicle I-Effect
that I-Effect
might I-Effect
be I-Effect
sold I-Effect
in I-Effect
Europe I-Effect
, I-Effect
South I-Effect
America I-Effect
, I-Effect
or I-Effect
Asia I-Effect
. O

As O
with O
all O
regulated O
utilities O
, O
Avangrid B-Cause
faces I-Cause
the I-Cause
risk I-Cause
of I-Cause
a I-Cause
sharp I-Cause
rise I-Cause
in I-Cause
inflation I-Cause
that O
would O
raise O
borrowing O
costs O
and O
make O
other B-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

Conversely O
, O
if O
it B-Cause
seeks I-Cause
to I-Cause
conserve I-Cause
profits I-Cause
, O
it O
could O
be B-Effect
subject I-Effect
to I-Effect
deteriorating I-Effect
volumes I-Effect
if O
consumers O
balk O
at O
higher O
prices O
. O

We O
think O
Eylea B-Effect
could I-Effect
see I-Effect
worldwide I-Effect
peak I-Effect
sales I-Effect
of I-Effect
$ I-Effect
9 I-Effect
billion I-Effect
should O
it B-Cause
continue I-Cause
growing I-Cause
in I-Cause
international I-Cause
markets I-Cause
, O
despite O
slower O
U.S O
. O

Finally O
, O
Las B-Cause
Vegas I-Cause
Sands I-Cause
faces I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
risks I-Cause
like I-Cause
gambling I-Cause
addiction I-Cause
, O
which O
could O
stoke B-Effect
government I-Effect
restrictions I-Effect
and I-Effect
affect I-Effect
demand I-Effect
. I-Effect

Adding B-Effect
service I-Effect
providers I-Effect
to I-Effect
the I-Effect
mix I-Effect
aligns I-Effect
incentives I-Effect
even I-Effect
further I-Effect
, O
especially O
since O
the B-Cause
firm I-Cause
's I-Cause
outpatient I-Cause
care I-Cause
assets I-Cause
offer I-Cause
significantly I-Cause
lower I-Cause
costs I-Cause
than I-Cause
hospital-based I-Cause
services I-Cause
. O

Examples B-Cause
of I-Cause
firms I-Cause
in I-Cause
one I-Cause
part I-Cause
of I-Cause
that I-Cause
process I-Cause
, I-Cause
such I-Cause
as I-Cause
architecture I-Cause
, I-Cause
using I-Cause
competing I-Cause
software I-Cause
for I-Cause
the I-Cause
same I-Cause
use I-Cause
due I-Cause
to I-Cause
the I-Cause
ease I-Cause
of I-Cause
this I-Cause
interoperability I-Cause
and I-Cause
varying I-Cause
preferences I-Cause
among I-Cause
the I-Cause
architects I-Cause
( I-Cause
in I-Cause
this I-Cause
case I-Cause
) I-Cause
are I-Cause
not I-Cause
easily I-Cause
found. O
For O
this O
reason O
, O
combined B-Effect
with I-Effect
the I-Effect
steep I-Effect
learning I-Effect
curve I-Effect
required I-Effect
to I-Effect
master I-Effect
Autodesk I-Effect
software I-Effect
, I-Effect
we I-Effect
do I-Effect
not I-Effect
consider I-Effect
interoperability I-Effect
to I-Effect
negate I-Effect
its I-Effect
switching I-Effect
costs I-Effect
. O

Greater B-Cause
consumer I-Cause
acceptance I-Cause
of I-Cause
private I-Cause
label I-Cause
, I-Cause
whether I-Cause
due I-Cause
to I-Cause
an I-Cause
economic I-Cause
downturn I-Cause
or I-Cause
consumer I-Cause
preferences I-Cause
, O
could O
threaten B-Effect
Clorox I-Effect
's I-Effect
margins I-Effect
and/or I-Effect
sales I-Effect
growth I-Effect
. O

After O
fourth-quarter O
earnings O
, O
we B-Effect
're I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Textron I-Effect
to I-Effect
$ I-Effect
39 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
38 I-Effect
due O
to O
an B-Cause
improved I-Cause
near-term I-Cause
outlook I-Cause
on I-Cause
private I-Cause
jet I-Cause
sales I-Cause
and I-Cause
faster I-Cause
margin I-Cause
recovery I-Cause
. O

Our B-Cause
medium-term I-Cause
revenue I-Cause
growth I-Cause
rate I-Cause
assumptions I-Cause
are I-Cause
toward I-Cause
the I-Cause
upper I-Cause
end I-Cause
of I-Cause
management I-Cause
's I-Cause
guided I-Cause
4 I-Cause
% I-Cause
-6 I-Cause
% I-Cause
range. O
This O
is O
driven O
to O
a B-Effect
large I-Effect
degree I-Effect
by I-Effect
our I-Effect
belief I-Effect
that I-Effect
the I-Effect
strong I-Effect
organic I-Effect
growth I-Effect
we I-Effect
have I-Effect
witnessed I-Effect
in I-Effect
North I-Effect
America I-Effect
( I-Effect
7.7 I-Effect
% I-Effect
average I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
) I-Effect
will I-Effect
persist I-Effect
. O

While O
AutoZone O
has O
been O
slow O
to O
fully O
embrace O
the O
dual-market O
approach O
that O
is O
increasingly O
a O
hallmark O
of O
the O
national O
retailers O
, O
we O
believe O
its B-Cause
management I-Cause
team I-Cause
's I-Cause
measured I-Cause
approach I-Cause
and I-Cause
consistent I-Cause
focus I-Cause
on I-Cause
returns I-Cause
should O
leave B-Effect
the I-Effect
firm I-Effect
in I-Effect
a I-Effect
strong I-Effect
position I-Effect
to I-Effect
weather I-Effect
change I-Effect
. O

We O
also O
see O
modest B-Effect
SG I-Effect
& I-Effect
A I-Effect
leverage I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
portfolio I-Cause
expands I-Cause
, O
though O
it O
accounts O
for O
less O
than O
100 O
basis O
points O
of O
our O
estimated O
EBITDA O
improvement O
. O

Danaher B-Effect
also I-Effect
offers I-Effect
services I-Effect
for I-Effect
some I-Effect
tools I-Effect
in I-Effect
this I-Effect
segment I-Effect
under O
long-term B-Cause
contracts I-Cause
, O
which O
creates O
another O
recurring O
revenue O
stream O
after O
the O
equipment O
is O
placed O
. O

We O
believe O
that O
Santander B-Effect
could I-Effect
boost I-Effect
its I-Effect
profitability I-Effect
, I-Effect
release I-Effect
capital I-Effect
, I-Effect
and I-Effect
rerate I-Effect
its I-Effect
valuation I-Effect
by O
trimming B-Cause
its I-Cause
portfolio I-Cause
to I-Cause
operate I-Cause
only I-Cause
in I-Cause
areas I-Cause
where I-Cause
it I-Cause
has I-Cause
a I-Cause
clear I-Cause
competitive I-Cause
advantage I-Cause
. O

First O
, O
beyond O
the O
five-year O
time O
frame O
, O
intense B-Cause
competition I-Cause
in I-Cause
liquid I-Cause
biopsy I-Cause
reduces O
our B-Effect
confidence I-Effect
in I-Effect
a I-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
, O
and O
pan-cancer B-Cause
screening I-Cause
could I-Cause
see I-Cause
improved I-Cause
test I-Cause
specificity I-Cause
over I-Cause
time I-Cause
, O
eventually O
taking B-Effect
share I-Effect
from I-Effect
single-cancer I-Effect
screening I-Effect
like I-Effect
Guardant I-Effect
's I-Effect
Lunar-2 I-Effect
test I-Effect
. O

Illumina O
relies O
on O
intangible B-Cause
assets I-Cause
, O
such O
as O
the O
more O
than O
1,400 O
issued O
or O
pending O
patents O
in O
the O
United O
States O
as O
of O
early O
2020 O
, O
to O
keep B-Effect
competition I-Effect
at I-Effect
bay I-Effect
. O

We B-Effect
expect I-Effect
Activision I-Effect
to I-Effect
continue I-Effect
to I-Effect
monetize I-Effect
the I-Effect
user I-Effect
base I-Effect
at I-Effect
King I-Effect
Digital I-Effect
by O
inserting B-Cause
additional I-Cause
third-party I-Cause
ads I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
mobile I-Cause
games I-Cause
. O

Over O
the O
medium O
term O
, O
we O
expect O
that O
production B-Cause
rate I-Cause
increases I-Cause
will I-Cause
outpace I-Cause
new I-Cause
customer I-Cause
orders I-Cause
, O
which O
will O
slowly B-Effect
reduce I-Effect
Airbus I-Effect
's I-Effect
massive I-Effect
narrow-body I-Effect
backlog I-Effect
. O

As O
national B-Cause
customer I-Cause
accounts I-Cause
gain I-Cause
prominence I-Cause
, O
Grainger B-Effect
could I-Effect
face I-Effect
gross I-Effect
margin I-Effect
pressure I-Effect
, O
but O
these B-Cause
accounts I-Cause
also I-Cause
provide I-Cause
an I-Cause
opportunity I-Cause
for I-Cause
the I-Cause
company I-Cause
to I-Cause
gain I-Cause
market I-Cause
share I-Cause
and I-Cause
increase I-Cause
volume I-Cause
, O
which O
can O
drive O
better B-Effect
operating I-Effect
leverage I-Effect
and I-Effect
improved I-Effect
operating I-Effect
margins I-Effect
. O

We O
also O
look O
for O
intermodal B-Effect
container I-Effect
repositioning I-Effect
costs I-Effect
to I-Effect
ease I-Effect
and I-Effect
box I-Effect
turns I-Effect
to I-Effect
improve I-Effect
this I-Effect
year I-Effect
as O
Class B-Cause
I I-Cause
rail I-Cause
service I-Cause
and I-Cause
terminal I-Cause
throughput I-Cause
re-calibrates I-Cause
to I-Cause
strong I-Cause
demand I-Cause
levels I-Cause
. O

Further O
, O
the B-Cause
ability I-Cause
to I-Cause
fund I-Cause
the I-Cause
growth I-Cause
and I-Cause
scale I-Cause
mobile I-Cause
methods I-Cause
with I-Cause
the I-Cause
existing I-Cause
cash-to-cash I-Cause
business I-Cause
would B-Effect
be I-Effect
a I-Effect
meaningful I-Effect
advantage I-Effect
for I-Effect
Western I-Effect
Union I-Effect
if I-Effect
the I-Effect
shift I-Effect
is I-Effect
gradual I-Effect
, I-Effect
as I-Effect
we I-Effect
expect I-Effect
it I-Effect
to I-Effect
be I-Effect
. O

La B-Cause
Quinta I-Cause
ranks I-Cause
as I-Cause
a I-Cause
top-three I-Cause
midscale I-Cause
brand I-Cause
based I-Cause
on I-Cause
third-party I-Cause
guest I-Cause
satisfaction I-Cause
surveys I-Cause
and I-Cause
garners I-Cause
high I-Cause
contract I-Cause
renewal I-Cause
retention I-Cause
rates I-Cause
, I-Cause
which I-Cause
should I-Cause
lure I-Cause
third-party I-Cause
owners I-Cause
to I-Cause
join I-Cause
Wyndham. O
As O
a O
result O
, O
we O
think O
La B-Effect
Quinta I-Effect
can I-Effect
reach I-Effect
2,000 I-Effect
hotels I-Effect
long I-Effect
term I-Effect
from I-Effect
937 I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2020 I-Effect
. O

We B-Effect
believe I-Effect
AutoNation I-Effect
's I-Effect
massive I-Effect
size I-Effect
and I-Effect
economy I-Effect
of I-Effect
scale I-Effect
advantages I-Effect
will I-Effect
allow I-Effect
the I-Effect
company I-Effect
to I-Effect
deliver I-Effect
operating I-Effect
margins I-Effect
at I-Effect
times I-Effect
above I-Effect
4 I-Effect
% I-Effect
, I-Effect
and I-Effect
we I-Effect
see I-Effect
upside I-Effect
potential I-Effect
to I-Effect
profits I-Effect
as B-Cause
its I-Cause
AutoNation I-Cause
USA I-Cause
stand-alone I-Cause
used-vehicle I-Cause
stores I-Cause
roll I-Cause
out I-Cause
. O

If O
trough O
automotive B-Cause
demand I-Cause
were I-Cause
to I-Cause
be I-Cause
steep I-Cause
and O
protracted O
, O
as O
is O
the B-Effect
case I-Effect
from I-Effect
the I-Effect
coronavirus I-Effect
, I-Effect
automakers I-Effect
may I-Effect
postpone I-Effect
model I-Effect
launches I-Effect
that I-Effect
have I-Effect
Veoneer I-Effect
content I-Effect
. O

Here O
, O
we O
think O
Jack B-Effect
Henry I-Effect
's I-Effect
relative I-Effect
smaller I-Effect
size I-Effect
is I-Effect
a I-Effect
bit I-Effect
of I-Effect
negative I-Effect
, O
as O
payment B-Cause
processing I-Cause
of I-Cause
any I-Cause
type I-Cause
tends I-Cause
to I-Cause
be I-Cause
highly I-Cause
scalable I-Cause
. O

Additionally O
, O
through B-Cause
TCCC I-Cause
's I-Cause
strategic I-Cause
relationship I-Cause
with I-Cause
Monster I-Cause
Beverage I-Cause
, O
Coca-Cola B-Effect
FEMSA I-Effect
receives I-Effect
exclusive I-Effect
distribution I-Effect
rights I-Effect
to I-Effect
a I-Effect
leading I-Effect
energy I-Effect
drink I-Effect
trademark I-Effect
. O

Over O
the O
past O
decade O
, O
the O
company O
has O
continually O
released B-Cause
new I-Cause
products I-Cause
and I-Cause
upgraded I-Cause
existing I-Cause
product I-Cause
models I-Cause
to O
drive O
greater B-Effect
machine I-Effect
efficiency I-Effect
. O

We O
believe O
Fifth B-Effect
Third I-Effect
can I-Effect
continue I-Effect
to I-Effect
reduce I-Effect
structural I-Effect
costs I-Effect
as O
it B-Cause
plans I-Cause
to I-Cause
further I-Cause
optimize I-Cause
its I-Cause
distribution I-Cause
channel I-Cause
with I-Cause
branch I-Cause
redesigns I-Cause
and O
lower B-Cause
staff I-Cause
levels I-Cause
while I-Cause
deploying I-Cause
new I-Cause
technologies I-Cause
. O

The B-Effect
company I-Effect
regularly I-Effect
recycles I-Effect
capital O
by O
selling B-Cause
noncore I-Cause
assets I-Cause
and I-Cause
using I-Cause
the I-Cause
proceeds I-Cause
on I-Cause
higher-quality I-Cause
acquisitions I-Cause
with I-Cause
better I-Cause
growth I-Cause
prospects I-Cause
. O

We O
also O
expect O
the B-Cause
company I-Cause
to I-Cause
cut I-Cause
costs I-Cause
as O
it B-Cause
integrates I-Cause
Symphony I-Cause
and I-Cause
grows I-Cause
, O
resulting O
in O
a B-Effect
2024 I-Effect
operating I-Effect
margin I-Effect
of I-Effect
13 I-Effect
% I-Effect
. O

One O
example O
of O
recent O
innovation O
in O
this O
area O
is O
Cantel O
's O
pass-through O
AER O
, O
which O
allows B-Cause
users I-Cause
to I-Cause
'' I-Cause
pass I-Cause
through I-Cause
'' I-Cause
endoscopy I-Cause
systems I-Cause
into I-Cause
a I-Cause
clean I-Cause
room I-Cause
through I-Cause
machines I-Cause
installed I-Cause
in I-Cause
the I-Cause
wall I-Cause
, O
making O
the B-Effect
overall I-Effect
process I-Effect
more I-Effect
efficient I-Effect
and I-Effect
user-friendly I-Effect
. O

But O
this O
should O
not O
impact O
Choice O
's O
uncertainty O
rating O
unless O
travel B-Cause
demand I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
time I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value O
destructive O
levels O
. O

The O
acquisition O
of O
Kite O
( O
CAR-T O
therapy O
Yescarta O
) O
has O
brought O
only O
slow O
sales O
growth O
, O
but O
the B-Cause
2020 I-Cause
acquisitions I-Cause
of I-Cause
Forty I-Cause
Seven I-Cause
( I-Cause
CD47 I-Cause
antibody I-Cause
magrolimab I-Cause
) I-Cause
and I-Cause
Immunomedics I-Cause
( I-Cause
breast I-Cause
cancer I-Cause
drug I-Cause
Trodelvy I-Cause
) I-Cause
add B-Effect
to I-Effect
the I-Effect
oncology I-Effect
pipeline I-Effect
. O

We O
also O
believe O
that O
Broadridge B-Effect
's I-Effect
corporate I-Effect
issuer I-Effect
clients I-Effect
view I-Effect
proxy I-Effect
fees I-Effect
as I-Effect
a I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
cost I-Effect
of I-Effect
being I-Effect
public I-Effect
, O
" O
" O
" O
" O
as O
it B-Cause
is I-Cause
relatively I-Cause
immaterial I-Cause
to I-Cause
their I-Cause
bottom I-Cause
line I-Cause
. O

Slowdowns B-Cause
in I-Cause
computer I-Cause
purchases I-Cause
are O
likely O
to O
affect B-Effect
the I-Effect
quantity I-Effect
of I-Effect
devices I-Effect
that O
need O
Norton O
protection O
, O
and O
consumers B-Effect
could I-Effect
rely I-Effect
on I-Effect
the I-Effect
built-in I-Effect
offerings I-Effect
from O
the O
operating O
system O
provider O
or O
free O
downloadable O
antiviruses O
. O

We O
think O
believe O
Dentsply B-Effect
Sirona I-Effect
typically I-Effect
remains I-Effect
a I-Effect
step I-Effect
ahead I-Effect
of I-Effect
competitors I-Effect
, O
but O
workflow B-Cause
advances I-Cause
or I-Cause
new I-Cause
technology I-Cause
could I-Cause
shift I-Cause
customer I-Cause
loyalty I-Cause
. O

As O
new B-Cause
models I-Cause
are I-Cause
introduced I-Cause
, O
Tesla B-Effect
's I-Effect
technological I-Effect
advantage I-Effect
and I-Effect
the I-Effect
strength I-Effect
of I-Effect
its I-Effect
brand I-Effect
will I-Effect
remain I-Effect
intact I-Effect
, O
which O
will O
allow O
the O
company O
to O
continue O
to O
charge O
a O
premium O
price O
for O
its O
EVs O
. O

Following B-Effect
a I-Effect
very I-Effect
steep I-Effect
patent I-Effect
cliff I-Effect
in I-Effect
2014 I-Effect
, I-Effect
Lilly I-Effect
's I-Effect
growth I-Effect
prospects I-Effect
are I-Effect
improving I-Effect
as O
the B-Cause
company I-Cause
is I-Cause
launching I-Cause
several I-Cause
new I-Cause
blockbusters I-Cause
and I-Cause
patent I-Cause
losses I-Cause
are I-Cause
fading I-Cause
. O

Although O
one-time B-Cause
branch-closing I-Cause
expenses I-Cause
could O
pressure B-Effect
margins I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
shrinking B-Effect
the I-Effect
branch I-Effect
network I-Effect
could O
improve B-Cause
ROICs I-Cause
over I-Cause
the I-Cause
long I-Cause
term I-Cause
( O
assuming O
branch O
sales O
are O
funneled O
through O
another O
channel O
and O
not O
lost O
) O
. O

While B-Effect
implementation I-Effect
is I-Effect
risky I-Effect
, I-Effect
we I-Effect
think I-Effect
this I-Effect
is I-Effect
minimized I-Effect
as O
Lamb B-Cause
Weston I-Cause
is I-Cause
taking I-Cause
prudent I-Cause
steps I-Cause
to I-Cause
roll I-Cause
the I-Cause
system I-Cause
out I-Cause
in I-Cause
measured I-Cause
phases I-Cause
and I-Cause
to I-Cause
thoroughly I-Cause
test I-Cause
each I-Cause
module I-Cause
before I-Cause
taking I-Cause
it I-Cause
live I-Cause
. O

Our O
base O
case O
assumes O
FMC B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
successfully I-Effect
commercialize I-Effect
new I-Effect
products I-Effect
from I-Effect
its I-Effect
R I-Effect
& I-Effect
D I-Effect
pipeline I-Effect
as O
patents B-Cause
in I-Cause
the I-Cause
current I-Cause
portfolio I-Cause
expire I-Cause
. O

There O
is O
a O
risk O
, O
however O
, O
that O
fewer B-Effect
seats I-Effect
on I-Effect
these I-Effect
subscriptions I-Effect
are I-Effect
sold I-Effect
if O
such B-Cause
OEMs I-Cause
decided I-Cause
to I-Cause
release I-Cause
fewer I-Cause
aircraft I-Cause
models I-Cause
than I-Cause
normal I-Cause
. O

And O
we O
also O
see O
clinical O
risks O
since O
a B-Cause
lower I-Cause
predictive I-Cause
value I-Cause
than O
expected O
could O
make B-Effect
regulatory I-Effect
approval I-Effect
and I-Effect
widespread I-Effect
payer I-Effect
coverage I-Effect
challenging I-Effect
. O

Overall O
, O
once O
an B-Cause
infusion I-Cause
pump I-Cause
is I-Cause
placed I-Cause
at I-Cause
a I-Cause
hospital I-Cause
, O
we O
believe O
that O
facility B-Effect
is I-Effect
unlikely I-Effect
to I-Effect
create I-Effect
a I-Effect
workflow I-Effect
disruption I-Effect
by I-Effect
switching I-Effect
to I-Effect
a I-Effect
new I-Effect
pump I-Effect
provider I-Effect
, O
and O
those O
devices O
are O
often O
considered O
in O
GPO O
contract O
negotiations O
for O
ongoing O
sales O
of O
administration O
sets O
and O
other O
therapeutic O
solutions O
. O

The B-Effect
gross I-Effect
margin I-Effect
benefit I-Effect
from I-Effect
prior I-Effect
land I-Effect
purchases I-Effect
is I-Effect
not I-Effect
sustainable I-Effect
, O
however O
, O
as O
the B-Cause
company I-Cause
must I-Cause
replace I-Cause
completed I-Cause
lots I-Cause
with I-Cause
higher-cost I-Cause
land I-Cause
to I-Cause
maintain I-Cause
its I-Cause
community I-Cause
count I-Cause
. O

Plains B-Cause
is I-Cause
also I-Cause
exposed I-Cause
to I-Cause
ongoing I-Cause
minimum I-Cause
volume I-Cause
commitments I-Cause
by I-Cause
shippers I-Cause
unable I-Cause
to I-Cause
meet I-Cause
their I-Cause
quotas I-Cause
and O
thus O
continue B-Effect
to I-Effect
compete I-Effect
aggressively I-Effect
for I-Effect
incremental I-Effect
barrels I-Effect
lowering I-Effect
margins I-Effect
and I-Effect
distorting I-Effect
flows I-Effect
. O

Having B-Cause
been I-Cause
principally I-Cause
focused I-Cause
on I-Cause
institutional I-Cause
investors I-Cause
for I-Cause
much I-Cause
of I-Cause
its I-Cause
existence I-Cause
, I-Cause
BlackRock I-Cause
has I-Cause
had I-Cause
to I-Cause
be I-Cause
concerned I-Cause
not I-Cause
only I-Cause
with I-Cause
investment I-Cause
performance I-Cause
, I-Cause
but I-Cause
also I-Cause
with I-Cause
the I-Cause
risks I-Cause
taken I-Cause
to I-Cause
generate I-Cause
those I-Cause
results I-Cause
, I-Cause
as I-Cause
most I-Cause
of I-Cause
its I-Cause
institutional I-Cause
clients I-Cause
come I-Cause
to I-Cause
the I-Cause
table I-Cause
with I-Cause
required I-Cause
levels I-Cause
of I-Cause
performance I-Cause
and I-Cause
volatility I-Cause
in I-Cause
their I-Cause
investment I-Cause
mandates. O
As O
such O
, O
the B-Effect
company I-Effect
has I-Effect
developed I-Effect
tools I-Effect
to I-Effect
assess I-Effect
both I-Effect
security- I-Effect
and I-Effect
portfolio-level I-Effect
risks I-Effect
, I-Effect
which I-Effect
it I-Effect
not I-Effect
only I-Effect
uses I-Effect
internally I-Effect
but I-Effect
also I-Effect
offers I-Effect
to I-Effect
external I-Effect
clients I-Effect
for I-Effect
a I-Effect
fee I-Effect
. O

With O
a O
more O
efficient O
service O
, O
Lyft O
will O
likely O
attract B-Effect
even I-Effect
more I-Effect
riders I-Effect
and I-Effect
drivers I-Effect
to I-Effect
the I-Effect
network I-Effect
over I-Effect
time I-Effect
, O
in O
turn O
strengthening B-Cause
its I-Cause
network I-Cause
effect I-Cause
. O

With O
each B-Cause
division I-Cause
more I-Cause
or I-Cause
less I-Cause
equally I-Cause
weighted I-Cause
in I-Cause
terms I-Cause
of I-Cause
revenue I-Cause
contribution I-Cause
, O
it O
would O
be O
difficult B-Effect
for I-Effect
a I-Effect
single I-Effect
product I-Effect
breakthrough I-Effect
in I-Effect
any I-Effect
division I-Effect
to I-Effect
move I-Effect
the I-Effect
needle I-Effect
on I-Effect
group-level I-Effect
growth I-Effect
. O

Concentrate B-Effect
operations I-Effect
are I-Effect
advantaged I-Effect
from I-Effect
a I-Effect
cost I-Effect
perspective I-Effect
, O
owing O
to O
the B-Cause
absence I-Cause
of I-Cause
production I-Cause
equipment I-Cause
( I-Cause
such I-Cause
as I-Cause
specialized I-Cause
canning I-Cause
and I-Cause
bottling I-Cause
lines I-Cause
, I-Cause
tubing I-Cause
) I-Cause
and I-Cause
selling I-Cause
apparatus I-Cause
( O
delivery O
trucks O
, O
drivers O
) O
that O
are O
prerequisites O
for O
the O
bottling O
and O
distribution O
operations O
conducted O
by O
the O
packaged O
beverages O
segment O
. O

Gap B-Effect
outperformed I-Effect
our I-Effect
forecast I-Effect
of I-Effect
a I-Effect
7 I-Effect
% I-Effect
drop I-Effect
with I-Effect
flat I-Effect
sales I-Effect
in I-Effect
the I-Effect
third I-Effect
quarter I-Effect
of I-Effect
2020 I-Effect
due B-Cause
, I-Cause
primarily I-Cause
, I-Cause
to I-Cause
17 I-Cause
% I-Cause
same-store I-Cause
sales I-Cause
growth I-Cause
at I-Cause
Old I-Cause
Navy I-Cause
. I-Cause

The B-Cause
recent I-Cause
acquisition I-Cause
of I-Cause
Eby-Brown I-Cause
, I-Cause
a I-Cause
Midwest I-Cause
distributor I-Cause
of I-Cause
candy I-Cause
, I-Cause
beverages I-Cause
, I-Cause
snacks I-Cause
, I-Cause
and I-Cause
tobacco I-Cause
to I-Cause
the I-Cause
convenience I-Cause
store I-Cause
channel I-Cause
, O
has O
dramatically B-Effect
transformed I-Effect
the I-Effect
segment I-Effect
. O

However O
, O
improvement B-Effect
in I-Effect
brand I-Effect
equity I-Effect
should I-Effect
rise I-Effect
given B-Cause
the I-Cause
pace I-Cause
of I-Cause
tailored I-Cause
store I-Cause
build-outs I-Cause
and I-Cause
category I-Cause
expansions I-Cause
, I-Cause
but O
we O
think O
the O
retail O
business O
alone O
still O
has O
insufficient O
scale O
to O
garner O
a O
cost O
advantage O
. O

Overall O
, O
KPN B-Cause
's I-Cause
focus I-Cause
on I-Cause
higher-end I-Cause
subscribers I-Cause
in I-Cause
both I-Cause
consumer I-Cause
and I-Cause
business I-Cause
segments I-Cause
should O
help O
offset O
declines B-Effect
in I-Effect
voice I-Effect
revenue I-Effect
. O

We B-Effect
forecast I-Effect
sharp I-Effect
downturns I-Effect
in I-Effect
sales I-Effect
, I-Effect
margins I-Effect
, I-Effect
and I-Effect
earnings I-Effect
in I-Effect
2020 I-Effect
due B-Cause
to I-Cause
COVID-19 I-Cause
, O
including B-Effect
sales I-Effect
drops I-Effect
for I-Effect
all I-Effect
three I-Effect
of I-Effect
its I-Effect
segments I-Effect
. O

We O
forecast O
9 B-Effect
% I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
optical I-Effect
communications I-Effect
segment I-Effect
, O
where O
5G B-Cause
network I-Cause
and I-Cause
data I-Cause
center I-Cause
buildouts I-Cause
will I-Cause
elevate I-Cause
demand I-Cause
for I-Cause
fiber I-Cause
. O

Adient O
said O
in O
April O
2020 O
that O
it B-Cause
has I-Cause
a I-Cause
$ I-Cause
175 I-Cause
million I-Cause
monthly I-Cause
cash I-Cause
burn I-Cause
while I-Cause
customers I-Cause
' I-Cause
plants I-Cause
are I-Cause
closed I-Cause
, O
so O
this B-Effect
is I-Effect
a I-Effect
rough I-Effect
proxy I-Effect
for I-Effect
the I-Effect
impact I-Effect
of I-Effect
any I-Effect
future I-Effect
pandemic-related I-Effect
shutdowns I-Effect
. O

However O
, O
we O
do O
n't O
expect O
this B-Effect
growth I-Effect
will I-Effect
persist I-Effect
at I-Effect
the I-Effect
same I-Effect
cadence I-Effect
, O
as O
consumers B-Cause
work I-Cause
through I-Cause
their I-Cause
at-home I-Cause
inventory I-Cause
and I-Cause
ultimately I-Cause
venture I-Cause
out I-Cause
to I-Cause
restaurants I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
pipeline I-Cause
of I-Cause
renewable I-Cause
energy I-Cause
projects I-Cause
is I-Cause
nearly I-Cause
30 I-Cause
gigawatts I-Cause
over I-Cause
the I-Cause
next I-Cause
four I-Cause
years I-Cause
, O
aiding O
in O
the B-Effect
transition I-Effect
away I-Effect
from I-Effect
carbon I-Effect
emissions I-Effect
. O

We O
expect O
that O
Live B-Effect
Nation I-Effect
's I-Effect
venues I-Effect
and I-Effect
concerts I-Effect
will I-Effect
remain I-Effect
one I-Effect
of I-Effect
the I-Effect
valuable I-Effect
platforms I-Effect
for I-Effect
reaching I-Effect
younger I-Effect
music I-Effect
fan I-Effect
as O
those B-Cause
fans I-Cause
continue I-Cause
to I-Cause
attend I-Cause
more I-Cause
live I-Cause
events I-Cause
. O

This B-Cause
provides I-Cause
Alibaba I-Cause
with I-Cause
an I-Cause
unparalleled I-Cause
source I-Cause
of I-Cause
data I-Cause
that O
it B-Effect
can I-Effect
use I-Effect
to I-Effect
help I-Effect
merchants I-Effect
and I-Effect
consumer I-Effect
brands I-Effect
develop I-Effect
personalized I-Effect
mobile I-Effect
marketing I-Effect
and I-Effect
content I-Effect
strategies I-Effect
to I-Effect
expand I-Effect
their I-Effect
target I-Effect
audiences I-Effect
, I-Effect
increase I-Effect
click-through I-Effect
rates I-Effect
and I-Effect
physical I-Effect
store I-Effect
transactions I-Effect
, I-Effect
and I-Effect
bolster I-Effect
return I-Effect
on I-Effect
investment I-Effect
. O

While O
the O
company O
has O
not O
indicated O
an O
appetite O
for O
further O
acquisitions O
, O
we O
expect O
internal B-Cause
investments I-Cause
in I-Cause
mobile I-Cause
ordering I-Cause
, I-Cause
curbside I-Cause
delivery I-Cause
, I-Cause
takeaway I-Cause
windows I-Cause
, I-Cause
and I-Cause
multiple I-Cause
drive-thru I-Cause
lanes I-Cause
in I-Cause
select I-Cause
locations I-Cause
to O
help B-Effect
the I-Effect
firm I-Effect
increase I-Effect
throughput I-Effect
during I-Effect
key I-Effect
dayparts I-Effect
. O

All B-Cause
of I-Cause
these I-Cause
factors I-Cause
help O
reduce B-Effect
the I-Effect
overall I-Effect
cost I-Effect
per I-Effect
treatment I-Effect
at I-Effect
the I-Effect
top-tier I-Effect
players I-Effect
relative I-Effect
to I-Effect
smaller-scale I-Effect
peers I-Effect
, O
which O
helps O
the O
top-tier O
players O
generate O
economic O
profits O
. O

Lastly O
, O
the B-Effect
recent I-Effect
move I-Effect
to I-Effect
acquire I-Effect
Celgene I-Effect
adds B-Effect
financial I-Effect
risk I-Effect
due O
to O
the B-Cause
large I-Cause
amount I-Cause
of I-Cause
debt I-Cause
needed I-Cause
to I-Cause
finance I-Cause
the I-Cause
deal I-Cause
. O

Along O
those O
lines O
, O
Amazon B-Effect
Web I-Effect
Services I-Effect
offers I-Effect
scale I-Effect
advantages I-Effect
to I-Effect
clients I-Effect
in O
that O
it B-Cause
is I-Cause
cheaper I-Cause
and I-Cause
faster I-Cause
to I-Cause
set I-Cause
up I-Cause
IT I-Cause
infrastructure I-Cause
in I-Cause
the I-Cause
cloud I-Cause
compared I-Cause
with I-Cause
undertaking I-Cause
the I-Cause
same I-Cause
effort I-Cause
independently I-Cause
. O

AXA O
ended O
up O
retreating O
from O
this O
product O
set O
and O
now O
with B-Cause
the I-Cause
sale I-Cause
of I-Cause
AXA I-Cause
Equitable I-Cause
Holdings I-Cause
, O
is B-Effect
removing I-Effect
itself I-Effect
fully I-Effect
from I-Effect
the I-Effect
Americas I-Effect
Life I-Effect
and I-Effect
Savings I-Effect
market I-Effect
. O

The B-Cause
new I-Cause
hotel I-Cause
rooms I-Cause
by I-Cause
major I-Cause
operators I-Cause
in I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
should O
accommodate B-Effect
increased I-Effect
and I-Effect
extended I-Effect
visits I-Effect
from I-Effect
bigger I-Effect
spenders I-Effect
from I-Effect
these I-Effect
provinces I-Effect
, I-Effect
and I-Effect
drive I-Effect
the I-Effect
top I-Effect
line I-Effect
for I-Effect
integrated I-Effect
resort I-Effect
operators I-Effect
like I-Effect
Galaxy I-Effect
Entertainment I-Effect
. O

Iliad B-Effect
has I-Effect
been I-Effect
commercially I-Effect
successful I-Effect
, I-Effect
managing I-Effect
to I-Effect
grow I-Effect
its I-Effect
customer I-Effect
base I-Effect
from I-Effect
2.8 I-Effect
million I-Effect
in I-Effect
2018 I-Effect
to I-Effect
5.3 I-Effect
million I-Effect
in I-Effect
2019 I-Effect
by O
mainly O
stealing B-Cause
price-sensitive I-Cause
customers I-Cause
from I-Cause
Wind I-Cause
and I-Cause
Vodafone I-Cause
. O

While O
there O
is O
a O
high O
level O
of O
competition O
for O
top O
advisor O
talent O
, O
LPL B-Effect
has I-Effect
been I-Effect
willing I-Effect
to I-Effect
invest I-Effect
to I-Effect
remain I-Effect
competitive I-Effect
by O
improving B-Cause
its I-Cause
technology I-Cause
offerings I-Cause
and I-Cause
services I-Cause
. O

Irrational B-Cause
behavior I-Cause
, O
such O
as O
aggressively O
pushing O
incentives O
to O
drive O
better O
community O
absorption O
rates O
or O
overbidding O
on O
land O
deals O
, O
can B-Effect
have I-Effect
adverse I-Effect
repercussions I-Effect
for I-Effect
the I-Effect
entire I-Effect
industry I-Effect
. O

While O
much B-Effect
of I-Effect
this I-Effect
is O
because O
close B-Cause
to I-Cause
two I-Cause
thirds I-Cause
of I-Cause
the I-Cause
products I-Cause
that I-Cause
are I-Cause
sold I-Cause
via I-Cause
Waddell I-Cause
& I-Cause
amp I-Cause
; O
Reed B-Effect
's I-Effect
advisors I-Effect
are I-Effect
held I-Effect
in I-Effect
retirement I-Effect
vehicles I-Effect
, O
some O
of O
it O
is O
also O
because O
of O
the B-Cause
firm I-Cause
's I-Cause
focus I-Cause
on I-Cause
underserved I-Cause
middle-income I-Cause
investors I-Cause
outside I-Cause
of I-Cause
major I-Cause
urban I-Cause
areas I-Cause
. O

We B-Effect
model I-Effect
a I-Effect
12 I-Effect
% I-Effect
recovery I-Effect
in I-Effect
2022 I-Effect
, I-Effect
followed I-Effect
by I-Effect
3 I-Effect
% I-Effect
organic I-Effect
long-term I-Effect
volume I-Effect
growth I-Effect
, O
as B-Cause
the I-Cause
firm I-Cause
continues I-Cause
to I-Cause
expand I-Cause
into I-Cause
new I-Cause
channels I-Cause
. O

Philips O
' O
imaging O
devices O
have O
experienced O
a O
1 O
% O
to O
2 O
% O
annual O
price O
deflation O
for O
many O
years O
, O
but O
we O
believe O
price B-Effect
pressures I-Effect
are I-Effect
partially I-Effect
eased I-Effect
by O
the B-Cause
critical I-Cause
nature I-Cause
of I-Cause
these I-Cause
machines I-Cause
, I-Cause
a I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
and I-Cause
switching I-Cause
costs I-Cause
. O

First O
, O
Motorola B-Cause
Solutions I-Cause
has I-Cause
cultivated I-Cause
relationships I-Cause
with I-Cause
government I-Cause
procurement I-Cause
personnel I-Cause
over I-Cause
the I-Cause
years I-Cause
, O
effectively B-Effect
navigating I-Effect
the I-Effect
labyrinthine I-Effect
bidding I-Effect
and I-Effect
board I-Effect
approval I-Effect
processes I-Effect
that I-Effect
occurs I-Effect
in I-Effect
city I-Effect
, I-Effect
country I-Effect
, I-Effect
and I-Effect
state I-Effect
contracts I-Effect
. O

Historically O
, O
Graco B-Cause
's I-Cause
organic I-Cause
growth I-Cause
rate I-Cause
has I-Cause
outpaced I-Cause
GDP I-Cause
growth I-Cause
thanks O
to O
its B-Cause
commitment I-Cause
to I-Cause
research I-Cause
and I-Cause
development I-Cause
, O
which O
has O
allowed O
the B-Effect
company I-Effect
to I-Effect
generate I-Effect
additional I-Effect
sales I-Effect
by I-Effect
developing I-Effect
new I-Effect
products I-Effect
, I-Effect
penetrating I-Effect
adjacent I-Effect
markets I-Effect
, I-Effect
and I-Effect
capturing I-Effect
market I-Effect
share I-Effect
from I-Effect
competitors I-Effect
. O

Compared O
with O
the O
relatively O
low O
operating O
cost O
producer O
in O
BHP O
Billiton O
, O
Teck B-Effect
suffers I-Effect
substantially I-Effect
higher I-Effect
transport I-Effect
costs I-Effect
from O
railing B-Cause
coal I-Cause
more I-Cause
than I-Cause
1000 I-Cause
kilometers I-Cause
to I-Cause
port I-Cause
. O

Given B-Cause
the I-Cause
switching I-Cause
costs I-Cause
inherent I-Cause
in I-Cause
the I-Cause
industry I-Cause
and I-Cause
what I-Cause
is I-Cause
effectively I-Cause
CyrusOne I-Cause
's I-Cause
first-mover I-Cause
advantage I-Cause
in I-Cause
procuring I-Cause
its I-Cause
existing I-Cause
tenants I-Cause
, O
we B-Effect
think I-Effect
the I-Effect
firm I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
and I-Effect
retain I-Effect
its I-Effect
customers I-Effect
. O

Given O
the B-Cause
lack I-Cause
of I-Cause
long-term I-Cause
certainty I-Cause
in I-Cause
moving I-Cause
to I-Cause
a I-Cause
new I-Cause
data I-Cause
center I-Cause
( I-Cause
retail I-Cause
co-location I-Cause
contracts I-Cause
are I-Cause
typically I-Cause
for I-Cause
less I-Cause
than I-Cause
four I-Cause
years I-Cause
) I-Cause
, O
we O
think O
the B-Effect
cost I-Effect
is I-Effect
too I-Effect
prohibitive I-Effect
and I-Effect
makes I-Effect
firms I-Effect
unlikely I-Effect
to I-Effect
transfer I-Effect
data I-Effect
centers I-Effect
unless O
they O
have O
other O
specific O
issues O
. O

Because O
of O
JPMorgan B-Cause
's I-Cause
diversified I-Cause
revenue I-Cause
streams I-Cause
, O
which O
showed B-Cause
just I-Cause
how I-Cause
stable I-Cause
revenue I-Cause
can I-Cause
be I-Cause
even I-Cause
during I-Cause
the I-Cause
pandemic-driven I-Cause
downturn I-Cause
, O
we B-Effect
assign I-Effect
the I-Effect
bank I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
. O

Oil B-Cause
prices I-Cause
plunged I-Cause
in I-Cause
2020 I-Cause
, O
which O
presents O
the O
risk O
that O
several B-Effect
of I-Effect
their I-Effect
customers I-Effect
may I-Effect
be I-Effect
unable I-Effect
to I-Effect
take I-Effect
delivery I-Effect
of I-Effect
the I-Effect
helicopter I-Effect
. O

Wesco B-Effect
's I-Effect
supply I-Effect
chain I-Effect
services I-Effect
and I-Effect
technical I-Effect
expertise I-Effect
add I-Effect
value I-Effect
for I-Effect
customers I-Effect
by O
simplifying B-Cause
the I-Cause
product I-Cause
procurement I-Cause
process I-Cause
, I-Cause
lowering I-Cause
working I-Cause
capital I-Cause
needs I-Cause
, I-Cause
and I-Cause
driving I-Cause
both I-Cause
cost I-Cause
and I-Cause
risk I-Cause
out I-Cause
of I-Cause
customer I-Cause
supply I-Cause
chains I-Cause
. O

We B-Effect
think I-Effect
it I-Effect
has I-Effect
outperformed I-Effect
both I-Effect
specialty I-Effect
haircare I-Effect
suppliers I-Effect
and I-Effect
salons I-Effect
due O
to O
its B-Cause
loyalty I-Cause
program I-Cause
, I-Cause
its I-Cause
large I-Cause
selection I-Cause
of I-Cause
merchandise I-Cause
, I-Cause
and I-Cause
the I-Cause
increasing I-Cause
density I-Cause
of I-Cause
its I-Cause
store I-Cause
base I-Cause
. O

We O
think O
it B-Effect
is I-Effect
important I-Effect
to I-Effect
consider I-Effect
goodwill I-Effect
when I-Effect
measuring I-Effect
Conagra I-Effect
's I-Effect
ROIC I-Effect
, O
as O
its B-Cause
acquisitions I-Cause
have I-Cause
played I-Cause
a I-Cause
key I-Cause
role I-Cause
in I-Cause
its I-Cause
strategy I-Cause
. O

Capital B-Effect
spending I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
has I-Effect
been I-Effect
10 I-Effect
% I-Effect
or I-Effect
less I-Effect
each I-Effect
of I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
and I-Effect
is I-Effect
generally I-Effect
declining I-Effect
, O
as O
equipment B-Cause
pricing I-Cause
is I-Cause
often I-Cause
deflationary I-Cause
. O

Biogen O
's O
MS O
portfolio O
has O
enjoyed O
tremendous O
pricing O
power O
in O
the O
United O
States O
, O
and O
insurers B-Effect
could I-Effect
begin I-Effect
to I-Effect
find I-Effect
ways I-Effect
to I-Effect
put I-Effect
pressure I-Effect
on I-Effect
future I-Effect
price I-Effect
increases I-Effect
as O
more B-Cause
competitors I-Cause
reach I-Cause
the I-Cause
market I-Cause
. O

More B-Cause
traditional I-Cause
5G I-Cause
network I-Cause
builds I-Cause
, I-Cause
mirroring I-Cause
existing I-Cause
wireless I-Cause
network I-Cause
deployments I-Cause
using I-Cause
lower-frequency I-Cause
spectrum I-Cause
, O
could O
eventually O
provide B-Effect
the I-Effect
capacity I-Effect
needed I-Effect
to I-Effect
compete I-Effect
with I-Effect
fixed-line I-Effect
Internet I-Effect
access I-Effect
services I-Effect
. O

The B-Cause
availability I-Cause
of I-Cause
alternative I-Cause
data I-Cause
sources I-Cause
decreases B-Effect
reliance I-Effect
on I-Effect
Alliance I-Effect
Data I-Effect
Systems I-Effect
' I-Effect
cards I-Effect
and I-Effect
increases I-Effect
the I-Effect
negotiating I-Effect
power I-Effect
of I-Effect
the I-Effect
retailers I-Effect
. O

While O
we O
do O
not O
believe O
the O
pandemic O
will O
materially O
alter O
Costco O
's O
long-term O
trajectory O
, O
it B-Effect
increases I-Effect
near-term I-Effect
uncertainty I-Effect
as O
the B-Cause
crisis I-Cause
eases I-Cause
and I-Cause
consumers I-Cause
shift I-Cause
spending I-Cause
back I-Cause
toward I-Cause
pandemic-restricted I-Cause
categories I-Cause
( I-Cause
like I-Cause
restaurants I-Cause
and I-Cause
travel I-Cause
) I-Cause
. O

We O
expect O
uneven B-Cause
guest I-Cause
traffic I-Cause
over I-Cause
the I-Cause
foreseeable I-Cause
future I-Cause
and I-Effect
believe I-Effect
operators I-Effect
will I-Effect
need I-Effect
to I-Effect
adjust B-Cause
their I-Cause
in-store I-Cause
and I-Cause
digital I-Cause
selling I-Cause
procedures I-Cause
to O
satisfy O
the B-Effect
continued I-Effect
shift I-Effect
from I-Effect
physical I-Effect
to I-Effect
online I-Effect
purchases I-Effect
. O

Kyocera O
's O
revenue O
has O
been O
fairly O
flat O
for O
a O
few O
years O
until O
fiscal O
2017 O
, O
but O
as O
a O
result O
of O
aggressive B-Cause
mergers I-Cause
and I-Cause
acquisitions I-Cause
and I-Cause
robust I-Cause
demand I-Cause
for I-Cause
electronic I-Cause
components I-Cause
from I-Cause
autos I-Cause
and I-Cause
smartphones I-Cause
, O
its B-Effect
revenue I-Effect
increased I-Effect
10.8 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2018 I-Effect
. O

This B-Cause
highly I-Cause
commoditized I-Cause
service I-Cause
drives B-Effect
scale I-Effect
and I-Effect
reach I-Effect
within I-Effect
healthcare I-Effect
claims I-Effect
processing I-Effect
and I-Effect
enables I-Effect
the I-Effect
company I-Effect
to I-Effect
identify I-Effect
incremental I-Effect
tools I-Effect
and I-Effect
evolving I-Effect
needs I-Effect
across I-Effect
its I-Effect
broad I-Effect
customer I-Effect
base I-Effect
. O

For O
example O
, O
the B-Effect
tariffs I-Effect
for I-Effect
long-distance I-Effect
passenger I-Effect
trains I-Effect
have I-Effect
been I-Effect
stagnant I-Effect
for I-Effect
more I-Effect
than I-Effect
25 I-Effect
years I-Effect
, I-Effect
despite I-Effect
China I-Effect
's I-Effect
consumer I-Effect
price I-Effect
index I-Effect
soaring I-Effect
almost I-Effect
60 I-Effect
% I-Effect
during I-Effect
the I-Effect
same I-Effect
period. O
This O
is O
because O
long-distance B-Cause
rail I-Cause
in I-Cause
China I-Cause
must I-Cause
serve I-Cause
the I-Cause
public I-Cause
interest I-Cause
, I-Cause
and I-Cause
most I-Cause
travelers I-Cause
are I-Cause
migrant I-Cause
workers I-Cause
with I-Cause
relatively I-Cause
low I-Cause
incomes I-Cause
. O

This O
is O
followed B-Effect
by I-Effect
a I-Effect
steep I-Effect
10 I-Effect
% I-Effect
decline I-Effect
in I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2022 I-Effect
as O
the O
availability B-Cause
of I-Cause
COVID-19 I-Cause
vaccines I-Cause
diminishes I-Cause
demand I-Cause
for I-Cause
the I-Cause
diagnostic I-Cause
tests I-Cause
. O

As O
its B-Cause
larger I-Cause
rivals I-Cause
( I-Cause
such I-Cause
as I-Cause
Royal I-Cause
Dutch I-Cause
Shell I-Cause
, I-Cause
BP I-Cause
, I-Cause
and I-Cause
Exxon I-Cause
) I-Cause
are I-Cause
vertically I-Cause
integrated I-Cause
, O
Valvoline B-Effect
does I-Effect
not I-Effect
enjoy I-Effect
the I-Effect
same I-Effect
degree I-Effect
of I-Effect
control I-Effect
over I-Effect
base I-Effect
oil I-Effect
supply I-Effect
( I-Effect
though I-Effect
cheaper I-Effect
crude I-Effect
oil I-Effect
amid I-Effect
falling I-Effect
demand I-Effect
in I-Effect
2020 I-Effect
has I-Effect
mitigated I-Effect
the I-Effect
near-term I-Effect
disadvantage I-Effect
) I-Effect
. O

We O
believe O
the B-Effect
dividend I-Effect
is I-Effect
now I-Effect
secure I-Effect
at I-Effect
the I-Effect
current I-Effect
level I-Effect
due O
to O
the B-Cause
November I-Cause
2016 I-Cause
Off-Coal I-Cause
Agreement I-Cause
that I-Cause
provides I-Cause
annual I-Cause
cash I-Cause
payments I-Cause
to I-Cause
TransAlta I-Cause
to I-Cause
compensate I-Cause
for I-Cause
the I-Cause
closing I-Cause
of I-Cause
three I-Cause
coal-fired I-Cause
power I-Cause
plants I-Cause
in I-Cause
Alberta I-Cause
. O

From O
our O
understanding O
, O
moreover O
, O
ITW B-Cause
's I-Cause
welding I-Cause
tools I-Cause
are I-Cause
uniquely I-Cause
set I-Cause
up I-Cause
for I-Cause
ease I-Cause
of I-Cause
use I-Cause
, O
reducing B-Effect
training I-Effect
costs I-Effect
related I-Effect
to I-Effect
learning I-Effect
more I-Effect
complex I-Effect
pieces I-Effect
of I-Effect
equipment I-Effect
. O

While O
technological B-Cause
developments I-Cause
have O
made O
it B-Effect
possible I-Effect
to I-Effect
build I-Effect
more I-Effect
efficient I-Effect
and I-Effect
reliable I-Effect
networks I-Effect
than I-Effect
legacy I-Effect
providers I-Effect
possess I-Effect
, O
deploying O
these O
technologies O
still O
requires O
heavy O
construction O
spending O
, O
while O
also O
overcoming O
the O
regulatory O
hurdles O
that O
municipalities O
often O
impose O
. O

As O
top-line B-Cause
growth I-Cause
comes I-Cause
under I-Cause
some I-Cause
pressure I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, O
we O
think O
efforts B-Effect
to I-Effect
improve I-Effect
efficiency I-Effect
will I-Effect
prove I-Effect
difficult I-Effect
. O

Given O
its O
reach O
, O
the B-Effect
company I-Effect
is I-Effect
able I-Effect
to I-Effect
repurpose I-Effect
its I-Effect
programming I-Effect
to I-Effect
provide I-Effect
localized I-Effect
versions I-Effect
, O
as O
over B-Cause
50 I-Cause
% I-Cause
of I-Cause
the I-Cause
content I-Cause
shown I-Cause
on I-Cause
the I-Cause
international I-Cause
networks I-Cause
is I-Cause
produced I-Cause
for I-Cause
the I-Cause
U.S I-Cause
. O

Recent B-Cause
strategic I-Cause
pivots I-Cause
in I-Cause
the I-Cause
energy I-Cause
category I-Cause
( I-Cause
such I-Cause
as I-Cause
the I-Cause
Rockstar I-Cause
acquisition I-Cause
and I-Cause
Mountain I-Cause
Dew I-Cause
line I-Cause
extensions I-Cause
) I-Cause
should O
also O
underpin B-Effect
growth I-Effect
and I-Effect
margins I-Effect
. O

Thanks O
to O
both O
the O
scope O
of O
Ecolab O
's O
product B-Cause
offerings I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
global I-Cause
scale I-Cause
, O
it O
serves B-Effect
as I-Effect
a I-Effect
one-stop I-Effect
shop I-Effect
for I-Effect
its I-Effect
customers I-Effect
. O

For O
example O
, O
the B-Cause
organization I-Cause
may I-Cause
remain I-Cause
constrained I-Cause
by I-Cause
weaker I-Cause
star I-Cause
ratings I-Cause
than I-Cause
many I-Cause
of I-Cause
its I-Cause
peers I-Cause
, O
which O
affects O
value-based B-Effect
payments I-Effect
. O

Only B-Cause
when I-Cause
oil I-Cause
dropped I-Cause
from I-Cause
$ I-Cause
105 I-Cause
in I-Cause
2014 I-Cause
to I-Cause
$ I-Cause
26 I-Cause
in I-Cause
2016 I-Cause
do O
we B-Effect
estimate I-Effect
that I-Effect
the I-Effect
segment I-Effect
's I-Effect
returns I-Effect
dropped I-Effect
to I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, I-Effect
even I-Effect
as I-Effect
the I-Effect
firm I-Effect
's I-Effect
installed I-Effect
base I-Effect
had I-Effect
over I-Effect
30 I-Effect
% I-Effect
exposure I-Effect
to I-Effect
upstream I-Effect
and I-Effect
midstream I-Effect
oil I-Effect
and I-Effect
gas I-Effect
. O

Marine B-Effect
shipping I-Effect
by I-Effect
barge I-Effect
is I-Effect
less I-Effect
costly I-Effect
than I-Effect
rail I-Effect
for O
certain O
bulk O
commodity O
shippers O
that O
are O
located O
near B-Cause
the I-Cause
inland I-Cause
waterways I-Cause
offering I-Cause
access I-Cause
to I-Cause
the I-Cause
desired I-Cause
destination I-Cause
. O

If O
performance B-Cause
deteriorates I-Cause
or I-Cause
if I-Cause
it I-Cause
faces I-Cause
major I-Cause
changes I-Cause
in I-Cause
biopharma I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
, O
it O
may O
have O
trouble O
meeting B-Effect
interest I-Effect
payments I-Effect
and I-Effect
investing I-Effect
in I-Effect
its I-Effect
business I-Effect
to I-Effect
sustain I-Effect
growth I-Effect
. O

Despite O
new O
pricing O
structures O
in O
the O
chicken O
segment O
, O
contracts B-Cause
still I-Cause
do I-Cause
n't I-Cause
directly I-Cause
pass I-Cause
on I-Cause
costs I-Cause
, O
resulting O
in O
some B-Effect
margin I-Effect
volatility I-Effect
. O

With O
customer B-Cause
usage I-Cause
no I-Cause
longer I-Cause
a I-Cause
significant I-Cause
factor I-Cause
in I-Cause
financial I-Cause
performance I-Cause
and I-Cause
automatic I-Cause
rate I-Cause
adjustments I-Cause
for I-Cause
most I-Cause
O I-Cause
& I-Cause
M I-Cause
and I-Cause
changes I-Cause
in I-Cause
rate I-Cause
base I-Cause
, O
rolling B-Effect
three-year I-Effect
general I-Effect
rate-case I-Effect
decisions I-Effect
across I-Effect
the I-Effect
three I-Effect
utilities I-Effect
provide I-Effect
the I-Effect
greatest I-Effect
uncertainty I-Effect
. O

Although O
the O
switching O
costs O
might O
not O
be O
explicitly O
large O
, O
the B-Cause
benefits I-Cause
of I-Cause
switching I-Cause
from I-Cause
one I-Cause
asset I-Cause
manager I-Cause
or I-Cause
wealth I-Cause
manager I-Cause
to I-Cause
another I-Cause
are I-Cause
at I-Cause
times I-Cause
so O
uncertain B-Effect
that I-Effect
many I-Effect
clients I-Effect
simply I-Effect
stay I-Effect
where I-Effect
they I-Effect
are I-Effect
. I-Effect

Presumably O
, O
National B-Cause
Oilwell I-Cause
's I-Cause
manufacturing I-Cause
efficiency I-Cause
expertise I-Cause
, I-Cause
along I-Cause
with I-Cause
its I-Cause
unique I-Cause
insights I-Cause
into I-Cause
the I-Cause
drilling I-Cause
process I-Cause
gleaned I-Cause
from I-Cause
its I-Cause
traditional I-Cause
rig I-Cause
equipment I-Cause
business I-Cause
lines I-Cause
, O
could O
have O
allowed O
National B-Effect
Oilwell I-Effect
Varco I-Effect
to I-Effect
consistently I-Effect
differentiate I-Effect
its I-Effect
offerings I-Effect
from I-Effect
the I-Effect
integrated-services I-Effect
companies I-Effect
. O

For O
this O
segment O
, O
operating O
margins O
have O
remained O
above O
30 O
% O
over O
the O
past O
decade O
until O
the B-Cause
Chemogas I-Cause
acquisition I-Cause
caused O
a B-Effect
decrease I-Effect
in I-Effect
late I-Effect
2019 I-Effect
. O

More O
recently O
, O
these B-Effect
structural I-Effect
challenges I-Effect
abroad I-Effect
have I-Effect
been I-Effect
compounded I-Effect
as O
chocolate B-Cause
is I-Cause
less I-Cause
ingrained I-Cause
in I-Cause
the I-Cause
culture I-Cause
, I-Cause
is I-Cause
a I-Cause
more I-Cause
premium-priced I-Cause
product I-Cause
relative I-Cause
to I-Cause
other I-Cause
food I-Cause
categories I-Cause
, I-Cause
combined I-Cause
with I-Cause
economic I-Cause
uncertainty I-Cause
and I-Cause
the I-Cause
outsize I-Cause
effect I-Cause
of I-Cause
trade I-Cause
shutdowns I-Cause
stemming I-Cause
from I-Cause
COVID-19 I-Cause
. O

As O
Broadridge B-Cause
continues I-Cause
to I-Cause
gain I-Cause
scale I-Cause
and I-Cause
generate I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
M I-Cause
& I-Cause
A I-Cause
, O
we O
expect O
investor B-Effect
communication I-Effect
solutions I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
( I-Effect
net I-Effect
of I-Effect
distribution I-Effect
revenue I-Effect
) I-Effect
of I-Effect
about I-Effect
29 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

Pegasystems B-Cause
' I-Cause
no- I-Cause
and I-Cause
low-code I-Cause
platform I-Cause
allows B-Effect
the I-Effect
business I-Effect
user I-Effect
, I-Effect
rather I-Effect
than I-Effect
a I-Effect
software I-Effect
engineer I-Effect
, I-Effect
to I-Effect
automate I-Effect
the I-Effect
workflow I-Effect
in I-Effect
a I-Effect
way I-Effect
that I-Effect
matches I-Effect
the I-Effect
business I-Effect
need I-Effect
. O

Since O
late O
2017 O
, O
Tenet B-Effect
Healthcare I-Effect
has I-Effect
undergone I-Effect
a I-Effect
massive I-Effect
turnaround I-Effect
effort I-Effect
in B-Cause
the I-Cause
wake I-Cause
of I-Cause
an I-Cause
acquisition I-Cause
strategy I-Cause
that O
left O
it B-Effect
with I-Effect
operating I-Effect
inefficiencies I-Effect
and I-Effect
a I-Effect
debt-heavy I-Effect
balance I-Effect
sheet I-Effect
. O

As O
small B-Cause
companies I-Cause
are I-Cause
prevented I-Cause
from I-Cause
competing I-Cause
for I-Cause
larger I-Cause
customers I-Cause
, O
they B-Effect
are I-Effect
unable I-Effect
to I-Effect
achieve I-Effect
sufficient I-Effect
scale I-Effect
to I-Effect
match I-Effect
the I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
investment I-Effect
( I-Effect
and I-Effect
thus I-Effect
innovation I-Effect
capabilities I-Effect
) I-Effect
of I-Effect
the I-Effect
top I-Effect
flavors I-Effect
and I-Effect
fragrances I-Effect
players I-Effect
. O

We O
believe O
that O
Tractor B-Cause
Supply I-Cause
has I-Cause
reached I-Cause
critical I-Cause
mass I-Cause
in I-Cause
its I-Cause
consumer I-Cause
segment I-Cause
, O
which O
should O
facilitate B-Effect
consistent I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
helped O
by O
corporate B-Cause
development I-Cause
across I-Cause
arenas I-Cause
, I-Cause
including I-Cause
utilizing I-Cause
better I-Cause
customer I-Cause
attribution I-Cause
data I-Cause
, I-Cause
improved I-Cause
bargaining I-Cause
with I-Cause
vendors I-Cause
, I-Cause
and I-Cause
more I-Cause
sophisticated I-Cause
logistics I-Cause
. O

Nevertheless O
, O
it O
is O
this O
acquisition B-Cause
and I-Cause
the I-Cause
increased I-Cause
exposure I-Cause
to I-Cause
the I-Cause
menthol I-Cause
category I-Cause
that O
is O
a O
key O
reason O
for O
the O
recent B-Effect
weakness I-Effect
in I-Effect
BAT I-Effect
's I-Effect
stock I-Effect
, O
and O
the O
overhang O
of O
potential O
menthol O
regulation O
is O
not O
likely O
to O
ease O
in O
the O
short O
term O
. O

We O
believe O
Hubbell B-Effect
can I-Effect
readily I-Effect
hit I-Effect
16 I-Effect
% I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
by I-Effect
2022 I-Effect
as O
it B-Cause
emerges I-Cause
through I-Cause
its I-Cause
latest I-Cause
rounds I-Cause
of I-Cause
productivity I-Cause
initiatives I-Cause
and O
despite O
challenges O
posed O
by O
the O
global O
pandemic O
, O
including O
supply O
chain O
automation O
and O
footprint O
and O
back-office O
consolidation O
. O

On O
a B-Cause
cost I-Cause
advantage I-Cause
basis I-Cause
, O
we O
view O
the B-Effect
bank I-Effect
's I-Effect
deposit I-Effect
base I-Effect
as I-Effect
having I-Effect
a I-Effect
likely I-Effect
chance I-Effect
of I-Effect
being I-Effect
advantaged I-Effect
in I-Effect
the I-Effect
future I-Effect
, O
based O
on O
historical O
performance O
, O
although O
we O
acknowledge O
the O
bank O
's O
historical O
advantage O
here O
has O
decreased O
over O
time O
. O

The B-Effect
DIY I-Effect
industry I-Effect
has I-Effect
also I-Effect
proved I-Effect
to I-Effect
be I-Effect
resilient I-Effect
against I-Effect
the I-Effect
threat I-Effect
of I-Effect
online I-Effect
disruption I-Effect
due B-Cause
to I-Cause
difficulties I-Cause
in I-Cause
transporting I-Cause
bulky I-Cause
products I-Cause
and I-Cause
consumers I-Cause
' I-Cause
preference I-Cause
for I-Cause
in-person I-Cause
advice I-Cause
and I-Cause
service I-Cause
. I-Cause

While O
there O
have O
not O
been O
any O
reported O
integration O
issues O
so O
far O
, O
the B-Cause
development I-Cause
of I-Cause
any I-Cause
problems I-Cause
with I-Cause
integration I-Cause
or I-Cause
product I-Cause
implementation I-Cause
could O
lead B-Effect
to I-Effect
elevated I-Effect
costs I-Effect
and I-Effect
result I-Effect
in I-Effect
operating I-Effect
margin I-Effect
compression I-Effect
. O

In O
general O
, O
regulatory B-Cause
actions I-Cause
that I-Cause
affect I-Cause
patient I-Cause
access I-Cause
or I-Cause
reimbursement I-Cause
rates I-Cause
could O
significantly O
change O
the B-Effect
profitability I-Effect
of I-Effect
HCA I-Effect
's I-Effect
operations I-Effect
and I-Effect
will I-Effect
likely I-Effect
remain I-Effect
a I-Effect
key I-Effect
ESG I-Effect
risk I-Effect
for I-Effect
HCA I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. I-Effect

As O
consumers B-Cause
slowly I-Cause
resume I-Cause
cruising I-Cause
after I-Cause
a I-Cause
more I-Cause
than I-Cause
year- I-Cause
long I-Cause
sailing I-Cause
halt I-Cause
( I-Cause
which I-Cause
could I-Cause
be I-Cause
prolonged I-Cause
) I-Cause
, O
we O
suspect O
cruise B-Effect
operators I-Effect
will I-Effect
have I-Effect
to I-Effect
reassure I-Effect
passengers I-Effect
of I-Effect
the I-Effect
safety I-Effect
and I-Effect
value I-Effect
propositions I-Effect
of I-Effect
cruising I-Effect
. O

Instead O
, O
Sensient O
aims O
to O
deliver B-Effect
margin I-Effect
expansion I-Effect
by O
gradually B-Cause
improving I-Cause
its I-Cause
product I-Cause
mix I-Cause
, I-Cause
moving I-Cause
toward I-Cause
comprehensive I-Cause
flavor I-Cause
systems I-Cause
and I-Cause
away I-Cause
from I-Cause
more I-Cause
commoditylike I-Cause
ingredients I-Cause
. O

While B-Cause
the I-Cause
firm I-Cause
intends I-Cause
to I-Cause
realize I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
in I-Cause
efficiency I-Cause
savings I-Cause
through I-Cause
2024 I-Cause
, I-Cause
it I-Cause
appears I-Cause
to I-Cause
be I-Cause
doing I-Cause
so I-Cause
as I-Cause
a I-Cause
way I-Cause
to I-Cause
free I-Cause
up I-Cause
resources I-Cause
to I-Cause
reinvest I-Cause
in I-Cause
its I-Cause
product I-Cause
mix I-Cause
rather I-Cause
than I-Cause
inflate I-Cause
profits. O
As O
such O
, O
we O
think O
the B-Effect
firm I-Effect
's I-Effect
focus I-Effect
on I-Effect
fueling I-Effect
marketing I-Effect
spending I-Effect
and I-Effect
getting I-Effect
more I-Effect
mileage I-Effect
out I-Effect
of I-Effect
these I-Effect
investments I-Effect
is I-Effect
judicious I-Effect
, I-Effect
aided I-Effect
by I-Effect
its I-Effect
decision I-Effect
to I-Effect
narrow I-Effect
its I-Effect
stock-keeping I-Effect
unit I-Effect
count I-Effect
, I-Effect
which I-Effect
was I-Effect
down I-Effect
20 I-Effect
% I-Effect
in I-Effect
North I-Effect
America I-Effect
in I-Effect
2020 I-Effect
. O

Costco B-Cause
benefits I-Cause
from I-Cause
a I-Cause
number I-Cause
of I-Cause
traffic I-Cause
drivers I-Cause
, I-Cause
particularly I-Cause
its I-Cause
food I-Cause
and I-Cause
sundries I-Cause
offerings I-Cause
( I-Cause
56 I-Cause
% I-Cause
of I-Cause
fiscal I-Cause
2020 I-Cause
sales I-Cause
, I-Cause
including I-Cause
fresh I-Cause
) I-Cause
and I-Cause
fuel I-Cause
( I-Cause
around I-Cause
10 I-Cause
% I-Cause
on I-Cause
a I-Cause
normalized I-Cause
basis I-Cause
) I-Cause
, O
which O
we B-Effect
believe I-Effect
creates I-Effect
a I-Effect
steady I-Effect
stream I-Effect
of I-Effect
repeat I-Effect
visitors I-Effect
. O

Capital B-Effect
expenditures I-Effect
should O
taper O
as O
renovation B-Cause
efforts I-Cause
conclude I-Cause
but O
remain O
at O
3.2 O
% O
of O
sales O
on O
average O
over O
the O
next O
decade O
, O
higher O
than O
Target O
's O
2.2 O
% O
in O
the O
three O
years O
before O
its O
turnaround O
plan O
began O
( O
fiscal O
2014-16 O
) O
. O

The O
company O
already O
boasts O
an O
operating O
margin O
higher O
than O
many O
of O
its O
similar-size O
peers O
( O
excluding O
non-CRO O
segments O
of O
its O
peers O
) O
, O
and O
we O
see O
opportunity B-Effect
for I-Effect
operating I-Effect
margin I-Effect
improvement I-Effect
in I-Effect
the I-Effect
future I-Effect
due O
to O
cost-saving B-Cause
synergies I-Cause
from I-Cause
the I-Cause
PRA I-Cause
acquisition I-Cause
. O

While O
legacy O
Medtronic O
's O
gross O
margins O
have O
historically O
held O
firm O
at O
about O
75 O
% O
, O
the B-Cause
addition I-Cause
of I-Cause
Covidien I-Cause
has O
lowered B-Effect
this I-Effect
by I-Effect
roughly I-Effect
600 I-Effect
basis I-Effect
points I-Effect
, I-Effect
and I-Effect
the I-Effect
firm I-Effect
has I-Effect
made I-Effect
gradual I-Effect
and I-Effect
steady I-Effect
progress I-Effect
in I-Effect
raising I-Effect
gross I-Effect
margin I-Effect
more I-Effect
than I-Effect
100 I-Effect
basis I-Effect
points I-Effect
over I-Effect
the I-Effect
last I-Effect
four I-Effect
years I-Effect
. O

A B-Cause
combination I-Cause
of I-Cause
significant I-Cause
acquisitions I-Cause
and I-Cause
disposals I-Cause
during I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
has O
seen O
CRH B-Effect
transform I-Effect
into I-Effect
a I-Effect
leading I-Effect
manufacturer I-Effect
of I-Effect
building I-Effect
materials I-Effect
. O

Competition B-Effect
is I-Effect
always I-Effect
a I-Effect
risk I-Effect
, O
as O
it B-Cause
is I-Cause
here I-Cause
with I-Cause
the I-Cause
rise I-Cause
of I-Cause
next-generation I-Cause
process I-Cause
automation I-Cause
from I-Cause
the I-Cause
likes I-Cause
of I-Cause
ServiceNow I-Cause
. O

While O
Monolithic B-Cause
's I-Cause
portfolio I-Cause
of I-Cause
highly I-Cause
engineered I-Cause
and I-Cause
differentiated I-Cause
technology I-Cause
may O
give O
it O
an B-Effect
edge I-Effect
in I-Effect
certain I-Effect
applications I-Effect
today I-Effect
, O
the B-Cause
scale I-Cause
of I-Cause
its I-Cause
peers I-Cause
' I-Cause
resources I-Cause
may O
hinder O
its B-Effect
ability I-Effect
to I-Effect
maintain I-Effect
its I-Effect
strong I-Effect
rate I-Effect
of I-Effect
design I-Effect
wins I-Effect
and I-Effect
share I-Effect
gains I-Effect
. O

We O
believe O
that O
with O
Premier O
Farnell O
, O
Avnet O
will O
have B-Effect
more I-Effect
opportunities I-Effect
to I-Effect
accelerate I-Effect
component I-Effect
growth I-Effect
, O
as O
it O
will O
be O
able O
to O
provide B-Cause
services I-Cause
spanning I-Cause
the I-Cause
entire I-Cause
product I-Cause
life I-Cause
cycle I-Cause
, O
from O
idea O
generation O
all O
the O
way O
to O
volume O
production O
. O

Further O
, O
the B-Cause
SaaS I-Cause
vendors I-Cause
benefited O
from O
more B-Effect
predictable I-Effect
revenue I-Effect
streams I-Effect
, I-Effect
the I-Effect
elimination I-Effect
of I-Effect
piracy I-Effect
, I-Effect
and I-Effect
supporting I-Effect
only I-Effect
one I-Effect
product I-Effect
version I-Effect
. O

It O
appears O
that O
Criteo B-Effect
is I-Effect
losing I-Effect
the I-Effect
battle I-Effect
as O
the B-Cause
firm I-Cause
lowered I-Cause
its I-Cause
2018 I-Cause
net I-Cause
revenue I-Cause
guidance I-Cause
mainly O
due O
to O
Apple B-Cause
's I-Cause
ITP I-Cause
. O

While B-Effect
there I-Effect
are I-Effect
efficiencies I-Effect
in I-Effect
having I-Effect
a I-Effect
single I-Effect
type I-Effect
of I-Effect
rotorcraft I-Effect
in I-Effect
a I-Effect
fleet I-Effect
with I-Effect
regards I-Effect
to I-Effect
maintenance I-Effect
and I-Effect
training I-Effect
, I-Effect
we I-Effect
do I-Effect
n't I-Effect
think I-Effect
this I-Effect
translates I-Effect
to I-Effect
any I-Effect
meaningful I-Effect
pricing I-Effect
power I-Effect
as O
there B-Cause
are I-Cause
sufficient I-Cause
competitors I-Cause
to I-Cause
compete I-Cause
away I-Cause
any I-Cause
monopolistic I-Cause
pricing I-Cause
tendencies I-Cause
on I-Cause
the I-Cause
original I-Cause
equipment I-Cause
. O

Advent O
has O
said O
that O
its B-Cause
asset I-Cause
management I-Cause
clients I-Cause
may I-Cause
rotate I-Cause
its I-Cause
accounting I-Cause
systems I-Cause
every I-Cause
10 I-Cause
to I-Cause
15 I-Cause
years I-Cause
, O
and O
as O
a O
result O
the B-Effect
available I-Effect
addressable I-Effect
market I-Effect
up I-Effect
for I-Effect
grabs I-Effect
every I-Effect
year I-Effect
is I-Effect
quite I-Effect
small I-Effect
. O

We O
agree O
with O
the O
strategy O
that O
Intesa O
has O
followed O
and O
believe O
that O
increasing B-Cause
capital-light I-Cause
fee I-Cause
income I-Cause
from I-Cause
the I-Cause
asset I-Cause
management I-Cause
and I-Cause
private I-Cause
bank I-Cause
cluster I-Cause
, I-Cause
combined I-Cause
with I-Cause
increased I-Cause
overall I-Cause
efficiency I-Cause
, O
will O
support B-Effect
profitability I-Effect
. O

Barriers B-Effect
to I-Effect
entry I-Effect
are I-Effect
very I-Effect
low I-Effect
given O
the B-Cause
small I-Cause
size I-Cause
of I-Cause
the I-Cause
properties I-Cause
and I-Cause
that I-Cause
the I-Cause
cost I-Cause
to I-Cause
build I-Cause
is I-Cause
generally I-Cause
around I-Cause
$ I-Cause
5 I-Cause
million I-Cause
. O

First O
, O
Nice B-Effect
could I-Effect
face I-Effect
limitations I-Effect
to I-Effect
total I-Effect
addressable I-Effect
market I-Effect
expansion I-Effect
and I-Effect
market I-Effect
share I-Effect
growth I-Effect
due O
to O
increased B-Cause
competition I-Cause
in I-Cause
the I-Cause
contact I-Cause
center I-Cause
space O
. O

The B-Effect
small I-Effect
increase I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
is B-Cause
because I-Cause
2020 I-Cause
was I-Cause
an I-Cause
exceptionally I-Cause
strong I-Cause
year I-Cause
for I-Cause
investment I-Cause
banking I-Cause
and I-Cause
trading I-Cause
revenue I-Cause
. O

Horton B-Effect
to I-Effect
increase I-Effect
its I-Effect
consolidated I-Effect
revenue I-Effect
at I-Effect
about I-Effect
a I-Effect
6 I-Effect
% I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
through I-Effect
2030 I-Effect
as O
housing B-Cause
starts I-Cause
sustainably I-Cause
reach I-Cause
1.4-1.5 I-Cause
million I-Cause
units I-Cause
annually I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
. O

Perhaps O
due O
to O
the B-Cause
difficulty I-Cause
we I-Cause
see I-Cause
in I-Cause
achieving I-Cause
large-scale I-Cause
organic I-Cause
growth I-Cause
, O
GTT B-Effect
has I-Effect
relied I-Effect
on I-Effect
acquisitions I-Effect
to I-Effect
expand I-Effect
, O
historically O
acquiring O
multiple O
companies O
each O
year O
. O

We B-Effect
forecast I-Effect
a I-Effect
2021-30 I-Effect
adjusted I-Effect
EPS I-Effect
CAGR I-Effect
of I-Effect
3.2 I-Effect
% I-Effect
as O
the B-Cause
contribution I-Cause
from I-Cause
WPD I-Cause
and I-Cause
grid I-Cause
investments I-Cause
will I-Cause
more I-Cause
than I-Cause
offset I-Cause
the I-Cause
returns I-Cause
cut I-Cause
in I-Cause
the I-Cause
U.K I-Cause
. O

Since O
many B-Cause
of I-Cause
these I-Cause
products I-Cause
are I-Cause
undifferentiated I-Cause
from I-Cause
competitors I-Cause
, O
we O
believe O
this B-Effect
places I-Effect
material I-Effect
strain I-Effect
on I-Effect
Conagra I-Effect
's I-Effect
ability I-Effect
to I-Effect
command I-Effect
pricing I-Effect
power I-Effect
. O

We O
think O
the B-Cause
company I-Cause
's I-Cause
ability I-Cause
to I-Cause
manage I-Cause
costs I-Cause
while I-Cause
still I-Cause
fueling I-Cause
brand I-Cause
spending I-Cause
( O
we O
forecast O
around O
10 O
% O
of O
sales O
spent O
on O
advertising O
and O
2 O
% O
-2.5 O
% O
spent O
on O
R O
& O
D O
annually O
, O
equating O
to O
about O
$ O
1.1 O
billion O
in O
aggregate O
annually O
) O
will O
lead O
to O
modest B-Effect
operating I-Effect
margin I-Effect
gains I-Effect
. O

The B-Cause
regulatory I-Cause
changes I-Cause
will O
help B-Effect
with I-Effect
the I-Effect
swifter I-Effect
resolution I-Effect
of I-Effect
future I-Effect
nonperforming I-Effect
loans I-Effect
, O
but O
there O
remains O
the O
critical O
issue O
of O
the O
inherent O
conflict O
of O
interest O
at O
the O
regional O
popolari O
: O
where O
the O
popolari O
's O
clients/debtors O
and O
owners O
tend O
to O
be O
the O
same O
parties O
. O

With O
fiber B-Cause
networks I-Cause
that I-Cause
penetrate I-Cause
deeply I-Cause
into I-Cause
residential I-Cause
areas I-Cause
, O
cable B-Effect
companies I-Effect
have I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
either I-Effect
build I-Effect
a I-Effect
wireless I-Effect
network I-Effect
or I-Effect
partner I-Effect
closely I-Effect
with I-Effect
an I-Effect
existing I-Effect
carrier I-Effect
. O

While O
Simon O
's O
malls O
are O
in O
densely O
populated O
, O
high-income O
submarkets O
that O
support O
high O
foot O
traffic O
and O
high O
sales O
for O
tenants O
, O
we O
are O
concerned O
about O
a B-Cause
change I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
that O
may O
reduce B-Effect
the I-Effect
impact I-Effect
of I-Effect
the I-Effect
network I-Effect
effect I-Effect
. O

If O
E B-Cause
& I-Cause
Ps I-Cause
are I-Cause
unwilling I-Cause
to I-Cause
invest I-Cause
in I-Cause
drilling I-Cause
and I-Cause
fracking I-Cause
services I-Cause
, O
firms B-Effect
like I-Effect
Patterson I-Effect
will I-Effect
continue I-Effect
to I-Effect
experience I-Effect
lower I-Effect
than I-Effect
normal I-Effect
revenue I-Effect
. O

The O
gathering O
and O
processing O
operations O
are O
some O
of O
the O
highest-quality O
G O
& O
amp O
; O
P O
assets O
in O
our O
coverage O
, O
given O
efficient B-Cause
scale I-Cause
advantages I-Cause
for I-Cause
assets I-Cause
located I-Cause
in I-Cause
the I-Cause
Appalachian I-Cause
Basin I-Cause
, O
leading O
to O
highly B-Effect
lucrative I-Effect
contracts I-Effect
with I-Effect
EQT I-Effect
. O

Retailers B-Cause
are I-Cause
becoming I-Cause
more I-Cause
selective I-Cause
with I-Cause
their I-Cause
physical I-Cause
locations I-Cause
, O
opting O
to B-Effect
locate I-Effect
storefronts I-Effect
in I-Effect
the I-Effect
highest-quality I-Effect
assets I-Effect
that I-Effect
Simon I-Effect
owns I-Effect
while I-Effect
closing I-Effect
stores I-Effect
in I-Effect
lower-quality I-Effect
malls I-Effect
. O

We O
expect O
research O
and O
development O
costs O
to O
continue O
to O
ramp O
up O
as O
assets O
move O
into O
late-stage O
trials O
, O
although O
these B-Effect
costs I-Effect
will I-Effect
be I-Effect
mitigated I-Effect
by O
cost-sharing B-Cause
partnerships I-Cause
. O

Given O
the B-Cause
early I-Cause
stage I-Cause
of I-Cause
industry I-Cause
's I-Cause
maturity I-Cause
and I-Cause
both I-Cause
high I-Cause
risks I-Cause
and I-Cause
high I-Cause
opportunities I-Cause
for I-Cause
the I-Cause
company I-Cause
, O
we O
believe O
investing B-Effect
in I-Effect
Farfetch I-Effect
shares I-Effect
comes I-Effect
with I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
. O

The B-Cause
shift I-Cause
from I-Cause
multi-use I-Cause
to I-Cause
single-use I-Cause
containers I-Cause
in I-Cause
these I-Cause
regions I-Cause
is O
likely O
to O
weigh B-Effect
on I-Effect
margins I-Effect
over I-Effect
time I-Effect
, O
although O
the O
impact O
will O
be O
largely O
offset O
at O
the O
bottom O
line O
by O
the O
higher O
volume O
this O
transition O
entails O
. O

However O
, O
Energy B-Effect
Transfer I-Effect
's I-Effect
size I-Effect
has I-Effect
become I-Effect
a I-Effect
financial I-Effect
, I-Effect
regulatory I-Effect
, I-Effect
and I-Effect
political I-Effect
liability I-Effect
as O
sentiment B-Cause
turns I-Cause
against I-Cause
the I-Cause
energy I-Cause
industry I-Cause
. O

The B-Cause
events I-Cause
of I-Cause
the I-Cause
last I-Cause
year I-Cause
in I-Cause
terms I-Cause
of I-Cause
pandemic I-Cause
losses I-Cause
and I-Cause
lower I-Cause
interest I-Cause
rates I-Cause
could O
keep O
pricing B-Effect
trending I-Effect
higher I-Effect
, O
and O
the O
industry O
has O
historically O
had O
a O
tendency O
to O
overshoot O
. O

Unlike B-Cause
most I-Cause
of I-Cause
the I-Cause
other I-Cause
U.S.-based I-Cause
asset I-Cause
managers I-Cause
we I-Cause
cover I-Cause
, I-Cause
we I-Cause
are I-Cause
projecting I-Cause
an I-Cause
improvement I-Cause
( I-Cause
albeit I-Cause
a I-Cause
slight I-Cause
one I-Cause
) I-Cause
in I-Cause
operating I-Cause
margins I-Cause
for I-Cause
BlackRock I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, I-Cause
with I-Cause
the I-Cause
firm I-Cause
's I-Cause
margins I-Cause
expected I-Cause
to I-Cause
average I-Cause
around I-Cause
40 I-Cause
% I-Cause
on I-Cause
an I-Cause
adjusted I-Cause
basis I-Cause
( I-Cause
compared I-Cause
with I-Cause
39 I-Cause
% I-Cause
on I-Cause
average I-Cause
the I-Cause
past I-Cause
five I-Cause
calendar I-Cause
years I-Cause
) I-Cause
. O
As O
such O
, O
the B-Effect
firm I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
generate I-Effect
close I-Effect
to I-Effect
$ I-Effect
7.5 I-Effect
billion I-Effect
in I-Effect
free I-Effect
cash I-Effect
flow I-Effect
on I-Effect
average I-Effect
annually I-Effect
during I-Effect
2021-25 I-Effect
, I-Effect
much I-Effect
of I-Effect
which I-Effect
will I-Effect
be I-Effect
returned I-Effect
to I-Effect
shareholders I-Effect
as I-Effect
dividends I-Effect
and I-Effect
share I-Effect
repurchases I-Effect
. O

This O
was O
borne O
out B-Cause
of I-Cause
NICE I-Cause
's I-Cause
acquisition I-Cause
of I-Cause
InContact I-Cause
in I-Cause
2016 I-Cause
, O
with O
the O
goal O
of O
providing B-Effect
a I-Effect
holistic I-Effect
platform I-Effect
capable I-Effect
of I-Effect
serving I-Effect
a I-Effect
wide I-Effect
range I-Effect
of I-Effect
contact I-Effect
center I-Effect
infrastructure I-Effect
needs I-Effect
. O

For O
2021 O
, O
we O
expect O
gross B-Effect
revenue I-Effect
to I-Effect
rise I-Effect
12 I-Effect
% I-Effect
on I-Effect
robust I-Effect
demand I-Effect
and I-Effect
pricing I-Effect
trends I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
and I-Effect
look I-Effect
for I-Effect
net I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
14 I-Effect
% I-Effect
as O
the B-Cause
firm I-Cause
passes I-Cause
along I-Cause
rising I-Cause
carrier I-Cause
rates I-Cause
to I-Cause
shippers I-Cause
and I-Cause
gross I-Cause
margins I-Cause
recover I-Cause
. O

Lower B-Effect
capital I-Effect
requirements I-Effect
, O
due O
to O
phasing B-Cause
out I-Cause
development I-Cause
costs I-Cause
as I-Cause
new I-Cause
engines I-Cause
enter I-Cause
service I-Cause
, I-Cause
and I-Cause
the I-Cause
resolution I-Cause
of I-Cause
Trent I-Cause
1000 I-Cause
engine-related I-Cause
issues I-Cause
will I-Cause
provide I-Cause
some I-Cause
support I-Cause
to I-Cause
returns I-Cause
in I-Cause
a I-Cause
volatile I-Cause
environment I-Cause
. O

As O
result O
, O
the B-Cause
AMC I-Cause
channel I-Cause
is I-Cause
now I-Cause
available I-Cause
in I-Cause
125 I-Cause
countries. O
This O
also O
better B-Effect
positions I-Effect
AMC I-Effect
to I-Effect
benefit I-Effect
from I-Effect
increased I-Effect
pay-TV I-Effect
penetration I-Effect
internationally I-Effect
as I-Effect
24 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
now I-Effect
comes I-Effect
from I-Effect
abroad I-Effect
versus I-Effect
8 I-Effect
% I-Effect
prior I-Effect
to I-Effect
the I-Effect
transaction I-Effect
. O

In O
the O
decades O
since O
inception O
, O
Polaris B-Cause
and I-Cause
BRP I-Cause
( I-Cause
Bombardier I-Cause
) I-Cause
have I-Cause
delivered I-Cause
more I-Cause
compelling I-Cause
and I-Cause
technologically I-Cause
advanced I-Cause
products I-Cause
than I-Cause
their I-Cause
peers. O
This O
has O
allowed O
Polaris B-Effect
and I-Effect
Can-Am I-Effect
to I-Effect
take I-Effect
stronger I-Effect
market I-Effect
share I-Effect
positions I-Effect
in I-Effect
recent I-Effect
years I-Effect
than I-Effect
peers I-Effect
, I-Effect
including I-Effect
close I-Effect
competitor I-Effect
Arctic I-Effect
Cat I-Effect
( I-Effect
Textron I-Effect
) I-Effect
. O

Zscaler B-Cause
's I-Cause
software-as-a-service I-Cause
business I-Cause
model I-Cause
and I-Cause
the I-Cause
benefits I-Cause
that I-Cause
accompany I-Cause
this I-Cause
mode I-Cause
of I-Cause
software I-Cause
consumption I-Cause
, I-Cause
combined I-Cause
with I-Cause
an I-Cause
innovative I-Cause
product I-Cause
suite I-Cause
and I-Cause
a I-Cause
differentiated I-Cause
channel I-Cause
sales I-Cause
model I-Cause
, O
are O
all O
factors O
that O
we O
think O
will O
facilitate O
continued B-Effect
success I-Effect
winning I-Effect
enterprises I-Effect
that I-Effect
are I-Effect
consuming I-Effect
more I-Effect
cloud-based I-Effect
resources I-Effect
. O

This B-Cause
loyalty I-Cause
presence I-Cause
should I-Cause
offer I-Cause
the I-Cause
potential I-Cause
to I-Cause
leverage I-Cause
data I-Cause
analytics I-Cause
and I-Cause
cross-sell I-Cause
Eldorado I-Cause
's I-Cause
growing I-Cause
portfolio I-Cause
, O
leading O
to O
incremental B-Effect
revenue I-Effect
generation I-Effect
. O

The B-Effect
Japanese I-Effect
in I-Effect
the I-Effect
1980s I-Effect
and I-Effect
1990s I-Effect
had I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
by O
cutting B-Cause
their I-Cause
time I-Cause
to I-Cause
market I-Cause
in I-Cause
half I-Cause
relative I-Cause
to I-Cause
that I-Cause
of I-Cause
other I-Cause
manufacturers I-Cause
. O

Xcel B-Cause
's I-Cause
two I-Cause
largest I-Cause
service I-Cause
territories I-Cause
-- I-Cause
Colorado I-Cause
and I-Cause
Minnesota I-Cause
-- I-Cause
have I-Cause
regulatory I-Cause
structures I-Cause
that I-Cause
allow I-Cause
near I-Cause
real-time I-Cause
investment I-Cause
cost I-Cause
recovery I-Cause
and I-Cause
minimize I-Cause
regulatory I-Cause
lag I-Cause
, O
helping B-Effect
Xcel I-Effect
close I-Effect
the I-Effect
gap I-Effect
between I-Effect
earned I-Effect
ROE I-Effect
and I-Effect
allowed I-Effect
ROE I-Effect
. O

Given O
that O
millennials O
typically O
lack B-Cause
the I-Cause
necessary I-Cause
capital I-Cause
for I-Cause
a I-Cause
down I-Cause
payment I-Cause
, O
many O
have O
chosen B-Effect
to I-Effect
rent I-Effect
single-family I-Effect
homes I-Effect
when O
they O
move O
to O
the O
suburbs O
. O

Research B-Effect
and I-Effect
development I-Effect
expenses I-Effect
will I-Effect
impact I-Effect
Micron I-Effect
's I-Effect
operating I-Effect
margin I-Effect
, O
as O
the B-Cause
firm I-Cause
must I-Cause
continue I-Cause
to I-Cause
spend I-Cause
to I-Cause
support I-Cause
new I-Cause
technologies I-Cause
such I-Cause
as I-Cause
10-nanometer I-Cause
and I-Cause
below I-Cause
DRAM I-Cause
as I-Cause
well I-Cause
as I-Cause
176-layer I-Cause
and I-Cause
above I-Cause
3D I-Cause
NAND I-Cause
to I-Cause
remain I-Cause
competitive I-Cause
. O

We O
expect O
gross B-Effect
margins I-Effect
to I-Effect
hold I-Effect
at I-Effect
about I-Effect
26 I-Effect
% I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
( O
which O
aligns O
with O
the O
average O
level O
of O
profitability O
generated O
the O
two O
years O
before O
the O
pandemic O
) O
, O
as O
price B-Cause
increases I-Cause
should I-Cause
offset I-Cause
inflation I-Cause
and O
our O
assessment O
that O
the O
volume B-Effect
disruption I-Effect
from O
COVID-19 B-Cause
will O
prove O
temporary O
. O

We O
still O
believe O
the B-Cause
firm I-Cause
will I-Cause
use I-Cause
some I-Cause
Huawei I-Cause
equipment I-Cause
if O
it O
is O
ultimately O
allowed O
, O
and O
an O
inability O
to O
do O
so O
could O
marginally B-Effect
raise I-Effect
costs I-Effect
. O

We B-Effect
believe I-Effect
Charles I-Effect
River I-Effect
warrants I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
largely O
due O
to O
its B-Cause
high I-Cause
dependence I-Cause
on I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
among I-Cause
its I-Cause
clients I-Cause
. O

If O
IFF B-Cause
can I-Cause
not I-Cause
develop I-Cause
new I-Cause
products I-Cause
to O
replace O
off-patent O
formulas O
or O
develop O
new O
ingredients O
to O
align O
with O
changing O
consumer O
preferences O
, O
its B-Effect
ability I-Effect
to I-Effect
command I-Effect
attractive I-Effect
margins I-Effect
would I-Effect
deteriorate I-Effect
. I-Effect

We O
think O
that O
the B-Cause
lack I-Cause
of I-Cause
close I-Cause
competition I-Cause
and I-Cause
the I-Cause
strong I-Cause
cash I-Cause
generation I-Cause
in I-Cause
the I-Cause
medium I-Cause
term I-Cause
provide O
a O
solid O
cushion O
from O
the B-Effect
risk I-Effect
of I-Effect
reliance I-Effect
on I-Effect
cystic I-Effect
fibrosis I-Effect
. O

Rakuten B-Cause
entering I-Cause
the I-Cause
market I-Cause
as I-Cause
a I-Cause
fourth I-Cause
operator I-Cause
in I-Cause
2020 I-Cause
may O
also O
have B-Effect
a I-Effect
negative I-Effect
impact I-Effect
on I-Effect
pricing I-Effect
if I-Effect
customers I-Effect
can I-Effect
be I-Effect
convinced I-Effect
of I-Effect
its I-Effect
coverage I-Effect
and I-Effect
network I-Effect
robustness I-Effect
. O

Although O
regulatory O
relations O
in O
Florida O
have O
improved O
significantly O
, O
it O
's O
always O
possible O
that O
regulators B-Cause
could I-Cause
reverse I-Cause
their I-Cause
stance I-Cause
and O
put B-Effect
at I-Effect
risk I-Effect
FP I-Effect
& I-Effect
L I-Effect
's I-Effect
ability I-Effect
to I-Effect
deploy I-Effect
capital I-Effect
at I-Effect
attractive I-Effect
rates I-Effect
of I-Effect
return I-Effect
. O

We B-Effect
are I-Effect
decreasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
55 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
58 I-Effect
since O
we B-Cause
now I-Cause
expect I-Cause
the I-Cause
coronavirus I-Cause
crisis I-Cause
to I-Cause
last I-Cause
longer I-Cause
than I-Cause
we I-Cause
had I-Cause
initially I-Cause
anticipated I-Cause
. O

On O
one O
hand O
, O
ongoing B-Cause
cost I-Cause
savings I-Cause
and I-Cause
stronger I-Cause
mix I-Cause
from I-Cause
lower I-Cause
device I-Cause
sales I-Cause
will O
be O
beneficial B-Effect
to I-Effect
PM I-Effect
's I-Effect
margin I-Effect
, O
but O
on O
the O
other O
hand O
, O
modest O
operating O
deleverage O
will O
be O
a O
drag O
. O

We O
think O
that O
this O
leverage B-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
remain I-Effect
on I-Effect
the I-Effect
firms I-Effect
' I-Effect
balance I-Effect
sheets I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
because O
airlines B-Cause
do I-Cause
not I-Cause
generate I-Cause
enough I-Cause
free I-Cause
cash I-Cause
flow I-Cause
to I-Cause
take I-Cause
this I-Cause
kind I-Cause
of I-Cause
debt I-Cause
off I-Cause
the I-Cause
balance I-Cause
sheet I-Cause
in I-Cause
short I-Cause
order I-Cause
. I-Cause

Finally O
, O
in O
light O
of O
COVID-19 O
, O
Dassault B-Effect
faces I-Effect
risks I-Effect
associated I-Effect
with I-Effect
its I-Effect
exposure I-Effect
to I-Effect
the I-Effect
airline I-Effect
industry I-Effect
given O
the B-Cause
significant I-Cause
potential I-Cause
that I-Cause
these I-Cause
customers I-Cause
( O
like O
Boeing O
and O
Airbus O
) O
could O
go O
bankrupt O
. O

We O
expect O
a B-Effect
8 I-Effect
% I-Effect
CAGR I-Effect
in I-Effect
online I-Effect
marketing I-Effect
revenue I-Effect
in I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
recovery B-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

We B-Effect
expect I-Effect
gross I-Effect
margin I-Effect
to I-Effect
rise I-Effect
about I-Effect
100 I-Effect
basis I-Effect
points I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
increased B-Cause
competition I-Cause
that I-Cause
we I-Cause
think I-Cause
Akamai I-Cause
faces I-Cause
will I-Cause
be I-Cause
offset I-Cause
by I-Cause
a I-Cause
higher I-Cause
portion I-Cause
of I-Cause
security I-Cause
sales I-Cause
, I-Cause
which I-Cause
we I-Cause
believe I-Cause
bring I-Cause
higher I-Cause
gross I-Cause
margins I-Cause
. O

Longer B-Effect
term I-Effect
( I-Effect
between I-Effect
2023 I-Effect
and I-Effect
2025 I-Effect
) I-Effect
, I-Effect
we I-Effect
think I-Effect
the I-Effect
firm I-Effect
can I-Effect
post I-Effect
5 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
average I-Effect
net I-Effect
revenue I-Effect
growth I-Effect
, O
as O
benefits B-Cause
from I-Cause
the I-Cause
network I-Cause
effect I-Cause
support I-Cause
share I-Cause
gains I-Cause
. O

Finally O
, O
we O
expect O
the B-Cause
firm I-Cause
's I-Cause
portfolio I-Cause
of I-Cause
radar I-Cause
and I-Cause
battery I-Cause
management I-Cause
products I-Cause
will O
allow B-Effect
it I-Effect
to I-Effect
benefit I-Effect
from I-Effect
the I-Effect
rise I-Effect
of I-Effect
autonomous I-Effect
driving I-Effect
and I-Effect
the I-Effect
move I-Effect
to I-Effect
hybrids I-Effect
and I-Effect
electric I-Effect
vehicles I-Effect
. O

We B-Effect
expect I-Effect
Airbnb I-Effect
's I-Effect
revenue I-Effect
take I-Effect
rate I-Effect
to I-Effect
expand I-Effect
toward I-Effect
14 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
12.7 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
aided O
by O
expanded B-Cause
experiences I-Cause
, I-Cause
insurance I-Cause
, I-Cause
and I-Cause
promoted I-Cause
listing I-Cause
offerings I-Cause
. O

The B-Cause
CBS I-Cause
studio I-Cause
has I-Cause
a I-Cause
history I-Cause
of I-Cause
generating I-Cause
hit I-Cause
programs I-Cause
such I-Cause
as I-Cause
NCIS I-Cause
and I-Cause
then I-Cause
creating I-Cause
spin-off I-Cause
series I-Cause
such I-Cause
as I-Cause
NCIS I-Cause
: I-Cause
New I-Cause
Orleans I-Cause
and I-Cause
NCIS I-Cause
: I-Cause
Los I-Cause
Angeles. O
These O
series O
generate O
multiple B-Effect
cash I-Effect
flows I-Effect
across I-Effect
different I-Effect
windows I-Effect
, I-Effect
such I-Effect
as I-Effect
broadcast I-Effect
first I-Effect
run I-Effect
, I-Effect
cable I-Effect
and I-Effect
international I-Effect
syndication I-Effect
, I-Effect
and I-Effect
SVOD I-Effect
. O

However O
, O
overall O
, O
we O
view O
Merck B-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
, O
given O
the B-Cause
wide I-Cause
diversity I-Cause
of I-Cause
largely I-Cause
inelastic I-Cause
drugs I-Cause
in I-Cause
the I-Cause
firm I-Cause
's I-Cause
portfolio I-Cause
. O

We O
believe O
that O
over O
the O
medium O
term O
, O
COVID-19 B-Effect
has I-Effect
pulled I-Effect
forward I-Effect
some I-Effect
demand I-Effect
by O
changing B-Cause
consumer I-Cause
behavior I-Cause
and I-Cause
better I-Cause
penetrating I-Cause
some I-Cause
retail I-Cause
categories I-Cause
, O
such O
as O
groceries O
and O
luxury O
goods O
, O
that O
previously O
had O
not O
gained O
as O
much O
traction O
online O
. O

We O
have O
lifted B-Effect
our I-Effect
average I-Effect
gross I-Effect
margin I-Effect
( O
to O
40 O
% O
from O
38 O
% O
prior O
) O
over O
the O
next O
decade O
, O
as O
we O
expect O
strategic B-Cause
changes I-Cause
at I-Cause
VS I-Cause
to I-Cause
stabilize I-Cause
demand I-Cause
and I-Cause
innovation I-Cause
at I-Cause
BBW I-Cause
to I-Cause
permit I-Cause
pricing B-Effect
power I-Effect
. O

We B-Effect
see I-Effect
some I-Effect
ESG I-Effect
risk I-Effect
to I-Effect
the I-Effect
firm I-Effect
related I-Effect
to I-Effect
the I-Effect
overall I-Effect
aviation I-Effect
market I-Effect
due B-Cause
to I-Cause
the I-Cause
carbon I-Cause
emissions I-Cause
from I-Cause
aircraft I-Cause
. O

Given O
that O
the B-Cause
bulk I-Cause
of I-Cause
mortgages I-Cause
are I-Cause
agency-compliant I-Cause
, O
using B-Effect
Equifax I-Effect
( I-Effect
along I-Effect
with I-Effect
TransUnion I-Effect
and I-Effect
Experian I-Effect
) I-Effect
is I-Effect
essentially I-Effect
required I-Effect
for I-Effect
a I-Effect
mortgage I-Effect
lender I-Effect
. O

We B-Cause
attribute I-Cause
the I-Cause
slower I-Cause
adoption I-Cause
to I-Cause
AMD I-Cause
's I-Cause
lack I-Cause
of I-Cause
presence I-Cause
in I-Cause
the I-Cause
data I-Cause
center I-Cause
CPU I-Cause
market I-Cause
for I-Cause
much I-Cause
of I-Cause
the I-Cause
decade I-Cause
before I-Cause
2017 I-Cause
, O
which B-Effect
likely I-Effect
made I-Effect
relatively I-Effect
risk-averse I-Effect
enterprise I-Effect
customers I-Effect
wary I-Effect
of I-Effect
going I-Effect
with I-Effect
EPYC I-Effect
. O

Since O
Hexcel B-Cause
does I-Cause
not I-Cause
have I-Cause
meaningful I-Cause
proprietary I-Cause
aftermarket I-Cause
revenue I-Cause
, O
the B-Effect
company I-Effect
also I-Effect
has I-Effect
risks I-Effect
related I-Effect
to I-Effect
the I-Effect
average I-Effect
age I-Effect
of I-Effect
aircraft I-Effect
. O

While O
Franklin O
earns O
higher O
fees O
on O
global/international O
offerings O
than O
it O
does O
on O
domestic O
funds O
, O
the B-Effect
firm I-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
cultural I-Effect
, I-Effect
economic I-Effect
, I-Effect
political I-Effect
, I-Effect
and I-Effect
currency I-Effect
risks I-Effect
through O
its B-Cause
overseas I-Cause
operations I-Cause
and I-Cause
investments I-Cause
. O

M B-Cause
& I-Cause
T I-Cause
has I-Cause
also I-Cause
recently I-Cause
announced I-Cause
it I-Cause
will I-Cause
acquire I-Cause
People I-Cause
's I-Cause
Bank I-Cause
, O
further B-Effect
expanding I-Effect
its I-Effect
geographical I-Effect
reach I-Effect
in I-Effect
the I-Effect
northeast I-Effect
and I-Effect
its I-Effect
product I-Effect
offerings I-Effect
. O

Given O
the B-Cause
growth I-Cause
we I-Cause
see I-Cause
from I-Cause
growing I-Cause
mass I-Cause
gambling I-Cause
and I-Cause
nongaming I-Cause
activity I-Cause
, O
we O
project O
Macao B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
remain I-Effect
fairly I-Effect
steady I-Effect
at I-Effect
27 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
25 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
despite O
higher O
expected O
license-renewal O
fees O
beginning O
in O
2022 O
. O

While O
these B-Cause
puts I-Cause
and I-Cause
takes I-Cause
may I-Cause
offset I-Cause
each I-Cause
other I-Cause
, O
we O
believe O
profitability B-Effect
has I-Effect
a I-Effect
lot I-Effect
of I-Effect
room I-Effect
for I-Effect
improvement I-Effect
as O
Charter B-Cause
increases I-Cause
prices I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
. O

In O
addition O
, O
CME O
's O
position O
within O
S O
& O
amp O
; O
P O
futures O
likely O
contributed O
to O
the O
exchange B-Cause
's I-Cause
ability I-Cause
to I-Cause
attract I-Cause
additional I-Cause
equity I-Cause
index I-Cause
futures I-Cause
license I-Cause
agreements I-Cause
for I-Cause
the I-Cause
Nasdaq I-Cause
and I-Cause
Russell I-Cause
2000 I-Cause
indexes I-Cause
, O
which O
returned B-Effect
to I-Effect
CME I-Effect
Group I-Effect
in I-Effect
2017 I-Effect
. O

While O
Healthpeak B-Cause
is I-Cause
in I-Cause
sectors I-Cause
that I-Cause
use I-Cause
a I-Cause
triple-net I-Cause
lease I-Cause
structure I-Cause
that O
can O
have B-Effect
long I-Effect
contracts I-Effect
with I-Effect
annual I-Effect
rent I-Effect
increases I-Effect
, O
these B-Effect
contracts I-Effect
are I-Effect
often I-Effect
renegotiated I-Effect
if B-Cause
the I-Cause
underlying I-Cause
tenant I-Cause
operations I-Cause
are I-Cause
under I-Cause
pressure I-Cause
. O

With O
about O
one O
third O
of O
its O
revenue O
generated O
outside O
the O
United O
States O
, O
Northern B-Cause
Trust I-Cause
's I-Cause
business I-Cause
is I-Cause
a I-Cause
global I-Cause
one I-Cause
, O
and O
the B-Effect
bank I-Effect
must I-Effect
carefully I-Effect
manager I-Effect
exchange-rate-risk I-Effect
and I-Effect
operational I-Effect
risks I-Effect
. O

Considering O
an B-Cause
over I-Cause
1,000-basis-point I-Cause
differential I-Cause
, O
we O
see O
room B-Effect
for I-Effect
further I-Effect
margin I-Effect
expansion I-Effect
in I-Effect
the I-Effect
international I-Effect
segment I-Effect
, O
and O
we O
expect O
the B-Cause
firm I-Cause
will I-Cause
continue I-Cause
to I-Cause
work I-Cause
to I-Cause
narrow I-Cause
the I-Cause
gap I-Cause
by I-Cause
further I-Cause
simplifying I-Cause
the I-Cause
business I-Cause
and I-Cause
completing I-Cause
its I-Cause
planned I-Cause
30 I-Cause
country I-Cause
exits I-Cause
to O
focus B-Effect
on I-Effect
higher-margin I-Effect
markets I-Effect
. O

In O
addition O
, O
we O
believe O
S B-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
benefits I-Effect
from I-Effect
a I-Effect
network I-Effect
effect I-Effect
as O
it B-Cause
maintains I-Cause
a I-Cause
network I-Cause
of I-Cause
issuers I-Cause
and I-Cause
investors I-Cause
. O

Low B-Cause
energy I-Cause
prices I-Cause
lead I-Cause
to I-Cause
bankruptcies I-Cause
among I-Cause
small I-Cause
exploration I-Cause
companies I-Cause
, O
reducing B-Effect
IHS I-Effect
Markit I-Effect
's I-Effect
revenue I-Effect
and I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
data I-Effect
assets I-Effect
( O
consolidation B-Effect
produces I-Effect
a I-Effect
similar I-Effect
effect I-Effect
as O
data B-Cause
products I-Cause
are I-Cause
often I-Cause
mission-critical I-Cause
for I-Cause
each I-Cause
client I-Cause
at I-Cause
the I-Cause
firm I-Cause
level I-Cause
) O
. O

On O
the O
flip O
side O
, O
concerns B-Effect
about I-Effect
Oneok I-Effect
's I-Effect
indirect I-Effect
exposure I-Effect
to I-Effect
the I-Effect
Dakota I-Effect
Access I-Effect
Pipeline I-Effect
and I-Effect
related I-Effect
assets I-Effect
have I-Effect
diminished I-Effect
as O
producers B-Cause
have I-Cause
lined I-Cause
up I-Cause
alternative I-Cause
takeaway I-Cause
options I-Cause
out I-Cause
of I-Cause
the I-Cause
Bakken I-Cause
, O
including O
rail O
. O

We B-Effect
expect I-Effect
revenue I-Effect
to I-Effect
drop I-Effect
by I-Effect
2.8 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
due B-Cause
to I-Cause
the I-Cause
product I-Cause
portfolio I-Cause
rationalization I-Cause
in I-Cause
the I-Cause
B2B I-Cause
offering I-Cause
and I-Cause
COVID-19 I-Cause
impact I-Cause
on I-Cause
roaming I-Cause
and I-Cause
IT I-Cause
projects I-Cause
. O

However O
, O
we B-Effect
believe I-Effect
that I-Effect
the I-Effect
OMO I-Effect
business I-Effect
will I-Effect
also I-Effect
serve I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
key I-Effect
drivers I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
TAL B-Cause
can I-Cause
leverage I-Cause
its I-Cause
existing I-Cause
students I-Cause
at I-Cause
a I-Cause
lower I-Cause
acquisition I-Cause
cost I-Cause
. O

Private B-Effect
networks I-Effect
have I-Effect
evolved I-Effect
significantly I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
as O
firms B-Cause
can I-Cause
use I-Cause
Internet-based I-Cause
, I-Cause
virtual I-Cause
solutions I-Cause
rather I-Cause
than I-Cause
more I-Cause
expensive I-Cause
legacy I-Cause
products I-Cause
. O

There O
is O
no O
doubt O
in O
our O
mind O
that O
this O
will O
be O
affected O
by O
the O
coronavirus O
in O
2020 O
, O
but O
we O
still O
believe O
that O
the B-Cause
business I-Cause
can I-Cause
earn I-Cause
returns I-Cause
well I-Cause
above I-Cause
its I-Cause
8 I-Cause
% I-Cause
cost I-Cause
of I-Cause
equity I-Cause
and O
thus O
deliver O
to O
shareholders B-Effect
economic I-Effect
profits I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

We O
're O
are O
n't O
anticipating O
major B-Cause
changes I-Cause
to I-Cause
the I-Cause
proportion I-Cause
of I-Cause
revenue I-Cause
that I-Cause
Raytheon I-Cause
Technologies I-Cause
will I-Cause
need I-Cause
to I-Cause
reinvest I-Cause
in I-Cause
the I-Cause
business I-Cause
over I-Cause
the I-Cause
long I-Cause
term I-Cause
and O
will O
normalize B-Effect
around I-Effect
3.6 I-Effect
% I-Effect
of I-Effect
sales I-Effect
in I-Effect
subsequent I-Effect
years I-Effect
of I-Effect
sales I-Effect
. O

In O
aerospace O
and O
defense O
, O
electrical B-Cause
failure I-Cause
could O
mean O
a B-Effect
plane I-Effect
or I-Effect
helicopter I-Effect
falling I-Effect
out I-Effect
of I-Effect
the I-Effect
sky I-Effect
, I-Effect
or I-Effect
a I-Effect
compromised I-Effect
mission I-Effect
. O

We O
believe O
the B-Effect
firm I-Effect
has I-Effect
a I-Effect
durable I-Effect
position I-Effect
in I-Effect
the I-Effect
automotive I-Effect
, I-Effect
industrial I-Effect
, I-Effect
and I-Effect
communications I-Effect
infrastructure I-Effect
markets I-Effect
due O
to O
a B-Cause
combination I-Cause
of I-Cause
switching I-Cause
costs I-Cause
and I-Cause
intangible I-Cause
assets I-Cause
. O

This B-Cause
industry I-Cause
also I-Cause
benefits I-Cause
from I-Cause
favorable I-Cause
growth I-Cause
tailwinds I-Cause
that O
should O
allow O
Zoetis B-Effect
to I-Effect
increase I-Effect
revenue I-Effect
at I-Effect
a I-Effect
mid-single-digit I-Effect
long-term I-Effect
growth I-Effect
rate I-Effect
. O

Due O
to O
operating B-Cause
cost I-Cause
cuts I-Cause
, O
we O
project O
only O
a B-Cause
1.6 I-Cause
% I-Cause
increase I-Cause
in I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expenses I-Cause
in I-Cause
2020 I-Cause
, O
leading O
to O
an B-Effect
operating I-Effect
margin I-Effect
of I-Effect
7.8 I-Effect
% I-Effect
, O
up O
350 O
basis O
points O
from O
2019 O
. O

In O
addition O
, O
we O
think O
fleet O
owners O
would O
lose B-Effect
out I-Effect
on I-Effect
some I-Effect
purchasing I-Effect
power I-Effect
by O
dividing O
up O
their O
purchases O
across O
multiple O
suppliers O
, O
as O
opposed O
to O
working B-Cause
with I-Cause
a I-Cause
single I-Cause
supplier I-Cause
. O

Increased B-Cause
attrition I-Cause
could O
cause O
wear B-Effect
on I-Effect
Cognizant I-Effect
's I-Effect
intangible I-Effect
assets I-Effect
, I-Effect
as I-Effect
less I-Effect
technical I-Effect
and I-Effect
industry I-Effect
expertise I-Effect
would I-Effect
remain I-Effect
in I-Effect
the I-Effect
firm I-Effect
. O

We O
assume O
that O
over O
time O
, O
a B-Cause
far I-Cause
greater I-Cause
portion I-Cause
of I-Cause
the I-Cause
nodes I-Cause
will I-Cause
be I-Cause
co-located I-Cause
on I-Cause
fiber I-Cause
that I-Cause
the I-Cause
company I-Cause
has I-Cause
already I-Cause
deployed I-Cause
for I-Cause
small I-Cause
cells I-Cause
, O
leading O
to O
substantially B-Effect
lower I-Effect
spending I-Effect
to I-Effect
activate I-Effect
those I-Effect
nodes I-Effect
. O

We O
believe O
Tractor B-Effect
Supply I-Effect
is I-Effect
somewhat I-Effect
insulated I-Effect
from I-Effect
competitive I-Effect
pricing I-Effect
pressure I-Effect
from I-Effect
Home I-Effect
Depot I-Effect
and I-Effect
Lowe I-Effect
's I-Effect
in I-Effect
overlapping I-Effect
product I-Effect
categories I-Effect
, O
due O
to O
the B-Cause
company I-Cause
's I-Cause
focus I-Cause
on I-Cause
rural I-Cause
presence I-Cause
, I-Cause
versus I-Cause
its I-Cause
competitors I-Cause
more I-Cause
urban/suburban I-Cause
focus I-Cause
. O

The B-Cause
commoditized I-Cause
DRAM I-Cause
and I-Cause
NAND I-Cause
markets I-Cause
create I-Cause
volatile I-Cause
pricing I-Cause
along I-Cause
with I-Cause
supply I-Cause
and O
demand O
imbalances O
that O
create B-Effect
challenging I-Effect
periods I-Effect
for I-Effect
firms I-Effect
like I-Effect
Micron I-Effect
. O

We O
think O
the B-Cause
metals I-Cause
business I-Cause
( I-Cause
known I-Cause
as I-Cause
SS I-Cause
& I-Cause
M I-Cause
) I-Cause
and I-Cause
debt I-Cause
load I-Cause
will I-Cause
weigh I-Cause
on I-Cause
the I-Cause
shares I-Cause
for I-Cause
a I-Cause
long I-Cause
time I-Cause
( O
though O
that O
time O
may O
be O
falling O
after O
the O
China O
sale O
) O
, O
so O
investors B-Effect
will I-Effect
need I-Effect
to I-Effect
be I-Effect
patient I-Effect
, O
as O
we B-Cause
believe I-Cause
Adient I-Cause
is I-Cause
a I-Cause
multiyear I-Cause
turnaround I-Cause
story I-Cause
. O

As O
military B-Cause
helicopters I-Cause
have I-Cause
decades-long I-Cause
useful I-Cause
lives I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
continue I-Effect
earning I-Effect
an I-Effect
excess I-Effect
return I-Effect
through I-Effect
V-22 I-Effect
sustainment I-Effect
even I-Effect
after I-Effect
production I-Effect
halts I-Effect
. O

Even O
amid O
a O
more O
challenging O
economic O
and O
interest-rate O
environment O
, O
we O
still O
believe O
the O
bank B-Cause
can I-Cause
control I-Cause
costs I-Cause
, O
and O
ultimately B-Effect
operating I-Effect
efficiency I-Effect
should I-Effect
become I-Effect
better I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

As O
the B-Cause
health I-Cause
crisis I-Cause
mutates I-Cause
into I-Cause
an I-Cause
economic I-Cause
one I-Cause
, I-Cause
other I-Cause
revenue I-Cause
sources I-Cause
are I-Cause
also I-Cause
under I-Cause
siege I-Cause
, I-Cause
as I-Cause
pressure I-Cause
mounts I-Cause
on I-Cause
units I-Cause
such O
as O
subscription B-Effect
video I-Effect
services I-Effect
and I-Effect
property I-Effect
market-sensitive I-Effect
digital I-Effect
real I-Effect
estate I-Effect
services I-Effect
. O

Specifically O
, O
we O
see O
significant B-Cause
intangible I-Cause
assets I-Cause
and I-Cause
some I-Cause
switching I-Cause
costs I-Cause
in I-Cause
its I-Cause
key I-Cause
business I-Cause
segments I-Cause
that O
inform O
our O
view O
of O
its B-Effect
competitive I-Effect
advantages I-Effect
. O

We O
think O
this O
retention O
speaks O
, O
in O
part O
, O
to B-Effect
the I-Effect
commoditized I-Effect
nature I-Effect
of I-Effect
water I-Effect
: O
Once B-Cause
Primo I-Cause
has I-Cause
a I-Cause
customer I-Cause
, I-Cause
it I-Cause
is I-Cause
likely I-Cause
difficult I-Cause
for I-Cause
another I-Cause
supplier I-Cause
to I-Cause
articulate I-Cause
a I-Cause
materially I-Cause
superior I-Cause
value I-Cause
proposition I-Cause
for I-Cause
another I-Cause
product I-Cause
or I-Cause
service I-Cause
. O

Humana B-Effect
could I-Effect
even I-Effect
be I-Effect
a I-Effect
key I-Effect
beneficiary I-Effect
of I-Effect
a I-Effect
Medicare I-Effect
Advantage-based I-Effect
public I-Effect
option I-Effect
if O
the B-Cause
primary I-Cause
result I-Cause
of I-Cause
adding I-Cause
that I-Cause
option I-Cause
is I-Cause
the I-Cause
reduction I-Cause
of I-Cause
the I-Cause
uninsured I-Cause
population I-Cause
rather I-Cause
than I-Cause
a I-Cause
significant I-Cause
shift I-Cause
away I-Cause
from I-Cause
employer-based I-Cause
insurance I-Cause
. O

The B-Cause
coronavirus I-Cause
pandemic I-Cause
has O
substantially O
reduced B-Cause
travel I-Cause
and O
consequently O
grounded B-Effect
a I-Effect
large I-Effect
chunk I-Effect
of I-Effect
the I-Effect
global I-Effect
passenger I-Effect
fleet I-Effect
, O
though O
some O
domestic O
air O
travel O
is O
beginning O
to O
rebound O
. O

Even O
for O
wealthy O
citizens O
of O
stable O
, O
western O
democracies O
, O
Switzerland B-Cause
represents I-Cause
a I-Cause
safe I-Cause
haven I-Cause
that O
provides B-Effect
diversification I-Effect
and I-Effect
liquidity I-Effect
to I-Effect
their I-Effect
portfolios I-Effect
. O

To O
stay B-Effect
differentiated I-Effect
, O
EOS B-Cause
upgrades I-Cause
keep I-Cause
customers I-Cause
at I-Cause
the I-Cause
forefront I-Cause
of I-Cause
software I-Cause
trends I-Cause
and O
less B-Effect
likely I-Effect
to I-Effect
look I-Effect
for I-Effect
a I-Effect
different I-Effect
vendor I-Effect
. O

Shell O
employs O
large O
amounts O
of O
capital O
in O
building O
out O
its O
production O
portfolio O
, O
and O
cost B-Cause
overruns I-Cause
and/or I-Cause
completion I-Cause
delays I-Cause
are O
continued B-Effect
sources I-Effect
of I-Effect
uncertainty I-Effect
. O

We O
also O
expect O
elevated B-Effect
spectrum I-Effect
costs I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
related O
to O
money B-Cause
owed I-Cause
on I-Cause
the I-Cause
Italian I-Cause
auctions I-Cause
in I-Cause
fiscal I-Cause
2019 I-Cause
, O
mostly O
payable O
in O
2022 O
, O
and O
the B-Cause
recent I-Cause
auction I-Cause
in I-Cause
Germany I-Cause
. O

We B-Effect
see I-Effect
Tabrecta I-Effect
having I-Effect
less I-Effect
of I-Effect
an I-Effect
impact I-Effect
on I-Effect
Incyte I-Effect
's I-Effect
sales I-Effect
and I-Effect
ROICs I-Effect
, O
due B-Cause
to I-Cause
its I-Cause
niche I-Cause
market I-Cause
( I-Cause
MET I-Cause
exon I-Cause
14 I-Cause
skipping I-Cause
) I-Cause
, I-Cause
potential I-Cause
significant I-Cause
competition I-Cause
from I-Cause
Merck I-Cause
KGaA I-Cause
's I-Cause
similar I-Cause
drug I-Cause
Tepmetko I-Cause
( I-Cause
filed I-Cause
with I-Cause
regulators I-Cause
in I-Cause
the I-Cause
same I-Cause
indication I-Cause
) I-Cause
, I-Cause
and I-Cause
the I-Cause
royalty I-Cause
agreement I-Cause
with I-Cause
Novartis I-Cause
. I-Cause

There O
has O
been O
concern O
that O
ethylene B-Cause
oxide I-Cause
, O
as O
a O
cancer-causing O
pollutant O
, O
has O
led O
to O
elevated B-Effect
levels I-Effect
of I-Effect
cancer I-Effect
in I-Effect
areas I-Effect
near I-Effect
sterilization I-Effect
plants I-Effect
, O
although O
issues O
have O
been O
identified O
only O
at O
competitor O
plants O
so O
far O
. O

In O
this O
way O
, O
TJX B-Cause
's I-Cause
standing I-Cause
with I-Cause
customers I-Cause
reinforces I-Cause
itself I-Cause
by I-Cause
making I-Cause
the I-Cause
firm I-Cause
a I-Cause
more I-Cause
attractive I-Cause
partner I-Cause
for I-Cause
vendors I-Cause
, O
allowing O
the B-Effect
retailer I-Effect
to I-Effect
acquire I-Effect
better I-Effect
merchandise I-Effect
and O
provide O
greater B-Effect
values I-Effect
in I-Effect
store I-Effect
. O

We O
believe O
investors B-Effect
need I-Effect
to I-Effect
keep I-Effect
the I-Effect
fluctuations I-Effect
of I-Effect
an I-Effect
economic I-Effect
cycle I-Effect
in I-Effect
mind I-Effect
when I-Effect
making I-Effect
investment I-Effect
decisions I-Effect
in I-Effect
staffing I-Effect
firms I-Effect
as O
performance B-Cause
varies I-Cause
greatly I-Cause
during I-Cause
economic I-Cause
cycles I-Cause
. O

TSMC B-Cause
's I-Cause
technological I-Cause
independence I-Cause
ensures B-Effect
its I-Effect
R I-Effect
& I-Effect
D I-Effect
efforts I-Effect
are I-Effect
customer-agnostic I-Effect
and O
readily B-Effect
expanded I-Effect
to I-Effect
legacy I-Effect
applications I-Effect
as O
cost B-Cause
and I-Cause
reliability I-Cause
improve I-Cause
. O

It O
has O
done O
this O
by O
increasing B-Effect
engineering I-Effect
expertise I-Effect
and I-Effect
personnel I-Effect
by O
increasing B-Cause
headcount I-Cause
and O
through O
acquisitions B-Cause
( O
such O
as O
the O
$ O
328 O
million O
purchase O
of O
eInfochips O
, O
which O
increased O
Arrow O
's O
engineering O
team O
by O
1,500 O
) O
. O

We B-Effect
believe I-Effect
Ralph I-Effect
Lauren I-Effect
achieves I-Effect
large I-Effect
distribution I-Effect
due O
to O
the B-Cause
popularity I-Cause
of I-Cause
its I-Cause
brands I-Cause
and I-Cause
the I-Cause
high I-Cause
markups I-Cause
available I-Cause
on I-Cause
many I-Cause
products I-Cause
. O

We B-Cause
believe I-Cause
that I-Cause
the I-Cause
lack I-Cause
of I-Cause
intellectual I-Cause
property I-Cause
and I-Cause
these I-Cause
long-term I-Cause
supply I-Cause
agreements I-Cause
prevent B-Effect
Spirit I-Effect
from I-Effect
fully I-Effect
monetizing I-Effect
its I-Effect
sole-source I-Effect
supplier I-Effect
position I-Effect
. O

We O
believe O
this B-Effect
demographic I-Effect
trend I-Effect
will I-Effect
continue I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
due O
to O
the B-Cause
aging I-Cause
baby I-Cause
boomer I-Cause
population I-Cause
, O
with O
the O
60 O
and O
older O
segment O
growing O
to O
46 O
% O
by O
2024 O
. O

With O
the B-Cause
acquisition I-Cause
of I-Cause
Telefonica I-Cause
's I-Cause
wireless I-Cause
assets I-Cause
in I-Cause
Panama I-Cause
and I-Cause
Nicaragua I-Cause
and I-Cause
the I-Cause
pending I-Cause
acquisition I-Cause
in I-Cause
Costa I-Cause
Rica I-Cause
, O
Millicom B-Effect
will I-Effect
have I-Effect
the I-Effect
ability I-Effect
to I-Effect
offer I-Effect
converged I-Effect
fixed-line I-Effect
and I-Effect
wireless I-Effect
services I-Effect
in I-Effect
each I-Effect
of I-Effect
the I-Effect
nine I-Effect
Latin I-Effect
American I-Effect
countries I-Effect
where I-Effect
it I-Effect
operates I-Effect
. O

Customers B-Cause
also O
enjoy B-Effect
the I-Effect
added I-Effect
benefit I-Effect
of I-Effect
converting I-Effect
fixed I-Effect
transportation I-Effect
management I-Effect
costs I-Effect
( I-Effect
such I-Effect
as I-Effect
a I-Effect
large I-Effect
traffic I-Effect
management I-Effect
department I-Effect
) I-Effect
into I-Effect
variable I-Effect
costs I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
commodity I-Cause
futures I-Cause
are I-Cause
globally I-Cause
relevant I-Cause
, O
so O
growth B-Effect
in I-Effect
emerging I-Effect
and I-Effect
developing I-Effect
markets I-Effect
should I-Effect
increase I-Effect
energy I-Effect
and I-Effect
agricultural I-Effect
commodity I-Effect
trading I-Effect
volumes I-Effect
. O

We O
expect O
State B-Effect
Street I-Effect
's I-Effect
net I-Effect
interest I-Effect
income I-Effect
to I-Effect
continue I-Effect
to I-Effect
be I-Effect
pressured I-Effect
as O
low B-Cause
interest I-Cause
rates I-Cause
and I-Cause
a I-Cause
relatively I-Cause
flat I-Cause
yield I-Cause
curve I-Cause
weigh I-Cause
on I-Cause
the I-Cause
firm I-Cause
. O

Also O
, O
the B-Cause
company I-Cause
's I-Cause
entrenchment I-Cause
in I-Cause
the I-Cause
emerging I-Cause
immuno-oncology I-Cause
area I-Cause
should O
strengthen B-Effect
Merck I-Effect
's I-Effect
competitive I-Effect
position I-Effect
with I-Effect
drugs I-Effect
that I-Effect
carry I-Effect
very I-Effect
strong I-Effect
pricing I-Effect
power I-Effect
in I-Effect
areas I-Effect
of I-Effect
unmet I-Effect
medical I-Effect
need I-Effect
. O

Moreover O
, O
the B-Cause
confluence I-Cause
of I-Cause
leadership I-Cause
across I-Cause
multiple I-Cause
categories I-Cause
and I-Cause
beverages I-Cause
representing I-Cause
roughly I-Cause
20 I-Cause
% I-Cause
of I-Cause
food I-Cause
and I-Cause
grocery I-Cause
sales I-Cause
have O
resulted O
in O
Keurig B-Cause
Dr I-Cause
Pepper I-Cause
achieving I-Cause
strategic I-Cause
partner I-Cause
status I-Cause
, O
an O
enviable O
position O
that O
begets B-Effect
tangible I-Effect
and I-Effect
intangible I-Effect
benefits I-Effect
that I-Effect
serve I-Effect
to I-Effect
perpetuate I-Effect
the I-Effect
firm I-Effect
's I-Effect
structural I-Effect
advantages I-Effect
. O

Over O
the O
long O
term O
, O
we O
expect O
the B-Effect
repair I-Effect
and I-Effect
remodel I-Effect
market I-Effect
will I-Effect
benefit I-Effect
from I-Effect
several I-Effect
long-term I-Effect
secular I-Effect
tailwinds I-Effect
related O
to O
aging B-Cause
housing I-Cause
stock I-Cause
, I-Cause
favorable I-Cause
demographics I-Cause
, I-Cause
increased I-Cause
demand I-Cause
for I-Cause
smart I-Cause
home I-Cause
and I-Cause
energy-efficient I-Cause
products I-Cause
and I-Cause
solutions I-Cause
, I-Cause
and I-Cause
increased I-Cause
spending I-Cause
among I-Cause
minority I-Cause
households I-Cause
. O

The B-Cause
government I-Cause
's I-Cause
lowering I-Cause
of I-Cause
prices I-Cause
for I-Cause
those I-Cause
not I-Cause
taking I-Cause
the I-Cause
handset I-Cause
subsidy I-Cause
in I-Cause
September I-Cause
2017 I-Cause
is I-Cause
an I-Cause
example I-Cause
of I-Cause
this I-Cause
and O
has B-Effect
caused I-Effect
subsequent I-Effect
mobile I-Effect
service I-Effect
revenue I-Effect
decline I-Effect
across I-Effect
the I-Effect
industry I-Effect
. O

Considering O
Dexcom O
's O
CGM O
patients O
receive O
insulin O
dosing O
based O
on O
diagnostic O
readings O
provided O
by O
Dexcom O
, O
errors B-Cause
or I-Cause
defective I-Cause
equipment I-Cause
could O
result B-Effect
in I-Effect
harm I-Effect
to I-Effect
the I-Effect
patient I-Effect
( O
e.g. O
, O
diabetic O
coma O
) O
. O

We O
believe O
the B-Effect
firm I-Effect
is I-Effect
well I-Effect
placed I-Effect
to I-Effect
consolidate I-Effect
its I-Effect
leading I-Effect
position I-Effect
by O
developing B-Cause
compelling I-Cause
new I-Cause
versions I-Cause
of I-Cause
its I-Cause
existing I-Cause
franchises I-Cause
and I-Cause
by I-Cause
introducing I-Cause
new I-Cause
experiences I-Cause
, O
such O
as O
Hearthstone O
and O
Overwatch O
. O

In O
addition O
, O
CME B-Cause
's I-Cause
deep I-Cause
liquid I-Cause
markets I-Cause
in I-Cause
S I-Cause
& I-Cause
amp I-Cause
; I-Cause
P I-Cause
futures I-Cause
likely O
contributed O
to O
the B-Effect
exchange I-Effect
's I-Effect
ability I-Effect
to I-Effect
attract I-Effect
additional I-Effect
equity I-Effect
index I-Effect
futures I-Effect
license I-Effect
agreements I-Effect
for I-Effect
the I-Effect
Nasdaq I-Effect
and I-Effect
Russell I-Effect
2000 I-Effect
indexes I-Effect
, I-Effect
which I-Effect
returned I-Effect
to I-Effect
CME I-Effect
Group I-Effect
in I-Effect
2017 I-Effect
. O

We O
expect O
connected B-Effect
data I-Effect
centers I-Effect
to I-Effect
become I-Effect
even I-Effect
more I-Effect
important I-Effect
with O
the O
growing B-Cause
reliance I-Cause
on I-Cause
multiple I-Cause
cloud I-Cause
providers I-Cause
and I-Cause
greater I-Cause
demand I-Cause
for I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
and I-Cause
artificial I-Cause
intelligence I-Cause
functions I-Cause
. O

As O
more B-Cause
supplier I-Cause
content I-Cause
( I-Cause
predominantly I-Cause
airline I-Cause
content I-Cause
) I-Cause
is I-Cause
added I-Cause
, O
more B-Effect
travel I-Effect
agents I-Effect
use I-Effect
the I-Effect
platform I-Effect
, O
and O
as O
more B-Cause
travel I-Cause
agents I-Cause
use I-Cause
the I-Cause
platform I-Cause
, O
suppliers B-Effect
offer I-Effect
more I-Effect
content I-Effect
. O

For O
instance O
, O
we O
recognize O
that O
Kyocera B-Cause
has I-Cause
been I-Cause
somewhat I-Cause
inflexible I-Cause
in I-Cause
adapting I-Cause
to I-Cause
its I-Cause
changing I-Cause
environment I-Cause
and I-Cause
making I-Cause
drastic I-Cause
decisions I-Cause
regarding I-Cause
restructuring I-Cause
and I-Cause
mergers I-Cause
and I-Cause
acquisitions I-Cause
, I-Cause
and I-Cause
we I-Cause
regard I-Cause
this I-Cause
as I-Cause
the I-Cause
flip I-Cause
side I-Cause
of I-Cause
Amoeba I-Cause
Management. O
As O
a O
result O
, O
while B-Effect
we I-Effect
understand I-Effect
that I-Effect
the I-Effect
semiconductor I-Effect
( I-Effect
15 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
and I-Effect
electronic I-Effect
devices I-Effect
( I-Effect
20 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
) I-Effect
segments I-Effect
have I-Effect
been I-Effect
profitable I-Effect
, I-Effect
we I-Effect
are I-Effect
concerned I-Effect
that I-Effect
two I-Effect
business I-Effect
segments I-Effect
-- I-Effect
communications I-Effect
( I-Effect
19 I-Effect
% I-Effect
) I-Effect
, I-Effect
and I-Effect
life I-Effect
and I-Effect
environment I-Effect
( I-Effect
5 I-Effect
% I-Effect
) I-Effect
-- I-Effect
have I-Effect
been I-Effect
quite I-Effect
volatile I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
. O

Some O
of O
these B-Effect
firms I-Effect
have I-Effect
attempted I-Effect
to I-Effect
enter I-Effect
the I-Effect
value-added I-Effect
services I-Effect
space I-Effect
, O
but O
without O
success O
, O
as O
Avnet B-Cause
's I-Cause
capabilities I-Cause
are I-Cause
not I-Cause
cheap I-Cause
to I-Cause
acquire I-Cause
. O

Longer O
term O
, O
we O
increased B-Effect
our I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
forecast I-Effect
to I-Effect
2.1 I-Effect
% I-Effect
from I-Effect
1.9 I-Effect
% I-Effect
, O
after O
the B-Cause
divestiture I-Cause
of I-Cause
several I-Cause
slow I-Cause
growth I-Cause
brands I-Cause
and O
the B-Cause
deployment I-Cause
of I-Cause
more I-Cause
effective I-Cause
innovation I-Cause
and I-Cause
marketing I-Cause
practices I-Cause
, O
which O
have O
improved B-Cause
sales I-Cause
trends I-Cause
. O

In O
San O
Francisco O
, O
we B-Effect
expect I-Effect
buoyant I-Effect
rent I-Effect
growth I-Effect
and I-Effect
re-leasing I-Effect
spreads I-Effect
as I-Effect
supply I-Effect
struggles I-Effect
to O
keep O
up O
with O
breakneck B-Cause
growth I-Cause
in I-Cause
demand I-Cause
. O

We B-Effect
expect I-Effect
net I-Effect
charge-offs I-Effect
to I-Effect
average I-Effect
1.4 I-Effect
% I-Effect
of I-Effect
gross I-Effect
loans I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
, I-Effect
and I-Effect
we I-Effect
project I-Effect
lower I-Effect
losses I-Effect
in I-Effect
the I-Effect
initial I-Effect
years I-Effect
of I-Effect
our I-Effect
forecast I-Effect
due B-Cause
to I-Cause
the I-Cause
excess I-Cause
cash I-Cause
consumers I-Cause
have I-Cause
, I-Cause
leading I-Cause
to I-Cause
large I-Cause
paydowns I-Cause
of I-Cause
card I-Cause
balances I-Cause
. O

We B-Effect
do I-Effect
not I-Effect
expect I-Effect
material I-Effect
changes I-Effect
to I-Effect
contact I-Effect
lens I-Effect
adoption I-Effect
overall I-Effect
, O
given O
that O
the B-Cause
contact I-Cause
lens I-Cause
market I-Cause
is I-Cause
growing I-Cause
faster I-Cause
than I-Cause
the I-Cause
overall I-Cause
eyewear I-Cause
market I-Cause
and I-Cause
because I-Cause
of I-Cause
the I-Cause
inconvenience I-Cause
of I-Cause
eyeglasses I-Cause
and I-Cause
complications I-Cause
and I-Cause
expense I-Cause
associated I-Cause
with I-Cause
corrective I-Cause
surgery I-Cause
. O

As O
incomes B-Cause
rise I-Cause
in I-Cause
developing I-Cause
markets I-Cause
and I-Cause
motorists I-Cause
' I-Cause
dependence I-Cause
on I-Cause
their I-Cause
cars I-Cause
and I-Cause
trucks I-Cause
grows I-Cause
, O
we O
anticipate O
Valvoline B-Effect
should I-Effect
benefit I-Effect
as I-Effect
its I-Effect
higher-quality I-Effect
lineup I-Effect
takes I-Effect
share I-Effect
from I-Effect
small I-Effect
local I-Effect
players I-Effect
. O

We B-Effect
expect I-Effect
Huaneng I-Effect
's I-Effect
long-term I-Effect
margins I-Effect
to I-Effect
return I-Effect
to I-Effect
normalized I-Effect
levels I-Effect
under B-Cause
a I-Cause
more I-Cause
market-oriented I-Cause
power I-Cause
price I-Cause
mechanism I-Cause
and O
forecast B-Effect
its I-Effect
midcycle I-Effect
operating I-Effect
margin I-Effect
to I-Effect
be I-Effect
around I-Effect
20 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
, I-Effect
from I-Effect
13.4 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

Longer O
term O
, O
we B-Cause
have I-Cause
even I-Cause
more I-Cause
conviction I-Cause
in I-Cause
the I-Cause
trends I-Cause
facilitating I-Cause
the I-Cause
firm I-Cause
's I-Cause
growth I-Cause
categories I-Cause
, I-Cause
particularly I-Cause
seltzer I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
management I-Cause
team I-Cause
's I-Cause
ability I-Cause
to I-Cause
execute. O
As O
such O
, O
we B-Effect
're I-Effect
upping I-Effect
our I-Effect
sales I-Effect
numbers I-Effect
to I-Effect
reflect I-Effect
a I-Effect
more I-Effect
prolonged I-Effect
period I-Effect
of I-Effect
explosive I-Effect
growth I-Effect
in I-Effect
the I-Effect
seltzer I-Effect
category I-Effect
. O

The B-Cause
growth I-Cause
in I-Cause
penetration I-Cause
should O
allow O
cable B-Effect
networks I-Effect
to I-Effect
increase I-Effect
their I-Effect
advertising I-Effect
rates I-Effect
, I-Effect
providing I-Effect
a I-Effect
boost I-Effect
to I-Effect
Televisa I-Effect
and I-Effect
its I-Effect
26 I-Effect
pay-TV I-Effect
networks I-Effect
. O

Longer O
term O
, O
we O
expect O
earnings B-Effect
will I-Effect
fall I-Effect
beginning I-Effect
in I-Effect
2023-27 I-Effect
as O
generic B-Cause
pressures I-Cause
on I-Cause
key I-Cause
drugs I-Cause
Revlimid I-Cause
and I-Cause
Eliquis I-Cause
emerge I-Cause
. O

In O
aviation O
, O
the B-Effect
near-term I-Effect
is I-Effect
challenging I-Effect
due O
to O
pandemic-related B-Cause
delivery I-Cause
delays I-Cause
and I-Cause
lower I-Cause
demand I-Cause
for I-Cause
a I-Cause
highly I-Cause
cyclical I-Cause
good I-Cause
. O

Negatively O
, O
though O
, O
the B-Cause
significant I-Cause
invested I-Cause
capital I-Cause
being I-Cause
paid I-Cause
could O
keep B-Effect
Danaher I-Effect
's I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
including I-Effect
goodwill I-Effect
near I-Effect
its I-Effect
capital I-Effect
costs I-Effect
for I-Effect
several I-Effect
years I-Effect
. O

Or O
, O
they O
could O
choose O
to O
leave B-Effect
Oracle I-Effect
's I-Effect
databases I-Effect
as O
a O
result O
of O
needing B-Cause
a I-Cause
more I-Cause
flexible I-Cause
database I-Cause
for I-Cause
their I-Cause
data I-Cause
needs I-Cause
which I-Cause
will I-Cause
need I-Cause
to I-Cause
scale I-Cause
in I-Cause
the I-Cause
cloud I-Cause
, I-Cause
like I-Cause
relational I-Cause
databases I-Cause
native I-Cause
to I-Cause
AWS I-Cause
or I-Cause
Azure I-Cause
. O

In O
general O
, O
warehouse B-Effect
formats I-Effect
are I-Effect
attractive I-Effect
uses I-Effect
of I-Effect
capital I-Effect
, O
as O
the B-Cause
large I-Cause
quantity/high-price I-Cause
items I-Cause
lead I-Cause
to I-Cause
high I-Cause
sales I-Cause
per I-Cause
square I-Cause
foot I-Cause
combined I-Cause
with I-Cause
a I-Cause
no-frills I-Cause
, I-Cause
low-cost I-Cause
format I-Cause
. O

We O
expect O
these B-Effect
pricing I-Effect
dynamics I-Effect
to I-Effect
continue I-Effect
as O
Northeast B-Effect
gas I-Effect
demand I-Effect
rises I-Effect
due O
to O
power B-Cause
generation I-Cause
and I-Cause
residential I-Cause
heating I-Cause
conversions I-Cause
to I-Cause
cleaner-burning I-Cause
gas I-Cause
from I-Cause
emissions-intensive I-Cause
coal I-Cause
and I-Cause
oil I-Cause
. O

The B-Cause
delivery I-Cause
of I-Cause
new I-Cause
engines I-Cause
contributes O
negatively O
to O
operating B-Effect
profits I-Effect
in I-Effect
the I-Effect
ramp-up I-Effect
phase I-Effect
and I-Effect
even I-Effect
at I-Effect
a I-Effect
mature I-Effect
stage I-Effect
in I-Effect
the I-Effect
program I-Effect
generate I-Effect
low I-Effect
margins I-Effect
. O

We O
see O
the B-Effect
company I-Effect
's I-Effect
recent I-Effect
user I-Effect
experience I-Effect
investments I-Effect
as O
prudent B-Cause
to I-Cause
maintain I-Cause
the I-Cause
network I-Cause
effect I-Cause
, O
particularly O
as O
other O
local O
and O
global O
players O
look O
to O
expand O
their O
presence O
in O
China O
. O

After O
2020 O
, O
we O
expect O
Lennox B-Effect
's I-Effect
top I-Effect
line I-Effect
to O
benefit O
from O
a B-Cause
recovery I-Cause
in I-Cause
new-home I-Cause
construction I-Cause
, I-Cause
the I-Cause
release I-Cause
of I-Cause
pent-up I-Cause
commercial I-Cause
replacement I-Cause
demand I-Cause
related I-Cause
to I-Cause
the I-Cause
2020 I-Cause
downturn I-Cause
, I-Cause
and I-Cause
market I-Cause
share I-Cause
gains I-Cause
across I-Cause
Lennox I-Cause
's I-Cause
product I-Cause
portfolio I-Cause
. O

This O
was O
in O
no O
small O
part O
due O
to O
KeyCorp B-Cause
's I-Cause
First I-Cause
Niagara I-Cause
acquisition I-Cause
, O
which O
has B-Effect
drastically I-Effect
improved I-Effect
the I-Effect
bank I-Effect
's I-Effect
operating I-Effect
efficiency I-Effect
and I-Effect
scale I-Effect
. O

The O
education O
services O
segment O
is O
Wiley O
's O
smallest O
( O
13 O
% O
of O
fiscal O
2020 O
revenue O
) O
, O
but O
its B-Effect
offerings I-Effect
should I-Effect
be I-Effect
increasingly I-Effect
lucrative I-Effect
, O
particularly O
as O
the B-Cause
pandemic I-Cause
accelerates I-Cause
online I-Cause
education I-Cause
's I-Cause
development I-Cause
. O

The O
flavored O
sparkling O
water O
space O
also O
allows O
for O
brand O
resonance O
across O
a O
broader O
cohort O
as O
, O
with O
each B-Cause
flavor I-Cause
innovation I-Cause
, O
the O
brand O
has O
the O
opportunity O
to O
win B-Effect
trial I-Effect
and I-Effect
adoption I-Effect
from I-Effect
consumers I-Effect
with I-Effect
different I-Effect
palates I-Effect
. O

Administrative B-Cause
cost I-Cause
savings I-Cause
from I-Cause
the I-Cause
merger I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
streamlined I-Cause
logistics I-Cause
and I-Cause
route I-Cause
density I-Cause
, O
should O
bring O
further B-Cause
leverage I-Cause
to I-Cause
the I-Cause
operating I-Cause
income I-Cause
line I-Cause
, O
and O
we O
model O
these B-Effect
margins I-Effect
widening I-Effect
to I-Effect
26 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
from I-Effect
21.3 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

Client B-Effect
size I-Effect
in I-Effect
the I-Effect
commercial I-Effect
loan I-Effect
book I-Effect
should I-Effect
moderate I-Effect
the I-Effect
bank I-Effect
's I-Effect
exposure I-Effect
, O
with O
an B-Cause
evident I-Cause
skew I-Cause
toward I-Cause
smaller I-Cause
corporates I-Cause
and I-Cause
small- I-Cause
and I-Cause
medium-size I-Cause
enterprises I-Cause
that I-Cause
have I-Cause
more I-Cause
difficulty I-Cause
accessing I-Cause
capital I-Cause
markets I-Cause
. O

With O
gross B-Cause
margin I-Cause
improvement I-Cause
and I-Cause
revenue I-Cause
significantly I-Cause
outpacing I-Cause
the I-Cause
year-over-year I-Cause
increases I-Cause
needed I-Cause
in I-Cause
sales I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
development I-Cause
efforts I-Cause
, O
we O
model O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
into I-Effect
the I-Effect
high I-Effect
teens I-Effect
in I-Effect
fiscal I-Effect
2026 I-Effect
, O
up O
from O
a O
negative O
11 O
% O
in O
fiscal O
2021 O
. O

These B-Cause
employees I-Cause
, I-Cause
referred I-Cause
to I-Cause
as I-Cause
worksite I-Cause
employees I-Cause
, I-Cause
are I-Cause
technically I-Cause
employed I-Cause
by I-Cause
ADP I-Cause
but I-Cause
really I-Cause
function I-Cause
as I-Cause
employees I-Cause
of I-Cause
the I-Cause
client. O
This O
allows O
a B-Effect
small I-Effect
business I-Effect
to I-Effect
mitigate I-Effect
the I-Effect
risk I-Effect
of I-Effect
hiring I-Effect
its I-Effect
own I-Effect
HR I-Effect
department I-Effect
while I-Effect
offering I-Effect
ADP I-Effect
's I-Effect
401 I-Effect
( I-Effect
k I-Effect
) I-Effect
and I-Effect
health I-Effect
benefits I-Effect
to I-Effect
these I-Effect
employees I-Effect
. O

We O
forecast O
around B-Effect
4 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
, O
driven O
by O
computed B-Cause
tomography I-Cause
scanning I-Cause
for I-Cause
hold I-Cause
baggage I-Cause
, I-Cause
a I-Cause
regulatory I-Cause
requirement I-Cause
in I-Cause
Europe I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
long-term I-Cause
modernization I-Cause
opportunity I-Cause
for I-Cause
U.S I-Cause
. I-Cause

These B-Effect
switching I-Effect
costs I-Effect
are I-Effect
in I-Effect
part I-Effect
supported I-Effect
by I-Effect
familiarity I-Effect
, O
in O
which O
clients B-Cause
prefer I-Cause
the I-Cause
continuity I-Cause
of I-Cause
working I-Cause
with I-Cause
the I-Cause
same I-Cause
trusted I-Cause
CRO I-Cause
, I-Cause
and I-Cause
CROs I-Cause
are I-Cause
familiar I-Cause
with I-Cause
clients I-Cause
' I-Cause
needs I-Cause
, I-Cause
systems I-Cause
, I-Cause
and I-Cause
methods I-Cause
. O

For O
fiscal O
2023-25 O
, O
we B-Effect
forecast I-Effect
the I-Effect
studio I-Effect
will I-Effect
return I-Effect
to I-Effect
7 I-Effect
% I-Effect
organic I-Effect
average I-Effect
annual I-Effect
growth I-Effect
due O
to O
the B-Cause
strong I-Cause
slate I-Cause
of I-Cause
Marvel I-Cause
movies I-Cause
and I-Cause
the I-Cause
growth I-Cause
in I-Cause
TV I-Cause
, I-Cause
subscription I-Cause
VOD I-Cause
, I-Cause
and I-Cause
other I-Cause
outlets I-Cause
as I-Cause
Disney+ I-Cause
ramps I-Cause
up I-Cause
. O

Plant O
manager O
pushback O
seems O
inevitable O
, O
but O
we O
believe O
that O
a B-Cause
renewed I-Cause
emphasis I-Cause
on I-Cause
profitability I-Cause
should O
boost B-Effect
margins I-Effect
in I-Effect
North I-Effect
America I-Effect
and I-Effect
Europe I-Effect
. O

We O
think O
Corning B-Effect
can I-Effect
produce I-Effect
these I-Effect
high-quality I-Effect
glass I-Effect
substrates I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
than I-Effect
its I-Effect
competitors I-Effect
as O
a O
result O
of O
its B-Cause
centralized I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
. O

Though O
we O
like O
Shaw O
's O
strategy O
, O
we O
think O
it B-Effect
has I-Effect
a I-Effect
tough I-Effect
road I-Effect
ahead I-Effect
, O
given O
the B-Cause
established I-Cause
, I-Cause
profitable I-Cause
competitors I-Cause
that I-Cause
dominate I-Cause
the I-Cause
market I-Cause
. O

The B-Effect
equipment I-Effect
manufacturers I-Effect
engage I-Effect
in I-Effect
price I-Effect
wars I-Effect
as O
technology-leading B-Cause
peers I-Cause
offer I-Cause
similar I-Cause
product I-Cause
functionalities I-Cause
and I-Cause
there I-Cause
is I-Cause
a I-Cause
limited I-Cause
window I-Cause
of I-Cause
opportunity I-Cause
to I-Cause
win I-Cause
CSP I-Cause
contracts I-Cause
. O

Point-of-sale B-Cause
display I-Cause
bans I-Cause
limit O
manufacturers O
' O
ability O
to O
communicate O
pricing O
, O
thus O
creating O
a O
disincentive O
to O
engage O
in O
price O
promotional O
strategies O
, O
which O
have O
historically O
contracted O
the B-Effect
industry I-Effect
profit I-Effect
pool I-Effect
. O

Even O
a B-Cause
few I-Cause
cases I-Cause
have O
led B-Cause
to I-Cause
quarantines I-Cause
of I-Cause
entire I-Cause
facilities I-Cause
, O
which O
have O
caused B-Effect
dramatic I-Effect
declines I-Effect
in I-Effect
occupancy I-Effect
over I-Effect
the I-Effect
past I-Effect
few I-Effect
several I-Effect
quarters I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
global I-Cause
scale I-Cause
and I-Cause
sheer I-Cause
pharmaceutical I-Cause
volumes I-Cause
enable O
the B-Effect
company I-Effect
to I-Effect
efficiently I-Effect
provide I-Effect
access I-Effect
to I-Effect
a I-Effect
vast I-Effect
portfolio I-Effect
of I-Effect
drugs I-Effect
. O

However O
, O
we O
think O
Sysco B-Cause
's I-Cause
solid I-Cause
balance I-Cause
sheet I-Cause
, I-Cause
with I-Cause
$ I-Cause
8 I-Cause
billion I-Cause
of I-Cause
cash I-Cause
and I-Cause
available I-Cause
liquidity I-Cause
as I-Cause
of I-Cause
June I-Cause
, O
positions B-Effect
the I-Effect
firm I-Effect
well I-Effect
to I-Effect
endure I-Effect
the I-Effect
current I-Effect
environment I-Effect
. O

As O
National B-Cause
Oilwell I-Cause
Varco I-Cause
is I-Cause
forced I-Cause
to I-Cause
reconfigure I-Cause
its I-Cause
operations I-Cause
because O
of O
lower B-Cause
demand I-Cause
, O
it B-Effect
may I-Effect
no I-Effect
longer I-Effect
possess I-Effect
an I-Effect
edge I-Effect
from I-Effect
its I-Effect
scale I-Effect
economies I-Effect
. O

The O
very O
high O
uncertainty O
rating O
also O
reflects O
a O
deteriorating O
macroeconomic O
outlook O
, O
including O
uncertainty B-Effect
in I-Effect
the I-Effect
energy I-Effect
end I-Effect
market I-Effect
due O
to O
the B-Cause
recent I-Cause
steep I-Cause
decline I-Cause
in I-Cause
oil I-Cause
prices I-Cause
. O

While B-Effect
the I-Effect
business I-Effect
was I-Effect
able I-Effect
to I-Effect
contribute I-Effect
to I-Effect
40 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenues I-Effect
in I-Effect
2014 I-Effect
( I-Effect
with I-Effect
more I-Effect
than I-Effect
80 I-Effect
% I-Effect
from I-Effect
Asia I-Effect
) I-Effect
due O
to O
the B-Cause
high I-Cause
demand I-Cause
in I-Cause
smartphones I-Cause
, I-Cause
we I-Cause
believe I-Cause
the I-Cause
global I-Cause
demand I-Cause
for I-Cause
smartphones I-Cause
will I-Cause
not I-Cause
reach I-Cause
peak I-Cause
levels I-Cause
in I-Cause
future I-Cause
thus I-Cause
also I-Cause
affecting I-Cause
sales I-Cause
for I-Cause
Robodrills I-Cause
. O

In O
our O
view O
, O
potential O
disruptions O
to O
displace O
VMware O
within O
networks O
is O
not O
worth O
the O
risk O
to O
enterprises O
, O
and O
we O
believe O
VMware B-Cause
's I-Cause
customer I-Cause
support I-Cause
, I-Cause
services I-Cause
, I-Cause
and I-Cause
user-friendly I-Cause
design I-Cause
provide B-Effect
it I-Effect
with I-Effect
an I-Effect
advantage I-Effect
over I-Effect
competing I-Effect
open-source I-Effect
options I-Effect
. O

This B-Cause
cross-selling I-Cause
opportunity I-Cause
is I-Cause
supported I-Cause
by I-Cause
Paycom I-Cause
's I-Cause
investments I-Cause
within I-Cause
its I-Cause
platform I-Cause
, O
which O
should O
allow O
the B-Effect
company I-Effect
to I-Effect
expand I-Effect
its I-Effect
customer I-Effect
base I-Effect
further I-Effect
up-market I-Effect
. O

We O
see O
prices B-Effect
beginning I-Effect
to I-Effect
rise I-Effect
again I-Effect
in I-Effect
2021 I-Effect
as O
demand B-Cause
has I-Cause
continued I-Cause
to I-Cause
grow I-Cause
, I-Cause
new I-Cause
supply I-Cause
has I-Cause
been I-Cause
delayed I-Cause
, I-Cause
and I-Cause
some I-Cause
spodumene I-Cause
production I-Cause
has I-Cause
been I-Cause
curtailed I-Cause
. O

The B-Cause
higher I-Cause
levels I-Cause
of I-Cause
efficiency I-Cause
also I-Cause
allow I-Cause
end I-Cause
designs I-Cause
to I-Cause
reduce I-Cause
the I-Cause
size I-Cause
of I-Cause
a I-Cause
chip I-Cause
's I-Cause
capacitor I-Cause
( I-Cause
which I-Cause
stores I-Cause
short-term I-Cause
power I-Cause
for I-Cause
the I-Cause
processor I-Cause
) I-Cause
, O
giving O
an B-Effect
even I-Effect
smaller I-Effect
form I-Effect
factor I-Effect
to I-Effect
customers I-Effect
. O

Finally O
, O
management B-Cause
has I-Cause
historically I-Cause
been I-Cause
aggressive I-Cause
when O
it O
comes O
to O
M B-Cause
& I-Cause
A I-Cause
, O
which O
can O
lead O
to O
integration B-Effect
risk I-Effect
and I-Effect
high I-Effect
financial I-Effect
leverage I-Effect
at I-Effect
times I-Effect
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
creates O
omnipresent B-Effect
ESG I-Effect
risk I-Effect
in B-Cause
the I-Cause
form I-Cause
of I-Cause
potential I-Cause
brand I-Cause
degradation I-Cause
, O
in O
our O
view O
. O

However O
, O
given O
the B-Cause
greater I-Cause
number I-Cause
of I-Cause
relatively I-Cause
stronger I-Cause
players I-Cause
in O
the O
SSD O
space O
, O
including O
Samsung O
and O
Intel O
, O
we O
remain B-Effect
skeptical I-Effect
of I-Effect
the I-Effect
growth I-Effect
prospects I-Effect
for I-Effect
Seagate I-Effect
's I-Effect
SSD I-Effect
business I-Effect
. O

In O
Mexico O
, O
the B-Cause
2012 I-Cause
election I-Cause
of I-Cause
Enrique I-Cause
Pena I-Cause
Nieto I-Cause
, O
following O
12 O
years O
of O
leadership O
from O
the O
traditionally O
more O
business-friendly O
PAN O
political O
party O
, O
precipitated B-Effect
the I-Effect
major I-Effect
regulatory I-Effect
reforms I-Effect
that I-Effect
have I-Effect
hit I-Effect
the I-Effect
market I-Effect
. O

This B-Effect
high I-Effect
local I-Effect
market I-Effect
share I-Effect
remains I-Effect
particularly I-Effect
valuable I-Effect
in I-Effect
health I-Effect
insurance I-Effect
since O
medical B-Cause
care I-Cause
providers I-Cause
typically I-Cause
only I-Cause
operate I-Cause
in I-Cause
limited I-Cause
geographic I-Cause
areas I-Cause
, O
making B-Effect
local I-Effect
market I-Effect
share I-Effect
the I-Effect
most I-Effect
relevant I-Effect
to I-Effect
most I-Effect
reimbursement I-Effect
negotiations I-Effect
. O

Longer O
term O
, O
we O
expect O
Expeditors O
to B-Effect
continue I-Effect
gradually I-Effect
taking I-Effect
market I-Effect
share I-Effect
from I-Effect
smaller I-Effect
, I-Effect
less I-Effect
capable I-Effect
third-party I-Effect
logistics I-Effect
providers I-Effect
( O
on O
average O
over O
the O
cycle O
) O
as O
demand B-Cause
for I-Cause
sophisticated I-Cause
supply I-Cause
chain I-Cause
technology I-Cause
and I-Cause
access I-Cause
to I-Cause
reliable I-Cause
capacity I-Cause
expands I-Cause
. I-Cause

Hardware B-Cause
with I-Cause
more I-Cause
capacity I-Cause
in I-Cause
a I-Cause
smaller I-Cause
physical I-Cause
size I-Cause
and I-Cause
virtualization I-Cause
could O
each O
reduce O
the O
need B-Effect
for I-Effect
space I-Effect
over I-Effect
the I-Effect
long-term I-Effect
even O
as O
enterprises O
use O
data O
centers O
for O
an O
increasing O
amount O
of O
data O
. O

We B-Effect
do I-Effect
not I-Effect
believe I-Effect
FSP I-Effect
or I-Effect
commercialization I-Effect
significantly I-Effect
strengthen I-Effect
a I-Effect
CRO I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
, O
as O
CROs B-Cause
add I-Cause
the I-Cause
most I-Cause
value I-Cause
with I-Cause
full I-Cause
outsourcing I-Cause
, I-Cause
where I-Cause
they I-Cause
can I-Cause
leverage I-Cause
intangible I-Cause
assets I-Cause
to I-Cause
shorten I-Cause
drug I-Cause
development I-Cause
times I-Cause
while I-Cause
producing I-Cause
quality I-Cause
work I-Cause
. O

In O
addition O
, O
Cadence B-Cause
handles I-Cause
sensitive I-Cause
customer I-Cause
data I-Cause
and O
a B-Effect
breach I-Effect
could I-Effect
raise I-Effect
legal I-Effect
and I-Effect
regulatory I-Effect
hurdles I-Effect
and I-Effect
adversely I-Effect
affect I-Effect
the I-Effect
firm I-Effect
's I-Effect
reputation I-Effect
. O

About B-Cause
a I-Cause
quarter I-Cause
of I-Cause
Maxim I-Cause
's I-Cause
revenue I-Cause
comes I-Cause
from I-Cause
analog I-Cause
chips I-Cause
used I-Cause
in I-Cause
consumer I-Cause
devices I-Cause
, O
which O
may O
lead O
to O
volatility B-Effect
. O

Growth B-Cause
in I-Cause
emerging I-Cause
markets I-Cause
should B-Effect
help I-Effect
mitigate I-Effect
the I-Effect
patent I-Effect
losses I-Effect
in I-Effect
developed I-Effect
markets I-Effect
, O
as B-Cause
brand I-Cause
names I-Cause
are I-Cause
more I-Cause
important I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
and I-Cause
give I-Cause
products I-Cause
a I-Cause
much I-Cause
longer I-Cause
lifecycle I-Cause
. O

Improving O
brand O
quality O
and O
pricing O
is O
only O
half O
the O
battle O
; O
we O
think O
Agco B-Effect
would I-Effect
need I-Effect
to I-Effect
improve I-Effect
its I-Effect
dealer I-Effect
network I-Effect
and I-Effect
aftermarket I-Effect
offering I-Effect
to O
keep O
customers B-Cause
from I-Cause
switching I-Cause
. O

Substantial B-Cause
debt I-Cause
reduction I-Cause
frees O
cash O
flow O
for O
product O
development O
and O
allows O
the B-Effect
company I-Effect
to I-Effect
better I-Effect
weather I-Effect
economic I-Effect
cycle I-Effect
lows I-Effect
like I-Effect
COVID-19 I-Effect
. O

By B-Effect
2025 I-Effect
we I-Effect
expect I-Effect
production I-Effect
to I-Effect
fall I-Effect
to I-Effect
2.7 I-Effect
mmboe/d I-Effect
owing O
to O
divestments B-Cause
in I-Cause
onshore I-Cause
and I-Cause
shallow I-Cause
water I-Cause
assets I-Cause
in I-Cause
favour I-Cause
of I-Cause
deepwater I-Cause
production I-Cause
assets I-Cause
with I-Cause
lower I-Cause
lifting I-Cause
costs I-Cause
. O

Norwegian O
's O
adjusted O
ROICs O
including O
goodwill O
approximated O
our O
estimated O
10.4 O
% O
weighted O
average O
cost O
of O
capital O
in O
2017 O
, O
but O
given O
setbacks O
stemming O
from O
COVID-19 B-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
anticipate I-Effect
it I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
do I-Effect
so I-Effect
until I-Effect
2027 I-Effect
. O

However O
, O
as O
many B-Cause
large I-Cause
steel I-Cause
companies I-Cause
globally I-Cause
are I-Cause
vying I-Cause
for I-Cause
these I-Cause
same I-Cause
high-grade I-Cause
steel I-Cause
end I-Cause
markets I-Cause
, O
the B-Effect
company I-Effect
will I-Effect
continue I-Effect
struggling I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
, O
in O
our O
view O
. O

Historically O
, O
Criteo B-Effect
and I-Effect
other I-Effect
ad-tech I-Effect
firms I-Effect
gained I-Effect
access I-Effect
to I-Effect
user I-Effect
behavior I-Effect
data I-Effect
via O
cookies B-Cause
, O
files O
on O
which O
such O
data O
is O
stored O
. O

Given O
our B-Cause
projections I-Cause
for I-Cause
the I-Cause
sustainability I-Cause
of I-Cause
the I-Cause
export I-Cause
markets I-Cause
, O
this B-Effect
should I-Effect
remain I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
Valero I-Effect
, O
as O
it B-Cause
enables I-Cause
the I-Cause
firm I-Cause
to I-Cause
capture I-Cause
higher I-Cause
margins I-Cause
and I-Cause
maintain I-Cause
high I-Cause
utilization I-Cause
levels I-Cause
. O

Also O
, O
while O
not O
historically O
a O
dominant O
asset O
manager O
among O
the O
Canadian O
banks O
, O
a B-Cause
series I-Cause
of I-Cause
acquisitions I-Cause
have O
improved B-Effect
the I-Effect
bank I-Effect
's I-Effect
standing I-Effect
here I-Effect
. O

Lastly O
, O
the B-Cause
early I-Cause
lead I-Cause
and I-Cause
substantial I-Cause
market I-Cause
share I-Cause
led O
to O
a B-Effect
wide I-Effect
variety I-Effect
of I-Effect
developers I-Effect
joining I-Effect
the I-Effect
ecosystem I-Effect
bringing I-Effect
in I-Effect
applications I-Effect
, I-Effect
middleware I-Effect
, I-Effect
and I-Effect
development I-Effect
tools I-Effect
. O

Constellation B-Effect
's I-Effect
foray I-Effect
into I-Effect
explosive-growth I-Effect
categories I-Effect
like I-Effect
hard I-Effect
seltzer I-Effect
may I-Effect
also I-Effect
require I-Effect
nontrivial I-Effect
investment I-Effect
, O
given O
the B-Cause
competitive I-Cause
intensity I-Cause
and I-Cause
brand I-Cause
equity I-Cause
already I-Cause
built I-Cause
up I-Cause
by I-Cause
the I-Cause
incumbents I-Cause
. O

That O
said O
, O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
is I-Effect
still I-Effect
somewhat I-Effect
behind I-Effect
its I-Effect
moatier I-Effect
peers I-Effect
, I-Effect
which I-Effect
tend I-Effect
to I-Effect
be I-Effect
consistently I-Effect
in I-Effect
the I-Effect
mid-50s I-Effect
, I-Effect
with I-Effect
some I-Effect
now I-Effect
even I-Effect
approaching I-Effect
the I-Effect
low-50s. O
This O
is O
partially O
due O
to O
structural B-Cause
reasons I-Cause
, I-Cause
including I-Cause
that I-Cause
the I-Cause
bank I-Cause
has I-Cause
a I-Cause
low I-Cause
deposit I-Cause
market I-Cause
share I-Cause
in I-Cause
all I-Cause
but I-Cause
one I-Cause
of I-Cause
its I-Cause
top I-Cause
markets I-Cause
. O

Customers B-Cause
' I-Cause
desire I-Cause
for I-Cause
convenience I-Cause
at I-Cause
a I-Cause
low I-Cause
price I-Cause
can O
advantage B-Effect
Dollar I-Effect
General I-Effect
to I-Effect
a I-Effect
greater I-Effect
degree I-Effect
than I-Effect
we I-Effect
expect I-Effect
, I-Effect
but I-Effect
also I-Effect
pits I-Effect
Dollar I-Effect
General I-Effect
against I-Effect
cost-advantaged I-Effect
mass I-Effect
merchants I-Effect
with I-Effect
significant I-Effect
store I-Effect
networks I-Effect
, O
like O
Walmart O
. O

Currently O
robust O
airfreight O
activity O
may O
ease O
in O
second O
half O
2021 O
, O
but O
longer B-Effect
term I-Effect
we I-Effect
expect I-Effect
Expeditors I-Effect
to I-Effect
continue I-Effect
gradually I-Effect
taking I-Effect
market I-Effect
share I-Effect
from I-Effect
less I-Effect
capable I-Effect
third-party I-Effect
logistics I-Effect
providers I-Effect
( I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
cycle I-Effect
) I-Effect
as O
demand B-Cause
for I-Cause
sophisticated I-Cause
supply I-Cause
chain I-Cause
technology I-Cause
and I-Cause
access I-Cause
to I-Cause
reliable I-Cause
capacity I-Cause
expands I-Cause
. O

A B-Cause
strong I-Cause
reputation I-Cause
makes O
it O
more O
likely O
that O
an B-Effect
investment I-Effect
bank I-Effect
will I-Effect
be I-Effect
selected I-Effect
as I-Effect
a I-Effect
book I-Effect
runner I-Effect
, I-Effect
capturing I-Effect
more I-Effect
of I-Effect
the I-Effect
profits I-Effect
from I-Effect
an I-Effect
underwriting I-Effect
deal I-Effect
, I-Effect
and I-Effect
gives I-Effect
the I-Effect
firm I-Effect
an I-Effect
early I-Effect
opportunity I-Effect
to I-Effect
hire I-Effect
top I-Effect
revenue-generating I-Effect
talent I-Effect
. O

Given O
that O
the B-Cause
bulk I-Cause
of I-Cause
mortgages I-Cause
are I-Cause
agency I-Cause
compliant I-Cause
, O
using B-Effect
TransUnion I-Effect
( I-Effect
along I-Effect
with I-Effect
Equifax I-Effect
and I-Effect
Experian I-Effect
) I-Effect
is I-Effect
essentially I-Effect
a I-Effect
requirement I-Effect
for I-Effect
a I-Effect
mortgage I-Effect
lender I-Effect
. O

Payers B-Effect
may I-Effect
become I-Effect
increasingly I-Effect
unwilling I-Effect
to I-Effect
pay I-Effect
the I-Effect
six-figure I-Effect
price I-Effect
tags I-Effect
associated I-Effect
with I-Effect
such I-Effect
therapies I-Effect
as O
these B-Cause
markets I-Cause
become I-Cause
more I-Cause
competitive I-Cause
. O

Harley O
has O
historically O
generated O
returns O
on O
invested O
capital O
above O
our O
estimated O
weighted O
average O
cost O
of O
capital O
( O
7 O
% O
) O
; O
however O
, O
HDFS B-Effect
had I-Effect
a I-Effect
disparate I-Effect
impact I-Effect
in I-Effect
2008 I-Effect
, I-Effect
depressing I-Effect
ROICs I-Effect
, O
as O
it B-Cause
had I-Cause
become I-Cause
a I-Cause
more I-Cause
relevant I-Cause
part I-Cause
of I-Cause
the I-Cause
business I-Cause
and I-Cause
delinquencies I-Cause
were I-Cause
higher I-Cause
than I-Cause
usual I-Cause
. O

We O
think O
the B-Cause
firm I-Cause
's I-Cause
experience I-Cause
with I-Cause
another I-Cause
nucleotide I-Cause
analog I-Cause
, I-Cause
tenofovir I-Cause
, I-Cause
a I-Cause
key I-Cause
ingredient I-Cause
in I-Cause
all I-Cause
of I-Cause
Gilead I-Cause
's I-Cause
HIV I-Cause
combination I-Cause
regimens I-Cause
, O
probably O
contributed O
to O
its B-Effect
recognition I-Effect
of I-Effect
Sovaldi I-Effect
's I-Effect
value I-Effect
at I-Effect
an I-Effect
early I-Effect
stage I-Effect
in I-Effect
its I-Effect
development I-Effect
. O

Although O
the O
two O
strategies O
complement O
each O
other O
well O
, O
Tilray B-Cause
will I-Cause
face I-Cause
stiff I-Cause
competition I-Cause
to I-Cause
develop I-Cause
consumer I-Cause
brands I-Cause
that O
can O
lead O
to O
meaningful B-Effect
pricing I-Effect
power I-Effect
. O

Climate B-Cause
concerns I-Cause
could O
also O
trigger O
regulatory B-Effect
interventions I-Effect
, O
such O
as O
production O
limits O
, O
removal O
of O
existing O
infrastructure O
, O
and O
perhaps O
even O
direct O
taxes O
on O
carbon O
emissions O
, O
which O
already O
exists O
in O
Canada O
. O

These O
platforms O
do O
not O
yet O
have O
Alibaba O
's O
scale O
in O
China O
, O
but O
they B-Cause
specialize I-Cause
in I-Cause
specific I-Cause
products I-Cause
or I-Cause
services I-Cause
or I-Cause
markets I-Cause
, O
which O
might O
impede O
Alibaba B-Effect
's I-Effect
growth I-Effect
. O

In O
response B-Cause
to I-Cause
the I-Cause
rampant I-Cause
cost I-Cause
inflation I-Cause
in I-Cause
cheese I-Cause
, I-Cause
meat I-Cause
, I-Cause
and I-Cause
coffee I-Cause
a I-Cause
few I-Cause
years I-Cause
ago I-Cause
, O
Kraft B-Cause
raised I-Cause
prices I-Cause
but O
was O
unable O
to O
fully B-Effect
offset I-Effect
the I-Effect
profit I-Effect
hit I-Effect
, I-Effect
given I-Effect
the I-Effect
lag I-Effect
in I-Effect
the I-Effect
benefit I-Effect
. O

Nordstrom B-Cause
's I-Cause
full-price I-Cause
, I-Cause
full-line I-Cause
stores I-Cause
generated I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
in I-Cause
2019 I-Cause
sales I-Cause
, O
making O
the B-Effect
company I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
upscale I-Effect
fashion I-Effect
retailers I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. O

As B-Effect
a I-Effect
result I-Effect
of I-Effect
the I-Effect
transition I-Effect
, I-Effect
revenue I-Effect
for I-Effect
2019 I-Effect
fell I-Effect
14 I-Effect
% I-Effect
to I-Effect
$ I-Effect
6.5 I-Effect
billion I-Effect
as O
Blizzard B-Cause
did I-Cause
not I-Cause
launch I-Cause
any I-Cause
new I-Cause
titles I-Cause
or I-Cause
expansion I-Cause
. O

The B-Effect
addition I-Effect
of I-Effect
Alterra I-Effect
and I-Effect
the I-Effect
larger I-Effect
exposure I-Effect
to I-Effect
reinsurance I-Effect
activity I-Effect
increased I-Effect
underwriting I-Effect
risk I-Effect
, O
in O
our O
view O
, O
as O
reinsurance B-Cause
is I-Cause
a I-Cause
fundamentally I-Cause
more I-Cause
volatile I-Cause
activity I-Cause
than I-Cause
primary I-Cause
insurance I-Cause
. O

LPL B-Cause
's I-Cause
strong I-Cause
market I-Cause
position I-Cause
, I-Cause
best-in-class I-Cause
payout I-Cause
, I-Cause
and I-Cause
advisor I-Cause
resources I-Cause
contribute O
to O
its B-Effect
meaningful I-Effect
switching I-Effect
costs I-Effect
, O
which O
should O
allow O
LPL B-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
to I-Effect
shareholders I-Effect
over O
the O
next O
decade O
. O

KeyCorp B-Effect
is I-Effect
large I-Effect
enough I-Effect
to I-Effect
be I-Effect
subject I-Effect
to I-Effect
the I-Effect
Federal I-Effect
Reserve I-Effect
's I-Effect
stress I-Effect
tests I-Effect
because O
it B-Cause
has I-Cause
more I-Cause
than I-Cause
$ I-Cause
100 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
, O
but O
it O
only O
has O
to O
go O
through O
the O
full O
process O
every O
two O
years O
. O

We O
expect O
that O
M B-Effect
& I-Effect
T I-Effect
's I-Effect
asset I-Effect
sensitivity I-Effect
will I-Effect
work I-Effect
against I-Effect
the I-Effect
bank I-Effect
in I-Effect
a I-Effect
period I-Effect
of I-Effect
declining I-Effect
rates I-Effect
, O
and O
have O
baked O
this O
in O
as O
we B-Cause
expect I-Cause
rates I-Cause
to I-Cause
remain I-Cause
low I-Cause
for I-Cause
years I-Cause
. O

We O
expect O
Valvoline O
to O
make O
small O
acquisitions O
, O
though O
we B-Effect
do I-Effect
not I-Effect
incorporate I-Effect
such I-Effect
deals I-Effect
into I-Effect
our I-Effect
analysis I-Effect
, O
given O
their B-Cause
uncertain I-Cause
nature I-Cause
. O

We O
think O
that O
contractors B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
continue I-Effect
growing I-Effect
despite I-Effect
a I-Effect
slowing I-Effect
macro I-Effect
environment I-Effect
due O
to O
sizable B-Cause
backlogs I-Cause
and I-Cause
the I-Cause
national I-Cause
defense I-Cause
strategy I-Cause
's I-Cause
increased I-Cause
focus I-Cause
on I-Cause
modernization I-Cause
, O
and O
we O
think O
that O
defense B-Effect
budget I-Effect
growth I-Effect
is I-Effect
likely I-Effect
to I-Effect
return I-Effect
to I-Effect
its I-Effect
long-term I-Effect
trend I-Effect
. O

In O
the O
longer O
term O
, O
we O
believe O
Myriad B-Cause
's I-Cause
proprietary I-Cause
database I-Cause
in I-Cause
hereditary I-Cause
cancer I-Cause
will O
allow O
it B-Effect
to I-Effect
hold I-Effect
on I-Effect
to I-Effect
its I-Effect
current I-Effect
market I-Effect
share I-Effect
but I-Effect
the I-Effect
firm I-Effect
will I-Effect
inevitably I-Effect
face I-Effect
more I-Effect
competition I-Effect
and I-Effect
reimbursement I-Effect
pressures I-Effect
. O

Additionally O
, O
margin B-Cause
expansion I-Cause
efforts I-Cause
could I-Cause
hamper I-Cause
its I-Cause
ability I-Cause
to I-Cause
win I-Cause
new I-Cause
customers I-Cause
and I-Cause
support I-Cause
existing I-Cause
clients I-Cause
, O
which O
can O
drive B-Effect
uncertainty I-Effect
in I-Effect
Okta I-Effect
's I-Effect
ability I-Effect
to I-Effect
continue I-Effect
strong I-Effect
revenue I-Effect
expansion I-Effect
throughout I-Effect
the I-Effect
2020s I-Effect
. O

They B-Effect
would I-Effect
also I-Effect
likely I-Effect
have I-Effect
to I-Effect
run I-Effect
duplicate I-Effect
payroll I-Effect
and I-Effect
HCM I-Effect
solutions I-Effect
given O
their B-Cause
mission I-Cause
criticality I-Cause
, O
giving O
rise O
to O
high B-Effect
monetary I-Effect
costs I-Effect
. O

Still O
, O
the O
convenience O
of O
buying O
these O
packs O
from O
Alcon O
does O
n't O
meet O
the O
threshold O
for O
switching O
costs O
in O
our O
view O
, O
and O
we O
think O
competitors B-Cause
can I-Cause
compete I-Cause
on I-Cause
price I-Cause
to B-Effect
win I-Effect
share I-Effect
of I-Effect
non-proprietary I-Effect
consumables I-Effect
. O

All B-Effect
the I-Effect
specialty I-Effect
products I-Effect
within I-Effect
its I-Effect
mix I-Effect
use I-Effect
baking I-Effect
soda I-Effect
as O
the B-Cause
main I-Cause
ingredient I-Cause
( I-Cause
for I-Cause
animal I-Cause
feed I-Cause
, I-Cause
industrial I-Cause
baking I-Cause
, I-Cause
and I-Cause
industrial I-Cause
cleaning I-Cause
) I-Cause
, O
which O
provides O
a O
raw O
material O
sourcing O
advantage O
for O
the O
firm O
. O

For O
example O
, O
in O
precision O
medicine O
, O
Qiagen B-Cause
is I-Cause
working I-Cause
with I-Cause
about I-Cause
25 I-Cause
biopharmaceutical I-Cause
companies I-Cause
to I-Cause
develop I-Cause
companion I-Cause
diagnostics I-Cause
to O
identify B-Effect
appropriate I-Effect
therapeutic I-Effect
options I-Effect
for I-Effect
patients I-Effect
. O

Overall O
, O
Moody B-Effect
's I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
respond I-Effect
to I-Effect
soft I-Effect
issuance I-Effect
with I-Effect
higher I-Effect
pricing I-Effect
and I-Effect
continued I-Effect
penetration I-Effect
by O
providing B-Cause
ratings I-Cause
to I-Cause
first-time I-Cause
or I-Cause
newer I-Cause
issuers I-Cause
. O

They B-Cause
also I-Cause
spend I-Cause
a I-Cause
lot I-Cause
of I-Cause
time I-Cause
and I-Cause
capital I-Cause
to I-Cause
safeguard I-Cause
against I-Cause
data I-Cause
breaches I-Cause
, O
which O
can O
cause O
service B-Effect
disruptions I-Effect
, I-Effect
trigger I-Effect
lawsuits I-Effect
and I-Effect
forensic I-Effect
investigations I-Effect
, I-Effect
incur I-Effect
expenses I-Effect
related I-Effect
to I-Effect
repairing I-Effect
or I-Effect
removing I-Effect
threats I-Effect
from I-Effect
data I-Effect
systems I-Effect
, I-Effect
damage I-Effect
reputations I-Effect
, I-Effect
and I-Effect
shake I-Effect
customer I-Effect
confidence I-Effect
. O

Considering O
the B-Cause
tremendous I-Cause
cost I-Cause
of I-Cause
failure I-Cause
in I-Cause
such I-Cause
applications I-Cause
( I-Cause
including I-Cause
unscheduled I-Cause
downtime I-Cause
and I-Cause
safety I-Cause
considerations I-Cause
) I-Cause
, O
customers B-Effect
are I-Effect
less I-Effect
likely I-Effect
to I-Effect
aggressively I-Effect
pursue I-Effect
cost I-Effect
savings I-Effect
by I-Effect
switching I-Effect
to I-Effect
a I-Effect
cheaper I-Effect
but I-Effect
less I-Effect
proven I-Effect
alternative I-Effect
. O

Because O
it B-Cause
offers I-Cause
a I-Cause
full I-Cause
suite I-Cause
of I-Cause
sterilization I-Cause
solutions I-Cause
, I-Cause
from I-Cause
the I-Cause
sale I-Cause
of I-Cause
individual I-Cause
sterilizers I-Cause
to I-Cause
full I-Cause
outsourcing I-Cause
, O
Steris B-Effect
benefits I-Effect
regardless I-Effect
of I-Effect
how I-Effect
hospitals I-Effect
choose I-Effect
to I-Effect
manage I-Effect
sterilization I-Effect
. O

In O
the O
United O
States O
, O
we O
think O
states O
in B-Effect
the I-Effect
West I-Effect
and I-Effect
Northwest I-Effect
will I-Effect
produce I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
through O
outdoor B-Cause
cultivation I-Cause
, O
compared O
with O
states O
that O
need O
to O
use O
higher O
cost O
greenhouse O
or O
indoor O
cultivation O
due O
to O
climate O
. O

This B-Cause
structure I-Cause
allows I-Cause
the I-Cause
company I-Cause
to I-Cause
expand I-Cause
its I-Cause
brand I-Cause
reach I-Cause
with I-Cause
minimal I-Cause
corresponding I-Cause
capital I-Cause
needs I-Cause
while I-Cause
providing I-Cause
an I-Cause
annuitylike I-Cause
stream I-Cause
of I-Cause
rent I-Cause
and I-Cause
royalties I-Cause
, I-Cause
even I-Cause
during I-Cause
challenging I-Cause
economic I-Cause
times. O
As O
a O
result O
, O
McDonald B-Effect
's I-Effect
currently I-Effect
generates I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
( I-Effect
excluding I-Effect
goodwill I-Effect
) I-Effect
in I-Effect
the I-Effect
high I-Effect
teens I-Effect
, I-Effect
with I-Effect
our I-Effect
model I-Effect
forecasting I-Effect
growth I-Effect
to I-Effect
the I-Effect
low I-Effect
20s I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

The B-Cause
distribution I-Cause
network I-Cause
is I-Cause
also I-Cause
flexible I-Cause
enough I-Cause
to O
shift B-Effect
inventory I-Effect
between I-Effect
LKQ I-Effect
's I-Effect
facilities I-Effect
to I-Effect
meet I-Effect
demand I-Effect
, O
utilizing O
the O
company O
's O
own O
fleet O
of O
trucks O
. O

This B-Cause
integrated I-Cause
offering I-Cause
leverages I-Cause
domain I-Cause
expertise I-Cause
in I-Cause
seamless I-Cause
technology I-Cause
, O
differentiates B-Effect
Veeva I-Effect
from I-Effect
the I-Effect
limited I-Effect
competition I-Effect
, O
and O
, O
in O
our O
view O
, O
should O
generate O
strong O
ROICs O
for O
the O
next O
20 O
years O
. O

With O
demand B-Cause
for I-Cause
most I-Cause
products I-Cause
likely I-Cause
to I-Cause
soften I-Cause
with I-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
China I-Cause
boom I-Cause
, O
and O
BHP O
's O
fiscal O
2021 O
earning O
back O
near O
the O
fiscal O
2011/2012 O
peak O
, O
we O
think O
the O
outlook O
is O
for O
earnings B-Effect
to I-Effect
materially I-Effect
decline I-Effect
with O
iron O
ore O
the O
likely O
key O
driver O
. O

Further O
, O
we O
think O
the B-Cause
need I-Cause
for I-Cause
vibration-free I-Cause
and I-Cause
reliable I-Cause
connectors I-Cause
further O
bolsters O
the B-Effect
demand I-Effect
for I-Effect
aviation I-Effect
connectors I-Effect
in I-Effect
the I-Effect
market I-Effect
. O

The O
combination O
of O
Corning B-Cause
's I-Cause
competitive I-Cause
advantages I-Cause
across I-Cause
its I-Cause
business I-Cause
gives O
us O
confidence O
that O
it B-Effect
will I-Effect
earn I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
better I-Effect
part I-Effect
of I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

In O
terms O
of O
operating O
margins O
, O
we O
expect O
about O
200 O
basis O
points O
of O
improvement O
from O
2019 O
( O
an O
investment O
year O
) O
to O
about O
15 O
% O
by O
2024 O
, O
as O
the B-Cause
firm I-Cause
benefits I-Cause
from I-Cause
recent I-Cause
investments I-Cause
and O
wrings B-Effect
out I-Effect
some I-Effect
efficiencies I-Effect
. O

We O
think O
Vans B-Effect
has I-Effect
strong I-Effect
potential I-Effect
as O
it B-Cause
is I-Cause
still I-Cause
relatively I-Cause
small I-Cause
( I-Cause
approximately I-Cause
$ I-Cause
3.5 I-Cause
billion I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
revenue I-Cause
) I-Cause
compared I-Cause
with I-Cause
global I-Cause
brands I-Cause
like I-Cause
Nike I-Cause
( I-Cause
about I-Cause
10 I-Cause
times I-Cause
larger I-Cause
) I-Cause
. O

Further O
, O
because O
many B-Cause
small I-Cause
drug I-Cause
firms I-Cause
lack I-Cause
a I-Cause
distribution I-Cause
channel I-Cause
, O
Bristol B-Cause
's I-Cause
entrenched I-Cause
salesforce I-Cause
enables I-Cause
the I-Cause
company I-Cause
to I-Cause
partner I-Cause
with I-Cause
these I-Cause
smaller I-Cause
drug I-Cause
companies I-Cause
to O
gain B-Effect
access I-Effect
to I-Effect
externally I-Effect
created I-Effect
drugs I-Effect
, I-Effect
augmenting I-Effect
its I-Effect
internal I-Effect
drug-development I-Effect
efforts I-Effect
. O

With O
the B-Cause
preponderance I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
market I-Cause
share I-Cause
situated I-Cause
in I-Cause
beer I-Cause
categories I-Cause
that O
drive O
increasingly B-Effect
less I-Effect
turnover I-Effect
, I-Effect
cash I-Effect
conversion I-Effect
, I-Effect
and I-Effect
ultimately I-Effect
profits I-Effect
for I-Effect
both I-Effect
distributors I-Effect
and I-Effect
retailers I-Effect
, O
we O
believe O
its B-Effect
relationships I-Effect
further I-Effect
down I-Effect
the I-Effect
supply I-Effect
chain I-Effect
are I-Effect
far I-Effect
less I-Effect
important I-Effect
as O
it B-Cause
relates I-Cause
to I-Cause
generating I-Cause
excess I-Cause
profits I-Cause
. O

On B-Cause
top I-Cause
of I-Cause
competitive I-Cause
pressures I-Cause
, I-Cause
McDonald I-Cause
's I-Cause
must I-Cause
also I-Cause
strike I-Cause
a I-Cause
balance I-Cause
between I-Cause
growth I-Cause
initiatives I-Cause
and I-Cause
unit-level I-Cause
profitability I-Cause
, O
which B-Effect
can I-Effect
occasionally I-Effect
result I-Effect
in I-Effect
tension I-Effect
between I-Effect
management I-Effect
and I-Effect
its I-Effect
franchisees I-Effect
. O

However O
, O
truckload O
capacity O
has O
since O
tightened O
drastically O
, O
contract O
pricing O
is O
on O
the O
rise O
across O
all O
modes O
, O
and O
underlying B-Effect
intermodal I-Effect
demand I-Effect
is I-Effect
rebounding I-Effect
sharply I-Effect
on O
the B-Cause
spike I-Cause
in I-Cause
retail I-Cause
goods I-Cause
consumption I-Cause
( I-Cause
intermodal I-Cause
cargo I-Cause
is I-Cause
mostly I-Cause
consumer I-Cause
goods I-Cause
) I-Cause
and I-Cause
heavy I-Cause
retailer I-Cause
restocking I-Cause
. O

That O
said O
, O
the B-Cause
firm I-Cause
's I-Cause
adjusted I-Cause
OR I-Cause
( O
expenses/revenue O
) O
improved O
an B-Effect
impressive I-Effect
240 I-Effect
basis I-Effect
points I-Effect
to I-Effect
58.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
-- I-Effect
an I-Effect
annual I-Effect
record I-Effect
-- O
with O
significant O
help O
from O
PSR-related O
efficiency O
gains O
, O
and O
despite O
volatile O
demand O
. O

Recall O
that O
the B-Cause
pandemic I-Cause
accelerated I-Cause
the I-Cause
e-commerce I-Cause
shift I-Cause
, O
pulling B-Effect
forward I-Effect
years I-Effect
of I-Effect
B2C I-Effect
package I-Effect
growth I-Effect
and O
driving B-Effect
up I-Effect
residential I-Effect
deliveries I-Effect
for I-Effect
ground I-Effect
. O

With O
the B-Cause
acquisitions I-Cause
of I-Cause
Conexant I-Cause
and I-Cause
Marvell I-Cause
's I-Cause
multimedia I-Cause
solutions I-Cause
unit I-Cause
, O
Synaptics B-Effect
substantially I-Effect
strengthened I-Effect
its I-Effect
position I-Effect
within I-Effect
the I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
market I-Effect
. O

On O
top O
of O
that O
, O
we O
believe B-Cause
technology I-Cause
, I-Cause
free I-Cause
shipping I-Cause
, I-Cause
loyalty I-Cause
program I-Cause
, I-Cause
and I-Cause
branding I-Cause
investments I-Cause
-- O
which O
could O
continue B-Effect
to I-Effect
weigh I-Effect
on I-Effect
near-term I-Effect
operating I-Effect
margins I-Effect
-- O
will B-Effect
allow I-Effect
MercadoLibre I-Effect
to I-Effect
convert I-Effect
a I-Effect
high I-Effect
percentage I-Effect
of I-Effect
users I-Effect
into I-Effect
lifetime I-Effect
customers I-Effect
. O

Further O
, O
Goderich B-Cause
is I-Cause
located I-Cause
on I-Cause
a I-Cause
deep-water I-Cause
port I-Cause
on I-Cause
Lake I-Cause
Huron I-Cause
, O
giving O
Compass B-Effect
easy I-Effect
water-based I-Effect
access I-Effect
to I-Effect
the I-Effect
snowy I-Effect
markets I-Effect
near I-Effect
the I-Effect
Great I-Effect
Lakes I-Effect
. O

To O
appease B-Effect
customers I-Effect
who I-Effect
do I-Effect
not I-Effect
want I-Effect
to I-Effect
purchase I-Effect
Arista I-Effect
hardware I-Effect
, O
the B-Cause
company I-Cause
does I-Cause
offer I-Cause
software-only I-Cause
products I-Cause
in I-Cause
cEOS I-Cause
for I-Cause
containerized I-Cause
networks I-Cause
on I-Cause
white I-Cause
boxes I-Cause
and I-Cause
vEOS I-Cause
for I-Cause
virtual I-Cause
networks I-Cause
running I-Cause
on I-Cause
x86 I-Cause
servers I-Cause
. O

Already B-Effect
swift I-Effect
data I-Effect
proliferation I-Effect
is I-Effect
only I-Effect
accelerating I-Effect
as O
organizations B-Cause
further I-Cause
interconnect I-Cause
disparate I-Cause
systems I-Cause
across I-Cause
on-premises I-Cause
, I-Cause
private I-Cause
clouds I-Cause
, I-Cause
public I-Cause
clouds I-Cause
, I-Cause
edge I-Cause
locations I-Cause
, I-Cause
and I-Cause
personnel I-Cause
and I-Cause
devices I-Cause
. O

THC B-Cause
operations I-Cause
, I-Cause
its I-Cause
acquisition I-Cause
of I-Cause
Manitoba I-Cause
Harvest I-Cause
and I-Cause
agreement I-Cause
with I-Cause
Authentic I-Cause
Brands I-Cause
Group I-Cause
for I-Cause
consumer I-Cause
CBD I-Cause
products I-Cause
gives O
it O
some B-Effect
limited I-Effect
exposure I-Effect
. O

We B-Cause
note I-Cause
Nvidia I-Cause
tends I-Cause
to I-Cause
provide I-Cause
more I-Cause
reliable I-Cause
drivers I-Cause
for I-Cause
most I-Cause
games I-Cause
that I-Cause
allows I-Cause
gamers I-Cause
to I-Cause
take I-Cause
full I-Cause
advantage I-Cause
of I-Cause
its I-Cause
GPUs I-Cause
, I-Cause
while I-Cause
AMD I-Cause
is I-Cause
unable I-Cause
to I-Cause
match I-Cause
Nvidia I-Cause
in I-Cause
breadth I-Cause
and I-Cause
consistency I-Cause
of I-Cause
driver I-Cause
updates. O
Consequently O
, O
consumers B-Effect
have I-Effect
favored I-Effect
Nvidia I-Effect
's I-Effect
GPUs I-Effect
for I-Effect
gaming I-Effect
, I-Effect
with I-Effect
the I-Effect
firm I-Effect
boasting I-Effect
over I-Effect
70 I-Effect
% I-Effect
share I-Effect
in I-Effect
the I-Effect
discrete I-Effect
GPU I-Effect
market I-Effect
, I-Effect
with I-Effect
little I-Effect
resistance I-Effect
from I-Effect
AMD I-Effect
at I-Effect
the I-Effect
leading-edge I-Effect
. O

Our B-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
for I-Effect
Groupon I-Effect
is I-Effect
very I-Effect
high I-Effect
, O
owing O
to O
questions O
about O
when B-Cause
an I-Cause
economic I-Cause
recovery I-Cause
in I-Cause
small I-Cause
businesses I-Cause
post I-Cause
the I-Cause
pandemic I-Cause
will I-Cause
take I-Cause
place I-Cause
, I-Cause
and I-Cause
whether I-Cause
the I-Cause
firm I-Cause
will I-Cause
complete I-Cause
a I-Cause
turnaround I-Cause
after I-Cause
saying I-Cause
goodbye I-Cause
to I-Cause
its I-Cause
goods I-Cause
business I-Cause
. O

Because O
Littelfuse B-Cause
's I-Cause
SKUs I-Cause
are I-Cause
sub-components I-Cause
to I-Cause
larger I-Cause
electrical I-Cause
or I-Cause
electronic I-Cause
systems I-Cause
, I-Cause
the I-Cause
firm I-Cause
works I-Cause
closely I-Cause
with I-Cause
customers I-Cause
, I-Cause
acting I-Cause
as I-Cause
a I-Cause
design I-Cause
and I-Cause
engineering I-Cause
partner I-Cause
to O
integrate B-Effect
its I-Effect
passive I-Effect
components I-Effect
into I-Effect
OEMs I-Effect
' I-Effect
end I-Effect
products I-Effect
. O

Nvidia O
's O
intangible O
assets O
originate O
with O
its O
popularization O
of O
GPUs O
in O
1999 O
, O
which O
could O
off-load B-Cause
graphics I-Cause
processing I-Cause
tasks I-Cause
from I-Cause
the I-Cause
CPU I-Cause
, O
thereby O
increasing B-Effect
the I-Effect
overall I-Effect
performance I-Effect
of I-Effect
the I-Effect
system I-Effect
. O

Additionally O
, O
expansion B-Cause
within I-Cause
emerging I-Cause
biotechnology I-Cause
companies I-Cause
that I-Cause
do I-Cause
not I-Cause
have I-Cause
the I-Cause
capacity I-Cause
or I-Cause
experience I-Cause
to I-Cause
run I-Cause
clinical I-Cause
trials I-Cause
by I-Cause
themselves I-Cause
demonstrates O
that O
outsourcing B-Effect
will I-Effect
continue I-Effect
to I-Effect
increase I-Effect
. O

We O
're O
modeling O
Carrier B-Effect
's I-Effect
2020 I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
to I-Effect
contract I-Effect
180 I-Effect
basis I-Effect
points I-Effect
to I-Effect
14.9 I-Effect
% I-Effect
due O
to O
worse B-Cause
fixed I-Cause
cost I-Cause
absorption I-Cause
as I-Cause
sales I-Cause
decline I-Cause
8 I-Cause
% I-Cause
, I-Cause
$ I-Cause
200 I-Cause
million I-Cause
to I-Cause
$ I-Cause
225 I-Cause
million I-Cause
of I-Cause
standalone I-Cause
public I-Cause
company I-Cause
costs I-Cause
, I-Cause
and I-Cause
increased I-Cause
investment I-Cause
spending I-Cause
. O

Our O
base-case O
scenario O
assumes O
that O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
eventually I-Effect
declines I-Effect
to I-Effect
53 I-Effect
% I-Effect
as O
management B-Cause
exercises I-Cause
discipline I-Cause
on I-Cause
costs I-Cause
and I-Cause
continues I-Cause
to I-Cause
make I-Cause
technological I-Cause
gains I-Cause
. O

We O
expect O
sales B-Effect
to I-Effect
normalize I-Effect
as O
the B-Cause
pandemic I-Cause
is I-Cause
lapped I-Cause
and I-Cause
increasing I-Cause
vaccine I-Cause
availability I-Cause
brings I-Cause
the I-Cause
crisis I-Cause
to I-Cause
a I-Cause
close I-Cause
in I-Cause
mid-2021 I-Cause
. O

Over O
the O
past O
two O
decades O
, O
we B-Effect
've I-Effect
seen I-Effect
UFS I-Effect
demand I-Effect
fall I-Effect
as O
people B-Cause
continue I-Cause
to I-Cause
shift I-Cause
toward I-Cause
paperless I-Cause
forms I-Cause
of I-Cause
communication I-Cause
, I-Cause
billing I-Cause
, I-Cause
and I-Cause
information I-Cause
consumption I-Cause
. O

UCaaS B-Effect
also I-Effect
provides I-Effect
the I-Effect
benefit I-Effect
of I-Effect
lowering I-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
by O
reducing B-Cause
the I-Cause
overhead I-Cause
requirements I-Cause
related I-Cause
to I-Cause
hosting/infrastructure I-Cause
and I-Cause
by I-Cause
converting I-Cause
capital I-Cause
expenditures I-Cause
to I-Cause
operating I-Cause
expenses I-Cause
. O

However O
, O
we O
do O
n't O
expect O
sustainable B-Effect
wireless I-Effect
margin I-Effect
expansion I-Effect
, O
as O
competition B-Cause
will I-Cause
weigh I-Cause
on I-Cause
pricing I-Cause
power I-Cause
, I-Cause
and I-Cause
we I-Cause
think I-Cause
faster I-Cause
revenue I-Cause
growth I-Cause
in I-Cause
lower-margin I-Cause
peripheral I-Cause
businesses I-Cause
, I-Cause
such I-Cause
as I-Cause
Telus I-Cause
International I-Cause
, I-Cause
health I-Cause
, I-Cause
and I-Cause
agriculture I-Cause
, I-Cause
will I-Cause
be I-Cause
a I-Cause
drag I-Cause
. O

An B-Cause
irrational I-Cause
Iliad I-Cause
coupled I-Cause
with I-Cause
a I-Cause
prolonged I-Cause
weak I-Cause
economy I-Cause
could O
increase B-Effect
the I-Effect
chances I-Effect
of I-Effect
the I-Effect
market I-Effect
entering I-Effect
a I-Effect
price I-Effect
war I-Effect
, I-Effect
eroding I-Effect
margins I-Effect
and O
constraining B-Effect
the I-Effect
company I-Effect
's I-Effect
cash I-Effect
flow I-Effect
organic I-Effect
generation I-Effect
capacity I-Effect
. O

Because O
retail B-Cause
demand I-Cause
is I-Cause
highly I-Cause
sensitive I-Cause
to I-Cause
the I-Cause
economic I-Cause
environment I-Cause
, O
we B-Effect
recommend I-Effect
investors I-Effect
seek I-Effect
a I-Effect
relatively I-Effect
wide I-Effect
margin I-Effect
of I-Effect
safety I-Effect
before I-Effect
buying I-Effect
this I-Effect
cyclical I-Effect
name I-Effect
. O

LNG B-Cause
demand I-Cause
should I-Cause
remain I-Cause
strong I-Cause
in I-Cause
coming I-Cause
years I-Cause
, O
and O
we O
see O
little O
chance O
that O
Baker B-Effect
Hughes I-Effect
loses I-Effect
its I-Effect
grasp I-Effect
on I-Effect
the I-Effect
market I-Effect
. O

We O
believe O
Carrier B-Cause
's I-Cause
track I-Cause
record I-Cause
of I-Cause
dependability I-Cause
and I-Cause
innovation I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
product I-Cause
digitization I-Cause
) I-Cause
and I-Cause
its I-Cause
significant I-Cause
field I-Cause
business I-Cause
( I-Cause
installation I-Cause
, I-Cause
maintenance I-Cause
, I-Cause
and I-Cause
monitoring I-Cause
) I-Cause
are O
reasons O
commercial B-Effect
customers I-Effect
choose I-Effect
Carrier I-Effect
for I-Effect
their I-Effect
fire I-Effect
and I-Effect
security I-Effect
needs I-Effect
. O

While O
pricing O
power O
and O
demand O
for O
Biogen O
's O
injectable O
MS O
portfolio O
are O
eroding O
in O
the O
face O
of O
new O
competition O
, O
Biogen B-Cause
receives I-Cause
substantial I-Cause
royalties I-Cause
on I-Cause
the I-Cause
biggest I-Cause
new I-Cause
competitor I-Cause
, I-Cause
Roche I-Cause
's I-Cause
Ocrevus I-Cause
, O
which O
helps O
offset O
pressure B-Effect
on I-Effect
older I-Effect
MS I-Effect
drugs I-Effect
. O

Kroger O
can O
use O
its B-Cause
transaction I-Cause
volume I-Cause
within I-Cause
a I-Cause
local I-Cause
area I-Cause
to O
keep B-Effect
trucks I-Effect
full I-Effect
and I-Effect
distribution I-Effect
centers I-Effect
operating I-Effect
at I-Effect
nearly I-Effect
full I-Effect
capacity I-Effect
. O

Spectrometers B-Cause
are I-Cause
an I-Cause
important I-Cause
product I-Cause
category I-Cause
in I-Cause
this I-Cause
business I-Cause
, I-Cause
and I-Cause
sales I-Cause
should I-Cause
rise I-Cause
given I-Cause
the I-Cause
need I-Cause
to I-Cause
test I-Cause
different I-Cause
metals I-Cause
, I-Cause
while O
water B-Effect
treatment I-Effect
equipment I-Effect
should I-Effect
be I-Effect
used I-Effect
to I-Effect
test I-Effect
pH I-Effect
for I-Effect
effective I-Effect
and I-Effect
efficient I-Effect
water I-Effect
treatment I-Effect
processes I-Effect
. I-Effect

Implementation B-Effect
of I-Effect
a I-Effect
new I-Effect
vendor I-Effect
would I-Effect
likely I-Effect
require I-Effect
parallel I-Effect
testing I-Effect
given O
the B-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
RingCentral I-Cause
's I-Cause
product I-Cause
, I-Cause
leading I-Cause
to I-Cause
high I-Cause
monetary I-Cause
costs I-Cause
as I-Cause
well I-Cause
. O

Furthermore O
, O
the B-Cause
potential I-Cause
for I-Cause
other I-Cause
equipment I-Cause
segments I-Cause
( I-Cause
such I-Cause
as I-Cause
lithography I-Cause
, I-Cause
etch I-Cause
, I-Cause
deposition I-Cause
, I-Cause
and I-Cause
so I-Cause
on I-Cause
) I-Cause
to I-Cause
incorporate I-Cause
process I-Cause
control I-Cause
techniques I-Cause
into I-Cause
their I-Cause
tools I-Cause
( I-Cause
in I-Cause
situ I-Cause
) I-Cause
could O
reduce B-Effect
demand I-Effect
for I-Effect
KLA I-Effect
's I-Effect
specialized I-Effect
PDC I-Effect
equipment I-Effect
. O

We O
also O
look O
for O
additional O
adjusted O
EBIT O
margin O
gains O
in O
fiscal O
2022 O
, O
with B-Effect
70 I-Effect
basis I-Effect
points I-Effect
of I-Effect
expansion I-Effect
to I-Effect
8.2 I-Effect
% I-Effect
on I-Effect
leverage I-Effect
from I-Effect
robust I-Effect
B2C I-Effect
volumes I-Effect
at I-Effect
ground I-Effect
, O
recovering O
B2B B-Cause
activity I-Cause
, I-Cause
and I-Cause
healthy I-Cause
international I-Cause
airfreight I-Cause
demand I-Cause
. O

For O
example O
, O
predicting B-Cause
if I-Cause
and I-Cause
when I-Cause
the I-Cause
delayed I-Cause
healthcare I-Cause
services I-Cause
come I-Cause
back I-Cause
into I-Cause
the I-Cause
system I-Cause
could I-Cause
be I-Cause
fraught I-Cause
with I-Cause
error I-Cause
that O
leads O
to O
mispricing B-Effect
of I-Effect
insurance I-Effect
policies I-Effect
for I-Effect
2021 I-Effect
especially O
. O

In B-Cause
the I-Cause
last I-Cause
few I-Cause
years I-Cause
, I-Cause
Hostess I-Cause
has I-Cause
made I-Cause
a I-Cause
few I-Cause
acquisitions I-Cause
outside I-Cause
its I-Cause
traditional I-Cause
sweet I-Cause
baked I-Cause
goods I-Cause
category I-Cause
that O
expand B-Effect
its I-Effect
reach I-Effect
beyond I-Effect
its I-Effect
traditional I-Effect
core I-Effect
competencies I-Effect
. O

VeriSign O
's O
current O
agreement O
with O
ICANN O
for O
.com O
runs O
through O
November O
2024 O
and O
, O
barring O
some O
unforeseen O
service O
issue O
( O
VeriSign B-Cause
has I-Cause
never I-Cause
experienced I-Cause
an I-Cause
interruption I-Cause
) O
, O
the B-Effect
contract I-Effect
should I-Effect
be I-Effect
renewed I-Effect
through I-Effect
November I-Effect
2030 I-Effect
. O

Along O
these O
lines O
, O
Echo B-Effect
's I-Effect
migration I-Effect
to I-Effect
large I-Effect
, I-Effect
price-committed I-Effect
customers I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
is I-Effect
a I-Effect
double-edged I-Effect
sword I-Effect
-- O
these B-Cause
shippers I-Cause
provide I-Cause
a I-Cause
greater I-Cause
degree I-Cause
of I-Cause
sticky I-Cause
, I-Cause
scheduled I-Cause
freight I-Cause
, I-Cause
but I-Cause
they I-Cause
also I-Cause
boost I-Cause
gross I-Cause
margin I-Cause
risk I-Cause
. O

Elevated B-Cause
research I-Cause
and I-Cause
development I-Cause
expenditures I-Cause
, I-Cause
along I-Cause
with I-Cause
heightened I-Cause
competition I-Cause
, O
will O
likely O
constrain O
operating B-Effect
margins I-Effect
over O
our O
explicit O
forecast O
despite O
Cummins O
' O
operational O
excellence O
. O

In O
this O
scenario O
, O
we O
assume O
Lloyds B-Effect
' I-Effect
banking I-Effect
net I-Effect
interest I-Effect
margin I-Effect
declines I-Effect
marginally I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
as O
pricing B-Cause
pressures I-Cause
in I-Cause
mortgages I-Cause
persist I-Cause
and I-Cause
interest I-Cause
rates I-Cause
remain I-Cause
close I-Cause
to I-Cause
zero I-Cause
. O

We O
believe O
that O
cybersecurity B-Effect
threats I-Effect
will I-Effect
perpetually I-Effect
increase I-Effect
, I-Effect
while I-Effect
becoming I-Effect
further I-Effect
sophisticated I-Effect
, O
as O
more B-Cause
data I-Cause
is I-Cause
created I-Cause
and I-Cause
dispersed I-Cause
away I-Cause
from I-Cause
centralized I-Cause
data I-Cause
centers I-Cause
. O

This O
is O
important O
because O
if O
Alliance B-Cause
's I-Cause
retail I-Cause
partners I-Cause
want I-Cause
to I-Cause
cancel I-Cause
their I-Cause
agreement I-Cause
, O
they O
often O
have O
to O
construct O
their O
own O
customer O
service O
and O
part O
of O
their O
digital O
marketing O
apparatus O
, O
which O
could O
take B-Effect
several I-Effect
years I-Effect
. O

In O
addition O
, O
legislation B-Cause
changes I-Cause
affecting I-Cause
emission I-Cause
standards I-Cause
could O
affect O
TC O
Energy O
's O
ability O
to O
develop O
new O
pipeline O
projects O
, O
as O
evidenced O
by O
the O
hurdles O
that O
remain B-Effect
with I-Effect
the I-Effect
Keystone I-Effect
XL I-Effect
expansion I-Effect
project I-Effect
. O

We O
assume O
the O
risk O
from O
COVID-19 O
proves O
transitory O
over O
time O
, O
like O
prior O
viral O
events O
, O
but O
believe O
the B-Effect
consumer I-Effect
recovery I-Effect
could I-Effect
take I-Effect
longer I-Effect
given O
the B-Cause
global I-Cause
nature I-Cause
of I-Cause
this I-Cause
particular I-Cause
event I-Cause
. O

Additionally O
, O
around O
80 O
% O
of O
AUM O
is O
in O
private O
real O
estate O
rather O
than O
listed O
securities O
, O
which O
lacks B-Cause
the I-Cause
liquidity I-Cause
of I-Cause
shares I-Cause
traded I-Cause
on I-Cause
an I-Cause
exchange I-Cause
and O
is B-Effect
thus I-Effect
inherently I-Effect
stickier I-Effect
. O

The O
bank O
is O
one O
of O
the O
top O
issuers O
of O
credit O
cards O
, O
where O
many B-Cause
of I-Cause
the I-Cause
costs I-Cause
of I-Cause
running I-Cause
a I-Cause
payment I-Cause
platform I-Cause
are I-Cause
fixed I-Cause
and I-Cause
high I-Cause
in I-Cause
nature I-Cause
, O
leading O
to O
the B-Effect
need I-Effect
for I-Effect
scale I-Effect
. O

But O
we O
do O
expect O
a B-Effect
lasting I-Effect
benefit I-Effect
for I-Effect
General I-Effect
Mills I-Effect
' I-Effect
pet I-Effect
food I-Effect
business I-Effect
, O
given O
the B-Cause
high-single-digit I-Cause
increase I-Cause
in I-Cause
pet I-Cause
adoptions I-Cause
during I-Cause
the I-Cause
crisis I-Cause
. O

This B-Effect
disruption I-Effect
could I-Effect
lead I-Effect
to I-Effect
employee I-Effect
frustration I-Effect
if O
paychecks B-Cause
are I-Cause
delayed I-Cause
or I-Cause
if I-Cause
there I-Cause
are I-Cause
delays I-Cause
to I-Cause
benefits I-Cause
administration I-Cause
, O
and O
in O
severe O
cases O
, O
employees B-Effect
could I-Effect
quit I-Effect
the I-Effect
firm I-Effect
. O

The B-Effect
increase I-Effect
will O
be O
powered O
by O
the B-Cause
continued I-Cause
adoption I-Cause
of I-Cause
mobile I-Cause
data I-Cause
plans I-Cause
, I-Cause
smartphones I-Cause
, I-Cause
and I-Cause
slightly I-Cause
increased I-Cause
penetration I-Cause
against I-Cause
the I-Cause
growing I-Cause
base I-Cause
of I-Cause
LTE/5G I-Cause
subscribers I-Cause
. O

A B-Cause
shift I-Cause
from I-Cause
wine I-Cause
to I-Cause
water I-Cause
in I-Cause
Southern I-Cause
Europe I-Cause
has O
weighed B-Effect
on I-Effect
segment I-Effect
margins I-Effect
recently I-Effect
but O
is O
largely O
played O
out O
. O

In O
this O
environment O
, O
where O
sales B-Cause
volumes I-Cause
contracted I-Cause
significantly I-Cause
and O
effective B-Cause
capacity I-Cause
utilisation I-Cause
thus I-Cause
plunged I-Cause
to I-Cause
near I-Cause
50 I-Cause
% I-Cause
in I-Cause
2011 I-Cause
, O
maximising B-Effect
volume I-Effect
to I-Effect
spread I-Effect
fixed I-Effect
costs I-Effect
becomes I-Effect
a I-Effect
focus I-Effect
, O
as O
opposed O
to O
chasing O
higher O
pricing O
to O
expand O
gross O
margins O
. O

The O
firm O
has O
demonstrated O
consistent B-Cause
operating I-Cause
margin I-Cause
expansion I-Cause
through O
cost B-Cause
controls I-Cause
during I-Cause
the I-Cause
past I-Cause
four I-Cause
years I-Cause
, O
which O
we O
expect O
to O
continue O
after O
the O
pandemic O
through O
the O
next O
few O
years O
, O
highlighting B-Effect
the I-Effect
success I-Effect
of I-Effect
IPG I-Effect
's I-Effect
turnaround I-Effect
, I-Effect
which I-Effect
began I-Effect
more I-Effect
than I-Effect
10 I-Effect
years I-Effect
ago I-Effect
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
medium I-Effect
and I-Effect
reflects I-Effect
the I-Effect
fundamental I-Effect
risk I-Effect
faced I-Effect
by I-Effect
Broadcom I-Effect
as O
a O
result O
of O
cyclicality B-Cause
, I-Cause
customer I-Cause
concentration I-Cause
, I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
tendency I-Cause
to I-Cause
make I-Cause
large I-Cause
M I-Cause
& I-Cause
A I-Cause
deals I-Cause
that I-Cause
may I-Cause
or I-Cause
may I-Cause
not I-Cause
be I-Cause
successful I-Cause
. O

This B-Cause
sort I-Cause
of I-Cause
local I-Cause
scale I-Cause
advantage I-Cause
allows O
for O
much B-Effect
greater I-Effect
negotiating I-Effect
leverage I-Effect
versus I-Effect
other I-Effect
healthcare I-Effect
suppliers I-Effect
, I-Effect
particularly I-Effect
service I-Effect
providers I-Effect
, I-Effect
than I-Effect
smaller I-Effect
insurers I-Effect
in I-Effect
each I-Effect
market I-Effect
. O

Asbury B-Effect
's I-Effect
performance I-Effect
in I-Effect
used I-Effect
vehicles I-Effect
could I-Effect
fall I-Effect
behind I-Effect
other I-Effect
dealers I-Effect
if O
those B-Cause
other I-Cause
firms I-Cause
are I-Cause
successful I-Cause
in I-Cause
used I-Cause
with I-Cause
stand-alone I-Cause
used-vehicle I-Cause
stores I-Cause
. O

The B-Cause
company I-Cause
also I-Cause
has I-Cause
an I-Cause
extremely I-Cause
full I-Cause
earlier-stage I-Cause
pipeline I-Cause
that I-Cause
its I-Cause
mAb I-Cause
research I-Cause
partnership I-Cause
with I-Cause
Sanofi I-Cause
partly I-Cause
supports I-Cause
, O
which O
provides O
Regeneron B-Effect
with I-Effect
some I-Effect
financial I-Effect
support I-Effect
and I-Effect
notable I-Effect
strategic I-Effect
advantages I-Effect
( I-Effect
although I-Effect
the I-Effect
collaboration I-Effect
has I-Effect
been I-Effect
scaled I-Effect
back I-Effect
to I-Effect
focus I-Effect
on I-Effect
a I-Effect
handful I-Effect
of I-Effect
programs I-Effect
) I-Effect
. O

Revenue B-Effect
fell I-Effect
10 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
on O
fewer B-Cause
carloads I-Cause
, I-Cause
falling I-Cause
fuel I-Cause
surcharges I-Cause
, I-Cause
and I-Cause
mix I-Cause
headwinds I-Cause
, O
but O
core O
pricing O
remained O
positive O
and O
top-line O
declines O
moderated O
throughout O
the O
second O
half O
. O

In O
our O
view O
, O
Hub B-Effect
has I-Effect
constructed I-Effect
intermodal I-Effect
and I-Effect
truck I-Effect
brokerage I-Effect
networks I-Effect
of I-Effect
sufficient I-Effect
scale I-Effect
to I-Effect
be I-Effect
attractive I-Effect
to I-Effect
customers I-Effect
( I-Effect
shippers I-Effect
) I-Effect
and I-Effect
suppliers I-Effect
, O
both O
of O
which O
benefit O
from O
using B-Cause
a I-Cause
larger I-Cause
intermediary I-Cause
. O

Sustained B-Cause
low I-Cause
oil I-Cause
prices I-Cause
could O
be O
a O
drag O
on O
Texas B-Effect
electricity I-Effect
demand I-Effect
as O
the O
energy O
industry O
slows O
, O
but O
that O
should O
have O
a O
minimal O
impact O
on O
NRG O
. O

As O
Twilio B-Cause
's I-Cause
product I-Cause
becomes I-Cause
increasingly I-Cause
entrenched I-Cause
within I-Cause
these I-Cause
applications I-Cause
, O
it B-Effect
can I-Effect
be I-Effect
a I-Effect
laborious I-Effect
and I-Effect
expensive I-Effect
process I-Effect
to I-Effect
substitute I-Effect
it I-Effect
for I-Effect
a I-Effect
different I-Effect
vendor I-Effect
. O

EAF B-Cause
producers I-Cause
are I-Cause
able I-Cause
to I-Cause
quickly I-Cause
adjust I-Cause
the I-Cause
scale I-Cause
of I-Cause
their I-Cause
production I-Cause
, O
thereby O
allowing O
them O
to O
better B-Effect
adjust I-Effect
to I-Effect
changing I-Effect
market I-Effect
dynamics I-Effect
and O
exposing B-Effect
them I-Effect
to I-Effect
a I-Effect
higher I-Effect
portion I-Effect
of I-Effect
variable I-Effect
costs I-Effect
. O

Henry O
Schein O
is O
a O
major O
supplier O
to O
dental O
and O
medical O
practices O
, O
but O
the B-Cause
evolving I-Cause
dental I-Cause
competitive I-Cause
landscape I-Cause
continues O
to O
pose O
headwinds O
to O
top-line B-Effect
growth I-Effect
and I-Effect
profitability I-Effect
. O

Baxter B-Cause
's I-Cause
appetite I-Cause
for I-Cause
acquisitions I-Cause
appears I-Cause
to I-Cause
be I-Cause
increasing I-Cause
, O
which O
creates B-Effect
some I-Effect
uncertainty I-Effect
around I-Effect
its I-Effect
ROIC I-Effect
trajectory I-Effect
and O
could O
add B-Effect
financial I-Effect
leverage I-Effect
to I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
. O

We O
think O
the O
global O
distribution O
network O
can O
also O
make B-Cause
AMG I-Cause
a I-Cause
more I-Cause
appealing I-Cause
partner I-Cause
for I-Cause
future I-Cause
affiliates I-Cause
, O
setting B-Cause
up I-Cause
a I-Cause
virtuous I-Cause
circle I-Cause
that O
the O
company B-Effect
can I-Effect
exploit I-Effect
to I-Effect
its I-Effect
advantage I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Further O
, O
we O
do O
n't O
believe O
the B-Effect
company I-Effect
is I-Effect
insulated I-Effect
from I-Effect
the I-Effect
proliferation I-Effect
of I-Effect
e-commerce I-Effect
peers I-Effect
such O
as O
Wayfair B-Cause
pushing I-Cause
harder I-Cause
into I-Cause
the I-Cause
home I-Cause
furnishing I-Cause
space I-Cause
, I-Cause
bounding I-Cause
further I-Cause
potential I-Cause
in I-Cause
profit I-Cause
gains I-Cause
. O

We O
think O
that O
aeronautics B-Effect
and I-Effect
space I-Effect
systems I-Effect
will I-Effect
be I-Effect
two I-Effect
of I-Effect
the I-Effect
biggest I-Effect
growth I-Effect
drivers I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
as O
the B-Cause
company I-Cause
develops I-Cause
the I-Cause
B-21 I-Cause
bomber I-Cause
and I-Cause
the I-Cause
ground-based I-Cause
strategic I-Cause
deterrent I-Cause
. O

We O
have O
been O
impressed O
by O
the B-Cause
bank I-Cause
's I-Cause
continued I-Cause
investment I-Cause
in I-Cause
technology I-Cause
, O
leading O
to O
more B-Effect
integrated I-Effect
back-end I-Effect
systems I-Effect
, I-Effect
a I-Effect
highly I-Effect
competitive I-Effect
payments I-Effect
platform I-Effect
, I-Effect
and I-Effect
a I-Effect
leading I-Effect
presence I-Effect
in I-Effect
the I-Effect
push I-Effect
toward I-Effect
omnichannel I-Effect
banking I-Effect
( I-Effect
real-time I-Effect
payments I-Effect
, I-Effect
mobile I-Effect
account I-Effect
opening I-Effect
, I-Effect
photo I-Effect
bill I-Effect
pay I-Effect
, I-Effect
and I-Effect
so I-Effect
on I-Effect
) I-Effect
. O

Second O
, O
we O
see O
both B-Cause
governments I-Cause
and I-Cause
the I-Cause
black I-Cause
market I-Cause
squeezing I-Cause
cannabis I-Cause
cultivators I-Cause
and I-Cause
dispensaries I-Cause
and O
preventing B-Effect
excess I-Effect
economic I-Effect
profit I-Effect
generation I-Effect
. I-Effect

GTI B-Cause
's I-Cause
acquisition I-Cause
of O
Los O
Angeles-based O
For O
Success O
Holding O
Company O
, O
owner O
of O
the O
cannabis O
brand O
Beboe O
, O
allows O
the B-Effect
firm I-Effect
to I-Effect
better I-Effect
distribute I-Effect
brands I-Effect
at O
scale O
in O
California O
and O
Colorado O
. O

Recurring B-Effect
revenue I-Effect
has I-Effect
been I-Effect
steadily I-Effect
increasing I-Effect
as O
Nice B-Cause
transitions I-Cause
more I-Cause
and I-Cause
more I-Cause
customers I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, O
and O
this O
supports O
a O
steady O
, O
visible O
revenue O
stream O
. O

The B-Cause
contractor I-Cause
bears I-Cause
the I-Cause
financial I-Cause
risk I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
for I-Cause
these I-Cause
programs I-Cause
, O
so O
a B-Effect
poorly I-Effect
executed I-Effect
development I-Effect
would I-Effect
financially I-Effect
strain I-Effect
General I-Effect
Dynamics I-Effect
. O

At B-Cause
the I-Cause
end I-Cause
of I-Cause
September I-Cause
2020 I-Cause
, I-Cause
the I-Cause
company I-Cause
sourced I-Cause
16 I-Cause
% I-Cause
of I-Cause
its I-Cause
AUM I-Cause
from I-Cause
the I-Cause
United I-Cause
Kingdom I-Cause
( I-Cause
5 I-Cause
% I-Cause
) I-Cause
and I-Cause
Continental I-Cause
Europe I-Cause
( I-Cause
11 I-Cause
% I-Cause
) I-Cause
, O
leaving O
that O
part B-Effect
of I-Effect
its I-Effect
business I-Effect
exposed I-Effect
to I-Effect
a I-Effect
poor I-Effect
Brexit I-Effect
outcome I-Effect
. O

Dish B-Effect
now I-Effect
holds I-Effect
a I-Effect
well-diversified I-Effect
portfolio I-Effect
of I-Effect
spectrum I-Effect
assets I-Effect
that O
would O
nicely B-Effect
support I-Effect
the I-Effect
offering I-Effect
of I-Effect
wireless I-Effect
service I-Effect
, O
but O
no B-Cause
network I-Cause
to I-Cause
utilize I-Cause
that I-Cause
spectrum I-Cause
. O

About B-Cause
half I-Cause
of I-Cause
its I-Cause
investment I-Cause
portfolio I-Cause
is I-Cause
composed I-Cause
of I-Cause
corporate I-Cause
bonds I-Cause
, O
exposing B-Effect
it I-Effect
to I-Effect
corporate I-Effect
defaults I-Effect
in I-Effect
the I-Effect
event I-Effect
of I-Effect
a I-Effect
major I-Effect
recession I-Effect
. O

However O
, O
in O
the O
long-run O
, O
this O
spending O
should O
roll O
off O
, O
and O
we O
think O
the B-Cause
inherent I-Cause
scalability I-Cause
of I-Cause
the I-Cause
business I-Cause
and I-Cause
our I-Cause
expectations I-Cause
for I-Cause
relatively I-Cause
strong I-Cause
growth I-Cause
will O
allow O
Jack B-Effect
Henry I-Effect
to I-Effect
meaningfully I-Effect
improve I-Effect
margins I-Effect
over O
time O
. O

With O
the B-Cause
capital I-Cause
costs I-Cause
of I-Cause
a I-Cause
single I-Cause
production I-Cause
line I-Cause
in I-Cause
excess I-Cause
of I-Cause
$ I-Cause
70 I-Cause
million I-Cause
and I-Cause
relatively I-Cause
slim I-Cause
per-can I-Cause
margins I-Cause
, O
facilities B-Effect
with I-Effect
low I-Effect
utilization I-Effect
rates I-Effect
can I-Effect
not I-Effect
operate I-Effect
profitably I-Effect
. O

Economic B-Effect
profitability I-Effect
may I-Effect
be I-Effect
at I-Effect
risk I-Effect
if O
steel B-Cause
prices I-Cause
were I-Cause
to I-Cause
return I-Cause
to I-Cause
the I-Cause
highs I-Cause
experienced I-Cause
in I-Cause
the I-Cause
summer I-Cause
of I-Cause
2008 I-Cause
. O

The B-Effect
worst I-Effect
is I-Effect
not I-Effect
quite I-Effect
over I-Effect
yet I-Effect
for I-Effect
airlines I-Effect
, O
as O
the B-Cause
COVID-19 I-Cause
vaccine I-Cause
has I-Cause
not I-Cause
been I-Cause
fully I-Cause
distributed I-Cause
yet I-Cause
, O
but O
we O
see O
a O
leisure-led O
recovery O
for O
airlines O
and O
anticipate O
Delta O
can O
return O
to O
2019 O
levels O
of O
capacity O
in O
2023 O
. O

In O
the O
short O
term O
, O
we O
expect O
some B-Effect
additional I-Effect
costs I-Effect
from O
the B-Cause
Orange I-Cause
Bank I-Cause
expansion I-Cause
, O
but O
this O
will O
be O
mostly O
offset O
by O
improved B-Cause
margins I-Cause
in I-Cause
the I-Cause
core I-Cause
telecom I-Cause
business I-Cause
. O

We O
expect O
the B-Cause
increasing I-Cause
availability I-Cause
of I-Cause
COVID-19 I-Cause
vaccines I-Cause
in I-Cause
2021 I-Cause
will O
return B-Effect
US I-Effect
Foods I-Effect
' I-Effect
organic I-Effect
sales I-Effect
to I-Effect
prepandemic I-Effect
levels I-Effect
by I-Effect
2022 I-Effect
, I-Effect
with I-Effect
long-term I-Effect
opportunities I-Effect
remaining I-Effect
intact I-Effect
. O

We O
project O
Coloplast B-Effect
's I-Effect
interventional I-Effect
urology I-Effect
business I-Effect
should I-Effect
recover I-Effect
and I-Effect
see I-Effect
8 I-Effect
% I-Effect
growth I-Effect
in I-Effect
2023 I-Effect
, O
as O
the B-Cause
firm I-Cause
remains I-Cause
a I-Cause
step I-Cause
ahead I-Cause
of I-Cause
new I-Cause
products I-Cause
from I-Cause
competitors I-Cause
and I-Cause
delayed I-Cause
patients I-Cause
return I-Cause
for I-Cause
treatment I-Cause
. O

For O
Petrobras O
, O
this O
means O
greater B-Cause
investment I-Cause
in I-Cause
the I-Cause
low-cost I-Cause
pre I-Cause
salt I-Cause
, I-Cause
which I-Cause
, I-Cause
combined I-Cause
with I-Cause
divestment I-Cause
of I-Cause
lower-quality I-Cause
upstream I-Cause
and I-Cause
downstream I-Cause
assets I-Cause
, O
should O
improve B-Effect
Petrobras I-Effect
' I-Effect
portfolio I-Effect
quality I-Effect
over I-Effect
time I-Effect
. O

Although O
this B-Effect
strategy I-Effect
has I-Effect
paused I-Effect
as O
investment B-Effect
transaction I-Effect
volumes I-Effect
have I-Effect
frozen I-Effect
up I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
crisis I-Cause
, O
it O
should O
resume O
once O
the O
crisis O
is O
over O
and O
will O
persist O
several O
years O
thereafter O
. O

CMS O
( O
11 O
% O
of O
fiscal O
2020 O
revenue O
) O
should O
see O
mid-single-digit O
organic O
top-line O
growth O
through O
fiscal O
2025 O
, O
with O
margins B-Effect
rising I-Effect
past I-Effect
30 I-Effect
% I-Effect
by I-Effect
that I-Effect
year I-Effect
( I-Effect
from I-Effect
25.9 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
as O
new B-Cause
platforms I-Cause
are I-Cause
deployed I-Cause
. O

However O
, O
global B-Cause
travel I-Cause
has I-Cause
languished I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
COVID-19 I-Cause
, O
potentially O
leading O
to O
longer-term B-Effect
secular I-Effect
shifts I-Effect
in I-Effect
consumer I-Effect
behavior I-Effect
, I-Effect
challenging I-Effect
the I-Effect
economic I-Effect
performance I-Effect
of I-Effect
Carnival I-Effect
over I-Effect
an I-Effect
extended I-Effect
horizon I-Effect
. O

However O
, O
intense B-Cause
competition I-Cause
, I-Cause
some I-Cause
exposure I-Cause
to I-Cause
the I-Cause
macroeconomic I-Cause
environment I-Cause
, I-Cause
and I-Cause
threat I-Cause
of I-Cause
government I-Cause
regulation I-Cause
keep O
us O
from O
rating B-Effect
it I-Effect
as I-Effect
low I-Effect
. O

Our B-Effect
volume I-Effect
forecast I-Effect
is I-Effect
muted I-Effect
by O
the B-Cause
emergence I-Cause
of I-Cause
cheaper I-Cause
suppliers I-Cause
in I-Cause
lower I-Cause
cost I-Cause
labor I-Cause
countries I-Cause
; O
however O
, O
Tilray O
's O
production O
expansion O
into O
Portugal O
helps O
protect O
its O
share O
. O

We B-Effect
suspect I-Effect
Conagra I-Effect
's I-Effect
numerous I-Effect
divestitures I-Effect
have I-Effect
helped I-Effect
the I-Effect
firm I-Effect
simplify I-Effect
its I-Effect
operations I-Effect
, O
as O
it B-Cause
now I-Cause
participates I-Cause
in I-Cause
fewer I-Cause
, I-Cause
more I-Cause
focused I-Cause
categories I-Cause
. O

Additionally O
, O
we O
expect O
near-term B-Effect
margins I-Effect
to I-Effect
be I-Effect
pressured I-Effect
by I-Effect
incremental I-Effect
COVID-19-related I-Effect
costs I-Effect
and I-Effect
delivery I-Effect
( I-Effect
70 I-Effect
% I-Effect
of I-Effect
systemwide I-Effect
sales I-Effect
) I-Effect
competition I-Effect
will I-Effect
likely I-Effect
intensify I-Effect
as O
more B-Cause
cuisines I-Cause
become I-Cause
available I-Cause
through I-Cause
third-party I-Cause
delivery I-Cause
services I-Cause
. O

Given O
the B-Cause
regulatory I-Cause
shift I-Cause
in I-Cause
Missouri I-Cause
, O
we B-Effect
expect I-Effect
management I-Effect
will I-Effect
execute I-Effect
its I-Effect
capital I-Effect
plan I-Effect
and I-Effect
earn I-Effect
a I-Effect
fair I-Effect
return I-Effect
on I-Effect
that I-Effect
investment I-Effect
. O

We B-Effect
have I-Effect
maintained I-Effect
our I-Effect
2020 I-Effect
marketing I-Effect
cost I-Effect
of I-Effect
50 I-Effect
% I-Effect
of I-Effect
sales I-Effect
, O
as O
TripAdvisor B-Cause
deleverages I-Cause
against I-Cause
amenic I-Cause
sales I-Cause
demand I-Cause
resulting I-Cause
from I-Cause
COVID-19 I-Cause
. O

As O
FireEye B-Cause
's I-Cause
growth I-Cause
slows I-Cause
and I-Cause
it I-Cause
looks I-Cause
toward I-Cause
profitability I-Cause
, O
we O
expect O
well-established B-Effect
peers I-Effect
and I-Effect
fledgling I-Effect
best-of-breed I-Effect
upstarts I-Effect
to I-Effect
vehemently I-Effect
pressure I-Effect
the I-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
win I-Effect
new I-Effect
and I-Effect
upgrade I-Effect
opportunities I-Effect
. O

Although O
Oracle O
is O
an O
industry O
leading O
software O
provider O
today O
, O
the B-Effect
company I-Effect
is I-Effect
encountering I-Effect
headwinds I-Effect
as O
it B-Cause
transitions I-Cause
to I-Cause
the I-Cause
cloud I-Cause
. O

Given O
the B-Cause
firm I-Cause
's I-Cause
position I-Cause
as I-Cause
the I-Cause
dominant I-Cause
player I-Cause
in O
prestige O
beauty O
, O
we O
think O
it O
is O
afforded B-Effect
scale-based I-Effect
advantages I-Effect
related I-Effect
to I-Effect
procurement I-Effect
, I-Effect
manufacturing I-Effect
, I-Effect
and I-Effect
logistics I-Effect
. O

For O
example O
, O
the B-Cause
confluence I-Cause
of I-Cause
being I-Cause
preeminently I-Cause
exposed I-Cause
to I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
and I-Cause
the I-Cause
intermediated I-Cause
go-to-market I-Cause
approach I-Cause
that I-Cause
the I-Cause
country I-Cause
's I-Cause
regulations I-Cause
mandate I-Cause
, O
means O
that O
the B-Effect
firm I-Effect
can I-Effect
not I-Effect
own I-Effect
any I-Effect
portion I-Effect
of I-Effect
its I-Effect
distribution I-Effect
apparatus I-Effect
. O

More O
recently O
, O
these B-Effect
structural I-Effect
challenges I-Effect
abroad I-Effect
have I-Effect
been I-Effect
compounded I-Effect
as O
chocolate B-Cause
is I-Cause
less I-Cause
engrained I-Cause
in I-Cause
the I-Cause
culture I-Cause
, I-Cause
it I-Cause
is I-Cause
a I-Cause
more I-Cause
premium-priced I-Cause
product I-Cause
relative I-Cause
to I-Cause
other I-Cause
food I-Cause
categories I-Cause
, I-Cause
the I-Cause
impact I-Cause
of I-Cause
economic I-Cause
uncertainty I-Cause
, I-Cause
and I-Cause
the I-Cause
outsize I-Cause
effect I-Cause
of I-Cause
trade I-Cause
shutdowns I-Cause
stemming I-Cause
from I-Cause
COVID-19 I-Cause
. O

Parallel O
to O
this O
reality O
, O
in O
our O
view O
, O
is O
Boston B-Effect
Beer I-Effect
's I-Effect
relatively I-Effect
less I-Effect
leeway I-Effect
to I-Effect
influence I-Effect
its I-Effect
wholesalers I-Effect
given O
the B-Cause
more I-Cause
fragmented I-Cause
nature I-Cause
of I-Cause
high-end I-Cause
malt I-Cause
beverages I-Cause
. O

Fixed B-Cause
costs I-Cause
create I-Cause
unfavorable I-Cause
operating I-Cause
leverage I-Cause
that O
can O
cause O
profits B-Effect
to I-Effect
swing I-Effect
widely I-Effect
in I-Effect
response I-Effect
to I-Effect
changes I-Effect
in I-Effect
demand I-Effect
, O
like O
the B-Effect
harsh I-Effect
operating I-Effect
environment I-Effect
brought O
on O
by O
the B-Cause
pandemic I-Cause
. O

The O
main O
driver O
of O
our B-Effect
fair I-Effect
value I-Effect
increase I-Effect
is O
our B-Cause
lower I-Cause
systematic I-Cause
risk I-Cause
to I-Cause
equity I-Cause
rating I-Cause
, O
which O
reduced O
our O
cost O
of O
equity O
assumption O
to O
7.5 O
% O
from O
9 O
% O
previously O
. O

Furthermore B-Cause
, I-Cause
participants I-Cause
do I-Cause
not I-Cause
know I-Cause
their I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
sometimes I-Cause
for I-Cause
a I-Cause
number I-Cause
of I-Cause
years I-Cause
, O
causing B-Effect
them I-Effect
to I-Effect
underprice I-Effect
policies I-Effect
without I-Effect
knowing I-Effect
it I-Effect
. O

While O
a B-Cause
long-term I-Cause
impairment I-Cause
of I-Cause
business I-Cause
travel I-Cause
would O
affect B-Effect
American I-Effect
Express I-Effect
, O
the B-Effect
overall I-Effect
impact I-Effect
would I-Effect
be I-Effect
manageable I-Effect
as O
the B-Cause
company I-Cause
is I-Cause
not I-Cause
as I-Cause
dependent I-Cause
on I-Cause
this I-Cause
segment I-Cause
as I-Cause
it I-Cause
once I-Cause
was I-Cause
. O

In O
addition O
to O
the O
cost O
savings O
that O
Ecolab O
's O
products O
customers O
appreciate O
, O
Ecolab B-Cause
minimizes I-Cause
downtime I-Cause
for I-Cause
key I-Cause
pieces I-Cause
of I-Cause
its I-Cause
customers I-Cause
' I-Cause
machinery I-Cause
, O
allowing O
its B-Effect
business I-Effect
processes I-Effect
to I-Effect
proceed I-Effect
without I-Effect
costly I-Effect
interruptions I-Effect
. O

The B-Effect
main I-Effect
current I-Effect
influences I-Effect
on I-Effect
earnings I-Effect
growth I-Effect
are O
modest B-Cause
credit I-Cause
growth I-Cause
, O
a O
product O
of O
household O
risk O
aversion O
and O
deleveraging O
, O
and O
delays B-Cause
to I-Cause
business I-Cause
plans I-Cause
for I-Cause
capital I-Cause
expenditure I-Cause
. O

Morgan B-Effect
Stanley I-Effect
's I-Effect
earnings I-Effect
in I-Effect
2020 I-Effect
have I-Effect
held I-Effect
up I-Effect
better I-Effect
than O
expected O
, O
as O
global B-Cause
macroeconomic I-Cause
uncertainty I-Cause
led I-Cause
to I-Cause
high B-Effect
trading I-Effect
volumes I-Effect
and I-Cause
as I-Cause
companies B-Cause
used I-Cause
the I-Cause
capital I-Cause
raising I-Cause
services I-Cause
of I-Cause
investment I-Cause
banks I-Cause
to I-Cause
bolster B-Effect
liquidity I-Effect
. O

In O
our O
view O
, O
the B-Effect
most I-Effect
significant I-Effect
risk I-Effect
facing I-Effect
the I-Effect
company I-Effect
is O
competition B-Cause
from I-Cause
online I-Cause
players I-Cause
like I-Cause
Amazon I-Cause
and I-Cause
other I-Cause
mass I-Cause
merchants I-Cause
, O
which O
have O
passed O
their O
scale O
and O
other O
cost O
advantages O
into O
lower O
prices O
for O
consumers O
, O
particularly O
in O
commoditized O
categories O
. O

As B-Effect
for I-Effect
retention I-Effect
, I-Effect
we I-Effect
think I-Effect
this I-Effect
will I-Effect
increase I-Effect
among I-Effect
surviving I-Effect
businesses I-Effect
as O
a O
result O
of O
a B-Cause
greater I-Cause
portion I-Cause
of I-Cause
QuickBase I-Cause
customers I-Cause
being I-Cause
connected I-Cause
with I-Cause
accountants I-Cause
via I-Cause
QuickBooks I-Cause
, O
which O
Intuit O
has O
said O
raises O
retention O
by O
10 O
percentage O
points O
. O

While O
Snap-on B-Effect
's I-Effect
brand I-Effect
value I-Effect
and I-Effect
premium I-Effect
prices I-Effect
are I-Effect
largely I-Effect
maintained I-Effect
by I-Effect
its I-Effect
difficult-to-displace I-Effect
van I-Effect
network I-Effect
, O
the B-Cause
firm I-Cause
has I-Cause
a I-Cause
long I-Cause
history I-Cause
of I-Cause
developing I-Cause
innovative I-Cause
products I-Cause
of I-Cause
the I-Cause
highest I-Cause
quality I-Cause
. O

A O
key O
part O
of O
management O
's O
premise O
for O
the O
merger O
was O
that O
the O
integration B-Cause
of I-Cause
the I-Cause
entire I-Cause
subsea I-Cause
scope I-Cause
would O
offer O
large O
opportunities O
for O
cost B-Effect
savings I-Effect
, I-Effect
creating I-Effect
value I-Effect
for I-Effect
TechnipFMC I-Effect
and I-Effect
its I-Effect
customers I-Effect
alike I-Effect
. O

The O
reason O
behind O
the B-Effect
share I-Effect
loss I-Effect
is O
that O
most B-Cause
of I-Cause
its I-Cause
customers I-Cause
have I-Cause
been I-Cause
on I-Cause
older B-Cause
networks I-Cause
that I-Cause
ca I-Cause
n't I-Cause
deliver B-Effect
the I-Effect
speeds I-Effect
and I-Effect
capacity I-Effect
consumers I-Effect
increasingly I-Effect
demand I-Effect
. O

Extra B-Cause
Space I-Cause
's I-Cause
joint-venture I-Cause
and I-Cause
third-party I-Cause
management I-Cause
relationships I-Cause
should O
fuel O
its O
acquisition O
pipeline O
for O
years O
to O
come O
and O
may O
even O
allow O
it O
to O
squeeze B-Effect
out I-Effect
premium I-Effect
yields I-Effect
several I-Effect
years I-Effect
down I-Effect
the I-Effect
road I-Effect
. O

By O
contrast O
, O
the B-Cause
phone I-Cause
companies I-Cause
are I-Cause
typically I-Cause
incapable I-Cause
of I-Cause
increasing I-Cause
network I-Cause
speeds I-Cause
broadly I-Cause
across I-Cause
their I-Cause
networks I-Cause
without I-Cause
heavy I-Cause
investment I-Cause
to I-Cause
bring I-Cause
fiber I-Cause
closer I-Cause
to I-Cause
customers. O
As O
a O
result O
, O
large B-Effect
swaths I-Effect
of I-Effect
the I-Effect
phone I-Effect
network I-Effect
remain I-Effect
incapable I-Effect
of I-Effect
delivering I-Effect
speeds I-Effect
beyond I-Effect
20 I-Effect
megabits/second I-Effect
or I-Effect
so I-Effect
, I-Effect
increasingly I-Effect
falling I-Effect
short I-Effect
of I-Effect
customer I-Effect
demand I-Effect
. O

We O
believe O
FireEye B-Effect
is I-Effect
making I-Effect
strides I-Effect
in I-Effect
the I-Effect
right I-Effect
direction I-Effect
through O
inventive B-Cause
solutions I-Cause
like I-Cause
its I-Cause
Helix I-Cause
platform I-Cause
, I-Cause
which I-Cause
helps I-Cause
consolidate I-Cause
security I-Cause
into I-Cause
a I-Cause
holistic I-Cause
management I-Cause
platform I-Cause
, I-Cause
and I-Cause
expertise I-Cause
on I-Cause
demand I-Cause
, I-Cause
giving I-Cause
customers I-Cause
the I-Cause
ability I-Cause
to I-Cause
receive I-Cause
immediate I-Cause
help I-Cause
from I-Cause
FireEye I-Cause
experts I-Cause
via I-Cause
the I-Cause
Internet I-Cause
. O

Further O
, O
the O
acquisition O
of O
iZettle O
gives O
the O
company O
a O
viable O
platform O
for O
point-of-sale O
transactions O
, O
and O
its O
experience B-Effect
with I-Effect
mobile I-Effect
payments I-Effect
could I-Effect
boost I-Effect
its I-Effect
position I-Effect
on I-Effect
this I-Effect
side I-Effect
as O
consumers B-Cause
look I-Cause
for I-Cause
more I-Cause
convenient I-Cause
options I-Cause
at I-Cause
the I-Cause
cash I-Cause
register I-Cause
. O

Overall O
, O
chip O
design O
would O
be O
virtually O
impossible O
without O
EDA B-Cause
tools I-Cause
; O
this O
makes O
tools O
that O
companies B-Effect
like I-Effect
Synopsys I-Effect
provide I-Effect
critical I-Effect
to I-Effect
customers I-Effect
. I-Effect

Prioritising B-Cause
loan I-Cause
growth I-Cause
over I-Cause
credit I-Cause
quality I-Cause
has O
also O
caught B-Effect
out I-Effect
smaller I-Effect
local I-Effect
players I-Effect
, I-Effect
such I-Effect
as I-Effect
Suncorp I-Effect
which O
required O
a O
capital O
raising O
after O
incurring O
large O
corporate O
and O
commercial O
property O
impairments O
. O

A O
large O
portion O
of O
provider O
services O
are O
related O
to O
collections O
and O
are O
generally B-Effect
more I-Effect
labor-intensive I-Effect
than I-Effect
the I-Effect
other I-Effect
automated I-Effect
administrative I-Effect
services I-Effect
offered I-Effect
, O
which O
is O
reflected O
in O
the B-Cause
higher I-Cause
average I-Cause
fee I-Cause
rate I-Cause
. O

As O
legacy B-Cause
L-3 I-Cause
operated I-Cause
a I-Cause
very I-Cause
decentralized I-Cause
model I-Cause
, O
we O
're O
anticipating B-Effect
redundancies I-Effect
in I-Effect
overhead I-Effect
can I-Effect
be I-Effect
cut I-Effect
from I-Effect
the I-Effect
expense I-Effect
base I-Effect
. O

We O
assume O
2.5 B-Cause
% I-Cause
passenger I-Cause
volume I-Cause
growth I-Cause
and I-Cause
0.5 I-Cause
% I-Cause
freight I-Cause
volume I-Cause
growth I-Cause
in I-Cause
midcycle I-Cause
, I-Cause
and I-Cause
a I-Cause
potential I-Cause
total I-Cause
tariff I-Cause
hike I-Cause
of I-Cause
25 I-Cause
% I-Cause
for I-Cause
long-distance I-Cause
passenger I-Cause
transportation I-Cause
in I-Cause
2022-23. O
These O
will O
translate B-Effect
into I-Effect
approximately I-Effect
11.5 I-Effect
% I-Effect
growth I-Effect
in I-Effect
railway I-Effect
transportation I-Effect
revenue I-Effect
, I-Effect
on I-Effect
average I-Effect
, I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
from I-Effect
the I-Effect
depressed I-Effect
2020 I-Effect
level I-Effect
that I-Effect
was I-Effect
hit I-Effect
by I-Effect
the I-Effect
COVID-19-related I-Effect
travel I-Effect
restrictions I-Effect
. O

Consequently O
, O
the B-Cause
dynamics I-Cause
of I-Cause
data I-Cause
traffic I-Cause
pathways I-Cause
in I-Cause
the I-Cause
corporate I-Cause
network I-Cause
have I-Cause
been I-Cause
structurally I-Cause
altered I-Cause
, O
which O
gives B-Effect
rise I-Effect
to I-Effect
a I-Effect
litany I-Effect
of I-Effect
security I-Effect
challenges I-Effect
. O

Perhaps O
the O
most O
important O
reason O
is O
that O
these B-Cause
companies I-Cause
are I-Cause
customers I-Cause
of I-Cause
Core I-Cause
Lab I-Cause
and O
rely B-Effect
quite I-Effect
heavily I-Effect
on I-Effect
Core I-Effect
in I-Effect
developing I-Effect
their I-Effect
reservoir I-Effect
evaluation I-Effect
product I-Effect
lines I-Effect
. O

Because O
of O
the B-Cause
duration I-Cause
of I-Cause
long-term I-Cause
contractual I-Cause
agreements I-Cause
with I-Cause
its I-Cause
automaker I-Cause
customers I-Cause
, O
we B-Effect
think I-Effect
Aptiv I-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
create I-Effect
economic I-Effect
value I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

However O
, O
IBA B-Cause
lacks I-Cause
the I-Cause
deep I-Cause
pockets I-Cause
of I-Cause
Varian I-Cause
, I-Cause
and I-Cause
protons I-Cause
require I-Cause
significant I-Cause
ongoing I-Cause
investment I-Cause
in I-Cause
both I-Cause
the I-Cause
technology I-Cause
and I-Cause
clinical I-Cause
data. O
Thus O
, O
we O
assume O
Varian B-Effect
will I-Effect
end I-Effect
up I-Effect
a I-Effect
winner I-Effect
in I-Effect
this I-Effect
area I-Effect
, I-Effect
although I-Effect
whether I-Effect
it I-Effect
can I-Effect
ever I-Effect
earn I-Effect
returns I-Effect
similar I-Effect
to I-Effect
those I-Effect
it I-Effect
achieves I-Effect
in I-Effect
linacs I-Effect
has I-Effect
yet I-Effect
to I-Effect
be I-Effect
determined I-Effect
. O

In O
addition O
, O
we O
believe O
dominant B-Effect
players I-Effect
such I-Effect
as I-Effect
EDU I-Effect
will I-Effect
continue I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
due O
to O
its B-Cause
scale I-Cause
, I-Cause
and I-Cause
teacher I-Cause
quality I-Cause
with I-Cause
standardized I-Cause
facilities I-Cause
and I-Cause
teaching I-Cause
materials I-Cause
. O

It B-Effect
typically I-Effect
does I-Effect
not I-Effect
hedge I-Effect
this I-Effect
exposure I-Effect
, O
which O
could O
add B-Cause
volatility I-Cause
to I-Cause
the I-Cause
top I-Cause
line I-Cause
, O
but O
since B-Cause
there I-Cause
are I-Cause
expenses I-Cause
in I-Cause
foreign I-Cause
currencies I-Cause
, O
there B-Effect
is I-Effect
a I-Effect
bit I-Effect
of I-Effect
a I-Effect
natural I-Effect
hedge I-Effect
. O

Further O
, O
with O
the B-Cause
bank I-Cause
's I-Cause
solid I-Cause
mix I-Cause
of I-Cause
fee I-Cause
income I-Cause
, O
JPMorgan B-Effect
will I-Effect
is I-Effect
better I-Effect
insulated I-Effect
in I-Effect
low I-Effect
rate I-Effect
environments I-Effect
. O

That O
said O
, O
declining B-Effect
fuel I-Effect
prices I-Effect
artificially I-Effect
boost I-Effect
the I-Effect
firm I-Effect
's I-Effect
gross I-Effect
profit I-Effect
margin I-Effect
percentage I-Effect
on I-Effect
freight I-Effect
hauled I-Effect
by I-Effect
third-party I-Effect
broker I-Effect
carriers I-Effect
because O
lower B-Cause
fuel I-Cause
surcharges I-Cause
will I-Cause
reduce I-Cause
gross I-Cause
revenue I-Cause
with I-Cause
little I-Cause
impact I-Cause
on I-Cause
net I-Cause
revenue I-Cause
. O

Overview O
of O
China O
's O
Education O
Industry O
's O
Key O
Regulatory O
Requirements O
: O
The O
Chinese O
education O
sector O
is O
highly O
influenced O
by O
government O
policy O
, O
given O
any B-Cause
tightened I-Cause
governmental I-Cause
regulations I-Cause
may O
impact B-Effect
the I-Effect
share I-Effect
price I-Effect
performance I-Effect
of I-Effect
the I-Effect
whole I-Effect
education I-Effect
sector I-Effect
. O

Further O
, O
since O
shipments B-Cause
are I-Cause
done I-Cause
from I-Cause
the I-Cause
retailer I-Cause
, O
there B-Effect
is I-Effect
no I-Effect
need I-Effect
for I-Effect
warehousing I-Effect
( O
warehousing O
costs O
contribute O
around O
a O
third O
of O
fulfillment O
costs O
at O
Zalando O
) O
. O

Because O
the B-Cause
owners I-Cause
and I-Cause
the I-Cause
clients I-Cause
of I-Cause
these I-Cause
banks I-Cause
are I-Cause
largely I-Cause
the I-Cause
same I-Cause
, O
the B-Effect
profit I-Effect
motive I-Effect
for I-Effect
the I-Effect
mutually I-Effect
owned I-Effect
banks I-Effect
is I-Effect
not I-Effect
as I-Effect
pronounced I-Effect
as O
it O
is O
for O
BNP O
Paribas O
and O
other O
listed O
banks O
. O

We O
see O
fewer B-Effect
pockets I-Effect
of I-Effect
potential I-Effect
upside I-Effect
in I-Effect
some I-Effect
of I-Effect
the I-Effect
enterprise I-Effect
segments I-Effect
, O
as O
we O
expect O
technological B-Cause
advances I-Cause
to I-Cause
weigh I-Cause
heavily I-Cause
on I-Cause
pricing I-Cause
. O

As O
such O
, O
Church B-Effect
's I-Effect
intent I-Effect
to I-Effect
offset I-Effect
commodity I-Effect
pressures I-Effect
with I-Effect
pricing I-Effect
could I-Effect
backfire I-Effect
( O
leading O
to O
volume O
compression O
if O
competitors O
do O
n't O
follow O
suit O
) O
, O
as O
P B-Cause
& I-Cause
G I-Cause
's I-Cause
pricing I-Cause
actions I-Cause
are I-Cause
to I-Cause
be I-Cause
concentrated I-Cause
within I-Cause
its I-Cause
adult I-Cause
incontinence I-Cause
, I-Cause
feminine I-Cause
, I-Cause
and I-Cause
baby I-Cause
care I-Cause
lineups I-Cause
. O

Experian O
has O
developed O
a O
dominant O
position O
in O
Brazil O
, O
and O
we O
think O
the B-Cause
growth I-Cause
of I-Cause
middle-class I-Cause
populations I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
and I-Cause
favorable I-Cause
regulatory I-Cause
changes I-Cause
( O
such O
as O
the O
use O
of O
more O
data O
types O
) O
will O
drive O
long-term B-Effect
growth I-Effect
. O

Also O
, O
as O
a O
cybersecurity O
provider O
, O
any B-Cause
security I-Cause
breach I-Cause
of I-Cause
BlackBerry I-Cause
's I-Cause
software I-Cause
could O
compromise O
sensitive B-Effect
customer I-Effect
data I-Effect
, O
or O
result O
in O
danger B-Effect
for I-Effect
cars I-Effect
and I-Effect
drivers I-Effect
operating I-Effect
with I-Effect
its I-Effect
QNX I-Effect
software I-Effect
. O

With O
Buffett O
having O
turned O
90 O
in O
August O
2020 O
and O
Munger O
turning O
97 O
in O
January O
2020 O
, O
it B-Cause
has I-Cause
become I-Cause
increasingly I-Cause
likely I-Cause
that I-Cause
our I-Cause
valuation I-Cause
horizon I-Cause
will I-Cause
end I-Cause
up I-Cause
exceeding I-Cause
their I-Cause
life I-Cause
spans I-Cause
, O
with O
the B-Effect
quality I-Effect
of I-Effect
investment I-Effect
returns I-Effect
and I-Effect
capital I-Effect
allocation I-Effect
likely I-Effect
to I-Effect
deteriorate I-Effect
under O
new O
management O
. O

Both O
ad B-Effect
and I-Effect
retransmission I-Effect
revenue I-Effect
are I-Effect
being I-Effect
hurt I-Effect
by O
the B-Cause
cord-cutting I-Cause
trend I-Cause
and I-Cause
the I-Cause
viewer I-Cause
shift I-Cause
to I-Cause
on-demand I-Cause
viewing I-Cause
options I-Cause
like O
Netflix O
or O
Hulu O
. O

We O
believe O
the B-Cause
purchase I-Cause
has I-Cause
broadened I-Cause
the I-Cause
firm I-Cause
's I-Cause
power I-Cause
semiconductor I-Cause
capabilities I-Cause
to O
sufficiently B-Cause
serve I-Cause
the I-Cause
growth I-Cause
trends I-Cause
in I-Cause
medium I-Cause
to I-Cause
high I-Cause
power I-Cause
markets I-Cause
, O
allowing O
it O
to B-Effect
be I-Effect
more I-Effect
competitive I-Effect
in I-Effect
areas I-Effect
like I-Effect
EV I-Effect
charging I-Effect
infrastructure I-Effect
. O

The O
incredible O
change O
in O
networking O
should O
continue O
over O
the O
next O
decade O
; O
Arista B-Effect
's I-Effect
opportunity I-Effect
is I-Effect
expanding I-Effect
its I-Effect
customer I-Effect
base I-Effect
by O
staying B-Cause
ahead I-Cause
of I-Cause
competitors I-Cause
that I-Cause
have I-Cause
more I-Cause
resources I-Cause
, I-Cause
products I-Cause
, I-Cause
and I-Cause
incumbent I-Cause
design I-Cause
wins I-Cause
. O

Additionally O
, O
there B-Cause
are I-Cause
concerns I-Cause
linking I-Cause
physician I-Cause
burnout I-Cause
to I-Cause
time I-Cause
spent I-Cause
using I-Cause
an I-Cause
EHR I-Cause
platform. O
This O
is O
a O
risk O
is O
applicable B-Effect
to I-Effect
the I-Effect
entire I-Effect
industry I-Effect
and I-Effect
could I-Effect
have I-Effect
a I-Effect
negative I-Effect
impact I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
reputation I-Effect
and I-Effect
ability I-Effect
to I-Effect
cross-sell I-Effect
products I-Effect
. O

In O
addition O
, O
Synopsys O
handles O
sensitive O
data O
and O
a B-Cause
breach I-Cause
could O
raise B-Effect
legal I-Effect
and I-Effect
regulatory I-Effect
hurdles I-Effect
and I-Effect
adversely I-Effect
affect I-Effect
its I-Effect
reputation I-Effect
. O

The B-Effect
business I-Effect
risk I-Effect
to I-Effect
Patterson I-Effect
's I-Effect
operations I-Effect
largely O
stems O
from O
increased B-Cause
competition I-Cause
from I-Cause
highly I-Cause
efficient I-Cause
and I-Cause
low-cost I-Cause
new I-Cause
entrants I-Cause
in I-Cause
the I-Cause
dental I-Cause
consumable I-Cause
market I-Cause
and I-Cause
likely I-Cause
risk I-Cause
to I-Cause
Patterson I-Cause
's I-Cause
long-term I-Cause
pricing I-Cause
power I-Cause
with I-Cause
increasing I-Cause
concentration I-Cause
of I-Cause
corporate I-Cause
buyers I-Cause
. O

As B-Cause
the I-Cause
largest I-Cause
hospital I-Cause
operator I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
HCA I-Cause
has I-Cause
amassed I-Cause
enough I-Cause
cost I-Cause
advantages I-Cause
to O
sustain B-Effect
economic I-Effect
profits I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

The B-Cause
coronavirus I-Cause
has O
caused O
an B-Effect
unprecedented I-Effect
shock I-Effect
to I-Effect
the I-Effect
food-service I-Effect
industry I-Effect
, O
which O
we O
think O
is O
likely O
to O
cause O
the O
permanent O
closure O
of O
up O
to O
15 O
% O
of O
restaurants O
and O
a O
double-digit O
decline O
in O
industry O
sales O
in O
calendar O
2020 O
. O

While O
Moore B-Effect
's I-Effect
Law I-Effect
has I-Effect
propelled I-Effect
advancements I-Effect
in I-Effect
the I-Effect
semiconductor I-Effect
industry I-Effect
for I-Effect
many I-Effect
years I-Effect
, I-Effect
this I-Effect
has I-Effect
been I-Effect
slowing I-Effect
down I-Effect
as O
chips B-Cause
become I-Cause
smaller I-Cause
and I-Cause
smaller I-Cause
. O

We O
also O
expect O
COVID-related B-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
will O
have O
a B-Effect
lasting I-Effect
impact I-Effect
on I-Effect
the I-Effect
industry I-Effect
and I-Effect
drive I-Effect
near-term I-Effect
operating I-Effect
volatility I-Effect
. O

More O
specifically O
, O
we O
have O
maintained O
our O
2020 O
earnings O
per O
share O
estimate O
to O
a O
loss O
of O
nearly O
$ O
7 O
per O
share O
, O
as O
costs B-Effect
remain I-Effect
dislocated I-Effect
a O
result O
of O
the B-Cause
CDC I-Cause
's I-Cause
no-sail I-Cause
order I-Cause
( I-Cause
which I-Cause
appears I-Cause
will I-Cause
take I-Cause
the I-Cause
majority I-Cause
of I-Cause
Carnival I-Cause
's I-Cause
fleet I-Cause
off I-Cause
the I-Cause
seas I-Cause
for I-Cause
nearly I-Cause
all I-Cause
of I-Cause
2020 I-Cause
) I-Cause
. O

If O
new B-Cause
competitors I-Cause
enter I-Cause
as I-Cause
these I-Cause
economies I-Cause
develop I-Cause
, O
markets B-Effect
could I-Effect
become I-Effect
more I-Effect
competitive I-Effect
and I-Effect
pricing I-Effect
pressures I-Effect
and I-Effect
customer I-Effect
losses I-Effect
could I-Effect
arise I-Effect
and I-Effect
harm I-Effect
Orange I-Effect
. O

We B-Effect
see I-Effect
potential I-Effect
for I-Effect
sustained I-Effect
revenue I-Effect
in I-Effect
the I-Effect
low-single-digit I-Effect
billions I-Effect
annually I-Effect
if B-Cause
higher-risk I-Cause
populations I-Cause
continue I-Cause
to I-Cause
receive I-Cause
annual I-Cause
vaccines I-Cause
beyond I-Cause
the I-Cause
pandemic I-Cause
, O
although O
there O
is O
high O
uncertainty O
around O
the O
number O
of O
long-term O
competitors O
( O
including O
new O
mRNA O
players O
) O
and O
pricing O
. O

Icon B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
carry I-Effect
out I-Effect
next-generation I-Effect
decentralized I-Effect
trials I-Effect
and I-Effect
real-world I-Effect
evidence I-Effect
trials I-Effect
thanks O
to O
a B-Cause
series I-Cause
of I-Cause
recent I-Cause
acquisitions I-Cause
. O

The B-Cause
combination I-Cause
of I-Cause
intensive I-Cause
capital I-Cause
requirements I-Cause
, I-Cause
low I-Cause
price I-Cause
realizations I-Cause
, I-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
associated I-Cause
with I-Cause
future I-Cause
projects I-Cause
hampers O
Canadian B-Effect
Natural I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Federal B-Effect
funding I-Effect
power I-Effect
has I-Effect
weakened I-Effect
over I-Effect
time I-Effect
, O
as O
improving B-Cause
vehicle I-Cause
mileage I-Cause
and I-Cause
inflation I-Cause
have O
diminished B-Cause
the I-Cause
power I-Cause
of I-Cause
the I-Cause
$ I-Cause
0.18 I-Cause
per I-Cause
gallon I-Cause
gasoline I-Cause
tax I-Cause
, O
unchanged O
since O
1993 O
. O

Over B-Effect
the I-Effect
past I-Effect
decade I-Effect
, I-Effect
Intel I-Effect
held I-Effect
a I-Effect
commanding I-Effect
lead I-Effect
in I-Effect
the I-Effect
x86 I-Effect
market I-Effect
, O
which O
we O
attribute O
to O
its B-Cause
historically I-Cause
leading-edge I-Cause
manufacturing I-Cause
. O

Advance B-Cause
's I-Cause
strong I-Cause
DIY I-Cause
brand I-Cause
and I-Cause
trusted I-Cause
salesforce I-Cause
also O
enable O
it B-Effect
to I-Effect
drive I-Effect
significant I-Effect
traction I-Effect
for I-Effect
its I-Effect
proprietary I-Effect
brands I-Effect
( O
approximately O
40 O
% O
of O
sales O
before O
the O
late O
2019 O
acquisition O
of O
DieHard O
) O
. O

The B-Effect
narrower I-Effect
scope I-Effect
limits I-Effect
the I-Effect
firm I-Effect
's I-Effect
opportunities I-Effect
, O
as O
a B-Cause
broader I-Cause
marketing I-Cause
presence I-Cause
would I-Cause
allow I-Cause
it I-Cause
to I-Cause
more I-Cause
actively I-Cause
take I-Cause
advantage I-Cause
of I-Cause
time I-Cause
, I-Cause
location I-Cause
, I-Cause
and I-Cause
product I-Cause
upgrade I-Cause
differentials I-Cause
. O

Further O
, O
we O
forecast O
Kohl B-Cause
's I-Cause
will I-Cause
reduce I-Cause
its I-Cause
capital I-Cause
expenditures I-Cause
to I-Cause
$ I-Cause
285 I-Cause
million I-Cause
in I-Cause
2020 I-Cause
, I-Cause
$ I-Cause
570 I-Cause
million I-Cause
less I-Cause
than I-Cause
last I-Cause
year I-Cause
, O
to O
conserve B-Effect
cash I-Effect
. O

While O
things O
like O
edge B-Cause
computing I-Cause
and I-Cause
fixed-wireless I-Cause
broadband I-Cause
may B-Effect
provide I-Effect
incremental I-Effect
revenue I-Effect
, O
we O
view O
the O
traditional O
wireless O
business O
as O
far O
more O
important O
. O

PPD O
estimates O
that O
outsourcing O
penetration O
has O
increased O
from O
36 O
% O
in O
2007 O
to O
49 O
% O
in O
2018 O
, O
and O
we O
expect O
outsourcing B-Effect
penetration I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
as O
trials B-Cause
become I-Cause
more I-Cause
complex I-Cause
. O

Our O
compound O
annual O
automotive O
revenue O
growth O
rate O
is O
about O
6.2 O
% O
; O
we O
model O
nearly B-Effect
100 I-Effect
basis I-Effect
points I-Effect
of I-Effect
declining I-Effect
North I-Effect
American I-Effect
market I-Effect
share I-Effect
from O
2019 O
levels O
because O
of O
continued B-Cause
strong I-Cause
competitive I-Cause
threats I-Cause
. O

With O
80 B-Cause
% I-Cause
of I-Cause
its I-Cause
primary I-Cause
clients I-Cause
using I-Cause
these I-Cause
services I-Cause
( I-Cause
which I-Cause
involve I-Cause
extensive I-Cause
systems I-Cause
integration I-Cause
and I-Cause
onboarding I-Cause
) I-Cause
, O
this B-Effect
business I-Effect
is I-Effect
profitable I-Effect
and I-Effect
increases I-Effect
switching I-Effect
costs I-Effect
for I-Effect
its I-Effect
main I-Effect
commercial I-Effect
clients I-Effect
. O

Longer B-Cause
term I-Cause
, I-Cause
we I-Cause
continue I-Cause
to I-Cause
believe I-Cause
that I-Cause
emerging I-Cause
markets I-Cause
are O
poised B-Effect
for I-Effect
accelerating I-Effect
performance I-Effect
( I-Effect
relative I-Effect
to I-Effect
the I-Effect
tempered I-Effect
gains I-Effect
chalked I-Effect
up I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
. O

Notably O
, O
Telefonica O
recently B-Cause
decided I-Cause
to I-Cause
exit I-Cause
several I-Cause
small I-Cause
Latin I-Cause
American I-Cause
markets I-Cause
to I-Cause
increase I-Cause
focus I-Cause
and I-Cause
reduce I-Cause
leverage I-Cause
, O
selling B-Effect
its I-Effect
wireless I-Effect
operations I-Effect
to I-Effect
Millicom I-Effect
( I-Effect
Panama I-Effect
, I-Effect
Nicaragua I-Effect
) I-Effect
and I-Effect
America I-Effect
Movil I-Effect
( I-Effect
Guatemala I-Effect
) I-Effect
. O

It B-Cause
has I-Cause
built I-Cause
a I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
and I-Cause
speed I-Cause
, O
which O
allows O
it B-Effect
to I-Effect
control I-Effect
35 I-Effect
% I-Effect
market I-Effect
share I-Effect
of I-Effect
the I-Effect
research I-Effect
model I-Effect
& I-Effect
services I-Effect
industry I-Effect
and I-Effect
33 I-Effect
% I-Effect
of I-Effect
the I-Effect
outsourced I-Effect
safety I-Effect
assessment I-Effect
industry I-Effect
worldwide I-Effect
. O

The B-Cause
greater I-Cause
volume I-Cause
of I-Cause
data I-Cause
it I-Cause
collects I-Cause
through I-Cause
improvement I-Cause
of I-Cause
these I-Cause
systems I-Cause
, I-Cause
along I-Cause
with I-Cause
its I-Cause
underlying I-Cause
growth I-Cause
, O
enhances B-Effect
the I-Effect
value I-Effect
of I-Effect
this I-Effect
information I-Effect
, I-Effect
enabling I-Effect
LKQ I-Effect
to I-Effect
improve I-Effect
further I-Effect
its I-Effect
cost I-Effect
advantage I-Effect
and I-Effect
margins I-Effect
. O

Investments B-Effect
will I-Effect
be I-Effect
scaled I-Effect
back I-Effect
, O
as O
necessary B-Cause
production I-Cause
capacity I-Cause
has I-Cause
been I-Cause
built I-Cause
out I-Cause
with I-Cause
2013 I-Cause
peak I-Cause
demand I-Cause
in I-Cause
mind I-Cause
and I-Cause
there I-Cause
is I-Cause
no I-Cause
capacity I-Cause
obsolescence I-Cause
. O

Conversely O
, O
lower B-Cause
utilization I-Cause
conveys I-Effect
power I-Effect
to I-Effect
the I-Effect
buyers I-Effect
( I-Effect
E I-Effect
& I-Effect
Ps I-Effect
) I-Effect
, I-Effect
ultimately I-Effect
resulting I-Effect
in I-Effect
downward B-Effect
pricing I-Effect
pressure I-Effect
as O
drillers B-Cause
jockey I-Cause
to I-Cause
outbid I-Cause
one I-Cause
another I-Cause
to I-Cause
win I-Cause
contracts I-Cause
. O

We O
also O
think O
this B-Effect
risk I-Effect
is O
hedged O
a O
bit O
by O
ON B-Cause
's I-Cause
consistent I-Cause
ability I-Cause
to I-Cause
sell I-Cause
into I-Cause
new I-Cause
sockets I-Cause
and I-Cause
outgrow I-Cause
its I-Cause
underlying I-Cause
markets I-Cause
, O
which O
we O
think O
shows O
in O
the O
firm O
's O
2020 O
automotive O
revenue O
decreasing O
by O
7 O
% O
while O
broader O
automotive O
production O
was O
down O
about O
15 O
% O
. O

The B-Effect
pandemic I-Effect
injects I-Effect
near-term I-Effect
volatility I-Effect
as I-Effect
Kroger I-Effect
laps I-Effect
exceptional I-Effect
fiscal I-Effect
2020 I-Effect
growth I-Effect
as O
rising B-Cause
vaccination I-Cause
rates I-Cause
stand I-Cause
to I-Cause
direct I-Cause
some I-Cause
food I-Cause
spending I-Cause
back I-Cause
to I-Cause
restaurants I-Cause
. O

In O
terms O
of O
ESG-related O
risks O
, O
because O
CSX B-Cause
carries I-Cause
freight I-Cause
for I-Cause
chemical I-Cause
end-market I-Cause
shippers I-Cause
, O
it B-Effect
is I-Effect
subject I-Effect
to I-Effect
the I-Effect
liabilities I-Effect
associated I-Effect
with I-Effect
hazardous I-Effect
material I-Effect
spills I-Effect
. O

Economic B-Effect
profitability I-Effect
may I-Effect
be I-Effect
at I-Effect
risk I-Effect
if O
automotive B-Cause
demand I-Cause
were I-Cause
to I-Cause
precipitously I-Cause
drop I-Cause
or I-Cause
if I-Cause
aluminum I-Cause
, I-Cause
steel I-Cause
, I-Cause
copper I-Cause
, I-Cause
and I-Cause
plastic I-Cause
resin I-Cause
prices I-Cause
were I-Cause
to I-Cause
spike I-Cause
dramatically I-Cause
. O

With B-Cause
declining I-Cause
net I-Cause
interest I-Cause
margins I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
, O
Bradesco B-Effect
has I-Effect
pivoted I-Effect
toward I-Effect
higher-margin I-Effect
small I-Effect
and I-Effect
medium I-Effect
enterprise I-Effect
and I-Effect
personal I-Effect
lending I-Effect
, I-Effect
in I-Effect
tandem I-Effect
with I-Effect
an I-Effect
increased I-Effect
focus I-Effect
on I-Effect
fee I-Effect
income I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
scale I-Cause
allows O
it B-Effect
to I-Effect
leverage I-Effect
costs I-Effect
across I-Effect
a I-Effect
broad I-Effect
sales I-Effect
base I-Effect
, O
particularly O
supply O
chain O
, O
merchandising O
, O
and O
advertising O
expenditures O
. O

If O
Gilead B-Cause
's I-Cause
newest I-Cause
HIV I-Cause
products I-Cause
are I-Cause
n't I-Cause
perceived I-Cause
as O
offering O
significantly O
improved O
safety O
or O
efficacy O
versus O
its O
older O
HIV O
products O
, O
a B-Effect
large I-Effect
portion I-Effect
of I-Effect
its I-Effect
sales I-Effect
foundation I-Effect
could I-Effect
be I-Effect
at I-Effect
risk I-Effect
. O

Amid O
low B-Cause
capital I-Cause
expenditures I-Cause
levels I-Cause
, I-Cause
healthy I-Cause
demand I-Cause
, I-Cause
and I-Cause
high I-Cause
capacity I-Cause
utilization I-Cause
, O
we O
surmise O
that O
Howmet B-Effect
would I-Effect
likely I-Effect
offer I-Effect
very I-Effect
attractive I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Sensitivity O
to O
macroeconomic O
variables O
, O
including O
unemployment O
and O
inflation O
in O
nondiscretionary O
expenditures O
remains O
important O
moving O
forward O
, O
with O
pressure B-Effect
likely I-Effect
to I-Effect
show I-Effect
up I-Effect
first I-Effect
in I-Effect
guest I-Effect
traffic I-Effect
should O
cash B-Cause
constrained I-Cause
customers I-Cause
choose I-Cause
to I-Cause
rotate I-Cause
spending I-Cause
toward I-Cause
cheaper I-Cause
substitutes I-Cause
. O

Though O
most O
catheters O
are O
a O
commoditized O
product O
, O
Teleflex B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
maintain I-Effect
market I-Effect
leadership I-Effect
and I-Effect
keep I-Effect
winning I-Effect
business I-Effect
because O
of O
innovations B-Cause
in I-Cause
extended I-Cause
dwell I-Cause
technology I-Cause
, O
and O
with O
patent-protected O
coating O
technology O
that O
reduces O
infection O
risk O
with O
traditional O
CVCs O
. O

More O
pleasing O
has O
been O
the O
wireless O
operating O
profit O
growth O
reported O
in O
2020 O
and O
first O
quarter O
2021 O
as O
competition B-Effect
seems I-Effect
to I-Effect
have I-Effect
stabilized I-Effect
with O
5G B-Cause
generating I-Cause
incremental I-Cause
revenue I-Cause
. O

Furthermore O
, O
Ingersoll-Rand B-Effect
differentiates I-Effect
itself I-Effect
by O
offering B-Cause
equipment I-Cause
that O
reduces B-Effect
a I-Effect
client I-Effect
's I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
by O
improving B-Cause
energy I-Cause
efficiency I-Cause
and I-Cause
offering I-Cause
superior I-Cause
reliability I-Cause
. O

Tractor B-Cause
Supply I-Cause
's I-Cause
target I-Cause
demographic I-Cause
is I-Cause
fairly I-Cause
affluent I-Cause
, O
which O
helps O
insulate B-Effect
the I-Effect
firm I-Effect
somewhat I-Effect
during I-Effect
a I-Effect
recession I-Effect
( O
generating O
same-store O
sales O
of O
1 O
% O
in O
2008 O
, O
negative O
1 O
% O
in O
2009 O
, O
and O
set O
for O
22 O
% O
in O
2020 O
) O
. O

As O
the B-Cause
company I-Cause
is I-Cause
focusing I-Cause
on I-Cause
existing I-Cause
location I-Cause
efficiency I-Cause
rather I-Cause
than I-Cause
expansion I-Cause
, O
this B-Effect
would I-Effect
not I-Effect
lead I-Effect
to I-Effect
a I-Effect
substantial I-Effect
increase I-Effect
in I-Effect
rental I-Effect
and I-Effect
lease I-Effect
expense I-Effect
. O

Though B-Effect
the I-Effect
amount I-Effect
of I-Effect
assets I-Effect
in I-Effect
hedge I-Effect
funds I-Effect
is I-Effect
not I-Effect
expected I-Effect
to I-Effect
grow I-Effect
, I-Effect
we I-Effect
believe I-Effect
the I-Effect
hedge I-Effect
fund I-Effect
client I-Effect
is I-Effect
still I-Effect
attractive I-Effect
as O
the B-Cause
high I-Cause
fees I-Cause
make I-Cause
them I-Cause
less I-Cause
sensitive I-Cause
to I-Cause
the I-Cause
basis I-Cause
points I-Cause
paid I-Cause
for I-Cause
fund I-Cause
administration I-Cause
. O

Ralph O
Lauren O
reported O
its O
highest B-Effect
gross I-Effect
margins I-Effect
in I-Effect
its I-Effect
24 I-Effect
years I-Effect
as I-Effect
a I-Effect
public I-Effect
company I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
( O
65.0 O
% O
) O
, O
which O
, O
we O
attribute O
to O
product B-Cause
mix I-Cause
( I-Cause
elimination I-Cause
of I-Cause
lower-margin I-Cause
merchandise I-Cause
) I-Cause
, I-Cause
geographic I-Cause
mix I-Cause
, I-Cause
production I-Cause
efficiencies I-Cause
, I-Cause
and I-Cause
less I-Cause
dependence I-Cause
on I-Cause
wholesale I-Cause
sales I-Cause
. O

Pembina B-Cause
is I-Cause
in I-Cause
a I-Cause
strong I-Cause
position I-Cause
to O
benefit B-Effect
from I-Effect
the I-Effect
growing I-Effect
supply I-Effect
and I-Effect
demand I-Effect
for I-Effect
hydrocarbons I-Effect
in I-Effect
western I-Effect
Canada I-Effect
while I-Effect
rewarding I-Effect
investors I-Effect
with I-Effect
the I-Effect
strong I-Effect
dividend I-Effect
. O

We O
think O
Under B-Effect
Armour I-Effect
lacks I-Effect
pricing I-Effect
power I-Effect
in I-Effect
most I-Effect
categories I-Effect
of I-Effect
apparel I-Effect
because O
it B-Cause
does I-Cause
not I-Cause
have I-Cause
a I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
. O

Alternatively O
, O
we O
do O
n't O
necessarily O
believe O
improving B-Cause
its I-Cause
e-commerce I-Cause
penetration I-Cause
would O
help O
profitability O
given O
the O
higher O
cost O
to O
ship O
, O
likely O
binding B-Effect
the I-Effect
operating I-Effect
margin I-Effect
potential I-Effect
to I-Effect
historical I-Effect
levels I-Effect
( O
our O
operating O
margin O
forecast O
averages O
15 O
% O
over O
the O
next O
decade O
, O
versus O
15 O
% O
over O
the O
past O
decade O
) O
. O

Should O
the B-Effect
federal I-Effect
government I-Effect
decide I-Effect
to I-Effect
overrule I-Effect
state I-Effect
laws I-Effect
, I-Effect
the I-Effect
Hawthorne I-Effect
segment I-Effect
's I-Effect
potential I-Effect
customer I-Effect
base I-Effect
of I-Effect
legal I-Effect
indoor I-Effect
or I-Effect
greenhouse I-Effect
cannabis I-Effect
growers I-Effect
could I-Effect
disappear I-Effect
as O
a B-Cause
greater I-Cause
proportion I-Cause
of I-Cause
cannabis I-Cause
could I-Cause
be I-Cause
grown I-Cause
outdoors I-Cause
. O

Hospital B-Cause
reimbursement I-Cause
from I-Cause
Medicare I-Cause
and I-Cause
insurers I-Cause
has I-Cause
been I-Cause
pressured I-Cause
for I-Cause
years I-Cause
, O
which O
has O
squeezed O
hospitals B-Effect
margins I-Effect
which O
try O
to O
pass O
these O
pressures O
on O
to O
its O
suppliers O
. O

Due O
to O
continuing B-Cause
secular I-Cause
declines I-Cause
in I-Cause
cereal I-Cause
, O
we O
expect O
modest B-Effect
long-term I-Effect
revenue I-Effect
declines I-Effect
for I-Effect
Post I-Effect
's I-Effect
cereal I-Effect
businesses I-Effect
( I-Effect
negative I-Effect
0.5 I-Effect
% I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. I-Effect

We O
think O
Air B-Effect
Products I-Effect
is I-Effect
well-positioned I-Effect
to I-Effect
navigate I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
thanks O
to O
its B-Cause
strong I-Cause
balance I-Cause
sheet I-Cause
and I-Cause
resilient I-Cause
on-site I-Cause
business I-Cause
, I-Cause
where I-Cause
the I-Cause
company I-Cause
has I-Cause
long-term I-Cause
agreements I-Cause
with I-Cause
take-or-pay I-Cause
clauses I-Cause
. O

ON B-Cause
's I-Cause
prowess I-Cause
in I-Cause
low-light I-Cause
and I-Cause
high I-Cause
interference I-Cause
image I-Cause
sensor I-Cause
design I-Cause
has O
resulted O
in O
it B-Effect
holding I-Effect
the I-Effect
largest I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
automotive I-Effect
market I-Effect
, I-Effect
at I-Effect
about I-Effect
40 I-Effect
% I-Effect
. O

Here O
, O
we O
expect O
marketing B-Cause
to I-Cause
average I-Cause
over I-Cause
47 I-Cause
% I-Cause
of I-Cause
sales I-Cause
during I-Cause
2021-30 I-Cause
versus I-Cause
the I-Cause
52 I-Cause
% I-Cause
and I-Cause
48 I-Cause
% I-Cause
levels I-Cause
reported I-Cause
in I-Cause
2020 I-Cause
and I-Cause
over I-Cause
the I-Cause
past I-Cause
three I-Cause
years I-Cause
, I-Cause
respectively. O
As O
a O
result O
of O
our O
revenue O
and O
expense O
forecasts O
, O
we O
see O
operating B-Effect
margins I-Effect
expanding I-Effect
to I-Effect
17.1 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
12.0 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

Canada B-Cause
's I-Cause
system I-Cause
of I-Cause
higher I-Cause
taxes I-Cause
, I-Cause
more I-Cause
social I-Cause
safety I-Cause
nets I-Cause
, I-Cause
and I-Cause
undoubtedly I-Cause
other I-Cause
complex I-Cause
factors I-Cause
have I-Cause
also I-Cause
led I-Cause
to I-Cause
a I-Cause
more I-Cause
robust I-Cause
and I-Cause
stable I-Cause
middle I-Cause
class I-Cause
, O
which O
contributes B-Effect
to I-Effect
economic I-Effect
and I-Effect
political I-Effect
stability I-Effect
, I-Effect
further I-Effect
reducing I-Effect
systemic I-Effect
risk I-Effect
. O

Increasing B-Cause
regulatory I-Cause
attention I-Cause
and I-Cause
interest I-Cause
in I-Cause
conducting I-Cause
more I-Cause
extensive I-Cause
clinical I-Cause
trials I-Cause
and I-Cause
aftermarket I-Cause
studies I-Cause
could O
increase B-Effect
development I-Effect
costs I-Effect
for I-Effect
Medtronic I-Effect
. I-Effect

In O
addition O
to O
its O
brokerage O
business O
, O
Redfin O
also O
has O
a O
much O
smaller O
partners O
business O
where O
it B-Effect
refers I-Effect
customers I-Effect
to I-Effect
third-party I-Effect
agents I-Effect
when O
it B-Cause
can I-Cause
not I-Cause
satisfy I-Cause
consumer I-Cause
demand I-Cause
for I-Cause
its I-Cause
own I-Cause
agents I-Cause
. O

A O
key O
part O
of O
our O
thesis O
is O
that O
Wells B-Effect
Fargo I-Effect
will I-Effect
begin I-Effect
cutting I-Effect
expenses I-Effect
in I-Effect
2021 I-Effect
and I-Effect
for I-Effect
years I-Effect
after I-Effect
that I-Effect
, O
as O
regulatory B-Cause
and I-Cause
compliance I-Cause
related I-Cause
expense I-Cause
pressures I-Cause
begin I-Cause
to I-Cause
ease I-Cause
. O

Inflation B-Cause
has I-Cause
risen I-Cause
significantly I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
months I-Cause
, O
and O
the O
Brazilian O
central O
bank O
has O
responded O
by O
raising B-Effect
the I-Effect
interest I-Effect
rates I-Effect
from I-Effect
2 I-Effect
% I-Effect
to I-Effect
4.25 I-Effect
% I-Effect
. O

Further O
, O
legislative B-Cause
changes I-Cause
in I-Cause
tax I-Cause
laws I-Cause
and I-Cause
labor I-Cause
laws I-Cause
can I-Cause
be I-Cause
murky I-Cause
and I-Cause
difficult I-Cause
for O
some B-Effect
companies I-Effect
to I-Effect
understand I-Effect
, O
and O
Paycom B-Cause
works I-Cause
to I-Cause
ensure I-Cause
its I-Cause
platform I-Cause
is I-Cause
up I-Cause
to I-Cause
date I-Cause
with I-Cause
regulations I-Cause
so O
clients B-Effect
are I-Effect
in I-Effect
compliance I-Effect
with I-Effect
the I-Effect
law I-Effect
. O

This B-Cause
stability I-Cause
, I-Cause
coupled I-Cause
with I-Cause
strong I-Cause
unit I-Cause
growth I-Cause
prospects I-Cause
, I-Cause
inroads I-Cause
into I-Cause
the I-Cause
CPG I-Cause
channel I-Cause
, I-Cause
and I-Cause
supply I-Cause
chain I-Cause
improvements I-Cause
, O
could O
drive O
ROIC B-Effect
excluding I-Effect
goodwill I-Effect
to I-Effect
the I-Effect
low I-Effect
30s I-Effect
( I-Effect
from I-Effect
the I-Effect
low- I-Effect
to I-Effect
mid-20s I-Effect
today I-Effect
) I-Effect
. O

Icing B-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
hazardous I-Effect
threats I-Effect
in I-Effect
aviation I-Effect
, O
since O
it B-Cause
can I-Cause
modify I-Cause
the I-Cause
airflow I-Cause
pattern I-Cause
around I-Cause
airfoil I-Cause
surfaces I-Cause
, I-Cause
including I-Cause
wings I-Cause
and I-Cause
propeller I-Cause
blades I-Cause
. O

Our B-Effect
cash I-Effect
flow I-Effect
forecasts I-Effect
do I-Effect
n't I-Effect
incorporate I-Effect
the I-Effect
addition I-Effect
of I-Effect
the I-Effect
Keystone I-Effect
XL I-Effect
pipeline I-Effect
, O
as O
we B-Cause
do I-Cause
n't I-Cause
expect I-Cause
it I-Cause
to I-Cause
be I-Cause
built I-Cause
. O

In B-Effect
the I-Effect
mobile I-Effect
segment I-Effect
Orange I-Effect
has I-Effect
maintained I-Effect
a I-Effect
relatively I-Effect
stable I-Effect
market I-Effect
share I-Effect
for I-Effect
the I-Effect
past I-Effect
decade I-Effect
but I-Effect
with I-Effect
shrinking I-Effect
average I-Effect
revenue I-Effect
per I-Effect
user I-Effect
caused O
by O
Iliad B-Cause
's I-Cause
entrance I-Cause
, I-Cause
which I-Cause
has I-Cause
pruned I-Cause
the I-Cause
company I-Cause
's I-Cause
revenue I-Cause
. O

Diageo B-Cause
's I-Cause
broad I-Cause
presence I-Cause
across I-Cause
categories I-Cause
with I-Cause
both I-Cause
global I-Cause
strategic I-Cause
and I-Cause
local I-Cause
niche I-Cause
brands I-Cause
mitigates O
some B-Effect
of I-Effect
the I-Effect
risk I-Effect
to I-Effect
volume I-Effect
from I-Effect
such I-Effect
shifting I-Effect
consumer I-Effect
tastes I-Effect
and I-Effect
preferences I-Effect
. O

While O
the B-Cause
decline I-Cause
in I-Cause
subscribers I-Cause
at I-Cause
traditional I-Cause
distributors I-Cause
has O
negatively B-Effect
affected I-Effect
revenue I-Effect
for I-Effect
ESPN I-Effect
, O
the O
channel O
is O
a O
core O
network O
for O
every O
major O
OTT O
pay-television O
distributor O
despite O
its O
high O
fees O
. O

Smaller O
businesses O
are O
likely O
to O
be O
the O
most O
cost-sensitive O
and O
trade O
down O
for O
do-it-yourself O
payroll O
solutions O
, O
while O
large B-Cause
enterprise I-Cause
customers I-Cause
have I-Cause
greater I-Cause
resources I-Cause
and I-Cause
bargaining I-Cause
power I-Cause
, O
resulting O
in O
lower B-Effect
switching I-Effect
costs I-Effect
and I-Effect
lower I-Effect
margins I-Effect
. O

As O
Estee B-Cause
operates I-Cause
12 I-Cause
manufacturing I-Cause
facilities I-Cause
to I-Cause
support I-Cause
sales I-Cause
across I-Cause
the I-Cause
globe I-Cause
, O
open B-Effect
trade I-Effect
is I-Effect
essential I-Effect
for I-Effect
the I-Effect
firm I-Effect
to I-Effect
consistently I-Effect
and I-Effect
reliably I-Effect
provide I-Effect
product I-Effect
to I-Effect
its I-Effect
markets I-Effect
. O

We B-Effect
believe I-Effect
these I-Effect
switching I-Effect
costs I-Effect
will I-Effect
likely I-Effect
increase I-Effect
with I-Effect
continued I-Effect
electrification I-Effect
and I-Effect
connectivity I-Effect
as O
design B-Cause
changes I-Cause
may I-Cause
require I-Cause
connector I-Cause
and I-Cause
sensor I-Cause
systems I-Cause
to I-Cause
be I-Cause
totally I-Cause
replaced I-Cause
in I-Cause
the I-Cause
event I-Cause
of I-Cause
switching I-Cause
customers I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
long-term I-Cause
transition I-Cause
from I-Cause
a I-Cause
commodity I-Cause
protein I-Cause
producer I-Cause
to I-Cause
a I-Cause
branded I-Cause
consumer I-Cause
products I-Cause
company I-Cause
has I-Cause
served I-Cause
it I-Cause
well I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
helping O
to O
stabilize B-Effect
prices I-Effect
and I-Effect
demand I-Effect
for I-Effect
its I-Effect
strong I-Effect
brands I-Effect
. O

With B-Cause
consolidated I-Cause
comps I-Cause
likely I-Cause
to I-Cause
improve I-Cause
to I-Cause
low-single-digit I-Cause
declines I-Cause
in I-Cause
the I-Cause
fourth I-Cause
quarter I-Cause
, O
we O
still O
see B-Effect
a I-Effect
path I-Effect
to I-Effect
high-single-digit I-Effect
consolidated I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
for I-Effect
the I-Effect
full I-Effect
year I-Effect
( O
excluding O
one-time O
gains O
associated O
with O
the O
acquisition O
of O
an O
additional O
25 O
% O
equity O
interest O
in O
Suzhou O
KFC O
during O
the O
third O
quarter O
) O
. O

However O
, O
depressed B-Cause
crude I-Cause
prices I-Cause
have I-Cause
forced I-Cause
capital I-Cause
spending I-Cause
cuts I-Cause
, I-Cause
stalling I-Cause
exploration I-Cause
activities I-Cause
that I-Cause
could I-Cause
lead I-Cause
to I-Cause
future I-Cause
resource I-Cause
discoveries I-Cause
in I-Cause
Colombia. O
As O
a O
result O
, O
the B-Effect
company I-Effect
's I-Effect
average I-Effect
proven I-Effect
and I-Effect
probable I-Effect
reserve I-Effect
replacement I-Effect
ratio I-Effect
averaged I-Effect
115 I-Effect
% I-Effect
( I-Effect
excluding I-Effect
the I-Effect
impact I-Effect
of I-Effect
divestitures I-Effect
) I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
, I-Effect
indicating I-Effect
that I-Effect
the I-Effect
company I-Effect
is I-Effect
replacing I-Effect
production I-Effect
with I-Effect
new I-Effect
reserves I-Effect
. O

Looking O
further O
out O
, O
we O
think O
the B-Effect
firm I-Effect
can I-Effect
grow I-Effect
organic I-Effect
net I-Effect
revenue I-Effect
4 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
on I-Effect
average I-Effect
, O
rooted O
in O
market B-Cause
share I-Cause
gains I-Cause
from I-Cause
small I-Cause
brokers I-Cause
and O
modest B-Cause
increases I-Cause
in I-Cause
average I-Cause
sell I-Cause
rates I-Cause
. O

The O
excess O
funds O
were O
directed O
to O
deposits O
at O
central O
banks O
and O
more O
importantly O
, O
allowed O
HSBC B-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
in I-Effect
mortgages I-Effect
as O
peers B-Cause
conserved I-Cause
capital I-Cause
. O

Brown-Forman B-Cause
's I-Cause
position I-Cause
as I-Cause
a I-Cause
leading I-Cause
spirits I-Cause
distiller I-Cause
puts B-Effect
it I-Effect
in I-Effect
good I-Effect
stead I-Effect
to I-Effect
maintain I-Effect
its I-Effect
negotiating I-Effect
leverage I-Effect
with I-Effect
licensed I-Effect
retailers I-Effect
( I-Effect
in I-Effect
markets I-Effect
where I-Effect
it I-Effect
owns I-Effect
distribution I-Effect
) I-Effect
as I-Effect
well I-Effect
as I-Effect
distributors I-Effect
( I-Effect
in I-Effect
markets I-Effect
like I-Effect
the I-Effect
U.S. I-Effect
) I-Effect
. I-Effect

We B-Cause
expect I-Cause
connections I-Cause
to I-Cause
become I-Cause
even I-Cause
more I-Cause
important I-Cause
as I-Cause
enterprises I-Cause
increasingly I-Cause
rely I-Cause
on I-Cause
the I-Cause
cloud I-Cause
for I-Cause
applications I-Cause
they I-Cause
traditionally I-Cause
performed I-Cause
in-house I-Cause
, I-Cause
and I-Cause
we I-Cause
believe I-Cause
the I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
, I-Cause
artificial I-Cause
intelligence I-Cause
, I-Cause
and I-Cause
augmented I-Cause
reality I-Cause
will B-Effect
contribute I-Effect
to I-Effect
data I-Effect
center I-Effect
demand I-Effect
, I-Effect
all I-Effect
driving I-Effect
Digital I-Effect
Realty I-Effect
's I-Effect
business I-Effect
. O

We O
think O
the B-Effect
automotive I-Effect
segment I-Effect
will I-Effect
realize I-Effect
the I-Effect
greatest I-Effect
2021 I-Effect
growth I-Effect
, O
as O
the B-Cause
broader I-Cause
auto I-Cause
industry I-Cause
recovers I-Cause
from I-Cause
shutdowns I-Cause
in I-Cause
2020 I-Cause
. O

Over B-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
we I-Effect
forecast I-Effect
a I-Effect
7 I-Effect
% I-Effect
annual I-Effect
lift I-Effect
to I-Effect
MGM I-Effect
's I-Effect
domestic I-Effect
revenue I-Effect
( O
versus O
6 O
% O
prior O
) O
, O
aided O
by O
its B-Cause
T-Mobile I-Cause
arena I-Cause
, I-Cause
professional I-Cause
sports I-Cause
, I-Cause
U.S I-Cause
. O

We B-Effect
estimate I-Effect
2020-29 I-Effect
hotel I-Effect
, I-Effect
media I-Effect
, I-Effect
and I-Effect
platform I-Effect
revenue I-Effect
to I-Effect
average I-Effect
7.5 I-Effect
% I-Effect
, I-Effect
ending I-Effect
2029 I-Effect
at I-Effect
$ I-Effect
1,058 I-Effect
million I-Effect
, I-Effect
5 I-Effect
% I-Effect
below I-Effect
prior I-Effect
expectations I-Effect
, O
weighed B-Cause
down I-Cause
by I-Cause
tougher I-Cause
metasearch I-Cause
competition I-Cause
from I-Cause
Google I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
and I-Cause
Facebook I-Cause
. O

Teladoc O
benefits O
from O
its O
ability O
to O
operate O
as O
a O
legal O
structure O
, O
sequestering B-Cause
its I-Cause
provider I-Cause
network I-Cause
in I-Cause
a I-Cause
variable I-Cause
interest I-Cause
entity I-Cause
( O
Teladoc O
Physicians O
, O
PA O
) O
, O
which O
allows O
it B-Effect
to I-Effect
operate I-Effect
nationally I-Effect
without I-Effect
staffing I-Effect
full I-Effect
time I-Effect
. O

With O
relatively B-Cause
strong I-Cause
near-term I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
, O
Antero B-Effect
is I-Effect
poised I-Effect
to I-Effect
quickly I-Effect
deleverage I-Effect
, I-Effect
while I-Effect
also I-Effect
taking I-Effect
advantage I-Effect
of I-Effect
higher I-Effect
export I-Effect
demand I-Effect
. O

They B-Cause
restore I-Cause
proper I-Cause
function I-Cause
to I-Cause
the I-Cause
CFTR I-Cause
protein I-Cause
or I-Cause
correct I-Cause
its I-Cause
production I-Cause
process I-Cause
so O
that O
a B-Effect
normal I-Effect
protein I-Effect
is I-Effect
made I-Effect
. O

We O
attribute O
the O
sales B-Cause
retreat I-Cause
to I-Cause
an I-Cause
inability I-Cause
to I-Cause
effectively I-Cause
pivot I-Cause
its I-Cause
mix I-Cause
to I-Cause
align I-Cause
with I-Cause
consumer I-Cause
trends I-Cause
, O
which B-Effect
has I-Effect
also I-Effect
constrained I-Effect
profitability I-Effect
( O
as O
well O
as O
intermittent O
store O
closures O
) O
. O

We B-Cause
believe I-Cause
the I-Cause
stock I-Cause
will I-Cause
suffer I-Cause
when I-Cause
Schaeffer I-Cause
leaves I-Cause
, I-Cause
and O
we B-Effect
think I-Effect
there I-Effect
's I-Effect
a I-Effect
chance I-Effect
operations I-Effect
will I-Effect
be I-Effect
affected I-Effect
as I-Effect
well I-Effect
. I-Effect

As O
the B-Cause
firm I-Cause
introduces I-Cause
new I-Cause
modules I-Cause
, O
we O
believe O
its B-Cause
product I-Cause
will I-Cause
become I-Cause
increasingly I-Cause
attractive I-Cause
to I-Cause
businesses I-Cause
and O
enable O
greater B-Effect
spending I-Effect
with I-Effect
the I-Effect
firm I-Effect
. I-Effect

Overall O
, O
we O
believe O
the B-Effect
merger I-Effect
structure I-Effect
was I-Effect
positive I-Effect
for I-Effect
previous I-Effect
shareholders I-Effect
because O
of O
meaningful B-Cause
cost I-Cause
and I-Cause
revenue I-Cause
synergy I-Cause
opportunities I-Cause
, O
which O
have O
proved O
to O
be O
within O
reach O
over O
the O
past O
few O
years O
. O

Samsung O
is O
Maxim O
's O
main O
customer O
in O
this O
segment O
, O
and O
Samsung B-Cause
's I-Cause
rise I-Cause
in I-Cause
the I-Cause
smartphone I-Cause
space I-Cause
aided O
Maxim B-Effect
's I-Effect
consumer I-Effect
growth I-Effect
in B-Cause
good I-Cause
times I-Cause
, O
but O
also O
led O
to O
revenue O
headwinds O
at O
times O
when O
the O
tech O
titan O
's O
smartphone O
market O
share O
stalled O
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Rolls-Royce I-Effect
is I-Effect
very I-Effect
high I-Effect
due O
to O
the B-Cause
uncertain I-Cause
nature I-Cause
and I-Cause
timing I-Cause
of I-Cause
the I-Cause
aviation I-Cause
industry I-Cause
's I-Cause
recovery I-Cause
from I-Cause
COVID-19-induced I-Cause
demand I-Cause
destruction I-Cause
. O

We O
would O
note O
, O
though O
, O
that O
our B-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
encompasses I-Effect
our I-Effect
belief I-Effect
that O
event B-Cause
risk I-Cause
on I-Cause
the I-Cause
regulatory I-Cause
side I-Cause
will I-Cause
not I-Cause
fully I-Cause
dissipate I-Cause
anytime I-Cause
in I-Cause
the I-Cause
foreseeable I-Cause
future I-Cause
. O

This B-Cause
provides I-Cause
ING I-Cause
with I-Cause
an I-Cause
enviable I-Cause
source I-Cause
of I-Cause
essentially I-Cause
free I-Cause
funding I-Cause
, I-Cause
additionally I-Cause
ING I-Cause
has I-Cause
a I-Cause
26 I-Cause
% I-Cause
share I-Cause
of I-Cause
Dutch I-Cause
savings I-Cause
deposits. O
These O
high O
market O
shares B-Effect
provide I-Effect
ING I-Effect
with I-Effect
an I-Effect
attractive I-Effect
funding I-Effect
mix I-Effect
tilted I-Effect
toward I-Effect
cheap I-Effect
current I-Effect
and I-Effect
savings I-Effect
accounts I-Effect
as I-Effect
opposed I-Effect
to I-Effect
wholesale I-Effect
funding I-Effect
. O

Overall O
, O
we O
look O
for O
net B-Effect
revenue I-Effect
to I-Effect
rise I-Effect
4 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, I-Effect
though I-Effect
operating I-Effect
margin I-Effect
will I-Effect
probably I-Effect
fall I-Effect
slightly I-Effect
as O
airfreight B-Cause
volumes I-Cause
ease I-Cause
and I-Cause
some I-Cause
operating I-Cause
expenses I-Cause
such I-Cause
as I-Cause
travel I-Cause
and I-Cause
entertainment I-Cause
return I-Cause
. O

As O
a O
result O
, O
Autoliv O
has O
a O
high O
degree O
of O
operating O
leverage O
, O
so O
sudden B-Cause
declines I-Cause
in I-Cause
volume I-Cause
can O
have B-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profit I-Effect
, I-Effect
which I-Effect
we I-Effect
expect I-Effect
in I-Effect
2020 I-Effect
from I-Effect
COVID-19 I-Effect
. O

Updated B-Effect
accounting I-Effect
standards I-Effect
for I-Effect
forecasting I-Effect
credit I-Effect
losses I-Effect
that O
banks B-Cause
must I-Cause
adopt I-Cause
by I-Cause
2020 I-Cause
should I-Cause
provide I-Cause
a I-Cause
near-term I-Cause
boost I-Cause
in I-Cause
software I-Cause
revenue I-Cause
. O

Wells B-Cause
Fargo I-Cause
is I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
, I-Cause
although I-Cause
the I-Cause
bank I-Cause
has I-Cause
the I-Cause
lowest I-Cause
GSIB I-Cause
surcharge I-Cause
of I-Cause
the I-Cause
big I-Cause
four I-Cause
, I-Cause
at I-Cause
2 I-Cause
% I-Cause
, O
which O
supports B-Effect
the I-Effect
view I-Effect
that I-Effect
Wells I-Effect
Fargo I-Effect
faces I-Effect
some I-Effect
of I-Effect
the I-Effect
lower I-Effect
regulatory I-Effect
requirements I-Effect
and I-Effect
costs I-Effect
among I-Effect
the I-Effect
big I-Effect
four I-Effect
. I-Effect

Aided O
by O
store B-Cause
closures I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
we O
think O
the B-Effect
firm I-Effect
's I-Effect
e-commerce I-Effect
will I-Effect
grow I-Effect
56 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
and I-Effect
exceed I-Effect
EUR I-Effect
4.2 I-Effect
billion I-Effect
in I-Effect
sales I-Effect
. O

Larger O
retailers O
also O
benefit O
from O
a B-Cause
more I-Cause
extensive I-Cause
private-label I-Cause
offering I-Cause
, O
which O
can O
be O
used O
to O
spur B-Effect
traffic I-Effect
by I-Effect
differentiating I-Effect
the I-Effect
assortment I-Effect
while O
also O
boosting B-Effect
margins I-Effect
. O

At O
the O
EBITDA O
level O
, O
we O
model O
low-single-digit B-Effect
growth I-Effect
after I-Effect
2022 I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
plans I-Cause
to I-Cause
drive I-Cause
down I-Cause
costs I-Cause
materialize I-Cause
and I-Cause
the I-Cause
revenue I-Cause
decline I-Cause
, I-Cause
improves I-Cause
. O

Also O
, O
AbbVie O
holds O
several O
mature O
drugs O
with O
patent O
expirations O
long O
past O
, O
but O
with O
manufacturing B-Cause
or I-Cause
specific I-Cause
dosing I-Cause
complexities I-Cause
, O
which O
make O
generic B-Effect
competition I-Effect
less I-Effect
likely I-Effect
. O

Because O
energy B-Cause
drinks I-Cause
typically I-Cause
contain I-Cause
high I-Cause
levels I-Cause
of I-Cause
compounds I-Cause
that I-Cause
are I-Cause
thought I-Cause
to I-Cause
alter I-Cause
natural I-Cause
bodily I-Cause
functions I-Cause
, O
such O
as O
caffeine O
, O
ephedrine O
, O
guarana O
, O
and O
ginseng O
, O
they B-Effect
tend I-Effect
to I-Effect
be I-Effect
more I-Effect
heavily I-Effect
scrutinized I-Effect
by I-Effect
regulators I-Effect
. O

An O
asset O
manager O
may O
prefer O
to O
be O
indexed O
against O
the O
S O
& O
amp O
; O
P O
emerging-markets O
index O
, O
for O
example O
, O
but O
if O
asset B-Cause
owners I-Cause
and I-Cause
consultants I-Cause
prefer I-Cause
the I-Cause
MSCI I-Cause
Emerging I-Cause
Markets I-Cause
Index I-Cause
, O
the B-Effect
asset I-Effect
manager I-Effect
would I-Effect
risk I-Effect
Financial I-Effect
Data I-Effect
& I-Effect
Stock I-Effect
Exchangesoutflows I-Effect
. O

The B-Effect
firm I-Effect
has I-Effect
acquired I-Effect
and I-Effect
maintained I-Effect
a I-Effect
dominant I-Effect
share I-Effect
position I-Effect
in I-Effect
the I-Effect
AIDC I-Effect
market I-Effect
by O
pivoting B-Cause
into I-Cause
higher-growth I-Cause
technologies I-Cause
over I-Cause
its I-Cause
life I-Cause
. O

After O
the O
firm O
secures O
a O
first-fit O
sale O
, O
customers B-Effect
have I-Effect
to I-Effect
periodically I-Effect
purchase I-Effect
replacement I-Effect
parts I-Effect
and I-Effect
consumables I-Effect
as O
filters B-Cause
become I-Cause
filled I-Cause
with I-Cause
contaminants I-Cause
. O

Further O
, O
the B-Effect
company I-Effect
faces I-Effect
a I-Effect
wide I-Effect
range I-Effect
of I-Effect
outcomes I-Effect
as O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
affects I-Cause
healthcare I-Cause
systems I-Cause
and I-Cause
clinical I-Cause
trial I-Cause
work I-Cause
. O

If O
its B-Cause
technology I-Cause
were I-Cause
inferior I-Cause
( I-Cause
or I-Cause
at I-Cause
par I-Cause
with I-Cause
competitors I-Cause
) I-Cause
, O
Masimo B-Effect
would I-Effect
likely I-Effect
eventually I-Effect
be I-Effect
forced I-Effect
into I-Effect
a I-Effect
pricing I-Effect
war I-Effect
to I-Effect
win I-Effect
share I-Effect
. O

We O
believe O
that O
as O
natural B-Cause
and I-Cause
organic I-Cause
products I-Cause
become I-Cause
a I-Cause
greater I-Cause
portion I-Cause
of I-Cause
the I-Cause
overall I-Cause
mix I-Cause
, O
Hain B-Effect
's I-Effect
brands I-Effect
have I-Effect
potential I-Effect
to I-Effect
gain I-Effect
share I-Effect
of I-Effect
their I-Effect
respective I-Effect
categories I-Effect
. O

We O
think O
Michael O
Kors O
stands O
to O
win O
favor O
with O
Chinese O
consumers O
, O
but O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
the I-Effect
brand I-Effect
to I-Effect
reach I-Effect
Capri I-Effect
's I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
Asia I-Effect
sales I-Effect
target I-Effect
( I-Effect
up I-Effect
from I-Effect
$ I-Effect
510 I-Effect
million I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
until O
after O
fiscal B-Cause
2030 I-Cause
given I-Cause
its I-Cause
limited I-Cause
tenure I-Cause
in I-Cause
the I-Cause
region I-Cause
relative I-Cause
to I-Cause
Coach I-Cause
and I-Cause
others I-Cause
. I-Cause

From B-Cause
an I-Cause
operational I-Cause
standpoint I-Cause
, I-Cause
we I-Cause
're I-Cause
encouraged I-Cause
that I-Cause
Best I-Cause
Buy I-Cause
has I-Cause
reduced I-Cause
the I-Cause
average I-Cause
lease I-Cause
life I-Cause
of I-Cause
its I-Cause
stores I-Cause
by I-Cause
around I-Cause
three I-Cause
years I-Cause
since I-Cause
fiscal I-Cause
2012 I-Cause
, I-Cause
with I-Cause
the I-Cause
fleet I-Cause
now I-Cause
having I-Cause
average I-Cause
lease I-Cause
terms I-Cause
of I-Cause
five I-Cause
years. O
This O
gives B-Effect
the I-Effect
company I-Effect
greater I-Effect
flexibility I-Effect
to I-Effect
rationalize I-Effect
its I-Effect
store I-Effect
base I-Effect
or I-Effect
negotiate I-Effect
lease I-Effect
terms I-Effect
for I-Effect
existing I-Effect
locations I-Effect
and/or I-Effect
look I-Effect
for I-Effect
relocation I-Effect
potential I-Effect
given I-Effect
the I-Effect
evolving I-Effect
retail I-Effect
square I-Effect
footage I-Effect
environment I-Effect
and I-Effect
new I-Effect
formats I-Effect
that I-Effect
better I-Effect
accommodate I-Effect
the I-Effect
shift I-Effect
to I-Effect
a I-Effect
more I-Effect
service-oriented I-Effect
business I-Effect
model I-Effect
. O

Cost B-Cause
synergies I-Cause
to O
a B-Effect
large I-Effect
extent I-Effect
drove I-Effect
the I-Effect
30-year I-Effect
wave I-Effect
of I-Effect
consolidation I-Effect
across I-Effect
the I-Effect
defense I-Effect
industry I-Effect
, O
which O
has O
largely O
generated B-Effect
shareholder I-Effect
value I-Effect
. O

We O
think O
the B-Cause
firm I-Cause
's I-Cause
manufacturing I-Cause
efficiency I-Cause
, I-Cause
product I-Cause
expertise I-Cause
, I-Cause
and I-Cause
high-tech I-Cause
products I-Cause
will O
keep B-Effect
gross I-Effect
margins I-Effect
in I-Effect
the I-Effect
upper I-Effect
30 I-Effect
% I-Effect
range I-Effect
but O
continued B-Cause
research I-Cause
and I-Cause
development I-Cause
, I-Cause
annual I-Cause
price I-Cause
reductions I-Cause
, I-Cause
and I-Cause
overhead I-Cause
spending I-Cause
will O
prevent O
major B-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
. O

The B-Cause
emergence I-Cause
of I-Cause
hard I-Cause
discounters I-Cause
selling I-Cause
private-label I-Cause
products I-Cause
and I-Cause
the I-Cause
threat I-Cause
of I-Cause
the I-Cause
online I-Cause
channel I-Cause
lowering B-Effect
barriers I-Effect
to I-Effect
entry I-Effect
for I-Effect
smaller I-Effect
, I-Effect
nimbler I-Effect
manufacturers I-Effect
that O
have O
proved O
to O
be O
more O
adept O
at O
identifying O
the O
niche O
opportunities O
are O
headwinds O
for O
large-scale O
consumer O
packaged O
goods O
firms O
. O

Also O
, O
an O
end B-Cause
to I-Cause
government I-Cause
support I-Cause
in I-Cause
terms I-Cause
of I-Cause
cheap I-Cause
and I-Cause
easy I-Cause
access I-Cause
to I-Cause
funding I-Cause
could O
raise B-Effect
Sinopec I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Research O
by O
Fidelity O
suggests O
that O
advisors B-Effect
might I-Effect
be I-Effect
less I-Effect
willing I-Effect
to I-Effect
leave I-Effect
a I-Effect
firm I-Effect
that I-Effect
has I-Effect
exited I-Effect
the I-Effect
protocol I-Effect
, O
as O
44 B-Cause
% I-Cause
of I-Cause
advisors I-Cause
surveyed I-Cause
think I-Cause
that I-Cause
protocol I-Cause
withdrawal I-Cause
would I-Cause
limit I-Cause
their I-Cause
ability I-Cause
to I-Cause
bring I-Cause
along I-Cause
their I-Cause
previous I-Cause
clients I-Cause
. O

With B-Cause
certain I-Cause
food I-Cause
sellers I-Cause
( I-Cause
such I-Cause
as I-Cause
many I-Cause
Kroger I-Cause
and I-Cause
Costco I-Cause
locations I-Cause
) I-Cause
also I-Cause
offering I-Cause
gasoline I-Cause
, O
we B-Effect
believe I-Effect
such I-Effect
retailers I-Effect
have I-Effect
more I-Effect
opportunities I-Effect
to I-Effect
draw I-Effect
and I-Effect
retain I-Effect
traffic I-Effect
than I-Effect
a I-Effect
more I-Effect
focused I-Effect
firm I-Effect
like I-Effect
Sprouts I-Effect
. O

For O
example O
, O
the O
company O
has O
its O
roots O
in O
animal O
proteins O
but O
expanded B-Cause
to I-Cause
other I-Cause
types I-Cause
of I-Cause
proteins I-Cause
with I-Cause
acquisitions I-Cause
of I-Cause
Skippy I-Cause
peanut I-Cause
butter I-Cause
, O
Justin O
's O
nut O
butters O
, O
and O
later B-Effect
this I-Effect
year I-Effect
, O
Planters O
. O

Earnings B-Effect
will I-Effect
bounce I-Effect
around I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
NJR B-Cause
makes I-Cause
an I-Cause
accounting I-Cause
adjustment I-Cause
in I-Cause
2021 I-Cause
and I-Cause
incorporates I-Cause
earnings I-Cause
from I-Cause
three I-Cause
large I-Cause
projects I-Cause
in I-Cause
2022-24 I-Cause
. O

HubSpot B-Cause
operates I-Cause
a I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
freemium I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
model I-Cause
that O
has O
allowed O
it O
to O
gather B-Effect
hundreds I-Effect
of I-Effect
thousands I-Effect
of I-Effect
free I-Effect
users I-Effect
, O
with O
approximately O
15 O
% O
of O
these O
moving O
into O
paid O
solutions O
. O

We B-Effect
believe I-Effect
metro I-Effect
fiber I-Effect
is I-Effect
increasingly I-Effect
important I-Effect
, O
as O
higher B-Cause
levels I-Cause
of I-Cause
data I-Cause
consumption I-Cause
and I-Cause
a I-Cause
move I-Cause
toward I-Cause
small I-Cause
cells I-Cause
and I-Cause
5G I-Cause
technology I-Cause
requires I-Cause
it I-Cause
to I-Cause
be I-Cause
present I-Cause
over I-Cause
a I-Cause
wider I-Cause
swath I-Cause
of I-Cause
cities I-Cause
than I-Cause
was I-Cause
required I-Cause
in I-Cause
the I-Cause
past I-Cause
. O

Combined O
with O
recent O
pricing O
increases O
, O
Progressive O
's O
top O
line O
has O
been O
very O
strong O
, O
and O
increasing B-Cause
penetration I-Cause
in I-Cause
the I-Cause
agent I-Cause
channel I-Cause
should O
help O
to O
sustain B-Effect
this I-Effect
growth I-Effect
. O

Advances B-Cause
in I-Cause
dental I-Cause
materials I-Cause
that I-Cause
eliminate I-Cause
the I-Cause
need I-Cause
for I-Cause
mercury I-Cause
amalgams I-Cause
could O
severely O
diminish B-Effect
heavy-metal I-Effect
waste I-Effect
in O
dental O
practices O
, O
which O
have O
traditionally O
been O
strong O
Stericycle O
customers O
. O

We O
estimate O
that O
PPL B-Effect
will I-Effect
request I-Effect
rate I-Effect
increases I-Effect
every I-Effect
two I-Effect
years I-Effect
to B-Cause
recapture I-Cause
returns I-Cause
on I-Cause
the I-Cause
investment I-Cause
that I-Cause
management I-Cause
has I-Cause
planned I-Cause
at I-Cause
its I-Cause
regulated I-Cause
utilities I-Cause
. O

Parker B-Cause
's I-Cause
acquisitions I-Cause
brought I-Cause
in I-Cause
technologies I-Cause
that O
filled O
in B-Effect
major I-Effect
gaps I-Effect
in I-Effect
its I-Effect
existing I-Effect
portfolio I-Effect
, O
including O
in O
filtration O
, O
engineered O
materials O
, O
and O
vibration O
technologies O
, O
among O
others O
. O

Overall O
, O
we O
expect O
the B-Cause
shifting I-Cause
mix I-Cause
to I-Cause
cloud I-Cause
should O
drive B-Effect
operating I-Effect
leverage I-Effect
such I-Effect
that I-Effect
operating I-Effect
margins I-Effect
expand I-Effect
to I-Effect
41 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
from I-Effect
36 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

We B-Effect
are I-Effect
maintaining I-Effect
our I-Effect
long-term I-Effect
1.5 I-Effect
% I-Effect
organic I-Effect
sales I-Effect
forecast I-Effect
, O
as O
the B-Cause
firm I-Cause
's I-Cause
strong I-Cause
brands I-Cause
compete I-Cause
with I-Cause
evolving I-Cause
consumer I-Cause
preferences I-Cause
away I-Cause
from I-Cause
packaged I-Cause
food I-Cause
toward I-Cause
unprocessed I-Cause
, I-Cause
fresh I-Cause
fare I-Cause
. O

More B-Effect
recently I-Effect
, I-Effect
however I-Effect
, I-Effect
pharmaceutical I-Effect
revenue I-Effect
has I-Effect
declined I-Effect
because O
of O
slower B-Cause
inflation I-Cause
and I-Cause
a I-Cause
shift I-Cause
in I-Cause
revenue I-Cause
mix I-Cause
( I-Cause
increasing I-Cause
generic I-Cause
versus I-Cause
branded I-Cause
drugs I-Cause
) I-Cause
. O

However O
, O
all B-Effect
three I-Effect
segments I-Effect
will I-Effect
see I-Effect
earnings I-Effect
likely I-Effect
fall I-Effect
in I-Effect
the I-Effect
next I-Effect
two I-Effect
years I-Effect
given O
the B-Cause
economic I-Cause
fallout I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
. O

In B-Cause
Brazil I-Cause
, I-Cause
Heineken I-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Kirin I-Cause
's I-Cause
assets I-Cause
gives I-Cause
it I-Cause
a I-Cause
foothold I-Cause
in I-Cause
a I-Cause
large I-Cause
and I-Cause
profitable I-Cause
market I-Cause
that O
should O
boost B-Effect
long-term I-Effect
price/mix I-Effect
and I-Effect
margins I-Effect
. O

Additionally B-Cause
, I-Cause
the I-Cause
high I-Cause
supply I-Cause
growth I-Cause
in I-Cause
many I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
markets I-Cause
and I-Cause
the I-Cause
ever-present I-Cause
competition I-Cause
from I-Cause
alternative I-Cause
housing I-Cause
options I-Cause
keep I-Cause
rent I-Cause
growth I-Cause
in I-Cause
the I-Cause
low I-Cause
to I-Cause
midsingle I-Cause
digits. O
As O
a O
result O
, O
the B-Effect
company I-Effect
acquired I-Effect
its I-Effect
portfolio I-Effect
at I-Effect
low I-Effect
initial I-Effect
cap I-Effect
rates I-Effect
, I-Effect
and I-Effect
the I-Effect
realized I-Effect
internal I-Effect
growth I-Effect
rate I-Effect
is I-Effect
n't I-Effect
high I-Effect
enough I-Effect
to I-Effect
exceed I-Effect
the I-Effect
company I-Effect
's I-Effect
WACC I-Effect
. O

If O
the B-Cause
United I-Cause
States I-Cause
were I-Cause
to I-Cause
introduce I-Cause
a I-Cause
national I-Cause
carbon I-Cause
tax I-Cause
or I-Cause
similar I-Cause
approach I-Cause
, O
this B-Effect
could I-Effect
increase I-Effect
costs I-Effect
for I-Effect
Oneok I-Effect
. O

We O
expect O
wireline B-Effect
revenue I-Effect
growth I-Effect
to I-Effect
steadily I-Effect
accelerate I-Effect
throughout I-Effect
our I-Effect
forecast I-Effect
, I-Effect
to I-Effect
about I-Effect
almost I-Effect
3 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
, O
as O
continuing B-Cause
declines I-Cause
in I-Cause
voice I-Cause
revenue I-Cause
become I-Cause
less I-Cause
impactful I-Cause
and I-Cause
BCE I-Cause
's I-Cause
fiber-to-the-home I-Cause
, I-Cause
or I-Cause
FTTH I-Cause
, I-Cause
buildout I-Cause
and I-Cause
higher I-Cause
network I-Cause
quality I-Cause
dominate I-Cause
the I-Cause
segment I-Cause
and O
propel O
the O
firm O
to O
further O
share O
gains O
. O

As O
a O
result O
, O
these B-Effect
segments I-Effect
have I-Effect
grown I-Effect
faster I-Effect
than I-Effect
the I-Effect
broader I-Effect
market I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
and I-Effect
firms I-Effect
such I-Effect
as I-Effect
Applied I-Effect
have I-Effect
directly I-Effect
benefited I-Effect
, O
as O
they B-Cause
can I-Cause
outspend I-Cause
smaller I-Cause
chip I-Cause
equipment I-Cause
firms I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
to I-Cause
develop I-Cause
relevant I-Cause
solutions I-Cause
and I-Cause
build I-Cause
on I-Cause
existing I-Cause
market I-Cause
leadership I-Cause
. O

During O
the O
past O
several O
years O
, O
EOG B-Cause
added I-Cause
more I-Cause
premium I-Cause
locations I-Cause
than I-Cause
it I-Cause
drilled I-Cause
, O
resulting O
in O
a B-Effect
net I-Effect
increase I-Effect
to I-Effect
its I-Effect
premium I-Effect
drilling I-Effect
opportunities I-Effect
, O
and O
the O
firm O
expects O
to O
do O
the O
same O
with O
its O
double O
premium O
inventory O
. O

Inventors O
will O
also O
need O
to O
provide B-Cause
more I-Cause
detailed I-Cause
applications I-Cause
in O
order O
to O
head B-Effect
off I-Effect
competitors I-Effect
that O
may O
block O
improvement O
patents O
in O
future O
generations O
of O
products O
. O

We B-Effect
are I-Effect
modestly I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
34.50 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
34 I-Effect
due O
to O
additional B-Cause
cash I-Cause
flow I-Cause
generated I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

However O
, O
we B-Cause
posit I-Cause
another I-Cause
$ I-Cause
750 I-Cause
million I-Cause
in I-Cause
costs I-Cause
could I-Cause
be I-Cause
removed I-Cause
( I-Cause
a I-Cause
low- I-Cause
to I-Cause
mid-single-digit I-Cause
percent I-Cause
of I-Cause
sales I-Cause
, I-Cause
on I-Cause
top I-Cause
of I-Cause
the I-Cause
$ I-Cause
1.5 I-Cause
billion I-Cause
removed I-Cause
the I-Cause
past I-Cause
several I-Cause
years I-Cause
) I-Cause
, I-Cause
centered I-Cause
on I-Cause
reducing I-Cause
complexity I-Cause
from I-Cause
its I-Cause
operations I-Cause
( I-Cause
rationalizing I-Cause
its I-Cause
suppliers I-Cause
, I-Cause
parting I-Cause
ways I-Cause
with I-Cause
unprofitable I-Cause
brands I-Cause
, I-Cause
and I-Cause
continuing I-Cause
to I-Cause
upgrade I-Cause
its I-Cause
manufacturing I-Cause
facilities I-Cause
) I-Cause
, I-Cause
a I-Cause
portion I-Cause
of I-Cause
which I-Cause
we I-Cause
think I-Cause
will I-Cause
be I-Cause
reinvested I-Cause
behind I-Cause
its I-Cause
brands I-Cause
, I-Cause
supporting I-Cause
the I-Cause
intangible I-Cause
asset I-Cause
source I-Cause
of I-Cause
its I-Cause
wide I-Cause
moat. O
As O
such O
, O
we O
forecast O
research B-Effect
, I-Effect
development I-Effect
, I-Effect
and I-Effect
marketing I-Effect
to I-Effect
amount I-Effect
to I-Effect
7 I-Effect
% I-Effect
of I-Effect
sales I-Effect
on I-Effect
average I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
( I-Effect
about I-Effect
$ I-Effect
2.2 I-Effect
billion I-Effect
annually I-Effect
) I-Effect
. O

That O
said O
, O
reinsurers B-Cause
compete I-Cause
almost I-Cause
exclusively I-Cause
on I-Cause
price I-Cause
and I-Cause
capital I-Cause
strength I-Cause
, O
making O
it O
almost O
impossible O
to O
build B-Effect
structural I-Effect
cost I-Effect
advantages I-Effect
. O

We B-Cause
now I-Cause
expect I-Cause
greater I-Cause
revenue I-Cause
growth I-Cause
from I-Cause
subscriber I-Cause
additions I-Cause
at I-Cause
the I-Cause
direct-to-consumer I-Cause
platforms I-Cause
which O
will O
benefit B-Effect
from I-Effect
a I-Effect
greater I-Effect
library I-Effect
and I-Effect
increased I-Effect
content I-Effect
investment I-Effect
. I-Effect

We O
anticipate O
a B-Effect
strong I-Effect
top I-Effect
line I-Effect
rebound I-Effect
accompanied I-Effect
by I-Effect
margin I-Effect
expansion I-Effect
in I-Effect
2021 I-Effect
as O
Littelfuse B-Cause
's I-Cause
end I-Cause
markets I-Cause
recover I-Cause
from I-Cause
the I-Cause
effects I-Cause
of I-Cause
COVID-19 I-Cause
. O

In O
addition O
, O
regulated B-Effect
assets I-Effect
are I-Effect
subject I-Effect
to I-Effect
economic I-Effect
regulation I-Effect
risk I-Effect
in O
which O
regulators B-Cause
or I-Cause
other I-Cause
government I-Cause
entities I-Cause
may I-Cause
change I-Cause
or I-Cause
reject I-Cause
proposed I-Cause
or I-Cause
existing I-Cause
projects I-Cause
, I-Cause
including I-Cause
permits I-Cause
and I-Cause
regulatory I-Cause
approvals I-Cause
for I-Cause
new I-Cause
projects I-Cause
. O

Our B-Effect
forecast I-Effect
calls I-Effect
for I-Effect
systemwide I-Effect
sales I-Effect
growth I-Effect
of I-Effect
9.4 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
, O
driven O
by O
comparable B-Cause
store I-Cause
sales I-Cause
( O
3.6 O
% O
in O
the O
U.S O
. O

The B-Cause
carriers I-Cause
enter I-Cause
long-term I-Cause
leases I-Cause
with I-Cause
Crown I-Cause
that I-Cause
include I-Cause
rent I-Cause
escalators I-Cause
( I-Cause
annual I-Cause
increases I-Cause
of I-Cause
about I-Cause
3 I-Cause
% I-Cause
) I-Cause
, O
giving O
the B-Effect
business I-Effect
a I-Effect
highly I-Effect
visible I-Effect
and I-Effect
stable I-Effect
revenue I-Effect
stream I-Effect
. O

We B-Effect
view I-Effect
an I-Effect
increasing I-Effect
direct-to-consumer I-Effect
business I-Effect
as I-Effect
essential I-Effect
as O
we B-Cause
expect I-Cause
the I-Cause
virus I-Cause
to I-Cause
hasten I-Cause
the I-Cause
closure I-Cause
of I-Cause
many I-Cause
retail I-Cause
stores I-Cause
and I-Cause
malls I-Cause
. O

We O
think O
the O
largest O
and O
potentially O
most O
material O
ESG O
risks O
for O
Lincoln O
Electric O
include O
failure B-Cause
to I-Cause
comply I-Cause
with I-Cause
various I-Cause
environmental I-Cause
as I-Cause
well I-Cause
as I-Cause
health I-Cause
and I-Cause
safety I-Cause
laws I-Cause
, I-Cause
asbestos-related I-Cause
claims I-Cause
, I-Cause
and I-Cause
potential I-Cause
product I-Cause
quality I-Cause
and I-Cause
safety I-Cause
failures O
that O
could O
expose B-Effect
the I-Effect
company I-Effect
to I-Effect
product I-Effect
liability I-Effect
lawsuits I-Effect
. O

Intel B-Cause
's I-Cause
7-nm I-Cause
process I-Cause
delay I-Cause
until I-Cause
2023 I-Cause
means O
its B-Effect
chips I-Effect
on I-Effect
that I-Effect
process I-Effect
will I-Effect
be I-Effect
at I-Effect
least I-Effect
a I-Effect
year I-Effect
behind I-Effect
chips I-Effect
made I-Effect
on I-Effect
a I-Effect
comparable I-Effect
process I-Effect
at I-Effect
TSMC I-Effect
. O

The O
cost O
to O
price O
each O
individual O
single O
bond O
is O
fixed O
, O
but O
that O
data B-Cause
point I-Cause
can I-Cause
be I-Cause
sold I-Cause
to I-Cause
any I-Cause
number I-Cause
of I-Cause
customers I-Cause
, O
giving O
a B-Effect
cost I-Effect
advantage I-Effect
to I-Effect
market I-Effect
participants I-Effect
with I-Effect
an I-Effect
existing I-Effect
user I-Effect
base I-Effect
since O
they B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
spread I-Effect
their I-Effect
costs I-Effect
across I-Effect
a I-Effect
broader I-Effect
revenue I-Effect
base I-Effect
. O

Ultimately O
, O
it O
aims O
to O
arrive B-Effect
in I-Effect
stronger I-Effect
financial I-Effect
shape I-Effect
with O
a B-Cause
much I-Cause
smaller I-Cause
debt I-Cause
load I-Cause
through I-Cause
a I-Cause
combination I-Cause
of I-Cause
lower I-Cause
capital I-Cause
expenditures I-Cause
, I-Cause
reduced I-Cause
operating I-Cause
expenses I-Cause
, I-Cause
growth I-Cause
in I-Cause
production I-Cause
, I-Cause
and I-Cause
divestments I-Cause
. O

We O
believe O
Motorola B-Cause
Solutions I-Cause
' I-Cause
history I-Cause
of I-Cause
safety I-Cause
and I-Cause
reliability I-Cause
is I-Cause
an I-Cause
additional I-Cause
intangible I-Cause
that I-Cause
customers I-Cause
recognize I-Cause
, O
adding B-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
other I-Effect
intangible I-Effect
assets I-Effect
of I-Effect
research I-Effect
expertise I-Effect
and I-Effect
unique I-Effect
institutional I-Effect
knowledge I-Effect
. O

As B-Cause
many I-Cause
of I-Cause
Coach I-Cause
's I-Cause
handbag I-Cause
competitors I-Cause
are I-Cause
based I-Cause
in I-Cause
Europe I-Cause
, O
it B-Effect
has I-Effect
tiny I-Effect
( I-Effect
less I-Effect
than I-Effect
3 I-Effect
% I-Effect
) I-Effect
share I-Effect
of I-Effect
the I-Effect
luxury I-Effect
market I-Effect
in I-Effect
the I-Effect
region I-Effect
( I-Effect
Euromonitor I-Effect
) I-Effect
. O

Toronto-Dominion B-Cause
has I-Cause
consistently I-Cause
had I-Cause
one I-Cause
of I-Cause
the I-Cause
lower I-Cause
percentages I-Cause
of I-Cause
wholesale I-Cause
funding I-Cause
among I-Cause
the I-Cause
major I-Cause
Canadian I-Cause
banks. O
This O
has O
kept B-Effect
funding I-Effect
costs I-Effect
low I-Effect
, I-Effect
leading I-Effect
to I-Effect
consistently I-Effect
better I-Effect
net I-Effect
interest I-Effect
margins I-Effect
, I-Effect
even I-Effect
as I-Effect
credit I-Effect
costs I-Effect
remained I-Effect
well I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
other I-Effect
Canadian I-Effect
banks I-Effect
. O

Meanwhile O
, O
Valero B-Cause
has I-Cause
invested I-Cause
in I-Cause
logistics I-Cause
assets I-Cause
and I-Cause
processing I-Cause
capacity I-Cause
to O
capture B-Effect
discounts I-Effect
Oil I-Effect
& I-Effect
Gas I-Effect
Refining I-Effect
& I-Effect
Marketingassociated I-Effect
with I-Effect
domestic I-Effect
light I-Effect
crude I-Effect
production I-Effect
. O

Nordson O
strives O
to O
create B-Effect
added I-Effect
value I-Effect
for I-Effect
customers I-Effect
by O
making B-Cause
highly I-Cause
engineered I-Cause
and I-Cause
customizable I-Cause
equipment I-Cause
that I-Cause
reduces I-Cause
a I-Cause
client I-Cause
's I-Cause
total I-Cause
cost I-Cause
of I-Cause
ownership I-Cause
by I-Cause
improving I-Cause
efficiency I-Cause
and I-Cause
reliability I-Cause
, I-Cause
reducing I-Cause
unscheduled I-Cause
downtime I-Cause
, I-Cause
and I-Cause
minimizing I-Cause
wasted I-Cause
material I-Cause
. O

Teck B-Cause
possesses I-Cause
some I-Cause
assets I-Cause
, I-Cause
such I-Cause
as I-Cause
Red I-Cause
Dog I-Cause
( I-Cause
zinc/lead I-Cause
) I-Cause
and I-Cause
Antamina I-Cause
( I-Cause
copper/zinc I-Cause
) I-Cause
, O
that O
should O
generate B-Effect
excellent I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
many I-Effect
years I-Effect
to I-Effect
come I-Effect
, O
reflecting B-Effect
stellar I-Effect
geology I-Effect
and I-Effect
enviable I-Effect
cost-curve I-Effect
positions I-Effect
. O

We B-Effect
believe I-Effect
Gap I-Effect
( I-Effect
and I-Effect
its I-Effect
specialty I-Effect
stores I-Effect
) I-Effect
are I-Effect
in I-Effect
decline I-Effect
because O
competition B-Cause
is I-Cause
increasing I-Cause
, I-Cause
and I-Cause
its I-Cause
product I-Cause
is I-Cause
not I-Cause
differentiated I-Cause
. O

Hormel B-Cause
has I-Cause
demonstrated I-Cause
an I-Cause
ability I-Cause
to I-Cause
innovate I-Cause
products I-Cause
for I-Cause
this I-Cause
channel I-Cause
, I-Cause
leveraging I-Cause
insights I-Cause
from I-Cause
its I-Cause
retail I-Cause
operations I-Cause
, O
making O
it B-Effect
a I-Effect
valued I-Effect
partner I-Effect
to I-Effect
food-service I-Effect
operators I-Effect
. O

Losing B-Cause
the I-Cause
routing I-Cause
, I-Cause
analytics I-Cause
, I-Cause
and I-Cause
communication I-Cause
capabilities I-Cause
provided I-Cause
by I-Cause
CXOne I-Cause
would O
lead O
to O
a B-Cause
poorer I-Cause
customer I-Cause
experience I-Cause
and I-Cause
employee I-Cause
frustration I-Cause
, O
thus O
supporting B-Effect
switching I-Effect
costs I-Effect
for I-Effect
NICE I-Effect
. O

For O
example O
, O
the O
Medicare O
for O
All O
scenario O
debated O
in O
the O
Democratic O
primaries O
before O
the O
2020 O
election O
called O
for O
the B-Cause
elimination I-Cause
of I-Cause
the I-Cause
private I-Cause
insurance I-Cause
industry I-Cause
, O
which O
would B-Effect
have I-Effect
threatened I-Effect
all I-Effect
of I-Effect
Anthem I-Effect
's I-Effect
operations I-Effect
. O

In O
turn O
, O
this B-Cause
has I-Cause
enabled I-Cause
economies I-Cause
of I-Cause
scale I-Cause
that O
allow O
Nvidia B-Effect
to I-Effect
invest I-Effect
in I-Effect
designing I-Effect
chips I-Effect
at I-Effect
the I-Effect
latest I-Effect
process I-Effect
node I-Effect
while I-Effect
offering I-Effect
regular I-Effect
driver I-Effect
updates I-Effect
and I-Effect
remain I-Effect
at I-Effect
the I-Effect
forefront I-Effect
of I-Effect
GPU I-Effect
technology I-Effect
. O

Lastly O
, O
while O
typical O
consumer O
products O
companies O
, O
and O
even O
tobacco O
companies O
earlier O
in O
their O
history O
, O
have O
built O
brand O
recognition O
through O
advertising O
campaigns O
, O
we O
expect O
cannabis B-Effect
will I-Effect
face I-Effect
the I-Effect
same I-Effect
if O
not B-Cause
stricter I-Cause
limitations I-Cause
to I-Cause
tobacco I-Cause
in I-Cause
advertising I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Still O
, O
lower B-Cause
allowed I-Cause
returns I-Cause
or I-Cause
political I-Cause
pushback I-Cause
on I-Cause
Atmos I-Cause
' I-Cause
favorable I-Cause
rate I-Cause
mechanisms I-Cause
would O
pressure O
earnings B-Effect
, I-Effect
especially I-Effect
in I-Effect
Texas I-Effect
, I-Effect
its I-Effect
largest I-Effect
service I-Effect
territory I-Effect
. O

Cerner O
had O
an O
early-mover O
advantage O
in O
the O
space O
, O
benefiting B-Cause
from I-Cause
substantial I-Cause
government I-Cause
subsidies I-Cause
( O
2009 O
HITECH O
Act O
's O
'meaningful O
use O
' O
incentive O
) O
and O
overall O
trends O
toward O
digitization O
that O
pushed O
the O
adoption O
of O
EHRs O
in O
acute O
hospital O
settings O
from O
high B-Effect
single I-Effect
digits I-Effect
to I-Effect
nearly I-Effect
100 I-Effect
% I-Effect
. O

Although O
this O
level O
of O
profitability O
exceeds O
the O
company O
's O
trailing O
10-year O
average O
, O
we O
believe O
Carpenter B-Effect
will I-Effect
deliver I-Effect
much I-Effect
improved I-Effect
profitability I-Effect
as O
improving B-Cause
commercial I-Cause
aircraft I-Cause
build I-Cause
rates I-Cause
drive O
higher B-Cause
volumes I-Cause
and I-Cause
an I-Cause
improved I-Cause
product I-Cause
mix I-Cause
. O

Kroger B-Effect
's I-Effect
data-related I-Effect
efforts I-Effect
should I-Effect
play I-Effect
a I-Effect
large I-Effect
role I-Effect
in I-Effect
its I-Effect
digital I-Effect
transformation I-Effect
, O
fueling B-Cause
promotional I-Cause
efforts I-Cause
and I-Cause
customer I-Cause
engagement I-Cause
while I-Cause
informing I-Cause
assortment I-Cause
and I-Cause
providing I-Cause
salable I-Cause
insights I-Cause
as I-Cause
non-grocery I-Cause
revenue I-Cause
streams I-Cause
. O

But O
we O
also O
think O
innovation B-Cause
will O
be O
key O
to O
prompting B-Effect
consumer I-Effect
visitation I-Effect
to I-Effect
aisles I-Effect
throughout I-Effect
the I-Effect
grocery I-Effect
store I-Effect
long I-Effect
term I-Effect
and O
do O
n't O
believe O
the O
pandemic O
will O
drive O
a O
lasting O
shift O
in O
this O
regard O
. O

Therefore O
, O
having B-Cause
high-quality I-Cause
tenants I-Cause
improves B-Cause
the I-Cause
quality I-Cause
of I-Cause
the I-Cause
mall I-Cause
, O
which O
traditionally O
has O
attracted B-Effect
more I-Effect
higher-quality I-Effect
tenants I-Effect
to I-Effect
the I-Effect
mall I-Effect
. O

Like O
competitor O
Arrow O
Electronics O
, O
Avnet B-Cause
has I-Cause
a I-Cause
broad I-Cause
range I-Cause
of I-Cause
components I-Cause
and I-Cause
provides I-Cause
various I-Cause
value-added I-Cause
services I-Cause
to O
help B-Effect
customers I-Effect
develop I-Effect
new I-Effect
products I-Effect
, I-Effect
improve I-Effect
time I-Effect
to I-Effect
market I-Effect
, I-Effect
and I-Effect
reduce I-Effect
inefficiencies I-Effect
. O

Although B-Cause
recent I-Cause
efforts I-Cause
to I-Cause
streamline I-Cause
operations I-Cause
and I-Cause
optimize I-Cause
footprint I-Cause
have I-Cause
improved I-Cause
operating I-Cause
margins I-Cause
in I-Cause
the I-Cause
LGM I-Cause
, I-Cause
IHM I-Cause
, I-Cause
and I-Cause
RBIS I-Cause
segments I-Cause
, I-Cause
we I-Cause
believe I-Cause
competitors I-Cause
can I-Cause
adopt I-Cause
these I-Cause
changes. O
As O
a O
result O
, O
we O
think O
today B-Effect
's I-Effect
recent I-Effect
period I-Effect
of I-Effect
excess I-Effect
profitability I-Effect
will I-Effect
fall I-Effect
back I-Effect
toward I-Effect
management I-Effect
's I-Effect
guidance I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

However O
, O
the B-Cause
stores I-Cause
are I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
US I-Cause
Foods I-Cause
' I-Cause
overall I-Cause
business I-Cause
, O
so O
they B-Effect
do I-Effect
n't I-Effect
make I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
. O

While B-Cause
we I-Cause
believe I-Cause
Wayfair I-Cause
benefits I-Cause
from I-Cause
low I-Cause
overhead I-Cause
thanks I-Cause
to I-Cause
its I-Cause
almost I-Cause
100 I-Cause
% I-Cause
online I-Cause
presence I-Cause
, O
we B-Effect
still I-Effect
see I-Effect
higher I-Effect
customer I-Effect
acquisition I-Effect
cost I-Effect
risk I-Effect
as I-Effect
rivals I-Effect
, I-Effect
including I-Effect
other I-Effect
online I-Effect
players I-Effect
( I-Effect
like I-Effect
Amazon I-Effect
) I-Effect
and I-Effect
physical I-Effect
retailers I-Effect
( I-Effect
Home I-Effect
Depot/Lowe I-Effect
's I-Effect
) I-Effect
, I-Effect
push I-Effect
harder I-Effect
into I-Effect
the I-Effect
home I-Effect
furnishing I-Effect
category I-Effect
. O

We O
expect O
that O
Fox B-Cause
will I-Cause
try I-Cause
work I-Cause
with I-Cause
more I-Cause
independent I-Cause
studios I-Cause
like I-Cause
Lionsgate I-Cause
or I-Cause
Sony I-Cause
Pictures I-Cause
and I-Cause
will I-Cause
look I-Cause
to I-Cause
finance I-Cause
some I-Cause
of I-Cause
its I-Cause
productions I-Cause
in O
order O
to O
retain B-Effect
syndication I-Effect
and I-Effect
streaming I-Effect
rights I-Effect
, O
much O
like O
Netflix O
did O
early O
on O
in O
its O
pivot O
toward O
original O
content O
. O

The O
company O
is O
less O
exposed O
than O
during O
the O
Great O
Recession O
, O
when O
it O
only O
sold O
motor O
homes O
, O
because O
towables B-Cause
typically I-Cause
do I-Cause
not I-Cause
fall I-Cause
as O
hard B-Effect
in I-Effect
volume I-Effect
in I-Effect
downturns I-Effect
as I-Effect
motor I-Effect
homes I-Effect
and I-Effect
the I-Effect
cost I-Effect
structure I-Effect
is I-Effect
about I-Effect
85 I-Effect
% I-Effect
variable I-Effect
. O

We O
project O
flat B-Effect
sales I-Effect
2020 I-Effect
( I-Effect
versus I-Effect
4 I-Effect
% I-Effect
decrease I-Effect
prior I-Effect
) I-Effect
, O
as O
healthy B-Cause
second-half I-Cause
growth I-Cause
( I-Cause
averaging I-Cause
a I-Cause
high-single-digit I-Cause
pace I-Cause
) I-Cause
helps I-Cause
mitigate I-Cause
store I-Cause
closure I-Cause
losses I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
. O

Though B-Cause
the I-Cause
firm I-Cause
's I-Cause
competitors I-Cause
are I-Cause
primarily I-Cause
legacy I-Cause
security I-Cause
and I-Cause
networking I-Cause
vendors I-Cause
that I-Cause
built I-Cause
their I-Cause
businesses I-Cause
on I-Cause
hardware I-Cause
appliances I-Cause
, I-Cause
Zscaler I-Cause
was I-Cause
built I-Cause
as I-Cause
a I-Cause
cloud-native I-Cause
company I-Cause
, I-Cause
eschewing I-Cause
the I-Cause
appliance I-Cause
approach I-Cause
and I-Cause
incubating I-Cause
software I-Cause
solutions I-Cause
consistent I-Cause
with I-Cause
architectural I-Cause
shifts I-Cause
away I-Cause
from I-Cause
centralized I-Cause
data I-Cause
centers I-Cause
and I-Cause
on-premises I-Cause
software. O
Consequently O
, O
we O
believe O
Zscaler B-Effect
's I-Effect
business I-Effect
model I-Effect
has I-Effect
become I-Effect
conducive I-Effect
to I-Effect
various I-Effect
avenues I-Effect
of I-Effect
switching I-Effect
costs I-Effect
that I-Effect
are I-Effect
prevalent I-Effect
among I-Effect
our I-Effect
enterprise I-Effect
software I-Effect
and I-Effect
cybersecurity I-Effect
coverage I-Effect
. O

Management B-Cause
favors I-Cause
owned I-Cause
stores I-Cause
over I-Cause
franchised I-Cause
locations I-Cause
for I-Cause
growth I-Cause
, O
which O
should O
restrain B-Effect
margins I-Effect
given O
the B-Cause
low I-Cause
cost I-Cause
associated I-Cause
with I-Cause
franchise I-Cause
royalties I-Cause
( O
worthwhile O
as O
Valvoline O
will O
capture O
more O
service-related O
profit O
dollars O
) O
. O

One B-Cause
brand/supplier I-Cause
does I-Cause
not I-Cause
resonate I-Cause
across I-Cause
countries I-Cause
, O
which O
means O
distributors B-Effect
receive I-Effect
less I-Effect
volume I-Effect
discounts I-Effect
and I-Effect
are I-Effect
not I-Effect
able I-Effect
to I-Effect
leverage I-Effect
their I-Effect
cost I-Effect
structure I-Effect
to I-Effect
the I-Effect
same I-Effect
degree I-Effect
as I-Effect
the I-Effect
U.S I-Effect
. I-Effect

Idex B-Cause
's I-Cause
lean I-Cause
manufacturing I-Cause
prowess I-Cause
allows O
it O
to O
effectively B-Cause
operate I-Cause
in I-Cause
a I-Cause
high I-Cause
mix I-Cause
and I-Cause
low I-Cause
volume I-Cause
environment I-Cause
, O
offering B-Effect
customers I-Effect
a I-Effect
wide I-Effect
variety I-Effect
of I-Effect
highly I-Effect
engineered I-Effect
products I-Effect
that O
are O
configurable O
or O
customizable O
. O

The O
securitization O
market O
is O
also O
fairly O
competitive O
, O
and O
given O
that O
ADS B-Cause
does I-Cause
not I-Cause
have I-Cause
the I-Cause
other I-Cause
offerings I-Cause
of I-Cause
a I-Cause
normal I-Cause
bank I-Cause
, O
it B-Effect
can I-Effect
make I-Effect
margins I-Effect
tighter I-Effect
. O

Also O
, O
focused B-Cause
entry I-Cause
into I-Cause
the I-Cause
OTA I-Cause
market I-Cause
from I-Cause
Google I-Cause
, I-Cause
Facebook I-Cause
, I-Cause
Alibaba I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
and I-Cause
others I-Cause
could O
double B-Cause
the I-Cause
current I-Cause
handful I-Cause
of I-Cause
players I-Cause
that I-Cause
have I-Cause
dominant I-Cause
scale I-Cause
, O
leading O
to O
a B-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profitability I-Effect
. O

We O
think O
Mondelez B-Cause
's I-Cause
decision I-Cause
to I-Cause
permit I-Cause
individuals I-Cause
who I-Cause
have I-Cause
a I-Cause
pulse I-Cause
on I-Cause
local I-Cause
consumer I-Cause
tastes I-Cause
to I-Cause
make I-Cause
decisions I-Cause
regarding I-Cause
product I-Cause
innovation I-Cause
, I-Cause
distribution I-Cause
, I-Cause
and I-Cause
marketing I-Cause
( I-Cause
among I-Cause
other I-Cause
facets I-Cause
) I-Cause
should B-Effect
better I-Effect
equip I-Effect
the I-Effect
company I-Effect
to I-Effect
funnel I-Effect
insights I-Effect
( I-Effect
and I-Effect
additional I-Effect
spending I-Effect
) I-Effect
to I-Effect
innovate I-Effect
its I-Effect
local I-Effect
products I-Effect
. O

If B-Cause
carbon I-Cause
taxes I-Cause
are I-Cause
enacted I-Cause
, I-Cause
airlines I-Cause
would I-Cause
likely I-Cause
pass I-Cause
the I-Cause
costs I-Cause
on I-Cause
to I-Cause
consumers I-Cause
, O
which O
we O
anticipate O
would B-Effect
reduce I-Effect
aggregate I-Effect
travel I-Effect
demand I-Effect
. O

High-quality B-Cause
anchors I-Cause
, I-Cause
in-line I-Cause
tenants I-Cause
, I-Cause
and I-Cause
entertainment I-Cause
options I-Cause
draw I-Cause
significant I-Cause
foot I-Cause
traffic I-Cause
to I-Cause
a I-Cause
retail I-Cause
center I-Cause
, O
which O
makes O
placing B-Effect
a I-Effect
store I-Effect
in I-Effect
that I-Effect
location I-Effect
attractive I-Effect
to I-Effect
other I-Effect
retailers I-Effect
as O
their B-Cause
store I-Cause
would I-Cause
benefit I-Cause
from I-Cause
the I-Cause
large I-Cause
number I-Cause
of I-Cause
people I-Cause
already I-Cause
heading I-Cause
to I-Cause
the I-Cause
shopping I-Cause
center I-Cause
. O

Largely B-Cause
on I-Cause
the I-Cause
basis I-Cause
of I-Cause
the I-Cause
average I-Cause
volatility I-Cause
of I-Cause
cash I-Cause
flows I-Cause
from I-Cause
a I-Cause
diverse I-Cause
product I-Cause
portfolio I-Cause
with I-Cause
relatively I-Cause
inelastic I-Cause
demand I-Cause
, O
we B-Effect
rate I-Effect
Smith I-Effect
& I-Effect
Nephew I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium I-Effect
. O

Additionally O
, O
we O
believe O
the B-Effect
acquisition I-Effect
of I-Effect
Starwood I-Effect
( I-Effect
closed I-Effect
in I-Effect
September I-Effect
2016 I-Effect
) I-Effect
has I-Effect
strengthened I-Effect
Marriott I-Effect
's I-Effect
long-term I-Effect
brand I-Effect
advantage I-Effect
, O
as O
Starwood B-Cause
's I-Cause
global I-Cause
luxury I-Cause
portfolio I-Cause
complemented I-Cause
Marriott I-Cause
's I-Cause
dominant I-Cause
upper-scale I-Cause
position I-Cause
in O
North O
America O
. O

To O
reduce B-Effect
costs I-Effect
by I-Effect
increasing I-Effect
scale I-Effect
, O
automakers B-Cause
have I-Cause
been I-Cause
increasing I-Cause
the I-Cause
use I-Cause
of I-Cause
world I-Cause
vehicle I-Cause
programs I-Cause
, I-Cause
where I-Cause
much I-Cause
of I-Cause
the I-Cause
underlying I-Cause
components I-Cause
are I-Cause
the I-Cause
same I-Cause
no I-Cause
matter I-Cause
where I-Cause
an I-Cause
original I-Cause
equipment I-Cause
manufacturer I-Cause
assembles I-Cause
the I-Cause
vehicle I-Cause
. O

We O
project O
wireline B-Cause
average I-Cause
revenue I-Cause
per I-Cause
user I-Cause
, I-Cause
or I-Cause
ARPU I-Cause
, I-Cause
and I-Cause
broadband I-Cause
subscriber I-Cause
growth I-Cause
to I-Cause
both I-Cause
average I-Cause
about I-Cause
2 I-Cause
% I-Cause
annually I-Cause
through I-Cause
2025 I-Cause
, O
resulting O
in O
some B-Effect
market I-Effect
share I-Effect
loss I-Effect
to I-Effect
Telus I-Effect
, O
and O
we O
expect O
TV O
and O
phone O
customer O
losses O
to O
continue O
each O
year O
. O

Despite O
the O
upcoming O
patent O
losses O
on O
Exjade O
and O
Afinitor O
( O
and O
potentially O
multiple O
sclerosis O
drug O
Gilenya O
) O
, O
the B-Cause
combination I-Cause
of I-Cause
a I-Cause
strong I-Cause
pipeline I-Cause
of I-Cause
new I-Cause
products I-Cause
and I-Cause
a I-Cause
diverse I-Cause
, I-Cause
well-positioned I-Cause
operating I-Cause
platform I-Cause
should O
translate B-Effect
into I-Effect
steady I-Effect
growth I-Effect
. O

While O
smaller O
than O
Visa O
or O
Mastercard O
, O
American B-Effect
Express I-Effect
' I-Effect
network I-Effect
has I-Effect
historically I-Effect
been I-Effect
able I-Effect
to I-Effect
charge I-Effect
rates I-Effect
that I-Effect
match I-Effect
or I-Effect
even I-Effect
exceed I-Effect
its I-Effect
larger I-Effect
rivals I-Effect
' I-Effect
due O
to O
the B-Cause
higher I-Cause
spend I-Cause
rates I-Cause
on I-Cause
the I-Cause
company I-Cause
's I-Cause
consumer I-Cause
cards I-Cause
and I-Cause
its I-Cause
strong I-Cause
competitive I-Cause
positioning I-Cause
in I-Cause
commercial I-Cause
payments I-Cause
. O

We O
project O
the B-Cause
firm I-Cause
can I-Cause
reduce I-Cause
expenses I-Cause
, O
offsetting B-Effect
the I-Effect
impact I-Effect
of I-Effect
declining I-Effect
or I-Effect
stagnant I-Effect
revenue I-Effect
in I-Effect
many I-Effect
markets I-Effect
, I-Effect
while I-Effect
also I-Effect
gaining I-Effect
efficiencies I-Effect
in I-Effect
Germany I-Effect
, I-Effect
pushing I-Effect
the I-Effect
EBITDA I-Effect
margin I-Effect
up I-Effect
to I-Effect
about I-Effect
34 I-Effect
% I-Effect
by I-Effect
fiscal I-Effect
2025 I-Effect
from I-Effect
33 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

However O
, O
since O
the B-Cause
onset I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, O
gum B-Effect
sales I-Effect
have I-Effect
been I-Effect
dismal I-Effect
( O
down O
double-digits O
depending O
on O
the O
geographic O
region O
) O
, O
attributable O
to O
work-from-home B-Cause
and I-Cause
social-distancing I-Cause
mandates I-Cause
. O

Absent B-Cause
the I-Cause
threat I-Cause
of I-Cause
new I-Cause
entrants I-Cause
, O
incumbents O
are O
typically O
able O
to O
generate B-Effect
returns I-Effect
that O
modestly O
exceed O
their O
cost O
of O
capital O
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
remains I-Effect
high I-Effect
to O
recognize B-Cause
the I-Cause
upside I-Cause
potential I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
for I-Cause
COVID-19-related I-Cause
demand I-Cause
and I-Cause
also I-Cause
downside I-Cause
risks I-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
related I-Cause
to I-Cause
product I-Cause
concentration I-Cause
and I-Cause
innovation I-Cause
threats I-Cause
in I-Cause
the I-Cause
technology-driven I-Cause
life I-Cause
science I-Cause
and I-Cause
molecular I-Cause
diagnostic I-Cause
markets I-Cause
. O

We B-Cause
expect I-Cause
prudent I-Cause
cost-control I-Cause
measures I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
pace I-Cause
of I-Cause
revenue I-Cause
growth I-Cause
, O
to B-Effect
expand I-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
beyond I-Effect
break-even I-Effect
in I-Effect
2023 I-Effect
versus I-Effect
the I-Effect
23 I-Effect
% I-Effect
loss I-Effect
in I-Effect
2019 I-Effect
( I-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
increasing I-Effect
beyond I-Effect
20 I-Effect
% I-Effect
versus I-Effect
1 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

Finally O
, O
ON B-Cause
Semiconductor I-Cause
is I-Cause
a I-Cause
relatively I-Cause
smaller I-Cause
player I-Cause
in I-Cause
the I-Cause
broader I-Cause
chip I-Cause
market I-Cause
, O
despite O
its O
power O
capabilities O
, O
meaning O
it B-Effect
faces I-Effect
continual I-Effect
competition I-Effect
. O

Any B-Cause
such I-Cause
dramatic I-Cause
shift I-Cause
in I-Cause
the I-Cause
automotive I-Cause
industry I-Cause
could O
threaten B-Effect
competitive I-Effect
advantages I-Effect
in I-Effect
the I-Effect
aftermarket I-Effect
part I-Effect
industry I-Effect
, O
as O
they O
would O
lead O
to O
cost O
deleveraging O
as O
well O
as O
a O
reduction O
in O
the O
power O
of O
brand O
intangible O
assets O
. O

However O
, O
in O
the O
medium O
term O
, O
we O
forecast O
more B-Effect
than I-Effect
4 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
EBIT I-Effect
margin I-Effect
reaching I-Effect
16.1 I-Effect
% I-Effect
, O
driven O
by O
productivity B-Cause
gains I-Cause
and I-Cause
higher-margin I-Cause
digital I-Cause
service I-Cause
contracts I-Cause
. O

Globally O
, O
American B-Effect
Tower I-Effect
averaged I-Effect
1.9 I-Effect
tenants I-Effect
per I-Effect
tower I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2017 I-Effect
, O
the B-Cause
last I-Cause
time I-Cause
it I-Cause
updated I-Cause
that I-Cause
number I-Cause
. O

Generic B-Cause
competition I-Cause
for I-Cause
human I-Cause
insulin I-Cause
, I-Cause
which I-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
easiest I-Cause
large-molecule I-Cause
drugs I-Cause
to I-Cause
replicate I-Cause
, I-Cause
and I-Cause
competition I-Cause
from I-Cause
new I-Cause
diabetes I-Cause
treatments I-Cause
, O
such O
as O
long-acting O
GLP-1 O
analogs O
and O
long-acting O
insulin O
analogs O
, O
could O
limit O
the B-Effect
commercial I-Effect
success I-Effect
of I-Effect
Novo I-Effect
's I-Effect
product I-Effect
line I-Effect
. O

Since O
its B-Cause
massive I-Cause
restructuring I-Cause
, O
which O
started O
in O
2011 O
, O
the B-Effect
bank I-Effect
has I-Effect
emerged I-Effect
as I-Effect
a I-Effect
low-risk I-Effect
domestic I-Effect
retail I-Effect
and I-Effect
commercial I-Effect
bank I-Effect
. O

Given B-Cause
the I-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
commercial I-Cause
HVAC I-Cause
systems I-Cause
, O
maintenance B-Cause
, I-Cause
service I-Cause
, I-Cause
and I-Cause
aftermarket I-Cause
parts I-Cause
are I-Cause
needed I-Cause
to B-Effect
avoid I-Effect
disruptive I-Effect
and I-Effect
costly I-Effect
system I-Effect
breakdowns I-Effect
. O

Through O
the B-Cause
creation I-Cause
of I-Cause
the I-Cause
Lennar I-Cause
Multifamily I-Cause
Venture I-Cause
, O
the B-Cause
company I-Cause
will I-Cause
use I-Cause
internal I-Cause
and I-Cause
third-party I-Cause
capital I-Cause
to O
build B-Effect
and I-Effect
hold I-Effect
its I-Effect
income-producing I-Effect
rental I-Effect
assets I-Effect
. O

In O
this O
segment O
, O
Paychex O
is O
employing O
a O
similar O
playbook O
to O
what O
contributed O
to O
its O
success O
in O
payroll O
-- O
acquire B-Cause
smaller I-Cause
rivals I-Cause
to I-Cause
add B-Effect
scale I-Effect
and I-Effect
drive I-Effect
costs I-Effect
lower I-Effect
. I-Effect

The O
World O
Health O
Organization O
, O
or O
WHO O
, O
has O
classified O
processed O
meats O
( O
ham O
, O
salami O
, O
bacon O
, O
sausage O
, O
hot O
dogs O
) O
as O
a O
Group O
1 O
carcinogen O
, O
meaning O
there O
is O
strong O
evidence O
that O
these O
processed B-Cause
meats I-Cause
cause O
colorectal B-Effect
cancer I-Effect
. O

Further O
, O
high B-Effect
perceived I-Effect
friction I-Effect
from I-Effect
changing I-Effect
core I-Effect
systems I-Effect
is I-Effect
not I-Effect
theoretical I-Effect
, O
as O
Tyler B-Cause
enjoys I-Cause
among I-Cause
the I-Cause
highest I-Cause
retention I-Cause
in I-Cause
the I-Cause
entire I-Cause
software I-Cause
industry I-Cause
. O

The B-Cause
Natural I-Cause
Gas I-Cause
Act I-Cause
regulates I-Cause
natural I-Cause
gas I-Cause
pipelines I-Cause
and I-Cause
new I-Cause
construction I-Cause
is I-Cause
explicitly I-Cause
approved I-Cause
by I-Cause
the I-Cause
FERC I-Cause
, I-Cause
which I-Cause
decides I-Cause
if I-Cause
the I-Cause
pipeline I-Cause
and I-Cause
tariffs I-Cause
are I-Cause
in I-Cause
the I-Cause
public I-Cause
interest. O
This O
approval O
provides O
the O
pipeline O
owner O
with O
certainty O
regarding O
its O
projected O
returns O
, O
but O
FERC O
approval O
also O
comes O
with O
federal O
eminent O
domain O
, O
which O
pre-empts O
state O
and O
local O
laws O
that O
might O
otherwise O
prevent O
construction B-Effect
of I-Effect
the I-Effect
pipeline I-Effect
. O

Pinterest B-Cause
is I-Cause
also I-Cause
using I-Cause
QR I-Cause
codes I-Cause
along I-Cause
with I-Cause
its I-Cause
own I-Cause
version I-Cause
, I-Cause
referred I-Cause
to I-Cause
as I-Cause
Pincodes I-Cause
, O
to O
help B-Effect
consumers I-Effect
not I-Effect
only I-Effect
receive I-Effect
more I-Effect
information I-Effect
about I-Effect
products I-Effect
while I-Effect
in I-Effect
stores I-Effect
but I-Effect
also I-Effect
find I-Effect
similar I-Effect
products I-Effect
possibly I-Effect
provided I-Effect
by I-Effect
other I-Effect
retailers I-Effect
or I-Effect
brands I-Effect
. O

We B-Effect
believe I-Effect
such I-Effect
expansion I-Effect
should I-Effect
be I-Effect
accompanied I-Effect
by I-Effect
continued I-Effect
same-store I-Effect
sales I-Effect
growth I-Effect
near O
the O
firm O
's O
2.7 O
% O
five-year O
average O
as O
remodeling B-Cause
and I-Cause
relocation I-Cause
efforts I-Cause
help I-Cause
offset I-Cause
competitive I-Cause
pressures I-Cause
. O

As O
with O
most O
integrated O
oil O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
Canadian I-Effect
Natural I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

That O
said O
, O
Moderna B-Cause
has I-Cause
achieved I-Cause
therapeutic I-Cause
levels I-Cause
of I-Cause
antibody I-Cause
protein I-Cause
in I-Cause
its I-Cause
chikungunya I-Cause
program I-Cause
, O
which O
lowers B-Effect
overall I-Effect
risk I-Effect
in I-Effect
its I-Effect
therapeutic I-Effect
proteins I-Effect
pipeline I-Effect
and O
could O
allow O
the B-Effect
firm I-Effect
to I-Effect
compete I-Effect
in I-Effect
the I-Effect
broader I-Effect
$ I-Effect
200 I-Effect
billion I-Effect
secreted I-Effect
therapeutic I-Effect
protein I-Effect
market I-Effect
. O

Like O
HCM O
, O
we O
think O
FINS B-Effect
' I-Effect
switching I-Effect
costs I-Effect
are O
derived O
from O
significant B-Cause
friction I-Cause
in I-Cause
extracting I-Cause
data I-Cause
and I-Cause
retraining I-Cause
employees I-Cause
on I-Cause
the I-Cause
user I-Cause
experience I-Cause
of I-Cause
a I-Cause
competing I-Cause
software I-Cause
. O

With O
a O
greater O
portion O
of O
customers O
on O
the O
platform O
, O
we O
would O
not O
be O
surprised O
to O
see O
customer B-Effect
churn I-Effect
come I-Effect
down I-Effect
and I-Effect
switching I-Effect
costs I-Effect
increase I-Effect
as O
the B-Cause
platform I-Cause
helps I-Cause
to I-Cause
lock I-Cause
in I-Cause
the I-Cause
benefits I-Cause
of I-Cause
using I-Cause
all I-Cause
Dassault I-Cause
Systemes I-Cause
' I-Cause
software I-Cause
, O
which O
used O
to O
be O
more O
disparate O
. O

Pandemic-related O
costs O
and O
inefficiencies O
will O
persist O
near O
term O
, O
and O
the O
XPO O
will O
continue O
investing O
in O
automation O
, O
but O
we O
expect O
adjusted B-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
improve I-Effect
140 I-Effect
basis I-Effect
points I-Effect
to I-Effect
roughly I-Effect
10 I-Effect
% I-Effect
( I-Effect
with I-Effect
EBITDA I-Effect
of I-Effect
$ I-Effect
1.79 I-Effect
billion I-Effect
) I-Effect
on I-Effect
leverage I-Effect
from O
volume B-Cause
growth I-Cause
, I-Cause
solid I-Cause
pricing I-Cause
conditions I-Cause
, I-Cause
and I-Cause
incremental I-Cause
IT-enabled I-Cause
productivity I-Cause
gains I-Cause
. O

Uncertainty B-Effect
remains I-Effect
elevated I-Effect
, I-Effect
but I-Effect
we I-Effect
look I-Effect
for I-Effect
clean I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
bounce I-Effect
back I-Effect
to I-Effect
approximately I-Effect
10 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
firm I-Cause
benefits I-Cause
from I-Cause
incremental I-Cause
optimization I-Cause
, I-Cause
along I-Cause
with I-Cause
leverage I-Cause
from I-Cause
volume I-Cause
growth I-Cause
and I-Cause
contract I-Cause
pricing I-Cause
tailwinds I-Cause
. O

Farmers B-Cause
are I-Cause
becoming I-Cause
more I-Cause
sophisticated I-Cause
, I-Cause
realizing I-Cause
the I-Cause
benefits I-Cause
of I-Cause
the I-Cause
most I-Cause
advanced I-Cause
equipment I-Cause
and I-Cause
the I-Cause
latest I-Cause
in I-Cause
digital I-Cause
technology. O
This O
is O
one O
reason O
we O
believe O
that O
the B-Effect
agricultural I-Effect
equipment I-Effect
division I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
produce I-Effect
an I-Effect
average I-Effect
9.3 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
between I-Effect
2011 I-Effect
and I-Effect
2020 I-Effect
. O

We O
had O
previously O
stated O
that O
we O
believed O
the B-Effect
bank I-Effect
's I-Effect
operating I-Effect
margins I-Effect
were I-Effect
too I-Effect
high I-Effect
, O
as O
the B-Cause
bank I-Cause
had I-Cause
almost I-Cause
no I-Cause
loan I-Cause
loss I-Cause
provisions I-Cause
and I-Cause
that I-Cause
margins I-Cause
would I-Cause
normalize I-Cause
lower I-Cause
. O

Although O
we O
see O
Lennox B-Effect
's I-Effect
service-based I-Effect
NAS I-Effect
business I-Effect
and I-Effect
growing I-Effect
emergency I-Effect
replacement I-Effect
product I-Effect
line I-Effect
as O
more B-Cause
resilient I-Cause
offerings I-Cause
, O
a B-Cause
downturn I-Cause
would O
nonetheless O
weaken O
the B-Effect
company I-Effect
's I-Effect
financial I-Effect
performance I-Effect
. O

Once O
an O
apartment O
building O
reaches O
a O
fully O
stabilized O
occupancy O
level O
, O
the B-Effect
apartment I-Effect
manager I-Effect
can I-Effect
increase I-Effect
rent I-Effect
on I-Effect
existing I-Effect
tenants I-Effect
, O
knowing O
that O
the O
marginal O
tenant O
who O
would O
move O
out O
because O
of O
higher B-Cause
rent I-Cause
can I-Cause
be I-Cause
replaced I-Cause
by I-Cause
the I-Cause
excess I-Cause
demand I-Cause
for I-Cause
the I-Cause
units I-Cause
. O

Such B-Cause
data I-Cause
should O
help B-Effect
to I-Effect
improve I-Effect
the I-Effect
capacity I-Effect
utilization I-Effect
of I-Effect
drivers I-Effect
, I-Effect
in I-Effect
turn I-Effect
making I-Effect
it I-Effect
more I-Effect
attractive I-Effect
for I-Effect
drivers I-Effect
to I-Effect
keep I-Effect
driving I-Effect
for I-Effect
Lyft I-Effect
. O

We O
also O
believe O
that O
private B-Cause
homebuilders I-Cause
have I-Cause
a I-Cause
greater I-Cause
tendency I-Cause
to I-Cause
act I-Cause
irrationally I-Cause
at I-Cause
times I-Cause
, O
which O
can O
have O
a B-Effect
negative I-Effect
impact I-Effect
on I-Effect
Toll I-Effect
Brothers I-Effect
' I-Effect
operating I-Effect
performance I-Effect
. O

The B-Effect
COVID-19 I-Effect
pandemic I-Effect
highlights I-Effect
the I-Effect
geopolitical I-Effect
risk I-Effect
airlines I-Effect
face I-Effect
, O
as O
many B-Cause
global I-Cause
consumers I-Cause
of I-Cause
air I-Cause
travel I-Cause
are I-Cause
affected I-Cause
by I-Cause
a I-Cause
travel-preventing I-Cause
stay-at-home I-Cause
orders I-Cause
. O

More O
specifically O
, O
Mondelez B-Effect
targets I-Effect
3 I-Effect
% I-Effect
-plus I-Effect
sales I-Effect
growth I-Effect
long I-Effect
term I-Effect
as O
it B-Cause
works I-Cause
to I-Cause
extend I-Cause
the I-Cause
distribution I-Cause
of I-Cause
its I-Cause
fare I-Cause
and I-Cause
reinvest I-Cause
in I-Cause
new I-Cause
products I-Cause
aligned I-Cause
with I-Cause
consumer I-Cause
trends I-Cause
at I-Cause
home I-Cause
and I-Cause
abroad I-Cause
. O

We O
believe O
high B-Effect
uncertainty I-Effect
exists I-Effect
, O
as O
Myriad B-Cause
's I-Cause
broader I-Cause
business I-Cause
may I-Cause
parallel I-Cause
the I-Cause
trend I-Cause
we I-Cause
experienced I-Cause
for I-Cause
Myriad I-Cause
's I-Cause
hereditary I-Cause
cancer I-Cause
testing I-Cause
business I-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

We O
believe O
the B-Cause
business I-Cause
' I-Cause
ability I-Cause
to I-Cause
cater I-Cause
to I-Cause
a I-Cause
more I-Cause
recreational I-Cause
outdoor I-Cause
hobbyist I-Cause
lends O
the O
business O
to O
higher-income B-Effect
demographics I-Effect
and I-Effect
less I-Effect
revenue I-Effect
cyclicality I-Effect
. O

Nevertheless O
, O
we O
believe O
the B-Cause
provincial I-Cause
nature I-Cause
of I-Cause
most I-Cause
beer I-Cause
brands I-Cause
restricts O
the B-Effect
leverageability I-Effect
of I-Effect
global I-Effect
scale I-Effect
in I-Effect
the I-Effect
brewing I-Effect
industry I-Effect
. O

That O
said O
, O
we O
expect O
the B-Effect
market I-Effect
to I-Effect
support I-Effect
some I-Effect
level I-Effect
of I-Effect
increased I-Effect
competition I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
as O
the B-Cause
travel I-Cause
booking I-Cause
market I-Cause
remains I-Cause
large I-Cause
, I-Cause
at I-Cause
$ I-Cause
1.8 I-Cause
trillion I-Cause
( I-Cause
based I-Cause
on I-Cause
pre-COVID-19 I-Cause
demand I-Cause
levels I-Cause
) I-Cause
, I-Cause
and I-Cause
online I-Cause
penetration I-Cause
of I-Cause
the I-Cause
travel I-Cause
market I-Cause
remains I-Cause
low I-Cause
, I-Cause
at I-Cause
45 I-Cause
% I-Cause
. O

Recently O
, O
management B-Cause
has I-Cause
indicated I-Cause
its I-Cause
commitment I-Cause
to I-Cause
continue I-Cause
to I-Cause
reinvest I-Cause
savings I-Cause
into I-Cause
the I-Cause
business I-Cause
, O
which O
leads O
us O
to O
expect O
that O
PNC B-Effect
will I-Effect
not I-Effect
be I-Effect
developing I-Effect
a I-Effect
material I-Effect
operating I-Effect
efficiency I-Effect
advantage I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

Furthermore O
, O
the B-Cause
club I-Cause
channel I-Cause
provides I-Cause
an I-Cause
attractive I-Cause
means I-Cause
for I-Cause
Walmart I-Cause
to I-Cause
cater I-Cause
to I-Cause
business I-Cause
customers I-Cause
, O
allowing O
access B-Effect
to I-Effect
wholesale I-Effect
pricing I-Effect
and I-Effect
a I-Effect
variety I-Effect
of I-Effect
business I-Effect
services I-Effect
( O
Costco O
offers O
similar O
benefits O
) O
. O

AT O
& O
amp O
; O
T O
said O
in O
early O
2021 O
that O
it B-Cause
plans I-Cause
to I-Cause
increase I-Cause
its I-Cause
already I-Cause
vast I-Cause
fiber I-Cause
footprint I-Cause
by O
expanding B-Cause
to I-Cause
3 I-Cause
million I-Cause
new I-Cause
customer I-Cause
locations I-Cause
in I-Cause
90 I-Cause
metro I-Cause
areas I-Cause
, O
giving O
it O
even O
greater B-Effect
ability I-Effect
to I-Effect
self-serve I-Effect
its I-Effect
small I-Effect
needs I-Effect
in I-Effect
many I-Effect
places I-Effect
. O

The B-Cause
physical I-Cause
infrastructure I-Cause
it I-Cause
relies I-Cause
on I-Cause
makes O
its B-Effect
business I-Effect
prone I-Effect
to I-Effect
disruption I-Effect
from I-Effect
natural I-Effect
disasters I-Effect
, O
but O
we O
think O
the O
risk O
of O
widespread O
catastrophe O
is O
low O
right O
now O
. O

In O
this O
regard O
, O
we O
believe O
Oxxo B-Effect
benefits O
from O
deeper B-Cause
and I-Cause
more I-Cause
actionable I-Cause
insights O
than O
many O
of O
its O
competitors O
( O
particularly O
small O
neighborhood O
stores O
) O
, O
thus O
allowing O
it O
to O
vary B-Effect
its I-Effect
customer I-Effect
acquisition I-Effect
strategies I-Effect
more I-Effect
effectively I-Effect
. O

Solid B-Cause
focus I-Cause
on I-Cause
culture I-Cause
( I-Cause
specifically I-Cause
, I-Cause
the I-Cause
continuous I-Cause
improvement I-Cause
that I-Cause
was I-Cause
previously I-Cause
highlighted I-Cause
in I-Cause
the I-Cause
Tractor I-Cause
Value I-Cause
System I-Cause
program I-Cause
) I-Cause
and I-Cause
the I-Cause
business I-Cause
holistically I-Cause
( O
Team O
, O
Sales O
, O
Customer O
and O
Execution O
) O
gives O
the B-Effect
company I-Effect
good I-Effect
footing I-Effect
to I-Effect
resonate I-Effect
with I-Effect
its I-Effect
consumers I-Effect
going I-Effect
forward I-Effect
. O

Although O
switching O
costs O
are O
negligible O
in O
the O
sector O
, O
we O
believe O
Walmart B-Cause
's I-Cause
ability I-Cause
to I-Cause
use I-Cause
its I-Cause
scale I-Cause
to I-Cause
hold I-Cause
down I-Cause
costs I-Cause
and I-Cause
leverage I-Cause
its I-Cause
retailer I-Cause
relationships I-Cause
and I-Cause
established I-Cause
low-cost I-Cause
brand I-Cause
should O
protect B-Effect
returns I-Effect
for I-Effect
decades I-Effect
to I-Effect
come I-Effect
. O

These B-Cause
switching I-Cause
costs I-Cause
are I-Cause
partly I-Cause
supported I-Cause
by I-Cause
familiarity I-Cause
, O
in O
which O
clients B-Effect
prefer I-Effect
the I-Effect
continuity I-Effect
of I-Effect
working I-Effect
with I-Effect
the I-Effect
same I-Effect
trusted I-Effect
CRO I-Effect
. O

This O
will O
allow O
investors B-Effect
to I-Effect
be I-Effect
rewarded I-Effect
through O
rising B-Cause
dividends I-Cause
( I-Cause
more I-Cause
than I-Cause
3 I-Cause
% I-Cause
yield I-Cause
) I-Cause
and I-Cause
a I-Cause
share-buyback I-Cause
program I-Cause
, O
which O
we O
expect O
will O
be O
tabled O
over O
the O
near O
term O
as O
Hasbro B-Cause
restores I-Cause
its I-Cause
leverage I-Cause
targets I-Cause
to I-Cause
investment-grade I-Cause
after O
financing O
the O
EOne O
acquisition O
and O
plays O
defense O
against O
COVID-19 O
. O

Since O
stand-alone B-Cause
cash I-Cause
flow I-Cause
data I-Cause
has I-Cause
been I-Cause
available I-Cause
, I-Cause
the I-Cause
company I-Cause
has I-Cause
posted I-Cause
15 I-Cause
straight I-Cause
years I-Cause
of I-Cause
positive I-Cause
free I-Cause
cash I-Cause
flow I-Cause
, O
and O
we O
expect O
that O
trend B-Effect
to I-Effect
continue I-Effect
, I-Effect
supporting I-Effect
future I-Effect
acquisitions I-Effect
, I-Effect
the I-Effect
dividend I-Effect
, I-Effect
and I-Effect
opportunistic I-Effect
share I-Effect
repurchases I-Effect
. O

Throughout O
the O
Great O
Recession O
, O
the B-Effect
company I-Effect
kept I-Effect
its I-Effect
head I-Effect
above I-Effect
water I-Effect
via O
impressive B-Cause
rate I-Cause
discipline I-Cause
and I-Cause
steadfast I-Cause
investment I-Cause
in I-Cause
network I-Cause
capacity I-Cause
. O

As O
scientists B-Cause
and I-Cause
technicians I-Cause
travel I-Cause
up I-Cause
the I-Cause
learning I-Cause
curve I-Cause
on I-Cause
new I-Cause
instruments I-Cause
, O
testing B-Effect
reproducibility I-Effect
and I-Effect
consistency I-Effect
may I-Effect
suffer I-Effect
, O
so O
end B-Cause
users I-Cause
probably I-Cause
would I-Cause
need I-Cause
a I-Cause
very I-Cause
significant I-Cause
technology I-Cause
improvement I-Cause
to O
induce O
them B-Effect
to I-Effect
switch I-Effect
providers I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
a I-Effect
tool I-Effect
's I-Effect
useful I-Effect
life I-Effect
. O

Average B-Effect
natural I-Effect
gas I-Effect
prices I-Effect
in I-Effect
China I-Effect
are I-Effect
higher I-Effect
than I-Effect
Henry I-Effect
Hub I-Effect
pricing I-Effect
, O
given O
the B-Cause
negotiated I-Cause
nature I-Cause
of I-Cause
the I-Cause
pricing I-Cause
and I-Cause
with I-Cause
the I-Cause
government I-Cause
setting I-Cause
prices I-Cause
. O

Rapid O
changes O
in O
package O
delivery O
demand O
during O
the O
2009 O
recession O
demonstrate O
that O
the B-Effect
cone I-Effect
of I-Effect
uncertainty I-Effect
surrounding I-Effect
our I-Effect
estimates I-Effect
can I-Effect
widen I-Effect
quickly I-Effect
because O
of O
macroeconomic B-Cause
factors I-Cause
. O

Because O
of O
these B-Cause
mixed I-Cause
trial I-Cause
results I-Cause
, O
we B-Effect
remain I-Effect
uncertain I-Effect
toward I-Effect
GeneSight I-Effect
's I-Effect
ability I-Effect
to I-Effect
reach I-Effect
its I-Effect
reimbursement I-Effect
target I-Effect
among I-Effect
major I-Effect
commercial I-Effect
payers I-Effect
, O
although O
UnitedHealthcare O
's O
decision O
certainly O
helps O
. O

However O
, O
our O
view O
is O
that O
Hanes B-Effect
can I-Effect
overcome I-Effect
some I-Effect
of I-Effect
these I-Effect
issues I-Effect
and I-Effect
slightly I-Effect
improve I-Effect
margins I-Effect
in I-Effect
future I-Effect
years I-Effect
as O
cost-saving B-Cause
initiatives I-Cause
take I-Cause
hold I-Cause
. O

The B-Cause
most I-Cause
pressing I-Cause
risk I-Cause
PFG I-Cause
faces I-Cause
is I-Cause
the I-Cause
pandemic I-Cause
, O
which O
resulted O
in O
a B-Effect
7 I-Effect
% I-Effect
drop I-Effect
in I-Effect
organic I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, O
and O
we O
expect O
about O
$ B-Effect
230 I-Effect
million I-Effect
in I-Effect
bad I-Effect
debt I-Effect
expenses I-Effect
between I-Effect
fiscal I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
. O

This B-Cause
cross-selling I-Cause
opportunity I-Cause
is I-Cause
supported I-Cause
by I-Cause
Coupa I-Cause
's I-Cause
organic I-Cause
and I-Cause
inorganic I-Cause
investments I-Cause
within I-Cause
its I-Cause
platform I-Cause
, O
which O
should O
allow O
the B-Effect
company I-Effect
to I-Effect
expand I-Effect
its I-Effect
spend I-Effect
management I-Effect
capabilities I-Effect
beyond I-Effect
just I-Effect
procurement I-Effect
into I-Effect
other I-Effect
areas I-Effect
such I-Effect
as I-Effect
payments I-Effect
. O

With O
only B-Cause
around I-Cause
20 I-Cause
% I-Cause
of I-Cause
its I-Cause
sales I-Cause
coming I-Cause
from I-Cause
food I-Cause
( I-Cause
which I-Cause
generates I-Cause
recurring I-Cause
traffic I-Cause
) I-Cause
, O
we O
believe O
Target B-Effect
must I-Effect
invest I-Effect
to I-Effect
remain I-Effect
at I-Effect
the I-Effect
top I-Effect
of I-Effect
shoppers I-Effect
' I-Effect
minds I-Effect
. O

However O
, O
over O
the O
past O
five O
years O
, O
growth B-Effect
has I-Effect
stalled I-Effect
due O
to O
markdowns B-Cause
of I-Cause
bags I-Cause
at I-Cause
third-party I-Cause
retail I-Cause
and I-Cause
declining I-Cause
sales I-Cause
at I-Cause
company-owned I-Cause
stores I-Cause
. O

The O
costliest O
upgrade O
in O
the O
industry O
's O
history O
, O
primarily O
undertaken O
in O
the O
late-1990s O
and O
early-2000s O
, O
involved O
the B-Cause
shift I-Cause
to I-Cause
a I-Cause
hybrid I-Cause
fiber-coax I-Cause
network I-Cause
architecture I-Cause
, O
a O
move O
that O
has O
paid B-Effect
handsome I-Effect
dividends I-Effect
since I-Effect
. O

The B-Cause
firm I-Cause
benefits I-Cause
from I-Cause
a I-Cause
virtuous I-Cause
cycle I-Cause
, I-Cause
with I-Cause
its B-Cause
supplier I-Cause
relationships I-Cause
and I-Cause
cost I-Cause
leverage I-Cause
enabling I-Cause
low B-Effect
prices I-Effect
on I-Effect
a I-Effect
broad I-Effect
, I-Cause
high-quality I-Cause
, I-Cause
changing I-Cause
assortment I-Cause
, I-Cause
and I-Cause
the I-Cause
ensuing I-Cause
customer I-Cause
response I-Cause
making O
the B-Effect
firm I-Effect
more I-Effect
valuable I-Effect
to I-Effect
vendors I-Effect
and I-Effect
better I-Effect
able I-Effect
to I-Effect
spread I-Effect
fixed I-Effect
costs I-Effect
over I-Effect
a I-Effect
large I-Effect
base I-Effect
. O

Due O
to O
flexibility B-Cause
in I-Cause
SocGen I-Cause
's I-Cause
cost I-Cause
base I-Cause
and I-Cause
an I-Cause
existing I-Cause
program I-Cause
of I-Cause
paring I-Cause
back I-Cause
costs I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
anticipate I-Effect
a I-Effect
deterioating I-Effect
cost I-Effect
to I-Effect
income I-Effect
ratio I-Effect
in I-Effect
2020 I-Effect
for I-Effect
SocGen I-Effect
-- O
our O
estimated O
midcycle O
cost O
to O
income O
ratio O
is O
70 O
% O
, O
slightly O
lower O
than O
the O
72 O
% O
achieved O
in O
2019 O
, O
as O
we O
calculate O
it O
. O

Finally O
, O
in O
CPUs O
, O
we O
believe O
that O
high B-Effect
customer I-Effect
switching I-Effect
costs I-Effect
are I-Effect
pervasive I-Effect
within I-Effect
the I-Effect
x86 I-Effect
ecosystem I-Effect
, O
as O
a B-Cause
wide I-Cause
variety I-Cause
of I-Cause
software I-Cause
is I-Cause
written I-Cause
to I-Cause
be I-Cause
optimized I-Cause
on I-Cause
x86 I-Cause
processors I-Cause
from I-Cause
Intel I-Cause
and I-Cause
AMD I-Cause
. O

Steel B-Effect
's I-Effect
North I-Effect
American I-Effect
steelmaking I-Effect
operations I-Effect
will I-Effect
not I-Effect
enjoy I-Effect
the I-Effect
benefits I-Effect
of I-Effect
lower I-Effect
iron I-Effect
ore I-Effect
spot I-Effect
prices I-Effect
to I-Effect
the I-Effect
same I-Effect
extent I-Effect
as I-Effect
its I-Effect
peers I-Effect
around I-Effect
the I-Effect
globe I-Effect
as O
cost B-Cause
support I-Cause
for I-Cause
steel I-Cause
prices I-Cause
falters I-Cause
. O

The O
company O
describes O
itself O
as O
'' O
The O
Monthly O
Dividend O
Company O
, O
'' O
and O
its B-Cause
line I-Cause
of I-Cause
business I-Cause
and I-Cause
operating I-Cause
metrics I-Cause
make O
its B-Effect
dividend I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
stable I-Effect
sources I-Effect
of I-Effect
income I-Effect
for I-Effect
investors I-Effect
. O

As O
parents B-Cause
of I-Cause
approximately I-Cause
half I-Cause
of I-Cause
children I-Cause
born I-Cause
in I-Cause
the I-Cause
country I-Cause
qualify I-Cause
for I-Cause
WIC I-Cause
benefits I-Cause
, O
the B-Effect
contracts I-Effect
under I-Effect
which I-Effect
states I-Effect
select I-Effect
a I-Effect
single I-Effect
manufacturer I-Effect
as I-Effect
the I-Effect
exclusive I-Effect
provider I-Effect
of I-Effect
WIC I-Effect
formula I-Effect
are O
essential O
to O
meaningful O
participation O
in O
the O
marketplace O
. O

A O
first O
mover B-Cause
advantage I-Cause
from I-Cause
being I-Cause
in I-Cause
the I-Cause
simulation I-Cause
space I-Cause
for I-Cause
50 I-Cause
years I-Cause
has O
contributed O
to O
Ansys B-Effect
' I-Effect
best I-Effect
of I-Effect
breed I-Effect
status I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

Personal B-Effect
line I-Effect
insurers I-Effect
, I-Effect
such I-Effect
as I-Effect
Progressive I-Effect
, I-Effect
are I-Effect
better I-Effect
able I-Effect
to I-Effect
spread I-Effect
fixed I-Effect
costs I-Effect
over I-Effect
a I-Effect
wider I-Effect
base I-Effect
as O
their B-Cause
business I-Cause
model I-Cause
does I-Cause
not I-Cause
require I-Cause
as I-Cause
many I-Cause
specialized I-Cause
underwriters I-Cause
and I-Cause
human I-Cause
capital I-Cause
. O

In O
terms O
of O
switching O
costs O
, O
we O
think O
that O
years-long B-Cause
product I-Cause
development I-Cause
and I-Cause
procurement I-Cause
cycles I-Cause
, O
the B-Cause
potentially I-Cause
lethal I-Cause
cost I-Cause
of I-Cause
product I-Cause
failure I-Cause
, O
and O
the B-Cause
difficulty I-Cause
of I-Cause
developing I-Cause
a I-Cause
suitable I-Cause
alternative I-Cause
give B-Effect
switching I-Effect
costs I-Effect
most I-Effect
products I-Effect
in I-Effect
this I-Effect
segment I-Effect
. O

A B-Effect
& I-Effect
R I-Effect
cost I-Effect
will I-Effect
to I-Effect
continue I-Effect
to I-Effect
grow I-Effect
in I-Effect
absolute I-Effect
terms I-Effect
as O
Warner B-Cause
will I-Cause
continue I-Cause
to I-Cause
invest I-Cause
in I-Cause
finding I-Cause
and I-Cause
developing I-Cause
new I-Cause
artists I-Cause
even O
as O
it O
sees O
more O
competition O
from O
its O
larger O
peers O
. O

We O
expect O
advertising B-Effect
to I-Effect
remain I-Effect
at I-Effect
7 I-Effect
% I-Effect
of I-Effect
sales I-Effect
, I-Effect
and I-Effect
R I-Effect
& I-Effect
D I-Effect
to I-Effect
average I-Effect
0.5 I-Effect
% I-Effect
of I-Effect
sales I-Effect
, O
as O
the B-Cause
firm I-Cause
shares I-Cause
R I-Cause
& I-Cause
D I-Cause
expense I-Cause
with I-Cause
its I-Cause
co-manufacturers I-Cause
. O

Bytedance B-Effect
's I-Effect
mobile I-Effect
user I-Effect
time I-Effect
spent I-Effect
share I-Effect
increased I-Effect
from I-Effect
3.9 I-Effect
% I-Effect
in I-Effect
June I-Effect
2017 I-Effect
to I-Effect
12.9 I-Effect
% I-Effect
in I-Effect
March I-Effect
2020 I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
Tencent I-Effect
, I-Effect
which I-Effect
declined I-Effect
to I-Effect
43.2 I-Effect
% I-Effect
from I-Effect
54.3 I-Effect
% I-Effect
, O
due O
to O
the B-Cause
rise I-Cause
of I-Cause
short I-Cause
videos I-Cause
and I-Cause
news I-Cause
aggregator O
. O

Our B-Effect
cost/income I-Effect
ratio I-Effect
, I-Effect
as I-Effect
we I-Effect
calculate I-Effect
it I-Effect
, I-Effect
including I-Effect
litigation I-Effect
and I-Effect
conduct I-Effect
costs I-Effect
, I-Effect
drops I-Effect
from I-Effect
64 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
59 I-Effect
% I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
as B-Cause
below-the-line I-Cause
items I-Cause
reduce I-Cause
materially I-Cause
. O

As O
Twilio B-Cause
expands I-Cause
into I-Cause
these I-Cause
incumbents I-Cause
' I-Cause
space I-Cause
, O
it O
could O
limit O
the B-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
attract I-Effect
new I-Effect
clients I-Effect
at O
its O
current O
rate O
. O

Still O
, O
a B-Cause
pipeline I-Cause
of I-Cause
work I-Cause
from I-Cause
in-house I-Cause
consultants I-Cause
could O
help B-Effect
bring I-Effect
down I-Effect
the I-Effect
costly I-Effect
activity I-Effect
of I-Effect
highlighting I-Effect
one I-Effect
's I-Effect
technical I-Effect
capabilities I-Effect
. O

This B-Cause
implicit I-Cause
contract I-Cause
between I-Cause
regulators I-Cause
and I-Cause
capital I-Cause
providers I-Cause
should O
, O
on O
balance O
, O
allow O
regulated B-Effect
utilities I-Effect
to I-Effect
earn I-Effect
greater I-Effect
than I-Effect
their I-Effect
costs I-Effect
of I-Effect
capital I-Effect
, O
though O
observable O
returns O
might O
vary O
in O
the O
short O
run O
based O
on O
demand O
trends O
, O
investment O
cycles O
, O
operating O
costs O
, O
and O
access O
to O
financing O
. O

Malibu O
has O
n't O
rested O
only O
on O
innovation B-Cause
to O
grow B-Effect
profits I-Effect
, O
also O
curating B-Effect
savings I-Effect
through O
streamlined B-Cause
production I-Cause
and I-Cause
rising B-Effect
efficiencies I-Effect
( I-Cause
through I-Cause
vertical B-Cause
integration I-Cause
) I-Cause
. O

Even O
if O
volumes B-Effect
decelerate I-Effect
as O
shelter-in-place B-Cause
initiatives I-Cause
are I-Cause
lifted I-Cause
and I-Cause
consumers I-Cause
gradually I-Cause
increase I-Cause
their I-Cause
consumption I-Cause
of I-Cause
food I-Cause
away-from-home I-Cause
, O
we O
think O
Clorox B-Cause
has I-Cause
laid I-Cause
out I-Cause
a I-Cause
solid I-Cause
playbook I-Cause
( O
inclusive B-Cause
of I-Cause
innovation I-Cause
and I-Cause
marketing I-Cause
to O
more B-Effect
effectively I-Effect
align I-Effect
with I-Effect
consumer I-Effect
trends I-Effect
) O
that O
should O
steady B-Effect
the I-Effect
grilling I-Effect
business I-Effect
over I-Effect
time I-Effect
. O

Even O
so O
, O
due O
to O
evolving B-Cause
nutritional I-Cause
preferences I-Cause
, O
consumers B-Cause
have I-Cause
been I-Cause
shifting I-Cause
from I-Cause
processed I-Cause
fare I-Cause
to I-Cause
fresh I-Cause
, I-Cause
natural I-Cause
options I-Cause
, O
causing O
General B-Effect
Mills I-Effect
' I-Effect
categories I-Effect
to I-Effect
slow I-Effect
. O

Vistra B-Cause
also I-Cause
must I-Cause
manage I-Cause
its I-Cause
retail I-Cause
risk I-Cause
to O
make O
sure O
it B-Effect
is I-Effect
protected I-Effect
if I-Effect
customer I-Effect
demand I-Effect
and I-Effect
market I-Effect
prices I-Effect
rise I-Effect
above I-Effect
the I-Effect
company I-Effect
's I-Effect
expectations I-Effect
. O

Comerica O
remains O
very O
leveraged O
to O
interest O
rates O
, O
as O
the O
vast O
majority O
( O
almost O
90 O
% O
) O
of O
the B-Cause
bank I-Cause
's I-Cause
loans I-Cause
are I-Cause
adjustable I-Cause
rate I-Cause
, O
making O
the B-Effect
bank I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
interest-rate-sensitive I-Effect
names I-Effect
we I-Effect
cover I-Effect
. I-Effect

In O
addition O
to O
customer O
apathy O
making O
deposits O
sticky O
, O
market B-Cause
leading I-Cause
digital I-Cause
and I-Cause
mobile I-Cause
applications I-Cause
, I-Cause
and I-Cause
the I-Cause
large I-Cause
presence I-Cause
( O
marketing O
and O
branches O
) O
, O
gives O
major B-Effect
banks I-Effect
an I-Effect
edge I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
gathering I-Effect
and I-Effect
retaining I-Effect
deposits I-Effect
. O

Cost B-Effect
Advantage I-Effect
Cigarette I-Effect
manufacturing I-Effect
is I-Effect
a I-Effect
scalable I-Effect
business I-Effect
model I-Effect
because B-Cause
of I-Cause
the I-Cause
homogeneity I-Cause
of I-Cause
the I-Cause
product I-Cause
, I-Cause
and I-Cause
there I-Cause
is I-Cause
an I-Cause
inverse I-Cause
correlation I-Cause
between I-Cause
volume I-Cause
and I-Cause
average I-Cause
operating I-Cause
cost I-Cause
per I-Cause
unit I-Cause
. I-Cause

Primary B-Cause
hyperoxaluria I-Cause
Type I-Cause
1 I-Cause
can O
result O
in O
both B-Effect
kidney I-Effect
and I-Effect
liver I-Effect
failure I-Effect
, O
and O
we O
believe O
we O
could O
see O
an O
approval O
in O
2020 O
. O

Additionally O
, O
many B-Cause
retailers I-Cause
are I-Cause
looking I-Cause
to I-Cause
reduce I-Cause
average I-Cause
store I-Cause
square I-Cause
footage I-Cause
to O
increase B-Effect
efficiency I-Effect
and I-Effect
profitability I-Effect
, O
increasing B-Effect
the I-Effect
number I-Effect
of I-Effect
tenants I-Effect
Macerich I-Effect
will O
have O
to O
attract B-Cause
to I-Cause
fill I-Cause
its I-Cause
portfolio I-Cause
. O

While B-Effect
we I-Effect
forecast I-Effect
ESS I-Effect
prices I-Effect
to I-Effect
decline I-Effect
, O
the O
fall O
will O
largely O
be O
driven O
by O
cheaper B-Cause
battery I-Cause
costs I-Cause
, O
which O
should O
not O
affect O
profitability O
. O

While O
fiscal O
2020 O
sales O
declined O
4.5 O
% O
, O
hindered B-Cause
by I-Cause
supply I-Cause
chain I-Cause
disruption I-Cause
from I-Cause
COVID-19 I-Cause
, O
we B-Effect
forecast I-Effect
a I-Effect
robust I-Effect
restoration I-Effect
of I-Effect
sales I-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
. O

We O
expect O
about B-Effect
6 I-Effect
% I-Effect
sales I-Effect
growth I-Effect
again I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
pandemic I-Cause
remains I-Cause
a I-Cause
headwind I-Cause
, O
but O
after O
2021 O
, O
we O
project O
Fastenal B-Effect
will I-Effect
generate I-Effect
low I-Effect
double-digit I-Effect
average I-Effect
top-line I-Effect
growth I-Effect
as O
it B-Cause
gains I-Cause
traction I-Cause
with I-Cause
its I-Cause
industrial I-Cause
vending I-Cause
and I-Cause
on-site I-Cause
programs I-Cause
and I-Cause
takes I-Cause
share I-Cause
from I-Cause
smaller I-Cause
competitors I-Cause
. O

We O
have O
increased O
our O
shipbuilding O
revenue O
outlook O
for O
the O
firm O
, O
but O
the B-Effect
additional I-Effect
free I-Effect
cash I-Effect
flow I-Effect
is O
offset O
by O
worse-than-anticipated B-Cause
pension I-Cause
and I-Cause
working I-Cause
capital I-Cause
headwinds I-Cause
. O

We O
project O
Telus B-Effect
' I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
by O
about O
8 O
% O
in O
both O
2021 O
and O
2022 O
as O
it B-Cause
bounces I-Cause
back I-Cause
from I-Cause
a I-Cause
pandemic-related I-Cause
slowdown I-Cause
in O
2020 O
before O
settling O
into O
mid-single-digit O
revenue O
growth O
throughout O
our O
five-year O
forecast O
. O

Furthermore O
, O
we O
believe O
pricing B-Effect
gains I-Effect
will O
be O
bound O
by O
the B-Cause
lack I-Cause
of I-Cause
new I-Cause
cruisers I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
as O
those O
potential B-Effect
customers I-Effect
could I-Effect
opt I-Effect
for I-Effect
more I-Effect
safely I-Effect
perceived I-Effect
land-based I-Effect
vacations I-Effect
given O
the B-Cause
recent I-Cause
media I-Cause
hype I-Cause
. O

We O
believe O
that O
higher B-Cause
unit I-Cause
volumes I-Cause
and I-Cause
proportionately I-Cause
larger I-Cause
drop I-Cause
sizes I-Cause
lower O
the B-Cause
cost I-Cause
of I-Cause
servicing I-Cause
Starbucks I-Cause
' I-Cause
stores I-Cause
, O
allowing B-Effect
the I-Effect
firm I-Effect
to I-Effect
benefit I-Effect
from I-Effect
volume I-Effect
discounts I-Effect
with I-Effect
food I-Effect
distributors I-Effect
. O

It B-Cause
aims I-Cause
to I-Cause
deliver I-Cause
10 I-Cause
% I-Cause
unleveraged I-Cause
returns I-Cause
and I-Cause
grow I-Cause
to I-Cause
over I-Cause
15 I-Cause
million I-Cause
customers I-Cause
by I-Cause
2030 I-Cause
so O
that O
it B-Effect
becomes I-Effect
a I-Effect
material I-Effect
business I-Effect
for I-Effect
Shell I-Effect
. O

We O
believe O
this B-Cause
complexity I-Cause
in I-Cause
4G I-Cause
today I-Cause
and I-Cause
5G I-Cause
tomorrow I-Cause
enables O
firms B-Effect
like I-Effect
Qorvo I-Effect
, I-Effect
with I-Effect
a I-Effect
broad I-Effect
product I-Effect
portfolio I-Effect
, I-Effect
to I-Effect
benefit I-Effect
. I-Effect

After O
updating B-Cause
our I-Cause
projections I-Cause
with I-Cause
the I-Cause
latest I-Cause
quarterly I-Cause
results I-Cause
, O
we O
are O
increasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
35 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
30 I-Effect
. O

We O
expect O
gross B-Effect
margins I-Effect
to I-Effect
gradually I-Effect
improve I-Effect
over O
time O
as O
the B-Cause
company I-Cause
leverages I-Cause
fixed I-Cause
costs I-Cause
over I-Cause
a I-Cause
larger I-Cause
revenue I-Cause
base I-Cause
. I-Cause

Over O
time O
, O
users B-Cause
are I-Cause
likely I-Cause
to I-Cause
become I-Cause
further I-Cause
dependent I-Cause
on I-Cause
and I-Cause
spend I-Cause
more I-Cause
time I-Cause
using I-Cause
Facebook I-Cause
and I-Cause
Instagram I-Cause
, O
which O
will O
continue O
to O
attract B-Effect
advertisers I-Effect
, I-Effect
resulting I-Effect
in I-Effect
a I-Effect
stronger I-Effect
network I-Effect
effect I-Effect
. O

On O
the O
technology O
front O
, O
LPL B-Cause
Financial I-Cause
has I-Cause
been I-Cause
willing I-Cause
make I-Cause
changes I-Cause
to O
keep B-Effect
its I-Effect
value I-Effect
proposition I-Effect
to I-Effect
advisors I-Effect
in I-Effect
a I-Effect
competitive I-Effect
position I-Effect
. O

Finally O
, O
a O
greater O
shift O
by O
enterprises O
toward O
infrastructure O
as O
a O
service O
, O
or O
IaaS O
, O
cloud O
adoption O
could O
reduce B-Effect
their I-Effect
own I-Effect
need I-Effect
for I-Effect
server I-Effect
space I-Effect
, O
as O
their B-Cause
data I-Cause
is I-Cause
shifted I-Cause
to I-Cause
cloud I-Cause
providers I-Cause
' I-Cause
servers I-Cause
and I-Cause
stored I-Cause
more I-Cause
efficiently I-Cause
. O

Considering O
vendors B-Cause
' I-Cause
desire I-Cause
to I-Cause
avoid I-Cause
the I-Cause
stigma I-Cause
of I-Cause
a I-Cause
visible I-Cause
discount I-Cause
presence I-Cause
, O
we O
expect O
the B-Effect
channel I-Effect
to I-Effect
remain I-Effect
insulated I-Effect
from I-Effect
digital I-Effect
disruption I-Effect
, O
as O
we O
believe O
vendors B-Effect
achieve I-Effect
greater I-Effect
discretion I-Effect
in I-Effect
physical I-Effect
off-price I-Effect
venues I-Effect
as O
labels B-Cause
can I-Cause
be I-Cause
commingled I-Cause
on I-Cause
anonymous I-Cause
racks I-Cause
, I-Cause
with I-Cause
customers I-Cause
left I-Cause
to I-Cause
find I-Cause
bargains I-Cause
. O

When B-Cause
combined I-Cause
with I-Cause
the I-Cause
user-generated I-Cause
driver I-Cause
ratings I-Cause
, O
we O
think O
such B-Cause
information I-Cause
helps O
Lyft B-Effect
improve I-Effect
the I-Effect
timeliness I-Effect
and I-Effect
accuracy I-Effect
of I-Effect
matching I-Effect
riders I-Effect
with I-Effect
drivers I-Effect
. O

In O
this O
vein O
, O
ROICs B-Cause
lagged I-Cause
our I-Cause
estimate I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
cost I-Cause
of I-Cause
capital I-Cause
in I-Cause
fiscals I-Cause
2014 I-Cause
and I-Cause
2018 I-Cause
at I-Cause
7.4 I-Cause
% I-Cause
and I-Cause
6.2 I-Cause
% I-Cause
, I-Cause
respectively. O
As O
such O
, O
while B-Effect
we I-Effect
forecast I-Effect
9.8 I-Effect
% I-Effect
ROICs I-Effect
on I-Effect
average I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
our I-Effect
model I-Effect
does I-Effect
not I-Effect
reflect I-Effect
the I-Effect
cyclicality I-Effect
this I-Effect
business I-Effect
is I-Effect
likely I-Effect
to I-Effect
experience I-Effect
. O

In O
Avery O
's O
IHM O
segment O
, O
which O
enjoys B-Effect
more I-Effect
exposure I-Effect
to I-Effect
healthcare I-Effect
and I-Effect
specialized I-Effect
industrial I-Effect
products I-Effect
, O
we O
think O
margins B-Cause
could I-Cause
expand I-Cause
to I-Cause
beyond I-Cause
9 I-Cause
% I-Cause
as I-Cause
Avery I-Cause
's I-Cause
products I-Cause
become I-Cause
embedded I-Cause
in I-Cause
highly I-Cause
specific I-Cause
customer I-Cause
processes I-Cause
. O

It B-Cause
might I-Cause
also I-Cause
be I-Cause
harder I-Cause
for I-Cause
Spotify I-Cause
to I-Cause
steal I-Cause
share I-Cause
from I-Cause
these I-Cause
competitors I-Cause
over I-Cause
time I-Cause
, I-Cause
as I-Cause
Apple I-Cause
Music I-Cause
users I-Cause
are I-Cause
probably I-Cause
entrenched I-Cause
with I-Cause
other I-Cause
Apple I-Cause
products I-Cause
, I-Cause
Amazon I-Cause
Music I-Cause
with I-Cause
Echo I-Cause
, I-Cause
and I-Cause
so I-Cause
on. O
Thus O
, O
they B-Effect
might I-Effect
be I-Effect
relatively I-Effect
more I-Effect
loyal I-Effect
to I-Effect
these I-Effect
music I-Effect
platforms I-Effect
than I-Effect
the I-Effect
users I-Effect
an I-Effect
operating-system-agnostic I-Effect
platform I-Effect
like I-Effect
Spotify I-Effect
can I-Effect
capture I-Effect
. O

Given O
the B-Cause
spike I-Cause
in I-Cause
digital I-Cause
transfers I-Cause
since I-Cause
the I-Cause
beginning I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, O
with O
Western B-Effect
Union I-Effect
seeing I-Effect
an I-Effect
81 I-Effect
% I-Effect
year-over-year I-Effect
increase I-Effect
in I-Effect
transaction I-Effect
growth I-Effect
last I-Effect
year I-Effect
, I-Effect
this I-Effect
area I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
business I-Effect
jumped I-Effect
to I-Effect
20 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
. O

As O
brokers B-Cause
generally I-Cause
take I-Cause
a I-Cause
percentage I-Cause
of I-Cause
premium I-Cause
amounts I-Cause
as I-Cause
commission I-Cause
, O
they B-Effect
are I-Effect
exposed I-Effect
to I-Effect
the I-Effect
direction I-Effect
of I-Effect
the I-Effect
insurance I-Effect
pricing I-Effect
cycle I-Effect
. O

The O
life O
science O
business O
appears O
to O
offer O
more O
stable O
characteristics O
than O
Merck O
's O
other O
two O
segments O
, O
but O
it O
remains O
subject O
to O
competitive O
risks O
, O
particularly O
around O
innovative B-Cause
new I-Cause
products I-Cause
, O
that O
eventually O
could O
weaken B-Effect
demand I-Effect
for I-Effect
some I-Effect
of I-Effect
Merck I-Effect
's I-Effect
life I-Effect
science I-Effect
products I-Effect
. O

In B-Effect
contrast I-Effect
, I-Effect
we I-Effect
expect I-Effect
Kansas I-Effect
to I-Effect
have I-Effect
relatively I-Effect
weaker I-Effect
roadwork I-Effect
demand I-Effect
growth I-Effect
due B-Cause
to I-Cause
slower I-Cause
population I-Cause
growth I-Cause
and I-Cause
more I-Cause
challenging I-Cause
fiscal I-Cause
situations I-Cause
. O

As O
the B-Cause
firm I-Cause
makes I-Cause
further I-Cause
investments I-Cause
here I-Cause
, O
it O
will O
be O
able O
to O
provide B-Effect
such I-Effect
solutions I-Effect
to I-Effect
enterprises I-Effect
, O
helping B-Effect
increase I-Effect
penetration I-Effect
. O

For O
example O
, O
in O
the O
Philippines O
, O
higher B-Cause
sweetened I-Cause
beverage I-Cause
taxes I-Cause
and I-Cause
restrictions I-Cause
on I-Cause
sweetener I-Cause
imports I-Cause
that O
caused B-Effect
a B-Effect
spike I-Effect
in I-Effect
local I-Effect
prices I-Effect
( O
both O
of O
which O
emanate O
from O
heightened O
social O
awareness O
around O
soda O
's O
health O
implications O
) O
, O
drove B-Effect
it I-Effect
to I-Effect
sell I-Effect
the I-Effect
territory I-Effect
's I-Effect
rights I-Effect
back I-Effect
to I-Effect
TCCC I-Effect
. O

As O
most B-Cause
of I-Cause
WPP I-Cause
's I-Cause
larger I-Cause
clients I-Cause
favor I-Cause
omnichannel I-Cause
and I-Cause
advertising I-Cause
campaigns I-Cause
, O
past B-Cause
and I-Cause
future I-Cause
acquisitions I-Cause
and I-Cause
investments I-Cause
help I-Effect
make I-Effect
WPP B-Effect
a I-Effect
one-stop I-Effect
shop I-Effect
. O

Even O
when O
discounted O
, O
many B-Cause
Polo I-Cause
shirts I-Cause
sell I-Cause
for I-Cause
$ I-Cause
60 I-Cause
, O
allowing O
for O
a B-Effect
strong I-Effect
profit I-Effect
margin I-Effect
for I-Effect
the I-Effect
retailer I-Effect
and I-Effect
supporting I-Effect
wholesale I-Effect
pricing I-Effect
. O

The B-Cause
large I-Cause
size I-Cause
of I-Cause
Ulta I-Cause
's I-Cause
stores I-Cause
allows B-Effect
the I-Effect
company I-Effect
to I-Effect
offer I-Effect
services I-Effect
for I-Effect
hair I-Effect
styling I-Effect
, I-Effect
skincare I-Effect
, I-Effect
makeup I-Effect
, I-Effect
and I-Effect
brows I-Effect
in I-Effect
all I-Effect
stores I-Effect
. O

Cohen O
& O
amp O
; O
Steers B-Cause
also I-Cause
garnered I-Cause
12 I-Cause
% I-Cause
( I-Cause
18 I-Cause
% I-Cause
) I-Cause
of I-Cause
its I-Cause
AUM I-Cause
( I-Cause
base I-Cause
management I-Cause
fees I-Cause
) I-Cause
from I-Cause
closed-end I-Cause
funds I-Cause
, I-Cause
which I-Cause
differ I-Cause
from I-Cause
open-end I-Cause
funds I-Cause
in I-Cause
that I-Cause
they I-Cause
can I-Cause
not I-Cause
be I-Cause
redeemed I-Cause
back I-Cause
to I-Cause
the I-Cause
fund I-Cause
manager I-Cause
, O
providing B-Effect
the I-Effect
firm I-Effect
with I-Effect
a I-Effect
greater I-Effect
hold I-Effect
over I-Effect
this O
portion O
of O
its O
retail O
AUM O
. O

The B-Cause
coronavirus I-Cause
has O
caused O
an B-Cause
unprecedented I-Cause
shock I-Cause
to I-Cause
the I-Cause
food-service I-Cause
industry I-Cause
, O
which O
has O
thus O
far B-Effect
caused I-Effect
the I-Effect
permanent I-Effect
closure I-Effect
of I-Effect
10 I-Effect
% I-Effect
of I-Effect
restaurants I-Effect
and I-Effect
a I-Effect
double-digit I-Effect
decline I-Effect
in I-Effect
industry I-Effect
sales I-Effect
in I-Effect
calendar I-Effect
2020 I-Effect
. O

Once O
the B-Cause
runway I-Cause
of I-Cause
efficiency I-Cause
gains I-Cause
in I-Cause
pressure I-Cause
pumping I-Cause
is I-Cause
gone I-Cause
, O
it O
will O
only O
be O
a O
matter O
of O
time O
before O
the B-Effect
industry I-Effect
catches I-Effect
up I-Effect
to I-Effect
Halliburton I-Effect
in I-Effect
pressure I-Effect
pumping I-Effect
. O

We O
also O
project B-Effect
noninterest I-Effect
income I-Effect
increasing I-Effect
at I-Effect
a I-Effect
CAGR I-Effect
of I-Effect
4 I-Effect
% I-Effect
in I-Effect
normal I-Effect
years I-Effect
, I-Effect
while I-Effect
expecting I-Effect
a I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
due B-Cause
to I-Cause
pressure I-Cause
from I-Cause
COVID-19 I-Cause
. I-Cause

In O
addition O
, O
the B-Effect
online I-Effect
travel I-Effect
business I-Effect
can I-Effect
be I-Effect
negatively I-Effect
affected O
by O
economic B-Cause
downturns I-Cause
, I-Cause
terrorist I-Cause
attacks I-Cause
, I-Cause
political I-Cause
instability I-Cause
, I-Cause
and I-Cause
pandemics I-Cause
( I-Cause
such I-Cause
as I-Cause
in I-Cause
Paris I-Cause
in I-Cause
November I-Cause
2015 I-Cause
, I-Cause
politically I-Cause
instability I-Cause
in I-Cause
Hong I-Cause
Kong I-Cause
in I-Cause
2019 I-Cause
, I-Cause
and I-Cause
COVID-19 I-Cause
in I-Cause
2020 I-Cause
) I-Cause
. O

First O
, O
even O
though O
its O
EDA O
tools O
are O
mission-critical O
and O
designers B-Effect
hesitate I-Effect
to I-Effect
move I-Effect
to I-Effect
a I-Effect
competing I-Effect
vendor I-Effect
after O
learning B-Cause
the I-Cause
tools I-Cause
and I-Cause
becoming I-Cause
familiar I-Cause
with I-Cause
them I-Cause
, I-Cause
choice I-Cause
of I-Cause
vendor I-Cause
plays I-Cause
an I-Cause
important I-Cause
role I-Cause
in I-Cause
the I-Cause
space I-Cause
as I-Cause
well I-Cause
. O

We O
expect O
the O
first-line B-Cause
lung I-Cause
cancer I-Cause
indication I-Cause
for I-Cause
Tagrisso I-Cause
combined I-Cause
with I-Cause
the I-Cause
likely I-Cause
approval I-Cause
in I-Cause
adjuvant I-Cause
lung I-Cause
cancer I-Cause
will O
drive O
peak B-Effect
sales I-Effect
above I-Effect
$ I-Effect
10 I-Effect
billion I-Effect
annually I-Effect
. O

Oil B-Cause
spills I-Cause
are O
an B-Effect
ever-present I-Effect
risk I-Effect
for I-Effect
oil I-Effect
companies I-Effect
operating I-Effect
offshore I-Effect
and O
can O
be O
devastating B-Effect
to I-Effect
firm I-Effect
value I-Effect
as O
BP O
's O
Macondo O
incident O
in O
the O
Gulf O
of O
Mexico O
shows O
. O

However O
, O
due O
to O
the B-Cause
bank I-Cause
's I-Cause
inability I-Cause
to I-Cause
deal I-Cause
with I-Cause
its I-Cause
regulatory I-Cause
issues I-Cause
, O
which O
increases B-Cause
the I-Cause
uncertainty I-Cause
around I-Cause
future I-Cause
profitability I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
the I-Effect
bank I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Since B-Cause
2019 I-Cause
Orange I-Cause
has I-Cause
lost I-Cause
thousands I-Cause
of I-Cause
mobile I-Cause
subscribers I-Cause
, O
something O
it B-Effect
has I-Effect
tried I-Effect
to I-Effect
offset I-Effect
by I-Effect
offering I-Effect
more I-Effect
attractive I-Effect
prices I-Effect
. O

In O
the O
mobility O
and O
materials O
segment O
, O
DuPont B-Effect
should I-Effect
benefit I-Effect
from I-Effect
automakers I-Effect
replacing I-Effect
small I-Effect
metal I-Effect
pieces I-Effect
with I-Effect
lighter I-Effect
plastics I-Effect
, O
a O
trend O
that O
should O
continue O
as O
automakers B-Cause
move I-Cause
toward I-Cause
more I-Cause
lightweight I-Cause
vehicles I-Cause
. O

Eaton O
's O
ability O
to O
lower B-Effect
a I-Effect
customer I-Effect
's I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
also O
relates O
to O
its B-Cause
intangible I-Cause
assets I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
superior I-Cause
battery I-Cause
technology I-Cause
and I-Cause
higher I-Cause
operating I-Cause
efficiency I-Cause
. O

Because O
of O
the B-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
( I-Cause
volume I-Cause
drives I-Cause
profits I-Cause
) I-Cause
inherent I-Cause
in I-Cause
the I-Cause
retailers I-Cause
' I-Cause
business I-Cause
model I-Cause
and I-Cause
razor-thin I-Cause
margins I-Cause
, O
availability B-Effect
of I-Effect
products I-Effect
on I-Effect
shelves I-Effect
is I-Effect
critical I-Effect
. O

Also O
, O
in O
emerging O
markets O
, O
the B-Effect
company I-Effect
has I-Effect
improved I-Effect
its I-Effect
position I-Effect
by O
selling B-Cause
its I-Cause
majority-owned I-Cause
subsidiary I-Cause
eLong I-Cause
and I-Cause
replacing I-Cause
it I-Cause
with I-Cause
a I-Cause
CTrip I-Cause
collaboration I-Cause
. O

The B-Effect
damage I-Effect
to I-Effect
the I-Effect
pump I-Effect
franchise I-Effect
could I-Effect
have I-Effect
been I-Effect
even I-Effect
worse I-Effect
if O
not O
for O
pandemic-driven B-Cause
demand I-Cause
, O
but O
we O
think O
BD O
will O
still O
end O
up O
ceding O
some O
market O
share O
in O
this O
area O
even O
if O
it O
returns O
the O
pump O
to O
the O
market O
in O
late O
2021 O
. O

We O
expect O
VAS B-Effect
revenue I-Effect
to I-Effect
increase I-Effect
at I-Effect
a I-Effect
10-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
of I-Effect
11 I-Effect
% I-Effect
, O
driven O
by O
new B-Cause
key I-Cause
game I-Cause
launches I-Cause
, I-Cause
improvement I-Cause
in I-Cause
monetization I-Cause
of I-Cause
existing I-Cause
popular I-Cause
mobile I-Cause
games I-Cause
, I-Cause
expansion I-Cause
of I-Cause
international I-Cause
games I-Cause
, I-Cause
expansion I-Cause
of I-Cause
game I-Cause
genres I-Cause
, I-Cause
and I-Cause
increased I-Cause
willingness I-Cause
to I-Cause
subscribe I-Cause
to I-Cause
content I-Cause
in I-Cause
China I-Cause
. O

Moreover O
, O
the B-Cause
negative I-Cause
effects I-Cause
it I-Cause
experiences I-Cause
from I-Cause
currency I-Cause
depreciation I-Cause
are I-Cause
manifold I-Cause
( O
most O
recently O
stemming O
from O
COVID-19 O
) O
, O
impacting B-Effect
both I-Effect
revenue I-Effect
and I-Effect
costs I-Effect
. O

Because O
of O
the B-Cause
third-party I-Cause
broker I-Cause
arrangement I-Cause
, O
there B-Effect
is I-Effect
little I-Effect
opportunity I-Effect
for I-Effect
Kilroy I-Effect
to I-Effect
directly I-Effect
influence I-Effect
a I-Effect
leasing I-Effect
decision I-Effect
, I-Effect
and I-Effect
leasing I-Effect
terms I-Effect
tend I-Effect
to I-Effect
be I-Effect
specified I-Effect
to I-Effect
meet I-Effect
client I-Effect
needs I-Effect
and I-Effect
reflective I-Effect
of I-Effect
current I-Effect
market I-Effect
rates I-Effect
coordinated I-Effect
through I-Effect
the I-Effect
brokers I-Effect
. O

In O
addition O
to O
our O
expectations O
for O
ADAS O
to O
present O
a O
robust O
growth O
opportunity O
for O
the O
firm O
, O
we O
think O
automotive B-Effect
applications I-Effect
like I-Effect
ADAS I-Effect
present I-Effect
strong I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
, O
resulting O
from O
being B-Cause
a I-Cause
mission-critical I-Cause
system I-Cause
with I-Cause
an I-Cause
immense I-Cause
cost I-Cause
of I-Cause
failure I-Cause
. O

Our O
projections O
assume O
substantial B-Effect
patient I-Effect
declines I-Effect
in I-Effect
PNH I-Effect
and I-Effect
aHUS I-Effect
due O
to O
biosimilars B-Cause
, I-Cause
with I-Cause
a I-Cause
slightly I-Cause
larger I-Cause
hit I-Cause
outside I-Cause
of I-Cause
the I-Cause
U.S I-Cause
. I-Cause

While O
we O
believe O
COVID-19 B-Cause
disruptions I-Cause
have O
resulted O
in O
some B-Effect
restructuring I-Effect
situations I-Effect
and I-Effect
restaurant I-Effect
closures I-Effect
among I-Effect
RBI I-Effect
's I-Effect
franchisee I-Effect
base I-Effect
, O
we O
believe O
the B-Cause
operational I-Cause
strategies I-Cause
behind I-Cause
its I-Cause
core I-Cause
brands I-Cause
-- I-Cause
Burger I-Cause
King I-Cause
, I-Cause
Tim I-Cause
Hortons I-Cause
, I-Cause
and I-Cause
Popeyes I-Cause
Louisiana I-Cause
Kitchen I-Cause
-- O
should O
help O
position O
the B-Effect
company I-Effect
for I-Effect
longer-term I-Effect
market I-Effect
share I-Effect
gains I-Effect
. O

We O
think O
it B-Effect
is I-Effect
possible I-Effect
that I-Effect
Marvell I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
increase I-Effect
GAAP I-Effect
operating I-Effect
margins I-Effect
in I-Effect
the I-Effect
high-20s I-Effect
by I-Effect
driving I-Effect
leverage I-Effect
as O
it B-Cause
streamlines I-Cause
its I-Cause
spending I-Cause
in I-Cause
storage I-Cause
and I-Cause
networking I-Cause
. O

This B-Effect
gives I-Effect
the I-Effect
bank I-Effect
exposure I-Effect
to I-Effect
this I-Effect
higher-margin I-Effect
fee-based I-Effect
business I-Effect
that I-Effect
we I-Effect
do I-Effect
n't I-Effect
think I-Effect
will I-Effect
change I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
the B-Cause
banks I-Cause
still I-Cause
have I-Cause
the I-Cause
dominant I-Cause
branch I-Cause
and I-Cause
distribution I-Cause
networks I-Cause
. O

We O
include B-Cause
no I-Cause
material I-Cause
value I-Cause
from I-Cause
nonutility I-Cause
investment I-Cause
during I-Cause
the I-Cause
next I-Cause
three I-Cause
years I-Cause
, O
but O
this O
could O
be O
an O
opportunity O
for O
long-term B-Effect
earnings I-Effect
and I-Effect
value I-Effect
upside I-Effect
. O

Kimco O
will O
have B-Effect
to I-Effect
re-lease I-Effect
vacant I-Effect
space I-Effect
to I-Effect
new I-Effect
tenants I-Effect
, O
which O
may B-Cause
be I-Cause
at I-Cause
lower I-Cause
rents I-Cause
in I-Cause
a I-Cause
negative I-Cause
sales I-Cause
environment I-Cause
. O

We O
think O
all O
of O
Oracle O
's O
major O
software B-Effect
offerings I-Effect
exhibit I-Effect
switching I-Effect
costs I-Effect
, O
which O
are O
found O
in O
many O
enterprise O
software O
offerings O
for O
a B-Cause
variety I-Cause
of I-Cause
reasons I-Cause
. O

We O
believe O
that O
CrowdStrike B-Cause
is I-Cause
successfully I-Cause
executing I-Cause
on I-Cause
a I-Cause
land-and-expand I-Cause
strategy I-Cause
, O
whereby O
the B-Effect
company I-Effect
establishes I-Effect
a I-Effect
market I-Effect
presence I-Effect
, I-Effect
becomes I-Effect
crucial I-Effect
to I-Effect
its I-Effect
customers I-Effect
, I-Effect
and I-Effect
is I-Effect
able I-Effect
to I-Effect
extract I-Effect
more I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
over I-Effect
time I-Effect
. O

With B-Cause
its I-Cause
exposure I-Cause
exclusively I-Cause
in I-Cause
Canada I-Cause
, I-Cause
Mexico I-Cause
, I-Cause
and I-Cause
Finland I-Cause
, O
Agnico B-Effect
's I-Effect
geographic I-Effect
exposure I-Effect
is I-Effect
limited I-Effect
to I-Effect
generally I-Effect
stable I-Effect
, I-Effect
mining-friendly I-Effect
jurisdictions I-Effect
. O

Finally O
, O
we O
think O
MPS O
will O
continue O
investing B-Cause
heavily I-Cause
in I-Cause
further I-Cause
advancing I-Cause
its I-Cause
process I-Cause
technology I-Cause
and I-Cause
aggressively I-Cause
marketing I-Cause
its I-Cause
differentiated I-Cause
approach I-Cause
to O
maintain B-Effect
its I-Effect
market I-Effect
outgrowth I-Effect
. O

Within O
its O
industrial O
and O
energy O
segments O
, O
many B-Cause
of I-Cause
Ingersoll-Rand I-Cause
's I-Cause
products I-Cause
are I-Cause
designed I-Cause
to I-Cause
work I-Cause
in I-Cause
harsh I-Cause
conditions I-Cause
, O
which O
leads O
to O
significant B-Effect
wear I-Effect
and I-Effect
tear I-Effect
. O

Equinix B-Effect
's I-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
high I-Effect
, O
primarily O
because O
the B-Cause
capital-heavy I-Cause
nature I-Cause
of I-Cause
its I-Cause
business I-Cause
minimizes I-Cause
its I-Cause
ability I-Cause
to I-Cause
be I-Cause
agile I-Cause
in I-Cause
the I-Cause
face I-Cause
of I-Cause
a I-Cause
market I-Cause
downturn I-Cause
. O

We O
forecast O
EBITA B-Effect
margins I-Effect
to I-Effect
reach I-Effect
12 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
, O
aided O
by O
a B-Cause
positive I-Cause
mix I-Cause
shift I-Cause
toward I-Cause
the I-Cause
high-margin I-Cause
digital I-Cause
industries I-Cause
, O
with O
high-margin O
software O
outgrowing O
the O
rest O
of O
the O
division O
. O

This B-Cause
large I-Cause
installed I-Cause
base I-Cause
creates I-Cause
stickiness I-Cause
that O
helps B-Effect
Lam I-Effect
maintain I-Effect
its I-Effect
leadership I-Effect
position I-Effect
in I-Effect
key I-Effect
process I-Effect
steps I-Effect
for I-Effect
chipmakers I-Effect
' I-Effect
process I-Effect
flows I-Effect
. O

Because O
the B-Cause
costs I-Cause
to I-Cause
build I-Cause
or I-Cause
acquire I-Cause
a I-Cause
proprietary I-Cause
set I-Cause
of I-Cause
data I-Cause
are I-Cause
mostly I-Cause
fixed I-Cause
, O
as B-Effect
a B-Cause
data I-Cause
business I-Cause
grows I-Cause
, I-Effect
additional B-Effect
revenue I-Effect
will I-Effect
fall I-Effect
to I-Effect
the I-Effect
bottom I-Effect
line I-Effect
without I-Effect
much I-Effect
additional I-Effect
cost I-Effect
. O

Switching B-Effect
costs I-Effect
are I-Effect
high I-Effect
since O
changing B-Cause
providers I-Cause
entails I-Cause
significant I-Cause
operational I-Cause
risk I-Cause
and I-Cause
substituting I-Cause
one I-Cause
data I-Cause
set I-Cause
for I-Cause
another I-Cause
is I-Cause
often I-Cause
not I-Cause
a I-Cause
like-for-like I-Cause
swap I-Cause
. O

Additionally O
, O
supply B-Cause
is I-Cause
has I-Cause
entered I-Cause
some I-Cause
key I-Cause
markets I-Cause
, O
which O
will O
limit O
Public B-Effect
Storage I-Effect
's I-Effect
ability I-Effect
to I-Effect
push I-Effect
material I-Effect
price I-Effect
increases I-Effect
as O
it O
has O
in O
recent O
years O
. O

And O
with O
Guardant B-Effect
the I-Effect
first I-Effect
to I-Effect
market I-Effect
with I-Effect
an I-Effect
FDA-approved I-Effect
liquid I-Effect
biopsy I-Effect
, O
we O
think O
Guardant O
could O
benefit O
from O
a B-Cause
significant I-Cause
first-mover I-Cause
advantage I-Cause
, I-Cause
and I-Cause
peers I-Cause
are I-Cause
years I-Cause
behind I-Cause
Guardant I-Cause
in I-Cause
the I-Cause
treatment I-Cause
selection I-Cause
market I-Cause
. O

Our B-Effect
unit I-Effect
growth I-Effect
forecast I-Effect
averages I-Effect
4.3 I-Effect
% I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
( I-Effect
unchanged I-Effect
) I-Effect
, O
supported O
by O
a B-Cause
favorable I-Cause
position I-Cause
with I-Cause
next-generation I-Cause
travelers I-Cause
, I-Cause
new I-Cause
brand I-Cause
growth I-Cause
, I-Cause
and I-Cause
a I-Cause
strong I-Cause
pipeline I-Cause
. O

Single-use B-Cause
technology I-Cause
is O
a O
lower O
cost O
alternative O
to O
conventional O
materials O
( O
for O
example O
steel O
) O
, O
and O
reduces B-Effect
significant I-Effect
time I-Effect
in I-Effect
the I-Effect
biomanufacturing I-Effect
process I-Effect
. O

With B-Cause
manufacturing I-Cause
facilities I-Cause
abroad I-Cause
, I-Cause
we I-Cause
could I-Cause
see I-Cause
operating I-Cause
efficiencies I-Cause
achieved I-Cause
with I-Cause
the I-Cause
appropriate I-Cause
company I-Cause
acquisition I-Cause
and I-Cause
with I-Cause
a I-Cause
distribution I-Cause
network I-Cause
already I-Cause
intact I-Cause
overseas I-Cause
, I-Cause
we I-Cause
think I-Cause
acquired I-Cause
sales I-Cause
could I-Cause
benefit. O
This O
could O
boost B-Effect
Polaris I-Effect
' I-Effect
scale I-Effect
faster I-Effect
, I-Effect
helping I-Effect
the I-Effect
business I-Effect
capture I-Effect
further I-Effect
operating I-Effect
efficiencies I-Effect
and I-Effect
possibly I-Effect
boosting I-Effect
operating I-Effect
margins I-Effect
higher I-Effect
than I-Effect
we I-Effect
currently I-Effect
anticipate I-Effect
, I-Effect
as I-Effect
lean I-Effect
manufacturing I-Effect
has I-Effect
remained I-Effect
a I-Effect
key I-Effect
theme I-Effect
over I-Effect
recent I-Effect
years I-Effect
. O

Our O
base-case O
scenario O
assumes O
that O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
eventually I-Effect
declines I-Effect
to I-Effect
about I-Effect
56 I-Effect
% I-Effect
as O
management B-Cause
maintains I-Cause
focus I-Cause
on I-Cause
cost I-Cause
control I-Cause
. O

However O
, O
the B-Cause
increasing I-Cause
use I-Cause
of I-Cause
automation I-Cause
in I-Cause
Accenture I-Cause
's I-Cause
processes I-Cause
may O
result O
in O
lower B-Effect
utilization I-Effect
rates I-Effect
if I-Effect
the B-Cause
firm I-Cause
ca I-Cause
n't I-Cause
best I-Cause
predict I-Cause
its I-Cause
personnel I-Cause
needs I-Cause
. O

Like O
competitor O
Arrow O
Electronics O
, O
Avnet B-Cause
has I-Cause
a I-Cause
broad I-Cause
range I-Cause
of I-Cause
components I-Cause
and I-Cause
provides I-Cause
various I-Cause
value-Electronics I-Cause
& I-Cause
Computer I-Cause
Distributionadded I-Cause
services I-Cause
to O
help B-Effect
customers I-Effect
develop I-Effect
new I-Effect
products I-Effect
, I-Effect
improve I-Effect
time I-Effect
to I-Effect
market I-Effect
, I-Effect
and I-Effect
reduce I-Effect
inefficiencies I-Effect
. O

We O
also O
forecast O
that O
Trane B-Cause
can I-Cause
continue I-Cause
to I-Cause
raise I-Cause
prices I-Cause
in I-Cause
excess I-Cause
of I-Cause
input I-Cause
cost I-Cause
inflation I-Cause
, O
supporting B-Effect
both I-Effect
top I-Effect
line I-Effect
growth I-Effect
and I-Effect
profit I-Effect
margins I-Effect
. O

However O
, O
as B-Cause
the I-Cause
hotel I-Cause
starts I-Cause
to I-Cause
consistently I-Cause
fill I-Cause
up I-Cause
, I-Cause
it I-Cause
should I-Cause
start I-Cause
to I-Cause
be I-Cause
able I-Cause
to I-Cause
raise I-Cause
rates I-Cause
, I-Cause
especially I-Cause
on I-Cause
the I-Cause
last I-Cause
few I-Cause
customers I-Cause
who I-Cause
push I-Cause
occupancy I-Cause
toward I-Cause
100 I-Cause
% I-Cause
for I-Cause
a I-Cause
given I-Cause
night. O
Thus O
, O
we B-Effect
should I-Effect
see I-Effect
revPAR I-Effect
growth I-Effect
driven I-Effect
by I-Effect
occupancy I-Effect
growth I-Effect
early I-Effect
in I-Effect
the I-Effect
cycle I-Effect
that I-Effect
gives I-Effect
way I-Effect
to I-Effect
revPAR I-Effect
growth I-Effect
driven I-Effect
by I-Effect
rate I-Effect
growth I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
the I-Effect
cycle I-Effect
. O

While O
about B-Cause
50 I-Cause
% I-Cause
of I-Cause
Sysco I-Cause
's I-Cause
business I-Cause
operates I-Cause
under I-Cause
a I-Cause
cost-plus I-Cause
contract I-Cause
, O
and O
therefore O
faces B-Effect
no I-Effect
margin I-Effect
risk I-Effect
, O
the O
remaining O
50 O
% O
uses O
negotiated O
spot O
prices O
. O

Duke B-Cause
Realty I-Cause
has I-Cause
been I-Cause
adamant I-Cause
in I-Cause
its I-Cause
goal I-Cause
of I-Cause
focusing I-Cause
on I-Cause
high-quality I-Cause
assets I-Cause
, O
so O
we B-Effect
estimate I-Effect
that I-Effect
management I-Effect
will I-Effect
continue I-Effect
to I-Effect
dispose I-Effect
of I-Effect
noncore I-Effect
assets I-Effect
at I-Effect
somewhat I-Effect
higher I-Effect
yields I-Effect
. O

As O
reimbursement B-Cause
does I-Cause
n't I-Cause
distinguish I-Cause
between I-Cause
manual I-Cause
and I-Cause
robotic I-Cause
MIS I-Cause
, I-Cause
and I-Cause
robotic I-Cause
instrumentation I-Cause
costs I-Cause
more I-Cause
, O
hospitals B-Effect
are I-Effect
forced I-Effect
to I-Effect
eat I-Effect
the I-Effect
difference I-Effect
between I-Effect
the I-Effect
two I-Effect
procedures I-Effect
, O
and O
if O
clinical B-Cause
benefit I-Cause
is I-Cause
n't I-Cause
well I-Cause
established I-Cause
, O
manual B-Effect
laparoscopy I-Effect
may I-Effect
prevail I-Effect
. O

Customer O
adoption O
, O
2 O
Jun O
2021 O
05:00 O
, O
UTCand O
by O
extension O
, O
market O
share O
gains O
, O
wo O
n't O
come O
easy O
, O
and O
management O
has O
acknowledged O
that O
comp B-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
may O
be O
back-weighted O
, O
since O
service B-Cause
offerings I-Cause
take I-Cause
time I-Cause
to I-Cause
scale I-Cause
. O

Owners O
that O
outsource O
management O
responsibilities O
seek O
a B-Cause
strong I-Cause
brand I-Cause
and I-Cause
management I-Cause
team I-Cause
with I-Cause
scale I-Cause
and I-Cause
expertise I-Cause
in I-Cause
reservation I-Cause
, I-Cause
advertising I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
labor I-Cause
management I-Cause
, O
which O
leads O
to O
strong B-Effect
revenue I-Effect
per I-Effect
available I-Effect
room I-Effect
, I-Effect
occupancy I-Effect
, I-Effect
and I-Effect
profitability I-Effect
. O

Although O
Weixin O
and O
QQ O
currently O
serve O
different O
needs O
from O
Weibo O
, O
if B-Effect
they I-Effect
embed I-Effect
new I-Effect
functions I-Effect
that I-Effect
compete I-Effect
with I-Effect
Weibo I-Effect
, I-Effect
we I-Effect
think I-Effect
Weibo I-Effect
could I-Effect
be I-Effect
negatively I-Effect
affected I-Effect
, O
as O
Weixin B-Cause
and I-Cause
QQ I-Cause
already I-Cause
have I-Cause
much I-Cause
larger I-Cause
user I-Cause
bases I-Cause
. O

If O
PPG B-Cause
were I-Cause
to I-Cause
increase I-Cause
its I-Cause
leverage I-Cause
to I-Cause
pursue I-Cause
a I-Cause
large I-Cause
deal I-Cause
at I-Cause
the I-Cause
wrong I-Cause
time I-Cause
, O
this O
could O
endanger B-Effect
the I-Effect
business I-Effect
. O

But O
this O
should O
not O
affect O
TripAdvisor O
's O
uncertainty O
rating O
unless O
travel B-Cause
demand I-Cause
once I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, O
which O
perhaps O
could O
occur O
at O
value-destructive O
levels O
. O

We B-Cause
share I-Cause
Hormel I-Cause
's I-Cause
sentiment I-Cause
that I-Cause
innovation I-Cause
is I-Cause
important I-Cause
, I-Cause
and I-Cause
we I-Cause
believe I-Cause
the I-Cause
firm I-Cause
will I-Cause
increase I-Cause
its I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
investments I-Cause
to I-Cause
be I-Cause
more I-Cause
in I-Cause
line I-Cause
with I-Cause
its I-Cause
peer I-Cause
group I-Cause
to I-Cause
ensure I-Cause
that O
it B-Effect
is I-Effect
continuing I-Effect
to I-Effect
bring I-Effect
value-added I-Effect
fare I-Effect
to I-Effect
market I-Effect
that I-Effect
aligns I-Effect
with I-Effect
evolving I-Effect
consumer I-Effect
trends I-Effect
. O

The B-Effect
firm I-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
myriad I-Effect
cultural I-Effect
, I-Effect
economic I-Effect
, I-Effect
and I-Effect
political I-Effect
risks I-Effect
through O
its B-Cause
operations I-Cause
and I-Cause
investments I-Cause
in I-Cause
overseas I-Cause
markets I-Cause
. O

We B-Effect
continue I-Effect
to I-Effect
hold I-Effect
relatively I-Effect
optimistic I-Effect
projections I-Effect
for I-Effect
Boston I-Effect
's I-Effect
growth I-Effect
beyond I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
based O
on O
the B-Cause
firm I-Cause
's I-Cause
new I-Cause
products I-Cause
featuring I-Cause
promising I-Cause
technologies I-Cause
, I-Cause
including I-Cause
Millipede I-Cause
for I-Cause
transcatheter I-Cause
mitral I-Cause
valve I-Cause
repair I-Cause
, I-Cause
advances I-Cause
in I-Cause
spinal I-Cause
cord I-Cause
stimulation I-Cause
for I-Cause
chronic I-Cause
pain I-Cause
, I-Cause
and I-Cause
new I-Cause
electrophysiology I-Cause
navigation I-Cause
platforms I-Cause
. O

With O
essentially O
all O
rooms O
franchised O
, O
Choice B-Effect
has I-Effect
an I-Effect
attractive I-Effect
recurring-fee I-Effect
business I-Effect
model I-Effect
with I-Effect
high I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
( O
averaging O
83 O
% O
over O
the O
past O
three O
years O
, O
including O
goodwill O
) O
, O
as O
franchised B-Cause
hotels I-Cause
have I-Cause
low I-Cause
fixed I-Cause
costs I-Cause
and I-Cause
capital I-Cause
requirements I-Cause
. O

In O
fact O
, O
the O
desire B-Effect
to I-Effect
use I-Effect
the I-Effect
company I-Effect
's I-Effect
platform I-Effect
could I-Effect
increase I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
carriers B-Cause
try I-Cause
to I-Cause
refill I-Cause
seats I-Cause
after I-Cause
the I-Cause
coronavirus I-Cause
. O

After B-Cause
accounting I-Cause
for I-Cause
the I-Cause
profit I-Cause
split I-Cause
with I-Cause
partner I-Cause
Pfizer I-Cause
, O
we B-Effect
expect I-Effect
BioNTech I-Effect
to I-Effect
book I-Effect
a I-Effect
gross I-Effect
profit I-Effect
of I-Effect
EUR I-Effect
10.8 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
and I-Effect
EUR I-Effect
10.2 I-Effect
billion I-Effect
in I-Effect
2022 I-Effect
from I-Effect
Comirnaty I-Effect
. O

In O
addition O
, O
the B-Cause
capital I-Cause
intensity I-Cause
of I-Cause
its I-Cause
operations I-Cause
makes O
it B-Effect
difficult I-Effect
, I-Effect
but I-Effect
not I-Effect
impossible I-Effect
, I-Effect
for I-Effect
ADM I-Effect
to I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
. O

In O
these O
markets O
, O
it B-Cause
will I-Cause
need I-Cause
to I-Cause
continually I-Cause
innovate I-Cause
ahead I-Cause
of I-Cause
the I-Cause
competition I-Cause
to I-Cause
maintain I-Cause
pricing I-Cause
power I-Cause
, O
and O
thus O
market B-Effect
share I-Effect
, I-Effect
over I-Effect
these I-Effect
alternatives I-Effect
. O

We O
estimate O
earnings B-Effect
per I-Effect
share I-Effect
will I-Effect
grow I-Effect
more I-Effect
slowly I-Effect
than I-Effect
rate I-Effect
base I-Effect
, I-Effect
about I-Effect
8 I-Effect
% I-Effect
annually I-Effect
, O
due O
to O
the B-Effect
dilutive I-Effect
impact I-Effect
of I-Effect
almost I-Effect
$ I-Effect
3 I-Effect
billion I-Effect
of I-Effect
common I-Effect
equity I-Effect
we I-Effect
forecast I-Effect
will I-Effect
be I-Effect
issued I-Effect
over I-Effect
this I-Effect
period I-Effect
as O
the B-Cause
company I-Cause
maintains I-Cause
a I-Cause
strong I-Cause
balance I-Cause
sheet I-Cause
. O

We O
model O
about B-Effect
$ I-Effect
6.1 I-Effect
billion I-Effect
in I-Effect
cystic I-Effect
fibrosis I-Effect
sales I-Effect
in I-Effect
2020 I-Effect
, O
driven O
by O
Trikafta B-Cause
( O
in O
both O
F508del O
homozygous O
and O
heterozygous O
patients O
) O
. O

Given O
the B-Cause
stagnant I-Cause
number I-Cause
of I-Cause
technicians I-Cause
and I-Cause
independent I-Cause
repair I-Cause
shops I-Cause
offset I-Cause
by I-Cause
technology I-Cause
trends I-Cause
, O
we B-Effect
forecast I-Effect
4.4 I-Effect
% I-Effect
annual I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

In O
addition O
, O
the O
Federal O
Energy O
Regulatory O
Commission O
prevents O
new B-Effect
transmission I-Effect
from O
being O
built O
unless O
there O
is O
a B-Cause
demonstrated I-Cause
economic I-Cause
need I-Cause
to O
do O
so O
. O

As B-Cause
with I-Cause
fast I-Cause
fashion I-Cause
, O
we B-Effect
believe I-Effect
the I-Effect
clearance I-Effect
business I-Effect
model I-Effect
allows I-Effect
for I-Effect
a I-Effect
sustainable I-Effect
cost I-Effect
advantage I-Effect
that I-Effect
Old I-Effect
Navy I-Effect
does I-Effect
not I-Effect
have I-Effect
. O

As B-Cause
a I-Cause
legacy I-Cause
phone I-Cause
provider I-Cause
, I-Cause
BCE I-Cause
has I-Cause
historically I-Cause
had I-Cause
an I-Cause
inferior I-Cause
network I-Cause
, O
contributing B-Effect
to I-Effect
better I-Effect
penetration I-Effect
rates I-Effect
for I-Effect
Rogers I-Effect
and I-Effect
Videotron I-Effect
. O

A B-Cause
lack I-Cause
of I-Cause
gas I-Cause
supply I-Cause
forced B-Effect
Vistra I-Effect
's I-Effect
plants I-Effect
to I-Effect
shutdown I-Effect
and O
required O
the B-Cause
company I-Cause
to I-Cause
buy I-Cause
power I-Cause
and I-Cause
gas I-Cause
at I-Cause
exceptionally I-Cause
high I-Cause
prices I-Cause
to O
satisfy B-Effect
its I-Effect
customer I-Effect
commitments I-Effect
. O

We O
model O
Zscaler O
expanding O
gross O
margins O
beyond O
80 O
% O
over O
our O
explicit O
forecast O
, O
up O
from O
roughly O
78 O
% O
in O
fiscal O
2020 O
, O
as O
it O
leverages O
its O
growing B-Cause
footprint I-Cause
in O
colocation O
data O
centers O
to O
serve O
an O
increasing B-Effect
number I-Effect
of I-Effect
customers I-Effect
deploying O
multiple O
Zscaler O
capabilities O
. O

In O
the O
crushing O
business O
within O
ag O
services O
and O
oilseeds O
, O
soybean B-Effect
capacity I-Effect
utilization I-Effect
should O
benefit O
from O
gains B-Cause
in I-Cause
crop I-Cause
yield I-Cause
and I-Cause
increased I-Cause
acreage I-Cause
in I-Cause
South I-Cause
America I-Cause
. O

Since O
investor B-Cause
funds I-Cause
have I-Cause
flowed I-Cause
away I-Cause
from I-Cause
active I-Cause
managers I-Cause
, I-Cause
which I-Cause
require I-Cause
more I-Cause
analysts I-Cause
, O
FactSet B-Effect
's I-Effect
opportunity I-Effect
to I-Effect
sell I-Effect
additional I-Effect
seat I-Effect
licenses I-Effect
has I-Effect
decreased I-Effect
. O

As O
consumers B-Cause
get I-Cause
more I-Cause
averse I-Cause
to I-Cause
fossil I-Cause
fuels I-Cause
, O
the B-Cause
reputational I-Cause
risk I-Cause
grows I-Cause
for I-Cause
producers I-Cause
and O
the B-Effect
probability I-Effect
of I-Effect
widespread I-Effect
substitution I-Effect
away I-Effect
from I-Effect
fossil I-Effect
fuels I-Effect
increases I-Effect
. O

Overall O
, O
we B-Effect
like I-Effect
Comerica I-Effect
's I-Effect
longer-term I-Effect
prospects I-Effect
as O
the B-Cause
bank I-Cause
builds I-Cause
an I-Cause
improved I-Cause
cost I-Cause
base I-Cause
and I-Cause
extracts I-Cause
value I-Cause
from I-Cause
its I-Cause
deep I-Cause
, I-Cause
advisor-style I-Cause
relationships I-Cause
with I-Cause
small I-Cause
and I-Cause
midsize I-Cause
business I-Cause
clients I-Cause
. I-Cause

Given O
the B-Cause
shape I-Cause
of I-Cause
the I-Cause
cost I-Cause
curve I-Cause
and I-Cause
the I-Cause
high I-Cause
degree I-Cause
of I-Cause
cyclicality I-Cause
inherent I-Cause
to I-Cause
the I-Cause
steel I-Cause
industry I-Cause
, O
we B-Effect
liken I-Effect
Nucor I-Effect
to I-Effect
the I-Effect
best I-Effect
house I-Effect
in I-Effect
a I-Effect
bad I-Effect
neighborhood I-Effect
. O

We B-Effect
expect I-Effect
an I-Effect
8 I-Effect
% I-Effect
five-year I-Effect
CAGR I-Effect
in I-Effect
Facebook I-Effect
's I-Effect
monthly I-Effect
active I-Effect
users I-Effect
, O
mainly O
due O
to O
strong B-Cause
growth I-Cause
in I-Cause
Asia I-Cause
and I-Cause
other I-Cause
regions I-Cause
. O

Recent B-Effect
inflections I-Effect
such O
as O
3D O
architectures O
( O
including O
3D O
NAND O
and O
FinFET O
transistors O
in O
logic/foundry O
) O
have O
been O
enabled O
by O
more B-Cause
advanced I-Cause
tools I-Cause
in I-Cause
deposition I-Cause
and I-Cause
removal I-Cause
. O

We B-Effect
expect I-Effect
company-owned I-Effect
restaurant I-Effect
margins I-Effect
will I-Effect
decrease I-Effect
by I-Effect
270 I-Effect
basis I-Effect
points I-Effect
to I-Effect
14.9 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, I-Effect
due B-Cause
to I-Cause
coronavirus-related I-Cause
expense I-Cause
deleverage I-Cause
, I-Cause
elevated I-Cause
payroll I-Cause
costs I-Cause
, I-Cause
and I-Cause
other I-Cause
investments I-Cause
. I-Cause

While O
Plegridy B-Cause
is O
likely O
to O
help B-Effect
Biogen I-Effect
maintain I-Effect
its I-Effect
lead I-Effect
in I-Effect
the I-Effect
interferon I-Effect
market I-Effect
, O
we O
expect O
generic B-Cause
Copaxone I-Cause
and I-Cause
Tecfidera I-Cause
to O
weigh B-Effect
on I-Effect
sales I-Effect
of I-Effect
injectable I-Effect
MS I-Effect
therapies I-Effect
. O

With O
the O
addition B-Cause
of I-Cause
Fox I-Cause
, B-Effect
Disney I-Effect
now I-Effect
owns I-Effect
12 I-Effect
of I-Effect
the I-Effect
top I-Effect
20 I-Effect
films I-Effect
in I-Effect
terms I-Effect
of I-Effect
worldwide I-Effect
box I-Effect
office I-Effect
grosses I-Effect
, O
with O
9 O
of O
the O
movies O
released O
in O
last O
five O
years O
. O

We O
anticipate O
margin B-Effect
expansion I-Effect
in I-Effect
the I-Effect
technology I-Effect
division I-Effect
, O
which O
should O
benefit O
from O
lower B-Cause
intangible I-Cause
asset I-Cause
amortization I-Cause
from I-Cause
the I-Cause
CSRA I-Cause
acquisition I-Cause
and I-Cause
cost I-Cause
efficiencies I-Cause
from I-Cause
reducing I-Cause
legacy I-Cause
CSRA I-Cause
overhead I-Cause
. O

Overall O
, O
we B-Effect
see I-Effect
Allegion I-Effect
's I-Effect
broad I-Effect
distribution I-Effect
network I-Effect
as I-Effect
a I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
because O
we B-Cause
think I-Cause
it I-Cause
would I-Cause
be I-Cause
very I-Cause
difficult B-Effect
for I-Effect
a I-Effect
new I-Effect
entrant I-Effect
to I-Effect
quickly I-Effect
build I-Effect
these I-Effect
key I-Effect
relationships I-Effect
, I-Cause
especially I-Cause
without B-Cause
a I-Cause
strong I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
and I-Cause
durability I-Cause
. O

With O
interest O
rates O
likely O
to O
remain O
low O
for O
years O
, O
further B-Effect
growth I-Effect
will O
have O
to O
be O
from O
newer B-Cause
investment I-Cause
service I-Cause
initiatives I-Cause
, O
such O
as O
its O
expanded O
employee O
stock O
plan O
administration O
services O
and O
the O
discount O
brokerage O
operations O
from O
E-Trade O
. O

Along O
those O
lines O
, O
Amazon B-Effect
Web I-Effect
Services I-Effect
offers I-Effect
scale I-Effect
advantages I-Effect
to I-Effect
clients I-Effect
in O
that O
it B-Cause
is I-Cause
cheaper I-Cause
and I-Cause
faster I-Cause
to I-Cause
set I-Cause
up I-Cause
IT I-Cause
7 I-Cause
Jul I-Cause
2021 I-Cause
05:00 I-Cause
, I-Cause
UTCinfrastructure I-Cause
in I-Cause
the I-Cause
cloud I-Cause
compared I-Cause
with I-Cause
undertaking I-Cause
the I-Cause
same I-Cause
effort I-Cause
independently I-Cause
. O

Following O
the O
firm O
's O
release O
of O
second-quarter O
financial O
results O
, O
we B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
of I-Effect
Equifax I-Effect
to I-Effect
$ I-Effect
168 I-Effect
from I-Effect
$ I-Effect
155 I-Effect
as O
we B-Cause
increase I-Cause
our I-Cause
Workforce I-Cause
Solutions I-Cause
revenue I-Cause
and I-Cause
operating I-Cause
margin I-Cause
estimates I-Cause
. O

We O
also O
expect O
its B-Effect
network I-Effect
of I-Effect
owned I-Effect
stores I-Effect
( I-Effect
which I-Effect
stands I-Effect
in I-Effect
contrast I-Effect
to I-Effect
fully I-Effect
franchised I-Effect
market I-Effect
leader I-Effect
Jiffy I-Effect
Lube I-Effect
) I-Effect
to I-Effect
deliver I-Effect
benefits I-Effect
as O
Valvoline B-Cause
differentiates I-Cause
its I-Cause
service I-Cause
offering I-Cause
and I-Cause
drives I-Cause
lucrative I-Cause
growth I-Cause
. O

While B-Effect
there I-Effect
is I-Effect
evidence I-Effect
that I-Effect
these I-Effect
products I-Effect
enhance I-Effect
distributor I-Effect
margins I-Effect
, I-Effect
we I-Effect
do I-Effect
not I-Effect
contend I-Effect
that I-Effect
these I-Effect
offerings I-Effect
enhance I-Effect
the I-Effect
distributors I-Effect
' I-Effect
competitive I-Effect
advantage I-Effect
, O
as B-Cause
they I-Cause
are I-Cause
ultimately I-Cause
replicable I-Cause
. O

We B-Effect
believe I-Effect
Telus I-Effect
' I-Effect
wireline I-Effect
business I-Effect
is I-Effect
the I-Effect
most I-Effect
susceptible I-Effect
of I-Effect
the I-Effect
Canadian I-Effect
incumbents I-Effect
to I-Effect
Shaw I-Effect
's I-Effect
wireless I-Effect
insurgence I-Effect
, O
due O
to O
Telus B-Cause
' I-Cause
overlapping I-Cause
wireline I-Cause
footprint I-Cause
with I-Cause
Shaw I-Cause
. O

Another O
risk O
is O
the B-Effect
synergistic I-Effect
levels I-Effect
that I-Effect
Cisco I-Effect
can I-Effect
extract I-Effect
from I-Effect
planned I-Effect
acquisitions I-Effect
as O
it O
moves B-Cause
into I-Cause
ventures I-Cause
with I-Cause
higher I-Cause
expected I-Cause
growth I-Cause
. O

With O
Burlington B-Cause
lapping I-Cause
fiscal I-Cause
2020 I-Cause
's I-Cause
woes I-Cause
and I-Cause
vaccinations I-Cause
offering I-Cause
a I-Cause
path I-Cause
to I-Cause
normalcy I-Cause
, O
fiscal B-Effect
2021 I-Effect
should I-Effect
be I-Effect
volatile I-Effect
. O

Pfizer B-Effect
now I-Effect
represents I-Effect
roughly I-Effect
11 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
this I-Effect
to I-Effect
continue I-Effect
to I-Effect
decline I-Effect
as O
diversification B-Cause
remains I-Cause
a I-Cause
top I-Cause
priority I-Cause
for I-Cause
Icon I-Cause
. O

We O
still O
expect O
Idexx O
's O
aggressive B-Cause
placement I-Cause
of I-Cause
more I-Cause
instruments I-Cause
and I-Cause
a I-Cause
steady I-Cause
stream I-Cause
of I-Cause
new I-Cause
test I-Cause
assays I-Cause
will O
pay B-Effect
off I-Effect
over I-Effect
the I-Effect
longer I-Effect
term I-Effect
as O
consumables O
should O
return O
to O
normalized O
growth O
in O
the O
low O
double O
digits O
. O

We O
expect O
mild B-Effect
operating I-Effect
margin I-Effect
contraction I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
lower-margin B-Cause
government I-Cause
plans I-Cause
and I-Cause
pharmacy I-Cause
benefit I-Cause
management I-Cause
business I-Cause
continue I-Cause
to I-Cause
largely I-Cause
outpace I-Cause
growth I-Cause
in I-Cause
Humana I-Cause
's I-Cause
other I-Cause
segments I-Cause
. O

This O
could O
result O
in O
more B-Effect
stable I-Effect
cash I-Effect
flows I-Effect
, I-Effect
a I-Effect
sustainable I-Effect
dividend I-Effect
, I-Effect
and I-Effect
more I-Effect
share I-Effect
buybacks I-Effect
if O
management B-Cause
does I-Cause
a I-Cause
good I-Cause
job I-Cause
executing I-Cause
its I-Cause
strategy I-Cause
. O

There B-Cause
are I-Cause
industry I-Cause
constituents I-Cause
that I-Cause
have I-Cause
access I-Cause
to I-Cause
significant I-Cause
financial I-Cause
resources I-Cause
expanding I-Cause
into I-Cause
the I-Cause
boating I-Cause
industry I-Cause
, I-Cause
like I-Cause
Polaris I-Cause
, I-Cause
BRP I-Cause
, I-Cause
and I-Cause
Winnebago I-Cause
, O
which O
could O
lead O
to O
faster B-Effect
innovation I-Effect
if I-Effect
they I-Effect
enter I-Effect
the I-Effect
sport I-Effect
boat I-Effect
market I-Effect
and I-Effect
steal I-Effect
market I-Effect
share I-Effect
. O

However O
, O
being B-Effect
a I-Effect
state-owned I-Effect
monopoly I-Effect
has I-Effect
hurt I-Effect
the I-Effect
firm I-Effect
financially I-Effect
in I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
, O
as O
it B-Cause
is I-Cause
obligated I-Cause
to I-Cause
import I-Cause
natural I-Cause
gas I-Cause
at I-Cause
a I-Cause
higher I-Cause
cost I-Cause
than I-Cause
it I-Cause
can I-Cause
sell I-Cause
it I-Cause
for I-Cause
. O

Fourth B-Effect
quarter I-Effect
comparable I-Effect
growth I-Effect
should I-Effect
moderate I-Effect
from I-Effect
recent I-Effect
levels I-Effect
as O
ebbing B-Cause
stimulus I-Cause
effects I-Cause
and O
renewed B-Cause
restrictions I-Cause
as I-Cause
COVID-19 I-Cause
case I-Cause
counts I-Cause
rise I-Cause
slow I-Cause
expansion I-Cause
that O
should O
nevertheless O
be O
brisk O
relative O
to O
historical O
levels O
. O

PRA B-Cause
held I-Cause
off I-Cause
on I-Cause
significant I-Cause
moves I-Cause
with I-Cause
data I-Cause
due O
to O
existing B-Cause
earn-out I-Cause
payments I-Cause
to I-Cause
Symphony I-Cause
's I-Cause
prior I-Cause
equity I-Cause
owners I-Cause
, O
delaying B-Effect
serious I-Effect
integration I-Effect
until I-Effect
2019 I-Effect
. O

The B-Effect
increased I-Effect
adoption I-Effect
of I-Effect
NICE I-Effect
's I-Effect
mission I-Effect
critical I-Effect
services I-Effect
in I-Effect
both I-Effect
Customer I-Effect
Engagement I-Effect
and I-Effect
Financial I-Effect
Crimes I-Effect
and I-Effect
Compliance I-Effect
as O
businesses B-Cause
demand I-Cause
more I-Cause
agile I-Cause
solutions I-Cause
should O
support O
healthy O
long-term O
growth O
for O
the O
firm O
. O

Investors O
should O
welcome B-Effect
the I-Effect
latter I-Effect
development I-Effect
given O
Roper B-Cause
's I-Cause
proven I-Cause
ability I-Cause
to I-Cause
redeploy I-Cause
capital I-Cause
once I-Cause
it I-Cause
brings I-Cause
its I-Cause
leverage I-Cause
back I-Cause
to I-Cause
normal I-Cause
levels I-Cause
. O

We O
believe O
its B-Cause
proposed I-Cause
acquisition I-Cause
of I-Cause
Shaw I-Cause
will O
be B-Effect
a I-Effect
positive I-Effect
for I-Effect
all I-Effect
national I-Effect
wireless I-Effect
incumbents I-Effect
, O
but O
the B-Cause
purchase I-Cause
price I-Cause
and I-Cause
integration I-Cause
risk I-Cause
leave O
us O
thinking O
it B-Effect
will I-Effect
be I-Effect
neutral I-Effect
to I-Effect
Rogers I-Effect
' I-Effect
valuation I-Effect
. O

As O
with O
most O
integrated O
oil O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
Crescent I-Effect
Point I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

This B-Effect
dynamic I-Effect
should I-Effect
play I-Effect
well I-Effect
into I-Effect
the I-Effect
hands I-Effect
of I-Effect
3PL I-Effect
providers I-Effect
such I-Effect
as I-Effect
Robinson I-Effect
because O
asset-based B-Cause
truckers I-Cause
must I-Cause
focus I-Cause
on I-Cause
maximizing I-Cause
tractor I-Cause
utilization I-Cause
. O

Tenneco B-Cause
's I-Cause
revenue I-Cause
cyclicality I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
, O
in O
conjunction O
with O
its O
financial O
leverage O
result O
in O
our B-Effect
very I-Effect
high I-Effect
systematic I-Effect
risk I-Effect
rating O
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
Fifth I-Effect
Third I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

In O
Europe O
, O
2020 B-Effect
sales I-Effect
should I-Effect
grow I-Effect
38 I-Effect
% I-Effect
due O
to O
the B-Cause
Tulip I-Cause
acquisition I-Cause
, O
and O
2 O
% O
-3 O
% O
in O
2021 O
and O
beyond O
, O
in O
line O
with O
market O
growth O
. O

Our B-Effect
forecast I-Effect
includes I-Effect
a I-Effect
gradual I-Effect
shift I-Effect
to I-Effect
recurring I-Effect
revenue I-Effect
from I-Effect
nonrecurring I-Effect
revenue I-Effect
as O
management B-Cause
rationalizes I-Cause
less I-Cause
profitable I-Cause
services I-Cause
to I-Cause
allocate I-Cause
resources I-Cause
to I-Cause
capture I-Cause
more I-Cause
profitable I-Cause
areas I-Cause
. O

While O
the O
firm O
may O
have O
to O
concede O
and O
implement O
such O
policies O
, O
it B-Effect
will I-Effect
also I-Effect
likely I-Effect
take I-Effect
an I-Effect
overall I-Effect
higher I-Effect
percentage I-Effect
from I-Effect
the I-Effect
gross I-Effect
revenue I-Effect
generated I-Effect
per I-Effect
ride I-Effect
, O
as O
its B-Cause
price I-Cause
is I-Cause
likely I-Cause
to I-Cause
remain I-Cause
competitive I-Cause
with I-Cause
Uber I-Cause
's I-Cause
. O

Innovative O
products O
in O
Eaton O
's O
traditional O
vehicle O
segment O
include O
its B-Cause
cylinder I-Cause
deactivation I-Cause
, O
which O
deactivates B-Effect
half I-Effect
of I-Effect
an I-Effect
engine I-Effect
's I-Effect
cylinders I-Effect
when I-Effect
a I-Effect
driver I-Effect
is I-Effect
cruising I-Effect
to I-Effect
reduce I-Effect
emissions I-Effect
of I-Effect
carbon I-Effect
dioxide I-Effect
. O

We B-Effect
do I-Effect
n't I-Effect
see I-Effect
any I-Effect
contract I-Effect
renegotiation I-Effect
risk I-Effect
due O
to O
the B-Cause
attractive I-Cause
features I-Cause
of I-Cause
the I-Cause
contract I-Cause
, O
and O
to O
date O
, O
only B-Effect
non-Cheniere I-Effect
contracts I-Effect
have I-Effect
been I-Effect
challenged I-Effect
, O
mainly O
because O
of O
the B-Cause
oil-linked I-Cause
status I-Cause
and I-Cause
current I-Cause
poor I-Cause
economics I-Cause
. O

Given O
the B-Cause
high I-Cause
costs I-Cause
associated I-Cause
with I-Cause
chip I-Cause
design I-Cause
( O
approximately O
$ O
0.5 O
billion O
for O
the O
most O
advanced O
nodes O
) O
, O
it B-Effect
is I-Effect
essential I-Effect
for I-Effect
the I-Effect
chip I-Effect
design I-Effect
process I-Effect
to I-Effect
be I-Effect
error-free I-Effect
and I-Effect
have I-Effect
chips I-Effect
function I-Effect
as I-Effect
intended I-Effect
. O

History O
suggests O
this O
could O
be O
possible O
, O
as O
Illinois B-Cause
' I-Cause
early I-Cause
plans I-Cause
for I-Cause
recreational I-Cause
legalization I-Cause
would O
hand B-Effect
an I-Effect
advantage I-Effect
to I-Effect
companies I-Effect
with I-Effect
medical I-Effect
cultivation I-Effect
and I-Effect
dispensary I-Effect
licenses I-Effect
. O

Finally O
, O
management B-Cause
has I-Cause
historically I-Cause
been I-Cause
aggressive I-Cause
when I-Cause
it I-Cause
comes I-Cause
to I-Cause
M I-Cause
& I-Cause
A I-Cause
, O
which O
can O
lead O
to O
integration B-Effect
risk I-Effect
and I-Effect
high I-Effect
financial I-Effect
leverage I-Effect
at I-Effect
certain I-Effect
points I-Effect
. O

We B-Effect
have I-Effect
not I-Effect
modeled I-Effect
significant I-Effect
changes I-Effect
in I-Effect
our I-Effect
10-year I-Effect
average I-Effect
gross I-Effect
margins I-Effect
as O
we B-Cause
believe I-Cause
the I-Cause
higher I-Cause
margin I-Cause
Acxiom I-Cause
and I-Cause
IPG I-Cause
's I-Cause
efficiencies I-Cause
in I-Cause
talent I-Cause
management I-Cause
( I-Cause
per I-Cause
account I-Cause
or I-Cause
per I-Cause
project I-Cause
) I-Cause
will I-Cause
offset I-Cause
growth I-Cause
in I-Cause
compensation I-Cause
and I-Cause
slightly I-Cause
lower I-Cause
long-term I-Cause
margins I-Cause
on I-Cause
digital I-Cause
. O

Also O
, O
Macau B-Effect
showed I-Effect
weakness I-Effect
as O
a B-Cause
result I-Cause
of I-Cause
anticorruption I-Cause
activities I-Cause
in I-Cause
China I-Cause
during I-Cause
2014-16 I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
renewed I-Cause
concerns I-Cause
about I-Cause
slowing I-Cause
economic I-Cause
growth I-Cause
and I-Cause
currency I-Cause
devaluation I-Cause
. O

If O
airlines B-Cause
use I-Cause
the I-Cause
current I-Cause
fleet I-Cause
to I-Cause
bring I-Cause
back I-Cause
capacity I-Cause
during I-Cause
a I-Cause
potential I-Cause
commercial I-Cause
aviation I-Cause
recovery I-Cause
, O
TransDigm B-Effect
would I-Effect
benefit I-Effect
from I-Effect
the I-Effect
continued I-Effect
maintenance I-Effect
of I-Effect
these I-Effect
aircraft I-Effect
. O

Last O
, O
global O
oil O
companies O
such O
as O
Total O
often O
operate O
in O
frontier O
areas O
such O
as O
Mozambique O
or O
Papua O
New O
Guinea O
, O
where O
oil B-Cause
and I-Cause
gas I-Cause
development I-Cause
is I-Cause
new I-Cause
and O
can O
cause O
friction B-Effect
with I-Effect
local I-Effect
communities I-Effect
. O

While O
the B-Cause
drug I-Cause
was I-Cause
approved I-Cause
in I-Cause
2017 I-Cause
in I-Cause
moderate I-Cause
to I-Cause
severe I-Cause
psoriasis I-Cause
, O
we O
expect O
follow B-Effect
up I-Effect
data I-Effect
in I-Effect
psoriasis I-Effect
as I-Effect
well I-Effect
new I-Effect
indications I-Effect
to I-Effect
drive I-Effect
the I-Effect
robust I-Effect
sales I-Effect
. O

The O
firm O
is O
also O
expected O
to O
benefit O
from O
Virtual O
Reality O
, O
however O
, O
a B-Effect
shift I-Effect
to I-Effect
mobile I-Effect
gaming I-Effect
VR I-Effect
over I-Effect
PC I-Effect
VR I-Effect
could I-Effect
curb I-Effect
these I-Effect
opportunities I-Effect
, O
as O
Nvidia B-Cause
's I-Cause
GPUs I-Cause
are I-Cause
n't I-Cause
formidable I-Cause
in I-Cause
smartphones I-Cause
( O
similar O
to O
a O
lack O
of O
Intel O
CPUs O
in O
smartphones O
) O
. O

The B-Cause
over I-Cause
9,000 I-Cause
domestic I-Cause
stores I-Cause
are I-Cause
strategically I-Cause
located I-Cause
in I-Cause
high-traffic I-Cause
areas I-Cause
to I-Cause
generate I-Cause
over I-Cause
$ I-Cause
13 I-Cause
million I-Cause
per I-Cause
store I-Cause
, O
which O
drives B-Effect
scale I-Effect
and I-Effect
remains I-Effect
a I-Effect
critical I-Effect
consideration I-Effect
in I-Effect
an I-Effect
increasingly I-Effect
competitive I-Effect
market I-Effect
that I-Effect
has I-Effect
witnessed I-Effect
rationalization I-Effect
. O

We O
expect O
restaurant B-Effect
productivity I-Effect
will I-Effect
improve I-Effect
through O
new B-Cause
menu I-Cause
platforms I-Cause
( I-Cause
which I-Cause
have I-Cause
helped I-Cause
to I-Cause
broaden I-Cause
daypart I-Cause
penetration I-Cause
) I-Cause
, I-Cause
reimaged I-Cause
restaurant I-Cause
formats I-Cause
, I-Cause
and I-Cause
executing I-Cause
Tim I-Cause
Hortons I-Cause
' I-Cause
product I-Cause
innovation I-Cause
and I-Cause
reimaging I-Cause
plans I-Cause
. O

Increasing B-Cause
regulation I-Cause
, I-Cause
and I-Cause
the I-Cause
complexities I-Cause
involved I-Cause
with I-Cause
international I-Cause
taxation I-Cause
, O
should O
allow O
Reuters B-Effect
to I-Effect
leverage I-Effect
economies I-Effect
of I-Effect
scale I-Effect
in I-Effect
its I-Effect
development I-Effect
of I-Effect
a I-Effect
tax I-Effect
and I-Effect
accounting I-Effect
database I-Effect
, O
which O
becomes O
incrementally O
better O
each O
time O
a O
user O
engages O
with O
its O
search O
functionalities O
. O

Also O
, O
higher B-Cause
trading I-Cause
volume I-Cause
for I-Cause
equity I-Cause
securities I-Cause
in I-Cause
general I-Cause
, I-Cause
makes I-Cause
efficient I-Cause
trading I-Cause
easier I-Cause
to I-Cause
achieve I-Cause
and I-Cause
reduces I-Cause
the I-Cause
tendency I-Cause
for I-Cause
liquidity I-Cause
to I-Cause
pool. O
As O
a O
result O
, O
price B-Effect
is I-Effect
an I-Effect
important I-Effect
consideration I-Effect
for I-Effect
equity I-Effect
exchanges I-Effect
, I-Effect
and I-Effect
ICE I-Effect
's I-Effect
NYSE I-Effect
offers I-Effect
rebates I-Effect
to I-Effect
maintain I-Effect
its I-Effect
trading I-Effect
volume I-Effect
and I-Effect
market I-Effect
share I-Effect
. O

Additionally O
, O
this B-Cause
consolidation I-Cause
of I-Cause
purchasing I-Cause
power I-Cause
helps I-Cause
UnitedHealth I-Cause
extract I-Cause
discounts I-Cause
from I-Cause
drug I-Cause
manufacturers I-Cause
on I-Cause
one I-Cause
end I-Cause
of I-Cause
the I-Cause
transaction I-Cause
and I-Cause
pharmacies I-Cause
on I-Cause
the I-Cause
other I-Cause
end I-Cause
of I-Cause
the I-Cause
transaction I-Cause
, O
which O
helps O
create B-Effect
value I-Effect
for I-Effect
its I-Effect
clients I-Effect
such I-Effect
as I-Effect
insurance I-Effect
plans I-Effect
and I-Effect
employers I-Effect
. O

As O
a O
result O
, O
we O
think O
that O
the B-Cause
amount I-Cause
of I-Cause
data I-Cause
collected I-Cause
and I-Cause
analytical I-Cause
computations I-Cause
on I-Cause
such I-Cause
data I-Cause
in I-Cause
the I-Cause
cloud I-Cause
will I-Cause
continue I-Cause
to I-Cause
dramatically I-Cause
increase I-Cause
, O
in O
turn O
, O
benefiting B-Effect
many I-Effect
database I-Effect
providers I-Effect
, I-Effect
particularly I-Effect
MongoDB I-Effect
. O

Durable B-Effect
cost I-Effect
advantages I-Effect
for I-Effect
industry I-Effect
participants I-Effect
are O
elusive O
because O
low-cost B-Cause
and I-Cause
ultra-low-cost I-Cause
carriers I-Cause
' I-Cause
business I-Cause
model I-Cause
is I-Cause
predicated I-Cause
on I-Cause
continuously I-Cause
driving I-Cause
down I-Cause
yields I-Cause
to I-Cause
attract I-Cause
customers I-Cause
with I-Cause
lower I-Cause
fares I-Cause
. O

We O
expect O
these B-Effect
spreads I-Effect
to I-Effect
slightly I-Effect
widen I-Effect
over I-Effect
our O
five-year O
explicit O
forecast O
period O
, O
which O
should O
benefit O
Celanese O
due O
to O
the B-Cause
company I-Cause
's I-Cause
access I-Cause
to I-Cause
low-cost I-Cause
feedstock I-Cause
. O

The B-Cause
2020 I-Cause
dip I-Cause
in I-Cause
profitability I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
notwithstanding I-Cause
, I-Cause
management I-Cause
's I-Cause
efforts I-Cause
to I-Cause
streamline I-Cause
operations I-Cause
and I-Cause
enhance I-Cause
efficiency I-Cause
took I-Cause
hold I-Cause
over I-Cause
the I-Cause
last I-Cause
few I-Cause
years I-Cause
, O
and O
we O
forecast O
operating B-Effect
margin I-Effect
to I-Effect
peak I-Effect
at I-Effect
23 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
. O

Corning B-Cause
is I-Cause
constantly I-Cause
refining I-Cause
its I-Cause
OVD I-Cause
process I-Cause
to O
produce B-Effect
more I-Effect
fiber I-Effect
from I-Effect
a I-Effect
single I-Effect
blank I-Effect
, O
and O
we O
think O
it O
is O
able O
to O
leverage B-Cause
its I-Cause
centralized I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
to O
do O
so O
. O

The B-Effect
biggest I-Effect
issue I-Effect
for I-Effect
P I-Effect
& I-Effect
C I-Effect
insurers I-Effect
is O
climate O
change O
, O
as O
insurers B-Cause
typically I-Cause
cover I-Cause
weather-related I-Cause
losses I-Cause
, O
and O
climate B-Cause
change I-Cause
is I-Cause
likely I-Cause
to I-Cause
increase I-Cause
the I-Cause
frequency I-Cause
and I-Cause
severity I-Cause
of I-Cause
extreme I-Cause
2 I-Cause
Jun I-Cause
2021 I-Cause
05:00 I-Cause
, I-Cause
UTCweather I-Cause
events I-Cause
. I-Cause

The B-Effect
2 I-Effect
% I-Effect
decrease I-Effect
is O
due O
to O
slightly B-Cause
lower I-Cause
margin I-Cause
assumptions I-Cause
embedded I-Cause
in I-Cause
management I-Cause
's I-Cause
guidance I-Cause
, O
slightly O
offset O
by O
improving O
working O
capital O
dynamics O
and O
time O
value O
of O
money O
. O

Over O
the O
medium O
term O
, O
Mattel B-Effect
could I-Effect
capture I-Effect
further I-Effect
gross I-Effect
margin I-Effect
leverage I-Effect
from I-Effect
optimized I-Effect
retail I-Effect
inventory I-Effect
positions I-Effect
, O
as O
shipments B-Cause
more I-Cause
closely I-Cause
align I-Cause
with I-Cause
demand I-Cause
, I-Cause
and I-Cause
from I-Cause
a I-Cause
focus I-Cause
on I-Cause
higher I-Cause
margin I-Cause
franchise I-Cause
brands I-Cause
. O

With O
its B-Cause
technology I-Cause
investments I-Cause
and I-Cause
scale-related I-Cause
advantages I-Cause
in I-Cause
local I-Cause
markets I-Cause
, O
Centene B-Effect
aims I-Effect
to I-Effect
remain I-Effect
the I-Effect
low-cost I-Effect
leader I-Effect
in I-Effect
this I-Effect
market I-Effect
. O

When O
adjusted B-Cause
for I-Cause
expenses I-Cause
not I-Cause
directly I-Cause
linked I-Cause
to I-Cause
the I-Cause
production I-Cause
and I-Cause
distribution I-Cause
process I-Cause
, I-Cause
Reckitt I-Cause
's I-Cause
profitability I-Cause
and I-Cause
costs I-Cause
per I-Cause
employee I-Cause
appear I-Cause
to I-Cause
be I-Cause
around I-Cause
average I-Cause
for I-Cause
the I-Cause
HPC I-Cause
space. O
This B-Effect
gives I-Effect
it I-Effect
the I-Effect
Household I-Effect
& I-Effect
Personal I-Effect
Productsfinancial I-Effect
flexibility I-Effect
to I-Effect
outmanoeuvre I-Effect
startup I-Effect
new I-Effect
entrants I-Effect
, I-Effect
but I-Effect
little I-Effect
in I-Effect
the I-Effect
way I-Effect
of I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
its I-Effect
large-cap I-Effect
competitors I-Effect
. O

These B-Cause
advantages I-Cause
manifest I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
lower I-Cause
operating I-Cause
costs I-Cause
, I-Cause
lower I-Cause
credit I-Cause
costs I-Cause
, I-Cause
lower I-Cause
regulatory I-Cause
costs I-Cause
, I-Cause
and I-Cause
lower I-Cause
absolute I-Cause
levels I-Cause
of I-Cause
and I-Cause
better I-Cause
diversification I-Cause
of I-Cause
risks I-Cause
, O
all O
of O
which O
allow O
the B-Effect
banks I-Effect
to I-Effect
achieve I-Effect
greater I-Effect
risk-adjusted I-Effect
returns I-Effect
. O

As O
consumers B-Cause
change I-Cause
their I-Cause
habits I-Cause
from O
shopping O
in O
physical O
stores O
to O
shopping O
online O
, O
the B-Effect
demand I-Effect
for I-Effect
retail I-Effect
space I-Effect
will I-Effect
shrink I-Effect
and I-Effect
many I-Effect
existing I-Effect
stores I-Effect
and I-Effect
malls I-Effect
will I-Effect
go I-Effect
away I-Effect
. O

While O
management O
believes O
that O
a B-Cause
focus I-Cause
on I-Cause
the I-Cause
production I-Cause
of I-Cause
hydroxide I-Cause
will O
shield B-Effect
the I-Effect
company I-Effect
from I-Effect
volatility I-Effect
in I-Effect
carbonate I-Effect
pricing I-Effect
, O
we O
contend O
that O
hydroxide B-Effect
pricing I-Effect
will I-Effect
also I-Effect
be I-Effect
subject I-Effect
to I-Effect
volatility I-Effect
as O
new B-Cause
supply I-Cause
enters I-Cause
the I-Cause
market I-Cause
. O

The B-Effect
PCBAP I-Effect
( I-Effect
post-COVID-19 I-Effect
business I-Effect
acceleration I-Effect
plan I-Effect
) I-Effect
should I-Effect
better I-Effect
align I-Effect
Estee I-Effect
's I-Effect
resources I-Effect
with I-Effect
a I-Effect
digital I-Effect
marketplace I-Effect
, O
as O
it O
believes O
( O
and O
we O
concur O
) O
that O
the B-Cause
pandemic I-Cause
has I-Cause
permanently I-Cause
accelerated I-Cause
the I-Cause
transition I-Cause
from I-Cause
brick-and-mortar I-Cause
retail I-Cause
to I-Cause
e-commerce I-Cause
. O

Loyalty B-Cause
programs I-Cause
offer O
the B-Effect
potential I-Effect
to I-Effect
increase I-Effect
touchpoints I-Effect
with I-Effect
key I-Effect
customers I-Effect
, I-Effect
building I-Effect
up I-Effect
a I-Effect
database I-Effect
of I-Effect
order I-Effect
history I-Effect
and I-Effect
timing I-Effect
, I-Effect
item I-Effect
sales I-Effect
by I-Effect
daypart I-Effect
, I-Effect
successful I-Effect
( I-Effect
and I-Effect
unsuccessful I-Effect
) I-Effect
promotions I-Effect
and I-Effect
LTOs I-Effect
, I-Effect
and I-Effect
ultimately I-Effect
drive I-Effect
a I-Effect
better I-Effect
end-to-end I-Effect
understanding I-Effect
of I-Effect
key I-Effect
customers I-Effect
' I-Effect
behaviors I-Effect
. O

Exelon B-Cause
's I-Cause
biggest I-Cause
threat I-Cause
used I-Cause
to I-Cause
be I-Cause
political I-Cause
developments I-Cause
that O
would O
reregulate B-Effect
competitive I-Effect
electricity I-Effect
markets I-Effect
in I-Effect
the I-Effect
Midwest I-Effect
and I-Effect
Mid-Atlantic I-Effect
. O

Professors B-Effect
often I-Effect
develop I-Effect
course I-Effect
curricula I-Effect
based I-Effect
on I-Effect
Wiley I-Effect
's I-Effect
textbook I-Effect
offerings I-Effect
( I-Effect
or I-Effect
use I-Effect
volumes I-Effect
they I-Effect
have I-Effect
authored I-Effect
themselves I-Effect
and I-Effect
published I-Effect
through I-Effect
Wiley I-Effect
) I-Effect
, O
and O
switching B-Cause
to I-Cause
a I-Cause
different I-Cause
volume I-Cause
frequently I-Cause
requires I-Cause
overhauling I-Cause
the I-Cause
syllabus I-Cause
. O

We O
expect O
Crown B-Effect
's I-Effect
exposure I-Effect
to I-Effect
emerging I-Effect
markets I-Effect
will I-Effect
lead I-Effect
to I-Effect
higher I-Effect
top-line I-Effect
growth I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
, O
as O
discretionary B-Cause
income I-Cause
growth I-Cause
leads I-Cause
to I-Cause
higher I-Cause
consumption I-Cause
of I-Cause
beer I-Cause
and I-Cause
soft I-Cause
drinks I-Cause
. O

For B-Cause
the I-Cause
next I-Cause
30 I-Cause
years I-Cause
, I-Cause
Teva I-Cause
completed I-Cause
roughly I-Cause
30 I-Cause
acquisitions I-Cause
to I-Cause
further I-Cause
its I-Cause
position I-Cause
as O
the B-Effect
largest I-Effect
global I-Effect
generic I-Effect
manufacturer I-Effect
with I-Effect
roughly I-Effect
90 I-Effect
manufacturing I-Effect
and I-Effect
research I-Effect
and I-Effect
development I-Effect
facilities I-Effect
worldwide I-Effect
. O

The B-Effect
decrease I-Effect
in I-Effect
our I-Effect
valuation I-Effect
is O
mainly O
from O
reducing B-Effect
our I-Effect
medium- I-Effect
to I-Effect
long-term I-Effect
forecast I-Effect
for I-Effect
trading I-Effect
volumes I-Effect
, O
as O
the B-Cause
high I-Cause
volatility I-Cause
and I-Cause
trading I-Cause
volumes I-Cause
that I-Cause
occurred I-Cause
recently I-Cause
have I-Cause
begun I-Cause
to I-Cause
subside I-Cause
. O

If O
the O
performance O
of O
Square B-Cause
Capital I-Cause
loans I-Cause
is I-Cause
weak I-Cause
, O
Square B-Effect
's I-Effect
investors I-Effect
could I-Effect
flee I-Effect
, O
which O
could O
magnify O
the O
economic O
impact O
in O
the O
rest O
of O
the O
business O
. O

Short-term O
tailwinds O
should O
support O
recent B-Effect
trends I-Effect
( I-Effect
continued I-Effect
at-home I-Effect
food I-Effect
consumption I-Effect
due O
to O
concerns B-Cause
surrounding I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
) O
, O
but O
we O
do O
n't O
think O
this B-Effect
pace I-Effect
of I-Effect
gains I-Effect
will I-Effect
be I-Effect
sustained I-Effect
long I-Effect
term I-Effect
, O
as O
purchasing B-Cause
patterns I-Cause
revert I-Cause
in I-Cause
an I-Cause
intensely I-Cause
competitive I-Cause
space I-Cause
. O

In B-Effect
response I-Effect
to I-Effect
the I-Effect
increasingly I-Effect
competitive I-Effect
tractor I-Effect
segment I-Effect
, O
Agco B-Cause
expanded I-Cause
its I-Cause
product I-Cause
portfolio I-Cause
to I-Cause
incorporate I-Cause
grain I-Cause
storage I-Cause
and I-Cause
seed I-Cause
handling I-Cause
machinery I-Cause
with I-Cause
the I-Cause
acquisitions I-Cause
of I-Cause
GSI I-Cause
and I-Cause
Cimbria I-Cause
in I-Cause
2011 I-Cause
and I-Cause
2016 I-Cause
, I-Cause
respectively I-Cause
. O

Though O
the O
competitive O
landscape O
is O
not O
impervious O
to O
secular O
change O
, O
the B-Cause
matured I-Cause
spirits I-Cause
subsegments I-Cause
where I-Cause
Brown-Forman I-Cause
competes I-Cause
are I-Cause
the I-Cause
most I-Cause
inimical I-Cause
to I-Cause
disruption I-Cause
, O
in O
our O
view O
, O
which O
should O
allow O
the B-Effect
firm I-Effect
to I-Effect
maintain I-Effect
its I-Effect
positioning I-Effect
. O

The B-Effect
value I-Effect
of I-Effect
Weibo I-Effect
's I-Effect
network I-Effect
rises I-Effect
as O
more B-Cause
customers I-Cause
use I-Cause
the I-Cause
network I-Cause
, O
via O
more O
users O
or O
more O
usage O
per O
customer O
. O

Typically O
, O
Permian B-Effect
Basin I-Effect
firms I-Effect
enjoy I-Effect
lower I-Effect
unit I-Effect
costs I-Effect
and I-Effect
wider I-Effect
margins I-Effect
than I-Effect
peers I-Effect
operating I-Effect
elsewhere I-Effect
, O
due O
to O
relatively B-Cause
high I-Cause
initial I-Cause
production I-Cause
rates I-Cause
, I-Cause
favorable I-Cause
oil I-Cause
cuts I-Cause
, I-Cause
and I-Cause
modest I-Cause
unit I-Cause
costs I-Cause
. O

With O
an B-Cause
increased I-Cause
focus I-Cause
on I-Cause
higher-quality I-Cause
care I-Cause
being I-Cause
performed I-Cause
in I-Cause
lower-cost I-Cause
settings O
, O
the O
best O
owners O
and O
operators O
in O
the O
industry O
, O
which O
can O
provide O
better O
outcomes O
while O
driving O
greater O
efficiencies O
, O
should O
see O
demand B-Effect
funneled I-Effect
to I-Effect
them I-Effect
from I-Effect
the I-Effect
best I-Effect
healthcare I-Effect
systems I-Effect
. O

We O
also O
think O
ad B-Cause
revenue I-Cause
growth I-Cause
( O
driven O
by O
more O
ads O
placed O
on O
podcast O
platforms O
and O
overall O
user O
growth O
) O
can O
expand B-Effect
gross I-Effect
margins I-Effect
. O

We O
are O
raising B-Effect
our I-Effect
valuation I-Effect
of I-Effect
O'Reilly I-Effect
to I-Effect
$ I-Effect
429 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
410 I-Effect
, O
reflecting O
strong B-Cause
fourth-quarter I-Cause
sales I-Cause
results I-Cause
( O
11 O
% O
comparable O
growth O
) O
. O

While O
the B-Cause
timing I-Cause
of I-Cause
the I-Cause
Bucyrus I-Cause
acquisition I-Cause
may O
have O
been O
questionable O
, O
it O
ultimately O
made O
Caterpillar B-Effect
a I-Effect
stronger I-Effect
competitor I-Effect
against I-Effect
Komatsu I-Effect
. O

We O
believe O
ITT B-Effect
is I-Effect
well I-Effect
positioned I-Effect
in I-Effect
the I-Effect
rail I-Effect
business I-Effect
, O
given O
its B-Cause
strong I-Cause
presence I-Cause
in I-Cause
the I-Cause
European I-Cause
market I-Cause
, O
where O
we O
anticipate O
most O
of O
the O
industry O
's O
growth O
will O
come O
from O
. O

Such B-Cause
growth I-Cause
in I-Cause
paid I-Cause
member I-Cause
count I-Cause
, I-Cause
coupled I-Cause
with I-Cause
4 I-Cause
% I-Cause
growth I-Cause
in I-Cause
average I-Cause
revenue I-Cause
per I-Cause
paying I-Cause
user I-Cause
, O
we O
think O
will O
result O
in O
a B-Effect
19 I-Effect
% I-Effect
five-year I-Effect
CAGR I-Effect
in I-Effect
dating I-Effect
revenue I-Effect
growth I-Effect
. O

We O
see O
operating O
margins O
benefiting O
from O
these O
factors O
, O
as O
well O
as O
expense B-Effect
leverage I-Effect
from I-Effect
the I-Effect
operational I-Effect
optimization I-Effect
of I-Effect
technology I-Effect
initiatives I-Effect
, O
and O
partially O
offset O
by O
robust B-Cause
advertising I-Cause
. O

FMS B-Cause
is I-Cause
the I-Cause
exclusive I-Cause
provider I-Cause
of I-Cause
services I-Cause
to I-Cause
Farmers I-Cause
Exchanges I-Cause
that I-Cause
operates I-Cause
like I-Cause
a I-Cause
mutual. O
This O
makes B-Effect
a I-Effect
change I-Effect
of I-Effect
services I-Effect
and I-Effect
management I-Effect
provider I-Effect
difficult I-Effect
, I-Effect
and I-Effect
we I-Effect
believe I-Effect
FMS I-Effect
earns I-Effect
well I-Effect
over I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Stericycle B-Effect
has I-Effect
made I-Effect
strides I-Effect
expanding I-Effect
its I-Effect
model I-Effect
beyond I-Effect
the I-Effect
core I-Effect
medical I-Effect
waste I-Effect
business I-Effect
by O
offering B-Cause
communication I-Cause
services I-Cause
, I-Cause
secure I-Cause
information I-Cause
destruction I-Cause
, I-Cause
and I-Cause
hazardous I-Cause
waste I-Cause
disposal I-Cause
. O

Rising B-Cause
consumer I-Cause
packaged I-Cause
good I-Cause
penetration I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
should O
add B-Effect
to I-Effect
label I-Effect
growth I-Effect
, O
while O
growth B-Cause
in I-Cause
omnichannel I-Cause
retailing I-Cause
will O
aid B-Effect
RFID I-Effect
sales I-Effect
at I-Effect
Avery I-Effect
Dennison I-Effect
. O

Going O
forward O
, O
while O
Merck O
's O
R O
& O
amp O
; O
D O
productivity O
has O
been O
below-par O
in O
the O
past O
, O
two B-Cause
recently I-Cause
approved I-Cause
drugs I-Cause
( I-Cause
Mavenclad I-Cause
in I-Cause
MS I-Cause
and I-Cause
Bavencio I-Cause
in I-Cause
a I-Cause
variety I-Cause
of I-Cause
cancers I-Cause
) I-Cause
and I-Cause
its I-Cause
other I-Cause
pipeline I-Cause
candidates I-Cause
look O
likely O
help B-Effect
Merck I-Effect
's I-Effect
healthcare I-Effect
business I-Effect
grow I-Effect
, O
despite O
ongoing O
declines O
in O
some O
of O
its O
top O
products O
. O

In B-Effect
diagnostics I-Effect
, I-Effect
disruptive I-Effect
technologies I-Effect
and I-Effect
involvement I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
, I-Effect
particularly I-Effect
in I-Effect
China I-Effect
and I-Effect
India I-Effect
, I-Effect
impose I-Effect
a I-Effect
risk I-Effect
as O
falling B-Cause
birth I-Cause
rates I-Cause
in I-Cause
China I-Cause
can I-Cause
cause I-Cause
some I-Cause
skepticism I-Cause
for I-Cause
growth I-Cause
prospects I-Cause
related I-Cause
to I-Cause
birth I-Cause
screening I-Cause
. O

Orange B-Cause
owns I-Cause
the I-Cause
largest I-Cause
fiber I-Cause
network I-Cause
in I-Cause
the I-Cause
country I-Cause
and I-Cause
convergence I-Cause
has I-Cause
helped I-Cause
Orange I-Cause
Poland I-Cause
to O
offset B-Effect
declines I-Effect
in I-Effect
ARPU I-Effect
in I-Effect
the I-Effect
mobile I-Effect
segment I-Effect
. O

Investment B-Effect
spending I-Effect
should I-Effect
slowly I-Effect
shift I-Effect
toward I-Effect
digitalising I-Effect
the I-Effect
business I-Effect
as O
larger B-Cause
expense I-Cause
items I-Cause
, I-Cause
related I-Cause
to I-Cause
regulatory I-Cause
requirements I-Cause
such I-Cause
as I-Cause
ring-fencing I-Cause
, I-Cause
are I-Cause
in I-Cause
the I-Cause
rearview I-Cause
mirror I-Cause
. O

Moreover O
, O
Solstice B-Effect
remains I-Effect
a I-Effect
liquid I-Effect
for I-Effect
an I-Effect
extended I-Effect
period I-Effect
compared I-Effect
with I-Effect
alternatives I-Effect
, O
given O
its B-Cause
low I-Cause
boiling I-Cause
point I-Cause
but I-Cause
high I-Cause
heat I-Cause
of I-Cause
vaporization I-Cause
. O

Moreover O
, O
we O
see O
a O
paradoxical B-Effect
truth I-Effect
to I-Effect
Boston I-Effect
Beer I-Effect
's I-Effect
continued I-Effect
success I-Effect
, O
as O
the B-Cause
more I-Cause
scale I-Cause
and I-Cause
notoriety I-Cause
it I-Cause
gains I-Cause
, I-Cause
the I-Cause
less I-Cause
it I-Cause
dovetails I-Cause
with I-Cause
the I-Cause
parochialism I-Cause
driving I-Cause
consumer I-Cause
's I-Cause
preference I-Cause
for I-Cause
beer I-Cause
that O
is O
locally O
produced O
and O
sourced O
. O

Given B-Cause
this I-Cause
small I-Cause
market I-Cause
size I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
think I-Effect
it I-Effect
has I-Effect
the I-Effect
power I-Effect
to I-Effect
negotiate I-Effect
favorable I-Effect
prices I-Effect
from I-Effect
vendors I-Effect
or I-Effect
suppliers I-Effect
. O

The B-Cause
Ducorit I-Cause
grout I-Cause
Densit I-Cause
sells I-Cause
is I-Cause
pumpable I-Cause
, I-Cause
exhibits I-Cause
extremely I-Cause
high I-Cause
bond I-Cause
strength I-Cause
, I-Cause
is I-Cause
erosion-resistant I-Cause
, I-Cause
and I-Cause
does I-Cause
n't I-Cause
mix I-Cause
with I-Cause
seawater I-Cause
, O
all O
which O
eliminate B-Effect
the I-Effect
risk I-Effect
of I-Effect
downtime I-Effect
. O

Although O
the B-Effect
COVID-19 I-Effect
outbreak I-Effect
has I-Effect
lifted I-Effect
near-term I-Effect
revenue I-Effect
as O
shoppers B-Cause
stock I-Cause
up I-Cause
and I-Cause
stay I-Cause
home I-Cause
, O
increased B-Cause
digital I-Cause
transactions I-Cause
could I-Cause
linger I-Cause
, O
shifting B-Effect
sales I-Effect
into I-Effect
a I-Effect
less I-Effect
lucrative I-Effect
channel I-Effect
long I-Effect
term I-Effect
. O

Like B-Cause
other I-Cause
component I-Cause
suppliers I-Cause
the I-Cause
company I-Cause
is I-Cause
exposed I-Cause
to I-Cause
the I-Cause
cyclical I-Cause
automotive I-Cause
and I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
, I-Cause
and I-Cause
downturns I-Cause
in I-Cause
either I-Cause
end I-Cause
market I-Cause
may B-Effect
weigh I-Effect
on I-Effect
results I-Effect
. O

China B-Cause
has I-Cause
increased I-Cause
spending I-Cause
in I-Cause
grain I-Cause
markets I-Cause
to O
feed B-Effect
its I-Effect
growing I-Effect
hog I-Effect
herd I-Effect
population I-Effect
that O
was O
decimated O
by O
a O
swine O
flu O
outbreak O
in O
2018 O
. O

The B-Effect
company I-Effect
has I-Effect
no I-Effect
production I-Effect
cost I-Effect
advantage I-Effect
, O
as O
it B-Cause
sources I-Cause
its I-Cause
apparel I-Cause
from I-Cause
many I-Cause
of I-Cause
the I-Cause
same I-Cause
manufacturers I-Cause
as I-Cause
other I-Cause
fashion I-Cause
retailers I-Cause
. O

Components B-Cause
are I-Cause
sometimes I-Cause
switched I-Cause
, I-Cause
but I-Cause
not I-Cause
frequently I-Cause
, O
which O
we O
think O
will O
allow O
the B-Effect
firm I-Effect
to I-Effect
generate I-Effect
economic I-Effect
returns I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Data O
analytics O
and O
intent-based O
networking O
make O
Cisco O
stickier O
with O
the O
customer O
, O
since O
losing B-Cause
such I-Cause
valuable I-Cause
software I-Cause
capabilities I-Cause
can O
be O
detrimental O
to O
business B-Effect
results I-Effect
and I-Effect
network I-Effect
operations I-Effect
. O

Along O
with O
the B-Cause
disruption I-Cause
from I-Cause
a I-Cause
potential I-Cause
new I-Cause
entrant I-Cause
into I-Cause
the I-Cause
mobile I-Cause
market I-Cause
, O
capital B-Effect
allocation I-Effect
is I-Effect
the I-Effect
biggest I-Effect
risk I-Effect
associated I-Effect
with I-Effect
investing I-Effect
in I-Effect
SK I-Effect
Telecom I-Effect
, O
in O
our O
view O
. O

The B-Effect
company I-Effect
's I-Effect
scale I-Effect
is I-Effect
a I-Effect
key I-Effect
differentiator I-Effect
, O
as O
competitors B-Cause
are I-Cause
significantly I-Cause
smaller I-Cause
and I-Cause
incapable I-Cause
of I-Cause
offering I-Cause
physician I-Cause
visits I-Cause
on I-Cause
demand I-Cause
. O

This B-Effect
dependence I-Effect
on I-Effect
an I-Effect
ownership-driven I-Effect
model I-Effect
is I-Effect
not I-Effect
uncommon I-Effect
for I-Effect
a I-Effect
hotelier I-Effect
earlier I-Effect
in I-Effect
its I-Effect
life I-Effect
cycle I-Effect
like I-Effect
Hyatt I-Effect
( I-Effect
in I-Effect
2020 I-Effect
, I-Effect
Hyatt I-Effect
's I-Effect
238,425 I-Effect
rooms I-Effect
represented I-Effect
around I-Effect
a I-Effect
midteens I-Effect
percentage I-Effect
of I-Effect
those I-Effect
of I-Effect
narrow-moat I-Effect
company I-Effect
Marriott I-Effect
) I-Effect
. O
This O
is O
because O
hoteliers B-Cause
often I-Cause
need I-Cause
to I-Cause
prove I-Cause
that I-Cause
their I-Cause
concepts I-Cause
can I-Cause
perform I-Cause
before I-Cause
third I-Cause
parties I-Cause
gain I-Cause
enough I-Cause
confidence I-Cause
to I-Cause
join I-Cause
the I-Cause
company I-Cause
's I-Cause
portfolio I-Cause
. O

Twilio B-Effect
's I-Effect
value I-Effect
proposition I-Effect
stems I-Effect
from I-Effect
the I-Effect
building I-Effect
blocks I-Effect
available I-Effect
to I-Effect
developers I-Effect
who O
can O
use B-Cause
application I-Cause
programming I-Cause
interfaces I-Cause
and I-Cause
software I-Cause
development I-Cause
kits I-Cause
to I-Cause
assimilate I-Cause
new I-Cause
customer-facing I-Cause
offerings I-Cause
within I-Cause
their I-Cause
applications I-Cause
. O

We O
believe O
the B-Effect
company I-Effect
's I-Effect
differentiated I-Effect
expertise I-Effect
and I-Effect
footing I-Effect
has I-Effect
largely I-Effect
evaporated I-Effect
with O
the B-Cause
expiration I-Cause
of I-Cause
key I-Cause
patents I-Cause
and O
although O
the O
company O
's O
brand O
provides O
some O
market O
recognition O
, O
we O
anticipate O
the B-Effect
company I-Effect
's I-Effect
mass I-Effect
production I-Effect
will I-Effect
accelerate I-Effect
the I-Effect
decay I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

We O
expect O
the B-Effect
company I-Effect
to I-Effect
reinvest I-Effect
some I-Effect
of I-Effect
these I-Effect
cost I-Effect
savings I-Effect
in I-Effect
building I-Effect
its I-Effect
network I-Effect
through O
brand B-Cause
marketing I-Cause
, I-Cause
loyalty I-Cause
and I-Cause
user I-Cause
experience I-Cause
enhancements I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
. O

We B-Effect
give I-Effect
BioNTech I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
due O
to O
the B-Cause
range I-Cause
of I-Cause
outcomes I-Cause
it I-Cause
faces I-Cause
related I-Cause
to I-Cause
the I-Cause
development I-Cause
of I-Cause
its I-Cause
early-stage I-Cause
pipeline I-Cause
, O
where O
we O
see O
very O
high O
uncertainty O
related O
to O
the O
commercial O
success O
of O
its O
medicines O
. O

Typically B-Cause
, I-Cause
customers I-Cause
retain I-Cause
International I-Cause
Flavors I-Cause
& I-Cause
amp I-Cause
; I-Cause
Fragrances I-Cause
as I-Cause
the I-Cause
sole I-Cause
supplier I-Cause
of I-Cause
custom I-Cause
flavor I-Cause
and I-Cause
fragrance I-Cause
solutions I-Cause
for I-Cause
the I-Cause
full I-Cause
lifecycle I-Cause
of I-Cause
a I-Cause
given I-Cause
product. O
Accordingly O
, O
International B-Effect
Flavors I-Effect
& I-Effect
amp I-Effect
; I-Effect
Fragrances I-Effect
becomes I-Effect
deeply I-Effect
ingrained I-Effect
in I-Effect
the I-Effect
supply I-Effect
chains I-Effect
of I-Effect
its I-Effect
customers I-Effect
, I-Effect
serving I-Effect
as I-Effect
a I-Effect
key I-Effect
supplier I-Effect
in I-Effect
the I-Effect
manufacture I-Effect
of I-Effect
well-established I-Effect
brands I-Effect
as I-Effect
well I-Effect
as I-Effect
development I-Effect
efforts I-Effect
for I-Effect
new I-Effect
products I-Effect
. O

With O
a B-Cause
large I-Cause
customer I-Cause
base I-Cause
and I-Cause
stable I-Cause
retention I-Cause
rates I-Cause
, O
Paylocity B-Effect
has I-Effect
excellent I-Effect
visibility I-Effect
on I-Effect
revenue I-Effect
expectations I-Effect
for I-Effect
the I-Effect
short I-Effect
and I-Effect
medium I-Effect
term I-Effect
. O

It O
expects O
spending B-Cause
of I-Cause
$ I-Cause
20 I-Cause
billion-25 I-Cause
billion I-Cause
annually I-Cause
through I-Cause
2025 I-Cause
compared I-Cause
with I-Cause
$ I-Cause
30 I-Cause
billion-35 I-Cause
billion I-Cause
previously. O
As O
such O
, O
Exxon B-Effect
is I-Effect
still I-Effect
breaking I-Effect
with I-Effect
much I-Effect
of I-Effect
the I-Effect
integrated I-Effect
pack I-Effect
that I-Effect
has I-Effect
committed I-Effect
to I-Effect
restraining I-Effect
capital I-Effect
spending I-Effect
in I-Effect
hydrocarbons I-Effect
, I-Effect
increasing I-Effect
cash I-Effect
returns I-Effect
to I-Effect
shareholders I-Effect
and I-Effect
moving I-Effect
toward I-Effect
a I-Effect
low-carbon I-Effect
business I-Effect
model I-Effect
. O

Sales B-Effect
associates I-Effect
can I-Effect
then I-Effect
provide I-Effect
additional I-Effect
support I-Effect
, O
boosting B-Cause
the I-Cause
customer I-Cause
experience I-Cause
by I-Cause
comparing I-Cause
products I-Cause
and I-Cause
accessories I-Cause
using I-Cause
their I-Cause
product I-Cause
knowledge I-Cause
. O

Now O
that O
Hospira B-Cause
's I-Cause
facilities I-Cause
are I-Cause
cleared I-Cause
of I-Cause
any I-Cause
lingering I-Cause
issues I-Cause
and I-Cause
under I-Cause
the I-Cause
ownership I-Cause
of I-Cause
ICU I-Cause
Medical I-Cause
, I-Cause
the B-Effect
business I-Effect
is I-Effect
poised I-Effect
for I-Effect
growth I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. I-Effect

The B-Effect
company I-Effect
suffered I-Effect
a I-Effect
2 I-Effect
% I-Effect
sales I-Effect
decline I-Effect
in I-Effect
the I-Effect
quarter I-Effect
as O
it B-Cause
recovered I-Cause
from I-Cause
temporary I-Cause
store I-Cause
closures I-Cause
due I-Cause
to I-Cause
the I-Cause
virus I-Cause
, O
but O
unexpectedly O
achieved B-Effect
a I-Effect
gross I-Effect
margin I-Effect
of I-Effect
33.3 I-Effect
% I-Effect
( I-Effect
280 I-Effect
basis I-Effect
points I-Effect
better I-Effect
than I-Effect
we I-Effect
expected I-Effect
) I-Effect
on O
very B-Cause
low I-Cause
discounting I-Cause
and I-Cause
a I-Cause
favorable I-Cause
wholesale I-Cause
mix I-Cause
. O

As O
such O
, O
we B-Effect
expect I-Effect
Mondelez I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
withstand I-Effect
competitive I-Effect
challenges I-Effect
longer I-Effect
term I-Effect
because O
this B-Cause
self-reinforcing I-Cause
combination I-Cause
of I-Cause
sources I-Cause
of I-Cause
its I-Cause
competitive I-Cause
edge I-Cause
creates I-Cause
high I-Cause
barriers I-Cause
to I-Cause
profitable I-Cause
entry I-Cause
, O
sheltering B-Effect
vendors I-Effect
that I-Effect
are I-Effect
entrenched I-Effect
in I-Effect
retailers I-Effect
' I-Effect
supply I-Effect
chains I-Effect
. O

We O
anticipate O
that O
Santander O
Chile O
will O
encounter O
an B-Cause
improving I-Cause
Chilean I-Cause
economy I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
and O
that O
earnings B-Effect
will I-Effect
grow I-Effect
as O
a O
result O
. O

We O
also O
believe O
margins B-Effect
should I-Effect
benefit I-Effect
from O
better B-Cause
growth I-Cause
over I-Cause
time I-Cause
, O
but O
the B-Effect
impact I-Effect
will I-Effect
be I-Effect
fairly I-Effect
modest I-Effect
, O
given O
the B-Cause
limited I-Cause
fixed I-Cause
costs I-Cause
in I-Cause
the I-Cause
business I-Cause
model I-Cause
. O

Power O
transmission O
lines O
, O
along O
with O
other O
portions O
of O
the O
supply O
chain O
that O
Hubbell O
also O
serves O
, O
including O
step-up O
transformers O
, O
minimize B-Cause
power I-Cause
loss I-Cause
by O
boosting B-Effect
voltages I-Effect
at I-Effect
specific I-Effect
junctures I-Effect
along I-Effect
the I-Effect
electric I-Effect
supply I-Effect
chain I-Effect
. O

We O
expect O
leverage B-Cause
on I-Cause
all I-Cause
operating I-Cause
expense I-Cause
lines I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
, O
to O
contribute O
to O
margin B-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

In O
addition O
, O
Komatsu B-Cause
is I-Cause
continuously I-Cause
improving I-Cause
its I-Cause
aftermarket I-Cause
services I-Cause
through I-Cause
its I-Cause
extensive I-Cause
distributor I-Cause
and I-Cause
service I-Cause
network I-Cause
as O
well O
as O
providing O
retail B-Effect
finance I-Effect
services I-Effect
to I-Effect
its I-Effect
customers I-Effect
. O

Category B-Cause
leaders I-Cause
tend I-Cause
to I-Cause
be I-Cause
in I-Cause
an I-Cause
advantaged I-Cause
position I-Cause
to I-Cause
gain I-Cause
and I-Cause
retain I-Cause
shelf I-Cause
space I-Cause
, I-Cause
especially I-Cause
in I-Cause
Western I-Cause
markets I-Cause
, I-Cause
through I-Cause
the I-Cause
deployment I-Cause
of I-Cause
category I-Cause
captains I-Cause
into I-Cause
the I-Cause
channel I-Cause
to I-Cause
share I-Cause
local I-Cause
and I-Cause
category-level I-Cause
data I-Cause
with I-Cause
retailers. O
This O
creates B-Effect
a I-Effect
mutually I-Effect
beneficial I-Effect
relationship I-Effect
, I-Effect
in I-Effect
which I-Effect
the I-Effect
vendor I-Effect
becomes I-Effect
an I-Effect
important I-Effect
partner I-Effect
to I-Effect
the I-Effect
retailer I-Effect
, I-Effect
developing I-Effect
sales I-Effect
strategies I-Effect
to I-Effect
maximize I-Effect
volumes I-Effect
and I-Effect
retailers I-Effect
' I-Effect
margins I-Effect
, I-Effect
while I-Effect
at I-Effect
the I-Effect
same I-Effect
time I-Effect
prioritizing I-Effect
its I-Effect
own I-Effect
brands I-Effect
. O

Because O
of O
the B-Cause
nature I-Cause
of I-Cause
the I-Cause
telecom I-Cause
industry I-Cause
, O
it O
would O
be O
very O
difficult B-Effect
for I-Effect
another I-Effect
operator I-Effect
to I-Effect
enter I-Effect
the I-Effect
markets I-Effect
Millicom I-Effect
services I-Effect
. O

In O
our O
view O
, O
there O
is O
more B-Effect
risk I-Effect
for I-Effect
Synchrony I-Effect
than I-Effect
some I-Effect
of I-Effect
its I-Effect
peers I-Effect
since O
its B-Cause
business I-Cause
strategy I-Cause
relies I-Cause
almost I-Cause
entirely I-Cause
on I-Cause
net I-Cause
interest I-Cause
income I-Cause
. O

These B-Cause
high-yield I-Cause
loans I-Cause
drive I-Cause
the I-Cause
bank I-Cause
's I-Cause
exceptional I-Cause
net I-Cause
interest I-Cause
margins I-Cause
, I-Cause
which I-Cause
routinely I-Cause
exceed I-Cause
those I-Cause
of I-Cause
money I-Cause
center I-Cause
banks I-Cause
by I-Cause
600 I-Cause
basis I-Cause
points. O
These O
advantages O
have O
routinely O
enabled O
Discover B-Effect
to I-Effect
earn I-Effect
ROEs I-Effect
in I-Effect
excess I-Effect
of I-Effect
20 I-Effect
% I-Effect
and I-Effect
repurchase I-Effect
more I-Effect
than I-Effect
5 I-Effect
% I-Effect
of I-Effect
its I-Effect
shares I-Effect
each I-Effect
year I-Effect
. O

Tightening B-Cause
environmental I-Cause
regulations I-Cause
could I-Cause
require I-Cause
significant I-Cause
capital I-Cause
investment I-Cause
or I-Cause
added I-Cause
operating I-Cause
costs I-Cause
, O
which O
could O
have O
uncertain B-Effect
cost I-Effect
recovery I-Effect
through I-Effect
traditional I-Effect
regulated I-Effect
rates I-Effect
. I-Effect

As O
a O
serial O
acquirer O
, O
Broadcom B-Cause
has I-Cause
seemingly I-Cause
perfected I-Cause
the I-Cause
process I-Cause
of I-Cause
purchasing I-Cause
semiconductor I-Cause
companies I-Cause
with I-Cause
best-of-breed I-Cause
products I-Cause
at I-Cause
attractive I-Cause
valuations I-Cause
, O
trimming B-Effect
noncore I-Effect
product I-Effect
lines I-Effect
to I-Effect
streamline I-Effect
the I-Effect
business I-Effect
, I-Effect
and I-Effect
ultimately I-Effect
driving I-Effect
nice I-Effect
cost I-Effect
synergies I-Effect
. O

While O
we O
expect O
some O
store B-Cause
count I-Cause
growth I-Cause
, O
most O
of O
this O
increase O
will O
be O
driven O
by O
rising B-Effect
revenue I-Effect
per I-Effect
store I-Effect
, O
as O
the O
new O
HealthHub O
and O
other O
new O
store O
formats O
add O
to O
potential O
growth O
. O

Companies B-Cause
investing I-Cause
in I-Cause
factory I-Cause
automation I-Cause
equipment I-Cause
would I-Cause
more I-Cause
likely I-Cause
choose I-Cause
vendors I-Cause
where O
they B-Effect
are I-Effect
accustomed I-Effect
to I-Effect
the I-Effect
vendor I-Effect
's I-Effect
products I-Effect
to I-Effect
minimize I-Effect
risk I-Effect
, O
rather O
than O
dealing O
with O
the O
uncertainty O
of O
switching O
vendors O
and O
dealing O
with O
a O
new O
product O
they O
have O
not O
worked O
with O
. O

Given O
its B-Cause
small I-Cause
market I-Cause
share I-Cause
, O
we O
do O
not O
think O
it B-Effect
has I-Effect
the I-Effect
power I-Effect
to I-Effect
negotiate I-Effect
favorable I-Effect
prices I-Effect
from I-Effect
vendors I-Effect
or I-Effect
suppliers I-Effect
. O

If O
recalls B-Cause
or I-Cause
product I-Cause
failure I-Cause
were I-Cause
to I-Cause
become I-Cause
a I-Cause
regular I-Cause
event I-Cause
, O
some B-Effect
current I-Effect
surgeons I-Effect
loyal I-Effect
to I-Effect
Smith I-Effect
& I-Effect
Nephew I-Effect
might I-Effect
consider I-Effect
switching I-Effect
to I-Effect
another I-Effect
company I-Effect
's I-Effect
implants I-Effect
and I-Effect
instrumentation I-Effect
. O

In O
its O
rig O
aftermarket O
segment O
in O
particular O
, O
National B-Cause
Oilwell I-Cause
will I-Cause
likely I-Cause
combine I-Cause
its I-Cause
scale I-Cause
advantages I-Cause
and I-Cause
intangible I-Cause
assets I-Cause
with I-Cause
modest I-Cause
switching I-Cause
costs I-Cause
to O
earn B-Effect
solid I-Effect
economic I-Effect
profits I-Effect
at I-Effect
midcycle I-Effect
. O

That O
said O
, O
barring B-Cause
a I-Cause
physical I-Cause
attack I-Cause
on I-Cause
TSMC I-Cause
's I-Cause
factories I-Cause
, O
we B-Effect
think I-Effect
the I-Effect
financial I-Effect
impact I-Effect
on I-Effect
TSMC I-Effect
is I-Effect
limited I-Effect
as O
current B-Cause
excess I-Cause
demand I-Cause
should O
cushion B-Effect
some I-Effect
of I-Effect
the I-Effect
decline I-Effect
from I-Effect
Chinese I-Effect
customers I-Effect
like I-Effect
HiSilicon I-Effect
. O

We O
project O
modest B-Effect
growth I-Effect
in I-Effect
Twitter I-Effect
's I-Effect
user I-Effect
base I-Effect
, O
due O
to O
the B-Cause
established I-Cause
presence I-Cause
of I-Cause
larger I-Cause
social I-Cause
networks I-Cause
such I-Cause
as I-Cause
Facebook I-Cause
and I-Cause
Instagram I-Cause
and I-Cause
faster-growing I-Cause
ones I-Cause
such I-Cause
as I-Cause
Snapchat I-Cause
. O

From O
our O
talks O
with O
an O
elevator O
SME O
executive O
, O
clients B-Cause
are I-Cause
willing I-Cause
to I-Cause
pay I-Cause
for I-Cause
a I-Cause
99 I-Cause
% I-Cause
yearly I-Cause
uptime I-Cause
, O
which O
means O
only B-Effect
three I-Effect
days I-Effect
of I-Effect
elevator I-Effect
downtime I-Effect
per I-Effect
year I-Effect
. O

For B-Effect
hospital I-Effect
facilities I-Effect
, I-Effect
this I-Effect
figure I-Effect
can I-Effect
reach I-Effect
up I-Effect
to I-Effect
$ I-Effect
1 I-Effect
million I-Effect
per I-Effect
day I-Effect
, O
as O
36 B-Cause
% I-Cause
of I-Cause
a I-Cause
hospital I-Cause
facility I-Cause
's I-Cause
budget I-Cause
is I-Cause
spent I-Cause
on I-Cause
electricity I-Cause
. O

Polaris B-Effect
delivered I-Effect
first-quarter I-Effect
2021 I-Effect
sales I-Effect
growth I-Effect
of I-Effect
39 I-Effect
% I-Effect
( I-Effect
to I-Effect
$ I-Effect
1.95 I-Effect
billion I-Effect
) I-Effect
and I-Effect
adjusted I-Effect
EPS I-Effect
growth I-Effect
of I-Effect
945 I-Effect
% I-Effect
( I-Effect
to I-Effect
$ I-Effect
2.30 I-Effect
) I-Effect
thanks O
to O
solid B-Cause
consumer I-Cause
takeaway I-Cause
( I-Cause
retail I-Cause
sales I-Cause
up I-Cause
70 I-Cause
% I-Cause
) I-Cause
and I-Cause
the I-Cause
leverage I-Cause
of I-Cause
expenses I-Cause
. O

As O
sales B-Cause
shift I-Cause
rapidly I-Cause
to I-Cause
digital I-Cause
channels I-Cause
, O
we B-Effect
expect I-Effect
only I-Effect
moderate I-Effect
increases I-Effect
in I-Effect
individual I-Effect
brand I-Effect
store I-Effect
bases I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

However O
, O
new B-Cause
competitors I-Cause
would I-Cause
have I-Cause
to I-Cause
develop I-Cause
a I-Cause
high-volume I-Cause
business I-Cause
to O
garner B-Effect
any I-Effect
power I-Effect
with I-Effect
vendors I-Effect
and I-Effect
move I-Effect
significant I-Effect
inventory I-Effect
through I-Effect
the I-Effect
retail I-Effect
channel I-Effect
. O

Capri O
is O
investing O
in O
store O
remodels O
, O
store O
openings O
, O
and O
expanding O
the O
set O
of O
accessories O
for O
both O
Jimmy O
Choo O
and O
Versace O
, O
but O
we O
do O
n't O
think O
these B-Effect
efforts I-Effect
will I-Effect
yield I-Effect
the I-Effect
intended I-Effect
gains I-Effect
, O
particularly O
given O
the B-Cause
severe I-Cause
interruption I-Cause
we I-Cause
expect I-Cause
from I-Cause
COVID-19 I-Cause
. O

We O
forecast O
Toll B-Effect
Brothers I-Effect
to I-Effect
increase I-Effect
consolidated I-Effect
revenue I-Effect
at I-Effect
about I-Effect
a I-Effect
5 I-Effect
% I-Effect
10-year I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
as O
housing B-Cause
starts I-Cause
average I-Cause
about I-Cause
1.5 I-Cause
million-1.6 I-Cause
million I-Cause
units I-Cause
annually I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
. I-Cause

We B-Effect
expect I-Effect
the I-Effect
company I-Effect
to I-Effect
rachet I-Effect
up I-Effect
research I-Effect
and I-Effect
marketing I-Effect
expenditures I-Effect
in I-Effect
the I-Effect
near-term I-Effect
, I-Effect
albeit I-Effect
lower I-Effect
than I-Effect
peers I-Effect
, O
as O
it B-Cause
aims I-Cause
to I-Cause
grow I-Cause
share I-Cause
in I-Cause
cloud I-Cause
and I-Cause
mobile I-Cause
security I-Cause
. O

Automakers B-Effect
' I-Effect
move I-Effect
to I-Effect
more I-Effect
global I-Effect
platforms I-Effect
is I-Effect
very I-Effect
good I-Effect
news I-Effect
for I-Effect
Adient I-Effect
since O
a B-Cause
supplier I-Cause
must I-Cause
be I-Cause
able I-Cause
to I-Cause
service I-Cause
the I-Cause
OEM I-Cause
consistently I-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
. O

The B-Effect
stores I-Effect
have I-Effect
performed I-Effect
well I-Effect
despite I-Effect
steep I-Effect
miles I-Effect
driven I-Effect
declines I-Effect
since O
the B-Cause
pandemic I-Cause
began I-Cause
, O
but O
demand B-Effect
could I-Effect
fall I-Effect
if O
repairs B-Cause
and I-Cause
maintenance I-Cause
were I-Cause
pulled I-Cause
forward I-Cause
. O

Furthermore O
, O
the B-Cause
parts I-Cause
manufacturers I-Cause
, I-Cause
who I-Cause
also I-Cause
use I-Cause
Fanuc I-Cause
's I-Cause
CNCs I-Cause
and/or I-Cause
Robomachines I-Cause
, O
must O
be O
able O
to O
shape B-Effect
these I-Effect
parts I-Effect
with I-Effect
perfect I-Effect
precision I-Effect
, O
which O
is O
where O
CNC O
and O
servo O
technologies O
for O
robotics O
and O
machine O
tools O
become O
crucial O
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
PNC I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Layering O
in O
higher O
education O
and O
the O
federal O
government O
, O
especially O
after O
acquisitions B-Cause
over I-Cause
the I-Cause
last I-Cause
several I-Cause
years I-Cause
, O
we O
believe O
the B-Effect
true I-Effect
opportunity I-Effect
is I-Effect
likely I-Effect
considerably I-Effect
larger I-Effect
than I-Effect
management I-Effect
's I-Effect
current I-Effect
framework I-Effect
. O

Any O
implementation O
would O
probably O
require O
significant B-Cause
development I-Cause
testing I-Cause
and I-Cause
running I-Cause
dual I-Cause
UCaaS I-Cause
solutions I-Cause
in I-Cause
parallel I-Cause
, O
resulting O
in O
duplicate B-Effect
vendor I-Effect
costs I-Effect
. O

Equifax B-Cause
use I-Cause
third I-Cause
parties I-Cause
for I-Cause
some I-Cause
of I-Cause
its I-Cause
data I-Cause
, O
and O
its O
business O
could O
be O
disrupted O
if O
it O
lost B-Effect
access I-Effect
to I-Effect
key I-Effect
data I-Effect
suppliers I-Effect
. O

While O
Wipro O
is O
not O
alone O
in O
such O
labor O
arbitrage O
, O
with O
Infosys O
and O
TCS O
among O
such O
peers O
, O
IT B-Cause
services I-Cause
companies I-Cause
that I-Cause
partake I-Cause
in I-Cause
such I-Cause
hefty I-Cause
labor I-Cause
arbitrage I-Cause
do I-Cause
pose I-Cause
a I-Cause
significant I-Cause
benefit I-Cause
, O
contributing O
to O
excess B-Effect
ROICs I-Effect
. O

Increased B-Cause
user I-Cause
base I-Cause
and I-Cause
time I-Cause
spent I-Cause
on I-Cause
Weibo I-Cause
has B-Effect
in I-Effect
turn I-Effect
attracted I-Effect
more I-Effect
key I-Effect
opinion I-Effect
leaders I-Effect
and I-Effect
multichannel I-Effect
networks I-Effect
( O
entities O
that O
affiliate O
with O
multiple O
Weibo O
channels O
that O
assist O
in O
operations O
and O
monetization O
) O
to O
distribute O
their O
content O
on O
Weibo O
, O
which O
in O
return O
is O
helping O
to O
improve O
and O
lengthen O
user O
experiences O
. O

However O
, O
demand B-Cause
has I-Cause
been I-Cause
shrinking I-Cause
as I-Cause
patients I-Cause
are I-Cause
cured I-Cause
, I-Cause
and I-Cause
competition I-Cause
from I-Cause
AbbVie I-Cause
and I-Cause
Merck I-Cause
has O
led O
to O
several B-Effect
rounds I-Effect
of I-Effect
significant I-Effect
price I-Effect
discounting I-Effect
. O

We O
believe O
that O
Macerich B-Effect
wo I-Effect
n't I-Effect
have I-Effect
any I-Effect
acquisition I-Effect
opportunities I-Effect
as O
most B-Cause
Class I-Cause
A I-Cause
malls I-Cause
are I-Cause
already I-Cause
owned I-Cause
by I-Cause
long-term I-Cause
investors I-Cause
but O
also O
wo O
n't O
make O
any O
major O
dispositions O
. O

Still O
, O
the B-Cause
spread I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
represented I-Cause
a I-Cause
material I-Cause
headwind I-Cause
to I-Cause
travel I-Cause
demand I-Cause
in I-Cause
2020 I-Cause
, O
driving O
Airbnb B-Effect
's I-Effect
revenue I-Effect
down I-Effect
30 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

In O
addition O
, O
as O
competition B-Cause
intensifies I-Cause
, O
Discover O
's O
larger O
rivals O
can O
exploit B-Effect
their I-Effect
scale I-Effect
on I-Effect
national I-Effect
advertising I-Effect
campaigns I-Effect
and I-Effect
technology I-Effect
spending I-Effect
, O
though O
Discover O
has O
increased O
focus O
on O
marketing O
as O
well O
. O

As O
the O
number O
of O
contacts O
increases O
, O
more B-Cause
developers I-Cause
will I-Cause
choose I-Cause
to I-Cause
develop I-Cause
mini I-Cause
programs I-Cause
for I-Cause
Weixin I-Cause
or I-Cause
mobile I-Cause
QQ I-Cause
, O
and O
existing B-Effect
users I-Effect
can I-Effect
benefit I-Effect
from I-Effect
having I-Effect
access I-Effect
to I-Effect
additional I-Effect
mini I-Effect
programs I-Effect
. O

Tobacco B-Cause
advertising I-Cause
is I-Cause
severely I-Cause
restricted I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
with I-Cause
bans I-Cause
on I-Cause
most I-Cause
forms I-Cause
of I-Cause
mass I-Cause
marketing. O
This O
not O
only O
makes O
it O
very O
difficult O
for O
hypothetical B-Effect
new I-Effect
entrants I-Effect
to I-Effect
gain I-Effect
the I-Effect
attention I-Effect
of I-Effect
smokers I-Effect
, I-Effect
but I-Effect
it I-Effect
also I-Effect
dampens I-Effect
competition I-Effect
between I-Effect
incumbent I-Effect
manufacturers I-Effect
. O

IUDs O
also B-Effect
tend I-Effect
to I-Effect
be I-Effect
litigious I-Effect
products I-Effect
that O
, O
unless O
having B-Cause
been I-Cause
on I-Cause
market I-Cause
for I-Cause
decades I-Cause
and I-Cause
having I-Cause
a I-Cause
proven I-Cause
safety I-Cause
record I-Cause
, O
such O
as O
Paragard O
, O
can O
be O
risky O
additions O
to O
drug O
manufacturers O
' O
product O
portfolios O
, O
both O
in O
direct O
and O
reputational O
costs O
. O

Qorvo B-Effect
bounced I-Effect
back I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
with I-Effect
24 I-Effect
% I-Effect
growth I-Effect
, I-Effect
as I-Effect
5G I-Effect
RF I-Effect
content I-Effect
gains I-Effect
within I-Effect
wireless I-Effect
infrastructure I-Effect
equipment I-Effect
and I-Effect
smartphones I-Effect
( I-Effect
most I-Effect
notably I-Effect
Apple I-Effect
's I-Effect
iPhone I-Effect
12 I-Effect
series I-Effect
) I-Effect
more O
than O
offset O
any O
troubles O
associated O
with O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
. I-Cause

However O
, O
we O
expect O
an B-Cause
eventual I-Cause
commoditization I-Cause
of I-Cause
storage I-Cause
technology I-Cause
to O
cause O
Dell B-Effect
Technologies I-Effect
to I-Effect
rely I-Effect
on I-Effect
cross-selling I-Effect
storage I-Effect
with I-Effect
other I-Effect
products I-Effect
like I-Effect
servers I-Effect
and I-Effect
HCI I-Effect
. O

With O
the B-Cause
lifting I-Cause
of I-Cause
lockdown I-Cause
restrictions I-Cause
and I-Cause
speed I-Cause
of I-Cause
vaccine I-Cause
rollout I-Cause
representing I-Cause
the I-Cause
key I-Cause
( I-Cause
and I-Cause
unfortunately I-Cause
, I-Cause
exogenous I-Cause
) I-Cause
variables I-Cause
, O
we O
've O
modeled O
revenue B-Cause
growth I-Cause
of I-Cause
11.9 I-Cause
% I-Cause
and I-Cause
9.3 I-Cause
% I-Cause
in I-Cause
2021 I-Cause
and I-Cause
2022 I-Cause
, O
as O
demand B-Effect
begins I-Effect
to I-Effect
stabilize I-Effect
in I-Effect
key I-Effect
European I-Effect
markets I-Effect
( I-Effect
notably I-Effect
, I-Effect
U.S I-Effect
. O

We O
point O
to O
the O
fact O
that O
Splunk B-Cause
's I-Cause
forwarders I-Cause
have I-Cause
to I-Cause
be I-Cause
integrated I-Cause
with I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
software I-Cause
within I-Cause
a I-Cause
business I-Cause
so O
it O
can O
gather B-Effect
relevant I-Effect
data I-Effect
. O

Given O
the B-Cause
small I-Cause
size I-Cause
of I-Cause
the I-Cause
early-stage I-Cause
trials I-Cause
, O
enrollment B-Effect
is I-Effect
typically I-Effect
an I-Effect
easy I-Effect
process I-Effect
and I-Effect
there I-Effect
is I-Effect
minimal I-Effect
strategy I-Effect
going I-Effect
into I-Effect
trial I-Effect
design I-Effect
decisions I-Effect
relative I-Effect
to I-Effect
large I-Effect
late-stage I-Effect
trials I-Effect
. O

Home B-Effect
Depot I-Effect
should I-Effect
continue I-Effect
to I-Effect
capture I-Effect
top-line I-Effect
growth I-Effect
beyond I-Effect
2021 I-Effect
, O
bolstered O
by O
aging B-Cause
housing I-Cause
stock I-Cause
and I-Cause
rising I-Cause
home I-Cause
prices I-Cause
, O
even O
when O
lapping O
robust O
COVID-19 O
demand O
. O

The B-Effect
enterprise I-Effect
market I-Effect
, I-Effect
traditionally I-Effect
a I-Effect
difficult I-Effect
market I-Effect
due I-Effect
to I-Effect
Cisco I-Effect
's I-Effect
dominance I-Effect
, I-Effect
has I-Effect
been B-Effect
the I-Effect
sole I-Effect
vertical I-Effect
with I-Effect
growth I-Effect
since I-Effect
2016 I-Effect
( O
$ O
1.3 O
billion O
to O
$ O
1.6 O
billion O
in O
2019 O
) O
, O
which O
we O
mostly O
attribute O
to O
a O
strong B-Cause
IT I-Cause
spending I-Cause
environment I-Cause
over O
those O
years O
. O

After O
a B-Cause
lackluster I-Cause
2019 I-Cause
, O
where B-Effect
sales I-Effect
contracted I-Effect
16 I-Effect
% I-Effect
because O
of O
a B-Cause
bad I-Cause
Argentine I-Cause
economy I-Cause
, O
we O
anticipate O
revenue B-Effect
in I-Effect
the I-Effect
region I-Effect
will I-Effect
increase I-Effect
by I-Effect
low I-Effect
single I-Effect
digits I-Effect
in O
2020 O
. O

Even O
without O
new O
major O
acquisitions O
, O
revenue B-Effect
growth I-Effect
for I-Effect
Sinclair I-Effect
will I-Effect
be I-Effect
lumpy I-Effect
moving I-Effect
forward I-Effect
due O
to O
the B-Cause
even-year I-Cause
impact I-Cause
of I-Cause
elections I-Cause
and I-Cause
Olympic I-Cause
games I-Cause
on I-Cause
ad I-Cause
revenue I-Cause
growth I-Cause
. O

Governments O
can O
use O
auctions O
to O
favor O
certain O
firms O
, O
and O
limiting B-Cause
spectrum I-Cause
availability I-Cause
can O
increase B-Effect
the I-Effect
risk I-Effect
that I-Effect
carriers I-Effect
paying I-Effect
too I-Effect
much I-Effect
for I-Effect
licenses I-Effect
, I-Effect
hurting I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

The B-Cause
robust I-Cause
capture I-Cause
of I-Cause
customer I-Cause
purchasing I-Cause
patterns O
allows O
the B-Effect
firm I-Effect
to I-Effect
market I-Effect
tactically I-Effect
, O
since O
vast B-Cause
amounts I-Cause
of I-Cause
transactions I-Cause
can I-Cause
become I-Cause
predictive I-Cause
in I-Cause
nature I-Cause
. O

Given O
our B-Cause
view I-Cause
that O
fiscal O
2018 O
represented O
cyclical O
peak O
market O
conditions O
, O
we B-Effect
expect I-Effect
lower B-Effect
margins I-Effect
to I-Effect
persist I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
as O
scrap B-Cause
prices I-Cause
remain I-Cause
lower I-Cause
for I-Cause
longer I-Cause
. O

Some B-Effect
competitors I-Effect
have I-Effect
attempted I-Effect
to I-Effect
enter I-Effect
the I-Effect
value-added I-Effect
services I-Effect
space I-Effect
, I-Effect
but I-Effect
without I-Effect
success I-Effect
, O
as O
the B-Cause
capabilities I-Cause
Arrow I-Cause
and I-Cause
Avnet I-Cause
have I-Cause
acquired I-Cause
over I-Cause
many I-Cause
years I-Cause
are I-Cause
not I-Cause
cheap I-Cause
. O

Longer O
term O
, O
though O
, O
if B-Cause
Comcast I-Cause
and I-Cause
its I-Cause
cable I-Cause
peers I-Cause
sharply I-Cause
increase I-Cause
their I-Cause
share I-Cause
of I-Cause
the I-Cause
Internet I-Cause
access I-Cause
market I-Cause
, O
regulatory B-Effect
pressure I-Effect
may I-Effect
grow I-Effect
. O

Finally O
, O
food O
safety O
issues O
are O
always O
a O
risk O
for O
food O
processors O
, O
but O
we O
expect O
these O
issues B-Effect
to I-Effect
also I-Effect
remain I-Effect
immaterial I-Effect
( I-Effect
including I-Effect
the I-Effect
recent I-Effect
recall I-Effect
of I-Effect
9 I-Effect
million I-Effect
pounds I-Effect
of I-Effect
chicken I-Effect
) I-Effect
, O
given O
Tyson B-Cause
's I-Cause
significant I-Cause
resources I-Cause
and I-Cause
diverse I-Cause
product I-Cause
portfolio I-Cause
. O

Gross B-Cause
margins I-Cause
should I-Cause
remain I-Cause
near I-Cause
their I-Cause
53 I-Cause
% I-Cause
five-year I-Cause
average I-Cause
, I-Cause
with I-Cause
pressure I-Cause
from I-Cause
rising I-Cause
commercial I-Cause
sales I-Cause
offsetting I-Cause
cost I-Cause
leverage. O
These O
factors O
should O
support B-Effect
a I-Effect
continued I-Effect
high I-Effect
payables/inventory I-Effect
ratio I-Effect
, I-Effect
which I-Effect
we I-Effect
assume I-Effect
stays I-Effect
near I-Effect
the I-Effect
firm I-Effect
's I-Effect
112 I-Effect
% I-Effect
five-year I-Effect
average I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

We O
expect O
these B-Effect
returns I-Effect
to I-Effect
average I-Effect
above I-Effect
40 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
remaining I-Effect
strong I-Effect
and O
helped O
by O
continued B-Effect
cost I-Effect
leverage I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
stemming O
from O
higher B-Effect
volume I-Effect
demand I-Effect
as O
COVID-19 B-Cause
boosts I-Cause
the I-Cause
sales I-Cause
of I-Cause
products I-Cause
that I-Cause
offer I-Cause
social I-Cause
distancing I-Cause
. O

This B-Cause
lack I-Cause
of I-Cause
capital I-Cause
intensity I-Cause
means I-Cause
that I-Cause
annual I-Cause
free I-Cause
cash I-Cause
conversion O
for O
the B-Effect
firm I-Effect
over I-Effect
the I-Effect
past I-Effect
six I-Effect
years I-Effect
was I-Effect
97 I-Effect
% I-Effect
. O

Being B-Cause
a I-Cause
systemically I-Cause
important I-Cause
financial I-Cause
institution I-Cause
with I-Cause
implicit I-Cause
and I-Cause
explicit I-Cause
backing I-Cause
by I-Cause
the I-Cause
government I-Cause
brings O
increased B-Effect
scrutiny I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
operations I-Effect
and I-Effect
restrictions I-Effect
on I-Effect
activities I-Effect
, I-Effect
such I-Effect
as I-Effect
principal I-Effect
investments I-Effect
. O

But O
this O
should O
not O
affect O
Marriott O
's O
uncertainty O
rating O
unless O
travel B-Cause
demand I-Cause
once I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, O
leading O
to O
potential B-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, I-Effect
which I-Effect
perhaps I-Effect
could I-Effect
occur I-Effect
at I-Effect
value-destructive I-Effect
levels I-Effect
. O

The B-Effect
transaction I-Effect
is I-Effect
n't I-Effect
completely I-Effect
unexpected I-Effect
, O
as O
management B-Cause
was I-Cause
previously I-Cause
pursuing I-Cause
'strategic I-Cause
alternatives I-Cause
' I-Cause
for I-Cause
its I-Cause
various I-Cause
divisions I-Cause
, O
but O
put B-Effect
it I-Effect
on I-Effect
hold I-Effect
earlier I-Effect
this I-Effect
year I-Effect
due O
to O
pandemic B-Cause
disruption I-Cause
. O

Unlike B-Cause
rivals I-Cause
, I-Cause
Kroger I-Cause
manufactures I-Cause
around I-Cause
42 I-Cause
% I-Cause
of I-Cause
its I-Cause
own I-Cause
brand I-Cause
grocery I-Cause
offerings I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
elevate I-Effect
quality I-Effect
while I-Effect
containing I-Effect
production I-Effect
costs I-Effect
. O

We O
anticipate O
that O
about B-Effect
three I-Effect
quarters I-Effect
of I-Effect
fleet I-Effect
growth I-Effect
will I-Effect
be I-Effect
in I-Effect
narrow I-Effect
bodied I-Effect
aircraft I-Effect
, O
as O
advancing B-Cause
technology I-Cause
unlocks I-Cause
the I-Cause
commercial I-Cause
viability I-Cause
of I-Cause
new I-Cause
routes I-Cause
. O

Furthermore O
, O
any B-Cause
delay I-Cause
could O
give B-Effect
other I-Effect
companies I-Effect
more I-Effect
time I-Effect
to I-Effect
develop I-Effect
products I-Effect
that I-Effect
can I-Effect
compete I-Effect
more I-Effect
successfully I-Effect
with I-Effect
RingCentral I-Effect
's I-Effect
market-leading I-Effect
offering I-Effect
. O

We O
believe O
this O
competitive B-Effect
pressure I-Effect
will I-Effect
last I-Effect
over I-Effect
a I-Effect
material I-Effect
amount I-Effect
of I-Effect
time I-Effect
as O
established B-Cause
online I-Cause
wholesalers I-Cause
will I-Cause
continue I-Cause
to I-Cause
take I-Cause
share I-Cause
. I-Cause

Overall O
, O
we O
believe O
CIBC O
has O
improved O
its O
core O
operating O
performance O
over O
the O
years O
, O
but O
now O
the O
bank B-Effect
is I-Effect
hitting I-Effect
a I-Effect
bit I-Effect
of I-Effect
a I-Effect
wall I-Effect
, O
as O
growth B-Cause
slows I-Cause
, O
and O
the O
bank O
's O
expense O
base O
is O
still O
rising O
as O
CIBC B-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
technology I-Cause
and O
other O
aspects B-Effect
of I-Effect
the I-Effect
franchise I-Effect
. O

We B-Effect
upgraded I-Effect
the I-Effect
rating I-Effect
to I-Effect
wide I-Effect
in I-Effect
2017 I-Effect
because O
of O
Plains B-Cause
' I-Cause
extensive I-Cause
asset I-Cause
base I-Cause
across I-Cause
the I-Cause
entire I-Cause
midstream I-Cause
value I-Cause
chain I-Cause
in I-Cause
the I-Cause
Permian I-Cause
Basin I-Cause
, O
which O
is O
the O
lowest-cost O
U.S O
. O

Changing B-Cause
regulations I-Cause
in I-Cause
Europe I-Cause
, I-Cause
MiFID I-Cause
II I-Cause
, O
that O
is O
causing O
asset B-Effect
managers I-Effect
to I-Effect
reassess I-Effect
their I-Effect
trading I-Effect
and O
research O
budgets O
could O
be O
a O
headwind O
until O
the O
landscape O
settles O
down O
over O
the O
next O
couple O
of O
years O
. O

We O
believe O
BRP B-Effect
will I-Effect
benefit I-Effect
from I-Effect
its I-Effect
strategic I-Effect
initiatives I-Effect
, O
which B-Cause
aim I-Cause
to I-Cause
increase I-Cause
sales I-Cause
through I-Cause
consistent I-Cause
product I-Cause
launches I-Cause
, I-Cause
particularly I-Cause
in I-Cause
year-round I-Cause
products I-Cause
and I-Cause
rising I-Cause
global I-Cause
penetration I-Cause
. O

Given O
Baidu O
's O
largest O
user O
base O
, O
advertisers O
are O
willing O
to O
pay B-Effect
higher I-Effect
prices I-Effect
for I-Effect
search I-Effect
ad I-Effect
purchase I-Effect
as O
advertisers B-Cause
can I-Cause
reach I-Cause
the I-Cause
largest I-Cause
potential I-Cause
audience I-Cause
. O

This B-Cause
brief I-Cause
respite I-Cause
from I-Cause
PAMA I-Cause
cuts I-Cause
and I-Cause
the I-Cause
strong I-Cause
demand I-Cause
for I-Cause
COVID-19 I-Cause
leads O
to O
our B-Effect
estimate I-Effect
for I-Effect
average I-Effect
annual I-Effect
top-line I-Effect
growth I-Effect
of I-Effect
3 I-Effect
% I-Effect
through I-Effect
2024 I-Effect
. O

While O
Colorado O
's O
high O
population O
growth O
drives O
strong O
need O
for O
new O
roads O
, O
the B-Cause
state I-Cause
sports I-Cause
one I-Cause
of I-Cause
the I-Cause
weakest I-Cause
gas I-Cause
taxes I-Cause
in I-Cause
our I-Cause
analysis I-Cause
and O
faces B-Effect
a I-Effect
challenging I-Effect
fiscal I-Effect
situation I-Effect
. O

We O
think O
the B-Cause
proprietary I-Cause
technology I-Cause
developed I-Cause
to I-Cause
manage I-Cause
demand I-Cause
volatility I-Cause
is O
an O
additional O
barrier O
for O
competitors B-Effect
trying I-Effect
to I-Effect
replicate I-Effect
the I-Effect
Verbund I-Effect
concept I-Effect
. O

We B-Effect
expect I-Effect
margins I-Effect
to I-Effect
expand I-Effect
as O
the B-Cause
high I-Cause
margin I-Cause
Celgene I-Cause
drugs I-Cause
are I-Cause
folded I-Cause
into I-Cause
Bristol I-Cause
's I-Cause
portfolio I-Cause
, O
but O
the O
high B-Cause
royalty I-Cause
rate I-Cause
paid I-Cause
on I-Cause
Eliquis I-Cause
to I-Cause
Pfizer I-Cause
will O
weigh B-Effect
on I-Effect
gross I-Effect
margins I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

Comcast B-Effect
's I-Effect
cable I-Effect
business I-Effect
has I-Effect
steadily I-Effect
gained I-Effect
broadband I-Effect
market I-Effect
share I-Effect
over I-Effect
its I-Effect
primary I-Effect
competitors I-Effect
, I-Effect
phone I-Effect
companies I-Effect
like I-Effect
AT I-Effect
& I-Effect
T I-Effect
and I-Effect
Verizon I-Effect
, O
as O
high-quality B-Cause
Internet I-Cause
access I-Cause
has I-Cause
become I-Cause
a I-Cause
staple I-Cause
utility I-Cause
in I-Cause
more I-Cause
households I-Cause
. O

Consistent O
with O
management O
's O
target O
, O
we O
now O
expect O
120 B-Effect
ribbon-cuttings I-Effect
( I-Effect
net I-Effect
) I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, I-Effect
with I-Effect
roughly I-Effect
190 I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
Five B-Cause
Below I-Cause
resumes I-Cause
what I-Cause
we I-Cause
anticipate I-Cause
will I-Cause
be I-Cause
a I-Cause
roughly I-Cause
10-year I-Cause
march I-Cause
to I-Cause
management I-Cause
's I-Cause
2,500 I-Cause
unit I-Cause
national I-Cause
footprint I-Cause
target I-Cause
. O

As O
a B-Cause
'' I-Cause
low-cost I-Cause
'' I-Cause
provider I-Cause
of I-Cause
consumer I-Cause
credit I-Cause
cards I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
an I-Effect
implicit I-Effect
ceiling I-Effect
to I-Effect
the I-Effect
rewards I-Effect
it I-Effect
is I-Effect
able I-Effect
to I-Effect
offer I-Effect
consumers I-Effect
, O
while O
a B-Cause
lack I-Cause
of I-Cause
international I-Cause
acceptance I-Cause
naturally O
shifts B-Effect
the I-Effect
target I-Effect
market I-Effect
to I-Effect
the I-Effect
middle- I-Effect
and I-Effect
lower-income I-Effect
segments I-Effect
. O

Depressed B-Cause
realized I-Cause
prices I-Cause
due O
to O
lack B-Cause
of I-Cause
market I-Cause
access I-Cause
have O
forced O
capital B-Cause
spending I-Cause
cuts I-Cause
, I-Effect
stalling I-Effect
the I-Effect
growth B-Effect
potential I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
oil I-Effect
sands I-Effect
assets I-Effect
. O

In B-Effect
many I-Effect
retail I-Effect
channels I-Effect
, I-Effect
the I-Effect
firm I-Effect
is I-Effect
viewed I-Effect
as I-Effect
a I-Effect
strategic I-Effect
partner I-Effect
, O
owing O
to O
its B-Cause
resonance I-Cause
with I-Cause
consumers I-Cause
across I-Cause
numerous I-Cause
beverage I-Cause
categories I-Cause
. O

We O
think O
the B-Effect
value I-Effect
of I-Effect
Tencent I-Effect
's I-Effect
network I-Effect
increases I-Effect
for I-Effect
both I-Effect
new I-Effect
and I-Effect
existing I-Effect
users I-Effect
as O
more B-Cause
users I-Cause
adopt I-Cause
Weixin I-Cause
and I-Cause
mobile I-Cause
QQ I-Cause
. O

Walmart O
has O
consistently O
represented O
24 O
% O
of O
Conagra O
's O
revenue O
over O
the O
past O
several O
years O
and O
this B-Effect
metric I-Effect
spiked I-Effect
to I-Effect
26 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
pandemic I-Cause
. O

We O
expect O
strong O
pricing O
to O
attract O
additional O
capacity O
, O
and O
as O
housing B-Cause
activity I-Cause
wanes I-Cause
to I-Cause
midcycle I-Cause
levels I-Cause
, O
we O
expect O
margins B-Effect
to I-Effect
contract I-Effect
to I-Effect
roughly I-Effect
16 I-Effect
% I-Effect
. O

We B-Cause
foresee I-Cause
all-flash I-Cause
arrays I-Cause
becoming I-Cause
commonplace I-Cause
in I-Cause
enterprise I-Cause
storage I-Cause
and I-Cause
competing I-Cause
software I-Cause
solutions I-Cause
penetrating I-Cause
cloud I-Cause
provider I-Cause
marketplaces I-Cause
, O
which O
gives B-Effect
us I-Effect
pause I-Effect
about I-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
durable I-Effect
economic I-Effect
returns I-Effect
. O

However O
, O
increased B-Cause
scale I-Cause
has O
made O
T-Mobile B-Cause
far I-Cause
more I-Cause
efficient I-Cause
, I-Cause
turning I-Cause
it I-Cause
from I-Cause
a I-Cause
cash I-Cause
burner I-Cause
to I-Cause
substantial I-Cause
cash I-Cause
generator I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
, O
removing B-Effect
questions I-Effect
about I-Effect
its I-Effect
viability I-Effect
. O

To O
ensure B-Effect
that I-Effect
the I-Effect
increasing I-Effect
number I-Effect
of I-Effect
smartphones I-Effect
operate I-Effect
efficiently I-Effect
in I-Effect
a I-Effect
congested I-Effect
wireless I-Effect
network I-Effect
, O
superior B-Cause
filter I-Cause
technologies I-Cause
are O
required O
. O

Airlines B-Cause
have I-Cause
historically I-Cause
sold I-Cause
commodity I-Cause
goods I-Cause
and I-Cause
operated I-Cause
in I-Cause
a I-Cause
highly I-Cause
competitive I-Cause
market I-Cause
, O
so O
participants B-Effect
in I-Effect
this I-Effect
market I-Effect
have I-Effect
traditionally I-Effect
been I-Effect
unable I-Effect
to I-Effect
control I-Effect
prices I-Effect
or I-Effect
costs I-Effect
. O

The B-Effect
most I-Effect
singificant I-Effect
concern I-Effect
stems O
from O
the B-Cause
potential I-Cause
for I-Cause
product I-Cause
related I-Cause
quality I-Cause
and I-Cause
safety I-Cause
issues I-Cause
, O
which O
could O
lead O
to O
recalls O
. O

Further O
, O
high B-Effect
perceived I-Effect
friction I-Effect
from I-Effect
changing I-Effect
core I-Effect
systems I-Effect
is I-Effect
not I-Effect
just I-Effect
a I-Effect
theory I-Effect
, I-Effect
it I-Effect
is I-Effect
reality I-Effect
, O
as O
Guidewire B-Cause
has I-Cause
not I-Cause
lost I-Cause
a I-Cause
customer I-Cause
to I-Cause
a I-Cause
competitor I-Cause
since I-Cause
it I-Cause
was I-Cause
founded I-Cause
in I-Cause
2003 I-Cause
. O

TI O
continues O
to O
use O
Arrow O
and O
others O
for O
fulfillment O
, O
but O
the B-Cause
lack I-Cause
of I-Cause
demand I-Cause
creation I-Cause
revenue I-Cause
leads O
to O
lower B-Effect
margins I-Effect
for I-Effect
distributors I-Effect
like I-Effect
Arrow I-Effect
. O

One B-Cause
benefit I-Cause
of I-Cause
the I-Cause
platform I-Cause
is I-Cause
that I-Cause
it I-Cause
allows I-Cause
the I-Cause
use I-Cause
of I-Cause
a I-Cause
single I-Cause
business I-Cause
number I-Cause
that I-Cause
can I-Cause
support I-Cause
all I-Cause
communication I-Cause
types I-Cause
( I-Cause
text I-Cause
, I-Cause
voice I-Cause
, I-Cause
video I-Cause
, I-Cause
fax I-Cause
) I-Cause
and I-Cause
mobile I-Cause
capability I-Cause
with I-Cause
Apple I-Cause
and I-Cause
Android I-Cause
devices. O
This O
lets O
customers B-Effect
use I-Effect
their I-Effect
personal I-Effect
mobile I-Effect
device I-Effect
for I-Effect
business I-Effect
needs I-Effect
no I-Effect
matter I-Effect
where I-Effect
they I-Effect
are I-Effect
while I-Effect
maintaining I-Effect
the I-Effect
privacy I-Effect
of I-Effect
their I-Effect
personal I-Effect
cellphone I-Effect
number I-Effect
. O

We O
are O
pleased O
that O
self-help B-Cause
measures I-Cause
such I-Cause
as I-Cause
optimizing I-Cause
Kingfisher I-Cause
's I-Cause
store I-Cause
footprint I-Cause
and I-Cause
reversing I-Cause
stock I-Cause
inefficiencies I-Cause
will O
free B-Effect
up I-Effect
cash I-Effect
that I-Effect
will I-Effect
be I-Effect
returned I-Effect
to I-Effect
shareholders I-Effect
via I-Effect
a I-Effect
dividend I-Effect
payout I-Effect
ratio I-Effect
of I-Effect
approximately I-Effect
40 I-Effect
% I-Effect
. O

Its B-Cause
portfolio I-Cause
should I-Cause
continue I-Cause
to I-Cause
attract I-Cause
shoppers I-Cause
and I-Cause
tenants I-Cause
and O
produce B-Effect
solid I-Effect
internal I-Effect
growth I-Effect
even O
in O
a O
challenging O
retail O
environment O
. O

The B-Effect
other I-Effect
leading I-Effect
security I-Effect
vendors I-Effect
also I-Effect
offer I-Effect
professional I-Effect
services I-Effect
that O
customers O
may O
prefer O
due O
to O
familiarity B-Cause
with I-Cause
their I-Cause
products I-Cause
being I-Cause
ingrained I-Cause
within I-Cause
their I-Cause
ecosystems I-Cause
. O

Part B-Effect
of I-Effect
this I-Effect
change I-Effect
is O
also O
the O
result O
of O
our B-Cause
assumption I-Cause
that I-Cause
Millicom I-Cause
walks I-Cause
away I-Cause
from I-Cause
the I-Cause
Telefonica I-Cause
acquisition I-Cause
in I-Cause
Costa I-Cause
Rica I-Cause
, O
though O
this O
move O
also O
saves O
the O
firm O
the O
$ O
570 O
million O
purchase O
price O
. O

Additionally O
, O
as O
enterprises B-Cause
across I-Cause
a I-Cause
broad I-Cause
swath I-Cause
of I-Cause
industries I-Cause
are I-Cause
at I-Cause
different I-Cause
stages I-Cause
of I-Cause
a I-Cause
digital I-Cause
transformation I-Cause
, O
the B-Effect
success I-Effect
of I-Effect
their I-Effect
employees I-Effect
and I-Effect
customers I-Effect
is I-Effect
increasingly I-Effect
tied I-Effect
to I-Effect
the I-Effect
reliability I-Effect
and I-Effect
resiliency I-Effect
of I-Effect
their I-Effect
IT I-Effect
ecosystems I-Effect
. O

We O
see O
cost B-Effect
advantages I-Effect
stemming O
from O
three O
factors O
: O
a B-Cause
low-cost I-Cause
deposit I-Cause
base I-Cause
, I-Cause
excellent I-Cause
operating I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
conservative I-Cause
underwriting I-Cause
; I-Cause
regulatory I-Cause
costs I-Cause
are O
also O
a O
factor O
we O
must O
consider O
. O

We O
think O
scale B-Cause
is O
particular O
important O
in B-Cause
the I-Cause
direct I-Cause
channel I-Cause
, O
which O
accounts O
for O
almost B-Effect
half I-Effect
of I-Effect
Progressive I-Effect
's I-Effect
personal I-Effect
lines I-Effect
premiums I-Effect
. O

We O
anticipate O
a B-Cause
net I-Cause
addition I-Cause
of I-Cause
more I-Cause
than I-Cause
40-50 I-Cause
million I-Cause
new I-Cause
Internet I-Cause
users I-Cause
across O
Latin O
America O
over O
the O
next O
five O
years O
, O
which O
will O
significantly B-Effect
broaden I-Effect
MercadoLibre I-Effect
's I-Effect
active I-Effect
base I-Effect
of I-Effect
70 I-Effect
million I-Effect
unique I-Effect
active I-Effect
users I-Effect
. O

If O
mortality B-Cause
or I-Cause
longevity I-Cause
assumptions I-Cause
change I-Cause
, O
initial B-Effect
reserves I-Effect
will I-Effect
need I-Effect
to I-Effect
be I-Effect
adjusted I-Effect
; O
expense O
inflation O
may O
impact O
this O
margin O
; O
choice O
of O
sales O
channel O
or O
cohort O
of O
intermediaries O
could O
impact O
commissions O
. O

We B-Effect
estimate I-Effect
that I-Effect
net I-Effect
acquisitions I-Effect
will I-Effect
be I-Effect
approximately I-Effect
flat I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
management B-Cause
completed I-Cause
a I-Cause
$ I-Cause
460 I-Cause
million I-Cause
divestiture I-Cause
of I-Cause
its I-Cause
environmental I-Cause
solutions I-Cause
business I-Cause
in I-Cause
April I-Cause
2020 I-Cause
. O

If O
its B-Cause
brand I-Cause
is I-Cause
permanently I-Cause
impaired I-Cause
because I-Cause
of I-Cause
these I-Cause
issues I-Cause
, O
Chipotle B-Effect
could I-Effect
face I-Effect
market I-Effect
saturation I-Effect
sooner I-Effect
than I-Effect
anticipated I-Effect
, O
which O
could O
be O
exacerbated O
by O
demographic O
shifts O
, O
an O
increasing O
number O
of O
meals O
prepared O
at O
home O
, O
and O
lingering O
consumer-spending O
headwinds O
. O

Historically O
, O
Chubb B-Cause
has I-Cause
been I-Cause
a I-Cause
disciplined I-Cause
underwriter I-Cause
, O
which O
is O
a O
positive O
, O
but O
also O
leads B-Effect
to I-Effect
limited I-Effect
growth I-Effect
and I-Effect
periods I-Effect
where I-Effect
the I-Effect
company I-Effect
is I-Effect
sitting I-Effect
on I-Effect
excess I-Effect
capital I-Effect
that I-Effect
can I-Effect
hamper I-Effect
returns I-Effect
in I-Effect
soft I-Effect
pricing I-Effect
markets I-Effect
. O

The O
dealer O
knows O
the O
vehicle O
, O
and O
comparison-shopping B-Effect
for I-Effect
repair I-Effect
work I-Effect
is I-Effect
very I-Effect
time-consuming I-Effect
since O
the B-Cause
customer I-Cause
has I-Cause
to I-Cause
bring I-Cause
the I-Cause
vehicle I-Cause
to I-Cause
each I-Cause
shop I-Cause
to I-Cause
get I-Cause
a I-Cause
quote I-Cause
. O

Additionally O
, O
we B-Effect
increased I-Effect
our I-Effect
near-term I-Effect
projections I-Effect
for I-Effect
coronavirus I-Effect
treatments I-Effect
bamlanivimab I-Effect
and I-Effect
etesevimab I-Effect
, I-Effect
but I-Effect
these I-Effect
projections I-Effect
only I-Effect
supported I-Effect
a I-Effect
slight I-Effect
valuation I-Effect
increase I-Effect
as O
we B-Cause
do I-Cause
n't I-Cause
expect I-Cause
long-term I-Cause
demand I-Cause
for I-Cause
these I-Cause
drugs I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
vaccine I-Cause
launches I-Cause
that I-Cause
will I-Cause
likely I-Cause
significantly I-Cause
reduce I-Cause
COVID-19 I-Cause
treatment I-Cause
demand I-Cause
. O

American B-Cause
Water I-Cause
Works I-Cause
derives I-Cause
most I-Cause
of I-Cause
its I-Cause
profits I-Cause
from I-Cause
regulated I-Cause
operations. O
Consequently O
, O
the B-Effect
greatest I-Effect
risk I-Effect
it I-Effect
faces I-Effect
is I-Effect
regulation I-Effect
that I-Effect
does I-Effect
not I-Effect
allow I-Effect
the I-Effect
company I-Effect
to I-Effect
earn I-Effect
its I-Effect
allowed I-Effect
return I-Effect
and I-Effect
does I-Effect
not I-Effect
protect I-Effect
it I-Effect
from I-Effect
regulatory I-Effect
lag I-Effect
, I-Effect
which I-Effect
is I-Effect
the I-Effect
time I-Effect
between I-Effect
the I-Effect
incurring I-Effect
and I-Effect
the I-Effect
recovery I-Effect
of I-Effect
costs I-Effect
. O

Although O
there O
are O
certainly O
costs O
associated O
with O
ensuring O
that O
cold O
storage O
facilities O
are O
temperature-controlled O
, O
it B-Effect
is I-Effect
not I-Effect
inconceivable I-Effect
for I-Effect
traditional I-Effect
warehouse I-Effect
facilities I-Effect
to I-Effect
be I-Effect
converted I-Effect
to I-Effect
cold I-Effect
storage I-Effect
facilities I-Effect
if O
market B-Cause
conditions I-Cause
would I-Cause
support I-Cause
such I-Cause
a I-Cause
conversion I-Cause
. O

We O
expect O
Vornado B-Effect
to I-Effect
be I-Effect
a I-Effect
net I-Effect
seller I-Effect
of I-Effect
real I-Effect
estate I-Effect
once O
investment B-Cause
volumes I-Cause
recover I-Cause
the I-Cause
company I-Cause
is I-Cause
able I-Cause
to I-Cause
dispose I-Cause
of I-Cause
its I-Cause
properties I-Cause
. O

Although O
no O
auto O
dealer O
is O
immune O
to O
macroeconomic O
risks O
, O
Asbury B-Cause
Automotive I-Cause
Group I-Cause
's I-Cause
size I-Cause
, I-Cause
focused I-Cause
acquisition I-Cause
strategy I-Cause
, I-Cause
and I-Cause
diverse I-Cause
revenue I-Cause
streams I-Cause
should O
allow O
the B-Effect
firm I-Effect
to I-Effect
grow I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
smaller I-Effect
dealers I-Effect
. O

If O
auto B-Cause
suppliers I-Cause
materially I-Cause
accelerate I-Cause
their I-Cause
production I-Cause
of I-Cause
EV-related I-Cause
parts I-Cause
, O
LKQ B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
shift I-Effect
its I-Effect
procurement I-Effect
efforts I-Effect
to I-Effect
acquire I-Effect
more I-Effect
EVs I-Effect
, O
in O
addition O
to O
working O
with O
its O
manufacturing O
partners O
to O
develop O
aftermarket O
parts O
. O

Additionally O
, O
the B-Effect
company I-Effect
invested I-Effect
more I-Effect
than I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
its I-Effect
Mesabi I-Effect
Nugget I-Effect
joint I-Effect
venture I-Effect
with I-Effect
Kobe I-Effect
Steel I-Effect
that O
was O
designed B-Cause
to I-Cause
provide I-Cause
iron I-Cause
units I-Cause
to I-Cause
its I-Cause
EAFs I-Cause
at I-Cause
favorable I-Cause
costs I-Cause
. O

We O
think O
Intuit B-Effect
's I-Effect
business I-Effect
operates I-Effect
under I-Effect
high I-Effect
uncertainty I-Effect
, O
given O
the B-Cause
risk I-Cause
of I-Cause
intensified I-Cause
regulation I-Cause
on I-Cause
online I-Cause
tax-filing I-Cause
software I-Cause
, O
yet O
we O
do O
not O
foresee O
any O
material O
ESG O
( O
environmental O
, O
social O
, O
or O
governance O
) O
issues O
on O
the O
horizon O
. O

To O
a O
lesser O
extent O
, O
Spotify B-Cause
's I-Cause
users I-Cause
have I-Cause
even I-Cause
developed I-Cause
a I-Cause
bit I-Cause
of I-Cause
a I-Cause
direct I-Cause
network I-Cause
effect I-Cause
, I-Cause
where I-Cause
users I-Cause
share I-Cause
playlists I-Cause
with I-Cause
one I-Cause
another I-Cause
and O
, O
in O
turn O
, O
attract B-Effect
more I-Effect
users I-Effect
to I-Effect
Spotify I-Effect
, O
even O
without O
a O
corresponding O
increase O
in O
artist O
or O
label O
content O
. O

The B-Cause
firm I-Cause
continues I-Cause
to I-Cause
claim I-Cause
just I-Cause
under I-Cause
50 I-Cause
% I-Cause
wireless I-Cause
market I-Cause
share I-Cause
, I-Cause
including I-Cause
the I-Cause
leading I-Cause
position I-Cause
among I-Cause
postpaid I-Cause
contract I-Cause
customers I-Cause
, O
which O
provides O
it O
with O
the O
highest B-Effect
average I-Effect
revenue I-Effect
per I-Effect
user I-Effect
among I-Effect
Korean I-Effect
wireless I-Effect
operators I-Effect
. O

With O
90 O
% O
of O
all O
aircraft O
and O
80 O
% O
of O
all O
autos O
, O
globally O
, O
made O
via O
Dassault O
Systemes O
software O
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
continue I-Effect
to I-Effect
stay I-Effect
well I-Effect
entrenched I-Effect
in I-Effect
engineering I-Effect
teams I-Effect
with B-Cause
help I-Cause
from I-Cause
its I-Cause
significant I-Cause
switching I-Cause
costs I-Cause
and I-Cause
network I-Cause
effect I-Cause
found I-Cause
in I-Cause
its I-Cause
midmarket I-Cause
CAD I-Cause
software I-Cause
, I-Cause
SolidWorks I-Cause
. O

PVH B-Effect
, I-Effect
like I-Effect
all I-Effect
international I-Effect
apparel I-Effect
manufacturers I-Effect
and I-Effect
retailers I-Effect
, I-Effect
faces I-Effect
a I-Effect
huge I-Effect
challenge I-Effect
with I-Effect
the I-Effect
COVID-19 I-Effect
crisis I-Effect
as O
stores B-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
had I-Cause
to I-Cause
close I-Cause
temporarily I-Cause
. O

However O
, O
we O
believe O
competition B-Effect
in I-Effect
the I-Effect
QSR I-Effect
and I-Effect
pizza I-Effect
categories I-Effect
will I-Effect
become I-Effect
more I-Effect
pronounced I-Effect
in I-Effect
the I-Effect
future I-Effect
due O
to O
expansion B-Cause
plans I-Cause
from I-Cause
existing I-Cause
players I-Cause
and I-Cause
delivery I-Cause
expansion I-Cause
from I-Cause
QSR I-Cause
chains I-Cause
. O

Tenneco B-Effect
's I-Effect
customers I-Effect
would I-Effect
incur I-Effect
prohibitively I-Effect
high I-Effect
switching I-Effect
costs I-Effect
should O
they B-Cause
withdraw I-Cause
business I-Cause
in I-Cause
the I-Cause
middle I-Cause
of I-Cause
a I-Cause
vehicle I-Cause
program I-Cause
, I-Cause
especially I-Cause
when I-Cause
Tenneco I-Cause
has I-Cause
a I-Cause
supply I-Cause
agreement I-Cause
for I-Cause
a I-Cause
complete I-Cause
emissions- I-Cause
or I-Cause
ride-control I-Cause
system I-Cause
. O

Switching B-Effect
costs I-Effect
for I-Effect
passsenger I-Effect
vehicles I-Effect
are I-Effect
low I-Effect
as O
customers B-Cause
have I-Cause
several I-Cause
brands I-Cause
from I-Cause
which I-Cause
to I-Cause
choose I-Cause
when I-Cause
considering I-Cause
a I-Cause
vehicle I-Cause
purchase I-Cause
, O
even O
among O
luxury O
brand O
competitors O
like O
BMW O
, O
Audi O
, O
and O
Lexus O
. O

We B-Effect
have I-Effect
raised I-Effect
our I-Effect
long-term I-Effect
tax I-Effect
rate I-Effect
assumption I-Effect
to I-Effect
31.5 I-Effect
% I-Effect
from I-Effect
28 I-Effect
% I-Effect
in O
anticipation O
of O
a B-Cause
corporate I-Cause
tax I-Cause
increase I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

As O
much B-Cause
of I-Cause
its I-Cause
proprietary I-Cause
data I-Cause
is I-Cause
internally I-Cause
created I-Cause
or I-Cause
the I-Cause
result I-Cause
of I-Cause
acquisitions I-Cause
, O
it B-Effect
would I-Effect
be I-Effect
exceedingly I-Effect
hard I-Effect
and I-Effect
expensive I-Effect
for I-Effect
another I-Effect
competitor I-Effect
to I-Effect
recreate I-Effect
and I-Effect
assemble I-Effect
a I-Effect
comparable I-Effect
data I-Effect
offering I-Effect
. O

As O
a O
result O
, O
the B-Cause
firm I-Cause
has I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
, O
so O
sudden B-Effect
declines I-Effect
in I-Effect
volume I-Effect
can I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profit I-Effect
. O

After B-Cause
a I-Cause
nearly I-Cause
12 I-Cause
% I-Cause
year-over-year I-Cause
sales I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
headwinds I-Cause
, O
we B-Effect
expect I-Effect
Lincoln I-Effect
Electric I-Effect
's I-Effect
sales I-Effect
to I-Effect
rebound I-Effect
and I-Effect
we I-Effect
forecast I-Effect
roughly I-Effect
7 I-Effect
% I-Effect
average I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
2025 I-Effect
. O

However O
, O
some B-Cause
media I-Cause
firms I-Cause
have I-Cause
been I-Cause
pushing I-Cause
back I-Cause
on I-Cause
the I-Cause
firm I-Cause
's I-Cause
terms I-Cause
, O
leading O
to O
newer B-Effect
services I-Effect
like I-Effect
HBO I-Effect
Max I-Effect
and I-Effect
Peacock I-Effect
not I-Effect
being I-Effect
available I-Effect
at I-Effect
launch I-Effect
. I-Effect

We O
view O
the B-Cause
growth I-Cause
of I-Cause
direct-to-consumer I-Cause
sales I-Cause
by I-Cause
its I-Cause
vendors I-Cause
as O
a B-Effect
serious I-Effect
competitive I-Effect
threat I-Effect
that I-Effect
Dick I-Effect
's I-Effect
can I-Effect
not I-Effect
counter I-Effect
. O

That O
is O
, O
as O
more B-Cause
customers I-Cause
adopt I-Cause
any I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
solutions I-Cause
, O
the B-Cause
AppExchange I-Cause
provides I-Cause
an I-Cause
ever-expanding I-Cause
audience I-Cause
, O
which O
makes O
the B-Cause
AppExchange I-Cause
incrementally I-Cause
more I-Cause
attractive I-Cause
to I-Cause
developers I-Cause
, O
thus O
perpetuating B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
. O

Ericsson O
should O
benefit O
from O
5G O
network O
infrastructure O
requiring O
small O
cell O
sites O
, O
but O
we B-Effect
expect I-Effect
limited I-Effect
upside I-Effect
as O
CSPs B-Cause
retain I-Cause
their I-Cause
multisourcing I-Cause
tactics I-Cause
. O

Most O
importantly O
, O
scale B-Effect
will I-Effect
be I-Effect
lost I-Effect
from I-Effect
ships I-Effect
that I-Effect
remain I-Effect
in I-Effect
layup I-Effect
, O
as O
we O
anticipate O
Norwegian B-Cause
will I-Cause
execute I-Cause
a I-Cause
staggered I-Cause
return I-Cause
to I-Cause
the I-Cause
sailing I-Cause
of I-Cause
its I-Cause
fleet I-Cause
in I-Cause
the I-Cause
back I-Cause
half I-Cause
of I-Cause
2021 I-Cause
. O

Many B-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
latest I-Cause
chips I-Cause
are I-Cause
made I-Cause
on I-Cause
leading I-Cause
process I-Cause
technologies I-Cause
at I-Cause
TSMC I-Cause
, O
which O
has O
also O
helped O
AMD B-Effect
bridge I-Effect
the I-Effect
gap I-Effect
with I-Effect
Intel I-Effect
as O
the O
latter O
has O
suffered O
from O
some O
process O
technology O
delays O
. O

Banks B-Cause
, I-Cause
airline I-Cause
operators I-Cause
and I-Cause
network I-Cause
providers I-Cause
operate I-Cause
in I-Cause
mission I-Cause
critical I-Cause
areas I-Cause
, O
and O
therefore O
, O
have O
leaned B-Effect
on I-Effect
IBM I-Effect
for I-Effect
years I-Effect
, O
allowing O
for O
IBM B-Effect
to I-Effect
benefit I-Effect
from I-Effect
specialty I-Effect
knowledge I-Effect
on I-Effect
its I-Effect
clients I-Effect
personally I-Effect
and I-Effect
the I-Effect
industry I-Effect
they I-Effect
operate I-Effect
in I-Effect
. O

The B-Effect
risk I-Effect
of I-Effect
IT I-Effect
asset I-Effect
failure I-Effect
is I-Effect
simply I-Effect
too I-Effect
high I-Effect
, O
especially O
in O
the B-Cause
exponentially I-Cause
more I-Cause
complex I-Cause
hybrid I-Cause
cloud I-Cause
environments I-Cause
of O
today O
. O

In O
our O
base O
case O
, O
we O
assume O
revenue O
grows O
quickly O
in O
the O
near O
term O
, O
due B-Cause
to I-Cause
a I-Cause
buoyant I-Cause
market I-Cause
and I-Cause
recent I-Cause
acquisitions I-Cause
, I-Cause
and O
slows B-Effect
gradually I-Effect
in I-Effect
later I-Effect
years I-Effect
. I-Effect

Firms O
that O
have O
shown O
an O
ability O
to O
gather O
and O
retain O
investor O
assets O
during O
different O
market O
cycles O
have O
tended O
to O
produce B-Cause
more I-Cause
stable I-Cause
levels I-Cause
of I-Cause
profitability I-Cause
, O
with B-Effect
returns I-Effect
exceeding I-Effect
their I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
longer I-Effect
periods I-Effect
of I-Effect
time I-Effect
. O

As O
other B-Cause
new I-Cause
vehicles I-Cause
are I-Cause
launched I-Cause
, I-Cause
such I-Cause
as I-Cause
the I-Cause
Cybertruck I-Cause
or I-Cause
the I-Cause
platform I-Cause
that I-Cause
will I-Cause
produce I-Cause
the I-Cause
affordable I-Cause
sedan I-Cause
and I-Cause
SUV I-Cause
( I-Cause
known I-Cause
as I-Cause
the I-Cause
$ I-Cause
25,000 I-Cause
vehicle I-Cause
) I-Cause
, O
we O
expect O
the B-Effect
company I-Effect
's I-Effect
strong I-Effect
brand I-Effect
will I-Effect
continue I-Effect
to I-Effect
generate I-Effect
consumer I-Effect
demand I-Effect
. O

Despite O
its O
debt O
burden O
, O
Carrier B-Cause
now I-Cause
has I-Cause
a I-Cause
narrowed I-Cause
strategic I-Cause
focus I-Cause
and O
no B-Effect
longer I-Effect
must I-Effect
fight I-Effect
for I-Effect
capital I-Effect
from I-Effect
an I-Effect
increasingly I-Effect
aerospace-focused I-Effect
parent I-Effect
company I-Effect
. O

For O
example O
, O
governments B-Cause
nearly I-Cause
always I-Cause
also I-Cause
control I-Cause
the I-Cause
availability I-Cause
of I-Cause
wireless I-Cause
spectrum I-Cause
, O
heavily O
influencing B-Effect
the I-Effect
prices I-Effect
carriers I-Effect
pay I-Effect
for I-Effect
this I-Effect
resource I-Effect
. O

The B-Effect
Oklahoma I-Effect
portion I-Effect
of I-Effect
the I-Effect
portfolio I-Effect
could I-Effect
have I-Effect
similar I-Effect
potential I-Effect
, I-Effect
but I-Effect
this I-Effect
is I-Effect
more I-Effect
speculative I-Effect
-- O
the B-Cause
firm I-Cause
's I-Cause
drilling I-Cause
results I-Cause
to I-Cause
date I-Cause
have I-Cause
been I-Cause
middling I-Cause
, I-Cause
and I-Cause
the I-Cause
natural I-Cause
gas I-Cause
weighting I-Cause
and I-Cause
high I-Cause
cost I-Cause
of I-Cause
development I-Cause
have I-Cause
been I-Cause
weighing I-Cause
on I-Cause
its I-Cause
potential I-Cause
returns I-Cause
there I-Cause
. O

In O
a O
similar O
vein O
, O
Oxxo B-Effect
probably I-Effect
has I-Effect
a I-Effect
denser I-Effect
trove I-Effect
of I-Effect
customer I-Effect
data I-Effect
owing O
to O
its B-Cause
robust I-Cause
store I-Cause
network I-Cause
and I-Cause
traffic I-Cause
. O

By O
2030 O
, O
we O
expect O
operating B-Effect
margin I-Effect
to I-Effect
reach I-Effect
roughly I-Effect
13 I-Effect
% I-Effect
, O
due O
to O
the B-Cause
full-ramp I-Cause
up I-Cause
of I-Cause
production I-Cause
and I-Cause
fixed I-Cause
cost I-Cause
leverage I-Cause
against I-Cause
overhead I-Cause
expenses I-Cause
. O

With O
access B-Cause
to I-Cause
such I-Cause
data I-Cause
and I-Cause
to I-Cause
billions I-Cause
of I-Cause
photos I-Cause
and I-Cause
videos I-Cause
uploaded I-Cause
by I-Cause
its I-Cause
users I-Cause
, O
Facebook B-Effect
continues I-Effect
to I-Effect
enhance I-Effect
the I-Effect
social I-Effect
network I-Effect
by I-Effect
offering I-Effect
even I-Effect
more I-Effect
relevant I-Effect
content I-Effect
to I-Effect
its I-Effect
users I-Effect
. O

Importantly O
, O
it B-Cause
is I-Cause
bringing I-Cause
these I-Cause
innovations I-Cause
to I-Cause
market I-Cause
in I-Cause
a I-Cause
more I-Cause
timely I-Cause
fashion I-Cause
, I-Cause
with I-Cause
some I-Cause
of I-Cause
its I-Cause
recent I-Cause
endeavors I-Cause
taking I-Cause
just I-Cause
12 I-Cause
weeks I-Cause
to I-Cause
move I-Cause
from I-Cause
concept I-Cause
to I-Cause
shelf. O
These O
efforts O
have O
bolstered B-Effect
average I-Effect
selling I-Effect
prices I-Effect
online I-Effect
, I-Effect
which I-Effect
now I-Effect
stand I-Effect
at I-Effect
1.2-3.5 I-Effect
times I-Effect
the I-Effect
level I-Effect
Hershey I-Effect
derives I-Effect
across I-Effect
its I-Effect
portfolio I-Effect
in I-Effect
brick-and-mortar I-Effect
outlets I-Effect
. O

Symdeko O
, O
approved O
in O
2018 O
, O
did O
n't O
significantly B-Effect
expand I-Effect
the I-Effect
addressable I-Effect
population I-Effect
as O
it B-Cause
targets I-Cause
the I-Cause
same I-Cause
patient I-Cause
population I-Cause
as I-Cause
Orkambi I-Cause
, O
but O
it O
helped O
capture B-Effect
some I-Effect
additional I-Effect
patients I-Effect
due O
to O
its B-Cause
better I-Cause
efficacy I-Cause
. O

Within O
global O
merchant O
and O
network O
services O
, O
the B-Cause
costs I-Cause
to I-Cause
maintain I-Cause
this I-Cause
network I-Cause
are I-Cause
mostly I-Cause
fixed I-Cause
, O
allowing B-Effect
incremental I-Effect
revenue I-Effect
to I-Effect
drop I-Effect
to I-Effect
the I-Effect
bottom I-Effect
line I-Effect
. O

We O
argue O
that O
the B-Cause
firm I-Cause
's I-Cause
sheer I-Cause
size I-Cause
and I-Cause
vast I-Cause
financial I-Cause
resources I-Cause
allow O
it O
to O
leverage B-Effect
fixed I-Effect
costs I-Effect
over I-Effect
a I-Effect
large I-Effect
base I-Effect
of I-Effect
products I-Effect
and I-Effect
defend I-Effect
its I-Effect
share I-Effect
position I-Effect
by I-Effect
aggressively I-Effect
spending I-Effect
on I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
and I-Effect
marketing I-Effect
when I-Effect
needed I-Effect
to I-Effect
fend I-Effect
off I-Effect
competition I-Effect
. O

The O
company O
does O
n't O
have O
significant O
property O
and O
casualty O
tail-risk O
exposure O
( O
such O
as O
workers B-Effect
' I-Effect
compensation I-Effect
or I-Effect
business I-Effect
interruption I-Effect
insurance I-Effect
that I-Effect
could I-Effect
become I-Effect
a I-Effect
litigious I-Effect
battleground I-Effect
due O
to O
COVID-19 B-Cause
) O
. O

We O
still O
expect O
2021 B-Cause
to I-Cause
be I-Cause
a I-Cause
strong I-Cause
recovery I-Cause
year I-Cause
, I-Cause
including I-Cause
high-single-digit I-Cause
comp I-Cause
growth I-Cause
and I-Cause
consolidated I-Cause
restaurant I-Cause
margins I-Cause
returning I-Cause
to I-Cause
16 I-Cause
% I-Cause
, I-Cause
a I-Cause
level I-Cause
that I-Cause
is I-Cause
similar I-Cause
to I-Cause
2019. O
This O
would O
put B-Effect
Yum I-Effect
China I-Effect
on I-Effect
track I-Effect
to I-Effect
meet I-Effect
our I-Effect
five-year I-Effect
targets I-Effect
calling I-Effect
for I-Effect
11 I-Effect
% I-Effect
currency-neutral I-Effect
compounded I-Effect
annual I-Effect
revenue I-Effect
and I-Effect
restaurant I-Effect
margins I-Effect
of I-Effect
18 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
. O

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
forced O
the B-Effect
firm I-Effect
to I-Effect
limit I-Effect
visitations I-Effect
and I-Effect
temporarily I-Effect
close I-Effect
many I-Effect
stores I-Effect
and O
the B-Cause
crisis I-Cause
has O
created O
turmoil B-Effect
in I-Effect
the I-Effect
apparel I-Effect
retail I-Effect
market I-Effect
. O

Nevertheless O
, O
National B-Cause
Oilwell I-Cause
's I-Cause
voracious I-Cause
appetite I-Cause
for I-Cause
acquisitions I-Cause
has O
left O
it O
with O
massive B-Effect
balances I-Effect
of I-Effect
goodwill I-Effect
and I-Effect
intangible I-Effect
assets I-Effect
( I-Effect
about I-Effect
two I-Effect
thirds I-Effect
of I-Effect
its I-Effect
total I-Effect
invested I-Effect
capital I-Effect
) I-Effect
. O

Since O
the B-Cause
initial I-Cause
rents I-Cause
are I-Cause
low I-Cause
and I-Cause
internal I-Cause
growth I-Cause
is I-Cause
generally I-Cause
limited I-Cause
by I-Cause
competition I-Cause
, O
we O
believe O
that O
the B-Effect
economic I-Effect
returns I-Effect
generated I-Effect
by I-Effect
the I-Effect
company I-Effect
wo I-Effect
n't I-Effect
exceed I-Effect
the I-Effect
company I-Effect
's I-Effect
WACC I-Effect
. O

Thus O
, O
while B-Effect
pricing I-Effect
is I-Effect
an I-Effect
important I-Effect
consideration I-Effect
, I-Effect
customers I-Effect
are I-Effect
relatively I-Effect
less I-Effect
likely I-Effect
to I-Effect
aggressively I-Effect
pursue I-Effect
cost I-Effect
savings I-Effect
by I-Effect
switching I-Effect
to I-Effect
a I-Effect
cheaper I-Effect
alternative I-Effect
as O
the B-Cause
cost I-Cause
of I-Cause
unscheduled I-Cause
downtime I-Cause
or I-Cause
product I-Cause
failures I-Cause
could I-Cause
far I-Cause
exceed I-Cause
potential I-Cause
cost I-Cause
savings I-Cause
. O

Although O
the O
switching O
costs O
might O
not O
be O
explicitly O
large O
, O
inertia B-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
of I-Cause
achieving I-Cause
better I-Cause
results I-Cause
by I-Cause
moving I-Cause
from I-Cause
one I-Cause
asset I-Cause
manager I-Cause
to I-Cause
another I-Cause
tend O
to O
keep O
many B-Effect
investors I-Effect
invested I-Effect
with I-Effect
the I-Effect
same I-Effect
funds I-Effect
for I-Effect
extended I-Effect
periods I-Effect
. O

If O
plain O
packages O
are O
introduced O
in O
any O
other O
major O
EU O
market O
, O
this O
could O
be O
materially B-Effect
detrimental I-Effect
to I-Effect
the I-Effect
firm I-Effect
, O
given B-Cause
its I-Cause
positioning I-Cause
in I-Cause
premium I-Cause
categories I-Cause
. O

Still O
, O
Grainger B-Cause
benefits I-Cause
from I-Cause
cost I-Cause
advantages I-Cause
, O
so O
even O
if O
its O
profitability O
has O
peaked O
and O
margin O
expansion O
opportunities O
are O
limited O
, O
we O
think O
the B-Effect
firm I-Effect
can I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

In B-Effect
other I-Effect
industries I-Effect
, I-Effect
superior I-Effect
execution I-Effect
and I-Effect
operating I-Effect
know-how I-Effect
can I-Effect
last I-Effect
for I-Effect
many I-Effect
years I-Effect
but I-Effect
then I-Effect
suddenly I-Effect
dissipate I-Effect
due O
to O
competitors B-Cause
' I-Cause
successful I-Cause
imitation I-Cause
. O

Risks B-Cause
surrounding I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until O
an O
effective O
treatment O
and O
vaccine O
are O
widely O
distributed O
globally O
remain O
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

As O
for O
the O
food O
service O
business O
within O
refrigeration O
and O
food O
equipment O
, O
we O
expect O
greater B-Effect
adoption I-Effect
of I-Effect
certain I-Effect
type I-Effect
of I-Effect
equipment I-Effect
in I-Effect
restaurant I-Effect
and I-Effect
hospitality I-Effect
settings I-Effect
in I-Effect
developing I-Effect
countries I-Effect
, O
helped O
by O
a B-Cause
shift I-Cause
in I-Cause
dietary I-Cause
habits I-Cause
toward I-Cause
fresher I-Cause
foods I-Cause
. O

Brand B-Cause
positioning I-Cause
leads I-Cause
to I-Cause
elevated I-Cause
expenditures I-Cause
( I-Cause
consumer I-Cause
acquisition I-Cause
costs I-Cause
) I-Cause
to I-Cause
target I-Cause
a I-Cause
young I-Cause
demographic I-Cause
, O
yielding O
risk O
that O
consumers B-Effect
could I-Effect
still I-Effect
trade I-Effect
down I-Effect
in I-Effect
the I-Effect
economic I-Effect
compression I-Effect
aggravated I-Effect
by I-Effect
COVID-19 I-Effect
. O

For O
example O
, O
for O
small O
employers O
, O
Humana B-Effect
is I-Effect
typically I-Effect
able I-Effect
to I-Effect
price I-Effect
its I-Effect
plans I-Effect
significantly I-Effect
lower I-Effect
than I-Effect
the I-Effect
average I-Effect
employer-based I-Effect
premium I-Effect
in I-Effect
the I-Effect
U.S. O
, O
which O
we O
believe O
is O
related O
to O
Humana B-Cause
's I-Cause
local I-Cause
scale I-Cause
advantages I-Cause
. O

Any B-Cause
uncertainty I-Cause
in I-Cause
the I-Cause
debt I-Cause
markets I-Cause
could O
increase B-Effect
Lithia I-Effect
's I-Effect
future I-Effect
borrowing I-Effect
costs I-Effect
, O
limiting B-Effect
its I-Effect
ability I-Effect
to I-Effect
buy I-Effect
more I-Effect
dealerships I-Effect
or I-Effect
forcing I-Effect
a I-Effect
dilutive I-Effect
share I-Effect
offering I-Effect
. O

Abnormally B-Cause
high I-Cause
demand I-Cause
for I-Cause
personal I-Cause
protective I-Cause
equipment I-Cause
, I-Cause
or I-Cause
PPE I-Cause
, O
drove O
high B-Effect
growth I-Effect
in I-Effect
Cintas I-Effect
' I-Effect
first I-Effect
aid I-Effect
and I-Effect
safety I-Effect
segment I-Effect
for I-Effect
the I-Effect
past I-Effect
four I-Effect
quarters I-Effect
. O

Colfax O
's O
increased O
R O
& O
amp O
; O
D O
spending O
has O
started O
to O
bear O
fruit O
, O
and O
the B-Effect
company I-Effect
has I-Effect
gained I-Effect
market I-Effect
share I-Effect
in I-Effect
recent I-Effect
years I-Effect
thanks O
to O
new B-Cause
product I-Cause
introductions I-Cause
. O

Management B-Effect
decided I-Effect
to I-Effect
idle I-Effect
the I-Effect
operation I-Effect
in I-Effect
May I-Effect
2015 I-Effect
, O
however O
, O
as O
the B-Cause
associated I-Cause
cash I-Cause
costs I-Cause
were I-Cause
not I-Cause
competitive I-Cause
with I-Cause
global I-Cause
pig I-Cause
iron I-Cause
export I-Cause
prices I-Cause
. O

In O
our O
explicit O
five-year O
forecast O
, O
we O
expect O
Accenture B-Cause
Interactive I-Cause
and I-Cause
intelligent I-Cause
platform I-Cause
services I-Cause
to I-Cause
propel I-Cause
growth I-Cause
as O
the B-Effect
company I-Effect
shifts I-Effect
to I-Effect
increase I-Effect
its I-Effect
exposure I-Effect
to I-Effect
consulting I-Effect
sales I-Effect
, O
compared O
with O
more O
commoditized O
outsourcing O
sales O
. O

Further O
, O
we O
like O
Abbott B-Cause
's I-Cause
substantial I-Cause
footprint I-Cause
in I-Cause
Latin I-Cause
America I-Cause
and I-Cause
Russia I-Cause
for I-Cause
its I-Cause
established I-Cause
pharmaceutical I-Cause
products I-Cause
that O
should O
lead O
to O
faster B-Effect
growth I-Effect
of I-Effect
its I-Effect
branded I-Effect
generics I-Effect
. O

We O
posit O
that O
the B-Effect
company I-Effect
's I-Effect
majority I-Effect
ownership I-Effect
of I-Effect
VMware I-Effect
and I-Effect
other I-Effect
cloud-centric I-Effect
software I-Effect
brands I-Effect
provides I-Effect
growth I-Effect
catalysts I-Effect
as O
firms B-Cause
augment I-Cause
hardware I-Cause
with I-Cause
software-based I-Cause
solutions I-Cause
. O

There O
are O
considerable O
differences O
in O
cash O
costs O
within O
the O
portfolio O
: O
The O
high-grade O
Antamina O
mine O
in O
Peru O
is O
viable O
under O
nearly O
any O
reasonable O
copper O
price O
, O
while O
mines B-Effect
in I-Effect
Canada I-Effect
and I-Effect
Chile I-Effect
might I-Effect
struggle I-Effect
in I-Effect
the I-Effect
years I-Effect
to I-Effect
come I-Effect
, O
as O
we O
expect O
copper B-Cause
prices I-Cause
to I-Cause
sag I-Cause
on I-Cause
weaker I-Cause
Chinese I-Cause
demand I-Cause
growth I-Cause
. O

These B-Effect
segments I-Effect
should I-Effect
show I-Effect
improving I-Effect
performance I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
given O
the B-Cause
business I-Cause
portfolio I-Cause
is I-Cause
more I-Cause
attractive I-Cause
after O
several B-Cause
unattractive I-Cause
businesses I-Cause
were I-Cause
recently I-Cause
divested I-Cause
. O

However O
, O
we O
expect O
that O
eventually O
, O
mean O
reversion B-Cause
at I-Cause
the I-Cause
industry I-Cause
level I-Cause
, I-Cause
management I-Cause
's I-Cause
willingness I-Cause
to I-Cause
underwrite I-Cause
at I-Cause
lower I-Cause
margins I-Cause
, I-Cause
and I-Cause
a I-Cause
rebound I-Cause
in I-Cause
interest I-Cause
rates I-Cause
will O
lead O
to O
the B-Effect
combined I-Effect
ratio I-Effect
creeping I-Effect
up I-Effect
. O

With O
regards O
to O
a O
potential O
data O
breach O
, O
we O
believe O
Cintas B-Cause
is I-Cause
at I-Cause
no I-Cause
greater I-Cause
risk I-Cause
than I-Cause
other I-Cause
firms I-Cause
in I-Cause
the I-Cause
uniform I-Cause
rental I-Cause
space I-Cause
and I-Cause
, I-Cause
while I-Cause
a I-Cause
breach I-Cause
is I-Cause
possible I-Cause
, O
we O
do O
not O
find O
it O
probable O
and O
therefore O
maintain B-Effect
a I-Effect
medium I-Effect
level I-Effect
of I-Effect
uncertainty I-Effect
around I-Effect
the I-Effect
firm I-Effect
's I-Effect
future I-Effect
performance I-Effect
. O

Original O
equipment O
manufacturers O
, O
or O
OEMs O
, O
are O
willing O
to O
pay O
a O
premium O
to O
vendors O
for O
technology B-Cause
that O
differentiates B-Effect
automakers I-Effect
' I-Effect
vehicles I-Effect
, I-Effect
reduces I-Effect
vehicle I-Effect
weight I-Effect
, I-Effect
improves I-Effect
fuel I-Effect
efficiency I-Effect
, I-Effect
reduces I-Effect
emissions I-Effect
, I-Effect
improves I-Effect
safety I-Effect
, I-Effect
or I-Effect
lowers I-Effect
costs I-Effect
. O

As O
we B-Cause
forecast I-Cause
activewear I-Cause
will I-Cause
produce I-Cause
60 I-Cause
% I-Cause
of I-Cause
VF I-Cause
's I-Cause
fiscal I-Cause
2022 I-Cause
operating I-Cause
profit I-Cause
, O
any B-Effect
slowdown I-Effect
in I-Effect
athleisure I-Effect
would I-Effect
affect I-Effect
VF I-Effect
's I-Effect
overall I-Effect
profitability I-Effect
. O

Investments B-Cause
for I-Cause
strategic I-Cause
initiatives I-Cause
should O
continue O
to O
temper B-Effect
restaurant I-Effect
profits I-Effect
but O
increased B-Cause
operating I-Cause
leverage I-Cause
as O
consumer O
behavior O
normalizes O
should O
supersede B-Effect
this I-Effect
headwind I-Effect
, O
with O
our O
model O
calling O
for O
23 O
% O
restaurant O
margins O
in O
2021 O
versus O
17.4 O
% O
in O
2020 O
. O

The B-Cause
long-running I-Cause
deflationary I-Cause
environment I-Cause
in I-Cause
the I-Cause
country I-Cause
has O
led O
to O
persistently B-Cause
low I-Cause
demand I-Cause
for I-Cause
loans I-Cause
, O
with O
the B-Effect
loan/deposit I-Effect
ratio I-Effect
having I-Effect
declined I-Effect
from I-Effect
74 I-Effect
% I-Effect
in I-Effect
2000 I-Effect
to I-Effect
around I-Effect
57 I-Effect
% I-Effect
at I-Effect
present I-Effect
. O

Coatings B-Effect
companies I-Effect
can I-Effect
experience I-Effect
substantial I-Effect
margin I-Effect
compression I-Effect
during I-Effect
the I-Effect
early I-Effect
stages I-Effect
of I-Effect
a I-Effect
downturn I-Effect
, O
especially O
if O
the O
housing B-Cause
market I-Cause
has I-Cause
fueled I-Cause
the I-Cause
recession I-Cause
. O

In O
regard O
to O
the O
company O
's O
balance O
sheet O
, O
we B-Effect
do I-Effect
n't I-Effect
have I-Effect
material I-Effect
solvency I-Effect
concerns I-Effect
for I-Effect
Lazard I-Effect
, O
as O
its B-Cause
next I-Cause
major I-Cause
principal I-Cause
payment I-Cause
on I-Cause
its I-Cause
debt I-Cause
is I-Cause
for I-Cause
$ I-Cause
400 I-Cause
million I-Cause
in I-Cause
2025 I-Cause
. O

We O
expect O
about B-Effect
18 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
, O
attributed B-Cause
to I-Cause
strength I-Cause
in I-Cause
the I-Cause
Technology I-Cause
& I-Cause
Analytics I-Cause
and I-Cause
R I-Cause
& I-Cause
D I-Cause
Solutions I-Cause
businesses I-Cause
and I-Cause
continued I-Cause
outsourcing I-Cause
from I-Cause
biotech I-Cause
and I-Cause
pharma I-Cause
companies I-Cause
. O

We O
find O
it O
impressive O
West B-Effect
can I-Effect
post I-Effect
strong I-Effect
growth I-Effect
numbers I-Effect
while I-Effect
at I-Effect
the I-Effect
same I-Effect
time I-Effect
operating I-Effect
more I-Effect
efficiently I-Effect
, O
partly O
due O
to O
automation B-Cause
initiatives I-Cause
and I-Cause
partly I-Cause
from I-Cause
overall I-Cause
cost I-Cause
consolidation I-Cause
. O

We O
build B-Effect
$ I-Effect
100 I-Effect
million I-Effect
of I-Effect
cost I-Effect
synergies I-Effect
and I-Effect
$ I-Effect
500 I-Effect
million I-Effect
of I-Effect
revenue I-Effect
synergies I-Effect
into I-Effect
our I-Effect
forecast I-Effect
by I-Effect
2025 I-Effect
, O
as O
sales B-Cause
and I-Cause
operations I-Cause
between I-Cause
the I-Cause
two I-Cause
companies I-Cause
consolidate I-Cause
and I-Cause
clinicians I-Cause
in I-Cause
the I-Cause
Teladoc I-Cause
network I-Cause
can I-Cause
directly I-Cause
refer I-Cause
members I-Cause
to I-Cause
Livongo I-Cause
. O

However O
, O
migrating B-Effect
all I-Effect
of I-Effect
its I-Effect
customers I-Effect
is I-Effect
not I-Effect
such I-Effect
a I-Effect
sure I-Effect
thing I-Effect
, O
as O
cloud-first B-Cause
software I-Cause
vendors I-Cause
have I-Cause
been I-Cause
able I-Cause
to I-Cause
take I-Cause
meaningful I-Cause
share I-Cause
from I-Cause
legacy I-Cause
Oracle I-Cause
customers I-Cause
. O

And O
while O
we O
are O
n't O
blind O
to O
the O
resiliency O
of O
its O
fare O
regardless O
of O
the O
economic O
backdrop O
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
its I-Effect
lofty I-Effect
sales I-Effect
trajectory I-Effect
will I-Effect
prove I-Effect
sustainable I-Effect
either I-Effect
, O
particularly O
as O
the B-Cause
bump I-Cause
from I-Cause
COVID-19 I-Cause
fades I-Cause
and I-Cause
competitive I-Cause
intensity I-Cause
ramps I-Cause
up I-Cause
. O

As O
DuPont B-Cause
continues I-Cause
to I-Cause
develop I-Cause
new I-Cause
products I-Cause
, O
we B-Effect
forecast I-Effect
companywide I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
expand I-Effect
but I-Effect
remain I-Effect
in I-Effect
the I-Effect
mid-20 I-Effect
% I-Effect
range I-Effect
throughout I-Effect
our I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
. O

Nevertheless O
, O
the B-Cause
mainstream I-Cause
segment I-Cause
remains I-Cause
dominant I-Cause
, O
and O
represents O
67 O
% O
of O
lager O
volumes O
in O
Brazil O
, O
for O
example O
, O
and O
lager O
represents O
97 O
% O
of O
the O
beer O
and O
cider O
market O
, O
so O
flexibility B-Effect
to I-Effect
be I-Effect
competitive I-Effect
on I-Effect
price I-Effect
remains I-Effect
important I-Effect
. O

We O
expect O
cannibalisation B-Cause
of I-Cause
volume I-Cause
by I-Cause
online I-Cause
and I-Cause
lowering I-Cause
of I-Cause
prices I-Cause
in O
order O
to O
drive O
traffic O
to O
result O
in O
a B-Effect
lower I-Effect
but I-Effect
still I-Effect
high I-Effect
operating I-Effect
margin I-Effect
relative I-Effect
to I-Effect
past I-Effect
levels I-Effect
( O
close O
to O
4.0 O
% O
in O
2029 O
from O
5.3 O
% O
in O
2018 O
post O
IFRS O
16 O
) O
. O

Focused B-Cause
entry I-Cause
from I-Cause
these I-Cause
competitors I-Cause
would O
double O
the O
current O
handful O
of O
players O
that O
have O
dominant O
scale O
, O
leading O
to O
commodification B-Effect
of I-Effect
the I-Effect
industry I-Effect
and I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
margins I-Effect
. O

We O
believe O
that O
Okta B-Effect
's I-Effect
network I-Effect
of I-Effect
application I-Effect
integrations I-Effect
provide I-Effect
it I-Effect
with I-Effect
a I-Effect
unique I-Effect
selling I-Effect
proposition I-Effect
in I-Effect
that I-Effect
entities I-Effect
can I-Cause
holistically I-Cause
provide I-Cause
identity I-Cause
access I-Cause
across I-Cause
their I-Cause
cloud-based I-Cause
and I-Cause
on-premises I-Cause
applications I-Cause
in I-Cause
a I-Cause
manageable I-Cause
fashion I-Cause
. O

In O
our O
view O
, O
a B-Cause
rise I-Cause
in I-Cause
users I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
user I-Cause
engagement I-Cause
, I-Cause
strengthens I-Cause
Twitter I-Cause
's I-Cause
network I-Cause
effect I-Cause
, O
which O
helps B-Effect
on I-Effect
the I-Effect
monetization I-Effect
front I-Effect
. O

The O
brand O
only O
contributed O
10 O
% O
of O
Capri O
's O
revenue O
in O
fiscal O
2020 O
, O
and O
we B-Effect
expect I-Effect
a I-Effect
large I-Effect
sales I-Effect
decline I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
due O
to O
COVID-19 B-Cause
. O

In O
2020 O
, O
the B-Effect
coronavirus I-Effect
could I-Effect
end I-Effect
up I-Effect
materially I-Effect
affecting I-Effect
demand I-Effect
for I-Effect
Marriott I-Effect
, O
as O
we B-Cause
expect I-Cause
its I-Cause
revPAR I-Cause
to I-Cause
be I-Cause
down I-Cause
59 I-Cause
% I-Cause
this I-Cause
year I-Cause
. O

Erratic B-Cause
changes I-Cause
in I-Cause
input I-Cause
costs I-Cause
can O
weigh B-Effect
on I-Effect
profits I-Effect
; O
if O
Kellogg O
opts O
to O
raise O
prices O
to O
offset O
these O
pressures O
, O
volume B-Effect
may I-Effect
contract I-Effect
if O
consumers B-Cause
balk I-Cause
, O
especially O
during O
economic O
periods O
where O
consumers O
ratchet O
back O
their O
spending O
. O

AT B-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
's I-Effect
online I-Effect
( I-Effect
over-the-top I-Effect
, I-Effect
or I-Effect
OTT I-Effect
) I-Effect
television I-Effect
offerings I-Effect
have I-Effect
struggled I-Effect
to I-Effect
balance I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
, O
as O
competition B-Cause
with I-Cause
new I-Cause
entrants I-Cause
like I-Cause
YouTube I-Cause
and I-Cause
Hulu I-Cause
remains I-Cause
fierce I-Cause
. O

For O
example O
, O
in B-Cause
the I-Cause
lower-performing I-Cause
tiers I-Cause
, I-Cause
management I-Cause
raised I-Cause
rates I-Cause
between I-Cause
5 I-Cause
% I-Cause
and I-Cause
10 I-Cause
% I-Cause
, O
which O
led O
to O
a B-Effect
drop I-Effect
in I-Effect
retention I-Effect
to I-Effect
about I-Effect
60 I-Effect
% I-Effect
from I-Effect
80 I-Effect
% I-Effect
. O

Snap-on B-Cause
's I-Cause
tools I-Cause
consistently I-Cause
exhibit I-Cause
better I-Cause
durability I-Cause
and I-Cause
reliability I-Cause
compared I-Cause
with I-Cause
alternatives I-Cause
, O
which O
we O
think O
makes B-Effect
technicians I-Effect
more I-Effect
willing I-Effect
to I-Effect
pay I-Effect
2 I-Effect
to I-Effect
3 I-Effect
times I-Effect
more I-Effect
for I-Effect
Snap-on I-Effect
's I-Effect
tools I-Effect
. O

With B-Cause
2021 B-Effect
set I-Effect
to I-Effect
be I-Effect
plagued I-Effect
by I-Effect
inconsistent I-Effect
pricing I-Effect
strategies I-Effect
as I-Cause
Norwegian B-Cause
and I-Cause
the I-Cause
other I-Cause
cruise I-Cause
operators I-Cause
try I-Cause
to I-Cause
entice I-Cause
cruisers I-Cause
to I-Cause
sail I-Cause
again I-Cause
and I-Cause
future I-Cause
cruise I-Cause
credits I-Cause
are I-Cause
redeemed I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
see I-Effect
Norwegian I-Effect
reaching I-Effect
near I-Effect
2019 I-Effect
pricing I-Effect
again I-Effect
until I-Effect
2023 I-Effect
. O

With O
UroLift B-Cause
having I-Cause
above-firm I-Cause
margin I-Cause
, O
Teleflex B-Effect
's I-Effect
ability I-Effect
to I-Effect
scale I-Effect
UroLift I-Effect
and I-Effect
achieve I-Effect
a I-Effect
greater I-Effect
market I-Effect
share I-Effect
is I-Effect
a I-Effect
key I-Effect
component I-Effect
of I-Effect
our I-Effect
valuation I-Effect
. O

Trane O
's O
large O
installed O
base O
generates O
a O
stable O
stream O
of O
higher-margin O
parts O
and O
service O
revenue O
( O
over O
30 O
% O
of O
sales O
) O
, O
and O
we O
think O
the O
company O
has O
opportunities O
to O
expand B-Cause
its I-Cause
service I-Cause
mix I-Cause
, O
which O
should O
promote B-Effect
improved I-Effect
profitability I-Effect
and I-Effect
help I-Effect
dampen I-Effect
the I-Effect
firm I-Effect
's I-Effect
cyclicality I-Effect
. O

Cyclical B-Effect
downturns I-Effect
in I-Effect
freight I-Effect
demand I-Effect
compress I-Effect
profitability I-Effect
because O
excess B-Cause
capacity I-Cause
drives I-Cause
providers I-Cause
to I-Cause
slash I-Cause
rates I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
salvage I-Cause
asset I-Cause
utilization I-Cause
. O

The B-Cause
Backstage I-Cause
stores I-Cause
may O
allow O
Macy B-Effect
's I-Effect
to I-Effect
be I-Effect
more I-Effect
competitive I-Effect
with I-Effect
discounters I-Effect
, O
but O
they O
are O
mainly O
in O
Macy O
's O
stores O
and O
thus O
dependent O
on O
customer O
traffic O
. O

Exact O
's O
acquired O
technologies O
from O
the O
Thrive O
and O
Base O
acquisitions O
have O
not O
yet O
been O
commercialized O
, O
and O
assuming O
there O
are O
no O
snags O
during O
development O
, O
it B-Effect
remains I-Effect
unclear I-Effect
whether I-Effect
Exact I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
convince I-Effect
payers I-Effect
to I-Effect
cover I-Effect
the I-Effect
test I-Effect
given O
that O
single-cancer B-Cause
screening I-Cause
may I-Cause
offer I-Cause
better I-Cause
test I-Cause
sensitivities I-Cause
. O

We B-Effect
think I-Effect
this I-Effect
is I-Effect
reasonable I-Effect
because O
aircraft B-Cause
orders I-Cause
are I-Cause
obligations I-Cause
to I-Cause
the I-Cause
customer I-Cause
and O
because O
well-functioning B-Cause
capital I-Cause
markets I-Cause
allow O
airlines B-Effect
and I-Effect
lessors I-Effect
to I-Effect
finance I-Effect
these I-Effect
large I-Effect
purchases I-Effect
. O

Concerning O
the O
former O
use O
case O
, O
one O
example O
of O
this O
smart O
servicing O
is O
that O
MFPs B-Effect
will I-Effect
automatically I-Effect
send I-Effect
a I-Effect
servicing I-Effect
ticket I-Effect
to I-Effect
the I-Effect
local I-Effect
Xerox I-Effect
supplier I-Effect
when O
toner B-Cause
is I-Cause
low I-Cause
, O
and O
the O
supplier O
will O
restock O
the O
enterprise O
toner O
accordingly O
. O

Our O
base-case O
scenario O
assumes O
that O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
eventually I-Effect
declines I-Effect
to I-Effect
55 I-Effect
% I-Effect
as O
the B-Cause
bank I-Cause
should I-Cause
be I-Cause
able I-Cause
to I-Cause
manage I-Cause
its I-Cause
expense I-Cause
base I-Cause
, I-Cause
even I-Cause
as I-Cause
the I-Cause
interest-rate I-Cause
environment I-Cause
changes I-Cause
over I-Cause
the I-Cause
medium I-Cause
term I-Cause
. O

Further O
out O
, O
we O
expect O
ongoing B-Effect
price I-Effect
deflation I-Effect
that I-Effect
the I-Effect
company I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
manage I-Effect
, O
given O
the B-Cause
strong I-Cause
volume I-Cause
growth I-Cause
. O

Aptiv B-Cause
's I-Cause
products I-Cause
are I-Cause
highly I-Cause
engineered I-Cause
, O
requiring B-Effect
the I-Effect
company I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
highly I-Effect
skilled I-Effect
human I-Effect
capital I-Effect
with I-Effect
expertise I-Effect
in I-Effect
software I-Effect
and I-Effect
various I-Effect
engineering I-Effect
disciplines I-Effect
. O

Risks B-Cause
surrounding I-Cause
a I-Cause
second I-Cause
wave I-Cause
of I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccines I-Cause
are I-Cause
globally I-Cause
available I-Cause
remain I-Cause
, O
which O
could O
delay O
our B-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

With O
pricing O
power O
eroding O
, O
we B-Cause
think I-Cause
Enbrel I-Cause
sales I-Cause
will I-Cause
continue I-Cause
to I-Cause
decline I-Cause
and I-Cause
branded I-Cause
Aranesp I-Cause
competition I-Cause
( I-Cause
Mircera I-Cause
) I-Cause
as I-Cause
well I-Cause
as I-Cause
Epogen I-Cause
biosimilar I-Cause
launches I-Cause
( I-Cause
2019 I-Cause
) I-Cause
will B-Effect
weigh I-Effect
on I-Effect
anemia I-Effect
drug I-Effect
sales I-Effect
. I-Effect

The B-Cause
infrastructure I-Cause
allows I-Cause
the B-Effect
firm I-Effect
to I-Effect
maintain I-Effect
a I-Effect
denser I-Effect
network I-Effect
of I-Effect
stores I-Effect
than I-Effect
its I-Effect
regional I-Effect
rivals I-Effect
, O
effectively B-Effect
enabling I-Effect
O'Reilly I-Effect
to I-Effect
maximize I-Effect
its I-Effect
inventory I-Effect
turnover I-Effect
( O
subject O
to O
the O
constraints O
of O
a O
low-turn O
industry O
) O
by B-Cause
holding I-Cause
slow-moving I-Cause
products I-Cause
at I-Cause
distribution I-Cause
centers I-Cause
and I-Cause
hub I-Cause
stores I-Cause
serving I-Cause
many I-Cause
traditional I-Cause
stores I-Cause
in I-Cause
their I-Cause
vicinity I-Cause
. O

Weibo B-Cause
is I-Cause
a I-Cause
media I-Cause
platform I-Cause
where I-Cause
all I-Cause
content I-Cause
is I-Cause
public I-Cause
, I-Cause
and I-Cause
users I-Cause
can I-Cause
follow I-Cause
any I-Cause
celebrities I-Cause
or I-Cause
personalized I-Cause
interest I-Cause
groups. O
Hence O
, O
even B-Effect
though I-Effect
Weixin I-Effect
's I-Effect
user I-Effect
base I-Effect
has I-Effect
been I-Effect
increasing I-Effect
rapidly I-Effect
in I-Effect
the I-Effect
past I-Effect
several I-Effect
years I-Effect
, I-Effect
Weibo I-Effect
users I-Effect
are I-Effect
also I-Effect
growing I-Effect
at I-Effect
a I-Effect
fast I-Effect
pace I-Effect
, I-Effect
with I-Effect
monthly I-Effect
active I-Effect
users I-Effect
increasing I-Effect
at I-Effect
a I-Effect
20 I-Effect
% I-Effect
-plus I-Effect
year-over-year I-Effect
growth I-Effect
rate I-Effect
. O

For O
ad O
revenue O
, O
we O
expect O
double-digit B-Effect
even-year I-Effect
spikes I-Effect
in I-Effect
total I-Effect
ad I-Effect
revenue I-Effect
that O
will O
be O
partially O
offset O
by O
slightly B-Cause
lower I-Cause
double-digit I-Cause
odd-year I-Cause
declines I-Cause
in I-Cause
ad I-Cause
revenue I-Cause
. O

Additionally O
, O
larger B-Effect
businesses I-Effect
can I-Effect
bring I-Effect
recruiting I-Effect
activities I-Effect
back I-Effect
in-house I-Effect
, O
relying O
on O
internal B-Cause
candidate I-Cause
databases I-Cause
built O
over O
time O
-- O
another O
source O
of O
pricing O
pressure O
. O

By B-Cause
taking I-Cause
control I-Cause
of I-Cause
their I-Cause
own I-Cause
data I-Cause
centers I-Cause
as I-Cause
well I-Cause
as I-Cause
closing I-Cause
inactive I-Cause
user I-Cause
accounts I-Cause
, O
Dropbox B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
drive I-Effect
gross I-Effect
margins I-Effect
from I-Effect
33 I-Effect
% I-Effect
in I-Effect
2015 I-Effect
to I-Effect
75 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

The B-Cause
ability I-Cause
to I-Cause
handle I-Cause
large I-Cause
volumes I-Cause
of I-Cause
applications I-Cause
and I-Cause
the I-Cause
capital I-Cause
required I-Cause
to I-Cause
fund I-Cause
such I-Cause
loans I-Cause
see O
the B-Effect
majors I-Effect
continue I-Effect
to I-Effect
take I-Effect
a I-Effect
large I-Effect
share I-Effect
of I-Effect
flows I-Effect
. O

We O
also O
expect O
PSR B-Cause
initiatives I-Cause
to O
drive B-Effect
OR I-Effect
improvement I-Effect
to I-Effect
56.7 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, O
with O
further O
gains O
to O
56.1 O
% O
in O
2022 O
. O

International B-Cause
tastes I-Cause
may I-Cause
change I-Cause
to I-Cause
no I-Cause
longer I-Cause
appreciate I-Cause
French-based I-Cause
content I-Cause
, O
forcing B-Effect
the I-Effect
company I-Effect
to I-Effect
source I-Effect
more I-Effect
programming I-Effect
locally I-Effect
, I-Effect
thus I-Effect
hurting I-Effect
margins I-Effect
. O

As B-Cause
one I-Cause
of I-Cause
the I-Cause
world I-Cause
's I-Cause
leading I-Cause
consumer I-Cause
electronics I-Cause
specialty I-Cause
retailers I-Cause
, O
Best B-Effect
Buy I-Effect
would O
appear O
to B-Effect
be I-Effect
well I-Effect
positioned I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
consumer I-Effect
demand I-Effect
for I-Effect
connected I-Effect
electronic I-Effect
devices I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
market I-Cause
share I-Cause
gain I-Cause
to I-Cause
94 I-Cause
% I-Cause
of I-Cause
auto-dimming I-Cause
mirrors I-Cause
from I-Cause
the I-Cause
low I-Cause
80s I-Cause
in I-Cause
recent I-Cause
years I-Cause
shows O
the B-Effect
superior I-Effect
quality I-Effect
of I-Effect
its I-Effect
product I-Effect
and I-Effect
the I-Effect
reliability I-Effect
of I-Effect
Gentex I-Effect
to I-Effect
deliver I-Effect
on I-Effect
time I-Effect
, I-Effect
suggesting I-Effect
that I-Effect
customers I-Effect
would I-Effect
face I-Effect
switching I-Effect
costs I-Effect
to I-Effect
move I-Effect
over I-Effect
to I-Effect
Magna I-Effect
Mirrors I-Effect
. O

On B-Effect
the I-Effect
yield I-Effect
side I-Effect
, I-Effect
we I-Effect
expect I-Effect
Norwegian I-Effect
could I-Effect
intermittently I-Effect
see I-Effect
pricing I-Effect
competition I-Effect
to I-Effect
entice I-Effect
cruisers I-Effect
back I-Effect
onto I-Effect
the I-Effect
product I-Effect
after O
COVID-19 B-Cause
subsides I-Cause
. O

We O
expect O
gross B-Effect
margins I-Effect
to I-Effect
remain I-Effect
in I-Effect
the I-Effect
high-30s I-Effect
, O
thanks O
to O
Apple B-Cause
's I-Cause
exceptional I-Cause
premium I-Cause
pricing I-Cause
strategy I-Cause
and I-Cause
stable I-Cause
iPhone I-Cause
margins I-Cause
. O

Western B-Effect
Union I-Effect
's I-Effect
primary I-Effect
macroeconomic I-Effect
exposure I-Effect
is I-Effect
to I-Effect
employment I-Effect
markets I-Effect
in I-Effect
the I-Effect
developed I-Effect
world I-Effect
, O
as O
the B-Cause
search I-Cause
for I-Cause
better I-Cause
economic I-Cause
opportunities I-Cause
is I-Cause
the I-Cause
fundamental I-Cause
driver I-Cause
for I-Cause
money I-Cause
transfers I-Cause
. O

We O
believe O
the B-Effect
probability I-Effect
of I-Effect
indirect I-Effect
TPMS I-Effect
being I-Effect
broadly I-Effect
adopted I-Effect
within I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
is I-Effect
low I-Effect
due O
to O
the B-Cause
necessary I-Cause
lead I-Cause
time I-Cause
required I-Cause
to I-Cause
design I-Cause
, I-Cause
test I-Cause
, I-Cause
and I-Cause
implement I-Cause
such I-Cause
changes I-Cause
across I-Cause
broad I-Cause
automotive I-Cause
product I-Cause
lines I-Cause
. O

Many B-Cause
developers I-Cause
also I-Cause
focus I-Cause
on I-Cause
redeveloping I-Cause
Class I-Cause
B I-Cause
and I-Cause
C I-Cause
properties I-Cause
to I-Cause
Class I-Cause
A I-Cause
properties I-Cause
to O
sidestep B-Effect
limits I-Effect
on I-Effect
new I-Effect
construction I-Effect
. O

IAC B-Cause
has I-Cause
invested I-Cause
in I-Cause
areas I-Cause
within I-Cause
this I-Cause
segment I-Cause
that O
have O
resulted O
in O
basically O
a B-Effect
feedback I-Effect
loop I-Effect
: O
attracting B-Cause
more I-Cause
service I-Cause
professionals I-Cause
who I-Cause
have I-Cause
helped I-Cause
bring I-Cause
in I-Cause
more I-Cause
consumers I-Cause
who I-Cause
in I-Cause
turn I-Cause
have I-Cause
attracted I-Cause
more I-Cause
service I-Cause
professionals I-Cause
, I-Cause
and I-Cause
so I-Cause
on I-Cause
, O
thereby O
strengthening B-Effect
Angi I-Effect
's I-Effect
network I-Effect
effect I-Effect
. O

Still O
, O
we O
forecast O
a B-Effect
14 I-Effect
% I-Effect
drop I-Effect
in I-Effect
2020 I-Effect
sales I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
and I-Cause
permanent I-Cause
closures I-Cause
of I-Cause
roughly I-Cause
250 I-Cause
Gap I-Cause
and I-Cause
Banana I-Cause
Republic I-Cause
stores I-Cause
. O

Since O
taking O
the O
helm O
in O
2015 O
, O
CEO B-Cause
Steve I-Cause
Demetriou I-Cause
has I-Cause
transformed I-Cause
Jacobs I-Cause
' I-Cause
portfolio I-Cause
to O
increase B-Effect
recurring I-Effect
revenue I-Effect
and I-Effect
reduce I-Effect
cyclicality I-Effect
. O

As O
acquisitions O
are O
a O
material O
source O
of O
growth O
for O
this O
company O
, O
competition B-Cause
with I-Cause
rival I-Cause
regulated I-Cause
utilities I-Cause
is O
a O
threat O
to O
American B-Effect
Water I-Effect
Works I-Effect
' I-Effect
growth I-Effect
prospects I-Effect
. O

In O
fact O
, O
we O
suspect O
that O
barring B-Effect
government I-Effect
intervention I-Effect
, I-Effect
the I-Effect
rational I-Effect
number I-Effect
of I-Effect
competitors I-Effect
on I-Effect
the I-Effect
continent I-Effect
would I-Effect
be I-Effect
two I-Effect
, I-Effect
via I-Effect
additional I-Effect
consolidation. O
This O
is O
because O
in B-Cause
most I-Cause
regions I-Cause
, I-Cause
customers I-Cause
already I-Cause
have I-Cause
only I-Cause
two I-Cause
capable I-Cause
providers I-Cause
that I-Cause
service I-Cause
the I-Cause
market I-Cause
effectively I-Cause
and I-Cause
efficiently I-Cause
. O

This B-Cause
has I-Cause
enabled I-Cause
it I-Cause
to I-Cause
advance I-Cause
more I-Cause
quickly I-Cause
up I-Cause
the I-Cause
learning I-Cause
curve I-Cause
in I-Cause
each I-Cause
play. O
As O
a O
result O
, O
initial B-Effect
production I-Effect
rates I-Effect
from I-Effect
new I-Effect
wells I-Effect
are I-Effect
usually I-Effect
well I-Effect
above I-Effect
industry I-Effect
averages I-Effect
( I-Effect
though I-Effect
subsequent I-Effect
declines I-Effect
are I-Effect
usually I-Effect
steeper I-Effect
as I-Effect
well I-Effect
-- I-Effect
EOG I-Effect
is I-Effect
n't I-Effect
necessarily I-Effect
producing I-Effect
more I-Effect
oil I-Effect
from I-Effect
each I-Effect
well I-Effect
, I-Effect
but I-Effect
it I-Effect
is I-Effect
recovering I-Effect
the I-Effect
available I-Effect
volumes I-Effect
more I-Effect
quickly I-Effect
, I-Effect
boosting I-Effect
profitability I-Effect
) I-Effect
. O

In O
addition O
, O
we B-Effect
do I-Effect
n't I-Effect
foresee I-Effect
material I-Effect
margin I-Effect
expansion I-Effect
near I-Effect
term I-Effect
, O
as O
we B-Cause
expect I-Cause
higher I-Cause
costs I-Cause
related I-Cause
to I-Cause
ramped I-Cause
up I-Cause
production I-Cause
, I-Cause
efforts I-Cause
to I-Cause
expeditiously I-Cause
deliver I-Cause
product I-Cause
to I-Cause
its I-Cause
retail I-Cause
partners I-Cause
, I-Cause
and I-Cause
spending I-Cause
to I-Cause
ensure I-Cause
the I-Cause
safety I-Cause
of I-Cause
its I-Cause
labor I-Cause
force I-Cause
. O

Chipotle B-Cause
's I-Cause
digital I-Cause
investments I-Cause
have I-Cause
seen I-Cause
the I-Cause
firm I-Cause
build I-Cause
a I-Cause
loyalty I-Cause
program I-Cause
13 I-Cause
million I-Cause
active I-Cause
members I-Cause
deep I-Cause
in I-Cause
just I-Cause
over I-Cause
two I-Cause
years I-Cause
, I-Cause
accounting I-Cause
for I-Cause
70 I-Cause
% I-Cause
of I-Cause
digital I-Cause
orders I-Cause
, O
while O
online B-Effect
sales I-Effect
of I-Effect
$ I-Effect
1.2 I-Effect
million I-Effect
per I-Effect
store I-Effect
outpace I-Effect
total I-Effect
unit I-Effect
sales I-Effect
at I-Effect
many I-Effect
name-brand I-Effect
competitors I-Effect
. O

In O
the O
current O
always-on O
world O
, O
the O
ability O
to O
have B-Cause
a I-Cause
large I-Cause
number I-Cause
people I-Cause
and I-Cause
resources I-Cause
devoted I-Cause
to I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
artists I-Cause
helps O
the B-Effect
major I-Effect
labels I-Effect
attract I-Effect
new I-Effect
talent I-Effect
. O

Despite O
this O
, O
we O
surmise O
Colgate O
has O
evidenced O
diligence O
in O
offsetting B-Cause
these I-Cause
costs I-Cause
through O
higher O
prices O
and O
by O
extracting B-Cause
inefficiencies I-Cause
in I-Cause
the I-Cause
past I-Cause
, O
which O
should O
ensure O
margins B-Effect
are I-Effect
n't I-Effect
persistently I-Effect
chipped I-Effect
away I-Effect
. O

However O
, O
during O
periods O
of O
rapid O
fuel O
price O
increases O
, O
LTL B-Effect
carriers I-Effect
often I-Effect
see I-Effect
modest I-Effect
temporary I-Effect
margin I-Effect
headwinds I-Effect
because O
of O
the B-Cause
time I-Cause
lag I-Cause
associated I-Cause
with I-Cause
adjusting I-Cause
fuel I-Cause
surcharges I-Cause
to I-Cause
shippers I-Cause
. O

Importantly O
, O
a B-Cause
portion I-Cause
of I-Cause
any I-Cause
savings I-Cause
realized I-Cause
are I-Cause
earmarked I-Cause
to I-Cause
bolster I-Cause
its I-Cause
brand I-Cause
spend. O
As O
such O
, O
our B-Effect
forecast I-Effect
calls I-Effect
for I-Effect
it I-Effect
to I-Effect
allocate I-Effect
6 I-Effect
% I-Effect
of I-Effect
sales I-Effect
annually I-Effect
( I-Effect
about I-Effect
$ I-Effect
1.4 I-Effect
billion I-Effect
) I-Effect
toward I-Effect
research I-Effect
, I-Effect
development I-Effect
, I-Effect
and I-Effect
marketing I-Effect
in I-Effect
the I-Effect
aggregate I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

China B-Effect
's I-Effect
auto I-Effect
demand I-Effect
is I-Effect
not I-Effect
likely I-Effect
to I-Effect
grow I-Effect
as I-Effect
much I-Effect
as I-Effect
it I-Effect
did I-Effect
last I-Effect
decade I-Effect
, I-Effect
and I-Effect
pricing I-Effect
pressure I-Effect
should I-Effect
remain I-Effect
because O
so B-Cause
many I-Cause
automakers I-Cause
want I-Cause
to I-Cause
grow I-Cause
in I-Cause
the I-Cause
world I-Cause
's I-Cause
largest I-Cause
auto I-Cause
market I-Cause
. O

While O
this O
pressures O
Biogen O
's O
profit O
share O
, O
subcutaneous B-Cause
Rituxan I-Cause
as I-Cause
well I-Cause
as I-Cause
novel I-Cause
antibody I-Cause
Gazyva I-Cause
will O
allow O
for O
extended B-Effect
oncology I-Effect
revenue I-Effect
. O

As O
evidence B-Effect
of I-Effect
its I-Effect
lack I-Effect
of I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
, O
Urban B-Cause
Outfitters I-Cause
' I-Cause
annual I-Cause
operating I-Cause
margins I-Cause
and I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
have I-Cause
declined I-Cause
over I-Cause
the I-Cause
past I-Cause
decade I-Cause
. O

Local B-Cause
merchants I-Cause
enter I-Cause
into I-Cause
these I-Cause
agreements I-Cause
with I-Cause
Groupon I-Cause
in I-Cause
the I-Cause
hopes I-Cause
of I-Cause
acquiring I-Cause
customers I-Cause
and I-Cause
future I-Cause
repeat I-Cause
business I-Cause
in I-Cause
the I-Cause
long I-Cause
run I-Cause
, O
thus O
essentially O
treating O
the B-Effect
Groupon I-Effect
voucher I-Effect
as I-Effect
a I-Effect
marketing I-Effect
or I-Effect
advertising I-Effect
cost I-Effect
. O

Perhaps O
the O
greatest O
risk O
is O
the B-Effect
scarcity I-Effect
of I-Effect
experienced I-Effect
analog I-Effect
and I-Effect
mixed-signal I-Effect
engineering I-Effect
talent I-Effect
within I-Effect
the I-Effect
industry I-Effect
, O
but O
NXP B-Cause
's I-Cause
inorganic I-Cause
expansion I-Cause
has O
enabled O
it O
to O
acquire B-Effect
talent I-Effect
and I-Effect
reduced I-Effect
this I-Effect
risk I-Effect
. O

Given O
that O
the B-Cause
company I-Cause
will I-Cause
prioritize I-Cause
debt I-Cause
paydown I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
model I-Effect
any I-Effect
acquisitions I-Effect
until I-Effect
2024 I-Effect
, O
when O
we O
start O
to O
model O
modest O
tuck-in O
acquisitions O
, O
in O
line O
with O
PPD O
's O
peers O
. O

Steel B-Effect
Dynamics I-Effect
is I-Effect
subject I-Effect
to I-Effect
high I-Effect
revenue I-Effect
cyclicality I-Effect
, O
as O
it O
has O
experienced B-Cause
both I-Cause
rapid I-Cause
growth I-Cause
and I-Cause
swift I-Cause
sales I-Cause
declines I-Cause
in O
recent O
years O
. O

Canada B-Cause
's I-Cause
system I-Cause
of I-Cause
higher I-Cause
taxes I-Cause
, I-Cause
more I-Cause
social I-Cause
safety I-Cause
nets I-Cause
, I-Cause
and I-Cause
other I-Cause
complex I-Cause
factors I-Cause
have O
also O
led O
to O
a O
more B-Cause
robust I-Cause
and I-Cause
stable I-Cause
middle I-Cause
class I-Cause
that O
contributes O
to O
economic B-Effect
and I-Effect
political I-Effect
stability I-Effect
, I-Effect
further I-Effect
reducing I-Effect
systemic I-Effect
risk I-Effect
. O

However O
, O
earnings B-Effect
continued I-Effect
to I-Effect
be I-Effect
pressured I-Effect
due O
to O
higher B-Cause
bad I-Cause
debt I-Cause
expense I-Cause
related I-Cause
to I-Cause
the I-Cause
March I-Cause
2020 I-Cause
voluntary I-Cause
suspension I-Cause
of I-Cause
disconnects I-Cause
and I-Cause
became I-Cause
mandatory I-Cause
for I-Cause
residential I-Cause
units I-Cause
in I-Cause
July I-Cause
by I-Cause
New I-Cause
York I-Cause
law I-Cause
. O

Despite O
this O
, O
we O
've O
been O
encouraged O
management O
is O
n't O
sitting O
still O
but O
is O
working B-Cause
to I-Cause
tailor I-Cause
operations I-Cause
to O
drive O
profitable B-Effect
growth I-Effect
in I-Effect
each I-Effect
of I-Effect
the I-Effect
local I-Effect
markets I-Effect
in I-Effect
which I-Effect
it I-Effect
plays I-Effect
. O

For O
example O
, O
if O
a B-Cause
fleet I-Cause
owner I-Cause
decides I-Cause
to I-Cause
buy I-Cause
a I-Cause
different I-Cause
engine I-Cause
or I-Cause
component I-Cause
in I-Cause
each I-Cause
of I-Cause
its I-Cause
trucks I-Cause
, O
it O
would O
potentially O
increase B-Effect
maintenance I-Effect
and I-Effect
repair I-Effect
costs I-Effect
. O

However O
, O
this B-Cause
growth I-Cause
in I-Cause
content I-Cause
has I-Cause
not I-Cause
attracted I-Cause
more I-Cause
new I-Cause
users I-Cause
to I-Cause
the I-Cause
platform I-Cause
, O
discounting B-Effect
the I-Effect
value I-Effect
of I-Effect
Twitter I-Effect
's I-Effect
overall I-Effect
network I-Effect
, O
in O
our O
view O
. O

While O
revenue B-Effect
will I-Effect
likely I-Effect
see I-Effect
material I-Effect
declines I-Effect
in I-Effect
the I-Effect
very I-Effect
near I-Effect
term I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
, O
secular B-Cause
trends I-Cause
and I-Cause
improving I-Cause
share I-Cause
should O
allow O
Mastercard B-Effect
to I-Effect
maintain I-Effect
recent I-Effect
growth I-Effect
rates I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
and I-Effect
we I-Effect
project I-Effect
net I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
12 I-Effect
% I-Effect
CAGR I-Effect
. O

We O
note O
that O
railroads O
occasionally O
build O
new O
spurs O
and O
restore O
abandoned O
lines O
, O
but O
we B-Effect
anticipate I-Effect
no I-Effect
new I-Effect
mainlines I-Effect
will I-Effect
be I-Effect
built I-Effect
given O
massive B-Cause
entry I-Cause
barriers I-Cause
. O

A B-Cause
rival I-Cause
would I-Cause
need I-Cause
to I-Cause
undercut I-Cause
American I-Cause
Tower I-Cause
's I-Cause
prices I-Cause
by I-Cause
that I-Cause
much I-Cause
more I-Cause
to I-Cause
make I-Cause
up I-Cause
for I-Cause
the I-Cause
loss I-Cause
carriers I-Cause
would I-Cause
be I-Cause
facing I-Cause
in I-Cause
deciding I-Cause
to I-Cause
switch I-Cause
, O
further B-Effect
impeding I-Effect
a I-Effect
competitor I-Effect
's I-Effect
prospects I-Effect
of I-Effect
generating I-Effect
excess I-Effect
returns I-Effect
. O

Finally O
, O
getting B-Effect
passengers I-Effect
on I-Effect
board I-Effect
safely I-Effect
has I-Effect
garnered I-Effect
increased I-Effect
attention I-Effect
among I-Effect
airport I-Effect
authorities I-Effect
in I-Effect
recent I-Effect
years I-Effect
; O
while O
it O
will O
take O
considerable O
time O
, O
we O
expect O
this B-Effect
trend I-Effect
will I-Effect
resume I-Effect
once O
global B-Cause
air I-Cause
travel I-Cause
recovers I-Cause
. O

We O
believe O
its B-Cause
product I-Cause
scope I-Cause
, I-Cause
adequate I-Cause
capital I-Cause
levels I-Cause
, I-Cause
and I-Cause
room I-Cause
for I-Cause
further I-Cause
efficiencies I-Cause
and I-Cause
investments I-Cause
all O
position B-Effect
the I-Effect
bank I-Effect
well I-Effect
for I-Effect
the I-Effect
future I-Effect
. O

High-quality O
anchors O
, O
in O
line O
tenants O
, O
and O
entertainment O
options O
has O
historically O
drawn O
significant O
foot O
traffic O
to O
the O
mall O
, O
which O
makes O
placing B-Effect
a I-Effect
store I-Effect
in I-Effect
the I-Effect
mall I-Effect
attractive I-Effect
to I-Effect
other I-Effect
retailers I-Effect
, O
as O
their B-Cause
store I-Cause
would I-Cause
benefit I-Cause
from I-Cause
the I-Cause
large I-Cause
number I-Cause
of I-Cause
people I-Cause
already I-Cause
heading I-Cause
to I-Cause
the I-Cause
mall I-Cause
. O

To B-Cause
the I-Cause
extent I-Cause
that I-Cause
Boston I-Cause
Beer I-Cause
's I-Cause
craft I-Cause
brands I-Cause
continue I-Cause
to I-Cause
expand I-Cause
( I-Cause
the I-Cause
way I-Cause
Sam I-Cause
Adams I-Cause
has I-Cause
) I-Cause
, O
the B-Effect
firm I-Effect
could I-Effect
be I-Effect
bereft I-Effect
of I-Effect
brands I-Effect
with I-Effect
small-scale I-Effect
resonance I-Effect
or I-Effect
be I-Effect
forced I-Effect
to I-Effect
overpay I-Effect
for I-Effect
smaller I-Effect
operations I-Effect
with I-Effect
local I-Effect
cachet I-Effect
. O

We O
now O
model B-Effect
stronger I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
profit I-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
due O
to O
our B-Cause
more I-Cause
optimistic I-Cause
commercial I-Cause
HVAC I-Cause
outlook I-Cause
. O

Gap B-Effect
outperformed I-Effect
our I-Effect
profitability I-Effect
forecast I-Effect
in I-Effect
the I-Effect
fourth I-Effect
quarter I-Effect
of I-Effect
2020 I-Effect
due O
as O
its B-Cause
gross I-Cause
margin I-Cause
of I-Cause
37.7 I-Cause
% I-Cause
beat I-Cause
our I-Cause
estimate I-Cause
of I-Cause
36.4 I-Cause
% I-Cause
on I-Cause
rent I-Cause
and I-Cause
occupancy I-Cause
cost I-Cause
savings I-Cause
. O

Given O
unusually B-Cause
tight I-Cause
marketplace I-Cause
capacity I-Cause
, O
Landstar B-Effect
will I-Effect
also I-Effect
benefit I-Effect
from I-Effect
an I-Effect
excellent I-Effect
pricing I-Effect
backdrop I-Effect
with I-Effect
rates I-Effect
likely I-Effect
to I-Effect
be I-Effect
up I-Effect
in I-Effect
the I-Effect
mid-teens I-Effect
. O

The B-Cause
clinical I-Cause
trials I-Cause
business I-Cause
now I-Cause
can I-Cause
tap I-Cause
into I-Cause
LabCorp I-Cause
's I-Cause
enormous I-Cause
patient I-Cause
database I-Cause
in O
order O
to O
better B-Effect
match I-Effect
eligible I-Effect
patients I-Effect
with I-Effect
appropriate I-Effect
trials I-Effect
and I-Effect
reduce I-Effect
enrollment I-Effect
time I-Effect
. O

We O
expect O
ad B-Effect
revenue I-Effect
to I-Effect
be I-Effect
slightly I-Effect
down I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
the B-Cause
projected I-Cause
15 I-Cause
% I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
will I-Cause
be I-Cause
largely I-Cause
recouped I-Cause
in I-Cause
2021 I-Cause
. O

Ultimately O
, O
we O
think O
any B-Effect
shifts I-Effect
to I-Effect
the I-Effect
relationship I-Effect
between I-Effect
ICANN I-Effect
and I-Effect
VeriSign I-Effect
will I-Effect
be I-Effect
gradual I-Effect
and I-Effect
a I-Effect
sudden I-Effect
breakup I-Effect
is I-Effect
unlikely I-Effect
, O
given O
the B-Cause
important I-Cause
role I-Cause
VeriSign I-Cause
plays I-Cause
in I-Cause
the I-Cause
Internet I-Cause
infrastructure I-Cause
. O

We O
believe O
the O
attempt O
to O
merge O
T-Mobile O
and O
Sprint O
, O
nearly O
a O
decade O
in O
the O
making O
, O
reflected O
both O
firms O
' O
belief O
that O
their O
only O
other O
option O
is O
to O
risk B-Cause
significant I-Cause
damage I-Cause
to I-Cause
the I-Cause
wireless I-Cause
industry I-Cause
, I-Cause
through I-Cause
potentially I-Cause
semipermanent I-Cause
discounting I-Cause
, O
to O
gain B-Effect
the I-Effect
needed I-Effect
share I-Effect
to I-Effect
earn I-Effect
acceptable I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

Japan O
is O
an O
earthquake-prone O
nation O
and O
as O
seen O
after O
the O
2011 O
tsunami O
, O
Toyota B-Effect
can I-Effect
suffer I-Effect
supply I-Effect
chain I-Effect
disruption I-Effect
from O
disasters B-Cause
. O

However O
, O
the B-Cause
merger I-Cause
with I-Cause
Sprint I-Cause
will O
dramatically O
improve B-Effect
the I-Effect
firm I-Effect
's I-Effect
position I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
reducing I-Effect
the I-Effect
size I-Effect
gap I-Effect
between I-Effect
T-Mobile I-Effect
and I-Effect
the I-Effect
other I-Effect
two I-Effect
players I-Effect
. O

While O
Colorado B-Cause
's I-Cause
high I-Cause
population I-Cause
growth I-Cause
drives O
strong B-Effect
need I-Effect
for I-Effect
new I-Effect
roads I-Effect
, O
the B-Cause
state I-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
weakest I-Cause
gas I-Cause
taxes I-Cause
in I-Cause
our I-Cause
analysis I-Cause
and O
faces B-Effect
a I-Effect
challenging I-Effect
fiscal I-Effect
situation I-Effect
. O

Efficiency B-Cause
gains I-Cause
from I-Cause
investment I-Cause
and I-Cause
continued I-Cause
modernization I-Cause
of I-Cause
older I-Cause
plants I-Cause
should O
continue O
to O
aid B-Effect
profitability I-Effect
through I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

The O
most O
important O
driver O
for O
Plains O
will O
be O
its O
Permian O
asset O
base O
, O
where O
the B-Effect
outlook I-Effect
is I-Effect
improving I-Effect
in I-Effect
the I-Effect
second I-Effect
half I-Effect
of I-Effect
2020 I-Effect
, O
thanks O
to O
expected B-Cause
higher I-Cause
levels I-Cause
of I-Cause
completions I-Cause
activity I-Cause
, I-Cause
and I-Cause
it I-Cause
holds I-Cause
substantial I-Cause
storage I-Cause
and I-Cause
gathering I-Cause
assets I-Cause
. O

The B-Effect
firm I-Effect
has I-Effect
also I-Effect
sought I-Effect
to I-Effect
diversify I-Effect
its I-Effect
business I-Effect
via O
organic B-Cause
and I-Cause
inorganic I-Cause
efforts I-Cause
, O
including O
the O
pursuit O
of O
burgeoning O
opportunities O
in O
the O
Internet O
of O
Things O
, O
AI O
, O
and O
automotive O
. O

We B-Cause
model I-Cause
operating I-Cause
profit I-Cause
growth I-Cause
going I-Cause
forward I-Cause
, I-Cause
driven I-Cause
by I-Cause
the I-Cause
ongoing I-Cause
cost-cutting I-Cause
program I-Cause
through I-Cause
digitalization I-Cause
, I-Cause
fiber I-Cause
expansion I-Cause
, I-Cause
with I-Cause
upselling I-Cause
opportunities I-Cause
through I-Cause
new I-Cause
fixed/convergence I-Cause
offerings I-Cause
, I-Cause
and I-Cause
brand I-Cause
consolidation. O
As O
a O
result O
, O
we O
expect O
dividend B-Effect
growth I-Effect
to I-Effect
be I-Effect
supported I-Effect
by I-Effect
free I-Effect
cash I-Effect
flow I-Effect
growth I-Effect
and I-Effect
low I-Effect
leverage I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
despite I-Effect
fiber I-Effect
and I-Effect
5G I-Effect
investments I-Effect
. O

Given O
Pinduoduo B-Cause
has I-Cause
been I-Cause
aggressively I-Cause
expanding I-Cause
its I-Cause
market I-Cause
share I-Cause
from I-Cause
3 I-Cause
% I-Cause
in I-Cause
calendar I-Cause
year I-Cause
2017 I-Cause
to I-Cause
12 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
, O
we O
think O
there O
is O
a B-Effect
possibility I-Effect
of I-Effect
JD I-Effect
losing I-Effect
share I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

A B-Cause
strong I-Cause
reputation I-Cause
makes O
it B-Effect
more I-Effect
likely I-Effect
that I-Effect
an I-Effect
investment I-Effect
bank I-Effect
will I-Effect
be I-Effect
selected I-Effect
as I-Effect
a I-Effect
bookrunner I-Effect
, I-Effect
capturing I-Effect
more I-Effect
of I-Effect
the I-Effect
profits I-Effect
from I-Effect
an I-Effect
underwriting I-Effect
deal I-Effect
, I-Effect
and I-Effect
gives I-Effect
the I-Effect
firm I-Effect
an I-Effect
early I-Effect
opportunity I-Effect
to I-Effect
hire I-Effect
top I-Effect
revenue-generating I-Effect
talent I-Effect
. O

For O
the O
rest O
of O
the O
segment O
, O
however O
, O
we O
believe O
the O
relative B-Effect
lack I-Effect
of I-Effect
success I-Effect
can O
be O
ascribed O
more O
to O
factors B-Cause
more I-Cause
specific I-Cause
to I-Cause
National I-Cause
Oilwell I-Cause
. O

As O
airlines B-Cause
have I-Cause
balance I-Cause
sheets I-Cause
that I-Cause
are I-Cause
as I-Cause
large I-Cause
as I-Cause
they I-Cause
can I-Cause
currently I-Cause
manage I-Cause
, O
we O
think O
that O
capital B-Effect
markets I-Effect
would I-Effect
be I-Effect
less I-Effect
amenable I-Effect
to I-Effect
airlines I-Effect
going I-Effect
forward I-Effect
, I-Effect
which I-Effect
would I-Effect
increase I-Effect
the I-Effect
chance I-Effect
of I-Effect
firm I-Effect
failure I-Effect
in I-Effect
the I-Effect
event I-Effect
of I-Effect
an I-Effect
additional I-Effect
unforeseen I-Effect
black I-Effect
swan I-Effect
event I-Effect
or I-Effect
a I-Effect
protracted I-Effect
lockdown I-Effect
. O

Along O
those O
lines O
, O
low B-Cause
visibility I-Cause
surrounding I-Cause
the I-Cause
magnitude I-Cause
of I-Cause
industrial I-Cause
end I-Cause
market I-Cause
recovery I-Cause
brings O
uncertainty B-Effect
to I-Effect
our I-Effect
volume I-Effect
assumptions I-Effect
for I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
. O

Further O
, O
with B-Cause
more I-Cause
than I-Cause
40 I-Cause
% I-Cause
of I-Cause
its I-Cause
sales I-Cause
resulting I-Cause
from I-Cause
its I-Cause
top I-Cause
five I-Cause
customers I-Cause
( O
just O
more O
than O
20 O
% O
from O
Walmart O
alone O
) O
, O
Campbell B-Effect
is I-Effect
exposed I-Effect
to I-Effect
retailer I-Effect
consolidation I-Effect
. I-Effect

We B-Cause
expect I-Cause
continued I-Cause
acquisition I-Cause
and I-Cause
disposition I-Cause
activity I-Cause
as I-Cause
Equity I-Cause
Residential I-Cause
recycles I-Cause
capital I-Cause
, O
repositions B-Effect
its I-Effect
portfolio I-Effect
, I-Effect
and I-Effect
improves I-Effect
the I-Effect
overall I-Effect
quality I-Effect
of I-Effect
its I-Effect
assets I-Effect
. O

Historically O
, O
payers O
have O
been O
slower O
to O
adopt O
telehealth O
relative O
to O
self-funded O
employers O
, O
but O
recent O
payer B-Cause
pilots I-Cause
have I-Cause
started I-Cause
to I-Cause
realize I-Cause
advertised I-Cause
cost I-Cause
saving I-Cause
, O
which O
will O
likely O
improve B-Effect
traction I-Effect
and I-Effect
the I-Effect
ability I-Effect
to I-Effect
further I-Effect
sell I-Effect
into I-Effect
existing I-Effect
customers I-Effect
( O
75 O
million O
lives O
) O
. O

We B-Effect
also I-Effect
anticipate I-Effect
additional I-Effect
cost I-Effect
improvements I-Effect
following O
the B-Cause
full I-Cause
integration I-Cause
of I-Cause
the I-Cause
Hospira I-Cause
acquisition I-Cause
, O
which O
should O
help O
boost B-Effect
operating I-Effect
margins I-Effect
, O
as O
well O
. O

As O
with O
most O
integrated O
oil O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
Imperial I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, O
and O
drive B-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

Considering O
the B-Cause
price I-Cause
competition I-Cause
that I-Cause
permeates I-Cause
the I-Cause
industry I-Cause
, O
we O
believe O
there B-Effect
is I-Effect
an I-Effect
increasing I-Effect
premium I-Effect
on I-Effect
the I-Effect
cost I-Effect
leverage I-Effect
that I-Effect
scale I-Effect
affords I-Effect
, I-Effect
including I-Effect
in I-Effect
the I-Effect
emerging I-Effect
digital I-Effect
grocery I-Effect
realm I-Effect
. O

The B-Cause
economic I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
could O
have O
a O
much O
more O
significant O
impact O
on O
employment O
and O
as O
a O
result O
lead O
to O
higher B-Effect
bad I-Effect
debts I-Effect
for I-Effect
the I-Effect
bank I-Effect
. O

While O
the O
customer O
penetration O
rates O
remain O
low O
, O
with O
a O
single-digit O
level O
of O
the O
global O
population O
ever O
having O
cruised O
, O
we O
believe O
low B-Cause
switching I-Cause
costs I-Cause
could O
hinder O
the B-Effect
growth I-Effect
rate I-Effect
of I-Effect
cruisers I-Effect
, O
decreasing O
our O
confidence O
that O
Carnival O
is O
poised O
to O
generate O
ROICs O
above O
WACC O
over O
an O
extended O
period O
of O
time O
. O

Going O
forward O
, O
we O
think O
Seagate B-Cause
will I-Cause
focus I-Cause
on I-Cause
expanding I-Cause
to I-Cause
new I-Cause
capacities I-Cause
for I-Cause
its I-Cause
enterprise I-Cause
drives I-Cause
, I-Cause
while I-Cause
implementing I-Cause
new I-Cause
technologies I-Cause
like I-Cause
heat-assisted I-Cause
magnetic I-Cause
recording I-Cause
that O
will O
help B-Effect
it I-Effect
drive I-Effect
costs I-Effect
down I-Effect
and I-Effect
expand I-Effect
margins I-Effect
. O

Even O
as O
much O
of O
the O
downside B-Effect
risk I-Effect
is O
mitigated O
by O
sufficiently B-Cause
contracted I-Cause
capacity I-Cause
, O
failure B-Cause
of I-Cause
NGL I-Cause
demand I-Cause
to I-Cause
materialize I-Cause
would O
cap B-Effect
Oneok I-Effect
's I-Effect
earnings I-Effect
upside I-Effect
. O

We O
forecast O
the B-Effect
eclipse I-Effect
of I-Effect
subscription I-Effect
revenue I-Effect
over I-Effect
maintenance/services I-Effect
revenue I-Effect
to I-Effect
occur I-Effect
because O
of O
the B-Cause
underlying I-Cause
changes I-Cause
within I-Cause
the I-Cause
subscription I-Cause
business I-Cause
, I-Cause
as I-Cause
time-based I-Cause
lease I-Cause
subscriptions I-Cause
, I-Cause
which I-Cause
do I-Cause
not I-Cause
require I-Cause
separate I-Cause
maintenance I-Cause
and I-Cause
services I-Cause
contracts I-Cause
, I-Cause
increase I-Cause
. O

In O
the B-Cause
longer I-Cause
term I-Cause
, O
we O
believe O
Myriad B-Cause
's I-Cause
proprietary I-Cause
database I-Cause
in I-Cause
hereditary I-Cause
cancer I-Cause
will O
allow O
it B-Effect
to I-Effect
hold I-Effect
on I-Effect
to I-Effect
its I-Effect
current I-Effect
market I-Effect
share I-Effect
but O
that O
the B-Effect
firm I-Effect
will I-Effect
inevitably I-Effect
face I-Effect
more I-Effect
competition I-Effect
and I-Effect
reimbursement I-Effect
pressures I-Effect
. O

In O
fact O
, O
Sysco B-Cause
is I-Cause
reinforcing I-Cause
its I-Cause
cost I-Cause
advantage I-Cause
during I-Cause
the I-Cause
crisis I-Cause
by I-Cause
permanently I-Cause
removing I-Cause
$ I-Cause
350 I-Cause
million I-Cause
in I-Cause
annual I-Cause
costs I-Cause
, O
which O
should O
hasten B-Effect
its I-Effect
return I-Effect
to I-Effect
prepandemic I-Effect
profit I-Effect
margins I-Effect
. O

We O
anticipate O
a B-Effect
sales I-Effect
decline I-Effect
of I-Effect
19 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
and O
, O
while O
Ulta B-Cause
has I-Cause
reduced I-Cause
operating I-Cause
expenses I-Cause
, O
we O
think O
it O
can O
not O
fully B-Effect
offset I-Effect
the I-Effect
lost I-Effect
sales I-Effect
. O

Our O
long-term O
forecast O
for O
parts B-Effect
and I-Effect
accessories I-Effect
and I-Effect
merchandise I-Effect
sales I-Effect
growth I-Effect
is I-Effect
around I-Effect
3 I-Effect
% I-Effect
, O
supported O
by O
wider B-Cause
accessibility I-Cause
and I-Cause
updated I-Cause
merchandising I-Cause
efforts I-Cause
. O

Empire B-Cause
State I-Cause
Realty I-Cause
has I-Cause
strategically I-Cause
chosen I-Cause
to I-Cause
concentrate I-Cause
its I-Cause
efforts I-Cause
on I-Cause
central I-Cause
business I-Cause
district I-Cause
properties I-Cause
in I-Cause
New I-Cause
York I-Cause
City I-Cause
in B-Effect
a I-Effect
bid I-Effect
to I-Effect
benefit I-Effect
from I-Effect
the I-Effect
city I-Effect
's I-Effect
supply I-Effect
constrained I-Effect
nature I-Effect
and I-Effect
its I-Effect
preeminence I-Effect
as I-Effect
a I-Effect
global I-Effect
hub I-Effect
for I-Effect
talent O
. O

We O
therefore O
think O
such B-Cause
customers I-Cause
will I-Cause
not I-Cause
change I-Cause
their I-Cause
nature I-Cause
once I-Cause
a I-Cause
core I-Cause
Cerner I-Cause
suite I-Cause
has I-Cause
been I-Cause
implemented I-Cause
, O
and O
the B-Effect
company I-Effect
will I-Effect
in I-Effect
turn I-Effect
benefit I-Effect
from I-Effect
a I-Effect
similarly I-Effect
long-tailed I-Effect
relationship I-Effect
. O

We O
believe O
the B-Cause
current I-Cause
ultra-accommodative I-Cause
monetary I-Cause
policy I-Cause
in I-Cause
the I-Cause
eurozone I-Cause
, O
combined O
with O
an O
inverted B-Cause
Brazilian I-Cause
yield I-Cause
curve I-Cause
, O
has O
depressed B-Cause
net I-Cause
interest I-Cause
margins I-Cause
and I-Cause
obscured I-Cause
Santander I-Cause
's I-Cause
competitive I-Cause
advantages I-Cause
, O
resulting O
in O
lacklustre B-Effect
returns I-Effect
. O

As O
Nutrien B-Cause
produces I-Cause
an I-Cause
increasing I-Cause
proportion I-Cause
of I-Cause
nitrogen I-Cause
using I-Cause
low-cost I-Cause
North I-Cause
American I-Cause
natural I-Cause
gas I-Cause
, O
profit B-Effect
margins I-Effect
should I-Effect
slightly I-Effect
expand I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

If O
Dish B-Cause
plows I-Cause
ahead I-Cause
with I-Cause
a I-Cause
network I-Cause
buildout I-Cause
that I-Cause
subsequently I-Cause
fails I-Cause
to I-Cause
generate I-Cause
economic I-Cause
returns I-Cause
and I-Cause
it I-Cause
becomes I-Cause
a I-Cause
forced I-Cause
seller I-Cause
, O
the B-Effect
spectrum I-Effect
could I-Effect
have I-Effect
little I-Effect
value I-Effect
to I-Effect
shareholders I-Effect
. O

However O
, O
we O
're O
not O
convinced O
that O
Moderna B-Effect
has I-Effect
erected I-Effect
enough I-Effect
barriers I-Effect
to I-Effect
competitors I-Effect
, O
given O
the B-Cause
significant I-Cause
funding I-Cause
flowing I-Cause
into I-Cause
this I-Cause
nascent I-Cause
and I-Cause
extremely I-Cause
promising I-Cause
market I-Cause
where I-Cause
Moderna I-Cause
and I-Cause
BioNTech I-Cause
have I-Cause
laid I-Cause
the I-Cause
foundation I-Cause
. O

We O
expect O
sustained B-Cause
demand I-Cause
for I-Cause
mass I-Cause
capacity I-Cause
drives I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
as O
enterprises B-Effect
look I-Effect
to I-Effect
capture I-Effect
more I-Effect
data I-Effect
and I-Effect
use I-Effect
a I-Effect
multi-tiered I-Effect
storage I-Effect
approach I-Effect
, O
implementing O
both O
mass O
capacity O
HDDs O
and O
smaller O
enterprise O
grade O
SSDs O
as O
complements O
in O
data O
centers O
. O

The O
company O
will O
continue O
to O
experience B-Cause
meaningful I-Cause
growth I-Cause
from I-Cause
unpenetrated I-Cause
international I-Cause
markets I-Cause
and I-Cause
the I-Cause
expansion I-Cause
into I-Cause
generalist I-Cause
dentistry I-Cause
and I-Cause
consumers I-Cause
, O
but O
this O
growth O
will O
likely O
adversely B-Effect
impact I-Effect
average I-Effect
selling I-Effect
price I-Effect
. O

Finally O
, O
revenue B-Effect
growth I-Effect
in I-Effect
the I-Effect
real I-Effect
estate I-Effect
investments I-Effect
segment I-Effect
will I-Effect
remain I-Effect
healthy I-Effect
as O
allocations B-Cause
toward I-Cause
real I-Cause
estate I-Cause
as I-Cause
an I-Cause
asset I-Cause
class I-Cause
increase I-Cause
and I-Cause
investors I-Cause
are I-Cause
drawn I-Cause
to I-Cause
the I-Cause
largest I-Cause
players I-Cause
. O

We O
would O
have O
expected O
Bio-Rad B-Cause
's I-Cause
relatively I-Cause
high I-Cause
research I-Cause
spending I-Cause
( O
at O
about O
9 O
% O
of O
sales O
) O
to O
generate B-Effect
better I-Effect
organic I-Effect
growth I-Effect
and I-Effect
operating I-Effect
returns I-Effect
, O
and O
though O
we O
think O
Bio-Rad O
is O
likely O
to O
further O
improve B-Effect
operating I-Effect
leverage I-Effect
through O
scaled B-Cause
cost I-Cause
reductions I-Cause
, O
progress O
in O
that O
area O
has O
been O
limited O
over O
the O
past O
decade O
. O

Facebook B-Effect
's I-Effect
network I-Effect
effects I-Effect
, I-Effect
based I-Effect
on I-Effect
its I-Effect
1.9 I-Effect
billion I-Effect
monthly I-Effect
active I-Effect
users I-Effect
and I-Effect
1.2 I-Effect
billion I-Effect
DAUs I-Effect
, I-Effect
have I-Effect
created I-Effect
barriers I-Effect
to I-Effect
exit I-Effect
for I-Effect
those I-Effect
users I-Effect
as O
they O
might B-Cause
leave I-Cause
behind I-Cause
friends I-Cause
, I-Cause
contacts I-Cause
, I-Cause
pictures I-Cause
, I-Cause
videos I-Cause
, I-Cause
memories I-Cause
, I-Cause
and I-Cause
more I-Cause
by I-Cause
departing I-Cause
to I-Cause
Snapchat I-Cause
, I-Cause
especially I-Cause
given I-Cause
its I-Cause
24-hour I-Cause
deletion I-Cause
feature I-Cause
. O

However O
, O
we O
expect O
6.5 B-Effect
% I-Effect
and I-Effect
5.5 I-Effect
% I-Effect
growth I-Effect
in I-Effect
these I-Effect
geographies I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, O
as O
the B-Cause
pandemic I-Cause
has I-Cause
caused I-Cause
a I-Cause
shift I-Cause
to I-Cause
at-home I-Cause
eating I-Cause
and I-Cause
strength I-Cause
in I-Cause
the I-Cause
cereal I-Cause
aisle I-Cause
. O

Uniformity B-Cause
in I-Cause
the I-Cause
process I-Cause
and I-Cause
machinery I-Cause
to I-Cause
convert I-Cause
pulp I-Cause
or I-Cause
recycled I-Cause
containers I-Cause
into I-Cause
containerboard I-Cause
components I-Cause
results I-Cause
in I-Cause
a I-Cause
flat I-Cause
cost I-Cause
curve I-Cause
regionally I-Cause
, O
making O
it O
hard O
for O
anybody B-Effect
to I-Effect
sustain I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
. O

As O
the B-Cause
company I-Cause
replaces I-Cause
three I-Cause
high-cost I-Cause
production I-Cause
lines I-Cause
with I-Cause
one I-Cause
that I-Cause
is I-Cause
brand I-Cause
new I-Cause
, O
it B-Effect
should I-Effect
significantly I-Effect
lower I-Effect
unit I-Effect
costs I-Effect
. O

Second O
, O
gaining B-Effect
distribution I-Effect
without I-Effect
paying I-Effect
for I-Effect
carriage I-Effect
in I-Effect
many I-Effect
markets I-Effect
for I-Effect
a I-Effect
new I-Effect
company I-Effect
may I-Effect
be I-Effect
nearly I-Effect
impossible I-Effect
, O
as O
cable B-Cause
operators I-Cause
have I-Cause
no I-Cause
need I-Cause
for I-Cause
new I-Cause
channels I-Cause
, O
which O
only B-Effect
add I-Effect
potential I-Effect
costs I-Effect
down I-Effect
the I-Effect
road I-Effect
. O

Moreover O
, O
switching B-Effect
is I-Effect
viewed I-Effect
by I-Effect
customers I-Effect
as I-Effect
troublesome I-Effect
, O
especially O
for O
customers O
-- O
like O
those O
of O
Truist O
-- O
who O
purchase B-Cause
multiple I-Cause
products I-Cause
from I-Cause
a I-Cause
bank I-Cause
. O

Also O
, O
while O
the O
company O
's O
pipeline O
has O
improved O
, O
if O
the O
company O
's O
top O
recently O
launched O
drugs O
( O
including O
Imfinzi O
, O
a O
PD-L1 O
drug O
for O
cancer O
and O
Tagrisso O
for O
lung O
cancer O
) O
fail B-Cause
to I-Cause
take I-Cause
market I-Cause
share I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
cash I-Effect
flows I-Effect
would I-Effect
be I-Effect
significantly I-Effect
impacted I-Effect
. O

Given O
high B-Cause
up-front I-Cause
costs I-Cause
and I-Cause
the I-Cause
difficulty I-Cause
of I-Cause
capturing I-Cause
new I-Cause
customers I-Cause
from I-Cause
existing I-Cause
brands I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
anticipate I-Effect
new I-Effect
entrants I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

As O
solar B-Cause
costs I-Cause
have I-Cause
reached I-Cause
parity I-Cause
with I-Cause
conventional I-Cause
power I-Cause
generation I-Cause
sources I-Cause
throughout I-Cause
much I-Cause
of I-Cause
the I-Cause
world I-Cause
, O
First B-Effect
Solar I-Effect
has I-Effect
narrowed I-Effect
its I-Effect
strategic I-Effect
focus I-Effect
to I-Effect
the I-Effect
United I-Effect
States I-Effect
, I-Effect
Europe I-Effect
, I-Effect
and I-Effect
India I-Effect
. O

The B-Cause
size I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
network I-Cause
enables O
the B-Effect
firm I-Effect
to I-Effect
stock I-Effect
low I-Effect
turnover I-Effect
parts I-Effect
at I-Effect
its I-Effect
distribution I-Effect
centers I-Effect
and I-Effect
hub I-Effect
stores I-Effect
with I-Effect
relatively I-Effect
quick I-Effect
delivery I-Effect
available I-Effect
. O

Additionally O
, O
because O
natural B-Cause
gas I-Cause
steam I-Cause
used I-Cause
in I-Cause
the I-Cause
DRI I-Cause
production I-Cause
process I-Cause
contains I-Cause
fewer I-Cause
impurities I-Cause
than I-Cause
coal I-Cause
steam I-Cause
, O
Nucor B-Effect
can I-Effect
produce I-Effect
stronger I-Effect
and I-Effect
higher-quality I-Effect
steel I-Effect
than I-Effect
its I-Effect
peers I-Effect
that I-Effect
use I-Effect
pig I-Effect
iron I-Effect
. O

Merging B-Cause
Citigroup I-Cause
's I-Cause
Smith I-Cause
Barney I-Cause
business I-Cause
into I-Cause
its I-Cause
own I-Cause
wealth I-Cause
management I-Cause
business I-Cause
after O
the O
global O
financial O
crisis O
was O
transformational O
and O
catapulted O
Morgan B-Effect
Stanley I-Effect
into I-Effect
an I-Effect
industry I-Effect
leader I-Effect
. O

We O
also O
view O
the B-Cause
firm I-Cause
's I-Cause
vast I-Cause
bottling I-Cause
and I-Cause
distribution I-Cause
infrastructure I-Cause
, O
with B-Cause
its I-Cause
more I-Cause
than I-Cause
100 I-Cause
bottlers I-Cause
and I-Cause
products I-Cause
in I-Cause
more I-Cause
than I-Cause
200 I-Cause
countries I-Cause
representing I-Cause
the I-Cause
broadest I-Cause
reach I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
as O
supportive O
of O
its B-Effect
brand I-Effect
and I-Effect
retail I-Effect
positioning I-Effect
. O

If O
carbon B-Cause
taxes I-Cause
are I-Cause
enacted I-Cause
, O
airlines B-Cause
would I-Cause
likely I-Cause
pass I-Cause
the I-Cause
cost I-Cause
onto I-Cause
the I-Cause
consumer I-Cause
, O
which O
we O
anticipate O
would O
reduce B-Effect
aggregate I-Effect
travel I-Effect
demand I-Effect
. O

With O
lack B-Cause
of I-Cause
zoning I-Cause
restrictions I-Cause
in I-Cause
markets I-Cause
such O
as O
Dallas O
and O
Houston O
, O
supply B-Effect
will I-Effect
likely I-Effect
enter I-Effect
more I-Effect
easily I-Effect
and I-Effect
pricing I-Effect
will I-Effect
be I-Effect
more I-Effect
competitive I-Effect
. O

With O
little B-Cause
direct I-Cause
competition I-Cause
in I-Cause
patch I-Cause
pumps I-Cause
, O
Insulet B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
convert I-Effect
more I-Effect
users I-Effect
to I-Effect
its I-Effect
innovative I-Effect
insulin I-Effect
pump I-Effect
. O

We B-Cause
also I-Cause
made I-Cause
slight I-Cause
adjustments I-Cause
in I-Cause
our I-Cause
long-term I-Cause
growth I-Cause
and I-Cause
risk I-Cause
assumptions I-Cause
to I-Cause
reflect I-Cause
Nestle I-Cause
's I-Cause
best-in-class I-Cause
resilience I-Cause
during I-Cause
the I-Cause
pandemic. O
As O
a O
result O
we O
now O
assume O
a B-Effect
stage I-Effect
II I-Effect
EBI I-Effect
growth I-Effect
rate I-Effect
of I-Effect
about I-Effect
4.5 I-Effect
% I-Effect
( I-Effect
from I-Effect
4.25 I-Effect
% I-Effect
) I-Effect
and I-Effect
discount I-Effect
our I-Effect
cash I-Effect
flow I-Effect
projections I-Effect
at I-Effect
a I-Effect
rate I-Effect
of I-Effect
6.9 I-Effect
% I-Effect
( I-Effect
from I-Effect
7 I-Effect
% I-Effect
) I-Effect
. O

Management O
estimates O
the O
merger O
will O
have O
$ O
160 O
million O
per O
year O
in O
synergies O
by O
2022 O
because O
of O
the B-Cause
contiguous I-Cause
service I-Cause
territories I-Cause
and I-Cause
the I-Cause
joint I-Cause
ownership I-Cause
of I-Cause
three I-Cause
power I-Cause
plants I-Cause
, O
including B-Effect
the I-Effect
Wolf I-Effect
Creek I-Effect
nuclear I-Effect
generating I-Effect
station I-Effect
. O

Intermodal O
saw O
first-half O
2020 O
volume O
headwinds O
from O
COVID-19 O
disruption O
and O
depressed O
rates O
in O
the O
competing O
truckload O
industry O
but O
has O
since B-Cause
rebounded I-Cause
nicely I-Cause
on I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
and I-Cause
tight I-Cause
truckload I-Cause
market I-Cause
capacity I-Cause
( I-Cause
rising I-Cause
truck-to-reconversions I-Cause
) I-Cause
and O
we B-Effect
still I-Effect
see I-Effect
it I-Effect
as I-Effect
a I-Effect
key I-Effect
long-term I-Effect
growth I-Effect
opportunity I-Effect
for I-Effect
CSX I-Effect
. I-Effect

In O
addition O
, O
the B-Cause
firm I-Cause
's I-Cause
powerful I-Cause
distribution I-Cause
network I-Cause
sets O
up O
the B-Effect
company I-Effect
as I-Effect
a I-Effect
strong I-Effect
partner I-Effect
for I-Effect
smaller I-Effect
drug I-Effect
companies I-Effect
that I-Effect
lack I-Effect
Sanofi I-Effect
's I-Effect
resources I-Effect
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
high I-Effect
, O
given B-Cause
the I-Cause
potential I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
the I-Cause
business I-Cause
and I-Cause
on I-Cause
capital I-Cause
markets I-Cause
. O

Sands B-Effect
' I-Effect
position I-Effect
in I-Effect
the I-Effect
profitable I-Effect
Singapore I-Effect
gaming I-Effect
market I-Effect
( I-Effect
31 I-Effect
% I-Effect
of I-Effect
EBITDA I-Effect
) I-Effect
, I-Effect
where I-Effect
a I-Effect
duopoly I-Effect
remains I-Effect
in I-Effect
place I-Effect
through I-Effect
2030 I-Effect
, O
is O
buoyed O
by O
the B-Cause
company I-Cause
expanding I-Cause
its I-Cause
presence I-Cause
with I-Cause
the I-Cause
development I-Cause
of I-Cause
a I-Cause
fourth I-Cause
tower I-Cause
( I-Cause
scheduled I-Cause
to I-Cause
open I-Cause
in I-Cause
2025 I-Cause
) I-Cause
, O
solidifying B-Effect
our I-Effect
view I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
long-term I-Effect
growth I-Effect
. O

Even B-Effect
the I-Effect
oxygenators I-Effect
are I-Effect
subjected I-Effect
to I-Effect
considerable I-Effect
price I-Effect
competition I-Effect
because O
there B-Cause
is I-Cause
little I-Cause
clinical I-Cause
evidence I-Cause
to I-Cause
demonstrate I-Cause
how I-Cause
the I-Cause
competitive I-Cause
brands I-Cause
are I-Cause
different I-Cause
from I-Cause
each I-Cause
other I-Cause
. O

Furthermore O
, O
as O
airline B-Cause
customers I-Cause
rightsize I-Cause
their I-Cause
fleets I-Cause
by I-Cause
retiring I-Cause
older I-Cause
, I-Cause
high-cost I-Cause
aircraft I-Cause
while I-Cause
deferring I-Cause
new I-Cause
deliveries I-Cause
, O
the B-Effect
fleet I-Effect
growth I-Effect
outlook I-Effect
remains I-Effect
subdued I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

The B-Cause
firm I-Cause
has I-Cause
divested I-Cause
low-margin I-Cause
segments I-Cause
that I-Cause
were I-Cause
outside I-Cause
its I-Cause
core I-Cause
competency I-Cause
of I-Cause
emergency I-Cause
communications I-Cause
infrastructure I-Cause
and I-Cause
two-way I-Cause
radios I-Cause
while I-Cause
increasing I-Cause
investment I-Cause
in I-Cause
software I-Cause
and I-Cause
services I-Cause
, O
which O
helps O
make O
its B-Effect
competitive I-Effect
position I-Effect
more I-Effect
secure I-Effect
. O

In O
our O
view O
, O
the O
most O
important O
advantage O
Equinix O
has O
is O
the B-Effect
network I-Effect
effect I-Effect
, O
which O
directly O
results O
from O
its B-Cause
catering I-Cause
to I-Cause
a I-Cause
larger I-Cause
number I-Cause
of I-Cause
companies I-Cause
within I-Cause
each I-Cause
of I-Cause
its I-Cause
data I-Cause
centers I-Cause
. O

Deere B-Cause
's I-Cause
service I-Cause
agreements I-Cause
give I-Cause
customers I-Cause
priority I-Cause
on O
proprietary O
aftermarket O
parts O
and O
services O
from O
dealers O
, O
making O
it O
easy B-Effect
to I-Effect
understand I-Effect
what I-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
a I-Effect
machine I-Effect
will I-Effect
be I-Effect
throughout I-Effect
its I-Effect
operating I-Effect
life I-Effect
. O

We B-Effect
're I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
263 I-Effect
per I-Effect
share I-Effect
, I-Effect
up I-Effect
from I-Effect
$ I-Effect
240 I-Effect
, O
after O
incorporating B-Cause
more I-Cause
optimistic I-Cause
expectations I-Cause
for I-Cause
the I-Cause
commercialization I-Cause
of I-Cause
G7 I-Cause
. O

Historically O
, O
Oxy O
has O
done O
a O
better O
job O
of O
generating O
returns O
for O
shareholders O
than O
most O
upstream O
oil O
and O
gas O
producers O
, O
but O
this B-Effect
record I-Effect
was I-Effect
derailed I-Effect
by O
the B-Cause
downturn I-Cause
in I-Cause
global I-Cause
crude I-Cause
prices I-Cause
that I-Cause
began I-Cause
in I-Cause
late I-Cause
2014 I-Cause
. O

Despite O
the O
absence O
of O
a O
long-term O
edge O
, O
Five O
Below O
should O
survive O
the O
pandemic O
, O
and O
its B-Cause
assortment I-Cause
pivot I-Cause
to I-Cause
high-demand I-Cause
categories I-Cause
has O
allowed O
it B-Effect
to I-Effect
stay I-Effect
open I-Effect
despite I-Effect
resurgent I-Effect
case I-Effect
counts I-Effect
( I-Effect
the I-Effect
full I-Effect
store I-Effect
network I-Effect
closed I-Effect
in I-Effect
the I-Effect
spring I-Effect
) I-Effect
. O

First O
, O
the O
recent O
consolidation O
of O
semiconductor O
firms O
7 O
Jul O
2021 O
05:00 O
, O
UTCis O
expected O
to O
create O
demand B-Cause
for I-Cause
integrated I-Cause
systems I-Cause
made O
with O
the B-Effect
most I-Effect
advanced I-Effect
nodes I-Effect
. O

AB B-Effect
InBev I-Effect
can I-Effect
enhance I-Effect
profitability I-Effect
by B-Cause
removing I-Cause
duplicate I-Cause
costs I-Cause
, I-Cause
expanding I-Cause
volume I-Cause
( I-Cause
it I-Cause
has I-Cause
tripled I-Cause
Budweiser I-Cause
's I-Cause
volume I-Cause
in I-Cause
China I-Cause
in I-Cause
less I-Cause
than I-Cause
three I-Cause
years I-Cause
and I-Cause
has I-Cause
doubled I-Cause
its I-Cause
share I-Cause
in I-Cause
the I-Cause
United I-Cause
Kingdom I-Cause
) I-Cause
, I-Cause
and I-Cause
bringing I-Cause
distribution I-Cause
in-house I-Cause
, I-Cause
thereby I-Cause
capturing I-Cause
the I-Cause
downstream I-Cause
margin I-Cause
opportunity I-Cause
. O

With O
an B-Cause
expectation I-Cause
for I-Cause
higher-margin I-Cause
subscriptions I-Cause
and I-Cause
support I-Cause
to I-Cause
outpace I-Cause
products I-Cause
, O
we B-Effect
model I-Effect
consolidated I-Effect
gross I-Effect
margins I-Effect
to I-Effect
expand I-Effect
toward I-Effect
72 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
versus I-Effect
71 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

The O
approximately O
350 O
Class O
C O
and O
Class O
D O
malls O
are O
struggling O
and O
are O
either O
in O
or O
on O
the O
precipice O
of O
the O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
mall O
death O
spiral O
, O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
where O
vacancies B-Cause
lead O
to O
lower B-Cause
sales I-Cause
for I-Cause
remaining I-Cause
tenants I-Cause
, O
which O
leads O
to O
more B-Effect
vacancies I-Effect
, O
and O
so O
on O
. O

Digital B-Effect
Realty I-Effect
claims I-Effect
most I-Effect
churn I-Effect
results I-Effect
from I-Effect
tenants I-Effect
merging I-Effect
or I-Effect
no I-Effect
longer I-Effect
needing I-Effect
a I-Effect
data I-Effect
center I-Effect
presence I-Effect
because O
of O
company-specific B-Cause
issues I-Cause
, I-Cause
such I-Cause
as I-Cause
their I-Cause
own I-Cause
business I-Cause
struggles I-Cause
. I-Cause

Given B-Cause
the I-Cause
relatively I-Cause
higher I-Cause
profitability I-Cause
for I-Cause
server I-Cause
CPUs I-Cause
relative I-Cause
to I-Cause
AMD I-Cause
's I-Cause
other I-Cause
products I-Cause
, O
we B-Effect
think I-Effect
its I-Effect
improved I-Effect
position I-Effect
in I-Effect
servers I-Effect
( I-Effect
with I-Effect
customers I-Effect
championing I-Effect
an I-Effect
x86 I-Effect
alternative I-Effect
to I-Effect
Intel I-Effect
) I-Effect
will I-Effect
lead I-Effect
to I-Effect
sustained I-Effect
excess I-Effect
returns I-Effect
. O

In B-Cause
those I-Cause
states I-Cause
, I-Cause
Anthem I-Cause
provides I-Cause
insurance I-Cause
to I-Cause
about I-Cause
one I-Cause
in I-Cause
every I-Cause
three I-Cause
people I-Cause
, O
which O
gives B-Effect
it I-Effect
scale-related I-Effect
cost I-Effect
advantages I-Effect
and I-Effect
network I-Effect
effects I-Effect
in I-Effect
those I-Effect
markets I-Effect
. O

Anything B-Cause
that I-Cause
is I-Cause
not I-Cause
consistent I-Cause
with I-Cause
the I-Cause
political I-Cause
or I-Cause
social I-Cause
zeitgeist I-Cause
, O
which O
can O
manifest O
in O
anything O
from O
a O
marketing O
campaign O
to O
supply O
chain O
governance O
, O
gives B-Effect
rise I-Effect
to I-Effect
the I-Effect
possibility I-Effect
that I-Effect
a I-Effect
company I-Effect
's I-Effect
business I-Effect
model I-Effect
will I-Effect
be I-Effect
disrupted I-Effect
. O

Caesars B-Effect
' I-Effect
casino I-Effect
property I-Effect
portfolio I-Effect
has I-Effect
grown I-Effect
to I-Effect
around I-Effect
50 I-Effect
properties I-Effect
from I-Effect
just I-Effect
four I-Effect
in I-Effect
2014 I-Effect
, O
as O
the B-Cause
company I-Cause
has I-Cause
excelled I-Cause
at I-Cause
identifying I-Cause
and I-Cause
integrating I-Cause
acquisitions I-Cause
that I-Cause
generate I-Cause
both I-Cause
strategic I-Cause
and I-Cause
economic I-Cause
value I-Cause
for I-Cause
shareholders I-Cause
. O

On O
the O
negative O
side O
, O
margins B-Effect
have I-Effect
been I-Effect
under I-Effect
some I-Effect
pressure I-Effect
recently I-Effect
as O
the B-Cause
company I-Cause
developed I-Cause
and I-Cause
migrated I-Cause
clients I-Cause
to I-Cause
a I-Cause
new I-Cause
card I-Cause
processing I-Cause
platform I-Cause
. O

The B-Effect
coronavirus I-Effect
has I-Effect
had I-Effect
a I-Effect
severe I-Effect
adverse I-Effect
effect I-Effect
on I-Effect
its I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
many B-Cause
stores I-Cause
have I-Cause
been I-Cause
forced I-Cause
to I-Cause
close I-Cause
temporarily I-Cause
. O

While O
economic B-Effect
profits I-Effect
evaporated I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
as O
a O
result O
of O
the B-Cause
pandemic I-Cause
and I-Cause
associated I-Cause
store I-Cause
closures I-Cause
, O
we O
do O
not O
believe O
the O
near-term O
crisis O
will O
materially O
impact O
Ross O
' O
long-term O
standing O
, O
with O
a O
35 O
% O
average O
adjusted O
return O
on O
invested O
capital O
expected O
over O
the O
next O
decade O
. O

Allstate B-Effect
is I-Effect
offering I-Effect
rebates I-Effect
to I-Effect
customers I-Effect
as O
a O
result O
, O
but O
the O
company B-Cause
has I-Cause
seen I-Cause
a I-Cause
short-term I-Cause
boost I-Cause
to I-Cause
underwriting I-Cause
margins I-Cause
while I-Cause
social I-Cause
distancing I-Cause
efforts I-Cause
are I-Cause
in I-Cause
effect I-Cause
. O

The B-Effect
typical I-Effect
wireless I-Effect
customer I-Effect
consumes I-Effect
around I-Effect
5-10 I-Effect
GB I-Effect
of I-Effect
data I-Effect
on I-Effect
wireless I-Effect
networks I-Effect
per I-Effect
month I-Effect
while I-Effect
the I-Effect
typical I-Effect
fixed-line I-Effect
Internet I-Effect
access I-Effect
subscriber I-Effect
uses I-Effect
several I-Effect
hundred I-Effect
GB I-Effect
, I-Effect
a I-Effect
figure I-Effect
that I-Effect
continues I-Effect
to I-Effect
grow I-Effect
rapidly I-Effect
thanks O
to O
demand B-Cause
for I-Cause
streaming I-Cause
and I-Cause
online I-Cause
communications I-Cause
services I-Cause
. O

Business B-Effect
travelers I-Effect
will I-Effect
often I-Effect
use I-Effect
miles I-Effect
from I-Effect
a I-Effect
co-branded I-Effect
credit I-Effect
card I-Effect
to I-Effect
upgrade I-Effect
flights I-Effect
when O
their B-Cause
company I-Cause
is I-Cause
unwilling I-Cause
to I-Cause
pay I-Cause
a I-Cause
premium I-Cause
price I-Cause
. O

Urban B-Cause
Outfitters I-Cause
depends I-Cause
on I-Cause
apparel I-Cause
( O
61 O
% O
of O
fiscal O
2021 O
sales O
) O
and O
is O
therefore O
exposed B-Effect
to I-Effect
fashion I-Effect
risk I-Effect
and I-Effect
changes I-Effect
in I-Effect
the I-Effect
market I-Effect
. O

Annual B-Cause
contractual I-Cause
price I-Cause
reductions I-Cause
are I-Cause
the I-Cause
industry I-Cause
norm I-Cause
, O
so O
Lear B-Effect
has I-Effect
to I-Effect
aggressively I-Effect
employ I-Effect
kaizen I-Effect
, I-Effect
kan I-Effect
ban I-Effect
, I-Effect
and I-Effect
Lean I-Effect
Six I-Effect
Sigma I-Effect
manufacturing I-Effect
practices I-Effect
, I-Effect
among I-Effect
others I-Effect
, I-Effect
to I-Effect
advance I-Effect
cost I-Effect
savings I-Effect
. O

Finally O
, O
the B-Effect
firm I-Effect
experiences I-Effect
a I-Effect
degree I-Effect
of I-Effect
financial I-Effect
risk I-Effect
, O
as O
hefty B-Cause
interest I-Cause
payments I-Cause
( I-Cause
36 I-Cause
% I-Cause
of I-Cause
operating I-Cause
income I-Cause
in I-Cause
2020 I-Cause
) I-Cause
limit I-Cause
flexibility B-Effect
during I-Effect
downturns I-Effect
while I-Cause
carrying I-Cause
leverage I-Cause
and I-Cause
coverage I-Cause
requirements I-Cause
. O

We O
still O
expect O
Las O
Vegas O
revenue O
to O
recover O
to O
2019 O
levels O
by O
2023 O
, O
but O
we O
now O
project B-Effect
sales I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
4 I-Effect
% I-Effect
annual I-Effect
rate I-Effect
during I-Effect
2024-30 I-Effect
( I-Effect
versus I-Effect
3 I-Effect
% I-Effect
prior I-Effect
) I-Effect
, O
driven O
by O
stronger B-Cause
demand I-Cause
for I-Cause
sports I-Cause
betting I-Cause
and I-Cause
iGaming I-Cause
revenue I-Cause
. O

Although O
we B-Effect
weigh I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
drugs I-Effect
with I-Effect
relatively I-Effect
high I-Effect
probability I-Effect
of I-Effect
approval I-Effect
because O
of O
promising O
trial O
data O
, O
there O
is O
still O
a B-Cause
degree I-Cause
of I-Cause
uncertainty I-Cause
associated I-Cause
with I-Cause
the I-Cause
company I-Cause
's I-Cause
clinical I-Cause
and I-Cause
commercial I-Cause
success I-Cause
. O

Given O
that O
various B-Cause
sectors I-Cause
and I-Cause
regions I-Cause
have I-Cause
experienced I-Cause
periods I-Cause
of I-Cause
tumult I-Cause
in I-Cause
the I-Cause
past I-Cause
, O
we O
think O
Vornado B-Effect
's I-Effect
geographic I-Effect
concentration I-Effect
in I-Effect
New I-Effect
York I-Effect
City I-Effect
could I-Effect
pose I-Effect
a I-Effect
risk I-Effect
. O

This O
reflects O
investments O
made O
during O
the O
boom O
, O
as O
well O
as O
structurally B-Effect
lower I-Effect
industry I-Effect
profits I-Effect
, O
owing O
to O
weak B-Cause
demand I-Cause
and I-Cause
a I-Cause
flattened I-Cause
cost I-Cause
curve I-Cause
. O

An B-Effect
additional I-Effect
2.2 I-Effect
GW I-Effect
of I-Effect
natural I-Effect
gas I-Effect
capacity I-Effect
is I-Effect
proposed I-Effect
in O
part O
to O
ensure B-Cause
grid I-Cause
reliability I-Cause
from I-Cause
the I-Cause
growth I-Cause
of I-Cause
intermittent I-Cause
renewable I-Cause
energy I-Cause
resources I-Cause
. O

We O
expect O
revenue B-Cause
growth I-Cause
and I-Cause
more I-Cause
efficient I-Cause
homebuilding I-Cause
operations I-Cause
will O
unlock B-Effect
operating I-Effect
leverage I-Effect
, I-Effect
reducing I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
as I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
. O

Given O
the B-Cause
scale I-Cause
achieved I-Cause
in I-Cause
the I-Cause
other I-Cause
segments I-Cause
and I-Cause
the I-Cause
already I-Cause
high I-Cause
margins I-Cause
, O
we O
expect O
minimal B-Effect
margin I-Effect
expansion I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
other I-Effect
segments I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
listing I-Cause
services I-Cause
is I-Cause
run I-Cause
under I-Cause
a I-Cause
three-tier I-Cause
system I-Cause
in O
which O
companies B-Effect
listed I-Effect
in I-Effect
the I-Effect
upper I-Effect
tiers I-Effect
must I-Effect
meet I-Effect
more I-Effect
stringent I-Effect
requirements I-Effect
and I-Effect
pay I-Effect
higher I-Effect
annual I-Effect
fees I-Effect
. O

Further O
, O
demand B-Cause
declines I-Cause
in I-Cause
a I-Cause
single I-Cause
year I-Cause
, O
due O
to O
weather B-Cause
issues I-Cause
that O
result O
in O
fewer B-Cause
planted I-Cause
acres I-Cause
, O
can O
weigh B-Effect
on I-Effect
fertilizer I-Effect
prices I-Effect
. O

Such B-Cause
growth I-Cause
in I-Cause
paid I-Cause
member I-Cause
count I-Cause
, I-Cause
coupled I-Cause
with I-Cause
5 I-Cause
% I-Cause
growth I-Cause
in I-Cause
average I-Cause
revenue I-Cause
per I-Cause
paying I-Cause
user I-Cause
, O
we O
think O
will O
result O
in O
a B-Effect
20 I-Effect
% I-Effect
five-year I-Effect
CAGR I-Effect
in I-Effect
dating I-Effect
revenue I-Effect
growth I-Effect
. O

Lastly O
, O
we O
note O
that O
as B-Cause
the I-Cause
number I-Cause
of I-Cause
ratings I-Cause
increases I-Cause
, O
the B-Effect
value I-Effect
of I-Effect
ratings I-Effect
research I-Effect
subscriptions I-Effect
sold I-Effect
to I-Effect
buy-side I-Effect
investors I-Effect
increases I-Effect
as O
well O
. O

It O
is O
important O
to O
recognize O
that O
most B-Effect
of I-Effect
the I-Effect
end I-Effect
markets I-Effect
that I-Effect
Citrix I-Effect
competes I-Effect
in I-Effect
on I-Effect
the I-Effect
networking I-Effect
side I-Effect
went I-Effect
through I-Effect
a I-Effect
period I-Effect
of I-Effect
seemingly I-Effect
higher I-Effect
competition I-Effect
and I-Effect
certainly I-Effect
worry I-Effect
on I-Effect
the I-Effect
part I-Effect
of I-Effect
investors I-Effect
as O
the B-Cause
public I-Cause
cloud I-Cause
providers I-Cause
rose I-Cause
to I-Cause
prominence I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
precision I-Cause
farming I-Cause
strategy I-Cause
aims I-Cause
to I-Cause
equip I-Cause
farmers I-Cause
with I-Cause
digital I-Cause
tools I-Cause
that O
improve B-Effect
productivity I-Effect
, I-Effect
crop I-Effect
yields I-Effect
, I-Effect
and I-Effect
ultimately I-Effect
profitability I-Effect
. O

History O
suggests O
that O
carriers B-Effect
hesitate I-Effect
to I-Effect
leave I-Effect
towers I-Effect
that I-Effect
they I-Effect
are I-Effect
on I-Effect
, O
as O
non-consolidation-related B-Cause
churn I-Cause
for I-Cause
Crown I-Cause
Castle I-Cause
is I-Cause
historically I-Cause
between I-Cause
1 I-Cause
and I-Cause
2 I-Cause
percent I-Cause
. O

Typically O
, O
original O
equipment O
manufacturers O
for O
aviation O
products O
sell O
the O
original O
product O
at O
a O
loss O
or O
very O
low O
margin O
and O
make B-Effect
up I-Effect
the I-Effect
massive I-Effect
development I-Effect
costs I-Effect
by O
exploiting B-Cause
monopolist I-Cause
power I-Cause
over I-Cause
the I-Cause
aftermarket I-Cause
. O

Our B-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
Skyworks I-Effect
is I-Effect
high I-Effect
, O
considering O
the B-Cause
cyclical I-Cause
nature I-Cause
of I-Cause
the I-Cause
semiconductor I-Cause
industry I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
highly I-Cause
concentrated I-Cause
customer I-Cause
base I-Cause
. O

Though O
there O
are O
viable O
outside O
competitors O
in O
for O
this O
product O
, O
namely O
Airbus O
, O
we O
think O
that O
the B-Effect
massive I-Effect
installed I-Effect
base I-Effect
of I-Effect
Sikorsky I-Effect
helicopter I-Effect
introduces I-Effect
switching I-Effect
costs I-Effect
to I-Effect
the I-Effect
customer I-Effect
, O
as O
it B-Cause
becomes I-Cause
more I-Cause
expensive I-Cause
for I-Cause
the I-Cause
military I-Cause
to I-Cause
maintain I-Cause
many I-Cause
different I-Cause
helicopter I-Cause
types I-Cause
due O
to O
commonality B-Cause
issues I-Cause
and I-Cause
training I-Cause
costs I-Cause
. O

While O
Evercore B-Cause
has I-Cause
strong I-Cause
securities I-Cause
research I-Cause
capabilities I-Cause
after I-Cause
its I-Cause
acquisition I-Cause
of I-Cause
ISI I-Cause
Group I-Cause
in I-Cause
2014 I-Cause
, O
even O
the B-Effect
largest I-Effect
investment I-Effect
banks I-Effect
are I-Effect
having I-Effect
a I-Effect
difficult I-Effect
time I-Effect
earning I-Effect
appropriate I-Effect
returns I-Effect
in I-Effect
their I-Effect
trading I-Effect
businesses I-Effect
, I-Effect
and I-Effect
many I-Effect
European I-Effect
investment I-Effect
banks I-Effect
have I-Effect
consequently I-Effect
downsized I-Effect
their I-Effect
trading I-Effect
operations I-Effect
. O

Although O
the O
city O
has O
recovered O
from O
tragedy O
before O
, O
there O
is O
the O
risk O
that O
pandemic B-Cause
dents I-Cause
the I-Cause
city I-Cause
's I-Cause
reputation I-Cause
and O
causes O
it O
to O
lose B-Effect
its I-Effect
appeal I-Effect
as I-Effect
a I-Effect
destination I-Effect
for I-Effect
office I-Effect
real I-Effect
estate I-Effect
. O

Overall O
, O
we O
believe O
that O
high B-Cause
retention I-Cause
and I-Cause
enterprise I-Cause
penetration I-Cause
will O
continue O
to O
drive B-Effect
growth I-Effect
in I-Effect
market I-Effect
share I-Effect
and I-Effect
cement I-Effect
Nice I-Effect
's I-Effect
position I-Effect
as I-Effect
a I-Effect
leader I-Effect
in I-Effect
CCaaS I-Effect
. O

Additionally O
, O
Xylem B-Cause
's I-Cause
continuous I-Cause
innovation I-Cause
and I-Cause
strong I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
have O
allowed O
it O
to O
capture B-Effect
incremental I-Effect
market I-Effect
share I-Effect
gains I-Effect
in I-Effect
the I-Effect
transport I-Effect
space I-Effect
in I-Effect
recent I-Effect
years I-Effect
. O

Improving B-Cause
insurance I-Cause
pricing I-Cause
is O
likely O
to O
act B-Effect
a I-Effect
modest I-Effect
tailwind I-Effect
to I-Effect
top-line I-Effect
growth I-Effect
in I-Effect
the I-Effect
very I-Effect
near I-Effect
term I-Effect
, O
with O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
the I-Cause
more I-Cause
macro-sensitive I-Cause
aspects I-Cause
of I-Cause
the I-Cause
business I-Cause
creating I-Cause
some I-Cause
offset I-Cause
. O

We O
think O
Ferguson B-Effect
's I-Effect
branches I-Effect
are I-Effect
a I-Effect
key I-Effect
differentiator I-Effect
in I-Effect
the I-Effect
market I-Effect
as O
contractors B-Cause
value I-Cause
the I-Cause
ability I-Cause
to I-Cause
quickly I-Cause
and I-Cause
efficiently I-Cause
get I-Cause
the I-Cause
plumbing I-Cause
and I-Cause
HVAC I-Cause
products I-Cause
they I-Cause
need I-Cause
, I-Cause
while I-Cause
also I-Cause
minimizing I-Cause
shipping I-Cause
costs I-Cause
. O

Competition O
has O
also O
increased O
in O
Myanmar O
following B-Cause
the I-Cause
entry I-Cause
of I-Cause
a I-Cause
fourth I-Cause
operator I-Cause
in I-Cause
the I-Cause
market I-Cause
, O
which O
was O
facilitated B-Effect
by I-Effect
the I-Effect
government I-Effect
. O

The B-Cause
cut I-Cause
in I-Cause
Enable I-Cause
's I-Cause
distribution I-Cause
and I-Cause
near-term I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
on I-Cause
earnings I-Cause
and I-Cause
cash I-Cause
flow I-Cause
forced O
CenterPoint B-Effect
to I-Effect
slash I-Effect
its I-Effect
dividend I-Effect
to I-Effect
an I-Effect
annual I-Effect
rate I-Effect
of I-Effect
$ I-Effect
0.60 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
1.16 I-Effect
. O

A B-Cause
drop I-Cause
in I-Cause
stock I-Cause
price I-Cause
or I-Cause
a I-Cause
rise I-Cause
in I-Cause
interest I-Cause
rates I-Cause
will O
increase B-Effect
the I-Effect
cost I-Effect
to I-Effect
acquire I-Effect
, I-Effect
which I-Effect
reduces I-Effect
the I-Effect
spread I-Effect
between I-Effect
the I-Effect
company I-Effect
's I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
and I-Effect
the I-Effect
acquisition I-Effect
cap I-Effect
rate I-Effect
and I-Effect
reduce I-Effect
the I-Effect
value I-Effect
it I-Effect
can I-Effect
create I-Effect
from I-Effect
external I-Effect
growth I-Effect
. O

As O
it B-Cause
has I-Cause
not I-Cause
historically I-Cause
operated I-Cause
in I-Cause
the I-Cause
core I-Cause
of I-Cause
the I-Cause
basin I-Cause
, O
Laredo B-Effect
does I-Effect
not I-Effect
share I-Effect
the I-Effect
cost I-Effect
advantage I-Effect
that I-Effect
Permian I-Effect
producers I-Effect
enjoy I-Effect
( O
the O
Howard O
County O
assets O
will O
drive O
up O
margins O
temporarily O
, O
but O
the O
company O
only O
has O
a O
few O
years O
' O
worth O
of O
drilling O
locations O
to O
work O
through O
there O
) O
. O

We O
also O
expect O
coronavirus-related B-Cause
restaurant I-Cause
closures I-Cause
and O
changes B-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
will O
have B-Effect
a I-Effect
lasting I-Effect
impact I-Effect
on I-Effect
the I-Effect
industry I-Effect
and O
drive B-Effect
operating I-Effect
volatility I-Effect
. O

However O
, O
we O
are O
n't O
blind O
to O
the O
fact O
that O
strict B-Cause
lockdowns I-Cause
enacted I-Cause
in I-Cause
these I-Cause
markets I-Cause
early I-Cause
in I-Cause
the I-Cause
pandemic I-Cause
could O
once O
again O
plague B-Effect
its I-Effect
operations I-Effect
if I-Effect
a I-Effect
subsequent I-Effect
wave I-Effect
of I-Effect
COVID-19 I-Effect
emerges I-Effect
. O

Third-party B-Effect
market I-Effect
sizing I-Effect
and I-Effect
share I-Effect
estimation I-Effect
attempts I-Effect
have I-Effect
varied I-Effect
significantly I-Effect
for I-Effect
Palantir I-Effect
based O
on O
considering B-Cause
the I-Cause
company I-Cause
's I-Cause
capabilities I-Cause
from I-Cause
analytics I-Cause
to I-Cause
artificial I-Cause
intelligence I-Cause
. O

For O
over O
a O
century O
, O
the B-Cause
company I-Cause
has I-Cause
been I-Cause
the I-Cause
pre-eminent I-Cause
manufacturer I-Cause
of I-Cause
diesel I-Cause
engines I-Cause
, O
which O
has O
led O
to O
its O
place B-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
best I-Effect
heavy- I-Effect
and I-Effect
medium-duty I-Effect
engine I-Effect
brands I-Effect
. O

Grainger O
's O
Canadian O
business O
( O
less O
than O
5 O
% O
of O
sales O
) O
has O
struggled O
mightily O
in O
recent O
years O
, O
but O
it B-Effect
should I-Effect
contribute I-Effect
to I-Effect
growth I-Effect
if O
Grainger B-Cause
's I-Cause
restructuring I-Cause
efforts I-Cause
are I-Cause
successful I-Cause
. O

Although O
corn O
prices O
, O
Ingredion O
's O
key O
input O
cost O
, O
can O
fluctuate O
significantly O
, O
half B-Cause
of I-Cause
Ingredion I-Cause
's I-Cause
core I-Cause
sales I-Cause
are I-Cause
priced I-Cause
on I-Cause
a I-Cause
cost-plus I-Cause
basis I-Cause
, O
which O
essentially B-Effect
locks I-Effect
in I-Effect
returns I-Effect
roughly I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
company I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Greater O
consumer O
acceptance O
of O
private O
label O
, O
whether O
due O
to O
an B-Cause
economic I-Cause
downturn I-Cause
or I-Cause
consumer I-Cause
preferences I-Cause
, O
could O
threaten B-Effect
Clorox I-Effect
's I-Effect
margins I-Effect
or I-Effect
sales I-Effect
growth I-Effect
. O

Although O
we O
expect O
this B-Effect
ratio I-Effect
to I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
as O
a O
result O
of O
lower B-Effect
advertising I-Effect
rates I-Effect
stemming I-Effect
from I-Effect
less I-Effect
advertising I-Effect
demand I-Effect
due O
to O
COVID-19 B-Cause
, O
we O
believe O
Wayfair O
will O
still O
outspend O
the O
peer O
group O
. O

Thus O
, O
despite O
the O
life-or-death O
importance O
of O
artificial O
heart-lung O
technology O
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
LivaNova I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
earn I-Effect
positive I-Effect
economic I-Effect
profits I-Effect
on I-Effect
its I-Effect
cardiovascular I-Effect
portfolio I-Effect
, O
based O
on O
its B-Cause
previous I-Cause
performance I-Cause
as I-Cause
stand-alone I-Cause
Sorin I-Cause
. O

On O
one O
hand O
, O
NetEase O
continues O
to O
invest O
in O
developing O
new O
games O
in O
a O
variety O
of O
genres O
; O
on O
the O
other O
hand O
, O
it B-Effect
has I-Effect
been I-Effect
expanding I-Effect
to I-Effect
pan-entertainment I-Effect
areas I-Effect
in O
order O
to O
sustain B-Cause
the I-Cause
lifecycle I-Cause
of I-Cause
its I-Cause
IPs I-Cause
and I-Cause
the I-Cause
games I-Cause
of I-Cause
the I-Cause
IPs I-Cause
. O

We B-Effect
think I-Effect
it I-Effect
is I-Effect
virtually I-Effect
inconceivable I-Effect
that I-Effect
tenants I-Effect
would I-Effect
voluntarily I-Effect
break I-Effect
these I-Effect
long-term I-Effect
contracts I-Effect
, O
as O
, O
in B-Cause
addition I-Cause
to I-Cause
legal I-Cause
ramifications I-Cause
, I-Cause
they I-Cause
would I-Cause
have I-Cause
to I-Cause
undertake I-Cause
significant I-Cause
spending I-Cause
to I-Cause
light I-Cause
a I-Cause
substitute I-Cause
network I-Cause
, O
if O
a O
comparable O
one O
even O
existed O
. O

However O
, O
the B-Cause
European I-Cause
Central I-Cause
Bank I-Cause
has I-Cause
since I-Cause
started I-Cause
playing I-Cause
a I-Cause
much I-Cause
more I-Cause
active I-Cause
role I-Cause
in I-Cause
the I-Cause
oversight I-Cause
of I-Cause
European I-Cause
banks I-Cause
, O
which O
reduces B-Effect
regional I-Effect
differences I-Effect
and O
, O
in O
our O
opinion O
, O
strengthens B-Effect
the I-Effect
regulatory I-Effect
framework I-Effect
across I-Effect
the I-Effect
continent I-Effect
. O

The B-Effect
market I-Effect
's I-Effect
attractiveness I-Effect
is I-Effect
heightened I-Effect
by I-Effect
the I-Effect
chronic I-Effect
nature I-Effect
of I-Effect
therapy I-Effect
and I-Effect
limited I-Effect
competition I-Effect
due O
to O
the B-Cause
complexity I-Cause
of I-Cause
developing I-Cause
efficient I-Cause
drugs I-Cause
to I-Cause
treat I-Cause
the I-Cause
disease I-Cause
. O

We O
expect O
Nike B-Cause
's I-Cause
powerful I-Cause
brand I-Cause
will O
continue O
to O
allow O
it B-Effect
to I-Effect
sign I-Effect
the I-Effect
key I-Effect
endorsement I-Effect
deals I-Effect
that I-Effect
will I-Effect
keep I-Effect
it I-Effect
on I-Effect
top I-Effect
. O

Although O
Lamb B-Effect
Weston I-Effect
operates I-Effect
a I-Effect
retail I-Effect
business I-Effect
( O
primarily O
selling O
frozen O
potato O
fare O
) O
that O
should O
benefit O
from O
increased B-Cause
at-home I-Cause
food I-Cause
consumption I-Cause
, O
we O
do O
n't O
think O
these O
near-term O
gains O
will O
prove O
sustainable O
. O

After B-Cause
going I-Cause
through I-Cause
a I-Cause
merger I-Cause
with I-Cause
Union I-Cause
des I-Cause
Assurances I-Cause
de I-Cause
Paris I-Cause
, I-Cause
or I-Cause
UAP I-Cause
, I-Cause
the I-Cause
following I-Cause
year I-Cause
, I-Cause
we I-Cause
think I-Cause
its I-Cause
problems I-Cause
began I-Cause
with I-Cause
the I-Cause
1996 I-Cause
acquisition I-Cause
of I-Cause
Allstate I-Cause
's I-Cause
United I-Cause
States I-Cause
reinsurance I-Cause
business. O
This O
doubled B-Effect
Scor I-Effect
's I-Effect
share I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
and I-Effect
the I-Effect
acquired I-Effect
reinsurance I-Effect
portfolio I-Effect
was I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
in I-Effect
this I-Effect
country I-Effect
serving I-Effect
small- I-Effect
and I-Effect
medium-sized I-Effect
businesses I-Effect
. O

A B-Cause
global I-Cause
manufacturing I-Cause
presence I-Cause
enables O
Aptiv B-Effect
to I-Effect
serve I-Effect
customers I-Effect
around I-Effect
the I-Effect
globe I-Effect
, I-Effect
capitalizing I-Effect
on I-Effect
the I-Effect
economies I-Effect
of I-Effect
scale I-Effect
inherent I-Effect
in I-Effect
automakers I-Effect
' I-Effect
plans I-Effect
to I-Effect
use I-Effect
more I-Effect
global I-Effect
vehicle I-Effect
platforms I-Effect
. O

With O
its B-Cause
small-cell I-Cause
equipment I-Cause
widely I-Cause
regarded I-Cause
as I-Cause
topnotch I-Cause
, O
Nokia B-Effect
should I-Effect
benefit I-Effect
from I-Effect
the I-Effect
infrastructure I-Effect
change I-Effect
required I-Effect
to I-Effect
deliver I-Effect
mobile I-Effect
broadband I-Effect
content I-Effect
in I-Effect
most I-Effect
expeditious I-Effect
fashion I-Effect
. O

First O
, O
as O
the B-Cause
9,800 I-Cause
miles I-Cause
of I-Cause
pipes I-Cause
across I-Cause
15 I-Cause
states I-Cause
connects I-Cause
refineries I-Cause
to I-Cause
end I-Cause
markets I-Cause
such I-Cause
as I-Cause
gas I-Cause
stations I-Cause
via I-Cause
53 I-Cause
Magellan I-Cause
terminals I-Cause
, O
demand B-Effect
is I-Effect
highly I-Effect
stable I-Effect
as O
it B-Cause
depends I-Cause
on I-Cause
consumer I-Cause
demand I-Cause
in I-Cause
terms I-Cause
of I-Cause
miles I-Cause
driven I-Cause
and I-Cause
fuel I-Cause
efficiency I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
overall I-Cause
balance I-Cause
sheet I-Cause
strength I-Cause
makes O
it B-Effect
capable I-Effect
of I-Effect
taking I-Effect
on I-Effect
large I-Effect
amounts I-Effect
of I-Effect
super-catastrophe I-Effect
underwriting I-Effect
( I-Effect
covering I-Effect
events I-Effect
like I-Effect
terrorism I-Effect
and I-Effect
natural I-Effect
catastrophes I-Effect
) I-Effect
that I-Effect
few I-Effect
companies I-Effect
have I-Effect
the I-Effect
capacity I-Effect
to I-Effect
endure I-Effect
. O

Finally O
, O
while O
the O
FERC O
approves O
ranges O
of O
tariffs O
for O
gas O
pipelines O
, O
oil B-Cause
pipelines I-Cause
typically I-Cause
only I-Cause
have I-Cause
a I-Cause
single I-Cause
stated I-Cause
rate I-Cause
, O
which O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
eliminates I-Effect
the I-Effect
market-based I-Effect
nature I-Effect
of I-Effect
rates I-Effect
over I-Effect
time I-Effect
for I-Effect
both I-Effect
oil I-Effect
and I-Effect
gas I-Effect
pipelines I-Effect
. O

Customers O
also O
find O
value B-Cause
in I-Cause
Deere I-Cause
's I-Cause
strong I-Cause
secondary I-Cause
market I-Cause
, O
where O
sellers O
of O
used O
equipment O
benefit O
from O
high O
resale O
values O
, O
helping O
reduce B-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
. O

Wells B-Cause
Fargo I-Cause
arguably I-Cause
has I-Cause
the I-Cause
best I-Cause
branch I-Cause
network I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
excels I-Cause
in I-Cause
the I-Cause
middle-market I-Cause
commercial I-Cause
space I-Cause
, I-Cause
has I-Cause
a I-Cause
strong I-Cause
advisory I-Cause
network I-Cause
, O
and O
as B-Effect
a I-Effect
result I-Effect
has I-Effect
generally I-Effect
generated I-Effect
more I-Effect
revenue I-Effect
per I-Effect
dollar I-Effect
of I-Effect
assets I-Effect
than I-Effect
most I-Effect
peers I-Effect
over I-Effect
time I-Effect
. O

For O
example O
, O
the O
company O
has O
its O
roots O
in O
animal O
proteins O
but O
expanded B-Effect
to I-Effect
other I-Effect
types I-Effect
of I-Effect
proteins I-Effect
with O
acquisitions B-Cause
of I-Cause
Skippy I-Cause
peanut I-Cause
butter I-Cause
and I-Cause
Justin I-Cause
's I-Cause
nut I-Cause
butters I-Cause
. O

We O
believe O
regulation B-Effect
is I-Effect
the I-Effect
largest I-Effect
uncertainty I-Effect
facing I-Effect
the I-Effect
cable I-Effect
industry I-Effect
, O
with O
changing B-Cause
technology I-Cause
and I-Cause
consumer I-Cause
television I-Cause
habits I-Cause
also O
posing O
threats O
. O

Thanks O
to O
a B-Cause
sharp I-Cause
rise I-Cause
in I-Cause
5G I-Cause
penetration I-Cause
in I-Cause
2021 I-Cause
and I-Cause
strong I-Cause
modem I-Cause
and I-Cause
RF I-Cause
front-end I-Cause
design I-Cause
wins I-Cause
, O
we B-Effect
assume I-Effect
fiscal I-Effect
2021 I-Effect
sales I-Effect
grow I-Effect
28 I-Effect
% I-Effect
for I-Effect
Qualcomm I-Effect
. O

We O
do O
not O
believe O
the B-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
risks I-Cause
that I-Cause
affect I-Cause
Nike I-Cause
will O
have B-Effect
a I-Effect
material I-Effect
impact I-Effect
on I-Effect
its I-Effect
financial I-Effect
results I-Effect
or I-Effect
investment I-Effect
prospects I-Effect
. O

As O
the O
FAST B-Cause
Act I-Cause
nears I-Cause
expiration I-Cause
, O
we O
think O
bipartisan B-Effect
support I-Effect
for I-Effect
improved I-Effect
infrastructure I-Effect
should I-Effect
help I-Effect
bring I-Effect
a I-Effect
new I-Effect
long-term I-Effect
law I-Effect
in I-Effect
its I-Effect
place I-Effect
. O

The O
firm O
has O
sought O
to B-Effect
buttress I-Effect
its I-Effect
enterprise I-Effect
capabilities I-Effect
through O
the B-Cause
acquisition I-Cause
of I-Cause
Tegile I-Cause
, O
a O
leader O
in O
enterprise O
flash O
storage O
systems O
. O

Many B-Cause
African I-Cause
mobile I-Cause
markets I-Cause
only I-Cause
have I-Cause
two I-Cause
or I-Cause
three I-Cause
mobile I-Cause
networks I-Cause
operators I-Cause
, O
so O
this B-Effect
brings I-Effect
price I-Effect
stability I-Effect
to I-Effect
the I-Effect
market I-Effect
which I-Effect
plays I-Effect
in I-Effect
Orange I-Effect
's I-Effect
favor I-Effect
. O

The B-Effect
pandemic I-Effect
injects I-Effect
considerable I-Effect
uncertainty I-Effect
into I-Effect
forecasting I-Effect
Dollar I-Effect
Tree I-Effect
's I-Effect
near-term I-Effect
results I-Effect
, O
as O
elevated B-Cause
consumables I-Cause
spending I-Cause
meets I-Cause
difficult I-Cause
comparisons I-Cause
throughout I-Cause
fiscal I-Cause
2021 I-Cause
as I-Cause
the I-Cause
crisis I-Cause
is I-Cause
lapped I-Cause
. O

The O
high B-Cause
margins I-Cause
on I-Cause
Internet I-Cause
access I-Cause
should O
offset B-Effect
the I-Effect
decline I-Effect
in I-Effect
the I-Effect
traditional I-Effect
television I-Effect
business I-Effect
, O
where O
margins O
have O
plunged O
in O
recent O
years O
. O

We O
think O
it B-Cause
has I-Cause
a I-Cause
strong I-Cause
but I-Cause
unproven I-Cause
portfolio I-Cause
of I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
its I-Cause
pipeline I-Cause
, I-Cause
which I-Cause
is I-Cause
in I-Cause
early I-Cause
stages I-Cause
of I-Cause
development I-Cause
, O
and O
thus O
approval B-Effect
is I-Effect
highly I-Effect
uncertain I-Effect
. O

We O
expect O
the B-Cause
intensifying I-Cause
railway I-Cause
reform I-Cause
-- I-Cause
tariff I-Cause
hikes I-Cause
, I-Cause
increasing I-Cause
pricing I-Cause
autonomy I-Cause
, I-Cause
and I-Cause
railway I-Cause
asset I-Cause
securitization I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
railway I-Cause
land I-Cause
utilization I-Cause
-- O
to O
drive O
railway B-Effect
sector I-Effect
's I-Effect
operating I-Effect
efficiency I-Effect
, I-Effect
improve I-Effect
the I-Effect
earnings I-Effect
outlook I-Effect
, I-Effect
and I-Effect
ease I-Effect
its I-Effect
debt I-Effect
burden I-Effect
. O

Generally O
speaking O
, O
comparing B-Effect
credit I-Effect
costs I-Effect
across I-Effect
banks I-Effect
yields I-Effect
little I-Effect
insight I-Effect
, O
given B-Cause
different I-Cause
geographical I-Cause
, I-Cause
sector I-Cause
, I-Cause
and I-Cause
product I-Cause
exposures I-Cause
as I-Cause
well I-Cause
as I-Cause
differing I-Cause
risk I-Cause
appetites I-Cause
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
113 I-Effect
from I-Effect
$ I-Effect
100 I-Effect
per I-Effect
share I-Effect
after O
incorporating B-Cause
its I-Cause
robust I-Cause
fourth-quarter I-Cause
2020 I-Cause
performance I-Cause
and I-Cause
adjusting I-Cause
for I-Cause
a I-Cause
2021 I-Cause
outlook I-Cause
that I-Cause
handily I-Cause
outpaces I-Cause
our I-Cause
prior I-Cause
prognosis I-Cause
. O

As B-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
shale I-Cause
companies I-Cause
, O
EOG B-Effect
has I-Effect
access I-Effect
to I-Effect
a I-Effect
more I-Effect
complete I-Effect
database I-Effect
and I-Effect
is I-Effect
able I-Effect
to I-Effect
better I-Effect
optimize I-Effect
the I-Effect
completion I-Effect
process I-Effect
to I-Effect
drive I-Effect
superior I-Effect
performance I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
opportunistic I-Cause
approach I-Cause
to I-Cause
sourcing I-Cause
and I-Cause
nimble I-Cause
distribution I-Cause
also O
allow O
it B-Effect
to I-Effect
take I-Effect
advantage I-Effect
of I-Effect
excess I-Effect
inventory I-Effect
opportunities I-Effect
that I-Effect
capitalize I-Effect
on I-Effect
other I-Effect
retailers I-Effect
' I-Effect
excess I-Effect
ordering I-Effect
. O

Sales B-Effect
also I-Effect
fell I-Effect
another I-Effect
1 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
headwinds I-Cause
, O
which O
have O
weighed O
on O
demand B-Effect
for I-Effect
smartphones I-Effect
during I-Effect
the I-Effect
pandemic I-Effect
. O

We O
believe O
that O
HCI B-Effect
will I-Effect
continue I-Effect
to I-Effect
be I-Effect
embraced I-Effect
in I-Effect
locations I-Effect
like I-Effect
remote I-Effect
offices I-Effect
, I-Effect
retail I-Effect
locations I-Effect
, I-Effect
and I-Effect
factories I-Effect
as O
edge B-Cause
computing I-Cause
continues I-Cause
its I-Cause
rapid I-Cause
growth I-Cause
. O

The B-Effect
firm I-Effect
managed I-Effect
through I-Effect
a I-Effect
very I-Effect
difficult I-Effect
2020 I-Effect
via O
sharply B-Cause
reduced I-Cause
capital I-Cause
spending I-Cause
, I-Cause
a I-Cause
nearly I-Cause
90 I-Cause
% I-Cause
dividend I-Cause
reduction I-Cause
, I-Cause
and I-Cause
expense I-Cause
cuts I-Cause
. O

It B-Effect
is I-Effect
advantageous I-Effect
in I-Effect
brake I-Effect
pads I-Effect
because O
it B-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
lowest I-Cause
coefficients I-Cause
of I-Cause
thermal I-Cause
expansion I-Cause
among I-Cause
commercially I-Cause
used I-Cause
metals I-Cause
, O
which O
further O
reduces O
vibration O
. O

Huntington B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids B-Effect
some I-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

This B-Effect
dynamic I-Effect
, O
which O
is O
influenced O
by O
cost B-Cause
advantages I-Cause
and I-Cause
network I-Cause
effects I-Cause
, O
makes B-Effect
Cigna I-Effect
's I-Effect
ability I-Effect
to I-Effect
control I-Effect
medical I-Effect
cost I-Effect
trends I-Effect
particularly I-Effect
valuable I-Effect
. O

Tenet B-Effect
has I-Effect
improved I-Effect
its I-Effect
local I-Effect
market I-Effect
positions I-Effect
via O
portfolio B-Cause
additions I-Cause
and I-Cause
divestitures I-Cause
, O
and O
at O
last O
count O
in O
early O
2018 O
, O
management B-Effect
claimed I-Effect
a I-Effect
number-one I-Effect
or I-Effect
-two I-Effect
market I-Effect
position I-Effect
in I-Effect
more I-Effect
than I-Effect
70 I-Effect
% I-Effect
of I-Effect
its I-Effect
markets I-Effect
, I-Effect
which I-Effect
probably I-Effect
has I-Effect
risen I-Effect
after O
recent B-Cause
divestitures I-Cause
of I-Cause
underperforming I-Cause
facilities I-Cause
. O

We O
think O
a B-Effect
very I-Effect
high I-Effect
cost I-Effect
of I-Effect
equity I-Effect
and I-Effect
above I-Effect
average I-Effect
cost I-Effect
of I-Effect
debt I-Effect
are I-Effect
reasonable I-Effect
for I-Effect
this I-Effect
airline I-Effect
, O
given O
United B-Cause
's I-Cause
' I-Cause
distressed I-Cause
business I-Cause
model I-Cause
. O

As O
Cigna B-Cause
's I-Cause
local I-Cause
market I-Cause
share I-Cause
rises I-Cause
, O
its B-Cause
negotiating I-Cause
leverage I-Cause
with I-Cause
providers I-Cause
also I-Cause
rises I-Cause
, O
which O
can O
create B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
where I-Effect
Cigna I-Effect
attracts I-Effect
even I-Effect
more I-Effect
clients I-Effect
and I-Effect
more I-Effect
providers I-Effect
to I-Effect
its I-Effect
insurance I-Effect
network I-Effect
. O

The B-Cause
combination I-Cause
of I-Cause
attractive I-Cause
regulated I-Cause
returns I-Cause
, O
near- B-Cause
and I-Cause
long-term I-Cause
expansion I-Cause
projects I-Cause
that I-Cause
are I-Cause
underpinned I-Cause
with I-Cause
long-term I-Cause
contracts I-Cause
, O
and O
a B-Cause
vast I-Cause
, I-Cause
diverse I-Cause
midstream I-Cause
network I-Cause
allows O
Enbridge B-Effect
to I-Effect
realize I-Effect
efficient I-Effect
scale I-Effect
on I-Effect
its I-Effect
midstream I-Effect
asset I-Effect
economics I-Effect
and I-Effect
to I-Effect
generate I-Effect
sustainable I-Effect
excess I-Effect
ROICs I-Effect
. O

The B-Effect
business I-Effect
jet I-Effect
market I-Effect
as I-Effect
a I-Effect
whole I-Effect
is I-Effect
more I-Effect
fragmented I-Effect
than I-Effect
the I-Effect
commercial I-Effect
aircraft I-Effect
market I-Effect
, O
but O
product B-Cause
complexity I-Cause
ensures I-Cause
that I-Cause
only I-Cause
Gulfstream I-Cause
, I-Cause
Dassault I-Cause
, I-Cause
and I-Cause
Bombardier I-Cause
can I-Cause
compete I-Cause
in I-Cause
the I-Cause
long-range I-Cause
large-cabin I-Cause
jet I-Cause
market I-Cause
. O

In O
a O
downturn O
, O
which O
can O
occur O
from O
economic B-Cause
slowdown I-Cause
, I-Cause
industry I-Cause
oversupply I-Cause
, I-Cause
or I-Cause
outbreaks I-Cause
of I-Cause
airborne I-Cause
illnesses I-Cause
like I-Cause
COVID-19 I-Cause
, O
consumers B-Effect
and I-Effect
businesses I-Effect
look I-Effect
to I-Effect
cut I-Effect
back I-Effect
on I-Effect
expenses I-Effect
like I-Effect
travel I-Effect
. O

While O
the O
process O
is O
more O
complicated O
than O
it O
sounds O
, O
it B-Cause
's I-Cause
accomplished I-Cause
in I-Cause
part I-Cause
by I-Cause
closing I-Cause
sorting I-Cause
yards I-Cause
and I-Cause
lengthening I-Cause
trains I-Cause
, O
which O
reduces B-Effect
train I-Effect
starts I-Effect
, I-Effect
lowers I-Effect
labor I-Effect
costs I-Effect
, I-Effect
cuts I-Effect
terminal I-Effect
dwell I-Effect
time I-Effect
, O
and O
enables O
rails B-Effect
to I-Effect
drastically I-Effect
cut I-Effect
the I-Effect
size I-Effect
of I-Effect
their I-Effect
locomotive I-Effect
fleet I-Effect
. O

Having B-Cause
significantly I-Cause
strengthened I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
between I-Cause
2016 I-Cause
and I-Cause
2020 I-Cause
to I-Cause
only I-Cause
a I-Cause
slight I-Cause
net I-Cause
debt I-Cause
position I-Cause
, O
Sandvik B-Effect
enjoys I-Effect
headroom I-Effect
to I-Effect
pursue I-Effect
acquisitive I-Effect
growth I-Effect
, O
mostly O
through O
bolt-on O
mergers O
and O
acquisitions O
. O

Despite O
all O
of O
these O
positive B-Cause
recent I-Cause
trends I-Cause
related I-Cause
to I-Cause
those I-Cause
strategic I-Cause
initiatives I-Cause
, O
external B-Effect
factors I-Effect
and I-Effect
an I-Effect
inflated I-Effect
debt I-Effect
position I-Effect
are I-Effect
creating I-Effect
a I-Effect
murky I-Effect
outlook I-Effect
for I-Effect
Tenet I-Effect
. O

Similarly O
, O
product B-Cause
life I-Cause
cycles I-Cause
in I-Cause
the I-Cause
smartphone I-Cause
industry I-Cause
are I-Cause
exceptionally I-Cause
short I-Cause
, O
so O
hard-fought B-Effect
design I-Effect
wins I-Effect
one I-Effect
year I-Effect
might I-Effect
not I-Effect
translate I-Effect
to I-Effect
a I-Effect
steady I-Effect
revenue I-Effect
stream I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

In O
addition O
, O
as O
roads B-Cause
become I-Cause
crowded I-Cause
and O
traffic B-Cause
fatalities I-Cause
increase I-Cause
, O
developing B-Effect
countries I-Effect
may I-Effect
require I-Effect
similar I-Effect
vehicle I-Effect
safety I-Effect
legislation I-Effect
to I-Effect
that I-Effect
required I-Effect
in I-Effect
Europe I-Effect
and I-Effect
the I-Effect
U.S I-Effect
. I-Effect

We O
expect O
Monolithic B-Effect
to I-Effect
prosper I-Effect
from O
strong B-Cause
demand I-Cause
in I-Cause
automotive I-Cause
and I-Cause
industrial I-Cause
applications I-Cause
, O
while O
navigating O
around O
supply O
constraints O
that O
appear O
to O
be O
problematic O
throughout O
the O
industry O
. O

Because O
Aon B-Cause
generally I-Cause
takes I-Cause
a I-Cause
percentage I-Cause
of I-Cause
premiums I-Cause
as I-Cause
commission I-Cause
, O
it O
is O
exposed O
to O
the B-Effect
direction I-Effect
of I-Effect
the I-Effect
insurance I-Effect
pricing I-Effect
cycle I-Effect
. O

Following B-Cause
the I-Cause
purchase I-Cause
of I-Cause
Valspar I-Cause
, O
the B-Effect
business I-Effect
has I-Effect
become I-Effect
slightly I-Effect
more I-Effect
diversified I-Effect
, I-Effect
hedging I-Effect
some I-Effect
risks I-Effect
associated I-Effect
with I-Effect
a I-Effect
slowdown I-Effect
for I-Effect
U.S I-Effect
. O

Given B-Effect
Paylocity I-Effect
's I-Effect
400-plus I-Effect
integrations I-Effect
with I-Effect
such I-Effect
players I-Effect
, I-Effect
partners I-Effect
benefit I-Effect
as O
they B-Cause
can I-Cause
directly I-Cause
receive I-Cause
customer I-Cause
data I-Cause
through I-Cause
the I-Cause
firm I-Cause
's I-Cause
platform I-Cause
. O

We O
believe O
France O
, O
which O
generates O
around O
50 O
% O
of O
group O
revenue O
and O
EBITDA O
, O
is O
the O
only O
geographical O
region O
where O
Orange B-Effect
enjoys I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
due O
to O
efficient B-Cause
scale I-Cause
. O

Once O
hospitals B-Cause
are I-Cause
familiar I-Cause
with I-Cause
a I-Cause
particular I-Cause
brand I-Cause
of I-Cause
device I-Cause
, O
they O
rarely B-Effect
switch I-Effect
, O
thanks O
to O
retraining B-Cause
costs I-Cause
as I-Cause
well I-Cause
as I-Cause
product I-Cause
and I-Cause
process I-Cause
familiarity I-Cause
. O

While O
this B-Effect
percentage I-Effect
of I-Effect
repeat I-Effect
users I-Effect
could I-Effect
be I-Effect
larger I-Effect
if O
the B-Cause
entire I-Cause
base I-Cause
were I-Cause
shrinking I-Cause
and I-Cause
total I-Cause
customers I-Cause
were I-Cause
flat I-Cause
while O
new O
customers O
were O
growing O
, O
active O
customers O
and O
the O
implied O
new O
customer O
base O
are O
rising O
, O
both O
at O
a O
healthy O
clip O
. O

While B-Cause
Capri I-Cause
has I-Cause
suggested I-Cause
the I-Cause
two I-Cause
brands I-Cause
, I-Cause
when I-Cause
mature I-Cause
, I-Cause
could I-Cause
combine I-Cause
for I-Cause
$ I-Cause
450 I-Cause
million I-Cause
in I-Cause
operating I-Cause
profit I-Cause
and I-Cause
account I-Cause
for I-Cause
30 I-Cause
% I-Cause
of I-Cause
its I-Cause
total I-Cause
operating I-Cause
profit I-Cause
, I-Cause
we I-Cause
do I-Cause
not I-Cause
forecast I-Cause
Capri I-Cause
will I-Cause
reach I-Cause
either I-Cause
goal I-Cause
in I-Cause
the I-Cause
next I-Cause
decade. O
This B-Effect
underlies I-Effect
our I-Effect
forecast I-Effect
for I-Effect
Michael I-Effect
Kors I-Effect
to I-Effect
generate I-Effect
at I-Effect
least I-Effect
75 I-Effect
% I-Effect
of I-Effect
Capri I-Effect
's I-Effect
annual I-Effect
operating I-Effect
profit I-Effect
through I-Effect
fiscal I-Effect
2030 I-Effect
. I-Effect

Even O
before O
the O
pandemic O
, O
operational O
execution O
began O
to O
slip O
in O
calendar O
2019 O
, O
when O
the B-Cause
firm I-Cause
failed I-Cause
to I-Cause
leverage I-Cause
its I-Cause
scale I-Cause
advantages I-Cause
, O
resulting O
in O
share B-Effect
losses I-Effect
in I-Effect
the I-Effect
coveted I-Effect
high-margin I-Effect
local I-Effect
restaurant I-Effect
market I-Effect
. O

The B-Cause
firm I-Cause
is I-Cause
also I-Cause
introducing I-Cause
much I-Cause
lower I-Cause
priced I-Cause
mobile-only I-Cause
plans I-Cause
in I-Cause
markets I-Cause
like I-Cause
India I-Cause
and I-Cause
Malaysia I-Cause
that O
will O
drive B-Effect
subscriber I-Effect
growth I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
average I-Effect
revenue I-Effect
. I-Effect

Bed B-Cause
Bath I-Cause
& I-Cause
Beyond I-Cause
has I-Cause
put I-Cause
forth I-Cause
an I-Cause
updated I-Cause
strategy I-Cause
to I-Cause
revitalize I-Cause
the I-Cause
brand I-Cause
and I-Cause
regain I-Cause
customer I-Cause
confidence I-Cause
by I-Cause
focusing I-Cause
on I-Cause
its I-Cause
core I-Cause
properties. O
As O
such O
, O
the B-Effect
company I-Effect
plans I-Effect
to I-Effect
divest I-Effect
peripheral I-Effect
brands I-Effect
such I-Effect
as I-Effect
Cost I-Effect
Plus I-Effect
and I-Effect
focus I-Effect
on I-Effect
the I-Effect
Bed I-Effect
Bath I-Effect
& I-Effect
Beyond I-Effect
, I-Effect
Buy I-Effect
Buy I-Effect
Baby I-Effect
, I-Effect
Harmon I-Effect
Face I-Effect
Value I-Effect
, I-Effect
and I-Effect
Decorist I-Effect
labels I-Effect
. O

For O
example O
, O
the B-Cause
trend I-Cause
toward I-Cause
unilateral I-Cause
trade I-Cause
agreements I-Cause
between I-Cause
the I-Cause
United I-Cause
States I-Cause
and I-Cause
other I-Cause
countries I-Cause
increases B-Effect
complexity I-Effect
for I-Effect
companies I-Effect
around I-Effect
the I-Effect
world I-Effect
from O
a O
customs O
and O
taxation O
perspective O
. O

We O
acknowledge O
that O
the O
current O
management O
team O
and O
the O
Starboard O
Value-nominated O
board O
have O
taken O
prudent O
steps O
to O
optimize B-Effect
Darden I-Effect
's I-Effect
cost I-Effect
structure I-Effect
and I-Effect
improve I-Effect
restaurant-level I-Effect
operations. O
These O
initiatives O
have O
included O
corporate B-Cause
general I-Cause
and I-Cause
administrative I-Cause
expense I-Cause
cuts I-Cause
, I-Cause
food I-Cause
procurement/waste I-Cause
reductions I-Cause
, I-Cause
labor/facilities/advertising I-Cause
cost I-Cause
optimization I-Cause
, I-Cause
menu I-Cause
innovations I-Cause
, I-Cause
and I-Cause
accelerated I-Cause
table I-Cause
turns I-Cause
. O

This B-Effect
percentage I-Effect
actually I-Effect
understates I-Effect
the I-Effect
overall I-Effect
impact I-Effect
of I-Effect
streaming I-Effect
, O
as O
Warner B-Cause
Music I-Cause
does I-Cause
not I-Cause
break I-Cause
out I-Cause
the I-Cause
streaming I-Cause
portion I-Cause
of I-Cause
publishing I-Cause
revenue I-Cause
separately I-Cause
. O

Nuclear B-Cause
plants I-Cause
take I-Cause
nearly I-Cause
a I-Cause
decade I-Cause
to I-Cause
site I-Cause
and I-Cause
build I-Cause
, I-Cause
cost I-Cause
billions I-Cause
of I-Cause
dollars I-Cause
, I-Cause
and I-Cause
typically I-Cause
face I-Cause
community I-Cause
opposition I-Cause
, O
creating O
significant O
barriers O
to O
entry B-Effect
. O

As O
TransDigm B-Cause
is I-Cause
the I-Cause
sole-source I-Cause
provider I-Cause
on I-Cause
many I-Cause
of I-Cause
its I-Cause
products I-Cause
, O
the B-Effect
firm I-Effect
can I-Effect
aggressively I-Effect
price I-Effect
spare I-Effect
parts I-Effect
in I-Effect
the I-Effect
aftermarket I-Effect
. O

For O
example O
, O
liquefied O
natural O
gas O
is O
typically O
stored O
at O
extremely O
low O
temperatures O
( O
between O
negative O
184 O
F O
and O
negative O
274 O
F O
) O
, O
while O
liquefied B-Cause
petroleum I-Cause
gas I-Cause
, I-Cause
given I-Cause
its I-Cause
heavier I-Cause
weight I-Cause
than I-Cause
air I-Cause
, O
can O
accumulate B-Effect
on I-Effect
the I-Effect
ground I-Effect
and I-Effect
create I-Effect
explosion I-Effect
hazards I-Effect
. O

To O
entice B-Cause
cruisers I-Cause
to I-Cause
travel I-Cause
again I-Cause
, O
we O
think O
Carnival B-Effect
could I-Effect
see I-Effect
further I-Effect
pricing I-Effect
pressure I-Effect
from I-Effect
2019 I-Effect
levels I-Effect
, O
as O
future B-Cause
cruise I-Cause
credits I-Cause
are I-Cause
applied I-Cause
across I-Cause
a I-Cause
plethora I-Cause
of I-Cause
sailings I-Cause
and I-Cause
cruise I-Cause
packages I-Cause
are I-Cause
more I-Cause
actively I-Cause
sought I-Cause
for I-Cause
their I-Cause
value I-Cause
. O

Its B-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
has I-Effect
historically I-Effect
been I-Effect
the I-Effect
supporting I-Effect
factor I-Effect
in I-Effect
its I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
growth I-Effect
, O
as O
its B-Cause
ability I-Cause
to I-Cause
drive I-Cause
repeat I-Cause
business I-Cause
relies I-Cause
on I-Cause
customer I-Cause
loyalty I-Cause
and I-Cause
smart I-Cause
marketing I-Cause
and I-Cause
merchandising I-Cause
; O
the O
firm O
has O
access O
to O
some O
of O
the O
best O
analytics O
in O
retail O
. O

We O
think O
Cushman B-Effect
& I-Effect
Wakefield I-Effect
's I-Effect
property I-Effect
and I-Effect
facilities I-Effect
management I-Effect
business I-Effect
will I-Effect
grow I-Effect
at I-Effect
a I-Effect
healthy I-Effect
rate I-Effect
, I-Effect
the I-Effect
brokerage I-Effect
business I-Effect
experiencing I-Effect
somewhat I-Effect
lower I-Effect
growth I-Effect
since O
it B-Cause
is I-Cause
more I-Cause
mature I-Cause
and I-Cause
not I-Cause
subject I-Cause
to I-Cause
as I-Cause
many I-Cause
tailwinds I-Cause
. O

Prudent B-Cause
research I-Cause
and I-Cause
development I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
trade I-Cause
spending I-Cause
ensure O
that O
products B-Effect
will I-Effect
always I-Effect
be I-Effect
in I-Effect
sync I-Effect
with I-Effect
the I-Effect
latest I-Effect
local I-Effect
consumer I-Effect
trends I-Effect
( I-Effect
given I-Effect
good I-Effect
execution I-Effect
) I-Effect
and I-Effect
easily I-Effect
available I-Effect
wherever I-Effect
consumers I-Effect
are I-Effect
shopping I-Effect
. I-Effect

Close B-Cause
ties I-Cause
with I-Cause
OEM I-Cause
customers I-Cause
are I-Cause
integral I-Cause
to I-Cause
success I-Cause
in I-Cause
the I-Cause
automotive I-Cause
industry I-Cause
supply I-Cause
base I-Cause
and O
create O
another B-Effect
significant I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
. O

Like O
many O
websites O
and O
apps O
, O
Spotify O
will O
need O
to O
strike O
the O
fine O
balance O
between O
serving B-Cause
ads I-Cause
to I-Cause
its I-Cause
users I-Cause
in O
order O
to O
offer B-Effect
a I-Effect
free I-Effect
service I-Effect
, O
and O
serving B-Cause
too I-Cause
many I-Cause
ads I-Cause
and O
thus O
driving B-Effect
users I-Effect
away I-Effect
. O

With O
Nvidia B-Cause
in I-Cause
the I-Cause
process I-Cause
of I-Cause
acquiring I-Cause
ARM I-Cause
, O
we O
note O
there B-Effect
is I-Effect
heightened I-Effect
risk I-Effect
that I-Effect
more I-Effect
ARM-based I-Effect
CPUs I-Effect
will I-Effect
threaten I-Effect
Intel I-Effect
's I-Effect
x86 I-Effect
CPU I-Effect
hegemony I-Effect
, I-Effect
particularly I-Effect
in I-Effect
the I-Effect
data I-Effect
center I-Effect
. O

Plains O
' O
Canadian O
NGL O
exposure O
means O
differential O
risks O
, O
and O
Plains B-Effect
lost I-Effect
about I-Effect
$ I-Effect
50 I-Effect
million I-Effect
in I-Effect
early I-Effect
2017 I-Effect
due O
to O
unexpected B-Cause
changes I-Cause
in I-Cause
differentials I-Cause
from I-Cause
a I-Cause
combination I-Cause
of I-Cause
warmer-than-expected I-Cause
weather I-Cause
and I-Cause
a I-Cause
significant I-Cause
increase I-Cause
in I-Cause
exports I-Cause
to I-Cause
the I-Cause
U.S I-Cause
. I-Cause

Considering O
the B-Cause
long I-Cause
learning I-Cause
curve I-Cause
that I-Cause
comes I-Cause
with I-Cause
each I-Cause
company I-Cause
's I-Cause
instrumentation I-Cause
system I-Cause
, I-Cause
and I-Cause
the I-Cause
outsize I-Cause
effect I-Cause
that I-Cause
surgeon I-Cause
skill I-Cause
has I-Cause
on I-Cause
clinical I-Cause
outcomes I-Cause
in I-Cause
orthopedics I-Cause
, O
it B-Effect
is I-Effect
not I-Effect
surprising I-Effect
that I-Effect
surgeons I-Effect
are I-Effect
resistant I-Effect
to I-Effect
changing I-Effect
implant I-Effect
companies I-Effect
. O

For O
example O
, O
as O
a O
relatively O
small O
company O
with O
a O
narrow O
portfolio O
of O
products O
, O
the B-Cause
fact I-Cause
that I-Cause
it I-Cause
owns I-Cause
most I-Cause
of I-Cause
its I-Cause
production I-Cause
and I-Cause
distribution I-Cause
apparatus I-Cause
makes O
it O
more B-Effect
susceptible I-Effect
to I-Effect
fixed I-Effect
cost I-Effect
deleverage I-Effect
. O

This O
leads O
to O
more B-Effect
collaboration I-Effect
and I-Effect
cooperation I-Effect
between I-Effect
regulators I-Effect
and I-Effect
banks I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
greater I-Effect
institutional I-Effect
memory I-Effect
and I-Effect
more I-Effect
coordinated I-Effect
and I-Effect
easily I-Effect
implemented I-Effect
responses I-Effect
if O
strains B-Cause
begin I-Cause
to I-Cause
appear I-Cause
in I-Cause
the I-Cause
system I-Cause
. O

SSDs B-Cause
have I-Cause
already I-Cause
acquired I-Cause
significant I-Cause
share I-Cause
in I-Cause
the I-Cause
PC I-Cause
market I-Cause
, I-Cause
especially I-Cause
with I-Cause
laptops I-Cause
, O
and O
we O
believe O
Seagate B-Effect
will I-Effect
be I-Effect
unlikely I-Effect
to I-Effect
offset B-Effect
the I-Effect
loss I-Effect
of I-Effect
this I-Effect
market I-Effect
with I-Effect
sales B-Cause
from I-Cause
enterprise I-Cause
storage I-Cause
. O

That O
said O
, O
as O
the B-Cause
acquired I-Cause
Quest I-Cause
brand I-Cause
has I-Cause
a I-Cause
presence I-Cause
in I-Cause
the I-Cause
convenience I-Cause
store I-Cause
channel I-Cause
, O
this B-Effect
may I-Effect
provide I-Effect
a I-Effect
foot I-Effect
in I-Effect
the I-Effect
door I-Effect
for I-Effect
Atkins I-Effect
' I-Effect
array I-Effect
of I-Effect
offerings I-Effect
. O

Specialty B-Cause
Industrial I-Cause
MachineryAmid I-Cause
low I-Cause
capital I-Cause
expenditures I-Cause
levels I-Cause
, I-Cause
healthy I-Cause
demand I-Cause
, I-Cause
and I-Cause
high I-Cause
capacity I-Cause
utilization I-Cause
, O
we B-Effect
surmise I-Effect
that I-Effect
Howmet I-Effect
would I-Effect
likely I-Effect
offer I-Effect
very I-Effect
attractive I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

However O
, O
the B-Cause
economics I-Cause
for I-Cause
other I-Cause
renewable I-Cause
energy I-Cause
sources I-Cause
like I-Cause
wind I-Cause
and I-Cause
solar I-Cause
have I-Cause
vastly I-Cause
improved I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
presenting O
a B-Effect
challenge I-Effect
for I-Effect
geothermal I-Effect
development I-Effect
. O

Harley B-Cause
has I-Cause
financed I-Cause
more I-Cause
than I-Cause
60 I-Cause
% I-Cause
of I-Cause
its I-Cause
consumers I-Cause
' I-Cause
purchases I-Cause
domestically I-Cause
over O
the O
last O
four O
years O
( O
a O
bit O
higher O
than O
the O
roughly O
half O
it O
had O
financed O
historically O
) O
, O
which O
can O
affect B-Effect
overall I-Effect
net I-Effect
income I-Effect
materially I-Effect
. O

We O
view O
winter B-Cause
weather I-Cause
and I-Cause
farmer I-Cause
planting I-Cause
decisions I-Cause
to O
be O
major O
demand O
drivers O
for O
Compass B-Effect
' I-Effect
salt I-Effect
and I-Effect
fertilizer I-Effect
businesses I-Effect
, O
respectively O
. O

Given O
this B-Cause
opacity I-Cause
and I-Cause
the I-Cause
complexity I-Cause
of I-Cause
these I-Cause
offerings I-Cause
, O
we O
believe O
this O
makes O
it B-Effect
hard I-Effect
to I-Effect
regulate I-Effect
the I-Effect
sale I-Effect
of I-Effect
equity I-Effect
market I-Effect
data I-Effect
and I-Effect
how I-Effect
much I-Effect
firms I-Effect
are I-Effect
charged I-Effect
. O

At O
the O
end O
of O
March O
2021 O
, O
the O
company O
sourced O
16 O
% O
of O
its O
AUM O
from O
the O
United O
Kingdom O
( O
5 O
% O
) O
and O
Continental O
Europe O
( O
11 O
% O
) O
, O
leaving B-Effect
that I-Effect
part I-Effect
of I-Effect
its I-Effect
business I-Effect
exposed I-Effect
to O
the B-Cause
fallout I-Cause
from I-Cause
Brexit I-Cause
. O

Surface O
equipment O
, O
while O
constituting O
a O
modest O
share O
of O
the O
overall O
expenditures O
in O
drilling O
and O
completing O
an O
oil O
well O
, O
is O
a O
mission-critical O
piece O
of O
equipment O
that O
can B-Effect
have I-Effect
calamitous I-Effect
consequences I-Effect
if B-Cause
it I-Cause
does I-Cause
not I-Cause
function I-Cause
properly I-Cause
. O

Over O
the O
last O
decade O
, O
Edwards B-Cause
has I-Cause
been I-Cause
focused I-Cause
on I-Cause
technologies I-Cause
that O
have O
given O
the B-Effect
heart I-Effect
valve I-Effect
market I-Effect
a I-Effect
jolt I-Effect
by O
developing B-Cause
minimally I-Cause
invasive I-Cause
aortic I-Cause
heart I-Cause
valves I-Cause
that I-Cause
can I-Cause
be I-Cause
installed I-Cause
through I-Cause
a I-Cause
catheter I-Cause
, O
thereby O
making O
the B-Effect
procedure I-Effect
and I-Effect
recovery I-Effect
much I-Effect
easier I-Effect
for I-Effect
patients I-Effect
. O

The B-Cause
U.S. I-Cause
, I-Cause
by I-Cause
some I-Cause
measures I-Cause
, I-Cause
has I-Cause
2-8 I-Cause
times I-Cause
as I-Cause
much I-Cause
retail I-Cause
space I-Cause
per I-Cause
capita I-Cause
as I-Cause
other I-Cause
industrialized I-Cause
nations I-Cause
, O
suggesting O
that O
many B-Effect
stores I-Effect
are I-Effect
unnecessary I-Effect
and I-Effect
will I-Effect
close I-Effect
. O

Emerson O
, O
furthermore O
, O
has B-Effect
continued I-Effect
its I-Effect
product I-Effect
innovation I-Effect
by O
eliminating B-Cause
complex I-Cause
installations I-Cause
with I-Cause
an I-Cause
all-welded I-Cause
spool I-Cause
design I-Cause
that O
does O
n't O
require O
an O
orifice O
plate O
. O

As O
a O
pure O
play O
building O
technologies O
and O
solutions O
business O
, O
Johnson B-Effect
Controls I-Effect
stands I-Effect
to I-Effect
benefit I-Effect
from I-Effect
secular B-Cause
trends I-Cause
in I-Cause
global I-Cause
urbanization I-Cause
and I-Cause
increased I-Cause
demand I-Cause
for I-Cause
energy-efficient I-Cause
and I-Cause
smart I-Cause
building I-Cause
products I-Cause
and I-Cause
solutions I-Cause
. O

These B-Cause
factors I-Cause
, I-Cause
combined I-Cause
with I-Cause
more I-Cause
disciplined I-Cause
marketing I-Cause
and I-Cause
fewer I-Cause
one-time I-Cause
charges I-Cause
, O
should O
also O
allow O
operating B-Effect
margins I-Effect
to I-Effect
widen I-Effect
from I-Effect
27.3 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
over I-Effect
32 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
. O

Additionally O
, O
Huntington O
benefits O
from O
strong O
results O
in O
the O
automobile O
sales O
industry O
, O
and O
a B-Cause
significant I-Cause
downturn I-Cause
in I-Cause
sales I-Cause
could O
negatively B-Effect
affect I-Effect
the I-Effect
bank I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
as I-Effect
well I-Effect
as I-Effect
credit I-Effect
losses I-Effect
, O
although O
the O
bank O
does O
target O
superprime O
car O
buyers O
exclusively O
within O
its O
indirect O
auto O
portfolio O
. O

We O
see O
18 B-Effect
% I-Effect
as I-Effect
a I-Effect
reasonable I-Effect
medium-term I-Effect
margin I-Effect
expectation I-Effect
, O
driven O
by O
product B-Effect
mix I-Effect
and I-Effect
operating I-Effect
leverage I-Effect
as O
volumes B-Cause
grow I-Cause
in I-Cause
some I-Cause
of I-Cause
Heineken I-Cause
's I-Cause
greenfield I-Cause
emerging I-Cause
markets I-Cause
. O

Because O
pricing B-Cause
is I-Cause
regulated I-Cause
, O
we B-Effect
expect I-Effect
it I-Effect
to I-Effect
be I-Effect
flat I-Effect
, O
with O
some B-Effect
potential I-Effect
improvement I-Effect
in I-Effect
the I-Effect
mutual I-Effect
fund I-Effect
and I-Effect
interim I-Effect
business I-Effect
from O
newly B-Cause
approved I-Cause
notice I-Cause
and I-Cause
access I-Cause
fees I-Cause
. O

While O
phone B-Cause
companies I-Cause
, I-Cause
notably I-Cause
AT I-Cause
& I-Cause
T I-Cause
, I-Cause
are I-Cause
starting I-Cause
to I-Cause
increase I-Cause
network I-Cause
investment I-Cause
, O
we O
expect O
these B-Effect
efforts I-Effect
will I-Effect
take I-Effect
time I-Effect
to I-Effect
affect I-Effect
Charter I-Effect
and I-Effect
that I-Effect
it I-Effect
will I-Effect
remain I-Effect
a I-Effect
strong I-Effect
competitor I-Effect
even I-Effect
when I-Effect
faced I-Effect
with I-Effect
strong I-Effect
rival I-Effect
networks I-Effect
. O

Fiscal B-Effect
2020 I-Effect
was I-Effect
a I-Effect
challenging I-Effect
year I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
as O
gaming O
revenue O
fell O
due O
to O
a B-Cause
cryptocurrency I-Cause
mining-related I-Cause
hangover I-Cause
and I-Cause
excess I-Cause
channel I-Cause
inventories I-Cause
, O
but O
we B-Effect
anticipate I-Effect
sales I-Effect
growth I-Effect
of I-Effect
over I-Effect
20 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
, O
thanks O
to O
gaming B-Cause
and I-Cause
data I-Cause
center I-Cause
strength I-Cause
. O

Equity B-Cause
execution I-Cause
can O
be O
seen O
as O
a O
loss O
leader O
that O
enables O
ICE B-Effect
's I-Effect
more I-Effect
profitable I-Effect
data I-Effect
and I-Effect
service-driven I-Effect
revenue I-Effect
streams I-Effect
to I-Effect
persist I-Effect
. O

Vodafone O
is O
now O
the O
largest O
cable O
company O
in O
the O
country O
, O
with O
networks B-Cause
that I-Cause
reach I-Cause
around I-Cause
60 I-Cause
% I-Cause
of I-Cause
the I-Cause
population I-Cause
, O
enabling O
it O
to O
capture B-Effect
about I-Effect
one I-Effect
third I-Effect
of I-Effect
the I-Effect
broadband I-Effect
market I-Effect
. O

Customers B-Effect
in I-Effect
these I-Effect
end I-Effect
markets I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
aggressively I-Effect
pursue I-Effect
cost I-Effect
savings I-Effect
by I-Effect
switching I-Effect
to I-Effect
a I-Effect
cheaper I-Effect
alternative I-Effect
, O
as O
the B-Cause
cost I-Cause
of I-Cause
outages I-Cause
could I-Cause
outweigh I-Cause
any I-Cause
potential I-Cause
cost I-Cause
savings I-Cause
. O

As O
e-commerce B-Cause
constitutes I-Cause
about I-Cause
20 I-Cause
% I-Cause
of I-Cause
Kohl I-Cause
's I-Cause
sales I-Cause
, O
it B-Effect
appears I-Effect
its I-Effect
actual I-Effect
in-store I-Effect
sales I-Effect
per I-Effect
square I-Effect
foot I-Effect
have I-Effect
been I-Effect
only I-Effect
slightly I-Effect
more I-Effect
than I-Effect
half I-Effect
those I-Effect
of I-Effect
Ross I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
. O

Japan B-Cause
is I-Cause
an I-Cause
earthquake I-Cause
prone I-Cause
nation I-Cause
and I-Cause
as I-Cause
seen I-Cause
after I-Cause
the I-Cause
2011 I-Cause
tsunami I-Cause
, O
the B-Effect
auto I-Effect
industry I-Effect
there I-Effect
can I-Effect
suffer I-Effect
supply I-Effect
chain I-Effect
disruption I-Effect
from I-Effect
disasters I-Effect
. O

The B-Cause
majority I-Cause
of I-Cause
the I-Cause
potential I-Cause
credit I-Cause
risk I-Cause
is I-Cause
split I-Cause
among I-Cause
the I-Cause
clearinghouse I-Cause
members I-Cause
themselves I-Cause
with I-Cause
the I-Cause
guaranty I-Cause
fund I-Cause
and I-Cause
potential I-Cause
assessments I-Cause
adding I-Cause
up I-Cause
to I-Cause
just I-Cause
under I-Cause
$ I-Cause
22 I-Cause
billion I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2020. O
As O
a O
result O
, O
the B-Effect
risk I-Effect
mitigation I-Effect
provided I-Effect
to I-Effect
investors I-Effect
is I-Effect
tied I-Effect
to I-Effect
the I-Effect
number I-Effect
and I-Effect
size I-Effect
of I-Effect
the I-Effect
clearinghouse I-Effect
members I-Effect
at I-Effect
a I-Effect
clearinghouse I-Effect
, I-Effect
not I-Effect
just I-Effect
the I-Effect
financial I-Effect
strength I-Effect
of I-Effect
the I-Effect
clearinghouse I-Effect
. O

We B-Cause
view I-Cause
this I-Cause
as I-Cause
a I-Cause
strategic I-Cause
positive I-Cause
for I-Cause
Autoliv I-Cause
as I-Cause
the I-Cause
firm I-Cause
pursues I-Cause
business I-Cause
in I-Cause
developing I-Cause
markets I-Cause
, O
leading B-Effect
to I-Effect
a I-Effect
leaner I-Effect
cost I-Effect
structure I-Effect
and I-Effect
enabling I-Effect
the I-Effect
firm I-Effect
to I-Effect
spend I-Effect
larger I-Effect
amounts I-Effect
on I-Effect
research I-Effect
and I-Effect
development I-Effect
without I-Effect
compromising I-Effect
margins I-Effect
. O

We O
expect O
net B-Effect
loan I-Effect
growth I-Effect
to I-Effect
pick I-Effect
back I-Effect
up I-Effect
again I-Effect
as O
the B-Cause
economy I-Cause
recovers I-Cause
from I-Cause
COVID-19 I-Cause
, O
normalizing O
at O
roughly O
a O
3 O
% O
rate O
. O

Televisa B-Effect
has I-Effect
been I-Effect
allowed I-Effect
to I-Effect
build I-Effect
a I-Effect
content I-Effect
empire I-Effect
thanks O
to O
its B-Cause
dominant I-Cause
share I-Cause
of I-Cause
broadcast I-Cause
TV I-Cause
viewing I-Cause
and O
now O
has O
added B-Effect
ownership I-Effect
stakes I-Effect
in I-Effect
distribution I-Effect
as I-Effect
well I-Effect
. O

We O
expect O
to O
see O
bill B-Effect
rates I-Effect
come I-Effect
down I-Effect
significantly I-Effect
over I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
quarters I-Effect
as O
slowing B-Cause
economic I-Cause
conditions I-Cause
will O
prevent B-Cause
Robert I-Cause
Half I-Cause
from I-Cause
commanding I-Cause
price I-Cause
increases I-Cause
. O

Given O
the B-Cause
aspirational I-Cause
nature I-Cause
inherent I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
brands I-Cause
, I-Cause
including I-Cause
BMW I-Cause
cars I-Cause
and I-Cause
motorcycles I-Cause
, I-Cause
Mini I-Cause
, I-Cause
and I-Cause
Rolls-Royce I-Cause
, O
as O
well O
as O
the B-Cause
growth I-Cause
potential I-Cause
from I-Cause
increasing I-Cause
wealth I-Cause
in I-Cause
developing I-Cause
markets I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
continue I-Effect
to I-Effect
reward I-Effect
investors I-Effect
with I-Effect
solid I-Effect
returns I-Effect
. O

With O
a B-Cause
90 I-Cause
% I-Cause
share I-Cause
in I-Cause
fibre I-Cause
cement I-Cause
external I-Cause
siding I-Cause
in I-Cause
North I-Cause
America I-Cause
, O
an O
almost O
monopoly O
, O
we O
suspect O
that O
James B-Effect
Hardie I-Effect
may I-Effect
also I-Effect
benefit I-Effect
from I-Effect
a I-Effect
level I-Effect
of I-Effect
cost I-Effect
advantage I-Effect
from I-Effect
manufacturing I-Effect
scale I-Effect
and I-Effect
process I-Effect
economies I-Effect
, O
which O
Hardie O
asserts O
anecdotally O
as O
a O
competitive O
advantage O
. O

After O
shedding O
its O
cloud O
provider O
business O
in O
2017 O
, O
VMware B-Cause
created I-Cause
a I-Cause
robust I-Cause
cloud I-Cause
provider I-Cause
partnership I-Cause
portfolio I-Cause
, O
which O
we O
think O
helps B-Effect
the I-Effect
firm I-Effect
handle I-Effect
the I-Effect
changing I-Effect
market I-Effect
landscape I-Effect
. O

On O
a O
more O
positive O
note O
, O
COVID-19 B-Cause
has I-Cause
given I-Cause
Harley I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
press I-Cause
the I-Cause
reset I-Cause
button I-Cause
on I-Cause
its I-Cause
long-term I-Cause
strategy I-Cause
and I-Cause
refocus I-Cause
efforts I-Cause
back I-Cause
on I-Cause
its I-Cause
core I-Cause
consumer I-Cause
, O
one O
which O
we O
believe O
holds O
the O
key O
to O
higher B-Effect
profit I-Effect
margins I-Effect
ahead I-Effect
( O
even O
with O
lower O
shipment O
potential O
) O
. O

The B-Cause
firm I-Cause
has I-Cause
invested I-Cause
in I-Cause
greater I-Cause
automation I-Cause
and I-Cause
systems I-Cause
that O
can O
decrease B-Effect
the I-Effect
number I-Effect
of I-Effect
employees I-Effect
involved I-Effect
in I-Effect
sorting I-Effect
and I-Effect
running I-Effect
the I-Effect
tests I-Effect
. O

Accenture B-Cause
has I-Cause
high I-Cause
service I-Cause
reviews I-Cause
on I-Cause
its I-Cause
more I-Cause
mundane I-Cause
outsourcing I-Cause
services I-Cause
, O
which O
we O
believe O
to O
work B-Effect
in I-Effect
favor I-Effect
of I-Effect
Accenture I-Effect
when I-Effect
clients I-Effect
decide I-Effect
on I-Effect
consultants I-Effect
. O

Longer B-Effect
term I-Effect
, I-Effect
we I-Effect
forecast I-Effect
the I-Effect
2030 I-Effect
operating I-Effect
margin I-Effect
to I-Effect
reach I-Effect
nearly I-Effect
6 I-Effect
% I-Effect
. O
This O
improvement O
is O
primarily O
supported O
by O
gross B-Cause
margin I-Cause
gains I-Cause
( I-Cause
which I-Cause
reach I-Cause
37.3 I-Cause
% I-Cause
, I-Cause
below I-Cause
the I-Cause
38 I-Cause
% I-Cause
-plus I-Cause
corporate I-Cause
goal I-Cause
) I-Cause
from I-Cause
a I-Cause
greater I-Cause
focus I-Cause
on I-Cause
private I-Cause
label I-Cause
, I-Cause
including I-Cause
the I-Cause
introduction I-Cause
of I-Cause
10 I-Cause
new I-Cause
owned I-Cause
brands I-Cause
. O

Further B-Cause
sluggishness I-Cause
at I-Cause
the I-Cause
start I-Cause
of I-Cause
fiscal I-Cause
2020 I-Cause
and I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
caused O
revenue B-Effect
to I-Effect
fall I-Effect
another I-Effect
5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020.We O
anticipate O
a O
snap O
back O
in O
chip O
orders O
with O
revenue O
rising O
17 O
% O
in O
fiscal O
2021 O
, O
4 O
% O
in O
fiscal O
2022 O
and O
growing O
at O
an O
average O
midcycle O
rate O
of O
6 O
% O
thereafter O
. O

The O
credit O
card O
market O
remains O
competitive O
and O
card B-Effect
member I-Effect
reward I-Effect
programs I-Effect
have I-Effect
become I-Effect
more I-Effect
generous I-Effect
over O
time O
as O
companies B-Cause
seek I-Cause
to I-Cause
attract I-Cause
new I-Cause
cardholders I-Cause
. I-Cause

We B-Cause
think I-Cause
the I-Cause
company I-Cause
's I-Cause
strong I-Cause
product I-Cause
performance I-Cause
has O
resulted B-Effect
in I-Effect
market I-Effect
share I-Effect
gains I-Effect
, I-Effect
while I-Effect
also I-Effect
helping I-Effect
customers I-Effect
meet I-Effect
evolving I-Effect
emission I-Effect
requirements I-Effect
. O

In O
the O
transportation O
and O
industrials O
segment O
, O
DuPont O
should O
benefit O
from O
automakers O
replacing O
small O
metal O
pieces O
with O
lighter O
plastics O
, O
a B-Effect
trend I-Effect
that I-Effect
should I-Effect
continue I-Effect
as O
automakers B-Cause
move I-Cause
toward I-Cause
more I-Cause
lightweight I-Cause
vehicles I-Cause
. O

Current B-Effect
business I-Effect
customers I-Effect
also I-Effect
benefit I-Effect
from I-Effect
a I-Effect
growing I-Effect
selection I-Effect
of I-Effect
suppliers I-Effect
, O
as O
they B-Cause
can I-Cause
more I-Cause
effectively I-Cause
source I-Cause
goods I-Cause
and I-Cause
services I-Cause
and I-Cause
negotiate I-Cause
discounts I-Cause
to O
drive O
further O
cost O
savings O
. O

In O
our O
view O
, O
that O
the O
largest O
players O
should O
continue O
to O
gain O
market O
share O
as O
smaller B-Effect
competitors I-Effect
struggle I-Effect
with B-Cause
commodity I-Cause
component I-Cause
costs I-Cause
, O
like O
potential O
DRAM O
price O
fluctuations O
, O
and O
that O
the O
PC O
market O
will O
remain O
highly O
cost O
completive O
between O
Lenovo O
, O
Dell O
, O
and O
HP O
. O

Fanuc B-Effect
is I-Effect
well-positioned I-Effect
for O
long-term O
, O
secular B-Effect
growth I-Effect
in O
the O
factory O
automation O
, O
or O
FA O
, O
and O
industrial O
robotics O
industry O
, O
as O
the B-Cause
world I-Cause
's I-Cause
largest I-Cause
computer I-Cause
numerical I-Cause
control I-Cause
( I-Cause
CNC I-Cause
) I-Cause
and I-Cause
industrial I-Cause
robotics I-Cause
manufacturer I-Cause
. O

We O
raised B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
9 I-Effect
% I-Effect
to I-Effect
$ I-Effect
84 I-Effect
per I-Effect
share I-Effect
due O
to O
our O
stronger B-Cause
near-term I-Cause
growth I-Cause
outlook I-Cause
and O
our O
increased O
conviction O
that O
home O
sales O
gross O
profit O
margins O
will O
remain O
elevated O
for O
the O
next O
several O
years O
. O

As O
further O
evidence O
of O
a B-Cause
lack I-Cause
of I-Cause
pricing I-Cause
power I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
price I-Effect
increases I-Effect
have I-Effect
led I-Effect
to I-Effect
steep I-Effect
drops I-Effect
in I-Effect
volume I-Effect
. O

Through O
its B-Cause
ownership I-Cause
in I-Cause
Enable I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
exposed I-Effect
to I-Effect
fluctuations I-Effect
in O
the O
price O
of O
natural O
gas O
and O
natural O
gas O
liquids O
. O

We B-Cause
see I-Cause
a I-Cause
tightly I-Cause
regulated I-Cause
, I-Cause
oligopolistic I-Cause
market I-Cause
structure I-Cause
limiting I-Cause
excess I-Cause
competition I-Cause
within I-Cause
the I-Cause
Canadian I-Cause
system I-Cause
, O
therefore O
stabilizing B-Effect
product I-Effect
pricing I-Effect
and I-Effect
giving I-Effect
customers I-Effect
less I-Effect
incentive I-Effect
to I-Effect
switch I-Effect
banks I-Effect
. O

We O
expect O
the B-Cause
government I-Cause
to I-Cause
offer I-Cause
relatively I-Cause
generous I-Cause
fiscal I-Cause
terms I-Cause
to I-Cause
induce I-Cause
more I-Cause
rapid I-Cause
development I-Cause
, O
making B-Effect
the I-Effect
potential I-Effect
returns I-Effect
for I-Effect
Apache I-Effect
competitive I-Effect
with I-Effect
or I-Effect
perhaps I-Effect
better I-Effect
than I-Effect
what I-Effect
it I-Effect
can I-Effect
earn I-Effect
in I-Effect
the I-Effect
Permian I-Effect
or I-Effect
Egypt I-Effect
. O

Plus O
, O
we O
think O
that O
Ansys B-Effect
' I-Effect
leadership I-Effect
in I-Effect
the I-Effect
industry I-Effect
is I-Effect
well I-Effect
protected I-Effect
for I-Effect
the I-Effect
road I-Effect
ahead I-Effect
thanks O
largely O
to O
the B-Cause
significant I-Cause
switching I-Cause
costs I-Cause
involved I-Cause
in I-Cause
retraining I-Cause
a I-Cause
team I-Cause
of I-Cause
engineers I-Cause
on I-Cause
extremely I-Cause
complex I-Cause
simulation I-Cause
software I-Cause
with I-Cause
critical I-Cause
consequences I-Cause
in I-Cause
the I-Cause
case I-Cause
of I-Cause
improper I-Cause
use I-Cause
. O

We O
expect O
TC B-Effect
Energy I-Effect
to I-Effect
meet I-Effect
5 I-Effect
% I-Effect
% I-Effect
annual I-Effect
dividend I-Effect
growth I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
a B-Cause
healthy I-Cause
pipeline I-Cause
of I-Cause
growth I-Cause
opportunities I-Cause
. O

In O
fact O
, O
we O
suspect O
that O
barring O
government B-Cause
intervention I-Cause
the B-Effect
rational I-Effect
number I-Effect
of I-Effect
competitors I-Effect
on I-Effect
the I-Effect
continent I-Effect
would I-Effect
be I-Effect
two I-Effect
, O
via O
additional O
consolidation O
. O

There B-Cause
is I-Cause
little I-Cause
visibility I-Cause
into I-Cause
the I-Cause
tax I-Cause
structure I-Cause
in I-Cause
heated I-Cause
tobacco I-Cause
globally I-Cause
, O
for O
example O
, O
which O
creates O
a B-Effect
wider I-Effect
range I-Effect
of I-Effect
outcomes I-Effect
than I-Effect
has I-Effect
historically I-Effect
been I-Effect
the I-Effect
case I-Effect
in I-Effect
tobacco I-Effect
. O

That O
said O
, O
the B-Cause
capital I-Cause
intensity I-Cause
of I-Cause
Archer I-Cause
Daniels I-Cause
Midland I-Cause
's I-Cause
operations I-Cause
and O
the B-Cause
generally I-Cause
razor-thin I-Cause
margins I-Cause
generated I-Cause
in I-Cause
the I-Cause
ag-services I-Cause
business I-Cause
have O
historically O
made O
it O
difficult O
for O
the B-Effect
company I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
above I-Effect
our I-Effect
estimated I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Once O
an B-Cause
OEM I-Cause
customer I-Cause
and I-Cause
Aptiv I-Cause
initiate I-Cause
the I-Cause
development I-Cause
phase I-Cause
of I-Cause
a I-Cause
vehicle I-Cause
program I-Cause
, O
OEM B-Effect
switching I-Effect
costs I-Effect
quickly I-Effect
begin I-Effect
to I-Effect
accrue I-Effect
, O
especially O
when O
a O
complex O
, O
highly O
engineered O
, O
critical O
vehicular O
system O
is O
being O
supplied O
. O

Given O
the B-Cause
company I-Cause
's I-Cause
recent I-Cause
$ I-Cause
11 I-Cause
billion I-Cause
acquisition I-Cause
of I-Cause
Ellie I-Cause
Mae I-Cause
that O
gives O
Intercontinental B-Effect
Exchange I-Effect
material I-Effect
exposure I-Effect
to I-Effect
the I-Effect
mortgage I-Effect
technology I-Effect
industry I-Effect
along O
with O
the B-Cause
operating I-Cause
leverage I-Cause
inherent I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
business I-Cause
model I-Cause
, O
we O
are O
increasing B-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
high I-Effect
from I-Effect
medium I-Effect
. O

We B-Effect
recently I-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
98 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
95 I-Effect
mainly I-Effect
due O
to O
the B-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

In O
the O
near O
term O
, O
with O
medical B-Cause
and I-Cause
dental I-Cause
procedures I-Cause
still I-Cause
running I-Cause
below I-Cause
prepandemic I-Cause
levels I-Cause
, O
we O
expect O
Cantel B-Effect
to I-Effect
continue I-Effect
reporting I-Effect
below-trend I-Effect
sales I-Effect
growth I-Effect
. O

Given O
our O
expectations O
for O
more B-Cause
volatile I-Cause
equity I-Cause
and I-Cause
credit I-Cause
markets I-Cause
in I-Cause
the I-Cause
near I-Cause
to I-Cause
medium I-Cause
term I-Cause
, O
as O
well O
as O
some B-Cause
disruption I-Cause
as I-Cause
Brexit I-Cause
moves I-Cause
forward I-Cause
, O
we B-Effect
remain I-Effect
doubtful I-Effect
that I-Effect
flows I-Effect
will I-Effect
improve I-Effect
too I-Effect
dramatically I-Effect
, I-Effect
forecasting I-Effect
negative I-Effect
4 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
annual I-Effect
organic I-Effect
growth I-Effect
during I-Effect
2020-24 I-Effect
. O

As O
users B-Cause
become I-Cause
accustomed I-Cause
with I-Cause
programming I-Cause
FPGAs I-Cause
from I-Cause
a I-Cause
particular I-Cause
vendor I-Cause
, O
they B-Effect
often I-Effect
remain I-Effect
customers I-Effect
because I-Effect
of I-Effect
the I-Effect
familiarity I-Effect
gained I-Effect
with I-Effect
the I-Effect
software I-Effect
and I-Effect
design I-Effect
tools I-Effect
used I-Effect
. O

We O
expect O
Abbott B-Effect
can I-Effect
partially I-Effect
close I-Effect
the I-Effect
operating I-Effect
margin I-Effect
gap I-Effect
and I-Effect
project I-Effect
430 I-Effect
basis I-Effect
points I-Effect
of I-Effect
improvement I-Effect
by I-Effect
2025 I-Effect
, O
as O
the B-Cause
firm I-Cause
leverages I-Cause
the I-Cause
distribution I-Cause
infrastructure I-Cause
it I-Cause
has I-Cause
built I-Cause
out I-Cause
for I-Cause
penetration I-Cause
of I-Cause
emerging I-Cause
markets I-Cause
across I-Cause
its I-Cause
product I-Cause
segments I-Cause
and I-Cause
extracts I-Cause
cost I-Cause
synergies I-Cause
from I-Cause
its I-Cause
recent I-Cause
acquisitions I-Cause
. O

By O
contrast O
, O
the O
phone O
companies O
are O
typically O
incapable O
of O
increasing B-Effect
network I-Effect
speeds I-Effect
broadly I-Effect
across I-Effect
their I-Effect
networks I-Effect
without O
heavy B-Cause
investment I-Cause
to I-Cause
bring I-Cause
fiber I-Cause
closer I-Cause
to I-Cause
customers I-Cause
. O

As B-Cause
NRG I-Cause
's I-Cause
retail I-Cause
business I-Cause
continues I-Cause
to I-Cause
expand I-Cause
in I-Cause
regions I-Cause
where I-Cause
it I-Cause
has I-Cause
substantial I-Cause
generation I-Cause
, O
it O
might O
be O
able O
to O
establish B-Effect
a I-Effect
low-cost I-Effect
advantage I-Effect
in I-Effect
the I-Effect
retail I-Effect
markets I-Effect
. O

Its B-Cause
Houston I-Cause
Ship I-Cause
Channel I-Cause
( I-Cause
where I-Cause
Enterprise I-Cause
has I-Cause
invested I-Cause
over I-Cause
$ I-Cause
8 I-Cause
billion I-Cause
in I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
) I-Cause
and I-Cause
Beaumont I-Cause
Terminal I-Cause
and I-Cause
its I-Cause
Mont I-Cause
Belvieu I-Cause
assets I-Cause
( I-Cause
NGL I-Cause
fractionation I-Cause
, I-Cause
storage I-Cause
, I-Cause
pipelines I-Cause
) I-Cause
means O
it B-Effect
will I-Effect
be I-Effect
the I-Effect
primary I-Effect
beneficiary I-Effect
as I-Effect
U.S I-Effect
. I-Effect

Furthermore O
, O
we O
are O
forecasting O
relatively O
high O
growth O
rates O
in O
China O
and O
India O
, O
which O
may B-Effect
not I-Effect
materialize I-Effect
if O
growth B-Cause
in I-Cause
those I-Cause
economies I-Cause
slows I-Cause
. O

Walmart B-Cause
's I-Cause
size I-Cause
and I-Cause
success I-Cause
have O
made O
it O
a B-Effect
frequent I-Effect
target I-Effect
of I-Effect
politicians I-Effect
and I-Effect
subject I-Effect
it I-Effect
to I-Effect
a I-Effect
level I-Effect
of I-Effect
media I-Effect
scrutiny I-Effect
that I-Effect
few I-Effect
other I-Effect
retailers I-Effect
face I-Effect
. O

Operating B-Cause
margins I-Cause
will I-Cause
likely I-Cause
be I-Cause
largely I-Cause
flat I-Cause
with I-Cause
some I-Cause
support I-Cause
from I-Cause
the I-Cause
rollout I-Cause
of I-Cause
various I-Cause
strategic I-Cause
partnerships I-Cause
and O
cost B-Effect
savings I-Effect
initiatives I-Effect
. O

Given O
Ferguson B-Cause
's I-Cause
core I-Cause
customers I-Cause
are I-Cause
contractors I-Cause
that I-Cause
value I-Cause
its I-Cause
branch I-Cause
offerings I-Cause
, O
we B-Effect
see I-Effect
little I-Effect
disruption I-Effect
from I-Effect
online I-Effect
retailers I-Effect
aiming I-Effect
to I-Effect
disrupt I-Effect
Ferguson I-Effect
's I-Effect
branch I-Effect
model I-Effect
. O

Approximately B-Cause
87 I-Cause
% I-Cause
of I-Cause
Con I-Cause
Ed I-Cause
's I-Cause
revenue I-Cause
is I-Cause
subject I-Cause
to I-Cause
revenue I-Cause
decoupling I-Cause
mechanisms I-Cause
that O
will O
likely O
shield B-Effect
the I-Effect
company I-Effect
from I-Effect
most I-Effect
of I-Effect
the I-Effect
COVID-19 I-Effect
earnings I-Effect
impact I-Effect
from I-Effect
lower I-Effect
electricity I-Effect
sales I-Effect
. O

Along O
the O
same O
lines O
, O
if O
OCC B-Cause
prices I-Cause
fall I-Cause
further I-Cause
, O
the B-Effect
relative I-Effect
cost I-Effect
position I-Effect
of I-Effect
manufacturers I-Effect
with I-Effect
a I-Effect
higher I-Effect
recycled I-Effect
mix I-Effect
would I-Effect
improve I-Effect
. O

The B-Cause
former I-Cause
Cablevision I-Cause
operation I-Cause
, I-Cause
which I-Cause
accounts I-Cause
for I-Cause
around I-Cause
60 I-Cause
% I-Cause
of I-Cause
Altice I-Cause
, I-Cause
serves I-Cause
the I-Cause
New I-Cause
York I-Cause
metro I-Cause
area I-Cause
, I-Cause
where I-Cause
favorable I-Cause
demographics I-Cause
have I-Cause
historically I-Cause
enabled O
the B-Effect
firm I-Effect
to I-Effect
claim I-Effect
high I-Effect
customer I-Effect
penetration I-Effect
rates I-Effect
and I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
. O

Because O
the B-Cause
company I-Cause
produces I-Cause
chemicals I-Cause
from I-Cause
high-sulfur I-Cause
coal I-Cause
, O
it B-Effect
is I-Effect
exposed I-Effect
to I-Effect
potential I-Effect
emissions I-Effect
regulations I-Effect
that O
could O
disproportionately O
affect O
Eastman O
over O
other O
chemicals O
producers O
that O
use O
only O
natural O
gas O
. O

Sports B-Effect
rights I-Effect
in I-Effect
France I-Effect
have I-Effect
recently I-Effect
become I-Effect
more I-Effect
competitive I-Effect
as O
both B-Cause
beIN I-Cause
Sports I-Cause
and I-Cause
Altice I-Cause
have I-Cause
entered I-Cause
the I-Cause
market I-Cause
aggressively I-Cause
over I-Cause
the I-Cause
last I-Cause
few I-Cause
years I-Cause
. I-Cause

Although O
we O
believe O
that O
Ericsson O
stands O
to O
benefit O
from O
CSPs O
building O
out O
5G O
networks O
, O
the B-Effect
company I-Effect
also I-Effect
faces I-Effect
challenges I-Effect
as O
4G B-Cause
networks I-Cause
become I-Cause
commonplace I-Cause
within I-Cause
highly I-Cause
cost I-Cause
sensitive I-Cause
geographies I-Cause
. O

Industry B-Cause
shifts I-Cause
toward I-Cause
using I-Cause
mobile I-Cause
devices I-Cause
as I-Cause
computer I-Cause
supplements I-Cause
or I-Cause
replacements I-Cause
and I-Cause
fewer I-Cause
printing I-Cause
tasks I-Cause
being I-Cause
performed I-Cause
for I-Cause
economic I-Cause
and I-Cause
environmental I-Cause
reasons I-Cause
may O
create O
headwinds B-Effect
for I-Effect
HP I-Effect
. O

We B-Effect
now I-Effect
project I-Effect
45 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
as O
COVID-19 B-Cause
has I-Cause
pushed I-Cause
the I-Cause
Olympics I-Cause
into I-Cause
2021 I-Cause
and O
lowered B-Cause
our I-Cause
expectations I-Cause
around I-Cause
core I-Cause
ad I-Cause
revenue I-Cause
growth I-Cause
. O

PGE B-Effect
will I-Effect
take I-Effect
a I-Effect
brief I-Effect
break I-Effect
from I-Effect
regulatory I-Effect
activity I-Effect
, O
which O
is O
good O
timing O
given O
the B-Cause
pandemic-related I-Cause
economic I-Cause
stress I-Cause
and I-Cause
fallout I-Cause
from I-Cause
2020 I-Cause
energy I-Cause
trading I-Cause
losses I-Cause
. O

And O
we O
posit O
P O
& O
G O
is O
also O
taking O
a O
sound O
strategic O
path O
to O
rebut B-Effect
the I-Effect
pressures I-Effect
in I-Effect
its I-Effect
grooming I-Effect
business I-Effect
resulting I-Effect
from I-Effect
lower-price I-Effect
upstarts I-Effect
-- O
by O
recalibrating B-Cause
its I-Cause
pricing I-Cause
, I-Cause
investing I-Cause
in I-Cause
on-trend I-Cause
new I-Cause
products I-Cause
, I-Cause
and I-Cause
launching I-Cause
its I-Cause
own I-Cause
subscription-based I-Cause
sales I-Cause
model I-Cause
. O

AMN B-Cause
's I-Cause
ability I-Cause
to I-Cause
provide I-Cause
almost I-Cause
any I-Cause
type I-Cause
of I-Cause
medical I-Cause
worker I-Cause
is O
also O
highly B-Effect
attractive I-Effect
to I-Effect
its I-Effect
customers I-Effect
, O
as O
they B-Cause
can I-Cause
use I-Cause
one I-Cause
vendor I-Cause
for I-Cause
most I-Cause
of I-Cause
their I-Cause
placement I-Cause
needs I-Cause
. O

However O
, O
we O
think O
AutoNation B-Cause
's I-Cause
size I-Cause
, I-Cause
brand I-Cause
, I-Cause
and I-Cause
digital I-Cause
storefront I-Cause
and I-Cause
shopping I-Cause
experience I-Cause
, I-Cause
AutoNation I-Cause
Express I-Cause
, O
will O
enable O
the O
company B-Effect
to I-Effect
continue I-Effect
driving I-Effect
market I-Effect
share I-Effect
gains I-Effect
and I-Effect
may I-Effect
provide I-Effect
enough I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
leverage I-Effect
for I-Effect
further I-Effect
meaningful I-Effect
margin I-Effect
expansion I-Effect
in I-Effect
good I-Effect
economic I-Effect
times I-Effect
. O

Since O
these B-Cause
contracts I-Cause
are I-Cause
on I-Cause
a I-Cause
sole-source I-Cause
basis I-Cause
for I-Cause
the I-Cause
entirety I-Cause
of I-Cause
an I-Cause
aircraft I-Cause
's I-Cause
production I-Cause
, O
this O
gives O
Hexcel O
decades-long B-Effect
revenue I-Effect
visibility I-Effect
without I-Effect
considering I-Effect
recompetes I-Effect
on I-Effect
new I-Effect
aircraft I-Effect
designs I-Effect
. O

There O
has O
likewise O
been O
an B-Cause
increased I-Cause
effort I-Cause
to I-Cause
set I-Cause
up I-Cause
electronic I-Cause
feeds I-Cause
from I-Cause
larger I-Cause
scale I-Cause
outside I-Cause
providers I-Cause
, O
thus O
reducing B-Effect
friction I-Effect
and I-Effect
costs I-Effect
for I-Effect
both I-Effect
CoStar I-Effect
and I-Effect
its I-Effect
data I-Effect
providers I-Effect
. O

In O
the O
medium O
term O
, O
we B-Effect
forecast I-Effect
around I-Effect
4 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
EBIT I-Effect
margin I-Effect
reaching I-Effect
15.6 I-Effect
% I-Effect
, O
driven O
by O
productivity B-Cause
gains I-Cause
and I-Cause
higher-margin I-Cause
digital I-Cause
service I-Cause
contracts I-Cause
. O

COVID-19 B-Cause
for I-Cause
dealers I-Cause
, O
in O
our O
view O
, O
is O
accelerating B-Effect
digital I-Effect
changes I-Effect
and I-Effect
related I-Effect
expense I-Effect
reductions I-Effect
that O
would O
have O
taken O
place O
over O
several O
years O
into O
just O
a O
few O
months O
of O
2020 O
. O

This O
shipment O
volume O
outlook O
assumes O
that O
the B-Effect
company I-Effect
' I-Effect
improving I-Effect
product I-Effect
mix I-Effect
will O
come O
at O
the O
cost O
of O
forgoing B-Cause
volume I-Cause
growth I-Cause
for I-Cause
legacy I-Cause
, I-Cause
low-value I-Cause
product I-Cause
categories I-Cause
. O

This B-Effect
adds I-Effect
to I-Effect
the I-Effect
firm I-Effect
's I-Effect
prenatal I-Effect
testing I-Effect
capabilities I-Effect
that I-Effect
contains I-Effect
high I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
because O
of O
its B-Cause
intangible I-Cause
assets I-Cause
, O
high O
capital O
investment O
, O
advanced O
molecular O
skill O
, O
and O
complex O
data O
treatment O
for O
laboratories O
. O

We O
think O
the O
full B-Cause
array I-Cause
of I-Cause
marine I-Cause
navigation I-Cause
offerings I-Cause
makes O
Garmin B-Effect
an I-Effect
attractive I-Effect
supplier I-Effect
for I-Effect
OEMs I-Effect
of I-Effect
recreational I-Effect
boats I-Effect
and O
the O
company O
is O
making O
the O
right O
calls O
to O
continuously O
innovate O
the O
segment O
offerings O
to O
win O
more O
OEM O
contracts O
. O

While O
fiscal B-Effect
2020 I-Effect
sales I-Effect
declined I-Effect
4.5 I-Effect
% I-Effect
, O
hindered O
by O
supply B-Cause
chain I-Cause
disruption I-Cause
from I-Cause
COVID-19 I-Cause
, O
we O
forecast O
the O
restoration O
of O
sales O
growth O
in O
fiscal O
2021 O
. O

Although O
there O
are O
several O
manufacturers O
for O
carbon O
fiber O
, O
the B-Effect
products I-Effect
are I-Effect
procured I-Effect
on I-Effect
a I-Effect
sole-source I-Effect
basis I-Effect
and I-Effect
are I-Effect
not I-Effect
easily I-Effect
interchangeable I-Effect
due O
to O
both B-Cause
the I-Cause
certification I-Cause
process I-Cause
required I-Cause
for I-Cause
most I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
products I-Cause
and I-Cause
product I-Cause
heterogeneity I-Cause
. O

However O
, O
that B-Effect
regulatory I-Effect
goodwill I-Effect
appears O
to O
be O
gone O
after O
regulators B-Cause
imposed I-Cause
a I-Cause
90-basis-point I-Cause
cut I-Cause
in I-Cause
its I-Cause
allowed I-Cause
ROE I-Cause
and I-Cause
$ I-Cause
30 I-Cause
million I-Cause
of I-Cause
customer I-Cause
rate I-Cause
credits I-Cause
related O
to O
what O
regulators O
ruled O
was O
an O
inadequate O
storm O
response O
. O

Because O
of O
its B-Cause
reliance I-Cause
on I-Cause
acquisitions I-Cause
, O
Group B-Effect
1 I-Effect
risks I-Effect
overpaying I-Effect
for I-Effect
a I-Effect
dealership I-Effect
or I-Effect
taking I-Effect
on I-Effect
too I-Effect
much I-Effect
debt I-Effect
to I-Effect
finance I-Effect
new I-Effect
deals I-Effect
. I-Effect

We O
think O
CNOOC O
will O
continue O
to O
benefit O
from O
holding O
exclusive O
rights O
from O
the O
PRC O
government O
to O
enter O
into O
production-sharing O
contracts O
, O
or O
PSCs O
, O
which O
results O
in O
relatively O
low B-Effect
costs I-Effect
to I-Effect
CNOOC I-Effect
, O
as O
it B-Cause
does I-Cause
n't I-Cause
have I-Cause
to I-Cause
incur I-Cause
expensive I-Cause
exploration I-Cause
expenses I-Cause
. O

With O
its B-Cause
unrivaled I-Cause
scale I-Cause
and I-Cause
breadth I-Cause
of I-Cause
product I-Cause
offerings I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
an I-Effect
attractive I-Effect
partner I-Effect
to I-Effect
global I-Effect
hospitality I-Effect
and I-Effect
food-service I-Effect
firms I-Effect
. O

As O
mentioned O
, O
Coupa B-Cause
's I-Cause
platform I-Cause
can O
deliver B-Effect
customers I-Effect
a I-Effect
payback I-Effect
period I-Effect
of I-Effect
3 I-Effect
to I-Effect
6 I-Effect
months I-Effect
, I-Effect
driving I-Effect
cost I-Effect
savings I-Effect
and I-Effect
efficiencies I-Effect
for I-Effect
them I-Effect
. O

With O
more B-Cause
than I-Cause
two I-Cause
thirds I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
annual I-Cause
revenue I-Cause
derived I-Cause
from I-Cause
management I-Cause
fees I-Cause
earned I-Cause
on I-Cause
its I-Cause
AUM I-Cause
, O
dramatic B-Effect
market I-Effect
movements I-Effect
and/or I-Effect
changes I-Effect
in I-Effect
fund I-Effect
flows I-Effect
can I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
. O

Intermodal B-Effect
saw I-Effect
first-half I-Effect
2020 I-Effect
volume I-Effect
headwinds I-Effect
from I-Effect
COVID-19 I-Effect
disruption I-Effect
and I-Effect
depressed I-Effect
rates I-Effect
in I-Effect
the I-Effect
competing I-Effect
truckload I-Effect
industry I-Effect
but O
has O
since O
rebounded B-Cause
nicely I-Cause
on I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
and I-Cause
tight I-Cause
truckload I-Cause
market I-Cause
capacity I-Cause
( I-Cause
rising I-Cause
truck-to-rail I-Cause
conversions I-Cause
) I-Cause
, I-Cause
and I-Cause
we I-Cause
still I-Cause
see I-Cause
it I-Cause
as I-Cause
a I-Cause
key I-Cause
long-term I-Cause
growth I-Cause
opportunity I-Cause
for I-Cause
CSX I-Cause
. I-Cause

While O
we O
believe O
Williams-Sonoma O
's O
brands O
remain O
aspirational O
, O
we O
still O
see O
risk B-Effect
facing I-Effect
the I-Effect
company I-Effect
from O
competition B-Cause
with I-Cause
online I-Cause
players I-Cause
like I-Cause
Wayfair I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
other I-Cause
mass I-Cause
merchants I-Cause
that I-Cause
have I-Cause
passed I-Cause
their I-Cause
scale I-Cause
and I-Cause
other I-Cause
cost I-Cause
advantages I-Cause
into I-Cause
lower I-Cause
prices I-Cause
for I-Cause
consumers I-Cause
, O
particularly O
in O
commodified O
categories O
. O

That O
said O
, O
data B-Effect
security I-Effect
is I-Effect
a I-Effect
risk I-Effect
factor I-Effect
for I-Effect
forwarders I-Effect
, O
in O
that O
a B-Cause
major I-Cause
cyberattack I-Cause
could I-Cause
disrupt I-Cause
air I-Cause
and I-Cause
ocean I-Cause
shipment/transaction I-Cause
visibility I-Cause
and I-Cause
service I-Cause
levels I-Cause
. O

We O
expect O
margins B-Effect
to I-Effect
improve I-Effect
significantly I-Effect
over I-Effect
time I-Effect
, I-Effect
and I-Effect
project I-Effect
adjusted I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
41 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
47 I-Effect
% I-Effect
by I-Effect
2024. O
This O
increase O
is O
mostly O
the O
result O
of O
the B-Cause
sizable I-Cause
synergies I-Cause
from I-Cause
the I-Cause
merger I-Cause
, I-Cause
and I-Cause
a I-Cause
fall-off I-Cause
in I-Cause
amortization I-Cause
expense I-Cause
over I-Cause
time I-Cause
. O

Attempts B-Cause
to I-Cause
streamline I-Cause
production I-Cause
costs I-Cause
and O
a O
return B-Cause
to I-Cause
normalized I-Cause
luxury I-Cause
spending I-Cause
should O
drive B-Effect
operating I-Effect
margins I-Effect
toward I-Effect
10 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
2024 I-Effect
. O

Banks O
are O
inherently O
cyclical O
businesses O
: O
Weaker B-Cause
economic I-Cause
growth I-Cause
typically O
leads O
to O
flatter B-Effect
yield I-Effect
curves I-Effect
that O
depress O
margin O
income O
, O
leading O
to O
increased O
impaired O
loans O
, O
which O
in O
extreme O
situations O
can O
lead O
to O
concerns O
surrounding O
solvency O
and O
liquidity O
. O

If O
Synopsys B-Cause
did I-Cause
raise I-Cause
prices I-Cause
, O
it O
is O
possible O
that O
the B-Cause
large I-Cause
business I-Cause
would I-Cause
switch I-Cause
to I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
thus O
affecting B-Effect
revenue I-Effect
. O

We B-Effect
think I-Effect
revenue I-Effect
growth I-Effect
will I-Effect
average I-Effect
around I-Effect
6 I-Effect
% I-Effect
through I-Effect
2023 I-Effect
, O
excluding O
the O
effects O
of O
COVID-19 O
, O
as O
rapid B-Cause
adoption I-Cause
of I-Cause
RFID I-Cause
technology I-Cause
supplements I-Cause
relatively I-Cause
slow I-Cause
growth I-Cause
in I-Cause
retail I-Cause
branding I-Cause
and I-Cause
apparel I-Cause
embellishments I-Cause
. O

We O
expect O
underwriting B-Effect
results I-Effect
in I-Effect
commercial I-Effect
lines I-Effect
to I-Effect
be I-Effect
weak I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
management B-Cause
works I-Cause
past I-Cause
its I-Cause
social I-Cause
inflation I-Cause
issues I-Cause
and I-Cause
deals I-Cause
with I-Cause
coronavirus-related I-Cause
claims I-Cause
, O
but O
to O
trend O
toward O
the O
middle O
of O
the O
company O
's O
historical O
range O
over O
time O
. O

The B-Effect
most I-Effect
substantial I-Effect
risk I-Effect
we I-Effect
see I-Effect
is I-Effect
declining I-Effect
investment I-Effect
in I-Effect
mining I-Effect
capital I-Effect
expenditures I-Effect
, O
given O
Caterpillar B-Cause
's I-Cause
exposure I-Cause
to I-Cause
coal I-Cause
, I-Cause
iron I-Cause
ore I-Cause
, I-Cause
copper I-Cause
, I-Cause
and I-Cause
gold I-Cause
. O

Finally O
, O
the O
company O
's O
efforts O
to O
launch O
a O
consumer O
business O
surrounding O
its O
Cash O
App O
could O
fail O
, O
and O
payment O
platforms O
tend O
to O
exhibit O
winner-take-all O
dynamics O
, O
which O
could O
leave B-Effect
Square I-Effect
's I-Effect
platform I-Effect
sputtering I-Effect
if B-Cause
it I-Cause
is I-Cause
not I-Cause
a I-Cause
long-term I-Cause
leader I-Cause
. O

These B-Cause
firms I-Cause
may I-Cause
have I-Cause
incentive I-Cause
to I-Cause
bring I-Cause
the I-Cause
production I-Cause
of I-Cause
dispensing I-Cause
equipment I-Cause
in-house I-Cause
to O
force B-Effect
generic I-Effect
manufacturers I-Effect
to I-Effect
leap I-Effect
over I-Effect
additional I-Effect
hurdles I-Effect
when I-Effect
bringing I-Effect
comparable I-Effect
products I-Effect
to I-Effect
market I-Effect
. O

Some B-Cause
of I-Cause
this I-Cause
growth I-Cause
is I-Cause
predicated I-Cause
on I-Cause
the I-Cause
completion I-Cause
of I-Cause
Foxconn I-Cause
's I-Cause
large I-Cause
Wisconsin I-Cause
expansion I-Cause
, O
which O
has B-Effect
been I-Effect
beset I-Effect
by I-Effect
political I-Effect
noise I-Effect
. O

After B-Effect
accounting I-Effect
for I-Effect
the I-Effect
profit I-Effect
split I-Effect
with I-Effect
partner I-Effect
Pfizer I-Effect
, I-Effect
we I-Effect
expect I-Effect
BioNTech I-Effect
to I-Effect
book I-Effect
a I-Effect
gross I-Effect
profit I-Effect
of I-Effect
EUR I-Effect
4 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
and I-Effect
EUR I-Effect
1.4 I-Effect
billion I-Effect
in I-Effect
2022 I-Effect
from I-Effect
Comirnaty. O
This B-Cause
assumes I-Cause
total I-Cause
global I-Cause
Comirnaty I-Cause
sales I-Cause
of I-Cause
$ I-Cause
13 I-Cause
billion I-Cause
in I-Cause
2021 I-Cause
and I-Cause
$ I-Cause
6 I-Cause
billion I-Cause
in I-Cause
2022 I-Cause
, I-Cause
with I-Cause
first-time I-Cause
vaccinations I-Cause
accounting I-Cause
for I-Cause
nearly I-Cause
all I-Cause
2021 I-Cause
sales I-Cause
and I-Cause
third-dose I-Cause
boosters I-Cause
accounting I-Cause
for I-Cause
two I-Cause
thirds I-Cause
of I-Cause
2022 I-Cause
sales I-Cause
. O

Additionally O
, O
Garmin B-Effect
bears I-Effect
the I-Effect
risk I-Effect
of I-Effect
displacement I-Effect
in I-Effect
the I-Effect
aviation I-Effect
and I-Effect
marine I-Effect
navigation I-Effect
markets I-Effect
if O
modernization B-Cause
regulation I-Cause
to I-Cause
come I-Cause
favor I-Cause
the I-Cause
capabilities I-Cause
of I-Cause
a I-Cause
competitor I-Cause
's I-Cause
avionics I-Cause
or I-Cause
marine I-Cause
electronics I-Cause
more I-Cause
so I-Cause
than I-Cause
Garmin I-Cause
's I-Cause
. O

We B-Effect
support I-Effect
its I-Effect
recent I-Effect
moves I-Effect
to I-Effect
introduce I-Effect
a I-Effect
rapidly I-Effect
changing I-Effect
nonconsumable I-Effect
assortment I-Effect
, I-Effect
providing I-Effect
a I-Effect
treasure-hunt I-Effect
experience I-Effect
that I-Effect
helps I-Effect
drive I-Effect
traffic I-Effect
in O
a O
way O
that O
we B-Cause
believe I-Cause
is I-Cause
difficult I-Cause
for I-Cause
online-only I-Cause
retailers I-Cause
to I-Cause
replicate I-Cause
. O

This B-Cause
sustained I-Cause
level I-Cause
of I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
also I-Cause
allows I-Cause
Ametek I-Cause
to I-Cause
take I-Cause
price I-Cause
greater I-Cause
than I-Cause
inflation I-Cause
( I-Cause
positive I-Cause
price I-Cause
inflation I-Cause
spread I-Cause
typically I-Cause
hovers I-Cause
in I-Cause
the I-Cause
20- I-Cause
to I-Cause
30-basis-point I-Cause
range I-Cause
) I-Cause
, O
which B-Effect
is I-Effect
somewhat I-Effect
exceptional I-Effect
. O

Despite O
these O
competitive O
pressures O
, O
Fastenal B-Cause
's I-Cause
superior I-Cause
scale I-Cause
has O
allowed B-Cause
the I-Cause
firm I-Cause
to I-Cause
earn I-Cause
excess I-Cause
returns I-Cause
( O
20-year O
average O
ROIC O
is O
approximately O
25 O
% O
) O
, O
and O
we O
expect O
it B-Effect
will I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
advantages I-Effect
over I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

For O
interest O
rates O
, O
we O
believe O
short-term O
interest O
rate O
trading O
volumes O
will O
remain O
depressed O
through O
2023 O
, O
but O
long-term O
interest B-Effect
rate I-Effect
trading I-Effect
volumes I-Effect
may I-Effect
pick I-Effect
up I-Effect
along O
with O
the B-Cause
economic I-Cause
recovery I-Cause
. O

The B-Cause
company I-Cause
is I-Cause
exposed I-Cause
to I-Cause
the I-Cause
cyclical I-Cause
automotive I-Cause
and I-Cause
industrial I-Cause
end I-Cause
markets I-Cause
, O
and O
downturns B-Cause
in I-Cause
either I-Cause
end I-Cause
market I-Cause
may O
weigh B-Effect
on I-Effect
its I-Effect
results I-Effect
. O

Last O
, O
as O
the B-Cause
number I-Cause
of I-Cause
ratings I-Cause
increases I-Cause
, O
the B-Effect
value I-Effect
of I-Effect
ratings I-Effect
research I-Effect
subscriptions I-Effect
sold I-Effect
to I-Effect
buy-side I-Effect
investors I-Effect
increases I-Effect
as I-Effect
well I-Effect
. O

In O
a O
relatively O
benign O
growth O
environment O
, O
Compass B-Effect
has I-Effect
managed I-Effect
to I-Effect
drive I-Effect
impressive I-Effect
growth I-Effect
rates I-Effect
far I-Effect
in I-Effect
excess I-Effect
of I-Effect
GDP I-Effect
growth I-Effect
rates I-Effect
, O
primarily O
through O
new B-Cause
business I-Cause
wins I-Cause
added I-Cause
to I-Cause
incremental I-Cause
sales I-Cause
growth I-Cause
at I-Cause
existing I-Cause
sites I-Cause
. O

This O
allows O
the O
firm O
to O
remove O
third-party O
distributors O
' O
profit O
margin O
from O
its O
cost O
structure O
and O
, O
due O
to O
its B-Cause
substantial I-Cause
volumes I-Cause
, O
we O
believe O
it O
does O
this O
without O
incurring B-Effect
a I-Effect
commensurate I-Effect
increase I-Effect
in I-Effect
per-unit I-Effect
costs I-Effect
. O

Application B-Effect
development I-Effect
platforms I-Effect
are I-Effect
sticky I-Effect
in O
that O
they B-Cause
serve I-Cause
as I-Cause
the I-Cause
core I-Cause
platform I-Cause
on I-Cause
which I-Cause
businesses I-Cause
and I-Cause
processes I-Cause
are I-Cause
built I-Cause
, I-Cause
and I-Cause
switching I-Cause
could I-Cause
be I-Cause
highly I-Cause
disruptive I-Cause
and I-Cause
expensive I-Cause
for I-Cause
developers I-Cause
. O

Huaneng B-Effect
's I-Effect
power I-Effect
plants I-Effect
are I-Effect
mostly I-Effect
located I-Effect
in I-Effect
eastern I-Effect
and I-Effect
southern I-Effect
China I-Effect
, O
which O
are B-Cause
China B-Cause
's I-Cause
most I-Cause
economically I-Cause
developed I-Cause
regions I-Cause
, I-Cause
with I-Cause
sustainable I-Cause
and I-Cause
robust I-Cause
power I-Cause
demand I-Cause
. O

The O
firm O
is O
uniquely O
positioned O
amid O
the O
COVID-19 O
pandemic O
, O
with O
multiple B-Cause
offsets I-Cause
to I-Cause
its I-Cause
challenged I-Cause
food-service I-Cause
and I-Cause
commercial I-Cause
coffee I-Cause
businesses I-Cause
that O
should O
allow O
it O
to O
maintain B-Effect
its I-Effect
growth I-Effect
and I-Effect
margin I-Effect
profile I-Effect
. O

Thanks O
to O
its O
continuous B-Cause
innovation I-Cause
and I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
, O
Pentair B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
steadily I-Effect
gain I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
swimming I-Effect
pool I-Effect
segment I-Effect
, O
capturing O
roughly O
100 O
basis O
points O
of O
market O
share O
annually O
over O
the O
last O
seven O
years O
. O

As O
Anthem B-Cause
's I-Cause
local I-Cause
market I-Cause
share I-Cause
rises I-Cause
, O
its B-Cause
negotiating I-Cause
leverage I-Cause
with I-Cause
healthcare I-Cause
suppliers I-Cause
also I-Cause
rises I-Cause
, O
which O
can O
create B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
where I-Effect
Anthem I-Effect
attracts I-Effect
even I-Effect
more I-Effect
clients I-Effect
and I-Effect
more I-Effect
providers I-Effect
to I-Effect
its I-Effect
insurance I-Effect
network I-Effect
. O

A B-Cause
diversified I-Cause
business I-Cause
( I-Cause
communication I-Cause
, I-Cause
financial I-Cause
and I-Cause
technological I-Cause
services I-Cause
) I-Cause
increases B-Effect
the I-Effect
risk I-Effect
of I-Effect
its I-Effect
shares I-Effect
being I-Effect
penalized I-Effect
by I-Effect
the I-Effect
conglomerate I-Effect
discount I-Effect
. O

Our O
base O
scenario O
assumes O
that O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
eventually I-Effect
declines I-Effect
to I-Effect
about I-Effect
57 I-Effect
% I-Effect
as O
management B-Cause
realizes I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
infrastructure I-Cause
investments I-Cause
. O

Further O
, O
we O
surmise O
that O
a B-Cause
significant I-Cause
portion I-Cause
of I-Cause
Dropbox I-Cause
's I-Cause
content I-Cause
might I-Cause
be I-Cause
stored I-Cause
in I-Cause
lower I-Cause
cost I-Cause
, I-Cause
'' I-Cause
cold I-Cause
storage I-Cause
'' I-Cause
and O
has O
contributed O
to O
Dropbox B-Effect
's I-Effect
marked I-Effect
improvement I-Effect
in I-Effect
gross I-Effect
margins I-Effect
. O

As O
national B-Cause
customer I-Cause
accounts I-Cause
gain I-Cause
prominence I-Cause
, O
Wesco B-Effect
could I-Effect
face I-Effect
gross I-Effect
margin I-Effect
pressure I-Effect
, O
but O
these B-Cause
accounts I-Cause
also I-Cause
provide I-Cause
an I-Cause
opportunity I-Cause
for I-Cause
the I-Cause
company I-Cause
to I-Cause
gain I-Cause
market I-Cause
share I-Cause
and I-Cause
increase I-Cause
volume I-Cause
, O
which O
should O
drive B-Effect
better I-Effect
operating I-Effect
leverage I-Effect
and I-Effect
improved I-Effect
operating I-Effect
margins I-Effect
. O

We O
expect O
good O
CAF O
results O
to O
continue O
given O
the B-Cause
low I-Cause
interest I-Cause
rate I-Cause
environment I-Cause
so O
total B-Effect
CAF I-Effect
income I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
is I-Effect
about I-Effect
13.5 I-Effect
% I-Effect
higher I-Effect
. O

Charter B-Cause
's I-Cause
superior I-Cause
network I-Cause
position I-Cause
, I-Cause
coupled I-Cause
with I-Cause
management I-Cause
's I-Cause
preference I-Cause
to I-Cause
keep I-Cause
pricing I-Cause
relatively I-Cause
low I-Cause
, O
has O
enabled O
it B-Effect
to I-Effect
steadily I-Effect
take I-Effect
market I-Effect
share I-Effect
. O

We O
therefore O
think O
such O
customers B-Cause
will I-Cause
not I-Cause
change I-Cause
their I-Cause
nature I-Cause
once O
a B-Cause
core I-Cause
Tyler I-Cause
suite I-Cause
has I-Cause
been I-Cause
implemented I-Cause
, O
and O
the B-Effect
company I-Effect
will I-Effect
in I-Effect
turn I-Effect
benefit I-Effect
from I-Effect
a I-Effect
similarly I-Effect
long-tail I-Effect
relationship I-Effect
. O

Activision B-Cause
's I-Cause
size I-Cause
and I-Cause
the I-Cause
depth I-Cause
of I-Cause
its I-Cause
franchise I-Cause
slate I-Cause
allow O
the B-Effect
firm I-Effect
to I-Effect
place I-Effect
larger I-Effect
bets I-Effect
on I-Effect
new I-Effect
IP I-Effect
than I-Effect
many I-Effect
smaller I-Effect
midsize I-Effect
competitors I-Effect
. O

We B-Cause
expect I-Cause
flattish I-Cause
earnings I-Cause
growth I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
that O
will O
drag B-Effect
down I-Effect
our I-Effect
estimate I-Effect
of I-Effect
OGE I-Effect
's I-Effect
consolidated I-Effect
EPS I-Effect
growth I-Effect
to I-Effect
below I-Effect
3 I-Effect
% I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

If O
Oneok B-Cause
can I-Cause
find I-Cause
a I-Cause
suitable I-Cause
exports I-Cause
facility I-Cause
effort I-Cause
to I-Cause
take I-Cause
on I-Cause
, O
it O
will O
have O
added B-Effect
yet I-Effect
another I-Effect
growth I-Effect
avenue I-Effect
. O

Airlines B-Effect
have I-Effect
a I-Effect
long I-Effect
history I-Effect
of I-Effect
irrational I-Effect
competition I-Effect
, O
due O
to O
low B-Cause
entry I-Cause
barriers I-Cause
and I-Cause
high I-Cause
exit I-Cause
barriers I-Cause
in I-Cause
the I-Cause
industry I-Cause
and I-Cause
a I-Cause
price-sensitive I-Cause
customer I-Cause
. O

However O
, O
upon O
a O
fresh O
look O
, O
we O
are O
more O
comfortable O
that O
Norfolk B-Cause
's I-Cause
uncertainty I-Cause
is I-Cause
only I-Cause
modestly I-Cause
higher I-Cause
than I-Cause
western I-Cause
rail I-Cause
Union I-Cause
Pacific I-Cause
, O
and O
a B-Effect
medium I-Effect
rating I-Effect
is I-Effect
more I-Effect
appropriate I-Effect
. O

The O
most O
prominent O
was O
Bombardier O
's O
C O
Series O
, O
which O
suffered O
from O
chronic B-Effect
delays I-Effect
resulting O
from O
issues B-Cause
with I-Cause
suppliers I-Cause
that O
extended B-Cause
development I-Cause
for I-Cause
years I-Cause
and I-Cause
program I-Cause
cost I-Cause
overruns I-Cause
that O
caused O
the B-Effect
company I-Effect
to I-Effect
take I-Effect
a I-Effect
quarterly I-Effect
charge I-Effect
in I-Effect
2015 I-Effect
that O
was O
roughly O
equal O
to O
its O
market O
capitalization O
at O
the O
time O
. O

We O
project O
the B-Effect
margin I-Effect
to I-Effect
expand I-Effect
about I-Effect
100 I-Effect
basis I-Effect
points I-Effect
between I-Effect
2021 I-Effect
and I-Effect
2024 I-Effect
, O
as O
the B-Cause
firm I-Cause
fully I-Cause
integrates I-Cause
its I-Cause
acquisitions I-Cause
and I-Cause
the I-Cause
revenue I-Cause
credits I-Cause
associated I-Cause
with I-Cause
them I-Cause
and I-Cause
takes I-Cause
advantage I-Cause
of I-Cause
cost I-Cause
deflation I-Cause
. O

We O
're O
acutely O
aware B-Effect
of I-Effect
this I-Effect
sensitivity I-Effect
in I-Effect
the I-Effect
current I-Effect
environment I-Effect
, O
given O
recent B-Cause
populist I-Cause
pressure I-Cause
to I-Cause
break I-Cause
constitutional I-Cause
spending I-Cause
limits I-Cause
, O
despite O
a O
ballooning O
debt O
to O
GDP O
ratio O
. O

Because O
of O
the B-Cause
high I-Cause
value I-Cause
of I-Cause
their I-Cause
assets I-Cause
and I-Cause
their I-Cause
sometimes I-Cause
unique I-Cause
nature I-Cause
( I-Cause
such I-Cause
as I-Cause
yachts I-Cause
or I-Cause
fine I-Cause
art I-Cause
) I-Cause
, O
insurance B-Cause
companies I-Cause
require I-Cause
assessments I-Cause
on I-Cause
the I-Cause
current I-Cause
value I-Cause
of I-Cause
their I-Cause
property I-Cause
, O
which O
increases B-Effect
policyholder I-Effect
duration I-Effect
and I-Effect
lowers I-Effect
acquisition I-Effect
costs I-Effect
. O

To O
more B-Effect
clearly I-Effect
orient I-Effect
our I-Effect
thoughts I-Effect
around I-Effect
the I-Effect
term I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
high I-Effect
end I-Effect
, O
'' O
'' O
'' O
'' O
we B-Cause
utilize I-Cause
a I-Cause
conventional I-Cause
framework I-Cause
which O
indexes O
against O
the O
highest O
velocity O
brand O
in O
a O
particular O
pack O
type O
to O
define O
four O
exhaustive O
and O
mutually O
exclusive O
beer O
segments O
: O
discount O
, O
mainstream O
, O
premium O
, O
and O
superpremium O
. O

Increasing B-Cause
hybrid I-Cause
or O
remote B-Cause
work I-Cause
could O
spur O
migration B-Effect
to I-Effect
suburban I-Effect
areas I-Effect
, O
leading O
to O
higher B-Effect
new I-Effect
vehicle I-Effect
sales I-Effect
. O

Our O
forecast O
reflects O
better-than-anticipated O
efficiencies O
as O
a O
public O
company O
, O
but O
the B-Effect
company I-Effect
may I-Effect
experience I-Effect
short-term I-Effect
fluctuations I-Effect
with O
softer B-Cause
revenue I-Cause
for I-Cause
medical I-Cause
providers I-Cause
( I-Cause
hospital I-Cause
and I-Cause
practices I-Cause
) I-Cause
with I-Cause
extended I-Cause
COVID-19 I-Cause
pandemic I-Cause
recovery I-Cause
and I-Cause
some I-Cause
variability I-Cause
of I-Cause
integration I-Cause
costs I-Cause
as I-Cause
the I-Cause
company I-Cause
sharpens I-Cause
its I-Cause
strategy I-Cause
. O

Existing O
regulations O
prevent O
foreign O
competition O
, O
as O
non-Canadian B-Cause
residents I-Cause
may I-Cause
not I-Cause
own I-Cause
more I-Cause
than I-Cause
25 I-Cause
% I-Cause
of I-Cause
the I-Cause
shares I-Cause
of I-Cause
a I-Cause
bank I-Cause
unless O
approved O
by O
the O
government O
, O
preventing B-Effect
foreign I-Effect
takeover I-Effect
. O

Short-term O
tailwinds O
should O
support O
recent O
trends O
( O
continued O
at-home O
food O
consumption O
due O
to O
concerns O
surrounding O
the O
coronavirus O
pandemic O
and O
a O
challenging O
economic O
backdrop O
) O
, O
but O
we O
do O
n't O
think O
this B-Effect
pace I-Effect
of I-Effect
gains I-Effect
will I-Effect
be I-Effect
sustained I-Effect
long I-Effect
term I-Effect
, O
as O
purchasing B-Cause
patterns I-Cause
revert I-Cause
in I-Cause
an I-Cause
intensely I-Cause
competitive I-Cause
space I-Cause
. O

Even O
a O
few O
cases O
could O
lead O
to O
quarantines B-Cause
of I-Cause
entire I-Cause
facilities I-Cause
, O
which O
will O
dramatically O
impact B-Effect
occupancy I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
quarters I-Effect
. O

Additionally O
, O
if O
its B-Effect
service I-Effect
becomes I-Effect
superior I-Effect
because O
of B-Cause
the I-Cause
open I-Cause
sourcing I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
see I-Effect
a I-Effect
reason I-Effect
why I-Effect
competitors I-Effect
with O
bigger B-Cause
customer I-Cause
bases I-Cause
, I-Cause
such I-Cause
as I-Cause
Akamai I-Cause
and I-Cause
the I-Cause
major I-Cause
cloud I-Cause
providers I-Cause
, O
could O
n't O
take O
a O
similar O
tack O
. O

Further O
, O
sanctions O
put O
in O
place O
that O
target B-Cause
Russian I-Cause
gas I-Cause
producer I-Cause
Novatek I-Cause
could O
put O
at O
risk B-Effect
the I-Effect
value I-Effect
of I-Effect
Total I-Effect
's I-Effect
recent I-Effect
multi-billion-dollar I-Effect
investments I-Effect
in I-Effect
the I-Effect
country I-Effect
. O

Although B-Effect
the I-Effect
merchant I-Effect
generation I-Effect
business I-Effect
has I-Effect
not I-Effect
done I-Effect
well I-Effect
, I-Effect
Entergy I-Effect
's I-Effect
regulated I-Effect
utilities I-Effect
are I-Effect
experiencing I-Effect
strong I-Effect
industrial I-Effect
sales I-Effect
growth I-Effect
driven I-Effect
in I-Effect
large I-Effect
part I-Effect
by I-Effect
an I-Effect
industrial I-Effect
boom I-Effect
in I-Effect
the I-Effect
Mississippi I-Effect
Delta I-Effect
region. O
This O
will O
require O
significant B-Cause
capital I-Cause
investment I-Cause
to I-Cause
service I-Cause
this I-Cause
new I-Cause
load I-Cause
, I-Cause
including I-Cause
the I-Cause
addition I-Cause
of I-Cause
roughly I-Cause
8,000 I-Cause
MW I-Cause
of I-Cause
new I-Cause
generation I-Cause
capacity I-Cause
with I-Cause
about I-Cause
50 I-Cause
% I-Cause
solar I-Cause
energy I-Cause
. O

The B-Effect
financial I-Effect
services I-Effect
segment I-Effect
is I-Effect
doubly I-Effect
exposed I-Effect
, O
as O
an B-Cause
economic I-Cause
downturn I-Cause
could I-Cause
lead I-Cause
to I-Cause
fewer B-Effect
units I-Effect
of I-Effect
equipment I-Effect
being I-Effect
financed I-Effect
and I-Effect
increased I-Effect
defaults I-Effect
on I-Effect
contractual I-Effect
obligations I-Effect
, O
including O
leases O
and O
loans O
. O

The B-Cause
$ I-Cause
11 I-Cause
billion I-Cause
Pharmasset I-Cause
acquisition I-Cause
, I-Cause
the I-Cause
foundation I-Cause
for I-Cause
Gilead I-Cause
's I-Cause
HCV I-Cause
franchise I-Cause
, O
allowed O
Gilead B-Effect
to I-Effect
generate I-Effect
more I-Effect
than I-Effect
$ I-Effect
19 I-Effect
billion I-Effect
in I-Effect
HCV I-Effect
revenue I-Effect
in I-Effect
2015 I-Effect
alone I-Effect
, O
but O
Gilead B-Effect
's I-Effect
HCV I-Effect
business I-Effect
has I-Effect
declined I-Effect
steeply I-Effect
since I-Effect
2016 I-Effect
, O
as O
competition B-Cause
allowed I-Cause
pharmacy I-Cause
benefit I-Cause
managers I-Cause
like I-Cause
Express I-Cause
Scripts I-Cause
to I-Cause
aggressively I-Cause
negotiate I-Cause
pricing I-Cause
. O

Because O
of O
Bank B-Cause
of I-Cause
America I-Cause
's I-Cause
higher I-Cause
investment I-Cause
banking I-Cause
and I-Cause
trading I-Cause
exposures I-Cause
and I-Cause
higher I-Cause
complexity I-Cause
, O
we B-Effect
assign I-Effect
the I-Effect
firm I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

However O
, O
Waste B-Cause
Management I-Cause
has I-Cause
made I-Cause
efforts I-Cause
to I-Cause
reduce I-Cause
contamination I-Cause
rates I-Cause
and I-Cause
transition I-Cause
to I-Cause
a I-Cause
fee-for-service I-Cause
model I-Cause
, O
which O
should O
help B-Effect
mitigate I-Effect
these I-Effect
headwinds I-Effect
. O

We B-Effect
estimate I-Effect
2021-30 I-Effect
hotel I-Effect
, I-Effect
media I-Effect
, I-Effect
and I-Effect
platform I-Effect
revenue I-Effect
to I-Effect
average I-Effect
16 I-Effect
% I-Effect
( O
heavily B-Cause
influenced I-Cause
by I-Cause
a I-Cause
strong I-Cause
rebound I-Cause
growth I-Cause
year I-Cause
in I-Cause
2021 I-Cause
) O
. O

In O
addition O
, O
if O
European B-Cause
Union I-Cause
economic I-Cause
conditions I-Cause
deteriorate I-Cause
on I-Cause
a I-Cause
no-deal I-Cause
Brexit I-Cause
and I-Cause
international I-Cause
trade I-Cause
conflict I-Cause
, O
consumer B-Effect
demand I-Effect
across I-Effect
the I-Effect
region I-Effect
will I-Effect
be I-Effect
stifled I-Effect
. O

As O
a O
result O
, O
we O
believe O
margin B-Effect
will I-Effect
improve I-Effect
significantly I-Effect
, O
as O
a O
result O
of O
reduced B-Cause
discounts I-Cause
, I-Cause
automation I-Cause
, I-Cause
operating I-Cause
leverage I-Cause
, I-Cause
and I-Cause
operational I-Cause
efficiency I-Cause
. O

We O
think O
that O
in O
the O
case O
of O
an O
economic O
downturn O
, O
Dassault B-Effect
Systemes I-Effect
is I-Effect
slightly I-Effect
less I-Effect
well I-Effect
off I-Effect
than I-Effect
its I-Effect
other I-Effect
CAD I-Effect
peers I-Effect
, O
like O
Autodesk O
and O
PTC O
, O
due O
to O
its B-Cause
lower I-Cause
percentage I-Cause
of I-Cause
recurring I-Cause
revenue I-Cause
at I-Cause
72 I-Cause
% I-Cause
. O

The B-Effect
proximity I-Effect
division I-Effect
's I-Effect
operations I-Effect
also I-Effect
have I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
, O
underpinned B-Cause
by I-Cause
scale I-Cause
and I-Cause
the I-Cause
implications I-Cause
for I-Cause
its I-Cause
procurement I-Cause
and I-Cause
distribution I-Cause
. O

Like O
Trane O
Technologies O
' O
HVAC O
brands O
, O
Thermo B-Cause
King I-Cause
also I-Cause
has I-Cause
a I-Cause
long-standing I-Cause
reputation I-Cause
for I-Cause
dependability I-Cause
and I-Cause
continued I-Cause
innovation I-Cause
that O
helps O
customers B-Effect
lower I-Effect
operating I-Effect
costs I-Effect
and I-Effect
prevent I-Effect
costly I-Effect
damage I-Effect
claims I-Effect
, I-Effect
which I-Effect
supports I-Effect
product I-Effect
pricing I-Effect
power I-Effect
. O

Finally O
, O
consolidation B-Cause
among I-Cause
Cushman I-Cause
& I-Cause
Wakefield I-Cause
's I-Cause
key I-Cause
competitors I-Cause
also O
represents O
a B-Effect
significant I-Effect
risk I-Effect
to I-Effect
the I-Effect
company I-Effect
, O
since O
it B-Cause
would I-Cause
make I-Cause
the I-Cause
competitive I-Cause
landscape I-Cause
more I-Cause
difficult I-Cause
for I-Cause
it I-Cause
to I-Cause
operate I-Cause
in I-Cause
. O

We O
expect O
TIM O
will O
continue O
to O
gradually O
lose O
market O
share O
in O
the O
coming O
years O
but O
that O
average B-Effect
revenue I-Effect
per I-Effect
customer I-Effect
will I-Effect
also I-Effect
increase I-Effect
as O
the B-Cause
customer I-Cause
base I-Cause
shifts I-Cause
toward I-Cause
the I-Cause
postpaid I-Cause
market I-Cause
. O

Although O
we O
do O
not O
expect O
Juniper O
's O
consolidating O
operating O
results O
to O
expand O
due O
to O
this O
market O
, O
we O
do O
believe O
partnering B-Effect
with I-Effect
Ericsson I-Effect
is I-Effect
a I-Effect
wise I-Effect
choice I-Effect
in O
order O
to O
further O
penetrate B-Cause
Juniper I-Cause
products I-Cause
within I-Cause
customer I-Cause
networks I-Cause
. O

We O
see O
this O
advantaged O
further O
supported O
by O
our O
view O
that O
the B-Cause
company I-Cause
will I-Cause
reinvest I-Cause
proceeds I-Cause
from I-Cause
the I-Cause
planned I-Cause
2021 I-Cause
$ I-Cause
6.25 I-Cause
billion I-Cause
sale I-Cause
of I-Cause
its I-Cause
Vegas I-Cause
assets I-Cause
into I-Cause
its I-Cause
Macao I-Cause
assets I-Cause
, O
strengthening B-Effect
the I-Effect
brand I-Effect
locally I-Effect
. O

Gildan B-Effect
reported I-Effect
its I-Effect
first I-Effect
quarterly I-Effect
loss I-Effect
in I-Effect
10 I-Effect
years I-Effect
in I-Effect
the I-Effect
December I-Effect
2011 I-Effect
quarter I-Effect
due O
in O
part O
to O
higher B-Cause
cotton I-Cause
prices I-Cause
. O

Despite O
operating O
in O
a O
highly O
competitive O
market O
, O
Roku B-Effect
has I-Effect
grown I-Effect
rapidly I-Effect
over I-Effect
the I-Effect
last I-Effect
five I-Effect
plus I-Effect
years I-Effect
as O
the B-Cause
firm I-Cause
has I-Cause
benefited I-Cause
from I-Cause
both I-Cause
the I-Cause
secular I-Cause
trend I-Cause
toward I-Cause
more I-Cause
over-the-top I-Cause
viewing I-Cause
and I-Cause
smart I-Cause
TV I-Cause
adoption I-Cause
. O

We O
assume O
that O
the B-Cause
pandemic I-Cause
tamps O
down O
conversion B-Effect
of I-Effect
new I-Effect
patients I-Effect
from I-Effect
multiple I-Effect
daily I-Effect
injections I-Effect
but O
that O
the B-Cause
majority I-Cause
of I-Cause
patients I-Cause
currently I-Cause
on I-Cause
Omnipod I-Cause
will I-Cause
stay I-Cause
on I-Cause
the I-Cause
therapy I-Cause
, O
which O
translates B-Effect
into I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
21 I-Effect
% I-Effect
through I-Effect
2024 I-Effect
. O

For O
the O
player O
segment O
, O
we O
expect O
anemic B-Cause
growth I-Cause
along I-Cause
with I-Cause
ongoing I-Cause
hardware I-Cause
upgrades I-Cause
will O
keep B-Effect
the I-Effect
segment I-Effect
gross I-Effect
margin I-Effect
in I-Effect
the I-Effect
single I-Effect
digits I-Effect
for I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

In O
our O
view O
, O
Uber B-Cause
's I-Cause
ride-sharing I-Cause
network I-Cause
effect I-Cause
can O
also O
help O
the B-Effect
firm I-Effect
tap I-Effect
into I-Effect
other I-Effect
markets I-Effect
and I-Effect
generate I-Effect
additional I-Effect
revenue I-Effect
streams I-Effect
. O

In O
addition O
, O
OSB B-Cause
can I-Cause
easily I-Cause
be I-Cause
replaced I-Cause
with I-Cause
plywood I-Cause
, O
which O
makes O
pricing B-Effect
dependent I-Effect
on I-Effect
capacity-expansion I-Effect
behavior I-Effect
throughout I-Effect
the I-Effect
broader I-Effect
structural I-Effect
panel I-Effect
space I-Effect
. O

Debt/EBITDA O
is O
3.5 O
times O
at O
the O
moment O
, O
though O
we O
expect O
this O
to O
increase B-Effect
to I-Effect
3.6 I-Effect
times I-Effect
in I-Effect
2021 I-Effect
as O
earnings B-Cause
decline I-Cause
. O

In O
some O
cases O
, O
particularly O
spacecraft O
, O
it O
is O
prohibitively B-Cause
difficult I-Cause
to I-Cause
repair I-Cause
a I-Cause
subcomponent I-Cause
, O
which O
makes O
customers B-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
to I-Effect
an I-Effect
untested I-Effect
supplier I-Effect
. O

With B-Effect
the I-Effect
domestic I-Effect
gaming I-Effect
market I-Effect
growth I-Effect
tapering I-Effect
to I-Effect
only I-Effect
9 I-Effect
% I-Effect
growth I-Effect
in I-Effect
2019 I-Effect
before I-Effect
registering I-Effect
21 I-Effect
% I-Effect
growth I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
, O
NetEase O
aims O
to O
increase O
its O
growth O
by O
lifting O
its O
overseas O
contribution O
to O
gaming O
revenue O
from O
over O
10 O
% O
to O
30 O
% O
in O
three O
to O
five O
years O
. O

As O
consumers B-Cause
change I-Cause
their I-Cause
habits I-Cause
from I-Cause
shopping I-Cause
in I-Cause
physical I-Cause
stores I-Cause
to I-Cause
shopping I-Cause
online I-Cause
, O
the B-Effect
demand I-Effect
for I-Effect
retail I-Effect
space I-Effect
will I-Effect
shrink I-Effect
and I-Effect
many I-Effect
stores I-Effect
and I-Effect
malls I-Effect
are I-Effect
likely I-Effect
to I-Effect
go I-Effect
away I-Effect
. O

This B-Effect
should I-Effect
drive I-Effect
earnings I-Effect
per I-Effect
share I-Effect
growth I-Effect
over I-Effect
7 I-Effect
% I-Effect
annually I-Effect
following I-Effect
the I-Effect
earnings I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
abandonment I-Cause
of I-Cause
the I-Cause
Atlantic I-Cause
Coast I-Cause
Pipeline I-Cause
and I-Cause
the I-Cause
sale I-Cause
of I-Cause
most I-Cause
of I-Cause
the I-Cause
assets I-Cause
in I-Cause
the I-Cause
gas I-Cause
transmission I-Cause
and I-Cause
storage I-Cause
segment I-Cause
. O

This B-Cause
aligns I-Cause
with I-Cause
management I-Cause
's I-Cause
newly I-Cause
minted I-Cause
long-term I-Cause
targets I-Cause
( I-Cause
launched I-Cause
along I-Cause
with I-Cause
the I-Cause
dissemination I-Cause
of I-Cause
its I-Cause
revised I-Cause
strategic I-Cause
playbook I-Cause
) I-Cause
for I-Cause
1 I-Cause
% I-Cause
-2 I-Cause
% I-Cause
organic I-Cause
sales I-Cause
growth I-Cause
and I-Cause
4 I-Cause
% I-Cause
-6 I-Cause
% I-Cause
adjusted I-Cause
EPS I-Cause
growth. O
As O
such O
, O
our B-Effect
longer-term I-Effect
forecast I-Effect
calls I-Effect
for I-Effect
around I-Effect
2 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
and I-Effect
operating I-Effect
margins I-Effect
holding I-Effect
in I-Effect
the I-Effect
low I-Effect
20s I-Effect
. O

We O
forecast O
some B-Effect
improvement I-Effect
in I-Effect
PVH I-Effect
's I-Effect
gross I-Effect
margin I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
as O
we O
anticipate O
it B-Cause
increases I-Cause
to I-Cause
56.0 I-Cause
% I-Cause
in I-Cause
the I-Cause
long I-Cause
term I-Cause
from I-Cause
54.4 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
( I-Cause
assumes I-Cause
low I-Cause
inflation I-Cause
in I-Cause
wages I-Cause
, I-Cause
cotton I-Cause
prices I-Cause
, I-Cause
and I-Cause
other I-Cause
inputs I-Cause
) I-Cause
. O

Capital B-Cause
costs I-Cause
for I-Cause
new I-Cause
transmission I-Cause
lines I-Cause
are I-Cause
too I-Cause
high I-Cause
and I-Cause
incremental I-Cause
benefits I-Cause
too I-Cause
low I-Cause
to O
offer B-Effect
sufficient I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
for I-Effect
two I-Effect
competing I-Effect
transmission I-Effect
owners I-Effect
. O

We O
believe O
CenterPoint B-Effect
will I-Effect
be I-Effect
well I-Effect
positioned I-Effect
to I-Effect
manage I-Effect
its I-Effect
ESG I-Effect
risk I-Effect
, O
primarily O
from O
greenhouse B-Cause
gas I-Cause
emissions I-Cause
, I-Cause
following I-Cause
the I-Cause
divestiture I-Cause
of I-Cause
its I-Cause
midstream I-Cause
investment I-Cause
. O

Our B-Cause
2020 I-Cause
revenue I-Cause
projection I-Cause
takes I-Cause
into I-Cause
account I-Cause
our I-Cause
estimates I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
' I-Cause
negative I-Cause
impact I-Cause
on I-Cause
the I-Cause
B2B I-Cause
segment I-Cause
, I-Cause
handset I-Cause
sales I-Cause
and I-Cause
consumers I-Cause
' I-Cause
behavior I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
postponing I-Cause
upgrades I-Cause
to I-Cause
higher I-Cause
data I-Cause
plans I-Cause
and I-Cause
devices. O
This O
results O
in O
the B-Effect
group I-Effect
's I-Effect
sales I-Effect
growth I-Effect
, I-Effect
including I-Effect
currency I-Effect
effects I-Effect
, I-Effect
at I-Effect
negative I-Effect
6 I-Effect
% I-Effect
, I-Effect
but I-Effect
we I-Effect
expect I-Effect
the I-Effect
revenues I-Effect
to I-Effect
recover I-Effect
afterward I-Effect
. O

The B-Cause
various I-Cause
qualitative I-Cause
programs I-Cause
provided I-Cause
by I-Cause
each I-Cause
insurer I-Cause
's I-Cause
plan I-Cause
can I-Cause
differ I-Cause
as I-Cause
well I-Cause
, O
creating O
the B-Effect
potential I-Effect
for I-Effect
differing I-Effect
quality I-Effect
and I-Effect
cost I-Effect
outcomes I-Effect
for I-Effect
stakeholders I-Effect
when I-Effect
switching I-Effect
insurance I-Effect
providers I-Effect
. O

Electronic B-Effect
mortgage I-Effect
processing I-Effect
also I-Effect
received I-Effect
a I-Effect
nice I-Effect
boost I-Effect
from O
COVID-19 B-Cause
and I-Cause
businesses I-Cause
having I-Cause
to I-Cause
go I-Cause
electronic I-Cause
along I-Cause
with I-Cause
the I-Cause
low I-Cause
interest-rate I-Cause
environment I-Cause
that O
spurred O
mortgage O
refinancing O
. O

We O
expect O
the B-Effect
field I-Effect
to I-Effect
become I-Effect
more I-Effect
concentrated I-Effect
, O
as O
the B-Cause
vast I-Cause
majority I-Cause
of I-Cause
replacement I-Cause
installations I-Cause
and I-Cause
greenfield I-Cause
is I-Cause
expected I-Cause
to I-Cause
go I-Cause
to I-Cause
either I-Cause
Varian I-Cause
or I-Cause
Elekta I-Cause
. O

Although O
these O
implied O
multiples O
are O
slightly O
above O
the O
level O
that O
AB O
InBev O
has O
traded O
at O
historically O
, O
we O
expect O
the B-Effect
company I-Effect
to I-Effect
grow I-Effect
at I-Effect
an I-Effect
above-average I-Effect
rate I-Effect
due O
to O
volume B-Cause
and I-Cause
mix I-Cause
drivers I-Cause
. O

Though O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
initially B-Effect
depressed I-Effect
sales I-Effect
, O
with O
lab O
closures O
early O
in O
2020 O
and O
uncertainty O
on O
academic O
research O
funding O
, O
Bio-Techne O
has O
also O
seen O
some O
upside O
. O

Traditional O
market O
risk O
measurements O
also O
do O
not O
capture O
the O
impact O
of O
declining O
markets O
on O
client O
behavior O
, O
where O
lower B-Cause
client I-Cause
risk I-Cause
appetite I-Cause
typically O
lead O
to O
lower B-Effect
new I-Effect
business I-Effect
inflows I-Effect
. O

As O
VeriSign B-Cause
's I-Cause
top I-Cause
line I-Cause
starts I-Cause
to I-Cause
grow I-Cause
at I-Cause
a I-Cause
faster I-Cause
pace I-Cause
near I-Cause
the I-Cause
back I-Cause
end I-Cause
of I-Cause
its I-Cause
.com I-Cause
agreement I-Cause
, O
the O
company O
will O
be O
able O
to O
achieve B-Effect
additional I-Effect
operating I-Effect
leverage I-Effect
, I-Effect
reaching I-Effect
67.1 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
. I-Effect

These O
solutions O
have O
the O
added O
benefit O
of O
alerting B-Cause
customers I-Cause
in I-Cause
the I-Cause
event I-Cause
of I-Cause
occurrences I-Cause
like I-Cause
power I-Cause
outages I-Cause
or I-Cause
maintenance I-Cause
needs I-Cause
, O
which O
provide B-Effect
the I-Effect
segment I-Effect
with I-Effect
additional I-Effect
recurring I-Effect
revenue I-Effect
( O
for O
example O
alarm O
monitoring O
or O
service O
dispatch O
in O
the O
event O
of O
alarm O
) O
. O

Alternatively O
, O
customers B-Cause
can I-Cause
come I-Cause
to I-Cause
West I-Cause
with I-Cause
a I-Cause
preset I-Cause
design I-Cause
and I-Cause
contract I-Cause
with I-Cause
West I-Cause
solely I-Cause
on I-Cause
the I-Cause
production I-Cause
side I-Cause
, O
which O
generates B-Effect
business I-Effect
in I-Effect
contract I-Effect
manufacturing I-Effect
. O

A O
MR/CT O
machine O
typically O
lasts O
10 O
years O
, O
but O
its B-Effect
life I-Effect
can I-Effect
be I-Effect
prolonged I-Effect
with O
some B-Cause
refurbishing I-Cause
to I-Cause
delay I-Cause
capital I-Cause
outlays I-Cause
, O
a O
service O
Philips O
also O
offers O
. O

Utilities O
- O
Independent O
Power O
ProducersNRG O
has O
proved O
that O
there B-Effect
are I-Effect
some I-Effect
benefits I-Effect
on I-Effect
a I-Effect
consolidated I-Effect
level I-Effect
by O
pairing B-Cause
its I-Cause
retail I-Cause
supply I-Cause
business I-Cause
with I-Cause
its I-Cause
wholesale I-Cause
generation I-Cause
in I-Cause
a I-Cause
given I-Cause
region I-Cause
. O

All B-Cause
of I-Cause
the I-Cause
acquired I-Cause
networks I-Cause
hold I-Cause
multisport I-Cause
rights I-Cause
, O
which O
allow O
the B-Effect
21 I-Effect
brands I-Effect
to I-Effect
offer I-Effect
live I-Effect
sports I-Effect
year-round I-Effect
and O
limits O
the B-Effect
dependence I-Effect
on I-Effect
the I-Effect
performance I-Effect
of I-Effect
any I-Effect
one I-Effect
team I-Effect
. O

With O
occupancy B-Cause
rates I-Cause
likely O
declining B-Effect
in I-Effect
the I-Effect
future I-Effect
based I-Effect
on I-Effect
tenant I-Effect
turnover I-Effect
, O
management O
is O
left O
with O
two O
more O
levers O
to O
pull O
for O
growth O
: O
price O
and O
square O
footage O
. O

Existing O
home O
sales O
growth O
had O
stabilized O
at O
the O
beginning O
of O
2020 O
until O
COVID-19 B-Cause
struck I-Cause
, O
sending O
existing-home B-Effect
sales I-Effect
tumbling I-Effect
at I-Effect
a I-Effect
double-digit I-Effect
pace I-Effect
between I-Effect
April I-Effect
and I-Effect
June I-Effect
2020 I-Effect
, O
before O
achieving O
a O
sustained O
recovery O
. O

For O
Bank O
of O
America O
, O
costs B-Cause
of I-Cause
compliance I-Cause
are I-Cause
high I-Cause
, I-Cause
it I-Cause
is I-Cause
large I-Cause
and I-Cause
complex I-Cause
, O
and O
it O
is O
clearly O
a B-Effect
prime I-Effect
target I-Effect
of I-Effect
regulators I-Effect
seeking I-Effect
fines I-Effect
and I-Effect
litigants I-Effect
seeking I-Effect
compensation I-Effect
for I-Effect
alleged I-Effect
misdeeds I-Effect
. O

Moreover O
, O
the B-Cause
company I-Cause
's I-Cause
large I-Cause
fixed I-Cause
costs I-Cause
create I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
that O
makes B-Effect
for I-Effect
wide I-Effect
profitability I-Effect
swings I-Effect
in I-Effect
response I-Effect
to I-Effect
relatively I-Effect
small I-Effect
changes I-Effect
in I-Effect
demand I-Effect
. O

This B-Cause
barrier I-Cause
to I-Cause
entry I-Cause
allows O
TransDigm B-Effect
to I-Effect
extract I-Effect
value I-Effect
from I-Effect
FAA-required I-Effect
maintenance I-Effect
and I-Effect
enables I-Effect
the I-Effect
firm I-Effect
to I-Effect
aggressively I-Effect
price I-Effect
spare I-Effect
parts I-Effect
. I-Effect

Given O
the B-Cause
importance I-Cause
of I-Cause
customer I-Cause
retention I-Cause
for I-Cause
businesses I-Cause
, O
they B-Effect
are I-Effect
likely I-Effect
to I-Effect
adopt I-Effect
best-of-breed I-Effect
solutions I-Effect
that O
support O
the O
smoothest O
customer O
support O
experience O
possible O
. O

From O
a O
funding O
cost O
perspective O
, O
the O
bank O
benefits O
from O
sizable O
market O
share O
in O
Hong O
Kong O
and O
U.K. O
, O
as O
highlighted O
above O
, O
and O
the B-Cause
strong I-Cause
liquidity I-Cause
and I-Cause
capital I-Cause
position I-Cause
allows O
the B-Effect
bank I-Effect
to I-Effect
raise I-Effect
wholesale I-Effect
funding I-Effect
at I-Effect
favorable I-Effect
rates I-Effect
. O

Furthermore O
, O
insurers B-Cause
do I-Cause
not I-Cause
know I-Cause
their I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
for I-Cause
a I-Cause
number I-Cause
of I-Cause
years I-Cause
, O
allowing O
them B-Effect
to I-Effect
underprice I-Effect
policies I-Effect
without I-Effect
knowing I-Effect
it I-Effect
. O

Twilio O
is O
a O
leading O
communications-platform-as-a-service O
, O
or O
CPaaS O
, O
firm O
that O
enables O
developers B-Cause
to I-Cause
integrate I-Cause
communications I-Cause
capabilities I-Cause
such O
as O
messaging O
, O
voice O
, O
and O
video O
into O
client-facing O
products O
, O
thus O
helping O
businesses B-Effect
strengthen I-Effect
customer I-Effect
engagement I-Effect
worldwide I-Effect
. O

If O
the B-Cause
company I-Cause
does I-Cause
not I-Cause
quickly I-Cause
deleverage I-Cause
after I-Cause
debt-funded I-Cause
transactions I-Cause
for I-Cause
any I-Cause
reason I-Cause
, O
acquisitions B-Effect
could I-Effect
eventually I-Effect
harm I-Effect
its I-Effect
financial I-Effect
flexibility I-Effect
. O

As O
the O
Chinese B-Cause
economy I-Cause
cools I-Cause
, O
log B-Effect
prices I-Effect
are I-Effect
likely I-Effect
to I-Effect
gradually I-Effect
fall I-Effect
, I-Effect
slightly I-Effect
reducing I-Effect
the I-Effect
segment I-Effect
's I-Effect
EBITDA I-Effect
contribution I-Effect
over O
the O
course O
of O
our O
forecast O
. O

High-yielding O
business O
travelers O
are O
some O
of O
the O
most O
profitable O
customers O
for O
airlines O
, O
and O
new B-Effect
aircraft I-Effect
demand I-Effect
may I-Effect
be I-Effect
constrained I-Effect
if O
business B-Cause
travel I-Cause
does I-Cause
not I-Cause
return I-Cause
. O

While O
insulin O
pumps O
are O
not O
quite O
equivalent O
to O
life-saving O
devices O
such O
as O
pacemakers O
or O
heart O
valves O
, O
problems B-Cause
with I-Cause
product I-Cause
performance I-Cause
could O
lead O
to O
patient B-Effect
injury I-Effect
. O

Given O
high B-Cause
well I-Cause
decline I-Cause
rates I-Cause
, O
there B-Effect
's I-Effect
constant I-Effect
investment I-Effect
required I-Effect
by I-Effect
the I-Effect
G I-Effect
& I-Effect
P I-Effect
provider I-Effect
to I-Effect
maintain I-Effect
and I-Effect
increase I-Effect
volumes I-Effect
, O
and O
if O
basin B-Cause
production I-Cause
peaks I-Cause
and I-Cause
declines I-Cause
, O
the B-Effect
G I-Effect
& I-Effect
P I-Effect
assets I-Effect
risk I-Effect
being I-Effect
stranded I-Effect
. O

For O
a O
linerboard O
or O
medium O
mill O
, O
both B-Cause
the I-Cause
inputs I-Cause
and I-Cause
outputs I-Cause
are I-Cause
globally I-Cause
fungible I-Cause
, O
which O
diminishes O
barriers B-Effect
to I-Effect
entry I-Effect
in I-Effect
any I-Effect
particular I-Effect
market I-Effect
. O

It O
is O
not O
outside O
the O
realm O
of O
possibility O
that O
the B-Effect
company I-Effect
fails I-Effect
to I-Effect
generate I-Effect
profits I-Effect
because O
of O
operational B-Cause
challenges I-Cause
involved I-Cause
in I-Cause
scaling I-Cause
up I-Cause
pipeline I-Cause
projects I-Cause
. O

In B-Cause
a I-Cause
factory I-Cause
, I-Cause
even I-Cause
just I-Cause
one I-Cause
robot I-Cause
or I-Cause
machine I-Cause
going I-Cause
down I-Cause
could O
halt O
all B-Effect
production I-Effect
, O
or O
a B-Cause
faulty I-Cause
sensor I-Cause
could I-Cause
lead I-Cause
to I-Cause
misassembly I-Cause
of I-Cause
parts I-Cause
, O
resulting O
in O
wasted B-Effect
inputs I-Effect
. O

Nevertheless O
, O
we O
see O
no B-Cause
demonstrable I-Cause
difference I-Cause
in I-Cause
the I-Cause
productivity I-Cause
of I-Cause
the I-Cause
firms I-Cause
' I-Cause
brand I-Cause
investments I-Cause
( O
if O
anything O
, O
LaCroix O
's O
brand O
spending O
has O
been O
more O
productive O
) O
and O
thus O
see O
the B-Effect
LaCroix I-Effect
family I-Effect
as I-Effect
necessitating I-Effect
less I-Effect
brand I-Effect
reinvestment I-Effect
over I-Effect
time I-Effect
relative I-Effect
to I-Effect
peers I-Effect
. O

In O
the O
Philippines O
, O
while O
not O
as O
dire O
, O
there B-Cause
were I-Cause
structural I-Cause
issues I-Cause
that I-Cause
eroded I-Cause
Coca-Cola I-Cause
Femsa I-Cause
's I-Cause
profitability I-Cause
in I-Cause
the I-Cause
market I-Cause
and O
drove B-Effect
it I-Effect
to I-Effect
sell I-Effect
the I-Effect
operations I-Effect
. O

Though O
management O
missteps O
have O
stymied O
performance O
in O
the O
past O
, O
we O
believe O
the B-Cause
confluence I-Cause
of I-Cause
better I-Cause
execution I-Cause
and I-Cause
benefits I-Cause
inherent I-Cause
to I-Cause
its I-Cause
integrated I-Cause
business I-Cause
model I-Cause
has O
Pepsi O
poised O
to O
reaccelerate B-Effect
profitable I-Effect
growth I-Effect
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
Zions I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Specialty B-Cause
margins I-Cause
are I-Cause
also I-Cause
more I-Cause
than I-Cause
twice I-Cause
as I-Cause
high I-Cause
as I-Cause
commodity I-Cause
margins I-Cause
, I-Cause
as I-Cause
Ingredion I-Cause
commands I-Cause
more I-Cause
favorable I-Cause
pricing I-Cause
power I-Cause
for I-Cause
its I-Cause
specialty I-Cause
products. O
Accordingly O
, O
the B-Effect
proportion I-Effect
of I-Effect
companywide I-Effect
sales I-Effect
from I-Effect
specialty I-Effect
ingredients I-Effect
has I-Effect
been I-Effect
rising I-Effect
slowly I-Effect
but I-Effect
steadily I-Effect
, I-Effect
reaching I-Effect
32 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
from I-Effect
only I-Effect
21 I-Effect
% I-Effect
in I-Effect
2013 I-Effect
. O

We B-Effect
expect I-Effect
advertising I-Effect
revenue I-Effect
to I-Effect
represent I-Effect
over I-Effect
70 I-Effect
% I-Effect
of I-Effect
Alphabet I-Effect
's I-Effect
total I-Effect
revenue I-Effect
, O
driven O
by O
continuing B-Cause
growth I-Cause
in I-Cause
overall I-Cause
digital I-Cause
ad I-Cause
spending I-Cause
, I-Cause
more I-Cause
specifically I-Cause
in I-Cause
search I-Cause
, I-Cause
video I-Cause
, I-Cause
and I-Cause
mobile I-Cause
. O

While O
PNC O
once O
had O
some O
funding O
cost O
advantages O
, O
these B-Cause
have I-Cause
eroded I-Cause
over I-Cause
time I-Cause
, O
leaving O
the B-Effect
bank I-Effect
somewhere I-Effect
in I-Effect
the I-Effect
middle I-Effect
of I-Effect
the I-Effect
pack I-Effect
within I-Effect
our I-Effect
coverage I-Effect
. O

We O
forecast O
no B-Effect
long-term I-Effect
growth I-Effect
for I-Effect
Michael I-Effect
Kors I-Effect
in I-Effect
EMEA I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
the B-Cause
European I-Cause
handbag I-Cause
market I-Cause
is I-Cause
saturated I-Cause
with I-Cause
native I-Cause
European I-Cause
brands I-Cause
. O

From O
a O
competitive O
standpoint O
we O
think O
Telus O
is O
in O
good O
shape O
, O
especially O
as O
it O
has O
improved O
its O
network O
, O
but O
Shaw B-Cause
's I-Cause
new I-Cause
BlueSky I-Cause
TV I-Cause
offering I-Cause
( I-Cause
from I-Cause
Comcast I-Cause
) I-Cause
could O
be O
an B-Effect
incremental I-Effect
negative I-Effect
for I-Effect
Telus I-Effect
. O

We B-Cause
increased I-Cause
our I-Cause
near- I-Cause
to I-Cause
mid-term I-Cause
average I-Cause
selling I-Cause
price I-Cause
and I-Cause
profit I-Cause
margin I-Cause
assumptions I-Cause
for I-Cause
Toll I-Cause
Brothers I-Cause
to O
reflect B-Effect
our I-Effect
stronger I-Effect
outlook I-Effect
. O

After O
disposing O
of O
$ O
700 O
million O
in O
2019 O
, O
we O
project B-Effect
$ I-Effect
200 I-Effect
million I-Effect
of I-Effect
dispositions I-Effect
a I-Effect
year I-Effect
at I-Effect
an I-Effect
average I-Effect
cap I-Effect
rate I-Effect
of I-Effect
5.75 I-Effect
% I-Effect
and I-Effect
$ I-Effect
100 I-Effect
million- I-Effect
$ I-Effect
200 I-Effect
million I-Effect
of I-Effect
acquisitions I-Effect
at I-Effect
5.25 I-Effect
% I-Effect
cap I-Effect
rates I-Effect
as O
the B-Cause
company I-Cause
looks I-Cause
to I-Cause
recycle I-Cause
lower-quality I-Cause
assets I-Cause
to I-Cause
fund I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
higher-quality I-Cause
assets I-Cause
. O

With O
a B-Cause
strong I-Cause
operational I-Cause
track I-Cause
record I-Cause
and I-Cause
a I-Cause
national I-Cause
presence I-Cause
, O
O'Reilly B-Cause
derives I-Cause
significant I-Cause
productivity I-Cause
throughout I-Cause
its I-Cause
infrastructure I-Cause
, O
with O
margin B-Effect
growth I-Effect
coming I-Effect
despite I-Effect
increased I-Effect
investments I-Effect
in I-Effect
service I-Effect
and I-Effect
high I-Effect
levels I-Effect
of I-Effect
part I-Effect
availability I-Effect
. O

Additionally O
, O
Sanofi B-Effect
holds I-Effect
a I-Effect
strong I-Effect
position I-Effect
with I-Effect
several I-Effect
vaccines I-Effect
and I-Effect
rare I-Effect
disease I-Effect
drugs I-Effect
that O
should O
hold B-Cause
up I-Cause
well I-Cause
as I-Cause
pricing I-Cause
pressures I-Cause
and O
competition B-Cause
tend I-Cause
to I-Cause
be I-Cause
less I-Cause
severe I-Cause
in I-Cause
these I-Cause
areas I-Cause
. O

In O
addition O
, O
users B-Cause
would O
also O
see B-Cause
an I-Cause
adverse I-Cause
impact I-Cause
on I-Cause
productivity I-Cause
as O
many B-Cause
of I-Cause
the I-Cause
analytics I-Cause
and I-Cause
WFO/WEM I-Cause
capabilities I-Cause
being I-Cause
provided I-Cause
by I-Cause
NICE I-Cause
would I-Cause
no I-Cause
longer I-Cause
be I-Cause
available I-Cause
, O
leading O
to O
inefficient B-Effect
work I-Effect
and I-Effect
an I-Effect
inability I-Effect
to I-Effect
effectively I-Effect
service I-Effect
customers I-Effect
. O

We B-Effect
are I-Effect
n't I-Effect
optimistic I-Effect
about I-Effect
fixed-line I-Effect
profitability I-Effect
, O
however O
, O
as O
we O
expect O
legacy B-Cause
network I-Cause
maintenance I-Cause
costs I-Cause
will I-Cause
more I-Cause
than I-Cause
offset I-Cause
cost-cutting I-Cause
efforts I-Cause
. O

However O
, O
given O
the B-Cause
health I-Cause
of I-Cause
Realty I-Cause
Income I-Cause
's I-Cause
tenants I-Cause
, O
we O
think O
the B-Effect
terms I-Effect
of I-Effect
its I-Effect
leases I-Effect
show I-Effect
that I-Effect
the I-Effect
major I-Effect
tenants I-Effect
possess I-Effect
the I-Effect
pricing I-Effect
power I-Effect
in I-Effect
lease I-Effect
negotiations I-Effect
. O

As O
a O
result O
of O
diversified B-Cause
end I-Cause
markets I-Cause
with I-Cause
a I-Cause
common I-Cause
theme I-Cause
of I-Cause
materials I-Cause
science I-Cause
, O
Corning B-Effect
benefits I-Effect
from I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
through I-Effect
massive I-Effect
and I-Effect
centralized I-Effect
annual I-Effect
research I-Effect
and I-Effect
development I-Effect
expenses I-Effect
( O
$ O
1 O
billion O
in O
2019 O
) O
that O
benefit O
and O
are O
spread O
across O
all O
its O
segments O
. O

And O
we O
anticipate O
opportunities B-Effect
for I-Effect
further I-Effect
savings I-Effect
are I-Effect
likely I-Effect
in I-Effect
the I-Effect
cards I-Effect
, I-Effect
particularly I-Effect
within I-Effect
its I-Effect
supply I-Effect
chain I-Effect
and I-Effect
inventory I-Effect
management I-Effect
, O
which O
, O
based B-Cause
on I-Cause
management I-Cause
commentary I-Cause
, O
is O
still O
quite O
complex O
( O
with O
an O
astounding O
1,300 O
facilities O
in O
its O
network O
currently O
housing O
inventory O
) O
. O

With O
the B-Cause
majority I-Cause
of I-Cause
its I-Cause
linerboard I-Cause
and I-Cause
medium I-Cause
made I-Cause
from I-Cause
virgin I-Cause
fiber I-Cause
, O
IP O
faces O
the B-Effect
risk I-Effect
that I-Effect
softwood I-Effect
chip I-Effect
prices I-Effect
could I-Effect
increase I-Effect
substantially I-Effect
, O
forcing O
virgin O
fiber O
manufacturers O
to O
live O
with O
tighter O
margins O
to O
remain O
cost-competitive O
with O
recycled O
manufacturers O
. O

Additionally O
, O
community B-Effect
members I-Effect
often I-Effect
act I-Effect
as I-Effect
a I-Effect
hurdle I-Effect
for I-Effect
self-storage I-Effect
development I-Effect
, I-Effect
as I-Effect
these I-Effect
facilities I-Effect
are I-Effect
viewed I-Effect
more I-Effect
negatively I-Effect
than I-Effect
residential I-Effect
properties I-Effect
or I-Effect
manufacturing I-Effect
facilities I-Effect
that O
could O
provide B-Cause
housing I-Cause
and I-Cause
jobs I-Cause
that I-Cause
could I-Cause
increase I-Cause
the I-Cause
surrounding I-Cause
property I-Cause
value I-Cause
. I-Cause

Since O
then O
, O
Colfax B-Cause
has I-Cause
steadily I-Cause
increased I-Cause
its I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
from I-Cause
0.5 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
2012 I-Cause
to I-Cause
1.3 I-Cause
% I-Cause
, O
which O
brings B-Effect
it I-Effect
more I-Effect
in I-Effect
line I-Effect
with I-Effect
its I-Effect
large I-Effect
rivals I-Effect
( O
1.6 O
% O
for O
ITW O
and O
1.8 O
% O
for O
Lincoln O
Electric O
) O
. O

The B-Effect
COVID-19 I-Effect
pandemic I-Effect
highlights I-Effect
the I-Effect
geopolitical I-Effect
risk I-Effect
airlines I-Effect
face I-Effect
, O
as O
many B-Cause
global I-Cause
consumers I-Cause
of I-Cause
air I-Cause
travel I-Cause
are I-Cause
affected I-Cause
by I-Cause
a I-Cause
travel-preventing I-Cause
stay I-Cause
at I-Cause
home I-Cause
orders I-Cause
. O

Using B-Cause
its I-Cause
supply I-Cause
chain I-Cause
buying I-Cause
arm I-Cause
, O
Domino B-Cause
's I-Cause
effectively I-Cause
consolidates I-Cause
the I-Cause
buying I-Cause
power I-Cause
of I-Cause
its I-Cause
franchise I-Cause
base I-Cause
to O
achieve B-Effect
competitive I-Effect
pricing I-Effect
while I-Effect
also I-Effect
passing I-Effect
the I-Effect
volatility I-Effect
of I-Effect
commodity I-Effect
prices I-Effect
to I-Effect
the I-Effect
franchisee I-Effect
and I-Effect
insulating I-Effect
corporate I-Effect
level I-Effect
profits I-Effect
. O

Lastly O
, O
given O
the O
millions O
of O
customers O
Sun O
Life O
has O
, O
failure B-Cause
to I-Cause
keep I-Cause
personal I-Cause
data I-Cause
secure I-Cause
and I-Cause
private I-Cause
could O
harm B-Effect
the I-Effect
company I-Effect
. I-Effect

Given O
the B-Cause
significantly I-Cause
lower I-Cause
total I-Cause
tax I-Cause
and I-Cause
royalty I-Cause
rate I-Cause
in I-Cause
Argentina I-Cause
versus I-Cause
Chile I-Cause
, O
we O
think O
all B-Effect
lithium I-Effect
producers I-Effect
in I-Effect
Argentina I-Effect
face I-Effect
the I-Effect
risk I-Effect
of I-Effect
higher I-Effect
royalties I-Effect
, O
especially O
as O
president O
Alberto O
Fernandez O
campaigned O
on O
a O
populist O
platform O
. O

Horton B-Effect
's I-Effect
growth I-Effect
trajectory I-Effect
has I-Effect
consistently I-Effect
exceeded I-Effect
our I-Effect
expectations I-Effect
as O
the B-Cause
firm I-Cause
has I-Cause
successfully I-Cause
leveraged I-Cause
its I-Cause
scale I-Cause
and I-Cause
affordability-focused I-Cause
strategy I-Cause
to I-Cause
gain I-Cause
market I-Cause
share I-Cause
. O

We B-Effect
project I-Effect
that I-Effect
net I-Effect
interest I-Effect
margins I-Effect
will I-Effect
decline I-Effect
in I-Effect
2021 I-Effect
before O
bottoming B-Cause
out I-Cause
as I-Cause
rate I-Cause
cuts I-Cause
weigh I-Cause
on I-Cause
the I-Cause
bank I-Cause
and I-Cause
the I-Cause
Fed I-Cause
does I-Cause
not I-Cause
raise I-Cause
rates I-Cause
for I-Cause
years I-Cause
. I-Cause

We O
would O
expect O
Cheniere B-Cause
's I-Cause
marketing I-Cause
operations I-Cause
to I-Cause
be I-Cause
fairly I-Cause
volatile I-Cause
even I-Cause
in I-Cause
a I-Cause
reasonably I-Cause
healthy I-Cause
environment I-Cause
, O
given O
the B-Cause
spread-based I-Cause
nature I-Cause
of I-Cause
its I-Cause
business I-Cause
and I-Cause
the I-Cause
substantial I-Cause
volatility I-Cause
in I-Cause
the I-Cause
global I-Cause
LNG I-Cause
market I-Cause
, O
exposing O
the B-Effect
firm I-Effect
to I-Effect
potential I-Effect
losses I-Effect
. O

Tesla B-Cause
's I-Cause
mission I-Cause
is I-Cause
to I-Cause
make I-Cause
EVs I-Cause
increasingly I-Cause
more I-Cause
affordable I-Cause
, I-Cause
which I-Cause
means I-Cause
more I-Cause
assembly I-Cause
plants I-Cause
must I-Cause
come I-Cause
on I-Cause
line I-Cause
to I-Cause
achieve I-Cause
annual I-Cause
unit I-Cause
delivery I-Cause
volume I-Cause
in I-Cause
the I-Cause
millions. O
This O
expansion O
will O
cost B-Effect
billions I-Effect
a I-Effect
year I-Effect
in I-Effect
capital I-Effect
spending I-Effect
and I-Effect
research I-Effect
and I-Effect
development I-Effect
and I-Effect
will I-Effect
be I-Effect
necessary I-Effect
even I-Effect
during I-Effect
downturns I-Effect
in I-Effect
the I-Effect
economic I-Effect
cycle I-Effect
. O

It B-Effect
also I-Effect
has I-Effect
a I-Effect
leading I-Effect
market I-Effect
share I-Effect
in I-Effect
chelated I-Effect
and I-Effect
specialized I-Effect
minerals I-Effect
, O
thanks O
to O
its B-Cause
2016 I-Cause
acquisition I-Cause
of I-Cause
Albion I-Cause
International I-Cause
. O

With O
this O
expected O
recovery O
, O
we B-Effect
think I-Effect
PTC I-Effect
's I-Effect
growth I-Effect
areas I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
contribute I-Effect
to I-Effect
a I-Effect
much I-Effect
greater I-Effect
portion I-Effect
of I-Effect
PTC I-Effect
's I-Effect
business I-Effect
due O
to O
strong B-Cause
partnerships I-Cause
. O

The O
threat O
of O
trade O
restrictions O
never O
truly O
disappears O
, O
but O
Mexican B-Effect
manufacturing I-Effect
has I-Effect
substantial I-Effect
cost I-Effect
advantages I-Effect
and O
the B-Cause
automakers I-Cause
and I-Cause
maquiladoras I-Cause
have I-Cause
invested I-Cause
heavily I-Cause
in I-Cause
capacity I-Cause
. O

Meanwhile O
, O
the B-Effect
Empire I-Effect
State I-Effect
observation I-Effect
deck I-Effect
will I-Effect
continue I-Effect
to I-Effect
see I-Effect
declining I-Effect
visitor I-Effect
numbers I-Effect
, I-Effect
offset I-Effect
somewhat I-Effect
by I-Effect
limited I-Effect
price I-Effect
increases I-Effect
as O
it B-Cause
struggles I-Cause
to I-Cause
contend I-Cause
with I-Cause
the I-Cause
addition I-Cause
of I-Cause
competing I-Cause
observation I-Cause
decks I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
. O

Therefore O
, O
we O
expect O
supply B-Cause
will I-Cause
more I-Cause
than I-Cause
offset I-Cause
demand I-Cause
for I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
and O
hotel B-Cause
companies I-Cause
will I-Cause
have I-Cause
difficulty I-Cause
pushing I-Cause
rates I-Cause
to O
generate B-Effect
significant I-Effect
NOI I-Effect
growth I-Effect
. O

With O
Trikafta B-Cause
's I-Cause
potential I-Cause
approvals I-Cause
abroad I-Cause
and I-Cause
in I-Cause
pediatric I-Cause
patients I-Cause
, O
we O
think O
the B-Effect
eligible I-Effect
patient I-Effect
population I-Effect
reaches I-Effect
about I-Effect
68,000 I-Effect
, I-Effect
or I-Effect
roughly I-Effect
90 I-Effect
% I-Effect
of I-Effect
all I-Effect
CF I-Effect
patients I-Effect
. O

Shopping B-Effect
at I-Effect
brick-and-mortar I-Effect
locations I-Effect
has I-Effect
fallen I-Effect
during O
the B-Cause
pandemic I-Cause
and O
will O
likely O
remain O
suppressed O
until O
a O
vaccine O
is O
fully O
distributed O
. O

In O
academic O
and O
professional O
learning O
( O
36 O
% O
of O
fiscal O
2020 O
revenue O
) O
, O
we O
see O
continued B-Cause
but I-Cause
moderating I-Cause
declines I-Cause
in I-Cause
publishing I-Cause
offsetting O
growth B-Effect
in I-Effect
courseware I-Effect
, I-Effect
corporate I-Effect
learning I-Effect
, I-Effect
test I-Effect
preparation I-Effect
, I-Effect
and I-Effect
other I-Effect
more I-Effect
advantaged I-Effect
businesses I-Effect
. O

If O
hospitals B-Cause
continue I-Cause
to I-Cause
reserve I-Cause
space I-Cause
for I-Cause
COVID-19 I-Cause
patients I-Cause
and O
ongoing B-Cause
spikes I-Cause
in I-Cause
viral I-Cause
spread I-Cause
drag I-Cause
into I-Cause
2021 I-Cause
, O
this B-Effect
could I-Effect
hurt I-Effect
Boston I-Effect
for I-Effect
a I-Effect
sustained I-Effect
period I-Effect
. O

We O
expect O
that O
pricing B-Effect
can I-Effect
grow I-Effect
around I-Effect
2.3 I-Effect
% I-Effect
annually I-Effect
, I-Effect
after I-Effect
COVID-19 I-Effect
and I-Effect
between I-Effect
2022 I-Effect
and I-Effect
2029 I-Effect
, I-Effect
with I-Effect
capacity I-Effect
growth I-Effect
that I-Effect
slows I-Effect
to I-Effect
3 I-Effect
% I-Effect
in I-Effect
the I-Effect
final I-Effect
five I-Effect
years I-Effect
of I-Effect
our I-Effect
outlook I-Effect
as O
Royal B-Cause
adjusts I-Cause
to I-Cause
changes I-Cause
in I-Cause
demand I-Cause
. O

Glaxo B-Effect
's I-Effect
entrenched I-Effect
vaccines I-Effect
and I-Effect
consumer I-Effect
healthcare I-Effect
franchises I-Effect
create I-Effect
an I-Effect
added I-Effect
layer I-Effect
of I-Effect
competitive I-Effect
advantage I-Effect
stemming I-Effect
from O
cost B-Cause
advantages I-Cause
in I-Cause
creating I-Cause
vaccines I-Cause
and I-Cause
strong I-Cause
brand I-Cause
power I-Cause
in I-Cause
the I-Cause
consumer I-Cause
group O
. O

Overall O
, O
we O
think O
this O
strategy O
means O
that O
Corning B-Cause
can I-Cause
consistently I-Cause
outspend I-Cause
its I-Cause
competitors I-Cause
on I-Cause
research I-Cause
and I-Cause
development I-Cause
to B-Effect
maintain I-Effect
its I-Effect
leading I-Effect
share I-Effect
in I-Effect
most I-Effect
markets I-Effect
while I-Effect
still I-Effect
producing I-Effect
its I-Effect
products I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
. O

James B-Cause
famously I-Cause
turned I-Cause
down I-Cause
more I-Cause
money I-Cause
from I-Cause
Reebok I-Cause
to I-Cause
sign I-Cause
with I-Cause
Nike I-Cause
in I-Cause
2003 I-Cause
, O
ultimately O
dooming B-Effect
Reebok I-Effect
to I-Effect
irrelevance I-Effect
in I-Effect
basketball I-Effect
shoes I-Effect
. O

The B-Cause
divestment I-Cause
will O
reduce B-Cause
the I-Cause
firm I-Cause
's I-Cause
direct I-Cause
exposure I-Cause
to I-Cause
the I-Cause
upstream I-Cause
oil I-Cause
and I-Cause
gas I-Cause
end I-Cause
market I-Cause
to I-Cause
less I-Cause
than I-Cause
2 I-Cause
% I-Cause
, O
thereby O
reducing B-Effect
overall I-Effect
portfolio I-Effect
volatility I-Effect
. O

For O
example O
, O
Grifols B-Effect
' I-Effect
factor I-Effect
VIII I-Effect
product I-Effect
Alphanate I-Effect
and I-Effect
Talecris I-Effect
' I-Effect
pulmonary I-Effect
product I-Effect
Prolastin I-Effect
lead I-Effect
the I-Effect
market I-Effect
, I-Effect
and I-Effect
Grifols I-Effect
has I-Effect
seen I-Effect
double-digit I-Effect
albumin I-Effect
growth I-Effect
, O
owing O
to O
Chinese B-Cause
demand I-Cause
. O

Crack O
spreads O
have O
improved O
in O
recent O
months O
, O
, O
but O
they O
remain O
volatile O
given O
the B-Cause
uncertain I-Cause
outlook I-Cause
for I-Cause
product I-Cause
demand I-Cause
in I-Cause
light I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
and I-Cause
potential I-Cause
for O
higher B-Effect
supply I-Effect
from I-Effect
increased I-Effect
utilization I-Effect
and I-Effect
greater I-Effect
imports I-Effect
. O

As O
more B-Cause
investors I-Cause
use I-Cause
an I-Cause
exchange I-Cause
, O
volume B-Cause
increases I-Cause
and O
the B-Cause
bid-ask I-Cause
spreads I-Cause
on I-Cause
securities I-Cause
narrow I-Cause
, O
which O
lowers B-Effect
investors I-Effect
' I-Effect
overall I-Effect
costs I-Effect
while I-Effect
increasing I-Effect
their I-Effect
ability I-Effect
to I-Effect
buy I-Effect
and O
sell B-Effect
a I-Effect
security I-Effect
with I-Effect
minimal I-Effect
market I-Effect
impact I-Effect
. O

Longer O
term O
, O
we O
expect O
Nutrien B-Cause
to I-Cause
increase I-Cause
production I-Cause
in I-Cause
proportion I-Cause
to I-Cause
global I-Cause
demand I-Cause
growth I-Cause
to O
maintain B-Effect
its I-Effect
current I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
high I-Effect
teens I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
advertising I-Effect
profile I-Effect
is I-Effect
particularly I-Effect
salient I-Effect
to I-Effect
us I-Effect
, O
as O
this B-Cause
line I-Cause
item I-Cause
is I-Cause
typically I-Cause
the I-Cause
most I-Cause
direct I-Cause
customer I-Cause
acquisition I-Cause
cost I-Cause
for I-Cause
many I-Cause
consumer I-Cause
packaged I-Cause
goods I-Cause
( I-Cause
CPG I-Cause
) I-Cause
businesses I-Cause
. O

We O
believe O
5G B-Cause
spending I-Cause
by I-Cause
carriers I-Cause
and I-Cause
a I-Cause
societal I-Cause
focus I-Cause
on I-Cause
rural I-Cause
broadband I-Cause
can O
spark B-Effect
some I-Effect
revenue I-Effect
growth I-Effect
, O
but O
given B-Cause
the I-Cause
size I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
core I-Cause
Windstream I-Cause
lease I-Cause
, O
moving B-Effect
the I-Effect
needle I-Effect
significantly I-Effect
is I-Effect
very I-Effect
unlikely I-Effect
. O

For O
example O
, O
after B-Cause
the I-Cause
2015 I-Cause
avian I-Cause
flu I-Cause
outbreak I-Cause
, O
the B-Effect
operating I-Effect
margins I-Effect
in I-Effect
Post I-Effect
's I-Effect
egg I-Effect
unit I-Effect
spiked I-Effect
from I-Effect
7.8 I-Effect
% I-Effect
in I-Effect
2015 I-Effect
to I-Effect
14.0 I-Effect
% I-Effect
in I-Effect
2016 I-Effect
. O

IPG B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
will O
be O
driven O
primarily O
by O
overall B-Cause
GDP I-Cause
growth I-Cause
, O
in O
addition O
to O
contributions O
from O
acquisitions O
and O
headwinds O
or O
tailwinds O
from O
foreign O
exchange O
. O

Over O
the O
years O
, O
Paycom B-Effect
has I-Effect
moved I-Effect
up-market I-Effect
, I-Effect
expanding I-Effect
the I-Effect
upper I-Effect
limit I-Effect
of I-Effect
its I-Effect
customer I-Effect
range O
from O
2,000 O
employees O
to O
5,000 O
employees O
as O
the B-Cause
firm I-Cause
invests I-Cause
in I-Cause
building I-Cause
out I-Cause
its I-Cause
platform I-Cause
. O

That O
said O
, O
we B-Effect
do I-Effect
n't I-Effect
believe I-Effect
ICU I-Effect
will I-Effect
return I-Effect
to I-Effect
historical I-Effect
levels I-Effect
of I-Effect
profitability I-Effect
, O
given B-Effect
its I-Effect
current I-Effect
business I-Effect
mix I-Effect
, I-Effect
as I-Effect
lower-margin I-Effect
capital I-Effect
equipment I-Effect
and I-Effect
IV I-Effect
solutions I-Effect
weigh I-Effect
on I-Effect
gross I-Effect
profitability I-Effect
. O

Historically O
, O
Dentsply B-Cause
Sirona I-Cause
's I-Cause
exposure I-Cause
to I-Cause
specialty I-Cause
dental I-Cause
markets I-Cause
-- I-Cause
orthodontics I-Cause
, I-Cause
endodontics I-Cause
, I-Cause
and I-Cause
implants I-Cause
-- O
had B-Effect
lessened I-Effect
the I-Effect
company I-Effect
's I-Effect
reliance I-Effect
on I-Effect
the I-Effect
more I-Effect
commodified I-Effect
part I-Effect
of I-Effect
its I-Effect
consumables I-Effect
business I-Effect
, O
but O
the O
we O
see O
pricing O
pressure O
weighing O
on O
specialty O
products O
in O
the O
long O
term O
. O

We B-Effect
do I-Effect
not I-Effect
see I-Effect
strong I-Effect
evidence I-Effect
of I-Effect
intangible I-Effect
assets I-Effect
in I-Effect
respiratory I-Effect
and I-Effect
urology I-Effect
, O
with O
a B-Cause
lack I-Cause
of I-Cause
game-changing I-Cause
innovations I-Cause
in I-Cause
these I-Cause
markets I-Cause
, O
and O
we O
do O
not O
have O
confident O
that O
Teleflex O
will O
avoid O
being O
displaced O
within O
these O
markets O
over O
the O
next O
10 O
years O
. O

We B-Effect
were I-Effect
not I-Effect
expecting I-Effect
an I-Effect
increase I-Effect
in I-Effect
2021 I-Effect
due O
to O
the B-Cause
pandemic I-Cause
, O
but O
Hawaiian O
Electric O
surprised O
us O
with O
a O
3 O
% O
increase O
for O
the O
2021 O
first O
quarter O
. O

Similarly O
, O
engineers B-Effect
loathe I-Effect
to I-Effect
swap I-Effect
out I-Effect
an I-Effect
analog I-Effect
or I-Effect
MCU I-Effect
from I-Effect
an I-Effect
existing I-Effect
design I-Effect
( O
again O
, O
only O
to O
save O
a O
few O
pennies O
on O
cost O
) O
because O
of O
the B-Cause
onerous I-Cause
redesign I-Cause
and I-Cause
retesting I-Cause
costs I-Cause
associated I-Cause
with I-Cause
the I-Cause
switch I-Cause
. O

Lastly O
, O
National B-Cause
Beverage I-Cause
is I-Cause
clearly I-Cause
disadvantaged I-Cause
from O
a O
scale O
perspective O
relative O
to O
the O
industry O
titans O
, O
and O
this O
can O
have B-Effect
negative I-Effect
implications I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
go-to-market I-Effect
and I-Effect
ability I-Effect
to I-Effect
monetize I-Effect
its I-Effect
trademarks I-Effect
. I-Effect

We O
expect O
the B-Effect
other I-Effect
businesses I-Effect
( I-Effect
Secureworks I-Effect
, I-Effect
Virtustream I-Effect
, I-Effect
and I-Effect
Boomi I-Effect
) I-Effect
to I-Effect
contribute I-Effect
revenue I-Effect
growth I-Effect
during I-Effect
the I-Effect
same I-Effect
time I-Effect
period I-Effect
due O
to O
cloud-based B-Cause
software I-Cause
adoption I-Cause
across I-Cause
IT I-Cause
and I-Cause
security I-Cause
teams I-Cause
. O

Gaming B-Effect
should I-Effect
continue I-Effect
to I-Effect
be I-Effect
a I-Effect
major I-Effect
source I-Effect
of I-Effect
revenue I-Effect
, I-Effect
though I-Effect
we I-Effect
think I-Effect
recent I-Effect
growth I-Effect
rates I-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
replicate I-Effect
due O
to O
saturation B-Cause
and I-Cause
lengthening I-Cause
replacement I-Cause
cycles I-Cause
of I-Cause
gaming I-Cause
GPUs I-Cause
and I-Cause
greater I-Cause
competition I-Cause
. O

Nevertheless O
, O
we O
see O
Monster B-Effect
as I-Effect
a I-Effect
price I-Effect
leader I-Effect
in I-Effect
the I-Effect
energy I-Effect
space I-Effect
owing O
to O
its B-Cause
category I-Cause
leadership I-Cause
and O
believe O
that O
any O
broad B-Effect
price I-Effect
increases I-Effect
across I-Effect
the I-Effect
category I-Effect
are O
likely O
to O
be O
instigated B-Cause
by I-Cause
either I-Cause
Monster I-Cause
or I-Cause
Red I-Cause
Bull I-Cause
. O

In O
response O
, O
Oracle B-Cause
is I-Cause
banking I-Cause
on I-Cause
its I-Cause
second-generation I-Cause
cloud I-Cause
to O
not B-Effect
only I-Effect
cater I-Effect
to I-Effect
its I-Effect
traditional I-Effect
enterprise I-Effect
workloads I-Effect
, I-Effect
like I-Effect
supporting I-Effect
databases I-Effect
, I-Effect
but I-Effect
also I-Effect
general I-Effect
use I-Effect
workloads I-Effect
. O

While O
brand O
investment O
does O
not O
always O
lead O
to O
consumer-winning O
innovation O
, O
we O
believe O
that O
it O
does O
support B-Effect
the I-Effect
firm I-Effect
's I-Effect
retail I-Effect
relationships I-Effect
, O
as O
product B-Cause
news I-Cause
generally I-Cause
helps I-Cause
drive I-Cause
traffic I-Cause
into I-Cause
retail I-Cause
outlets I-Cause
. O

The O
company O
estimated O
a B-Effect
$ I-Effect
900 I-Effect
million- I-Effect
$ I-Effect
1.3 I-Effect
billion I-Effect
pretax I-Effect
loss I-Effect
when O
it B-Cause
had I-Cause
trouble I-Cause
keeping I-Cause
its I-Cause
gas I-Cause
and I-Cause
coal I-Cause
plants I-Cause
in I-Cause
particular I-Cause
available I-Cause
to I-Cause
run I-Cause
at I-Cause
peak I-Cause
demand I-Cause
periods I-Cause
. O

We O
believe O
, O
however O
, O
that O
a B-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
warranted I-Effect
as O
Nordstrom B-Cause
's I-Cause
'' I-Cause
generational I-Cause
investments I-Cause
'' I-Cause
plan I-Cause
has I-Cause
yet I-Cause
to I-Cause
translate I-Cause
into I-Cause
strong I-Cause
sales I-Cause
growth I-Cause
. O

We O
expect O
the B-Cause
company I-Cause
to I-Cause
garner I-Cause
additional I-Cause
market I-Cause
share I-Cause
from I-Cause
less I-Cause
capable I-Cause
3PL I-Cause
competitors I-Cause
as O
supply B-Cause
chains I-Cause
continue I-Cause
to I-Cause
increase I-Cause
in I-Cause
complexity I-Cause
, O
requiring B-Effect
sophisticated I-Effect
informational I-Effect
expertise I-Effect
and I-Effect
broad I-Effect
, I-Effect
vetted I-Effect
capacity I-Effect
relationships I-Effect
. O

Concurrently O
, O
the B-Cause
taste I-Cause
sensitivity I-Cause
of I-Cause
each I-Cause
player I-Cause
's I-Cause
core I-Cause
consumer I-Cause
is I-Cause
belied I-Cause
by I-Cause
the I-Cause
relative I-Cause
similarity I-Cause
across I-Cause
ingredient I-Cause
formulations. O
This O
means O
that O
even B-Effect
as I-Effect
market I-Effect
share I-Effect
vacillates I-Effect
at I-Effect
the I-Effect
margin I-Effect
, I-Effect
category I-Effect
leaders I-Effect
can I-Effect
typically I-Effect
maintain I-Effect
volume I-Effect
within I-Effect
a I-Effect
range I-Effect
that I-Effect
is I-Effect
suitable I-Effect
for I-Effect
cost I-Effect
leverage I-Effect
. O

Moreover O
, O
the B-Effect
firm I-Effect
has I-Effect
established I-Effect
itself I-Effect
as I-Effect
a I-Effect
leader I-Effect
in I-Effect
innovation I-Effect
, O
spending B-Cause
roughly I-Cause
4.5 I-Cause
% I-Cause
of I-Cause
sales I-Cause
on I-Cause
research I-Cause
and I-Cause
development I-Cause
, O
nearly O
three O
times O
as O
much O
as O
its O
competitors O
. O

Smiths B-Cause
has I-Cause
a I-Cause
large I-Cause
and I-Cause
growing I-Cause
image I-Cause
library I-Cause
that O
helps B-Effect
it I-Effect
to I-Effect
more I-Effect
effectively I-Effect
identify I-Effect
objects I-Effect
that I-Effect
could I-Effect
be I-Effect
used I-Effect
to I-Effect
make I-Effect
an I-Effect
explosive I-Effect
device I-Effect
or I-Effect
weapon I-Effect
. O

EA O
has O
been O
longtime O
proponent O
of O
annualizing O
games O
, O
especially O
sport O
ones O
; O
the B-Cause
annual I-Cause
release I-Cause
schedule I-Cause
induces B-Effect
gamer I-Effect
fatigue I-Effect
and I-Effect
leads I-Effect
to I-Effect
lower I-Effect
sales I-Effect
for I-Effect
franchises I-Effect
outside I-Effect
of I-Effect
Madden I-Effect
and I-Effect
FIFA I-Effect
. O

However O
, O
their B-Cause
programmable I-Cause
nature I-Cause
means I-Cause
FPGAs I-Cause
are I-Cause
frequently I-Cause
bigger I-Cause
with I-Cause
higher I-Cause
incremental I-Cause
cost. O
As O
a O
result O
, O
applications B-Effect
for I-Effect
FPGAs I-Effect
include I-Effect
military I-Effect
, I-Effect
industrial I-Effect
, I-Effect
automotive I-Effect
, I-Effect
and I-Effect
wireless I-Effect
and I-Effect
wireline I-Effect
communications I-Effect
infrastructure I-Effect
uses I-Effect
that I-Effect
are I-Effect
n't I-Effect
as I-Effect
volume-intensive I-Effect
and I-Effect
require I-Effect
changes I-Effect
on I-Effect
the I-Effect
fly I-Effect
. O

Thanks O
to O
the B-Cause
institutionalization I-Cause
of I-Cause
processes I-Cause
that I-Cause
were I-Cause
inefficient I-Cause
( O
including O
labor O
management O
, O
reset O
efforts O
, O
and O
inventory O
controls O
) O
, O
the B-Effect
operating I-Effect
margin I-Effect
is I-Effect
forecast I-Effect
to I-Effect
reach I-Effect
12 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, I-Effect
up I-Effect
from I-Effect
9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

Intel B-Cause
plans I-Cause
on I-Cause
also I-Cause
outsourcing I-Cause
some I-Cause
of I-Cause
its I-Cause
parts I-Cause
to I-Cause
TSMC I-Cause
, O
which O
would O
seemingly O
offset O
AMD B-Effect
's I-Effect
current I-Effect
manufacturing I-Effect
edge I-Effect
. O

The B-Effect
global I-Effect
pizza I-Effect
category I-Effect
will I-Effect
become I-Effect
more I-Effect
competitive I-Effect
as O
existing B-Cause
players I-Cause
attempt I-Cause
to I-Cause
replicate I-Cause
Domino I-Cause
's I-Cause
strategy I-Cause
and I-Cause
as I-Cause
newer I-Cause
fast-casual I-Cause
players I-Cause
continue I-Cause
to I-Cause
expand I-Cause
. O

However O
, O
the B-Effect
group I-Effect
's I-Effect
refineries I-Effect
do I-Effect
enjoy I-Effect
logistical I-Effect
advantages I-Effect
, O
as O
they B-Cause
are I-Cause
located I-Cause
close I-Cause
to I-Cause
customers I-Cause
, I-Cause
have I-Cause
scale I-Cause
benefits I-Cause
, I-Cause
and I-Cause
are I-Cause
relatively I-Cause
complex I-Cause
. O

Operating B-Cause
in I-Cause
offshore I-Cause
environments I-Cause
exposes B-Cause
Shell I-Cause
to I-Cause
the B-Cause
risk I-Cause
of I-Cause
large I-Cause
oil I-Cause
spills I-Cause
that O
could O
result O
in O
material B-Effect
losses I-Effect
through I-Effect
lost I-Effect
revenue I-Effect
, I-Effect
fines I-Effect
or I-Effect
penalties I-Effect
, I-Effect
or I-Effect
loss I-Effect
of I-Effect
a I-Effect
license I-Effect
to I-Effect
operate I-Effect
. O

A O
corollary O
of O
Coke O
's O
refranchising O
is O
that O
it B-Cause
has I-Cause
to I-Cause
work I-Cause
doubly I-Cause
hard I-Cause
to O
ensure B-Effect
its I-Effect
system I-Effect
remains I-Effect
properly I-Effect
incented I-Effect
. O

While O
Hasbro O
has O
risen O
to O
become O
the O
number-one O
toy O
seller O
on O
Amazon O
, O
we O
remain O
concerned O
that O
as O
Amazon B-Cause
represents I-Cause
a I-Cause
larger I-Cause
part I-Cause
of I-Cause
the I-Cause
total I-Cause
mix I-Cause
of I-Cause
sales I-Cause
, O
it B-Effect
could I-Effect
change I-Effect
the I-Effect
profitability I-Effect
profile I-Effect
of I-Effect
Hasbro I-Effect
over I-Effect
time I-Effect
, I-Effect
depending I-Effect
on I-Effect
concessions I-Effect
the I-Effect
toy I-Effect
maker I-Effect
may I-Effect
have I-Effect
to I-Effect
offer I-Effect
. O

In O
addition O
, O
the B-Cause
liquids I-Cause
generally I-Cause
realize I-Cause
a I-Cause
significant I-Cause
discount I-Cause
to I-Cause
the I-Cause
West I-Cause
Texas I-Cause
Intermediate I-Cause
benchmark I-Cause
, O
meaning O
EBITDA B-Effect
margins I-Effect
per I-Effect
barrel I-Effect
will I-Effect
be I-Effect
well I-Effect
below I-Effect
the I-Effect
industry I-Effect
average I-Effect
. O

The B-Effect
company I-Effect
is I-Effect
subject I-Effect
to I-Effect
risk I-Effect
from I-Effect
underutilizing I-Effect
capacity I-Effect
, O
which B-Cause
is I-Cause
more I-Cause
likely I-Cause
in I-Cause
an I-Cause
economic I-Cause
downturn I-Cause
or I-Cause
decline I-Cause
in I-Cause
biopharma I-Cause
funding I-Cause
. O

We O
expect O
reported O
sales O
will O
rise O
10 O
% O
, O
while O
we O
expect O
adjusted B-Effect
operating I-Effect
margins I-Effect
will I-Effect
rise I-Effect
440 I-Effect
basis I-Effect
points I-Effect
due O
to O
both B-Cause
operating I-Cause
leverage I-Cause
from I-Cause
volume I-Cause
and I-Cause
continuous I-Cause
improvement I-Cause
initiatives I-Cause
. O

Near-term B-Effect
results I-Effect
are I-Effect
more I-Effect
uncertain I-Effect
than I-Effect
usual I-Effect
, O
with O
Walmart B-Effect
set I-Effect
to I-Effect
lap I-Effect
the I-Effect
pandemic I-Effect
's I-Effect
sales I-Effect
surge I-Effect
as O
the B-Cause
ongoing I-Cause
vaccine I-Cause
rollout I-Cause
stands I-Cause
to I-Cause
bring I-Cause
the I-Cause
crisis I-Cause
to I-Cause
an I-Cause
end I-Cause
and O
lead O
Americans B-Cause
' I-Cause
spending I-Cause
to I-Cause
shift I-Cause
back I-Cause
toward I-Cause
categories I-Cause
like I-Cause
restaurants I-Cause
and I-Cause
travel I-Cause
. O

We O
suspect O
Coty O
's O
undisciplined B-Cause
innovation I-Cause
and I-Cause
marketing I-Cause
programs I-Cause
led O
to O
several B-Effect
years I-Effect
of I-Effect
shelf I-Effect
space I-Effect
losses I-Effect
and I-Effect
decreased I-Effect
distribution I-Effect
, O
as O
products B-Cause
were I-Cause
not I-Cause
differentiated I-Cause
or I-Cause
superior I-Cause
to I-Cause
competitive I-Cause
products I-Cause
, I-Cause
and I-Cause
did I-Cause
not I-Cause
tout I-Cause
attributes I-Cause
consumers I-Cause
were I-Cause
seeking I-Cause
. O

Because O
of O
the B-Cause
benefit I-Cause
of I-Cause
Bank I-Cause
of I-Cause
America I-Cause
's I-Cause
higher I-Cause
investment I-Cause
banking I-Cause
and I-Cause
trading I-Cause
exposures I-Cause
during I-Cause
the I-Cause
latest I-Cause
downturn I-Cause
, O
we B-Effect
now I-Effect
assign I-Effect
the I-Effect
firm I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
. O

While O
the O
firm O
lags O
O'Reilly O
and O
AutoZone O
, O
Advance B-Cause
's I-Cause
scope I-Cause
has O
allowed O
it O
to O
mitigate B-Effect
its I-Effect
working I-Effect
capital I-Effect
burden I-Effect
, O
with O
accounts O
payable O
at O
77 O
% O
of O
inventory O
( O
as O
of O
2019 O
) O
as O
vendors B-Cause
agree I-Cause
to I-Cause
generous I-Cause
payment I-Cause
terms I-Cause
for I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
parts I-Cause
retailers I-Cause
. O

We O
believe O
Guidewire O
is O
reaping B-Effect
the I-Effect
benefits I-Effect
of I-Effect
years I-Effect
of O
groundwork O
in O
the O
form O
of O
convincing B-Cause
property I-Cause
and I-Cause
casualty I-Cause
insurers I-Cause
to I-Cause
upgrade I-Cause
their I-Cause
aging I-Cause
core I-Cause
legacy I-Cause
systems I-Cause
to I-Cause
its I-Cause
solutions I-Cause
. O

We B-Effect
foresee I-Effect
that I-Effect
Credit I-Effect
Suisse I-Effect
's I-Effect
cost I-Effect
base I-Effect
will I-Effect
remain I-Effect
broadly I-Effect
stable I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
the B-Cause
cost I-Cause
savings I-Cause
from I-Cause
Credit I-Cause
Suisse I-Cause
's I-Cause
cost I-Cause
reduction I-Cause
programme I-Cause
is I-Cause
expected I-Cause
to I-Cause
be I-Cause
reallocated I-Cause
to I-Cause
more I-Cause
profitable I-Cause
areas I-Cause
of I-Cause
the I-Cause
business I-Cause
. O

This B-Effect
would I-Effect
continue I-Effect
to I-Effect
weigh I-Effect
on I-Effect
operating I-Effect
rates I-Effect
, O
especially O
in O
beauty O
, O
where O
volume B-Cause
can I-Cause
be I-Cause
more I-Cause
sensitive I-Cause
to I-Cause
changes I-Cause
in I-Cause
per I-Cause
capita I-Cause
income I-Cause
. O

Via B-Cause
forwarders I-Cause
, I-Cause
Splunk I-Cause
extracts I-Cause
data I-Cause
from I-Cause
different I-Cause
sources I-Cause
within I-Cause
a I-Cause
business I-Cause
( I-Cause
be I-Cause
it I-Cause
security I-Cause
, I-Cause
IT I-Cause
, I-Cause
or I-Cause
DevOps I-Cause
) I-Cause
and I-Cause
indexes I-Cause
the I-Cause
data I-Cause
on I-Cause
the I-Cause
fly I-Cause
, O
enabling O
rapid B-Effect
data I-Effect
usage I-Effect
for I-Effect
a I-Effect
wide I-Effect
range I-Effect
of I-Effect
uses I-Effect
. O

Many B-Cause
of I-Cause
Philips I-Cause
' I-Cause
products I-Cause
perform I-Cause
critical I-Cause
medical I-Cause
functions I-Cause
that I-Cause
require I-Cause
a I-Cause
significant I-Cause
amount I-Cause
of I-Cause
practitioners I-Cause
' I-Cause
and I-Cause
technicians I-Cause
' I-Cause
training I-Cause
time I-Cause
, O
so O
the B-Effect
rationale I-Effect
for I-Effect
an I-Effect
equipment I-Effect
or I-Effect
service I-Effect
change I-Effect
is I-Effect
low I-Effect
. O

Given O
the B-Cause
significant I-Cause
challenges I-Cause
that I-Cause
the I-Cause
coronavirus I-Cause
presents I-Cause
to I-Cause
the I-Cause
senior I-Cause
housing I-Cause
industry I-Cause
over I-Cause
the I-Cause
next I-Cause
several I-Cause
quarters I-Cause
, O
Healthpeak B-Effect
made I-Effect
the I-Effect
strategic I-Effect
decision I-Effect
in I-Effect
the I-Effect
third I-Effect
quarter I-Effect
to I-Effect
dispose I-Effect
of I-Effect
most I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
senior I-Effect
housing I-Effect
assets I-Effect
in I-Effect
multiple I-Effect
transactions I-Effect
for I-Effect
around I-Effect
$ I-Effect
4 I-Effect
billion I-Effect
in I-Effect
total I-Effect
proceeds I-Effect
. O

As O
its B-Cause
investments I-Cause
in I-Cause
inventory I-Cause
management I-Cause
technology I-Cause
and I-Cause
supply I-Cause
chain I-Cause
automation I-Cause
are I-Cause
invested I-Cause
across I-Cause
a I-Cause
broader I-Cause
pool I-Cause
of I-Cause
sales I-Cause
and I-Cause
stores I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
cost I-Effect
profile I-Effect
improves I-Effect
in I-Effect
a I-Effect
way I-Effect
that I-Effect
is I-Effect
difficult I-Effect
for I-Effect
smaller I-Effect
competitors I-Effect
to I-Effect
replicate I-Effect
. O

We O
have O
been O
impressed O
by O
the B-Cause
bank I-Cause
's I-Cause
continued I-Cause
investment I-Cause
in I-Cause
technology I-Cause
, O
leading O
to O
more B-Effect
integrated I-Effect
back-end I-Effect
systems I-Effect
, I-Effect
a I-Effect
competitive I-Effect
payments I-Effect
platform I-Effect
, I-Effect
and I-Effect
a I-Effect
leading I-Effect
presence I-Effect
in I-Effect
the I-Effect
push I-Effect
toward I-Effect
omnichannel I-Effect
banking I-Effect
. O

For O
the O
customers O
of O
Fanuc O
, O
any B-Cause
type I-Cause
of I-Cause
breakdown I-Cause
leads O
to O
a B-Cause
loss I-Cause
in I-Cause
productivity I-Cause
, O
which O
can O
ultimately O
lead O
to O
an B-Effect
inability I-Effect
to I-Effect
deliver I-Effect
services I-Effect
to I-Effect
customers I-Effect
as I-Effect
well I-Effect
as I-Effect
an I-Effect
economic I-Effect
loss I-Effect
. O

Corn B-Effect
input I-Effect
costs I-Effect
represent I-Effect
a I-Effect
significant I-Effect
source I-Effect
of I-Effect
uncertainty I-Effect
for I-Effect
Ingredion I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
hedging I-Cause
efforts I-Cause
are I-Cause
focused I-Cause
largely I-Cause
on I-Cause
its I-Cause
North I-Cause
American I-Cause
corn I-Cause
purchases I-Cause
and I-Cause
corn I-Cause
prices I-Cause
have I-Cause
been I-Cause
highly I-Cause
volatile I-Cause
in I-Cause
recent I-Cause
years I-Cause
. O

We O
believe O
consumer B-Effect
revenue I-Effect
will I-Effect
experience I-Effect
organic I-Effect
growth I-Effect
averaging I-Effect
roughly I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
per I-Effect
year I-Effect
, O
as O
volume B-Cause
and I-Cause
pricing I-Cause
gradually I-Cause
advance I-Cause
. O

Second O
, O
Splunk O
allows O
developers O
and O
general O
business O
users O
to O
integrate B-Cause
apps I-Cause
into I-Cause
core I-Cause
Splunk I-Cause
offerings I-Cause
to O
help O
derive B-Effect
greater I-Effect
insight I-Effect
from I-Effect
data I-Effect
. O

Gasoline B-Cause
engines I-Cause
also I-Cause
do I-Cause
n't I-Cause
require I-Cause
complex I-Cause
exhaust I-Cause
aftertreatment I-Cause
systems I-Cause
and I-Cause
requisite I-Cause
consumable I-Cause
diesel I-Cause
exhaust I-Cause
fluid I-Cause
that O
add B-Effect
approximately I-Effect
3 I-Effect
% I-Effect
to I-Effect
diesel I-Effect
fuel I-Effect
expenditures I-Effect
. O

Most B-Cause
of I-Cause
its I-Cause
investment I-Cause
during I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
will I-Cause
be I-Cause
in I-Cause
projects I-Cause
that I-Cause
flow I-Cause
through I-Cause
rates I-Cause
without I-Cause
base I-Cause
rate I-Cause
reviews I-Cause
, O
reducing B-Effect
regulatory I-Effect
risk I-Effect
and I-Effect
improving I-Effect
cash I-Effect
flow I-Effect
conversion I-Effect
. O

The O
payment O
processing O
industry O
is O
evolving O
, O
and O
it O
is O
possible O
that O
new B-Cause
competition I-Cause
and I-Cause
future I-Cause
disruption I-Cause
could O
significantly O
reduce B-Effect
the I-Effect
profitability I-Effect
PayPal I-Effect
can I-Effect
generate I-Effect
or I-Effect
cut I-Effect
it I-Effect
out I-Effect
altogether I-Effect
. O

As O
the B-Cause
recall I-Cause
unfolded I-Cause
, O
Stryker B-Effect
saw I-Effect
a I-Effect
low-single-digit I-Effect
decline I-Effect
in I-Effect
its I-Effect
hip I-Effect
revenue I-Effect
for I-Effect
one I-Effect
single I-Effect
year I-Effect
, O
and O
in O
other O
years O
since O
2012 O
, O
the O
firm O
has O
maintained O
positive O
growth O
that O
, O
over O
the O
long O
term O
, O
has O
generally O
matched O
the O
hip O
market O
. O

We O
anticipate O
that O
the B-Cause
R I-Cause
& I-Cause
D I-Cause
tax I-Cause
credit I-Cause
and I-Cause
the I-Cause
excess I-Cause
tax I-Cause
benefits I-Cause
on I-Cause
stock I-Cause
compensation I-Cause
are I-Cause
sustainable I-Cause
, O
which O
knocks B-Effect
a I-Effect
few I-Effect
percentage I-Effect
points I-Effect
off I-Effect
our I-Effect
estimated I-Effect
effective I-Effect
tax I-Effect
rate I-Effect
. O

Perhaps B-Effect
most I-Effect
important I-Effect
, I-Effect
the I-Effect
company I-Effect
's I-Effect
trained I-Effect
sales I-Effect
staff I-Effect
helps I-Effect
clients I-Effect
( I-Effect
who I-Effect
are I-Effect
often I-Effect
facilities I-Effect
engineers I-Effect
) I-Effect
understand I-Effect
how I-Effect
to I-Effect
install I-Effect
a I-Effect
new I-Effect
component I-Effect
, O
which O
is O
important O
given O
the B-Cause
time-sensitive I-Cause
nature I-Cause
of I-Cause
repairs I-Cause
and I-Cause
their I-Cause
relative I-Cause
infrequency I-Cause
. O

While O
we O
expect O
the O
current O
level O
of O
supply O
to O
be O
absorbed O
by O
existing O
demand O
growth O
and O
help O
moderate O
the O
market O
, O
increased B-Cause
new I-Cause
supply I-Cause
will O
pressure B-Effect
operations I-Effect
and I-Effect
asset I-Effect
values I-Effect
. O

Hostess B-Cause
works I-Cause
closely I-Cause
with I-Cause
its I-Cause
retail I-Cause
partners I-Cause
to O
optimize B-Effect
revenue I-Effect
in I-Effect
this I-Effect
highly I-Effect
impulsive I-Effect
category I-Effect
, O
in O
which O
merchandising O
can O
have O
a O
large O
impact O
on O
sell-through O
. O

We O
anticipate O
that O
the O
company B-Cause
will I-Cause
continue I-Cause
to I-Cause
offer I-Cause
more I-Cause
generous I-Cause
reward I-Cause
offers I-Cause
to I-Cause
its I-Cause
cardholders O
in O
order O
to O
remain B-Effect
competitive I-Effect
. O

Thus O
, O
we O
believe O
that O
Kimco B-Effect
must I-Effect
continue I-Effect
improving I-Effect
its I-Effect
overall I-Effect
quality I-Effect
mix I-Effect
to O
maintain B-Cause
solid I-Cause
net I-Cause
operating I-Cause
income I-Cause
growth I-Cause
across O
its O
portfolio O
. O

However O
, O
as O
Twilio B-Cause
pivots I-Cause
focus I-Cause
toward I-Cause
enterprise I-Cause
clients I-Cause
and I-Cause
obtaining I-Cause
more I-Cause
long-term I-Cause
contracts I-Cause
, O
clients B-Cause
can I-Cause
negotiate I-Cause
discounts I-Cause
, O
making B-Effect
it I-Effect
difficult I-Effect
for I-Effect
Twilio I-Effect
to I-Effect
pass I-Effect
on I-Effect
these I-Effect
increasing I-Effect
costs I-Effect
and I-Effect
eroding I-Effect
pricing I-Effect
power I-Effect
. O

As O
competitors B-Cause
were I-Cause
forced I-Cause
to I-Cause
exit I-Cause
the I-Cause
market I-Cause
and/or I-Cause
go I-Cause
through I-Cause
a I-Cause
series I-Cause
of I-Cause
product I-Cause
re-pricing I-Cause
, O
market B-Effect
share I-Effect
became I-Effect
available I-Effect
and I-Effect
Jackson I-Effect
took I-Effect
up I-Effect
the I-Effect
newly I-Effect
available I-Effect
space I-Effect
at I-Effect
its I-Effect
well-established I-Effect
rates I-Effect
. O

Key O
to O
its O
value O
proposition O
is O
its B-Cause
comprehensive I-Cause
portfolio I-Cause
of I-Cause
medical I-Cause
waste I-Cause
management I-Cause
solutions I-Cause
that O
gives O
Stericycle B-Effect
significant I-Effect
pricing I-Effect
power I-Effect
. O

We O
believe O
customers B-Effect
prefer I-Effect
to I-Effect
stay I-Effect
with I-Effect
their I-Effect
cybersecurity I-Effect
providers I-Effect
, O
especially O
if O
they B-Cause
provide I-Cause
solutions I-Cause
for I-Cause
emerging I-Cause
threats I-Cause
, O
to O
avoid B-Effect
security I-Effect
breaches I-Effect
and I-Effect
network I-Effect
disruptions I-Effect
. O

Travelers B-Cause
' I-Cause
substantial I-Cause
homeowners I-Cause
insurance I-Cause
business I-Cause
( O
about O
15 O
% O
of O
premiums O
) O
creates O
meaningful O
exposure O
to O
natural B-Effect
catastrophes I-Effect
and I-Effect
weather-related I-Effect
losses I-Effect
, O
which O
can O
be O
quite O
volatile O
. O

With O
virtually O
all O
of O
its O
2021 O
production O
sold O
out O
and O
half O
of O
its O
2022 O
production O
sold O
out O
, O
First B-Effect
Solar I-Effect
's I-Effect
growth I-Effect
depends O
on O
its O
ability B-Cause
to I-Cause
expand I-Cause
production I-Cause
. O

Our O
forecast O
has O
low B-Effect
provisioning I-Effect
in I-Effect
2021 I-Effect
, O
as O
the B-Cause
bank I-Cause
is I-Cause
able I-Cause
to I-Cause
release I-Cause
excess I-Cause
reserves I-Cause
, O
and O
provisioning O
normalizing O
thereafter O
. O

Also O
, O
if O
Icon B-Cause
does I-Cause
not I-Cause
continue I-Cause
to I-Cause
invest I-Cause
in I-Cause
innovative I-Cause
technology I-Cause
or I-Cause
next-generation I-Cause
processes I-Cause
, O
it B-Effect
is I-Effect
at I-Effect
risk I-Effect
of I-Effect
falling I-Effect
behind I-Effect
and I-Effect
losing I-Effect
share I-Effect
to I-Effect
more-innovative I-Effect
CROs I-Effect
that O
can O
offer O
faster O
patient O
enrollment O
and O
shorter O
trials O
. O

On O
premises O
sales O
were O
a O
more O
defined O
transaction O
for O
customers O
that O
tend O
to O
have O
strict O
procedural O
purchasing O
, O
while O
SaaS B-Effect
deals I-Effect
could I-Effect
bring I-Effect
more I-Effect
scrutiny I-Effect
, O
as O
potential B-Cause
buyers I-Cause
might I-Cause
want I-Cause
to I-Cause
explore I-Cause
data I-Cause
security I-Cause
and I-Cause
legal I-Cause
responsibilities I-Cause
more I-Cause
thoroughly I-Cause
. O

Finally O
, O
given O
that O
a B-Cause
large I-Cause
portion I-Cause
of I-Cause
the I-Cause
bank I-Cause
's I-Cause
assets I-Cause
are I-Cause
denominated I-Cause
in I-Cause
UF I-Cause
, I-Cause
a I-Cause
currency I-Cause
of I-Cause
account I-Cause
that I-Cause
links I-Cause
to I-Cause
inflation I-Cause
, I-Cause
and I-Cause
that I-Cause
only I-Cause
a I-Cause
minority I-Cause
of I-Cause
the I-Cause
bank I-Cause
's I-Cause
liabilities I-Cause
peg I-Cause
similarly I-Cause
, O
we O
'll O
highlight O
that O
inflation B-Effect
risks I-Effect
are I-Effect
worth I-Effect
considering I-Effect
. O

The B-Effect
geopolitical I-Effect
risk I-Effect
is I-Effect
broader I-Effect
, O
as O
any B-Cause
number I-Cause
of I-Cause
unpredictable I-Cause
events I-Cause
such I-Cause
as I-Cause
wars I-Cause
, I-Cause
international I-Cause
tension I-Cause
, I-Cause
and I-Cause
natural I-Cause
disasters I-Cause
affect I-Cause
travel I-Cause
. O

For O
2021 O
, O
we O
expect O
gross B-Effect
revenue I-Effect
to I-Effect
rise I-Effect
14 I-Effect
% I-Effect
as O
heavy B-Cause
retailer I-Cause
restocking I-Cause
drives I-Cause
strong I-Cause
demand I-Cause
across I-Cause
all I-Cause
segments I-Cause
throughout I-Cause
the I-Cause
first I-Cause
half I-Cause
and I-Cause
intermodal I-Cause
network I-Cause
inefficiencies I-Cause
subside I-Cause
. O

We O
model O
average B-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
of I-Effect
14 I-Effect
% I-Effect
and I-Effect
31 I-Effect
% I-Effect
for I-Effect
the I-Effect
computing I-Effect
and I-Effect
automotive I-Effect
end I-Effect
markets I-Effect
, O
respectively O
, O
due O
to O
increased B-Cause
content I-Cause
in I-Cause
servers I-Cause
and I-Cause
ongoing I-Cause
design I-Cause
activity I-Cause
with I-Cause
Tier I-Cause
1 I-Cause
suppliers I-Cause
. O

We B-Effect
expect I-Effect
consumer I-Effect
travel I-Effect
to I-Effect
rebound I-Effect
strongly I-Effect
, O
as B-Cause
there I-Cause
is I-Cause
likely I-Cause
pent-up I-Cause
demand I-Cause
, O
but O
the B-Effect
impact I-Effect
to I-Effect
business I-Effect
travel I-Effect
could I-Effect
be I-Effect
longer I-Effect
lasting I-Effect
as B-Cause
companies I-Cause
reassess I-Cause
their I-Cause
travel I-Cause
needs I-Cause
. O

Outside O
of O
its O
exchanges O
and O
their O
associated O
revenue O
streams O
, O
Nasdaq O
has O
built O
broad B-Cause
product I-Cause
offerings I-Cause
in I-Cause
the I-Cause
corporate I-Cause
services I-Cause
and I-Cause
investment I-Cause
analytics I-Cause
spaces I-Cause
using I-Cause
a I-Cause
combination I-Cause
of I-Cause
acquisitions I-Cause
and I-Cause
organic I-Cause
investments. O
This O
allows O
it O
to O
fulfill B-Effect
multiple I-Effect
product I-Effect
needs I-Effect
as I-Effect
a I-Effect
single I-Effect
provider I-Effect
and I-Effect
further I-Effect
reorients I-Effect
the I-Effect
company I-Effect
toward I-Effect
being I-Effect
a I-Effect
financial I-Effect
data I-Effect
and I-Effect
services I-Effect
provider I-Effect
over I-Effect
its I-Effect
legacy I-Effect
exchange I-Effect
business I-Effect
. O

This O
reflects O
Nissan B-Cause
's I-Cause
sensitivity I-Cause
to I-Cause
the I-Cause
economic I-Cause
cycle I-Cause
, I-Cause
plus I-Cause
relatively I-Cause
low I-Cause
financial I-Cause
leverage I-Cause
, O
offset O
by O
the B-Effect
company I-Effect
's I-Effect
unfavorable I-Effect
operating I-Effect
leverage I-Effect
relative I-Effect
to I-Effect
other I-Effect
automakers I-Effect
' O
, O
and O
results O
in O
our B-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Most B-Cause
of I-Cause
the I-Cause
mobile I-Cause
business I-Cause
in I-Cause
Africa I-Cause
is I-Cause
prepaid I-Cause
, O
which O
provides B-Effect
incremental I-Effect
revenue I-Effect
opportunities I-Effect
as I-Effect
usage I-Effect
increases I-Effect
, O
though O
switching O
costs O
are O
also O
very O
low O
for O
consumers O
. O

Still O
, O
although B-Cause
video I-Cause
gaming I-Cause
machine I-Cause
revenue I-Cause
in I-Cause
Illinois I-Cause
has I-Cause
grown I-Cause
900 I-Cause
% I-Cause
from I-Cause
2013 I-Cause
to I-Cause
2017 I-Cause
, I-Cause
casino I-Cause
gambling I-Cause
revenue I-Cause
in I-Cause
the I-Cause
state I-Cause
has I-Cause
dropped I-Cause
15 I-Cause
% I-Cause
, I-Cause
according I-Cause
to I-Cause
ProPublica I-Cause
Illinois. O
As O
a O
result O
of O
this O
cannibalization O
, O
Illinois B-Effect
is I-Effect
the I-Effect
only I-Effect
state I-Effect
to I-Effect
post I-Effect
negative I-Effect
gaming I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
each I-Effect
of I-Effect
the I-Effect
past I-Effect
six I-Effect
reported I-Effect
years I-Effect
( I-Effect
2014-19 I-Effect
) I-Effect
, I-Effect
according I-Effect
to I-Effect
data I-Effect
from I-Effect
the I-Effect
Illinois I-Effect
Gaming I-Effect
Board I-Effect
and I-Effect
American I-Effect
Gaming I-Effect
Association I-Effect
. O

We B-Effect
've I-Effect
tempered I-Effect
our I-Effect
operating I-Effect
margin I-Effect
expectations I-Effect
for I-Effect
fiscal I-Effect
2021 I-Effect
, O
and O
we O
now O
anticipate O
margin O
of O
23.1 O
% O
( O
compared O
with O
23.5 O
% O
previously O
) O
, O
mainly O
because O
of O
the B-Cause
dilutive I-Cause
effects I-Cause
of I-Cause
higher-growth I-Cause
, I-Cause
lower-margin I-Cause
of I-Cause
Exosome I-Cause
Diagnostics I-Cause
. O

We B-Effect
have I-Effect
raised I-Effect
our I-Effect
long-term I-Effect
tax I-Effect
rate I-Effect
assumption I-Effect
to I-Effect
30 I-Effect
% I-Effect
from I-Effect
26 I-Effect
% I-Effect
in I-Effect
anticipation I-Effect
of O
a B-Cause
corporate I-Cause
tax I-Cause
increase I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Mutable O
tastes O
, O
the O
proliferation O
of O
alternative O
distribution O
channels O
, O
and O
inherent B-Effect
demand I-Effect
variability I-Effect
due O
to O
unpredictable B-Cause
external I-Cause
factors I-Cause
( I-Cause
exacerbated I-Cause
by I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
associated I-Cause
full-price I-Cause
store I-Cause
closures I-Cause
) I-Cause
, O
should O
leave O
room O
for O
off-price O
retailers O
to O
source O
products O
attractively O
, O
capitalizing O
on O
their O
vendor O
relationships O
and O
ability O
to O
offer O
favorable O
terms O
. O

Furthermore O
, O
it O
allows O
the O
firm O
to O
work O
on O
projects O
located O
in O
remote O
areas O
where O
inclement B-Cause
weather I-Cause
or I-Cause
limited I-Cause
space I-Cause
would B-Effect
otherwise I-Effect
pose I-Effect
challenges I-Effect
. O

We O
assign O
a B-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
Telefonica I-Effect
's I-Effect
business I-Effect
, O
mainly O
because O
of O
its B-Cause
exposure I-Cause
to I-Cause
emerging I-Cause
markets I-Cause
in I-Cause
Latin I-Cause
America I-Cause
( O
the O
firm O
generates O
around O
40 O
% O
of O
its O
revenues O
on O
the O
continent O
) O
. O

While B-Effect
Lennar I-Effect
has I-Effect
done I-Effect
a I-Effect
commendable I-Effect
job I-Effect
shifting I-Effect
to I-Effect
a I-Effect
lighter I-Effect
land I-Effect
strategy I-Effect
, I-Effect
this I-Effect
strategy I-Effect
is I-Effect
not I-Effect
unique I-Effect
, O
in O
our O
view O
, O
as O
much B-Cause
of I-Cause
the I-Cause
industry I-Cause
has I-Cause
followed I-Cause
the I-Cause
same I-Cause
path I-Cause
to I-Cause
varying I-Cause
degrees I-Cause
of I-Cause
success I-Cause
. O

By O
eliminating B-Cause
the I-Cause
biggest I-Cause
concern I-Cause
most I-Cause
active I-Cause
equity I-Cause
managers I-Cause
have I-Cause
with I-Cause
active I-Cause
ETFs I-Cause
( I-Cause
the I-Cause
disclosure I-Cause
of I-Cause
portfolio I-Cause
holdings I-Cause
on I-Cause
a I-Cause
daily I-Cause
basis I-Cause
) I-Cause
, O
ETMFs B-Effect
were I-Effect
expected I-Effect
to I-Effect
be I-Effect
a I-Effect
longer-term I-Effect
winner I-Effect
for I-Effect
Eaton I-Effect
Vance I-Effect
. O

Longer-term O
as O
Chinese B-Cause
exports I-Cause
return I-Cause
over I-Cause
time I-Cause
and I-Cause
low-cost I-Cause
Moroccan I-Cause
and I-Cause
Middle I-Cause
Eastern I-Cause
production I-Cause
continues I-Cause
to I-Cause
come I-Cause
on I-Cause
line I-Cause
, O
we O
forecast O
long-term B-Effect
phosphate I-Effect
prices I-Effect
of I-Effect
roughly I-Effect
$ I-Effect
350 I-Effect
per I-Effect
metric I-Effect
ton I-Effect
as O
the B-Cause
new I-Cause
supply I-Cause
limits O
long-term B-Effect
price I-Effect
appreciation I-Effect
. O

In O
the O
long O
term O
, O
declining B-Cause
energy I-Cause
prices I-Cause
, I-Cause
changing I-Cause
power I-Cause
market I-Cause
rules I-Cause
, I-Cause
and I-Cause
lack I-Cause
of I-Cause
additional I-Cause
subsidies I-Cause
will O
continue O
to O
weigh O
on O
earnings B-Effect
. O

Further O
, O
in O
order O
to O
close O
the O
deal O
, O
Valspar B-Cause
held I-Cause
off I-Cause
on I-Cause
a I-Cause
needed I-Cause
price I-Cause
increase I-Cause
, O
which O
will B-Effect
take I-Effect
another I-Effect
year I-Effect
or I-Effect
two I-Effect
before I-Effect
pricing I-Effect
can I-Effect
catch I-Effect
up I-Effect
to I-Effect
higher I-Effect
costs I-Effect
. O

With O
more O
than O
80 O
% O
of O
annual O
revenue O
derived O
from O
management O
fees O
levied O
on O
its O
AUM O
, O
dramatic B-Cause
market I-Cause
movements I-Cause
or I-Cause
changes I-Cause
in I-Cause
fund I-Cause
flows I-Cause
can O
have O
a O
significant B-Effect
impact I-Effect
on I-Effect
operating I-Effect
income I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

In O
fact O
, O
during B-Cause
a I-Cause
downturn I-Cause
in I-Cause
new-vehicle I-Cause
sales I-Cause
, I-Cause
dealers I-Cause
generally I-Cause
report I-Cause
higher I-Cause
gross I-Cause
margins I-Cause
due O
to O
a B-Effect
favorable I-Effect
mix I-Effect
shift I-Effect
to I-Effect
parts I-Effect
, I-Effect
but I-Effect
then I-Effect
report I-Effect
lower I-Effect
operating I-Effect
margins I-Effect
due I-Effect
to I-Effect
SG I-Effect
& I-Effect
A I-Effect
deleveraging I-Effect
. O

To B-Cause
manage I-Cause
the I-Cause
volatility I-Cause
associated I-Cause
with I-Cause
its I-Cause
raw I-Cause
material I-Cause
costs I-Cause
, I-Cause
Carpenter I-Cause
uses I-Cause
pricing I-Cause
surcharges I-Cause
, I-Cause
indexing I-Cause
mechanisms I-Cause
, I-Cause
and I-Cause
base I-Cause
price I-Cause
adjustments. O
This O
effectively O
allows O
the B-Effect
company I-Effect
to I-Effect
pass I-Effect
on I-Effect
raw I-Effect
material I-Effect
price I-Effect
fluctuations I-Effect
to I-Effect
its I-Effect
customers I-Effect
at I-Effect
the I-Effect
point I-Effect
of I-Effect
sale I-Effect
. O

We O
derive O
our O
5.0 B-Effect
% I-Effect
second-stage I-Effect
EBI I-Effect
growth I-Effect
estimate I-Effect
by O
assuming O
2 B-Cause
% I-Cause
-3 I-Cause
% I-Cause
pricing I-Cause
power I-Cause
each I-Cause
year I-Cause
( I-Cause
intermodal I-Cause
at I-Cause
the I-Cause
low I-Cause
end I-Cause
, I-Cause
with I-Cause
most I-Cause
other I-Cause
commodities I-Cause
higher I-Cause
) I-Cause
combined I-Cause
with I-Cause
roughly I-Cause
2 I-Cause
% I-Cause
total I-Cause
volume I-Cause
growth I-Cause
. O

Climate B-Cause
concerns I-Cause
could O
also O
trigger O
regulatory B-Effect
interventions I-Effect
, O
such O
as O
fracking O
bans O
, O
drilling O
permit O
suspensions O
, O
and O
perhaps O
even O
direct O
taxes O
on O
carbon O
emissions O
. O

On O
the O
other O
side O
, O
via O
its O
rich B-Cause
collection I-Cause
of I-Cause
data I-Cause
and I-Cause
large I-Cause
user I-Cause
base I-Cause
, O
Google B-Effect
can I-Effect
offer I-Effect
the I-Effect
best I-Effect
return I-Effect
on I-Effect
investment I-Effect
for I-Effect
advertisers I-Effect
and I-Effect
build I-Effect
a I-Effect
growing I-Effect
Internet I-Effect
Content I-Effect
& I-Effect
Informationnetwork I-Effect
of I-Effect
advertising I-Effect
customers I-Effect
. O

Additionally O
, O
Healthpeak B-Effect
will I-Effect
no I-Effect
longer I-Effect
significantly I-Effect
benefit I-Effect
from I-Effect
the I-Effect
senior I-Effect
housing I-Effect
sector I-Effect
's I-Effect
prospects I-Effect
of I-Effect
long-term I-Effect
growth I-Effect
as O
the B-Cause
sector I-Cause
recovers I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
sees I-Cause
a I-Cause
spike I-Cause
in I-Cause
demand I-Cause
from I-Cause
the I-Cause
aging I-Cause
baby I-Cause
boomer I-Cause
generation I-Cause
. O

Norwegian B-Cause
was I-Cause
already I-Cause
facing I-Cause
pricing I-Cause
headwinds I-Cause
in I-Cause
2020 I-Cause
, I-Cause
lapping I-Cause
Cuban I-Cause
itineraries I-Cause
, I-Cause
and I-Cause
the I-Cause
inaugural I-Cause
season I-Cause
of I-Cause
Encore I-Cause
, I-Cause
when I-Cause
the I-Cause
global I-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
exacerbated I-Cause
its I-Cause
plight. O
As O
a O
result O
, O
2020 B-Effect
was I-Effect
even I-Effect
more I-Effect
difficult I-Effect
to I-Effect
navigate I-Effect
than I-Effect
past I-Effect
recessions I-Effect
, I-Effect
with I-Effect
capacity I-Effect
down I-Effect
100 I-Effect
% I-Effect
over I-Effect
the I-Effect
final I-Effect
three I-Effect
quarters I-Effect
of I-Effect
2020 I-Effect
. O

Nordson B-Effect
thrives I-Effect
in I-Effect
times I-Effect
of I-Effect
change I-Effect
, O
as O
innovation B-Cause
in I-Cause
its I-Cause
end I-Cause
markets I-Cause
drives O
demand O
for O
new O
and O
improved O
solutions O
. O

According O
to O
a O
study O
co-authored O
by O
former O
Federal O
Trade O
Commission O
chairman O
Jon O
Leibowitz O
, O
providers B-Effect
( I-Effect
for I-Effect
example I-Effect
, I-Effect
hospitals I-Effect
) I-Effect
can I-Effect
realize I-Effect
savings I-Effect
of I-Effect
10 I-Effect
% I-Effect
to I-Effect
18 I-Effect
% I-Effect
using B-Cause
GPOs I-Cause
relative I-Cause
to I-Cause
the I-Cause
costs I-Cause
they I-Cause
would I-Cause
incur I-Cause
had I-Cause
they I-Cause
negotiated I-Cause
prices I-Cause
on I-Cause
their I-Cause
own I-Cause
. O

Beyond O
that O
, O
we O
assume O
revenue B-Effect
growth I-Effect
will I-Effect
create I-Effect
operating I-Effect
leverage I-Effect
, O
as O
sales B-Cause
and I-Cause
marketing I-Cause
, I-Cause
along I-Cause
with I-Cause
general I-Cause
and I-Cause
administrative I-Cause
expenses I-Cause
, I-Cause
should I-Cause
grow I-Cause
at I-Cause
lower I-Cause
rates I-Cause
than I-Cause
the I-Cause
top I-Cause
line I-Cause
. O

We O
expect O
Parker B-Cause
's I-Cause
growing I-Cause
distribution I-Cause
network I-Cause
is I-Cause
well I-Cause
positioned I-Cause
to O
capitalize B-Effect
on I-Effect
Europe I-Effect
's I-Effect
growing I-Effect
pneumatic I-Effect
equipment I-Effect
consumption I-Effect
, O
as O
well O
as O
faster-growing O
regions O
like O
Asia-Pacific O
. O

Talison B-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
best I-Cause
spodumene I-Cause
resources I-Cause
in I-Cause
the I-Cause
world I-Cause
, O
which O
allows O
Albemarle B-Effect
to I-Effect
be I-Effect
one I-Effect
of I-Effect
the I-Effect
lowest-cost I-Effect
lithium I-Effect
hydroxide I-Effect
producers I-Effect
as O
spodumene B-Cause
can I-Cause
be I-Cause
converted I-Cause
directly I-Cause
into I-Cause
hydroxide I-Cause
. O

Finally O
, O
Quest B-Cause
's I-Cause
scale I-Cause
and I-Cause
reach I-Cause
make O
it O
an B-Effect
attractive I-Effect
partner I-Effect
for I-Effect
the I-Effect
researchers I-Effect
who I-Effect
invent I-Effect
various I-Effect
diagnostic I-Effect
tests I-Effect
but O
have O
no O
distribution O
channels O
through O
which O
to O
sell O
the O
tests O
. O

Southwest B-Cause
continues I-Cause
to I-Cause
fund I-Cause
its I-Cause
business I-Cause
with I-Cause
more I-Cause
equity I-Cause
than I-Cause
debt I-Cause
, O
which O
we O
think O
reduces O
the B-Effect
probability I-Effect
of I-Effect
firm I-Effect
failure I-Effect
in I-Effect
times I-Effect
of I-Effect
distress I-Effect
. O

Our B-Cause
medium I-Cause
uncertainty I-Cause
rating I-Cause
accounts O
for O
the O
fact O
that O
over B-Effect
50 I-Effect
% I-Effect
of I-Effect
AES I-Effect
' I-Effect
pretax I-Effect
contribution I-Effect
is I-Effect
derived I-Effect
from I-Effect
businesses I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
. O

We O
expect O
that O
as O
sponsorship B-Cause
spending I-Cause
will I-Cause
rebound I-Cause
in I-Cause
2020 I-Cause
, O
causing B-Effect
sponsorship I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
to I-Effect
7 I-Effect
% I-Effect
above I-Effect
2019 I-Effect
levels I-Effect
. O

The B-Cause
tie I-Cause
of I-Cause
divisional I-Cause
returns I-Cause
and I-Cause
margins I-Cause
to I-Cause
compensation I-Cause
should O
empower B-Effect
divisional I-Effect
managers I-Effect
to I-Effect
make I-Effect
smarter I-Effect
choices I-Effect
on I-Effect
product I-Effect
bids I-Effect
and I-Effect
capital I-Effect
allocation I-Effect
. O

In O
2012 O
, O
the B-Cause
ACC I-Cause
approved I-Cause
a I-Cause
rate-case I-Cause
settlement I-Cause
that O
helped O
APS B-Effect
improve I-Effect
returns I-Effect
by O
providing O
automatic O
rate O
riders O
on O
solar O
energy O
investments O
and O
a O
decoupling O
mechanism O
that O
reduced O
the O
impact O
of O
customer-installed O
rooftop O
solar O
units O
and O
energy O
efficiency O
projects O
. O

The B-Cause
central I-Cause
government I-Cause
's I-Cause
visa I-Cause
restrictions I-Cause
led O
to O
a B-Effect
plunge I-Effect
in I-Effect
gaming I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
9.7 I-Effect
% I-Effect
in I-Effect
2009 I-Effect
from I-Effect
31 I-Effect
% I-Effect
in I-Effect
2008 I-Effect
. O

Western B-Cause
and I-Cause
Seagate I-Cause
are I-Cause
constantly I-Cause
improving I-Cause
areal I-Cause
storage I-Cause
density I-Cause
and I-Cause
implementing I-Cause
new I-Cause
technologies I-Cause
like O
heat-assisted O
magnetic O
recording O
( O
HAMR O
) O
to O
drive O
cost B-Effect
per I-Effect
HDD I-Effect
gigabyte I-Effect
down I-Effect
further I-Effect
at I-Effect
large I-Effect
capacity I-Effect
points I-Effect
. O

Because O
Zebra B-Cause
has I-Cause
the I-Cause
broadest I-Cause
solution I-Cause
set I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
it B-Effect
can I-Effect
plug I-Effect
into I-Effect
more I-Effect
parts I-Effect
of I-Effect
an I-Effect
organization I-Effect
, I-Effect
and I-Effect
create I-Effect
an I-Effect
even I-Effect
more I-Effect
entrenched I-Effect
system I-Effect
-- I-Effect
all I-Effect
while I-Effect
increasing I-Effect
customer I-Effect
productivity I-Effect
. O

As B-Effect
demand I-Effect
recovers I-Effect
postpandemic I-Effect
, I-Effect
we I-Effect
expect I-Effect
EBITDA I-Effect
margins I-Effect
in I-Effect
the I-Effect
engineered I-Effect
materials I-Effect
segment I-Effect
to I-Effect
return I-Effect
to I-Effect
the I-Effect
low- I-Effect
to I-Effect
mid-30 I-Effect
% I-Effect
range I-Effect
as O
the B-Cause
company I-Cause
continues I-Cause
to I-Cause
develop I-Cause
new I-Cause
downstream I-Cause
products I-Cause
that I-Cause
provide I-Cause
some I-Cause
pricing I-Cause
power I-Cause
. O

Low B-Cause
natural I-Cause
gas I-Cause
prices I-Cause
and I-Cause
intensifying I-Cause
Environmental I-Cause
Protection I-Cause
Agency I-Cause
regulations I-Cause
have O
put O
a B-Effect
material I-Effect
portion I-Effect
of I-Effect
the I-Effect
domestic I-Effect
utility I-Effect
coal I-Effect
franchise I-Effect
at I-Effect
risk I-Effect
of I-Effect
disappearing I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Although O
its O
sales O
have O
soared O
during O
the O
pandemic O
, O
we O
believe O
the B-Effect
impact I-Effect
is I-Effect
temporary I-Effect
, O
as O
growth B-Effect
in I-Effect
sporting I-Effect
goods I-Effect
retail I-Effect
has I-Effect
generally I-Effect
been I-Effect
minimal I-Effect
due O
to O
external B-Cause
competition I-Cause
. O

Further O
, O
like O
all O
E O
& O
amp O
; O
P O
firms O
, O
the B-Cause
firm I-Cause
is I-Cause
exposed I-Cause
to I-Cause
a I-Cause
range I-Cause
of I-Cause
potential I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
that O
could O
hurt B-Effect
its I-Effect
ability I-Effect
to I-Effect
generate I-Effect
strong I-Effect
returns I-Effect
. O

We O
also O
expect O
lower B-Effect
relative I-Effect
selling I-Effect
and I-Effect
distribution I-Effect
costs I-Effect
as O
scale B-Cause
grows I-Cause
and I-Cause
route I-Cause
structures I-Cause
are I-Cause
optimized I-Cause
( I-Cause
planning I-Cause
and I-Cause
sequencing I-Cause
) I-Cause
and I-Cause
densified I-Cause
. I-Cause

The B-Cause
larger I-Cause
the I-Cause
user I-Cause
base I-Cause
, O
the O
more B-Cause
user I-Cause
data I-Cause
Baidu I-Cause
can I-Cause
collect I-Cause
and I-Cause
analyze I-Cause
, O
improving B-Effect
the I-Effect
search I-Effect
engine I-Effect
algorithm I-Effect
and I-Effect
relevancy I-Effect
of I-Effect
search I-Effect
results I-Effect
. O

As O
Costco B-Effect
laps I-Effect
exceptional I-Effect
fiscal I-Effect
2020 I-Effect
sales I-Effect
, O
we O
expect O
its O
comparable O
growth O
to O
dip O
into O
the O
low-single O
digits O
( O
excluding O
fuel O
) O
by O
the O
fourth O
quarter O
as O
Americans B-Cause
redirect I-Cause
spending I-Cause
toward I-Cause
pandemic-restricted I-Cause
categories I-Cause
like I-Cause
restaurants I-Cause
. O

As O
management B-Cause
intends I-Cause
to I-Cause
expand I-Cause
both I-Cause
platforms I-Cause
to I-Cause
roughly I-Cause
$ I-Cause
3 I-Cause
billion- I-Cause
$ I-Cause
5 I-Cause
billion I-Cause
in I-Cause
revenue I-Cause
each I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
we O
expect O
the B-Effect
company I-Effect
will I-Effect
continue I-Effect
to I-Effect
pursue I-Effect
bolt-on I-Effect
acquisitions I-Effect
, I-Effect
particularly I-Effect
in I-Effect
the I-Effect
medical I-Effect
technology I-Effect
segment I-Effect
. O

If O
borrowers B-Cause
' I-Cause
default I-Cause
on I-Cause
their I-Cause
mortgages I-Cause
a B-Effect
government I-Effect
back I-Effect
fund I-Effect
settles I-Effect
the I-Effect
mortgage I-Effect
with I-Effect
the I-Effect
bank I-Effect
and I-Effect
the I-Effect
borrower I-Effect
now I-Effect
owes I-Effect
the I-Effect
fund I-Effect
instead I-Effect
of I-Effect
the I-Effect
bank I-Effect
. O

However O
, O
limitations B-Cause
brought I-Cause
forth I-Cause
by I-Cause
browser I-Cause
providers I-Cause
such I-Cause
as I-Cause
Apple I-Cause
and I-Cause
its I-Cause
Intelligent I-Cause
Tracking I-Cause
Prevention I-Cause
and I-Cause
Google I-Cause
's I-Cause
plan I-Cause
to I-Cause
abandon I-Cause
cookies I-Cause
in I-Cause
2021 I-Cause
may O
adversely O
affect O
Criteo B-Effect
's I-Effect
ability I-Effect
to I-Effect
capture I-Effect
additional I-Effect
user I-Effect
data I-Effect
, O
in O
turn O
weighing B-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
machine-learning I-Effect
capabilities I-Effect
, I-Effect
ad I-Effect
purchase I-Effect
and I-Effect
placement I-Effect
, I-Effect
and I-Effect
client I-Effect
growth I-Effect
. O

However O
, O
the B-Cause
company I-Cause
's I-Cause
wealth I-Cause
and I-Cause
asset I-Cause
management I-Cause
segments I-Cause
, O
which O
compose O
around O
50 O
% O
of O
net O
revenue O
, O
should O
keep B-Effect
the I-Effect
company I-Effect
's I-Effect
organic I-Effect
revenue I-Effect
and I-Effect
earnings I-Effect
declines I-Effect
in I-Effect
2021 I-Effect
to I-Effect
a I-Effect
mid-single-digit I-Effect
percentage I-Effect
. O

Bristol O
's O
PD-1 O
cancer O
drug O
Opdivo O
holds O
the O
potential O
to O
revolutionize O
cancer O
treatment O
and O
should O
drive O
multi-billion-dollar B-Effect
sales I-Effect
annually I-Effect
based O
on O
solid B-Cause
efficacy I-Cause
, I-Cause
combination I-Cause
potential I-Cause
with I-Cause
other I-Cause
drugs I-Cause
and I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
. O

We O
see O
sales B-Effect
declining I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
footprint I-Cause
continues I-Cause
to I-Cause
contract I-Cause
before I-Cause
growing I-Cause
at I-Cause
a I-Cause
low-single-digit I-Cause
rate I-Cause
for I-Cause
three I-Cause
years I-Cause
and I-Cause
leveling I-Cause
off I-Cause
in I-Cause
2026 I-Cause
. O

We B-Cause
now I-Cause
expect I-Cause
greater I-Cause
revenue I-Cause
growth I-Cause
from I-Cause
subscriber I-Cause
additions I-Cause
from I-Cause
Paramount+ I-Cause
which O
will O
benefit B-Effect
from I-Effect
a I-Effect
greater I-Effect
library I-Effect
and I-Effect
increased I-Effect
content I-Effect
investment I-Effect
than I-Effect
CBS I-Effect
All I-Effect
Access I-Effect
. O

Potentially B-Effect
offsetting I-Effect
the I-Effect
challenge I-Effect
of I-Effect
generating I-Effect
economic I-Effect
profit I-Effect
from I-Effect
regulation I-Effect
intangibles I-Effect
, O
we O
think O
that O
the B-Cause
creation I-Cause
of I-Cause
brand I-Cause
intangibles I-Cause
would O
help B-Cause
cannabis I-Cause
companies I-Cause
pass I-Cause
the I-Cause
increased I-Cause
cost I-Cause
to I-Cause
consumers I-Cause
, O
thus O
protecting B-Effect
their I-Effect
own I-Effect
economic I-Effect
profit I-Effect
. O

We O
believe O
this B-Effect
price I-Effect
volatility I-Effect
is O
the O
result O
of O
rapidly B-Cause
evolving I-Cause
OSB I-Cause
production I-Cause
efficiency I-Cause
, I-Cause
and I-Cause
a I-Cause
supply I-Cause
response I-Cause
to I-Cause
currently I-Cause
attractive I-Cause
profit I-Cause
margins I-Cause
. O

In O
a O
normalized O
environment O
, O
we O
see O
policies O
impeding O
global O
trade O
as O
the O
highest O
risk O
to O
commercial O
and O
global O
banking O
markets O
, O
reducing B-Effect
for I-Effect
trade I-Effect
finance I-Effect
revenue I-Effect
and I-Effect
advisory I-Effect
services I-Effect
as O
capital B-Cause
markets I-Cause
weaken I-Cause
. O

Because O
recycled B-Cause
ferrous I-Cause
scrap I-Cause
metal I-Cause
used I-Cause
to I-Cause
produce I-Cause
steel I-Cause
in I-Cause
electric I-Cause
arc I-Cause
furnaces I-Cause
is I-Cause
imbued I-Cause
with I-Cause
impurities I-Cause
, I-Cause
owing I-Cause
to I-Cause
its I-Cause
exposure I-Cause
to I-Cause
other I-Cause
naturally I-Cause
occurring I-Cause
elements I-Cause
in I-Cause
use I-Cause
, I-Cause
steel I-Cause
produced I-Cause
by I-Cause
electric I-Cause
arc I-Cause
furnaces I-Cause
is I-Cause
typically I-Cause
lower-quality I-Cause
than I-Cause
steel I-Cause
produced I-Cause
via I-Cause
blast I-Cause
furnace. O
Therefore O
, O
electric B-Effect
arc I-Effect
furnace I-Effect
operators I-Effect
are I-Effect
generally I-Effect
unable I-Effect
to I-Effect
service I-Effect
end I-Effect
markets I-Effect
that I-Effect
require I-Effect
high-strength I-Effect
, I-Effect
flat-rolled I-Effect
steel I-Effect
such I-Effect
as I-Effect
the I-Effect
automotive I-Effect
market I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
scale I-Cause
generates B-Effect
significant I-Effect
bargaining I-Effect
power I-Effect
with I-Effect
vendors I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
products I-Effect
, I-Effect
advertisement I-Effect
, I-Effect
and I-Effect
rent I-Effect
, I-Effect
among I-Effect
other I-Effect
things I-Effect
. O

During O
the O
Great O
Financial O
Recession O
in O
2008 O
, O
gaming O
revenue O
on O
the O
Vegas O
Strip O
declined O
19 O
% O
, O
and O
we O
expect O
Caesars B-Effect
' I-Effect
Vegas I-Effect
sales I-Effect
to I-Effect
drop I-Effect
around I-Effect
65 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
due O
to O
COVID-19 B-Cause
. O

Partnerships B-Cause
like I-Cause
this I-Cause
further I-Cause
diversify I-Cause
Pepsi I-Cause
's I-Cause
brand I-Cause
portfolio I-Cause
and I-Cause
increase I-Cause
the I-Cause
avenues I-Cause
through O
which O
the B-Effect
company I-Effect
can I-Effect
monetize I-Effect
its I-Effect
innovation I-Effect
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
automotive I-Effect
chip I-Effect
business I-Effect
benefits O
from O
both B-Cause
intangible I-Cause
assets I-Cause
around I-Cause
proprietary I-Cause
chip I-Cause
designs I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
high I-Cause
switching I-Cause
costs I-Cause
once I-Cause
the I-Cause
firm I-Cause
's I-Cause
products I-Cause
are I-Cause
designed I-Cause
into I-Cause
automotive I-Cause
programs I-Cause
. O

Given O
the B-Cause
lower I-Cause
relative I-Cause
expense I-Cause
and I-Cause
the I-Cause
reliability I-Cause
factor I-Cause
( O
given O
Cadence O
's O
brand O
and O
experience O
) O
, O
customers B-Effect
are I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
continue I-Effect
to I-Effect
utilize I-Effect
the I-Effect
firm I-Effect
's I-Effect
IP I-Effect
; O
the B-Cause
comprehensive I-Cause
selection I-Cause
of I-Cause
products I-Cause
to I-Cause
choose I-Cause
from I-Cause
and I-Cause
the I-Cause
smoother I-Cause
interoperability I-Cause
with I-Cause
other I-Cause
Cadence I-Cause
tools I-Cause
contribute O
to O
this O
. O

The B-Effect
worst I-Effect
is I-Effect
not I-Effect
quite I-Effect
over I-Effect
yet I-Effect
for I-Effect
airlines I-Effect
, O
as O
the B-Cause
COVID-19 I-Cause
vaccine I-Cause
has I-Cause
not I-Cause
been I-Cause
fully I-Cause
distributed I-Cause
yet I-Cause
, O
but O
we O
see O
a O
leisure-led O
recovery O
for O
airlines O
and O
anticipate O
American O
can O
return O
to O
2019 O
levels O
of O
capacity O
in O
2023 O
. O

That O
said O
, O
PCs B-Cause
are I-Cause
a I-Cause
mature I-Cause
market I-Cause
with I-Cause
decreasing I-Cause
volume I-Cause
growth I-Cause
and I-Cause
limited I-Cause
pricing I-Cause
power I-Cause
and O
we O
expect O
the B-Effect
firm I-Effect
will I-Effect
be I-Effect
unable I-Effect
to I-Effect
continue I-Effect
its I-Effect
steady I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

ADM B-Effect
's I-Effect
ethanol I-Effect
business I-Effect
, I-Effect
Vantage I-Effect
corn I-Effect
processors I-Effect
, I-Effect
will I-Effect
likely I-Effect
continue I-Effect
to I-Effect
struggle I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
declining B-Cause
gasoline I-Cause
demand I-Cause
and I-Cause
lower I-Cause
oil I-Cause
prices I-Cause
will I-Cause
increase I-Cause
operating I-Cause
losses I-Cause
. O

It O
is O
substantially O
lower B-Effect
margin I-Effect
as I-Effect
Keurig I-Effect
typically I-Effect
serves I-Effect
solely I-Effect
as O
a B-Cause
contract I-Cause
manufacturer I-Cause
not I-Cause
benefitting I-Cause
from I-Cause
the I-Cause
sell-through I-Cause
to I-Cause
retailers I-Cause
. O

We O
estimate O
margins B-Effect
on I-Effect
owned I-Effect
properties I-Effect
to I-Effect
reach I-Effect
25 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
22.9 I-Effect
% I-Effect
in I-Effect
the I-Effect
pre-COVID I-Effect
year I-Effect
of I-Effect
2019 I-Effect
as O
Hyatt B-Cause
continues I-Cause
to I-Cause
leverage I-Cause
the I-Cause
top I-Cause
line I-Cause
and I-Cause
see I-Cause
operational I-Cause
improvement I-Cause
in I-Cause
a I-Cause
recycled I-Cause
owned-asset I-Cause
portfolio I-Cause
that I-Cause
is I-Cause
higher I-Cause
in I-Cause
quality I-Cause
. O

We O
model O
a B-Effect
sharp I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
of I-Effect
8 I-Effect
% I-Effect
as O
business B-Cause
conditions I-Cause
return I-Cause
to I-Cause
normal I-Cause
after I-Cause
COVID-19 I-Cause
. O

On O
the O
margin O
side O
, O
we O
expect O
heavy B-Cause
patent I-Cause
losses I-Cause
in I-Cause
2023 I-Cause
on I-Cause
high-margin I-Cause
drugs I-Cause
will O
hurt B-Effect
our I-Effect
longer-term I-Effect
margin I-Effect
expectations I-Effect
as O
the B-Cause
company I-Cause
has I-Cause
not I-Cause
developed I-Cause
enough I-Cause
next-generation I-Cause
drugs I-Cause
in I-Cause
its I-Cause
late-stage I-Cause
pipeline I-Cause
to I-Cause
support I-Cause
a I-Cause
stronger I-Cause
margin I-Cause
over I-Cause
the I-Cause
long I-Cause
term I-Cause
. O

With O
its B-Cause
broad I-Cause
diversification I-Cause
across I-Cause
Latin I-Cause
America I-Cause
and I-Cause
solid I-Cause
competitive I-Cause
position I-Cause
in I-Cause
many I-Cause
markets I-Cause
it O
services O
, O
we O
view O
America B-Effect
Movil I-Effect
as I-Effect
an I-Effect
attractive I-Effect
way I-Effect
to I-Effect
gain I-Effect
exposure I-Effect
to I-Effect
the I-Effect
region I-Effect
. O

For O
example O
, O
as O
volatility B-Cause
in I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
can O
cause O
potential B-Cause
customers I-Cause
to I-Cause
defer I-Cause
or I-Cause
even I-Cause
terminate I-Cause
projects I-Cause
, O
Aecom B-Effect
faces I-Effect
a I-Effect
high I-Effect
level I-Effect
of I-Effect
uncertainty I-Effect
in I-Effect
the I-Effect
oil I-Effect
& I-Effect
gas I-Effect
end I-Effect
market I-Effect
. O

Consumer B-Effect
hardware I-Effect
is I-Effect
inherently I-Effect
prone I-Effect
to I-Effect
cutthroat I-Effect
competition I-Effect
as O
short-product B-Cause
cycles I-Cause
and I-Cause
customers I-Cause
hungry I-Cause
for I-Cause
greater I-Cause
features I-Cause
make I-Cause
market I-Cause
leadership I-Cause
difficult I-Cause
to I-Cause
sustain I-Cause
. O

Successful B-Cause
commercialization I-Cause
of I-Cause
diabetes I-Cause
products I-Cause
also I-Cause
requires I-Cause
a I-Cause
strong I-Cause
sales I-Cause
presence I-Cause
, I-Cause
such I-Cause
as I-Cause
Novo I-Cause
's I-Cause
15,000-plus I-Cause
sales I-Cause
employees I-Cause
scattered I-Cause
across I-Cause
the I-Cause
globe. O
These O
dynamics O
have O
led O
to O
branded B-Effect
insulin I-Effect
products I-Effect
retaining I-Effect
more I-Effect
than I-Effect
90 I-Effect
% I-Effect
of I-Effect
the I-Effect
insulin I-Effect
market I-Effect
despite I-Effect
generic I-Effect
human I-Effect
insulin I-Effect
competitors I-Effect
. O

We O
think O
that O
a B-Cause
higher I-Cause
mix I-Cause
of I-Cause
automotive I-Cause
, I-Cause
industrial I-Cause
, I-Cause
and I-Cause
computing I-Cause
revenue I-Cause
, I-Cause
along I-Cause
with I-Cause
greater I-Cause
manufacturing I-Cause
efficiency I-Cause
out I-Cause
of I-Cause
12-inch I-Cause
fabs I-Cause
will O
push O
GAAP B-Effect
gross I-Effect
margin I-Effect
past I-Effect
60 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
-- I-Effect
up I-Effect
from I-Effect
55 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

We O
think O
PetroChina B-Effect
's I-Effect
key I-Effect
ESG I-Effect
risks I-Effect
( O
captured O
in O
our O
uncertainty O
rating O
) O
include O
carbon B-Cause
emissions I-Cause
in I-Cause
its I-Cause
operations I-Cause
, I-Cause
use I-Cause
of I-Cause
its I-Cause
products I-Cause
, I-Cause
emissions I-Cause
, I-Cause
effluents I-Cause
, I-Cause
and I-Cause
waste I-Cause
generated I-Cause
in I-Cause
operations I-Cause
, I-Cause
bribery I-Cause
and I-Cause
corruption I-Cause
and I-Cause
poor I-Cause
community I-Cause
relations I-Cause
. O

NRG B-Cause
's I-Cause
strategic I-Cause
shift I-Cause
since I-Cause
2018 I-Cause
has I-Cause
simplified I-Cause
its I-Cause
business I-Cause
, I-Cause
cut I-Cause
costs I-Cause
, I-Cause
and I-Cause
strengthened I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
, O
giving O
it O
the B-Effect
financial I-Effect
flexibility I-Effect
to I-Effect
add I-Effect
Direct I-Effect
Energy I-Effect
. O

Paired O
with O
network B-Cause
improvements I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
marketed I-Effect
its I-Effect
services I-Effect
brilliantly I-Effect
, O
in O
our O
view O
, O
carving O
out O
a O
position O
in O
opposition O
to O
other O
providers O
as O
the O
'' O
uncarrier. O
'' O
Unique B-Cause
service I-Cause
offerings I-Cause
that O
remove O
perceived O
customer O
pain O
points O
without O
dramatically O
changing O
the O
economics O
of O
the O
business O
have O
bolstered B-Effect
this I-Effect
market I-Effect
perception I-Effect
. O

We O
expect O
race B-Effect
promotion I-Effect
revenue I-Effect
to I-Effect
increase I-Effect
by I-Effect
8 I-Effect
% I-Effect
annually I-Effect
as O
the B-Cause
push I-Cause
back I-Cause
against I-Cause
the I-Cause
fee I-Cause
growth I-Cause
from I-Cause
promoters I-Cause
for I-Cause
established I-Cause
races I-Cause
will I-Cause
be I-Cause
more I-Cause
than I-Cause
offset I-Cause
by I-Cause
the I-Cause
growth I-Cause
in I-Cause
flyaway I-Cause
races I-Cause
and I-Cause
addition I-Cause
of I-Cause
more I-Cause
races I-Cause
. O

We O
think O
this B-Cause
multicloud I-Cause
platform I-Cause
will O
ultimately O
give B-Effect
Snowflake I-Effect
an I-Effect
edge I-Effect
in I-Effect
terms I-Effect
of I-Effect
network I-Effect
effects I-Effect
; O
data B-Effect
set I-Effect
buyers I-Effect
will I-Effect
likely I-Effect
turn I-Effect
to I-Effect
Snowflake I-Effect
because O
it B-Cause
has I-Cause
the I-Cause
widest I-Cause
multicloud I-Cause
selection I-Cause
, O
in O
turn O
encouraging O
more O
users O
and O
more O
data O
set O
providers O
to O
join O
the O
Snowflake O
marketplace O
over O
time O
. O

Also O
, O
narrowing B-Cause
refining I-Cause
margins I-Cause
could O
damage B-Effect
downstream I-Effect
profitability I-Effect
, O
though O
threat O
of O
high O
prices O
and O
need O
to O
subsidize O
the O
domestic O
market O
have O
largely O
abated O
. O

The B-Cause
company I-Cause
's I-Cause
spending I-Cause
on I-Cause
building I-Cause
awareness I-Cause
has O
helped O
increase B-Effect
sales I-Effect
penetration I-Effect
, O
expanding B-Effect
the I-Effect
total I-Effect
number I-Effect
of I-Effect
consumers I-Effect
who O
have O
purchased O
from O
Wayfair O
. O

The B-Effect
emergence I-Effect
and I-Effect
growth I-Effect
of I-Effect
digital I-Effect
media I-Effect
, I-Effect
which I-Effect
has I-Effect
brought I-Effect
a I-Effect
more I-Effect
targeted I-Effect
marketing I-Effect
and I-Effect
advertising I-Effect
platform I-Effect
, I-Effect
has I-Effect
also I-Effect
driven I-Effect
increased I-Effect
consolidation I-Effect
in I-Effect
the I-Effect
ad I-Effect
space I-Effect
, O
as O
IPG B-Cause
and I-Cause
its I-Cause
peers I-Cause
have I-Cause
acquired I-Cause
various I-Cause
smaller I-Cause
agencies I-Cause
that I-Cause
focused I-Cause
on I-Cause
the I-Cause
growing I-Cause
digital I-Cause
advertising I-Cause
niche I-Cause
. O

Thermo B-Cause
Fisher I-Cause
's I-Cause
salesforce I-Cause
is I-Cause
by I-Cause
far I-Cause
the I-Cause
largest I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
which O
has O
allowed O
the B-Effect
company I-Effect
to I-Effect
penetrate I-Effect
emerging I-Effect
markets I-Effect
. O

While O
we O
think O
Toll O
Brothers O
can O
achieve O
positive O
economic O
profits O
with O
increased O
sales O
volume O
, O
we O
expect O
competition B-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
more I-Cause
capital-intensive I-Cause
land I-Cause
acquisition I-Cause
strategy I-Cause
( O
compared O
with O
peers O
) O
to O
restrain O
the B-Effect
amplitude I-Effect
of I-Effect
those I-Effect
profits I-Effect
. O

We B-Effect
expect I-Effect
significant I-Effect
growth I-Effect
in I-Effect
shipment I-Effect
volumes I-Effect
to I-Effect
the I-Effect
aerospace I-Effect
end I-Effect
market I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
Allegheny B-Cause
supplies I-Cause
large I-Cause
volumes I-Cause
of I-Cause
specialized I-Cause
materials I-Cause
and I-Cause
aircraft I-Cause
components I-Cause
to I-Cause
its I-Cause
key I-Cause
customers I-Cause
in I-Cause
the I-Cause
aerospace I-Cause
industry I-Cause
. O

Demand B-Cause
for I-Cause
AvalonBay I-Cause
's I-Cause
portfolio I-Cause
is I-Cause
also I-Cause
driven I-Cause
by I-Cause
the I-Cause
employment I-Cause
opportunities I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
core I-Cause
markets I-Cause
, O
which O
makes B-Effect
the I-Effect
portfolio I-Effect
sensitive I-Effect
to I-Effect
any I-Effect
changes I-Effect
to I-Effect
the I-Effect
economies I-Effect
of I-Effect
these I-Effect
markets I-Effect
. O

Consolidation B-Cause
across I-Cause
European I-Cause
defense I-Cause
markets I-Cause
has O
made O
Airbus B-Effect
' I-Effect
defense I-Effect
unit I-Effect
a I-Effect
top I-Effect
contender I-Effect
among I-Effect
the I-Effect
short I-Effect
list I-Effect
of I-Effect
contractors I-Effect
vying I-Effect
for I-Effect
defense I-Effect
work I-Effect
with I-Effect
European I-Effect
countries I-Effect
and I-Effect
their I-Effect
allies I-Effect
. O

As O
the O
bank O
continues O
to O
make O
improvements O
around O
the O
margin O
, O
we O
expect O
consistent B-Effect
market-leading I-Effect
performance I-Effect
as O
expenses B-Cause
are I-Cause
controlled I-Cause
, I-Cause
regulatory I-Cause
capital I-Cause
is I-Cause
efficiently I-Cause
used I-Cause
, I-Cause
and I-Cause
technology I-Cause
investments I-Cause
continue I-Cause
. O

For O
fiscal O
2021 O
, O
we O
expect O
annual B-Effect
revenue I-Effect
will I-Effect
drop I-Effect
about I-Effect
2 I-Effect
% I-Effect
year I-Effect
over I-Effect
year I-Effect
, O
since O
it O
will O
experience O
the B-Cause
majority I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
impact I-Cause
. O

With O
the O
sale O
, O
Marathon B-Effect
will I-Effect
no I-Effect
longer I-Effect
be I-Effect
a I-Effect
fully I-Effect
integrated I-Effect
refiner I-Effect
, O
but O
it O
is O
not O
a O
pure-play O
refiner O
either O
as O
midstream B-Cause
operations I-Cause
, I-Cause
held I-Cause
largely I-Cause
through I-Cause
its I-Cause
MLP I-Cause
MPLX I-Cause
, I-Cause
comprise I-Cause
a I-Cause
greater I-Cause
share I-Cause
of I-Cause
earnings I-Cause
and I-Cause
value I-Cause
than I-Cause
refining I-Cause
. O

Competitors B-Cause
can I-Cause
also I-Cause
enter I-Cause
new I-Cause
markets I-Cause
and I-Cause
replicate I-Cause
successful I-Cause
product I-Cause
and I-Cause
land I-Cause
acquisition I-Cause
strategies I-Cause
with I-Cause
relative I-Cause
ease I-Cause
, O
potentially O
diminishing O
returns B-Effect
for I-Effect
incumbents I-Effect
. O

Bausch O
's O
core O
business O
lines O
were O
all O
acquired O
in O
the O
past O
seven O
years O
, O
and O
we O
're O
unsure B-Effect
about I-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
build I-Effect
a I-Effect
consistent I-Effect
pipeline I-Effect
, O
given O
the B-Cause
lack I-Cause
of I-Cause
proven I-Cause
history I-Cause
. O

Rising B-Cause
input I-Cause
costs I-Cause
can O
pressure B-Effect
margins I-Effect
for I-Effect
a I-Effect
year I-Effect
or I-Effect
more I-Effect
before I-Effect
the I-Effect
company I-Effect
is I-Effect
able I-Effect
to I-Effect
pass I-Effect
on I-Effect
commensurate I-Effect
price I-Effect
increases I-Effect
. O

We O
see O
flat B-Effect
margins I-Effect
in I-Effect
space I-Effect
systems I-Effect
, O
as O
we O
expect O
that O
the B-Cause
segment I-Cause
will I-Cause
continue I-Cause
to I-Cause
be I-Cause
dominated I-Cause
by I-Cause
cost-plus I-Cause
development I-Cause
programs I-Cause
. O

Within O
its O
services O
, O
management B-Cause
uses I-Cause
its I-Cause
extensive I-Cause
database I-Cause
to O
identify O
best O
practices O
in O
terms O
of O
quality O
and O
cost O
throughout O
each O
corner O
of O
its O
operations O
, O
which O
helps O
the B-Effect
firm I-Effect
maintain I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
, O
in O
our O
opinion O
. O

Although O
its O
e-commerce O
has O
soared O
during O
the O
pandemic O
( O
30 O
% O
of O
sales O
in O
2020 O
, O
up O
from O
16 O
% O
in O
2019 O
) O
, O
we O
think O
Dick B-Cause
's I-Cause
large I-Cause
base I-Cause
of I-Cause
about I-Cause
850 I-Cause
stores I-Cause
limits O
its B-Effect
flexibility I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
high I-Effect
from I-Effect
medium I-Effect
to O
account O
for O
the O
potential B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
Global I-Cause
Payments I-Cause
' I-Cause
small-merchant I-Cause
customer I-Cause
base I-Cause
. O

This B-Effect
is I-Effect
especially I-Effect
the I-Effect
case I-Effect
in I-Effect
XPO I-Effect
's I-Effect
LTL I-Effect
unit I-Effect
because O
excess B-Cause
capacity I-Cause
has I-Cause
historically I-Cause
driven I-Cause
carriers I-Cause
across I-Cause
the I-Cause
industry I-Cause
to I-Cause
slash I-Cause
rates I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
salvage I-Cause
asset I-Cause
utilization I-Cause
. O

Still O
, O
the B-Cause
acquisitions I-Cause
have O
led O
to O
GTT B-Cause
's I-Cause
invested I-Cause
capital I-Cause
base I-Cause
increasing I-Cause
eightfold I-Cause
over I-Cause
the I-Cause
last I-Cause
five I-Cause
years I-Cause
, O
and O
we B-Effect
do I-Effect
n't I-Effect
project I-Effect
the I-Effect
firm I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
on I-Effect
that I-Effect
capital I-Effect
for I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

Even O
after O
accounting B-Cause
for I-Cause
its I-Cause
more I-Cause
negligible I-Cause
share I-Cause
position I-Cause
at I-Cause
present I-Cause
, O
we B-Effect
would I-Effect
've I-Effect
expected I-Effect
Hain I-Effect
's I-Effect
positioning I-Effect
in I-Effect
the I-Effect
natural I-Effect
and I-Effect
organic I-Effect
aisle I-Effect
to I-Effect
result I-Effect
in I-Effect
price I-Effect
premiums I-Effect
, O
but O
this O
has O
not O
played O
out O
. O

While O
this O
venture O
is O
in O
its O
nascency O
, O
high B-Cause
levels I-Cause
of I-Cause
investment I-Cause
and I-Cause
innovation I-Cause
could O
pose O
competitive B-Effect
threats I-Effect
to O
Synopsys O
down O
the O
line O
. O

Management O
's O
objective O
is O
to O
increase O
revenue O
to O
just O
under O
EUR O
5.0 O
billion O
in O
2022 O
, O
but O
this B-Effect
target I-Effect
will I-Effect
likely I-Effect
be I-Effect
lowered I-Effect
owing O
to O
the B-Cause
COVID-19 I-Cause
outbreak I-Cause
. O

We O
think O
a B-Effect
temporary I-Effect
shutdown I-Effect
is I-Effect
possible I-Effect
as O
operator B-Cause
Energy I-Cause
Transfer I-Cause
appeals I-Cause
a I-Cause
July I-Cause
2020 I-Cause
ruling I-Cause
invalidating I-Cause
DAPL I-Cause
's I-Cause
environmental I-Cause
permit I-Cause
. O

While O
there O
's O
a O
remote O
possibility O
of O
a O
full O
ban O
on O
EtO O
plants O
, O
we O
think O
Steris B-Effect
would I-Effect
be I-Effect
prepared I-Effect
for I-Effect
a I-Effect
transition I-Effect
to I-Effect
alternative I-Effect
methods I-Effect
, O
given O
its B-Cause
strong I-Cause
financial I-Cause
position I-Cause
and I-Cause
sterilization I-Cause
expertise I-Cause
. O

Costco B-Effect
has I-Effect
long I-Effect
featured I-Effect
a I-Effect
high I-Effect
renewal I-Effect
rate I-Effect
for I-Effect
its I-Effect
memberships I-Effect
, O
which O
we O
believe O
is O
a B-Cause
function I-Cause
of I-Cause
the I-Cause
values I-Cause
offered I-Cause
and O
contributes O
to O
its B-Effect
intangible I-Effect
asset I-Effect
advantage I-Effect
. O

We O
project O
revenue B-Cause
growth I-Cause
of I-Cause
about I-Cause
5 I-Cause
% I-Cause
per I-Cause
year I-Cause
for I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
, O
driven O
by O
low B-Cause
penetration I-Cause
rate I-Cause
in I-Cause
Macao I-Cause
, I-Cause
the I-Cause
emerging I-Cause
middle I-Cause
and I-Cause
upper I-Cause
class I-Cause
in I-Cause
China I-Cause
, O
increased B-Effect
infrastructure I-Effect
offering I-Effect
Chinese I-Effect
tourists I-Effect
easier I-Effect
access I-Effect
to I-Effect
Macao I-Effect
. O

BioNTech B-Cause
's I-Cause
internal I-Cause
discovery I-Cause
platform I-Cause
is I-Cause
focused I-Cause
on I-Cause
mRNA I-Cause
, I-Cause
including I-Cause
off-the-shelf I-Cause
and I-Cause
personalized I-Cause
mRNA I-Cause
drugs I-Cause
, I-Cause
but I-Cause
opportunistic I-Cause
acquisitions I-Cause
have I-Cause
brought I-Cause
in I-Cause
targeted I-Cause
antibodies I-Cause
and I-Cause
cell I-Cause
therapies I-Cause
as I-Cause
well. O
As O
such O
, O
BioNTech B-Effect
is I-Effect
not I-Effect
overly I-Effect
reliant I-Effect
on I-Effect
any I-Effect
one I-Effect
key I-Effect
drug I-Effect
candidate I-Effect
or I-Effect
drug I-Effect
class I-Effect
at I-Effect
this I-Effect
point I-Effect
, I-Effect
and I-Effect
it I-Effect
is I-Effect
poised I-Effect
to I-Effect
tackle I-Effect
cancer I-Effect
via I-Effect
many I-Effect
different I-Effect
mechanisms I-Effect
. O

Similarly O
, O
after O
it B-Effect
scaled I-Effect
up I-Effect
its I-Effect
power I-Effect
chip I-Effect
capabilities I-Effect
by O
acquiring B-Cause
Fairchild I-Cause
, O
we O
believe O
the B-Effect
firm I-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
similar I-Effect
to I-Effect
that I-Effect
of I-Effect
competitor I-Effect
Infineon I-Effect
. O

While O
we O
generally O
are O
skeptical O
about O
the O
economics O
of O
such O
businesses O
, O
we B-Effect
see I-Effect
Uniti I-Effect
as I-Effect
better I-Effect
positioned I-Effect
than I-Effect
many I-Effect
competitors I-Effect
because O
it B-Cause
focuses I-Cause
on I-Cause
second I-Cause
and I-Cause
third-tier I-Cause
cities I-Cause
, I-Cause
where I-Cause
we I-Cause
do I-Cause
n't I-Cause
think I-Cause
competition I-Cause
is I-Cause
quite I-Cause
as I-Cause
intense I-Cause
. O

Although O
we O
project O
margin B-Effect
improvement I-Effect
in I-Effect
both I-Effect
businesses I-Effect
, I-Effect
we I-Effect
expect I-Effect
the I-Effect
companywide I-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
remain I-Effect
relatively I-Effect
flat I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
the B-Cause
less I-Cause
profitable I-Cause
wireless I-Cause
business I-Cause
makes I-Cause
up I-Cause
a I-Cause
much I-Cause
greater I-Cause
portion I-Cause
of I-Cause
the I-Cause
total I-Cause
business I-Cause
. O

This B-Cause
implicit I-Cause
contract I-Cause
between I-Cause
regulators I-Cause
and I-Cause
the I-Cause
utility I-Cause
should O
, O
in O
the O
long O
run O
, O
allow O
NJR B-Effect
to I-Effect
earn I-Effect
a I-Effect
small I-Effect
spread I-Effect
over I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Meanwhile B-Effect
, I-Effect
smaller I-Effect
inland I-Effect
refineries I-Effect
( I-Effect
38 I-Effect
% I-Effect
of I-Effect
capacity I-Effect
) I-Effect
scattered I-Effect
throughout I-Effect
the I-Effect
midcontinent I-Effect
can I-Effect
capture I-Effect
transportation I-Effect
discounts I-Effect
associated I-Effect
with I-Effect
domestic I-Effect
light I-Effect
tight I-Effect
oil I-Effect
production I-Effect
due B-Cause
to I-Cause
their I-Cause
proximity I-Cause
to I-Cause
producing I-Cause
basins I-Cause
in I-Cause
Texas I-Cause
and I-Cause
North I-Cause
Dakota I-Cause
. O

We O
believe O
Mattel B-Effect
's I-Effect
operating I-Effect
margins I-Effect
and I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
could I-Effect
rise I-Effect
as O
the B-Cause
firm I-Cause
's I-Cause
structural I-Cause
simplification I-Cause
and I-Cause
asset I-Cause
light I-Cause
efforts I-Cause
continue I-Cause
to I-Cause
bear I-Cause
fruit I-Cause
; O
optimizing B-Cause
the I-Cause
cost I-Cause
base I-Cause
is B-Effect
key I-Effect
to I-Effect
achieving I-Effect
improved I-Effect
profit I-Effect
, O
and O
a B-Cause
strategy I-Cause
focused I-Cause
on I-Cause
key I-Cause
brands I-Cause
could B-Effect
stimulate I-Effect
sales I-Effect
. O

Both O
it O
and O
Phillips O
66 O
aim O
to O
mitigate B-Effect
prospective I-Effect
volatility I-Effect
from I-Effect
these I-Effect
impacts I-Effect
through O
minimum B-Cause
volume I-Cause
commitments I-Cause
and I-Cause
inflation I-Cause
escalators I-Cause
on I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
partnership I-Cause
assets I-Cause
. O

However B-Effect
, I-Effect
the I-Effect
consumer I-Effect
electronics I-Effect
category I-Effect
is I-Effect
inherently I-Effect
challenging I-Effect
due B-Cause
to I-Cause
a I-Cause
reliance I-Cause
on I-Cause
continuous I-Cause
product I-Cause
innovation I-Cause
, I-Cause
a I-Cause
rapid I-Cause
speed I-Cause
to I-Cause
commoditization I-Cause
, I-Cause
and I-Cause
intense I-Cause
price I-Cause
competition I-Cause
( I-Cause
particularly I-Cause
in I-Cause
later I-Cause
stages I-Cause
of I-Cause
electronics I-Cause
product I-Cause
cycles I-Cause
) I-Cause
. O

Over O
the O
past O
decade O
, O
developed B-Cause
economies I-Cause
have I-Cause
introduced I-Cause
more I-Cause
stringent I-Cause
emissions I-Cause
standards I-Cause
, I-Cause
and I-Cause
some I-Cause
have I-Cause
gone I-Cause
as I-Cause
far I-Cause
as I-Cause
saying I-Cause
they I-Cause
expect I-Cause
to I-Cause
be I-Cause
carbon I-Cause
neutral I-Cause
in I-Cause
the I-Cause
next I-Cause
thirty I-Cause
years. O
This O
will O
in B-Effect
turn I-Effect
push I-Effect
numerous I-Effect
industries I-Effect
, I-Effect
including I-Effect
the I-Effect
truck I-Effect
manufacturing I-Effect
industry I-Effect
to I-Effect
develop I-Effect
more I-Effect
environmentally I-Effect
friendly I-Effect
products I-Effect
to I-Effect
meet I-Effect
regulatory I-Effect
requirements I-Effect
. O

We O
foresee O
this B-Effect
portion I-Effect
of I-Effect
wired I-Effect
infrastructure I-Effect
( I-Effect
40 I-Effect
% I-Effect
) I-Effect
growing I-Effect
at I-Effect
a I-Effect
high-single-digit I-Effect
rate I-Effect
as O
the B-Cause
firm I-Cause
benefits I-Cause
from I-Cause
the I-Cause
shift I-Cause
to I-Cause
the I-Cause
cloud I-Cause
. O

We O
contend O
that O
as O
Internet B-Cause
usage I-Cause
grows I-Cause
and I-Cause
as I-Cause
Verisign I-Cause
is I-Cause
able I-Cause
enact I-Cause
price I-Cause
increases I-Cause
on I-Cause
its I-Cause
.com I-Cause
and I-Cause
.net I-Cause
TLDs I-Cause
, O
the B-Effect
firm I-Effect
should I-Effect
enjoy I-Effect
healthy I-Effect
long-term I-Effect
growth I-Effect
. O

Although O
we B-Effect
see I-Effect
upside I-Effect
for I-Effect
architectural I-Effect
operating I-Effect
margins I-Effect
as O
total B-Cause
throughput I-Cause
grows I-Cause
over I-Cause
the I-Cause
coming I-Cause
years I-Cause
, O
we O
think O
margins O
will O
remain O
near O
recent O
levels O
over O
the O
very O
long O
run O
. O

Telenor B-Effect
expanded I-Effect
into I-Effect
emerging I-Effect
markets I-Effect
earlier I-Effect
than I-Effect
many I-Effect
European I-Effect
telecom I-Effect
operators I-Effect
, O
positioning O
itself O
to O
benefit O
from O
a B-Cause
geographically I-Cause
diverse I-Cause
footprint I-Cause
. O

Other B-Cause
risks I-Cause
include O
a O
downturn O
in O
the O
oil O
and O
gas O
markets O
given O
some O
portfolio O
exposure O
( O
about O
6 O
% O
of O
sales O
) O
, O
as O
well O
as O
finding O
suitable O
M O
& O
A O
targets O
at O
reasonable O
valuations O
, O
which O
could O
lead O
to O
future B-Effect
write-offs I-Effect
of I-Effect
intangibles I-Effect
and I-Effect
goodwill I-Effect
. O

As O
the B-Cause
macro I-Cause
environment I-Cause
normalizes I-Cause
post-COVID-19 I-Cause
, O
we B-Effect
expect I-Effect
price/mix I-Effect
to I-Effect
be I-Effect
the I-Effect
primary I-Effect
stimulus I-Effect
for I-Effect
revenue I-Effect
growth I-Effect
, O
with O
a O
combination O
of O
discrete O
pricing O
in O
inflationary O
economies O
and O
mix O
shifts O
( O
like O
line O
extensions O
and O
single-serve O
) O
increasing O
revenue O
per O
ounce O
. O

As O
consumers B-Cause
become I-Cause
more I-Cause
averse I-Cause
to I-Cause
fossil I-Cause
fuels I-Cause
, O
the B-Effect
reputational I-Effect
risk I-Effect
grows I-Effect
for I-Effect
producers I-Effect
and I-Effect
the I-Effect
probability I-Effect
of I-Effect
widespread I-Effect
substitution I-Effect
away I-Effect
from I-Effect
fossil I-Effect
fuels I-Effect
increases I-Effect
. O

Further B-Cause
, I-Cause
competitive I-Cause
pressures I-Cause
abound I-Cause
, I-Cause
and I-Cause
to I-Cause
counter I-Cause
these I-Cause
headwinds I-Cause
, O
we B-Effect
think I-Effect
Mondelez I-Effect
has I-Effect
an I-Effect
appetite I-Effect
to I-Effect
up I-Effect
the I-Effect
ante I-Effect
on I-Effect
its I-Effect
brand I-Effect
spend I-Effect
. O

While O
we O
anticipate O
an O
increase O
in O
returns O
and O
cost-saving O
synergies O
realized O
within O
four O
years O
, O
the B-Effect
returns I-Effect
will I-Effect
nevertheless I-Effect
be I-Effect
partially I-Effect
diluted I-Effect
by I-Effect
goodwill I-Effect
due O
to O
the B-Cause
30 I-Cause
% I-Cause
premium I-Cause
Icon I-Cause
is I-Cause
paying I-Cause
for I-Cause
PRA I-Cause
. O

On O
the O
expense O
side O
, O
we O
believe O
that O
the B-Cause
segment I-Cause
will I-Cause
not I-Cause
break I-Cause
even I-Cause
on I-Cause
an I-Cause
operating I-Cause
margin I-Cause
basis I-Cause
until I-Cause
2022 I-Cause
as I-Cause
the I-Cause
leverage I-Cause
in I-Cause
the I-Cause
model I-Cause
depends I-Cause
on I-Cause
scale. O
As O
a O
result O
, O
we O
expect O
EBITDA B-Effect
margin I-Effect
to I-Effect
expand I-Effect
from I-Effect
1.9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
7.5 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
with I-Effect
a I-Effect
dip I-Effect
back I-Effect
into I-Effect
negative I-Effect
territory I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
350 I-Effect
from I-Effect
$ I-Effect
340 I-Effect
previously I-Effect
, O
largely O
attributable O
to O
stronger-than-expected B-Cause
unit I-Cause
growth I-Cause
and I-Cause
comparable I-Cause
store I-Cause
sales I-Cause
in I-Cause
the I-Cause
first I-Cause
quarter I-Cause
of I-Cause
2021 I-Cause
. O

However O
, O
as O
business B-Cause
conditions I-Cause
recover I-Cause
( O
and O
again O
excluding O
Maxim O
) O
, O
we O
anticipate O
adjusted B-Effect
operating I-Effect
margins I-Effect
bouncing I-Effect
back I-Effect
to I-Effect
42 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
and I-Effect
rising I-Effect
to I-Effect
the I-Effect
mid-40 I-Effect
% I-Effect
range I-Effect
in O
the O
long O
term O
. O

Second O
, O
the B-Cause
vertically I-Cause
integrated I-Cause
nature I-Cause
of I-Cause
the I-Cause
company I-Cause
allows B-Cause
CRH I-Cause
to I-Cause
capture I-Cause
a I-Cause
greater I-Cause
share I-Cause
of I-Cause
the I-Cause
customer I-Cause
's I-Cause
wallet I-Cause
with I-Cause
little I-Cause
incremental I-Cause
capital I-Cause
and O
is O
thus O
likely B-Effect
to I-Effect
be I-Effect
value-neutral I-Effect
despite O
diluting O
the O
group O
's O
overall O
margin O
profile O
. O

We B-Effect
reduced I-Effect
2021 I-Effect
revenue I-Effect
by I-Effect
27 I-Effect
% I-Effect
due B-Cause
to I-Cause
the I-Cause
Chinese I-Cause
government I-Cause
's I-Cause
discouragement I-Cause
of I-Cause
citizens I-Cause
leaving I-Cause
their I-Cause
cities I-Cause
and I-Cause
provinces I-Cause
during I-Cause
Chinese I-Cause
New I-Cause
Year I-Cause
and I-Cause
slower-than-expected I-Cause
recovery I-Cause
in I-Cause
the I-Cause
international I-Cause
market I-Cause
. O

Internationally O
, O
Equinor O
has O
applied O
its O
best B-Cause
practices I-Cause
developed O
on O
the O
NCS O
to O
drive O
growth B-Effect
and I-Effect
improve I-Effect
margins I-Effect
, O
which O
has O
contributed O
to O
the B-Effect
improvement I-Effect
in I-Effect
overall I-Effect
financial I-Effect
performance I-Effect
. O

With B-Cause
anticipated I-Cause
capital I-Cause
spending I-Cause
reductions I-Cause
( I-Cause
including I-Cause
Red I-Cause
Oak I-Cause
) I-Cause
, O
we O
expect O
Plains B-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
generate I-Effect
excess I-Effect
cash I-Effect
after I-Effect
distributions I-Effect
and I-Effect
capital I-Effect
spending I-Effect
in I-Effect
2021 I-Effect
. O

Similarly O
, O
increases B-Cause
in I-Cause
the I-Cause
amount I-Cause
of I-Cause
data I-Cause
companies I-Cause
can I-Cause
push I-Cause
through I-Cause
a I-Cause
given I-Cause
fiber I-Cause
connection I-Cause
result O
in O
fewer B-Effect
necessary I-Effect
cross I-Effect
connects I-Effect
for I-Effect
the I-Effect
same I-Effect
amount I-Effect
of I-Effect
traffic I-Effect
. O

We O
expect O
selling B-Effect
and I-Effect
marketing I-Effect
costs I-Effect
to I-Effect
decrease I-Effect
from I-Effect
32.5 I-Effect
% I-Effect
of I-Effect
sales I-Effect
to I-Effect
21 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
due O
to O
the B-Cause
one-time I-Cause
nature I-Cause
of I-Cause
its I-Cause
multifamily I-Cause
advertising I-Cause
campaigns I-Cause
. O

Additionally O
, O
crop B-Cause
prices I-Cause
, O
which O
take O
their O
cues O
from O
demand O
and O
weather O
, O
shape O
farmer B-Cause
incomes I-Cause
, O
which O
in O
turn O
determine B-Effect
fertilizer I-Effect
purchases I-Effect
for I-Effect
a I-Effect
given I-Effect
year I-Effect
. O

The B-Effect
company I-Effect
could I-Effect
also I-Effect
face I-Effect
more I-Effect
downward I-Effect
pressure I-Effect
on I-Effect
gross I-Effect
margin I-Effect
if O
more B-Cause
ad I-Cause
agencies I-Cause
partake I-Cause
in I-Cause
the I-Cause
negotiation I-Cause
, I-Cause
campaign I-Cause
design I-Cause
, I-Cause
and I-Cause
launch I-Cause
processes I-Cause
on I-Cause
behalf I-Cause
of I-Cause
their I-Cause
clients I-Cause
. O

While O
the O
market B-Cause
for I-Cause
discrete I-Cause
GPUs I-Cause
in I-Cause
PCs I-Cause
somewhat I-Cause
stagnated I-Cause
, O
as O
most B-Effect
PCs I-Effect
utilize I-Effect
integrated I-Effect
graphics I-Effect
chips I-Effect
from I-Effect
Intel O
, O
Nvidia B-Effect
has I-Effect
benefited I-Effect
from I-Effect
a I-Effect
resurgence I-Effect
for I-Effect
high-end I-Effect
GPUs I-Effect
driven I-Effect
by O
the B-Cause
growing I-Cause
enthusiast I-Cause
PC I-Cause
gaming I-Cause
space I-Cause
. O

We B-Cause
believe I-Cause
the I-Cause
business I-Cause
' I-Cause
ability I-Cause
to I-Cause
cater I-Cause
to I-Cause
a I-Cause
more I-Cause
recreational I-Cause
outdoor I-Cause
hobbyist I-Cause
lends B-Effect
the I-Effect
business I-Effect
to I-Effect
higher I-Effect
income I-Effect
demographics I-Effect
, I-Effect
and I-Effect
less I-Effect
revenue I-Effect
cyclicality I-Effect
. O

A B-Effect
risk I-Effect
is I-Effect
a I-Effect
downturn I-Effect
in I-Effect
travel I-Effect
and I-Effect
leisure I-Effect
demand I-Effect
, O
driven O
by O
either B-Cause
macroeconomic/geopolitical I-Cause
factors I-Cause
, I-Cause
through I-Cause
government I-Cause
regulation I-Cause
, I-Cause
or I-Cause
an I-Cause
airborne I-Cause
illness I-Cause
like I-Cause
the I-Cause
coronavirus I-Cause
. O

With O
Paylocity O
reporting O
that O
it O
gets O
50 O
% O
of O
new O
customers O
from O
one O
of O
the O
two O
large O
incumbents O
, O
we O
think O
the B-Cause
technology I-Cause
differentiation I-Cause
is O
an O
important O
reason O
the B-Effect
company I-Effect
is I-Effect
taking I-Effect
customers I-Effect
. O

In O
addition O
, O
aggressive B-Cause
cost-reduction I-Cause
efforts I-Cause
lead O
us O
to O
lower B-Effect
our I-Effect
10-year I-Effect
average I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
, I-Effect
excluding I-Effect
depreciation I-Effect
and I-Effect
amortization I-Effect
, I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
to I-Effect
14 I-Effect
% I-Effect
from I-Effect
19 I-Effect
% I-Effect
. O

Nonetheless O
, O
our B-Effect
latest I-Effect
revised I-Effect
projections I-Effect
remain I-Effect
at I-Effect
the I-Effect
upper I-Effect
end I-Effect
of I-Effect
consensus I-Effect
as O
we B-Cause
believe I-Cause
management I-Cause
can I-Cause
execute I-Cause
on I-Cause
its I-Cause
strategic I-Cause
plan I-Cause
, O
though O
we O
give O
no O
credit O
for O
unannounced O
acquisitions O
. O

FiOS O
customer O
growth O
has O
stagnated O
in O
recent O
years O
as O
Verizon B-Cause
's I-Cause
focus I-Cause
has I-Cause
shifted I-Cause
primarily I-Cause
to I-Cause
wireless I-Cause
, O
allowing B-Effect
Cablevision I-Effect
to I-Effect
hold I-Effect
customer I-Effect
penetration I-Effect
relatively I-Effect
stable I-Effect
at I-Effect
around I-Effect
60 I-Effect
% I-Effect
of I-Effect
homes I-Effect
passed I-Effect
, I-Effect
still I-Effect
modestly I-Effect
better I-Effect
than I-Effect
most I-Effect
cable I-Effect
peers I-Effect
. O

Also O
, O
we O
expect O
overall B-Effect
operating I-Effect
margins I-Effect
will I-Effect
expand I-Effect
to I-Effect
20.9 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
from I-Effect
19.7 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
as O
the B-Cause
firm I-Cause
gains I-Cause
leverage I-Cause
on I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
as I-Cause
well I-Cause
as I-Cause
research I-Cause
and I-Cause
development I-Cause
expenses I-Cause
. O

The B-Cause
complex I-Cause
, I-Cause
multinational I-Cause
nature I-Cause
of I-Cause
late-stage I-Cause
clinical I-Cause
trials I-Cause
limits I-Cause
competition B-Effect
to I-Effect
the I-Effect
top-tier I-Effect
CROs I-Effect
that O
have O
the O
necessary O
global O
infrastructure O
, O
including O
Syneos O
. O

With B-Cause
the I-Cause
firm I-Cause
needing I-Cause
to I-Cause
make I-Cause
product I-Cause
to I-Cause
meet I-Cause
demand I-Cause
that I-Cause
is I-Cause
years I-Cause
away I-Cause
, O
any B-Effect
erroneous I-Effect
assumptions I-Effect
regarding I-Effect
consumer I-Effect
preferences I-Effect
or I-Effect
competitive I-Effect
dynamics I-Effect
could I-Effect
have I-Effect
dire I-Effect
consequences I-Effect
. O

Once O
again O
, O
Agco B-Cause
is I-Cause
challenged I-Cause
by I-Cause
its I-Cause
overlapping I-Cause
brands I-Cause
, O
which O
, O
in O
some O
cases O
, O
lead O
to O
similar B-Effect
products I-Effect
from I-Effect
its I-Effect
different I-Effect
brands I-Effect
being I-Effect
marketed I-Effect
in I-Effect
the I-Effect
same I-Effect
region I-Effect
. O

We O
assume O
Dupixent B-Cause
sales I-Cause
peak I-Cause
around I-Cause
$ I-Cause
10 I-Cause
billion I-Cause
, O
as O
we O
expect O
rapid B-Effect
uptake I-Effect
and I-Effect
long I-Effect
patent I-Effect
protection I-Effect
( O
now O
through O
2031 O
) O
but O
strong O
long-term O
competition O
in O
atopic O
dermatitis O
and O
asthma O
. O

Rather O
than O
full-price O
retailers O
' O
fixed O
store O
maps O
, O
Burlington B-Cause
's I-Cause
low-frills I-Cause
store I-Cause
environment I-Cause
enables O
it B-Effect
to I-Effect
be I-Effect
more I-Effect
flexible I-Effect
, I-Effect
with I-Effect
loosely I-Effect
defined I-Effect
departments I-Effect
that I-Effect
can I-Effect
expand I-Effect
and I-Effect
contract I-Effect
as I-Effect
demand I-Effect
and I-Effect
product I-Effect
availability I-Effect
warrant I-Effect
. O

Arrow B-Cause
has I-Cause
invested I-Cause
heavily I-Cause
in I-Cause
servicing I-Cause
its I-Cause
core I-Cause
customers I-Cause
, O
small O
to O
midsize O
enterprises O
, O
to O
maintain O
its O
cost O
advantage O
and O
keep B-Effect
potential I-Effect
competitors I-Effect
at I-Effect
bay I-Effect
. O

NRG B-Effect
will I-Effect
benefit I-Effect
the I-Effect
most I-Effect
if O
electricity B-Cause
demand I-Cause
grows I-Cause
and I-Cause
energy I-Cause
prices I-Cause
become I-Cause
more I-Cause
volatile I-Cause
due O
to O
tighter O
supply/demand O
dynamics O
. O

As O
with O
most O
E O
& O
P O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
EOG I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
its I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

We B-Effect
are I-Effect
reaffirming I-Effect
our I-Effect
$ I-Effect
53 I-Effect
per I-Effect
share I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
after O
incorporating B-Cause
year-to-date I-Cause
results I-Cause
and I-Cause
operating I-Cause
updates I-Cause
that I-Cause
are I-Cause
in I-Cause
line I-Cause
with I-Cause
our I-Cause
full-year I-Cause
expectations I-Cause
. O

The B-Cause
global I-Cause
commercial I-Cause
aviation I-Cause
market I-Cause
contributes I-Cause
to I-Cause
global I-Cause
carbon I-Cause
emissions I-Cause
, I-Cause
and I-Cause
potential I-Cause
carbon-related I-Cause
regulations I-Cause
such I-Cause
as I-Cause
carbon I-Cause
taxes I-Cause
may O
increase B-Effect
the I-Effect
cost I-Effect
of I-Effect
travel I-Effect
and I-Effect
reduce I-Effect
aggregate I-Effect
travel I-Effect
demand I-Effect
. O

Nevertheless O
, O
we O
believe O
this O
introduces O
more O
leverage O
to O
the O
operating O
profile O
longer O
term O
, O
and O
ongoing B-Cause
optimization I-Cause
initiatives I-Cause
for I-Cause
crucial I-Cause
functions I-Cause
like I-Cause
cash I-Cause
handling I-Cause
at I-Cause
Oxxo I-Cause
as I-Cause
well I-Cause
as I-Cause
harmonization I-Cause
of I-Cause
back-end I-Cause
systems I-Cause
in I-Cause
health I-Cause
and I-Cause
fuel I-Cause
should O
allow O
each B-Effect
management I-Effect
team I-Effect
to I-Effect
run I-Effect
a I-Effect
leaner I-Effect
cost I-Effect
structure I-Effect
. O

In O
most O
metro O
areas O
, O
food O
and O
beverage O
producers O
are O
typically O
served O
by O
only O
two O
or O
three O
can O
companies O
, O
and O
the B-Cause
entry I-Cause
of I-Cause
an I-Cause
additional I-Cause
competitor I-Cause
would O
probably O
impair O
the B-Effect
profitability I-Effect
of I-Effect
all I-Effect
three I-Effect
facilities I-Effect
. O

While O
patent B-Effect
protection I-Effect
may I-Effect
not I-Effect
completely I-Effect
deter I-Effect
a I-Effect
competitor I-Effect
, O
as O
product B-Cause
solutions I-Cause
sometimes I-Cause
have I-Cause
multiple I-Cause
engineering I-Cause
possibilities I-Cause
, O
the B-Cause
possession I-Cause
of I-Cause
patented I-Cause
technologies I-Cause
makes O
competitors B-Effect
' I-Effect
task I-Effect
of I-Effect
engineering I-Effect
an I-Effect
alternate I-Effect
solution I-Effect
more I-Effect
difficult I-Effect
. O

However O
, O
the B-Cause
combination I-Cause
of I-Cause
higher I-Cause
sales I-Cause
volume I-Cause
and I-Cause
containment I-Cause
of I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
costs I-Cause
provides O
Fastenal O
the O
opportunity O
to O
realize B-Effect
strong I-Effect
operating I-Effect
leverage I-Effect
and I-Effect
expand I-Effect
operating I-Effect
margins I-Effect
. O

With O
the O
large O
amount O
of O
user O
data O
, O
Baidu O
can O
provide B-Effect
personalized I-Effect
advertising I-Effect
strategies I-Effect
so O
that O
advertisers B-Cause
can I-Cause
generate I-Cause
higher I-Cause
returns I-Cause
on I-Cause
investment I-Cause
on I-Cause
their I-Cause
adverts I-Cause
. O

Televisa B-Effect
's I-Effect
programming I-Effect
helps I-Effect
the I-Effect
channels I-Effect
dominate I-Effect
ratings I-Effect
as O
the B-Cause
firm I-Cause
produces I-Cause
over I-Cause
87,000 I-Cause
hours I-Cause
of I-Cause
content I-Cause
such O
as O
telenovelas O
, O
newscasts O
, O
and O
nonfiction O
programming O
. O

Given O
the B-Cause
embedded I-Cause
nature I-Cause
of I-Cause
software I-Cause
systems I-Cause
in I-Cause
buy-side I-Cause
operations I-Cause
, O
the B-Effect
decision I-Effect
to I-Effect
switch I-Effect
providers I-Effect
is I-Effect
not I-Effect
taken I-Effect
lightly I-Effect
as O
implementations B-Cause
can I-Cause
be I-Cause
hard I-Cause
and I-Cause
complex I-Cause
. O

The O
French O
regulator O
can O
impose B-Cause
a I-Cause
downward I-Cause
revision I-Cause
of I-Cause
fiber I-Cause
wholesale I-Cause
prices I-Cause
on I-Cause
Orange I-Cause
to O
ensure B-Effect
the I-Effect
other I-Effect
French I-Effect
operators I-Effect
are I-Effect
not I-Effect
being I-Effect
discriminated I-Effect
against I-Effect
and O
to O
facilitate B-Effect
customer I-Effect
access I-Effect
to I-Effect
fiber I-Effect
at I-Effect
low I-Effect
prices I-Effect
to O
stimulate B-Effect
business I-Effect
activities I-Effect
. O

We O
do O
not B-Effect
think I-Effect
Steris I-Effect
will I-Effect
have I-Effect
any I-Effect
issue I-Effect
paying I-Effect
down I-Effect
this I-Effect
additional I-Effect
debt I-Effect
, O
given B-Cause
the I-Cause
firm I-Cause
's I-Cause
consistent I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
, O
and O
we O
anticipate O
gross O
leverage O
below O
3.0 O
times O
EBITDA O
by O
2024 O
, O
compared O
with O
leverage O
of O
around O
3.5-times O
once O
the O
Cantel O
deal O
closes O
. O

With O
a O
vast O
customer O
base O
of O
over O
100,000 O
businesses O
and O
renowned O
product O
leadership O
for O
existing O
threat O
technology O
, O
we O
believe O
Check B-Effect
Point I-Effect
's I-Effect
consolidated I-Effect
security I-Effect
architecture I-Effect
provides I-Effect
ample I-Effect
upsell I-Effect
and I-Effect
cross-selling I-Effect
opportunities I-Effect
as O
enterprises B-Cause
increase I-Cause
their I-Cause
reliance I-Cause
on I-Cause
cloud-based I-Cause
products I-Cause
and I-Cause
distributed I-Cause
networking I-Cause
. O

The B-Effect
exclusivity I-Effect
of I-Effect
the I-Effect
x86 I-Effect
license I-Effect
serves I-Effect
as I-Effect
a I-Effect
major I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
for I-Effect
other I-Effect
chipmakers I-Effect
( I-Effect
such I-Effect
as I-Effect
Qualcomm I-Effect
, I-Effect
Broadcom I-Effect
, I-Effect
etc. I-Effect
) I-Effect
that O
can B-Cause
not I-Cause
make I-Cause
an I-Cause
x86 I-Cause
processor I-Cause
without I-Cause
a I-Cause
license I-Cause
. O

Its B-Cause
aggressive I-Cause
roll-up I-Cause
strategy I-Cause
has I-Cause
fostered I-Cause
superior I-Cause
route I-Cause
density I-Cause
at I-Cause
the I-Cause
local I-Cause
level I-Cause
that O
gives O
Stericycle B-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
smaller I-Effect
rivals I-Effect
. O

On O
the O
bottom O
line O
, O
we B-Effect
expect I-Effect
mild I-Effect
operating I-Effect
margin I-Effect
improvement I-Effect
to I-Effect
over I-Effect
6 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
, O
as O
Anthem B-Cause
wrings I-Cause
out I-Cause
efficiencies I-Cause
with I-Cause
its I-Cause
increasing I-Cause
scale I-Cause
. O

The O
downside O
to O
this O
business O
is O
that O
demand B-Cause
is I-Cause
heavily I-Cause
dictated I-Cause
by I-Cause
weather I-Cause
and I-Cause
commodity I-Cause
prices I-Cause
, O
which O
will B-Effect
determine I-Effect
how I-Effect
much I-Effect
farmers I-Effect
can I-Effect
afford I-Effect
to I-Effect
spend I-Effect
on I-Effect
crop I-Effect
treatment I-Effect
. O

While O
GE B-Cause
industrial I-Cause
net I-Cause
debt/EBITDA I-Cause
remains I-Cause
high I-Cause
, O
we O
think O
that O
the B-Cause
eventual I-Cause
aerospace I-Cause
recovery I-Cause
and I-Cause
continuous I-Cause
improvement I-Cause
initiatives I-Cause
will I-Effect
help I-Effect
drive B-Effect
this I-Effect
figure I-Effect
below I-Effect
2.5 I-Effect
times I-Effect
by I-Effect
2023 I-Effect
. O

We O
are O
raising O
our O
uncertainty O
rating O
, O
probably O
temporarily O
, O
to O
medium O
from O
low O
to O
reflect O
the B-Effect
widening I-Effect
range I-Effect
of I-Effect
valuation I-Effect
outcomes I-Effect
resulting O
from O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
short-term I-Cause
demand I-Cause
. O

In O
2020 O
, O
Nasdaq B-Effect
's I-Effect
exchange I-Effect
operations I-Effect
should I-Effect
get I-Effect
a I-Effect
significant I-Effect
one-time I-Effect
boost I-Effect
from I-Effect
higher I-Effect
trading I-Effect
activity I-Effect
as O
volume B-Cause
has I-Cause
benefited I-Cause
from I-Cause
greater I-Cause
volatility I-Cause
. O

However O
, O
there B-Cause
is I-Cause
intense I-Cause
competition I-Cause
for I-Cause
high-quality I-Cause
assets I-Cause
in I-Cause
strong I-Cause
markets I-Cause
with I-Cause
these I-Cause
positive I-Cause
demand I-Cause
drivers I-Cause
, O
forcing B-Effect
Equity I-Effect
Residential I-Effect
to I-Effect
pay I-Effect
a I-Effect
high I-Effect
price I-Effect
for I-Effect
a I-Effect
portfolio I-Effect
with I-Effect
these I-Effect
features I-Effect
. O

Here O
we O
expect O
global B-Effect
corporate I-Effect
air I-Effect
volumes I-Effect
will I-Effect
end I-Effect
2029 I-Effect
16 I-Effect
% I-Effect
lower I-Effect
than I-Effect
our I-Effect
pre-pandemic I-Effect
estimate I-Effect
, O
driven B-Cause
by I-Cause
some I-Cause
sustained I-Cause
use I-Cause
of I-Cause
video I-Cause
conferencing I-Cause
. I-Cause

Given O
the B-Cause
relative I-Cause
underperformance I-Cause
of I-Cause
the I-Cause
QSR I-Cause
bakery I-Cause
segment I-Cause
, O
we O
maintain B-Effect
a I-Effect
favorable I-Effect
view I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
renewed I-Effect
emphasis I-Effect
on I-Effect
coffee I-Effect
beverages I-Effect
, O
including O
the O
rollout O
of O
alternative O
milks O
, O
premium O
espresso O
beverages O
, O
and O
improved O
dark O
roast O
coffee O
, O
with O
coffee O
peers O
increasingly O
finding O
success O
in O
Europe O
and O
Asia O
markets O
. O

Due O
to O
the B-Cause
sale I-Cause
of I-Cause
its I-Cause
Asia I-Cause
brake I-Cause
control I-Cause
business I-Cause
as I-Cause
well I-Cause
as I-Cause
coronavirus-induced I-Cause
industrywide I-Cause
factory I-Cause
closures I-Cause
, O
2020 B-Effect
revenue I-Effect
declined I-Effect
28 I-Effect
% I-Effect
, O
but O
we O
forecast O
an O
18 O
% O
rebound O
in O
2021 O
as O
backlog B-Cause
starts I-Cause
to I-Cause
ramp-up I-Cause
, O
with B-Effect
a I-Effect
return I-Effect
to I-Effect
normalized I-Effect
light I-Effect
vehicle I-Effect
demand I-Effect
in I-Effect
2023 I-Effect
. O

The B-Cause
rise I-Cause
of I-Cause
artificial I-Cause
intelligence I-Cause
has O
also O
unleashed B-Effect
a I-Effect
new I-Effect
competitor I-Effect
in I-Effect
Nvidia I-Effect
for O
specialized B-Cause
chips I-Cause
to O
accelerate B-Effect
AI-related I-Effect
workloads I-Effect
. O

Few B-Cause
of I-Cause
Johnson I-Cause
Controls I-Cause
' I-Cause
competitors I-Cause
offer I-Cause
such I-Cause
a I-Cause
comprehensive I-Cause
suite I-Cause
of I-Cause
commercial I-Cause
building I-Cause
systems I-Cause
and I-Cause
related I-Cause
services. O
As O
such O
, O
there B-Effect
are I-Effect
few I-Effect
alternatives I-Effect
for I-Effect
building I-Effect
operators I-Effect
that I-Effect
value I-Effect
Johnson I-Effect
Controls I-Effect
' I-Effect
one-stop-shop I-Effect
approach I-Effect
and I-Effect
prefer I-Effect
to I-Effect
use I-Effect
one I-Effect
firm I-Effect
's I-Effect
equipment I-Effect
and I-Effect
services I-Effect
for I-Effect
its I-Effect
key I-Effect
building I-Effect
systems I-Effect
. O

With O
a B-Cause
strong I-Cause
reputation I-Cause
in I-Cause
the I-Cause
research I-Cause
model I-Cause
space I-Cause
, O
Charles B-Effect
River I-Effect
took I-Effect
advantage I-Effect
of I-Effect
its I-Effect
quality I-Effect
brand I-Effect
to I-Effect
pursue I-Effect
preclinical I-Effect
testing I-Effect
as O
the B-Cause
biopharma I-Cause
industry I-Cause
has I-Cause
increased I-Cause
the I-Cause
level I-Cause
of I-Cause
outsourced I-Cause
research I-Cause
. O

Overview O
of O
China O
's O
Education O
Industry O
's O
Key O
Regulatory O
Requirements O
: O
The B-Effect
China I-Effect
education I-Effect
sector I-Effect
is I-Effect
highly I-Effect
influenced I-Effect
by I-Effect
the I-Effect
government I-Effect
policies I-Effect
, O
given O
any B-Cause
tightened I-Cause
governmental I-Cause
regulations I-Cause
may I-Cause
impacted I-Cause
the I-Cause
share I-Cause
price I-Cause
performance I-Cause
of I-Cause
the I-Cause
whole I-Cause
education I-Cause
sectors I-Cause
. O

These B-Cause
digital I-Cause
offerings I-Cause
are I-Cause
tailored I-Cause
to I-Cause
reach I-Cause
an I-Cause
estimated I-Cause
population I-Cause
of I-Cause
4.5 I-Cause
million I-Cause
unbanked I-Cause
Chilean I-Cause
citizens I-Cause
and I-Cause
have I-Cause
contributed I-Cause
to I-Cause
growth I-Cause
in I-Cause
demand I-Cause
deposits I-Cause
that I-Cause
outpaced I-Cause
the I-Cause
rest I-Cause
of I-Cause
the I-Cause
Chilean I-Cause
banking I-Cause
system I-Cause
combined I-Cause
through I-Cause
the I-Cause
first I-Cause
seven I-Cause
months I-Cause
of I-Cause
2020. O
As O
a O
result O
, O
Santander B-Effect
has I-Effect
benefited I-Effect
from I-Effect
a I-Effect
steadily I-Effect
falling I-Effect
cost I-Effect
of I-Effect
deposits I-Effect
, I-Effect
seeing I-Effect
more I-Effect
noninterest-bearing I-Effect
deposit I-Effect
accounts I-Effect
than I-Effect
time I-Effect
deposits I-Effect
for I-Effect
the I-Effect
first I-Effect
time I-Effect
in I-Effect
the I-Effect
bank I-Effect
's I-Effect
history I-Effect
. O

This O
adds B-Effect
another I-Effect
layer I-Effect
of I-Effect
risk I-Effect
if O
the B-Cause
company I-Cause
markets I-Cause
improperly I-Cause
to I-Cause
new I-Cause
audiences I-Cause
in O
new O
markets O
which O
could O
have O
significantly O
different O
consumption O
preferences O
than O
. O

Furthermore O
, O
Grainger B-Cause
's I-Cause
inventory I-Cause
management I-Cause
solutions I-Cause
improve I-Cause
its I-Cause
value I-Cause
proposition I-Cause
and I-Cause
builds I-Cause
stickier I-Cause
relationships I-Cause
with O
customers O
, O
and O
we B-Effect
do I-Effect
not I-Effect
see I-Effect
Amazon I-Effect
replicating I-Effect
this I-Effect
type I-Effect
of I-Effect
service I-Effect
anytime I-Effect
soon I-Effect
. O

The B-Cause
flurry I-Cause
of I-Cause
recent I-Cause
acquisition I-Cause
activity I-Cause
has O
damped O
returns B-Effect
, O
but O
ROIC O
excluding O
goodwill O
has O
been O
magnitudes O
greater O
than O
any O
reasonable O
cost O
of O
capital O
assumption O
historically O
. O

Also O
, O
like O
other O
international O
apparel O
manufacturers O
, O
it B-Effect
is I-Effect
subject I-Effect
to I-Effect
criticism I-Effect
over O
the B-Cause
treatment I-Cause
of I-Cause
workers I-Cause
in I-Cause
its I-Cause
supply I-Cause
chain I-Cause
. O

We O
forecast O
nonresidential B-Effect
spending I-Effect
growth I-Effect
to I-Effect
slow I-Effect
to I-Effect
4 I-Effect
% I-Effect
in I-Effect
the I-Effect
longer I-Effect
term I-Effect
, O
as O
we O
expect O
many B-Cause
sectors I-Cause
to I-Cause
make I-Cause
more I-Cause
efficient I-Cause
use I-Cause
of I-Cause
their I-Cause
construction I-Cause
spending I-Cause
. O

We B-Effect
're I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
169 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
164 I-Effect
after O
slightly B-Cause
adjusting I-Cause
our I-Cause
estimates I-Cause
to I-Cause
reflect I-Cause
stronger-than-expected I-Cause
demand I-Cause
for I-Cause
capital I-Cause
goods I-Cause
continuing I-Cause
into I-Cause
2021 I-Cause
and I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

Through O
strategic O
partnerships O
, O
Walgreens B-Cause
has I-Cause
consciously I-Cause
shared I-Cause
pricing I-Cause
information I-Cause
to I-Cause
improve I-Cause
transparency I-Cause
, I-Cause
drive I-Cause
traffic I-Cause
and I-Cause
negotiate I-Cause
payer I-Cause
relationships. O
These O
complimentary O
services O
also O
increase B-Effect
cross I-Effect
selling I-Effect
opportunities I-Effect
and I-Effect
key I-Effect
partnerships I-Effect
serve I-Effect
different I-Effect
purposes I-Effect
and I-Effect
include I-Effect
AmerisourceBergen I-Effect
( I-Effect
distribution I-Effect
) I-Effect
, I-Effect
Prime I-Effect
Therapeutics I-Effect
LLC I-Effect
( I-Effect
Specialty I-Effect
PBM I-Effect
) I-Effect
, I-Effect
Humana I-Effect
( I-Effect
payer I-Effect
) I-Effect
, I-Effect
LabCorp I-Effect
, I-Effect
Kroger I-Effect
( I-Effect
grocer I-Effect
) I-Effect
, I-Effect
United I-Effect
Healthcare I-Effect
( I-Effect
payer I-Effect
) I-Effect
, I-Effect
and I-Effect
Village I-Effect
MD I-Effect
( I-Effect
provider I-Effect
) I-Effect
. O

Companies O
that O
provide B-Cause
service I-Cause
deemed I-Cause
insufficient I-Cause
or I-Cause
too I-Cause
expensive I-Cause
, I-Cause
especially I-Cause
when I-Cause
competition I-Cause
is I-Cause
considered I-Cause
lacking I-Cause
, O
often O
face B-Effect
political I-Effect
and I-Effect
regulatory I-Effect
backlash I-Effect
. O

Changes B-Cause
from I-Cause
ASC I-Cause
606 I-Cause
adoption I-Cause
and I-Cause
two I-Cause
large I-Cause
acquisitions I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
of I-Cause
fiscal I-Cause
2018 I-Cause
hurt B-Effect
margins I-Effect
modestly I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
, I-Cause
but I-Cause
we I-Cause
expect I-Cause
a I-Cause
continued I-Cause
improvement I-Cause
over I-Cause
time I-Cause
. I-Cause

We O
think O
this B-Effect
is I-Effect
a I-Effect
testament I-Effect
to I-Effect
the I-Effect
importance I-Effect
that I-Effect
enterprises I-Effect
place I-Effect
on I-Effect
their I-Effect
workforce I-Effect
-- O
knowing B-Cause
that I-Cause
the I-Cause
tools I-Cause
to I-Cause
help I-Cause
retain I-Cause
, I-Cause
and I-Cause
foster I-Cause
talent I-Cause
in I-Cause
the I-Cause
workforce I-Cause
are I-Cause
good I-Cause
for I-Cause
the I-Cause
bottom I-Cause
line I-Cause
and I-Cause
company I-Cause
culture I-Cause
. O

We O
expect O
a B-Effect
slow I-Effect
sales I-Effect
decline I-Effect
in I-Effect
Italy I-Effect
in I-Effect
the I-Effect
next I-Effect
years I-Effect
, O
mostly O
due O
to O
the B-Cause
ongoing I-Cause
decline I-Cause
in I-Cause
traditional I-Cause
services I-Cause
and I-Cause
intense I-Cause
competition I-Cause
in I-Cause
the I-Cause
low I-Cause
end I-Cause
of I-Cause
the I-Cause
mobile I-Cause
market I-Cause
. O

Before O
the O
financial O
crisis O
, O
aftermarket O
servicing O
was O
generally O
under O
15 O
% O
of O
segment O
sales O
, O
but O
the B-Effect
company I-Effect
grew I-Effect
aftermarket I-Effect
sales I-Effect
to I-Effect
over I-Effect
30 I-Effect
% I-Effect
of I-Effect
aviation I-Effect
sales I-Effect
with O
its B-Cause
push I-Cause
into I-Cause
higher-value I-Cause
products I-Cause
. O

That O
said O
, O
the B-Cause
crunch I-Cause
dissipated I-Cause
and I-Cause
TL I-Cause
rates I-Cause
corrected I-Cause
sharply I-Cause
in I-Cause
2019 I-Cause
, O
driving B-Effect
down I-Effect
intermodal I-Effect
's I-Effect
value I-Effect
proposition I-Effect
relative I-Effect
to I-Effect
trucking I-Effect
. O

We O
project O
diminished B-Effect
revenue I-Effect
generation I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
as O
changes B-Cause
in I-Cause
asset I-Cause
mix I-Cause
and I-Cause
lower I-Cause
interest I-Cause
rates I-Cause
compress I-Cause
the I-Cause
bank I-Cause
's I-Cause
net I-Cause
interest I-Cause
margins I-Cause
. O

Its B-Cause
California I-Cause
refinery I-Cause
is I-Cause
high I-Cause
complexity I-Cause
and I-Cause
can I-Cause
process I-Cause
lower I-Cause
quality I-Cause
, I-Cause
discount I-Cause
crudes I-Cause
, O
but O
they O
also O
incur B-Effect
higher I-Effect
costs I-Effect
to I-Effect
do I-Effect
so I-Effect
, I-Effect
leaving I-Effect
net I-Effect
margins I-Effect
unaffected I-Effect
. O

Regarding O
Alphabet O
's O
more O
futuristic O
projects O
, O
although O
most O
are O
not O
yet O
generating O
revenue O
, O
the B-Effect
upside I-Effect
is I-Effect
attractive I-Effect
if I-Effect
they I-Effect
succeed I-Effect
, O
as O
the B-Cause
firm I-Cause
is I-Cause
targeting I-Cause
newer I-Cause
markets I-Cause
. O

The O
firm O
is O
also O
poised B-Effect
to I-Effect
continue I-Effect
dominating I-Effect
the I-Effect
market I-Effect
for I-Effect
thin I-Effect
display I-Effect
glass I-Effect
as O
it B-Cause
operates I-Cause
three I-Cause
of I-Cause
the I-Cause
four I-Cause
new I-Cause
Gen I-Cause
10.5 I-Cause
plants I-Cause
in I-Cause
the I-Cause
world鈥攖he O
cutting O
edge O
for O
65-inch O
and O
75-inch O
screen O
sizes O
. O

While O
switching B-Effect
from I-Effect
x86 I-Effect
to I-Effect
ARM I-Effect
is I-Effect
not I-Effect
impossible I-Effect
and I-Effect
does I-Effect
happen I-Effect
, O
we O
believe O
the B-Cause
bar I-Cause
that I-Cause
needs I-Cause
to I-Cause
be I-Cause
cleared I-Cause
is I-Cause
higher I-Cause
: I-Cause
the I-Cause
chip I-Cause
needs I-Cause
to I-Cause
be I-Cause
faster I-Cause
, I-Cause
more I-Cause
efficient I-Cause
, I-Cause
cheaper I-Cause
, I-Cause
and I-Cause
have I-Cause
the I-Cause
support I-Cause
to I-Cause
port I-Cause
over I-Cause
. O

In O
our O
opinion O
, O
BorgWarner B-Cause
is I-Cause
well I-Cause
positioned I-Cause
for I-Cause
the I-Cause
trends I-Cause
in I-Cause
the I-Cause
auto I-Cause
sector I-Cause
that O
will O
result O
in O
revenue B-Effect
growth I-Effect
in I-Effect
excess I-Effect
of I-Effect
the I-Effect
growth I-Effect
in I-Effect
global I-Effect
automobile I-Effect
demand I-Effect
. O

Although O
the O
recent O
migration B-Cause
of I-Cause
wealth I-Cause
to I-Cause
urban I-Cause
centers I-Cause
has O
been O
a O
boon O
to O
Vornado O
Realty O
, O
these O
dynamics O
can O
reverse O
, O
with O
the O
potential B-Effect
to I-Effect
have I-Effect
a I-Effect
large I-Effect
effect I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
fortunes I-Effect
. O

Due O
to O
the B-Cause
requisite I-Cause
time I-Cause
and I-Cause
investment I-Cause
necessary I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
margin I-Cause
profile I-Cause
of I-Cause
the I-Cause
nearest I-Cause
competitors I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
view I-Effect
firms I-Effect
like I-Effect
WPG I-Effect
or I-Effect
Ingram I-Effect
Micro I-Effect
as I-Effect
immediate I-Effect
competitive I-Effect
threats I-Effect
, O
but O
we O
acknowledge O
that O
of O
the O
duopoly O
, O
Avnet O
is O
at O
greatest O
risk O
. O

Evercore B-Cause
's I-Cause
international I-Cause
presence I-Cause
allows O
the B-Effect
company I-Effect
to I-Effect
land I-Effect
cross-border I-Effect
financial I-Effect
advisory I-Effect
assignments I-Effect
that I-Effect
more I-Effect
domestically I-Effect
orientated I-Effect
financial I-Effect
advisory I-Effect
firms I-Effect
ca I-Effect
n't I-Effect
compete I-Effect
for I-Effect
. O

In O
the O
gaming O
space O
, O
Nvidia B-Cause
has I-Cause
taken I-Cause
advantage I-Cause
of I-Cause
AMD I-Cause
's I-Cause
weak I-Cause
positioning I-Cause
to O
capture B-Effect
the I-Effect
lion I-Effect
's I-Effect
share I-Effect
of I-Effect
the I-Effect
discrete I-Effect
GPU I-Effect
market I-Effect
. O

However O
, O
like O
most O
major O
fashion O
firms O
, O
it B-Cause
outsources I-Cause
its I-Cause
production I-Cause
and O
may O
, O
therefore O
, O
be O
held B-Effect
responsible I-Effect
for I-Effect
any I-Effect
human I-Effect
rights I-Effect
or I-Effect
labor I-Effect
issues I-Effect
within I-Effect
its I-Effect
supply I-Effect
chain I-Effect
. O

Samsung B-Cause
has I-Cause
diversified I-Cause
its I-Cause
chip I-Cause
supplier I-Cause
base I-Cause
, O
so O
Maxim B-Effect
is I-Effect
less I-Effect
reliant I-Effect
on I-Effect
Samsung I-Effect
going I-Effect
forward I-Effect
and I-Effect
is I-Effect
continuing I-Effect
to I-Effect
diversify I-Effect
by I-Effect
selling I-Effect
into I-Effect
Apple I-Effect
and I-Effect
other I-Effect
leading I-Effect
consumer I-Effect
electronics I-Effect
device I-Effect
makers I-Effect
. O

Video B-Cause
content I-Cause
also I-Cause
continues I-Cause
to I-Cause
grow I-Cause
on I-Cause
Pinterest I-Cause
, O
which O
we O
think O
will O
attract O
both O
direct B-Effect
response I-Effect
and I-Effect
brand I-Effect
advertisers I-Effect
, O
especially O
during O
an O
economic O
recovery O
, O
likely O
at O
higher O
ad O
rates O
. O

To O
achieve O
this O
, O
it O
plans B-Effect
to I-Effect
aggressively I-Effect
push I-Effect
for I-Effect
additional I-Effect
reimbursement I-Effect
while I-Effect
expanding I-Effect
its I-Effect
commercial I-Effect
salesforce I-Effect
by I-Effect
40 I-Effect
% I-Effect
to I-Effect
grow I-Effect
in I-Effect
the I-Effect
primary I-Effect
care I-Effect
market I-Effect
, O
as O
over B-Cause
60 I-Cause
% I-Cause
of I-Cause
antidepressant I-Cause
prescriptions I-Cause
are I-Cause
written I-Cause
through I-Cause
primary I-Cause
care I-Cause
physicians I-Cause
. O

We B-Effect
look I-Effect
for I-Effect
adjusted I-Effect
total I-Effect
EBIT I-Effect
margin I-Effect
to I-Effect
recover I-Effect
290 I-Effect
basis I-Effect
points I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, I-Effect
to I-Effect
7.4 I-Effect
% I-Effect
, O
on B-Cause
leverage I-Cause
from I-Cause
robust I-Cause
B2C I-Cause
volumes I-Cause
at I-Cause
ground I-Cause
, I-Cause
recovering I-Cause
B2B I-Cause
activity I-Cause
, I-Cause
and I-Cause
healthy I-Cause
international I-Cause
airfreight I-Cause
demand I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
. I-Cause

As O
a O
result O
, O
companies B-Cause
with I-Cause
licenses O
could O
be B-Effect
protected I-Effect
from I-Effect
outside I-Effect
Drug I-Effect
Manufacturers I-Effect
- I-Effect
Specialty I-Effect
& I-Effect
Genericcompetition I-Effect
, I-Effect
helping I-Effect
establish I-Effect
pricing I-Effect
power I-Effect
. O

Though O
we O
are O
not O
explicitly O
forecasting O
any O
acquisitions O
, O
we O
think O
that O
in O
the O
event O
of O
a O
bank O
crisis O
, O
M B-Cause
& I-Cause
T I-Cause
's I-Cause
credit I-Cause
advantages I-Cause
would O
probably O
put B-Effect
the I-Effect
company I-Effect
in I-Effect
a I-Effect
good I-Effect
position I-Effect
to I-Effect
purchase I-Effect
and I-Effect
gain I-Effect
share I-Effect
. O

Switzerland B-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
world I-Effect
's I-Effect
most I-Effect
stable I-Effect
democracies I-Effect
, O
and O
its B-Cause
devolved I-Cause
, I-Cause
cantonal I-Cause
system I-Cause
of I-Cause
government I-Cause
limits I-Cause
the I-Cause
potential I-Cause
of I-Cause
populist I-Cause
extremist I-Cause
parties I-Cause
. O

Beyond O
Meat O
was O
founded O
in O
2009 O
by O
Ethan O
Brown O
, O
who O
reasoned O
that O
since O
the B-Cause
primary I-Cause
components I-Cause
of I-Cause
meat I-Cause
( I-Cause
amino I-Cause
acids I-Cause
, I-Cause
lipids I-Cause
, I-Cause
trace I-Cause
minerals I-Cause
, I-Cause
vitamins I-Cause
, I-Cause
and I-Cause
water I-Cause
) I-Cause
are I-Cause
also I-Cause
readily I-Cause
available I-Cause
in I-Cause
plants I-Cause
, O
the B-Effect
architecture I-Effect
of I-Effect
meat I-Effect
could I-Effect
be I-Effect
replicated I-Effect
with I-Effect
plant-based I-Effect
materials I-Effect
. O

This B-Effect
growth I-Effect
is O
driven O
by O
overall B-Cause
increased I-Cause
spending I-Cause
on I-Cause
IT I-Cause
services I-Cause
by I-Cause
enterprises I-Cause
as O
the B-Cause
IT I-Cause
landscape I-Cause
becomes I-Cause
more I-Cause
complex I-Cause
than I-Cause
ever I-Cause
and I-Cause
enterprises I-Cause
increasingly I-Cause
realize I-Cause
that I-Cause
competitive I-Cause
edge I-Cause
in I-Cause
their I-Cause
products I-Cause
or I-Cause
services I-Cause
is I-Cause
distinguished I-Cause
first I-Cause
and I-Cause
foremost I-Cause
by I-Cause
their I-Cause
technological I-Cause
abilities I-Cause
. O

We O
expect O
the B-Effect
number I-Effect
of I-Effect
Free I-Effect
People I-Effect
stores I-Effect
to I-Effect
climb I-Effect
to I-Effect
291 I-Effect
in I-Effect
fiscal I-Effect
2031 I-Effect
from I-Effect
149 I-Effect
at O
the O
end O
of O
fiscal O
2021 O
as O
it B-Cause
opens I-Cause
dozens I-Cause
of I-Cause
FP I-Cause
Movement I-Cause
standalone I-Cause
locations I-Cause
. O

In O
the O
near O
term O
, O
the B-Effect
company I-Effect
faces I-Effect
top-line I-Effect
headwinds I-Effect
in I-Effect
its I-Effect
retail I-Effect
fueling I-Effect
business I-Effect
due O
to O
the B-Cause
EMV I-Cause
liability I-Cause
shift I-Cause
deadline I-Cause
in I-Cause
April I-Cause
2021 I-Cause
. O

The O
global O
restaurant O
sector O
has O
come O
under O
pressure O
as O
several B-Cause
markets I-Cause
have I-Cause
restricted I-Cause
dine-in I-Cause
service I-Cause
in O
an O
effort O
to O
curb O
the B-Effect
spread I-Effect
of I-Effect
COVID-19 I-Effect
. O

Cisco O
has O
responded O
by O
disaggregating B-Cause
its I-Cause
hardware I-Cause
and I-Cause
software I-Cause
, I-Cause
and I-Cause
even I-Cause
sells I-Cause
networking I-Cause
chips I-Cause
, O
but O
these O
measures O
could O
weigh B-Effect
on I-Effect
Cisco I-Effect
's I-Effect
ability I-Effect
to I-Effect
produce I-Effect
unique I-Effect
selling I-Effect
propositions I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Although O
the O
addition O
complements O
the O
vitamin O
portfolio O
, O
the B-Cause
rich I-Cause
valuation I-Cause
( O
trailing O
price/sales O
and O
EBITDA O
of O
6 O
times O
and O
low- O
to O
mid-teens O
, O
respectively O
) O
increases B-Effect
our I-Effect
skepticism I-Effect
in I-Effect
the I-Effect
sustainability I-Effect
of I-Effect
the I-Effect
its I-Effect
growth I-Effect
through I-Effect
acquisition I-Effect
strategy I-Effect
, O
particularly O
after O
it O
wrote O
down O
the O
contingent O
consideration O
liability O
for O
Flawless O
in O
mid-2020 O
. O

We B-Effect
forecast I-Effect
a I-Effect
33 I-Effect
% I-Effect
five-year I-Effect
sales I-Effect
CAGR I-Effect
driven O
by O
a B-Cause
prolifically I-Cause
expanding I-Cause
customer I-Cause
base I-Cause
, I-Cause
larger I-Cause
deal I-Cause
sizes I-Cause
, I-Cause
and I-Cause
resilient I-Cause
retention I-Cause
rates I-Cause
. O

We O
project O
6 O
% O
average O
annual O
top-line O
growth O
through O
fiscal O
2026 O
, O
with O
recovery B-Cause
from I-Cause
the I-Cause
pandemic I-Cause
driving O
a B-Effect
7 I-Effect
% I-Effect
top-line I-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
as O
procedure O
volume O
returns O
, O
followed O
by O
slightly B-Effect
more I-Effect
moderate I-Effect
growth I-Effect
in I-Effect
2023-26 I-Effect
. O

Additionally O
, O
after O
massive O
layoffs O
related O
to O
nationwide O
shutdowns O
, O
the B-Cause
economy I-Cause
may I-Cause
fall I-Cause
into I-Cause
recession I-Cause
on I-Cause
a I-Cause
sustainable I-Cause
basis I-Cause
, O
which O
could O
negatively O
influence O
the B-Effect
insured I-Effect
patient I-Effect
population I-Effect
or I-Effect
payer I-Effect
mix I-Effect
for I-Effect
hospitals I-Effect
. O

Nonetheless O
, O
Hanes B-Effect
' I-Effect
adjusted I-Effect
gross I-Effect
margins I-Effect
have I-Effect
improved I-Effect
to I-Effect
40 I-Effect
% I-Effect
( I-Effect
in I-Effect
2019 I-Effect
) I-Effect
from I-Effect
the I-Effect
low-30s I-Effect
before O
2013 O
due O
to O
the B-Cause
introduction I-Cause
of I-Cause
innovative I-Cause
product I-Cause
with I-Cause
better I-Cause
pricing I-Cause
and I-Cause
low-cost I-Cause
manufacturing I-Cause
. O

We O
believe O
AutoNation B-Cause
's I-Cause
massive I-Cause
size I-Cause
and I-Cause
economy I-Cause
of I-Cause
scale I-Cause
advantages I-Cause
will O
allow O
the B-Effect
company I-Effect
to I-Effect
deliver I-Effect
operating I-Effect
margins I-Effect
at I-Effect
times I-Effect
above I-Effect
4 I-Effect
% I-Effect
, O
though O
not O
on O
an O
annual O
basis O
until O
its O
AutoNation O
USA O
stand-alone O
used-vehicle O
stores O
are O
more O
established O
. O

We O
also O
believe O
Huntington B-Cause
's I-Cause
embedded I-Cause
relationships I-Cause
with I-Cause
more I-Cause
than I-Cause
300 I-Cause
fully I-Cause
vetted I-Cause
franchise I-Cause
auto I-Cause
dealers I-Cause
throughout I-Cause
its I-Cause
24-state I-Cause
footprint I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
complete I-Cause
product I-Cause
set I-Cause
specifically I-Cause
designed I-Cause
for I-Cause
this I-Cause
market I-Cause
segment I-Cause
, O
also O
support B-Effect
a I-Effect
pricing I-Effect
advantage I-Effect
in I-Effect
this I-Effect
market I-Effect
. O

This O
is O
clearly O
a O
lumpy O
book O
, O
with O
a O
long O
tail O
for O
payouts O
, O
and O
we O
ultimately O
think O
it O
was O
the B-Cause
Tianjin I-Cause
port I-Cause
explosions I-Cause
in I-Cause
China I-Cause
in I-Cause
2015 I-Cause
that O
was B-Cause
inappropriately I-Cause
covered I-Cause
by I-Cause
reinsurance I-Cause
, O
leading O
to O
an B-Effect
elevated I-Effect
level I-Effect
of I-Effect
property I-Effect
and I-Effect
tractor I-Effect
losses I-Effect
. O

Equinor O
expects O
further B-Effect
improvement I-Effect
in I-Effect
returns I-Effect
and I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
as O
its B-Cause
major I-Cause
project I-Cause
startups I-Cause
slated I-Cause
between I-Cause
2019 I-Cause
and I-Cause
2026 I-Cause
collectively I-Cause
break I-Cause
even I-Cause
at I-Cause
$ I-Cause
30/bbl I-Cause
oil I-Cause
while I-Cause
delivering I-Cause
3 I-Cause
% I-Cause
compound I-Cause
annual I-Cause
volume I-Cause
growth I-Cause
and I-Cause
a I-Cause
return I-Cause
on I-Cause
capital I-Cause
of I-Cause
15 I-Cause
% I-Cause
in I-Cause
2023 I-Cause
. O

Some B-Cause
models I-Cause
, O
from O
our O
understanding O
, O
require B-Cause
Paslode-only I-Cause
nails I-Cause
, O
making B-Effect
it I-Effect
a I-Effect
little I-Effect
more I-Effect
difficult I-Effect
to I-Effect
swap I-Effect
out I-Effect
with I-Effect
competitors I-Effect
' I-Effect
models I-Effect
. O

With B-Cause
cost I-Cause
savings I-Cause
already I-Cause
starting I-Cause
to I-Cause
materialize I-Cause
, O
we O
expect O
the B-Effect
EBITDA I-Effect
margin I-Effect
will I-Effect
approach I-Effect
35 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, I-Effect
even I-Effect
with I-Effect
restructuring I-Effect
charges I-Effect
included I-Effect
. O

In O
addition O
, O
the O
bank O
is O
expanding B-Effect
its I-Effect
corporate I-Effect
banking I-Effect
offerings I-Effect
by O
building B-Cause
out I-Cause
its I-Cause
M I-Cause
& I-Cause
A I-Cause
platform I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
capital I-Cause
markets I-Cause
offerings I-Cause
capabilities I-Cause
. O

In O
our O
view O
, O
sustaining B-Effect
these I-Effect
results I-Effect
against I-Effect
lofty I-Effect
investor I-Effect
expectations I-Effect
will I-Effect
require I-Effect
nearly I-Effect
flawless I-Effect
execution I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
scale I-Cause
its I-Cause
supply I-Cause
chain I-Cause
, I-Cause
source I-Cause
new I-Cause
real I-Cause
estate I-Cause
opportunities I-Cause
, I-Cause
and I-Cause
enter I-Cause
new I-Cause
trade I-Cause
areas I-Cause
. O

As O
demand B-Cause
normalizes I-Cause
with I-Cause
the I-Cause
recession I-Cause
of I-Cause
COVID-19 I-Cause
, O
we B-Effect
expect I-Effect
throughput I-Effect
for I-Effect
home I-Effect
improvement I-Effect
products I-Effect
should I-Effect
depend I-Effect
mostly I-Effect
on I-Effect
changes I-Effect
in I-Effect
the I-Effect
real I-Effect
estate I-Effect
market I-Effect
, O
which O
are O
driven O
primarily O
by O
prices B-Cause
, I-Cause
interest I-Cause
rates I-Cause
, I-Cause
and I-Cause
turnover I-Cause
, I-Cause
given I-Cause
the I-Cause
maturity I-Cause
of I-Cause
the I-Cause
industry I-Cause
. O

The B-Effect
global I-Effect
restaurant I-Effect
sector I-Effect
has I-Effect
come I-Effect
under I-Effect
pressure I-Effect
as O
several B-Cause
markets I-Cause
have I-Cause
restricted I-Cause
service I-Cause
in I-Cause
an I-Cause
effort I-Cause
to I-Cause
curb I-Cause
the I-Cause
spread I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
. O

Annual B-Cause
contractual I-Cause
price I-Cause
reductions I-Cause
for I-Cause
OEM I-Cause
customers I-Cause
are I-Cause
an I-Cause
auto I-Cause
industry I-Cause
norm I-Cause
, O
so O
Magna B-Effect
has I-Effect
to I-Effect
aggressively I-Effect
employ I-Effect
kaizen I-Effect
, I-Effect
kanban I-Effect
, I-Effect
and I-Effect
Six I-Effect
Sigma I-Effect
Lean I-Effect
manufacturing I-Effect
programs I-Effect
to I-Effect
advance I-Effect
cost I-Effect
savings I-Effect
. O

Second O
, O
Coupa O
's O
Community O
Intelligence O
product O
is O
best-in-class O
in O
the O
P2P O
space O
, O
employing B-Cause
artificial I-Cause
intelligence I-Cause
( I-Cause
AI I-Cause
) I-Cause
capabilities I-Cause
on I-Cause
spend I-Cause
and I-Cause
supplier I-Cause
data I-Cause
to O
help O
generate B-Effect
cost I-Effect
savings I-Effect
and I-Effect
support I-Effect
operational I-Effect
efficiency I-Effect
. O

Recently O
, O
the B-Cause
Chinese I-Cause
government I-Cause
's I-Cause
crackdown I-Cause
on I-Cause
gifts I-Cause
to I-Cause
government I-Cause
officials I-Cause
has O
led O
to O
a O
drastic B-Effect
rebasing I-Effect
of I-Effect
demand I-Effect
and I-Effect
the I-Effect
price I-Effect
structure I-Effect
of I-Effect
scotch I-Effect
and I-Effect
the I-Effect
ultrapremium I-Effect
baijiu I-Effect
segment I-Effect
. O

More O
mature O
companies O
look O
to O
spur B-Cause
growth I-Cause
and I-Cause
shore I-Cause
up I-Cause
pricing I-Cause
power I-Cause
with I-Cause
technological I-Cause
consolidation I-Cause
to O
offer B-Effect
OEMs I-Effect
more I-Effect
comprehensive I-Effect
solutions I-Effect
. O

And O
as O
the B-Cause
pandemic I-Cause
persists I-Cause
into I-Cause
2021 I-Cause
, O
we O
think O
Norwegian B-Effect
find I-Effect
it I-Effect
difficult I-Effect
to I-Effect
grow I-Effect
prices I-Effect
beyond I-Effect
pre-COVID-19 I-Effect
levels I-Effect
, I-Effect
and I-Effect
are I-Effect
modeling I-Effect
per I-Effect
diem I-Effect
yields I-Effect
of I-Effect
around I-Effect
$ I-Effect
244 I-Effect
in I-Effect
2022 I-Effect
versus I-Effect
$ I-Effect
257 I-Effect
in I-Effect
2019 I-Effect
. O

We B-Effect
do I-Effect
n't I-Effect
believe I-Effect
a I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
extends I-Effect
to I-Effect
the I-Effect
residential I-Effect
HVAC I-Effect
market I-Effect
because O
residential B-Cause
replacement I-Cause
costs I-Cause
are I-Cause
low I-Cause
compared I-Cause
with I-Cause
commercial I-Cause
systems I-Cause
. O

As O
consumer B-Cause
preferences I-Cause
evolve I-Cause
, O
the B-Effect
pressure I-Effect
to I-Effect
provide I-Effect
a I-Effect
strong I-Effect
customer I-Effect
experience I-Effect
alongside I-Effect
low I-Effect
prices I-Effect
is I-Effect
intense I-Effect
, O
particularly O
as O
switching B-Cause
costs I-Cause
are I-Cause
limited I-Cause
. O

Bausch B-Effect
's I-Effect
dermatology I-Effect
segment I-Effect
has I-Effect
been I-Effect
in I-Effect
decline I-Effect
since I-Effect
at I-Effect
least I-Effect
2016 I-Effect
, I-Effect
with I-Effect
annual I-Effect
sales I-Effect
falling I-Effect
from I-Effect
over I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
2015 I-Effect
to I-Effect
nearly I-Effect
$ I-Effect
500 I-Effect
million I-Effect
in I-Effect
fiscal I-Effect
2019. O
This O
drop O
was O
caused O
by O
loss B-Cause
of I-Cause
exclusivity I-Cause
for I-Cause
drugs I-Cause
that I-Cause
had I-Cause
been I-Cause
previously I-Cause
making I-Cause
meaningful I-Cause
contributions I-Cause
to I-Cause
the I-Cause
top I-Cause
line I-Cause
. O

In O
fact O
, O
the B-Effect
segment I-Effect
held I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
first I-Effect
quarter I-Effect
for I-Effect
the I-Effect
first I-Effect
time I-Effect
in I-Effect
five I-Effect
years I-Effect
, O
as O
new B-Cause
products I-Cause
resonated I-Cause
with I-Cause
consumers I-Cause
. O

In O
the O
event O
of O
a O
recall O
that O
is O
associated O
with O
design O
flaws O
or O
manufacturing O
issues O
, O
orthopedic O
firms O
typically O
rely O
on O
new B-Cause
engineering I-Cause
to O
address B-Effect
the I-Effect
underlying I-Effect
product I-Effect
issue I-Effect
, O
or O
they O
simply O
discontinue O
the O
product O
. O

As O
an O
example O
, O
Alcon B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
PowerVision I-Cause
gives O
the O
firm O
optionality O
to O
bring B-Effect
an I-Effect
innovative I-Effect
fluid-based I-Effect
intraocular I-Effect
lens I-Effect
to I-Effect
market I-Effect
. O

This O
is O
predicated O
on O
its O
ability B-Effect
to I-Effect
leverage I-Effect
fixed I-Effect
costs I-Effect
over I-Effect
greater I-Effect
volumes I-Effect
due O
to O
its B-Cause
leading I-Cause
unit I-Cause
share I-Cause
and I-Cause
consequent I-Cause
high I-Cause
asset I-Cause
utilization I-Cause
, O
and O
more O
importantly O
, O
reduce B-Effect
variable I-Effect
costs I-Effect
per I-Effect
unit I-Effect
through O
advantageous B-Cause
raw I-Cause
material I-Cause
procurement I-Cause
for I-Cause
inputs I-Cause
like O
wood O
, O
malted O
barley O
, O
and O
agave O
. O

But O
this B-Effect
growth I-Effect
trajectory I-Effect
could I-Effect
be I-Effect
lumpy I-Effect
as O
regulatory B-Cause
delays I-Cause
, I-Cause
wildfire I-Cause
issues I-Cause
, I-Cause
and I-Cause
California I-Cause
energy I-Cause
policy I-Cause
changes I-Cause
lead I-Cause
to I-Cause
shifts B-Effect
in I-Effect
spending I-Effect
and I-Effect
cost I-Effect
recovery I-Effect
. O

However O
, O
we O
expect O
higher B-Cause
wage I-Cause
and I-Cause
health I-Cause
care I-Cause
costs I-Cause
to I-Cause
more I-Cause
than I-Cause
offset I-Cause
$ I-Cause
150 I-Cause
million I-Cause
to I-Cause
$ I-Cause
170 I-Cause
million I-Cause
in I-Cause
identified I-Cause
operating I-Cause
expense I-Cause
savings I-Cause
attributed I-Cause
to I-Cause
revamping I-Cause
the I-Cause
firm I-Cause
's I-Cause
supply I-Cause
chain I-Cause
, I-Cause
reducing I-Cause
indirect I-Cause
spending I-Cause
, I-Cause
leveraging I-Cause
shared I-Cause
services I-Cause
, I-Cause
and I-Cause
continuing I-Cause
to I-Cause
optimize I-Cause
the I-Cause
salesforce. O
As O
such O
, O
we O
expect O
operating B-Effect
expense I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
to I-Effect
hold I-Effect
at I-Effect
14.6 I-Effect
% I-Effect
, I-Effect
slightly I-Effect
above I-Effect
the I-Effect
14.5 I-Effect
% I-Effect
realized I-Effect
in I-Effect
2019 I-Effect
. O

Because O
the O
Suddenlink B-Cause
territory I-Cause
covers I-Cause
smaller I-Cause
cities I-Cause
and I-Cause
towns I-Cause
, O
AT O
& O
amp O
; O
T O
has O
n't O
invested O
heavily O
in O
its O
networks O
in O
these O
markets O
, O
with O
U-verse B-Effect
available I-Effect
in I-Effect
less I-Effect
than I-Effect
10 I-Effect
% I-Effect
of I-Effect
the I-Effect
Suddenlink I-Effect
territory I-Effect
. O

We O
forecast O
a B-Effect
30 I-Effect
% I-Effect
five-year I-Effect
sales I-Effect
CAGR I-Effect
driven O
by O
a B-Cause
prolifically I-Cause
expanding I-Cause
customer I-Cause
base I-Cause
, I-Cause
larger I-Cause
deal I-Cause
sizes I-Cause
, I-Cause
and I-Cause
resilient I-Cause
retention I-Cause
rates I-Cause
. O

Banco B-Cause
de I-Cause
Chile I-Cause
's I-Cause
reputation I-Cause
and I-Cause
illustrious I-Cause
history I-Cause
have I-Cause
allowed I-Cause
it I-Cause
to I-Cause
attract I-Cause
a I-Cause
high I-Cause
proportion I-Cause
of I-Cause
non-interest-bearing I-Cause
deposits I-Cause
, I-Cause
resulting I-Cause
in I-Cause
the I-Cause
lowest I-Cause
cost I-Cause
of I-Cause
funding I-Cause
in I-Cause
the I-Cause
Chilean I-Cause
banking I-Cause
industry. O
This O
funding O
advantage O
has O
contributed O
the B-Effect
bank I-Effect
's I-Effect
impressive I-Effect
profitability I-Effect
, I-Effect
with I-Effect
returns I-Effect
on I-Effect
equity I-Effect
of I-Effect
15 I-Effect
% I-Effect
or I-Effect
better I-Effect
in I-Effect
each I-Effect
of I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
handily I-Effect
outpacing I-Effect
our I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
10.5 I-Effect
% I-Effect
. O

Near-term B-Cause
results I-Cause
for I-Cause
Capital I-Cause
One I-Cause
will I-Cause
be I-Cause
severely I-Cause
impacted I-Cause
, O
due O
to O
its O
high B-Cause
card I-Cause
exposure I-Cause
and I-Cause
high I-Cause
payments I-Cause
exposure I-Cause
, O
which O
will O
result O
in O
higher B-Effect
charge-offs I-Effect
and I-Effect
lower I-Effect
payments I-Effect
volumes I-Effect
as O
the O
COVID-19-driven B-Cause
recession I-Cause
develops I-Cause
. O

With O
Google B-Cause
's I-Cause
machine-learning I-Cause
technology I-Cause
, O
more B-Effect
requests I-Effect
made I-Effect
by I-Effect
current I-Effect
and/or I-Effect
new I-Effect
users I-Effect
improve I-Effect
relevancy I-Effect
of I-Effect
search I-Effect
results I-Effect
, I-Effect
creating I-Effect
value I-Effect
for I-Effect
users I-Effect
. O

Operating B-Effect
margins I-Effect
should I-Effect
improve I-Effect
from O
increasing B-Cause
scale I-Cause
of I-Cause
the I-Cause
business I-Cause
and I-Cause
the I-Cause
growth I-Cause
of I-Cause
advisory I-Cause
and I-Cause
ancillary I-Cause
services I-Cause
, O
which O
tend O
to O
have O
higher O
margins O
than O
the O
pure O
brokerage O
business O
. O

We O
forecast O
continued O
subdued O
margins O
in O
Asian O
spread O
and O
fee O
income O
, O
improvement O
in O
profits O
as O
we O
see O
long-term B-Cause
demand I-Cause
for I-Cause
this I-Cause
product I-Cause
suite I-Cause
, O
and O
improvements B-Effect
in I-Effect
the I-Effect
expense I-Effect
margins I-Effect
. O

Once O
again O
, O
by O
virtue B-Cause
of I-Cause
offering I-Cause
clients I-Cause
the I-Cause
ability I-Cause
to I-Cause
migrate I-Cause
to I-Cause
the I-Cause
cloud I-Cause
on I-Cause
their I-Cause
own I-Cause
terms I-Cause
through I-Cause
Azure I-Cause
, O
we O
think O
Microsoft B-Effect
has I-Effect
solidified I-Effect
its I-Effect
position I-Effect
for I-Effect
years I-Effect
to I-Effect
come I-Effect
. O

Not B-Cause
only I-Cause
do I-Cause
we I-Cause
believe I-Cause
that I-Cause
Airbnb I-Cause
holds I-Cause
critical-mass I-Cause
booking I-Cause
and I-Cause
marketing I-Cause
scale I-Cause
, I-Cause
but I-Cause
also I-Cause
traffic B-Cause
advantages I-Cause
, O
which O
further B-Effect
support I-Effect
its I-Effect
network I-Effect
advantage I-Effect
by I-Effect
allowing I-Effect
it I-Effect
to I-Effect
test I-Effect
and I-Effect
implement I-Effect
platform I-Effect
changes I-Effect
quicker I-Effect
than I-Effect
smaller I-Effect
competitors I-Effect
, O
leading O
to O
an B-Effect
improved I-Effect
user I-Effect
experience I-Effect
and I-Effect
conversion I-Effect
. O

But O
auto-parts O
suppliers O
can O
not O
cost-cut O
their O
way O
to O
prosperity O
and O
must O
invest B-Cause
in I-Cause
and I-Cause
commercialize I-Cause
technological I-Cause
innovation I-Cause
to O
increase B-Effect
the I-Effect
top I-Effect
line I-Effect
. O

Simply O
put O
, O
in O
replicating O
a O
network O
of O
planes O
, O
trucks O
, O
sorting O
facilities O
, O
and O
skilled O
employees O
, O
a O
new O
entrant O
would O
face O
massive B-Cause
investment I-Cause
before O
it B-Effect
could I-Effect
win I-Effect
a I-Effect
critical I-Effect
volume I-Effect
of I-Effect
customers I-Effect
from I-Effect
the I-Effect
entrenched I-Effect
incumbents I-Effect
. O

However O
, O
we O
also O
view O
the B-Effect
online I-Effect
and I-Effect
in-store I-Effect
traffic I-Effect
components I-Effect
of I-Effect
Best I-Effect
Buy I-Effect
's I-Effect
future I-Effect
plans I-Effect
as I-Effect
more I-Effect
challenging I-Effect
, O
given B-Cause
Amazon I-Cause
's I-Cause
e-commerce I-Cause
leadership I-Cause
and I-Cause
other I-Cause
competitive I-Cause
countermeasures I-Cause
from I-Cause
rivals I-Cause
( O
including O
price O
matching O
, O
locking O
in O
consumers O
through O
membership O
programs O
, O
and O
expedited O
fulfillment O
capabilities O
) O
. O

Additionally O
, O
we B-Effect
expect I-Effect
some I-Effect
of I-Effect
the I-Effect
recent I-Effect
gains I-Effect
in I-Effect
equity I-Effect
index I-Effect
trading I-Effect
volumes I-Effect
to I-Effect
be I-Effect
given I-Effect
back I-Effect
, O
as B-Cause
market I-Cause
volatility I-Cause
goes I-Cause
back I-Cause
to I-Cause
normal I-Cause
. O

We O
are O
forecasting O
an B-Effect
organic I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
rate I-Effect
of I-Effect
roughly I-Effect
6 I-Effect
% I-Effect
from I-Effect
2021 I-Effect
to I-Effect
2025 I-Effect
, O
fueled O
by O
mid-single-digit B-Cause
growth I-Cause
in I-Cause
Asia-Pacific I-Cause
. O

For O
most O
manufacturers O
, O
unplanned B-Cause
downtime I-Cause
is O
the B-Effect
single I-Effect
largest I-Effect
Specialty I-Effect
Industrial I-Effect
Machinerycontributor I-Effect
to I-Effect
lost I-Effect
production I-Effect
time I-Effect
and O
according O
to O
a O
study O
conducted O
by O
the O
International O
Society O
of O
Automation O
, O
downtime O
costs O
the O
global O
manufacturing O
industry O
approximately O
$ O
647 O
billion O
every O
year O
. O

Even B-Cause
without I-Cause
a I-Cause
pay-TV I-Cause
subscription I-Cause
, I-Cause
most I-Cause
cord-cutters I-Cause
still I-Cause
consume I-Cause
video I-Cause
content I-Cause
and I-Cause
many I-Cause
use I-Cause
antennas I-Cause
to I-Cause
capture I-Cause
signals I-Cause
, I-Cause
providing B-Effect
content I-Effect
creators I-Effect
with I-Effect
an I-Effect
additional I-Effect
avenue I-Effect
to I-Effect
generate I-Effect
revenue I-Effect
from I-Effect
these I-Effect
viewers I-Effect
. I-Effect

We O
believe O
this B-Effect
shape I-Effect
memory I-Effect
alloy I-Effect
system I-Effect
is I-Effect
partly I-Effect
what I-Effect
has I-Effect
made I-Effect
it I-Effect
difficult I-Effect
for I-Effect
competitors I-Effect
to I-Effect
create I-Effect
something I-Effect
similar I-Effect
, O
as O
this B-Cause
technology I-Cause
is I-Cause
known I-Cause
for I-Cause
some I-Cause
of I-Cause
its I-Cause
limitations I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
low I-Cause
durability I-Cause
) I-Cause
that I-Cause
have I-Cause
kept I-Cause
it I-Cause
from I-Cause
more I-Cause
extensive I-Cause
commercial I-Cause
applications I-Cause
. O

We O
think O
the B-Cause
lack I-Cause
of I-Cause
regulation I-Cause
and I-Cause
the I-Cause
sensitivity I-Cause
to I-Cause
commodity I-Cause
prices I-Cause
and I-Cause
volumes I-Cause
make B-Effect
long-term I-Effect
returns I-Effect
on I-Effect
the I-Effect
newer I-Effect
businesses I-Effect
less I-Effect
certain I-Effect
than I-Effect
long-term I-Effect
returns I-Effect
on I-Effect
its I-Effect
legacy I-Effect
assets I-Effect
. O

Additional B-Effect
benefits I-Effect
of I-Effect
the I-Effect
ISI I-Effect
acquisition I-Effect
may I-Effect
also I-Effect
be I-Effect
showing I-Effect
up I-Effect
in I-Effect
the I-Effect
high I-Effect
growth I-Effect
in I-Effect
senior I-Effect
managing I-Effect
director I-Effect
headcount I-Effect
, O
as O
certain B-Cause
bankers I-Cause
may I-Cause
have I-Cause
been I-Cause
reluctant I-Cause
to I-Cause
join I-Cause
an I-Cause
investment I-Cause
bank I-Cause
without I-Cause
a I-Cause
material I-Cause
capital I-Cause
raising I-Cause
platform I-Cause
. O

As O
such O
, O
BP B-Cause
's I-Cause
portfolio I-Cause
is I-Cause
likely I-Cause
to I-Cause
look I-Cause
materially I-Cause
different I-Cause
from I-Cause
our I-Cause
current I-Cause
model I-Cause
based O
on O
the O
pace O
of O
divestments O
, O
acquisitions O
and O
investments O
outside O
its O
core O
business O
, O
adding O
uncertainty B-Effect
to I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
. O

With O
its O
concentration O
of O
production O
in O
Brazil O
, O
Petrobras O
mostly O
avoids O
geopolitical O
risk O
, O
but O
the O
government O
's O
historical O
involvement O
in O
capital-allocation O
and O
operations O
has O
resulted O
in O
poor O
investments O
and O
losses O
like O
the B-Cause
destructive I-Cause
domestic I-Cause
fuel I-Cause
pricing I-Cause
controls I-Cause
that O
resulted O
in O
Petrobras B-Effect
subsidizing I-Effect
the I-Effect
domestic I-Effect
market I-Effect
. O

We O
believe O
if O
CPG B-Effect
companies I-Effect
are I-Effect
dominant I-Effect
in I-Effect
categories I-Effect
that O
are O
important O
to O
their O
customers O
because O
of O
their B-Cause
size I-Cause
, I-Cause
growth I-Cause
, I-Cause
or I-Cause
profitability I-Cause
, O
these O
CPG B-Effect
companies I-Effect
could I-Effect
possess I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
via O
strategic B-Cause
partner I-Cause
status I-Cause
. O

Additionally O
, O
if O
the B-Cause
underlying I-Cause
properties I-Cause
ca I-Cause
n't I-Cause
sustain I-Cause
the I-Cause
rent I-Cause
bumps I-Cause
throughout I-Cause
the I-Cause
lease I-Cause
term I-Cause
then O
eventually O
the B-Effect
leases I-Effect
will I-Effect
need I-Effect
to I-Effect
be I-Effect
broken I-Effect
and I-Effect
new I-Effect
, I-Effect
lower I-Effect
terms I-Effect
will I-Effect
be I-Effect
forced I-Effect
on I-Effect
the I-Effect
landlord I-Effect
. O

However O
, O
the O
contracts O
offer O
little O
in O
the O
way O
of O
volume O
protection O
in O
our O
view O
, O
and O
more B-Cause
volatile I-Cause
volumes I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
reduces O
asset B-Effect
efficiency I-Effect
, I-Effect
utilization I-Effect
, I-Effect
and I-Effect
returns I-Effect
. O

Prioritizing B-Cause
profitability I-Cause
over I-Cause
scale I-Cause
should O
also O
refocus B-Effect
Harley I-Effect
on I-Effect
the I-Effect
success I-Effect
of I-Effect
high-margin I-Effect
parts I-Effect
and I-Effect
accessories I-Effect
and I-Effect
general I-Effect
merchandise I-Effect
segments I-Effect
. O

For O
operating O
expenses O
, O
we O
think O
R B-Effect
& I-Effect
D I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
will I-Effect
settle I-Effect
in I-Effect
the I-Effect
midteens I-Effect
as O
ASML B-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
EUV I-Cause
development I-Cause
( I-Cause
high I-Cause
NA I-Cause
) I-Cause
and I-Cause
other I-Cause
critical I-Cause
technologies I-Cause
for I-Cause
extending I-Cause
Moore I-Cause
's I-Cause
Law I-Cause
. O

For O
example O
, O
Halliburton B-Cause
's I-Cause
early I-Cause
successful I-Cause
execution I-Cause
of I-Cause
24-hour I-Cause
pressure I-Effect
pumping I-Effect
operations I-Effect
created I-Effect
an B-Effect
asset I-Effect
utilization I-Effect
advantage I-Effect
relative I-Effect
to I-Effect
peers I-Effect
, I-Effect
but I-Effect
this I-Effect
advantage I-Effect
has I-Effect
dissipated I-Effect
, O
as O
most B-Cause
peers I-Cause
have I-Cause
learned I-Cause
how I-Cause
to I-Cause
replicate I-Cause
24-hour I-Cause
operations I-Cause
. O

Meanwhile O
, O
we O
expect O
IP B-Effect
revenue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-double-digit I-Effect
rate I-Effect
, I-Effect
bolstered I-Effect
by I-Effect
growth I-Effect
in I-Effect
chip I-Effect
customization I-Effect
as O
Moore B-Cause
's I-Cause
Law I-Cause
slows I-Cause
and I-Cause
chip I-Cause
designers I-Cause
seek I-Cause
to I-Cause
differentiate I-Cause
their I-Cause
products I-Cause
. O

With O
a O
midteens O
percentage O
of O
GDP O
and O
nearly O
10 O
% O
of O
jobs O
coming O
from O
natural-resource-related O
sectors O
, O
any B-Cause
demand-side I-Cause
shock I-Cause
or I-Cause
drastic I-Cause
declines I-Cause
in I-Cause
commodity I-Cause
prices I-Cause
could O
prove O
to O
be O
large B-Effect
negatives I-Effect
. O

For O
example O
, O
once O
a B-Cause
large I-Cause
city I-Cause
adopts I-Cause
a I-Cause
Munis I-Cause
ERP I-Cause
, O
over O
time O
this O
should O
ultimately O
drive O
the B-Effect
central I-Effect
school I-Effect
district I-Effect
, I-Effect
court I-Effect
system I-Effect
, I-Effect
police I-Effect
system I-Effect
, I-Effect
jail I-Effect
system I-Effect
, I-Effect
and I-Effect
property I-Effect
tax I-Effect
appraisal I-Effect
to I-Effect
select I-Effect
Tyler I-Effect
as I-Effect
well I-Effect
. O

Since O
then O
, O
Colfax B-Cause
has I-Cause
steadily I-Cause
increased I-Cause
its I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
spending I-Cause
from I-Cause
0.5 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
2012 I-Cause
to I-Cause
1.3 I-Cause
% I-Cause
, O
which O
brings B-Effect
it I-Effect
more I-Effect
in I-Effect
line I-Effect
with I-Effect
its I-Effect
large I-Effect
rivals I-Effect
( O
1.6 O
% O
for O
ITW O
and O
1.8 O
% O
for O
Lincoln O
Electric O
) O
. O

This O
rebound O
was O
enough O
to O
push O
Landstar O
's O
gross O
revenue O
up O
slightly O
for O
the O
year O
despite O
unprecedented O
second-quarter O
declines O
, O
though O
net B-Effect
revenue I-Effect
fell I-Effect
as O
the B-Cause
cost I-Cause
of I-Cause
capacity I-Cause
spiked I-Cause
. O

BMO O
has O
the O
lowest O
overall O
exposure O
to O
Canadian O
real O
estate O
among O
its O
peers O
, O
although O
if O
a B-Cause
downturn I-Cause
in I-Cause
the I-Cause
real I-Cause
estate I-Cause
market I-Cause
spreads I-Cause
throughout I-Cause
the I-Cause
Canadian I-Cause
economy I-Cause
, O
damage B-Effect
could I-Effect
also I-Effect
spread I-Effect
to I-Effect
the I-Effect
commercial I-Effect
side I-Effect
of I-Effect
the I-Effect
loan I-Effect
book I-Effect
, I-Effect
where I-Effect
BMO I-Effect
is I-Effect
more I-Effect
concentrated I-Effect
. O

It O
also O
highlighted O
that O
it B-Cause
intends I-Cause
to I-Cause
invest I-Cause
in I-Cause
income-producing I-Cause
projects I-Cause
( I-Cause
perhaps I-Cause
carbon I-Cause
capture I-Cause
, I-Cause
in I-Cause
our I-Cause
view I-Cause
) I-Cause
to B-Effect
offset I-Effect
its I-Effect
remaining I-Effect
Scope I-Effect
1 I-Effect
emissions I-Effect
. I-Effect

We O
believe O
the B-Effect
low-teens I-Effect
ROICs I-Effect
achieved I-Effect
by I-Effect
the I-Effect
firm I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
past I-Effect
10 I-Effect
years I-Effect
( O
generally O
in O
line O
with O
the O
low- O
to O
mid-teens O
levels O
we O
forecast O
over O
the O
next O
five O
years O
) O
stem O
from O
its B-Cause
asset I-Cause
light I-Cause
business I-Cause
model I-Cause
rather O
than O
from O
any O
sort O
of O
competitive O
advantage O
. O

The B-Cause
defense I-Cause
budget I-Cause
and I-Cause
the I-Cause
allocation I-Cause
of I-Cause
the I-Cause
budget I-Cause
is I-Cause
a I-Cause
political I-Cause
process I-Cause
, I-Cause
which I-Cause
is I-Cause
inherently I-Cause
difficult I-Cause
to I-Cause
predict. O
Therefore O
, O
we B-Effect
favor I-Effect
companies I-Effect
with I-Effect
tangible I-Effect
growth I-Effect
profiles I-Effect
through I-Effect
a I-Effect
steady I-Effect
stream I-Effect
of I-Effect
contract I-Effect
wins I-Effect
, I-Effect
ideally I-Effect
to I-Effect
contracts I-Effect
that I-Effect
are I-Effect
fulfilled I-Effect
over I-Effect
decades I-Effect
. O

Additionally O
, O
each B-Cause
individual I-Cause
order I-Cause
has I-Cause
a I-Cause
fixed-cost I-Cause
component I-Cause
, O
and O
so O
the B-Effect
incremental I-Effect
costs I-Effect
of I-Effect
managing I-Effect
multiple I-Effect
product I-Effect
orders I-Effect
would I-Effect
mitigate I-Effect
any I-Effect
potential I-Effect
savings I-Effect
for I-Effect
the I-Effect
customer I-Effect
. O

That O
aggression O
extends O
to O
the O
firm O
's O
capital O
structure O
, O
where O
heavy B-Cause
share I-Cause
repurchases I-Cause
bolster I-Cause
shareholder I-Cause
returns I-Cause
but I-Cause
have I-Cause
also I-Cause
kept I-Cause
debt I-Cause
leverage I-Cause
high I-Cause
, O
which O
will O
likely O
add B-Effect
volatility I-Effect
to I-Effect
the I-Effect
share I-Effect
price I-Effect
and I-Effect
could I-Effect
limit I-Effect
financial I-Effect
flexibility I-Effect
in I-Effect
a I-Effect
protracted I-Effect
economic I-Effect
downturn I-Effect
. O

We O
believe O
that O
slowing B-Cause
overall I-Cause
growth I-Cause
for I-Cause
the I-Cause
banking I-Cause
industry I-Cause
in I-Cause
general I-Cause
will O
make B-Effect
it I-Effect
more I-Effect
difficult I-Effect
for I-Effect
the I-Effect
bank I-Effect
to I-Effect
materially I-Effect
improve I-Effect
its I-Effect
operating I-Effect
efficiency I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

The B-Cause
firm I-Cause
must I-Cause
continue I-Cause
to I-Cause
provide I-Cause
new I-Cause
, I-Cause
effective I-Cause
tools I-Cause
to I-Cause
keep I-Cause
pace I-Cause
with I-Cause
modern I-Cause
chip I-Cause
design I-Cause
and I-Cause
not I-Cause
lose I-Cause
business I-Cause
to I-Cause
competitors. O
As O
a O
result O
of O
this O
consolidation O
, O
Synopsys B-Effect
also I-Effect
can I-Effect
not I-Effect
exert I-Effect
much I-Effect
pricing I-Effect
power I-Effect
as I-Effect
businesses I-Effect
avoid I-Effect
vendor I-Effect
lock-in I-Effect
and I-Effect
can I-Effect
switch I-Effect
to I-Effect
a I-Effect
different I-Effect
EDA I-Effect
vendor I-Effect
if I-Effect
prices I-Effect
rise I-Effect
too I-Effect
much I-Effect
. O

Access B-Cause
to I-Cause
more I-Cause
favorable I-Cause
demographics I-Cause
, I-Cause
less I-Cause
saturated I-Cause
markets I-Cause
, I-Cause
and I-Cause
cheap I-Cause
labor I-Cause
has O
also O
increased B-Cause
the I-Cause
appeal I-Cause
of I-Cause
international I-Cause
expansion I-Cause
for I-Cause
those I-Cause
brands I-Cause
sufficiently I-Cause
capitalized I-Cause
( I-Cause
and I-Cause
positioned I-Cause
) I-Cause
to O
make O
the O
leap O
, O
furthering O
pressuring O
Yum B-Effect
in I-Effect
important I-Effect
growth I-Effect
markets I-Effect
. O

Additionally B-Cause
, I-Cause
the I-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
these I-Cause
offerings I-Cause
requires I-Cause
Cerner I-Cause
to I-Cause
continue I-Cause
to I-Cause
recruit I-Cause
and I-Cause
retain I-Cause
qualified I-Cause
candidates I-Cause
to B-Effect
ensure I-Effect
that I-Effect
the I-Effect
company I-Effect
keeps I-Effect
pace I-Effect
with I-Effect
the I-Effect
market I-Effect
and I-Effect
installations I-Effect
and I-Effect
updates I-Effect
are I-Effect
run I-Effect
seamlessly I-Effect
. O

As O
Ericsson B-Cause
reviewed I-Cause
and I-Cause
exited I-Cause
some I-Cause
contracts I-Cause
the B-Effect
segment I-Effect
revenue I-Effect
has I-Effect
contracted I-Effect
, O
and O
company O
management O
believes O
positive O
non-IFRS O
operating O
margin O
for O
the O
segment O
is O
achievable O
by O
2020 O
. O

Overall O
, O
because O
the B-Cause
bank I-Cause
avoids I-Cause
much I-Cause
of I-Cause
the I-Cause
extra I-Cause
regulation I-Cause
that I-Cause
larger I-Cause
peers I-Cause
are I-Cause
subject I-Cause
to I-Cause
, O
we B-Effect
would I-Effect
view I-Effect
the I-Effect
bank I-Effect
's I-Effect
regulatory I-Effect
burden I-Effect
as I-Effect
slightly I-Effect
advantageous I-Effect
. O

The O
rails O
' O
have O
long O
faced O
the B-Cause
risk I-Cause
of I-Cause
more I-Cause
stringent I-Cause
safety I-Cause
regulation I-Cause
( I-Cause
from I-Cause
the I-Cause
Federal I-Cause
Railroad I-Cause
Administration I-Cause
) I-Cause
that O
could O
temper B-Effect
economic I-Effect
profit I-Effect
. O

While O
the B-Cause
firm I-Cause
intends I-Cause
to I-Cause
realize I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
in I-Cause
efficiency I-Cause
savings I-Cause
through O
2024 O
, O
it O
appears O
to O
be O
doing O
so O
as O
a O
way O
to O
free B-Effect
up I-Effect
resources I-Effect
to I-Effect
reinvest I-Effect
in I-Effect
its I-Effect
product I-Effect
mix I-Effect
rather O
than O
inflate O
profits O
. O

These B-Cause
plants I-Cause
can I-Cause
cost I-Cause
up I-Cause
to I-Cause
$ I-Cause
7 I-Cause
billion I-Cause
to I-Cause
build I-Cause
( O
and O
often O
a O
10-year O
supply O
agreement O
) O
, O
creating B-Effect
a I-Effect
strong I-Effect
incentive I-Effect
for I-Effect
customers I-Effect
to I-Effect
maintain I-Effect
their I-Effect
relationship I-Effect
and I-Effect
earn I-Effect
a I-Effect
return I-Effect
on I-Effect
their I-Effect
large I-Effect
2 I-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCinvestment I-Effect
. O

We O
believe O
that O
enabling B-Cause
access I-Cause
management I-Cause
and I-Cause
protecting I-Cause
networks I-Cause
from I-Cause
malicious I-Cause
actors I-Cause
based I-Cause
upon I-Cause
identity I-Cause
credentials I-Cause
are O
cornerstones B-Effect
of I-Effect
the I-Effect
cybersecurity I-Effect
market I-Effect
, O
and O
the B-Cause
dissipation I-Cause
of I-Cause
a I-Cause
distinct I-Cause
security I-Cause
perimeter I-Cause
leads O
our O
belief O
that O
security B-Effect
teams I-Effect
will I-Effect
further I-Effect
rely I-Effect
on I-Effect
user-based I-Effect
cybersecurity I-Effect
. O

We O
are O
confident O
in O
the B-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
reach I-Effect
its I-Effect
cost I-Effect
reduction I-Effect
target I-Effect
due O
to O
the B-Cause
good I-Cause
progress I-Cause
so I-Cause
far I-Cause
and I-Cause
the I-Cause
successful I-Cause
simplifications I-Cause
programs I-Cause
to I-Cause
drive I-Cause
cost I-Cause
savings I-Cause
achieved I-Cause
in I-Cause
the I-Cause
past I-Cause
. O

To O
this O
effect O
, O
we O
think O
CGI B-Effect
's I-Effect
proximity-based I-Effect
operating I-Effect
model I-Effect
, I-Effect
with I-Effect
over I-Effect
400 I-Effect
global I-Effect
offices I-Effect
, I-Effect
benefits I-Effect
the I-Effect
company I-Effect
as O
governments B-Cause
often I-Cause
require I-Cause
companies I-Cause
to I-Cause
operate I-Cause
near I-Cause
governmental I-Cause
offices I-Cause
. O

Given O
these B-Cause
favorable I-Cause
qualitative I-Cause
dynamics I-Cause
, O
one O
would O
think O
that O
the B-Effect
notoriety I-Effect
of I-Effect
Molson I-Effect
Coors I-Effect
' I-Effect
flagship I-Effect
brands I-Effect
would I-Effect
make I-Effect
it I-Effect
well I-Effect
situated I-Effect
to I-Effect
extract I-Effect
intangibles-based I-Effect
rents I-Effect
from I-Effect
its I-Effect
markets I-Effect
. O

Management O
believes O
it B-Cause
is I-Cause
not I-Cause
time I-Cause
to I-Cause
turn I-Cause
profitable I-Cause
in I-Cause
the I-Cause
supermarket I-Cause
category I-Cause
in O
order O
to O
be B-Effect
a I-Effect
category I-Effect
leader I-Effect
in I-Effect
China I-Effect
. O

Over O
the O
long O
term O
, O
Eastman B-Cause
will I-Cause
continue I-Cause
to I-Cause
develop I-Cause
new I-Cause
products I-Cause
in I-Cause
its I-Cause
advanced I-Cause
materials I-Cause
( I-Cause
AM I-Cause
) I-Cause
and I-Cause
additives I-Cause
and I-Cause
functional I-Cause
products I-Cause
( I-Cause
AFP I-Cause
) I-Cause
segments I-Cause
that O
will O
allow O
it B-Effect
to I-Effect
increase I-Effect
profits I-Effect
above I-Effect
GDP I-Effect
. O

Excluding O
these O
charges O
, O
we O
still O
anticipate O
Under B-Effect
Armour I-Effect
will I-Effect
report I-Effect
an I-Effect
operating I-Effect
margin I-Effect
of I-Effect
negative I-Effect
3 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
we B-Cause
do I-Cause
not I-Cause
think I-Cause
the I-Cause
company I-Cause
can I-Cause
operate I-Cause
profitability I-Cause
despite I-Cause
an I-Cause
expected I-Cause
2 I-Cause
% I-Cause
reduction I-Cause
in I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expenses I-Cause
. O

Further O
, O
we O
expect O
Airbnb B-Cause
to I-Cause
lower I-Cause
marketing I-Cause
expense I-Cause
to I-Cause
23 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2029 I-Cause
from I-Cause
34 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
( I-Cause
2019 I-Cause
was I-Cause
a I-Cause
heavier I-Cause
investment I-Cause
year I-Cause
, I-Cause
with I-Cause
2018 I-Cause
marketing I-Cause
costs I-Cause
at I-Cause
30 I-Cause
% I-Cause
of I-Cause
sales I-Cause
) I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
benefits I-Cause
from I-Cause
strong I-Cause
global I-Cause
awareness I-Cause
and I-Cause
a I-Cause
more I-Cause
complete I-Cause
platform I-Cause
offering I-Cause
long I-Cause
term. O
As O
a O
result O
, O
we O
estimate O
Airbnb B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
average I-Effect
15 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
with I-Effect
operating I-Effect
margins I-Effect
expanding I-Effect
to I-Effect
the I-Effect
mid-20s I-Effect
in I-Effect
2029 I-Effect
from I-Effect
negative I-Effect
10 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

While O
this O
means O
that O
price B-Cause
increases I-Cause
will I-Cause
typically I-Cause
only I-Cause
rise I-Cause
in I-Cause
the I-Cause
high I-Cause
single I-Cause
digits I-Cause
during I-Cause
peak I-Cause
markets I-Cause
, I-Cause
it I-Cause
also I-Cause
means I-Cause
that I-Cause
prices I-Cause
do I-Cause
n't I-Cause
freefall I-Cause
during I-Cause
cyclical I-Cause
troughs. O
Accordingly O
, O
while B-Effect
companies I-Effect
that I-Effect
produce I-Effect
other I-Effect
commodities I-Effect
that I-Effect
are I-Effect
subject I-Effect
to I-Effect
greater I-Effect
pricing I-Effect
volatility I-Effect
have I-Effect
been I-Effect
known I-Effect
to I-Effect
deliver I-Effect
very I-Effect
low I-Effect
and I-Effect
even I-Effect
negative I-Effect
returns I-Effect
amid I-Effect
cyclical I-Effect
troughs I-Effect
, I-Effect
this I-Effect
is I-Effect
not I-Effect
the I-Effect
case I-Effect
for I-Effect
Summit I-Effect
. O

The B-Effect
company I-Effect
reported I-Effect
a I-Effect
$ I-Effect
2.9 I-Effect
billion I-Effect
pretax I-Effect
loss I-Effect
relate I-Effect
to I-Effect
the I-Effect
storm I-Effect
during O
the O
first O
quarter O
due O
to O
disruptions B-Cause
in I-Cause
the I-Cause
natural I-Cause
gas I-Cause
market I-Cause
at I-Cause
peak I-Cause
demand I-Cause
periods I-Cause
. O

There O
exists O
a B-Cause
continuum I-Cause
of I-Cause
configurability I-Cause
that O
has O
blurred O
over O
time O
and O
will O
probably O
lead O
to O
further B-Effect
use I-Effect
of I-Effect
FPGAs I-Effect
in I-Effect
conjunction I-Effect
with I-Effect
or I-Effect
in I-Effect
lieu I-Effect
of I-Effect
other I-Effect
types I-Effect
of I-Effect
computing I-Effect
processors I-Effect
. O

We O
believe O
smaller B-Cause
local I-Cause
and I-Cause
regional I-Cause
competitors I-Cause
will I-Cause
struggle I-Cause
to I-Cause
win I-Cause
market I-Cause
share I-Cause
in I-Cause
these I-Cause
end I-Cause
markets I-Cause
globally I-Cause
, O
allowing O
Caterpillar B-Effect
to I-Effect
maintain I-Effect
its I-Effect
strong I-Effect
market I-Effect
share I-Effect
positions I-Effect
. O

Canada B-Cause
's I-Cause
system I-Cause
of I-Cause
higher I-Cause
taxes I-Cause
, I-Cause
social I-Cause
safety I-Cause
nets I-Cause
, I-Cause
and I-Cause
undoubtedly I-Cause
other I-Cause
complex I-Cause
factors I-Cause
has O
also O
led O
to O
a B-Cause
more I-Cause
robust I-Cause
and I-Cause
stable I-Cause
middle I-Cause
class I-Cause
, O
which O
contributes O
to O
economic B-Effect
and I-Effect
political I-Effect
stability I-Effect
, I-Effect
further I-Effect
reducing I-Effect
systemic I-Effect
risk I-Effect
. O

As O
wireless B-Cause
networks I-Cause
upgrade I-Cause
to I-Cause
5G I-Cause
technologies I-Cause
, O
RF O
designs O
should O
only O
grow O
in O
complexity O
, O
making O
RF B-Effect
leaders I-Effect
even I-Effect
more I-Effect
valuable I-Effect
suppliers I-Effect
into I-Effect
smartphones I-Effect
and I-Effect
other I-Effect
device I-Effect
makers I-Effect
than I-Effect
they I-Effect
are I-Effect
today I-Effect
. O

As O
Under B-Cause
Armour I-Cause
generated I-Cause
only I-Cause
27 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
in I-Cause
these I-Cause
regions I-Cause
in I-Cause
2020 I-Cause
, O
we O
think O
it B-Effect
has I-Effect
room I-Effect
for I-Effect
growth I-Effect
, O
but O
it O
lacks O
strong O
retail O
partnerships O
and O
marketing O
. O

The B-Effect
fruits I-Effect
of I-Effect
this I-Effect
relationship I-Effect
have I-Effect
less I-Effect
to I-Effect
do I-Effect
with I-Effect
the I-Effect
economics I-Effect
of I-Effect
the I-Effect
actual I-Effect
transactions I-Effect
, O
as O
commercial B-Cause
rules I-Cause
mandate I-Cause
that I-Cause
purchases I-Cause
between I-Cause
related I-Cause
parties I-Cause
should I-Cause
be I-Cause
akin I-Cause
to I-Cause
arms-length I-Cause
transactions I-Cause
. O

Cablevision B-Cause
, I-Cause
which I-Cause
accounts I-Cause
for I-Cause
around I-Cause
60 I-Cause
% I-Cause
of I-Cause
the I-Cause
business I-Cause
, I-Cause
serves I-Cause
the I-Cause
New I-Cause
York I-Cause
metro I-Cause
area I-Cause
, I-Cause
where I-Cause
favorable I-Cause
demographics I-Cause
have O
historically O
enabled O
the B-Effect
firm I-Effect
to I-Effect
claim I-Effect
high I-Effect
customer I-Effect
penetration I-Effect
rates I-Effect
and I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
. O

The B-Cause
acquisition I-Cause
of I-Cause
Solutia I-Cause
brought O
potential B-Effect
litigation I-Effect
and O
environmental B-Effect
remediation I-Effect
liabilities I-Effect
from I-Effect
the I-Effect
legacy I-Effect
Monsanto I-Effect
chemical I-Effect
business I-Effect
at I-Effect
two I-Effect
sites I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
education I-Cause
offerings I-Cause
are I-Cause
sensitive I-Cause
to I-Cause
student I-Cause
enrollment I-Cause
levels I-Cause
, O
which O
directly B-Effect
affect I-Effect
demand I-Effect
for I-Effect
learning I-Effect
materials I-Effect
and I-Effect
the I-Effect
budgets I-Effect
available I-Effect
for I-Effect
classroom I-Effect
management I-Effect
technology I-Effect
( I-Effect
though I-Effect
the I-Effect
dynamic I-Effect
would I-Effect
be I-Effect
complicated I-Effect
if I-Effect
professors I-Effect
' I-Effect
willingness I-Effect
to I-Effect
use I-Effect
alternative I-Effect
learning I-Effect
materials I-Effect
in I-Effect
lieu I-Effect
of I-Effect
textbooks I-Effect
changed I-Effect
materially I-Effect
) I-Effect
. I-Effect

Earlier O
, O
Twilio O
's O
platform O
helped O
support O
outbound O
customer O
communications O
, O
but O
with B-Cause
the I-Cause
addition I-Cause
of I-Cause
Segment I-Cause
, O
the B-Effect
company I-Effect
will I-Effect
have I-Effect
a I-Effect
leg I-Effect
in I-Effect
the I-Effect
inbound I-Effect
customer I-Effect
data I-Effect
space I-Effect
as I-Effect
well I-Effect
. O

Amid B-Cause
low I-Cause
capital I-Cause
spending I-Cause
levels I-Cause
, I-Cause
healthy I-Cause
demand I-Cause
, I-Cause
and I-Cause
high I-Cause
capacity I-Cause
utilization I-Cause
, O
Allegheny O
can O
offer B-Effect
very I-Effect
attractive I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Since O
Southwest B-Cause
has I-Cause
capacity I-Cause
of I-Cause
over I-Cause
a I-Cause
hundred I-Cause
billion I-Cause
available I-Cause
seat I-Cause
miles I-Cause
, O
our B-Effect
estimated I-Effect
savings I-Effect
per I-Effect
available I-Effect
seat I-Effect
mile I-Effect
add I-Effect
up I-Effect
to I-Effect
a I-Effect
figure I-Effect
in I-Effect
the I-Effect
hundreds I-Effect
of I-Effect
millions I-Effect
of I-Effect
dollars I-Effect
. O

Relationships B-Effect
between I-Effect
the I-Effect
supplier I-Effect
and I-Effect
the I-Effect
customer I-Effect
play I-Effect
a I-Effect
key I-Effect
role I-Effect
in I-Effect
the I-Effect
automation I-Effect
space I-Effect
, O
especially O
as O
factory B-Cause
automation I-Cause
becomes I-Cause
increasingly I-Cause
complex I-Cause
and I-Cause
requires I-Cause
more I-Cause
communication I-Cause
between I-Cause
the I-Cause
parties I-Cause
. O

This B-Effect
combination I-Effect
makes I-Effect
TechnipFMC I-Effect
unique I-Effect
in I-Effect
the I-Effect
recent I-Effect
history I-Effect
of I-Effect
offshore I-Effect
oil I-Effect
and I-Effect
gas I-Effect
, O
as O
subsea B-Cause
E I-Cause
& I-Cause
C I-Cause
and I-Cause
subsea I-Cause
equipment I-Cause
have I-Cause
been I-Cause
exclusively I-Cause
provisioned I-Cause
by I-Cause
separate I-Cause
companies I-Cause
in I-Cause
the I-Cause
past I-Cause
. O

On O
the O
investment O
side O
, O
after O
a O
near-term O
fall-off O
, O
we O
assume O
improving B-Effect
fixed-income I-Effect
results I-Effect
over I-Effect
time I-Effect
as O
the B-Cause
interest I-Cause
rate I-Cause
environment I-Cause
improves I-Cause
, O
but O
we O
expect O
overall B-Effect
investment I-Effect
returns I-Effect
to I-Effect
moderate I-Effect
as O
the B-Cause
recent I-Cause
bull I-Cause
market I-Cause
proves I-Cause
unsustainable I-Cause
. O

The B-Effect
bauxite I-Effect
segment I-Effect
is I-Effect
well I-Effect
positioned I-Effect
for I-Effect
future I-Effect
growth I-Effect
, O
as O
China B-Cause
is I-Cause
not I-Cause
self-sufficient I-Cause
in I-Cause
bauxite I-Cause
and O
must O
import B-Cause
roughly I-Cause
one I-Cause
third I-Cause
of I-Cause
its I-Cause
bauxite I-Cause
needs I-Cause
. O

We O
expect O
much O
of O
Versace O
's O
growth O
to O
come O
from O
Asia O
, O
where O
we O
forecast O
sales B-Effect
will I-Effect
increase I-Effect
to I-Effect
$ I-Effect
651 I-Effect
million I-Effect
( I-Effect
33 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
in I-Effect
fiscal I-Effect
2030 I-Effect
from I-Effect
$ I-Effect
237 I-Effect
million I-Effect
( I-Effect
28 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
in I-Effect
2020 I-Effect
, O
facilitating B-Cause
an I-Cause
average I-Cause
operating I-Cause
margin I-Cause
of I-Cause
9.5 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2022-30 I-Cause
after I-Cause
losses I-Cause
in I-Cause
2019-21 I-Cause
. O

We B-Effect
view I-Effect
this I-Effect
margin I-Effect
expansion I-Effect
more I-Effect
as I-Effect
mean I-Effect
reversion I-Effect
than I-Effect
as I-Effect
operational I-Effect
improvement I-Effect
, O
as B-Cause
the I-Cause
company I-Cause
took I-Cause
a I-Cause
COVID I-Cause
charge I-Cause
in I-Cause
2020 I-Cause
and I-Cause
had I-Cause
abnormally I-Cause
low I-Cause
risk I-Cause
retirements I-Cause
in I-Cause
2018 I-Cause
and I-Cause
2019 I-Cause
. O

Burlington O
's O
reopening O
has O
not O
been O
entirely O
smooth O
, O
with O
inventory B-Effect
flow-through I-Effect
challenges I-Effect
( O
despite O
ample O
product O
availability O
) O
as O
it B-Cause
and I-Cause
its I-Cause
vendors I-Cause
restart I-Cause
their I-Cause
supply I-Cause
and I-Cause
distribution I-Cause
networks I-Cause
. O

For B-Cause
example I-Cause
, I-Cause
as I-Cause
some I-Cause
of I-Cause
the I-Cause
product I-Cause
's I-Cause
more I-Cause
potent I-Cause
ingredients I-Cause
, I-Cause
such I-Cause
as I-Cause
guarana I-Cause
or I-Cause
ginseng I-Cause
, I-Cause
receive I-Cause
closer I-Cause
scrutiny I-Cause
from I-Cause
health I-Cause
experts I-Cause
and I-Cause
regulators I-Cause
, O
several B-Effect
go-to-market I-Effect
restrictions I-Effect
could I-Effect
come I-Effect
to I-Effect
fruition I-Effect
. O

This O
implies O
modest O
share O
gains O
, O
and O
we O
expect O
the O
firm O
to O
make O
small B-Cause
acquisitions I-Cause
in I-Cause
the I-Cause
space I-Cause
, O
resulting O
in O
nearly B-Effect
$ I-Effect
3 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
in I-Effect
2025 I-Effect
. O

In O
order O
to O
develop B-Effect
new I-Effect
products I-Effect
, O
we O
expect O
Eastman B-Cause
to I-Cause
reinvest I-Cause
roughly I-Cause
4 I-Cause
% I-Cause
of I-Cause
these I-Cause
segments I-Cause
' I-Cause
sales I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
, O
which O
is O
in O
line O
with O
the O
investment O
rate O
over O
the O
past O
several O
years O
. O

In O
addition O
, O
Vodafone B-Cause
's I-Cause
scale I-Cause
affords O
it O
with O
the B-Effect
resources I-Effect
to I-Effect
participate I-Effect
in I-Effect
government I-Effect
spectrum I-Effect
auctions I-Effect
, O
acquiring O
licenses O
needed O
to O
improve O
the O
quality O
of O
its O
networks O
, O
thereby O
attracting B-Effect
more I-Effect
valuable I-Effect
heavy I-Effect
data I-Effect
users I-Effect
. O

ITW O
's O
fundamentals O
have O
improved O
since O
the O
Great O
Recession O
, O
and O
management O
has O
done O
an O
exceptional O
job O
improving B-Effect
the I-Effect
portfolio I-Effect
by O
pruning B-Cause
its I-Cause
commoditized I-Cause
portions I-Cause
. I-Cause

Transaction O
processing O
, O
around O
15 O
% O
of O
segment O
sales O
, O
should O
deliver O
strong O
margins O
, O
funding B-Cause
expanded I-Cause
offerings I-Cause
in I-Cause
faster-growing I-Cause
areas I-Cause
that O
can O
add B-Effect
to I-Effect
IHS I-Effect
Markit I-Effect
's I-Effect
competitive I-Effect
advantages I-Effect
( O
such O
as O
traded O
products O
and O
compliance O
tools O
) O
. O

We O
expect O
long-term B-Effect
salt I-Effect
volumes I-Effect
to I-Effect
grow I-Effect
from I-Effect
2020 I-Effect
's I-Effect
below-average I-Effect
9.4 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
to I-Effect
over I-Effect
12 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
starting I-Effect
in I-Effect
2021 I-Effect
as O
production B-Cause
at I-Cause
the I-Cause
Goderich I-Cause
mine I-Cause
is I-Cause
fully I-Cause
restored I-Cause
. O

In O
our O
view O
, O
it B-Cause
's I-Cause
unlikely I-Cause
that I-Cause
fixed I-Cause
asset I-Cause
investment I-Cause
growth I-Cause
in I-Cause
China I-Cause
will I-Cause
stay I-Cause
at I-Cause
historical I-Cause
levels I-Cause
, O
meaning O
, O
the B-Effect
commodity I-Effect
price I-Effect
outlook I-Effect
will I-Effect
likely I-Effect
be I-Effect
softer I-Effect
than I-Effect
historical I-Effect
levels I-Effect
. O

The B-Cause
growth I-Cause
of I-Cause
precision I-Cause
farming I-Cause
has O
led O
to O
a B-Effect
dramatic I-Effect
increase I-Effect
in I-Effect
onboard I-Effect
software I-Effect
, I-Effect
processing I-Effect
, I-Effect
and I-Effect
sensor I-Effect
technology I-Effect
, O
which O
are O
being O
developed O
by O
Deere O
's O
Intelligent O
Solutions O
Group O
. O

Getting B-Cause
into I-Cause
the I-Cause
basin I-Cause
early I-Cause
also I-Cause
means I-Cause
the I-Cause
firm I-Cause
also I-Cause
enjoys I-Cause
relatively I-Cause
low I-Cause
royalty I-Cause
rates I-Cause
, O
giving O
it O
a B-Effect
further I-Effect
advantage I-Effect
over I-Effect
many I-Effect
of I-Effect
its I-Effect
competitors I-Effect
. O

The B-Cause
growth I-Cause
of I-Cause
nonmusic I-Cause
listening I-Cause
, I-Cause
like I-Cause
podcasts I-Cause
, O
could O
decrease B-Effect
the I-Effect
importance I-Effect
of I-Effect
music I-Effect
and I-Effect
thus I-Effect
payout I-Effect
ratio I-Effect
, O
but O
we O
believe O
that O
most O
users O
will O
listen O
to O
both O
podcast O
and O
music O
, O
much O
like O
time O
has O
always O
been O
split O
between O
music O
, O
news O
, O
and O
talk O
radio O
historically O
. O

We O
expect O
total B-Effect
client I-Effect
assets I-Effect
to I-Effect
organically I-Effect
increase I-Effect
around I-Effect
4.5 I-Effect
% I-Effect
annually I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
thanks O
to O
general B-Cause
market I-Cause
appreciation I-Cause
and I-Cause
new I-Cause
clients I-Cause
. O

However O
, O
in O
San O
Francisco O
, O
office B-Cause
development I-Cause
is I-Cause
subject I-Cause
to I-Cause
explicit I-Cause
annual I-Cause
limits I-Cause
on I-Cause
new I-Cause
construction I-Cause
, O
which O
in O
part O
explains B-Effect
why I-Effect
supply I-Effect
has I-Effect
been I-Effect
so I-Effect
constrained I-Effect
in I-Effect
that I-Effect
region I-Effect
. O

Additionally O
, O
the O
OEM B-Effect
may I-Effect
run I-Effect
into I-Effect
production I-Effect
delays I-Effect
from O
testing B-Cause
a I-Cause
new I-Cause
system I-Cause
, O
face B-Effect
the I-Effect
potential I-Effect
of I-Effect
disruption I-Effect
during I-Effect
production I-Effect
, I-Effect
and I-Effect
may I-Effect
incur I-Effect
the I-Effect
cost I-Effect
of I-Effect
moving I-Effect
or I-Effect
purchasing I-Effect
heavy I-Effect
equipment I-Effect
to I-Effect
accommodate I-Effect
the I-Effect
new I-Effect
supplier I-Effect
's I-Effect
operations I-Effect
. O

Management O
believes O
it O
can O
grow O
to O
around O
1,000 O
stores O
in O
the O
U.S. O
; O
we B-Effect
expect I-Effect
Burlington I-Effect
to I-Effect
exceed I-Effect
that I-Effect
mark I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
as O
the O
smaller B-Cause
format I-Cause
creates I-Cause
opportunities I-Cause
. O

With O
both B-Cause
TSMC I-Cause
and I-Cause
Samsung I-Cause
reaching I-Cause
their I-Cause
respective I-Cause
7-nm I-Cause
process I-Cause
nodes I-Cause
ahead I-Cause
of I-Cause
Intel I-Cause
( I-Cause
which I-Cause
we I-Cause
generally I-Cause
equate I-Cause
to I-Cause
Intel I-Cause
's I-Cause
10-nm I-Cause
regarding I-Cause
transistor I-Cause
density I-Cause
and I-Cause
performance I-Cause
) I-Cause
, O
AMD B-Effect
( I-Effect
via I-Effect
TSMC I-Effect
) I-Effect
launched I-Effect
newer I-Effect
products I-Effect
at I-Effect
a I-Effect
smaller I-Effect
process I-Effect
node I-Effect
in I-Effect
2019 I-Effect
. O

These B-Cause
solutions I-Cause
can I-Cause
help I-Cause
nursing I-Cause
care I-Cause
facilities I-Cause
comply I-Cause
with I-Cause
Medicare I-Cause
requirements I-Cause
, O
which O
, O
in O
theory O
, O
may O
lead O
to O
higher B-Effect
levels I-Effect
of I-Effect
reimbursement I-Effect
. O

Viper B-Cause
is I-Cause
a I-Cause
mineral I-Cause
rights I-Cause
owner I-Cause
, O
and O
thus O
Viper B-Effect
is I-Effect
paid I-Effect
a I-Effect
percentage I-Effect
of I-Effect
the I-Effect
revenue I-Effect
a I-Effect
producer I-Effect
obtains I-Effect
from I-Effect
drilling I-Effect
a I-Effect
well I-Effect
. O

We O
project O
that O
the B-Effect
bank I-Effect
's I-Effect
net I-Effect
interest I-Effect
margin I-Effect
will I-Effect
decline I-Effect
as O
lower B-Cause
rates I-Cause
hurt I-Cause
asset I-Cause
yields I-Cause
, O
however O
, O
we O
expect O
its B-Effect
NIM I-Effect
will I-Effect
remain I-Effect
low I-Effect
in I-Effect
the I-Effect
future I-Effect
as O
higher B-Cause
funding I-Cause
costs I-Cause
eat I-Cause
up I-Cause
future I-Cause
gains I-Cause
from I-Cause
rising I-Cause
rates I-Cause
. O

We B-Effect
model I-Effect
53.8 I-Effect
% I-Effect
and I-Effect
53.1 I-Effect
% I-Effect
gross I-Effect
margins I-Effect
for I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
, I-Effect
respectively I-Effect
, I-Effect
compared I-Effect
with I-Effect
nearly I-Effect
54 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
due O
to O
the B-Cause
higher I-Cause
cost I-Cause
of I-Cause
YouTube I-Cause
content I-Cause
. O

With B-Cause
the I-Cause
entire I-Cause
RT I-Cause
market I-Cause
expected I-Cause
to I-Cause
grow I-Cause
in I-Cause
the I-Cause
mid- I-Cause
to I-Cause
high I-Cause
single I-Cause
digits I-Cause
, O
there O
are O
no B-Effect
strong I-Effect
stimuli I-Effect
for I-Effect
both I-Effect
firms I-Effect
to I-Effect
compete I-Effect
aggressively I-Effect
. O

We O
expect O
Mettler B-Cause
's I-Cause
customer I-Cause
relationships I-Cause
to I-Cause
remain I-Cause
intact I-Cause
through I-Cause
the I-Cause
crisis I-Cause
, O
allowing O
the B-Effect
firm I-Effect
to I-Effect
return I-Effect
to I-Effect
pre-crisis I-Effect
growth I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
, I-Effect
putting I-Effect
the I-Effect
company I-Effect
back I-Effect
on I-Effect
track I-Effect
for I-Effect
consistent I-Effect
margin I-Effect
expansion I-Effect
. O

This B-Cause
strategic I-Cause
move I-Cause
allowed I-Cause
Yum I-Cause
Brands I-Cause
to I-Cause
take I-Cause
its I-Cause
financial I-Cause
leverage I-Cause
to I-Cause
5 I-Cause
times I-Cause
EBITDA I-Cause
, I-Cause
in I-Cause
line I-Cause
with I-Cause
other I-Cause
heavily I-Cause
franchised I-Cause
QSR I-Cause
peers I-Cause
, O
while O
keeping B-Effect
Yum I-Effect
China I-Effect
debt-free I-Effect
for I-Effect
greater I-Effect
financial I-Effect
flexibility I-Effect
. O

In O
general O
, O
housing B-Cause
downturns I-Cause
have O
resulted O
in O
industrywide B-Effect
declines I-Effect
in I-Effect
sales I-Effect
, I-Effect
operating I-Effect
margin I-Effect
contraction I-Effect
, I-Effect
and I-Effect
increased I-Effect
inventory I-Effect
impairment I-Effect
charges I-Effect
. O

Tightening B-Cause
environmental I-Cause
compliance I-Cause
regulations I-Cause
could O
require B-Effect
significant I-Effect
capital I-Effect
investment I-Effect
or I-Effect
added I-Effect
operating I-Effect
costs I-Effect
that O
may B-Effect
have I-Effect
uncertain I-Effect
cost I-Effect
recovery I-Effect
through O
traditional B-Cause
regulated I-Cause
rates I-Cause
. O

This B-Cause
pivot I-Cause
, I-Cause
along I-Cause
with I-Cause
a I-Cause
ramp-up I-Cause
in I-Cause
business I-Cause
digitization I-Cause
efforts I-Cause
as O
a O
result O
of O
the B-Cause
pandemic I-Cause
, O
will O
contribute B-Effect
to I-Effect
robust I-Effect
top-line I-Effect
growth I-Effect
. O

As O
most B-Cause
of I-Cause
WPP I-Cause
's I-Cause
larger I-Cause
clients I-Cause
favor I-Cause
omnichannel I-Cause
or I-Cause
multichannel I-Cause
marketing I-Cause
and I-Cause
advertising I-Cause
campaigns I-Cause
, O
these O
and O
further B-Cause
acquisitions I-Cause
and I-Cause
investments I-Cause
help O
make B-Effect
WPP I-Effect
a I-Effect
one-stop I-Effect
shop I-Effect
. O

We O
believe O
the O
cost O
advantages O
enjoyed O
by O
Ferguson B-Effect
and I-Effect
other I-Effect
large I-Effect
distributors I-Effect
stem O
from O
preferential B-Cause
supplier I-Cause
pricing I-Cause
, I-Cause
global I-Cause
product I-Cause
sourcing I-Cause
, I-Cause
and I-Cause
efficient I-Cause
and I-Cause
scalable I-Cause
distribution I-Cause
networks I-Cause
. O

In O
the O
Williston O
basin O
, O
there B-Effect
is I-Effect
also I-Effect
substantial I-Effect
upside I-Effect
for I-Effect
Oneok I-Effect
in I-Effect
terms I-Effect
of I-Effect
capturing I-Effect
now-flared I-Effect
gas I-Effect
, O
as O
Oneok B-Cause
has I-Cause
about I-Cause
250-300 I-Cause
million I-Cause
cubic I-Cause
feet I-Cause
per I-Cause
day I-Cause
of I-Cause
spare I-Cause
gathering I-Cause
and I-Cause
processing I-Cause
capacity I-Cause
and I-Cause
can I-Cause
benefit I-Cause
as I-Cause
rig I-Cause
activity I-Cause
in I-Cause
the I-Cause
area I-Cause
increases I-Cause
. O

We B-Effect
project I-Effect
Telus I-Effect
' I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
by I-Effect
8 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
as O
it B-Cause
bounces I-Cause
back I-Cause
from I-Cause
a I-Cause
pandemic I-Cause
related I-Cause
slowdown I-Cause
in I-Cause
2020 I-Cause
and I-Cause
to I-Cause
maintain I-Cause
mid-single-digit I-Cause
revenue I-Cause
growth I-Cause
throughout I-Cause
our I-Cause
forecast I-Cause
. O

Vertex B-Cause
's I-Cause
cystic I-Cause
fibrosis I-Cause
portfolio I-Cause
has I-Cause
experienced I-Cause
a I-Cause
pretty I-Cause
welcoming I-Cause
commercial I-Cause
and I-Cause
regulatory I-Cause
environment I-Cause
due O
to O
the B-Effect
rarity I-Effect
of I-Effect
cystic I-Effect
fibrosis I-Effect
and I-Effect
the I-Effect
lack I-Effect
of I-Effect
disease-modifying I-Effect
treatments I-Effect
. O

We O
expect O
ROICs B-Effect
to I-Effect
trend I-Effect
down I-Effect
for I-Effect
several I-Effect
more I-Effect
years I-Effect
as O
the B-Cause
company I-Cause
's I-Cause
transition I-Cause
to I-Cause
a I-Cause
subscription I-Cause
model I-Cause
advances I-Cause
, O
but O
still O
remain O
far O
above O
the O
cost O
of O
capital O
. O

Anti-bank B-Cause
sentiment I-Cause
remains I-Cause
in I-Cause
the I-Cause
U.K. I-Cause
, I-Cause
and I-Cause
banking I-Cause
regulation I-Cause
, O
partially O
as O
a O
result O
, O
changes B-Effect
frequently I-Effect
and I-Effect
is I-Effect
more I-Effect
onerous I-Effect
than I-Effect
elsewhere I-Effect
in I-Effect
Europe I-Effect
. O

We B-Effect
expect I-Effect
growth I-Effect
to I-Effect
further I-Effect
accelerate I-Effect
to I-Effect
114 I-Effect
% I-Effect
in I-Effect
2022 I-Effect
, O
as O
we B-Cause
expect I-Cause
$ I-Cause
219 I-Cause
million I-Cause
and I-Cause
$ I-Cause
113 I-Cause
million I-Cause
incremental I-Cause
sales I-Cause
from I-Cause
new I-Cause
partnerships I-Cause
with I-Cause
McDonald I-Cause
's I-Cause
and I-Cause
Yum I-Cause
Brands I-Cause
, I-Cause
respectively I-Cause
. O

Card B-Cause
portfolios I-Cause
of I-Cause
shuttered I-Cause
retailers I-Cause
can O
have B-Effect
higher I-Effect
charge-offs I-Effect
, O
and O
the O
loss O
of O
the O
longer-term O
revenue O
stream O
is O
a O
net O
negative O
; O
however O
, O
paydowns B-Cause
by I-Cause
existing I-Cause
cardholders I-Cause
and I-Cause
less I-Cause
expenses I-Cause
associated I-Cause
with I-Cause
runoff I-Cause
portfolios I-Cause
can O
produce B-Effect
higher I-Effect
short-term I-Effect
cash I-Effect
flows I-Effect
. O

Splunk B-Cause
's I-Cause
comprehensive I-Cause
Data-to-Everything I-Cause
platform I-Cause
allows O
efficient B-Effect
, I-Effect
real-time I-Effect
data I-Effect
collection I-Effect
and I-Effect
enables I-Effect
organizations I-Effect
to I-Effect
monitor I-Effect
this I-Effect
data I-Effect
and I-Effect
derive I-Effect
insights I-Effect
from I-Effect
it I-Effect
. O

The O
company O
is O
already O
a O
leader O
in O
trucks O
, O
so O
a B-Cause
competitive I-Cause
lineup I-Cause
in I-Cause
all I-Cause
segments I-Cause
, I-Cause
combined I-Cause
with I-Cause
a I-Cause
much I-Cause
smaller I-Cause
cost I-Cause
base I-Cause
, O
says O
to O
us O
that O
GM B-Effect
is I-Effect
starting I-Effect
to I-Effect
realize I-Effect
the I-Effect
scale I-Effect
to I-Effect
match I-Effect
its I-Effect
size I-Effect
. O

Further O
, O
rampant B-Cause
inflation I-Cause
in I-Cause
both I-Cause
vanilla I-Cause
and I-Cause
garlic I-Cause
prices I-Cause
( O
which O
had O
been O
up O
high-double- O
to O
even O
triple-digit O
rates O
) O
also O
ate B-Effect
into I-Effect
the I-Effect
firm I-Effect
's I-Effect
profits I-Effect
a I-Effect
few I-Effect
years I-Effect
back I-Effect
. O

Adidas B-Effect
outperformed I-Effect
our I-Effect
expectations I-Effect
in I-Effect
the I-Effect
quarter I-Effect
as O
its B-Cause
5 I-Cause
% I-Cause
sales I-Cause
decline I-Cause
was I-Cause
slightly I-Cause
better I-Cause
than I-Cause
our I-Cause
forecast I-Cause
of I-Cause
a I-Cause
7 I-Cause
% I-Cause
drop I-Cause
and O
a B-Cause
13 I-Cause
% I-Cause
reduction I-Cause
in I-Cause
marketing I-Cause
expenses I-Cause
led O
to O
an B-Effect
operating I-Effect
margin I-Effect
of I-Effect
4.1 I-Effect
% I-Effect
( O
80 O
basis O
points O
better O
than O
our O
forecast O
) O
. O

Fortunately O
, O
television B-Effect
customers I-Effect
generate I-Effect
relatively I-Effect
low I-Effect
margins I-Effect
thanks O
to O
programming B-Cause
and I-Cause
equipment I-Cause
cost I-Cause
, O
so O
the O
decline O
in O
this O
business O
should O
benefit B-Effect
segment I-Effect
profitability I-Effect
. O

While O
we O
believe O
management O
is O
acting O
prudently O
to O
improve O
efficiency O
, O
the O
efforts O
carry O
double-edged O
risks O
: O
the B-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
that I-Effect
Advance I-Effect
targets I-Effect
may I-Effect
not I-Effect
materialize I-Effect
if O
it B-Cause
is I-Cause
insufficiently I-Cause
aggressive I-Cause
in I-Cause
reducing I-Cause
outlays I-Cause
, O
but O
a B-Effect
move I-Effect
too I-Effect
far I-Effect
may I-Effect
alienate I-Effect
customers I-Effect
if O
service B-Cause
levels I-Cause
drop I-Cause
. O

Although O
some O
of O
the O
categories O
that O
Tractor O
Supply O
operates O
in O
are O
relatively O
mature O
, O
we O
view O
the O
breadth B-Cause
of I-Cause
its I-Cause
offerings I-Cause
and I-Cause
potential I-Cause
for I-Cause
growth I-Cause
of I-Cause
its I-Cause
current I-Cause
consumer I-Cause
base I-Cause
as I-Cause
well I-Cause
as I-Cause
increased I-Cause
penetration I-Cause
of I-Cause
new I-Cause
consumers I-Cause
as O
positive B-Effect
factors I-Effect
that I-Effect
could I-Effect
drive I-Effect
top-line I-Effect
growth I-Effect
. O

The B-Cause
yen I-Cause
's I-Cause
depreciation I-Cause
since I-Cause
late I-Cause
2012 I-Cause
has O
propped B-Effect
up I-Effect
Kyocera I-Effect
's I-Effect
performance I-Effect
, I-Effect
sweeping I-Effect
weak I-Effect
operating I-Effect
results I-Effect
under I-Effect
the I-Effect
rug I-Effect
, O
but O
a O
reversal O
in O
the O
trend O
could O
be O
a O
significant O
headwind O
. O

In O
this O
vein O
, O
ROICs B-Cause
lagged I-Cause
our I-Cause
estimate I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
cost I-Cause
of I-Cause
capital I-Cause
in I-Cause
fiscal I-Cause
2009 I-Cause
, I-Cause
2014 I-Cause
, I-Cause
and I-Cause
2018 I-Cause
at I-Cause
3.7 I-Cause
% I-Cause
, I-Cause
7.9 I-Cause
% I-Cause
, I-Cause
and I-Cause
6.8 I-Cause
% I-Cause
, I-Cause
respectively. O
As O
such O
, O
while B-Effect
we I-Effect
forecast I-Effect
10.3 I-Effect
% I-Effect
ROICs I-Effect
on I-Effect
average I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
our I-Effect
model I-Effect
does I-Effect
not I-Effect
reflect I-Effect
the I-Effect
cyclicality I-Effect
this I-Effect
business I-Effect
is I-Effect
likely I-Effect
to I-Effect
experience I-Effect
. O

FireEye B-Effect
faces I-Effect
tough I-Effect
competition I-Effect
from O
firms B-Cause
with I-Cause
wider I-Cause
product I-Cause
platforms I-Cause
in I-Cause
its I-Cause
pivot I-Cause
toward I-Cause
providing I-Cause
front-line I-Cause
defense I-Cause
for I-Cause
network I-Cause
, I-Cause
endpoint I-Cause
, I-Cause
and I-Cause
email I-Cause
.. O

These B-Cause
aspects I-Cause
of I-Cause
the I-Cause
retail I-Cause
distribution I-Cause
channel I-Cause
keep O
most B-Effect
generic I-Effect
drug I-Effect
manufacturers I-Effect
, I-Effect
unwilling I-Effect
to I-Effect
focus I-Effect
on I-Effect
direct-to-consumer I-Effect
products I-Effect
, I-Effect
focused I-Effect
on I-Effect
the I-Effect
prescription I-Effect
side I-Effect
of I-Effect
the I-Effect
drug I-Effect
market I-Effect
and O
away O
Drug O
Manufacturers O
- O
Specialty O
& O
Genericfrom O
Perrigo O
's O
territory O
. O

If O
future B-Cause
changes I-Cause
to I-Cause
the I-Cause
ACA I-Cause
cause I-Cause
healthcare I-Cause
subsectors I-Cause
that I-Cause
Ventas I-Cause
invests I-Cause
in I-Cause
to I-Cause
fall I-Cause
out I-Cause
of I-Cause
favor I-Cause
, O
then O
the B-Effect
performance I-Effect
and I-Effect
asset I-Effect
values I-Effect
of I-Effect
Ventas I-Effect
' I-Effect
portfolio I-Effect
will I-Effect
suffer I-Effect
. O

We B-Effect
continue I-Effect
to I-Effect
see I-Effect
a I-Effect
healthy I-Effect
long-term I-Effect
growth I-Effect
runway I-Effect
as O
AutoNation B-Cause
is I-Cause
the I-Cause
largest I-Cause
player I-Cause
in I-Cause
what I-Cause
is I-Cause
still I-Cause
an I-Cause
extremely I-Cause
fragmented I-Cause
yet I-Cause
consolidating I-Cause
sector I-Cause
. O

We O
project O
that O
platform B-Cause
revenue I-Cause
growth I-Cause
will I-Cause
continue I-Cause
to I-Cause
outpace I-Cause
hardware I-Cause
growth I-Cause
, O
leading O
to O
an B-Effect
88 I-Effect
% I-Effect
share I-Effect
of I-Effect
2024 I-Effect
revenue I-Effect
for I-Effect
the I-Effect
service-orientated I-Effect
segment I-Effect
. O

Fiscal B-Effect
relief I-Effect
packages I-Effect
placed I-Effect
even I-Effect
further I-Effect
pressure I-Effect
on I-Effect
Capital I-Effect
One I-Effect
's I-Effect
credit I-Effect
card I-Effect
portfolio I-Effect
as O
many B-Cause
consumers I-Cause
used I-Cause
the I-Cause
stimulus I-Cause
money I-Cause
for I-Cause
debt I-Cause
relief I-Cause
. O

In O
addition O
, O
the B-Effect
growth I-Effect
of I-Effect
in-house I-Effect
chip I-Effect
design I-Effect
by I-Effect
systems I-Effect
companies I-Effect
such I-Effect
as I-Effect
Facebook I-Effect
and I-Effect
Apple I-Effect
could I-Effect
spur I-Effect
additional I-Effect
business I-Effect
for I-Effect
Cadence I-Effect
Cloud I-Effect
as O
they B-Cause
seek I-Cause
greater I-Cause
flexibility I-Cause
and I-Cause
choose I-Cause
to I-Cause
avoid I-Cause
some I-Cause
high I-Cause
up-front I-Cause
costs I-Cause
. O

The B-Effect
cost I-Effect
of I-Effect
the I-Effect
acquisition I-Effect
will I-Effect
directly I-Effect
flow I-Effect
to I-Effect
invested I-Effect
capital I-Effect
while I-Effect
the I-Effect
benefit I-Effect
will I-Effect
accrue I-Effect
over I-Effect
time I-Effect
, O
as B-Cause
Oxy I-Cause
progresses I-Cause
the I-Cause
development I-Cause
of I-Cause
Anadarko I-Cause
's I-Cause
assets I-Cause
. O

In O
a O
passenger O
car O
, O
ESD O
can O
damage O
engine O
control O
units O
or O
sensors O
directly O
responsible O
for O
vehicle O
function O
, O
and O
vehicle B-Cause
malfunction I-Cause
can O
lead O
to O
damaged B-Effect
automaker I-Effect
reputation I-Effect
, I-Effect
driver I-Effect
injury I-Effect
, I-Effect
or I-Effect
in I-Effect
the I-Effect
worst I-Effect
cases I-Effect
, I-Effect
death I-Effect
. O

Bed O
Bath O
& O
Beyond O
has O
put O
forth O
an O
updated O
strategy O
to O
revitalize O
the O
brand O
and O
regain B-Effect
customer I-Effect
confidence I-Effect
by O
focusing B-Cause
on I-Cause
its I-Cause
core I-Cause
properties I-Cause
. O

Although O
Reliance B-Cause
is I-Cause
the I-Cause
largest I-Cause
metal I-Cause
processing I-Cause
company I-Cause
in I-Cause
North I-Cause
America I-Cause
, I-Cause
the I-Cause
industry I-Cause
is I-Cause
highly I-Cause
fragmented I-Cause
and I-Cause
Reliance I-Cause
maintains I-Cause
less I-Cause
than I-Cause
a I-Cause
10 I-Cause
% I-Cause
share. O
This O
prevents O
the B-Effect
company I-Effect
from I-Effect
benefiting I-Effect
from I-Effect
switching I-Effect
costs I-Effect
because I-Effect
although I-Effect
procuring I-Effect
a I-Effect
wide I-Effect
variety I-Effect
of I-Effect
products I-Effect
from I-Effect
Reliance I-Effect
can I-Effect
yield I-Effect
cost I-Effect
savings I-Effect
for I-Effect
its I-Effect
customers I-Effect
, I-Effect
several I-Effect
other I-Effect
metal I-Effect
service I-Effect
centers I-Effect
could I-Effect
fulfill I-Effect
the I-Effect
customers I-Effect
' I-Effect
needs I-Effect
at I-Effect
comparable I-Effect
prices I-Effect
. O

Second O
, O
we O
see O
governments B-Cause
and I-Cause
the I-Cause
black I-Cause
market I-Cause
squeezing I-Cause
cannabis I-Cause
cultivators I-Cause
and I-Cause
dispensaries I-Cause
and O
thus O
preventing O
excess B-Effect
economic I-Effect
profit I-Effect
generation I-Effect
. O

Maintaining B-Cause
an I-Cause
e-commerce I-Cause
edge I-Cause
has O
pushed B-Effect
the I-Effect
company I-Effect
to I-Effect
make I-Effect
investments I-Effect
in I-Effect
non-traditional I-Effect
areas I-Effect
, O
such O
as O
producing O
content O
for O
its O
Prime O
Video O
subscriptions O
and O
building O
out O
its O
own O
transportation O
network O
. O

We B-Effect
think I-Effect
that I-Effect
software I-Effect
like I-Effect
Autodesk I-Effect
's I-Effect
Inventor I-Effect
or I-Effect
Dassault I-Effect
Syst猫mes I-Effect
' I-Effect
SolidWorks I-Effect
have I-Effect
a I-Effect
more I-Effect
expansive I-Effect
university I-Effect
presence I-Effect
given O
that O
they B-Cause
specialize I-Cause
in I-Cause
meeting I-Cause
mid-market I-Cause
CAD I-Cause
needs I-Cause
, I-Cause
which I-Cause
makes I-Cause
up I-Cause
the I-Cause
majority I-Cause
of I-Cause
the I-Cause
CAD I-Cause
market I-Cause
. O

This O
upside B-Effect
is I-Effect
partially I-Effect
offset I-Effect
by I-Effect
the I-Effect
uncertain I-Effect
future I-Effect
of I-Effect
PG I-Effect
& I-Effect
E I-Effect
's I-Effect
natural I-Effect
gas I-Effect
business O
, O
which O
could O
shrink O
as O
California B-Cause
decarbonizes I-Cause
its I-Cause
economy I-Cause
. O

At O
this O
point O
, O
we B-Effect
believe I-Effect
Darden I-Effect
will I-Effect
post I-Effect
mid-single-digit I-Effect
revenue I-Effect
declines I-Effect
for I-Effect
the I-Effect
year I-Effect
, I-Effect
with B-Cause
brands I-Cause
more I-Cause
optimized I-Cause
for I-Cause
to-go I-Cause
orders I-Cause
like I-Cause
Olive I-Cause
Garden I-Cause
outperforming I-Cause
on I-Cause
a I-Cause
relative I-Cause
basis I-Cause
. O

Moreover O
, O
Solstice B-Effect
remains I-Effect
a I-Effect
liquid I-Effect
for I-Effect
an I-Effect
extended I-Effect
period I-Effect
compared I-Effect
with I-Effect
alternatives I-Effect
, O
given O
its B-Cause
low I-Cause
boiling I-Cause
point I-Cause
, I-Cause
but I-Cause
high I-Cause
heat I-Cause
of I-Cause
vaporization I-Cause
. O

Alibaba B-Effect
's I-Effect
marketplace I-Effect
monetization I-Effect
rates I-Effect
have I-Effect
generally I-Effect
been I-Effect
on I-Effect
an I-Effect
upward I-Effect
trend I-Effect
despite O
recent O
macro O
uncertainty O
, O
indicating O
that O
sellers B-Cause
are I-Cause
increasingly I-Cause
engaging I-Cause
with I-Cause
Alibaba I-Cause
's I-Cause
marketplaces I-Cause
and I-Cause
payment I-Cause
solutions I-Cause
, O
although O
increased B-Cause
compliance I-Cause
of I-Cause
antitrust I-Cause
laws I-Cause
and I-Cause
more I-Cause
competition I-Cause
will O
put B-Effect
pressure I-Effect
on I-Effect
monetization I-Effect
in I-Effect
the I-Effect
near- I-Effect
to I-Effect
medium I-Effect
term I-Effect
. O

Though O
customers O
may O
be O
unlikely O
to O
churn O
from O
existing O
tenancies O
, O
CyrusOne B-Effect
could I-Effect
have I-Effect
difficulty I-Effect
filling I-Effect
new I-Effect
space I-Effect
for I-Effect
good I-Effect
prices I-Effect
if O
hyperscalers B-Cause
ever I-Cause
chose I-Cause
to I-Cause
self-provide I-Cause
their I-Cause
data I-Cause
center I-Cause
needs I-Cause
. O

Even O
though O
concerns B-Cause
surrounding I-Cause
COVID-19 I-Cause
have O
jump-started B-Effect
consumption I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
fare I-Effect
over I-Effect
the I-Effect
past I-Effect
year I-Effect
, O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
these I-Effect
gains I-Effect
will I-Effect
be I-Effect
sustainable I-Effect
when I-Effect
consumers I-Effect
venture I-Effect
beyond I-Effect
their I-Effect
homes I-Effect
as O
vaccines B-Cause
are I-Cause
more I-Cause
broadly I-Cause
disseminated I-Cause
. O

Further O
, O
since O
simplicity O
is O
a O
core O
pillar O
of O
Zoom O
's O
philosophy O
, O
we B-Effect
see I-Effect
little I-Effect
specialized I-Effect
training I-Effect
or I-Effect
lost I-Effect
productivity I-Effect
as O
a O
result O
of O
switching B-Cause
video I-Cause
and I-Cause
voice I-Cause
calling I-Cause
software I-Cause
platforms I-Cause
. O

However O
, O
if O
any B-Cause
of I-Cause
such I-Cause
compliance I-Cause
tools I-Cause
-- I-Cause
like I-Cause
the I-Cause
ability I-Cause
to I-Cause
delete I-Cause
data I-Cause
compliant I-Cause
with I-Cause
the I-Cause
right I-Cause
to I-Cause
be I-Cause
forgotten I-Cause
-- I-Cause
were I-Cause
to I-Cause
fail I-Cause
, O
Snowflake B-Cause
's I-Cause
brand I-Cause
could I-Cause
suffer I-Cause
significantly I-Cause
and O
possibly O
lead O
to O
diminished B-Effect
future I-Effect
business I-Effect
. O

Although O
we O
think O
the B-Cause
company I-Cause
's I-Cause
international I-Cause
presence I-Cause
provides O
new B-Effect
growth I-Effect
opportunities I-Effect
, I-Effect
diversifies I-Effect
revenue I-Effect
, I-Effect
and I-Effect
damps I-Effect
cyclicality I-Effect
, O
it O
also O
exposes B-Effect
the I-Effect
company I-Effect
to I-Effect
foreign I-Effect
currency I-Effect
, I-Effect
economic I-Effect
, I-Effect
operational I-Effect
, I-Effect
and I-Effect
political I-Effect
risks I-Effect
. O

An B-Cause
investigation I-Cause
of I-Cause
ComEd I-Cause
's I-Cause
lobbying I-Cause
practices I-Cause
in I-Cause
Illinois I-Cause
could O
result O
in O
regulators B-Effect
taking I-Effect
a I-Effect
tougher I-Effect
stance I-Effect
against I-Effect
the I-Effect
utility I-Effect
at I-Effect
a I-Effect
time I-Effect
when O
there O
has O
been O
improvement O
in O
Illinois O
' O
regulatory O
environment O
. O

Additionally O
, O
the B-Cause
bank I-Cause
competes I-Cause
at I-Cause
scale I-Cause
, I-Cause
with I-Cause
over I-Cause
$ I-Cause
2 I-Cause
trillion I-Cause
in I-Cause
assets I-Cause
under I-Cause
management I-Cause
AUM I-Cause
and I-Cause
almost I-Cause
$ I-Cause
3 I-Cause
trillion I-Cause
in I-Cause
total I-Cause
client I-Cause
assets I-Cause
, I-Cause
and I-Cause
consistent I-Cause
positive I-Cause
net I-Cause
flows I-Cause
, O
making O
the B-Effect
bank I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
global I-Effect
asset I-Effect
managers I-Effect
. O

In O
the O
long O
run O
, O
the O
primary O
risk O
facing O
Vontier O
is O
the B-Cause
increasing I-Cause
penetration I-Cause
of I-Cause
electric I-Cause
vehicles I-Cause
, O
which O
could O
disrupt B-Effect
Vontier I-Effect
's I-Effect
legacy I-Effect
retail I-Effect
fueling I-Effect
business I-Effect
and I-Effect
pressure I-Effect
hand I-Effect
tool I-Effect
sales I-Effect
in I-Effect
its I-Effect
franchise I-Effect
distribution I-Effect
business I-Effect
. O

Customer B-Effect
switching I-Effect
costs I-Effect
are I-Effect
elevated I-Effect
for I-Effect
Apple I-Effect
users I-Effect
as O
a B-Cause
non-Apple I-Cause
iOS I-Cause
experience I-Cause
does I-Cause
not I-Cause
exist I-Cause
, O
unlike O
computing O
platforms O
for O
the O
Windows O
or O
Android O
ecosystems O
that O
boast O
PCs O
and O
smartphones O
from O
a O
multitude O
of O
firms O
. O

This O
combination B-Cause
of I-Cause
chatbots I-Cause
and I-Cause
RPA I-Cause
frees B-Cause
employees I-Cause
from I-Cause
manual I-Cause
, I-Cause
repetitive I-Cause
operations I-Cause
, O
helps O
reduce B-Effect
average I-Effect
handle I-Effect
time I-Effect
and I-Effect
costs I-Effect
, I-Effect
improves I-Effect
response I-Effect
times I-Effect
, I-Effect
and I-Effect
leads I-Effect
to I-Effect
happier I-Effect
customers I-Effect
and I-Effect
employees I-Effect
. O

Our O
projected O
EBITDA B-Effect
margin I-Effect
expansion鈥200 I-Effect
basis I-Effect
points I-Effect
from I-Effect
2019 I-Effect
to I-Effect
2024鈥攊s I-Effect
driven I-Effect
mostly I-Effect
by I-Effect
the I-Effect
wireline I-Effect
segment I-Effect
, O
as O
the B-Cause
upgrade I-Cause
to I-Cause
FTTH I-Cause
from I-Cause
copper I-Cause
should I-Cause
require I-Cause
less I-Cause
maintenance I-Cause
and I-Cause
fewer I-Cause
service I-Cause
calls I-Cause
. O

Nevertheless O
, O
we O
believe O
investors O
should O
prioritize O
those O
firms O
that O
have O
the O
scale O
to O
be O
more O
aggressive O
on O
pricing O
near O
term O
( O
value-oriented O
players O
tend O
to O
outperform O
during O
economic O
shocks O
) O
, O
give B-Effect
their I-Effect
customers I-Effect
greater I-Effect
access I-Effect
through O
robust B-Cause
digital I-Cause
ordering I-Cause
, I-Cause
delivery I-Cause
, I-Cause
and I-Cause
drive-thru I-Cause
capabilities I-Cause
, I-Cause
and I-Cause
have B-Effect
healthy I-Effect
balance I-Effect
sheets I-Effect
. O

Even O
with O
the O
Apple O
and O
Huawei O
settlements O
, O
however O
, O
we O
postulate O
this O
is O
not O
the B-Effect
end I-Effect
of I-Effect
Qualcomm I-Effect
's I-Effect
legal I-Effect
battles I-Effect
with I-Effect
regulatory I-Effect
agencies I-Effect
and I-Effect
major I-Effect
customers I-Effect
alike I-Effect
as O
they O
seek O
to O
diminish B-Cause
Qualcomm I-Cause
's I-Cause
lucrative I-Cause
royalties I-Cause
. O

The B-Cause
most I-Cause
significant I-Cause
ESG I-Cause
risk I-Cause
the I-Cause
firm I-Cause
faces I-Cause
is I-Cause
human I-Cause
capital I-Cause
risk I-Cause
; O
that O
is O
, O
the O
risk O
that O
Wesco O
is O
unable O
to O
adequately O
recruit O
, O
train O
, O
and O
retain O
the O
talent O
needed O
to O
sell O
its O
products O
and O
services O
and O
manage O
its O
supply O
chain O
, O
which O
could O
lead O
to O
lost B-Effect
market I-Effect
share I-Effect
. O

If B-Cause
Public I-Cause
Service I-Cause
Enterprise I-Cause
Group I-Cause
, I-Cause
or I-Cause
PSEG I-Cause
, I-Cause
completes I-Cause
the I-Cause
sale I-Cause
of I-Cause
its I-Cause
large I-Cause
fossil I-Cause
fuel I-Cause
power I-Cause
generation I-Cause
fleet I-Cause
, O
it B-Effect
will I-Effect
become I-Effect
predominantly I-Effect
a I-Effect
regulated I-Effect
transmission I-Effect
and I-Effect
distribution I-Effect
utility I-Effect
, I-Effect
much I-Effect
like I-Effect
its I-Effect
peers I-Effect
. O

Customers B-Effect
are I-Effect
usually I-Effect
risk-averse I-Effect
and I-Effect
tend I-Effect
to I-Effect
stick I-Effect
with I-Effect
the I-Effect
incumbent I-Effect
supplier I-Effect
because O
reliability B-Cause
and I-Cause
safety I-Cause
are I-Cause
paramount I-Cause
, O
and O
any B-Cause
product I-Cause
failures I-Cause
could O
result O
in O
costly B-Effect
downtime I-Effect
. O

We B-Effect
model I-Effect
a I-Effect
10 I-Effect
% I-Effect
recovery I-Effect
in I-Effect
2022 I-Effect
, I-Effect
followed I-Effect
by I-Effect
4 I-Effect
% I-Effect
organic I-Effect
long-term I-Effect
volume I-Effect
growth I-Effect
beginning I-Effect
in I-Effect
2023 I-Effect
, O
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
expand I-Cause
into I-Cause
new I-Cause
channels I-Cause
. O

Also O
, O
as O
the B-Cause
new I-Cause
drugs I-Cause
launch I-Cause
, O
Astra B-Effect
is I-Effect
reducing I-Effect
the I-Effect
asset I-Effect
divestiture I-Effect
strategy I-Effect
it O
employed O
to O
help O
bridge O
the O
massive O
patent O
losses O
facing O
the O
firm O
over O
the O
past O
few O
years O
until O
the O
newer O
drugs O
were O
ready O
. O

The B-Effect
strong I-Effect
secular I-Effect
trend I-Effect
where I-Effect
ultrawealthy I-Effect
individuals I-Effect
grow I-Effect
their I-Effect
wealth I-Effect
ahead I-Effect
of I-Effect
the I-Effect
growth I-Effect
in O
global O
GDP O
is O
set O
to O
remain O
in O
place O
as O
asset B-Cause
prices I-Cause
continue I-Cause
to I-Cause
benefit I-Cause
from I-Cause
low I-Cause
interest I-Cause
rates I-Cause
. O

We O
also O
expect O
incremental B-Effect
productivity I-Effect
gains I-Effect
to I-Effect
persist I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
as O
UP B-Cause
continues I-Cause
to I-Cause
roll I-Cause
out I-Cause
PSR I-Cause
-- O
we O
bake O
in O
a O
midcycle O
OR O
near O
55.7 O
% O
. O

While O
we O
give O
the O
company O
's O
pipeline O
candidates O
fairly O
low O
probabilities O
of O
approval O
due O
to O
their O
early O
stages O
in O
development O
, O
Vertex B-Cause
is I-Cause
targeting I-Cause
several I-Cause
blockbuster I-Cause
opportunities I-Cause
, O
which O
amount B-Effect
to I-Effect
over I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
2026 I-Effect
pipeline I-Effect
sales I-Effect
. O

Given O
Cameco B-Cause
has I-Cause
yet I-Cause
to I-Cause
receive I-Cause
any I-Cause
unfavorable I-Cause
ruling I-Cause
, O
we O
assume O
that O
Cameco B-Effect
will I-Effect
recover I-Effect
the I-Effect
CAD I-Effect
785 I-Effect
million I-Effect
held I-Effect
in I-Effect
cash I-Effect
and I-Effect
letters I-Effect
of I-Effect
credit I-Effect
for I-Effect
potentially I-Effect
losing I-Effect
the I-Effect
dispute I-Effect
. O

Shoppers B-Cause
are I-Cause
consuming I-Cause
more I-Cause
food I-Cause
at I-Cause
home I-Cause
during O
the B-Cause
pandemic I-Cause
, O
and O
Sprouts B-Effect
should I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
, O
with O
upside B-Cause
in I-Cause
the I-Cause
event I-Cause
of I-Cause
additional I-Cause
lockdowns I-Cause
in I-Cause
its I-Cause
main I-Cause
markets I-Cause
. O

The B-Cause
firm I-Cause
has I-Cause
demonstrable I-Cause
expertise I-Cause
in I-Cause
programmable I-Cause
power I-Cause
management I-Cause
and I-Cause
analog I-Cause
chip I-Cause
and I-Cause
motor I-Cause
control I-Cause
design I-Cause
that O
has O
sustained O
excess B-Effect
returns I-Effect
on O
invested O
capital O
historically O
, O
which O
we O
believe O
will B-Effect
continue I-Effect
, O
even O
in O
absence O
of O
the O
secular O
trends O
that O
are O
currently O
driving O
the O
firm O
's O
substantial O
growth O
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
170 I-Effect
from I-Effect
$ I-Effect
161 I-Effect
per I-Effect
share I-Effect
, O
mainly O
due O
to O
time B-Cause
value I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

Member B-Cause
additions I-Cause
leverage B-Effect
operating I-Effect
expenses I-Effect
, O
and O
incremental B-Cause
visits I-Cause
will O
further B-Effect
boost I-Effect
operating I-Effect
profits I-Effect
, O
as O
each B-Cause
visit I-Cause
generates O
positive B-Effect
gross I-Effect
margins I-Effect
. O

In O
2019 O
, O
its B-Cause
$ I-Cause
436 I-Cause
million I-Cause
acquisition I-Cause
of I-Cause
Crius I-Cause
Energy I-Cause
expanded B-Effect
its I-Effect
Midwest I-Effect
and I-Effect
Northeast I-Effect
customer I-Effect
base I-Effect
and O
its B-Cause
$ I-Cause
475 I-Cause
million I-Cause
acquisition I-Cause
of I-Cause
Ambit I-Cause
Energy I-Cause
increased B-Effect
its I-Effect
dominant I-Effect
position I-Effect
in I-Effect
the I-Effect
profitable I-Effect
Texas I-Effect
market I-Effect
. O

We O
like O
Texas B-Cause
Instruments I-Cause
' I-Cause
moves I-Cause
to I-Cause
buy I-Cause
manufacturing I-Cause
equipment I-Cause
at I-Cause
pennies I-Cause
on I-Cause
the I-Cause
dollar I-Cause
a I-Cause
decade I-Cause
ago I-Cause
, O
which O
jumpstarted B-Effect
the I-Effect
firm I-Effect
's I-Effect
efforts I-Effect
in I-Effect
production I-Effect
on I-Effect
300-millimeter I-Effect
silicon I-Effect
wafers I-Effect
and I-Effect
enabled I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
. O

Improvement B-Cause
in I-Cause
brand I-Cause
equity I-Cause
should I-Cause
rise I-Cause
given I-Cause
the I-Cause
pace I-Cause
of I-Cause
tailored I-Cause
store I-Cause
build-outs I-Cause
and O
category B-Effect
expansions I-Effect
, O
but O
diverse B-Cause
end-market I-Cause
expansions I-Cause
RH I-Cause
is I-Cause
pursuing I-Cause
could O
make O
it O
difficult B-Effect
to I-Effect
capture I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
. O

Network B-Effect
segments I-Effect
will I-Effect
slide I-Effect
down I-Effect
slightly I-Effect
to I-Effect
56 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
from I-Effect
58 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
as O
the B-Cause
content I-Cause
costs I-Cause
will I-Cause
expand I-Cause
just I-Cause
ahead I-Cause
of I-Cause
revenue I-Cause
growth I-Cause
. O

Unlike O
some O
of O
its O
competitors O
, O
Sling B-Effect
TV I-Effect
is I-Effect
not I-Effect
an I-Effect
attempt I-Effect
to I-Effect
repackage I-Effect
the I-Effect
entire I-Effect
cable I-Effect
bundle I-Effect
as O
Dish B-Cause
has I-Cause
decided I-Cause
to I-Cause
eschew I-Cause
carrying I-Cause
local I-Cause
broadcasters I-Cause
in I-Cause
many I-Cause
markets I-Cause
. O

We O
forecast O
low- B-Effect
to I-Effect
mid-single-digit I-Effect
compound I-Effect
annual I-Effect
organic I-Effect
sales I-Effect
growth I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
led I-Effect
by I-Effect
gains I-Effect
in O
the B-Cause
firm I-Cause
's I-Cause
attractive I-Cause
safety I-Cause
and I-Cause
construction I-Cause
, I-Cause
electronics I-Cause
, I-Cause
and I-Cause
transportation I-Cause
businesses I-Cause
, O
which O
we O
expect O
to O
fully O
recover O
after O
a O
COVID-19-related O
decline O
in O
2020 O
. O

And O
since O
we B-Cause
view I-Cause
targeted I-Cause
, I-Cause
single-cancer I-Cause
screening I-Cause
as I-Cause
a I-Cause
separate I-Cause
market I-Cause
that O
will B-Cause
not I-Cause
initially I-Cause
be I-Cause
affected I-Cause
by I-Cause
the I-Cause
development I-Cause
of I-Cause
pan-cancer I-Cause
tests I-Cause
, O
competitive B-Effect
pressures I-Effect
will I-Effect
be I-Effect
limited I-Effect
to I-Effect
the I-Effect
single-cancer I-Effect
focus I-Effect
of I-Effect
a I-Effect
smaller I-Effect
number I-Effect
of I-Effect
peers I-Effect
. O

Domino B-Cause
's I-Cause
maintains I-Cause
a I-Cause
moderately I-Cause
more I-Cause
aggressive I-Cause
capital I-Cause
structure I-Cause
than I-Cause
much I-Cause
of I-Cause
our I-Cause
restaurant I-Cause
coverage I-Cause
because O
of O
its B-Cause
franchised I-Cause
business I-Cause
model I-Cause
, O
resulting O
in B-Effect
one I-Effect
of I-Effect
the I-Effect
lower I-Effect
cost I-Effect
of I-Effect
capital I-Effect
assumptions I-Effect
( I-Effect
8.2 I-Effect
% I-Effect
) I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

Operating B-Cause
margin I-Cause
declines I-Cause
have I-Cause
been I-Cause
exacerbated I-Cause
with I-Cause
the I-Cause
rationalization I-Cause
of I-Cause
products I-Cause
and I-Cause
internal I-Cause
locations I-Cause
( I-Cause
from I-Cause
medical I-Cause
device I-Cause
acquisitions I-Cause
) I-Cause
. O
These O
factors O
have O
weighed B-Effect
on I-Effect
ROICs I-Effect
and I-Effect
these I-Effect
trends I-Effect
are I-Effect
likely I-Effect
to I-Effect
persist I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

We O
think O
that O
M B-Effect
& I-Effect
T I-Effect
has I-Effect
a I-Effect
comfortable I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
in I-Effect
these I-Effect
operations I-Effect
due O
to O
its B-Cause
scale I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
strong I-Cause
relationships I-Cause
with I-Cause
depositors I-Cause
and I-Cause
customers I-Cause
. O

We O
look O
for O
robust B-Effect
truck-brokerage I-Effect
market I-Effect
conditions I-Effect
to I-Effect
persist I-Effect
throughout I-Effect
2021 I-Effect
, O
especially O
in O
terms O
of O
a O
strong O
contract O
bidding O
season O
, O
which O
is O
benefiting O
from O
extremely B-Cause
tight I-Cause
TL-market I-Cause
capacity I-Cause
. O

Similarly O
, O
as O
energy B-Cause
evolves I-Cause
and I-Cause
health-consciousness I-Cause
grows I-Cause
, O
category B-Effect
growth I-Effect
is I-Effect
beginning I-Effect
to I-Effect
come I-Effect
from I-Effect
more I-Effect
functional I-Effect
and I-Effect
nutritiously I-Effect
robust I-Effect
pockets I-Effect
. O

The B-Cause
weak I-Cause
real I-Cause
will O
also O
likely O
hold B-Effect
spending I-Effect
needs I-Effect
higher I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
than I-Effect
they I-Effect
otherwise I-Effect
would I-Effect
have I-Effect
been I-Effect
. O

Teck B-Effect
's I-Effect
zinc/lead I-Effect
business I-Effect
has I-Effect
historically I-Effect
generated I-Effect
solid I-Effect
profits I-Effect
, O
thanks O
to O
attractive B-Cause
ore I-Cause
grades I-Cause
at I-Cause
the I-Cause
massive I-Cause
Red I-Cause
Dog I-Cause
mine I-Cause
in I-Cause
Alaska I-Cause
. O

We O
also O
expect O
AT B-Effect
& I-Effect
T I-Effect
and I-Effect
Verizon I-Effect
will I-Effect
increasingly I-Effect
turn I-Effect
to I-Effect
fixed-wireless I-Effect
Internet I-Effect
access I-Effect
as O
5G B-Cause
wireless I-Cause
technologies I-Cause
emerge I-Cause
to I-Cause
close B-Effect
the I-Effect
gap I-Effect
with I-Effect
the I-Effect
cable I-Effect
companies I-Effect
. O

We O
assign O
Regeneron B-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
as O
the B-Cause
firm I-Cause
's I-Cause
future I-Cause
sales I-Cause
are I-Cause
well I-Cause
diversified I-Cause
with I-Cause
several I-Cause
multi-billion-dollar I-Cause
products I-Cause
launching I-Cause
, O
but O
revenue B-Cause
today I-Cause
still I-Cause
depends I-Cause
heavily I-Cause
on I-Cause
Eylea I-Cause
. O

Furthermore O
, O
the B-Cause
residential I-Cause
HVAC I-Cause
service I-Cause
market I-Cause
is I-Cause
served I-Cause
by I-Cause
third-party I-Cause
businesses I-Cause
, O
so O
manufacturers B-Effect
do I-Effect
n't I-Effect
generate I-Effect
service I-Effect
revenue I-Effect
from I-Effect
residential I-Effect
equipment I-Effect
sales I-Effect
( I-Effect
although I-Effect
they I-Effect
can I-Effect
generate I-Effect
revenue I-Effect
from I-Effect
replacement I-Effect
parts I-Effect
) I-Effect
. O

By B-Cause
reducing I-Cause
spending I-Cause
in I-Cause
value-destructive I-Cause
areas I-Cause
, O
such B-Effect
as I-Effect
refining I-Effect
, I-Effect
Petrobras I-Effect
initially I-Effect
reduced I-Effect
its I-Effect
planned I-Effect
capital I-Effect
spending I-Effect
to I-Effect
an I-Effect
average I-Effect
of I-Effect
$ I-Effect
15 I-Effect
billion I-Effect
annually I-Effect
during I-Effect
2020-24 I-Effect
, O
a O
fraction O
of O
the O
$ O
45 O
billion O
it O
was O
spending O
annually O
before O
2014 O
. O

Finally O
, O
as O
a O
large O
chemical O
producer O
whose O
products O
are O
key O
components O
of O
plastics O
, O
Total B-Cause
faces I-Cause
the I-Cause
risk I-Cause
that I-Cause
environmental I-Cause
concerns I-Cause
result O
in O
bans B-Cause
or I-Cause
usage I-Cause
reduction I-Cause
that O
reduces B-Effect
demand I-Effect
for I-Effect
its I-Effect
products I-Effect
or I-Effect
higher I-Effect
costs I-Effect
related I-Effect
to I-Effect
reuse I-Effect
or I-Effect
recycling I-Effect
. O

Additionally O
, O
the B-Cause
rejection I-Cause
of I-Cause
merger I-Cause
proposals I-Cause
in I-Cause
1998 I-Cause
between I-Cause
Royal I-Cause
Bank I-Cause
of I-Cause
Canada I-Cause
and I-Cause
Bank I-Cause
of I-Cause
Montreal I-Cause
, I-Cause
and I-Cause
between I-Cause
Toronto-Dominion I-Cause
and I-Cause
Canadian I-Cause
Imperial I-Cause
Bank I-Cause
of I-Cause
Commerce I-Cause
, O
created O
a B-Effect
precedent I-Effect
for I-Effect
regulators I-Effect
accepting I-Effect
no I-Effect
further I-Effect
consolidation I-Effect
. O

As O
global B-Cause
potash I-Cause
demand I-Cause
should I-Cause
see I-Cause
a I-Cause
record I-Cause
high I-Cause
in I-Cause
2021 I-Cause
and O
Canadian B-Cause
peer I-Cause
Mosaic I-Cause
has I-Cause
reduced I-Cause
production I-Cause
, O
we O
expect O
Nutrien B-Effect
to I-Effect
sell I-Effect
record I-Effect
volumes I-Effect
. O

At O
the O
product O
segment O
, O
we O
expect O
25 B-Effect
% I-Effect
margins I-Effect
in I-Effect
2020 I-Effect
with I-Effect
an I-Effect
annual I-Effect
50-basis-point I-Effect
decline I-Effect
through I-Effect
2024 I-Effect
as O
the B-Cause
product I-Cause
mix I-Cause
continues I-Cause
to I-Cause
pressure I-Cause
unit I-Cause
margins I-Cause
. O

Because O
Willis B-Cause
Towers I-Cause
Watson I-Cause
generally I-Cause
takes I-Cause
a I-Cause
percentage I-Cause
of I-Cause
premiums I-Cause
as I-Cause
commission I-Cause
, O
it B-Effect
is I-Effect
exposed I-Effect
to I-Effect
the I-Effect
direction I-Effect
of I-Effect
the I-Effect
insurance I-Effect
pricing I-Effect
cycle I-Effect
. O

Additionally O
, O
as O
IQVIA B-Cause
moves I-Cause
out I-Cause
of I-Cause
the I-Cause
implementation I-Cause
phase I-Cause
of I-Cause
its I-Cause
CRM I-Cause
offering I-Cause
and I-Cause
related I-Cause
solutions I-Cause
, O
high-margin B-Effect
recurring I-Effect
revenue I-Effect
will I-Effect
drive I-Effect
margin I-Effect
improvement I-Effect
as I-Effect
well I-Effect
. O

The B-Cause
rapid I-Cause
adoption I-Cause
rate I-Cause
of I-Cause
additional I-Cause
online I-Cause
ad I-Cause
platforms I-Cause
, O
such O
as O
Facebook O
's O
social O
network O
, O
could O
lower B-Effect
Alphabet I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
, I-Effect
eliminating I-Effect
operating I-Effect
leverage I-Effect
and I-Effect
creating I-Effect
pressure I-Effect
on I-Effect
operating I-Effect
margin I-Effect
. O

We O
believe O
that O
growth B-Cause
in I-Cause
new I-Cause
customers I-Cause
accompanied I-Cause
by I-Cause
introduction I-Cause
of I-Cause
new I-Cause
products I-Cause
to O
improve O
spend O
management O
capabilities O
will O
allow O
Coupa B-Effect
to I-Effect
reach I-Effect
its I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
revenue I-Effect
target I-Effect
by I-Effect
fiscal I-Effect
2024 I-Effect
. O

However O
, O
we B-Cause
believe I-Cause
that I-Cause
the I-Cause
bank I-Cause
is I-Cause
conservatively I-Cause
provisioned I-Cause
, I-Cause
with I-Cause
nonperforming I-Cause
loan I-Cause
coverage I-Cause
of I-Cause
around I-Cause
350 I-Cause
% I-Cause
and I-Cause
a I-Cause
common I-Cause
equity I-Cause
Tier I-Cause
1 I-Cause
ratio I-Cause
of I-Cause
12.6 I-Cause
% I-Cause
, O
which O
we B-Effect
view I-Effect
as I-Effect
adequately I-Effect
capitalized I-Effect
to I-Effect
absorb I-Effect
loan I-Effect
losses I-Effect
. O

Management O
has O
said O
that O
finding B-Cause
land I-Cause
that I-Cause
passes I-Cause
the I-Cause
zoning I-Cause
restrictions I-Cause
in I-Cause
core I-Cause
markets I-Cause
is I-Cause
often I-Cause
incredibly I-Cause
expensive I-Cause
and O
does O
n't O
lend B-Effect
itself I-Effect
to I-Effect
self-storage I-Effect
development I-Effect
. O

IQiyi B-Effect
, I-Effect
Baidu I-Effect
's I-Effect
online I-Effect
video I-Effect
platform I-Effect
, I-Effect
has I-Effect
been I-Effect
a I-Effect
key I-Effect
growth I-Effect
driver I-Effect
stemming O
from O
increasing B-Cause
willingness I-Cause
to I-Cause
pay I-Cause
for I-Cause
premium I-Cause
content I-Cause
in I-Cause
China I-Cause
and I-Cause
continuous I-Cause
advertising I-Cause
demand I-Cause
on I-Cause
iQiyi I-Cause
. O

Further O
, O
it O
's O
not O
inconceivable O
( O
although O
not O
our O
expectation O
) O
that O
Booking B-Cause
, I-Cause
Expedia I-Cause
, I-Cause
or I-Cause
other I-Cause
leading I-Cause
online I-Cause
travel I-Cause
agency I-Cause
platforms I-Cause
would I-Cause
leverage I-Cause
their I-Cause
platform I-Cause
and I-Cause
loyalty I-Cause
membership I-Cause
to I-Cause
develop I-Cause
a I-Cause
branded I-Cause
hotel I-Cause
portfolio I-Cause
, O
bringing B-Effect
more I-Effect
competition I-Effect
to I-Effect
the I-Effect
industry I-Effect
. O

However O
, O
given O
the B-Cause
above I-Cause
average I-Cause
start I-Cause
to I-Cause
the I-Cause
2020-21 I-Cause
winter I-Cause
combined I-Cause
with I-Cause
reduced B-Effect
supply I-Effect
as I-Cause
a B-Cause
competitor I-Cause
shut I-Cause
down I-Cause
a I-Cause
mine I-Cause
, O
we O
see O
prices B-Effect
rising I-Effect
starting I-Effect
in I-Effect
the I-Effect
fourth I-Effect
quarter I-Effect
of I-Effect
2021 I-Effect
. O

Admittedly O
, O
the B-Effect
margin I-Effect
that I-Effect
accrues I-Effect
is I-Effect
likely I-Effect
much I-Effect
lower I-Effect
than I-Effect
the I-Effect
corporate I-Effect
average I-Effect
for I-Effect
both I-Effect
Coke I-Effect
and I-Effect
its I-Effect
independent I-Effect
bottlers I-Effect
, O
given B-Cause
that I-Cause
finished I-Cause
goods I-Cause
distribution I-Cause
adds I-Cause
the I-Cause
least I-Cause
value I-Cause
along I-Cause
the I-Cause
supply I-Cause
chain I-Cause
. O

Coupled B-Cause
with I-Cause
the I-Cause
potential I-Cause
to I-Cause
accelerate I-Cause
its I-Cause
fortressing I-Cause
strategy I-Cause
( O
increasing O
store O
density O
by O
splitting O
franchisee O
territories O
) O
, O
a O
more O
rational O
delivery O
environment O
due O
to O
third-party O
aggregator O
fee O
caps O
in O
several O
markets O
, O
and O
new O
product O
innovations O
, O
Domino B-Effect
's I-Effect
is I-Effect
operating I-Effect
from I-Effect
a I-Effect
position I-Effect
of I-Effect
strength I-Effect
. O

We O
recently O
raised B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
on I-Effect
the I-Effect
shares I-Effect
of I-Effect
Lear I-Effect
to I-Effect
$ I-Effect
134 I-Effect
from I-Effect
$ I-Effect
132 I-Effect
due O
mainly O
to O
the B-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
but O
also O
a B-Cause
minor I-Cause
contribution I-Cause
from I-Cause
an I-Cause
increase I-Cause
in I-Cause
our I-Cause
2020 I-Cause
estimates I-Cause
. O

As O
Diamondback B-Cause
has I-Cause
been I-Cause
active I-Cause
in I-Cause
the I-Cause
play I-Cause
since I-Cause
2007 I-Cause
, O
it B-Effect
had I-Effect
a I-Effect
head I-Effect
start I-Effect
when I-Effect
the I-Effect
industry I-Effect
finally I-Effect
started I-Effect
recognizing I-Effect
its I-Effect
full I-Effect
potential I-Effect
. O

These B-Cause
components I-Cause
are I-Cause
highly I-Cause
engineered I-Cause
and I-Cause
help I-Cause
solve I-Cause
customer I-Cause
pain I-Cause
points I-Cause
like I-Cause
vibration I-Cause
or I-Cause
safety I-Cause
standards I-Cause
, O
which O
we O
think O
contributes B-Effect
to I-Effect
the I-Effect
segment I-Effect
's I-Effect
switching I-Effect
costs I-Effect
. O

Imperial B-Cause
also I-Cause
benefits I-Cause
from I-Cause
its I-Cause
relationship I-Cause
with I-Cause
ExxonMobil I-Cause
, O
leveraging B-Effect
research I-Effect
and I-Effect
operational I-Effect
improvements I-Effect
to I-Effect
reduce I-Effect
its I-Effect
cost I-Effect
structure I-Effect
, O
as O
evidenced O
by O
its O
solvents-based O
pilot O
. O

Canon B-Effect
could I-Effect
struggle I-Effect
in I-Effect
its I-Effect
office I-Effect
segment I-Effect
if O
there O
is O
a O
sea B-Cause
change I-Cause
in I-Cause
printing I-Cause
habits I-Cause
that I-Cause
dramatically I-Cause
lowers I-Cause
the I-Cause
total I-Cause
addressable I-Cause
market I-Cause
for I-Cause
pages I-Cause
printed I-Cause
. O

HomeGoods B-Effect
should I-Effect
remain I-Effect
a I-Effect
bright I-Effect
spot I-Effect
, O
with O
a B-Cause
low-20s I-Cause
growth I-Cause
rate I-Cause
relative I-Cause
to I-Cause
fiscal I-Cause
2020 I-Cause
as I-Cause
Americans I-Cause
' I-Cause
turn I-Cause
homeward I-Cause
continues I-Cause
. O

Profitability B-Cause
for I-Cause
all I-Cause
OCTG I-Cause
producers I-Cause
fell I-Cause
markedly I-Cause
in I-Cause
the I-Cause
2010-14 I-Cause
oil I-Cause
and I-Cause
gas I-Cause
cycle I-Cause
versus I-Cause
the I-Cause
2005-08 I-Cause
period I-Cause
, O
owing O
to O
global B-Effect
OCTG I-Effect
overcapacity I-Effect
. O

At O
this O
point O
, O
known B-Cause
product I-Cause
failures I-Cause
are I-Cause
captured I-Cause
in I-Cause
our I-Cause
base I-Cause
case I-Cause
, O
but O
we O
do O
not O
explicitly B-Effect
forecast I-Effect
the I-Effect
effects I-Effect
of I-Effect
a I-Effect
carbon I-Effect
tax I-Effect
. O

Because O
Amphenol B-Cause
's I-Cause
engineers I-Cause
work I-Cause
in I-Cause
tandem I-Cause
with I-Cause
the I-Cause
customer I-Cause
's I-Cause
engineering I-Cause
team—often O
physically O
moving O
into O
their O
offices—there O
would O
be O
an O
immense O
amount O
of O
redesign O
and O
retraining O
on O
behalf O
of O
a O
supplier O
or O
OEM O
to O
learn B-Effect
and I-Effect
integrate I-Effect
the I-Effect
intricacies I-Effect
of I-Effect
a I-Effect
competitor I-Effect
's I-Effect
proprietary I-Effect
technology I-Effect
. O

We B-Effect
expect I-Effect
a I-Effect
large I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
roaming I-Effect
; O
however O
, O
the O
impact O
at O
group O
level O
is O
limited O
since O
roaming B-Cause
revenue I-Cause
represents I-Cause
only I-Cause
1 I-Cause
% I-Cause
of I-Cause
the I-Cause
group I-Cause
's I-Cause
total I-Cause
sales I-Cause
. O

As O
part O
of O
its O
energy O
transition O
strategy O
, O
it O
is O
narrowing B-Effect
its I-Effect
hydrocarbon I-Effect
portfolio I-Effect
through O
the O
aforementioned B-Cause
divestments I-Cause
as I-Cause
well I-Cause
as I-Cause
more I-Cause
focused I-Cause
investment I-Cause
. O

Also O
, O
earnings B-Cause
growth I-Cause
has I-Cause
stalled I-Cause
at I-Cause
CVS I-Cause
after I-Cause
the I-Cause
merger I-Cause
, O
and O
we O
suspect O
shares B-Effect
may I-Effect
be I-Effect
constrained I-Effect
until O
the O
company O
can O
accelerate O
earnings O
growth O
to O
double-digit O
levels O
, O
or O
more O
in O
line O
with O
its O
peers O
. O

In O
addition O
, O
these B-Cause
systems I-Cause
allow I-Cause
clients I-Cause
to I-Cause
input I-Cause
their I-Cause
own I-Cause
orders I-Cause
, O
freeing B-Cause
up I-Cause
significant I-Cause
time I-Cause
for O
Sysco O
's O
salesforce O
so O
the O
reps B-Effect
can I-Effect
engage I-Effect
in I-Effect
more I-Effect
value-added I-Effect
activities I-Effect
, O
such O
as O
consultative O
selling O
to O
increase O
penetration O
of O
existing O
accounts O
or O
following O
leads O
to O
secure O
new O
business O
. O

We O
think O
the B-Cause
metals I-Cause
business I-Cause
( I-Cause
known I-Cause
as I-Cause
SS I-Cause
& I-Cause
M I-Cause
) I-Cause
, I-Cause
debt I-Cause
load I-Cause
, I-Cause
coronavirus I-Cause
risk I-Cause
, I-Cause
and I-Cause
the I-Cause
seating I-Cause
segments I-Cause
' I-Cause
struggles I-Cause
will I-Cause
weigh I-Cause
on I-Cause
the I-Cause
shares I-Cause
for I-Cause
a I-Cause
long I-Cause
time I-Cause
, O
so O
investors B-Effect
will I-Effect
need I-Effect
to I-Effect
be I-Effect
patient I-Effect
, O
as O
we O
believe O
Adient O
is O
a O
multiyear O
turnaround O
story O
. O

However O
, O
with O
constraints B-Cause
in I-Cause
the I-Cause
supply I-Cause
chain I-Cause
, O
2021 B-Effect
could I-Effect
see I-Effect
some I-Effect
volatility I-Effect
in I-Effect
market I-Effect
share I-Effect
gains I-Effect
, I-Effect
depending I-Effect
on I-Effect
the I-Effect
availability I-Effect
of I-Effect
certain I-Effect
products I-Effect
at I-Effect
retail I-Effect
. O

Johnson B-Cause
Controls I-Cause
' I-Cause
cost-cutting I-Cause
initiatives I-Cause
contribute O
about O
100 O
basis O
points O
to O
our B-Effect
margin I-Effect
expansion I-Effect
forecast I-Effect
, O
with O
an B-Cause
increased I-Cause
mix I-Cause
of I-Cause
higher-margin I-Cause
service I-Cause
revenue I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
accounting O
for O
the O
rest O
. O

We O
believe O
management B-Effect
can I-Effect
its I-Effect
debt I-Effect
burden I-Effect
, O
given B-Cause
its I-Cause
substantial I-Cause
experience I-Cause
with I-Cause
debt I-Cause
, O
but O
high B-Cause
financial I-Cause
leverage I-Cause
opens B-Effect
the I-Effect
company I-Effect
to I-Effect
risk I-Effect
during I-Effect
liquidity I-Effect
crunches I-Effect
. O

In O
our O
view O
, O
services B-Effect
may I-Effect
decrease I-Effect
toward I-Effect
half I-Effect
of I-Effect
sales I-Effect
in I-Effect
fiscal I-Effect
2023 I-Effect
versus I-Effect
56 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
, O
as O
customers B-Cause
require I-Cause
less I-Cause
on-premises I-Cause
maintenance I-Cause
and I-Cause
support I-Cause
. O

This B-Cause
allows O
both B-Cause
companies I-Cause
to I-Cause
actively I-Cause
manage I-Cause
their I-Cause
order I-Cause
backlogs I-Cause
to O
reduce B-Effect
cyclicality I-Effect
, O
despite O
the O
intense O
cyclicality O
of O
the O
customer O
base O
. O

The B-Effect
significant B-Cause
jump I-Cause
in I-Cause
client I-Cause
count I-Cause
is O
due O
to O
Paylocity B-Cause
's I-Cause
move I-Cause
down I-Cause
market I-Cause
, O
which O
also O
caused O
some B-Effect
headwinds I-Effect
to I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
. O

We O
believe O
resulting O
virtually B-Cause
on-demand I-Cause
availability I-Cause
can I-Cause
not I-Cause
be I-Cause
matched I-Cause
by I-Cause
subscale I-Cause
peers I-Cause
, O
enabling O
Genuine B-Effect
Parts I-Effect
to I-Effect
act I-Effect
as I-Effect
a I-Effect
consolidator I-Effect
. O

Due O
to O
accelerating B-Cause
investments I-Cause
in I-Cause
transmission I-Cause
, O
we O
estimate O
these B-Effect
businesses I-Effect
will I-Effect
contribute I-Effect
over I-Effect
30 I-Effect
% I-Effect
of I-Effect
earnings I-Effect
by I-Effect
2025 I-Effect
and I-Effect
provide I-Effect
an I-Effect
almost I-Effect
guaranteed I-Effect
economic I-Effect
benefit I-Effect
to I-Effect
shareholders I-Effect
. O

We O
believe O
this B-Cause
has O
allowed O
it O
to O
recapture B-Effect
key I-Effect
license I-Effect
relationships I-Effect
and I-Effect
win I-Effect
new I-Effect
ones I-Effect
( I-Effect
Despicable I-Effect
Me I-Effect
, I-Effect
Pixar I-Effect
) I-Effect
, I-Effect
supporting I-Effect
positive I-Effect
sales I-Effect
growth I-Effect
. O

Since O
existing B-Cause
customers I-Cause
remain I-Cause
in I-Cause
the I-Cause
same I-Cause
Microsoft I-Cause
environment I-Cause
, O
applications B-Effect
and I-Effect
data I-Effect
are I-Effect
easily I-Effect
moved I-Effect
from I-Effect
on-premises I-Effect
to I-Effect
the I-Effect
cloud I-Effect
. O

But O
this O
should O
not O
impact O
Hyatt O
's O
uncertainty O
rating O
unless B-Cause
travel I-Cause
demand I-Cause
once I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
time I-Cause
, O
leading B-Effect
to I-Effect
potential I-Effect
needs I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, I-Effect
which I-Effect
perhaps I-Effect
could I-Effect
occur I-Effect
at I-Effect
value-destructive I-Effect
levels I-Effect
. O

Different B-Cause
consumer I-Cause
preferences I-Cause
across I-Cause
geographies I-Cause
led O
to O
an B-Effect
increase I-Effect
in I-Effect
clearance I-Effect
and I-Effect
promotional I-Effect
activity I-Effect
, O
while O
operating B-Cause
across I-Cause
multiple I-Cause
countries I-Cause
and I-Cause
brands I-Cause
resulted O
in O
disjointed B-Effect
distribution I-Effect
networks I-Effect
and I-Effect
stock I-Effect
inefficiencies I-Effect
. O

Our B-Effect
underlying I-Effect
earnings I-Effect
per I-Effect
share I-Effect
growth I-Effect
averages I-Effect
around I-Effect
6.3 I-Effect
% I-Effect
per I-Effect
year I-Effect
over I-Effect
this I-Effect
period I-Effect
, O
driven O
by O
the B-Cause
operation I-Cause
leverage I-Cause
inherent I-Cause
in I-Cause
the I-Cause
telecom I-Cause
business I-Cause
model I-Cause
and I-Cause
associate I-Cause
earnings I-Cause
contributions I-Cause
from I-Cause
Tower I-Cause
Company I-Cause
. O

While O
technological B-Cause
advancement I-Cause
combined I-Cause
with I-Cause
greater I-Cause
scale I-Cause
and I-Cause
fewer I-Cause
branches I-Cause
should I-Cause
help I-Cause
improve I-Cause
operating I-Cause
efficiency I-Cause
over I-Cause
time I-Cause
, O
the B-Effect
constant I-Effect
reinvestment I-Effect
of I-Effect
cost I-Effect
savings I-Effect
does I-Effect
not I-Effect
seem I-Effect
to I-Effect
be I-Effect
abating I-Effect
anytime I-Effect
soon I-Effect
. O

We B-Effect
project I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
roughly I-Effect
6 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
, O
fueled B-Cause
by I-Cause
a I-Cause
robust I-Cause
backlog I-Cause
in I-Cause
the I-Cause
government I-Cause
solutions I-Cause
sector I-Cause
( I-Cause
roughly I-Cause
$ I-Cause
12.5 I-Cause
billion I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2020 I-Cause
) I-Cause
and I-Cause
growth I-Cause
opportunities I-Cause
due I-Cause
to I-Cause
growing I-Cause
demand I-Cause
for I-Cause
energy I-Cause
transition I-Cause
and I-Cause
sustainability I-Cause
solutions I-Cause
in I-Cause
the I-Cause
sustainable I-Cause
technology I-Cause
solutions I-Cause
segment I-Cause
. O

After O
adjusting B-Cause
our I-Cause
financial I-Cause
model I-Cause
and I-Cause
lowering I-Cause
our I-Cause
investment I-Cause
yield I-Cause
expectations I-Cause
, O
we O
are O
decreasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
MetLife I-Effect
to I-Effect
$ I-Effect
42 I-Effect
from I-Effect
$ I-Effect
44 I-Effect
. O

Moderna B-Cause
is I-Cause
already I-Cause
serving I-Cause
a I-Cause
critical I-Cause
role I-Cause
in I-Cause
vaccinating I-Cause
millions I-Cause
of I-Cause
individuals I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
and I-Cause
has I-Cause
several I-Cause
potential I-Cause
first-in-class I-Cause
vaccines I-Cause
in I-Cause
testing I-Cause
that O
could O
serve B-Effect
significant I-Effect
unmet I-Effect
needs I-Effect
. O

We B-Effect
like I-Effect
Amazon I-Effect
's I-Effect
ability I-Effect
to I-Effect
compete I-Effect
in I-Effect
digital I-Effect
media I-Effect
, O
given O
its B-Cause
sizable I-Cause
customer I-Cause
base I-Cause
, I-Cause
the I-Cause
symbiotic I-Cause
hardware/software I-Cause
ecosystem I-Cause
of I-Cause
its I-Cause
Kindle I-Cause
, I-Cause
Fire I-Cause
TV I-Cause
, I-Cause
Dash I-Cause
, I-Cause
and I-Cause
Echo I-Cause
products I-Cause
, I-Cause
and I-Cause
intriguing I-Cause
advertising I-Cause
and I-Cause
licensing I-Cause
possibilities I-Cause
with I-Cause
Amazon I-Cause
's I-Cause
Echo I-Cause
and I-Cause
other I-Cause
Alexa-enabled I-Cause
voice-recognition I-Cause
products I-Cause
. O

We O
forecast O
roughly B-Effect
7 I-Effect
% I-Effect
average I-Effect
annual I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
, I-Effect
following I-Effect
a I-Effect
9 I-Effect
% I-Effect
year-over-year I-Effect
decline I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
, I-Cause
soft I-Cause
industrial I-Cause
production I-Cause
, I-Cause
and I-Cause
a I-Cause
slowdown I-Cause
in I-Cause
U.S I-Cause
. I-Cause

With O
the B-Cause
addition I-Cause
of I-Cause
Andeavor I-Cause
's I-Cause
West I-Cause
Coast I-Cause
refineries I-Cause
, I-Cause
particularly I-Cause
California I-Cause
, O
however O
, O
Marathon B-Effect
no I-Effect
longer I-Effect
has I-Effect
a I-Effect
midcontinent I-Effect
and I-Effect
Gulf I-Effect
Coast-focused I-Effect
portfolio I-Effect
where O
crude O
flexibility O
and O
availability O
of O
discounts O
are O
greater O
, O
costs O
lower O
and O
exports O
possible O
. O

Thus O
, O
in O
2019 O
slack B-Cause
truckload I-Cause
capacity I-Cause
gutted B-Effect
intermodal I-Effect
activity I-Effect
, O
diverting O
meaningful O
volume O
back O
to O
the O
highways O
, O
and O
COVID-19 O
disruption O
effectively O
pushed O
those O
headwinds O
into O
the O
first O
half O
of O
2020 O
. O

And O
, O
the B-Effect
slow I-Effect
industry I-Effect
growth I-Effect
holds I-Effect
potential I-Effect
competitors I-Effect
at I-Effect
bay I-Effect
given O
that O
new B-Cause
entrants I-Cause
would I-Cause
find I-Cause
it I-Cause
difficult I-Cause
to I-Cause
take I-Cause
meaningful I-Cause
share I-Cause
and I-Cause
the I-Cause
reward I-Cause
for I-Cause
doing I-Cause
so I-Cause
would I-Cause
be I-Cause
relatively I-Cause
small I-Cause
. O

We O
expect O
the O
biggest O
driver O
of O
the O
top O
line O
over O
the O
next O
two O
years O
to O
be O
an O
expansion O
in O
wireless O
revenue O
per O
user O
, O
which O
was O
hurt B-Effect
most I-Effect
by I-Effect
the I-Effect
pandemic I-Effect
because O
of O
the B-Cause
loss I-Cause
of I-Cause
roaming I-Cause
revenue I-Cause
, O
which O
we O
project O
to O
gradually O
return O
over O
the O
next O
two O
years O
. O

Further O
, O
we O
think O
Accenture B-Effect
generates I-Effect
industry-leading I-Effect
returns I-Effect
on I-Effect
capital I-Effect
because I-Effect
of I-Effect
its I-Effect
scale I-Effect
, O
given O
that O
there B-Cause
are I-Cause
only I-Cause
so I-Cause
many I-Cause
blueprints I-Cause
and I-Cause
software I-Cause
partners I-Cause
an I-Cause
IT I-Cause
services I-Cause
company I-Cause
needs I-Cause
to I-Cause
solve I-Cause
enterprise I-Cause
problems I-Cause
. O

The O
unwinding O
of O
these O
COVID-19-era O
measures O
is O
inevitable O
, O
and O
the B-Cause
friction I-Cause
the I-Cause
industry I-Cause
has I-Cause
faced I-Cause
will I-Cause
likely I-Cause
return I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
2021 I-Cause
, O
slowing B-Effect
the I-Effect
astronomical I-Effect
growth I-Effect
the I-Effect
industry I-Effect
has I-Effect
experienced I-Effect
since I-Effect
March I-Effect
2020 I-Effect
. O

The O
company O
has O
built O
a B-Cause
leading I-Cause
network I-Cause
of I-Cause
user-generated I-Cause
reviews I-Cause
and I-Cause
travel I-Cause
content I-Cause
( I-Cause
experiences I-Cause
, I-Cause
restaurants I-Cause
, I-Cause
and I-Cause
hotels I-Cause
) I-Cause
, O
which O
continues O
to O
drive B-Effect
high I-Effect
levels I-Effect
of I-Effect
traffic I-Effect
. O

While O
we O
think O
intellectual O
property O
is O
helpful O
for O
keeping O
competitors O
from O
getting O
too O
close O
to O
the O
specifications O
of O
the O
Omnipod O
, O
we O
also O
recognize O
that O
among B-Cause
medical I-Cause
technology I-Cause
products I-Cause
, I-Cause
innovation I-Cause
cycles I-Cause
are I-Cause
often I-Cause
quick I-Cause
and O
new B-Effect
products I-Effect
are I-Effect
commonly I-Effect
commercialized I-Effect
even I-Effect
before I-Effect
existing I-Effect
patents I-Effect
have I-Effect
run I-Effect
their I-Effect
course I-Effect
. O

Intangible B-Effect
assets I-Effect
in I-Effect
CPG I-Effect
typically I-Effect
start I-Effect
first I-Effect
and I-Effect
foremost I-Effect
with I-Effect
strong I-Effect
brands I-Effect
, O
as O
every B-Cause
other I-Cause
competitive I-Cause
benefit I-Cause
that I-Cause
can I-Cause
manifest I-Cause
boasts I-Cause
a I-Cause
clear I-Cause
nexus I-Cause
to I-Cause
the I-Cause
CPG I-Cause
firm I-Cause
's I-Cause
trademarks I-Cause
. O

Tightening B-Cause
environmental I-Cause
compliance I-Cause
regulations I-Cause
could I-Cause
require I-Cause
significant I-Cause
capital I-Cause
investment I-Cause
or I-Cause
added I-Cause
operating I-Cause
costs I-Cause
, O
which O
could O
have O
uncertain B-Effect
cost I-Effect
recovery I-Effect
through I-Effect
traditional I-Effect
regulated I-Effect
rates I-Effect
. O

The B-Effect
firm I-Effect
has I-Effect
already I-Effect
shown I-Effect
some I-Effect
signs I-Effect
of I-Effect
weakness I-Effect
from I-Effect
competitive I-Effect
pressures I-Effect
, O
as O
its B-Cause
adjusted I-Cause
ROIC I-Cause
including I-Cause
goodwill I-Cause
dropped I-Cause
from I-Cause
23 I-Cause
% I-Cause
to I-Cause
11 I-Cause
% I-Cause
between I-Cause
2011 I-Cause
and I-Cause
2019 I-Cause
( O
before O
turning O
negative O
during O
the O
pandemic O
) O
. O

For O
one O
, O
McCormick B-Cause
is I-Cause
focusing I-Cause
its I-Cause
constrained I-Cause
manufacturing I-Cause
assets I-Cause
on I-Cause
its I-Cause
fastest-turning I-Cause
items I-Cause
to O
meet B-Effect
heightened I-Effect
demand I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
is I-Effect
a I-Effect
prudent I-Effect
way I-Effect
to I-Effect
support I-Effect
its I-Effect
retail I-Effect
relationships I-Effect
. O

If O
a O
malicious B-Cause
attempt I-Cause
or I-Cause
security I-Cause
concern I-Cause
is I-Cause
found I-Cause
within I-Cause
some I-Cause
part I-Cause
of I-Cause
the I-Cause
network I-Cause
, O
Palo B-Effect
Alto I-Effect
updates I-Effect
and I-Effect
secures I-Effect
the I-Effect
entire I-Effect
network I-Effect
. O

However O
, O
we B-Effect
anticipate I-Effect
a I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
in I-Effect
2021 I-Effect
, I-Effect
particularly I-Effect
from I-Effect
automotive I-Effect
customers I-Effect
, I-Effect
and I-Effect
project I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
23 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
and I-Effect
5 I-Effect
% I-Effect
in I-Effect
2022 I-Effect
, O
thanks B-Cause
to I-Cause
a I-Cause
bounce I-Cause
back I-Cause
in I-Cause
automotive I-Cause
production I-Cause
. O

The B-Cause
low I-Cause
cost I-Cause
of I-Cause
building I-Cause
and I-Cause
the I-Cause
undifferentiated I-Cause
nature I-Cause
of I-Cause
self-storage I-Cause
facilities I-Cause
allow O
supply B-Effect
to I-Effect
enter I-Effect
the I-Effect
market I-Effect
and I-Effect
absorb I-Effect
tenants I-Effect
who O
eventually O
get O
priced O
out O
of O
Public O
Storage O
units O
. O

Power B-Cause
markets I-Cause
, I-Cause
weather I-Cause
, I-Cause
and I-Cause
reliance I-Cause
on I-Cause
government I-Cause
subsidies I-Cause
for I-Cause
renewable I-Cause
energy I-Cause
create O
some B-Effect
uncertainty I-Effect
around I-Effect
Avangrid I-Effect
's I-Effect
long-term I-Effect
earnings I-Effect
strength I-Effect
at I-Effect
its I-Effect
renewable I-Effect
energy I-Effect
business I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
hospital I-Effect
clients I-Effect
appear I-Effect
reluctant I-Effect
to I-Effect
pull I-Effect
out I-Effect
of I-Effect
its I-Effect
system I-Effect
due O
to O
regulatory B-Cause
pressures I-Cause
and I-Cause
testing I-Cause
consistency I-Cause
concerns I-Cause
. O

We O
think O
that O
COVID-19 B-Cause
poses I-Effect
a I-Effect
related I-Effect
risk B-Effect
to I-Effect
Oracle I-Effect
, O
in O
that O
it O
could O
accelerate B-Cause
enterprises I-Cause
' I-Cause
digital I-Cause
transformation I-Cause
efforts I-Cause
, I-Cause
which I-Cause
could I-Cause
include I-Cause
changing I-Cause
workloads I-Cause
to I-Cause
the I-Cause
cloud I-Cause
. O

Each B-Cause
rung I-Cause
on I-Cause
the I-Cause
value I-Cause
ladder I-Cause
is I-Cause
a I-Cause
higher-margin I-Cause
service I-Cause
, I-Cause
and I-Cause
a I-Cause
shift I-Cause
to I-Cause
full-service I-Cause
can I-Cause
increase I-Cause
margin I-Cause
up I-Cause
to I-Cause
the I-Cause
70 I-Cause
% I-Cause
range I-Cause
, I-Cause
compared I-Cause
with I-Cause
component-only I-Cause
margin I-Cause
of I-Cause
20 I-Cause
% I-Cause
. O
Therefore O
, O
West B-Effect
is I-Effect
highly I-Effect
motivated I-Effect
to I-Effect
expand I-Effect
the I-Effect
breadth I-Effect
and I-Effect
depth I-Effect
of I-Effect
its I-Effect
service I-Effect
offerings I-Effect
and I-Effect
to I-Effect
bring I-Effect
customers I-Effect
up I-Effect
the I-Effect
value I-Effect
chain I-Effect
. O

Long O
term O
, O
we O
think O
average B-Cause
revenue I-Cause
per I-Cause
user I-Cause
will I-Cause
be I-Cause
fairly I-Cause
stagnant I-Cause
, O
which O
will O
limit B-Effect
the I-Effect
firm I-Effect
's I-Effect
ability I-Effect
to I-Effect
expand I-Effect
wireless I-Effect
margins I-Effect
. O

Given O
the B-Cause
substantial I-Cause
operating I-Cause
uncertainties I-Cause
and I-Cause
lack I-Cause
of I-Cause
visibility I-Cause
, O
we B-Effect
are I-Effect
giving I-Effect
management I-Effect
credit I-Effect
for I-Effect
about I-Effect
a I-Effect
third I-Effect
of I-Effect
these I-Effect
synergies I-Effect
at I-Effect
midcycle I-Effect
. O

Some O
of O
its O
past O
offerings O
have O
been O
clunky O
, O
and O
we O
believe O
the B-Cause
firm I-Cause
's I-Cause
efforts I-Cause
to I-Cause
streamline I-Cause
its I-Cause
business I-Cause
should O
lead O
to O
meaningful B-Effect
margin I-Effect
expansion I-Effect
and I-Effect
higher I-Effect
retention I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
M I-Effect
& I-Effect
T I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

We O
expect O
companywide B-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
will I-Effect
improve I-Effect
slightly I-Effect
to I-Effect
roughly I-Effect
15 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
, I-Effect
compared I-Effect
with I-Effect
14.1 I-Effect
% I-Effect
in I-Effect
2020. O
This O
increase O
is O
primarily O
driven O
by O
a B-Cause
mix I-Cause
shift I-Cause
toward I-Cause
the I-Cause
company I-Cause
's I-Cause
higher I-Cause
margin I-Cause
aggregates I-Cause
operations I-Cause
, I-Cause
mild I-Cause
operating I-Cause
leverage I-Cause
, I-Cause
and I-Cause
cost I-Cause
efficiencies I-Cause
on I-Cause
logistics I-Cause
. O

We O
expect O
5 O
% O
compound O
annual O
growth O
during O
that O
period O
from O
Baxter O
's O
medication O
delivery O
segment O
with O
success B-Cause
in I-Cause
expected I-Cause
infusion I-Cause
pump I-Cause
launches I-Cause
helping O
Baxter B-Effect
get I-Effect
back I-Effect
to I-Effect
a I-Effect
more I-Effect
normal I-Effect
growth I-Effect
pattern I-Effect
in I-Effect
2020 I-Effect
and I-Effect
beyond I-Effect
after I-Effect
recent I-Effect
IV I-Effect
solution I-Effect
headwinds I-Effect
. O

Despite O
the O
potential O
, O
we O
do B-Effect
not I-Effect
view I-Effect
the I-Effect
company I-Effect
to I-Effect
have I-Effect
enough I-Effect
critical I-Effect
mass I-Effect
to I-Effect
drive I-Effect
returns I-Effect
especially O
considering B-Cause
its I-Cause
hefty I-Cause
financial I-Cause
obligations I-Cause
. O

When O
the B-Cause
industry I-Cause
tilts I-Cause
into I-Cause
oversupply I-Cause
however O
, O
we O
think O
ON B-Effect
is I-Effect
liable I-Effect
for I-Effect
margin I-Effect
compression I-Effect
and O
low B-Effect
returns I-Effect
on I-Effect
its I-Effect
invested I-Effect
capital I-Effect
. O

Domestic B-Effect
competition I-Effect
is I-Effect
also I-Effect
controlled I-Effect
, O
as O
Canada B-Cause
's I-Cause
banking I-Cause
system I-Cause
historically I-Cause
developed I-Cause
to I-Cause
favor I-Cause
a I-Cause
few I-Cause
large I-Cause
banks I-Cause
controlling I-Cause
the I-Cause
majority I-Cause
of I-Cause
the I-Cause
domestic I-Cause
market I-Cause
, I-Cause
and O
this O
is O
actively O
enforced O
through O
the O
handling O
of O
chartering O
by O
the O
federal O
government O
exclusively O
. O

We O
think O
Tesla B-Effect
's I-Effect
gross I-Effect
margin I-Effect
, I-Effect
all I-Effect
else I-Effect
constant I-Effect
, I-Effect
would I-Effect
have I-Effect
a I-Effect
negative I-Effect
mix I-Effect
shift I-Effect
over I-Effect
time I-Effect
as O
the B-Cause
cheaper I-Cause
Model I-Cause
3 I-Cause
, I-Cause
Model I-Cause
Y I-Cause
, I-Cause
and I-Cause
a I-Cause
planned I-Cause
$ I-Cause
25,000 I-Cause
vehicle I-Cause
become I-Cause
the I-Cause
vast I-Cause
majority I-Cause
of I-Cause
volume I-Cause
, O
but O
battery O
costs O
should O
also O
decline O
significantly O
. O

We O
believe O
the B-Cause
elimination I-Cause
of I-Cause
unprofitable I-Cause
SKUs I-Cause
and I-Cause
unproductive I-Cause
promotional I-Cause
spending I-Cause
, I-Cause
the I-Cause
mix I-Cause
shift I-Cause
to I-Cause
higher-margin I-Cause
products I-Cause
, I-Cause
divestitures I-Cause
of I-Cause
low-margin I-Cause
businesses I-Cause
, I-Cause
and I-Cause
productivity I-Cause
cost I-Cause
savings I-Cause
will O
help O
boost B-Effect
consolidated I-Effect
gross I-Effect
margins I-Effect
to I-Effect
nearly I-Effect
29 I-Effect
% I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
from I-Effect
23 I-Effect
% I-Effect
reported I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

We O
believe O
the B-Cause
Delta I-Cause
and I-Cause
Hansgrohe I-Cause
brand I-Cause
names I-Cause
yield I-Cause
pricing I-Cause
power I-Cause
relative I-Cause
to I-Cause
lower-end I-Cause
brands I-Cause
and I-Cause
imports I-Cause
, O
which O
support O
the B-Effect
segment I-Effect
's I-Effect
high-teens I-Effect
operating I-Effect
margins I-Effect
. O

The O
most O
intriguing O
opportunity O
is O
in O
India O
, O
which O
, O
given O
the B-Cause
country I-Cause
's I-Cause
large I-Cause
population I-Cause
, O
could O
be B-Effect
an I-Effect
evergreen I-Effect
source I-Effect
of I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

Biogen O
's O
Tysabri O
continues O
to O
achieve O
blockbuster O
sales O
based O
on O
outstanding O
efficacy O
despite O
rare O
but O
serious O
side O
effects O
, O
and O
we O
think O
efforts B-Cause
to I-Cause
target I-Cause
the I-Cause
drug I-Cause
to I-Cause
patients I-Cause
least I-Cause
likely I-Cause
to I-Cause
experience I-Cause
side I-Cause
effects I-Cause
will O
allow O
the B-Effect
firm I-Effect
to I-Effect
see I-Effect
continued I-Effect
sales I-Effect
despite O
novel O
products O
with O
cleaner O
safety O
profiles O
. O

In O
fact O
, O
we O
suspect O
that O
absent B-Cause
government I-Cause
intervention I-Cause
the B-Effect
rational I-Effect
number I-Effect
of I-Effect
competitors I-Effect
on I-Effect
the I-Effect
continent I-Effect
would I-Effect
be I-Effect
two I-Effect
, I-Effect
via I-Effect
additional I-Effect
consolidation I-Effect
. O

We O
see O
meaningful O
downside O
for O
the O
iron O
ore O
price O
from O
current O
levels O
, O
but O
acknowledge O
that O
tighter B-Effect
markets I-Effect
will I-Effect
take I-Effect
time I-Effect
to I-Effect
normalise I-Effect
as O
the B-Cause
effects I-Cause
of I-Cause
China I-Cause
's I-Cause
fiscal I-Cause
and I-Cause
monetary I-Cause
stimulus I-Cause
wane I-Cause
. O

Range B-Effect
has I-Effect
historically I-Effect
outspent I-Effect
cash I-Effect
flows I-Effect
in I-Effect
most I-Effect
years I-Effect
, I-Effect
and I-Effect
this I-Effect
investment I-Effect
has I-Effect
not I-Effect
paid I-Effect
off I-Effect
yet I-Effect
because O
commodity B-Cause
prices I-Cause
have I-Cause
deteriorated I-Cause
far I-Cause
more I-Cause
than I-Cause
expected I-Cause
. O

We O
assume O
a B-Cause
mix I-Cause
shift I-Cause
toward I-Cause
online I-Cause
sales I-Cause
will I-Cause
weigh I-Cause
on I-Cause
Scotts I-Cause
' I-Cause
pricing I-Cause
power I-Cause
and O
cause O
operating B-Effect
margins I-Effect
to O
contract O
to O
23 O
% O
by O
2029 O
from O
24 O
% O
in O
fiscal O
2019 O
. O

Another O
example O
is O
Fluke B-Cause
's I-Cause
innovative I-Cause
noncontact I-Cause
voltage I-Cause
technology I-Cause
, O
which O
enables O
electricians B-Cause
to I-Cause
simultaneously I-Cause
measure I-Cause
voltage I-Cause
and I-Cause
current I-Cause
without I-Cause
tapping I-Cause
into I-Cause
live I-Cause
electricity I-Cause
, O
thereby B-Effect
increasing I-Effect
safety I-Effect
and I-Effect
reducing I-Effect
measurement I-Effect
time I-Effect
by I-Effect
up I-Effect
to I-Effect
80 I-Effect
% I-Effect
. O

While O
our O
margin O
expansion O
trajectory O
is O
slower O
than O
what O
Intuitive O
has O
been O
able O
to O
deliver O
recently O
, O
we O
believe O
several O
factors O
will O
slow B-Effect
this I-Effect
expansion I-Effect
in I-Effect
future I-Effect
, O
such O
as O
mix B-Cause
toward I-Cause
lower-priced I-Cause
procedures I-Cause
, I-Cause
the I-Cause
roll I-Cause
out I-Cause
of I-Cause
lower-priced I-Cause
platforms I-Cause
that I-Cause
carry I-Cause
lower I-Cause
margins I-Cause
, I-Cause
and I-Cause
eventual I-Cause
pressure I-Cause
from I-Cause
competition I-Cause
. O

Historically O
, O
this O
dynamic O
has O
driven B-Effect
gross I-Effect
profit I-Effect
margin I-Effect
( I-Effect
net I-Effect
revenue I-Effect
over I-Effect
gross I-Effect
revenue I-Effect
) I-Effect
compression I-Effect
because O
the B-Cause
firm I-Cause
passes I-Cause
through I-Cause
higher I-Cause
carrier I-Cause
rates I-Cause
to I-Cause
customers I-Cause
on I-Cause
a I-Cause
time I-Cause
lag I-Cause
. O

We B-Cause
expect I-Cause
revenue I-Cause
growth I-Cause
, I-Cause
more-efficient I-Cause
homebuilding I-Cause
operations I-Cause
, I-Cause
and I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
cost-saving I-Cause
initiatives I-Cause
will O
unlock B-Effect
operating I-Effect
leverage I-Effect
, I-Effect
reducing I-Effect
SG I-Effect
& I-Effect
A I-Effect
expense I-Effect
as I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
. O

Symdeko O
, O
approved O
in O
2018 O
, O
targets O
the O
same O
patient O
population O
as O
Orkambi O
but O
helps O
Vertex B-Effect
capture I-Effect
additional I-Effect
patient I-Effect
share I-Effect
due O
to O
its B-Cause
better I-Cause
efficacy I-Cause
. O

This O
gives O
Zions O
an O
attractive O
deposit O
base O
, O
but O
the O
bank O
still O
lacks B-Cause
substantial I-Cause
fee I-Cause
income I-Cause
, O
which O
will O
expose B-Effect
the I-Effect
bank I-Effect
in I-Effect
less-friendly I-Effect
rate I-Effect
environments I-Effect
. O

Although O
this O
is O
beneficial O
for O
lower O
capital O
spend O
, O
it B-Effect
results I-Effect
in I-Effect
a I-Effect
lower I-Effect
gross I-Effect
margin I-Effect
given O
the B-Cause
need I-Cause
to I-Cause
purchase I-Cause
supply I-Cause
. O

Shaw B-Effect
has I-Effect
been I-Effect
losing I-Effect
market I-Effect
share I-Effect
since O
Telus B-Cause
improved I-Cause
its I-Cause
offering I-Cause
, O
and O
with O
wireline O
comprising O
such O
a O
big O
part O
of O
Shaw O
's O
business O
( O
more O
than O
75 O
% O
of O
revenue O
and O
85 O
% O
of O
EBITDA O
in O
2020 O
) O
, O
failure O
to O
at O
least O
slow O
recent O
subscriber O
losses O
would O
be O
very O
detrimental O
. O

We O
think O
Amphenol B-Cause
's I-Cause
Interconnect I-Cause
segment I-Cause
boasts I-Cause
switching I-Cause
costs I-Cause
resulting I-Cause
from I-Cause
its I-Cause
position I-Cause
as I-Cause
an I-Cause
integrated I-Cause
design I-Cause
partner I-Cause
into I-Cause
mission I-Cause
critical I-Cause
systems I-Cause
in O
many O
of O
its O
end O
markets O
, O
as O
well O
as O
intangible O
assets O
in O
high-tech O
connector O
and O
sensor O
design O
that O
allow B-Effect
Amphenol I-Effect
to I-Effect
maintain I-Effect
pricing I-Effect
power I-Effect
with I-Effect
its I-Effect
customers I-Effect
. O

Furthermore O
, O
Kingfisher B-Cause
lack I-Cause
a I-Cause
specific I-Cause
niche I-Cause
end I-Cause
customer I-Cause
and I-Cause
is I-Cause
overexposed I-Cause
to I-Cause
slower-growth I-Cause
categories I-Cause
in I-Cause
the I-Cause
home I-Cause
improvement I-Cause
market I-Cause
, O
such O
as O
DIY O
( O
relative O
to O
trade O
customers O
and O
so-called O
do-it-for-me O
customers O
) O
where O
switching O
costs O
are O
low O
and O
products O
can O
be O
purchased O
elsewhere O
, O
resulting O
in O
competitive B-Effect
pricing I-Effect
rivalry I-Effect
driving I-Effect
returns I-Effect
downwards I-Effect
. O

Still O
, O
free B-Cause
cash I-Cause
flow I-Cause
generation I-Cause
has I-Cause
been I-Cause
quite I-Cause
resilient I-Cause
even I-Cause
during I-Cause
periods I-Cause
of I-Cause
declining I-Cause
sales I-Cause
, I-Cause
and I-Cause
the I-Cause
firm I-Cause
has I-Cause
historically I-Cause
used I-Cause
little I-Cause
or I-Cause
no I-Cause
debt I-Cause
, O
so O
we O
think O
it O
will O
maintain B-Effect
its I-Effect
financial I-Effect
flexibility I-Effect
throughout I-Effect
the I-Effect
business I-Effect
cycle I-Effect
. O

As O
manufacturers B-Cause
of I-Cause
gasoline I-Cause
engines I-Cause
have I-Cause
improved I-Cause
their I-Cause
fuel I-Cause
economy I-Cause
, O
the B-Effect
efficiency I-Effect
gap I-Effect
between I-Effect
gasoline I-Effect
and I-Effect
diesel I-Effect
engines I-Effect
has I-Effect
narrowed I-Effect
. O

Because O
Manhattan B-Cause
provides I-Cause
all I-Cause
these I-Cause
discrete I-Cause
but I-Cause
related I-Cause
solutions I-Cause
on I-Cause
a I-Cause
single I-Cause
platform I-Cause
, O
we O
believe O
it B-Effect
is I-Effect
a I-Effect
very I-Effect
attractive I-Effect
solution I-Effect
to I-Effect
customers I-Effect
, O
as O
it B-Cause
presents I-Cause
a I-Cause
unified I-Cause
view I-Cause
. O

However O
, O
the B-Cause
rise I-Cause
of I-Cause
the I-Cause
public I-Cause
cloud I-Cause
has O
resulted O
in O
an B-Effect
increasing I-Effect
need I-Effect
to I-Effect
access I-Effect
data I-Effect
from I-Effect
different I-Effect
databases I-Effect
in I-Effect
one I-Effect
place I-Effect
. O

As O
ride-sharing B-Cause
also I-Cause
represents I-Cause
a I-Cause
substitute I-Cause
for I-Cause
some I-Cause
public I-Cause
transportation I-Cause
, O
we O
think O
it B-Effect
can I-Effect
take I-Effect
revenue I-Effect
from I-Effect
public I-Effect
transportation I-Effect
, O
which O
we O
account O
for O
in O
our O
projections O
. O

Brand B-Cause
loyalty I-Cause
tends I-Cause
to I-Cause
be I-Cause
stronger I-Cause
in I-Cause
premium I-Cause
price I-Cause
segments I-Cause
, O
which O
benefits B-Effect
BAT I-Effect
less I-Effect
than I-Effect
Philip I-Effect
Morris I-Effect
International I-Effect
, I-Effect
but I-Effect
more I-Effect
than I-Effect
Imperial I-Effect
and I-Effect
Japan I-Effect
Tobacco I-Effect
. O

With O
the B-Cause
significant I-Cause
learning I-Cause
curve I-Cause
required I-Cause
on I-Cause
such I-Cause
detailed I-Cause
application I-Cause
software I-Cause
, O
we O
think O
initial B-Effect
training I-Effect
on I-Effect
Autodesk I-Effect
software I-Effect
is I-Effect
key I-Effect
to I-Effect
its I-Effect
incumbency I-Effect
. O

Further O
, O
governments B-Cause
could I-Cause
look I-Cause
to I-Cause
tax I-Cause
less I-Cause
healthy I-Cause
fare I-Cause
( I-Cause
like I-Cause
some I-Cause
of I-Cause
the I-Cause
snacking I-Cause
and I-Cause
confectionery I-Cause
offerings I-Cause
in I-Cause
Mondelez I-Cause
's I-Cause
mix I-Cause
) I-Cause
and/or I-Cause
regulate I-Cause
product I-Cause
formulations I-Cause
as O
a O
means O
to O
curb O
obesity B-Effect
. O

We O
see O
noninterest B-Effect
income I-Effect
falling I-Effect
materially I-Effect
in I-Effect
2020 I-Effect
and I-Effect
not I-Effect
fully I-Effect
recovering I-Effect
until I-Effect
2022 I-Effect
as O
key B-Cause
portions I-Cause
of I-Cause
Amex I-Cause
's I-Cause
business I-Cause
, O
such O
as O
T O
& O
E-related O
spending O
, O
take O
years O
to O
fully O
recover O
. O

Although O
Lloyds O
has O
strongly O
reduced O
its O
risk O
profile O
since O
the O
financial O
crisis O
in O
2008 O
, O
the B-Cause
possibility I-Cause
of I-Cause
a I-Cause
disorderly I-Cause
, I-Cause
or I-Cause
no-deal I-Cause
, O
Brexit B-Effect
creates I-Effect
significant I-Effect
uncertainty I-Effect
around I-Effect
its I-Effect
short- I-Effect
to I-Effect
medium-term I-Effect
outlook I-Effect
. O

The O
challenge O
for O
Plains O
in B-Cause
the I-Cause
aftermath I-Cause
of I-Cause
the I-Cause
OPEC+ I-Cause
breakdown I-Cause
and I-Cause
COVID-19 I-Cause
short-term I-Cause
demand I-Cause
destruction I-Cause
is I-Cause
Permian I-Cause
volumes I-Cause
are I-Cause
going I-Cause
to I-Cause
be I-Cause
highly I-Cause
volatile I-Cause
, O
with O
declines B-Effect
expected I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
before I-Effect
an I-Effect
expected I-Effect
recovery I-Effect
in I-Effect
2022 I-Effect
. O

Finally O
, O
we O
believe O
the B-Effect
firm I-Effect
's I-Effect
decision I-Effect
to I-Effect
divest I-Effect
of I-Effect
its I-Effect
private I-Effect
brands I-Effect
business I-Effect
was O
beneficial O
, O
as O
it B-Cause
enhances I-Cause
its I-Cause
profitability I-Cause
and I-Cause
frees I-Cause
up I-Cause
capital I-Cause
for I-Cause
higher-return I-Cause
opportunities I-Cause
. O

We O
think O
Mondelez B-Cause
's I-Cause
decision I-Cause
to I-Cause
permit I-Cause
individuals I-Cause
who I-Cause
have I-Cause
a I-Cause
pulse I-Cause
on I-Cause
local I-Cause
consumer I-Cause
tastes I-Cause
to I-Cause
make I-Cause
decisions I-Cause
regarding I-Cause
product I-Cause
innovation I-Cause
, I-Cause
distribution I-Cause
, I-Cause
and I-Cause
marketing I-Cause
( I-Cause
among I-Cause
other I-Cause
facets I-Cause
) I-Cause
should I-Cause
better I-Cause
equip I-Cause
the I-Cause
company I-Cause
to I-Cause
funnel I-Cause
insights I-Cause
( I-Cause
and I-Cause
additional I-Cause
spending I-Cause
) I-Cause
to I-Cause
innovate I-Cause
its I-Cause
local I-Cause
products. O
These O
efforts O
should O
help B-Effect
elevate I-Effect
sales I-Effect
and I-Effect
ultimately I-Effect
stem I-Effect
the I-Effect
pronounced I-Effect
declines I-Effect
of I-Effect
its I-Effect
local I-Effect
brands I-Effect
on I-Effect
an I-Effect
aggregate I-Effect
basis I-Effect
( I-Effect
erosion I-Effect
that I-Effect
management I-Effect
has I-Effect
attributed I-Effect
to I-Effect
underspending I-Effect
in I-Effect
both I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
and I-Effect
marketing I-Effect
in I-Effect
the I-Effect
past I-Effect
) I-Effect
. O

If O
the B-Cause
federal I-Cause
government I-Cause
decided I-Cause
to I-Cause
overrule I-Cause
state I-Cause
laws I-Cause
, O
the B-Effect
Hawthorne I-Effect
segment I-Effect
's I-Effect
customer I-Effect
base I-Effect
of I-Effect
legal I-Effect
indoor I-Effect
or I-Effect
greenhouse I-Effect
cannabis I-Effect
growers I-Effect
could I-Effect
disappear I-Effect
. O

Airlines B-Effect
have I-Effect
a I-Effect
long I-Effect
history I-Effect
of I-Effect
irrational I-Effect
competition I-Effect
due O
to O
low B-Cause
entry I-Cause
barriers I-Cause
and I-Cause
high I-Cause
exit I-Cause
barriers I-Cause
in I-Cause
the I-Cause
industry I-Cause
and I-Cause
a I-Cause
price-sensitive I-Cause
customer I-Cause
. O

These B-Cause
chips I-Cause
tend I-Cause
to I-Cause
be I-Cause
used I-Cause
in I-Cause
a I-Cause
wide I-Cause
range I-Cause
of I-Cause
simpler I-Cause
electronic I-Cause
products I-Cause
, O
and O
as O
a O
result O
, O
Microchip B-Effect
benefits I-Effect
by I-Effect
not I-Effect
being I-Effect
overly I-Effect
exposed I-Effect
to I-Effect
a I-Effect
single I-Effect
technology I-Effect
segment I-Effect
or I-Effect
customer I-Effect
. O

Deflation B-Cause
will O
theoretically B-Effect
expose I-Effect
the I-Effect
bank I-Effect
to I-Effect
large I-Effect
losses I-Effect
and O
is O
n't O
historically O
unprecedented O
( O
the O
economy O
last O
experienced O
deflation O
in O
2009 O
) O
. O

As O
the B-Cause
customer I-Cause
expects I-Cause
a I-Cause
low-frills I-Cause
environment I-Cause
and I-Cause
to I-Cause
buy I-Cause
in I-Cause
bulk I-Cause
to I-Cause
cut I-Cause
costs I-Cause
, O
Costco B-Cause
can I-Cause
hold I-Cause
store I-Cause
capital I-Cause
needs I-Cause
in I-Cause
check I-Cause
while I-Cause
reducing I-Cause
the I-Cause
number I-Cause
of I-Cause
times I-Cause
a I-Cause
product I-Cause
ready I-Cause
for I-Cause
an I-Cause
end I-Cause
user I-Cause
is I-Cause
handled I-Cause
from I-Cause
delivery I-Cause
to I-Cause
sale I-Cause
, O
contributing B-Effect
to I-Effect
industry-leading I-Effect
real I-Effect
estate I-Effect
efficiency I-Effect
. O

Avnet B-Effect
has I-Effect
also I-Effect
extended I-Effect
its I-Effect
move I-Effect
into I-Effect
the I-Effect
'' I-Effect
maker I-Effect
'' I-Effect
and I-Effect
startup I-Effect
market I-Effect
by O
acquiring B-Cause
Dragon I-Cause
Innovation I-Cause
and I-Cause
Hackster.io I-Cause
, O
and O
by O
agreeing B-Cause
a I-Cause
partnership I-Cause
deal I-Cause
with I-Cause
Kickstarter I-Cause
. O

Finally O
, O
Expedia B-Effect
faces I-Effect
ESG I-Effect
risks I-Effect
around I-Effect
innovation I-Effect
tax I-Effect
code I-Effect
changes I-Effect
, I-Effect
data I-Effect
breaches I-Effect
, I-Effect
and I-Effect
potential I-Effect
fees I-Effect
should O
its B-Cause
platform I-Cause
be I-Cause
viewed I-Cause
as I-Cause
anticompetitive I-Cause
. O

The O
implication O
is O
that O
margins B-Effect
in I-Effect
the I-Effect
next-generation I-Effect
portfolio I-Effect
are I-Effect
healthy I-Effect
, I-Effect
but I-Effect
can I-Effect
not I-Effect
fully I-Effect
replicate I-Effect
those I-Effect
of I-Effect
cigarettes I-Effect
, I-Effect
primarily I-Effect
because O
no B-Cause
single I-Cause
category I-Cause
will I-Cause
generate I-Cause
the I-Cause
scale I-Cause
of I-Cause
cigarettes I-Cause
. O

Beyond B-Cause
digital I-Cause
downloads I-Cause
, I-Cause
the I-Cause
microtransactions I-Cause
in I-Cause
both I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
GTA I-Cause
Online I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
and I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
NBA I-Cause
2K I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
help B-Effect
extend I-Effect
the I-Effect
economic I-Effect
returns I-Effect
from I-Effect
a I-Effect
title I-Effect
while I-Effect
providing I-Effect
high-margin I-Effect
revenue I-Effect
and I-Effect
increasing I-Effect
customer I-Effect
engagement I-Effect
. O

By O
generating B-Cause
valuable I-Cause
data I-Cause
for I-Cause
businesses I-Cause
that O
keeps B-Effect
costs I-Effect
down I-Effect
and I-Effect
productivity I-Effect
high I-Effect
, O
Paycom B-Effect
enhances I-Effect
its I-Effect
switching I-Effect
costs I-Effect
; O
this O
offering O
is O
unique O
and O
shifting B-Cause
to I-Cause
a I-Cause
new I-Cause
vendor I-Cause
would O
mean O
the B-Cause
loss I-Cause
of I-Cause
a I-Cause
vast I-Cause
quantity I-Cause
of I-Cause
data I-Cause
that O
was O
driving O
time B-Effect
and I-Effect
monetary I-Effect
cost I-Effect
savings I-Effect
. O

Whenever O
new B-Cause
equipment I-Cause
sales I-Cause
do I-Cause
resume I-Cause
( O
LNG O
new O
capacity O
additions O
should O
resume O
in O
2020-22 O
) O
, O
we O
find O
little O
reason O
to O
think O
GE B-Effect
's I-Effect
position I-Effect
will I-Effect
be I-Effect
substantially I-Effect
less I-Effect
strong I-Effect
than I-Effect
in I-Effect
previous I-Effect
cycles I-Effect
. O

TransDigm B-Cause
has I-Cause
the I-Cause
demonstrated I-Cause
capacity I-Cause
to I-Cause
increase I-Cause
pricing I-Cause
on I-Cause
airlines I-Cause
, O
even O
in O
times O
of O
distress O
, O
which O
gives B-Effect
us I-Effect
confidence I-Effect
that I-Effect
the I-Effect
firm I-Effect
can I-Effect
continue I-Effect
to I-Effect
grow I-Effect
even O
if O
sales O
volumes O
are O
pressured O
for O
a O
few O
years O
by O
a O
declining O
average O
fleet O
age O
. O

These B-Effect
relationships I-Effect
, I-Effect
primarily I-Effect
with I-Effect
middle-market I-Effect
businesses I-Effect
, I-Effect
result I-Effect
in I-Effect
switching I-Effect
costs I-Effect
as O
it B-Cause
becomes I-Cause
costly I-Cause
to I-Cause
switch I-Cause
to I-Cause
a I-Cause
new I-Cause
bank I-Cause
, I-Cause
integrate I-Cause
on I-Cause
its I-Cause
systems I-Cause
, I-Cause
and I-Cause
switch I-Cause
to I-Cause
bankers I-Cause
who I-Cause
may I-Cause
not I-Cause
be I-Cause
as I-Cause
intimately I-Cause
familiar I-Cause
with I-Cause
your I-Cause
business O
. O

Despite O
significant O
double-digit O
annual O
revenue O
growth O
over O
the O
last O
decade O
, O
Dexcom B-Effect
is I-Effect
only I-Effect
now I-Effect
reaching I-Effect
profitability I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
building I-Cause
out I-Cause
its I-Cause
manufacturing I-Cause
footprint I-Cause
and I-Cause
sales I-Cause
infrastructure I-Cause
. I-Cause

With O
positive B-Cause
demographic I-Cause
trends I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
a I-Cause
public I-Cause
option I-Cause
related I-Cause
to I-Cause
Medicare I-Cause
, O
we B-Effect
see I-Effect
Medicare I-Effect
Advantage I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
attractive I-Effect
growth I-Effect
opportunities I-Effect
in I-Effect
health I-Effect
insurance I-Effect
. O

Although O
prices B-Effect
have I-Effect
declined I-Effect
since I-Effect
2014 I-Effect
due O
to O
destocking B-Cause
pressures I-Cause
, I-Cause
Celanese I-Cause
has I-Cause
continued I-Cause
to I-Cause
generate I-Cause
healthy I-Cause
EBITDA I-Cause
margins I-Cause
above I-Cause
40 I-Cause
% I-Cause
thanks I-Cause
to I-Cause
its I-Cause
cost I-Cause
advantage I-Cause
. O

Further O
, O
given O
the B-Cause
close I-Cause
location I-Cause
of I-Cause
the I-Cause
assets I-Cause
to I-Cause
Phillips I-Cause
66 I-Cause
's I-Cause
refineries I-Cause
, O
Phillips B-Effect
66 I-Effect
and I-Effect
PSXP I-Effect
have I-Effect
an I-Effect
economic I-Effect
incentive I-Effect
to I-Effect
work I-Effect
together I-Effect
. O

Such B-Effect
concern I-Effect
can I-Effect
also I-Effect
be I-Effect
viewed I-Effect
as I-Effect
an I-Effect
ESG I-Effect
risk I-Effect
related I-Effect
to I-Effect
human I-Effect
capital I-Effect
as O
lack B-Cause
of I-Cause
enough I-Cause
background I-Cause
checks I-Cause
may I-Cause
put I-Cause
riders I-Cause
at I-Cause
risk I-Cause
and I-Cause
lessen I-Cause
the I-Cause
quality I-Cause
of I-Cause
Lyft I-Cause
's I-Cause
services I-Cause
. O

We O
believe O
CenterPoint B-Cause
is I-Cause
on I-Cause
a I-Cause
path I-Cause
to I-Cause
exit I-Cause
its I-Cause
midstream I-Cause
investment I-Cause
after I-Cause
which I-Cause
almost I-Cause
all I-Cause
remaining I-Cause
earnings I-Cause
will I-Cause
be I-Cause
from I-Cause
regulated I-Cause
electric I-Cause
and I-Cause
natural I-Cause
gas I-Cause
utilities. O
Consequently O
, O
the B-Effect
greatest I-Effect
risk I-Effect
the I-Effect
company I-Effect
faces I-Effect
is I-Effect
regulation I-Effect
that I-Effect
does I-Effect
not I-Effect
allow I-Effect
it I-Effect
to I-Effect
recover I-Effect
operating I-Effect
expenses I-Effect
and I-Effect
a I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Security B-Effect
breaches I-Effect
or I-Effect
loss I-Effect
of I-Effect
software I-Effect
functionality I-Effect
could I-Effect
have I-Effect
adverse I-Effect
effects I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
customer I-Effect
base I-Effect
and I-Effect
reputation I-Effect
, O
as O
the B-Cause
data I-Cause
in I-Cause
Allscripts I-Cause
' I-Cause
systems I-Cause
is I-Cause
highly I-Cause
sensitive I-Cause
and I-Cause
critical I-Cause
to I-Cause
patient I-Cause
outcomes O
. O

While O
F5 O
has O
traditionally O
showcased O
revenue O
concentration O
, O
we O
posit O
that O
being B-Cause
dropped I-Cause
from I-Cause
a I-Cause
line I-Cause
card I-Cause
or I-Cause
not I-Cause
properly I-Cause
incentivizing I-Cause
the I-Cause
resellers I-Cause
and I-Cause
partners I-Cause
to I-Cause
sell I-Cause
F5 I-Cause
solutions I-Cause
versus I-Cause
competitors I-Cause
could O
be O
drastic B-Effect
for I-Effect
the I-Effect
company I-Effect
. O

We O
think O
the B-Effect
biggest I-Effect
near-term I-Effect
risk I-Effect
could I-Effect
be I-Effect
significant I-Effect
pressure I-Effect
on I-Effect
hospital I-Effect
capital I-Effect
spending I-Effect
budgets I-Effect
as O
we B-Cause
get I-Cause
through I-Cause
the I-Cause
pandemic I-Cause
. O

Curaleaf B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
Cura I-Cause
Select I-Cause
gives O
it O
the B-Effect
most I-Effect
popular I-Effect
cannabis I-Effect
oil I-Effect
brand I-Effect
in I-Effect
California I-Effect
and I-Effect
Oregon I-Effect
, I-Effect
where I-Effect
Select I-Effect
Oil I-Effect
holds I-Effect
20 I-Effect
% I-Effect
market I-Effect
share I-Effect
. O

However O
, O
Domino O
's O
strong O
deliveries O
per O
hour O
statistics O
have O
been O
able O
to O
continue O
to O
attract B-Effect
drivers I-Effect
at I-Effect
a I-Effect
reasonable I-Effect
cost I-Effect
as O
they B-Cause
are I-Cause
paid I-Cause
more I-Cause
for I-Cause
each I-Cause
delivery I-Cause
they I-Cause
complete I-Cause
( O
primarily O
through O
additional O
tips O
) O
. O

We O
expect O
AMN B-Cause
's I-Cause
sizable I-Cause
pool I-Cause
of I-Cause
workers I-Cause
should O
help O
the B-Effect
firm I-Effect
to I-Effect
drive I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
growth I-Effect
over I-Effect
an I-Effect
economic I-Effect
cycle I-Effect
. O

Furthermore O
, O
Equinor B-Cause
's I-Cause
strategic I-Cause
plans I-Cause
call I-Cause
for I-Cause
a I-Cause
move I-Cause
away I-Cause
from I-Cause
hydrocarbons I-Cause
, O
which O
should O
insulate B-Effect
it I-Effect
to I-Effect
a I-Effect
greater I-Effect
degree I-Effect
than I-Effect
peers I-Effect
from I-Effect
any I-Effect
carbon I-Effect
tax I-Effect
. O

The B-Effect
older I-Effect
viewer I-Effect
base I-Effect
could I-Effect
cap I-Effect
the I-Effect
ability I-Effect
of I-Effect
the I-Effect
network I-Effect
to I-Effect
grow I-Effect
ad I-Effect
revenue I-Effect
and I-Effect
hinder I-Effect
its I-Effect
ability I-Effect
in I-Effect
the I-Effect
future I-Effect
to I-Effect
replace I-Effect
advertisers I-Effect
if O
more B-Cause
buyers I-Cause
abandon I-Cause
Fox I-Cause
News I-Cause
or I-Cause
its I-Cause
hosts I-Cause
. O

Oregon O
has O
faced O
the O
opposite O
problem O
, O
as O
an B-Cause
excessive I-Cause
amount I-Cause
of I-Cause
cultivation I-Cause
licenses I-Cause
has I-Cause
led I-Cause
to I-Cause
market I-Cause
oversupply I-Cause
, O
driving B-Effect
cannabis I-Effect
prices I-Effect
lower I-Effect
. O

While B-Cause
Moore I-Cause
's I-Cause
Law I-Cause
has I-Cause
propelled I-Cause
advancements I-Cause
in I-Cause
the I-Cause
semiconductor I-Cause
industry I-Cause
for I-Cause
many I-Cause
years I-Cause
, I-Cause
this I-Cause
has I-Cause
been I-Cause
slowing I-Cause
down I-Cause
as I-Cause
chips I-Cause
become I-Cause
smaller I-Cause
and I-Cause
smaller. O
As O
a O
result O
, O
chip B-Effect
designers I-Effect
seek I-Effect
to I-Effect
differentiate I-Effect
themselves I-Effect
by I-Effect
creating I-Effect
custom I-Effect
chip I-Effect
designs I-Effect
that I-Effect
are I-Effect
optimized I-Effect
for I-Effect
specific I-Effect
use I-Effect
cases I-Effect
and I-Effect
can I-Effect
exhibit I-Effect
greater I-Effect
performance I-Effect
. O

With O
a O
tradition O
of O
capable O
leadership O
, O
Nucor B-Effect
has I-Effect
historically I-Effect
improved I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
during I-Effect
cyclical I-Effect
downturns I-Effect
thanks O
to O
disciplined B-Cause
capital I-Cause
allocation I-Cause
. O

At O
the O
retail O
business O
, O
we O
expect O
normalized B-Cause
gross I-Cause
margins I-Cause
to I-Cause
level I-Cause
off I-Cause
near I-Cause
20 I-Cause
% I-Cause
, I-Cause
resulting I-Cause
in I-Cause
midcycle I-Cause
EBITDA I-Cause
near I-Cause
$ I-Cause
1.1 I-Cause
billion. O
This O
assumes O
the B-Effect
retail I-Effect
business I-Effect
grows I-Effect
large I-Effect
enough I-Effect
to I-Effect
create I-Effect
an I-Effect
effective I-Effect
hedge I-Effect
for I-Effect
about I-Effect
half I-Effect
of I-Effect
the I-Effect
generation I-Effect
earnings I-Effect
. O

We O
expect O
Lennar B-Effect
's I-Effect
home I-Effect
sales I-Effect
gross I-Effect
margin I-Effect
to I-Effect
average I-Effect
about I-Effect
23.5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
due O
a B-Cause
sustained I-Cause
period I-Cause
of I-Cause
pricing I-Cause
power I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
and I-Cause
as I-Cause
cost-saving I-Cause
initiatives I-Cause
more I-Cause
than I-Cause
offset I-Cause
cost I-Cause
headwinds I-Cause
related I-Cause
to I-Cause
a I-Cause
tight I-Cause
supply I-Cause
of I-Cause
construction I-Cause
labor I-Cause
and I-Cause
land I-Cause
competition I-Cause
. O

Given O
our B-Cause
outlook I-Cause
that I-Cause
the I-Cause
cannabis I-Cause
industry I-Cause
will I-Cause
grow I-Cause
9 I-Cause
times I-Cause
from I-Cause
2018 I-Cause
to I-Cause
2030 I-Cause
, O
Hawthorne B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
drive I-Effect
significant I-Effect
growth I-Effect
. O

We B-Effect
assume I-Effect
that I-Effect
Simon I-Effect
wo I-Effect
n't I-Effect
have I-Effect
any I-Effect
significant I-Effect
acquisition I-Effect
opportunities I-Effect
as B-Cause
most I-Cause
Class I-Cause
A I-Cause
malls I-Cause
are I-Cause
already I-Cause
owned I-Cause
by I-Cause
long-term I-Cause
investors I-Cause
. O

Lastly O
, O
Sysco B-Cause
is I-Cause
launching I-Cause
teams I-Cause
that I-Cause
specialize I-Cause
in I-Cause
various I-Cause
cuisines I-Cause
( I-Cause
Italian I-Cause
, I-Cause
Asian I-Cause
, I-Cause
Mexican I-Cause
) I-Cause
that O
should O
drive O
market B-Effect
share I-Effect
gains I-Effect
in I-Effect
ethnic I-Effect
restaurants I-Effect
. O

Ferguson B-Effect
has I-Effect
also I-Effect
consistently I-Effect
increased I-Effect
organic I-Effect
revenue I-Effect
above I-Effect
the I-Effect
market I-Effect
's I-Effect
rate I-Effect
of I-Effect
growth I-Effect
due O
to O
more B-Cause
customer I-Cause
wins I-Cause
, I-Cause
higher I-Cause
proportion I-Cause
of I-Cause
own I-Cause
brand I-Cause
sales I-Cause
, I-Cause
and I-Cause
more I-Cause
cross-selling I-Cause
opportunities I-Cause
with I-Cause
professional I-Cause
contractors I-Cause
as I-Cause
Ferguson I-Cause
expands I-Cause
its I-Cause
footprint I-Cause
and I-Cause
product I-Cause
offering I-Cause
. O

Railroads O
occasionally O
build O
new O
spurs O
and O
restore O
abandoned O
lines O
, O
but O
we B-Effect
anticipate I-Effect
no I-Effect
new I-Effect
mainlines I-Effect
will I-Effect
be I-Effect
built I-Effect
given O
massive B-Cause
entry I-Cause
barriers I-Cause
. O

Excluding O
an B-Effect
expected I-Effect
drop I-Effect
to I-Effect
less I-Effect
than I-Effect
2 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
due O
to O
COVID-19 B-Cause
, O
we O
forecast O
average O
ROICs O
of O
9.3 O
% O
for O
the O
company O
in O
fiscal O
2022-30 O
, O
falling O
marginally O
short O
of O
our O
9.5 O
% O
estimate O
for O
its O
weighted O
average O
cost O
of O
capital O
. O

In O
our O
view O
, O
IT B-Effect
services I-Effect
consulting I-Effect
firms I-Effect
boast I-Effect
high I-Effect
switching I-Effect
costs I-Effect
because O
of O
the B-Cause
continuity I-Cause
in I-Cause
understanding I-Cause
a I-Cause
client I-Cause
's I-Cause
technology I-Cause
infrastructure I-Cause
over I-Cause
a I-Cause
long I-Cause
period I-Cause
of I-Cause
time I-Cause
. O

We B-Cause
do I-Cause
n't I-Cause
that I-Cause
think I-Cause
that I-Cause
the I-Cause
company I-Cause
does I-Cause
enough I-Cause
research I-Cause
and I-Cause
development I-Cause
to O
materially O
affect B-Effect
taxes I-Effect
in I-Effect
a I-Effect
normalized I-Effect
environment I-Effect
, O
and O
we O
normalize O
our O
tax O
rate O
at O
the O
statutory O
rate O
of O
21 O
% O
. O

However O
, O
investors O
should O
note O
that O
this O
was O
a B-Cause
sizable I-Cause
transaction I-Cause
that O
also O
placed O
a O
material O
amount O
of O
goodwill O
on O
Knight-Swift O
's O
balance O
sheet O
, O
which O
reduces O
the B-Effect
company I-Effect
's I-Effect
ROIC I-Effect
performance I-Effect
. O

In O
our O
opinion O
, O
operational B-Cause
changes I-Cause
to I-Cause
improve I-Cause
the I-Cause
omnichannel I-Cause
experience I-Cause
should O
support B-Effect
the I-Effect
firm I-Effect
's I-Effect
competitive I-Effect
position I-Effect
, O
even O
if O
existing-home O
sales O
and O
turnover O
become O
more O
volatile O
. O

There B-Effect
is I-Effect
a I-Effect
risk I-Effect
that I-Effect
fewer I-Effect
seats I-Effect
on I-Effect
these I-Effect
subscriptions I-Effect
are I-Effect
sold I-Effect
if O
such B-Cause
OEMs I-Cause
decided I-Cause
to I-Cause
release I-Cause
fewer I-Cause
aircraft I-Cause
models I-Cause
than I-Cause
normal I-Cause
. O

Over O
the O
longer O
term O
, O
we B-Effect
continue I-Effect
to I-Effect
expect I-Effect
robust I-Effect
growth I-Effect
in I-Effect
the I-Effect
drug I-Effect
development I-Effect
business I-Effect
once O
pharma B-Cause
and I-Cause
biotech I-Cause
firms I-Cause
return I-Cause
their I-Cause
focus I-Cause
to I-Cause
non-pandemic-related I-Cause
development I-Cause
. O

Online B-Cause
sales I-Cause
have I-Cause
skyrocketed I-Cause
, O
validating O
Target B-Effect
's I-Effect
digital I-Effect
strategy I-Effect
( O
using O
stores O
as O
omnichannel O
fulfillment O
hubs O
) O
but O
complicating B-Cause
execution I-Cause
and I-Cause
adding I-Cause
cost I-Cause
pressure I-Cause
that O
could O
linger B-Effect
after I-Effect
leverage I-Effect
abates I-Effect
once I-Effect
sales I-Effect
normalize I-Effect
. O

While O
shifts B-Cause
away I-Cause
from I-Cause
balance I-Cause
sheet-based I-Cause
lending I-Cause
for I-Cause
corporates I-Cause
in I-Cause
Europe I-Cause
toward I-Cause
capital I-Cause
markets I-Cause
financing I-Cause
will O
benefit B-Effect
Barclays I-Effect
through I-Effect
its I-Effect
strong I-Effect
position I-Effect
in I-Effect
debt I-Effect
capital I-Effect
origination I-Effect
, O
we O
believe O
Barclays O
will O
find O
it O
harder O
to O
make O
inroads O
into O
the O
top-tier O
investment O
banking O
ranks O
globally O
. O

Nordson B-Effect
generates I-Effect
a I-Effect
healthy I-Effect
stream I-Effect
of I-Effect
recurring I-Effect
revenue I-Effect
tied I-Effect
to I-Effect
its I-Effect
large I-Effect
installed I-Effect
base I-Effect
, O
as O
over B-Cause
half I-Cause
of I-Cause
its I-Cause
sales I-Cause
( I-Cause
57 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
) I-Cause
are I-Cause
generated I-Cause
from I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
consumables I-Cause
. O

After O
its O
third-quarter O
results O
, O
we B-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
eBay I-Effect
to I-Effect
$ I-Effect
55 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
52 I-Effect
based O
on O
a B-Cause
more I-Cause
optimistic I-Cause
core I-Cause
marketplace I-Cause
growth I-Cause
outlook I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
. O

If O
carbon B-Cause
taxes I-Cause
are I-Cause
enacted I-Cause
, O
airlines B-Effect
would I-Effect
likely I-Effect
pass I-Effect
the I-Effect
costs I-Effect
onto I-Effect
the I-Effect
consumer I-Effect
, O
which O
we O
anticipate O
would O
reduce B-Effect
aggregate I-Effect
travel I-Effect
demand I-Effect
. O

Our O
opinion O
is O
that O
Nokia B-Effect
is I-Effect
wisely I-Effect
diversifying I-Effect
itself I-Effect
by O
offering B-Cause
software I-Cause
solutions I-Cause
like I-Cause
software-defined I-Cause
networking I-Cause
while I-Cause
targeting I-Cause
a I-Cause
wider I-Cause
swath I-Cause
of I-Cause
customers I-Cause
like I-Cause
hyperscale I-Cause
cloud I-Cause
providers I-Cause
and I-Cause
enterprises I-Cause
. O

As O
each B-Cause
additional I-Cause
endpoint I-Cause
becomes I-Cause
part I-Cause
of I-Cause
CrowdStrike I-Cause
's I-Cause
platform I-Cause
, O
its B-Cause
cloud I-Cause
gains I-Cause
more I-Cause
insight I-Cause
into I-Cause
threats I-Cause
, O
which O
makes B-Effect
a I-Effect
better I-Effect
product I-Effect
and I-Effect
causes I-Effect
more I-Effect
customers I-Effect
to I-Effect
join I-Effect
. O

We O
do O
n't O
see B-Effect
this I-Effect
metric I-Effect
as I-Effect
indicative I-Effect
of I-Effect
true I-Effect
economic I-Effect
profitability I-Effect
as O
it B-Cause
excludes I-Cause
stock I-Cause
compensation I-Cause
, O
which O
we O
view O
as O
a O
real O
and O
ongoing O
cost O
. O

The B-Cause
company I-Cause
's I-Cause
international I-Cause
operations I-Cause
are I-Cause
relatively I-Cause
small I-Cause
but O
may O
pose B-Effect
operating I-Effect
risks I-Effect
, I-Effect
including I-Effect
currency I-Effect
risk I-Effect
, I-Effect
regulations I-Effect
of I-Effect
a I-Effect
different I-Effect
set I-Effect
of I-Effect
laws I-Effect
, I-Effect
and I-Effect
standards I-Effect
. O

This B-Cause
benefits I-Cause
CBRE I-Cause
in I-Cause
that I-Cause
it I-Cause
can I-Cause
leverage I-Cause
certain I-Cause
parts I-Cause
of I-Cause
its I-Cause
business I-Cause
, I-Cause
such I-Cause
as I-Cause
research I-Cause
and I-Cause
consulting I-Cause
, O
and B-Effect
it I-Effect
benefits I-Effect
clients I-Effect
, I-Effect
who I-Effect
receive I-Effect
a I-Effect
more I-Effect
tailored I-Effect
experience I-Effect
. I-Effect

This O
creates O
powerful O
network O
effects O
as O
the B-Cause
number I-Cause
of I-Cause
traders I-Cause
that I-Cause
already I-Cause
utilize I-Cause
CME I-Cause
's I-Cause
exchanges I-Cause
ensures O
that O
its B-Effect
contracts I-Effect
have I-Effect
good I-Effect
liquidity I-Effect
, I-Effect
increasing I-Effect
their I-Effect
value I-Effect
to I-Effect
other I-Effect
customers I-Effect
. O

However O
, O
with O
ongoing B-Cause
accounting I-Cause
issues I-Cause
and I-Cause
enough I-Cause
associated I-Cause
noise I-Cause
to I-Cause
leave I-Cause
us I-Cause
unconvinced I-Cause
the I-Cause
sale I-Cause
is I-Cause
ironclad I-Cause
, O
we O
believe O
an B-Effect
extreme I-Effect
rating I-Effect
is I-Effect
still I-Effect
warranted I-Effect
until I-Effect
the I-Effect
deal I-Effect
is I-Effect
finalized I-Effect
, I-Effect
or I-Effect
at I-Effect
least I-Effect
until I-Effect
GTT I-Effect
can I-Effect
file I-Effect
all I-Effect
its I-Effect
required I-Effect
financials I-Effect
with I-Effect
the I-Effect
SEC I-Effect
. O

We O
project O
4 B-Effect
% I-Effect
sales I-Effect
in I-Effect
2021 I-Effect
( I-Effect
versus I-Effect
a I-Effect
3 I-Effect
% I-Effect
decrease I-Effect
prior I-Effect
) I-Effect
, O
as O
healthy B-Cause
first-half I-Cause
growth I-Cause
( I-Cause
rising I-Cause
at I-Cause
a I-Cause
10 I-Cause
% I-Cause
pace I-Cause
) I-Cause
benefits I-Cause
from I-Cause
disproportionate I-Cause
COVID-19 I-Cause
category I-Cause
spending I-Cause
. O

Based O
on O
AMD B-Cause
's I-Cause
product I-Cause
pipeline I-Cause
, I-Cause
particularly I-Cause
on I-Cause
the I-Cause
CPU I-Cause
side I-Cause
, O
we O
think O
the B-Effect
firm I-Effect
is I-Effect
better I-Effect
positioned I-Effect
than I-Effect
it I-Effect
has I-Effect
in I-Effect
over I-Effect
a I-Effect
decade I-Effect
. O

We B-Effect
expect I-Effect
ResMed I-Effect
to I-Effect
deliver I-Effect
some I-Effect
operating I-Effect
leverage I-Effect
as O
the B-Cause
installed I-Cause
device I-Cause
base I-Cause
and I-Cause
increasing I-Cause
adherence I-Cause
increase I-Cause
the I-Cause
revenue I-Cause
contribution I-Cause
from I-Cause
very I-Cause
profitable I-Cause
masks I-Cause
and I-Cause
accessories I-Cause
to I-Cause
41 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2025 I-Cause
from I-Cause
37 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
. O

We O
do O
n't O
deny O
that O
in-house O
R O
& O
D O
is O
important O
just O
to O
keep O
up O
with O
printer O
tech O
, O
however O
, O
we O
think O
Xerox B-Cause
would I-Cause
do I-Cause
better I-Cause
by O
increasing B-Cause
its I-Cause
PARC I-Cause
headcount I-Cause
in O
order O
to O
cater B-Effect
to I-Effect
more I-Effect
enterprise I-Effect
commissions I-Effect
from I-Effect
the I-Effect
likes I-Effect
of I-Effect
Boeing I-Effect
, O
given B-Cause
the I-Cause
group I-Cause
's I-Cause
impressive I-Cause
track I-Cause
record I-Cause
. O

Longer O
term O
, O
with O
its B-Cause
stringent I-Cause
focus I-Cause
on I-Cause
extracting I-Cause
costs I-Cause
, O
we O
think O
the B-Effect
firm I-Effect
remains I-Effect
committed I-Effect
to I-Effect
fueling I-Effect
addditional I-Effect
brand I-Effect
spend I-Effect
( O
which O
we O
forecast O
will O
amount O
to O
6 O
% O
of O
sales O
over O
the O
next O
10 O
years O
, O
or O
about O
$ O
400 O
million O
annually O
, O
up O
from O
5 O
% O
on O
average O
the O
past O
three O
years O
) O
. O

As B-Cause
VS I-Cause
segment I-Cause
margins I-Cause
have I-Cause
trailed I-Cause
that I-Cause
of I-Cause
Bath I-Cause
& I-Cause
Body I-Cause
Works I-Cause
( I-Cause
BBW I-Cause
) I-Cause
, O
we B-Effect
expect I-Effect
its I-Effect
performance I-Effect
will I-Effect
become I-Effect
less I-Effect
of I-Effect
a I-Effect
drag I-Effect
when I-Effect
a I-Effect
sale I-Effect
or I-Effect
spin-off I-Effect
of I-Effect
the I-Effect
brand I-Effect
is I-Effect
executed I-Effect
, I-Effect
which I-Effect
is I-Effect
set I-Effect
to I-Effect
occur I-Effect
in I-Effect
2021 I-Effect
. O

The B-Effect
expansion I-Effect
into I-Effect
ambulatory I-Effect
was O
primarily O
driven O
by O
the B-Cause
preference I-Cause
for I-Cause
a I-Cause
single-source I-Cause
provider I-Cause
with I-Cause
inpatient I-Cause
and I-Cause
outpatient I-Cause
capabilities I-Cause
with I-Cause
the I-Cause
evolution I-Cause
toward I-Cause
value-based I-Cause
reimbursement I-Cause
. O

The B-Cause
dynamic I-Cause
of I-Cause
increasing I-Cause
content I-Cause
per I-Cause
vehicle I-Cause
or I-Cause
unit I-Cause
also O
potentially B-Effect
raises I-Effect
switching I-Effect
costs I-Effect
as I-Effect
well I-Effect
as I-Effect
insulates I-Effect
revenue I-Effect
and I-Effect
profits I-Effect
from I-Effect
the I-Effect
worst I-Effect
of I-Effect
the I-Effect
industrial I-Effect
market I-Effect
's I-Effect
cyclical I-Effect
downturns I-Effect
. O

In O
addition O
, O
Ferguson B-Cause
has I-Cause
a I-Cause
more I-Cause
flexible I-Cause
cost I-Cause
structure I-Cause
and I-Cause
lower I-Cause
capital I-Cause
expenditure I-Cause
requirements I-Cause
than I-Cause
many I-Cause
industrial I-Cause
companies I-Cause
, O
supporting B-Effect
strong I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
during I-Effect
downturns I-Effect
. O

Firms O
can O
clean B-Cause
up I-Cause
their I-Cause
operations I-Cause
in I-Cause
the I-Cause
field I-Cause
as O
much O
as O
possible O
by O
avoiding B-Effect
unnecessary I-Effect
flaring I-Effect
and I-Effect
using B-Cause
technologies I-Cause
like I-Cause
electric I-Cause
fracking I-Cause
and I-Cause
carbon I-Cause
capture I-Cause
to O
reduce B-Effect
CO2 I-Effect
volumes I-Effect
being I-Effect
released I-Effect
into I-Effect
the I-Effect
atmosphere I-Effect
during I-Effect
the I-Effect
extraction I-Effect
process I-Effect
. O

However O
, O
the B-Effect
stakes I-Effect
are I-Effect
n't I-Effect
quite I-Effect
as I-Effect
high I-Effect
, O
in O
our O
opinion O
, O
because O
the B-Cause
vast I-Cause
majority I-Cause
of I-Cause
Idexx I-Cause
's I-Cause
diagnostics I-Cause
business I-Cause
is I-Cause
focused I-Cause
on I-Cause
pets I-Cause
. O

That O
said O
, O
consolidation B-Cause
in I-Cause
the I-Cause
DRAM I-Cause
space I-Cause
has O
led O
to O
more B-Effect
disciplined I-Effect
capital I-Effect
expenditure I-Effect
and O
less O
volatile O
market O
dynamics O
, O
which O
should O
benefit B-Effect
Micron I-Effect
going I-Effect
forward I-Effect
as O
DRAM B-Cause
accounts I-Cause
for I-Cause
about I-Cause
70 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
. O

As O
a O
result O
, O
we O
forecast O
fourth-quarter B-Cause
2020 I-Cause
sales I-Cause
to I-Cause
decrease I-Cause
a I-Cause
low-20 I-Cause
% I-Cause
versus I-Cause
the I-Cause
18 I-Cause
% I-Cause
fall I-Cause
in I-Cause
the I-Cause
third I-Cause
quarter I-Cause
, O
leading O
to O
Airbnb B-Effect
's I-Effect
2020 I-Effect
revenue I-Effect
declining I-Effect
30 I-Effect
% I-Effect
. O

Though O
we O
project O
traffic O
to O
continue O
growing O
by O
about O
25 O
% O
-30 O
% O
annually O
, O
we O
think O
the B-Effect
gain I-Effect
will I-Effect
be I-Effect
almost I-Effect
completely I-Effect
offset I-Effect
by O
rapidly B-Cause
declining I-Cause
prices I-Cause
, O
leading B-Effect
to I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
netcentric I-Effect
customers I-Effect
averaging I-Effect
in I-Effect
the I-Effect
low I-Effect
single I-Effect
digits I-Effect
annually I-Effect
throughout I-Effect
our I-Effect
forecast I-Effect
. O

The O
drug B-Effect
remains I-Effect
well I-Effect
positioned I-Effect
, O
as O
its B-Cause
12-week I-Cause
dosing I-Cause
and I-Cause
potential I-Cause
high-dose I-Cause
formulation I-Cause
should I-Cause
allow I-Cause
it I-Cause
to I-Cause
continue I-Cause
to I-Cause
hold I-Cause
strong I-Cause
market I-Cause
share I-Cause
against I-Cause
Lucentis I-Cause
, I-Cause
Avastin I-Cause
, I-Cause
and I-Cause
Novartis I-Cause
' I-Cause
Beovu I-Cause
. O

While O
we O
do O
expect O
the B-Effect
company I-Effect
's I-Effect
growth I-Effect
to I-Effect
decelerate I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
a O
result O
of O
the B-Cause
global I-Cause
pandemic I-Cause
, O
we B-Effect
are I-Effect
comforted I-Effect
knowing I-Effect
that I-Effect
its I-Effect
stickier I-Effect
subscription I-Effect
business I-Effect
has I-Effect
fared I-Effect
much I-Effect
better I-Effect
than I-Effect
its I-Effect
services I-Effect
business I-Effect
throughout O
the B-Cause
pandemic I-Cause
. O

While O
we O
expect O
an B-Effect
uneven I-Effect
return I-Effect
to I-Effect
normalcy I-Effect
due O
to O
varying B-Cause
paces I-Cause
of I-Cause
pandemic I-Cause
recovery I-Cause
globally I-Cause
, O
we O
're O
encouraged O
by O
management B-Cause
's I-Cause
vision I-Cause
for I-Cause
the I-Cause
business I-Cause
, O
which O
we O
believe O
should O
enable O
McDonald O
's O
to O
maintain B-Effect
its I-Effect
competitive I-Effect
edge I-Effect
. O

While O
the B-Cause
business I-Cause
had I-Cause
managed I-Cause
to I-Cause
prop I-Cause
up I-Cause
its I-Cause
net I-Cause
income I-Cause
number I-Cause
via I-Cause
the I-Cause
sale I-Cause
of I-Cause
a I-Cause
Spanish I-Cause
joint I-Cause
venture I-Cause
, O
the B-Effect
numbers I-Effect
masked I-Effect
a I-Effect
EUR I-Effect
2.7 I-Effect
billion I-Effect
write-down I-Effect
on I-Effect
its I-Effect
collateralised I-Effect
debt I-Effect
obligation I-Effect
portfolio I-Effect
, O
and O
we O
already O
know O
how O
this O
story O
ends O
. O

When B-Effect
used-vehicle I-Effect
prices I-Effect
are I-Effect
fall I-Effect
, I-Effect
CarMax I-Effect
could I-Effect
have I-Effect
quarters I-Effect
with I-Effect
gross I-Effect
margin I-Effect
compression I-Effect
as O
a B-Cause
vehicle I-Cause
's I-Cause
retail I-Cause
price I-Cause
will I-Cause
fall I-Cause
after I-Cause
CarMax I-Cause
purchases I-Cause
it I-Cause
. O

We O
think O
combined B-Effect
global I-Effect
sales I-Effect
of I-Effect
Avonex I-Effect
and I-Effect
Plegridy I-Effect
will I-Effect
continue I-Effect
to I-Effect
fall I-Effect
, O
with O
high-single-digit O
declines O
annually O
because O
of O
new B-Cause
competition I-Cause
. O

This B-Effect
dynamic I-Effect
can I-Effect
compress I-Effect
Landstar I-Effect
's I-Effect
gross I-Effect
margins I-Effect
percentage I-Effect
( I-Effect
net I-Effect
revenue/gross I-Effect
revenue I-Effect
) I-Effect
on I-Effect
business I-Effect
hauled I-Effect
by I-Effect
broker-carriers I-Effect
in I-Effect
the I-Effect
short I-Effect
run I-Effect
as O
the B-Cause
company I-Cause
passes I-Cause
through I-Cause
higher I-Cause
carrier I-Cause
rates I-Cause
to I-Cause
customers I-Cause
on I-Cause
a I-Cause
time I-Cause
lag I-Cause
. O

According O
to O
a O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
Successful O
Farming O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
report O
of O
top O
2019 O
pork O
producers O
in O
the O
U.S. O
, O
Tyson B-Cause
was I-Cause
listed I-Cause
as I-Cause
the I-Cause
14th I-Cause
largest I-Cause
, O
which O
we O
view O
as O
too O
small O
to O
warrant B-Effect
a I-Effect
scale-driven I-Effect
cost I-Effect
advantage I-Effect
. O

Combined O
with O
most B-Cause
consumption I-Cause
taking I-Cause
place I-Cause
in I-Cause
social I-Cause
settings I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
'' I-Cause
social I-Cause
currency I-Cause
'' I-Cause
that I-Cause
many I-Cause
individuals I-Cause
derive I-Cause
from I-Cause
these I-Cause
occasions I-Cause
, O
we O
believe O
resonant B-Effect
brands I-Effect
are I-Effect
particularly I-Effect
advantaged I-Effect
in I-Effect
this I-Effect
space I-Effect
. O

With O
businesses B-Cause
actively I-Cause
seeking I-Cause
to I-Cause
avoid I-Cause
vendor I-Cause
lock-in I-Cause
, O
it O
is O
difficult B-Effect
for I-Effect
any I-Effect
one I-Effect
firm I-Effect
to I-Effect
be I-Effect
involved I-Effect
in I-Effect
the I-Effect
entire I-Effect
design I-Effect
flow I-Effect
of I-Effect
the I-Effect
customer I-Effect
and I-Effect
gain I-Effect
pricing I-Effect
power I-Effect
. O

Brief O
summer O
heat O
spells O
in O
2018 O
and O
2019 O
along O
with O
the O
2021 O
winter O
storm O
show O
that O
growing B-Cause
demand I-Cause
can O
also O
create B-Effect
more I-Effect
energy I-Effect
price I-Effect
volatility I-Effect
. O

We O
believe O
Sensata B-Cause
's I-Cause
customers I-Cause
continue I-Cause
to I-Cause
face I-Cause
switching I-Cause
costs I-Cause
, O
enabling O
the B-Effect
firm I-Effect
to I-Effect
retain I-Effect
its I-Effect
significant I-Effect
market I-Effect
share I-Effect
in I-Effect
several I-Effect
applications I-Effect
in I-Effect
major I-Effect
end I-Effect
markets I-Effect
. O

We O
also O
look O
for O
intermodal B-Effect
container I-Effect
repositioning I-Effect
costs I-Effect
to I-Effect
ease I-Effect
and I-Effect
box I-Effect
turns I-Effect
to I-Effect
improve I-Effect
this I-Effect
year I-Effect
as O
Class B-Cause
I I-Cause
rail I-Cause
service I-Cause
and I-Cause
terminal I-Cause
throughput I-Cause
recalibrate I-Cause
to I-Cause
strong I-Cause
demand I-Cause
levels I-Cause
. O

Also O
, O
with O
those O
lower B-Cause
star I-Cause
ratings I-Cause
, O
Centene B-Cause
may I-Cause
have I-Cause
less I-Cause
profits I-Cause
to I-Cause
share I-Cause
with I-Cause
its I-Cause
provider I-Cause
networks I-Cause
, O
which O
can O
influence B-Effect
incentives I-Effect
for I-Effect
that I-Effect
key I-Effect
constituent I-Effect
group I-Effect
as O
well O
. O

We O
expect O
aggregates B-Effect
shipment I-Effect
volume I-Effect
to I-Effect
grow I-Effect
to I-Effect
roughly I-Effect
212 I-Effect
million I-Effect
tons I-Effect
within I-Effect
the I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
of I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, O
due O
to O
a B-Cause
continued I-Cause
recovery I-Cause
in I-Cause
construction I-Cause
demand I-Cause
and I-Cause
contributions I-Cause
from I-Cause
Bluegrass I-Cause
. O

In O
particular O
, O
we O
think O
Masco B-Cause
's I-Cause
investment I-Cause
in I-Cause
the I-Cause
Behr I-Cause
pro I-Cause
paint I-Cause
offering I-Cause
will O
drive O
higher B-Effect
sales I-Effect
growth I-Effect
for I-Effect
the I-Effect
decorative I-Effect
architectural I-Effect
segment I-Effect
. O

CrowdStrike B-Cause
's I-Cause
method I-Cause
differs I-Cause
from I-Cause
competition I-Cause
who I-Cause
either I-Cause
store I-Cause
data I-Cause
on I-Cause
the I-Cause
endpoint I-Cause
, I-Cause
which I-Cause
requires I-Cause
resource-straining I-Cause
remote I-Cause
queries I-Cause
, I-Cause
or I-Cause
who I-Cause
send I-Cause
all I-Cause
data I-Cause
to I-Cause
the I-Cause
cloud I-Cause
, I-Cause
which I-Cause
can I-Cause
tax I-Cause
networks I-Cause
and I-Cause
have I-Cause
expense I-Cause
implications. O
This O
resource-friendly O
methodology O
allows O
CrowdStrike B-Effect
to I-Effect
efficiently I-Effect
move I-Effect
the I-Effect
copious I-Effect
amounts I-Effect
of I-Effect
data I-Effect
its I-Effect
endpoint I-Effect
agents I-Effect
are I-Effect
continuously I-Effect
collecting I-Effect
out I-Effect
to I-Effect
its I-Effect
cloud I-Effect
. O

As O
integrated B-Cause
solutions I-Cause
with I-Cause
both I-Cause
clinical I-Cause
trial I-Cause
and I-Cause
selling I-Cause
components I-Cause
continue I-Cause
to I-Cause
be I-Cause
popular I-Cause
with I-Cause
Syneos I-Cause
' I-Cause
clients I-Cause
, O
we O
expect O
commercial B-Effect
solutions I-Effect
revenue I-Effect
to I-Effect
climb I-Effect
to I-Effect
about I-Effect
$ I-Effect
1.4 I-Effect
billion I-Effect
in I-Effect
2025 I-Effect
. O

The B-Cause
focus I-Cause
on I-Cause
lower-cost I-Cause
items I-Cause
( I-Cause
more I-Cause
than I-Cause
80 I-Cause
% I-Cause
of I-Cause
Dollar I-Cause
General I-Cause
's I-Cause
items I-Cause
are I-Cause
offered I-Cause
at I-Cause
prices I-Cause
of I-Cause
$ I-Cause
5 I-Cause
or I-Cause
less I-Cause
) I-Cause
also O
serves B-Effect
as I-Effect
a I-Effect
bulwark I-Effect
against I-Effect
digital I-Effect
competition I-Effect
. O

The B-Cause
Brazilian I-Cause
wireless I-Cause
market I-Cause
has I-Cause
been I-Cause
plagued I-Cause
by I-Cause
intense I-Cause
competition I-Cause
over I-Cause
the I-Cause
years I-Cause
, O
which O
could B-Effect
ease I-Effect
if I-Effect
TIM I-Effect
, I-Effect
Vivo I-Effect
, I-Effect
and I-Effect
America I-Effect
Movil I-Effect
succeed I-Effect
in I-Effect
carving I-Effect
up I-Effect
Oi I-Effect
. O

Customers B-Cause
also I-Cause
enjoy I-Cause
the I-Cause
added I-Cause
benefit I-Cause
of I-Cause
converting I-Cause
fixed I-Cause
transportation I-Cause
management I-Cause
costs I-Cause
( I-Cause
such I-Cause
as I-Cause
a I-Cause
large I-Cause
traffic I-Cause
management I-Cause
department I-Cause
) I-Cause
into I-Cause
variable I-Cause
costs. O
These O
benefits O
generally O
enable O
Echo B-Effect
to I-Effect
garner I-Effect
market I-Effect
share I-Effect
from I-Effect
pure-play I-Effect
asset-based I-Effect
truckers I-Effect
as I-Effect
well I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
that I-Effect
to I-Effect
continue I-Effect
. O

With O
the B-Cause
impressive I-Cause
cost I-Cause
saving I-Cause
the I-Cause
company I-Cause
has I-Cause
achieved I-Cause
in I-Cause
2020 I-Cause
, O
ADS B-Effect
has I-Effect
demonstrated I-Effect
that I-Effect
it I-Effect
is I-Effect
capable I-Effect
of I-Effect
effectively I-Effect
scaling I-Effect
its I-Effect
cost I-Effect
structure I-Effect
with I-Effect
the I-Effect
size I-Effect
of I-Effect
the I-Effect
firm I-Effect
. O

Similarly O
, O
more B-Cause
rides I-Cause
with I-Cause
Uber I-Cause
may O
lead O
to O
better O
algorithms O
and O
supply/demand O
balance O
, O
thus O
reducing O
wait O
times O
for O
riders O
and O
idle O
capacity O
for O
drivers O
, O
leading O
to O
more B-Effect
ride I-Effect
requests I-Effect
. O

We O
believe O
it O
will O
be B-Effect
difficult I-Effect
for I-Effect
Discover I-Effect
to I-Effect
maintain I-Effect
the I-Effect
growth I-Effect
in I-Effect
credit I-Effect
cards I-Effect
it I-Effect
achieved I-Effect
in I-Effect
recent I-Effect
years I-Effect
when O
the O
company O
grew O
card O
receivables O
by O
upper-single-digit O
percentages O
, O
as O
competition B-Cause
heats I-Cause
up I-Cause
in I-Cause
the I-Cause
space I-Cause
. O

Lincoln B-Cause
Electric I-Cause
capitalizes I-Cause
on I-Cause
this I-Cause
through I-Cause
its I-Cause
welding I-Cause
schools I-Cause
and I-Cause
training I-Cause
programs I-Cause
, O
which O
create B-Effect
exposure I-Effect
to I-Effect
the I-Effect
brand I-Effect
and I-Effect
drive I-Effect
brand I-Effect
loyalty I-Effect
among I-Effect
new I-Effect
professional I-Effect
welders I-Effect
. O

First O
, O
because O
the B-Cause
firm I-Cause
competes I-Cause
across I-Cause
food I-Cause
, I-Cause
beverage I-Cause
, I-Cause
and I-Cause
personal-care I-Cause
categories I-Cause
, O
it B-Effect
has I-Effect
a I-Effect
broader I-Effect
, I-Effect
more I-Effect
complex I-Effect
list I-Effect
of I-Effect
raw I-Effect
materials I-Effect
and I-Effect
manufacturing I-Effect
processes I-Effect
than I-Effect
its I-Effect
peers I-Effect
. O

To B-Effect
achieve I-Effect
sustainable I-Effect
economic I-Effect
rents I-Effect
, O
we O
believe O
Agco B-Effect
will O
need O
to O
expand B-Cause
further I-Cause
into I-Cause
higher-margin I-Cause
product I-Cause
categories I-Cause
and I-Cause
improve I-Cause
its I-Cause
brand I-Cause
quality I-Cause
. O

In O
our O
view O
, O
widespread B-Cause
reimbursement I-Cause
approvals I-Cause
are O
likely O
to O
sustain O
excess B-Effect
returns I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
which O
we O
think O
will O
also O
be O
supported O
by O
future B-Cause
innovations I-Cause
by I-Cause
the I-Cause
unit I-Cause
. O

We B-Effect
believe I-Effect
Zebra I-Effect
will I-Effect
realize I-Effect
solid I-Effect
growth I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
( I-Effect
excluding I-Effect
the I-Effect
effects I-Effect
of I-Effect
COVID-19 I-Effect
) I-Effect
along I-Effect
with I-Effect
incremental I-Effect
margin I-Effect
expansion I-Effect
due B-Cause
to I-Cause
an I-Cause
improving I-Cause
mix I-Cause
and I-Cause
ongoing I-Cause
cost I-Cause
controls I-Cause
. O

If O
the O
public O
option O
creates O
a O
scenario O
where O
a B-Cause
significant I-Cause
portion I-Cause
of I-Cause
the I-Cause
employer-based I-Cause
insurance I-Cause
population I-Cause
switches I-Cause
to I-Cause
government-sponsored I-Cause
plans I-Cause
, O
though O
, O
Cigna B-Effect
's I-Effect
commercial I-Effect
business I-Effect
may I-Effect
suffer I-Effect
. O

In O
particular O
, O
new B-Cause
JAK I-Cause
inhibitors I-Cause
and I-Cause
IL-17 I-Cause
and I-Cause
IL-23 I-Cause
antibodies I-Cause
represent I-Cause
major I-Cause
advancements I-Cause
in I-Cause
rheumatoid I-Cause
arthritis I-Cause
and I-Cause
psoriasis I-Cause
, I-Cause
which I-Cause
will I-Cause
likely I-Cause
lead O
to O
some B-Effect
market I-Effect
share I-Effect
losses I-Effect
for I-Effect
Humira I-Effect
. O

However O
, O
we O
believe O
Fastly O
's O
model O
lends O
itself O
to O
operating O
leverage O
; O
as O
its B-Cause
customer I-Cause
base I-Cause
gets I-Cause
bigger I-Cause
and I-Cause
existing I-Cause
customers I-Cause
spend I-Cause
more I-Cause
without I-Cause
adding I-Cause
commensurate I-Cause
costs I-Cause
for I-Cause
Fastly I-Cause
, O
the B-Effect
firm I-Effect
should I-Effect
turn I-Effect
to I-Effect
profitability I-Effect
. O

We O
believe O
that O
Snap B-Cause
and I-Cause
its I-Cause
users I-Cause
benefit I-Cause
from I-Cause
a I-Cause
network I-Cause
effect I-Cause
among I-Cause
its I-Cause
customer I-Cause
base I-Cause
and I-Cause
is I-Cause
starting I-Cause
to I-Cause
attract I-Cause
the I-Cause
attention I-Cause
( O
and O
dollars O
) O
of O
advertisers O
with O
a B-Effect
growth I-Effect
trajectory I-Effect
toward I-Effect
more I-Effect
than I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
. O

While O
we O
view O
Darden O
as O
a O
better-positioned O
firm O
following O
recent O
strategic O
efforts O
, O
we O
expect O
adjusted B-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
to I-Effect
slow I-Effect
in I-Effect
the I-Effect
later I-Effect
years I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
as O
the B-Cause
casual I-Cause
dining I-Cause
industry I-Cause
consolidates I-Cause
and I-Cause
results I-Cause
in I-Cause
more I-Cause
significant I-Cause
price I-Cause
competition I-Cause
. O

This B-Cause
change I-Cause
, I-Cause
along I-Cause
with I-Cause
a I-Cause
slightly I-Cause
higher I-Cause
long-term I-Cause
return I-Cause
on I-Cause
new I-Cause
invested I-Cause
capital I-Cause
assumption I-Cause
, O
raises O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
129 I-Effect
from I-Effect
$ I-Effect
106 I-Effect
. O

Since O
products B-Cause
are I-Cause
selected I-Cause
from I-Cause
boutiques I-Cause
all I-Cause
over I-Cause
the I-Cause
world I-Cause
( O
currently O
in O
45 O
countries O
) O
, O
there O
is O
more B-Effect
chance I-Effect
to I-Effect
find I-Effect
exclusive I-Effect
merchandise I-Effect
not I-Effect
available I-Effect
elsewhere I-Effect
, O
especially O
since O
98 O
% O
of O
retailers O
work O
with O
Farfetch O
on O
an O
exclusive O
basis O
, O
an O
attractive O
proposition O
for O
the O
fashion-conscious O
consumer O
. O

Bancorp B-Cause
( I-Cause
payment I-Cause
processing I-Cause
portion I-Cause
of I-Cause
the I-Cause
business I-Cause
) I-Cause
of I-Cause
tearing I-Cause
out I-Cause
the I-Cause
current I-Cause
system I-Cause
and I-Cause
switching I-Cause
to I-Cause
a I-Cause
new I-Cause
issuer/processor I-Cause
increases B-Effect
switching I-Effect
costs I-Effect
. O

At O
the O
margin O
, O
though O
, O
we B-Effect
expect I-Effect
growth I-Effect
to I-Effect
slow I-Effect
a I-Effect
bit I-Effect
as O
banks B-Cause
look I-Cause
to I-Cause
control I-Cause
spending I-Cause
, I-Cause
and I-Cause
management I-Cause
's I-Cause
guidance I-Cause
for I-Cause
fiscal I-Cause
2021 I-Cause
suggests I-Cause
low- I-Cause
to I-Cause
mid-single-digit I-Cause
top-line I-Cause
growth I-Cause
. O

With O
revenue B-Cause
and I-Cause
assets I-Cause
more I-Cause
heavily I-Cause
weighted I-Cause
toward I-Cause
the I-Cause
upstream I-Cause
activities I-Cause
, O
PetroChina B-Effect
is I-Effect
more I-Effect
sensitive I-Effect
to I-Effect
swings I-Effect
in I-Effect
the I-Effect
oil I-Effect
price I-Effect
than O
its O
peer O
, O
Sinopec O
. O

However O
, O
we O
believe O
the B-Cause
existence I-Cause
of I-Cause
a I-Cause
large I-Cause
and I-Cause
accessible I-Cause
black I-Cause
market I-Cause
effectively O
serves O
as O
a B-Effect
price I-Effect
ceiling I-Effect
regarding I-Effect
what I-Effect
consumers I-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
. O

These B-Effect
businesses I-Effect
also I-Effect
have I-Effect
the I-Effect
potential I-Effect
to I-Effect
move I-Effect
further I-Effect
up-market I-Effect
as O
their O
offerings B-Cause
expand I-Cause
to O
address O
a O
growing O
list O
of O
customer O
needs O
. O

A B-Cause
growing I-Cause
Google I-Cause
presence I-Cause
on I-Cause
its I-Cause
search I-Cause
platform I-Cause
could O
lead O
to O
increasing B-Effect
paid I-Effect
search I-Effect
costs I-Effect
, O
as O
organic O
search O
traffic O
becomes O
less O
prominent O
in O
search O
results O
. O

There O
have O
been O
strikes O
in O
the O
past O
, O
and O
another B-Effect
one I-Effect
could I-Effect
disrupt I-Effect
future I-Effect
mining I-Effect
operations I-Effect
and I-Effect
hurt I-Effect
profits I-Effect
if O
it B-Cause
is I-Cause
not I-Cause
quickly I-Cause
resolved I-Cause
. O

The B-Cause
65 I-Cause
brands I-Cause
that I-Cause
remained I-Cause
in I-Cause
its I-Cause
mix I-Cause
had I-Cause
already I-Cause
accounted I-Cause
for I-Cause
more I-Cause
than I-Cause
85 I-Cause
% I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
top I-Cause
line I-Cause
and I-Cause
95 I-Cause
% I-Cause
of I-Cause
its I-Cause
profits. O
As O
such O
, O
we B-Effect
did I-Effect
n't I-Effect
anticipate I-Effect
P I-Effect
& I-Effect
amp I-Effect
; I-Effect
G I-Effect
would I-Effect
sacrifice I-Effect
its I-Effect
scale I-Effect
edge I-Effect
but I-Effect
would I-Effect
be I-Effect
able I-Effect
to I-Effect
better I-Effect
focus I-Effect
its I-Effect
resources I-Effect
( I-Effect
both I-Effect
personnel I-Effect
and I-Effect
financial I-Effect
) I-Effect
on I-Effect
its I-Effect
highest-return I-Effect
opportunities I-Effect
. O

Given O
this O
long O
product O
cycle O
, O
airlines B-Effect
tend I-Effect
to I-Effect
be I-Effect
conservative I-Effect
purchasers I-Effect
because O
they B-Cause
want I-Cause
to I-Cause
be I-Cause
reasonably I-Cause
certain I-Cause
that I-Cause
the I-Cause
manufacturer I-Cause
will I-Cause
be I-Cause
operating I-Cause
and I-Cause
able I-Cause
to I-Cause
service I-Cause
the I-Cause
aircraft I-Cause
. O

We O
suspect O
the B-Cause
options I-Cause
available I-Cause
to I-Cause
Dish I-Cause
to I-Cause
monetize I-Cause
spectrum I-Cause
will I-Cause
narrow I-Cause
over I-Cause
time I-Cause
, O
making O
the B-Effect
next I-Effect
year I-Effect
or I-Effect
so I-Effect
critical I-Effect
to I-Effect
its I-Effect
success I-Effect
. O

These B-Cause
fees I-Cause
fall I-Cause
almost I-Cause
entirely I-Cause
to I-Cause
the I-Cause
bottom I-Cause
line I-Cause
, O
and O
as O
such O
can O
have B-Effect
an I-Effect
outsized I-Effect
impact I-Effect
on I-Effect
margins I-Effect
and I-Effect
profitability I-Effect
. I-Effect

Therefore O
, O
the B-Effect
company I-Effect
is I-Effect
vulnerable I-Effect
to I-Effect
large I-Effect
cancellations I-Effect
and I-Effect
pipeline I-Effect
reprioritizations I-Effect
since O
it B-Cause
can I-Cause
be I-Cause
challenging I-Cause
to I-Cause
immediately I-Cause
repurpose I-Cause
capacity I-Cause
for I-Cause
new I-Cause
projects I-Cause
. O

As O
national B-Cause
customer I-Cause
accounts I-Cause
gain I-Cause
prominence I-Cause
, O
Grainger B-Effect
could I-Effect
face I-Effect
gross I-Effect
margin I-Effect
pressure I-Effect
, O
but O
these B-Cause
accounts I-Cause
also I-Cause
provide I-Cause
an I-Cause
opportunity I-Cause
for I-Cause
the I-Cause
company I-Cause
to I-Cause
gain I-Cause
market I-Cause
share I-Cause
and I-Cause
increase I-Cause
volumes I-Cause
, O
which O
can O
drive B-Effect
better I-Effect
operating I-Effect
leverage I-Effect
and I-Effect
improved I-Effect
operating I-Effect
margins I-Effect
. O

The B-Cause
crash I-Cause
in I-Cause
oil I-Cause
prices I-Cause
in I-Cause
the I-Cause
wake I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
prompted O
Petrobras B-Effect
to I-Effect
reduce I-Effect
capital I-Effect
spending I-Effect
further I-Effect
. O

Beyond O
wireless O
, O
we O
believe O
TIM B-Cause
's I-Cause
minimal I-Cause
fixed-line I-Cause
network I-Cause
assets I-Cause
leave O
it B-Effect
at I-Effect
a I-Effect
disadvantage I-Effect
to I-Effect
Vivo I-Effect
, I-Effect
Movil I-Effect
, I-Effect
and I-Effect
, I-Effect
to I-Effect
a I-Effect
lesser I-Effect
extent I-Effect
, I-Effect
Oi I-Effect
. O

This B-Effect
is I-Effect
in I-Effect
no I-Effect
small I-Effect
part I-Effect
due I-Effect
to I-Effect
the I-Effect
absence I-Effect
of I-Effect
challenger I-Effect
brands I-Effect
because O
of O
high B-Cause
regulatory I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
, O
and O
because O
of O
the B-Cause
tight I-Cause
restrictions I-Cause
on I-Cause
marketing I-Cause
. O

In O
turn O
, O
chipmakers O
like O
Microchip O
tend O
to O
benefit O
from O
lower B-Cause
ongoing I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
and I-Cause
capital I-Cause
expenditure I-Cause
investments I-Cause
, O
which O
contributes B-Effect
to I-Effect
healthy I-Effect
returns I-Effect
on I-Effect
capital I-Effect
for I-Effect
shareholders I-Effect
. O

The B-Cause
acquisition I-Cause
of I-Cause
Mead I-Cause
Johnson I-Cause
may I-Cause
not I-Cause
be I-Cause
rich I-Cause
in I-Cause
cost I-Cause
synergies I-Cause
, O
but O
it O
gives B-Effect
RB I-Effect
exposure I-Effect
to I-Effect
another I-Effect
consumer I-Effect
health I-Effect
business I-Effect
with I-Effect
pricing I-Effect
power I-Effect
and I-Effect
wide I-Effect
margins I-Effect
. O

The B-Cause
public I-Cause
dealers I-Cause
can I-Cause
centralize I-Cause
back I-Cause
office I-Cause
operations I-Cause
and I-Cause
generate I-Cause
far I-Cause
more I-Cause
volume I-Cause
than I-Cause
a I-Cause
small I-Cause
dealer I-Cause
, O
which O
brings B-Effect
scale I-Effect
. O

ST B-Cause
has I-Cause
especially I-Cause
high I-Cause
exposure I-Cause
to I-Cause
European I-Cause
manufacturers I-Cause
, O
so O
any B-Effect
slowdown I-Effect
in I-Effect
European I-Effect
GDP I-Effect
could I-Effect
bode I-Effect
poorly I-Effect
for I-Effect
future I-Effect
chip I-Effect
orders I-Effect
placed I-Effect
with I-Effect
ST I-Effect
. O

Electric B-Effect
transmission I-Effect
under O
FERC O
regulation O
is O
less O
politically O
influenced O
but O
can O
be O
affected O
by O
changing B-Cause
commissioners I-Cause
appointed I-Cause
by I-Cause
the I-Cause
president I-Cause
and I-Cause
approved I-Cause
by I-Cause
the I-Cause
U.S I-Cause
. O

Given B-Cause
the I-Cause
market I-Cause
appreciation I-Cause
during I-Cause
2020 I-Cause
and I-Cause
at I-Cause
during I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
2021 I-Cause
, O
we O
expect O
the B-Effect
firm I-Effect
's I-Effect
asset-management I-Effect
business I-Effect
to I-Effect
grow I-Effect
revenue I-Effect
in I-Effect
2021 I-Effect
. O

Upside B-Effect
potential I-Effect
to I-Effect
our I-Effect
valuation I-Effect
exists I-Effect
if B-Cause
EchoPark I-Cause
's I-Cause
growth I-Cause
can I-Cause
move I-Cause
operating I-Cause
margin I-Cause
to I-Cause
a I-Cause
level I-Cause
where I-Cause
we I-Cause
think I-Cause
a I-Cause
2.6 I-Cause
% I-Cause
midcycle I-Cause
is I-Cause
too I-Cause
low I-Cause
. O

In O
2020 O
, O
NiSource B-Effect
announced I-Effect
it I-Effect
would I-Effect
eliminate I-Effect
all I-Effect
coal-fired I-Effect
generation I-Effect
from I-Effect
its I-Effect
power I-Effect
plant I-Effect
fleet I-Effect
by I-Effect
2028. O
This O
transition O
will O
require O
signing B-Cause
power I-Cause
purchase I-Cause
agreements I-Cause
for I-Cause
renewable I-Cause
energy I-Cause
, I-Cause
building I-Cause
new I-Cause
solar I-Cause
and I-Cause
wind I-Cause
farms I-Cause
, I-Cause
and I-Cause
making I-Cause
modifications I-Cause
to I-Cause
its I-Cause
electric I-Cause
grid I-Cause
. O

We O
think O
competition B-Effect
over I-Effect
these I-Effect
large I-Effect
accounts I-Effect
will I-Effect
intensify I-Effect
over I-Effect
time I-Effect
along O
with O
the B-Cause
increasing I-Cause
concentration I-Cause
of I-Cause
corporate I-Cause
buying I-Cause
power I-Cause
. O

Protectionist B-Effect
policies I-Effect
around I-Effect
the I-Effect
world I-Effect
present I-Effect
a I-Effect
risk I-Effect
to I-Effect
Diageo I-Effect
because O
whisky B-Cause
produced I-Cause
outside I-Cause
of I-Cause
Scotland I-Cause
may I-Cause
not I-Cause
be I-Cause
marketed I-Cause
as I-Cause
scotch I-Cause
. O

As O
with O
all O
regulated O
utilities O
, O
Duke B-Cause
faces I-Cause
the I-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
and I-Cause
rising I-Cause
interest I-Cause
rates I-Cause
that O
would O
raise B-Effect
borrowing I-Effect
costs I-Effect
and I-Effect
make I-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

The B-Cause
launch I-Cause
of I-Cause
Medtronic I-Cause
's I-Cause
670g I-Cause
pump I-Cause
was I-Cause
a I-Cause
significant I-Cause
step I-Cause
toward I-Cause
closing I-Cause
the I-Cause
loop I-Cause
, I-Cause
and I-Cause
the I-Cause
next-generation I-Cause
780g I-Cause
pump I-Cause
will I-Cause
come I-Cause
even I-Cause
closer I-Cause
to I-Cause
replicating I-Cause
automatic I-Cause
pancreatic I-Cause
function I-Cause
, O
which O
could O
offer B-Effect
tougher I-Effect
competition I-Effect
to I-Effect
Insulet I-Effect
. O

We O
think O
Praluent B-Effect
can I-Effect
achieve I-Effect
sales I-Effect
of I-Effect
more I-Effect
than I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
, O
and O
sales O
acceleration O
should O
follow O
recent B-Cause
price I-Cause
negotiations I-Cause
and I-Cause
the I-Cause
addition I-Cause
of I-Cause
cardiovascular I-Cause
outcomes I-Cause
data I-Cause
to I-Cause
the I-Cause
label I-Cause
in I-Cause
2019 I-Cause
. O

Additionally O
, O
the O
Solstice B-Cause
molecule I-Cause
's I-Cause
unique I-Cause
properties I-Cause
give I-Cause
it I-Cause
a I-Cause
low I-Cause
surface I-Cause
tension I-Cause
but I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
solvency I-Cause
, O
allowing B-Effect
it I-Effect
to I-Effect
clean I-Effect
tight I-Effect
spaces I-Effect
. O

In O
fact O
, O
during O
a O
downturn O
in O
new-vehicle O
sales O
, O
dealers B-Effect
generally I-Effect
report I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
due O
to O
a B-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
to I-Cause
parts I-Cause
, O
but O
then B-Effect
report I-Effect
lower I-Effect
operating I-Effect
margins I-Effect
due O
to O
selling B-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
deleveraging I-Cause
. O

We O
see O
its B-Cause
powerful I-Cause
network I-Cause
advantage I-Cause
driving I-Cause
higher I-Cause
direct I-Cause
traffic I-Cause
( O
which O
have O
no O
marketing O
costs O
) O
, O
allowing O
the B-Effect
company I-Effect
to I-Effect
offset I-Effect
pressure I-Effect
from I-Effect
indirect I-Effect
channels I-Effect
like I-Effect
Google I-Effect
( O
which O
add O
to O
marketing O
costs O
) O
. O

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
has I-Cause
had I-Cause
a B-Effect
large I-Effect
negative I-Effect
impact I-Effect
on I-Effect
its I-Effect
operations I-Effect
over I-Cause
the I-Cause
past I-Cause
year I-Cause
, O
but O
a B-Effect
recovery I-Effect
is I-Effect
taking I-Effect
hold I-Effect
. O

Sales B-Effect
could I-Effect
languish I-Effect
if O
AutoZone B-Cause
can I-Cause
not I-Cause
expand I-Cause
its I-Cause
commercial I-Cause
profile I-Cause
, O
but O
faster-than-expected B-Cause
diversification I-Cause
from I-Cause
( I-Cause
more I-Cause
lucrative I-Cause
) I-Cause
DIY I-Cause
could O
strain B-Effect
margins I-Effect
. O

Transcore O
's O
transponders O
, O
moreover O
, O
use B-Cause
existing I-Cause
toll I-Cause
infrastructure I-Cause
, I-Cause
eliminating I-Cause
the I-Cause
need I-Cause
for I-Cause
costly I-Cause
modifications I-Cause
, I-Cause
which I-Cause
, O
to O
an O
extent O
, O
also O
evidences B-Effect
switching I-Effect
costs I-Effect
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
industrial I-Effect
revenue I-Effect
will I-Effect
stay I-Effect
low I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
world I-Cause
continues I-Cause
to I-Cause
grapple I-Cause
with I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
, O
but O
see O
a B-Effect
strong I-Effect
rebound I-Effect
thereafter I-Effect
as O
industrial B-Cause
production I-Cause
rebounds I-Cause
and I-Cause
investments I-Cause
in I-Cause
smart I-Cause
and I-Cause
connected I-Cause
factories I-Cause
increase I-Cause
. O

Also O
, O
the B-Effect
company I-Effect
's I-Effect
diagnostic I-Effect
products I-Effect
should I-Effect
grow I-Effect
through O
an B-Cause
expanding I-Cause
installed I-Cause
base I-Cause
and I-Cause
test I-Cause
menus I-Cause
for I-Cause
its I-Cause
new I-Cause
QIAstat-Dx I-Cause
and I-Cause
NeuMoDX I-Cause
platforms I-Cause
. O

As O
the O
company B-Cause
moves I-Cause
past I-Cause
the I-Cause
ongoing I-Cause
restructuring I-Cause
of I-Cause
its I-Cause
metal I-Cause
container I-Cause
and I-Cause
plastics I-Cause
facilities I-Cause
, O
revenue B-Effect
growth I-Effect
and I-Effect
margins I-Effect
should I-Effect
rebound I-Effect
. O

While O
the O
pandemic O
resulted O
in O
flat O
sales O
and O
a O
140-basis-point O
drop O
in O
operating O
margins O
for O
fiscal O
2020 O
, O
we B-Effect
expect I-Effect
normal I-Effect
patterns I-Effect
to I-Effect
resume I-Effect
in I-Effect
time I-Effect
as O
the B-Cause
virus I-Cause
is I-Cause
contained I-Cause
. O

Business O
jets O
are O
carbon-intensive O
products O
that O
would B-Effect
likely I-Effect
become I-Effect
substantially I-Effect
less I-Effect
economical I-Effect
if O
carbon B-Cause
taxes I-Cause
or I-Cause
other I-Cause
limitations I-Cause
on I-Cause
carbon I-Cause
emissions I-Cause
are I-Cause
implemented I-Cause
. O

Although O
unlikely O
, O
it B-Effect
would I-Effect
be I-Effect
a I-Effect
damaging I-Effect
blow I-Effect
to I-Effect
Skyworks I-Effect
if O
it B-Cause
were I-Cause
to I-Cause
entirely I-Cause
lose I-Cause
its I-Cause
business I-Cause
with I-Cause
Apple I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
strategy I-Cause
to I-Cause
take I-Cause
on I-Cause
debt I-Cause
to I-Cause
fund I-Cause
share I-Cause
repurchases I-Cause
results O
in O
it B-Effect
targeting I-Effect
a I-Effect
net I-Effect
debt/EBITDA I-Effect
ratio I-Effect
of I-Effect
greater I-Effect
than I-Effect
7 I-Effect
times I-Effect
, O
and O
although O
steady B-Cause
cash I-Cause
flow I-Cause
should O
allow O
it B-Effect
to I-Effect
cover I-Effect
its I-Effect
obligations I-Effect
without I-Effect
concern I-Effect
, O
it O
's O
more O
susceptible O
than O
peers O
to O
major O
disruptions O
. O

After O
reviewing B-Cause
Honeywell I-Cause
's I-Cause
announced I-Cause
acquisition I-Cause
of I-Cause
Sparta I-Cause
Systems I-Cause
, O
we B-Effect
raise I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
181 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
179 I-Effect
previously I-Effect
. O

We O
believe O
this O
will O
continue O
to O
have B-Effect
a I-Effect
long-lasting I-Effect
impact I-Effect
on I-Effect
store-level I-Effect
productivity I-Effect
and I-Effect
profitability I-Effect
, O
as O
this O
channel B-Cause
shift I-Cause
will O
result O
in O
a B-Cause
mix I-Cause
shift I-Cause
toward I-Cause
lower-margin I-Cause
hardware I-Cause
sales I-Cause
and I-Cause
drive I-Cause
lower I-Cause
sales I-Cause
attachment I-Cause
rates I-Cause
on I-Cause
higher-margin I-Cause
services I-Cause
, I-Cause
accessories I-Cause
, I-Cause
and I-Cause
warranties I-Cause
. O

There O
is O
also O
the O
possibility O
that O
inappropriate B-Cause
marketing I-Cause
activities I-Cause
can O
leave O
the B-Effect
firm I-Effect
open I-Effect
to I-Effect
regulatory I-Effect
action I-Effect
, I-Effect
though O
we O
think O
recall O
risk O
comes O
with O
higher O
probability O
. O

We B-Effect
expect I-Effect
credit I-Effect
card I-Effect
loan I-Effect
growth I-Effect
to I-Effect
be I-Effect
strong I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
company I-Cause
benefits I-Cause
from I-Cause
an I-Cause
economic I-Cause
recovery I-Cause
before O
decelerating O
to O
average O
roughly O
4 O
% O
from O
2022 O
to O
2025 O
. O

Although O
we O
recognize O
that O
e-commerce B-Effect
sales I-Effect
have I-Effect
spiked I-Effect
this O
year O
in O
response O
to O
social B-Cause
distancing I-Cause
mandates I-Cause
, O
we O
do O
not O
think O
online B-Effect
sales I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
at O
the O
same O
cadence O
and O
could O
give O
up O
some B-Effect
ground I-Effect
once O
consumers B-Cause
are I-Cause
more I-Cause
comfortable I-Cause
venturing I-Cause
outside I-Cause
the I-Cause
home I-Cause
to I-Cause
a I-Cause
greater I-Cause
extent I-Cause
. O

However O
, O
the B-Effect
acquisition I-Effect
of I-Effect
Bread I-Effect
will I-Effect
add I-Effect
incremental I-Effect
costs I-Effect
going I-Effect
forward I-Effect
as O
ADS B-Cause
works I-Cause
to I-Cause
delvelop I-Cause
its I-Cause
new I-Cause
product I-Cause
offerings I-Cause
. O

The B-Cause
change I-Cause
is I-Cause
from I-Cause
better I-Cause
fiscal I-Cause
2021 I-Cause
and I-Cause
2022 I-Cause
results I-Cause
than I-Cause
previously I-Cause
modeled I-Cause
in I-Cause
light I-Cause
of I-Cause
cost-cutting I-Cause
actions I-Cause
, O
a B-Effect
slightly I-Effect
weaker I-Effect
yen I-Effect
against I-Effect
the I-Effect
dollar I-Effect
over I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
and I-Effect
the I-Effect
time I-Effect
value I-Effect
of I-Effect
money I-Effect
. O

The B-Effect
risk I-Effect
of I-Effect
even I-Effect
greater I-Effect
consumer I-Effect
pushback I-Effect
against I-Effect
smoking I-Effect
would I-Effect
be I-Effect
material I-Effect
for I-Effect
BAT I-Effect
, O
especially O
as O
it B-Cause
does I-Cause
not I-Cause
hold I-Cause
leadership I-Cause
positions I-Cause
in I-Cause
the I-Cause
emerging I-Cause
categories I-Cause
. I-Cause

In O
the O
electro-pneumatic O
space O
, O
Parker O
Hannifin O
has O
introduced O
a O
range O
of O
pressure O
regulators O
that O
provide B-Cause
precise I-Cause
control I-Cause
and I-Cause
energy I-Cause
savings I-Cause
in I-Cause
railcar I-Cause
applications I-Cause
but I-Cause
are I-Cause
also I-Cause
built I-Cause
to I-Cause
withstand I-Cause
extreme I-Cause
temperatures I-Cause
up I-Cause
to I-Cause
negative I-Cause
40 I-Cause
degrees I-Cause
Celsius I-Cause
, O
which O
extends B-Effect
its I-Effect
useful I-Effect
life I-Effect
. O

We O
expect O
COVID-19-related B-Cause
demand I-Cause
to I-Cause
drive I-Cause
online I-Cause
commerce I-Cause
market I-Cause
share I-Cause
gains I-Cause
in I-Cause
2020 I-Cause
, O
resulting O
in O
revenue B-Effect
growth I-Effect
of I-Effect
around I-Effect
36 I-Effect
% I-Effect
. O

These O
revenue B-Cause
streams I-Cause
also O
make O
it O
more B-Effect
difficult I-Effect
for I-Effect
new I-Effect
exchange I-Effect
competitors I-Effect
to O
take O
significant O
market O
share O
since O
they O
will O
be B-Effect
forced I-Effect
to I-Effect
compete I-Effect
on I-Effect
price I-Effect
against I-Effect
Nasdaq I-Effect
without B-Cause
these I-Cause
alternative I-Cause
revenue I-Cause
sources I-Cause
. O

As O
much O
as O
Pepsi O
has O
pivoted O
its O
portfolio O
and O
its O
messaging O
, O
it B-Effect
still I-Effect
has I-Effect
to I-Effect
battle I-Effect
the I-Effect
stigma I-Effect
that I-Effect
accompanies I-Effect
processed I-Effect
food I-Effect
and I-Effect
drink I-Effect
companies I-Effect
due O
to O
increased B-Cause
social I-Cause
awareness I-Cause
of I-Cause
the I-Cause
potential I-Cause
health I-Cause
implications I-Cause
. O

All O
in O
all O
, O
we O
forecast O
Mosaic B-Cause
's I-Cause
potash I-Cause
unit I-Cause
production I-Cause
costs I-Cause
on I-Cause
a I-Cause
cash I-Cause
basis I-Cause
to I-Cause
decline I-Cause
from I-Cause
just I-Cause
below I-Cause
$ I-Cause
90 I-Cause
per I-Cause
metric I-Cause
ton I-Cause
in I-Cause
2019 I-Cause
to I-Cause
under I-Cause
$ I-Cause
65 I-Cause
in I-Cause
2025 I-Cause
( I-Cause
in I-Cause
2021 I-Cause
real I-Cause
terms I-Cause
) I-Cause
, O
which O
should B-Effect
boost I-Effect
potash I-Effect
profits I-Effect
. O

Relationships B-Cause
with I-Cause
these I-Cause
smaller I-Cause
companies I-Cause
, O
which O
have O
often O
been O
built O
up O
over O
decades O
, O
lead O
to O
more B-Effect
profitability I-Effect
and I-Effect
sustainable I-Effect
switching I-Effect
costs I-Effect
. O

We O
expect O
Nokia B-Effect
's I-Effect
technology I-Effect
business I-Effect
, I-Effect
with I-Effect
its I-Effect
stellar I-Effect
operating I-Effect
margins I-Effect
, I-Effect
to I-Effect
expand I-Effect
moderately I-Effect
as O
a O
result O
of O
licensing B-Cause
agreements I-Cause
with I-Cause
major I-Cause
5G I-Cause
phone I-Cause
manufacturers I-Cause
, I-Cause
a I-Cause
wider I-Cause
array I-Cause
of I-Cause
industries I-Cause
signing I-Cause
5G I-Cause
licensing I-Cause
deals I-Cause
, I-Cause
and I-Cause
a I-Cause
steady I-Cause
stream I-Cause
of I-Cause
high-margin I-Cause
patent I-Cause
and I-Cause
brand I-Cause
royalties I-Cause
. O

Growth O
targets O
are O
vague O
and O
non-committal O
, O
but O
we O
think O
Heineken B-Cause
has I-Cause
structural I-Cause
growth I-Cause
drivers I-Cause
that O
will O
allow O
it O
to O
generate B-Effect
above-average I-Effect
net I-Effect
revenue I-Effect
growth I-Effect
going I-Effect
forward I-Effect
. O

Combined O
with O
a O
shift O
to O
producing O
a O
greater O
proportion O
of O
higher-priced O
Model O
Y O
vehicles O
, O
we O
forecast O
gross B-Cause
margins I-Cause
will I-Cause
expand I-Cause
to I-Cause
nearly I-Cause
36 I-Cause
% I-Cause
from I-Cause
the I-Cause
26 I-Cause
% I-Cause
level I-Cause
achieved I-Cause
in I-Cause
2020 I-Cause
, O
generating B-Effect
automotive I-Effect
profit I-Effect
growth I-Effect
in I-Effect
excess I-Effect
of I-Effect
revenue I-Effect
growth I-Effect
. O

Large B-Cause
losses I-Cause
from I-Cause
the I-Cause
February I-Cause
2021 I-Cause
winter I-Cause
storm I-Cause
in I-Cause
Texas I-Cause
will O
be O
a O
temporary O
setback O
but O
could O
enhance B-Effect
the I-Effect
long-term I-Effect
value I-Effect
of I-Effect
its I-Effect
reliable I-Effect
fleet I-Effect
. O

Urban B-Cause
Outfitters I-Cause
depends I-Cause
on I-Cause
apparel I-Cause
( O
65 O
% O
of O
fiscal O
2020 O
sales O
) O
and O
is O
therefore O
exposed B-Effect
to I-Effect
fashion I-Effect
risk I-Effect
and I-Effect
changes I-Effect
in I-Effect
the I-Effect
market I-Effect
. O

In O
the O
United O
States O
, O
future B-Cause
formulary I-Cause
exclusions I-Cause
-- I-Cause
such I-Cause
as I-Cause
Express I-Cause
Scripts I-Cause
' I-Cause
exclusion I-Cause
of I-Cause
Novolin I-Cause
, I-Cause
NovoLog I-Cause
, I-Cause
and I-Cause
Victoza I-Cause
from I-Cause
its I-Cause
2014 I-Cause
national I-Cause
formulary I-Cause
, I-Cause
and I-Cause
UnitedHealth I-Cause
's I-Cause
decision I-Cause
to I-Cause
exclude I-Cause
Tresiba I-Cause
starting I-Cause
in I-Cause
2017 I-Cause
-- O
could O
also B-Effect
weigh I-Effect
on I-Effect
sales I-Effect
and I-Effect
reduce I-Effect
pricing I-Effect
power I-Effect
. O

The B-Effect
coronavirus I-Effect
pandemic I-Effect
continues I-Effect
to I-Effect
introduce I-Effect
near-term I-Effect
risk I-Effect
to I-Effect
the I-Effect
business I-Effect
, O
exacerbated O
by O
idiosyncratic B-Cause
issues I-Cause
like I-Cause
a I-Cause
recent I-Cause
production I-Cause
slowdown I-Cause
in I-Cause
Mexico I-Cause
. O

Additionally O
, O
occupancy B-Effect
will I-Effect
likely I-Effect
take I-Effect
a I-Effect
hit I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
job I-Cause
losses I-Cause
and I-Cause
office I-Cause
users I-Cause
stalling I-Cause
on I-Cause
signing I-Cause
contracts I-Cause
for I-Cause
new I-Cause
space I-Cause
amid I-Cause
the I-Cause
prevalence I-Cause
of I-Cause
significant I-Cause
uncertainty I-Cause
. O

Further O
, O
in O
contrast O
to O
most O
of O
its O
peers O
, O
J O
& O
J O
faces O
the B-Cause
majority I-Cause
of I-Cause
its I-Cause
near-term I-Cause
patent I-Cause
losses I-Cause
on I-Cause
hard-to-make I-Cause
complex I-Cause
drugs I-Cause
, O
which O
should O
likely O
slow O
generic B-Effect
Drug I-Effect
Manufacturers I-Effect
- I-Effect
Generaldrug I-Effect
competition I-Effect
. O

The O
outcome O
of O
the O
recent O
strategic O
review B-Effect
was I-Effect
disappointing I-Effect
, O
as O
it O
essentially O
maintained B-Cause
the I-Cause
status I-Cause
quo I-Cause
versus I-Cause
pursuing I-Cause
meaningful I-Cause
changes I-Cause
. O

Given O
the B-Cause
stagnant I-Cause
number I-Cause
of I-Cause
technicians I-Cause
and I-Cause
independent I-Cause
repair I-Cause
shops I-Cause
offset I-Cause
by I-Cause
technology I-Cause
trends I-Cause
, O
we B-Effect
forecast I-Effect
4 I-Effect
% I-Effect
annual I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

When O
serving O
personalized O
and O
dynamic O
content O
, O
Fastly B-Effect
is I-Effect
not I-Effect
at I-Effect
a I-Effect
disadvantage I-Effect
by I-Effect
having I-Effect
far I-Effect
fewer I-Effect
PoPs I-Effect
than I-Effect
some I-Effect
competitors I-Effect
, O
because O
those B-Cause
PoPs I-Cause
would I-Cause
n't I-Cause
be I-Cause
caching I-Cause
the I-Cause
content I-Cause
anyway I-Cause
. O

Even O
though O
the O
government O
participation O
is O
silent O
in O
principal O
, O
anti-bank B-Cause
sentiment I-Cause
in I-Cause
the I-Cause
public I-Cause
could O
potentially O
affect O
Natwest B-Effect
more I-Effect
than I-Effect
peers I-Effect
as I-Effect
a I-Effect
result I-Effect
. O

And O
Victoria B-Cause
's I-Cause
Secret I-Cause
could I-Cause
have I-Cause
to I-Cause
continue I-Cause
to I-Cause
drive I-Cause
in-store I-Cause
traffic I-Cause
with I-Cause
price I-Cause
and I-Cause
promotions I-Cause
after I-Cause
COVID-19 I-Cause
as I-Cause
consumer I-Cause
behavior I-Cause
around I-Cause
brick-and-mortar I-Cause
retailing I-Cause
shifts. O
These O
concerns O
have O
tempered B-Effect
our I-Effect
forecasts I-Effect
for I-Effect
consolidated I-Effect
gross I-Effect
and I-Effect
operating I-Effect
margins I-Effect
averaging I-Effect
37 I-Effect
% I-Effect
and I-Effect
10 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
, I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
versus I-Effect
39 I-Effect
% I-Effect
and I-Effect
14 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
. O

We O
anticipate O
that O
the O
enhanced B-Cause
network I-Cause
in I-Cause
conjunction I-Cause
with I-Cause
the I-Cause
industry I-Cause
consolidation I-Cause
will O
result O
in O
churn B-Effect
declining I-Effect
, I-Effect
pricing I-Effect
power I-Effect
increasing I-Effect
, I-Effect
and I-Effect
margins I-Effect
expanding I-Effect
. O

In O
addition O
, O
Google B-Cause
's I-Cause
decision I-Cause
to I-Cause
no I-Cause
longer I-Cause
accept I-Cause
any I-Cause
substitutes I-Cause
that O
track O
, O
identify O
, O
and O
target O
individuals O
with O
ads O
on O
its O
Chrome O
browser O
will O
further O
lower O
demand B-Effect
for I-Effect
and I-Effect
utilization I-Effect
of I-Effect
some I-Effect
third-party I-Effect
cookie I-Effect
substitutes I-Effect
, O
affecting O
companies O
like O
Criteo O
. O

But O
how O
can O
a B-Effect
vendor I-Effect
have I-Effect
any I-Effect
pricing I-Effect
power I-Effect
in I-Effect
an I-Effect
intensely I-Effect
competitive I-Effect
industry I-Effect
like O
the O
auto-parts O
sector O
? O
Generally O
, O
auto-parts B-Cause
suppliers I-Cause
are I-Cause
contractually I-Cause
obligated I-Cause
to I-Cause
reduce I-Cause
the I-Cause
price I-Cause
of I-Cause
their I-Cause
products I-Cause
annually I-Cause
and I-Cause
must I-Cause
use I-Cause
lean I-Cause
manufacturing I-Cause
practices I-Cause
just I-Cause
to I-Cause
prevent I-Cause
margin I-Cause
erosion I-Cause
. O

Finally O
, O
and O
consistent O
with O
banking O
in O
general O
, O
a B-Cause
persistently I-Cause
low I-Cause
SELIC I-Cause
rate I-Cause
( O
currently O
at O
a O
record O
low O
2.00 O
% O
) O
could O
see O
yields B-Cause
on I-Cause
earning I-Cause
assets I-Cause
decline I-Cause
sharply I-Cause
( O
and O
spreads O
decline O
permanently O
) O
, O
preventing O
the B-Effect
bank I-Effect
from I-Effect
enjoying I-Effect
the I-Effect
sky-high I-Effect
net I-Effect
interest I-Effect
margins I-Effect
investors I-Effect
have I-Effect
grown I-Effect
accustomed I-Effect
to I-Effect
. O

With O
essentially B-Cause
identical I-Cause
base I-Cause
ingredients I-Cause
but I-Cause
fairly I-Cause
distinct I-Cause
taste I-Cause
profiles I-Cause
, O
leading O
operators B-Effect
can I-Effect
typically I-Effect
maintain I-Effect
sufficient I-Effect
volumes I-Effect
for I-Effect
meaningful I-Effect
scale I-Effect
advantages I-Effect
. O

We B-Effect
project I-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
to I-Effect
expand I-Effect
by I-Effect
about I-Effect
five I-Effect
percentage I-Effect
points I-Effect
between I-Effect
2020 I-Effect
and I-Effect
2025 I-Effect
, O
as O
the B-Cause
same I-Cause
technological I-Cause
factor I-Cause
that I-Cause
leads I-Cause
to I-Cause
deflationary I-Cause
pricing I-Cause
reduces I-Cause
Cogent I-Cause
's I-Cause
network I-Cause
costs I-Cause
. I-Cause

Meanwhile O
, O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
PVH I-Effect
's I-Effect
heritage I-Effect
brands I-Effect
to I-Effect
reach I-Effect
their I-Effect
2019 I-Effect
sales I-Effect
levels I-Effect
in I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, O
as O
the B-Cause
firm I-Cause
permanently I-Cause
closes I-Cause
retail I-Cause
stores I-Cause
and I-Cause
wholesale I-Cause
orders I-Cause
remain I-Cause
weak I-Cause
. O

This B-Effect
mutual I-Effect
learning I-Effect
curve I-Effect
that I-Effect
develops I-Effect
over I-Effect
time I-Effect
creates I-Effect
significant I-Effect
switching I-Effect
cost I-Effect
for I-Effect
customers I-Effect
as O
they B-Cause
would I-Cause
have I-Cause
to I-Cause
start I-Cause
over I-Cause
if I-Cause
they I-Cause
choose I-Cause
to I-Cause
switch I-Cause
vendors I-Cause
. O

Additionally O
, O
the B-Cause
recent I-Cause
acquisition I-Cause
of I-Cause
Allergan I-Cause
brings O
several B-Effect
new I-Effect
products I-Effect
, O
including O
Botox O
for O
both O
cosmetic O
and O
therapeutic O
uses O
. O

On B-Cause
a I-Cause
bigger I-Cause
scale I-Cause
, I-Cause
powerful I-Cause
distribution I-Cause
networks I-Cause
, I-Cause
a I-Cause
multitude I-Cause
of I-Cause
products I-Cause
, I-Cause
and I-Cause
diversification I-Cause
of I-Cause
business I-Cause
lines I-Cause
lead O
to O
economies B-Effect
of I-Effect
scope I-Effect
in I-Effect
addition I-Effect
to I-Effect
those I-Effect
already I-Effect
achieved I-Effect
. O

Broadly O
, O
these B-Cause
core I-Cause
capabilities I-Cause
are I-Cause
intertwined I-Cause
with I-Cause
intangible I-Cause
assets I-Cause
( I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
a I-Cause
network I-Cause
of I-Cause
patents I-Cause
and I-Cause
organizational I-Cause
know-how I-Cause
) I-Cause
and I-Cause
cost I-Cause
advantage I-Cause
( I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
economies I-Cause
of I-Cause
scale I-Cause
and I-Cause
scope I-Cause
) I-Cause
. O
These O
capabilities O
allow O
Halliburton B-Effect
to I-Effect
lower I-Effect
the I-Effect
development I-Effect
cost I-Effect
per I-Effect
barrel I-Effect
for I-Effect
oil I-Effect
and I-Effect
gas I-Effect
operators I-Effect
, I-Effect
relative I-Effect
to I-Effect
alternative I-Effect
products I-Effect
and I-Effect
services I-Effect
. O

We O
also O
believe O
the B-Effect
acquisition I-Effect
of I-Effect
Aclara I-Effect
positions I-Effect
Hubbell I-Effect
to I-Effect
capture I-Effect
customers I-Effect
' I-Effect
need I-Effect
for I-Effect
predictive I-Effect
maintenance I-Effect
tools I-Effect
, O
given O
the B-Cause
potentially I-Cause
catastrophic I-Cause
risk I-Cause
of I-Cause
loss I-Cause
. O

Most B-Effect
of I-Effect
the I-Effect
growth I-Effect
is I-Effect
likely I-Effect
to I-Effect
come I-Effect
from I-Effect
the I-Effect
company I-Effect
's I-Effect
Americas I-Effect
and I-Effect
Asia-Pacific I-Effect
segments I-Effect
, O
thanks O
to O
more B-Cause
favorable I-Cause
demographics I-Cause
and I-Cause
per I-Cause
capita I-Cause
beverage I-Cause
consumption I-Cause
prospects I-Cause
. O

We O
anticipate O
the B-Cause
flow-through I-Cause
from I-Cause
gross I-Cause
margins I-Cause
as I-Cause
well I-Cause
as I-Cause
leverage I-Cause
from I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
expenses I-Cause
will O
result O
in O
a B-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
of I-Effect
31 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
. O

Additionally O
, O
if O
a B-Cause
customer I-Cause
wanted I-Cause
to I-Cause
replace I-Cause
Zebra I-Cause
, O
it B-Effect
may I-Effect
have I-Effect
to I-Effect
find I-Effect
multiple I-Effect
vendors I-Effect
to I-Effect
accomplish I-Effect
the I-Effect
same I-Effect
tasks I-Effect
or I-Effect
face I-Effect
limits I-Effect
to I-Effect
its I-Effect
future I-Effect
capabilities I-Effect
. O

As O
refrigerated B-Cause
options I-Cause
gain I-Cause
traction I-Cause
in I-Cause
the I-Cause
side I-Cause
dish I-Cause
market I-Cause
( I-Cause
they I-Cause
are I-Cause
reporting I-Cause
7 I-Cause
% I-Cause
to I-Cause
8 I-Cause
% I-Cause
growth I-Cause
rates I-Cause
) I-Cause
, O
the B-Effect
brand I-Effect
's I-Effect
presence I-Effect
should I-Effect
become I-Effect
increasingly I-Effect
prevalent I-Effect
in I-Effect
the I-Effect
broader I-Effect
side I-Effect
dish I-Effect
category I-Effect
. O

Sysco B-Effect
is I-Effect
tackling I-Effect
the I-Effect
$ I-Effect
5 I-Effect
billion I-Effect
it I-Effect
spends I-Effect
on I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
in O
order O
to O
make B-Cause
the I-Cause
organization I-Cause
more I-Cause
profitable I-Cause
. O

In O
our O
view O
, O
Criteo B-Effect
's I-Effect
network I-Effect
effect I-Effect
may I-Effect
also I-Effect
weaken I-Effect
as O
future B-Cause
ads I-Cause
might I-Cause
have I-Cause
worse I-Cause
targeting I-Cause
and I-Cause
deliver I-Cause
disappointing I-Cause
return I-Cause
on I-Cause
investment I-Cause
to I-Cause
its I-Cause
advertisers I-Cause
. O

By O
contrast O
, O
the B-Cause
fixed-line I-Cause
phone I-Cause
companies I-Cause
are I-Cause
typically I-Cause
incapable I-Cause
of I-Cause
increasing I-Cause
network I-Cause
speeds I-Cause
broadly I-Cause
across I-Cause
their I-Cause
networks I-Cause
without I-Cause
heavy I-Cause
investment I-Cause
to I-Cause
bring I-Cause
fiber I-Cause
closer I-Cause
to I-Cause
customers. O
As O
a O
result O
, O
large B-Effect
swaths I-Effect
of I-Effect
the I-Effect
phone I-Effect
network I-Effect
remain I-Effect
incapable I-Effect
of I-Effect
delivering I-Effect
the I-Effect
speeds I-Effect
much I-Effect
beyond I-Effect
around I-Effect
20 I-Effect
megabits/second I-Effect
, I-Effect
increasingly I-Effect
falling I-Effect
short I-Effect
of I-Effect
customer I-Effect
demand I-Effect
. O

However O
, O
the B-Cause
increase I-Cause
in I-Cause
retail I-Cause
earnings I-Cause
leaves O
NRG B-Effect
more I-Effect
exposed I-Effect
to I-Effect
customer I-Effect
energy I-Effect
usage I-Effect
trends I-Effect
and I-Effect
competitive I-Effect
energy I-Effect
supply I-Effect
markets I-Effect
. O

Sponsors B-Cause
are I-Cause
willing I-Cause
to I-Cause
pay I-Cause
a I-Cause
premium I-Cause
to O
increase B-Effect
the I-Effect
chances I-Effect
that I-Effect
their I-Effect
trials I-Effect
will I-Effect
get I-Effect
completed I-Effect
on I-Effect
time I-Effect
and O
that O
data B-Effect
will I-Effect
be I-Effect
recorded I-Effect
accurately I-Effect
with I-Effect
all I-Effect
protocols I-Effect
being I-Effect
followed I-Effect
. O

We B-Effect
project I-Effect
that I-Effect
net I-Effect
charge-offs I-Effect
will I-Effect
be I-Effect
roughly I-Effect
0.85 I-Effect
% I-Effect
through I-Effect
the I-Effect
cycle I-Effect
, O
and O
while O
we B-Cause
see I-Cause
elevated I-Cause
charge-offs I-Cause
in I-Cause
2021 I-Cause
we I-Cause
see I-Cause
provisioning I-Cause
falling I-Cause
dramatically O
as O
we B-Cause
think I-Cause
the I-Cause
bank I-Cause
likely I-Cause
already I-Cause
has I-Cause
excess I-Cause
reserves I-Cause
. O

Given O
the O
amount O
of O
operating O
leverage O
in O
a O
refiner O
, O
our B-Effect
valuation I-Effect
is O
highly O
dependent O
on O
our B-Cause
refining I-Cause
margin I-Cause
assumptions I-Cause
. O

Plug B-Cause
load I-Cause
controls I-Cause
turn I-Cause
off I-Cause
plug I-Cause
loads I-Cause
when I-Cause
they I-Cause
're I-Cause
not I-Cause
in I-Cause
use I-Cause
, I-Cause
and I-Cause
sales I-Cause
are I-Cause
driven I-Cause
by I-Cause
recent I-Cause
code I-Cause
updates. O
These O
controls O
can O
provide B-Effect
15 I-Effect
% I-Effect
to I-Effect
50 I-Effect
% I-Effect
energy I-Effect
savings I-Effect
, I-Effect
with I-Effect
the I-Effect
opportunity I-Effect
to I-Effect
save I-Effect
more I-Effect
if I-Effect
controlled I-Effect
by I-Effect
Hubbell I-Effect
's I-Effect
occupancy I-Effect
sensors I-Effect
. O

Digital B-Cause
solutions I-Cause
( I-Cause
precision I-Cause
farming I-Cause
) I-Cause
are I-Cause
also I-Cause
a I-Cause
critical I-Cause
component I-Cause
in I-Cause
today I-Cause
's I-Cause
machines I-Cause
, O
helping B-Effect
customers I-Effect
make I-Effect
data-driven I-Effect
decisions I-Effect
to I-Effect
boost I-Effect
their I-Effect
productivity I-Effect
. O

In B-Cause
addition I-Cause
, I-Cause
its I-Cause
earnings I-Cause
are I-Cause
dominated I-Cause
by I-Cause
the I-Cause
contribution I-Cause
from I-Cause
emerging I-Cause
markets I-Cause
, O
which B-Effect
offsets I-Effect
the I-Effect
weak I-Effect
contribution I-Effect
from I-Effect
its I-Effect
historical I-Effect
Spanish I-Effect
home I-Effect
market I-Effect
. O

It B-Cause
now I-Cause
plans I-Cause
to I-Cause
add I-Cause
Enable I-Cause
by I-Cause
midyear I-Cause
in I-Cause
a I-Cause
$ I-Cause
7 I-Cause
billion I-Cause
deal I-Cause
, I-Cause
including I-Cause
debt I-Cause
, O
that O
will O
boost B-Effect
EBITDA I-Effect
about I-Effect
10 I-Effect
% I-Effect
. O

Although O
the O
firm O
has O
opted O
to O
build O
out O
its O
mix O
through O
a B-Cause
handful I-Cause
of I-Cause
acquisitions I-Cause
to I-Cause
enhance I-Cause
its I-Cause
growth I-Cause
trajectory I-Cause
and I-Cause
diversify I-Cause
its I-Cause
category I-Cause
exposure I-Cause
, O
we O
continue O
to O
believe O
that O
its O
namesake B-Effect
brand I-Effect
is I-Effect
where I-Effect
its I-Effect
competitive I-Effect
edge I-Effect
is I-Effect
( O
which O
accounts O
for O
the O
vast O
majority O
of O
revenue O
and O
profits O
) O
. O

We O
expect O
this B-Effect
trend I-Effect
to I-Effect
increase I-Effect
for I-Effect
a I-Effect
few I-Effect
decades I-Effect
as O
legislated B-Cause
fuel I-Cause
economy I-Cause
and I-Cause
safety I-Cause
requirements I-Cause
compel I-Cause
vehicle I-Cause
manufacturers I-Cause
to I-Cause
incorporate I-Cause
a I-Cause
wider I-Cause
array I-Cause
of I-Cause
sensors I-Cause
, I-Cause
electronic I-Cause
systems I-Cause
, I-Cause
and I-Cause
complex I-Cause
part I-Cause
geometries I-Cause
. O

Coupled O
with O
a B-Cause
cost I-Cause
advantage I-Cause
generated I-Cause
by I-Cause
its I-Cause
scope I-Cause
of I-Cause
distribution I-Cause
and I-Cause
leading I-Cause
DIY I-Cause
market I-Cause
share I-Cause
, O
the O
firm O
stands O
to O
benefit B-Effect
from I-Effect
consolidation I-Effect
behind I-Effect
national I-Effect
chains I-Effect
that I-Effect
can I-Effect
efficiently I-Effect
provide I-Effect
reliable I-Effect
part I-Effect
availability I-Effect
. O

Moreover O
, O
while O
it O
is O
our O
understanding O
hospitals O
will O
often O
pool B-Cause
procurement I-Cause
resources I-Cause
to I-Cause
increase I-Cause
bargaining I-Cause
power I-Cause
when O
negotiating O
with O
medical O
imaging O
providers O
, O
GE O
mostly B-Effect
continues I-Effect
to I-Effect
directly I-Effect
negotiate I-Effect
with I-Effect
each I-Effect
hospital I-Effect
. O

To O
be O
clear O
, O
we O
think O
the O
company O
is O
poised O
to O
gain B-Effect
market I-Effect
share I-Effect
from I-Effect
higher-priced I-Effect
competitors I-Effect
as O
it O
pursues B-Cause
a I-Cause
robust I-Cause
advertising I-Cause
campaign I-Cause
in O
target O
markets O
. O

With O
pharmaceutical B-Cause
and I-Cause
biotech I-Cause
companies I-Cause
aiming I-Cause
for I-Cause
personalized I-Cause
and I-Cause
targeted I-Cause
therapies I-Cause
, O
we B-Effect
expect I-Effect
a I-Effect
steady I-Effect
stream I-Effect
of I-Effect
new I-Effect
biomarker I-Effect
discovery I-Effect
and I-Effect
greater I-Effect
application I-Effect
of I-Effect
molecular I-Effect
diagnostics I-Effect
across I-Effect
the I-Effect
clinical I-Effect
spectrum I-Effect
. O

Refining O
margins O
have O
been O
high O
at O
around O
USD O
10.38 O
per O
barrel O
in O
2017 O
, O
and O
USD O
9.54 O
in O
2018 O
, O
but O
increased B-Cause
competition I-Cause
from I-Cause
excess I-Cause
supply I-Cause
in I-Cause
China I-Cause
coupled I-Cause
with I-Cause
higher I-Cause
freight I-Cause
charges I-Cause
will O
see O
margins B-Effect
normalizing I-Effect
. O

Even O
so O
, O
we O
calculate O
that O
EV B-Effect
adoption I-Effect
would I-Effect
only I-Effect
eviscerate I-Effect
about I-Effect
1 I-Effect
% I-Effect
of I-Effect
ITT I-Effect
's I-Effect
sales I-Effect
mix I-Effect
by I-Effect
2028 I-Effect
( I-Effect
just I-Effect
under I-Effect
$ I-Effect
50 I-Effect
million I-Effect
) I-Effect
, O
given O
ITT B-Cause
's I-Cause
current I-Cause
sizable I-Cause
installed I-Cause
base I-Cause
( I-Cause
market I-Cause
share I-Cause
currently I-Cause
sits I-Cause
in I-Cause
the I-Cause
mid-20s I-Cause
according I-Cause
to I-Cause
management I-Cause
) I-Cause
. O

The B-Effect
benefits I-Effect
to I-Effect
customers I-Effect
are I-Effect
manifold I-Effect
, O
as O
fleets B-Cause
experience I-Cause
greater I-Cause
leverage I-Cause
with I-Cause
truck I-Cause
manufacturers I-Cause
while O
being O
able O
to O
optimize B-Cause
their I-Cause
service I-Cause
operations I-Cause
across I-Cause
truck I-Cause
platforms I-Cause
. I-Cause

Due O
, O
in O
part O
, O
to O
the B-Cause
strong I-Cause
performance I-Cause
of I-Cause
Supreme I-Cause
, O
we B-Effect
have I-Effect
raised I-Effect
our I-Effect
fiscal I-Effect
2022 I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
EPS I-Effect
expectations I-Effect
to I-Effect
28 I-Effect
% I-Effect
and I-Effect
$ I-Effect
3.09 I-Effect
, I-Effect
respectively I-Effect
, I-Effect
from I-Effect
25 I-Effect
% I-Effect
and I-Effect
$ I-Effect
3.04 I-Effect
. O

Once O
the B-Cause
economic I-Cause
cycle I-Cause
turns I-Cause
, O
this O
could O
result O
in O
greater B-Effect
potential I-Effect
for I-Effect
consumer I-Effect
defaults I-Effect
as O
well O
as O
a B-Effect
longer I-Effect
period I-Effect
of I-Effect
decreased I-Effect
economic I-Effect
demand I-Effect
as O
consumers B-Cause
repair I-Cause
their I-Cause
own I-Cause
finances I-Cause
. O

We O
expect O
downside B-Effect
in I-Effect
margins I-Effect
in I-Effect
missiles I-Effect
and I-Effect
fire I-Effect
control I-Effect
, I-Effect
and I-Effect
rotary I-Effect
and I-Effect
mission I-Effect
systems I-Effect
, O
as O
the B-Cause
company I-Cause
takes I-Cause
on I-Cause
lower-margin I-Cause
cost-plus I-Cause
development I-Cause
contracts I-Cause
for I-Cause
hypersonic I-Cause
missiles I-Cause
and O
we O
expect O
the O
company O
will O
win O
the O
Future O
Vertical O
Lift O
contract O
. O

Compounded O
by O
a B-Cause
dearth I-Cause
of I-Cause
cybersecurity I-Cause
talent I-Cause
, O
we O
think O
that O
consolidated B-Effect
security I-Effect
platforms I-Effect
, I-Effect
like I-Effect
Fortinet I-Effect
's I-Effect
Security I-Effect
Fabric I-Effect
, I-Effect
will I-Effect
remain I-Effect
in I-Effect
high I-Effect
demand I-Effect
, O
as O
customers B-Cause
prefer I-Cause
to I-Cause
add I-Cause
capabilities I-Cause
via I-Cause
subscriptions I-Cause
over I-Cause
managing I-Cause
disparate I-Cause
software I-Cause
and I-Cause
hardware I-Cause
vendors I-Cause
. O

Clients B-Effect
of I-Effect
BNY I-Effect
Mellon I-Effect
's I-Effect
investment I-Effect
servicing I-Effect
face I-Effect
switching I-Effect
costs I-Effect
due O
to O
process B-Cause
disruption I-Cause
, I-Cause
the I-Cause
interconnectedness I-Cause
of I-Cause
clients I-Cause
' I-Cause
workflows I-Cause
, I-Cause
and I-Cause
the I-Cause
custodians I-Cause
' I-Cause
infrastructure I-Cause
as I-Cause
well I-Cause
as I-Cause
onboarding I-Cause
costs I-Cause
. O

Given O
Pinduoduo B-Cause
has I-Cause
been I-Cause
aggressively I-Cause
expanding I-Cause
its I-Cause
market I-Cause
share I-Cause
from I-Cause
3 I-Cause
% I-Cause
in I-Cause
calendar I-Cause
year I-Cause
2017 I-Cause
to I-Cause
17 I-Cause
% I-Cause
in I-Cause
2020 I-Cause
, O
we O
think O
there B-Effect
is I-Effect
a I-Effect
possibility I-Effect
of I-Effect
JD I-Effect
losing I-Effect
share I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Management B-Effect
has I-Effect
noted I-Effect
that I-Effect
its I-Effect
Paragon I-Effect
segment I-Effect
has I-Effect
experienced I-Effect
higher I-Effect
client I-Effect
attrition I-Effect
in I-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
with O
healthcare B-Cause
consolidation I-Cause
and I-Cause
clients I-Cause
making I-Cause
a I-Cause
switch I-Cause
to I-Cause
more I-Cause
stable I-Cause
peers I-Cause
. O

Given O
the B-Cause
limited I-Cause
land I-Cause
available I-Cause
to I-Cause
develop I-Cause
, I-Cause
and I-Cause
the I-Cause
government I-Cause
's I-Cause
seeming I-Cause
preference I-Cause
for I-Cause
controlling I-Cause
growth I-Cause
of I-Cause
the I-Cause
region I-Cause
, O
we O
also O
think O
it O
is O
likely O
that O
there B-Effect
will I-Effect
not I-Effect
be I-Effect
any I-Effect
meaningful I-Effect
new I-Effect
gaming I-Effect
concessions I-Effect
or I-Effect
table I-Effect
allocations I-Effect
presented I-Effect
at I-Effect
the I-Effect
time I-Effect
of I-Effect
renewal I-Effect
. O

Baxter B-Cause
's I-Cause
appetite I-Cause
for I-Cause
acquisitions I-Cause
also I-Cause
appears I-Cause
to I-Cause
be I-Cause
increasing I-Cause
, O
which O
creates B-Effect
some I-Effect
uncertainty I-Effect
around I-Effect
its I-Effect
ROIC I-Effect
trajectory I-Effect
and I-Effect
could I-Effect
add I-Effect
financial I-Effect
leverage I-Effect
to I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
. O

While O
only O
about O
40 O
% O
of O
Shell O
's O
13.6 O
mtpa O
of O
major O
chemical O
manufacturing O
capacity O
is O
located O
in O
North O
America O
or O
the O
Middle O
East O
, O
which O
have O
abundant O
sources O
of O
cheap O
feedstock O
, O
42 O
% O
is O
located O
in O
Asia-Pacific O
, O
where O
demand B-Effect
is I-Effect
expected I-Effect
to I-Effect
resume I-Effect
growth I-Effect
once O
macroeconomic B-Cause
conditions I-Cause
stabilize I-Cause
. O

Our B-Effect
lower I-Effect
room I-Effect
growth I-Effect
forecast I-Effect
is O
driven O
by O
lower B-Cause
near-term I-Cause
construction I-Cause
and I-Cause
signing I-Cause
pace I-Cause
due O
to O
potential B-Cause
headwinds I-Cause
enamating O
from O
the B-Cause
recent I-Cause
increase I-Cause
in I-Cause
COVID-19 I-Cause
cases I-Cause
in I-Cause
Europe I-Cause
and I-Cause
the I-Cause
U.S I-Cause
. I-Cause

This B-Cause
gives I-Cause
it I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
over I-Cause
some I-Cause
of I-Cause
its I-Cause
larger I-Cause
competitors I-Cause
despite I-Cause
its I-Cause
more I-Cause
limited I-Cause
scale. O
As O
a O
result O
, O
Discover B-Effect
has I-Effect
managed I-Effect
to I-Effect
keep I-Effect
its I-Effect
operating I-Effect
structure I-Effect
lean I-Effect
, I-Effect
with I-Effect
efficiency I-Effect
ratios I-Effect
that I-Effect
have I-Effect
historically I-Effect
stayed I-Effect
below I-Effect
40 I-Effect
% I-Effect
, I-Effect
well I-Effect
below I-Effect
those I-Effect
of I-Effect
many I-Effect
traditional I-Effect
banks I-Effect
. O

Because O
hotel B-Cause
accommodations I-Cause
are I-Cause
elastic I-Cause
in I-Cause
demand I-Cause
and I-Cause
most I-Cause
consumers I-Cause
are I-Cause
price-sensitive I-Cause
, O
competitors B-Effect
can I-Effect
easily I-Effect
steal I-Effect
occupancy I-Effect
by I-Effect
offering I-Effect
low I-Effect
rates I-Effect
, O
which O
happens O
immediately O
as O
hotels O
turn O
over O
their O
tenants O
each O
night O
. O

In O
the O
long O
term O
, O
adoption B-Cause
of I-Cause
electric I-Cause
vehicles I-Cause
, I-Cause
autonomous I-Cause
vehicles I-Cause
, I-Cause
and I-Cause
ride-sharing I-Cause
could O
reduce B-Effect
demand I-Effect
for I-Effect
HollyFrontier I-Effect
's I-Effect
primary I-Effect
products I-Effect
. O

Most O
importantly O
, O
scale B-Effect
will I-Effect
be I-Effect
lost I-Effect
from I-Effect
ships I-Effect
that I-Effect
have I-Effect
been I-Effect
sold I-Effect
and I-Effect
scrapped I-Effect
, I-Effect
or I-Effect
remain I-Effect
in I-Effect
layup I-Effect
, O
as O
we O
anticipate O
Carnival B-Cause
will I-Cause
execute I-Cause
a I-Cause
staggered I-Cause
return I-Cause
to I-Cause
the I-Cause
sailing I-Cause
of I-Cause
its I-Cause
fleet I-Cause
across I-Cause
its I-Cause
brand I-Cause
portfolio I-Cause
in I-Cause
the I-Cause
back I-Cause
half I-Cause
of I-Cause
2021 I-Cause
. O

Since O
pass-through B-Cause
shipping I-Cause
and I-Cause
handling I-Cause
can I-Cause
exceed I-Cause
sterilization I-Cause
costs I-Cause
, O
a B-Effect
lower-priced I-Effect
provider I-Effect
could I-Effect
still I-Effect
be I-Effect
more I-Effect
expensive I-Effect
if I-Effect
they I-Effect
are I-Effect
located I-Effect
farther I-Effect
away I-Effect
. O

Furthermore O
, O
we O
are O
forecasting O
relatively B-Effect
high I-Effect
growth I-Effect
rates I-Effect
in I-Effect
China I-Effect
and I-Effect
India I-Effect
, O
which O
may O
not O
materialize O
if O
growth B-Cause
in I-Cause
those I-Cause
economies I-Cause
slows I-Cause
down I-Cause
. O

Although O
the B-Cause
company I-Cause
is I-Cause
likely I-Cause
to I-Cause
acquire I-Cause
imported I-Cause
cement I-Cause
if O
demand O
is O
strong O
enough O
, O
we O
assume O
this O
would O
probably B-Effect
be I-Effect
sold I-Effect
at I-Effect
or I-Effect
near I-Effect
cost I-Effect
. O

We O
remain B-Cause
bullish I-Cause
on I-Cause
Intelligrated I-Cause
, O
which O
we O
believe O
will O
help O
propel B-Effect
the I-Effect
firm I-Effect
's I-Effect
productivity I-Effect
solutions I-Effect
business I-Effect
toward I-Effect
a I-Effect
9 I-Effect
% I-Effect
CAGR I-Effect
over O
the O
next O
five O
years O
. O

The B-Cause
COVID-19 I-Cause
outbreak I-Cause
has O
left B-Cause
consumers I-Cause
scouring I-Cause
the I-Cause
shelves I-Cause
for I-Cause
Clorox I-Cause
's I-Cause
fare I-Cause
, O
leading O
to O
a B-Effect
pronounced I-Effect
bump I-Effect
in I-Effect
near-term I-Effect
sales I-Effect
. O

As B-Cause
Charter I-Cause
and I-Cause
its I-Cause
cable I-Cause
peers I-Cause
increase I-Cause
their I-Cause
share I-Cause
of I-Cause
total I-Cause
customer I-Cause
telecom I-Cause
spending I-Cause
in I-Cause
a I-Cause
given I-Cause
neighborhood I-Cause
, O
we B-Effect
expect I-Effect
these I-Effect
firms I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
further I-Effect
outspend I-Effect
rivals I-Effect
on I-Effect
network I-Effect
maintenance I-Effect
and I-Effect
upgrades I-Effect
while I-Effect
gaining I-Effect
operating I-Effect
cost I-Effect
efficiencies I-Effect
. O

We O
do O
believe O
however O
, O
that O
these B-Effect
investments I-Effect
are I-Effect
necessary I-Effect
to O
offset B-Cause
the I-Cause
lower I-Cause
demand I-Cause
from I-Cause
new I-Cause
technologies I-Cause
such I-Cause
as I-Cause
additive I-Cause
manufacturing I-Cause
and I-Cause
electric I-Cause
vehicles I-Cause
which I-Cause
require I-Cause
fewer I-Cause
cutting I-Cause
tools I-Cause
. O

These O
segments O
now O
only O
make O
up O
about O
17 O
% O
of O
its O
revenue O
, O
and O
we O
expect O
these B-Effect
historically I-Effect
low-growth I-Effect
businesses I-Effect
to I-Effect
continue I-Effect
to I-Effect
fade I-Effect
as O
management B-Cause
deploys I-Cause
capital I-Cause
to I-Cause
new I-Cause
growth I-Cause
initiatives I-Cause
in I-Cause
more I-Cause
attractive I-Cause
human I-Cause
health-related I-Cause
end I-Cause
markets I-Cause
. O

We O
also O
think O
that O
many B-Effect
of I-Effect
IBM I-Effect
's I-Effect
customers I-Effect
are I-Effect
slow I-Effect
to I-Effect
change I-Effect
IT I-Effect
consultants I-Effect
and I-Effect
providers I-Effect
because O
they B-Cause
fear I-Cause
rocking I-Cause
the I-Cause
boat I-Cause
with I-Cause
the I-Cause
mission I-Cause
critical I-Cause
functions I-Cause
served I-Cause
on I-Cause
IBM I-Cause
IT I-Cause
. O

While O
intermodal O
demand O
bounced O
off O
pandemic O
lows O
, O
Hunt B-Effect
's I-Effect
container I-Effect
volume I-Effect
was O
constrained O
by O
rail B-Cause
network I-Cause
congestion I-Cause
and O
revenue O
fell O
1.5 O
% O
. O

We O
expect O
additional B-Effect
demand I-Effect
recovery I-Effect
in I-Effect
2021 I-Effect
, O
with O
revenue B-Effect
rising I-Effect
7 I-Effect
% I-Effect
-8 I-Effect
% I-Effect
on O
healthy B-Cause
intermodal I-Cause
growth I-Cause
( O
heavy O
retailer O
restocking O
in O
the O
first O
half O
) O
, O
automotive B-Cause
carload I-Cause
growth I-Cause
, O
and O
industrial B-Cause
end-market I-Cause
improvement I-Cause
( O
which O
carries O
some O
risk O
) O
. O

Legacy B-Effect
networks I-Effect
also I-Effect
face I-Effect
more I-Effect
costs I-Effect
to I-Effect
accommodate I-Effect
the I-Effect
explosion I-Effect
in I-Effect
volume I-Effect
that I-Effect
is I-Effect
accompanying I-Effect
Internet I-Effect
use I-Effect
( I-Effect
transit I-Effect
bit I-Effect
volume I-Effect
has I-Effect
been I-Effect
growing I-Effect
25 I-Effect
% I-Effect
annually I-Effect
for I-Effect
the I-Effect
last I-Effect
25 I-Effect
years I-Effect
) I-Effect
, O
and O
given O
the B-Cause
deflationary I-Cause
pricing I-Cause
environment I-Cause
for I-Cause
Internet I-Cause
transit I-Cause
, I-Cause
competitors I-Cause
have I-Cause
been I-Cause
leaving I-Cause
, I-Cause
rather I-Cause
than I-Cause
entering I-Cause
the I-Cause
transit I-Cause
business I-Cause
. O

After O
weak O
trading O
volumes O
in O
2019 O
, O
we O
believe O
higher B-Cause
volatility I-Cause
will O
provide B-Effect
some I-Effect
tailwind I-Effect
to I-Effect
trading I-Effect
revenue I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

Also O
, O
although O
OD O
's O
cost O
execution O
is O
excellent O
, O
limited B-Cause
driver I-Cause
availability I-Cause
is O
placing O
upward B-Effect
pressure I-Effect
on I-Effect
driver I-Effect
wages I-Effect
and I-Effect
recruiting I-Effect
costs I-Effect
for I-Effect
all I-Effect
carriers I-Effect
. O

Furthermore O
, O
there B-Effect
is I-Effect
still I-Effect
risk I-Effect
for I-Effect
disruption I-Effect
in I-Effect
the I-Effect
supply I-Effect
chain I-Effect
as O
a B-Cause
result I-Cause
of I-Cause
container I-Cause
shortages I-Cause
and I-Cause
port I-Cause
congestion I-Cause
. O

We O
model O
84 B-Effect
% I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
as O
China B-Cause
capacity I-Cause
comes I-Cause
online I-Cause
, O
new B-Cause
European I-Cause
capacity I-Cause
ramps I-Cause
, O
and O
food-service B-Cause
recovers I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

We O
believe O
switching B-Cause
costs I-Cause
have O
enabled O
HubSpot B-Effect
historically I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on O
invested O
capital O
in O
excess O
of O
its O
cost O
of O
capital O
, O
and O
we O
believe O
such O
excess O
returns O
will O
more O
likely O
than O
not O
continue O
for O
the O
next O
10 O
years O
. O

Our O
projections O
show O
these O
businesses O
produce O
thin O
margins O
and O
will O
require O
continued B-Cause
liquids I-Cause
volume I-Cause
growth I-Cause
to O
produce O
value-accretive B-Effect
returns I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

While O
optical B-Effect
fiber I-Effect
was I-Effect
initially I-Effect
used I-Effect
in I-Effect
niche I-Effect
applications I-Effect
( O
after O
Corning O
invented O
it O
in O
1970 O
) O
due O
to O
costing B-Cause
more I-Cause
than I-Cause
copper I-Cause
, O
bandwidth B-Cause
needs I-Cause
of I-Cause
the I-Cause
21st I-Cause
century I-Cause
and I-Cause
reductions I-Cause
in I-Cause
cost I-Cause
are O
making O
it O
the B-Effect
new I-Effect
standard I-Effect
in I-Effect
broadband I-Effect
access I-Effect
. O

Gazyva B-Cause
, I-Cause
now I-Cause
approved I-Cause
in I-Cause
CLL I-Cause
and I-Cause
NHL I-Cause
and I-Cause
in I-Cause
testing I-Cause
in I-Cause
lupus I-Cause
, O
will O
also O
extend B-Effect
the I-Effect
longevity I-Effect
of I-Effect
the I-Effect
Rituxan I-Effect
franchise I-Effect
. O

These B-Cause
strategic I-Cause
moves I-Cause
have O
placed B-Effect
its I-Effect
restaurant I-Effect
assets I-Effect
in I-Effect
the I-Effect
hands I-Effect
of I-Effect
some I-Effect
of I-Effect
the I-Effect
system I-Effect
's I-Effect
best I-Effect
operators I-Effect
, I-Effect
facilitated I-Effect
accelerated I-Effect
restaurant I-Effect
remodeling I-Effect
activities I-Effect
, I-Effect
and I-Effect
allowed I-Effect
management I-Effect
to I-Effect
focus I-Effect
on I-Effect
brand I-Effect
awareness I-Effect
, I-Effect
menu I-Effect
innovation I-Effect
, I-Effect
digital I-Effect
engagement I-Effect
, I-Effect
and I-Effect
more I-Effect
effective I-Effect
marketing I-Effect
practices I-Effect
. O

According O
to O
Bain O
& O
amp O
; O
Company O
and O
Morningstar O
estimates O
, O
Michael B-Effect
Kors I-Effect
' I-Effect
share I-Effect
of I-Effect
the I-Effect
luxury I-Effect
leather I-Effect
goods I-Effect
market I-Effect
increased I-Effect
to I-Effect
6 I-Effect
% I-Effect
in I-Effect
2016 I-Effect
from I-Effect
2 I-Effect
% I-Effect
in I-Effect
2010. O
This O
growth O
was O
largely O
at O
the B-Cause
expense I-Cause
of I-Cause
Coach I-Cause
, I-Cause
which I-Cause
suffered I-Cause
a I-Cause
5-point I-Cause
share I-Cause
decline I-Cause
over I-Cause
the I-Cause
same I-Cause
period I-Cause
( I-Cause
to I-Cause
8 I-Cause
% I-Cause
from I-Cause
13 I-Cause
% I-Cause
) I-Cause
. O

We O
believe O
it O
will O
be O
challenging O
to O
obtain B-Effect
management I-Effect
's I-Effect
five-year I-Effect
guidance I-Effect
of I-Effect
20 I-Effect
% I-Effect
-30 I-Effect
% I-Effect
compound I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
in O
light O
of O
the B-Cause
fierce I-Cause
competition I-Cause
, O
potential B-Cause
decline I-Cause
of I-Cause
overall I-Cause
( I-Cause
elective I-Cause
) I-Cause
volumes I-Cause
in I-Cause
the I-Cause
weaker I-Cause
environment I-Cause
, O
and O
friction O
to O
convert O
the O
remaining O
orthodontics O
from O
traditional O
wire O
and O
bracket O
. O

However O
, O
we O
think O
Dexcom B-Effect
could I-Effect
cede I-Effect
market I-Effect
share I-Effect
to I-Effect
Abbott I-Effect
and I-Effect
Medtronic I-Effect
, O
as O
their B-Cause
products I-Cause
improve I-Cause
on I-Cause
accuracy I-Cause
and I-Cause
offer I-Cause
additional I-Cause
features I-Cause
that I-Cause
Dexcom I-Cause
does I-Cause
not I-Cause
. O

We B-Cause
raised I-Cause
our I-Cause
2021 I-Cause
financial I-Cause
projections I-Cause
by I-Cause
about I-Cause
10 I-Cause
% I-Cause
to O
account B-Effect
for I-Effect
nearly I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
of I-Effect
pretax I-Effect
benefits I-Effect
from I-Effect
the I-Effect
first-quarter I-Effect
winter I-Effect
storm I-Effect
. O

This B-Cause
is I-Cause
critical I-Cause
, I-Cause
as I-Cause
each I-Cause
of I-Cause
these I-Cause
segments I-Cause
drives I-Cause
higher I-Cause
margins I-Cause
than I-Cause
the I-Cause
corporate I-Cause
average I-Cause
, O
which B-Effect
in I-Effect
turn I-Effect
should I-Effect
allow I-Effect
both I-Effect
operating I-Effect
profit I-Effect
and I-Effect
EPS I-Effect
to I-Effect
outgrow I-Effect
revenue I-Effect
as B-Cause
margins I-Cause
continue I-Cause
to I-Cause
expand I-Cause
. O

Astra B-Cause
's I-Cause
patent-protected I-Cause
drugs I-Cause
carry I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
, O
which O
enables O
the B-Effect
firm I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

After B-Cause
updating I-Cause
our I-Cause
projections I-Cause
with I-Cause
the I-Cause
latest I-Cause
quarterly I-Cause
results I-Cause
, O
we B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
78 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
76 I-Effect
. O

Operating B-Effect
margins I-Effect
should I-Effect
rise I-Effect
as O
Advance B-Cause
cuts I-Cause
costs I-Cause
and I-Cause
after I-Cause
near-term I-Cause
conditions I-Cause
normalize I-Cause
, O
rebounding O
from O
8 O
% O
in O
2018-20 O
and O
approaching O
12 O
% O
long O
term O
. O

We O
think O
consumers B-Effect
would I-Effect
be I-Effect
unlikely I-Effect
to I-Effect
switch I-Effect
if I-Effect
a I-Effect
new I-Effect
competitor I-Effect
entered I-Effect
the I-Effect
market I-Effect
, O
given O
the B-Cause
long I-Cause
history I-Cause
of I-Cause
consistent I-Cause
service I-Cause
. O

Since O
occupancy B-Cause
gains I-Cause
increase I-Cause
variable I-Cause
costs I-Cause
while I-Cause
average I-Cause
daily I-Cause
rate I-Cause
increases I-Cause
go I-Cause
straight I-Cause
to I-Cause
the I-Cause
bottom I-Cause
line I-Cause
, O
we B-Effect
would I-Effect
normally I-Effect
expect I-Effect
to I-Effect
see I-Effect
significant I-Effect
EBITDA I-Effect
margin I-Effect
gains I-Effect
at I-Effect
this I-Effect
point I-Effect
in I-Effect
the I-Effect
cycle I-Effect
. O

Sabre B-Cause
monthly I-Cause
cash I-Cause
burn I-Cause
at I-Cause
near I-Cause
zero I-Cause
revenue I-Cause
is I-Cause
around I-Cause
$ I-Cause
80 I-Cause
million I-Cause
, O
providing B-Effect
it I-Effect
with I-Effect
enough I-Effect
liquidity I-Effect
to I-Effect
continue I-Effect
many I-Effect
investments I-Effect
at I-Effect
near-zero I-Effect
revenue I-Effect
through I-Effect
2021 I-Effect
. O

We O
anticipate O
China B-Effect
to I-Effect
be I-Effect
a I-Effect
key I-Effect
growth I-Effect
region I-Effect
for I-Effect
Coach I-Effect
as O
, O
according O
to O
Bain O
& O
Company O
, O
Chinese B-Cause
consumers I-Cause
will I-Cause
compose I-Cause
46 I-Cause
% I-Cause
of I-Cause
the I-Cause
worldwide I-Cause
luxury I-Cause
goods I-Cause
spending I-Cause
in I-Cause
2025 I-Cause
, I-Cause
up I-Cause
from I-Cause
35 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
. O

Though O
the B-Effect
firm I-Effect
is I-Effect
prone I-Effect
to I-Effect
bouts I-Effect
of I-Effect
fluctuating I-Effect
profitability I-Effect
due O
to O
the B-Cause
cyclicality I-Cause
of I-Cause
equipment I-Cause
spending I-Cause
, O
we O
believe O
its B-Cause
strong I-Cause
position I-Cause
in I-Cause
the I-Cause
PDC I-Cause
space I-Cause
will O
allow O
it B-Effect
to I-Effect
maintain I-Effect
an I-Effect
average I-Effect
gross I-Effect
margin I-Effect
profile I-Effect
near O
60 O
% O
. O

Due O
to O
the B-Cause
pandemic I-Cause
, O
all B-Effect
three I-Effect
of I-Effect
Tapestry I-Effect
's I-Effect
brands I-Effect
suffered I-Effect
sales I-Effect
and I-Effect
operating I-Effect
profit I-Effect
declines I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, O
but O
we O
expect O
results B-Effect
to I-Effect
improve I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
it B-Cause
implements I-Cause
its I-Cause
three-year I-Cause
Acceleration I-Cause
Program I-Cause
strategy I-Cause
to I-Cause
cut I-Cause
costs I-Cause
and I-Cause
improve I-Cause
margins I-Cause
. O

Customers B-Effect
perceive I-Effect
these I-Effect
brands I-Effect
as I-Effect
vital I-Effect
because O
of O
the B-Cause
firm I-Cause
's I-Cause
ability I-Cause
to I-Cause
meet I-Cause
customer I-Cause
demand I-Cause
, O
whether O
by O
creating B-Cause
value-additive I-Cause
products I-Cause
through I-Cause
innovative I-Cause
, I-Cause
proprietary I-Cause
technology I-Cause
, O
or O
by O
meeting B-Cause
safety I-Cause
and I-Cause
reliability I-Cause
standards I-Cause
in I-Cause
highly I-Cause
regulated I-Cause
industries I-Cause
. O

Sinopec O
has O
also O
benefited O
from O
the B-Cause
country I-Cause
moving I-Cause
to I-Cause
a I-Cause
more I-Cause
market-oriented I-Cause
pricing I-Cause
mechanism I-Cause
that O
better B-Effect
matches I-Effect
petrol I-Effect
product I-Effect
pricing I-Effect
to I-Effect
input I-Effect
costs I-Effect
. O

We O
expect O
these B-Cause
efforts I-Cause
to I-Cause
drive I-Cause
200 I-Cause
to I-Cause
300 I-Cause
basis I-Cause
points I-Cause
of I-Cause
operating I-Cause
margin I-Cause
improvement I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
, O
resulting O
in O
21 B-Effect
% I-Effect
margins I-Effect
for I-Effect
the I-Effect
domestic I-Effect
business I-Effect
and I-Effect
24 I-Effect
% I-Effect
for I-Effect
the I-Effect
international I-Effect
division I-Effect
. O

Although O
Zscaler O
has O
been O
at O
it O
since O
2007 O
, O
we O
think O
its O
business O
model O
and O
security O
approach O
are O
in O
their O
early O
innings O
, O
and O
we B-Effect
see I-Effect
a I-Effect
long I-Effect
runway I-Effect
for I-Effect
growth I-Effect
as O
enterprises B-Cause
adopt I-Cause
cloud-centric I-Cause
security I-Cause
and I-Cause
zero-trust I-Cause
architectures I-Cause
. O

Wayfair B-Cause
's I-Cause
inventory-light I-Cause
model I-Cause
benefits I-Cause
inventory I-Cause
turns I-Cause
but I-Cause
can I-Cause
risk I-Cause
control I-Cause
of I-Cause
the I-Cause
brand I-Cause
at I-Cause
times. O
This O
strategy O
has O
freed B-Effect
up I-Effect
capital I-Effect
to I-Effect
spend I-Effect
on I-Effect
customer I-Effect
acquisition I-Effect
and I-Effect
retention I-Effect
, I-Effect
leading I-Effect
to I-Effect
31 I-Effect
million I-Effect
active I-Effect
users I-Effect
in I-Effect
December I-Effect
2020 I-Effect
who I-Effect
spend I-Effect
around I-Effect
$ I-Effect
450 I-Effect
per I-Effect
year I-Effect
( I-Effect
versus I-Effect
1.3 I-Effect
million I-Effect
users I-Effect
who I-Effect
spent I-Effect
$ I-Effect
300 I-Effect
in I-Effect
2012 I-Effect
) I-Effect
. O

Limited B-Cause
exposure I-Cause
to I-Cause
the I-Cause
retail I-Cause
market I-Cause
( I-Cause
26 I-Cause
% I-Cause
of I-Cause
AUM I-Cause
) I-Cause
and I-Cause
broader I-Cause
geographic I-Cause
exposure I-Cause
also O
leave O
the B-Effect
firm I-Effect
better I-Effect
positioned I-Effect
than I-Effect
some I-Effect
of I-Effect
its I-Effect
peers I-Effect
. O

The O
amalgamation O
of O
various O
technology O
brands O
into O
an O
end-to-end O
product O
portfolio O
for O
the O
IT O
environment O
provides O
Dell B-Effect
Technologies I-Effect
with I-Effect
substantial I-Effect
cross-selling I-Effect
and I-Effect
upselling I-Effect
opportunities I-Effect
as O
it B-Cause
broadens I-Cause
its I-Cause
product I-Cause
portfolio I-Cause
to I-Cause
encompass I-Cause
the I-Cause
overarching I-Cause
market I-Cause
shift I-Cause
to I-Cause
hybrid I-Cause
cloud I-Cause
environments I-Cause
. O

We O
often O
see O
this B-Cause
fear I-Cause
of I-Cause
over-dependence I-Cause
( O
which O
would O
later O
result O
in O
a O
monopsonistic O
power O
dynamic O
) O
leading O
to O
firms B-Effect
diversifying I-Effect
their I-Effect
IT I-Effect
services I-Effect
work I-Effect
across I-Effect
various I-Effect
firms I-Effect
. O

We O
expect O
operating B-Effect
margins I-Effect
to I-Effect
rebound I-Effect
to I-Effect
16 I-Effect
% I-Effect
in I-Effect
2021-beyond I-Effect
with O
demand B-Cause
growing I-Cause
faster I-Cause
than I-Cause
supply I-Cause
and I-Cause
production I-Cause
costs I-Cause
coming I-Cause
down I-Cause
. O

BP O
expects O
the B-Cause
culmination I-Cause
of I-Cause
these I-Cause
investments I-Cause
, I-Cause
cost I-Cause
reductions I-Cause
, I-Cause
and I-Cause
commodity I-Cause
price I-Cause
improvements I-Cause
will O
result O
in O
underlying B-Cause
EBIDA I-Cause
growth I-Cause
of I-Cause
a I-Cause
5 I-Cause
% I-Cause
-6 I-Cause
% I-Cause
CAGR I-Cause
resulting O
in O
EBIDA B-Effect
of I-Effect
about I-Effect
$ I-Effect
33 I-Effect
billion-34.5 I-Effect
billion I-Effect
in I-Effect
2025 I-Effect
. O

We O
believe O
that O
as O
Okta B-Cause
builds I-Cause
more I-Cause
products I-Cause
that I-Cause
utilize I-Cause
integrations I-Cause
with I-Cause
vendors I-Cause
and O
its O
vendors B-Effect
continuously I-Effect
update I-Effect
their I-Effect
applications I-Effect
, O
more O
vendors O
and O
customers O
are O
attracted O
to O
this O
network O
that O
automates O
the O
workflows O
required O
for O
user O
access O
and O
authentication O
. O

In B-Effect
our I-Effect
view I-Effect
, I-Effect
varying I-Effect
tastes I-Effect
and I-Effect
preferences I-Effect
have I-Effect
proved I-Effect
quite I-Effect
challenging I-Effect
for I-Effect
Kellogg I-Effect
as I-Effect
it I-Effect
has I-Effect
looked I-Effect
to I-Effect
expand I-Effect
abroad I-Effect
, O
particularly B-Cause
as I-Cause
cold I-Cause
cereal I-Cause
has I-Cause
historically I-Cause
failed I-Cause
to I-Cause
resonate I-Cause
with I-Cause
global I-Cause
consumers I-Cause
. O

First O
, O
because O
DRI B-Cause
does I-Cause
not I-Cause
need I-Cause
to I-Cause
melt I-Cause
, O
it O
can O
be O
processed B-Effect
at I-Effect
a I-Effect
lower I-Effect
temperature I-Effect
than I-Effect
feedstock I-Effect
consisting I-Effect
purely I-Effect
of I-Effect
scrap I-Effect
metal I-Effect
. O

Barriers O
to O
entry O
are O
also O
absent O
in O
this O
large O
, O
fragmented O
market O
, O
where O
store B-Cause
openings I-Cause
are I-Cause
not I-Cause
significantly I-Cause
controlled I-Cause
by I-Cause
local I-Cause
authorities I-Cause
, O
and O
store B-Effect
formats I-Effect
are I-Effect
easily I-Effect
replicable I-Effect
by I-Effect
peers I-Effect
. O

We O
also O
see O
the B-Effect
SMB I-Effect
and I-Effect
mid-market I-Effect
as I-Effect
being I-Effect
underserved I-Effect
by I-Effect
enterprise I-Effect
software I-Effect
providers I-Effect
, O
as O
the B-Cause
smaller I-Cause
deal I-Cause
sizes I-Cause
make I-Cause
it I-Cause
harder I-Cause
to I-Cause
serve I-Cause
efficiently I-Cause
. O

We O
think O
Marsh O
& O
McLennan O
will O
see O
a B-Cause
bit I-Cause
of I-Cause
a I-Cause
boost I-Cause
from I-Cause
a I-Cause
strong I-Cause
insurance I-Cause
pricing I-Cause
picture I-Cause
in I-Cause
2021 I-Cause
, I-Cause
and I-Cause
the I-Cause
headwinds I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
should I-Cause
subside I-Cause
, O
leading B-Effect
to I-Effect
modestly I-Effect
better I-Effect
growth I-Effect
than I-Effect
the I-Effect
company I-Effect
has I-Effect
experienced I-Effect
historically I-Effect
. O

It O
usually O
takes O
10 B-Cause
years I-Cause
and I-Cause
millions I-Cause
of I-Cause
dollars I-Cause
of I-Cause
consistent I-Cause
research I-Cause
and I-Cause
development I-Cause
before O
Heico B-Effect
begins I-Effect
earning I-Effect
material I-Effect
revenue I-Effect
off I-Effect
an I-Effect
aircraft I-Effect
or I-Effect
engine I-Effect
platform I-Effect
. O

We O
expect O
the O
Biden O
administration O
will O
try O
to O
increase B-Cause
capacity I-Cause
through I-Cause
better I-Cause
coordination I-Cause
and I-Cause
production I-Cause
of I-Cause
supplies I-Cause
that O
could O
help O
ease B-Effect
bottlenecks I-Effect
that I-Effect
have I-Effect
characterized I-Effect
the I-Effect
testing I-Effect
process I-Effect
since I-Effect
last I-Effect
spring I-Effect
. O

Community B-Cause
opposition I-Cause
can O
challenge O
BHP B-Effect
's I-Effect
social I-Effect
licence I-Effect
to I-Effect
operate I-Effect
and I-Effect
future I-Effect
developments I-Effect
, O
although O
we O
think O
increased B-Cause
industry I-Cause
attention I-Cause
and I-Cause
regulation I-Cause
will O
likely O
support O
improved B-Effect
relations I-Effect
. O

This B-Cause
contractual I-Cause
dynamic I-Cause
results O
in O
suppliers B-Effect
' I-Effect
focus I-Effect
on I-Effect
lean I-Effect
manufacturing I-Effect
practices I-Effect
like I-Effect
Six I-Effect
Sigma I-Effect
, I-Effect
kaizen I-Effect
, I-Effect
and I-Effect
kanban I-Effect
, I-Effect
just I-Effect
to I-Effect
partially I-Effect
offset I-Effect
potential I-Effect
margin I-Effect
erosion I-Effect
. O

In O
addition O
, O
as O
the B-Cause
company I-Cause
increasingly I-Cause
handles I-Cause
more I-Cause
employee I-Cause
data I-Cause
on I-Cause
cloud I-Cause
systems I-Cause
, O
it O
is O
exposed B-Effect
to I-Effect
risks I-Effect
related I-Effect
to I-Effect
data I-Effect
privacy I-Effect
and I-Effect
protecting I-Effect
these I-Effect
data I-Effect
from I-Effect
security I-Effect
breaches I-Effect
or I-Effect
technology I-Effect
disruption I-Effect
. O

TIM B-Cause
's I-Cause
strong I-Cause
balance I-Cause
sheet I-Cause
may O
allow O
it O
to O
fix B-Effect
its I-Effect
structural I-Effect
weakness I-Effect
through I-Effect
acquisitions I-Effect
, O
but O
with O
Oi B-Cause
in I-Cause
restructuring I-Cause
, O
it B-Effect
is I-Effect
unclear I-Effect
how I-Effect
the I-Effect
market I-Effect
will I-Effect
evolve I-Effect
. O

NetApp B-Cause
also I-Cause
has I-Cause
colocation I-Cause
partners I-Cause
, I-Cause
including I-Cause
a I-Cause
strategic I-Cause
Equinix I-Cause
relationship I-Cause
, I-Cause
that I-Cause
provide I-Cause
enterprises I-Cause
with I-Cause
NetApp I-Cause
private I-Cause
storage I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
use I-Cause
hyperscale I-Cause
cloud I-Cause
resources I-Cause
within I-Cause
the I-Cause
same I-Cause
data I-Cause
center. O
This O
allows O
enterprises B-Effect
to I-Effect
retain I-Effect
data I-Effect
outside I-Effect
of I-Effect
the I-Effect
public I-Effect
clouds I-Effect
for I-Effect
security I-Effect
, I-Effect
regulatory I-Effect
, I-Effect
or I-Effect
latency I-Effect
purposes I-Effect
while I-Effect
being I-Effect
able I-Effect
to I-Effect
consume I-Effect
hyperscale I-Effect
providers I-Effect
' I-Effect
computing I-Effect
offerings I-Effect
. O

MPS B-Effect
has I-Effect
upheld I-Effect
the I-Effect
business I-Effect
through O
drastic B-Cause
equipment I-Cause
declines I-Cause
, O
but O
it O
's O
an O
offering O
that O
we O
believe O
to O
be O
ultimately O
cannibalistic O
to O
equipment O
and O
supplies O
sales O
. O

In O
the O
decades O
since O
inception O
, O
Polaris B-Cause
and I-Cause
BRP I-Cause
( I-Cause
Bombardier I-Cause
) I-Cause
have I-Cause
delivered I-Cause
more I-Cause
compelling I-Cause
and I-Cause
technologically I-Cause
advanced I-Cause
products I-Cause
than I-Cause
their I-Cause
peers. O
This O
has O
allowed O
Polaris B-Effect
and I-Effect
Can-Am I-Effect
to I-Effect
take I-Effect
stronger I-Effect
market I-Effect
share I-Effect
positions I-Effect
in I-Effect
recent I-Effect
years I-Effect
than I-Effect
peers I-Effect
, I-Effect
including I-Effect
close I-Effect
competitor I-Effect
Arctic I-Effect
Cat I-Effect
. O

Given O
that O
the B-Cause
company I-Cause
will I-Cause
prioritize I-Cause
debt I-Cause
paydown I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
model I-Effect
any I-Effect
acquisitions I-Effect
until I-Effect
2025 I-Effect
, I-Effect
when I-Effect
we I-Effect
start I-Effect
to I-Effect
model I-Effect
modest I-Effect
tuck-in I-Effect
acquisitions I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
PPD I-Effect
's I-Effect
peers I-Effect
. O

We O
think O
Free B-Cause
People I-Cause
lacks I-Cause
broad I-Cause
appeal I-Cause
, O
and O
we O
do O
not O
expect O
it B-Effect
will I-Effect
grow I-Effect
to I-Effect
be I-Effect
as I-Effect
large I-Effect
as I-Effect
Urban I-Effect
Outfitters I-Effect
' I-Effect
other I-Effect
two I-Effect
key I-Effect
brands I-Effect
. O

We O
expect O
the B-Effect
CRO I-Effect
industry I-Effect
to I-Effect
grow I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
due O
to O
low-single-digit B-Cause
growth I-Cause
in I-Cause
biopharma I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
modest I-Cause
increases I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
. O

The B-Cause
dividend I-Cause
was I-Cause
adjusted I-Cause
to I-Cause
$ I-Cause
1.84 I-Cause
per I-Cause
share I-Cause
annualized I-Cause
in I-Cause
the I-Cause
2018 I-Cause
third I-Cause
quarter I-Cause
, O
resulting O
in O
a B-Effect
15 I-Effect
% I-Effect
increase I-Effect
for I-Effect
Westar I-Effect
shareholders I-Effect
and I-Effect
keeping I-Effect
Great I-Effect
Plains I-Effect
shareholders I-Effect
whole I-Effect
. O

Carbon B-Cause
fiber I-Cause
is I-Cause
inherent I-Cause
to I-Cause
many I-Cause
aerostructures I-Cause
, O
such O
as O
wings O
and O
fuselages O
, O
so B-Cause
product I-Cause
failure I-Cause
due I-Cause
to I-Cause
carbon I-Cause
fiber I-Cause
failure I-Cause
would I-Cause
be I-Cause
catastrophic I-Cause
to I-Cause
the I-Cause
manufacturer I-Cause
's I-Cause
reputation I-Cause
, O
so O
we O
think O
the B-Effect
mission I-Effect
criticality I-Effect
of I-Effect
carbon I-Effect
failure I-Effect
to I-Effect
the I-Effect
end-product I-Effect
is I-Effect
a I-Effect
strong I-Effect
disincentive I-Effect
to I-Effect
switch I-Effect
. O

Our B-Effect
average I-Effect
forecast I-Effect
tax I-Effect
rate I-Effect
is I-Effect
14.9 I-Effect
% I-Effect
due O
to O
the B-Cause
company B-Effect
earning I-Effect
deferred I-Effect
tax I-Effect
assets I-Effect
from I-Cause
operating B-Cause
losses I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
. O

Without B-Cause
new I-Cause
users I-Cause
growing I-Cause
exponentially I-Cause
for I-Cause
at I-Cause
least I-Cause
some I-Cause
time I-Cause
, O
Snap B-Effect
may I-Effect
also I-Effect
have I-Effect
difficulty I-Effect
adding I-Effect
value I-Effect
to I-Effect
its I-Effect
intangible I-Effect
assets I-Effect
such O
as O
user O
data O
, O
which O
are O
valued O
highly O
by O
advertisers O
. O

We O
also O
believe O
that O
advertising B-Effect
revenue I-Effect
for I-Effect
the I-Effect
networks I-Effect
will O
decline B-Cause
as I-Cause
the I-Cause
result I-Cause
of I-Cause
a I-Cause
lower I-Cause
subscriber I-Cause
base I-Cause
in I-Cause
an I-Cause
increasingly I-Cause
competitive I-Cause
market I-Cause
. O

Movil B-Effect
's I-Effect
position I-Effect
in I-Effect
the I-Effect
fixed-line I-Effect
business I-Effect
is O
the O
result O
of O
its B-Cause
acquisition I-Cause
of I-Cause
Net I-Cause
Servicos I-Cause
, O
the O
largest O
cable O
company O
in O
the O
country O
. O

Additionally O
, O
the B-Effect
firm I-Effect
generated I-Effect
negative I-Effect
free I-Effect
cash I-Effect
flow I-Effect
( O
CFO-capital O
expenditures O
) O
from O
its O
IPO O
in O
2012 O
through O
2014 O
( O
and O
again O
in O
2016 O
) O
, O
as O
consumers B-Cause
tactically I-Cause
purchased I-Cause
big-ticket I-Cause
home I-Cause
furnishing I-Cause
items I-Cause
at I-Cause
the I-Cause
brand I-Cause
, I-Cause
often I-Cause
waiting I-Cause
for I-Cause
sales I-Cause
( O
which O
we O
believe O
has O
been O
remediated O
by O
the O
well-received O
loyalty O
program O
) O
. O

Fiscal O
2020 O
theme O
park O
admissions O
revenue O
fell O
over O
45 O
% O
and O
we O
expect O
that O
fiscal B-Effect
2021 I-Effect
revenue I-Effect
will I-Effect
remain I-Effect
well I-Effect
below I-Effect
fiscal I-Effect
2019 I-Effect
and I-Effect
below I-Effect
fiscal I-Effect
2020 I-Effect
due O
to O
the B-Cause
much I-Cause
weaker I-Cause
first I-Cause
quarter I-Cause
versus I-Cause
2020 I-Cause
. O

In O
fact O
, O
during O
a O
downturn O
in O
new O
vehicle O
sales O
, O
dealers B-Effect
generally I-Effect
report I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
due O
to O
a B-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
, O
but O
then O
report B-Effect
lower I-Effect
operating I-Effect
margins I-Effect
due O
to O
SG B-Cause
& I-Cause
A I-Cause
deleveraging I-Cause
. O

A B-Cause
large I-Cause
securities I-Cause
distribution I-Cause
platform I-Cause
and I-Cause
extensive I-Cause
web I-Cause
of I-Cause
relationships I-Cause
allow O
an O
investment O
bank B-Effect
to I-Effect
more I-Effect
properly I-Effect
price I-Effect
and I-Effect
place I-Effect
securities I-Effect
. O

We B-Effect
expect I-Effect
some I-Effect
operating I-Effect
margin I-Effect
contraction I-Effect
to I-Effect
the I-Effect
mid-4s I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
lower-margin B-Cause
government I-Cause
plans I-Cause
and I-Cause
pharmacy I-Cause
benefit I-Cause
management I-Cause
business I-Cause
continue I-Cause
to I-Cause
largely I-Cause
outpace I-Cause
growth I-Cause
in I-Cause
Humana I-Cause
's I-Cause
other I-Cause
segments I-Cause
. O

Due O
to O
our B-Cause
cautious I-Cause
outlook I-Cause
for I-Cause
scrap I-Cause
export I-Cause
demand I-Cause
, O
we B-Effect
had I-Effect
long I-Effect
been I-Effect
skeptical I-Effect
that O
Schnitzer O
would O
be O
able O
to O
achieve O
management O
's O
long-term O
guidance O
to O
5 O
million O
tons O
of O
companywide O
annual O
ferrous O
shipment O
volumes O
in O
fiscal O
2021 O
. O

ST B-Effect
has I-Effect
exposure I-Effect
to I-Effect
leading I-Effect
smartphone I-Effect
vendors I-Effect
like I-Effect
Apple I-Effect
and I-Effect
Samsung I-Effect
and I-Effect
continually I-Effect
needs I-Effect
to I-Effect
innovate I-Effect
in I-Effect
order I-Effect
to I-Effect
retain I-Effect
this I-Effect
business I-Effect
, O
as O
these B-Cause
smartphones I-Cause
are I-Cause
redesigned I-Cause
every I-Cause
year I-Cause
or I-Cause
two I-Cause
. O

In O
our O
view O
, O
Cisco B-Cause
embracing I-Cause
software I-Cause
from I-Cause
hardware I-Cause
disaggregation I-Cause
, I-Cause
and I-Cause
even I-Cause
selling I-Cause
networking I-Cause
chips I-Cause
, O
can O
help O
keep B-Effect
demand I-Effect
for I-Effect
its I-Effect
solutions I-Effect
high I-Effect
although O
some O
customers O
rely O
on O
cloud-based O
resources O
or O
generic O
hardware O
. O

In O
the O
retail O
business O
, O
the B-Cause
continual I-Cause
development I-Cause
of I-Cause
new I-Cause
GM I-Cause
seeds I-Cause
may O
decrease O
demand B-Effect
for I-Effect
the I-Effect
insecticides I-Effect
and I-Effect
fungicides I-Effect
Nutrien I-Effect
sells I-Effect
. O

Globalization B-Cause
of I-Cause
businesses I-Cause
in I-Cause
various I-Cause
verticals I-Cause
has I-Cause
increased I-Cause
demand I-Cause
not I-Cause
only I-Cause
for I-Cause
vertical-specific I-Cause
advertising I-Cause
expertise I-Cause
, I-Cause
but I-Cause
also I-Cause
for I-Cause
experience I-Cause
and I-Cause
clearer I-Cause
understanding I-Cause
of I-Cause
different I-Cause
cultures I-Cause
and I-Cause
regulations I-Cause
within I-Cause
the I-Cause
geographic I-Cause
regions I-Cause
in I-Cause
which I-Cause
businesses I-Cause
want I-Cause
to I-Cause
market I-Cause
and I-Cause
sell I-Cause
their I-Cause
products. O
For O
this O
reason O
, O
Omnicom B-Effect
and I-Effect
the I-Effect
other I-Effect
largest I-Effect
ad I-Effect
holding I-Effect
companies I-Effect
have I-Effect
consistently I-Effect
acquired I-Effect
smaller I-Effect
local I-Effect
ad I-Effect
agencies I-Effect
and I-Effect
quickly I-Effect
gained I-Effect
traction I-Effect
in I-Effect
other I-Effect
international I-Effect
markets I-Effect
. O

However O
, O
given O
the B-Cause
disappearance I-Cause
of I-Cause
multiple I-Cause
tailwinds I-Cause
which I-Cause
fueled I-Cause
the I-Cause
firm I-Cause
's I-Cause
impressive I-Cause
ROICs I-Cause
over I-Cause
the I-Cause
last I-Cause
decade I-Cause
, O
coupled O
with O
growing O
exposure O
to O
fixed-price O
contracts O
, O
we O
are O
not O
persuaded O
that O
Fluor B-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
to I-Effect
continue I-Effect
earning I-Effect
excess I-Effect
economic I-Effect
profits I-Effect
throughout I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Merck O
's O
combination O
of O
a B-Cause
wide I-Cause
lineup I-Cause
of I-Cause
high-margin I-Cause
drugs I-Cause
and I-Cause
a I-Cause
pipeline I-Cause
of I-Cause
new I-Cause
drugs I-Cause
should O
ensure O
strong B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Still O
, O
margin B-Effect
expansion I-Effect
should O
be O
partially O
stymied O
by O
weak B-Cause
volumes I-Cause
on I-Cause
certain I-Cause
legacy I-Cause
production I-Cause
lines I-Cause
as O
well O
as O
structural B-Cause
input I-Cause
cost I-Cause
inflation I-Cause
as O
the B-Cause
firm I-Cause
leans I-Cause
more I-Cause
into I-Cause
value-added I-Cause
innovation I-Cause
( I-Cause
which I-Cause
will I-Cause
likely I-Cause
require I-Cause
unique I-Cause
ingredient I-Cause
formulations I-Cause
) I-Cause
. O

We O
do O
not O
see O
any O
material B-Effect
competitive I-Effect
advantages I-Effect
in I-Effect
the I-Effect
outdoor I-Effect
recreation I-Effect
market I-Effect
, O
as O
there O
is O
a B-Cause
decentralized I-Cause
customer I-Cause
base I-Cause
with I-Cause
several I-Cause
potential I-Cause
carbon I-Cause
fiber I-Cause
suppliers I-Cause
. O

Notably O
, O
with O
the O
recent O
volatility O
in O
shipping O
prices O
, O
and O
lower O
demand O
from O
China O
due O
to O
trade O
tensions O
, O
Cheniere B-Effect
remains I-Effect
well I-Effect
positioned I-Effect
, O
as O
European B-Cause
demand I-Cause
has I-Cause
increased I-Cause
. O

We B-Effect
give I-Effect
PRA I-Effect
Health I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
due O
to O
its B-Cause
material I-Cause
dependence I-Cause
on I-Cause
the I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
of I-Cause
its I-Cause
customer I-Cause
base I-Cause
: I-Cause
biotech I-Cause
and I-Cause
pharmaceutical I-Cause
companies I-Cause
. O

The B-Effect
loss I-Effect
of I-Effect
so I-Effect
much I-Effect
business I-Effect
from I-Effect
the I-Effect
big I-Effect
Internet I-Effect
customers I-Effect
forced I-Effect
Akamai I-Effect
to I-Effect
look I-Effect
elsewhere I-Effect
for I-Effect
growth I-Effect
and I-Effect
rely I-Effect
less I-Effect
on I-Effect
the I-Effect
media I-Effect
business I-Effect
, O
which O
went O
from O
providing O
58 O
% O
of O
total O
revenue O
in O
2014 O
to O
about O
47 O
% O
the O
past O
four O
years O
. O

The B-Cause
firm I-Cause
's I-Cause
asset-light I-Cause
model I-Cause
provides O
the B-Effect
flexibility I-Effect
to I-Effect
match I-Effect
expenses I-Effect
with I-Effect
demand I-Effect
throughout O
the O
business O
cycle O
, O
but O
it O
also O
subjects O
Expeditors B-Effect
to I-Effect
variations I-Effect
in I-Effect
available I-Effect
carrier I-Effect
capacity I-Effect
. O

Hardie B-Cause
's I-Cause
strategy I-Cause
to I-Cause
maintain I-Cause
a I-Cause
quality I-Cause
differential I-Cause
over I-Cause
peer I-Cause
offerings I-Cause
reinforces B-Effect
the I-Effect
brand I-Effect
name I-Effect
that I-Effect
it I-Effect
has I-Effect
built I-Effect
over I-Effect
the I-Effect
course I-Effect
of I-Effect
decades I-Effect
, I-Effect
and I-Effect
its I-Effect
higher-quality I-Effect
product I-Effect
has I-Effect
consistently I-Effect
gained I-Effect
market I-Effect
share I-Effect
over I-Effect
time I-Effect
. O

We O
think O
Kraft B-Cause
Heinz I-Cause
's I-Cause
intent I-Cause
focus I-Cause
on I-Cause
extracting I-Cause
costs I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
brand I-Cause
spending I-Cause
has O
resulted O
in O
the B-Effect
degradation I-Effect
of I-Effect
its I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
, I-Effect
eroding I-Effect
its I-Effect
brands I-Effect
and I-Effect
retail I-Effect
relationships I-Effect
. O

However O
, O
we O
think O
the B-Effect
demand I-Effect
as I-Effect
consumers I-Effect
stock I-Effect
up I-Effect
on I-Effect
essential I-Effect
fare I-Effect
due O
to O
COVID-19 B-Cause
has O
accelerated O
the O
results O
of O
these O
efforts O
. O

With O
significant B-Cause
revenue I-Cause
coming I-Cause
from I-Cause
Latin I-Cause
America I-Cause
and I-Cause
Asia I-Cause
, O
the O
bank O
is O
poised O
to O
ride O
the B-Effect
growth I-Effect
of I-Effect
these I-Effect
economies I-Effect
through I-Effect
the I-Effect
coming I-Effect
decade I-Effect
. O

With O
customers B-Cause
' I-Cause
switching I-Cause
costs I-Cause
negligible I-Cause
and I-Cause
profitability I-Cause
thin I-Cause
, O
Sprouts B-Effect
' I-Effect
margin I-Effect
for I-Effect
error I-Effect
is I-Effect
limited I-Effect
, O
particularly O
as O
traditional O
grocers O
incorporate O
more O
fresh O
, O
specialty O
, O
and O
natural O
foods O
into O
their O
assortments O
. O

Finally O
, O
Airbnb B-Cause
's I-Cause
core I-Cause
alternative I-Cause
accommodations I-Cause
business I-Cause
faces I-Cause
higher I-Cause
regulatory I-Cause
risk I-Cause
than I-Cause
other I-Cause
travel I-Cause
verticals I-Cause
, I-Cause
which I-Cause
could I-Cause
hinder I-Cause
supply I-Cause
and I-Cause
demand I-Cause
as I-Cause
well I-Cause
as I-Cause
elevate I-Cause
costs. O
As O
such O
, O
we B-Effect
lack I-Effect
confidence I-Effect
that I-Effect
Airbnb I-Effect
will I-Effect
, I-Effect
with I-Effect
certainty I-Effect
, I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
next I-Effect
two I-Effect
decades I-Effect
. O

We O
see O
continued B-Cause
strength I-Cause
in I-Cause
releasing I-Cause
spreads I-Cause
over I-Cause
the I-Cause
short I-Cause
term I-Cause
, O
but O
estimate B-Effect
that I-Effect
new I-Effect
supply I-Effect
will I-Effect
challenge I-Effect
Duke I-Effect
Realty I-Effect
's I-Effect
ability I-Effect
to I-Effect
increase I-Effect
rent I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. I-Effect

We O
believe O
that O
the B-Cause
high I-Cause
profitability I-Cause
BBVA I-Cause
enjoys I-Cause
in I-Cause
Mexico I-Cause
allows O
it O
to O
take B-Effect
relatively I-Effect
less I-Effect
risk I-Effect
in I-Effect
the I-Effect
whole I-Effect
group I-Effect
. O

Challenges O
to O
Economic O
ProfitFirst O
, O
because O
the O
cannabis B-Cause
industry I-Cause
remains I-Cause
in I-Cause
the I-Cause
growth I-Cause
stage I-Cause
, O
we O
think O
that O
years B-Effect
of I-Effect
significant I-Effect
investment I-Effect
will I-Effect
be I-Effect
necessary I-Effect
to I-Effect
support I-Effect
the I-Effect
robust I-Effect
growth I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

Finally O
, O
the B-Effect
integration I-Effect
of I-Effect
Albion I-Effect
International I-Effect
should I-Effect
prove I-Effect
beneficial I-Effect
, O
as O
Balchem B-Cause
is I-Cause
well I-Cause
positioned I-Cause
to I-Cause
realized I-Cause
potential I-Cause
synergies I-Cause
between I-Cause
existing I-Cause
product I-Cause
lines I-Cause
and I-Cause
Albion I-Cause
's I-Cause
expertise I-Cause
in I-Cause
chelated I-Cause
minerals I-Cause
. O

We O
expect O
the B-Effect
main I-Effect
driver I-Effect
for I-Effect
Enterprise I-Effect
will I-Effect
be I-Effect
its I-Effect
NGL I-Effect
segment I-Effect
, O
as O
the B-Cause
demand I-Cause
pull I-Cause
from I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
and I-Cause
international I-Cause
markets I-Cause
lets I-Cause
Enterprise B-Effect
take I-Effect
advantage I-Effect
of I-Effect
the I-Effect
export I-Effect
opportunities I-Effect
and I-Effect
lucrative I-Effect
differentials I-Effect
via I-Effect
its I-Effect
comprehensive I-Effect
asset I-Effect
base I-Effect
. O

We O
think O
these B-Effect
solutions I-Effect
are I-Effect
critical I-Effect
to I-Effect
customer I-Effect
operations I-Effect
, O
as O
they B-Cause
enable I-Cause
users I-Cause
to I-Cause
optimize I-Cause
inventory I-Cause
throughout I-Cause
the I-Cause
entire I-Cause
supply I-Cause
chain I-Cause
, I-Cause
to I-Cause
manage I-Cause
inventory I-Cause
and I-Cause
fulfill I-Cause
orders I-Cause
, I-Cause
and I-Cause
to I-Cause
manage I-Cause
retail I-Cause
storefront I-Cause
inventory I-Cause
, I-Cause
point I-Cause
of I-Cause
sale I-Cause
( I-Cause
POS I-Cause
) I-Cause
, I-Cause
ordering I-Cause
, I-Cause
and I-Cause
omnichannel I-Cause
operations I-Cause
. O

Perhaps O
the B-Effect
greatest I-Effect
risk I-Effect
is O
the B-Cause
scarcity I-Cause
of I-Cause
experienced I-Cause
analog I-Cause
talent I-Cause
within I-Cause
the I-Cause
industry I-Cause
, O
but O
Microchip B-Cause
's I-Cause
inorganic I-Cause
expansion I-Cause
has O
enabled B-Effect
the I-Effect
firm I-Effect
to I-Effect
acquire I-Effect
talent I-Effect
and I-Effect
reduce I-Effect
this I-Effect
risk I-Effect
. O

While B-Effect
this I-Effect
has I-Effect
helped I-Effect
results I-Effect
, I-Effect
we I-Effect
think I-Effect
an I-Effect
edge I-Effect
from I-Effect
underwriting I-Effect
innovations I-Effect
is I-Effect
usually I-Effect
difficult I-Effect
to I-Effect
sustain I-Effect
, O
as B-Cause
they I-Cause
can I-Cause
be I-Cause
fairly I-Cause
easily I-Cause
replicated I-Cause
. O

Although O
seasonality B-Cause
, I-Cause
product I-Cause
mix I-Cause
, I-Cause
and I-Cause
excess I-Cause
inventory I-Cause
builds I-Cause
tend O
to O
fuel B-Effect
lumpiness I-Effect
in I-Effect
this I-Effect
segment I-Effect
, O
we O
do O
think O
it O
will O
grow O
in O
the O
coming O
years O
. O

There B-Effect
is I-Effect
inherent I-Effect
product I-Effect
governance I-Effect
risk I-Effect
to I-Effect
credit I-Effect
cards I-Effect
as O
they B-Cause
typically I-Cause
carry I-Cause
very I-Cause
high I-Cause
interest I-Cause
rates I-Cause
and I-Cause
can I-Cause
trap I-Cause
consumers I-Cause
in I-Cause
a I-Cause
cycle I-Cause
of I-Cause
continuously I-Cause
paying I-Cause
high I-Cause
interest I-Cause
rates I-Cause
as O
they B-Cause
struggle I-Cause
to I-Cause
reduce I-Cause
the I-Cause
principal I-Cause
. O

Shop B-Effect
the I-Effect
Look I-Effect
is I-Effect
more I-Effect
of I-Effect
a I-Effect
social I-Effect
feature I-Effect
as O
it B-Cause
identifies I-Cause
different I-Cause
products I-Cause
within I-Cause
pins I-Cause
that I-Cause
are I-Cause
for I-Cause
sale I-Cause
and I-Cause
users I-Cause
can I-Cause
purchase I-Cause
. O

Further O
, O
we O
think O
Accenture B-Effect
generates I-Effect
industry-leading I-Effect
returns I-Effect
on I-Effect
capital I-Effect
because O
of O
its B-Cause
scale I-Cause
, O
given O
that O
there O
are O
only O
so O
many O
blueprints O
and O
software O
partners O
an O
IT-services O
company O
needs O
to O
solve O
enterprise O
problems O
. O

Recent O
mergers B-Cause
and I-Cause
acquisitions I-Cause
have O
further B-Effect
consolidated I-Effect
the I-Effect
space I-Effect
, O
and O
Global B-Cause
Payments I-Cause
has I-Cause
actively I-Cause
participated I-Cause
in I-Cause
this I-Cause
trend I-Cause
, O
acquiring O
its O
main O
rival O
, O
Heartland O
, O
in O
2016 O
, O
a O
move O
that O
meaningfully B-Effect
bulked I-Effect
up I-Effect
the I-Effect
company I-Effect
's I-Effect
size I-Effect
. O

T-Mobile B-Cause
's I-Cause
customer I-Cause
base I-Cause
is I-Cause
almost I-Cause
40 I-Cause
% I-Cause
below I-Cause
KPN I-Cause
's I-Cause
total I-Cause
customer I-Cause
base. O
As O
a O
result O
, O
KPN B-Effect
is I-Effect
able I-Effect
to I-Effect
spread I-Effect
the I-Effect
substantial I-Effect
fixed I-Effect
costs I-Effect
of I-Effect
its I-Effect
networks I-Effect
over I-Effect
more I-Effect
customers I-Effect
than I-Effect
its I-Effect
competitor I-Effect
. O

That O
said O
, O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
is I-Effect
still I-Effect
somewhat I-Effect
behind I-Effect
its I-Effect
moatier I-Effect
peers I-Effect
, I-Effect
which I-Effect
tend I-Effect
to I-Effect
be I-Effect
consistently I-Effect
in I-Effect
the I-Effect
mid-50s I-Effect
, I-Effect
with I-Effect
some I-Effect
now I-Effect
even I-Effect
approaching I-Effect
the I-Effect
low I-Effect
50s. O
This O
is O
partially O
due O
to O
structural B-Cause
reasons I-Cause
, I-Cause
including I-Cause
that I-Cause
the I-Cause
bank I-Cause
has I-Cause
a I-Cause
low I-Cause
deposit I-Cause
share I-Cause
in I-Cause
many I-Cause
of I-Cause
its I-Cause
top I-Cause
markets I-Cause
. O

Finally O
, O
we O
believe O
slowing B-Cause
end I-Cause
markets I-Cause
will O
force B-Effect
FactSet I-Effect
to I-Effect
venture I-Effect
beyond I-Effect
its I-Effect
core I-Effect
customer I-Effect
set I-Effect
and I-Effect
target I-Effect
customers I-Effect
with I-Effect
more I-Effect
limited I-Effect
use I-Effect
cases I-Effect
. O

First O
, O
we B-Cause
do I-Cause
not I-Cause
see I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
in I-Cause
the I-Cause
firm I-Cause
's I-Cause
operations I-Cause
, O
which O
constrains O
the B-Effect
number I-Effect
of I-Effect
avenues I-Effect
through I-Effect
which I-Effect
the I-Effect
business I-Effect
can I-Effect
generate I-Effect
economic I-Effect
rents I-Effect
. O

This B-Cause
cross-selling I-Cause
opportunity I-Cause
is I-Cause
supported I-Cause
by I-Cause
Paycom I-Cause
's I-Cause
investments I-Cause
within I-Cause
its I-Cause
platform I-Cause
, I-Cause
which I-Cause
should I-Cause
allow I-Cause
the I-Cause
company I-Cause
to I-Cause
expand I-Cause
its I-Cause
customer I-Cause
base I-Cause
further I-Cause
up-market. O
This O
will O
also O
support B-Effect
a I-Effect
higher I-Effect
per-employee-per-year I-Effect
( I-Effect
PEPY I-Effect
) I-Effect
price I-Effect
that I-Effect
will I-Effect
allow I-Effect
the I-Effect
firm I-Effect
to I-Effect
generate I-Effect
more I-Effect
value I-Effect
per I-Effect
client I-Effect
. O

Or O
in O
other O
cases O
, O
an B-Effect
enterprise I-Effect
may I-Effect
want I-Effect
to I-Effect
spread I-Effect
its I-Effect
bets I-Effect
across I-Effect
multiple I-Effect
cloud I-Effect
vendors I-Effect
out O
of O
fear O
of O
lock-in B-Cause
or I-Cause
unfavorable I-Cause
pricing I-Cause
. O

Sabre B-Cause
's I-Cause
travel I-Cause
network I-Cause
aggregates I-Cause
the I-Cause
content I-Cause
of I-Cause
hundreds I-Cause
of I-Cause
carriers I-Cause
and I-Cause
efficiently I-Cause
integrates I-Cause
that I-Cause
with I-Cause
travel I-Cause
agent I-Cause
back-office I-Cause
operations I-Cause
, O
which O
requires B-Effect
significant I-Effect
time I-Effect
and I-Effect
cost I-Effect
to I-Effect
build I-Effect
and I-Effect
operate I-Effect
. O

While O
we B-Effect
still I-Effect
believe I-Effect
in I-Effect
that I-Effect
timeline I-Effect
, I-Effect
we I-Effect
remain I-Effect
cautious I-Effect
and I-Effect
vigilant I-Effect
about I-Effect
possibly I-Effect
moving I-Effect
the I-Effect
title I-Effect
in I-Effect
fiscal I-Effect
2024 I-Effect
due O
to O
the B-Cause
overwhelming I-Cause
success I-Cause
that I-Cause
Rockstar I-Cause
has I-Cause
achieved I-Cause
in I-Cause
keeping I-Cause
players I-Cause
engaged I-Cause
with I-Cause
GTA I-Cause
Online I-Cause
. O

We O
assume B-Effect
midcycle I-Effect
operating I-Effect
margins I-Effect
to I-Effect
be I-Effect
27 I-Effect
% I-Effect
in O
2024 O
, O
as O
a O
result O
of O
effects B-Cause
of I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
increased I-Cause
sales I-Cause
. O

Ventilators B-Effect
, I-Effect
for I-Effect
example I-Effect
, I-Effect
are I-Effect
invasive I-Effect
products I-Effect
that I-Effect
need I-Effect
a I-Effect
very I-Effect
careful I-Effect
application I-Effect
as O
they B-Cause
replace I-Cause
the I-Cause
lung I-Cause
function I-Cause
and I-Cause
a I-Cause
failure I-Cause
could I-Cause
cause I-Cause
death I-Cause
. O

We O
anticipate O
the B-Effect
number I-Effect
of I-Effect
Gap I-Effect
stores I-Effect
worldwide I-Effect
will I-Effect
fall I-Effect
to I-Effect
750 I-Effect
in O
2029 O
from O
1,170 O
at O
the O
end O
of O
2019 O
as O
sales B-Cause
decline I-Cause
to O
$ O
3.4 O
billion O
from O
$ O
4.6 O
billion O
. O

We O
also O
assume O
the B-Effect
FA I-Effect
business I-Effect
will I-Effect
grow I-Effect
at I-Effect
25 I-Effect
% I-Effect
year I-Effect
on I-Effect
year I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, O
as O
CNCs B-Cause
will I-Cause
likely I-Cause
be I-Cause
used I-Cause
with I-Cause
the I-Cause
machine I-Cause
tools I-Cause
to I-Cause
shape I-Cause
consumer I-Cause
electronic I-Cause
goods I-Cause
and O
automobile B-Cause
investment I-Cause
will I-Cause
likely I-Cause
pick I-Cause
up I-Cause
. O

We B-Effect
expect I-Effect
CNOOC I-Effect
's I-Effect
all-in I-Effect
cost I-Effect
to I-Effect
be I-Effect
flat I-Effect
during I-Effect
2020-24 I-Effect
given O
the B-Cause
firm I-Cause
's I-Cause
strength I-Cause
in I-Cause
cost I-Cause
control I-Cause
as I-Cause
witnessed I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
depreciation I-Cause
of I-Cause
the I-Cause
Chinese I-Cause
yuan I-Cause
. O

We O
think O
increasing B-Cause
vehicle I-Cause
complexity I-Cause
will O
be O
a O
strong O
tailwind O
for O
the O
repair O
systems O
and O
information O
business O
, O
pushing B-Effect
sales I-Effect
over I-Effect
5 I-Effect
% I-Effect
on I-Effect
average I-Effect
in I-Effect
our I-Effect
forecast I-Effect
. O

The O
company O
also O
regularly B-Cause
makes I-Cause
capital I-Cause
improvements I-Cause
and I-Cause
redevelops I-Cause
its I-Cause
portfolio I-Cause
to O
maintain B-Effect
the I-Effect
portfolio I-Effect
's I-Effect
quality I-Effect
and I-Effect
keep I-Effect
it I-Effect
competitive I-Effect
in I-Effect
the I-Effect
market I-Effect
. O

Its O
$ O
2.4 O
billion O
pretax O
profit O
during O
the O
weeklong O
2021 O
winter O
storm O
in O
Texas O
shows O
how O
Energy B-Cause
Transfer I-Cause
's I-Cause
extensive I-Cause
system I-Cause
allows B-Effect
it I-Effect
to I-Effect
maximize I-Effect
profits I-Effect
in I-Effect
its I-Effect
home I-Effect
region I-Effect
unlike I-Effect
any I-Effect
other I-Effect
midstream I-Effect
firm I-Effect
. O

We B-Cause
assume I-Cause
the I-Cause
company I-Cause
acquires I-Cause
around I-Cause
$ I-Cause
300 I-Cause
million I-Cause
in I-Cause
properties I-Cause
per I-Cause
year I-Cause
as I-Cause
we I-Cause
think I-Cause
that I-Cause
prices I-Cause
are I-Cause
high I-Cause
and I-Cause
options I-Cause
are I-Cause
both I-Cause
limited I-Cause
and I-Cause
competitive I-Cause
, O
so O
acquisitions B-Effect
should I-Effect
revert I-Effect
to I-Effect
normalized I-Effect
levels I-Effect
. O

Given O
that O
West B-Cause
's I-Cause
larger I-Cause
customers I-Cause
could I-Cause
use I-Cause
their I-Cause
size I-Cause
in I-Cause
pricing I-Cause
negotiations I-Cause
, I-Cause
increased I-Cause
scrutiny I-Cause
of I-Cause
materials I-Cause
and I-Cause
production I-Cause
costs I-Cause
could O
put B-Cause
downward I-Cause
pressure I-Cause
on I-Cause
West I-Cause
's I-Cause
ability I-Cause
to O
increase B-Effect
price I-Effect
and I-Effect
lead I-Effect
to I-Effect
lower I-Effect
demand I-Effect
for I-Effect
higher-value I-Effect
, I-Effect
higher-margin I-Effect
services I-Effect
like I-Effect
NovaPure I-Effect
. O

Its O
position O
as O
one O
of O
the O
largest O
toy O
companies O
allows O
Mattel B-Effect
to I-Effect
capture I-Effect
these I-Effect
partnerships I-Effect
with I-Effect
relative I-Effect
ease I-Effect
, O
as O
the B-Cause
company I-Cause
is I-Cause
a I-Cause
top I-Cause
choice I-Cause
for I-Cause
any I-Cause
partner I-Cause
to I-Cause
pair I-Cause
with I-Cause
, I-Cause
having I-Cause
one I-Cause
of I-Cause
the I-Cause
widest I-Cause
reaches I-Cause
and I-Cause
the I-Cause
deepest I-Cause
marketing I-Cause
pockets I-Cause
across I-Cause
the I-Cause
toy I-Cause
marketer I-Cause
space I-Cause
. O

Furthermore O
, O
we O
expect O
some O
lasting B-Effect
benefits I-Effect
from I-Effect
the I-Effect
high-single-digit I-Effect
increase I-Effect
in I-Effect
pet I-Effect
adoptions I-Effect
and I-Effect
3 I-Effect
million I-Effect
coffee I-Effect
and I-Effect
espresso I-Effect
machines I-Effect
that I-Effect
were I-Effect
purchased I-Effect
during I-Effect
the I-Effect
pandemic I-Effect
, O
as O
coffee B-Cause
and I-Cause
pet I-Cause
food I-Cause
accounted I-Cause
for I-Cause
33 I-Cause
% I-Cause
and I-Cause
36 I-Cause
% I-Cause
of I-Cause
Smucker I-Cause
's I-Cause
fiscal I-Cause
2021 I-Cause
sales I-Cause
, I-Cause
respectively I-Cause
. O

Although O
we O
think O
that O
F5 B-Effect
was I-Effect
caught I-Effect
off-guard I-Effect
with O
the B-Cause
growth I-Cause
in I-Cause
cloud-based I-Cause
workloads I-Cause
creating I-Cause
a I-Cause
lower I-Cause
demand I-Cause
for I-Cause
F5 I-Cause
hardware I-Cause
, O
our O
view O
is O
that O
the O
company O
's O
strategic O
pivot O
will O
keep O
it O
ensnared O
in O
customer O
networks O
. O

The B-Cause
truck I-Cause
brokerage I-Cause
business I-Cause
is I-Cause
still I-Cause
vastly I-Cause
fragmented I-Cause
, O
and O
small O
, O
less O
sophisticated O
providers O
are O
finding O
it O
increasingly O
difficult B-Effect
to I-Effect
keep I-Effect
up I-Effect
with I-Effect
rising I-Effect
demand I-Effect
for I-Effect
efficient I-Effect
capacity I-Effect
access I-Effect
and I-Effect
informational I-Effect
know-how I-Effect
. I-Effect

We O
anticipate O
the B-Effect
number I-Effect
of I-Effect
Gap I-Effect
Global I-Effect
stores I-Effect
worldwide I-Effect
will I-Effect
fall I-Effect
to I-Effect
693 I-Effect
in I-Effect
2030 I-Effect
from I-Effect
1,013 I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2020 I-Effect
as O
sales B-Cause
decline I-Cause
to I-Cause
$ I-Cause
3.0 I-Cause
billion I-Cause
from I-Cause
$ I-Cause
3.4 I-Cause
billion I-Cause
. O

The B-Cause
dealer I-Cause
network I-Cause
, I-Cause
particularly I-Cause
for I-Cause
the I-Cause
main I-Cause
Malibu I-Cause
brand I-Cause
, I-Cause
has I-Cause
taken I-Cause
decades I-Cause
to I-Cause
cultivate I-Cause
and O
would O
be O
difficult O
for O
a B-Effect
competitor I-Effect
to I-Effect
build I-Effect
. O

Via B-Cause
the I-Cause
2019 I-Cause
purchase I-Cause
of I-Cause
Fox I-Cause
Sports I-Cause
Networks I-Cause
from I-Cause
Disney I-Cause
, O
Sinclair B-Effect
is I-Effect
now I-Effect
the I-Effect
largest I-Effect
owner I-Effect
or I-Effect
operator I-Effect
of I-Effect
regional I-Effect
sports I-Effect
networks I-Effect
with O
14 O
Fox-branded O
RSNs O
covering O
42 O
NBA O
, O
MLB O
, O
and O
NHL O
teams O
along O
with O
the O
new O
home O
of O
the O
Chicago O
Cubs O
, O
Marquee O
Sports O
Network O
. O

That O
said O
, O
we O
think O
Air O
Products O
can O
fuel O
additional B-Effect
revenue I-Effect
growth I-Effect
through O
acquisitions B-Cause
, I-Cause
asset I-Cause
buybacks I-Cause
, I-Cause
and I-Cause
new I-Cause
projects I-Cause
, I-Cause
especially I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
such I-Cause
as I-Cause
China I-Cause
and I-Cause
India I-Cause
. O

Although O
the B-Effect
near I-Effect
term I-Effect
should I-Effect
be I-Effect
volatile I-Effect
as O
sales B-Cause
normalize I-Cause
after O
the O
pandemic O
's O
top-line O
surge O
eases O
, O
the O
sector O
's O
advantages O
, O
and O
Advance O
's O
prospects O
, O
should O
endure O
over O
the O
long O
run O
. O

Finally O
, O
since O
there B-Cause
are I-Cause
steep I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
and O
thus O
only B-Cause
two I-Cause
viable I-Cause
aircraft I-Cause
manufacturers I-Cause
, O
customers B-Effect
would I-Effect
have I-Effect
difficulty I-Effect
switching I-Effect
even I-Effect
if I-Effect
they I-Effect
wanted I-Effect
to I-Effect
. O

Businesses B-Effect
will I-Effect
benefit I-Effect
from I-Effect
incorporating I-Effect
use I-Effect
cases I-Effect
across I-Effect
buying I-Effect
centers I-Effect
as O
they B-Cause
will I-Cause
be I-Cause
able I-Cause
to I-Cause
view I-Cause
the I-Cause
interactions I-Cause
between I-Cause
different I-Cause
segments I-Cause
of I-Cause
operations I-Cause
in I-Cause
one I-Cause
place I-Cause
; O
this O
will O
also O
drive B-Effect
excess I-Effect
returns I-Effect
for I-Effect
Splunk I-Effect
. O

We O
assume O
a B-Cause
23 I-Cause
% I-Cause
rebound I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
with O
recovery B-Effect
to I-Effect
more I-Effect
normalized I-Effect
global I-Effect
light-vehicle I-Effect
demand I-Effect
in I-Effect
Nissan I-Effect
's I-Effect
fiscal I-Effect
2023 I-Effect
. O

Over O
the O
next O
five O
years O
, O
our B-Effect
sales I-Effect
growth I-Effect
outlook I-Effect
averages I-Effect
4.4 I-Effect
% I-Effect
, O
hindered O
by O
a B-Cause
2.5 I-Cause
% I-Cause
sales I-Cause
drop I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
( O
better O
than O
the O
7 O
% O
decline O
we O
had O
forecast O
previously O
) O
. O

Over O
the O
past O
few O
years O
, O
customer O
acquisition O
costs O
have O
failed O
to O
become O
more O
efficient O
, O
rising O
to O
around O
$ O
90 O
in O
2019 O
( O
versus O
$ O
66 O
in O
2016 O
) O
, O
while O
direct B-Cause
retail I-Cause
advertising I-Cause
spending I-Cause
growth I-Cause
has I-Cause
also I-Cause
increased I-Cause
to O
support B-Effect
sales I-Effect
increases I-Effect
. O

This O
concern O
, O
combined O
with O
the O
fact O
that O
Sensient B-Cause
's I-Cause
products I-Cause
account I-Cause
for I-Cause
a I-Cause
very I-Cause
small I-Cause
portion I-Cause
of I-Cause
customer I-Cause
costs I-Cause
, O
typically O
leads O
to O
sticky B-Effect
business I-Effect
relationships I-Effect
. I-Effect

We O
expect O
recovery B-Cause
from I-Cause
COVID-19 I-Cause
to O
further B-Effect
boost I-Effect
top-line I-Effect
growth I-Effect
and O
result O
in O
a B-Effect
50 I-Effect
% I-Effect
increase I-Effect
in I-Effect
2021 I-Effect
( I-Effect
from I-Effect
46 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
) I-Effect
and I-Effect
32 I-Effect
% I-Effect
year-over-year I-Effect
growth I-Effect
in I-Effect
2022 I-Effect
, O
representing O
total O
revenue O
of O
$ O
3.8 O
billion O
and O
$ O
5 O
billion O
, O
respectively O
. O

Focused B-Effect
entry I-Effect
from I-Effect
companies I-Effect
such I-Effect
as I-Effect
Google I-Effect
, I-Effect
Amazon I-Effect
, I-Effect
Facebook I-Effect
, I-Effect
and I-Effect
Alibaba I-Effect
would I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
to I-Effect
TripAdvisor I-Effect
's I-Effect
growth I-Effect
, O
as O
the B-Cause
barriers I-Cause
to I-Cause
replicating I-Cause
its I-Cause
business I-Cause
model I-Cause
are I-Cause
not I-Cause
insurmountable I-Cause
and I-Cause
could I-Cause
be I-Cause
surmounted I-Cause
within I-Cause
a I-Cause
few I-Cause
years I-Cause
, O
in O
our O
opinion O
. O

Potential B-Cause
data I-Cause
breaches I-Cause
, O
given O
BCE O
's O
access O
and O
transport O
of O
sensitive O
data O
, O
and O
business O
disruptions O
of O
what O
is O
now O
essentially O
a O
utility O
would O
also O
be B-Effect
risks I-Effect
. O

We O
expect O
an B-Effect
8 I-Effect
% I-Effect
CAGR I-Effect
in I-Effect
online I-Effect
marketing I-Effect
revenue I-Effect
in I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
recovery B-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

We O
assign O
the B-Effect
firm I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
which O
reflects B-Cause
the I-Cause
relative I-Cause
stability I-Cause
in I-Cause
aftermarket I-Cause
cash I-Cause
flows I-Cause
balanced I-Cause
by I-Cause
the I-Cause
firm I-Cause
's I-Cause
high I-Cause
degree I-Cause
of I-Cause
financial I-Cause
leverage I-Cause
. O

On O
the O
positive O
side O
, O
Travelers B-Effect
has I-Effect
some I-Effect
natural I-Effect
hedges I-Effect
against I-Effect
COVID-19 I-Effect
, I-Effect
and I-Effect
the I-Effect
pandemic I-Effect
has I-Effect
been I-Effect
a I-Effect
material I-Effect
positive I-Effect
for I-Effect
its I-Effect
personal I-Effect
auto I-Effect
business I-Effect
, O
due O
to O
a B-Cause
falloff I-Cause
in I-Cause
miles I-Cause
driven I-Cause
. O

Currently B-Cause
Amazon I-Cause
's I-Cause
DocumentDB I-Cause
service I-Cause
claims I-Cause
it I-Cause
has I-Cause
MongoDB I-Cause
compatibility I-Cause
, O
so O
that O
it B-Effect
can I-Effect
help I-Effect
companies I-Effect
deploy I-Effect
MongoDB I-Effect
at I-Effect
scale I-Effect
in I-Effect
the I-Effect
cloud I-Effect
, O
similar O
to O
MongoDB O
Atlas O
. O

While O
we O
give O
the B-Effect
company I-Effect
's I-Effect
pipeline I-Effect
assets I-Effect
fairly I-Effect
low I-Effect
probabilities I-Effect
of I-Effect
approval I-Effect
due O
to O
their B-Cause
early I-Cause
stages I-Cause
in I-Cause
development I-Cause
, O
Vertex O
is O
targeting O
several O
blockbuster O
opportunities O
, O
which O
amount O
to O
over O
$ O
1 O
billion O
in O
2026 O
pipeline O
sales O
. O

In O
our O
view O
, O
Dell B-Effect
Technologies I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
maintain I-Effect
gross I-Effect
margins I-Effect
in I-Effect
the I-Effect
low I-Effect
30 I-Effect
% I-Effect
range I-Effect
, I-Effect
up I-Effect
from I-Effect
the I-Effect
mid-20 I-Effect
% I-Effect
range I-Effect
in I-Effect
fiscal I-Effect
2018 I-Effect
and I-Effect
fiscal I-Effect
2019 I-Effect
through O
increasing B-Cause
product I-Cause
cross-sales I-Cause
and I-Cause
upsells I-Cause
, I-Cause
especially I-Cause
through I-Cause
adding I-Cause
software I-Cause
suites I-Cause
. O

Although O
we O
believe O
that O
Norton O
antivirus O
and O
LifeLock O
are O
well O
respected O
brands O
in O
consumer O
digital O
safety O
, O
there O
are O
persistent B-Cause
headwinds I-Cause
that O
are O
likely O
to O
challenge O
the B-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
sustainably I-Effect
lock-in I-Effect
customers I-Effect
and I-Effect
create I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Even O
in O
a B-Cause
bear-case I-Cause
scenario I-Cause
, O
marked O
by O
the O
assumed O
failure O
of O
leading O
wholly-owned O
programs O
like O
TTR-LRx O
and O
APOCIII-LRx O
and O
lower O
operating O
margins O
, O
we O
see O
ROICs B-Effect
steadily I-Effect
improving I-Effect
to I-Effect
15 I-Effect
% I-Effect
by I-Effect
2029 I-Effect
. O

In B-Cause
its I-Cause
analog I-Cause
solutions I-Cause
unit I-Cause
, I-Cause
ON I-Cause
Semiconductor I-Cause
supplies I-Cause
application-specific I-Cause
standard I-Cause
products I-Cause
, I-Cause
or I-Cause
ASSPs I-Cause
, I-Cause
and I-Cause
power I-Cause
management I-Cause
solutions. O
These O
products O
perform B-Effect
key I-Effect
functions I-Effect
inside I-Effect
a I-Effect
car I-Effect
's I-Effect
drive I-Effect
train I-Effect
while I-Effect
also I-Effect
enabling I-Effect
the I-Effect
safe I-Effect
and I-Effect
efficient I-Effect
power I-Effect
management I-Effect
of I-Effect
ADAS I-Effect
products I-Effect
. O

In O
our O
view O
, O
CrowdStrike O
's O
solutions O
establish O
customer O
switching O
costs O
and O
its B-Effect
network I-Effect
effect I-Effect
makes I-Effect
changing I-Effect
vendors I-Effect
a I-Effect
challenge I-Effect
as O
clients B-Cause
rely I-Cause
on I-Cause
having I-Cause
the I-Cause
latest I-Cause
threat I-Cause
protection I-Cause
. O

As O
demand O
resumes O
longer O
term O
, O
we O
think O
pricing B-Effect
could I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-single-digit I-Effect
clip I-Effect
( I-Effect
averaging I-Effect
around I-Effect
2 I-Effect
% I-Effect
between I-Effect
2023-30 I-Effect
) I-Effect
as O
willingness B-Cause
to I-Cause
socially I-Cause
gather I-Cause
resumes I-Cause
. O

Notwithstanding O
periods O
of O
economic O
distress O
, O
sales B-Effect
growth I-Effect
tends I-Effect
to I-Effect
be I-Effect
consistent I-Effect
in I-Effect
a I-Effect
mid-single I-Effect
digit I-Effect
range I-Effect
, I-Effect
and I-Effect
market I-Effect
dynamics I-Effect
have I-Effect
been I-Effect
stable I-Effect
over I-Effect
time I-Effect
, O
owing O
to O
the B-Cause
entrenched I-Cause
position I-Cause
of I-Cause
market I-Cause
leaders I-Cause
in I-Cause
a I-Cause
mature I-Cause
market I-Cause
. O

Because O
of O
the O
high B-Cause
cost I-Cause
of I-Cause
device I-Cause
malfunction I-Cause
( O
which O
can O
be O
life O
or O
death O
in O
some O
scenarios O
) O
, O
clinicians B-Effect
might I-Effect
be I-Effect
not I-Effect
be I-Effect
willing I-Effect
to I-Effect
try I-Effect
an I-Effect
unproven I-Effect
alternative I-Effect
and I-Effect
risk I-Effect
poor I-Effect
patient I-Effect
outcomes I-Effect
. O

We O
forecast O
that O
returns B-Cause
on I-Cause
invested I-Cause
capital I-Cause
will I-Cause
rise I-Cause
only I-Cause
slightly I-Cause
over I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
period I-Cause
, O
and O
we O
have O
a B-Effect
high I-Effect
degree I-Effect
of I-Effect
confidence I-Effect
that I-Effect
positive I-Effect
economic I-Effect
profits I-Effect
will I-Effect
prove I-Effect
durable I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Growing B-Cause
competition I-Cause
from I-Cause
high-speed I-Cause
rail I-Cause
, I-Cause
stagnant I-Cause
industrial I-Cause
activity I-Cause
in I-Cause
the I-Cause
Pearl I-Cause
River I-Cause
Delta I-Cause
, O
and O
cost O
inflation O
all O
sent O
Guangshen B-Effect
's I-Effect
operating I-Effect
margins I-Effect
tumbling I-Effect
to I-Effect
5.2 I-Effect
% I-Effect
before I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
, I-Effect
from I-Effect
17.6 I-Effect
% I-Effect
in I-Effect
2011 I-Effect
. O

However O
, O
Capital O
One O
has O
a O
higher O
exposure O
to O
subprime O
card O
and O
auto O
lending O
, O
and O
these B-Effect
risks I-Effect
will I-Effect
only I-Effect
be I-Effect
exacerbated I-Effect
by O
COVID-19 B-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
. O

Integrating B-Cause
large I-Cause
acquisitions I-Cause
is I-Cause
a I-Cause
risk I-Cause
with I-Cause
any I-Cause
company I-Cause
but I-Cause
the I-Cause
integration I-Cause
of I-Cause
Grand I-Cause
Design I-Cause
has I-Cause
been I-Cause
excellent I-Cause
so O
we B-Effect
are I-Effect
not I-Effect
worried I-Effect
about I-Effect
management I-Effect
's I-Effect
ability I-Effect
to I-Effect
succeed I-Effect
on I-Effect
future I-Effect
deals I-Effect
like I-Effect
Newmar I-Effect
. O

Although O
the B-Cause
recent I-Cause
migration I-Cause
of I-Cause
wealth I-Cause
to I-Cause
urban I-Cause
centers I-Cause
has O
been O
a B-Effect
boon I-Effect
to I-Effect
Kilroy I-Effect
Realty I-Effect
, O
these B-Cause
dynamics I-Cause
can I-Cause
reverse I-Cause
, O
with O
such O
shifts O
having B-Effect
the I-Effect
potential I-Effect
to I-Effect
have I-Effect
a I-Effect
dramatic I-Effect
impact I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
fortunes I-Effect
. O

With O
the B-Cause
added I-Cause
complexity I-Cause
of I-Cause
Internet I-Cause
of I-Cause
Things-related I-Cause
integration I-Cause
of I-Cause
factory I-Cause
machines I-Cause
( O
that O
is O
integrating O
robots O
with O
other O
type O
of O
machines O
from O
different O
suppliers O
) O
, O
we B-Effect
see I-Effect
that I-Effect
this I-Effect
factor I-Effect
will I-Effect
further I-Effect
prevent I-Effect
switching I-Effect
costs I-Effect
from I-Effect
narrowing I-Effect
for I-Effect
a I-Effect
long I-Effect
time I-Effect
. O

The B-Cause
success I-Cause
of I-Cause
ongoing I-Cause
initiatives I-Cause
should O
set O
the B-Effect
operating I-Effect
margin I-Effect
back I-Effect
on I-Effect
a I-Effect
improving I-Effect
trajectory I-Effect
in I-Effect
2022 I-Effect
, I-Effect
with I-Effect
investments I-Effect
winding I-Effect
down I-Effect
. O

Our B-Effect
adjusted I-Effect
EBITDA I-Effect
margin I-Effect
forecast I-Effect
of I-Effect
31 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
represents I-Effect
an I-Effect
increase I-Effect
from I-Effect
the I-Effect
25.3 I-Effect
% I-Effect
reported I-Effect
in I-Effect
2019 I-Effect
and I-Effect
is I-Effect
unchanged I-Effect
, O
as O
we B-Cause
expect I-Cause
margins I-Cause
from I-Cause
incremental I-Cause
sports I-Cause
betting I-Cause
and I-Cause
iGaming I-Cause
demand I-Cause
to I-Cause
be I-Cause
like I-Cause
consolidated I-Cause
results I-Cause
for I-Cause
the I-Cause
region I-Cause
. O

At B-Cause
the I-Cause
2020 I-Cause
result I-Cause
, I-Cause
management I-Cause
announced I-Cause
a I-Cause
plan I-Cause
to I-Cause
invest I-Cause
in I-Cause
original I-Cause
content I-Cause
production I-Cause
by I-Cause
leveraging I-Cause
its I-Cause
large I-Cause
pay I-Cause
TV I-Cause
subscriber I-Cause
base B-Effect
to I-Effect
drive I-Effect
growth I-Effect
for I-Effect
the I-Effect
company I-Effect
. I-Cause

On O
a O
pro O
forma O
basis O
, O
including O
the O
declines O
during O
quarantine O
efforts O
in O
2020 O
, O
we O
project O
revenue O
to O
grow B-Effect
at I-Effect
an I-Effect
8 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
through I-Effect
2024 I-Effect
, I-Effect
driven O
by O
the B-Cause
secular I-Cause
shift I-Cause
toward I-Cause
electronic I-Cause
payments I-Cause
, I-Cause
increasing I-Cause
e-commerce I-Cause
revenue I-Cause
, I-Cause
and I-Cause
growth I-Cause
in I-Cause
international I-Cause
markets I-Cause
. I-Cause

At O
the O
same O
time O
, O
it B-Effect
can I-Effect
increase I-Effect
its I-Effect
buying I-Effect
power I-Effect
through I-Effect
the I-Effect
recent I-Effect
growth I-Effect
of I-Effect
its I-Effect
operations I-Effect
, O
as O
it B-Cause
has I-Cause
become I-Cause
the I-Cause
largest I-Cause
procurer I-Cause
of I-Cause
aftermarket I-Cause
auto I-Cause
parts I-Cause
in I-Cause
the I-Cause
region I-Cause
. O

Conagra B-Cause
has I-Cause
increasingly I-Cause
relied I-Cause
on I-Cause
acquisitions I-Cause
for I-Cause
growth I-Cause
, O
similar O
to O
peers O
, O
which O
could O
drive O
multiples O
higher O
, O
increasing B-Effect
the I-Effect
chance I-Effect
that I-Effect
it I-Effect
may I-Effect
overpay I-Effect
for I-Effect
assets I-Effect
and I-Effect
destroy I-Effect
shareholder I-Effect
value I-Effect
. O

While B-Cause
Fermacell I-Cause
's I-Cause
local I-Cause
market I-Cause
expertise I-Cause
will I-Cause
assist I-Cause
, I-Cause
masonry I-Cause
construction I-Cause
-- I-Cause
the I-Cause
norm I-Cause
in I-Cause
Europe I-Cause
-- I-Cause
does I-Cause
not I-Cause
lend I-Cause
itself I-Cause
to I-Cause
the I-Cause
same I-Cause
applications I-Cause
of I-Cause
fibre I-Cause
cement I-Cause
as I-Cause
framed I-Cause
construction I-Cause
, I-Cause
which I-Cause
is I-Cause
typical I-Cause
in I-Cause
the I-Cause
North I-Cause
American I-Cause
and I-Cause
Australian I-Cause
geographies. O
As O
such O
, O
the B-Effect
competitive I-Effect
positioning I-Effect
of I-Effect
its I-Effect
eventual I-Effect
product I-Effect
offering I-Effect
-- I-Effect
which I-Effect
is I-Effect
to I-Effect
be I-Effect
developed I-Effect
once I-Effect
the I-Effect
firm I-Effect
has I-Effect
gathered I-Effect
market I-Effect
intelligence I-Effect
as I-Effect
to I-Effect
where I-Effect
new I-Effect
applications I-Effect
of I-Effect
fibre I-Effect
cement I-Effect
will I-Effect
provide I-Effect
significant I-Effect
opportunity I-Effect
-- I-Effect
will I-Effect
likely I-Effect
be I-Effect
less I-Effect
strong I-Effect
than I-Effect
in I-Effect
its I-Effect
existing I-Effect
geographies I-Effect
. O

However O
, O
in B-Effect
March I-Effect
2020 I-Effect
, I-Effect
the I-Effect
federal-funds I-Effect
rate I-Effect
was I-Effect
dramatically I-Effect
cut I-Effect
to I-Effect
a I-Effect
range I-Effect
of I-Effect
0 I-Effect
% I-Effect
to I-Effect
0.25 I-Effect
% I-Effect
to O
deal O
with O
the B-Cause
COVID-19 I-Cause
economic I-Cause
downturn I-Cause
. O

Lennox B-Cause
's I-Cause
ability I-Cause
to I-Cause
extract I-Cause
a I-Cause
price I-Cause
premium I-Cause
for I-Cause
higher-end O
HVAC B-Effect
products I-Effect
results I-Effect
in I-Effect
favorable I-Effect
margins I-Effect
compared O
with O
competitors O
offering O
lower-tier O
products O
. O

The O
domestic O
toy O
industry O
remains O
mature O
and O
stable O
, O
and O
we O
expect O
global B-Effect
demand I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
low-single-digit I-Effect
pace I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
for I-Effect
Mattel I-Effect
as O
product B-Cause
improvement I-Cause
, I-Cause
price I-Cause
increases I-Cause
, I-Cause
and I-Cause
emerging-market I-Cause
growth I-Cause
should O
help O
offset O
slower B-Cause
domestic I-Cause
growth I-Cause
. O

We O
model O
almost B-Effect
no I-Effect
growth I-Effect
in I-Effect
trading I-Effect
revenue I-Effect
going I-Effect
forward I-Effect
though I-Effect
, O
as O
gradual B-Cause
pricing I-Cause
pressures I-Cause
offsets I-Cause
trading I-Cause
volume I-Cause
increases I-Cause
, O
and O
Schwab O
shifts O
revenue O
from O
former O
revenue O
trades O
into O
other O
lines O
, O
such O
as O
its O
commission-free O
trading O
platforms O
, O
where O
the O
revenue O
shows O
up O
in O
asset O
management O
. O

Additionally O
, O
because O
there B-Cause
is I-Cause
such I-Cause
a I-Cause
thin I-Cause
spread I-Cause
between I-Cause
LivaNova I-Cause
's I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
and I-Cause
its I-Cause
weighted I-Cause
cost I-Cause
of I-Cause
capital I-Cause
, O
such O
a O
hit O
to O
cash O
flow O
could O
result O
in O
moderate B-Effect
destruction I-Effect
of I-Effect
value I-Effect
. O

We O
expect O
a B-Effect
13 I-Effect
% I-Effect
CAGR I-Effect
in I-Effect
online I-Effect
marketing I-Effect
revenue I-Effect
in I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
a B-Cause
recovery I-Cause
for I-Cause
iQiyi I-Cause
and I-Cause
Baidu I-Cause
core I-Cause
in I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

Since O
aircraft B-Cause
must I-Cause
be I-Cause
fully I-Cause
maintained I-Cause
to I-Cause
be I-Cause
operational I-Cause
and I-Cause
TransDigm I-Cause
is I-Cause
the I-Cause
only I-Cause
provider I-Cause
of I-Cause
much I-Cause
of I-Cause
their I-Cause
products I-Cause
, O
TransDigm B-Effect
has I-Effect
immense I-Effect
pricing I-Effect
power I-Effect
, O
even O
in O
downturns O
. O

Longer B-Effect
inventory I-Effect
cycles I-Effect
in I-Effect
the I-Effect
retail I-Effect
channel I-Effect
tying I-Effect
up I-Effect
working I-Effect
capital I-Effect
have I-Effect
been I-Effect
shortened I-Effect
in O
recent O
years O
as O
retailers B-Cause
prefer I-Cause
to I-Cause
take I-Cause
inventory I-Cause
close I-Cause
to I-Cause
point I-Cause
of I-Cause
sale I-Cause
. O

And B-Cause
while I-Cause
the I-Cause
firm I-Cause
intends I-Cause
to I-Cause
realize I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
in I-Cause
efficiency I-Cause
savings I-Cause
through I-Cause
2024 I-Cause
, I-Cause
it I-Cause
appears I-Cause
to I-Cause
be I-Cause
doing I-Cause
so I-Cause
as I-Cause
an I-Cause
opportunity I-Cause
to I-Cause
free I-Cause
up I-Cause
resources I-Cause
to I-Cause
reinvest I-Cause
in I-Cause
its I-Cause
product I-Cause
mix I-Cause
rather I-Cause
than I-Cause
inflating I-Cause
profits. O
As O
such O
, O
we O
think O
the B-Effect
firm I-Effect
's I-Effect
focus I-Effect
on I-Effect
fueling I-Effect
marketing I-Effect
spending I-Effect
and I-Effect
aims I-Effect
to I-Effect
get I-Effect
more I-Effect
mileage I-Effect
out I-Effect
of I-Effect
these I-Effect
investments I-Effect
are I-Effect
judicious I-Effect
-- I-Effect
aided I-Effect
by I-Effect
its I-Effect
decision I-Effect
to I-Effect
narrow I-Effect
its I-Effect
stock-keeping I-Effect
unit I-Effect
count I-Effect
( I-Effect
down I-Effect
20 I-Effect
% I-Effect
in I-Effect
North I-Effect
America I-Effect
this I-Effect
year I-Effect
) I-Effect
. O

Additionally O
, O
a B-Cause
sustained I-Cause
reduction I-Cause
in I-Cause
the I-Cause
spread I-Cause
between I-Cause
MOP I-Cause
and I-Cause
SOP I-Cause
prices I-Cause
is O
a O
risk O
to O
the B-Effect
company I-Effect
's I-Effect
realized I-Effect
specialty I-Effect
fertilizer I-Effect
prices I-Effect
. O

However O
, O
over B-Cause
time I-Cause
we B-Effect
do I-Effect
expect I-Effect
Banco I-Effect
de I-Effect
Chile I-Effect
to I-Effect
accrue I-Effect
benefits I-Effect
from I-Effect
these I-Effect
investments I-Effect
as B-Cause
well I-Cause
as I-Cause
increased I-Cause
operating I-Cause
leverage I-Cause
as B-Effect
its I-Effect
revenue I-Effect
grows I-Effect
. O

Still O
, O
increasing B-Cause
competition I-Cause
from I-Cause
China I-Cause
Mobile I-Cause
in I-Cause
fixed I-Cause
broadband I-Cause
since O
2016 O
is O
posing O
a B-Effect
threat I-Effect
to I-Effect
pricing I-Effect
, I-Effect
with I-Effect
broadband I-Effect
ARPU I-Effect
down I-Effect
by I-Effect
30 I-Effect
% I-Effect
in I-Effect
the I-Effect
five I-Effect
years I-Effect
to I-Effect
2019 I-Effect
. O

Fluctuations B-Cause
in I-Cause
annual I-Cause
stream I-Cause
flow I-Cause
also O
might O
alter B-Effect
Portland I-Effect
General I-Effect
's I-Effect
mix I-Effect
of I-Effect
energy I-Effect
available I-Effect
from I-Effect
its I-Effect
low-cost I-Effect
hydro I-Effect
plants I-Effect
. O

If O
market B-Cause
reception I-Cause
for I-Cause
the I-Cause
next-gen I-Cause
FreeStyle I-Cause
Libre I-Cause
CGM I-Cause
and I-Cause
780g I-Cause
insulin I-Cause
pump I-Cause
exceeds I-Cause
our I-Cause
optimistic I-Cause
expectations I-Cause
, O
Dexcom B-Effect
would I-Effect
bear I-Effect
the I-Effect
brunt I-Effect
of I-Effect
this I-Effect
dynamic I-Effect
. O

This O
is O
important O
because O
more B-Cause
than I-Cause
40 I-Cause
% I-Cause
of I-Cause
Eaton I-Cause
Vance I-Cause
's I-Cause
product I-Cause
mix I-Cause
caters I-Cause
to I-Cause
retail I-Cause
investors I-Cause
, O
who O
are O
generally O
less B-Effect
sticky I-Effect
than I-Effect
institutional I-Effect
or I-Effect
high-net-worth I-Effect
investors I-Effect
. O

High B-Cause
supply I-Cause
growth I-Cause
has O
significantly O
impacted B-Effect
the I-Effect
operations I-Effect
of I-Effect
senior I-Effect
housing I-Effect
with O
NOI O
growth O
expected O
to O
be O
negative O
in O
2018 O
. O

Our B-Cause
moat I-Cause
rating I-Cause
is I-Cause
based I-Cause
on I-Cause
a I-Cause
mix I-Cause
of I-Cause
structural I-Cause
and I-Cause
intangible I-Cause
competitive I-Cause
advantages I-Cause
, I-Cause
including I-Cause
a I-Cause
widely I-Cause
recognized I-Cause
brand I-Cause
, I-Cause
a I-Cause
franchisee I-Cause
system I-Cause
aligned I-Cause
on I-Cause
driving I-Cause
unit-level I-Cause
productivity I-Cause
improvements I-Cause
, I-Cause
and I-Cause
meaningful I-Cause
economies I-Cause
of I-Cause
scale. O
These O
qualities O
were O
instrumental O
in O
helping B-Effect
McDonald I-Effect
's I-Effect
to I-Effect
build I-Effect
the I-Effect
largest I-Effect
restaurant I-Effect
chain I-Effect
in I-Effect
the I-Effect
world I-Effect
( I-Effect
based I-Effect
on I-Effect
systemwide I-Effect
sales I-Effect
) I-Effect
and I-Effect
resulted I-Effect
in I-Effect
leading I-Effect
market I-Effect
share I-Effect
in I-Effect
most I-Effect
countries I-Effect
in I-Effect
which I-Effect
it I-Effect
operates I-Effect
, I-Effect
with I-Effect
the I-Effect
notable I-Effect
exception I-Effect
of I-Effect
China I-Effect
. O

Our B-Cause
2020 I-Cause
revenue I-Cause
projection I-Cause
takes I-Cause
into I-Cause
account I-Cause
our I-Cause
estimates I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
' I-Cause
negative I-Cause
impact I-Cause
on I-Cause
the I-Cause
B2B I-Cause
segment I-Cause
, I-Cause
handset I-Cause
sales I-Cause
and I-Cause
consumers I-Cause
' I-Cause
behavior I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
postponing I-Cause
upgrades I-Cause
to I-Cause
higher I-Cause
data I-Cause
plans I-Cause
and I-Cause
devices. O
This O
results O
in O
the B-Effect
group I-Effect
's I-Effect
sales I-Effect
growth I-Effect
, I-Effect
including I-Effect
currency I-Effect
effects I-Effect
, I-Effect
at I-Effect
negative I-Effect
6 I-Effect
% I-Effect
, I-Effect
but I-Effect
we I-Effect
expect I-Effect
revenue I-Effect
to I-Effect
recover I-Effect
afterward I-Effect
. O

As O
part B-Cause
of I-Cause
compliance I-Cause
for I-Cause
admittance I-Cause
to I-Cause
the I-Cause
World I-Cause
Trade I-Cause
Organization I-Cause
, O
China B-Effect
has I-Effect
been I-Effect
loosening I-Effect
restrictions I-Effect
that I-Effect
favor I-Effect
Chinese I-Effect
firms I-Effect
. O

The B-Effect
COVID-19 I-Effect
outbreak I-Effect
presents I-Effect
a I-Effect
challenge I-Effect
as O
most B-Cause
company-owned I-Cause
and I-Cause
third-party I-Cause
stores I-Cause
that I-Cause
carry I-Cause
its I-Cause
products I-Cause
have I-Cause
suffered I-Cause
temporary I-Cause
closures I-Cause
. O

In O
2020 O
, O
the B-Effect
firm I-Effect
realigned I-Effect
its I-Effect
segments I-Effect
again I-Effect
, I-Effect
to I-Effect
core I-Effect
clinical I-Effect
and I-Effect
financial I-Effect
solutions I-Effect
and I-Effect
data I-Effect
, I-Effect
analytics I-Effect
, I-Effect
and I-Effect
care I-Effect
coordination I-Effect
, O
which O
may O
have O
been O
a B-Cause
part I-Cause
of I-Cause
the I-Cause
settlement I-Cause
issue I-Cause
with I-Cause
the I-Cause
Justice I-Cause
Department I-Cause
regarding I-Cause
Veradigm I-Cause
. O

Although O
we O
are O
favorable O
on O
Hyatt O
's O
long-term O
competitive O
advantages O
, O
we O
do O
think O
the O
firm O
's O
high O
luxury O
, O
upper O
upscale O
, O
and O
upscale O
exposures O
position O
it O
to O
underperform O
demand O
for O
local O
road O
trips O
at O
lower O
price O
points O
until O
confidence B-Effect
in I-Effect
air I-Effect
travel I-Effect
is I-Effect
lifted I-Effect
by O
a B-Cause
widely I-Cause
distributed I-Cause
vaccine I-Cause
. O

As B-Cause
enterprises I-Cause
continue I-Cause
to I-Cause
migrate I-Cause
workloads I-Cause
to I-Cause
the I-Cause
public I-Cause
cloud I-Cause
, I-Cause
significant I-Cause
obstacles I-Cause
have I-Cause
arisen I-Cause
, I-Cause
compromising I-Cause
performance I-Cause
of I-Cause
data I-Cause
queries I-Cause
, O
creating B-Effect
hefty I-Effect
data I-Effect
transformation I-Effect
costs I-Effect
, I-Effect
and I-Effect
yielding I-Effect
erroneous I-Effect
data I-Effect
. O

We O
believe O
that O
this B-Cause
unique I-Cause
customer I-Cause
and I-Cause
industry I-Cause
acumen I-Cause
creates I-Cause
intangible I-Cause
assets I-Cause
for I-Cause
Palantir I-Cause
's I-Cause
platforms I-Cause
, O
while O
also O
fortifying B-Effect
a I-Effect
network I-Effect
effect I-Effect
. O

Redfin O
has O
differentiated B-Effect
itself I-Effect
from I-Effect
competitors I-Effect
with O
its O
unique B-Cause
business I-Cause
model I-Cause
and I-Cause
approach I-Cause
to I-Cause
the I-Cause
traditionally I-Cause
staid I-Cause
residential I-Cause
real I-Cause
estate I-Cause
industry I-Cause
. O

In O
addition O
to O
investing O
in O
research O
and O
development O
, O
Nordson B-Cause
has I-Cause
historically I-Cause
pursued I-Cause
M I-Cause
& I-Cause
amp I-Cause
; I-Cause
A I-Cause
deals I-Cause
to O
broaden B-Effect
its I-Effect
portfolio I-Effect
of I-Effect
solutions I-Effect
and I-Effect
enter I-Effect
into I-Effect
adjacent I-Effect
markets I-Effect
. O

Zscaler B-Effect
's I-Effect
historical I-Effect
revenue I-Effect
growth I-Effect
has I-Effect
far I-Effect
exceeded I-Effect
its I-Effect
customer I-Effect
growth I-Effect
, I-Effect
and I-Effect
we I-Effect
think I-Effect
this I-Effect
trend I-Effect
will I-Effect
continue I-Effect
, O
as O
the B-Cause
firm I-Cause
's I-Cause
proven I-Cause
ability I-Cause
to I-Cause
extract I-Cause
incremental I-Cause
value I-Cause
from I-Cause
its I-Cause
base I-Cause
drives I-Cause
continued I-Cause
sales I-Cause
growth I-Cause
. O

We B-Effect
think I-Effect
this I-Effect
lack I-Effect
of I-Effect
pricing I-Effect
power I-Effect
is I-Effect
particularly I-Effect
challenging I-Effect
given O
the B-Cause
intense I-Cause
competitive I-Cause
landscape I-Cause
in I-Cause
which I-Cause
the I-Cause
firm I-Cause
plays I-Cause
. O

Barriers B-Effect
to I-Effect
entry I-Effect
are I-Effect
high I-Effect
because O
a B-Cause
large I-Cause
capital I-Cause
investment I-Cause
is I-Cause
required I-Cause
to I-Cause
design I-Cause
and I-Cause
construct I-Cause
a I-Cause
line I-Cause
of I-Cause
motor I-Cause
homes I-Cause
. O

First O
, O
after O
adding B-Cause
fourth-quarter I-Cause
results I-Cause
, O
which O
included O
24 O
% O
sales O
growth O
( O
to O
$ O
2.3 O
billion O
) O
and O
massive O
operating O
margin O
expansion O
( O
630 O
basis O
points O
, O
to O
17.9 O
% O
) O
, O
we O
increased B-Effect
our I-Effect
intrinsic I-Effect
value I-Effect
by O
about O
$ O
10 O
per O
share O
. O

As O
primarily B-Cause
a I-Cause
private I-Cause
bank I-Cause
or I-Cause
wealth I-Cause
manager I-Cause
, O
Credit B-Effect
Suisse I-Effect
's I-Effect
exposure I-Effect
to I-Effect
interest I-Effect
rates I-Effect
and I-Effect
the I-Effect
credit I-Effect
cycle I-Effect
is I-Effect
more I-Effect
constrained I-Effect
than I-Effect
the I-Effect
typical I-Effect
universal I-Effect
bank I-Effect
. O

However O
, O
given O
the O
level O
of O
competition O
in O
the O
space O
from O
private O
equity O
and O
other O
sources O
of O
capital O
, O
we O
do O
n't O
believe O
Viper B-Effect
extracts I-Effect
better I-Effect
royalty I-Effect
terms I-Effect
( I-Effect
reflecting I-Effect
a I-Effect
premium I-Effect
for I-Effect
customer I-Effect
service I-Effect
, I-Effect
reputation I-Effect
, I-Effect
and I-Effect
so I-Effect
on I-Effect
) I-Effect
as O
its B-Cause
rates I-Cause
hew I-Cause
closely I-Cause
to I-Cause
state I-Cause
rates I-Cause
. O

Furthermore O
, O
the B-Cause
auto I-Cause
industry I-Cause
is I-Cause
so I-Cause
cyclical I-Cause
that O
in B-Effect
bad I-Effect
times I-Effect
even I-Effect
the I-Effect
best I-Effect
automakers I-Effect
can I-Effect
not I-Effect
avoid I-Effect
large I-Effect
declines I-Effect
in I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
and I-Effect
profit I-Effect
. O

We O
also O
expect O
AT B-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
and I-Effect
Verizon I-Effect
will I-Effect
increasingly I-Effect
turn I-Effect
to I-Effect
fixed-wireless I-Effect
Internet I-Effect
access I-Effect
as O
5G B-Cause
wireless I-Cause
technologies I-Cause
emerge I-Cause
to O
close B-Cause
the I-Cause
gap I-Cause
with I-Cause
the I-Cause
cable I-Cause
companies I-Cause
, O
but O
we O
're O
skeptical O
that O
fixed O
wireless O
will O
challenge O
traditional O
Internet O
access O
offerings O
on O
a O
broad O
scale O
anytime O
soon O
. O

Furthermore O
, O
DIY B-Cause
users I-Cause
often I-Cause
need I-Cause
to I-Cause
obtain I-Cause
parts I-Cause
immediately I-Cause
in I-Cause
order I-Cause
to I-Cause
put I-Cause
their I-Cause
vehicle I-Cause
back I-Cause
into I-Cause
service I-Cause
, O
making B-Effect
a I-Effect
well-stocked I-Effect
store I-Effect
network I-Effect
( I-Effect
with I-Effect
quick I-Effect
access I-Effect
to I-Effect
components I-Effect
not I-Effect
commonly I-Effect
held I-Effect
at I-Effect
a I-Effect
particular I-Effect
location I-Effect
) I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
. O

Risks B-Effect
include I-Effect
an I-Effect
unexpected I-Effect
drop I-Effect
in I-Effect
global I-Effect
vehicle I-Effect
production I-Effect
as O
demonstrated B-Cause
by I-Cause
the I-Cause
current I-Cause
macro-environment I-Cause
arising I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
, I-Cause
vehicle I-Cause
mix I-Cause
, I-Cause
difficulty I-Cause
penetrating I-Cause
the I-Cause
U.S I-Cause
. O

Ionis O
spun O
out O
cardiovascular-focused O
Akcea O
in O
2017 O
but O
reacquired B-Effect
full I-Effect
ownership I-Effect
again I-Effect
in I-Effect
2020 I-Effect
, O
given B-Cause
the I-Cause
advancement I-Cause
and I-Cause
increasing I-Cause
attractiveness I-Cause
of I-Cause
Akcea I-Cause
's I-Cause
late-stage I-Cause
cardiology I-Cause
pipeline I-Cause
. O

We O
expect O
operating B-Effect
margins I-Effect
to I-Effect
improve I-Effect
significantly I-Effect
over I-Effect
time I-Effect
, I-Effect
increasing I-Effect
from I-Effect
9 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
28 I-Effect
% I-Effect
by I-Effect
2025. O
This O
is O
partially O
due O
to O
depressed B-Cause
margins I-Cause
in I-Cause
2020 I-Cause
, I-Cause
but I-Cause
also I-Cause
the I-Cause
result I-Cause
of I-Cause
the I-Cause
sizable I-Cause
synergies I-Cause
from I-Cause
the I-Cause
First I-Cause
Data I-Cause
merger I-Cause
and I-Cause
a I-Cause
falloff I-Cause
in I-Cause
amortization I-Cause
expense I-Cause
over I-Cause
time I-Cause
. O

Medical B-Cause
imaging I-Cause
equipment I-Cause
is I-Cause
an I-Cause
oligopoly I-Cause
where I-Cause
Siemens I-Cause
, I-Cause
General I-Cause
Electric I-Cause
and I-Cause
Philips I-Cause
have I-Cause
70 I-Cause
% I-Cause
market I-Cause
share I-Cause
worldwide I-Cause
, O
so O
there B-Effect
are I-Effect
n't I-Effect
many I-Effect
suppliers I-Effect
who I-Effect
hospitals I-Effect
can I-Effect
turn I-Effect
to I-Effect
. O

Additionally O
, O
Pentair O
has O
a B-Cause
strong I-Cause
network I-Cause
of I-Cause
affiliated I-Cause
dealers I-Cause
, O
which O
we O
think O
will O
help O
drive B-Effect
demand I-Effect
in O
the O
long O
term O
. O

Between O
2021 O
and O
2025 O
, O
we O
assume O
the B-Effect
firm I-Effect
can I-Effect
post I-Effect
organic I-Effect
top-line I-Effect
expansion I-Effect
of I-Effect
about I-Effect
4 I-Effect
% I-Effect
as O
the B-Cause
economy I-Cause
continues I-Cause
to I-Cause
normalize I-Cause
and I-Cause
residential I-Cause
housing I-Cause
construction I-Cause
remains I-Cause
strong I-Cause
. O

Given O
Envestnet B-Cause
's I-Cause
high-growth I-Cause
outlook I-Cause
( I-Cause
double-digit I-Cause
organic I-Cause
revenue I-Cause
growth I-Cause
) I-Cause
and I-Cause
lumpiness I-Cause
in I-Cause
sales I-Cause
activity I-Cause
, O
our B-Effect
valuation I-Effect
is I-Effect
sensitive I-Effect
to I-Effect
various I-Effect
projections I-Effect
. O

For O
instance O
, O
if O
a B-Cause
business I-Cause
decided I-Cause
to I-Cause
replace I-Cause
Nice I-Cause
's I-Cause
CXone I-Cause
with I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
there O
would O
be O
a B-Cause
disruption I-Cause
in I-Cause
customer I-Cause
communication I-Cause
that O
could O
adversely B-Cause
affect I-Cause
customer I-Cause
service I-Cause
, O
leading O
to O
frustration B-Effect
and I-Effect
a I-Effect
loss I-Effect
of I-Effect
customers I-Effect
. O

The B-Cause
international I-Cause
hotel I-Cause
market I-Cause
remains I-Cause
fragmented I-Cause
, O
leaving O
a B-Effect
large I-Effect
opportunity I-Effect
for I-Effect
InterContinental I-Effect
to I-Effect
bring I-Effect
independent I-Effect
hotels I-Effect
under I-Effect
its I-Effect
franchise I-Effect
and I-Effect
management I-Effect
umbrella I-Effect
. O

In O
2022 O
, O
our B-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
of I-Effect
would I-Effect
be I-Effect
very I-Effect
similar I-Effect
to I-Effect
2019 I-Effect
's I-Effect
19 I-Effect
% I-Effect
based O
on O
our B-Cause
assumption I-Cause
of I-Cause
higher I-Cause
reinvestment I-Cause
into I-Cause
the I-Cause
businesses I-Cause
offsetting I-Cause
the I-Cause
benefits I-Cause
of I-Cause
streamlined I-Cause
operations I-Cause
. O

In O
general O
, O
mobile B-Cause
and I-Cause
fixed-line I-Cause
telecom I-Cause
services I-Cause
in I-Cause
developed I-Cause
countries I-Cause
are I-Cause
commodity I-Cause
products I-Cause
with I-Cause
little I-Cause
differentiation I-Cause
, O
so O
it O
is O
unlikely O
that O
new B-Effect
entrants I-Effect
will I-Effect
be I-Effect
willing I-Effect
to I-Effect
undertake I-Effect
the I-Effect
massive I-Effect
upfront I-Effect
investments I-Effect
and I-Effect
regulatory I-Effect
requirements I-Effect
required I-Effect
to I-Effect
enter I-Effect
the I-Effect
market I-Effect
. O

Customers O
in O
Dollar O
General O
's O
more O
rural O
markets O
have O
few O
options O
, O
but O
the B-Cause
firm I-Cause
's I-Cause
growth I-Cause
should O
lead O
to O
the O
placement B-Effect
of I-Effect
new I-Effect
stores I-Effect
in I-Effect
incrementally I-Effect
more I-Effect
competitive I-Effect
areas I-Effect
. O

As O
the B-Cause
firm I-Cause
introduces I-Cause
new I-Cause
modules I-Cause
, O
we O
believe O
its B-Cause
product I-Cause
will I-Cause
become I-Cause
increasingly I-Cause
attractive I-Cause
to I-Cause
businesses I-Cause
, O
enabling O
Coupa B-Effect
to I-Effect
remain I-Effect
competitive I-Effect
in I-Effect
the I-Effect
procure-to-pay I-Effect
arena I-Effect
. O

Despite O
Amazon O
's O
recent O
efforts O
to O
sign O
distribution O
agreements O
with O
manufacturers O
, O
we B-Effect
anticipate I-Effect
incumbent I-Effect
retailers I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
defend I-Effect
their I-Effect
privileged I-Effect
market I-Effect
standing I-Effect
due O
to O
their B-Cause
ability I-Cause
to I-Cause
offer I-Cause
needed I-Cause
components I-Cause
on-demand I-Cause
and I-Cause
their I-Cause
in-store I-Cause
services I-Cause
. O

It O
thus O
contributes B-Effect
to I-Effect
the I-Effect
software I-Effect
's I-Effect
mission-critical I-Effect
function I-Effect
as O
the B-Cause
product I-Cause
is I-Cause
essential I-Cause
in I-Cause
maintaining I-Cause
external I-Cause
relationships I-Cause
and I-Cause
providing I-Cause
a I-Cause
high I-Cause
quality I-Cause
of I-Cause
service I-Cause
. O

However O
, O
current B-Effect
prices I-Effect
sit I-Effect
around I-Effect
$ I-Effect
360 I-Effect
per I-Effect
metric I-Effect
ton I-Effect
as O
demand B-Cause
has I-Cause
grown I-Cause
in I-Cause
2020 I-Cause
, O
while O
Chinese B-Cause
exports I-Cause
have I-Cause
slowed I-Cause
down I-Cause
, O
supporting O
higher B-Effect
prices I-Effect
. O

On O
the O
profitability O
front O
, O
we O
expect O
EBITDA B-Effect
margin I-Effect
to I-Effect
average I-Effect
14.0 I-Effect
% I-Effect
during I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
, I-Effect
above I-Effect
the I-Effect
11.8 I-Effect
% I-Effect
achieved I-Effect
in I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
mainly O
due O
to O
the B-Cause
impact I-Cause
of I-Cause
cost-cutting I-Cause
measures I-Cause
. O

However O
, O
like O
other O
large O
brand O
scale O
hotel O
chains O
, O
its O
hotels O
operate O
at O
all O
hours O
and O
days O
of O
the O
year O
, O
using O
energy O
and O
supplies O
, O
which O
if O
not B-Cause
properly I-Cause
managed I-Cause
could O
cause O
some B-Effect
people I-Effect
to I-Effect
lose I-Effect
interest I-Effect
in I-Effect
visiting I-Effect
. O

This O
has O
changed O
with O
the O
acquisition O
of O
FirstMerit O
, O
and O
with O
over B-Cause
40 I-Cause
% I-Cause
of I-Cause
FirstMerit I-Cause
's I-Cause
original I-Cause
cost I-Cause
base I-Cause
eliminated I-Cause
, O
we O
see O
a B-Effect
likely I-Effect
path I-Effect
toward I-Effect
sustainable I-Effect
above-average I-Effect
operating I-Effect
efficiency I-Effect
for O
Huntington O
Bancshares O
as O
a O
whole O
. O

There B-Cause
are I-Cause
high I-Cause
upfront I-Cause
costs I-Cause
in I-Cause
large-scale I-Cause
device I-Cause
sterilization I-Cause
because I-Cause
the I-Cause
process I-Cause
requires I-Cause
building I-Cause
large I-Cause
, I-Cause
complex I-Cause
sterilization I-Cause
plants. O
This O
makes O
it O
difficult O
for O
competitors B-Effect
to I-Effect
ramp I-Effect
production I-Effect
and I-Effect
gives I-Effect
an I-Effect
advantage I-Effect
to I-Effect
established I-Effect
players I-Effect
that I-Effect
can I-Effect
make I-Effect
investments I-Effect
to I-Effect
keep I-Effect
up I-Effect
with I-Effect
growing I-Effect
demand I-Effect
. O

It O
is O
essentially O
a O
software O
company O
, O
and O
in O
our O
view O
, O
its O
ability O
to O
succeed B-Effect
is O
entirely O
dependent O
on O
staying B-Cause
on I-Cause
the I-Cause
cutting I-Cause
edge I-Cause
of I-Cause
the I-Cause
most I-Cause
advanced I-Cause
technological I-Cause
solutions I-Cause
. I-Cause

LaCroix B-Cause
's I-Cause
lead I-Cause
is I-Cause
overstated I-Cause
by I-Cause
the I-Cause
Euromonitor I-Cause
data I-Cause
, O
as O
the B-Effect
latter I-Effect
excludes I-Effect
the I-Effect
carbonated I-Effect
SKUs I-Effect
of I-Effect
brands I-Effect
like I-Effect
SmartWater I-Effect
and I-Effect
Propel I-Effect
( I-Effect
included I-Effect
in I-Effect
a I-Effect
separate I-Effect
category I-Effect
) I-Effect
, O
but O
the O
business O
' O
general O
leadership O
in O
this O
space O
is O
irrefutable O
. O

Given O
Xcel B-Cause
's I-Cause
large I-Cause
capital I-Cause
investment I-Cause
plans I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
we O
expect O
its B-Effect
utilities I-Effect
to I-Effect
continue I-Effect
to I-Effect
be I-Effect
active I-Effect
in I-Effect
front I-Effect
of I-Effect
regulators I-Effect
asking I-Effect
for I-Effect
customer I-Effect
rate I-Effect
increases I-Effect
. O

Most O
obviously O
, O
given O
its B-Cause
massive I-Cause
scale I-Cause
, O
Amazon B-Effect
has I-Effect
created I-Effect
cost I-Effect
advantages I-Effect
including I-Effect
buying I-Effect
power I-Effect
, I-Effect
economies I-Effect
of I-Effect
scope I-Effect
, I-Effect
route I-Effect
density I-Effect
, I-Effect
and I-Effect
research I-Effect
and I-Effect
development I-Effect
. O

Over O
the O
long O
term O
, O
we B-Effect
forecast I-Effect
2 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
annual I-Effect
growth I-Effect
, I-Effect
as I-Effect
rebranding I-Effect
efforts I-Effect
, O
in O
conjunction O
with O
investments B-Cause
in I-Cause
innovation I-Cause
and I-Cause
marketing I-Cause
, I-Cause
help I-Cause
the I-Cause
business I-Cause
maintain I-Cause
market I-Cause
share I-Cause
. O

This B-Effect
contributes I-Effect
to I-Effect
economies I-Effect
of I-Effect
scale I-Effect
and I-Effect
economies I-Effect
of I-Effect
scope I-Effect
and I-Effect
can I-Effect
create I-Effect
switching I-Effect
costs I-Effect
for I-Effect
customers I-Effect
as O
they B-Cause
use I-Cause
the I-Cause
bank I-Cause
for I-Cause
more I-Cause
and I-Cause
more I-Cause
products I-Cause
. O

We O
expect O
replacement B-Cause
demand I-Cause
in I-Cause
the I-Cause
commercial I-Cause
truck I-Cause
market I-Cause
to O
push B-Effect
sales I-Effect
growth I-Effect
to I-Effect
approximately I-Effect
10 I-Effect
% I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
for I-Effect
both I-Effect
the I-Effect
engine I-Effect
and I-Effect
components I-Effect
segments I-Effect
, I-Effect
respectively I-Effect
. O

We O
do O
expect O
net O
charge-offs O
to O
climb O
in O
2021 O
, O
but O
given O
the B-Cause
strength I-Cause
of I-Cause
American I-Cause
Express I-Cause
' I-Cause
balance I-Cause
sheet I-Cause
, O
we O
do O
not O
believe O
that O
higher B-Effect
credit I-Effect
losses I-Effect
will I-Effect
pressure I-Effect
the I-Effect
company I-Effect
. O

In B-Cause
secondary I-Cause
markets I-Cause
, I-Cause
Waste I-Cause
Connections I-Cause
often I-Cause
has I-Cause
the I-Cause
only I-Cause
landfill I-Cause
in I-Cause
the I-Cause
vicinity I-Cause
or I-Cause
is I-Cause
maybe I-Cause
one I-Cause
of I-Cause
two. O
Thus O
, O
even B-Effect
if I-Effect
it I-Effect
loses I-Effect
collection I-Effect
business I-Effect
in I-Effect
those I-Effect
markets I-Effect
, I-Effect
that I-Effect
same I-Effect
waste I-Effect
could I-Effect
end I-Effect
up I-Effect
at I-Effect
its I-Effect
landfills I-Effect
anyway I-Effect
via I-Effect
third-party I-Effect
haulers I-Effect
. O

The O
company O
's O
strong O
brand O
cachet O
as O
a O
luxury O
automaker O
commands O
premium O
pricing O
in O
the O
luxury O
auto O
market O
, O
while O
Tesla B-Cause
's I-Cause
electric I-Cause
vehicle I-Cause
manufacturing I-Cause
expertise I-Cause
allows O
the B-Effect
company I-Effect
to I-Effect
make I-Effect
its I-Effect
vehicles I-Effect
cheaper I-Effect
than I-Effect
its I-Effect
competitors I-Effect
. O

However O
, O
we O
expect O
such B-Cause
gains I-Cause
to I-Cause
be I-Cause
offset I-Cause
by I-Cause
higher I-Cause
investment I-Cause
as O
the B-Cause
home I-Cause
furnishing I-Cause
landscape I-Cause
remains I-Cause
highly I-Cause
fragmented I-Cause
and I-Cause
competitive I-Cause
, O
limiting O
profitability O
to O
levels B-Effect
that I-Effect
are I-Effect
structurally I-Effect
lower I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

As O
such O
, O
each O
capital B-Cause
equipment I-Cause
sale I-Cause
expands O
Nordson B-Effect
's I-Effect
installed I-Effect
base I-Effect
and O
helps O
grow B-Effect
the I-Effect
relatively I-Effect
predictable I-Effect
and I-Effect
high-margin I-Effect
stream I-Effect
of I-Effect
cash I-Effect
flows O
from O
replacement O
parts O
and O
consumables O
. O

While O
salt O
prices O
have O
historically O
outpaced O
inflation O
, O
we B-Cause
forecast I-Cause
prices I-Cause
to I-Cause
decline I-Cause
by I-Cause
a I-Cause
mid-single-digit I-Cause
level I-Cause
in I-Cause
2021 I-Cause
amid I-Cause
a I-Cause
milder I-Cause
2020 I-Cause
winter I-Cause
, O
which O
has O
led B-Effect
to I-Effect
falling I-Effect
prices I-Effect
. O

Against O
a B-Cause
weak I-Cause
macroeconomic I-Cause
backdrop I-Cause
, O
it O
's O
not O
uncommon O
to O
see O
financial B-Effect
strain I-Effect
manifest I-Effect
in I-Effect
consumers I-Effect
using I-Effect
less I-Effect
of I-Effect
the I-Effect
essential I-Effect
fare I-Effect
that I-Effect
Kimberly I-Effect
sells I-Effect
. O

JD O
is O
a O
long-term O
margin O
expansion O
story O
driven O
by O
increasing B-Effect
scale I-Effect
from I-Effect
JD I-Effect
direct I-Effect
sales I-Effect
and I-Effect
marketplace I-Effect
, O
partially O
offset O
by O
the B-Cause
push I-Cause
into I-Cause
JD I-Cause
logistics I-Cause
in I-Cause
the I-Cause
medium I-Cause
term I-Cause
. O

However O
, O
the B-Effect
Pluto I-Effect
linear I-Effect
streaming I-Effect
service I-Effect
will I-Effect
generate I-Effect
strong I-Effect
ad I-Effect
revenue I-Effect
growth I-Effect
as O
the B-Cause
platform I-Cause
expands I-Cause
internationally I-Cause
and I-Cause
increases I-Cause
its I-Cause
monthly I-Cause
active I-Cause
user I-Cause
base I-Cause
. O

The O
primary O
driver O
of O
the B-Effect
raise I-Effect
( I-Effect
$ I-Effect
4 I-Effect
worth I-Effect
of I-Effect
the I-Effect
intrinsic I-Effect
value I-Effect
change I-Effect
) I-Effect
was O
ITT B-Cause
's I-Cause
outperformance I-Cause
to I-Cause
date I-Cause
relative I-Cause
to I-Cause
our I-Cause
prior I-Cause
2021 I-Cause
expectations I-Cause
, O
along O
with O
some B-Cause
additional I-Cause
NOPAT I-Cause
growth I-Cause
in I-Cause
stage I-Cause
II I-Cause
of I-Cause
our I-Cause
DCF I-Cause
and I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
. O

Conversely O
, O
retailers B-Effect
will I-Effect
want I-Effect
to I-Effect
keep I-Effect
their I-Effect
stores I-Effect
located I-Effect
in I-Effect
the I-Effect
top I-Effect
malls I-Effect
as O
they B-Cause
have I-Cause
strong I-Cause
demographic I-Cause
trends I-Cause
, I-Cause
high I-Cause
foot I-Cause
traffic I-Cause
, I-Cause
and I-Cause
generate I-Cause
high I-Cause
sales I-Cause
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
hold I-Effect
on I-Effect
small I-Effect
to I-Effect
midsize I-Effect
businesses I-Effect
, I-Effect
or I-Effect
SMBs I-Effect
, O
will O
persist O
, O
given O
its B-Cause
ability I-Cause
to I-Cause
fill I-Cause
open I-Cause
roles I-Cause
quickly I-Cause
and I-Cause
these I-Cause
companies I-Cause
' I-Cause
willingness I-Cause
to I-Cause
sign I-Cause
exclusive I-Cause
contracts I-Cause
. O

Realizing O
that O
upside B-Effect
will I-Effect
take I-Effect
more I-Effect
than I-Effect
rising I-Effect
Chinese I-Effect
incomes I-Effect
, O
as O
diamonds B-Cause
lack I-Cause
the I-Cause
cultural I-Cause
resonance I-Cause
they I-Cause
have I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
maximizing I-Cause
Chinese I-Cause
diamond I-Cause
demand I-Cause
will I-Cause
come I-Cause
down I-Cause
to I-Cause
marketing I-Cause
. O

We B-Effect
incorporate I-Effect
$ I-Effect
5 I-Effect
per I-Effect
share I-Effect
of I-Effect
incremental I-Effect
value I-Effect
to I-Effect
better I-Effect
recognize I-Effect
the I-Effect
benefits I-Effect
accruing O
to O
WEC B-Cause
Energy I-Cause
Group I-Cause
from I-Cause
having I-Cause
issued I-Cause
debt I-Cause
at I-Cause
coupon I-Cause
rates I-Cause
far I-Cause
below I-Cause
our I-Cause
cost I-Cause
of I-Cause
debt I-Cause
. O

We O
believe O
at B-Cause
least I-Cause
two I-Cause
thirds I-Cause
of I-Cause
these I-Cause
locations I-Cause
offer I-Cause
comparable I-Cause
performance I-Cause
characteristics I-Cause
to I-Cause
what I-Cause
the I-Cause
firm I-Cause
is I-Cause
currently I-Cause
drilling I-Cause
, O
which O
means O
that O
no B-Effect
drop-off I-Effect
in I-Effect
productivity I-Effect
or I-Effect
capital I-Effect
efficiency I-Effect
is I-Effect
expected I-Effect
. O

Management O
's O
objective O
is O
to O
increase O
revenue O
to O
just O
under O
EUR O
5.0 O
billion O
in O
2021 O
but O
, O
this B-Effect
target I-Effect
will I-Effect
likely I-Effect
be I-Effect
revised I-Effect
lower I-Effect
owing O
to O
the B-Cause
COVID-19 I-Cause
outbreak I-Cause
. O

Products B-Cause
have I-Cause
a I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
in I-Cause
commercial I-Cause
aerospace I-Cause
, O
which O
may O
cause O
the B-Effect
company I-Effect
to I-Effect
lose I-Effect
business I-Effect
and I-Effect
create I-Effect
liabilities I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

With O
the O
sale O
, O
Marathon O
will O
no O
longer O
be O
a O
fully O
integrated O
refiner O
, O
but O
it B-Cause
is I-Cause
not I-Cause
a I-Cause
pure I-Cause
play I-Cause
refiner I-Cause
either I-Cause
as O
midstream O
operations O
, O
held B-Effect
largely I-Effect
through I-Effect
its I-Effect
MLP I-Effect
MPLX I-Effect
, I-Effect
comprise I-Effect
a I-Effect
greater I-Effect
share I-Effect
of I-Effect
earnings I-Effect
than I-Effect
refining I-Effect
. O

Demand B-Effect
for I-Effect
Macau I-Effect
's I-Effect
gaming I-Effect
market I-Effect
is O
driven O
by O
China B-Cause
's I-Cause
increasing I-Cause
prosperity I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
region I-Cause
's I-Cause
improving I-Cause
infrastructure I-Cause
, O
which O
will O
enhance B-Effect
accessibility I-Effect
for I-Effect
visitors I-Effect
. O

The O
same O
holds O
for O
last O
year O
's O
purchase O
of O
eFront O
, O
a O
private O
equity O
and O
alternative O
investment O
software O
provider O
, O
which O
the B-Cause
firm I-Cause
has I-Cause
folded I-Cause
into I-Cause
its I-Cause
Aladdin I-Cause
enterprise I-Cause
system I-Cause
, O
allowing B-Effect
clients I-Effect
to I-Effect
seamlessly I-Effect
manage I-Effect
portfolios I-Effect
and I-Effect
risk I-Effect
across I-Effect
public I-Effect
and I-Effect
private I-Effect
asset I-Effect
classes I-Effect
on I-Effect
a I-Effect
single I-Effect
platform I-Effect
. O

With O
a B-Cause
large I-Cause
share I-Cause
of I-Cause
many I-Cause
of I-Cause
its I-Cause
vendors I-Cause
' I-Cause
sales I-Cause
, O
Walmart B-Cause
's I-Cause
size I-Cause
allows I-Cause
it I-Cause
to I-Cause
dictate I-Cause
terms I-Cause
, O
enabling O
it B-Effect
to I-Effect
control I-Effect
procurement I-Effect
costs I-Effect
while I-Effect
ensuring I-Effect
its I-Effect
assortment I-Effect
is I-Effect
optimized I-Effect
for I-Effect
all I-Effect
channels I-Effect
. O

Lennar B-Effect
went I-Effect
from I-Effect
earning I-Effect
$ I-Effect
8.23 I-Effect
per I-Effect
diluted I-Effect
share I-Effect
in I-Effect
fiscal I-Effect
2005 I-Effect
to I-Effect
losing I-Effect
$ I-Effect
12.31 I-Effect
per I-Effect
diluted I-Effect
share I-Effect
in I-Effect
fiscal I-Effect
2007 I-Effect
as O
the B-Cause
collapsing I-Cause
housing I-Cause
market I-Cause
resulted I-Cause
in I-Cause
drastic I-Cause
margin I-Cause
compression I-Cause
and I-Cause
large I-Cause
impairment I-Cause
charges I-Cause
. O

Even O
though O
secularly O
challenged O
mainstream O
categories O
should O
continue O
to O
weigh O
disproportionately O
on O
the O
portfolio O
, O
we O
see O
increasing B-Effect
contributions I-Effect
from I-Effect
above-premium I-Effect
as O
the B-Cause
world I-Cause
returns I-Cause
to I-Cause
normal I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
. O

Danaher B-Cause
's I-Cause
tools I-Cause
enable I-Cause
the I-Cause
essential I-Cause
operations I-Cause
of I-Cause
its I-Cause
clients I-Cause
, O
and O
switching B-Effect
to I-Effect
a I-Effect
competitor I-Effect
's I-Effect
technology I-Effect
could I-Effect
change I-Effect
the I-Effect
outcome I-Effect
of I-Effect
those I-Effect
operations I-Effect
, O
which O
would O
be O
undesirable O
for O
users O
once O
Danaher O
's O
products O
are O
incorporated O
into O
their O
processes O
. O

About B-Effect
$ I-Effect
2 I-Effect
of I-Effect
the I-Effect
raise B-Effect
is O
due O
to O
lifting B-Cause
our I-Cause
long-term I-Cause
midcycle I-Cause
margin I-Cause
assumptions I-Cause
, O
$ B-Effect
1 I-Effect
due O
to O
working B-Cause
capital I-Cause
improvements I-Cause
from I-Cause
productivity I-Cause
initiatives I-Cause
, O
while O
the B-Effect
remaining I-Effect
$ I-Effect
2 I-Effect
is O
due O
to O
time B-Cause
value I-Cause
of I-Cause
money I-Cause
. O

As O
potential B-Cause
and I-Cause
current I-Cause
fans I-Cause
, I-Cause
particularly I-Cause
younger I-Cause
ones I-Cause
, I-Cause
are I-Cause
becoming I-Cause
more I-Cause
environmentally I-Cause
conscious I-Cause
, O
the B-Effect
total I-Effect
impact I-Effect
may I-Effect
become I-Effect
a I-Effect
more I-Effect
serious I-Effect
issue I-Effect
that I-Effect
hinders I-Effect
the I-Effect
ability I-Effect
of I-Effect
Formula I-Effect
One I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
its I-Effect
fans I-Effect
. O

Hubbell B-Cause
also I-Cause
completed I-Cause
a I-Cause
bolt-on I-Cause
acquisition I-Cause
in I-Cause
the I-Cause
first I-Cause
quarter I-Cause
of I-Cause
2018 I-Cause
that O
measures B-Effect
current I-Effect
in I-Effect
bushing I-Effect
transformers I-Effect
and O
can O
serve B-Effect
as I-Effect
a I-Effect
predictive I-Effect
maintenance I-Effect
tool I-Effect
before I-Effect
a I-Effect
bushing I-Effect
fails I-Effect
. O

We O
believe O
that O
Dropbox B-Cause
's I-Cause
limited I-Cause
success I-Cause
in I-Cause
converting I-Cause
their I-Cause
large I-Cause
user I-Cause
base I-Cause
to I-Cause
paid I-Cause
subscribers I-Cause
indicates O
the B-Effect
product I-Effect
offering I-Effect
does I-Effect
not I-Effect
create I-Effect
customer I-Effect
stickiness I-Effect
. O

We B-Effect
factor I-Effect
in I-Effect
5 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
for I-Effect
the I-Effect
diagnostics I-Effect
segment I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
relatively B-Cause
high I-Cause
growth I-Cause
in I-Cause
its I-Cause
Cepheid I-Cause
molecular I-Cause
diagnostics I-Cause
is I-Cause
constrained I-Cause
by I-Cause
its I-Cause
more I-Cause
mature I-Cause
legacy I-Cause
brands I-Cause
. O

Consequently O
, O
most B-Cause
expansion I-Cause
projects I-Cause
are I-Cause
n't I-Cause
economical I-Cause
at I-Cause
$ I-Cause
55 I-Cause
per I-Cause
barrel I-Cause
of I-Cause
West I-Cause
Texas I-Cause
Intermediate I-Cause
and O
struggle B-Effect
to I-Effect
compete I-Effect
with I-Effect
other I-Effect
global I-Effect
supply I-Effect
sources I-Effect
. O

Operating B-Effect
margins I-Effect
are I-Effect
set I-Effect
to I-Effect
contract I-Effect
by I-Effect
over I-Effect
100 I-Effect
basis I-Effect
points I-Effect
versus I-Effect
2020 I-Effect
as O
competition B-Cause
intensifies I-Cause
in I-Cause
Avery I-Cause
's I-Cause
two I-Cause
largest I-Cause
segments I-Cause
. O

To O
better B-Cause
service I-Cause
growing I-Cause
demand I-Cause
for I-Cause
its I-Cause
aerospace I-Cause
and I-Cause
energy I-Cause
product I-Cause
lines I-Cause
, O
the B-Effect
company I-Effect
invested I-Effect
over I-Effect
$ I-Effect
500 I-Effect
million I-Effect
to I-Effect
construct I-Effect
a I-Effect
state-of-the-art I-Effect
manufacturing I-Effect
facility I-Effect
in I-Effect
Athens I-Effect
, I-Effect
Alabama I-Effect
that I-Effect
initiated I-Effect
production I-Effect
in O
2014 O
. O

Given O
Wayfair B-Cause
's I-Cause
lifecycle I-Cause
position I-Cause
, I-Cause
with I-Cause
significant I-Cause
growth I-Cause
potential I-Cause
but I-Cause
also I-Cause
corresponding I-Cause
expenses I-Cause
to I-Cause
achieve I-Cause
market I-Cause
share I-Cause
gains I-Cause
, O
we B-Effect
expect I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
to I-Effect
be I-Effect
volatile I-Effect
. O

We O
believe O
Robert B-Effect
Half I-Effect
's I-Effect
network I-Effect
effect I-Effect
adds I-Effect
value I-Effect
to I-Effect
qualified I-Effect
candidates I-Effect
by O
putting B-Cause
them I-Cause
ahead I-Cause
of I-Cause
, O
in O
some O
cases O
, O
hundreds O
of O
other O
candidates O
who O
apply O
to O
online O
job O
posts O
. O

These B-Cause
factors I-Cause
will O
result O
in O
increased B-Effect
construction I-Effect
equipment I-Effect
revenue I-Effect
for I-Effect
Caterpillar I-Effect
, I-Effect
leading O
us O
to O
forecast O
nearly B-Effect
11 I-Effect
% I-Effect
average I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. I-Effect

Still O
, O
we O
believe O
that O
demand B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
match I-Effect
these I-Effect
supply I-Effect
additions I-Effect
, O
as O
historically B-Cause
room I-Cause
expansion I-Cause
and I-Cause
visitation I-Cause
in I-Cause
the I-Cause
region I-Cause
have I-Cause
been I-Cause
correlated I-Cause
, O
as O
travelers O
are O
enticed O
to O
see O
new O
attractions O
, O
and O
the O
football O
stadium O
starting O
to O
host O
games O
in O
2021 O
. O

On O
the O
cost-of-service O
side O
, O
we O
expect O
the B-Effect
satellite I-Effect
radio I-Effect
segment I-Effect
to I-Effect
expand I-Effect
gross I-Effect
margins I-Effect
to O
63 O
% O
in O
2025 O
from O
61 O
% O
in O
2020 O
as O
it B-Cause
gains I-Cause
leverage I-Cause
on I-Cause
its I-Cause
billing I-Cause
, I-Cause
programming I-Cause
, I-Cause
and I-Cause
transmission I-Cause
costs I-Cause
. O

TSMC B-Effect
's I-Effect
long-standing I-Effect
leadership I-Effect
in I-Effect
process I-Effect
advancement I-Effect
comes O
from O
its B-Cause
ability I-Cause
to I-Cause
correctly I-Cause
and I-Cause
consistently I-Cause
prioritize I-Cause
the I-Cause
right I-Cause
areas I-Cause
in I-Cause
which I-Cause
to I-Cause
innovate I-Cause
for I-Cause
nodes I-Cause
, I-Cause
while I-Cause
maintain I-Cause
fiscal I-Cause
discipline I-Cause
. O

Smith B-Effect
& I-Effect
Nephew I-Effect
also I-Effect
faces I-Effect
integration I-Effect
risk I-Effect
, O
as O
it O
seeks B-Cause
new I-Cause
sources I-Cause
of I-Cause
growth I-Cause
and I-Cause
product I-Cause
diversification I-Cause
through I-Cause
acquisition I-Cause
. O

The B-Cause
vaccine I-Cause
, I-Cause
if I-Cause
successful I-Cause
, I-Cause
would I-Cause
use I-Cause
a I-Cause
rapid I-Cause
manufacturing I-Cause
process I-Cause
that O
would O
bring B-Effect
a I-Effect
treatment I-Effect
to I-Effect
patients I-Effect
faster I-Effect
than O
traditional O
methods O
. O

However O
, O
as O
Choo B-Cause
is I-Cause
best I-Cause
known I-Cause
for I-Cause
shoes I-Cause
and I-Cause
Versace I-Cause
for I-Cause
high I-Cause
fashion I-Cause
apparel I-Cause
, O
it B-Effect
may I-Effect
be I-Effect
difficult I-Effect
for I-Effect
either I-Effect
to I-Effect
compete I-Effect
against I-Effect
established I-Effect
handbag I-Effect
brands I-Effect
. O

In O
addition O
, O
because O
we B-Cause
do I-Cause
not I-Cause
anticipate I-Cause
the I-Cause
importance I-Cause
of I-Cause
aggregates I-Cause
in I-Cause
construction I-Cause
to I-Cause
diminish I-Cause
, I-Cause
transportation I-Cause
costs I-Cause
to I-Cause
fall I-Cause
, I-Cause
or I-Cause
new I-Cause
quarry I-Cause
permits I-Cause
to I-Cause
become I-Cause
easier I-Cause
to I-Cause
obtain I-Cause
, O
we O
think O
Martin B-Effect
Marietta I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
is I-Effect
sustainable I-Effect
for I-Effect
more I-Effect
than I-Effect
10 I-Effect
years I-Effect
. O

The O
two O
leaders O
in O
short-range O
missile O
defense O
are O
the O
Patriot O
missile O
defense O
system O
to O
defend O
against O
missiles O
on O
land O
and O
Lockheed B-Cause
's I-Cause
Aegis I-Cause
missile I-Cause
defense I-Cause
system I-Cause
, O
which O
enables O
warships B-Effect
to I-Effect
shoot I-Effect
down I-Effect
ballistic I-Effect
missiles I-Effect
. O

This B-Cause
rebound I-Cause
pushed O
Echo B-Effect
's I-Effect
gross I-Effect
revenue I-Effect
up I-Effect
15 I-Effect
% I-Effect
for I-Effect
the I-Effect
year I-Effect
despite O
second-quarter O
declines O
, O
though O
falling B-Cause
gross I-Cause
margins I-Cause
( I-Cause
net I-Cause
revenue/gross I-Cause
revenue I-Cause
) I-Cause
from I-Cause
a I-Cause
spike I-Cause
in I-Cause
cost I-Cause
of I-Cause
capacity I-Cause
limited O
net B-Effect
revenue I-Effect
gains I-Effect
to O
only O
about O
2 O
% O
. O

Nevertheless O
, O
we B-Effect
regard I-Effect
the I-Effect
firm I-Effect
as I-Effect
being I-Effect
slightly I-Effect
lower-quality I-Effect
than I-Effect
its I-Effect
larger I-Effect
competitors I-Effect
Philip I-Effect
Morris I-Effect
International I-Effect
and I-Effect
British I-Effect
American I-Effect
Tobacco I-Effect
, O
owing O
to O
its B-Cause
portfolio I-Cause
skew I-Cause
to I-Cause
developed I-Cause
markets I-Cause
, O
where O
volume O
declines O
are O
more O
pronounced O
, O
and O
to O
discount O
categories O
. O

Brand O
intangible O
assetsPotentially O
offsetting O
the O
challenge O
of O
generating O
economic O
profit O
from O
regulation O
intangibles O
, O
we O
think O
that O
the B-Cause
creation I-Cause
of I-Cause
brand I-Cause
intangibles I-Cause
would O
help O
cannabis B-Effect
companies I-Effect
pass I-Effect
the I-Effect
increased I-Effect
cost I-Effect
to I-Effect
consumers I-Effect
, I-Effect
thus I-Effect
protecting I-Effect
their I-Effect
own I-Effect
economic I-Effect
profit I-Effect
. O

However O
, O
it B-Effect
will I-Effect
still I-Effect
face I-Effect
operational I-Effect
challenges I-Effect
as O
it B-Cause
attempts I-Cause
to I-Cause
migrate I-Cause
certain I-Cause
aspects I-Cause
of I-Cause
Olive I-Cause
Garden I-Cause
's I-Cause
operational I-Cause
improvements I-Cause
to I-Cause
its I-Cause
other I-Cause
brands I-Cause
and I-Cause
continues I-Cause
to I-Cause
integrate I-Cause
Cheddar I-Cause
's I-Cause
in I-Cause
a I-Cause
post-coronavirus I-Cause
restaurant I-Cause
industry I-Cause
environment I-Cause
. O

We O
forecast O
Canon B-Effect
's I-Effect
operating I-Effect
margin I-Effect
will I-Effect
drop I-Effect
to I-Effect
2.4 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
because I-Effect
of I-Effect
the I-Effect
pandemic I-Effect
, I-Effect
and I-Effect
recover I-Effect
to I-Effect
6.3 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
, I-Effect
which I-Effect
is I-Effect
still I-Effect
lower I-Effect
than I-Effect
the I-Effect
previous I-Effect
level I-Effect
, O
because O
we O
are O
concerned O
about O
the B-Cause
margin I-Cause
contraction I-Cause
in I-Cause
the I-Cause
office I-Cause
and I-Cause
imaging I-Cause
system I-Cause
segments I-Cause
. O

We O
expect O
JD B-Effect
to I-Effect
continue I-Effect
to I-Effect
enhance I-Effect
sales I-Effect
through O
its B-Cause
omnichannel I-Cause
strategy I-Cause
, O
drive B-Effect
sales I-Effect
by O
providing B-Cause
merchandise I-Cause
to I-Cause
online I-Cause
platforms I-Cause
and I-Cause
retailers I-Cause
, O
penetrate O
into O
lower-tier O
cities O
, O
and O
broaden O
its O
variety O
of O
products O
. O

The B-Cause
more I-Cause
consumers I-Cause
that I-Cause
are I-Cause
plugged I-Cause
into I-Cause
a I-Cause
payment I-Cause
network I-Cause
, O
the O
more O
attractive O
that O
payment O
network O
becomes O
for O
merchants O
, O
which O
in O
turn O
makes O
the B-Effect
network I-Effect
more I-Effect
convenient I-Effect
for I-Effect
consumers I-Effect
, O
and O
so O
on O
. O

We O
think O
Quest B-Cause
's I-Cause
size I-Cause
and I-Cause
cost I-Cause
advantage I-Cause
allows O
it B-Effect
to I-Effect
benefit I-Effect
from I-Effect
several I-Effect
secular I-Effect
trends I-Effect
, I-Effect
including I-Effect
the I-Effect
proliferation I-Effect
of I-Effect
diagnostic I-Effect
tests I-Effect
and I-Effect
greater I-Effect
clinical I-Effect
reliance I-Effect
on I-Effect
personalized I-Effect
therapies I-Effect
. O

We O
expect O
that O
ad B-Effect
revenue I-Effect
will I-Effect
rebound I-Effect
back I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
lifting I-Cause
of I-Cause
COVID-19-related I-Cause
restrictions I-Cause
will O
spur B-Cause
ad I-Cause
spending I-Cause
across I-Cause
the I-Cause
globe I-Cause
. O

In O
aerospace O
, O
we O
expect O
long-term B-Effect
growth I-Effect
from O
the B-Cause
replacement I-Cause
of I-Cause
G450s I-Cause
and I-Cause
G550s I-Cause
with I-Cause
G500 I-Cause
and I-Cause
G600s I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
introduction I-Cause
of I-Cause
the I-Cause
G700 I-Cause
. O

It B-Cause
's I-Cause
unlikely I-Cause
that I-Cause
interest I-Cause
rates I-Cause
will I-Cause
return I-Cause
to I-Cause
pre-financial-crisis I-Cause
levels I-Cause
, O
and O
thus O
we O
expect O
MetLife B-Effect
to I-Effect
face I-Effect
this I-Effect
headwind I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

This B-Cause
implicit I-Cause
contract I-Cause
between I-Cause
regulators I-Cause
and I-Cause
capital I-Cause
providers I-Cause
should O
, O
on O
balance O
, O
allow B-Effect
regulated I-Effect
utilities I-Effect
to I-Effect
earn I-Effect
positive I-Effect
economic I-Effect
profits I-Effect
, O
though O
observable O
returns O
might O
vary O
in O
the O
short O
run O
based O
on O
demand O
trends O
, O
investment O
cycles O
, O
operating O
costs O
, O
and O
access O
to O
financing O
. O

In O
its O
regions O
, O
Compass O
estimates O
that O
shipping B-Cause
by I-Cause
water I-Cause
is I-Cause
about I-Cause
half I-Cause
the I-Cause
cost I-Cause
of I-Cause
rail I-Cause
and I-Cause
one I-Cause
fifth I-Cause
the I-Cause
cost I-Cause
of I-Cause
trucking I-Cause
, O
leading O
to O
a B-Effect
shipping I-Effect
cost I-Effect
advantage I-Effect
for I-Effect
wintry I-Effect
markets I-Effect
from I-Effect
Minnesota I-Effect
to I-Effect
western I-Effect
New I-Effect
York I-Effect
. O

Additionally O
, O
the B-Cause
firm I-Cause
was I-Cause
a I-Cause
relatively I-Cause
late I-Cause
entrant I-Cause
to I-Cause
the I-Cause
shale I-Cause
arena I-Cause
and O
paid B-Effect
handsomely I-Effect
for I-Effect
its I-Effect
assets I-Effect
as O
a O
result O
( O
most O
notably O
in O
the O
Permian O
, O
where O
it O
has O
only O
been O
active O
since O
2017 O
) O
. O

We O
believe O
that O
Realty O
Income O
will O
continue O
to O
acquire O
new B-Cause
assets I-Cause
to O
drive O
growth B-Effect
, O
though O
the O
volume O
will O
slowly O
decline O
from O
$ O
2 O
billion O
in O
2021 O
to O
$ O
1 O
billion O
by O
the O
terminal O
year O
. O

We B-Effect
are I-Effect
confident I-Effect
that I-Effect
Cushman I-Effect
& I-Effect
amp I-Effect
; I-Effect
Wakefield I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
out I-Effect
earn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
particularly O
because O
its B-Cause
product I-Cause
mix I-Cause
has I-Cause
become I-Cause
more I-Cause
contractual I-Cause
and I-Cause
less I-Cause
cyclical I-Cause
as I-Cause
compared I-Cause
with I-Cause
the I-Cause
previous I-Cause
downturn I-Cause
, O
due O
to O
an B-Cause
aggressive I-Cause
expansion I-Cause
into I-Cause
corporate I-Cause
outsourcing I-Cause
. O

We O
do O
n't O
believe O
airlines B-Effect
will I-Effect
steer I-Effect
from I-Effect
using I-Effect
Sabre I-Effect
's I-Effect
network I-Effect
, O
given B-Cause
the I-Cause
platform I-Cause
offers I-Cause
a I-Cause
global I-Cause
reach I-Cause
of I-Cause
travelers I-Cause
and I-Cause
can I-Cause
represent I-Cause
up I-Cause
to I-Cause
half I-Cause
of I-Cause
an I-Cause
airline I-Cause
operator I-Cause
's I-Cause
total I-Cause
bookings I-Cause
, O
all O
for O
just O
a O
low-single-digit O
percentage O
fee O
of O
the O
total O
airline O
booking O
amount O
. O

The B-Cause
company I-Cause
enables I-Cause
businesses I-Cause
to I-Cause
collect I-Cause
first-party I-Cause
data I-Cause
on I-Cause
consenting I-Cause
customers I-Cause
from I-Cause
a I-Cause
wide I-Cause
variety I-Cause
of I-Cause
channels I-Cause
, O
which O
helps B-Effect
improve I-Effect
the I-Effect
customer I-Effect
service I-Effect
experience I-Effect
and I-Effect
drive I-Effect
loyalty I-Effect
for I-Effect
the I-Effect
business I-Effect
. O

With O
minimal B-Cause
exposure I-Cause
to I-Cause
the I-Cause
food-service I-Cause
channels I-Cause
most O
demonstrably O
affected O
by O
confinement O
measures O
, O
the B-Effect
business I-Effect
should I-Effect
continue I-Effect
to I-Effect
perform I-Effect
well I-Effect
in I-Effect
the I-Effect
COVID-19 I-Effect
environment I-Effect
. O

As O
such O
conventional B-Cause
retailers I-Cause
adapt I-Cause
, O
we O
expect B-Effect
they I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
replicate I-Effect
Sprouts I-Effect
' I-Effect
in-store I-Effect
experience I-Effect
while I-Effect
leveraging I-Effect
costs I-Effect
over I-Effect
a I-Effect
larger I-Effect
sales I-Effect
base I-Effect
. O

Due O
to O
forward-looking B-Cause
regulatory I-Cause
frameworks I-Cause
, O
the B-Effect
utility I-Effect
usually I-Effect
earns I-Effect
near I-Effect
the I-Effect
allowed I-Effect
return I-Effect
; O
however O
, O
the O
returns O
on O
invested O
capital O
are O
only O
marginally O
above O
our O
estimate O
of O
the O
company O
's O
cost O
of O
capital O
. O

Financial B-Cause
strain I-Cause
and I-Cause
structurally I-Cause
lower I-Cause
corporate I-Cause
travel I-Cause
are O
two O
factors O
that O
could B-Effect
create I-Effect
value I-Effect
destruction I-Effect
to I-Effect
Sabre I-Effect
's I-Effect
advantageous I-Effect
competitive I-Effect
position I-Effect
. O

We O
also O
forecast O
ARPS B-Effect
to I-Effect
grow I-Effect
as I-Effect
Autodesk I-Effect
's I-Effect
base I-Effect
of I-Effect
subscribers I-Effect
matures I-Effect
after O
the B-Cause
initial I-Cause
boost I-Cause
of I-Cause
first-time I-Cause
Autodesk I-Cause
users I-Cause
brought I-Cause
about I-Cause
by I-Cause
the I-Cause
transition I-Cause
to I-Cause
a I-Cause
subscription I-Cause
model I-Cause
. O

Assuming B-Cause
the I-Cause
Australia I-Cause
experience I-Cause
is I-Cause
applicable I-Cause
to I-Cause
price I-Cause
elasticity I-Cause
in I-Cause
other I-Cause
markets I-Cause
, O
it B-Effect
appears I-Effect
likely I-Effect
that I-Effect
there I-Effect
remains I-Effect
a I-Effect
great I-Effect
deal I-Effect
of I-Effect
headroom I-Effect
for I-Effect
price I-Effect
increases I-Effect
globally I-Effect
. O

Impala O
is O
brewed O
using O
cassava O
, O
a O
low-cost O
locally O
grown O
plant O
, O
but O
the B-Cause
scale I-Cause
and I-Cause
scope I-Cause
efficiencies I-Cause
from I-Cause
AB I-Cause
InBev I-Cause
's I-Cause
near I-Cause
dominance I-Cause
in I-Cause
the I-Cause
market I-Cause
is O
a O
significant O
contributor O
to O
its B-Effect
ability I-Effect
to I-Effect
offer I-Effect
product I-Effect
at I-Effect
such I-Effect
a I-Effect
low I-Effect
price I-Effect
point I-Effect
. O

The O
ingenuity O
of O
this O
process O
is O
that O
the B-Cause
glass I-Cause
never I-Cause
touches I-Cause
another I-Cause
surface I-Cause
during I-Cause
its I-Cause
formation I-Cause
, O
greatly O
reducing B-Effect
surface I-Effect
imperfections I-Effect
, O
and O
the B-Effect
need I-Effect
for I-Effect
additional I-Effect
polishing I-Effect
. O

In O
the O
U.K. O
, O
Vodafone B-Effect
provides I-Effect
primarily I-Effect
wireless I-Effect
services I-Effect
, O
as O
only B-Cause
BT I-Cause
, I-Cause
the I-Cause
incumbent I-Cause
telecom I-Cause
operator I-Cause
, I-Cause
owns I-Cause
both I-Cause
extensive I-Cause
fixed-line I-Cause
and I-Cause
wireless I-Cause
networks I-Cause
( O
following O
its O
acquisition O
of O
EE O
, O
the O
largest O
wireless O
operator O
, O
in O
2016 O
) O
. O

Ultimately O
, O
we O
believe O
the B-Cause
value I-Cause
offered I-Cause
by I-Cause
its I-Cause
solutions I-Cause
and I-Cause
partnerships I-Cause
in I-Cause
Sensia I-Cause
and I-Cause
PTC I-Cause
, I-Cause
combined I-Cause
with I-Cause
inorganic I-Cause
opportunities I-Cause
, O
should O
allow O
the B-Effect
firm I-Effect
to I-Effect
remain I-Effect
a I-Effect
top I-Effect
player I-Effect
in I-Effect
the I-Effect
growing I-Effect
automation I-Effect
industry I-Effect
. O

We O
project O
4 B-Effect
% I-Effect
average I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
supported O
by O
4 B-Cause
% I-Cause
average I-Cause
same-store I-Cause
sales I-Cause
increases I-Cause
and I-Cause
helped I-Cause
by I-Cause
offerings I-Cause
like I-Cause
buy I-Cause
online/pickup I-Cause
in I-Cause
store I-Cause
and I-Cause
better I-Cause
merchandising I-Cause
, O
which O
drives O
market B-Effect
share I-Effect
gains I-Effect
. O

We O
contend O
that O
as O
Internet B-Cause
usage I-Cause
grows I-Cause
and O
as O
Verisign B-Cause
is I-Cause
able I-Cause
to I-Cause
enact I-Cause
price I-Cause
increases I-Cause
on I-Cause
its I-Cause
.com I-Cause
and I-Cause
.net I-Cause
TLDs I-Cause
, O
the B-Effect
firm I-Effect
should I-Effect
enjoy I-Effect
healthy I-Effect
long-term I-Effect
growth I-Effect
. O

Four B-Cause
players I-Cause
( I-Cause
Johnson I-Cause
& I-Cause
Johnson I-Cause
, I-Cause
Alcon I-Cause
, I-Cause
Cooper I-Cause
, I-Cause
and I-Cause
Bausch I-Cause
Health I-Cause
) I-Cause
dominate I-Cause
the I-Cause
global I-Cause
market I-Cause
, I-Cause
and I-Cause
industry I-Cause
regulation I-Cause
creates I-Cause
strong I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
, O
keeping B-Effect
new I-Effect
entrants I-Effect
away I-Effect
. O

The B-Effect
biggest I-Effect
risk I-Effect
to I-Effect
Paylocity I-Effect
is I-Effect
a I-Effect
potential I-Effect
hack I-Effect
or I-Effect
security I-Effect
breach I-Effect
due O
to O
the B-Cause
sensitive I-Cause
nature I-Cause
of I-Cause
the I-Cause
data I-Cause
to I-Cause
which I-Cause
it I-Cause
has I-Cause
access I-Cause
. O

However O
, O
despite O
rapid O
small-cell O
revenue O
growth O
, O
which O
we O
project O
to O
average O
in O
the O
midteens O
over O
the O
next O
five O
years O
, O
slower-growing B-Cause
enterprise I-Cause
fiber I-Cause
sales I-Cause
will O
hold O
back O
the B-Effect
overall I-Effect
fiber I-Effect
segment I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
. O

Any B-Cause
procedure I-Cause
or I-Cause
policy I-Cause
that I-Cause
is I-Cause
not I-Cause
consistent I-Cause
with I-Cause
the I-Cause
political I-Cause
or I-Cause
social I-Cause
zeitgeist I-Cause
, I-Cause
which I-Cause
can I-Cause
manifest I-Cause
in I-Cause
anything I-Cause
from I-Cause
a I-Cause
marketing I-Cause
campaign I-Cause
to I-Cause
supply I-Cause
chain I-Cause
governance I-Cause
, O
gives B-Effect
rise I-Effect
to I-Effect
the I-Effect
possibility I-Effect
that I-Effect
a I-Effect
company I-Effect
's I-Effect
business I-Effect
model I-Effect
will I-Effect
be I-Effect
disrupted I-Effect
. O

The B-Cause
shift I-Cause
to I-Cause
internally I-Cause
designed I-Cause
ARM-based I-Cause
chips I-Cause
in I-Cause
lieu I-Cause
of I-Cause
chips I-Cause
from I-Cause
Intel I-Cause
for I-Cause
Apple I-Cause
's I-Cause
Mac I-Cause
PCs I-Cause
should O
help O
improve B-Effect
Mac I-Effect
margins I-Effect
. O

Finally O
, O
with O
increased B-Cause
pressure I-Cause
on I-Cause
legal I-Cause
firms I-Cause
to I-Cause
deliver I-Cause
more I-Cause
for I-Cause
less I-Cause
and I-Cause
many I-Cause
firms I-Cause
electing I-Cause
to I-Cause
bring I-Cause
less I-Cause
complex I-Cause
legal I-Cause
functions I-Cause
in-house I-Cause
, O
productivity B-Effect
tools I-Effect
are I-Effect
becoming I-Effect
a I-Effect
requirement I-Effect
for I-Effect
successful I-Effect
practice I-Effect
management I-Effect
. O

Wake B-Effect
surfing I-Effect
has I-Effect
been I-Effect
on I-Effect
the I-Effect
rise I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
since O
it B-Cause
's I-Cause
easier I-Cause
to I-Cause
learn I-Cause
and I-Cause
is I-Cause
lower-impact I-Cause
than I-Cause
more I-Cause
traditional I-Cause
water I-Cause
sports I-Cause
. O

Clients B-Effect
of I-Effect
BNY I-Effect
Mellon I-Effect
's I-Effect
investment I-Effect
servicing I-Effect
face I-Effect
switching I-Effect
costs I-Effect
due O
to O
process B-Cause
disruption I-Cause
, I-Cause
the I-Cause
interconnectedness I-Cause
of I-Cause
clients I-Cause
' I-Cause
workflows I-Cause
, I-Cause
and I-Cause
the I-Cause
custodian I-Cause
's I-Cause
infrastructure I-Cause
as I-Cause
well I-Cause
as I-Cause
onboarding I-Cause
2 O
Jun O
2021 O
05:00 O
, O
UTCcosts O
. O

However O
, O
it B-Effect
will I-Effect
still I-Effect
face I-Effect
operational I-Effect
hurdles I-Effect
as O
it B-Cause
attempts I-Cause
to I-Cause
migrate I-Cause
certain I-Cause
aspects I-Cause
of I-Cause
Olive I-Cause
Garden I-Cause
's I-Cause
operational I-Cause
improvements I-Cause
to I-Cause
its I-Cause
other I-Cause
brands I-Cause
and I-Cause
continues I-Cause
to I-Cause
integrate I-Cause
Cheddar I-Cause
's I-Cause
in I-Cause
a I-Cause
post-coronavirus I-Cause
restaurant I-Cause
industry I-Cause
environment I-Cause
. O

We O
expect O
that O
wide-body B-Effect
demand I-Effect
will I-Effect
recover I-Effect
more I-Effect
slowly I-Effect
from I-Effect
the I-Effect
COVID-19 I-Effect
downturn I-Effect
than I-Effect
narrow-body I-Effect
demand I-Effect
because O
wide-bodies B-Cause
are I-Cause
used I-Cause
for I-Cause
longer I-Cause
haul I-Cause
trips I-Cause
, O
which O
are O
unlikely O
to O
recover O
until O
a O
COVID-19 O
vaccine O
is O
distributed O
globally O
. O

Our B-Cause
storm I-Cause
loss I-Cause
estimates I-Cause
are O
partially B-Effect
offset I-Effect
by I-Effect
upside I-Effect
from I-Effect
regulatory B-Cause
and I-Cause
policy I-Cause
changes I-Cause
that O
might B-Effect
boost I-Effect
generation I-Effect
margins I-Effect
and I-Effect
reduce I-Effect
retail I-Effect
risk I-Effect
. O

Even O
if O
Skyworks O
were O
to O
retain O
its O
share O
of O
design O
wins O
, O
Apple B-Cause
, I-Cause
Samsung I-Cause
, I-Cause
and I-Cause
others I-Cause
could I-Cause
wield I-Cause
significant I-Cause
pricing I-Cause
power I-Cause
that O
could O
make O
these B-Effect
design I-Effect
wins I-Effect
less I-Effect
lucrative I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

With O
the B-Cause
sale I-Cause
of I-Cause
Epsilon I-Cause
in I-Cause
2019 I-Cause
, O
Alliance B-Effect
Data I-Effect
Systems I-Effect
' I-Effect
private I-Effect
label I-Effect
credit I-Effect
card I-Effect
business I-Effect
is I-Effect
now I-Effect
responsible I-Effect
for I-Effect
more I-Effect
than I-Effect
80 I-Effect
% I-Effect
of I-Effect
its I-Effect
revenue I-Effect
. O

Another O
key B-Cause
tenet I-Cause
of I-Cause
Ferguson I-Cause
's I-Cause
scale-driven I-Cause
cost I-Cause
advantage I-Cause
is I-Cause
its I-Cause
blended I-Cause
branch I-Cause
model I-Cause
and I-Cause
distribution I-Cause
network I-Cause
that O
allow O
Ferguson B-Effect
to I-Effect
cost-effectively I-Effect
serve I-Effect
its I-Effect
sprawling I-Effect
customer I-Effect
base I-Effect
that O
requires O
quick B-Effect
access I-Effect
to I-Effect
a I-Effect
large I-Effect
assortment I-Effect
of I-Effect
products I-Effect
. O

Growth B-Effect
is O
largely O
coming O
from O
GLP-1 B-Cause
therapies I-Cause
, O
which O
include O
daily O
Victoza O
, O
weekly O
Ozempic O
, O
and O
innovative O
daily O
oral O
Rybelsus O
; O
strong B-Cause
efficacy I-Cause
and I-Cause
cardiovascular I-Cause
benefits I-Cause
to I-Cause
treatment I-Cause
should O
lead O
the B-Effect
2 I-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTC I-Effect
$ I-Effect
12 I-Effect
billion I-Effect
GLP-1 I-Effect
market I-Effect
to I-Effect
nearly I-Effect
double I-Effect
over I-Effect
the I-Effect
next I-Effect
5 I-Effect
years I-Effect
. O

As B-Cause
consumer I-Cause
shopping I-Cause
patterns I-Cause
continue I-Cause
to I-Cause
bifurcate I-Cause
over I-Cause
time I-Cause
, I-Cause
we I-Cause
think I-Cause
it I-Cause
's I-Cause
essential I-Cause
that I-Cause
Church I-Cause
& I-Cause
Dwight I-Cause
extends I-Cause
its I-Cause
distribution I-Cause
so O
that O
products B-Effect
are I-Effect
available I-Effect
in I-Effect
the I-Effect
channels I-Effect
that I-Effect
consumers I-Effect
are I-Effect
frequenting I-Effect
. O

While O
Alphabet B-Effect
is I-Effect
facing I-Effect
a I-Effect
decline I-Effect
in I-Effect
online I-Effect
ad I-Effect
spending I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
think O
the O
impact O
will O
be O
for O
only O
12-18 O
months O
, O
after O
which O
the O
firm O
will O
again O
benefit O
from O
the O
growing O
online O
ad O
market O
. O

While O
McDonald O
's O
full O
transformation O
will O
take O
time O
, O
we O
're O
comforted O
that O
the B-Cause
company I-Cause
's I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
moat I-Cause
source I-Cause
is I-Cause
backed I-Cause
by I-Cause
a I-Cause
cohesive I-Cause
franchisee I-Cause
and I-Cause
affiliate I-Cause
system I-Cause
, I-Cause
which I-Cause
collectively I-Cause
operated I-Cause
almost I-Cause
93 I-Cause
% I-Cause
of I-Cause
the I-Cause
chain I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2019 I-Cause
and I-Cause
will I-Cause
likely I-Cause
own I-Cause
95 I-Cause
% I-Cause
over I-Cause
a I-Cause
longer I-Cause
horizon I-Cause
through I-Cause
additional I-Cause
refranchising I-Cause
efforts. O
This O
structure O
allows O
the B-Effect
company I-Effect
to I-Effect
expand I-Effect
its I-Effect
brand I-Effect
reach I-Effect
with I-Effect
minimal I-Effect
corresponding I-Effect
capital I-Effect
needs I-Effect
while I-Effect
providing I-Effect
an I-Effect
annuitylike I-Effect
stream I-Effect
of I-Effect
rent I-Effect
and I-Effect
royalties I-Effect
, I-Effect
even I-Effect
during I-Effect
challenging I-Effect
economic I-Effect
times I-Effect
. O

In O
addition O
, O
added B-Cause
regulation I-Cause
in I-Cause
recent I-Cause
years I-Cause
has O
meant O
that O
banks B-Effect
ca I-Effect
n't I-Effect
make I-Effect
many I-Effect
of I-Effect
the I-Effect
same I-Effect
loans I-Effect
they I-Effect
would I-Effect
have I-Effect
before I-Effect
the I-Effect
crisis I-Effect
. O

Movil O
reports O
Mexican B-Effect
wireless I-Effect
operating I-Effect
income I-Effect
roughly I-Effect
equal I-Effect
to I-Effect
the I-Effect
carrying I-Effect
value I-Effect
of I-Effect
net I-Effect
PP I-Effect
& I-Effect
E I-Effect
and I-Effect
spectrum I-Effect
assets I-Effect
, O
a O
figure O
likely O
understated O
as O
the B-Cause
firm I-Cause
lumps I-Cause
corporate I-Cause
costs I-Cause
into I-Cause
this I-Cause
segment I-Cause
. O

Additionally O
, O
we O
expect O
industrial B-Cause
markets I-Cause
to I-Cause
recover I-Cause
, I-Cause
which I-Cause
we I-Cause
think I-Cause
will I-Cause
boost I-Cause
freight I-Cause
demand I-Cause
for I-Cause
truck I-Cause
operators I-Cause
, O
leading O
to O
higher B-Effect
revenue I-Effect
for I-Effect
Cummins I-Effect
. I-Effect

We O
think O
that O
the B-Cause
substantial I-Cause
scale I-Cause
that I-Cause
Collins I-Cause
has I-Cause
as I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
suppliers I-Cause
gives O
Raytheon B-Effect
technologies I-Effect
materially I-Effect
more I-Effect
negotiating I-Effect
leverage I-Effect
on I-Effect
pricing I-Effect
with I-Effect
the I-Effect
manufacturers I-Effect
than I-Effect
they I-Effect
would I-Effect
have I-Effect
independently I-Effect
. O

There O
are O
a B-Cause
limited I-Cause
number I-Cause
of I-Cause
shipyards I-Cause
available I-Cause
for I-Cause
newbuilds I-Cause
and I-Cause
long I-Cause
lead I-Cause
times I-Cause
to I-Cause
take I-Cause
a I-Cause
ship I-Cause
from I-Cause
design I-Cause
to I-Cause
market I-Cause
, O
which O
would O
prevent O
any B-Effect
new I-Effect
ships I-Effect
from I-Effect
sailing I-Effect
for I-Effect
at I-Effect
least I-Effect
three I-Effect
years I-Effect
. O

In O
Europe O
, O
we O
believe O
Manpower B-Effect
will I-Effect
benefit I-Effect
from I-Effect
the I-Effect
continued I-Effect
long-term I-Effect
shift I-Effect
toward I-Effect
recruitment I-Effect
outsourcing I-Effect
by O
employers B-Cause
looking I-Cause
to I-Cause
become I-Cause
more I-Cause
flexible I-Cause
in I-Cause
their I-Cause
workforce I-Cause
headcount I-Cause
, I-Cause
with I-Cause
temporary I-Cause
payrolls I-Cause
making I-Cause
up I-Cause
a I-Cause
larger I-Cause
share I-Cause
of I-Cause
total I-Cause
nonfarm I-Cause
payrolls I-Cause
compared I-Cause
with I-Cause
U.S I-Cause
. O

Fuel B-Effect
costs I-Effect
are I-Effect
largely I-Effect
passed I-Effect
through I-Effect
to I-Effect
shippers I-Effect
in B-Cause
the I-Cause
form I-Cause
of I-Cause
surcharges I-Cause
, O
save O
for O
empty O
miles O
and O
idle O
time O
. O

With O
nearly B-Cause
30 I-Cause
% I-Cause
of I-Cause
loans I-Cause
outstanding I-Cause
held I-Cause
abroad I-Cause
, O
the B-Effect
bank I-Effect
is I-Effect
in I-Effect
a I-Effect
unique I-Effect
position I-Effect
to I-Effect
benefit I-Effect
from I-Effect
growth I-Effect
in I-Effect
Latin I-Effect
American I-Effect
emerging-market I-Effect
growth I-Effect
. O

We O
believe O
Deere B-Effect
faces I-Effect
little I-Effect
risk I-Effect
on I-Effect
this I-Effect
front I-Effect
, O
as O
the B-Cause
company I-Cause
continues I-Cause
to I-Cause
evolve I-Cause
the I-Cause
sustainability I-Cause
of I-Cause
its I-Cause
products I-Cause
and I-Cause
its I-Cause
impact I-Cause
on I-Cause
the I-Cause
environment I-Cause
. O

This B-Cause
facilitates I-Cause
the I-Cause
production I-Cause
of I-Cause
high-strength I-Cause
, I-Cause
flat-rolled I-Cause
steel I-Cause
using I-Cause
only I-Cause
a I-Cause
fraction I-Cause
of I-Cause
the I-Cause
metallurgical I-Cause
coal I-Cause
required I-Cause
by I-Cause
its I-Cause
peers I-Cause
that I-Cause
operate I-Cause
blast I-Cause
furnaces. O
As O
a O
result O
, O
Steel B-Effect
Dynamics I-Effect
is I-Effect
able I-Effect
to I-Effect
leverage I-Effect
its I-Effect
highly I-Effect
efficient I-Effect
minimills I-Effect
to I-Effect
compete I-Effect
with I-Effect
blast I-Effect
furnace I-Effect
operators I-Effect
in I-Effect
end I-Effect
markets I-Effect
requiring I-Effect
high-strength I-Effect
steel I-Effect
at I-Effect
favorable I-Effect
per-unit I-Effect
operating I-Effect
costs I-Effect
. O

A O
customer O
looking O
to O
switch O
away O
from O
Zebra O
would O
incur O
significant O
time O
investment O
from O
retraining O
employees O
, O
financial O
costs O
from O
running O
two O
systems O
simultaneously O
during O
the O
transition O
, O
and O
the B-Effect
opportunity I-Effect
cost I-Effect
of I-Effect
halted I-Effect
or I-Effect
slowed I-Effect
productivity I-Effect
as O
the O
new B-Cause
system I-Cause
's I-Cause
kinks I-Cause
are I-Cause
slowly I-Cause
worked I-Cause
out I-Cause
. I-Cause

The O
pandemic O
pushed O
the O
hangover O
into O
early O
2020 O
, O
but O
freight B-Effect
demand I-Effect
has I-Effect
since I-Effect
surged I-Effect
off I-Effect
pandemic I-Effect
lows I-Effect
with O
help O
from O
heavy B-Cause
retailer I-Cause
inventory I-Cause
restocking I-Cause
driven I-Cause
by I-Cause
robust I-Cause
U.S I-Cause
. O

We B-Effect
expect I-Effect
ad I-Effect
sales I-Effect
will I-Effect
remain I-Effect
lumpy I-Effect
, O
tied B-Cause
to I-Cause
election I-Cause
cycles I-Cause
, O
but O
that O
growth B-Effect
will I-Effect
be I-Effect
minimal I-Effect
over I-Effect
the I-Effect
coming I-Effect
years I-Effect
as O
the B-Cause
television I-Cause
business I-Cause
declines I-Cause
. O

Attempts O
to O
fill B-Effect
capacity I-Effect
by I-Effect
competing I-Effect
for I-Effect
existing I-Effect
contracts I-Effect
would I-Effect
prove I-Effect
challenging I-Effect
, O
as O
staggered B-Cause
multiyear I-Cause
supply I-Cause
contracts I-Cause
reduce I-Cause
the B-Effect
volume I-Effect
of I-Effect
production I-Effect
open I-Effect
to I-Effect
competition I-Effect
in I-Effect
any I-Effect
given I-Effect
year I-Effect
. O

For O
every B-Cause
additional I-Cause
point I-Cause
of I-Cause
data I-Cause
collected I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
marketing I-Effect
algorithm I-Effect
should I-Effect
get I-Effect
smarter I-Effect
, I-Effect
more I-Effect
accurately I-Effect
predicting I-Effect
future I-Effect
purchasing I-Effect
patterns I-Effect
and I-Effect
boosting I-Effect
the I-Effect
efficiency I-Effect
of I-Effect
the I-Effect
overall I-Effect
marketing I-Effect
platform I-Effect
. O

We O
project O
that O
net O
charge-offs O
will O
be O
roughly O
0.8 O
% O
through O
the O
cycle O
, O
and O
while O
we O
see O
elevated O
charge-offs O
in O
2021 O
we O
see O
provisioning B-Effect
falling I-Effect
dramatically I-Effect
as O
we B-Cause
forecast I-Cause
material I-Cause
reserve I-Cause
releases I-Cause
. O

Even O
so O
, O
we O
think O
Smucker B-Effect
will I-Effect
be I-Effect
one I-Effect
of I-Effect
the I-Effect
few I-Effect
packaged I-Effect
food I-Effect
companies I-Effect
to I-Effect
realize I-Effect
lasting I-Effect
benefits I-Effect
from I-Effect
the I-Effect
pandemic I-Effect
, O
given O
the B-Cause
high-single-digit I-Cause
increase I-Cause
in I-Cause
pets I-Cause
adopted I-Cause
during I-Cause
the I-Cause
crisis I-Cause
, I-Cause
and I-Cause
the I-Cause
likelihood I-Cause
that I-Cause
more B-Cause
flexible I-Cause
work I-Cause
arrangements I-Cause
should I-Cause
result I-Cause
in I-Cause
higher B-Effect
consumption I-Effect
of I-Effect
at-home I-Effect
coffee I-Effect
. O

Given O
the B-Cause
Affordable I-Cause
Care I-Cause
Act I-Cause
's I-Cause
mandate I-Cause
, I-Cause
which I-Cause
encourages I-Cause
coordinated I-Cause
, I-Cause
value-based I-Cause
care I-Cause
between I-Cause
healthcare I-Cause
providers I-Cause
and I-Cause
a I-Cause
shift I-Cause
of I-Cause
patients I-Cause
to I-Cause
the I-Cause
types I-Cause
of I-Cause
lower-cost I-Cause
, I-Cause
consolidated I-Cause
settings I-Cause
that I-Cause
medical I-Cause
office I-Cause
buildings I-Cause
can I-Cause
provide I-Cause
, O
we O
believe O
there O
will O
be O
increasing B-Effect
demand I-Effect
for I-Effect
these I-Effect
types I-Effect
of I-Effect
assets I-Effect
from I-Effect
customers I-Effect
and I-Effect
healthcare I-Effect
partners I-Effect
. O

Even O
as O
much O
of O
the B-Effect
downside I-Effect
risk I-Effect
is O
mitigated O
by O
sufficiently B-Cause
contracted I-Cause
capacity I-Cause
, O
failure B-Cause
of I-Cause
NGL I-Cause
demand I-Cause
to I-Cause
materialize I-Cause
would O
cap O
Enterprise B-Effect
's I-Effect
earnings I-Effect
upside I-Effect
. O

However O
, O
the B-Cause
spread I-Cause
between I-Cause
power I-Cause
prices I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
in I-Cause
the I-Cause
Northeast I-Cause
will O
still O
cause O
some B-Effect
risk I-Effect
and I-Effect
uncertainty I-Effect
. O

We O
expect O
Vertex B-Effect
to I-Effect
maintain I-Effect
its I-Effect
dominant I-Effect
position I-Effect
in I-Effect
CF I-Effect
, O
given O
the B-Cause
strong I-Cause
efficacy I-Cause
of I-Cause
its I-Cause
therapies I-Cause
, I-Cause
lengthy I-Cause
patents I-Cause
, I-Cause
and I-Cause
lack I-Cause
of I-Cause
competition I-Cause
, O
while O
developing B-Effect
pipeline I-Effect
candidates I-Effect
in I-Effect
other I-Effect
rare I-Effect
indications I-Effect
to I-Effect
spur I-Effect
growth I-Effect
. O

Fewer B-Cause
assets I-Cause
and I-Cause
longer I-Cause
trains I-Cause
drive I-Cause
up I-Cause
network I-Cause
fluidity I-Cause
, O
resulting O
in O
labor B-Effect
productivity I-Effect
gains I-Effect
, I-Effect
better I-Effect
service I-Effect
levels I-Effect
, I-Effect
and I-Effect
higher I-Effect
potential I-Effect
incremental I-Effect
operating I-Effect
margins I-Effect
. O

A B-Cause
higher I-Cause
downtime I-Cause
could O
be O
critical O
in O
big O
buildings O
such O
as O
office O
buildings O
, O
where O
long B-Effect
queues I-Effect
could I-Effect
be I-Effect
formed I-Effect
disrupting I-Effect
day-to-day I-Effect
activities I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
in I-Effect
residential I-Effect
buildings I-Effect
. O

Our B-Cause
margin I-Cause
forecast I-Cause
is I-Cause
based I-Cause
on I-Cause
price I-Cause
increases I-Cause
offsetting I-Cause
cost I-Cause
inflation I-Cause
and I-Cause
higher I-Cause
volume I-Cause
providing I-Cause
leverage I-Cause
over O
fixed B-Effect
costs I-Effect
( I-Effect
mostly I-Effect
sales I-Effect
and I-Effect
general I-Effect
administrative I-Effect
costs I-Effect
) I-Effect
. O

Vale B-Effect
's I-Effect
cost I-Effect
disadvantage I-Effect
relative I-Effect
to I-Effect
the I-Effect
Australian I-Effect
majors I-Effect
stems O
primarily O
from O
the B-Cause
additional I-Cause
cost I-Cause
of I-Cause
shipping I-Cause
iron I-Cause
ore I-Cause
to I-Cause
China I-Cause
from I-Cause
Brazil I-Cause
versus I-Cause
Western I-Cause
Australia I-Cause
for I-Cause
Rio I-Cause
Tinto I-Cause
and I-Cause
BHP I-Cause
. O

These O
AI-powered O
menus O
are O
highly B-Cause
tailored I-Cause
to I-Cause
individual I-Cause
preferences I-Cause
( O
that O
is O
, O
those O
who O
tried O
to O
eat O
healthy O
will O
see O
soup O
and O
salad O
as O
first O
options O
on O
menu O
) O
, O
so O
they O
reduce B-Effect
the I-Effect
time I-Effect
people I-Effect
spent I-Effect
ordering I-Effect
, O
elevating B-Effect
the I-Effect
overall I-Effect
restaurant I-Effect
experience I-Effect
. O

As O
this B-Cause
age I-Cause
cohort I-Cause
gets I-Cause
older I-Cause
and I-Cause
checks I-Cause
off I-Cause
more I-Cause
of I-Cause
these I-Cause
milestones I-Cause
, O
it O
will O
increasingly B-Cause
consider I-Cause
living I-Cause
in I-Cause
a I-Cause
single-family I-Cause
home I-Cause
in I-Cause
the I-Cause
suburbs I-Cause
, O
creating O
more B-Effect
demand I-Effect
for I-Effect
Invitation I-Effect
Homes I-Effect
' I-Effect
portfolio I-Effect
. O

Further O
, O
as O
IQVIA B-Cause
moves I-Cause
out I-Cause
of I-Cause
the I-Cause
implementation I-Cause
phase I-Cause
of I-Cause
its I-Cause
CRM I-Cause
offering I-Cause
and I-Cause
related I-Cause
solutions I-Cause
, O
high-margin B-Effect
recurring I-Effect
revenue I-Effect
will I-Effect
drive I-Effect
margin I-Effect
improvement I-Effect
as O
well O
. O

We O
think O
that O
as B-Cause
one I-Cause
of I-Cause
the I-Cause
larger I-Cause
industrial I-Cause
distributors I-Cause
in I-Cause
North I-Cause
America I-Cause
, O
Fastenal B-Effect
benefits I-Effect
from I-Effect
scale-driven I-Effect
cost I-Effect
advantages I-Effect
over I-Effect
smaller I-Effect
competitors I-Effect
. O

LPL B-Effect
needed I-Effect
to I-Effect
convince I-Effect
NPH I-Effect
's I-Effect
advisors I-Effect
to I-Effect
move I-Effect
to I-Effect
LPL I-Effect
following I-Effect
the I-Effect
acquisition I-Effect
, O
since O
advisors B-Cause
are I-Cause
generally I-Cause
able I-Cause
to I-Cause
select I-Cause
their I-Cause
broker/dealer I-Cause
affiliation I-Cause
at I-Cause
will I-Cause
. O

Given O
the B-Cause
nature I-Cause
of I-Cause
equity I-Cause
trading I-Cause
and I-Cause
the I-Cause
downward I-Cause
trend I-Cause
in I-Cause
trading I-Cause
costs I-Cause
, O
we O
do O
not O
expect B-Effect
revenue I-Effect
per I-Effect
share I-Effect
to I-Effect
materially I-Effect
improve I-Effect
. O

However O
, O
we O
see O
the B-Cause
potential I-Cause
for I-Cause
positive I-Cause
changes I-Cause
as I-Cause
well I-Cause
, I-Cause
including I-Cause
increasing I-Cause
tax I-Cause
credits I-Cause
for I-Cause
the I-Cause
individual I-Cause
exchanges I-Cause
and I-Cause
further I-Cause
Medicaid I-Cause
expansion I-Cause
, O
which O
could O
benefit B-Effect
Centene I-Effect
directly I-Effect
if I-Effect
enacted I-Effect
. O

However O
, O
since O
much B-Cause
of I-Cause
the I-Cause
sales I-Cause
are I-Cause
negotiated I-Cause
at I-Cause
the I-Cause
state I-Cause
and I-Cause
local I-Cause
level I-Cause
, O
we O
believe O
it O
is O
unlikely O
that O
a B-Effect
uniform I-Effect
response I-Effect
will I-Effect
develop I-Effect
that I-Effect
is I-Effect
likely I-Effect
to I-Effect
disrupt I-Effect
Motorola I-Effect
's I-Effect
power I-Effect
and I-Effect
reputation I-Effect
as I-Effect
the I-Effect
go-to I-Effect
supplier I-Effect
in I-Effect
public I-Effect
markets I-Effect
. O

Although O
we O
expect O
profitability B-Effect
to I-Effect
gradually I-Effect
pick I-Effect
up I-Effect
pace I-Effect
as O
we B-Cause
come I-Cause
out I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, O
we O
do O
not O
foresee O
profitability B-Effect
reaching I-Effect
peer-like I-Effect
levels I-Effect
( I-Effect
18 I-Effect
% I-Effect
-20 I-Effect
% I-Effect
) I-Effect
, O
as O
Danone B-Cause
's I-Cause
category I-Cause
exposure I-Cause
is I-Cause
less I-Cause
advantaged I-Cause
. O

We B-Effect
anticipate I-Effect
the I-Effect
Cable I-Effect
Products I-Effect
and I-Effect
Solutions I-Effect
business I-Effect
will I-Effect
grow I-Effect
in I-Effect
the I-Effect
low-single I-Effect
digits I-Effect
over I-Effect
the I-Effect
same I-Effect
period I-Effect
with B-Cause
stable I-Cause
demand I-Cause
from I-Cause
broadband I-Cause
communications I-Cause
customers I-Cause
and I-Cause
related I-Cause
products I-Cause
. O

Sky B-Cause
was I-Cause
early I-Cause
to I-Cause
build I-Cause
critical I-Cause
mass I-Cause
in I-Cause
the I-Cause
pay-TV I-Cause
market I-Cause
, O
enabling O
it B-Effect
to I-Effect
gain I-Effect
exclusive I-Effect
rights I-Effect
to I-Effect
premium I-Effect
content I-Effect
, I-Effect
notably I-Effect
the I-Effect
English I-Effect
Premier I-Effect
League I-Effect
. O

Indeed O
, O
if O
companies B-Cause
like I-Cause
Coca-Cola I-Cause
, I-Cause
PepsiCo I-Cause
, I-Cause
and I-Cause
Keurig I-Cause
Dr I-Cause
Pepper I-Cause
were I-Cause
to I-Cause
reduce I-Cause
their I-Cause
relative I-Cause
ad I-Cause
spending I-Cause
to I-Cause
National I-Cause
Beverage I-Cause
's I-Cause
historical I-Cause
averages I-Cause
, I-Cause
the I-Cause
absolute I-Cause
dollar I-Cause
amount I-Cause
would I-Cause
still I-Cause
dwarf I-Cause
anything I-Cause
the I-Cause
latter I-Cause
could I-Cause
feasibly I-Cause
deploy. O
This O
impacts B-Effect
LaCroix I-Effect
's I-Effect
ability I-Effect
to I-Effect
defend I-Effect
its I-Effect
turf I-Effect
at I-Effect
retail I-Effect
and I-Effect
is I-Effect
perhaps I-Effect
best I-Effect
illustrated I-Effect
by I-Effect
National I-Effect
Beverage I-Effect
's I-Effect
2018 I-Effect
contretemps I-Effect
with I-Effect
Whole I-Effect
Foods I-Effect
, I-Effect
an I-Effect
episode I-Effect
that I-Effect
will I-Effect
live I-Effect
in I-Effect
infamy I-Effect
. O

We O
think O
the O
major O
risk O
Fifth O
Third O
faces O
is O
that O
current O
loan B-Cause
concentrations I-Cause
could O
result O
in O
worsening B-Effect
loan I-Effect
losses I-Effect
that I-Effect
would I-Effect
eat I-Effect
into I-Effect
profits I-Effect
. O

Our B-Effect
outlook I-Effect
for I-Effect
Appalachian I-Effect
production I-Effect
growth I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
likely I-Effect
will I-Effect
erode I-Effect
any I-Effect
existing I-Effect
competitive I-Effect
advantages I-Effect
due O
to O
lower B-Cause
capital I-Cause
intensity I-Cause
, I-Cause
less I-Cause
regulatory I-Cause
oversight I-Cause
, I-Cause
and I-Cause
the I-Cause
construction I-Cause
of I-Cause
competing I-Cause
midstream I-Cause
assets I-Cause
. O

Although O
the O
pandemic O
hit O
its O
revenue O
, O
we O
believe O
the B-Effect
automotive I-Effect
lineup I-Effect
will I-Effect
remain I-Effect
especially I-Effect
attractive I-Effect
long-term I-Effect
, O
particularly O
as O
IHS B-Cause
Markit I-Cause
's I-Cause
balanced I-Cause
exposure I-Cause
to I-Cause
the I-Cause
new- I-Cause
and I-Cause
used-vehicle I-Cause
markets I-Cause
should I-Cause
result I-Cause
in I-Cause
steady I-Cause
performance I-Cause
. O

Arrow B-Effect
's I-Effect
customers I-Effect
benefit I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
broad I-Effect
product I-Effect
line I-Effect
by O
simplifying B-Cause
their I-Cause
design I-Cause
and I-Cause
procurement I-Cause
process I-Cause
by I-Cause
going I-Cause
through I-Cause
one I-Cause
distributor I-Cause
with I-Cause
ancillary I-Cause
services I-Cause
, I-Cause
rather I-Cause
than I-Cause
several I-Cause
vendors I-Cause
. O

These B-Cause
systems I-Cause
are I-Cause
used I-Cause
for I-Cause
over I-Cause
1.2 I-Cause
million I-Cause
surgeries I-Cause
per I-Cause
year I-Cause
on I-Cause
an I-Cause
installed I-Cause
base I-Cause
of I-Cause
approximately I-Cause
5,900 I-Cause
systems I-Cause
, O
giving O
Teleflex B-Effect
a I-Effect
locked-in I-Effect
source I-Effect
of I-Effect
customer I-Effect
stickiness I-Effect
. O

The B-Cause
long I-Cause
, I-Cause
expensive I-Cause
and I-Cause
capital-intensive I-Cause
process I-Cause
of I-Cause
designing I-Cause
and I-Cause
manufacturing I-Cause
an I-Cause
aircraft I-Cause
is O
a O
second O
major O
barrier O
to O
entry B-Effect
into I-Effect
the I-Effect
commercial I-Effect
aviation I-Effect
manufacturing I-Effect
business I-Effect
. O

Travelers B-Effect
are I-Effect
drawn I-Effect
to I-Effect
Wyndham I-Effect
's I-Effect
loyalty I-Effect
program I-Effect
, O
as O
it B-Cause
provides I-Cause
the I-Cause
ability I-Cause
to I-Cause
use I-Cause
and I-Cause
accumulate I-Cause
points I-Cause
across I-Cause
over I-Cause
796,000 I-Cause
hotel I-Cause
rooms I-Cause
and I-Cause
over I-Cause
20,000 I-Cause
Wyndham I-Cause
timeshare I-Cause
and I-Cause
rentals I-Cause
( O
the O
most O
of O
any O
hotelier O
; O
Accor O
is O
number O
two O
with O
around O
10,000 O
vacation O
rental O
rooms O
) O
. O

Since B-Cause
brokers I-Cause
are I-Cause
primarily I-Cause
compensated I-Cause
via I-Cause
commission I-Cause
that I-Cause
varies I-Cause
with I-Cause
productivity I-Cause
, I-Cause
it I-Cause
is I-Cause
likewise I-Cause
important I-Cause
for I-Cause
ambitious I-Cause
employees I-Cause
to I-Cause
work I-Cause
for I-Cause
firms I-Cause
with I-Cause
a I-Cause
strong I-Cause
reputation I-Cause
and I-Cause
a I-Cause
deep I-Cause
network I-Cause
in I-Cause
their I-Cause
desired I-Cause
market. O
This O
dynamic O
has O
created B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
for I-Effect
Cushman I-Effect
& I-Effect
amp I-Effect
; I-Effect
Wakefield I-Effect
, I-Effect
allowing I-Effect
it I-Effect
to I-Effect
simultaneously I-Effect
retain I-Effect
top I-Effect
talent I-Effect
and I-Effect
poach I-Effect
employees I-Effect
from I-Effect
its I-Effect
competitors I-Effect
. O

Competition B-Effect
in I-Effect
the I-Effect
export I-Effect
markets I-Effect
for I-Effect
Posco I-Effect
could I-Effect
also I-Effect
be I-Effect
heightened I-Effect
if O
Chinese B-Cause
producers I-Cause
continue I-Cause
to I-Cause
dump I-Cause
steel I-Cause
products I-Cause
globally I-Cause
. O

Allegion B-Cause
's I-Cause
strong I-Cause
positioning I-Cause
in I-Cause
the I-Cause
Americas I-Cause
, I-Cause
which I-Cause
represents I-Cause
over I-Cause
70 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, I-Cause
has B-Effect
been I-Effect
the I-Effect
main I-Effect
driver I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
consistent I-Effect
and I-Effect
industry-leading I-Effect
profitability I-Effect
. I-Effect

Excess B-Cause
inventory I-Cause
on I-Cause
hand I-Cause
and I-Cause
duplication I-Cause
of I-Cause
IT I-Cause
costs I-Cause
, I-Cause
which I-Cause
were I-Cause
a I-Cause
byproduct I-Cause
of I-Cause
the I-Cause
previous I-Cause
ONE I-Cause
Kingfisher I-Cause
strategy I-Cause
, O
are O
clear O
self-help O
opportunities O
that O
will O
help O
Kingfisher B-Effect
boost I-Effect
its I-Effect
cash I-Effect
flow I-Effect
despite I-Effect
competitive I-Effect
and I-Effect
macroeconomic I-Effect
pressures I-Effect
. O

We O
've O
increased B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
228 I-Effect
from I-Effect
$ I-Effect
218 I-Effect
to O
reflect O
stronger B-Cause
end-market I-Cause
performance I-Cause
in I-Cause
medium- I-Cause
and I-Cause
heavy-duty I-Cause
truck I-Cause
markets I-Cause
. O

Over O
the O
past O
several O
years O
, O
the B-Cause
company I-Cause
has I-Cause
taken I-Cause
steps I-Cause
such I-Cause
as I-Cause
adjusting I-Cause
its I-Cause
business I-Cause
mix I-Cause
and I-Cause
implementing I-Cause
hedge I-Cause
activities I-Cause
to O
decrease B-Effect
earnings I-Effect
sensitivity I-Effect
but O
hedging O
can O
be O
costly O
and O
add O
additional O
risks O
. O

Treehouse B-Cause
relies I-Cause
on I-Cause
Walmart I-Cause
's I-Cause
patronage I-Cause
and I-Cause
also I-Cause
does I-Cause
not I-Cause
transact I-Cause
directly I-Cause
with I-Cause
end-consumers. O
Therefore O
, O
for B-Effect
many I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
product I-Effect
lines I-Effect
, I-Effect
it I-Effect
is I-Effect
reasonable I-Effect
to I-Effect
argue I-Effect
that I-Effect
the I-Effect
capacity I-Effect
to I-Effect
generate I-Effect
economic I-Effect
rents I-Effect
is I-Effect
heavily I-Effect
contingent I-Effect
on I-Effect
the I-Effect
ability I-Effect
to I-Effect
take I-Effect
a I-Effect
portion I-Effect
of I-Effect
theoretical I-Effect
producer I-Effect
surplus I-Effect
away I-Effect
from I-Effect
Walmart I-Effect
. O

Furthermore O
, O
convenient B-Cause
operation I-Cause
and I-Cause
growing I-Cause
prominence I-Cause
of I-Cause
workplace I-Cause
safety I-Cause
will O
continue O
to O
aid B-Effect
the I-Effect
growth I-Effect
of I-Effect
the I-Effect
automotive I-Effect
lifts I-Effect
market I-Effect
. O

Given O
its B-Cause
size I-Cause
relative I-Cause
to I-Cause
peers I-Cause
and I-Cause
high I-Cause
EBITDA I-Cause
margins I-Cause
, O
we O
believe O
Telenor B-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
the I-Effect
Norwegian I-Effect
market I-Effect
( I-Effect
it I-Effect
distributes I-Effect
fix I-Effect
costs I-Effect
over I-Effect
a I-Effect
much I-Effect
larger I-Effect
subscriber I-Effect
base I-Effect
than I-Effect
its I-Effect
rivals I-Effect
) I-Effect
. O

However O
, O
we O
think O
Telefonica B-Effect
is I-Effect
less I-Effect
exposed I-Effect
to I-Effect
competitive I-Effect
pressures I-Effect
due O
to O
its B-Cause
broad I-Cause
network I-Cause
infrastructure I-Cause
based I-Cause
on I-Cause
fiber I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
investment I-Cause
in I-Cause
content I-Cause
. O

However O
, O
global B-Cause
travel I-Cause
has I-Cause
changed I-Cause
as O
a O
result O
of O
COVID-19 B-Cause
, O
leading O
to O
longer-term B-Effect
secular I-Effect
shifts I-Effect
in I-Effect
consumer I-Effect
behavior I-Effect
, I-Effect
challenging I-Effect
the I-Effect
economic I-Effect
performance I-Effect
of I-Effect
Carnival I-Effect
over I-Effect
an I-Effect
extended I-Effect
horizon I-Effect
. O

American B-Cause
Express I-Cause
also I-Cause
benefits I-Cause
from I-Cause
forming I-Cause
partnerships I-Cause
with I-Cause
key I-Cause
retailers I-Cause
to I-Cause
provide I-Cause
its I-Cause
card I-Cause
holders I-Cause
with I-Cause
unique I-Cause
benefits I-Cause
in I-Cause
exchange I-Cause
for O
steering B-Effect
its I-Effect
cardholders I-Effect
to I-Effect
those I-Effect
businesses I-Effect
. O

CoreSite B-Cause
has I-Cause
more I-Cause
than I-Cause
450 I-Cause
network I-Cause
service I-Cause
providers I-Cause
connecting I-Cause
to I-Cause
its I-Cause
data I-Cause
centers I-Cause
, O
which O
makes O
the B-Effect
data I-Effect
centers I-Effect
valuable I-Effect
as I-Effect
locations I-Effect
for I-Effect
the I-Effect
network I-Effect
providers I-Effect
to I-Effect
exchange I-Effect
traffic I-Effect
with I-Effect
each I-Effect
other I-Effect
and I-Effect
for I-Effect
enterprises I-Effect
that I-Effect
use I-Effect
those I-Effect
network I-Effect
providers I-Effect
to I-Effect
carry I-Effect
their I-Effect
own I-Effect
data I-Effect
. O

This O
makes O
sense O
because O
a B-Cause
home I-Cause
sale I-Cause
generally I-Cause
represents I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
transactions I-Cause
most I-Cause
consumers I-Cause
will I-Cause
engage I-Cause
in I-Cause
, O
meaning O
they B-Effect
are I-Effect
likelier I-Effect
to I-Effect
be I-Effect
more I-Effect
diligent I-Effect
and I-Effect
discerning I-Effect
regarding I-Effect
the I-Effect
process I-Effect
. O

The B-Cause
utility I-Cause
must I-Cause
maintain I-Cause
political I-Cause
and I-Cause
regulatory I-Cause
support I-Cause
for I-Cause
infrastructure I-Cause
replacement I-Cause
, I-Cause
clean I-Cause
energy I-Cause
, I-Cause
energy I-Cause
efficiency I-Cause
, O
and O
other B-Effect
network I-Effect
upgrades I-Effect
to I-Effect
grow I-Effect
earnings I-Effect
. O

We O
are O
particularly O
impressed O
with O
the B-Cause
job I-Cause
the I-Cause
firm I-Cause
has I-Cause
done I-Cause
thus I-Cause
far I-Cause
with I-Cause
the I-Cause
Sprint I-Cause
integration I-Cause
, O
driving B-Effect
down I-Effect
costs I-Effect
and I-Effect
bringing I-Effect
Sprint I-Effect
customers I-Effect
into I-Effect
the I-Effect
T-Mobile I-Effect
fold I-Effect
. O

On O
its O
remaining O
businesses O
, O
we O
assume O
the O
firm O
's O
traditional O
business O
grows O
about O
3 O
% O
, O
and O
although O
the O
near-term O
outlook O
looks O
murky O
, O
we B-Effect
expect I-Effect
stronger I-Effect
growth I-Effect
from I-Effect
Tenet I-Effect
's I-Effect
ambulatory I-Effect
care I-Effect
operations I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as B-Cause
the I-Cause
firm I-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
that I-Cause
segment I-Cause
's I-Cause
growth I-Cause
. I-Cause

Ultimately O
, O
though O
, O
we O
believe O
this O
benefit B-Effect
will I-Effect
wane I-Effect
as O
vaccination B-Cause
efforts I-Cause
take I-Cause
hold I-Cause
and O
that O
there O
is O
potential O
for O
the O
pandemic O
to O
restart O
the O
pricing O
cycle O
at O
a O
less O
attractive O
point O
. O

In O
ATVs O
, O
competitors B-Effect
like I-Effect
Honda I-Effect
and I-Effect
Deere I-Effect
are I-Effect
formidable I-Effect
players I-Effect
, O
while O
Indian B-Cause
has I-Cause
to I-Cause
compete I-Cause
with I-Cause
motorcycle I-Cause
manufacturing I-Cause
giants I-Cause
Honda I-Cause
and I-Cause
Harley-Davidson I-Cause
. O

ConocoPhillips B-Cause
operates I-Cause
in I-Cause
offshore I-Cause
environments I-Cause
and I-Cause
the I-Cause
Alaskan I-Cause
arctic I-Cause
and I-Cause
is I-Cause
exposed I-Cause
to I-Cause
the I-Cause
risk I-Cause
of I-Cause
large I-Cause
oil I-Cause
spills I-Cause
that O
could O
result O
material B-Effect
losses I-Effect
through I-Effect
fines I-Effect
or I-Effect
penalties I-Effect
, I-Effect
loss I-Effect
of I-Effect
license I-Effect
to I-Effect
operate I-Effect
or I-Effect
lost I-Effect
revenue I-Effect
. O

These B-Effect
master I-Effect
leases I-Effect
generally I-Effect
prevent I-Effect
tenants I-Effect
from I-Effect
dropping I-Effect
poorer-performing I-Effect
properties I-Effect
, O
as O
lease B-Cause
renewals I-Cause
are I-Cause
'' I-Cause
all I-Cause
or I-Cause
none I-Cause
, I-Cause
'' I-Cause
and I-Cause
promote I-Cause
strong I-Cause
partnerships I-Cause
between I-Cause
Healthpeak I-Cause
and I-Cause
its I-Cause
various I-Cause
operators I-Cause
, I-Cause
making I-Cause
triple-net I-Cause
business I-Cause
relatively I-Cause
sticky I-Cause
. O

With O
Nvidia O
in O
the O
process O
of O
acquiring O
ARM O
, O
we O
note O
there O
is O
heightened B-Cause
risk I-Cause
that I-Cause
more I-Cause
ARM-based I-Cause
CPUs I-Cause
will O
threaten O
Intel B-Effect
's I-Effect
x86 I-Effect
CPU I-Effect
hegemony I-Effect
in I-Effect
the I-Effect
data I-Effect
center I-Effect
. O

While O
the O
firm O
is O
expected O
to O
produce O
revenue O
growth O
at O
the O
high O
end O
of O
peers O
and O
the O
premium O
may O
be O
justified O
, O
higher B-Cause
absolute I-Cause
valuation I-Cause
levels I-Cause
offer O
less B-Cause
room I-Cause
for I-Cause
missteps I-Cause
and O
therefore O
carry B-Effect
greater I-Effect
inherent I-Effect
risks I-Effect
. O

While O
Pebblebrook O
has O
done O
a O
good O
job O
in O
2018 O
of O
containing O
costs O
, O
the B-Cause
lack I-Cause
of I-Cause
rate I-Cause
growth I-Cause
has O
led O
to O
lackluster B-Effect
margin I-Effect
growth I-Effect
and I-Effect
thus I-Effect
low I-Effect
NOI I-Effect
growth I-Effect
. O

We O
project O
that O
such B-Cause
costs I-Cause
will O
keep B-Effect
Snap I-Effect
in I-Effect
the I-Effect
red I-Effect
in I-Effect
the I-Effect
near-term I-Effect
, O
but O
ongoing B-Cause
revenue I-Cause
growth I-Cause
and I-Cause
gross I-Cause
margin I-Cause
expansion I-Cause
, O
will O
lead O
to O
operating B-Effect
leverage I-Effect
and I-Effect
help I-Effect
Snap I-Effect
become I-Effect
profitable I-Effect
in I-Effect
2023 I-Effect
, I-Effect
with I-Effect
further I-Effect
expansion I-Effect
thereafter I-Effect
. O

Steris O
' O
ability O
to O
selectively O
expand O
its O
plant O
footprint O
will O
be O
an O
important O
determinant O
of O
returns O
, O
since O
expanding B-Cause
too I-Cause
quickly I-Cause
could O
result O
in O
underutilized B-Effect
plants I-Effect
compressing I-Effect
margins I-Effect
for I-Effect
the I-Effect
business I-Effect
. O

With O
the B-Cause
supply I-Cause
and I-Cause
demand I-Cause
equilibrium I-Cause
dislocated I-Cause
, O
we O
expect O
Royal B-Effect
could I-Effect
be I-Effect
a I-Effect
price-taker I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, I-Effect
despite O
offering O
its O
customers O
a O
compelling O
product O
with O
a O
value O
proposition O
. O

Penney B-Cause
is I-Cause
trying I-Cause
to I-Cause
emerge I-Cause
from I-Cause
bankruptcy I-Cause
and O
may B-Effect
have I-Effect
to I-Effect
close I-Effect
hundreds I-Effect
of I-Effect
stores I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

While O
we O
continue O
to O
expect O
strong B-Effect
growth I-Effect
during I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
due O
to O
the B-Cause
ongoing I-Cause
COVID-19 I-Cause
crisis I-Cause
, O
we O
also O
assume O
Qiagen O
's O
growth O
rate O
returns O
to O
more O
normalized O
levels O
, O
eventually O
. O

GeneSight B-Effect
has I-Effect
the I-Effect
potential I-Effect
to I-Effect
drive I-Effect
market I-Effect
traction I-Effect
, O
as O
it B-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
few I-Cause
products I-Cause
in I-Cause
the I-Cause
pharmacogenomic I-Cause
testing I-Cause
space I-Cause
that I-Cause
has I-Cause
demonstrated I-Cause
some I-Cause
benefit I-Cause
to I-Cause
patients I-Cause
( O
explained O
below O
) O
. O

Sysco B-Effect
is I-Effect
reinforcing I-Effect
its I-Effect
cost I-Effect
advantage I-Effect
during I-Effect
the I-Effect
crisis I-Effect
by O
permanently B-Cause
removing I-Cause
$ I-Cause
350 I-Cause
million I-Cause
in I-Cause
annual I-Cause
costs I-Cause
, O
which O
should O
hasten B-Effect
its I-Effect
return I-Effect
to I-Effect
prepandemic I-Effect
profit I-Effect
margins I-Effect
. O

However O
, O
adoption B-Effect
of I-Effect
these I-Effect
next-generation I-Effect
technologies I-Effect
could O
be O
accelerated O
as O
the B-Cause
chorus I-Cause
grows I-Cause
from I-Cause
not-in-my-backyard I-Cause
, I-Cause
or I-Cause
NIMBY I-Cause
, O
opponents O
of O
the O
few O
remaining O
incinerators O
. O

Finally O
, O
we O
think O
modest B-Effect
switching I-Effect
costs I-Effect
exist I-Effect
with I-Effect
the I-Effect
Emerson I-Effect
's I-Effect
tools I-Effect
for O
two O
reasons O
: O
1 B-Cause
) I-Cause
RIDGID I-Cause
works I-Cause
with I-Cause
fitting I-Cause
companies I-Cause
for I-Cause
specific I-Cause
plumbing I-Cause
applications I-Cause
, I-Cause
and I-Cause
2 I-Cause
) I-Cause
Emerson I-Cause
providers I-Cause
contractors I-Cause
technical I-Cause
training I-Cause
on I-Cause
its I-Cause
tools I-Cause
, O
which O
we O
think O
contributes O
to O
the O
brand O
's O
high O
NPS O
. O

By O
contrast O
, O
advertising B-Cause
on I-Cause
Zillow I-Cause
's I-Cause
smaller I-Cause
rentals I-Cause
business I-Cause
is I-Cause
priced I-Cause
somewhat I-Cause
more I-Cause
simply I-Cause
on I-Cause
the I-Cause
basis I-Cause
of I-Cause
cost I-Cause
per I-Cause
lead I-Cause
, I-Cause
cost I-Cause
per I-Cause
click I-Cause
, I-Cause
cost I-Cause
per I-Cause
impression I-Cause
, I-Cause
or I-Cause
cost I-Cause
per I-Cause
lease I-Cause
generated. O
This O
pricing O
arrangement O
in O
Premier O
Agent O
has O
provided O
a O
clear O
avenue O
for O
price B-Effect
to I-Effect
increase I-Effect
commensurate I-Effect
with I-Effect
improvements I-Effect
in I-Effect
the I-Effect
value I-Effect
of I-Effect
the I-Effect
network I-Effect
. O

Operating O
margins O
will O
see O
a O
similar O
roller O
coaster O
, O
as O
the B-Cause
additional I-Cause
ad I-Cause
revenue I-Cause
in I-Cause
even I-Cause
years I-Cause
will O
cause O
margins B-Effect
to I-Effect
spike I-Effect
, O
while O
lower B-Cause
revenue I-Cause
in I-Cause
odd I-Cause
years I-Cause
will O
cause O
them B-Effect
to I-Effect
fall I-Effect
. O

However B-Effect
, I-Effect
we I-Effect
expect I-Effect
the I-Effect
percentage I-Effect
of I-Effect
Broadridge I-Effect
's I-Effect
profit I-Effect
from I-Effect
the I-Effect
proxy I-Effect
and I-Effect
interim I-Effect
business I-Effect
to I-Effect
decrease I-Effect
over I-Effect
time I-Effect
because B-Cause
of I-Cause
M I-Cause
& I-Cause
A I-Cause
. O

The B-Cause
installed I-Cause
base I-Cause
and I-Cause
consumables I-Cause
model I-Cause
also O
leads O
to O
high B-Effect
customer I-Effect
switching I-Effect
costs I-Effect
, O
as O
clients O
are O
generally O
reluctant O
to O
switch O
out O
equipment O
and O
retrain O
staff O
. O

Wage B-Cause
pressure I-Cause
should I-Cause
offset I-Cause
cost I-Cause
leverage I-Cause
, O
leading O
to O
a B-Effect
14 I-Effect
% I-Effect
long-term I-Effect
average I-Effect
segment I-Effect
margin I-Effect
in I-Effect
Canada I-Effect
( O
near O
pre-pandemic O
levels O
) O
, O
with O
the O
international O
unit O
nearing O
7 O
% O
by O
the O
end O
of O
our O
explicit O
forecast O
( O
from O
5.4 O
% O
in O
fiscal O
2020 O
, O
pre-crisis O
) O
. O

We O
also O
feel O
that O
research B-Effect
and I-Effect
development I-Effect
expenditures I-Effect
, I-Effect
which I-Effect
already I-Effect
trail I-Effect
heavy-equipment I-Effect
levels I-Effect
of I-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
, I-Effect
will I-Effect
creep I-Effect
upward I-Effect
from I-Effect
1.6 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
in I-Effect
2020 I-Effect
to I-Effect
1.9 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
in I-Effect
2025 I-Effect
due O
to O
various B-Cause
competitive I-Cause
pressures I-Cause
and I-Cause
customer I-Cause
demands I-Cause
for I-Cause
advanced I-Cause
technology I-Cause
. O

Longer O
term O
, O
efforts B-Cause
focused I-Cause
on I-Cause
elevating I-Cause
key I-Cause
brands I-Cause
( I-Cause
Barbie I-Cause
, I-Cause
Hot I-Cause
Wheels I-Cause
) I-Cause
, I-Cause
winning I-Cause
new I-Cause
licenses I-Cause
, I-Cause
and I-Cause
increasing I-Cause
supply I-Cause
chain I-Cause
speed I-Cause
( I-Cause
faster I-Cause
to I-Cause
market I-Cause
) I-Cause
could O
support B-Effect
sales I-Effect
and I-Effect
market I-Effect
share I-Effect
growth I-Effect
at I-Effect
Mattel I-Effect
. O

We O
expect O
the B-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
to I-Effect
reach I-Effect
5.9 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
2.1 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
due O
to O
its B-Cause
increasing I-Cause
bargaining I-Cause
power I-Cause
with I-Cause
suppliers I-Cause
, I-Cause
declining I-Cause
fulfillment I-Cause
cost/sales I-Cause
ratio I-Cause
, I-Cause
and I-Cause
operating I-Cause
leverage I-Cause
. O

Given O
Google B-Cause
's I-Cause
focus I-Cause
on I-Cause
privacy I-Cause
for O
its O
Chrome O
browser O
, O
we O
believe O
it O
is O
more O
likely O
that O
Criteo B-Effect
's I-Effect
current I-Effect
and I-Effect
potential I-Effect
clients I-Effect
may I-Effect
allocate I-Effect
fewer I-Effect
ad I-Effect
dollars I-Effect
to I-Effect
the I-Effect
firm I-Effect
. O

With O
a B-Effect
significant I-Effect
percentage I-Effect
of I-Effect
new I-Effect
construction I-Effect
estimated I-Effect
to I-Effect
be I-Effect
speculative I-Effect
, O
it O
appears O
banks B-Cause
and I-Cause
companies I-Cause
are I-Cause
willing I-Cause
to I-Cause
finance I-Cause
projects I-Cause
without I-Cause
any I-Cause
tenant I-Cause
commitment I-Cause
before I-Cause
breaking I-Cause
ground I-Cause
. O

After O
further O
analysis O
, O
a O
potential O
significant O
headwind O
could O
come O
in O
the O
form O
of O
seasonal B-Cause
COVID-19 I-Cause
, I-Cause
and I-Cause
a I-Cause
delay I-Cause
in I-Cause
vaccination I-Cause
beyond I-Cause
the I-Cause
18-month I-Cause
aspirational I-Cause
period I-Cause
cited O
by O
leading O
epidemiologists O
, O
which O
would O
impact B-Effect
global I-Effect
air I-Effect
travel I-Effect
demand I-Effect
, I-Effect
and I-Effect
our I-Effect
forecast I-Effect
. O

While O
the B-Cause
firm I-Cause
must I-Cause
constantly I-Cause
innovate I-Cause
and I-Cause
refresh I-Cause
its I-Cause
product I-Cause
portfolio I-Cause
to O
avoid O
commoditization B-Effect
and I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
advantage I-Effect
, O
its B-Cause
unique I-Cause
organizational I-Cause
structure I-Cause
and I-Cause
diversified I-Cause
end I-Cause
market I-Cause
composition I-Cause
insulate B-Effect
it I-Effect
from I-Effect
downturns I-Effect
in I-Effect
any I-Effect
individual I-Effect
end I-Effect
market I-Effect
. O

We O
estimate O
annual B-Effect
revPAR I-Effect
growth I-Effect
to I-Effect
average I-Effect
8.9 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
above I-Effect
our I-Effect
prior I-Effect
estimate I-Effect
of I-Effect
8.6 I-Effect
% I-Effect
, O
aided O
by O
strong B-Cause
growth I-Cause
rates I-Cause
during I-Cause
the I-Cause
recovery I-Cause
years I-Cause
of I-Cause
2021-22 I-Cause
. O

Lazard B-Cause
's I-Cause
asset-management I-Cause
segment I-Cause
also I-Cause
has I-Cause
operating I-Cause
margins I-Cause
around I-Cause
30 I-Cause
% I-Cause
compared I-Cause
with I-Cause
its I-Cause
financial I-Cause
advisory I-Cause
segment I-Cause
with I-Cause
operating I-Cause
margins I-Cause
in I-Cause
the I-Cause
low I-Cause
20s I-Cause
, O
so O
growth B-Effect
in I-Effect
the I-Effect
asset-management I-Effect
business I-Effect
should I-Effect
improve I-Effect
the I-Effect
company I-Effect
's I-Effect
overall I-Effect
operating I-Effect
margin I-Effect
. O

We O
expect O
Macao B-Effect
industry I-Effect
gross I-Effect
gaming I-Effect
revenue I-Effect
to I-Effect
recover I-Effect
to I-Effect
67 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
2019 I-Effect
, O
as O
visa B-Cause
and I-Cause
COVID-19 I-Cause
testing I-Cause
restrictions I-Cause
slowly I-Cause
ease I-Cause
. O

To O
the O
extent O
that O
construction B-Cause
activity I-Cause
slows I-Cause
in I-Cause
China I-Cause
, I-Cause
or I-Cause
if I-Cause
Russian I-Cause
timber I-Cause
crowds I-Cause
out I-Cause
foreign I-Cause
alternatives I-Cause
, O
log B-Effect
prices I-Effect
in I-Effect
New I-Effect
Zealand I-Effect
could O
fall O
considerably O
from O
recent O
levels O
. O

During O
the O
pandemic O
, O
Simply B-Effect
Good I-Effect
Foods I-Effect
' I-Effect
portfolio I-Effect
of I-Effect
on-the-go I-Effect
bars I-Effect
and I-Effect
shakes I-Effect
( I-Effect
collectively I-Effect
about I-Effect
70 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
has I-Effect
experienced I-Effect
headwinds I-Effect
, O
as O
consumers B-Cause
spend I-Cause
more I-Cause
time I-Cause
at I-Cause
home I-Cause
. O

Some B-Cause
products I-Cause
such I-Cause
as I-Cause
high-beam I-Cause
assist I-Cause
are I-Cause
increasingly I-Cause
going I-Cause
into I-Cause
bundled I-Cause
packages I-Cause
in I-Cause
higher-trim I-Cause
vehicles I-Cause
, O
which O
means O
more B-Effect
competition I-Effect
for I-Effect
Gentex I-Effect
's I-Effect
SmartBeam I-Effect
product I-Effect
. O

In O
today O
's O
environment O
, O
employer B-Effect
benefit I-Effect
managers I-Effect
are O
inundated O
with O
hundreds B-Cause
of I-Cause
vendor I-Cause
options I-Cause
for I-Cause
telehealth I-Cause
services I-Cause
; O
a B-Effect
point I-Effect
of I-Effect
differentiation I-Effect
will O
be O
depth B-Cause
of I-Cause
provider I-Cause
network I-Cause
and I-Cause
breath I-Cause
of I-Cause
services I-Cause
. O

Our O
model O
assumes O
almost O
4 O
% O
-5 O
% O
enterprise O
comps O
( O
aided O
by O
in-home O
advisors O
and O
total B-Cause
tech I-Cause
support I-Cause
offerings I-Cause
) I-Cause
and I-Cause
low-single-digit I-Cause
declines I-Cause
in O
selling O
square O
footage O
, O
which O
brings B-Effect
our I-Effect
fiscal I-Effect
2025 I-Effect
revenue I-Effect
target I-Effect
to I-Effect
around I-Effect
$ I-Effect
55 I-Effect
billion I-Effect
. O

These B-Effect
travel I-Effect
and I-Effect
entertainment I-Effect
benefits I-Effect
help I-Effect
the I-Effect
company I-Effect
avoid I-Effect
competing I-Effect
strictly I-Effect
on I-Effect
reward I-Effect
point I-Effect
generation I-Effect
since O
benefits B-Cause
like I-Cause
late I-Cause
checkout I-Cause
and I-Cause
airport I-Cause
lounge I-Cause
access I-Cause
can I-Cause
not I-Cause
be I-Cause
directly I-Cause
compared I-Cause
with I-Cause
rewards I-Cause
points I-Cause
generated I-Cause
on I-Cause
other I-Cause
cards I-Cause
. O

However O
, O
we B-Effect
think I-Effect
Cognizant I-Effect
has I-Effect
lower I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
than I-Effect
some I-Effect
of I-Effect
its I-Effect
peers I-Effect
, O
given O
its B-Cause
greater I-Cause
specialization I-Cause
in I-Cause
industries I-Cause
compared I-Cause
with I-Cause
other I-Cause
IT I-Cause
services I-Cause
companies I-Cause
. O

We O
think O
Cologuard B-Effect
can I-Effect
be I-Effect
a I-Effect
good I-Effect
alternative I-Effect
for I-Effect
colorectal I-Effect
cancer I-Effect
for I-Effect
some I-Effect
people I-Effect
because O
of O
the B-Cause
unappealing I-Cause
nature I-Cause
of I-Cause
colonoscopies I-Cause
, O
which O
, O
due O
to O
its B-Cause
unpopularity I-Cause
, O
only B-Effect
has I-Effect
a I-Effect
45 I-Effect
% I-Effect
share I-Effect
of I-Effect
colorectal I-Effect
screening I-Effect
, O
despite O
its O
status O
of O
being O
the O
gold O
standard O
for O
colorectal O
cancer O
screening O
. O

Land B-Cause
option I-Cause
contracts I-Cause
, O
which O
grant O
homebuilders O
the O
right O
, O
but O
generally O
not O
the O
obligation O
, O
to B-Cause
buy I-Cause
land I-Cause
at I-Cause
predetermined I-Cause
prices I-Cause
, O
can O
mitigate B-Effect
many I-Effect
of I-Effect
the I-Effect
risks I-Effect
associated I-Effect
with I-Effect
outright I-Effect
land I-Effect
purchases I-Effect
. O

The B-Cause
latest I-Cause
strategy I-Cause
to I-Cause
reverse I-Cause
past I-Cause
errors I-Cause
and I-Cause
return I-Cause
the I-Cause
company I-Cause
to I-Cause
growth I-Cause
is O
not B-Effect
exempt I-Effect
from I-Effect
execution I-Effect
risk I-Effect
, O
particularly O
as O
the O
company O
look O
to O
shift O
toward O
an O
omnichannel O
offering O
. O

We O
expect O
TAL B-Effect
Education I-Effect
's I-Effect
profit I-Effect
to I-Effect
grow I-Effect
due O
to O
additional B-Cause
revenue I-Cause
from I-Cause
an I-Cause
increase I-Cause
in I-Cause
student I-Cause
enrolments I-Cause
in I-Cause
existing I-Cause
schools I-Cause
and I-Cause
new I-Cause
schools I-Cause
, I-Cause
tuition I-Cause
fee I-Cause
hikes I-Cause
, I-Cause
and I-Cause
cost I-Cause
structure I-Cause
improvement I-Cause
at I-Cause
its I-Cause
schools I-Cause
. O

As O
it O
worked O
to O
establish O
a O
third O
brewery O
in O
the O
city O
of O
Mexicali O
, O
it B-Effect
took I-Effect
quite I-Effect
a I-Effect
bit I-Effect
of I-Effect
flak I-Effect
from I-Effect
legislative I-Effect
representatives I-Effect
and I-Effect
advocacy I-Effect
groups I-Effect
, O
particularly O
as O
it B-Cause
relates I-Cause
to I-Cause
the I-Cause
facility I-Cause
's I-Cause
prospective I-Cause
water I-Cause
usage I-Cause
. O

We O
believe O
margin B-Effect
expansion I-Effect
from I-Effect
2019 I-Effect
levels I-Effect
is I-Effect
reasonable I-Effect
because O
we O
expect O
growth B-Cause
in I-Cause
high-margin I-Cause
loyalty I-Cause
revenue I-Cause
as I-Cause
a I-Cause
proportion I-Cause
of I-Cause
revenue I-Cause
and O
because O
we O
think O
the B-Cause
re-introduction I-Cause
of I-Cause
the I-Cause
737 I-Cause
MAX I-Cause
will O
be O
margin B-Effect
accretive I-Effect
. O

The B-Cause
addictive I-Cause
nature I-Cause
of I-Cause
the I-Cause
product I-Cause
forms I-Cause
a I-Cause
powerful I-Cause
competitive I-Cause
advantage I-Cause
when I-Cause
combined I-Cause
with I-Cause
very I-Cause
tight I-Cause
government I-Cause
regulation I-Cause
that I-Cause
over I-Cause
the I-Cause
years I-Cause
has O
served O
to O
dampen B-Effect
market I-Effect
share I-Effect
volatility I-Effect
and I-Effect
competition I-Effect
on I-Effect
price I-Effect
. O

Demand B-Cause
for I-Cause
voice I-Cause
communications I-Cause
within I-Cause
customer I-Cause
service I-Cause
has I-Cause
been I-Cause
declining I-Cause
, O
leading O
to O
lower O
requirements O
for O
call O
center O
agents O
, O
and O
thus O
, O
lower O
incremental O
demand B-Effect
for I-Effect
CCaaS I-Effect
products I-Effect
. O

In O
addition O
, O
the B-Cause
sizable I-Cause
asset I-Cause
base I-Cause
, I-Cause
which I-Cause
ballooned I-Cause
from I-Cause
USD I-Cause
1.4 I-Cause
billion I-Cause
to I-Cause
USD I-Cause
18 I-Cause
billion I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
of I-Cause
2008 I-Cause
with I-Cause
the I-Cause
procyclical I-Cause
acquisition I-Cause
of I-Cause
the I-Cause
Fording I-Cause
coal I-Cause
assets I-Cause
, O
means O
we O
do O
n't O
expect O
Teck B-Effect
's I-Effect
coal I-Effect
division I-Effect
to I-Effect
earn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

With O
much B-Cause
of I-Cause
its I-Cause
exposure I-Cause
in I-Cause
stable I-Cause
, I-Cause
mining-friendly I-Cause
jurisdictions I-Cause
, O
we O
think O
Newmont B-Effect
's I-Effect
overall I-Effect
portfolio I-Effect
carries I-Effect
only I-Effect
a I-Effect
moderate I-Effect
amount I-Effect
of I-Effect
geopolitical I-Effect
risk I-Effect
. O

We B-Effect
expect I-Effect
significant I-Effect
industry I-Effect
tailwinds I-Effect
, O
as O
we B-Cause
expect I-Cause
growth I-Cause
in I-Cause
digital I-Cause
interactions I-Cause
and I-Cause
the I-Cause
expectation I-Cause
of I-Cause
fast I-Cause
and I-Cause
efficient I-Cause
online I-Cause
experiences I-Cause
will I-Cause
continue I-Cause
at I-Cause
a I-Cause
high I-Cause
rate I-Cause
, I-Cause
but I-Cause
we I-Cause
think I-Cause
Akamai I-Cause
faces I-Cause
substantial I-Cause
risk I-Cause
that I-Cause
it I-Cause
will I-Cause
not I-Cause
be I-Cause
a I-Cause
prime I-Cause
beneficiary I-Cause
. O

Additionally B-Effect
, I-Effect
RH I-Effect
's I-Effect
demand I-Effect
is B-Cause
largely I-Cause
tied I-Cause
to I-Cause
the I-Cause
performance I-Cause
of I-Cause
the I-Cause
domestic I-Cause
home I-Cause
improvement I-Cause
market I-Cause
and I-Cause
consumer I-Cause
confidence I-Cause
, I-Cause
which I-Cause
tend I-Cause
to I-Cause
fluctuate I-Cause
over I-Cause
an I-Cause
economic I-Cause
cycle I-Cause
, I-Cause
driving I-Cause
significant I-Cause
volatility I-Cause
in I-Cause
comparable-store I-Cause
sales I-Cause
. O

VMware O
, O
a O
key O
cog O
in O
IT O
infrastructure O
, O
operates O
as O
an O
independent O
entity O
and O
has B-Cause
key I-Cause
partnerships I-Cause
across I-Cause
the I-Cause
IT I-Cause
infrastructure I-Cause
landscape I-Cause
that O
could B-Effect
affect I-Effect
Dell I-Effect
Technologies I-Effect
' I-Effect
ability I-Effect
to I-Effect
sell I-Effect
an I-Effect
entire I-Effect
product I-Effect
ecosystem I-Effect
. O

However O
, O
resultant B-Effect
mid-single-digit I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
cost I-Effect
leverage I-Effect
should I-Effect
not I-Effect
significantly I-Effect
improve I-Effect
margins I-Effect
from O
fiscal O
2020 O
's O
12 O
% O
, O
due O
to O
competition B-Cause
, I-Cause
wage I-Cause
pressure I-Cause
, I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
keep I-Cause
perceived I-Cause
value I-Cause
high I-Cause
. O

The O
history O
of O
the O
Brazilian O
market O
has O
, O
in O
our O
view O
, O
been O
marked O
by O
excessive B-Cause
competition I-Cause
and I-Cause
pricing I-Cause
that I-Cause
is I-Cause
too I-Cause
low I-Cause
to O
allow O
for O
adequate B-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

Large B-Cause
incumbents I-Cause
, I-Cause
like I-Cause
Microsoft I-Cause
and I-Cause
Google I-Cause
, I-Cause
have I-Cause
been I-Cause
catching I-Cause
up I-Cause
with I-Cause
competing I-Cause
storage I-Cause
offerings I-Cause
in I-Cause
recent I-Cause
years I-Cause
and I-Cause
transformed I-Cause
cloud I-Cause
storage I-Cause
into I-Cause
what I-Cause
we I-Cause
see I-Cause
as I-Cause
a I-Cause
commodity I-Cause
offering I-Cause
, O
limiting O
the B-Effect
incentive I-Effect
to I-Effect
upgrade I-Effect
. O

Also O
benefiting B-Effect
Cummins I-Effect
in I-Effect
the I-Effect
next I-Effect
two I-Effect
decades I-Effect
is O
the B-Cause
larger I-Cause
theme I-Cause
of I-Cause
greater I-Cause
global I-Cause
electricity I-Cause
consumption I-Cause
that I-Cause
will I-Cause
drive I-Cause
demand I-Cause
for I-Cause
both I-Cause
standby I-Cause
and I-Cause
primary I-Cause
electrical I-Cause
power I-Cause
. O

In O
order O
to O
protect B-Effect
its I-Effect
intellectual I-Effect
property I-Effect
, O
the O
firm O
produces B-Cause
all I-Cause
of I-Cause
the I-Cause
woven I-Cause
protein I-Cause
product I-Cause
, O
which O
serves O
as O
the O
basis O
for O
all O
finished O
products O
. O

The B-Effect
rest I-Effect
of I-Effect
the I-Effect
portfolio I-Effect
is I-Effect
gathering I-Effect
and I-Effect
processing I-Effect
assets I-Effect
located I-Effect
outside I-Effect
of I-Effect
the I-Effect
Appalachian I-Effect
basin I-Effect
, I-Effect
which I-Effect
would I-Effect
normally I-Effect
face I-Effect
tough I-Effect
competition I-Effect
due O
to O
the B-Cause
low I-Cause
capital I-Cause
intensity I-Cause
and I-Cause
weak I-Cause
contract I-Cause
coverage I-Cause
. O

Its B-Effect
customers I-Effect
benefit I-Effect
from I-Effect
more I-Effect
customers I-Effect
joining I-Effect
CrowdStrike I-Effect
's I-Effect
platform I-Effect
by O
becoming B-Cause
better I-Cause
protected I-Cause
from I-Cause
threats I-Cause
unknown I-Cause
to I-Cause
their I-Cause
particular I-Cause
endpoints I-Cause
and I-Cause
networks I-Cause
. O

The B-Effect
risk I-Effect
from I-Effect
carbon I-Effect
emissions I-Effect
is O
most O
likely O
to O
materialize O
through O
a B-Cause
carbon I-Cause
tax I-Cause
, O
which O
increases B-Effect
the I-Effect
price I-Effect
of I-Effect
end I-Effect
products I-Effect
to I-Effect
consumers I-Effect
, O
reducing B-Effect
demand I-Effect
over I-Effect
time I-Effect
and O
threatening B-Effect
BP I-Effect
's I-Effect
hydrocarbon I-Effect
business I-Effect
. O

We O
think O
Conagra B-Cause
's I-Cause
leadership I-Cause
in I-Cause
these I-Cause
categories I-Cause
, O
which O
represent O
a O
material O
portion O
of O
total O
food O
sales O
, O
elevates B-Effect
the I-Effect
firm I-Effect
to I-Effect
strategic I-Effect
partner I-Effect
status I-Effect
with I-Effect
the I-Effect
firm I-Effect
's I-Effect
retail I-Effect
customers I-Effect
, O
allowing B-Effect
Conagra I-Effect
to I-Effect
secure I-Effect
favorable I-Effect
shelf I-Effect
space I-Effect
for I-Effect
its I-Effect
products I-Effect
, I-Effect
including I-Effect
new I-Effect
products I-Effect
the I-Effect
firm I-Effect
routinely I-Effect
launches I-Effect
. O

With O
top-line O
growth O
expected O
to O
be O
negative O
during O
nearly O
all O
of O
our O
forecast O
period O
, O
as O
the B-Cause
company I-Cause
deals I-Cause
with I-Cause
not I-Cause
only I-Cause
weaker I-Cause
AUM I-Cause
growth I-Cause
but I-Cause
industry-driven I-Cause
fee I-Cause
compression I-Cause
, O
the O
net O
result O
is O
a B-Effect
negative I-Effect
5.6 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
for I-Effect
revenue I-Effect
during I-Effect
2020-24 I-Effect
. O

Due O
to O
these B-Cause
massive I-Cause
switching I-Cause
costs I-Cause
, O
a B-Effect
potential I-Effect
competitor I-Effect
would I-Effect
have I-Effect
difficulty I-Effect
garnering I-Effect
customers I-Effect
even I-Effect
if I-Effect
it I-Effect
brought I-Effect
a I-Effect
competitive I-Effect
product I-Effect
to I-Effect
market I-Effect
. O

While O
higher B-Cause
capital I-Cause
requirements I-Cause
can O
reduce O
competition B-Effect
, O
periods O
of O
strong B-Cause
housing I-Cause
demand I-Cause
result O
in O
excess B-Effect
cash I-Effect
that O
is O
often O
pushed O
into O
brownfield O
or O
greenfield O
expansion O
. O

As B-Cause
a I-Cause
Tier I-Cause
1 I-Cause
or I-Cause
Tier I-Cause
2 I-Cause
designer I-Cause
, I-Cause
Sensata I-Cause
's I-Cause
products I-Cause
are I-Cause
the I-Cause
building I-Cause
blocks I-Cause
to I-Cause
consumer-facing I-Cause
systems I-Cause
in I-Cause
cars I-Cause
and I-Cause
trucks. I-Cause
Consequently O
, O
the B-Effect
innovation I-Effect
pipeline I-Effect
for I-Effect
vehicles I-Effect
begins I-Effect
at I-Effect
the I-Effect
supplier I-Effect
level I-Effect
, I-Effect
and I-Effect
Sensata I-Effect
is I-Effect
consistently I-Effect
able I-Effect
to I-Effect
develop I-Effect
and I-Effect
offer I-Effect
new I-Effect
technologies I-Effect
and I-Effect
capabilities I-Effect
to I-Effect
its I-Effect
customers I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
larger I-Cause
projects I-Cause
run I-Cause
the I-Cause
risk I-Cause
of I-Cause
delays I-Cause
, I-Cause
cost I-Cause
inflation I-Cause
, I-Cause
and I-Cause
falling I-Cause
commodity I-Cause
prices I-Cause
, O
which O
could O
ruin O
their B-Effect
economics I-Effect
. O

Any B-Cause
potential I-Cause
competitor I-Cause
to I-Cause
the I-Cause
vaccine I-Cause
would I-Cause
need I-Cause
to I-Cause
run I-Cause
a I-Cause
large-scale I-Cause
study I-Cause
to I-Cause
bring I-Cause
an I-Cause
alternative I-Cause
botulism I-Cause
jab I-Cause
to I-Cause
market I-Cause
, I-Cause
and I-Cause
these I-Cause
costs I-Cause
along I-Cause
with I-Cause
the I-Cause
small I-Cause
overall I-Cause
market I-Cause
size I-Cause
would O
make B-Effect
the I-Effect
investment I-Effect
case I-Effect
challenging I-Effect
for I-Effect
competitors I-Effect
. O

We O
model O
an B-Effect
increase I-Effect
in I-Effect
economies I-Effect
of I-Effect
scale I-Effect
in I-Effect
the I-Effect
latter I-Effect
years I-Effect
of I-Effect
our I-Effect
forecast I-Effect
period I-Effect
since O
we B-Cause
assume I-Cause
the I-Cause
eventual I-Cause
success I-Cause
of I-Cause
EchoPark I-Cause
and I-Cause
digital I-Cause
initiatives I-Cause
. O

The B-Effect
number I-Effect
of I-Effect
dealers I-Effect
could I-Effect
increase I-Effect
as O
a O
result O
of O
the B-Cause
new I-Cause
Pursuit I-Cause
plant I-Cause
adding I-Cause
production I-Cause
capacity I-Cause
( O
since O
summer O
2020 O
) O
. O

We O
expect O
non-GAAP B-Effect
gross I-Effect
margins I-Effect
and I-Effect
operating I-Effect
margins I-Effect
to I-Effect
expand I-Effect
further I-Effect
with O
the B-Cause
continued I-Cause
implementation I-Cause
of I-Cause
cost-saving I-Cause
initiatives I-Cause
and I-Cause
improving I-Cause
mix I-Cause
. O

We O
expect O
the O
pandemic O
to O
result O
in O
flat O
sales O
and O
a O
110-basis-point O
drop O
in O
operating O
margins O
for O
fiscal O
2020 O
, O
although O
we O
expect O
normal B-Effect
patterns I-Effect
to I-Effect
resume I-Effect
in I-Effect
time I-Effect
as O
the B-Cause
virus I-Cause
is I-Cause
contained I-Cause
. O

Even O
though O
concerns O
surrounding O
COVID-19 O
have O
jump-started O
consumption O
of O
its O
fare O
lately O
, O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
these I-Effect
gains I-Effect
will I-Effect
prove I-Effect
sustainable I-Effect
as O
consumers B-Cause
destock I-Cause
their I-Cause
pantries I-Cause
when I-Cause
the I-Cause
pandemic I-Cause
subsides I-Cause
. I-Cause

Roughly B-Cause
three I-Cause
quarters I-Cause
of I-Cause
the I-Cause
bank I-Cause
's I-Cause
loan I-Cause
book I-Cause
is I-Cause
backed I-Cause
by I-Cause
a I-Cause
commercial I-Cause
enterprise I-Cause
or I-Cause
commercial I-Cause
real I-Cause
estate. O
These B-Effect
loans I-Effect
tend I-Effect
to I-Effect
be I-Effect
among I-Effect
the I-Effect
fastest I-Effect
loans I-Effect
to I-Effect
reprice I-Effect
in I-Effect
a I-Effect
changing I-Effect
interest-rate I-Effect
environment I-Effect
and I-Effect
make I-Effect
the I-Effect
bank I-Effect
quite I-Effect
asset-sensitive I-Effect
. O

We O
're O
projecting O
that O
the B-Effect
firm I-Effect
's I-Effect
military I-Effect
exposure I-Effect
will I-Effect
grow I-Effect
roughly I-Effect
in I-Effect
line I-Effect
with I-Effect
overall I-Effect
budgets I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, O
as O
we B-Cause
do I-Cause
not I-Cause
see I-Cause
the I-Cause
same I-Cause
structural I-Cause
opportunity I-Cause
to I-Cause
increase I-Cause
content I-Cause
in I-Cause
the I-Cause
military I-Cause
market I-Cause
that I-Cause
we I-Cause
see I-Cause
in I-Cause
the I-Cause
commercial I-Cause
market I-Cause
. O

Ulta B-Effect
's I-Effect
sales I-Effect
increased I-Effect
to I-Effect
$ I-Effect
7.4 I-Effect
billion I-Effect
in I-Effect
2019 I-Effect
( I-Effect
before I-Effect
the I-Effect
pandemic I-Effect
) I-Effect
from I-Effect
$ I-Effect
912 I-Effect
million I-Effect
in I-Effect
2007 I-Effect
as O
it B-Cause
opened I-Cause
more I-Cause
than I-Cause
1,000 I-Cause
stores I-Cause
and I-Cause
its I-Cause
stores I-Cause
became I-Cause
more I-Cause
productive I-Cause
. O

Some O
elements O
of O
the O
business O
are O
countercyclical O
, O
as O
Ritchie O
Bros. O
' O
seller B-Effect
fees I-Effect
can I-Effect
move I-Effect
upward I-Effect
when O
sellers B-Cause
increase I-Cause
their I-Cause
demands I-Cause
for I-Cause
liquidity I-Cause
. O

With O
a B-Cause
slew I-Cause
of I-Cause
government I-Cause
guarantee I-Cause
programs I-Cause
for I-Cause
small I-Cause
and I-Cause
midsize I-Cause
enterprises I-Cause
, O
the B-Effect
extension I-Effect
of O
forbearance O
or O
restructuring B-Effect
on O
a O
large O
portion O
of O
the O
loan O
book O
, O
and O
the B-Effect
uncertainty I-Effect
surrounding O
the O
duration O
of O
restricted O
consumer O
activity O
, O
credit O
costs O
are O
extremely O
uncertain O
. O

Over O
the O
long O
term O
, O
we O
believe O
mid-single-digit B-Cause
revenue I-Cause
growth I-Cause
, O
driven O
by O
GDP B-Cause
growth I-Cause
and I-Cause
pricing I-Cause
, O
is O
a B-Effect
reasonable I-Effect
expectation I-Effect
for I-Effect
S I-Effect
& I-Effect
P I-Effect
Ratings I-Effect
. O

With O
in-store B-Cause
prepared I-Cause
food I-Cause
offerings I-Cause
and I-Cause
a I-Cause
well-developed I-Cause
private-label I-Cause
portfolio I-Cause
( I-Cause
including I-Cause
the I-Cause
Kirkland I-Cause
Signature I-Cause
brand I-Cause
, I-Cause
which I-Cause
accounts I-Cause
for I-Cause
around I-Cause
a I-Cause
quarter I-Cause
of I-Cause
Costco I-Cause
's I-Cause
sales I-Cause
, I-Cause
excluding I-Cause
fuel I-Cause
and I-Cause
is I-Cause
also I-Cause
margin-accretive I-Cause
) I-Cause
, O
we B-Effect
believe I-Effect
Costco I-Effect
's I-Effect
store I-Effect
offering I-Effect
is I-Effect
well I-Effect
differentiated I-Effect
. O

For O
one O
, O
even B-Effect
prior I-Effect
to I-Effect
COVID-19 I-Effect
, I-Effect
Estee I-Effect
had I-Effect
been I-Effect
struggling I-Effect
with I-Effect
its I-Effect
large I-Effect
exposure I-Effect
to I-Effect
global I-Effect
department I-Effect
stores I-Effect
( I-Effect
39 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
as O
the B-Cause
channel I-Cause
faced I-Cause
declining I-Cause
traffic I-Cause
from I-Cause
consumers I-Cause
shifting I-Cause
their I-Cause
purchases I-Cause
to I-Cause
other I-Cause
outlets I-Cause
. O

Our O
assumptions O
result O
in O
an O
average O
combined O
ratio O
of O
95 O
% O
, O
better O
than O
the O
97 O
% O
average O
the O
company O
has O
posted O
over O
the O
past O
five O
years O
, O
as O
we O
expect O
a B-Cause
stronger I-Cause
pricing I-Cause
environment I-Cause
to O
improve B-Effect
underwrting I-Effect
results I-Effect
. O

We B-Effect
think I-Effect
Amazon I-Effect
's I-Effect
advertising I-Effect
business I-Effect
is I-Effect
attractive I-Effect
to I-Effect
advertisers I-Effect
because O
there B-Cause
is I-Cause
proprietary I-Cause
information I-Cause
about I-Cause
the I-Cause
consumers I-Cause
and I-Cause
real-time I-Cause
data I-Cause
about I-Cause
when I-Cause
they I-Cause
are I-Cause
searching I-Cause
for I-Cause
a I-Cause
particular I-Cause
product I-Cause
, I-Cause
and I-Cause
Amazon I-Cause
already I-Cause
enjoys I-Cause
substantial I-Cause
traffic I-Cause
. O

However O
, O
we O
think O
the O
shock B-Cause
brought I-Cause
on I-Cause
by I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
in I-Cause
2020 I-Cause
has O
created B-Effect
more I-Effect
uncertainty I-Effect
about I-Effect
the I-Effect
short- I-Effect
and I-Effect
long-term I-Effect
state I-Effect
of I-Effect
the I-Effect
economy I-Effect
worldwide I-Effect
. O

Hilton B-Effect
has I-Effect
outsize I-Effect
exposure I-Effect
to I-Effect
business I-Effect
travel I-Effect
, O
as O
corporate B-Cause
represents I-Cause
around I-Cause
75 I-Cause
% I-Cause
of I-Cause
its I-Cause
room I-Cause
nights I-Cause
with I-Cause
about I-Cause
80 I-Cause
% I-Cause
of I-Cause
that I-Cause
coming I-Cause
from I-Cause
transient I-Cause
and I-Cause
the I-Cause
other I-Cause
20 I-Cause
% I-Cause
from I-Cause
group I-Cause
. O

All B-Cause
of I-Cause
Entergy I-Cause
's I-Cause
merchant I-Cause
nuclear I-Cause
reactors I-Cause
have I-Cause
been I-Cause
sold I-Cause
or I-Cause
have I-Cause
sale I-Cause
agreements I-Cause
with I-Cause
decommissioning I-Cause
specialists I-Cause
, O
eliminating B-Effect
the I-Effect
risk I-Effect
of I-Effect
unexpected I-Effect
closure I-Effect
costs I-Effect
. O

In O
the O
latter O
case O
, O
TE B-Effect
can I-Effect
sell I-Effect
a I-Effect
comprehensive I-Effect
module I-Effect
for I-Effect
a I-Effect
higher I-Effect
price I-Effect
than I-Effect
the I-Effect
sum I-Effect
of I-Effect
its I-Effect
parts I-Effect
, O
because O
it B-Cause
takes I-Cause
the I-Cause
task I-Cause
of I-Cause
combination I-Cause
away I-Cause
from I-Cause
the I-Cause
customer I-Cause
. O

Our O
production O
forecast O
assumes O
volumes O
remain O
at O
about O
2.6 O
million O
barrels O
of O
oil O
equivalent O
per O
day O
through O
2025 O
, O
although O
given O
management B-Cause
's I-Cause
divestment I-Cause
plan I-Cause
actual B-Effect
volumes I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
lower I-Effect
. O

However O
, O
American B-Cause
Tower I-Cause
's I-Cause
diversified I-Cause
landlord I-Cause
base I-Cause
( O
90 O
% O
of O
its O
leases O
are O
with O
landlords O
who O
own O
only O
one O
site O
) O
makes O
big B-Effect
losses I-Effect
less I-Effect
likely I-Effect
. O

Once O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
eases I-Cause
, O
we O
anticipate O
the B-Effect
firm I-Effect
will I-Effect
resume I-Effect
efforts I-Effect
to I-Effect
improve I-Effect
the I-Effect
profitability I-Effect
of I-Effect
its I-Effect
key I-Effect
businesses I-Effect
; O
this O
is O
the O
key O
factor O
in O
our O
valuation O
. O

We O
are O
, O
however O
, O
concerned O
that O
the B-Cause
sharp I-Cause
decline I-Cause
may O
exacerbate B-Effect
current I-Effect
excess I-Effect
inventory I-Effect
and I-Effect
grey-market I-Effect
channel I-Effect
problems I-Effect
for I-Effect
the I-Effect
group I-Effect
. O

If O
certain B-Cause
juice I-Cause
constituents I-Cause
were I-Cause
to I-Cause
remain I-Cause
in I-Cause
contact I-Cause
with I-Cause
the I-Cause
actual I-Cause
juice I-Cause
extract I-Cause
, O
this O
would O
have O
an O
adverse O
effect O
on O
the B-Effect
quality I-Effect
of I-Effect
the I-Effect
end I-Effect
products I-Effect
. O

We O
forecast O
operation B-Effect
and I-Effect
support I-Effect
costs I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
to I-Effect
reach I-Effect
9.5 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
versus I-Effect
17 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
as O
near-term B-Cause
trust I-Cause
and I-Cause
safety I-Cause
investments I-Cause
wane I-Cause
and I-Cause
automated I-Cause
customer I-Cause
service I-Cause
drives I-Cause
savings I-Cause
long I-Cause
term I-Cause
. O

While O
Host O
has O
done O
a O
good O
job O
cutting O
variable O
expenses O
, O
there B-Cause
are I-Cause
still I-Cause
many I-Cause
fixed I-Cause
operating I-Cause
costs I-Cause
that O
have O
lead O
to O
negative B-Effect
operating I-Effect
income I-Effect
and I-Effect
a I-Effect
negative I-Effect
EBITDA I-Effect
margin I-Effect
for I-Effect
2020 I-Effect
. O

Home B-Effect
improvement I-Effect
retailers I-Effect
remain I-Effect
one I-Effect
of I-Effect
the I-Effect
best-insulated I-Effect
sectors I-Effect
from I-Effect
e-commerce I-Effect
threats I-Effect
, O
as O
the B-Cause
high I-Cause
weight/value I-Cause
ratio I-Cause
of I-Cause
many I-Cause
products I-Cause
prohibit I-Cause
cost-effective I-Cause
shipping I-Cause
and I-Cause
the I-Cause
specialized I-Cause
knowledge I-Cause
base I-Cause
employees I-Cause
offer I-Cause
is I-Cause
difficult I-Cause
to I-Cause
replicate I-Cause
. O

Also O
, O
Johnson B-Cause
& I-Cause
amp I-Cause
; I-Cause
Johnson I-Cause
, I-Cause
Alcon I-Cause
, I-Cause
Bausch I-Cause
& I-Cause
amp I-Cause
; I-Cause
Lomb I-Cause
and I-Cause
Cooper I-Cause
Vision I-Cause
, I-Cause
which I-Cause
together I-Cause
account I-Cause
for I-Cause
over I-Cause
97 I-Cause
% I-Cause
of I-Cause
all I-Cause
contacts I-Cause
, O
have B-Cause
set I-Cause
similar I-Cause
price I-Cause
floors I-Cause
for I-Cause
many I-Cause
of I-Cause
their I-Cause
contacts I-Cause
, O
preventing O
largely B-Effect
online I-Effect
, I-Effect
discount I-Effect
retailers I-Effect
from I-Effect
altering I-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
. O

Air B-Effect
Products I-Effect
is I-Effect
poised I-Effect
for I-Effect
rapid I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
due O
to O
its B-Cause
roughly I-Cause
$ I-Cause
18 I-Cause
billion I-Cause
capital I-Cause
allocation I-Cause
plan I-Cause
. O

We O
expect O
GAAP B-Effect
operating I-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
negative I-Effect
92 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
to I-Effect
29 I-Effect
% I-Effect
in I-Effect
2031 I-Effect
, O
as O
a O
result O
of O
gross B-Cause
margin I-Cause
expansion I-Cause
as I-Cause
we I-Cause
see I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
drastic I-Cause
scale I-Cause
. O

Furthermore O
, O
Nice B-Cause
offers I-Cause
hundreds I-Cause
of I-Cause
integrations I-Cause
with I-Cause
other I-Cause
vital I-Cause
contact I-Cause
center I-Cause
software I-Cause
, O
such O
as O
CRM O
, O
which O
allow O
a O
business B-Effect
to I-Effect
provide I-Effect
a I-Effect
higher I-Effect
quality I-Effect
of I-Effect
customer I-Effect
service I-Effect
. I-Effect

Further O
, O
its B-Effect
intangible I-Effect
assets I-Effect
will I-Effect
help I-Effect
gain I-Effect
new I-Effect
customers I-Effect
for I-Effect
the I-Effect
company I-Effect
as O
the O
overall B-Cause
factory I-Cause
automation I-Cause
market I-Cause
continues I-Cause
to I-Cause
increase I-Cause
. O

As O
Twilio B-Cause
continues I-Cause
to I-Cause
enhance I-Cause
the I-Cause
customer I-Cause
experience I-Cause
and I-Cause
provide I-Cause
an I-Cause
expanding I-Cause
range I-Cause
of I-Cause
services I-Cause
in I-Cause
a I-Cause
greenfield I-Cause
space I-Cause
, O
we B-Effect
believe I-Effect
it I-Effect
is I-Effect
poised I-Effect
for I-Effect
sustained I-Effect
robust I-Effect
growth I-Effect
, O
as O
well O
as O
increasing O
switching O
costs O
. O

Consolidated B-Cause
Edison I-Cause
's I-Cause
focus I-Cause
on I-Cause
electric I-Cause
and I-Cause
natural I-Cause
gas I-Cause
distribution I-Cause
, O
combined O
with O
decoupled B-Cause
and I-Cause
forward-looking I-Cause
rates I-Cause
, O
has O
produced O
stable B-Effect
earnings I-Effect
and I-Effect
dividend I-Effect
growth I-Effect
. O

Cross-border B-Effect
transactions I-Effect
, I-Effect
which I-Effect
are I-Effect
particularly I-Effect
lucrative I-Effect
for I-Effect
the I-Effect
networks I-Effect
, I-Effect
have I-Effect
seen I-Effect
major I-Effect
declines I-Effect
this I-Effect
year I-Effect
over O
fallout O
from O
the B-Cause
coronavirus I-Cause
outbreak I-Cause
and I-Cause
a I-Cause
reduction I-Cause
in I-Cause
global I-Cause
travel I-Cause
. O

Management O
recently O
gave O
us O
a O
first O
look O
into O
growth O
opportunities O
beyond O
its O
five-year O
forecast O
, O
noting O
expectations B-Cause
for I-Cause
$ I-Cause
65 I-Cause
billion I-Cause
to I-Cause
$ I-Cause
75 I-Cause
billion I-Cause
of I-Cause
capital I-Cause
expenditures I-Cause
helping O
to O
support B-Effect
7 I-Effect
% I-Effect
annual I-Effect
rate I-Effect
base I-Effect
growth I-Effect
. O

Similarly O
, O
we O
suspect O
that O
Apple B-Effect
's I-Effect
brand I-Effect
equity I-Effect
will O
wane O
if O
the B-Cause
firm I-Cause
's I-Cause
products I-Cause
were I-Cause
technologically I-Cause
inferior I-Cause
to I-Cause
competitors I-Cause
over I-Cause
an I-Cause
extended I-Cause
period I-Cause
of I-Cause
time I-Cause
. O

Based O
on O
the O
number O
of O
data O
centers O
, O
square O
footage O
, O
and O
power O
, O
Digital B-Effect
Realty I-Effect
is I-Effect
the I-Effect
largest I-Effect
owner I-Effect
of I-Effect
data I-Effect
center I-Effect
space I-Effect
globally I-Effect
, O
and O
we O
think O
its O
cost O
advantages O
stem O
from O
its B-Cause
scale I-Cause
and I-Cause
property I-Cause
ownership I-Cause
. O

When B-Cause
the I-Cause
announced I-Cause
acquisition I-Cause
of I-Cause
Parsley I-Cause
Energy I-Cause
closes I-Cause
, O
Pioneer B-Effect
Natural I-Effect
Resources I-Effect
will I-Effect
be I-Effect
the I-Effect
largest I-Effect
independent I-Effect
Permian I-Effect
Basin I-Effect
oil I-Effect
and I-Effect
gas I-Effect
producer I-Effect
. O

Sonoco B-Effect
suffered I-Effect
a I-Effect
significant I-Effect
decline I-Effect
in I-Effect
productivity I-Effect
in I-Effect
2011 I-Effect
and I-Effect
continued I-Effect
weakness I-Effect
in I-Effect
2012 I-Effect
, O
and B-Cause
we I-Cause
attribute I-Cause
some I-Cause
of I-Cause
the I-Cause
decline I-Cause
to I-Cause
being I-Cause
distracted I-Cause
by I-Cause
acquisition I-Cause
activity I-Cause
that I-Cause
year I-Cause
. O

In O
turn O
, O
Criteo B-Cause
's I-Cause
offering I-Cause
was I-Cause
more I-Cause
attractive I-Cause
to I-Cause
publishers I-Cause
, O
which O
resulted O
in O
improved B-Cause
access I-Cause
to I-Cause
inventory I-Cause
and I-Cause
data I-Cause
, O
which O
then O
drove B-Effect
more I-Effect
sales I-Effect
and I-Effect
ROI I-Effect
for I-Effect
clients I-Effect
. O

Still O
, O
we O
believe O
harmonization B-Cause
of I-Cause
systems I-Cause
and I-Cause
optimization I-Cause
of I-Cause
the I-Cause
supply I-Cause
chain I-Cause
and I-Cause
manufacturing I-Cause
apparatus I-Cause
will O
allow O
for O
margin B-Effect
expansion I-Effect
while O
reinvesting B-Effect
appropriately I-Effect
for I-Effect
growth I-Effect
. O

We O
think O
ON B-Effect
has I-Effect
a I-Effect
first-mover I-Effect
advantage I-Effect
in I-Effect
the I-Effect
automotive I-Effect
market I-Effect
in I-Effect
particular I-Effect
, O
having B-Cause
developed I-Cause
technology I-Cause
specifically I-Cause
designed I-Cause
for I-Cause
ADAS I-Cause
applications I-Cause
for I-Cause
years I-Cause
rather O
than O
focusing O
on O
the O
cut-throat O
smartphone O
market O
. O

We B-Effect
believe I-Effect
a I-Effect
more I-Effect
normalized I-Effect
mid-single-digit I-Effect
growth I-Effect
rate I-Effect
can I-Effect
be I-Effect
achieved I-Effect
after I-Effect
weathering I-Effect
headwinds I-Effect
in I-Effect
its I-Effect
systems I-Effect
and I-Effect
solutions I-Effect
businesses I-Effect
in I-Effect
2020-21 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
and I-Cause
implies I-Cause
some I-Cause
improvement I-Cause
in I-Cause
the I-Cause
acquired I-Cause
Hospira I-Cause
assets I-Cause
under I-Cause
new I-Cause
ownership I-Cause
. O

We O
also O
recognize O
a B-Cause
change I-Cause
in I-Cause
capital-allocation I-Cause
discipline I-Cause
and I-Cause
cost I-Cause
focus I-Cause
among I-Cause
the I-Cause
management I-Cause
team I-Cause
and I-Cause
the I-Cause
organization I-Cause
, O
which O
should O
prevent O
the B-Effect
capital-allocation I-Effect
errors I-Effect
and I-Effect
escalating I-Effect
costs I-Effect
that I-Effect
caused I-Effect
returns I-Effect
to I-Effect
deteriorate I-Effect
during I-Effect
the I-Effect
last I-Effect
cycle I-Effect
. O

The B-Effect
oligopoly I-Effect
is I-Effect
strengthened I-Effect
by O
Boston B-Cause
's I-Cause
customer I-Cause
base I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
which O
is O
relatively O
more O
fragmented O
, O
and O
hospitals O
are O
less O
able O
to O
exert O
bargaining O
power O
against O
the O
cardiac O
device O
makers O
. O

We B-Effect
do I-Effect
not I-Effect
believe I-Effect
Smucker I-Effect
has I-Effect
secured I-Effect
a I-Effect
scale I-Effect
advantage I-Effect
through I-Effect
procurement I-Effect
, O
as O
the B-Cause
vast I-Cause
majority I-Cause
of I-Cause
raw I-Cause
materials I-Cause
( I-Cause
which I-Cause
make I-Cause
up I-Cause
two I-Cause
thirds I-Cause
of I-Cause
its I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
) I-Cause
are I-Cause
commodity I-Cause
ingredients I-Cause
, O
such O
as O
coffee O
, O
meats O
, O
nuts O
, O
and O
resin O
, O
where O
prices B-Effect
are O
largely O
dictated O
by O
supply B-Cause
and I-Cause
demand I-Cause
. O

We O
believe B-Effect
it I-Effect
would I-Effect
be I-Effect
difficult I-Effect
for I-Effect
a I-Effect
new I-Effect
competitor I-Effect
to I-Effect
enter I-Effect
the I-Effect
market I-Effect
and I-Effect
steal I-Effect
significant I-Effect
share I-Effect
quickly I-Effect
, O
as O
Mattel B-Cause
and I-Cause
Hasbro I-Cause
already I-Cause
offer I-Cause
consumers I-Cause
the I-Cause
most I-Cause
popular I-Cause
brands I-Cause
and O
have O
direct O
access O
to O
additional O
products O
under O
licensing O
contracts O
. O

Repair B-Cause
shops I-Cause
usually I-Cause
work I-Cause
under I-Cause
tight I-Cause
time I-Cause
constraints I-Cause
, O
so O
finding B-Effect
the I-Effect
desired I-Effect
part I-Effect
when I-Effect
they I-Effect
need I-Effect
it I-Effect
is I-Effect
important I-Effect
to I-Effect
them I-Effect
. O

As O
a O
result O
, O
we O
look O
for O
Hub B-Effect
's I-Effect
gross I-Effect
revenue I-Effect
to I-Effect
fall I-Effect
5 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
this I-Effect
year I-Effect
as O
container B-Cause
volume I-Cause
grappled I-Cause
with I-Cause
soft I-Cause
imports I-Cause
and I-Cause
heavy I-Cause
competition I-Cause
from I-Cause
depressed I-Cause
truckload I-Cause
industry I-Cause
rates I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
. O

However O
, O
as O
far O
as O
investment O
banks O
go O
, O
we B-Effect
quite I-Effect
like I-Effect
SocGen I-Effect
's I-Effect
operation I-Effect
, O
as O
it B-Cause
is I-Cause
focused I-Cause
on I-Cause
a I-Cause
core I-Cause
target I-Cause
market I-Cause
of I-Cause
around I-Cause
500 I-Cause
French I-Cause
and I-Cause
select I-Cause
large I-Cause
European I-Cause
corporates I-Cause
and I-Cause
a I-Cause
well-established I-Cause
network I-Cause
of I-Cause
buy-side I-Cause
clients I-Cause
in I-Cause
the I-Cause
major I-Cause
financial I-Cause
centres I-Cause
. O

While O
the O
diversity O
of O
HSBC O
's O
operations O
means O
its O
results O
are O
less O
volatile O
than O
most O
peers O
, O
we O
believe O
the B-Effect
bank I-Effect
's I-Effect
uncertainty I-Effect
is I-Effect
high I-Effect
, O
given O
its B-Cause
extensive I-Cause
exposure I-Cause
to I-Cause
global I-Cause
economic I-Cause
conditions I-Cause
. O

Recent B-Cause
in-restaurant I-Cause
and I-Cause
digital I-Cause
customer I-Cause
experience I-Cause
investments I-Cause
have I-Cause
been I-Cause
implemented I-Cause
effectively I-Cause
and O
should O
help B-Effect
restore I-Effect
restaurant I-Effect
productivity I-Effect
metrics I-Effect
over I-Effect
time I-Effect
. O

Due O
to O
the B-Cause
2010 I-Cause
merger I-Cause
of I-Cause
Live I-Cause
Nation I-Cause
and I-Cause
Ticketmaster I-Cause
, O
Live B-Effect
Nation I-Effect
Entertainment I-Effect
can I-Effect
and I-Effect
has I-Effect
promoted I-Effect
tours I-Effect
where I-Effect
the I-Effect
firm I-Effect
has I-Effect
acted I-Effect
as I-Effect
the I-Effect
talent I-Effect
agent I-Effect
, I-Effect
booking I-Effect
agent I-Effect
, I-Effect
promoter I-Effect
, I-Effect
venue I-Effect
operator I-Effect
, I-Effect
ticket I-Effect
services I-Effect
provider I-Effect
, I-Effect
and I-Effect
advertiser I-Effect
and I-Effect
sponsorship I-Effect
seller I-Effect
. O

Also O
, O
HPE B-Cause
's I-Cause
products I-Cause
facilitate I-Cause
in I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
, O
which O
may O
attract B-Effect
cybercriminals I-Effect
, O
and O
its O
solutions O
are O
tasked B-Cause
with I-Cause
protecting I-Cause
customers I-Cause
from I-Cause
cyberattacks I-Cause
, O
making B-Effect
data I-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

We B-Effect
continue I-Effect
to I-Effect
expect I-Effect
industry I-Effect
Macao I-Effect
gaming I-Effect
revenue I-Effect
to I-Effect
return I-Effect
to I-Effect
2019 I-Effect
sales I-Effect
levels I-Effect
by I-Effect
2022 I-Effect
, O
as O
we B-Cause
expect I-Cause
pent-up I-Cause
demand I-Cause
to I-Cause
drive I-Cause
traffic I-Cause
. O

While O
the O
bank O
has O
historically O
seen O
a O
cost O
of O
funding O
10-20 O
basis O
points O
higher O
than O
its O
closest O
rival O
, O
the B-Cause
success I-Cause
of I-Cause
digital I-Cause
banking I-Cause
initiatives O
have O
driven O
new B-Effect
account I-Effect
growth I-Effect
higher I-Effect
and O
the O
proportion O
of O
time O
deposits O
in O
the O
mix O
lower O
. O

We O
believe O
that O
switching B-Effect
costs I-Effect
increase I-Effect
as O
a B-Cause
customer I-Cause
adopts I-Cause
more I-Cause
applications I-Cause
, O
and O
our O
estimates O
are O
that O
annual O
revenue O
per O
employee O
is O
rising O
. O

S B-Effect
& I-Effect
L I-Effect
performance I-Effect
is I-Effect
expected I-Effect
to I-Effect
decline I-Effect
in I-Effect
2021 I-Effect
, O
as O
the B-Cause
temporary I-Cause
boost I-Cause
from I-Cause
2020 I-Cause
storage I-Cause
differentials I-Cause
will I-Cause
disappear I-Cause
, O
and O
Plains B-Cause
has I-Cause
taken I-Cause
steps I-Cause
to O
ensure O
its B-Effect
capital I-Effect
position I-Effect
and I-Effect
balance I-Effect
sheet I-Effect
are I-Effect
protected I-Effect
. O

Meanwhile O
, O
Microsoft B-Cause
has I-Cause
added I-Cause
features I-Cause
over I-Cause
the I-Cause
years I-Cause
to O
make O
the B-Effect
Xbox I-Effect
platform I-Effect
more I-Effect
sticky I-Effect
for I-Effect
its I-Effect
gaming I-Effect
community I-Effect
, O
including O
Xbox O
Live O
, O
xCloud O
streaming O
, O
various O
apps O
on O
the O
console O
itself O
, O
networking O
functionality O
, O
free O
games O
, O
and O
Xbox O
Game O
Pass O
( O
Netflix O
for O
video O
games O
) O
. O

With O
all B-Cause
3G I-Cause
wireless I-Cause
networks I-Cause
based I-Cause
on I-Cause
CDMA I-Cause
technology I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
most I-Cause
4G I-Cause
phones I-Cause
having I-Cause
backward I-Cause
compatibility I-Cause
with I-Cause
3G I-Cause
, O
we O
expect O
the B-Effect
firm I-Effect
to I-Effect
earn I-Effect
significant I-Effect
royalty I-Effect
fees I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
and I-Effect
likely I-Effect
beyond I-Effect
. O

Vehicles B-Cause
are I-Cause
becoming I-Cause
ever I-Cause
more I-Cause
complex I-Cause
to I-Cause
repair I-Cause
, O
which O
we O
think O
favors B-Effect
the I-Effect
dealer I-Effect
that I-Effect
can I-Effect
more I-Effect
easily I-Effect
invest I-Effect
in I-Effect
service I-Effect
operations I-Effect
. O

In O
October O
2020 O
, O
Bed B-Cause
Bath I-Cause
& I-Cause
Beyond I-Cause
put I-Cause
forth I-Cause
an I-Cause
updated I-Cause
strategy I-Cause
to I-Cause
revitalize I-Cause
its I-Cause
brand I-Cause
and I-Cause
regain I-Cause
customer I-Cause
confidence I-Cause
by I-Cause
focusing I-Cause
on I-Cause
its I-Cause
core I-Cause
properties. O
As O
such O
, O
the B-Effect
company I-Effect
has I-Effect
executed I-Effect
on I-Effect
plans I-Effect
to I-Effect
divest I-Effect
peripheral I-Effect
brands I-Effect
such I-Effect
as I-Effect
Cost I-Effect
Plus I-Effect
and I-Effect
focus I-Effect
on I-Effect
the I-Effect
Bed I-Effect
Bath I-Effect
& I-Effect
Beyond I-Effect
, I-Effect
Buy I-Effect
Buy I-Effect
Baby I-Effect
, I-Effect
Harmon I-Effect
Face I-Effect
Value I-Effect
, I-Effect
and I-Effect
Decorist I-Effect
labels I-Effect
. O

In O
our O
view O
, O
without B-Cause
availability I-Cause
of I-Cause
cookies I-Cause
, I-Cause
the I-Cause
firm I-Cause
's I-Cause
high I-Cause
client I-Cause
retention I-Cause
rate I-Cause
is I-Cause
threatened I-Cause
as I-Cause
ROIs I-Cause
on I-Cause
ads I-Cause
purchased I-Cause
will I-Cause
decline. O
For O
this O
reason O
, O
Criteo B-Effect
may I-Effect
no I-Effect
longer I-Effect
be I-Effect
well I-Effect
positioned I-Effect
to I-Effect
benefit I-Effect
from I-Effect
the I-Effect
continuing I-Effect
double-digit I-Effect
growth I-Effect
expected I-Effect
in I-Effect
the I-Effect
global I-Effect
digital I-Effect
display I-Effect
ad I-Effect
market I-Effect
. O

While O
MongoDB B-Effect
does I-Effect
not I-Effect
compete I-Effect
with I-Effect
the I-Effect
majority I-Effect
of I-Effect
Snowflake I-Effect
's I-Effect
offerings I-Effect
, I-Effect
which I-Effect
revolve I-Effect
largely I-Effect
around I-Effect
its I-Effect
data I-Effect
warehouse I-Effect
product I-Effect
, O
MongoDB B-Cause
is I-Cause
similar I-Cause
to I-Cause
Snowflake I-Cause
in I-Cause
that I-Cause
the I-Cause
database I-Cause
does I-Cause
not I-Cause
require I-Cause
replatformization I-Cause
when I-Cause
a I-Cause
customer I-Cause
wants I-Cause
to I-Cause
switch I-Cause
the I-Cause
cloud I-Cause
service I-Cause
provider I-Cause
on I-Cause
which I-Cause
the I-Cause
MongoDB I-Cause
application I-Cause
is I-Cause
hosted I-Cause
. O

More O
recently O
, O
Intel O
's O
10-nm O
process O
has O
experienced O
considerable O
delays O
that O
have O
disrupted O
the O
firm O
's O
" O
" O
" O
" O
tick-tock O
" O
" O
" O
" O
strategy O
, O
in O
which O
the B-Cause
firm I-Cause
advanced I-Cause
it I-Cause
technology I-Cause
node I-Cause
every I-Cause
two I-Cause
years I-Cause
to I-Cause
reduce I-Cause
feature I-Cause
sizes I-Cause
( O
the O
tick O
) O
, O
while O
it B-Effect
launched I-Effect
a I-Effect
new I-Effect
architecture I-Effect
for I-Effect
its I-Effect
microprocessors I-Effect
during O
the O
years O
in O
between O
( O
the O
tock O
) O
. O

Nonetheless O
, O
consolidation B-Cause
through I-Cause
acquisitions I-Cause
presents O
a O
feasible O
option O
for O
willing B-Effect
competitors I-Effect
to I-Effect
develop I-Effect
exposure I-Effect
in I-Effect
a I-Effect
certain I-Effect
market I-Effect
or I-Effect
expand I-Effect
their I-Effect
existing I-Effect
store I-Effect
footprint I-Effect
. O

We O
believe O
a B-Effect
relatively I-Effect
easy I-Effect
cross-selling I-Effect
opportunity I-Effect
exists I-Effect
for I-Effect
the I-Effect
company I-Effect
, O
as O
creative B-Cause
professionals I-Cause
are I-Cause
already I-Cause
steeped I-Cause
in I-Cause
Adobe I-Cause
products I-Cause
. O

Even O
with O
the O
more O
budget-friendly O
Axis O
model O
, O
which O
has O
grown O
faster O
than O
Malibu O
over O
the O
same O
time O
, O
the O
ability O
to B-Cause
increase I-Cause
price I-Cause
per I-Cause
unit I-Cause
reinforces O
our O
thesis O
that O
customers B-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
up I-Effect
for I-Effect
Malibu I-Effect
's I-Effect
brand I-Effect
and I-Effect
innovation I-Effect
. O

Following O
the B-Cause
divestiment I-Cause
of I-Cause
Organon I-Cause
, O
the B-Effect
remaining I-Effect
Merck I-Effect
looks I-Effect
well I-Effect
positioned I-Effect
with I-Effect
immuno-oncology I-Effect
drug I-Effect
Keytruda I-Effect
and I-Effect
cancer I-Effect
drug I-Effect
Lynparza I-Effect
as I-Effect
well I-Effect
as I-Effect
HPV I-Effect
vaccine I-Effect
Gardasil I-Effect
. O

The B-Cause
recession I-Cause
forces I-Cause
some O
consumers O
to O
delay B-Effect
or I-Effect
cancel I-Effect
a I-Effect
decision I-Effect
to I-Effect
buy I-Effect
large-ticket I-Effect
items I-Effect
, O
such O
as O
a O
used O
car O
. O

It B-Cause
will I-Cause
have I-Cause
deep I-Cause
relationships I-Cause
with I-Cause
its I-Cause
clients I-Cause
spanning I-Cause
various I-Cause
investment I-Cause
, I-Cause
transactional I-Cause
and I-Cause
lending I-Cause
products I-Cause
鈥 I-Cause
often I-Cause
integrated I-Cause
鈥 I-Cause
which O
makes B-Effect
pricing I-Effect
opaque I-Effect
. O

Nissan O
is O
also O
exposed O
to O
foreign O
exchange O
risks O
, O
but O
has B-Effect
somewhat I-Effect
alleviated I-Effect
this I-Effect
exposure I-Effect
through O
investment B-Cause
in I-Cause
local I-Cause
production I-Cause
facilities I-Cause
, I-Cause
especially I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Waylivra O
and O
Tegsedi O
, O
both O
approved O
for O
rare O
metabolic O
disorders O
and O
wholly-owned O
by O
Ionis O
, O
have B-Effect
yet I-Effect
to I-Effect
generate I-Effect
significant I-Effect
revenue I-Effect
, O
due O
to O
significant B-Cause
side I-Cause
effects I-Cause
for I-Cause
both I-Cause
and I-Cause
direct I-Cause
competition I-Cause
for I-Cause
Tegsedi I-Cause
from I-Cause
Alnylam I-Cause
's I-Cause
Onpattro I-Cause
. O

Given O
that O
Saudi B-Cause
Arabia I-Cause
( I-Cause
13 I-Cause
% I-Cause
of I-Cause
group I-Cause
sales I-Cause
) I-Cause
is I-Cause
a I-Cause
major I-Cause
sales I-Cause
destination I-Cause
, O
the B-Effect
group I-Effect
is I-Effect
particularly I-Effect
exposed I-Effect
to I-Effect
business I-Effect
ethics I-Effect
risks I-Effect
. O

Whether O
its O
big-box O
retailers O
or O
small-format O
outlets O
like O
convenience O
stores O
, O
the B-Effect
thin I-Effect
margins I-Effect
and I-Effect
technological I-Effect
disruption I-Effect
that I-Effect
have I-Effect
defined I-Effect
this I-Effect
industry I-Effect
will I-Effect
continue I-Effect
to I-Effect
drive I-Effect
an I-Effect
appetite I-Effect
for B-Cause
increased I-Cause
scale I-Cause
and I-Cause
resources I-Cause
. O

Research B-Cause
and I-Cause
development I-Cause
spending I-Cause
, I-Cause
sales I-Cause
promotion I-Cause
and I-Cause
marketing I-Cause
expenses I-Cause
, I-Cause
volatile I-Cause
raw I-Cause
material I-Cause
prices I-Cause
, I-Cause
and I-Cause
higher I-Cause
depreciation I-Cause
charges I-Cause
due I-Cause
to I-Cause
acquisition I-Cause
and I-Cause
ongoing I-Cause
capital I-Cause
expenditure I-Cause
will O
also O
weigh B-Effect
on I-Effect
operating I-Effect
margins I-Effect
. O

Pinterest B-Cause
has I-Cause
a I-Cause
weaker I-Cause
social I-Cause
graph I-Cause
than O
Facebook O
or O
Instagram O
, O
so O
it O
may O
have O
difficulty B-Effect
attracting I-Effect
significantly I-Effect
more I-Effect
ad I-Effect
dollars I-Effect
consistently I-Effect
. O

However O
, O
technology B-Cause
represents I-Cause
an I-Cause
opportunity I-Cause
for I-Cause
the I-Cause
firm I-Cause
that O
correctly O
integrates O
it O
into O
its O
services O
, O
thus O
increasing B-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
platform I-Effect
and I-Effect
embedding I-Effect
ever I-Effect
more I-Effect
switching I-Effect
costs I-Effect
. O

However O
, O
as B-Effect
the I-Effect
mineral I-Effect
rights I-Effect
owner I-Effect
, I-Effect
Viper I-Effect
does I-Effect
not I-Effect
have I-Effect
to I-Effect
put I-Effect
up I-Effect
any I-Effect
of I-Effect
the I-Effect
capital I-Effect
required I-Effect
to I-Effect
drill I-Effect
the I-Effect
well I-Effect
, O
as O
the B-Cause
producer I-Cause
, I-Cause
which I-Cause
owns I-Cause
the I-Cause
drilling I-Cause
rights I-Cause
to I-Cause
the I-Cause
acreage I-Cause
, I-Cause
must I-Cause
do I-Cause
so I-Cause
. O

Foremost O
among O
its O
international O
growth O
options O
is O
Equinor O
's O
Brazilian O
position O
, O
which O
should O
deliver O
steady B-Effect
growth I-Effect
during I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
a B-Cause
string I-Cause
of I-Cause
projects I-Cause
with I-Cause
low I-Cause
break-even I-Cause
levels I-Cause
come I-Cause
online I-Cause
. O

However O
, O
the O
April O
2021 O
acquisition O
of O
NIC O
Inc. O
, O
a B-Cause
leader I-Cause
in I-Cause
government I-Cause
solutions I-Cause
and I-Cause
payments I-Cause
, O
will O
accelerate B-Effect
the I-Effect
shift I-Effect
toward I-Effect
transactional I-Effect
revenue I-Effect
, O
in O
our O
view O
. O

Further B-Cause
, I-Cause
government I-Cause
IT I-Cause
contracts I-Cause
are I-Cause
frequently I-Cause
recompeted I-Cause
periodically I-Cause
, I-Cause
which B-Effect
is I-Effect
not I-Effect
conducive I-Effect
to I-Effect
the I-Effect
generation I-Effect
of I-Effect
excess I-Effect
returns I-Effect
, I-Cause
as I-Cause
even I-Cause
if I-Cause
the I-Cause
contractor I-Cause
wins I-Cause
the I-Cause
contract I-Cause
it I-Cause
is I-Cause
likely I-Cause
to I-Cause
drive I-Cause
returns I-Cause
down I-Cause
closer I-Cause
to I-Cause
the I-Cause
cost I-Cause
of I-Cause
capital I-Cause
. I-Cause

We O
expect O
slightly O
increasing O
operating O
margins O
over O
the O
next O
several O
years O
as O
waning B-Effect
cost-remediation I-Effect
efforts I-Effect
in I-Effect
the I-Effect
consumer I-Effect
group I-Effect
and I-Effect
increasing I-Effect
cost-containment I-Effect
efforts I-Effect
throughout I-Effect
the I-Effect
firm I-Effect
help I-Effect
offset I-Effect
margin I-Effect
pressure I-Effect
due O
to O
the B-Cause
loss I-Cause
of I-Cause
patent I-Cause
protection I-Cause
on I-Cause
several I-Cause
high-margin I-Cause
drugs I-Cause
, I-Cause
including I-Cause
immunology I-Cause
drug I-Cause
Remicade I-Cause
. O

As O
we B-Cause
forecast I-Cause
activewear I-Cause
will I-Cause
produce I-Cause
65 I-Cause
% I-Cause
of I-Cause
VF I-Cause
's I-Cause
fiscal I-Cause
2021 I-Cause
operating I-Cause
profit I-Cause
, O
any B-Effect
slowdown I-Effect
in I-Effect
athleisure I-Effect
would I-Effect
affect I-Effect
VF I-Effect
's I-Effect
overall I-Effect
profitability O
. O

In O
addition O
to O
middle-mile O
data O
transportation O
, O
Lumen B-Effect
meets I-Effect
businesses I-Effect
' I-Effect
communications I-Effect
needs I-Effect
by O
serving B-Cause
as I-Cause
their I-Cause
phone I-Cause
and I-Cause
broadband I-Cause
service I-Cause
provider I-Cause
and I-Cause
providing I-Cause
colocation I-Cause
and I-Cause
data I-Cause
center I-Cause
services I-Cause
. O

International B-Cause
( I-Cause
low-double-digit I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
) I-Cause
expansion I-Cause
also I-Cause
remains I-Cause
promising I-Cause
and O
could B-Effect
drive I-Effect
demand I-Effect
upside I-Effect
, O
particularly O
as O
Polaris O
increases O
its O
global O
operating O
presence O
with O
a O
wider O
physical O
presence O
abroad O
. O

However O
, O
our B-Effect
forecast I-Effect
is I-Effect
below I-Effect
that I-Effect
in I-Effect
anticipation I-Effect
of I-Effect
a I-Effect
revision I-Effect
downward I-Effect
at I-Effect
the I-Effect
next I-Effect
update I-Effect
, O
given O
the B-Cause
announced I-Cause
cuts I-Cause
in I-Cause
spending I-Cause
. O

We O
anticipate O
that O
Amphenol B-Effect
's I-Effect
gross I-Effect
margins I-Effect
will I-Effect
remain I-Effect
around I-Effect
33 I-Effect
% I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
as O
industrial B-Cause
and I-Cause
automotive I-Cause
products I-Cause
make I-Cause
up I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
the I-Cause
mix I-Cause
. O

The B-Cause
firm I-Cause
has I-Cause
also I-Cause
been I-Cause
increasing I-Cause
its I-Cause
position I-Cause
in I-Cause
ancillary I-Cause
businesses I-Cause
, O
such O
as O
Internet B-Effect
portals I-Effect
and I-Effect
shopping I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
financial I-Effect
operations I-Effect
which I-Effect
have I-Effect
struggled I-Effect
to I-Effect
generate I-Effect
profits I-Effect
. O

Safety O
concerns O
, O
another O
vital O
part O
of O
our O
CPG O
Brand O
Strength O
Framework O
, O
are O
of O
paramount O
importance O
for O
customers O
, O
and O
branded B-Cause
items I-Cause
' I-Cause
strong I-Cause
reputation I-Cause
is O
of O
particular O
interest B-Effect
to I-Effect
both I-Effect
parents I-Effect
and I-Effect
doctors I-Effect
. O

However O
once B-Cause
COVID-related I-Cause
demand I-Cause
for I-Cause
some I-Cause
of I-Cause
its I-Cause
product I-Cause
subsides I-Cause
, O
we O
expect O
operating B-Effect
margins I-Effect
to I-Effect
decline I-Effect
from I-Effect
the I-Effect
mid-20s I-Effect
to I-Effect
approximately I-Effect
18 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

We B-Effect
see I-Effect
some I-Effect
ESG I-Effect
risks I-Effect
to I-Effect
the I-Effect
firm I-Effect
from B-Cause
its I-Cause
exposure I-Cause
to I-Cause
the I-Cause
business I-Cause
jet I-Cause
market I-Cause
and I-Cause
its I-Cause
position I-Cause
as I-Cause
a I-Cause
defense I-Cause
contractor I-Cause
. O

If O
the B-Cause
cost I-Cause
of I-Cause
debt I-Cause
rises I-Cause
without I-Cause
corresponding I-Cause
income I-Cause
growth I-Cause
, O
there O
is O
a O
risk O
that O
yield-searching B-Effect
capital I-Effect
will I-Effect
flow I-Effect
out I-Effect
of I-Effect
real I-Effect
estate I-Effect
investment I-Effect
trusts I-Effect
, I-Effect
pressuring I-Effect
asset I-Effect
values I-Effect
and I-Effect
limiting I-Effect
capital I-Effect
alternatives I-Effect
for I-Effect
Equity I-Effect
Residential I-Effect
. O

Since O
Dentsply B-Cause
Sirona I-Cause
operates I-Cause
in I-Cause
a I-Cause
highly I-Cause
competitive I-Cause
industry I-Cause
with I-Cause
limited I-Cause
product I-Cause
differentiation I-Cause
, O
the B-Effect
company I-Effect
must I-Effect
maintain I-Effect
product I-Effect
innovation I-Effect
to I-Effect
stay I-Effect
ahead I-Effect
of I-Effect
the I-Effect
curve I-Effect
. O

With B-Cause
growth I-Cause
at I-Cause
a I-Cause
standstill I-Cause
, O
Canadian B-Effect
Natural I-Effect
has I-Effect
shifted I-Effect
its I-Effect
focus I-Effect
to I-Effect
returning I-Effect
capital I-Effect
to I-Effect
shareholders I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
dividends I-Effect
. I-Effect

In O
our O
view O
, O
structural B-Cause
factors I-Cause
make O
it B-Effect
difficult I-Effect
for I-Effect
airlines I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
: O
a B-Cause
mostly I-Cause
undifferentiated I-Cause
product I-Cause
, O
a B-Cause
tendency I-Cause
for I-Cause
irrational I-Cause
competition I-Cause
, O
substantial B-Cause
operating I-Cause
leverage I-Cause
, O
and O
a B-Cause
tendency I-Cause
to I-Cause
employ I-Cause
financial I-Cause
leverage I-Cause
that I-Cause
exacerbates I-Cause
booms I-Cause
and I-Cause
busts I-Cause
. O

As O
with O
all O
medical O
device O
firms O
, O
there O
is O
always O
the B-Cause
risk I-Cause
of I-Cause
product I-Cause
defects I-Cause
or I-Cause
recalls I-Cause
that O
can O
lead O
to O
field B-Effect
actions I-Effect
to I-Effect
recover I-Effect
products I-Effect
, I-Effect
re-engineer I-Effect
solutions I-Effect
, I-Effect
altered I-Effect
manufacturing I-Effect
processes I-Effect
, I-Effect
and I-Effect
inventory I-Effect
that I-Effect
is I-Effect
written I-Effect
off I-Effect
. O

We O
forecast O
the B-Cause
firm I-Cause
will I-Cause
spend I-Cause
more I-Cause
than I-Cause
7 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, I-Cause
or I-Cause
around I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
annually I-Cause
, O
on O
research O
, O
development O
, O
and O
marketing O
over O
the O
next O
10 O
years O
to O
ensure O
it B-Effect
withstands I-Effect
persistent I-Effect
competitive I-Effect
pressures I-Effect
. O

The B-Cause
server I-Cause
virtualization I-Cause
market I-Cause
can I-Cause
be I-Cause
considered I-Cause
saturated I-Cause
, O
and O
we O
expect O
VMware B-Effect
's I-Effect
market I-Effect
share I-Effect
to I-Effect
remain I-Effect
stable I-Effect
in I-Effect
server I-Effect
virtualization I-Effect
. O

Finally O
, O
many B-Effect
public I-Effect
safety I-Effect
organizations I-Effect
( I-Effect
like I-Effect
911 I-Effect
call I-Effect
centers I-Effect
) I-Effect
also I-Effect
utilize I-Effect
Nice I-Effect
's I-Effect
offerings I-Effect
, I-Effect
and I-Effect
these I-Effect
tend I-Effect
to I-Effect
be I-Effect
highly I-Effect
sticky I-Effect
, O
as O
replacing B-Cause
Nice I-Cause
's I-Cause
platform I-Cause
with I-Cause
a I-Cause
competitor I-Cause
's I-Cause
and I-Cause
risking I-Cause
missing I-Cause
a I-Cause
911 I-Cause
call I-Cause
could I-Cause
literally I-Cause
be I-Cause
a I-Cause
matter I-Cause
of I-Cause
life I-Cause
or I-Cause
death I-Cause
. O

Due O
to O
this O
and O
the B-Cause
broader I-Cause
technological I-Cause
trends I-Cause
affecting I-Cause
the I-Cause
storage I-Cause
market I-Cause
, O
we B-Effect
assign I-Effect
Seagate I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

This B-Cause
transition I-Cause
is I-Cause
accompanied I-Cause
by I-Cause
lower I-Cause
licensing I-Cause
sales I-Cause
, O
so O
the B-Effect
company I-Effect
will I-Effect
face I-Effect
a I-Effect
near-term I-Effect
dip I-Effect
in I-Effect
revenue I-Effect
during I-Effect
the I-Effect
transition I-Effect
. O

As O
such O
, O
its O
customer B-Effect
relationships I-Effect
tend I-Effect
to I-Effect
be I-Effect
very I-Effect
sticky I-Effect
, O
with O
customers B-Cause
facing I-Cause
high I-Cause
financial I-Cause
and I-Cause
opportunity I-Cause
costs I-Cause
from I-Cause
switching I-Cause
to I-Cause
another I-Cause
component I-Cause
supplier I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
risk I-Cause
of I-Cause
component I-Cause
failure I-Cause
in I-Cause
new I-Cause
products I-Cause
. O

The B-Cause
increased I-Cause
interest I-Cause
in I-Cause
original I-Cause
scripted I-Cause
content I-Cause
from I-Cause
traditional I-Cause
cable I-Cause
networks I-Cause
, I-Cause
premium I-Cause
cable I-Cause
networks I-Cause
, I-Cause
and I-Cause
SVOD I-Cause
players I-Cause
such O
as O
Netflix O
could O
cause O
the B-Effect
cost I-Effect
of I-Effect
acquisition I-Effect
for I-Effect
original I-Effect
programming I-Effect
to I-Effect
rise I-Effect
dramatically I-Effect
, I-Effect
negatively I-Effect
affecting I-Effect
margins I-Effect
. O

We O
think O
margins B-Effect
can I-Effect
expand I-Effect
in I-Effect
the I-Effect
wireline I-Effect
segment I-Effect
, O
as O
the B-Cause
FTTP I-Cause
network I-Cause
will I-Cause
allow I-Cause
for I-Cause
pricing I-Cause
power I-Cause
and I-Cause
cost I-Cause
savings I-Cause
, O
and O
remain B-Effect
flat I-Effect
in I-Effect
wireless I-Effect
as O
competition B-Cause
weighs I-Cause
on I-Cause
pricing I-Cause
power I-Cause
. O

When O
Melco B-Cause
Resorts I-Cause
' I-Cause
casino I-Cause
license I-Cause
expires I-Cause
, O
the O
firm O
may O
have O
to B-Effect
pay I-Effect
a I-Effect
large I-Effect
license I-Effect
renewal I-Effect
fee I-Effect
and I-Effect
higher I-Effect
gaming I-Effect
taxes I-Effect
, O
especially O
given O
the O
Macao O
government O
's O
past O
record O
of O
increasing O
gaming O
taxes O
. O

The B-Cause
stickiness I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
products I-Cause
in I-Cause
legal I-Cause
and I-Cause
accounting I-Cause
( O
which O
overlap O
almost O
completely O
with O
corporate O
) O
should O
help B-Effect
Reuters I-Effect
navigate I-Effect
the I-Effect
quandary I-Effect
of I-Effect
a I-Effect
piecemeal I-Effect
pivot I-Effect
to I-Effect
cloud-software I-Effect
, I-Effect
or I-Effect
SaaS I-Effect
offerings I-Effect
, O
with O
minimal O
attrition O
. O

At O
this O
point O
, O
the O
components O
are O
well O
integrated O
into O
complex O
systems O
that O
would O
be O
prohibitively O
difficult B-Effect
to I-Effect
re-engineer I-Effect
with I-Effect
new I-Effect
components I-Effect
for O
tiny B-Cause
incremental I-Cause
bits I-Cause
of I-Cause
margin I-Cause
. O

Like O
the O
semiconductor O
market O
in O
general O
, O
Marvell B-Cause
is I-Cause
subject I-Cause
to I-Cause
market I-Cause
cyclicality I-Cause
independent I-Cause
of I-Cause
its I-Cause
ability I-Cause
to I-Cause
effectively I-Cause
execute I-Cause
in I-Cause
its I-Cause
key I-Cause
markets I-Cause
and O
thus O
carries B-Effect
a I-Effect
significant I-Effect
level I-Effect
of I-Effect
risk I-Effect
. O

Additionally O
, O
we B-Effect
project I-Effect
that I-Effect
Airbnb I-Effect
's I-Effect
network I-Effect
will I-Effect
generate I-Effect
sustainable I-Effect
economic I-Effect
profit I-Effect
beginning I-Effect
in I-Effect
2023 I-Effect
as O
it B-Cause
begins I-Cause
to I-Cause
leverage I-Cause
heavy I-Cause
platform I-Cause
investments I-Cause
, O
which O
we O
expect O
to O
occur O
through O
2022 O
. O

With O
the B-Cause
consumables I-Cause
space I-Cause
subject I-Cause
to I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
regulatory I-Cause
oversight I-Cause
, O
we O
see O
traces O
of O
switching B-Effect
costs I-Effect
for I-Effect
even I-Effect
the I-Effect
company I-Effect
's I-Effect
commodity-grade I-Effect
ingredients I-Effect
. O

After O
reviewing O
Masco O
's O
first-quarter O
earnings O
release O
and O
revised O
2021 O
outlook O
, O
we B-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
about I-Effect
3 I-Effect
% I-Effect
to I-Effect
$ I-Effect
62 I-Effect
per I-Effect
share I-Effect
, I-Effect
primarily O
due O
to O
our B-Cause
stronger I-Cause
near-term I-Cause
organic I-Cause
revenue I-Cause
growth I-Cause
assumptions I-Cause
and I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. I-Cause

We O
surmise O
that O
engineers B-Effect
are I-Effect
loath I-Effect
to I-Effect
swap I-Effect
out I-Effect
an I-Effect
analog I-Effect
or I-Effect
MCU I-Effect
from I-Effect
an I-Effect
existing I-Effect
design I-Effect
( I-Effect
again I-Effect
, I-Effect
only I-Effect
to I-Effect
save I-Effect
a I-Effect
few I-Effect
pennies I-Effect
on I-Effect
cost I-Effect
) I-Effect
because O
of O
the B-Cause
onerous I-Cause
redesign I-Cause
and I-Cause
retesting I-Cause
costs I-Cause
associated I-Cause
with I-Cause
the I-Cause
switch I-Cause
. O

Critically O
, O
software O
companies O
tend O
to O
have B-Cause
low I-Cause
capital I-Cause
intensity I-Cause
and I-Cause
generate I-Cause
high I-Cause
free I-Cause
cash I-Cause
flow I-Cause
margins O
, O
which O
supports O
our B-Effect
contention I-Effect
for I-Effect
excess I-Effect
returns I-Effect
over I-Effect
a I-Effect
prolonged I-Effect
period I-Effect
in I-Effect
our I-Effect
ROIC I-Effect
framework I-Effect
. O

The O
higher B-Cause
cost I-Cause
to I-Cause
acquire I-Cause
a I-Cause
new I-Cause
customer I-Cause
as I-Cause
opposed I-Cause
to I-Cause
keeping I-Cause
an I-Cause
existing I-Cause
one I-Cause
has O
increased B-Effect
companies I-Effect
' I-Effect
emphasis I-Effect
on I-Effect
providing B-Cause
exceptional I-Cause
call I-Cause
center I-Cause
operations I-Cause
to O
maximize B-Effect
lifetime I-Effect
customer I-Effect
value I-Effect
. O

Similar O
to O
the O
other O
tower O
companies O
, O
we B-Effect
think I-Effect
SBA I-Effect
is I-Effect
at I-Effect
risk I-Effect
if I-Effect
use I-Effect
of I-Effect
towers I-Effect
is I-Effect
eventually I-Effect
diminished I-Effect
by I-Effect
small I-Effect
cells I-Effect
as B-Cause
the I-Cause
industry I-Cause
shifts I-Cause
to I-Cause
5G I-Cause
. O

To O
illustrate O
, O
one O
can O
imagine O
the O
disaster O
that O
would O
occur O
if O
Weather B-Cause
Channel I-Cause
data I-Cause
for I-Cause
Peru I-Cause
was I-Cause
accidentally I-Cause
replacing I-Cause
the I-Cause
dataset I-Cause
for I-Cause
weather I-Cause
patterns I-Cause
in I-Cause
Ohio I-Cause
-- O
which O
could O
cause O
significant B-Effect
lost I-Effect
dollars I-Effect
for I-Effect
the I-Effect
companies I-Effect
that I-Effect
use I-Effect
this I-Effect
data I-Effect
-- O
like O
airlines O
or O
scientific O
researchers O
. O

What O
separates O
Ameren O
from O
its O
peers O
is O
a O
regulatory B-Cause
environment I-Cause
in I-Cause
Missouri O
that O
historically O
made O
it O
difficult B-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
earn I-Effect
a I-Effect
sustainable I-Effect
spread I-Effect
between I-Effect
earned I-Effect
returns I-Effect
and I-Effect
costs I-Effect
of I-Effect
capital I-Effect
. O

Furthermore O
, O
we O
think O
the B-Effect
company I-Effect
benefits I-Effect
from I-Effect
strong I-Effect
pricing I-Effect
in I-Effect
large I-Effect
agricultural I-Effect
equipment I-Effect
, O
largely O
due O
to O
the B-Cause
high I-Cause
sophistication I-Cause
of I-Cause
its I-Cause
machines I-Cause
. O

If O
established B-Cause
corporations I-Cause
or I-Cause
current I-Cause
competition I-Cause
demonstrates I-Cause
superior I-Cause
clinical I-Cause
utility I-Cause
or I-Cause
develops I-Cause
tests I-Cause
that I-Cause
examine I-Cause
similar I-Cause
analytes I-Cause
, O
Myriad B-Effect
may I-Effect
lose I-Effect
additional I-Effect
market I-Effect
share I-Effect
or I-Effect
face I-Effect
a I-Effect
tougher I-Effect
landscape I-Effect
to O
maintain O
premium O
pricing O
across O
its O
product O
portfolio O
. O

Properties B-Cause
that I-Cause
distinguish I-Cause
themselves I-Cause
by O
offering B-Cause
better I-Cause
amenities I-Cause
, I-Cause
better I-Cause
services I-Cause
, I-Cause
higher-quality I-Cause
finishes I-Cause
, I-Cause
larger I-Cause
floorplans I-Cause
, I-Cause
and I-Cause
other I-Cause
desirable I-Cause
features I-Cause
generate O
additional B-Effect
demand I-Effect
in I-Effect
any I-Effect
market I-Effect
and I-Effect
further I-Effect
support I-Effect
higher I-Effect
rents I-Effect
and I-Effect
larger I-Effect
occupancy/rent I-Effect
increases I-Effect
. O

It O
has O
no B-Effect
production I-Effect
cost I-Effect
advantage I-Effect
as O
it B-Cause
sources I-Cause
its I-Cause
apparel I-Cause
from I-Cause
many I-Cause
of I-Cause
the I-Cause
same I-Cause
manufacturers I-Cause
as I-Cause
other I-Cause
fashion I-Cause
retailers I-Cause
. O

Competitor B-Cause
Qiagen I-Cause
intends I-Cause
to I-Cause
launch I-Cause
a I-Cause
competing I-Cause
offering I-Cause
to I-Cause
Bio-Rad I-Cause
's I-Cause
droplet-based I-Cause
digital I-Cause
PCR I-Cause
, O
and O
Bio-Rad B-Effect
could I-Effect
lose I-Effect
share I-Effect
in I-Effect
this I-Effect
market I-Effect
, I-Effect
which I-Effect
it I-Effect
currently I-Effect
dominates I-Effect
. I-Effect

Once B-Cause
all I-Cause
potash I-Cause
production I-Cause
comes I-Cause
from I-Cause
K3 I-Cause
, I-Cause
which I-Cause
should I-Cause
occur I-Cause
in I-Cause
the I-Cause
early I-Cause
to I-Cause
mid-2020s I-Cause
, O
Mosaic B-Effect
is I-Effect
likely I-Effect
to I-Effect
become I-Effect
a I-Effect
low-cost I-Effect
potash I-Effect
producer I-Effect
. O

We O
also O
believe O
the B-Cause
ability I-Cause
to I-Cause
determine I-Cause
deposit I-Cause
pricing I-Cause
within I-Cause
the I-Cause
context I-Cause
of I-Cause
a I-Cause
complete I-Cause
business I-Cause
relationship I-Cause
leads O
to O
further B-Effect
cost I-Effect
advantages I-Effect
. O

Meanwhile O
, O
Tencent B-Cause
is I-Cause
making I-Cause
a I-Cause
lot I-Cause
of I-Cause
investment I-Cause
in I-Cause
loss-making I-Cause
businesses I-Cause
for I-Cause
the I-Cause
future I-Cause
, O
for O
example O
in O
cloud O
, O
Tencent O
Video O
, O
and O
short O
videos O
, O
which O
may O
lead O
to O
lower B-Effect
margins I-Effect
overall I-Effect
. I-Effect

Its B-Cause
portfolio I-Cause
of I-Cause
long-running I-Cause
successful I-Cause
franchises I-Cause
allows O
the B-Effect
firm I-Effect
to I-Effect
monetize I-Effect
its I-Effect
intellectual I-Effect
property I-Effect
year I-Effect
after I-Effect
year I-Effect
by I-Effect
delivering B-Cause
content I-Cause
via I-Cause
sequels I-Cause
, I-Cause
expansion I-Cause
packs I-Cause
, I-Cause
and I-Cause
DLC I-Cause
, O
exemplified O
by O
the O
annual O
versions O
of O
Madden O
( O
over O
25 O
annual O
editions O
) O
and O
FIFA O
( O
over O
20 O
annual O
editions O
) O
. O

We O
saw O
some O
of O
these O
manufacturing O
quality O
issues O
surface O
in O
2013-14 O
when O
Insulet O
launched O
its O
redesigned O
Omnipod O
that O
was O
30 O
% O
smaller O
and O
initiated B-Cause
new I-Cause
manufacturing I-Cause
lines I-Cause
in I-Cause
its I-Cause
Chinese I-Cause
facility I-Cause
to O
meet B-Effect
increased I-Effect
demand I-Effect
for I-Effect
the I-Effect
product I-Effect
. O

As O
DuPont B-Cause
continues I-Cause
to I-Cause
develop I-Cause
new I-Cause
products I-Cause
, O
we O
forecast O
companywide B-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
expand I-Effect
from I-Effect
the I-Effect
mid-20s I-Effect
to I-Effect
the I-Effect
high I-Effect
20s I-Effect
throughout I-Effect
our I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period O
. O

Franchised B-Effect
and I-Effect
managed I-Effect
properties I-Effect
are I-Effect
higher-margin I-Effect
and I-Effect
less I-Effect
capital-intensive I-Effect
than O
owned B-Cause
properties I-Cause
, I-Cause
and I-Cause
Marriott I-Cause
's I-Cause
high I-Cause
exposure I-Cause
here I-Cause
results I-Cause
in I-Cause
higher I-Cause
relative I-Cause
ROICs I-Cause
, I-Cause
operating I-Cause
margins I-Cause
, I-Cause
and I-Cause
EBI I-Cause
growth I-Cause
versus I-Cause
key I-Cause
peer I-Cause
Hyatt I-Cause
, I-Cause
which I-Cause
has I-Cause
a I-Cause
larger I-Cause
ownership I-Cause
mix I-Cause
. O

We O
forecast O
modestly B-Effect
improving I-Effect
gross I-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( I-Effect
at I-Effect
between I-Effect
35 I-Effect
% I-Effect
-36 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
) I-Effect
as O
the B-Cause
company I-Cause
intermittently I-Cause
plays I-Cause
defense I-Cause
on I-Cause
its I-Cause
pricing I-Cause
. O

We O
forecast O
a B-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
of I-Effect
37 I-Effect
% I-Effect
through O
a B-Cause
rapidly I-Cause
growing I-Cause
customer I-Cause
base I-Cause
, I-Cause
more I-Cause
massive I-Cause
deals I-Cause
, I-Cause
strong I-Cause
retention I-Cause
rates I-Cause
, I-Cause
and I-Cause
customers I-Cause
buying I-Cause
additional I-Cause
security I-Cause
modules I-Cause
over I-Cause
time I-Cause
. O

Product O
distribution O
can O
be O
a O
tough O
business O
: O
Low B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
combined I-Cause
with I-Cause
customer I-Cause
and I-Cause
supplier I-Cause
bargaining I-Cause
power I-Cause
can O
erode B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

SolidWorks O
benefits O
from O
a B-Cause
significant I-Cause
network I-Cause
effect I-Cause
, O
in O
our O
view O
, O
given O
the O
extent O
to O
which O
it O
's O
taught O
in O
engineering O
programs O
worldwide O
, O
similar O
to O
Autodesk O
's O
strong B-Effect
network I-Effect
effect I-Effect
propelled I-Effect
by I-Effect
its I-Effect
presence I-Effect
in I-Effect
the I-Effect
top I-Effect
architecture I-Effect
and I-Effect
construction I-Effect
programs I-Effect
. O

As O
the B-Cause
number I-Cause
of I-Cause
drivers I-Cause
increased I-Cause
, I-Cause
the I-Cause
timeliness I-Cause
and I-Cause
reliability I-Cause
of I-Cause
the I-Cause
service I-Cause
improved I-Cause
, O
which O
drove B-Effect
the B-Cause
number I-Cause
of I-Cause
riders I-Cause
and I-Cause
rides I-Cause
higher I-Cause
, O
which O
in O
turn O
attracted B-Effect
more I-Effect
drivers I-Effect
, O
all O
of O
which O
we O
believe O
is O
indicative O
of O
the O
direct O
network O
effect O
. O

We O
are O
forecasting O
an B-Effect
extremely I-Effect
slow I-Effect
recovery I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
commercial I-Effect
aerospace I-Effect
revenues I-Effect
, O
as O
we O
anticipate B-Cause
this I-Cause
market I-Cause
to I-Cause
continue I-Cause
bottoming I-Cause
out I-Cause
in I-Cause
2021 I-Cause
. O

Recently O
, O
net B-Effect
interest I-Effect
margins I-Effect
compressed I-Effect
by I-Effect
more I-Effect
than I-Effect
100 I-Effect
basis I-Effect
points I-Effect
, O
as O
benchmark B-Cause
interest I-Cause
rates I-Cause
have I-Cause
fallen I-Cause
and I-Cause
much I-Cause
of I-Cause
the I-Cause
bank I-Cause
's I-Cause
assets I-Cause
are I-Cause
variable I-Cause
rate I-Cause
. O

We O
think O
that O
competition B-Cause
with I-Cause
five I-Cause
other I-Cause
major I-Cause
suppliers鈥攁nd I-Cause
a I-Cause
lack I-Cause
of I-Cause
pricing I-Cause
power鈥攑rohibits O
Western O
Digital O
from O
selling B-Effect
enough I-Effect
volume I-Effect
to I-Effect
earn I-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
its I-Effect
large I-Effect
recurring I-Effect
investments I-Effect
in I-Effect
NAND I-Effect
production I-Effect
. O

One O
of O
Deere O
's O
great B-Effect
strengths I-Effect
is O
the B-Cause
coverage I-Cause
of I-Cause
its I-Cause
dealer I-Cause
network I-Cause
, O
especially O
in O
North O
America O
, O
as O
farmers B-Cause
tend I-Cause
to I-Cause
develop I-Cause
long-term I-Cause
relationships I-Cause
with I-Cause
their I-Cause
local I-Cause
dealers I-Cause
. O

Also O
, O
higher B-Cause
trading I-Cause
volume I-Cause
for I-Cause
equity I-Cause
securities I-Cause
in I-Cause
general I-Cause
, O
makes O
efficient B-Effect
trading I-Effect
easier I-Effect
to I-Effect
achieve I-Effect
and I-Effect
reduces I-Effect
the I-Effect
tendency I-Effect
for I-Effect
liquidity I-Effect
to I-Effect
pool I-Effect
. O

On O
top O
of O
competitive O
issues O
, O
Domino O
's O
must O
also O
strike B-Cause
a I-Cause
balance I-Cause
between I-Cause
growth I-Cause
initiatives I-Cause
and I-Cause
unit-level I-Cause
profitability I-Cause
, O
which O
can O
occasionally O
result O
in O
friction B-Effect
between I-Effect
management I-Effect
and I-Effect
franchisees I-Effect
. O

During O
the O
bidding O
process O
, O
contractors O
are O
looking O
for O
the O
most O
cost-effective O
solutions O
, O
but O
once O
construction O
begins O
, O
contractors O
are O
focused O
on O
completing B-Effect
the I-Effect
job I-Effect
on I-Effect
time I-Effect
and O
are O
therefore O
looking B-Cause
for I-Cause
quick I-Cause
and I-Cause
convenient I-Cause
access I-Cause
to I-Cause
necessary I-Cause
supplies I-Cause
. O

The O
projects O
were O
already O
low O
return O
and O
capital O
intensive O
given O
the O
costs O
associated O
with O
timing O
, O
location O
and O
complexity O
, O
but O
their B-Effect
returns I-Effect
were I-Effect
depressed I-Effect
further I-Effect
by O
large B-Cause
cost I-Cause
over-runs I-Cause
. O

Oil B-Cause
spills I-Cause
are I-Cause
also I-Cause
an I-Cause
ever-present I-Cause
risk I-Cause
for I-Cause
oil I-Cause
companies I-Cause
and O
can O
be O
devastating B-Effect
to I-Effect
a I-Effect
firm I-Effect
's I-Effect
value I-Effect
, O
as O
BP O
's O
Macondo O
incident O
in O
the O
Gulf O
of O
Mexico O
shows O
. O

Constellation B-Effect
's I-Effect
foray I-Effect
into I-Effect
explosive-growth I-Effect
categories I-Effect
like I-Effect
hard I-Effect
seltzer I-Effect
are I-Effect
also I-Effect
demanding I-Effect
nontrivial I-Effect
investment I-Effect
, O
given O
the B-Cause
competitive I-Cause
intensity I-Cause
and I-Cause
brand I-Cause
equity I-Cause
already I-Cause
built I-Cause
up I-Cause
by I-Cause
the I-Cause
incumbents I-Cause
. O

As O
a O
result O
of O
selling B-Cause
a I-Cause
larger I-Cause
percentage I-Cause
of I-Cause
higher-margin I-Cause
services I-Cause
and I-Cause
subscriptions I-Cause
, O
we B-Effect
model I-Effect
gross I-Effect
margins I-Effect
expanding I-Effect
toward I-Effect
80 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
compared I-Effect
with I-Effect
78 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

Customers B-Effect
have I-Effect
little I-Effect
incentive I-Effect
to I-Effect
Medical I-Effect
Instruments I-Effect
& I-Effect
Suppliesswitch I-Effect
to I-Effect
another I-Effect
equipment I-Effect
supplier I-Effect
because O
of O
the B-Cause
costs I-Cause
to I-Cause
retrain I-Cause
healthcare I-Cause
workers I-Cause
, O
and O
they B-Cause
can I-Cause
be I-Cause
reluctant I-Cause
to I-Cause
change I-Cause
a I-Cause
process I-Cause
that I-Cause
's I-Cause
working I-Cause
effectively I-Cause
. O

A B-Cause
strong I-Cause
reputation I-Cause
makes O
it B-Effect
more I-Effect
likely I-Effect
that I-Effect
an I-Effect
investment I-Effect
bank I-Effect
will I-Effect
be I-Effect
selected I-Effect
as I-Effect
a I-Effect
bookrunner I-Effect
, I-Effect
capturing I-Effect
more I-Effect
of I-Effect
the I-Effect
profits I-Effect
from I-Effect
an I-Effect
underwriting I-Effect
deal I-Effect
, O
and O
this O
gives O
the B-Effect
firm I-Effect
an I-Effect
early I-Effect
opportunity I-Effect
to I-Effect
hire I-Effect
top I-Effect
revenue-generating I-Effect
talent I-Effect
. O

While O
we O
think O
the B-Effect
office I-Effect
real I-Effect
estate I-Effect
industry I-Effect
is I-Effect
relatively I-Effect
stable I-Effect
in I-Effect
the I-Effect
short-term I-Effect
due O
to O
long B-Cause
multi-year I-Cause
lease I-Cause
lengths I-Cause
, O
cyclical O
shifts O
can O
have O
dramatic O
medium O
to O
long-term O
impacts O
. O

Lastly O
, O
we O
believe O
the O
firm O
's O
conservative O
reputation O
is O
an O
asset O
, O
particularly O
in O
its O
wealth O
management O
segment O
, O
and O
any B-Cause
blow I-Cause
to I-Cause
this I-Cause
could O
harm B-Effect
the I-Effect
firm I-Effect
's I-Effect
brand I-Effect
and I-Effect
market I-Effect
positioning I-Effect
. O

Since O
JLL B-Cause
relies I-Cause
heavily I-Cause
on I-Cause
its I-Cause
brand I-Cause
, O
we O
would O
also O
view O
any B-Effect
developments I-Effect
that I-Effect
damage I-Effect
its I-Effect
reputation I-Effect
as I-Effect
being I-Effect
injurious I-Effect
to I-Effect
the I-Effect
company I-Effect
. O

Because O
of O
its B-Cause
acquisition-heavy I-Cause
model I-Cause
, O
Roper B-Cause
uses I-Cause
nearly I-Cause
all I-Cause
its I-Cause
available I-Cause
free I-Cause
cash I-Cause
flow I-Cause
to I-Cause
purchase I-Cause
businesses I-Cause
, O
which O
keeps B-Effect
ROICs I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
artificially I-Effect
low I-Effect
, O
despite O
the O
underlying O
improvement O
in O
the O
firm O
's O
cash O
returns O
. O

Training B-Cause
costs I-Cause
and I-Cause
a I-Cause
reluctance I-Cause
from I-Cause
government I-Cause
officials I-Cause
to I-Cause
experiment I-Cause
with I-Cause
competing I-Cause
radios I-Cause
, O
inhibit O
them B-Effect
from I-Effect
moving I-Effect
away I-Effect
from I-Effect
Motorola I-Effect
's I-Effect
products I-Effect
. O

Musk B-Cause
also I-Cause
owns I-Cause
about I-Cause
21 I-Cause
% I-Cause
of I-Cause
Tesla I-Cause
's I-Cause
stock I-Cause
and I-Cause
uses I-Cause
it I-Cause
as I-Cause
collateral I-Cause
for I-Cause
personal I-Cause
loans I-Cause
, O
which O
raises B-Effect
the I-Effect
risk I-Effect
of I-Effect
a I-Effect
large I-Effect
sale I-Effect
should I-Effect
he I-Effect
need I-Effect
to I-Effect
sell I-Effect
stock I-Effect
to I-Effect
repay I-Effect
debt I-Effect
. O

While O
being O
among O
the O
first O
to O
market O
with O
a O
PCR-based O
COVID-19 O
test O
helped O
, O
the B-Cause
firm I-Cause
's I-Cause
broad I-Cause
reach I-Cause
and I-Cause
scale I-Cause
allowed B-Effect
it I-Effect
maximize I-Effect
value I-Effect
out I-Effect
of I-Effect
the I-Effect
pandemic I-Effect
. O

While O
the B-Effect
adjusted I-Effect
ROIC I-Effect
rises I-Effect
over O
our O
forecast O
horizon O
as O
the B-Cause
assets I-Cause
stabilize I-Cause
from I-Cause
recent I-Cause
transactions I-Cause
and I-Cause
developments I-Cause
, O
it O
does O
not O
exceed O
our O
WACC O
estimate O
for O
the O
company O
. O

We O
believe O
Ulta B-Effect
will I-Effect
outperform I-Effect
the I-Effect
broader I-Effect
cosmetics I-Effect
market I-Effect
due O
to O
its B-Cause
diversified I-Cause
merchandise I-Cause
, I-Cause
expanded I-Cause
prestige I-Cause
business I-Cause
, I-Cause
and I-Cause
differentiated I-Cause
services I-Cause
. O

While O
the O
firm O
's O
entire O
business O
benefits O
from O
trends O
toward O
efficiency O
and O
connectivity O
, O
these O
are O
especially O
notable O
in O
cars O
, O
where O
shifts B-Cause
toward I-Cause
electric I-Cause
and I-Cause
autonomous I-Cause
vehicles I-Cause
provide B-Effect
lucrative I-Effect
opportunities I-Effect
for I-Effect
TE I-Effect
to I-Effect
sell I-Effect
into I-Effect
new I-Effect
vehicle I-Effect
sockets I-Effect
, I-Effect
like I-Effect
an I-Effect
onboard I-Effect
charger I-Effect
or I-Effect
advanced I-Effect
driver-assist I-Effect
system I-Effect
. O

Its O
aerospace O
segment O
is O
known O
for O
its O
satellite O
capabilities O
in O
both O
government O
and O
private O
capacities O
, O
earning B-Effect
fairly I-Effect
consistent I-Effect
margins I-Effect
and I-Effect
growing I-Effect
at I-Effect
a I-Effect
rapid I-Effect
clip I-Effect
as O
management B-Cause
invests I-Cause
heavily I-Cause
in I-Cause
this I-Cause
niche I-Cause
business I-Cause
. O

While O
the B-Cause
firm I-Cause
's I-Cause
integrated I-Cause
business I-Cause
models I-Cause
across I-Cause
food I-Cause
and I-Cause
beverages I-Cause
have I-Cause
pros I-Cause
and I-Cause
cons I-Cause
, I-Cause
we I-Cause
think I-Cause
the I-Cause
combination I-Cause
of I-Cause
diversity I-Cause
, I-Cause
synergy I-Cause
, I-Cause
and I-Cause
flexibility I-Cause
that I-Cause
they I-Cause
facilitate I-Cause
will O
allow B-Effect
Pepsi I-Effect
to I-Effect
maintain I-Effect
its I-Effect
standing I-Effect
even I-Effect
as I-Effect
its I-Effect
core I-Effect
categories I-Effect
face I-Effect
secular I-Effect
headwinds I-Effect
. O

Given B-Cause
the I-Cause
need I-Cause
to I-Cause
persuade I-Cause
businesses I-Cause
to I-Cause
provide I-Cause
this I-Cause
sensitive I-Cause
information I-Cause
, O
we B-Effect
believe I-Effect
the I-Effect
business I-Effect
benefits I-Effect
from I-Effect
a I-Effect
first-mover I-Effect
advantage I-Effect
that I-Effect
will I-Effect
allow I-Effect
it I-Effect
to I-Effect
establish I-Effect
strong I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
. O

Canal+ B-Effect
continues I-Effect
to I-Effect
invest I-Effect
in I-Effect
content I-Effect
for I-Effect
scripted I-Effect
, I-Effect
unscripted I-Effect
, I-Effect
and I-Effect
sports I-Effect
as O
exclusive B-Cause
content I-Cause
is I-Cause
one I-Cause
of I-Cause
primary I-Cause
methods I-Cause
of I-Cause
differentiation I-Cause
for I-Cause
its I-Cause
premium I-Cause
channels I-Cause
. I-Cause

Today O
, O
we B-Cause
think I-Cause
Airbnb I-Cause
's I-Cause
core I-Cause
alternative I-Cause
accommodations I-Cause
network I-Cause
has I-Cause
reached I-Cause
a I-Cause
critical-mass I-Cause
advantage I-Cause
, O
which O
we O
believe O
is O
achieved O
when O
a B-Cause
company I-Cause
garners I-Cause
at I-Cause
least I-Cause
10 I-Cause
% I-Cause
demand I-Cause
share I-Cause
of I-Cause
a I-Cause
market I-Cause
, O
at O
which O
point O
it B-Effect
becomes I-Effect
increasingly I-Effect
challenging I-Effect
for I-Effect
smaller I-Effect
competitors I-Effect
to I-Effect
catch I-Effect
up I-Effect
. O

While O
the O
latter O
two O
goals O
appear O
achievable O
within O
two O
years O
, O
we B-Effect
forecast I-Effect
operating I-Effect
margins I-Effect
to I-Effect
remain I-Effect
below I-Effect
6 I-Effect
% I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
due O
to O
the B-Cause
intense I-Cause
competition I-Cause
in I-Cause
fashion I-Cause
retail I-Cause
. O

As O
a O
result O
, O
this O
large B-Cause
self-controlled I-Cause
fulfilment I-Cause
infrastructure I-Cause
has O
enabled B-Effect
JD.com I-Effect
to I-Effect
deliver I-Effect
merchandise I-Effect
to I-Effect
its I-Effect
customers I-Effect
in I-Effect
a I-Effect
timely I-Effect
, O
reliable O
manner O
. O

Over O
the O
next O
five O
years O
, O
we O
forecast O
operating B-Effect
margin I-Effect
contraction I-Effect
of I-Effect
100 I-Effect
basis I-Effect
points I-Effect
, I-Effect
from I-Effect
19 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
to I-Effect
18 I-Effect
% I-Effect
in I-Effect
2026 I-Effect
, O
as O
COVID-19-specific B-Cause
boosts I-Cause
to I-Cause
profitability I-Cause
dwindle I-Cause
. O

We O
expect O
demand B-Effect
from I-Effect
aerospace I-Effect
customers I-Effect
to I-Effect
grow I-Effect
materially I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
as O
production B-Cause
of I-Cause
next-generation I-Cause
aircraft I-Cause
ramps I-Cause
up I-Cause
. O

We O
believe O
that O
lack B-Cause
of I-Cause
confidence I-Cause
in I-Cause
the I-Cause
economy I-Cause
and I-Cause
social I-Cause
distancing I-Cause
exercised I-Cause
as I-Cause
the I-Cause
world I-Cause
deals I-Cause
with I-Cause
the I-Cause
coronavirus I-Cause
will O
lead O
to O
a B-Effect
major I-Effect
decline I-Effect
in I-Effect
merger I-Effect
activity I-Effect
. O

It B-Cause
is I-Cause
this I-Cause
potential I-Cause
for I-Cause
unknown I-Cause
large I-Cause
losses I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
quality I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
that O
leads O
us B-Effect
to I-Effect
believe I-Effect
Swiss I-Effect
Re I-Effect
deserves I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Within O
personal O
lines O
, O
we O
expect O
Travelers B-Effect
to I-Effect
maintain I-Effect
good I-Effect
underwriting I-Effect
results I-Effect
due I-Effect
to I-Effect
the I-Effect
pandemic I-Effect
and I-Effect
the I-Effect
resulting I-Effect
reduction I-Effect
in I-Effect
miles I-Effect
driven I-Effect
in I-Effect
the I-Effect
very I-Effect
near I-Effect
term I-Effect
, I-Effect
but I-Effect
for I-Effect
the I-Effect
combined I-Effect
ratio I-Effect
to I-Effect
deteriorate I-Effect
over I-Effect
time I-Effect
as O
the B-Cause
line I-Cause
mean I-Cause
reverts I-Cause
to I-Cause
more I-Cause
normalized I-Cause
results I-Cause
. O

We O
believe O
that O
RPA O
, O
which O
allows O
for O
end-to-end O
processing O
of O
back-office O
operations O
through O
integration O
with O
CRM B-Effect
systems I-Effect
, I-Effect
will I-Effect
have I-Effect
an I-Effect
increasingly I-Effect
important I-Effect
place I-Effect
in I-Effect
call I-Effect
centers I-Effect
because O
of O
the B-Cause
enormous I-Cause
potential I-Cause
for I-Cause
productivity I-Cause
gains I-Cause
. O

Longer O
term O
, O
we O
think O
global B-Cause
middle I-Cause
income I-Cause
class I-Cause
growth I-Cause
will O
drive B-Cause
demand I-Cause
once I-Cause
more I-Cause
and O
help B-Effect
GE I-Effect
commercial I-Effect
aviation I-Effect
recover I-Effect
lost I-Effect
sales I-Effect
by I-Effect
2024 I-Effect
to I-Effect
year-end I-Effect
2019 I-Effect
levels I-Effect
. O

Close O
to O
85 O
% O
of O
Lamb O
Weston O
's O
total O
revenue O
comes O
from O
the O
food-service O
channel O
, O
a B-Effect
segment I-Effect
being I-Effect
hit I-Effect
by O
current B-Cause
avoidance I-Cause
of I-Cause
public I-Cause
places I-Cause
to O
stem O
the B-Cause
spread I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
. O

Enterprise O
bought O
back O
$ O
200 O
million O
in O
units O
in O
2020 O
, O
and O
we O
think O
it O
could O
easily O
buy O
back O
another O
$ O
500 O
million O
in O
units O
in O
2021 O
, O
but O
management B-Effect
has I-Effect
been I-Effect
reluctant I-Effect
to I-Effect
commit I-Effect
to I-Effect
larger I-Effect
buybacks I-Effect
given O
the B-Cause
still I-Cause
uncertain I-Cause
market I-Cause
environment I-Cause
. O

That O
said O
, O
organic B-Effect
growth I-Effect
is I-Effect
likely I-Effect
to I-Effect
be I-Effect
strained I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
by O
the O
impact O
that O
the B-Cause
ongoing I-Cause
spread I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
is I-Cause
expected I-Cause
to I-Cause
have I-Cause
on I-Cause
global B-Effect
economic I-Effect
growth I-Effect
and I-Effect
global I-Effect
equity I-Effect
markets I-Effect
. O

Solid-state B-Cause
drives I-Cause
, I-Cause
or I-Cause
SSDs I-Cause
, I-Cause
have I-Cause
important I-Cause
performance I-Cause
benefits I-Cause
versus I-Cause
the I-Cause
older I-Cause
spinning I-Cause
disc I-Cause
media I-Cause
and O
as O
a O
result O
, O
HDDs B-Effect
have I-Effect
lost I-Effect
their I-Effect
luster I-Effect
for I-Effect
both I-Effect
PCs I-Effect
and I-Effect
servers I-Effect
. O

We O
believe O
Fortinet B-Cause
's I-Cause
enterprise I-Cause
network I-Cause
firewall I-Cause
offering I-Cause
has I-Cause
gained I-Cause
respectability I-Cause
among I-Cause
IT I-Cause
practitioners I-Cause
, O
which B-Effect
has I-Effect
allowed I-Effect
its I-Effect
products I-Effect
to I-Effect
be I-Effect
considered I-Effect
for I-Effect
enterprise I-Effect
deployments I-Effect
. O

Between O
2021 O
and O
2024 O
, O
we O
assume O
the B-Effect
firm I-Effect
can I-Effect
post I-Effect
organic I-Effect
top-line I-Effect
expansion I-Effect
over I-Effect
5 I-Effect
% I-Effect
as O
the B-Cause
economy I-Cause
normalizes I-Cause
and I-Cause
residential I-Cause
housing I-Cause
construction I-Cause
remains I-Cause
strong I-Cause
. O

We B-Effect
believe I-Effect
that I-Effect
cybersecurity I-Effect
threats I-Effect
should I-Effect
perpetually I-Effect
increase I-Effect
, O
while O
becoming B-Cause
further I-Cause
sophisticated I-Cause
, I-Cause
as I-Cause
more I-Cause
data I-Cause
is I-Cause
created I-Cause
and I-Cause
dispersed I-Cause
away I-Cause
from I-Cause
centralized I-Cause
data I-Cause
centers I-Cause
. O

On O
the O
positive O
side O
, O
increasing B-Cause
demand I-Cause
for I-Cause
annuities I-Cause
from I-Cause
an I-Cause
aging I-Cause
population I-Cause
could O
help B-Effect
LPL I-Effect
retain I-Effect
brokerage I-Effect
assets I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
as O
it B-Cause
transitions I-Cause
to I-Cause
a I-Cause
more I-Cause
advisory-based I-Cause
model I-Cause
. O

InterContinental B-Effect
's I-Effect
unit I-Effect
growth I-Effect
is I-Effect
lowered I-Effect
by O
the B-Cause
company I-Cause
's I-Cause
focus I-Cause
on I-Cause
brand I-Cause
quality I-Cause
that O
leads O
to O
annual O
closures O
of O
2 O
% O
-3 O
% O
of O
its O
existing O
rooms O
. O

Being B-Effect
vertically I-Effect
integrated I-Effect
provides I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
when I-Effect
rock I-Effect
prices I-Effect
are I-Effect
high I-Effect
, O
as O
nonintegrated B-Cause
producers I-Cause
must I-Cause
purchase I-Cause
phosphate I-Cause
rock I-Cause
on I-Cause
the I-Cause
open I-Cause
market I-Cause
. O

If B-Cause
regulations I-Cause
on I-Cause
non-sovereign I-Cause
suppliers I-Cause
increase I-Cause
or I-Cause
if I-Cause
the I-Cause
trade I-Cause
war I-Cause
were I-Cause
to I-Cause
intensify I-Cause
, O
Amphenol B-Effect
's I-Effect
growth I-Effect
prospects I-Effect
might I-Effect
be I-Effect
more I-Effect
muted I-Effect
. O

We O
anticipate O
solid B-Effect
6 I-Effect
% I-Effect
growth I-Effect
in I-Effect
the I-Effect
neuroscience I-Effect
segment I-Effect
through I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
supported O
by O
growth B-Cause
of I-Cause
the I-Cause
spine I-Cause
business I-Cause
thanks O
to O
the B-Cause
addition I-Cause
of I-Cause
the I-Cause
Mazor I-Cause
robot I-Cause
, I-Cause
ongoing I-Cause
innovation I-Cause
in I-Cause
neurovascular I-Cause
devices I-Cause
, I-Cause
and I-Cause
new I-Cause
developments I-Cause
in I-Cause
closed-loop I-Cause
spinal I-Cause
cord I-Cause
stimulation I-Cause
. O

Home B-Effect
Depot I-Effect
's I-Effect
operating I-Effect
margins I-Effect
and I-Effect
ROICs I-Effect
could I-Effect
improve I-Effect
as O
the B-Cause
firm I-Cause
focuses I-Cause
on I-Cause
the I-Cause
efficiency I-Cause
of I-Cause
the I-Cause
supply I-Cause
chain I-Cause
and I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
better I-Cause
penetrate I-Cause
the I-Cause
pro I-Cause
business I-Cause
with I-Cause
market I-Cause
delivery I-Cause
centers I-Cause
that I-Cause
leverage I-Cause
its I-Cause
delivery I-Cause
capabilities I-Cause
. O

We O
anticipate O
credit O
costs O
will O
be O
higher O
in O
2021 O
, O
but O
given O
the B-Cause
firm I-Cause
's I-Cause
significant I-Cause
reserves I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
the I-Effect
balance I-Effect
sheet I-Effect
to I-Effect
come I-Effect
under I-Effect
pressure I-Effect
in I-Effect
the I-Effect
immediate I-Effect
future I-Effect
. O

We B-Effect
also I-Effect
do I-Effect
n't I-Effect
see I-Effect
a I-Effect
winner-take-all I-Effect
situation I-Effect
in I-Effect
the I-Effect
smartphone I-Effect
RF I-Effect
space I-Effect
, O
as O
handset B-Cause
makers I-Cause
have I-Cause
split I-Cause
their I-Cause
business I-Cause
enough I-Cause
among I-Cause
these I-Cause
RF I-Cause
firms I-Cause
to O
prevent O
a B-Effect
single I-Effect
firm I-Effect
from I-Effect
dominating I-Effect
the I-Effect
market I-Effect
over I-Effect
time I-Effect
. O

Through O
various B-Cause
acquisitions I-Cause
, O
the B-Effect
American I-Effect
firm I-Effect
has I-Effect
transitioned I-Effect
from I-Effect
traditional I-Effect
advertising I-Effect
, I-Effect
which I-Effect
includes I-Effect
print I-Effect
, I-Effect
broadcast I-Effect
and I-Effect
cable I-Effect
television I-Effect
, I-Effect
billboards I-Effect
, I-Effect
and I-Effect
mail I-Effect
, I-Effect
into I-Effect
a I-Effect
complete I-Effect
solution I-Effect
provider I-Effect
by I-Effect
combining I-Effect
traditional I-Effect
with I-Effect
digital I-Effect
( O
including O
online O
video O
, O
social O
media O
, O
and O
mobile O
) O
, O
along O
with O
other O
services O
such O
as O
public O
relations O
. O

While O
returns B-Effect
on I-Effect
capital I-Effect
will I-Effect
remain I-Effect
relatively I-Effect
low I-Effect
during I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
, O
that O
is O
primarily O
due O
to O
depressed B-Cause
oil I-Cause
prices I-Cause
. O

Overall B-Effect
revenue I-Effect
we I-Effect
expect I-Effect
will I-Effect
fall I-Effect
by I-Effect
70 I-Effect
% I-Effect
year I-Effect
over I-Effect
year I-Effect
to I-Effect
$ I-Effect
121 I-Effect
million I-Effect
as O
the B-Cause
Imax I-Cause
global I-Cause
box I-Cause
office I-Cause
collapses I-Cause
to I-Cause
about I-Cause
$ I-Cause
255 I-Cause
million I-Cause
, I-Cause
down I-Cause
77 I-Cause
% I-Cause
from I-Cause
2019 I-Cause
. O

The B-Cause
Chile I-Cause
base I-Cause
rate I-Cause
of I-Cause
0.50 I-Cause
% I-Cause
, O
adopted O
as O
part O
of O
the O
monetary O
response O
to O
the O
coronavirus O
crisis O
, O
represents O
both O
the O
lowest O
rate O
on O
record O
and O
a O
substantial O
drag O
on O
net B-Effect
interest I-Effect
margins I-Effect
, I-Effect
or I-Effect
NIMs I-Effect
. O

We B-Cause
've I-Cause
become I-Cause
impressed I-Cause
with I-Cause
increasingly I-Cause
capable I-Cause
do-it-yourself I-Cause
software I-Cause
solutions I-Cause
and I-Cause
younger I-Cause
competitors I-Cause
in I-Cause
Paylocity I-Cause
and I-Cause
Paycom I-Cause
, O
which O
we O
believe O
represent B-Effect
a I-Effect
growing I-Effect
threat I-Effect
to I-Effect
steal I-Effect
price-sensitive I-Effect
small I-Effect
businesses I-Effect
. O

We O
expect O
revenue B-Effect
growth I-Effect
to I-Effect
average I-Effect
about I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
coming I-Effect
five I-Effect
years I-Effect
, I-Effect
excluding I-Effect
COVID-19 I-Effect
impacts. O
This O
is O
due O
to O
substantial B-Cause
exposure I-Cause
to I-Cause
emerging I-Cause
markets I-Cause
, I-Cause
where I-Cause
we I-Cause
expect I-Cause
higher I-Cause
long-run I-Cause
GDP I-Cause
growth I-Cause
rates I-Cause
and I-Cause
increased I-Cause
adhesive I-Cause
material I-Cause
penetration I-Cause
. O

We O
believe O
that O
Snap B-Cause
and I-Cause
its I-Cause
users I-Cause
benefit I-Cause
from I-Cause
a I-Cause
network I-Cause
effect I-Cause
among I-Cause
its I-Cause
customer I-Cause
base I-Cause
and O
is O
starting B-Effect
to I-Effect
attract I-Effect
the I-Effect
attention I-Effect
( I-Effect
and I-Effect
dollars I-Effect
) I-Effect
of I-Effect
advertisers I-Effect
with I-Effect
a I-Effect
growth I-Effect
trajectory I-Effect
toward I-Effect
nearly I-Effect
$ I-Effect
3.8 I-Effect
billion I-Effect
in I-Effect
revenue I-Effect
. O

We B-Effect
believe I-Effect
Ralph I-Effect
Lauren I-Effect
is I-Effect
a I-Effect
valued I-Effect
partner I-Effect
for I-Effect
leading I-Effect
retailers I-Effect
as O
it B-Cause
has I-Cause
a I-Cause
presence I-Cause
in I-Cause
a I-Cause
very I-Cause
large I-Cause
number I-Cause
of I-Cause
categories I-Cause
, I-Cause
including I-Cause
apparel I-Cause
, I-Cause
footwear I-Cause
, I-Cause
accessories I-Cause
, I-Cause
home I-Cause
goods I-Cause
, I-Cause
fragrances I-Cause
, I-Cause
and I-Cause
restaurants I-Cause
. O

The B-Effect
large I-Effect
quantity I-Effect
of I-Effect
data I-Effect
collected I-Effect
by I-Effect
sensors I-Effect
is I-Effect
itself I-Effect
proprietary I-Effect
, O
since O
Parker B-Cause
can I-Cause
convert I-Cause
that I-Cause
data I-Cause
into I-Cause
algorithms I-Cause
that I-Cause
identify I-Cause
defective I-Cause
equipment I-Cause
and I-Cause
can I-Cause
trigger I-Cause
corrective I-Cause
action I-Cause
before I-Cause
catastrophe I-Cause
strikes I-Cause
. O

On O
the O
medical O
technology O
side O
, O
we O
project O
sales B-Effect
growing I-Effect
at I-Effect
a I-Effect
roughly I-Effect
8 I-Effect
% I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
fueled O
by O
continued B-Cause
strong I-Cause
growth I-Cause
in I-Cause
the I-Cause
reconstructive I-Cause
product I-Cause
lines I-Cause
. O

For O
example O
, O
the B-Effect
firm I-Effect
has I-Effect
been I-Effect
hit I-Effect
by O
weakness O
in O
the O
currencies O
of O
markets O
like O
Chile O
and O
Colombia O
due O
to O
the B-Cause
coronavirus I-Cause
. I-Cause

The O
increase O
is O
attributable O
to O
the B-Cause
strong I-Cause
performance I-Cause
achieved I-Cause
in I-Cause
fiscal I-Cause
2020-21 I-Cause
, I-Cause
a I-Cause
lower I-Cause
tax I-Cause
rate I-Cause
due O
to O
divestments B-Effect
, I-Effect
and I-Effect
the I-Effect
annual I-Effect
roll I-Effect
of I-Effect
our I-Effect
model I-Effect
. O

SocGen B-Cause
and I-Cause
its I-Cause
French I-Cause
peers I-Cause
benefit I-Cause
from I-Cause
the I-Cause
highest I-Cause
capital I-Cause
ratings I-Cause
in I-Cause
Europe I-Cause
outside I-Cause
of I-Cause
the I-Cause
Scandinavian I-Cause
banks I-Cause
, O
and O
consequently O
it B-Effect
also I-Effect
has I-Effect
some I-Effect
of I-Effect
the I-Effect
lowest I-Effect
credit I-Effect
default I-Effect
spreads I-Effect
in I-Effect
Europe I-Effect
. O

The B-Effect
outlook I-Effect
for I-Effect
Treehouse I-Effect
is I-Effect
still I-Effect
murky I-Effect
, O
as O
it B-Cause
remains I-Cause
beleaguered I-Cause
by I-Cause
competition I-Cause
and I-Cause
at I-Cause
the I-Cause
mercy I-Cause
of I-Cause
a I-Cause
consolidated I-Cause
customer I-Cause
base I-Cause
. O

Because O
Livent B-Cause
will I-Cause
purchase I-Cause
some I-Cause
carbonate I-Cause
to I-Cause
produce I-Cause
its I-Cause
hydroxide I-Cause
, O
its O
profitability O
would O
be O
affected B-Effect
by I-Effect
a I-Effect
changing I-Effect
spread I-Effect
between I-Effect
hydroxide I-Effect
and I-Effect
carbonate I-Effect
prices I-Effect
. O

In O
hindsight O
, O
the B-Effect
company I-Effect
likely I-Effect
overoptimized I-Effect
, O
owing O
to O
its B-Cause
overly I-Cause
optimistic I-Cause
internal I-Cause
forecasts I-Cause
about I-Cause
the I-Cause
sustainability I-Cause
of I-Cause
rig-building I-Cause
during I-Cause
the I-Cause
boom I-Cause
. O

We B-Effect
assign I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
Macy I-Effect
's I-Effect
, O
which O
was O
struggling O
with O
high B-Cause
debt I-Cause
and I-Cause
inconsistent I-Cause
results I-Cause
even I-Cause
before I-Cause
COVID-19 I-Cause
crisis I-Cause
. O

OptumHealth B-Cause
's I-Cause
outpatient I-Cause
services I-Cause
segment I-Cause
-- I-Cause
consisting I-Cause
primarily I-Cause
of I-Cause
primary I-Cause
care I-Cause
practices I-Cause
, I-Cause
urgent I-Cause
care I-Cause
facilities I-Cause
, I-Cause
and I-Cause
ambulatory I-Cause
surgical I-Cause
centers I-Cause
-- O
helps B-Effect
align I-Effect
incentives I-Effect
between I-Effect
insurance I-Effect
and I-Effect
service I-Effect
providers I-Effect
, I-Effect
which O
can O
be O
especially O
powerful O
in O
the O
healthcare O
industry O
. O

We O
think O
, O
though O
, O
that O
Ralph B-Effect
Lauren I-Effect
's I-Effect
increasing I-Effect
emphasis I-Effect
on I-Effect
its I-Effect
direct-to-consumer I-Effect
business I-Effect
is I-Effect
important I-Effect
for I-Effect
the I-Effect
competitive I-Effect
position I-Effect
of I-Effect
its I-Effect
brand I-Effect
as O
department B-Cause
stores I-Cause
and I-Cause
other I-Cause
retailers I-Cause
have I-Cause
become I-Cause
too I-Cause
reliant I-Cause
on I-Cause
discounting I-Cause
. O

Horton O
went O
from O
earning O
$ O
4.62 O
per O
diluted O
share O
in O
fiscal O
2005 O
to O
losing O
$ O
8.34 O
per O
diluted O
share O
in O
fiscal O
2008 O
as O
the B-Cause
collapsing I-Cause
housing I-Cause
market I-Cause
resulted B-Effect
in I-Effect
drastic I-Effect
margin I-Effect
compression I-Effect
and I-Effect
large I-Effect
impairment I-Effect
charges I-Effect
. O

Further O
, O
the B-Cause
Pritzker I-Cause
family I-Cause
is I-Cause
allowed I-Cause
to I-Cause
sell I-Cause
up I-Cause
to I-Cause
25 I-Cause
% I-Cause
of I-Cause
its I-Cause
shares I-Cause
in I-Cause
a I-Cause
given I-Cause
year I-Cause
, O
which O
presents O
an B-Effect
overhanging I-Effect
risk I-Effect
to I-Effect
shares I-Effect
. O

The B-Effect
company I-Effect
provides I-Effect
value I-Effect
and I-Effect
instills I-Effect
customer I-Effect
loyalty I-Effect
by B-Cause
passing I-Cause
along I-Cause
a I-Cause
portion I-Cause
of I-Cause
savings I-Cause
to I-Cause
consumers I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
lower I-Cause
everyday I-Cause
pricing I-Cause
. O

ConocoPhillips B-Effect
also I-Effect
has I-Effect
growth I-Effect
options I-Effect
in I-Effect
Alaska I-Effect
and I-Effect
Canada I-Effect
thanks O
to O
the B-Cause
company I-Cause
's I-Cause
unconventional I-Cause
Montney I-Cause
position I-Cause
. O

In O
part O
because O
of O
the B-Effect
favorable I-Effect
industry I-Effect
structures I-Effect
, O
and O
in O
part O
because O
of O
its B-Cause
3G I-Cause
heritage I-Cause
, O
Ambev B-Effect
is I-Effect
a I-Effect
highly I-Effect
profitable I-Effect
business I-Effect
. O

In O
addition O
, O
we O
believe O
that O
regulatory B-Cause
standards I-Cause
and I-Cause
the I-Cause
nature I-Cause
of I-Cause
preclinical I-Cause
research I-Cause
push B-Effect
clients I-Effect
to I-Effect
rely I-Effect
more I-Effect
heavily I-Effect
on I-Effect
Charles I-Effect
River I-Effect
's I-Effect
auxiliary I-Effect
services I-Effect
and I-Effect
full-service I-Effect
preclinical I-Effect
trials I-Effect
. O

Kinder B-Cause
's I-Cause
sagging I-Cause
returns I-Cause
in I-Cause
2020 I-Cause
due O
to O
COVID-19 B-Cause
effects O
show B-Effect
it I-Effect
still I-Effect
has I-Effect
substantial I-Effect
exposure I-Effect
to I-Effect
volatile I-Effect
energy I-Effect
markets I-Effect
, I-Effect
especially I-Effect
when I-Effect
low I-Effect
prices I-Effect
force I-Effect
producers I-Effect
to I-Effect
curtail I-Effect
production I-Effect
. O

With O
hardware O
becoming O
increasingly O
commoditized O
and O
replacement O
cycles O
potentially O
elongating O
in O
the O
long O
term O
, O
we O
expect O
Apple B-Cause
to I-Cause
focus I-Cause
on I-Cause
newer I-Cause
software I-Cause
and I-Cause
services I-Cause
to O
augment B-Effect
the I-Effect
user I-Effect
experience I-Effect
and I-Effect
retain I-Effect
customers I-Effect
. O

However O
, O
we O
expect O
the B-Effect
percentage I-Effect
of I-Effect
Broadridge I-Effect
's I-Effect
profit I-Effect
from I-Effect
the I-Effect
proxy I-Effect
and I-Effect
interim I-Effect
business I-Effect
to I-Effect
decrease I-Effect
over I-Effect
time I-Effect
because O
of O
M B-Cause
& I-Cause
amp I-Cause
; O
A O
. O

Even O
for O
intermodal O
container O
freight O
, O
which O
consists O
largely O
of O
consumer-related O
products O
, O
rail B-Effect
has I-Effect
historically I-Effect
been I-Effect
cheaper I-Effect
than I-Effect
its I-Effect
key I-Effect
competitor I-Effect
truckload I-Effect
shipping I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
cycle I-Effect
thanks O
to O
the B-Cause
rails I-Cause
' I-Cause
aforementioned I-Cause
fuel I-Cause
efficiency I-Cause
and I-Cause
more I-Cause
economical I-Cause
use I-Cause
of I-Cause
labor I-Cause
. O

Since O
private-label B-Cause
brands I-Cause
boost I-Cause
profit I-Cause
margins I-Cause
, O
we O
believe O
distributors B-Effect
that I-Effect
offer I-Effect
such I-Effect
products I-Effect
have I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
those I-Effect
that I-Effect
do I-Effect
not I-Effect
sell I-Effect
private-label I-Effect
brands I-Effect
. O

If O
new B-Cause
competitors I-Cause
cut I-Cause
into I-Cause
Qiagen I-Cause
's I-Cause
share I-Cause
of I-Cause
the I-Cause
nonskin I-Cause
test I-Cause
market I-Cause
without I-Cause
a I-Cause
substantial I-Cause
increase I-Cause
in I-Cause
skin I-Cause
test I-Cause
conversions I-Cause
, O
Qiagen B-Effect
's I-Effect
revenue I-Effect
and I-Effect
economic I-Effect
profitability I-Effect
may I-Effect
drop I-Effect
eventually I-Effect
. O

Beyond O
those O
effects O
, O
if O
patients B-Cause
lose I-Cause
their I-Cause
employer-based I-Cause
insurance I-Cause
for I-Cause
a I-Cause
sustainable I-Cause
period I-Cause
, O
Tenet B-Cause
's I-Cause
hospital I-Cause
services I-Cause
may I-Cause
be I-Cause
reimbursed I-Cause
at I-Cause
significantly I-Cause
lower I-Cause
rates I-Cause
on I-Cause
average I-Cause
, O
which O
would O
negatively B-Effect
affect I-Effect
profitability I-Effect
, O
as O
well O
. O

Managed B-Cause
and I-Cause
franchised I-Cause
hotels I-Cause
have I-Cause
low I-Cause
fixed I-Cause
costs I-Cause
and I-Cause
capital I-Cause
requirements I-Cause
, I-Cause
along I-Cause
with I-Cause
contracts I-Cause
lasting I-Cause
20 I-Cause
years I-Cause
that O
have B-Effect
meaningful I-Effect
cancelation I-Effect
costs I-Effect
for I-Effect
owners I-Effect
. O

But O
successful B-Cause
network I-Cause
efficiency I-Cause
efforts I-Cause
and I-Cause
growth I-Cause
in I-Cause
its I-Cause
longer-haul I-Cause
cross-border I-Cause
Mexico I-Cause
franchise I-Cause
enabled O
it B-Effect
to I-Effect
gradually I-Effect
bolster I-Effect
its I-Effect
balance I-Effect
sheet I-Effect
, I-Effect
improve I-Effect
free I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
, I-Effect
and I-Effect
bring I-Effect
margins I-Effect
more I-Effect
in I-Effect
line I-Effect
with I-Effect
peers I-Effect
. O

The O
wealth-management O
segment O
also O
earns O
strong O
returns O
on O
equity O
, O
and O
large B-Cause
inflows I-Cause
have O
led O
to O
a B-Effect
top I-Effect
market I-Effect
position I-Effect
. O

The B-Effect
pandemic I-Effect
was I-Effect
an I-Effect
unwelcome I-Effect
blow I-Effect
to I-Effect
Coty I-Effect
's I-Effect
financial I-Effect
stability I-Effect
, O
as O
the O
firm O
was O
bumping O
against O
its O
debt B-Cause
leverage I-Cause
maximums I-Cause
imposed I-Cause
by I-Cause
its I-Cause
lending I-Cause
covenants I-Cause
heading I-Cause
into I-Cause
the I-Cause
crisis I-Cause
. O

However O
, O
the O
equity O
exchange O
business O
remains O
highly O
competitive O
, O
and O
two B-Cause
new I-Cause
exchanges I-Cause
were I-Cause
launched I-Cause
in I-Cause
2020 I-Cause
, I-Cause
Members I-Cause
Exchange I-Cause
and I-Cause
the I-Cause
MIAX I-Cause
Pearl I-Cause
Equities I-Cause
Exchange I-Cause
, O
adding B-Effect
to I-Effect
the I-Effect
competitive I-Effect
pressure I-Effect
Nasdaq I-Effect
faces I-Effect
. O

Due O
to O
the B-Cause
fragmentation I-Cause
, O
companies B-Effect
often I-Effect
require I-Effect
extensive I-Effect
training I-Effect
when I-Effect
orienting I-Effect
new I-Effect
hires I-Effect
rather I-Effect
than I-Effect
expecting I-Effect
new I-Effect
graduates I-Effect
to I-Effect
already I-Effect
be I-Effect
trained I-Effect
on I-Effect
their I-Effect
software I-Effect
of I-Effect
choice I-Effect
. O

The O
existing O
players O
' O
positioning O
is O
very O
defensible O
, O
with O
most B-Effect
practitioners I-Effect
rarely I-Effect
switching I-Effect
to I-Effect
competitors I-Effect
' I-Effect
products I-Effect
because O
of O
inertia B-Cause
as I-Cause
well I-Cause
as I-Cause
up-front I-Cause
training I-Cause
costs I-Cause
. O

As O
the O
company O
integrates O
the O
higher O
margin O
Cytiva O
business O
and O
controls O
costs O
in O
general O
, O
we O
project O
that O
the O
firm O
's O
profitability B-Cause
should I-Cause
continue I-Cause
rising I-Cause
, O
causing O
earnings B-Effect
per I-Effect
share I-Effect
growth I-Effect
to I-Effect
grow I-Effect
11 I-Effect
% I-Effect
compounded O
annually O
during O
the O
next O
five O
years O
, O
despite O
the O
dilutive O
actions O
associated O
with O
financing O
the O
Cytiva O
deal O
. O

We O
think O
gross B-Cause
margins I-Cause
increase I-Cause
over I-Cause
time I-Cause
once I-Cause
the I-Cause
fulfillment I-Cause
network I-Cause
is I-Cause
scaling I-Cause
and I-Cause
contributes I-Cause
to I-Cause
leverage I-Cause
on I-Cause
operating I-Cause
expenses I-Cause
, O
driving O
the B-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
from I-Effect
15 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
24 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
model I-Effect
any I-Effect
contribution I-Effect
from I-Effect
the I-Effect
very I-Effect
early I-Effect
pipeline I-Effect
, O
as O
these B-Cause
candidates I-Cause
have I-Cause
not I-Cause
yet I-Cause
entered I-Cause
human I-Cause
trials I-Cause
. O

The B-Effect
bank I-Effect
also I-Effect
maintains I-Effect
a I-Effect
slight I-Effect
advantage I-Effect
over I-Effect
smaller I-Effect
peers I-Effect
, O
attributable O
to O
its B-Cause
operating I-Cause
within I-Cause
the I-Cause
Santander I-Cause
Group I-Cause
, I-Cause
permitting I-Cause
technological I-Cause
diffusion I-Cause
, I-Cause
as I-Cause
seen I-Cause
with I-Cause
the I-Cause
recently I-Cause
launched I-Cause
merchant I-Cause
acquiring I-Cause
arm I-Cause
, I-Cause
initially I-Cause
purchased I-Cause
by I-Cause
Santander I-Cause
Brazil I-Cause
. O

Additionally O
, O
we O
expect O
South B-Effect
America I-Effect
margins I-Effect
to I-Effect
expand I-Effect
as O
economic B-Cause
growth I-Cause
stabilizes I-Cause
and I-Cause
higher I-Cause
capacity I-Cause
utilization I-Cause
drives I-Cause
the I-Cause
benefits I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
security I-Cause
, O
especially O
in O
the O
increasingly O
digitized O
world O
, O
such B-Cause
a I-Cause
disruption I-Cause
could I-Cause
be I-Cause
dangerous I-Cause
for I-Cause
business I-Cause
operations I-Cause
and O
lead O
to O
a B-Effect
data I-Effect
breach I-Effect
that I-Effect
could I-Effect
impede I-Effect
customer I-Effect
trust I-Effect
in I-Effect
the I-Effect
company I-Effect
. O

Given O
the B-Cause
relatively I-Cause
low I-Cause
fixed I-Cause
costs I-Cause
of I-Cause
an I-Cause
insurer I-Cause
's I-Cause
income I-Cause
statement I-Cause
, O
this O
does B-Effect
not I-Effect
lend I-Effect
itself I-Effect
to I-Effect
MetLife I-Effect
having I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
. O

We B-Effect
expect I-Effect
growth I-Effect
will I-Effect
ramp I-Effect
up I-Effect
to I-Effect
about I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
couple I-Effect
years I-Effect
as O
the B-Cause
demand I-Cause
for I-Cause
increased I-Cause
broadband I-Cause
speeds I-Cause
will I-Cause
drive I-Cause
increased I-Cause
penetration I-Cause
and I-Cause
allows I-Cause
for I-Cause
higher I-Cause
prices I-Cause
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
108 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
105 I-Effect
, O
mainly O
due O
to O
time B-Cause
value I-Cause
since O
our O
last O
update O
. O

As O
WW B-Cause
becomes I-Cause
a I-Cause
more I-Cause
comprehensive I-Cause
health I-Cause
and I-Cause
wellness I-Cause
solution I-Cause
( I-Cause
including I-Cause
attracting I-Cause
consumers I-Cause
outside I-Cause
of I-Cause
its I-Cause
core I-Cause
membership I-Cause
platforms I-Cause
and I-Cause
adoption I-Cause
of I-Cause
licensed I-Cause
products I-Cause
, I-Cause
travel/leisure I-Cause
, I-Cause
technology I-Cause
and I-Cause
B2B I-Cause
partnerships I-Cause
) I-Cause
, I-Cause
we I-Cause
believe I-Cause
it I-Cause
can I-Cause
sustain I-Cause
3 I-Cause
% I-Cause
-4 I-Cause
% I-Cause
top-line I-Cause
growth I-Cause
from I-Cause
2021-24. O
This O
assumes O
high-single-digit B-Effect
online I-Effect
revenue I-Effect
growth I-Effect
and I-Effect
low- I-Effect
to I-Effect
mid-single-digit I-Effect
physical I-Effect
studio I-Effect
revenue I-Effect
declines I-Effect
due I-Effect
to I-Effect
legacy I-Effect
studio I-Effect
closures I-Effect
, I-Effect
partly I-Effect
offset I-Effect
by I-Effect
new I-Effect
margin-accretive I-Effect
store I-Effect
format I-Effect
partnerships I-Effect
. O

We O
expect O
Fortinet B-Cause
to I-Cause
continue I-Cause
adding I-Cause
capabilities I-Cause
to I-Cause
its I-Cause
Security I-Cause
Fabric I-Cause
platform I-Cause
, O
which O
helps B-Effect
extract I-Effect
additional I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
while I-Effect
diversifying I-Effect
the I-Effect
company I-Effect
away I-Effect
from I-Effect
its I-Effect
reliance I-Effect
on I-Effect
selling I-Effect
security I-Effect
appliances I-Effect
. O

Thus O
, O
for O
Amazon B-Effect
to I-Effect
offer I-Effect
delivery I-Effect
to I-Effect
the I-Effect
broader I-Effect
marketplace I-Effect
, O
its B-Cause
investment I-Cause
in I-Cause
network I-Cause
capabilities I-Cause
would I-Cause
very I-Cause
likely I-Cause
have I-Cause
to I-Cause
swell I-Cause
to I-Cause
even I-Cause
more I-Cause
lofty I-Cause
levels I-Cause
. O

Utility B-Effect
regulation I-Effect
in I-Effect
Hawaii I-Effect
includes I-Effect
sales-decoupling I-Effect
mechanisms I-Effect
that I-Effect
for I-Effect
the I-Effect
most I-Effect
part I-Effect
shield I-Effect
utility I-Effect
earnings I-Effect
from I-Effect
lower I-Effect
sales I-Effect
due O
to O
residential B-Cause
rooftop I-Cause
solar I-Cause
growth I-Cause
. O

We O
appreciate O
management B-Cause
's I-Cause
attempts I-Cause
to I-Cause
reaccelerate I-Cause
Marketplace I-Cause
GMV I-Cause
growth I-Cause
with I-Cause
increased I-Cause
marketing I-Cause
and I-Cause
changes I-Cause
to I-Cause
its I-Cause
search I-Cause
engine I-Cause
listing I-Cause
formats I-Cause
and O
expect O
near-term B-Effect
GMV I-Effect
trends I-Effect
to I-Effect
benefit I-Effect
from I-Effect
near-term I-Effect
COVID-19-related I-Effect
shelter-in-place I-Effect
regulations I-Effect
. O

We O
think O
that O
the B-Effect
time I-Effect
and I-Effect
effort I-Effect
required I-Effect
for I-Effect
a I-Effect
new I-Effect
competitor I-Effect
to I-Effect
enter I-Effect
this I-Effect
market I-Effect
is I-Effect
a I-Effect
steep I-Effect
enough I-Effect
barrier I-Effect
that O
most B-Cause
would-be I-Cause
competitors I-Cause
are I-Cause
not I-Cause
willing I-Cause
to I-Cause
enter I-Cause
the I-Cause
market I-Cause
. O

Given O
the B-Cause
firm I-Cause
's I-Cause
fiscal I-Cause
year I-Cause
ends I-Cause
in I-Cause
June I-Cause
, O
we O
project O
much B-Effect
of I-Effect
the I-Effect
impact I-Effect
of I-Effect
COVID-19 I-Effect
will I-Effect
hit I-Effect
Fox I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
. O

Most B-Cause
of I-Cause
Eversource I-Cause
's I-Cause
rates I-Cause
are I-Cause
decoupled I-Cause
from I-Cause
usage I-Cause
, O
mitigating B-Effect
the I-Effect
effects I-Effect
from I-Effect
a B-Effect
drop-off I-Effect
in I-Effect
energy I-Effect
demand I-Effect
in I-Effect
2020 I-Effect
due I-Effect
to I-Effect
COVID-19 B-Cause
precautions I-Cause
. O

We O
believe O
loan B-Effect
growth I-Effect
should I-Effect
eventually I-Effect
pick I-Effect
up I-Effect
as O
the B-Cause
economy I-Cause
recovers I-Cause
and I-Cause
opportunities I-Cause
present I-Cause
themselves I-Cause
in I-Cause
Comerica I-Cause
's I-Cause
less I-Cause
established I-Cause
markets I-Cause
of I-Cause
California I-Cause
and I-Cause
Texas I-Cause
. O

However B-Cause
, I-Cause
global I-Cause
travel I-Cause
has I-Cause
waned I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
coronavirus I-Cause
, O
potentially B-Effect
leading I-Effect
to I-Effect
longer-term I-Effect
secular I-Effect
shifts I-Effect
in I-Effect
consumer I-Effect
behavior I-Effect
, I-Effect
challenging I-Effect
the I-Effect
economic I-Effect
performance I-Effect
of I-Effect
Carnival I-Effect
over I-Effect
an I-Effect
extended I-Effect
horizon I-Effect
. O

Although O
social O
distancing O
and O
stay-at-home O
orders O
pose O
unique O
challenges O
, O
Burlington B-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
navigate I-Effect
a I-Effect
recessionary I-Effect
environment I-Effect
, O
as O
the B-Cause
off-price I-Cause
sector I-Cause
has I-Cause
performed I-Cause
well I-Cause
in I-Cause
such I-Cause
situations I-Cause
historically I-Cause
( I-Cause
Ross I-Cause
and I-Cause
TJX I-Cause
saw I-Cause
low- I-Cause
to I-Cause
mid-single-digit I-Cause
percentage I-Cause
comparable I-Cause
growth I-Cause
in I-Cause
2008-09 I-Cause
) I-Cause
. O

Experience O
has O
shown O
us O
that O
asset B-Cause
managers I-Cause
that I-Cause
go I-Cause
through I-Cause
extended I-Cause
periods I-Cause
of I-Cause
underperformance-driven I-Cause
outflows I-Cause
can I-Cause
take I-Cause
upwards I-Cause
of I-Cause
seven I-Cause
years I-Cause
to O
return B-Effect
to I-Effect
positive I-Effect
flow I-Effect
territory I-Effect
, O
with O
a O
company O
needing O
to O
demonstrate O
above-average O
three- O
and O
five-year O
performance O
that O
is O
sustainable O
. O

At O
the O
time O
, O
we O
thought O
there B-Effect
was I-Effect
too I-Effect
much I-Effect
focus I-Effect
by I-Effect
investors I-Effect
on I-Effect
the I-Effect
importance I-Effect
of I-Effect
the I-Effect
S I-Effect
& I-Effect
amp I-Effect
; I-Effect
L I-Effect
segment I-Effect
( I-Effect
at I-Effect
midcycle I-Effect
8 I-Effect
% I-Effect
-10 I-Effect
% I-Effect
of I-Effect
EBITDA I-Effect
) I-Effect
, O
which O
can O
report O
very B-Cause
volatile I-Cause
results I-Cause
, I-Cause
and I-Cause
a I-Cause
lack I-Cause
of I-Cause
appreciation I-Cause
for I-Cause
the I-Cause
quality I-Cause
of I-Cause
Plains I-Cause
' I-Cause
fee-based I-Cause
asset I-Cause
base I-Cause
. O

Additionally O
, O
Cerner B-Effect
's I-Effect
healthcare I-Effect
expertise I-Effect
and I-Effect
reputation I-Effect
are I-Effect
paramount I-Effect
, O
as O
privacy B-Cause
or I-Cause
reimbursement I-Cause
complications I-Cause
could I-Cause
be I-Cause
a I-Cause
detriment I-Cause
to I-Cause
operations I-Cause
in I-Cause
a I-Cause
highly I-Cause
regulated I-Cause
market I-Cause
. O

Because O
of O
the B-Cause
high I-Cause
frequencies I-Cause
Verizon I-Cause
is I-Cause
using I-Cause
, I-Cause
we O
expect O
customers B-Effect
will I-Effect
need I-Effect
to I-Effect
be I-Effect
very I-Effect
close I-Effect
to I-Effect
network I-Effect
base I-Effect
stations I-Effect
, I-Effect
requiring I-Effect
fiber I-Effect
to I-Effect
be I-Effect
built I-Effect
deeply I-Effect
into I-Effect
each I-Effect
neighborhood I-Effect
served I-Effect
. O

This O
is O
faster B-Effect
than I-Effect
we I-Effect
previously I-Effect
forecast I-Effect
as O
the B-Cause
company I-Cause
's I-Cause
cost-cutting I-Cause
focus I-Cause
addresses I-Cause
high I-Cause
overhead I-Cause
expenses I-Cause
amid I-Cause
tepid I-Cause
near-term I-Cause
sales I-Cause
growth I-Cause
. O

We O
also O
believe O
NetApp B-Effect
can I-Effect
capitalize I-Effect
on I-Effect
enterprises I-Effect
shifting I-Effect
to I-Effect
public I-Effect
and I-Effect
hybrid I-Effect
clouds I-Effect
by O
offering B-Cause
seamless I-Cause
transitions I-Cause
through I-Cause
its I-Cause
hyperscale I-Cause
partnerships I-Cause
and I-Cause
cloud-based I-Cause
software I-Cause
suites I-Cause
. O

While O
Duperreault O
intends O
to O
pivot O
toward O
growth O
, O
we O
think O
AIG B-Cause
's I-Cause
size I-Cause
and I-Cause
the I-Cause
maturity I-Cause
of I-Cause
the I-Cause
industry I-Cause
will O
limit O
organic B-Effect
opportunities I-Effect
. O

We O
expect O
a B-Effect
sharp I-Effect
rebound I-Effect
in I-Effect
margins I-Effect
in I-Effect
2021 I-Effect
with O
economic B-Cause
recovery I-Cause
and I-Cause
tight I-Cause
supply I-Cause
in I-Cause
some I-Cause
of I-Cause
BASF I-Cause
's I-Cause
commodity I-Cause
markets I-Cause
, O
which O
should O
normalize O
in O
2022 O
. O

We B-Effect
do I-Effect
n't I-Effect
think I-Effect
bankruptcy I-Effect
is I-Effect
imminent I-Effect
because O
the B-Cause
firm I-Cause
does I-Cause
not I-Cause
have I-Cause
large I-Cause
nonaircraft I-Cause
debt I-Cause
maturities I-Cause
coming I-Cause
due I-Cause
until I-Cause
2022 I-Cause
. O

After B-Cause
over I-Cause
a I-Cause
decade I-Cause
of I-Cause
research I-Cause
, I-Cause
Onpattro I-Cause
, I-Cause
the I-Cause
first I-Cause
RNAi I-Cause
therapy I-Cause
, I-Cause
was I-Cause
approved I-Cause
in I-Cause
2018 I-Cause
for I-Cause
polyneuropathy I-Cause
in I-Cause
hereditary I-Cause
ATTR I-Cause
amyloidosis I-Cause
, O
positioning B-Effect
Alnylam I-Effect
as I-Effect
a I-Effect
leader I-Effect
among I-Effect
RNA-based I-Effect
biotechs I-Effect
. O

While O
there O
was O
good O
activity O
in O
the O
first O
quarter O
of O
2021 O
, O
low B-Cause
interest I-Cause
rates I-Cause
typically I-Cause
depress I-Cause
interest I-Cause
rate I-Cause
volatility I-Cause
, O
which O
leads B-Effect
to I-Effect
lower I-Effect
revenue I-Effect
for I-Effect
CME I-Effect
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
229 I-Effect
from I-Effect
$ I-Effect
221 I-Effect
per I-Effect
share I-Effect
, O
mainly O
due O
to O
time B-Cause
value I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

Further O
, O
we O
think O
new B-Cause
Internet I-Cause
of I-Cause
Things I-Cause
solutions I-Cause
, I-Cause
including I-Cause
digital I-Cause
capabilities I-Cause
that O
improve B-Effect
weld I-Effect
accuracy I-Effect
and I-Effect
control I-Effect
as I-Effect
well I-Effect
as I-Effect
data I-Effect
analytics I-Effect
, I-Effect
will I-Effect
enhance I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
. O

In O
the O
proximity O
division O
, O
our B-Cause
forecast I-Cause
of I-Cause
a I-Cause
roughly I-Cause
9 I-Cause
% I-Cause
sales I-Cause
CAGR I-Cause
through I-Cause
2025 I-Cause
is I-Cause
predominantly I-Cause
attributable O
to O
same-store B-Cause
sales I-Cause
( I-Cause
we I-Cause
model I-Cause
roughly I-Cause
5.5 I-Cause
% I-Cause
growth I-Cause
on I-Cause
average I-Cause
) I-Cause
, O
which O
in O
turn O
skews B-Effect
toward I-Effect
growth I-Effect
in I-Effect
average I-Effect
customer I-Effect
ticket I-Effect
. O

The B-Effect
animal I-Effect
health I-Effect
industry I-Effect
had I-Effect
long I-Effect
been I-Effect
largely I-Effect
ignored I-Effect
because O
these B-Cause
businesses I-Cause
were I-Cause
buried I-Cause
within I-Cause
larger I-Cause
human I-Cause
health I-Cause
companies I-Cause
, O
but O
no O
longer O
. O

Should O
Paccar B-Cause
compete I-Cause
effectively I-Cause
with I-Cause
its I-Cause
own I-Cause
electric I-Cause
drivetrains I-Cause
, O
it O
would O
face O
a B-Effect
reduction I-Effect
in I-Effect
its I-Effect
parts I-Effect
business I-Effect
, O
which O
represents O
23 O
% O
of O
manufacturing O
revenue O
and O
56 O
% O
of O
manufacturing O
pretax O
profit O
. O

We O
expect O
average O
annual B-Effect
comps I-Effect
of I-Effect
just I-Effect
above I-Effect
6 I-Effect
% I-Effect
from I-Effect
2022-25 I-Effect
due O
to O
new B-Cause
menu I-Cause
innovations I-Cause
, I-Cause
guest I-Cause
experience I-Cause
improvements I-Cause
and I-Cause
second I-Cause
assembly I-Cause
line I-Cause
delivery/catering I-Cause
orders I-Cause
. O

For O
reference O
, O
Toys O
' O
R O
' O
Us O
, O
which O
declared B-Cause
bankruptcy I-Cause
in I-Cause
2018 I-Cause
, O
had O
represented O
8 O
% O
of O
sales O
in O
2017 O
, O
hindering B-Effect
2017 I-Effect
holiday I-Effect
season I-Effect
sales I-Effect
( O
representing O
around O
30 O
% O
-40 O
% O
of O
the O
9 O
% O
sales O
decline O
in O
2017 O
) O
, O
and O
further B-Effect
weighed I-Effect
on I-Effect
growth I-Effect
as O
the B-Cause
business I-Cause
liquidated I-Cause
in I-Cause
2018 I-Cause
. O

Additionally O
, O
broadband O
pricing O
is O
low O
in O
Mexico O
, O
which O
allows B-Cause
for I-Cause
price I-Cause
increases I-Cause
in I-Cause
the I-Cause
near I-Cause
to I-Cause
medium I-Cause
term I-Cause
as O
internet B-Effect
access I-Effect
becomes I-Effect
even I-Effect
more I-Effect
a I-Effect
necessity I-Effect
for O
Mexican O
households O
. O

Furthermore O
, O
we B-Effect
believe I-Effect
pricing I-Effect
gains I-Effect
will I-Effect
be I-Effect
bound I-Effect
by I-Effect
the I-Effect
hesitancy I-Effect
of I-Effect
new I-Effect
cruisers I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
2 I-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCyears I-Effect
, O
as O
those B-Cause
potential I-Cause
customers I-Cause
could I-Cause
opt I-Cause
for I-Cause
more I-Cause
safely I-Cause
perceived I-Cause
land-based I-Cause
vacations I-Cause
given I-Cause
the I-Cause
recent I-Cause
media I-Cause
hype I-Cause
. I-Cause

Regarding B-Cause
intangible I-Cause
assets I-Cause
, I-Cause
Apple I-Cause
's I-Cause
differentiated I-Cause
user I-Cause
experience I-Cause
via I-Cause
iOS I-Cause
coupled I-Cause
with I-Cause
its I-Cause
expertise I-Cause
in I-Cause
both I-Cause
hardware I-Cause
and I-Cause
software I-Cause
design I-Cause
allows O
the B-Effect
firm I-Effect
to I-Effect
more I-Effect
seamlessly I-Effect
build I-Effect
integrated I-Effect
products I-Effect
. O

Given O
the B-Cause
growth I-Cause
we I-Cause
see I-Cause
from I-Cause
expanding I-Cause
mass I-Cause
gambling I-Cause
and I-Cause
nongaming I-Cause
activity I-Cause
, O
we B-Effect
project I-Effect
Macao I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
remain I-Effect
steady I-Effect
at I-Effect
31.3 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
30 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
despite O
higher O
expected O
license O
renewal O
fees O
beginning O
in O
2022 O
. O

The B-Effect
company I-Effect
lacks I-Effect
efficient I-Effect
scale I-Effect
or I-Effect
cost I-Effect
advantage I-Effect
as O
its B-Cause
production I-Cause
and I-Cause
distribution I-Cause
systems I-Cause
are I-Cause
like I-Cause
those I-Cause
of I-Cause
most I-Cause
apparel I-Cause
companies I-Cause
. O

We O
assume O
that O
the B-Cause
coronavirus I-Cause
will O
cause O
occupancy B-Effect
to I-Effect
remain I-Effect
under I-Effect
90 I-Effect
% I-Effect
through I-Effect
the I-Effect
end I-Effect
of I-Effect
2022 I-Effect
, O
though O
occupancy O
will O
increase O
over O
the O
coming O
years O
back O
to O
a O
92.5 O
% O
level O
. O

In O
short O
, O
we O
think O
its B-Cause
global I-Cause
footprint I-Cause
and I-Cause
vast I-Cause
network I-Cause
of I-Cause
shippers I-Cause
and I-Cause
carriers I-Cause
creates B-Effect
a I-Effect
robust I-Effect
value I-Effect
proposition I-Effect
to I-Effect
shippers I-Effect
that O
would O
be O
very O
difficult O
to O
replicate O
. O

But O
after O
incorporating B-Cause
costs I-Cause
sunk I-Cause
on I-Cause
leasehold I-Cause
, I-Cause
acquisitions I-Cause
, I-Cause
exploration I-Cause
, I-Cause
and I-Cause
infrastructure I-Cause
, O
Range B-Effect
's I-Effect
capital I-Effect
base I-Effect
inflates I-Effect
to I-Effect
a I-Effect
level I-Effect
that I-Effect
makes I-Effect
high I-Effect
returns I-Effect
on I-Effect
capital I-Effect
very I-Effect
difficult I-Effect
. O

While O
approximately O
75 O
% O
of O
Twilio O
's O
revenue O
is O
currently O
usage-based O
, O
the B-Cause
expansion I-Cause
of I-Cause
solutions I-Cause
API I-Cause
offerings I-Cause
should O
help O
increase B-Effect
enterprise I-Effect
client I-Effect
penetration I-Effect
and I-Effect
support I-Effect
recurring I-Effect
revenue I-Effect
. O

Nevertheless O
, O
Corning B-Cause
operates I-Cause
numerous I-Cause
plants I-Cause
with I-Cause
each I-Cause
of I-Cause
its I-Cause
large I-Cause
customers I-Cause
, I-Cause
typically I-Cause
with I-Cause
multiyear I-Cause
supply I-Cause
agreements I-Cause
, O
which O
we O
think O
insulate O
it O
against O
the B-Effect
risk I-Effect
of I-Effect
losing I-Effect
an I-Effect
entire I-Effect
customer I-Effect
relationship I-Effect
. O

Expanding B-Cause
on I-Cause
its I-Cause
mailing I-Cause
, I-Cause
data I-Cause
security I-Cause
, I-Cause
and I-Cause
processing I-Cause
capabilities I-Cause
, I-Cause
Broadridge I-Cause
has I-Cause
completed I-Cause
numerous I-Cause
acquisitions I-Cause
, O
primarily O
tuck-ins O
to O
complement B-Effect
its I-Effect
offerings I-Effect
. O

BRP B-Cause
is I-Cause
the I-Cause
industry I-Cause
leader I-Cause
in I-Cause
both I-Cause
snowmobiles I-Cause
and I-Cause
personal I-Cause
watercraft I-Cause
, O
indicating B-Cause
that I-Cause
brand I-Cause
equity I-Cause
resonates I-Cause
with I-Cause
consumers I-Cause
, O
which O
should O
ultimately O
allow O
the B-Effect
firm I-Effect
to I-Effect
charge I-Effect
competitive I-Effect
prices I-Effect
. O

FiOS B-Effect
is I-Effect
particularly I-Effect
relevant I-Effect
to I-Effect
Altice I-Effect
USA I-Effect
because O
its B-Cause
Cablevision I-Cause
unit I-Cause
, I-Cause
which I-Cause
accounts I-Cause
for I-Cause
about I-Cause
60 I-Cause
% I-Cause
of I-Cause
the I-Cause
business I-Cause
, I-Cause
serves I-Cause
New I-Cause
York I-Cause
exclusively I-Cause
. O

Even O
so O
, O
we O
do O
n't O
anticipate O
the B-Effect
CDN I-Effect
being I-Effect
a I-Effect
contributor I-Effect
to I-Effect
growth I-Effect
, O
as O
we O
believe O
a B-Cause
combination I-Cause
of I-Cause
competition I-Cause
and I-Cause
deflationary I-Cause
pricing I-Cause
will I-Cause
limit I-Cause
its I-Cause
potential I-Cause
. O

We O
expect O
Intuit B-Cause
's I-Cause
revenue I-Cause
growth I-Cause
to I-Cause
outpace I-Cause
its I-Cause
growth I-Cause
in I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
expense I-Cause
in I-Cause
the I-Cause
years I-Cause
ahead I-Cause
, O
leading O
to O
operating B-Effect
leverage I-Effect
and I-Effect
rising I-Effect
operating I-Effect
margins I-Effect
. O

Finally O
, O
we O
believe O
revenue B-Effect
growth I-Effect
in I-Effect
the I-Effect
18 I-Effect
% I-Effect
range I-Effect
can I-Effect
be I-Effect
expected I-Effect
from I-Effect
the I-Effect
consumer I-Effect
end I-Effect
market I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
grow I-Cause
in I-Cause
consumer I-Cause
electronics I-Cause
like I-Cause
gaming I-Cause
consoles I-Cause
while I-Cause
also I-Cause
penetrating I-Cause
more I-Cause
high-value I-Cause
opportunities I-Cause
in I-Cause
appliances I-Cause
. O

As O
more B-Cause
television I-Cause
viewing I-Cause
shifts I-Cause
online I-Cause
and I-Cause
to I-Cause
mobile I-Cause
devices I-Cause
, O
however O
, O
consumer B-Cause
viewing I-Cause
habits I-Cause
could I-Cause
shift I-Cause
in I-Cause
unpredictable I-Cause
ways I-Cause
that O
favor B-Effect
newer I-Effect
content I-Effect
models I-Effect
. O

While O
the O
company O
has O
benefited O
from O
a O
surge O
of O
retail O
interest O
in O
equity O
markets O
, O
competition B-Cause
among I-Cause
equity I-Cause
exchanges I-Cause
has O
driven O
net B-Effect
revenue I-Effect
per I-Effect
share I-Effect
low I-Effect
enough O
that O
an O
increase O
in O
equity O
trading O
volume O
has O
only O
a O
small O
impact O
on O
ICE O
's O
bottom O
line O
. O

In O
the O
aggregate O
, O
this O
implies O
more B-Cause
facilities I-Cause
, I-Cause
production I-Cause
lines I-Cause
, I-Cause
or I-Cause
at I-Cause
the I-Cause
very I-Cause
minimum I-Cause
, I-Cause
production I-Cause
line I-Cause
changeover I-Cause
, O
which O
constrains O
the B-Effect
level I-Effect
of I-Effect
fixed I-Effect
cost I-Effect
leverage I-Effect
that I-Effect
can I-Effect
be I-Effect
achieved I-Effect
. O

With O
a B-Cause
fast-turning I-Cause
inventory I-Cause
of I-Cause
high-value I-Cause
branded I-Cause
merchandise I-Cause
, O
Ross B-Effect
' I-Effect
store I-Effect
experience I-Effect
and I-Effect
value I-Effect
proposition I-Effect
should I-Effect
continue I-Effect
to I-Effect
resonate I-Effect
as O
the B-Cause
pandemic I-Cause
ebbs I-Cause
. O

Strong B-Cause
market I-Cause
performance I-Cause
in I-Cause
the I-Cause
second I-Cause
, I-Cause
third I-Cause
and I-Cause
fourth I-Cause
quarters I-Cause
helped I-Cause
lift I-Cause
AB I-Cause
's I-Cause
managed I-Cause
assets I-Cause
higher I-Cause
in I-Cause
the I-Cause
aftermath I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
induced I-Cause
sell-off I-Cause
in I-Cause
the I-Cause
first I-Cause
quarter I-Cause
, O
leaving B-Effect
AB I-Effect
in I-Effect
a I-Effect
stronger I-Effect
position I-Effect
than I-Effect
we I-Effect
were I-Effect
anticipating I-Effect
coming I-Effect
into I-Effect
2021 I-Effect
. O

Google O
has O
quickly O
leveraged O
the B-Cause
technological I-Cause
expertise I-Cause
it I-Cause
applied I-Cause
to I-Cause
creating I-Cause
and I-Cause
maintaining I-Cause
its I-Cause
private I-Cause
cloud I-Cause
platform I-Cause
to I-Cause
increase I-Cause
its I-Cause
market I-Cause
share I-Cause
in I-Cause
this I-Cause
space I-Cause
, O
driving B-Effect
additional I-Effect
revenue I-Effect
growth I-Effect
, I-Effect
creating I-Effect
more I-Effect
operating I-Effect
leverage I-Effect
, O
which O
we O
expect O
will O
continue O
. O

Management O
further O
believes O
that O
Zoom B-Effect
's I-Effect
opportunity I-Effect
is I-Effect
larger I-Effect
, O
as O
video B-Cause
penetration I-Cause
can I-Cause
increase I-Cause
materially I-Cause
as O
users B-Cause
experience I-Cause
the I-Cause
platform I-Cause
's I-Cause
ease I-Cause
of I-Cause
use I-Cause
and I-Cause
robust I-Cause
features I-Cause
. O

Wide-body B-Effect
aircraft I-Effect
face I-Effect
a I-Effect
prolonged I-Effect
recovery I-Effect
from I-Effect
COVID-19 I-Effect
and I-Effect
are I-Effect
increasingly I-Effect
displaced I-Effect
by I-Effect
narrow-body I-Effect
aircraft I-Effect
due O
to O
technical B-Cause
advances I-Cause
and I-Cause
structural I-Cause
shifts I-Cause
in I-Cause
demand I-Cause
patterns I-Cause
. O

Revenue B-Effect
will I-Effect
rise I-Effect
thanks O
to O
a B-Cause
growing I-Cause
number I-Cause
of I-Cause
restaurants I-Cause
, I-Cause
diners I-Cause
, I-Cause
and I-Cause
orders I-Cause
, O
partially O
offset O
by O
the O
firm O
's O
take O
rate O
, O
which O
we O
have O
assumed O
will O
grow O
at O
only O
about O
2 O
% O
per O
year O
. O

ON B-Cause
is I-Cause
the I-Cause
second-largest I-Cause
supplier I-Cause
of I-Cause
discrete I-Cause
power I-Cause
transistors I-Cause
globally O
, O
and O
we O
think O
it O
has O
earned B-Effect
a I-Effect
cost I-Effect
advantage I-Effect
from I-Effect
passing I-Effect
these I-Effect
volumes I-Effect
over I-Effect
its I-Effect
vertically I-Effect
integrated I-Effect
manufacturing I-Effect
. O

Though O
recently O
relaxed O
, O
requirements B-Cause
to I-Cause
source I-Cause
a I-Cause
set I-Cause
amount I-Cause
of I-Cause
equipment I-Cause
from I-Cause
Brazil I-Cause
can O
result O
in O
cost B-Effect
overruns I-Effect
and I-Effect
delays I-Effect
in I-Effect
developing I-Effect
reserves I-Effect
. O

Cushman B-Cause
& I-Cause
amp I-Cause
; I-Cause
Wakefield I-Cause
's I-Cause
reputation I-Cause
also O
allows O
it O
to O
attract B-Effect
major I-Effect
multinational I-Effect
clients I-Effect
in I-Effect
its I-Effect
property I-Effect
and I-Effect
facility I-Effect
management I-Effect
business I-Effect
. O

At O
Goderich O
, O
Compass B-Cause
mines I-Cause
deposits I-Cause
that I-Cause
are I-Cause
100 I-Cause
feet I-Cause
thick I-Cause
, I-Cause
compared I-Cause
with I-Cause
many I-Cause
competing I-Cause
mines I-Cause
whose I-Cause
seams I-Cause
are I-Cause
only I-Cause
20-30 I-Cause
feet I-Cause
thick. O
This O
allows O
Compass B-Effect
to I-Effect
use I-Effect
more I-Effect
efficient I-Effect
mining I-Effect
techniques I-Effect
and I-Effect
remove I-Effect
more I-Effect
salt I-Effect
for I-Effect
each I-Effect
foot I-Effect
advanced I-Effect
in I-Effect
the I-Effect
mine I-Effect
. O

We O
also O
think O
Paccar B-Effect
will I-Effect
continue I-Effect
to I-Effect
extend I-Effect
its I-Effect
global I-Effect
reach I-Effect
, I-Effect
as O
government B-Cause
authorities I-Cause
in I-Cause
Brazil I-Cause
, I-Cause
India I-Cause
, I-Cause
China I-Cause
, I-Cause
and I-Cause
Australia I-Cause
introduce I-Cause
new I-Cause
emission I-Cause
standards I-Cause
. I-Cause

Longer O
term O
, O
between O
2022 O
and O
2024 O
, O
we O
project B-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
organic I-Effect
gross I-Effect
revenue I-Effect
expansion I-Effect
on I-Effect
average I-Effect
, O
driven O
by O
positive B-Cause
secular I-Cause
trends I-Cause
in I-Cause
intermodal I-Cause
shipping I-Cause
and I-Cause
improving I-Cause
execution I-Cause
in I-Cause
truck I-Cause
brokerage I-Cause
. O

We O
believe O
the B-Effect
synergy I-Effect
target I-Effect
remains I-Effect
achievable I-Effect
, O
particularly O
as O
the B-Cause
firm I-Cause
is I-Cause
led I-Cause
by I-Cause
a I-Cause
management I-Cause
team I-Cause
with I-Cause
an I-Cause
impressive I-Cause
record I-Cause
. O

Bristol B-Cause
has I-Cause
created I-Cause
a I-Cause
strong I-Cause
pipeline I-Cause
and O
brought B-Effect
in I-Effect
partners I-Effect
to I-Effect
share I-Effect
the I-Effect
development I-Effect
costs I-Effect
and I-Effect
diversify I-Effect
the I-Effect
risks I-Effect
of I-Effect
clinical I-Effect
and I-Effect
regulatory I-Effect
failure I-Effect
. O

With O
nonexistent B-Cause
customer I-Cause
switching I-Cause
costs I-Cause
and I-Cause
intense I-Cause
competition I-Cause
, O
we O
've O
already O
seen O
several B-Effect
retailers I-Effect
exit I-Effect
the I-Effect
industry I-Effect
while I-Effect
a I-Effect
host I-Effect
of I-Effect
others I-Effect
struggle I-Effect
to I-Effect
reverse I-Effect
deteriorating I-Effect
fundamentals I-Effect
. O

The B-Cause
academic I-Cause
and I-Cause
government I-Cause
spending I-Cause
environment I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
and I-Cause
Western I-Cause
Europe I-Cause
may I-Cause
remain I-Cause
constrained I-Cause
over I-Cause
a I-Cause
long I-Cause
period I-Cause
, O
negatively O
affecting O
demand B-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
research I-Effect
instrumentation I-Effect
. O

We B-Effect
bake I-Effect
in I-Effect
low-double-digit I-Effect
growth I-Effect
for I-Effect
Paragard I-Effect
, O
as O
we O
think O
the B-Cause
product I-Cause
will I-Cause
benefit I-Cause
from I-Cause
shifting I-Cause
family I-Cause
planning I-Cause
preferences I-Cause
, I-Cause
demographic I-Cause
dynamics I-Cause
, I-Cause
and I-Cause
an I-Cause
improved I-Cause
safety I-Cause
perception I-Cause
among I-Cause
obstetricians I-Cause
and I-Cause
consumers I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

As O
the B-Cause
company I-Cause
added I-Cause
features I-Cause
and I-Cause
continually I-Cause
honed I-Cause
the I-Cause
product I-Cause
and O
would-be B-Cause
buyers I-Cause
became I-Cause
more I-Cause
comfortable I-Cause
with I-Cause
SaaS I-Cause
, O
it B-Effect
evolved I-Effect
into I-Effect
an I-Effect
enterprise I-Effect
class I-Effect
product I-Effect
. O

However O
, O
given O
structural B-Cause
changes I-Cause
in I-Cause
retailing I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
rising I-Cause
mall I-Cause
closures I-Cause
) I-Cause
and O
the B-Cause
concern I-Cause
that I-Cause
post-coronavirus I-Cause
consumer I-Cause
spending I-Cause
could I-Cause
shift I-Cause
back I-Cause
to I-Cause
categories I-Cause
like I-Cause
dining I-Cause
and I-Cause
travel I-Cause
, O
we O
think O
the B-Effect
firm I-Effect
could I-Effect
see I-Effect
some I-Effect
headwinds I-Effect
return I-Effect
ahead I-Effect
. O

Although B-Cause
Zscaler I-Cause
has I-Cause
been I-Cause
at I-Cause
it I-Cause
since I-Cause
2007 I-Cause
, I-Cause
we I-Cause
think I-Cause
its I-Cause
business I-Cause
model I-Cause
and I-Cause
security I-Cause
approach I-Cause
are I-Cause
in I-Cause
their I-Cause
early I-Cause
innings I-Cause
, O
and O
we B-Effect
see I-Effect
a I-Effect
long I-Effect
runway I-Effect
for I-Effect
growth I-Effect
in I-Effect
an I-Effect
addressable I-Effect
market I-Effect
worth I-Effect
tens I-Effect
of I-Effect
billions I-Effect
of I-Effect
dollars I-Effect
. O

These O
factors O
allow O
the B-Cause
company I-Cause
to I-Cause
charge I-Cause
a I-Cause
premium I-Cause
relative I-Cause
to I-Cause
competitors I-Cause
' I-Cause
products I-Cause
, O
which O
we O
believe O
contributes B-Effect
to I-Effect
its I-Effect
GAAP I-Effect
operating I-Effect
margins I-Effect
of I-Effect
over I-Effect
24 I-Effect
% I-Effect
based I-Effect
on I-Effect
2019 I-Effect
results I-Effect
. O

President O
Biden O
is O
likely O
to O
enact B-Cause
legislation I-Cause
withholding I-Cause
future I-Cause
oil I-Cause
and I-Cause
gas I-Cause
permits I-Cause
, O
which O
could O
hurt B-Effect
Oxy I-Effect
's I-Effect
growth I-Effect
in I-Effect
the I-Effect
Gulf I-Effect
. O

During O
periods O
of O
economic B-Cause
stress I-Cause
, O
consumers B-Effect
typically I-Effect
pull I-Effect
back I-Effect
on I-Effect
making I-Effect
new I-Effect
vehicle I-Effect
purchases I-Effect
, I-Effect
opting I-Effect
to I-Effect
keep I-Effect
their I-Effect
current I-Effect
vehicles I-Effect
longer I-Effect
. O

Likewise O
, O
Halliburton B-Cause
had I-Cause
an I-Cause
edge I-Cause
over I-Cause
other I-Cause
pressure I-Cause
pumpers I-Cause
in I-Cause
sand I-Cause
logistics I-Cause
, O
allowing B-Effect
the I-Effect
company I-Effect
to I-Effect
lower I-Effect
its I-Effect
total I-Effect
delivered I-Effect
sand I-Effect
cost I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
customer I-Cause
retention I-Cause
is I-Cause
in I-Cause
excess I-Cause
of I-Cause
98 I-Cause
% I-Cause
, O
which O
puts O
it B-Effect
in I-Effect
the I-Effect
elite I-Effect
category I-Effect
within O
software O
, O
while O
dollar O
retention O
is O
typically O
110 O
% O
. O

Despite O
the O
mechanics O
of O
positive O
airway O
pressure O
devices O
having O
little O
change O
in O
the O
last O
20 O
years O
, O
we O
see O
these O
'smart O
devices B-Effect
' I-Effect
as I-Effect
a I-Effect
breakthrough I-Effect
, O
given O
an O
increased B-Cause
focus I-Cause
on I-Cause
value-based I-Cause
healthcare I-Cause
in I-Cause
most I-Cause
geographies I-Cause
. O

We O
estimate O
a O
13 B-Effect
% I-Effect
EPS I-Effect
decline I-Effect
in O
2022 O
due O
to O
the B-Cause
divestitures I-Cause
, I-Cause
significant I-Cause
tax I-Cause
leakage I-Cause
, I-Cause
and I-Cause
a I-Cause
12.6 B-Effect
% I-Effect
increase I-Effect
in I-Effect
shares I-Effect
outstanding I-Effect
due O
to O
the B-Cause
conversion I-Cause
of I-Cause
convertible I-Cause
preferred I-Cause
shares I-Cause
. O

The B-Cause
position I-Cause
it I-Cause
forged I-Cause
as I-Cause
a I-Cause
trusted I-Cause
supplier I-Cause
through I-Cause
strong I-Cause
relationships I-Cause
with I-Cause
governments I-Cause
allow O
it B-Effect
, I-Effect
and I-Effect
other I-Effect
large I-Effect
incumbents I-Effect
, I-Effect
to I-Effect
identify I-Effect
emerging I-Effect
trends I-Effect
and I-Effect
opportunities I-Effect
in I-Effect
the I-Effect
defense I-Effect
market I-Effect
. O

On O
the O
expense O
front O
, O
we B-Effect
expect I-Effect
gradual I-Effect
improvement I-Effect
over I-Effect
time I-Effect
as I-Effect
the I-Effect
firm I-Effect
's I-Effect
scale I-Effect
advantages I-Effect
widen I-Effect
due O
to O
increases B-Cause
in I-Cause
fixed I-Cause
operating I-Cause
and I-Cause
technology I-Cause
costs I-Cause
across I-Cause
the I-Cause
industry I-Cause
. O

Further O
, O
the B-Cause
framework I-Cause
of I-Cause
a I-Cause
license I-Cause
in I-Cause
Japan I-Cause
is I-Cause
still I-Cause
undetermined I-Cause
and O
could O
negatively B-Effect
impact I-Effect
the I-Effect
profitability I-Effect
and I-Effect
intrinsic I-Effect
value I-Effect
of I-Effect
the I-Effect
company I-Effect
. O

Nasdaq O
is O
also O
benefiting O
from O
tailwinds B-Cause
in I-Cause
its I-Cause
index I-Cause
and I-Cause
listings I-Cause
business I-Cause
, O
and O
we O
see O
good B-Effect
medium-term I-Effect
growth I-Effect
opportunities I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

More O
recently O
, O
it O
looks O
like O
the B-Effect
firm I-Effect
could I-Effect
lose I-Effect
upward I-Effect
of I-Effect
$ I-Effect
300 I-Effect
million I-Effect
in I-Effect
annual I-Effect
revenue I-Effect
and I-Effect
around I-Effect
$ I-Effect
50 I-Effect
million- I-Effect
$ I-Effect
60 I-Effect
million I-Effect
in I-Effect
operating I-Effect
income I-Effect
annually I-Effect
as O
long O
as O
fee B-Cause
waivers I-Cause
are I-Cause
required I-Cause
in I-Cause
the I-Cause
aftermath I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
outbreak I-Cause
and I-Cause
subsequent I-Cause
recession I-Cause
. O

Nowhere O
is O
this O
more O
evident O
than O
in O
the O
automotive O
market O
, O
where O
the O
demand O
for O
increasing O
electronic O
content O
in O
the O
vehicle O
-- O
between O
digital B-Cause
clusters I-Cause
, I-Cause
infotainment I-Cause
, I-Cause
assisted I-Cause
safety I-Cause
systems I-Cause
, I-Cause
and I-Cause
energy I-Cause
efficiency I-Cause
systems I-Cause
-- O
have O
kept B-Effect
Littelfuse I-Effect
's I-Effect
and I-Effect
its I-Effect
peers I-Effect
' I-Effect
revenue I-Effect
growth I-Effect
well I-Effect
ahead I-Effect
of I-Effect
the I-Effect
low-single-digit I-Effect
automotive I-Effect
production I-Effect
rate I-Effect
. O

Research O
by O
Aite B-Cause
Group I-Cause
( I-Cause
sponsored I-Cause
by I-Cause
Envestnet I-Cause
) I-Cause
found I-Cause
that I-Cause
financial I-Cause
advisors I-Cause
using I-Cause
advanced I-Cause
technology I-Cause
integration I-Cause
spent I-Cause
more I-Cause
time I-Cause
on I-Cause
revenue-generating I-Cause
activities I-Cause
and I-Cause
ultimately I-Cause
increased B-Effect
revenue I-Effect
at I-Effect
a I-Effect
faster I-Effect
clip I-Effect
. O

As O
such O
, O
customers B-Cause
are I-Cause
often I-Cause
willing I-Cause
to I-Cause
pay I-Cause
a I-Cause
premium I-Cause
and I-Cause
sign I-Cause
long-term I-Cause
contracts I-Cause
to O
ensure B-Effect
their I-Effect
businesses I-Effect
are I-Effect
running I-Effect
smoothly I-Effect
. O

We O
believe O
this B-Effect
is I-Effect
difficult I-Effect
for I-Effect
upstarts I-Effect
to I-Effect
replicate I-Effect
quickly I-Effect
and I-Effect
see I-Effect
limited I-Effect
competition I-Effect
between I-Effect
the I-Effect
off-price I-Effect
retailers I-Effect
as O
customers B-Cause
often I-Cause
shop I-Cause
more I-Cause
than I-Cause
one I-Cause
, I-Cause
seeking I-Cause
bargains I-Cause
among I-Cause
the I-Cause
sellers I-Cause
' I-Cause
distinct I-Cause
, I-Cause
changing I-Cause
assortments I-Cause
. O

Bell B-Effect
is I-Effect
typically I-Effect
the I-Effect
company I-Effect
's I-Effect
segment I-Effect
with I-Effect
the I-Effect
highest I-Effect
return I-Effect
on I-Effect
assets I-Effect
primarily I-Effect
due O
to O
switching B-Cause
costs I-Cause
stemming I-Cause
from I-Cause
the I-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
about I-Cause
13,000 I-Cause
rotorcraft I-Cause
, O
which O
provides O
a B-Cause
sticky I-Cause
aftermarket I-Cause
stream I-Cause
of I-Cause
income I-Cause
. O

Recontracting B-Cause
legacy I-Cause
assets I-Cause
will O
be O
a B-Effect
drag I-Effect
on I-Effect
earnings I-Effect
in I-Effect
2021 I-Effect
, O
in O
particular O
offsetting O
some O
of O
the O
growth O
in O
the O
natural O
gas O
pipeline O
segment O
. O

We B-Effect
expect I-Effect
the I-Effect
2022 I-Effect
tax I-Effect
rate I-Effect
will I-Effect
be I-Effect
roughly I-Effect
22 I-Effect
% I-Effect
due B-Cause
to I-Cause
the I-Cause
divestiture I-Cause
of I-Cause
an I-Cause
IT I-Cause
services I-Cause
business I-Cause
, I-Cause
and I-Cause
will I-Cause
be I-Cause
around I-Cause
16 I-Cause
% I-Cause
-17 I-Cause
% I-Cause
throughout I-Cause
our I-Cause
forecast I-Cause
period I-Cause
. O

We O
think O
barriers B-Effect
to I-Effect
entry I-Effect
are I-Effect
high I-Effect
for I-Effect
potential I-Effect
biosimilars I-Effect
to I-Effect
Biogen I-Effect
's I-Effect
products I-Effect
, I-Effect
and I-Effect
Biogen I-Effect
has I-Effect
a I-Effect
strong I-Effect
R I-Effect
& I-Effect
amp O
; O
D B-Cause
strategy I-Cause
for I-Cause
maintaining I-Cause
its I-Cause
leadership I-Cause
in I-Cause
MS I-Cause
and I-Cause
neurodegenerative I-Cause
diseases I-Cause
, O
where O
pricing O
power O
is O
strong O
, O
patient O
need O
for O
novel O
therapies O
is O
high O
, O
and O
Biogen O
has O
been O
building O
a O
solid O
pipeline O
. O

Larger B-Cause
industrial I-Cause
distributors I-Cause
can I-Cause
leverage I-Cause
their I-Cause
purchasing I-Cause
scale I-Cause
to I-Cause
globally I-Cause
source I-Cause
products I-Cause
and I-Cause
take I-Cause
advantage I-Cause
of I-Cause
volume-based I-Cause
rebates I-Cause
and I-Cause
other I-Cause
sales I-Cause
incentives I-Cause
that O
result O
in O
better B-Effect
gross I-Effect
profit I-Effect
margins I-Effect
relative I-Effect
to I-Effect
smaller I-Effect
distributors I-Effect
. O

We O
expect O
higher B-Cause
lithium I-Cause
prices I-Cause
and I-Cause
volume I-Cause
will O
help O
Albemarle B-Effect
more I-Effect
than I-Effect
triple I-Effect
its I-Effect
lithium I-Effect
EBITDA I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

The B-Effect
regulatory I-Effect
environment I-Effect
has I-Effect
generally I-Effect
shifted I-Effect
in I-Effect
Charter I-Effect
's I-Effect
favor I-Effect
under O
the B-Cause
current I-Cause
administration I-Cause
, O
with O
the O
FCC O
repealing O
the O
net O
neutrality O
rules O
and O
the O
Title O
II O
classification O
of O
Internet O
access O
services O
put O
in O
place O
under O
the O
prior O
regime O
. O

RingCentral B-Cause
meeting I-Cause
scheduling I-Cause
within I-Cause
Teams I-Cause
) I-Cause
, I-Cause
fostering I-Cause
a I-Cause
" I-Cause
co-opetition I-Cause
" I-Cause
approach I-Cause
rather I-Cause
than I-Cause
pure I-Cause
competition. O
As O
a O
result O
, O
we B-Effect
do I-Effect
not I-Effect
see I-Effect
a I-Effect
winner-take-all I-Effect
market I-Effect
within I-Effect
UCaaS I-Effect
; I-Effect
instead I-Effect
, I-Effect
businesses I-Effect
are I-Effect
likely I-Effect
to I-Effect
adopt I-Effect
best-in-class I-Effect
solutions I-Effect
in I-Effect
different I-Effect
areas I-Effect
rather I-Effect
than I-Effect
lock I-Effect
into I-Effect
one I-Effect
suite I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
. O

Longer O
term O
, O
some B-Effect
of I-Effect
the I-Effect
increase I-Effect
could I-Effect
stem I-Effect
from I-Effect
gross I-Effect
margin I-Effect
leverage I-Effect
as I-Effect
retail I-Effect
inventory I-Effect
positions I-Effect
are I-Effect
optimized I-Effect
, O
with B-Cause
shipments I-Cause
more I-Cause
closely I-Cause
aligned I-Cause
with I-Cause
demand I-Cause
, I-Cause
and I-Cause
from I-Cause
a I-Cause
focus I-Cause
on I-Cause
higher-margin I-Cause
franchise I-Cause
brands I-Cause
. O

For O
example O
, O
its B-Cause
primacy I-Cause
within I-Cause
an I-Cause
increasingly I-Cause
important I-Cause
distribution I-Cause
channel I-Cause
for I-Cause
fast-turning I-Cause
goods I-Cause
gives O
it O
deeper B-Effect
strategic I-Effect
relationships I-Effect
with I-Effect
suppliers I-Effect
, I-Effect
enabling I-Effect
more I-Effect
targeted I-Effect
promotions I-Effect
and I-Effect
more I-Effect
coordinated I-Effect
management I-Effect
initiatives I-Effect
for I-Effect
revenue I-Effect
growth I-Effect
. O

Though O
Moody O
's O
had O
its O
stumbles O
during O
the O
2008 O
financial O
crisis O
, O
ultimately O
, O
if O
banks B-Cause
were I-Cause
going I-Cause
to I-Cause
deleverage I-Cause
it O
would O
mean O
that O
loans B-Effect
held I-Effect
on I-Effect
their I-Effect
balance I-Effect
sheets I-Effect
would I-Effect
have I-Effect
to I-Effect
migrate I-Effect
to I-Effect
public I-Effect
markets I-Effect
, I-Effect
giving I-Effect
Moody I-Effect
's I-Effect
additional I-Effect
business I-Effect
opportunities I-Effect
. O

With O
Lazard B-Cause
deriving I-Cause
half I-Cause
of I-Cause
its I-Cause
revenue I-Cause
from I-Cause
financial I-Cause
advisory I-Cause
and I-Cause
half I-Cause
from I-Cause
asset I-Cause
management I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
revenue I-Effect
and I-Effect
earnings I-Effect
are I-Effect
cyclical I-Effect
. O

The B-Effect
firm I-Effect
held I-Effect
off I-Effect
on I-Effect
planned I-Effect
marketing I-Effect
spending I-Effect
to O
reflect O
misaligned B-Cause
supply I-Cause
and I-Cause
demand I-Cause
in I-Cause
early I-Cause
2020 I-Cause
but O
ramped B-Effect
up I-Effect
spending I-Effect
in I-Effect
the I-Effect
back I-Effect
half I-Effect
of I-Effect
the I-Effect
year I-Effect
, I-Effect
with I-Effect
a I-Effect
total I-Effect
of I-Effect
12.1 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
allocated I-Effect
to I-Effect
supporting I-Effect
its I-Effect
brands I-Effect
for I-Effect
the I-Effect
year I-Effect
. O

Therefore O
, O
in B-Cause
less I-Cause
regulated I-Cause
markets I-Cause
, O
the B-Effect
end I-Effect
users I-Effect
are I-Effect
more I-Effect
sensitive I-Effect
to I-Effect
technological I-Effect
differences I-Effect
and I-Effect
pricing I-Effect
on I-Effect
related I-Effect
products I-Effect
and I-Effect
services I-Effect
during I-Effect
and O
at O
the O
end O
of O
an O
instrument O
's O
life O
cycle O
than O
in O
more O
regulated O
markets O
. O

Entities O
are O
increasingly O
moving O
workloads O
to O
public O
cloud O
environments O
and O
relying O
on O
SaaS O
applications O
, O
which O
could O
lower B-Effect
the I-Effect
demand I-Effect
for I-Effect
pure-play I-Effect
cybersecurity I-Effect
solutions I-Effect
if O
identity B-Cause
access I-Cause
security I-Cause
is I-Cause
embedded I-Cause
into I-Cause
the I-Cause
resources I-Cause
used I-Cause
. O

EA B-Cause
runs I-Cause
an I-Cause
online I-Cause
digital I-Cause
storefront I-Cause
along I-Cause
with I-Cause
servers I-Cause
for I-Cause
its I-Cause
console I-Cause
and I-Cause
PC I-Cause
titles. O
As O
a O
result O
, O
the B-Effect
firm I-Effect
captures I-Effect
and I-Effect
retains I-Effect
important I-Effect
data I-Effect
about I-Effect
its I-Effect
customers I-Effect
, I-Effect
including I-Effect
credit I-Effect
card I-Effect
numbers I-Effect
, I-Effect
email I-Effect
, I-Effect
and I-Effect
mailing I-Effect
addresses I-Effect
. O

Sponsored B-Effect
Lenses I-Effect
and I-Effect
Sponsored I-Effect
Geofilter I-Effect
ads I-Effect
, I-Effect
we I-Effect
believe I-Effect
, I-Effect
are I-Effect
ads I-Effect
with I-Effect
lower I-Effect
probability I-Effect
of I-Effect
being I-Effect
ignored I-Effect
by I-Effect
users I-Effect
as O
they B-Cause
likely I-Cause
have I-Cause
higher I-Cause
relevancy I-Cause
to I-Cause
users I-Cause
' I-Cause
likes I-Cause
and I-Cause
behaviors I-Cause
given O
that O
they B-Cause
are I-Cause
fellow I-Cause
Snapchat I-Cause
friends I-Cause
. O

Icon B-Effect
is I-Effect
also I-Effect
vulnerable I-Effect
to I-Effect
large I-Effect
cancellations I-Effect
and I-Effect
pipeline I-Effect
reprioritizations I-Effect
since O
it B-Cause
can I-Cause
be I-Cause
challenging I-Cause
to I-Cause
immediately I-Cause
repurpose I-Cause
capacity I-Cause
for I-Cause
new I-Cause
projects I-Cause
. O

More O
recently O
, O
Pennsylvania B-Cause
and I-Cause
Maryland I-Cause
approved I-Cause
slots I-Cause
in I-Cause
2004 I-Cause
and I-Cause
2008 I-Cause
, I-Cause
respectively I-Cause
, I-Cause
followed I-Cause
by I-Cause
these I-Cause
states I-Cause
then I-Cause
allowing I-Cause
gaming I-Cause
tables I-Cause
in I-Cause
2010 I-Cause
and I-Cause
2012 I-Cause
, I-Cause
respectively I-Cause
, O
which O
increases B-Effect
competition I-Effect
for I-Effect
five I-Effect
of I-Effect
Caesars I-Effect
' I-Effect
properties I-Effect
located I-Effect
in I-Effect
and I-Effect
around I-Effect
those I-Effect
two I-Effect
states I-Effect
. O

Store B-Cause
openings I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
invest I-Cause
in I-Cause
part I-Cause
availability I-Cause
will I-Cause
require I-Cause
more I-Cause
distribution I-Cause
centers I-Cause
and I-Cause
mega I-Cause
hub I-Cause
stores I-Cause
, O
with O
forecast B-Effect
capital I-Effect
expenditures I-Effect
averaging I-Effect
4 I-Effect
% I-Effect
of I-Effect
sales I-Effect
through I-Effect
fiscal I-Effect
2030 I-Effect
. O

From O
a O
business O
ethics O
and O
product O
governance O
perspective O
, O
failure B-Cause
to I-Cause
provide I-Cause
reliable I-Cause
and I-Cause
trustworthy I-Cause
services I-Cause
can O
impact B-Cause
both I-Cause
reputation I-Cause
and I-Cause
financial I-Cause
performance I-Cause
, O
so O
asset B-Effect
managers I-Effect
like I-Effect
Franklin I-Effect
tend I-Effect
to I-Effect
be I-Effect
more I-Effect
careful I-Effect
with I-Effect
how I-Effect
they I-Effect
manage I-Effect
the I-Effect
pricing I-Effect
, I-Effect
performance I-Effect
, I-Effect
and I-Effect
positioning I-Effect
of I-Effect
their I-Effect
products I-Effect
. O

Because O
of O
the B-Cause
range I-Cause
of I-Cause
outcomes I-Cause
for I-Cause
its I-Cause
managing I-Cause
director I-Cause
productivity I-Cause
, I-Cause
which I-Cause
is I-Cause
in I-Cause
uncharted I-Cause
waters I-Cause
, I-Cause
and I-Cause
to I-Cause
an I-Cause
extent I-Cause
its I-Cause
institutional I-Cause
equities I-Cause
business I-Cause
that I-Cause
is I-Cause
in I-Cause
an I-Cause
industry I-Cause
undergoing I-Cause
a I-Cause
transition I-Cause
, O
our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
the I-Effect
company I-Effect
is I-Effect
high I-Effect
. O

While O
Dish O
will O
have O
the O
opportunity O
to O
deploy B-Cause
its I-Cause
network I-Cause
utilizing I-Cause
recent I-Cause
technological I-Cause
advancements I-Cause
that O
should O
make O
it B-Effect
more I-Effect
efficient I-Effect
, O
the B-Effect
wireless I-Effect
business I-Effect
fundamentally O
requires O
scale B-Cause
for O
success B-Effect
. O

As O
Fastenal B-Cause
's I-Cause
store I-Cause
growth I-Cause
moderates I-Cause
, O
we B-Effect
think I-Effect
the I-Effect
vending I-Effect
and I-Effect
on-site I-Effect
initiatives I-Effect
will I-Effect
become I-Effect
the I-Effect
principal I-Effect
drivers I-Effect
of I-Effect
sales I-Effect
growth I-Effect
. O

We O
expect O
more B-Effect
modest I-Effect
growth I-Effect
for I-Effect
the I-Effect
bank I-Effect
technology I-Effect
side I-Effect
of I-Effect
the I-Effect
business I-Effect
, O
given O
Fiserv B-Cause
's I-Cause
strong I-Cause
market I-Cause
position I-Cause
and I-Cause
the I-Cause
mature I-Cause
nature I-Cause
of I-Cause
the I-Cause
banking I-Cause
industry I-Cause
. O

Although O
our O
long-term O
pretax O
cost O
of O
debt O
assumption O
is O
5.8 O
% O
, O
recent B-Cause
debt I-Cause
financings I-Cause
have I-Cause
driven I-Cause
the I-Cause
weighted-average I-Cause
long-term I-Cause
interest I-Cause
rate I-Cause
on I-Cause
NiSource I-Cause
's I-Cause
long-term I-Cause
debt I-Cause
to I-Cause
under I-Cause
3.7 I-Cause
% I-Cause
, O
boosting B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
. O

Based O
on O
our O
view O
that O
network B-Effect
complexity I-Effect
will I-Effect
increase I-Effect
as O
firms B-Cause
control I-Cause
and I-Cause
monitor I-Cause
a I-Cause
rapidly I-Cause
growing I-Cause
quantity I-Cause
of I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
devices I-Cause
, O
our O
expectation O
is O
for O
Ericsson O
's O
software O
and O
services O
to O
be O
in O
high O
demand O
. O

Given O
its B-Cause
heavier I-Cause
exposure I-Cause
to I-Cause
markets I-Cause
outside I-Cause
the I-Cause
U.S. I-Cause
, I-Cause
especially I-Cause
in I-Cause
developing I-Cause
and I-Cause
emerging I-Cause
markets I-Cause
, O
AMG B-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
myriad I-Effect
cultural I-Effect
, I-Effect
economic I-Effect
, I-Effect
and I-Effect
political I-Effect
risks I-Effect
. O

We O
think O
this O
and O
other O
growth O
headwinds O
will O
ease O
a O
bit O
over O
time O
, O
but O
a B-Cause
tepid I-Cause
industry I-Cause
backdrop I-Cause
will O
result O
in O
modest B-Effect
growth I-Effect
over I-Effect
our I-Effect
projection I-Effect
projection I-Effect
. O

Some B-Cause
of I-Cause
Xilinx I-Cause
's I-Cause
FPGAs I-Cause
are I-Cause
used I-Cause
extensively I-Cause
in I-Cause
communication I-Cause
equipment I-Cause
that I-Cause
may I-Cause
have I-Cause
operational I-Cause
lifetimes I-Cause
of I-Cause
at I-Cause
least I-Cause
a I-Cause
decade I-Cause
if I-Cause
not I-Cause
longer. O
Thus O
, O
it B-Effect
can I-Effect
not I-Effect
only I-Effect
be I-Effect
difficult I-Effect
for I-Effect
new I-Effect
entrants I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
but I-Effect
also I-Effect
less I-Effect
likely I-Effect
that I-Effect
existing I-Effect
customers I-Effect
defect I-Effect
from I-Effect
Altera I-Effect
( I-Effect
owned I-Effect
by I-Effect
Intel I-Effect
) I-Effect
to I-Effect
Xilinx I-Effect
or I-Effect
vice I-Effect
versa I-Effect
. O

While O
these O
brands O
offer O
unit O
growth O
potential O
and O
should O
help O
the O
company O
expand O
its O
intangible O
assets O
to O
a O
wider O
audience O
, O
we O
acknowledge O
that O
operating B-Cause
some I-Cause
of I-Cause
these I-Cause
brands I-Cause
independently I-Cause
could O
allow O
Darden O
to O
accelerate B-Effect
the I-Effect
pace I-Effect
of I-Effect
new I-Effect
openings I-Effect
for I-Effect
its I-Effect
core I-Effect
concepts I-Effect
and I-Effect
improve I-Effect
restaurant I-Effect
productivity I-Effect
metrics I-Effect
. O

While O
we O
think O
the O
AIDC O
industry O
is O
likely O
to O
face O
heightened O
regulation O
, O
we O
think O
Zebra B-Cause
's I-Cause
focus I-Cause
on I-Cause
security I-Cause
in I-Cause
its I-Cause
software I-Cause
offerings I-Cause
will O
stave O
off O
any B-Effect
serious I-Effect
threat I-Effect
to I-Effect
its I-Effect
business I-Effect
prospects I-Effect
as O
a O
result O
of O
regulation B-Cause
. O

Halliburton B-Cause
successfully I-Cause
integrated I-Cause
Dresser I-Cause
's I-Cause
businesses I-Cause
with I-Cause
its I-Cause
own I-Cause
business I-Cause
plus I-Cause
newly I-Cause
acquired I-Cause
technologies I-Cause
, O
putting B-Effect
the I-Effect
company I-Effect
in I-Effect
position I-Effect
to I-Effect
benefit I-Effect
from I-Effect
the I-Effect
international I-Effect
oil I-Effect
and I-Effect
gas I-Effect
drilling I-Effect
and I-Effect
exploration I-Effect
boom I-Effect
of I-Effect
the I-Effect
2000s I-Effect
. O

We O
believe O
smaller B-Effect
local I-Effect
and I-Effect
regional I-Effect
competitors I-Effect
will I-Effect
struggle I-Effect
to I-Effect
win I-Effect
market I-Effect
share I-Effect
in I-Effect
both I-Effect
regions I-Effect
, O
given O
LKQ B-Cause
's I-Cause
strong I-Cause
distribution I-Cause
network I-Cause
, I-Cause
efficient I-Cause
inventory I-Cause
management I-Cause
, I-Cause
and I-Cause
extensive I-Cause
customer I-Cause
service I-Cause
capabilities I-Cause
. O

Walmart B-Effect
's I-Effect
display I-Effect
policies I-Effect
, I-Effect
packaging I-Effect
demands I-Effect
, I-Effect
and I-Effect
stocking I-Effect
requirements I-Effect
carry I-Effect
special I-Effect
weight I-Effect
as O
the B-Cause
firm I-Cause
is I-Cause
responsible I-Cause
for I-Cause
a I-Cause
large I-Cause
share I-Cause
of I-Cause
many I-Cause
leading I-Cause
manufacturers I-Cause
' I-Cause
sales I-Cause
( O
for O
example O
, O
15 O
% O
of O
the O
top O
line O
at O
Procter O
& O
amp O
; O
Gamble O
and O
13 O
% O
at O
PepsiCo O
) O
. O

The O
firm O
aims O
to O
improve B-Effect
the I-Effect
operations I-Effect
of I-Effect
its I-Effect
target I-Effect
companies I-Effect
by O
increasing B-Cause
prices I-Cause
, I-Cause
productivity I-Cause
, I-Cause
and I-Cause
encourage I-Cause
employees I-Cause
to I-Cause
generate I-Cause
new I-Cause
business I-Cause
. O

We O
are O
reducing B-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
medium I-Effect
from I-Effect
high I-Effect
, O
as O
we O
believe O
the B-Cause
uncertainty I-Cause
related I-Cause
to I-Cause
the I-Cause
pandemic I-Cause
's I-Cause
impact I-Cause
on I-Cause
the I-Cause
business I-Cause
has I-Cause
diminished I-Cause
. I-Cause

Juniper O
relies O
on O
collaborations B-Cause
to O
fill B-Effect
portfolio I-Effect
gaps I-Effect
in I-Effect
areas I-Effect
such I-Effect
as I-Effect
hyperconverged I-Effect
infrastructure I-Effect
, O
which O
may O
hurt O
its B-Effect
presence I-Effect
with I-Effect
customers I-Effect
consolidating I-Effect
vendors I-Effect
. O

As O
the O
share B-Cause
of I-Cause
homeowners I-Cause
who I-Cause
are I-Cause
60 I-Cause
and I-Cause
older I-Cause
has I-Cause
increased I-Cause
from I-Cause
a I-Cause
third I-Cause
in I-Cause
the I-Cause
1980s I-Cause
to I-Cause
around I-Cause
40 I-Cause
% I-Cause
today I-Cause
, O
the B-Effect
professional I-Effect
painter I-Effect
has I-Effect
taken I-Effect
a I-Effect
greater I-Effect
share I-Effect
of I-Effect
the I-Effect
market I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
industry-proven I-Cause
products I-Cause
and I-Cause
domain I-Cause
expertise I-Cause
increase B-Effect
the I-Effect
robustness I-Effect
of I-Effect
the I-Effect
offering I-Effect
and I-Effect
assist I-Effect
in I-Effect
maintaining I-Effect
strong I-Effect
dollar I-Effect
retention I-Effect
trends I-Effect
. O

Further O
, O
because O
of O
the B-Cause
open-sourced I-Cause
nature I-Cause
of I-Cause
the I-Cause
technology I-Cause
that I-Cause
is I-Cause
integral I-Cause
to I-Cause
how I-Cause
its I-Cause
network I-Cause
runs I-Cause
, I-Cause
with I-Cause
customers I-Cause
able I-Cause
to I-Cause
share I-Cause
in I-Cause
the I-Cause
innovations I-Cause
of I-Cause
others I-Cause
, O
the B-Effect
basis I-Effect
for I-Effect
a I-Effect
network I-Effect
effect I-Effect
exists I-Effect
. O

While O
this O
obviously O
does O
not O
prevent O
any O
one O
municipality O
from O
eventually O
picking O
another O
solution O
, O
we O
believe O
institutional B-Cause
inertia I-Cause
is O
a B-Effect
durable I-Effect
impediment I-Effect
for I-Effect
Motorola I-Effect
's I-Effect
competitors I-Effect
. O

Dropbox B-Cause
notes I-Cause
that I-Cause
even I-Cause
though I-Cause
only I-Cause
30 I-Cause
% I-Cause
of I-Cause
their I-Cause
paid I-Cause
users I-Cause
are I-Cause
signed I-Cause
up I-Cause
for I-Cause
business I-Cause
accounts I-Cause
, I-Cause
over I-Cause
80 I-Cause
% I-Cause
of I-Cause
all I-Cause
paid I-Cause
users I-Cause
utilize I-Cause
their I-Cause
Dropbox I-Cause
account I-Cause
for I-Cause
business I-Cause
purposes. O
Thus O
, O
we O
are O
skeptical O
that O
this B-Effect
group I-Effect
of I-Effect
paying I-Effect
users I-Effect
will I-Effect
likely I-Effect
increase I-Effect
enterprise I-Effect
adoption I-Effect
and I-Effect
believe I-Effect
that I-Effect
companies I-Effect
will I-Effect
instead I-Effect
choose I-Effect
to I-Effect
utilize I-Effect
the I-Effect
storage I-Effect
and I-Effect
collaboration I-Effect
tools I-Effect
offered I-Effect
as I-Effect
part I-Effect
of I-Effect
their I-Effect
existing I-Effect
Office I-Effect
Suite I-Effect
product I-Effect
. O

The B-Cause
success I-Cause
of I-Cause
Arista I-Cause
's I-Cause
joint I-Cause
development I-Cause
process I-Cause
recently O
caused B-Effect
Cisco I-Effect
's I-Effect
data I-Effect
center I-Effect
business I-Effect
to I-Effect
also I-Effect
engage I-Effect
in I-Effect
joint I-Effect
engineering I-Effect
projects I-Effect
with I-Effect
key I-Effect
customers I-Effect
with I-Effect
self-proclaimed I-Effect
positive I-Effect
results I-Effect
. O

Convenient B-Cause
access I-Cause
to I-Cause
a I-Cause
strong I-Cause
and I-Cause
extensive I-Cause
dealer I-Cause
network I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
provide I-Cause
competitive I-Cause
financing I-Cause
services I-Cause
also O
help O
to O
lighten B-Effect
customers I-Effect
' I-Effect
financial I-Effect
burden I-Effect
and I-Effect
improve I-Effect
the I-Effect
user I-Effect
experience I-Effect
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
114 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
108 I-Effect
, O
due O
to O
time B-Cause
value I-Cause
since I-Cause
of I-Cause
money I-Cause
our I-Cause
last I-Cause
update I-Cause
and I-Cause
some I-Cause
modest I-Cause
changes I-Cause
in I-Cause
our I-Cause
assumptions I-Cause
. O

Splunk B-Cause
should I-Cause
benefit I-Cause
from I-Cause
operating I-Cause
leverage I-Cause
, O
and O
we O
expect O
expansion B-Effect
in I-Effect
non-GAAP I-Effect
operating I-Effect
margins I-Effect
into I-Effect
the I-Effect
high-teens I-Effect
by I-Effect
fiscal I-Effect
2026 I-Effect
. O

The B-Cause
ability I-Cause
to I-Cause
directly I-Cause
produce I-Cause
hydroxide I-Cause
from I-Cause
spodumene I-Cause
makes O
low-cost B-Effect
spodumene I-Effect
producers I-Effect
the I-Effect
lowest-cost I-Effect
lithium I-Effect
hydroxide I-Effect
producers I-Effect
globally I-Effect
. O

Successful B-Cause
cost I-Cause
reductions I-Cause
of I-Cause
existing I-Cause
projects I-Cause
along I-Cause
with I-Cause
recent I-Cause
discoveries I-Cause
like I-Cause
the I-Cause
prolific I-Cause
and I-Cause
low-cost I-Cause
Johan I-Cause
Sverdrup I-Cause
( I-Cause
upward I-Cause
of I-Cause
3 I-Cause
billion I-Cause
barrels I-Cause
of I-Cause
oil I-Cause
equivalent I-Cause
) I-Cause
have O
left B-Effect
Equinor I-Effect
with I-Effect
a I-Effect
large I-Effect
queue I-Effect
of I-Effect
low I-Effect
break-even I-Effect
, I-Effect
high-return I-Effect
projects I-Effect
to I-Effect
drive I-Effect
the I-Effect
bulk I-Effect
of I-Effect
its I-Effect
growth I-Effect
. O

Capital B-Cause
One I-Cause
remains I-Cause
committed I-Cause
to I-Cause
this I-Cause
approach I-Cause
to I-Cause
banking I-Cause
and I-Cause
has I-Cause
continued I-Cause
to I-Cause
reduce I-Cause
its I-Cause
branch I-Cause
count I-Cause
further I-Cause
, I-Cause
even I-Cause
as I-Cause
its I-Cause
deposits I-Cause
have I-Cause
grown. O
This O
dynamic O
allows O
Capital B-Effect
One I-Effect
to I-Effect
enjoy I-Effect
the I-Effect
benefits I-Effect
of I-Effect
being I-Effect
a I-Effect
large I-Effect
bank I-Effect
without I-Effect
the I-Effect
expense I-Effect
of I-Effect
operating I-Effect
the I-Effect
branch I-Effect
system I-Effect
of I-Effect
a I-Effect
large I-Effect
bank I-Effect
. O

Truist B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to B-Effect
be I-Effect
considered I-Effect
a I-Effect
global I-Effect
systemically I-Effect
important I-Effect
bank I-Effect
and O
therefore O
avoids B-Effect
some I-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

Despite O
Amazon O
's O
recent O
efforts O
to O
sign O
distribution O
agreements O
with O
manufacturers O
, O
we O
anticipate O
that O
incumbent B-Effect
retailers I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
defend I-Effect
their I-Effect
privileged I-Effect
market I-Effect
standing I-Effect
because O
of O
their B-Cause
in-store I-Cause
services I-Cause
and I-Cause
ability I-Cause
to I-Cause
offer I-Cause
several I-Cause
categories I-Cause
of I-Cause
components I-Cause
on I-Cause
demand I-Cause
. O

Viewership B-Cause
of I-Cause
its I-Cause
channels I-Cause
could I-Cause
fall I-Cause
below I-Cause
expectations I-Cause
, I-Cause
and I-Cause
advertisers I-Cause
could I-Cause
pull I-Cause
back I-Cause
on I-Cause
their I-Cause
spending I-Cause
, O
both O
of O
which O
could O
drag B-Effect
on I-Effect
advertising I-Effect
sales I-Effect
growth I-Effect
. O

We O
assume O
PG B-Effect
& I-Effect
E I-Effect
is I-Effect
able I-Effect
to I-Effect
recover I-Effect
substantially I-Effect
all I-Effect
net I-Effect
costs I-Effect
of I-Effect
closing I-Effect
the I-Effect
Diablo I-Effect
Canyon I-Effect
nuclear I-Effect
plant I-Effect
if O
2024-25 B-Cause
retirement I-Cause
plans I-Cause
go I-Cause
forward I-Cause
. O

While O
commercial O
aircraft O
customers O
are O
highly O
cyclical O
, O
they B-Effect
are I-Effect
also I-Effect
reluctant I-Effect
torenege I-Effect
on I-Effect
orders I-Effect
because O
of O
down B-Cause
payments I-Cause
of I-Cause
1 I-Cause
% I-Cause
-2 I-Cause
% I-Cause
of I-Cause
contract I-Cause
value I-Cause
and I-Cause
another I-Cause
20 I-Cause
% I-Cause
-25 I-Cause
% I-Cause
in I-Cause
the I-Cause
24 I-Cause
months I-Cause
preceding I-Cause
delivery O
. O

The B-Cause
company I-Cause
currently I-Cause
relies I-Cause
on I-Cause
third I-Cause
parties I-Cause
for I-Cause
manufacturing I-Cause
, O
so O
we B-Effect
expect I-Effect
product I-Effect
costs I-Effect
to I-Effect
be I-Effect
in I-Effect
the I-Effect
midteens I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
. O

The O
largest O
reinsurance O
loss O
up O
to O
that O
point O
was O
hurricane B-Cause
Andrew I-Cause
in I-Cause
1992 I-Cause
that O
cost B-Effect
the I-Effect
reinsurance I-Effect
industry I-Effect
$ I-Effect
25 I-Effect
billion I-Effect
. O

This O
approach O
has O
enabled O
Manhattan O
to O
deepen O
its O
vertical O
expertise O
within O
its O
served O
markets O
, O
while O
removing B-Cause
more I-Cause
expensive I-Cause
system I-Cause
integrators I-Cause
from I-Cause
the I-Cause
chain I-Cause
, O
thus O
reducing B-Effect
the I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
. O

We O
think O
the B-Effect
segment I-Effect
boasts I-Effect
switching I-Effect
costs I-Effect
resulting I-Cause
from I-Cause
its B-Cause
position I-Cause
as I-Cause
an I-Cause
integrated I-Cause
design I-Cause
partner I-Cause
into I-Cause
mission-critical I-Cause
systems I-Cause
in I-Cause
many I-Cause
of I-Cause
its I-Cause
end I-Cause
markets I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
high-tech I-Cause
connector I-Cause
and I-Cause
sensor I-Cause
design I-Cause
that O
allow O
it O
to O
maintain B-Effect
pricing I-Effect
power I-Effect
with I-Effect
its I-Effect
customers I-Effect
. O

Weak B-Cause
credit I-Cause
growth I-Cause
, I-Cause
a I-Cause
loss I-Cause
of I-Cause
market I-Cause
share I-Cause
and I-Cause
a I-Cause
contraction I-Cause
in I-Cause
net I-Cause
interest I-Cause
margins I-Cause
would O
negatively O
affect O
net B-Effect
interest I-Effect
income I-Effect
, O
which O
represents O
about O
80 O
% O
of O
total O
operating O
income O
. O

Switching B-Cause
costs I-Cause
are O
largely O
obtained O
by O
the B-Cause
significant I-Cause
implementation I-Cause
costs I-Cause
in I-Cause
time I-Cause
and I-Cause
dollars I-Cause
that O
detract B-Effect
from I-Effect
mission-critical I-Effect
operations I-Effect
, O
and O
they O
vary O
from O
less O
complex O
physician O
practices O
to O
highly O
integrated O
hospital O
systems O
. O

It O
is O
possible O
that O
when O
commodity O
costs O
rise O
, O
margins B-Effect
could I-Effect
be I-Effect
squeezed I-Effect
if O
the B-Cause
retail I-Cause
environment I-Cause
remains I-Cause
deflationary I-Cause
, O
but O
past O
cycles O
suggest O
that O
Reckitt O
and O
its O
competitors O
will O
be O
able O
to O
pass O
through O
commodity O
cost O
inflation O
to O
consumers O
. O

Wealth B-Effect
management I-Effect
firms I-Effect
can I-Effect
often I-Effect
have I-Effect
product I-Effect
governance I-Effect
issues I-Effect
stemming O
from O
their B-Cause
trading I-Cause
operations I-Cause
, O
as O
there O
can O
be O
a B-Cause
conflict I-Cause
of I-Cause
interest I-Cause
between I-Cause
financial I-Cause
advisors I-Cause
and I-Cause
their I-Cause
clients I-Cause
, I-Cause
such I-Cause
as I-Cause
excessive I-Cause
trading I-Cause
to I-Cause
generate I-Cause
commissions I-Cause
. O

Reflecting B-Cause
Baxter I-Cause
's I-Cause
fairly I-Cause
well-diversified I-Cause
product I-Cause
portfolio I-Cause
and I-Cause
its I-Cause
presence I-Cause
in I-Cause
relatively I-Cause
stable I-Cause
healthcare I-Cause
markets I-Cause
, O
we B-Effect
give I-Effect
the I-Effect
company I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
. O

Features B-Effect
added I-Effect
to I-Effect
Foundry I-Effect
intended O
to O
maximize B-Cause
the I-Cause
production I-Cause
of I-Cause
crude I-Cause
oil I-Cause
for I-Cause
the I-Cause
oil I-Cause
and I-Cause
gas I-Cause
industry I-Cause
became O
adopted O
by O
medical O
equipment O
manufacturers O
to O
allocate O
protective O
equipment O
. O

We O
think O
the B-Effect
company I-Effect
can I-Effect
eke I-Effect
out I-Effect
incremental I-Effect
improvement I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
as O
it O
further B-Cause
rationalizes I-Cause
its I-Cause
manufacturing I-Cause
assets I-Cause
. O

Still O
, O
we O
think O
Bio-Techne O
will O
see O
benefits O
from O
operating O
leverage O
over O
time O
, O
and O
improved B-Cause
protein I-Cause
manufacturing I-Cause
scale I-Cause
and O
the B-Cause
ability I-Cause
to I-Cause
establish I-Cause
and I-Cause
maintain I-Cause
price I-Cause
premiums I-Cause
over I-Cause
peers I-Cause
will O
help B-Effect
drive I-Effect
margin I-Effect
growth I-Effect
, O
in O
our O
opinion O
. O

Vivo B-Cause
's I-Cause
share I-Cause
would I-Cause
also I-Cause
expand I-Cause
to I-Cause
about I-Cause
38 I-Cause
% I-Cause
, I-Cause
adding I-Cause
additional I-Cause
scale I-Cause
that O
should O
benefit B-Effect
margins I-Effect
and I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

In O
turn O
, O
pricing B-Cause
in I-Cause
primary I-Cause
lines I-Cause
also I-Cause
started I-Cause
to I-Cause
improve I-Cause
in I-Cause
2019 I-Cause
, I-Cause
and I-Cause
based I-Cause
on I-Cause
commentary I-Cause
from I-Cause
carriers I-Cause
, I-Cause
that I-Cause
momentum I-Cause
has I-Cause
only I-Cause
accelerated I-Cause
in I-Cause
2020. O
This O
has O
helped O
to O
offset B-Effect
any I-Effect
negative I-Effect
impacts I-Effect
the I-Effect
coronavirus I-Effect
has I-Effect
on I-Effect
the I-Effect
more I-Effect
discretionary I-Effect
areas I-Effect
of I-Effect
the I-Effect
business I-Effect
and I-Effect
could I-Effect
provide I-Effect
for I-Effect
relatively I-Effect
strong I-Effect
growth I-Effect
going I-Effect
forward I-Effect
. O

We O
expect O
NBCU B-Effect
revenue I-Effect
will I-Effect
rebound I-Effect
18 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
after I-Effect
a I-Effect
20 I-Effect
% I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
, O
thanks O
to O
the B-Cause
Summer I-Cause
Olympics I-Cause
, I-Cause
a I-Cause
rebound I-Cause
in I-Cause
theme I-Cause
park I-Cause
attendance I-Cause
, I-Cause
recovery I-Cause
in I-Cause
movie I-Cause
studio I-Cause
revenue I-Cause
, I-Cause
and I-Cause
growth I-Cause
at I-Cause
Peacock I-Cause
. O

With O
dwindling B-Cause
audiences I-Cause
for I-Cause
print-based I-Cause
products I-Cause
, O
advertisers B-Effect
are I-Effect
also I-Effect
following I-Effect
the I-Effect
eyeballs I-Effect
to I-Effect
the I-Effect
digital I-Effect
arena I-Effect
and I-Effect
migrating I-Effect
away I-Effect
from I-Effect
the I-Effect
medium I-Effect
. O

Shrinking B-Cause
the I-Cause
chip I-Cause
might I-Cause
not I-Cause
necessarily I-Cause
enhance I-Cause
accuracy I-Cause
( O
and O
might O
even O
serve O
to O
reduce O
it O
) O
, O
so O
analog B-Effect
chips I-Effect
tend I-Effect
to I-Effect
be I-Effect
made I-Effect
with I-Effect
lagging I-Effect
edge I-Effect
manufacturing I-Effect
techniques I-Effect
. O

In O
the O
future O
, O
we O
expect O
synergies B-Cause
between I-Cause
Vanadis I-Cause
and I-Cause
Euroimmun I-Cause
, I-Cause
its I-Cause
immunodiagnostics I-Cause
and I-Cause
allergy I-Cause
testing I-Cause
business I-Cause
, O
to O
be O
key B-Effect
drivers I-Effect
for I-Effect
PerkinElmer I-Effect
. O

Volatile B-Cause
input I-Cause
costs I-Cause
can O
also O
weigh B-Effect
on I-Effect
profits I-Effect
, O
and O
if O
Campbell B-Cause
chooses I-Cause
to I-Cause
raise I-Cause
prices I-Cause
to I-Cause
offset I-Cause
these I-Cause
pressures I-Cause
, O
volume B-Effect
could I-Effect
be I-Effect
constrained I-Effect
, I-Effect
especially I-Effect
during I-Effect
economic I-Effect
periods I-Effect
when I-Effect
consumers I-Effect
are I-Effect
highly I-Effect
selective I-Effect
in I-Effect
their I-Effect
purchase I-Effect
decisions I-Effect
. O

Although O
the B-Effect
economic I-Effect
impact I-Effect
from I-Effect
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
pressured I-Effect
earnings I-Effect
in I-Effect
2020 I-Effect
due O
in O
large O
part O
to O
NiSource B-Cause
's I-Cause
high I-Cause
share I-Cause
of I-Cause
commercial I-Cause
and I-Cause
industrial I-Cause
customers I-Cause
, O
we O
expect O
a O
rebound O
in O
average O
annual O
EPS O
growth O
near O
8 O
% O
from O
2021 O
to O
2024 O
and O
strong O
dividend O
growth O
averaging O
about O
6 O
% O
annually O
. O

Management O
has O
said O
that O
a B-Cause
transition I-Cause
to I-Cause
branch-light I-Cause
banking I-Cause
supported O
by O
increased B-Cause
digitization I-Cause
should O
help B-Effect
lower I-Effect
expenses I-Effect
and I-Effect
improve I-Effect
operating I-Effect
efficiency I-Effect
. O

We O
think O
the B-Effect
likes I-Effect
of I-Effect
Amazon I-Effect
, I-Effect
Microsoft I-Effect
, I-Effect
and I-Effect
Alphabet I-Effect
would I-Effect
have I-Effect
little I-Effect
trouble I-Effect
getting I-Effect
into I-Effect
as I-Effect
many I-Effect
networks I-Effect
as I-Effect
they I-Effect
wanted I-Effect
to I-Effect
, O
especially O
because O
their B-Cause
own I-Cause
businesses I-Cause
alone I-Cause
would I-Cause
likely I-Cause
be I-Cause
compelling I-Cause
to I-Cause
networks I-Cause
. O

We O
think O
Heineken B-Effect
can I-Effect
increase I-Effect
revenue I-Effect
at I-Effect
4 I-Effect
% I-Effect
in I-Effect
the I-Effect
steady I-Effect
state I-Effect
, I-Effect
slightly I-Effect
above I-Effect
our I-Effect
estimate I-Effect
for I-Effect
the I-Effect
industry I-Effect
average I-Effect
, O
because O
of O
its B-Cause
gearing I-Cause
to I-Cause
the I-Cause
premium I-Cause
segments I-Cause
. O

Over O
time O
, O
as B-Cause
enterprises I-Cause
became I-Cause
increasingly I-Cause
reliant I-Cause
on I-Cause
the I-Cause
Internet I-Cause
for I-Cause
communication I-Cause
and I-Cause
applications I-Cause
, O
malicious B-Effect
actors I-Effect
increased I-Effect
their I-Effect
threat I-Effect
complexity I-Effect
and I-Effect
attack I-Effect
vectors I-Effect
beyond I-Effect
the I-Effect
on-premises I-Effect
data I-Effect
center I-Effect
. O

Bristol O
is O
increasing O
its O
focus O
on O
branded O
drugs O
by O
selling B-Cause
off I-Cause
unrelated I-Cause
business I-Cause
lines I-Cause
, O
which O
elevates B-Effect
its I-Effect
exposure I-Effect
to I-Effect
patent I-Effect
losses I-Effect
. O

When O
linerboard B-Cause
prices I-Cause
are I-Cause
high I-Cause
as I-Cause
they I-Cause
are I-Cause
today I-Cause
, O
market B-Effect
entry I-Effect
via I-Effect
greenfield I-Effect
OCC I-Effect
mills I-Effect
or I-Effect
the I-Effect
conversion I-Effect
of I-Effect
aged I-Effect
paper I-Effect
assets I-Effect
into I-Effect
recycled I-Effect
linerboard I-Effect
facilities I-Effect
becomes I-Effect
increasingly I-Effect
attractive I-Effect
. O

In O
neurology O
, O
RNA O
therapies O
can O
reach O
their O
intended O
targets O
via O
intrathecal B-Cause
administration I-Cause
into I-Cause
spinal I-Cause
fluid I-Cause
, O
directly O
preventing O
the B-Effect
production I-Effect
of I-Effect
toxic I-Effect
proteins I-Effect
. O

We O
think O
that O
aeronautics B-Effect
and I-Effect
space I-Effect
systems I-Effect
will I-Effect
be I-Effect
two I-Effect
of I-Effect
the I-Effect
biggest I-Effect
growth I-Effect
drivers I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
as B-Cause
the I-Cause
company I-Cause
continues I-Cause
shifts I-Cause
from I-Cause
development I-Cause
to I-Cause
procurement I-Cause
of I-Cause
the I-Cause
B-21 I-Cause
bomber I-Cause
, O
continues O
producing O
fuselages O
for O
the O
F-35 O
, O
and O
develops O
the O
Ground O
Based O
Strategic O
Deterrent O
. O

Large B-Cause
fixed I-Cause
costs I-Cause
create I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
that O
can O
cause O
profits B-Effect
to I-Effect
swing I-Effect
widely I-Effect
in I-Effect
response I-Effect
to I-Effect
relatively I-Effect
small I-Effect
changes I-Effect
in I-Effect
demand I-Effect
or I-Effect
from I-Effect
lost I-Effect
production I-Effect
due O
to O
supply B-Cause
shocks I-Cause
. O

This O
creates O
a B-Cause
steady I-Cause
stream I-Cause
of I-Cause
recurring I-Cause
revenue I-Cause
that O
generates B-Effect
relatively I-Effect
high I-Effect
margins I-Effect
and I-Effect
helps I-Effect
smooth I-Effect
out I-Effect
demand I-Effect
in I-Effect
cyclical I-Effect
end I-Effect
markets I-Effect
. O

These B-Effect
businesses I-Effect
do I-Effect
not I-Effect
boast I-Effect
the I-Effect
same I-Effect
operating I-Effect
leverage I-Effect
seen I-Effect
in I-Effect
aggregates I-Effect
and I-Effect
cement I-Effect
, O
as O
production B-Cause
is I-Cause
not I-Cause
dependent I-Cause
on I-Cause
an I-Cause
energy-intensive I-Cause
process I-Cause
. O

We O
still O
expect O
industry B-Effect
gaming I-Effect
revenue I-Effect
in I-Effect
Macau I-Effect
to I-Effect
return I-Effect
to I-Effect
2019 I-Effect
sales I-Effect
levels I-Effect
until I-Effect
2022 I-Effect
, O
as O
we O
expect O
pent-up B-Cause
demand I-Cause
to I-Cause
drive I-Cause
traffic I-Cause
. O

Increased B-Effect
attrition I-Effect
could I-Effect
cause I-Effect
wear I-Effect
on I-Effect
Wipro I-Effect
's I-Effect
intangible I-Effect
assets I-Effect
, O
as O
less B-Cause
technical I-Cause
and I-Cause
industry I-Cause
expertise I-Cause
would I-Cause
remain I-Cause
in I-Cause
the I-Cause
firm I-Cause
. O

As O
a O
result O
, O
we O
expect O
the B-Effect
company I-Effect
's I-Effect
net I-Effect
interest I-Effect
margins I-Effect
to I-Effect
remain I-Effect
broadly I-Effect
stable I-Effect
as O
changes B-Cause
in I-Cause
interest I-Cause
rates I-Cause
impact I-Cause
both I-Cause
the I-Cause
company I-Cause
's I-Cause
interest I-Cause
expense I-Cause
and I-Cause
interest I-Cause
income I-Cause
. O

Carnival O
was O
already O
facing O
pricing O
headwinds O
, O
with O
weak O
performance O
across O
European O
geographies O
, O
when O
the O
global B-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
exacerbated B-Effect
its I-Effect
plight I-Effect
. O

While O
TIM O
faces O
similar O
competitive O
, O
macroeconomic O
, O
and O
political O
risks O
as O
other O
carriers O
, O
its B-Cause
poor I-Cause
market I-Cause
positioning I-Cause
makes B-Effect
it I-Effect
more I-Effect
vulnerable I-Effect
than I-Effect
Vivo I-Effect
or I-Effect
America I-Effect
Movil I-Effect
. O

As B-Effect
Capital I-Effect
One I-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
auto I-Effect
lenders I-Effect
in I-Effect
the I-Effect
country I-Effect
, I-Effect
the I-Effect
incentive I-Effect
to I-Effect
be I-Effect
a I-Effect
part I-Effect
of I-Effect
its I-Effect
platform I-Effect
is I-Effect
considerable I-Effect
, O
given O
the B-Cause
size I-Cause
of I-Cause
its I-Cause
customer I-Cause
base I-Cause
. O

As O
more B-Cause
chip I-Cause
content I-Cause
is I-Cause
incorporated I-Cause
into I-Cause
industrial I-Cause
machinery I-Cause
, I-Cause
connected I-Cause
devices I-Cause
, I-Cause
and I-Cause
automobiles I-Cause
in I-Cause
the I-Cause
years I-Cause
ahead I-Cause
, O
we O
think O
Maxim B-Effect
's I-Effect
analog I-Effect
chip I-Effect
business I-Effect
can I-Effect
prosper I-Effect
. O

Nevertheless O
, O
after O
an B-Cause
inorganic I-Cause
double-digit I-Cause
decline I-Cause
in I-Cause
2022 I-Cause
due O
to O
the B-Cause
portfolio I-Cause
transition I-Cause
, O
we B-Effect
conservatively I-Effect
forecast I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
growth I-Effect
for I-Effect
this I-Effect
business I-Effect
longer I-Effect
term I-Effect
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
a I-Cause
talented I-Cause
workforce I-Cause
in I-Cause
the I-Cause
services I-Cause
oriented I-Cause
commercial I-Cause
real I-Cause
estate I-Cause
industry I-Cause
, O
it B-Effect
is I-Effect
imperative I-Effect
that I-Effect
firms I-Effect
such I-Effect
as I-Effect
Cushman I-Effect
& I-Effect
amp I-Effect
; I-Effect
Wakefield I-Effect
continue I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
top I-Effect
employees I-Effect
. O

We O
believe O
the B-Effect
Kontoor I-Effect
spin-off I-Effect
and I-Effect
sale I-Effect
of I-Effect
some I-Effect
of I-Effect
VF I-Effect
's I-Effect
work I-Effect
brands I-Effect
has I-Effect
improved I-Effect
the I-Effect
firm I-Effect
's I-Effect
margins I-Effect
as O
the B-Cause
remaining I-Cause
brands I-Cause
have I-Cause
more I-Cause
pricing I-Cause
power I-Cause
than I-Cause
those I-Cause
that I-Cause
have I-Cause
been I-Cause
eliminated I-Cause
. O

But O
this O
should O
not O
affect B-Cause
Sabre I-Cause
's I-Cause
uncertainty I-Cause
rating I-Cause
unless O
travel B-Cause
demand I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, O
leading O
to O
potential B-Effect
need I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, I-Effect
which I-Effect
could I-Effect
occur I-Effect
at I-Effect
value-destructive I-Effect
levels I-Effect
. O

Without B-Cause
the I-Cause
growth I-Cause
potential I-Cause
, O
Kinder B-Cause
ultimately I-Cause
sold I-Cause
off I-Cause
its I-Cause
entire I-Cause
Canadian I-Cause
stake I-Cause
to I-Cause
Pembina I-Cause
in I-Cause
late I-Cause
2019 I-Cause
, O
eliminating O
all B-Effect
Canadian I-Effect
investment I-Effect
risk I-Effect
. O

For O
2021 O
, O
we O
now O
expect O
strong B-Cause
contract I-Cause
pricing I-Cause
tailwinds I-Cause
in I-Cause
the I-Cause
trucking I-Cause
operations I-Cause
( I-Cause
and I-Cause
continued I-Cause
recovery I-Cause
for I-Cause
the I-Cause
truck I-Cause
brokerage I-Cause
and I-Cause
intermodal I-Cause
units I-Cause
) I-Cause
to O
push O
total B-Effect
revenue I-Effect
up I-Effect
around I-Effect
10 I-Effect
% I-Effect
( I-Effect
previously I-Effect
5 I-Effect
% I-Effect
-6 I-Effect
% I-Effect
) I-Effect
. O

Demographic B-Cause
trends I-Cause
are I-Cause
strengthened I-Cause
by I-Cause
a I-Cause
market I-Cause
shift I-Cause
from I-Cause
human I-Cause
insulin I-Cause
toward I-Cause
modern I-Cause
insulin I-Cause
analogs I-Cause
( I-Cause
such I-Cause
as I-Cause
Novo I-Cause
's I-Cause
Levemir I-Cause
and I-Cause
NovoLog I-Cause
) I-Cause
and I-Cause
now I-Cause
next-generation I-Cause
insulin I-Cause
analogs I-Cause
( I-Cause
Tresiba I-Cause
, I-Cause
Fiasp I-Cause
) I-Cause
, O
which O
offer B-Effect
improved I-Effect
efficacy I-Effect
, I-Effect
safety I-Effect
, I-Effect
and I-Effect
convenience I-Effect
for I-Effect
patients I-Effect
. O

Con O
Ed O
said O
in O
its O
news O
release O
that O
the B-Effect
lower I-Effect
earnings I-Effect
were O
due O
to O
the B-Cause
ongoing I-Cause
financial I-Cause
impact I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
. O

Developed B-Cause
telecom I-Cause
markets I-Cause
are I-Cause
also I-Cause
mature I-Cause
, O
which O
also O
keeps B-Effect
new I-Effect
entrants I-Effect
at I-Effect
bay I-Effect
, O
as O
the O
profit O
pool O
is O
stable O
or O
declining O
. O

In O
addition O
, O
its B-Effect
food I-Effect
segment I-Effect
( I-Effect
23 I-Effect
% I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
sales I-Effect
) I-Effect
is I-Effect
under I-Effect
pressure I-Effect
as O
consumer B-Cause
preferences I-Cause
shift I-Cause
to I-Cause
fresh I-Cause
, I-Cause
unprocessed I-Cause
fare I-Cause
sold I-Cause
in I-Cause
grocery I-Cause
stores I-Cause
' I-Cause
perimeters I-Cause
. O

In O
the O
pipeline O
, O
vosoritide B-Effect
studies I-Effect
in I-Effect
younger I-Effect
patients I-Effect
that I-Effect
are I-Effect
ongoing I-Effect
are I-Effect
likely I-Effect
to I-Effect
continue I-Effect
, O
as O
parents B-Cause
administer I-Cause
the I-Cause
drug I-Cause
at I-Cause
home I-Cause
. O

Regulatory B-Cause
changes I-Cause
prompted O
AT B-Effect
& I-Effect
T I-Effect
to I-Effect
acquire I-Effect
two I-Effect
subscale I-Effect
, I-Effect
struggling I-Effect
Mexican I-Effect
carriers I-Effect
in I-Effect
2015 I-Effect
and I-Effect
commit I-Effect
$ I-Effect
3 I-Effect
billion I-Effect
to I-Effect
integrate I-Effect
and I-Effect
improve I-Effect
the I-Effect
firms I-Effect
' I-Effect
networks I-Effect
. O

While O
sluggish B-Cause
carloads I-Cause
and I-Cause
heavy I-Cause
network I-Cause
investment I-Cause
pressured O
2019 B-Effect
margins I-Effect
, O
precision O
railroading O
pioneer O
Canadian O
National O
has O
historically O
been O
the O
highest-margin O
Class O
I O
railroad O
, O
and O
its O
six-year O
average O
operating O
ratio O
( O
59.8 O
% O
) O
leads O
the O
pack O
. O

We O
expect O
high-quality O
lithium O
hydroxide O
used O
in O
long-range O
batteries O
will O
continue O
to O
sell B-Cause
at I-Cause
a I-Cause
premium I-Cause
to I-Cause
carbonate I-Cause
, O
reflecting O
higher B-Effect
conversion I-Effect
costs I-Effect
. O

The B-Cause
bulk I-Cause
of I-Cause
programme I-Cause
development I-Cause
risk I-Cause
is I-Cause
borne I-Cause
by I-Cause
governments I-Cause
and I-Cause
defense I-Cause
departments I-Cause
, O
resulting O
in O
stable B-Effect
operating I-Effect
margins I-Effect
and I-Effect
returns I-Effect
for I-Effect
the I-Effect
contractors I-Effect
. O

This B-Cause
concern I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
fact I-Cause
that I-Cause
Sensient I-Cause
's I-Cause
products I-Cause
account I-Cause
for I-Cause
a I-Cause
very I-Cause
small I-Cause
portion I-Cause
of I-Cause
customer I-Cause
costs I-Cause
, I-Cause
typically I-Cause
leads I-Cause
to I-Cause
sticky I-Cause
business I-Cause
relationships. O
Accordingly O
, O
Sensient B-Effect
becomes I-Effect
ingrained I-Effect
in I-Effect
its I-Effect
customers I-Effect
' I-Effect
supply I-Effect
chains I-Effect
, I-Effect
serving I-Effect
as I-Effect
a I-Effect
key I-Effect
supplier I-Effect
in I-Effect
the I-Effect
production I-Effect
of I-Effect
well-established I-Effect
brands I-Effect
as I-Effect
well I-Effect
as I-Effect
development I-Effect
efforts I-Effect
for I-Effect
new I-Effect
products I-Effect
. O

Additionally O
, O
some B-Cause
preliminary I-Cause
data I-Cause
hints I-Cause
that I-Cause
a I-Cause
substantial I-Cause
portion I-Cause
of I-Cause
this I-Cause
elderly I-Cause
patient I-Cause
population I-Cause
would I-Cause
have I-Cause
expired I-Cause
anyway I-Cause
from I-Cause
independent I-Cause
causes I-Cause
within I-Cause
several I-Cause
years I-Cause
, I-Cause
even I-Cause
after I-Cause
implanting I-Cause
the I-Cause
Sapien I-Cause
valve. O
This O
raises B-Effect
questions I-Effect
about I-Effect
Medicare I-Effect
's I-Effect
appetite I-Effect
to I-Effect
reimburse I-Effect
this I-Effect
expensive I-Effect
device I-Effect
and I-Effect
puts I-Effect
pressure I-Effect
on I-Effect
TAVR I-Effect
manufacturers I-Effect
to I-Effect
demonstrate I-Effect
the I-Effect
economic I-Effect
value I-Effect
of I-Effect
the I-Effect
technology I-Effect
. O

Frank B-Cause
's I-Cause
has I-Cause
historically I-Cause
been I-Cause
able I-Cause
to I-Cause
capture I-Cause
the I-Cause
value I-Cause
it I-Cause
creates I-Cause
via I-Cause
premium I-Cause
pricing I-Cause
, O
thus O
yielding B-Effect
very I-Effect
strong I-Effect
margins I-Effect
and I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

The B-Cause
lower I-Cause
commodity I-Cause
prices I-Cause
that I-Cause
drove I-Cause
the I-Cause
soft I-Cause
2019 I-Cause
profit I-Cause
were O
already O
factored O
in O
, O
so O
it B-Effect
's I-Effect
weaker I-Effect
near-term I-Effect
output I-Effect
and I-Effect
costs I-Effect
that I-Effect
detract I-Effect
from I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
. O

Moreover O
, O
Japanese B-Cause
megabanks I-Cause
' I-Cause
expansion I-Cause
of I-Cause
overseas I-Cause
lending I-Cause
in I-Cause
the I-Cause
current I-Cause
decade I-Cause
, O
which O
has B-Effect
made I-Effect
them I-Effect
the I-Effect
largest I-Effect
cross-border I-Effect
lenders I-Effect
in I-Effect
the I-Effect
world I-Effect
, I-Effect
leaves I-Effect
them I-Effect
exposed I-Effect
to I-Effect
credit I-Effect
losses I-Effect
. I-Effect

With O
a B-Cause
combination I-Cause
of I-Cause
expanding I-Cause
gross I-Cause
margins I-Cause
and I-Cause
incremental I-Cause
operating I-Cause
leverage I-Cause
, O
we B-Effect
expect I-Effect
Zebra I-Effect
's I-Effect
operating I-Effect
margin I-Effect
to I-Effect
hit I-Effect
20 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
, O
compared O
with O
15 O
% O
in O
2019 O
. O

We O
have O
no O
doubt O
that O
for O
the O
sake O
of O
continuity B-Effect
and I-Effect
risk I-Effect
mitigation I-Effect
, O
developers B-Cause
would I-Cause
prefer I-Cause
to I-Cause
remain I-Cause
on I-Cause
CDNs I-Cause
that I-Cause
are I-Cause
performing I-Cause
well I-Cause
, I-Cause
and I-Cause
metrics I-Cause
to I-Cause
date I-Cause
show I-Cause
that O
Fastly B-Effect
's I-Effect
customers I-Effect
do I-Effect
n't I-Effect
leave I-Effect
, O
as O
it B-Cause
routinely I-Cause
has I-Cause
a I-Cause
99 I-Cause
% I-Cause
revenue I-Cause
retention I-Cause
rate I-Cause
each I-Cause
year I-Cause
. O

NRG O
is O
well O
positioned O
in O
Texas O
and O
the O
Northeast O
, O
but O
in O
general O
we O
expect O
modest B-Cause
demand I-Cause
growth I-Cause
and I-Cause
a I-Cause
surge I-Cause
in I-Cause
renewable I-Cause
energy I-Cause
to O
damp O
prices B-Effect
, O
especially O
in O
Texas O
. O

However O
, O
Ulta B-Effect
's I-Effect
operating I-Effect
margins I-Effect
may I-Effect
get I-Effect
some I-Effect
benefit I-Effect
from O
its B-Cause
cost-reduction I-Cause
plan I-Cause
, O
which O
includes O
reductions O
in O
areas O
like O
logistics O
and O
technology O
, O
lower O
real O
estate O
costs O
, O
greater O
supply O
chain O
efficiency O
, O
and O
improved O
pricing O
and O
product O
mix O
. O

We B-Effect
assume I-Effect
about I-Effect
1.6 I-Effect
% I-Effect
average I-Effect
selling I-Effect
price I-Effect
growth I-Effect
through I-Effect
2030 I-Effect
as O
near-term B-Cause
pricing I-Cause
power I-Cause
is I-Cause
partially I-Cause
offset I-Cause
by I-Cause
Lennar I-Cause
's I-Cause
continued I-Cause
mix I-Cause
shift I-Cause
to I-Cause
lower-priced I-Cause
entry-level I-Cause
homes I-Cause
. O

The O
housing O
market O
has O
shown O
a O
tendency O
for O
boom O
and O
bust O
dynamics O
, O
and O
we O
think O
Zillow B-Effect
is I-Effect
untested I-Effect
in I-Effect
a I-Effect
bust I-Effect
environment I-Effect
given O
the B-Cause
bulk I-Cause
of I-Cause
its I-Cause
growth I-Cause
occurred I-Cause
following I-Cause
the I-Cause
great I-Cause
recession I-Cause
of I-Cause
2007-08 I-Cause
. O

Liberty B-Cause
Global I-Cause
's I-Cause
subsidiaries I-Cause
each I-Cause
carry I-Cause
a I-Cause
heavy I-Cause
debt I-Cause
load I-Cause
, O
which O
could O
impair B-Effect
the I-Effect
equity I-Effect
value I-Effect
of I-Effect
one I-Effect
or I-Effect
more I-Effect
of I-Effect
these I-Effect
businesses I-Effect
. O

Many B-Cause
demographic I-Cause
trends I-Cause
, I-Cause
such I-Cause
as I-Cause
falling I-Cause
homeownership I-Cause
and I-Cause
rising I-Cause
relative I-Cause
costs I-Cause
of I-Cause
single-family I-Cause
housing I-Cause
, O
have O
favorably O
shifted B-Effect
the I-Effect
population I-Effect
of I-Effect
many I-Effect
markets I-Effect
toward I-Effect
renting I-Effect
, I-Effect
creating I-Effect
more I-Effect
demand I-Effect
for I-Effect
single-family I-Effect
rentals I-Effect
. O

During O
this O
downturn O
, O
we O
assume O
Zimmer B-Effect
Biomet I-Effect
's I-Effect
margins I-Effect
fall I-Effect
in O
the O
near O
term O
, O
as O
volume B-Cause
falls I-Cause
off I-Cause
and I-Cause
the I-Cause
firm I-Cause
attempts I-Cause
to I-Cause
keep I-Cause
its I-Cause
engineers I-Cause
and I-Cause
salesforce I-Cause
intact I-Cause
. O

Due O
to O
COVID-19 B-Cause
, O
most B-Effect
of I-Effect
the I-Effect
company-owned I-Effect
and I-Effect
third-party I-Effect
stores I-Effect
that I-Effect
sell I-Effect
its I-Effect
merchandise I-Effect
worldwide I-Effect
were I-Effect
forced I-Effect
to I-Effect
close I-Effect
temporarily I-Effect
, O
and O
we O
expect O
turmoil O
in O
the O
apparel O
market O
to O
continue O
. O

We O
think O
US B-Cause
Foods I-Cause
' I-Cause
channel I-Cause
diversity I-Cause
, I-Cause
vast I-Cause
adoption I-Cause
of I-Cause
carryout I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
containment I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
virus I-Cause
after I-Cause
wide I-Cause
availability I-Cause
of I-Cause
vaccines I-Cause
in I-Cause
2021 I-Cause
, O
should O
return B-Effect
US I-Effect
Foods I-Effect
' I-Effect
pro I-Effect
forma I-Effect
revenue I-Effect
( I-Effect
including I-Effect
SGA I-Effect
Food I-Effect
Group I-Effect
and I-Effect
Smart I-Effect
Foodservice I-Effect
Warehouse I-Effect
acquisitions I-Effect
) I-Effect
to I-Effect
a I-Effect
prepandemic I-Effect
level I-Effect
by I-Effect
2022 I-Effect
. O

On O
the O
other O
hand O
, O
if B-Cause
Baker I-Cause
Hughes I-Cause
is I-Cause
going I-Cause
to I-Cause
be I-Cause
able I-Cause
to I-Cause
fulfill I-Cause
the I-Cause
lofty I-Cause
initial I-Cause
aspirations I-Cause
surrounding I-Cause
the I-Cause
merger I-Cause
, O
it O
is O
going O
to O
have B-Effect
greatly I-Effect
boost I-Effect
the I-Effect
volume I-Effect
of I-Effect
economic I-Effect
profits I-Effect
generated I-Effect
by I-Effect
this I-Effect
segment I-Effect
. O

The B-Cause
shift I-Cause
of I-Cause
volume I-Cause
to I-Cause
the I-Cause
off-trade I-Cause
has O
been O
margin B-Effect
dilutive I-Effect
for I-Effect
Ambev I-Effect
, O
with O
packaging B-Cause
mix I-Cause
also O
weighing O
on O
profitability B-Effect
. O

Digital B-Effect
Realty I-Effect
Trust I-Effect
is I-Effect
the I-Effect
only I-Effect
data I-Effect
center I-Effect
company I-Effect
we I-Effect
cover I-Effect
that I-Effect
we I-Effect
think I-Effect
has I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
, O
and O
it O
is O
mostly O
due O
to O
its B-Cause
scale I-Cause
, O
which O
we O
think O
gives O
it O
negotiating O
leverage O
with O
suppliers O
and O
economies O
of O
scale O
. O

We O
think O
Southwest B-Effect
is I-Effect
well-positioned I-Effect
to I-Effect
operationally I-Effect
outperform I-Effect
in I-Effect
a I-Effect
leisure-led I-Effect
recovery I-Effect
because O
its B-Cause
business I-Cause
model I-Cause
is I-Cause
structured I-Cause
to I-Cause
be I-Cause
profitable I-Cause
in I-Cause
a I-Cause
lower-fare I-Cause
environment I-Cause
that I-Cause
focuses I-Cause
on I-Cause
serving I-Cause
leisure I-Cause
travel I-Cause
. O

Furthermore O
, O
a O
key O
element O
of O
Eni O
's O
strategy O
is O
reducing B-Cause
emissions I-Cause
, O
even O
Scope O
3 O
, O
which O
leaves B-Effect
it I-Effect
well I-Effect
positioned I-Effect
in I-Effect
an I-Effect
environment I-Effect
with I-Effect
higher I-Effect
carbon I-Effect
costs I-Effect
. O

That O
said O
, O
declining B-Effect
fuel I-Effect
prices I-Effect
artificially B-Effect
boost I-Effect
the I-Effect
firm I-Effect
's I-Effect
gross I-Effect
profit I-Effect
margin I-Effect
percentage I-Effect
because O
lower B-Cause
fuel I-Cause
surcharges I-Cause
will I-Cause
reduce I-Cause
gross I-Cause
revenue I-Cause
with I-Cause
little I-Cause
impact I-Cause
on I-Cause
net I-Cause
revenue I-Cause
. O

Despite O
the O
positive O
demand O
drivers O
present O
in O
Aimco O
's O
markets O
and O
assets O
, O
intense B-Cause
competition I-Cause
for I-Cause
high-quality I-Cause
assets I-Cause
in I-Cause
strong I-Cause
markets I-Cause
drove B-Effect
up I-Effect
the I-Effect
initial I-Effect
capital I-Effect
investment I-Effect
on I-Effect
the I-Effect
company I-Effect
's I-Effect
portfolio I-Effect
. O

There B-Cause
is I-Cause
minimal I-Cause
unused I-Cause
land I-Cause
and I-Cause
water I-Cause
resources I-Cause
in I-Cause
this I-Cause
fertile I-Cause
area I-Cause
, O
so O
we O
expect O
this B-Effect
advantage I-Effect
to I-Effect
hold I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. I-Effect

Despite O
that O
online O
education O
was O
not O
yet O
a O
mainstream O
under O
the O
current O
environment O
, O
yet O
we O
believe O
that O
post O
the B-Cause
COVID-19 I-Cause
impact I-Cause
, O
online B-Effect
education I-Effect
shall I-Effect
be I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
and I-Effect
attracts I-Effect
more I-Effect
students I-Effect
from I-Effect
the I-Effect
mass I-Effect
markets I-Effect
especially O
with O
tier O
II O
cities O
or O
below O
with O
low O
tutoring O
penetration O
. O

However O
, O
if O
Intel B-Cause
continues I-Cause
to I-Cause
have I-Cause
delays I-Cause
in I-Cause
transitioning I-Cause
its I-Cause
server I-Cause
CPUs I-Cause
to I-Cause
new I-Cause
process I-Cause
technologies I-Cause
, O
ARM-based B-Effect
server I-Effect
CPUs I-Effect
have I-Effect
the I-Effect
potential I-Effect
to I-Effect
capture I-Effect
more I-Effect
of I-Effect
the I-Effect
server I-Effect
CPU I-Effect
market I-Effect
. O

First O
, O
we O
believe O
that O
Agco O
will O
continue B-Effect
to I-Effect
reduce I-Effect
manufacturing I-Effect
costs I-Effect
as O
it B-Cause
consolidates I-Cause
product I-Cause
development I-Cause
activities I-Cause
across I-Cause
multiple I-Cause
brands I-Cause
. O

But O
this O
should O
not O
affect O
Airbnb B-Effect
's I-Effect
uncertainty I-Effect
rating I-Effect
unless O
travel B-Cause
demand I-Cause
once I-Cause
again I-Cause
returns I-Cause
to I-Cause
near I-Cause
zero I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, O
leading O
to O
the O
potential B-Effect
need I-Effect
for I-Effect
incremental I-Effect
liquidity I-Effect
, I-Effect
which I-Effect
could I-Effect
occur I-Effect
at I-Effect
value-destructive I-Effect
levels I-Effect
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
is I-Effect
medium I-Effect
, I-Effect
to I-Effect
reflect I-Effect
the I-Effect
widening I-Effect
range I-Effect
of I-Effect
valuation I-Effect
outcomes I-Effect
resulting O
from O
the B-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
short-term I-Cause
demand I-Cause
. O

Although O
tobacco O
companies O
spend O
roughly O
$ O
10 O
billion O
in O
marketing O
in O
the O
U.S. O
, O
roughly B-Cause
two I-Cause
thirds I-Cause
was I-Cause
spent I-Cause
on I-Cause
price I-Cause
discounts I-Cause
to O
reduce O
the B-Effect
cost I-Effect
of I-Effect
cigarettes I-Effect
to I-Effect
consumers I-Effect
. O

For O
example O
, O
a O
hotel O
customer O
who O
uses O
Ecolab O
's O
products O
for O
dishwashing O
, O
laundry O
, O
cleaning O
, O
and O
pest O
control O
would O
have O
to O
manage B-Cause
a I-Cause
more I-Cause
complex I-Cause
and I-Cause
more I-Cause
costly I-Cause
supply I-Cause
chain I-Cause
if O
it B-Effect
were I-Effect
to I-Effect
replace I-Effect
Ecolab I-Effect
with I-Effect
multiple I-Effect
suppliers I-Effect
. O

That O
said O
, O
a B-Cause
sizable I-Cause
recall I-Cause
, O
like O
the O
one O
currently O
experienced O
by O
BD O
, O
could O
lead O
to O
market B-Effect
share I-Effect
losses I-Effect
as O
we O
had O
seen O
in O
the O
past O
with O
Baxter O
. O

We O
believe O
that O
CrowdStrike B-Effect
is I-Effect
in I-Effect
the I-Effect
early I-Effect
stages I-Effect
of I-Effect
becoming I-Effect
a I-Effect
market I-Effect
mainstay I-Effect
as O
businesses B-Cause
and I-Cause
governments I-Cause
rapidly I-Cause
adopt I-Cause
cloud-based I-Cause
endpoint I-Cause
protection I-Cause
platforms I-Cause
. O

As B-Cause
business I-Cause
travel I-Cause
is I-Cause
highly I-Cause
cyclical I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
think I-Effect
an I-Effect
increased I-Effect
mix I-Effect
of I-Effect
business I-Effect
travel I-Effect
is I-Effect
a I-Effect
sustainable I-Effect
economic I-Effect
advantage I-Effect
. O

We O
believe O
the B-Effect
technology I-Effect
and I-Effect
analytics I-Effect
segment I-Effect
will I-Effect
grow I-Effect
at I-Effect
a I-Effect
faster I-Effect
rate I-Effect
as O
life B-Cause
sciences I-Cause
data I-Cause
and I-Cause
analytics I-Cause
play I-Cause
a I-Cause
larger I-Cause
role I-Cause
in I-Cause
clinical I-Cause
trials I-Cause
and O
other B-Cause
mission-critical I-Cause
processes I-Cause
for I-Cause
the I-Cause
biopharma I-Cause
industry I-Cause
. O

MPS B-Effect
operates I-Effect
in I-Effect
the I-Effect
cyclical I-Effect
semiconductor I-Effect
industry I-Effect
, I-Effect
and I-Effect
its I-Effect
financial I-Effect
results I-Effect
can I-Effect
fluctuate I-Effect
with I-Effect
demand I-Effect
cycles I-Effect
-- O
as B-Cause
seen I-Cause
in I-Cause
2019 I-Cause
, I-Cause
when I-Cause
its I-Cause
top-line I-Cause
growth I-Cause
slowed I-Cause
to I-Cause
single I-Cause
digits I-Cause
for I-Cause
the I-Cause
first I-Cause
time I-Cause
in I-Cause
seven I-Cause
years I-Cause
. O

With B-Cause
ample I-Cause
resources I-Cause
to O
fuel B-Effect
its I-Effect
expansion I-Effect
, O
we O
expect O
Costco O
will O
continue O
to O
return B-Cause
a I-Cause
meaningful I-Cause
amount I-Cause
of I-Cause
cash I-Cause
to O
shareholders B-Effect
using I-Effect
stock I-Effect
buybacks I-Effect
and I-Effect
a I-Effect
mix I-Effect
of I-Effect
regular I-Effect
and I-Effect
special I-Effect
dividends I-Effect
. O

For O
example O
, O
BGI O
Genomics O
, O
which O
operates O
primarily O
in O
China O
due O
to O
intellectual B-Cause
property I-Cause
disputes I-Cause
, O
announced B-Effect
in I-Effect
early I-Effect
2020 I-Effect
that I-Effect
its I-Effect
technology I-Effect
can I-Effect
sequencing I-Effect
a I-Effect
genome I-Effect
for I-Effect
$ I-Effect
100 I-Effect
. O

By O
and O
large O
, O
we B-Cause
like I-Cause
ConvaTec I-Cause
's I-Cause
businesses I-Cause
that I-Cause
focus I-Cause
on I-Cause
chronic I-Cause
care I-Cause
, O
which O
translates B-Effect
into I-Effect
an I-Effect
ongoing I-Effect
stream I-Effect
of I-Effect
revenue I-Effect
. O

The B-Effect
coronavirus I-Effect
was I-Effect
a I-Effect
major I-Effect
challenge I-Effect
for I-Effect
the I-Effect
senior I-Effect
housing I-Effect
industry I-Effect
as O
the B-Cause
senior I-Cause
population I-Cause
was I-Cause
one I-Cause
of I-Cause
the I-Cause
worst I-Cause
hit I-Cause
from I-Cause
the I-Cause
virus I-Cause
. O

We O
also O
expect O
coronavirus-related B-Cause
retail I-Cause
closures I-Cause
and I-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
will O
have B-Effect
a I-Effect
lasting I-Effect
impact I-Effect
on I-Effect
the I-Effect
industry I-Effect
and I-Effect
drive I-Effect
near-term I-Effect
operating I-Effect
volatility I-Effect
. O

Lastly O
, O
the B-Cause
shift I-Cause
away I-Cause
from I-Cause
internal I-Cause
combustion I-Cause
engine I-Cause
vehicles I-Cause
may O
result O
in O
reduced B-Effect
repair I-Effect
and I-Effect
maintenance I-Effect
work I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

As O
national B-Cause
accounts I-Cause
and I-Cause
on-site I-Cause
relationships I-Cause
gain I-Cause
prominence I-Cause
, O
Fastenal B-Effect
could I-Effect
face I-Effect
gross I-Effect
margin I-Effect
pressure I-Effect
, O
but O
these B-Cause
accounts I-Cause
also I-Cause
provide I-Cause
an I-Cause
opportunity I-Cause
for I-Cause
to I-Cause
gain I-Cause
market I-Cause
share I-Cause
and I-Cause
increase I-Cause
volume I-Cause
, O
which O
should O
drive B-Effect
better I-Effect
operating I-Effect
leverage I-Effect
and I-Effect
improved I-Effect
operating I-Effect
margins I-Effect
. O

Longer-term O
we O
believe O
operating B-Effect
margins I-Effect
can I-Effect
continue I-Effect
to I-Effect
rise I-Effect
incrementally. O
This O
is O
driven O
by O
a B-Cause
combination I-Cause
of I-Cause
further I-Cause
cost I-Cause
improvements I-Cause
and I-Cause
an I-Cause
improved I-Cause
business I-Cause
mix I-Cause
focused I-Cause
on I-Cause
scalable I-Cause
electronic I-Cause
products I-Cause
, I-Cause
with I-Cause
less I-Cause
of I-Cause
a I-Cause
drag I-Cause
from I-Cause
legacy I-Cause
print I-Cause
products I-Cause
, I-Cause
as I-Cause
this I-Cause
medium I-Cause
now I-Cause
contributes I-Cause
less I-Cause
than I-Cause
8 I-Cause
% I-Cause
of I-Cause
group I-Cause
revenue I-Cause
. O

LabCorp B-Cause
's I-Cause
ability I-Cause
to I-Cause
accommodate I-Cause
higher I-Cause
throughput I-Cause
and I-Cause
its I-Cause
extensive I-Cause
use I-Cause
of I-Cause
automation I-Cause
affords O
the B-Effect
firm I-Effect
a I-Effect
much I-Effect
lower I-Effect
cost I-Effect
structure I-Effect
-- I-Effect
significantly I-Effect
lower I-Effect
than I-Effect
that I-Effect
of I-Effect
hospitals I-Effect
and I-Effect
smaller I-Effect
independent I-Effect
labs I-Effect
. O

We O
do O
however O
, O
anticipate O
that O
fee B-Effect
margins I-Effect
will I-Effect
remain I-Effect
under I-Effect
pressure I-Effect
as O
competition B-Cause
increases I-Cause
with I-Cause
many I-Cause
financial I-Cause
services I-Cause
firms I-Cause
expanding I-Cause
its I-Cause
presence I-Cause
in I-Cause
the I-Cause
wealth I-Cause
management I-Cause
market I-Cause
. O

The B-Cause
four-player I-Cause
wireless I-Cause
industry I-Cause
structure I-Cause
has O
resulted O
in O
a B-Effect
long I-Effect
history I-Effect
of I-Effect
stiff I-Effect
price I-Effect
competition I-Effect
, O
initially O
as O
carriers B-Cause
scrambled I-Cause
to I-Cause
gain I-Cause
share I-Cause
in I-Cause
growing I-Cause
market O
and O
more O
recently O
as O
carriers B-Cause
have I-Cause
fought I-Cause
to I-Cause
keep I-Cause
customers I-Cause
in I-Cause
a I-Cause
tough I-Cause
economic I-Cause
environment I-Cause
and I-Cause
an I-Cause
independent I-Cause
Oi I-Cause
has I-Cause
struggled I-Cause
to I-Cause
remain I-Cause
viable I-Cause
. O

With O
the B-Cause
advent I-Cause
of I-Cause
online I-Cause
forums I-Cause
, O
much B-Effect
information I-Effect
can I-Effect
be I-Effect
gleaned I-Effect
by I-Effect
third I-Effect
parties I-Effect
, O
such O
as O
industry O
analysts O
, O
who O
previously O
had O
no O
access O
to O
informal O
networks O
that O
developed O
at O
truck O
stops O
and O
depots O
. O

The B-Effect
operating I-Effect
margin I-Effect
is I-Effect
likely I-Effect
to I-Effect
expand I-Effect
after I-Effect
2021 I-Effect
and I-Effect
during I-Effect
2025 I-Effect
, O
as O
lower B-Cause
growth I-Cause
in I-Cause
operating I-Cause
expenses I-Cause
( I-Cause
driven I-Cause
by I-Cause
more I-Cause
automation I-Cause
of I-Cause
content I-Cause
, I-Cause
data I-Cause
, I-Cause
and I-Cause
user I-Cause
monitoring I-Cause
) I-Cause
, I-Cause
coupled I-Cause
with I-Cause
revenue I-Cause
growth I-Cause
, I-Cause
will I-Cause
create I-Cause
operating I-Cause
leverage I-Cause
. O

Second O
, O
some B-Cause
heart-lung I-Cause
machines I-Cause
( I-Cause
including I-Cause
those I-Cause
of I-Cause
LivaNova I-Cause
) I-Cause
are I-Cause
generally I-Cause
open I-Cause
systems I-Cause
, O
which O
means O
the B-Effect
perfusionist I-Effect
can I-Effect
mix I-Effect
and I-Effect
match I-Effect
the I-Effect
consumable I-Effect
oxygenator I-Effect
with I-Effect
the I-Effect
pumping I-Effect
equipment I-Effect
. O

Additionally O
, O
management O
has O
begun O
an B-Cause
extensive I-Cause
renovation I-Cause
program I-Cause
across I-Cause
both I-Cause
the I-Cause
LaSalle I-Cause
portfolio I-Cause
and I-Cause
the I-Cause
legacy I-Cause
portfolio I-Cause
that O
will O
drive O
EBITDA B-Effect
gains I-Effect
over I-Effect
time I-Effect
. O

Finally O
, O
roughly O
20 O
% O
of O
sales O
are O
related O
to O
communications O
infrastructure O
, O
a B-Effect
segment I-Effect
that I-Effect
can I-Effect
have I-Effect
very I-Effect
lumpy I-Effect
performance I-Effect
due O
to O
the B-Cause
significant I-Cause
investment I-Cause
costs I-Cause
. O

However O
, O
the O
2021 O
first-quarter O
increase O
was O
only O
1.3 O
% O
, O
and O
we B-Effect
expect I-Effect
this I-Effect
lower I-Effect
level I-Effect
of I-Effect
increase I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years O
due O
to O
the B-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
. O

Fastenal O
is O
a O
valuable O
channel O
partner O
for O
its O
suppliers O
, O
and O
we O
think O
the B-Cause
firm I-Cause
's I-Cause
large I-Cause
customer I-Cause
base I-Cause
and I-Cause
ability I-Cause
to I-Cause
outgrow I-Cause
its I-Cause
end I-Cause
markets I-Cause
strengthen B-Effect
its I-Effect
standing I-Effect
with I-Effect
its I-Effect
suppliers I-Effect
. O

The B-Cause
Canadian I-Cause
company I-Cause
's I-Cause
pivot I-Cause
was I-Cause
fueled I-Cause
by I-Cause
acquisitions I-Cause
, O
namely O
the O
$ O
425 O
million O
deal O
for O
Good O
Technology O
in O
2015 O
that O
catapulted O
BlackBerry O
to O
the O
number-two O
market O
share O
in O
unified O
endpoint O
management O
, O
and O
the O
$ O
1.4 O
billion O
Cylance O
acquisition O
in O
2018 O
that O
gave B-Effect
BlackBerry I-Effect
a I-Effect
foothold I-Effect
in I-Effect
the I-Effect
endpoint I-Effect
protection I-Effect
market I-Effect
. O

Combined B-Cause
with I-Cause
a I-Cause
relatively I-Cause
taste I-Cause
sensitive I-Cause
core I-Cause
consumer I-Cause
, O
leading O
players B-Effect
can I-Effect
typically I-Effect
maintain I-Effect
volumes I-Effect
at I-Effect
sufficient I-Effect
levels I-Effect
to I-Effect
enjoy I-Effect
favorable I-Effect
unit I-Effect
economics I-Effect
. O

Simon O
will O
have O
to O
re-lease B-Effect
vacant I-Effect
space I-Effect
to I-Effect
new I-Effect
tenants I-Effect
, O
which O
may O
be O
at B-Effect
lower I-Effect
rents I-Effect
in O
a B-Cause
negative I-Cause
sales I-Cause
environment I-Cause
. O

The B-Cause
rise I-Cause
in I-Cause
e-commerce I-Cause
should O
continue O
to O
drive B-Effect
demand I-Effect
for I-Effect
warehouse I-Effect
space I-Effect
, O
although O
vertical O
integration O
among O
some O
of O
Prologis O
' O
largest O
customers O
is O
a O
concern O
. O

Hanesbrands B-Effect
has I-Effect
reported I-Effect
uneven I-Effect
results I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
due O
to O
store B-Cause
closures I-Cause
, I-Cause
lower I-Cause
retail I-Cause
inventories I-Cause
, I-Cause
weakness I-Cause
in I-Cause
intimate I-Cause
apparel I-Cause
, I-Cause
and I-Cause
, I-Cause
in I-Cause
2020 I-Cause
, I-Cause
COVID-19 I-Cause
. O

The O
ag O
services O
business O
is O
all O
about O
capacity O
utilization O
, O
and O
weather B-Cause
can O
cause O
fluctuations B-Effect
in I-Effect
operating I-Effect
rates I-Effect
year I-Effect
to I-Effect
year I-Effect
-- O
as O
seen O
with O
the O
2012 O
drought O
. O

In O
our O
view O
, O
Cisco B-Cause
is I-Cause
evolving I-Cause
its I-Cause
portfolio I-Cause
at I-Cause
a I-Cause
more I-Cause
rapid I-Cause
rate I-Cause
to O
stay B-Effect
ahead I-Effect
of I-Effect
trends I-Effect
in I-Effect
areas I-Effect
such I-Effect
as I-Effect
switching I-Effect
, I-Effect
communications I-Effect
, I-Effect
cybersecurity I-Effect
management I-Effect
, I-Effect
software-defined I-Effect
wide-area I-Effect
networking I-Effect
, I-Effect
and I-Effect
analytics I-Effect
. O

As O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
innovate I-Cause
and I-Cause
provide I-Cause
a I-Cause
comprehensive I-Cause
set I-Cause
of I-Cause
products I-Cause
for I-Cause
businesses I-Cause
, O
we O
believe O
it B-Effect
can I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
. O

In O
retail O
services O
( O
around O
35 O
% O
of O
fiscal O
2020 O
sales O
) O
, O
Valvoline O
should O
be O
able O
to O
capitalize O
on O
its B-Cause
lubricant I-Cause
brand I-Cause
strength I-Cause
to O
take B-Effect
share I-Effect
in I-Effect
a I-Effect
fragmented I-Effect
quick I-Effect
lube I-Effect
industry I-Effect
. O

Our O
base-case O
scenario O
assumes O
that O
the O
net O
interest O
margin O
for O
Toronto-Dominion O
initially O
declines O
from O
lower O
rates O
, O
while O
recovering B-Effect
partially I-Effect
in O
the O
later O
years O
of O
our B-Cause
forecast I-Cause
. O

Recently O
, O
there O
has O
been O
growth B-Cause
in I-Cause
Chinese I-Cause
construction I-Cause
equipment I-Cause
manufacturers I-Cause
' I-Cause
crane I-Cause
offerings I-Cause
, O
which O
has O
made O
crane B-Effect
manufacturing I-Effect
a I-Effect
less I-Effect
attractive I-Effect
business I-Effect
. O

Assuming O
the O
product O
continues O
to O
work O
as O
intended O
, O
we O
think O
that O
the B-Cause
difficulty I-Cause
of I-Cause
redesigning I-Cause
the I-Cause
aircraft I-Cause
or I-Cause
ship I-Cause
makes O
it O
such O
that O
the O
customer B-Effect
would I-Effect
be I-Effect
much I-Effect
more I-Effect
willing I-Effect
to I-Effect
upgrade I-Effect
the I-Effect
sensor I-Effect
than I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
different I-Effect
provider I-Effect
. O

Further O
, O
Verisign B-Cause
's I-Cause
six-year I-Cause
contracts I-Cause
have I-Cause
a I-Cause
presumptive I-Cause
right I-Cause
of I-Cause
renewal I-Cause
, I-Cause
meaning I-Cause
that I-Cause
they I-Cause
instantly I-Cause
renew I-Cause
as I-Cause
long I-Cause
as I-Cause
the I-Cause
company I-Cause
provides I-Cause
largely I-Cause
uninterrupted I-Cause
service I-Cause
, I-Cause
which I-Cause
the I-Cause
company I-Cause
had I-Cause
, I-Cause
in I-Cause
fact I-Cause
, I-Cause
maintained I-Cause
for I-Cause
23 I-Cause
years I-Cause
and I-Cause
counting. O
Thus O
, O
we O
foresee O
Verisign B-Effect
renewing I-Effect
these I-Effect
ICANN I-Effect
contracts I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
and I-Effect
beyond I-Effect
, I-Effect
in I-Effect
turn I-Effect
driving I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

We B-Effect
forecast I-Effect
total I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
of I-Effect
660 I-Effect
basis I-Effect
points I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
, O
driven O
by O
gross B-Cause
margin I-Cause
expansion I-Cause
in I-Cause
genomics I-Cause
and I-Cause
the I-Cause
normalization I-Cause
of I-Cause
selling I-Cause
and I-Cause
marketing I-Cause
costs I-Cause
. O

With O
Nvidia B-Cause
in I-Cause
the I-Cause
process I-Cause
of I-Cause
acquiring I-Cause
ARM I-Cause
, O
there O
is O
heightened B-Effect
risk I-Effect
that I-Effect
more I-Effect
ARM-based I-Effect
CPUs I-Effect
will I-Effect
threaten I-Effect
Intel I-Effect
's I-Effect
x86 I-Effect
CPU I-Effect
hegemony I-Effect
. O

We O
acknowledge O
that O
Sandvik B-Cause
has I-Cause
led I-Cause
Kennametal I-Cause
in I-Cause
terms I-Cause
of I-Cause
production I-Cause
methods I-Cause
and I-Cause
supply I-Cause
chain I-Cause
optimization I-Cause
, O
resulting O
in O
industry-leading B-Effect
margins I-Effect
. O

However O
, O
investment B-Cause
opportunities I-Cause
have I-Cause
been I-Cause
more I-Cause
limited I-Cause
in I-Cause
the I-Cause
refined I-Cause
products I-Cause
segment. O
As O
a O
result O
, O
Magellan B-Effect
has I-Effect
invested I-Effect
more I-Effect
than I-Effect
$ I-Effect
5 I-Effect
billion I-Effect
largely I-Effect
elsewhere I-Effect
since I-Effect
2010 I-Effect
and I-Effect
has I-Effect
built I-Effect
up I-Effect
a I-Effect
respectable I-Effect
but I-Effect
ultimately I-Effect
more I-Effect
volatile I-Effect
and I-Effect
lower-quality I-Effect
crude I-Effect
oil I-Effect
pipeline I-Effect
and I-Effect
marine I-Effect
storage I-Effect
business I-Effect
, I-Effect
which I-Effect
now I-Effect
contributes I-Effect
about I-Effect
40 I-Effect
% I-Effect
of I-Effect
operating I-Effect
margin I-Effect
. O

We B-Effect
view I-Effect
the I-Effect
consumer I-Effect
business I-Effect
as I-Effect
being I-Effect
even I-Effect
more I-Effect
challenged I-Effect
, O
as B-Cause
we I-Cause
project I-Cause
the I-Cause
continued I-Cause
movement I-Cause
from I-Cause
consumers I-Cause
away I-Cause
from I-Cause
landline I-Cause
phones I-Cause
will I-Cause
more I-Cause
than I-Cause
offset I-Cause
Lumen I-Cause
's I-Cause
improving I-Cause
broadband I-Cause
network I-Cause
. O

We B-Effect
've I-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
248 I-Effect
from I-Effect
$ I-Effect
236 I-Effect
to O
reflect O
stronger B-Cause
end-market I-Cause
performance I-Cause
in I-Cause
both I-Cause
agriculture I-Cause
and I-Cause
construction I-Cause
markets I-Cause
. O

AWS B-Cause
has I-Cause
driven I-Cause
profitability I-Cause
for I-Cause
the I-Cause
entire I-Cause
company鈥攁lthough O
it O
represents O
10 O
% O
to O
15 O
% O
of O
revenue O
, O
it O
generates B-Effect
60 I-Effect
% I-Effect
to I-Effect
65 I-Effect
% I-Effect
of I-Effect
total I-Effect
operating I-Effect
profit I-Effect
dollars I-Effect
for I-Effect
Amazon I-Effect
. O

We O
think O
the B-Cause
additional I-Cause
subscriptions I-Cause
per I-Cause
customer I-Cause
make O
Fortinet B-Cause
stickier I-Cause
with I-Cause
its I-Cause
enterprise I-Cause
customers I-Cause
and O
its B-Effect
revenue I-Effect
streams I-Effect
less I-Effect
susceptible I-Effect
to I-Effect
IT I-Effect
hardware I-Effect
spending I-Effect
downturns I-Effect
. O

Revenue B-Effect
growth I-Effect
for I-Effect
the I-Effect
flavors I-Effect
and I-Effect
extracts I-Effect
segment I-Effect
will O
be O
driven O
primarily O
by O
higher B-Cause
volumes I-Cause
and O
, O
to O
a O
lesser O
extent O
, O
improving B-Effect
prices I-Effect
via O
a B-Cause
higher-value I-Cause
product I-Cause
mix I-Cause
. O

Risks B-Cause
tend I-Cause
to I-Cause
include I-Cause
environmental I-Cause
damage I-Cause
from I-Cause
chemical I-Cause
waste I-Cause
that I-Cause
typically I-Cause
occurs I-Cause
around I-Cause
a I-Cause
manufacturing I-Cause
site. O
This O
typically O
results O
in O
remediation B-Effect
and I-Effect
litigation I-Effect
expenses I-Effect
that I-Effect
can I-Effect
range I-Effect
from I-Effect
the I-Effect
tens I-Effect
of I-Effect
millions I-Effect
of I-Effect
dollars I-Effect
to I-Effect
over I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
, I-Effect
depending I-Effect
on I-Effect
the I-Effect
extent I-Effect
of I-Effect
the I-Effect
damage I-Effect
. O

Further O
, O
as O
profits B-Cause
and I-Cause
free I-Cause
cash I-Cause
flow I-Cause
grow I-Cause
from I-Cause
the I-Cause
restoration I-Cause
of I-Cause
the I-Cause
salt I-Cause
business I-Cause
, O
we B-Effect
expect I-Effect
Compass I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
reduce I-Effect
its I-Effect
leverage I-Effect
. O

We O
expect O
net B-Effect
interest I-Effect
income I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
nearly I-Effect
7 I-Effect
% I-Effect
annual I-Effect
rate I-Effect
due O
to O
the B-Cause
buildup I-Cause
of I-Cause
the I-Cause
Marcus I-Cause
platform I-Cause
and I-Cause
an I-Cause
eventual I-Cause
recovery I-Cause
in I-Cause
interest I-Cause
rates I-Cause
. O

Nearly B-Cause
100 I-Cause
% I-Cause
of I-Cause
its I-Cause
production I-Cause
is I-Cause
handled I-Cause
by I-Cause
roughly I-Cause
1,200 I-Cause
factories I-Cause
in I-Cause
50 I-Cause
countries I-Cause
that O
are O
not O
owned O
by O
the O
company O
, O
indicating O
that O
PVH B-Effect
has I-Effect
no I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
the I-Effect
many I-Effect
other I-Effect
apparel I-Effect
companies I-Effect
with I-Effect
similar I-Effect
outsourcing I-Effect
models I-Effect
. O

With O
only B-Cause
around I-Cause
20 I-Cause
% I-Cause
of I-Cause
its I-Cause
normalized I-Cause
sales I-Cause
coming I-Cause
from I-Cause
food I-Cause
( O
which O
generates O
recurring O
traffic O
) O
, O
we O
believe O
Target B-Effect
must I-Effect
invest I-Effect
to I-Effect
remain I-Effect
at I-Effect
the I-Effect
top I-Effect
of I-Effect
shoppers I-Effect
' I-Effect
minds I-Effect
. O

As O
consumers B-Cause
can I-Cause
find I-Cause
many I-Cause
similar I-Cause
cannabis I-Cause
products I-Cause
across I-Cause
various I-Cause
dispensaries I-Cause
, O
cannabis B-Effect
companies I-Effect
will I-Effect
also I-Effect
have I-Effect
to I-Effect
differentiate B-Cause
their I-Cause
products I-Cause
from I-Cause
their I-Cause
competitors I-Cause
and I-Cause
establish I-Cause
brand I-Cause
equity I-Cause
in I-Effect
order I-Effect
to I-Effect
potentially B-Effect
create I-Effect
brand I-Effect
intangibles I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

We O
think O
Sabre B-Effect
will I-Effect
maintain I-Effect
its I-Effect
network I-Effect
, I-Effect
switching I-Effect
cost I-Effect
, I-Effect
and I-Effect
efficient I-Effect
scale I-Effect
advantages I-Effect
, O
driven O
by O
challenges B-Cause
in I-Cause
replicating I-Cause
its I-Cause
competitive I-Cause
position I-Cause
and I-Cause
the I-Cause
value I-Cause
its I-Cause
offering I-Cause
provides I-Cause
suppliers I-Cause
, I-Cause
agents I-Cause
, I-Cause
and I-Cause
travelers I-Cause
. O

In O
our O
view O
, O
Honeywell B-Cause
was I-Cause
wise I-Cause
to I-Cause
continue I-Cause
investing I-Cause
aggressively I-Cause
during I-Cause
the I-Cause
height I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, O
which O
we O
think O
will O
reward B-Effect
the I-Effect
firm I-Effect
with I-Effect
share I-Effect
gains I-Effect
. O

While O
equity B-Cause
market/currency I-Cause
volatility I-Cause
and I-Cause
trade I-Cause
wars I-Cause
can O
create O
uneven B-Effect
periods I-Effect
of I-Effect
consumer I-Effect
confidence I-Effect
and I-Effect
spending I-Effect
, O
we O
remain O
constructive O
on O
the O
longer O
spending O
potential O
of O
the O
Chinese O
consumer O
. O

Additionally O
, O
the B-Effect
performance I-Effect
and I-Effect
asset I-Effect
values I-Effect
of I-Effect
Healthpeak I-Effect
's I-Effect
portfolio I-Effect
will I-Effect
suffer I-Effect
if O
Healthpeak B-Cause
's I-Cause
operating I-Cause
partners I-Cause
fail I-Cause
to I-Cause
provide I-Cause
superior I-Cause
care I-Cause
or O
Healthpeak B-Cause
's I-Cause
assets I-Cause
fail I-Cause
to I-Cause
retain I-Cause
the I-Cause
top I-Cause
tenants I-Cause
. O

Risks B-Cause
surrounding I-Cause
a I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccine I-Cause
are I-Cause
widely I-Cause
distributed I-Cause
, O
which O
drove O
Expedia B-Effect
's I-Effect
2020 I-Effect
revenue I-Effect
down I-Effect
57 I-Effect
% I-Effect
and I-Effect
could I-Effect
delay I-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

We O
expect O
the B-Effect
margin I-Effect
to I-Effect
decline I-Effect
to I-Effect
3 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
and I-Effect
improve I-Effect
thereafter O
thanks O
to O
a B-Cause
mix I-Cause
shift I-Cause
toward I-Cause
high-end I-Cause
brands I-Cause
such I-Cause
as I-Cause
Omega I-Cause
and I-Cause
cost I-Cause
curtailment I-Cause
in I-Cause
the I-Cause
low-end I-Cause
businesses I-Cause
. O

While O
Equity O
Residential O
has O
repositioned O
its O
portfolio O
into O
markets O
with O
strong O
demand O
drivers O
, O
we B-Effect
are I-Effect
cautious I-Effect
on I-Effect
its I-Effect
growth I-Effect
prospects I-Effect
, O
given O
that O
many B-Cause
markets I-Cause
are I-Cause
seeing I-Cause
high I-Cause
or I-Cause
rising I-Cause
supply I-Cause
. O

This O
risk O
was O
evident O
throughout O
parts O
of O
2018-19 O
due O
to O
railroads B-Cause
' I-Cause
intermodal I-Cause
scheduling I-Cause
tweaks I-Cause
linked I-Cause
to I-Cause
precision I-Cause
scheduled I-Cause
railroading I-Cause
initiatives I-Cause
which O
drove O
network B-Effect
congestion I-Effect
and I-Effect
sluggish I-Effect
train I-Effect
speeds I-Effect
. O

Also O
, O
the B-Cause
complexity I-Cause
of I-Cause
repairs I-Cause
, O
especially O
fixes O
requiring O
more O
than O
one O
part O
, O
likely O
would O
drive B-Effect
a I-Effect
customer I-Effect
interested I-Effect
in I-Effect
this I-Effect
sort I-Effect
of I-Effect
a I-Effect
solution I-Effect
to I-Effect
one I-Effect
of I-Effect
the I-Effect
professional I-Effect
repair I-Effect
shops I-Effect
that I-Effect
either I-Effect
AutoZone I-Effect
or I-Effect
its I-Effect
peers I-Effect
service I-Effect
. O

Further O
, O
we O
surmise O
the O
added B-Cause
costs I-Cause
related O
to O
logistics O
, O
supply O
chain O
, O
labor O
, O
and O
manufacturing O
and O
product O
safety O
could O
eat O
into O
some B-Effect
of I-Effect
the I-Effect
benefit I-Effect
from I-Effect
cost I-Effect
leverage I-Effect
resulting O
from O
volume O
gains O
. O

With B-Cause
an I-Cause
eye I-Cause
on I-Cause
the I-Cause
future I-Cause
, I-Cause
we I-Cause
expect I-Cause
CGI I-Cause
to I-Cause
benefit I-Cause
from I-Cause
vendor I-Cause
consolidation I-Cause
through I-Cause
its I-Cause
'build I-Cause
and I-Cause
buy I-Cause
' I-Cause
strategy I-Cause
as B-Effect
it I-Effect
continues I-Effect
to I-Effect
acquire I-Effect
smaller I-Effect
IT I-Effect
firms I-Effect
, I-Effect
with I-Effect
their I-Effect
own I-Effect
niche I-Effect
expertise I-Effect
, I-Effect
to I-Effect
gain I-Effect
access I-Effect
to I-Effect
more I-Effect
localized I-Effect
markets I-Effect
across I-Effect
the I-Effect
globe I-Effect
. I-Effect

With B-Cause
the I-Cause
ongoing I-Cause
and I-Cause
even I-Cause
increasing I-Cause
switching I-Cause
costs I-Cause
inherent I-Cause
in I-Cause
its I-Cause
businesses I-Cause
, O
we B-Effect
expect I-Effect
Amphenol I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
maintain I-Effect
those I-Effect
numbers I-Effect
and I-Effect
retain I-Effect
a I-Effect
strong I-Effect
position I-Effect
as I-Effect
a I-Effect
global I-Effect
electronic I-Effect
component I-Effect
supplier I-Effect
. O

In O
the O
lead-up O
to O
the O
financial O
crisis O
, O
U.S.-based B-Effect
variable I-Effect
annuity I-Effect
writers I-Effect
began I-Effect
to I-Effect
offer I-Effect
rich I-Effect
bonuses I-Effect
at I-Effect
low I-Effect
fees I-Effect
, O
enticed B-Cause
by I-Cause
the I-Cause
high I-Cause
market I-Cause
returns I-Cause
for I-Cause
equities I-Cause
. O

Though O
pressure O
on O
ETF O
expense O
ratios O
has O
weighed O
on O
MSCI O
's O
license O
fee O
rate O
( O
which O
is O
roughly O
2.7 O
basis O
points O
) O
, O
MSCI B-Effect
has I-Effect
benefited I-Effect
from I-Effect
market I-Effect
appreciation I-Effect
and I-Effect
robust I-Effect
net I-Effect
inflows I-Effect
as O
investors B-Cause
seek I-Cause
low-cost I-Cause
passive I-Cause
ETFs I-Cause
. O

Fiscal B-Effect
2021 I-Effect
will I-Effect
also I-Effect
face I-Effect
headwinds I-Effect
as O
the B-Cause
firm I-Cause
executes I-Cause
its I-Cause
value-over-volume I-Cause
strategy I-Cause
in I-Cause
the I-Cause
newly I-Cause
acquired I-Cause
Pinnacle I-Cause
Foods I-Cause
business I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
food-service I-Cause
segment I-Cause
. O

Most O
customers O
use O
Cogent O
for O
their O
Internet O
connections O
, O
but O
as O
more B-Cause
firms I-Cause
adopt I-Cause
cloud I-Cause
architectures I-Cause
and I-Cause
grow I-Cause
to I-Cause
multiple I-Cause
locations I-Cause
, O
Cogent B-Effect
has I-Effect
more I-Effect
opportunities I-Effect
to I-Effect
sell I-Effect
private I-Effect
network I-Effect
connections I-Effect
too O
. O

People B-Effect
need I-Effect
to I-Effect
travel I-Effect
for I-Effect
business I-Effect
when O
the B-Cause
economy I-Cause
is I-Cause
expanding I-Cause
and O
want B-Effect
to I-Effect
travel I-Effect
when O
jobs B-Cause
and I-Cause
income I-Cause
are I-Cause
steady I-Cause
, O
but O
travel B-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
first I-Effect
things I-Effect
cut I-Effect
as O
confidence B-Cause
in I-Cause
the I-Cause
economy I-Cause
falls I-Cause
. O

We O
see O
structural O
demand O
risk O
going O
forward O
from O
the O
growing O
electrification O
of O
vehicles O
, O
as O
Kautex B-Cause
has I-Cause
few I-Cause
other I-Cause
components I-Cause
other I-Cause
than I-Cause
fuel I-Cause
systems I-Cause
, O
which O
would O
put B-Effect
the I-Effect
company I-Effect
in I-Effect
a I-Effect
position I-Effect
of I-Effect
structural I-Effect
overcapacity I-Effect
. O

We B-Effect
're I-Effect
optimistic I-Effect
about I-Effect
the I-Effect
businesses I-Effect
' I-Effect
potential I-Effect
as O
management B-Cause
executes I-Cause
its I-Cause
plan I-Cause
to I-Cause
further I-Cause
streamline I-Cause
, I-Cause
reduce I-Cause
costs I-Cause
, I-Cause
and I-Cause
increase I-Cause
marketing I-Cause
and I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
investments I-Cause
to I-Cause
levels I-Cause
more I-Cause
in I-Cause
line I-Cause
with I-Cause
peers I-Cause
. I-Cause

We O
also O
expect O
Ansys O
to O
see O
increased B-Effect
annual I-Effect
contract I-Effect
value I-Effect
from O
increasing B-Cause
partnerships I-Cause
with I-Cause
CAD I-Cause
providers I-Cause
that I-Cause
are I-Cause
meeting I-Cause
new I-Cause
needs I-Cause
-- I-Cause
such I-Cause
as I-Cause
visualization I-Cause
of I-Cause
simulation I-Cause
. O

The B-Effect
reversal I-Effect
of I-Effect
these I-Effect
trends I-Effect
would I-Effect
negatively I-Effect
affect I-Effect
apartments I-Effect
, O
and O
this O
could O
happen O
quickly O
since O
most B-Cause
leases I-Cause
run I-Cause
for I-Cause
only I-Cause
12 I-Cause
months I-Cause
. O

Uber B-Effect
Eats I-Effect
, I-Effect
the I-Effect
firm I-Effect
's I-Effect
food I-Effect
delivery I-Effect
service I-Effect
, I-Effect
will I-Effect
be I-Effect
one I-Effect
of I-Effect
the I-Effect
main I-Effect
revenue I-Effect
growth I-Effect
drivers I-Effect
for I-Effect
the I-Effect
firm I-Effect
as O
it B-Cause
will I-Cause
benefit I-Cause
from I-Cause
cross-selling I-Cause
to I-Cause
its I-Cause
large I-Cause
ride-sharing I-Cause
user I-Cause
base I-Cause
. O

We O
have O
seen O
this O
many O
times O
now O
with O
the B-Cause
rise I-Cause
of I-Cause
increasingly I-Cause
dominant I-Cause
SaaS I-Cause
companies I-Cause
catching B-Effect
the I-Effect
legacy I-Effect
vendors I-Effect
off-guard—in I-Effect
this I-Effect
case I-Effect
, I-Effect
BMC I-Effect
, I-Effect
CA I-Effect
, I-Effect
IBM I-Effect
, I-Effect
and I-Effect
Micro I-Effect
Focus I-Effect
( I-Effect
including I-Effect
HP I-Effect
's I-Effect
software I-Effect
portfolio I-Effect
) I-Effect
. O

Interest B-Cause
rates I-Cause
on I-Cause
NHG I-Cause
mortgages I-Cause
however I-Cause
still I-Cause
comfortably I-Cause
exceeds I-Cause
sovereign I-Cause
yields I-Cause
so O
it B-Effect
remains I-Effect
profitable I-Effect
for I-Effect
Dutch I-Effect
banks I-Effect
to I-Effect
grant I-Effect
NHG I-Effect
mortgages I-Effect
. O

We O
believe O
that O
NetApp B-Effect
gains I-Effect
from I-Effect
the B-Cause
converged I-Cause
and I-Cause
hyperconverged I-Cause
infrastructure I-Cause
trends I-Cause
as O
IT B-Cause
teams I-Cause
favor I-Cause
scalability I-Cause
and I-Cause
flexibility I-Cause
over O
large O
dedicated O
storage O
and O
compute O
racks O
in O
certain O
applications O
. O

Costs B-Cause
to I-Cause
the I-Cause
tower I-Cause
provider I-Cause
are I-Cause
mostly I-Cause
fixed I-Cause
per I-Cause
tower I-Cause
, O
meaning O
costs B-Effect
to I-Effect
operate I-Effect
a I-Effect
tower I-Effect
are I-Effect
virtually I-Effect
the I-Effect
same I-Effect
whether O
a O
tower O
has O
one O
tenant O
or O
multiple O
tenants O
. O

Based B-Cause
on I-Cause
relatively I-Cause
high I-Cause
gross I-Cause
margins I-Cause
and I-Cause
a I-Cause
maintaining I-Cause
a I-Cause
relatively I-Cause
small I-Cause
direct I-Cause
salesforce I-Cause
in I-Cause
a I-Cause
low-touch I-Cause
model I-Cause
, O
we O
think O
GAAP B-Effect
operating I-Effect
margins I-Effect
should I-Effect
ultimately I-Effect
skew I-Effect
higher I-Effect
than I-Effect
the I-Effect
software I-Effect
average I-Effect
. O

We O
also O
expect O
that O
CrowdStrike O
's O
optimization O
of O
workload O
hosting O
as O
the B-Cause
company I-Cause
ages I-Cause
, O
whether O
outsourced O
or O
with O
internal O
assets O
, O
will O
help O
drive B-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
. O

The B-Cause
relationship I-Cause
between I-Cause
Stryker I-Cause
sales I-Cause
rep I-Cause
and I-Cause
surgeon I-Cause
is I-Cause
an I-Cause
intangible I-Cause
asset I-Cause
that O
contributes O
to O
the B-Effect
firm I-Effect
's I-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
. O

While O
R B-Cause
& I-Cause
D I-Cause
will I-Cause
expand I-Cause
and I-Cause
contract I-Cause
as I-Cause
product I-Cause
cycles I-Cause
run I-Cause
their I-Cause
course I-Cause
, O
we O
expect O
the B-Effect
company I-Effect
to I-Effect
continually I-Effect
spend I-Effect
a I-Effect
far I-Effect
greater I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
on I-Effect
R I-Effect
& I-Effect
D I-Effect
than I-Effect
other I-Effect
car I-Effect
companies I-Effect
to O
maintain O
a O
prestigious O
position O
as O
a O
Formula O
One O
racing O
powertrain O
innovator O
. O

One B-Cause
, I-Cause
improved I-Cause
personalization I-Cause
and I-Cause
targeted I-Cause
marketing I-Cause
capabilities I-Cause
has I-Cause
been I-Cause
a I-Cause
recurring I-Cause
theme I-Cause
among I-Cause
other I-Cause
high-frequency I-Cause
restaurant I-Cause
chains I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
and B-Effect
this I-Effect
move I-Effect
can I-Effect
put I-Effect
McDonald I-Effect
's I-Effect
several I-Effect
steps I-Effect
ahead I-Effect
of I-Effect
its I-Effect
QSR I-Effect
and I-Effect
specialty I-Effect
coffee I-Effect
chains I-Effect
as I-Effect
the I-Effect
industry I-Effect
continues I-Effect
to I-Effect
shift I-Effect
toward I-Effect
mobile I-Effect
order I-Effect
and I-Effect
delivery I-Effect
transactions I-Effect
. O

With O
90 O
% O
of O
all O
aircraft O
and O
80 O
% O
of O
all O
autos O
globally O
made O
via O
Dassault O
Systemes O
software O
, O
we O
believe O
the B-Effect
company I-Effect
will I-Effect
stay I-Effect
well I-Effect
entrenched I-Effect
in I-Effect
engineering I-Effect
teams I-Effect
with O
help O
from O
its O
significant B-Cause
switching I-Cause
costs I-Cause
and I-Cause
network I-Cause
effect I-Cause
found I-Cause
in I-Cause
its I-Cause
midmarket I-Cause
CAD I-Cause
software I-Cause
, O
SolidWorks O
. O

We B-Effect
expect I-Effect
RingCentral I-Effect
to I-Effect
report I-Effect
an I-Effect
average I-Effect
GAAP I-Effect
gross I-Effect
margin I-Effect
of I-Effect
77.6 I-Effect
% I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
, O
with O
both B-Cause
GAAP I-Cause
and I-Cause
non-GAAP I-Cause
gross I-Cause
margins I-Cause
expanding I-Cause
into I-Cause
the I-Cause
mid-80s I-Cause
as I-Cause
the I-Cause
business I-Cause
scales I-Cause
up I-Cause
. O

RingCentral B-Cause
has I-Cause
also I-Cause
started I-Cause
relying I-Cause
more I-Cause
heavily I-Cause
on I-Cause
the I-Cause
move-up I-Cause
market I-Cause
though O
relationships O
with O
channel O
partners O
like O
AT O
& O
amp O
; O
T O
, O
British O
Telecom O
, O
and O
Telus O
, O
helping B-Effect
RingCentral I-Effect
land I-Effect
larger I-Effect
deals I-Effect
more I-Effect
consistently I-Effect
. O

It O
would O
be O
catastrophic O
for O
VeriSign O
( O
and O
investors O
) O
if O
this O
benefit O
were O
rescinded O
, O
but O
given O
VeriSign B-Cause
's I-Cause
effective I-Cause
operations I-Cause
over I-Cause
the I-Cause
years I-Cause
, O
we O
think O
such B-Effect
a I-Effect
dire I-Effect
scenario I-Effect
is I-Effect
unlikely I-Effect
. O

In O
the B-Cause
past I-Cause
few I-Cause
years I-Cause
, I-Cause
numerous I-Cause
acquisitions I-Cause
, I-Cause
sales/spin-offs I-Cause
, I-Cause
and I-Cause
segment I-Cause
reclassifications I-Cause
have O
made B-Effect
it I-Effect
challenging I-Effect
to I-Effect
understand I-Effect
the I-Effect
company I-Effect
's I-Effect
organic I-Effect
growth I-Effect
and I-Effect
underlying I-Effect
business I-Effect
trends I-Effect
. O

In O
our O
view O
, O
Grainger O
's B-Cause
established I-Cause
reputation I-Cause
and I-Cause
inventory I-Cause
management I-Cause
capabilities I-Cause
should O
prevent O
a B-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
race I-Effect
to I-Effect
the I-Effect
bottom I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
in I-Effect
terms I-Effect
of I-Effect
pricing I-Effect
; I-Effect
however I-Effect
, O
if O
Grainger B-Cause
's I-Cause
gross I-Cause
margins I-Cause
converged I-Cause
with I-Cause
Amazon I-Cause
's I-Cause
, O
we O
estimate O
that O
the B-Effect
firm I-Effect
would I-Effect
struggle I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
. O

Thus O
far O
, O
the B-Cause
firm I-Cause
is I-Cause
most I-Cause
exposed I-Cause
to I-Cause
business I-Cause
ethic I-Cause
risks I-Cause
, I-Cause
specifically I-Cause
any I-Cause
anti-competitive I-Cause
behavior I-Cause
that O
could O
bring B-Effect
regulators I-Effect
down I-Effect
on I-Effect
Align I-Effect
and I-Effect
potentially I-Effect
tarnish I-Effect
its I-Effect
reputation I-Effect
. O

Assuming O
credit O
spreads O
are O
n't O
prohibitive O
, O
we O
believe O
the B-Cause
combination I-Cause
of I-Cause
lower I-Cause
interest I-Cause
rates I-Cause
and I-Cause
lower I-Cause
valuation I-Cause
multiples I-Cause
for I-Cause
acquisition I-Cause
targets I-Cause
could O
make O
SS B-Effect
& I-Effect
C I-Effect
's I-Effect
acquisition I-Effect
strategy I-Effect
more I-Effect
accretive I-Effect
. O

Following O
greater-than-anticipated B-Cause
pricing I-Cause
and I-Cause
volume I-Cause
strength I-Cause
in I-Cause
fourth-quarter I-Cause
2020 I-Cause
and I-Cause
a I-Cause
solid I-Cause
growth I-Cause
outlook I-Cause
for I-Cause
2021 I-Cause
, O
we O
increased B-Effect
our I-Effect
medium-term I-Effect
top-line I-Effect
forecasts I-Effect
for I-Effect
Echo I-Effect
. O

We O
also O
think O
the B-Effect
security I-Effect
business I-Effect
will I-Effect
help I-Effect
prop I-Effect
up I-Effect
the I-Effect
CDN I-Effect
, O
as O
security B-Cause
solutions I-Cause
can I-Cause
both I-Cause
draw I-Cause
in I-Cause
new I-Cause
customers I-Cause
and I-Cause
give I-Cause
an I-Cause
edge I-Cause
to I-Cause
Akamai I-Cause
's I-Cause
CDN I-Cause
that I-Cause
competitors I-Cause
do I-Cause
n't I-Cause
have I-Cause
. O

We O
also O
think O
ON B-Cause
has I-Cause
differentiated I-Cause
power I-Cause
chip I-Cause
and I-Cause
sensor I-Cause
designs I-Cause
that O
give B-Effect
it I-Effect
pricing I-Effect
power I-Effect
and I-Effect
benefits I-Effect
from I-Effect
switching I-Effect
costs I-Effect
in I-Effect
the I-Effect
sticky I-Effect
automotive I-Effect
and I-Effect
industrial I-Effect
end I-Effect
markets I-Effect
. O

By B-Cause
focusing I-Cause
on I-Cause
the I-Cause
luxury I-Cause
auto I-Cause
market I-Cause
first I-Cause
, I-Cause
Tesla I-Cause
was I-Cause
able I-Cause
to I-Cause
create I-Cause
tremendous I-Cause
media I-Cause
publicity I-Cause
for I-Cause
the I-Cause
company I-Cause
that I-Cause
reaches I-Cause
beyond I-Cause
its I-Cause
customers. O
This O
generated B-Effect
strong I-Effect
consumer I-Effect
demand I-Effect
for I-Effect
its I-Effect
subsequent I-Effect
vehicles I-Effect
at I-Effect
lower I-Effect
price I-Effect
points I-Effect
, I-Effect
such I-Effect
as I-Effect
the I-Effect
Model I-Effect
3 I-Effect
and I-Effect
Model I-Effect
Y I-Effect
. O

While O
O'Reilly O
's O
operating O
margins O
grew O
from O
13.6 O
% O
in O
2010 O
to O
18.9 O
% O
in O
2019 O
( O
pandemic-fueled O
cost O
leverage O
led O
to O
a O
20.8 O
% O
2020 O
mark O
) O
, O
we B-Effect
see I-Effect
room I-Effect
for I-Effect
expansion I-Effect
as O
it B-Cause
leverages I-Cause
fixed I-Cause
costs I-Cause
and O
as O
house O
label O
products O
gain O
increasing O
acceptance O
and O
adoption O
. O

Fifth B-Cause
Third I-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids B-Effect
some I-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. I-Effect

We O
view O
these B-Cause
investments I-Cause
as I-Cause
prudent I-Cause
and O
believe O
they O
will O
allow B-Effect
the I-Effect
company I-Effect
to I-Effect
strengthen I-Effect
key I-Effect
trademarks I-Effect
such I-Effect
as I-Effect
Mountain I-Effect
Dew I-Effect
and I-Effect
Gatorade I-Effect
, I-Effect
deepen I-Effect
its I-Effect
presence I-Effect
in I-Effect
growth I-Effect
markets I-Effect
like I-Effect
sub-Saharan I-Effect
Africa I-Effect
, I-Effect
while I-Effect
also I-Effect
yielding I-Effect
enough I-Effect
cost I-Effect
savings I-Effect
to I-Effect
reinvest I-Effect
and I-Effect
widen I-Effect
profits I-Effect
. O

Efficient B-Cause
manufacturing I-Cause
techniques I-Cause
and I-Cause
economies I-Cause
of I-Cause
scale I-Cause
allow O
Novo B-Effect
's I-Effect
insulin I-Effect
business I-Effect
to I-Effect
provide I-Effect
strong I-Effect
global I-Effect
profitability I-Effect
, I-Effect
qualities I-Effect
that O
it O
shares O
with O
the O
only O
two O
other O
global O
insulin O
players O
, O
Sanofi O
and O
Eli O
Lilly O
. O

However O
, O
these O
headwinds O
are O
dissipating O
, O
and O
FedEx B-Cause
's I-Cause
heavy I-Cause
investment I-Cause
spending I-Cause
seems O
to O
be O
paying B-Effect
off I-Effect
in I-Effect
greater I-Effect
efficiency I-Effect
and I-Effect
an I-Effect
enhanced I-Effect
ability I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
e-commerce I-Effect
tailwinds I-Effect
. O

These B-Effect
partners I-Effect
refer I-Effect
Paylocity I-Effect
to I-Effect
businesses I-Effect
due O
to O
the B-Cause
ease I-Cause
of I-Cause
the I-Cause
data I-Cause
transfer I-Cause
process I-Cause
, I-Cause
lack I-Cause
of I-Cause
competing I-Cause
products I-Cause
, I-Cause
and I-Cause
easy-to-use I-Cause
portal I-Cause
. O

Additionally O
, O
given O
the B-Cause
extremely I-Cause
strong I-Cause
occupancy I-Cause
( I-Cause
97.3 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
) I-Cause
of I-Cause
Las I-Cause
Vegas I-Cause
Sands I-Cause
' I-Cause
Singapore I-Cause
casino I-Cause
, I-Cause
Marina I-Cause
Bay I-Cause
Sands I-Cause
, O
the B-Effect
market I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
support I-Effect
Sands I-Effect
' I-Effect
and I-Effect
Genting I-Effect
's I-Effect
additional I-Effect
room I-Effect
supply I-Effect
that O
we O
expect O
to O
start O
opening O
in O
2024 O
. O

We O
raise B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
EUR I-Effect
22 I-Effect
per I-Effect
share I-Effect
from I-Effect
EUR I-Effect
20.5 I-Effect
to O
account O
for O
better-than-expected B-Effect
second-quarter I-Effect
results I-Effect
, O
a O
function O
of O
higher B-Cause
COVID-19-related I-Cause
sales/profits I-Cause
. O

Overcapacity O
is O
one O
of O
the O
top O
problems O
facing O
manufacturers O
today O
, O
and O
the B-Effect
problem I-Effect
will I-Effect
only I-Effect
get I-Effect
worse I-Effect
, O
exacerbated B-Cause
by I-Cause
many I-Cause
manufacturers I-Cause
' I-Cause
new I-Cause
capacity I-Cause
plans I-Cause
in I-Cause
China I-Cause
and I-Cause
Mexico I-Cause
. O

Recall B-Effect
that I-Effect
UP I-Effect
accelerated I-Effect
its I-Effect
PSR I-Effect
adoption I-Effect
by O
installing B-Cause
former I-Cause
Canadian I-Cause
National I-Cause
COO I-Cause
Jim I-Cause
Vena I-Cause
as I-Cause
COO I-Cause
in I-Cause
early I-Cause
2019 I-Cause
, O
and O
results O
have O
been O
impressive O
. O

Overall B-Effect
global I-Effect
meat I-Effect
consumption I-Effect
is I-Effect
also I-Effect
on I-Effect
the I-Effect
rise I-Effect
, O
as O
people B-Cause
have I-Cause
become I-Cause
more I-Cause
conscious I-Cause
of I-Cause
protein I-Cause
intake I-Cause
in I-Cause
their I-Cause
diet I-Cause
. O

Finally O
, O
the B-Cause
increasingly I-Cause
viral I-Cause
nature I-Cause
of I-Cause
the I-Cause
media I-Cause
, I-Cause
along I-Cause
with I-Cause
the I-Cause
democratization I-Cause
of I-Cause
information I-Cause
and I-Cause
amplification I-Cause
of I-Cause
opinions I-Cause
, O
creates O
a B-Effect
secular I-Effect
risk I-Effect
of I-Effect
brand I-Effect
degradation I-Effect
that O
is O
quite O
acute O
for O
most O
corporations O
, O
in O
our O
view O
. O

Exploration B-Cause
and I-Cause
development I-Cause
projects I-Cause
are I-Cause
situated I-Cause
high I-Cause
on I-Cause
the I-Cause
crude I-Cause
oil I-Cause
production I-Cause
cost I-Cause
curve I-Cause
and O
require B-Effect
high I-Effect
levels I-Effect
of I-Effect
capital I-Effect
spending I-Effect
to I-Effect
increase I-Effect
resource I-Effect
potential I-Effect
. O

In B-Cause
addition I-Cause
to I-Cause
increased I-Cause
competition I-Cause
, I-Cause
Yum I-Cause
China I-Cause
must I-Cause
contend I-Cause
with I-Cause
GDP I-Cause
growth I-Cause
and I-Cause
consumer I-Cause
spending I-Cause
volatility I-Cause
( I-Cause
amplified I-Cause
by I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
and I-Cause
containment I-Cause
efforts I-Cause
) I-Cause
, I-Cause
state-mandated I-Cause
wage I-Cause
rate I-Cause
increases I-Cause
, I-Cause
and I-Cause
uneven I-Cause
commodity I-Cause
cost I-Cause
, O
each B-Effect
of I-Effect
which I-Effect
could I-Effect
negatively I-Effect
impact I-Effect
top-line I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
. O

Over O
the O
years O
, O
Paycom B-Effect
has I-Effect
moved I-Effect
up-market I-Effect
, I-Effect
expanding I-Effect
the I-Effect
upper I-Effect
limit I-Effect
of I-Effect
its I-Effect
customer I-Effect
range I-Effect
from O
2,000 O
employees O
to O
5,000 O
employees O
as O
the B-Cause
firm I-Cause
invests I-Cause
to I-Cause
build I-Cause
out I-Cause
its I-Cause
platform I-Cause
. O

We O
do O
expect O
a B-Effect
recovery I-Effect
as O
the B-Cause
virus I-Cause
fades I-Cause
in O
2021 O
, O
with O
38 O
% O
sales O
growth O
and O
adjusted O
EPS O
of O
$ O
1.94 O
. O

In O
a O
similar O
vein O
, O
there B-Cause
are I-Cause
certain I-Cause
consumption I-Cause
paradigms I-Cause
that I-Cause
one I-Cause
can I-Cause
point I-Cause
to I-Cause
in I-Cause
Latin I-Cause
America I-Cause
that O
make O
it O
more O
difficult O
for O
brands B-Effect
to I-Effect
operate I-Effect
. O

And O
even O
if O
economic O
conditions O
wane O
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
a I-Effect
decaying I-Effect
climate I-Effect
will I-Effect
impede I-Effect
Hershey I-Effect
's I-Effect
trajectory I-Effect
, O
given O
the B-Cause
variety I-Cause
of I-Cause
pack I-Cause
sizes I-Cause
within I-Cause
its I-Cause
mix I-Cause
( I-Cause
stemming I-Cause
from I-Cause
its I-Cause
vast I-Cause
channel I-Cause
reach I-Cause
) I-Cause
. O

Overall O
, O
considering O
Qiagen B-Cause
's I-Cause
strong I-Cause
reputation I-Cause
in I-Cause
a I-Cause
relatively I-Cause
low-cost I-Cause
but I-Cause
essential I-Cause
input I-Cause
to I-Cause
their I-Cause
scientific I-Cause
projects I-Cause
( I-Cause
sample I-Cause
preparation I-Cause
) I-Cause
, O
scientists B-Effect
appear I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
providers I-Effect
due O
7 O
Jul O
2021 O
05:00 O
, O
UTCto O
consistency B-Cause
and I-Cause
reproducibility I-Cause
factors I-Cause
, O
which O
add B-Effect
to I-Effect
the I-Effect
switching I-Effect
costs I-Effect
in I-Effect
this I-Effect
business I-Effect
. O

Furthermore O
, O
the B-Cause
company I-Cause
has I-Cause
focused I-Cause
on I-Cause
partnering I-Cause
with I-Cause
small I-Cause
to I-Cause
midsized I-Cause
retailers I-Cause
, O
such O
as O
apparel O
and O
mall-focused O
brands O
, O
that O
typically O
generate O
even O
less O
interest O
among O
major O
credit O
card O
issuers O
, O
leaving B-Effect
more I-Effect
room I-Effect
for I-Effect
Alliance I-Effect
Data I-Effect
Systems I-Effect
. O

As O
this B-Cause
business I-Cause
scales I-Cause
, O
we O
expect O
SG B-Effect
& I-Effect
amp I-Effect
; I-Effect
A I-Effect
to I-Effect
improve I-Effect
from I-Effect
2019 I-Effect
's I-Effect
25 I-Effect
% I-Effect
of I-Effect
sales I-Effect
to I-Effect
9 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, O
more O
in O
line O
with O
packaged O
food O
peers O
( O
expenditures O
will O
increase O
in O
dollar O
terms O
) O
. O

The B-Effect
strategic I-Effect
advantage I-Effect
of I-Effect
the I-Effect
merger I-Effect
was I-Effect
not I-Effect
initially I-Effect
clear I-Effect
, O
as O
IMS B-Cause
Health I-Cause
provided I-Cause
most I-Cause
of I-Cause
its I-Cause
data I-Cause
to I-Cause
biotechnology I-Cause
and I-Cause
pharmaceutical I-Cause
companies I-Cause
rather I-Cause
than I-Cause
other I-Cause
CROs I-Cause
. O

However O
, O
the B-Cause
lack I-Cause
of I-Cause
existing I-Cause
businesses I-Cause
could O
ironically O
help O
Mizuho B-Effect
adapt I-Effect
more I-Effect
flexibly I-Effect
than I-Effect
its I-Effect
rivals I-Effect
if O
digitalization O
increasingly O
disrupts O
businesses O
such O
as O
credit O
card O
payments O
. O

Pfizer B-Cause
's I-Cause
patent-protected I-Cause
drugs I-Cause
carry I-Cause
strong I-Cause
pricing I-Cause
power I-Cause
that O
enables O
the B-Effect
firm I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

BNP B-Effect
Paribas I-Effect
' I-Effect
risk I-Effect
management I-Effect
has I-Effect
also I-Effect
been I-Effect
better I-Effect
, O
it O
seems O
, O
with O
it B-Cause
large I-Cause
avoiding I-Cause
the I-Cause
massive I-Cause
write-downs I-Cause
that I-Cause
many I-Cause
of I-Cause
its I-Cause
European I-Cause
peers I-Cause
have I-Cause
suffered I-Cause
. O

Carnival B-Cause
was I-Cause
already I-Cause
facing I-Cause
pricing I-Cause
headwinds I-Cause
, I-Cause
with I-Cause
weak I-Cause
performance I-Cause
across I-Cause
European I-Cause
geographies I-Cause
, I-Cause
when I-Cause
the I-Cause
global I-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
exacerbated I-Cause
its I-Cause
plight. O
As O
a O
result O
, O
2020 B-Effect
was I-Effect
even I-Effect
more I-Effect
difficult I-Effect
to I-Effect
navigate I-Effect
than I-Effect
past I-Effect
recessions I-Effect
, I-Effect
as I-Effect
ships I-Effect
largely I-Effect
stopped I-Effect
sailing I-Effect
after I-Effect
March I-Effect
( I-Effect
with I-Effect
limited I-Effect
capacity I-Effect
in I-Effect
Europe I-Effect
for I-Effect
a I-Effect
very I-Effect
short I-Effect
period I-Effect
) I-Effect
. O

However O
, O
in B-Effect
late I-Effect
2018 I-Effect
, I-Effect
the I-Effect
LTL I-Effect
freight I-Effect
division I-Effect
declined I-Effect
to I-Effect
accept I-Effect
customer I-Effect
shipments I-Effect
for I-Effect
a I-Effect
brief I-Effect
period I-Effect
due O
to O
concerns B-Cause
about I-Cause
an I-Cause
imminent I-Cause
labor I-Cause
strike I-Cause
. O

We O
think O
this B-Effect
could I-Effect
be I-Effect
exacerbated I-Effect
in I-Effect
Atlassian I-Effect
's I-Effect
case I-Effect
, O
as O
nearly B-Cause
all I-Cause
sales I-Cause
are I-Cause
monthly I-Cause
rather I-Cause
than I-Cause
annually I-Cause
, I-Cause
although I-Cause
this I-Cause
is I-Cause
changing I-Cause
as I-Cause
the I-Cause
company I-Cause
moves I-Cause
to I-Cause
a I-Cause
cloud I-Cause
model I-Cause
. O

More B-Cause
stringent I-Cause
emissions I-Cause
regulation I-Cause
has O
caused O
truck B-Effect
OEMs I-Effect
to I-Effect
question I-Effect
whether I-Effect
it I-Effect
makes I-Effect
sense I-Effect
for I-Effect
them I-Effect
to I-Effect
continue I-Effect
producing I-Effect
their I-Effect
own I-Effect
engines I-Effect
and I-Effect
components I-Effect
. O

Meanwhile O
, O
we O
think O
continued B-Effect
scale I-Effect
will I-Effect
help I-Effect
drive I-Effect
research I-Effect
and I-Effect
development I-Effect
costs I-Effect
down I-Effect
from I-Effect
18 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
16 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
, O
as O
synergies B-Cause
are I-Cause
yielded I-Cause
between I-Cause
Credit I-Cause
Karma I-Cause
and I-Cause
Mint I-Cause
. O

We O
believe O
Coach B-Effect
bags I-Effect
achieve I-Effect
prices I-Effect
above I-Effect
those I-Effect
of I-Effect
comparable I-Effect
bags I-Effect
in I-Effect
the I-Effect
affordable I-Effect
luxury I-Effect
part I-Effect
of I-Effect
the I-Effect
market I-Effect
because O
the B-Cause
Coach I-Cause
brand I-Cause
is I-Cause
stronger I-Cause
than I-Cause
most I-Cause
other I-Cause
competing I-Cause
brands I-Cause
. O

As O
a O
result O
, O
operators B-Cause
think I-Cause
it I-Cause
can I-Cause
accommodate I-Cause
at I-Cause
least I-Cause
20 I-Cause
wells I-Cause
per I-Cause
square I-Cause
mile I-Cause
on I-Cause
the I-Cause
surface I-Cause
, I-Cause
which I-Cause
is I-Cause
at I-Cause
least I-Cause
double I-Cause
the I-Cause
optimum I-Cause
density I-Cause
in I-Cause
other I-Cause
plays. O
As O
a O
result O
, O
there B-Effect
are I-Effect
still I-Effect
enough I-Effect
undrilled I-Effect
well I-Effect
locations I-Effect
in I-Effect
the I-Effect
basin I-Effect
to I-Effect
keep I-Effect
the I-Effect
E I-Effect
& I-Effect
P I-Effect
industry I-Effect
busy I-Effect
for I-Effect
decades I-Effect
. O

We O
forecast O
ROICs B-Effect
that I-Effect
rise I-Effect
to I-Effect
the I-Effect
mid-20s I-Effect
as O
some B-Cause
of I-Cause
the I-Cause
economic I-Cause
profits I-Cause
that I-Cause
are I-Cause
generated I-Cause
are I-Cause
reinvested I-Cause
into I-Cause
the I-Cause
business I-Cause
to I-Cause
elevate I-Cause
the I-Cause
brand I-Cause
. O

We O
think O
that O
negligible B-Cause
product I-Cause
differentiation I-Cause
and I-Cause
ubiquitous I-Cause
dual-sourcing I-Cause
erodes B-Effect
pricing I-Effect
power I-Effect
for I-Effect
any I-Effect
HDD I-Effect
supplier I-Effect
, O
which O
is O
evidenced O
by O
Seagate O
and O
Western O
's O
HDD O
business O
having O
practically O
identical O
gross O
margins O
. O

We O
assign O
Xylem B-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
as O
the B-Cause
company I-Cause
exhibits I-Cause
an I-Cause
average I-Cause
degree I-Cause
of I-Cause
cyclicality I-Cause
and I-Cause
has I-Cause
consistently I-Cause
delivered I-Cause
strong I-Cause
margins I-Cause
since I-Cause
its I-Cause
spin-off I-Cause
from I-Cause
ITT I-Cause
in I-Cause
2011 I-Cause
. O

We O
've O
increased B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
163 I-Effect
from I-Effect
$ I-Effect
158 I-Effect
to O
reflect O
stronger B-Cause
end-market I-Cause
performance I-Cause
, I-Cause
particularly I-Cause
in I-Cause
construction I-Cause
and I-Cause
energy I-Cause
markets I-Cause
. O

Consumer B-Cause
behavior I-Cause
surrounding I-Cause
travel I-Cause
and I-Cause
social I-Cause
distancing I-Cause
is O
set O
to O
alter B-Effect
the I-Effect
economic I-Effect
performance I-Effect
of I-Effect
Royal I-Effect
Caribbean I-Effect
over I-Effect
an I-Effect
extended I-Effect
horizon I-Effect
. O

Local B-Effect
station I-Effect
revenue I-Effect
has I-Effect
also I-Effect
been I-Effect
lifted I-Effect
by O
the B-Cause
growth I-Cause
of I-Cause
retransmission I-Cause
revenue I-Cause
over I-Cause
the I-Cause
past I-Cause
15 I-Cause
years I-Cause
. O

Juniper B-Cause
's I-Cause
partnership I-Cause
with I-Cause
Ericsson I-Cause
enables I-Cause
a I-Cause
more I-Cause
complete I-Cause
wireless I-Cause
networks I-Cause
portfolio I-Cause
for I-Cause
service I-Cause
providers I-Cause
, O
but B-Effect
we I-Effect
believe I-Effect
Ericsson I-Effect
's I-Effect
antenna I-Effect
and I-Effect
software I-Effect
technology I-Effect
lead I-Effect
the I-Effect
sales I-Effect
process I-Effect
. O

While O
brokerage O
and O
principal O
investing O
are O
competitive O
businesses O
, O
Goldman B-Effect
Sachs I-Effect
is I-Effect
arguably I-Effect
the I-Effect
best I-Effect
in I-Effect
the I-Effect
business I-Effect
with I-Effect
a I-Effect
history I-Effect
of I-Effect
strong I-Effect
growth I-Effect
and I-Effect
returns I-Effect
partially I-Effect
attributable O
to O
its B-Cause
informational I-Cause
advantages I-Cause
, I-Cause
technology I-Cause
infrastructure I-Cause
, I-Cause
and I-Cause
risk I-Cause
management I-Cause
. O

Years O
of O
government O
efforts O
have O
done O
little O
to O
stem O
illegal O
cannabis O
, O
but O
a B-Cause
change I-Cause
to I-Cause
the I-Cause
ease I-Cause
of I-Cause
accessing I-Cause
black I-Cause
market I-Cause
supply I-Cause
could I-Cause
have I-Cause
a I-Cause
significant I-Cause
impact I-Cause
on I-Cause
the I-Cause
pricing I-Cause
power I-Cause
, O
and O
thus O
the B-Effect
profitability I-Effect
of I-Effect
legal I-Effect
cannabis I-Effect
companies I-Effect
. O

Recall O
that O
UP B-Cause
accelerated I-Cause
its I-Cause
PSR I-Cause
adoption I-Cause
by O
installing B-Cause
former I-Cause
Canadian I-Cause
National I-Cause
COO I-Cause
Jim I-Cause
Vena I-Cause
as I-Cause
COO I-Cause
in I-Cause
early I-Cause
2019 I-Cause
, O
and O
results B-Effect
have I-Effect
been I-Effect
impressive I-Effect
over I-Effect
the I-Effect
past I-Effect
two I-Effect
years I-Effect
. O

Higher B-Cause
yields I-Cause
for I-Cause
Talecris I-Cause
' I-Cause
IVIG I-Cause
production I-Cause
and I-Cause
efficient I-Cause
use I-Cause
of I-Cause
more I-Cause
proteins I-Cause
in I-Cause
plasma I-Cause
have O
boosted B-Effect
margins I-Effect
, O
but O
the B-Effect
firm I-Effect
will I-Effect
continue I-Effect
to I-Effect
see I-Effect
incremental I-Effect
improvements I-Effect
in I-Effect
plasma I-Effect
gross I-Effect
margins I-Effect
due O
to O
economies B-Cause
of I-Cause
scale I-Cause
. O

Further O
, O
with B-Cause
the I-Cause
bank I-Cause
's I-Cause
solid I-Cause
mix I-Cause
of I-Cause
fee I-Cause
income I-Cause
, O
JPMorgan B-Effect
will I-Effect
be I-Effect
better I-Effect
insulated I-Effect
if I-Effect
rates I-Effect
should I-Effect
ever I-Effect
decline I-Effect
again I-Effect
as O
it B-Cause
is I-Cause
less I-Cause
dependent I-Cause
on I-Cause
rate I-Cause
sensitive I-Cause
net I-Cause
interest I-Cause
income I-Cause
. O

Zions B-Effect
has I-Effect
improved I-Effect
its I-Effect
efficiency I-Effect
ratio I-Effect
from I-Effect
the I-Effect
mid-70s I-Effect
in I-Effect
2014 I-Effect
to I-Effect
the I-Effect
low I-Effect
60s/upper I-Effect
50s I-Effect
through O
a B-Cause
mix I-Cause
of I-Cause
improvements I-Cause
that O
held O
noninterest O
expense O
largely O
flat O
for O
years O
while O
net O
revenue O
grew O
. O

Management B-Effect
prefers I-Effect
the I-Effect
used I-Effect
model I-Effect
of I-Effect
EchoPark I-Effect
due O
to O
higher B-Cause
return I-Cause
on I-Cause
investment I-Cause
in I-Cause
used I-Cause
vehicles I-Cause
over I-Cause
new I-Cause
vehicles I-Cause
and O
because O
Sonic B-Cause
has I-Cause
sole I-Cause
control I-Cause
over I-Cause
EchoPark I-Cause
, O
whereas O
new O
vehicle O
operations O
and O
store O
appearance O
at O
franchised O
stores O
are O
mostly O
under O
the O
control O
of O
an O
automaker O
. O

Although O
the B-Cause
Chinese I-Cause
government I-Cause
has I-Cause
improved I-Cause
the I-Cause
coal-power I-Cause
price I-Cause
linkage I-Cause
mechanism I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
the I-Cause
Chinese I-Cause
government-controlled I-Cause
on-grid I-Cause
tariffs I-Cause
are I-Cause
usually I-Cause
slow I-Cause
to I-Cause
respond I-Cause
to I-Cause
coal I-Cause
price I-Cause
movements I-Cause
, O
which O
have O
historically O
led O
Huaneng B-Effect
to I-Effect
earn I-Effect
below I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

After O
a O
4 O
% O
sales O
decline O
in O
2020 O
, O
which O
is O
a O
direct O
result O
of O
the O
pandemic O
, O
we B-Effect
model I-Effect
sales I-Effect
normalizing I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
hospitality I-Cause
market I-Cause
recovers I-Cause
and I-Cause
deferred I-Cause
maintenance I-Cause
projects I-Cause
are I-Cause
addressed I-Cause
. O

The B-Cause
pandemic I-Cause
should O
increase B-Effect
e-commerce I-Effect
adoption I-Effect
long I-Effect
term I-Effect
( O
as O
some O
customers O
introduced O
to O
the O
channel O
during O
shelter-at-home O
orders O
remain O
) O
, O
but O
we O
expect O
full-price O
sellers O
to O
bear O
most O
of O
the O
shift O
. O

Estee B-Cause
has I-Cause
made I-Cause
significant I-Cause
investments I-Cause
in I-Cause
marketing I-Cause
and I-Cause
innovation I-Cause
that O
we O
think O
will O
help O
the O
firm O
return O
to O
stable B-Effect
revenue I-Effect
growth I-Effect
when I-Effect
the I-Effect
pandemic I-Effect
and I-Effect
resulting I-Effect
economic I-Effect
fallout I-Effect
pass I-Effect
. O

If O
regulators B-Cause
do I-Cause
not I-Cause
provide I-Cause
fair I-Cause
returns I-Cause
on I-Cause
capital I-Cause
and I-Cause
allow I-Cause
for I-Cause
timely I-Cause
recovery I-Cause
of I-Cause
prudently I-Cause
incurred I-Cause
expenses I-Cause
, O
then O
shareholder B-Effect
returns I-Effect
will I-Effect
suffer I-Effect
. O

We O
expect O
revenue B-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
31 I-Effect
% I-Effect
CAGR I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
with O
growth B-Cause
fueled I-Cause
by I-Cause
the I-Cause
increase I-Cause
in I-Cause
members I-Cause
, I-Cause
increasing I-Cause
visit I-Cause
fees I-Cause
, I-Cause
and I-Cause
cross-selling I-Cause
of I-Cause
multiple I-Cause
services I-Cause
, I-Cause
which I-Cause
should I-Cause
increase I-Cause
the I-Cause
stickiness I-Cause
of I-Cause
its I-Cause
offering I-Cause
. O

If O
the B-Cause
promise I-Cause
of I-Cause
5G I-Cause
's I-Cause
speed I-Cause
and I-Cause
capacity I-Cause
do I-Cause
not I-Cause
materialize I-Cause
or O
if O
5G B-Cause
is I-Cause
too I-Cause
expensive I-Cause
to I-Cause
justify I-Cause
its I-Cause
benefits I-Cause
, O
then O
enterprises B-Effect
and I-Effect
consumers I-Effect
may I-Effect
forgo I-Effect
the I-Effect
new I-Effect
wireless I-Effect
generation I-Effect
. O

Apartment B-Cause
Income I-Cause
's I-Cause
portfolio I-Cause
is I-Cause
typically I-Cause
more I-Cause
suburban I-Cause
than I-Cause
its I-Cause
multifamily I-Cause
REIT I-Cause
peers I-Cause
, O
which O
has B-Effect
put I-Effect
it I-Effect
at I-Effect
a I-Effect
slight I-Effect
disadvantage I-Effect
over I-Effect
the I-Effect
past I-Effect
economic I-Effect
cycle I-Effect
but O
should O
favor B-Effect
growth I-Effect
in I-Effect
the I-Effect
company I-Effect
as O
millennials B-Cause
move I-Cause
from I-Cause
the I-Cause
urban I-Cause
centers I-Cause
out I-Cause
into I-Cause
the I-Cause
suburbs I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
. O

If O
the B-Cause
Sprint I-Cause
integration I-Cause
is I-Cause
successful I-Cause
, O
we O
expect O
the B-Cause
new I-Cause
entity I-Cause
to I-Cause
have I-Cause
a I-Cause
materially I-Cause
improved I-Cause
business I-Cause
profile I-Cause
with I-Cause
greater I-Cause
scale I-Cause
and I-Cause
network I-Cause
capabilities I-Cause
, O
enhancing B-Effect
its I-Effect
long-term I-Effect
competitive I-Effect
position I-Effect
. O

If O
a B-Cause
contaminant I-Cause
enters I-Cause
a I-Cause
product I-Cause
and I-Cause
is I-Cause
not I-Cause
caught I-Cause
through I-Cause
inspection I-Cause
, O
product B-Cause
recalls I-Cause
can I-Cause
occur I-Cause
, O
which O
can B-Effect
be I-Effect
highly I-Effect
damaging I-Effect
to I-Effect
customers I-Effect
' I-Effect
financial I-Effect
performance I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
and I-Effect
the I-Effect
firm I-Effect
's I-Effect
brand I-Effect
and I-Effect
reputation I-Effect
with I-Effect
retail I-Effect
consumers I-Effect
. O

We O
project O
that O
total B-Effect
sales I-Effect
growth I-Effect
averages I-Effect
4 I-Effect
% I-Effect
-5 I-Effect
% I-Effect
post-COVID-19 I-Effect
( I-Effect
2022 I-Effect
and I-Effect
beyond I-Effect
) I-Effect
, O
supported O
by O
4 B-Cause
% I-Cause
retail I-Cause
sales I-Cause
growth I-Cause
, I-Cause
about I-Cause
5 I-Cause
% I-Cause
average I-Cause
e-commerce I-Cause
growth I-Cause
, O
and O
global B-Effect
( I-Effect
franchise I-Effect
) I-Effect
and I-Effect
emerging I-Effect
brand I-Effect
expansion I-Effect
. O

Overall O
, O
we B-Effect
forecast I-Effect
double-digit I-Effect
wireless I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
make I-Effect
up I-Effect
for O
no B-Cause
growth I-Cause
in I-Cause
wireline I-Cause
, O
which O
we O
think O
will O
be O
pressured O
by O
Telus O
' O
improved O
network O
. O

Wireless B-Effect
communications I-Effect
contributed I-Effect
24 I-Effect
% I-Effect
of I-Effect
fiscal I-Effect
2019 I-Effect
sales I-Effect
, O
as O
Broadcom B-Cause
is I-Cause
the I-Cause
leader I-Cause
in I-Cause
FBAR I-Cause
RF I-Cause
filters I-Cause
and I-Cause
Wi-Fi/Bluetooth I-Cause
connectivity I-Cause
chips I-Cause
for I-Cause
flagship I-Cause
devices I-Cause
such O
as O
the O
Apple O
iPhone O
and O
Samsung O
Galaxy O
. O

In O
contrast O
, O
explicit B-Cause
FERC I-Cause
approval I-Cause
is I-Cause
not I-Cause
required I-Cause
to I-Cause
construct I-Cause
an I-Cause
oil I-Cause
pipeline I-Cause
under I-Cause
the I-Cause
Interstate I-Cause
Commerce I-Cause
Act I-Cause
, O
but O
this O
does O
let B-Effect
the I-Effect
FERC I-Effect
regulate I-Effect
rates I-Effect
, O
which O
means O
it O
acts O
as O
a O
mediator O
for O
disputes O
. O

Due O
to O
the B-Cause
strong I-Cause
fourth-quarter I-Cause
showing I-Cause
and I-Cause
likelihood I-Cause
that I-Cause
demand I-Cause
strength I-Cause
persists I-Cause
into I-Cause
first-half I-Cause
2021 I-Cause
, O
we B-Effect
raised I-Effect
our I-Effect
near-term I-Effect
revenue I-Effect
and I-Effect
margin I-Effect
forecasts I-Effect
. O

Biotech B-Cause
and I-Cause
pharmaceutical I-Cause
companies I-Cause
are I-Cause
also I-Cause
encouraging I-Cause
regulatory I-Cause
agencies I-Cause
to I-Cause
continue I-Cause
building I-Cause
out I-Cause
a I-Cause
framework I-Cause
for I-Cause
evaluating I-Cause
real-world I-Cause
evidence I-Cause
for O
the O
use B-Effect
in I-Effect
regulatory I-Effect
decisions I-Effect
. O

Chief O
among O
these O
is O
consumers B-Cause
' I-Cause
penchant I-Cause
for I-Cause
social I-Cause
consumption I-Cause
, O
which O
makes B-Effect
on-premise I-Effect
food I-Effect
and I-Effect
beverage I-Effect
consumption I-Effect
a I-Effect
staple I-Effect
in I-Effect
many I-Effect
public I-Effect
communal I-Effect
settings I-Effect
. O

We O
believe O
the O
firm O
's O
efforts O
to O
reinvest B-Cause
cost I-Cause
savings I-Cause
into I-Cause
research I-Cause
and I-Cause
development I-Cause
and I-Cause
marketing I-Cause
, I-Cause
and I-Cause
to I-Cause
focus I-Cause
these I-Cause
investments I-Cause
on I-Cause
the I-Cause
most I-Cause
promising I-Cause
brands I-Cause
( O
coined O
the O
Get O
Bigger O
brands O
) O
will O
help O
Hain B-Effect
to I-Effect
stabilize I-Effect
North I-Effect
American I-Effect
market I-Effect
shares I-Effect
. O

The B-Cause
risk I-Cause
from I-Cause
carbon I-Cause
emissions I-Cause
is I-Cause
most I-Cause
likely I-Cause
to I-Cause
materialize I-Cause
through I-Cause
a I-Cause
carbon I-Cause
tax I-Cause
that O
increases B-Effect
the I-Effect
price I-Effect
of I-Effect
end I-Effect
products I-Effect
to I-Effect
consumers I-Effect
, O
reducing O
demand O
over O
time O
and O
threatening O
Eni O
's O
core O
business O
. O

Management O
usually O
seeks O
to O
avoid O
large-scale O
acquisitions O
, O
and O
as O
the B-Cause
company I-Cause
has I-Cause
already I-Cause
assembled I-Cause
enough I-Cause
premium I-Cause
inventory I-Cause
to I-Cause
keep I-Cause
it I-Cause
busy I-Cause
for I-Cause
at I-Cause
least I-Cause
10 I-Cause
years I-Cause
, O
there B-Effect
's I-Effect
no I-Effect
need I-Effect
to I-Effect
extend I-Effect
the I-Effect
portfolio I-Effect
. O

We O
expect O
the B-Effect
ratio I-Effect
will I-Effect
steadily I-Effect
climbing I-Effect
to I-Effect
5.2 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
due O
to O
a B-Cause
higher I-Cause
mix I-Cause
of I-Cause
independent I-Cause
restaurant I-Cause
business I-Cause
. O

TE B-Cause
's I-Cause
products I-Cause
pave I-Cause
the I-Cause
way I-Cause
for I-Cause
greater I-Cause
electrification I-Cause
and I-Cause
connectivity I-Cause
in I-Cause
vehicles I-Cause
, I-Cause
planes I-Cause
, I-Cause
and I-Cause
factories I-Cause
, O
which O
allows O
the B-Effect
firm I-Effect
to I-Effect
occupy I-Effect
a I-Effect
greater I-Effect
portion I-Effect
of I-Effect
these I-Effect
end I-Effect
products I-Effect
' I-Effect
electrical I-Effect
architectures I-Effect
. O

We O
see O
this O
advantaged O
further O
supported O
by O
our O
view O
that O
the B-Cause
company I-Cause
will I-Cause
reinvest I-Cause
proceeds I-Cause
from I-Cause
the I-Cause
planned I-Cause
2021 I-Cause
$ I-Cause
6.25 I-Cause
billion I-Cause
sale I-Cause
of I-Cause
its I-Cause
Vegas I-Cause
assets I-Cause
into I-Cause
its I-Cause
Asian I-Cause
assets I-Cause
, O
strengthening B-Effect
the I-Effect
brand I-Effect
locally I-Effect
. O

As O
commercial O
customers O
depend O
on O
quickly O
sourcing O
necessary O
parts O
in O
order O
to O
turn O
over O
service O
bays O
, O
a B-Effect
leading I-Effect
availability I-Effect
infrastructure I-Effect
like I-Effect
that I-Effect
of I-Effect
AutoZone I-Effect
is I-Effect
of I-Effect
tremendous I-Effect
value I-Effect
and I-Effect
enhances I-Effect
the I-Effect
firm I-Effect
's I-Effect
brand I-Effect
by O
creating B-Cause
added I-Cause
differentiation I-Cause
against I-Cause
regional I-Cause
and I-Cause
independent I-Cause
peers I-Cause
. O

To O
the O
extent O
that O
the B-Cause
firm I-Cause
must I-Cause
bring I-Cause
troubled I-Cause
assets I-Cause
unto I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
, O
this O
could B-Effect
have I-Effect
adverse I-Effect
effects I-Effect
on I-Effect
cash I-Effect
flow I-Effect
. O

Finally O
, O
given O
that O
Redfin O
is O
pursuing O
a O
unique O
approach O
and O
has O
yet O
to O
turn O
a O
profit O
, O
there O
is O
a B-Effect
slight I-Effect
risk I-Effect
that I-Effect
its I-Effect
performance I-Effect
fizzles I-Effect
as O
its B-Cause
business I-Cause
model I-Cause
proves I-Cause
unviable I-Cause
in I-Cause
the I-Cause
long I-Cause
term I-Cause
. O

In O
2020 O
, O
Tenneco B-Cause
successfully I-Cause
worked I-Cause
with I-Cause
creditors I-Cause
to I-Cause
amend I-Cause
financial I-Cause
covenants I-Cause
, O
which O
we O
believe O
gets O
the B-Effect
company I-Effect
through I-Effect
the I-Effect
uncertain I-Effect
operating I-Effect
environment I-Effect
. O

While O
Kohl O
's O
has O
responded B-Effect
to I-Effect
such I-Effect
threats I-Effect
with O
increased B-Cause
e-commerce I-Cause
, I-Cause
improved I-Cause
merchandising I-Cause
, I-Cause
and I-Cause
an I-Cause
enhanced I-Cause
loyalty I-Cause
program I-Cause
, O
its B-Cause
operating I-Cause
margins I-Cause
steadily I-Cause
declined I-Cause
from I-Cause
the I-Cause
low I-Cause
double I-Cause
digits I-Cause
over I-Cause
the I-Cause
past I-Cause
10 I-Cause
years I-Cause
, O
and O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
they I-Effect
will I-Effect
rise I-Effect
above I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
in I-Effect
the I-Effect
next I-Effect
10 I-Effect
. O

On O
the O
production O
animal O
side O
, O
rising B-Cause
standards I-Cause
of I-Cause
living I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
should O
lead O
to O
wider B-Effect
adoption I-Effect
of I-Effect
meat-heavy I-Effect
diets I-Effect
, I-Effect
driving I-Effect
greater I-Effect
demand I-Effect
for I-Effect
livestock I-Effect
products I-Effect
. O

Since O
Cogent B-Cause
does I-Cause
not I-Cause
own I-Cause
or I-Cause
have I-Cause
to I-Cause
maintain I-Cause
the I-Cause
fiber I-Cause
in I-Cause
its I-Cause
network I-Cause
, O
capital B-Effect
spending I-Effect
consists I-Effect
primarily I-Effect
of I-Effect
equipment I-Effect
and I-Effect
lease I-Effect
payments I-Effect
. O

Following B-Effect
significant I-Effect
core I-Effect
sales I-Effect
declines I-Effect
across I-Effect
all I-Effect
four I-Effect
segments I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
forecast O
an O
average O
annual O
organic O
revenue O
growth O
rate O
for O
the O
firm O
of O
approximately O
6.5 O
% O
through O
2025 O
. O

Another B-Cause
risk I-Cause
, I-Cause
in I-Cause
our I-Cause
opinion I-Cause
, I-Cause
is I-Cause
a I-Cause
slowdown I-Cause
in I-Cause
the I-Cause
real I-Cause
estate I-Cause
market I-Cause
, O
which O
could O
be O
indicated O
by O
increased B-Cause
home I-Cause
inventories I-Cause
for I-Cause
sale I-Cause
or I-Cause
slower I-Cause
growth I-Cause
in I-Cause
new- I-Cause
or I-Cause
used-home I-Cause
prices I-Cause
, O
influencing B-Cause
the I-Cause
wealth I-Cause
effect I-Cause
on I-Cause
consumers I-Cause
, O
and O
cause O
them B-Effect
to I-Effect
spend I-Effect
less I-Effect
on I-Effect
replacing I-Effect
goods I-Effect
in I-Effect
their I-Effect
homes I-Effect
. O

From O
the O
DIY O
market O
's O
standpoint O
, O
hard B-Cause
parts I-Cause
' I-Cause
complexity I-Cause
and I-Cause
significant I-Cause
variance I-Cause
depending I-Cause
on I-Cause
the I-Cause
model I-Cause
year I-Cause
and I-Cause
selected I-Cause
option I-Cause
packages I-Cause
on I-Cause
a I-Cause
vehicle I-Cause
lead I-Cause
customers I-Cause
to I-Cause
value I-Cause
the I-Cause
advice I-Cause
provided I-Cause
by I-Cause
Genuine I-Cause
Parts I-Cause
' I-Cause
trained I-Cause
in-store I-Cause
sales I-Cause
staff I-Cause
, O
putting O
digital-only B-Effect
competitors I-Effect
at I-Effect
a I-Effect
disadvantage I-Effect
. O

Although O
this O
gives O
the O
company O
some O
exposure O
to O
the O
biggest O
potential O
cannabis O
market O
, O
CBD-only B-Cause
exposure I-Cause
limits B-Effect
the I-Effect
potential I-Effect
valuation I-Effect
upside I-Effect
. O

That O
said O
, O
the B-Cause
capacity I-Cause
crunch I-Cause
dissipated I-Cause
and I-Cause
TL I-Cause
rates I-Cause
corrected I-Cause
sharply I-Cause
in I-Cause
2019 I-Cause
, O
driving B-Effect
down I-Effect
intermodal I-Effect
's I-Effect
value I-Effect
proposition I-Effect
relative I-Effect
to I-Effect
trucking I-Effect
. O

As O
potential B-Cause
competitors I-Cause
license I-Cause
a I-Cause
Corteva I-Cause
technology I-Cause
instead I-Cause
of I-Cause
developing I-Cause
their I-Cause
own I-Cause
, O
they B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
spend I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
toward I-Effect
enhancing I-Effect
the I-Effect
base I-Effect
technology I-Effect
rather I-Effect
than I-Effect
invest I-Effect
in I-Effect
products I-Effect
that I-Effect
could I-Effect
usurp I-Effect
market I-Effect
share I-Effect
from I-Effect
Corteva I-Effect
's I-Effect
seeds I-Effect
. O

We O
expect O
that O
the B-Effect
growth I-Effect
for I-Effect
these I-Effect
franchises I-Effect
will O
largely B-Cause
come I-Cause
from I-Cause
increased I-Cause
DLC I-Cause
sales I-Cause
and I-Cause
microtransactions I-Cause
, O
not O
from O
a O
large-scale O
expansion O
of O
the O
user O
base O
. O

As O
with O
all O
regulated O
utilities O
, O
NextEra B-Cause
faces I-Cause
the I-Cause
risk I-Cause
of I-Cause
an I-Cause
inflationary I-Cause
environment I-Cause
that O
would O
raise B-Effect
borrowing I-Effect
costs I-Effect
and I-Effect
make I-Effect
other I-Effect
investments I-Effect
more I-Effect
attractive I-Effect
for I-Effect
income-seeking I-Effect
investors I-Effect
. O

Intuitive O
is O
responding O
to O
this O
threat B-Effect
by O
expanding B-Cause
its I-Cause
platform I-Cause
roster I-Cause
to O
include O
lower-cost B-Effect
alternatives I-Effect
, O
offering B-Cause
operating I-Cause
leases I-Cause
to O
soften B-Effect
the I-Effect
high I-Effect
price I-Effect
sticker I-Effect
impact I-Effect
, O
and O
lowering B-Cause
the I-Cause
instrument I-Cause
cost I-Cause
to O
make O
them B-Effect
more I-Effect
comparable I-Effect
with I-Effect
manual I-Effect
laparascopy I-Effect
. O

A B-Cause
more I-Cause
cost-conscious I-Cause
consumer I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
raises B-Effect
the I-Effect
risk I-Effect
that I-Effect
the I-Effect
disciplined I-Effect
pricing I-Effect
environment I-Effect
deployed I-Effect
throughout I-Effect
the I-Effect
world I-Effect
could I-Effect
deteriorate I-Effect
. O

We O
expect O
annual B-Effect
price I-Effect
increases I-Effect
of I-Effect
1 I-Effect
% I-Effect
during O
the O
pandemic O
, O
increasing O
to O
2 O
% O
in O
fiscal O
2023 O
and O
beyond O
, O
driven O
by O
2 B-Cause
% I-Cause
increases I-Cause
in I-Cause
the I-Cause
food-service I-Cause
segments I-Cause
( I-Cause
in I-Cause
line I-Cause
with I-Cause
average I-Cause
menu I-Cause
inflation I-Cause
) I-Cause
and I-Cause
1.5 I-Cause
% I-Cause
at I-Cause
retail I-Cause
. O

Other B-Cause
issues I-Cause
with I-Cause
existing I-Cause
data I-Cause
architectures I-Cause
include I-Cause
their I-Cause
speed I-Cause
in I-Cause
querying I-Cause
large I-Cause
data I-Cause
sets I-Cause
, O
which O
can B-Effect
be I-Effect
problematic I-Effect
as I-Effect
the I-Effect
public I-Effect
cloud I-Effect
lends I-Effect
itself I-Effect
to I-Effect
larger I-Effect
and I-Effect
larger I-Effect
data I-Effect
sets I-Effect
( I-Effect
because I-Effect
storing I-Effect
data I-Effect
becomes I-Effect
much I-Effect
more I-Effect
effortless I-Effect
in I-Effect
the I-Effect
public I-Effect
cloud I-Effect
) I-Effect
. O

Also O
, O
Spotify B-Effect
's I-Effect
royalty I-Effect
costs I-Effect
are I-Effect
different I-Effect
from I-Effect
terrestrial I-Effect
radio I-Effect
, O
as O
Spotify B-Cause
pays I-Cause
both I-Cause
labels I-Cause
and I-Cause
publishers/songwriters I-Cause
, O
whereas O
terrestrial O
radio O
broadcasters O
only O
pay O
publishers O
. O

TE B-Cause
's I-Cause
products I-Cause
are I-Cause
also I-Cause
designed I-Cause
to I-Cause
operate I-Cause
in I-Cause
harsh I-Cause
conditions I-Cause
that I-Cause
make I-Cause
avoiding I-Cause
failure I-Cause
all I-Cause
the I-Cause
more I-Cause
difficult I-Cause
; I-Cause
automobiles I-Cause
and I-Cause
commercial I-Cause
vehicles I-Cause
must I-Cause
operate I-Cause
flawlessly I-Cause
in I-Cause
heat I-Cause
, I-Cause
cold I-Cause
, I-Cause
rain I-Cause
, I-Cause
snow I-Cause
, I-Cause
vibration I-Cause
, I-Cause
and I-Cause
in I-Cause
the I-Cause
face I-Cause
of I-Cause
electromagnetic I-Cause
interference. O
Thus O
, O
in B-Effect
the I-Effect
eyes I-Effect
of I-Effect
an I-Effect
OEM I-Effect
, I-Effect
trust I-Effect
and I-Effect
reliability I-Effect
in I-Effect
their I-Effect
suppliers I-Effect
are I-Effect
of I-Effect
greater I-Effect
value I-Effect
than I-Effect
the I-Effect
potential I-Effect
incremental I-Effect
cost I-Effect
savings I-Effect
of I-Effect
switching I-Effect
to I-Effect
a I-Effect
lower-cost I-Effect
supplier I-Effect
. O

A B-Cause
first-mover I-Cause
advantage I-Cause
from I-Cause
being I-Cause
in I-Cause
the I-Cause
simulation I-Cause
space I-Cause
for I-Cause
50 I-Cause
years I-Cause
has O
contributed O
to O
Ansys B-Effect
' I-Effect
best-of-breed I-Effect
status I-Effect
, O
in O
our O
view O
. O

Additionally B-Cause
, I-Cause
Williams-Sonoma I-Cause
's I-Cause
fundamental I-Cause
demand I-Cause
is I-Cause
tied I-Cause
somewhat I-Cause
to I-Cause
the I-Cause
performance I-Cause
of I-Cause
the I-Cause
domestic I-Cause
home I-Cause
improvement I-Cause
market I-Cause
and I-Cause
consumer I-Cause
confidence I-Cause
, I-Cause
which I-Cause
tend I-Cause
to I-Cause
fluctuate I-Cause
over I-Cause
an I-Cause
economic I-Cause
cycle I-Cause
, O
driving O
significant B-Effect
volatility I-Effect
in I-Effect
comparable-store I-Effect
sales I-Effect
. O

We O
think O
the B-Cause
firm I-Cause
will I-Cause
have I-Cause
to I-Cause
invest I-Cause
heavily I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
to I-Cause
maintain I-Cause
a I-Cause
competitive I-Cause
advantage I-Cause
in I-Cause
its I-Cause
touch I-Cause
, I-Cause
display I-Cause
, I-Cause
and I-Cause
fingerprint I-Cause
technologies I-Cause
across I-Cause
end I-Cause
markets I-Cause
as I-Cause
well I-Cause
as I-Cause
develop I-Cause
its I-Cause
acquired I-Cause
capabilities I-Cause
for I-Cause
video I-Cause
and I-Cause
audio I-Cause
if I-Cause
it I-Cause
aims I-Cause
to I-Cause
be I-Cause
successful. O
Consequently O
, O
we O
expect O
a B-Effect
long-term I-Effect
research I-Effect
and I-Effect
development I-Effect
spending I-Effect
rate I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
in I-Effect
the I-Effect
low I-Effect
20s I-Effect
implying I-Effect
a I-Effect
long-term I-Effect
operating I-Effect
margin I-Effect
near I-Effect
14 I-Effect
% I-Effect
as I-Effect
we I-Effect
reach I-Effect
midcycle I-Effect
. O

We B-Effect
assume I-Effect
about I-Effect
1.3 I-Effect
% I-Effect
average I-Effect
selling I-Effect
price I-Effect
growth I-Effect
through I-Effect
2030 I-Effect
due O
to O
Lennar B-Cause
's I-Cause
continued I-Cause
mix I-Cause
shift I-Cause
to I-Cause
lower-priced I-Cause
entry-level I-Cause
homes I-Cause
. O

Our B-Effect
caution I-Effect
regarding I-Effect
technological I-Effect
development I-Effect
stems I-Effect
primarily I-Effect
from I-Effect
the I-Effect
potential I-Effect
for O
CyrusOne O
's O
customers B-Cause
to I-Cause
do I-Cause
more I-Cause
with I-Cause
less I-Cause
space I-Cause
and I-Cause
power I-Cause
. O

We O
see O
net B-Effect
interest I-Effect
income I-Effect
coming I-Effect
under I-Effect
some I-Effect
pressure I-Effect
due O
to O
rate B-Cause
cuts I-Cause
, I-Cause
although I-Cause
Regions I-Cause
has I-Cause
put I-Cause
on I-Cause
hedging I-Cause
to I-Cause
combat I-Cause
this I-Cause
. O

Many B-Effect
customers I-Effect
bring I-Effect
their I-Effect
vehicle I-Effect
to I-Effect
the I-Effect
dealer I-Effect
for I-Effect
servicing I-Effect
, O
either O
because O
the B-Cause
vehicle I-Cause
is I-Cause
under I-Cause
warranty I-Cause
or I-Cause
the I-Cause
dealer I-Cause
is I-Cause
close I-Cause
to I-Cause
home I-Cause
and I-Cause
has I-Cause
the I-Cause
factory I-Cause
parts I-Cause
and I-Cause
expertise I-Cause
to I-Cause
service I-Cause
the I-Cause
vehicle I-Cause
. O

With B-Cause
an I-Cause
ability I-Cause
to I-Cause
combat I-Cause
fraud I-Cause
, O
PayPal B-Effect
was I-Effect
in I-Effect
a I-Effect
position I-Effect
to I-Effect
become I-Effect
a I-Effect
valued I-Effect
partner I-Effect
on I-Effect
both I-Effect
sides I-Effect
of I-Effect
a I-Effect
payment I-Effect
. O

We O
particularly O
think O
there B-Effect
are I-Effect
long-term I-Effect
risks I-Effect
to I-Effect
KDDI I-Effect
if O
it B-Cause
maintains I-Cause
WiMax I-Cause
as I-Cause
its I-Cause
primary I-Cause
next-generation I-Cause
network I-Cause
technology I-Cause
, O
though O
management O
's O
recent O
discussions O
and O
its O
launch O
of O
LTE O
service O
seem O
to O
reduce O
this O
risk O
. O

Alcon B-Cause
's I-Cause
leading I-Cause
position I-Cause
in I-Cause
phacoemulsification I-Cause
, I-Cause
with I-Cause
an I-Cause
approximate I-Cause
50 I-Cause
% I-Cause
market I-Cause
share I-Cause
, O
helps O
pull B-Effect
in I-Effect
demand I-Effect
for I-Effect
standard I-Effect
intraocular I-Effect
lenses I-Effect
from I-Effect
bundling I-Effect
. O

We O
contend O
that O
these B-Effect
higher I-Effect
domain I-Effect
fees I-Effect
should I-Effect
not I-Effect
lead I-Effect
to I-Effect
significant I-Effect
customer I-Effect
attrition I-Effect
, O
given O
that O
they B-Cause
comprise I-Cause
a I-Cause
relatively I-Cause
small I-Cause
proportion I-Cause
of I-Cause
a I-Cause
business I-Cause
' I-Cause
budget I-Cause
. O

The B-Cause
larger I-Cause
ecosystems I-Cause
of I-Cause
Snap I-Cause
's I-Cause
competitors I-Cause
may I-Cause
have I-Cause
also I-Cause
created I-Cause
somewhat I-Cause
of I-Cause
an I-Cause
exit I-Cause
barrier I-Cause
for I-Cause
their I-Cause
users I-Cause
, O
which B-Effect
we I-Effect
think I-Effect
will I-Effect
further I-Effect
limit I-Effect
the I-Effect
growth I-Effect
acceleration I-Effect
of I-Effect
Snapchat I-Effect
users I-Effect
. O

At B-Cause
a I-Cause
high I-Cause
level I-Cause
, I-Cause
we I-Cause
see I-Cause
characteristics I-Cause
of I-Cause
the I-Cause
snack I-Cause
and I-Cause
beverage I-Cause
categories I-Cause
where I-Cause
Pepsi I-Cause
competes I-Cause
, I-Cause
and I-Cause
its I-Cause
positioning I-Cause
within I-Cause
these I-Cause
categories I-Cause
, O
that O
should O
allow B-Effect
the I-Effect
company I-Effect
to I-Effect
continue I-Effect
to I-Effect
glean I-Effect
economic I-Effect
profits I-Effect
. O

While O
we O
have O
not O
observed O
any O
changes O
in O
underwriting O
quality O
, O
we O
do O
worry O
that O
rapid B-Cause
asset I-Cause
growth I-Cause
may O
represent O
an B-Effect
increasing I-Effect
appetite I-Effect
for I-Effect
risk I-Effect
. O

We O
expect O
more B-Cause
scale I-Cause
to I-Cause
come I-Cause
from I-Cause
GM I-Cause
moving I-Cause
its I-Cause
production I-Cause
to I-Cause
more I-Cause
global I-Cause
platforms I-Cause
and I-Cause
eventually I-Cause
onto I-Cause
vehicle I-Cause
sets I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
for O
even O
more B-Effect
flexibility I-Effect
and I-Effect
scale I-Effect
. O

The B-Effect
company I-Effect
values I-Effect
a I-Effect
strong I-Effect
balance I-Effect
sheet I-Effect
to I-Effect
provide I-Effect
some I-Effect
stability I-Effect
through O
the B-Cause
inevitable I-Cause
cycles I-Cause
and I-Cause
derives I-Cause
some I-Cause
modest I-Cause
benefit I-Cause
from I-Cause
commodity I-Cause
and I-Cause
geographic I-Cause
diversification I-Cause
, I-Cause
relative I-Cause
to I-Cause
its I-Cause
mining I-Cause
peers I-Cause
. O

More O
recently O
, O
Pennsylvania B-Cause
and I-Cause
Maryland I-Cause
approved I-Cause
slots I-Cause
in I-Cause
2004 I-Cause
and I-Cause
2008 I-Cause
, I-Cause
respectively I-Cause
, I-Cause
followed I-Cause
by I-Cause
these I-Cause
states I-Cause
then I-Cause
allowing I-Cause
gaming I-Cause
tables I-Cause
in I-Cause
2010 I-Cause
and I-Cause
2012 I-Cause
, I-Cause
respectively I-Cause
, O
which O
increases B-Effect
competition I-Effect
for I-Effect
Caesars I-Effect
' I-Effect
properties I-Effect
located I-Effect
in I-Effect
and I-Effect
around I-Effect
those I-Effect
two I-Effect
states I-Effect
. O

With O
equity B-Cause
and I-Cause
credit I-Cause
markets I-Cause
likely I-Cause
to I-Cause
remain I-Cause
volatile I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
, O
we O
expect O
Federated O
to O
generate B-Effect
negative I-Effect
1.2 I-Effect
% I-Effect
organic I-Effect
long-term I-Effect
AUM I-Effect
growth I-Effect
on I-Effect
average I-Effect
during O
2021-25 O
. O

Narrower B-Cause
discounts I-Cause
for I-Cause
inland I-Cause
crude I-Cause
have O
reduced B-Cause
opportunities I-Cause
on I-Cause
the I-Cause
East I-Cause
and I-Cause
West I-Cause
Coast I-Cause
to I-Cause
transport I-Cause
discount I-Cause
light I-Cause
crude I-Cause
to I-Cause
its I-Cause
refineries I-Cause
via I-Cause
rail I-Cause
and I-Cause
barge I-Cause
to O
back B-Effect
out I-Effect
more I-Effect
expensive I-Effect
foreign I-Effect
imports I-Effect
. O

This O
also O
represented O
a B-Cause
permanent I-Cause
downward I-Cause
shift I-Cause
in I-Cause
the I-Cause
cost I-Cause
curve I-Cause
as O
well O
and O
lead O
to O
the B-Effect
revision I-Effect
of I-Effect
our I-Effect
mid-cycle I-Effect
price I-Effect
to I-Effect
$ I-Effect
60/bbl I-Effect
. O

We O
forecast O
the B-Cause
firm I-Cause
will I-Cause
spend I-Cause
more I-Cause
than I-Cause
7 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, I-Cause
or I-Cause
around I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
annually I-Cause
in I-Cause
aggregate I-Cause
, I-Cause
on I-Cause
research I-Cause
, I-Cause
development I-Cause
, I-Cause
and I-Cause
marketing I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
to O
ensure O
it O
withstands B-Effect
unrelenting I-Effect
competitive I-Effect
and I-Effect
macro I-Effect
pressures I-Effect
. O

Licensing B-Cause
historical I-Cause
content I-Cause
to I-Cause
online I-Cause
players I-Cause
like I-Cause
Netflix I-Cause
and I-Cause
other I-Cause
video-on-demand I-Cause
providers I-Cause
could O
have O
long-term B-Effect
negative I-Effect
implications I-Effect
for I-Effect
ViacomCBS I-Effect
' I-Effect
audience I-Effect
ratings I-Effect
. O

Dollar B-Effect
Tree I-Effect
's I-Effect
namesake I-Effect
banner I-Effect
has I-Effect
a I-Effect
long I-Effect
history I-Effect
of I-Effect
strong I-Effect
performance I-Effect
, O
enabled O
by O
its B-Cause
differentiated I-Cause
value I-Cause
proposition I-Cause
, O
but O
, O
before O
the O
pandemic O
, O
its O
Family O
Dollar O
unit O
( O
acquired O
in O
2015 O
) O
struggled O
to O
generate O
top-line O
and O
margin O
growth O
. O

As O
consumer B-Cause
preference I-Cause
began I-Cause
to I-Cause
shift I-Cause
to I-Cause
online I-Cause
and I-Cause
electronic I-Cause
purchasing I-Cause
platforms I-Cause
, O
Grainger B-Effect
invested I-Effect
heavily I-Effect
in I-Effect
improving I-Effect
its I-Effect
e-commerce I-Effect
capabilities I-Effect
and I-Effect
restructuring I-Effect
its I-Effect
distribution I-Effect
network I-Effect
. O

As O
a O
result O
, O
Rolls-Royce O
has O
run O
into O
liquidity O
problems O
and O
announced B-Effect
a I-Effect
capital I-Effect
raise I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
a I-Effect
GBP I-Effect
2 I-Effect
billion I-Effect
rights I-Effect
issue I-Effect
as O
it B-Cause
exhausted I-Cause
its I-Cause
funding I-Cause
options I-Cause
in I-Cause
the I-Cause
debt I-Cause
markets I-Cause
. I-Cause

For O
example O
, O
the B-Cause
findings I-Cause
of I-Cause
the I-Cause
antigraft I-Cause
probe I-Cause
in I-Cause
the I-Cause
past I-Cause
have O
shaken B-Effect
up I-Effect
PetroChina I-Effect
's I-Effect
senior I-Effect
management I-Effect
team I-Effect
while O
the B-Cause
ongoing I-Cause
low-carbon I-Cause
trends I-Cause
could O
eventually O
lower O
demand B-Effect
for I-Effect
oil I-Effect
and I-Effect
gas I-Effect
. O

The B-Effect
French I-Effect
retail I-Effect
banking I-Effect
market I-Effect
suffers I-Effect
from I-Effect
competition I-Effect
issues I-Effect
, O
given O
the B-Cause
presence I-Cause
of I-Cause
mutual I-Cause
owned I-Cause
banks I-Cause
with I-Cause
a I-Cause
limited I-Cause
profit I-Cause
motive I-Cause
. O

If B-Effect
interest I-Effect
rates I-Effect
increase I-Effect
faster I-Effect
than I-Effect
expected I-Effect
, I-Effect
DCP I-Effect
units I-Effect
could I-Effect
underperform I-Effect
, O
as O
a B-Cause
steepening I-Cause
yield I-Cause
curve I-Cause
increases I-Cause
expected I-Cause
distribution I-Cause
yield I-Cause
for I-Cause
competing I-Cause
assets I-Cause
. O

By B-Cause
establishing I-Cause
an I-Cause
operations I-Cause
center I-Cause
in I-Cause
Bangalore I-Cause
, I-Cause
India I-Cause
, O
LKQ B-Effect
was I-Effect
able I-Effect
to I-Effect
offshore I-Effect
a I-Effect
significant I-Effect
portion I-Effect
of I-Effect
its I-Effect
online I-Effect
bidding I-Effect
activity I-Effect
, I-Effect
allowing I-Effect
it I-Effect
to I-Effect
further I-Effect
reduce I-Effect
costs I-Effect
. O

AB B-Cause
InBev I-Cause
has I-Cause
a I-Cause
broader I-Cause
geographic I-Cause
footprint I-Cause
than O
most O
of O
its O
brewing O
peers O
, O
and O
although O
that O
reduces O
geographic B-Effect
concentration I-Effect
risk I-Effect
, O
it O
also O
creates B-Effect
foreign I-Effect
exchange I-Effect
risk I-Effect
. O

Recognizing O
that O
its O
legacy O
cereal O
business O
was O
facing O
secular O
declines O
, O
the B-Effect
company I-Effect
diversified I-Effect
its I-Effect
product I-Effect
offerings I-Effect
by O
acquiring B-Cause
businesses I-Cause
with I-Cause
on-trend I-Cause
fare I-Cause
, I-Cause
such I-Cause
as I-Cause
refrigerated I-Cause
foods I-Cause
and I-Cause
active I-Cause
nutrition I-Cause
. O

We B-Effect
expect I-Effect
the I-Effect
recovery I-Effect
to I-Effect
be I-Effect
fairly I-Effect
steady I-Effect
, I-Effect
and I-Effect
2022 I-Effect
could I-Effect
also I-Effect
be I-Effect
an I-Effect
above-average I-Effect
year I-Effect
as O
global B-Cause
travel I-Cause
recovers I-Cause
. O

This O
could O
put B-Effect
pressure I-Effect
on I-Effect
margins I-Effect
-- O
operating B-Cause
margins I-Cause
have I-Cause
historically I-Cause
been I-Cause
more I-Cause
than I-Cause
10 I-Cause
percentage I-Cause
points I-Cause
lower I-Cause
in I-Cause
this I-Cause
segment I-Cause
than I-Cause
in I-Cause
the I-Cause
biopharmaceuticals I-Cause
segment I-Cause
because O
of O
low B-Cause
pricing I-Cause
and I-Cause
high I-Cause
manufacturing I-Cause
and I-Cause
selling I-Cause
costs I-Cause
. O

Because O
the B-Cause
company I-Cause
is I-Cause
acquisitive I-Cause
, O
a B-Effect
sizable I-Effect
goodwill I-Effect
balance I-Effect
has I-Effect
built I-Effect
up I-Effect
and I-Effect
weighs I-Effect
on I-Effect
ROICs I-Effect
, O
which O
tend O
to O
be O
in O
the O
low O
to O
midteens O
, O
or O
mid-20 O
% O
on O
an O
adjusted O
basis O
. O

The B-Effect
improved I-Effect
yield I-Effect
over I-Effect
a I-Effect
two-year I-Effect
period I-Effect
justified I-Effect
not I-Effect
only I-Effect
the I-Effect
analytic I-Effect
installation I-Effect
, I-Effect
but I-Effect
also I-Effect
the I-Effect
entire I-Effect
upgrade I-Effect
of I-Effect
the I-Effect
equipment I-Effect
, I-Effect
and I-Effect
avoided I-Effect
the I-Effect
capital I-Effect
expense I-Effect
of I-Effect
an I-Effect
additional I-Effect
piece I-Effect
of I-Effect
equipment I-Effect
on I-Effect
top I-Effect
of I-Effect
the I-Effect
cost I-Effect
of I-Effect
the I-Effect
upgrades I-Effect
. I-Effect

Pepsi B-Effect
's I-Effect
growth I-Effect
trajectory I-Effect
is I-Effect
not I-Effect
without I-Effect
risk I-Effect
, O
as O
the B-Cause
company I-Cause
faces I-Cause
secular I-Cause
headwinds I-Cause
such I-Cause
as I-Cause
normative I-Cause
shifts I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
. O

Recently O
, O
narrow-body B-Effect
volume I-Effect
has I-Effect
increased I-Effect
substantially I-Effect
due O
to O
the B-Cause
rise I-Cause
globally I-Cause
of I-Cause
low-cost I-Cause
carriers I-Cause
and I-Cause
improved I-Cause
technology I-Cause
that O
allows O
smaller O
airplanes O
to O
operate O
flight O
paths O
that O
were O
previously O
unprofitable O
. O

One O
can O
point O
to O
many O
historical O
examples O
, O
such O
as O
Coca-Cola O
Femsa O
's O
business O
in O
Venezuela O
, O
where O
rampant B-Cause
inflation I-Cause
combined I-Cause
with I-Cause
an I-Cause
unstable I-Cause
government I-Cause
as I-Cause
well I-Cause
as I-Cause
counterproductive I-Cause
currency I-Cause
controls I-Cause
caused O
irreparable B-Effect
degradation I-Effect
in I-Effect
the I-Effect
company I-Effect
's I-Effect
operations I-Effect
. O

Humana B-Cause
has I-Cause
built I-Cause
up I-Cause
this I-Cause
expertise I-Cause
over I-Cause
decades I-Cause
, O
which O
helps O
it O
create B-Effect
a I-Effect
better I-Effect
experience I-Effect
for I-Effect
end I-Effect
users I-Effect
from O
beginning O
to O
end O
. O

Under B-Cause
Brazilian I-Cause
President I-Cause
Dilma I-Cause
Rousseff I-Cause
, O
the B-Effect
state-owned I-Effect
banks I-Effect
began I-Effect
to I-Effect
grow I-Effect
aggressively I-Effect
and I-Effect
were I-Effect
funding I-Effect
social I-Effect
programs I-Effect
that I-Effect
would I-Effect
benefit I-Effect
her I-Effect
re-election I-Effect
effort I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
franchises I-Cause
have I-Cause
a I-Cause
dedicated I-Cause
user I-Cause
base I-Cause
, O
providing O
EA O
with O
the O
leverage O
to O
push B-Cause
more I-Cause
of I-Cause
its I-Cause
content I-Cause
via I-Cause
direct I-Cause
digital I-Cause
channels I-Cause
thus O
bypassing B-Effect
retailers I-Effect
, I-Effect
generating I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
, I-Effect
and I-Effect
improving I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

PTC O
operates O
in O
the O
high-end O
computer-assisted O
design O
software O
market O
, O
but O
we O
view O
this B-Cause
market I-Cause
as I-Cause
mature I-Cause
and O
do B-Effect
n't I-Effect
foresee I-Effect
significant I-Effect
top-line I-Effect
growth I-Effect
in I-Effect
this I-Effect
area I-Effect
. O

Our O
GBX O
1,690 O
fair O
value O
estimate O
reflects O
weak B-Effect
near-term I-Effect
order I-Effect
demand I-Effect
, O
particularly O
for O
the O
businesses O
that O
are O
most O
sensitive O
to O
low B-Cause
travel I-Cause
activity I-Cause
related I-Cause
to I-Cause
the I-Cause
pandemic I-Cause
with I-Cause
the I-Cause
knock-on I-Cause
effects I-Cause
of I-Cause
a I-Cause
drop I-Cause
in I-Cause
oil I-Cause
demand I-Cause
and I-Cause
lower I-Cause
levels I-Cause
of I-Cause
air I-Cause
travel I-Cause
. O

We O
continue O
to O
believe O
Movil B-Cause
's I-Cause
competitive I-Cause
position I-Cause
is I-Cause
strong I-Cause
enough O
in O
most O
countries O
such O
that O
it O
can O
increase B-Effect
prices I-Effect
to I-Effect
offset I-Effect
local I-Effect
inflation I-Effect
and I-Effect
currency I-Effect
weakness I-Effect
, O
but O
this O
process O
generally O
takes O
time O
, O
especially O
when O
economies O
are O
weak O
. O

Penske B-Cause
also I-Cause
could I-Cause
have I-Cause
operational I-Cause
problems I-Cause
integrating I-Cause
a I-Cause
new I-Cause
dealership I-Cause
, O
which O
could O
slow O
the B-Effect
store I-Effect
from I-Effect
reaching I-Effect
an I-Effect
acceptable I-Effect
profitability I-Effect
level I-Effect
. O

That O
said O
, O
the B-Cause
nascent I-Cause
penetration I-Cause
of I-Cause
emerging I-Cause
and I-Cause
mobile I-Cause
markets I-Cause
would O
probably O
offer B-Effect
some I-Effect
cushion I-Effect
to I-Effect
a I-Effect
weaker I-Effect
economic I-Effect
growth I-Effect
environment I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
comprehensive I-Cause
data I-Cause
set I-Cause
of I-Cause
de-identified I-Cause
patient I-Cause
records I-Cause
and I-Cause
script I-Cause
data I-Cause
enhances B-Effect
its I-Effect
ability I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
healthcare I-Effect
customers I-Effect
throughout I-Effect
the I-Effect
life I-Effect
cycle I-Effect
of I-Effect
a I-Effect
drug I-Effect
. O

The B-Cause
unsettled I-Cause
economy I-Cause
continues O
to O
strain B-Effect
discretionary I-Effect
income I-Effect
( O
though O
economic O
stimulus O
is O
an O
offset O
) O
and O
customer B-Cause
hesitance I-Cause
to I-Cause
shop I-Cause
in-store I-Cause
is O
likely O
hindering B-Effect
sales I-Effect
to I-Effect
an I-Effect
extent I-Effect
. O

The B-Effect
software I-Effect
segment I-Effect
is I-Effect
anticipated I-Effect
to I-Effect
also I-Effect
grow I-Effect
5 I-Effect
% I-Effect
with I-Effect
potential I-Effect
to I-Effect
expand I-Effect
as O
the B-Cause
company I-Cause
develops I-Cause
new I-Cause
services I-Cause
( I-Cause
both I-Cause
organic I-Cause
and I-Cause
through I-Cause
acquisitions I-Cause
) I-Cause
to I-Cause
cross-sell I-Cause
into I-Cause
its I-Cause
payer I-Cause
and I-Cause
provider I-Cause
base I-Cause
to I-Cause
supplement I-Cause
current I-Cause
offerings I-Cause
. O

Further O
, O
MPLX B-Cause
still I-Cause
has I-Cause
plenty I-Cause
of I-Cause
opportunities I-Cause
to I-Cause
unlock I-Cause
within I-Cause
its I-Cause
newly I-Cause
enlarged I-Cause
portfolio I-Cause
of I-Cause
assets I-Cause
following I-Cause
dropdowns I-Cause
from I-Cause
its I-Cause
parent I-Cause
and I-Cause
the I-Cause
Andeavor I-Cause
Logistics I-Cause
deal I-Cause
, O
which O
has O
taken O
the B-Effect
partnership I-Effect
to I-Effect
$ I-Effect
5.2 I-Effect
billion I-Effect
in I-Effect
expected I-Effect
2021 I-Effect
EBITDA I-Effect
compared O
with O
just O
over O
$ O
550 O
million O
in O
2015 O
. O

The B-Effect
bank I-Effect
has I-Effect
improved I-Effect
efficiency I-Effect
by O
closing B-Cause
branches I-Cause
, I-Cause
reducing I-Cause
personnel I-Cause
, I-Cause
and I-Cause
re-evaluating I-Cause
additional I-Cause
spending I-Cause
, I-Cause
all I-Cause
while I-Cause
refocusing I-Cause
efforts I-Cause
within I-Cause
its I-Cause
digital I-Cause
capabilities I-Cause
. I-Cause

However O
, O
in O
2021 O
, O
Beyond B-Cause
has I-Cause
plans I-Cause
to I-Cause
launch I-Cause
a I-Cause
new I-Cause
burger I-Cause
that I-Cause
is I-Cause
lower I-Cause
in I-Cause
saturated I-Cause
fat I-Cause
, O
which O
should O
improve B-Effect
this I-Effect
comparison I-Effect
. O

With O
Quest B-Cause
focused I-Cause
on I-Cause
pursuing I-Cause
various I-Cause
on-site I-Cause
operating I-Cause
arrangements I-Cause
with I-Cause
hospital-based I-Cause
labs I-Cause
, O
the O
firm O
may O
not O
be O
able O
to O
realize B-Effect
as I-Effect
many I-Effect
operating I-Effect
efficiencies I-Effect
as I-Effect
it I-Effect
can I-Effect
by I-Effect
rolling I-Effect
up I-Effect
hospital I-Effect
outreach I-Effect
programs I-Effect
. O

We O
expect O
management B-Cause
will I-Cause
need I-Cause
to I-Cause
continue I-Cause
to I-Cause
cross-sell I-Cause
its I-Cause
bundled I-Cause
offering I-Cause
to O
maintain B-Effect
gross I-Effect
margins I-Effect
with O
increasing B-Cause
competition I-Cause
from I-Cause
dental I-Cause
service I-Cause
organizations I-Cause
and I-Cause
online I-Cause
competitors I-Cause
. O

The B-Cause
firm I-Cause
has I-Cause
announced I-Cause
that I-Cause
it I-Cause
is I-Cause
exploring I-Cause
a I-Cause
potential I-Cause
asset I-Cause
management I-Cause
joint I-Cause
venture I-Cause
in I-Cause
China I-Cause
, O
which O
would O
further O
expand B-Effect
the I-Effect
reach I-Effect
of I-Effect
its I-Effect
investment I-Effect
portfolio I-Effect
. O

Fastenal B-Cause
uses I-Cause
its I-Cause
reputation I-Cause
with I-Cause
suppliers I-Cause
and I-Cause
its I-Cause
scale I-Cause
to I-Cause
expand I-Cause
its I-Cause
vendor I-Cause
base I-Cause
and I-Cause
product I-Cause
selection I-Cause
, I-Cause
take I-Cause
advantage I-Cause
of I-Cause
sales I-Cause
incentives I-Cause
and I-Cause
volume I-Cause
rebates I-Cause
, I-Cause
and I-Cause
gain I-Cause
preferential I-Cause
access I-Cause
to I-Cause
supplier I-Cause
resources I-Cause
and I-Cause
support I-Cause
, O
which O
in O
turn O
allows O
Fastenal B-Effect
to I-Effect
offer I-Effect
its I-Effect
customers I-Effect
better I-Effect
product I-Effect
selection I-Effect
, I-Effect
pricing I-Effect
, I-Effect
and I-Effect
services I-Effect
. O

Longer O
term O
( O
between B-Cause
fiscal I-Cause
2023 I-Cause
and I-Cause
2025 I-Cause
) O
, O
we B-Effect
expect I-Effect
average I-Effect
organic I-Effect
top-line I-Effect
growth I-Effect
of I-Effect
4.5 I-Effect
% I-Effect
-5.0 I-Effect
% I-Effect
on I-Effect
e-commerce I-Effect
tailwinds I-Effect
and I-Effect
rational I-Effect
rate I-Effect
increases I-Effect
. I-Effect

The B-Cause
combination I-Cause
with I-Cause
Omega I-Cause
makes O
Perrigo B-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
branded I-Effect
OTC I-Effect
players I-Effect
in I-Effect
Europe I-Effect
behind I-Effect
Novartis I-Effect
, I-Effect
Sanofi I-Effect
, I-Effect
Bayer I-Effect
, I-Effect
and I-Effect
Reckitt I-Effect
Benckiser I-Effect
. O

However O
, O
since O
2008 O
, O
we O
estimate O
that O
outsourcing O
has O
increased O
from O
25 O
% O
penetration O
to O
about O
60 O
% O
, O
so O
the B-Cause
biopharma I-Cause
industry I-Cause
is I-Cause
now I-Cause
more I-Cause
reliant I-Cause
on I-Cause
CROs I-Cause
for I-Cause
preclinical I-Cause
work I-Cause
, O
and O
Charles B-Effect
River I-Effect
leads I-Effect
with I-Effect
a I-Effect
top I-Effect
market I-Effect
share I-Effect
. O

Ultimately O
, O
we O
see O
a O
tough O
road O
ahead O
but O
believe O
the B-Effect
company I-Effect
can I-Effect
sustain I-Effect
low-single-digit I-Effect
growth I-Effect
longer I-Effect
term I-Effect
, O
especially O
as O
the B-Cause
benefits I-Cause
of I-Cause
management I-Cause
's I-Cause
revitalization I-Cause
plan I-Cause
are I-Cause
less I-Cause
masked I-Cause
by I-Cause
pandemic-induced I-Cause
disruption I-Cause
. O

Aphria B-Effect
revised I-Effect
plans I-Effect
to I-Effect
build I-Effect
production I-Effect
in I-Effect
Colombia I-Effect
due O
to O
high B-Cause
capital I-Cause
costs I-Cause
, O
instead O
exporting O
global O
medical O
markets O
from O
its O
Canadian O
facilities O
. O

When O
the O
company O
pursued O
its O
acquisition O
of O
LoopNet O
for O
$ O
860 O
million O
in O
2011 O
, O
federal B-Effect
regulators I-Effect
scrutinized I-Effect
it I-Effect
due O
to O
antitrust B-Cause
concerns I-Cause
. O

Management B-Effect
has I-Effect
been I-Effect
focused I-Effect
on I-Effect
leveraging I-Effect
scale I-Effect
to I-Effect
foster I-Effect
strategic I-Effect
partnerships I-Effect
to B-Cause
increase I-Cause
traffic I-Cause
and I-Cause
cross I-Cause
selling I-Cause
opportunities I-Cause
with B-Effect
a I-Effect
long I-Effect
term I-Effect
focus I-Effect
to I-Effect
improve I-Effect
coordinated I-Effect
care I-Effect
. O

Like O
all O
the O
large O
public O
dealerships O
, O
Sonic B-Cause
pursues I-Cause
a I-Cause
rollup I-Cause
strategy I-Cause
so B-Effect
it I-Effect
relies I-Effect
on I-Effect
acquisitions I-Effect
for I-Effect
part I-Effect
of I-Effect
its I-Effect
growth I-Effect
, O
though O
in O
our O
view O
not O
as O
much O
as O
the O
other O
public O
dealers O
due O
to O
the O
EchoPark O
strategy O
. O

Aside O
from O
reducing O
the O
cost O
of O
maintenance O
, O
predictive B-Cause
maintenance I-Cause
tools I-Cause
translate O
to O
increased B-Effect
uptime I-Effect
, I-Effect
increased I-Effect
throughput I-Effect
, I-Effect
improved I-Effect
product I-Effect
quality I-Effect
through I-Effect
optimization I-Effect
, I-Effect
and I-Effect
reduced I-Effect
waste I-Effect
and I-Effect
rework I-Effect
. O

This B-Cause
regulation I-Cause
sets I-Cause
the I-Cause
rates I-Cause
American I-Cause
Water I-Cause
can I-Cause
charge I-Cause
customers. O
Consequently O
, O
the B-Effect
greatest I-Effect
risk I-Effect
it I-Effect
faces I-Effect
is I-Effect
regulation I-Effect
that I-Effect
does I-Effect
not I-Effect
allow I-Effect
the I-Effect
company I-Effect
to I-Effect
recover I-Effect
operating I-Effect
expenses I-Effect
and I-Effect
a I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

We O
believe O
the B-Cause
firm I-Cause
's I-Cause
expertise I-Cause
and I-Cause
suite I-Cause
of I-Cause
solutions I-Cause
in I-Cause
the I-Cause
automotive I-Cause
market I-Cause
, O
where O
the O
company O
has O
a O
leading O
market O
share O
position O
, O
helps B-Effect
to I-Effect
ensure I-Effect
that I-Effect
it I-Effect
is I-Effect
able I-Effect
to I-Effect
benefit I-Effect
from I-Effect
rising I-Effect
electronic I-Effect
content I-Effect
in I-Effect
the I-Effect
automotive I-Effect
market I-Effect
. O

The B-Cause
company I-Cause
participates I-Cause
in I-Cause
most I-Cause
architectural I-Cause
paint I-Cause
markets I-Cause
around I-Cause
the I-Cause
world I-Cause
, I-Cause
while I-Cause
also I-Cause
selling I-Cause
into I-Cause
industrial I-Cause
end-markets I-Cause
such I-Cause
as I-Cause
new I-Cause
autos I-Cause
, I-Cause
repair I-Cause
and I-Cause
refinish I-Cause
, I-Cause
packaging I-Cause
, I-Cause
and I-Cause
aerospace. O
This O
diversity O
makes O
it O
hard O
for O
the B-Effect
company I-Effect
to I-Effect
materially I-Effect
under- I-Effect
or I-Effect
out-perform I-Effect
the I-Effect
broader I-Effect
coatings I-Effect
space I-Effect
, I-Effect
given I-Effect
the I-Effect
relatively I-Effect
small I-Effect
contribution I-Effect
each I-Effect
business I-Effect
makes I-Effect
on I-Effect
its I-Effect
own I-Effect
. O

Ansys O
' O
network O
effect O
stems O
from O
its O
strong B-Cause
presence I-Cause
in I-Cause
engineering I-Cause
programs I-Cause
, O
which O
reinforces B-Effect
the I-Effect
company I-Effect
's I-Effect
dominance I-Effect
in I-Effect
enterprises I-Effect
, O
in O
our O
view O
. O

In O
the O
near O
term O
, O
we O
think O
demand B-Effect
for I-Effect
corn I-Effect
and I-Effect
soybeans I-Effect
will I-Effect
be I-Effect
strong I-Effect
, O
largely O
due O
to O
robust B-Cause
demand I-Cause
from I-Cause
China I-Cause
and I-Cause
tight I-Cause
global I-Cause
supply I-Cause
. O

Our O
assumptions O
include O
a B-Effect
challenging I-Effect
time I-Effect
early I-Effect
in I-Effect
our I-Effect
forecast I-Effect
period I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
that I-Cause
is I-Cause
creating I-Cause
risks I-Cause
associated I-Cause
with I-Cause
policy I-Cause
pricing I-Cause
and I-Cause
the I-Cause
employment I-Cause
environment I-Cause
, O
which O
threatens B-Effect
commercial I-Effect
insurance I-Effect
rolls I-Effect
. O

Roku B-Effect
players I-Effect
originally I-Effect
gained I-Effect
acclaim I-Effect
and I-Effect
recognition I-Effect
in I-Effect
part I-Effect
for I-Effect
being I-Effect
neutral I-Effect
in I-Effect
terms I-Effect
of I-Effect
content I-Effect
providers I-Effect
as O
a O
result O
of O
the B-Cause
firm I-Cause
not I-Cause
having I-Cause
any I-Cause
content I-Cause
tie-up I-Cause
. O

In O
aggregate O
, O
AT O
& O
amp O
; O
T O
is O
a O
collection O
of O
businesses O
that O
should O
produce O
double-digit O
ROICs O
, O
but O
high B-Cause
acquisition I-Cause
prices I-Cause
will O
likely O
leave B-Effect
ROICs I-Effect
roughly I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
firm I-Effect
's I-Effect
cost I-Effect
of I-Effect
capital I-Effect
, O
as O
we O
calculate O
it O
, O
despite O
significant O
competitive O
advantages O
. O

Murphy B-Cause
has I-Cause
a I-Cause
number I-Cause
of I-Cause
expansion I-Cause
projects I-Cause
lined I-Cause
up I-Cause
there I-Cause
that O
should O
offset O
legacy B-Effect
declines I-Effect
and O
enable O
it O
to O
hold B-Effect
production I-Effect
flat I-Effect
in I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

Management O
advised O
that O
its O
unexpectedly O
high O
growth O
rate O
of O
46 O
% O
in O
2017 O
, O
stemming B-Cause
from I-Cause
hyperscale I-Cause
cloud I-Cause
demand I-Cause
, O
should O
taper B-Effect
off I-Effect
considerably I-Effect
. O

As O
long O
as O
PSEG B-Cause
continues I-Cause
to I-Cause
own I-Cause
and I-Cause
operate I-Cause
its I-Cause
merchant I-Cause
power I-Cause
generation I-Cause
fleet I-Cause
, O
energy B-Effect
market I-Effect
prices I-Effect
will I-Effect
be I-Effect
a I-Effect
key I-Effect
risk I-Effect
and I-Effect
source I-Effect
of I-Effect
uncertainty I-Effect
. O

However O
, O
under B-Cause
the I-Cause
model I-Cause
transition I-Cause
and I-Cause
with I-Cause
the I-Cause
release I-Cause
of I-Cause
Citrix I-Cause
Cloud I-Cause
and I-Cause
the I-Cause
proliferation I-Cause
of I-Cause
its I-Cause
new I-Cause
analytics I-Cause
solution I-Cause
, O
management O
believes O
its B-Effect
TAM I-Effect
will I-Effect
be I-Effect
$ I-Effect
27 I-Effect
billion I-Effect
by I-Effect
2022 I-Effect
. O

However O
, O
we O
expect O
ROICs B-Effect
to I-Effect
rise I-Effect
modestly I-Effect
again I-Effect
beginning I-Effect
in I-Effect
2021 I-Effect
as O
leadership B-Cause
focuses I-Cause
back I-Cause
on I-Cause
the I-Cause
core I-Cause
consumer I-Cause
, I-Cause
helping I-Cause
extract I-Cause
excess I-Cause
economic I-Cause
profits I-Cause
. O

In B-Effect
fiscal I-Effect
2021 I-Effect
, I-Effect
we I-Effect
expect I-Effect
total I-Effect
revenue I-Effect
to I-Effect
be I-Effect
up I-Effect
15 I-Effect
% I-Effect
thanks O
to O
strength B-Cause
in I-Cause
Mac I-Cause
and I-Cause
iPad I-Cause
sales I-Cause
related I-Cause
to I-Cause
work- I-Cause
and I-Cause
learning-from-home I-Cause
trends I-Cause
and I-Cause
the I-Cause
5G I-Cause
iPhone I-Cause
12 I-Cause
launch I-Cause
. O

For O
instance O
, O
if O
a B-Cause
simulation I-Cause
were I-Cause
to I-Cause
predict I-Cause
erroneous I-Cause
results I-Cause
, I-Cause
leading I-Cause
to I-Cause
a I-Cause
number I-Cause
of I-Cause
faulty I-Cause
aircraft I-Cause
or I-Cause
autos I-Cause
to I-Cause
be I-Cause
produced I-Cause
, O
we B-Effect
think I-Effect
Ansys I-Effect
' I-Effect
reputation I-Effect
could I-Effect
greatly I-Effect
suffer I-Effect
. O

As O
Nice B-Cause
offers I-Cause
more I-Cause
new I-Cause
modules I-Cause
on I-Cause
its I-Cause
platform I-Cause
, O
it B-Cause
has I-Cause
the I-Cause
opportunity I-Cause
to I-Cause
cross-sell I-Cause
and I-Cause
upsell I-Cause
products I-Cause
to I-Cause
customers I-Cause
, O
which O
should O
drive B-Effect
higher I-Effect
incremental I-Effect
revenue I-Effect
. O

Thanks O
to O
external B-Cause
( I-Cause
increased I-Cause
COVID-related I-Cause
demand I-Cause
, I-Cause
smartphone I-Cause
ubiquity I-Cause
, I-Cause
increased I-Cause
wealth I-Cause
creation I-Cause
, I-Cause
underdevelopment I-Cause
payment I-Cause
industry I-Cause
infrastructure I-Cause
) I-Cause
and I-Cause
company-specific I-Cause
factors I-Cause
( I-Cause
product I-Cause
mix I-Cause
diversification I-Cause
, I-Cause
on- I-Cause
and I-Cause
off-platform I-Cause
payment I-Cause
technologies I-Cause
and I-Cause
shipping I-Cause
solutions I-Cause
) I-Cause
, O
we O
believe O
MercadoLibre B-Effect
can I-Effect
capitalize I-Effect
on I-Effect
accelerating I-Effect
digital I-Effect
commerce I-Effect
trends I-Effect
in I-Effect
Latin I-Effect
America I-Effect
, O
despite O
lingering O
macro O
constraints O
volatility O
. O

Additionally O
, O
Alliance B-Cause
Data I-Cause
Systems I-Cause
' I-Cause
small I-Cause
scale I-Cause
prevents O
it O
from O
submitting B-Effect
serious I-Effect
bids I-Effect
for I-Effect
large I-Effect
anchor I-Effect
clients I-Effect
as O
the B-Cause
receivable I-Cause
volumes I-Cause
these I-Cause
programs I-Cause
generate I-Cause
are I-Cause
too I-Cause
large I-Cause
for O
the B-Effect
company I-Effect
to I-Effect
reliably I-Effect
finance I-Effect
. O

Following O
the O
Qunar O
deal O
in O
2015 O
, O
the B-Effect
company I-Effect
significantly I-Effect
strengthened I-Effect
its I-Effect
network I-Effect
effect I-Effect
with O
the B-Cause
consolidation I-Cause
of I-Cause
the I-Cause
online I-Cause
accommodation I-Cause
reservation I-Cause
and I-Cause
transportation I-Cause
ticketing I-Cause
market I-Cause
in I-Cause
China I-Cause
. O

Thanks O
to O
a B-Cause
sharp I-Cause
rise I-Cause
in I-Cause
5G I-Cause
penetration I-Cause
in I-Cause
2021 I-Cause
and I-Cause
strong I-Cause
modem I-Cause
and I-Cause
RF I-Cause
front-end I-Cause
design I-Cause
wins I-Cause
, O
we O
assume O
fiscal B-Effect
2021 I-Effect
sales I-Effect
grow I-Effect
35 I-Effect
% I-Effect
for I-Effect
Qualcomm I-Effect
. O

The B-Effect
company I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
take I-Effect
the I-Effect
largest I-Effect
slice I-Effect
of I-Effect
the I-Effect
human I-Effect
capital I-Effect
management I-Effect
pie I-Effect
thanks O
to O
its B-Cause
best-of-breed I-Cause
ERP I-Cause
ecosystem I-Cause
for I-Cause
on-premises I-Cause
workloads I-Cause
, O
in O
our O
view O
. O

Considering B-Cause
Quest I-Cause
's I-Cause
significant I-Cause
operating I-Cause
leverage I-Cause
, O
we B-Effect
've I-Effect
baked I-Effect
in I-Effect
largely I-Effect
flat I-Effect
operating I-Effect
margin I-Effect
hovering I-Effect
around I-Effect
15 I-Effect
% I-Effect
through I-Effect
2022 I-Effect
, I-Effect
followed I-Effect
by I-Effect
a I-Effect
return I-Effect
to I-Effect
gradual I-Effect
margin I-Effect
gains I-Effect
in I-Effect
2023-24 I-Effect
. O

In O
Belgium O
, O
we O
expect B-Effect
Telenet I-Effect
's I-Effect
strong I-Effect
customer I-Effect
penetration I-Effect
levels I-Effect
will I-Effect
continue I-Effect
to I-Effect
modestly I-Effect
decline I-Effect
as O
Proximus B-Cause
and I-Cause
others I-Cause
take I-Cause
share I-Cause
, O
but O
we O
also O
expect O
Telenet O
will O
maintain O
pricing O
discipline O
, O
driving O
about O
3 O
% O
annual O
revenue O
growth O
. O

While O
penetration B-Cause
is I-Cause
still I-Cause
low I-Cause
and I-Cause
most I-Cause
shoppers I-Cause
still I-Cause
drive I-Cause
to I-Cause
the I-Cause
center I-Cause
to I-Cause
pick I-Cause
up I-Cause
groceries I-Cause
, O
the B-Effect
potential I-Effect
for I-Effect
increased I-Effect
grocery I-Effect
delivery I-Effect
could I-Effect
take I-Effect
away I-Effect
traffic I-Effect
from I-Effect
shopping I-Effect
centers I-Effect
. O

The B-Cause
vast I-Cause
majority I-Cause
of I-Cause
LPL I-Cause
's I-Cause
asset-based I-Cause
fees I-Cause
are I-Cause
derived I-Cause
from I-Cause
cash I-Cause
sweep I-Cause
revenue I-Cause
, O
which O
tends O
to O
increase B-Effect
in I-Effect
adverse I-Effect
market I-Effect
conditions I-Effect
as O
more B-Cause
investors I-Cause
increase I-Cause
their I-Cause
cash I-Cause
holdings I-Cause
. O

We O
expect O
cost O
control O
efforts O
to O
continue O
with O
the O
potential O
to O
improve B-Effect
margins I-Effect
primarily O
through O
control B-Cause
of I-Cause
the I-Cause
SG I-Cause
& I-Cause
A I-Cause
line I-Cause
. O

Operating B-Effect
margins I-Effect
( I-Effect
using I-Effect
net I-Effect
revenue I-Effect
) I-Effect
in I-Effect
2019 I-Effect
were I-Effect
57 I-Effect
% I-Effect
, I-Effect
and I-Effect
margins I-Effect
have I-Effect
generally I-Effect
trended I-Effect
upward I-Effect
over I-Effect
time I-Effect
due O
to O
the B-Cause
scalability I-Cause
of I-Cause
the I-Cause
business O
. O

Vertex B-Effect
's I-Effect
complete I-Effect
portfolio I-Effect
of I-Effect
cystic I-Effect
fibrosis I-Effect
therapies I-Effect
allows I-Effect
it I-Effect
to I-Effect
target I-Effect
about I-Effect
90 I-Effect
% I-Effect
of I-Effect
cystic I-Effect
fibrosis I-Effect
patients I-Effect
globally I-Effect
, O
assuming O
international B-Cause
and I-Cause
pediatric I-Cause
approvals I-Cause
. O

Pilgrim O
's O
efficiency B-Cause
initiatives I-Cause
and I-Cause
Key I-Cause
Customer I-Cause
strategy I-Cause
( O
which O
positions O
Pilgrim O
's O
as O
a O
strategic O
partner O
to O
its O
customers O
, O
shifting O
conversations O
to O
collaboratively O
meeting O
joint O
goals O
instead O
of O
a O
singular O
focus O
on O
price O
) O
are O
resulting O
in O
improved B-Effect
profits I-Effect
. I-Effect

In O
fact O
, O
in B-Cause
2021 I-Cause
, I-Cause
Sysco I-Cause
is I-Cause
launching I-Cause
sales I-Cause
teams I-Cause
that I-Cause
will I-Cause
specialize I-Cause
in I-Cause
Italian I-Cause
cuisine I-Cause
, O
which O
could O
threaten B-Effect
PFG I-Effect
's I-Effect
leadership I-Effect
in I-Effect
this I-Effect
segment I-Effect
. O

While O
PNC O
still O
has O
some O
credit B-Effect
cost I-Effect
advantages I-Effect
, O
this O
is O
outweighed O
by O
its B-Cause
lack I-Cause
of I-Cause
funding I-Cause
cost I-Cause
advantages I-Cause
and I-Cause
operating I-Cause
inefficiency I-Cause
. O

Furthermore O
, O
with O
impressive B-Cause
returns I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
Brazil B-Effect
's I-Effect
banks I-Effect
are I-Effect
increasingly I-Effect
a I-Effect
populist I-Effect
target I-Effect
to I-Effect
shoulder I-Effect
the I-Effect
country I-Effect
's I-Effect
economic I-Effect
burden I-Effect
. O

With O
a B-Cause
sizable I-Cause
installed I-Cause
base I-Cause
, O
the B-Effect
firm I-Effect
also I-Effect
reaps I-Effect
the I-Effect
benefits I-Effect
of I-Effect
five-year I-Effect
service I-Effect
contracts I-Effect
that O
annually O
cost O
about O
10 O
% O
-12 O
% O
of O
the O
purchase O
price O
. O

High B-Cause
levels I-Cause
of I-Cause
power I-Cause
precision I-Cause
allow B-Effect
Monolithic I-Effect
to I-Effect
use I-Effect
QSMod I-Effect
in I-Effect
designs I-Effect
alongside I-Effect
of I-Effect
different I-Effect
types I-Effect
of I-Effect
chips I-Effect
, O
like O
field O
programmable O
gate O
arrays O
( O
FPGAs O
) O
, O
application O
specific O
integrated O
circuits O
( O
ASICs O
) O
, O
and O
graphics O
processing O
units O
( O
GPUs O
) O
. O

STMicro B-Effect
's I-Effect
revenue I-Effect
grew I-Effect
7 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
; O
despite B-Cause
COVID-19-related I-Cause
headwinds I-Cause
earlier I-Cause
in I-Cause
the I-Cause
year I-Cause
, I-Cause
demand I-Cause
snapped I-Cause
back I-Cause
in I-Cause
the I-Cause
latter I-Cause
half I-Cause
of I-Cause
2020 I-Cause
, I-Cause
while I-Cause
ST I-Cause
also I-Cause
prospered I-Cause
from I-Cause
healthy I-Cause
demand I-Cause
for I-Cause
chips I-Cause
used I-Cause
in I-Cause
personal I-Cause
electronics I-Cause
. O

We O
expect O
HDD B-Effect
unit I-Effect
sales I-Effect
in I-Effect
notebooks I-Effect
, I-Effect
desktops I-Effect
, I-Effect
and I-Effect
consumer I-Effect
products I-Effect
to I-Effect
decline I-Effect
rapidly I-Effect
as O
unit B-Cause
shipment I-Cause
declines I-Cause
are I-Cause
compounded I-Cause
by I-Cause
pricing I-Cause
erosion I-Cause
. I-Cause

If B-Effect
interest I-Effect
rates I-Effect
increase I-Effect
faster I-Effect
than I-Effect
expected I-Effect
, I-Effect
MPLX I-Effect
units I-Effect
could I-Effect
underperform I-Effect
, O
as O
a B-Cause
steepening I-Cause
yield I-Cause
curve I-Cause
increases I-Cause
expected I-Cause
distribution I-Cause
yield I-Cause
for I-Cause
competing I-Cause
assets I-Cause
. O

With O
a B-Cause
midteens I-Cause
percentage I-Cause
of I-Cause
GDP I-Cause
and I-Cause
nearly I-Cause
10 I-Cause
% I-Cause
of I-Cause
jobs I-Cause
coming I-Cause
from I-Cause
natural-resources-related I-Cause
sectors I-Cause
, O
any B-Effect
demand I-Effect
side I-Effect
shock I-Effect
or I-Effect
drastic I-Effect
declines I-Effect
in I-Effect
commodity I-Effect
prices I-Effect
could I-Effect
be I-Effect
large I-Effect
negatives I-Effect
. O

The B-Cause
bank I-Cause
has I-Cause
a I-Cause
hedging I-Cause
program I-Cause
in I-Cause
place I-Cause
to O
help B-Effect
cushion I-Effect
the I-Effect
blow I-Effect
in I-Effect
a I-Effect
lower I-Effect
rate I-Effect
environment I-Effect
, O
but O
core B-Effect
net I-Effect
interest I-Effect
income I-Effect
will I-Effect
come I-Effect
under I-Effect
pressure I-Effect
for I-Effect
the I-Effect
time I-Effect
being I-Effect
. O

The B-Cause
company I-Cause
regularly I-Cause
recycles I-Cause
capital I-Cause
by I-Cause
selling I-Cause
noncore I-Cause
assets I-Cause
or I-Cause
markets I-Cause
and I-Cause
uses I-Cause
the I-Cause
proceeds I-Cause
to I-Cause
fuel I-Cause
targeted I-Cause
acquisitions I-Cause
with I-Cause
strong I-Cause
growth I-Cause
prospects I-Cause
, O
a O
strategy O
that O
has O
improved B-Effect
the I-Effect
company I-Effect
's I-Effect
performance I-Effect
over I-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
. O

Given O
the B-Cause
surge I-Cause
in I-Cause
retail-freight I-Cause
demand I-Cause
and I-Cause
capacity I-Cause
tightening I-Cause
throughout I-Cause
the I-Cause
fall I-Cause
months I-Cause
, I-Cause
along I-Cause
with I-Cause
management I-Cause
's I-Cause
success I-Cause
optimizing I-Cause
Swift-segment I-Cause
margins I-Cause
this I-Cause
year I-Cause
, O
we B-Effect
are I-Effect
materially I-Effect
lifting I-Effect
our I-Effect
revenue I-Effect
and I-Effect
margin I-Effect
assumptions I-Effect
for I-Effect
the I-Effect
years I-Effect
ahead I-Effect
. O

The O
emerging O
biotech O
does O
not O
have O
any O
commercialized O
medicines O
yet O
, O
but O
its B-Cause
early-stage I-Cause
pipeline I-Cause
and I-Cause
mRNA I-Cause
technology I-Cause
platforms I-Cause
have I-Cause
caught I-Cause
the I-Cause
eye I-Cause
of I-Cause
several I-Cause
large I-Cause
pharmaceutical I-Cause
companies I-Cause
, O
resulting O
in O
collaborations B-Effect
and I-Effect
partnerships I-Effect
. O

This B-Effect
strategy I-Effect
mitigates I-Effect
emissions I-Effect
and I-Effect
demand I-Effect
risk I-Effect
but I-Effect
introduces I-Effect
other I-Effect
risks I-Effect
, I-Effect
most I-Effect
notably I-Effect
execution I-Effect
risk I-Effect
as O
Eni B-Cause
moves I-Cause
into I-Cause
businesses I-Cause
where I-Cause
it I-Cause
lacks I-Cause
deep I-Cause
experience I-Cause
, I-Cause
and I-Cause
its I-Cause
targets I-Cause
are I-Cause
very I-Cause
long-term I-Cause
. O

We O
believe O
that O
the B-Cause
benefit I-Cause
of I-Cause
high-margin I-Cause
retransmission I-Cause
revenue I-Cause
will I-Cause
be I-Cause
offset I-Cause
by I-Cause
increased I-Cause
reverse I-Cause
compensation I-Cause
demands I-Cause
from I-Cause
the I-Cause
national I-Cause
broadcasters. O
As O
a O
result O
, O
we O
project O
that O
the B-Effect
average I-Effect
operating I-Effect
margin I-Effect
will I-Effect
fall I-Effect
to I-Effect
23 I-Effect
% I-Effect
, I-Effect
below I-Effect
the I-Effect
current I-Effect
three-year I-Effect
historical I-Effect
average I-Effect
of I-Effect
24 I-Effect
% I-Effect
. O

We B-Effect
assign I-Effect
ON I-Effect
Semiconductor I-Effect
a I-Effect
high I-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
, O
due O
in O
large O
part O
to O
its B-Cause
place I-Cause
in I-Cause
the I-Cause
cyclical I-Cause
semiconductor I-Cause
industry I-Cause
-- I-Cause
specifically I-Cause
with I-Cause
its I-Cause
commoditylike I-Cause
discrete I-Cause
transistors I-Cause
. O

From O
our O
understanding O
, O
the B-Cause
hybrid I-Cause
landscape I-Cause
is I-Cause
currently I-Cause
controlled I-Cause
by I-Cause
a I-Cause
few I-Cause
players I-Cause
( I-Cause
including I-Cause
Rockwell I-Cause
, I-Cause
Emerson I-Cause
, I-Cause
Schneider I-Cause
, I-Cause
ABB I-Cause
, I-Cause
and I-Cause
Siemens I-Cause
) I-Cause
, O
and O
we O
suspect O
that O
there B-Effect
is I-Effect
room I-Effect
for I-Effect
increased I-Effect
share I-Effect
gains I-Effect
from I-Effect
both I-Effect
through I-Effect
eventual I-Effect
consolidation I-Effect
. O

Other B-Cause
significant I-Cause
drivers I-Cause
include I-Cause
the I-Cause
use I-Cause
of I-Cause
single-use I-Cause
technology I-Cause
in I-Cause
biopharma I-Cause
applications I-Cause
, O
which O
we O
think O
will O
drive B-Effect
double-digit I-Effect
top-line I-Effect
growth I-Effect
through I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
. O

For O
instance O
, O
Dutch B-Effect
life I-Effect
insurers I-Effect
have I-Effect
rapidly I-Effect
been I-Effect
gaining I-Effect
market I-Effect
share I-Effect
in I-Effect
mortgages I-Effect
, O
this O
is O
however O
due O
to O
clients B-Cause
using I-Cause
the I-Cause
low I-Cause
interest I-Cause
rates I-Cause
to I-Cause
fix I-Cause
the I-Cause
interest I-Cause
they I-Cause
need I-Cause
to I-Cause
pay I-Cause
for I-Cause
longer I-Cause
and I-Cause
longer I-Cause
maturities I-Cause
. O

The O
company O
's O
institutional O
securities O
business O
benefited O
from O
COVID-19 O
in O
2020 O
, O
as O
businesses B-Cause
raised I-Cause
capital I-Cause
to O
secure B-Effect
funding I-Effect
through I-Effect
the I-Effect
recession I-Effect
and I-Effect
trading I-Effect
volume I-Effect
increased I-Effect
. O

To B-Effect
widen I-Effect
the I-Effect
product I-Effect
spectrum I-Effect
and I-Effect
potentially I-Effect
cope I-Effect
with I-Effect
the I-Effect
trend I-Effect
of I-Effect
social I-Effect
e-commerce I-Effect
, O
Weibo B-Cause
launched I-Cause
an I-Cause
interest-based I-Cause
social I-Cause
product I-Cause
, I-Cause
Oasis I-Cause
, I-Cause
in I-Cause
fourth-quarter I-Cause
2019 I-Cause
. O

Scale B-Effect
advantages I-Effect
( I-Effect
and I-Effect
operating I-Effect
margins I-Effect
) I-Effect
can I-Effect
sometimes I-Effect
be I-Effect
different I-Effect
among I-Effect
asset I-Effect
managers I-Effect
with I-Effect
similar I-Effect
levels I-Effect
of I-Effect
AUM I-Effect
due O
to O
differences B-Cause
in I-Cause
not I-Cause
only I-Cause
product I-Cause
mix I-Cause
and I-Cause
fee I-Cause
rates I-Cause
, I-Cause
but I-Cause
also I-Cause
the I-Cause
expense I-Cause
structures I-Cause
that O
have O
been O
built O
up O
to O
support O
the O
level O
of O
assets O
a O
manager O
is O
running O
. O

Finally O
, O
we O
think O
Amphenol B-Cause
will I-Cause
continue I-Cause
to I-Cause
benefit I-Cause
from I-Cause
higher I-Cause
dollar I-Cause
content I-Cause
enabling O
growth B-Effect
over I-Effect
relatively I-Effect
flat I-Effect
smartphone I-Effect
and I-Effect
notebook I-Effect
production I-Effect
in I-Effect
its I-Effect
mobile I-Effect
devices I-Effect
vertical I-Effect
. O

The B-Cause
company I-Cause
also I-Cause
has I-Cause
several I-Cause
successful I-Cause
digital I-Cause
retailers I-Cause
as I-Cause
partners I-Cause
, I-Cause
such I-Cause
as I-Cause
PayPal I-Cause
and I-Cause
Amazon I-Cause
, O
which O
will O
help O
offset B-Effect
the I-Effect
damage I-Effect
from I-Effect
Synchrony I-Effect
's I-Effect
partners I-Effect
in I-Effect
the I-Effect
brick-and-mortar I-Effect
retail I-Effect
space I-Effect
. O

These B-Cause
large I-Cause
patient I-Cause
databases I-Cause
, I-Cause
combined I-Cause
with I-Cause
the I-Cause
recruitment I-Cause
and I-Cause
consulting I-Cause
capabilities I-Cause
of I-Cause
CROs I-Cause
, O
offer B-Effect
a I-Effect
key I-Effect
service I-Effect
to I-Effect
biopharma I-Effect
clients I-Effect
that I-Effect
can I-Effect
not I-Effect
be I-Effect
replicated I-Effect
in-house I-Effect
. O

To B-Cause
widen I-Cause
the I-Cause
product I-Cause
spectrum I-Cause
and I-Cause
potentially I-Cause
cope I-Cause
with I-Cause
the I-Cause
trend I-Cause
of I-Cause
social I-Cause
e-commerce I-Cause
, O
Weibo B-Effect
launched I-Effect
an I-Effect
interest-based I-Effect
social I-Effect
product I-Effect
, I-Effect
Oasis I-Effect
, I-Effect
in I-Effect
fourth I-Effect
quarter I-Effect
2019 I-Effect
. O

As O
a O
commodity O
manufacturer O
, O
Posco B-Effect
could I-Effect
improve I-Effect
on I-Effect
its I-Effect
competitiveness I-Effect
in I-Effect
the I-Effect
steel I-Effect
sector I-Effect
by I-Effect
obtaining I-Effect
sustainable I-Effect
access I-Effect
to I-Effect
low-cost I-Effect
raw I-Effect
materials I-Effect
such I-Effect
as I-Effect
iron I-Effect
ore I-Effect
and I-Effect
coking I-Effect
coal I-Effect
, O
as O
they B-Cause
account I-Cause
for I-Cause
more I-Cause
than I-Cause
half I-Cause
of I-Cause
its I-Cause
production I-Cause
costs I-Cause
. O

This O
is O
achieved O
through O
Sandvik B-Cause
's I-Cause
worldwide I-Cause
service I-Cause
network I-Cause
stretching I-Cause
across I-Cause
160 I-Cause
countries I-Cause
of I-Cause
its I-Cause
own I-Cause
employees I-Cause
, O
who O
are O
often O
situated O
in O
remote O
locations O
, O
which O
helps B-Effect
reduce I-Effect
the I-Effect
significant I-Effect
cost I-Effect
of I-Effect
equipment I-Effect
downtime I-Effect
. O

Finally O
, O
consolidation B-Cause
among I-Cause
JLL I-Cause
's I-Cause
competitors I-Cause
also I-Cause
represents I-Cause
a I-Cause
significant I-Cause
risk I-Cause
to I-Cause
the I-Cause
company I-Cause
, O
since O
it B-Effect
would I-Effect
change I-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
in I-Effect
which I-Effect
it I-Effect
operates I-Effect
. O

The O
risk O
is O
that O
the O
Government O
could O
step O
in O
and O
implement O
further O
price O
reductions O
later O
although O
we O
believe O
future B-Effect
price I-Effect
reductions I-Effect
will I-Effect
be I-Effect
smaller I-Effect
given I-Effect
the I-Cause
industry I-Cause
investment I-Cause
required I-Cause
in I-Cause
5G I-Cause
. O

As O
a O
specific O
example O
, O
Walgreens B-Cause
' I-Cause
beneficial I-Cause
distribution I-Cause
arrangement I-Cause
with I-Cause
Amerisource I-Cause
that I-Cause
was I-Cause
extended I-Cause
through I-Cause
2029 I-Cause
enables O
the O
company O
to O
optimize B-Effect
working I-Effect
capital I-Effect
while O
offsetting O
certain B-Effect
operational I-Effect
considerations I-Effect
to O
maintain O
quality O
. O

We B-Effect
believe I-Effect
that I-Effect
small I-Effect
to I-Effect
midsize I-Effect
enterprises I-Effect
can I-Effect
not I-Effect
make I-Effect
the I-Effect
necessary I-Effect
investments I-Effect
in I-Effect
engineering I-Effect
knowledge I-Effect
, O
and O
that O
they O
are O
thus O
reliant B-Cause
on I-Cause
Arrow I-Cause
's I-Cause
capabilities I-Cause
. O

Costco O
also O
handles O
a O
significant O
amount O
of O
customer O
data O
, O
and O
a B-Cause
breach I-Cause
could O
expose B-Effect
it I-Effect
to I-Effect
financial I-Effect
and I-Effect
reputational I-Effect
risk I-Effect
. O

Buoyed O
by O
trends O
such O
as O
urbanization O
, O
the O
institutionalization O
of O
real O
estate O
, O
and O
the O
growing O
tendency O
of O
corporate O
outsourcing O
, O
we B-Effect
expect I-Effect
CBRE I-Effect
to I-Effect
post I-Effect
healthy I-Effect
growth I-Effect
rates I-Effect
as O
it B-Cause
takes I-Cause
share I-Cause
from I-Cause
its I-Cause
smaller I-Cause
and I-Cause
weaker I-Cause
rivals I-Cause
. O

However O
, O
given O
our O
outlook O
for O
lower B-Cause
long-term I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
, O
we O
expect O
Exxon B-Effect
's I-Effect
returns I-Effect
to I-Effect
be I-Effect
lower I-Effect
than I-Effect
they I-Effect
have I-Effect
been I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

The B-Effect
company I-Effect
is I-Effect
also I-Effect
gradually I-Effect
becoming I-Effect
less I-Effect
and I-Effect
less I-Effect
sensitive I-Effect
to I-Effect
economic I-Effect
cycles I-Effect
, O
as O
more B-Cause
of I-Cause
its I-Cause
revenue I-Cause
is I-Cause
tied I-Cause
to I-Cause
the I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
lights I-Cause
on I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
activities I-Cause
of I-Cause
research I-Cause
laboratories I-Cause
rather I-Cause
than I-Cause
capital I-Cause
budgets I-Cause
. O

Robert B-Cause
Half I-Cause
's I-Cause
brand I-Cause
draws I-Cause
skilled I-Cause
candidates I-Cause
into I-Cause
the I-Cause
network I-Cause
, O
in O
turn O
, O
attracting B-Effect
top I-Effect
employers I-Effect
looking I-Effect
to I-Effect
hire I-Effect
for I-Effect
hard-to-fill I-Effect
jobs I-Effect
. O

We O
also O
expect O
that O
Parker B-Cause
's I-Cause
international I-Cause
business I-Cause
can O
drive O
similar B-Effect
margins I-Effect
to I-Effect
its I-Effect
North I-Effect
American I-Effect
business I-Effect
with I-Effect
growing I-Effect
strength I-Effect
in I-Effect
distribution I-Effect
. O

We O
think O
the B-Cause
highly I-Cause
discretionary I-Cause
nature I-Cause
of I-Cause
the I-Cause
product I-Cause
makes I-Cause
demand I-Cause
highly I-Cause
cyclical I-Cause
, O
so O
investors B-Effect
ought I-Effect
to I-Effect
consider I-Effect
the I-Effect
business I-Effect
cycle I-Effect
when I-Effect
investing I-Effect
in I-Effect
Textron I-Effect
. O

In O
contrast O
, O
the B-Effect
server I-Effect
CPU I-Effect
market I-Effect
is I-Effect
considerably I-Effect
slower I-Effect
moving I-Effect
than I-Effect
its I-Effect
PC I-Effect
CPU I-Effect
counterpart I-Effect
, O
as O
customers B-Cause
must I-Cause
more I-Cause
rigorously I-Cause
qualify I-Cause
chips I-Cause
to I-Cause
ensure I-Cause
optimal I-Cause
performance I-Cause
and I-Cause
efficiency I-Cause
. O

Given O
the B-Cause
new I-Cause
phase I-Cause
of I-Cause
banking I-Cause
we I-Cause
are I-Cause
entering I-Cause
, O
where O
technological O
changes O
are O
occurring O
faster O
and O
are O
more O
impactful O
than O
ever O
before O
and O
can O
be O
deployed O
across O
singular O
, O
integrated O
platforms O
, O
we O
see O
potential B-Effect
advantages I-Effect
for I-Effect
the I-Effect
largest I-Effect
banks I-Effect
when I-Effect
it I-Effect
comes I-Effect
to I-Effect
operating I-Effect
efficiency I-Effect
. O

Icon B-Cause
's I-Cause
acquisition I-Cause
of I-Cause
PRA I-Cause
Health I-Cause
Sciences I-Cause
, O
which O
is O
expected O
to O
close O
in O
third-quarter O
2021 O
, O
will O
create B-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
CROs I-Effect
in I-Effect
the I-Effect
industry I-Effect
and I-Effect
further I-Effect
enhance I-Effect
its I-Effect
global I-Effect
footprint I-Effect
, I-Effect
creating I-Effect
a I-Effect
more I-Effect
diversified I-Effect
portfolio I-Effect
with I-Effect
broader I-Effect
service I-Effect
offerings I-Effect
. O

Additionally O
, O
Texas B-Cause
Instruments I-Cause
' I-Cause
size I-Cause
allows I-Cause
the I-Cause
firm I-Cause
to I-Cause
compete I-Cause
across I-Cause
a I-Cause
broader I-Cause
spectrum I-Cause
of I-Cause
industries I-Cause
, O
without O
its B-Effect
fortunes I-Effect
tied I-Effect
to I-Effect
a I-Effect
single I-Effect
customer I-Effect
or I-Effect
end I-Effect
market I-Effect
. O

Allegion B-Cause
has I-Cause
built I-Cause
a I-Cause
valuable I-Cause
network I-Cause
of I-Cause
channel I-Cause
partners I-Cause
within I-Cause
North I-Cause
America I-Cause
, O
which B-Effect
supports I-Effect
continued I-Effect
growth I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
installed I-Effect
base I-Effect
. O

Lampert B-Effect
has I-Effect
materially I-Effect
reduced I-Effect
his I-Effect
stake I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
likely O
due O
to O
client B-Cause
redemptions I-Cause
rather O
than O
a O
dislike O
of O
AutoNation O
's O
stock O
. O

We O
recognize O
that O
there B-Cause
are I-Cause
material I-Cause
uncertainties I-Cause
in I-Cause
the I-Cause
timing I-Cause
of I-Cause
the I-Cause
recertification I-Cause
and O
that O
airlines B-Effect
may I-Effect
choose I-Effect
to I-Effect
abstain I-Effect
from I-Effect
ordering I-Effect
new I-Effect
MAX I-Effect
aircraft I-Effect
post-recertification I-Effect
, O
which O
would O
be O
a O
problem O
for O
Spirit O
. O

Charles B-Cause
Schwab I-Cause
's I-Cause
low I-Cause
costs I-Cause
and I-Cause
large I-Cause
client I-Cause
base I-Cause
also O
give B-Effect
it I-Effect
the I-Effect
flexibility I-Effect
to I-Effect
create I-Effect
products I-Effect
offering I-Effect
a I-Effect
value I-Effect
proposition I-Effect
that I-Effect
is I-Effect
comparable I-Effect
or I-Effect
superior I-Effect
to I-Effect
that I-Effect
of I-Effect
peers I-Effect
and I-Effect
that I-Effect
can I-Effect
ramp I-Effect
quickly I-Effect
. I-Effect

Its B-Cause
three I-Cause
Ohio I-Cause
distribution I-Cause
utilities I-Cause
represent I-Cause
less I-Cause
than I-Cause
20 I-Cause
% I-Cause
of I-Cause
operating I-Cause
earnings I-Cause
, I-Cause
and I-Cause
Ohio I-Cause
base I-Cause
rates I-Cause
are I-Cause
fixed I-Cause
until I-Cause
May I-Cause
2024 I-Cause
, O
providing O
ample O
time O
for O
new B-Effect
CEO I-Effect
Steven I-Effect
Strah I-Effect
to I-Effect
smooth I-Effect
regulatory I-Effect
and I-Effect
political I-Effect
relationships I-Effect
. O

Leverage B-Effect
had I-Effect
previously I-Effect
become I-Effect
elevated I-Effect
after O
the B-Cause
company I-Cause
consummated I-Cause
10 I-Cause
acquisitions I-Cause
and I-Cause
invested I-Cause
heavily I-Cause
to I-Cause
integrate I-Cause
cutting-edge I-Cause
scrap I-Cause
sorting I-Cause
and I-Cause
processing I-Cause
technologies I-Cause
in I-Cause
2011 I-Cause
. O

Air B-Effect
travel I-Effect
customers I-Effect
are I-Effect
generally I-Effect
price-sensitive I-Effect
, I-Effect
so I-Effect
carbon I-Effect
taxes I-Effect
or I-Effect
other I-Effect
regulations I-Effect
that I-Effect
force I-Effect
consumers I-Effect
to I-Effect
pay I-Effect
for I-Effect
the I-Effect
carbon I-Effect
side I-Effect
effects I-Effect
of I-Effect
travel I-Effect
would I-Effect
likely I-Effect
reduce I-Effect
aircraft I-Effect
demand. O
These O
risks O
are O
somewhat O
mitigated O
by O
the B-Cause
global I-Cause
nature I-Cause
of I-Cause
the I-Cause
aircraft I-Cause
market I-Cause
and I-Cause
a I-Cause
lack I-Cause
of I-Cause
global I-Cause
environmental I-Cause
regulations I-Cause
. O

Banks O
typically O
create B-Effect
cost I-Effect
advantages I-Effect
by O
controlling B-Cause
operating I-Cause
expenses I-Cause
, I-Cause
building I-Cause
low-cost I-Cause
deposit I-Cause
bases I-Cause
, I-Cause
and I-Cause
utilizing I-Cause
effective I-Cause
underwriting I-Cause
to I-Cause
keep I-Cause
credit I-Cause
costs I-Cause
below I-Cause
their I-Cause
peers I-Cause
. O

Overall O
, O
we O
think O
Biogen B-Effect
's I-Effect
top I-Effect
line I-Effect
will I-Effect
return I-Effect
to I-Effect
2020 I-Effect
levels I-Effect
by I-Effect
2025 I-Effect
, O
with O
steep B-Cause
declines I-Cause
in I-Cause
2021 I-Cause
due I-Cause
to I-Cause
generic I-Cause
Tecfidera I-Cause
but I-Cause
growth I-Cause
returning I-Cause
in I-Cause
2023 I-Cause
and I-Cause
into I-Cause
2024 I-Cause
as I-Cause
new I-Cause
drugs I-Cause
launch I-Cause
. O

We O
believe O
the B-Effect
firm I-Effect
's I-Effect
cost I-Effect
advantages I-Effect
stem O
from O
preferential B-Cause
supplier I-Cause
pricing I-Cause
, I-Cause
global I-Cause
product I-Cause
sourcing I-Cause
, I-Cause
an I-Cause
efficient I-Cause
and I-Cause
scalable I-Cause
distribution I-Cause
network I-Cause
, I-Cause
and I-Cause
national I-Cause
accounts I-Cause
. O

In B-Cause
order I-Cause
to I-Cause
expand I-Cause
beyond I-Cause
its I-Cause
legacy I-Cause
sweet I-Cause
baked I-Cause
goods I-Cause
category I-Cause
, O
Hostess B-Effect
made I-Effect
acquisitions I-Effect
in I-Effect
adjacent I-Effect
categories I-Effect
in I-Effect
the I-Effect
last I-Effect
few I-Effect
years I-Effect
, I-Effect
such I-Effect
as I-Effect
breakfast I-Effect
goods I-Effect
and I-Effect
cookies I-Effect
. O

In O
addition O
, O
unlike O
aggregates O
and O
cement O
, O
these B-Effect
downstream I-Effect
products I-Effect
are I-Effect
highly I-Effect
perishable I-Effect
, O
as O
hardening B-Cause
will O
limit B-Effect
the I-Effect
range I-Effect
it I-Effect
can I-Effect
travel I-Effect
to I-Effect
roughly I-Effect
60-90 I-Effect
miles I-Effect
. O

Rolls-Royce O
's O
engine O
portfolio O
is O
geared O
toward O
wide-body O
aircraft O
catering O
for O
long-haul O
routes O
, O
which O
are O
expected O
to O
post B-Effect
a I-Effect
slower I-Effect
recovery I-Effect
than I-Effect
narrow-body I-Effect
counterparts I-Effect
as O
a O
result O
of O
lingering B-Cause
restrictions I-Cause
on I-Cause
international I-Cause
travel I-Cause
. O

Cyclical O
factors O
that O
can O
decrease B-Effect
near- I-Effect
to I-Effect
medium-term I-Effect
earnings I-Effect
include O
a B-Cause
drop I-Cause
in I-Cause
asset I-Cause
prices I-Cause
, I-Cause
normalizing I-Cause
credit I-Cause
costs I-Cause
, I-Cause
and I-Cause
a I-Cause
recession I-Cause
accompanied I-Cause
by I-Cause
a I-Cause
drop I-Cause
in I-Cause
interest I-Cause
rates I-Cause
. O

We O
do O
not O
believe O
that O
AutoZone B-Effect
's I-Effect
2018 I-Effect
sale I-Effect
of I-Effect
AutoAnything I-Effect
, I-Effect
an I-Effect
online-only I-Effect
retailer I-Effect
not I-Effect
linked I-Effect
to I-Effect
AutoZone I-Effect
's I-Effect
own-banner I-Effect
digital I-Effect
or I-Effect
physical I-Effect
presence I-Effect
, O
changed O
the O
company O
's O
channel O
strategy O
as O
the B-Cause
divested I-Cause
unit I-Cause
catered I-Cause
to I-Cause
a I-Cause
noncore I-Cause
performance I-Cause
and I-Cause
accessory I-Cause
market I-Cause
. O

BGI O
Genomics O
recently O
highlighted O
that O
is O
technology O
could O
enable O
a O
$ O
100 O
genome O
, O
and O
if O
that B-Cause
competitor I-Cause
is I-Cause
allowed I-Cause
to I-Cause
enter I-Cause
major I-Cause
markets I-Cause
in I-Cause
an I-Cause
unfettered I-Cause
fashion I-Cause
, O
Illumina B-Effect
could I-Effect
have I-Effect
a I-Effect
significant I-Effect
fight I-Effect
on I-Effect
its I-Effect
hands I-Effect
. O

However O
, O
with O
the B-Cause
business I-Cause
also I-Cause
consisting I-Cause
of I-Cause
other I-Cause
products I-Cause
like I-Cause
injection I-Cause
molding I-Cause
machines I-Cause
( I-Cause
Roboshot I-Cause
) I-Cause
, O
we O
believe O
the O
robomachine B-Effect
division I-Effect
will I-Effect
further I-Effect
diversify I-Effect
its I-Effect
customer I-Effect
base I-Effect
into I-Effect
other I-Effect
industries I-Effect
and I-Effect
continue I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
relatively I-Effect
stable I-Effect
rate I-Effect
. O

We O
also O
believe O
Campbell B-Effect
possesses I-Effect
a I-Effect
cost I-Effect
edge I-Effect
resulting O
from O
the B-Cause
economies I-Cause
of I-Cause
scale I-Cause
in I-Cause
production I-Cause
and I-Cause
distribution I-Cause
across I-Cause
its I-Cause
network I-Cause
, O
which O
has O
afforded O
it O
the O
ability O
to O
invest B-Effect
significant I-Effect
resources I-Effect
behind I-Effect
research I-Effect
, I-Effect
development I-Effect
, I-Effect
and I-Effect
advertising I-Effect
. O

On O
the O
other O
hand O
, O
Western B-Cause
has I-Cause
failed I-Cause
to I-Cause
make I-Cause
a I-Cause
dent I-Cause
in I-Cause
enterprise-grade I-Cause
SSDs I-Cause
, O
which O
we O
think O
could O
hamper O
its O
long-term B-Effect
growth I-Effect
and I-Effect
profitability I-Effect
prospects I-Effect
in I-Effect
flash I-Effect
. O

In O
other O
words O
, O
the B-Cause
slightest I-Cause
mistake I-Cause
in I-Cause
shaping I-Cause
the I-Cause
parts I-Cause
or I-Cause
error I-Cause
in I-Cause
the I-Cause
automation I-Cause
process I-Cause
can O
ultimately O
lead O
to O
significant B-Effect
economic I-Effect
loss I-Effect
. O

We O
expect O
additional B-Cause
indications I-Cause
in I-Cause
areas I-Cause
such I-Cause
as I-Cause
the I-Cause
recently I-Cause
added I-Cause
severe I-Cause
asthma I-Cause
indication I-Cause
will O
help B-Effect
the I-Effect
drug I-Effect
serve I-Effect
additional I-Effect
patients I-Effect
. O

Overall O
, O
once O
an O
infusion O
pump O
is O
placed O
at O
a O
hospital O
, O
we O
believe O
that O
facility O
is O
unlikely B-Effect
to I-Effect
create I-Effect
a I-Effect
workflow I-Effect
disruption I-Effect
by I-Effect
switching I-Effect
to O
a B-Cause
new I-Cause
pump I-Cause
provider I-Cause
. O

In O
years O
of O
oversupply B-Cause
and O
deflated B-Cause
pricing I-Cause
, O
however O
, O
Western B-Effect
is I-Effect
liable I-Effect
for I-Effect
economic I-Effect
losses I-Effect
on I-Effect
a I-Effect
large I-Effect
invested I-Effect
capital I-Effect
base I-Effect
. O

Ionis B-Cause
has I-Cause
a I-Cause
broad I-Cause
pipeline I-Cause
and I-Cause
strong I-Cause
collaboration I-Cause
partners I-Cause
to O
help B-Effect
usher I-Effect
drugs I-Effect
for I-Effect
large I-Effect
indications I-Effect
( I-Effect
requiring I-Effect
large I-Effect
clinical I-Effect
trials I-Effect
and I-Effect
salesforces I-Effect
) I-Effect
to I-Effect
market I-Effect
. O

Though B-Effect
revenue I-Effect
and I-Effect
earnings I-Effect
growth I-Effect
have I-Effect
been I-Effect
impressive I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
, O
much O
of O
it O
is O
attributable O
to O
acquisitions B-Cause
and I-Cause
cyclically I-Cause
rising I-Cause
interest I-Cause
rates I-Cause
. O

We B-Effect
believe I-Effect
food I-Effect
and I-Effect
beverage I-Effect
customers I-Effect
loathe I-Effect
switching I-Effect
providers I-Effect
, O
given B-Cause
the I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
in I-Cause
the I-Cause
event I-Cause
of I-Cause
misprinted I-Cause
or I-Cause
unclear I-Cause
food I-Cause
labels I-Cause
. O

As O
with O
most O
exploration O
and O
production O
firms O
, O
a B-Cause
deteriorating I-Cause
outlook I-Cause
for I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
prices I-Cause
would O
pressure B-Effect
this I-Effect
firm I-Effect
's I-Effect
profitability I-Effect
, I-Effect
reduce I-Effect
cash I-Effect
flows I-Effect
, I-Effect
and I-Effect
drive I-Effect
up I-Effect
financial I-Effect
leverage I-Effect
. O

Although O
there O
is O
not O
a O
major O
maturation O
of O
debt O
until O
2024 O
, O
when O
$ O
4.4 O
billion O
is O
due O
, O
a B-Cause
prolonged I-Cause
economic I-Cause
downturn I-Cause
from I-Cause
COVID-19 I-Cause
or I-Cause
sustained I-Cause
drop I-Cause
in I-Cause
Caesars I-Cause
' I-Cause
competitive I-Cause
positioning I-Cause
could O
present B-Effect
challenges I-Effect
meeting I-Effect
debt I-Effect
obligations I-Effect
. O

Tesla B-Effect
's I-Effect
gigafactories I-Effect
may I-Effect
become I-Effect
terafactories I-Effect
as O
Tesla B-Cause
seeks I-Cause
to I-Cause
grow I-Cause
its I-Cause
cell I-Cause
capacity I-Cause
to I-Cause
3 I-Cause
terawatt-hours I-Cause
by I-Cause
2030 I-Cause
from I-Cause
0.1 I-Cause
terawatt-hours I-Cause
in I-Cause
2019 I-Cause
. O

Finally O
, O
despite O
the O
expectation O
that O
Motorola O
's O
infrastructure O
is O
interoperable O
, O
we O
believe O
that O
the B-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
the I-Cause
devices I-Cause
used I-Cause
by I-Cause
first I-Cause
responders I-Cause
and I-Cause
police I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
limited I-Cause
time I-Cause
and I-Cause
budget I-Cause
for I-Cause
experimentation I-Cause
on I-Cause
this I-Cause
front I-Cause
, O
makes O
Motorola B-Effect
the I-Effect
rational I-Effect
choice I-Effect
for I-Effect
existing I-Effect
customers I-Effect
. O

However O
, O
we O
expect O
excess B-Effect
returns I-Effect
to I-Effect
diminish I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
paper-to-linerboard B-Cause
conversions I-Cause
imply I-Cause
a I-Cause
looser I-Cause
supply/demand I-Cause
balance I-Cause
and I-Cause
increased I-Cause
price I-Cause
competition I-Cause
. O

Internationally O
, O
we O
expect O
a B-Effect
much I-Effect
more I-Effect
robust I-Effect
growth I-Effect
rate I-Effect
given O
the B-Cause
long I-Cause
runway I-Cause
in I-Cause
both I-Cause
the I-Cause
global I-Cause
dialysis I-Cause
clinic I-Cause
landscape I-Cause
and I-Cause
DaVita I-Cause
's I-Cause
strategy I-Cause
to I-Cause
grow I-Cause
that I-Cause
business I-Cause
. O

In O
hyperscale O
data O
centers O
, O
the B-Cause
entire I-Cause
technological I-Cause
plumbing I-Cause
is I-Cause
replaced I-Cause
every I-Cause
12-24 I-Cause
months I-Cause
, O
meaning O
that O
TE B-Effect
needs I-Effect
to I-Effect
constantly I-Effect
rewin I-Effect
designs I-Effect
. O

Many O
repair O
shop O
clients O
' O
ability O
to O
endure O
the O
crisis O
is O
uncertain O
; O
closures B-Cause
can O
create B-Effect
opportunities I-Effect
for I-Effect
AutoZone I-Effect
to O
grow O
with O
survivors O
as O
they O
take O
share O
or O
cost O
it O
long-standing O
clients O
. O

On O
a O
national O
level O
, O
we O
expect B-Effect
infrastructure I-Effect
spending I-Effect
to I-Effect
increase I-Effect
about I-Effect
6 I-Effect
% I-Effect
annually I-Effect
, O
an O
acceleration O
from O
the O
last O
couple O
of O
decades O
, O
as O
inadequate B-Cause
historical I-Cause
funding I-Cause
has I-Cause
led I-Cause
to I-Cause
worsening I-Cause
conditions I-Cause
. O

Given O
the B-Cause
amount I-Cause
of I-Cause
product I-Cause
volume I-Cause
it I-Cause
sells I-Cause
, O
HD B-Effect
Supply I-Effect
is I-Effect
able I-Effect
to I-Effect
take I-Effect
advantage I-Effect
of I-Effect
volume-based I-Effect
rebates I-Effect
and I-Effect
other I-Effect
sales I-Effect
incentives I-Effect
to I-Effect
lower I-Effect
its I-Effect
cost I-Effect
of I-Effect
goods I-Effect
sold I-Effect
and I-Effect
support I-Effect
superior I-Effect
gross I-Effect
profit I-Effect
margins I-Effect
. O

In O
most O
metro O
areas O
, O
food O
and O
beverage O
producers O
are O
typically O
served O
by O
only O
two O
or O
three O
can O
companies O
, O
and O
the O
entry O
of O
an B-Cause
additional I-Cause
competitor I-Cause
would O
likely O
impair B-Effect
the I-Effect
profitability I-Effect
of I-Effect
all I-Effect
three I-Effect
facilities I-Effect
. O

We O
expect O
revenue B-Cause
growth I-Cause
and I-Cause
more I-Cause
efficient I-Cause
homebuilding I-Cause
operations I-Cause
will O
unlock B-Effect
operating I-Effect
leverage I-Effect
reducing I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
as I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
. O

Rather O
, O
we O
think O
the B-Cause
combination I-Cause
of I-Cause
COVID-19 I-Cause
costs I-Cause
( I-Cause
related I-Cause
to I-Cause
safety I-Cause
and I-Cause
sanitation I-Cause
) I-Cause
and I-Cause
increased I-Cause
investments I-Cause
in I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
capacity I-Cause
will O
continue O
to O
drag B-Effect
on I-Effect
margins I-Effect
through I-Effect
fiscal I-Effect
2021 I-Effect
. O

Although O
luxury O
brands O
( O
like O
Audi O
and O
Porsche O
) O
are O
generally O
more O
profitable O
than O
their O
high-volume O
counterparts O
, O
unit B-Effect
sales I-Effect
can I-Effect
be I-Effect
more I-Effect
susceptible I-Effect
to I-Effect
volume I-Effect
swings I-Effect
during I-Effect
economically I-Effect
challenging I-Effect
times I-Effect
as O
consumers B-Cause
consider I-Cause
more I-Cause
austere I-Cause
personal I-Cause
budgeting I-Cause
. O

In O
our O
view O
, O
discerning B-Effect
the I-Effect
relative I-Effect
impacts I-Effect
on I-Effect
economic I-Effect
profit I-Effect
generation I-Effect
becomes I-Effect
a I-Effect
byzantine I-Effect
analysis I-Effect
, O
as O
it O
is O
difficult B-Cause
to I-Cause
find I-Cause
the I-Cause
inflection I-Cause
point I-Cause
where I-Cause
the I-Cause
drawbacks I-Cause
of I-Cause
price I-Cause
disparities I-Cause
are I-Cause
superseded I-Cause
by I-Cause
the I-Cause
benefits I-Cause
of I-Cause
volume I-Cause
superiority I-Cause
. O

If O
profits B-Cause
contract I-Cause
on I-Cause
a I-Cause
sustainable I-Cause
basis I-Cause
, O
Tenet B-Effect
may I-Effect
have I-Effect
trouble I-Effect
refinancing I-Effect
its I-Effect
obligations I-Effect
at I-Effect
reasonable I-Effect
interest I-Effect
rates I-Effect
or I-Effect
at I-Effect
all I-Effect
, O
especially O
when O
its O
major O
debt O
maturities O
start O
coming O
due O
in O
2023 O
and O
beyond O
. O

Given O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
, O
this O
creates O
customer B-Effect
switching I-Effect
costs I-Effect
, O
as O
end B-Effect
users I-Effect
are I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
vendors I-Effect
given O
that O
the B-Cause
potential I-Cause
cost I-Cause
of I-Cause
unscheduled I-Cause
downtime I-Cause
and I-Cause
safety I-Cause
considerations I-Cause
. O

Historically O
, O
its B-Cause
acquisition I-Cause
track I-Cause
record I-Cause
has I-Cause
been I-Cause
strong I-Cause
with I-Cause
Illumina I-Cause
's I-Cause
dominance I-Cause
in I-Cause
the I-Cause
sequencing I-Cause
market I-Cause
largely I-Cause
stemming I-Cause
from I-Cause
the I-Cause
2007 I-Cause
acquisition I-Cause
of I-Cause
Solexa I-Cause
, O
which O
gave B-Effect
Illumina I-Effect
the I-Effect
foundation I-Effect
of I-Effect
its I-Effect
fluorescently I-Effect
labeled I-Effect
terminator I-Effect
sequencing-by-synthesis I-Effect
chemistry I-Effect
in I-Effect
its I-Effect
sequencing I-Effect
machines I-Effect
. O

We O
expect O
the O
firm O
's O
tax O
rate O
to O
be O
21 O
% O
-22 O
% O
, O
and O
given B-Cause
the I-Cause
firm I-Cause
's I-Cause
historically I-Cause
conservative I-Cause
capital I-Cause
structure I-Cause
, O
we B-Effect
do I-Effect
not I-Effect
anticipate I-Effect
any I-Effect
increase I-Effect
in I-Effect
debt I-Effect
. O

We O
are B-Effect
n't I-Effect
as I-Effect
positive I-Effect
on I-Effect
the I-Effect
Sky I-Effect
acquisition I-Effect
, O
given O
the B-Cause
high I-Cause
price I-Cause
paid I-Cause
, O
but O
we O
expect O
Comcast O
will O
use B-Cause
this I-Cause
asset I-Cause
to O
enhance B-Effect
NBCU I-Effect
's I-Effect
competitive I-Effect
position I-Effect
. O

Prime O
memberships O
generate O
high B-Cause
cash I-Cause
flow I-Cause
that O
can O
be B-Effect
reinvested I-Effect
in I-Effect
further I-Effect
improving I-Effect
the I-Effect
user I-Effect
experience I-Effect
on I-Effect
the I-Effect
technology I-Effect
, I-Effect
content I-Effect
, I-Effect
and I-Effect
delivery I-Effect
fronts I-Effect
. O

We O
believe O
Burlington O
benefits O
from O
vendor O
relationships O
and O
an O
efficient O
cost O
structure O
that O
constitute B-Cause
competitive I-Cause
advantages I-Cause
, I-Cause
with I-Cause
efforts I-Cause
to I-Cause
improve I-Cause
its I-Cause
assortment I-Cause
, I-Cause
merchandising I-Cause
, I-Cause
and I-Cause
store I-Cause
footprint I-Cause
likely O
to O
lift B-Effect
long-term I-Effect
returns I-Effect
. O

CarMax B-Effect
's I-Effect
revenue I-Effect
has I-Effect
increased I-Effect
at O
a O
compound O
annual O
rate O
of O
over O
12 O
% O
since O
fiscal O
2000 O
because O
of O
the B-Cause
success I-Cause
of I-Cause
customer-friendly I-Cause
sales I-Cause
practices I-Cause
and I-Cause
use I-Cause
of I-Cause
information I-Cause
technology I-Cause
. O

COVID-19 B-Cause
caused O
significant B-Effect
demand I-Effect
volatility I-Effect
from I-Effect
the I-Effect
firm I-Effect
's I-Effect
food-service I-Effect
( I-Effect
26 I-Effect
% I-Effect
of I-Effect
fiscal I-Effect
2020 I-Effect
sales I-Effect
) I-Effect
and I-Effect
retail I-Effect
customers I-Effect
( I-Effect
67 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
. O

Additionally O
, O
several B-Effect
of I-Effect
Bristol I-Effect
's I-Effect
currently I-Effect
marketed I-Effect
drugs I-Effect
are I-Effect
biologics I-Effect
, I-Effect
which I-Effect
create I-Effect
additional I-Effect
hurdles I-Effect
for I-Effect
generic I-Effect
firms I-Effect
as O
the B-Cause
cost I-Cause
of I-Cause
developing I-Cause
and I-Cause
marketing I-Cause
biosimilars I-Cause
is I-Cause
much I-Cause
higher I-Cause
than I-Cause
for I-Cause
typical I-Cause
generic I-Cause
small I-Cause
molecules I-Cause
. O

The B-Effect
Dead I-Effect
Sea I-Effect
, I-Effect
for I-Effect
all I-Effect
intents I-Effect
and I-Effect
purposes I-Effect
, I-Effect
is I-Effect
an I-Effect
inexhaustible I-Effect
asset I-Effect
, O
given B-Cause
its I-Cause
enormous I-Cause
reserves I-Cause
compared I-Cause
with I-Cause
production I-Cause
volume I-Cause
. O

Increased B-Cause
customer I-Cause
and/or I-Cause
supplier I-Cause
bargaining I-Cause
power I-Cause
due O
to O
disintermediation B-Effect
and I-Effect
consolidation I-Effect
could I-Effect
have I-Effect
a I-Effect
negative I-Effect
impact I-Effect
on I-Effect
HD I-Effect
Supply I-Effect
's I-Effect
profitability I-Effect
. O

That O
said O
, O
we B-Effect
do I-Effect
n't I-Effect
believe I-Effect
ICU I-Effect
will I-Effect
return I-Effect
to I-Effect
pre-Hospira I-Effect
level I-Effect
profit I-Effect
margins I-Effect
, O
given O
its B-Cause
current I-Cause
business I-Cause
mix I-Cause
, I-Cause
as I-Cause
lower-margin I-Cause
capital I-Cause
equipment I-Cause
and I-Cause
IV I-Cause
solutions I-Cause
weigh I-Cause
on I-Cause
gross I-Cause
profitability I-Cause
. O

Due O
, O
in O
part O
, O
to O
the B-Cause
negative I-Cause
impact I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
crisis I-Cause
, O
we O
forecast O
Capri B-Effect
's I-Effect
adjusted I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
will I-Effect
fall I-Effect
below I-Effect
our I-Effect
WACC I-Effect
estimate I-Effect
for I-Effect
the I-Effect
company I-Effect
of I-Effect
10 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as I-Effect
well I-Effect
. O

Due O
to O
the B-Cause
critical I-Cause
nature I-Cause
of I-Cause
Sensata I-Cause
's I-Cause
products I-Cause
, I-Cause
such I-Cause
as I-Cause
tire I-Cause
pressure I-Cause
in I-Cause
cars I-Cause
or I-Cause
flap I-Cause
positioning I-Cause
in I-Cause
commercial I-Cause
aircraft I-Cause
, I-Cause
reliability I-Cause
and I-Cause
lasting I-Cause
safety I-Cause
are I-Cause
paramount. O
This B-Effect
necessitates I-Effect
close I-Effect
collaboration I-Effect
between I-Effect
the I-Effect
sensor I-Effect
company I-Effect
and I-Effect
the I-Effect
OEM I-Effect
or I-Effect
the I-Effect
Tier I-Effect
1 I-Effect
supplier I-Effect
, I-Effect
and I-Effect
both I-Effect
make I-Effect
significant I-Effect
investments I-Effect
in I-Effect
selecting I-Effect
and I-Effect
integrating I-Effect
as I-Effect
part I-Effect
of I-Effect
their I-Effect
product I-Effect
development I-Effect
. O

In O
the O
near O
term O
, O
we O
expect O
sales B-Effect
and I-Effect
marketing I-Effect
spend I-Effect
to I-Effect
remain I-Effect
at I-Effect
high I-Effect
levels I-Effect
, O
relative O
to O
total O
revenue O
, O
as O
the O
company O
pushes B-Cause
Onshape I-Cause
out I-Cause
into I-Cause
the I-Cause
mid-market I-Cause
, O
which O
the O
company O
has O
not O
previously O
operated O
in O
. O

Similar O
to O
its O
efforts O
in O
North O
America O
over O
the O
years O
, O
we O
think O
LKQ B-Effect
will I-Effect
drive I-Effect
procurement I-Effect
costs I-Effect
down I-Effect
by O
rationalizing B-Cause
its I-Cause
product I-Cause
portfolio I-Cause
. O

Though B-Cause
we I-Cause
anticipate I-Cause
continued I-Cause
profitability I-Cause
, I-Cause
we I-Cause
believe I-Cause
that I-Cause
the I-Cause
gap I-Cause
between I-Cause
Banco I-Cause
de I-Cause
Chile I-Cause
and I-Cause
its I-Cause
closest I-Cause
competitor I-Cause
has I-Cause
narrowed I-Cause
significantly. O
As O
a O
result O
, O
a B-Effect
pivot I-Effect
to I-Effect
more I-Effect
digitally I-Effect
integrated I-Effect
offerings I-Effect
and I-Effect
expanded I-Effect
efforts I-Effect
to I-Effect
reach I-Effect
a I-Effect
large I-Effect
population I-Effect
of I-Effect
unbanked I-Effect
Chileans I-Effect
have I-Effect
become I-Effect
more I-Effect
urgent I-Effect
. O

Its B-Cause
past I-Cause
successes I-Cause
with I-Cause
Bellagio I-Cause
and I-Cause
Mirage I-Cause
in I-Cause
Las I-Cause
Vegas I-Cause
aided B-Effect
the I-Effect
company I-Effect
in I-Effect
winning I-Effect
a I-Effect
gaming I-Effect
license I-Effect
in I-Effect
Macao I-Effect
, O
where O
government O
regulation O
creates O
meaningful O
barriers O
of O
entry O
for O
new O
competition O
. O

We O
think O
Sysco B-Cause
's I-Cause
scale I-Cause
also O
provides B-Cause
the I-Cause
firm I-Cause
with I-Cause
the I-Cause
resources I-Cause
to I-Cause
invest I-Cause
in I-Cause
its I-Cause
business I-Cause
to O
ensure B-Effect
that I-Effect
it I-Effect
is I-Effect
able I-Effect
to I-Effect
deliver I-Effect
a I-Effect
very I-Effect
high I-Effect
level I-Effect
of I-Effect
service I-Effect
. O

Coca-Cola B-Effect
Femsa I-Effect
, I-Effect
which I-Effect
would I-Effect
ostensibly I-Effect
be I-Effect
a I-Effect
good I-Effect
comp I-Effect
since O
it B-Cause
's I-Cause
a I-Cause
bottler I-Cause
focusing I-Cause
on I-Cause
finished I-Cause
drink I-Cause
production I-Cause
, O
is O
not O
a O
brand O
owner O
( O
unlike O
National O
Beverage O
, O
which O
owns O
the O
actual O
LaCroix O
trademark O
) O
. O

Moreover O
, O
GE B-Cause
's I-Cause
pursuit I-Cause
of I-Cause
rate-per-flight I-Cause
hour I-Cause
service I-Cause
agreements I-Cause
, O
whereby O
OEMs O
like O
GE O
receive O
service O
payments O
based O
on O
flight O
hours O
, O
both B-Effect
boosts I-Effect
returns I-Effect
and I-Effect
solidifies I-Effect
switching I-Effect
costs I-Effect
. O

Regulatory B-Cause
changes I-Cause
could O
limit B-Effect
Experian I-Effect
's I-Effect
ability I-Effect
to I-Effect
monetize I-Effect
its I-Effect
database I-Effect
and I-Effect
increase I-Effect
its I-Effect
costs I-Effect
, O
and O
the B-Effect
company I-Effect
has I-Effect
been I-Effect
fined I-Effect
on I-Effect
more I-Effect
than I-Effect
one I-Effect
occasion I-Effect
. O

Fortunately O
for O
IBM O
, O
we O
think O
its B-Effect
enterprise I-Effect
customers I-Effect
are I-Effect
particularly I-Effect
sticky I-Effect
, O
especially O
as O
IBM B-Cause
tends I-Cause
to I-Cause
serve I-Cause
very I-Cause
large I-Cause
customers I-Cause
within I-Cause
regulated I-Cause
industries I-Cause
. O

Though O
the B-Cause
service I-Cause
component I-Cause
of I-Cause
revenue I-Cause
provides O
a B-Effect
buffer I-Effect
to I-Effect
cyclical I-Effect
capital I-Effect
spending I-Effect
, O
the B-Cause
long I-Cause
lifecycle I-Cause
of I-Cause
Mettler I-Cause
's I-Cause
products I-Cause
can O
cause O
results O
to O
deteriorate B-Effect
during I-Effect
cyclical I-Effect
downturns I-Effect
. O

Somewhat O
counterintuitively O
, O
we O
expect O
the B-Effect
rig-building I-Effect
business I-Effect
to I-Effect
see I-Effect
a I-Effect
large I-Effect
recovery I-Effect
in I-Effect
coming I-Effect
years I-Effect
despite O
a O
dearth O
of O
newbuilds O
, O
as O
the B-Cause
world I-Cause
's I-Cause
aging I-Cause
rig I-Cause
fleet I-Cause
will I-Cause
need I-Cause
increased I-Cause
volumes I-Cause
of I-Cause
replacement I-Cause
parts I-Cause
. O

Through O
its B-Cause
62 I-Cause
% I-Cause
ownership I-Cause
of I-Cause
Ambev I-Cause
, O
the B-Cause
company I-Cause
is I-Cause
dominant I-Cause
in I-Cause
Latin I-Cause
America I-Cause
, O
where O
it B-Effect
holds I-Effect
dominant I-Effect
leadership I-Effect
positions I-Effect
in I-Effect
very I-Effect
concentrated I-Effect
markets I-Effect
. O

The B-Cause
extended I-Cause
time I-Cause
required I-Cause
to I-Cause
build I-Cause
a I-Cause
ship I-Cause
means O
that O
funding B-Effect
for I-Effect
a I-Effect
project I-Effect
is I-Effect
difficult I-Effect
to I-Effect
cut I-Effect
and I-Effect
block I-Effect
purchases O
give O
contractors O
substantial O
visibility O
into O
the O
progression O
of O
revenue O
. O

This O
area O
has O
become O
too O
large O
to O
ignore O
, O
and O
the B-Cause
pandemic I-Cause
and I-Cause
the I-Cause
resulting I-Cause
spike I-Cause
in I-Cause
online I-Cause
activity I-Cause
has O
only O
reinforced B-Effect
the I-Effect
importance I-Effect
of I-Effect
capabilities I-Effect
in I-Effect
this I-Effect
area I-Effect
. O

Gas B-Effect
processing I-Effect
plants I-Effect
typically I-Effect
only I-Effect
connect I-Effect
to I-Effect
a I-Effect
single I-Effect
NGL I-Effect
fractionation I-Effect
plant I-Effect
because O
it B-Cause
is I-Cause
uneconomic I-Cause
to I-Cause
have I-Cause
multiple I-Cause
connections I-Cause
, I-Cause
whereas I-Cause
shippers I-Cause
often I-Cause
have I-Cause
multiple I-Cause
options I-Cause
for I-Cause
gas I-Cause
gathering I-Cause
and I-Cause
processing I-Cause
. O

Tyson B-Effect
faces I-Effect
numerous I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance I-Effect
risks I-Effect
, O
the O
most O
pressing O
of O
which O
are O
reduced B-Cause
consumption I-Cause
of I-Cause
its I-Cause
products I-Cause
given I-Cause
health I-Cause
and I-Cause
environmental I-Cause
concerns I-Cause
, O
both O
of O
which O
are O
incorporated O
into O
our O
base-case O
scenario O
. O

We B-Effect
believe I-Effect
a I-Effect
relatively I-Effect
frictionless I-Effect
cross-selling I-Effect
opportunity I-Effect
exists I-Effect
for I-Effect
the I-Effect
company I-Effect
, O
as O
creative B-Cause
professionals I-Cause
are I-Cause
already I-Cause
steeped I-Cause
in I-Cause
Adobe I-Cause
products I-Cause
. O

In O
the O
stronger O
parts O
of O
the O
cycle O
, O
the B-Cause
firm I-Cause
's I-Cause
brokerage I-Cause
employees I-Cause
share I-Cause
in I-Cause
the I-Cause
upside I-Cause
, O
essentially B-Effect
capping I-Effect
margin I-Effect
expansion I-Effect
potential I-Effect
and I-Effect
ROIC I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

As O
the O
largest O
nuclear O
power O
plant O
owner O
in O
the O
United O
States O
, O
Exelon O
has O
suffered B-Effect
as O
low B-Cause
natural I-Cause
gas I-Cause
prices I-Cause
slashed I-Cause
power I-Cause
prices I-Cause
. I-Cause

The O
strategic O
rationale O
behind O
ING O
's O
sprawling O
geographic O
footprint O
is O
not O
clear O
to O
us O
and O
we O
believe O
ING B-Effect
can I-Effect
drive I-Effect
a I-Effect
material I-Effect
re-rating I-Effect
of I-Effect
its I-Effect
valuation I-Effect
by I-Effect
the I-Effect
market I-Effect
if O
it B-Cause
were I-Cause
to I-Cause
reduce I-Cause
its I-Cause
exposure I-Cause
to I-Cause
markets I-Cause
outside I-Cause
of I-Cause
the I-Cause
Benelux I-Cause
and I-Cause
Germany I-Cause
. O

Tapestry B-Cause
increasingly I-Cause
depends I-Cause
on I-Cause
Greater I-Cause
China I-Cause
for I-Cause
profits I-Cause
and I-Cause
growth I-Cause
, O
so O
any B-Effect
slowdown I-Effect
in I-Effect
consumer I-Effect
spending I-Effect
in I-Effect
the I-Effect
region I-Effect
would I-Effect
have I-Effect
an I-Effect
adverse I-Effect
effect I-Effect
. O

PerkinElmer B-Cause
's I-Cause
recent I-Cause
Meizheng I-Cause
acquisition I-Cause
for I-Cause
food I-Cause
safety I-Cause
should O
add B-Effect
demand I-Effect
for I-Effect
analytical I-Effect
instrumentation I-Effect
and I-Effect
bolster I-Effect
the I-Effect
firm I-Effect
's I-Effect
environmental I-Effect
and I-Effect
food I-Effect
business I-Effect
channels I-Effect
. O

Cancer B-Cause
treatment I-Cause
is I-Cause
n't I-Cause
an I-Cause
elective I-Cause
procedure I-Cause
and O
even O
though O
hospitals O
' O
capital O
spending O
will O
be O
tight O
in O
the O
near O
term O
, O
long-term B-Effect
opportunity I-Effect
should I-Effect
remain I-Effect
robust I-Effect
. O

Given B-Cause
the I-Cause
negligible I-Cause
switching I-Cause
costs I-Cause
to I-Cause
carriers I-Cause
' I-Cause
customers I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
think I-Effect
network I-Effect
risk I-Effect
is I-Effect
one I-Effect
carriers I-Effect
would I-Effect
take I-Effect
lightly I-Effect
or I-Effect
put I-Effect
in I-Effect
jeopardy I-Effect
for I-Effect
minimal I-Effect
cost I-Effect
savings I-Effect
, I-Effect
adding I-Effect
even I-Effect
more I-Effect
to I-Effect
the I-Effect
amount I-Effect
a I-Effect
rival I-Effect
would I-Effect
likely I-Effect
need I-Effect
undercut I-Effect
prices I-Effect
to I-Effect
coax I-Effect
carriers I-Effect
into I-Effect
making I-Effect
the I-Effect
gamble I-Effect
. O

We B-Effect
assign I-Effect
Fluor I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
because O
of O
the B-Cause
firm I-Cause
's I-Cause
exposure I-Cause
to I-Cause
fixed-price I-Cause
contracts I-Cause
, I-Cause
which I-Cause
account I-Cause
for I-Cause
over I-Cause
50 I-Cause
% I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
backlog I-Cause
. O

The O
offset O
is O
that O
DCP B-Effect
's I-Effect
logistics I-Effect
operations I-Effect
are I-Effect
better I-Effect
protected I-Effect
with O
take-or-pay B-Cause
contracts I-Cause
for I-Cause
the I-Cause
Cheyenne I-Cause
Connector I-Cause
and I-Cause
Gulf I-Cause
Coast I-Cause
Express I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
parts I-Cause
distribution I-Cause
and I-Cause
extensive I-Cause
dealer I-Cause
network I-Cause
provide I-Cause
customers I-Cause
with I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
reliable I-Cause
services I-Cause
to I-Cause
ensure I-Cause
their I-Cause
equipment I-Cause
operate I-Cause
efficiently I-Cause
, O
saving B-Effect
them I-Effect
from I-Effect
the I-Effect
headache I-Effect
of I-Effect
machine I-Effect
down-time I-Effect
and I-Effect
from I-Effect
having I-Effect
to I-Effect
search I-Effect
for I-Effect
parts I-Effect
independently I-Effect
. O

We B-Effect
assume I-Effect
a I-Effect
9 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
, I-Effect
which I-Effect
is I-Effect
in I-Effect
line I-Effect
with I-Effect
the I-Effect
9 I-Effect
% I-Effect
rate I-Effect
of I-Effect
return I-Effect
we I-Effect
expect I-Effect
investors I-Effect
will I-Effect
demand I-Effect
of I-Effect
a I-Effect
diversified I-Effect
equity I-Effect
portfolio I-Effect
, O
supported O
by O
Airbnb B-Cause
's I-Cause
average I-Cause
sensitivity I-Cause
to I-Cause
the I-Cause
economic I-Cause
cycle I-Cause
, I-Cause
low I-Cause
financial I-Cause
leverage I-Cause
, I-Cause
and I-Cause
high I-Cause
operating I-Cause
leverage I-Cause
. O

Meanwhile O
, O
it O
is O
converting O
its O
lower-quality O
European O
refineries O
to O
biofuel O
facilities B-Effect
, I-Effect
which I-Effect
have I-Effect
a I-Effect
more I-Effect
attractive I-Effect
demand I-Effect
and I-Effect
margin I-Effect
outlook I-Effect
, O
thanks O
in O
part O
to O
government B-Cause
support I-Cause
. O

The B-Cause
firm I-Cause
's I-Cause
unique I-Cause
ability I-Cause
to I-Cause
effect I-Cause
cost I-Cause
controls I-Cause
gives O
it O
the B-Effect
highest I-Effect
operating I-Effect
margins I-Effect
of I-Effect
its I-Effect
peer I-Effect
group I-Effect
, O
and O
allows O
it O
to O
quickly B-Effect
bring I-Effect
its I-Effect
numerous I-Effect
acquisitions I-Effect
up I-Effect
to I-Effect
firmwide I-Effect
profitability I-Effect
. O

While O
these O
buildouts O
will O
take O
time O
, O
we O
think O
such O
direction O
is O
a O
good O
one O
to O
keep B-Effect
propelling I-Effect
the I-Effect
QuickBooks I-Effect
network I-Effect
effect I-Effect
as O
customers B-Cause
continue I-Cause
to I-Cause
demand I-Cause
all-in-one I-Cause
software I-Cause
to I-Cause
run I-Cause
their I-Cause
businesses I-Cause
. O

If O
CMS B-Cause
can I-Cause
keep I-Cause
rate I-Cause
increases I-Cause
modest I-Cause
by I-Cause
controlling I-Cause
operating I-Cause
costs I-Cause
, O
we O
expect O
it B-Effect
will I-Effect
continue I-Effect
to I-Effect
get I-Effect
regulatory I-Effect
support I-Effect
. O

We O
think O
that O
the O
current O
large B-Effect
installed I-Effect
base I-Effect
makes I-Effect
it I-Effect
difficult I-Effect
for I-Effect
a I-Effect
new I-Effect
entrant I-Effect
to I-Effect
enter I-Effect
the I-Effect
market I-Effect
, O
as O
they B-Cause
would I-Cause
need I-Cause
to I-Cause
take I-Cause
losses I-Cause
on I-Cause
developing I-Cause
the I-Cause
product I-Cause
and I-Cause
building I-Cause
a I-Cause
large I-Cause
installed I-Cause
base I-Cause
before O
they O
have O
a O
viable O
business O
model O
. O

Today O
, O
with O
a B-Cause
stronger I-Cause
balance I-Cause
sheet I-Cause
, O
the B-Effect
company I-Effect
has I-Effect
operations I-Effect
in I-Effect
14 I-Effect
countries I-Effect
and I-Effect
a B-Effect
rapidly I-Effect
growing I-Effect
renewable I-Effect
energy I-Effect
business I-Effect
supported O
by O
a B-Cause
well-positioned I-Cause
battery I-Cause
storage I-Cause
joint I-Cause
venture I-Cause
with I-Cause
Siemens I-Cause
. O

About B-Effect
$ I-Effect
5 I-Effect
of I-Effect
the I-Effect
increase I-Effect
is O
attributable O
to O
increasing B-Cause
our I-Cause
stand-alone I-Cause
S I-Cause
& I-Cause
P I-Cause
Global I-Cause
operating I-Cause
income I-Cause
forecast I-Cause
, O
primarily O
to O
reflect O
the O
positive O
effect O
the O
equity O
bull O
market O
has O
on O
the O
firm O
's O
asset-linked O
fees O
in O
indices O
. O

As O
mobile B-Cause
and I-Cause
PC I-Cause
markets I-Cause
begin I-Cause
to I-Cause
mature I-Cause
, O
Synaptics B-Effect
has I-Effect
buoyed I-Effect
its I-Effect
access I-Effect
to I-Effect
greenfield I-Effect
opportunities I-Effect
in I-Effect
smart I-Effect
homes I-Effect
, I-Effect
automotive I-Effect
, I-Effect
and I-Effect
future I-Effect
devices I-Effect
through O
ongoing B-Cause
investment I-Cause
and I-Cause
strategic I-Cause
acquisitions I-Cause
. O

Intercontinental O
Exchange O
has O
continued O
to O
diversify B-Effect
its I-Effect
revenue I-Effect
streams I-Effect
by O
using B-Cause
a I-Cause
series I-Cause
acquisitions I-Cause
to O
build B-Cause
its I-Cause
position I-Cause
in I-Cause
mortgage I-Cause
technology I-Cause
and I-Cause
fixed-income I-Cause
data I-Cause
. O

In B-Effect
terms I-Effect
of I-Effect
operating I-Effect
margins I-Effect
, I-Effect
we I-Effect
expect I-Effect
a I-Effect
contraction I-Effect
in I-Effect
2021 I-Effect
because O
of O
inflated B-Cause
labor I-Cause
and I-Cause
COVID-19-related I-Cause
supply I-Cause
costs I-Cause
that I-Cause
are I-Cause
no I-Cause
longer I-Cause
being I-Cause
offset I-Cause
by I-Cause
government I-Cause
aid I-Cause
, O
especially O
in O
European O
countries O
where O
labor O
costs O
are O
less O
flexible O
. O

Insurers B-Cause
do I-Cause
not I-Cause
know I-Cause
their I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
for O
years O
into O
the O
future O
and O
this O
can O
result O
in O
mispriced B-Effect
policies I-Effect
. O

Credit B-Cause
Suisse I-Cause
's I-Cause
strong I-Cause
deposit I-Cause
generating I-Cause
capabilities I-Cause
do I-Cause
, I-Cause
however I-Cause
, O
mean O
it O
has O
significant O
surplus O
liquidity O
, O
which O
in O
turn O
ratchets B-Effect
up I-Effect
its I-Effect
exposure I-Effect
to I-Effect
interest-rate I-Effect
risk I-Effect
. O

We O
project O
sales O
growth O
rates O
of O
9.0 O
% O
and O
0.3 O
% O
for O
Coach O
and O
Kate O
Spade O
, O
respectively O
, O
in O
fiscal O
2021 O
, O
but O
a B-Effect
decline I-Effect
of I-Effect
8 I-Effect
% I-Effect
on O
permanent B-Cause
store I-Cause
closures I-Cause
for I-Cause
Stuart I-Cause
Weitzman I-Cause
in I-Cause
Europe I-Cause
and I-Cause
Asia I-Cause
( O
excluding O
China O
) O
. O

Risks B-Cause
to I-Cause
the I-Cause
supply I-Cause
chain I-Cause
, O
including O
the O
ability O
to O
source O
tobacco O
leaf O
are O
low O
probability O
, O
but O
would O
also O
be B-Effect
material I-Effect
to I-Effect
BAT I-Effect
's I-Effect
bottom I-Effect
line I-Effect
. O

We O
estimate O
that O
Snap-on B-Cause
's I-Cause
fastest-growing I-Cause
segment I-Cause
, I-Cause
repair I-Cause
systems I-Cause
and I-Cause
information I-Cause
, I-Cause
will I-Cause
likely I-Cause
continue I-Cause
to I-Cause
outperform I-Cause
the I-Cause
other I-Cause
two I-Cause
, O
bolstering B-Effect
margins I-Effect
. O

Other O
examples O
include O
air O
compressors O
at O
factories O
and O
frac O
pumps O
, O
which O
typically O
account O
for O
less O
than O
10 O
% O
of O
the O
overall O
capital O
outlay O
, O
but O
any B-Cause
product I-Cause
failures I-Cause
could O
disrupt B-Effect
a I-Effect
customer I-Effect
's I-Effect
operations I-Effect
. O

The O
continued B-Cause
reinvestment I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
supports I-Cause
Hardie I-Cause
's I-Cause
strong I-Cause
brand I-Cause
equity I-Cause
and O
thus O
perpetuates B-Effect
the I-Effect
price I-Effect
premium I-Effect
that I-Effect
Hardie I-Effect
's I-Effect
range I-Effect
attracts I-Effect
. O

The B-Cause
lower-quality I-Cause
mix I-Cause
in I-Cause
the I-Cause
remaining I-Cause
owned I-Cause
assets I-Cause
is I-Cause
more I-Cause
than I-Cause
offset I-Cause
by I-Cause
the I-Cause
overall I-Cause
higher I-Cause
mix I-Cause
of I-Cause
asset-light I-Cause
hotels. O
As O
a O
result O
, O
we O
project O
operating B-Effect
margins I-Effect
reaching I-Effect
21.8 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
17.5 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
and I-Effect
2029 I-Effect
EBI I-Effect
growth I-Effect
of I-Effect
6.8 I-Effect
% I-Effect
. O

We O
expect O
price B-Cause
and I-Cause
cost I-Cause
pressures I-Cause
will O
limit O
profitability B-Effect
, O
though O
improved B-Cause
sourcing I-Cause
, I-Cause
distribution I-Cause
, I-Cause
and I-Cause
private-label I-Cause
offerings I-Cause
should O
lead O
the B-Effect
segment I-Effect
's I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
to I-Effect
approach I-Effect
5 I-Effect
% I-Effect
long I-Effect
term I-Effect
( I-Effect
from I-Effect
roughly I-Effect
2 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
) I-Effect
. O

We O
think O
technological B-Effect
advances I-Effect
pose I-Effect
the I-Effect
biggest I-Effect
risk I-Effect
to I-Effect
Equinix I-Effect
's I-Effect
long-term I-Effect
prospects I-Effect
, O
as O
they B-Cause
could I-Cause
result I-Cause
in I-Cause
an I-Cause
environment I-Cause
where I-Cause
cloud I-Cause
growth I-Cause
, I-Cause
interconnection I-Cause
, I-Cause
and I-Cause
data I-Cause
usage I-Cause
continue I-Cause
to I-Cause
grow I-Cause
, I-Cause
but I-Cause
Equinix I-Cause
is I-Cause
not I-Cause
the I-Cause
beneficiary I-Cause
. O

With O
help B-Cause
from I-Cause
PSR I-Cause
and I-Cause
long I-Cause
lengths I-Cause
of I-Cause
haul I-Cause
, O
we B-Effect
believe I-Effect
UP I-Effect
is I-Effect
capable I-Effect
of I-Effect
a I-Effect
midcycle I-Effect
OR I-Effect
near I-Effect
55.5 I-Effect
% I-Effect
( I-Effect
our I-Effect
forecast I-Effect
for I-Effect
2025 I-Effect
) I-Effect
. O

The O
fleet O
of O
16,000 O
in-service O
engines O
globally O
generate O
high-margin O
revenue O
but O
do B-Effect
not I-Effect
enjoy I-Effect
the I-Effect
same I-Effect
level I-Effect
of I-Effect
switching I-Effect
costs I-Effect
present I-Effect
in I-Effect
the I-Effect
civil I-Effect
aerospace I-Effect
segment I-Effect
due O
to O
low B-Cause
attachment I-Cause
rates I-Cause
. O

Nonetheless O
, O
the B-Effect
proximity I-Effect
model I-Effect
is I-Effect
important I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
government I-Effect
vertical I-Effect
as O
governments B-Cause
often I-Cause
require I-Cause
data I-Cause
to I-Cause
remain I-Cause
within I-Cause
their I-Cause
sovereign I-Cause
borders I-Cause
to I-Cause
better I-Cause
ensure I-Cause
data I-Cause
security I-Cause
. O

Campbell B-Cause
's I-Cause
torrid I-Cause
pace I-Cause
of I-Cause
gains I-Cause
since I-Cause
the I-Cause
pandemic I-Cause
took I-Cause
hold I-Cause
came I-Cause
to I-Cause
a I-Cause
screeching I-Cause
halt I-Cause
in I-Cause
its I-Cause
third I-Cause
fiscal I-Cause
quarter I-Cause
, I-Cause
as I-Cause
sales I-Cause
slumped I-Cause
at I-Cause
a I-Cause
low-double-digit I-Cause
rate I-Cause
, O
including B-Effect
a I-Effect
more I-Effect
than I-Effect
20 I-Effect
% I-Effect
downdraft I-Effect
in I-Effect
its I-Effect
domestic I-Effect
soup I-Effect
arm I-Effect
. O

While O
traditional O
agencies O
like O
WPP O
and O
Omnicom O
also O
have O
digital O
agency O
offerings O
, O
Accenture B-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
make I-Cause
it I-Cause
in I-Cause
the I-Cause
top I-Cause
10 I-Cause
marketing I-Cause
agencies I-Cause
worldwide I-Cause
( I-Cause
according I-Cause
to I-Cause
Ad I-Cause
Age I-Cause
) I-Cause
due O
to O
it B-Effect
already I-Effect
having I-Effect
the I-Effect
technology I-Effect
expertise I-Effect
and I-Effect
the I-Effect
relevant I-Effect
customer I-Effect
relationships I-Effect
. O

When O
interest B-Cause
rates I-Cause
are I-Cause
expected I-Cause
to I-Cause
stay I-Cause
low I-Cause
there I-Cause
is I-Cause
less I-Cause
need I-Cause
for I-Cause
interest I-Cause
rate I-Cause
hedging I-Cause
and I-Cause
less I-Cause
incentive I-Cause
for I-Cause
speculation I-Cause
, O
creating B-Effect
a I-Effect
drag I-Effect
on I-Effect
CME I-Effect
's I-Effect
trading I-Effect
volume I-Effect
. O

Further O
, O
researchers B-Cause
tend I-Cause
to I-Cause
stay I-Cause
focused I-Cause
on I-Cause
the I-Cause
same I-Cause
disease I-Cause
or I-Cause
even I-Cause
the I-Cause
same I-Cause
gene I-Cause
for I-Cause
their I-Cause
entire I-Cause
careers I-Cause
, O
which O
makes B-Effect
it I-Effect
less I-Effect
likely I-Effect
that I-Effect
clients I-Effect
would I-Effect
have I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
shift I-Effect
model I-Effect
suppliers I-Effect
simply I-Effect
because I-Effect
of I-Effect
a I-Effect
new I-Effect
project I-Effect
. O

We O
think O
margins B-Effect
can I-Effect
expand I-Effect
in I-Effect
the I-Effect
wireline I-Effect
segment I-Effect
, O
as O
the B-Cause
FTTP I-Cause
network I-Cause
will I-Cause
allow I-Cause
for I-Cause
pricing I-Cause
power I-Cause
and I-Cause
cost I-Cause
savings I-Cause
, O
and O
remain B-Effect
flat I-Effect
in I-Effect
wireless I-Effect
( O
after O
a B-Effect
spike I-Effect
in I-Effect
2020 I-Effect
due O
to O
lower B-Cause
equipment I-Cause
sales I-Cause
) O
as O
competition B-Cause
weighs I-Cause
on I-Cause
pricing I-Cause
power I-Cause
. O

Finally O
, O
we B-Effect
are I-Effect
forecasting I-Effect
5 I-Effect
% I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
communications I-Effect
solutions I-Effect
segment I-Effect
, O
as O
rapidly B-Cause
growing I-Cause
data I-Cause
center I-Cause
sales I-Cause
become I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
the I-Cause
segment I-Cause
's I-Cause
top I-Cause
line I-Cause
. O

With O
some O
pro O
forma B-Cause
profitability I-Cause
improvement I-Cause
, I-Cause
share-repurchase I-Cause
activities I-Cause
, I-Cause
and I-Cause
planned I-Cause
deleveraging I-Cause
, O
we O
expect O
adjusted B-Effect
earnings I-Effect
per I-Effect
share I-Effect
to I-Effect
grow I-Effect
11 I-Effect
% I-Effect
compounded I-Effect
annually I-Effect
during O
the O
next O
five O
years O
, O
including O
meeting O
the O
company O
's O
projected O
range O
of O
$ O
20- O
$ O
21 O
in O
2021 O
. O

This B-Cause
complexity I-Cause
, I-Cause
combined I-Cause
with I-Cause
access I-Cause
to I-Cause
discounted I-Cause
heavy I-Cause
waterborne I-Cause
crude I-Cause
, O
has O
historically O
allowed O
Valero B-Effect
to I-Effect
realize I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
by I-Effect
processing I-Effect
cheaper I-Effect
, I-Effect
lower-quality I-Effect
crude I-Effect
as I-Effect
feedstock I-Effect
, I-Effect
increasing I-Effect
realized I-Effect
margins I-Effect
. O

We O
assume O
the O
company O
will O
be O
able O
to O
maintain O
its O
EBITDA O
margins O
at O
about O
40 O
% O
and O
that B-Effect
capital I-Effect
expenditure I-Effect
will I-Effect
trend I-Effect
lower I-Effect
as B-Cause
fiber I-Cause
investments I-Cause
in I-Cause
France I-Cause
decrease I-Cause
. O

Maximizing O
capacity O
utilization O
is O
important O
in O
ADM O
's O
high-fixed-cost O
operations O
, O
and O
droughts B-Cause
and I-Cause
other I-Cause
supply I-Cause
disruptions I-Cause
can O
negatively B-Effect
affect I-Effect
operating I-Effect
rates I-Effect
, O
although O
this O
is O
partially O
offset O
by O
improved O
arbitrage O
opportunities O
on O
the O
trading O
desk O
. O

Should O
the B-Cause
government I-Cause
be I-Cause
unable I-Cause
to I-Cause
impose I-Cause
fiscal I-Cause
austerity I-Cause
, O
we B-Effect
would I-Effect
expect I-Effect
accelerating I-Effect
inflation I-Effect
, I-Effect
high I-Effect
charge-offs I-Effect
, I-Effect
and I-Effect
significant I-Effect
declines I-Effect
in I-Effect
the I-Effect
value I-Effect
of I-Effect
Brazil I-Effect
's I-Effect
sovereign I-Effect
bonds I-Effect
. O

Spend B-Cause
management I-Cause
use I-Cause
cases I-Cause
include I-Cause
supplier I-Cause
insights I-Cause
and I-Cause
savings I-Cause
opportunities I-Cause
, I-Cause
risk I-Cause
use I-Cause
cases I-Cause
include I-Cause
fraud I-Cause
detection I-Cause
, I-Cause
and I-Cause
operational I-Cause
use I-Cause
cases I-Cause
include I-Cause
anonymized I-Cause
benchmarking I-Cause
against I-Cause
other I-Cause
customers I-Cause
to O
identify B-Effect
potential I-Effect
ways I-Effect
to I-Effect
drive I-Effect
efficiency I-Effect
. O

Assuming O
no O
recession B-Cause
arises I-Cause
, O
we O
look O
for O
further B-Effect
OR I-Effect
gains I-Effect
to I-Effect
56.0 I-Effect
% I-Effect
-56.5 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
as O
volume O
recovers O
, O
and O
we O
believe O
UP O
is O
capable O
of O
a O
midcycle O
OR O
near O
55.7 O
% O
( O
our O
forecast O
for O
2024 O
) O
. O

Brokers B-Cause
such I-Cause
as I-Cause
Jones I-Cause
Lang I-Cause
LaSalle I-Cause
and I-Cause
CBRE I-Cause
Group I-Cause
negotiate I-Cause
on I-Cause
behalf I-Cause
of I-Cause
tenants I-Cause
to O
ensure B-Effect
that I-Effect
the I-Effect
terms I-Effect
of I-Effect
lease I-Effect
agreements I-Effect
are I-Effect
priced I-Effect
appropriately I-Effect
. O

We O
anticipate O
Ross B-Effect
has I-Effect
bridged I-Effect
the I-Effect
worst I-Effect
of I-Effect
a I-Effect
challenging I-Effect
start I-Effect
to I-Effect
2021 I-Effect
, O
with O
a B-Effect
difficult I-Effect
environment I-Effect
for I-Effect
experience-oriented I-Effect
physical I-Effect
retail I-Cause
eased I-Cause
by I-Cause
economic B-Cause
stimulus I-Cause
, I-Cause
continued I-Cause
strength I-Cause
in I-Cause
home I-Cause
décor I-Cause
categories I-Cause
, I-Cause
and I-Cause
the I-Cause
start I-Cause
of I-Cause
Americans I-Cause
' I-Cause
post-pandemic I-Cause
wardrobe I-Cause
rebuild I-Cause
. O

Avangrid O
is O
well O
positioned O
to O
invest O
in O
offshore O
wind O
projects O
during O
the O
coming O
decade O
, O
as O
the B-Cause
Northeast I-Cause
looks I-Cause
to I-Cause
the I-Cause
Atlantic I-Cause
to O
meet B-Effect
its I-Effect
aggressive I-Effect
state I-Effect
renewable I-Effect
energy I-Effect
requirements I-Effect
. O

Investors O
cited O
the B-Cause
lack I-Cause
of I-Cause
a I-Cause
lead I-Cause
independent I-Cause
director I-Cause
, I-Cause
obscured I-Cause
executive I-Cause
performance I-Cause
metrics I-Cause
, I-Cause
and I-Cause
a I-Cause
$ I-Cause
9 I-Cause
million I-Cause
bonus I-Cause
paid I-Cause
to I-Cause
Sook I-Cause
after I-Cause
the I-Cause
Media I-Cause
General I-Cause
merger I-Cause
as O
the O
primary O
reasons O
for O
rejecting O
the O
compensation B-Effect
proposals I-Effect
. O

With O
the B-Cause
the I-Cause
millennial I-Cause
cohort I-Cause
in I-Cause
the I-Cause
front I-Cause
end I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
targeted I-Cause
age I-Cause
range I-Cause
, O
we O
believe O
demographic B-Effect
tailwinds I-Effect
exist I-Effect
that I-Effect
will I-Effect
drive I-Effect
further I-Effect
top-line I-Effect
gains I-Effect
. O

We B-Effect
have I-Effect
increased I-Effect
revenue I-Effect
in I-Effect
the I-Effect
music I-Effect
division I-Effect
benefiting I-Effect
gross I-Effect
margin I-Effect
in I-Effect
the I-Effect
past I-Effect
few I-Effect
quarters I-Effect
due O
to O
leverage B-Cause
from I-Cause
fixed I-Cause
costs I-Cause
and I-Cause
change I-Cause
in I-Cause
compensation I-Cause
structure I-Cause
. O

There O
are O
differences B-Cause
in I-Cause
the I-Cause
regulatory I-Cause
structure I-Cause
between I-Cause
oil I-Cause
( I-Cause
NGL I-Cause
pipelines I-Cause
are I-Cause
included I-Cause
) I-Cause
and I-Cause
gas I-Cause
pipelines I-Cause
, O
meaning O
that O
individually O
, O
oil B-Effect
pipelines I-Effect
face I-Effect
lower I-Effect
regulatory I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
than I-Effect
a I-Effect
gas I-Effect
pipeline I-Effect
, O
but O
more B-Effect
practical I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
also I-Effect
appear I-Effect
for I-Effect
oil I-Effect
pipelines I-Effect
. O

The O
company O
aims O
to O
maintain B-Effect
its I-Effect
stronghold I-Effect
in I-Effect
these I-Effect
categories I-Effect
by O
focusing B-Cause
its I-Cause
innovation I-Cause
and I-Cause
acquisition I-Cause
activity I-Cause
on I-Cause
areas I-Cause
that I-Cause
capture I-Cause
these I-Cause
trends I-Cause
. O

That O
is O
why O
, O
when O
choosing O
an O
elevator O
for O
their O
buildings O
, O
many O
contractors O
wo O
n't O
go O
for O
the O
most O
modern O
elevator O
with O
screens O
and O
voice O
assistants O
, O
but O
they B-Effect
will I-Effect
go I-Effect
for I-Effect
the I-Effect
safest I-Effect
choice I-Effect
, O
as O
any O
failure B-Cause
in I-Cause
the I-Cause
system I-Cause
could I-Cause
be I-Cause
fatal I-Cause
. O

We O
think O
that O
Delta O
is O
well O
positioned O
to O
withstand O
the O
pandemic O
, O
but O
its B-Cause
strategy I-Cause
of I-Cause
extracting I-Cause
value I-Cause
from I-Cause
business I-Cause
travelers I-Cause
will O
be B-Effect
challenging I-Effect
in I-Effect
a I-Effect
lower-fare I-Effect
environment I-Effect
that I-Effect
focuses I-Effect
on I-Effect
serving I-Effect
leisure I-Effect
travel I-Effect
. O

Commercial B-Cause
customers I-Cause
depend I-Cause
on I-Cause
quickly I-Cause
sourcing I-Cause
necessary I-Cause
components I-Cause
in O
order O
to O
turn B-Effect
over I-Effect
service I-Effect
bays I-Effect
, O
making B-Effect
reliable I-Effect
part I-Effect
availability I-Effect
a I-Effect
key I-Effect
point I-Effect
of I-Effect
customer I-Effect
engagement I-Effect
and I-Effect
a I-Effect
way I-Effect
for I-Effect
retailers I-Effect
to I-Effect
build I-Effect
lasting I-Effect
client I-Effect
relationships I-Effect
in I-Effect
a I-Effect
way I-Effect
that I-Effect
is I-Effect
difficult I-Effect
for I-Effect
smaller I-Effect
chains I-Effect
to I-Effect
mimic I-Effect
. O

Changes B-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
cost I-Cause
structure I-Cause
were I-Cause
insufficient I-Cause
during I-Cause
its I-Cause
initial I-Cause
reorganization I-Cause
, O
which O
led O
to O
the B-Effect
second I-Effect
trip I-Effect
to I-Effect
bankruptcy I-Effect
court I-Effect
. O

We O
estimate O
50 B-Effect
% I-Effect
to I-Effect
60 I-Effect
% I-Effect
of I-Effect
US I-Effect
Foods I-Effect
' I-Effect
business I-Effect
uses I-Effect
negotiated I-Effect
spot I-Effect
prices I-Effect
, O
which O
exposes O
US B-Cause
Foods I-Cause
to I-Cause
food I-Cause
inflation I-Cause
risk I-Cause
. O

The O
company O
will O
see O
some O
costs O
return O
this O
year O
( O
including O
marketing O
, O
travel O
and O
insurance O
premiums O
) O
, O
but O
we B-Effect
anticipate I-Effect
an I-Effect
additional I-Effect
210 I-Effect
basis I-Effect
points I-Effect
of I-Effect
OR I-Effect
improvement I-Effect
to I-Effect
75.3 I-Effect
% I-Effect
as I-Effect
network I-Effect
density I-Effect
continues I-Effect
to I-Effect
rise I-Effect
and O
due O
to O
incremental B-Cause
yield I-Cause
gains I-Cause
. O

Nevertheless O
, O
the B-Cause
Monsanto I-Cause
assets I-Cause
should O
drive B-Effect
some I-Effect
top- I-Effect
and I-Effect
bottom-line I-Effect
synergies I-Effect
( I-Effect
likely I-Effect
close I-Effect
to I-Effect
management I-Effect
's I-Effect
$ I-Effect
1.2 I-Effect
billion I-Effect
estimate I-Effect
) I-Effect
with I-Effect
Bayer I-Effect
's I-Effect
crop I-Effect
science I-Effect
group I-Effect
. O

We O
believe O
women B-Cause
shop I-Cause
at I-Cause
Anthropologie I-Cause
when I-Cause
it I-Cause
stocks I-Cause
the I-Cause
latest I-Cause
on-trend I-Cause
fashions. O
Thus O
, O
the B-Effect
chain I-Effect
tends I-Effect
to I-Effect
do I-Effect
well I-Effect
when I-Effect
it I-Effect
gets I-Effect
fashion I-Effect
trends I-Effect
right I-Effect
and I-Effect
poorly I-Effect
when I-Effect
it I-Effect
gets I-Effect
them I-Effect
wrong I-Effect
. O

Income B-Cause
growth I-Cause
allows O
people O
to O
afford B-Cause
more-expensive I-Cause
housing I-Cause
, O
which O
in O
turn O
allows O
landlords B-Effect
to I-Effect
push I-Effect
higher I-Effect
rents I-Effect
onto I-Effect
residents I-Effect
who I-Effect
can I-Effect
afford I-Effect
those I-Effect
increases I-Effect
. O

In O
2011 O
, O
the O
company O
nearly O
doubled B-Effect
its I-Effect
implant I-Effect
revenue I-Effect
and I-Effect
established I-Effect
it I-Effect
as I-Effect
a I-Effect
major I-Effect
player I-Effect
, I-Effect
behind O
Straumann O
and O
Nobel O
( O
Danaher O
) O
, O
through O
the B-Cause
acquisition I-Cause
of I-Cause
Astra I-Cause
Tech I-Cause
. O

Integrating B-Cause
clients I-Cause
to I-Cause
the I-Cause
e-commerce I-Cause
platform I-Cause
has O
resulted O
in O
5 B-Effect
% I-Effect
higher I-Effect
client I-Effect
retention I-Effect
and O
10 B-Effect
% I-Effect
bigger I-Effect
baskets I-Effect
, O
according O
to O
US O
Foods O
. O

In B-Effect
addition I-Effect
, I-Effect
the I-Effect
company I-Effect
faces I-Effect
more I-Effect
risk I-Effect
, O
as B-Cause
it I-Cause
has I-Cause
moved I-Cause
into I-Cause
additional I-Cause
crowded I-Cause
markets I-Cause
such I-Cause
as I-Cause
travel I-Cause
and I-Cause
food I-Cause
delivery I-Cause
services I-Cause
, I-Cause
while I-Cause
the I-Cause
returns I-Cause
generated I-Cause
from I-Cause
those I-Cause
markets I-Cause
are I-Cause
more I-Cause
likely I-Cause
to I-Cause
be I-Cause
minimal I-Cause
. O

While O
Petrobras O
lacks O
longer-term O
emissions O
targets O
, O
it B-Effect
plans I-Effect
to I-Effect
reduce I-Effect
carbon I-Effect
intensity I-Effect
through I-Effect
improved I-Effect
efficiencies I-Effect
, I-Effect
biorefining I-Effect
, I-Effect
zero I-Effect
routine I-Effect
flaring I-Effect
, I-Effect
and I-Effect
emissions I-Effect
offsets I-Effect
from I-Effect
carbon I-Effect
capture I-Effect
and I-Effect
storage I-Effect
( I-Effect
CCUS I-Effect
) I-Effect
as O
Petrobras B-Cause
targets I-Cause
re-injection I-Cause
of I-Cause
40MM I-Cause
ton I-Cause
CO虏 I-Cause
by I-Cause
2025 I-Cause
. O

In O
2020 O
, O
we O
forecast O
Eastman B-Effect
will I-Effect
see I-Effect
profit I-Effect
declines I-Effect
primarily O
due O
to O
lower B-Cause
volumes I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
COVID-19-related I-Cause
economic I-Cause
slowdown I-Cause
. O

Alibaba B-Effect
's I-Effect
marketplace I-Effect
monetization I-Effect
rates I-Effect
have I-Effect
generally I-Effect
been I-Effect
on I-Effect
an I-Effect
upward I-Effect
trend I-Effect
despite O
recent O
macro O
uncertainty O
, O
indicating O
that O
sellers B-Cause
are I-Cause
increasingly I-Cause
engaging I-Cause
with I-Cause
Alibaba I-Cause
's I-Cause
marketplaces I-Cause
and I-Cause
payment I-Cause
solutions I-Cause
, O
although O
COVID-19 B-Cause
and I-Cause
more I-Cause
competition I-Cause
will O
put O
pressure O
on O
monetization B-Effect
in I-Effect
the I-Effect
near I-Effect
to I-Effect
medium I-Effect
term I-Effect
. O

Given O
the B-Cause
low-margin I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
Bunge B-Effect
's I-Effect
profits I-Effect
are I-Effect
also I-Effect
sensitive I-Effect
to I-Effect
small I-Effect
volume I-Effect
changes I-Effect
due O
to O
the B-Cause
company I-Cause
's I-Cause
high I-Cause
fixed I-Cause
costs I-Cause
in I-Cause
its I-Cause
agribusiness I-Cause
operation I-Cause
. O

Kyocera B-Cause
's I-Cause
diverse I-Cause
revenue I-Cause
streams I-Cause
have O
mitigated O
the O
risk O
that O
a B-Effect
significant I-Effect
downturn I-Effect
in I-Effect
any I-Effect
one I-Effect
business I-Effect
will I-Effect
materially I-Effect
affect I-Effect
performance I-Effect
. O

In O
the O
short O
term O
, O
we O
think O
that O
the B-Cause
coronavirus I-Cause
outbreak I-Cause
will O
significantly B-Effect
affect I-Effect
the I-Effect
operating I-Effect
results I-Effect
for I-Effect
Pebblebrook I-Effect
's I-Effect
hotels I-Effect
, I-Effect
with I-Effect
double-digit I-Effect
revPAR I-Effect
declines I-Effect
in I-Effect
2020 I-Effect
. O

As O
the B-Cause
pool I-Cause
of I-Cause
suppliers I-Cause
grows I-Cause
, O
prospective B-Effect
businesses I-Effect
find I-Effect
Coupa B-Cause
's I-Cause
platform I-Cause
more I-Effect
beneficial I-Effect
as O
they B-Effect
have I-Effect
a I-Effect
greater I-Effect
variety I-Effect
of I-Effect
products I-Effect
to I-Effect
choose I-Effect
from I-Effect
. O

We O
believe O
the B-Cause
implicit I-Cause
switching I-Cause
costs I-Cause
in I-Cause
retail I-Cause
and I-Cause
commercial I-Cause
banking I-Cause
also O
help B-Effect
Truist I-Effect
maintain I-Effect
its I-Effect
deposit I-Effect
base I-Effect
and I-Effect
its I-Effect
banking I-Effect
relationships I-Effect
. O

The B-Cause
eventual I-Cause
completion I-Cause
of I-Cause
the I-Cause
Mountain I-Cause
Valley I-Cause
Pipeline I-Cause
and I-Cause
related I-Cause
efforts I-Cause
( O
Hammerhead O
, O
MVP O
Southgate O
, O
MVP O
Expansions O
) O
should O
boost B-Effect
EBITDA I-Effect
by I-Effect
30 I-Effect
% I-Effect
and I-Effect
increase I-Effect
the I-Effect
revenue I-Effect
associated I-Effect
with I-Effect
firm I-Effect
reservation I-Effect
contracts I-Effect
to I-Effect
over I-Effect
70 I-Effect
% I-Effect
. O

But O
the B-Cause
ability I-Cause
to I-Cause
bundle I-Cause
homeowners I-Cause
and I-Cause
auto I-Cause
has O
allowed O
Progressive B-Effect
to I-Effect
broaden I-Effect
its I-Effect
demographic I-Effect
reach I-Effect
and I-Effect
increase I-Effect
its I-Effect
penetration I-Effect
among I-Effect
relatively I-Effect
affluent I-Effect
customers I-Effect
. O

With O
improved B-Cause
understanding I-Cause
of I-Cause
biomarkers I-Cause
and I-Cause
new I-Cause
diagnostic I-Cause
and I-Cause
genetic I-Cause
testing I-Cause
, O
inclusion B-Effect
criteria I-Effect
for I-Effect
trial I-Effect
participants I-Effect
continue I-Effect
to I-Effect
become I-Effect
more I-Effect
complex I-Effect
. O

With O
assets B-Cause
outside I-Cause
China I-Cause
making I-Cause
up I-Cause
close I-Cause
to I-Cause
28 I-Cause
% I-Cause
of I-Cause
oil I-Cause
and I-Cause
gas I-Cause
sales I-Cause
in I-Cause
2015 I-Cause
, O
CNOOC B-Effect
's I-Effect
estimated I-Effect
lifting I-Effect
costs I-Effect
have I-Effect
risen I-Effect
to I-Effect
$ I-Effect
13.12/boe I-Effect
from I-Effect
$ I-Effect
8.90 I-Effect
in I-Effect
2007 I-Effect
. O

Macerich B-Effect
exited I-Effect
the I-Effect
assets I-Effect
that I-Effect
are I-Effect
likely I-Effect
to I-Effect
see I-Effect
falling I-Effect
sales I-Effect
growth I-Effect
and I-Effect
occupancy I-Effect
levels I-Effect
as O
e-commerce B-Cause
takes I-Cause
market I-Cause
share I-Cause
. O

Users O
will O
find O
it B-Effect
inconvenient I-Effect
to I-Effect
switch I-Effect
to I-Effect
alternative I-Effect
platforms I-Effect
for I-Effect
communication I-Effect
, I-Effect
social I-Effect
networking I-Effect
, I-Effect
content I-Effect
consumption I-Effect
, I-Effect
and I-Effect
payment I-Effect
, O
as O
many B-Cause
of I-Cause
these I-Cause
services I-Cause
are I-Cause
not I-Cause
in I-Cause
one I-Cause
platform I-Cause
, O
unlike O
Weixin O
. O

Cohen O
& O
amp O
; O
Steers O
also O
garnered O
14 O
% O
( O
20 O
% O
) O
of O
its O
AUM O
( O
base O
management O
fees O
) O
from O
closed-end O
funds O
, O
which O
differ O
from O
open-end O
funds O
in O
that O
they B-Cause
can I-Cause
not I-Cause
be I-Cause
redeemed I-Cause
back I-Cause
to I-Cause
the I-Cause
fund I-Cause
manager I-Cause
, O
providing B-Effect
the I-Effect
firm I-Effect
with I-Effect
a I-Effect
greater I-Effect
hold I-Effect
over I-Effect
this I-Effect
portion I-Effect
of I-Effect
its I-Effect
retail I-Effect
AUM I-Effect
. O

HPE B-Cause
purchased I-Cause
SimpliVity I-Cause
in I-Cause
2017 I-Cause
to O
gain B-Effect
exposure I-Effect
to I-Effect
software-defined I-Effect
hyperconverged I-Effect
infrastructure I-Effect
, O
and O
we O
believe O
the O
acquisition B-Cause
has O
helped B-Effect
HPE I-Effect
realize I-Effect
growth I-Effect
within I-Effect
nascent I-Effect
networking I-Effect
trends I-Effect
. O

Furthermore O
, O
the B-Cause
cash I-Cause
proceeds I-Cause
will I-Cause
help I-Cause
significantly I-Cause
lower I-Cause
the I-Cause
firm I-Cause
's I-Cause
leverage I-Cause
, O
which O
we O
believe O
will O
give B-Effect
Ingersoll-Rand I-Effect
more I-Effect
flexibility I-Effect
to I-Effect
pursue I-Effect
growth I-Effect
through I-Effect
acquisitions I-Effect
. O

Here O
, O
we B-Cause
expect I-Cause
marketing I-Cause
to I-Cause
average I-Cause
over I-Cause
47 I-Cause
% I-Cause
of I-Cause
sales I-Cause
during I-Cause
2020-21 I-Cause
, I-Cause
above I-Cause
our I-Cause
prior I-Cause
forecast I-Cause
of I-Cause
nearly I-Cause
46 I-Cause
% I-Cause
, I-Cause
and I-Cause
versus I-Cause
the I-Cause
43.1 I-Cause
% I-Cause
and I-Cause
48.6 I-Cause
% I-Cause
levels I-Cause
reported I-Cause
in I-Cause
2019 I-Cause
and I-Cause
over I-Cause
the I-Cause
past I-Cause
three I-Cause
years I-Cause
, I-Cause
respectively. O
As O
a O
result O
of O
our B-Effect
revenue I-Effect
and I-Effect
expense I-Effect
forecasts I-Effect
, I-Effect
we I-Effect
see I-Effect
operating I-Effect
margins I-Effect
expanding I-Effect
to I-Effect
17 I-Effect
% I-Effect
( I-Effect
23 I-Effect
% I-Effect
prior I-Effect
) I-Effect
in I-Effect
2029 I-Effect
from I-Effect
12.0 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

However O
, O
a B-Cause
renewed I-Cause
focus I-Cause
on I-Cause
better I-Cause
utilization I-Cause
, I-Cause
with I-Cause
the I-Cause
update I-Cause
of I-Cause
the I-Cause
manufacturing I-Cause
footprint I-Cause
, O
should O
allow O
for O
operating B-Effect
margins I-Effect
to I-Effect
expand I-Effect
from I-Effect
current I-Effect
levels I-Effect
if I-Effect
volume I-Effect
growth I-Effect
remains I-Effect
steady I-Effect
. O

After O
reviewing O
Wesco O
's O
first-quarter O
2021 O
results O
and O
full-year O
outlook O
, O
we B-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
about I-Effect
10 I-Effect
% I-Effect
to I-Effect
$ I-Effect
118 I-Effect
per I-Effect
share I-Effect
, O
due O
to O
our B-Cause
stronger I-Cause
five-year I-Cause
outlook I-Cause
for I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
profit I-Cause
margin I-Cause
. O

We O
expect O
margin B-Cause
benefits I-Cause
from I-Cause
mix I-Cause
and I-Cause
less-frenetic I-Cause
digital I-Cause
growth I-Cause
to I-Cause
be I-Cause
offset I-Cause
by I-Cause
cost I-Cause
deleverage I-Cause
and I-Cause
rising I-Cause
freight I-Cause
costs I-Cause
, O
leading O
the B-Effect
firm I-Effect
's I-Effect
full-year I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
to I-Effect
a I-Effect
level I-Effect
near I-Effect
fiscal I-Effect
2021 I-Effect
's I-Effect
4.1 I-Effect
% I-Effect
. O

Google B-Cause
's I-Cause
ecosystem I-Cause
strengthens I-Cause
as O
its B-Cause
products I-Cause
are I-Cause
adopted I-Cause
by I-Cause
more I-Cause
users I-Cause
, O
making O
its B-Cause
online I-Cause
advertising I-Cause
services I-Cause
more I-Cause
attractive I-Cause
to I-Cause
advertisers I-Cause
and I-Cause
publishers I-Cause
and O
resulting O
in O
increased B-Effect
online I-Effect
ad I-Effect
revenue I-Effect
which O
we O
think O
will O
continue O
to O
grow O
at O
double-digit O
rates O
after O
the O
pandemic O
and O
during O
the O
next O
five O
years O
. O

The B-Cause
company I-Cause
's I-Cause
Sprocket I-Cause
printers I-Cause
were I-Cause
designed I-Cause
for I-Cause
mobile I-Cause
phone I-Cause
users I-Cause
to I-Cause
instantly I-Cause
print I-Cause
photos I-Cause
without I-Cause
using I-Cause
ink I-Cause
, O
and O
our O
belief O
is O
these O
niche O
products O
could O
provide B-Effect
a I-Effect
momentary I-Effect
boost I-Effect
during I-Effect
the I-Effect
holiday I-Effect
season I-Effect
. O

We B-Cause
think I-Cause
Zebra I-Cause
's I-Cause
pivot I-Cause
into I-Cause
software I-Cause
will I-Cause
give I-Cause
it I-Cause
access I-Cause
to I-Cause
higher-growth I-Cause
markets I-Cause
, O
help B-Effect
expand I-Effect
gross I-Effect
margins I-Effect
, I-Effect
and I-Effect
create I-Effect
a I-Effect
stickier I-Effect
overall I-Effect
solution I-Effect
with I-Effect
customers I-Effect
. O

However O
, O
with B-Cause
moderate I-Cause
growth I-Cause
from I-Cause
its I-Cause
branded I-Cause
generic I-Cause
products I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
and I-Cause
new I-Cause
launching I-Cause
products I-Cause
, O
particularly O
Mavenclad O
( O
MS O
) O
and O
Bavencio O
( O
cancer O
) O
, O
we O
expect O
the B-Effect
healthcare I-Effect
segment I-Effect
to I-Effect
grow I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
annually I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

In O
2021 O
and O
beyond O
, O
we O
forecast O
declining B-Effect
steel I-Effect
prices I-Effect
, O
driven O
by O
our B-Cause
bearish I-Cause
outlook I-Cause
for I-Cause
Chinese I-Cause
fixed-asset I-Cause
investment I-Cause
and I-Cause
the I-Cause
persistence I-Cause
of I-Cause
structural I-Cause
overcapacity I-Cause
on I-Cause
a I-Cause
global I-Cause
basis I-Cause
. O

Building O
this O
kind O
of O
loan O
portfolio O
is O
not B-Effect
easy I-Effect
for I-Effect
a I-Effect
new I-Effect
entrant I-Effect
, O
as O
it O
requires B-Cause
a I-Cause
significant I-Cause
investment I-Cause
of I-Cause
time I-Cause
as I-Cause
well I-Cause
as I-Cause
sophisticated I-Cause
credit I-Cause
models I-Cause
built O
on O
past O
loan O
data O
that O
only O
existing O
credit O
card O
issuers O
have O
access O
to O
. O

Given O
the B-Cause
strong I-Cause
track I-Cause
record I-Cause
of I-Cause
incumbents I-Cause
, O
corporate B-Effect
management I-Effect
teams I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
find I-Effect
much I-Effect
value I-Effect
in I-Effect
investing I-Effect
the I-Effect
time I-Effect
and I-Effect
resources I-Effect
with I-Effect
another I-Effect
ratings I-Effect
provider I-Effect
. O

In O
addition O
, O
the B-Effect
IP I-Effect
portfolio I-Effect
complements I-Effect
Cadence I-Effect
's I-Effect
EDA I-Effect
offerings I-Effect
as O
it B-Cause
gives I-Cause
rise I-Cause
to I-Cause
cross-selling I-Cause
; O
the O
firm O
's O
IP O
products O
facilitate O
sales O
of O
EDA O
tools O
and O
vice O
versa O
. O

We O
maintain O
that O
its B-Cause
local I-Cause
market I-Cause
scale I-Cause
allows I-Cause
it I-Cause
to I-Cause
derive I-Cause
cost I-Cause
leverage I-Cause
that O
fuels B-Effect
competitive I-Effect
pricing I-Effect
and I-Effect
the I-Effect
investments I-Effect
needed I-Effect
to I-Effect
build I-Effect
on I-Effect
its I-Effect
presence I-Effect
in I-Effect
the I-Effect
emerging I-Effect
channels I-Effect
. O

Our B-Effect
16.7 I-Effect
% I-Effect
midcycle I-Effect
assumption I-Effect
represents I-Effect
a I-Effect
100-basis-point I-Effect
expansion I-Effect
compared I-Effect
with I-Effect
the I-Effect
10-year I-Effect
median I-Effect
due O
to O
the B-Cause
increasing I-Cause
mix I-Cause
of I-Cause
software-oriented I-Cause
technologies I-Cause
in I-Cause
Aptiv I-Cause
's I-Cause
product I-Cause
portfolio I-Cause
. O

On O
the O
latter O
, O
the B-Cause
proliferation I-Cause
of I-Cause
mobile I-Cause
devices I-Cause
and I-Cause
the I-Cause
attendant I-Cause
improvements I-Cause
in I-Cause
processing I-Cause
power I-Cause
have I-Cause
been I-Cause
well I-Cause
documented I-Cause
, I-Cause
as I-Cause
have I-Cause
various I-Cause
normative I-Cause
shifts I-Cause
in I-Cause
workplace I-Cause
culture I-Cause
such I-Cause
as I-Cause
bring-your-own-device I-Cause
policies. O
These O
factors O
have O
resulted O
in O
a B-Effect
world I-Effect
where I-Effect
employees I-Effect
expect I-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
access I-Effect
corporate I-Effect
networks I-Effect
and I-Effect
resources I-Effect
regardless I-Effect
of I-Effect
the I-Effect
device I-Effect
they I-Effect
are I-Effect
using I-Effect
or I-Effect
their I-Effect
location I-Effect
. O

As O
a O
result O
of O
the B-Cause
favorable I-Cause
regulation I-Cause
and I-Cause
renewable I-Cause
energy I-Cause
investments I-Cause
in I-Cause
Indiana I-Cause
, O
we O
expect O
NiSource B-Effect
to I-Effect
step I-Effect
up I-Effect
its I-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
almost I-Effect
$ I-Effect
12 I-Effect
billion I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
almost O
40 O
% O
higher O
than O
the O
previous O
five O
years O
. O

Inherent B-Effect
operating I-Effect
leverage I-Effect
, I-Effect
in I-Effect
conjunction I-Effect
with I-Effect
nontrivial I-Effect
merger I-Effect
synergies I-Effect
and I-Effect
a I-Effect
proven I-Effect
management I-Effect
team I-Effect
, I-Effect
should I-Effect
also I-Effect
beget I-Effect
healthy I-Effect
margin I-Effect
expansion I-Effect
throughout O
our B-Cause
explicit I-Cause
forecast I-Cause
. O

With O
management B-Cause
having I-Cause
significantly I-Cause
reshaped I-Cause
the I-Cause
franchise I-Cause
, O
now O
running O
an O
increasingly O
lean O
operation O
, O
the O
bank B-Effect
is I-Effect
finally I-Effect
showing I-Effect
its I-Effect
true I-Effect
earnings I-Effect
power I-Effect
. I-Effect

The B-Cause
complexities I-Cause
of I-Cause
breeding I-Cause
and I-Cause
transporting I-Cause
genetically I-Cause
modified I-Cause
models I-Cause
results O
in O
high B-Effect
barriers I-Effect
to I-Effect
entry I-Effect
and I-Effect
it I-Effect
can I-Effect
charge I-Effect
premium I-Effect
pricing I-Effect
. O

Capital B-Cause
spending I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
has I-Cause
been I-Cause
10 I-Cause
% I-Cause
or I-Cause
less I-Cause
each I-Cause
of I-Cause
the I-Cause
last I-Cause
five I-Cause
years I-Cause
and I-Cause
is I-Cause
generally I-Cause
declining I-Cause
, I-Cause
as I-Cause
equipment I-Cause
pricing I-Cause
is I-Cause
often I-Cause
deflationary. O
This O
advantage O
has O
led O
to O
a B-Effect
relatively I-Effect
low I-Effect
invested I-Effect
capital I-Effect
base I-Effect
, I-Effect
especially I-Effect
since I-Effect
the I-Effect
accounting I-Effect
lives I-Effect
( I-Effect
for I-Effect
depreciation I-Effect
purposes I-Effect
) I-Effect
of I-Effect
many I-Effect
assets I-Effect
are I-Effect
shorter I-Effect
than I-Effect
the I-Effect
actual I-Effect
useful I-Effect
lives I-Effect
. O

Also O
, O
since O
there B-Cause
are I-Cause
only I-Cause
two I-Cause
major I-Cause
suppliers I-Cause
of I-Cause
commercial I-Cause
aircraft I-Cause
, O
airlines B-Effect
are I-Effect
generally I-Effect
hesitant I-Effect
to I-Effect
destroy I-Effect
a I-Effect
relationship I-Effect
with I-Effect
an I-Effect
essential I-Effect
supplier I-Effect
. O

In O
pharmaceuticals O
, O
the B-Cause
company I-Cause
recently I-Cause
launched I-Cause
several I-Cause
new I-Cause
blockbusters I-Cause
, O
which O
should O
allow O
Johnson B-Effect
& I-Effect
Johnson I-Effect
to I-Effect
escape I-Effect
largely I-Effect
unscathed I-Effect
from I-Effect
upcoming I-Effect
patent I-Effect
expirations I-Effect
. I-Effect

Growth B-Effect
may I-Effect
slow I-Effect
in I-Effect
fiscal I-Effect
2023 I-Effect
on O
tough B-Cause
comparisons I-Cause
and I-Cause
a I-Cause
potenital I-Cause
downshift I-Cause
in I-Cause
consumer I-Cause
goods I-Cause
spending I-Cause
, O
but O
we O
do O
n't O
expect O
a O
material O
pullback O
. O

We O
think O
that O
the B-Cause
firm I-Cause
's I-Cause
materially I-Cause
higher I-Cause
financial I-Cause
leverage I-Cause
relative O
to O
peers B-Effect
puts I-Effect
the I-Effect
firm I-Effect
in I-Effect
a I-Effect
particularly I-Effect
precarious I-Effect
position I-Effect
. O

However O
, O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
its I-Effect
EBIT I-Effect
to I-Effect
increase I-Effect
by I-Effect
a I-Effect
large I-Effect
magnitude I-Effect
, O
as O
it B-Cause
remains I-Cause
affected I-Cause
by I-Cause
the I-Cause
challenging I-Cause
environment I-Cause
in I-Cause
the I-Cause
steel I-Cause
industry I-Cause
. O

Fastenal B-Cause
uses I-Cause
a I-Cause
captive I-Cause
fleet I-Cause
of I-Cause
large I-Cause
trucks I-Cause
and I-Cause
smaller I-Cause
vehicles I-Cause
to O
more B-Effect
efficiently I-Effect
and I-Effect
cost-effectively I-Effect
move I-Effect
its I-Effect
inventory I-Effect
across I-Effect
the I-Effect
United I-Effect
States I-Effect
. O

Even O
so O
, O
considering O
CSX B-Cause
's I-Cause
impressive I-Cause
operating I-Cause
ratio I-Cause
improvement I-Cause
over I-Cause
the I-Cause
past I-Cause
three I-Cause
years I-Cause
, O
we O
think O
Foote B-Effect
has I-Effect
executed I-Effect
admirably I-Effect
carrying I-Effect
the I-Effect
precision I-Effect
railroading I-Effect
, O
or O
PSR O
, O
baton O
-- O
the O
rail O
posted O
an O
impressive O
58.4 O
% O
OR O
in O
2019 O
and O
kept O
it O
near O
58.8 O
% O
in O
2020 O
despite O
lower O
volume O
for O
the O
year O
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Ingersoll-Rand I-Effect
to I-Effect
$ I-Effect
41 I-Effect
from I-Effect
$ I-Effect
38 I-Effect
after O
the O
company O
announced O
that O
it B-Cause
will I-Cause
sell I-Cause
a I-Cause
majority I-Cause
interest I-Cause
in I-Cause
its I-Cause
high-pressure I-Cause
solutions I-Cause
segment I-Cause
to I-Cause
a I-Cause
private I-Cause
equity I-Cause
firm I-Cause
, O
American O
Industrial O
Partners O
. O

Also O
, O
Post B-Cause
's I-Cause
structure I-Cause
as I-Cause
a I-Cause
decentralized I-Cause
holding I-Cause
company I-Cause
results I-Cause
in I-Cause
higher I-Cause
SG I-Cause
& I-Cause
A I-Cause
expenditures I-Cause
( O
mid-teens O
percent O
of O
sales O
compared O
with O
the O
8 O
% O
peer O
average O
) O
, O
which O
makes O
a B-Effect
cost I-Effect
advantage I-Effect
unlikely I-Effect
. O

The B-Cause
three I-Cause
majors I-Cause
are I-Cause
better I-Cause
capitalized I-Cause
than I-Cause
independent I-Cause
labels I-Cause
and O
thus O
can B-Effect
invest I-Effect
more I-Effect
resources I-Effect
into I-Effect
the I-Effect
scouting I-Effect
and I-Effect
development I-Effect
of I-Effect
A I-Effect
& I-Effect
amp I-Effect
; I-Effect
R I-Effect
. O

We O
forecast O
operating B-Effect
margins I-Effect
of I-Effect
18 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, I-Effect
an I-Effect
increase I-Effect
of I-Effect
150 I-Effect
basis I-Effect
points I-Effect
, O
as O
a B-Cause
rebound I-Cause
in I-Cause
manufacturing I-Cause
activity I-Cause
combined I-Cause
with I-Cause
a I-Cause
lower I-Cause
cost I-Cause
base I-Cause
translate I-Cause
into I-Cause
higher I-Cause
profits I-Cause
. O

We B-Effect
expect I-Effect
operating I-Effect
margins I-Effect
to I-Effect
expand I-Effect
around I-Effect
200 I-Effect
basis I-Effect
points I-Effect
to I-Effect
17 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
due O
to O
better B-Cause
European I-Cause
profitability I-Cause
. O

Furthermore O
, O
the B-Effect
popularity I-Effect
of I-Effect
licensed I-Effect
brands I-Effect
-- I-Effect
typically I-Effect
, I-Effect
a I-Effect
brand I-Effect
related I-Effect
to I-Effect
a I-Effect
fashion I-Effect
house I-Effect
or I-Effect
celebrity I-Effect
-- I-Effect
ebbs I-Effect
and I-Effect
flows I-Effect
with I-Effect
the I-Effect
popularity I-Effect
of I-Effect
that I-Effect
fashion I-Effect
house I-Effect
or I-Effect
celebrity I-Effect
, O
depending O
on O
fashion B-Cause
cycles I-Cause
, I-Cause
the I-Cause
designer I-Cause
's I-Cause
ability I-Cause
to I-Cause
correctly I-Cause
predict I-Cause
fashion I-Cause
trends I-Cause
, I-Cause
and I-Cause
celebrities I-Cause
' I-Cause
career I-Cause
trajectories I-Cause
. O

Travelers B-Effect
are I-Effect
drawn I-Effect
to I-Effect
Wyndham I-Effect
's I-Effect
loyalty I-Effect
program I-Effect
, O
as O
it B-Cause
provides I-Cause
the I-Cause
ability I-Cause
to I-Cause
use I-Cause
and I-Cause
accumulate I-Cause
points I-Cause
across I-Cause
over I-Cause
804,000 I-Cause
hotel I-Cause
rooms I-Cause
and I-Cause
over I-Cause
20,000 I-Cause
Wyndham I-Cause
timeshare I-Cause
and I-Cause
rentals I-Cause
( O
the O
most O
of O
any O
hotelier O
; O
Accor O
is O
number O
two O
with O
around O
10,000 O
vacation O
rental O
rooms O
) O
. O

An B-Effect
OEM I-Effect
or I-Effect
Tier I-Effect
1 I-Effect
supplier I-Effect
would I-Effect
face I-Effect
prohibitively I-Effect
high I-Effect
switching I-Effect
costs I-Effect
if O
it B-Cause
wanted I-Cause
to I-Cause
prematurely I-Cause
end I-Cause
its I-Cause
contract I-Cause
with I-Cause
Amphenol I-Cause
in I-Cause
the I-Cause
middle I-Cause
of I-Cause
a I-Cause
product I-Cause
cycle I-Cause
. O

Bio-Rad O
does O
not O
have O
a O
clear O
pricing O
position O
( O
either O
higher O
or O
lower O
) O
, O
and O
we O
see O
the B-Effect
lack I-Effect
of I-Effect
pricing I-Effect
premium I-Effect
as O
further B-Cause
evidence I-Cause
of I-Cause
limited I-Cause
differentiation I-Cause
in I-Cause
digital I-Cause
PCR I-Cause
. O

Behind O
this O
, O
the B-Cause
pandemic I-Cause
has I-Cause
accelerated I-Cause
the I-Cause
broader I-Cause
e-commerce I-Cause
shift I-Cause
, O
pulling B-Effect
forward I-Effect
years I-Effect
of I-Effect
B2C I-Effect
package I-Effect
growth I-Effect
and O
driving B-Effect
up I-Effect
residential I-Effect
deliveries I-Effect
for I-Effect
ground I-Effect
. O

Ferguson B-Cause
has I-Cause
also I-Cause
consistently I-Cause
grown I-Cause
organic I-Cause
revenue I-Cause
above I-Cause
the I-Cause
market I-Cause
's I-Cause
rate I-Cause
of I-Cause
growth I-Cause
due O
to O
more B-Effect
customer I-Effect
wins I-Effect
, I-Effect
higher I-Effect
proportion I-Effect
of I-Effect
own I-Effect
brand I-Effect
sales I-Effect
, I-Effect
and I-Effect
more I-Effect
cross-selling I-Effect
opportunities I-Effect
with I-Effect
professional I-Effect
contractors I-Effect
as O
Ferguson O
expands O
its O
footprint O
and O
product O
offering O
. O

When B-Cause
Colfax I-Cause
acquired I-Cause
ESAB I-Cause
in I-Cause
2012 I-Cause
, I-Cause
the I-Cause
business I-Cause
was I-Cause
struggling I-Cause
financially I-Cause
and I-Cause
underinvested I-Cause
in I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
and O
as B-Effect
a I-Effect
result I-Effect
ceded I-Effect
market I-Effect
share I-Effect
to I-Effect
its I-Effect
larger I-Effect
competitors I-Effect
. O

For O
example O
, O
when O
Brazil B-Cause
's I-Cause
macroeconomic I-Cause
environment I-Cause
deteriorated I-Cause
over I-Cause
the I-Cause
recent I-Cause
past I-Cause
, I-Cause
consumers I-Cause
traded I-Cause
down I-Cause
and I-Cause
pulled I-Cause
back I-Cause
on I-Cause
product I-Cause
usage I-Cause
-- O
which O
resulted O
in O
using B-Effect
fewer I-Effect
diapers I-Effect
per I-Effect
day I-Effect
-- I-Effect
as I-Effect
a I-Effect
way I-Effect
to I-Effect
rein I-Effect
in I-Effect
spending I-Effect
. O

Parker B-Cause
's I-Cause
distributors I-Cause
help I-Cause
the I-Cause
company I-Cause
reach I-Cause
its I-Cause
various I-Cause
end I-Cause
markets I-Cause
with O
their B-Cause
highly I-Cause
technical I-Cause
level I-Cause
of I-Cause
expertise I-Cause
, O
with O
some B-Effect
customer I-Effect
relationships I-Effect
lasting I-Effect
for I-Effect
years I-Effect
. O

However O
, O
we B-Cause
do I-Cause
n't I-Cause
believe I-Cause
the I-Cause
company I-Cause
is I-Cause
insulated I-Cause
from I-Cause
the I-Cause
proliferation I-Cause
of I-Cause
e-commerce I-Cause
peers I-Cause
such I-Cause
as I-Cause
Wayfair I-Cause
pushing I-Cause
harder I-Cause
into I-Cause
the I-Cause
home I-Cause
furnishing I-Cause
space I-Cause
, O
which O
bounds B-Effect
our I-Effect
five-year I-Effect
outlook I-Effect
to I-Effect
$ I-Effect
9 I-Effect
billion I-Effect
in I-Effect
sales I-Effect
and I-Effect
a I-Effect
14 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
. O

We O
expect O
HPC B-Effect
intensity I-Effect
to I-Effect
increase I-Effect
over I-Effect
time I-Effect
as O
clean B-Cause
fuel I-Cause
standards I-Cause
continue I-Cause
to I-Cause
tighten I-Cause
around I-Cause
the I-Cause
world I-Cause
for I-Cause
particles I-Cause
such I-Cause
as I-Cause
sulfur I-Cause
and I-Cause
lead I-Cause
. O

Cost B-Cause
Advantage I-Cause
Diageo B-Effect
can I-Effect
produce I-Effect
its I-Effect
scale I-Effect
brands I-Effect
at I-Effect
a I-Effect
lower I-Effect
average I-Effect
cost I-Effect
than I-Effect
most I-Effect
of I-Effect
its I-Effect
competitors I-Effect
as I-Effect
well I-Effect
as I-Effect
potential I-Effect
new I-Effect
entrants I-Effect
. O

Slack B-Effect
's I-Effect
software I-Effect
is I-Effect
more I-Effect
advanced I-Effect
, O
however O
, O
as O
the B-Cause
platform I-Cause
ties I-Cause
together I-Cause
a I-Cause
variety I-Cause
of I-Cause
collaboration I-Cause
point I-Cause
solutions I-Cause
, I-Cause
including I-Cause
chat I-Cause
, I-Cause
voice I-Cause
calling I-Cause
, I-Cause
video I-Cause
calling I-Cause
, I-Cause
conference I-Cause
calling I-Cause
, I-Cause
and I-Cause
file I-Cause
sharing I-Cause
. O

The B-Effect
effects I-Effect
should I-Effect
be I-Effect
relatively I-Effect
moderate I-Effect
, O
considering B-Cause
Sprouts I-Cause
' I-Cause
limited I-Cause
assortments I-Cause
in I-Cause
key I-Cause
pandemic-charged I-Cause
categories I-Cause
like I-Cause
household I-Cause
cleaning I-Cause
supplies I-Cause
, I-Cause
with I-Cause
expected I-Cause
low-single-digit I-Cause
comparable I-Cause
growth I-Cause
in I-Cause
the I-Cause
fourth I-Cause
quarter I-Cause
leading O
to O
roughly B-Cause
7 I-Cause
% I-Cause
expansion I-Cause
for I-Cause
the I-Cause
year I-Cause
. O

We O
expect O
the B-Effect
main I-Effect
driver I-Effect
for I-Effect
Enterprise I-Effect
will I-Effect
be I-Effect
its I-Effect
petrochemicals I-Effect
segment I-Effect
, O
as O
the B-Cause
demand I-Cause
pull I-Cause
from I-Cause
international I-Cause
markets I-Cause
for I-Cause
a I-Cause
variety I-Cause
of I-Cause
industrial I-Cause
applications I-Cause
lets I-Cause
Enterprise I-Cause
take I-Cause
advantage I-Cause
of I-Cause
the I-Cause
export I-Cause
opportunities I-Cause
and I-Cause
lucrative I-Cause
differentials I-Cause
via I-Cause
its I-Cause
comprehensive I-Cause
asset I-Cause
base I-Cause
. O

This B-Effect
business I-Effect
segment I-Effect
will I-Effect
likely I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from I-Effect
stay-at-home I-Effect
and I-Effect
remote I-Effect
work I-Effect
trends I-Effect
amid I-Effect
the I-Effect
coronavirus I-Effect
pandemic I-Effect
, O
as O
PC B-Cause
and I-Cause
tablet I-Cause
demand I-Cause
increased I-Cause
significantly I-Cause
in I-Cause
China I-Cause
. O

Given O
the B-Cause
complexity I-Cause
of I-Cause
the I-Cause
ACA I-Cause
and I-Cause
its I-Cause
reporting I-Cause
requirements I-Cause
, O
it B-Effect
has I-Effect
created I-Effect
additional I-Effect
revenue I-Effect
opportunities I-Effect
for I-Effect
payroll I-Effect
service I-Effect
providers I-Effect
. O

Eversource B-Effect
also I-Effect
faces I-Effect
ESG I-Effect
risk I-Effect
given O
the B-Cause
aggressive I-Cause
clean I-Cause
energy I-Cause
goals I-Cause
in I-Cause
the I-Cause
Northeast I-Cause
and O
its B-Cause
operations I-Cause
of I-Cause
natural I-Cause
gas I-Cause
distribution I-Cause
businesses I-Cause
. O

Additionally O
, O
this B-Cause
consolidation I-Cause
of I-Cause
purchasing I-Cause
power I-Cause
helps O
CVS B-Effect
extract I-Effect
discounts I-Effect
from I-Effect
drug I-Effect
manufacturers I-Effect
on I-Effect
one I-Effect
end I-Effect
of I-Effect
the I-Effect
transaction I-Effect
and I-Effect
pharmacies I-Effect
on I-Effect
the I-Effect
other I-Effect
end I-Effect
of I-Effect
the I-Effect
transaction I-Effect
, I-Effect
which I-Effect
helps I-Effect
create I-Effect
value I-Effect
for I-Effect
its I-Effect
clients I-Effect
such I-Effect
as I-Effect
insurance I-Effect
plans I-Effect
and I-Effect
employers I-Effect
on I-Effect
their I-Effect
pharmacy I-Effect
cost I-Effect
trends I-Effect
. O

While O
industrial O
real O
estate O
typically O
features O
multiyear O
commitments O
for O
space O
, O
much B-Cause
of I-Cause
cold I-Cause
storage I-Cause
space I-Cause
is I-Cause
rented I-Cause
on I-Cause
an I-Cause
as-needed I-Cause
basis I-Cause
, O
adding B-Effect
some I-Effect
risk I-Effect
but I-Effect
also I-Effect
allowing I-Effect
pricing I-Effect
to I-Effect
recalibrate I-Effect
more I-Effect
quickly I-Effect
. O

Although O
we O
will O
likely O
see O
a B-Effect
slight I-Effect
pause I-Effect
in I-Effect
the I-Effect
commoditization I-Effect
of I-Effect
supply I-Effect
chain I-Effect
services I-Effect
with O
the B-Cause
increased I-Cause
reliance I-Cause
of I-Cause
supply I-Cause
chain I-Cause
partners I-Cause
, O
longer O
term O
we O
anticipate O
margins O
to O
continue O
to O
slide O
. O

The O
risk B-Effect
from I-Effect
carbon I-Effect
emissions I-Effect
is I-Effect
most I-Effect
likely I-Effect
to I-Effect
materialize I-Effect
through O
a B-Cause
carbon I-Cause
tax I-Cause
that O
increases B-Effect
the I-Effect
price I-Effect
of I-Effect
end I-Effect
products I-Effect
to I-Effect
consumers I-Effect
, I-Effect
reducing I-Effect
demand I-Effect
over I-Effect
time I-Effect
and I-Effect
threatening I-Effect
Exxon I-Effect
's I-Effect
core I-Effect
business I-Effect
. O

Regions O
also O
boasts O
one O
of O
the O
more O
advantaged O
deposit O
bases O
under O
our O
coverage O
, O
and O
the B-Effect
bank I-Effect
's I-Effect
focus I-Effect
on I-Effect
improving I-Effect
operational I-Effect
efficiency I-Effect
has I-Effect
paid I-Effect
dividends I-Effect
, O
as O
the B-Cause
bank I-Cause
has I-Cause
managed I-Cause
to I-Cause
keep I-Cause
its I-Cause
expense I-Cause
base I-Cause
relatively I-Cause
stable I-Cause
for I-Cause
years I-Cause
now I-Cause
. O

We O
think O
taking B-Effect
share I-Effect
in I-Effect
the I-Effect
high-end I-Effect
market I-Effect
with I-Effect
consumers I-Effect
who I-Effect
earn I-Effect
more I-Effect
than I-Effect
$ I-Effect
175,000 I-Effect
annually I-Effect
with I-Effect
brands I-Effect
AllModern I-Effect
, I-Effect
Perigold I-Effect
, I-Effect
Birch I-Effect
Lane I-Effect
, I-Effect
and I-Effect
Joss I-Effect
& I-Effect
amp I-Effect
; I-Effect
Main I-Effect
could O
be O
a O
bit O
more O
difficult O
as O
the B-Cause
willingness I-Cause
to I-Cause
spend I-Cause
on I-Cause
big-ticket I-Cause
products I-Cause
sight I-Cause
unseen I-Cause
could I-Cause
be I-Cause
a I-Cause
bit I-Cause
lower I-Cause
. O

Powered B-Cause
by I-Cause
store I-Cause
openings I-Cause
and I-Cause
retail I-Cause
expansion I-Cause
in I-Cause
the I-Cause
2010-15 I-Cause
period I-Cause
, O
Michael B-Effect
Kors I-Effect
became I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
American I-Effect
handbag I-Effect
producers I-Effect
in I-Effect
sales I-Effect
and I-Effect
units I-Effect
. O

We O
suspect O
Google B-Effect
is I-Effect
using I-Effect
YouTube I-Effect
TV I-Effect
to I-Effect
increase I-Effect
its I-Effect
ability I-Effect
to I-Effect
serve I-Effect
advertisers I-Effect
by O
expanding B-Cause
its I-Cause
presence I-Cause
in I-Cause
the I-Cause
traditional I-Cause
television I-Cause
ad I-Cause
market I-Cause
. O

In O
many O
cases O
, O
ADM O
is O
essentially O
a O
middleman O
between O
farmers O
and O
food O
companies O
, O
and O
its O
profits B-Effect
can I-Effect
take I-Effect
a I-Effect
hit I-Effect
if O
agricultural B-Cause
commodity I-Cause
prices I-Cause
move I-Cause
quickly I-Cause
. O

Unlike B-Cause
equity I-Cause
shares I-Cause
, I-Cause
derivatives I-Cause
have I-Cause
greater I-Cause
counterparty I-Cause
risk. O
Therefore O
, O
the B-Effect
exchange I-Effect
's I-Effect
clearinghouse I-Effect
must I-Effect
stand I-Effect
between I-Effect
the I-Effect
buyer I-Effect
and I-Effect
seller I-Effect
in I-Effect
order I-Effect
to I-Effect
limit I-Effect
the I-Effect
risk I-Effect
of I-Effect
a I-Effect
counterparty I-Effect
failing I-Effect
to I-Effect
fulfill I-Effect
its I-Effect
end I-Effect
of I-Effect
the I-Effect
contract I-Effect
by I-Effect
default I-Effect
. O

That O
said O
, O
because O
of O
its B-Cause
dependence I-Cause
on I-Cause
commoditized I-Cause
products I-Cause
and I-Cause
the I-Cause
strength I-Cause
of I-Cause
competitors I-Cause
in I-Cause
the I-Cause
more I-Cause
differentiated I-Cause
areas I-Cause
the I-Cause
firm I-Cause
is I-Cause
pursuing I-Cause
, O
we B-Effect
assign I-Effect
ON I-Effect
Semiconductor I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

The B-Cause
company I-Cause
can I-Cause
perform I-Cause
the I-Cause
average I-Cause
casing I-Cause
job I-Cause
quicker I-Cause
and I-Cause
more I-Cause
reliably I-Cause
than I-Cause
any I-Cause
competitor I-Cause
, I-Cause
and I-Cause
its I-Cause
advantage I-Cause
is I-Cause
particularly I-Cause
strong I-Cause
on I-Cause
the I-Cause
most I-Cause
challenging I-Cause
wellbores. O
This O
efficiency O
advantage O
creates B-Effect
great I-Effect
value I-Effect
for I-Effect
customers I-Effect
-- I-Effect
on I-Effect
an I-Effect
expensive I-Effect
deep-water I-Effect
rig I-Effect
, I-Effect
each I-Effect
day I-Effect
knocked I-Effect
off I-Effect
of I-Effect
casing I-Effect
installation I-Effect
would I-Effect
save I-Effect
the I-Effect
operator I-Effect
$ I-Effect
1 I-Effect
million I-Effect
. O

However O
, O
we O
were O
most O
concerned O
that O
the B-Cause
breach I-Cause
could I-Cause
prompt I-Cause
regulatory I-Cause
change I-Cause
, O
which O
could O
negatively O
affect O
the O
economics B-Effect
of I-Effect
the I-Effect
business I-Effect
. O

To O
any O
extent O
that O
GTT B-Effect
has I-Effect
lower I-Effect
compensation I-Effect
or I-Effect
marketing-related I-Effect
expenses I-Effect
relative O
to O
competitors O
, O
we O
attribute O
it O
to O
underinvestment B-Cause
by I-Cause
GTT I-Cause
or I-Cause
the I-Cause
companies I-Cause
it I-Cause
acquired I-Cause
rather O
than O
structural O
advantages O
, O
and O
we O
think O
any O
negative O
impact O
from O
underinvestment O
has O
been O
masked O
by O
the O
firm O
's O
aggressive O
acquisition O
strategy O
. O

It O
is O
possible O
that O
either B-Cause
these I-Cause
deals I-Cause
become I-Cause
larger I-Cause
or I-Cause
the I-Cause
company I-Cause
makes I-Cause
a I-Cause
more I-Cause
transformative I-Cause
acquisition I-Cause
, O
which O
we O
think O
would O
heighten B-Effect
the I-Effect
risk I-Effect
profile I-Effect
of I-Effect
the I-Effect
company I-Effect
. O

While O
we O
believe O
GTT B-Effect
realizes I-Effect
synergies I-Effect
as O
it B-Cause
brings I-Cause
smaller I-Cause
networks I-Cause
into I-Cause
a I-Cause
global I-Cause
one I-Cause
, O
we O
do O
n't O
think O
it O
makes O
up O
for O
only O
modest O
industry O
growth O
and O
lack O
of O
sustainable O
competitive O
advantages O
. O

Given B-Cause
the I-Cause
very I-Cause
similar I-Cause
business I-Cause
models I-Cause
shared I-Cause
by I-Cause
both I-Cause
Anixter I-Cause
and I-Cause
Wesco I-Cause
, I-Cause
we I-Cause
knew I-Cause
that I-Cause
significant I-Cause
cost I-Cause
synergies I-Cause
could I-Cause
be I-Cause
had I-Cause
, I-Cause
but I-Cause
Wesco I-Cause
has I-Cause
exceeded I-Cause
our I-Cause
expectations I-Cause
, I-Cause
both I-Cause
in I-Cause
terms I-Cause
of I-Cause
organic I-Cause
gross I-Cause
margin I-Cause
expansion I-Cause
and I-Cause
the I-Cause
speed I-Cause
of I-Cause
which I-Cause
it I-Cause
has I-Cause
realized I-Cause
deal-related I-Cause
cost I-Cause
synergies. O
As O
such O
, O
we B-Effect
bumped I-Effect
up I-Effect
our I-Effect
operating I-Effect
margin I-Effect
forecast I-Effect
, I-Effect
which I-Effect
we I-Effect
now I-Effect
see I-Effect
reaching I-Effect
6 I-Effect
% I-Effect
by I-Effect
2023 I-Effect
, I-Effect
or I-Effect
30 I-Effect
basis I-Effect
points I-Effect
better I-Effect
than I-Effect
our I-Effect
previous I-Effect
projectionManagement I-Effect
expects I-Effect
to I-Effect
achieve I-Effect
over I-Effect
$ I-Effect
250 I-Effect
million I-Effect
of I-Effect
run-rate I-Effect
cost I-Effect
synergies I-Effect
by I-Effect
2023 I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
is I-Effect
an I-Effect
achievable I-Effect
target I-Effect
. O

Global B-Cause
operations I-Cause
and I-Cause
partnerships I-Cause
with I-Cause
national I-Cause
oil I-Cause
companies I-Cause
expose O
the B-Effect
company I-Effect
to I-Effect
the I-Effect
threat I-Effect
that I-Effect
governments I-Effect
could I-Effect
expropriate I-Effect
assets I-Effect
or I-Effect
modify I-Effect
contract I-Effect
terms I-Effect
. I-Effect

Blockbuster B-Effect
movies I-Effect
tend I-Effect
to I-Effect
earn I-Effect
the I-Effect
majority I-Effect
of I-Effect
their I-Effect
box I-Effect
office I-Effect
within I-Effect
the I-Effect
first I-Effect
month I-Effect
of I-Effect
release I-Effect
, O
and O
so O
the B-Cause
ability I-Cause
to I-Cause
convert I-Cause
a I-Cause
film I-Cause
and I-Cause
release I-Cause
it I-Cause
at I-Cause
the I-Cause
same I-Cause
time I-Cause
as I-Cause
the I-Cause
standard I-Cause
version I-Cause
is I-Cause
very I-Cause
important I-Cause
. O

In O
our O
view O
, O
Capital B-Effect
One I-Effect
's I-Effect
cost I-Effect
efficiency I-Effect
is O
driven O
by O
its B-Cause
large I-Cause
scale I-Cause
and I-Cause
small I-Cause
physical I-Cause
footprint I-Cause
relative I-Cause
to I-Cause
its I-Cause
size I-Cause
. O

With O
its B-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
sequencers I-Cause
, O
Illumina B-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
count I-Effect
on I-Effect
significant I-Effect
revenue I-Effect
streams I-Effect
from I-Effect
related I-Effect
consumables I-Effect
going I-Effect
forward I-Effect
. O

Through B-Cause
continuous I-Cause
innovations I-Cause
, O
Progressive B-Effect
has I-Effect
built I-Effect
a I-Effect
data I-Effect
edge I-Effect
that O
has O
at O
times O
given O
it O
a O
leg O
up O
on O
other O
competitors O
. O

It O
might O
also O
be O
harder O
for O
Spotify B-Effect
to I-Effect
steal I-Effect
share I-Effect
from I-Effect
these I-Effect
competitors I-Effect
over I-Effect
time I-Effect
, O
as O
Apple B-Cause
Music I-Cause
users I-Cause
are I-Cause
probably I-Cause
entrenched I-Cause
with I-Cause
other I-Cause
Apple I-Cause
products I-Cause
, I-Cause
Amazon I-Cause
Music I-Cause
with I-Cause
Echo I-Cause
, I-Cause
and I-Cause
so I-Cause
on I-Cause
. O

On O
the O
positive O
side O
, O
increased B-Cause
focus I-Cause
on I-Cause
GHG I-Cause
emissions I-Cause
from I-Cause
power I-Cause
generation I-Cause
could O
improve B-Effect
the I-Effect
attractiveness I-Effect
for I-Effect
zero-carbon I-Effect
nuclear I-Effect
power I-Effect
. O

If O
regulatory B-Cause
changes I-Cause
result I-Cause
in I-Cause
more I-Cause
demand I-Cause
for I-Cause
validated I-Cause
proteins I-Cause
, O
Bio-Techne B-Effect
could I-Effect
benefit I-Effect
initially I-Effect
from I-Effect
its I-Effect
current I-Effect
high-quality I-Effect
position I-Effect
but O
could O
face B-Effect
longer-term I-Effect
challenges I-Effect
to I-Effect
market I-Effect
share I-Effect
if O
competitors B-Cause
can I-Cause
credibly I-Cause
claim I-Cause
their I-Cause
proteins I-Cause
meet I-Cause
minimum I-Cause
regulatory I-Cause
requirements I-Cause
. O

Large B-Effect
dealers I-Effect
like I-Effect
AutoNation I-Effect
are I-Effect
enjoying I-Effect
an I-Effect
increasing I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
repair I-Effect
work I-Effect
because O
most B-Cause
automakers I-Cause
require I-Cause
warranty I-Cause
work I-Cause
to I-Cause
be I-Cause
done I-Cause
at I-Cause
a I-Cause
dealer I-Cause
. O

Risks B-Effect
to I-Effect
pricing I-Effect
power I-Effect
exist I-Effect
, O
as O
the O
media O
has O
clung O
to O
negative O
publicity O
in O
prior O
years O
, O
threatening B-Cause
cruise I-Cause
brands I-Cause
' I-Cause
ability I-Cause
to I-Cause
raise I-Cause
fares I-Cause
, O
a O
factor O
that O
has O
been O
resurrected O
with O
the O
global O
spread O
of O
COVID-19 O
. O

Vistra B-Effect
is I-Effect
on I-Effect
track I-Effect
to I-Effect
meet I-Effect
our I-Effect
2020 I-Effect
EBITDA I-Effect
estimate I-Effect
after B-Cause
benefiting I-Cause
from I-Cause
favorable I-Cause
summer I-Cause
weather I-Cause
and I-Cause
a I-Cause
smaller I-Cause
impact I-Cause
from I-Cause
COVID-19 I-Cause
than I-Cause
we I-Cause
expected I-Cause
earlier I-Cause
this I-Cause
year I-Cause
. O

Demand B-Cause
for I-Cause
these I-Cause
types I-Cause
of I-Cause
assets I-Cause
will I-Cause
remain I-Cause
strong I-Cause
as O
patients B-Cause
seek I-Cause
the I-Cause
best I-Cause
treatments I-Cause
from I-Cause
the I-Cause
top I-Cause
health I-Cause
systems I-Cause
, O
driving B-Cause
consistent I-Cause
patient I-Cause
volumes I-Cause
to I-Cause
their I-Cause
affiliated I-Cause
assets I-Cause
and O
thus O
increasing B-Effect
the I-Effect
rents I-Effect
that I-Effect
can I-Effect
be I-Effect
charged I-Effect
to I-Effect
doctors I-Effect
' I-Effect
groups I-Effect
that I-Effect
want I-Effect
to I-Effect
service I-Effect
these I-Effect
patients I-Effect
. O

CVS B-Cause
' I-Cause
top-tier I-Cause
retail I-Cause
pharmacy I-Cause
, I-Cause
health I-Cause
insurer I-Cause
, I-Cause
and I-Cause
PBM I-Cause
franchises I-Cause
create O
the B-Effect
potential I-Effect
to I-Effect
improve I-Effect
health I-Effect
outcomes I-Effect
and I-Effect
even I-Effect
bend I-Effect
the I-Effect
healthcare I-Effect
cost I-Effect
curve I-Effect
for I-Effect
its I-Effect
members I-Effect
. O

In O
a O
data O
center O
, O
a B-Cause
power I-Cause
surge I-Cause
against I-Cause
an I-Cause
unprotected I-Cause
power I-Cause
supply I-Cause
would O
lead O
to O
downtime B-Effect
for I-Effect
an I-Effect
enterprise I-Effect
's I-Effect
systems I-Effect
or I-Effect
an I-Effect
entire I-Effect
portion I-Effect
of I-Effect
a I-Effect
public I-Effect
cloud I-Effect
. O

While O
the O
series O
plans O
to O
switch O
to O
new O
engines O
and O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
fully O
sustainable O
fuels O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
" O
in O
2025 O
, O
Formula B-Effect
One I-Effect
ca I-Effect
n't I-Effect
mandate I-Effect
a I-Effect
fully I-Effect
electric I-Effect
engine I-Effect
as O
the B-Cause
Formula I-Cause
E I-Cause
series I-Cause
holds I-Cause
the I-Cause
exclusive I-Cause
rights I-Cause
until I-Cause
2039 I-Cause
. O

Overall O
, O
Hunt B-Effect
's I-Effect
total I-Effect
revenue I-Effect
grew I-Effect
5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
despite O
the B-Cause
pandemic I-Cause
, O
thanks O
to O
a B-Cause
strong I-Cause
rebound I-Cause
in I-Cause
demand I-Cause
and I-Cause
pricing I-Cause
for I-Cause
the I-Cause
trucking I-Cause
and I-Cause
highway I-Cause
brokerage I-Cause
divisions I-Cause
, I-Cause
and I-Cause
acquisitions I-Cause
on I-Cause
the I-Cause
final I-Cause
mile I-Cause
unit I-Cause
. O

With O
wide B-Cause
distribution I-Cause
globally I-Cause
, O
this B-Effect
library I-Effect
creates I-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
: O
video B-Cause
platforms I-Cause
like I-Cause
traditional I-Cause
cable I-Cause
companies I-Cause
, I-Cause
online I-Cause
distributors I-Cause
, I-Cause
and I-Cause
theater I-Cause
chains I-Cause
have I-Cause
an I-Cause
incentive I-Cause
to I-Cause
work I-Cause
with I-Cause
WarnerMedia I-Cause
, O
which O
attracts B-Effect
strong I-Effect
content I-Effect
creators I-Effect
seeking I-Effect
as I-Effect
large I-Effect
an I-Effect
audience I-Effect
as I-Effect
possible I-Effect
. O

While O
current O
and O
future O
competitors O
such O
as O
Amazon O
and O
Internet O
access O
providers O
could O
create O
similar O
databases O
, O
Netflix B-Effect
's I-Effect
data I-Effect
set I-Effect
is I-Effect
and I-Effect
will I-Effect
remain I-Effect
significantly I-Effect
larger I-Effect
due O
to O
the B-Cause
size I-Cause
advantage I-Cause
of I-Cause
its I-Cause
subscriber I-Cause
base I-Cause
and I-Cause
the I-Cause
amount I-Cause
of I-Cause
time I-Cause
spent I-Cause
on I-Cause
the I-Cause
service I-Cause
. O

Already O
the O
largest O
provider O
in O
the O
U.S. O
, O
Netflix B-Effect
expanded I-Effect
rapidly I-Effect
into I-Effect
markets I-Effect
abroad I-Effect
as O
the B-Cause
service I-Cause
now I-Cause
has I-Cause
more I-Cause
subscribers I-Cause
outside I-Cause
of I-Cause
the I-Cause
U.S I-Cause
. O

At B-Cause
a I-Cause
lower I-Cause
cost I-Cause
, O
genome B-Effect
sequencing I-Effect
could I-Effect
have I-Effect
wide I-Effect
appeal I-Effect
in I-Effect
clinical I-Effect
diagnostic I-Effect
applications I-Effect
, O
especially O
in O
oncology O
and O
reproductive O
health O
. O

In O
our O
view O
, O
NetApp O
's O
gross O
margins O
will O
remain O
in O
the O
mid-to-high O
60s O
, O
but O
increase B-Effect
marginally I-Effect
, O
as O
it O
mixes B-Cause
more I-Cause
software I-Cause
sales I-Cause
with I-Cause
traditional I-Cause
storage I-Cause
hardware I-Cause
. O

Due O
to O
the B-Cause
increased I-Cause
national I-Cause
wireless I-Cause
competition I-Cause
that O
we O
forecast O
, O
we O
expect O
wireless B-Effect
service I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
be I-Effect
essentially I-Effect
flat I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

We B-Effect
remain I-Effect
encouraged I-Effect
with O
Texas B-Cause
Instruments I-Cause
' I-Cause
relentless I-Cause
focus I-Cause
on I-Cause
higher-margin I-Cause
analog I-Cause
and I-Cause
embedded I-Cause
chips I-Cause
, O
and O
when O
combined B-Cause
with I-Cause
smart I-Cause
operational I-Cause
moves I-Cause
on I-Cause
the I-Cause
manufacturing I-Cause
front I-Cause
, O
we O
foresee O
robust B-Effect
profitability I-Effect
and I-Effect
free I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
. O

The B-Cause
competitive I-Cause
price I-Cause
environment I-Cause
, I-Cause
structural I-Cause
growth I-Cause
of I-Cause
the I-Cause
discounters I-Cause
' I-Cause
channel I-Cause
, I-Cause
and I-Cause
potential I-Cause
deflationary I-Cause
pressures I-Cause
in I-Cause
the I-Cause
future I-Cause
constitute I-Cause
a I-Cause
toxic I-Cause
combination I-Cause
that O
could B-Effect
cause I-Effect
negative I-Effect
growth I-Effect
and I-Effect
margin I-Effect
pressure I-Effect
in I-Effect
a I-Effect
sector I-Effect
with I-Effect
already I-Effect
low I-Effect
profitability I-Effect
. O

We O
model O
cable B-Effect
margins I-Effect
to I-Effect
expand I-Effect
a I-Effect
bit I-Effect
from I-Effect
2019 I-Effect
levels I-Effect
after I-Effect
contracting I-Effect
in I-Effect
2020 I-Effect
, O
largely O
due O
to O
a B-Cause
greater I-Cause
shift I-Cause
toward I-Cause
the I-Cause
IP-based I-Cause
Ignite I-Cause
TV I-Cause
offering I-Cause
, O
but O
we O
expect O
most O
Ignite O
savings O
will O
show O
up O
in O
lower O
capital O
expenditures O
rather O
than O
operating O
expenses O
. O

However O
, O
the B-Cause
Polish I-Cause
fixed-line I-Cause
market I-Cause
is I-Cause
highly I-Cause
fragmented I-Cause
( I-Cause
seven I-Cause
competitors I-Cause
) I-Cause
with I-Cause
some I-Cause
fixed I-Cause
infrastructure I-Cause
duplicated I-Cause
, O
which O
makes O
it O
more B-Effect
challenging I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

We O
contend O
that O
these B-Cause
above I-Cause
factors I-Cause
, I-Cause
supported I-Cause
by I-Cause
Malibu I-Cause
's I-Cause
four I-Cause
boat I-Cause
manufacturing I-Cause
locations I-Cause
and I-Cause
two I-Cause
supplemental I-Cause
trailer I-Cause
and I-Cause
parts I-Cause
production I-Cause
locations I-Cause
, I-Cause
now I-Cause
with I-Cause
additional I-Cause
facilities I-Cause
from I-Cause
the I-Cause
Maverick I-Cause
acquisition I-Cause
, O
give O
Malibu B-Effect
an I-Effect
advantage I-Effect
over I-Effect
new I-Effect
competitors I-Effect
that I-Effect
would I-Effect
struggle I-Effect
to I-Effect
achieve I-Effect
that I-Effect
efficiency I-Effect
and I-Effect
infrastructure I-Effect
quickly I-Effect
. O

Nestle B-Cause
reports I-Cause
in I-Cause
Swiss I-Cause
francs I-Cause
, I-Cause
but I-Cause
less I-Cause
than I-Cause
2 I-Cause
% I-Cause
of I-Cause
its I-Cause
revenue I-Cause
is I-Cause
generated I-Cause
in I-Cause
Switzerland. O
This O
creates O
significant B-Effect
translational I-Effect
currency I-Effect
risk I-Effect
, I-Effect
and I-Effect
reported I-Effect
earnings I-Effect
and I-Effect
cash I-Effect
flows I-Effect
are I-Effect
sensitive I-Effect
to I-Effect
a I-Effect
strengthening I-Effect
of I-Effect
the I-Effect
franc I-Effect
. O

We O
also O
see O
technology B-Cause
advancements I-Cause
in I-Cause
AWS I-Cause
and I-Cause
a I-Cause
bigger I-Cause
push I-Cause
to I-Cause
service I-Cause
enterprise I-Cause
customers I-Cause
as O
helping O
to O
sustain B-Effect
the I-Effect
company I-Effect
's I-Effect
lead I-Effect
there I-Effect
. O

Reliability B-Effect
can I-Effect
be I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
vendors I-Effect
with I-Effect
a I-Effect
record I-Effect
of I-Effect
timely I-Effect
delivery I-Effect
and I-Effect
consistent I-Effect
quality I-Effect
, O
as O
this B-Cause
reduces I-Cause
retailers I-Cause
' I-Cause
supply I-Cause
chain I-Cause
risk I-Cause
. O

We B-Effect
think I-Effect
the I-Effect
brand I-Effect
is I-Effect
more I-Effect
of I-Effect
a I-Effect
premium I-Effect
brand I-Effect
in I-Effect
Europe I-Effect
and I-Effect
Asia I-Effect
than I-Effect
in I-Effect
North I-Effect
America I-Effect
, O
allowing B-Cause
for I-Cause
reduced I-Cause
discounting I-Cause
and I-Cause
higher I-Cause
average I-Cause
unit I-Cause
retail I-Cause
. O

Thermo O
Fisher O
's O
installed O
base O
of O
its O
platforms O
dwarfs O
the O
competition O
, O
and O
the B-Cause
pandemic I-Cause
resulted I-Cause
in I-Cause
an I-Cause
unprecedented I-Cause
demand I-Cause
for I-Cause
these I-Cause
platforms I-Cause
, O
which O
will O
yield B-Effect
benefits I-Effect
long I-Effect
after I-Effect
the I-Effect
pandemic I-Effect
effect I-Effect
wanes I-Effect
. O

We O
expect O
the B-Cause
government I-Cause
to I-Cause
offer I-Cause
relatively I-Cause
generous I-Cause
fiscal I-Cause
terms I-Cause
to I-Cause
induce I-Cause
more I-Cause
rapid I-Cause
development I-Cause
, O
making O
the B-Effect
potential I-Effect
returns I-Effect
for I-Effect
APA I-Effect
competitive I-Effect
with I-Effect
or I-Effect
perhaps I-Effect
better I-Effect
than I-Effect
what I-Effect
it I-Effect
can I-Effect
earn I-Effect
in I-Effect
the I-Effect
Permian I-Effect
or I-Effect
Egypt I-Effect
. O

Mastercard B-Cause
's I-Cause
global I-Cause
market I-Cause
share I-Cause
for I-Cause
credit I-Cause
and I-Cause
debit I-Cause
cards I-Cause
has I-Cause
been I-Cause
estimated I-Cause
at I-Cause
29 I-Cause
% I-Cause
and I-Cause
24 I-Cause
% I-Cause
, O
respectively O
, O
a O
level O
that O
dwarfs B-Effect
competitors I-Effect
outside I-Effect
of I-Effect
Visa I-Effect
. O

Even O
so O
, O
global B-Cause
expansion I-Cause
of I-Cause
the I-Cause
Jeep I-Cause
, I-Cause
Maserati I-Cause
, I-Cause
and I-Cause
Alfa I-Cause
Romeo I-Cause
brands I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
further I-Cause
development I-Cause
of I-Cause
the I-Cause
Ram I-Cause
brand I-Cause
, O
richens B-Effect
the I-Effect
product I-Effect
mix I-Effect
and I-Effect
bolsters I-Effect
operating I-Effect
leverage I-Effect
. O

Management O
has O
stated O
that O
if O
it O
wants O
to O
launch B-Effect
a I-Effect
product I-Effect
, O
it O
typically O
must O
discontinue B-Cause
a I-Cause
product I-Cause
to I-Cause
provide I-Cause
shelf I-Cause
space I-Cause
for I-Cause
the I-Cause
new I-Cause
entrant I-Cause
. O

Using B-Cause
Equinix I-Cause
data I-Cause
centers I-Cause
, I-Cause
organizations I-Cause
can I-Cause
directly I-Cause
connect I-Cause
their I-Cause
own I-Cause
equipment I-Cause
with I-Cause
multiple I-Cause
cloud I-Cause
providers I-Cause
, O
resulting O
in O
reduced B-Effect
latency I-Effect
and I-Effect
superior I-Effect
security I-Effect
and I-Effect
making I-Effect
the I-Effect
data I-Effect
center I-Effect
a I-Effect
draw I-Effect
for I-Effect
both I-Effect
sides I-Effect
. O

Although O
the O
acetic O
acid O
cost O
curve O
is O
relatively O
flat O
, O
Celanese B-Cause
's I-Cause
position I-Cause
at I-Cause
the I-Cause
low I-Cause
end I-Cause
of I-Cause
the I-Cause
cost I-Cause
curve I-Cause
has O
allowed B-Effect
the I-Effect
firm I-Effect
to I-Effect
generate I-Effect
consistent I-Effect
profits I-Effect
over I-Effect
time I-Effect
. O

We O
project O
operating O
margins O
averaging O
around O
25.5 O
% O
over O
the O
next O
five O
years O
, O
roughly O
300 O
basis O
points O
above O
average O
operating O
margins O
during O
the O
prior O
five O
years O
, O
as O
we O
expect O
the O
company O
will O
benefit O
from O
higher B-Cause
volumes I-Cause
driving O
increased B-Effect
profitability I-Effect
in O
the O
long O
run O
. O

The O
company O
operates B-Cause
in I-Cause
a I-Cause
mature I-Cause
oligopoly I-Cause
, I-Cause
and I-Cause
the I-Cause
loss I-Cause
of I-Cause
large I-Cause
customers I-Cause
( I-Cause
high I-Cause
customer I-Cause
concentration I-Cause
) I-Cause
, I-Cause
regulatory I-Cause
changes I-Cause
, I-Cause
significant I-Cause
litigation I-Cause
( I-Cause
opioid I-Cause
) I-Cause
, I-Cause
or I-Cause
entrant I-Cause
of I-Cause
a I-Cause
new I-Cause
competitor I-Cause
with I-Cause
significant I-Cause
resources I-Cause
could O
reduce B-Effect
the I-Effect
ability I-Effect
to I-Effect
negotiate I-Effect
with I-Effect
drug I-Effect
manufacturers I-Effect
and/or I-Effect
customers I-Effect
. O

Furthermore O
, O
despite B-Cause
the I-Cause
high I-Cause
costs I-Cause
of I-Cause
entering I-Cause
the I-Cause
industry I-Cause
, I-Cause
some I-Cause
new I-Cause
players I-Cause
are I-Cause
still I-Cause
attempting I-Cause
to I-Cause
tap I-Cause
into I-Cause
the I-Cause
cruiser I-Cause
base I-Cause
as I-Cause
extensions I-Cause
of I-Cause
their I-Cause
existing I-Cause
operating I-Cause
businesses I-Cause
, O
like O
Virgin O
or O
Ritz-Carlton O
, O
potentially O
increasing B-Effect
the I-Effect
competitive I-Effect
landscape I-Effect
. O

Over O
the O
next O
five O
years O
, O
we B-Effect
forecast I-Effect
operating I-Effect
margin I-Effect
contraction I-Effect
of I-Effect
100 I-Effect
basis I-Effect
points I-Effect
, O
due O
to O
the B-Cause
tough I-Cause
comparison I-Cause
of I-Cause
fiscal I-Cause
2021 I-Cause
that I-Cause
saw I-Cause
abnormal I-Cause
margins I-Cause
from I-Cause
COVID-19 I-Cause
tailwinds I-Cause
, I-Cause
including I-Cause
high I-Cause
employee I-Cause
utilization I-Cause
and I-Cause
offshore I-Cause
mix I-Cause
. O

This B-Effect
consolidated I-Effect
profile I-Effect
reduces I-Effect
the I-Effect
franchisee I-Effect
risk I-Effect
as O
the B-Cause
owners I-Cause
are I-Cause
more I-Cause
capitalized I-Cause
to I-Cause
withstand I-Cause
the I-Cause
inherent I-Cause
sales I-Cause
volatility I-Cause
in I-Cause
the I-Cause
restaurant I-Cause
industry I-Cause
( I-Cause
average I-Cause
EBITDA I-Cause
per I-Cause
franchisee I-Cause
is I-Cause
north I-Cause
of I-Cause
$ I-Cause
1 I-Cause
million I-Cause
) I-Cause
while O
also O
more B-Effect
clearly I-Effect
defining I-Effect
territorial I-Effect
rights I-Effect
among I-Effect
franchisees I-Effect
. O

Given O
that O
a B-Cause
vertical I-Cause
ERP I-Cause
solution I-Cause
is I-Cause
mission I-Cause
critical I-Cause
, O
we O
believe O
extending B-Effect
the I-Effect
life I-Effect
of I-Effect
legacy I-Effect
systems I-Effect
is I-Effect
no I-Effect
longer I-Effect
tenable I-Effect
. O

Of O
note O
, O
export B-Effect
coal I-Effect
volume I-Effect
and I-Effect
pricing I-Effect
can I-Effect
see I-Effect
variability I-Effect
linked O
to O
changes B-Cause
in I-Cause
demand I-Cause
for I-Cause
met I-Cause
coal I-Cause
used I-Cause
in I-Cause
steelmaking I-Cause
overseas I-Cause
. O

By O
utilizing B-Cause
NICE I-Cause
's I-Cause
solutions I-Cause
, O
businesses B-Effect
can I-Effect
reduce I-Effect
the I-Effect
expenditure I-Effect
needed I-Effect
to I-Effect
hire I-Effect
compliance I-Effect
personnel I-Effect
and I-Effect
reduce I-Effect
the I-Effect
risk I-Effect
of I-Effect
breaking I-Effect
certain I-Effect
laws I-Effect
. O

We O
assume O
a B-Cause
cost I-Cause
of I-Cause
equity I-Cause
of I-Cause
7.5 I-Cause
% I-Cause
, O
reflecting O
the B-Effect
low I-Effect
cyclicality I-Effect
of I-Effect
revenue I-Effect
, I-Effect
our I-Effect
forecast I-Effect
23 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
, O
and O
low B-Effect
operating I-Effect
and I-Effect
financial I-Effect
leverage I-Effect
. O

Grail O
's O
technology O
also O
looks O
like O
it O
will O
have O
a O
first-mover O
advantage O
when O
it O
launches O
in O
2021 O
, O
and O
Illumina B-Effect
may I-Effect
have I-Effect
a I-Effect
decent I-Effect
runway I-Effect
to O
expand B-Cause
those I-Cause
tests I-Cause
before I-Cause
competitive I-Cause
forces I-Cause
materially I-Cause
alter I-Cause
that I-Cause
target I-Cause
market I-Cause
. O

We O
think O
the B-Effect
market I-Effect
has I-Effect
significant I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
advanced I-Effect
intellectual I-Effect
property I-Effect
, O
as O
even B-Cause
chip I-Cause
leader I-Cause
Intel I-Cause
has I-Cause
been I-Cause
unable I-Cause
to I-Cause
develop I-Cause
its I-Cause
own I-Cause
GPUs I-Cause
despite O
its O
vast O
resources O
, O
and O
ultimately O
needed O
to O
license O
IP O
from O
Nvidia O
to O
integrate O
GPUs O
into O
its O
PC O
chipsets O
. O

Additionally O
, O
and O
holistically O
, O
Lyft B-Effect
's I-Effect
service I-Effect
may I-Effect
become I-Effect
more I-Effect
effective I-Effect
over I-Effect
time I-Effect
as O
the B-Cause
company I-Cause
further I-Cause
monetizes I-Cause
its I-Cause
riders I-Cause
via I-Cause
real-time I-Cause
supply I-Cause
and I-Cause
demand-driven I-Cause
pricing I-Cause
. O

It B-Effect
currently I-Effect
has I-Effect
capacity I-Effect
to I-Effect
export I-Effect
about I-Effect
700 I-Effect
mb/d I-Effect
and I-Effect
could I-Effect
increase I-Effect
that I-Effect
amount I-Effect
in I-Effect
the I-Effect
future I-Effect
if O
demand B-Cause
warrants I-Cause
. O

The B-Cause
switch I-Cause
from I-Cause
gel-based I-Cause
fracs I-Cause
to I-Cause
slick-water I-Cause
fracs I-Cause
has O
limited O
Halliburton B-Effect
's I-Effect
ability I-Effect
to I-Effect
apply I-Effect
custom I-Effect
chemistry I-Effect
to I-Effect
the I-Effect
development I-Effect
of I-Effect
frac I-Effect
fluid I-Effect
design I-Effect
. O

With O
large B-Cause
premium I-Cause
partnerships I-Cause
out I-Cause
of I-Cause
reach I-Cause
, O
Alliance B-Effect
Data I-Effect
Systems I-Effect
has I-Effect
historically I-Effect
found I-Effect
success I-Effect
targeting I-Effect
smaller I-Effect
brands I-Effect
that I-Effect
do I-Effect
not I-Effect
capture I-Effect
the I-Effect
same I-Effect
level I-Effect
of I-Effect
competitive I-Effect
attention I-Effect
. O

Technologies B-Cause
such I-Cause
as I-Cause
waste I-Cause
heat I-Cause
recovery I-Cause
systems I-Cause
that O
can O
enhance B-Effect
fuel I-Effect
economy I-Effect
by I-Effect
a I-Effect
few I-Effect
percent I-Effect
, O
which O
have O
only O
been O
employed O
on O
prototype O
vehicles O
, O
could O
become B-Effect
mainstream I-Effect
offerings I-Effect
supplied I-Effect
by I-Effect
Cummins I-Effect
. O

We O
think O
the B-Effect
market I-Effect
for I-Effect
e-signature I-Effect
applications I-Effect
is I-Effect
largely I-Effect
a I-Effect
greenfield I-Effect
opportunity I-Effect
, O
so O
we O
think O
stronger B-Effect
competition I-Effect
is I-Effect
less I-Effect
likely I-Effect
within I-Effect
the I-Effect
medium I-Effect
term I-Effect
, O
as O
DocuSign B-Cause
and I-Cause
Adobe I-Cause
( I-Cause
and I-Cause
others I-Cause
) I-Cause
can I-Cause
all I-Cause
enjoy I-Cause
rapid I-Cause
growth I-Cause
during I-Cause
this I-Cause
time I-Cause
. O

Increased B-Cause
competition I-Cause
from I-Cause
excess I-Cause
supply I-Cause
in I-Cause
China I-Cause
coupled I-Cause
with I-Cause
higher I-Cause
freight I-Cause
charges I-Cause
will O
see O
margins B-Effect
normalizing I-Effect
, I-Effect
and I-Effect
the I-Effect
strong I-Effect
margins I-Effect
in I-Effect
2017-18 I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
be I-Effect
seen I-Effect
again I-Effect
. O

However O
, O
we O
are O
more O
skeptical B-Effect
than I-Effect
management I-Effect
that I-Effect
Fox I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
obtain I-Effect
ownership I-Effect
rights I-Effect
to I-Effect
every I-Effect
new I-Effect
show I-Effect
, O
given O
the B-Cause
high I-Cause
level I-Cause
of I-Cause
demand I-Cause
for I-Cause
new I-Cause
shows I-Cause
from I-Cause
traditional I-Cause
and I-Cause
new I-Cause
outlets I-Cause
. O

Finally B-Effect
, I-Effect
our I-Effect
model I-Effect
calls I-Effect
for I-Effect
strong I-Effect
restaurant I-Effect
margin I-Effect
expansion I-Effect
, I-Effect
approaching I-Effect
27 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
as B-Cause
fixed I-Cause
cost I-Cause
leverage I-Cause
, I-Cause
the I-Cause
roll-off I-Cause
of I-Cause
pandemic-related I-Cause
expenses I-Cause
, I-Cause
and I-Cause
normalizing I-Cause
marketing I-Cause
expenditure I-Cause
provide I-Cause
upside I-Cause
. I-Cause

Moreover O
, O
the O
industry O
has O
warned O
that O
increased B-Cause
tariffs I-Cause
could O
lead O
to O
greater B-Effect
counterfeiting I-Effect
, O
an O
ongoing O
problem O
for O
Coach O
and O
Kate O
Spade O
. O

Due O
to O
a B-Cause
declining I-Cause
population I-Cause
and I-Cause
low I-Cause
interest I-Cause
rates I-Cause
, O
the B-Effect
market I-Effect
conditions I-Effect
have I-Effect
been I-Effect
challenging I-Effect
for I-Effect
Japanese I-Effect
life I-Effect
insurers I-Effect
, I-Effect
and I-Effect
we I-Effect
expect I-Effect
this I-Effect
to I-Effect
continue I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

We O
think O
barriers B-Effect
to I-Effect
entry I-Effect
are I-Effect
high I-Effect
in I-Effect
genome I-Effect
sequencing I-Effect
thanks O
to O
the B-Cause
intersection I-Cause
of I-Cause
three I-Cause
highly I-Cause
technical I-Cause
fields I-Cause
: O
biochemistry O
, O
electronic O
instrumentation O
, O
and O
complex O
data O
analysis O
. O

Despite O
this O
longer-term O
margin O
expansion O
, O
we O
expect O
slight B-Effect
non-IFRS I-Effect
operating I-Effect
margin I-Effect
contraction I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
as O
SAP B-Cause
sets I-Cause
outs I-Cause
on I-Cause
the I-Cause
costlier I-Cause
endeavor I-Cause
of I-Cause
transitioning I-Cause
a I-Cause
higher I-Cause
mix I-Cause
of I-Cause
on-premises I-Cause
ERP I-Cause
users I-Cause
to I-Cause
the I-Cause
cloud I-Cause
. O

This B-Effect
growth I-Effect
has I-Effect
enabled I-Effect
the I-Effect
business I-Effect
to I-Effect
become I-Effect
more I-Effect
profitable I-Effect
, O
as O
the B-Cause
network I-Cause
's I-Cause
fixed I-Cause
costs I-Cause
are I-Cause
spread I-Cause
over I-Cause
a I-Cause
much I-Cause
larger I-Cause
customer I-Cause
base I-Cause
. O

Aside O
from O
the B-Effect
inevitable I-Effect
commoditization I-Effect
to I-Effect
portions I-Effect
of I-Effect
IP I-Effect
's I-Effect
product I-Effect
portfolio I-Effect
stemming O
from O
its O
E B-Cause
& I-Cause
C I-Cause
customers I-Cause
' I-Cause
standardized I-Cause
projects I-Cause
, O
we O
believe O
these O
dynamics O
hit O
ITT O
in O
other O
ways O
. O

Overall O
, O
we O
forecast O
CME B-Effect
Group I-Effect
having I-Effect
a I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
in I-Effect
revenue I-Effect
of I-Effect
a I-Effect
little I-Effect
over I-Effect
2.5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
the B-Cause
company I-Cause
works I-Cause
its I-Cause
way I-Cause
out I-Cause
of I-Cause
a I-Cause
near-term I-Cause
cyclical I-Cause
trough I-Cause
. O

Our B-Effect
intrinsic I-Effect
value I-Effect
is I-Effect
significantly I-Effect
below I-Effect
recent I-Effect
trading I-Effect
levels I-Effect
, O
as O
we B-Cause
do I-Cause
not I-Cause
view I-Cause
the I-Cause
current I-Cause
growth I-Cause
to I-Cause
be I-Cause
sustainable I-Cause
for I-Cause
the I-Cause
foreseeable I-Cause
future I-Cause
as I-Cause
implied I-Cause
by I-Cause
the I-Cause
current I-Cause
share I-Cause
price I-Cause
. O

Our O
forecast O
sees O
particular O
strength O
in O
the O
Popeyes O
segment O
, O
with B-Effect
the I-Effect
brand I-Effect
averaging I-Effect
double-digit I-Effect
system I-Effect
sales I-Effect
growth I-Effect
through I-Effect
2030 I-Effect
due O
to O
strong B-Cause
unit I-Cause
expansion I-Cause
( I-Cause
7.5 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
) I-Cause
as O
the B-Effect
brand I-Effect
benefits I-Effect
from I-Effect
improving I-Effect
four-wall I-Effect
economics I-Effect
and I-Effect
international I-Effect
expansion I-Effect
. O

Given O
the B-Cause
company I-Cause
's I-Cause
aggressive I-Cause
shift I-Cause
toward I-Cause
the I-Cause
capital-intensive I-Cause
iBuying I-Cause
model I-Cause
, O
we O
expect O
profitability B-Effect
to I-Effect
remain I-Effect
elusive I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

However O
, O
we O
anticipate O
more B-Effect
challenges I-Effect
in I-Effect
2020 I-Effect
, O
in B-Cause
part I-Cause
due I-Cause
to I-Cause
the I-Cause
COVID-19 I-Cause
slowdown I-Cause
but I-Cause
largely I-Cause
a I-Cause
factor I-Cause
of I-Cause
general I-Cause
moderation I-Cause
in I-Cause
procedures I-Cause
and I-Cause
capital I-Cause
placement I-Cause
deceleration I-Cause
. O

These O
provide B-Effect
stimulus I-Effect
to I-Effect
its I-Effect
top I-Effect
line I-Effect
, O
not O
only O
by O
maintaining B-Cause
mind I-Cause
share I-Cause
among I-Cause
its I-Cause
core I-Cause
consumers I-Cause
, O
but O
by O
expanding B-Cause
the I-Cause
types I-Cause
of I-Cause
palates I-Cause
to I-Cause
which I-Cause
its I-Cause
drinks I-Cause
appeal I-Cause
. O

We B-Effect
are I-Effect
confident I-Effect
in I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
as O
we B-Cause
expect I-Cause
Workday I-Cause
's I-Cause
top I-Cause
line I-Cause
to I-Cause
rely I-Cause
less I-Cause
and I-Cause
less I-Cause
on I-Cause
its I-Cause
low-margin I-Cause
services I-Cause
business I-Cause
-- O
which O
posted O
gross O
margin O
in O
fiscal O
2021 O
of O
negative O
11 O
% O
. O

As O
engines B-Cause
are I-Cause
multimillion-dollar I-Cause
products I-Cause
, O
customers B-Cause
are I-Cause
unlikely I-Cause
to I-Cause
switch I-Cause
engines I-Cause
on I-Cause
an I-Cause
aircraft I-Cause
after I-Cause
the I-Cause
aircraft I-Cause
has I-Cause
been I-Cause
delivered I-Cause
, O
would O
require B-Effect
time I-Effect
and I-Effect
substantial I-Effect
investment I-Effect
from I-Effect
risk-averse I-Effect
customers I-Effect
that I-Effect
are I-Effect
focused I-Effect
on I-Effect
adding I-Effect
capacity I-Effect
. O

Over O
the O
near O
term O
, O
the B-Cause
uneven I-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
could I-Cause
waylay I-Cause
performance I-Cause
metrics I-Cause
if O
rolling B-Cause
store I-Cause
closures I-Cause
arise I-Cause
again I-Cause
, O
dislocating B-Effect
demand I-Effect
. O

While O
upstart O
MasMovil O
has O
caused O
disruption O
in O
the O
Spanish O
market O
, O
we O
expect O
Vodafone B-Cause
's I-Cause
solid I-Cause
asset I-Cause
base I-Cause
will O
enable O
it B-Effect
to I-Effect
weather I-Effect
this I-Effect
storm I-Effect
and I-Effect
return I-Effect
to I-Effect
profitable I-Effect
growth I-Effect
over I-Effect
the I-Effect
longer I-Effect
term I-Effect
. O

In O
order O
to O
remain B-Effect
relevant I-Effect
to I-Effect
scientists I-Effect
in I-Effect
early I-Effect
research I-Effect
phases I-Effect
, O
Danaher O
must O
continue B-Cause
to I-Cause
innovate I-Cause
, O
which O
contributes B-Effect
to I-Effect
its I-Effect
intangible I-Effect
assets I-Effect
in I-Effect
this I-Effect
business I-Effect
, O
as O
well O
. O

In O
looking O
at O
the O
entire O
company O
, O
over O
the O
next O
five O
years O
, O
we O
expect O
that O
Merck B-Effect
will I-Effect
post I-Effect
6 I-Effect
% I-Effect
annual I-Effect
top-line I-Effect
growth I-Effect
with O
new B-Cause
drugs I-Cause
offsetting I-Cause
drugs I-Cause
lost I-Cause
to I-Cause
generic I-Cause
competition I-Cause
. O

Unlike B-Effect
its I-Effect
Canadian I-Effect
peers I-Effect
, I-Effect
the I-Effect
firm I-Effect
is I-Effect
more I-Effect
vertically I-Effect
integrated I-Effect
as O
it B-Cause
owns I-Cause
dispensaries I-Cause
in I-Cause
addition I-Cause
to I-Cause
the I-Cause
cultivation I-Cause
and I-Cause
processing I-Cause
of I-Cause
value-added I-Cause
products I-Cause
. O

However O
, O
following O
Digital O
's O
acquisitions O
of O
Telx O
in O
2015 O
and O
Interxion O
in O
2020 O
, O
it B-Cause
has I-Cause
placed I-Cause
greater I-Cause
emphasis I-Cause
on I-Cause
co-location I-Cause
and I-Cause
interconnection I-Cause
, O
which O
typically O
lead O
to O
better B-Effect
returns I-Effect
. O

An B-Cause
extensive I-Cause
salesforce I-Cause
makes O
J B-Cause
& I-Cause
J I-Cause
a I-Cause
powerful I-Cause
candidate I-Cause
for I-Cause
a I-Cause
smaller I-Cause
biotechnology I-Cause
company I-Cause
looking I-Cause
to I-Cause
partner I-Cause
on I-Cause
a I-Cause
new I-Cause
drug I-Cause
, O
which O
strengthens B-Effect
Johnson I-Effect
& I-Effect
Johnson I-Effect
's I-Effect
ability I-Effect
to I-Effect
bring I-Effect
new I-Effect
products I-Effect
to I-Effect
market I-Effect
. O

We O
expect O
Verizon B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
gradually I-Effect
expand I-Effect
wireless I-Effect
market I-Effect
share I-Effect
over I-Effect
the I-Effect
next I-Effect
couple I-Effect
of I-Effect
years I-Effect
as O
its B-Cause
reputation I-Cause
for I-Cause
network I-Cause
quality I-Cause
remains I-Cause
and O
as O
competition B-Cause
continues I-Cause
to I-Cause
rationalize I-Cause
amid I-Cause
T-Mobile I-Cause
's I-Cause
integration I-Cause
efforts I-Cause
. O

As O
Conagra B-Cause
invests I-Cause
just I-Cause
4.2 I-Cause
% I-Cause
of I-Cause
sales I-Cause
on I-Cause
marketing I-Cause
and I-Cause
0.6 I-Cause
% I-Cause
on I-Cause
R I-Cause
& I-Cause
D I-Cause
( O
less O
than O
the O
5.3 O
% O
and O
1.3 O
% O
, O
respectively O
, O
invested O
by O
peers O
) O
we O
think O
it O
will O
be O
difficult O
for O
Conagra B-Effect
to I-Effect
maintain I-Effect
market I-Effect
share I-Effect
over O
the O
long O
term O
. O

Thus O
Adcetris B-Effect
and I-Effect
Padcev I-Effect
are I-Effect
well-protected I-Effect
assets I-Effect
that I-Effect
should I-Effect
drive I-Effect
cash I-Effect
generation I-Effect
as O
the B-Cause
company I-Cause
develops I-Cause
its I-Cause
other I-Cause
candidates I-Cause
, I-Cause
such I-Cause
as I-Cause
tisotumab I-Cause
vedotin I-Cause
, I-Cause
or I-Cause
TV I-Cause
, O
which O
will O
have B-Effect
pivotal I-Effect
data I-Effect
in I-Effect
cervical I-Effect
cancer I-Effect
early I-Effect
next I-Effect
year I-Effect
. O

Given O
the B-Cause
ongoing I-Cause
demand I-Cause
for I-Cause
content I-Cause
, O
we O
believe O
content B-Effect
creation I-Effect
for I-Effect
cable I-Effect
networks I-Effect
is I-Effect
not I-Effect
a I-Effect
zero-sum I-Effect
game I-Effect
, O
as O
quality B-Cause
content I-Cause
will I-Cause
always I-Cause
find I-Cause
an I-Cause
outlet I-Cause
. O

Over B-Cause
the I-Cause
medium I-Cause
term I-Cause
, I-Cause
we I-Cause
expect I-Cause
that I-Cause
production I-Cause
rate I-Cause
increases I-Cause
will I-Cause
outpace I-Cause
new I-Cause
customer I-Cause
orders I-Cause
, O
which O
will O
slowly B-Effect
reduce I-Effect
Airbus I-Effect
' I-Effect
massive I-Effect
narrow-body I-Effect
backlog I-Effect
. O

With B-Cause
an B-Effect
expanding I-Effect
operating I-Effect
margin I-Effect
ahead I-Effect
thanks I-Cause
to I-Cause
further B-Cause
supply I-Cause
chain I-Cause
and I-Cause
merchandising I-Cause
amendments I-Cause
underway I-Cause
, O
we B-Effect
view I-Effect
Lowe I-Effect
's I-Effect
13 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
forecast I-Effect
as I-Effect
achievable I-Effect
; I-Effect
additionally I-Effect
, I-Effect
we I-Effect
forecast I-Effect
a I-Effect
38 I-Effect
% I-Effect
ROIC I-Effect
in I-Effect
2030 I-Effect
. O

The B-Effect
oligopoly I-Effect
is I-Effect
further I-Effect
strengthened I-Effect
by O
Boston B-Cause
's I-Cause
customer I-Cause
base I-Cause
in I-Cause
the O
U.S. O
, O
which O
is O
relatively O
more O
fragmented O
, O
and O
hospitals O
are O
less O
able O
to O
exert O
bargaining O
power O
against O
the O
cardiac O
device O
makers O
. O

We O
are O
forecasting O
that O
net B-Effect
interest I-Effect
income I-Effect
will I-Effect
come I-Effect
under I-Effect
pressure I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
as O
rate B-Cause
cuts I-Cause
feed I-Cause
through O
the O
balance O
sheet O
and O
that O
rates O
will O
stay O
low O
for O
years O
before O
normalizing O
higher O
. O

The O
firm O
's O
main O
strategic O
initiatives O
are O
improving B-Cause
operating I-Cause
efficiency I-Cause
while I-Cause
maintaining I-Cause
a I-Cause
focus I-Cause
on I-Cause
quality I-Cause
and I-Cause
building I-Cause
on I-Cause
long-term I-Cause
customer I-Cause
relationships I-Cause
to B-Effect
drive I-Effect
growth I-Effect
of I-Effect
higher-margin I-Effect
services I-Effect
. O

Komatsu O
could O
then O
have O
a O
better B-Cause
gauge I-Cause
of I-Cause
the I-Cause
real I-Cause
demand I-Cause
for O
its O
machinery B-Effect
and I-Effect
adjust I-Effect
its I-Effect
production I-Effect
and I-Effect
sales I-Effect
accordingly O
. O

In O
our O
base O
case O
, O
we O
assume O
significant B-Effect
short-term I-Effect
growth I-Effect
as O
food B-Cause
producers I-Cause
, I-Cause
suppliers I-Cause
, I-Cause
and I-Cause
grocery I-Cause
stores I-Cause
scramble I-Cause
to I-Cause
fulfill I-Cause
consumer I-Cause
needs I-Cause
during I-Cause
the I-Cause
mercurial I-Cause
coronavirus I-Cause
pandemic I-Cause
. O

We O
expect O
its B-Cause
future I-Cause
solvent-assisted I-Cause
growth I-Cause
projects I-Cause
to O
drive O
significant B-Effect
growth I-Effect
and I-Effect
add I-Effect
value I-Effect
, O
but O
not O
enough O
to O
justify O
a O
4-star O
rating O
. O

Library B-Cause
budgets I-Cause
are I-Cause
strained I-Cause
, O
limiting O
growth B-Effect
, O
but O
Wiley B-Cause
's I-Cause
catalog I-Cause
is I-Cause
essential I-Cause
and I-Cause
its I-Cause
content I-Cause
, I-Cause
platform I-Cause
, I-Cause
and I-Cause
relationships I-Cause
with I-Cause
universities I-Cause
and I-Cause
other I-Cause
institutions I-Cause
make O
it O
a B-Effect
valued I-Effect
partner I-Effect
. O

In B-Cause
categories I-Cause
like I-Cause
carbonated I-Cause
soft I-Cause
drinks I-Cause
, I-Cause
or I-Cause
CSDs I-Cause
, I-Cause
and I-Cause
juices I-Cause
, I-Cause
slight I-Cause
modifications I-Cause
to I-Cause
ingredient I-Cause
composition I-Cause
can O
result O
in O
distinct B-Cause
tastes I-Cause
, O
and O
thus O
value B-Effect
propositions I-Effect
, I-Effect
to I-Effect
the I-Effect
consumer I-Effect
. O

Additionally O
, O
the B-Cause
high I-Cause
supply I-Cause
growth I-Cause
in I-Cause
many I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
markets I-Cause
and I-Cause
the I-Cause
ever-present I-Cause
competition I-Cause
from I-Cause
alternative I-Cause
housing I-Cause
options I-Cause
keeps B-Effect
rent I-Effect
growth I-Effect
in I-Effect
the I-Effect
low I-Effect
to I-Effect
midsingle I-Effect
digits I-Effect
. O

Electric B-Effect
vehicle I-Effect
demand I-Effect
could I-Effect
undershoot I-Effect
expectations I-Effect
if O
fuel-cell O
or O
other O
technologies O
overtake O
lithium O
as O
the B-Cause
preferred I-Cause
powertrain I-Cause
for I-Cause
zero-emission I-Cause
vehicles I-Cause
. O

In O
fact O
, O
demand B-Effect
is I-Effect
likely I-Effect
to I-Effect
be I-Effect
fairly I-Effect
strong I-Effect
in I-Effect
the I-Effect
first I-Effect
half I-Effect
of I-Effect
the I-Effect
year I-Effect
due O
to O
consumer B-Cause
pantry I-Cause
stocking I-Cause
of I-Cause
products I-Cause
with I-Cause
long I-Cause
shelf I-Cause
lives I-Cause
, O
although O
this O
could O
unwind O
in O
the O
second O
half O
of O
the O
year O
. O

BBVA B-Effect
emerged I-Effect
as I-Effect
one I-Effect
of I-Effect
Europe I-Effect
's I-Effect
strongest I-Effect
banks I-Effect
after I-Effect
the I-Effect
2008 I-Effect
financial I-Effect
crisis I-Effect
, O
mainly O
because O
it B-Cause
is I-Cause
largely I-Cause
a I-Cause
retail I-Cause
and I-Cause
commercial I-Cause
bank I-Cause
, I-Cause
with I-Cause
corporate I-Cause
and O
investment B-Cause
banking I-Cause
making I-Cause
a I-Cause
relatively I-Cause
smaller I-Cause
contribution I-Cause
. O

Scale B-Cause
and I-Cause
cost I-Cause
leverage I-Cause
should O
fuel B-Effect
aggressive I-Effect
pricing I-Effect
rather O
than O
higher O
profitability O
, O
with O
fiscal O
2021 O
's O
5.3 O
% O
segment O
operating O
margin O
essentially O
holding O
long O
term O
. O

The B-Effect
firm I-Effect
's I-Effect
massive I-Effect
scale I-Effect
, I-Effect
at I-Effect
more I-Effect
than I-Effect
40 I-Effect
billion I-Effect
components I-Effect
per I-Effect
year I-Effect
, I-Effect
limits I-Effect
the I-Effect
chance I-Effect
of I-Effect
component I-Effect
shortages I-Effect
, O
as O
many B-Cause
components I-Cause
can I-Cause
be I-Cause
made I-Cause
in I-Cause
a I-Cause
different I-Cause
facility I-Cause
if I-Cause
any I-Cause
one I-Cause
plant I-Cause
faces I-Cause
difficulties I-Cause
. O

While O
Smucker O
is O
benefiting O
from O
pandemic-related O
pantry O
stocking O
, O
the B-Cause
firm I-Cause
faces I-Cause
long-term I-Cause
revenue I-Cause
headwinds I-Cause
, O
resulting O
in O
declining B-Effect
organic I-Effect
sales I-Effect
in I-Effect
three I-Effect
of I-Effect
the I-Effect
past I-Effect
five I-Effect
years I-Effect
. O

Celanese O
's O
plants O
exhibit O
economies B-Cause
of I-Cause
scale I-Cause
, O
allowing O
them B-Effect
to I-Effect
spread I-Effect
capital I-Effect
costs I-Effect
and I-Effect
fixed I-Effect
operating I-Effect
costs I-Effect
across I-Effect
greater I-Effect
production I-Effect
volume I-Effect
. O

In O
addition O
, O
Banco B-Effect
Bradesco I-Effect
and I-Effect
Itau I-Effect
Unibanco I-Effect
have I-Effect
capitalized I-Effect
on I-Effect
its I-Effect
sticky I-Effect
deposit I-Effect
base I-Effect
by O
cross B-Cause
selling I-Cause
ancillary I-Cause
banking I-Cause
products I-Cause
like I-Cause
credit I-Cause
cards I-Cause
and I-Cause
insurance I-Cause
. O

Additionally O
, O
almost O
half O
of O
CBRE O
's O
income O
is O
earned O
in O
international O
markets O
and O
foreign O
currencies O
, O
notably B-Effect
higher I-Effect
than I-Effect
in I-Effect
the I-Effect
past I-Effect
due O
to O
several B-Cause
acquisitions I-Cause
; O
foreign B-Cause
exchange I-Cause
rate I-Cause
fluctuations I-Cause
or I-Cause
country-specific I-Cause
risks I-Cause
can O
meaningfully O
affect B-Effect
the I-Effect
firm I-Effect
's I-Effect
financial I-Effect
results I-Effect
. O

Following O
the O
firm O
's O
release O
of O
fourth-quarter O
2020 O
financial O
results O
, O
we O
are O
increasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
on I-Effect
SS I-Effect
& I-Effect
C I-Effect
to I-Effect
$ I-Effect
67 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
63 I-Effect
due O
to O
time B-Cause
value I-Cause
of I-Cause
money I-Cause
and I-Cause
revenue I-Cause
being I-Cause
a I-Cause
touch I-Cause
higher I-Cause
than I-Cause
our I-Cause
previous I-Cause
forecast I-Cause
. O

However O
, O
the B-Cause
bank I-Cause
must I-Cause
also I-Cause
maintain I-Cause
a I-Cause
vast I-Cause
international I-Cause
office I-Cause
network I-Cause
to O
support B-Effect
its I-Effect
global I-Effect
footprint I-Effect
for I-Effect
its I-Effect
commercial I-Effect
operations I-Effect
. O

We B-Cause
think I-Cause
competitors I-Cause
are I-Cause
hard-pressed I-Cause
to I-Cause
compete I-Cause
with I-Cause
alternative I-Cause
towers I-Cause
, O
so O
they O
could B-Effect
instead I-Effect
bid I-Effect
for I-Effect
American I-Effect
Tower I-Effect
's I-Effect
land I-Effect
as I-Effect
leases I-Effect
expire I-Effect
. O

Because O
of O
lower B-Cause
revenue I-Cause
, I-Cause
IT- I-Cause
investments I-Cause
, I-Cause
and I-Cause
pressure I-Cause
on I-Cause
gross I-Cause
margins I-Cause
( O
net O
revenue/gross O
revenue O
) O
linked O
in O
part O
to O
rising O
buy O
rates O
for O
capacity O
, O
Hub B-Effect
's I-Effect
adjusted I-Effect
2020 I-Effect
EBIT I-Effect
margin I-Effect
fell I-Effect
110 I-Effect
basis I-Effect
points I-Effect
, I-Effect
to I-Effect
3.4 I-Effect
% I-Effect
. I-Effect

Walmart B-Cause
's I-Cause
size I-Cause
allows B-Effect
it I-Effect
to I-Effect
leverage I-Effect
supply I-Effect
chain I-Effect
, I-Effect
distribution I-Effect
, I-Effect
and I-Effect
advertising I-Effect
costs I-Effect
over I-Effect
a I-Effect
large I-Effect
sales I-Effect
base I-Effect
, I-Effect
enabling I-Effect
reinvestment I-Effect
behind I-Effect
its I-Effect
brand I-Effect
to I-Effect
drive I-Effect
traffic I-Effect
( I-Effect
which I-Effect
in I-Effect
turn I-Effect
generates I-Effect
cost I-Effect
leverage I-Effect
) I-Effect
. O

Advance B-Effect
's I-Effect
tool I-Effect
loan I-Effect
offerings I-Effect
add I-Effect
additional I-Effect
value I-Effect
, O
as O
part O
installations O
sometimes O
require O
a O
specialized O
instrument B-Cause
that I-Cause
is I-Cause
better I-Cause
borrowed I-Cause
from I-Cause
Advance I-Cause
than I-Cause
purchased I-Cause
for I-Cause
a I-Cause
single-use I-Cause
application I-Cause
. O

WestRock B-Effect
would I-Effect
probably I-Effect
see I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
decline I-Effect
if O
the B-Cause
United I-Cause
States I-Cause
, I-Cause
roughly I-Cause
95 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, I-Cause
were I-Cause
to I-Cause
experience I-Cause
a I-Cause
substantial I-Cause
economic I-Cause
slowdown I-Cause
. O

We O
believe O
increased B-Cause
emissions I-Cause
regulation I-Cause
has I-Cause
led I-Cause
to I-Cause
more I-Cause
emissions I-Cause
content I-Cause
in I-Cause
commercial I-Cause
vehicles I-Cause
, I-Cause
meaning I-Cause
, I-Cause
more I-Cause
components I-Cause
like I-Cause
aftertreatment I-Cause
systems I-Cause
are I-Cause
becoming I-Cause
more I-Cause
widely I-Cause
adopted I-Cause
, O
which O
works B-Effect
to I-Effect
reduce I-Effect
harmful I-Effect
engine I-Effect
emissions I-Effect
and I-Effect
increase I-Effect
fuel I-Effect
efficiency I-Effect
. O

Paylocity B-Effect
recently I-Effect
increased I-Effect
its I-Effect
maximum I-Effect
PEPY I-Effect
to I-Effect
$ I-Effect
400 I-Effect
with O
the B-Cause
launch I-Cause
of I-Cause
its I-Cause
learning I-Cause
management I-Cause
module I-Cause
, O
up O
from O
$ O
200 O
at O
the O
time O
of O
its O
2014 O
initial O
public O
offering O
. O

Unlike O
its O
peers O
in O
a O
highly O
fragmented O
market O
, O
Veeva B-Cause
introduced I-Cause
innovative I-Cause
solutions I-Cause
providing I-Cause
real-time I-Cause
work I-Cause
solutions I-Cause
that O
enable O
clients B-Effect
to I-Effect
improve I-Effect
efficiency I-Effect
and I-Effect
track I-Effect
milestones I-Effect
while O
adhering O
to O
strict O
privacy O
rules O
and O
numerous O
other O
global O
regulations O
. O

We O
believe O
CNH B-Effect
Industrial I-Effect
faces I-Effect
little I-Effect
risk I-Effect
on I-Effect
this I-Effect
front I-Effect
, O
as O
the B-Cause
company I-Cause
continues I-Cause
to I-Cause
evolve I-Cause
the I-Cause
sustainability I-Cause
of I-Cause
its I-Cause
products I-Cause
and I-Cause
its I-Cause
impact I-Cause
on I-Cause
the I-Cause
environment I-Cause
. O

Norwegian O
's O
adjusted O
ROICs O
including O
goodwill O
approximated O
our O
estimated O
10.5 O
% O
weighted O
average O
cost O
of O
capital O
in O
2017-19 O
, O
but O
given O
setbacks B-Cause
stemming I-Cause
from I-Cause
COVID-19 I-Cause
, O
we O
do O
n't O
anticipate O
it B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
do I-Effect
so I-Effect
until I-Effect
2025 I-Effect
. O

It B-Cause
will I-Cause
be I-Cause
incorporated I-Cause
into I-Cause
the I-Cause
Intelligent I-Cause
Cloud I-Cause
segment I-Cause
so I-Cause
that I-Cause
Microsoft I-Cause
and I-Cause
GitHub I-Cause
will I-Cause
work I-Cause
together I-Cause
to O
empower O
developers B-Effect
to I-Effect
achieve I-Effect
more I-Effect
at I-Effect
every I-Effect
stage I-Effect
of I-Effect
the I-Effect
development I-Effect
lifecycle I-Effect
, I-Effect
accelerate I-Effect
enterprise I-Effect
use I-Effect
of I-Effect
GitHub I-Effect
, I-Effect
and I-Effect
expand I-Effect
its I-Effect
community I-Effect
of I-Effect
developers I-Effect
. O

Additionally O
, O
the B-Cause
addition I-Cause
of I-Cause
professional I-Cause
sports I-Cause
to I-Cause
the I-Cause
region I-Cause
stands I-Cause
to O
drive O
incremental B-Cause
demand I-Cause
, O
which O
makes B-Effect
the I-Effect
allure I-Effect
of I-Effect
Wynn I-Effect
's I-Effect
recent I-Effect
convention I-Effect
expansion I-Effect
and I-Effect
its I-Effect
38 I-Effect
acres I-Effect
currently I-Effect
under I-Effect
construction I-Effect
across I-Effect
from I-Effect
Wynn I-Effect
Las I-Effect
Vegas I-Effect
that I-Effect
was I-Effect
purchased I-Effect
in I-Effect
December I-Effect
2017 I-Effect
that I-Effect
much I-Effect
more I-Effect
attractive I-Effect
. O

Second O
, O
we B-Effect
're I-Effect
also I-Effect
modeling I-Effect
stronger I-Effect
profit I-Effect
margins I-Effect
driven O
by O
Johnson B-Cause
Controls I-Cause
' I-Cause
$ I-Cause
250 I-Cause
million I-Cause
( I-Cause
net I-Cause
) I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
reduction I-Cause
plan I-Cause
( O
in O
addition O
to O
its O
previously O
announced O
$ O
300 O
million O
SG O
& O
A O
savings O
plan O
) O
. O

In O
parallel O
, O
we O
forecast O
gross B-Effect
margin I-Effect
to I-Effect
increase I-Effect
from I-Effect
31.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
32.2 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
as O
increasing B-Cause
automation I-Cause
in I-Cause
Accenture I-Cause
's I-Cause
servicing I-Cause
, O
which O
cuts O
training B-Effect
costs I-Effect
embedded I-Effect
in I-Effect
cost I-Effect
of I-Effect
goods I-Effect
sold I-Effect
, O
overshadows O
the B-Effect
increasing I-Effect
cost I-Effect
of I-Effect
talent I-Effect
. O

Google O
's O
search O
engine O
is O
an O
example O
of O
the O
benefits O
from O
indirect O
network O
effects O
associated O
with O
data O
, O
as O
more B-Cause
searches I-Cause
lead O
to O
better B-Effect
algorithms I-Effect
, I-Effect
better I-Effect
results I-Effect
, I-Effect
and I-Effect
in I-Effect
turn I-Effect
, I-Effect
more I-Effect
searches I-Effect
. O

We O
forecast O
that O
sales B-Effect
for I-Effect
ORV/snowmobiles I-Effect
can I-Effect
rise I-Effect
at I-Effect
4 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
and I-Effect
6 I-Effect
% I-Effect
motorcycle I-Effect
growth I-Effect
as O
Indian B-Cause
captures I-Cause
wider I-Cause
market I-Cause
share I-Cause
( O
with O
automatic O
Slingshot O
shipments O
helping O
support O
demand O
ahead O
) O
. O

We O
believe O
there B-Effect
are I-Effect
switching I-Effect
costs I-Effect
to I-Effect
leaving I-Effect
the I-Effect
platform I-Effect
, O
especially O
given O
the B-Cause
breadth I-Cause
of I-Cause
solutions I-Cause
the I-Cause
company I-Cause
has I-Cause
to I-Cause
offer I-Cause
. O

Santander O
's O
book O
includes O
a O
large O
portion O
of O
emerging-market O
loans O
with O
higher O
credit O
costs O
, O
but O
Santander B-Cause
earns I-Cause
a I-Cause
higher I-Cause
yield I-Cause
on I-Cause
these I-Cause
emerging-market I-Cause
books I-Cause
to O
compensate B-Effect
for I-Effect
higher I-Effect
credit I-Effect
costs I-Effect
. O

Uncertainty O
exists O
around O
the O
preference O
for O
customers B-Effect
to I-Effect
stay I-Effect
with I-Effect
branded I-Effect
cybersecurity I-Effect
names I-Effect
instead I-Effect
of I-Effect
using I-Effect
hyperscale I-Effect
cloud I-Effect
provider I-Effect
native I-Effect
offerings I-Effect
as O
more B-Cause
workloads I-Cause
are I-Cause
moved I-Cause
to I-Cause
the I-Cause
public I-Cause
domain I-Cause
. O

Our B-Effect
current I-Effect
forecast I-Effect
incorporates I-Effect
about I-Effect
an I-Effect
18 I-Effect
% I-Effect
midcycle I-Effect
operating I-Effect
margin I-Effect
as O
we B-Cause
anticipate I-Cause
the I-Cause
lion I-Cause
's I-Cause
share I-Cause
of I-Cause
the I-Cause
domestic I-Cause
ERP I-Cause
implementation I-Cause
will I-Cause
be I-Cause
completed I-Cause
by I-Cause
2022 I-Cause
. O

Additionally O
, O
other B-Cause
contraceptive I-Cause
drugs I-Cause
, I-Cause
such I-Cause
as I-Cause
oral I-Cause
contraceptives I-Cause
, I-Cause
which I-Cause
garner I-Cause
reoccurring I-Cause
revenue I-Cause
over I-Cause
their I-Cause
usage I-Cause
life I-Cause
, O
likely O
provide B-Effect
greater I-Effect
overall I-Effect
profits I-Effect
to I-Effect
manufacturers I-Effect
. O

We O
expect O
Westpac B-Cause
to I-Cause
grow I-Cause
group I-Cause
loans I-Cause
at I-Cause
3.5 I-Cause
% I-Cause
per I-Cause
year I-Cause
, O
shadowing B-Effect
our I-Effect
expectation I-Effect
for I-Effect
the I-Effect
banking I-Effect
system I-Effect
. O

So O
if O
a B-Cause
plan I-Cause
sponsor I-Cause
chooses I-Cause
to I-Cause
switch I-Cause
to I-Cause
a I-Cause
new I-Cause
insurance I-Cause
plan I-Cause
, O
its B-Cause
care I-Cause
provider I-Cause
networks I-Cause
could I-Cause
change I-Cause
substantially I-Cause
, O
creating O
potential B-Cause
care I-Cause
gaps I-Cause
that O
cause O
both B-Effect
frustration I-Effect
and I-Effect
poor I-Effect
health I-Effect
outcomes I-Effect
for I-Effect
end I-Effect
users I-Effect
. O

Industrial B-Cause
gases I-Cause
typically I-Cause
account I-Cause
for I-Cause
a I-Cause
relatively I-Cause
small I-Cause
fraction I-Cause
of I-Cause
customers I-Cause
' I-Cause
costs I-Cause
but I-Cause
are I-Cause
a I-Cause
vital I-Cause
input I-Cause
to I-Cause
ensure I-Cause
uninterrupted I-Cause
production. O
As O
such O
, O
customers B-Effect
are I-Effect
often I-Effect
willing I-Effect
to I-Effect
pay I-Effect
a I-Effect
premium I-Effect
and I-Effect
sign I-Effect
long-term I-Effect
contracts I-Effect
to I-Effect
ensure I-Effect
their I-Effect
businesses I-Effect
run I-Effect
smoothly I-Effect
. O

We O
believe O
Ferguson B-Cause
has I-Cause
put I-Cause
the I-Cause
right I-Cause
strategy I-Cause
in I-Cause
place I-Cause
to I-Cause
optimize I-Cause
pricing I-Cause
, O
which O
should O
lead O
to O
a B-Effect
stronger I-Effect
margin I-Effect
profile I-Effect
going I-Effect
forward I-Effect
. O

Given O
this O
and O
the B-Cause
investment I-Cause
and I-Cause
earnings I-Cause
growth I-Cause
visibility I-Cause
, O
we O
have O
a B-Effect
high I-Effect
level I-Effect
of I-Effect
confidence I-Effect
that I-Effect
the I-Effect
company I-Effect
's I-Effect
string I-Effect
of I-Effect
37 I-Effect
consecutive I-Effect
years I-Effect
of I-Effect
dividend I-Effect
increases I-Effect
will I-Effect
continue I-Effect
through I-Effect
this I-Effect
decade I-Effect
and I-Effect
beyond I-Effect
. O

However O
, O
once O
the O
pandemic O
largely O
subsides O
, O
we O
think O
Cantel B-Effect
could I-Effect
experience I-Effect
material I-Effect
earnings I-Effect
growth I-Effect
largely O
due O
to O
operating B-Cause
margin I-Cause
improvements I-Cause
, O
and O
we O
model O
five-year O
average O
diluted O
EPS O
growth O
of O
17 O
% O
. O

We O
think O
Integrated B-Cause
Freight I-Cause
& I-Cause
Logisticsthis I-Cause
is O
a O
key O
reason O
Hunt B-Effect
has I-Effect
outperformed I-Effect
its I-Effect
peers I-Effect
in I-Effect
terms I-Effect
of I-Effect
container I-Effect
volume I-Effect
growth I-Effect
over I-Effect
the I-Effect
years I-Effect
. O

Magna B-Effect
's I-Effect
products I-Effect
are I-Effect
highly I-Effect
engineered I-Effect
requiring O
the B-Cause
company I-Cause
to I-Cause
attract I-Cause
and I-Cause
retain I-Cause
highly I-Cause
skilled I-Cause
human I-Cause
capital I-Cause
with I-Cause
expertise I-Cause
in I-Cause
various I-Cause
engineering I-Cause
disciplines I-Cause
. O

However O
, O
the B-Cause
marginal I-Cause
cost I-Cause
of I-Cause
processing I-Cause
one I-Cause
extra I-Cause
barrel I-Cause
is I-Cause
minimal I-Cause
, O
and O
therefore O
a B-Effect
1 I-Effect
% I-Effect
increase I-Effect
in I-Effect
capacity I-Effect
through I-Effect
more I-Effect
efficient I-Effect
plant I-Effect
usage I-Effect
results I-Effect
in I-Effect
a I-Effect
404,000 I-Effect
barrel I-Effect
capacity I-Effect
, I-Effect
or I-Effect
more I-Effect
than I-Effect
1,400 I-Effect
barrels I-Effect
annually I-Effect
, I-Effect
which I-Effect
is I-Effect
meaningful I-Effect
over I-Effect
time I-Effect
. O

As O
Nasdaq B-Cause
's I-Cause
market-services I-Cause
revenue I-Cause
stagnates I-Cause
, O
we O
expect O
most B-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
come I-Effect
from I-Effect
its I-Effect
investment I-Effect
intelligence I-Effect
and I-Effect
market I-Effect
technology I-Effect
businesses I-Effect
, I-Effect
which I-Effect
are I-Effect
now I-Effect
the I-Effect
focal I-Effect
point I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
growth I-Effect
strategy I-Effect
. O

Certain B-Cause
parts I-Cause
of I-Cause
chip I-Cause
design I-Cause
can I-Cause
be I-Cause
outsourced I-Cause
, I-Cause
reducing I-Cause
time I-Cause
spent I-Cause
developing I-Cause
more I-Cause
standardized I-Cause
aspects I-Cause
of I-Cause
a I-Cause
chip I-Cause
and I-Cause
allowing I-Cause
for I-Cause
more I-Cause
focus I-Cause
on I-Cause
customizable I-Cause
, I-Cause
differentiated I-Cause
components. O
This B-Effect
speeds I-Effect
up I-Effect
time I-Effect
to I-Effect
market I-Effect
and I-Effect
allows I-Effect
designers I-Effect
to I-Effect
introduce I-Effect
more I-Effect
specialized I-Effect
chips I-Effect
that I-Effect
can I-Effect
grant I-Effect
them I-Effect
an I-Effect
edge I-Effect
as I-Effect
well I-Effect
. O

Demand B-Cause
in I-Cause
this I-Cause
business I-Cause
is I-Cause
correlated I-Cause
with I-Cause
the I-Cause
business I-Cause
cycle I-Cause
and I-Cause
social I-Cause
activity I-Cause
and O
, O
thus O
, O
has O
dropped B-Effect
off I-Effect
considerably I-Effect
due I-Effect
to I-Effect
COVID-19 B-Cause
. O

However O
, O
the B-Cause
strengths I-Cause
of I-Cause
the I-Cause
domestic I-Cause
retail I-Cause
and I-Cause
asset-management I-Cause
businesses I-Cause
are I-Cause
diluted I-Cause
by I-Cause
Nomura I-Cause
's I-Cause
subscale I-Cause
global I-Cause
wholesale I-Cause
business I-Cause
, O
where O
the B-Effect
firm I-Effect
has I-Effect
no I-Effect
clear I-Effect
long-term I-Effect
advantage I-Effect
competing I-Effect
with I-Effect
foreign I-Effect
securities I-Effect
companies I-Effect
with I-Effect
better I-Effect
connections I-Effect
overseas I-Effect
. O

Still O
, O
switching B-Cause
costs I-Cause
are I-Cause
negligible I-Cause
, O
forcing O
Dollar B-Effect
General I-Effect
to I-Effect
face I-Effect
intense I-Effect
competition I-Effect
from I-Effect
convenience I-Effect
stores I-Effect
, I-Effect
mass I-Effect
merchandisers I-Effect
, I-Effect
hard I-Effect
discounters I-Effect
, I-Effect
grocery I-Effect
stores I-Effect
, I-Effect
pharmacy I-Effect
chains I-Effect
, I-Effect
and I-Effect
online I-Effect
retailers I-Effect
( I-Effect
Amazon I-Effect
) I-Effect
. O

These B-Effect
boutiques I-Effect
are I-Effect
unlikely I-Effect
to I-Effect
use I-Effect
more I-Effect
than I-Effect
a I-Effect
few I-Effect
online I-Effect
distribution I-Effect
channels I-Effect
, O
because O
their B-Cause
size I-Cause
might I-Cause
not I-Cause
allow I-Cause
staffing I-Cause
to I-Cause
actively I-Cause
manage I-Cause
inventory I-Cause
and I-Cause
relationships I-Cause
with I-Cause
multiple I-Cause
partners I-Cause
, O
although O
improvements O
in O
technology O
could O
lower O
this O
challenge O
in O
the O
future O
. O

The B-Cause
2017 I-Cause
merger I-Cause
of I-Cause
Knight I-Cause
Transportation I-Cause
and I-Cause
Swift I-Cause
Transportation I-Cause
was I-Cause
a I-Cause
sizable I-Cause
transaction I-Cause
that I-Cause
placed I-Cause
a I-Cause
material I-Cause
amount I-Cause
of I-Cause
goodwill I-Cause
on I-Cause
Knight-Swift I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
, O
which O
tempers B-Effect
the I-Effect
company I-Effect
's I-Effect
ROIC I-Effect
performance I-Effect
. O

If O
Zebra B-Cause
is I-Cause
n't I-Cause
able I-Cause
to I-Cause
realize I-Cause
its I-Cause
ambitions I-Cause
to I-Cause
expand I-Cause
its I-Cause
proportion I-Cause
of I-Cause
recurring I-Cause
revenue I-Cause
, O
the B-Effect
market I-Effect
could I-Effect
price I-Effect
in I-Effect
a I-Effect
substantially I-Effect
lower I-Effect
multiple I-Effect
. O

Gilead O
also O
paid O
a O
significant O
premium O
to O
acquire O
Myogen O
, O
and O
the B-Cause
failure I-Cause
of I-Cause
darusentan I-Cause
put B-Effect
pressure I-Effect
on I-Effect
Letairis I-Effect
to I-Effect
make I-Effect
the I-Effect
deal I-Effect
accretive I-Effect
. O

We O
think O
the B-Cause
low-hanging I-Cause
fruit I-Cause
from I-Cause
a I-Cause
technology I-Cause
perspective I-Cause
has I-Cause
largely I-Cause
played I-Cause
out I-Cause
and I-Cause
the I-Cause
rock I-Cause
quality I-Cause
eventually I-Cause
will I-Cause
decline I-Cause
, O
so O
we O
do O
n't O
think O
Viper B-Effect
will I-Effect
benefit I-Effect
this I-Effect
powerful I-Effect
tailwind I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

We O
also O
think O
the B-Cause
focus I-Cause
on I-Cause
sales I-Cause
and I-Cause
service I-Cause
initiatives I-Cause
, I-Cause
and I-Cause
the I-Cause
ongoing I-Cause
prioritization I-Cause
of I-Cause
the I-Cause
Spinnaker I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
program I-Cause
, O
contributes O
to O
intangible B-Effect
assets I-Effect
from I-Effect
improved I-Effect
returns I-Effect
, O
although O
we O
caution O
sales O
and O
marketing O
initiatives O
can O
not O
generate O
long-lasting O
competitive O
advantages O
on O
their O
own O
. O

With O
the B-Cause
Fendt I-Cause
brand I-Cause
, O
we O
think O
Agco B-Effect
will I-Effect
continue I-Effect
its I-Effect
efforts I-Effect
to I-Effect
expand I-Effect
in O
North O
and O
South O
America O
( O
these O
regions O
typically O
have O
larger O
farms O
that O
require O
higher-margin O
large O
equipment O
) O
. O

In O
addition O
, O
possible O
changes B-Cause
in I-Cause
social I-Cause
norms I-Cause
and I-Cause
acceptances I-Cause
could O
increase B-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
, I-Cause
or I-Cause
ESG I-Cause
, I-Cause
risk I-Cause
which O
may O
significantly O
increase B-Effect
negative I-Effect
client I-Effect
reactions I-Effect
, O
affecting B-Effect
the I-Effect
firm I-Effect
's I-Effect
revenue I-Effect
and I-Effect
overall I-Effect
business I-Effect
. O

We O
assume O
First O
Solar O
expands B-Effect
production I-Effect
to I-Effect
8 I-Effect
gigawatts I-Effect
by I-Effect
2022 I-Effect
with O
plant B-Cause
conversions I-Cause
and I-Cause
incremental I-Cause
capacity I-Cause
at I-Cause
its I-Cause
other I-Cause
facilities I-Cause
. O

However O
, O
our O
view O
is O
that O
Hanes B-Effect
can I-Effect
overcome I-Effect
some I-Effect
of I-Effect
these I-Effect
issues I-Effect
and I-Effect
slightly I-Effect
improve I-Effect
margins I-Effect
in I-Effect
future I-Effect
years I-Effect
as O
cost B-Cause
savings I-Cause
initiatives I-Cause
take I-Cause
hold I-Cause
. O

Gross B-Effect
renewable I-Effect
generation I-Effect
capacity I-Effect
is I-Effect
expected I-Effect
to I-Effect
grow I-Effect
from I-Effect
about I-Effect
7 I-Effect
gigawatts I-Effect
today I-Effect
to I-Effect
25 I-Effect
GW I-Effect
by I-Effect
2025 I-Effect
as B-Cause
Total I-Cause
invests I-Cause
a I-Cause
minimum I-Cause
of I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
per I-Cause
year I-Cause
or I-Cause
about I-Cause
15 I-Cause
% I-Cause
of I-Cause
total I-Cause
spending I-Cause
from I-Cause
2021 I-Cause
. I-Cause

We O
still O
believe O
Xarelto B-Cause
's I-Cause
better I-Cause
dosing I-Cause
profile I-Cause
and I-Cause
first-mover I-Cause
advantage I-Cause
over I-Cause
rival I-Cause
Eliquis I-Cause
will O
lead O
to O
more B-Effect
than I-Effect
30 I-Effect
% I-Effect
share I-Effect
of I-Effect
the I-Effect
very I-Effect
large I-Effect
atrial I-Effect
fibrillation I-Effect
market I-Effect
, O
but O
gains O
in O
more O
recently O
approved O
cardiovascular O
indications O
look O
less O
likely O
to O
drive O
the O
gains O
we O
initially O
expected O
. O

This B-Effect
large I-Effect
store I-Effect
network I-Effect
is I-Effect
attractive I-Effect
for I-Effect
pharmacy I-Effect
benefit I-Effect
managers I-Effect
when O
assembling B-Cause
plans I-Cause
to I-Cause
obtain I-Cause
volume-based I-Cause
discounts I-Cause
from I-Cause
pharmaceutical I-Cause
manufacturers I-Cause
and I-Cause
also I-Cause
assembling I-Cause
convenient I-Cause
retail I-Cause
store I-Cause
locations I-Cause
that I-Cause
would I-Cause
be I-Cause
attractive I-Cause
to I-Cause
an I-Cause
insurance I-Cause
plan I-Cause
's I-Cause
members I-Cause
. O

After B-Cause
Rogers I-Cause
' I-Cause
business I-Cause
was I-Cause
affected I-Cause
significantly I-Cause
by I-Cause
the I-Cause
pandemic I-Cause
, I-Cause
resulting I-Cause
in I-Cause
8 I-Cause
% I-Cause
revenue I-Cause
contraction I-Cause
in I-Cause
2020 I-Cause
, O
we B-Effect
expect I-Effect
a I-Effect
sharp I-Effect
rebound I-Effect
and I-Effect
abnormally I-Effect
high I-Effect
growth I-Effect
in I-Effect
the I-Effect
latter I-Effect
part I-Effect
of I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
. O

With B-Cause
5,037 B-Cause
stores I-Cause
and I-Cause
50 I-Cause
distribution I-Cause
centers I-Cause
as I-Cause
of I-Cause
the I-Cause
end I-Cause
of I-Cause
2019 I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
able I-Effect
to I-Effect
quickly I-Effect
shift I-Effect
inventory I-Effect
to I-Effect
meet I-Effect
customer I-Effect
demand I-Effect
while I-Effect
keeping I-Effect
reserves I-Effect
of I-Effect
slower-moving I-Effect
parts I-Effect
that I-Effect
can I-Effect
rapidly I-Effect
be I-Effect
delivered I-Effect
to I-Effect
stores I-Effect
if I-Effect
needed I-Effect
. O

Furthermore O
, O
Equinor O
has O
a B-Cause
relatively I-Cause
small I-Cause
downstream I-Cause
footprint I-Cause
, O
leaving O
it O
more B-Effect
exposed I-Effect
to I-Effect
commodity I-Effect
prices I-Effect
through O
the O
cycle O
than O
some O
larger O
peers O
. O

Banking O
is O
a O
business O
of O
trust O
, O
and O
damage B-Cause
to I-Cause
the I-Cause
bank I-Cause
's I-Cause
brand I-Cause
could O
result O
in O
the B-Effect
permanent I-Effect
loss I-Effect
of I-Effect
customers I-Effect
or I-Effect
force I-Effect
the I-Effect
bank I-Effect
to I-Effect
compete I-Effect
harder I-Effect
on I-Effect
price I-Effect
. O

In O
addition O
, O
Clorox B-Cause
relies I-Cause
heavily I-Cause
on I-Cause
only I-Cause
a I-Cause
few I-Cause
retailers I-Cause
( O
almost O
50 O
% O
of O
sales O
come O
from O
five O
, O
with O
Walmart O
accounting O
for O
around O
one O
fourth O
of O
Clorox O
's O
sales O
) O
, O
which O
could O
hinder B-Effect
its I-Effect
negotiating I-Effect
power I-Effect
. O

Given O
that O
Echo B-Cause
is I-Cause
an I-Cause
asset-light I-Cause
transportation I-Cause
intermediary I-Cause
that I-Cause
does I-Cause
n't I-Cause
own I-Cause
power I-Cause
equipment I-Cause
, O
its B-Effect
ESG-related I-Effect
risks I-Effect
are I-Effect
somewhat I-Effect
limited I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
long-term I-Cause
transition I-Cause
from I-Cause
a I-Cause
commodity I-Cause
protein I-Cause
producer I-Cause
to I-Cause
a I-Cause
branded I-Cause
consumer I-Cause
products I-Cause
company I-Cause
has O
served B-Effect
it I-Effect
well I-Effect
, O
even O
during O
pandemic-driven O
volatility O
, O
helping O
to O
stabilize B-Effect
prices I-Effect
and I-Effect
demand I-Effect
for I-Effect
its I-Effect
strong I-Effect
brands I-Effect
. O

Synaptics O
pursued O
the O
latter O
, O
acquiring B-Cause
Validity I-Cause
Sensors I-Cause
( I-Cause
fingerprint I-Cause
) I-Cause
and I-Cause
Renesas I-Cause
SP I-Cause
( I-Cause
display I-Cause
drivers I-Cause
) I-Cause
to O
broaden B-Effect
its I-Effect
portfolio I-Effect
with I-Effect
touch I-Effect
, I-Effect
display I-Effect
, I-Effect
and I-Effect
fingerprint I-Effect
capabilities I-Effect
. O

Certainly O
, O
the B-Cause
rising I-Cause
tide I-Cause
of I-Cause
global I-Cause
renewable I-Cause
power I-Cause
generation I-Cause
is I-Cause
likely I-Cause
to I-Cause
lift I-Cause
all I-Cause
boats I-Cause
over I-Cause
time I-Cause
as I-Cause
private I-Cause
and I-Cause
public I-Cause
customers I-Cause
seek I-Cause
out I-Cause
renewable I-Cause
generation. O
As O
such O
there B-Effect
are I-Effect
many I-Effect
projects I-Effect
available I-Effect
for I-Effect
bid I-Effect
, I-Effect
each I-Effect
typically I-Effect
offering I-Effect
a I-Effect
contract I-Effect
or I-Effect
power I-Effect
purchase I-Effect
agreement I-Effect
that I-Effect
offers I-Effect
above-market I-Effect
power I-Effect
prices I-Effect
or I-Effect
targets I-Effect
a I-Effect
specific I-Effect
return I-Effect
on I-Effect
capital I-Effect
. O

In O
order O
to O
develop B-Effect
more I-Effect
advanced I-Effect
products I-Effect
and/or I-Effect
reach I-Effect
superior I-Effect
economies I-Effect
of I-Effect
scale I-Effect
, O
these B-Cause
smaller I-Cause
competitors I-Cause
frequently I-Cause
establish I-Cause
joint I-Cause
ventures I-Cause
or I-Cause
purchase I-Cause
smaller I-Cause
competitors I-Cause
to O
gain B-Cause
the I-Cause
required I-Cause
technical I-Cause
knowledge I-Cause
or I-Cause
add I-Cause
capacity I-Cause
. O

All O
the O
while O
, O
prices B-Cause
of I-Cause
IGBTs I-Cause
and I-Cause
MOSFETs I-Cause
can I-Cause
be I-Cause
as I-Cause
low I-Cause
as I-Cause
a I-Cause
few I-Cause
cents I-Cause
, I-Cause
so I-Cause
any I-Cause
upstart I-Cause
or I-Cause
challenger I-Cause
would I-Cause
struggle I-Cause
to I-Cause
undercut I-Cause
Infineon I-Cause
on I-Cause
price I-Cause
while I-Cause
still I-Cause
generating I-Cause
an I-Cause
adequate I-Cause
return I-Cause
on I-Cause
investment. O
This O
last O
point O
is O
likely O
why O
a B-Effect
firm I-Effect
with I-Effect
significant I-Effect
excess I-Effect
capacity I-Effect
like I-Effect
Texas I-Effect
Instruments I-Effect
, I-Effect
for I-Effect
example I-Effect
, I-Effect
is I-Effect
likely I-Effect
to I-Effect
stay I-Effect
out I-Effect
of I-Effect
this I-Effect
market I-Effect
. O

We O
expect O
ARM-based B-Effect
chips I-Effect
to I-Effect
generate I-Effect
some I-Effect
traction I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
( O
with O
Apple B-Cause
notably I-Cause
shifting I-Cause
from I-Cause
x86 I-Cause
CPUs I-Cause
to I-Cause
ARM-based I-Cause
CPUs I-Cause
) O
, O
but O
we O
think O
this O
transition O
will O
be O
slow O
and O
both O
AMD O
and O
Intel O
can O
still O
generate O
excess O
ROICs O
. O

On O
the O
negative O
side O
, O
wealth B-Cause
managers I-Cause
' I-Cause
willingness I-Cause
and I-Cause
ability I-Cause
to I-Cause
pay I-Cause
is I-Cause
more I-Cause
limited I-Cause
and O
as O
a O
result O
, O
wealth B-Effect
management I-Effect
desktops I-Effect
tend I-Effect
to I-Effect
be I-Effect
at I-Effect
a I-Effect
much I-Effect
lower I-Effect
price I-Effect
point I-Effect
versus I-Effect
institutional-focused I-Effect
research I-Effect
desktops I-Effect
. O

Finally O
, O
LabCorp B-Cause
's I-Cause
scale I-Cause
and I-Cause
reach I-Cause
make O
it O
an B-Effect
attractive I-Effect
partner I-Effect
for I-Effect
researchers I-Effect
who O
invent O
various O
diagnostic O
tests O
, O
but O
have O
no O
distribution O
channels O
through O
which O
to O
sell O
the O
tests O
. O

Telecommunication B-Cause
services I-Cause
are I-Cause
considered I-Cause
public I-Cause
goods I-Cause
in I-Cause
several I-Cause
countries I-Cause
, O
which O
leads O
to O
regulators B-Effect
scrutinizing I-Effect
a I-Effect
firm I-Effect
's I-Effect
network I-Effect
quality I-Effect
and I-Effect
pricing I-Effect
regularly I-Effect
. O

We O
estimate O
a B-Effect
13 I-Effect
% I-Effect
EPS I-Effect
decline I-Effect
in I-Effect
2022 I-Effect
due O
to O
divestitures B-Cause
and O
a B-Effect
12.6 I-Effect
% I-Effect
increase I-Effect
in I-Effect
shares I-Effect
outstanding I-Effect
due O
to O
the B-Cause
conversion I-Cause
of I-Cause
convertible I-Cause
preferred I-Cause
shares I-Cause
. O

With O
the B-Cause
uncertainty I-Cause
that I-Cause
still I-Cause
lies I-Cause
ahead I-Cause
associated I-Cause
with I-Cause
COVID-19 I-Cause
, O
management O
will O
direct B-Effect
some I-Effect
of I-Effect
the I-Effect
cash I-Effect
flow I-Effect
to I-Effect
paying I-Effect
down I-Effect
debt I-Effect
and I-Effect
strengthening I-Effect
the I-Effect
balance I-Effect
sheet I-Effect
. O

Finally O
, O
Wyndham B-Cause
and I-Cause
other I-Cause
large I-Cause
hotel I-Cause
brands I-Cause
require I-Cause
high I-Cause
amounts I-Cause
of I-Cause
human I-Cause
capital I-Cause
, O
which O
helps O
drive B-Effect
traveler I-Effect
experience I-Effect
and O
therefore O
is O
tied O
to O
brand O
intangible O
asset O
advantages O
found O
in O
the O
industry O
. O

As O
the B-Cause
services I-Cause
of I-Cause
these I-Cause
co-manufacturers I-Cause
and I-Cause
distributors I-Cause
are I-Cause
available I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
competitors I-Cause
as I-Cause
well I-Cause
, O
this O
approach B-Effect
could I-Effect
not I-Effect
be I-Effect
considered I-Effect
a I-Effect
unique I-Effect
advantage I-Effect
for I-Effect
Simply I-Effect
Good I-Effect
Foods I-Effect
. I-Effect

Kohl B-Effect
's I-Effect
sources I-Effect
a I-Effect
large I-Effect
amount I-Effect
of I-Effect
its I-Effect
own I-Effect
inventory I-Effect
as O
private-label B-Cause
products I-Cause
account I-Cause
for I-Cause
about I-Cause
one I-Cause
third I-Cause
of I-Cause
its I-Cause
sales I-Cause
. O

Because O
these B-Cause
end I-Cause
users I-Cause
desire I-Cause
a I-Cause
high I-Cause
level I-Cause
of I-Cause
convenience I-Cause
and I-Cause
probably I-Cause
do I-Cause
not I-Cause
have I-Cause
the I-Cause
time I-Cause
to I-Cause
shop I-Cause
around I-Cause
, O
the B-Effect
facilities I-Effect
maintenance I-Effect
business I-Effect
is I-Effect
able I-Effect
to I-Effect
charge I-Effect
a I-Effect
nice I-Effect
premium I-Effect
and I-Effect
generates I-Effect
higher I-Effect
returns I-Effect
than I-Effect
the I-Effect
C I-Effect
& I-Effect
amp I-Effect
; O
I O
segment O
. O

Fortive B-Cause
seeks I-Cause
to I-Cause
address I-Cause
customer I-Cause
pain I-Cause
points I-Cause
by I-Cause
combining I-Cause
its I-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
tools I-Cause
and I-Cause
equipment I-Cause
with I-Cause
software I-Cause
solutions I-Cause
to I-Cause
offer I-Cause
a I-Cause
comprehensive I-Cause
package I-Cause
, O
thereby O
increasing B-Effect
customer I-Effect
stickiness I-Effect
. O

McDonald B-Cause
's I-Cause
has I-Cause
spent I-Cause
several I-Cause
years I-Cause
modernizing I-Cause
its I-Cause
in-store I-Cause
experience I-Cause
, O
so O
it O
's O
not O
surprising O
that O
its B-Effect
2019 I-Effect
acquisitions I-Effect
have I-Effect
focused I-Effect
on I-Effect
the I-Effect
drive-thru I-Effect
. O

This B-Cause
cross-selling I-Cause
opportunity I-Cause
is O
supported O
by O
Paycom O
's O
investments O
within O
its O
platform O
, O
allowing O
the B-Effect
company I-Effect
to I-Effect
expand I-Effect
its I-Effect
customer I-Effect
base I-Effect
further I-Effect
up-market I-Effect
. O

Additionally O
, O
even B-Cause
similar I-Cause
tools I-Cause
have I-Cause
been I-Cause
difficult I-Cause
for I-Cause
other I-Cause
firms I-Cause
to I-Cause
engineer I-Cause
, O
given O
the B-Cause
complexity I-Cause
of I-Cause
this I-Cause
field I-Cause
, O
leaving B-Effect
Illumina I-Effect
the I-Effect
dominant I-Effect
player I-Effect
in I-Effect
high-throughput I-Effect
applications I-Effect
and I-Effect
with I-Effect
limited I-Effect
competition I-Effect
in I-Effect
lower-throughput I-Effect
fields I-Effect
, I-Effect
such I-Effect
as I-Effect
Thermo I-Effect
Fisher I-Effect
Scientific I-Effect
. O

Although O
we O
expect O
the B-Effect
medical I-Effect
market I-Effect
to I-Effect
shrink I-Effect
because O
of O
recreational B-Cause
legalization I-Cause
, O
we O
forecast O
more B-Effect
than I-Effect
10 I-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
for I-Effect
the I-Effect
entire I-Effect
Canadian I-Effect
market I-Effect
through I-Effect
2030 I-Effect
, O
driven O
by O
the B-Cause
conversion I-Cause
of I-Cause
black-market I-Cause
consumers I-Cause
into I-Cause
the I-Cause
legal I-Cause
market I-Cause
and I-Cause
new I-Cause
cannabis I-Cause
consumers I-Cause
. O

New B-Cause
project I-Cause
startups I-Cause
during I-Cause
the I-Cause
next I-Cause
three I-Cause
years I-Cause
in I-Cause
Brazil I-Cause
, I-Cause
the I-Cause
North I-Cause
Sea I-Cause
, I-Cause
and I-Cause
Gulf I-Cause
of I-Cause
Mexico I-Cause
create O
an O
opportunity O
for O
Equinor B-Effect
to I-Effect
leverage I-Effect
its I-Effect
offshore I-Effect
operating I-Effect
experience I-Effect
to I-Effect
generate I-Effect
additional I-Effect
volume I-Effect
growth I-Effect
. O

While O
significant O
consolidation O
has O
taken O
place O
, O
WPP B-Cause
will I-Cause
continue I-Cause
to I-Cause
operate I-Cause
as I-Cause
a I-Cause
holding I-Cause
company I-Cause
, O
allowing O
the B-Effect
acquired I-Effect
agencies I-Effect
to I-Effect
maintain I-Effect
their I-Effect
reputations I-Effect
under I-Effect
their I-Effect
own I-Effect
brands I-Effect
and I-Effect
strengthen I-Effect
their I-Effect
relationships I-Effect
with I-Effect
clients I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
decoupled I-Effect
offerings I-Effect
have I-Effect
high I-Effect
switching I-Effect
costs I-Effect
given O
they B-Cause
perform I-Cause
tasks I-Cause
associated I-Cause
with I-Cause
a I-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
. O

A B-Cause
pipeline I-Cause
of I-Cause
development I-Cause
projects I-Cause
will O
offset B-Effect
the I-Effect
decline I-Effect
at I-Effect
some I-Effect
older I-Effect
legacy I-Effect
mines I-Effect
and I-Effect
keep I-Effect
cost I-Effect
inflation I-Effect
in I-Effect
check I-Effect
. O

We B-Effect
expect I-Effect
InterContinental I-Effect
's I-Effect
brand I-Effect
and I-Effect
switching I-Effect
cost I-Effect
advantage I-Effect
to I-Effect
strengthen I-Effect
, O
driven B-Cause
by I-Cause
new I-Cause
hotel I-Cause
brands I-Cause
, I-Cause
renovation I-Cause
of I-Cause
existing I-Cause
properties I-Cause
, I-Cause
technology I-Cause
integration I-Cause
, I-Cause
and I-Cause
a I-Cause
leading I-Cause
loyalty I-Cause
program I-Cause
, O
which O
all O
drive B-Effect
developer I-Effect
and I-Effect
traveler I-Effect
demand I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

Regulators O
also O
help O
control B-Cause
pricing I-Cause
in I-Cause
the I-Cause
market I-Cause
at I-Cause
times I-Cause
, O
such O
as O
on O
mortgage O
products O
, O
helping O
reduce O
the B-Effect
potential I-Effect
for I-Effect
pricing I-Effect
wars I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
underwriting I-Effect
standards I-Effect
. O

Risks B-Cause
surrounding I-Cause
additional I-Cause
waves I-Cause
of I-Cause
COVID-19 I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccine I-Cause
are I-Cause
widely I-Cause
distributed I-Cause
remain I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

Wildfire O
legislation O
and O
regulatory O
decisions O
during O
and O
since O
the B-Cause
bankruptcy I-Cause
have O
de-risked B-Effect
PG I-Effect
& I-Effect
E I-Effect
's I-Effect
financial I-Effect
profile I-Effect
, O
but O
the O
state O
's O
inverse O
condemnation O
strict O
liability O
standard O
remains O
a O
concern O
. O

Aside O
from O
a B-Effect
down I-Effect
year I-Effect
in I-Effect
2020 I-Effect
amid O
a B-Cause
coronavirus-fueled I-Cause
economic I-Cause
contraction I-Cause
, O
we O
have O
a B-Effect
positive I-Effect
outlook I-Effect
for I-Effect
Trane I-Effect
's I-Effect
growth I-Effect
prospects I-Effect
, O
driven O
by O
what B-Cause
we I-Cause
see I-Cause
as I-Cause
long-term I-Cause
global I-Cause
trends I-Cause
in I-Cause
urbanization I-Cause
and I-Cause
sustainability I-Cause
. O

Globalization B-Cause
of I-Cause
businesses I-Cause
in I-Cause
various I-Cause
verticals I-Cause
has I-Cause
increased I-Cause
demand I-Cause
not I-Cause
only I-Cause
for I-Cause
vertical-specific I-Cause
advertising I-Cause
expertise I-Cause
, I-Cause
but I-Cause
also I-Cause
for I-Cause
experience I-Cause
and I-Cause
clearer I-Cause
understanding I-Cause
of I-Cause
different I-Cause
cultures I-Cause
and I-Cause
regulations I-Cause
within I-Cause
the I-Cause
geographic I-Cause
regions I-Cause
in I-Cause
which I-Cause
businesses I-Cause
want I-Cause
to I-Cause
market I-Cause
and I-Cause
sell I-Cause
their I-Cause
products. O
For O
this O
reason O
, O
IPG B-Effect
and I-Effect
the I-Effect
other I-Effect
largest I-Effect
ad I-Effect
holding I-Effect
companies I-Effect
have I-Effect
consistently I-Effect
acquired I-Effect
smaller I-Effect
local I-Effect
ad I-Effect
agencies I-Effect
and I-Effect
quickly I-Effect
gained I-Effect
traction I-Effect
in I-Effect
other I-Effect
international I-Effect
markets I-Effect
. O

The O
firm O
has O
expanded B-Effect
globally I-Effect
and I-Effect
widened I-Effect
its I-Effect
portfolio I-Effect
of I-Effect
capabilities I-Effect
with O
21 B-Cause
acquisitions I-Cause
since I-Cause
1997 I-Cause
but O
maintained O
returns O
above O
its O
cost O
of O
capital O
. O

We O
project O
that O
overall B-Effect
revenue I-Effect
for I-Effect
2021 I-Effect
will I-Effect
still I-Effect
be I-Effect
36 I-Effect
% I-Effect
below I-Effect
2019 I-Effect
as O
the B-Cause
Imax I-Cause
global I-Cause
box I-Cause
office I-Cause
rebounds I-Cause
by I-Cause
137 I-Cause
% I-Cause
to I-Cause
about I-Cause
$ I-Cause
610 I-Cause
million I-Cause
, I-Cause
down I-Cause
45 I-Cause
% I-Cause
from I-Cause
2019 I-Cause
. O

While O
the B-Effect
intermodal I-Effect
value I-Effect
proposition I-Effect
remains I-Effect
strong I-Effect
thanks O
to O
secular B-Cause
constraints I-Cause
on I-Cause
over-the-road I-Cause
truckload I-Cause
capacity I-Cause
, O
truck-to-rail B-Effect
conversion I-Effect
activity I-Effect
can I-Effect
decline I-Effect
in I-Effect
the I-Effect
short I-Effect
run I-Effect
when O
diesel B-Cause
fuel I-Cause
prices I-Cause
plummet I-Cause
. O

We O
find O
the O
long-term B-Cause
stability I-Cause
of I-Cause
Ferrari I-Cause
's I-Cause
revenue I-Cause
, I-Cause
addressable I-Cause
market I-Cause
growth I-Cause
, I-Cause
expansive I-Cause
profit I-Cause
margin I-Cause
, I-Cause
and I-Cause
solid I-Cause
returns I-Cause
on I-Cause
invested I-Cause
capital I-Cause
throughout I-Cause
economic I-Cause
cycles I-Cause
to O
be O
compelling O
reasons O
to O
invest B-Effect
at I-Effect
the I-Effect
right I-Effect
price I-Effect
. O

Such B-Cause
overall I-Cause
enhancement I-Cause
in I-Cause
service I-Cause
could O
help O
the B-Cause
firm I-Cause
strengthen I-Cause
its I-Cause
network I-Cause
effect I-Cause
by O
increasing B-Cause
users I-Cause
and I-Cause
ride I-Cause
requests I-Cause
per I-Cause
user I-Cause
, O
which O
helps O
Uber B-Effect
gather I-Effect
additional I-Effect
data I-Effect
, I-Effect
possibly I-Effect
further I-Effect
increasing I-Effect
the I-Effect
overall I-Effect
value I-Effect
of I-Effect
the I-Effect
data I-Effect
. O

More O
importantly O
, O
CNOOC B-Effect
will I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
meet I-Effect
our I-Effect
hurdles I-Effect
of I-Effect
generating I-Effect
more I-Effect
than I-Effect
10 I-Effect
years I-Effect
of I-Effect
economic I-Effect
profits I-Effect
, O
as O
the B-Cause
firm I-Cause
's I-Cause
reserve I-Cause
life I-Cause
has I-Cause
fallen I-Cause
to I-Cause
8.7 I-Cause
years I-Cause
in I-Cause
2015 I-Cause
following I-Cause
impairments I-Cause
made I-Cause
on I-Cause
its I-Cause
proven I-Cause
reserves I-Cause
, O
compared O
with O
an O
average O
of O
12 O
years O
for O
2005-14 O
. O

Risks B-Cause
remain I-Cause
regarding I-Cause
an I-Cause
elongated I-Cause
time I-Cause
until I-Cause
vaccines I-Cause
are I-Cause
widely I-Cause
distributed I-Cause
globally I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

CoreSite B-Cause
's I-Cause
monthly I-Cause
recurring I-Cause
revenue I-Cause
per I-Cause
cabinet I-Cause
equivalent I-Cause
is I-Cause
about I-Cause
$ I-Cause
1,500 I-Cause
, O
so O
it O
's O
likely O
a B-Effect
tenant I-Effect
would I-Effect
be I-Effect
paying I-Effect
about I-Effect
several I-Effect
months I-Effect
' I-Effect
worth I-Effect
of I-Effect
rent I-Effect
just O
to O
relocate O
. O

Overall O
, O
FedEx B-Cause
, I-Cause
UPS I-Cause
, I-Cause
and I-Cause
DHL I-Cause
Express I-Cause
dominate I-Cause
the I-Cause
global I-Cause
parcel I-Cause
shipping I-Cause
landscape I-Cause
( O
FedEx O
and O
UPS O
in O
Integrated O
Freight O
& O
Logisticsthe O
U.S. O
; O
DHL O
in O
Europe O
) O
, O
and O
the O
networks O
these O
providers O
have O
erected B-Effect
constitute I-Effect
formidable I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
. O

At O
times O
during O
the O
commodity O
market O
cycle O
, O
Vistra B-Effect
might I-Effect
create I-Effect
exceptional I-Effect
value I-Effect
for I-Effect
shareholders I-Effect
, O
but O
this O
could O
be O
fleeting O
if O
commodity B-Cause
markets I-Cause
turn I-Cause
. O

In O
October O
2020 O
, O
Bed B-Cause
Bath I-Cause
& I-Cause
Beyond I-Cause
put I-Cause
forth I-Cause
an I-Cause
updated I-Cause
strategy I-Cause
to I-Cause
revitalize I-Cause
its I-Cause
brand I-Cause
and I-Cause
regain I-Cause
customer I-Cause
confidence I-Cause
by I-Cause
focusing I-Cause
on I-Cause
its I-Cause
core I-Cause
properties. O
As O
such O
, O
the B-Effect
company I-Effect
had I-Effect
executed I-Effect
on I-Effect
plans I-Effect
to I-Effect
divest I-Effect
peripheral I-Effect
brands I-Effect
such I-Effect
as I-Effect
Cost I-Effect
Plus I-Effect
and I-Effect
focus I-Effect
on I-Effect
the I-Effect
Bed I-Effect
Bath I-Effect
& I-Effect
Beyond I-Effect
, I-Effect
Buy I-Effect
Buy I-Effect
Baby I-Effect
, I-Effect
Harmon I-Effect
Face I-Effect
Value I-Effect
, I-Effect
and I-Effect
Decorist I-Effect
labels I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
been I-Cause
unable I-Cause
to I-Cause
convert I-Cause
brand I-Cause
recognition I-Cause
into I-Cause
market I-Cause
share I-Cause
growth I-Cause
, O
and O
we O
view O
this O
as O
a B-Effect
considerable I-Effect
risk I-Effect
. O

We O
expect O
average B-Effect
revenue I-Effect
per I-Effect
member I-Effect
in I-Effect
APAC I-Effect
to I-Effect
decline I-Effect
slightly I-Effect
as O
the B-Cause
firm I-Cause
adds I-Cause
more I-Cause
subscribers I-Cause
from I-Cause
lower-priced I-Cause
emerging I-Cause
markets I-Cause
, I-Cause
offsetting I-Cause
pricing I-Cause
increases I-Cause
in I-Cause
more I-Cause
mature I-Cause
countries I-Cause
. O

Fortunately O
, O
the B-Cause
Bath I-Cause
& I-Cause
amp I-Cause
; I-Cause
Body I-Cause
Works I-Cause
segment I-Cause
( I-Cause
54 I-Cause
% I-Cause
of I-Cause
2020 I-Cause
revenue I-Cause
) I-Cause
has I-Cause
seen I-Cause
the I-Cause
ability I-Cause
to I-Cause
connect I-Cause
with I-Cause
its I-Cause
consumers I-Cause
remain I-Cause
, O
supporting B-Effect
brand I-Effect
relevance I-Effect
. O

Advertising B-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
costs I-Cause
decreasing I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
from I-Cause
increasing I-Cause
adoption I-Cause
of I-Cause
the I-Cause
3DExperience I-Cause
platform I-Cause
should O
largely O
drive B-Effect
the I-Effect
expansion I-Effect
. O

Because O
data B-Cause
architectures I-Cause
are I-Cause
even I-Cause
more I-Cause
fundamental I-Cause
and I-Cause
mission I-Cause
critical I-Cause
to I-Cause
a I-Cause
business I-Cause
than I-Cause
the I-Cause
very I-Cause
enterprise I-Cause
software I-Cause
that I-Cause
accesses I-Cause
the I-Cause
data I-Cause
that I-Cause
is I-Cause
stored I-Cause
, O
we O
think O
switching B-Effect
costs I-Effect
are I-Effect
even I-Effect
stronger I-Effect
in I-Effect
the I-Effect
realm I-Effect
of I-Effect
data I-Effect
architecture I-Effect
compared I-Effect
with I-Effect
other I-Effect
enterprise I-Effect
software I-Effect
. O

This B-Cause
is I-Cause
exacerbated I-Cause
by I-Cause
ever-improving I-Cause
means I-Cause
for I-Cause
consumers I-Cause
to I-Cause
access I-Cause
them I-Cause
, I-Cause
driven I-Cause
by I-Cause
mobility I-Cause
and I-Cause
continuing I-Cause
device I-Cause
innovation. O
Consequently O
, O
News B-Effect
Corporation I-Effect
, I-Effect
with I-Effect
almost I-Effect
30 I-Effect
% I-Effect
of I-Effect
its I-Effect
core I-Effect
operating I-Effect
earnings I-Effect
still I-Effect
sourced I-Effect
from I-Effect
the I-Effect
print I-Effect
publishing I-Effect
industry I-Effect
, I-Effect
faces I-Effect
enormous I-Effect
structural I-Effect
headwinds I-Effect
, I-Effect
with I-Effect
consumers I-Effect
migrating I-Effect
from I-Effect
newspapers I-Effect
to I-Effect
the I-Effect
digital I-Effect
arena I-Effect
and I-Effect
advertisers I-Effect
following I-Effect
suit I-Effect
. O

Huaneng B-Cause
's I-Cause
power I-Cause
plants I-Cause
are I-Cause
mostly I-Cause
located I-Cause
in I-Cause
eastern I-Cause
and I-Cause
southern I-Cause
China I-Cause
, I-Cause
which I-Cause
are I-Cause
China I-Cause
's I-Cause
most I-Cause
economically I-Cause
developed I-Cause
regions I-Cause
, I-Cause
with I-Cause
sustainable I-Cause
and I-Cause
robust I-Cause
power I-Cause
demand. O
These O
favorable O
locations O
help B-Effect
Huaneng I-Effect
to I-Effect
maximize I-Effect
the I-Effect
utilization I-Effect
of I-Effect
its I-Effect
plants I-Effect
, I-Effect
which I-Effect
have I-Effect
consistently I-Effect
outperformed I-Effect
the I-Effect
broader I-Effect
Chinese I-Effect
average I-Effect
historically I-Effect
. O

As O
alcohol B-Cause
consumption I-Cause
has I-Cause
negative I-Cause
public I-Cause
health I-Cause
connotations I-Cause
, O
governments B-Effect
sometimes I-Effect
use I-Effect
the I-Effect
industry I-Effect
as I-Effect
way I-Effect
to I-Effect
raise I-Effect
taxes I-Effect
with I-Effect
minimum I-Effect
political I-Effect
risk I-Effect
. O

Conversely O
, O
clients B-Effect
and I-Effect
candidates I-Effect
are I-Effect
drawn I-Effect
to I-Effect
Robert I-Effect
Half I-Effect
's I-Effect
network I-Effect
more I-Effect
so O
for O
its B-Cause
specialization I-Cause
in I-Cause
higher-skill I-Cause
accounting I-Cause
and I-Cause
finance I-Cause
fields I-Cause
rather O
than O
its O
multinational O
relationships O
. O

It B-Cause
also I-Cause
reassessed I-Cause
its I-Cause
portfolio I-Cause
, O
resulting O
in O
the B-Effect
closure I-Effect
of I-Effect
its I-Effect
poorly I-Effect
positioned I-Effect
Gallup I-Effect
, I-Effect
NM I-Effect
and I-Effect
Martinez I-Effect
, I-Effect
CA I-Effect
, I-Effect
petroleum I-Effect
refineries I-Effect
, I-Effect
both I-Effect
acquired I-Effect
with I-Effect
Andeavor I-Effect
. O

The O
division O
offers O
a O
broad O
portfolio O
of O
industrial O
hardware O
and O
software O
that O
are O
integrated O
with O
customer O
operations O
, O
making B-Effect
them I-Effect
costly I-Effect
to I-Effect
switch I-Effect
out I-Effect
because O
of O
downtime B-Cause
. O

Meanwhile O
, O
the O
delicate O
balance O
between O
supply O
and O
demand O
remains O
a O
formidable O
concern O
, O
with O
bouts B-Cause
of I-Cause
oversupply I-Cause
crippling B-Effect
margins I-Effect
and O
times B-Cause
of I-Cause
undersupply I-Cause
leading B-Effect
to I-Effect
overexpansion I-Effect
. O

Agco B-Cause
was I-Cause
formed I-Cause
through I-Cause
a I-Cause
series I-Cause
of I-Cause
acquisitions I-Cause
over I-Cause
the I-Cause
years I-Cause
, O
which O
we O
think O
has O
made O
it O
difficult B-Effect
for I-Effect
the I-Effect
company I-Effect
to I-Effect
rally I-Effect
around I-Effect
multiple I-Effect
brands I-Effect
. O

As O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
its I-Cause
software I-Cause
and I-Cause
build I-Cause
out I-Cause
a I-Cause
comprehensive I-Cause
product I-Cause
suite I-Cause
, O
we B-Effect
believe I-Effect
Paylocity I-Effect
can I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
. O

An O
example O
is O
Nice O
InContact O
CTI O
for O
ServiceNow O
, O
which O
allows B-Cause
seamless I-Cause
integration I-Cause
between I-Cause
ServiceNow I-Cause
's I-Cause
and I-Cause
Nice I-Cause
's I-Cause
platforms I-Cause
and O
supports B-Cause
intelligent I-Cause
routing O
, O
so O
agents B-Effect
do I-Effect
not I-Effect
have I-Effect
to I-Effect
constantly I-Effect
navigate I-Effect
between I-Effect
different I-Effect
applications I-Effect
. O

Still O
, O
Movil B-Effect
and I-Effect
its I-Effect
primary I-Effect
shareholders I-Effect
, I-Effect
the I-Effect
Slim I-Effect
family I-Effect
, I-Effect
are I-Effect
likely I-Effect
to I-Effect
garner I-Effect
regulatory I-Effect
scrutiny I-Effect
in I-Effect
Mexico I-Effect
from I-Effect
time I-Effect
to I-Effect
time I-Effect
as O
officials B-Cause
seek I-Cause
to I-Cause
increase I-Cause
network I-Cause
investment I-Cause
and I-Cause
service I-Cause
adoption I-Cause
. O

Plain B-Cause
packaging I-Cause
is I-Cause
different I-Cause
, O
however O
, O
because O
we O
believe O
it O
could O
lead O
to O
trading B-Effect
down I-Effect
, I-Effect
and I-Effect
an I-Effect
erosion I-Effect
of I-Effect
cigarette I-Effect
pricing I-Effect
power I-Effect
. O

In O
potash O
, O
long-term B-Cause
prices I-Cause
could I-Cause
fall I-Cause
if O
new B-Cause
low-cost I-Cause
supply I-Cause
ramps I-Cause
up I-Cause
faster I-Cause
than I-Cause
the I-Cause
growth I-Cause
in I-Cause
demand I-Cause
, O
reducing B-Effect
the I-Effect
marginal I-Effect
cost I-Effect
of I-Effect
supply I-Effect
. O

Spodumene B-Cause
oversupply I-Cause
from O
new O
mines O
in O
Western O
Australia O
has O
caused O
spodumene B-Effect
prices I-Effect
to I-Effect
fall I-Effect
and I-Effect
reduced I-Effect
production I-Effect
costs I-Effect
for I-Effect
marginal-cost I-Effect
spodumene I-Effect
converters I-Effect
. O

While O
SS O
& O
C O
has O
been O
an O
active O
acquirer O
, O
given O
the B-Cause
uncertain I-Cause
timing I-Cause
and I-Cause
size I-Cause
of I-Cause
acquisitions I-Cause
, O
we B-Effect
only I-Effect
model I-Effect
for I-Effect
organic I-Effect
growth I-Effect
. O

After B-Effect
the I-Effect
purchase I-Effect
of I-Effect
Advanced I-Effect
Cell I-Effect
Diagnostic I-Effect
in I-Effect
2016 I-Effect
, I-Effect
and I-Effect
Exosome I-Effect
Diagnostics I-Effect
in I-Effect
2018 I-Effect
, I-Effect
Bio-Techne I-Effect
has I-Effect
posted I-Effect
lower I-Effect
operating I-Effect
margin I-Effect
, O
both O
from O
the B-Cause
higher I-Cause
operating I-Cause
expenses I-Cause
of I-Cause
the I-Cause
acquired I-Cause
firms I-Cause
and I-Cause
temporary I-Cause
costs I-Cause
related I-Cause
to I-Cause
scaling I-Cause
up I-Cause
smaller I-Cause
, I-Cause
acquired I-Cause
products I-Cause
. O

There O
tends O
to O
be O
a B-Effect
high I-Effect
level I-Effect
of I-Effect
primacy I-Effect
placed I-Effect
on I-Effect
taste I-Effect
, O
with O
many B-Cause
consumers I-Cause
being I-Cause
quite I-Cause
discerning I-Cause
and I-Cause
opinionated I-Cause
in I-Cause
their I-Cause
preferences I-Cause
, O
as O
small B-Cause
variations I-Cause
in I-Cause
the I-Cause
roast I-Cause
, I-Cause
grind I-Cause
, I-Cause
or I-Cause
brew I-Cause
can O
have O
nontrivial B-Effect
impacts I-Effect
on I-Effect
the I-Effect
final I-Effect
product I-Effect
. O

In O
2020 O
, O
Equinix B-Effect
generated I-Effect
17 I-Effect
% I-Effect
of I-Effect
its I-Effect
revenue I-Effect
from I-Effect
interconnections I-Effect
, O
which O
result O
from O
the B-Cause
company I-Cause
charging I-Cause
a I-Cause
fee I-Cause
to I-Cause
directly I-Cause
connect I-Cause
enterprises I-Cause
to I-Cause
each I-Cause
other I-Cause
within I-Cause
data I-Cause
centers I-Cause
or I-Cause
across I-Cause
Equinix I-Cause
data I-Cause
centers I-Cause
. O

Using B-Cause
Isle I-Cause
synergies I-Cause
and I-Cause
consolidated I-Cause
free I-Cause
cash I-Cause
free I-Cause
to I-Cause
work I-Cause
down I-Cause
leverage I-Cause
, O
Eldorado B-Effect
soon I-Effect
was I-Effect
able I-Effect
to I-Effect
take I-Effect
on I-Effect
its I-Effect
next I-Effect
large I-Effect
acquisition I-Effect
in I-Effect
Tropicana/Elgin I-Effect
( O
closed O
fourth-quarter O
2018 O
) O
. O

While O
we O
view O
management O
's O
cost-cutting O
, O
guest O
experience O
, O
and O
brand O
portfolio O
plans O
as O
positive O
steps O
that O
should O
improve O
operations O
and O
extend O
Darden O
's O
reach O
, O
we O
believe B-Cause
the I-Cause
emergence I-Cause
of I-Cause
fast-casual I-Cause
restaurants I-Cause
, I-Cause
the I-Cause
integration I-Cause
of I-Cause
mobile I-Cause
technologies I-Cause
, O
and O
consumer B-Effect
demand I-Effect
for I-Effect
off-premises I-Effect
solutions I-Effect
has I-Effect
structurally I-Effect
changed I-Effect
the I-Effect
economics I-Effect
of I-Effect
the I-Effect
U.S I-Effect
. O

Further O
, O
digital B-Effect
ads I-Effect
generally I-Effect
have I-Effect
much I-Effect
higher I-Effect
return I-Effect
on I-Effect
investment I-Effect
, O
as O
they B-Effect
can I-Effect
be I-Effect
more I-Effect
targeted I-Effect
due O
to O
the B-Cause
availability I-Cause
of I-Cause
data I-Cause
on I-Cause
specific I-Cause
user I-Cause
behavior I-Cause
, O
which O
increases O
the O
probability O
that O
the O
ad O
will O
result O
in O
a O
sale O
. O

With B-Cause
57 I-Cause
% I-Cause
and I-Cause
40 I-Cause
% I-Cause
of I-Cause
total I-Cause
2020 I-Cause
rooms I-Cause
under I-Cause
franchise I-Cause
and I-Cause
management I-Cause
contracts I-Cause
, O
respectively O
, O
Marriott B-Effect
depends I-Effect
heavily I-Effect
on I-Effect
its I-Effect
brand I-Effect
to I-Effect
attract I-Effect
unit I-Effect
growth I-Effect
from I-Effect
these I-Effect
third-party I-Effect
owners I-Effect
. O

Lastly B-Effect
, I-Effect
Merck I-Effect
's I-Effect
strong I-Effect
entrenchment I-Effect
in I-Effect
vaccines I-Effect
adds I-Effect
a I-Effect
layer I-Effect
of I-Effect
competitive I-Effect
protection I-Effect
from I-Effect
intellectual I-Effect
property I-Effect
and I-Effect
cost I-Effect
advantages I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
large-scale I-Cause
production I-Cause
enables I-Cause
a I-Cause
lower I-Cause
cost I-Cause
base I-Cause
. O

Continued B-Cause
Transco I-Cause
pipeline I-Cause
expansions I-Cause
and I-Cause
the I-Cause
2018 I-Cause
consolidation I-Cause
of I-Cause
William I-Cause
Partners I-Cause
have O
improved B-Effect
Williams I-Effect
' I-Effect
financial I-Effect
position I-Effect
and I-Effect
lowered I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Additionally O
, O
operating B-Effect
margins I-Effect
are I-Effect
modeled I-Effect
to I-Effect
reach I-Effect
23 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
about I-Effect
13 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
aided O
by O
long-term B-Cause
growth I-Cause
and I-Cause
mix I-Cause
shift I-Cause
to I-Cause
higher-margin I-Cause
premium I-Cause
mass- I-Cause
and I-Cause
nongaming I-Cause
in O
the O
Macao O
market O
. O

With O
the O
new O
emphasis O
on O
large-scale O
device O
registries O
, O
the B-Effect
orthopedic I-Effect
companies I-Effect
may I-Effect
find I-Effect
themselves I-Effect
fielding I-Effect
more I-Effect
recalls I-Effect
, O
as O
this B-Cause
data I-Cause
gathering I-Cause
will I-Cause
probably I-Cause
surface I-Cause
more I-Cause
product I-Cause
problems I-Cause
earlier I-Cause
than I-Cause
current I-Cause
mechanisms I-Cause
do I-Cause
. O

The B-Cause
size I-Cause
and I-Cause
scale I-Cause
of I-Cause
its I-Cause
operations I-Cause
, I-Cause
the I-Cause
strength I-Cause
of I-Cause
its I-Cause
brands I-Cause
, I-Cause
and I-Cause
the I-Cause
diversity I-Cause
of I-Cause
its I-Cause
AUM I-Cause
by I-Cause
asset I-Cause
class I-Cause
, I-Cause
distribution I-Cause
channel I-Cause
, I-Cause
and I-Cause
geographic I-Cause
reach I-Cause
also O
provide B-Effect
Ameriprise I-Effect
with I-Effect
a I-Effect
leg I-Effect
up I-Effect
over I-Effect
competitors I-Effect
. O

Given O
fluctuations B-Cause
in I-Cause
supply I-Cause
and I-Cause
demand I-Cause
cycles I-Cause
, O
we O
expect O
swings B-Cause
in I-Cause
top- I-Cause
and I-Cause
bottom-line I-Cause
performance I-Cause
and O
accordingly O
anticipate O
that O
the B-Effect
firm I-Effect
's I-Effect
long-term I-Effect
profitability I-Effect
will I-Effect
be I-Effect
somewhat I-Effect
limited I-Effect
by I-Effect
the I-Effect
cyclical I-Effect
, I-Effect
commoditylike I-Effect
nature I-Effect
of I-Effect
the I-Effect
memory I-Effect
industry I-Effect
. O

With O
a B-Cause
solid I-Cause
positioning I-Cause
in I-Cause
the I-Cause
research I-Cause
model I-Cause
space I-Cause
, O
Charles B-Effect
River I-Effect
took I-Effect
advantage I-Effect
of I-Effect
its I-Effect
quality I-Effect
brand I-Effect
to I-Effect
pursue I-Effect
preclinical I-Effect
testing I-Effect
as O
the O
biopharma O
industry O
was O
increasing O
the O
level O
of O
outsourced O
research O
. O

The O
travel O
solutions O
and O
hospitality O
solutions O
sales O
growth O
rates O
we O
model O
for O
Sabre O
assume O
continued B-Effect
share I-Effect
gains I-Effect
, O
driven O
by O
new B-Cause
technology I-Cause
products I-Cause
that O
lead O
to O
increased B-Effect
integration I-Effect
with I-Effect
its I-Effect
GDS I-Effect
platform I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
penetration I-Effect
into I-Effect
underrepresented I-Effect
international I-Effect
regions I-Effect
, I-Effect
hotel I-Effect
, I-Effect
and I-Effect
low-cost I-Effect
carrier I-Effect
markets I-Effect
. O

Coca-Cola B-Effect
Femsa I-Effect
's I-Effect
brand I-Effect
cachet I-Effect
is I-Effect
sustained I-Effect
or I-Effect
increased I-Effect
in O
part O
because O
its B-Cause
products I-Cause
are I-Cause
in I-Cause
front I-Cause
of I-Cause
more I-Cause
consumers I-Cause
than I-Cause
its I-Cause
competitors I-Cause
, O
and O
Oxxo B-Effect
's I-Effect
ability I-Effect
to I-Effect
maintain I-Effect
and I-Effect
expand I-Effect
its I-Effect
store I-Effect
footprint I-Effect
is O
augmented O
by O
the B-Cause
financial I-Cause
flexibility I-Cause
that I-Cause
the I-Cause
Coca-Cola I-Cause
portfolio I-Cause
affords I-Cause
. O

We O
expect O
companywide B-Effect
margins I-Effect
to I-Effect
improve I-Effect
as O
Cushman B-Cause
& I-Cause
Wakefield I-Cause
works I-Cause
to I-Cause
successfully I-Cause
integrate I-Cause
the I-Cause
various I-Cause
acquisitions I-Cause
it I-Cause
has I-Cause
made I-Cause
over I-Cause
the I-Cause
past I-Cause
several I-Cause
years I-Cause
. O

For O
2021 O
, O
we O
expect O
continued B-Cause
healthy I-Cause
retail I-Cause
end-market I-Cause
demand I-Cause
, I-Cause
recovering I-Cause
industrial I-Cause
markets I-Cause
, I-Cause
and I-Cause
contract I-Cause
pricing I-Cause
tailwinds I-Cause
to O
push O
revenue B-Effect
up I-Effect
in I-Effect
the I-Effect
mid I-Effect
teens I-Effect
. O

Although O
cost B-Cause
synergies I-Cause
from I-Cause
the I-Cause
acquisition I-Cause
appear O
to O
have O
helped B-Effect
the I-Effect
company I-Effect
maintain I-Effect
its I-Effect
margins I-Effect
, O
the B-Cause
pandemic I-Cause
resulted O
in O
a B-Effect
modest I-Effect
organic I-Effect
revenue I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
. O

We O
think O
Nomura B-Cause
's I-Cause
traditional I-Cause
approach I-Cause
has I-Cause
less I-Cause
currency I-Cause
with I-Cause
younger I-Cause
generations I-Cause
and O
the B-Effect
firm I-Effect
needs I-Effect
to I-Effect
enhance I-Effect
its I-Effect
digital I-Effect
offerings I-Effect
to I-Effect
fend I-Effect
off I-Effect
potential I-Effect
competition I-Effect
from I-Effect
Internet I-Effect
firms I-Effect
. O

These B-Cause
services I-Cause
help O
artists B-Effect
to I-Effect
retain I-Effect
more I-Effect
of I-Effect
the I-Effect
dollars I-Effect
spent I-Effect
on I-Effect
live I-Effect
music I-Effect
, I-Effect
making I-Effect
Ticketmaster I-Effect
a I-Effect
more I-Effect
attractive I-Effect
partner I-Effect
. O

COVID-19 O
will O
weigh O
on O
demand O
in O
2020 O
, O
but O
we O
still B-Effect
model I-Effect
6 I-Effect
% I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2020 I-Effect
, O
thanks O
to O
healthy B-Cause
demand I-Cause
for I-Cause
chips I-Cause
used I-Cause
in I-Cause
personal I-Cause
electronics I-Cause
and I-Cause
a I-Cause
recovery I-Cause
from I-Cause
manufacturing-related I-Cause
shutdowns I-Cause
within I-Cause
the I-Cause
automotive I-Cause
end I-Cause
market I-Cause
. O

Steris B-Effect
should I-Effect
benefit I-Effect
as O
the B-Cause
number I-Cause
of I-Cause
operating I-Cause
room I-Cause
procedures I-Cause
continues I-Cause
to I-Cause
increase I-Cause
and I-Cause
more I-Cause
complex I-Cause
procedures I-Cause
( I-Cause
such I-Cause
as I-Cause
total I-Cause
joint I-Cause
replacements I-Cause
) I-Cause
require I-Cause
more I-Cause
device I-Cause
sterilization I-Cause
. O

After O
absorbing B-Cause
the I-Cause
blow I-Cause
from I-Cause
COVID-19 I-Cause
, O
we O
expect O
the O
bank B-Effect
to I-Effect
return I-Effect
to I-Effect
offense I-Effect
by I-Effect
expanding I-Effect
product I-Effect
offerings I-Effect
into I-Effect
new I-Effect
markets I-Effect
and I-Effect
opening I-Effect
more I-Effect
new I-Effect
financial I-Effect
centers I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

An B-Cause
integrated I-Cause
ERP I-Cause
system I-Cause
can O
greatly O
reduce O
the B-Effect
number I-Effect
of I-Effect
manual I-Effect
tasks I-Effect
required I-Effect
and O
improve O
information B-Effect
sharing I-Effect
among I-Effect
departments I-Effect
. O

Additionally O
, O
manufacturing B-Effect
contact I-Effect
lenses I-Effect
is I-Effect
a I-Effect
capital-intensive I-Effect
and I-Effect
complicated I-Effect
process I-Effect
, O
which O
creates B-Cause
a I-Cause
cost I-Cause
advantage I-Cause
for I-Cause
the I-Cause
top I-Cause
four I-Cause
lens I-Cause
manufacturers I-Cause
, O
though O
it O
does O
not O
provide O
Cooper O
with O
a O
unique O
advantage O
. O

We O
think O
the O
overall B-Cause
network I-Cause
effect I-Cause
strengthens I-Cause
the I-Cause
positioning I-Cause
of I-Cause
Okta I-Cause
versus I-Cause
peers I-Cause
, O
and O
buttresses B-Effect
the I-Effect
potential I-Effect
costs I-Effect
associated I-Effect
with I-Effect
changing I-Effect
providers I-Effect
due O
to O
losing O
critical O
vendor O
integrations O
. O

Accenture B-Effect
also I-Effect
benefits I-Effect
from I-Effect
switching I-Effect
costs I-Effect
, O
in O
our O
opinion O
, O
as O
we B-Cause
think I-Cause
familiarity B-Cause
makes B-Effect
it I-Effect
hard I-Effect
to I-Effect
risk I-Effect
changing I-Effect
consultant I-Effect
or I-Effect
IT I-Effect
outsourcing I-Effect
providers I-Effect
. O

Consolidation B-Cause
across I-Cause
European I-Cause
defense I-Cause
markets I-Cause
has O
made O
Airbus B-Effect
's I-Effect
defense I-Effect
unit I-Effect
a I-Effect
top I-Effect
contender I-Effect
among I-Effect
the I-Effect
shortlist I-Effect
of I-Effect
contractors I-Effect
vying I-Effect
for I-Effect
defense I-Effect
work I-Effect
with I-Effect
European I-Effect
countries I-Effect
and I-Effect
their I-Effect
allies I-Effect
. O

The O
solid O
top-line O
performance O
should O
come O
despite O
intense O
competition O
, O
but O
the B-Cause
need I-Cause
to I-Cause
continually I-Cause
deliver I-Cause
strong I-Cause
value I-Cause
relative I-Cause
to I-Cause
peers I-Cause
should O
keep O
margins B-Effect
from I-Effect
moving I-Effect
materially I-Effect
higher I-Effect
. O

Nonetheless O
, O
against O
the O
backdrop O
of O
a O
consolidating O
electronic O
components O
industry O
, O
Littelfuse B-Effect
may I-Effect
be I-Effect
forced I-Effect
to I-Effect
overpay I-Effect
for I-Effect
M I-Effect
& I-Effect
A I-Effect
targets I-Effect
in O
order O
to O
achieve B-Cause
its I-Cause
top-line I-Cause
growth I-Cause
target I-Cause
, O
or O
risk B-Effect
being I-Effect
outbid I-Effect
and I-Effect
losing I-Effect
market I-Effect
opportunities I-Effect
. O

However O
, O
due O
to O
the B-Cause
highly I-Cause
fragmented I-Cause
nature I-Cause
of I-Cause
the I-Cause
scrap I-Cause
industry I-Cause
, O
the B-Effect
company I-Effect
holds I-Effect
only I-Effect
a I-Effect
fraction I-Effect
of I-Effect
the I-Effect
total I-Effect
market I-Effect
share I-Effect
. O

If B-Cause
heatsticks I-Cause
are I-Cause
taxed I-Cause
as I-Cause
cigarettes I-Cause
in I-Cause
most I-Cause
markets I-Cause
, O
PMI B-Effect
will I-Effect
be I-Effect
forced I-Effect
to I-Effect
absorb I-Effect
some I-Effect
of I-Effect
the I-Effect
tax I-Effect
incidence I-Effect
. O

Physicians B-Effect
typically I-Effect
have I-Effect
strong I-Effect
relationships I-Effect
with I-Effect
manufacturers I-Effect
and I-Effect
are I-Effect
not I-Effect
likely I-Effect
to I-Effect
change I-Effect
the I-Effect
brand I-Effect
of I-Effect
lens I-Effect
they I-Effect
prescribe I-Effect
to I-Effect
a I-Effect
given I-Effect
customer. O
This O
is O
largely O
due O
to O
familiarity B-Cause
with I-Cause
the I-Cause
product I-Cause
, I-Cause
safety I-Cause
considerations I-Cause
, I-Cause
and I-Cause
the I-Cause
incentive I-Cause
structure I-Cause
in I-Cause
which I-Cause
many I-Cause
optometrists I-Cause
receive I-Cause
manufacturer I-Cause
rebates I-Cause
that I-Cause
are I-Cause
tied I-Cause
to I-Cause
their I-Cause
practice I-Cause
's I-Cause
sales I-Cause
volume I-Cause
for I-Cause
a I-Cause
specific I-Cause
manufacturer I-Cause
. O

Second O
, O
the B-Cause
shelter-in-place I-Cause
orders I-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
caused O
massive B-Effect
layoffs I-Effect
, O
and O
if O
those B-Cause
unemployed I-Cause
people I-Cause
lose I-Cause
their I-Cause
health I-Cause
insurance I-Cause
for I-Cause
a I-Cause
sustained I-Cause
period I-Cause
, O
Anthem B-Effect
's I-Effect
employer-based I-Effect
insurance I-Effect
rolls I-Effect
could I-Effect
fall I-Effect
more I-Effect
than I-Effect
expected I-Effect
. O

Overall O
, O
we O
think O
Biogen O
's O
top O
line O
will O
return O
to O
2020 O
levels O
by O
2023 O
, O
with O
steep B-Effect
declines I-Effect
in I-Effect
2021 I-Effect
due O
to O
generic B-Cause
Tecfidera I-Cause
but O
growth B-Effect
returning I-Effect
in I-Effect
2022 I-Effect
as O
Aduhelm B-Cause
launches I-Cause
. O

Franchise O
properties O
are O
higher O
margin O
and O
less O
capital O
intensive O
than O
owned O
properties O
, O
and O
Choice B-Cause
's I-Cause
high I-Cause
exposure I-Cause
here I-Cause
( O
99 O
% O
of O
revenue O
) O
results O
in O
healthy B-Effect
ROIC I-Effect
, I-Effect
operating I-Effect
margins I-Effect
, I-Effect
and I-Effect
EBI I-Effect
growth I-Effect
. O

Additionally O
, O
Corteva B-Effect
's I-Effect
Enlist I-Effect
( I-Effect
soybean I-Effect
) I-Effect
and I-Effect
Qrome I-Effect
( I-Effect
corn I-Effect
) I-Effect
genetically I-Effect
modified I-Effect
platforms I-Effect
set I-Effect
the I-Effect
company I-Effect
up I-Effect
for I-Effect
long-term I-Effect
success I-Effect
as O
GM B-Cause
seeds I-Cause
are I-Cause
adopted I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
. O

Runaway B-Cause
inflation I-Cause
and I-Cause
falling I-Cause
disposable I-Cause
incomes I-Cause
in I-Cause
markets I-Cause
like O
Argentina O
and O
Brazil O
make B-Effect
it I-Effect
increasingly I-Effect
difficult I-Effect
to I-Effect
maintain I-Effect
appropriate I-Effect
economics I-Effect
while O
delivering B-Effect
affordability I-Effect
to I-Effect
its I-Effect
consumers I-Effect
. O

In O
future O
we B-Effect
model I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
more I-Effect
than I-Effect
5 I-Effect
% I-Effect
on I-Effect
average I-Effect
, O
partly O
accelerated O
by O
returning B-Cause
business I-Cause
in I-Cause
the I-Cause
exhibitions I-Cause
segment I-Cause
. O

We O
believe O
alignment B-Cause
like I-Cause
this I-Cause
between I-Cause
payers I-Cause
and I-Cause
providers I-Cause
could O
help B-Effect
rein I-Effect
in I-Effect
healthcare I-Effect
cost I-Effect
trends I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
which I-Effect
should I-Effect
benefit I-Effect
clients I-Effect
and I-Effect
end I-Effect
users I-Effect
alike I-Effect
. O

While O
this O
is O
still O
a O
short-cycle O
business O
, O
and O
we O
have O
little O
visibility O
on O
near-term O
sales O
growth O
for O
the O
entire O
portfolio O
, O
we O
're O
confident O
growth B-Cause
in I-Cause
volumes I-Cause
will O
continue O
to O
support B-Effect
additional I-Effect
operating I-Effect
leverage I-Effect
. O

Some O
of O
its O
past O
offerings O
have O
been O
clunky O
, O
and O
we O
believe O
efforts B-Cause
to I-Cause
streamline I-Cause
its I-Cause
business I-Cause
should O
lead O
to O
meaningful B-Effect
margin I-Effect
expansion I-Effect
and I-Effect
higher I-Effect
retention I-Effect
in O
the O
years O
ahead O
. O

The B-Cause
firm I-Cause
is I-Cause
not I-Cause
immune I-Cause
to I-Cause
the I-Cause
cyclicality I-Cause
of I-Cause
the I-Cause
semiconductor I-Cause
equipment I-Cause
market I-Cause
and O
thus O
may B-Effect
face I-Effect
bouts I-Effect
of I-Effect
low I-Effect
capital I-Effect
expenditures I-Effect
due I-Effect
to I-Effect
prolonged I-Effect
process I-Effect
nodes I-Effect
and I-Effect
increased I-Effect
tool I-Effect
reuse I-Effect
. O

Similarly O
, O
supply B-Effect
and I-Effect
thus I-Effect
flows I-Effect
are I-Effect
less I-Effect
volatile I-Effect
as O
it B-Cause
is I-Cause
aggregated I-Cause
by I-Cause
a I-Cause
refinery I-Cause
versus I-Cause
multiple I-Cause
gathering I-Cause
and I-Cause
processing I-Cause
units I-Cause
linked I-Cause
to I-Cause
levels I-Cause
of I-Cause
drilling I-Cause
activity I-Cause
. O

We B-Effect
expect I-Effect
operating I-Effect
margins I-Effect
can I-Effect
sustain I-Effect
at I-Effect
the I-Effect
anomalous I-Effect
2020 I-Effect
level I-Effect
( I-Effect
35.5 I-Effect
% I-Effect
) I-Effect
longer I-Effect
term I-Effect
, O
as O
gross B-Cause
margin I-Cause
pressure I-Cause
subsides I-Cause
, I-Cause
administrative I-Cause
costs I-Cause
are I-Cause
leveraged I-Cause
, O
and O
outbound O
freight O
costs O
are O
optimized O
through O
technology-enabled O
capabilities O
and O
a O
denser O
copacking O
footprint O
. O

But O
reported B-Effect
volumes I-Effect
could I-Effect
fluctuate I-Effect
as O
APA O
's B-Cause
revenue I-Cause
and I-Cause
profits I-Cause
in I-Cause
Egypt I-Cause
are I-Cause
governed I-Cause
by I-Cause
production-sharing I-Cause
contracts I-Cause
( O
due O
to O
cost B-Cause
recovery I-Cause
provisions I-Cause
in I-Cause
these I-Cause
contracts I-Cause
, I-Cause
lower I-Cause
crude I-Cause
prices I-Cause
translate I-Cause
to I-Cause
higher I-Cause
volumes I-Cause
, O
creating B-Effect
a I-Effect
natural I-Effect
hedge I-Effect
, I-Effect
helping I-Effect
the I-Effect
company I-Effect
to I-Effect
cope I-Effect
with I-Effect
this I-Effect
very I-Effect
weak I-Effect
commodity I-Effect
environment I-Effect
) O
. O

Franchise B-Cause
and I-Cause
managed I-Cause
properties I-Cause
are I-Cause
higher-margin I-Cause
and I-Cause
less I-Cause
capital-intensive I-Cause
than I-Cause
owned I-Cause
properties I-Cause
, O
and O
InterContinental O
's O
high O
exposure O
here O
results O
in O
higher B-Effect
relative I-Effect
ROIC I-Effect
and I-Effect
EBI I-Effect
growth I-Effect
versus I-Effect
having I-Effect
a I-Effect
larger I-Effect
ownership I-Effect
mix I-Effect
. O

We O
think O
Edison B-Cause
's I-Cause
plans I-Cause
for I-Cause
$ I-Cause
5 I-Cause
billion I-Cause
of I-Cause
annual I-Cause
capital I-Cause
investment I-Cause
and I-Cause
good I-Cause
regulatory I-Cause
support I-Cause
will O
generate B-Effect
6 I-Effect
% I-Effect
annual I-Effect
earnings I-Effect
growth I-Effect
beyond I-Effect
2021 I-Effect
. O

Our O
USD O
42 O
per O
tonne O
midcycle O
iron O
ore O
price O
acknowledges O
the B-Effect
lowering I-Effect
of I-Effect
the I-Effect
industry I-Effect
cost I-Effect
curve I-Effect
and I-Effect
the I-Effect
forecast I-Effect
drop-off I-Effect
in I-Effect
China I-Effect
's I-Effect
steel I-Effect
demand I-Effect
as O
China B-Cause
's I-Cause
economy I-Cause
transitions I-Cause
from I-Cause
investment-led I-Cause
to I-Cause
consumption-led I-Cause
growth I-Cause
. O

There O
are O
indirect O
costs O
along O
those O
same O
lines O
, O
mainly O
lost B-Effect
productivity I-Effect
as O
customers B-Cause
move I-Cause
up I-Cause
a I-Cause
learning I-Cause
curve I-Cause
on I-Cause
the I-Cause
new I-Cause
system I-Cause
along I-Cause
with I-Cause
the I-Cause
distraction I-Cause
of I-Cause
users I-Cause
involved I-Cause
in I-Cause
the I-Cause
function I-Cause
where I-Cause
the I-Cause
change I-Cause
is I-Cause
occurring I-Cause
. O

Annual B-Cause
contractual I-Cause
price I-Cause
reductions I-Cause
for O
OEM O
customers O
are O
an O
auto O
industry O
norm O
, O
so O
Autoliv O
has O
to O
aggressively O
employ O
kaizen O
, O
kanban O
, O
and O
Six O
Sigma O
Lean O
manufacturing B-Effect
programs I-Effect
to I-Effect
advance I-Effect
cost I-Effect
savings I-Effect
. O

We O
forecast O
a O
five-year B-Effect
revenue I-Effect
CAGR I-Effect
of I-Effect
47 I-Effect
% I-Effect
through I-Effect
a I-Effect
rapidly I-Effect
growing I-Effect
customer I-Effect
base I-Effect
, O
more B-Cause
massive I-Cause
deals I-Cause
, I-Cause
strong I-Cause
retention I-Cause
rates I-Cause
, I-Cause
and I-Cause
customers I-Cause
buying I-Cause
additional I-Cause
security I-Cause
modules I-Cause
over I-Cause
time I-Cause
. O

Although B-Cause
these I-Cause
technologies I-Cause
might I-Cause
not I-Cause
be I-Cause
enough I-Cause
to I-Cause
underpin I-Cause
a I-Cause
moat I-Cause
in I-Cause
and I-Cause
of I-Cause
themselves I-Cause
, I-Cause
they I-Cause
help I-Cause
strengthen I-Cause
the I-Cause
company I-Cause
's I-Cause
broader I-Cause
intangible I-Cause
asset I-Cause
moat I-Cause
source. O
These B-Effect
proprietary I-Effect
technologies I-Effect
include I-Effect
Smoothenol I-Effect
( I-Effect
taste I-Effect
modification I-Effect
) I-Effect
, I-Effect
Natural I-Effect
Origins I-Effect
( I-Effect
highly I-Effect
concentrated I-Effect
extracts I-Effect
) I-Effect
, I-Effect
DairyBoost I-Effect
( I-Effect
dairy I-Effect
flavors I-Effect
) I-Effect
, I-Effect
SensaSalt I-Effect
( I-Effect
yeast I-Effect
extracts I-Effect
that I-Effect
enhance I-Effect
flavor I-Effect
while I-Effect
reducing I-Effect
sodium I-Effect
content I-Effect
) I-Effect
, I-Effect
and I-Effect
Heatenol/Coolenol I-Effect
( I-Effect
cool I-Effect
, I-Effect
heat I-Effect
, I-Effect
tingling I-Effect
sensations I-Effect
) I-Effect
. O

The O
dealer O
knows O
the O
vehicle O
, O
and O
comparison-shopping B-Effect
for I-Effect
repair I-Effect
work I-Effect
is I-Effect
very I-Effect
time-consuming I-Effect
, O
as O
the B-Cause
customer I-Cause
has I-Cause
to I-Cause
bring I-Cause
the I-Cause
vehicle I-Cause
to I-Cause
each I-Cause
shop I-Cause
to I-Cause
get I-Cause
a I-Cause
quote I-Cause
. O

Premier O
Protein O
shakes O
have O
been O
gaining O
share O
, O
and O
we O
expect O
robust B-Effect
growth I-Effect
through I-Effect
2022 I-Effect
as O
the B-Cause
firm I-Cause
expands I-Cause
distribution I-Cause
of I-Cause
new I-Cause
products I-Cause
. O

While O
we O
do O
n't O
believe O
a O
decrease O
in O
R O
& O
D O
spending O
or O
outsourcing O
is O
likely O
in O
the O
near O
term O
, O
all B-Effect
CROs I-Effect
are I-Effect
exposed I-Effect
to I-Effect
these I-Effect
risks I-Effect
if O
biopharma B-Cause
funding I-Cause
is I-Cause
constrained I-Cause
, O
if O
there B-Cause
are I-Cause
changes I-Cause
in I-Cause
the I-Cause
drug-approval I-Cause
regulatory I-Cause
landscape I-Cause
, O
or O
if O
the B-Cause
biopharma I-Cause
industry I-Cause
faces I-Cause
other I-Cause
macroeconomic I-Cause
headwinds I-Cause
. O

Failing B-Cause
to I-Cause
comply I-Cause
and I-Cause
unsuccessful I-Cause
automation I-Cause
efforts I-Cause
from I-Cause
more I-Cause
generic I-Cause
software I-Cause
providers I-Cause
have O
led O
government B-Effect
contractors I-Effect
to I-Effect
incur I-Effect
extensive I-Effect
losses I-Effect
of I-Effect
time I-Effect
and I-Effect
money I-Effect
. O

We O
project O
6 B-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
for I-Effect
the I-Effect
cable I-Effect
segment I-Effect
as O
broadband B-Cause
penetration I-Cause
continues I-Cause
to I-Cause
increase I-Cause
in I-Cause
Mexico I-Cause
and I-Cause
the I-Cause
firm I-Cause
expands I-Cause
its I-Cause
footprint I-Cause
. O

Take-Two B-Cause
runs I-Cause
an I-Cause
online I-Cause
digital I-Cause
storefront I-Cause
along I-Cause
with I-Cause
servers I-Cause
for I-Cause
its I-Cause
titles. O
As O
a O
result O
, O
the B-Effect
firm I-Effect
captures I-Effect
and I-Effect
retains I-Effect
important I-Effect
data I-Effect
about I-Effect
its I-Effect
customers I-Effect
including I-Effect
credit I-Effect
card I-Effect
numbers I-Effect
, I-Effect
email I-Effect
, I-Effect
and I-Effect
mailing I-Effect
addresses I-Effect
. O

More O
recently O
, O
Hyatt B-Effect
's I-Effect
intangible I-Effect
asset I-Effect
advantage I-Effect
is I-Effect
evident I-Effect
by I-Effect
the I-Effect
increasing I-Effect
mix I-Effect
of I-Effect
third-party I-Effect
development I-Effect
funding I-Effect
, O
which O
shows O
growing B-Cause
confidence I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
portfolio I-Cause
of I-Cause
brands I-Cause
. O

The B-Cause
epicenter I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
outbreak I-Cause
was I-Cause
New I-Cause
York I-Cause
City I-Cause
at I-Cause
the I-Cause
outset I-Cause
of I-Cause
the I-Cause
crisis I-Cause
, O
which O
may O
dent B-Effect
the I-Effect
city I-Effect
's I-Effect
reputation I-Effect
as I-Effect
a I-Effect
premier I-Effect
location I-Effect
for I-Effect
office I-Effect
workers I-Effect
. O

Additionally O
, O
the B-Cause
newly I-Cause
acquired I-Cause
Maverick I-Cause
Boat I-Cause
Group I-Cause
brings I-Cause
exposure I-Cause
to I-Cause
more I-Cause
than I-Cause
70 I-Cause
dealers I-Cause
to I-Cause
the I-Cause
corporate I-Cause
mix I-Cause
, O
potentially O
helping O
expand B-Effect
Pursuit I-Effect
's I-Effect
brand I-Effect
reach I-Effect
in I-Effect
2021 I-Effect
. O

Certain B-Cause
types I-Cause
of I-Cause
medical I-Cause
waste I-Cause
, I-Cause
including I-Cause
that I-Cause
which I-Cause
contains I-Cause
heavy I-Cause
metals I-Cause
or I-Cause
is I-Cause
radioactive I-Cause
, O
must B-Effect
be I-Effect
treated I-Effect
in I-Effect
external I-Effect
facilities I-Effect
. O

In O
Colombia O
, O
Movil B-Effect
was I-Effect
forced I-Effect
to I-Effect
pay I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
in I-Effect
2017 I-Effect
to O
settle B-Cause
claims I-Cause
related I-Cause
to I-Cause
its I-Cause
original I-Cause
concession I-Cause
to I-Cause
operate I-Cause
in I-Cause
the I-Cause
country I-Cause
, I-Cause
which I-Cause
was I-Cause
signed I-Cause
in I-Cause
1994 I-Cause
. O

Thus O
, O
a O
reputation O
for O
quality O
and O
reliability O
is O
important O
, O
and O
Xylem B-Cause
benefits I-Cause
from I-Cause
a I-Cause
strong I-Cause
portfolio I-Cause
of I-Cause
brands I-Cause
and I-Cause
a I-Cause
large I-Cause
installed I-Cause
base I-Cause
, O
which O
leads O
to O
a B-Effect
relatively I-Effect
sticky I-Effect
business I-Effect
. O

We O
opine O
that O
identity B-Effect
security I-Effect
is I-Effect
equally I-Effect
fraught I-Effect
with I-Effect
challenges I-Effect
, O
as O
consumers B-Cause
have I-Cause
a I-Cause
variety I-Cause
of I-Cause
options I-Cause
for I-Cause
identity I-Cause
protection I-Cause
or I-Cause
choose I-Cause
to I-Cause
forgo I-Cause
paid I-Cause
identity I-Cause
protection I-Cause
entirely I-Cause
. O

Perhaps O
more O
importantly O
, O
given O
Primo B-Cause
's I-Cause
size I-Cause
and I-Cause
the I-Cause
fragmented I-Cause
nature I-Cause
of I-Cause
the I-Cause
home I-Cause
and I-Cause
office I-Cause
water I-Cause
delivery I-Cause
market I-Cause
, O
the B-Effect
firm I-Effect
can I-Effect
compete I-Effect
on I-Effect
price I-Effect
. O

Moreover O
, O
as O
the B-Cause
coronavirus I-Cause
decimates I-Cause
the I-Cause
on-premise I-Cause
channel I-Cause
, O
skewing B-Effect
the I-Effect
mix I-Effect
even I-Effect
more I-Effect
to I-Effect
Truly I-Effect
and I-Effect
Twisted I-Effect
Tea I-Effect
( I-Effect
which I-Effect
have I-Effect
de I-Effect
minimis I-Effect
keg I-Effect
exposure I-Effect
) I-Effect
, O
we O
expect O
gross O
margins O
to O
hit O
a O
nadir O
in O
2020 O
. O

The B-Cause
transition I-Cause
is I-Cause
expected I-Cause
to I-Cause
be I-Cause
a I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
'' I-Cause
multiyear I-Cause
journey I-Cause
'' O
'' O
'' O
'' O
as O
an O
operating O
agreement O
with O
PayPal O
( O
which O
will O
continue O
to O
be O
a O
payment O
option O
for O
buyers O
at O
checkout O
) O
expired B-Effect
in I-Effect
July I-Effect
2020 I-Effect
. O

Despite O
that O
we O
believe O
that B-Effect
expansion I-Effect
on I-Effect
business I-Effect
lineups I-Effect
and I-Effect
coverage I-Effect
aggressively I-Effect
is I-Effect
likely I-Effect
to I-Effect
be I-Effect
loss-making I-Effect
in I-Effect
the I-Effect
early I-Effect
stages I-Effect
, I-Effect
we I-Effect
believe I-Effect
it I-Effect
shall I-Effect
improve I-Effect
over B-Cause
time I-Cause
. O

Instead B-Cause
of I-Cause
producing I-Cause
large I-Cause
amounts I-Cause
of I-Cause
renewable I-Cause
power I-Cause
, I-Cause
it I-Cause
will I-Cause
work I-Cause
with I-Cause
customers I-Cause
who I-Cause
want I-Cause
to I-Cause
secure I-Cause
low-carbon I-Cause
solutions I-Cause
for I-Cause
their I-Cause
businesses. O
This O
will O
result O
in O
Shell B-Effect
producing I-Effect
some I-Effect
renewable I-Effect
power I-Effect
as I-Effect
well I-Effect
as I-Effect
expanding I-Effect
further I-Effect
into I-Effect
low-carbon I-Effect
fuels I-Effect
such I-Effect
as I-Effect
hydrogen I-Effect
and I-Effect
biofuels I-Effect
while I-Effect
leveraging I-Effect
its I-Effect
trading I-Effect
operations I-Effect
to I-Effect
secure I-Effect
additional I-Effect
supplies I-Effect
. O

Competition B-Cause
is I-Cause
always I-Cause
a I-Cause
risk I-Cause
, O
but O
the B-Effect
company I-Effect
has I-Effect
acquired I-Effect
a I-Effect
variety I-Effect
of I-Effect
smaller I-Effect
competitors I-Effect
, O
and O
larger O
horizontal O
peers O
may O
find O
Blackbaud O
's O
niche O
market O
too O
small O
and O
difficult O
to O
penetrate O
. O

We O
expect O
opportunities B-Cause
for I-Cause
cost-cutting I-Cause
resulting I-Cause
from I-Cause
recent I-Cause
acquisitions I-Cause
will O
enable O
EBITDA B-Effect
margin I-Effect
expansion I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
, O
but O
unpredictable B-Cause
economic I-Cause
and I-Cause
competitive I-Cause
challenges I-Cause
in I-Cause
certain I-Cause
markets I-Cause
will O
likely O
introduce B-Effect
volatility I-Effect
and I-Effect
keep I-Effect
improvements I-Effect
modest I-Effect
. O

There O
is O
a B-Effect
long-term I-Effect
risk I-Effect
that I-Effect
policymakers I-Effect
will I-Effect
move I-Effect
customers I-Effect
away I-Effect
from I-Effect
gas I-Effect
heating I-Effect
, O
but O
we O
think O
that O
's O
unlikely O
in O
the O
near O
future O
given O
the B-Cause
technical I-Cause
and I-Cause
economic I-Cause
hurdles I-Cause
in I-Cause
the I-Cause
colder I-Cause
climate I-Cause
where I-Cause
PSEG I-Cause
operates I-Cause
. O

In O
recent O
years O
, O
however O
, O
Samsung B-Cause
has I-Cause
been I-Cause
focused I-Cause
on I-Cause
dual I-Cause
sourcing I-Cause
some I-Cause
of I-Cause
its I-Cause
analog I-Cause
chips I-Cause
, O
leading O
to O
lower B-Effect
content I-Effect
with I-Effect
Maxim I-Effect
. O

Considering O
the B-Cause
potential I-Cause
for I-Cause
leakage I-Cause
, I-Cause
odor I-Cause
, I-Cause
and I-Cause
skin I-Cause
irritation I-Cause
, I-Cause
ostomy I-Cause
products I-Cause
are I-Cause
characterized I-Cause
by I-Cause
high I-Cause
social I-Cause
risk I-Cause
and O
patients B-Effect
are I-Effect
often I-Effect
extremely I-Effect
loyal I-Effect
. O

However O
, O
we O
Oil B-Cause
& I-Cause
Gas I-Cause
Refining I-Cause
& I-Cause
Marketingview I-Cause
Andeavor I-Cause
's I-Cause
collection I-Cause
of I-Cause
refineries I-Cause
as I-Cause
lower I-Cause
quality I-Cause
than I-Cause
Marathon I-Cause
's I-Cause
and O
as O
such O
is O
slightly B-Effect
dilutive I-Effect
to I-Effect
portfolio I-Effect
quality I-Effect
. O

We O
assume O
average O
compound O
annual O
revenue O
growth O
of O
roughly O
4.5 O
% O
through O
2024 O
, O
fueled O
by O
5.5 O
% O
growth O
in O
the O
consumer O
solutions O
segment O
, O
where O
we O
think O
Pentair B-Effect
can I-Effect
continue I-Effect
to I-Effect
capture I-Effect
incremental I-Effect
market I-Effect
share I-Effect
gains I-Effect
thanks O
to O
its B-Cause
continuous I-Cause
innovation I-Cause
. O

Through O
its O
Low O
Carbon O
Ventures O
business O
unit O
, O
Oxy O
aims O
to O
construct O
a B-Cause
Direct I-Cause
Air I-Cause
Capture I-Cause
plant I-Cause
in I-Cause
the I-Cause
Permian I-Cause
area I-Cause
, O
which O
will O
prevent O
1 B-Effect
million I-Effect
metric I-Effect
tons I-Effect
of I-Effect
CO2 I-Effect
from I-Effect
being I-Effect
released I-Effect
into I-Effect
the I-Effect
atmosphere I-Effect
annually I-Effect
( I-Effect
which I-Effect
would I-Effect
cut I-Effect
current I-Effect
emissions I-Effect
in I-Effect
half I-Effect
) I-Effect
. O

If O
it B-Cause
has I-Cause
difficulty I-Cause
sourcing I-Cause
skilled I-Cause
labor I-Cause
or I-Cause
difficulty I-Cause
integrating I-Cause
employees I-Cause
within I-Cause
the I-Cause
firm I-Cause
culture I-Cause
, O
there O
could O
be O
an B-Effect
adverse I-Effect
impact I-Effect
on I-Effect
returns I-Effect
. O

A O
longer-term O
risk O
facing O
News O
Corporation O
is O
that O
the B-Effect
company I-Effect
fails I-Effect
to I-Effect
hold I-Effect
on I-Effect
to I-Effect
its I-Effect
audience I-Effect
base I-Effect
as O
the B-Cause
industry I-Cause
continues I-Cause
to I-Cause
migrate I-Cause
to I-Cause
the I-Cause
online I-Cause
environment I-Cause
. O

As O
a O
result O
, O
the B-Effect
company I-Effect
's I-Effect
average I-Effect
proven I-Effect
and I-Effect
probable I-Effect
reserve I-Effect
replacement I-Effect
ratio I-Effect
averaged I-Effect
112 I-Effect
% I-Effect
( O
excluding O
the O
impact O
of O
divestitures O
) O
over O
the O
past O
three O
years O
, O
indicating O
that O
the O
company B-Cause
is I-Cause
replacing I-Cause
production I-Cause
with I-Cause
new I-Cause
reserves I-Cause
. O

Marine B-Cause
connectors I-Cause
may I-Cause
have I-Cause
to I-Cause
maintain I-Cause
operation I-Cause
even I-Cause
when I-Cause
submersed I-Cause
in I-Cause
water. O
Thus O
, O
in B-Effect
the I-Effect
eyes I-Effect
of I-Effect
a I-Effect
customer I-Effect
, I-Effect
the I-Effect
trust I-Effect
and I-Effect
reliability I-Effect
that I-Effect
Amphenol I-Effect
offers I-Effect
is I-Effect
of I-Effect
greater I-Effect
value I-Effect
than I-Effect
the I-Effect
potential I-Effect
incremental I-Effect
cost I-Effect
savings I-Effect
of I-Effect
switching I-Effect
to I-Effect
a I-Effect
lower-cost I-Effect
supplier I-Effect
. O

As O
pharmaceutical B-Cause
products I-Cause
shift I-Cause
off I-Cause
patent I-Cause
, O
generic B-Effect
drug I-Effect
producers I-Effect
look I-Effect
to I-Effect
minimize I-Effect
risk I-Effect
and I-Effect
simplify I-Effect
their I-Effect
regulatory I-Effect
process I-Effect
by I-Effect
using I-Effect
the I-Effect
same I-Effect
ingredients I-Effect
. O

The B-Cause
slowdown I-Cause
hit I-Cause
the I-Cause
firm I-Cause
's I-Cause
surgery I-Cause
and I-Cause
vascular I-Cause
business I-Cause
particularly I-Cause
hard I-Cause
; I-Cause
considering I-Cause
this I-Cause
segment I-Cause
has I-Cause
largely I-Cause
arrived I-Cause
from I-Cause
the I-Cause
Bard I-Cause
acquisition I-Cause
, O
it O
is O
rather O
natural O
to O
question B-Effect
the I-Effect
accretiveness I-Effect
of I-Effect
that I-Effect
deal I-Effect
. O

If B-Cause
the I-Cause
company I-Cause
can I-Cause
not I-Cause
generate I-Cause
meaningful I-Cause
cash I-Cause
in I-Cause
its I-Cause
restructuring I-Cause
efforts I-Cause
due I-Cause
to I-Cause
poor I-Cause
execution I-Cause
or I-Cause
from I-Cause
effects I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
damaging I-Cause
the I-Cause
economy I-Cause
, O
then O
it O
could O
file B-Effect
for I-Effect
bankruptcy I-Effect
. O

Integrating B-Effect
companies I-Effect
can I-Effect
be I-Effect
difficult I-Effect
, O
as O
there B-Cause
is I-Cause
usually I-Cause
significant I-Cause
risk I-Cause
in I-Cause
maintaining I-Cause
key I-Cause
personnel I-Cause
and I-Cause
managing I-Cause
disruption I-Cause
as I-Cause
the I-Cause
business I-Cause
transfers I-Cause
ownership I-Cause
. O

This B-Cause
is I-Cause
largely I-Cause
due I-Cause
to I-Cause
growing I-Cause
emissions I-Cause
regulation I-Cause
, O
which O
allows B-Effect
Cummins I-Effect
to I-Effect
sell I-Effect
more I-Effect
of I-Effect
its I-Effect
emissions I-Effect
solutions I-Effect
, I-Effect
namely I-Effect
its I-Effect
aftertreatment I-Effect
systems I-Effect
that I-Effect
convert I-Effect
pollutants I-Effect
into I-Effect
harmless I-Effect
emissions I-Effect
. I-Effect

Although O
new O
competitors O
could O
come O
online O
and O
attempt O
to O
build O
a O
brand O
from O
the O
ground O
up O
, O
we O
think O
Wayfair O
has O
built B-Cause
a I-Cause
bit I-Cause
of I-Cause
brand I-Cause
equity I-Cause
over O
the O
last O
few O
years O
, O
which O
has O
given O
it O
a B-Effect
slight I-Effect
lead I-Effect
on I-Effect
keeping I-Effect
consumers I-Effect
in I-Effect
its I-Effect
ecosystem I-Effect
. O

That O
said O
, O
free B-Effect
cash I-Effect
flow I-Effect
generation I-Effect
has I-Effect
been I-Effect
strong I-Effect
during I-Effect
prior I-Effect
cyclical I-Effect
downturns I-Effect
because O
when O
sales O
slow O
, O
Ferguson B-Cause
can I-Cause
turn I-Cause
working I-Cause
capital I-Cause
into I-Cause
a I-Cause
source I-Cause
of I-Cause
cash I-Cause
. O

In O
future O
, O
as O
the B-Cause
factory I-Cause
automation I-Cause
market I-Cause
continues I-Cause
to I-Cause
grow I-Cause
over I-Cause
the I-Cause
long I-Cause
term I-Cause
in I-Cause
key I-Cause
markets I-Cause
such I-Cause
as I-Cause
China I-Cause
, O
there O
is O
a O
possibility O
that O
select B-Effect
local I-Effect
players I-Effect
will I-Effect
likely I-Effect
acquire I-Effect
new I-Effect
customers I-Effect
in I-Effect
local I-Effect
niche I-Effect
markets I-Effect
with I-Effect
a I-Effect
more I-Effect
competitive I-Effect
pricing I-Effect
( O
for O
example O
small-job O
shops O
with O
limited O
capital O
) O
. O

Ultimately O
, O
TCCC B-Cause
leverages I-Cause
its I-Cause
global I-Cause
scale I-Cause
and I-Cause
clout I-Cause
to O
ensure O
that O
raw B-Effect
material I-Effect
procurement I-Effect
is I-Effect
as I-Effect
streamlined I-Effect
and I-Effect
cheap I-Effect
as I-Effect
possible I-Effect
for I-Effect
its I-Effect
bottling I-Effect
system I-Effect
. O

We B-Cause
expect I-Cause
the I-Cause
retail I-Cause
customer I-Cause
's I-Cause
need B-Effect
for I-Effect
guidance I-Effect
to I-Effect
help I-Effect
forestall I-Effect
significant I-Effect
entry I-Effect
by I-Effect
nontraditional I-Effect
, I-Effect
digital I-Effect
retailers I-Effect
( I-Effect
like I-Effect
Amazon I-Effect
) I-Effect
into I-Effect
the I-Effect
hard I-Effect
parts I-Effect
DIY I-Effect
space I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. I-Effect

The B-Effect
satellite I-Effect
television I-Effect
business I-Effect
enjoys I-Effect
a I-Effect
solid I-Effect
competitive I-Effect
position I-Effect
thanks O
to O
the B-Cause
lack I-Cause
of I-Cause
infrastructure I-Cause
across I-Cause
much I-Cause
of I-Cause
the I-Cause
region I-Cause
, O
but O
economic B-Cause
instability I-Cause
has O
plagued O
this O
unit O
lately O
. O

We B-Effect
see I-Effect
some I-Effect
ESG I-Effect
risk I-Effect
for I-Effect
United I-Effect
, O
which O
is O
largely B-Cause
a I-Cause
function I-Cause
of I-Cause
the I-Cause
greenhouse I-Cause
gas I-Cause
emissions I-Cause
from I-Cause
the I-Cause
company I-Cause
's I-Cause
operations I-Cause
. O

In O
its O
core O
intermodal O
business O
, O
Hunt B-Cause
's I-Cause
large I-Cause
network I-Cause
of I-Cause
shippers I-Cause
and I-Cause
long-standing I-Cause
partnerships I-Cause
with I-Cause
major I-Cause
rail I-Cause
carriers I-Cause
reinforce B-Effect
a I-Effect
compelling I-Effect
value I-Effect
proposition I-Effect
and O
generate B-Effect
healthy I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
because O
duplication B-Cause
by I-Cause
small I-Cause
providers I-Cause
with I-Cause
fewer I-Cause
resources I-Cause
would I-Cause
prove I-Cause
difficult I-Cause
. O

In O
a O
wireless O
network O
base O
station O
, O
failure B-Cause
of I-Cause
an I-Cause
antenna I-Cause
for I-Cause
backhaul I-Cause
or I-Cause
failed I-Cause
power I-Cause
transfer I-Cause
could O
result O
in O
a B-Effect
network I-Effect
outage I-Effect
. O

Overall O
, O
though O
, O
we O
believe O
Comerica B-Effect
's I-Effect
energy I-Effect
book I-Effect
has I-Effect
been I-Effect
underwritten I-Effect
prudently I-Effect
, O
and O
we B-Cause
believe I-Cause
the I-Cause
bank I-Cause
remains I-Cause
an I-Cause
above-average I-Cause
underwriter I-Cause
in I-Cause
the I-Cause
commercial I-Cause
space I-Cause
, I-Cause
which I-Cause
should I-Cause
result I-Cause
in I-Cause
credit I-Cause
cost I-Cause
advantages I-Cause
over I-Cause
time I-Cause
. O

From O
a O
margin O
perspective O
, O
we B-Effect
expect I-Effect
some I-Effect
margin I-Effect
improvement I-Effect
primarily I-Effect
as O
the B-Cause
health I-Cause
insurer I-Cause
fee I-Cause
is I-Cause
revoked I-Cause
and I-Cause
the I-Cause
company I-Cause
realizes I-Cause
synergies I-Cause
from I-Cause
the I-Cause
WellCare I-Cause
acquisition I-Cause
in I-Cause
2021 I-Cause
and I-Cause
beyond I-Cause
. O

Acquisitions B-Cause
and I-Cause
divestitures I-Cause
will O
cause O
volatility B-Effect
in I-Effect
reported I-Effect
results I-Effect
over I-Effect
the I-Effect
next I-Effect
year I-Effect
or O
so O
, O
but O
we O
generally O
expect O
Vodafone B-Effect
will I-Effect
generate I-Effect
very I-Effect
modest I-Effect
growth I-Effect
given I-Effect
the I-Effect
maturity I-Effect
of O
most O
of O
the B-Cause
markets I-Cause
it I-Cause
serves I-Cause
. O

Because O
of O
this O
, O
business B-Cause
challenges I-Cause
at I-Cause
Sartorius I-Cause
could O
affect O
returns B-Effect
to I-Effect
Bio-Rad I-Effect
shareholders I-Effect
, O
and O
Bio-Rad O
would O
have O
little O
recourse O
to O
change O
the O
direction O
of O
Sartorius O
' O
management O
. O

As O
unemployment B-Cause
remains I-Cause
high I-Cause
and I-Cause
its I-Cause
forbearance I-Cause
programs I-Cause
end I-Cause
, O
the B-Effect
state I-Effect
of I-Effect
the I-Effect
economy I-Effect
will I-Effect
be I-Effect
a I-Effect
key I-Effect
determinant I-Effect
of I-Effect
the I-Effect
bank I-Effect
's I-Effect
near-term I-Effect
profits I-Effect
. O

Expense B-Cause
leverage I-Cause
should I-Cause
create I-Cause
some I-Cause
long-term I-Cause
adjusted I-Cause
operating I-Cause
margin I-Cause
improvement I-Cause
relative O
to O
fiscal O
2019 O
's O
11.8 O
% O
mark O
, O
but O
we B-Effect
only I-Effect
expect I-Effect
expansion I-Effect
into I-Effect
the I-Effect
low I-Effect
teens I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
. O

Growing B-Cause
consumer I-Cause
concerns I-Cause
about I-Cause
deforestation I-Cause
could O
result O
in O
ADM B-Cause
's I-Cause
customers I-Cause
requiring I-Cause
stricter I-Cause
certification I-Cause
from I-Cause
the I-Cause
company I-Cause
, O
resulting O
in O
higher B-Effect
costs I-Effect
to I-Effect
ADM I-Effect
that I-Effect
it I-Effect
may I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
pass I-Effect
along I-Effect
. O

As O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
its I-Cause
software I-Cause
and I-Cause
build I-Cause
out I-Cause
a I-Cause
comprehensive I-Cause
product I-Cause
suite I-Cause
, O
we O
believe O
Paycom B-Effect
can I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
. O

Growth B-Effect
expectations I-Effect
could I-Effect
be I-Effect
dragged I-Effect
down I-Effect
if O
Internet B-Cause
of I-Cause
Things I-Cause
devices I-Cause
do I-Cause
not I-Cause
expand I-Cause
at I-Cause
a I-Cause
significant I-Cause
rate I-Cause
or O
if O
networks B-Cause
do I-Cause
not I-Cause
require I-Cause
services I-Cause
faster I-Cause
than I-Cause
4G I-Cause
. O

Combined O
with O
most B-Cause
consumption I-Cause
taking I-Cause
place I-Cause
in I-Cause
social I-Cause
settings I-Cause
, O
as O
well O
as O
the O
" O
" O
" O
" O
social O
currency O
" O
" O
" O
" O
that O
many O
people O
derive O
from O
these O
occasions O
, O
we O
believe O
resonant B-Effect
brands I-Effect
are I-Effect
particularly I-Effect
advantaged I-Effect
in I-Effect
the I-Effect
alcoholic I-Effect
beverage I-Effect
space I-Effect
. O

Although O
we O
believe O
Sysco O
has O
cost O
advantages O
compared O
with O
its O
smaller O
peers O
, O
pricing B-Effect
power I-Effect
remains I-Effect
elusive I-Effect
, O
given O
the B-Cause
vast I-Cause
number I-Cause
of I-Cause
alternatives I-Cause
through I-Cause
which I-Cause
they I-Cause
can I-Cause
purchase I-Cause
supplies I-Cause
. O

Fanuc B-Effect
is I-Effect
well-positioned I-Effect
for I-Effect
long-term I-Effect
, I-Effect
secular I-Effect
growth I-Effect
in I-Effect
the I-Effect
factory I-Effect
automation I-Effect
and I-Effect
robotics I-Effect
segment I-Effect
, O
as O
the B-Cause
world I-Cause
's I-Cause
largest I-Cause
computer I-Cause
numerical I-Cause
control I-Cause
( I-Cause
CNC I-Cause
) I-Cause
and I-Cause
industrial I-Cause
robotics I-Cause
manufacturer I-Cause
. O

Because O
we O
believe O
protection B-Cause
is I-Cause
reinsured I-Cause
mainly I-Cause
on I-Cause
a I-Cause
coinsurance I-Cause
basis I-Cause
, O
we O
think O
any B-Effect
claims I-Effect
increase I-Effect
will I-Effect
largely I-Effect
be I-Effect
linear I-Effect
. O

This O
is O
largely O
due O
to O
time B-Cause
value I-Cause
as I-Cause
well I-Cause
as I-Cause
anomalous I-Cause
near-term I-Cause
profitability I-Cause
, O
as O
pandemic-induced B-Cause
distortions I-Cause
have I-Effect
facilitated B-Effect
reductions I-Effect
in I-Effect
advertising I-Effect
and I-Effect
other I-Effect
corporate I-Effect
expenses I-Effect
. O

The B-Cause
network I-Cause
effect I-Cause
arises I-Cause
as O
the B-Cause
more I-Cause
people I-Cause
who I-Cause
use I-Cause
Slack I-Cause
, O
the B-Effect
more I-Effect
beneficial I-Effect
it I-Effect
is I-Effect
to I-Effect
those I-Effect
users I-Effect
. O

Also O
, O
we O
think O
Merck B-Effect
faces I-Effect
very I-Effect
limited I-Effect
ESG I-Effect
risks I-Effect
, O
with O
most O
of O
its O
risk O
surrounding O
potential B-Cause
return-reducing I-Cause
acquisitions I-Cause
due I-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
current I-Cause
ownership I-Cause
structure I-Cause
, I-Cause
a I-Cause
governance-related I-Cause
ESG I-Cause
concern I-Cause
. O

Comparable B-Effect
growth I-Effect
should I-Effect
moderate I-Effect
from I-Effect
its I-Effect
4 I-Effect
% I-Effect
three-year I-Effect
pre-pandemic I-Effect
historical I-Effect
average I-Effect
as O
stores B-Cause
mature I-Cause
( I-Cause
to I-Cause
around I-Cause
3 I-Cause
% I-Cause
on I-Cause
average I-Cause
from I-Cause
fiscal I-Cause
2022 I-Cause
to I-Cause
2029 I-Cause
, I-Cause
with I-Cause
roughly I-Cause
2 I-Cause
% I-Cause
from I-Cause
transactions I-Cause
upticks I-Cause
and I-Cause
just I-Cause
under I-Cause
1 I-Cause
% I-Cause
from I-Cause
ticket I-Cause
expansion I-Cause
) I-Cause
. O

We O
forecast O
Lumen B-Effect
's I-Effect
cash I-Effect
flow I-Effect
growth I-Effect
will O
be O
driven O
by O
expanding B-Cause
margins I-Cause
and I-Cause
tax I-Cause
benefits I-Cause
stemming I-Cause
from I-Cause
the I-Cause
merger I-Cause
with I-Cause
Level I-Cause
3 I-Cause
rather O
than O
revenue O
growth O
. O

We B-Effect
are I-Effect
pleased I-Effect
to I-Effect
see I-Effect
Telenor I-Effect
reshuffle I-Effect
its I-Effect
geographic I-Effect
presence I-Effect
from I-Effect
difficult I-Effect
countries I-Effect
like I-Effect
India I-Effect
, I-Effect
where I-Effect
it I-Effect
was I-Effect
a I-Effect
late I-Effect
entrant I-Effect
in I-Effect
an I-Effect
environment I-Effect
with I-Effect
mounting I-Effect
competition I-Effect
due B-Cause
to I-Cause
Reliance I-Cause
Jio I-Cause
's I-Cause
entrance I-Cause
, I-Cause
to I-Cause
an I-Cause
even I-Cause
playing I-Cause
field I-Cause
like I-Cause
Finland I-Cause
. O

Our O
expectation O
is O
for O
a B-Effect
five-year I-Effect
revenue I-Effect
CAGR I-Effect
of I-Effect
10 I-Effect
% I-Effect
as O
sales B-Cause
ramp I-Cause
up I-Cause
from I-Cause
5 I-Cause
% I-Cause
growth I-Cause
rate I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
. O

For O
the O
commercial O
segment O
, O
we O
expect O
strong B-Effect
growth I-Effect
as O
more B-Cause
companies I-Cause
and I-Cause
industries I-Cause
strive I-Cause
to I-Cause
understand I-Cause
actionable I-Cause
insights I-Cause
from I-Cause
their I-Cause
data I-Cause
stores I-Cause
and I-Cause
new I-Cause
data I-Cause
generated I-Cause
. O

Management B-Cause
's I-Cause
control I-Cause
over I-Cause
expenses I-Cause
is I-Cause
so I-Cause
tight I-Cause
that I-Cause
, O
when O
it O
acquired O
Anheuser-Busch O
, O
it B-Effect
introduced I-Effect
a I-Effect
zero-budgeting I-Effect
policy I-Effect
that I-Effect
clashed I-Effect
with I-Effect
the I-Effect
acquired I-Effect
company I-Effect
's I-Effect
culture I-Effect
. O

Park B-Cause
completed I-Cause
the I-Cause
acquisition I-Cause
of I-Cause
Chesapeake I-Cause
Lodging I-Cause
Trust I-Cause
in I-Cause
September I-Cause
2019 I-Cause
, I-Cause
a I-Cause
complimentary I-Cause
portfolio I-Cause
of I-Cause
18 I-Cause
high-quality I-Cause
, I-Cause
upper I-Cause
upscale I-Cause
hotels I-Cause
that O
should O
help O
to O
diversify B-Effect
Park I-Effect
's I-Effect
hotel I-Effect
brands I-Effect
to I-Effect
include I-Effect
Marriott I-Effect
, I-Effect
Hyatt I-Effect
, I-Effect
and I-Effect
IHG I-Effect
hotels I-Effect
. O

While O
Hasbro O
has O
risen O
to O
become O
a O
top O
toy O
seller O
on O
Amazon O
, O
we O
remain O
concerned O
that O
as O
Amazon B-Cause
represents I-Cause
a I-Cause
larger I-Cause
part I-Cause
of I-Cause
the I-Cause
total I-Cause
mix I-Cause
of I-Cause
sales I-Cause
, O
it O
could O
change B-Effect
the I-Effect
profitability I-Effect
profile I-Effect
of I-Effect
Hasbro I-Effect
over O
time O
, O
depending O
on O
concessions O
the O
toy O
maker O
may O
have O
to O
offer O
. O

Additionally O
, O
the B-Cause
newly I-Cause
acquired I-Cause
Maverick I-Cause
Boat I-Cause
Group I-Cause
brings I-Cause
exposure I-Cause
to I-Cause
more I-Cause
than I-Cause
70 I-Cause
dealers I-Cause
to I-Cause
the I-Cause
corporate I-Cause
mix I-Cause
, O
potentially O
helping B-Effect
expand I-Effect
Pursuit I-Effect
's I-Effect
brand I-Effect
reach I-Effect
over I-Effect
time I-Effect
. O

While O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
adversely O
affected B-Effect
2020 I-Effect
results I-Effect
, O
we O
think O
Hanes B-Cause
' I-Cause
share I-Cause
leadership I-Cause
in I-Cause
replenishment I-Cause
apparel I-Cause
categories I-Cause
puts B-Effect
it I-Effect
in I-Effect
better I-Effect
shape I-Effect
than I-Effect
some I-Effect
competitors I-Effect
. O

We O
look O
for O
continuing B-Effect
growth I-Effect
in I-Effect
operating I-Effect
expenses I-Effect
as O
more B-Cause
investments I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
plus I-Cause
higher I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
expenses I-Cause
, O
which O
are O
necessary O
for O
Snap O
to O
differentiate O
itself O
and O
attract O
more O
users O
. O

California B-Effect
legislation I-Effect
in I-Effect
2019 I-Effect
reduced I-Effect
PG I-Effect
& I-Effect
E I-Effect
's I-Effect
financial I-Effect
risk I-Effect
by O
creating B-Cause
the I-Cause
AB I-Cause
1054 I-Cause
Wildfire I-Cause
Fund I-Cause
, I-Cause
which I-Cause
covers I-Cause
fire I-Cause
liabilities I-Cause
over I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
and I-Cause
caps I-Cause
PG I-Cause
& I-Cause
E I-Cause
's I-Cause
total I-Cause
liabilities I-Cause
at I-Cause
$ I-Cause
2.7 I-Cause
billion I-Cause
. O

On O
the O
bottom O
line O
, O
we O
expect O
slight B-Effect
operating I-Effect
margin I-Effect
improvement I-Effect
to I-Effect
about I-Effect
7 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
, O
as O
Anthem B-Cause
wrings I-Cause
out I-Cause
efficiencies I-Cause
with I-Cause
its I-Cause
increasing I-Cause
scale I-Cause
. O

Our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
of I-Effect
$ I-Effect
106 I-Effect
balances I-Effect
near-term I-Effect
pain I-Effect
and I-Effect
longer-term I-Effect
growth I-Effect
, I-Effect
with I-Effect
the I-Effect
firm I-Effect
's I-Effect
pretax I-Effect
margin I-Effect
remaining I-Effect
depressed I-Effect
until I-Effect
fiscal I-Effect
2022 I-Effect
as O
coronavirus-related B-Cause
operating I-Cause
costs I-Cause
and I-Cause
accelerated I-Cause
amortization I-Cause
( I-Cause
due I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
closure I-Cause
of I-Cause
800 I-Cause
units I-Cause
in I-Cause
the I-Cause
Americas I-Cause
segment I-Cause
) I-Cause
weigh I-Cause
on I-Cause
results I-Cause
. I-Cause

This B-Cause
agreement I-Cause
will I-Cause
be I-Cause
extended I-Cause
to I-Cause
the I-Cause
4G I-Cause
network I-Cause
and I-Cause
should I-Cause
help I-Cause
China I-Cause
Unicom I-Cause
's I-Cause
margins I-Cause
to I-Cause
lift I-Cause
toward I-Cause
those I-Cause
of I-Cause
China I-Cause
Telecom I-Cause
, O
helping B-Effect
to I-Effect
grow I-Effect
earnings I-Effect
faster I-Effect
than I-Effect
revenue I-Effect
. O

Since O
back-office B-Cause
processes I-Cause
, I-Cause
compliance I-Cause
practices I-Cause
, I-Cause
and I-Cause
infrastructure I-Cause
are I-Cause
largely I-Cause
undistinguished I-Cause
among I-Cause
financial I-Cause
services I-Cause
providers I-Cause
, O
IHS B-Effect
Markit I-Effect
can I-Effect
leverage I-Effect
its I-Effect
tools I-Effect
over I-Effect
a I-Effect
wide I-Effect
client I-Effect
base I-Effect
while I-Effect
providing I-Effect
a I-Effect
meaningful I-Effect
value I-Effect
proposition I-Effect
to I-Effect
its I-Effect
customers I-Effect
. O

Robinson B-Effect
is I-Effect
a I-Effect
highly I-Effect
attractive I-Effect
source I-Effect
of I-Effect
freight I-Effect
opportunities I-Effect
, O
given O
its B-Cause
ability I-Cause
to I-Cause
aggregate I-Cause
fragmented I-Cause
demand I-Cause
across I-Cause
a I-Cause
broad I-Cause
customer I-Cause
base I-Cause
of I-Cause
shippers I-Cause
. O

We B-Effect
are I-Effect
confident I-Effect
in I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, O
as O
we O
expect O
Workday B-Cause
's I-Cause
top I-Cause
line I-Cause
to I-Cause
rely I-Cause
less I-Cause
and I-Cause
less I-Cause
on I-Cause
its I-Cause
low-margin I-Cause
services I-Cause
business I-Cause
-- O
which O
posted O
gross O
margin O
in O
fiscal O
2021 O
of O
negative O
11 O
% O
compared O
with O
subscriptions O
' O
drastically O
better O
84 O
% O
. O

Given O
that O
its B-Cause
engineering I-Cause
teams I-Cause
already I-Cause
know I-Cause
the I-Cause
ins I-Cause
and I-Cause
outs I-Cause
of I-Cause
the I-Cause
products I-Cause
in I-Cause
question I-Cause
, O
TE B-Cause
can I-Cause
offer I-Cause
a I-Cause
greater I-Cause
value I-Cause
proposition I-Cause
than I-Cause
an I-Cause
untested I-Cause
replacement I-Cause
and O
be O
better O
suited O
to O
codevelop B-Effect
new I-Effect
technologies I-Effect
or I-Effect
accommodate I-Effect
modifications I-Effect
for I-Effect
future I-Effect
product I-Effect
iterations I-Effect
. O

In O
a O
downturn B-Cause
( O
which O
can O
occur O
from O
airborne B-Cause
illnesses I-Cause
like I-Cause
coronavirus I-Cause
, I-Cause
terror I-Cause
attacks I-Cause
, I-Cause
or I-Cause
economic I-Cause
slowdown I-Cause
) O
, O
consumers B-Effect
and I-Effect
businesses I-Effect
look I-Effect
to I-Effect
cut I-Effect
back I-Effect
on I-Effect
expenses I-Effect
like I-Effect
travel I-Effect
. O

To O
invest B-Cause
in I-Cause
future I-Cause
patent-protected I-Cause
specialty I-Cause
products I-Cause
, O
the B-Effect
firm I-Effect
plows I-Effect
back I-Effect
roughly I-Effect
4 I-Effect
% I-Effect
of I-Effect
sales I-Effect
from I-Effect
its I-Effect
additives I-Effect
and I-Effect
functional I-Effect
products I-Effect
and I-Effect
advanced I-Effect
materials I-Effect
segments I-Effect
into I-Effect
research I-Effect
and I-Effect
development I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
large I-Cause
network I-Cause
of I-Cause
shippers I-Cause
and I-Cause
asset-based I-Cause
carriers I-Cause
crafts I-Cause
a I-Cause
compelling I-Cause
value I-Cause
proposition I-Cause
, O
making O
duplication B-Effect
a I-Effect
challenging I-Effect
task I-Effect
for I-Effect
small I-Effect
and I-Effect
midsize I-Effect
truck I-Effect
brokers I-Effect
with I-Effect
fewer I-Effect
resources I-Effect
. O

For O
example O
, O
the B-Cause
firm I-Cause
's I-Cause
lack I-Cause
of I-Cause
global I-Cause
scale I-Cause
and I-Cause
product I-Cause
breadth I-Cause
( I-Cause
close I-Cause
to I-Cause
80 I-Cause
% I-Cause
of I-Cause
volume I-Cause
is I-Cause
sparkling I-Cause
soft I-Cause
drinks I-Cause
) I-Cause
limits O
the B-Effect
potential I-Effect
for I-Effect
economies I-Effect
of I-Effect
scope I-Effect
in I-Effect
its I-Effect
distribution I-Effect
apparatus I-Effect
. O

Internet B-Cause
transit I-Cause
is I-Cause
a I-Cause
small I-Cause
addressable I-Cause
market I-Cause
-- I-Cause
about I-Cause
$ I-Cause
1.5 I-Cause
billion I-Cause
according I-Cause
to I-Cause
Cogent I-Cause
-- I-Cause
and I-Cause
rapid I-Cause
price I-Cause
deflation I-Cause
mutes I-Cause
market I-Cause
growth I-Cause
despite B-Effect
the I-Effect
huge I-Effect
increases I-Effect
in I-Effect
data I-Effect
consumption I-Effect
. O

Additionally O
, O
as O
it B-Cause
moves I-Cause
into I-Cause
the I-Cause
middleweight I-Cause
category I-Cause
( I-Cause
Pan I-Cause
America I-Cause
) I-Cause
in I-Cause
an I-Cause
attempt I-Cause
to I-Cause
offset I-Cause
legacy I-Cause
declines I-Cause
, O
it B-Effect
risks I-Effect
the I-Effect
inability I-Effect
to I-Effect
market I-Effect
properly I-Effect
to I-Effect
a I-Effect
new I-Effect
consumer I-Effect
base I-Effect
. O

With O
more B-Cause
paid I-Cause
and I-Cause
unpaid I-Cause
users I-Cause
, O
we O
believe O
Match B-Effect
Group I-Effect
could I-Effect
attract I-Effect
more I-Effect
ad I-Effect
dollars I-Effect
, O
given O
the B-Cause
growing I-Cause
number I-Cause
of I-Cause
young I-Cause
and I-Cause
millennial I-Cause
users I-Cause
, O
which O
is O
why O
we O
model B-Effect
14 I-Effect
% I-Effect
average I-Effect
annual I-Effect
growth I-Effect
in I-Effect
indirect I-Effect
revenue I-Effect
after I-Effect
the I-Effect
pandemic I-Effect
through I-Effect
2025 I-Effect
. O

In O
fact O
, O
Hain O
experienced O
two O
production O
problems O
in O
fiscal O
2018 O
in O
its O
personal O
care O
business O
, O
which O
resulted B-Cause
in I-Cause
unfilled I-Cause
orders I-Cause
and I-Cause
higher I-Cause
costs I-Cause
as I-Cause
production I-Cause
had O
to O
be B-Effect
temporarily I-Effect
outsourced I-Effect
. O

Deferring B-Cause
shop I-Cause
visits I-Cause
can O
add B-Effect
20 I-Effect
% I-Effect
-30 I-Effect
% I-Effect
to I-Effect
airlines I-Effect
' I-Effect
costs I-Effect
, O
and O
passenger O
survey O
data O
persistently O
reveals O
a O
majority O
of O
passengers O
are O
willing O
to O
travel O
once O
vaccinated O
. O

However O
, O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
illustrates B-Effect
one I-Effect
negative I-Effect
of I-Effect
this I-Effect
move I-Effect
, O
in O
that O
the O
acquiring O
business O
is O
significantly O
more O
macro O
sensitive O
than O
FIS O
' O
legacy O
operations O
. O

We B-Effect
've I-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
10.10 I-Effect
from I-Effect
$ I-Effect
9.10 I-Effect
to O
reflect O
our O
updated O
near-term B-Cause
revenue I-Cause
and I-Cause
profitability I-Cause
assumptions I-Cause
and I-Cause
for I-Cause
the I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

Our O
growth O
rate O
is O
based B-Cause
on I-Cause
the I-Cause
assumption I-Cause
that I-Cause
regulators I-Cause
approve I-Cause
Southern I-Cause
California I-Cause
Edison I-Cause
's I-Cause
plan I-Cause
to I-Cause
invest I-Cause
an I-Cause
average I-Cause
$ I-Cause
5 I-Cause
billion I-Cause
annually I-Cause
through I-Cause
2023 I-Cause
, O
resulting O
in O
8 B-Effect
% I-Effect
annual I-Effect
rate-base I-Effect
growth I-Effect
. O

Given O
the B-Cause
size I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
competitors I-Cause
and I-Cause
extensive I-Cause
consolidation I-Cause
in I-Cause
the I-Cause
diabetes-care I-Cause
device I-Cause
field I-Cause
, O
we O
estimate O
that O
Insulet B-Effect
can I-Effect
near I-Effect
$ I-Effect
2.8 I-Effect
billion I-Effect
in I-Effect
sales I-Effect
by I-Effect
2027 I-Effect
, O
which O
amounts O
to O
respectable O
market O
share O
but O
not O
nearly O
enough O
to O
unseat O
Medtronic O
or O
claim O
leadership O
. O

While O
the O
firm O
frequently O
pursues O
smaller O
bolt-on O
deals O
, O
its O
$ B-Cause
2.2 I-Cause
billion I-Cause
acquisition I-Cause
of I-Cause
SNL I-Cause
Financial I-Cause
in O
2015 O
( O
which O
we O
view O
favorably O
) O
is O
proof O
that O
the B-Effect
firm I-Effect
is I-Effect
not I-Effect
afraid I-Effect
to I-Effect
go I-Effect
after I-Effect
bigger I-Effect
fish I-Effect
, O
and O
there O
is O
no O
guarantee O
that O
S O
& O
P O
wo O
n't O
engage O
in O
value-destroying O
M O
& O
A O
longer O
term O
. O

And B-Effect
overall I-Effect
operating I-Effect
margin I-Effect
expands I-Effect
by I-Effect
320 I-Effect
basis I-Effect
points I-Effect
to I-Effect
14 I-Effect
% I-Effect
through I-Effect
2024 I-Effect
, O
as O
the B-Cause
firm I-Cause
becomes I-Cause
more I-Cause
efficient I-Cause
in I-Cause
using I-Cause
its I-Cause
salesforce I-Cause
to I-Cause
sell I-Cause
a I-Cause
freshened I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
. O

And B-Cause
the I-Cause
firm I-Cause
does I-Cause
have I-Cause
another I-Cause
edge I-Cause
over I-Cause
peers I-Cause
, I-Cause
as I-Cause
it I-Cause
is I-Cause
uniquely I-Cause
positioned I-Cause
to I-Cause
divert I-Cause
CO2 I-Cause
bound I-Cause
for I-Cause
the I-Cause
atmosphere I-Cause
and I-Cause
store I-Cause
it I-Cause
underground I-Cause
instead. O
This O
advantage O
stems O
from O
its O
extensive O
enhanced B-Effect
oil I-Effect
recovery I-Effect
operations I-Effect
( I-Effect
a I-Effect
technology I-Effect
that I-Effect
boosts I-Effect
productivity I-Effect
in I-Effect
mature I-Effect
oil I-Effect
fields I-Effect
by I-Effect
injecting I-Effect
CO2 I-Effect
into I-Effect
the I-Effect
reservoir I-Effect
, I-Effect
creating I-Effect
a I-Effect
sink I-Effect
for I-Effect
CO2 I-Effect
) I-Effect
. O

Sky B-Cause
has I-Cause
constructed I-Cause
an I-Cause
extensive I-Cause
data I-Cause
network I-Cause
in I-Cause
the I-Cause
U.K. I-Cause
, O
building O
into O
BT O
exchanges O
, O
enabling O
Sky B-Effect
to I-Effect
offer I-Effect
Internet I-Effect
access I-Effect
across I-Effect
most I-Effect
of I-Effect
the I-Effect
country I-Effect
using I-Effect
only I-Effect
the I-Effect
'' I-Effect
last I-Effect
mile I-Effect
'' I-Effect
of I-Effect
BT I-Effect
's I-Effect
network I-Effect
. O

While O
we O
view O
Darden O
as O
a O
better-positioned O
company O
following O
recent O
strategic O
efforts O
, O
we O
expect O
adjusted O
operating O
margin O
expansion O
to O
slow O
in O
the O
later O
years O
of O
our O
explicit O
forecast O
period O
as O
the B-Effect
casual I-Effect
dining I-Effect
industry I-Effect
consolidates I-Effect
and I-Effect
results I-Effect
in I-Effect
more I-Effect
significant I-Effect
price I-Effect
competition I-Effect
. O

Morningstar O
expects O
that O
a O
COVID-19 O
vaccine O
will O
be O
well-distributed O
by O
mid-2021 O
, O
but O
the B-Cause
longer I-Cause
that I-Cause
the I-Cause
pandemic I-Cause
runs I-Cause
rampant I-Cause
, O
the B-Effect
more I-Effect
challenging I-Effect
the I-Effect
operating I-Effect
environment I-Effect
will I-Effect
be I-Effect
for I-Effect
aviation I-Effect
businesses I-Effect
. O

We O
believe O
the B-Cause
scale I-Cause
and I-Cause
breadth I-Cause
of I-Cause
its I-Cause
operations I-Cause
allow O
the B-Cause
company I-Cause
to I-Cause
build I-Cause
out I-Cause
a I-Cause
wider I-Cause
set I-Cause
of I-Cause
data I-Cause
and I-Cause
experience I-Cause
, O
which O
we O
believe O
improves B-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
services I-Effect
even I-Effect
at I-Effect
the I-Effect
middle-market I-Effect
level I-Effect
. O

Additionally B-Cause
, I-Cause
the I-Cause
company I-Cause
is I-Cause
actively I-Cause
exploring I-Cause
the I-Cause
possibilities I-Cause
of I-Cause
additive I-Cause
manufacturing I-Cause
in O
an O
effort O
to O
spur B-Effect
the I-Effect
next I-Effect
wave I-Effect
of I-Effect
value-added I-Effect
product I-Effect
development I-Effect
. O

As O
such O
we O
do O
n't O
posit O
promotional B-Effect
spend I-Effect
will I-Effect
remain I-Effect
dormant I-Effect
over I-Effect
a I-Effect
longer I-Effect
horizon I-Effect
( O
as O
has O
been O
the O
case O
of O
late O
given O
the O
extent O
to O
which O
demand O
has O
been O
outpacing O
supply O
in O
categories O
throughout O
the O
store O
) O
, O
as O
competitors B-Cause
muscle I-Cause
for I-Cause
share I-Cause
gains I-Cause
. O

Patents B-Cause
, I-Cause
economies I-Cause
of I-Cause
scale I-Cause
, I-Cause
and I-Cause
a I-Cause
powerful I-Cause
intellectual I-Cause
base I-Cause
buoy O
Merck B-Effect
's I-Effect
business I-Effect
and O
keep O
it O
well O
shielded O
from O
the B-Effect
competition I-Effect
. O

Further O
, O
we O
think O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
, O
which O
forced O
the B-Effect
temporary I-Effect
closures I-Effect
of I-Effect
Dick I-Effect
's I-Effect
stores I-Effect
in I-Effect
2020 I-Effect
, O
could O
accelerate B-Effect
the I-Effect
digital I-Effect
and I-Effect
direct-to-consumer I-Effect
trends I-Effect
. O

Ideally O
, O
it O
wants O
to O
deliver B-Cause
these I-Cause
bottles I-Cause
directly I-Cause
to I-Cause
customers I-Cause
to O
avoid O
the B-Effect
increased I-Effect
costs I-Effect
and I-Effect
competition I-Effect
that O
go O
along O
with O
retail O
intermediation O
. O

In O
addition O
, O
as O
Groupon B-Cause
is I-Cause
expanding I-Cause
its I-Cause
offerings I-Cause
to I-Cause
include I-Cause
food I-Cause
delivery I-Cause
after I-Cause
acquiring I-Cause
OrderUp I-Cause
, O
it B-Effect
is I-Effect
entering I-Effect
a I-Effect
space I-Effect
crowded I-Effect
with I-Effect
companies I-Effect
such I-Effect
as I-Effect
Grubhub I-Effect
, I-Effect
Uber I-Effect
, I-Effect
DoorDash I-Effect
, I-Effect
and I-Effect
Munchery I-Effect
. O

In O
our O
view O
, O
talent B-Effect
for I-Effect
analog I-Effect
chip I-Effect
design I-Effect
is I-Effect
scarcer I-Effect
than I-Effect
it I-Effect
is I-Effect
for I-Effect
digital I-Effect
chips I-Effect
, O
due O
to O
greater B-Cause
emphasis I-Cause
in I-Cause
the I-Cause
broader I-Cause
semiconductor I-Cause
industry I-Cause
being I-Cause
placed I-Cause
on I-Cause
digital I-Cause
improvements I-Cause
in I-Cause
accordance I-Cause
with I-Cause
Moore I-Cause
's I-Cause
Law I-Cause
. O

With O
updated B-Cause
banking I-Cause
regulations I-Cause
, O
M B-Effect
& I-Effect
T I-Effect
is I-Effect
now I-Effect
considered I-Effect
a I-Effect
Category I-Effect
IV I-Effect
bank I-Effect
, I-Effect
and I-Effect
its I-Effect
regulatory I-Effect
burden I-Effect
has I-Effect
been I-Effect
reduced I-Effect
. O

Impala O
is O
brewed O
using O
cassava O
, O
a O
low-cost O
locally-grown O
plant O
, O
but O
the B-Cause
scale I-Cause
and I-Cause
scope I-Cause
efficiencies I-Cause
from I-Cause
AB I-Cause
InBev I-Cause
's I-Cause
near I-Cause
dominance I-Cause
in I-Cause
the I-Cause
market I-Cause
is I-Cause
a I-Cause
significant I-Cause
contributor O
to O
its B-Effect
ability I-Effect
to I-Effect
offer I-Effect
product I-Effect
at I-Effect
such I-Effect
a I-Effect
low I-Effect
price I-Effect
point I-Effect
. O

Clinical O
trials O
are O
intensely O
scrutinized O
by O
regulators O
, O
and O
even O
the B-Cause
slightest I-Cause
error I-Cause
or I-Cause
abnormality I-Cause
can O
cause O
them O
to O
reject B-Effect
a I-Effect
drug I-Effect
or I-Effect
require I-Effect
a I-Effect
new I-Effect
trial I-Effect
. O

Newer B-Cause
entrant I-Cause
TotalPlay I-Cause
has I-Cause
also I-Cause
aggressively I-Cause
expanded I-Cause
its I-Cause
fiber I-Cause
network I-Cause
over I-Cause
the I-Cause
past I-Cause
five I-Cause
years I-Cause
and I-Cause
now I-Cause
claims I-Cause
about I-Cause
10 I-Cause
% I-Cause
market I-Cause
share. O
As O
a O
result O
, O
Telmex B-Effect
has I-Effect
steadily I-Effect
lost I-Effect
Internet I-Effect
access I-Effect
market I-Effect
share I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
though I-Effect
it I-Effect
still I-Effect
serves I-Effect
about I-Effect
half I-Effect
of I-Effect
all I-Effect
customers I-Effect
in I-Effect
Mexico I-Effect
. O

We O
expect O
Caesars B-Cause
to I-Cause
realize I-Cause
around I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
in I-Cause
combined I-Cause
revenue I-Cause
and I-Cause
cost I-Cause
synergies I-Cause
from I-Cause
its I-Cause
merger I-Cause
with I-Cause
Eldorado I-Cause
, O
representing O
around B-Effect
a I-Effect
30 I-Effect
% I-Effect
increase I-Effect
to I-Effect
pro I-Effect
forma I-Effect
2019 I-Effect
EBITDAR I-Effect
. O

As O
the O
unquestioned O
leader O
in O
global O
food-service O
sales O
, O
we O
believe O
that O
McDonald B-Cause
's I-Cause
is I-Cause
taking I-Cause
adequate I-Cause
steps I-Cause
to O
adjust B-Effect
to I-Effect
an I-Effect
evolving I-Effect
competitive I-Effect
landscape I-Effect
, O
solidifying B-Effect
its I-Effect
brand I-Effect
competitive I-Effect
advantage I-Effect
by O
leveraging B-Cause
its I-Cause
scale I-Cause
, I-Cause
marketing I-Cause
spending I-Cause
, I-Cause
and I-Cause
strong I-Cause
unit-level I-Cause
profitability I-Cause
. O

The B-Effect
addition I-Effect
of I-Effect
Cobalt I-Effect
, I-Effect
Pursuit I-Effect
, I-Effect
and I-Effect
Maverick I-Effect
within I-Effect
the I-Effect
last I-Effect
five I-Effect
years I-Effect
has I-Effect
provided I-Effect
robust I-Effect
sales I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
( O
averaging O
26 O
% O
) O
, O
thanks O
to O
a B-Cause
strategy I-Cause
based I-Cause
on I-Cause
fit I-Cause
and I-Cause
ability I-Cause
to I-Cause
raise I-Cause
shareholder I-Cause
value I-Cause
. O

As O
users B-Cause
and I-Cause
search I-Cause
requests I-Cause
grow I-Cause
and I-Cause
more I-Cause
data I-Cause
is I-Cause
gathered I-Cause
, O
advertisers B-Cause
' I-Cause
demands I-Cause
for I-Cause
ads I-Cause
increase I-Cause
, O
helping O
Google B-Effect
to I-Effect
further I-Effect
monetize I-Effect
the I-Effect
network I-Effect
. O

HPE B-Cause
offers I-Cause
the I-Cause
public I-Cause
cloud I-Cause
pay-per-usage I-Cause
model I-Cause
for I-Cause
on-premises I-Cause
and I-Cause
private I-Cause
clouds I-Cause
to O
stay B-Effect
in I-Effect
tune I-Effect
with I-Effect
favored I-Effect
consumption I-Effect
models I-Effect
. O

The B-Effect
segment I-Effect
in I-Effect
the I-Effect
Southeast I-Effect
should I-Effect
maintain I-Effect
its I-Effect
premerger I-Effect
margins I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
the I-Effect
forecast I-Effect
period I-Effect
due O
to O
its B-Cause
successful I-Cause
remodeling I-Cause
program I-Cause
and O
despite O
a O
more O
competitive O
environment O
( O
Carolinas O
) O
, O
where O
larger B-Cause
peers I-Cause
are I-Cause
proactively I-Cause
reducing I-Cause
prices I-Cause
in O
anticipation O
of O
hard B-Effect
discounters I-Effect
' I-Effect
expansion I-Effect
. O

While O
Under B-Effect
Armour I-Effect
achieves I-Effect
solid I-Effect
operating I-Effect
margins I-Effect
in I-Effect
Asia-Pacific I-Effect
( I-Effect
20 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
) I-Effect
, I-Effect
competitors I-Effect
' I-Effect
operating I-Effect
margins I-Effect
are I-Effect
even I-Effect
higher I-Effect
( I-Effect
greater I-Effect
than I-Effect
30 I-Effect
% I-Effect
for I-Effect
both I-Effect
Nike I-Effect
and I-Effect
Adidas I-Effect
) I-Effect
because O
they B-Cause
have I-Cause
much I-Cause
greater I-Cause
brand I-Cause
recognition I-Cause
, I-Cause
pricing I-Cause
, I-Cause
distribution I-Cause
, I-Cause
and I-Cause
marketing I-Cause
. O

Since O
its O
separation O
from O
Westinghouse O
, O
Wesco B-Cause
has I-Cause
used I-Cause
most I-Cause
of I-Cause
its I-Cause
cumulative I-Cause
free I-Cause
cash I-Cause
flow I-Cause
on I-Cause
acquisitions I-Cause
, O
which O
have O
expanded B-Effect
its I-Effect
scale I-Effect
, I-Effect
diversified I-Effect
revenue I-Effect
, I-Effect
and I-Effect
fueled I-Effect
a I-Effect
meaningful I-Effect
portion I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
growth I-Effect
. O

Funded B-Effect
mostly I-Effect
by I-Effect
expected I-Effect
savings I-Effect
( I-Effect
$ I-Effect
150 I-Effect
million I-Effect
) I-Effect
from I-Effect
business I-Effect
restructuring I-Effect
, I-Effect
the I-Effect
firm I-Effect
also I-Effect
expects I-Effect
to I-Effect
extract I-Effect
efficiencies I-Effect
by B-Cause
making I-Cause
its I-Cause
infrastructure I-Cause
and I-Cause
commercial I-Cause
functions I-Cause
more I-Cause
technologically I-Cause
capable I-Cause
. O

We O
're O
anticipating O
that O
the B-Effect
company I-Effect
will I-Effect
maintain I-Effect
its I-Effect
relatively I-Effect
high I-Effect
capital I-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percent I-Effect
of I-Effect
sales I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
company I-Cause
builds I-Cause
out I-Cause
capacity I-Cause
for I-Cause
the I-Cause
Columbia-class I-Cause
submarine I-Cause
. O

Since O
adversaries B-Cause
actively I-Cause
work I-Cause
to I-Cause
disrupt I-Cause
the I-Cause
ability I-Cause
of I-Cause
sensors I-Cause
to I-Cause
function I-Cause
as I-Cause
intended I-Cause
, O
we B-Effect
expect I-Effect
that I-Effect
the I-Effect
customer I-Effect
is I-Effect
highly I-Effect
sensitive I-Effect
to I-Effect
changes I-Effect
in I-Effect
the I-Effect
quality I-Effect
of I-Effect
the I-Effect
sensor I-Effect
or I-Effect
jammer I-Effect
. O

Over O
the O
next O
several O
years O
, O
we O
expect O
adjusted O
operating O
margins O
to O
remain O
slightly O
ahead O
of O
casual O
dining O
industry O
average O
operating O
margins O
in O
the O
high-single-digits O
, O
growing B-Effect
to I-Effect
almost I-Effect
12 I-Effect
% I-Effect
within O
five O
years O
as O
cost-optimization B-Cause
efforts I-Cause
bear I-Cause
fruit I-Cause
. O

Efforts B-Cause
to I-Cause
reorganize I-Cause
the I-Cause
business I-Cause
and I-Cause
streamline I-Cause
strategy I-Cause
have O
helped O
improve B-Effect
these I-Effect
metrics I-Effect
( I-Effect
with I-Effect
free I-Effect
cash I-Effect
flow I-Effect
set I-Effect
to I-Effect
almost I-Effect
double I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
2020 I-Effect
) I-Effect
, O
and O
we O
think O
further B-Effect
gains I-Effect
should I-Effect
be I-Effect
realized I-Effect
ahead I-Effect
, O
as O
further B-Cause
economics I-Cause
are I-Cause
extracted I-Cause
from I-Cause
the I-Cause
business I-Cause
. O

Given O
the B-Cause
number I-Cause
of I-Cause
local I-Cause
stations I-Cause
it I-Cause
owns I-Cause
and I-Cause
its I-Cause
debt I-Cause
load I-Cause
, O
we O
do O
n't O
expect O
any O
major B-Effect
acquisitions I-Effect
in I-Effect
the I-Effect
near I-Effect
future I-Effect
. O

Lam B-Cause
's I-Cause
leadership I-Cause
position I-Cause
creates O
scale B-Effect
advantages I-Effect
that O
fuel O
research O
and O
development O
spending O
at O
levels O
only O
Applied O
Materials O
and O
Tokyo O
Electron O
can O
match O
. O

Lennox B-Cause
's I-Cause
failure I-Cause
to I-Cause
keep I-Cause
pace I-Cause
with I-Cause
global I-Cause
green I-Cause
building I-Cause
standards I-Cause
and I-Cause
product I-Cause
demand I-Cause
trends I-Cause
could O
result O
in O
reputational B-Effect
risk I-Effect
and I-Effect
lost I-Effect
market I-Effect
share I-Effect
, O
but O
we O
see O
a O
low O
probability O
of O
this O
risk O
materializing O
. O

As O
Valeant O
, O
the O
firm O
's O
strategy O
was O
focused O
on O
making O
acquisitions O
, O
then O
cutting B-Effect
costs I-Effect
of I-Effect
these I-Effect
acquired I-Effect
companies I-Effect
by O
reducing B-Cause
sales I-Cause
headcount I-Cause
. O

We O
expect O
the B-Effect
firm I-Effect
's I-Effect
largest I-Effect
segment I-Effect
, I-Effect
Discovery I-Effect
and I-Effect
Safety I-Effect
Assessment I-Effect
, I-Effect
to I-Effect
make I-Effect
up I-Effect
about I-Effect
63 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
, O
driven O
by O
a B-Cause
slow I-Cause
increase I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
throughout I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
. O

The B-Effect
acquisition I-Effect
was I-Effect
strategically I-Effect
sound I-Effect
, O
as O
the O
addition B-Cause
of I-Cause
its I-Cause
large I-Cause
mines I-Cause
offset I-Cause
production I-Cause
declines I-Cause
in O
Barrick O
's O
legacy O
portfolio O
with O
costs O
at O
or O
below O
the O
company O
average O
. O

We O
expect O
online B-Effect
ad I-Effect
margins I-Effect
will I-Effect
gradually I-Effect
increase I-Effect
as O
higher-margin B-Cause
social I-Cause
and I-Cause
other I-Cause
advertising I-Cause
is I-Cause
expected I-Cause
to I-Cause
grow I-Cause
faster I-Cause
than I-Cause
media I-Cause
advertising I-Cause
. O

The B-Effect
move I-Effect
into I-Effect
wireless I-Effect
heightens I-Effect
the I-Effect
threat I-Effect
of I-Effect
regulatory I-Effect
intervention I-Effect
as O
regulators B-Cause
will I-Cause
be I-Cause
watching I-Cause
to I-Cause
ensure I-Cause
the I-Cause
firm I-Cause
puts I-Cause
its I-Cause
spectrum I-Cause
licenses I-Cause
to I-Cause
effective I-Cause
use I-Cause
serving I-Cause
the I-Cause
public I-Cause
, O
which O
could O
spark B-Effect
fresh I-Effect
disagreement I-Effect
with I-Effect
the I-Effect
FCC I-Effect
. O

Capri B-Cause
spent I-Cause
a I-Cause
steep I-Cause
$ I-Cause
3.4 I-Cause
billion I-Cause
to I-Cause
purchase I-Cause
Jimmy I-Cause
Choo I-Cause
and I-Cause
Versace I-Cause
to O
boost B-Effect
its I-Effect
status I-Effect
as I-Effect
a I-Effect
luxury I-Effect
house I-Effect
and I-Effect
reduce I-Effect
its I-Effect
dependence I-Effect
on I-Effect
Michael I-Effect
Kors I-Effect
. O

History O
suggests O
this B-Effect
could I-Effect
be I-Effect
possible I-Effect
, O
as O
Illinois B-Cause
's I-Cause
early I-Cause
plans I-Cause
for I-Cause
recreational I-Cause
legalization I-Cause
would I-Cause
hand I-Cause
an I-Cause
advantage I-Cause
to I-Cause
companies I-Cause
with I-Cause
medical I-Cause
cultivation I-Cause
and I-Cause
dispensary I-Cause
licenses I-Cause
. O

We B-Effect
expect I-Effect
this I-Effect
to I-Effect
provide I-Effect
management I-Effect
with I-Effect
the I-Effect
leverage I-Effect
to I-Effect
increase I-Effect
affiliate I-Effect
fees I-Effect
as O
the B-Cause
carriage I-Cause
agreements I-Cause
continue I-Cause
to I-Cause
expire I-Cause
. I-Cause

Given O
the B-Cause
difficulty I-Cause
in I-Cause
valuing I-Cause
long-term I-Cause
10- I-Cause
to I-Cause
20-year I-Cause
contracts I-Cause
for I-Cause
gathering I-Cause
and I-Cause
processing I-Cause
assets I-Cause
due O
to O
the B-Cause
challenges I-Cause
in I-Cause
planned I-Cause
drilling I-Cause
and I-Cause
production I-Cause
, O
we O
think O
future B-Effect
write-downs I-Effect
are I-Effect
possible I-Effect
. O

We O
think O
Corning B-Effect
benefits I-Effect
from I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
substrates I-Effect
and I-Effect
filters I-Effect
, O
again O
stemming O
from O
its O
centralized O
R O
& O
amp O
; O
D O
spend O
and O
a B-Cause
virtuous I-Cause
cycle I-Cause
with I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
ceramic I-Cause
substrate I-Cause
production I-Cause
. O

We O
expect O
the B-Effect
company I-Effect
to I-Effect
rachet I-Effect
up I-Effect
research I-Effect
and I-Effect
marketing I-Effect
expenditures I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
albeit O
lower O
than O
peers O
, O
as O
it B-Cause
aims I-Cause
to I-Cause
expand I-Cause
share I-Cause
in I-Cause
cloud I-Cause
and I-Cause
mobile I-Cause
security I-Cause
. O

We O
still O
see O
elevated O
macro O
uncertainty O
, O
but O
for B-Cause
2020 I-Cause
we I-Cause
currently I-Cause
look I-Cause
for I-Cause
total I-Cause
revenue I-Cause
to I-Cause
come I-Cause
in I-Cause
roughly I-Cause
flat I-Cause
thanks O
to O
second B-Effect
half I-Effect
recovery I-Effect
off I-Effect
of I-Effect
pandemic I-Effect
lows I-Effect
. I-Effect

Autoliv B-Cause
's I-Cause
products I-Cause
are I-Cause
highly I-Cause
engineered I-Cause
, O
requiring O
the B-Effect
company I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
highly I-Effect
skilled I-Effect
human I-Effect
capital I-Effect
with I-Effect
expertise I-Effect
in I-Effect
various I-Effect
engineering I-Effect
disciplines I-Effect
. O

RingCentral O
's O
early O
focus O
was O
on O
small O
and O
medium O
businesses O
, O
but O
we B-Effect
're I-Effect
optimistic I-Effect
about I-Effect
the I-Effect
company I-Effect
's I-Effect
expansion I-Effect
into I-Effect
larger I-Effect
enterprises I-Effect
, O
as O
dollar B-Cause
retention I-Cause
exceeds I-Cause
120 I-Cause
% I-Cause
for I-Cause
midsize I-Cause
and I-Cause
enterprise I-Cause
customers I-Cause
. O

Because O
of O
the B-Cause
demand I-Cause
rebound I-Cause
, O
total B-Effect
net I-Effect
revenue I-Effect
jumped I-Effect
11 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, I-Effect
while I-Effect
EBIT I-Effect
margin I-Effect
( I-Effect
calculated I-Effect
off I-Effect
net I-Effect
revenue I-Effect
) I-Effect
rose I-Effect
to I-Effect
32.1 I-Effect
% I-Effect
( I-Effect
from I-Effect
29.1 I-Effect
% I-Effect
) I-Effect
on I-Effect
the I-Effect
back I-Effect
of I-Effect
net I-Effect
revenue I-Effect
growth I-Effect
, I-Effect
excellent I-Effect
cost I-Effect
execution I-Effect
, I-Effect
and I-Effect
superb I-Effect
headcount I-Effect
management I-Effect
. O

After O
Five O
Below O
's O
post-holiday O
sales O
drove O
fourth-quarter O
comparable O
growth O
to O
nearly O
14 O
% O
( O
from O
10 O
% O
over O
the O
holidays O
) O
and O
with O
more B-Cause
economic I-Cause
stimulus I-Cause
on I-Cause
the I-Cause
way I-Cause
, O
we O
are O
lifting B-Effect
our I-Effect
valuation I-Effect
to I-Effect
$ I-Effect
124 I-Effect
per I-Effect
share I-Effect
( I-Effect
from I-Effect
$ I-Effect
114 I-Effect
) I-Effect
. O

We B-Cause
forecast I-Cause
Gap I-Cause
Global I-Cause
's I-Cause
total I-Cause
North I-Cause
America I-Cause
store I-Cause
base I-Cause
will I-Cause
decline I-Cause
to I-Cause
fewer I-Cause
than I-Cause
400 I-Cause
stores I-Cause
by I-Cause
the I-Cause
end I-Cause
of I-Cause
2025 I-Cause
, O
resulting B-Effect
in I-Effect
annual I-Effect
sales I-Effect
declines I-Effect
. O

We O
anticipate O
greater B-Cause
penetration I-Cause
of I-Cause
pet I-Cause
owership I-Cause
and I-Cause
encroaching I-Cause
herd I-Cause
immunity I-Cause
to I-Cause
COVID-19 I-Cause
should O
set B-Effect
the I-Effect
stage I-Effect
for I-Effect
robust I-Effect
demand I-Effect
for I-Effect
companion I-Effect
animal I-Effect
healthcare I-Effect
this I-Effect
year I-Effect
. O

These B-Cause
solutions I-Cause
were I-Cause
typically I-Cause
from I-Cause
different I-Cause
vendors I-Cause
, O
and O
were O
expensive B-Effect
to I-Effect
build I-Effect
, I-Effect
maintain I-Effect
, I-Effect
and I-Effect
update I-Effect
to I-Effect
infrastructure I-Effect
or I-Effect
business I-Effect
demand I-Effect
changes I-Effect
. O

Many B-Cause
companies I-Cause
are I-Cause
also I-Cause
placing I-Cause
increasing I-Cause
importance I-Cause
on I-Cause
chip I-Cause
customization I-Cause
as I-Cause
a I-Cause
point I-Cause
of I-Cause
differentiation. O
These B-Effect
trends I-Effect
have I-Effect
provided I-Effect
a I-Effect
boon I-Effect
for I-Effect
Synopsys I-Effect
, I-Effect
whose I-Effect
tools I-Effect
are I-Effect
essential I-Effect
for I-Effect
designers I-Effect
needing I-Effect
to I-Effect
keep I-Effect
pace I-Effect
with I-Effect
growing I-Effect
demands I-Effect
. O

Prudential O
's O
fastest-growing B-Effect
distribution I-Effect
channel I-Effect
is O
Pulse O
by O
Prudential B-Cause
, O
its B-Cause
new I-Cause
mobile I-Cause
application I-Cause
where O
the O
business O
can O
drive O
economies B-Effect
of I-Effect
scale I-Effect
and I-Effect
significant I-Effect
efficiency I-Effect
. O

Given O
that O
competition B-Cause
for I-Cause
talent I-Cause
in I-Cause
the I-Cause
Chinese I-Cause
Internet I-Cause
industry I-Cause
should I-Cause
remain I-Cause
intense I-Cause
, O
we O
think O
labor B-Effect
costs I-Effect
, I-Effect
particularly I-Effect
in I-Effect
research I-Effect
and I-Effect
development I-Effect
, I-Effect
would I-Effect
continue I-Effect
to I-Effect
rise I-Effect
in I-Effect
absolute I-Effect
terms I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

As O
he O
is O
putting O
together O
the O
ingredients O
and O
seasoning O
the O
dish O
, O
he B-Cause
has I-Cause
to I-Cause
constantly I-Cause
taste I-Cause
the I-Cause
stew I-Cause
and I-Cause
adjust I-Cause
the I-Cause
seasoning I-Cause
and I-Cause
ingredients I-Cause
to O
create B-Effect
the I-Effect
perfect I-Effect
recipe I-Effect
. O

For O
one O
, O
given O
consumers B-Cause
make I-Cause
frequent I-Cause
purchases I-Cause
and I-Cause
typically I-Cause
face I-Cause
no I-Cause
switching I-Cause
costs I-Cause
, O
firms B-Effect
must I-Effect
continually I-Effect
invest I-Effect
behind I-Effect
their I-Effect
brands I-Effect
to I-Effect
drive I-Effect
sales I-Effect
. O

We O
forecast O
EBIT B-Effect
margins I-Effect
rising I-Effect
modestly I-Effect
throughout I-Effect
our I-Effect
forecast I-Effect
stemming I-Effect
from O
improvements B-Cause
in I-Cause
the I-Cause
supply I-Cause
chain I-Cause
and I-Cause
infrastructure I-Cause
, O
which O
could B-Effect
be I-Effect
held I-Effect
back I-Effect
by I-Effect
higher I-Effect
spending I-Effect
if O
the B-Cause
firm I-Cause
sets I-Cause
up I-Cause
an I-Cause
owned I-Cause
brick-and-mortar I-Cause
network I-Cause
internationally I-Cause
. O

We O
expect O
a B-Effect
portion I-Effect
of I-Effect
the I-Effect
industry I-Effect
's I-Effect
idled I-Effect
paper I-Effect
capacity I-Effect
to I-Effect
be I-Effect
converted I-Effect
to I-Effect
linerboard I-Effect
production I-Effect
, O
attracted O
by O
the B-Cause
corrugated I-Cause
packaging I-Cause
industry I-Cause
's I-Cause
healthier I-Cause
economics I-Cause
. O

In O
addition O
, O
since O
a B-Cause
large I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
come I-Cause
from I-Cause
Lantus I-Cause
, O
the B-Effect
company I-Effect
faces I-Effect
additional I-Effect
product I-Effect
specific I-Effect
risks I-Effect
from I-Effect
competitive I-Effect
drug I-Effect
launches I-Effect
from I-Effect
Eli I-Effect
Lilly I-Effect
, I-Effect
Novo I-Effect
Nordisk I-Effect
, I-Effect
and I-Effect
potentially I-Effect
several I-Effect
other I-Effect
generic I-Effect
companies I-Effect
. O

We O
'll O
caution O
our O
near-term B-Effect
projections I-Effect
are I-Effect
highly I-Effect
uncertain I-Effect
and I-Effect
could I-Effect
be I-Effect
revised I-Effect
both I-Effect
upwards I-Effect
and I-Effect
downwards I-Effect
depending O
on O
the B-Cause
duration I-Cause
of I-Cause
the I-Cause
battle I-Cause
to I-Cause
slow I-Cause
COVID-19 I-Cause
. O

Consumer O
spending O
and O
GDP O
are O
interrelated O
, O
and O
a B-Cause
recession I-Cause
would O
greatly B-Effect
lower I-Effect
demand I-Effect
for I-Effect
industrial I-Effect
facilities I-Effect
as O
retail B-Cause
sales I-Cause
plunge I-Cause
. O

However O
, O
the B-Cause
proliferation I-Cause
of I-Cause
cloud I-Cause
computing I-Cause
and I-Cause
burgeoning I-Cause
artificial I-Cause
intelligence I-Cause
trend I-Cause
will I-Cause
provide I-Cause
tailwinds I-Cause
for I-Cause
the I-Cause
data I-Cause
center I-Cause
group I-Cause
, I-Cause
or I-Cause
DCG I-Cause
, O
which O
we O
see O
growing B-Effect
in I-Effect
the I-Effect
high I-Effect
single I-Effect
digits I-Effect
through I-Effect
2024 I-Effect
. O

As B-Cause
Spotify I-Cause
's I-Cause
algorithms I-Cause
improve I-Cause
, O
the B-Effect
company I-Effect
can I-Effect
better I-Effect
retain I-Effect
its I-Effect
existing I-Effect
users I-Effect
while I-Effect
also I-Effect
potentially I-Effect
attracting I-Effect
more I-Effect
users I-Effect
to I-Effect
its I-Effect
service I-Effect
. O

We O
think O
that O
the B-Effect
costs I-Effect
of I-Effect
even I-Effect
shorter-term I-Effect
projects I-Effect
under I-Effect
Cognizant I-Effect
's I-Effect
consulting I-Effect
and I-Effect
technology I-Effect
services I-Effect
umbrella I-Effect
bear I-Effect
switching I-Effect
costs I-Effect
because O
of O
the B-Cause
high I-Cause
costs I-Cause
of I-Cause
failure I-Cause
if I-Cause
software I-Cause
implementation I-Cause
does I-Cause
not I-Cause
go I-Cause
as I-Cause
planned I-Cause
or I-Cause
if I-Cause
quality I-Cause
assurance I-Cause
testers I-Cause
fail I-Cause
to I-Cause
detect I-Cause
software I-Cause
vulnerabilities I-Cause
. O

Additionally B-Effect
, I-Effect
Corteva I-Effect
is I-Effect
in I-Effect
the I-Effect
process I-Effect
of I-Effect
rebuilding I-Effect
its I-Effect
crop I-Effect
chemicals I-Effect
portfolio I-Effect
after I-Effect
having I-Effect
to I-Effect
sell I-Effect
a I-Effect
sizable I-Effect
portion I-Effect
of I-Effect
premium I-Effect
legacy I-Effect
DuPont I-Effect
's I-Effect
crop I-Effect
chemicals I-Effect
products I-Effect
to I-Effect
FMC I-Effect
in B-Cause
order I-Cause
to I-Cause
gain I-Cause
regulatory I-Cause
clearance I-Cause
for I-Cause
the I-Cause
DowDuPont I-Cause
merger I-Cause
. O

The O
company O
's O
focus O
on O
using O
search O
engine O
optimization O
, O
topical O
blogs O
, O
and O
network O
referrals O
to O
attract O
SMB O
users O
suggests O
to O
us O
that O
there O
should O
be O
leverage B-Cause
in I-Cause
the I-Cause
sales I-Cause
and I-Cause
marketing I-Cause
line I-Cause
to O
help O
increase B-Effect
operating I-Effect
margins I-Effect
over I-Effect
time I-Effect
. O

For O
example O
, O
in O
2018 O
, O
gaming B-Effect
license I-Effect
approval I-Effect
in I-Effect
China I-Effect
was I-Effect
suspended I-Effect
as O
a O
result O
of O
restructuring B-Cause
of I-Cause
government I-Cause
departments I-Cause
. O

Additionally O
, O
NetApp B-Cause
's I-Cause
software I-Cause
suite I-Cause
allows I-Cause
customers I-Cause
to I-Cause
monitor I-Cause
and I-Cause
move I-Cause
data I-Cause
across I-Cause
all I-Cause
their I-Cause
network I-Cause
environments I-Cause
to O
ensure B-Effect
security I-Effect
and I-Effect
resource I-Effect
optimization I-Effect
. O

We O
see O
the B-Effect
net I-Effect
charge-off I-Effect
ratio I-Effect
normalizing I-Effect
above I-Effect
0.3 I-Effect
% I-Effect
as O
Cullen/Frost B-Cause
increases I-Cause
the I-Cause
overall I-Cause
mix I-Cause
of I-Cause
its I-Cause
loans I-Cause
coming I-Cause
from I-Cause
consumer I-Cause
lending I-Cause
, O
although O
we O
anticipate O
elevated B-Effect
losses I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
as O
the B-Cause
latest I-Cause
energy I-Cause
downturn I-Cause
and I-Cause
COVID-19 I-Cause
plays I-Cause
out I-Cause
. O

Even O
though O
Primo B-Cause
touts I-Cause
leading I-Cause
volumes I-Cause
in I-Cause
many I-Cause
of I-Cause
its I-Cause
water I-Cause
markets I-Cause
, O
which O
should O
allow O
it B-Effect
to I-Effect
reduce I-Effect
per-unit I-Effect
fixed I-Effect
and I-Effect
variable I-Effect
costs I-Effect
through I-Effect
volume I-Effect
and I-Effect
procurement I-Effect
leverage I-Effect
, O
we O
believe O
there O
are O
constraints O
on O
the O
extent O
to O
which O
these O
dynamics O
can O
manifest O
. O

As B-Cause
Eastman I-Cause
grows I-Cause
its I-Cause
specialty I-Cause
polymers I-Cause
and I-Cause
resins I-Cause
products I-Cause
and I-Cause
divests I-Cause
more I-Cause
commotidized I-Cause
business I-Cause
lines I-Cause
, O
such O
as O
its O
rubber O
additives O
portfolio O
, O
we B-Effect
see I-Effect
margins I-Effect
expanding I-Effect
from I-Effect
the I-Effect
mid-teens I-Effect
to I-Effect
the I-Effect
low-20 I-Effect
% I-Effect
range I-Effect
over I-Effect
our I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
. I-Effect

Zions B-Effect
is I-Effect
also I-Effect
not I-Effect
large I-Effect
enough I-Effect
to I-Effect
be I-Effect
subject I-Effect
to I-Effect
the I-Effect
Fed I-Effect
's I-Effect
stress I-Effect
tests I-Effect
because O
it B-Cause
has I-Cause
less I-Cause
than I-Cause
$ I-Cause
100 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
. O

The O
company O
issued O
a O
press O
release O
in O
May O
2021 O
indicating O
prices B-Cause
will I-Cause
increase I-Cause
5 I-Cause
% I-Cause
in I-Cause
the I-Cause
firm I-Cause
's I-Cause
beauty I-Cause
and I-Cause
home I-Cause
care I-Cause
segment I-Cause
, O
and O
the B-Effect
firm I-Effect
may I-Effect
face I-Effect
pushback I-Effect
from I-Effect
price-sensitive I-Effect
customers I-Effect
in I-Effect
these I-Effect
markets I-Effect
. O

We O
forecast O
1.5 B-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
for I-Effect
the I-Effect
segment I-Effect
after I-Effect
2022 I-Effect
on O
the O
strength O
of O
its B-Cause
Manhattan I-Cause
flagship I-Cause
women I-Cause
's I-Cause
store I-Cause
( I-Cause
opened I-Cause
in I-Cause
October I-Cause
2019 I-Cause
) I-Cause
, I-Cause
e-commerce I-Cause
, I-Cause
and I-Cause
very I-Cause
limited I-Cause
store I-Cause
base I-Cause
growth I-Cause
of I-Cause
about I-Cause
1 I-Cause
% I-Cause
per I-Cause
year I-Cause
. O

Also B-Cause
, I-Cause
express I-Cause
' I-Cause
international I-Cause
priority I-Cause
volumes I-Cause
are I-Cause
seeing I-Cause
a I-Cause
lift I-Cause
from I-Cause
tight I-Cause
belly I-Cause
space I-Cause
capacity. O
These O
factors B-Effect
are I-Effect
more I-Effect
than I-Effect
offsetting I-Effect
sluggish I-Effect
global I-Effect
trade I-Effect
, I-Effect
coronavirus-related I-Effect
disruption I-Effect
to I-Effect
B2B I-Effect
demand I-Effect
, I-Effect
and I-Effect
mix I-Effect
related I-Effect
yield I-Effect
pressure I-Effect
at I-Effect
express I-Effect
. O

While O
the O
company O
lacks O
the O
established O
global O
network O
that O
took O
competitors O
such O
as O
Discovery O
and O
Fox O
years O
to O
build O
out O
, O
the B-Cause
acquisition I-Cause
of I-Cause
Chellomedia I-Cause
in I-Cause
2014 I-Cause
helped O
to B-Effect
kick-start I-Effect
the I-Effect
process I-Effect
for I-Effect
AMC I-Effect
by O
providing B-Cause
platforms I-Cause
to I-Cause
distribute I-Cause
the I-Cause
programming I-Cause
from I-Cause
AMC I-Cause
and I-Cause
the I-Cause
other I-Cause
channels I-Cause
. O

Still O
, O
its O
management O
claims O
production O
efficiency O
has O
increased O
by O
one O
third O
in O
the O
past O
decade O
and O
economies B-Cause
of I-Cause
scale I-Cause
have O
reduced B-Effect
unit I-Effect
production I-Effect
costs I-Effect
of I-Effect
underwear I-Effect
by I-Effect
15 I-Effect
% I-Effect
-20 I-Effect
% I-Effect
( I-Effect
depending I-Effect
on I-Effect
the I-Effect
market I-Effect
) I-Effect
. O

We O
think O
FDA B-Effect
approval I-Effect
for I-Effect
Cooper I-Effect
's I-Effect
innovative I-Effect
myopia I-Effect
management I-Effect
product I-Effect
for I-Effect
children I-Effect
as I-Effect
young I-Effect
as I-Effect
8 I-Effect
provides I-Effect
the I-Effect
company I-Effect
a I-Effect
unique I-Effect
opportunity I-Effect
to I-Effect
expand I-Effect
its I-Effect
addressable I-Effect
market I-Effect
and I-Effect
build I-Effect
up I-Effect
its I-Effect
switching I-Effect
costs I-Effect
, O
as O
adolescents B-Cause
begin I-Cause
to I-Cause
be I-Cause
fitted I-Cause
with I-Cause
Cooper I-Cause
's I-Cause
products I-Cause
at I-Cause
younger I-Cause
ages I-Cause
. O

Although O
COVID-19 B-Cause
and O
the B-Cause
discontinuation I-Cause
of I-Cause
the I-Cause
C9 I-Cause
label I-Cause
at I-Cause
Target I-Cause
hurt B-Effect
sales I-Effect
in I-Effect
2020 I-Effect
, O
we O
believe O
Champion B-Effect
will I-Effect
continue I-Effect
its I-Effect
growth I-Effect
path I-Effect
in I-Effect
2021 I-Effect
as O
it B-Cause
and I-Cause
other I-Cause
activewear I-Cause
apparel I-Cause
have I-Cause
become I-Cause
more I-Cause
than I-Cause
just I-Cause
athletic I-Cause
apparel I-Cause
and I-Cause
are I-Cause
increasingly I-Cause
worn I-Cause
as I-Cause
lifestyle/fashion I-Cause
brands I-Cause
. O

In O
our O
view O
, O
Cisco B-Cause
's I-Cause
strategic I-Cause
effort I-Cause
to I-Cause
increase I-Cause
recurring I-Cause
revenue I-Cause
, I-Cause
software I-Cause
, I-Cause
and I-Cause
services I-Cause
will O
keep O
gross B-Effect
margins I-Effect
, I-Effect
as I-Effect
a I-Effect
percent I-Effect
of I-Effect
revenue I-Effect
, I-Effect
around I-Effect
the I-Effect
mid-60s I-Effect
. O

Although O
we B-Effect
would I-Effect
like I-Effect
to I-Effect
see I-Effect
a I-Effect
higher I-Effect
share I-Effect
of I-Effect
retail I-Effect
deposits I-Effect
given O
the B-Cause
large I-Cause
mortgage I-Cause
book I-Cause
-- I-Cause
a I-Cause
loan/deposit I-Cause
ratio I-Cause
of I-Cause
143 I-Cause
% I-Cause
in I-Cause
the I-Cause
retail I-Cause
segment I-Cause
seems I-Cause
high I-Cause
to I-Cause
us I-Cause
-- O
we O
believe O
Lloyds O
performs O
well O
on O
this O
metric O
in O
absolute O
terms O
. O

Grifols B-Effect
saw I-Effect
improvements I-Effect
to I-Effect
gross I-Effect
margins I-Effect
as O
it B-Cause
benefited I-Cause
from I-Cause
Talecris I-Cause
' I-Cause
expertise I-Cause
in I-Cause
IVIG I-Cause
yields I-Cause
and I-Cause
from I-Cause
its I-Cause
ability I-Cause
to I-Cause
market I-Cause
more I-Cause
of I-Cause
the I-Cause
plasma I-Cause
protein I-Cause
it I-Cause
isolates I-Cause
via I-Cause
Talecris I-Cause
' I-Cause
brands I-Cause
. O

Its B-Effect
reliance I-Effect
on I-Effect
relatively I-Effect
small I-Effect
merchants I-Effect
could I-Effect
be I-Effect
a I-Effect
material I-Effect
negative I-Effect
for I-Effect
the I-Effect
company I-Effect
in I-Effect
a I-Effect
downturn I-Effect
, O
as O
small B-Cause
merchants I-Cause
could I-Cause
fail I-Cause
in I-Cause
large I-Cause
numbers I-Cause
. O

So O
far O
, O
attaining O
this O
strategic O
goal O
has O
eluded O
National O
Oilwell O
Varco O
, O
and O
a O
diminished O
outlook O
for O
offshore O
oil O
and O
gas B-Cause
production I-Cause
growth I-Cause
will O
make O
generating B-Effect
economic I-Effect
profit I-Effect
very I-Effect
difficult I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Over O
the O
same O
period O
, O
we B-Effect
expect I-Effect
EBITDA I-Effect
margins I-Effect
for I-Effect
recorded I-Effect
music I-Effect
to I-Effect
expand I-Effect
by I-Effect
300 I-Effect
basis I-Effect
points I-Effect
to I-Effect
19.3 I-Effect
% I-Effect
due O
to O
the B-Cause
gross I-Cause
margin I-Cause
improvements I-Cause
and I-Cause
increased I-Cause
leverage I-Cause
on I-Cause
marketing I-Cause
and I-Cause
promotion I-Cause
costs I-Cause
. O

We O
are O
concerned O
that O
the B-Effect
high I-Effect
historical I-Effect
growth I-Effect
the I-Effect
company I-Effect
experienced I-Effect
in I-Effect
monopolistic I-Effect
conditions I-Effect
is I-Effect
starting I-Effect
to I-Effect
wane I-Effect
in O
the O
face O
of O
mounting B-Cause
competition I-Cause
. O

We O
foresee O
ROICs B-Effect
ticking I-Effect
down I-Effect
slightly I-Effect
over I-Effect
the I-Effect
next I-Effect
year I-Effect
or I-Effect
two I-Effect
as O
the B-Cause
company I-Cause
's I-Cause
move I-Cause
to I-Cause
the I-Cause
cloud I-Cause
matures I-Cause
. O

Thus O
, O
we O
think O
these O
companies O
could O
more O
easily O
retain O
listeners O
, O
given O
their B-Cause
larger I-Cause
overall I-Cause
ecosystems I-Cause
of I-Cause
offerings I-Cause
, O
so O
we O
believe O
a B-Effect
sizable I-Effect
reduction I-Effect
in I-Effect
Spotify I-Effect
's I-Effect
customer I-Effect
acquisition I-Effect
costs I-Effect
will I-Effect
be I-Effect
difficult I-Effect
. O

While B-Effect
restaurants I-Effect
, I-Effect
travel I-Effect
, I-Effect
and I-Effect
other I-Effect
pandemic-restricted I-Effect
categories I-Effect
should I-Effect
reclaim I-Effect
wallet I-Effect
share I-Effect
from I-Effect
retail I-Effect
as B-Cause
the I-Cause
crisis I-Cause
eases I-Cause
, O
categories B-Effect
like I-Effect
apparel I-Effect
should I-Effect
serve I-Effect
as I-Effect
an I-Effect
offset I-Effect
( I-Effect
as I-Effect
Americans I-Effect
rebuild I-Effect
their I-Effect
wardrobes I-Effect
as I-Effect
social I-Effect
and I-Effect
workplace I-Effect
interactions I-Effect
rise I-Effect
) I-Effect
. I-Effect

This O
may O
give O
it O
a O
disadvantage O
compared O
with O
the O
number O
one O
leader O
in O
online O
music O
platforms O
Tencent O
Music O
Entertainment O
, O
although O
NetEase B-Cause
tries I-Cause
to I-Cause
cultivate I-Cause
independent I-Cause
music I-Cause
and I-Cause
increase I-Cause
its I-Cause
copyright I-Cause
purchases I-Cause
to O
offset O
the B-Effect
risk I-Effect
. O

We O
expect O
the B-Effect
break-even I-Effect
cost I-Effect
curve I-Effect
to I-Effect
materially I-Effect
flatten I-Effect
by I-Effect
midcycle I-Effect
, O
a O
function O
of O
likely O
lower O
demand O
as O
China B-Cause
's I-Cause
economy I-Cause
matures I-Cause
, I-Cause
loss I-Cause
of I-Cause
market I-Cause
share I-Cause
by I-Cause
high-cost I-Cause
producers I-Cause
, I-Cause
greater I-Cause
efficiency I-Cause
from I-Cause
the I-Cause
miners I-Cause
, I-Cause
and I-Cause
, I-Cause
for I-Cause
Vale I-Cause
, I-Cause
a I-Cause
recovery I-Cause
in I-Cause
output I-Cause
following I-Cause
restrictions I-Cause
from I-Cause
tailings I-Cause
dam I-Cause
failures I-Cause
and I-Cause
the I-Cause
coronavirus I-Cause
. O

As O
credit B-Cause
line I-Cause
utilization I-Cause
contracts I-Cause
, I-Cause
and I-Cause
economic I-Cause
headwinds I-Cause
persist I-Cause
, O
we O
anticipate O
a O
marked O
slowdown O
in O
loan B-Effect
growth I-Effect
, O
normalizing O
around O
5 O
% O
in O
2024 O
. O

We O
think O
Seagate B-Cause
's I-Cause
operating I-Cause
margin I-Cause
will O
fluctuate B-Effect
mostly I-Effect
in I-Effect
line I-Effect
with I-Effect
gross I-Effect
margin I-Effect
and I-Effect
market I-Effect
cycles I-Effect
, O
but O
that O
the O
firm O
will O
eke O
out O
some O
operating O
leverage O
over O
the O
next O
few O
years鈥攚e O
forecast O
0.4 O
% O
compound O
annual O
growth O
for O
operating O
expenses O
through O
2025 O
compared O
with O
2 O
% O
top O
line O
growth O
. O

We O
acknowledge O
that O
Apple O
's O
iOS O
users O
gravitate O
to O
the O
App O
Store O
to O
purchase O
new O
applications O
, O
and O
the B-Cause
size I-Cause
of I-Cause
Apple I-Cause
's I-Cause
installed I-Cause
base I-Cause
attracts B-Effect
developers I-Effect
to I-Effect
build I-Effect
new I-Effect
apps I-Effect
for I-Effect
iOS I-Effect
. O

Additionally O
, O
we O
find O
that O
Wipro B-Effect
and I-Effect
its I-Effect
other I-Effect
Indian I-Effect
IT I-Effect
services I-Effect
peers I-Effect
are I-Effect
able I-Effect
to I-Effect
benefit I-Effect
from I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
based O
on O
labor B-Cause
arbitrage I-Cause
, I-Cause
which I-Cause
follows I-Cause
from I-Cause
its I-Cause
large I-Cause
base I-Cause
of I-Cause
Indian I-Cause
talent I-Cause
. O

Prior O
to O
employing O
Coupa O
, O
the B-Cause
P2P I-Cause
process I-Cause
was I-Cause
labor-intensive I-Cause
and I-Cause
required I-Cause
the I-Cause
usage I-Cause
of I-Cause
manual I-Cause
spreadsheets I-Cause
that O
generated O
data B-Effect
inefficiencies I-Effect
. O

We O
think O
Manhattan B-Effect
benefits I-Effect
from I-Effect
having I-Effect
its I-Effect
chief I-Effect
rival I-Effect
owned I-Effect
by I-Effect
private I-Effect
equity I-Effect
, O
as O
Manhattan B-Cause
is I-Cause
not I-Cause
burdened I-Cause
with I-Cause
debt I-Cause
or I-Cause
a I-Cause
dividend I-Cause
in I-Cause
an I-Cause
LBO I-Cause
scenario I-Cause
the I-Cause
way I-Cause
Red I-Cause
Prairie I-Cause
is I-Cause
. O

The B-Cause
differentiated I-Cause
proprieties I-Cause
of I-Cause
Danaher I-Cause
's I-Cause
tools I-Cause
affect I-Cause
the I-Cause
performance I-Cause
, I-Cause
accuracy I-Cause
, I-Cause
and I-Cause
speed I-Cause
of I-Cause
the I-Cause
various I-Cause
research I-Cause
projects I-Cause
they O
enable O
, O
and O
differentiated B-Effect
product I-Effect
features I-Effect
create I-Effect
intangible I-Effect
assets I-Effect
that I-Effect
inform I-Effect
decisions I-Effect
to I-Effect
use I-Effect
those I-Effect
tools I-Effect
in I-Effect
specific I-Effect
applications I-Effect
at I-Effect
the I-Effect
beginning I-Effect
of I-Effect
a I-Effect
research I-Effect
project I-Effect
. O

Capital B-Cause
One I-Cause
's I-Cause
customers I-Cause
reacted I-Cause
to I-Cause
the I-Cause
economic I-Cause
uncertainty I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
by I-Cause
increasing I-Cause
savings I-Cause
and I-Cause
paying I-Cause
off I-Cause
credit I-Cause
card I-Cause
debt. O
As O
a O
result O
, O
Capital B-Effect
One I-Effect
's I-Effect
credit I-Effect
card I-Effect
receivables I-Effect
are I-Effect
now I-Effect
a I-Effect
smaller I-Effect
part I-Effect
of I-Effect
its I-Effect
asset I-Effect
mix I-Effect
, I-Effect
placing I-Effect
pressure I-Effect
on I-Effect
net I-Effect
interest I-Effect
margins I-Effect
. O

Adoption B-Effect
of I-Effect
pets I-Effect
under I-Effect
pandemic I-Effect
conditions I-Effect
has I-Effect
buoyed I-Effect
sustained I-Effect
demand I-Effect
as O
greater B-Cause
penetration I-Cause
of I-Cause
pet I-Cause
ownership I-Cause
translates I-Cause
into I-Cause
a I-Cause
slightly I-Cause
higher I-Cause
long-term I-Cause
demand I-Cause
, I-Cause
especially I-Cause
since I-Cause
there I-Cause
was I-Cause
a I-Cause
preponderance I-Cause
of I-Cause
puppies I-Cause
and I-Cause
kittens I-Cause
adopted I-Cause
. O

ING O
in O
its B-Cause
capacity I-Cause
as I-Cause
a I-Cause
client I-Cause
's I-Cause
primary I-Cause
banks I-Cause
has O
firsthand B-Cause
access I-Cause
to I-Cause
the I-Cause
cash I-Cause
flow I-Cause
information I-Cause
of I-Cause
the I-Cause
client I-Cause
, O
this O
allows B-Effect
ING I-Effect
to I-Effect
price I-Effect
better I-Effect
for I-Effect
risk I-Effect
and I-Effect
to I-Effect
have I-Effect
advance I-Effect
warning I-Effect
of I-Effect
clients I-Effect
that I-Effect
are I-Effect
experiencing I-Effect
cash I-Effect
flow I-Effect
difficulties I-Effect
. O

A B-Cause
downturn I-Cause
in I-Cause
this I-Cause
industry I-Cause
would O
significantly O
affect B-Effect
the I-Effect
economies I-Effect
of I-Effect
these I-Effect
markets I-Effect
and I-Effect
affect I-Effect
the I-Effect
fundamentals I-Effect
for I-Effect
Equity I-Effect
Residential I-Effect
's I-Effect
assets I-Effect
. O

About B-Effect
90 I-Effect
% I-Effect
of I-Effect
earnings I-Effect
will I-Effect
be I-Effect
from I-Effect
regulated I-Effect
electric I-Effect
and I-Effect
gas I-Effect
utilities I-Effect
with I-Effect
constructive I-Effect
state I-Effect
regulation I-Effect
in O
Virginia O
, O
Utah O
, O
Ohio O
, O
West O
Virginia O
, O
and O
the O
Carolinas O
following O
the B-Cause
sale I-Cause
of I-Cause
the I-Cause
gas I-Cause
transmission I-Cause
and I-Cause
storage I-Cause
assets I-Cause
. O

Operating B-Cause
in I-Cause
offshore I-Cause
environments I-Cause
exposes B-Effect
Exxon I-Effect
to I-Effect
the I-Effect
risk I-Effect
of I-Effect
large I-Effect
oil I-Effect
spills I-Effect
that O
could O
result O
in O
material B-Effect
losses I-Effect
through I-Effect
lost I-Effect
revenue I-Effect
, I-Effect
fines I-Effect
or I-Effect
penalties I-Effect
, I-Effect
or I-Effect
loss I-Effect
of I-Effect
license I-Effect
to I-Effect
operate I-Effect
. O

Furthermore O
, O
we O
believe O
pricing B-Effect
gains I-Effect
could O
be O
bound O
by O
the B-Cause
hesitancy I-Cause
of I-Cause
new I-Cause
cruisers I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
as O
those B-Effect
potential I-Effect
customers I-Effect
could I-Effect
opt I-Effect
for I-Effect
more I-Effect
safely I-Effect
perceived I-Effect
land-based I-Effect
vacations I-Effect
, O
given O
the B-Cause
recent I-Cause
media I-Cause
hype I-Cause
. O

The B-Cause
government I-Cause
has I-Cause
an I-Cause
unusually I-Cause
strong I-Cause
role I-Cause
in I-Cause
the I-Cause
telecom I-Cause
market I-Cause
, O
with O
the O
ability O
to O
heavily B-Effect
influence I-Effect
pricing I-Effect
as I-Effect
well I-Effect
as I-Effect
certain I-Effect
costs I-Effect
. O

The B-Effect
firm I-Effect
managed I-Effect
through I-Effect
a I-Effect
very I-Effect
difficult I-Effect
2020 I-Effect
by O
sharply B-Cause
reducing I-Cause
capital I-Cause
spending I-Cause
, I-Cause
a I-Cause
nearly I-Cause
90 I-Cause
% I-Cause
dividend I-Cause
reduction I-Cause
, I-Cause
and I-Cause
expense I-Cause
cuts I-Cause
. O

We O
forecast O
capital B-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
drop I-Effect
to I-Effect
3.5 I-Effect
% I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
store B-Cause
openings I-Cause
slow I-Cause
and I-Cause
less I-Cause
in-store I-Cause
investment I-Cause
is I-Cause
needed I-Cause
. O

As O
integrated B-Cause
solutions I-Cause
with I-Cause
both I-Cause
clinical I-Cause
trial I-Cause
and I-Cause
selling I-Cause
components I-Cause
continue I-Cause
to I-Cause
be I-Cause
popular I-Cause
with I-Cause
Syneos I-Cause
' I-Cause
clients I-Cause
, O
we O
expect O
commercial B-Effect
solutions I-Effect
revenue I-Effect
to I-Effect
climb I-Effect
to I-Effect
about I-Effect
$ I-Effect
1.5 I-Effect
billion I-Effect
in I-Effect
2025 I-Effect
. O

Eastman B-Cause
is I-Cause
well I-Cause
positioned I-Cause
to O
meet B-Effect
growing I-Effect
demand I-Effect
for I-Effect
auto I-Effect
window I-Effect
interlayers I-Effect
, I-Effect
including I-Effect
heads-up I-Effect
displays I-Effect
, I-Effect
and I-Effect
low-rolling-resistance I-Effect
tires I-Effect
, O
which O
will O
benefit O
from O
stricter B-Cause
tire I-Cause
regulations I-Cause
. O

Each B-Cause
rung I-Cause
on I-Cause
the I-Cause
value I-Cause
ladder I-Cause
is I-Cause
a I-Cause
higher-margin I-Cause
service I-Cause
, O
and O
a B-Effect
shift I-Effect
to I-Effect
full-service I-Effect
can I-Effect
increase I-Effect
margin I-Effect
up I-Effect
to I-Effect
the I-Effect
70 I-Effect
% I-Effect
range I-Effect
, O
compared O
with O
component-only O
margin O
of O
20 O
% O
. O

Expeditious B-Cause
data I-Cause
growth I-Cause
and I-Cause
low I-Cause
latency I-Cause
requirements I-Cause
created B-Effect
a B-Cause
requirement I-Cause
for I-Cause
next-generation I-Cause
storage I-Cause
products I-Cause
, O
and O
the B-Effect
ISG I-Effect
group I-Effect
has I-Effect
capitalized I-Effect
on I-Effect
being I-Effect
an I-Effect
early I-Effect
mover I-Effect
in I-Effect
the I-Effect
all-flash I-Effect
array I-Effect
market I-Effect
. O

Most B-Cause
if I-Cause
not I-Cause
all I-Cause
affiliates I-Cause
of I-Cause
the I-Cause
four I-Cause
national I-Cause
broadcasters I-Cause
have I-Cause
migrated I-Cause
to I-Cause
retransmission I-Cause
consent I-Cause
over I-Cause
the I-Cause
past I-Cause
20 I-Cause
years I-Cause
and O
thus O
receive B-Effect
a I-Effect
retransmission I-Effect
fee I-Effect
for I-Effect
each I-Effect
subscriber I-Effect
on I-Effect
a I-Effect
monthly I-Effect
basis I-Effect
from I-Effect
pay-television I-Effect
operators I-Effect
. O

Intel B-Cause
previously I-Cause
improved I-Cause
its I-Cause
baseband I-Cause
chips I-Cause
to I-Cause
the I-Cause
point I-Cause
that O
it B-Effect
was I-Effect
featured I-Effect
in I-Effect
certain I-Effect
stock-keeping I-Effect
units I-Effect
of I-Effect
Apple I-Effect
's I-Effect
iPhone I-Effect
7 I-Effect
, I-Effect
8 I-Effect
, I-Effect
and I-Effect
X I-Effect
, I-Effect
and I-Effect
all I-Effect
of I-Effect
the I-Effect
XS I-Effect
and I-Effect
XR I-Effect
variants I-Effect
. O

Alcohol O
and O
cigarettes O
are O
typically O
highly O
taxed O
, O
but O
producers B-Cause
of I-Cause
these I-Cause
products I-Cause
have I-Cause
established I-Cause
strong I-Cause
enough I-Cause
differentiation I-Cause
and I-Cause
brand I-Cause
intangibles I-Cause
that O
consumers B-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
price I-Effect
premiums I-Effect
. O

We O
assign O
Autodesk B-Effect
a I-Effect
medium I-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
rating I-Effect
, O
based O
on O
industry B-Cause
risks I-Cause
that I-Cause
software I-Cause
companies I-Cause
face I-Cause
in I-Cause
general I-Cause
, O
as O
well O
as O
the B-Cause
specific I-Cause
nature I-Cause
of I-Cause
Autodesk I-Cause
solutions I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
parts I-Cause
distribution I-Cause
and I-Cause
extensive I-Cause
dealer I-Cause
network I-Cause
provide I-Cause
customers I-Cause
with I-Cause
aftermarket I-Cause
parts I-Cause
and I-Cause
reliable I-Cause
services I-Cause
to I-Cause
ensure I-Cause
their I-Cause
equipment I-Cause
operate I-Cause
efficiently I-Cause
, O
saving B-Effect
them I-Effect
from I-Effect
the I-Effect
headache I-Effect
of I-Effect
machine I-Effect
down-time I-Effect
and I-Effect
from I-Effect
having I-Effect
to I-Effect
search I-Effect
for I-Effect
parts I-Effect
independently I-Effect
( I-Effect
parts I-Effect
are I-Effect
not I-Effect
easy I-Effect
to I-Effect
replace I-Effect
) I-Effect
. O

Additionally O
, O
we O
expect O
margins B-Effect
in I-Effect
the I-Effect
EMEA I-Effect
business I-Effect
to I-Effect
improve I-Effect
slightly I-Effect
given O
recent B-Cause
short-term I-Cause
challenges I-Cause
that I-Cause
derive I-Cause
from I-Cause
acquisition I-Cause
integration I-Cause
related I-Cause
expenses I-Cause
and I-Cause
negative I-Cause
effects I-Cause
from I-Cause
Brexit I-Cause
. O

With O
the B-Cause
addition I-Cause
of I-Cause
Life I-Cause
and I-Cause
Patheon I-Cause
, O
the B-Effect
company I-Effect
's I-Effect
consumable I-Effect
and I-Effect
services I-Effect
business I-Effect
is I-Effect
even I-Effect
more I-Effect
massive I-Effect
( I-Effect
accounting I-Effect
for I-Effect
75 I-Effect
% I-Effect
of I-Effect
total I-Effect
sales I-Effect
) I-Effect
, O
further O
entrenching O
its O
customer O
base O
. O

The B-Effect
invested I-Effect
capital I-Effect
base I-Effect
was I-Effect
inflated I-Effect
by O
substantial B-Cause
procyclical I-Cause
investment I-Cause
during O
the O
height O
of O
the O
China O
boom O
, O
the O
rot O
setting O
in O
by O
overpaying O
for O
Alcan O
, O
and O
subsequent O
iron O
ore O
expansion O
; O
the O
combination O
of O
these O
factors O
means O
midcycle O
returns O
are O
likely O
to O
remain O
below O
the O
cost O
of O
capital O
. O

Western B-Cause
Union I-Cause
's I-Cause
business I-Cause
is I-Cause
directly I-Cause
exposed I-Cause
to I-Cause
the I-Cause
level I-Cause
of I-Cause
the I-Cause
immigrant I-Cause
population I-Cause
, O
which B-Effect
creates I-Effect
political I-Effect
risk I-Effect
in I-Effect
the I-Effect
current I-Effect
environment I-Effect
. I-Effect

Within O
the O
pipeline O
, O
the B-Cause
astute I-Cause
acquisition I-Cause
of I-Cause
Medarex I-Cause
helps O
secure B-Cause
Bristol I-Cause
's I-Cause
strong I-Cause
first-mover I-Cause
advantage I-Cause
in I-Cause
cancer I-Cause
immunotherapy I-Cause
, O
which O
should O
yield B-Effect
several I-Effect
major I-Effect
blockbuster I-Effect
compounds I-Effect
. O

Because O
the B-Cause
credit I-Cause
bureaus I-Cause
' I-Cause
data I-Cause
is I-Cause
based I-Cause
on I-Cause
the I-Cause
voluntary I-Cause
reporting I-Cause
of I-Cause
thousands I-Cause
of I-Cause
financial I-Cause
institutions I-Cause
, O
it O
's O
unlikely O
that O
a B-Effect
startup I-Effect
, I-Effect
particularly I-Effect
with I-Effect
heightened I-Effect
data I-Effect
security I-Effect
concerns I-Effect
, I-Effect
could I-Effect
convince I-Effect
banks I-Effect
to I-Effect
share I-Effect
consumer I-Effect
information I-Effect
. O

Given O
the B-Cause
company I-Cause
's I-Cause
mix I-Cause
of I-Cause
less I-Cause
aggressive I-Cause
acquisition I-Cause
activities I-Cause
and I-Cause
modest I-Cause
organic I-Cause
revenue I-Cause
growth I-Cause
, O
we O
forecast O
a B-Effect
five-year I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
approximately I-Effect
3 I-Effect
% I-Effect
. O

However O
, O
we O
suspect O
that O
intense O
competition O
will O
necessitate O
continued B-Cause
investment O
to O
keep O
the B-Effect
stores I-Effect
fresh I-Effect
, O
with O
significant O
risk B-Effect
associated O
with O
any B-Cause
missteps I-Cause
in I-Cause
providing I-Cause
an I-Cause
appealing I-Cause
shopping I-Cause
experience I-Cause
to I-Cause
core I-Cause
customers I-Cause
( O
and O
their O
parents O
) O
. O

Raw B-Cause
material I-Cause
costs I-Cause
for I-Cause
cocoa I-Cause
, I-Cause
sugar I-Cause
, I-Cause
dairy I-Cause
, I-Cause
and I-Cause
grains I-Cause
can I-Cause
fluctuate I-Cause
and O
may O
eat B-Effect
into I-Effect
Mondelez I-Effect
's I-Effect
profits I-Effect
from I-Effect
time I-Effect
to I-Effect
time I-Effect
. O

Also O
, O
the B-Cause
company I-Cause
relies I-Cause
on I-Cause
acquisitions I-Cause
for I-Cause
some I-Cause
of I-Cause
its I-Cause
revenue I-Cause
growth I-Cause
, O
so O
there B-Effect
is I-Effect
always I-Effect
the I-Effect
risk I-Effect
that I-Effect
it I-Effect
will I-Effect
not I-Effect
find I-Effect
enough I-Effect
suitable I-Effect
deals I-Effect
, I-Effect
overpay I-Effect
for I-Effect
an I-Effect
acquisition I-Effect
, I-Effect
or I-Effect
incur I-Effect
problems I-Effect
integrating I-Effect
new I-Effect
dealers I-Effect
. O

The B-Effect
all-equity I-Effect
deal I-Effect
will I-Effect
give I-Effect
Enable I-Effect
unitholders I-Effect
nearly I-Effect
three I-Effect
times I-Effect
the I-Effect
number I-Effect
of I-Effect
units I-Effect
we I-Effect
think I-Effect
is I-Effect
fair I-Effect
based I-Effect
on O
our B-Cause
Energy I-Cause
Transfer I-Cause
valuation I-Cause
and I-Cause
Enable I-Cause
's I-Cause
market I-Cause
price I-Cause
as I-Cause
of I-Cause
mid-April I-Cause
. O

We O
estimate O
that O
roughly O
half O
of O
United O
's O
operating O
costs O
are O
fixed O
in O
the O
medium O
term O
and O
expect O
negative B-Cause
operating I-Cause
leverage I-Cause
to O
lead O
to O
near-term B-Effect
losses I-Effect
across I-Effect
the I-Effect
industry I-Effect
. O

Conversely O
, O
we O
believe O
that O
NetApp B-Effect
faces I-Effect
considerable I-Effect
challenges I-Effect
as O
the B-Cause
overall I-Cause
storage I-Cause
market I-Cause
is I-Cause
expected I-Cause
to I-Cause
decline I-Cause
, I-Cause
cloud I-Cause
providers I-Cause
presumably I-Cause
opt I-Cause
for I-Cause
white-box I-Cause
solutions I-Cause
, I-Cause
and I-Cause
the I-Cause
cloud-based I-Cause
data I-Cause
management I-Cause
software I-Cause
environment I-Cause
becomes I-Cause
increasingly I-Cause
competitive I-Cause
. O

While O
we O
believe O
COVID-19 B-Cause
disruptions I-Cause
may O
result O
in O
some B-Effect
restructuring I-Effect
situations I-Effect
and I-Effect
restaurant I-Effect
closures I-Effect
in I-Effect
2020 I-Effect
among I-Effect
RBI I-Effect
's I-Effect
franchisee I-Effect
base I-Effect
, O
the B-Cause
operational I-Cause
strategies I-Cause
behind I-Cause
its I-Cause
core I-Cause
brands I-Cause
-- O
Burger O
King O
, O
Tim O
Hortons O
, O
and O
Popeyes O
Louisiana O
Kitchen O
-- O
should O
help O
position B-Effect
the I-Effect
company I-Effect
for I-Effect
longer-term I-Effect
market I-Effect
share I-Effect
gains I-Effect
. O

We O
think O
JD O
does O
n't O
have O
the O
same O
scale O
in O
every O
category O
compared O
with O
the O
respective O
offline O
category O
leader O
, O
we O
expect O
the B-Effect
gross I-Effect
margin I-Effect
to I-Effect
improve I-Effect
as O
JD B-Cause
's I-Cause
bargaining I-Cause
power I-Cause
against I-Cause
suppliers I-Cause
increases I-Cause
along I-Cause
with I-Cause
its I-Cause
scale I-Cause
. O

Offsetting O
this O
risk O
, O
we O
expect O
the O
T-Mobile O
network O
will O
match B-Effect
up I-Effect
well I-Effect
with I-Effect
its I-Effect
rivals I-Effect
' I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, O
thanks O
to O
the B-Cause
massive I-Cause
amount I-Cause
of I-Cause
spectrum I-Cause
the I-Cause
firm I-Cause
now I-Cause
controls I-Cause
. O

The B-Cause
firm I-Cause
has I-Cause
divested I-Cause
low-margin I-Cause
segments I-Cause
that I-Cause
were I-Cause
outside I-Cause
its I-Cause
core I-Cause
competency I-Cause
of I-Cause
emergency I-Cause
communications I-Cause
infrastructure I-Cause
and I-Cause
two-way I-Cause
radios I-Cause
while I-Cause
increasing I-Cause
investment I-Cause
in I-Cause
software I-Cause
and I-Cause
services I-Cause
, O
which O
helps O
make O
its B-Effect
competitive I-Effect
position I-Effect
more I-Effect
secure I-Effect
and I-Effect
provides I-Effect
greater I-Effect
visibility I-Effect
as I-Effect
much I-Effect
of I-Effect
this I-Effect
revenue I-Effect
is I-Effect
recurring I-Effect
in I-Effect
nature I-Effect
. O

We O
believe O
the B-Effect
technology I-Effect
and I-Effect
analytics I-Effect
segment I-Effect
will I-Effect
grow I-Effect
in I-Effect
the I-Effect
low I-Effect
double I-Effect
digits I-Effect
to I-Effect
mid I-Effect
single I-Effect
digits I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
life B-Cause
sciences I-Cause
data I-Cause
and I-Cause
analytics I-Cause
continue I-Cause
to I-Cause
play I-Cause
a I-Cause
larger I-Cause
role I-Cause
in I-Cause
clinical I-Cause
trials I-Cause
and I-Cause
other I-Cause
mission-critical I-Cause
processes I-Cause
for I-Cause
the I-Cause
biopharma I-Cause
industry I-Cause
. O

We O
still O
expect O
uneven B-Effect
near-term I-Effect
industry I-Effect
guest I-Effect
traffic I-Effect
volatility I-Effect
as O
consumers B-Cause
adjust I-Cause
to I-Cause
restaurant I-Cause
operating I-Cause
changes I-Cause
, I-Cause
uncertainty I-Cause
about I-Cause
government I-Cause
assistance I-Cause
persists I-Cause
, I-Cause
and I-Cause
COVID-19-containment I-Cause
restrictions I-Cause
remain I-Cause
in I-Cause
place I-Cause
. O

In O
our O
base O
case O
, O
Guardant O
sees O
an B-Cause
immediate I-Cause
sales I-Cause
uptake I-Cause
in I-Cause
2024 I-Cause
once I-Cause
its I-Cause
Lunar-2 I-Cause
colorectal I-Cause
early I-Cause
screening I-Cause
test I-Cause
gets I-Cause
FDA I-Cause
approval I-Cause
, O
with O
the B-Effect
firm I-Effect
's I-Effect
top-line I-Effect
growth I-Effect
averaging I-Effect
about I-Effect
30 I-Effect
% I-Effect
through I-Effect
our I-Effect
forecast I-Effect
period I-Effect
after I-Effect
market I-Effect
approval I-Effect
. O

We O
expect O
Thermo B-Effect
's I-Effect
contract I-Effect
manufacturing I-Effect
business I-Effect
will I-Effect
pick I-Effect
up I-Effect
the I-Effect
mantle I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
likely I-Cause
vaccine I-Cause
manufacturing I-Cause
efforts I-Cause
will I-Cause
accelerate I-Cause
globally I-Cause
. O

In O
addition O
, O
we B-Cause
believe I-Cause
the I-Cause
merger I-Cause
of I-Cause
T-Mobile I-Cause
and I-Cause
Sprint I-Cause
reflects O
both B-Effect
firms I-Effect
' I-Effect
belief I-Effect
that I-Effect
they I-Effect
needed I-Effect
additional I-Effect
scale I-Effect
to I-Effect
earn I-Effect
acceptable I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. I-Effect

We O
project O
that O
Nasdaq B-Effect
's I-Effect
operating I-Effect
margin I-Effect
will I-Effect
dip I-Effect
slightly I-Effect
in I-Effect
2022 I-Effect
as O
trading B-Cause
volumes I-Cause
normalize I-Cause
but O
that O
it B-Effect
will I-Effect
then I-Effect
expand I-Effect
, O
supported O
by O
improving B-Cause
margins I-Cause
in I-Cause
its I-Cause
market I-Cause
technology I-Cause
segment I-Cause
, O
reaching O
43 O
% O
by O
the O
end O
of O
2025 O
. O

We O
're O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Coca-Cola I-Effect
Femsa I-Effect
to I-Effect
$ I-Effect
65 I-Effect
per I-Effect
ADR I-Effect
from I-Effect
$ I-Effect
60 I-Effect
, O
primarily O
reflecting B-Cause
time I-Cause
value I-Cause
and I-Cause
appreciation I-Cause
in I-Cause
the I-Cause
Mexican I-Cause
peso I-Cause
. O

We O
think O
that O
local B-Effect
governments I-Effect
are I-Effect
inherently I-Effect
different I-Effect
than I-Effect
typical I-Effect
enterprise I-Effect
software I-Effect
users I-Effect
in O
that O
they B-Cause
are I-Cause
not I-Cause
trying I-Cause
to I-Cause
attract I-Cause
new I-Cause
customers I-Cause
or I-Cause
drive I-Cause
profitability I-Cause
. O

With O
its B-Cause
national I-Cause
scale I-Cause
, I-Cause
broad I-Cause
product I-Cause
portfolio I-Cause
, I-Cause
and I-Cause
inventory I-Cause
management I-Cause
services I-Cause
, O
we O
believe O
Fastenal B-Effect
can I-Effect
capitalize I-Effect
on I-Effect
this I-Effect
trend I-Effect
and I-Effect
take I-Effect
market I-Effect
share I-Effect
from I-Effect
smaller I-Effect
and I-Effect
less I-Effect
capable I-Effect
distributors I-Effect
. O

Our B-Effect
midcycle I-Effect
assumption I-Effect
is I-Effect
70 I-Effect
basis I-Effect
points I-Effect
above I-Effect
the I-Effect
median I-Effect
as O
we B-Cause
surmise I-Cause
Stellantis I-Cause
' I-Cause
break-even I-Cause
point I-Cause
improves I-Cause
on I-Cause
greater I-Cause
economies I-Cause
of I-Cause
scale I-Cause
from I-Cause
merger I-Cause
integration I-Cause
. O

After O
a O
sharp O
10 O
% O
decline O
in O
sales O
and O
15 O
% O
decline O
in O
EBIT O
this O
year O
, O
we B-Effect
assume I-Effect
a I-Effect
rebound I-Effect
in I-Effect
sales I-Effect
growth I-Effect
of I-Effect
9.3 I-Effect
% I-Effect
next I-Effect
year I-Effect
, O
primarily O
due O
to O
a B-Cause
recovery I-Cause
in I-Cause
the I-Cause
on-trade I-Cause
, I-Cause
boosted I-Cause
by I-Cause
the I-Cause
postponement I-Cause
of I-Cause
sporting I-Cause
events I-Cause
planned I-Cause
for I-Cause
this I-Cause
year I-Cause
into I-Cause
2021 I-Cause
. O

This B-Cause
sort I-Cause
of I-Cause
local I-Cause
scale I-Cause
advantage I-Cause
allows I-Cause
for I-Cause
much I-Cause
greater I-Cause
negotiating I-Cause
leverage I-Cause
versus I-Cause
healthcare I-Cause
suppliers I-Cause
than I-Cause
smaller I-Cause
insurers I-Cause
in I-Cause
each I-Cause
market I-Cause
, O
which O
adds B-Effect
to I-Effect
UnitedHealth I-Effect
's I-Effect
cost I-Effect
advantage I-Effect
. O

Given O
this B-Cause
long I-Cause
product I-Cause
cycle I-Cause
, O
airlines B-Effect
tend I-Effect
to I-Effect
be I-Effect
conservative I-Effect
purchasers I-Effect
because O
they O
want O
to O
be O
reasonably O
certain O
that O
the O
manufacturer O
will O
be O
operating O
and O
able O
to O
service O
the O
aircraft O
over O
its O
useful O
life O
. O

Large B-Cause
fixed I-Cause
costs I-Cause
create O
a O
high O
degree O
of O
operating O
leverage O
that O
can O
cause B-Effect
profits I-Effect
to I-Effect
swing I-Effect
widely I-Effect
in I-Effect
response I-Effect
to I-Effect
relatively I-Effect
small I-Effect
changes I-Effect
in I-Effect
demand I-Effect
. I-Effect

Pandemic B-Cause
lockdowns I-Cause
weighed B-Effect
on I-Effect
freight I-Effect
demand I-Effect
in O
early O
2020 O
, O
but O
retail B-Cause
shipments I-Cause
turned I-Cause
robust I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
on O
strong B-Cause
inventory I-Cause
restocking I-Cause
, O
and O
industrial B-Effect
end I-Effect
markets I-Effect
are I-Effect
recovering I-Effect
off I-Effect
pandemic I-Effect
lows I-Effect
. O

We O
think O
the B-Cause
vaccine I-Cause
's I-Cause
excellent I-Cause
efficacy I-Cause
, I-Cause
strong I-Cause
supply I-Cause
, I-Cause
and I-Cause
early I-Cause
leadership I-Cause
on I-Cause
the I-Cause
market I-Cause
all O
support O
$ B-Effect
13 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
Comirnaty I-Effect
sales I-Effect
and I-Effect
$ I-Effect
6 I-Effect
billion I-Effect
in I-Effect
2022 I-Effect
sales I-Effect
( I-Effect
and I-Effect
roughly I-Effect
50 I-Effect
% I-Effect
of I-Effect
gross I-Effect
profits I-Effect
flowing I-Effect
to I-Effect
BioNTech I-Effect
) I-Effect
. O

Additionally O
, O
we O
now O
forecast O
RH B-Cause
's I-Cause
terminal I-Cause
operating I-Cause
margin I-Cause
at I-Cause
24 I-Cause
% I-Cause
( I-Cause
22.2 I-Cause
% I-Cause
prior I-Cause
) I-Cause
, O
reflecting O
the B-Effect
increasing I-Effect
possibility I-Effect
that I-Effect
the I-Effect
company I-Effect
's I-Effect
evolution I-Effect
to I-Effect
an I-Effect
integrated I-Effect
luxury I-Effect
brand I-Effect
could I-Effect
offer I-Effect
the I-Effect
ability I-Effect
to I-Effect
tap I-Effect
into I-Effect
a I-Effect
larger I-Effect
total I-Effect
addressable I-Effect
market I-Effect
, I-Effect
rather I-Effect
than I-Effect
solely I-Effect
a I-Effect
furniture-seeking I-Effect
cohort I-Effect
. O

Each O
root O
server O
is O
connected O
to O
thousands O
of O
DNS O
servers O
, O
with O
the B-Cause
user I-Cause
's I-Cause
query I-Cause
usually I-Cause
linked I-Cause
to I-Cause
one I-Cause
closest I-Cause
to O
them O
to B-Effect
minimize I-Effect
wait I-Effect
time I-Effect
. O

Risks B-Effect
include O
another B-Effect
unexpected I-Effect
drop I-Effect
in I-Effect
global I-Effect
vehicle I-Effect
demand I-Effect
if O
a B-Cause
second I-Cause
wave I-Cause
of I-Cause
coronavirus I-Cause
shuts I-Cause
down I-Cause
factories I-Cause
and I-Cause
dealerships I-Cause
again I-Cause
, O
an B-Cause
unfavorable I-Cause
shift I-Cause
in I-Cause
vehicle I-Cause
mix I-Cause
, O
execution B-Cause
risk I-Cause
of I-Cause
globally I-Cause
expanding I-Cause
brands I-Cause
, O
difficulty B-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
foreign I-Cause
brands I-Cause
penetrating I-Cause
the I-Cause
U.S I-Cause
. I-Cause

While O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
has O
adversely O
impacted O
its B-Effect
2020 I-Effect
results I-Effect
, O
we O
think O
Hanes O
' O
share O
leadership O
in O
replenishment O
apparel O
categories O
puts O
it O
in O
better O
shape O
than O
some O
competitors O
. O

We O
're O
confident O
in O
increasing B-Effect
attach I-Effect
rates I-Effect
-- O
because O
we O
know O
there B-Effect
's I-Effect
significant I-Effect
adoption I-Effect
opportunities I-Effect
available I-Effect
given O
FINS B-Cause
' I-Cause
30 I-Cause
% I-Cause
attach I-Cause
rate I-Cause
and I-Cause
planning I-Cause
's I-Cause
18 I-Cause
% I-Cause
attach I-Cause
rate I-Cause
, O
as O
an O
example O
. O

The B-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
is I-Effect
an I-Effect
interesting I-Effect
tailwind I-Effect
for I-Effect
TI I-Effect
, O
as O
the B-Cause
company I-Cause
's I-Cause
chips I-Cause
could I-Cause
be I-Cause
key I-Cause
components I-Cause
in I-Cause
a I-Cause
massive I-Cause
array I-Cause
of I-Cause
new I-Cause
electronics I-Cause
devices I-Cause
with O
improved O
connectivity O
and O
processing O
power O
. O

A B-Effect
key I-Effect
valuation I-Effect
driver I-Effect
to I-Effect
offset I-Effect
eventual I-Effect
likely I-Effect
Humira I-Effect
sales I-Effect
declines I-Effect
is I-Effect
the I-Effect
company I-Effect
's I-Effect
next-generation I-Effect
immunology I-Effect
drugs I-Effect
targeting I-Effect
the I-Effect
IL23 I-Effect
and I-Effect
JAK I-Effect
pathways I-Effect
as O
these B-Cause
new I-Cause
pathways I-Cause
seem I-Cause
to I-Cause
offer I-Cause
better I-Cause
efficacy I-Cause
and I-Cause
an I-Cause
improved I-Cause
side I-Cause
effect I-Cause
profile I-Cause
over I-Cause
Humira I-Cause
. O

Given O
that O
outsourcing B-Cause
is I-Cause
an I-Cause
act I-Cause
of I-Cause
trust I-Cause
, O
it B-Effect
's I-Effect
possible I-Effect
that I-Effect
perceptions I-Effect
cast I-Effect
by I-Effect
such I-Effect
cases I-Effect
could I-Effect
stunt I-Effect
Cognizant I-Effect
's I-Effect
business I-Effect
. O

First O
, O
because O
the B-Cause
firm I-Cause
competes I-Cause
across I-Cause
food I-Cause
, I-Cause
beverage I-Cause
, I-Cause
and I-Cause
personal I-Cause
care I-Cause
categories I-Cause
, O
it B-Effect
has I-Effect
a I-Effect
broader I-Effect
, I-Effect
more I-Effect
complex I-Effect
list I-Effect
of I-Effect
raw I-Effect
materials I-Effect
and I-Effect
manufacturing I-Effect
processes I-Effect
than I-Effect
its I-Effect
peers I-Effect
. O

Perhaps O
more O
than O
any O
other O
refiner O
, O
HollyFrontier B-Effect
has I-Effect
benefited I-Effect
from I-Effect
wide I-Effect
inland I-Effect
light I-Effect
crude I-Effect
differentials I-Effect
, O
thanks O
to O
the B-Cause
position I-Cause
of I-Cause
its I-Cause
refining I-Cause
assets I-Cause
. O

Among B-Effect
E I-Effect
& I-Effect
amp I-Effect
; I-Effect
Cs I-Effect
, I-Effect
Fluor I-Effect
is I-Effect
perhaps I-Effect
best I-Effect
equipped I-Effect
to I-Effect
handle I-Effect
the I-Effect
risk I-Effect
of I-Effect
fixed-price I-Effect
contracts I-Effect
, O
given O
its B-Cause
integrated I-Cause
solutions I-Cause
capabilities I-Cause
and I-Cause
performance I-Cause
history I-Cause
. O

Energy B-Effect
Transfer I-Effect
eliminated I-Effect
lingering I-Effect
concerns I-Effect
about I-Effect
its I-Effect
convoluted I-Effect
corporate I-Effect
structure I-Effect
after O
combining B-Cause
its I-Cause
limited I-Cause
and I-Cause
general I-Cause
partnerships I-Cause
in I-Cause
October I-Cause
2018 I-Cause
. O

Since O
the B-Cause
savings I-Cause
from I-Cause
consolidating I-Cause
processes I-Cause
onto I-Cause
a I-Cause
single I-Cause
aircraft I-Cause
are I-Cause
so I-Cause
significant I-Cause
, O
many B-Effect
low-cost I-Effect
carriers I-Effect
, I-Effect
such I-Effect
as I-Effect
Southwest I-Effect
, I-Effect
Ryanair I-Effect
, I-Effect
and I-Effect
Spirit I-Effect
Airlines I-Effect
, I-Effect
base I-Effect
their I-Effect
entire I-Effect
fleet I-Effect
on I-Effect
a I-Effect
single I-Effect
aircraft I-Effect
family I-Effect
. O

However O
, O
it O
is O
difficult O
to O
disentangle B-Effect
this I-Effect
ancillary I-Effect
business I-Effect
line I-Effect
from I-Effect
the I-Effect
overall I-Effect
platform I-Effect
since O
it B-Cause
ultimately I-Cause
relies I-Cause
on I-Cause
Redfin I-Cause
's I-Cause
core I-Cause
brokerage I-Cause
business I-Cause
and I-Cause
website I-Cause
to I-Cause
generate I-Cause
revenue I-Cause
. O

Even O
if O
we O
're O
right O
, O
we O
expect O
wireless B-Cause
technologies I-Cause
will I-Cause
continue I-Cause
to I-Cause
advance I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
, O
potentially B-Effect
disrupting I-Effect
Charter I-Effect
's I-Effect
business I-Effect
at I-Effect
some I-Effect
point I-Effect
. O

We O
expect O
additional B-Effect
growth I-Effect
to O
come O
from O
Arista B-Cause
's I-Cause
push I-Cause
into I-Cause
the I-Cause
campus I-Cause
market I-Cause
, I-Cause
wireless I-Cause
products I-Cause
growth I-Cause
, I-Cause
and I-Cause
adding I-Cause
security I-Cause
capabilities I-Cause
. O

The B-Cause
company I-Cause
operates I-Cause
in I-Cause
a I-Cause
mature I-Cause
oligopoly I-Cause
and O
the O
loss O
of O
any O
given O
large O
customer O
( O
high O
customer O
concentration O
) O
, O
regulatory O
changes O
, O
significant O
litigation O
( O
opioid O
) O
, O
entrant O
of O
a O
new O
competitor O
with O
significant O
resources O
or O
overall O
market O
dynamics O
could O
reduce O
the O
ability O
to O
negotiate B-Effect
with I-Effect
drug I-Effect
manufacturers I-Effect
and/or I-Effect
customers I-Effect
. O

Also B-Effect
, I-Effect
express I-Effect
' I-Effect
international I-Effect
priority I-Effect
volumes I-Effect
are I-Effect
seeing I-Effect
a I-Effect
lift I-Effect
from B-Cause
tight I-Cause
belly I-Cause
space I-Cause
capacity I-Cause
and O
B2B B-Effect
business I-Effect
has I-Effect
rebounded I-Effect
nicely I-Effect
on B-Cause
economic I-Cause
recovery I-Cause
. O

Competition B-Effect
among I-Effect
insurance I-Effect
firms I-Effect
is I-Effect
fierce I-Effect
, O
and O
participants B-Cause
have I-Cause
been I-Cause
known I-Cause
to I-Cause
slash I-Cause
prices I-Cause
or I-Cause
simply I-Cause
undercut I-Cause
competitors I-Cause
to I-Cause
gain I-Cause
market I-Cause
share I-Cause
. O

We B-Cause
also I-Cause
made I-Cause
slight I-Cause
adjustments I-Cause
in I-Cause
our I-Cause
long-term I-Cause
growth I-Cause
and I-Cause
risk I-Cause
assumptions I-Cause
to I-Cause
reflect I-Cause
Nestle I-Cause
's I-Cause
best-in-class I-Cause
resilience I-Cause
during I-Cause
the I-Cause
pandemic. O
As O
a O
result O
we O
now O
assume O
a B-Effect
stage I-Effect
II I-Effect
EBI I-Effect
growth I-Effect
rate I-Effect
of I-Effect
about I-Effect
4.25 I-Effect
% I-Effect
( I-Effect
from I-Effect
4 I-Effect
% I-Effect
) I-Effect
and I-Effect
discount I-Effect
our I-Effect
cash I-Effect
flow I-Effect
projections I-Effect
at I-Effect
a I-Effect
rate I-Effect
of I-Effect
7.0 I-Effect
% I-Effect
( I-Effect
from I-Effect
7.1 I-Effect
% I-Effect
) I-Effect
. O

Senior O
housing O
has O
been O
one O
of O
Healthpeak O
's O
largest O
segments O
, O
but O
we O
believe O
there B-Cause
are I-Cause
limited I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
in I-Cause
this I-Cause
business I-Cause
, O
so O
it O
is O
too B-Effect
susceptible I-Effect
to I-Effect
supply I-Effect
growth I-Effect
that I-Effect
restricts I-Effect
excess I-Effect
economic I-Effect
returns I-Effect
. O

As O
a O
result O
, O
Aptiv B-Cause
has I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
, O
so O
sudden B-Effect
declines I-Effect
in I-Effect
volume I-Effect
can I-Effect
have I-Effect
a I-Effect
meaningful I-Effect
negative I-Effect
impact I-Effect
on I-Effect
short-term I-Effect
profitability I-Effect
. O

Curaleaf O
has O
cultivation O
in O
this O
area O
but O
has O
its O
production B-Effect
spread I-Effect
throughout I-Effect
its I-Effect
footprint I-Effect
as O
interstate B-Cause
trade I-Cause
is I-Cause
currently I-Cause
illegal I-Cause
. O

Assuming O
recurring O
pandemic O
lockdowns O
do O
n't O
spark O
recession O
, O
we O
look O
for O
revenue B-Effect
to I-Effect
rise I-Effect
at I-Effect
least I-Effect
5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
on O
persistent B-Cause
B2C I-Cause
demand I-Cause
growth I-Cause
, O
partly O
offset O
by O
tough O
comparisons O
. O

We O
think O
Eversource B-Effect
's I-Effect
annual I-Effect
earnings I-Effect
growth I-Effect
rate I-Effect
can I-Effect
reach I-Effect
7 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
if O
its B-Cause
planned I-Cause
offshore I-Cause
wind I-Cause
investments I-Cause
go I-Cause
smoothly I-Cause
. O

The B-Cause
lower-margin I-Cause
fuel I-Cause
, I-Cause
health I-Cause
, I-Cause
and I-Cause
proximity I-Cause
businesses I-Cause
outpacing I-Cause
Coca-Cola I-Cause
Femsa I-Cause
is O
a B-Effect
structural I-Effect
headwind I-Effect
for I-Effect
the I-Effect
consolidated I-Effect
entity I-Effect
, O
but O
we O
still O
believe O
margins B-Effect
can I-Effect
expand I-Effect
, O
facilitated O
by O
underlying B-Cause
improvement I-Cause
at I-Cause
each I-Cause
business I-Cause
unit I-Cause
. O

Large B-Cause
product I-Cause
lines I-Cause
help I-Cause
distributors I-Cause
like I-Cause
Anixter I-Cause
or I-Cause
Wesco I-Cause
eliminate I-Cause
the I-Cause
back-office I-Cause
cost I-Cause
of I-Cause
dealing I-Cause
with I-Cause
many I-Cause
suppliers I-Cause
, O
which O
leads O
to O
Hubbell B-Effect
receiving I-Effect
superior I-Effect
pricing I-Effect
with I-Effect
these I-Effect
key I-Effect
distributors I-Effect
. O

We O
think O
the O
company O
can O
achieve O
its O
target O
of O
$ O
350 O
million O
in O
cost O
synergies O
, O
and O
also O
that O
the B-Cause
scalable I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
will O
allow O
for O
economies B-Effect
of I-Effect
scale I-Effect
given I-Effect
this I-Effect
growth I-Effect
. O

Our O
belief O
is O
that O
the B-Effect
larger I-Effect
the I-Effect
customer I-Effect
is I-Effect
, I-Effect
the I-Effect
stickier I-Effect
the I-Effect
software I-Effect
vendor I-Effect
is I-Effect
because O
the B-Cause
implementation I-Cause
costs I-Cause
and I-Cause
risks I-Cause
are I-Cause
compounded I-Cause
across I-Cause
geographies I-Cause
, I-Cause
business I-Cause
units I-Cause
, I-Cause
and I-Cause
touch I-Cause
points I-Cause
. O

Despite O
all O
of O
the O
protections O
and O
guarantees O
in O
place O
in O
the O
original O
triple-net O
lease O
term O
, O
on O
multiple O
occasions O
Welltower O
was O
forced O
to O
sell B-Cause
underperforming I-Cause
assets I-Cause
and I-Cause
make I-Cause
concessions I-Cause
to I-Cause
the I-Cause
operator I-Cause
to B-Effect
keep I-Effect
them I-Effect
financially I-Effect
solvent I-Effect
. O

As O
more B-Cause
television I-Cause
viewing I-Cause
shifts I-Cause
online I-Cause
and I-Cause
to I-Cause
mobile I-Cause
devices I-Cause
, O
however O
, O
consumer B-Effect
viewing I-Effect
habits I-Effect
could I-Effect
shift I-Effect
in I-Effect
unpredictable I-Effect
ways I-Effect
that O
favor O
newer O
content O
models O
, O
such O
as O
Netflix O
or O
YouTube O
. O

We O
believe O
the B-Cause
adoption I-Cause
of I-Cause
high-low I-Cause
pricing I-Cause
has I-Cause
worked I-Cause
well I-Cause
in I-Cause
the I-Cause
previous I-Cause
years I-Cause
, I-Cause
as I-Cause
evidenced I-Cause
by I-Cause
the I-Cause
company I-Cause
's I-Cause
leading I-Cause
market I-Cause
position I-Cause
and I-Cause
margins I-Cause
, I-Cause
but I-Cause
that I-Cause
it I-Cause
was I-Cause
mainly I-Cause
a I-Cause
function I-Cause
of I-Cause
a I-Cause
less I-Cause
mature I-Cause
market. O
Consequently O
, O
we O
believe O
that O
AH B-Effect
's I-Effect
price I-Effect
differentials I-Effect
( I-Effect
especially I-Effect
in I-Effect
KVIs I-Effect
and I-Effect
price I-Effect
entry I-Effect
brands I-Effect
) I-Effect
are I-Effect
not I-Effect
sustainable I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

A B-Cause
new I-Cause
infrastructure I-Cause
bill I-Cause
is I-Cause
expected I-Cause
to I-Cause
be I-Cause
passed I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
which O
will O
boost B-Effect
demand I-Effect
for I-Effect
infrastructure I-Effect
building I-Effect
materials I-Effect
. O

The O
replenishment O
of O
new B-Cause
drugs I-Cause
is O
offsetting B-Effect
the I-Effect
past I-Effect
patent I-Effect
losses I-Effect
on I-Effect
gastrointestinal I-Effect
drug I-Effect
Nexium I-Effect
and I-Effect
cholesterol I-Effect
reducer I-Effect
Crestor I-Effect
, O
and O
the B-Effect
company I-Effect
is I-Effect
well I-Effect
positioned I-Effect
for I-Effect
growth I-Effect
. O

The B-Cause
negative I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
on I-Cause
air I-Cause
travel I-Cause
demand I-Cause
and I-Cause
the I-Cause
subsequent I-Cause
deferral I-Cause
or I-Cause
cancellation I-Cause
of I-Cause
new I-Cause
aircraft I-Cause
deliveries I-Cause
by I-Cause
airlines I-Cause
prompted O
management B-Effect
to I-Effect
restructure I-Effect
and I-Effect
scale I-Effect
back I-Effect
capacity I-Effect
to I-Effect
cater I-Effect
for I-Effect
the I-Effect
suppressed I-Effect
short- I-Effect
to I-Effect
medium-term I-Effect
demand I-Effect
environment I-Effect
. O

Additionally O
, O
there O
's O
some O
risk O
that O
a B-Cause
rising I-Cause
incidence I-Cause
of I-Cause
'' I-Cause
'' I-Cause
nuclear I-Cause
verdicts I-Cause
'' I-Cause
'' I-Cause
( I-Cause
for I-Cause
fatal I-Cause
crashes I-Cause
) I-Cause
against I-Cause
truckers I-Cause
pushes O
claims-related B-Effect
outflows I-Effect
materially I-Effect
higher I-Effect
and O
drives O
persistent B-Effect
insurance I-Effect
cost I-Effect
inflation I-Effect
. O

Furthermore O
, O
Shell B-Cause
's I-Cause
strategic I-Cause
plans I-Cause
call I-Cause
for I-Cause
a I-Cause
gradual I-Cause
move I-Cause
away I-Cause
from I-Cause
hydrocarbons I-Cause
, O
which O
is O
designed O
to O
reduce B-Cause
the I-Cause
firm I-Cause
's I-Cause
carbon I-Cause
intensity I-Cause
by I-Cause
20 I-Cause
% I-Cause
in I-Cause
2030 I-Cause
and I-Cause
45 I-Cause
% I-Cause
in I-Cause
2035 I-Cause
and O
that O
should O
further B-Effect
insulate I-Effect
it I-Effect
from I-Effect
the I-Effect
impact I-Effect
of I-Effect
a I-Effect
carbon I-Effect
tax I-Effect
. O

Its B-Effect
efforts I-Effect
have I-Effect
largely I-Effect
paid I-Effect
off I-Effect
as O
a B-Cause
host I-Cause
of I-Cause
operational I-Cause
efficiency I-Cause
improvement I-Cause
projects I-Cause
have I-Cause
reduced I-Cause
dividend I-Cause
break-even I-Cause
levels I-Cause
to I-Cause
$ I-Cause
40/barrel I-Cause
Brent I-Cause
, O
according O
to O
our O
estimates O
. O

The B-Cause
firm I-Cause
also I-Cause
can I-Cause
use I-Cause
the I-Cause
data I-Cause
to I-Cause
learn I-Cause
more I-Cause
about I-Cause
fans I-Cause
of I-Cause
various I-Cause
artists I-Cause
, O
help O
them O
attract B-Effect
and I-Effect
invite I-Effect
fans I-Effect
to I-Effect
their I-Effect
live I-Effect
events I-Effect
, I-Effect
sell I-Effect
artists I-Effect
' I-Effect
labeled I-Effect
merchandise I-Effect
, I-Effect
and I-Effect
more I-Effect
. O

The O
enhanced B-Cause
liquidity I-Cause
of I-Cause
the I-Cause
Energy I-Cause
Transfer I-Cause
units I-Cause
allows O
CenterPoint B-Effect
to I-Effect
exit I-Effect
its I-Effect
midstream I-Effect
investment I-Effect
with I-Effect
better I-Effect
economics I-Effect
and I-Effect
at I-Effect
a I-Effect
faster I-Effect
pace I-Effect
. O

In O
the O
research O
and O
development O
solutions O
segment O
, O
we O
expect O
IQVIA O
to B-Cause
push I-Cause
fixed-price I-Cause
contracting I-Cause
where O
it O
has O
more B-Cause
visibility I-Cause
into I-Cause
costs I-Cause
, O
allowing O
it B-Effect
to I-Effect
retain I-Effect
a I-Effect
higher I-Effect
margin I-Effect
. O

We O
believe O
American B-Effect
Express I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
generate I-Effect
returns I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
equity I-Effect
as O
a O
result O
of O
fee B-Cause
income I-Cause
generated I-Cause
by I-Cause
its I-Cause
global I-Cause
merchant I-Cause
and I-Cause
network I-Cause
services I-Cause
business I-Cause
and I-Cause
its I-Cause
entrenched I-Cause
position I-Cause
in I-Cause
global I-Cause
commercial I-Cause
services I-Cause
. O

Salesforce.com B-Effect
's I-Effect
critical I-Effect
differentiator I-Effect
was O
that O
the B-Cause
software I-Cause
was I-Cause
accessed I-Cause
through I-Cause
a I-Cause
web I-Cause
browser I-Cause
and I-Cause
delivered I-Cause
over I-Cause
the I-Cause
Internet I-Cause
, O
thus O
inventing B-Cause
the I-Cause
SaaS I-Cause
software I-Cause
delivery I-Cause
model I-Cause
. O

The O
apartment O
manager O
can O
drive O
higher B-Cause
rent I-Cause
growth I-Cause
on I-Cause
existing I-Cause
tenants I-Cause
once O
an B-Effect
apartment I-Effect
building I-Effect
reaches I-Effect
a I-Effect
fully I-Effect
stabilized I-Effect
occupancy I-Effect
level I-Effect
as O
they O
know O
that O
the O
marginal O
tenant O
who O
would O
move O
out O
from O
higher O
rent O
increases O
can O
be O
replaced O
by O
the O
excess O
demand O
for O
the O
units O
. O

Some B-Cause
governments I-Cause
have I-Cause
shown I-Cause
a I-Cause
preference I-Cause
for I-Cause
local I-Cause
payment I-Cause
networks I-Cause
, O
which O
could O
freeze B-Effect
Mastercard I-Effect
out I-Effect
of I-Effect
certain I-Effect
markets I-Effect
and I-Effect
impede I-Effect
the I-Effect
value I-Effect
it I-Effect
drives I-Effect
from I-Effect
its I-Effect
global I-Effect
network I-Effect
. O

Trane B-Cause
's I-Cause
large I-Cause
installed I-Cause
base I-Cause
generates O
a B-Effect
stable I-Effect
stream I-Effect
of I-Effect
higher-margin I-Effect
parts I-Effect
and I-Effect
service I-Effect
revenue I-Effect
( O
over O
30 O
% O
of O
sales O
) O
, O
and O
we O
think O
the O
company O
has O
opportunities O
to O
expand B-Cause
its I-Cause
service I-Cause
mix I-Cause
, O
which O
should O
promote B-Effect
improved I-Effect
profitability I-Effect
and I-Effect
help I-Effect
damp I-Effect
the I-Effect
firm I-Effect
's I-Effect
cyclicality I-Effect
. O

It O
typically O
does O
not O
hedge B-Cause
this I-Cause
exposure I-Cause
, O
which O
could O
add B-Effect
volatility I-Effect
to I-Effect
the I-Effect
top I-Effect
line I-Effect
, O
but O
since O
there B-Cause
are I-Cause
expenses I-Cause
in I-Cause
foreign I-Cause
currencies I-Cause
there B-Effect
is I-Effect
a I-Effect
bit I-Effect
of I-Effect
a I-Effect
natural I-Effect
hedge I-Effect
. O

As B-Cause
retailers I-Cause
spend I-Cause
more I-Cause
to I-Cause
attract I-Cause
buyers I-Cause
tempted I-Cause
by I-Cause
digital I-Cause
rivals I-Cause
' I-Cause
convenience I-Cause
, O
we B-Effect
expect I-Effect
the I-Effect
environment I-Effect
to I-Effect
remain I-Effect
relentlessly I-Effect
competitive I-Effect
, I-Effect
leaving I-Effect
little I-Effect
margin I-Effect
for I-Effect
error I-Effect
. O

Sales B-Cause
are I-Cause
recovering I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
much I-Cause
faster I-Cause
than I-Cause
we I-Cause
anticipated I-Cause
, O
causing O
us O
to O
revise B-Effect
fiscal I-Effect
2021 I-Effect
organic I-Effect
sales I-Effect
from I-Effect
a I-Effect
26 I-Effect
% I-Effect
drop I-Effect
to I-Effect
2.5 I-Effect
% I-Effect
growth I-Effect
. O

S B-Effect
& I-Effect
L I-Effect
performance I-Effect
is I-Effect
expected I-Effect
to I-Effect
decline I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
temporary I-Cause
boost I-Cause
from I-Cause
2020 I-Cause
storage I-Cause
differentials I-Cause
will I-Cause
disappear I-Cause
, O
but O
Plains B-Effect
has I-Effect
taken I-Effect
steps I-Effect
to I-Effect
ensure I-Effect
its I-Effect
capital I-Effect
position I-Effect
and I-Effect
balance I-Effect
sheet I-Effect
are I-Effect
protected I-Effect
. O

While O
compensation O
remains O
the O
single-largest O
expense O
for O
most O
asset O
managers O
, O
supplier B-Effect
power I-Effect
has I-Effect
been I-Effect
manageable I-Effect
as O
many B-Cause
firms I-Cause
have I-Cause
reduced I-Cause
their I-Cause
reliance I-Cause
on I-Cause
star I-Cause
managers I-Cause
and I-Cause
have I-Cause
tied I-Cause
manager I-Cause
and I-Cause
analyst I-Cause
pay I-Cause
to I-Cause
both I-Cause
portfolio I-Cause
and I-Cause
overall I-Cause
firm I-Cause
performance I-Cause
. O

It B-Effect
would I-Effect
be I-Effect
difficult I-Effect
for I-Effect
outsiders I-Effect
to I-Effect
directly I-Effect
compete I-Effect
for I-Effect
new I-Effect
licensing I-Effect
contracts I-Effect
, O
as O
Mattel B-Cause
and I-Cause
Hasbro I-Cause
have I-Cause
more I-Cause
advertising I-Cause
dollars I-Cause
to I-Cause
offer I-Cause
. O

Higher B-Cause
ROI I-Cause
drove O
higher B-Cause
client I-Cause
spending I-Cause
and I-Cause
attracted I-Cause
more I-Cause
publishers I-Cause
, O
providing B-Effect
Criteo I-Effect
with I-Effect
more B-Cause
access I-Cause
to I-Cause
inventory I-Cause
, O
which O
allowed O
the B-Effect
company I-Effect
to I-Effect
deliver I-Effect
more I-Effect
ads I-Effect
. O

Check B-Cause
Point I-Cause
has I-Cause
adjusted I-Cause
its I-Cause
selling I-Cause
model I-Cause
to I-Cause
be I-Cause
subscription-based I-Cause
, O
and O
we O
believe O
this B-Effect
could I-Effect
further I-Effect
ingrain I-Effect
the I-Effect
company I-Effect
with I-Effect
businesses I-Effect
that I-Effect
favor I-Effect
predictable I-Effect
operating I-Effect
expenditures I-Effect
. O

The B-Cause
threat I-Cause
of I-Cause
Arista I-Cause
's I-Cause
cloud-based I-Cause
provider I-Cause
customers I-Cause
designing I-Cause
their I-Cause
networking I-Cause
requirements I-Cause
in-house I-Cause
, I-Cause
like I-Cause
Amazon I-Cause
currently I-Cause
does I-Cause
, O
will O
keep O
a B-Effect
veil I-Effect
of I-Effect
uncertainty I-Effect
over I-Effect
the I-Effect
future I-Effect
. O

Entities B-Cause
are I-Cause
increasingly I-Cause
moving I-Cause
workloads I-Cause
to I-Cause
public I-Cause
cloud I-Cause
environments I-Cause
and I-Cause
relying I-Cause
on I-Cause
SaaS I-Cause
applications O
, O
which O
could O
lower B-Effect
the I-Effect
demand I-Effect
for I-Effect
pure-play I-Effect
cybersecurity I-Effect
solutions I-Effect
. O

The B-Cause
firm I-Cause
continues I-Cause
to I-Cause
analyze I-Cause
such I-Cause
data I-Cause
in O
order O
to O
minimize B-Effect
chances I-Effect
of I-Effect
crashes I-Effect
by O
addressing B-Cause
or I-Cause
preventing I-Cause
unsafe I-Cause
driving I-Cause
. O

We B-Effect
have I-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
24.00 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
20.50 I-Effect
as O
a O
result O
of O
stronger-than-expected B-Cause
tailwinds I-Cause
from I-Cause
a I-Cause
coronavirus-related I-Cause
shift I-Cause
to I-Cause
online I-Cause
shopping I-Cause
near I-Cause
term I-Cause
and I-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
effect I-Cause
. O

The B-Effect
international I-Effect
take I-Effect
rate I-Effect
will I-Effect
increase I-Effect
as O
bargaining B-Cause
power I-Cause
against I-Cause
international I-Cause
hotels I-Cause
increases I-Cause
, O
which O
will O
in O
turn O
occur O
as O
Trip.com B-Cause
's I-Cause
international I-Cause
hotel I-Cause
business I-Cause
increases I-Cause
in I-Cause
volume I-Cause
. O

The B-Effect
threat I-Effect
of I-Effect
losing I-Effect
business I-Effect
due O
to O
teething B-Cause
problems I-Cause
after I-Cause
switching I-Cause
banks I-Cause
often O
outweighs O
anticipated O
gains O
from O
converting O
. O

We O
expect O
Western O
's O
gross O
margins O
to O
fluctuate O
with O
the O
cycles O
of O
its O
markets O
, O
but O
think O
the B-Effect
firm I-Effect
can I-Effect
raise I-Effect
its I-Effect
midcycle I-Effect
gross I-Effect
margin I-Effect
in I-Effect
the I-Effect
HDD I-Effect
market I-Effect
as O
it B-Cause
achieves I-Cause
cost I-Cause
efficiencies I-Cause
on I-Cause
higher I-Cause
capacity I-Cause
drives I-Cause
and I-Cause
these I-Cause
drives I-Cause
make I-Cause
up I-Cause
more I-Cause
and I-Cause
more I-Cause
of I-Cause
the I-Cause
overall I-Cause
HDD I-Cause
business I-Cause
. O

With O
the O
initial O
COVID-19-driven O
downturn B-Effect
in O
the O
past O
, O
2021 B-Effect
should I-Effect
be I-Effect
a I-Effect
year I-Effect
of I-Effect
some I-Effect
recovery I-Effect
in I-Effect
profitability I-Effect
, O
largely O
due O
to O
lower B-Cause
projected I-Cause
provisioning I-Cause
. I-Cause

Samsung O
was O
Maxim O
's O
main O
customer O
in O
this O
segment O
, O
and O
Samsung B-Cause
's I-Cause
rise I-Cause
in I-Cause
the I-Cause
smartphone I-Cause
space I-Cause
aided O
Maxim B-Effect
's I-Effect
consumer I-Effect
growth I-Effect
in I-Effect
good I-Effect
times I-Effect
, O
but O
also O
led O
to O
revenue B-Effect
headwinds I-Effect
at O
times O
when O
the B-Cause
tech I-Cause
titan I-Cause
's I-Cause
smartphone I-Cause
market I-Cause
share I-Cause
stalled I-Cause
. O

We B-Effect
see I-Effect
lower I-Effect
risk I-Effect
from I-Effect
smaller I-Effect
players I-Effect
, O
given O
the B-Cause
security I-Cause
clearance I-Cause
and I-Cause
volume I-Cause
requirements I-Cause
needed I-Cause
to I-Cause
supply I-Cause
to I-Cause
government I-Cause
agencies I-Cause
. O

However O
, O
this B-Effect
decreasing I-Effect
gross I-Effect
margin I-Effect
in I-Effect
cloud I-Effect
services I-Effect
and I-Effect
license I-Effect
support I-Effect
should I-Effect
be I-Effect
offset I-Effect
by I-Effect
an I-Effect
increase I-Effect
in I-Effect
gross I-Effect
margin I-Effect
in I-Effect
both I-Effect
Oracle I-Effect
's I-Effect
hardware I-Effect
business I-Effect
, O
as O
it B-Cause
sheds I-Cause
more I-Cause
commodity I-Cause
hardware I-Cause
, I-Cause
and I-Cause
a I-Cause
decreasing I-Cause
mix I-Cause
of I-Cause
lower-margin I-Cause
services I-Cause
revenue I-Cause
. I-Cause

We O
see O
steady O
but O
moderate O
growth B-Effect
prospects I-Effect
at I-Effect
Smiths I-Effect
Medical I-Effect
of I-Effect
3 I-Effect
% I-Effect
over O
the O
medium O
term O
, O
supported O
by O
expansion B-Cause
into I-Cause
faster-growth I-Cause
emerging I-Cause
markets I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
non-acute-care I-Cause
sector I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Given O
that O
these B-Cause
high-end B-Cause
enclaves I-Cause
typically I-Cause
extract I-Cause
higher B-Effect
margins I-Effect
and O
are O
more O
conducive O
to O
economic B-Effect
profits I-Effect
, O
the O
firm O
's O
presence O
here O
is O
not O
sufficiently O
meaningful O
from O
our O
vantage O
point O
. O

Capri B-Effect
faces I-Effect
an I-Effect
extraordinary I-Effect
challenge I-Effect
in I-Effect
rebuilding I-Effect
the I-Effect
business I-Effect
from I-Effect
this I-Effect
crisis I-Effect
, O
especially O
as O
it B-Cause
has I-Cause
been I-Cause
working I-Cause
to I-Cause
restructure I-Cause
Michael I-Cause
Kors I-Cause
and I-Cause
stabilize I-Cause
its I-Cause
two I-Cause
luxury I-Cause
brands I-Cause
. O

This B-Cause
level I-Cause
of I-Cause
brand-development I-Cause
expenditure I-Cause
creates O
a B-Effect
virtuous I-Effect
cycle I-Effect
for I-Effect
the I-Effect
larger I-Effect
players I-Effect
because O
higher B-Effect
spending I-Effect
on I-Effect
marketing I-Effect
, I-Effect
line I-Effect
extensions I-Effect
, I-Effect
and I-Effect
continuous I-Effect
investment I-Effect
in I-Effect
innovation I-Effect
can I-Effect
drive I-Effect
volume I-Effect
and I-Effect
category I-Effect
growth I-Effect
, O
assuming O
execution B-Cause
is I-Cause
effective I-Cause
. O

Further O
, O
the B-Cause
agreements I-Cause
are I-Cause
generally I-Cause
not I-Cause
take I-Cause
or I-Cause
pay I-Cause
, I-Cause
and I-Cause
just I-Cause
pipeline I-Cause
and I-Cause
plant I-Cause
dedications I-Cause
for I-Cause
a I-Cause
set I-Cause
fee I-Cause
, O
reducing B-Effect
commodity I-Effect
price I-Effect
risk I-Effect
, O
but O
not O
eliminating B-Effect
volume I-Effect
risk I-Effect
. O

With O
2021-22 O
could O
be O
plagued O
by O
the O
redemption O
of O
future O
cruise O
credits O
as O
Carnival B-Cause
and I-Cause
the I-Cause
other I-Cause
cruise I-Cause
operators I-Cause
begin I-Cause
to I-Cause
sail I-Cause
again I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
see I-Effect
Carnival I-Effect
reaching I-Effect
2019 I-Effect
pricing I-Effect
again I-Effect
until I-Effect
2024 I-Effect
. O

We O
expect O
net B-Effect
interest I-Effect
income I-Effect
to I-Effect
decline I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
as O
the B-Cause
Fed I-Cause
cutting I-Cause
rates I-Cause
to I-Cause
zero I-Cause
will I-Cause
reduce I-Cause
reinvestment I-Cause
yields I-Cause
. O

While O
the O
project O
can O
be O
profitable O
, O
it O
carries O
risk O
as O
the B-Effect
previous I-Effect
owner I-Effect
, I-Effect
Nemaska I-Effect
, I-Effect
filed I-Effect
for I-Effect
bankruptcy I-Effect
due O
to O
cost B-Cause
overruns I-Cause
. O

Following O
the O
firm O
's O
release O
of O
first-quarter O
2021 O
financial O
results O
and O
updated O
2021 O
outlook O
, O
we B-Effect
are I-Effect
maintaining I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
of I-Effect
$ I-Effect
65 I-Effect
as O
a B-Cause
higher I-Cause
revenue I-Cause
forecast I-Cause
is I-Cause
offset I-Cause
by I-Cause
the I-Cause
prospect I-Cause
of I-Cause
a I-Cause
higher I-Cause
corporate I-Cause
tax I-Cause
rate I-Cause
. O

By O
these O
measures O
, O
AllianceBernstein O
, O
in O
our O
view O
, O
has O
had O
an O
average O
switching O
cost O
profile O
when O
compared O
with O
the O
industry O
and O
our O
peer O
coverage O
group O
, O
mainly O
because O
it B-Cause
has I-Cause
struggled I-Cause
to I-Cause
take I-Cause
full I-Cause
advantage I-Cause
of I-Cause
its I-Cause
below I-Cause
( I-Cause
above I-Cause
) I-Cause
-average I-Cause
redemption I-Cause
( I-Cause
retention I-Cause
) I-Cause
rate I-Cause
for O
its B-Effect
long-term I-Effect
funds I-Effect
. O

In O
the O
near O
term O
, O
we O
see O
a B-Effect
favorable I-Effect
grain I-Effect
merchandising I-Effect
environment I-Effect
for I-Effect
ADM I-Effect
, O
as O
its B-Effect
North I-Effect
American I-Effect
footprint I-Effect
should I-Cause
benefit I-Cause
from I-Cause
high B-Cause
crop I-Cause
prices I-Cause
that I-Cause
incentivize B-Cause
farmer I-Cause
selling I-Cause
. O

Nasdaq O
has O
been O
able O
to O
use B-Cause
this I-Cause
broad I-Cause
recognition I-Cause
to I-Cause
license I-Cause
its I-Cause
indexes I-Cause
to I-Cause
investment I-Cause
providers I-Cause
for O
the B-Effect
creation I-Effect
of I-Effect
exchange-traded I-Effect
products I-Effect
based I-Effect
on I-Effect
its I-Effect
indexes I-Effect
. O

We O
forecast O
recreational B-Effect
volume I-Effect
to I-Effect
rise I-Effect
roughly I-Effect
17 I-Effect
% I-Effect
per I-Effect
year I-Effect
on I-Effect
average I-Effect
as O
distribution B-Cause
expands I-Cause
, I-Cause
consumers I-Cause
convert I-Cause
from I-Cause
the I-Cause
black I-Cause
market I-Cause
, I-Cause
and I-Cause
nonconsumers I-Cause
become I-Cause
consumers I-Cause
. O

Our B-Effect
fair I-Effect
value I-Effect
increase I-Effect
is O
due O
to O
increased B-Cause
expectations I-Cause
within I-Cause
our I-Cause
five-year I-Cause
capital I-Cause
investment I-Cause
outlook I-Cause
, O
and O
increasing B-Effect
our I-Effect
long-term I-Effect
growth I-Effect
assumptions I-Effect
as O
we O
believe O
the B-Cause
company I-Cause
has I-Cause
a I-Cause
long I-Cause
runway I-Cause
of I-Cause
growth I-Cause
opportunities I-Cause
. O

Additionally O
, O
as O
packaged B-Cause
food I-Cause
firms I-Cause
incentivize I-Cause
farmers I-Cause
to I-Cause
convert I-Cause
to I-Cause
organic I-Cause
production I-Cause
, O
we B-Effect
anticipate I-Effect
established I-Effect
firms I-Effect
( I-Effect
with I-Effect
long-tenured I-Effect
relationships I-Effect
with I-Effect
conventional I-Effect
grocers I-Effect
) I-Effect
will I-Effect
benefit I-Effect
from I-Effect
incremental I-Effect
supply I-Effect
. O

Meanwhile O
, O
the B-Effect
long-term I-Effect
outlook I-Effect
for I-Effect
gas I-Effect
demand I-Effect
remains I-Effect
favorable I-Effect
with I-Effect
most I-Effect
third-party I-Effect
forecasters I-Effect
calling I-Effect
for I-Effect
continued I-Effect
demand I-Effect
growth I-Effect
given O
emissions B-Cause
savings I-Cause
from I-Cause
substitution I-Cause
of I-Cause
coal I-Cause
in I-Cause
power I-Cause
generation I-Cause
, I-Cause
the I-Cause
need I-Cause
to I-Cause
supplement I-Cause
intermittent I-Cause
renewable I-Cause
power I-Cause
generation I-Cause
and I-Cause
expanding I-Cause
applications I-Cause
in I-Cause
shipping I-Cause
and I-Cause
road I-Cause
transport I-Cause
. O

Many O
of O
Kimco O
's O
new O
development O
projects O
are O
mixed-use B-Cause
assets I-Cause
that I-Cause
incorporate I-Cause
retail I-Cause
, I-Cause
office I-Cause
, I-Cause
residential I-Cause
, I-Cause
and/or I-Cause
hotel I-Cause
components I-Cause
to O
attract B-Effect
tenants I-Effect
seeking I-Effect
cohesive I-Effect
live-work-play I-Effect
environments I-Effect
. I-Effect

As O
patients B-Cause
lose I-Cause
their I-Cause
employer-based I-Cause
insurance I-Cause
, O
Tenet B-Cause
's I-Cause
hospital I-Cause
services I-Cause
may I-Cause
be I-Cause
reimbursed I-Cause
at I-Cause
significantly I-Cause
lower I-Cause
rates I-Cause
on I-Cause
average I-Cause
, O
which O
would O
negatively B-Effect
affect I-Effect
profitability I-Effect
, O
as O
well O
. O

Customers B-Effect
value I-Effect
Fastenal I-Effect
's I-Effect
store-based I-Effect
and I-Effect
on-site I-Effect
approach I-Effect
because O
this B-Cause
business I-Cause
model I-Cause
offers I-Cause
a I-Cause
quick I-Cause
and I-Cause
convenient I-Cause
method I-Cause
for I-Cause
procuring I-Cause
fasteners I-Cause
and I-Cause
other I-Cause
MRO I-Cause
products I-Cause
, I-Cause
while I-Cause
also I-Cause
reducing I-Cause
shipping I-Cause
costs I-Cause
. O

We O
assume O
advanced B-Effect
wound-care I-Effect
growth I-Effect
sees I-Effect
a I-Effect
less I-Effect
extreme I-Effect
recovery I-Effect
as O
those B-Cause
products I-Cause
are I-Cause
still I-Cause
primarily I-Cause
associated I-Cause
with I-Cause
patient I-Cause
acuity I-Cause
, I-Cause
trauma I-Cause
, I-Cause
and I-Cause
chronic I-Cause
conditions I-Cause
, I-Cause
such I-Cause
as I-Cause
diabetes I-Cause
. O

We O
'd O
be O
remiss O
if O
we O
did O
n't O
mention O
craft O
distillation O
as O
a O
threat O
, O
which O
we O
believe O
manifests O
, O
in O
part O
, O
due O
to O
the O
more O
prominent O
social O
ethos O
around O
purchasing B-Cause
local I-Cause
goods I-Cause
that O
support B-Effect
local I-Effect
economies I-Effect
. O

Any B-Cause
weaknesses I-Cause
in I-Cause
the I-Cause
banking I-Cause
sector I-Cause
could O
lead O
banks B-Effect
to I-Effect
defer I-Effect
technology I-Effect
purchases I-Effect
, I-Effect
hurting I-Effect
Fiserv I-Effect
's I-Effect
top I-Effect
line I-Effect
, O
and O
any B-Cause
dramatic I-Cause
changes I-Cause
in I-Cause
the I-Cause
structure I-Cause
of I-Cause
the I-Cause
banking I-Cause
industry I-Cause
could O
have O
hard-to-predict B-Effect
consequences I-Effect
for I-Effect
Fiserv I-Effect
. O

We O
expect O
EDU B-Effect
's I-Effect
profit I-Effect
to I-Effect
grow I-Effect
on I-Effect
the I-Effect
back I-Effect
of I-Effect
solid I-Effect
revenue I-Effect
growth I-Effect
, I-Effect
and I-Effect
improving I-Effect
margins I-Effect
thanks O
to O
additional B-Cause
revenue I-Cause
from I-Cause
an I-Cause
increase I-Cause
in I-Cause
student I-Cause
enrolments I-Cause
in I-Cause
existing I-Cause
schools I-Cause
and I-Cause
new I-Cause
schools I-Cause
, I-Cause
tuition I-Cause
fee I-Cause
hikes I-Cause
, I-Cause
better I-Cause
utilization I-Cause
and I-Cause
cost I-Cause
structure I-Cause
improvements I-Cause
at I-Cause
its I-Cause
new I-Cause
schools I-Cause
. O

We B-Effect
believe I-Effect
net I-Effect
interest I-Effect
income I-Effect
will I-Effect
be I-Effect
under I-Effect
pressure I-Effect
in I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
, O
due O
to O
the B-Cause
effects I-Cause
of I-Cause
rate I-Cause
cuts I-Cause
, O
and O
we O
project O
rates O
staying O
low O
for O
years O
before O
net O
interest O
margins O
begin O
to O
normalize O
again O
in O
the O
final O
years O
of O
our O
forecast O
. O

We B-Cause
generally I-Cause
view I-Cause
the I-Cause
pivot I-Cause
in I-Cause
Nasdaq I-Cause
's I-Cause
strategy I-Cause
toward I-Cause
more I-Cause
data I-Cause
and I-Cause
technology I-Cause
businesses I-Cause
favorably I-Cause
, O
but O
management B-Effect
is I-Effect
expecting I-Effect
fairly I-Effect
high I-Effect
revenue I-Effect
growth I-Effect
rates I-Effect
in I-Effect
businesses I-Effect
that I-Effect
are I-Effect
relatively I-Effect
new I-Effect
to I-Effect
the I-Effect
firm I-Effect
, I-Effect
so I-Effect
growth I-Effect
rates I-Effect
could I-Effect
disappoint I-Effect
. O

However O
, O
increasing B-Cause
branded I-Cause
and I-Cause
biosimilar I-Cause
competition I-Cause
and I-Cause
a I-Cause
deteriorating I-Cause
pricing I-Cause
environment I-Cause
will O
likely O
lead O
to O
continued B-Effect
sales I-Effect
declines I-Effect
for I-Effect
Lantus I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Robinson B-Effect
's I-Effect
value I-Effect
proposition I-Effect
tends I-Effect
to I-Effect
strengthen I-Effect
in I-Effect
such I-Effect
an I-Effect
environment I-Effect
because O
of O
its B-Cause
deep I-Cause
capacity I-Cause
access I-Cause
, I-Cause
gross I-Cause
margins I-Cause
usually I-Cause
get I-Cause
squeezed I-Cause
in I-Cause
the I-Cause
short I-Cause
run I-Cause
as I-Cause
carrier I-Cause
rates I-Cause
spike I-Cause
. O

Microsoft B-Effect
's I-Effect
presence I-Effect
in I-Effect
the I-Effect
PC I-Effect
market I-Effect
with I-Effect
both I-Effect
its I-Effect
OS I-Effect
and I-Effect
Office I-Effect
productivity I-Effect
software I-Effect
allowed I-Effect
it I-Effect
to I-Effect
easily I-Effect
enter I-Effect
the I-Effect
server I-Effect
market I-Effect
just O
as O
the B-Cause
server I-Cause
market I-Cause
was I-Cause
undergoing I-Cause
a I-Cause
major I-Cause
transformation I-Cause
. O

Those O
firms O
also O
are O
particularly O
vulnerable O
to O
various B-Cause
hacking I-Cause
and I-Cause
security I-Cause
threats I-Cause
, O
which O
left O
an O
opportunity B-Effect
for I-Effect
Akamai I-Effect
to I-Effect
offer I-Effect
security I-Effect
products I-Effect
, O
which O
we O
believe O
will O
be O
the O
primary O
source O
of O
future O
growth O
. O

We O
expect O
regional B-Effect
revenue I-Effect
to I-Effect
grow I-Effect
85 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, I-Effect
aided I-Effect
by I-Effect
a I-Effect
market I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
as I-Effect
vaccines I-Effect
continue I-Effect
to I-Effect
get I-Effect
distributed I-Effect
and O
due O
to O
the B-Cause
merger I-Cause
between I-Cause
Eldorado I-Cause
and I-Cause
Caesars I-Cause
that I-Cause
closed I-Cause
July I-Cause
2020 I-Cause
. O

We O
believe O
BB B-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
's I-Cause
superior I-Cause
credit I-Cause
culture I-Cause
will I-Cause
stay I-Cause
intact I-Cause
after I-Cause
the I-Cause
merger I-Cause
, O
helping B-Effect
Truist I-Effect
institute I-Effect
similar I-Effect
internal I-Effect
policies I-Effect
and I-Effect
abilities I-Effect
. O

Still O
, O
revamped O
leadership O
and O
strategy O
have O
mostly O
remedied O
internal O
issues O
, O
and O
we O
believe O
private B-Effect
label I-Effect
should I-Effect
continue I-Effect
to I-Effect
ascend I-Effect
, O
supported B-Cause
by I-Cause
secular I-Cause
trends I-Cause
across I-Cause
the I-Cause
U.S I-Cause
. O

For O
2020 O
, O
AEP B-Effect
forecasts I-Effect
a I-Effect
2.7 I-Effect
% I-Effect
reduction I-Effect
in I-Effect
full-year I-Effect
load I-Effect
with I-Effect
higher I-Effect
residential I-Effect
demand I-Effect
offset I-Effect
by I-Effect
lower I-Effect
C I-Effect
& I-Effect
I I-Effect
customer I-Effect
demand I-Effect
because O
of O
the B-Cause
economic I-Cause
impacts I-Cause
of I-Cause
COVID-19 I-Cause
. O

With O
Monster B-Cause
's I-Cause
almost I-Cause
singular I-Cause
reliance I-Cause
on I-Cause
its I-Cause
namesake I-Cause
trademark I-Cause
, O
these O
risks O
are O
particularly O
stark O
, O
and O
we O
believe O
the B-Effect
firm I-Effect
has I-Effect
to I-Effect
work I-Effect
doubly I-Effect
hard I-Effect
to O
maintain O
the O
integrity O
of O
its O
brand O
. O

In O
many O
ways O
, O
the B-Cause
economics I-Cause
of I-Cause
a I-Cause
private-label I-Cause
manufacturing I-Cause
business I-Cause
is I-Cause
at I-Cause
the I-Cause
mercy I-Cause
of I-Cause
the I-Cause
promotional I-Cause
depth I-Cause
and I-Cause
cadence I-Cause
of I-Cause
branded I-Cause
CPG I-Cause
companies I-Cause
in I-Cause
any I-Cause
given I-Cause
year. O
This O
reality O
ultimately O
constrains O
Treehouse B-Effect
's I-Effect
ability I-Effect
to I-Effect
exercise I-Effect
any I-Effect
meaningful I-Effect
clout I-Effect
in I-Effect
influencing I-Effect
the I-Effect
behavior I-Effect
of I-Effect
end I-Effect
consumers I-Effect
, I-Effect
branded I-Effect
CPG I-Effect
businesses I-Effect
, I-Effect
or I-Effect
retailers I-Effect
. O

Following O
the O
2018 O
trucking O
capacity O
crunch O
, O
2019 B-Effect
was I-Effect
a I-Effect
hangover I-Effect
year I-Effect
for I-Effect
highway I-Effect
brokers I-Effect
as O
industrial B-Cause
end I-Cause
markets I-Cause
softened I-Cause
and I-Cause
spot I-Cause
rates I-Cause
retreated I-Cause
. O

Orange B-Cause
's I-Cause
main I-Cause
markets I-Cause
, I-Cause
France I-Cause
, I-Cause
Spain I-Cause
, I-Cause
and I-Cause
Poland I-Cause
are I-Cause
all I-Cause
facing I-Cause
the I-Cause
pressures I-Cause
from I-Cause
a I-Cause
fourth I-Cause
mobile I-Cause
network I-Cause
operator I-Cause
, O
which O
might O
destabilize B-Effect
the I-Effect
market I-Effect
and O
depress B-Effect
margins I-Effect
. O

For O
the B-Effect
NYSE I-Effect
to I-Effect
increase I-Effect
its I-Effect
share I-Effect
of I-Effect
equity I-Effect
trading I-Effect
volume I-Effect
, O
it O
must O
offer B-Cause
a I-Cause
lower I-Cause
price I-Cause
, I-Cause
which I-Cause
often I-Cause
comes I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
greater I-Cause
rebates I-Cause
. O

Furthermore B-Cause
, I-Cause
automotive I-Cause
semiconductors I-Cause
have I-Cause
stringent I-Cause
quality I-Cause
requirements I-Cause
, O
so O
Infineon B-Effect
's I-Effect
expertise I-Effect
in I-Effect
automotive I-Effect
chip I-Effect
manufacturing I-Effect
is I-Effect
another I-Effect
area I-Effect
where I-Effect
it I-Effect
would I-Effect
be I-Effect
difficult I-Effect
for I-Effect
newcomers I-Effect
to I-Effect
replicate I-Effect
. O

With O
data B-Cause
constantly I-Cause
being I-Cause
ingested I-Cause
and I-Cause
analyzed I-Cause
, O
Palantir B-Effect
's I-Effect
platforms I-Effect
can I-Effect
uncover I-Effect
new I-Effect
insight I-Effect
and I-Effect
notify I-Effect
appropriate I-Effect
individuals I-Effect
that I-Effect
may I-Effect
have I-Effect
not I-Effect
been I-Effect
privy I-Effect
to I-Effect
the I-Effect
new I-Effect
information I-Effect
, O
making O
the B-Effect
platforms I-Effect
more I-Effect
powerful I-Effect
as O
more B-Cause
users I-Cause
participate I-Cause
. O

Our B-Effect
10-year I-Effect
outlook I-Effect
assumes I-Effect
modest I-Effect
market I-Effect
share I-Effect
gains I-Effect
for I-Effect
Toll I-Effect
Brothers I-Effect
and I-Effect
1 I-Effect
% I-Effect
ASP I-Effect
growth I-Effect
through I-Effect
2030 I-Effect
due O
to O
a B-Cause
mix I-Cause
shift I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
more I-Cause
affordable I-Cause
offerings I-Cause
, O
which O
partially O
offset O
price O
increases O
. O

If O
Corning B-Cause
were I-Cause
to I-Cause
lose I-Cause
one I-Cause
of I-Cause
these I-Cause
customer I-Cause
relationships I-Cause
, O
it O
would O
materially O
impact B-Effect
the I-Effect
firm I-Effect
's I-Effect
top I-Effect
line I-Effect
. O

However O
, O
as O
the B-Cause
mode I-Cause
is I-Cause
built I-Cause
into I-Cause
the I-Cause
standard I-Cause
game I-Cause
that I-Cause
gamers I-Cause
already I-Cause
paid I-Cause
for I-Cause
, O
EA B-Effect
benefits I-Effect
from I-Effect
the I-Effect
longer I-Effect
revenue-generation I-Effect
cycle I-Effect
and I-Effect
improved I-Effect
gross I-Effect
margins I-Effect
from I-Effect
these I-Effect
sport I-Effect
games I-Effect
. O

Following O
the O
closing O
of O
its O
deal O
with O
LSE O
Group O
, O
Thomson O
Reuters O
has O
ownership O
of O
about O
82.5 O
million O
shares O
of O
LSE O
Group O
and O
as O
such O
the B-Effect
valuation I-Effect
of I-Effect
these I-Effect
shares I-Effect
is O
a O
function O
of O
LSE B-Cause
Group I-Cause
's I-Cause
share I-Cause
price I-Cause
. O

In O
our O
view O
, O
the B-Cause
simple I-Cause
interaction I-Cause
and I-Cause
exchange I-Cause
of I-Cause
ideas I-Cause
based I-Cause
on I-Cause
products I-Cause
and I-Cause
ideas I-Cause
among I-Cause
Pinners I-Cause
creates I-Cause
the I-Cause
word-of-mouth I-Cause
marketing I-Cause
, I-Cause
which I-Cause
is I-Cause
considered I-Cause
effective I-Cause
by I-Cause
advertisers. O
This O
gives O
Pinterest B-Effect
and I-Effect
its I-Effect
advertising I-Effect
clients I-Effect
a I-Effect
better I-Effect
idea I-Effect
about I-Effect
user I-Effect
interests I-Effect
or I-Effect
tastes I-Effect
, I-Effect
which I-Effect
creates I-Effect
what I-Effect
Pinterest I-Effect
refers I-Effect
to I-Effect
as I-Effect
the I-Effect
Taste I-Effect
Graph I-Effect
. O

Still O
, O
we B-Effect
believe I-Effect
that I-Effect
demand I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
match I-Effect
these I-Effect
supply I-Effect
additions I-Effect
, O
as B-Cause
historically I-Cause
room I-Cause
expansion I-Cause
and I-Cause
visitation I-Cause
in I-Cause
the I-Cause
region I-Cause
have I-Cause
been I-Cause
correlated I-Cause
, O
as B-Cause
travelers I-Cause
are I-Cause
enticed I-Cause
to I-Cause
see I-Cause
new I-Cause
attractions I-Cause
( I-Cause
the I-Cause
Radiers I-Cause
new I-Cause
football I-Cause
stadium I-Cause
is I-Cause
set I-Cause
to I-Cause
host I-Cause
games I-Cause
in I-Cause
2021 I-Cause
) I-Cause
. O

We O
forecast O
a B-Effect
same-store I-Effect
sales I-Effect
decline I-Effect
of I-Effect
19 I-Effect
% I-Effect
for I-Effect
Ulta I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
virus I-Cause
, O
but O
we O
expect O
a O
rebound O
to O
21 O
% O
comparable O
growth O
in O
2021 O
and O
then O
average O
same-store O
sales O
growth O
of O
5 O
% O
in O
2022-29 O
. O

Midstream B-Cause
firms I-Cause
typically I-Cause
seek I-Cause
to I-Cause
lock I-Cause
in I-Cause
project I-Cause
economics I-Cause
through I-Cause
long-term I-Cause
contracts I-Cause
with I-Cause
shippers I-Cause
before I-Cause
ever I-Cause
breaking I-Cause
ground I-Cause
on I-Cause
a I-Cause
new I-Cause
project I-Cause
, O
ensuring O
that O
at B-Effect
a I-Effect
minimum I-Effect
project I-Effect
and I-Effect
capital I-Effect
costs I-Effect
are I-Effect
recouped I-Effect
, I-Effect
with I-Effect
potential I-Effect
for I-Effect
excess I-Effect
returns I-Effect
over I-Effect
time I-Effect
. O

As O
potash B-Cause
prices I-Cause
recover I-Cause
, O
we O
forecast O
Mosaic B-Effect
's I-Effect
production I-Effect
will I-Effect
eventually I-Effect
rise I-Effect
to I-Effect
11 I-Effect
million I-Effect
metric I-Effect
tons I-Effect
, O
with O
all O
incremental O
volumes O
coming O
from O
the O
low-cost O
K3 O
potash O
mine O
. O

Zeiss O
is O
a O
major O
supplier O
for O
ASML O
's O
lithography O
tools O
, O
and O
any B-Cause
disruption I-Cause
of I-Cause
this I-Cause
symbiotic I-Cause
relationship I-Cause
could O
be O
detrimental B-Effect
to I-Effect
ASML I-Effect
, O
though O
ASML B-Cause
acquired I-Cause
a I-Cause
minority I-Cause
stake I-Cause
in I-Cause
Zeiss I-Cause
to O
secure B-Effect
the I-Effect
extension I-Effect
of I-Effect
EUV I-Effect
imaging I-Effect
technology I-Effect
and I-Effect
strengthen I-Effect
the I-Effect
combined I-Effect
businesses I-Effect
. O

These B-Effect
deals I-Effect
may I-Effect
make I-Effect
sense I-Effect
if O
affiliate B-Cause
fees I-Cause
continue I-Cause
to I-Cause
rise I-Cause
and I-Cause
the I-Cause
place I-Cause
on I-Cause
the I-Cause
basic I-Cause
tier I-Cause
is I-Cause
assured I-Cause
. O

Additionally O
, O
when O
selling O
into O
hospitals O
, O
medical B-Cause
technology I-Cause
players I-Cause
must I-Cause
be I-Cause
able I-Cause
to I-Cause
produce I-Cause
their I-Cause
products I-Cause
at I-Cause
a I-Cause
large I-Cause
enough I-Cause
scale I-Cause
to O
attract B-Effect
the I-Effect
interest I-Effect
of I-Effect
group I-Effect
purchasing I-Effect
organizations I-Effect
and I-Effect
their I-Effect
hospital I-Effect
clients I-Effect
. O

This O
limits O
overall O
market O
size O
, O
could O
increase O
cyberattacks O
, O
and O
working B-Cause
with I-Cause
military I-Cause
operations I-Cause
could O
cause O
potential B-Effect
investors I-Effect
to I-Effect
avoid I-Effect
the I-Effect
name I-Effect
. O

Asset B-Cause
sales I-Cause
and I-Cause
depreciation I-Cause
exceeding I-Cause
capital I-Cause
expenditure I-Cause
see O
an B-Effect
incremental I-Effect
improvement I-Effect
in I-Effect
returns I-Effect
in I-Effect
future I-Effect
, O
but O
the B-Cause
benefit I-Cause
is I-Cause
relatively I-Cause
small I-Cause
compared I-Cause
with I-Cause
the I-Cause
scale I-Cause
of I-Cause
boomtime I-Cause
investment I-Cause
, O
and O
is O
insufficient O
to O
support B-Effect
excess I-Effect
returns I-Effect
based I-Effect
on I-Effect
our I-Effect
midcycle I-Effect
forecasts I-Effect
. O

To B-Effect
deal I-Effect
with I-Effect
stagnant I-Effect
long-term I-Effect
North I-Effect
American I-Effect
food I-Effect
can I-Effect
volume I-Effect
, O
Silgan B-Cause
has I-Cause
embarked I-Cause
on I-Cause
an I-Cause
effort I-Cause
to I-Cause
improve I-Cause
the I-Cause
public I-Cause
image I-Cause
of I-Cause
food I-Cause
cans I-Cause
and I-Cause
reduce I-Cause
manufacturing I-Cause
costs I-Cause
. O

Sysco O
estimates O
independent B-Cause
operators I-Cause
use I-Cause
five I-Cause
to I-Cause
six I-Cause
food-service I-Cause
delivery I-Cause
services I-Cause
, O
with O
the B-Cause
leading I-Cause
service I-Cause
averaging I-Cause
30 I-Cause
% I-Cause
to I-Cause
40 I-Cause
% I-Cause
of I-Cause
wallet I-Cause
share I-Cause
, O
so O
it B-Effect
is I-Effect
typical I-Effect
for I-Effect
customers I-Effect
to I-Effect
shift I-Effect
purchases I-Effect
to I-Effect
another I-Effect
distributor I-Effect
if I-Effect
a I-Effect
lower I-Effect
price I-Effect
is I-Effect
found I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
focus I-Cause
on I-Cause
ultraluxury I-Cause
, I-Cause
luxury I-Cause
, I-Cause
and I-Cause
premium I-Cause
segments I-Cause
, I-Cause
with I-Cause
an I-Cause
obsessive I-Cause
attention I-Cause
to I-Cause
details I-Cause
that I-Cause
impresses I-Cause
its I-Cause
target I-Cause
clientele I-Cause
, O
has O
enabled O
BMW B-Effect
to I-Effect
generate I-Effect
substantial I-Effect
excess I-Effect
returns I-Effect
over I-Effect
its I-Effect
weighted I-Effect
average I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Bouts B-Effect
of I-Effect
unfavorable I-Effect
weather I-Effect
could O
place O
upward B-Effect
pressure I-Effect
on I-Effect
input I-Effect
prices I-Effect
for I-Effect
products I-Effect
such I-Effect
as I-Effect
dairy I-Effect
, I-Effect
coffee I-Effect
beans I-Effect
, I-Effect
meat I-Effect
, I-Effect
wheat I-Effect
, I-Effect
soybean I-Effect
, I-Effect
nuts I-Effect
, I-Effect
and I-Effect
sugar I-Effect
. O

We B-Effect
foresee I-Effect
low I-Effect
teens I-Effect
growth I-Effect
from I-Effect
the I-Effect
automotive I-Effect
end I-Effect
market I-Effect
, O
thanks O
to O
rising B-Cause
chip I-Cause
content I-Cause
per I-Cause
car I-Cause
, I-Cause
along I-Cause
with I-Cause
growth I-Cause
in I-Cause
industrial I-Cause
and I-Cause
data I-Cause
center I-Cause
chip I-Cause
sales I-Cause
, I-Cause
offset I-Cause
in I-Cause
part I-Cause
by I-Cause
flattish I-Cause
consumer I-Cause
revenue I-Cause
. O

Without B-Cause
the I-Cause
legislative I-Cause
requirements I-Cause
to I-Cause
buy I-Cause
renewable I-Cause
power I-Cause
, O
demand B-Effect
for I-Effect
Ormat I-Effect
's I-Effect
production I-Effect
could I-Effect
slip I-Effect
and I-Effect
make I-Effect
its I-Effect
growth I-Effect
less I-Effect
certain I-Effect
. O

We B-Effect
project I-Effect
spending I-Effect
on I-Effect
leases I-Effect
will I-Effect
grow I-Effect
because O
we O
believe O
prices B-Cause
Cogent I-Cause
pays I-Cause
will I-Cause
be I-Cause
less I-Cause
favorable I-Cause
in I-Cause
the I-Cause
future I-Cause
, O
but O
we B-Cause
do I-Cause
n't I-Cause
expect I-Cause
Cogent I-Cause
to I-Cause
expand I-Cause
its I-Cause
network I-Cause
to I-Cause
a I-Cause
great I-Cause
extent I-Cause
, O
so O
the B-Effect
higher I-Effect
spending I-Effect
we I-Effect
project I-Effect
is I-Effect
primarily I-Effect
related I-Effect
to I-Effect
renewals I-Effect
. O

The B-Effect
firm I-Effect
is I-Effect
focused I-Effect
on I-Effect
engaging I-Effect
users I-Effect
beyond I-Effect
the I-Effect
initial I-Effect
game I-Effect
sale I-Effect
via I-Effect
extending I-Effect
the B-Cause
monetization I-Cause
window I-Cause
by I-Cause
expanding I-Cause
the I-Cause
use I-Cause
of I-Cause
multiplayer I-Cause
options I-Cause
and I-Cause
releasing I-Cause
downloadable I-Cause
content I-Cause
, I-Cause
or I-Cause
DLC I-Cause
. O

In O
the O
retail O
business O
, O
we O
expect O
mid-single-digit O
profit O
growth O
on O
average O
through O
2030 O
, O
as O
the O
company O
expands O
store O
count O
though O
small O
acquisitions O
and O
sells B-Cause
a I-Cause
greater I-Cause
proportion I-Cause
of I-Cause
proprietary I-Cause
and I-Cause
private-label I-Cause
products I-Cause
, O
which O
carry B-Effect
higher I-Effect
margins I-Effect
. O

ING B-Cause
in I-Cause
its I-Cause
capacity I-Cause
as I-Cause
a I-Cause
client I-Cause
's I-Cause
primary I-Cause
banks I-Cause
has I-Cause
firsthand I-Cause
access I-Cause
to I-Cause
the I-Cause
cashflow I-Cause
information I-Cause
of I-Cause
the I-Cause
client I-Cause
, O
this O
allows O
ING B-Effect
to I-Effect
price I-Effect
better I-Effect
for I-Effect
risk I-Effect
and I-Effect
to I-Effect
have I-Effect
advance I-Effect
warning I-Effect
of I-Effect
clients I-Effect
that I-Effect
are I-Effect
experiencing I-Effect
cashflow I-Effect
difficulties I-Effect
. O

Furthermore O
, O
the B-Cause
auto I-Cause
industry I-Cause
is I-Cause
so I-Cause
cyclical I-Cause
that O
in B-Effect
bad I-Effect
times I-Effect
even I-Effect
the I-Effect
best I-Effect
automakers I-Effect
can I-Effect
not I-Effect
avoid I-Effect
large I-Effect
declines I-Effect
in I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
and I-Effect
profit I-Effect

Switching O
costs O
are O
not O
meaningful O
for O
end O
consumers O
, O
and O
we O
surmise O
that O
the B-Cause
magnitude I-Cause
of I-Cause
customer I-Cause
acquisition I-Cause
costs I-Cause
in I-Cause
the I-Cause
consumer I-Cause
product I-Cause
industry I-Cause
creates I-Cause
a I-Cause
barrier I-Cause
to I-Cause
entry I-Cause
, O
with B-Effect
the I-Effect
ability I-Effect
to I-Effect
fund I-Effect
those I-Effect
costs I-Effect
constituting I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
over O
new O
entrants O
with O
limited O
budgets O
. O

Citigroup B-Cause
has I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
FICC I-Cause
trading I-Cause
platforms I-Cause
, I-Cause
with I-Cause
particular I-Cause
strength I-Cause
in I-Cause
foreign-exchange I-Cause
trading I-Cause
, O
where O
incremental B-Effect
returns I-Effect
from I-Effect
additional I-Effect
volume I-Effect
are I-Effect
maximal I-Effect
because I-Effect
the I-Effect
bank I-Effect
can I-Effect
spread I-Effect
the I-Effect
fixed I-Effect
costs I-Effect
of I-Effect
trading I-Effect
operations I-Effect
over I-Effect
an I-Effect
enormous I-Effect
base I-Effect
of I-Effect
transactions I-Effect
. O

The B-Effect
process I-Effect
leans I-Effect
heavily I-Effect
on I-Effect
bioinformatics I-Effect
, O
as O
researchers B-Cause
use I-Cause
proprietary I-Cause
programs I-Cause
to I-Cause
analyze I-Cause
a I-Cause
patient I-Cause
's I-Cause
DNA I-Cause
, O
identify O
the O
patient O
's O
unique O
mutations O
caused O
by O
the O
cancer O
, O
and O
determine O
which O
genetic O
instructions O
would O
produce O
an O
immune O
response O
sufficient O
to O
effectively O
attack O
the O
cancer O
cells O
. O

Although O
it O
seemed O
a O
reasonable O
combination O
at O
the O
time O
with O
significant O
footprint O
overlap O
, O
the B-Effect
potential I-Effect
for I-Effect
considerable I-Effect
synergies I-Effect
turned I-Effect
into I-Effect
massive I-Effect
losses I-Effect
due O
to O
the B-Cause
subprime I-Cause
mortgage I-Cause
business I-Cause
and I-Cause
bad I-Cause
commercial I-Cause
loans I-Cause
. O

Due O
to O
the O
completion B-Cause
of I-Cause
Netflix I-Cause
's I-Cause
global I-Cause
expansion I-Cause
( O
excluding O
China O
) O
and O
lower O
prices O
, O
we O
expect O
the B-Effect
international I-Effect
streaming I-Effect
paid I-Effect
subscriber I-Effect
base I-Effect
to I-Effect
expand I-Effect
to I-Effect
200 I-Effect
million I-Effect
by I-Effect
2024 I-Effect
. O

However O
, O
many B-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
brands I-Cause
, I-Cause
such I-Cause
as I-Cause
Banquet I-Cause
, I-Cause
Marie I-Cause
Callender I-Cause
's I-Cause
, I-Cause
Duncan I-Cause
Hines I-Cause
, I-Cause
and I-Cause
Chef I-Cause
Boyardee I-Cause
, I-Cause
focus I-Cause
on I-Cause
convenience I-Cause
, I-Cause
not I-Cause
health I-Cause
, O
and O
therefore O
have B-Effect
limited I-Effect
capacity I-Effect
to I-Effect
evolve I-Effect
. O

We O
currently O
forecast O
operating B-Effect
margins I-Effect
in I-Effect
the I-Effect
segment I-Effect
at I-Effect
a I-Effect
high I-Effect
teens I-Effect
rate I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
, O
as O
a B-Cause
rise I-Cause
in I-Cause
e-commerce I-Cause
mix I-Cause
pressures I-Cause
profitability I-Cause
, O
but O
this O
metric O
still O
marks O
a O
best-in-class O
mall O
retailer O
from O
a O
profitability O
perspective O
. O

Still O
, O
Capital B-Cause
One I-Cause
is I-Cause
large I-Cause
relative I-Cause
to I-Cause
other I-Cause
non-GSIB I-Cause
firms I-Cause
, O
placing B-Effect
it I-Effect
in I-Effect
a I-Effect
strong I-Effect
position I-Effect
from I-Effect
a I-Effect
relative I-Effect
regulatory I-Effect
cost I-Effect
perspective I-Effect
. I-Effect

And O
we O
expect O
processing B-Effect
needs I-Effect
to I-Effect
continue I-Effect
accelerating I-Effect
as O
airlines B-Cause
push I-Cause
customized I-Cause
offerings I-Cause
, O
especially O
as O
Sabre B-Cause
's I-Cause
platform I-Cause
conforms I-Cause
to I-Cause
the I-Cause
industry I-Cause
's I-Cause
new I-Cause
distribution I-Cause
capability I-Cause
, I-Cause
which I-Cause
strives I-Cause
to I-Cause
make I-Cause
it I-Cause
easier I-Cause
to I-Cause
display I-Cause
carriers I-Cause
' I-Cause
customized I-Cause
content I-Cause
on I-Cause
global I-Cause
distribution I-Cause
systems I-Cause
, O
supporting O
Sabre B-Effect
's I-Effect
long-term I-Effect
competitive I-Effect
positioning I-Effect
. O

The B-Cause
pandemic I-Cause
caused O
a B-Effect
roadbump I-Effect
in I-Effect
Unilever I-Effect
's I-Effect
path I-Effect
to I-Effect
a I-Effect
20 I-Effect
% I-Effect
EBIT I-Effect
margin I-Effect
in I-Effect
2020 I-Effect
, O
but O
we O
expect O
the O
firm O
to O
be O
a O
whisker O
away O
this O
year O
. O

Laredo B-Cause
's I-Cause
legacy I-Cause
assets I-Cause
are I-Cause
primarily I-Cause
located I-Cause
in I-Cause
the I-Cause
eastern I-Cause
fringe I-Cause
of I-Cause
the I-Cause
Midland I-Cause
Basin I-Cause
, O
which O
puts B-Effect
it I-Effect
at I-Effect
a I-Effect
relative I-Effect
disadvantage I-Effect
. O

While B-Effect
the I-Effect
price I-Effect
of I-Effect
Novo I-Effect
's I-Effect
oral I-Effect
GLP-1 I-Effect
Rybelsus I-Effect
is I-Effect
similar I-Effect
to I-Effect
injectable I-Effect
GLP-1 I-Effect
therapies I-Effect
on I-Effect
a I-Effect
list I-Effect
basis I-Effect
, I-Effect
we I-Effect
think I-Effect
net I-Effect
pricing I-Effect
is I-Effect
likely I-Effect
to I-Effect
move I-Effect
lower I-Effect
, O
as O
significant B-Cause
pricing I-Cause
pressure I-Cause
and I-Cause
competition I-Cause
has I-Cause
kept I-Cause
pricing I-Cause
for I-Cause
other I-Cause
oral I-Cause
therapies I-Cause
at I-Cause
around I-Cause
$ I-Cause
2,000 I-Cause
per I-Cause
year I-Cause
. O

We O
assume O
that B-Effect
the I-Effect
company I-Effect
's I-Effect
higher I-Effect
capital I-Effect
expenditures I-Effect
from I-Effect
2013 I-Effect
through I-Effect
2017 I-Effect
will O
provide B-Cause
the I-Cause
property I-Cause
plant I-Cause
and I-Cause
equipment I-Cause
necessary I-Cause
for I-Cause
most I-Cause
manufacturing I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
. O

Operating B-Cause
margins I-Cause
, I-Cause
excluding I-Cause
purchase I-Cause
amortization I-Cause
expenses I-Cause
and I-Cause
one-time I-Cause
charges I-Cause
, I-Cause
have I-Cause
been I-Cause
lower I-Cause
than I-Cause
on I-Cause
the I-Cause
brokerage I-Cause
side I-Cause
historically I-Cause
, O
suggesting O
this B-Effect
side I-Effect
of I-Effect
the I-Effect
business I-Effect
is I-Effect
not I-Effect
as I-Effect
advantaged I-Effect
as I-Effect
brokerage I-Effect
operations I-Effect
but I-Effect
still I-Effect
benefits I-Effect
from I-Effect
relatively I-Effect
sticky I-Effect
customer I-Effect
relationships I-Effect
. O

Paycom B-Cause
has I-Cause
made I-Cause
a I-Cause
high I-Cause
degree I-Cause
of I-Cause
investment I-Cause
into I-Cause
its I-Cause
platform I-Cause
to B-Effect
address I-Effect
a I-Effect
wider I-Effect
range I-Effect
of I-Effect
payroll I-Effect
and I-Effect
HCM I-Effect
needs I-Effect
, O
most O
recently O
introducing O
its O
self-service O
payroll O
offering O
, O
BETI O
. O

Given O
the B-Cause
SMB I-Cause
customer I-Cause
base I-Cause
and I-Cause
the I-Cause
fact I-Cause
that I-Cause
the I-Cause
firm I-Cause
directly I-Cause
benefits I-Cause
from I-Cause
e-commerce I-Cause
sales I-Cause
on I-Cause
its I-Cause
platform I-Cause
, O
we O
believe O
Shopify B-Effect
is I-Effect
more I-Effect
susceptible I-Effect
to I-Effect
a I-Effect
recession I-Effect
than I-Effect
more I-Effect
enterprise-focused I-Effect
peers I-Effect
in I-Effect
two I-Effect
ways I-Effect
. O

With O
brand B-Cause
integrity I-Cause
harder I-Cause
to I-Cause
maintain I-Cause
in I-Cause
these I-Cause
markets I-Cause
, I-Cause
and I-Cause
the I-Cause
costs I-Cause
associated I-Cause
with I-Cause
doing I-Cause
so I-Cause
, O
we O
have O
less B-Effect
confidence I-Effect
in I-Effect
the I-Effect
durability I-Effect
of I-Effect
excess I-Effect
returns I-Effect
. O

We O
also O
project O
that O
artists B-Cause
will I-Cause
remain I-Cause
dependent I-Cause
on I-Cause
tours I-Cause
and I-Cause
associated I-Cause
revenue I-Cause
streams I-Cause
to O
replace B-Effect
the I-Effect
lost I-Effect
revenue I-Effect
from I-Effect
the I-Effect
decline I-Effect
in I-Effect
digital I-Effect
downloads I-Effect
and I-Effect
the I-Effect
shift I-Effect
toward I-Effect
streaming I-Effect
music I-Effect
. O

Grainger O
continues O
to O
expand O
its O
endless O
assortment O
strategy O
, O
but O
we B-Effect
're I-Effect
skeptical I-Effect
of I-Effect
management I-Effect
's I-Effect
long-term I-Effect
profit I-Effect
margin I-Effect
goals I-Effect
for I-Effect
this I-Effect
business I-Effect
, O
given O
strong B-Cause
competition I-Cause
in I-Cause
the I-Cause
space I-Cause
from I-Cause
the I-Cause
likes I-Cause
of I-Cause
Amazon I-Cause
Business I-Cause
and I-Cause
others I-Cause
. O

An B-Cause
expected I-Cause
rise I-Cause
in I-Cause
interest I-Cause
rates I-Cause
could O
hamper O
industry B-Effect
revenue I-Effect
growth I-Effect
, O
but O
we O
do O
n't O
see O
this O
as O
a O
near-term O
risk O
. O

However O
, O
we O
do O
not O
anticipate O
Nordstrom B-Effect
to I-Effect
return I-Effect
to I-Effect
2019 I-Effect
's I-Effect
5 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
for I-Effect
a I-Effect
full I-Effect
year I-Effect
until I-Effect
2023 I-Effect
as O
it B-Cause
works I-Cause
through I-Cause
the I-Cause
virus-related I-Cause
disruption I-Cause
and I-Cause
implements I-Cause
its I-Cause
'Closer I-Cause
to I-Cause
You I-Cause
' I-Cause
plan I-Cause
. O

Although O
state B-Cause
consumer I-Cause
protection I-Cause
advocates I-Cause
are I-Cause
common I-Cause
across I-Cause
the I-Cause
country I-Cause
, I-Cause
we I-Cause
expect I-Cause
New I-Cause
York I-Cause
to I-Cause
be I-Cause
more I-Cause
aggressive I-Cause
than I-Cause
average I-Cause
in I-Cause
pursuing I-Cause
ratepayer I-Cause
protection. O
This O
could O
negatively B-Effect
impact I-Effect
what I-Effect
we I-Effect
believe I-Effect
in I-Effect
the I-Effect
past I-Effect
has I-Effect
been I-Effect
a I-Effect
better I-Effect
than I-Effect
average I-Effect
regulatory I-Effect
framework I-Effect
even I-Effect
though I-Effect
allowed I-Effect
ROEs I-Effect
have I-Effect
typically I-Effect
been I-Effect
lower I-Effect
than I-Effect
industry I-Effect
average I-Effect
. O

We O
expect O
Mosaic B-Effect
to I-Effect
see I-Effect
lower I-Effect
potash I-Effect
production I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
as O
the B-Cause
company I-Cause
transitions I-Cause
its I-Cause
Esterhazy I-Cause
potash I-Cause
operation I-Cause
fully I-Cause
to I-Cause
the I-Cause
K3 I-Cause
mine I-Cause
from I-Cause
K1 I-Cause
and I-Cause
K2 I-Cause
. O

When O
Anheuser-Busch B-Effect
InBev I-Effect
, I-Effect
already I-Effect
the I-Effect
largest I-Effect
global I-Effect
brewer I-Effect
, O
acquired B-Cause
the I-Cause
second-largest I-Cause
player I-Cause
SABMiller I-Cause
in I-Cause
October I-Cause
2016 I-Cause
, O
it O
irreversibly O
beat O
Heineken O
to O
the O
industry O
cost O
leadership O
position O
. O

In O
Asia O
, O
where O
Ralph O
Lauren O
trails O
some O
competitors O
, O
we O
expect O
9 B-Effect
% I-Effect
compound I-Effect
average I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
stores B-Cause
open I-Cause
and I-Cause
e-commerce I-Cause
expands I-Cause
in I-Cause
mainland I-Cause
China I-Cause
. O

We O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
340 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
300 I-Effect
, O
as O
we B-Cause
incorporate I-Cause
a I-Cause
stronger I-Cause
near-term I-Cause
outlook I-Cause
for I-Cause
the I-Cause
firm I-Cause
's I-Cause
gaming I-Cause
segment I-Cause
and I-Cause
50 I-Cause
% I-Cause
probability I-Cause
that I-Cause
Nvidia I-Cause
closes I-Cause
its I-Cause
acquisition I-Cause
of I-Cause
ARM I-Cause
. O

If B-Effect
efficacy I-Effect
is I-Effect
similar I-Effect
, I-Effect
a I-Effect
multicancer I-Effect
test I-Effect
would I-Effect
be I-Effect
preferable I-Effect
to I-Effect
single I-Effect
cancer I-Effect
, O
particularly O
since O
both B-Cause
types I-Cause
of I-Cause
tests I-Cause
will I-Cause
likely I-Cause
be I-Cause
similarly I-Cause
priced I-Cause
. O

Both B-Effect
firms I-Effect
are I-Effect
able I-Effect
to I-Effect
earn I-Effect
economic I-Effect
profits I-Effect
when O
demand B-Cause
is I-Cause
strong I-Cause
and I-Cause
supply I-Cause
is I-Cause
tight I-Cause
, O
but O
any B-Cause
glut I-Cause
of I-Cause
supply I-Cause
can O
cause O
prices B-Effect
to I-Effect
sink I-Effect
, I-Effect
bringing I-Effect
economic I-Effect
profits I-Effect
with O
them O
. O

Crown O
acknowledges O
that O
for O
small O
cells O
to O
be O
attractive O
, O
they O
need O
multiple O
tenants O
co-locating O
on O
fiber O
runs O
, O
so O
with O
more B-Cause
competition I-Cause
and I-Cause
less I-Cause
customer I-Cause
opportunity I-Cause
, O
we O
think O
earning B-Effect
excess I-Effect
returns I-Effect
on I-Effect
fiber I-Effect
will I-Effect
be I-Effect
difficult I-Effect
. O

Despite O
some O
recent O
regulatory O
challenges O
, O
we O
expect O
Televisa B-Effect
to I-Effect
maintain I-Effect
its I-Effect
dominant I-Effect
position I-Effect
in I-Effect
Mexico I-Effect
due O
to O
its B-Cause
huge I-Cause
content I-Cause
production I-Cause
advantage I-Cause
and I-Cause
control I-Cause
of I-Cause
distribution I-Cause
networks I-Cause
. O

We O
also O
consider O
Splunk B-Effect
as I-Effect
a I-Effect
leader I-Effect
in I-Effect
the I-Effect
IT I-Effect
Operations I-Effect
Management I-Effect
and I-Effect
security I-Effect
space I-Effect
, O
as O
few B-Cause
firms I-Cause
can I-Cause
address I-Cause
a I-Cause
similar I-Cause
breadth I-Cause
of I-Cause
data I-Cause
use I-Cause
cases I-Cause
. O

Our O
long-term O
growth O
assumption O
for O
airfreight O
industry O
demand O
falls O
below O
the O
historical O
high-single-digit O
rate O
, O
which O
enjoyed O
a B-Effect
boost I-Effect
from O
the B-Cause
expansion I-Cause
of I-Cause
foreign I-Cause
production I-Cause
sourcing I-Cause
( I-Cause
west I-Cause
to I-Cause
east I-Cause
) I-Cause
in I-Cause
decades I-Cause
past I-Cause
. O

Downstream B-Effect
earnings I-Effect
growth I-Effect
will I-Effect
largely I-Effect
come I-Effect
from I-Effect
new I-Effect
chemical I-Effect
projects I-Effect
, O
as O
we O
expect O
refining B-Cause
to I-Cause
remain I-Cause
challenged I-Cause
, I-Cause
given I-Cause
the I-Cause
greater I-Cause
exposure I-Cause
to I-Cause
Europe I-Cause
. I-Cause

Years O
of O
government O
efforts O
have O
done O
little O
to O
stem O
illegal O
cannabis O
, O
but O
a B-Cause
change I-Cause
to I-Cause
the I-Cause
ease I-Cause
of I-Cause
accessing I-Cause
black I-Cause
market I-Cause
supply I-Cause
could O
have O
a B-Effect
significant I-Effect
impact I-Effect
on I-Effect
the I-Effect
pricing I-Effect
power I-Effect
and I-Effect
thus I-Effect
the I-Effect
profitability I-Effect
of I-Effect
legal I-Effect
cannabis I-Effect
companies I-Effect
. O

Finally O
, O
the O
increasingly O
viral O
nature O
of O
the O
media O
, O
along B-Cause
with I-Cause
the I-Cause
democratization I-Cause
of I-Cause
information I-Cause
and O
amplification O
of O
opinions O
that O
this O
begets O
, O
create B-Effect
a I-Effect
secular I-Effect
risk I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
potential I-Effect
brand I-Effect
harm I-Effect
, O
in O
our O
view O
. O

We O
expect O
aggregates B-Effect
shipment I-Effect
volume I-Effect
to I-Effect
increase I-Effect
to I-Effect
roughly I-Effect
250 I-Effect
million I-Effect
tons I-Effect
within I-Effect
the I-Effect
five-year I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
of I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
model I-Effect
, O
driven B-Cause
by I-Cause
economic I-Cause
recovery I-Cause
, I-Cause
pent-up I-Cause
construction I-Cause
demand I-Cause
, I-Cause
and I-Cause
acquisitions I-Cause
. O

Additionally O
, O
the O
time O
it O
would O
take O
to O
retrain O
an O
engineering O
team O
on O
an O
alternative O
software O
would O
be O
lengthy O
-- O
we O
imagine O
at B-Cause
least I-Cause
six I-Cause
months I-Cause
for I-Cause
basic I-Cause
proficiency I-Cause
-- O
which O
leaves B-Effect
clients I-Effect
' I-Effect
products I-Effect
in I-Effect
development I-Effect
more I-Effect
susceptible I-Effect
to I-Effect
failures I-Effect
. O

We B-Cause
would I-Cause
revisit I-Cause
our I-Cause
assessment I-Cause
if I-Cause
Schnitzer I-Cause
's I-Cause
three I-Cause
business I-Cause
segments I-Cause
were I-Cause
to I-Cause
generate I-Cause
synergies I-Cause
in I-Cause
excess I-Cause
of I-Cause
our I-Cause
expectations I-Cause
as I-Cause
they I-Cause
expand I-Cause
, O
thereby B-Effect
potentially I-Effect
allowing I-Effect
the I-Effect
company I-Effect
to I-Effect
generate I-Effect
materially I-Effect
higher I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

If O
cannabis B-Cause
is I-Cause
legalized I-Cause
on I-Cause
a I-Cause
federal I-Cause
level I-Cause
, O
Hawthorne B-Effect
may I-Effect
also I-Effect
face I-Effect
increased I-Effect
competition I-Effect
from I-Effect
traditional I-Effect
agricultural I-Effect
input I-Effect
producers I-Effect
and I-Effect
retailers I-Effect
that I-Effect
may I-Effect
begin I-Effect
serving I-Effect
larger I-Effect
cannabis I-Effect
growers I-Effect
. O

In O
the O
Northeast O
, O
we O
forecast O
most B-Effect
of I-Effect
the I-Effect
growth I-Effect
coming I-Effect
from I-Effect
price I-Effect
inflation I-Effect
, I-Effect
offsetting I-Effect
a I-Effect
marketwide I-Effect
negative I-Effect
volume I-Effect
growth I-Effect
in I-Effect
the I-Effect
region I-Effect
due O
to O
stagnant B-Cause
population I-Cause
growth I-Cause
and I-Cause
sales I-Cause
cannibalisation I-Cause
by I-Cause
the I-Cause
online I-Cause
channel I-Cause
among I-Cause
others I-Cause
. O

We O
believe O
that O
structural B-Cause
barriers I-Cause
to I-Cause
entry I-Cause
in I-Cause
the I-Cause
aircraft I-Cause
manufacturing I-Cause
market I-Cause
and I-Cause
the I-Cause
substantial I-Cause
expense I-Cause
and I-Cause
difficulty I-Cause
required I-Cause
for I-Cause
customers I-Cause
to I-Cause
switch I-Cause
suppliers I-Cause
provide O
incumbents B-Cause
with I-Cause
intangible I-Cause
assets I-Cause
and I-Cause
switching I-Cause
costs I-Cause
that O
solidify B-Effect
their I-Effect
place I-Effect
at I-Effect
the I-Effect
top I-Effect
of I-Effect
the I-Effect
commercial I-Effect
aerospace I-Effect
value I-Effect
chain I-Effect
. O

These B-Cause
factors I-Cause
, I-Cause
combined I-Cause
with I-Cause
more I-Cause
disciplined I-Cause
marketing I-Cause
and I-Cause
fewer I-Cause
one-time I-Cause
charges I-Cause
, O
should O
also O
allow O
operating B-Effect
margins I-Effect
to I-Effect
widen I-Effect
from O
27.1 O
% O
in O
2019 O
to O
almost O
33 O
% O
in O
2024 O
. O

Tax B-Effect
benefits I-Effect
have I-Effect
boosted I-Effect
returns I-Effect
following O
the B-Cause
consolidation I-Cause
of I-Cause
its I-Cause
former I-Cause
master I-Cause
limited I-Cause
partnerships I-Cause
, I-Cause
Kinder I-Cause
Morgan I-Cause
Energy I-Cause
Partners I-Cause
and I-Cause
El I-Cause
Paso I-Cause
Energy I-Cause
Partners I-Cause
. O

We O
generally O
expect O
Vodafone B-Effect
will I-Effect
generate I-Effect
very I-Effect
modest I-Effect
growth I-Effect
given O
the B-Cause
maturity I-Cause
of I-Cause
most I-Cause
of I-Cause
the I-Cause
markets I-Cause
it I-Cause
serves I-Cause
. O

Even O
so O
, O
we B-Effect
calculate I-Effect
that I-Effect
EV I-Effect
adoption I-Effect
would I-Effect
only I-Effect
eviscerate I-Effect
about I-Effect
1 I-Effect
% I-Effect
of I-Effect
ITT I-Effect
's I-Effect
sales I-Effect
mix I-Effect
by I-Effect
2028 I-Effect
( I-Effect
just I-Effect
under I-Effect
$ I-Effect
50 I-Effect
million I-Effect
) I-Effect
, O
given O
ITT B-Cause
's I-Cause
current I-Cause
sizable I-Cause
installed I-Cause
base I-Cause
( I-Cause
about I-Cause
15 I-Cause
% I-Cause
market I-Cause
share I-Cause
in I-Cause
North I-Cause
America I-Cause
) I-Cause
. O

Food O
safety O
concerns O
also O
linger O
, O
with O
a B-Cause
footprint I-Cause
of I-Cause
nearly I-Cause
40,000 I-Cause
stores I-Cause
and I-Cause
operations I-Cause
in I-Cause
119 I-Cause
countries I-Cause
resulting O
in O
a B-Effect
patchwork I-Effect
coterie I-Effect
of I-Effect
suppliers I-Effect
, I-Effect
rendering I-Effect
monitoring I-Effect
difficult I-Effect
. O

We O
are O
optimistic O
that O
management B-Effect
can I-Effect
realize I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
over I-Effect
our I-Effect
forecast I-Effect
due O
to O
ongoing B-Cause
cost I-Cause
reductions I-Cause
and I-Cause
improved I-Cause
product I-Cause
mix I-Cause
. O

We O
think O
the B-Cause
firm I-Cause
's I-Cause
managed I-Cause
services I-Cause
contracts I-Cause
have O
introduced O
more O
stability O
than O
we O
had O
initially O
modeled O
and O
these O
contracts O
will O
allow O
AMN B-Effect
to I-Effect
better I-Effect
mitigate I-Effect
losses I-Effect
during I-Effect
a I-Effect
downturn I-Effect
. O

In O
recent O
years O
, O
RH B-Cause
has I-Cause
made I-Cause
operational I-Cause
and I-Cause
supply I-Cause
chain I-Cause
changes I-Cause
to O
improve B-Effect
its I-Effect
operating I-Effect
costs I-Effect
, O
including O
closing B-Cause
excess I-Cause
distribution I-Cause
center I-Cause
square I-Cause
footage I-Cause
and I-Cause
rightsizing I-Cause
the I-Cause
inventory I-Cause
base I-Cause
. O

One B-Cause
approach I-Cause
is I-Cause
a I-Cause
personalized I-Cause
cancer I-Cause
vaccine I-Cause
that I-Cause
treats I-Cause
cancer I-Cause
by I-Cause
administering I-Cause
mRNA I-Cause
coding I-Cause
for I-Cause
multiple I-Cause
tumor I-Cause
neoantigens I-Cause
that O
T-cells B-Effect
can I-Effect
recognize I-Effect
, I-Effect
allowing I-Effect
a I-Effect
patient I-Effect
's I-Effect
immune I-Effect
system I-Effect
to I-Effect
recognize I-Effect
tumors I-Effect
more I-Effect
easily I-Effect
. O

Railroads O
occasionally O
build O
new O
spurs O
and O
restore O
abandoned O
lines O
, O
but O
we O
anticipate O
no B-Effect
new I-Effect
mainlines I-Effect
will I-Effect
be I-Effect
built I-Effect
, O
given O
massive B-Cause
entry I-Cause
barriers I-Cause
. O

Additionally O
, O
because O
natural O
gas O
steam O
used O
in O
the O
DRI O
production O
process O
contains O
fewer O
impurities O
than O
coal O
steam O
, O
Nucor B-Cause
can I-Cause
produce I-Cause
stronger I-Cause
and I-Cause
higher-quality I-Cause
steel I-Cause
than I-Cause
its I-Cause
peers I-Cause
that I-Cause
use I-Cause
pig I-Cause
iron. O
As O
a O
result O
, O
Nucor B-Effect
is I-Effect
able I-Effect
to I-Effect
manufacture I-Effect
a I-Effect
wide I-Effect
variety I-Effect
of I-Effect
steel I-Effect
products I-Effect
while I-Effect
other I-Effect
minimill I-Effect
producers I-Effect
typically I-Effect
offer I-Effect
a I-Effect
more I-Effect
limited I-Effect
product I-Effect
portfolio I-Effect
that I-Effect
is I-Effect
predominantly I-Effect
leveraged I-Effect
toward I-Effect
weaker I-Effect
, I-Effect
long-rolled I-Effect
steel I-Effect
products I-Effect
. O

Further O
, O
Ecolab B-Cause
uses I-Cause
a I-Cause
direct I-Cause
selling I-Cause
model I-Cause
with I-Cause
a I-Cause
salesforce I-Cause
that I-Cause
is I-Cause
segmented I-Cause
by I-Cause
specific I-Cause
customer I-Cause
industry I-Cause
and I-Cause
focuses I-Cause
on I-Cause
cross-selling I-Cause
products I-Cause
, O
which O
also O
contributes O
to O
switching B-Effect
costs I-Effect
. O

We O
think O
operating B-Effect
margins I-Effect
will I-Effect
expand I-Effect
in I-Effect
line I-Effect
with I-Effect
gross I-Effect
margins I-Effect
but O
that O
operating B-Cause
expenses I-Cause
will I-Cause
remain I-Cause
elevated I-Cause
through I-Cause
2025 I-Cause
. O

While O
the O
addition O
of O
Fox O
Searchlight O
should O
help O
Disney O
garner O
more O
Oscar O
nominations O
, O
the B-Effect
film I-Effect
side I-Effect
of I-Effect
the I-Effect
firm I-Effect
is I-Effect
already I-Effect
running I-Effect
full I-Effect
bore I-Effect
, O
as O
Disney B-Cause
was I-Cause
the I-Cause
top-grossing I-Cause
studio I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. O

Western O
Digital O
has O
attempted O
to O
offset B-Effect
declines I-Effect
in I-Effect
the I-Effect
legacy I-Effect
HDD I-Effect
market I-Effect
by O
spending B-Cause
considerably I-Cause
on I-Cause
new I-Cause
HDD I-Cause
technologies I-Cause
( I-Cause
helium I-Cause
drives I-Cause
and I-Cause
heat-assisted I-Cause
magnetic I-Cause
recording I-Cause
, I-Cause
or I-Cause
HAMR I-Cause
, I-Cause
for I-Cause
example I-Cause
) I-Cause
in I-Cause
addition I-Cause
to I-Cause
purchasing I-Cause
captive I-Cause
flash I-Cause
supplier I-Cause
SanDisk I-Cause
in I-Cause
2016 I-Cause
. I-Cause

We B-Effect
expect I-Effect
Macy I-Effect
's I-Effect
sales I-Effect
and I-Effect
earnings I-Effect
to I-Effect
bounce I-Effect
back I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
firm I-Cause
makes I-Cause
up I-Cause
some I-Cause
of I-Cause
the I-Cause
sales I-Cause
lost I-Cause
in I-Cause
2020 I-Cause
, O
but O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
it I-Effect
will I-Effect
return I-Effect
to I-Effect
prior I-Effect
sales I-Effect
levels I-Effect
, O
in B-Cause
part I-Cause
because I-Cause
of I-Cause
expected I-Cause
permanent I-Cause
store I-Cause
closures I-Cause
. O

While O
Travelers B-Effect
is I-Effect
a I-Effect
large I-Effect
player I-Effect
in I-Effect
these I-Effect
lines I-Effect
, O
we O
think O
its B-Cause
use I-Cause
of I-Cause
independent I-Cause
agents I-Cause
makes I-Cause
moot I-Cause
any I-Cause
material I-Cause
scale I-Cause
advantages I-Cause
. O

After O
updating O
our O
model O
for O
Plains O
' O
fourth-quarter O
results O
and O
rollng O
our O
model O
, O
we B-Effect
are I-Effect
reducing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
13 I-Effect
per I-Effect
unit I-Effect
from I-Effect
$ I-Effect
15 I-Effect
as O
we B-Cause
incorporate I-Cause
a I-Cause
lower-for-longer I-Cause
Permian I-Cause
recovery I-Cause
. O

Growth B-Effect
over I-Effect
the I-Effect
next I-Effect
couple I-Effect
years I-Effect
will O
also O
suffer O
as O
fixed-line B-Cause
phone I-Cause
revenues I-Cause
continue I-Cause
to I-Cause
decline I-Cause
sharply I-Cause
and I-Cause
the I-Cause
benefits I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
FTTH I-Cause
network I-Cause
efforts I-Cause
gain I-Cause
momentum I-Cause
. O

While O
we O
expect O
Target B-Cause
to I-Cause
consider I-Cause
bolt-on I-Cause
acquisitions I-Cause
to O
bolster B-Effect
its I-Effect
omnichannel I-Effect
presence I-Effect
or I-Effect
its I-Effect
own-brand I-Effect
stable I-Effect
, O
we O
do O
not O
include O
such O
transactions O
in O
our O
forecast O
. O

With O
a B-Cause
persistent I-Cause
deficit I-Cause
, I-Cause
lower I-Cause
anticipated I-Cause
tax I-Cause
receipts I-Cause
, I-Cause
and I-Cause
a I-Cause
stimulus I-Cause
program I-Cause
that I-Cause
amounts I-Cause
to I-Cause
15 I-Cause
% I-Cause
-20 I-Cause
% I-Cause
of I-Cause
2019 I-Cause
GDP I-Cause
to I-Cause
deal I-Cause
with I-Cause
the I-Cause
fallout I-Cause
from I-Cause
COVID-19 I-Cause
, O
the B-Effect
safety I-Effect
of I-Effect
government-issued I-Effect
securities I-Effect
is O
far O
from O
guaranteed O
. O

Lennar B-Cause
controls I-Cause
an I-Cause
ample I-Cause
land I-Cause
supply I-Cause
, O
which O
affords O
the O
company O
the O
ability O
to O
meet B-Effect
future I-Effect
demand I-Effect
while I-Effect
focusing I-Effect
on I-Effect
improving I-Effect
cash I-Effect
flows I-Effect
and I-Effect
maintaining I-Effect
a I-Effect
strong I-Effect
balance I-Effect
sheet I-Effect
. O

The B-Effect
specialty I-Effect
products I-Effect
segment I-Effect
commands I-Effect
higher I-Effect
profit I-Effect
margins I-Effect
than I-Effect
any I-Effect
other I-Effect
segment I-Effect
, O
thanks O
to O
strong B-Cause
pricing I-Cause
power I-Cause
across I-Cause
certain I-Cause
product I-Cause
lines I-Cause
that O
enjoy O
only O
limited O
competition O
due O
to O
high O
regulatory O
oversight O
. O

Snap-on B-Cause
's I-Cause
software I-Cause
solutions I-Cause
provide I-Cause
customers I-Cause
the I-Cause
ability I-Cause
to I-Cause
organize I-Cause
and I-Cause
track I-Cause
tools I-Cause
at I-Cause
the I-Cause
work I-Cause
site. O
This O
helps O
repair B-Effect
departments I-Effect
prevent I-Effect
tools I-Effect
from I-Effect
being I-Effect
lost I-Effect
and I-Effect
can I-Effect
keep I-Effect
an I-Effect
online I-Effect
inventory I-Effect
of I-Effect
where I-Effect
tools I-Effect
are I-Effect
at I-Effect
any I-Effect
given I-Effect
moment I-Effect
. O

Sandvik B-Cause
's I-Cause
strong I-Cause
market I-Cause
position I-Cause
across I-Cause
both I-Cause
its I-Cause
machining I-Cause
and I-Cause
mining I-Cause
segments I-Cause
allows O
the B-Effect
company I-Effect
to I-Effect
utilize I-Effect
its I-Effect
existing I-Effect
close I-Effect
relationships I-Effect
with I-Effect
customers I-Effect
to I-Effect
gain I-Effect
a I-Effect
greater I-Effect
share I-Effect
of I-Effect
wallet I-Effect
. O

In O
wireless O
, O
we O
think O
approval O
of O
the O
Rogers-Shaw O
merger O
would O
be O
good O
for O
BCE O
, O
but O
if O
regulators B-Cause
reject I-Cause
the I-Cause
deal I-Cause
, O
the B-Cause
biggest I-Cause
risk I-Cause
is I-Cause
that I-Cause
Shaw I-Cause
severely I-Cause
undercuts I-Cause
competitors I-Cause
on I-Cause
price I-Cause
and O
hurts B-Effect
profits I-Effect
for I-Effect
all I-Effect
the I-Effect
major I-Effect
Canadian I-Effect
carriers I-Effect
, I-Effect
including I-Effect
BCE I-Effect
. O

However O
, O
we O
believe O
SBA B-Effect
's I-Effect
international I-Effect
presence I-Effect
being I-Effect
concentrated I-Effect
in I-Effect
Brazil I-Effect
brings I-Effect
extra I-Effect
risk I-Effect
because O
of O
its B-Cause
reliance I-Cause
on I-Cause
one I-Cause
international I-Cause
sovereignty I-Cause
. O

Going O
forward O
, O
we O
expect O
Amphenol B-Cause
to I-Cause
maintain I-Cause
its I-Cause
diversified I-Cause
end I-Cause
market I-Cause
structure I-Cause
and I-Cause
expand B-Effect
its I-Effect
technological I-Effect
and I-Effect
geographic I-Effect
breadth I-Effect
through O
mergers B-Cause
and I-Cause
acquisitions I-Cause
, O
which O
have O
funded B-Effect
about I-Effect
one I-Effect
third I-Effect
of I-Effect
historical I-Effect
top-line I-Effect
growth I-Effect
for I-Effect
the I-Effect
firm I-Effect
. O

We O
believe O
the B-Cause
concept I-Cause
has I-Cause
room I-Cause
to I-Cause
grow I-Cause
( O
with O
square O
footage O
rising O
by O
a O
low- O
to O
mid-single-digit O
percentage O
long O
term O
) O
, O
expanding B-Effect
in I-Effect
new I-Effect
markets I-Effect
while I-Effect
also I-Effect
increasing I-Effect
density I-Effect
. O

Because O
these B-Cause
boutique I-Cause
hotels I-Cause
are I-Cause
too I-Cause
small I-Cause
to I-Cause
effectively I-Cause
market I-Cause
, O
their B-Effect
dependency I-Effect
on I-Effect
the I-Effect
OTAs I-Effect
for I-Effect
marketing I-Effect
and I-Effect
distribution I-Effect
is I-Effect
greater I-Effect
and I-Effect
stickier I-Effect
. O

Margin B-Effect
expansion I-Effect
has I-Effect
become I-Effect
particularly I-Effect
pronounced I-Effect
since O
2000 O
as O
PCA O
, O
WestRock O
, O
and O
International B-Cause
Paper I-Cause
have I-Cause
driven I-Cause
continuous I-Cause
consolidation I-Cause
within I-Cause
the I-Cause
containerboard I-Cause
space I-Cause
. O

Incremental B-Effect
expansion I-Effect
of I-Effect
existing I-Effect
operations I-Effect
to I-Effect
drive I-Effect
capital I-Effect
and I-Effect
operating I-Effect
cost I-Effect
efficiency I-Effect
is I-Effect
a I-Effect
focus I-Effect
, O
along O
with O
innovation B-Cause
and I-Cause
the I-Cause
application I-Cause
of I-Cause
new I-Cause
technology I-Cause
. O

Meanwhile O
, O
the B-Cause
slowdown I-Cause
of I-Cause
Moore I-Cause
's I-Cause
law I-Cause
could O
also O
lead O
to O
chipmakers B-Cause
focusing I-Cause
only I-Cause
on I-Cause
new I-Cause
architectures I-Cause
in I-Cause
lieu I-Cause
of I-Cause
shrinking I-Cause
feature I-Cause
size I-Cause
, O
which O
could O
lessen O
the B-Effect
capital I-Effect
intensity I-Effect
for I-Effect
lithography I-Effect
tools I-Effect
. O

Some B-Cause
of I-Cause
its I-Cause
products I-Cause
are I-Cause
protected I-Cause
by I-Cause
patents I-Cause
, O
ensuring O
exclusivity O
of O
those O
unique O
therapies O
during O
a O
long O
period O
of O
time O
, O
which O
can O
help B-Effect
generate I-Effect
economic I-Effect
profits I-Effect
. O

Combined O
the O
two O
projects O
added B-Cause
about I-Cause
400 I-Cause
mboe/d I-Cause
of I-Cause
production I-Cause
capacity I-Cause
with O
high B-Effect
margins I-Effect
thanks O
to O
contractually B-Cause
set I-Cause
, O
liquids-based B-Cause
pricing I-Cause
. O

Several B-Cause
ESG-related I-Cause
risks I-Cause
include I-Cause
implementation I-Cause
of I-Cause
a I-Cause
carbon I-Cause
tax I-Cause
or I-Cause
other I-Cause
climate I-Cause
change I-Cause
policies I-Cause
that O
could O
result O
in O
higher B-Effect
costs I-Effect
or I-Effect
reduced I-Effect
demand I-Effect
. O

As O
a B-Cause
greater I-Cause
proportion I-Cause
of I-Cause
businesses I-Cause
invest I-Cause
in I-Cause
CCaaS I-Cause
technology I-Cause
, O
Nice B-Effect
should I-Effect
see I-Effect
an I-Effect
expansion I-Effect
in I-Effect
the I-Effect
number I-Effect
of I-Effect
customers I-Effect
on I-Effect
its I-Effect
platform I-Effect
given O
its O
leadership O
position O
in O
the O
space O
. O

In O
the O
event O
of O
a O
power O
loss O
, O
these O
emergency O
lighting O
solutions O
must O
be O
able O
to O
automatically B-Effect
override I-Effect
any I-Effect
control I-Effect
setting I-Effect
and I-Effect
establish I-Effect
the I-Effect
appropriate I-Effect
illumination I-Effect
level I-Effect
in I-Effect
the I-Effect
event I-Effect
of I-Effect
a I-Effect
power I-Effect
failure. O
This O
requires O
that O
the B-Cause
entire I-Cause
lighting I-Cause
system I-Cause
and I-Cause
related I-Cause
equipment I-Cause
be I-Cause
tested I-Cause
to I-Cause
comply I-Cause
with I-Cause
code I-Cause
, I-Cause
including I-Cause
switches I-Cause
, I-Cause
dimmer I-Cause
, I-Cause
sensors I-Cause
, I-Cause
and I-Cause
energy I-Cause
management I-Cause
and I-Cause
bypass I-Cause
equipment I-Cause
. O

We O
believe O
that O
by O
creating B-Cause
and I-Cause
acquiring I-Cause
various I-Cause
online I-Cause
dating I-Cause
products I-Cause
, O
each O
serving O
different O
people O
in O
terms O
of O
demographics O
, O
location O
, O
and O
culture O
, O
Match B-Effect
successfully I-Effect
created I-Effect
a I-Effect
network I-Effect
effect I-Effect
for I-Effect
its I-Effect
entire I-Effect
portfolio I-Effect
of I-Effect
services I-Effect
that I-Effect
is I-Effect
becoming I-Effect
more I-Effect
mainstream I-Effect
. O

However O
, O
we O
also O
believe O
that O
ad B-Effect
revenue I-Effect
growth I-Effect
will I-Effect
decelerate I-Effect
soon I-Effect
as O
Match B-Cause
Group I-Cause
will I-Cause
have I-Cause
to I-Cause
limit B-Cause
its I-Cause
ad I-Cause
load I-Cause
or I-Cause
ad I-Cause
inventory I-Cause
in I-Cause
order I-Cause
not I-Cause
to I-Cause
push B-Effect
users I-Effect
away I-Effect
. O

Although O
CP O
's O
intermodal O
franchise O
growth O
has O
lagged O
that O
of O
CN O
at O
times O
over O
the O
past O
decade O
, O
we O
expect O
PSR-related B-Effect
service I-Effect
enhancements I-Effect
to I-Effect
drive I-Effect
incremental I-Effect
growth I-Effect
opportunities I-Effect
as O
economic B-Cause
conditions I-Cause
recover I-Cause
. O

Additionally O
, O
we O
forecast O
net O
charge-offs O
will O
normalize O
at O
roughly O
0.6 O
% O
of O
loans O
over O
the O
long O
run O
, O
although O
we O
expect O
heightened B-Effect
credit I-Effect
costs I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
the B-Cause
effects I-Cause
of I-Cause
COVID-19 I-Cause
. O

We O
forecast O
modestly B-Effect
improving I-Effect
gross I-Effect
margins I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
( I-Effect
at I-Effect
between I-Effect
35 I-Effect
% I-Effect
-36 I-Effect
% I-Effect
in I-Effect
2025 I-Effect
) I-Effect
as O
the B-Cause
company I-Cause
intermittently I-Cause
plays I-Cause
defense I-Cause
on I-Cause
its I-Cause
pricing I-Cause
. O

As O
ADM B-Cause
continues I-Cause
to I-Cause
invest I-Cause
in I-Cause
the I-Cause
development I-Cause
of I-Cause
new I-Cause
products I-Cause
, O
we O
expect O
the B-Effect
nutrition I-Effect
business I-Effect
to I-Effect
grow I-Effect
from I-Effect
17 I-Effect
% I-Effect
of I-Effect
profits I-Effect
in I-Effect
2019 I-Effect
to I-Effect
over I-Effect
25 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
. O

Broadband O
is O
a O
potential O
growth O
avenue O
, O
but O
China B-Cause
Mobile I-Cause
's I-Cause
aggressive I-Cause
expansion I-Cause
in I-Cause
the I-Cause
fixed I-Cause
broadband I-Cause
market I-Cause
is O
causing O
prices B-Effect
to I-Effect
fall I-Effect
, O
and O
China O
Mobile O
is O
taking O
market O
share O
. O

With O
the B-Cause
company I-Cause
's I-Cause
headwinds I-Cause
, I-Cause
both I-Cause
short I-Cause
and I-Cause
long I-Cause
term I-Cause
, I-Cause
and I-Cause
leveraged I-Cause
balance I-Cause
sheet I-Cause
, O
we O
viewed O
a B-Effect
distribution I-Effect
cut I-Effect
as I-Effect
likely I-Effect
. O

Periods B-Cause
of I-Cause
excess I-Cause
demand I-Cause
can O
lead O
to O
overexpansion B-Effect
and O
a B-Cause
glut I-Cause
of I-Cause
oversupply I-Cause
, O
which O
in O
turn O
leads O
to O
steep B-Effect
pricing I-Effect
declines I-Effect
. O

While O
we B-Cause
readily I-Cause
acknowledge I-Cause
that I-Cause
supply I-Cause
chain I-Cause
efficiencies I-Cause
are I-Cause
not I-Cause
automatic I-Cause
, O
the B-Effect
firm I-Effect
's I-Effect
attention I-Effect
on I-Effect
standardizing I-Effect
contracts I-Effect
, I-Effect
fixing I-Effect
service I-Effect
fees I-Effect
, I-Effect
funneling I-Effect
larger I-Effect
volumes I-Effect
of I-Effect
work I-Effect
to I-Effect
more I-Effect
efficient I-Effect
contractors I-Effect
, I-Effect
and I-Effect
taking I-Effect
advantage I-Effect
of I-Effect
vendor I-Effect
volume I-Effect
discounts I-Effect
have I-Effect
led I-Effect
to I-Effect
improving I-Effect
gross I-Effect
margins I-Effect
. O

We B-Effect
assign I-Effect
Moderna I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
, O
given O
the B-Cause
potential I-Cause
for I-Cause
rapid I-Cause
changes I-Cause
in I-Cause
the I-Cause
competitive I-Cause
landscape I-Cause
and I-Cause
in I-Cause
the I-Cause
COVID-19 I-Cause
virus I-Cause
itself I-Cause
. O

With O
booking.com B-Cause
seeing I-Cause
600 I-Cause
million I-Cause
monthly I-Cause
visitors I-Cause
versus I-Cause
around I-Cause
40 I-Cause
million I-Cause
for I-Cause
Marriott I-Cause
, O
we O
expect O
the B-Effect
platform I-Effect
to I-Effect
remain I-Effect
a I-Effect
top I-Effect
destination I-Effect
for I-Effect
travelers I-Effect
to I-Effect
shop I-Effect
, I-Effect
compare I-Effect
, I-Effect
and I-Effect
book I-Effect
hotels I-Effect
across I-Effect
all I-Effect
hotel I-Effect
brands I-Effect
. O

When B-Cause
interest-rate I-Cause
hikes I-Cause
are I-Cause
coupled I-Cause
with I-Cause
a I-Cause
cyclical I-Cause
downturn I-Cause
, O
customers B-Cause
' I-Cause
default I-Cause
risks I-Cause
could I-Cause
increase I-Cause
, O
resulting O
in O
a B-Effect
potential I-Effect
increase I-Effect
in I-Effect
bad I-Effect
debts I-Effect
. O

For O
example O
, O
in O
2018 O
, O
gaming B-Cause
license I-Cause
approval I-Cause
in O
7 O
Jul O
2021 O
05:00 O
, O
UTCChina B-Effect
was I-Effect
suspended I-Effect
as I-Effect
a I-Effect
result I-Effect
of I-Effect
restructuring I-Effect
of I-Effect
government I-Effect
departments I-Effect
. I-Effect

With O
expected B-Cause
production I-Cause
of I-Cause
about I-Cause
825,000 I-Cause
ounces I-Cause
at I-Cause
extremely I-Cause
low I-Cause
production I-Cause
costs I-Cause
, O
the B-Effect
mine I-Effect
would I-Effect
meaningfully I-Effect
increase I-Effect
production I-Effect
below I-Effect
the I-Effect
company I-Effect
's I-Effect
average I-Effect
costs I-Effect
. O

DJO B-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
two I-Cause
leading I-Cause
players I-Cause
in I-Cause
the I-Cause
rapidly I-Cause
growing I-Cause
reverse I-Cause
shoulder I-Cause
space I-Cause
, O
which O
we O
think O
will O
help B-Effect
Colfax I-Effect
outpace I-Effect
overall I-Effect
market I-Effect
growth I-Effect
in I-Effect
the I-Effect
reconstructive I-Effect
market I-Effect
. O

For O
a O
decade O
, O
however O
, O
the B-Effect
firm I-Effect
fallen I-Effect
behind I-Effect
Intel I-Effect
as O
the B-Cause
latter I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
leverage I-Cause
its I-Cause
scale I-Cause
and I-Cause
massive I-Cause
research I-Cause
and I-Cause
development I-Cause
budget I-Cause
to I-Cause
significantly I-Cause
enhance I-Cause
its I-Cause
lead I-Cause
over I-Cause
AMD I-Cause
technologically I-Cause
( O
while O
AMD O
has O
also O
had O
its O
own O
series O
of O
missteps O
) O
. O

Because O
MSCI B-Cause
Analytics I-Cause
applications I-Cause
are I-Cause
embedded I-Cause
in I-Cause
their I-Cause
clients I-Cause
' I-Cause
workflows I-Cause
, I-Cause
there I-Cause
are I-Cause
switching I-Cause
costs I-Cause
, O
and O
we O
believe O
firms B-Effect
do I-Effect
n't I-Effect
take I-Effect
the I-Effect
decision I-Effect
to I-Effect
switch I-Effect
providers I-Effect
lightly I-Effect
. O

Following O
the O
$ O
1 O
billion O
acquisition O
of O
Quest O
Nutrition O
( O
which O
added O
$ O
345 O
million O
in O
sales O
to O
the O
firm O
's O
$ O
523 O
million O
legacy O
sales O
base O
) O
, O
we O
think O
growth B-Effect
opportunities I-Effect
should I-Effect
ensue I-Effect
as O
Quest B-Cause
expands I-Cause
into I-Cause
other I-Cause
categories I-Cause
( I-Cause
including I-Cause
the I-Cause
cookies I-Cause
, I-Cause
chips I-Cause
, I-Cause
pizza I-Cause
aisles I-Cause
) I-Cause
and I-Cause
distribution I-Cause
channels I-Cause
( I-Cause
across I-Cause
food I-Cause
, I-Cause
drug I-Cause
, I-Cause
mass I-Cause
) I-Cause
. O

Demand B-Effect
should I-Effect
remain I-Effect
steady I-Effect
over I-Effect
time I-Effect
, O
as O
the B-Cause
toy I-Cause
industry I-Cause
is I-Cause
relatively I-Cause
mature I-Cause
, O
but O
moderate B-Effect
price I-Effect
increases I-Effect
and I-Effect
share I-Effect
gains I-Effect
in I-Effect
emerging I-Effect
markets I-Effect
could I-Effect
contribute I-Effect
to I-Effect
the I-Effect
top I-Effect
line I-Effect
as O
new B-Cause
products I-Cause
are I-Cause
introduced I-Cause
. O

In O
our O
model O
, O
we O
forecast O
compound B-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
21 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
net B-Cause
customer I-Cause
additions I-Cause
and I-Cause
increasing I-Cause
recurring I-Cause
revenue I-Cause
per I-Cause
customer O
. O

There B-Effect
are I-Effect
no I-Effect
physical I-Effect
switching I-Effect
costs I-Effect
between I-Effect
consumables I-Effect
and I-Effect
devices I-Effect
as O
fittings B-Cause
are I-Cause
universal I-Cause
, O
and O
while O
there O
may O
be O
individual O
customer O
preferences O
there O
is O
nothing O
that O
sets O
ResMed O
's O
masks O
apart O
from O
the O
competition O
. O

However O
, O
we B-Cause
are I-Cause
not I-Cause
yet I-Cause
convinced I-Cause
it I-Cause
has I-Cause
sustainable I-Cause
competitive I-Cause
advantages I-Cause
that I-Cause
can I-Cause
shield I-Cause
it I-Cause
from I-Cause
competitors I-Cause
, O
and O
we B-Effect
think I-Effect
its I-Effect
stock I-Effect
has I-Effect
a I-Effect
lot I-Effect
of I-Effect
room I-Effect
to I-Effect
drop I-Effect
if I-Effect
its I-Effect
sales I-Effect
growth I-Effect
materially I-Effect
decelerates I-Effect
. O

We O
think O
US B-Effect
Foods I-Effect
' I-Effect
growth I-Effect
has O
been O
stymied O
by O
cost-cutting B-Cause
efforts I-Cause
, O
a O
move O
with O
nontrivial B-Effect
consequences I-Effect
, O
as O
we B-Cause
view I-Cause
scale I-Cause
as I-Cause
the I-Cause
path I-Cause
to I-Cause
a I-Cause
competitive I-Cause
edge I-Cause
. O

With O
that O
significant B-Cause
and I-Cause
growing I-Cause
market I-Cause
share I-Cause
, O
HCA B-Effect
can I-Effect
negotiate I-Effect
reasonable I-Effect
rates I-Effect
with I-Effect
key I-Effect
health I-Effect
insurers I-Effect
in I-Effect
those I-Effect
local I-Effect
markets I-Effect
. O

Conversion O
of O
some B-Cause
markets I-Cause
to I-Cause
recombinant I-Cause
products I-Cause
could O
also O
weigh B-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
margins I-Effect
, O
as O
less B-Cause
of I-Cause
the I-Cause
proteins I-Cause
in I-Cause
plasma I-Cause
are I-Cause
sold I-Cause
at I-Cause
developed-market I-Cause
prices I-Cause
. O

The B-Cause
operator I-Cause
's I-Cause
historical I-Cause
investments I-Cause
in I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
anyware I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
ordering I-Cause
, I-Cause
a I-Cause
best-in-class I-Cause
e-commerce I-Cause
interface I-Cause
, I-Cause
and I-Cause
a I-Cause
mix I-Cause
that I-Cause
skewed I-Cause
toward I-Cause
delivery I-Cause
( I-Cause
55 I-Cause
% I-Cause
) I-Cause
pre-pandemic I-Cause
propelled B-Effect
12.7 I-Effect
% I-Effect
global I-Effect
system I-Effect
sales I-Effect
growth I-Effect
during O
a O
year O
where O
the O
aggregate O
food-service O
market O
shrunk O
by O
a O
quarter O
. O

Fee-for-service B-Cause
plans I-Cause
often I-Cause
provide I-Cause
very I-Cause
little I-Cause
oversight I-Cause
and I-Cause
few I-Cause
incentives I-Cause
for I-Cause
the I-Cause
end I-Cause
users I-Cause
to I-Cause
control I-Cause
health-related I-Cause
expenditures I-Cause
, O
which O
can O
lead O
to O
higher B-Effect
spending I-Effect
per I-Effect
member I-Effect
than I-Effect
in I-Effect
managed-care I-Effect
plans I-Effect
. O

Providing B-Cause
reimbursement I-Cause
parity I-Cause
for I-Cause
telehealth I-Cause
( I-Cause
equal I-Cause
to I-Cause
in-office I-Cause
reimbursement I-Cause
) I-Cause
from I-Cause
both I-Cause
public I-Cause
and I-Cause
private I-Cause
payers I-Cause
has O
temporarily B-Effect
alleviated I-Effect
the I-Effect
third I-Effect
and I-Effect
final I-Effect
hurdle I-Effect
the I-Effect
telemedicine I-Effect
industry I-Effect
faces I-Effect
, O
removing B-Effect
a I-Effect
disincentive I-Effect
that I-Effect
providers I-Effect
faced I-Effect
integrating I-Effect
virtual I-Effect
care I-Effect
into I-Effect
their I-Effect
practice I-Effect
. O

International B-Cause
tastes I-Cause
may I-Cause
change I-Cause
to O
no B-Cause
longer I-Cause
appreciate I-Cause
Discovery I-Cause
's I-Cause
American-produced I-Cause
content I-Cause
, O
forcing O
the B-Effect
company I-Effect
to I-Effect
source I-Effect
more I-Effect
programming I-Effect
locally I-Effect
and O
thus O
hurting B-Effect
margins I-Effect
. O

We O
're O
anticipating O
that O
Heico B-Effect
will I-Effect
acquire I-Effect
companies I-Effect
at I-Effect
an I-Effect
average I-Effect
price/sales I-Effect
of I-Effect
about I-Effect
2.1 I-Effect
times I-Effect
, O
higher O
than O
the O
trailing O
five-year O
average O
for O
the O
aerospace O
and O
defense O
index O
due O
to O
a B-Cause
near-term I-Cause
cyclical I-Cause
increase I-Cause
in I-Cause
the I-Cause
price/sales I-Cause
. O

We B-Effect
now I-Effect
expect I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
for O
the O
full O
year O
despite O
first-quarter O
supply O
and O
demand O
disruption O
( O
which O
led O
to O
more O
than O
1,200 O
basis O
points O
of O
deleverage O
for O
the O
period O
) O
, O
as O
volume B-Cause
leverage I-Cause
more I-Cause
than I-Cause
offset I-Cause
this I-Cause
pressure I-Cause
over I-Cause
the I-Cause
remainder I-Cause
of I-Cause
the I-Cause
year I-Cause
. O

We O
anticipate O
elevated B-Effect
commercial I-Effect
HVAC I-Effect
sales I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
driven O
by O
heightened B-Cause
demand I-Cause
for I-Cause
more I-Cause
energy-efficient I-Cause
systems I-Cause
that O
deliver O
better B-Effect
air I-Effect
quality I-Effect
, O
and O
we O
believe O
Carrier O
, O
along O
with O
other O
leading O
HVAC O
companies O
, O
are O
well O
positioned O
to O
serve O
this O
growing O
market O
. O

As O
such O
, O
Campbell B-Effect
had I-Effect
been I-Effect
opting I-Effect
to I-Effect
allocate I-Effect
a I-Effect
portion I-Effect
of I-Effect
its I-Effect
consumer I-Effect
marketing I-Effect
spending I-Effect
to I-Effect
promotions I-Effect
in O
an O
effort O
to O
prop B-Cause
up I-Cause
volume I-Cause
in I-Cause
soup I-Cause
and I-Cause
beverages I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
Pepperidge I-Cause
Farm I-Cause
snacks I-Cause
and I-Cause
bakery I-Cause
lineup I-Cause
. O

In B-Cause
exchange I-Cause
for I-Cause
earning I-Cause
a I-Cause
fair I-Cause
return I-Cause
for I-Cause
its I-Cause
shareholders I-Cause
, O
CenterPoint B-Effect
's I-Effect
utilities I-Effect
are I-Effect
expected I-Effect
to I-Effect
provide I-Effect
safe I-Effect
and I-Effect
reliable I-Effect
service I-Effect
at I-Effect
the I-Effect
lowest I-Effect
possible I-Effect
rates I-Effect
. O

In O
the O
medium O
term O
, O
we O
see O
a B-Effect
wave I-Effect
of I-Effect
modernizations I-Effect
in I-Effect
Europe I-Effect
and I-Effect
then I-Effect
in I-Effect
China I-Effect
providing O
the O
company O
with O
the B-Cause
opportunity I-Cause
to I-Cause
sell I-Cause
digital I-Cause
services I-Cause
on I-Cause
the I-Cause
modernization I-Cause
installations I-Cause
. O

Once B-Cause
the I-Cause
economic I-Cause
cycle I-Cause
turns I-Cause
, O
this O
could O
result B-Effect
in I-Effect
greater I-Effect
potential I-Effect
for I-Effect
consumer I-Effect
defaults I-Effect
, O
as O
well O
as O
a B-Effect
longer I-Effect
period I-Effect
of I-Effect
decreased I-Effect
economic I-Effect
demand I-Effect
. O

Comerica B-Effect
is I-Effect
also I-Effect
not I-Effect
large I-Effect
enough I-Effect
to I-Effect
be I-Effect
subject I-Effect
to I-Effect
the I-Effect
Fed I-Effect
's I-Effect
stress I-Effect
tests I-Effect
because O
it B-Cause
has I-Cause
less I-Cause
than I-Cause
$ I-Cause
100 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
. O

One B-Cause
of I-Cause
Estee I-Cause
's I-Cause
most I-Cause
significant I-Cause
expenses I-Cause
is I-Cause
advertising I-Cause
, I-Cause
and I-Cause
Estee I-Cause
was I-Cause
the I-Cause
world I-Cause
's I-Cause
26th I-Cause
largest I-Cause
advertiser I-Cause
in I-Cause
2019 I-Cause
( O
48th O
in O
2020 O
when O
the O
firm O
temporarily O
reduced O
spending O
) O
. O
As O
such O
, O
the B-Effect
firm I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
procure I-Effect
the I-Effect
related I-Effect
products I-Effect
and I-Effect
services I-Effect
at I-Effect
a I-Effect
lower I-Effect
rate I-Effect
than I-Effect
its I-Effect
smaller I-Effect
peers I-Effect
. O

We B-Cause
project I-Cause
wireline I-Cause
average I-Cause
revenue I-Cause
per I-Cause
user I-Cause
, I-Cause
or I-Cause
ARPU I-Cause
, I-Cause
and I-Cause
broadband I-Cause
subscriber I-Cause
growth I-Cause
to I-Cause
each I-Cause
average I-Cause
about I-Cause
2 I-Cause
% I-Cause
annually I-Cause
through I-Cause
2025 I-Cause
, O
resulting O
in O
some B-Effect
market I-Effect
share I-Effect
loss I-Effect
to I-Effect
Telus I-Effect
. O

Further O
, O
given O
the B-Cause
relatively I-Cause
asset-light I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
returns B-Effect
on I-Effect
invested I-Effect
capital I-Effect
are I-Effect
very I-Effect
high I-Effect
, O
averaging O
over O
150 O
% O
over O
the O
past O
five O
years O
. O

The B-Effect
applied I-Effect
sterilization I-Effect
technology I-Effect
segment I-Effect
has I-Effect
been I-Effect
an I-Effect
increasing I-Effect
area I-Effect
of I-Effect
focus I-Effect
for I-Effect
the I-Effect
company I-Effect
, O
given B-Cause
the I-Cause
unit I-Cause
's I-Cause
high I-Cause
margins I-Cause
and I-Cause
sound I-Cause
competitive I-Cause
position I-Cause
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
a I-Cause
talented I-Cause
workforce I-Cause
in I-Cause
the I-Cause
services-oriented I-Cause
commercial I-Cause
real I-Cause
estate I-Cause
industry I-Cause
, O
it B-Effect
is I-Effect
imperative I-Effect
that I-Effect
firms I-Effect
such I-Effect
as I-Effect
JLL I-Effect
continue I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
top I-Effect
employees I-Effect
. O

Still O
, O
the B-Cause
stores I-Cause
' I-Cause
criticality I-Cause
leaves O
the B-Effect
firm I-Effect
vulnerable I-Effect
to I-Effect
high I-Effect
infection I-Effect
rates I-Effect
that O
could O
lead O
to O
further B-Effect
closures I-Effect
despite O
the O
assortment O
changes O
. O

Xcel B-Effect
's I-Effect
growth I-Effect
could I-Effect
hit I-Effect
the I-Effect
top I-Effect
end I-Effect
of I-Effect
management I-Effect
's I-Effect
earnings I-Effect
growth I-Effect
target I-Effect
if O
the B-Cause
company I-Cause
gains I-Cause
regulatory I-Cause
approval I-Cause
for I-Cause
new I-Cause
projects I-Cause
in I-Cause
2022 I-Cause
and I-Cause
beyond I-Cause
. O

However O
, O
the B-Cause
recent I-Cause
sharp I-Cause
decline I-Cause
in I-Cause
energy I-Cause
prices I-Cause
and I-Cause
the I-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
forced I-Cause
Enable I-Cause
to O
cut B-Effect
its I-Effect
distribution I-Effect
by I-Effect
50 I-Effect
% I-Effect
in I-Effect
the I-Effect
second I-Effect
quarter I-Effect
of I-Effect
2020 I-Effect
. O

Given O
construction B-Cause
and I-Cause
permitting I-Cause
delays I-Cause
associated I-Cause
with I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
view O
management B-Effect
's I-Effect
prior I-Effect
target I-Effect
of I-Effect
25,000 I-Effect
units I-Effect
by I-Effect
2025 I-Effect
as O
unlikely O
, O
with O
our O
model O
calling O
for O
the O
firm O
to O
hit O
the O
mark O
a O
few O
years O
later O
. O

From O
a O
profitability O
standpoint O
, O
the O
coronavirus O
pandemic O
has O
slowed B-Effect
Danone I-Effect
progress I-Effect
down I-Effect
( O
a O
headwind O
due O
to O
negative B-Cause
mix I-Cause
and I-Cause
higher I-Cause
costs I-Cause
in I-Cause
the I-Cause
supply I-Cause
chain I-Cause
) O
with O
reinstated O
guidance O
calling O
for O
14 O
% O
operating O
margins O
in O
fiscal O
2020 O
from O
target O
operating O
margins O
of O
more O
than O
15 O
% O
previously O
. O

We B-Effect
think I-Effect
margin I-Effect
expansion I-Effect
is I-Effect
reasonable I-Effect
because I-Effect
as I-Effect
the I-Effect
firm I-Effect
grows I-Effect
, I-Cause
lower-margin I-Cause
acquired I-Cause
companies I-Cause
would I-Cause
become I-Cause
a I-Cause
smaller I-Cause
part I-Cause
of I-Cause
the I-Cause
portfolio I-Cause
. O

While O
Cohen B-Cause
& I-Cause
Steers I-Cause
' I-Cause
niche I-Cause
positioning I-Cause
and I-Cause
ability I-Cause
to I-Cause
generate I-Cause
organic I-Cause
growth I-Cause
should O
mitigate B-Effect
some I-Effect
of I-Effect
these I-Effect
pressures I-Effect
, O
we O
expect O
the O
firm O
's O
operating O
leverage O
to O
be O
limited O
longer O
term O
by O
a O
need O
to O
spend B-Cause
more I-Cause
to O
maintain B-Effect
access I-Effect
to I-Effect
retail-advised I-Effect
platforms I-Effect
and I-Effect
institutional I-Effect
clients I-Effect
. O

Primarily O
, O
Deutsche B-Cause
's I-Cause
high I-Cause
fixed I-Cause
cost I-Cause
base I-Cause
in I-Cause
tandem I-Cause
with I-Cause
revenue I-Cause
under I-Cause
pressure I-Cause
is O
a O
material B-Effect
risk I-Effect
to I-Effect
earnings I-Effect
and I-Effect
capital I-Effect
. O

If O
competition B-Cause
on I-Cause
both I-Cause
sides I-Cause
chips I-Cause
away I-Cause
at I-Cause
PayPal I-Cause
's I-Cause
position I-Cause
, O
the B-Effect
network I-Effect
effect I-Effect
that I-Effect
has I-Effect
driven I-Effect
the I-Effect
business I-Effect
historically I-Effect
could I-Effect
deteriorate I-Effect
quickly I-Effect
. O

The B-Cause
firm I-Cause
already I-Cause
has I-Cause
the I-Cause
most I-Cause
comprehensive I-Cause
AIDC I-Cause
portfolio I-Cause
in I-Cause
the I-Cause
world I-Cause
, O
which O
allows O
it B-Effect
to I-Effect
provide I-Effect
customers I-Effect
with I-Effect
deeply I-Effect
specialized I-Effect
and I-Effect
customized I-Effect
offerings I-Effect
to I-Effect
optimize I-Effect
their I-Effect
workflows I-Effect
. O

Finally O
, O
despite O
significant O
fragmentation O
in O
many O
of O
the O
regions O
and O
markets O
that O
Amphenol O
is O
targeting O
, O
ongoing B-Cause
consolidation I-Cause
could O
cause O
the B-Effect
firm I-Effect
to I-Effect
run I-Effect
into I-Effect
well-capitalized I-Effect
competition I-Effect
, I-Effect
leading I-Effect
to I-Effect
pricing I-Effect
pressure I-Effect
or I-Effect
bidding I-Effect
wars I-Effect
. O

The B-Effect
financial I-Effect
impact I-Effect
can I-Effect
be I-Effect
even I-Effect
more I-Effect
pronounced I-Effect
if O
there O
is O
a B-Effect
swift I-Effect
and I-Effect
significant I-Effect
drop I-Effect
in I-Effect
housing I-Effect
demand I-Effect
because O
homebuilders B-Cause
have I-Cause
less I-Cause
time I-Cause
to I-Cause
adjust I-Cause
to I-Cause
a I-Cause
revised I-Cause
demand I-Cause
outlook I-Cause
. O

However O
, O
we O
contend O
that O
Ingredion B-Cause
's I-Cause
specialty I-Cause
ingredients I-Cause
business I-Cause
operates I-Cause
with I-Cause
a I-Cause
narrow I-Cause
moat I-Cause
and I-Cause
earns I-Cause
excess I-Cause
ROICs. O
As O
a O
result O
, O
it B-Effect
has I-Effect
served I-Effect
as I-Effect
the I-Effect
key I-Effect
driver I-Effect
of I-Effect
the I-Effect
positive I-Effect
economic I-Effect
profit I-Effect
spread I-Effect
witnessed I-Effect
on I-Effect
a I-Effect
companywide I-Effect
basis I-Effect
each I-Effect
year I-Effect
over I-Effect
the I-Effect
past I-Effect
decade I-Effect
. O

The B-Cause
contactor I-Cause
bears I-Cause
the I-Cause
financial I-Cause
risk I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
for I-Cause
these I-Cause
programs I-Cause
, O
so O
a B-Effect
poorly I-Effect
executed I-Effect
development I-Effect
contract I-Effect
may I-Effect
financially I-Effect
strain I-Effect
General I-Effect
Dynamics I-Effect
and I-Effect
make I-Effect
it I-Effect
difficult I-Effect
to I-Effect
win I-Effect
future I-Effect
contracts I-Effect
. O

Turning O
to O
Chipotle O
's O
brand O
intangible O
asset O
, O
we O
believe O
that O
robust B-Cause
comparable I-Cause
store I-Cause
sales I-Cause
performance I-Cause
, I-Cause
strong I-Cause
loyalty I-Cause
program I-Cause
uptake I-Cause
, I-Cause
and I-Cause
compelling I-Cause
unit I-Cause
economics I-Cause
attest O
to O
the B-Effect
brand I-Effect
's I-Effect
strength I-Effect
, O
while O
forward-looking B-Cause
investments I-Cause
stand O
to O
entrench B-Effect
pricing I-Effect
power I-Effect
and I-Effect
affinity I-Effect
moving I-Effect
forward I-Effect
. O

The O
combination O
of O
top-tier B-Cause
asset I-Cause
and I-Cause
contract I-Cause
quality I-Cause
, I-Cause
regulatory I-Cause
protection I-Cause
on I-Cause
existing I-Cause
pipelines I-Cause
, I-Cause
attractive I-Cause
near-term I-Cause
and I-Cause
long-term I-Cause
pipeline I-Cause
projects I-Cause
, I-Cause
and I-Cause
a I-Cause
vast I-Cause
, I-Cause
diverse I-Cause
pipeline I-Cause
network I-Cause
allows O
TC B-Effect
Energy I-Effect
to I-Effect
generate I-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

While O
the O
broader O
PC O
market O
has O
plateaued O
over O
the O
past O
decade O
( O
before O
a O
COVID-19-related O
resurgence O
in O
2020 O
) O
, O
the O
PC O
gaming O
sub-segment O
remains O
a O
robust O
market O
that O
we O
expect O
will O
remain B-Effect
x86-centric I-Effect
as O
we O
're O
skeptical O
the B-Cause
majority I-Cause
of I-Cause
high-end I-Cause
PC I-Cause
games I-Cause
will I-Cause
be I-Cause
re-written I-Cause
for I-Cause
ARM-based I-Cause
computers I-Cause
any I-Cause
time I-Cause
soon I-Cause
. O

That O
said O
, O
the O
sector O
's O
poor B-Cause
underlying I-Cause
economics I-Cause
along I-Cause
with I-Cause
changing I-Cause
shopping I-Cause
habits I-Cause
demand O
continuous O
investments O
in O
technology O
and O
automation O
as O
well O
as O
selective O
price O
reductions O
, O
along O
with O
store B-Effect
remodeling I-Effect
investment I-Effect
programs I-Effect
in I-Effect
regions I-Effect
with I-Effect
intensifying I-Effect
competition I-Effect
( O
particularly O
the O
Southeastern O
U.S. O
) O
. O

However O
, O
it B-Cause
also I-Cause
has I-Cause
signed I-Cause
delivered I-Cause
ex-shipping I-Cause
contracts I-Cause
recently I-Cause
, O
meaning B-Effect
Cheniere B-Cause
is I-Cause
responsible I-Cause
for I-Cause
shipping I-Cause
, O
so B-Effect
it I-Effect
has I-Effect
procured I-Effect
a I-Effect
mix I-Effect
of I-Effect
short- I-Effect
and I-Effect
long-term I-Effect
vessel I-Effect
charters I-Effect
to I-Effect
protect I-Effect
its I-Effect
contract I-Effect
economics I-Effect
. O

Further O
, O
Darden B-Cause
's I-Cause
company-operated I-Cause
footprint I-Cause
generates I-Cause
higher I-Cause
fixed I-Cause
costs I-Cause
( I-Cause
operating I-Cause
leases I-Cause
, I-Cause
debt I-Cause
service I-Cause
) I-Cause
than I-Cause
many I-Cause
heavily I-Cause
franchised I-Cause
competitors I-Cause
, O
increasing O
the O
variability B-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
operating I-Effect
income I-Effect
, O
while O
volatile B-Cause
input I-Cause
cost I-Cause
inflation O
heightens B-Effect
cash I-Effect
flow I-Effect
uncertainty I-Effect
. O

In O
addition O
, O
we O
expect O
Broadridge B-Effect
to I-Effect
build I-Effect
on I-Effect
its I-Effect
wealth I-Effect
management I-Effect
capabilities I-Effect
given O
the B-Cause
momentum I-Cause
it I-Cause
gained I-Cause
by I-Cause
signing I-Cause
UBS I-Cause
Americas I-Cause
as I-Cause
a I-Cause
client I-Cause
. O

Although O
a O
short-term O
funding O
crisis O
during O
this O
economic O
cycle O
became O
increasingly O
remote O
after O
Goldman O
gained O
access O
to O
government O
and O
private O
lending O
facilities O
and O
capital O
infusions O
, O
additional B-Cause
shocks I-Cause
to I-Cause
the I-Cause
financial I-Cause
system I-Cause
down I-Cause
the I-Cause
road I-Cause
could O
renew B-Effect
solvency I-Effect
or I-Effect
liquidity I-Effect
fears I-Effect
. O

We O
expect O
a B-Effect
longer I-Effect
spending I-Effect
cycle I-Effect
than I-Effect
previous I-Effect
wireless I-Effect
generations I-Effect
due O
to O
increased B-Effect
small I-Effect
cell I-Effect
antenna I-Effect
deployment I-Effect
requirements I-Effect
with I-Cause
software B-Cause
orchestration I-Cause
as I-Cause
well I-Cause
as I-Cause
applications B-Cause
outside I-Cause
of I-Cause
mobile I-Cause
phones I-Cause
, I-Cause
such I-Cause
as I-Cause
private I-Cause
and I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
networks I-Cause
. O

Nissan O
's O
products B-Cause
are I-Cause
highly I-Cause
engineered I-Cause
, O
requiring O
the O
company O
to O
attract B-Effect
and I-Effect
retain I-Effect
highly I-Effect
skilled I-Effect
human I-Effect
capital I-Effect
with I-Effect
expertise I-Effect
in I-Effect
software I-Effect
and I-Effect
various I-Effect
engineering I-Effect
disciplines I-Effect
. O

Sanctions B-Effect
put I-Effect
in I-Effect
place I-Effect
that O
target O
Russian B-Cause
gas I-Cause
producer I-Cause
Novatek I-Cause
could I-Cause
put I-Cause
at I-Cause
risk I-Cause
the I-Cause
value I-Cause
of I-Cause
Total I-Cause
's I-Cause
recent I-Cause
multibillion-dollar I-Cause
investments I-Cause
in I-Cause
the I-Cause
country I-Cause
. O

The O
addition O
of O
new B-Cause
pipeline I-Cause
capacity I-Cause
to I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
should O
give B-Effect
Marathon I-Effect
greater I-Effect
access I-Effect
to I-Effect
discount I-Effect
light I-Effect
domestic I-Effect
and I-Effect
Canadian I-Effect
heavy I-Effect
crude I-Effect
. O

The B-Effect
Kindle I-Effect
and I-Effect
other I-Effect
devices I-Effect
further I-Effect
bolster I-Effect
the I-Effect
ecosystem I-Effect
by O
helping B-Cause
attract I-Cause
new I-Cause
customers I-Cause
, O
while O
making O
the O
value O
proposition O
irresistible O
in O
retaining O
existing O
customers O
. O

Given O
the B-Cause
way I-Cause
the I-Cause
entities I-Cause
have I-Cause
been I-Cause
set I-Cause
up I-Cause
, O
distributions B-Cause
on I-Cause
a I-Cause
per-unit I-Cause
basis I-Cause
are I-Cause
the I-Cause
same I-Cause
, O
so O
there O
are O
no B-Effect
expected I-Effect
differences I-Effect
in I-Effect
distribution I-Effect
growth I-Effect
going I-Effect
forward I-Effect
. O

We O
believe O
that O
all B-Effect
of I-Effect
the I-Effect
major I-Effect
North I-Effect
American I-Effect
Class I-Effect
I I-Effect
railroads I-Effect
benefit I-Effect
from I-Effect
colossal I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
due O
to O
their B-Cause
established I-Cause
, I-Cause
practically I-Cause
impossible-to-replicate I-Cause
networks I-Cause
of I-Cause
rights I-Cause
of I-Cause
way I-Cause
and I-Cause
continuously I-Cause
welded I-Cause
steel I-Cause
rail I-Cause
. O

Its O
Goderich O
rock O
salt O
mine O
in O
Ontario O
benefits O
from O
unique B-Cause
geology I-Cause
, O
and O
with O
access O
to O
a O
deep-water O
port O
, O
it O
can O
deliver B-Effect
deicing I-Effect
salt I-Effect
to I-Effect
customers I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
than I-Effect
competitors I-Effect
. O

Amazon B-Effect
must I-Effect
protect I-Effect
its I-Effect
leading I-Effect
online I-Effect
retailing I-Effect
position I-Effect
, I-Effect
which I-Effect
can I-Effect
be I-Effect
challenging I-Effect
as O
consumer B-Cause
preferences I-Cause
change I-Cause
, I-Cause
especially I-Cause
post-COVID-19 I-Cause
( I-Cause
as I-Cause
consumers I-Cause
may I-Cause
revert I-Cause
back I-Cause
to I-Cause
prior I-Cause
behaviors I-Cause
) I-Cause
, I-Cause
and I-Cause
traditional I-Cause
retailers I-Cause
bolster I-Cause
their I-Cause
online I-Cause
presence I-Cause
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
highest-growth I-Effect
opportunities I-Effect
will O
come O
from O
further B-Cause
building I-Cause
out I-Cause
its I-Cause
software I-Cause
portfolio I-Cause
and I-Cause
growing I-Cause
its I-Cause
base I-Cause
of I-Cause
recurring I-Cause
revenue I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
from I-Cause
expanding B-Effect
its I-Effect
footprint I-Effect
in I-Effect
the I-Effect
healthcare I-Effect
market I-Effect
as O
health B-Cause
records I-Cause
and I-Cause
hospital I-Cause
workflows I-Cause
become I-Cause
digitized I-Cause
. O

However O
, O
the B-Cause
company I-Cause
generates I-Cause
lower I-Cause
carbon I-Cause
intensity I-Cause
from I-Cause
its I-Cause
lighter I-Cause
oil I-Cause
and I-Cause
natural I-Cause
gas I-Cause
assets I-Cause
, O
resulting O
in O
best-in-class B-Effect
corporate I-Effect
emissions I-Effect
among I-Effect
the I-Effect
peer I-Effect
group I-Effect
. O

However O
, O
the B-Cause
European I-Cause
Central I-Cause
Bank I-Cause
has I-Cause
since I-Cause
started I-Cause
playing I-Cause
a I-Cause
much I-Cause
more I-Cause
active I-Cause
role I-Cause
in I-Cause
the I-Cause
oversight I-Cause
of I-Cause
European I-Cause
banks I-Cause
, O
which O
does O
reduce B-Effect
regional I-Effect
7 I-Effect
Jul I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCdifferences I-Effect
and I-Effect
, I-Effect
in I-Effect
our I-Effect
opinion I-Effect
, I-Effect
strengthens I-Effect
the I-Effect
regulatory I-Effect
framework I-Effect
across I-Effect
the I-Effect
continent I-Effect
. O

If O
companies B-Cause
do I-Cause
not I-Cause
continue I-Cause
to I-Cause
see I-Cause
value I-Cause
in I-Cause
CGI I-Cause
's I-Cause
proximity I-Cause
to I-Cause
their I-Cause
offices I-Cause
and I-Cause
prefer I-Cause
clients I-Cause
with I-Cause
greater I-Cause
offshore I-Cause
leverage I-Cause
, O
the B-Effect
business I-Effect
' I-Effect
labor I-Effect
participation I-Effect
ratio I-Effect
could I-Effect
be I-Effect
negatively I-Effect
impacted I-Effect
. O

The B-Cause
elimination I-Cause
of I-Cause
higher-cost I-Cause
and I-Cause
lower-return I-Cause
facilities I-Cause
as I-Cause
well I-Cause
as I-Cause
mix I-Cause
shift I-Cause
toward I-Cause
chemicals I-Cause
should O
improve B-Effect
returns I-Effect
in I-Effect
the I-Effect
segment I-Effect
. O

Vistra B-Cause
's I-Cause
bankruptcy I-Cause
wiped I-Cause
clean I-Cause
much I-Cause
of I-Cause
its I-Cause
debt I-Cause
and O
the O
company B-Effect
maintains I-Effect
a I-Effect
sufficient I-Effect
cash I-Effect
and I-Effect
liquidity I-Effect
position I-Effect
even O
after O
the O
2021 O
Texas O
storm O
losses O
. O

Exelon B-Effect
has I-Effect
shown I-Effect
its I-Effect
political I-Effect
clout I-Effect
, O
winning B-Effect
price I-Effect
subsidies I-Effect
in I-Effect
Illinois I-Effect
, O
New O
York O
, O
and O
New O
Jersey O
to O
keep B-Cause
some I-Cause
of I-Cause
its I-Cause
nuclear I-Cause
fleet I-Cause
running I-Cause
. O

We O
also O
expect O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
maintaining I-Cause
nationwide I-Cause
coverage I-Cause
and I-Cause
its I-Cause
diminutive I-Cause
size I-Cause
will O
limit O
Dish B-Effect
's I-Effect
ability I-Effect
to I-Effect
compete I-Effect
on I-Effect
a I-Effect
large I-Effect
scale I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Most B-Cause
tool I-Cause
alternatives I-Cause
are I-Cause
capable I-Cause
enough I-Cause
to I-Cause
complete I-Cause
repair I-Cause
jobs I-Cause
, O
making O
it O
possible B-Effect
for I-Effect
technicians I-Effect
to I-Effect
operate I-Effect
a I-Effect
diverse I-Effect
set I-Effect
of I-Effect
tools I-Effect
. O

West B-Cause
's I-Cause
dominant I-Cause
market I-Cause
position I-Cause
, I-Cause
which I-Cause
has I-Cause
proven I-Cause
to I-Cause
be I-Cause
durable I-Cause
over I-Cause
the I-Cause
past I-Cause
several I-Cause
decades I-Cause
, O
is O
evidence O
of O
the B-Effect
firm I-Effect
's I-Effect
strong I-Effect
intangible I-Effect
assets I-Effect
. O

It O
is O
plausible O
that O
cash-strapped B-Cause
hospitals I-Cause
that I-Cause
receive I-Cause
no I-Cause
additional I-Cause
reimbursement I-Cause
for I-Cause
robot I-Cause
usage I-Cause
may O
opt B-Effect
for I-Effect
a I-Effect
plodding I-Effect
yet I-Effect
cheaper I-Effect
alternative I-Effect
of I-Effect
manual I-Effect
laparoscopy I-Effect
, O
particularly O
if B-Cause
the I-Cause
clinical I-Cause
body I-Cause
of I-Cause
work I-Cause
supporting I-Cause
robotic I-Cause
surgery I-Cause
over I-Cause
traditional I-Cause
MIS I-Cause
is I-Cause
lacking I-Cause
. O

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
presents O
airlines O
with O
the O
sharpest O
demand O
shock O
in O
history O
, O
forcing O
airlines O
to O
reduce B-Effect
most I-Effect
of I-Effect
their I-Effect
capacity I-Effect
and I-Effect
the I-Effect
aircraft I-Effect
that I-Effect
are I-Effect
still I-Effect
flying I-Effect
are I-Effect
flying I-Effect
at I-Effect
low I-Effect
load I-Effect
factors I-Effect
. O

We O
think O
the B-Cause
rising I-Cause
volume I-Cause
of I-Cause
apartment I-Cause
deliveries I-Cause
, O
in O
addition O
to O
the O
likely O
development B-Effect
of I-Effect
more-affordable I-Effect
suburban I-Effect
apartments I-Effect
and I-Effect
single-family I-Effect
homes I-Effect
, O
will O
continue O
to O
pressure B-Effect
market I-Effect
rents I-Effect
and I-Effect
offset I-Effect
much I-Effect
of I-Effect
the I-Effect
demand I-Effect
growth I-Effect
created I-Effect
by O
demographic B-Cause
trends I-Cause
. O

Commercial B-Cause
and I-Cause
consumer I-Cause
relationships I-Cause
have I-Cause
grown I-Cause
at I-Cause
a I-Cause
brisk I-Cause
pace I-Cause
, O
bringing B-Effect
a I-Effect
significant I-Effect
amount I-Effect
of I-Effect
low-cost I-Effect
deposit I-Effect
funding I-Effect
to I-Effect
the I-Effect
bank I-Effect
. O

Again O
, O
the B-Cause
time I-Cause
, I-Cause
expense I-Cause
, I-Cause
and I-Cause
riskiness I-Cause
of I-Cause
migrating I-Cause
data I-Cause
and I-Cause
applications I-Cause
away I-Cause
from I-Cause
already I-Cause
leading I-Cause
solutions I-Cause
, I-Cause
along I-Cause
with I-Cause
organizational I-Cause
inertia I-Cause
, O
help B-Effect
keep I-Effect
customer I-Effect
relationships I-Effect
sticky I-Effect
. O

The O
company O
finds O
a B-Effect
receptive I-Effect
audience O
with O
large O
pharma O
clients O
, O
which O
see B-Cause
sizable I-Cause
benefits I-Cause
in I-Cause
the I-Cause
simplified I-Cause
procurement I-Cause
process I-Cause
Thermo I-Cause
Fisher I-Cause
offers I-Cause
. O

Post B-Cause
's I-Cause
food-service I-Cause
products I-Cause
are O
designed O
to B-Effect
save I-Effect
time I-Effect
and I-Effect
labor I-Effect
for I-Effect
its I-Effect
clients I-Effect
, O
such O
as O
liquid O
eggs O
to O
eliminate O
the O
need O
for O
cracking O
, O
shelled O
eggs O
, O
and O
eggs O
and O
potatoes O
cut O
into O
various O
formats O
. O

As O
a O
chemicals O
company O
, O
Eastman B-Effect
faces I-Effect
a I-Effect
decent I-Effect
amount I-Effect
of I-Effect
ESG I-Effect
risks I-Effect
, O
primarily O
related O
to O
its O
carbon B-Cause
emissions I-Cause
and I-Cause
the I-Cause
environmental I-Cause
impact I-Cause
of I-Cause
its I-Cause
products I-Cause
. O

We O
also O
note O
the B-Cause
diminishing I-Cause
influence I-Cause
of I-Cause
eyecare I-Cause
professionals I-Cause
from I-Cause
high I-Cause
growth I-Cause
of I-Cause
large I-Cause
online I-Cause
sellers I-Cause
may B-Effect
require I-Effect
Alcon I-Effect
to I-Effect
increase I-Effect
spending I-Effect
on I-Effect
consumer I-Effect
marketing I-Effect
for I-Effect
new I-Effect
lenses I-Effect
. I-Effect

Further O
, O
pricing B-Effect
pressure I-Effect
looms I-Effect
for I-Effect
linerboard I-Effect
in I-Effect
this I-Effect
segment I-Effect
, O
as O
we O
believe O
paper B-Cause
machine I-Cause
conversions I-Cause
to I-Cause
linerboard I-Cause
will I-Cause
threaten I-Cause
pricing I-Cause
. O

We O
also O
model B-Effect
cable I-Effect
capital I-Effect
spending I-Effect
to I-Effect
migrate I-Effect
back I-Effect
up I-Effect
toward I-Effect
13 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
from I-Effect
11 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
increased B-Cause
investment I-Cause
to I-Cause
extend I-Cause
fiber I-Cause
optic I-Cause
cable I-Cause
to I-Cause
more I-Cause
locations I-Cause
offsets I-Cause
the I-Cause
decline I-Cause
in I-Cause
set-top I-Cause
box I-Cause
spending I-Cause
. O

Recent O
bookings O
and O
backlog O
metrics O
indicate O
that O
the B-Effect
CRO I-Effect
addressable I-Effect
market I-Effect
is I-Effect
growing I-Effect
steadily I-Effect
, O
as O
the B-Cause
biopharma I-Cause
industry I-Cause
continues I-Cause
to I-Cause
outsource I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
to I-Cause
CROs I-Cause
. O

Since O
restaurant B-Cause
sourcing I-Cause
costs I-Cause
are I-Cause
considered I-Cause
confidential I-Cause
information I-Cause
, O
companies B-Cause
generally I-Cause
do I-Cause
not I-Cause
talk I-Cause
about I-Cause
them I-Cause
in I-Cause
great I-Cause
detail I-Cause
, O
thus O
making O
side-by-side B-Effect
comparison I-Effect
difficult I-Effect
. O

While O
some B-Effect
auto I-Effect
repair I-Effect
volume I-Effect
is I-Effect
countercyclical I-Effect
, O
as O
vehicles B-Cause
tend I-Cause
to I-Cause
age I-Cause
during I-Cause
recessions I-Cause
, O
technicians B-Effect
' I-Effect
ability I-Effect
to I-Effect
repay I-Effect
debt I-Effect
may O
be O
impeded O
by O
factors B-Cause
such I-Cause
as I-Cause
loss I-Cause
of I-Cause
spouse I-Cause
's I-Cause
income I-Cause
when I-Cause
unemployment I-Cause
increases I-Cause
. O

Although O
new O
competitors O
could O
set O
up O
shop O
on O
Home O
Depot O
's O
turf O
, O
we O
think O
a B-Effect
new I-Effect
player I-Effect
in I-Effect
the I-Effect
industry I-Effect
would I-Effect
be I-Effect
hard-pressed I-Effect
to I-Effect
offer I-Effect
similar I-Effect
product I-Effect
prices I-Effect
, O
as O
it B-Cause
likely I-Cause
would I-Cause
n't I-Cause
have I-Cause
vendor I-Cause
relationships I-Cause
of I-Cause
the I-Cause
same I-Cause
strength I-Cause
. O

Sonic B-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
largest I-Cause
dealers I-Cause
in I-Cause
the I-Cause
U.S. O
, O
so O
it B-Effect
will I-Effect
have I-Effect
scale I-Effect
relative I-Effect
to I-Effect
a I-Effect
small I-Effect
dealer I-Effect
and I-Effect
can I-Effect
get I-Effect
better I-Effect
terms I-Effect
from I-Effect
vendors I-Effect
for I-Effect
supplies I-Effect
, I-Effect
computer I-Effect
systems I-Effect
, I-Effect
and I-Effect
health I-Effect
insurance I-Effect
compared I-Effect
with I-Effect
a I-Effect
small I-Effect
dealer I-Effect
. O

We O
believe O
that O
the B-Cause
addition I-Cause
of I-Cause
the I-Cause
entertainment I-Cause
assets I-Cause
from I-Cause
21st I-Cause
Century I-Cause
Fox I-Cause
should O
help B-Effect
the I-Effect
firm I-Effect
continue I-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
despite I-Effect
operating I-Effect
in I-Effect
the I-Effect
increasingly I-Effect
competitive I-Effect
media I-Effect
marketplace I-Effect
. O

Although O
Natwest O
has O
strongly O
reduced O
its O
risk O
profile O
since O
the O
financial O
crisis O
in O
2008 O
, O
the B-Cause
possibility I-Cause
of I-Cause
a I-Cause
disorderly I-Cause
, I-Cause
or I-Cause
no-deal I-Cause
, I-Cause
Brexit O
creates O
significant B-Effect
uncertainty I-Effect
around I-Effect
its I-Effect
short- I-Effect
to I-Effect
medium-term I-Effect
outlook I-Effect
. O

We O
project O
per-barrel B-Effect
operating I-Effect
costs I-Effect
to I-Effect
hold I-Effect
relatively I-Effect
steady I-Effect
as O
natural B-Cause
gas I-Cause
prices I-Cause
remain I-Cause
low I-Cause
and I-Cause
cost-cutting I-Cause
measures I-Cause
take I-Cause
hold I-Cause
. O

Increasingly O
, O
exchanges B-Effect
are I-Effect
exploiting I-Effect
the I-Effect
value I-Effect
of I-Effect
intangible I-Effect
assets I-Effect
in I-Effect
the I-Effect
form I-Effect
of I-Effect
data I-Effect
sets I-Effect
derived I-Effect
from I-Effect
trading I-Effect
order I-Effect
flow I-Effect
in O
order O
to O
create B-Cause
a I-Cause
competitive I-Cause
advantage I-Cause
. O

We O
think O
Hubbell B-Cause
's I-Cause
industry-leading I-Cause
breadth I-Cause
of I-Cause
product I-Cause
offering I-Cause
gives I-Cause
it I-Cause
an I-Cause
edge I-Cause
over I-Cause
its I-Cause
smaller I-Cause
competitors I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
economies I-Cause
of I-Cause
scope I-Cause
, O
which O
typically O
have B-Effect
a I-Effect
much I-Effect
smaller I-Effect
product I-Effect
line I-Effect
except I-Effect
for I-Effect
Cooper I-Effect
( I-Effect
now I-Effect
a I-Effect
part I-Effect
of I-Effect
Eaton I-Effect
) I-Effect
and I-Effect
Thomas I-Effect
& I-Effect
amp I-Effect
; I-Effect
Bett I-Effect
( I-Effect
now I-Effect
owned I-Effect
by I-Effect
ABB I-Effect
) I-Effect
. O

Eliminating B-Cause
Oi I-Cause
should O
further O
reduce B-Effect
pricing I-Effect
pressure I-Effect
in I-Effect
the I-Effect
market I-Effect
while O
also O
allowing O
the B-Effect
remaining I-Effect
carriers I-Effect
to I-Effect
benefit I-Effect
from O
additional B-Cause
scale I-Cause
. O

As O
the B-Cause
chase I-Cause
to I-Cause
provide I-Cause
space I-Cause
to I-Cause
hyperscale I-Cause
customers I-Cause
like I-Cause
these I-Cause
slows I-Cause
, O
we O
believe O
having B-Effect
unique I-Effect
properties I-Effect
like I-Effect
CoreSite I-Effect
's I-Effect
will I-Effect
be I-Effect
a I-Effect
differentiator I-Effect
. O

We O
believe O
these O
projects O
have O
generally O
met O
Toll O
Brothers O
' O
expectations O
, O
and O
we O
think O
the B-Cause
company I-Cause
has I-Cause
a I-Cause
robust I-Cause
project I-Cause
pipeline I-Cause
that O
will O
continue O
to O
contribute O
profitable B-Effect
growth I-Effect
in I-Effect
a I-Effect
healthy I-Effect
market I-Effect
. O

Furthermore O
, O
some B-Cause
of I-Cause
KBR I-Cause
's I-Cause
government I-Cause
projects I-Cause
involve I-Cause
operating I-Cause
in I-Cause
challenging I-Cause
environments I-Cause
, I-Cause
including I-Cause
remote I-Cause
areas I-Cause
and I-Cause
war I-Cause
zones I-Cause
, O
and O
therefore O
carry B-Effect
high I-Effect
execution I-Effect
risk I-Effect
. O

For O
example O
, O
Valvoline B-Cause
's I-Cause
joint I-Cause
venture I-Cause
with I-Cause
Cummins I-Cause
in I-Cause
India I-Cause
and I-Cause
China I-Cause
allows O
it O
to O
work B-Effect
with I-Effect
a I-Effect
known I-Effect
OEM I-Effect
partner I-Effect
to I-Effect
develop I-Effect
bespoke I-Effect
products I-Effect
that O
can O
effectively B-Effect
anchor I-Effect
future I-Effect
expansion I-Effect
, I-Effect
benefiting I-Effect
from I-Effect
the I-Effect
partner I-Effect
's I-Effect
brand I-Effect
strength I-Effect
. O

Our O
base O
case O
assumes O
rate B-Cause
cuts I-Cause
combined I-Cause
with I-Cause
economic I-Cause
malaise I-Cause
caused I-Cause
by I-Cause
the I-Cause
coronavirus I-Cause
will O
challenge B-Effect
the I-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

Given O
that O
the O
firm O
indicated O
cash O
burn O
is O
set O
to O
be O
around O
$ O
170 O
million O
per O
month O
( O
over O
the O
near O
term O
) O
, O
the B-Cause
$ I-Cause
3.3 I-Cause
billion I-Cause
in I-Cause
cash I-Cause
of I-Cause
Norwegian I-Cause
's I-Cause
balance I-Cause
sheet I-Cause
at I-Cause
year-end I-Cause
buys O
it O
more B-Effect
than I-Effect
a I-Effect
year I-Effect
of I-Effect
operating I-Effect
time I-Effect
to I-Effect
facilitate I-Effect
a I-Effect
tactical I-Effect
re-entry I-Effect
to I-Effect
operating I-Effect
. O

Toll B-Effect
Brothers I-Effect
is I-Effect
the I-Effect
leading I-Effect
luxury I-Effect
homebuilder I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
with O
limited B-Cause
direct I-Cause
competition I-Cause
from I-Cause
public I-Cause
homebuilding I-Cause
peers I-Cause
. O

But O
since B-Effect
2017 I-Effect
the I-Effect
firm I-Effect
has I-Effect
enjoyed I-Effect
significantly I-Effect
stronger I-Effect
basis I-Effect
differentials I-Effect
due O
to O
the B-Cause
startup I-Cause
of I-Cause
the I-Cause
Dakota I-Cause
Access I-Cause
Pipeline I-Cause
. O

As O
a O
result O
of O
its O
M O
& O
amp O
; O
A O
focus O
, O
Fortive B-Cause
continues I-Cause
to I-Cause
add I-Cause
assets I-Cause
and I-Cause
goodwill I-Cause
to I-Cause
its I-Cause
capital I-Cause
base I-Cause
, O
which O
constrains O
growth B-Effect
in I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

We O
believe O
off-price B-Cause
chains I-Cause
are I-Effect
valuable I-Effect
to I-Effect
manufacturers I-Effect
looking I-Effect
to I-Effect
sell I-Effect
excess I-Effect
product I-Effect
, O
as O
they B-Cause
offer I-Cause
flexibility I-Cause
, I-Cause
prompt I-Cause
payment I-Cause
, I-Cause
and I-Cause
discretion I-Cause
by O
avoiding O
advertising B-Effect
the I-Effect
brands I-Effect
they I-Effect
carry I-Effect
( O
important O
to O
producers O
looking O
to O
protect O
conventional O
channel O
pricing O
power O
) O
. O

While O
Icon O
offers O
an O
attractive O
value O
proposition O
to O
its O
customers O
, O
we O
believe O
CROs B-Cause
' I-Cause
exposure I-Cause
to I-Cause
outsourcing I-Cause
decisions I-Cause
and I-Cause
biopharma I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
warrants O
a B-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
. O

However O
, O
high B-Cause
penetration I-Cause
in I-Cause
the I-Cause
acute I-Cause
care I-Cause
EHR I-Cause
space I-Cause
and I-Cause
maturity I-Cause
of I-Cause
the I-Cause
EHR I-Cause
replacement I-Cause
market I-Cause
significantly O
limit O
Cerner B-Effect
's I-Effect
growth I-Effect
opportunities I-Effect
in I-Effect
core I-Effect
EHR I-Effect
beyond I-Effect
2028 I-Effect
. O

However O
, O
once B-Effect
the I-Effect
providers I-Effect
are I-Effect
trained I-Effect
, I-Effect
realized I-Effect
reimbursement I-Effect
typically I-Effect
increases I-Effect
by I-Effect
roughly I-Effect
30 I-Effect
% I-Effect
as O
these B-Cause
systems I-Cause
maximize I-Cause
overall I-Cause
physician I-Cause
productivity I-Cause
. O

Beyond B-Effect
2025 I-Effect
, I-Effect
our I-Effect
model I-Effect
calls I-Effect
for I-Effect
low- I-Effect
to I-Effect
mid-single-digit I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
due O
to O
slowing B-Cause
SMB I-Cause
seller I-Cause
and I-Cause
consumer I-Cause
retention I-Cause
rates I-Cause
. O

We O
expect O
prudent B-Effect
cost-control I-Effect
measures I-Effect
, O
combined O
with O
the B-Cause
pace I-Cause
of I-Cause
revenue I-Cause
growth I-Cause
, I-Cause
to I-Cause
expand I-Cause
GAAP I-Cause
operating I-Cause
margin I-Cause
beyond I-Cause
break-even I-Cause
in I-Cause
2023 I-Cause
versus I-Cause
the I-Cause
14 I-Cause
% I-Cause
loss I-Cause
in I-Cause
2020 I-Cause
( O
non-GAAP O
operating O
margin O
increasing O
to O
the O
20 O
% O
range O
versus O
8 O
% O
in O
2020 O
) O
. O

Risks B-Cause
surrounding I-Cause
a I-Cause
second I-Cause
wave I-Cause
of I-Cause
cases I-Cause
and I-Cause
elongated I-Cause
time I-Cause
until I-Cause
an I-Cause
effective I-Cause
treatment I-Cause
and I-Cause
vaccine I-Cause
are I-Cause
globally I-Cause
available I-Cause
remain I-Cause
, O
which O
could O
delay B-Effect
our I-Effect
forecast I-Effect
recovery I-Effect
in I-Effect
demand I-Effect
. O

Contractors B-Cause
save I-Cause
on I-Cause
overall I-Cause
costs I-Cause
by I-Cause
purchasing I-Cause
high-quality I-Cause
paint I-Cause
that O
decreases B-Effect
preparation I-Effect
and I-Effect
application I-Effect
time I-Effect
to I-Effect
lower I-Effect
labor I-Effect
costs I-Effect
. O

If O
Comcast B-Cause
and I-Cause
its I-Cause
cable I-Cause
peers I-Cause
sharply I-Cause
increase I-Cause
their I-Cause
share I-Cause
of I-Cause
the I-Cause
Internet I-Cause
access I-Cause
market I-Cause
, O
regulatory B-Cause
pressure I-Cause
may I-Cause
grow I-Cause
, O
potentially O
offsetting O
the B-Effect
benefits I-Effect
of I-Effect
these I-Effect
gains I-Effect
. O

Partnering O
DaimlerChrysler O
aerospace O
engineers O
worked O
with O
different O
design O
software O
than O
that O
of O
Airbus O
engineers O
, O
leading O
to O
copper B-Effect
and I-Effect
aluminum I-Effect
wiring I-Effect
for I-Effect
the I-Effect
plane I-Effect
being I-Effect
too I-Effect
short I-Effect
as O
a O
result O
of O
the B-Cause
different I-Cause
software I-Cause
programs I-Cause
calculating I-Cause
wire I-Cause
bend I-Cause
radii I-Cause
differently I-Cause
. O

Bancorp B-Effect
is I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
efficient I-Effect
operators I-Effect
we I-Effect
cover. O
This O
is O
due O
to O
the B-Cause
strength I-Cause
of I-Cause
its I-Cause
traditional I-Cause
banking I-Cause
business I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
advantageous I-Cause
mix I-Cause
of I-Cause
highly I-Cause
efficient I-Cause
nonbanking I-Cause
businesses I-Cause
. O

Similarly O
, O
any O
significant O
changes O
2 O
Jun O
2021 O
05:00 O
, O
UTCto B-Effect
regulatory I-Effect
standards I-Effect
would I-Effect
open I-Effect
the I-Effect
door I-Effect
for I-Effect
new I-Effect
competitors I-Effect
, O
if O
they B-Cause
could I-Cause
demonstrate I-Cause
expertise I-Cause
with I-Cause
new I-Cause
regulatory I-Cause
regimes I-Cause
. O

While B-Cause
Capri I-Cause
has I-Cause
suggested I-Cause
the I-Cause
two I-Cause
brands I-Cause
, I-Cause
when I-Cause
mature I-Cause
, I-Cause
could I-Cause
combine I-Cause
for I-Cause
$ I-Cause
450 I-Cause
million I-Cause
in I-Cause
operating I-Cause
profit I-Cause
and I-Cause
account I-Cause
for I-Cause
30 I-Cause
% I-Cause
of I-Cause
its I-Cause
total I-Cause
operating I-Cause
profit I-Cause
, I-Cause
we I-Cause
do I-Cause
not I-Cause
forecast I-Cause
Capri I-Cause
will I-Cause
reach I-Cause
either I-Cause
goal I-Cause
in I-Cause
the I-Cause
next I-Cause
decade. O
This B-Effect
underlies I-Effect
our I-Effect
forecast I-Effect
for I-Effect
Michael I-Effect
Kors I-Effect
to I-Effect
generate I-Effect
at I-Effect
least I-Effect
70 I-Effect
% I-Effect
of I-Effect
Capri I-Effect
's I-Effect
annual I-Effect
operating I-Effect
profit I-Effect
through I-Effect
fiscal I-Effect
2031 I-Effect
. O

Today O
, O
freight B-Cause
demand I-Cause
is I-Cause
strong I-Cause
due I-Cause
to I-Cause
solid I-Cause
consumer I-Cause
goods I-Cause
and I-Cause
e-commerce I-Cause
growth I-Cause
, O
which O
picked B-Effect
up I-Effect
in I-Effect
the I-Effect
second I-Effect
half I-Effect
of I-Effect
2020 I-Effect
, I-Effect
following I-Effect
pandemic I-Effect
lows I-Effect
. O

We O
expect O
customers O
will O
steadily O
'' O
cut O
the O
cord O
'' O
on O
television O
service O
over O
the O
next O
several O
years O
, O
but O
if O
customer B-Cause
habits I-Cause
change I-Cause
faster I-Cause
than I-Cause
we I-Cause
expect I-Cause
, O
the O
need O
to O
increase B-Effect
Internet I-Effect
access I-Effect
pricing I-Effect
as O
an O
offset O
will O
likely O
accelerate O
as O
well O
. O

If B-Cause
customers I-Cause
start I-Cause
to I-Cause
balk I-Cause
at I-Cause
higher I-Cause
utility I-Cause
bills I-Cause
, O
regulators B-Effect
might I-Effect
force I-Effect
Xcel I-Effect
investors I-Effect
to I-Effect
bear I-Effect
the I-Effect
higher I-Effect
costs I-Effect
instead I-Effect
of I-Effect
rate I-Effect
payers I-Effect
. O

We O
believe O
that O
having B-Effect
the I-Effect
IT I-Effect
function I-Effect
within I-Effect
an I-Effect
enterprise I-Effect
as I-Effect
the I-Effect
initial I-Effect
landing I-Effect
pad I-Effect
is I-Effect
fortunate I-Effect
, O
as O
it B-Cause
provides I-Cause
a I-Cause
built-in I-Cause
advocate I-Cause
for I-Cause
software I-Cause
( I-Cause
an I-Cause
IT I-Cause
responsibility I-Cause
) I-Cause
for I-Cause
other I-Cause
functional I-Cause
areas I-Cause
of I-Cause
the I-Cause
enterprise I-Cause
. O

We O
think O
demand B-Effect
for I-Effect
crops I-Effect
will I-Effect
be I-Effect
strong I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
largely O
due O
to O
robust B-Cause
demand I-Cause
from I-Cause
China I-Cause
and I-Cause
tight I-Cause
global I-Cause
supplies I-Cause
. O

Pratt B-Cause
and I-Cause
Whitney I-Cause
competes I-Cause
in I-Cause
a I-Cause
duopoly I-Cause
with I-Cause
a I-Cause
GE-Safran I-Cause
joint I-Cause
venture I-Cause
, I-Cause
CFM I-Cause
International I-Cause
, O
to B-Effect
engine I-Effect
the I-Effect
large I-Effect
and I-Effect
growing I-Effect
narrow-body I-Effect
market I-Effect
. O

Challenges O
to O
Economic O
Profit O
: O
First O
, O
given O
that O
the B-Cause
cannabis I-Cause
industry I-Cause
remains I-Cause
in I-Cause
the I-Cause
growth I-Cause
stage I-Cause
, O
we O
think O
that O
years B-Effect
of I-Effect
significant I-Effect
investment I-Effect
will I-Effect
be I-Effect
necessary I-Effect
to I-Effect
support I-Effect
robust I-Effect
growth I-Effect
for I-Effect
the I-Effect
industry I-Effect
. O

We O
forecast O
the B-Effect
refining I-Effect
segment I-Effect
to I-Effect
remain I-Effect
profitable I-Effect
through I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, O
assuming O
domestic B-Cause
refined I-Cause
product I-Cause
prices I-Cause
remain I-Cause
at I-Cause
elevated I-Cause
levels I-Cause
relative I-Cause
to I-Cause
international I-Cause
prices I-Cause
and I-Cause
foreign I-Cause
imports I-Cause
fall I-Cause
on I-Cause
lower I-Cause
demand I-Cause
and I-Cause
increased I-Cause
domestic I-Cause
production I-Cause
. O

Because O
of O
the B-Cause
monopoly I-Cause
status I-Cause
, O
FERC B-Effect
regulates I-Effect
the I-Effect
rates I-Effect
that I-Effect
can I-Effect
be I-Effect
charged I-Effect
, O
but O
it O
generally O
allows O
companies O
to O
earn O
a O
return O
on O
their O
capital O
well O
above O
their O
cost O
of O
capital O
. O

Brand O
Intangible O
Assets O
: O
The B-Cause
creation I-Cause
of I-Cause
brand-driven I-Cause
intangible I-Cause
assets I-Cause
could O
help O
cannabis B-Effect
companies I-Effect
establish I-Effect
pricing I-Effect
power I-Effect
and I-Effect
generate I-Effect
economic I-Effect
profits I-Effect
. O

However O
, O
given B-Cause
inconsistent I-Cause
capital I-Cause
allocation I-Cause
practices I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
ROICs B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
surpass I-Effect
our I-Effect
WACC I-Effect
( I-Effect
9.5 I-Effect
% I-Effect
) I-Effect
over I-Effect
the I-Effect
remainder I-Effect
of I-Effect
our I-Effect
forecast I-Effect
. O

Furthermore O
, O
as O
increasingly B-Cause
durable I-Cause
cars I-Cause
and I-Cause
trucks I-Cause
remain I-Cause
on I-Cause
the I-Cause
road I-Cause
longer I-Cause
than I-Cause
their I-Cause
forebears I-Cause
, O
motor B-Effect
oils I-Effect
engineered I-Effect
to I-Effect
meet I-Effect
the I-Effect
demands I-Effect
of I-Effect
high-mileage I-Effect
engines I-Effect
, I-Effect
such I-Effect
as I-Effect
Valvoline I-Effect
's I-Effect
MaxLife I-Effect
product I-Effect
, I-Effect
have I-Effect
become I-Effect
increasingly I-Effect
important I-Effect
. O

As B-Cause
Church I-Cause
& I-Cause
Dwight I-Cause
continues I-Cause
to I-Cause
purchase I-Cause
leading I-Cause
brands I-Cause
to I-Cause
capture I-Cause
market I-Cause
share I-Cause
, O
we B-Effect
worry I-Effect
it I-Effect
will I-Effect
extend I-Effect
too I-Effect
far I-Effect
into I-Effect
categories I-Effect
with I-Effect
which I-Effect
it I-Effect
is I-Effect
not I-Effect
as I-Effect
familiar I-Effect
. O

Although O
Match O
Group O
has O
45 O
brands O
, O
we O
expect O
it O
to B-Cause
realize I-Cause
operating I-Cause
leverage I-Cause
through I-Cause
consolidation I-Cause
of I-Cause
the I-Cause
technological I-Cause
infrastructure I-Cause
behind I-Cause
the I-Cause
brands I-Cause
, O
which O
results O
in O
more B-Effect
scalability I-Effect
and I-Effect
efficiency I-Effect
for I-Effect
that I-Effect
segment I-Effect
. O

We B-Cause
forecast I-Cause
that I-Cause
McCormick I-Cause
will I-Cause
continue I-Cause
to I-Cause
invest I-Cause
behind I-Cause
new I-Cause
products I-Cause
and I-Cause
marketing I-Cause
( I-Cause
more I-Cause
than I-Cause
6 I-Cause
% I-Cause
of I-Cause
sales I-Cause
each I-Cause
year I-Cause
over I-Cause
our I-Cause
10-year I-Cause
explicit I-Cause
forecast I-Cause
, I-Cause
or I-Cause
around I-Cause
$ I-Cause
400 I-Cause
million I-Cause
) I-Cause
, O
which O
we B-Effect
view I-Effect
as I-Effect
a I-Effect
means I-Effect
to I-Effect
enhance I-Effect
the I-Effect
stickiness I-Effect
of I-Effect
its I-Effect
relationships I-Effect
with I-Effect
leading I-Effect
brick-and-mortar I-Effect
and I-Effect
e-commerce I-Effect
retailers I-Effect
. O

The B-Cause
devastating I-Cause
mid-February I-Cause
winter I-Cause
storm I-Cause
in I-Cause
Texas I-Cause
created O
a B-Effect
temporary I-Effect
setback I-Effect
with I-Effect
nearly I-Effect
$ I-Effect
1 I-Effect
billion I-Effect
of I-Effect
losses I-Effect
, O
but O
we O
expect O
NRG O
to O
continue O
pushing O
forward O
with O
its O
integration O
plan O
. O

We O
think O
Lithia B-Effect
will I-Effect
keep I-Effect
realizing I-Effect
strong I-Effect
SG I-Effect
& I-Effect
A I-Effect
leverage I-Effect
as O
it B-Cause
brings I-Cause
newly I-Cause
acquired I-Cause
stores I-Cause
up I-Cause
to I-Cause
its I-Cause
operating I-Cause
standards I-Cause
and I-Cause
gets I-Cause
the I-Cause
scale I-Cause
to I-Cause
match I-Cause
its I-Cause
growing I-Cause
size I-Cause
. O

These O
plants B-Cause
can I-Cause
cost I-Cause
up I-Cause
to I-Cause
$ I-Cause
7 I-Cause
billion I-Cause
to I-Cause
build I-Cause
( I-Cause
and I-Cause
often I-Cause
a I-Cause
10-year I-Cause
supply I-Cause
agreement I-Cause
) I-Cause
, O
creating O
a O
strong O
incentive B-Effect
for I-Effect
customers I-Effect
to O
maintain O
their O
relationship O
and O
earn O
a O
return O
on O
their O
large O
investment O
. O

As O
patents B-Cause
for I-Cause
FMC I-Cause
's I-Cause
successful I-Cause
crop I-Cause
chemical I-Cause
products I-Cause
expire I-Cause
, O
the B-Cause
company I-Cause
must I-Cause
continue I-Cause
to I-Cause
invest I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
to I-Cause
develop I-Cause
new I-Cause
products I-Cause
from I-Cause
its I-Cause
the I-Cause
pipeline I-Cause
in O
order O
to O
maintain B-Effect
the I-Effect
same I-Effect
levels I-Effect
of I-Effect
profitability I-Effect
. O

Pinnacle B-Cause
synergies I-Cause
should O
also O
result B-Effect
in I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
averaging I-Effect
8.4 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
, I-Effect
down I-Effect
from I-Effect
a I-Effect
9.8 I-Effect
% I-Effect
average I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
. O

The O
regulator O
believes O
the O
two B-Cause
operators I-Cause
have I-Cause
significant I-Cause
dominance I-Cause
in I-Cause
the I-Cause
market I-Cause
, O
which O
allows O
them O
to O
coordinate B-Effect
pricing I-Effect
and I-Effect
delay I-Effect
investments I-Effect
. O

Fastly B-Effect
is I-Effect
growing I-Effect
extraordinarily I-Effect
fast I-Effect
and I-Effect
is I-Effect
taking I-Effect
share I-Effect
from I-Effect
Akamai I-Effect
, O
and O
we O
believe O
its B-Cause
developer-friendly I-Cause
strategy I-Cause
and I-Cause
edge-computing I-Cause
capabilities I-Cause
are O
primary O
reasons O
. O

Furthermore O
, O
the B-Cause
company I-Cause
's I-Cause
tests I-Cause
of I-Cause
cashierless I-Cause
checkout I-Cause
using I-Cause
the I-Cause
app I-Cause
could I-Cause
reduce I-Cause
Dollar I-Cause
General I-Cause
's I-Cause
labor I-Cause
needs I-Cause
, O
further B-Effect
enhancing I-Effect
its I-Effect
cost I-Effect
position I-Effect
( O
a O
move O
that O
comes O
as O
Dollar O
General O
boosts O
its O
in-store O
electronic O
surveillance O
measures O
to O
reduce O
shrink O
) O
. O

Share B-Effect
shifts I-Effect
in I-Effect
this I-Effect
market I-Effect
are I-Effect
glacial I-Effect
at I-Effect
best I-Effect
, O
thanks O
to O
significant B-Cause
switching I-Cause
costs I-Cause
, O
and O
new O
technology O
does O
not O
necessarily O
overcome O
those O
switching O
costs O
. O

While O
we O
have O
a O
positive O
view O
of O
PVH O
's O
international O
expansion O
, O
Tommy B-Effect
Hilfiger I-Effect
and I-Effect
Calvin I-Effect
Klein I-Effect
suffered I-Effect
sales I-Effect
declines I-Effect
in I-Effect
North I-Effect
America I-Effect
in I-Effect
2019 I-Effect
, O
which O
we O
view O
as O
a B-Cause
sign I-Cause
of I-Cause
weakness I-Cause
in I-Cause
these I-Cause
brands I-Cause
. O

In O
the O
current O
market O
, O
growth B-Cause
tends I-Cause
to I-Cause
be I-Cause
through I-Cause
consolidation I-Cause
of I-Cause
hospitals I-Cause
, I-Cause
health I-Cause
systems I-Cause
, I-Cause
and I-Cause
practices I-Cause
; O
this O
tends O
to O
benefit B-Effect
stronger I-Effect
peers I-Effect
with I-Effect
better-positioned I-Effect
system I-Effect
clients I-Effect
. O

Nevertheless O
, O
we O
believe O
the B-Cause
provincial I-Cause
nature I-Cause
of I-Cause
most I-Cause
beer I-Cause
brands I-Cause
restricts O
the B-Effect
leveragability I-Effect
of I-Effect
global I-Effect
scale I-Effect
in I-Effect
the I-Effect
brewing I-Effect
industry I-Effect
. O

Kinder B-Cause
Morgan I-Cause
's I-Cause
extensive I-Cause
natural I-Cause
gas I-Cause
and I-Cause
refined I-Cause
products I-Cause
pipelines I-Cause
and I-Cause
continued I-Cause
investment I-Cause
in I-Cause
major I-Cause
projects I-Cause
look O
set O
to O
extend B-Effect
the I-Effect
company I-Effect
's I-Effect
asset I-Effect
footprint I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

We O
forecast O
wireless O
margins O
will O
hold O
roughly O
flat O
over O
the O
next O
five O
years O
, O
as O
Verizon B-Cause
's I-Cause
desire I-Cause
to I-Cause
keep I-Cause
its I-Cause
network I-Cause
at I-Cause
the I-Cause
forefront I-Cause
of I-Cause
the I-Cause
industry I-Cause
will O
cause O
the B-Effect
cost I-Effect
of I-Effect
servicing I-Effect
customers I-Effect
to I-Effect
increase I-Effect
over I-Effect
time I-Effect
, I-Effect
offsetting I-Effect
the I-Effect
benefit I-Effect
of I-Effect
improved I-Effect
pricing I-Effect
and I-Effect
ongoing I-Effect
efficiency I-Effect
efforts I-Effect
. O

The B-Effect
Northern I-Effect
California I-Effect
and I-Effect
Seattle I-Effect
markets I-Effect
have I-Effect
seen I-Effect
significant I-Effect
job I-Effect
and I-Effect
income I-Effect
growth I-Effect
generated B-Cause
by I-Cause
the I-Cause
technology I-Cause
industry I-Cause
, I-Cause
which I-Cause
has I-Cause
created I-Cause
substantial I-Cause
demand I-Cause
for I-Cause
rental I-Cause
units I-Cause
. I-Cause

This O
is O
especially O
the O
case O
in O
XPO O
's O
asset-based O
LTL O
trucking O
operations O
because O
excess B-Cause
capacity I-Cause
has O
historically O
driven O
carriers B-Effect
across I-Effect
the I-Effect
industry I-Effect
to I-Effect
slash I-Effect
rates I-Effect
in I-Effect
an I-Effect
attempt I-Effect
to I-Effect
salvage I-Effect
asset I-Effect
utilization I-Effect
. O

Broadly O
speaking O
, O
we O
believe O
the B-Effect
soft I-Effect
drink I-Effect
market I-Effect
lends I-Effect
itself I-Effect
well I-Effect
to I-Effect
scale I-Effect
efficiencies I-Effect
-- O
it B-Cause
is I-Cause
heavily I-Cause
concentrated I-Cause
, I-Cause
and I-Cause
there I-Cause
is I-Cause
a I-Cause
confluence I-Cause
of I-Cause
relatively I-Cause
simple I-Cause
base I-Cause
inputs I-Cause
but O
unique B-Cause
ingredient I-Cause
formulations I-Cause
that O
ultimately O
result O
in O
distinct B-Effect
taste I-Effect
. O

The B-Effect
performance I-Effect
of I-Effect
ADS I-Effect
' I-Effect
banks I-Effect
in I-Effect
turn I-Effect
will I-Effect
be I-Effect
driven I-Effect
by I-Effect
receivable I-Effect
levels I-Effect
and I-Effect
net I-Effect
charge-offs I-Effect
, O
which O
are O
dependent O
on O
the B-Cause
business I-Cause
results I-Cause
of I-Cause
its I-Cause
retail I-Cause
partners I-Cause
and I-Cause
the I-Cause
broader I-Cause
economy I-Cause
. O

Still O
, O
wireless B-Cause
technology I-Cause
continues I-Cause
to I-Cause
evolve I-Cause
, O
enabling O
more B-Effect
spectrum I-Effect
to I-Effect
be I-Effect
put I-Effect
to I-Effect
use I-Effect
more I-Effect
efficiently I-Effect
, I-Effect
potentially I-Effect
lowering I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
for I-Effect
firms I-Effect
that I-Effect
have I-Effect
long I-Effect
wanted I-Effect
to I-Effect
enter I-Effect
the I-Effect
business I-Effect
. O

WW B-Cause
's I-Cause
recruitment I-Cause
struggles I-Cause
from I-Cause
2012-15 I-Cause
and I-Cause
again I-Cause
in I-Cause
early I-Cause
2019 I-Cause
raise B-Effect
questions I-Effect
about I-Effect
the I-Effect
longer-term I-Effect
pricing I-Effect
power I-Effect
of I-Effect
its I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
. O

Finally O
, O
continuing B-Cause
to I-Cause
lean I-Cause
into I-Cause
a I-Cause
network I-Cause
of I-Cause
strong I-Cause
master I-Cause
franchise I-Cause
partners I-Cause
in I-Cause
international I-Cause
markets I-Cause
, O
which O
see B-Effect
better I-Effect
comparable I-Effect
sales I-Effect
and I-Effect
franchise I-Effect
returns I-Effect
on I-Effect
investment I-Effect
than I-Effect
their I-Effect
U.S I-Effect
. I-Effect

Falling B-Cause
behind I-Cause
the I-Cause
technology I-Cause
curve I-Cause
could O
impair O
the B-Effect
firm I-Effect
's I-Effect
pricing I-Effect
power I-Effect
and I-Effect
market I-Effect
share I-Effect
, O
especially O
given O
the O
potential O
for O
increased O
competition O
from O
low-cost O
Asian O
firms O
. O

We O
believe O
that O
TC B-Cause
Energy I-Cause
's I-Cause
broad I-Cause
network I-Cause
of I-Cause
crude I-Cause
and I-Cause
natural I-Cause
gas I-Cause
pipeline I-Cause
assets I-Cause
and I-Cause
geographic I-Cause
diversification I-Cause
will O
serve B-Effect
the I-Effect
company I-Effect
well I-Effect
in I-Effect
the I-Effect
low-oil-price I-Effect
environment I-Effect
, O
and O
pipeline B-Cause
expansions I-Cause
in I-Cause
growing I-Cause
regions I-Cause
will O
fuel B-Effect
EBITDA I-Effect
and I-Effect
cash I-Effect
distribution I-Effect
growth I-Effect
. O

Along O
these O
lines O
, O
Robinson B-Cause
's I-Cause
migration I-Cause
to I-Cause
large I-Cause
, I-Cause
price-committed I-Cause
customers I-Cause
over I-Cause
the I-Cause
years I-Cause
is O
a O
double-edge O
sword O
-- O
these B-Effect
shippers I-Effect
provide I-Effect
scheduled I-Effect
freight I-Effect
, I-Effect
but I-Effect
they I-Effect
also I-Effect
boost I-Effect
gross I-Effect
margin I-Effect
risk I-Effect
. O

We O
believe O
switching B-Cause
costs I-Cause
, I-Cause
and I-Cause
to I-Cause
a I-Cause
lesser I-Cause
extent I-Cause
intangible I-Cause
assets I-Cause
, O
have O
enabled O
Aspen O
historically O
to O
generate B-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
well I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Gross B-Cause
merchandise I-Cause
value I-Cause
per I-Cause
active I-Cause
customer I-Cause
has I-Cause
also I-Cause
increased I-Cause
recently I-Cause
; I-Cause
it I-Cause
was I-Cause
956 I-Cause
in I-Cause
2017 I-Cause
compared I-Cause
with I-Cause
902 I-Cause
in I-Cause
2015 I-Cause
and I-Cause
experienced I-Cause
further I-Cause
15 I-Cause
% I-Cause
growth I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
2018. O
As O
a O
result O
of O
this O
consumer O
demand O
, O
Farfetch B-Effect
outperformed I-Effect
the I-Effect
online I-Effect
luxury I-Effect
market I-Effect
, I-Effect
as I-Effect
its I-Effect
market I-Effect
share I-Effect
grew I-Effect
from I-Effect
2 I-Effect
% I-Effect
in I-Effect
2015 I-Effect
to I-Effect
3.2 I-Effect
% I-Effect
in I-Effect
2017 I-Effect
. O

We O
think O
pursuing B-Effect
large I-Effect
acquisitions I-Effect
instead I-Effect
of I-Effect
repurchases I-Effect
brings I-Effect
its I-Effect
own I-Effect
set I-Effect
of I-Effect
risks I-Effect
since O
Mettler B-Cause
may I-Cause
overpay I-Cause
to I-Cause
achieve I-Cause
capital I-Cause
return I-Cause
. O

Five B-Cause
Below I-Cause
's I-Cause
wide I-Cause
range I-Cause
of I-Cause
trend-focused I-Cause
items I-Cause
is I-Cause
fast-changing I-Cause
, I-Cause
enabling I-Cause
a I-Cause
continually I-Cause
refreshed I-Cause
assortment I-Cause
that O
incentivizes B-Effect
shoppers I-Effect
to I-Effect
return I-Effect
and I-Effect
helps I-Effect
keep I-Effect
the I-Effect
attention I-Effect
of I-Effect
the I-Effect
preteen I-Effect
and I-Effect
teenaged I-Effect
customers I-Effect
that I-Effect
the I-Effect
company I-Effect
targets I-Effect
. O

If O
such B-Cause
partners I-Cause
exit I-Cause
these I-Cause
partnerships I-Cause
in I-Cause
future I-Cause
years I-Cause
, O
it B-Effect
could I-Effect
have I-Effect
an I-Effect
adverse I-Effect
impact I-Effect
on I-Effect
RingCentral I-Effect
's I-Effect
sales I-Effect
strategy I-Effect
and I-Effect
impair I-Effect
growth I-Effect
. O

Unlike O
the O
alcoholic O
beverage O
industry O
in O
markets O
like O
the O
U.S. O
, O
there B-Cause
are I-Cause
no I-Cause
laws I-Cause
mandating I-Cause
that I-Cause
soft I-Cause
drinks I-Cause
must I-Cause
be I-Cause
distributed I-Cause
through I-Cause
intermediaries. O
Therefore O
, O
trademark B-Effect
owners I-Effect
, I-Effect
based I-Effect
on I-Effect
their I-Effect
assessment I-Effect
of I-Effect
competitive I-Effect
dynamics I-Effect
and I-Effect
long-term I-Effect
economics I-Effect
, I-Effect
can I-Effect
choose I-Effect
to I-Effect
either I-Effect
go I-Effect
to I-Effect
market I-Effect
individually I-Effect
, I-Effect
or I-Effect
franchise I-Effect
the I-Effect
packaging I-Effect
, I-Effect
sales I-Effect
, I-Effect
and I-Effect
distribution I-Effect
of I-Effect
their I-Effect
finished I-Effect
products I-Effect
. O

As O
the B-Cause
economic I-Cause
headwinds I-Cause
brought I-Cause
on I-Cause
by I-Cause
COVID-19 I-Cause
continue I-Cause
to I-Cause
moderate I-Cause
, O
we O
expect O
a B-Effect
strong I-Effect
rebound I-Effect
in I-Effect
demand I-Effect
across I-Effect
the I-Effect
end I-Effect
markets I-Effect
for I-Effect
ON I-Effect
Semiconductor I-Effect
. O

Finally O
, O
the B-Effect
largest I-Effect
banks I-Effect
will O
be O
able O
to O
spend B-Cause
the I-Cause
most I-Cause
on I-Cause
technology I-Cause
going I-Cause
forward I-Cause
, I-Cause
better I-Cause
optimizing I-Cause
operations I-Cause
, I-Cause
and I-Cause
creating I-Cause
unique I-Cause
data I-Cause
on I-Cause
the I-Cause
largest I-Cause
client I-Cause
bases I-Cause
. O

BBVA B-Effect
is I-Effect
the I-Effect
undoubted I-Effect
market I-Effect
leader I-Effect
in I-Effect
the I-Effect
oligopolistic I-Effect
Mexican I-Effect
banking I-Effect
sector I-Effect
, O
which O
has O
supported O
its O
ability O
to O
consistently B-Cause
generate I-Cause
ROEs I-Cause
more I-Cause
than I-Cause
20 I-Cause
% I-Cause
in I-Cause
this I-Cause
market I-Cause
. O

While O
ON O
does O
not O
manufacture O
all O
of O
its O
products O
( O
CMOS O
image O
sensors O
, O
for O
example O
, O
are O
outsourced O
) O
, O
it B-Cause
does I-Cause
plan I-Cause
on I-Cause
handling I-Cause
roughly I-Cause
80 I-Cause
% I-Cause
and O
as O
a O
result O
has B-Effect
a I-Effect
significant I-Effect
asset I-Effect
base I-Effect
to I-Effect
support I-Effect
substrate I-Effect
and I-Effect
chip I-Effect
production I-Effect
. O

We B-Effect
still I-Effect
think I-Effect
Quest I-Effect
should I-Effect
benefit I-Effect
, I-Effect
either I-Effect
from I-Effect
rising I-Effect
reimbursement I-Effect
rates I-Effect
, O
or O
as O
more B-Cause
hospital-based I-Cause
labs I-Cause
and I-Cause
smaller I-Cause
independent I-Cause
labs I-Cause
decide I-Cause
to I-Cause
shift I-Cause
more I-Cause
volume I-Cause
over I-Cause
to I-Cause
Quest I-Cause
. O

American B-Effect
Tower I-Effect
's I-Effect
international I-Effect
growth I-Effect
has I-Effect
been I-Effect
depressed I-Effect
recently I-Effect
due O
to O
consolidation B-Cause
of I-Cause
mobile I-Cause
carriers I-Cause
in I-Cause
India I-Cause
, O
which O
has O
led O
to O
high B-Effect
churn I-Effect
. O

Cheniere B-Cause
to I-Cause
date I-Cause
has I-Cause
been I-Cause
very I-Cause
efficient I-Cause
from I-Cause
an I-Cause
operating I-Cause
performance I-Cause
perspective I-Cause
( O
about O
112 O
% O
) O
, O
thus O
earning B-Effect
a I-Effect
small I-Effect
margin I-Effect
on I-Effect
the I-Effect
variable I-Effect
fees I-Effect
. O

Rather O
, O
accelerating B-Cause
digitization I-Cause
( O
as O
customers B-Cause
are I-Cause
effectively I-Cause
forced I-Cause
to I-Cause
become I-Cause
familiar I-Cause
with I-Cause
convenient I-Cause
delivery I-Cause
and I-Cause
click I-Cause
and I-Cause
collect I-Cause
options I-Cause
on I-Cause
account I-Cause
of I-Cause
shelter-in-place I-Cause
orders I-Cause
) O
stands O
to O
shift B-Effect
sales I-Effect
into I-Effect
more I-Effect
costly I-Effect
fulfillment I-Effect
channels I-Effect
. O

At O
present O
, O
SSD B-Cause
remains I-Cause
a I-Cause
costly I-Cause
product I-Cause
for I-Cause
high I-Cause
capacities I-Cause
and O
we B-Effect
anticipate I-Effect
that I-Effect
business-critical I-Effect
storage I-Effect
( I-Effect
'nearline I-Effect
' I-Effect
storage I-Effect
not I-Effect
needed I-Effect
for I-Effect
immediate I-Effect
access I-Effect
) I-Effect
will I-Effect
continue I-Effect
to I-Effect
be I-Effect
in I-Effect
the I-Effect
hands I-Effect
of I-Effect
HDD I-Effect
technology I-Effect
. O

New B-Cause
regulations I-Cause
that I-Cause
force I-Cause
CME I-Cause
to I-Cause
take I-Cause
on I-Cause
a I-Cause
larger I-Cause
share I-Cause
of I-Cause
the I-Cause
risk I-Cause
at I-Cause
its I-Cause
clearinghouse I-Cause
or I-Cause
to I-Cause
separate I-Cause
its I-Cause
clearing I-Cause
business I-Cause
out I-Cause
entirely I-Cause
would O
have O
a B-Effect
significant I-Effect
impact I-Effect
on I-Effect
the I-Effect
company I-Effect
. O

In O
November O
, O
the O
chain O
indicated O
the O
burger O
will O
likely O
not O
carry O
the O
Beyond O
brand O
, O
but O
we O
think O
Beyond B-Effect
will I-Effect
be I-Effect
a I-Effect
primary I-Effect
supplier I-Effect
, O
as O
Beyond B-Cause
helped I-Cause
to I-Cause
develop I-Cause
the I-Cause
product I-Cause
and I-Cause
few I-Cause
firms I-Cause
have I-Cause
enough I-Cause
capacity I-Cause
. O

Higher B-Effect
average I-Effect
returns I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
capital I-Effect
investments I-Effect
should I-Effect
help I-Effect
earnings O
as O
transmission B-Cause
projects I-Cause
become I-Cause
a I-Cause
larger I-Cause
share I-Cause
of I-Cause
its I-Cause
regulated I-Cause
asset I-Cause
mix I-Cause
. O

The B-Cause
combination I-Cause
of I-Cause
intensive I-Cause
capital I-Cause
requirements I-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
associated I-Cause
with I-Cause
future I-Cause
projects I-Cause
hampers O
Suncor B-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

With O
SolidWorks B-Cause
software I-Cause
being I-Cause
considered I-Cause
the I-Cause
industry I-Cause
standard I-Cause
for I-Cause
many I-Cause
of I-Cause
its I-Cause
solutions I-Cause
, O
specifically O
within O
product O
manufacturing O
, O
universities B-Cause
are I-Cause
convinced I-Cause
to I-Cause
continue I-Cause
teaching I-Cause
the I-Cause
software I-Cause
in I-Cause
its I-Cause
programs I-Cause
, O
which O
drives O
firms B-Cause
to I-Cause
continue I-Cause
using I-Cause
this I-Cause
industry I-Cause
standard I-Cause
, O
causing O
universities B-Effect
to I-Effect
continue I-Effect
to I-Effect
teach I-Effect
the I-Effect
software I-Effect
in I-Effect
their I-Effect
technical I-Effect
curriculums I-Effect
. O

In O
commercial O
aerospace O
, B-Cause
Pratt I-Cause
and I-Cause
Whitney I-Cause
, I-Cause
Raytheon I-Cause
's I-Cause
jet I-Cause
engine I-Cause
manufacturer I-Cause
, I-Cause
is I-Cause
in I-Cause
the I-Cause
midst I-Cause
of I-Cause
a I-Cause
large I-Cause
ramp I-Cause
up I-Cause
for I-Cause
the I-Cause
Geared I-Cause
Turbofan I-Cause
engine I-Cause
to O
support O
its B-Effect
placement I-Effect
on I-Effect
the I-Effect
popular I-Effect
A320neo I-Effect
family I-Effect
of I-Effect
aircraft I-Effect
. O

Like O
its O
peers O
, O
the O
firm O
is O
focused O
on O
engaging O
users O
beyond O
the O
initial O
game O
sale O
via O
widening B-Effect
the I-Effect
monetization I-Effect
window I-Effect
by O
expanding B-Cause
the I-Cause
use I-Cause
of I-Cause
multiplayer I-Cause
options I-Cause
and O
releasing B-Cause
downloadable I-Cause
content I-Cause
, I-Cause
or I-Cause
DLC I-Cause
. O

As B-Cause
food-service I-Cause
providers I-Cause
serve I-Cause
an I-Cause
increasing I-Cause
proportion I-Cause
of I-Cause
fresh I-Cause
food I-Cause
, I-Cause
this I-Cause
carries I-Cause
additional I-Cause
supply I-Cause
chain I-Cause
complexity I-Cause
from I-Cause
a I-Cause
cleaning I-Cause
and I-Cause
sanitation I-Cause
perspective I-Cause
, O
which O
allows B-Effect
Ecolab I-Effect
to I-Effect
further I-Effect
engrain I-Effect
itself I-Effect
in I-Effect
its I-Effect
food-service I-Effect
customers I-Effect
' I-Effect
business I-Effect
. O

The B-Cause
Medicare I-Cause
for I-Cause
All I-Cause
scenario I-Cause
debated I-Cause
in I-Cause
the I-Cause
Democratic I-Cause
primaries I-Cause
called I-Cause
for I-Cause
the I-Cause
elimination I-Cause
of I-Cause
the I-Cause
private I-Cause
insurance I-Cause
industry I-Cause
, O
which O
would O
have O
threatened B-Effect
all I-Effect
of I-Effect
Anthem I-Effect
's I-Effect
operations I-Effect
. O

We O
believe O
the B-Cause
faster-growing I-Cause
higher-margin I-Cause
international I-Cause
businesses I-Cause
will O
drive O
margin B-Effect
expansion I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
, O
although O
COVID-19 O
has O
delayed O
the O
process O
. O

That O
said O
, O
the B-Cause
sector I-Cause
's I-Cause
poor I-Cause
underlying I-Cause
economics I-Cause
along I-Cause
with I-Cause
changing I-Cause
shopping I-Cause
habits I-Cause
demand I-Cause
continuous I-Cause
investments I-Cause
in I-Cause
technology I-Cause
and I-Cause
automation I-Cause
as I-Cause
well I-Cause
as I-Cause
selective I-Cause
price I-Cause
reductions I-Cause
, I-Cause
along I-Cause
with I-Cause
store I-Cause
remodeling I-Cause
investment I-Cause
programs I-Cause
in I-Cause
regions I-Cause
with I-Cause
intensifying I-Cause
competition I-Cause
( I-Cause
particularly I-Cause
the I-Cause
Southeastern I-Cause
U.S. I-Cause
) I-Cause
. O
As O
such O
we B-Effect
do I-Effect
not I-Effect
see I-Effect
material I-Effect
competitive I-Effect
advantages I-Effect
emerging I-Effect
in I-Effect
this I-Effect
new I-Effect
era I-Effect
for I-Effect
traditional I-Effect
grocers I-Effect
, I-Effect
including I-Effect
Ahold I-Effect
Delhaize I-Effect
. O

By B-Cause
controlling I-Cause
the I-Cause
source I-Cause
and I-Cause
transportation I-Cause
of I-Cause
CO2 I-Cause
and I-Cause
oil I-Cause
production I-Cause
from I-Cause
two I-Cause
fields I-Cause
using I-Cause
CO2 I-Cause
floods I-Cause
, O
Kinder O
has O
created O
a O
minimonopoly O
in O
the O
Permian O
that O
would O
be O
difficult B-Effect
for I-Effect
a I-Effect
competitor I-Effect
to I-Effect
replicate I-Effect
. O

We B-Cause
now I-Cause
forecast I-Cause
RH I-Cause
's I-Cause
terminal I-Cause
operating I-Cause
margin I-Cause
at I-Cause
22.2 I-Cause
% I-Cause
( I-Cause
21.6 I-Cause
% I-Cause
prior I-Cause
) I-Cause
, I-Cause
reflecting I-Cause
the I-Cause
increasing I-Cause
possibility I-Cause
that I-Cause
the I-Cause
company I-Cause
's I-Cause
evolution I-Cause
to I-Cause
an I-Cause
integrated I-Cause
luxury I-Cause
brand I-Cause
could I-Cause
offer I-Cause
the I-Cause
ability I-Cause
to I-Cause
tap I-Cause
into I-Cause
a I-Cause
larger I-Cause
total I-Cause
addressable I-Cause
market I-Cause
, I-Cause
rather I-Cause
than I-Cause
solely I-Cause
a I-Cause
furniture-seeking I-Cause
cohort. O
As O
such O
, O
we O
believe O
the B-Effect
company I-Effect
can I-Effect
capture I-Effect
higher I-Effect
gross I-Effect
margin I-Effect
metrics I-Effect
ahead I-Effect
, I-Effect
set I-Effect
for I-Effect
46 I-Effect
% I-Effect
-47 I-Effect
% I-Effect
over I-Effect
our I-Effect
forecast I-Effect
, I-Effect
versus I-Effect
the I-Effect
46 I-Effect
% I-Effect
we I-Effect
believe I-Effect
RH I-Effect
can I-Effect
capture I-Effect
in I-Effect
2020 I-Effect
( I-Effect
and I-Effect
the I-Effect
41 I-Effect
% I-Effect
RH I-Effect
reported I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

Charter B-Effect
's I-Effect
EBITDA I-Effect
margin I-Effect
has I-Effect
been I-Effect
stuck I-Effect
in I-Effect
the I-Effect
36-37 I-Effect
% I-Effect
range I-Effect
since I-Effect
the I-Effect
2016 I-Effect
mergers I-Effect
closed I-Effect
, O
a O
gap O
that O
is O
likely O
explained O
by O
differentials B-Cause
in I-Cause
pricing I-Cause
. O

That O
said O
, O
we O
note O
that O
ROICs B-Cause
have I-Cause
declined I-Cause
in I-Cause
recent I-Cause
years I-Cause
as I-Cause
regular I-Cause
acquisitions I-Cause
have I-Cause
added I-Cause
goodwill I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
capital I-Cause
base I-Cause
, I-Cause
and I-Cause
there I-Cause
is I-Cause
a I-Cause
potential I-Cause
risk I-Cause
that I-Cause
poor I-Cause
execution I-Cause
of I-Cause
its I-Cause
M I-Cause
& I-Cause
A I-Cause
strategy I-Cause
could O
depress B-Effect
Nordson I-Effect
's I-Effect
future I-Effect
ROICs I-Effect
. O

First O
, O
in O
May O
2016 O
, O
the O
FDA B-Cause
established I-Cause
a I-Cause
reference I-Cause
dietary I-Cause
intake I-Cause
of I-Cause
550 I-Cause
milligrams I-Cause
for I-Cause
foods I-Cause
and I-Cause
supplements I-Cause
that I-Cause
include I-Cause
choline I-Cause
, O
providing B-Cause
the I-Cause
nutrient I-Cause
with I-Cause
greater I-Cause
visibility I-Cause
, O
which O
should O
lead O
to O
higher B-Effect
consumption I-Effect
rates I-Effect
over I-Effect
time I-Effect
. O

As O
such O
, O
we O
still O
expect O
McCormick B-Cause
to I-Cause
spend I-Cause
about I-Cause
6 I-Cause
% I-Cause
of I-Cause
sales I-Cause
-- I-Cause
$ I-Cause
400 I-Cause
million I-Cause
annually I-Cause
-- I-Cause
toward I-Cause
research I-Cause
, I-Cause
development I-Cause
, I-Cause
and I-Cause
marketing I-Cause
to O
help O
it O
win B-Effect
at I-Effect
the I-Effect
shelf I-Effect
. O

Excluding O
pandemic-related O
production O
disruption O
in O
2020-21 O
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
improve I-Effect
by I-Effect
about I-Effect
35 I-Effect
basis I-Effect
points I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
, O
driven O
by O
improved B-Cause
product I-Cause
mix I-Cause
and I-Cause
supply I-Cause
chain I-Cause
cost I-Cause
savings I-Cause
. O

If O
the B-Cause
new I-Cause
hydroxide I-Cause
capacity I-Cause
comes I-Cause
on I-Cause
line I-Cause
before I-Cause
the I-Cause
new I-Cause
carbonate I-Cause
capacity I-Cause
, O
Livent B-Cause
will I-Cause
have I-Cause
to I-Cause
source I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
its I-Cause
carbonate I-Cause
on I-Cause
the I-Cause
open I-Cause
market I-Cause
, O
which O
could O
greatly O
reduce B-Effect
its I-Effect
profitability I-Effect
until O
its O
carbonate O
production O
comes O
on O
line O
. O

The B-Cause
company I-Cause
used I-Cause
a I-Cause
portion I-Cause
of I-Cause
the I-Cause
proceeds I-Cause
to I-Cause
pay I-Cause
down I-Cause
approximately I-Cause
$ I-Cause
2 I-Cause
billion I-Cause
of I-Cause
debt I-Cause
, O
which O
allowed O
it O
to O
reach B-Effect
its I-Effect
targeted I-Effect
gross I-Effect
debt/EBITDA I-Effect
ratio I-Effect
of I-Effect
below I-Effect
3 I-Effect
times I-Effect
. O

Turning O
to O
technology O
, O
we O
believe O
that O
Domino B-Effect
's I-Effect
relentless I-Effect
pursuit I-Effect
of I-Effect
core I-Effect
process I-Effect
automation I-Effect
and I-Effect
data-driven I-Effect
decision-making I-Effect
strengthen I-Effect
its I-Effect
brand I-Effect
, O
with O
the B-Cause
firm I-Cause
's I-Cause
competitive I-Cause
advantage I-Cause
built I-Cause
around I-Cause
a I-Cause
database I-Cause
that I-Cause
features I-Cause
20 I-Cause
years I-Cause
of I-Cause
customer I-Cause
data I-Cause
. O

Additionally O
, O
both B-Cause
Adcetris I-Cause
and I-Cause
Padcev I-Cause
tackle I-Cause
difficult-to-treat I-Cause
areas I-Cause
that O
are B-Effect
unlikely I-Effect
to I-Effect
see I-Effect
real I-Effect
competitors I-Effect
any I-Effect
time I-Effect
soon I-Effect
, O
based O
on O
current O
pipelines O
. O

Missing B-Cause
a I-Cause
court I-Cause
date I-Cause
or I-Cause
client I-Cause
deadline I-Cause
, O
for O
example O
, O
could O
subject B-Effect
lawyers I-Effect
to I-Effect
professional I-Effect
sanctions I-Effect
, I-Effect
reputational I-Effect
harm I-Effect
, I-Effect
and I-Effect
malpractice I-Effect
claims I-Effect
from I-Effect
either I-Effect
fellow I-Effect
members I-Effect
of I-Effect
the I-Effect
bar I-Effect
or I-Effect
disgruntled I-Effect
clients I-Effect
. O

This B-Cause
level I-Cause
is I-Cause
below I-Cause
rival I-Cause
Lear I-Cause
's I-Cause
seating I-Cause
segment I-Cause
operating I-Cause
margin I-Cause
, O
so O
upside B-Effect
potential I-Effect
exists I-Effect
for I-Effect
our I-Effect
valuation I-Effect
should I-Effect
Adient I-Effect
start I-Effect
to I-Effect
match I-Effect
or I-Effect
exceed I-Effect
Lear I-Effect
's I-Effect
metrics O
. O

The O
COVID-19 B-Cause
pandemic O
reduced B-Effect
customer I-Effect
traffic I-Effect
at I-Effect
Ferguson I-Effect
's I-Effect
blended I-Effect
branches I-Effect
as O
contractor B-Effect
work I-Effect
slowed I-Effect
due O
to O
a B-Cause
reluctance I-Cause
to I-Cause
have I-Cause
contractors I-Cause
enter I-Cause
homes I-Cause
, O
but O
we O
expect O
this O
trend O
will O
reverse O
as O
the O
virus O
abates O
. O

Adjusted B-Effect
EBITDA I-Effect
margin I-Effect
should I-Effect
near I-Effect
48 I-Effect
% I-Effect
by I-Effect
fiscal I-Effect
2025 I-Effect
from I-Effect
44.7 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
as O
cost B-Cause
leverage I-Cause
builds I-Cause
. O

Such B-Effect
mandates B-Cause
can I-Effect
squeeze B-Effect
bill-pay I-Effect
spreads I-Effect
if O
Manpower B-Cause
fails I-Cause
to I-Cause
either I-Cause
anticipate I-Cause
key I-Cause
changes I-Cause
in I-Cause
employment I-Cause
laws I-Cause
or O
pass B-Cause
along I-Cause
rising I-Cause
costs I-Cause
to I-Cause
clients I-Cause
on I-Cause
a I-Cause
timely I-Cause
basis I-Cause
. O

Automakers B-Cause
work I-Cause
closely I-Cause
with I-Cause
suppliers I-Cause
because I-Cause
each I-Cause
part I-Cause
is I-Cause
designed I-Cause
for I-Cause
specific I-Cause
vehicle I-Cause
models. O
As O
such O
, O
automakers B-Effect
rarely I-Effect
change I-Effect
suppliers I-Effect
during I-Effect
a I-Effect
vehicle I-Effect
model I-Effect
's I-Effect
life I-Effect
cycle I-Effect
, I-Effect
which I-Effect
typically I-Effect
spans I-Effect
6-13 I-Effect
years I-Effect
, I-Effect
including I-Effect
development I-Effect
. O

Our B-Effect
medium-term I-Effect
outlook I-Effect
incorporates I-Effect
improvements I-Effect
to I-Effect
the I-Effect
supply I-Effect
chain I-Effect
, I-Effect
inventory I-Effect
management I-Effect
, I-Effect
and I-Effect
technology I-Effect
, I-Effect
bolstered I-Effect
by O
further B-Cause
investment I-Cause
in I-Cause
those I-Cause
categories I-Cause
. O

A B-Cause
Gulf I-Cause
Coast I-Cause
hurricane I-Cause
or I-Cause
severe I-Cause
winter I-Cause
ice I-Cause
storm I-Cause
can O
cause O
billions B-Effect
of I-Effect
dollars I-Effect
of I-Effect
damage I-Effect
and I-Effect
reduce I-Effect
customer I-Effect
load I-Effect
for I-Effect
years I-Effect
. O

Still O
, O
because O
energy B-Cause
drinks I-Cause
cost I-Cause
more I-Cause
than I-Cause
soft I-Cause
drinks I-Cause
and I-Cause
some I-Cause
other I-Cause
noncarbonates I-Cause
, O
these B-Effect
activities I-Effect
yield I-Effect
solid I-Effect
dollar I-Effect
profits I-Effect
and I-Effect
free I-Effect
cash I-Effect
flow I-Effect
. O

We O
think O
Coloplast B-Effect
's I-Effect
urology I-Effect
segment I-Effect
could I-Effect
offer I-Effect
growth I-Effect
potential I-Effect
and I-Effect
cross-selling I-Effect
opportunities. O
Thus O
far O
, O
the B-Cause
firm I-Cause
has I-Cause
been I-Cause
more I-Cause
successful I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
with I-Cause
its I-Cause
slings I-Cause
, I-Cause
kidney I-Cause
stone I-Cause
management I-Cause
products I-Cause
, I-Cause
and I-Cause
inflatable I-Cause
penile I-Cause
implants I-Cause
than I-Cause
in I-Cause
the I-Cause
underpenetrated I-Cause
European I-Cause
market I-Cause
. O

As O
the B-Cause
firm I-Cause
is I-Cause
the I-Cause
largest I-Cause
of I-Cause
only I-Cause
three I-Cause
food-service I-Cause
companies I-Cause
with I-Cause
global I-Cause
capabilities I-Cause
, O
clients B-Effect
have I-Effect
little I-Effect
option I-Effect
but I-Effect
to I-Effect
choose I-Effect
Compass I-Effect
, O
unless O
they O
want O
the O
additional O
inconvenience O
of O
dealing O
with O
multiple O
operators O
across O
their O
networks O
. O

It O
also O
crafts O
many O
of O
its O
own O
proprietary O
flavors O
and O
concentrates O
, O
which O
can O
yield B-Effect
cost I-Effect
benefits I-Effect
by O
removing B-Cause
certain I-Cause
intermediaries I-Cause
( I-Cause
and I-Cause
their I-Cause
accompanying I-Cause
margins I-Cause
) I-Cause
from I-Cause
the I-Cause
supply I-Cause
chain I-Cause
. O

AMN B-Cause
's I-Cause
staffing I-Cause
capabilities I-Cause
span I-Cause
the I-Cause
U.S. O
, O
versus B-Effect
its I-Effect
primarily I-Effect
regional I-Effect
competitors I-Effect
, O
and O
is O
therefore O
able O
to O
find O
and O
attract O
top-quality O
staff O
quickly O
in O
either O
local O
or O
travel O
nurse O
arrangements O
for O
either O
short- O
or O
long-term O
placements O
. O

This O
rebound O
pushed O
Echo O
's O
gross O
revenue O
up O
15 O
% O
despite O
second-quarter O
declines O
, O
though B-Cause
falling I-Cause
gross I-Cause
margins I-Cause
( I-Cause
net I-Cause
revenue/gross I-Cause
revenue I-Cause
) I-Cause
from I-Cause
spiking I-Cause
capacity I-Cause
costs I-Cause
limited B-Effect
net I-Effect
revenue I-Effect
gains I-Effect
to I-Effect
2 I-Effect
% I-Effect
. O

We O
see B-Effect
HVOR I-Effect
as I-Effect
a I-Effect
particularly I-Effect
fertile I-Effect
area I-Effect
for I-Effect
Sensata I-Effect
, O
as O
electrification B-Cause
of I-Cause
hydraulic I-Cause
systems I-Cause
and I-Cause
increasing I-Cause
efficiency I-Cause
and I-Cause
safety I-Cause
demands I-Cause
will I-Cause
drive I-Cause
significant I-Cause
content I-Cause
increases I-Cause
. O

The B-Cause
negative I-Cause
impact I-Cause
from I-Cause
storm I-Cause
losses I-Cause
is I-Cause
partially I-Cause
offset I-Cause
by I-Cause
long-term I-Cause
upside I-Cause
from I-Cause
regulatory I-Cause
and I-Cause
policy I-Cause
changes I-Cause
that O
might B-Effect
boost I-Effect
generation I-Effect
margins I-Effect
and I-Effect
reduce I-Effect
retail I-Effect
risk I-Effect
. I-Effect

To O
its O
credit O
, O
Dish O
recognized O
the O
shifting O
television O
landscape O
early O
, O
sharply B-Effect
cutting I-Effect
investment I-Effect
in I-Effect
customer I-Effect
acquisition I-Effect
and I-Effect
focusing I-Effect
its I-Effect
efforts I-Effect
on I-Effect
more I-Effect
rural I-Effect
areas I-Effect
where O
competitive B-Cause
alternatives I-Cause
are I-Cause
less I-Cause
available I-Cause
. O

First O
, O
many B-Cause
of I-Cause
the I-Cause
services I-Cause
and I-Cause
systems I-Cause
provided I-Cause
by I-Cause
RELX I-Cause
represent I-Cause
a I-Cause
small I-Cause
proportion I-Cause
of I-Cause
clients I-Cause
' I-Cause
overall I-Cause
costs I-Cause
( O
in O
legal O
this O
can O
be O
as O
low O
as O
1 O
% O
-2 O
% O
) O
, O
thus O
it O
is O
not O
the B-Effect
obvious I-Effect
place I-Effect
for I-Effect
clients I-Effect
to I-Effect
look I-Effect
when I-Effect
attempting I-Effect
to I-Effect
cut I-Effect
costs I-Effect
. O

Although O
the O
per-item O
cost O
is O
low O
, O
Dollar O
Tree O
capitalizes O
on O
its B-Cause
often I-Cause
smaller I-Cause
package I-Cause
sizes I-Cause
' I-Cause
higher B-Effect
profitability I-Effect
, O
posting O
mid-30s O
segment O
gross O
margins O
that O
outclass O
Dollar O
General O
's O
low O
30s O
and O
Target O
's O
high O
20s O
. O

With B-Cause
roughly I-Cause
the I-Cause
same I-Cause
number I-Cause
of I-Cause
mobile I-Cause
postpaid I-Cause
customers I-Cause
as I-Cause
Telefonica I-Cause
( I-Cause
14 I-Cause
million I-Cause
versus I-Cause
Telefonica I-Cause
's I-Cause
15.4 I-Cause
million I-Cause
) I-Cause
and I-Cause
a I-Cause
significant I-Cause
fixed-line I-Cause
presence I-Cause
, I-Cause
Orange I-Cause
's I-Cause
cash I-Cause
flow I-Cause
is I-Cause
only I-Cause
one I-Cause
sixth I-Cause
that I-Cause
of I-Cause
Telefonica's. O
This O
is O
mainly O
explained O
by O
Orange B-Effect
's I-Effect
higher I-Effect
mobile I-Effect
churn I-Effect
rates I-Effect
, I-Effect
weaker I-Effect
fiber I-Effect
position I-Effect
and I-Effect
lower I-Effect
ARPU I-Effect
( I-Effect
convergent I-Effect
ARPU I-Effect
for I-Effect
Telefonica I-Effect
is I-Effect
EUR I-Effect
92 I-Effect
versus I-Effect
EUR I-Effect
55 I-Effect
for I-Effect
Orange I-Effect
) I-Effect
. O

As O
a O
result O
, O
these B-Effect
segments I-Effect
have I-Effect
grown I-Effect
faster I-Effect
than I-Effect
the I-Effect
broader I-Effect
market I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
and O
firms O
such O
as O
Applied O
have O
directly O
benefited O
, O
as O
they B-Cause
can I-Cause
outspend I-Cause
smaller I-Cause
chip I-Cause
equipment I-Cause
firms I-Cause
in I-Cause
R I-Cause
& I-Cause
D I-Cause
to I-Cause
develop I-Cause
relevant I-Cause
solutions I-Cause
. O

While O
many O
open-source O
software O
companies O
have O
suffered O
from O
Amazon B-Cause
reselling I-Cause
their I-Cause
software I-Cause
on I-Cause
their I-Cause
own I-Cause
platform I-Cause
for I-Cause
a I-Cause
profit I-Cause
( O
for O
example O
, O
Elastic O
was O
repackaged O
into O
Amazon O
Elasticsearch O
) O
, O
MongoDB B-Effect
is I-Effect
protected I-Effect
against I-Effect
this I-Effect
risk I-Effect
, O
as O
their B-Cause
software I-Cause
license I-Cause
bans I-Cause
Amazon I-Cause
from I-Cause
reselling I-Cause
their I-Cause
software I-Cause
on I-Cause
AWS I-Cause
. O

While O
the B-Effect
firm I-Effect
has I-Effect
seen I-Effect
major I-Effect
growth I-Effect
in I-Effect
interconnection I-Effect
revenue I-Effect
recently I-Effect
, O
as O
more B-Cause
enterprises I-Cause
are I-Cause
co-locating I-Cause
and I-Cause
connecting I-Cause
with I-Cause
their I-Cause
cloud I-Cause
providers I-Cause
, O
it B-Cause
does I-Cause
not I-Cause
operate I-Cause
any I-Cause
major I-Cause
Internet I-Cause
exchanges I-Cause
, I-Cause
and I-Cause
its I-Cause
properties I-Cause
are I-Cause
less I-Cause
network-dense I-Cause
than I-Cause
top I-Cause
competitors I-Cause
, O
so O
we O
think O
little B-Effect
differentiates I-Effect
its I-Effect
offering I-Effect
. O

We O
believe O
this B-Cause
increase I-Cause
in I-Cause
revenue I-Cause
and I-Cause
attendance I-Cause
also I-Cause
drives I-Cause
additional I-Cause
concession I-Cause
revenue I-Cause
, O
increasing B-Cause
owner I-Cause
interest I-Cause
and I-Cause
retention I-Cause
, O
thus O
creating B-Effect
a I-Effect
network I-Effect
effect I-Effect
. O

Over O
our O
explicit O
forecast O
period O
, O
we O
assume O
robust B-Effect
growth I-Effect
from I-Effect
interventional I-Effect
cardiology I-Effect
, I-Effect
CRM I-Effect
, I-Effect
and I-Effect
neuromodulation I-Effect
through I-Effect
the I-Effect
midterm I-Effect
as O
pipeline B-Cause
products I-Cause
come I-Cause
to I-Cause
fruition I-Cause
. O

Simply O
put O
, O
to O
replicate B-Cause
a I-Cause
network I-Cause
of I-Cause
planes I-Cause
, I-Cause
trucks I-Cause
, I-Cause
sorting I-Cause
facilities I-Cause
, I-Cause
rights I-Cause
to I-Cause
fly I-Cause
, I-Cause
and I-Cause
skilled I-Cause
employees I-Cause
, O
a B-Effect
new I-Effect
entrant I-Effect
would I-Effect
face I-Effect
massive I-Effect
investment I-Effect
before I-Effect
it I-Effect
could I-Effect
win I-Effect
a I-Effect
critical I-Effect
volume I-Effect
of I-Effect
customers I-Effect
from I-Effect
the I-Effect
large I-Effect
existing I-Effect
providers I-Effect
. O

The O
aggressive O
construction O
after O
the O
financial O
crisis O
brought O
significant B-Cause
new I-Cause
facilities I-Cause
online I-Cause
and O
we O
expect O
supply B-Effect
to I-Effect
continue I-Effect
to I-Effect
grow I-Effect
. O

Furthermore O
, O
Snowflake B-Effect
is I-Effect
at I-Effect
risk I-Effect
of I-Effect
compromising I-Effect
the I-Effect
data I-Effect
on I-Effect
its I-Effect
platform I-Effect
either O
through O
data B-Cause
breaches I-Cause
or I-Cause
inability I-Cause
for I-Cause
compliance I-Cause
tools I-Cause
to I-Cause
do I-Cause
their I-Cause
job I-Cause
. O

We B-Cause
anticipate I-Cause
minimal I-Cause
variations I-Cause
in I-Cause
gross I-Cause
margins I-Cause
from I-Cause
even I-Cause
to I-Cause
odd I-Cause
years I-Cause
as O
growth B-Cause
in I-Cause
political I-Cause
media I-Cause
buying I-Cause
during I-Cause
election I-Cause
years I-Cause
may I-Cause
push I-Cause
prices I-Cause
higher I-Cause
, O
which O
could O
lower B-Effect
demand I-Effect
from I-Effect
the I-Effect
commercial I-Effect
side I-Effect
. O

Furthermore O
, O
with O
10 B-Cause
existing I-Cause
hospitality I-Cause
locations I-Cause
and I-Cause
the I-Cause
expansion I-Cause
of I-Cause
the I-Cause
hospitality I-Cause
footprint I-Cause
in I-Cause
existing I-Cause
and I-Cause
new I-Cause
locations I-Cause
( I-Cause
including I-Cause
guesthouses I-Cause
in I-Cause
New I-Cause
York I-Cause
City I-Cause
and I-Cause
Aspen I-Cause
, I-Cause
among I-Cause
other I-Cause
locations I-Cause
to I-Cause
open I-Cause
in I-Cause
2021 I-Cause
and I-Cause
beyond I-Cause
) I-Cause
, O
we O
expect O
foot B-Effect
traffic I-Effect
could I-Effect
rise I-Effect
at I-Effect
RH I-Effect
's I-Effect
brick-and-mortar I-Effect
locations I-Effect
. O

Vendors B-Cause
have I-Cause
considerably I-Cause
more I-Cause
power I-Cause
in I-Cause
their I-Cause
relationships I-Cause
with I-Cause
smaller I-Cause
chains I-Cause
and I-Cause
independent I-Cause
stores I-Cause
, O
leaving O
such B-Cause
sellers I-Cause
at I-Cause
a I-Cause
marked I-Cause
working I-Cause
capital I-Cause
disadvantage I-Cause
that O
exacerbates B-Effect
the I-Effect
barriers I-Effect
to I-Effect
encroachment I-Effect
upon I-Effect
the I-Effect
national I-Effect
retailers I-Effect
' I-Effect
availability I-Effect
advantage I-Effect
. O

Although O
demand O
is O
poised O
to O
increase O
significantly O
, O
a B-Effect
commensurate I-Effect
increase I-Effect
in I-Effect
supply I-Effect
should O
ensure O
that O
market B-Cause
conditions I-Cause
return I-Cause
to I-Cause
midcycle I-Cause
conditions I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
to I-Cause
10 I-Cause
years I-Cause
. O

The B-Cause
need I-Cause
for I-Cause
lean I-Cause
and I-Cause
dynamic I-Cause
inventory I-Cause
management I-Cause
for I-Cause
omnichannel I-Cause
retail I-Cause
customers I-Cause
, I-Cause
just-in-time I-Cause
manufacturing I-Cause
, I-Cause
and I-Cause
accurate I-Cause
patient I-Cause
dosage I-Cause
and I-Cause
care I-Cause
information I-Cause
in I-Cause
healthcare I-Cause
environments I-Cause
makes B-Effect
the I-Effect
cost I-Effect
of I-Effect
switching I-Effect
to I-Effect
competing I-Effect
products I-Effect
high I-Effect
. O

We O
see O
the B-Effect
interior I-Effect
being I-Effect
very I-Effect
important I-Effect
to I-Effect
consumer I-Effect
appeal I-Effect
in I-Effect
an I-Effect
autonomous I-Effect
driving I-Effect
world I-Effect
since O
we O
expect O
the B-Cause
interior I-Cause
will I-Cause
be I-Cause
radically I-Cause
different I-Cause
over I-Cause
time I-Cause
. O

While O
Infosys O
is O
not O
alone O
in O
such O
labor O
arbitrage O
, O
with O
Wipro B-Cause
and I-Cause
TCS I-Cause
among I-Cause
such I-Cause
peers I-Cause
, I-Cause
IT I-Cause
services I-Cause
companies I-Cause
that I-Cause
partake I-Cause
in I-Cause
such I-Cause
hefty I-Cause
labor I-Cause
arbitrage I-Cause
do I-Cause
pose I-Cause
a I-Cause
significant I-Cause
benefit I-Cause
, O
contributing O
to O
excess B-Effect
ROICS I-Effect
. O

The B-Effect
brand I-Effect
advantage I-Effect
is O
evident O
by O
its B-Cause
sustainable I-Cause
unit I-Cause
growth I-Cause
demand I-Cause
from I-Cause
third-party I-Cause
owners I-Cause
, I-Cause
dominant I-Cause
scale I-Cause
and I-Cause
contract I-Cause
length I-Cause
of I-Cause
managed I-Cause
properties I-Cause
, I-Cause
a I-Cause
leading I-Cause
loyalty I-Cause
and I-Cause
online I-Cause
presence I-Cause
, I-Cause
and I-Cause
industry-leading I-Cause
market I-Cause
share I-Cause
. O

Further O
, O
we O
estimate O
that O
self-storage B-Cause
facilities I-Cause
can I-Cause
operate I-Cause
profitably I-Cause
with I-Cause
occupancy I-Cause
rates I-Cause
as I-Cause
low I-Cause
as I-Cause
30 I-Cause
% I-Cause
, O
promoting B-Effect
intense I-Effect
price I-Effect
competition I-Effect
among I-Effect
providers I-Effect
. O

This B-Cause
type I-Cause
of I-Cause
asset I-Cause
is I-Cause
very I-Cause
difficult I-Cause
to I-Cause
replicate I-Cause
due I-Cause
to I-Cause
the I-Cause
complexity I-Cause
and I-Cause
richness I-Cause
of I-Cause
Enterprise I-Cause
's I-Cause
system I-Cause
, O
and O
the B-Effect
few I-Effect
producers I-Effect
that I-Effect
do I-Effect
undertake I-Effect
marketing I-Effect
activities I-Effect
only I-Effect
focus I-Effect
on I-Effect
the I-Effect
relatively I-Effect
few I-Effect
basins I-Effect
they I-Effect
operate I-Effect
in I-Effect
versus I-Effect
the I-Effect
entirety I-Effect
of I-Effect
the I-Effect
U.S I-Effect
. I-Effect

BP B-Cause
is I-Cause
transitioning I-Cause
from I-Cause
an I-Cause
integrated I-Cause
oil I-Cause
company I-Cause
to I-Cause
an I-Cause
integrated I-Cause
energy I-Cause
company I-Cause
to O
achieve B-Effect
its I-Effect
emission I-Effect
reduction I-Effect
targets I-Effect
and I-Effect
position I-Effect
itself I-Effect
for I-Effect
the I-Effect
coming I-Effect
energy I-Effect
transition I-Effect
while I-Effect
growing I-Effect
EBIDA I-Effect
and I-Effect
improving I-Effect
returns I-Effect
. O

We O
believe O
the B-Cause
more I-Cause
modern I-Cause
approach I-Cause
can O
allow O
Fastly B-Effect
to I-Effect
continue I-Effect
taking I-Effect
share I-Effect
from I-Effect
legacy I-Effect
CDN I-Effect
providers I-Effect
with I-Effect
a I-Effect
lower-cost I-Effect
model I-Effect
, O
by O
way O
of O
a B-Cause
smaller I-Cause
geographic I-Cause
footprint I-Cause
. O

The O
pipeline O
continues O
operating O
as O
legal O
challenges O
move O
through O
the O
courts O
, O
but O
even O
a B-Cause
temporary I-Cause
shutdown I-Cause
could O
lead O
to O
a B-Effect
significant I-Effect
drop I-Effect
in I-Effect
earnings I-Effect
and O
force O
management B-Effect
to I-Effect
re-evaluate I-Effect
the I-Effect
distribution I-Effect
. O

Given O
the B-Cause
size I-Cause
of I-Cause
Nasdaq I-Cause
's I-Cause
trading I-Cause
operations I-Cause
, O
the B-Effect
exchange I-Effect
possibly I-Effect
has I-Effect
the I-Effect
deepest I-Effect
data I-Effect
set I-Effect
of I-Effect
security I-Effect
and I-Effect
transaction I-Effect
information I-Effect
. O

However O
, O
that O
regulatory B-Effect
goodwill I-Effect
appears I-Effect
to I-Effect
be I-Effect
gone I-Effect
after I-Effect
regulators I-Effect
imposed I-Effect
a I-Effect
90-basis-point I-Effect
cut I-Effect
in I-Effect
its I-Effect
allowed I-Effect
ROE I-Effect
related I-Effect
to I-Effect
what I-Effect
regulators I-Effect
ruled I-Effect
was I-Effect
an B-Cause
inadequate I-Cause
storm I-Cause
response I-Cause
. O

With O
more B-Cause
workloads I-Cause
being I-Cause
offloaded I-Cause
into I-Cause
public I-Cause
clouds I-Cause
, O
customers B-Effect
may I-Effect
prefer I-Effect
to I-Effect
rely I-Effect
on I-Effect
the I-Effect
security I-Effect
that I-Effect
the I-Effect
hyperscale I-Effect
cloud I-Effect
providers I-Effect
offer I-Effect
natively I-Effect
; O
in O
addition O
, O
the B-Effect
hyperscale I-Effect
cloud I-Effect
providers I-Effect
could I-Effect
start I-Effect
making I-Effect
inroads I-Effect
into I-Effect
the I-Effect
cybersecurity I-Effect
market I-Effect
by O
offering B-Cause
solutions I-Cause
that I-Cause
are I-Cause
tangential I-Cause
to I-Cause
their I-Cause
public I-Cause
cloud I-Cause
services I-Cause
. O

RingCentral B-Cause
's I-Cause
cloud-based I-Cause
offering I-Cause
is I-Cause
aimed I-Cause
at I-Cause
replacing I-Cause
traditional I-Cause
PBX I-Cause
phones I-Cause
, O
which O
offer O
limited O
flexibility O
and O
remote-use O
capabilities O
, O
thus O
ushering B-Effect
in I-Effect
a I-Effect
new I-Effect
era I-Effect
of I-Effect
business I-Effect
communications I-Effect
. O

Palantir B-Cause
's I-Cause
products I-Cause
facilitate I-Cause
in I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
, I-Cause
including I-Cause
highly I-Cause
classified I-Cause
information I-Cause
, I-Cause
which I-Cause
may I-Cause
attract I-Cause
cybercriminals I-Cause
, O
making O
data B-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

Despite O
its O
larger O
size O
and O
first-mover O
advantages O
, O
competitors B-Effect
could I-Effect
continue I-Effect
to I-Effect
win I-Effect
market I-Effect
share I-Effect
from I-Effect
TI I-Effect
or I-Effect
force I-Effect
the I-Effect
company I-Effect
to I-Effect
defend I-Effect
market I-Effect
share I-Effect
through O
discounting B-Cause
and I-Cause
sacrificing I-Cause
margins I-Cause
to I-Cause
maintain I-Cause
its I-Cause
mobile I-Cause
subscriber I-Cause
base I-Cause
. O

However O
, O
declining B-Cause
use I-Cause
of I-Cause
landline I-Cause
phones I-Cause
and I-Cause
Lumen I-Cause
's I-Cause
subpar I-Cause
broadband I-Cause
speeds I-Cause
leave O
us O
believing O
that O
the B-Effect
company I-Effect
's I-Effect
consumer I-Effect
business I-Effect
will I-Effect
continue I-Effect
the I-Effect
contraction I-Effect
it I-Effect
has I-Effect
exhibited I-Effect
for I-Effect
much I-Effect
of I-Effect
the I-Effect
last I-Effect
decade I-Effect
. O

We B-Effect
're I-Effect
confident I-Effect
in I-Effect
increasing I-Effect
attach I-Effect
rates I-Effect
, O
as O
we O
're O
encouraged O
by O
Workday B-Cause
's I-Cause
recent I-Cause
30 I-Cause
% I-Cause
attach I-Cause
rate I-Cause
in I-Cause
its I-Cause
financials I-Cause
suite I-Cause
and I-Cause
18 I-Cause
% I-Cause
attach I-Cause
rate I-Cause
for I-Cause
planning I-Cause
products I-Cause
( O
both O
percentages O
as O
of O
October O
2019 O
) O
. O

The O
list O
price O
of O
Novo O
's O
oral O
GLP-1 O
Rybelsus O
is O
similar O
to O
injectable O
GLP-1 O
therapies O
, O
but O
we O
think O
net B-Cause
pricing I-Cause
is I-Cause
likely I-Cause
to I-Cause
move I-Cause
lower I-Cause
, O
as O
significant O
pricing B-Effect
pressure I-Effect
and I-Effect
competition I-Effect
has I-Effect
kept I-Effect
pricing I-Effect
for I-Effect
other I-Effect
oral I-Effect
therapies I-Effect
at I-Effect
around I-Effect
$ I-Effect
2,000 I-Effect
per I-Effect
year I-Effect
. O

As O
secular B-Cause
and I-Cause
technological I-Cause
trends I-Cause
drive I-Cause
increased I-Cause
safety I-Cause
, I-Cause
emissions I-Cause
, I-Cause
and I-Cause
efficiency I-Cause
standards I-Cause
, O
we O
think O
Sensata B-Effect
Technologies I-Effect
is I-Effect
poised I-Effect
for I-Effect
solid I-Effect
growth I-Effect
and I-Effect
profitability I-Effect
. O

Cenovus B-Cause
' I-Cause
acquisition I-Cause
of I-Cause
the I-Cause
remaining I-Cause
interest I-Cause
in O
the O
Foster O
Creek O
Christina O
Lake O
Partnership O
provides B-Effect
the I-Effect
company I-Effect
with I-Effect
additional I-Effect
opportunities I-Effect
to O
showcase O
its O
industry-leading O
cost O
structure O
for O
years O
to O
come O
. O

In O
recent O
years O
, O
Group O
1 O
continued O
to O
generate O
better O
economies O
of O
scale O
than O
in O
prerecession O
years O
, O
thus O
upside B-Effect
potential I-Effect
to I-Effect
our I-Effect
valuation I-Effect
exists I-Effect
should O
the B-Cause
company I-Cause
keep I-Cause
improving I-Cause
operating I-Cause
margin I-Cause
or I-Cause
SG I-Cause
& I-Cause
A I-Cause
expenses I-Cause
. O

Increasing B-Cause
hybrid I-Cause
or I-Cause
remote I-Cause
work I-Cause
could I-Cause
spur I-Cause
migration I-Cause
to I-Cause
suburban I-Cause
areas I-Cause
, I-Cause
leading I-Cause
to I-Cause
higher I-Cause
new I-Cause
vehicle I-Cause
sales. O
This O
leads O
us B-Effect
to I-Effect
forecast I-Effect
over I-Effect
4 I-Effect
% I-Effect
sales I-Effect
growth I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
in I-Effect
the I-Effect
tools I-Effect
business I-Effect
. O

In B-Cause
Texas I-Cause
, I-Cause
slowing I-Cause
electricity I-Cause
growth I-Cause
and I-Cause
a I-Cause
continued I-Cause
surge I-Cause
in I-Cause
renewable I-Cause
energy I-Cause
growth I-Cause
could B-Effect
cut I-Effect
into I-Effect
NRG I-Effect
's I-Effect
wholesale I-Effect
generation I-Effect
earnings I-Effect
. O

Operating O
margins O
( O
using O
net O
revenue O
) O
in O
2020 O
were O
53 O
% O
, O
and O
margins B-Effect
have I-Effect
generally I-Effect
trended I-Effect
upward I-Effect
over I-Effect
time I-Effect
due O
to O
the B-Cause
scalability I-Cause
of I-Cause
the I-Cause
business I-Cause
. O

That O
said O
, O
recombinant B-Cause
and I-Cause
novel I-Cause
products I-Cause
are I-Cause
increasingly I-Cause
competitive I-Cause
in I-Cause
the I-Cause
factor I-Cause
VIII I-Cause
market I-Cause
, O
which O
is O
a O
drag O
on O
margins B-Effect
. O

Similar O
to O
the O
two O
other O
largest O
distributors O
, O
the O
company O
has O
grown O
to O
such O
a O
significant O
size O
that O
regular B-Cause
acquisitions I-Cause
are O
likely O
to O
be O
necessary O
to O
supplement O
growth O
, O
in O
order O
to O
offset B-Effect
the I-Effect
overall I-Effect
market I-Effect
deceleration I-Effect
due O
to O
the B-Cause
slower I-Cause
growth I-Cause
pharmaceutical I-Cause
drug I-Cause
spend I-Cause
. O

Banco B-Cause
de I-Cause
Chile I-Cause
finished I-Cause
2019 I-Cause
with I-Cause
an I-Cause
efficiency I-Cause
ratio I-Cause
of I-Cause
45.2 I-Cause
% I-Cause
, I-Cause
which O
improved B-Effect
markedly I-Effect
in I-Effect
the I-Effect
first I-Effect
quarter I-Effect
as I-Effect
a I-Effect
result I-Effect
of I-Effect
a I-Effect
2019 I-Effect
voluntary I-Effect
severance I-Effect
program I-Effect
and I-Effect
the I-Effect
closure I-Effect
of I-Effect
a I-Effect
handful I-Effect
of I-Effect
branches I-Effect
. I-Effect

It O
further O
increased B-Effect
throughput I-Effect
of I-Effect
discounted I-Effect
light I-Effect
crude I-Effect
by O
constructing B-Cause
additional I-Cause
light I-Cause
crude I-Cause
processing I-Cause
capacity I-Cause
and I-Cause
investing I-Cause
in I-Cause
transportation I-Cause
infrastructure I-Cause
. O

The B-Cause
quality I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
network I-Cause
is I-Cause
almost I-Cause
always I-Cause
in I-Cause
the I-Cause
top I-Cause
two I-Cause
in I-Cause
a I-Cause
given I-Cause
country I-Cause
, O
allowing O
it B-Effect
to I-Effect
compete I-Effect
more I-Effect
on I-Effect
quality I-Effect
than I-Effect
on I-Effect
price I-Effect
. O

As O
such O
, O
we O
've O
been O
big O
proponents O
of O
consolidation O
among O
the O
U.S.-based O
asset O
managers O
the O
past O
several O
years O
, O
with O
firms B-Cause
expected I-Cause
to I-Cause
pursue I-Cause
scale I-Cause
as O
a O
means O
of O
offsetting B-Effect
the I-Effect
impact I-Effect
of I-Effect
fee I-Effect
and I-Effect
margin I-Effect
compression I-Effect
( O
driven O
by O
the O
growth O
of O
low-cost O
passive O
products O
) O
. O

However O
, O
the B-Effect
acquisition I-Effect
of I-Effect
Pinnacle I-Effect
Foods I-Effect
has I-Effect
caused I-Effect
Conagra I-Effect
's I-Effect
consolidated I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
to I-Effect
fall I-Effect
from I-Effect
10 I-Effect
% I-Effect
to I-Effect
around I-Effect
8 I-Effect
% I-Effect
, O
given O
the B-Cause
lower I-Cause
returns I-Cause
of I-Cause
the I-Cause
legacy I-Cause
Pinnacle I-Cause
business I-Cause
and I-Cause
the I-Cause
addition I-Cause
of I-Cause
goodwill I-Cause
. O

However O
, O
the B-Cause
company I-Cause
does I-Cause
not I-Cause
rely I-Cause
on I-Cause
a I-Cause
single I-Cause
product I-Cause
and I-Cause
is I-Cause
also I-Cause
continuously I-Cause
developing I-Cause
new I-Cause
products. O
As O
a O
result O
, O
while B-Effect
we I-Effect
see I-Effect
a I-Effect
moderate I-Effect
probability I-Effect
that I-Effect
Ecolab I-Effect
could I-Effect
see I-Effect
one I-Effect
or I-Effect
more I-Effect
of I-Effect
its I-Effect
cleaning I-Effect
chemicals I-Effect
banned I-Effect
, I-Effect
we I-Effect
see I-Effect
a I-Effect
low I-Effect
materiality I-Effect
to I-Effect
the I-Effect
company I-Effect
. O

All O
of O
ICU O
's O
consumable O
products O
are O
manufactured O
, O
using O
high O
capacity O
molds O
and O
fully O
automated O
assembly O
lines O
, O
in O
its O
Salt O
Lake O
City O
facility O
, O
with O
these B-Cause
consolidated I-Cause
, I-Cause
high I-Cause
capacity I-Cause
, I-Cause
and I-Cause
efficient I-Cause
plant I-Cause
operations I-Cause
underpinning O
ICU B-Effect
's I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
this I-Effect
segment I-Effect
. O

Further O
out O
, O
we O
envision O
Cummins B-Effect
' I-Effect
electric I-Effect
powertrains I-Effect
offerings I-Effect
as I-Effect
having I-Effect
few I-Effect
advantages I-Effect
over I-Effect
alternatives I-Effect
given O
the B-Cause
head I-Cause
start I-Cause
competitors I-Cause
have I-Cause
established I-Cause
. O

High-quality B-Cause
anchors I-Cause
, I-Cause
in I-Cause
line I-Cause
tenants I-Cause
, I-Cause
and I-Cause
entertainment I-Cause
options I-Cause
draw I-Cause
significant I-Cause
foot I-Cause
traffic I-Cause
to I-Cause
a I-Cause
retail I-Cause
, O
which O
makes O
placing B-Effect
a I-Effect
store I-Effect
in I-Effect
that I-Effect
location I-Effect
attractive I-Effect
to I-Effect
other I-Effect
retailers I-Effect
as O
their B-Cause
store I-Cause
would I-Cause
benefit I-Cause
from I-Cause
the I-Cause
large I-Cause
number I-Cause
of I-Cause
people I-Cause
already I-Cause
heading I-Cause
to I-Cause
the I-Cause
shopping I-Cause
center I-Cause
. O

In O
its O
financial O
markets O
unit O
( O
39 O
% O
of O
fiscal O
2019 O
revenue O
) O
, O
IHS O
Markit O
features O
several O
products O
that O
are O
sheltered O
from O
competition B-Effect
due O
to O
switching B-Cause
costs I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
data I-Cause
analytics I-Cause
abilities I-Cause
. O

Cost B-Effect
advantages I-Effect
are O
derived O
from O
three O
key O
factors O
: O
strong B-Cause
underwriting I-Cause
, I-Cause
a I-Cause
low-cost I-Cause
deposit I-Cause
base I-Cause
, I-Cause
and I-Cause
excellent I-Cause
operating I-Cause
efficiency I-Cause
, I-Cause
with I-Cause
regulatory I-Cause
costs I-Cause
a O
final O
consideration O
that O
must O
be O
factored O
in O
. O

Service B-Effect
provider/system I-Effect
integrator I-Effect
sales I-Effect
imply I-Effect
a I-Effect
deep I-Effect
commitment I-Effect
from I-Effect
customers I-Effect
, O
in O
our O
view O
, O
as O
they B-Cause
are I-Cause
reorienting I-Cause
their I-Cause
infrastructure I-Cause
for I-Cause
network I-Cause
and I-Cause
application I-Cause
access I-Cause
. O

We O
think O
F5 B-Effect
's I-Effect
consolidated I-Effect
approach I-Effect
for I-Effect
application I-Effect
and I-Effect
networking I-Effect
traffic I-Effect
flow I-Effect
across I-Effect
the I-Effect
entire I-Effect
network I-Effect
will I-Effect
remain I-Effect
in I-Effect
strong I-Effect
demand I-Effect
as O
businesses B-Cause
expand I-Cause
their I-Cause
creation I-Cause
and I-Cause
consumption I-Cause
of I-Cause
applications I-Cause
and I-Cause
data I-Cause
. O

We B-Effect
project I-Effect
Telus I-Effect
' I-Effect
revenue I-Effect
to I-Effect
grow I-Effect
by I-Effect
3 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
recent B-Cause
TI I-Cause
acquisitions I-Cause
and I-Cause
strength I-Cause
in I-Cause
the I-Cause
wireline I-Cause
business I-Cause
more I-Cause
than I-Cause
offset I-Cause
wireless I-Cause
revenue I-Cause
declines I-Cause
. O

In O
our O
view O
, O
having B-Effect
a I-Effect
holistic I-Effect
approach I-Effect
to I-Effect
security I-Effect
is I-Effect
crucial I-Effect
for I-Effect
enterprises I-Effect
, O
as O
these B-Cause
customers I-Cause
seek I-Cause
a I-Cause
consolidated I-Cause
approach I-Cause
for I-Cause
cybersecurity I-Cause
to I-Cause
lower I-Cause
the I-Cause
complexity I-Cause
of I-Cause
managing I-Cause
multiple I-Cause
vendors I-Cause
simultaneously I-Cause
. O

Like O
its O
packaged O
food O
peers O
, O
Kraft O
Heinz O
has O
benefited O
from O
consumers B-Cause
' I-Cause
penchant I-Cause
for I-Cause
eating I-Cause
at I-Cause
home I-Cause
, O
with O
85 B-Effect
% I-Effect
of I-Effect
its I-Effect
sales I-Effect
driven I-Effect
through I-Effect
the I-Effect
retail I-Effect
channel I-Effect
. O

We O
expect O
the O
tax O
rate O
to O
be O
21 O
% O
-22 O
% O
, O
and O
given O
the B-Cause
firm I-Cause
's I-Cause
historically I-Cause
conservative I-Cause
capital I-Cause
structure I-Cause
, O
we O
do O
not O
anticipate O
any B-Effect
increase I-Effect
in I-Effect
debt I-Effect
. O

Laredo B-Cause
's I-Cause
core I-Cause
assets I-Cause
are I-Cause
primarily I-Cause
located I-Cause
in I-Cause
the I-Cause
eastern I-Cause
fringe I-Cause
of I-Cause
the I-Cause
Midland I-Cause
Basin I-Cause
, O
which O
puts B-Effect
it I-Effect
at I-Effect
a I-Effect
relative I-Effect
disadvantage I-Effect
. O

Furthermore O
, O
we O
expect O
selling B-Effect
and I-Effect
marketing I-Effect
costs I-Effect
to I-Effect
increase I-Effect
as O
the B-Cause
company I-Cause
expands I-Cause
its I-Cause
commercialization I-Cause
efforts I-Cause
for I-Cause
Adcetris I-Cause
and I-Cause
Padcev I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
pipeline I-Cause
candidates I-Cause
if O
approved O
. O

Coupa B-Cause
offers I-Cause
a I-Cause
leading I-Cause
business I-Cause
spend I-Cause
management I-Cause
platform I-Cause
that O
helps B-Effect
businesses I-Effect
control I-Effect
, I-Effect
monitor I-Effect
, I-Effect
and I-Effect
analyze I-Effect
expenditures I-Effect
to O
realize O
cost O
savings O
as O
well O
as O
improve O
operational O
efficiency O
. O

This B-Effect
is I-Effect
a I-Effect
favorable I-Effect
dynamic I-Effect
for I-Effect
Johnson I-Effect
Controls I-Effect
, O
which O
is O
well-positioned B-Cause
to I-Cause
capture I-Cause
upgrade I-Cause
, I-Cause
retrofit I-Cause
, I-Cause
and I-Cause
reconfiguration I-Cause
spending I-Cause
from I-Cause
its I-Cause
installed I-Cause
base I-Cause
. O

Juniper B-Cause
's I-Cause
ability I-Cause
to I-Cause
sell I-Cause
its I-Cause
networking I-Cause
software I-Cause
could I-Cause
be I-Cause
thwarted I-Cause
against I-Cause
competitors I-Cause
that O
are O
increasing B-Effect
their I-Effect
development I-Effect
budgets I-Effect
, I-Effect
including I-Effect
software I-Effect
specialists I-Effect
. O

Second O
, O
the B-Cause
shelter-in-place I-Cause
orders I-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
caused I-Cause
massive I-Cause
layoffs I-Cause
in I-Cause
2020 I-Cause
, I-Cause
and I-Cause
if I-Cause
those I-Cause
unemployed I-Cause
people I-Cause
lose I-Cause
their I-Cause
health I-Cause
insurance I-Cause
for I-Cause
a I-Cause
sustained I-Cause
period I-Cause
, O
the B-Effect
employer-based I-Effect
insurance I-Effect
rolls I-Effect
could I-Effect
fall I-Effect
further I-Effect
. O

From O
our O
perspective O
, O
this B-Cause
transition I-Cause
, I-Cause
the I-Cause
focus I-Cause
on I-Cause
private I-Cause
label I-Cause
and I-Cause
specialty I-Cause
, I-Cause
and I-Cause
the I-Cause
spin-off I-Cause
of I-Cause
the I-Cause
animal I-Cause
health I-Cause
segment I-Cause
are O
the O
necessary O
steps O
to O
offset O
market B-Effect
share I-Effect
decay I-Effect
in I-Effect
the I-Effect
more I-Effect
commodified I-Effect
areas I-Effect
. O

While O
its O
international O
markets O
have O
reported O
stronger O
revenue O
growth O
and O
share O
positions O
than O
the O
domestic O
market O
, O
lackluster B-Cause
margins I-Cause
there O
lead O
us O
to O
believe B-Effect
the I-Effect
firm I-Effect
also I-Effect
lacks I-Effect
a I-Effect
competitive I-Effect
edge I-Effect
abroad I-Effect
. O

If B-Cause
this I-Cause
generation I-Cause
decides I-Cause
it I-Cause
does I-Cause
n't I-Cause
want I-Cause
to I-Cause
achieve I-Cause
these I-Cause
milestones I-Cause
or I-Cause
if I-Cause
it I-Cause
acquires I-Cause
enough I-Cause
capital I-Cause
to I-Cause
own I-Cause
single-family I-Cause
homes I-Cause
, I-Cause
then B-Effect
much I-Effect
of I-Effect
the I-Effect
incremental I-Effect
demand I-Effect
would I-Effect
be I-Effect
eliminated I-Effect
. I-Effect

We O
believe O
Gildan B-Effect
has I-Effect
suffered I-Effect
market I-Effect
share I-Effect
losses I-Effect
to I-Effect
private-label I-Effect
brands I-Effect
, O
especially O
in O
socks O
, O
as O
its B-Cause
total I-Cause
yearly I-Cause
hosiery I-Cause
and I-Cause
underwear I-Cause
sales I-Cause
have I-Cause
declined I-Cause
by I-Cause
more I-Cause
than I-Cause
25 I-Cause
% I-Cause
since I-Cause
2017 I-Cause
. O

Goldman B-Effect
Sachs I-Effect
' I-Effect
strategic I-Effect
plan I-Effect
that O
it O
laid O
out O
at O
the O
beginning O
of O
2020 O
may O
be O
achievable O
, O
but O
the O
timing O
of O
its O
realization O
will O
be O
delayed O
by O
the B-Cause
coronavirus-induced I-Cause
global I-Cause
slowdown I-Cause
. O

The B-Cause
daunting I-Cause
prospect I-Cause
of I-Cause
untangling I-Cause
the I-Cause
web I-Cause
of I-Cause
products I-Cause
that O
a O
client O
has O
with O
a O
bank O
is O
often O
enough O
to O
prevent O
the B-Effect
client I-Effect
from I-Effect
moving I-Effect
to I-Effect
a I-Effect
competitor I-Effect
. O

Orange B-Cause
's I-Cause
endeavors I-Cause
into I-Cause
the I-Cause
highly I-Cause
regulated I-Cause
financial-services I-Cause
industry I-Cause
exposes O
the B-Effect
firm I-Effect
to I-Effect
new I-Effect
risks I-Effect
( I-Effect
for I-Effect
example I-Effect
financial I-Effect
, I-Effect
regulatory I-Effect
) I-Effect
, O
which O
might O
not O
be O
well O
managed O
by O
a O
traditional O
telecom O
management O
team O
. O

While O
management O
intends O
to O
pivot O
toward O
growth O
, O
we O
think O
AIG B-Cause
's I-Cause
size I-Cause
and I-Cause
the I-Cause
maturity I-Cause
of I-Cause
the I-Cause
industry I-Cause
will O
limit B-Effect
organic I-Effect
opportunities I-Effect
. O

Additionally B-Effect
, I-Effect
the I-Effect
current I-Effect
management I-Effect
team I-Effect
aims I-Effect
to I-Effect
deleverage I-Effect
the I-Effect
balance I-Effect
sheet I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, I-Effect
reducing I-Effect
the I-Effect
probability I-Effect
that I-Effect
it I-Effect
will I-Effect
go I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
big I-Effect
game I-Effect
hunting I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
in B-Cause
an I-Cause
effort I-Cause
to I-Cause
further I-Cause
transform I-Cause
the I-Cause
company I-Cause
's I-Cause
portfolio I-Cause
anytime I-Cause
soon I-Cause
. O

We O
expect O
Texas B-Effect
and I-Effect
Utah I-Effect
to I-Effect
have I-Effect
robust I-Effect
demand I-Effect
for I-Effect
roadwork I-Effect
, O
driven O
by O
growing B-Cause
populations I-Cause
backed I-Cause
by I-Cause
the I-Cause
capability I-Cause
to I-Cause
pay I-Cause
for I-Cause
these I-Cause
projects I-Cause
. O

A B-Cause
material I-Cause
portion I-Cause
of I-Cause
Amex I-Cause
's I-Cause
billings I-Cause
( I-Cause
roughly I-Cause
30 I-Cause
% I-Cause
) I-Cause
are I-Cause
related I-Cause
to I-Cause
the I-Cause
travel I-Cause
and I-Cause
entertainment I-Cause
industry I-Cause
, O
further O
exposing B-Effect
the I-Effect
company I-Effect
to I-Effect
some I-Effect
of I-Effect
the I-Effect
most I-Effect
affected I-Effect
industries I-Effect
. O

Given O
that O
most B-Cause
of I-Cause
its I-Cause
revenue I-Cause
is I-Cause
recurring I-Cause
, O
Thomson B-Effect
Reuters I-Effect
' I-Effect
revenue I-Effect
growth I-Effect
is I-Effect
a I-Effect
function I-Effect
of I-Effect
its I-Effect
revenue I-Effect
retention I-Effect
and I-Effect
its I-Effect
ability I-Effect
to I-Effect
upsell I-Effect
and I-Effect
acquire I-Effect
new I-Effect
customers I-Effect
. O

Network O
lighting O
control O
systems O
, O
for O
instance O
, O
can O
lower B-Effect
customers I-Effect
' I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
by O
cutting B-Cause
lighting-related I-Cause
energy I-Cause
demand I-Cause
by I-Cause
75 I-Cause
% I-Cause
to I-Cause
88 I-Cause
% I-Cause
, I-Cause
according I-Cause
to I-Cause
industry I-Cause
trade I-Cause
publications I-Cause
. O

We B-Effect
anticipate I-Effect
lowering I-Effect
our I-Effect
rating I-Effect
to I-Effect
low I-Effect
when O
we B-Cause
have I-Cause
more I-Cause
visibility I-Cause
into I-Cause
the I-Cause
timing I-Cause
and I-Cause
strength I-Cause
of I-Cause
the I-Cause
reopening I-Cause
of I-Cause
the I-Cause
on I-Cause
trade I-Cause
. O

Finally O
, O
with B-Cause
increased I-Cause
pressure I-Cause
on I-Cause
legal I-Cause
firms I-Cause
to I-Cause
deliver I-Cause
more I-Cause
for I-Cause
less I-Cause
and I-Cause
many I-Cause
firms I-Cause
electing I-Cause
to I-Cause
bring I-Cause
less I-Cause
complex I-Cause
legal I-Cause
functions I-Cause
in I-Cause
house I-Cause
, O
productivity B-Effect
tools I-Effect
are I-Effect
becoming I-Effect
a I-Effect
requirement I-Effect
for I-Effect
successful I-Effect
practice I-Effect
management I-Effect
. O

The O
firm O
has O
a B-Cause
large I-Cause
and I-Cause
well I-Cause
understood I-Cause
installed I-Cause
base I-Cause
, O
which O
means O
that O
the B-Effect
firm I-Effect
can I-Effect
upgrade I-Effect
products I-Effect
with I-Effect
minimal I-Effect
additional I-Effect
training I-Effect
from I-Effect
the I-Effect
government I-Effect
, O
which O
we O
think O
increases O
costs O
. O

We O
believe O
the B-Cause
vast I-Cause
creation I-Cause
of I-Cause
data I-Cause
and I-Cause
the I-Cause
dispersed I-Cause
nature I-Cause
of I-Cause
network I-Cause
traffic I-Cause
, I-Cause
due I-Cause
to I-Cause
hybrid I-Cause
and I-Cause
multi-cloud-based I-Cause
environments I-Cause
and I-Cause
software-as-a-service I-Cause
applications I-Cause
, O
create O
a B-Effect
continually I-Effect
increasing I-Effect
number I-Effect
of I-Effect
threats I-Effect
. I-Effect

A B-Cause
regulatory I-Cause
or I-Cause
public I-Cause
backlash I-Cause
( O
which O
could O
include O
resurgent O
efforts O
to O
unionize O
its O
domestic O
workforce O
) O
could O
impose B-Effect
reputational I-Effect
and I-Effect
financial I-Effect
costs I-Effect
. O

Yum B-Effect
China I-Effect
became I-Effect
a I-Effect
franchisee I-Effect
of I-Effect
Yum I-Effect
Brands I-Effect
-- I-Effect
thus I-Effect
allowing I-Effect
Yum I-Effect
Brands I-Effect
investors I-Effect
to I-Effect
reap I-Effect
some I-Effect
benefit I-Effect
from I-Effect
China I-Effect
's I-Effect
growth I-Effect
-- I-Effect
and I-Effect
has I-Effect
exclusive I-Effect
rights I-Effect
to I-Effect
Yum I-Effect
's I-Effect
three I-Effect
core I-Effect
brands I-Effect
( I-Effect
KFC I-Effect
, I-Effect
Pizza I-Effect
Hut I-Effect
, I-Effect
and I-Effect
Taco I-Effect
Bell I-Effect
) I-Effect
in I-Effect
the I-Effect
region I-Effect
. I-Effect

We O
think O
PFG B-Cause
's I-Cause
channel I-Cause
diversity I-Cause
, I-Cause
vast I-Cause
adoption I-Cause
of I-Cause
carryout I-Cause
, I-Cause
and I-Cause
the I-Cause
eventual I-Cause
containment I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
virus I-Cause
( I-Cause
most I-Cause
likely I-Cause
after I-Cause
the I-Cause
dissemination I-Cause
of I-Cause
vaccines I-Cause
in I-Cause
2021 I-Cause
) I-Cause
, O
should O
return B-Effect
PFG I-Effect
' I-Effect
organic I-Effect
revenue I-Effect
and I-Effect
operating I-Effect
margins I-Effect
to I-Effect
prepandemic I-Effect
levels I-Effect
by I-Effect
2022 I-Effect
. O

As O
a O
result O
of O
its B-Cause
significant I-Cause
growth I-Cause
, O
LKQ B-Cause
has I-Cause
become I-Cause
the I-Cause
largest I-Cause
acquirer I-Cause
of I-Cause
total I-Cause
loss I-Cause
vehicles I-Cause
sold I-Cause
by I-Cause
insurance I-Cause
carriers I-Cause
, O
further B-Effect
solidifying I-Effect
the I-Effect
company I-Effect
's I-Effect
relationships I-Effect
with I-Effect
these I-Effect
entities I-Effect
. O

In O
addition O
, O
BHP B-Effect
's I-Effect
ore I-Effect
could I-Effect
command I-Effect
a I-Effect
premium I-Effect
relative I-Effect
to I-Effect
others I-Effect
given O
the B-Cause
higher I-Cause
grade I-Cause
incurs I-Cause
lower I-Cause
emissions I-Cause
during I-Cause
the I-Cause
steel I-Cause
making I-Cause
process I-Cause
. O

Ticketmaster O
and O
its O
clients O
may O
have O
to O
weather B-Effect
some I-Effect
criticism I-Effect
and I-Effect
attacks I-Effect
from I-Effect
both I-Effect
fans I-Effect
and I-Effect
critics I-Effect
when O
implementing B-Cause
dynamic I-Cause
pricing I-Cause
. O

We O
believe O
switching B-Cause
costs I-Cause
, I-Cause
and I-Cause
to I-Cause
a I-Cause
lesser I-Cause
extent I-Cause
intangible I-Cause
assets I-Cause
, O
have O
historically B-Effect
enabled I-Effect
Manhattan I-Effect
to I-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
well I-Effect
in I-Effect
excess I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

A B-Cause
long-running I-Cause
deflationary I-Cause
environment I-Cause
has O
led O
to O
low B-Effect
demand I-Effect
for I-Effect
loans I-Effect
, O
with O
the O
loan/deposit O
ratio O
having O
declined O
from O
83 O
% O
in O
2000 O
to O
around O
57 O
% O
at O
present O
. O

Fortive B-Effect
also I-Effect
benefits I-Effect
from I-Effect
relatively I-Effect
high I-Effect
recurring I-Effect
revenue I-Effect
, I-Effect
which I-Effect
currently I-Effect
makes I-Effect
up I-Effect
nearly I-Effect
40 I-Effect
% I-Effect
of I-Effect
sales I-Effect
, I-Effect
up I-Effect
from I-Effect
20 I-Effect
% I-Effect
at I-Effect
the I-Effect
time I-Effect
of I-Effect
the I-Effect
spin-off I-Effect
from I-Effect
Danaher I-Effect
in I-Effect
2016 I-Effect
as O
a O
result O
of O
acquisitions B-Cause
and I-Cause
growth I-Cause
in I-Cause
SaaS-based I-Cause
sales I-Cause
. O

Roughly B-Cause
three I-Cause
fourths I-Cause
of I-Cause
the I-Cause
bank I-Cause
's I-Cause
loan I-Cause
book I-Cause
is I-Cause
backed I-Cause
by I-Cause
a I-Cause
commercial I-Cause
enterprise I-Cause
or I-Cause
commercial I-Cause
real I-Cause
estate. O
These B-Effect
loans I-Effect
tend I-Effect
to I-Effect
be I-Effect
among I-Effect
the I-Effect
fastest I-Effect
to I-Effect
reprice I-Effect
in I-Effect
a I-Effect
changing I-Effect
interest-rate I-Effect
environment I-Effect
and I-Effect
make I-Effect
the I-Effect
bank I-Effect
quite I-Effect
asset-sensitive I-Effect
. O

While O
necessary O
to O
preserve O
costs O
in O
the O
short O
term O
, O
we B-Effect
believe I-Effect
it I-Effect
could I-Effect
see I-Effect
the I-Effect
group I-Effect
lose I-Effect
key I-Effect
skills I-Effect
and I-Effect
be I-Effect
a I-Effect
damper I-Effect
on B-Cause
employee I-Cause
morale I-Cause
. O

As O
competition B-Cause
has I-Cause
intensified I-Cause
, O
we O
think O
Dick B-Effect
's I-Effect
has I-Effect
had I-Effect
to I-Effect
invest I-Effect
heavily I-Effect
in I-Effect
e-commerce I-Effect
, I-Effect
marketing I-Effect
, I-Effect
and I-Effect
merchandising I-Effect
( O
with O
selling O
, O
general O
, O
and O
administrative O
expenses O
exceeding O
23 O
% O
of O
sales O
the O
past O
four O
years O
, O
up O
from O
22 O
% O
historically O
) O
and O
will O
continue O
to O
do O
so O
. O

While O
Eni B-Effect
's I-Effect
production I-Effect
costs I-Effect
are I-Effect
low I-Effect
relative I-Effect
to I-Effect
peers I-Effect
, O
largely O
thanks O
to O
production B-Cause
from I-Cause
North I-Cause
Africa I-Cause
, O
it B-Cause
also I-Cause
realizes I-Cause
higher I-Cause
tax I-Cause
rates I-Cause
that O
weigh B-Effect
on I-Effect
margins I-Effect
and I-Effect
returns I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
expect I-Effect
foundries I-Effect
apart I-Effect
from I-Effect
Samsung I-Effect
to I-Effect
commercialize I-Effect
GAA-derived I-Effect
products I-Effect
owing O
to O
prohibitive B-Cause
costs I-Cause
, O
with O
R O
& O
D O
alone O
estimated O
to O
exceed O
USD O
1 O
billion O
. O

Despite B-Cause
building I-Cause
operating I-Cause
leverage I-Cause
, I-Cause
cost-saving I-Cause
efforts I-Cause
, I-Cause
and I-Cause
lucrative I-Cause
data-related I-Cause
sales I-Cause
, O
we B-Effect
anticipate I-Effect
the I-Effect
need I-Effect
to I-Effect
keep I-Effect
prices I-Effect
low I-Effect
in I-Effect
light I-Effect
of I-Effect
intense I-Effect
competition I-Effect
will I-Effect
keep I-Effect
operating I-Effect
margins I-Effect
fairly I-Effect
steady I-Effect
at I-Effect
around I-Effect
2.4 I-Effect
% I-Effect
on I-Effect
average I-Effect
long I-Effect
term I-Effect
, I-Effect
with I-Effect
diminishing I-Effect
gross I-Effect
margins I-Effect
offset I-Effect
by I-Effect
leverage I-Effect
over I-Effect
operating I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
. O

We O
think O
the B-Effect
firm I-Effect
will I-Effect
keep I-Effect
growing I-Effect
and I-Effect
gaining I-Effect
scale I-Effect
by O
leveraging B-Cause
its I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expenses I-Cause
once O
it O
completes O
spending O
for O
its O
omnichannel O
digital O
initiative O
. O

While O
Home B-Effect
Depot I-Effect
has I-Effect
produced I-Effect
strong I-Effect
historical I-Effect
returns I-Effect
as O
a O
result O
of O
its B-Cause
scale I-Cause
, O
operational O
excellence O
and O
concise O
merchandising O
remain O
key O
tenets O
underlying O
our O
margin O
expansion O
forecast O
. O

FEI B-Effect
's I-Effect
semiconductor I-Effect
business I-Effect
in O
particular O
could O
be O
severely O
affected O
if O
the B-Cause
industry I-Cause
's I-Cause
spending I-Cause
, I-Cause
at I-Cause
peak I-Cause
of I-Cause
the I-Cause
cycle I-Cause
currently I-Cause
, I-Cause
declines I-Cause
. O

Grail B-Cause
's I-Cause
technology I-Cause
also I-Cause
looks I-Cause
like I-Cause
it I-Cause
will I-Cause
have I-Cause
a I-Cause
first-mover I-Cause
advantage I-Cause
when O
it O
launches O
in O
2021 O
, O
so O
Illumina B-Effect
may I-Effect
have I-Effect
a I-Effect
decent I-Effect
runway I-Effect
to I-Effect
expand I-Effect
those I-Effect
tests I-Effect
before I-Effect
competitive I-Effect
forces I-Effect
materially I-Effect
alter I-Effect
that I-Effect
target I-Effect
market I-Effect
. O

Tinder B-Cause
users I-Cause
are I-Cause
also I-Cause
likely I-Cause
to I-Cause
come I-Cause
back I-Cause
, O
which O
allows O
Match B-Effect
Group I-Effect
to I-Effect
generate I-Effect
return I-Effect
on I-Effect
those I-Effect
users I-Effect
over I-Effect
time I-Effect
, O
even O
with O
lower O
prices O
. O

For O
nearly O
a O
century O
, O
the B-Cause
company I-Cause
has I-Cause
been I-Cause
a I-Cause
trusted I-Cause
manufacturer I-Cause
of I-Cause
mission-critical I-Cause
heavy I-Cause
machinery I-Cause
, O
which O
has O
led O
to O
its B-Effect
position I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
world I-Effect
's I-Effect
most I-Effect
valuable I-Effect
brands I-Effect
. O

We O
think O
cost O
control O
efforts O
and O
rapid O
expansion O
in O
higher-margin O
businesses O
, O
such O
as O
OptumInsight O
and O
OptumHealth O
, O
should O
help O
offset B-Effect
the I-Effect
margin I-Effect
pressure I-Effect
associated I-Effect
with I-Effect
the I-Effect
lower-margin I-Effect
, O
but O
fast-growing B-Cause
, I-Cause
Medicare I-Cause
Advantage I-Cause
business I-Cause
. O

The B-Cause
firm I-Cause
will I-Cause
need I-Cause
to I-Cause
expand I-Cause
its I-Cause
customer I-Cause
base I-Cause
and I-Cause
product I-Cause
assortment I-Cause
to O
meet B-Effect
our I-Effect
view I-Effect
of I-Effect
a I-Effect
doubling I-Effect
of I-Effect
sales I-Effect
between I-Effect
2019 I-Effect
and I-Effect
2025 I-Effect
. I-Effect

As O
with O
Macao O
, O
we O
think O
the B-Effect
government I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
award I-Effect
any I-Effect
meaningful I-Effect
amount I-Effect
of I-Effect
new I-Effect
gaming I-Effect
licenses I-Effect
in I-Effect
the I-Effect
future I-Effect
, O
given O
their O
regulation O
to B-Cause
minimize I-Cause
the I-Cause
gambling I-Cause
done I-Cause
by I-Cause
its I-Cause
citizens I-Cause
. O

We O
think O
high B-Effect
switching I-Effect
costs I-Effect
exist I-Effect
due O
to O
boat B-Cause
OEMs I-Cause
' I-Cause
impetus I-Cause
to I-Cause
maintain I-Cause
consistency I-Cause
and I-Cause
reliability I-Cause
with I-Cause
their I-Cause
recreational I-Cause
boater I-Cause
base I-Cause
, O
as O
we O
expect O
many B-Cause
boaters I-Cause
to I-Cause
be I-Cause
repeat I-Cause
customers I-Cause
for I-Cause
the I-Cause
same I-Cause
brand I-Cause
of I-Cause
boats I-Cause
and O
be B-Effect
deterred I-Effect
by I-Effect
change I-Effect
. O

Average B-Effect
revenue I-Effect
per I-Effect
user I-Effect
( I-Effect
ARPU I-Effect
) I-Effect
has I-Effect
also I-Effect
grown I-Effect
as O
customers B-Cause
adopt I-Cause
new I-Cause
modules I-Cause
, O
and O
the B-Effect
firm I-Effect
makes I-Effect
progress I-Effect
up-market I-Effect
, I-Effect
up I-Effect
82 I-Effect
% I-Effect
since I-Effect
2015 I-Effect
. O

We O
assume O
earned B-Effect
premiums I-Effect
increase I-Effect
at I-Effect
a I-Effect
fairly I-Effect
modest I-Effect
2 I-Effect
% I-Effect
organic I-Effect
compound I-Effect
annual I-Effect
growth I-Effect
rate I-Effect
over I-Effect
our I-Effect
projection I-Effect
period I-Effect
, O
as O
we O
expect O
recent B-Cause
price I-Cause
increases I-Cause
to I-Cause
fade I-Cause
. O

While O
this O
would O
create O
additional O
costs O
, O
Corteva B-Cause
should I-Cause
be I-Cause
able I-Cause
to I-Cause
pass I-Cause
these I-Cause
along I-Cause
to I-Cause
customers I-Cause
, O
resulting O
in O
a B-Effect
low I-Effect
materiality I-Effect
. O

The B-Cause
firm I-Cause
's I-Cause
global I-Cause
reach I-Cause
makes B-Effect
it I-Effect
one I-Effect
of I-Effect
the I-Effect
few I-Effect
vendors I-Effect
that I-Effect
can I-Effect
efficiently I-Effect
fulfil I-Effect
the I-Effect
needs I-Effect
of I-Effect
multinational I-Effect
companies I-Effect
with I-Effect
diverse I-Effect
locations I-Effect
. O

Targa B-Effect
is I-Effect
by I-Effect
no I-Effect
means I-Effect
particularly I-Effect
conservative I-Effect
on I-Effect
capital I-Effect
spending I-Effect
plans I-Effect
-- O
its B-Cause
initial I-Cause
2021 I-Cause
growth I-Cause
spending I-Cause
plans I-Cause
were I-Cause
twice I-Cause
our I-Cause
original I-Cause
expectations I-Cause
, I-Cause
as I-Cause
the I-Cause
rest I-Cause
of I-Cause
the I-Cause
midstream I-Cause
space I-Cause
hunkers I-Cause
down I-Cause
. O

We O
anticipate O
that O
the O
firm O
will O
hold O
off O
from O
inorganic O
growth O
, O
as O
Spirit B-Cause
has I-Cause
taken I-Cause
substantial I-Cause
debt I-Cause
to O
fund B-Effect
unprofitable I-Effect
operations I-Effect
during I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
and I-Effect
will I-Effect
have I-Effect
few I-Effect
capital I-Effect
allocation I-Effect
options I-Effect
other I-Effect
than I-Effect
deleveraging I-Effect
during I-Effect
an I-Effect
aerospace I-Effect
recovery I-Effect
. O

Reinvigorating O
Victoria O
's O
Secret O
has O
been O
inconsistent O
, O
as O
merchandise B-Cause
has I-Cause
intermittently I-Cause
resonated I-Cause
with I-Cause
consumers I-Cause
, O
leading O
to O
low-single-digit B-Effect
operating I-Effect
margins I-Effect
at I-Effect
the I-Effect
segment I-Effect
in I-Effect
2019 I-Effect
versus I-Effect
double I-Effect
digits I-Effect
in I-Effect
the I-Effect
past I-Effect
. O

Coupled B-Cause
with I-Cause
strong I-Cause
brand I-Cause
recognition I-Cause
and I-Cause
unrivaled I-Cause
supply I-Cause
chain I-Cause
, O
Yum B-Effect
China I-Effect
is I-Effect
set I-Effect
to I-Effect
be I-Effect
the I-Effect
prime I-Effect
beneficiary I-Effect
of I-Effect
growing I-Effect
Chinese I-Effect
fast-food I-Effect
spending I-Effect
. O

Furthermore O
, O
we O
believe O
its O
broad B-Cause
and I-Cause
resilient I-Cause
product I-Cause
portfolio I-Cause
offers O
a B-Cause
diversification I-Cause
effect I-Cause
that O
derisks O
its O
global B-Effect
brand I-Effect
position I-Effect
, O
leading O
to O
a B-Effect
negligible I-Effect
likelihood I-Effect
of I-Effect
meaningful I-Effect
aggregate I-Effect
value I-Effect
destruction I-Effect
over I-Effect
a I-Effect
long-term I-Effect
horizon I-Effect
. O

Southern B-Cause
Europe I-Cause
's I-Cause
decadelong I-Cause
decline I-Cause
in I-Cause
wine I-Cause
consumption I-Cause
has I-Cause
led I-Cause
to I-Cause
lower I-Cause
operating I-Cause
rates I-Cause
, O
pulling B-Effect
segment I-Effect
profit I-Effect
margins I-Effect
lower I-Effect
by I-Effect
roughly I-Effect
300 I-Effect
basis I-Effect
points I-Effect
since I-Effect
2007 I-Effect
. O

PFG B-Effect
has I-Effect
been I-Effect
increasing I-Effect
its I-Effect
presence I-Effect
in I-Effect
the I-Effect
c-store I-Effect
distribution I-Effect
market I-Effect
, O
with O
its B-Cause
2019 I-Cause
acquisition I-Cause
of I-Cause
Eby-Brown I-Cause
, O
the O
third-largest O
convenience O
store O
distributor O
with O
$ O
5 O
billion O
in O
sales O
. O

Simply O
Good O
Foods O
' O
Atkins O
brand O
experienced O
revenue O
acceleration O
the O
years O
preceding O
the O
pandemic O
as O
the B-Cause
brand I-Cause
expanded I-Cause
its I-Cause
target I-Cause
market I-Cause
from I-Cause
the I-Cause
8 I-Cause
million I-Cause
program I-Cause
dieters I-Cause
to I-Cause
the I-Cause
33 I-Cause
million I-Cause
people I-Cause
seeking O
to O
reduce B-Effect
their I-Effect
intake I-Effect
of I-Effect
carbohydrates I-Effect
without I-Effect
following I-Effect
a I-Effect
regimented I-Effect
diet I-Effect
. O

With O
the B-Cause
ECB I-Cause
's I-Cause
official I-Cause
overnight I-Cause
rate I-Cause
at I-Cause
0 I-Cause
% I-Cause
, O
the B-Effect
difference I-Effect
between I-Effect
the I-Effect
large I-Effect
national I-Effect
banks I-Effect
and I-Effect
the I-Effect
regional I-Effect
banks I-Effect
' I-Effect
funding I-Effect
costs I-Effect
seems I-Effect
meaningless I-Effect
, O
at O
0.05 O
% O
on O
average O
for O
Intesa O
and O
Unicredit O
versus O
0.12 O
% O
for O
the O
average O
regional O
bank O
. O

MercadoLibre B-Effect
faces I-Effect
limited I-Effect
online I-Effect
retail I-Effect
competition I-Effect
in I-Effect
the I-Effect
region I-Effect
, O
with O
Amazon B-Cause
, I-Cause
eBay I-Cause
, I-Cause
and I-Cause
local I-Cause
players I-Cause
like I-Cause
B2W I-Cause
generating I-Cause
less I-Cause
unique I-Cause
visitors I-Cause
in I-Cause
its I-Cause
core I-Cause
markets I-Cause
, O
though O
there O
are O
several O
solid O
competitors O
in O
the O
payments O
segment O
. O

Consolidating B-Cause
Oi I-Cause
would O
greatly O
improve B-Effect
the I-Effect
market I-Effect
structure I-Effect
and I-Effect
eliminate I-Effect
the I-Effect
possibility I-Effect
of I-Effect
the I-Effect
firm I-Effect
exiting I-Effect
bankruptcy I-Effect
with I-Effect
a I-Effect
much-reduced I-Effect
debt I-Effect
load I-Effect
and I-Effect
new I-Effect
capital I-Effect
with I-Effect
which I-Effect
to I-Effect
attack I-Effect
the I-Effect
wireless I-Effect
market I-Effect
. O

Despite O
that O
some O
of O
the O
categories O
that O
Tractor O
Supply O
operates O
in O
are O
relatively O
mature O
, O
we O
view O
the B-Cause
breadth I-Cause
of I-Cause
its I-Cause
offerings I-Cause
and I-Cause
potential I-Cause
for I-Cause
growth I-Cause
of I-Cause
its I-Cause
current I-Cause
consumer I-Cause
base I-Cause
as I-Cause
well I-Cause
as I-Cause
increased I-Cause
penetration I-Cause
of I-Cause
new I-Cause
consumers I-Cause
as O
positive O
factors O
that O
could O
drive O
top-line B-Effect
growth I-Effect
. O

We O
think O
Sensata B-Effect
's I-Effect
customers I-Effect
would I-Effect
face I-Effect
steep I-Effect
costs I-Effect
to I-Effect
switching I-Effect
to I-Effect
another I-Effect
sensor I-Effect
supplier I-Effect
, O
which O
stem O
from O
Sensata B-Cause
's I-Cause
integration I-Cause
as I-Cause
a I-Cause
design I-Cause
partner I-Cause
and I-Cause
the I-Cause
high I-Cause
cost I-Cause
to I-Cause
failure I-Cause
of I-Cause
the I-Cause
end I-Cause
applications I-Cause
into I-Cause
which I-Cause
it I-Cause
sells I-Cause
. O

While O
prices B-Cause
for I-Cause
this I-Cause
type I-Cause
of I-Cause
land I-Cause
have I-Cause
risen I-Cause
over I-Cause
the I-Cause
years I-Cause
, I-Cause
the I-Cause
structures I-Cause
are I-Cause
easily I-Cause
replicable I-Cause
, O
causing O
other B-Effect
real I-Effect
estate I-Effect
companies I-Effect
to I-Effect
throw I-Effect
their I-Effect
hats I-Effect
in I-Effect
the I-Effect
ring I-Effect
, I-Effect
diversifying I-Effect
to I-Effect
meet I-Effect
the I-Effect
demand I-Effect
for I-Effect
industrial I-Effect
property I-Effect
. O

As O
such O
, O
we O
believe O
building B-Cause
operators I-Cause
would I-Cause
be I-Cause
reluctant I-Cause
to I-Cause
completely I-Cause
replace I-Cause
entire I-Cause
systems I-Cause
and I-Cause
instead I-Cause
prefer I-Cause
to I-Cause
retrofit I-Cause
existing I-Cause
systems I-Cause
to I-Cause
adapt I-Cause
to I-Cause
changing I-Cause
technology I-Cause
, I-Cause
regulatory I-Cause
standards I-Cause
, I-Cause
and I-Cause
user I-Cause
requirements. O
This O
is O
a B-Effect
favorable I-Effect
dynamic I-Effect
for I-Effect
Carrier I-Effect
, I-Effect
which I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
capture I-Effect
incremental I-Effect
retrofit I-Effect
revenue I-Effect
in I-Effect
addition I-Effect
to I-Effect
unplanned I-Effect
service I-Effect
and I-Effect
routine I-Effect
maintenance I-Effect
revenue I-Effect
. O

Management O
further O
believes O
that O
Zoom B-Effect
's I-Effect
opportunity I-Effect
is I-Effect
larger I-Effect
, O
especially O
after O
blowout O
results O
throughout O
fiscal O
2021 O
, O
as O
video B-Cause
penetration I-Cause
can I-Cause
increase I-Cause
materially I-Cause
as I-Cause
users I-Cause
experience I-Cause
the I-Cause
ease I-Cause
of I-Cause
use I-Cause
and I-Cause
robust I-Cause
features I-Cause
the I-Cause
platform I-Cause
offers I-Cause
. O

Colfax O
's O
returns O
on O
invested B-Effect
capital I-Effect
have I-Effect
declined I-Effect
to I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
in I-Effect
recent I-Effect
years I-Effect
following O
the O
2012 O
Charter O
International O
acquisition O
, O
which O
added B-Cause
the I-Cause
ESAB I-Cause
welding I-Cause
business I-Cause
and I-Cause
Howden I-Cause
air I-Cause
and I-Cause
gas I-Cause
handling I-Cause
business I-Cause
to I-Cause
Colfax I-Cause
's I-Cause
portfolio I-Cause
. O

Also O
, O
switching B-Cause
costs I-Cause
can I-Cause
arise I-Cause
in I-Cause
Qiagen I-Cause
's I-Cause
chosen I-Cause
fields I-Cause
with I-Cause
rental I-Cause
reagent I-Cause
agreements I-Cause
, I-Cause
reproducibility I-Cause
, I-Cause
and I-Cause
consistency I-Cause
factors I-Cause
playing B-Effect
a I-Effect
role I-Effect
in I-Effect
customers I-Effect
using I-Effect
Qiagen I-Effect
's I-Effect
tools I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
. I-Effect

Ultimately O
, O
the B-Cause
firm I-Cause
's I-Cause
cost I-Cause
edge I-Cause
dulls I-Cause
the I-Cause
pain I-Cause
from I-Cause
periods I-Cause
of I-Cause
hard I-Cause
discounting I-Cause
and I-Cause
intense I-Cause
industry I-Cause
competition I-Cause
( O
including O
the O
current O
" O
" O
" O
" O
Chicken O
Sandwich O
wars O
" O
" O
" O
" O
) O
and O
shores B-Effect
up I-Effect
margins I-Effect
. O

Despite B-Effect
the I-Effect
massive I-Effect
potential I-Effect
of I-Effect
this I-Effect
technology I-Effect
, I-Effect
we I-Effect
only I-Effect
assume I-Effect
a I-Effect
10 I-Effect
% I-Effect
probability I-Effect
of I-Effect
success I-Effect
, O
given O
the B-Cause
difficulty I-Cause
in I-Cause
successfully I-Cause
identifying I-Cause
antigens I-Cause
that I-Cause
will I-Cause
lead I-Cause
to I-Cause
an B-Effect
immune I-Effect
response I-Effect
to I-Effect
a I-Effect
patient I-Effect
's I-Effect
cancer I-Effect
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
novelty I-Cause
and I-Cause
early-stage I-Cause
nature I-Cause
of I-Cause
the I-Cause
program I-Cause
. O

The O
DNB O
has O
clamped O
down O
harshly O
on O
any O
possible O
missteps O
by O
Dutch O
banks O
as O
evidenced O
by O
the O
fine B-Effect
imposed O
on O
ING O
in O
2018 O
for O
not B-Cause
being I-Cause
thorough I-Cause
enough I-Cause
in I-Cause
checking I-Cause
client I-Cause
's I-Cause
money I-Cause
transfers I-Cause
for I-Cause
fraudulent I-Cause
activity I-Cause
. O

The B-Cause
COVID-19-related I-Cause
revenue I-Cause
boost I-Cause
will O
mask B-Effect
the I-Effect
sales I-Effect
hit I-Effect
, O
but O
the O
company O
needs O
almost B-Cause
flawless I-Cause
execution I-Cause
in I-Cause
the I-Cause
upcoming I-Cause
year I-Cause
to O
reverse B-Effect
investors I-Effect
' I-Effect
growing I-Effect
skepticism I-Effect
regarding I-Effect
its I-Effect
performance I-Effect
. O

This B-Cause
continued I-Cause
execution I-Cause
of I-Cause
building I-Cause
and I-Cause
operating I-Cause
some I-Cause
of I-Cause
the I-Cause
best I-Cause
integrated I-Cause
resorts I-Cause
in I-Cause
the I-Cause
world I-Cause
positions I-Cause
Wynn B-Effect
Resorts I-Effect
to I-Effect
win I-Effect
concessions I-Effect
in I-Effect
any I-Effect
future I-Effect
gaming I-Effect
markets I-Effect
, I-Effect
like I-Effect
South I-Effect
Korea I-Effect
. O

As O
3D B-Cause
printing I-Cause
becomes I-Cause
more I-Cause
widely I-Cause
accepted I-Cause
for I-Cause
manufacturing I-Cause
and I-Cause
industrial I-Cause
applications I-Cause
, O
a B-Effect
possibility I-Effect
is I-Effect
for I-Effect
3D I-Effect
printing I-Effect
vendors I-Effect
to I-Effect
consolidate I-Effect
and I-Effect
for I-Effect
the I-Effect
market I-Effect
to I-Effect
become I-Effect
cost I-Effect
sensitive I-Effect
like I-Effect
traditional I-Effect
printing I-Effect
. O

To O
support O
this B-Effect
fuel I-Effect
efficiency I-Effect
, O
Eaton B-Cause
's I-Cause
pump I-Cause
delivers I-Cause
unprecedented I-Cause
levels I-Cause
of I-Cause
pressure I-Cause
and I-Cause
will I-Cause
be I-Cause
the I-Cause
highest-pressure I-Cause
main I-Cause
fuel I-Cause
pump I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
pumping O
up O
to O
160 O
gallons O
per O
minute O
. O

The B-Cause
firm I-Cause
's I-Cause
large I-Cause
audiences I-Cause
and I-Cause
the I-Cause
continuous I-Cause
consumer I-Cause
engagement I-Cause
are O
likely O
to O
continue O
to O
drive B-Effect
demand I-Effect
for I-Effect
Facebook I-Effect
ad I-Effect
inventories I-Effect
, O
although O
possibly O
at O
lower O
prices O
. O

The O
company O
is O
in O
the O
difficult O
position O
of O
needing O
to O
replace B-Cause
atrophying I-Cause
partnerships I-Cause
with I-Cause
healthier I-Cause
ones I-Cause
while I-Cause
simultaneously I-Cause
maintaining I-Cause
healthy I-Cause
enough I-Cause
margins I-Cause
to O
make O
its B-Effect
high-leverage I-Effect
strategy I-Effect
a I-Effect
success I-Effect
. O

Larger B-Cause
sales I-Cause
volume I-Cause
and I-Cause
geographic I-Cause
reach I-Cause
allow O
the B-Effect
biggest I-Effect
national I-Effect
restaurant I-Effect
operators I-Effect
to I-Effect
benefit I-Effect
from I-Effect
purchasing I-Effect
leverage I-Effect
, O
with O
food B-Cause
distributors I-Cause
willing I-Cause
to I-Cause
accept I-Cause
lower I-Cause
margins I-Cause
in B-Effect
exchange I-Effect
for I-Effect
higher I-Effect
operating I-Effect
income I-Effect
( I-Effect
margin I-Effect
dollars I-Effect
) I-Effect
. O

The B-Cause
steep I-Cause
costs I-Cause
of I-Cause
failure I-Cause
paired I-Cause
with I-Cause
harsh I-Cause
conditions I-Cause
that I-Cause
augment I-Cause
the I-Cause
risk I-Cause
of I-Cause
failure I-Cause
make O
trust B-Effect
and I-Effect
reliability I-Effect
the I-Effect
driving I-Effect
concern I-Effect
for I-Effect
customers I-Effect
in I-Effect
TE I-Effect
's I-Effect
end I-Effect
markets I-Effect
, O
especially O
given O
the O
small O
portion O
of O
the O
bill O
of O
materials O
TE O
's O
content O
represents O
. O

If O
the B-Cause
original I-Cause
separation I-Cause
plan I-Cause
comes I-Cause
to I-Cause
fruition I-Cause
, O
Tenneco B-Effect
will I-Effect
combine I-Effect
its I-Effect
emission-control I-Effect
business I-Effect
with I-Effect
Federal-Mogul I-Effect
's I-Effect
engine-parts I-Effect
business I-Effect
, O
creating B-Effect
a I-Effect
powertrain I-Effect
auto-parts I-Effect
supplier I-Effect
that I-Effect
had I-Effect
2020 I-Effect
revenue I-Effect
of I-Effect
$ I-Effect
10.4 I-Effect
billion I-Effect
. O

The B-Cause
investment I-Cause
in I-Cause
technology I-Cause
will O
structurally B-Effect
help I-Effect
Trip.com B-Effect
with I-Effect
its I-Effect
cost I-Effect
structure I-Effect
, O
but O
it O
will O
be O
offset O
by O
increased B-Cause
marketing I-Cause
spending I-Cause
to I-Cause
drive I-Cause
recovery I-Cause
, I-Cause
product I-Cause
development I-Cause
costs I-Cause
, I-Cause
and I-Cause
better I-Cause
compensation I-Cause
to I-Cause
retain I-Cause
talent I-Cause
. O

However O
, O
we O
now O
think O
the O
key O
constraint O
will O
be O
lack B-Cause
of I-Cause
trained I-Cause
lab I-Cause
personnel I-Cause
to I-Cause
perform I-Cause
the I-Cause
tests I-Cause
, O
which O
could O
ultimately O
hold B-Effect
any I-Effect
gains I-Effect
in I-Effect
capacity I-Effect
to I-Effect
marginal I-Effect
levels I-Effect
. O

We B-Cause
had I-Cause
revisited I-Cause
our I-Cause
Eaton I-Cause
thesis I-Cause
and I-Cause
came I-Cause
away I-Cause
far I-Cause
more I-Cause
bullish I-Cause
after I-Cause
management I-Cause
made I-Cause
two I-Cause
vital I-Cause
prudent I-Cause
capital I-Cause
allocation I-Cause
decisions I-Cause
to I-Cause
the I-Cause
commoditized I-Cause
and I-Cause
secularly I-Cause
challenged I-Cause
businesses I-Cause
in I-Cause
lighting I-Cause
and I-Cause
hydraulics I-Cause
( I-Cause
with I-Cause
the I-Cause
exception I-Cause
of I-Cause
the I-Cause
portions I-Cause
of I-Cause
the I-Cause
business I-Cause
Eaton I-Cause
is I-Cause
retaining I-Cause
) I-Cause
. O
As O
a O
result O
, O
we O
believe O
Eaton B-Effect
will I-Effect
nearly I-Effect
hit I-Effect
20 I-Effect
% I-Effect
non-GAAP I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
by I-Effect
2022 I-Effect
and I-Effect
will I-Effect
drive I-Effect
about I-Effect
500 I-Effect
basis I-Effect
points I-Effect
of I-Effect
ROIC I-Effect
improvement I-Effect
through I-Effect
the I-Effect
cycle I-Effect
. O

We O
also O
believe O
the B-Cause
segment I-Cause
can I-Cause
maintain I-Cause
its I-Cause
customer I-Cause
retention I-Cause
rates. O
As O
a O
result O
, O
we B-Effect
also I-Effect
model I-Effect
top-line I-Effect
organic I-Effect
growth I-Effect
at I-Effect
over I-Effect
6 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
just I-Effect
above I-Effect
our I-Effect
application I-Effect
software I-Effect
projections I-Effect
. O

Negatively B-Cause
, I-Cause
though I-Cause
, I-Cause
the I-Cause
significant I-Cause
invested I-Cause
capital I-Cause
being I-Cause
paid I-Cause
could O
keep B-Effect
Danaher I-Effect
's I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
near I-Effect
its I-Effect
capital I-Effect
costs I-Effect
for I-Effect
several I-Effect
years I-Effect
. O

Adding O
to O
the O
risk O
is O
the B-Cause
continued I-Cause
expansion I-Cause
of I-Cause
hard I-Cause
discounters I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
and I-Cause
Amazon I-Cause
's I-Cause
burgeoning I-Cause
scale I-Cause
, O
which O
promotes B-Effect
price I-Effect
transparency I-Effect
. O

For O
example O
, O
while B-Cause
grocery I-Cause
stores I-Cause
are I-Cause
extremely I-Cause
important I-Cause
to I-Cause
the I-Cause
entire I-Cause
shopping I-Cause
center I-Cause
as I-Cause
a I-Cause
regular I-Cause
driver I-Cause
of I-Cause
traffic I-Cause
to I-Cause
the I-Cause
property I-Cause
, I-Cause
there I-Cause
are I-Cause
multiple I-Cause
grocery I-Cause
stores I-Cause
, I-Cause
big-box I-Cause
discounters I-Cause
like I-Cause
Walmart I-Cause
and I-Cause
Target I-Cause
, I-Cause
and I-Cause
specialty I-Cause
food I-Cause
stores I-Cause
that I-Cause
compete I-Cause
on I-Cause
quality I-Cause
or I-Cause
price I-Cause
of I-Cause
groceries I-Cause
in I-Cause
any I-Cause
given I-Cause
submarket I-Cause
that I-Cause
offer I-Cause
essentially I-Cause
the I-Cause
same I-Cause
groceries. O
As O
a O
result O
, O
a B-Effect
grocery I-Effect
store I-Effect
might I-Effect
be I-Effect
able I-Effect
to I-Effect
dominate I-Effect
the I-Effect
immediate I-Effect
trade I-Effect
area I-Effect
based I-Effect
on I-Effect
convenience I-Effect
to I-Effect
consumers I-Effect
but I-Effect
does I-Effect
n't I-Effect
present I-Effect
any I-Effect
other I-Effect
unique I-Effect
draw I-Effect
. O

Third O
, O
Trane B-Cause
Technologies I-Cause
competes I-Cause
against I-Cause
well-established I-Cause
and I-Cause
capable I-Cause
competitors I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
Carrier I-Cause
, I-Cause
Johnson I-Cause
Controls I-Cause
, I-Cause
and I-Cause
Lennox I-Cause
) I-Cause
, I-Cause
and I-Cause
the I-Cause
firm I-Cause
must I-Cause
stay I-Cause
on I-Cause
the I-Cause
cutting I-Cause
edge I-Cause
of I-Cause
technology I-Cause
to O
meet B-Effect
future I-Effect
environmental I-Effect
and I-Effect
energy-efficiency I-Effect
standards I-Effect
, I-Effect
win I-Effect
future I-Effect
bids I-Effect
, I-Effect
and I-Effect
maintain I-Effect
its I-Effect
brand I-Effect
image I-Effect
. O

Overall O
, O
we O
believe O
a B-Cause
growing I-Cause
store I-Cause
footprint I-Cause
and I-Cause
product I-Cause
portfolio I-Cause
will O
help O
the B-Effect
firm I-Effect
better I-Effect
penetrate I-Effect
dealers I-Effect
and I-Effect
gain I-Effect
market I-Effect
share I-Effect
. O

Over O
the O
past O
two O
decades O
, O
Expedia B-Cause
has I-Cause
built I-Cause
a I-Cause
strong I-Cause
network I-Cause
of I-Cause
properties I-Cause
( I-Cause
supply I-Cause
side I-Cause
of I-Cause
the I-Cause
network I-Cause
effect I-Cause
equation I-Cause
) I-Cause
, O
which O
has O
driven O
strong B-Effect
end-user I-Effect
traffic I-Effect
and I-Effect
bookings I-Effect
( I-Effect
demand I-Effect
side I-Effect
of I-Effect
the I-Effect
network I-Effect
effect I-Effect
equation I-Effect
) I-Effect
. O

With B-Cause
click-and-collect I-Cause
often I-Cause
more I-Cause
convenient I-Cause
than I-Cause
ship-to-home I-Cause
( I-Cause
particularly I-Cause
in I-Cause
grocery I-Cause
, I-Cause
where I-Cause
perishability I-Cause
can I-Cause
create I-Cause
spoilage I-Cause
concerns I-Cause
if I-Cause
a I-Cause
customer I-Cause
is I-Cause
unable I-Cause
to I-Cause
receive I-Cause
a I-Cause
package I-Cause
shortly I-Cause
after I-Cause
it I-Cause
arrives I-Cause
) I-Cause
, O
we O
expect O
Walmart B-Effect
's I-Effect
physical I-Effect
stores I-Effect
will I-Effect
prove I-Effect
an I-Effect
asset I-Effect
as I-Effect
it B-Cause
expands I-Cause
its I-Cause
omnichannel I-Cause
offering I-Cause
. O

Millicom B-Cause
has I-Cause
provided I-Cause
wireless I-Cause
service I-Cause
in I-Cause
Guatemala I-Cause
, I-Cause
El I-Cause
Salvador I-Cause
, I-Cause
Honduras I-Cause
, I-Cause
Bolivia I-Cause
, I-Cause
and I-Cause
Paraguay I-Cause
since O
the O
early O
1990s O
, O
giving O
it O
the B-Effect
largest I-Effect
market I-Effect
share I-Effect
in I-Effect
each I-Effect
of I-Effect
these I-Effect
countries I-Effect
except I-Effect
Bolivia I-Effect
. O

Given O
that O
the O
segment O
enjoys O
no O
competitive O
advantage O
, O
we O
posit O
that O
recent B-Cause
profit I-Cause
margins I-Cause
have I-Cause
been I-Cause
too I-Cause
high I-Cause
to O
sustain B-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
proprietary I-Effect
secrets I-Effect
are I-Effect
closely I-Effect
held I-Effect
as O
3M B-Cause
rarely I-Cause
grants I-Cause
licenses I-Cause
, O
yet O
its O
technology O
is O
difficult O
to O
imitate O
. O

While O
concentration B-Cause
in I-Cause
communications I-Cause
could O
make O
Amphenol B-Effect
susceptible I-Effect
to I-Effect
a I-Effect
broader I-Effect
downturn I-Effect
, O
we O
think O
this B-Cause
is I-Cause
well I-Cause
divided I-Cause
between I-Cause
devices I-Cause
, I-Cause
wireless I-Cause
networks I-Cause
, I-Cause
wired I-Cause
data I-Cause
, I-Cause
and I-Cause
broadband I-Cause
, O
and O
do O
n't O
think O
these B-Effect
markets I-Effect
experience I-Effect
simultaneous I-Effect
demand I-Effect
trends I-Effect
. O

This O
creates O
a B-Effect
tail I-Effect
risk I-Effect
for I-Effect
producers I-Effect
of I-Effect
medical I-Effect
waste I-Effect
who O
can O
be O
held B-Cause
liable I-Cause
for I-Cause
environmental I-Cause
violations I-Cause
years I-Cause
after I-Cause
the I-Cause
waste I-Cause
was I-Cause
originally I-Cause
generated I-Cause
, I-Cause
regardless I-Cause
of I-Cause
who I-Cause
was I-Cause
responsible I-Cause
for I-Cause
the I-Cause
violation I-Cause
. O

As O
aeronautics B-Cause
has I-Cause
the I-Cause
highest I-Cause
proportion I-Cause
of I-Cause
fixed-price I-Cause
contracts I-Cause
in I-Cause
the I-Cause
sales I-Cause
mix I-Cause
, O
there B-Effect
is I-Effect
the I-Effect
most I-Effect
potential I-Effect
for I-Effect
margin I-Effect
expansion I-Effect
, O
but O
we B-Effect
think I-Effect
this I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
occur I-Effect
because O
the B-Cause
B-21 I-Cause
is I-Cause
being I-Cause
developed I-Cause
on I-Cause
a I-Cause
cost-plus I-Cause
basis I-Cause
, I-Cause
which I-Cause
should I-Cause
compress I-Cause
margins I-Cause
. O

Our B-Effect
uncertainty I-Effect
rating I-Effect
for I-Effect
AMD I-Effect
is I-Effect
high I-Effect
, O
as O
we O
incorporate O
the B-Cause
cyclical I-Cause
nature I-Cause
of I-Cause
the I-Cause
semiconductor I-Cause
industry I-Cause
, O
coupled O
with O
AMD B-Cause
's I-Cause
smaller I-Cause
scale I-Cause
. O

We O
think O
that O
Accenture B-Cause
's I-Cause
clients I-Cause
' I-Cause
broad I-Cause
familiarity I-Cause
with I-Cause
the I-Cause
company I-Cause
is O
a O
source O
of O
resistance B-Effect
to I-Effect
switching I-Effect
to I-Effect
other I-Effect
consultants I-Effect
and I-Effect
outsourcing I-Effect
providers I-Effect
. O

These O
multiples B-Effect
are I-Effect
higher I-Effect
than I-Effect
most I-Effect
of I-Effect
RB I-Effect
's I-Effect
large-cap I-Effect
consumer I-Effect
product I-Effect
competitors I-Effect
because O
we O
expect O
the B-Cause
company I-Cause
to I-Cause
generate I-Cause
above-average I-Cause
growth I-Cause
, O
driven O
by O
superior O
price/mix O
in O
the O
medium O
term O
. O

Several B-Effect
innovative I-Effect
vaccines I-Effect
on I-Effect
the I-Effect
market I-Effect
today I-Effect
from I-Effect
entrenched I-Effect
vaccine I-Effect
players I-Effect
are I-Effect
priced I-Effect
in I-Effect
the I-Effect
hundreds I-Effect
of I-Effect
dollars I-Effect
because O
of O
limited B-Cause
competition I-Cause
. O

One B-Cause
thing I-Cause
the I-Cause
acquisitive I-Cause
nature I-Cause
of I-Cause
Scor I-Cause
has I-Cause
done I-Cause
for O
the O
business O
, O
is O
enable O
management B-Effect
to I-Effect
remove I-Effect
some I-Effect
overlapping I-Effect
expenses I-Effect
. O

On O
an O
organic O
basis O
, O
we O
believe O
that O
Malibu B-Cause
's I-Cause
emphasis I-Cause
on I-Cause
innovation I-Cause
and I-Cause
vertical I-Cause
integration I-Cause
will O
drive O
continued B-Effect
sales I-Effect
and I-Effect
operating I-Effect
profit I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

First O
, O
self-inflicted B-Cause
headline I-Cause
and I-Cause
media I-Cause
risk I-Cause
could O
frame B-Effect
the I-Effect
business I-Effect
poorly I-Effect
, O
as O
it O
did O
in O
2012 O
and O
2013 O
; O
however O
, O
while O
Carnival O
implemented O
a O
plethora O
of O
measures O
to O
prevent O
self-imposed O
future O
mishaps O
from O
weighing O
on O
the B-Effect
business I-Effect
performance I-Effect
, O
it O
has O
yet O
been O
able O
to O
escape O
the B-Cause
fallout I-Cause
from I-Cause
COVID-19 I-Cause
. O

As O
one B-Cause
of I-Cause
the I-Cause
largest I-Cause
and I-Cause
lowest-cost I-Cause
producers I-Cause
globally I-Cause
with I-Cause
expansion I-Cause
potential I-Cause
, O
Cameco B-Effect
should I-Effect
benefit I-Effect
meaningfully I-Effect
from I-Effect
higher I-Effect
uranium I-Effect
prices I-Effect
. O

Since O
the B-Cause
costs I-Cause
of I-Cause
noncompliance I-Cause
can I-Cause
be I-Cause
significant I-Cause
, I-Cause
ranging I-Cause
from I-Cause
litigation I-Cause
to I-Cause
reputational I-Cause
damage I-Cause
, I-Cause
clients I-Cause
depend I-Cause
on I-Cause
the I-Cause
breadth I-Cause
and I-Cause
depth I-Cause
of I-Cause
IHS I-Cause
Markit I-Cause
's I-Cause
coverage I-Cause
, O
and O
centralization B-Effect
provides I-Effect
meaningful I-Effect
risk I-Effect
reduction I-Effect
. O

We O
think O
the B-Cause
COVID-19 I-Cause
outbreak I-Cause
will O
accelerate B-Effect
the I-Effect
shift I-Effect
to I-Effect
e-commerce I-Effect
from I-Effect
physical I-Effect
store I-Effect
sales I-Effect
and O
forecast B-Effect
flat I-Effect
long-term I-Effect
comparable I-Effect
sales I-Effect
for I-Effect
Kohl I-Effect
's I-Effect
. O

We O
think O
the O
Michael B-Cause
Kors I-Cause
brand I-Cause
has I-Cause
been I-Cause
degraded I-Cause
and O
that O
it O
will O
not O
maintain B-Effect
premium I-Effect
pricing I-Effect
for I-Effect
its I-Effect
bags I-Effect
and I-Effect
apparel I-Effect
in I-Effect
the I-Effect
face I-Effect
of I-Effect
heavy I-Effect
competition I-Effect
. O

Other B-Cause
areas I-Cause
, I-Cause
like I-Cause
blockchain I-Cause
services I-Cause
, I-Cause
show I-Cause
more I-Cause
upside I-Cause
and O
make O
it B-Effect
hard I-Effect
for I-Effect
new I-Effect
entrants I-Effect
to I-Effect
enter I-Effect
, O
especially O
in O
the O
shipping O
space O
, O
which O
requires O
a O
massive O
coordination O
of O
shipping O
companies O
, O
retailers O
and O
governments O
. O

In O
the O
long O
run O
, O
with O
competition B-Cause
rife I-Cause
and I-Cause
negligible I-Cause
switching I-Cause
costs I-Cause
for I-Cause
consumers I-Cause
, O
Walmart B-Effect
faces I-Effect
a I-Effect
landscape I-Effect
demanding I-Effect
strong I-Effect
execution I-Effect
across I-Effect
a I-Effect
range I-Effect
of I-Effect
channels I-Effect
. O

In O
this O
increasingly B-Cause
competitive I-Cause
environment I-Cause
, O
several B-Effect
consumer I-Effect
staples I-Effect
firms I-Effect
have I-Effect
turned I-Effect
to I-Effect
cost-cutting I-Effect
to I-Effect
both I-Effect
finance I-Effect
higher I-Effect
spending I-Effect
behind I-Effect
their I-Effect
brands I-Effect
and I-Effect
improve I-Effect
the I-Effect
margin- I-Effect
and I-Effect
cash-generative I-Effect
profile I-Effect
of I-Effect
their I-Effect
business I-Effect
. O

After O
unusually B-Effect
strong I-Effect
profitability I-Effect
in I-Effect
2020 I-Effect
due O
to O
surging B-Cause
volumes I-Cause
and I-Cause
cost I-Cause
reductions I-Cause
, O
we O
see O
consolidated O
operating O
margins O
staying O
around O
17 O
% O
through O
the O
mid-2020s O
before O
fading O
to O
around O
16.5 O
% O
in O
2030 O
, O
which O
we O
view O
as O
a O
sustainable O
, O
through-cycle O
operating O
margin O
( O
that O
is O
, O
our O
midcycle O
assumption O
) O
. O

The O
firm O
has O
spent O
$ O
22 O
billion O
( O
about O
$ O
43 O
per O
share O
) O
to O
acquire O
a O
variety O
of O
spectrum O
licenses O
over O
the O
past O
decade O
, O
with O
most B-Effect
of I-Effect
that I-Effect
spending I-Effect
occurring I-Effect
at I-Effect
competitive I-Effect
FCC I-Effect
auctions I-Effect
where O
the B-Cause
firm I-Cause
had I-Cause
to I-Cause
beat I-Cause
out I-Cause
wireless I-Cause
carriers I-Cause
far I-Cause
better I-Cause
positioned I-Cause
to I-Cause
put I-Cause
spectrum I-Cause
to I-Cause
use I-Cause
. O

In O
our O
view O
, O
the B-Cause
high I-Cause
cost I-Cause
to I-Cause
deploy I-Cause
FiOS I-Cause
and I-Cause
the I-Cause
difficulty I-Cause
of I-Cause
rapidly I-Cause
gaining I-Cause
market I-Cause
share I-Cause
has O
prevented O
Verizon B-Effect
from I-Effect
pricing I-Effect
the I-Effect
service I-Effect
aggressively I-Effect
. O

A B-Cause
powerful I-Cause
distribution I-Cause
network I-Cause
sets O
up O
the B-Effect
company I-Effect
as I-Effect
a I-Effect
strong I-Effect
partner I-Effect
for I-Effect
smaller I-Effect
drug I-Effect
companies I-Effect
that I-Effect
lack I-Effect
Glaxo I-Effect
's I-Effect
resources I-Effect
. O

The B-Cause
RevPAR I-Cause
growth I-Cause
, I-Cause
food I-Cause
and I-Cause
beverage I-Cause
growth I-Cause
, I-Cause
other I-Cause
revenue I-Cause
growth I-Cause
, I-Cause
and I-Cause
expense I-Cause
growth I-Cause
assumptions I-Cause
drive O
total B-Effect
company I-Effect
annual I-Effect
same-store I-Effect
NOI I-Effect
growth I-Effect
averaging I-Effect
1.9 I-Effect
% I-Effect
across O
our O
10-year O
forecast O
. O

Given O
the B-Cause
growth I-Cause
we I-Cause
see I-Cause
from I-Cause
growing I-Cause
mass I-Cause
gambling I-Cause
and I-Cause
nongaming I-Cause
activity I-Cause
, O
we B-Effect
project I-Effect
Macao I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
remain I-Effect
steady I-Effect
at I-Effect
31.5 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
30 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
despite O
higher O
expected O
license-renewal O
fees O
beginning O
in O
2022 O
. O

The B-Cause
COVID-19 I-Cause
pandemic I-Cause
has O
taken O
a O
heavy O
global O
toll O
but O
has O
also O
provided O
Moderna B-Effect
with I-Effect
the I-Effect
opportunity I-Effect
to I-Effect
accelerate I-Effect
the I-Effect
validation I-Effect
of I-Effect
its I-Effect
technology I-Effect
. O

Apart O
from O
the O
speed O
and O
the O
higher O
quality O
service O
, O
FTTH O
has O
several O
advantages O
for O
Telus O
, O
including O
lower B-Effect
operating I-Effect
expenses I-Effect
due O
to O
less B-Cause
maintenance I-Cause
and I-Cause
customer I-Cause
calls I-Cause
, O
lower O
churn O
rates O
, O
and O
higher O
average O
revenue O
per O
user O
. O

While O
a B-Effect
beneficiary I-Effect
of I-Effect
consumer I-Effect
stock I-Effect
up I-Effect
of I-Effect
essential I-Effect
fare I-Effect
since O
COVID-19 B-Cause
took I-Cause
hold I-Cause
a I-Cause
year I-Cause
ago I-Cause
( O
resulting O
in O
7 O
% O
organic O
sales O
growth O
through O
the O
first O
three O
quarters O
of O
2020 O
) O
, O
Kellogg O
chalked O
up O
a O
marked O
slowdown O
in O
the O
final O
three O
months O
of O
the O
year O
of O
just O
2.5 O
% O
. O

In O
our O
view O
, O
Juniper B-Cause
's I-Cause
push I-Cause
to I-Cause
offer I-Cause
software-based I-Cause
solutions I-Cause
and I-Cause
security I-Cause
alongside I-Cause
its I-Cause
legacy I-Cause
platforms I-Cause
could O
be O
appealing O
to O
enterprises B-Effect
looking I-Effect
to I-Effect
consolidate I-Effect
their I-Effect
vendors I-Effect
. O

Additionally O
, O
Abbott B-Effect
has I-Effect
already I-Effect
begun I-Effect
efforts I-Effect
to I-Effect
improve I-Effect
productivity I-Effect
and I-Effect
efficiency I-Effect
as O
it B-Cause
streamlines I-Cause
distribution I-Cause
channels I-Cause
and I-Cause
builds I-Cause
new I-Cause
facilities I-Cause
in I-Cause
lower-cost I-Cause
locations I-Cause
like O
China O
and O
India O
. O

On O
top O
of O
that O
, O
we O
expect O
organic B-Effect
growth I-Effect
in I-Effect
existing I-Effect
markets I-Effect
to I-Effect
reaccelerate I-Effect
as O
device B-Cause
upgrades I-Cause
are I-Cause
launched I-Cause
, O
but O
we O
believe O
the B-Effect
biggest I-Effect
uplift I-Effect
could O
come O
from O
the B-Cause
launch I-Cause
of I-Cause
TEEPS I-Cause
, O
which O
we O
expect O
to O
be O
commercialized O
at O
scale O
next O
year O
. O

The B-Cause
bailout I-Cause
of I-Cause
UBS I-Cause
by I-Cause
the I-Cause
Swiss I-Cause
government I-Cause
in I-Cause
2009 I-Cause
did O
damage B-Effect
to I-Effect
the I-Effect
popular I-Effect
image I-Effect
of I-Effect
the I-Effect
inviolable I-Effect
stability I-Effect
of I-Effect
Swiss I-Effect
banks I-Effect
. O

We O
expect O
the B-Effect
CRO I-Effect
industry I-Effect
to I-Effect
grow I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
due O
to O
low-single-digit B-Cause
growth I-Cause
in I-Cause
biopharma I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
as I-Cause
well I-Cause
as I-Cause
modest I-Cause
increases I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
. O

While B-Effect
a I-Effect
customer I-Effect
uses I-Effect
its I-Effect
test I-Effect
systems I-Effect
and I-Effect
solutions I-Effect
, I-Effect
PerkinElmer I-Effect
should I-Effect
generate I-Effect
strong I-Effect
recurring I-Effect
revenue I-Effect
, O
as O
approximately B-Cause
90 I-Cause
% I-Cause
of I-Cause
its I-Cause
turnover I-Cause
consists I-Cause
of I-Cause
reagents I-Cause
. O

Through O
the B-Cause
acquisition I-Cause
of I-Cause
WellCare I-Cause
in I-Cause
early I-Cause
2020 I-Cause
, O
Centene B-Effect
added I-Effect
to I-Effect
its I-Effect
Medicare-related I-Effect
capabilities I-Effect
, O
which O
account O
for O
about O
15 O
% O
of O
pro O
forma O
revenue O
. O

CROs B-Effect
can I-Effect
be I-Effect
susceptible I-Effect
to I-Effect
impact I-Effect
from I-Effect
large I-Effect
cancellations I-Effect
because O
it B-Cause
can I-Cause
be I-Cause
difficult I-Cause
to I-Cause
repurpose I-Cause
capacity I-Cause
that I-Cause
was I-Cause
previously I-Cause
allocated I-Cause
to I-Cause
that I-Cause
large I-Cause
trial I-Cause
. O

We O
assume O
regulators B-Cause
approve I-Cause
Southern I-Cause
California I-Cause
Edison I-Cause
's I-Cause
plan I-Cause
to O
invest O
an O
average O
$ O
5 O
billion O
annually O
through O
2023 O
, O
resulting O
in O
8 B-Effect
% I-Effect
annual I-Effect
rate-base I-Effect
growth I-Effect
. O

With O
Hardie B-Cause
the I-Cause
clear I-Cause
leader I-Cause
in I-Cause
fibre I-Cause
cement I-Cause
systems I-Cause
, O
we O
expect O
the B-Effect
firm I-Effect
will I-Effect
continue I-Effect
to I-Effect
take I-Effect
share I-Effect
from I-Effect
vinyl I-Effect
while I-Effect
maintaining I-Effect
its I-Effect
own I-Effect
position I-Effect
within I-Effect
its I-Effect
category I-Effect
. O

The B-Effect
competitive I-Effect
position I-Effect
of I-Effect
the I-Effect
three I-Effect
Gulf I-Effect
Coast I-Effect
refineries I-Effect
should I-Effect
improve I-Effect
with O
the B-Cause
addition I-Cause
of I-Cause
pipeline I-Cause
capacity I-Cause
to I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
and I-Cause
the I-Cause
rise I-Cause
in I-Cause
the I-Cause
availability I-Cause
of I-Cause
discount I-Cause
light I-Cause
and I-Cause
heavy I-Cause
crude I-Cause
. O

Worsening B-Cause
credit I-Cause
behavior I-Cause
and I-Cause
anemic I-Cause
growth I-Cause
, I-Cause
a I-Cause
natural I-Cause
consequence I-Cause
of I-Cause
worsening I-Cause
sentiment I-Cause
, O
could O
see O
the B-Effect
bank I-Effect
earn I-Effect
returns I-Effect
below I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

We O
expect O
Dollar B-Cause
General I-Cause
's I-Cause
recent I-Cause
moves I-Cause
to I-Cause
add I-Cause
a I-Cause
rapidly I-Cause
changing I-Cause
assortment I-Cause
of I-Cause
home I-Cause
, I-Cause
domestic I-Cause
, I-Cause
and I-Cause
party I-Cause
items I-Cause
in I-Cause
high-traffic I-Cause
areas I-Cause
will O
help B-Effect
insulate I-Effect
it I-Effect
further I-Effect
from I-Effect
competition I-Effect
. O

Therefore O
, O
product B-Cause
qualifications I-Cause
can O
effectively O
establish O
traces B-Cause
of I-Cause
intangible I-Cause
assets I-Cause
that O
allow O
for O
long-lasting B-Effect
business I-Effect
relationships I-Effect
as O
customers B-Cause
are I-Cause
compelled I-Cause
to I-Cause
enter I-Cause
into I-Cause
long-term I-Cause
supply I-Cause
contracts I-Cause
with I-Cause
qualified I-Cause
suppliers I-Cause
. O

Given O
that O
the O
cannabis O
industry O
remains O
in O
the O
growth O
stage O
, O
we O
think O
that O
years B-Cause
of I-Cause
significant I-Cause
investment I-Cause
will O
be O
necessary O
to O
support O
the B-Effect
robust I-Effect
growth I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

In B-Cause
markets I-Cause
in I-Cause
which I-Cause
it I-Cause
holds I-Cause
a I-Cause
commanding I-Cause
volume I-Cause
share I-Cause
, I-Cause
AB I-Cause
InBev I-Cause
has I-Cause
relationships I-Cause
with I-Cause
its I-Cause
customers I-Cause
in I-Cause
both I-Cause
the I-Cause
on I-Cause
trade I-Cause
and I-Cause
off I-Cause
trade I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
react I-Effect
quickly I-Effect
to I-Effect
negative I-Effect
competitive I-Effect
events I-Effect
. O

Should O
Seagate O
be O
unable O
to O
successfully O
make O
inroads O
into O
SSDs O
, O
or O
if O
it B-Cause
is I-Cause
unable I-Cause
to I-Cause
eke I-Cause
out I-Cause
improvements I-Cause
in I-Cause
HDD I-Cause
technology I-Cause
to I-Cause
stave I-Cause
off I-Cause
this I-Cause
pivot I-Cause
, O
it O
will O
be B-Effect
unlikely I-Effect
to I-Effect
generate I-Effect
profitable I-Effect
growth I-Effect
. O

This B-Cause
process I-Cause
reduces I-Cause
the I-Cause
cost I-Cause
of I-Cause
data I-Cause
procurement I-Cause
as I-Cause
compared I-Cause
with I-Cause
a I-Cause
potential I-Cause
entrant I-Cause
, I-Cause
which I-Cause
would I-Cause
rely I-Cause
on I-Cause
a I-Cause
more I-Cause
manual I-Cause
process. O
This O
ultimately O
allows O
CoStar B-Effect
to I-Effect
access I-Effect
more I-Effect
data I-Effect
with I-Effect
less I-Effect
manual I-Effect
time I-Effect
and I-Effect
effort I-Effect
exerted I-Effect
by I-Effect
its I-Effect
army I-Effect
of I-Effect
researchers I-Effect
. O

Overall O
, O
Verisign B-Cause
's I-Cause
annual I-Cause
fees I-Cause
are I-Cause
not I-Cause
a I-Cause
sizable I-Cause
cost I-Cause
component I-Cause
per I-Cause
domain I-Cause
to I-Cause
registrars I-Cause
or I-Cause
registrants I-Cause
, I-Cause
and I-Cause
given I-Cause
the I-Cause
firm I-Cause
's I-Cause
strong I-Cause
operating I-Cause
history I-Cause
, O
it O
would O
be O
difficult O
for O
a B-Effect
firm I-Effect
to I-Effect
argue I-Effect
for I-Effect
the I-Effect
contract I-Effect
from I-Effect
a I-Effect
cost I-Effect
benefit I-Effect
perspective I-Effect
. O

In O
our O
view O
, O
the B-Cause
stickiness I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
products I-Cause
in I-Cause
legal I-Cause
and I-Cause
accounting I-Cause
( I-Cause
which I-Cause
overlap I-Cause
almost I-Cause
completely I-Cause
with I-Cause
corporate I-Cause
) I-Cause
should O
help B-Effect
Reuters I-Effect
navigate I-Effect
a I-Effect
piecemeal I-Effect
pivot I-Effect
to I-Effect
cloud I-Effect
software I-Effect
, I-Effect
or I-Effect
SaaS I-Effect
offerings I-Effect
, I-Effect
with I-Effect
minimal I-Effect
attrition I-Effect
. O

For O
instance O
, O
Tencent B-Cause
Music I-Cause
had I-Cause
exclusive I-Cause
agreements I-Cause
with I-Cause
major I-Cause
music I-Cause
labels I-Cause
which O
undermines O
the B-Effect
competitiveness I-Effect
of I-Effect
other I-Effect
cloud I-Effect
music I-Effect
streaming I-Effect
players I-Effect
. O

Firms B-Effect
can I-Effect
clean I-Effect
up I-Effect
their I-Effect
operations I-Effect
in I-Effect
the I-Effect
field I-Effect
as I-Effect
much I-Effect
as I-Effect
possible I-Effect
by O
burning B-Cause
less I-Cause
natural I-Cause
gas I-Cause
and I-Cause
consuming I-Cause
less I-Cause
water I-Cause
in I-Cause
the I-Cause
production I-Cause
process I-Cause
and I-Cause
using I-Cause
technologies I-Cause
like I-Cause
carbon I-Cause
capture I-Cause
to I-Cause
reduce I-Cause
CO2 I-Cause
volumes I-Cause
being I-Cause
released I-Cause
into I-Cause
the I-Cause
atmosphere I-Cause
during I-Cause
the I-Cause
extraction I-Cause
process I-Cause
. O

Colfax B-Effect
added I-Effect
this I-Effect
unit I-Effect
to I-Effect
its I-Effect
portfolio I-Effect
in I-Effect
2019 I-Effect
with O
its B-Cause
acquisition I-Cause
of I-Cause
DJO I-Cause
Global I-Cause
, O
and O
the O
segment O
consists O
of O
two O
businesses O
: O
reconstructive O
( O
roughly O
30 O
% O
of O
medical O
technology O
sales O
) O
and O
prevention O
and O
rehabilitation O
( O
roughly O
70 O
% O
of O
medical O
technology O
sales O
) O
. O

A B-Cause
prolonged I-Cause
contraction I-Cause
in I-Cause
travel I-Cause
demand I-Cause
from I-Cause
COVID-19 I-Cause
could O
cause O
an B-Cause
increasing I-Cause
amount I-Cause
of I-Cause
small I-Cause
business I-Cause
traditional I-Cause
travel I-Cause
agencies I-Cause
to I-Cause
shutdown I-Cause
, O
which O
could O
marginally B-Effect
impact I-Effect
long-term I-Effect
transaction I-Effect
volume I-Effect
done I-Effect
on I-Effect
Sabre I-Effect
's I-Effect
travel I-Effect
network I-Effect
. O

A B-Cause
recession I-Cause
in I-Cause
the I-Cause
midst I-Cause
of I-Cause
the I-Cause
turnaround I-Cause
could I-Cause
be I-Cause
more I-Cause
than I-Cause
Adient I-Cause
could I-Cause
bear I-Cause
, O
resulting O
in O
bankruptcy B-Effect
, O
but O
total O
liquidity O
at O
Sept O
. O

Plus O
, O
with O
one B-Cause
of I-Cause
the I-Cause
largest I-Cause
IT I-Cause
workforces I-Cause
( I-Cause
at I-Cause
half I-Cause
a I-Cause
million I-Cause
) I-Cause
and I-Cause
an I-Cause
industry-leading I-Cause
number I-Cause
of I-Cause
diamond I-Cause
accounts I-Cause
( I-Cause
typically I-Cause
$ I-Cause
100 I-Cause
million I-Cause
annually I-Cause
or I-Cause
more I-Cause
) I-Cause
, O
smaller B-Effect
IT-services I-Effect
companies I-Effect
may I-Effect
find I-Effect
it I-Effect
hard I-Effect
to I-Effect
keep I-Effect
up I-Effect
with I-Effect
the I-Effect
increasing I-Effect
innovation I-Effect
and I-Effect
know-how I-Effect
required I-Effect
to I-Effect
service I-Effect
enterprise I-Effect
technology I-Effect
. O

Okta O
has O
melded B-Cause
these I-Cause
two I-Cause
distinct I-Cause
markets I-Cause
within I-Cause
its I-Cause
identity I-Cause
cloud I-Cause
, O
and O
has O
established B-Cause
a I-Cause
robust I-Cause
integration I-Cause
network I-Cause
to O
simplify B-Effect
identity I-Effect
access I-Effect
and I-Effect
security I-Effect
protocols I-Effect
for I-Effect
the I-Effect
applications I-Effect
its O
customers O
rely O
on O
. O

Here O
, O
we O
expect O
marketing B-Effect
to I-Effect
average I-Effect
over I-Effect
47 I-Effect
% I-Effect
of I-Effect
sales I-Effect
during I-Effect
2021-30 I-Effect
versus I-Effect
the I-Effect
52 I-Effect
% I-Effect
and I-Effect
48 I-Effect
% I-Effect
levels I-Effect
reported I-Effect
in I-Effect
2020 I-Effect
and I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
, I-Effect
respectively. O
As O
a O
result O
of O
our O
revenue O
and O
expense O
forecasts O
, O
we O
see O
operating B-Cause
margins I-Cause
expanding I-Cause
to I-Cause
17 I-Cause
% I-Cause
in I-Cause
2030 I-Cause
from I-Cause
12.0 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
. O

The O
company O
has O
lost O
share O
in O
these O
markets O
( O
except O
the O
U.S. O
) O
for O
several O
years O
, O
and O
increased B-Cause
investments I-Cause
behind I-Cause
its I-Cause
key I-Cause
brands I-Cause
should O
help O
stabilize B-Effect
volume I-Effect
declines I-Effect
. O

GAAP B-Effect
operating I-Effect
margins I-Effect
should I-Effect
approach I-Effect
the I-Effect
mid-30s I-Effect
, O
given B-Cause
the I-Cause
firm I-Cause
's I-Cause
proclivity I-Cause
for I-Cause
identifying I-Cause
realizable I-Cause
cost I-Cause
synergies I-Cause
across I-Cause
the I-Cause
bevy I-Cause
of I-Cause
market-share-leading I-Cause
franchises I-Cause
from I-Cause
its I-Cause
M I-Cause
& I-Cause
A I-Cause
. O

UBS B-Cause
was I-Cause
ahead I-Cause
of I-Cause
the I-Cause
curve I-Cause
in I-Cause
anticipating I-Cause
what I-Cause
a I-Cause
global I-Cause
bank I-Cause
should I-Cause
look I-Cause
like I-Cause
in I-Cause
the I-Cause
post-crisis I-Cause
world I-Cause
, O
and O
its B-Effect
shareholders I-Effect
are I-Effect
benefiting I-Effect
from I-Effect
its I-Effect
early I-Effect
and I-Effect
decisive I-Effect
actions I-Effect
. O

These B-Cause
master I-Cause
leases I-Cause
generally O
prevent O
tenants B-Effect
from I-Effect
dropping I-Effect
poorer-performing I-Effect
properties I-Effect
, O
as O
lease B-Cause
renewals I-Cause
are I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
all I-Cause
or I-Cause
none I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
and I-Cause
promote I-Cause
strong I-Cause
partnerships I-Cause
between I-Cause
Ventas I-Cause
and I-Cause
its I-Cause
various I-Cause
operators I-Cause
, O
making B-Effect
triple-net I-Effect
business I-Effect
relatively I-Effect
sticky I-Effect
. O

Furthermore O
, O
the B-Effect
firm I-Effect
has I-Effect
accelerated I-Effect
its I-Effect
patent I-Effect
filings I-Effect
as O
measured O
by O
its B-Cause
30 I-Cause
% I-Cause
increase I-Cause
in I-Cause
new I-Cause
patent I-Cause
filings I-Cause
from I-Cause
mid-2012 I-Cause
to I-Cause
the I-Cause
end I-Cause
of I-Cause
2014 I-Cause
. O

Lyft B-Effect
also I-Effect
appears I-Effect
to I-Effect
be I-Effect
aggressively I-Effect
pursuing I-Effect
the I-Effect
autonomous I-Effect
vehicle I-Effect
route I-Effect
as O
it B-Cause
understands I-Cause
that I-Cause
self-driving I-Cause
cars I-Cause
may I-Cause
help I-Cause
the I-Cause
firm I-Cause
to I-Cause
expand I-Cause
its I-Cause
margins I-Cause
; O
without O
drivers B-Cause
, O
it O
could O
recognize O
a B-Effect
bigger I-Effect
chunk I-Effect
of I-Effect
the I-Effect
fare I-Effect
as I-Effect
net I-Effect
revenue I-Effect
. O

Beyond O
2024 O
, O
our B-Effect
model I-Effect
calls I-Effect
for I-Effect
low- I-Effect
to I-Effect
mid-single-digit I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
due O
to O
slowing B-Cause
SMB I-Cause
seller I-Cause
and I-Cause
consumer I-Cause
retention I-Cause
rates I-Cause
. O

Since O
deciding B-Cause
to I-Cause
spin I-Cause
off I-Cause
its I-Cause
Refinitiv I-Cause
financial I-Cause
and I-Cause
risk I-Cause
operations I-Cause
to I-Cause
London-based I-Cause
LSE I-Cause
Group I-Cause
, O
we O
believe O
the B-Effect
firm I-Effect
has I-Effect
gained I-Effect
more I-Effect
focus I-Effect
. O

While O
the B-Effect
adjusted I-Effect
ROIC I-Effect
rises I-Effect
over I-Effect
our I-Effect
forecast I-Effect
horizon I-Effect
as O
the B-Cause
assets I-Cause
stabilize I-Cause
from I-Cause
recent I-Cause
transactions I-Cause
and I-Cause
developments I-Cause
, O
it B-Effect
does I-Effect
not I-Effect
exceed I-Effect
our I-Effect
WACC I-Effect
estimate I-Effect
. O

As O
Moore B-Cause
's I-Cause
law-led I-Cause
CPU I-Cause
performance I-Cause
improvements I-Cause
have I-Cause
slowed I-Cause
, O
GPUs B-Effect
have I-Effect
become I-Effect
widespread I-Effect
in I-Effect
accelerating I-Effect
the I-Effect
training I-Effect
of I-Effect
AI I-Effect
models I-Effect
to I-Effect
perform I-Effect
a I-Effect
task I-Effect
. O

Any B-Cause
weaknesses I-Cause
in I-Cause
the I-Cause
banking I-Cause
sector I-Cause
could O
lead O
banks B-Effect
to I-Effect
defer I-Effect
technology I-Effect
purchases I-Effect
, I-Effect
hurting I-Effect
FIS I-Effect
' I-Effect
top I-Effect
line I-Effect
, O
and O
any B-Cause
dramatic I-Cause
changes I-Cause
in I-Cause
the I-Cause
structure I-Cause
of I-Cause
the I-Cause
banking I-Cause
industry I-Cause
could O
have O
hard-to-predict B-Effect
consequences I-Effect
for I-Effect
FIS I-Effect
. O

Management B-Cause
has I-Cause
cited I-Cause
executional I-Cause
and I-Cause
complexity I-Cause
issues I-Cause
with I-Cause
its I-Cause
menu I-Cause
over I-Cause
the I-Cause
past I-Cause
several I-Cause
years I-Cause
, O
so O
we O
're O
encouraged B-Effect
by I-Effect
ongoing I-Effect
menu I-Effect
rationalization I-Effect
efforts I-Effect
, I-Effect
a I-Effect
more I-Effect
streamlined I-Effect
value I-Effect
menu I-Effect
offering I-Effect
, O
and O
efforts O
to O
better O
promote O
core O
menu O
items O
( O
including O
celebrity O
meal O
promotions O
in O
the O
U.S O
. O

Following O
fourth-quarter O
results O
, O
we B-Effect
are I-Effect
boosting I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
114 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
105 I-Effect
, O
due O
to O
lifting B-Cause
our I-Cause
revenue I-Cause
and I-Cause
margin I-Cause
forecasts I-Cause
on I-Cause
strength I-Cause
in I-Cause
the I-Cause
for-hire I-Cause
trucking I-Cause
and I-Cause
highway I-Cause
brokerage I-Cause
units I-Cause
. O

We O
project O
that O
A B-Cause
& I-Cause
R I-Cause
costs I-Cause
will I-Cause
rise I-Cause
in I-Cause
absolute I-Cause
terms I-Cause
but I-Cause
decline I-Cause
slightly I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
revenue I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
to I-Cause
30.2 I-Cause
% I-Cause
from I-Cause
30.7 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2019. O
Thus O
, O
we O
estimate O
that O
gross B-Effect
margin I-Effect
for I-Effect
the I-Effect
segment I-Effect
will I-Effect
increase I-Effect
to I-Effect
50.2 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
from I-Effect
47.8 I-Effect
% I-Effect
in I-Effect
the I-Effect
more I-Effect
normalized I-Effect
fiscal I-Effect
2019 I-Effect
. O

While B-Cause
our I-Cause
sum-of-the-parts I-Cause
value I-Cause
implies I-Cause
little I-Cause
breakup I-Cause
value I-Cause
, O
a B-Effect
separation I-Effect
of I-Effect
Emerson I-Effect
's I-Effect
two I-Effect
platforms I-Effect
could I-Effect
free I-Effect
each I-Effect
business I-Effect
to I-Effect
determine I-Effect
its I-Effect
own I-Effect
investments I-Effect
and I-Effect
improve I-Effect
each I-Effect
platform I-Effect
's I-Effect
earning I-Effect
power I-Effect
. O

We B-Effect
expect I-Effect
this I-Effect
business I-Effect
to I-Effect
have I-Effect
lower I-Effect
margins I-Effect
than I-Effect
the I-Effect
legacy I-Effect
operations I-Effect
, O
as O
we O
think O
it B-Cause
does I-Cause
not I-Cause
possess I-Cause
the I-Cause
same I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
. I-Cause

Although O
it O
took O
a O
few O
years O
, O
low-cost O
manufacturers O
have O
garnered B-Cause
share I-Cause
by I-Cause
leveraging I-Cause
their I-Cause
lower I-Cause
operating I-Cause
expense I-Cause
structure I-Cause
, O
which O
has O
allowed B-Effect
them I-Effect
to I-Effect
compete I-Effect
for I-Effect
commodity I-Effect
generic I-Effect
drugs I-Effect
solely I-Effect
on I-Effect
price I-Effect
. I-Effect

We O
anticipate O
that O
higher B-Cause
spending I-Cause
among I-Cause
online I-Cause
shoppers I-Cause
, I-Cause
a I-Cause
growing I-Cause
user I-Cause
and I-Cause
seller I-Cause
base I-Cause
, I-Cause
and I-Cause
adoption I-Cause
of I-Cause
personalized I-Cause
mobile I-Cause
marketing I-Cause
services I-Cause
will O
all O
contribute O
to O
Alibaba B-Effect
's I-Effect
online I-Effect
retail I-Effect
revenue I-Effect
growth I-Effect
. O

Total B-Effect
's I-Effect
downstream I-Effect
segment I-Effect
has I-Effect
struggled I-Effect
in I-Effect
the I-Effect
past I-Effect
, O
as O
its B-Cause
refining I-Cause
assets I-Cause
were I-Cause
primarily I-Cause
located I-Cause
in I-Cause
Europe I-Cause
, O
where O
structural O
challenges O
including O
overcapacity O
, O
susceptibility O
to O
low-cost O
imports O
, O
and O
lack O
of O
a O
cost O
advantage O
weighed O
on O
margins O
and O
returns O
. O

We B-Effect
expect I-Effect
services I-Effect
revenue I-Effect
can I-Effect
decrease I-Effect
to I-Effect
5 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
by I-Effect
2030 I-Effect
, O
as B-Cause
the I-Cause
company I-Cause
relies I-Cause
increasingly I-Cause
on I-Cause
third I-Cause
party I-Cause
IT I-Cause
servicers I-Cause
to I-Cause
implement I-Cause
and I-Cause
service I-Cause
its I-Cause
software I-Cause
. O

We B-Cause
also I-Cause
forecast I-Cause
operating I-Cause
leverage I-Cause
in I-Cause
SG I-Cause
& I-Cause
A I-Cause
and I-Cause
R I-Cause
& I-Cause
D I-Cause
such O
that O
Workday B-Effect
goes I-Effect
from I-Effect
a I-Effect
negative I-Effect
6 I-Effect
% I-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
to I-Effect
breakeven I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
and I-Effect
positive I-Effect
33 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2031 I-Effect
. O

Switching B-Cause
to I-Cause
another I-Cause
interconnect I-Cause
and/or I-Cause
sensor I-Cause
supplier I-Cause
would O
mean O
at O
least O
a B-Effect
partial I-Effect
system I-Effect
redesign I-Effect
on I-Effect
behalf I-Effect
of I-Effect
the I-Effect
OEM I-Effect
, I-Effect
in I-Effect
addition I-Effect
to I-Effect
retraining I-Effect
staff I-Effect
to I-Effect
learn I-Effect
the I-Effect
intricacies I-Effect
of I-Effect
the I-Effect
new I-Effect
supplier I-Effect
's I-Effect
systems I-Effect
. I-Effect

Sandvik O
has O
struggled O
to O
grow O
since O
2019 O
and O
thus O
a B-Effect
more I-Effect
growth-orientated I-Effect
strategy I-Effect
is I-Effect
necessary I-Effect
, O
especially O
given O
the B-Cause
volatile I-Cause
nature I-Cause
of I-Cause
demand I-Cause
and I-Cause
structural I-Cause
headwinds I-Cause
that O
some O
of O
its O
end O
markets O
face O
, O
such O
as O
the O
automotive O
and O
aerospace O
industries O
. O

We O
believe O
Invesco O
should O
be O
able O
to O
keep B-Effect
operating I-Effect
margins I-Effect
at I-Effect
a I-Effect
slightly I-Effect
higher I-Effect
level I-Effect
than I-Effect
it I-Effect
has I-Effect
historically I-Effect
( O
in O
a O
25 O
% O
-28 O
% O
range O
longer O
term O
) O
but O
that O
the B-Cause
pressure I-Cause
of I-Cause
fee I-Cause
compression I-Cause
and I-Cause
industry I-Cause
competition I-Cause
will O
ultimately O
weigh O
on O
results O
. O

By O
our O
estimates O
, O
Janus B-Cause
Henderson I-Cause
has I-Cause
close I-Cause
to I-Cause
one I-Cause
tenth I-Cause
of I-Cause
its I-Cause
total I-Cause
AUM I-Cause
( I-Cause
and I-Cause
one I-Cause
fifth I-Cause
of I-Cause
its I-Cause
retail I-Cause
AUM I-Cause
) I-Cause
tied I-Cause
to I-Cause
performance-based I-Cause
advisory I-Cause
fee I-Cause
structures I-Cause
, O
which O
could O
increase B-Effect
the I-Effect
amount I-Effect
of I-Effect
volatility I-Effect
in I-Effect
annual I-Effect
revenue I-Effect
, I-Effect
profitability I-Effect
, I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

We O
still O
feel O
Rogers O
will O
face O
tougher O
cable O
competition O
, O
but O
with O
BCE B-Cause
's I-Cause
network I-Cause
revamp I-Cause
more I-Cause
than I-Cause
50 I-Cause
% I-Cause
complete I-Cause
, O
Rogers B-Effect
has I-Effect
been I-Effect
holding I-Effect
its I-Effect
own I-Effect
. O

Additionally O
, O
we O
expect O
adjusted B-Effect
EBITDA I-Effect
margins I-Effect
( I-Effect
excluding I-Effect
stock-based I-Effect
compensation I-Effect
) I-Effect
to I-Effect
increase I-Effect
from I-Effect
21 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
27 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
as O
revenue B-Cause
growth I-Cause
and I-Cause
expense I-Cause
initiatives I-Cause
drive I-Cause
operating I-Cause
leverage I-Cause
in I-Cause
both I-Cause
segments I-Cause
. O

We B-Effect
also I-Effect
expect I-Effect
incremental I-Effect
productivity I-Effect
gains I-Effect
to I-Effect
persist I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
as B-Cause
UP I-Cause
continues I-Cause
to I-Cause
roll I-Cause
out I-Cause
PSR I-Cause
-- I-Cause
we I-Cause
bake I-Cause
in I-Cause
a I-Cause
midcycle I-Cause
OR I-Cause
of I-Cause
55.0 I-Cause
% I-Cause
-55.5 I-Cause
% I-Cause
. O

On O
the O
bottom O
line O
, O
we O
expect O
operational B-Effect
margins I-Effect
to I-Effect
improve I-Effect
as O
the B-Cause
pandemic I-Cause
subsides I-Cause
and O
as O
the B-Cause
firm I-Cause
's I-Cause
higher-margin I-Cause
ambulatory I-Cause
surgery I-Cause
business I-Cause
becomes I-Cause
a I-Cause
larger I-Cause
part I-Cause
of I-Cause
the I-Cause
organization I-Cause
. O

Trading O
income O
of O
CHF O
1.7 O
billion O
contributed O
only O
7 O
% O
of O
Credit O
Suisse O
's O
overall O
revenue O
in O
2019 O
but O
we O
anticipate O
a B-Effect
surge I-Effect
in I-Effect
trading I-Effect
income I-Effect
to I-Effect
CHF I-Effect
3.2 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
with O
support B-Cause
from I-Cause
increased I-Cause
client I-Cause
activity I-Cause
and I-Cause
wider I-Cause
spreads I-Cause
. O

Carnival B-Cause
is I-Cause
set I-Cause
to I-Cause
reduce I-Cause
its I-Cause
capacity I-Cause
by I-Cause
a I-Cause
total I-Cause
of I-Cause
19 I-Cause
ships I-Cause
( O
13 O
% O
of O
pre-pause O
capacity O
) O
, O
as O
it B-Effect
rationalizes I-Effect
its I-Effect
fleet I-Effect
size I-Effect
, O
an O
effort O
which O
should O
be O
completed O
by O
mid-2021 O
. O

Also O
, O
steady B-Cause
growth I-Cause
from I-Cause
vaccines I-Cause
and I-Cause
consumer I-Cause
healthcare I-Cause
products I-Cause
should O
reduce B-Effect
the I-Effect
volatility I-Effect
from I-Effect
patent I-Effect
losses I-Effect
in I-Effect
the I-Effect
prescription I-Effect
drug I-Effect
business I-Effect
. O

Revenue B-Effect
fell I-Effect
11 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
on O
fewer B-Cause
carloads I-Cause
, I-Cause
falling I-Cause
fuel I-Cause
surcharges I-Cause
, I-Cause
and I-Cause
mix I-Cause
headwinds I-Cause
, O
but O
core O
pricing O
remained O
positive O
and O
top-line O
declines O
moderated O
throughout O
the O
second O
half O
. O

We O
expect O
capital B-Effect
spending I-Effect
will I-Effect
total I-Effect
$ I-Effect
1.1 I-Effect
billion- I-Effect
$ I-Effect
1.3 I-Effect
billion I-Effect
annually I-Effect
through I-Effect
2025 I-Effect
as O
Millicom B-Cause
continues I-Cause
to I-Cause
expand I-Cause
cable I-Cause
infrastructure I-Cause
into I-Cause
new I-Cause
areas I-Cause
and I-Cause
improve I-Cause
its I-Cause
wireless I-Cause
networks I-Cause
. O

We O
think O
the B-Effect
firm I-Effect
still I-Effect
has I-Effect
ample I-Effect
room I-Effect
for I-Effect
growth I-Effect
in I-Effect
the I-Effect
swimming I-Effect
pool I-Effect
market I-Effect
, O
thanks O
to O
the B-Cause
growing I-Cause
penetration I-Cause
of I-Cause
variable-speed I-Cause
pumps I-Cause
and I-Cause
automation I-Cause
systems I-Cause
. O

There B-Effect
is I-Effect
an I-Effect
elevated I-Effect
risk I-Effect
of I-Effect
such I-Effect
failure I-Effect
when O
one O
considers O
that O
Amphenol B-Cause
's I-Cause
solutions I-Cause
are I-Cause
designed I-Cause
into I-Cause
products I-Cause
that I-Cause
operate I-Cause
in I-Cause
harsh I-Cause
environments I-Cause
. O

For O
example O
, O
we O
still O
see O
the B-Cause
potential I-Cause
for I-Cause
a I-Cause
public I-Cause
option I-Cause
that O
could O
change B-Cause
the I-Cause
payer I-Cause
mix I-Cause
somewhat O
, O
which O
could O
cut B-Effect
into I-Effect
the I-Effect
organization I-Effect
's I-Effect
profit I-Effect
potential I-Effect
just O
as O
we O
estimate O
the O
COVID-19 O
crisis O
may O
end O
. O

We O
think O
the B-Effect
most I-Effect
value-creative I-Effect
long-term I-Effect
expansion I-Effect
opportunity I-Effect
for I-Effect
TransUnion I-Effect
and I-Effect
its I-Effect
peers I-Effect
lies O
in O
emerging O
markets O
, O
where O
growing B-Cause
middle-class I-Cause
populations I-Cause
should I-Cause
allow I-Cause
the I-Cause
companies I-Cause
to I-Cause
export I-Cause
their I-Cause
business I-Cause
model I-Cause
. O

Because O
China B-Cause
lacked I-Cause
reputable I-Cause
food I-Cause
distributors I-Cause
when I-Cause
Yum I-Cause
Brands I-Cause
entered I-Cause
the I-Cause
country I-Cause
in I-Cause
1987 I-Cause
, O
the B-Effect
company I-Effect
had I-Effect
to I-Effect
develop I-Effect
its I-Effect
own I-Effect
distribution I-Effect
infrastructure I-Effect
, O
which O
now O
encompasses O
20 O
logistics O
facilities O
, O
a O
national O
consolidation O
center O
in O
Shanghai O
, O
and O
a O
fleet O
of O
more O
than O
500 O
refrigerated O
trucks O
. O

And O
despite O
recent O
strength O
, O
we O
expect O
competitive B-Effect
angst I-Effect
is I-Effect
likely I-Effect
to I-Effect
intensify I-Effect
within I-Effect
its I-Effect
retail I-Effect
mix I-Effect
, O
as O
supply B-Cause
better I-Cause
matches I-Cause
demand I-Cause
over I-Cause
the I-Cause
coming I-Cause
quarters I-Cause
. O

Our O
valuation O
implies O
a O
2022 O
price/earnings O
multiple O
of O
27.8 O
times O
, O
though O
we B-Effect
do I-Effect
n't I-Effect
believe I-Effect
this I-Effect
is I-Effect
especially I-Effect
meaningful I-Effect
as O
near-term B-Cause
earnings I-Cause
are I-Cause
skewed I-Cause
by I-Cause
abnormal I-Cause
earnings I-Cause
from I-Cause
the I-Cause
MAX I-Cause
and I-Cause
the I-Cause
pandemic I-Cause
. O

Customer B-Effect
switching I-Effect
costs I-Effect
come O
from O
consumer B-Cause
packaged I-Cause
goods I-Cause
companies I-Cause
' I-Cause
unwillingness I-Cause
to I-Cause
jeopardize I-Cause
the I-Cause
brand I-Cause
equity I-Cause
of I-Cause
their I-Cause
products I-Cause
by I-Cause
changing I-Cause
specialized I-Cause
ingredients I-Cause
that I-Cause
are I-Cause
critical I-Cause
to I-Cause
the I-Cause
consumer I-Cause
experience I-Cause
. O

Delayed B-Effect
pipelines I-Effect
of I-Effect
projects I-Effect
by O
corporate B-Cause
customers I-Cause
and I-Cause
a I-Cause
sharp I-Cause
drop I-Cause
in I-Cause
consumer I-Cause
credit I-Cause
lending I-Cause
also I-Cause
obfuscate I-Cause
the I-Cause
growth I-Cause
picture I-Cause
. O

Though B-Cause
atypical I-Cause
for I-Cause
a I-Cause
company I-Cause
of I-Cause
its I-Cause
size I-Cause
, I-Cause
National I-Cause
Beverage I-Cause
owns I-Cause
most I-Cause
of I-Cause
its I-Cause
production I-Cause
and I-Cause
logistics I-Cause
apparatus. O
Consequently O
, O
in B-Effect
addition I-Effect
to I-Effect
procurement I-Effect
benefits I-Effect
from I-Effect
higher I-Effect
volume I-Effect
, I-Effect
the I-Effect
firm I-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
leverage I-Effect
fixed I-Effect
production I-Effect
costs I-Effect
( I-Effect
such I-Effect
as I-Effect
planning I-Effect
, I-Effect
maintenance I-Effect
, I-Effect
and I-Effect
depreciation I-Effect
) I-Effect
. O

Reddy B-Cause
has I-Cause
faced I-Cause
the I-Cause
most I-Cause
challenges I-Cause
with I-Cause
regulatory I-Cause
violations I-Cause
, O
which O
have O
likely O
hampered B-Effect
its I-Effect
profitability I-Effect
through I-Effect
remediation I-Effect
costs I-Effect
and I-Effect
lost I-Effect
revenue I-Effect
. O

TIM B-Cause
and I-Cause
America I-Cause
Movil I-Cause
sit I-Cause
between I-Cause
these I-Cause
two I-Cause
, I-Cause
each I-Cause
with I-Cause
about I-Cause
a I-Cause
quarter I-Cause
of I-Cause
the I-Cause
market. O
This O
four-player O
structure O
has O
resulted O
in O
a B-Effect
long I-Effect
history I-Effect
of I-Effect
stiff I-Effect
price I-Effect
competition I-Effect
, I-Effect
initially I-Effect
as I-Effect
carriers I-Effect
scrambled I-Effect
to I-Effect
gain I-Effect
share I-Effect
in I-Effect
a I-Effect
growing I-Effect
market I-Effect
and I-Effect
more I-Effect
recently I-Effect
as I-Effect
carriers I-Effect
have I-Effect
fought I-Effect
to I-Effect
keep I-Effect
customers I-Effect
in I-Effect
a I-Effect
tough I-Effect
economic I-Effect
environment I-Effect
. O

In O
our O
opinion O
, O
the O
Macao O
government O
is O
likely O
to O
put B-Cause
in I-Cause
place I-Cause
another I-Cause
table I-Cause
cap I-Cause
beyond O
2023 O
to O
prevent B-Effect
oversupply I-Effect
of I-Effect
gaming I-Effect
tables I-Effect
, O
ensuring O
healthy O
growth O
for O
the O
gaming O
industry O
in O
Macao O
. O

If O
Crown B-Cause
proves I-Cause
to I-Cause
not I-Cause
have I-Cause
the I-Cause
same I-Cause
competitive I-Cause
advantages I-Cause
in I-Cause
fiber I-Cause
as I-Cause
it I-Cause
has I-Cause
in I-Cause
towers I-Cause
, O
the B-Effect
investments I-Effect
could I-Effect
end I-Effect
up I-Effect
being I-Effect
value-destructive I-Effect
. O

For O
Comirnaty O
, O
we O
assume O
a O
gross O
margin O
of O
roughly O
70 O
% O
in O
2021 O
, O
declining B-Effect
in I-Effect
2022 I-Effect
despite I-Effect
manufacturing I-Effect
efficiencies I-Effect
due O
to O
a B-Cause
higher I-Cause
concentration I-Cause
of I-Cause
sales I-Cause
in I-Cause
less I-Cause
developed I-Cause
markets I-Cause
and I-Cause
more I-Cause
competition I-Cause
. O

Efficient B-Effect
scale I-Effect
applies I-Effect
in I-Effect
this I-Effect
context I-Effect
because O
a B-Cause
new I-Cause
entrant I-Cause
would I-Cause
have I-Cause
no I-Cause
choice I-Cause
but I-Cause
to I-Cause
replicate I-Cause
FedEx I-Cause
's I-Cause
sprawling I-Cause
asset I-Cause
base I-Cause
in I-Cause
the I-Cause
absence I-Cause
of I-Cause
economic I-Cause
package I-Cause
flow I-Cause
, I-Cause
yielding B-Effect
a I-Effect
long I-Effect
period I-Effect
of I-Effect
painful I-Effect
losses I-Effect
and I-Effect
creating I-Effect
a I-Effect
major I-Effect
barrier I-Effect
to I-Effect
rational I-Effect
would-be I-Effect
competitors I-Effect
. O

Although O
the B-Effect
firm I-Effect
is I-Effect
experiencing I-Effect
higher I-Effect
costs I-Effect
, O
this O
is O
being O
more O
than O
offset O
by O
lower B-Cause
costs I-Cause
for I-Cause
cattle I-Cause
and I-Cause
hogs I-Cause
. O

Numerous B-Cause
players I-Cause
have I-Cause
entered I-Cause
the I-Cause
market I-Cause
in I-Cause
recent I-Cause
years I-Cause
as I-Cause
demand I-Cause
for I-Cause
hydraulic I-Cause
fracturing I-Cause
has I-Cause
spiked. O
As O
such O
, O
the B-Effect
market I-Effect
has I-Effect
been I-Effect
oversupplied I-Effect
since I-Effect
2019 I-Effect
, I-Effect
when I-Effect
demand I-Effect
began I-Effect
to I-Effect
plateau I-Effect
just I-Effect
as I-Effect
ample I-Effect
new I-Effect
capacity I-Effect
came I-Effect
on I-Effect
line I-Effect
. O

While O
the B-Cause
lawsuit I-Cause
was O
small O
compared O
with O
Accenture O
's O
overall O
cash O
flows O
, O
such O
news O
could O
negatively B-Effect
impact I-Effect
Accenture I-Effect
's I-Effect
reputation I-Effect
and I-Effect
consequent I-Effect
deal I-Effect
flow I-Effect
. O

Furthermore O
, O
we O
can O
see O
interest B-Effect
costs I-Effect
rise I-Effect
materially I-Effect
should O
the B-Cause
current I-Cause
low-interest-rate I-Cause
regime I-Cause
give I-Cause
way I-Cause
to I-Cause
a I-Cause
more I-Cause
historically I-Cause
normal I-Cause
level I-Cause
. O

The B-Effect
COVID-19 I-Effect
pandemic I-Effect
highlights I-Effect
the I-Effect
geopolitical I-Effect
risk I-Effect
airlines I-Effect
face I-Effect
, O
as O
many B-Cause
global I-Cause
consumers I-Cause
of I-Cause
air I-Cause
travel I-Cause
are I-Cause
affected I-Cause
by I-Cause
travel-preventing I-Cause
stay-at-home I-Cause
orders I-Cause
. O

As O
it B-Cause
has I-Cause
not I-Cause
historically I-Cause
operated I-Cause
in I-Cause
the I-Cause
core I-Cause
of I-Cause
the I-Cause
basin I-Cause
, O
Laredo B-Effect
does I-Effect
not I-Effect
share I-Effect
the I-Effect
cost I-Effect
advantage I-Effect
that I-Effect
other I-Effect
Permian I-Effect
producers I-Effect
enjoy I-Effect
( O
the O
Howard O
County O
assets O
will O
drive O
up O
margins O
temporarily O
, O
but O
the O
company O
only O
has O
a O
few O
years O
' O
worth O
of O
drilling O
locations O
to O
work O
through O
there O
) O
. O

Additionally O
, O
Ametek B-Cause
needs I-Cause
to I-Cause
spend I-Cause
only I-Cause
a I-Cause
near-industry I-Cause
low I-Cause
of I-Cause
about I-Cause
1.8 I-Cause
% I-Cause
of I-Cause
sales I-Cause
on I-Cause
capital I-Cause
expenditures I-Cause
, I-Cause
while I-Cause
working I-Cause
capital I-Cause
hovers I-Cause
around I-Cause
only I-Cause
19 I-Cause
% I-Cause
of I-Cause
sales. O
This O
allows O
Ametek B-Effect
to I-Effect
generate I-Effect
free I-Effect
cash I-Effect
flow I-Effect
conversion I-Effect
rates I-Effect
of I-Effect
about I-Effect
120 I-Effect
% I-Effect
, I-Effect
which I-Effect
, I-Effect
in I-Effect
our I-Effect
view I-Effect
, I-Effect
is I-Effect
best-in-class I-Effect
and I-Effect
toward I-Effect
the I-Effect
upper I-Effect
end I-Effect
of I-Effect
our I-Effect
diversified I-Effect
industrial I-Effect
coverage I-Effect
. O

As B-Cause
it I-Cause
focuses I-Cause
on I-Cause
merchandising I-Cause
excellence I-Cause
, I-Cause
operational I-Cause
efficiency I-Cause
, I-Cause
supply I-Cause
chain I-Cause
improvements I-Cause
, I-Cause
and I-Cause
customer I-Cause
engagement I-Cause
( I-Cause
especially I-Cause
with I-Cause
the I-Cause
professional I-Cause
cohort I-Cause
) I-Cause
, O
Lowe B-Effect
's I-Effect
scale I-Effect
should I-Effect
help I-Effect
it I-Effect
leverage I-Effect
expenses I-Effect
and I-Effect
maintain I-Effect
its I-Effect
low-cost I-Effect
position I-Effect
. O

This O
will O
ensure O
that O
the O
brand O
is O
represented O
properly O
in O
the O
local O
marketplace O
, O
and O
that O
local O
demand O
is O
addressed O
carefully O
, O
to B-Cause
craft I-Cause
wider I-Cause
knowledge I-Cause
about I-Cause
the I-Cause
brand I-Cause
over I-Cause
time I-Cause
, O
helping B-Effect
to I-Effect
strengthen I-Effect
the I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
globally I-Effect
. O

Further O
, O
some B-Effect
of I-Effect
the I-Effect
categories I-Effect
in I-Effect
which I-Effect
it I-Effect
competes I-Effect
-- I-Effect
like I-Effect
packaged I-Effect
meats I-Effect
and I-Effect
cheeses I-Effect
, I-Effect
categories I-Effect
that I-Effect
account I-Effect
for I-Effect
around I-Effect
one I-Effect
fifth I-Effect
of I-Effect
its I-Effect
consolidated I-Effect
base I-Effect
, I-Effect
after I-Effect
excluding I-Effect
the I-Effect
pending I-Effect
sale I-Effect
of I-Effect
its I-Effect
natural I-Effect
cheese I-Effect
business I-Effect
-- I-Effect
have I-Effect
become I-Effect
commodified I-Effect
, O
as O
consumers B-Cause
tend I-Cause
to I-Cause
consider I-Cause
price I-Cause
rather I-Cause
than I-Cause
brand I-Cause
when I-Cause
making I-Cause
purchase I-Cause
decisions I-Cause
. O

We B-Effect
expect I-Effect
continued I-Effect
revenue I-Effect
growth I-Effect
volatility I-Effect
at I-Effect
NBCU I-Effect
, O
given B-Cause
the I-Cause
timing I-Cause
of I-Cause
big I-Cause
live I-Cause
broadcasting I-Cause
events I-Cause
, I-Cause
notably I-Cause
the I-Cause
Olympics I-Cause
, I-Cause
and I-Cause
the I-Cause
sporadic I-Cause
nature I-Cause
of I-Cause
movie I-Cause
releases I-Cause
. I-Cause

While O
Garmin B-Effect
's I-Effect
aviation I-Effect
segment I-Effect
has I-Effect
seen I-Effect
a I-Effect
recent I-Effect
surge I-Effect
in I-Effect
growth I-Effect
, O
this O
is O
a O
result O
of O
the B-Cause
Federal I-Cause
Aviation I-Cause
Administration I-Cause
's I-Cause
new I-Cause
mandate I-Cause
requiring I-Cause
ADS-B I-Cause
out I-Cause
units I-Cause
. O

We B-Cause
forecast I-Cause
total I-Cause
operating I-Cause
expense I-Cause
to I-Cause
average I-Cause
8.7 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years. O
As O
a O
result O
of O
our O
revenue O
and O
operating O
forecast O
, O
we B-Effect
project I-Effect
operating I-Effect
margins I-Effect
to I-Effect
reach I-Effect
26.2 I-Effect
% I-Effect
in I-Effect
2029 I-Effect
from I-Effect
22.6 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
and I-Effect
2029 I-Effect
EBI I-Effect
growth I-Effect
of I-Effect
5.6 I-Effect
% I-Effect
. O

The B-Cause
firm I-Cause
continues I-Cause
to I-Cause
claim I-Cause
just I-Cause
under I-Cause
45 I-Cause
% I-Cause
wireless I-Cause
market I-Cause
share I-Cause
, I-Cause
including I-Cause
the I-Cause
leading I-Cause
position I-Cause
among I-Cause
postpaid I-Cause
contract I-Cause
customers I-Cause
, O
which O
provides O
it O
with O
the B-Effect
highest I-Effect
average I-Effect
revenue I-Effect
per I-Effect
user I-Effect
among I-Effect
Korean I-Effect
wireless I-Effect
operators I-Effect
. O

We O
expect O
the B-Cause
firm I-Cause
to I-Cause
spend I-Cause
over I-Cause
$ I-Cause
700 I-Cause
million I-Cause
each I-Cause
year I-Cause
on I-Cause
advertising I-Cause
and I-Cause
media I-Cause
, O
which O
provides B-Effect
buying I-Effect
power I-Effect
over I-Effect
smaller I-Effect
peers I-Effect
, I-Effect
also I-Effect
contributing I-Effect
to I-Effect
its I-Effect
cost I-Effect
advantage I-Effect
. O

With O
most B-Cause
aggregates I-Cause
producers I-Cause
lacking I-Cause
efficient I-Cause
water I-Cause
or I-Cause
rail I-Cause
alternatives I-Cause
, O
markets B-Effect
tend I-Effect
to I-Effect
be I-Effect
extremely I-Effect
localized I-Effect
, I-Effect
with I-Effect
high I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
. O

With O
the B-Cause
latest I-Cause
round I-Cause
of I-Cause
rate I-Cause
cuts I-Cause
and I-Cause
the I-Cause
bank I-Cause
's I-Cause
higher I-Cause
energy I-Cause
exposure I-Cause
, O
we B-Effect
expect I-Effect
Comerica I-Effect
to I-Effect
be I-Effect
under I-Effect
some I-Effect
of I-Effect
the I-Effect
most I-Effect
pressure I-Effect
among I-Effect
our I-Effect
coverage I-Effect
as O
lower B-Cause
oil I-Cause
prices I-Cause
and I-Cause
COVID-19 I-Cause
play I-Cause
out I-Cause
. O

Given O
the B-Cause
recent I-Cause
investments I-Cause
in I-Cause
TV I-Cause
production I-Cause
companies I-Cause
outside I-Cause
France I-Cause
, O
we O
also O
expect O
the B-Effect
studio I-Effect
to I-Effect
increase I-Effect
its I-Effect
television I-Effect
series I-Effect
production I-Effect
especially I-Effect
as I-Effect
its I-Effect
SVOD I-Effect
offering I-Effect
, I-Effect
CanalPlay I-Effect
, I-Effect
continues I-Effect
to I-Effect
gain I-Effect
traction I-Effect
. O

The O
ability O
to O
serve B-Cause
one I-Cause
customer I-Cause
with I-Cause
multiple I-Cause
product I-Cause
and I-Cause
service I-Cause
lines I-Cause
allows O
Cintas B-Effect
to I-Effect
earn I-Effect
more I-Effect
profitable I-Effect
revenue I-Effect
on O
its O
routes O
without O
incurring O
as O
many O
delivery O
costs O
. O

DEV B-Cause
is I-Cause
exposed I-Cause
to I-Cause
operating I-Cause
risks I-Cause
such O
as O
hurricanes O
, O
which O
can O
damage B-Effect
utility I-Effect
property I-Effect
, I-Effect
and I-Effect
shifts I-Effect
in I-Effect
customer I-Effect
energy I-Effect
use I-Effect
. O

Also O
, O
in O
our O
view O
, O
Sabre O
's O
network O
, O
switching O
cost O
, O
and O
efficient B-Effect
scale I-Effect
advantages I-Effect
are I-Effect
fortified I-Effect
by O
the O
company O
's O
recent O
investment B-Cause
into I-Cause
revitalizing I-Cause
its I-Cause
travel I-Cause
network I-Cause
by I-Cause
migrating I-Cause
functionality I-Cause
to I-Cause
the I-Cause
cloud I-Cause
and I-Cause
streamlining I-Cause
its I-Cause
technology I-Cause
offering I-Cause
, O
which O
should O
allow O
for O
improved B-Effect
product I-Effect
innovation I-Effect
at I-Effect
lower I-Effect
costs I-Effect
long I-Effect
term I-Effect
. O

In O
these O
projects O
, O
a B-Effect
large I-Effect
number I-Effect
of I-Effect
exploration I-Effect
and I-Effect
production I-Effect
companies I-Effect
pool I-Effect
their I-Effect
resources I-Effect
under I-Effect
Core I-Effect
's I-Effect
leadership I-Effect
to O
better B-Cause
understand I-Cause
a I-Cause
large I-Cause
oil I-Cause
and I-Cause
gas I-Cause
field I-Cause
. O

The O
cost O
to O
deliver O
content O
could O
increase O
and O
the B-Cause
need I-Cause
to I-Cause
pay I-Cause
for I-Cause
fast-lane I-Cause
network I-Cause
access I-Cause
could O
drag B-Effect
on I-Effect
margins I-Effect
. O

Production B-Effect
of I-Effect
extremely I-Effect
high-end I-Effect
watches I-Effect
( I-Effect
at I-Effect
price I-Effect
points I-Effect
north I-Effect
of I-Effect
$ I-Effect
10,000 I-Effect
apiece I-Effect
) I-Effect
yields I-Effect
little I-Effect
scale I-Effect
benefit O
, O
as O
production B-Cause
is I-Cause
small-batch I-Cause
and O
highly B-Cause
labour-intensive I-Cause
. O

As O
a O
sophisticated O
software O
provider O
, O
BlackBerry B-Effect
's I-Effect
success I-Effect
depends O
on O
acquiring B-Cause
and I-Cause
retaining I-Cause
cutting-edge I-Cause
artificial I-Cause
intelligence I-Cause
engineers I-Cause
to I-Cause
innovate I-Cause
; O
any O
loss O
of O
talent O
could O
hamper O
its O
competitive O
position O
. O

Although O
we O
expect O
competitive O
pricing O
in O
the O
consumer O
cybersecurity O
market O
, O
the B-Effect
bundling I-Effect
of I-Effect
Norton I-Effect
and I-Effect
LifeLock I-Effect
products I-Effect
may I-Effect
drive I-Effect
increased I-Effect
revenue I-Effect
as O
consumers B-Cause
look I-Cause
to I-Cause
simplify I-Cause
their I-Cause
security I-Cause
and I-Cause
identity I-Cause
concerns I-Cause
around I-Cause
one I-Cause
provider I-Cause
. O

Canon B-Effect
's I-Effect
high I-Effect
operating I-Effect
margins I-Effect
on I-Effect
copiers/multifunction I-Effect
printers I-Effect
are I-Effect
derived I-Effect
from O
not O
only O
selling B-Cause
hardware I-Cause
but I-Cause
also I-Cause
providing I-Cause
maintenance I-Cause
services I-Cause
and I-Cause
genuine I-Cause
consumables I-Cause
, I-Cause
such I-Cause
as I-Cause
toners I-Cause
and I-Cause
paper I-Cause
. O

While O
the O
sector O
has O
performed O
relatively O
well O
thus O
far O
, O
initially O
spurred O
by O
the O
( O
more O
lucrative O
) O
DIY O
segment O
, O
unprecedented B-Cause
miles I-Cause
driven I-Cause
declines I-Cause
have O
reduced B-Effect
vehicle I-Effect
wear I-Effect
and I-Effect
tear I-Effect
. O

After O
a O
strong O
demand O
environment O
for O
analog O
chips O
in O
fiscal O
2017 O
and O
2018 O
, O
macroeconomic B-Cause
concerns I-Cause
and I-Cause
trade I-Cause
tensions I-Cause
caused O
ADI B-Effect
's I-Effect
revenue I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
to I-Effect
fall I-Effect
3 I-Effect
% I-Effect
while O
COVID-19 B-Cause
led O
ADI O
's O
revenue O
to O
fall B-Effect
another I-Effect
6.5 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
. O

Second O
, O
the B-Cause
sheer I-Cause
complexity I-Cause
of I-Cause
developing I-Cause
a I-Cause
stealth I-Cause
multirole I-Cause
fighter I-Cause
jet I-Cause
should O
not O
be O
underestimated O
, O
and O
it O
remains O
a B-Effect
steep I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
for I-Effect
all I-Effect
but I-Effect
a I-Effect
few I-Effect
firms I-Effect
. O

American B-Cause
Water I-Cause
's I-Cause
diversity I-Cause
of I-Cause
regional I-Cause
footprint I-Cause
means O
that O
weaker B-Effect
returns I-Effect
experienced I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
at I-Effect
any I-Effect
one I-Effect
subsidiary I-Effect
will I-Effect
have I-Effect
only I-Effect
a I-Effect
minor I-Effect
impact I-Effect
on I-Effect
consolidated I-Effect
returns I-Effect
, O
though O
regulatory O
problems O
at O
its O
largest O
segments O
in O
Pennsylvania O
or O
New O
Jersey O
could O
be O
more O
meaningful O
. O

Despite O
the O
tough B-Effect
environment I-Effect
that I-Effect
brick-and-mortar I-Effect
retail I-Effect
is I-Effect
facing I-Effect
as O
a O
result O
of O
e-commerce B-Cause
, O
Realty B-Cause
Income I-Cause
's I-Cause
tenant I-Cause
mix I-Cause
makes O
it B-Effect
more I-Effect
defensive I-Effect
than I-Effect
other I-Effect
retail I-Effect
REITs I-Effect
. O

Second O
, O
e-commerce B-Cause
is I-Cause
now I-Cause
a I-Cause
force I-Cause
that I-Cause
is I-Cause
too I-Cause
large I-Cause
for I-Cause
traditional I-Cause
acquirers I-Cause
to I-Cause
ignore I-Cause
, O
and O
merchants B-Effect
are I-Effect
increasingly I-Effect
looking I-Effect
for I-Effect
omnichannel I-Effect
solutions I-Effect
. O

Apple B-Effect
likely I-Effect
could I-Effect
not I-Effect
build I-Effect
the I-Effect
lowest I-Effect
cost I-Effect
phone I-Effect
in I-Effect
the I-Effect
industry I-Effect
as O
it B-Cause
has I-Cause
to I-Cause
build I-Cause
iOS I-Cause
, I-Cause
rather I-Cause
than I-Cause
use I-Cause
Android I-Cause
for I-Cause
free I-Cause
. O

In O
the O
past O
decade O
, O
increasingly B-Cause
stringent I-Cause
environmental I-Cause
regulations I-Cause
have I-Cause
forced I-Cause
diesel I-Cause
engine I-Cause
makers I-Cause
to I-Cause
add I-Cause
complex I-Cause
exhaust I-Cause
aftertreatment I-Cause
systems I-Cause
not I-Cause
required I-Cause
in I-Cause
gasoline I-Cause
engines. O
These O
requirements O
ultimately B-Effect
benefited I-Effect
Cummins I-Effect
, I-Effect
as I-Effect
competitors I-Effect
were I-Effect
unable I-Effect
to I-Effect
keep I-Effect
up I-Effect
with I-Effect
evolving I-Effect
diesel I-Effect
technology I-Effect
and I-Effect
more I-Effect
stringent I-Effect
regulatory I-Effect
controls I-Effect
. O

Coal B-Effect
demand I-Effect
has I-Effect
contracted I-Effect
as I-Effect
utilities I-Effect
substitute I-Effect
renewable I-Effect
energy I-Effect
sources I-Effect
and O
due O
to O
inexpensive B-Cause
natural I-Cause
gas I-Cause
, I-Cause
and I-Cause
we I-Cause
expect I-Cause
the I-Cause
secular I-Cause
diminution I-Cause
of I-Cause
coal I-Cause
to I-Cause
persist I-Cause
. O

The B-Effect
cyclical I-Effect
supply I-Effect
and I-Effect
demand I-Effect
nature I-Effect
of I-Effect
commodities I-Effect
and I-Effect
related I-Effect
pricing I-Effect
can I-Effect
have I-Effect
an I-Effect
indirect I-Effect
impact I-Effect
on I-Effect
the I-Effect
business I-Effect
as B-Cause
producers I-Cause
may I-Cause
choose I-Cause
to I-Cause
accelerate I-Cause
or I-Cause
delay I-Cause
drilling I-Cause
, I-Cause
affecting I-Cause
the I-Cause
timing I-Cause
of I-Cause
demand I-Cause
for I-Cause
gathering I-Cause
, I-Cause
processing I-Cause
, I-Cause
fractionation I-Cause
, I-Cause
and I-Cause
storage I-Cause
services I-Cause
. O

Considering O
how B-Cause
fragmented I-Cause
the I-Cause
high-end I-Cause
CAD I-Cause
market I-Cause
for I-Cause
product I-Cause
design I-Cause
is I-Cause
, O
we B-Effect
think I-Effect
this I-Effect
lessens I-Effect
the I-Effect
benefits I-Effect
of I-Effect
CAD I-Effect
and I-Effect
PLM I-Effect
software I-Effect
being I-Effect
taught I-Effect
in I-Effect
graduate I-Effect
programs I-Effect
. O

And O
while O
Rogers O
historically O
had O
the O
top O
network O
, O
a B-Cause
network I-Cause
sharing I-Cause
agreement I-Cause
between I-Cause
BCE I-Cause
and I-Cause
Telus I-Cause
closed O
the O
gap O
and O
resulted O
in O
it O
leapfrogging B-Effect
Rogers I-Effect
in I-Effect
many I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
best I-Effect
network I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
'' I-Effect
surveys I-Effect
. O

Accordingly O
, O
pandemic-related B-Cause
behavioral I-Cause
changes I-Cause
could O
permanently B-Effect
change I-Effect
consumer I-Effect
preferences I-Effect
for I-Effect
dining I-Effect
out I-Effect
, O
which O
could O
hurt B-Effect
long-term I-Effect
sales I-Effect
to I-Effect
restaurants I-Effect
if O
fewer B-Cause
consumers I-Cause
dine I-Cause
in I-Cause
. O

Moody O
's O
Analytics O
( O
MA O
) O
is O
the O
firm O
's O
other O
segment O
, O
and O
we O
believe O
the B-Cause
subscription I-Cause
revenue I-Cause
model I-Cause
and I-Cause
high I-Cause
retention I-Cause
rates I-Cause
help O
offset B-Effect
some I-Effect
the I-Effect
volatility I-Effect
in I-Effect
the I-Effect
ratings I-Effect
business I-Effect
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
124 I-Effect
from I-Effect
$ I-Effect
110 I-Effect
per I-Effect
share I-Effect
, O
mainly O
because O
of O
the B-Cause
acceleration I-Cause
in I-Cause
online I-Cause
transactions I-Cause
since I-Cause
the I-Cause
onset I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
. O

Regulatory B-Cause
changes I-Cause
and I-Cause
higher I-Cause
capital I-Cause
requirements I-Cause
have I-Cause
lifted I-Cause
the I-Cause
break-even I-Cause
point I-Cause
, O
placing B-Effect
most I-Effect
second-tier I-Effect
investment I-Effect
banks I-Effect
in I-Effect
a I-Effect
precarious I-Effect
position I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
omnichannel I-Cause
program I-Cause
, O
which O
finished O
rolling O
out O
in O
the O
second O
quarter O
of O
fiscal O
2021 O
, O
enables O
consumers B-Effect
to I-Effect
shop I-Effect
in I-Effect
any I-Effect
combination I-Effect
of I-Effect
digital I-Effect
and I-Effect
in I-Effect
store I-Effect
that I-Effect
they I-Effect
like I-Effect
and O
should O
allow O
for O
fewer B-Effect
store I-Effect
openings I-Effect
over I-Effect
time I-Effect
and I-Effect
less I-Effect
commission I-Effect
expense I-Effect
. O

In O
2021 O
, O
we O
expect O
a B-Cause
rebound I-Cause
in I-Cause
refined I-Cause
products I-Cause
demand I-Cause
and I-Cause
weaker I-Cause
crude I-Cause
volumes I-Cause
, I-Cause
to I-Cause
be I-Cause
somewhat I-Cause
offset I-Cause
by I-Cause
expense I-Cause
savings I-Cause
and I-Cause
storage I-Cause
benefits I-Cause
to O
result O
in O
distributable B-Effect
cash I-Effect
flow I-Effect
of I-Effect
about I-Effect
$ I-Effect
1.04 I-Effect
billion I-Effect
, I-Effect
similar I-Effect
to I-Effect
2020 I-Effect
levels I-Effect
. O

Many O
contracts O
include O
a O
monthly O
or O
yearly O
flat O
fee O
, O
so O
a B-Cause
lower I-Cause
number I-Cause
of I-Cause
unplanned I-Cause
interventions I-Cause
will O
boost B-Effect
contract I-Effect
profitability I-Effect
. O

We O
believe O
the O
need O
for O
further B-Cause
product I-Cause
differentiation I-Cause
will O
drive B-Effect
increasing I-Effect
amounts I-Effect
of I-Effect
competition I-Effect
from I-Effect
Western I-Effect
Digital I-Effect
, I-Effect
Toshiba I-Effect
, I-Effect
and I-Effect
others I-Effect
. I-Effect

The B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
associated I-Cause
with I-Cause
switching I-Cause
away I-Cause
from I-Cause
CNH I-Cause
Industrial I-Cause
's I-Cause
products I-Cause
increases I-Cause
the I-Cause
likelihood I-Cause
of I-Cause
missing I-Cause
valuable I-Cause
time I-Cause
to I-Cause
plant I-Cause
and I-Cause
harvest I-Cause
crops I-Cause
, O
ultimately O
cutting B-Effect
into I-Effect
a I-Effect
farmer I-Effect
's I-Effect
profitability I-Effect
. O

We O
believe O
Weibo B-Cause
's I-Cause
fintech I-Cause
services I-Cause
such O
as O
payment O
can O
also O
strengthen B-Effect
the I-Effect
ecosystem I-Effect
and I-Effect
enhance I-Effect
convenience I-Effect
and I-Effect
value I-Effect
for I-Effect
the I-Effect
users I-Effect
and I-Effect
more I-Effect
effectively I-Effect
monetize I-Effect
the I-Effect
growing I-Effect
user I-Effect
base I-Effect
and I-Effect
time I-Effect
spent I-Effect
. O

Sales B-Effect
could I-Effect
dip I-Effect
if B-Cause
AutoZone I-Cause
can I-Cause
not I-Cause
expand I-Cause
its I-Cause
commercial I-Cause
profile I-Cause
, O
but O
faster-than-expected B-Cause
diversification I-Cause
from I-Cause
( I-Cause
more I-Cause
lucrative I-Cause
) I-Cause
DIY I-Cause
could O
strain B-Effect
margins I-Effect
. O

As O
Zendesk B-Cause
moves I-Cause
upstream I-Cause
to I-Cause
larger I-Cause
clients I-Cause
, O
it B-Effect
will I-Effect
likely I-Effect
need I-Effect
to I-Effect
expand I-Effect
its I-Effect
sales I-Effect
and I-Effect
servicing I-Effect
headcount I-Effect
to I-Effect
deal I-Effect
with I-Effect
more I-Effect
complex I-Effect
issues I-Effect
. O

Since O
then O
, O
it O
has O
added B-Cause
features I-Cause
to I-Cause
the I-Cause
existing I-Cause
products I-Cause
and I-Cause
introduced I-Cause
solutions I-Cause
, O
making O
Zendesk B-Effect
appropriate I-Effect
for I-Effect
more I-Effect
sophisticated I-Effect
use I-Effect
cases I-Effect
at I-Effect
increasingly I-Effect
large I-Effect
customers I-Effect
. O

Recessionary B-Effect
conditions I-Effect
typically I-Effect
weigh I-Effect
on I-Effect
both I-Effect
factors I-Effect
at I-Effect
once I-Effect
, O
with O
fewer B-Cause
houses I-Cause
built I-Cause
and I-Cause
fewer I-Cause
goods I-Cause
being I-Cause
packed I-Cause
and I-Cause
shipped I-Cause
in I-Cause
containerboard I-Cause
. O

Longer-term O
, O
Eastman B-Cause
will I-Cause
continue I-Cause
to I-Cause
develop I-Cause
new I-Cause
products I-Cause
in I-Cause
its I-Cause
advanced I-Cause
materials I-Cause
and I-Cause
additives I-Cause
and I-Cause
functional I-Cause
products I-Cause
segments I-Cause
that O
will O
allow O
it B-Effect
to I-Effect
increase I-Effect
profits I-Effect
above I-Effect
GDP I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

Certain O
economies O
that O
have O
reopened O
have O
seen O
a O
surge O
in O
cases O
, O
and O
it O
is O
possible O
that O
some B-Effect
of I-Effect
the I-Effect
encouraging I-Effect
retail I-Effect
data I-Effect
we I-Effect
have I-Effect
seen I-Effect
recently I-Effect
could I-Effect
reverse I-Effect
if O
shutdowns B-Cause
are I-Cause
required I-Cause
once I-Cause
again I-Cause
. O

However O
, O
we O
think O
Sysco B-Cause
's I-Cause
solid I-Cause
balance I-Cause
sheet I-Cause
, I-Cause
with I-Cause
$ I-Cause
8 I-Cause
billion I-Cause
of I-Cause
cash I-Cause
and I-Cause
available I-Cause
liquidity I-Cause
as I-Cause
of I-Cause
September I-Cause
, O
positions O
the B-Effect
firm I-Effect
well I-Effect
to I-Effect
endure I-Effect
the I-Effect
current I-Effect
environment I-Effect
. O

The B-Cause
prevalence I-Cause
of I-Cause
e-commerce I-Cause
has O
eliminated B-Effect
the I-Effect
need I-Effect
to I-Effect
secure I-Effect
expensive I-Effect
shelf I-Effect
space I-Effect
from I-Effect
retailers I-Effect
, O
and O
social O
media O
has O
made O
it O
more B-Effect
cost-effective I-Effect
to I-Effect
reach I-Effect
consumers I-Effect
with I-Effect
a I-Effect
brand I-Effect
message I-Effect
. O

On O
balance O
, O
the O
ongoing O
pandemic O
will O
likely O
be O
a O
net O
negative O
, O
though O
expanded B-Cause
capacity I-Cause
of I-Cause
COVID-19 I-Cause
testing I-Cause
in I-Cause
2021 I-Cause
could O
offset O
, O
to O
some O
extent O
, O
temporary B-Effect
headwinds I-Effect
of I-Effect
lab I-Effect
shutdowns I-Effect
and I-Effect
research I-Effect
cuts I-Effect
. O

The O
biggest O
ESG O
risk O
we O
see O
revolves O
around O
broadband O
's O
essential O
function O
in O
society O
, O
which O
means O
regulators B-Cause
may I-Cause
take I-Cause
a I-Cause
heavy I-Cause
hand I-Cause
in O
ensuring B-Effect
providers I-Effect
reach I-Effect
all I-Effect
residents I-Effect
for I-Effect
reasonable I-Effect
prices I-Effect
-- I-Effect
potentially I-Effect
limiting O
pricing O
power O
and O
forcing O
higher O
spending O
even O
when O
it O
does O
n't O
make O
economic O
sense O
. O

Due O
to O
restrictions B-Cause
due I-Cause
to I-Cause
the I-Cause
virus I-Cause
and I-Cause
temporary I-Cause
and I-Cause
permanent I-Cause
store I-Cause
closures I-Cause
, O
we O
forecast O
digital B-Effect
will I-Effect
account I-Effect
for I-Effect
56 I-Effect
% I-Effect
of I-Effect
Nordstrom I-Effect
's I-Effect
2020 I-Effect
sales I-Effect
. O

Arguably O
the B-Effect
greatest I-Effect
challenge I-Effect
facing I-Effect
consumer I-Effect
goods I-Effect
manufacturers I-Effect
( O
and O
the O
primary O
reason O
for O
the B-Effect
high I-Effect
level I-Effect
of I-Effect
competition I-Effect
among I-Effect
the I-Effect
leading I-Effect
players I-Effect
) O
is O
the B-Cause
finite I-Cause
nature I-Cause
of I-Cause
shelf I-Cause
space I-Cause
and I-Cause
distribution I-Cause
capacity I-Cause
in I-Cause
the I-Cause
traditional I-Cause
grocery I-Cause
channel I-Cause
. O

Increasing O
route O
density O
and O
pushing O
the O
higher O
margin O
carryout O
business O
continue O
to O
remain O
important O
moving O
forward O
, O
with O
competition B-Effect
for I-Effect
labor I-Effect
only I-Effect
likely I-Effect
to I-Effect
intensify I-Effect
( I-Effect
pushing I-Effect
wages I-Effect
higher I-Effect
) I-Effect
as O
delivery B-Cause
channel I-Cause
penetration I-Cause
increases I-Cause
. O

Basic B-Cause
pay-television I-Cause
service I-Cause
rates I-Cause
have I-Cause
continued I-Cause
to I-Cause
increase I-Cause
, O
which O
could O
cause O
consumers B-Effect
to I-Effect
cancel I-Effect
their I-Effect
subscriptions I-Effect
or I-Effect
reduce I-Effect
their I-Effect
level I-Effect
of I-Effect
service I-Effect
. O

The B-Effect
firms I-Effect
do I-Effect
not I-Effect
have I-Effect
large I-Effect
fixed-cost I-Effect
bases I-Effect
because O
they B-Cause
are I-Cause
not I-Cause
manufacturers I-Cause
and I-Cause
have I-Cause
no I-Cause
burdensome I-Cause
retiree I-Cause
expenses I-Cause
, I-Cause
and I-Cause
as I-Cause
a I-Cause
used-vehicle I-Cause
retailer I-Cause
, I-Cause
CarMax I-Cause
does I-Cause
not I-Cause
rely I-Cause
on I-Cause
one I-Cause
brand I-Cause
. O

In B-Cause
a I-Cause
rising I-Cause
interest-rate I-Cause
environment I-Cause
, O
consumers B-Cause
could I-Cause
be I-Cause
less I-Cause
willing I-Cause
to I-Cause
finance I-Cause
their I-Cause
vehicle I-Cause
purchases I-Cause
, O
resulting O
in O
shrinking B-Effect
demand I-Effect
for I-Effect
ATVs I-Effect
. O

In O
addition O
, O
the B-Effect
firm I-Effect
is I-Effect
focusing I-Effect
on I-Effect
creators I-Effect
, O
as O
it B-Cause
can I-Cause
help I-Cause
them I-Cause
learn I-Cause
more I-Cause
about I-Cause
their I-Cause
fans I-Cause
, I-Cause
more I-Cause
effectively I-Cause
plan I-Cause
the I-Cause
location I-Cause
and I-Cause
timing I-Cause
of I-Cause
their I-Cause
events I-Cause
, I-Cause
sell I-Cause
a I-Cause
variety I-Cause
of I-Cause
artist I-Cause
merchandise I-Cause
, I-Cause
and I-Cause
overall I-Cause
become I-Cause
more I-Cause
easily I-Cause
and I-Cause
quickly I-Cause
recognizable I-Cause
. O

We O
believe O
this B-Effect
scale I-Effect
is I-Effect
vital I-Effect
, O
as O
it B-Cause
allows I-Cause
a I-Cause
grocer I-Cause
to I-Cause
leverage I-Cause
distribution I-Cause
and I-Cause
advertising I-Cause
costs I-Cause
in I-Cause
a I-Cause
way I-Cause
that I-Cause
smaller I-Cause
competitors I-Cause
can I-Cause
not I-Cause
. O

We O
think O
Dick B-Effect
's I-Effect
has I-Effect
slowed I-Effect
its I-Effect
pace I-Effect
of I-Effect
store I-Effect
openings I-Effect
because O
they B-Cause
are I-Cause
becoming I-Cause
less I-Cause
productive I-Cause
and I-Cause
its I-Cause
store I-Cause
expansion I-Cause
strategy I-Cause
has I-Cause
not I-Cause
worked I-Cause
. O

Implementation O
and B-Cause
integration I-Cause
of I-Cause
software I-Cause
and I-Cause
associated I-Cause
data I-Cause
can O
drive O
large O
barriers O
to O
changing B-Effect
from I-Effect
software I-Effect
that I-Effect
is I-Effect
providing I-Effect
a I-Effect
crucial I-Effect
function I-Effect
for I-Effect
business I-Effect
operations I-Effect
. O

Demand B-Cause
for I-Cause
chip-embedded I-Cause
devices I-Cause
fluctuates I-Cause
over I-Cause
time I-Cause
and I-Cause
thus I-Cause
equipment I-Cause
for I-Cause
manufacturing I-Cause
does I-Cause
as I-Cause
well. O
As O
a O
result O
, O
at B-Effect
the I-Effect
bottom I-Effect
of I-Effect
a I-Effect
cycle I-Effect
chipmakers I-Effect
tend I-Effect
to I-Effect
significantly I-Effect
curtail I-Effect
capital I-Effect
expenditures I-Effect
and I-Effect
firms I-Effect
such I-Effect
as I-Effect
Applied I-Effect
are I-Effect
financially I-Effect
afflicted I-Effect
. O

Given O
the B-Cause
comparably I-Cause
higher I-Cause
hurdle I-Cause
to I-Cause
obtain I-Cause
them I-Cause
, O
utility B-Effect
patents I-Effect
offer I-Effect
advantages I-Effect
over I-Effect
design I-Effect
patents I-Effect
given O
the O
intellectual O
property O
protection O
around O
an O
invention O
's O
function O
. O

Furthermore O
, O
we O
believe O
pricing B-Effect
gains I-Effect
will I-Effect
be I-Effect
bound I-Effect
by I-Effect
the B-Cause
lack I-Cause
of I-Cause
new I-Cause
cruisers I-Cause
over I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
as O
those B-Effect
potential I-Effect
customers I-Effect
could I-Effect
opt I-Effect
for I-Effect
more I-Effect
safely I-Effect
perceived I-Effect
land-based I-Effect
vacations I-Effect
given O
the B-Cause
recent I-Cause
media I-Cause
hype I-Cause
. O

Furthermore O
, B-Cause
analog I-Cause
chips I-Cause
tend I-Cause
to I-Cause
make I-Cause
up I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
a I-Cause
product I-Cause
's I-Cause
bill I-Cause
of I-Cause
materials I-Cause
, O
so O
purchasing B-Effect
decisions I-Effect
tend I-Effect
to I-Effect
be I-Effect
based I-Effect
on I-Effect
performance I-Effect
rather I-Effect
than I-Effect
price I-Effect
, I-Effect
helping I-Effect
Texas I-Effect
Instruments I-Effect
and I-Effect
its I-Effect
peers I-Effect
retain I-Effect
pricing I-Effect
power I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
slightly I-Effect
to I-Effect
$ I-Effect
162 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
161 I-Effect
per I-Effect
share I-Effect
, O
which O
is O
primarily O
attributed O
to O
the B-Cause
time I-Cause
value I-Cause
of I-Cause
money I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

If O
Corning B-Cause
were I-Cause
to I-Cause
fail I-Cause
to I-Cause
implement I-Cause
the I-Cause
proper I-Cause
hedges I-Cause
, O
it O
could O
face B-Effect
volatility I-Effect
in I-Effect
its I-Effect
results I-Effect
from I-Effect
changes I-Effect
in I-Effect
exchange I-Effect
rates I-Effect
. O

With O
its B-Cause
marketing I-Cause
operations I-Cause
, O
Enterprise B-Effect
takes I-Effect
ownership I-Effect
of I-Effect
the I-Effect
hydrocarbon I-Effect
and I-Effect
seeks I-Effect
to I-Effect
exploit I-Effect
differentials I-Effect
based I-Effect
on I-Effect
time I-Effect
, I-Effect
location I-Effect
, I-Effect
or I-Effect
product I-Effect
arbitrage I-Effect
across I-Effect
the I-Effect
hundreds I-Effect
of I-Effect
connection I-Effect
points I-Effect
across I-Effect
Enterprise I-Effect
's I-Effect
system I-Effect
. O

These B-Effect
efforts I-Effect
have I-Effect
also I-Effect
resulted I-Effect
in I-Effect
an I-Effect
impressive I-Effect
27-percentage-point I-Effect
gross I-Effect
margin I-Effect
improvement I-Effect
as O
Edwards B-Cause
shifted I-Cause
to I-Cause
higher-margin I-Cause
transcatheter I-Cause
heart I-Cause
valve I-Cause
products I-Cause
. O

Regulatory B-Cause
approval I-Cause
on I-Cause
crude I-Cause
expansion I-Cause
projects I-Cause
also O
prevents O
competitors B-Effect
from I-Effect
undertaking I-Effect
expansion I-Effect
projects I-Effect
without I-Effect
necessary I-Effect
approval I-Effect
, O
acting O
as O
an O
intangible O
asset O
for O
Enbridge O
on O
its O
Mainline O
operations O
. O

Scale B-Cause
should I-Cause
come I-Cause
with I-Cause
cost I-Cause
leverage I-Cause
as I-Cause
growth I-Cause
investments I-Cause
bear I-Cause
fruit O
, O
and O
over B-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
the I-Effect
unit I-Effect
should I-Effect
post I-Effect
adjusted I-Effect
EBITDA I-Effect
margins I-Effect
near I-Effect
its I-Effect
high-teens I-Effect
mark I-Effect
through I-Effect
the I-Effect
first I-Effect
nine I-Effect
months I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
. O

We O
model O
wholesale B-Effect
revenues I-Effect
to I-Effect
slightly I-Effect
decrease I-Effect
after I-Effect
2021 I-Effect
, O
which O
will O
be O
more O
than O
offset O
by O
an B-Cause
increase I-Cause
in I-Cause
retail I-Cause
service I-Cause
revenues I-Cause
. O

Further O
, O
we B-Effect
forecast I-Effect
2020 I-Effect
capital I-Effect
expenditures I-Effect
will I-Effect
drop I-Effect
by I-Effect
almost I-Effect
60 I-Effect
% I-Effect
from I-Effect
last I-Effect
year I-Effect
to I-Effect
$ I-Effect
483 I-Effect
million I-Effect
as O
Macy B-Cause
's I-Cause
reins I-Cause
in I-Cause
spending I-Cause
to I-Cause
conserve I-Cause
cash I-Cause
. O

Nordstrom O
's O
results O
, O
however O
, O
suggest O
e-commerce B-Effect
entails I-Effect
extra I-Effect
costs I-Effect
as O
reported O
SG O
& O
A O
as O
a B-Effect
percentage I-Effect
of I-Effect
sales I-Effect
has I-Effect
been I-Effect
rising I-Effect
as O
e-commerce B-Cause
has I-Cause
grown I-Cause
. O

Antibank B-Effect
sentiment I-Effect
remains I-Effect
in I-Effect
the I-Effect
U.K. I-Effect
, O
and O
partially O
as O
a O
result O
, O
banking B-Cause
regulation I-Cause
changes I-Cause
frequently I-Cause
and O
is O
more O
onerous O
than O
elsewhere O
in O
Europe O
. O

Given O
the B-Cause
trillions I-Cause
of I-Cause
dollars I-Cause
of I-Cause
assets I-Cause
serviced I-Cause
by I-Cause
Northern I-Cause
Trust I-Cause
, O
we O
believe O
operational B-Effect
risk I-Effect
is I-Effect
something I-Effect
investors I-Effect
should I-Effect
keep I-Effect
an I-Effect
eye I-Effect
on I-Effect
. O

If O
monoclonal O
antibody O
biosimilars O
are O
quickly O
approved O
and O
accepted O
by O
insurers O
, O
physicians O
, O
and O
patients O
, O
Roche B-Effect
will I-Effect
experience I-Effect
significant I-Effect
overall I-Effect
top-line I-Effect
pressure I-Effect
as O
key B-Cause
products I-Cause
Rituxan I-Cause
, I-Cause
Avastin I-Cause
, I-Cause
and I-Cause
Herceptin I-Cause
succumb I-Cause
to I-Cause
competition I-Cause
. O

Key B-Cause
patents I-Cause
on I-Cause
Gilead I-Cause
's I-Cause
top I-Cause
marketed I-Cause
HIV I-Cause
products I-Cause
will I-Cause
expire I-Cause
by I-Cause
2021 I-Cause
, O
and O
the O
firm O
will O
need O
to O
see B-Effect
significant I-Effect
switching I-Effect
to I-Effect
newer I-Effect
products I-Effect
like O
Biktarvy O
to O
counter B-Cause
the I-Cause
negative I-Cause
impact I-Cause
from I-Cause
generic I-Cause
competitors I-Cause
. O

The O
Talison O
operation O
is O
one O
of O
the O
highest-quality O
spodumene O
deposits O
and O
sits B-Effect
on I-Effect
the I-Effect
low I-Effect
end I-Effect
of I-Effect
the I-Effect
lithium I-Effect
hydroxide I-Effect
cost I-Effect
curve I-Effect
, O
owing O
to O
its B-Cause
geological I-Cause
advantage I-Cause
. O

We B-Effect
rate I-Effect
CyrusOne I-Effect
as I-Effect
high I-Effect
uncertainty I-Effect
because O
we O
think O
it B-Cause
has I-Cause
built I-Cause
a I-Cause
good I-Cause
business I-Cause
that I-Cause
can I-Cause
thrive I-Cause
with I-Cause
current I-Cause
industry I-Cause
tailwinds I-Cause
but I-Cause
is I-Cause
exposed I-Cause
if I-Cause
the I-Cause
environment I-Cause
weakens I-Cause
, I-Cause
leaving I-Cause
the I-Cause
firm I-Cause
overextended I-Cause
. O

Our B-Effect
forecast I-Effect
has I-Effect
increases I-Effect
in I-Effect
charge-offs I-Effect
in I-Effect
2021 I-Effect
due O
to O
the B-Cause
COVID-19-driven I-Cause
downturn I-Cause
even I-Cause
as I-Cause
provisioning B-Effect
begins I-Effect
to I-Effect
fade I-Effect
back I-Effect
to I-Effect
normal I-Effect
as O
the B-Cause
bank I-Cause
has I-Cause
already I-Cause
built I-Cause
up I-Cause
excess I-Cause
reserves I-Cause
from I-Cause
2020 I-Cause
. O

In O
the O
long O
term O
, O
greater B-Cause
adoption I-Cause
of I-Cause
electric I-Cause
vehicles I-Cause
, I-Cause
autonomous I-Cause
vehicles I-Cause
, I-Cause
and I-Cause
ride-sharing I-Cause
could O
reduce O
demand B-Effect
for I-Effect
oil I-Effect
and I-Effect
refined I-Effect
products I-Effect
. O

Further O
, O
we O
think O
the B-Cause
divestiture I-Cause
of I-Cause
the I-Cause
cookie I-Cause
, I-Cause
fruit I-Cause
snack I-Cause
, I-Cause
cone I-Cause
, I-Cause
and I-Cause
pie I-Cause
crust I-Cause
businesses I-Cause
should O
allow B-Effect
Kellogg I-Effect
to I-Effect
more I-Effect
effectively I-Effect
direct I-Effect
its I-Effect
brand I-Effect
spending I-Effect
toward I-Effect
the I-Effect
highest-return I-Effect
opportunities I-Effect
( I-Effect
such I-Effect
as I-Effect
Pringles I-Effect
, I-Effect
Pop-Tarts I-Effect
, I-Effect
and I-Effect
Cheez-It I-Effect
) I-Effect
. O

While O
payment B-Cause
momentum I-Cause
should O
drive B-Effect
modest I-Effect
gross I-Effect
margin I-Effect
expansion I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
it O
will O
be O
partly O
offset O
by O
logistics B-Cause
costs I-Cause
, I-Cause
product I-Cause
listing I-Cause
changes I-Cause
, I-Cause
incremental I-Cause
payment I-Cause
processing I-Cause
fees I-Cause
, I-Cause
and I-Cause
increased I-Cause
bad I-Cause
debt I-Cause
expenses I-Cause
( I-Cause
due I-Cause
to I-Cause
accounting I-Cause
changes I-Cause
) I-Cause
. O

We O
believe O
some B-Cause
of I-Cause
the I-Cause
supply I-Cause
chain I-Cause
cost I-Cause
savings I-Cause
will I-Cause
be I-Cause
reinvested I-Cause
to O
support B-Effect
the I-Effect
firm I-Effect
's I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
in O
terms O
of O
marketing O
and O
R O
& O
D O
. O

Given O
the B-Cause
very I-Cause
similar I-Cause
business I-Cause
models I-Cause
shared I-Cause
by I-Cause
both I-Cause
Anixter I-Cause
and I-Cause
Wesco I-Cause
, O
we O
knew O
that O
significant B-Effect
cost I-Effect
synergies I-Effect
could I-Effect
be I-Effect
had I-Effect
, O
but O
Wesco O
has O
exceeded O
our O
expectations O
, O
both O
in O
terms O
of O
organic O
gross O
margin O
expansion O
and O
the O
speed O
of O
which O
it O
has O
realized O
deal-related O
cost O
synergies O
. O

In O
general O
, O
these B-Effect
states I-Effect
should I-Effect
have I-Effect
robust I-Effect
demand I-Effect
for I-Effect
road I-Effect
work I-Effect
driven I-Effect
by O
growing B-Cause
populations I-Cause
and/or I-Cause
a I-Cause
significant I-Cause
backlog I-Cause
of I-Cause
repair I-Cause
. I-Cause

We B-Effect
recently I-Effect
removed I-Effect
a I-Effect
Japan I-Effect
resort I-Effect
from I-Effect
our I-Effect
model I-Effect
, O
after O
Las B-Cause
Vegas I-Cause
Sands I-Cause
announced I-Cause
the I-Cause
framework I-Cause
around I-Cause
developing I-Cause
a I-Cause
gaming I-Cause
property I-Cause
in I-Cause
Yokohama I-Cause
became I-Cause
unreachable I-Cause
. O

Given O
the B-Cause
bank I-Cause
's I-Cause
higher I-Cause
capital I-Cause
levels I-Cause
since I-Cause
the I-Cause
crisis I-Cause
, I-Cause
the I-Cause
increasing I-Cause
importance I-Cause
of I-Cause
scale I-Cause
and I-Cause
scope I-Cause
with I-Cause
changes I-Cause
in I-Cause
technology I-Cause
, I-Cause
and I-Cause
robust I-Cause
fee I-Cause
income I-Cause
, O
we O
believe O
Wells O
Fargo B-Effect
will I-Effect
consistently I-Effect
earn I-Effect
returns I-Effect
that I-Effect
exceed I-Effect
its I-Effect
9 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
through I-Effect
the I-Effect
cycle I-Effect
. O

Like O
other O
medical O
device O
companies O
, O
Stryker O
is O
exposed O
to O
product B-Cause
failures I-Cause
and I-Cause
recalls I-Cause
that O
can O
result O
in O
hefty B-Effect
legal I-Effect
fees I-Effect
and I-Effect
inventory I-Effect
write-offs I-Effect
. O

Given O
the B-Cause
fixed I-Cause
costs I-Cause
inherent I-Cause
in I-Cause
a I-Cause
data-intensive I-Cause
business I-Cause
, O
Equifax B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
enjoy I-Effect
strong I-Effect
operating I-Effect
leverage I-Effect
from I-Effect
incremental I-Effect
revenue I-Effect
. O

By B-Effect
the I-Effect
summer I-Effect
, I-Effect
dry-van I-Effect
freight I-Effect
demand I-Effect
soared I-Effect
, I-Effect
capacity I-Effect
tightened I-Effect
, I-Effect
spot I-Effect
opportunities I-Effect
abounded I-Effect
, I-Effect
and I-Effect
rates I-Effect
surged I-Effect
on O
a B-Cause
massive I-Cause
uptick I-Cause
in I-Cause
retailer I-Cause
restocking I-Cause
rooted I-Cause
in I-Cause
very I-Cause
strong I-Cause
consumer I-Cause
goods I-Cause
spending I-Cause
. O

Should O
similar B-Cause
beverage I-Cause
trends I-Cause
play I-Cause
out I-Cause
in I-Cause
other I-Cause
regions I-Cause
, O
we O
would O
expect O
to O
see O
a B-Effect
negative I-Effect
impact I-Effect
on I-Effect
revenue I-Effect
and I-Effect
profit I-Effect
margins I-Effect
. O

This B-Cause
offshore I-Cause
downturn I-Cause
has I-Cause
created I-Cause
a I-Cause
glut I-Cause
of I-Cause
offshore I-Cause
drilling I-Cause
rigs I-Cause
, O
and O
consequently O
, O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
any I-Effect
large I-Effect
orders I-Effect
for I-Effect
these I-Effect
rigs I-Effect
for I-Effect
National I-Effect
Oilwell I-Effect
Varco I-Effect
in I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

We O
also O
think O
the B-Effect
settlement I-Effect
provides I-Effect
a I-Effect
positive I-Effect
indicator I-Effect
that I-Effect
the I-Effect
regulatory I-Effect
environment I-Effect
in I-Effect
North I-Effect
Carolina I-Effect
will I-Effect
remain I-Effect
constructive I-Effect
, O
key O
given O
the B-Cause
importance I-Cause
of I-Cause
the I-Cause
Carolinas I-Cause
to I-Cause
Duke I-Cause
's I-Cause
financial I-Cause
outlook I-Cause
. O

Even O
sophisticated O
, O
large B-Cause
pharma I-Cause
clients I-Cause
do I-Cause
n't I-Cause
have I-Cause
the I-Cause
breadth I-Cause
of I-Cause
expertise I-Cause
and I-Cause
knowledge I-Cause
of I-Cause
regulatory I-Cause
requirements I-Cause
that I-Cause
CROs I-Cause
offer I-Cause
through I-Cause
their I-Cause
services. O
As O
a O
result O
, O
we B-Effect
continue I-Effect
to I-Effect
see I-Effect
preferred I-Effect
partnerships I-Effect
between I-Effect
Big I-Effect
Pharma I-Effect
and I-Effect
top-tier I-Effect
CROs I-Effect
, I-Effect
in I-Effect
which I-Effect
a I-Effect
pharma I-Effect
client I-Effect
selects I-Effect
a I-Effect
handful I-Effect
of I-Effect
CROs I-Effect
for I-Effect
their I-Effect
clinical I-Effect
trials I-Effect
. O

Coca-Cola B-Effect
Femsa I-Effect
benefits I-Effect
from I-Effect
streamlined I-Effect
access I-Effect
to I-Effect
Oxxo I-Effect
's I-Effect
broad I-Effect
retail I-Effect
footprint I-Effect
, O
as O
the B-Cause
latter I-Cause
prioritizes I-Cause
the I-Cause
marketing I-Cause
, I-Cause
merchandising I-Cause
, I-Cause
and I-Cause
ultimate I-Cause
sale I-Cause
of I-Cause
Coca-Cola I-Cause
products I-Cause
without I-Cause
demanding I-Cause
commensurate I-Cause
investment I-Cause
from I-Cause
the I-Cause
bottler I-Cause
, O
such O
as O
slotting O
fees O
or O
marketing O
contributions O
. O

We O
believe O
that O
the B-Cause
sale I-Cause
of I-Cause
the I-Cause
valves I-Cause
and I-Cause
controls I-Cause
unit I-Cause
has O
reduced B-Effect
cyclicality I-Effect
, O
as O
that O
segment B-Cause
had I-Cause
a I-Cause
large I-Cause
exposure I-Cause
to I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
. O

About B-Effect
$ I-Effect
9 I-Effect
of I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
is O
attributable O
to O
the B-Cause
cash I-Cause
equity I-Cause
income I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
many I-Cause
equity I-Cause
method I-Cause
investments I-Cause
. O

Agco B-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
environmental I-Effect
regulation I-Effect
, O
largely O
stemming O
from O
the B-Cause
environmental I-Cause
impact I-Cause
that I-Cause
agricultural I-Cause
machines I-Cause
have I-Cause
on I-Cause
soil I-Cause
and I-Cause
water I-Cause
quality I-Cause
. O

In O
our O
view O
, O
Welltower B-Effect
will I-Effect
benefit I-Effect
from I-Effect
these I-Effect
industry I-Effect
tailwinds I-Effect
because O
of O
its B-Cause
portfolio I-Cause
of I-Cause
high-quality I-Cause
assets I-Cause
connected I-Cause
to I-Cause
top I-Cause
operators I-Cause
in I-Cause
the I-Cause
senior I-Cause
housing I-Cause
, I-Cause
skilled I-Cause
nursing I-Cause
facilities I-Cause
, I-Cause
and I-Cause
medical I-Cause
office I-Cause
buildings I-Cause
segments I-Cause
. O

While O
PVH B-Cause
can I-Cause
cut I-Cause
some I-Cause
expenses I-Cause
( O
we O
forecast O
a O
13 O
% O
decline O
in O
selling O
, O
general O
, O
and O
administrative O
expenses O
in O
2020 O
) O
, O
we O
believe O
the O
sales B-Effect
decline I-Effect
will I-Effect
affect I-Effect
margins I-Effect
and I-Effect
forecast I-Effect
an I-Effect
adjusted I-Effect
operating I-Effect
loss I-Effect
( O
negative O
1 O
% O
margin O
) O
. O

We O
do O
see B-Effect
an I-Effect
opportunity I-Effect
for I-Effect
long-term I-Effect
growth I-Effect
in I-Effect
the I-Effect
segment I-Effect
as O
the B-Cause
electronification I-Cause
of I-Cause
the I-Cause
mortgage I-Cause
process I-Cause
is I-Cause
in I-Cause
the I-Cause
early I-Cause
stages I-Cause
and I-Cause
ICE I-Cause
has I-Cause
a I-Cause
compelling I-Cause
product I-Cause
. O

Further O
innovation O
, O
like O
the O
recently O
launched O
NovaSeq O
, O
continue O
to O
push O
down O
these O
costs O
, O
and O
Illumina O
expects O
NovaSeq B-Cause
to I-Cause
eventually I-Cause
enable I-Cause
the I-Cause
$ I-Cause
100 I-Cause
genome I-Cause
, O
which O
could O
greatly B-Effect
increase I-Effect
the I-Effect
accessibility I-Effect
of I-Effect
genomic I-Effect
sequencing I-Effect
. O

Network B-Effect
effects I-Effect
have I-Effect
played I-Effect
a I-Effect
big I-Effect
role I-Effect
in I-Effect
its I-Effect
dominance I-Effect
, O
as O
proprietary B-Cause
computer I-Cause
software I-Cause
has I-Cause
been I-Cause
written I-Cause
specifically I-Cause
for I-Cause
the I-Cause
x86 I-Cause
architecture I-Cause
, I-Cause
leading I-Cause
to I-Cause
significant B-Effect
switching I-Effect
costs I-Effect
to I-Effect
shift I-Effect
architectures I-Effect
. O

Ease B-Cause
of I-Cause
use I-Cause
, I-Cause
a I-Cause
large I-Cause
expert I-Cause
support I-Cause
community I-Cause
, I-Cause
and I-Cause
an I-Cause
emerging I-Cause
developer I-Cause
ecosystem I-Cause
combine O
to O
make O
Shopify B-Effect
's I-Effect
platform I-Effect
attractive I-Effect
to I-Effect
users I-Effect
of I-Effect
all I-Effect
sizes I-Effect
. O

We O
continue O
to O
believe O
that O
Type B-Cause
1 I-Cause
and I-Cause
Type I-Cause
2 I-Cause
intensive I-Cause
diabetics I-Cause
will I-Cause
continue I-Cause
to I-Cause
seek I-Cause
products I-Cause
that O
will O
improve B-Effect
their I-Effect
well-being I-Effect
, I-Effect
making I-Effect
for I-Effect
solid I-Effect
underlying I-Effect
demand I-Effect
. O

We O
contend O
this O
proximity O
generates O
a O
virtuous O
cycle O
where O
proximity B-Cause
leads O
to O
better B-Effect
service I-Effect
, O
which O
leads O
to O
more B-Effect
orders I-Effect
, O
which O
incentivizes O
delivery O
drivers B-Effect
to I-Effect
work I-Effect
for I-Effect
Domino I-Effect
's I-Effect
as O
they O
will O
get O
more O
deliveries O
. O

In O
exchange O
for O
earning B-Effect
a I-Effect
fair I-Effect
return I-Effect
for I-Effect
its I-Effect
shareholders I-Effect
, O
utilities B-Cause
are I-Cause
expected I-Cause
to I-Cause
provide I-Cause
safe I-Cause
and I-Cause
reliable I-Cause
service I-Cause
at I-Cause
just I-Cause
and I-Cause
reasonable I-Cause
rates I-Cause
. O

Catalysts B-Cause
used I-Cause
in I-Cause
fluidized I-Cause
catalytic I-Cause
cracking I-Cause
help O
refiners B-Effect
reduce I-Effect
costs I-Effect
by O
processing O
heavier O
crudes O
or O
realizing O
higher O
prices O
through O
more-refined O
products O
. O

A O
drug O
's O
20-year O
patent O
generally O
begins O
at O
discovery O
, O
which O
means O
that O
clinical B-Cause
trials I-Cause
consume I-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
what O
could O
otherwise B-Effect
be I-Effect
patent-protected I-Effect
profits I-Effect
. O

It B-Cause
has I-Cause
strategically I-Cause
acquired I-Cause
and I-Cause
developed I-Cause
assets I-Cause
in I-Cause
submarkets I-Cause
with I-Cause
strong I-Cause
demand I-Cause
drivers I-Cause
, I-Cause
creating I-Cause
a I-Cause
portfolio I-Cause
with I-Cause
average I-Cause
location I-Cause
population I-Cause
density I-Cause
and I-Cause
median I-Cause
household I-Cause
income I-Cause
higher I-Cause
than I-Cause
any I-Cause
other I-Cause
retail I-Cause
REIT. O
As O
a O
result O
, O
Federal B-Effect
Realty I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
drive I-Effect
strong I-Effect
same-store I-Effect
net I-Effect
operating I-Effect
income I-Effect
growth I-Effect
and I-Effect
average I-Effect
double-digit I-Effect
re-leasing I-Effect
spreads I-Effect
over I-Effect
the I-Effect
past I-Effect
two I-Effect
decades I-Effect
. O

Boston B-Effect
Beer I-Effect
's I-Effect
traditional I-Effect
brewing I-Effect
process I-Effect
and I-Effect
more I-Effect
expensive I-Effect
raw I-Effect
materials I-Effect
contribute O
to O
its B-Cause
significantly I-Cause
higher I-Cause
average I-Cause
cost I-Cause
structure I-Cause
, I-Cause
and I-Cause
distort I-Cause
the I-Cause
analysis I-Cause
, O
in O
our O
view O
. O

The O
firm O
does O
n't O
have O
many O
ESG-related O
risks O
, O
but O
it O
's O
worth O
noting O
that O
its B-Cause
efficiency I-Cause
in I-Cause
tax-avoidance I-Cause
strategies I-Cause
could O
make B-Effect
the I-Effect
company I-Effect
a I-Effect
target I-Effect
for I-Effect
regulators I-Effect
. O

In O
an O
approach O
to O
alleviate B-Cause
the I-Cause
issues I-Cause
with I-Cause
these I-Cause
complex I-Cause
projects I-Cause
that O
can B-Effect
rely I-Effect
on I-Effect
a I-Effect
patchwork I-Effect
of I-Effect
solutions I-Effect
, I-Effect
Palantir I-Effect
rotates I-Effect
its I-Effect
software I-Effect
engineers I-Effect
between I-Effect
field I-Effect
and I-Effect
development I-Effect
efforts I-Effect
to I-Effect
gain I-Effect
insight I-Effect
about I-Effect
customer I-Effect
and I-Effect
industry-specific I-Effect
challenges I-Effect
that O
can B-Effect
strengthen I-Effect
its I-Effect
platforms I-Effect
' I-Effect
capabilities I-Effect
. O

For O
example O
, O
predicting B-Cause
if I-Cause
and I-Cause
when I-Cause
the I-Cause
delayed I-Cause
healthcare I-Cause
services I-Cause
come I-Cause
back I-Cause
into I-Cause
the I-Cause
system I-Cause
could I-Cause
be I-Cause
fraught I-Cause
with I-Cause
error I-Cause
that O
leads O
to O
mispricing B-Effect
of I-Effect
insurance I-Effect
policies I-Effect
for O
2021 O
by O
Anthem O
. O

Annual B-Effect
run-rate I-Effect
synergies I-Effect
of I-Effect
$ I-Effect
500 I-Effect
million I-Effect
seems I-Effect
achievable I-Effect
given O
the B-Cause
proximity I-Cause
of I-Cause
mines I-Cause
that I-Cause
will I-Cause
allow I-Cause
for I-Cause
significant I-Cause
cost I-Cause
and I-Cause
capital I-Cause
spending I-Cause
synergies I-Cause
. O

We O
forecast O
low- B-Effect
to I-Effect
mid-single-digit I-Effect
compound I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
during O
the O
next O
five O
years O
, O
as O
the B-Cause
firm I-Cause
successfully I-Cause
develops I-Cause
new I-Cause
seed I-Cause
and I-Cause
crop I-Cause
chemical I-Cause
technologies I-Cause
. O

Additionally O
, O
recent B-Cause
acquisitions I-Cause
of I-Cause
medical I-Cause
companies I-Cause
have O
boosted B-Effect
Nordson I-Effect
's I-Effect
recurring I-Effect
revenue I-Effect
from I-Effect
sales I-Effect
of I-Effect
syringes I-Effect
, I-Effect
cartridges I-Effect
, I-Effect
and I-Effect
other I-Effect
medical I-Effect
device I-Effect
components I-Effect
. O

From O
a O
business O
ethics O
and O
product O
governance O
perspective O
, O
failure B-Cause
to I-Cause
provide I-Cause
reliable I-Cause
and I-Cause
trustworthy I-Cause
services I-Cause
can I-Cause
impact I-Cause
both I-Cause
reputation I-Cause
and I-Cause
financial I-Cause
performance I-Cause
, O
so O
asset B-Effect
managers I-Effect
like I-Effect
BlackRock I-Effect
tend I-Effect
to I-Effect
be I-Effect
more I-Effect
careful I-Effect
with I-Effect
how I-Effect
they I-Effect
manage I-Effect
the I-Effect
pricing I-Effect
, I-Effect
performance I-Effect
, I-Effect
and I-Effect
positioning I-Effect
of I-Effect
their I-Effect
products I-Effect
. O

The O
data O
, O
analytics O
, O
and O
care O
coordination O
segment O
derives O
its O
sales O
from O
more O
EMR-agnostic B-Effect
platforms I-Effect
like I-Effect
patient I-Effect
engagement I-Effect
, I-Effect
care I-Effect
coordination I-Effect
, I-Effect
and I-Effect
payer I-Effect
and I-Effect
life I-Effect
sciences I-Effect
solutions I-Effect
, I-Effect
which I-Effect
have I-Effect
more I-Effect
cyclicality I-Effect
as O
they B-Cause
are I-Cause
non-subscription-based I-Cause
and I-Cause
consulting I-Cause
clients I-Cause
. O

However O
, O
we B-Cause
do I-Cause
n't I-Cause
surmise I-Cause
that I-Cause
the I-Cause
current I-Cause
trajectory I-Cause
is I-Cause
poised I-Cause
to I-Cause
prove I-Cause
sustainable I-Cause
( O
as O
coronavirus O
concerns O
fade O
when O
a O
vaccine O
is O
brought O
to O
market O
, O
which O
we O
expect O
by O
mid-2021 O
) O
. O
As O
such O
, O
we B-Effect
're I-Effect
holding I-Effect
the I-Effect
line I-Effect
on I-Effect
our I-Effect
longer-term I-Effect
outlook I-Effect
, I-Effect
which I-Effect
continues I-Effect
to I-Effect
call I-Effect
for I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
and I-Effect
operating I-Effect
margins I-Effect
approximating I-Effect
20 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

During O
the O
past O
five O
years O
, O
unit O
sales O
have O
fallen O
3 O
% O
annually O
on O
average O
, O
so O
our B-Effect
secular I-Effect
growth I-Effect
prospects I-Effect
for I-Effect
the I-Effect
industry I-Effect
lie I-Effect
largely I-Effect
within I-Effect
international I-Effect
growth I-Effect
opportunities I-Effect
, O
as O
North B-Cause
America I-Cause
still I-Cause
represents I-Cause
about I-Cause
70 I-Cause
% I-Cause
of I-Cause
BRP I-Cause
's I-Cause
total I-Cause
sales I-Cause
. O

Moreover O
, O
we O
think O
Under B-Effect
Armour I-Effect
will I-Effect
struggle I-Effect
to I-Effect
gain I-Effect
any I-Effect
advantage I-Effect
as O
its B-Cause
marketing I-Cause
and I-Cause
research I-Cause
and I-Cause
development I-Cause
budgets I-Cause
can I-Cause
not I-Cause
match I-Cause
those I-Cause
of I-Cause
some I-Cause
competitors I-Cause
. O

Despite B-Cause
a I-Cause
range I-Cause
of I-Cause
structural I-Cause
competitive I-Cause
advantages I-Cause
, I-Cause
Zimmer I-Cause
Biomet I-Cause
under I-Cause
previous I-Cause
management I-Cause
had I-Cause
failed I-Cause
to I-Cause
shine I-Cause
in I-Cause
operations I-Cause
, I-Cause
which O
dragged B-Effect
down I-Effect
returns I-Effect
. I-Effect

If O
the O
company O
's O
growth O
ever O
stalls O
or O
reverses O
, O
we O
would O
expect O
a B-Effect
severe I-Effect
decline I-Effect
in I-Effect
the I-Effect
stock I-Effect
price I-Effect
because O
current B-Cause
expectations I-Cause
for I-Cause
Tesla I-Cause
are I-Cause
immense I-Cause
, I-Cause
in I-Cause
our I-Cause
opinion I-Cause
. O

In O
many O
cases O
, O
the B-Cause
subcomponent I-Cause
is I-Cause
tied I-Cause
to I-Cause
a I-Cause
critical I-Cause
function I-Cause
of I-Cause
the I-Cause
product I-Cause
, O
such O
as O
a O
missile O
targeting O
system O
, O
an O
aircraft O
's O
power O
system O
, O
or O
a O
ship O
's O
communication O
system O
, O
which O
we O
think O
reduces B-Effect
the I-Effect
probability I-Effect
of I-Effect
a I-Effect
customer I-Effect
switching I-Effect
to I-Effect
an I-Effect
alternative I-Effect
supplier I-Effect
. O

The B-Cause
established I-Cause
firms I-Cause
are I-Cause
rational I-Cause
players I-Cause
with I-Cause
similar I-Cause
network I-Cause
quality I-Cause
, O
so O
a O
price O
war O
, O
which O
can O
be O
sustained O
by O
all O
of O
them O
, O
is O
to O
the O
detriment B-Effect
of I-Effect
each I-Effect
competitor I-Effect
. O

Market B-Effect
technology I-Effect
will I-Effect
benefit I-Effect
from I-Effect
significant I-Effect
operating I-Effect
leverage I-Effect
as O
this O
business B-Cause
has I-Cause
received I-Cause
significant I-Cause
amounts I-Cause
of I-Cause
investment I-Cause
that I-Cause
have I-Cause
obscured I-Cause
its I-Cause
margin I-Cause
potential I-Cause
. O

A B-Cause
substantial I-Cause
loss I-Cause
of I-Cause
market I-Cause
share I-Cause
in I-Cause
any I-Cause
major I-Cause
segment I-Cause
, I-Cause
coupled I-Cause
with I-Cause
a I-Cause
contraction I-Cause
in I-Cause
net I-Cause
interest I-Cause
margins I-Cause
, O
would O
diminish B-Effect
net I-Effect
interest I-Effect
income I-Effect
. O

In O
February O
, O
Icon B-Cause
announced I-Cause
that I-Cause
it I-Cause
plans I-Cause
to I-Cause
acquire I-Cause
competitor I-Cause
PRA I-Cause
Health I-Cause
for I-Cause
$ I-Cause
12 I-Cause
billion I-Cause
in I-Cause
a I-Cause
deal I-Cause
expected I-Cause
to I-Cause
close I-Cause
in I-Cause
the I-Cause
third I-Cause
quarter. O
This O
will O
combine O
the B-Effect
fifth- I-Effect
and I-Effect
sixth-largest I-Effect
CROs I-Effect
by I-Effect
2020 I-Effect
revenue I-Effect
and I-Effect
enhance I-Effect
Icon I-Effect
's I-Effect
global I-Effect
footprint I-Effect
, I-Effect
creating I-Effect
a I-Effect
more I-Effect
diversified I-Effect
therapeutic I-Effect
portfolio I-Effect
and I-Effect
broader I-Effect
service I-Effect
offerings I-Effect
. O

If B-Cause
a I-Cause
customer I-Cause
were I-Cause
to I-Cause
switch I-Cause
suppliers I-Cause
, O
it B-Effect
would I-Effect
risk I-Effect
losing I-Effect
the I-Effect
highly I-Effect
specified I-Effect
characteristics I-Effect
provided I-Effect
by I-Effect
Sensient I-Effect
's I-Effect
products I-Effect
, I-Effect
potentially I-Effect
impairing I-Effect
its I-Effect
own I-Effect
brand I-Effect
equity I-Effect
. O

Because O
of O
its B-Cause
wide I-Cause
geographical I-Cause
footprint I-Cause
, O
Citigroup B-Effect
should I-Effect
remain I-Effect
a I-Effect
bank I-Effect
of I-Effect
choice I-Effect
for I-Effect
global I-Effect
corporations I-Effect
, O
thanks O
to O
its B-Cause
ability I-Cause
to I-Cause
provide I-Cause
a I-Cause
variety I-Cause
of I-Cause
services I-Cause
across I-Cause
borders I-Cause
. O

The B-Effect
retail I-Effect
environment I-Effect
is O
intensely O
competitive O
and O
is O
being O
disrupted O
by O
Amazon B-Cause
's I-Cause
expanding I-Cause
scope I-Cause
and I-Cause
distribution I-Cause
strength I-Cause
, O
but O
we O
expect O
Walmart O
to O
hold O
serve O
. O

Our B-Effect
expectations I-Effect
would I-Effect
continue I-Effect
a I-Effect
historical I-Effect
trend I-Effect
as O
Workday B-Cause
has I-Cause
already I-Cause
gone I-Cause
from I-Cause
services I-Cause
constituting I-Cause
34 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2012 I-Cause
to I-Cause
now I-Cause
12 I-Cause
% I-Cause
in I-Cause
2021 I-Cause
. O

However O
, O
we O
do O
think O
there B-Effect
is I-Effect
a I-Effect
valid I-Effect
strategic I-Effect
rationale I-Effect
for I-Effect
these I-Effect
deals I-Effect
, I-Effect
and I-Effect
the I-Effect
introduction I-Effect
of I-Effect
First I-Effect
Data I-Effect
's I-Effect
acquiring I-Effect
business I-Effect
should I-Effect
boost I-Effect
overall I-Effect
long-term I-Effect
growth I-Effect
, O
given O
the B-Cause
secular I-Cause
long-term I-Cause
tailwind I-Cause
the I-Cause
business I-Cause
enjoys I-Cause
. O

A B-Cause
diversified I-Cause
portfolio I-Cause
across I-Cause
snacks I-Cause
and I-Cause
beverages I-Cause
is O
the B-Effect
source I-Effect
of I-Effect
many I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
competitive I-Effect
advantages I-Effect
, O
in O
our O
view O
. O

We B-Effect
also I-Effect
increased I-Effect
our I-Effect
forecasts I-Effect
for I-Effect
fiscal I-Effect
2021-22 I-Effect
in O
light O
of O
outstanding B-Cause
first-quarter I-Cause
gross I-Cause
margin I-Cause
of I-Cause
17.3 I-Cause
% I-Cause
( O
up O
390 O
basis O
points O
) O
and O
management B-Effect
likely I-Effect
being I-Effect
correct I-Effect
in I-Effect
saying I-Effect
it I-Effect
will I-Effect
take I-Effect
all I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
and I-Effect
fiscal I-Effect
2022 I-Effect
to I-Effect
rebuild I-Effect
inventory I-Effect
due O
to O
strong B-Cause
consumer I-Cause
demand I-Cause
. O

Corning O
invented O
this O
industry O
, O
and O
after O
five O
decades O
of O
innovation O
, O
we O
think O
Corning B-Cause
possesses I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
ceramic I-Cause
substrate I-Cause
and I-Cause
filter I-Cause
production I-Cause
that O
have O
resulted O
in O
its B-Effect
leading I-Effect
share I-Effect
. O

From O
our O
perspective O
, O
dental B-Effect
distribution I-Effect
will O
continue O
to O
be O
pressured O
by O
online-based B-Cause
wholesale I-Cause
players I-Cause
that O
can O
source O
consumables O
from O
the O
cheapest O
suppliers O
nationwide O
. O

On O
the O
fertilizer O
side O
, O
we O
think O
prices B-Effect
will I-Effect
decline I-Effect
as O
SOP B-Cause
prices I-Cause
eventually I-Cause
reflect I-Cause
marginal I-Cause
costs I-Cause
of I-Cause
production I-Cause
, I-Cause
which I-Cause
have I-Cause
declined I-Cause
recently I-Cause
with I-Cause
the I-Cause
drop I-Cause
in I-Cause
MOP I-Cause
prices I-Cause
. O

As O
conditions B-Cause
normalize I-Cause
, O
we B-Effect
anticipate I-Effect
Valvoline I-Effect
benefits I-Effect
from I-Effect
premiumization I-Effect
and I-Effect
its I-Effect
strong I-Effect
brand I-Effect
, O
though O
slowly O
falling O
volumes O
and O
conventional O
oil O
competition O
should O
limit O
margins O
. O

Bausch B-Cause
's I-Cause
recent I-Cause
purchase I-Cause
of I-Cause
bankrupt I-Cause
Synergy I-Cause
in O
late-2018 O
gave O
the O
company O
control B-Effect
Trulance I-Effect
, O
a O
drug O
used O
to O
treat O
irritable O
bowel O
syndrome O
with O
constipation O
( O
IBS-C O
) O
. O

The B-Effect
coronavirus I-Effect
pandemic I-Effect
has I-Effect
only I-Effect
heightened I-Effect
this I-Effect
impact I-Effect
, O
as O
many B-Cause
nonessential I-Cause
stores I-Cause
have I-Cause
temporarily I-Cause
closed I-Cause
and I-Cause
seen I-Cause
a I-Cause
lower I-Cause
volume I-Cause
of I-Cause
sales I-Cause
when I-Cause
they I-Cause
reopened I-Cause
. O

We O
recognize O
that O
there O
are O
serious O
uncertainties O
in O
this O
aviation O
demand O
forecast O
and O
that O
there B-Cause
is I-Cause
the I-Cause
potential I-Cause
for I-Cause
declining I-Cause
business I-Cause
travel I-Cause
prospects I-Cause
to O
limit O
a B-Effect
rebound I-Effect
in I-Effect
aviation I-Effect
. O

Combined O
with O
the B-Cause
ability I-Cause
to I-Cause
source I-Cause
inputs I-Cause
at I-Cause
a I-Cause
competitive I-Cause
price I-Cause
and I-Cause
store/delivery I-Cause
route I-Cause
density I-Cause
, O
we O
believe O
Domino B-Effect
's I-Effect
has I-Effect
developed I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
. O

Unexpected B-Cause
price I-Cause
changes I-Cause
, O
such O
as O
the O
large O
swing O
of O
the O
price O
of O
dairy O
through O
2020 O
, O
make O
it O
more O
difficult O
for O
producers O
to O
plan O
, O
and O
this O
uncertainty O
affects O
demand B-Effect
for I-Effect
Neogen I-Effect
's I-Effect
services I-Effect
. O

To O
improve B-Cause
small I-Cause
and I-Cause
medium-size I-Cause
enterprise I-Cause
ad I-Cause
revenue I-Cause
, O
Weibo B-Effect
is I-Effect
expanding I-Effect
into I-Effect
untapped I-Effect
and I-Effect
faster-growing I-Effect
verticals I-Effect
such O
as O
Taobao O
merchants O
, O
online O
education O
, O
and O
online O
gaming O
by O
restructuring O
its O
sales O
team O
since O
2019 O
. O

As O
such O
, O
we O
think O
the B-Cause
firm I-Cause
could I-Cause
continue I-Cause
pursuing I-Cause
select I-Cause
acquisitions I-Cause
as O
a O
means O
to O
gain O
a B-Effect
greater I-Effect
understanding I-Effect
of I-Effect
local I-Effect
consumers I-Effect
and I-Effect
routes I-Effect
to I-Effect
market I-Effect
. O

Notably O
, O
Telefonica B-Cause
recently I-Cause
decided I-Cause
to I-Cause
exit I-Cause
several I-Cause
small I-Cause
Latin I-Cause
American I-Cause
markets I-Cause
to I-Cause
increase I-Cause
focus I-Cause
and I-Cause
reduce I-Cause
leverage I-Cause
, O
selling B-Effect
its I-Effect
wireless I-Effect
operations I-Effect
to I-Effect
Millicom I-Effect
( I-Effect
Panama I-Effect
, I-Effect
Costa I-Effect
Rica I-Effect
, I-Effect
Nicaragua I-Effect
) I-Effect
and I-Effect
America I-Effect
Movil I-Effect
( I-Effect
El I-Effect
Salvador I-Effect
and I-Effect
Guatemala I-Effect
) I-Effect
. O

We O
project O
VMware B-Effect
growing I-Effect
around I-Effect
the I-Effect
high-single-digit I-Effect
or I-Effect
low-double-digit I-Effect
range I-Effect
due O
to O
strong B-Cause
demand I-Cause
for I-Cause
VMware I-Cause
's I-Cause
hybrid I-Cause
cloud I-Cause
ecosystems I-Cause
and I-Cause
networking I-Cause
solutions I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
cross-selling I-Cause
opportunities I-Cause
. O

Given O
that O
Compass B-Cause
already I-Cause
has I-Cause
existing I-Cause
brine I-Cause
ponds I-Cause
and I-Cause
supporting I-Cause
infrastructure I-Cause
, O
we O
think O
the B-Effect
project I-Effect
will I-Effect
carry I-Effect
a I-Effect
relatively I-Effect
low I-Effect
capital I-Effect
intensity I-Effect
compared I-Effect
with I-Effect
a I-Effect
greenfield I-Effect
lithium I-Effect
project I-Effect
. O

We B-Effect
forecast I-Effect
total I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
of I-Effect
nearly I-Effect
800 I-Effect
basis I-Effect
points I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
, O
driven O
by O
gross B-Cause
margin I-Cause
expansion I-Cause
in I-Cause
genomics I-Cause
and I-Cause
the I-Cause
normalization I-Cause
of I-Cause
selling I-Cause
and I-Cause
marketing I-Cause
costs I-Cause
. I-Cause

As O
gross O
margins O
stabilize O
beyond O
2021 O
, O
we O
expect O
net B-Effect
earnings I-Effect
margins I-Effect
to I-Effect
contract I-Effect
as O
the B-Cause
company I-Cause
faces I-Cause
higher I-Cause
operating I-Cause
and I-Cause
capital I-Cause
costs I-Cause
for O
research O
and O
development O
and O
production O
expansion O
to O
keep O
up O
with O
competition O
. O

We O
believe O
stringent B-Cause
emissions I-Cause
standards I-Cause
will O
lead O
to O
increased B-Effect
adoption I-Effect
of I-Effect
components I-Effect
that I-Effect
enable I-Effect
lower I-Effect
vehicle I-Effect
emissions I-Effect
, O
such O
as O
the O
aftertreatment O
systems O
, O
filtration O
products O
, O
and O
fuel O
systems O
that O
Cummins O
' O
provides O
. O

Management O
estimates O
that O
it O
can O
add O
2 O
million O
households O
to O
the O
Keurig O
ecosystem O
, O
but O
we O
believe O
the B-Effect
lifetime I-Effect
value I-Effect
of I-Effect
these I-Effect
households I-Effect
could I-Effect
deteriorate I-Effect
in I-Effect
the I-Effect
longer I-Effect
term I-Effect
as O
competition B-Cause
intensifies I-Cause
. O

However O
, O
we B-Effect
do I-Effect
n't I-Effect
foresee I-Effect
consolidation I-Effect
with I-Effect
large I-Effect
biopharma I-Effect
to I-Effect
have I-Effect
a I-Effect
significant I-Effect
impact I-Effect
in I-Effect
the I-Effect
long-term I-Effect
due O
to O
a B-Cause
diverse I-Cause
client I-Cause
base I-Cause
that I-Cause
includes I-Cause
small I-Cause
, I-Cause
midsize I-Cause
, I-Cause
and I-Cause
large I-Cause
biotech I-Cause
clients I-Cause
. O

We O
anticipate O
a B-Cause
return I-Cause
to I-Cause
normalcy I-Cause
in I-Cause
fiscal I-Cause
2022 I-Cause
, O
at O
which O
point B-Effect
an I-Effect
unsettled I-Effect
retail I-Effect
environment I-Effect
with I-Effect
intense I-Effect
competition I-Effect
from I-Effect
physical I-Effect
and I-Effect
digital I-Effect
sellers I-Effect
in I-Effect
a I-Effect
sector I-Effect
with I-Effect
negligible I-Effect
switching I-Effect
costs I-Effect
will I-Effect
pose I-Effect
the I-Effect
primary I-Effect
risk I-Effect
to I-Effect
our I-Effect
outlook I-Effect
. O

We O
still O
expect O
strong B-Cause
labor I-Cause
savings I-Cause
and I-Cause
a I-Cause
recovery I-Cause
in O
travel O
demand O
to O
help O
drive B-Effect
2025 I-Effect
total I-Effect
operating I-Effect
margins I-Effect
over I-Effect
9 I-Effect
% I-Effect
from I-Effect
about I-Effect
4 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

RH O
remains O
tied O
to O
housing O
and O
equity O
market O
conditions O
and O
weakness B-Cause
in I-Cause
spending I-Cause
could O
lead O
to O
wide B-Effect
swings I-Effect
in I-Effect
profits I-Effect
( O
however O
, O
low O
interest O
rates O
could O
support O
spending O
over O
the O
near O
term O
) O
. O

Corning O
has O
high B-Cause
operating I-Cause
leverage I-Cause
, O
with O
over O
half O
its B-Effect
costs I-Effect
across I-Effect
the I-Effect
business I-Effect
being I-Effect
fixed I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
. O

BASF B-Effect
faces I-Effect
somewhat I-Effect
higher I-Effect
risks I-Effect
than I-Effect
other I-Effect
chemical I-Effect
firms I-Effect
because O
of O
its B-Cause
agricultural I-Cause
chemicals I-Cause
business I-Cause
, I-Cause
where I-Cause
products I-Cause
can I-Cause
be I-Cause
linked I-Cause
to I-Cause
environmental I-Cause
concerns I-Cause
. O

We O
forecast O
Kors B-Effect
' I-Effect
annual I-Effect
sales I-Effect
in I-Effect
EMEA I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
will I-Effect
remain I-Effect
below I-Effect
prepandemic I-Effect
levels I-Effect
as O
the B-Cause
European I-Cause
handbag I-Cause
market I-Cause
is I-Cause
saturated I-Cause
with I-Cause
native I-Cause
European I-Cause
brands I-Cause
. O

Given O
the B-Cause
unique I-Cause
dynamics I-Cause
of I-Cause
the I-Cause
franchise I-Cause
model I-Cause
, O
the B-Effect
firm I-Effect
maintains I-Effect
heightened I-Effect
sensitivity I-Effect
to I-Effect
the I-Effect
results I-Effect
of I-Effect
its I-Effect
company-owned I-Effect
U.S I-Effect
. I-Effect

Beyond O
those O
intangible O
assets O
in O
the O
services O
business O
, O
we O
think O
scale-related B-Cause
factors I-Cause
lead O
to O
cost B-Cause
advantages I-Cause
and I-Cause
negotiating I-Cause
power I-Cause
versus I-Cause
key I-Cause
payers I-Cause
that I-Effect
help I-Effect
Fresenius B-Effect
generate I-Effect
economic I-Effect
profits I-Effect
. O

Juniper O
has O
been O
building B-Cause
out I-Cause
its I-Cause
capabilities I-Cause
within I-Cause
intent-based I-Cause
networking I-Cause
, I-Cause
software I-Cause
, I-Cause
and I-Cause
wireless I-Cause
to O
stay B-Effect
ahead I-Effect
of I-Effect
changing I-Effect
networking I-Effect
dynamics I-Effect
. O

We O
think O
, O
though O
, O
that O
a B-Effect
greater I-Effect
emphasis I-Effect
on I-Effect
its I-Effect
direct-to-consumer I-Effect
business I-Effect
is I-Effect
important I-Effect
for I-Effect
the I-Effect
competitive I-Effect
position I-Effect
of I-Effect
its I-Effect
brand I-Effect
as O
department B-Cause
stores I-Cause
and I-Cause
other I-Cause
retailers I-Cause
have I-Cause
become I-Cause
too I-Cause
reliant I-Cause
on I-Cause
discounting I-Cause
. O

For O
example O
, O
predicting B-Cause
if I-Cause
and I-Cause
when I-Cause
the I-Cause
delayed I-Cause
healthcare I-Cause
services I-Cause
come I-Cause
back I-Cause
into I-Cause
the I-Cause
system I-Cause
could I-Cause
be I-Cause
fraught I-Cause
with I-Cause
error I-Cause
that O
leads O
to O
mispricing B-Effect
of I-Effect
insurance I-Effect
policies I-Effect
for I-Effect
2021 I-Effect
. O

Full B-Effect
game I-Effect
downloads I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
total I-Effect
units I-Effect
have I-Effect
increased I-Effect
from I-Effect
20 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2015 I-Effect
to I-Effect
49 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
as O
console B-Cause
gamers I-Cause
are I-Cause
beginning I-Cause
to I-Cause
mimic I-Cause
their I-Cause
PC I-Cause
counterparts I-Cause
who I-Cause
largely I-Cause
buy I-Cause
games I-Cause
digitally I-Cause
. O

The B-Cause
company I-Cause
( I-Cause
along I-Cause
with I-Cause
Baker I-Cause
Hughes I-Cause
) I-Cause
has I-Cause
invested I-Cause
large I-Cause
amounts I-Cause
of I-Cause
R I-Cause
& I-Cause
amp I-Cause
; I-Cause
D I-Cause
expenditures I-Cause
to I-Cause
keep I-Cause
up I-Cause
with I-Cause
Schlumberger I-Cause
, I-Cause
and I-Cause
the I-Cause
need I-Cause
to I-Cause
spend I-Cause
billions I-Cause
of I-Cause
dollars I-Cause
to O
reinvent B-Effect
the I-Effect
wheel I-Effect
testifies I-Effect
to I-Effect
the I-Effect
strength I-Effect
of I-Effect
the I-Effect
intellectual I-Effect
property I-Effect
and I-Effect
know-how I-Effect
possessed I-Effect
by I-Effect
all I-Effect
participants I-Effect
in I-Effect
these I-Effect
business I-Effect
lines I-Effect
. O

Enterprises B-Cause
are I-Cause
dependent I-Cause
on I-Cause
networks I-Cause
and O
are O
therefore O
drawn B-Effect
to I-Effect
data I-Effect
centers I-Effect
where I-Effect
many I-Effect
networks I-Effect
are I-Effect
connected I-Effect
, O
and O
network B-Cause
providers I-Cause
are I-Cause
most I-Cause
attracted I-Cause
to I-Cause
data I-Cause
centers I-Cause
that I-Cause
have I-Cause
many I-Cause
enterprises I-Cause
, O
which O
provide O
a B-Effect
large I-Effect
potential I-Effect
customer I-Effect
base I-Effect
. O

Essentially O
, O
as O
Domino O
's O
fully O
penetrates O
a O
market O
the O
marginal O
cost O
to O
serve B-Cause
a I-Cause
new I-Cause
delivery I-Cause
customer I-Cause
is I-Cause
far I-Cause
lower I-Cause
than I-Cause
a I-Cause
potential I-Cause
new I-Cause
entrant I-Cause
leading B-Effect
to I-Effect
a I-Effect
sustainable I-Effect
cost I-Effect
advantage I-Effect
. O

We O
envision O
the B-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
expanding I-Effect
to I-Effect
27 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
, I-Effect
up I-Effect
from I-Effect
23 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
, O
as O
the B-Cause
growth I-Cause
in I-Cause
high-margin I-Cause
digital I-Cause
sales I-Cause
and I-Cause
microtransactions I-Cause
will I-Cause
more I-Cause
than I-Cause
offset I-Cause
by I-Cause
ongoing I-Cause
research I-Cause
and I-Cause
development I-Cause
investments I-Cause
and I-Cause
lower I-Cause
physical I-Cause
sales I-Cause
. I-Cause

The B-Effect
toy I-Effect
industry I-Effect
was I-Effect
historically I-Effect
more I-Effect
capital-intensive I-Effect
than I-Effect
traditional I-Effect
retailing I-Effect
, O
given O
manufacturing B-Cause
demands I-Cause
, O
but O
Hasbro O
has O
embarked O
on O
an O
asset O
light O
strategy O
over O
the O
past O
decade O
( O
as O
of O
2015 O
, O
Hasbro O
no O
longer O
manufactured O
its O
own O
product O
, O
divesting O
its O
last O
facilities O
to O
Cartamundi O
) O
. O

We O
believe O
the B-Effect
barriers I-Effect
to I-Effect
entering I-Effect
the I-Effect
credit I-Effect
bureau I-Effect
business I-Effect
are I-Effect
high I-Effect
, O
as O
replicating B-Cause
a I-Cause
database I-Cause
of I-Cause
millions I-Cause
of I-Cause
customers I-Cause
would I-Cause
be I-Cause
incredibly I-Cause
difficult I-Cause
. O

With O
more O
than O
two O
thirds O
of O
annual O
revenue O
derived O
from O
management O
fees O
earned O
on O
its O
AUM O
, O
dramatic B-Cause
market I-Cause
movements I-Cause
and/or I-Cause
changes I-Cause
in I-Cause
fund I-Cause
flows I-Cause
can O
have B-Effect
a I-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
Franklin I-Effect
's I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
. O

Despite B-Effect
its I-Effect
size I-Effect
, I-Effect
Capital I-Effect
One I-Effect
has I-Effect
fewer I-Effect
than I-Effect
500 I-Effect
branches I-Effect
, I-Effect
which I-Effect
is I-Effect
down I-Effect
from I-Effect
its I-Effect
peak I-Effect
of I-Effect
over I-Effect
700 I-Effect
as I-Effect
the I-Effect
firm I-Effect
has I-Effect
been I-Effect
shrinking I-Effect
its I-Effect
already I-Effect
small I-Effect
footprint I-Effect
while I-Effect
expanding I-Effect
its I-Effect
deposit I-Effect
base I-Effect
and I-Effect
assets. O
This O
is O
achieved O
through O
Capital B-Cause
One I-Cause
's I-Cause
heavy I-Cause
use I-Cause
of I-Cause
online I-Cause
deposits I-Cause
, I-Cause
which I-Cause
was I-Cause
jump-started I-Cause
in I-Cause
2012 I-Cause
through I-Cause
its I-Cause
acquisition I-Cause
of I-Cause
ING I-Cause
Direct I-Cause
, I-Cause
now I-Cause
rebranded I-Cause
as I-Cause
Capital I-Cause
One I-Cause
360 I-Cause
. O

For O
one O
, O
consumers B-Cause
make I-Cause
frequent I-Cause
purchases I-Cause
and I-Cause
typically I-Cause
face I-Cause
no I-Cause
switching I-Cause
costs I-Cause
; O
firms B-Effect
must I-Effect
continually I-Effect
invest I-Effect
behind I-Effect
their I-Effect
brands I-Effect
to I-Effect
drive I-Effect
sales I-Effect
. O

We O
expect O
EBITDA B-Effect
margins I-Effect
for I-Effect
the I-Effect
acetyl I-Effect
chain I-Effect
business I-Effect
, I-Effect
which I-Effect
primarily I-Effect
sells I-Effect
acetic I-Effect
acid I-Effect
, I-Effect
to I-Effect
remain I-Effect
in I-Effect
the I-Effect
mid-20s I-Effect
as O
postpandemic B-Cause
volumes I-Cause
recover I-Cause
. O

Over O
time O
, O
as O
enterprises B-Cause
increasingly I-Cause
became I-Cause
reliant I-Cause
on I-Cause
the I-Cause
Internet I-Cause
for I-Cause
communication I-Cause
and I-Cause
applications I-Cause
, O
malicious B-Effect
actors I-Effect
increased I-Effect
their I-Effect
threat I-Effect
complexity I-Effect
and I-Effect
attack I-Effect
vectors I-Effect
beyond O
the O
on-premises O
data O
center O
. O

Factoring O
in O
ongoing B-Cause
employee I-Cause
retention I-Cause
investments I-Cause
, I-Cause
customer I-Cause
experience I-Cause
improvements I-Cause
, I-Cause
and I-Cause
food I-Cause
safety I-Cause
initiatives I-Cause
, O
we O
expect O
restaurant B-Effect
margins I-Effect
and I-Effect
operating I-Effect
margins I-Effect
will I-Effect
recover I-Effect
to I-Effect
around I-Effect
26 I-Effect
% I-Effect
and I-Effect
almost I-Effect
16 I-Effect
% I-Effect
, O
respectively O
, O
over O
the O
next O
five O
years O
. O

The B-Effect
company I-Effect
's I-Effect
cost I-Effect
advantage I-Effect
stems O
from O
its B-Cause
unique I-Cause
Verbund I-Cause
production I-Cause
process I-Cause
, O
which O
saves B-Effect
the I-Effect
company I-Effect
approximately I-Effect
EUR I-Effect
1 I-Effect
billion I-Effect
per I-Effect
year I-Effect
. O

In O
all O
these O
cases O
, O
the B-Cause
customer I-Cause
would I-Cause
also I-Cause
incur I-Cause
large I-Cause
time I-Cause
investment I-Cause
and I-Cause
financial I-Cause
costs I-Cause
to O
recall B-Effect
, I-Effect
repair I-Effect
, I-Effect
and/or I-Effect
replace I-Effect
products I-Effect
. O

As O
automation B-Cause
solutions I-Cause
are I-Cause
tightly I-Cause
integrated I-Cause
into I-Cause
the I-Cause
customer I-Cause
's I-Cause
manufacturing I-Cause
process I-Cause
and I-Cause
perform I-Cause
a I-Cause
mission-critical I-Cause
function I-Cause
, O
we O
believe O
customers B-Effect
are I-Effect
reluctant I-Effect
to I-Effect
switch I-Effect
vendors I-Effect
given O
the B-Cause
potential I-Cause
cost I-Cause
of I-Cause
unscheduled I-Cause
downtime I-Cause
or I-Cause
possible I-Cause
modifications I-Cause
to I-Cause
the I-Cause
production I-Cause
line I-Cause
. O

We O
think O
AMN B-Cause
's I-Cause
increasing I-Cause
focus I-Cause
on I-Cause
its I-Cause
technological I-Cause
offerings I-Cause
and I-Cause
its I-Cause
strategy I-Cause
of I-Cause
deepening I-Cause
relationships I-Cause
with I-Cause
and I-Cause
cross-selling I-Cause
to I-Cause
key I-Cause
clients I-Cause
will O
reflect B-Effect
positively I-Effect
on I-Effect
its I-Effect
gross I-Effect
margin I-Effect
. O

Of B-Effect
other I-Effect
revenue I-Effect
, I-Effect
49 I-Effect
% I-Effect
was I-Effect
iQiyi I-Effect
's I-Effect
membership I-Effect
revenue I-Effect
in I-Effect
2019 I-Effect
, O
which O
will O
see O
growth B-Cause
from I-Cause
increasing I-Cause
subscriber I-Cause
number I-Cause
and I-Cause
high-quality I-Cause
original I-Cause
and I-Cause
licensed I-Cause
content I-Cause
at I-Cause
iQiyi I-Cause
. I-Cause

Research O
makes O
up O
about O
41 O
% O
of O
the O
firm O
's O
annual O
subscription O
value O
, O
or O
ASV O
, O
but O
is O
FactSet B-Effect
's I-Effect
slowest I-Effect
growing I-Effect
segment I-Effect
due O
to O
its B-Cause
maturity I-Cause
and I-Cause
pressures I-Cause
on I-Cause
asset I-Cause
managers I-Cause
. O

Further O
, O
the B-Effect
company I-Effect
faces I-Effect
some I-Effect
uncertainty I-Effect
related I-Effect
to I-Effect
the I-Effect
impact I-Effect
of I-Effect
COVID-19 I-Effect
on I-Effect
clinical I-Effect
trials I-Effect
, O
as O
mitigation B-Cause
measures I-Cause
such I-Cause
as I-Cause
social I-Cause
distancing I-Cause
may I-Cause
inhibit I-Cause
trial I-Cause
work I-Cause
. O

While O
the O
HDD O
market O
is O
characterized O
by O
high O
barriers O
to O
entry O
and O
massive O
capital O
investment O
, O
it O
also O
features O
a B-Cause
rapid I-Cause
commoditization I-Cause
curve I-Cause
and I-Cause
mostly I-Cause
fungible I-Cause
products I-Cause
that O
we O
think O
erode O
firms B-Effect
' I-Effect
ability I-Effect
to I-Effect
sustainably I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

Additionally O
, O
we B-Cause
believe I-Cause
that I-Cause
contact I-Cause
center I-Cause
solutions I-Cause
represent I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
a I-Cause
customer I-Cause
's I-Cause
operating I-Cause
expenses I-Cause
, I-Cause
making O
pricing O
unlikely B-Effect
to I-Effect
cause I-Effect
customer I-Effect
switching I-Effect
, I-Effect
especially I-Effect
considering I-Effect
the I-Effect
risks I-Effect
. I-Effect

As B-Cause
they I-Cause
look I-Cause
to I-Cause
downsize I-Cause
or I-Cause
sell I-Cause
their I-Cause
homes I-Cause
to I-Cause
move I-Cause
into I-Cause
retirement I-Cause
communities I-Cause
, I-Cause
they I-Cause
could I-Cause
create I-Cause
a I-Cause
supply I-Cause
glut I-Cause
of I-Cause
housing I-Cause
that B-Effect
is I-Effect
a I-Effect
step I-Effect
above I-Effect
Invitation I-Effect
Homes I-Effect
' I-Effect
portfolio I-Effect
. O

As O
always O
, O
macro B-Cause
trends I-Cause
in I-Cause
employment I-Cause
and I-Cause
demographics I-Cause
can I-Cause
change I-Cause
dramatically I-Cause
and O
have O
a B-Effect
material I-Effect
impact I-Effect
on I-Effect
demand I-Effect
for I-Effect
office I-Effect
space I-Effect
. O

Ingredion B-Effect
's I-Effect
consistent I-Effect
free I-Effect
cash I-Effect
flow I-Effect
generation I-Effect
should O
allow O
the B-Cause
company I-Cause
to I-Cause
sustain I-Cause
its I-Cause
strong I-Cause
financial I-Cause
condition I-Cause
and I-Cause
capitalize I-Cause
on I-Cause
value-accretive I-Cause
, I-Cause
tuck-in I-Cause
merger I-Cause
and I-Cause
acquisition I-Cause
opportunities I-Cause
when O
they O
arise O
. O

For O
instance O
, O
if O
a B-Cause
business I-Cause
decides I-Cause
to I-Cause
migrate I-Cause
away I-Cause
from I-Cause
Splunk I-Cause
Enterprise I-Cause
Security I-Cause
( I-Cause
a I-Cause
security I-Cause
solution I-Cause
) I-Cause
to I-Cause
a I-Cause
different I-Cause
vendor I-Cause
, O
there B-Effect
could I-Effect
be I-Effect
a I-Effect
disruption I-Effect
in I-Effect
security I-Effect
data I-Effect
monitoring I-Effect
, I-Effect
threat I-Effect
incident I-Effect
response I-Effect
, I-Effect
and I-Effect
efficient I-Effect
event I-Effect
management I-Effect
. O

Whereas O
we O
believe O
cloud O
providers O
could O
eventually O
seamlessly O
relocate O
most O
of O
their O
data O
centers O
or O
build O
their O
own O
new O
ones O
, O
we B-Cause
do I-Cause
n't I-Cause
think I-Cause
they I-Cause
could I-Cause
readily I-Cause
replicate I-Cause
CoreSite I-Cause
's I-Cause
highly I-Cause
connected I-Cause
properties I-Cause
and O
will O
therefore O
always O
require B-Effect
a I-Effect
presence I-Effect
there I-Effect
for I-Effect
their I-Effect
network I-Effect
nodes I-Effect
. O

The B-Effect
toy I-Effect
industry I-Effect
was I-Effect
historically I-Effect
more I-Effect
capital-intensive I-Effect
than I-Effect
traditional I-Effect
retailing I-Effect
, O
given O
manufacturing B-Cause
demands I-Cause
, O
but O
Hasbro B-Cause
embarked I-Cause
on I-Cause
an I-Cause
asset I-Cause
light I-Cause
strategy I-Cause
during I-Cause
the I-Cause
last I-Cause
decade I-Cause
( O
as O
of O
2015 O
, O
Hasbro O
no O
longer O
manufactured O
its O
own O
product O
, O
divesting O
its O
last O
facilities O
to O
Cartamundi O
) O
, O
which O
improved B-Effect
working I-Effect
capital I-Effect
demands I-Effect
. O

We O
expect O
Matco B-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
ward I-Effect
off I-Effect
competition I-Effect
thanks O
to O
its B-Cause
exclusive I-Cause
van I-Cause
route I-Cause
network I-Cause
, I-Cause
frequent I-Cause
interactions I-Cause
with I-Cause
mechanics I-Cause
that I-Cause
drive I-Cause
customer I-Cause
loyalty I-Cause
, I-Cause
and I-Cause
growth I-Cause
in I-Cause
diagnostic I-Cause
solutions I-Cause
that I-Cause
become I-Cause
embedded I-Cause
in I-Cause
a I-Cause
repair I-Cause
shop I-Cause
's I-Cause
operations I-Cause
. O

We O
expect O
PSEG O
Power O
's O
EBITDA O
to O
plateau O
near O
$ O
1.0 O
billion O
in O
2020-22 O
after O
incorporating B-Effect
1.9 I-Effect
gigawatts I-Effect
of I-Effect
new I-Effect
gas I-Effect
generation I-Effect
capacity I-Effect
in I-Effect
2018-19 I-Effect
and I-Effect
$ I-Effect
200 I-Effect
million I-Effect
of I-Effect
pretax I-Effect
earnings O
from O
the B-Cause
nuclear I-Cause
zero I-Cause
emissions I-Cause
credits I-Cause
. O

First O
, O
incremental B-Effect
share I-Effect
grab I-Effect
can O
come O
by O
category B-Cause
extensions I-Cause
; O
PBkids O
and O
PBteen O
are O
two O
of O
the O
most O
populated O
youth O
stores O
on O
a O
national O
level O
with O
any O
scale O
, O
and O
the O
business O
has O
also O
expanded O
into O
the O
modern O
space O
. O

We O
view O
Rockwell B-Effect
as I-Effect
the I-Effect
highest I-Effect
quality I-Effect
automation I-Effect
player I-Effect
on I-Effect
the I-Effect
west I-Effect
side I-Effect
of I-Effect
the I-Effect
Atlantic I-Effect
based O
on O
quality B-Cause
and I-Cause
breadth I-Cause
of I-Cause
offerings I-Cause
, I-Cause
and I-Cause
shrewd I-Cause
strategic I-Cause
partnerships I-Cause
. O

Hess O
also O
holds O
a O
30 O
% O
stake O
in O
the O
Exxon-operated O
Stabroek O
block O
in O
Guyana O
, O
which O
will O
be O
the O
firm O
's O
2 O
Jun O
2021 O
05:00 O
, O
UTCcore O
growth O
engine O
going O
forward O
and O
is O
a B-Effect
game-changer I-Effect
for I-Effect
the I-Effect
company I-Effect
, O
due O
to O
its B-Cause
large I-Cause
scale I-Cause
and I-Cause
exceptional I-Cause
economics I-Cause
. O

An B-Effect
online I-Effect
presence I-Effect
is I-Effect
extremely I-Effect
important I-Effect
for I-Effect
most I-Effect
retailers I-Effect
in O
order O
to O
capture B-Cause
a I-Cause
share I-Cause
of I-Cause
the I-Cause
growing I-Cause
preference I-Cause
for I-Cause
e-commerce I-Cause
. O

Meanwhile O
, O
we O
expect O
sluggish B-Effect
rental I-Effect
growth I-Effect
in I-Effect
Washington I-Effect
, I-Effect
D.C. I-Effect
, O
as O
the B-Cause
region I-Cause
's I-Cause
struggles I-Cause
continue I-Cause
, I-Cause
with I-Cause
New I-Cause
York I-Cause
City I-Cause
suffering I-Cause
a I-Cause
short-term I-Cause
blip I-Cause
associated I-Cause
with I-Cause
significant I-Cause
supply I-Cause
additions I-Cause
. O

We B-Effect
expect I-Effect
operating I-Effect
margins I-Effect
to I-Effect
expand I-Effect
after I-Effect
a I-Effect
tough I-Effect
2020 I-Effect
as O
operating B-Cause
leverage I-Cause
returns I-Cause
and I-Cause
Carrier I-Cause
works I-Cause
to I-Cause
eliminate I-Cause
$ I-Cause
700 I-Cause
million I-Cause
from I-Cause
its I-Cause
cost I-Cause
structure I-Cause
. O

In O
2014 O
, O
the O
company O
launched B-Cause
its I-Cause
CRM I-Cause
and I-Cause
Sales I-Cause
hub I-Cause
( I-Cause
salesforce I-Cause
automation I-Cause
) I-Cause
, O
which O
enables O
users B-Effect
to I-Effect
automate I-Effect
personalized I-Effect
outreach I-Effect
, I-Effect
create I-Effect
email I-Effect
templates I-Effect
, I-Effect
create I-Effect
follow I-Effect
up I-Effect
alerts I-Effect
and I-Effect
material I-Effect
, I-Effect
connect I-Effect
with I-Effect
prospects I-Effect
through I-Effect
live I-Effect
chat I-Effect
, I-Effect
collect I-Effect
data I-Effect
automatically I-Effect
, I-Effect
and I-Effect
track I-Effect
the I-Effect
pipeline I-Effect
from I-Effect
start I-Effect
to I-Effect
finish I-Effect
. O

We O
expect O
global B-Cause
new I-Cause
installation I-Cause
growth I-Cause
to I-Cause
be I-Cause
modest I-Cause
going I-Cause
forward I-Cause
with I-Cause
the I-Cause
industry I-Cause
growth I-Cause
shifting I-Cause
toward I-Cause
upgrades I-Cause
or I-Cause
" I-Cause
" I-Cause
modernizations I-Cause
" I-Cause
" I-Cause
of I-Cause
existing I-Cause
elevators. O
This B-Effect
is I-Effect
a I-Effect
good I-Effect
thing I-Effect
for I-Effect
Otis I-Effect
because I-Effect
as I-Effect
a I-Effect
major I-Effect
OEM I-Effect
it I-Effect
will I-Effect
be I-Effect
in I-Effect
pole I-Effect
position I-Effect
to I-Effect
secure I-Effect
modernization I-Effect
contracts I-Effect
on I-Effect
the I-Effect
1.5 I-Effect
million I-Effect
of I-Effect
its I-Effect
elevators I-Effect
that I-Effect
it I-Effect
services I-Effect
and I-Effect
the I-Effect
other I-Effect
2 I-Effect
million I-Effect
, I-Effect
which I-Effect
are I-Effect
serviced I-Effect
by I-Effect
third I-Effect
parties I-Effect
. O

With O
structural B-Cause
changes I-Cause
like I-Cause
the I-Cause
closure I-Cause
of I-Cause
the I-Cause
Orchard I-Cause
Supply I-Cause
brand I-Cause
and I-Cause
the I-Cause
sale I-Cause
of I-Cause
the I-Cause
Mexico I-Cause
assets I-Cause
completed I-Cause
, O
increased B-Effect
capital I-Effect
expenditures I-Effect
( I-Effect
estimated I-Effect
at I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
) I-Effect
are I-Effect
likely I-Effect
to I-Effect
focus I-Effect
on I-Effect
efforts I-Effect
that I-Effect
should I-Effect
lead I-Effect
to I-Effect
better I-Effect
working I-Effect
capital I-Effect
efficiency I-Effect
ahead I-Effect
. O

One O
of O
the O
key O
long-term O
risks O
to O
Intuitive O
Surgical O
is O
that O
competitors B-Cause
introduce I-Cause
a I-Cause
compelling I-Cause
alternative I-Cause
to I-Cause
da I-Cause
Vinci I-Cause
procedures I-Cause
, O
siphoning B-Effect
off I-Effect
some I-Effect
of I-Effect
Intuitive I-Effect
's I-Effect
growth I-Effect
opportunities I-Effect
and O
potentially B-Effect
reducing I-Effect
the I-Effect
profitability I-Effect
of I-Effect
its I-Effect
business I-Effect
. O

We O
believe O
growth B-Cause
in I-Cause
the I-Cause
number I-Cause
of I-Cause
advisors I-Cause
in I-Cause
the I-Cause
RIA I-Cause
channel I-Cause
and I-Cause
greater I-Cause
adoption I-Cause
of I-Cause
financial I-Cause
planning I-Cause
bode B-Effect
well I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
subscription I-Effect
revenue I-Effect
but O
believe O
coronavirus-related B-Cause
disruption I-Cause
and I-Cause
uncertainty I-Cause
may O
slow O
sales B-Effect
growth I-Effect
. O

Most B-Cause
of I-Cause
Regency I-Cause
's I-Cause
shopping I-Cause
centers I-Cause
feature I-Cause
a I-Cause
grocery I-Cause
store I-Cause
as I-Cause
an I-Cause
anchor I-Cause
, O
so O
an B-Effect
anchor I-Effect
losing I-Effect
traffic I-Effect
will I-Effect
hurt I-Effect
the I-Effect
business I-Effect
of I-Effect
all I-Effect
stores I-Effect
in I-Effect
the I-Effect
center I-Effect
. O

The B-Effect
geopolitical I-Effect
risk I-Effect
is I-Effect
broad I-Effect
, O
any B-Cause
number I-Cause
of I-Cause
unpredictable I-Cause
events I-Cause
such I-Cause
as I-Cause
wars I-Cause
, I-Cause
pandemics I-Cause
, I-Cause
international I-Cause
tension I-Cause
, I-Cause
and I-Cause
natural I-Cause
disasters I-Cause
affect I-Cause
travel I-Cause
. O

That O
said O
, O
3M B-Effect
has I-Effect
negligibly I-Effect
grown I-Effect
intrinsic I-Effect
value I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
by O
our O
measure O
, O
which O
we O
attribute O
to O
a B-Cause
combination I-Cause
of I-Cause
self-inflicted I-Cause
wounds I-Cause
and I-Cause
pandemic-related I-Cause
headwinds I-Cause
. O

Following B-Effect
significant I-Effect
core I-Effect
sales I-Effect
declines I-Effect
across I-Effect
all I-Effect
four I-Effect
segments I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
forecast O
an O
average O
annual O
organic O
revenue O
growth O
rate O
for O
the O
firm O
of O
approximately O
5.5 O
% O
through O
2025 O
. O

In O
a O
recession O
that O
is O
coupled O
with O
significant O
stimulus O
programs O
for O
small O
businesses O
along O
with O
added O
compliance O
requirements O
for O
employers O
, O
it O
is O
likely O
Paychex O
can O
create B-Cause
new I-Cause
products I-Cause
and I-Cause
realize I-Cause
improved I-Cause
revenue I-Cause
per I-Cause
customer I-Cause
resulting O
in O
greater B-Effect
price I-Effect
increases I-Effect
. O

Another O
regulatory O
risk O
is O
that O
Albemarle B-Effect
may I-Effect
have I-Effect
its I-Effect
products I-Effect
banned I-Effect
due O
to O
the B-Cause
environmental I-Cause
impact I-Cause
, O
which O
has O
previously O
occurred O
in O
the O
bromine O
business O
. O

For O
the O
fixed O
annuities O
business O
we O
forecast O
growth O
in O
premiums O
of O
around O
500 O
basis O
points O
but O
given O
the B-Cause
lower I-Cause
level I-Cause
of I-Cause
rates I-Cause
and I-Cause
continued I-Cause
higher I-Cause
appetite I-Cause
for I-Cause
separate I-Cause
account I-Cause
business I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
that O
net B-Effect
flows I-Effect
will I-Effect
remain I-Effect
negative I-Effect
at I-Effect
around I-Effect
negative I-Effect
GBP I-Effect
1.5 I-Effect
billion I-Effect
. O

We O
expect O
flat B-Effect
revenue I-Effect
growth I-Effect
in I-Effect
2020 I-Effect
, I-Effect
followed I-Effect
by I-Effect
a I-Effect
strong I-Effect
recovery I-Effect
in I-Effect
2021 I-Effect
before I-Effect
the I-Effect
CRO I-Effect
returns I-Effect
to I-Effect
growth I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high I-Effect
single I-Effect
digits I-Effect
due O
to O
low-single-digit B-Cause
growth I-Cause
in I-Cause
biopharma I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
modest I-Cause
increases I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
. O

We O
think O
the B-Effect
firm I-Effect
has I-Effect
room I-Effect
for I-Effect
growth I-Effect
in I-Effect
the I-Effect
region I-Effect
due O
to O
its O
limited O
presence O
in O
China O
, O
the B-Cause
world I-Cause
's I-Cause
second-largest I-Cause
athletic I-Cause
apparel I-Cause
market I-Cause
. O

It O
also O
made O
poor B-Cause
capital-allocation I-Cause
decisions I-Cause
; I-Cause
combined I-Cause
with I-Cause
the I-Cause
fall I-Cause
in I-Cause
oil I-Cause
prices I-Cause
, O
this O
resulted O
in O
another B-Effect
$ I-Effect
17 I-Effect
billion I-Effect
in I-Effect
impairment I-Effect
charges I-Effect
. O

TE B-Cause
also I-Cause
drives I-Cause
this I-Cause
consolidation I-Cause
itself I-Cause
, I-Cause
completing I-Cause
several I-Cause
bolt-on I-Cause
acquisitions I-Cause
a I-Cause
year I-Cause
to O
expand B-Effect
its I-Effect
breadth I-Effect
and I-Effect
maintain I-Effect
its I-Effect
market I-Effect
share I-Effect
pole I-Effect
position I-Effect
. O

Upon O
updating O
our O
model O
estimates O
following O
fiscal O
second-quarter O
results O
( O
ended O
November O
) O
, O
we B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
to I-Effect
$ I-Effect
218 I-Effect
, I-Effect
from I-Effect
$ I-Effect
210 I-Effect
, O
due O
to O
raising B-Cause
our I-Cause
ground I-Cause
and I-Cause
express I-Cause
volume I-Cause
growth I-Cause
forecasts I-Cause
and I-Cause
boosting I-Cause
our I-Cause
fiscal I-Cause
2021 I-Cause
yield I-Cause
assumptions I-Cause
for I-Cause
ground I-Cause
. O

We O
believe O
interest B-Cause
rates I-Cause
on I-Cause
credit I-Cause
cards I-Cause
, I-Cause
which I-Cause
often I-Cause
exceed I-Cause
400 I-Cause
% I-Cause
, I-Cause
are I-Cause
likely I-Cause
to I-Cause
come I-Cause
down I-Cause
, O
providing O
further B-Effect
pressure I-Effect
on I-Effect
Brazil I-Effect
's I-Effect
banks I-Effect
. O

If O
the B-Cause
ongoing I-Cause
Trent I-Cause
1000 I-Cause
engine I-Cause
issues I-Cause
are I-Cause
not I-Cause
resolved I-Cause
on I-Cause
time I-Cause
and I-Cause
as I-Cause
planned I-Cause
, O
the B-Effect
company I-Effect
may I-Effect
experience I-Effect
further I-Effect
cost I-Effect
and I-Effect
execution I-Effect
issues I-Effect
. O

We O
project O
that O
physical B-Cause
media I-Cause
will I-Cause
also I-Cause
remain I-Cause
on I-Cause
a I-Cause
downward I-Cause
trajectory I-Cause
, I-Cause
albeit I-Cause
much I-Cause
slower I-Cause
than I-Cause
digital I-Cause
downloads I-Cause
at I-Cause
a I-Cause
7 I-Cause
% I-Cause
average I-Cause
decrease. O
As O
a O
result O
, O
we O
project O
that O
overall B-Effect
recorded I-Effect
music I-Effect
growth I-Effect
for I-Effect
Warner I-Effect
will I-Effect
average I-Effect
12.9 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
fiscal I-Effect
years I-Effect
. O

In O
particular O
, O
the B-Effect
company I-Effect
's I-Effect
capital I-Effect
markets I-Effect
and I-Effect
leasing I-Effect
businesses I-Effect
tend I-Effect
to I-Effect
magnify I-Effect
existing I-Effect
volatility I-Effect
in I-Effect
the I-Effect
overall I-Effect
market I-Effect
place I-Effect
because I-Effect
of I-Effect
their I-Effect
transactional I-Effect
nature. O
This O
is O
especially O
concerning B-Cause
amid I-Cause
an I-Cause
environment I-Cause
where I-Cause
the I-Cause
spread I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
has I-Cause
injected I-Cause
considerable I-Cause
uncertainty I-Cause
and I-Cause
is I-Cause
threatening I-Cause
to I-Cause
freeze I-Cause
investment I-Cause
volumes I-Cause
. O

We B-Effect
project I-Effect
operating I-Effect
margins I-Effect
will I-Effect
improve I-Effect
from I-Effect
the I-Effect
0.5 I-Effect
% I-Effect
reported I-Effect
in I-Effect
2020 I-Effect
to I-Effect
around I-Effect
7 I-Effect
% I-Effect
in I-Effect
2022 I-Effect
before I-Effect
moderating I-Effect
to I-Effect
nearly I-Effect
5 I-Effect
% I-Effect
in I-Effect
our I-Effect
midcycle I-Effect
year I-Effect
, I-Effect
as B-Cause
we I-Cause
believe I-Cause
CNH I-Cause
will I-Cause
benefit I-Cause
from I-Cause
better I-Cause
sales I-Cause
mix I-Cause
. I-Cause

We B-Effect
do I-Effect
not I-Effect
believe I-Effect
that I-Effect
commodity I-Effect
diversification I-Effect
is I-Effect
a I-Effect
material I-Effect
benefit I-Effect
for I-Effect
BHP I-Effect
, O
given O
that O
the B-Cause
prices I-Cause
of I-Cause
its I-Cause
commodities I-Cause
tend I-Cause
to I-Cause
be I-Cause
correlated I-Cause
. O

The B-Cause
company I-Cause
is I-Cause
combining I-Cause
Ellie I-Cause
Mae I-Cause
with I-Cause
the I-Cause
previously I-Cause
acquired I-Cause
MERS I-Cause
and O
Simplifile B-Effect
to I-Effect
create I-Effect
an I-Effect
electronic I-Effect
mortgage I-Effect
processing I-Effect
ecosystem I-Effect
. O

PCA B-Effect
's I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
would I-Effect
decline I-Effect
meaningfully I-Effect
if O
the B-Cause
United I-Cause
States I-Cause
, I-Cause
nearly I-Cause
100 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, I-Cause
were I-Cause
to I-Cause
experience I-Cause
a I-Cause
substantial I-Cause
economic I-Cause
slowdown I-Cause
. O

The O
firm O
competes O
with O
big-box O
retailers O
like O
PetSmart B-Effect
and I-Effect
Lowe I-Effect
's I-Effect
, I-Effect
which I-Effect
also I-Effect
have I-Effect
solid I-Effect
pricing I-Effect
power I-Effect
because O
of O
scale B-Cause
and I-Cause
distribution I-Cause
advantages I-Cause
across I-Cause
numerous I-Cause
categories I-Cause
. O

Full-truckload B-Effect
market I-Effect
capacity I-Effect
saw I-Effect
a I-Effect
historic I-Effect
capacity I-Effect
crunch I-Effect
in I-Effect
2018 I-Effect
thanks O
to O
robust B-Cause
freight I-Cause
demand I-Cause
and I-Cause
widespread I-Cause
ELD I-Cause
adoption I-Cause
among I-Cause
truckers I-Cause
. O

Furthermore O
, O
the B-Cause
populations I-Cause
in I-Cause
the I-Cause
countries I-Cause
Millicom I-Cause
serves I-Cause
are I-Cause
generally I-Cause
small I-Cause
and O
thus O
often O
not B-Effect
worth I-Effect
the I-Effect
effort I-Effect
for I-Effect
the I-Effect
largest I-Effect
telecom I-Effect
carriers I-Effect
to I-Effect
get I-Effect
involved I-Effect
. O

The B-Effect
smartphone I-Effect
has I-Effect
significantly I-Effect
disrupted I-Effect
the I-Effect
automotive I-Effect
portable I-Effect
navigation I-Effect
device I-Effect
market I-Effect
, O
given O
the B-Cause
ease I-Cause
in I-Cause
switching I-Cause
to I-Cause
mobile I-Cause
navigation I-Cause
when I-Cause
driving I-Cause
. O

We O
forecast O
companywide B-Effect
prices I-Effect
will I-Effect
rise I-Effect
about I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
per I-Effect
year I-Effect
, O
as O
favorable B-Cause
mix-shift I-Cause
slightly I-Cause
outweighs I-Cause
adequate I-Cause
capacity I-Cause
expansions I-Cause
to I-Cause
meet I-Cause
rising I-Cause
demand I-Cause
. O

This O
evidence O
is O
consistent O
with O
our O
belief O
that O
switching B-Effect
costs I-Effect
related I-Effect
to I-Effect
software I-Effect
generally I-Effect
increase I-Effect
as O
the B-Cause
number I-Cause
of I-Cause
employees I-Cause
in I-Cause
a I-Cause
company I-Cause
increases I-Cause
. O

Prior O
to O
the O
pandemic O
, O
its B-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
was I-Effect
on I-Effect
track I-Effect
to I-Effect
be I-Effect
about I-Effect
150 I-Effect
basis I-Effect
points I-Effect
above I-Effect
that I-Effect
of I-Effect
fiscal I-Effect
2017 I-Effect
( I-Effect
10.2 I-Effect
% I-Effect
) I-Effect
on O
better B-Cause
pricing I-Cause
and I-Cause
cost-cutting I-Cause
. O

We O
believe O
cybersecurity B-Effect
threats I-Effect
will I-Effect
perpetually I-Effect
increase I-Effect
, I-Effect
while I-Effect
becoming I-Effect
further I-Effect
sophisticated I-Effect
, O
as O
more B-Cause
data I-Cause
is I-Cause
created I-Cause
and I-Cause
dispersed I-Cause
away I-Cause
from I-Cause
centralized I-Cause
data I-Cause
centers I-Cause
. O

In O
2007 O
, O
primarily O
because O
of O
weakness B-Cause
in I-Cause
some I-Cause
of I-Cause
the I-Cause
bank I-Cause
's I-Cause
most I-Cause
significant I-Cause
markets I-Cause
-- O
Ohio O
, O
Michigan O
, O
and O
Florida O
-- O
loan B-Effect
losses I-Effect
began I-Effect
to I-Effect
pile I-Effect
up I-Effect
. O

Corporate B-Effect
leverage I-Effect
is I-Effect
rising I-Effect
slightly I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
, O
increasing B-Effect
demand I-Effect
for I-Effect
bank I-Effect
loans I-Effect
temporarily I-Effect
, O
but O
we O
think O
this O
is O
mainly O
for O
liquidity B-Cause
purposes I-Cause
rather O
than O
investment B-Cause
and I-Cause
loan I-Cause
interest I-Cause
rates I-Cause
continue I-Cause
to I-Cause
fall I-Cause
. O

Growth B-Cause
in I-Cause
demand I-Cause
and I-Cause
further I-Cause
word-of-mouth I-Cause
marketing I-Cause
attracted O
more O
drivers O
, O
or O
, O
in O
other O
words O
, O
increased B-Effect
the I-Effect
supply I-Effect
of I-Effect
Uber I-Effect
vehicles I-Effect
. O

The B-Cause
pace I-Cause
of I-Cause
change I-Cause
in I-Cause
retail I-Cause
is I-Cause
accelerating I-Cause
as I-Cause
digital I-Cause
sellers I-Cause
develop I-Cause
distribution I-Cause
and I-Cause
supply I-Cause
chain I-Cause
scale I-Cause
( O
as O
well O
as O
usage O
) O
while O
physical B-Effect
rivals I-Effect
become I-Effect
more I-Effect
aggressive I-Effect
to I-Effect
drive I-Effect
traffic I-Effect
. O

JPMorgan O
has O
one O
of O
the O
largest O
FICC O
trading O
platforms O
, O
where O
incremental B-Effect
returns I-Effect
from I-Effect
additional I-Effect
volume I-Effect
are I-Effect
maximal I-Effect
as O
the B-Cause
bank I-Cause
is I-Cause
able I-Cause
to I-Cause
spread I-Cause
the I-Cause
fixed I-Cause
costs I-Cause
of I-Cause
trading I-Cause
operations I-Cause
over I-Cause
an I-Cause
enormous I-Cause
base I-Cause
of I-Cause
transactions I-Cause
. O

While O
not O
all O
companies O
will O
adopt O
Paylocity O
's O
payroll/HCM O
platform O
, O
we O
still O
believe O
that O
there B-Effect
is I-Effect
a I-Effect
sizable I-Effect
growth I-Effect
runway I-Effect
ahead I-Effect
given O
the B-Cause
scale I-Cause
of I-Cause
the I-Cause
market I-Cause
. O

Because O
there B-Cause
is I-Cause
no I-Cause
incentive I-Cause
to I-Cause
charge I-Cause
below I-Cause
the I-Cause
maximum I-Cause
fees I-Cause
, O
in B-Effect
practice I-Effect
the I-Effect
Information I-Effect
Technology I-Effect
Servicesmaximum I-Effect
fees I-Effect
are I-Effect
the I-Effect
fees I-Effect
charged I-Effect
to I-Effect
issuers I-Effect
and I-Effect
some I-Effect
of I-Effect
the I-Effect
revenue I-Effect
is I-Effect
shared I-Effect
with I-Effect
the I-Effect
broker/dealer I-Effect
. O

Down O
the O
line O
, O
we B-Effect
're I-Effect
likely I-Effect
to I-Effect
see I-Effect
further I-Effect
pressure I-Effect
with I-Effect
a I-Effect
rebound I-Effect
in I-Effect
inflation I-Effect
, O
though O
lower B-Cause
consumer I-Cause
demand I-Cause
renders O
this O
unlikely O
in O
the O
short O
term O
. O

With O
clear B-Cause
signaling I-Cause
of I-Cause
short-term I-Cause
interest I-Cause
rates I-Cause
remaining I-Cause
near I-Cause
0 I-Cause
% I-Cause
, O
there O
is O
less B-Effect
need I-Effect
for I-Effect
interest I-Effect
rate I-Effect
hedging I-Effect
or I-Effect
room I-Effect
for I-Effect
speculation I-Effect
. O

We O
do O
not O
expect O
that O
aircraft B-Effect
manufacturers I-Effect
will I-Effect
choose I-Effect
untested I-Effect
suppliers I-Effect
for I-Effect
avionics I-Effect
that I-Effect
avoid I-Effect
collision I-Effect
due O
to O
the B-Cause
lethal I-Cause
cost I-Cause
at I-Cause
failure I-Cause
and I-Cause
the I-Cause
wide I-Cause
publication I-Cause
of I-Cause
aviation I-Cause
failures I-Cause
. O

The B-Cause
risk I-Cause
from I-Cause
carbon I-Cause
emissions I-Cause
is I-Cause
most I-Cause
likely I-Cause
to I-Cause
materialize I-Cause
through I-Cause
a I-Cause
carbon I-Cause
tax I-Cause
, O
which O
increases B-Cause
the I-Cause
price I-Cause
of I-Cause
end I-Cause
products I-Cause
to I-Cause
consumers I-Cause
, O
reducing B-Effect
demand I-Effect
over I-Effect
time I-Effect
and I-Effect
threatening I-Effect
Total I-Effect
's I-Effect
core I-Effect
business I-Effect
. I-Effect

Although O
the O
quantitative O
data O
does O
not O
point O
to O
a O
competitive O
edge O
, O
qualitatively O
, O
US O
Foods O
is O
taking O
steps O
to O
differentiate B-Cause
itself I-Cause
by O
providing B-Effect
clients I-Effect
with I-Effect
value-added I-Effect
offerings I-Effect
. O

We O
expect O
this B-Effect
is I-Effect
where I-Effect
the I-Effect
majority I-Effect
of I-Effect
Paylocity I-Effect
's I-Effect
margin I-Effect
improvement I-Effect
will I-Effect
come I-Effect
from I-Effect
in I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
the B-Cause
company I-Cause
rationalizes I-Cause
operating I-Cause
expenses I-Cause
as I-Cause
revenue I-Cause
growth I-Cause
slows I-Cause
. O

Finally O
, O
the B-Effect
risk I-Effect
of I-Effect
a I-Effect
water I-Effect
shortage I-Effect
would I-Effect
have I-Effect
limited I-Effect
financial I-Effect
impact I-Effect
on I-Effect
Ambev I-Effect
as O
we O
estimate O
it B-Cause
represents I-Cause
a I-Cause
low-single-digit I-Cause
percentage I-Cause
of I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
. O

Being B-Cause
the I-Cause
premier I-Cause
life I-Cause
science I-Cause
supplier I-Cause
and I-Cause
having I-Cause
an I-Cause
unmatched I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
, I-Cause
resources I-Cause
, I-Cause
and I-Cause
manufacturing I-Cause
capabilities I-Cause
have O
allowed O
the B-Effect
firm I-Effect
to I-Effect
be I-Effect
among I-Effect
the I-Effect
first I-Effect
to I-Effect
market I-Effect
with I-Effect
a I-Effect
reliable I-Effect
coronavirus I-Effect
test I-Effect
and I-Effect
at I-Effect
capacity I-Effect
needed I-Effect
to I-Effect
meet I-Effect
massive I-Effect
demand I-Effect
. O

Finally O
, O
Choice B-Effect
and I-Effect
other I-Effect
large I-Effect
hotel I-Effect
brands I-Effect
require I-Effect
high I-Effect
amounts I-Effect
of I-Effect
human I-Effect
capital I-Effect
, O
which O
helps O
drive O
traveler O
experience O
and O
therefore O
is B-Cause
tied I-Cause
to I-Cause
the I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
advantages I-Cause
found I-Cause
in I-Cause
the I-Cause
industry I-Cause
. O

Global B-Effect
forwarding I-Effect
segment I-Effect
net I-Effect
revenue I-Effect
jumped I-Effect
18 I-Effect
% I-Effect
on I-Effect
robust I-Effect
airfreight I-Effect
pricing I-Effect
rooted I-Effect
in O
limited B-Cause
belly I-Cause
space I-Cause
capacity I-Cause
amid I-Cause
heavy I-Cause
airlift I-Cause
demand I-Cause
. O

This O
does O
create B-Effect
switching I-Effect
costs I-Effect
for I-Effect
Alliance I-Effect
Data I-Effect
Systems I-Effect
' I-Effect
partners I-Effect
since O
canceling B-Cause
their I-Cause
agreement I-Cause
would I-Cause
mean I-Cause
finding I-Cause
a I-Cause
new I-Cause
provider I-Cause
for I-Cause
these I-Cause
services I-Cause
or I-Cause
rebuilding I-Cause
these I-Cause
capabilities I-Cause
in I-Cause
house I-Cause
. O

By O
the O
end O
of O
our O
10-year O
explicit O
forecast O
, O
we O
expect O
the B-Effect
chain I-Effect
to I-Effect
exceed I-Effect
28,000 I-Effect
stores I-Effect
, O
with O
increasing B-Cause
variance I-Cause
as I-Cause
it I-Cause
deploys I-Cause
smaller-format I-Cause
concepts I-Cause
in I-Cause
more I-Cause
densely I-Cause
populated I-Cause
areas I-Cause
and I-Cause
introduces I-Cause
popshelf I-Cause
. O

As O
such O
, O
its B-Effect
large I-Effect
installed I-Effect
base I-Effect
of I-Effect
equipment I-Effect
generates I-Effect
a I-Effect
steady I-Effect
stream I-Effect
of I-Effect
recurring I-Effect
revenue I-Effect
from I-Effect
replacement I-Effect
parts I-Effect
and I-Effect
consumables I-Effect
, O
as O
customers B-Cause
tend I-Cause
to I-Cause
replace I-Cause
components I-Cause
like-for-like I-Cause
because I-Cause
of I-Cause
the I-Cause
risk I-Cause
of I-Cause
product I-Cause
failures I-Cause
from I-Cause
switching I-Cause
to I-Cause
a I-Cause
less I-Cause
proven I-Cause
alternative I-Cause
. O

Finally O
, O
we O
believe O
strong B-Effect
brands I-Effect
tend I-Effect
to I-Effect
have I-Effect
a I-Effect
high I-Effect
level I-Effect
of I-Effect
conspicuous I-Effect
consumption I-Effect
, O
as O
consumers B-Cause
are I-Cause
less I-Cause
price I-Cause
sensitive I-Cause
for I-Cause
items I-Cause
that I-Cause
display I-Cause
wealth I-Cause
or I-Cause
social I-Cause
status I-Cause
. O

As O
more B-Cause
users I-Cause
listen I-Cause
to I-Cause
more I-Cause
music I-Cause
, O
Spotify O
can O
improve B-Effect
its I-Effect
algorithms I-Effect
and I-Effect
provide I-Effect
all I-Effect
users I-Effect
with I-Effect
better I-Effect
playlists I-Effect
that I-Effect
more I-Effect
closely I-Effect
match I-Effect
their I-Effect
listening I-Effect
preferences I-Effect
. O

Given O
that O
much B-Cause
of I-Cause
MSCI I-Cause
's I-Cause
incremental I-Cause
revenue I-Cause
flows I-Cause
to I-Cause
the I-Cause
bottom I-Cause
line I-Cause
, O
we B-Effect
expect I-Effect
continued I-Effect
margin I-Effect
expansion I-Effect
albeit I-Effect
at I-Effect
a I-Effect
slower I-Effect
pace I-Effect
. O

Increased B-Cause
costs I-Cause
or I-Cause
removal I-Cause
of I-Cause
license I-Cause
rights I-Cause
would O
stand O
to O
materially O
impact B-Effect
the I-Effect
intrinsic I-Effect
value I-Effect
of I-Effect
the I-Effect
company I-Effect
, O
in O
our O
view O
. O

Low-cost B-Effect
carriers I-Effect
like I-Effect
Southwest I-Effect
have I-Effect
managed I-Effect
costs I-Effect
better I-Effect
than I-Effect
legacy I-Effect
carriers I-Effect
because O
of O
their B-Cause
use I-Cause
of I-Cause
a I-Cause
single I-Cause
aircraft I-Cause
type I-Cause
, I-Cause
use I-Cause
of I-Cause
less I-Cause
popular I-Cause
airports I-Cause
to I-Cause
reduce I-Cause
fees I-Cause
, I-Cause
and I-Cause
their I-Cause
use I-Cause
of I-Cause
point-to-point I-Cause
routes I-Cause
rather O
than O
a O
hub-and-spoke O
network O
, O
among O
other O
things O
. O

In O
addition O
, O
since O
Tractor B-Cause
Supply I-Cause
focuses I-Cause
on I-Cause
an I-Cause
active I-Cause
do-it-yourself I-Cause
rural I-Cause
consumer I-Cause
, O
many B-Effect
of I-Effect
its I-Effect
products I-Effect
are I-Effect
higher-end I-Effect
than I-Effect
those I-Effect
found I-Effect
in I-Effect
retailers I-Effect
that O
focus O
on O
a O
casual O
consumer O
. O

Market B-Cause
volatility I-Cause
, I-Cause
along I-Cause
with I-Cause
prolonged I-Cause
declines I-Cause
in I-Cause
asset I-Cause
values I-Cause
, O
can O
have O
a O
negative O
impact O
on O
flows B-Effect
in I-Effect
the I-Effect
asset-management I-Effect
business I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
sales I-Effect
of I-Effect
annuities I-Effect
and I-Effect
insurance I-Effect
products I-Effect
. O

Due O
to O
the O
staggered O
reinvestment O
of O
the O
company O
's O
portfolio O
, O
interest B-Cause
rates I-Cause
have I-Cause
to I-Cause
remain I-Cause
at I-Cause
a I-Cause
high I-Cause
level I-Cause
for I-Cause
the I-Cause
company I-Cause
's I-Cause
investment I-Cause
portfolio I-Cause
to O
fully B-Effect
reprice I-Effect
at I-Effect
recently I-Effect
higher I-Effect
rates I-Effect
. O

Risks B-Cause
surrounding I-Cause
a I-Cause
widely I-Cause
distributed I-Cause
COVID-19 I-Cause
vaccine I-Cause
remain I-Cause
, I-Cause
leading I-Cause
to I-Cause
potential I-Cause
needs I-Cause
for I-Cause
incremental I-Cause
liquidity I-Cause
, O
which O
perhaps O
could O
occur B-Effect
at I-Effect
value I-Effect
destructive I-Effect
levels I-Effect
. O

EDA B-Cause
tools I-Cause
also I-Cause
speed I-Cause
up I-Cause
the I-Cause
chip I-Cause
design I-Cause
process I-Cause
by I-Cause
automating I-Cause
certain I-Cause
steps I-Cause
to O
reduce B-Effect
time I-Effect
to I-Effect
market I-Effect
( O
for O
example O
, O
automatically O
testing O
a O
mathematical O
property O
) O
. O

Production B-Effect
costs I-Effect
are I-Effect
largely I-Effect
determined I-Effect
by I-Effect
concentration I-Effect
, O
as O
higher B-Cause
concentration I-Cause
mean I-Cause
that I-Cause
less I-Cause
water I-Cause
needs I-Cause
to I-Cause
be I-Cause
evaporated I-Cause
to I-Cause
produce I-Cause
bromine I-Cause
from I-Cause
brine I-Cause
. O

But B-Cause
within I-Cause
the I-Cause
Permian I-Cause
, I-Cause
well I-Cause
performance I-Cause
does I-Cause
vary. O
As O
a O
result O
, O
some B-Effect
of I-Effect
Apache I-Effect
's I-Effect
competitors I-Effect
in I-Effect
the I-Effect
region I-Effect
enjoy I-Effect
lower I-Effect
average I-Effect
unit I-Effect
costs I-Effect
and I-Effect
higher I-Effect
internal I-Effect
rates I-Effect
of I-Effect
return I-Effect
. O

The B-Effect
industry I-Effect
is I-Effect
consolidating I-Effect
because O
smaller B-Cause
players I-Cause
can I-Cause
not I-Cause
compete I-Cause
with I-Cause
the I-Cause
scale I-Cause
and I-Cause
cost I-Cause
savings I-Cause
achieved I-Cause
through I-Cause
roll-up I-Cause
acquisitions I-Cause
pursued I-Cause
by I-Cause
the I-Cause
largest I-Cause
franchise I-Cause
dealerships I-Cause
. O

This O
can O
add B-Effect
countercyclicality I-Effect
to I-Effect
Nasdaq I-Effect
's I-Effect
exchange I-Effect
revenue I-Effect
, O
as O
periods B-Cause
of I-Cause
increased I-Cause
market I-Cause
volatility I-Cause
generally I-Cause
lead I-Cause
to I-Cause
higher I-Cause
trading I-Cause
volume I-Cause
. O

While O
sales O
of O
traditional O
equipment O
and O
consumables O
are O
often O
one-off O
transactions O
, O
sales B-Effect
of I-Effect
automation I-Effect
solutions I-Effect
inherently I-Effect
involve I-Effect
tighter I-Effect
client I-Effect
relationships I-Effect
as O
the B-Cause
supplier I-Cause
will I-Cause
often I-Cause
collaborate I-Cause
with I-Cause
customers I-Cause
on I-Cause
highly I-Cause
engineered I-Cause
solutions I-Cause
that O
may O
be O
customized O
to O
their O
needs O
. O

NetApp B-Cause
's I-Cause
understanding I-Cause
of I-Cause
data I-Cause
and I-Cause
storage I-Cause
will O
make O
it O
a B-Effect
formidable I-Effect
foe I-Effect
in I-Effect
the I-Effect
software-defined I-Effect
data I-Effect
management I-Effect
and I-Effect
storage I-Effect
arena I-Effect
. O

Shaw B-Effect
's I-Effect
efficient I-Effect
scale I-Effect
stems O
from O
the B-Cause
very I-Cause
high I-Cause
capital I-Cause
costs I-Cause
required I-Cause
to I-Cause
build I-Cause
and I-Cause
maintain I-Cause
a I-Cause
wireline I-Cause
communications I-Cause
network I-Cause
. O

We O
believe O
that O
recent B-Cause
regulation I-Cause
changes I-Cause
will O
likely O
marginalize B-Cause
smaller I-Cause
players I-Cause
, O
and O
we O
expect O
TAL B-Effect
to I-Effect
continue I-Effect
to I-Effect
take I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

We O
expect O
gross B-Cause
margin I-Cause
to I-Cause
trend I-Cause
lower I-Cause
in I-Cause
the I-Cause
long I-Cause
run I-Cause
from I-Cause
63.4 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
to I-Cause
61.4 I-Cause
% I-Cause
in I-Cause
2029 I-Cause
to O
factor O
in O
the B-Effect
gradual I-Effect
shift I-Effect
toward I-Effect
lower-margin I-Effect
mobile I-Effect
games I-Effect
from I-Effect
higher-margin I-Effect
PC I-Effect
games I-Effect
in I-Effect
China I-Effect
. O

Gazyva B-Cause
, I-Cause
approved I-Cause
in I-Cause
CLL I-Cause
and I-Cause
NHL I-Cause
and I-Cause
in I-Cause
testing I-Cause
in I-Cause
lupus I-Cause
, O
will O
also O
extend B-Effect
the I-Effect
longevity I-Effect
of I-Effect
the I-Effect
Rituxan I-Effect
franchise I-Effect
. O

Finally O
, O
we O
believe O
that O
Amphenol B-Effect
's I-Effect
customers I-Effect
will I-Effect
continue I-Effect
to I-Effect
face I-Effect
significant I-Effect
switching I-Effect
costs I-Effect
if O
they O
attempt B-Cause
to I-Cause
change I-Cause
out I-Cause
the I-Cause
firm I-Cause
's I-Cause
sensor I-Cause
or I-Cause
connector I-Cause
products I-Cause
for I-Cause
a I-Cause
competitor I-Cause
. O

If O
Chinese B-Cause
brides I-Cause
come I-Cause
to I-Cause
view I-Cause
diamond I-Cause
engagement I-Cause
rings I-Cause
as I-Cause
a I-Cause
must-have I-Cause
like O
their O
American O
and O
Japanese O
counterparts O
did O
in O
the O
20th O
century O
, O
diamonds B-Effect
have I-Effect
tremendous I-Effect
upside I-Effect
. O

With O
no B-Cause
expected I-Cause
end I-Cause
to I-Cause
cybersecurity I-Cause
threats I-Cause
, I-Cause
coupled I-Cause
with I-Cause
the I-Cause
impetus I-Cause
to I-Cause
avoid I-Cause
being I-Cause
the I-Cause
next I-Cause
headline I-Cause
of I-Cause
exposing I-Cause
customer I-Cause
data I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
500 I-Cause
million I-Cause
Marriott I-Cause
and I-Cause
Starwood I-Cause
customers I-Cause
exposed I-Cause
in I-Cause
November I-Cause
2018 I-Cause
) I-Cause
, O
we O
believe O
Check B-Effect
Point I-Effect
has I-Effect
cemented I-Effect
itself I-Effect
as I-Effect
a I-Effect
crucial I-Effect
piece I-Effect
of I-Effect
enterprises I-Effect
' I-Effect
budgets I-Effect
. O

The O
company O
is O
attempting O
to O
establish O
a O
more O
diversified O
revenue O
base O
of O
enterprise O
customers O
; O
however O
, O
incumbents B-Cause
with I-Cause
established I-Cause
channel I-Cause
partners I-Cause
could O
make O
Arista B-Effect
ramp I-Effect
up I-Effect
costs I-Effect
associated I-Effect
with I-Effect
sales I-Effect
and I-Effect
marketing I-Effect
, O
and O
potentially O
drive O
profit B-Effect
concessions I-Effect
to I-Effect
gain I-Effect
a I-Effect
foothold I-Effect
. O

For B-Effect
IHS I-Effect
Markit I-Effect
alone I-Effect
, I-Effect
in I-Effect
financial I-Effect
services I-Effect
( I-Effect
39 I-Effect
% I-Effect
of I-Effect
fiscal I-Effect
2019 I-Effect
revenue I-Effect
) I-Effect
, I-Effect
we I-Effect
expect I-Effect
Ipreo I-Effect
to I-Effect
drive I-Effect
expansion I-Effect
as B-Cause
its I-Cause
lineup I-Cause
targeting I-Cause
primary I-Cause
issuance I-Cause
and I-Cause
alternative I-Cause
investment I-Cause
markets I-Cause
complements I-Cause
existing I-Cause
offerings I-Cause
. O

With B-Effect
respect I-Effect
to I-Effect
electric I-Effect
vehicle I-Effect
adoption I-Effect
, I-Effect
we I-Effect
believe I-Effect
Snap-on I-Effect
will I-Effect
thrive I-Effect
as B-Cause
auto I-Cause
manufacturers I-Cause
are I-Cause
already I-Cause
tapping I-Cause
the I-Cause
company I-Cause
to I-Cause
develop I-Cause
new I-Cause
tools I-Cause
to I-Cause
service I-Cause
new I-Cause
EV I-Cause
models I-Cause
. I-Cause

By O
expanding B-Cause
its I-Cause
wide I-Cause
range I-Cause
of I-Cause
products I-Cause
primarily I-Cause
through I-Cause
various I-Cause
acquisitions I-Cause
, O
the B-Effect
firm I-Effect
was I-Effect
well I-Effect
positioned I-Effect
to O
provide O
hospital B-Effect
customers I-Effect
( I-Effect
and I-Effect
group I-Effect
purchasing I-Effect
organizations I-Effect
) I-Effect
with I-Effect
one-stop I-Effect
shopping I-Effect
and I-Effect
the I-Effect
prospect I-Effect
of I-Effect
bundled I-Effect
deals I-Effect
. O

Revenue O
has O
returned O
to O
the O
prepandemic O
trajectory O
, O
belying O
any O
disruption O
from O
COVID-19 O
, O
while O
margins B-Effect
are I-Effect
outperforming I-Effect
due O
to O
the B-Cause
dearth I-Cause
of I-Cause
available I-Cause
marketing I-Cause
occasions I-Cause
( I-Cause
concerts I-Cause
and I-Cause
sporting I-Cause
events I-Cause
, I-Cause
for I-Cause
example I-Cause
) I-Cause
. O

However O
, O
these O
bonds B-Cause
are I-Cause
much I-Cause
more I-Cause
cyclical I-Cause
and I-Cause
sensitive I-Cause
to I-Cause
the I-Cause
economy I-Cause
, O
meaning O
it B-Effect
's I-Effect
often I-Effect
either I-Effect
feast I-Effect
or I-Effect
famine I-Effect
for I-Effect
providing I-Effect
these I-Effect
ratings I-Effect
. O

Automotive O
makes O
up O
about O
45 O
% O
of O
revenue O
, O
and O
while O
a O
good O
portion O
of O
NXP O
's O
automotive O
growth O
will O
be O
tied O
to O
rising O
chip O
content O
per O
car O
, O
it B-Effect
would I-Effect
be I-Effect
difficult I-Effect
for I-Effect
NXP I-Effect
to I-Effect
grow I-Effect
if I-Effect
the I-Effect
global I-Effect
car I-Effect
market I-Effect
faced O
a B-Cause
severe I-Cause
downturn I-Cause
in I-Cause
light-vehicle I-Cause
sales I-Cause
. O

However O
, O
we O
'll O
caution O
that O
a B-Cause
slower I-Cause
economy I-Cause
could O
hamper B-Effect
growth I-Effect
in I-Effect
trading I-Effect
volumes I-Effect
after I-Effect
an I-Effect
initial I-Effect
pop I-Effect
caused I-Effect
by I-Effect
the I-Effect
volatility I-Effect
generated I-Effect
by I-Effect
a I-Effect
recession I-Effect
. O

Robinson O
's O
gross O
revenue O
up O
6 O
% O
in O
2020 O
despite O
second-quarter O
declines O
, O
though O
falling B-Cause
truck I-Cause
brokerage I-Cause
gross I-Cause
margins I-Cause
( I-Cause
net I-Cause
revenue/gross I-Cause
revenue I-Cause
) I-Cause
linked I-Cause
to I-Cause
an I-Cause
outsize I-Cause
spike I-Cause
in I-Cause
cost I-Cause
of I-Cause
capacity I-Cause
pushed B-Effect
total I-Effect
net I-Effect
revenue I-Effect
down I-Effect
roughly I-Effect
7 I-Effect
% I-Effect
. O

Trane B-Cause
's I-Cause
failure I-Cause
to I-Cause
keep I-Cause
pace I-Cause
with I-Cause
global I-Cause
green I-Cause
building I-Cause
standards I-Cause
and I-Cause
product I-Cause
demand I-Cause
trends I-Cause
could O
result O
in O
reputational B-Effect
risk I-Effect
and I-Effect
lost I-Effect
market I-Effect
share I-Effect
, O
but O
we O
see O
a O
low O
probability O
of O
this O
risk O
materializing O
. O

A B-Effect
constant I-Effect
concern I-Effect
in I-Effect
the I-Effect
RF I-Effect
industry I-Effect
is I-Effect
the I-Effect
threat I-Effect
of I-Effect
pricing I-Effect
pressure I-Effect
, O
as O
Skyworks B-Cause
and I-Cause
others I-Cause
rely I-Cause
on I-Cause
a I-Cause
handful I-Cause
of I-Cause
smartphone I-Cause
leaders I-Cause
for I-Cause
the I-Cause
bulk I-Cause
of I-Cause
their I-Cause
revenue I-Cause
. O

After O
digesting O
PFG O
's O
fiscal O
third-quarter O
results O
, O
we B-Effect
're I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
36.50 I-Effect
from I-Effect
$ I-Effect
34 I-Effect
, O
as O
sales B-Cause
are I-Cause
recovering I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
much I-Cause
faster I-Cause
than I-Cause
we I-Cause
expected I-Cause
, I-Cause
partially I-Cause
offset I-Cause
by I-Cause
higher I-Cause
fiscal I-Cause
2021 I-Cause
operating I-Cause
expenses I-Cause
as I-Cause
the I-Cause
firm I-Cause
invests I-Cause
in I-Cause
headcount I-Cause
. O

Charter B-Cause
's I-Cause
SportsNet I-Cause
LA I-Cause
, I-Cause
the I-Cause
home I-Cause
of I-Cause
the I-Cause
MLB I-Cause
's I-Cause
Los I-Cause
Angeles I-Cause
Dodgers I-Cause
, I-Cause
has I-Cause
not I-Cause
been I-Cause
carried I-Cause
by I-Cause
any I-Cause
other I-Cause
distributor I-Cause
over I-Cause
the I-Cause
six I-Cause
years I-Cause
since I-Cause
its I-Cause
launch I-Cause
, O
and O
thus O
less B-Effect
than I-Effect
50 I-Effect
% I-Effect
of I-Effect
the I-Effect
Los I-Effect
Angeles I-Effect
market I-Effect
receives I-Effect
the I-Effect
network I-Effect
. O

Amazon B-Cause
has I-Cause
been I-Cause
insourcing I-Cause
more I-Cause
of I-Cause
its I-Cause
own I-Cause
last-mile I-Cause
delivery I-Cause
needs I-Cause
at I-Cause
a I-Cause
rapid I-Cause
pace I-Cause
to I-Cause
supplement I-Cause
capacity I-Cause
access I-Cause
amid I-Cause
robust I-Cause
growth. O
This O
removes B-Effect
some I-Effect
incremental I-Effect
growth I-Effect
opportunities I-Effect
for I-Effect
UPS I-Effect
while I-Effect
creating I-Effect
risk I-Effect
that I-Effect
Amazon I-Effect
decides I-Effect
to I-Effect
take I-Effect
in I-Effect
house I-Effect
the I-Effect
shipments I-Effect
it I-Effect
sends I-Effect
though I-Effect
UPS I-Effect
-- I-Effect
the I-Effect
retailer I-Effect
now I-Effect
Integrated I-Effect
Freight I-Effect
& I-Effect
Logisticsmakes I-Effect
up I-Effect
about I-Effect
13 I-Effect
% I-Effect
of I-Effect
UPS I-Effect
' I-Effect
consolidated I-Effect
revenue I-Effect
. O

Stable B-Cause
and I-Cause
recurring I-Cause
aftermarket I-Cause
support I-Cause
, I-Cause
service I-Cause
and I-Cause
training I-Cause
revenue I-Cause
, I-Cause
representing I-Cause
43 I-Cause
% I-Cause
of I-Cause
group I-Cause
sales I-Cause
, O
smooths B-Effect
the I-Effect
lumpy I-Effect
project I-Effect
and I-Effect
programme I-Effect
revenue I-Effect
stemming I-Effect
from I-Effect
changes I-Effect
in I-Effect
annual I-Effect
defense I-Effect
budgets I-Effect
. O

Although O
this O
price/earnings O
multiple O
is O
historically O
high O
, O
we O
note O
that O
NiSorce B-Effect
's I-Effect
near-term I-Effect
earnings I-Effect
are I-Effect
depressed I-Effect
due O
to O
the B-Cause
impact I-Cause
of I-Cause
dilution I-Cause
from I-Cause
a I-Cause
recent I-Cause
convertible I-Cause
issuance I-Cause
to I-Cause
provide I-Cause
funding I-Cause
for O
future O
investment O
in O
renewable O
energy O
. O

We B-Effect
're I-Effect
expecting I-Effect
capital I-Effect
expenditure I-Effect
will I-Effect
be I-Effect
about I-Effect
$ I-Effect
2.5 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
, O
as O
Delta B-Cause
has I-Cause
deferred I-Cause
many I-Cause
of I-Cause
its I-Cause
orders I-Cause
from I-Cause
Airbus I-Cause
, O
and O
will O
average O
around O
$ O
4 O
billion O
per O
year O
over O
our O
forecast O
period O
. O

We B-Cause
expect I-Cause
ON I-Cause
to I-Cause
outpace I-Cause
the I-Cause
growth I-Cause
of I-Cause
its I-Cause
underlying I-Cause
markets I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
as I-Cause
it I-Cause
tailors I-Cause
its I-Cause
portfolio I-Cause
of I-Cause
transistors I-Cause
, I-Cause
analog I-Cause
chips I-Cause
, I-Cause
and I-Cause
sensors I-Cause
to I-Cause
pursue I-Cause
secular I-Cause
trends I-Cause
toward I-Cause
electrification I-Cause
and I-Cause
connectivity I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
sell I-Effect
into I-Effect
new I-Effect
sockets I-Effect
in I-Effect
cars I-Effect
, I-Effect
machinery I-Effect
, I-Effect
and I-Effect
communications I-Effect
infrastructure I-Effect
. O

The O
company O
's O
core O
business O
and O
investments O
have O
largely O
been O
focused O
on O
acute O
medical O
records O
, O
but O
with B-Cause
the I-Cause
consolidation I-Cause
of I-Cause
the I-Cause
healthcare I-Cause
industry I-Cause
, O
Cerner B-Effect
has I-Effect
expanded I-Effect
to I-Effect
include I-Effect
other I-Effect
areas I-Effect
, O
such O
as O
ambulatory O
( O
outpatient O
) O
and O
peripheral O
services O
. O

Further O
, O
with O
hospital B-Cause
admissions I-Cause
set I-Cause
to I-Cause
recover I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
of I-Cause
calendar I-Cause
2021 I-Cause
, O
we O
should O
see O
a B-Effect
material I-Effect
bounce I-Effect
in I-Effect
the I-Effect
rest I-Effect
of I-Effect
business I-Effect
lines I-Effect
that I-Effect
sagged I-Effect
during I-Effect
the I-Effect
pandemic I-Effect
. O

We B-Effect
forecast I-Effect
gross I-Effect
margins I-Effect
to I-Effect
rise I-Effect
moderately I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
( I-Effect
by I-Effect
roughly I-Effect
30 I-Effect
basis I-Effect
points I-Effect
, I-Effect
to I-Effect
35.7 I-Effect
% I-Effect
) I-Effect
, O
constrained O
by O
our B-Cause
belief I-Cause
that I-Cause
e-commerce I-Cause
retailers I-Cause
can I-Cause
compete I-Cause
in I-Cause
about I-Cause
30 I-Cause
% I-Cause
of I-Cause
the I-Cause
sales I-Cause
areas I-Cause
Tractor I-Cause
Supply I-Cause
operates I-Cause
within I-Cause
and I-Cause
the I-Cause
everyday-low-price I-Cause
strategy I-Cause
. O

We B-Effect
favorably I-Effect
view I-Effect
Target I-Effect
's I-Effect
efforts I-Effect
( I-Effect
started I-Effect
in I-Effect
2017 I-Effect
) I-Effect
to I-Effect
renovate I-Effect
its I-Effect
stores I-Effect
to I-Effect
serve I-Effect
as I-Effect
omnichannel I-Effect
fulfillment I-Effect
centers I-Effect
, I-Effect
and I-Effect
believe I-Effect
it I-Effect
should I-Effect
remain I-Effect
better I-Effect
positioned I-Effect
than I-Effect
its I-Effect
smaller I-Effect
rivals I-Effect
, O
fueled O
partly O
by O
cost B-Cause
leverage I-Cause
and I-Cause
its I-Cause
owned I-Cause
brands I-Cause
. O

Juniper O
benefited O
from O
the O
growth O
in O
cloud-based O
data O
centers O
and O
the O
surrounding O
wide-area O
networks O
, O
but O
its B-Effect
revenue I-Effect
in I-Effect
this I-Effect
segment I-Effect
waned I-Effect
from I-Effect
$ I-Effect
1.3 I-Effect
billion I-Effect
in I-Effect
2016 I-Effect
to I-Effect
$ I-Effect
1.1 I-Effect
billion I-Effect
in I-Effect
2019 I-Effect
as O
Juniper O
appeased B-Cause
cloud I-Cause
providers I-Cause
by I-Cause
offering I-Cause
lower I-Cause
cost I-Cause
equipment I-Cause
with I-Cause
more I-Cause
simplified I-Cause
feature I-Cause
sets I-Cause
. O

Bigger B-Cause
scale I-Cause
, I-Cause
powerful I-Cause
distribution I-Cause
networks I-Cause
, I-Cause
a I-Cause
multitude I-Cause
of I-Cause
products I-Cause
, I-Cause
and I-Cause
diversification I-Cause
of I-Cause
business I-Cause
lines I-Cause
lead O
to O
economies B-Effect
of I-Effect
scope I-Effect
in I-Effect
addition I-Effect
to I-Effect
the I-Effect
economies I-Effect
of I-Effect
scale I-Effect
already I-Effect
achieved O
. O

In O
2023 O
, O
we O
see O
a O
step B-Effect
change I-Effect
for I-Effect
Corteva I-Effect
's I-Effect
margins I-Effect
and I-Effect
cash I-Effect
flow I-Effect
as O
the B-Cause
licensing I-Cause
agreement I-Cause
with I-Cause
Bayer I-Cause
expires I-Cause
. O

We O
think O
Western B-Effect
will I-Effect
wrap I-Effect
up I-Effect
fiscal I-Effect
2021 I-Effect
with I-Effect
a I-Effect
12 I-Effect
% I-Effect
HDD I-Effect
sales I-Effect
decline I-Effect
, O
due O
in O
part O
to O
moderate B-Cause
market I-Cause
share I-Cause
losses I-Cause
in I-Cause
nearline I-Cause
drives I-Cause
after O
lagging B-Cause
rival I-Cause
Seagate I-Cause
in I-Cause
introducing I-Cause
16 I-Cause
terabyte I-Cause
drives I-Cause
. O

If O
Britain B-Cause
fails I-Cause
to I-Cause
reach I-Cause
a I-Cause
deal I-Cause
on I-Cause
the I-Cause
future I-Cause
terms I-Cause
of I-Cause
its I-Cause
relationship I-Cause
with I-Cause
the I-Cause
E.U. I-Cause
, O
the B-Effect
British I-Effect
pound I-Effect
may I-Effect
weaken I-Effect
, O
and O
this O
would O
be O
a O
net O
benefit O
to O
Diageo O
. O

For O
Ingredion O
's O
commodity-grade O
operations O
, O
the B-Cause
wet I-Cause
milling I-Cause
process I-Cause
by I-Cause
which I-Cause
raw I-Cause
materials I-Cause
are I-Cause
processed I-Cause
into I-Cause
starches I-Cause
and I-Cause
sweeteners I-Cause
provides I-Cause
few I-Cause
inroads I-Cause
for I-Cause
differentiation I-Cause
, O
preventing O
the B-Effect
company I-Effect
from I-Effect
establishing I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
peers I-Effect
. O

In O
our O
view O
, O
as O
customers B-Cause
migrate I-Cause
more I-Cause
applications I-Cause
and I-Cause
workloads I-Cause
from I-Cause
on-premises I-Cause
there B-Effect
is I-Effect
value I-Effect
in I-Effect
staying I-Effect
with I-Effect
F5 I-Effect
's I-Effect
software I-Effect
solutions I-Effect
over I-Effect
swapping I-Effect
vendors I-Effect
or I-Effect
implementing I-Effect
a I-Effect
multi-vendor I-Effect
approach I-Effect
. O

Additionally O
, O
TI B-Effect
, I-Effect
Telefonica I-Effect
and I-Effect
America I-Effect
Movil I-Effect
are I-Effect
driving I-Effect
consolidation I-Effect
in I-Effect
the I-Effect
Brazilian I-Effect
market O
with O
their B-Cause
offer I-Cause
to I-Cause
acquire I-Cause
Oi I-Cause
's I-Cause
assets I-Cause
. O

Second O
, O
while O
the O
growth O
of O
China O
's O
domestic O
semiconductor O
industry O
is O
in O
some O
ways O
a O
boon O
to O
EDA O
vendors O
, O
geopolitical B-Cause
tensions I-Cause
and I-Cause
the I-Cause
growth I-Cause
of I-Cause
China I-Cause
's I-Cause
EDA I-Cause
industry I-Cause
pose O
potential B-Effect
long-term I-Effect
threats I-Effect
to I-Effect
Cadence I-Effect
. O

Similarly O
, O
the B-Cause
company I-Cause
's I-Cause
exposure I-Cause
to I-Cause
power I-Cause
management I-Cause
circuits I-Cause
positions O
it B-Effect
to I-Effect
benefit I-Effect
from I-Effect
trends I-Effect
in I-Effect
the I-Effect
electronics I-Effect
industry I-Effect
toward I-Effect
power I-Effect
conservation I-Effect
, O
not O
only O
in O
more O
efficient O
devices O
like O
industrial O
drives O
, O
but O
also O
in O
green O
energy O
solutions O
like O
solar O
panels O
. O

For O
Power O
and O
Renewables O
, O
we O
see O
both B-Cause
segments I-Cause
benefitting I-Cause
from I-Cause
the I-Cause
energy I-Cause
transition I-Cause
, O
but O
with B-Effect
the I-Effect
lion I-Effect
's I-Effect
share I-Effect
of I-Effect
the I-Effect
sales I-Effect
growth I-Effect
opportunity I-Effect
flowing I-Effect
through I-Effect
to I-Effect
renewables I-Effect
. O

Therefore O
, O
as O
the B-Cause
frontier I-Cause
of I-Cause
oil I-Cause
and I-Cause
gas I-Cause
development I-Cause
closes I-Cause
off I-Cause
from I-Cause
new I-Cause
challenges I-Cause
( O
for O
example O
, O
longer O
wellbores O
in O
harsher O
environments O
) O
, O
the B-Effect
window I-Effect
for I-Effect
product I-Effect
differentiation I-Effect
in I-Effect
OCTG I-Effect
will I-Effect
be I-Effect
closed I-Effect
. O

Re-writing B-Cause
software I-Cause
to I-Cause
run I-Cause
on I-Cause
a I-Cause
different I-Cause
architecture I-Cause
is I-Cause
a I-Cause
considerable I-Cause
hurdle I-Cause
that O
we B-Effect
think I-Effect
will I-Effect
stifle I-Effect
ARM I-Effect
inertia I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
. O

During O
the O
last O
five O
years O
, O
the B-Effect
expected I-Effect
returns I-Effect
of I-Effect
Shell I-Effect
's I-Effect
project I-Effect
queue I-Effect
have I-Effect
improved I-Effect
and I-Effect
capital I-Effect
intensity I-Effect
reduced I-Effect
through O
cost B-Cause
deflation I-Cause
, I-Cause
improved I-Cause
performance I-Cause
, I-Cause
and I-Cause
design I-Cause
standardization I-Cause
. O

That O
said O
, O
recent B-Cause
results I-Cause
in I-Cause
the I-Cause
Catarina I-Cause
and I-Cause
Tilden I-Cause
areas I-Cause
have I-Cause
been I-Cause
much I-Cause
stronger I-Cause
than I-Cause
expected I-Cause
, O
suggesting O
that O
any B-Effect
deterioration I-Effect
in I-Effect
performance I-Effect
after I-Effect
the I-Effect
exhaustion I-Effect
of I-Effect
Murphy I-Effect
's I-Effect
Karnes I-Effect
acreage I-Effect
may I-Effect
not I-Effect
be I-Effect
as I-Effect
severe I-Effect
as I-Effect
we I-Effect
once I-Effect
feared I-Effect
. O

We O
expect O
ASML B-Effect
to I-Effect
see I-Effect
material I-Effect
benefits I-Effect
from I-Effect
sales I-Effect
of I-Effect
its I-Effect
EUV I-Effect
lithography I-Effect
tools I-Effect
for O
its B-Cause
foundry I-Cause
customers I-Cause
' I-Cause
5-nm I-Cause
process I-Cause
nodes I-Cause
and I-Cause
Intel I-Cause
's I-Cause
7-nm I-Cause
process I-Cause
. O

However O
, O
exploration B-Effect
has I-Effect
been I-Effect
scaled I-Effect
back I-Effect
because O
of O
capital B-Cause
spending I-Cause
cuts I-Cause
, I-Cause
calling I-Cause
into I-Cause
question I-Cause
the I-Cause
timing I-Cause
of I-Cause
any I-Cause
future I-Cause
resource I-Cause
potential I-Cause
and I-Cause
the I-Cause
longevity I-Cause
of I-Cause
Gran I-Cause
Tierra I-Cause
's I-Cause
Colombian I-Cause
production I-Cause
. O

With O
a B-Cause
fast-turning I-Cause
inventory I-Cause
of I-Cause
high-value I-Cause
branded I-Cause
merchandise I-Cause
, O
Ross B-Effect
' I-Effect
store I-Effect
experience I-Effect
and I-Effect
value I-Effect
proposition I-Effect
should I-Effect
continue I-Effect
to I-Effect
resonate I-Effect
once I-Effect
conditions I-Effect
normalize I-Effect
after I-Effect
the I-Effect
pandemic I-Effect
ebbs I-Effect
. O

Amazon B-Cause
has I-Cause
been I-Cause
insourcing I-Cause
more I-Cause
of I-Cause
its I-Cause
own I-Cause
last-mile I-Cause
delivery I-Cause
needs I-Cause
at I-Cause
a I-Cause
rapid I-Cause
pace I-Cause
to O
supplement B-Effect
capacity I-Effect
access O
amid O
robust O
growth O
. O

Analog B-Cause
chips I-Cause
tend I-Cause
to I-Cause
make I-Cause
up I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
a I-Cause
product I-Cause
's I-Cause
bill I-Cause
of I-Cause
materials I-Cause
, O
so O
purchasing B-Cause
decisions I-Cause
tend I-Cause
to I-Cause
be I-Cause
based I-Cause
on I-Cause
performance I-Cause
rather I-Cause
than I-Cause
price I-Cause
, O
helping O
NXP B-Effect
and I-Effect
its I-Effect
peers I-Effect
retain I-Effect
pricing I-Effect
power I-Effect
. O

In O
addition O
, O
Kraft O
generates O
just O
over O
20 O
% O
of O
its O
sales O
from O
Walmart O
, O
and O
its B-Effect
bargaining I-Effect
clout I-Effect
could I-Effect
diminish I-Effect
as O
the B-Cause
base I-Cause
of I-Cause
retail I-Cause
outlets I-Cause
consolidates I-Cause
and I-Cause
market I-Cause
share I-Cause
shifts I-Cause
to I-Cause
mass I-Cause
merchants I-Cause
and I-Cause
warehouse I-Cause
clubs I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
traditional I-Cause
grocery I-Cause
stores I-Cause
. O

Tightening B-Cause
environmental I-Cause
compliance I-Cause
regulations I-Cause
could O
require O
significant O
capital O
investment O
or O
added O
operating O
costs O
that O
may B-Effect
have I-Effect
uncertain I-Effect
cost I-Effect
recovery I-Effect
in O
unregulated B-Cause
power I-Cause
markets I-Cause
or I-Cause
traditional I-Cause
regulated I-Cause
rates I-Cause
. O

Both B-Effect
Boeing I-Effect
and I-Effect
Airbus I-Effect
are I-Effect
attempting I-Effect
to I-Effect
eat I-Effect
into I-Effect
the I-Effect
historically I-Effect
higher I-Effect
margins I-Effect
of I-Effect
their I-Effect
suppliers I-Effect
by O
dual-sourcing B-Cause
more I-Cause
components I-Cause
and I-Cause
cost-saving I-Cause
initiatives I-Cause
such I-Cause
as I-Cause
Partnership I-Cause
for I-Cause
Success I-Cause
. O

Beyond B-Cause
this I-Cause
tie-up I-Cause
, I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
quarters I-Cause
, I-Cause
we I-Cause
expect I-Cause
products I-Cause
( I-Cause
like I-Cause
laundry I-Cause
and I-Cause
vitamins I-Cause
) I-Cause
will I-Cause
continue I-Cause
to I-Cause
be I-Cause
in I-Cause
high I-Cause
demand I-Cause
as I-Cause
a I-Cause
focus I-Cause
on I-Cause
wellness I-Cause
and I-Cause
cleaning I-Cause
remains I-Cause
at I-Cause
the I-Cause
forefront I-Cause
for I-Cause
consumers. O
As O
such O
, O
we O
expect O
9.3 B-Effect
% I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
for I-Effect
the I-Effect
full I-Effect
year I-Effect
( I-Effect
slightly I-Effect
above I-Effect
management I-Effect
's I-Effect
revised I-Effect
outlook I-Effect
for I-Effect
organic I-Effect
sales I-Effect
growth I-Effect
of I-Effect
approximately I-Effect
9 I-Effect
% I-Effect
) I-Effect
. O

If O
the B-Cause
Grail I-Cause
technology I-Cause
does I-Cause
not I-Cause
meet I-Cause
expectations I-Cause
, O
management B-Effect
's I-Effect
acquisition I-Effect
strategy I-Effect
and I-Effect
the I-Effect
board I-Effect
's I-Effect
oversight I-Effect
of I-Effect
that I-Effect
strategy I-Effect
-- I-Effect
the I-Effect
key I-Effect
ESG I-Effect
risk I-Effect
the I-Effect
company I-Effect
faces I-Effect
, I-Effect
in I-Effect
our I-Effect
opinion I-Effect
-- I-Effect
could I-Effect
come I-Effect
into I-Effect
question I-Effect
. O

The B-Effect
boating I-Effect
industry I-Effect
remains I-Effect
fragmented I-Effect
, O
indicating B-Cause
a I-Cause
competitive I-Cause
landscape I-Cause
, I-Cause
which I-Cause
includes I-Cause
several I-Cause
key I-Cause
players I-Cause
that I-Cause
can I-Cause
intermittently I-Cause
compete I-Cause
on I-Cause
price I-Cause
to I-Cause
take I-Cause
market I-Cause
share I-Cause
. I-Cause

However O
, O
after O
gaining B-Effect
distribution I-Effect
through O
these B-Cause
retailers I-Cause
, O
McCormick O
subsequently O
ran O
tests O
to O
showcase O
that O
by O
stocking O
an O
increased O
mix O
of O
higher-margin O
branded O
products O
, O
category O
sales O
for O
the O
retailer O
edged O
up O
. O

We B-Effect
model I-Effect
lower I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
18.5 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
( I-Effect
compared I-Effect
with I-Effect
the I-Effect
37 I-Effect
% I-Effect
three-year I-Effect
historical I-Effect
average I-Effect
) I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
pandemic I-Cause
, O
followed O
by O
20 O
% O
-32 O
% O
growth O
through O
2024 O
. O

While O
this O
pressures O
Biogen O
's O
profit O
share O
, O
subcutaneous B-Cause
Rituxan I-Cause
as I-Cause
well I-Cause
as I-Cause
novel I-Cause
antibody I-Cause
Gazyva I-Cause
will O
allow O
for O
extended B-Effect
( I-Effect
albeit I-Effect
smaller I-Effect
) I-Effect
oncology I-Effect
profit I-Effect
share I-Effect
. O

After B-Effect
updating I-Effect
our I-Effect
model I-Effect
for I-Effect
Plains I-Effect
' I-Effect
third-quarter I-Effect
results I-Effect
, I-Effect
we I-Effect
are I-Effect
reducing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
15 I-Effect
per I-Effect
unit I-Effect
from I-Effect
$ I-Effect
18 I-Effect
as O
we B-Cause
incorporate I-Cause
a I-Cause
weaker I-Cause
recovery I-Cause
and I-Cause
lower I-Cause
S I-Cause
& I-Cause
L I-Cause
contributions I-Cause
in I-Cause
2021 I-Cause
. O

We B-Effect
assume I-Effect
a I-Effect
9 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
in I-Effect
our I-Effect
discounted I-Effect
cash I-Effect
flow I-Effect
valuation I-Effect
, I-Effect
higher I-Effect
than I-Effect
our I-Effect
assumptions I-Effect
for I-Effect
other I-Effect
regulated I-Effect
utilities I-Effect
given O
the B-Cause
regulatory I-Cause
risk I-Cause
PG I-Cause
& I-Cause
E I-Cause
faces I-Cause
. O

We B-Cause
estimate I-Cause
the I-Cause
equity I-Cause
investments I-Cause
only I-Cause
make I-Cause
up I-Cause
around I-Cause
40 I-Cause
% I-Cause
of I-Cause
Julius I-Cause
Baer I-Cause
's I-Cause
assets I-Cause
under I-Cause
management I-Cause
, O
which O
somewhat O
limits B-Effect
the I-Effect
impact I-Effect
of I-Effect
the I-Effect
downturn I-Effect
. O

Finally O
, O
we O
think O
any B-Effect
streamlining I-Effect
of I-Effect
convoluted I-Effect
zoning I-Effect
codes I-Effect
could I-Effect
pose I-Effect
a I-Effect
risk I-Effect
by O
reducing B-Cause
supply I-Cause
constraints I-Cause
in I-Cause
urban I-Cause
agglomerations I-Cause
. O

We B-Effect
're I-Effect
decreasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Darden I-Effect
to I-Effect
$ I-Effect
104 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
106 I-Effect
due O
to O
prolonged B-Cause
headwinds I-Cause
related I-Cause
to I-Cause
continued I-Cause
dining I-Cause
restrictions I-Cause
. O

When O
Masimo O
is O
selected O
for O
integration O
, O
the B-Cause
OEM I-Cause
installs I-Cause
Masimo I-Cause
circuit I-Cause
boards I-Cause
into I-Cause
its I-Cause
monitors I-Cause
, O
enabling O
compatibility B-Effect
with I-Effect
Masimo I-Effect
pulse I-Effect
oximeters I-Effect
. O

Automakers B-Cause
have I-Cause
to I-Cause
set I-Cause
up I-Cause
assembly I-Cause
operations I-Cause
in I-Cause
various I-Cause
countries I-Cause
because O
of O
logistics B-Cause
and I-Cause
currency I-Cause
effects I-Cause
but O
mainly O
in O
order O
to O
meet B-Effect
governments I-Effect
' I-Effect
requirements I-Effect
to I-Effect
be I-Effect
considered I-Effect
local I-Effect
vehicle I-Effect
production I-Effect
. O

We O
are O
reducing B-Effect
our I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
medium I-Effect
from I-Effect
high I-Effect
, O
as O
we O
believe O
uncertainty B-Cause
around I-Cause
the I-Cause
potential I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
on I-Cause
the I-Cause
business I-Cause
and I-Cause
on I-Cause
capital I-Cause
markets I-Cause
has I-Cause
subsided I-Cause
. O

When O
chipmakers B-Cause
operate I-Cause
numerous I-Cause
fabs I-Cause
around I-Cause
the I-Cause
world I-Cause
, O
maximizing B-Effect
throughput I-Effect
and I-Effect
reducing I-Effect
process I-Effect
variability I-Effect
across I-Effect
their I-Effect
fleet I-Effect
of I-Effect
tools I-Effect
are I-Effect
top I-Effect
priorities I-Effect
. O

We O
expect O
that O
the B-Cause
firm I-Cause
will I-Cause
continue I-Cause
to I-Cause
leverage I-Cause
strong I-Cause
ratings I-Cause
and I-Cause
audience I-Cause
loyalty I-Cause
to O
grow B-Effect
affiliate I-Effect
fees I-Effect
for I-Effect
Fox I-Effect
News I-Effect
faster I-Effect
than I-Effect
the I-Effect
average I-Effect
channel I-Effect
. O

As O
more B-Effect
users I-Effect
post I-Effect
pins I-Effect
or I-Effect
save I-Effect
pins I-Effect
on I-Effect
their I-Effect
boards I-Effect
, I-Effect
other I-Effect
users I-Effect
benefit I-Effect
as O
they B-Cause
come I-Cause
across I-Cause
more I-Cause
products I-Cause
and I-Cause
ideas I-Cause
that I-Cause
help I-Cause
answer I-Cause
their I-Cause
questions I-Cause
, I-Cause
creating I-Cause
a B-Effect
network I-Effect
effect I-Effect
. O

Changes B-Cause
in I-Cause
reimbursement I-Cause
, I-Cause
the I-Cause
penetration I-Cause
of I-Cause
high-deductible I-Cause
plans I-Cause
, I-Cause
and I-Cause
more I-Cause
substantial I-Cause
cost-sharing I-Cause
measures I-Cause
have O
also O
left B-Cause
patients I-Cause
with I-Cause
a I-Cause
larger I-Cause
out-of-pocket I-Cause
burden I-Cause
, O
which O
could O
become B-Effect
a I-Effect
perennial I-Effect
drag I-Effect
on I-Effect
growth I-Effect
in I-Effect
diagnostics I-Effect
. O

Scale B-Cause
and I-Cause
deepening I-Cause
commercial I-Cause
relationships I-Cause
should I-Cause
help I-Cause
O'Reilly I-Cause
curry I-Cause
favor I-Cause
with I-Cause
vendors I-Cause
and I-Cause
efficiently I-Cause
manage I-Cause
inventory I-Cause
, O
leading O
its B-Effect
payables/inventory I-Effect
ratio I-Effect
to I-Effect
rise I-Effect
from I-Effect
104 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
111 I-Effect
% I-Effect
by I-Effect
2026 I-Effect
, I-Effect
approximating I-Effect
AutoZone I-Effect
's I-Effect
recent I-Effect
marks I-Effect
. O

For O
CP O
, O
coal B-Effect
has I-Effect
historically I-Effect
made I-Effect
up I-Effect
a I-Effect
larger I-Effect
proportion I-Effect
of I-Effect
its I-Effect
portfolio I-Effect
than I-Effect
it I-Effect
does I-Effect
for I-Effect
peer I-Effect
CN I-Effect
due O
to O
its B-Cause
agreement I-Cause
with I-Cause
Teck I-Cause
Resources I-Cause
to I-Cause
haul I-Cause
cost I-Cause
advantaged I-Cause
met I-Cause
coal I-Cause
for I-Cause
export I-Cause
. O

Electronic B-Cause
Gaming I-Cause
& I-Cause
MultimediaThese I-Cause
franchises I-Cause
can O
also O
spawn B-Effect
games I-Effect
that I-Effect
move I-Effect
the I-Effect
company I-Effect
into I-Effect
new I-Effect
arenas I-Effect
such O
as O
F2P O
( O
Hearthstone O
from O
WoW O
) O
and O
China O
( O
Call O
of O
Duty O
Online O
) O
. O

Because O
of O
the B-Cause
demand I-Cause
rebound I-Cause
, O
total B-Effect
net I-Effect
revenue I-Effect
jumped I-Effect
11 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
while O
EBIT B-Effect
margin I-Effect
( I-Effect
calculated I-Effect
off I-Effect
net I-Effect
revenue I-Effect
) I-Effect
rose I-Effect
to I-Effect
32.1 I-Effect
% I-Effect
( I-Effect
from I-Effect
29.1 I-Effect
% I-Effect
) I-Effect
on B-Cause
the I-Cause
back I-Cause
of I-Cause
solid I-Cause
net I-Cause
revenue I-Cause
growth I-Cause
. O

Eni B-Effect
's I-Effect
primary I-Effect
ESG I-Effect
risk I-Effect
stems O
from O
carbon B-Cause
emissions I-Cause
in I-Cause
its I-Cause
operations I-Cause
and I-Cause
use I-Cause
of I-Cause
its I-Cause
products I-Cause
, I-Cause
emissions I-Cause
, I-Cause
effluents I-Cause
, I-Cause
and I-Cause
waste I-Cause
generated I-Cause
in I-Cause
operations I-Cause
such O
as O
oil O
spills O
and O
poor O
community O
relations O
. O

The B-Cause
shift I-Cause
in I-Cause
the I-Cause
competitive I-Cause
environment I-Cause
from I-Cause
what I-Cause
is I-Cause
essentially I-Cause
an I-Cause
oligopoly I-Cause
to I-Cause
a I-Cause
situation I-Cause
where I-Cause
Pearson I-Cause
may I-Cause
find I-Cause
itself I-Cause
competing I-Cause
against I-Cause
smaller I-Cause
, O
nimbler B-Effect
education-tech I-Effect
companies I-Effect
has I-Effect
the I-Effect
potential I-Effect
to I-Effect
be I-Effect
highly I-Effect
disruptive I-Effect
. O

Over O
the O
longer O
term O
, O
we O
assume O
robust B-Effect
growth I-Effect
from I-Effect
interventional I-Effect
cardiology I-Effect
, I-Effect
CRM I-Effect
, I-Effect
and I-Effect
neuromodulation I-Effect
through I-Effect
the I-Effect
midterm I-Effect
as O
pipeline B-Cause
products I-Cause
come I-Cause
to I-Cause
fruition I-Cause
. O

In O
our O
view O
, O
the B-Cause
shift I-Cause
to I-Cause
servicing I-Cause
the I-Cause
enterprise I-Cause
customer I-Cause
segment I-Cause
alongside I-Cause
its I-Cause
existing I-Cause
SMB I-Cause
base I-Cause
has O
cemented B-Effect
Fortinet I-Effect
's I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
. O

Margins B-Effect
had O
been O
steadily O
contracting O
because O
of O
rising B-Cause
spending I-Cause
for I-Cause
Veoneer I-Cause
's I-Cause
advanced I-Cause
driver I-Cause
assist I-Cause
and I-Cause
autonomous I-Cause
driving I-Cause
technologies I-Cause
as I-Cause
well I-Cause
as I-Cause
investment I-Cause
needed I-Cause
to I-Cause
support I-Cause
customers I-Cause
that O
were O
impacted O
by O
the O
worldwide O
recall O
of O
defective O
Takata O
airbag O
inflators O
. O

Further O
, O
we O
expect O
the B-Cause
company I-Cause
to I-Cause
benefit I-Cause
from I-Cause
operating I-Cause
leverage I-Cause
as I-Cause
well I-Cause
as I-Cause
lower I-Cause
acquisition-related I-Cause
costs I-Cause
over I-Cause
the I-Cause
explicit I-Cause
forecast I-Cause
period I-Cause
, O
resulting O
in O
a B-Effect
2024 I-Effect
operating I-Effect
margin I-Effect
of I-Effect
24 I-Effect
% I-Effect
compared I-Effect
with I-Effect
15 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

With B-Cause
the I-Cause
enlarged I-Cause
AB I-Cause
InBev I-Cause
having I-Cause
increased I-Cause
its I-Cause
cost I-Cause
advantage I-Cause
over I-Cause
its I-Cause
competitors I-Cause
, O
we O
think O
it B-Effect
is I-Effect
critical I-Effect
that I-Effect
Heineken I-Effect
focuses I-Effect
on I-Effect
its I-Effect
cost I-Effect
structure I-Effect
. O

By O
the O
end O
of O
this O
boom O
, O
the B-Effect
two I-Effect
companies I-Effect
' I-Effect
combined I-Effect
share I-Effect
had I-Effect
perhaps I-Effect
fallen I-Effect
closer I-Effect
to I-Effect
60 I-Effect
% I-Effect
based O
on O
increasing B-Cause
competition I-Cause
from I-Cause
second-tier I-Cause
players I-Cause
like I-Cause
Russia I-Cause
's I-Cause
TMK I-Cause
and I-Cause
U.S I-Cause
. O

Apple B-Effect
's I-Effect
integration I-Effect
of I-Effect
hardware I-Effect
and I-Effect
software I-Effect
also I-Effect
supports I-Effect
its I-Effect
developer I-Effect
networks I-Effect
, O
as O
Apple B-Cause
knows I-Cause
that I-Cause
iOS I-Cause
will I-Cause
be I-Cause
loaded I-Cause
on I-Cause
to I-Cause
only I-Cause
a I-Cause
handful I-Cause
of I-Cause
screen I-Cause
sizes I-Cause
or I-Cause
iPhone I-Cause
models I-Cause
, I-Cause
versus I-Cause
the I-Cause
hundreds I-Cause
of I-Cause
devices I-Cause
and I-Cause
manufacturers I-Cause
that I-Cause
support I-Cause
Android I-Cause
. I-Cause

Most O
of O
its O
stores O
and O
those O
of O
its O
wholesale O
partners O
were O
forced O
to O
close O
temporarily O
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
which O
negatively B-Effect
affected I-Effect
its I-Effect
results I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
and I-Effect
2021 I-Effect
. O

Online B-Effect
ad I-Effect
revenue I-Effect
is I-Effect
expected I-Effect
to I-Effect
see I-Effect
a I-Effect
10-year I-Effect
CAGR I-Effect
of I-Effect
11 I-Effect
% I-Effect
, O
driven O
by O
the B-Cause
gradual I-Cause
yet I-Cause
inevitable I-Cause
increase I-Cause
in I-Cause
ad I-Cause
inventories I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
Moments I-Cause
and I-Cause
miniprograms I-Cause
) I-Cause
and I-Cause
ad I-Cause
formats I-Cause
, I-Cause
the I-Cause
continuous I-Cause
shift I-Cause
of I-Cause
marketing I-Cause
budgets I-Cause
to I-Cause
online I-Cause
and I-Cause
social I-Cause
media I-Cause
, I-Cause
and I-Cause
improving I-Cause
advertising I-Cause
technologies I-Cause
in I-Cause
targeting I-Cause
and I-Cause
conversion I-Cause
. O

We O
believe O
smaller B-Cause
local I-Cause
and I-Cause
regional I-Cause
competitors I-Cause
will O
struggle O
to O
win O
market O
share O
in O
these O
niche O
markets O
, O
allowing O
Ferguson B-Effect
to I-Effect
maintain I-Effect
its I-Effect
strong I-Effect
market I-Effect
share I-Effect
positions I-Effect
. O

As O
with O
other O
companies O
under O
our O
coverage O
that O
have B-Cause
self-service I-Cause
models I-Cause
and I-Cause
include I-Cause
SMB I-Cause
in I-Cause
their I-Cause
customer I-Cause
base I-Cause
, O
customer B-Effect
churn I-Effect
is I-Effect
likely I-Effect
elevated I-Effect
. O

Finally O
, O
the O
on-site O
segment O
has O
the B-Effect
highest I-Effect
switching I-Effect
costs I-Effect
, O
because O
switching B-Cause
to I-Cause
another I-Cause
supplier I-Cause
might I-Cause
require I-Cause
a I-Cause
substantial I-Cause
cost I-Cause
to I-Cause
convert I-Cause
or I-Cause
purchase I-Cause
new I-Cause
equipment I-Cause
. O

The B-Effect
main I-Effect
point I-Effect
of I-Effect
uncertainty I-Effect
for I-Effect
the I-Effect
firm I-Effect
is O
that O
the B-Cause
performance I-Cause
of I-Cause
many I-Cause
of I-Cause
its I-Cause
business I-Cause
lines I-Cause
are I-Cause
tied I-Cause
directly I-Cause
to I-Cause
market I-Cause
events I-Cause
. O

The B-Cause
specialty I-Cause
products I-Cause
business I-Cause
packages I-Cause
and I-Cause
distributes I-Cause
ethylene I-Cause
oxide I-Cause
for I-Cause
the I-Cause
sterilization I-Cause
of I-Cause
medical I-Cause
devices I-Cause
and I-Cause
propylene I-Cause
oxide I-Cause
to O
protect O
against O
insects B-Effect
and I-Effect
the I-Effect
microbiological I-Effect
spoilage I-Effect
of I-Effect
food I-Effect
. O

On O
the O
one O
side O
, O
all B-Cause
the I-Cause
aforementioned I-Cause
products I-Cause
have I-Cause
provided I-Cause
Google I-Cause
with I-Cause
a I-Cause
massive I-Cause
consumer I-Cause
base I-Cause
that O
allows O
the B-Effect
company I-Effect
to I-Effect
collect I-Effect
data I-Effect
. O

Over O
our O
forecast O
period O
, O
we B-Effect
use I-Effect
an I-Effect
average I-Effect
investment I-Effect
yield I-Effect
on I-Effect
securities I-Effect
of I-Effect
about I-Effect
3 I-Effect
% I-Effect
, O
as O
interest B-Cause
rates I-Cause
have I-Cause
recently I-Cause
fallen I-Cause
, O
but O
project O
the O
investment O
yield O
to O
be O
above O
4 O
% O
in O
the O
long O
run O
in O
a O
more O
normalized O
interest-rate O
environment O
. O

AutoZone B-Cause
has I-Cause
invested I-Cause
heavily I-Cause
in O
its O
own-brand O
products O
, O
creating B-Effect
a I-Effect
reputation I-Effect
for O
its O
Duralast O
, O
Valucraft O
, O
SureBilt O
, O
and O
ProElite O
offerings O
through O
advertising O
and O
the O
recommendations O
of O
the O
company O
's O
trusted O
sales O
staff O
. O

Last O
, O
the B-Cause
firm I-Cause
's I-Cause
$ I-Cause
22.5 I-Cause
million I-Cause
settlement I-Cause
on I-Cause
a I-Cause
gender I-Cause
discrimination I-Cause
lawsuit I-Cause
filed I-Cause
by I-Cause
its I-Cause
former I-Cause
COO I-Cause
, O
which O
is O
indicative O
of O
human O
capital O
ESG O
risk O
, O
may O
have O
a B-Effect
long I-Effect
term I-Effect
negative I-Effect
impact I-Effect
on I-Effect
the I-Effect
platform I-Effect
's I-Effect
user I-Effect
base I-Effect
, O
which O
is O
tilted O
more O
toward O
females O
. O

We O
contend O
that O
Kroger B-Cause
's I-Cause
vast I-Cause
trove I-Cause
of I-Cause
customer I-Cause
data I-Cause
reflects I-Cause
and I-Cause
constitutes I-Cause
a I-Cause
powerful I-Cause
intangible I-Cause
asset I-Cause
that O
should O
unlock B-Effect
opportunities I-Effect
for I-Effect
targeted I-Effect
advertising I-Effect
and I-Effect
promotions I-Effect
, I-Effect
in-store I-Effect
advertising I-Effect
, O
assortment O
optimization O
, O
and O
analytics O
sales O
to O
vendors O
. O

We B-Effect
rate I-Effect
Stryker I-Effect
's I-Effect
uncertainty I-Effect
as I-Effect
medium O
, O
reflecting O
the B-Cause
company I-Cause
's I-Cause
widely I-Cause
diversified I-Cause
product I-Cause
lineup I-Cause
in I-Cause
categories I-Cause
that I-Cause
are I-Cause
relatively I-Cause
insulated I-Cause
from I-Cause
macroeconomic I-Cause
conditions I-Cause
. O

The O
COVID-19-related O
revenue O
, O
particularly O
Veritor O
, O
should O
stay O
robust O
in O
2021 O
but O
the B-Cause
company I-Cause
needs I-Cause
almost I-Cause
flawless I-Cause
execution I-Cause
in I-Cause
the I-Cause
upcoming I-Cause
year I-Cause
to O
reverse O
investors B-Effect
' I-Effect
growing I-Effect
skepticism I-Effect
regarding I-Effect
its I-Effect
performance I-Effect
. O

Additional B-Effect
ESG I-Effect
risks I-Effect
include I-Effect
potential I-Effect
patent I-Effect
litigation I-Effect
as O
the B-Cause
company I-Cause
relies I-Cause
on I-Cause
new I-Cause
technology I-Cause
to I-Cause
improve I-Cause
its I-Cause
EVs I-Cause
and I-Cause
energy I-Cause
storage I-Cause
systems I-Cause
. O

A B-Cause
$ I-Cause
325 I-Cause
million I-Cause
contract I-Cause
with I-Cause
Refinitiv I-Cause
to I-Cause
provide I-Cause
content I-Cause
through I-Cause
2048 I-Cause
is O
essentially O
a O
zero-margin O
proposition O
, O
impeding O
any B-Effect
ability I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

Furthermore O
, O
China B-Cause
has I-Cause
a I-Cause
shortage I-Cause
of I-Cause
protein I-Cause
after O
a B-Cause
2019 I-Cause
outbreak I-Cause
of I-Cause
African I-Cause
swine I-Cause
fever I-Cause
resulted O
in O
a O
40 B-Effect
% I-Effect
reduction I-Effect
in I-Effect
the I-Effect
country I-Effect
's I-Effect
hog I-Effect
population I-Effect
. O

Additionally O
, O
community B-Cause
members I-Cause
often I-Cause
act I-Cause
as I-Cause
a I-Cause
hurdle I-Cause
for I-Cause
self-storage I-Cause
development I-Cause
, I-Cause
as I-Cause
these I-Cause
facilities I-Cause
are I-Cause
viewed I-Cause
more I-Cause
negatively I-Cause
than I-Cause
residential I-Cause
properties I-Cause
or I-Cause
manufacturing I-Cause
facilities I-Cause
that I-Cause
could I-Cause
provide I-Cause
housing I-Cause
and I-Cause
jobs I-Cause
that I-Cause
could I-Cause
increase I-Cause
the I-Cause
surrounding I-Cause
property I-Cause
value. O
Therefore O
, O
it B-Effect
can I-Effect
occasionally I-Effect
take I-Effect
years I-Effect
to I-Effect
gain I-Effect
approval I-Effect
to I-Effect
build I-Effect
new I-Effect
facilities I-Effect
in I-Effect
core I-Effect
, I-Effect
crowded I-Effect
markets I-Effect
, I-Effect
which I-Effect
has I-Effect
occurred I-Effect
for I-Effect
Extra I-Effect
Space I-Effect
. O

We O
think O
this B-Effect
trend I-Effect
will I-Effect
continue I-Effect
playing I-Effect
out I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
decades I-Effect
, O
as O
aircraft B-Cause
development I-Cause
and I-Cause
replacement I-Cause
is I-Cause
a I-Cause
slow I-Cause
process I-Cause
and I-Cause
several I-Cause
important I-Cause
aircraft I-Cause
types I-Cause
, I-Cause
notably I-Cause
narrow-bodies I-Cause
, I-Cause
have I-Cause
low I-Cause
composite I-Cause
penetration I-Cause
, O
so O
we B-Effect
view I-Effect
Hexcel I-Effect
as I-Effect
a I-Effect
long-term I-Effect
growth I-Effect
story I-Effect
within I-Effect
aerospace I-Effect
. O

We O
expect O
cybersecurity B-Effect
vendors I-Effect
to I-Effect
benefit I-Effect
from I-Effect
enterprises I-Effect
continually I-Effect
investing I-Effect
in I-Effect
cybersecurity I-Effect
protection I-Effect
due O
to O
the B-Cause
exponentially I-Cause
growing I-Cause
amount I-Cause
of I-Cause
data I-Cause
and I-Cause
increased I-Cause
quantity I-Cause
of I-Cause
network I-Cause
end I-Cause
point I-Cause
connections I-Cause
creating I-Cause
additional I-Cause
threat I-Cause
opportunities I-Cause
. O

Despite O
the O
bill O
failing O
to O
pass O
, O
it O
remains O
clear O
that O
the B-Effect
regulatory I-Effect
environment I-Effect
can I-Effect
at I-Effect
times I-Effect
change I-Effect
once O
the B-Cause
incentive I-Cause
for I-Cause
doing I-Cause
so I-Cause
is I-Cause
widely I-Cause
recognized I-Cause
. O

As O
the B-Cause
navy I-Cause
plans I-Cause
to I-Cause
procure I-Cause
Columbia-class I-Cause
boats I-Cause
through I-Cause
2042 I-Cause
, O
we B-Effect
remain I-Effect
confident I-Effect
in I-Effect
the I-Effect
cash I-Effect
flow-generating I-Effect
capacity I-Effect
of I-Effect
the I-Effect
segment I-Effect
without O
needing O
to O
consider O
future O
contract O
wins O
. O

This O
market O
structure O
has O
enabled O
Sky B-Cause
to I-Cause
offer I-Cause
multiple I-Cause
telecom I-Cause
services I-Cause
to I-Cause
its I-Cause
customers I-Cause
, O
reducing B-Effect
the I-Effect
bundling I-Effect
disadvantage I-Effect
it I-Effect
faces I-Effect
. O

We O
expect O
that O
Wesco O
will O
continue O
to O
pursue O
strategic O
acquisitions O
, O
the O
success O
of O
which O
is O
uncertain O
, O
and O
a O
variety O
of O
factors O
, O
such O
as O
unfavorable B-Cause
deal I-Cause
terms I-Cause
, I-Cause
integration I-Cause
issues I-Cause
, I-Cause
and I-Cause
subsequent I-Cause
acquisition I-Cause
underperformance I-Cause
, O
could O
destroy B-Effect
shareholder I-Effect
value I-Effect
. O

Following B-Effect
significant I-Effect
core I-Effect
sales I-Effect
declines I-Effect
across I-Effect
all I-Effect
four I-Effect
segments I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
forecast O
an O
average O
annual O
organic O
revenue O
growth O
rate O
for O
the O
firm O
of O
approximately O
6 O
% O
through O
2025 O
. O

We O
believe O
these B-Cause
moves I-Cause
, I-Cause
coupled I-Cause
with I-Cause
smart I-Cause
investment I-Cause
in I-Cause
the I-Cause
core I-Cause
business I-Cause
, O
have O
added B-Effect
value I-Effect
and I-Effect
enhanced I-Effect
NBCU I-Effect
's I-Effect
competitive I-Effect
position I-Effect
. O

Furthermore O
, O
since O
water B-Cause
utilities I-Cause
tend I-Cause
to I-Cause
be I-Cause
risk-averse I-Cause
, O
they B-Effect
do I-Effect
not I-Effect
typically I-Effect
replace I-Effect
an I-Effect
individual I-Effect
pump I-Effect
that I-Effect
is I-Effect
part I-Effect
of I-Effect
a I-Effect
pumping I-Effect
network I-Effect
with I-Effect
an I-Effect
alternative I-Effect
one I-Effect
that I-Effect
uses I-Effect
different I-Effect
technology I-Effect
. O

Pathways O
as O
a O
result O
of O
Brexit B-Cause
are O
plentiful O
, O
some O
of O
which O
include O
friction B-Effect
in I-Effect
the I-Effect
resolution I-Effect
of I-Effect
tariffs I-Effect
, I-Effect
a I-Effect
decline I-Effect
in I-Effect
trade I-Effect
, I-Effect
and I-Effect
a I-Effect
decrease I-Effect
in I-Effect
foreign I-Effect
direct I-Effect
investments I-Effect
, I-Effect
all I-Effect
negatives I-Effect
for I-Effect
Natwest I-Effect
. O

Additionally O
, O
long-term B-Effect
price I-Effect
depreciation I-Effect
would I-Effect
expose I-Effect
the I-Effect
company I-Effect
to I-Effect
overinvestment I-Effect
risk I-Effect
, O
as O
current B-Cause
projects I-Cause
would I-Cause
see I-Cause
returns I-Cause
languish I-Cause
with O
weaker O
economics O
. O

Additionally O
, O
Malibu B-Effect
has I-Effect
solidified I-Effect
its I-Effect
presence I-Effect
in I-Effect
the I-Effect
industry I-Effect
by O
focusing B-Cause
on I-Cause
vertical I-Cause
integration I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
moving I-Cause
production I-Cause
of I-Cause
its I-Cause
towers I-Cause
( I-Cause
overhead I-Cause
frames I-Cause
mounted I-Cause
to I-Cause
the I-Cause
hull I-Cause
) I-Cause
in-house I-Cause
and I-Cause
developing I-Cause
its I-Cause
own I-Cause
lines I-Cause
of I-Cause
engines I-Cause
, I-Cause
trailers I-Cause
, I-Cause
and I-Cause
trailer I-Cause
accessories I-Cause
. O

FirstEnergy B-Cause
is I-Cause
on I-Cause
track I-Cause
to I-Cause
restore I-Cause
its I-Cause
investment-grade I-Cause
credit I-Cause
ratings I-Cause
and O
this O
should O
reduce B-Effect
the I-Effect
headwind I-Effect
on I-Effect
regulated I-Effect
transmission I-Effect
segment I-Effect
earnings I-Effect
. O

The B-Cause
$ I-Cause
700 I-Cause
million I-Cause
investment I-Cause
by O
Alibaba O
and O
Yunfeng O
in O
NetEase O
cloud O
music O
should O
help B-Effect
NetEase I-Effect
to I-Effect
improve I-Effect
its I-Effect
position I-Effect
in I-Effect
the I-Effect
music I-Effect
industry I-Effect
. O

ASML B-Cause
's I-Cause
immersion I-Cause
lithography I-Cause
tools I-Cause
have O
allowed O
the B-Effect
company I-Effect
to I-Effect
capture I-Effect
and I-Effect
maintain I-Effect
the I-Effect
leading I-Effect
position I-Effect
in I-Effect
the I-Effect
marketplace I-Effect
, O
while O
competitors O
like O
Nikon O
and O
Canon O
do O
not O
have O
the O
scale O
or O
resources O
to O
compete O
in O
EUV O
. O

In O
our O
view O
, O
Western B-Effect
would I-Effect
be I-Effect
unable I-Effect
to I-Effect
charge I-Effect
a I-Effect
premium I-Effect
for I-Effect
its I-Effect
SSDs鈥攊n O
the B-Cause
consumer I-Cause
or I-Cause
enterprise I-Cause
market鈥攇iven I-Cause
other I-Cause
near-identical I-Cause
offerings I-Cause
at I-Cause
a I-Cause
lower I-Cause
cost I-Cause
per I-Cause
gigabyte I-Cause
. O

National B-Cause
scale I-Cause
enables I-Cause
Capital I-Cause
One I-Cause
to I-Cause
have I-Cause
a I-Cause
diversified I-Cause
cardholder I-Cause
base I-Cause
across I-Cause
multiple I-Cause
geographies I-Cause
and I-Cause
FICO I-Cause
scores I-Cause
, O
which O
results B-Effect
in I-Effect
incremental I-Effect
earnings I-Effect
from I-Effect
sales I-Effect
growth I-Effect
as O
a B-Cause
large I-Cause
portion I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
costs I-Cause
are I-Cause
fixed I-Cause
. O

After O
speaking B-Cause
with I-Cause
company I-Cause
representatives I-Cause
, I-Cause
reviewing I-Cause
the I-Cause
10-Q I-Cause
, I-Cause
and I-Cause
doing I-Cause
some I-Cause
additional I-Cause
research I-Cause
, O
we B-Effect
're I-Effect
bumping I-Effect
up I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
15.30 I-Effect
from I-Effect
$ I-Effect
15.10 I-Effect
previously I-Effect
. O

Advances B-Cause
in I-Cause
lithography I-Cause
have O
been O
critical B-Effect
in I-Effect
the I-Effect
doubling I-Effect
of I-Effect
functionality I-Effect
or I-Effect
performance I-Effect
of I-Effect
a I-Effect
chip I-Effect
at I-Effect
the I-Effect
same I-Effect
cost I-Effect
. O

As O
a B-Cause
large I-Cause
producer I-Cause
of I-Cause
commodity I-Cause
chemicals I-Cause
with I-Cause
hydrocarbon-based I-Cause
feedstocks I-Cause
, O
BASF B-Effect
is I-Effect
exposed I-Effect
to I-Effect
fluctuations I-Effect
in I-Effect
oil I-Effect
and I-Effect
gas I-Effect
prices I-Effect
. O

Such O
cyclicality O
stems O
from O
the O
fact O
that O
foundries B-Cause
tend I-Cause
to I-Cause
add I-Cause
excessive I-Cause
capacity I-Cause
during O
times O
of O
burgeoning O
demand O
that O
can O
result O
in O
underutilization B-Effect
during I-Effect
downturns I-Effect
that I-Effect
hampers I-Effect
profitability I-Effect
. O

By O
virtue O
of O
the B-Cause
widespread I-Cause
penetration I-Cause
of I-Cause
Creative I-Cause
Cloud I-Cause
, O
creative B-Effect
professionals I-Effect
have I-Effect
significant I-Effect
incentive I-Effect
to I-Effect
become I-Effect
well I-Effect
versed I-Effect
in I-Effect
the I-Effect
solutions I-Effect
therein I-Effect
. O

The B-Effect
primary I-Effect
driver I-Effect
of I-Effect
higher I-Effect
earnings I-Effect
will I-Effect
be I-Effect
increased I-Effect
consumption I-Effect
of I-Effect
human-grade I-Effect
choline. O
This O
will O
be O
supported O
by O
the B-Cause
Food I-Cause
and I-Cause
Drug I-Cause
Administration I-Cause
's I-Cause
recently I-Cause
established I-Cause
reference I-Cause
dietary I-Cause
intake I-Cause
recommendation I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
increased I-Cause
inclusion I-Cause
in I-Cause
prenatal I-Cause
vitamins I-Cause
and I-Cause
better I-Cause
distribution I-Cause
. O

We B-Effect
expect I-Effect
demand I-Effect
to I-Effect
continue I-Effect
recovering I-Effect
in I-Effect
2021 I-Effect
, O
with B-Cause
revenue I-Cause
rising I-Cause
11 I-Cause
% I-Cause
-12 I-Cause
% I-Cause
on I-Cause
easier I-Cause
comparisons I-Cause
, I-Cause
industrial I-Cause
end-market I-Cause
improvement I-Cause
, I-Cause
and I-Cause
healthy I-Cause
cross-border I-Cause
refined I-Cause
product I-Cause
shipments I-Cause
. O

We O
believe O
its O
core B-Cause
telehealth I-Cause
services I-Cause
covering I-Cause
all I-Cause
healthcare I-Cause
entry I-Cause
points I-Cause
are I-Cause
a I-Cause
basis I-Cause
to I-Cause
create I-Cause
cross-selling I-Cause
opportunities I-Cause
to O
expand O
the B-Effect
company I-Effect
's I-Effect
role I-Effect
into I-Effect
a I-Effect
comprehensive I-Effect
virtual I-Effect
provider I-Effect
. O

Over O
the O
near O
term O
, O
tariffs B-Cause
and I-Cause
shipping I-Cause
costs I-Cause
could O
put B-Effect
pressure I-Effect
on I-Effect
operating I-Effect
margins I-Effect
, O
if O
the O
duration O
of O
these O
costs O
persist O
longer O
than O
we O
anticipate O
. O

We B-Cause
believe I-Cause
both I-Cause
average I-Cause
consumers I-Cause
and I-Cause
professional I-Cause
stylists I-Cause
like I-Cause
to I-Cause
shop I-Cause
for I-Cause
haircare I-Cause
, I-Cause
fragrance I-Cause
, I-Cause
and I-Cause
makeup I-Cause
in I-Cause
stores I-Cause
so O
that O
they B-Effect
can I-Effect
sample I-Effect
products I-Effect
, I-Effect
search I-Effect
for I-Effect
new I-Effect
products I-Effect
, I-Effect
and I-Effect
get I-Effect
advice I-Effect
from I-Effect
Ulta I-Effect
's I-Effect
sales I-Effect
associates I-Effect
. O

We B-Effect
assign I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
to I-Effect
Xerox I-Effect
given B-Cause
the I-Cause
state I-Cause
of I-Cause
the I-Cause
enterprise I-Cause
print I-Cause
industry I-Cause
, I-Cause
and I-Cause
how I-Cause
its I-Cause
equipment I-Cause
, I-Cause
supplies I-Cause
and I-Cause
servicing I-Cause
revenue I-Cause
declines I-Cause
could I-Cause
accelerate I-Cause
or I-Cause
decelerate I-Cause
much I-Cause
more I-Cause
than I-Cause
we I-Cause
expect I-Cause
. O

Overall O
, O
we O
view O
the B-Cause
social I-Cause
benefit I-Cause
of I-Cause
West I-Cause
products I-Cause
in I-Cause
lifesaving I-Cause
drug I-Cause
treatments I-Cause
and I-Cause
vaccines I-Cause
as I-Cause
an I-Cause
offset I-Cause
for O
the B-Effect
environmental I-Effect
impact I-Effect
of I-Effect
West I-Effect
packaging I-Effect
. O

We O
expect O
long-term B-Effect
profits I-Effect
to I-Effect
recover I-Effect
from I-Effect
higher I-Effect
prices I-Effect
and I-Effect
lower I-Effect
unit I-Effect
production I-Effect
costs I-Effect
as O
Nutrien B-Cause
continues I-Cause
to I-Cause
transition I-Cause
production I-Cause
to I-Cause
lower-cost I-Cause
mines I-Cause
from I-Cause
its I-Cause
higher-cost I-Cause
operations I-Cause
. O

Sales B-Effect
of I-Effect
Eylea I-Effect
grew I-Effect
at I-Effect
a I-Effect
double-digit I-Effect
pace I-Effect
through I-Effect
2019 I-Effect
, O
as O
sales B-Cause
outside I-Cause
the I-Cause
United I-Cause
States I-Cause
ramped I-Cause
up I-Cause
and I-Cause
usage I-Cause
in I-Cause
new I-Cause
indications I-Cause
like I-Cause
diabetic I-Cause
macular I-Cause
edema I-Cause
took I-Cause
hold I-Cause
. O

We O
are O
increasing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
57 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
55 I-Effect
per I-Effect
share I-Effect
after O
updating B-Cause
our I-Cause
model I-Cause
for I-Cause
third-quarter I-Cause
results I-Cause
and I-Cause
moderating I-Cause
the I-Cause
short-term I-Cause
impact I-Cause
of I-Cause
the I-Cause
coronavirus I-Cause
in I-Cause
our I-Cause
senior I-Cause
housing I-Cause
assumptions I-Cause
. O

The B-Effect
2013 I-Effect
Supreme I-Effect
Court I-Effect
case I-Effect
ruling I-Effect
primarily I-Effect
eroded I-Effect
the I-Effect
company I-Effect
's I-Effect
intangible I-Effect
assets I-Effect
, O
as O
competitors B-Cause
were I-Cause
able I-Cause
to I-Cause
enter I-Cause
the I-Cause
market I-Cause
and I-Cause
conduct I-Cause
testing I-Cause
on I-Cause
BRCA I-Cause
genes I-Cause
. O

Tractor O
Supply O
's O
target O
demographic O
is O
fairly B-Cause
affluent I-Cause
, O
which O
helps B-Effect
insulate I-Effect
the I-Effect
firm I-Effect
somewhat I-Effect
during I-Effect
a I-Effect
recession I-Effect
( O
generating O
same-store O
sales O
of O
1 O
% O
in O
2008 O
, O
negative O
1 O
% O
in O
2009 O
, O
and O
27 O
% O
in O
2020 O
) O
. O

As O
a O
result O
of O
this O
, O
firms B-Cause
are I-Cause
generally I-Cause
reluctant I-Cause
to I-Cause
switch I-Cause
providers I-Cause
frequently I-Cause
, O
which O
leads O
to O
high B-Effect
retention I-Effect
rates I-Effect
across I-Effect
the I-Effect
business I-Effect
. O

Both O
L-3 O
and O
Harris O
had O
high B-Cause
revenue I-Cause
exposure I-Cause
to I-Cause
the I-Cause
defense I-Cause
sensors I-Cause
business I-Cause
and I-Cause
operated I-Cause
reasonably I-Cause
similar I-Cause
businesses I-Cause
, O
so O
we O
do O
n't O
see O
major B-Effect
execution I-Effect
risks I-Effect
in I-Effect
the I-Effect
merger I-Effect
. O

Led O
by O
subscription B-Cause
products I-Cause
greatly I-Cause
outpacing I-Cause
professional I-Cause
services I-Cause
offerings I-Cause
, O
we O
model O
consolidated B-Effect
gross I-Effect
margins I-Effect
expanding I-Effect
to I-Effect
the I-Effect
high-70 I-Effect
% I-Effect
range I-Effect
in I-Effect
fiscal I-Effect
2026 I-Effect
compared I-Effect
with I-Effect
74 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
. O

The O
average O
life O
span O
of O
Fanuc O
's O
CNC O
is O
20.2 O
years O
, O
so O
throughout O
the B-Cause
years I-Cause
of I-Cause
customers I-Cause
owning I-Cause
the I-Cause
CNCs I-Cause
, I-Cause
relations I-Cause
between I-Cause
the I-Cause
service I-Cause
staff I-Cause
and I-Cause
customers I-Cause
are I-Cause
developed I-Cause
, O
which O
is B-Effect
a I-Effect
key I-Effect
source I-Effect
of I-Effect
the I-Effect
company I-Effect
's I-Effect
intangible I-Effect
asset I-Effect
. O

We O
expect O
EDU O
to O
gain O
market O
share O
post-COVID-19 O
, O
given O
that O
we B-Cause
expect I-Cause
some I-Cause
of I-Cause
the I-Cause
high-quality I-Cause
teachers I-Cause
to I-Cause
switch I-Cause
out I-Cause
of I-Cause
smaller I-Cause
tutoring I-Cause
centers I-Cause
, O
which B-Effect
gives I-Effect
EDU I-Effect
more I-Effect
opportunities I-Effect
to I-Effect
hire I-Effect
these I-Effect
good-quality I-Effect
teachers I-Effect
with I-Effect
potential I-Effect
increasing I-Effect
student I-Effect
demand I-Effect
. O

Reality B-Cause
Income I-Cause
's I-Cause
dependence I-Cause
on I-Cause
acquisitions I-Cause
to I-Cause
drive I-Cause
growth I-Cause
makes O
it O
subject B-Effect
to I-Effect
changes I-Effect
in I-Effect
the I-Effect
private I-Effect
markets I-Effect
and I-Effect
capital I-Effect
markets I-Effect
. O

Alibaba O
is O
a O
big O
data-centric O
conglomerate O
, O
with B-Cause
transaction I-Cause
data I-Cause
from I-Cause
its I-Cause
marketplaces I-Cause
, I-Cause
financial I-Cause
services I-Cause
, I-Cause
and I-Cause
logistics I-Cause
businesses I-Cause
allowing O
it B-Effect
to I-Effect
move I-Effect
into I-Effect
cloud I-Effect
computing I-Effect
, I-Effect
media/entertainment I-Effect
, I-Effect
and I-Effect
online-to-offline I-Effect
services I-Effect
. O

Demographic B-Cause
shifts I-Cause
, I-Cause
an I-Cause
increasing I-Cause
number I-Cause
of I-Cause
meals I-Cause
prepared I-Cause
at I-Cause
home I-Cause
, I-Cause
increased I-Cause
consumer I-Cause
demand I-Cause
for I-Cause
delivery I-Cause
and I-Cause
other I-Cause
off-premises I-Cause
solutions I-Cause
, I-Cause
emergent I-Cause
fast-casual I-Cause
concepts I-Cause
, I-Cause
and I-Cause
ongoing I-Cause
consumer I-Cause
spending I-Cause
headwinds I-Cause
could O
damp O
top-line B-Effect
results I-Effect
. O

Although O
CP O
's O
intermodal O
franchise O
growth O
has O
lagged O
that O
of O
CN O
over O
the O
past O
decade O
, O
we O
expect O
PSR-related B-Effect
service I-Effect
enhancements I-Effect
to I-Effect
drive I-Effect
incremental I-Effect
growth I-Effect
opportunities I-Effect
as O
economic B-Cause
conditions I-Cause
recover I-Cause
. O

While O
this O
has O
helped O
sustain O
an O
oligopoly O
market O
structure O
, O
emerging B-Cause
competition I-Cause
from I-Cause
China I-Cause
has O
still O
weighed O
on O
pricing B-Effect
power I-Effect
for I-Effect
incumbents I-Effect
, O
diluting B-Effect
the I-Effect
potency I-Effect
of I-Effect
any I-Effect
such I-Effect
switching I-Effect
costs I-Effect
. O

Uncertainty B-Cause
in I-Cause
Brazil I-Cause
has I-Cause
increased I-Cause
since O
the O
company O
acquired O
UAB O
in O
February O
2013 O
and O
the B-Effect
company I-Effect
recorded I-Effect
a I-Effect
goodwill I-Effect
and I-Effect
franchise I-Effect
impairment I-Effect
charge I-Effect
for I-Effect
Brazil I-Effect
of I-Effect
about I-Effect
$ I-Effect
80 I-Effect
million I-Effect
in I-Effect
fourth-quarter I-Effect
2015 I-Effect
. O

With O
recent O
concerns B-Cause
around I-Cause
ethylene I-Cause
oxide I-Cause
, O
or O
EtO O
, O
sterilization O
, O
there O
's O
a O
risk O
that O
regulators B-Effect
could I-Effect
ban I-Effect
or I-Effect
limit I-Effect
the I-Effect
use I-Effect
of I-Effect
the I-Effect
EtO I-Effect
, O
which O
accounts O
for O
about O
half O
of O
device O
sterilization O
. O

While O
the O
firm O
has O
reached O
settlements O
with O
the O
accusers O
, O
others B-Cause
may I-Cause
file I-Cause
more I-Cause
suits I-Cause
, O
which O
creates B-Effect
additional I-Effect
human I-Effect
capital I-Effect
ESG I-Effect
risks I-Effect
. O

Xcel B-Effect
took I-Effect
an I-Effect
early I-Effect
lead I-Effect
in I-Effect
renewable I-Effect
energy I-Effect
development I-Effect
, O
given B-Cause
the I-Cause
favorable I-Cause
economics I-Cause
for I-Cause
wind I-Cause
energy I-Cause
across I-Cause
its I-Cause
central I-Cause
U.S I-Cause
. O

Since O
increased B-Cause
fuel I-Cause
economy I-Cause
and I-Cause
emission I-Cause
reduction I-Cause
are I-Cause
mandated I-Cause
, O
BorgWarner B-Effect
's I-Effect
engineers I-Effect
participate I-Effect
very I-Effect
early I-Effect
in I-Effect
the I-Effect
development I-Effect
process I-Effect
, I-Effect
especially I-Effect
when I-Effect
an I-Effect
all I-Effect
new I-Effect
powertrain I-Effect
is I-Effect
being I-Effect
developed I-Effect
. O

Gap B-Effect
outperformed I-Effect
our I-Effect
sales I-Effect
and I-Effect
profitability I-Effect
estimates I-Effect
in I-Effect
the I-Effect
first I-Effect
quarter I-Effect
of I-Effect
2021 I-Effect
as O
, O
like O
others O
in O
the O
industry O
, O
it B-Cause
benefited I-Cause
from I-Cause
government I-Cause
stimulus I-Cause
payments I-Cause
, I-Cause
low I-Cause
markdown I-Cause
rates I-Cause
, I-Cause
and I-Cause
pent-up I-Cause
demand I-Cause
. O

Also O
, O
an O
increasing O
portion O
of O
business B-Cause
travel I-Cause
following I-Cause
the I-Cause
crisis I-Cause
could I-Cause
be I-Cause
replaced I-Cause
by I-Cause
video I-Cause
meetings I-Cause
, O
which O
would O
stand O
to B-Effect
impact I-Effect
the I-Effect
global I-Effect
distribution I-Effect
system I-Effect
industry I-Effect
. O

In O
the O
very O
near O
term O
, O
we B-Effect
expect I-Effect
margin I-Effect
improvement I-Effect
to I-Effect
stall I-Effect
as O
management B-Cause
reinvests I-Cause
for I-Cause
growth I-Cause
and I-Cause
revenue I-Cause
headwinds I-Cause
weigh I-Cause
on I-Cause
margins I-Cause
. O

We O
believe O
IQVIA O
, O
with O
its B-Cause
significant I-Cause
CRO I-Cause
market I-Cause
share I-Cause
and I-Cause
unparalleled I-Cause
data I-Cause
capabilities I-Cause
, O
is O
best B-Effect
positioned I-Effect
to I-Effect
lead I-Effect
the I-Effect
way I-Effect
with I-Effect
real-world I-Effect
evidence I-Effect
work I-Effect
compared I-Effect
with I-Effect
its I-Effect
peers I-Effect
. O

We O
see O
noninterest B-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
roughly I-Cause
2 I-Cause
% I-Cause
-4 I-Cause
% I-Cause
during I-Cause
normal I-Cause
times I-Cause
, I-Cause
with I-Cause
some I-Cause
pressure I-Cause
emerging I-Cause
in I-Cause
2021 I-Cause
as I-Cause
we I-Cause
expect I-Cause
mortgage I-Cause
fees I-Cause
may I-Cause
fall I-Cause
off. O
This O
leads O
us O
to O
expect O
an B-Effect
average I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
15 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
compared I-Effect
with I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
9 I-Effect
% I-Effect
. O

For O
much O
of O
the O
past O
decade O
, O
Evercore O
grew O
faster O
than O
peers O
, O
but O
it B-Effect
may I-Effect
be I-Effect
maturing I-Effect
, O
as O
it B-Cause
now I-Cause
has I-Cause
over I-Cause
105 I-Cause
senior I-Cause
managing I-Cause
directors I-Cause
compared I-Cause
with I-Cause
about I-Cause
60 I-Cause
in I-Cause
2011 I-Cause
. O

We O
forecast O
companywide B-Effect
sales I-Effect
to I-Effect
grow I-Effect
at I-Effect
a I-Effect
mid-single-digit I-Effect
average I-Effect
annual I-Effect
rate I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
we B-Cause
expect I-Cause
all I-Cause
of I-Cause
DuPont I-Cause
's I-Cause
businesses I-Cause
to I-Cause
fully I-Cause
recover I-Cause
after I-Cause
a I-Cause
COVID-19-related I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
. O

While O
the B-Cause
gross I-Cause
margin I-Cause
improvements I-Cause
have O
helped O
improve B-Effect
Dropbox I-Effect
's I-Effect
bottom I-Effect
line I-Effect
, O
we O
do O
not O
believe O
that O
the O
storage O
of O
content O
in O
and O
of O
itself O
creates O
switching O
costs O
for O
users O
. O

We O
believe O
sales B-Effect
from I-Effect
communications I-Effect
infrastructure I-Effect
will I-Effect
be I-Effect
around I-Effect
5 I-Effect
% I-Effect
over I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
, O
inclusive O
of O
a O
soft O
year O
in O
2021 O
due O
to O
a B-Cause
pause I-Cause
in I-Cause
customer I-Cause
spending I-Cause
. O

However O
, O
in O
contrast O
to O
shale O
, O
these B-Cause
projects I-Cause
come I-Cause
with I-Cause
daunting I-Cause
up-front I-Cause
capital I-Cause
requirements I-Cause
( I-Cause
the I-Cause
first I-Cause
development I-Cause
phase I-Cause
alone I-Cause
cost I-Cause
about I-Cause
$ I-Cause
1 I-Cause
billion I-Cause
net I-Cause
to I-Cause
Hess I-Cause
) I-Cause
. O
As O
a O
result O
, O
the B-Effect
resulting I-Effect
cash I-Effect
flows I-Effect
are I-Effect
very I-Effect
long-dated I-Effect
and I-Effect
the I-Effect
asset I-Effect
wo I-Effect
n't I-Effect
be I-Effect
self-funding I-Effect
until I-Effect
at I-Effect
least I-Effect
2026 I-Effect
( I-Effect
and I-Effect
later I-Effect
, I-Effect
if I-Effect
the I-Effect
final I-Effect
development I-Effect
takes I-Effect
more I-Effect
than I-Effect
five I-Effect
phases I-Effect
) I-Effect
. O

Once O
labs B-Cause
commit I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
automated I-Cause
equipment I-Cause
to I-Cause
streamline I-Cause
operations I-Cause
, O
they O
run O
the O
company O
's O
tests O
to O
consolidate B-Effect
workflow I-Effect
to I-Effect
fewer I-Effect
platforms I-Effect
. O

The B-Effect
effects I-Effect
should I-Effect
be I-Effect
limited I-Effect
, O
considering B-Cause
Sprouts I-Cause
' I-Cause
limited I-Cause
assortments I-Cause
in I-Cause
key I-Cause
pandemic-charged I-Cause
categories I-Cause
like I-Cause
household I-Cause
cleaning I-Cause
supplies I-Cause
, O
with O
low-single-digit O
comparable O
growth O
in O
the O
fourth O
quarter O
leading O
to O
about O
7 O
% O
expansion O
for O
the O
year O
. O

Sprouts O
has O
capitalized O
on O
a O
natural O
, O
health-oriented O
positioning O
aligned O
with O
culinary O
trends O
, O
but O
we O
believe O
it B-Effect
faces I-Effect
a I-Effect
competitive I-Effect
onslaught I-Effect
as O
conventional B-Cause
grocers I-Cause
, I-Cause
mass I-Cause
merchandisers I-Cause
, I-Cause
hard I-Cause
discounters I-Cause
, I-Cause
and I-Cause
online I-Cause
sellers I-Cause
target I-Cause
the I-Cause
same I-Cause
themes I-Cause
. O

We B-Effect
assign I-Effect
the I-Effect
Canadian I-Effect
banks I-Effect
we I-Effect
cover I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
which O
we O
think O
captures O
the B-Cause
spread I-Cause
between I-Cause
our I-Cause
bull I-Cause
and I-Cause
bear I-Cause
cases I-Cause
relative I-Cause
to I-Cause
our I-Cause
base I-Cause
case I-Cause
. O

Internationally O
, O
the B-Effect
company I-Effect
risks I-Effect
marketing I-Effect
improperly I-Effect
to I-Effect
audiences I-Effect
in I-Effect
Mexico I-Effect
and I-Effect
Canada I-Effect
, O
which O
could O
have O
different O
consumption O
preferences O
than O
Americans O
. O

A O
highly O
salient O
example O
of O
this O
is O
the B-Cause
explosion I-Cause
of I-Cause
a I-Cause
PW4000 I-Cause
over I-Cause
Denver I-Cause
in I-Cause
2021 I-Cause
, O
which O
caused O
several B-Effect
aircraft I-Effect
to I-Effect
be I-Effect
grounded I-Effect
. O

However O
, O
it B-Cause
still I-Cause
maintains I-Cause
a I-Cause
feedstock I-Cause
advantage I-Cause
, I-Cause
in I-Cause
our I-Cause
view I-Cause
, O
which O
should O
result B-Effect
in I-Effect
midcycle I-Effect
margins I-Effect
that I-Effect
will I-Effect
be I-Effect
higher I-Effect
than I-Effect
previous I-Effect
cycles I-Effect
. O

These B-Cause
expensive I-Cause
, I-Cause
high I-Cause
horsepower I-Cause
chips I-Cause
require I-Cause
a I-Cause
constant I-Cause
, I-Cause
steady I-Cause
supply I-Cause
of I-Cause
power I-Cause
, I-Cause
and I-Cause
QSMod I-Cause
's I-Cause
precision I-Cause
is I-Cause
well I-Cause
suited I-Cause
to I-Cause
be I-Cause
integrated I-Cause
alongside I-Cause
such I-Cause
processors. O
Thus O
, O
Monolithic B-Effect
can I-Effect
serve I-Effect
a I-Effect
variety I-Effect
of I-Effect
applications I-Effect
with I-Effect
a I-Effect
centralized I-Effect
technology I-Effect
, I-Effect
incurring I-Effect
relatively I-Effect
low I-Effect
incremental I-Effect
research I-Effect
and I-Effect
development I-Effect
( I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
) I-Effect
expense I-Effect
for I-Effect
each I-Effect
iteration I-Effect
. O

As O
the B-Cause
company I-Cause
started I-Cause
to I-Cause
consolidate I-Cause
Qunar I-Cause
, I-Cause
which I-Cause
was I-Cause
loss-making I-Cause
, I-Cause
and I-Cause
increase I-Cause
its I-Cause
investment I-Cause
in I-Cause
customer I-Cause
services I-Cause
( O
new O
call O
centers O
, O
easier O
cancellation O
policies O
) O
, O
its B-Effect
ROIC I-Effect
is I-Effect
lower I-Effect
than I-Effect
WACC I-Effect
. O

Overall O
, O
robust B-Cause
operational I-Cause
execution I-Cause
has O
driven O
industry-leading B-Effect
profitability I-Effect
and I-Effect
robust I-Effect
share I-Effect
gains I-Effect
from I-Effect
less I-Effect
capable I-Effect
carriers O
, O
and O
that O
should O
persist O
. O

We O
forecast O
institutional B-Effect
trading I-Effect
and I-Effect
investment I-Effect
banking I-Effect
revenue I-Effect
being I-Effect
down I-Effect
slighly I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
2020 B-Cause
was I-Cause
an I-Cause
exceptionally I-Cause
good I-Cause
environment I-Cause
for I-Cause
capital I-Cause
raising I-Cause
and I-Cause
trading I-Cause
activity I-Cause
. O

This B-Effect
high I-Effect
local I-Effect
market I-Effect
share I-Effect
remains I-Effect
particularly I-Effect
valuable I-Effect
in I-Effect
the I-Effect
health I-Effect
insurance I-Effect
industry I-Effect
since O
medical B-Cause
care I-Cause
providers I-Cause
typically I-Cause
only I-Cause
operate I-Cause
in I-Cause
limited I-Cause
geographic I-Cause
areas I-Cause
, O
making B-Effect
local I-Effect
market I-Effect
share I-Effect
the I-Effect
most I-Effect
relevant I-Effect
to I-Effect
most I-Effect
reimbursement I-Effect
negotiations I-Effect
. O

With O
sales B-Cause
still I-Cause
strong I-Cause
, I-Cause
pandemic-related I-Cause
costs I-Cause
falling I-Cause
, I-Cause
channel I-Cause
and I-Cause
product I-Cause
mix I-Cause
improving I-Cause
, I-Cause
and I-Cause
Walmart I-Cause
realizing I-Cause
full-year I-Cause
cost I-Cause
benefits I-Cause
from I-Cause
omnichannel I-Cause
optimization I-Cause
work I-Cause
, O
we O
expect O
margin B-Effect
benefits I-Effect
despite I-Effect
rising I-Effect
freight I-Effect
costs I-Effect
( O
4.5 O
% O
forecast O
adjusted O
operating O
margin O
in O
fiscal O
2022 O
, O
from O
fiscal O
2021 O
's O
4.1 O
% O
) O
. O

These B-Cause
factors I-Cause
will O
result O
in O
increased B-Effect
construction I-Effect
equipment I-Effect
revenue I-Effect
for I-Effect
Deere I-Effect
, I-Effect
leading I-Effect
us I-Effect
to I-Effect
forecast I-Effect
over I-Effect
8 I-Effect
% I-Effect
average I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

OEMs O
, O
with O
some O
exceptions O
, O
such O
as O
TransDigm O
, O
will O
also O
occasionally O
license B-Effect
out I-Effect
the I-Effect
right I-Effect
to I-Effect
create I-Effect
a I-Effect
part I-Effect
to I-Effect
a I-Effect
third-party I-Effect
manufacturer I-Effect
to O
avoid B-Cause
low-production I-Cause
inefficiencies I-Cause
for I-Cause
supporting I-Cause
every I-Cause
component I-Cause
. O

The B-Cause
eventual I-Cause
completion I-Cause
of I-Cause
the I-Cause
Mountain I-Cause
Valley I-Cause
Pipeline I-Cause
and I-Cause
related I-Cause
efforts I-Cause
( O
Hammerhead O
, O
MVP O
Southgate O
, O
MVP O
Expansions O
) O
should B-Effect
boost I-Effect
EBITDA I-Effect
by I-Effect
30 I-Effect
% I-Effect
and I-Effect
increase I-Effect
the I-Effect
revenue I-Effect
associated I-Effect
with I-Effect
firm I-Effect
reservation I-Effect
contracts I-Effect
to I-Effect
over I-Effect
60 I-Effect
% I-Effect
. O

With O
Verizon O
's O
focus O
on O
wireless O
, O
though O
, O
Cablevision B-Effect
still I-Effect
claims I-Effect
customer I-Effect
penetration I-Effect
at I-Effect
around I-Effect
60 I-Effect
% I-Effect
of I-Effect
homes I-Effect
and I-Effect
businesses I-Effect
passed I-Effect
, O
a B-Cause
solid I-Cause
market I-Cause
share I-Cause
lead O
versus O
FiOS O
and O
other O
phone O
rivals O
. O

As O
it B-Cause
relates I-Cause
to I-Cause
both I-Cause
Coca-Cola I-Cause
Femsa I-Cause
and I-Cause
the I-Cause
proximity I-Cause
division I-Cause
, O
factors B-Effect
endemic I-Effect
to I-Effect
their I-Effect
geographic I-Effect
exposure I-Effect
act I-Effect
as I-Effect
common I-Effect
threads I-Effect
limiting I-Effect
our I-Effect
confidence I-Effect
in I-Effect
the I-Effect
durability I-Effect
of I-Effect
their I-Effect
excess I-Effect
profits I-Effect
. O

Hand-in-hand B-Cause
with I-Cause
universal I-Cause
directory I-Cause
, I-Cause
lifecycle I-Cause
management I-Cause
helps O
automate B-Effect
the I-Effect
changes I-Effect
that I-Effect
occur I-Effect
to I-Effect
a I-Effect
user I-Effect
's I-Effect
access I-Effect
along I-Effect
the I-Effect
changes I-Effect
that I-Effect
occur I-Effect
during I-Effect
employment I-Effect
. O

We O
expect O
these B-Effect
returns I-Effect
to I-Effect
remain I-Effect
at I-Effect
around I-Effect
31 I-Effect
% I-Effect
on I-Effect
average I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, I-Effect
remaining I-Effect
strong I-Effect
and O
helped O
by O
cost B-Cause
leverage I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
stemming O
from O
higher B-Cause
volume I-Cause
demand I-Cause
as O
COVID-19 B-Cause
boosts I-Cause
the I-Cause
sales I-Cause
of I-Cause
products I-Cause
that I-Cause
offer I-Cause
social I-Cause
distancing I-Cause
. O

Nevertheless O
, O
we O
do O
n't O
think O
Western O
's O
mass O
capacity O
HDDs O
are O
sufficiently O
differentiated O
from O
rival O
Seagate O
's O
to O
command O
pricing O
power O
, O
and O
expect O
HDD B-Effect
sales I-Effect
and I-Effect
margins I-Effect
to I-Effect
shrink I-Effect
once O
the B-Cause
market I-Cause
hits I-Cause
a I-Cause
cyclical I-Cause
downturn I-Cause
. O

As O
a O
result O
of O
selling B-Cause
a I-Cause
larger I-Cause
percentage I-Cause
of I-Cause
higher-margin I-Cause
services I-Cause
and I-Cause
subscriptions I-Cause
, O
we O
model O
gross B-Effect
margins I-Effect
expanding I-Effect
toward I-Effect
80 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
compared I-Effect
with I-Effect
77 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

We B-Cause
have I-Cause
a I-Cause
very I-Cause
high I-Cause
uncertainty I-Cause
rating I-Cause
on I-Cause
Guardant I-Cause
Health I-Cause
, I-Cause
with I-Cause
strong I-Cause
competition I-Cause
expected I-Cause
in I-Cause
liquid I-Cause
biopsy I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
, I-Cause
and I-Cause
we I-Cause
see I-Cause
a I-Cause
scenario I-Cause
where I-Cause
Guardant I-Cause
does I-Cause
not I-Cause
achieve I-Cause
positive I-Cause
free I-Cause
cash I-Cause
flow I-Cause
over I-Cause
our I-Cause
10-year I-Cause
forecast. O
This O
risk O
of O
material O
value O
destruction O
weighs B-Effect
on I-Effect
our I-Effect
forecasts I-Effect
and I-Effect
leads I-Effect
us I-Effect
to I-Effect
award I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

While O
projecting O
continued O
growth O
in O
.com O
and O
.net O
registrations O
, O
we O
think O
a B-Effect
large I-Effect
risk I-Effect
remains I-Effect
that I-Effect
VeriSign I-Effect
( I-Effect
currently I-Effect
44 I-Effect
% I-Effect
of I-Effect
registered I-Effect
domains I-Effect
) I-Effect
will I-Effect
cede I-Effect
some I-Effect
market I-Effect
share I-Effect
in I-Effect
coming I-Effect
years I-Effect
as O
new B-Cause
top-level I-Cause
domains I-Cause
( I-Cause
TLD I-Cause
) I-Cause
are I-Cause
introduced I-Cause
. O

As O
enterprises B-Cause
require I-Cause
more I-Cause
security I-Cause
coverage I-Cause
, O
we O
expect O
well-entrenched B-Effect
incumbent I-Effect
vendors I-Effect
to I-Effect
benefit I-Effect
by I-Effect
offering I-Effect
a I-Effect
consolidated I-Effect
platform I-Effect
solution I-Effect
that O
covers O
multiple O
attack O
vectors O
, O
with O
analytics O
and O
support O
features O
, O
instead O
of O
specializing O
in O
an O
aspect O
of O
security O
. O

We O
forecast O
capital B-Effect
expenditures I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
drop I-Effect
to I-Effect
3.8 I-Effect
% I-Effect
annually I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
store B-Cause
openings I-Cause
slow I-Cause
and I-Cause
less I-Cause
in-store I-Cause
investment I-Cause
is I-Cause
needed I-Cause
. O

We O
believe O
the B-Effect
synergy I-Effect
targets I-Effect
are I-Effect
achievable I-Effect
, O
particularly O
as O
the B-Cause
firm I-Cause
is I-Cause
led I-Cause
by I-Cause
a I-Cause
management I-Cause
team I-Cause
with I-Cause
an I-Cause
impressive I-Cause
record I-Cause
. O

We O
assume O
a B-Effect
7 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
, O
lower O
than O
the O
9 O
% O
rate O
of O
return O
we O
expect O
investors O
will O
demand O
of O
a O
diversified O
equity O
portfolio O
because O
of O
CenterPoint B-Cause
's I-Cause
lower I-Cause
sensitivity I-Cause
to I-Cause
the I-Cause
economic I-Cause
cycle I-Cause
and I-Cause
low I-Cause
degree I-Cause
of I-Cause
operating I-Cause
leverage I-Cause
. O

We O
believe O
the B-Cause
increasing I-Cause
proliferation I-Cause
of I-Cause
data I-Cause
generated I-Cause
and I-Cause
the I-Cause
rise I-Cause
of I-Cause
the I-Cause
'' I-Cause
Internet I-Cause
of I-Cause
Things I-Cause
, I-Cause
'' I-Cause
into I-Cause
which I-Cause
Zebra I-Cause
supplies I-Cause
critical I-Cause
hardware I-Cause
, O
will O
drive B-Effect
the I-Effect
company I-Effect
's I-Effect
top-line I-Effect
growth I-Effect
. O

We O
expect O
3.8 B-Effect
% I-Effect
organic I-Effect
sales I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
, O
as O
continued B-Cause
at-home I-Cause
eating I-Cause
benefits I-Cause
the I-Cause
first I-Cause
three I-Cause
quarters I-Cause
, O
partially B-Cause
offset I-Cause
by I-Cause
a I-Cause
fourth-quarter I-Cause
decline I-Cause
when I-Effect
peak B-Effect
pantry-stocking I-Effect
is I-Effect
lapped I-Effect
. O

Additional B-Effect
renewal I-Effect
periods I-Effect
can I-Effect
lengthen I-Effect
those I-Effect
initial I-Effect
contract I-Effect
periods I-Effect
by I-Effect
several I-Effect
years I-Effect
as I-Effect
well I-Effect
, O
especially O
if O
the B-Cause
relationship I-Cause
is I-Cause
deemed I-Cause
satisfactory I-Cause
between I-Cause
a I-Cause
state I-Cause
and I-Cause
its I-Cause
managed-care I-Cause
plan I-Cause
providers I-Cause
. O

Longer O
term O
, O
at O
Marmaxx O
( O
62 O
% O
of O
fiscal O
2020 O
sales O
) O
, O
we B-Effect
anticipate I-Effect
long-term I-Effect
same-store I-Effect
sales I-Effect
growth I-Effect
averaging I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
, O
driven O
by O
traffic B-Cause
as I-Cause
prices I-Cause
remain I-Cause
low I-Cause
. O

Nevertheless O
, O
we O
think O
JLL B-Cause
is I-Cause
poised I-Cause
to I-Cause
experience I-Cause
long-term I-Cause
growth I-Cause
as I-Cause
it I-Cause
continues I-Cause
to I-Cause
benefit I-Cause
from I-Cause
a I-Cause
buoyant I-Cause
real I-Cause
estate I-Cause
services I-Cause
industry I-Cause
and I-Cause
takes I-Cause
share I-Cause
from I-Cause
smaller I-Cause
, I-Cause
more I-Cause
fragmented I-Cause
competitors. O
Accordingly O
, O
we B-Effect
expect I-Effect
the I-Effect
company I-Effect
to I-Effect
experience I-Effect
mid-single-digit I-Effect
revenue I-Effect
growth I-Effect
through I-Effect
2030 I-Effect
, I-Effect
a I-Effect
bit I-Effect
lower I-Effect
than I-Effect
rival I-Effect
CBRE I-Effect
, I-Effect
which I-Effect
has I-Effect
a I-Effect
slight I-Effect
benefit I-Effect
deriving I-Effect
from I-Effect
its I-Effect
increased I-Effect
scale I-Effect
. O

Recent B-Effect
margin I-Effect
increases I-Effect
for I-Effect
both I-Effect
the I-Effect
LGM I-Effect
and I-Effect
IHM I-Effect
segments I-Effect
, O
due O
to O
a B-Cause
larger I-Cause
mix I-Cause
of I-Cause
graphics I-Cause
and I-Cause
performance I-Cause
tapes I-Cause
, O
could O
prove B-Effect
temporary I-Effect
as O
competitors B-Cause
begin I-Cause
to I-Cause
take I-Cause
advantage I-Cause
of I-Cause
the I-Cause
profitability I-Cause
of I-Cause
these I-Cause
products I-Cause
. O

Finally O
, O
we B-Effect
model I-Effect
GAAP I-Effect
midcycle I-Effect
operating I-Effect
margins I-Effect
between I-Effect
27 I-Effect
% I-Effect
and I-Effect
28 I-Effect
% I-Effect
based O
on O
the B-Cause
firm I-Cause
's I-Cause
operating I-Cause
excellence I-Cause
initiatives I-Cause
, O
particularly O
given O
Ametek B-Cause
's I-Cause
laser-like I-Cause
focus I-Cause
on I-Cause
reducing I-Cause
targets I-Cause
' I-Cause
raw I-Cause
material I-Cause
costs I-Cause
. O

While O
a O
small O
portion O
of O
the O
firm O
's O
total O
revenue O
, O
GMNS B-Effect
plays I-Effect
a I-Effect
key I-Effect
role I-Effect
in I-Effect
American I-Effect
Express I-Effect
' I-Effect
strategy I-Effect
as O
it B-Cause
houses I-Cause
the I-Cause
company I-Cause
's I-Cause
network I-Cause
business I-Cause
. O

We O
think O
Shaw O
has O
made O
great O
progress O
, O
but O
it O
is O
not O
yet O
a O
stabilized O
national O
competitor O
, O
and O
any B-Cause
hiccup I-Cause
in I-Cause
its I-Cause
progress I-Cause
could O
lead B-Effect
the I-Effect
company I-Effect
to I-Effect
economic I-Effect
losses I-Effect
. I-Effect

The B-Cause
merger I-Cause
of I-Cause
Freescale I-Cause
and I-Cause
the I-Cause
former I-Cause
NXP I-Cause
in O
2015 O
has O
led O
to O
a B-Effect
powerhouse I-Effect
in I-Effect
automotive I-Effect
semiconductors I-Effect
, O
which O
makes O
up O
about O
45 O
% O
of O
NXP O
's O
total O
revenue O
. O

We O
expect O
life B-Effect
sciences I-Effect
to I-Effect
have I-Effect
higher I-Effect
near-term I-Effect
growth I-Effect
because O
of O
tailwinds B-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
diagnostic I-Cause
testing I-Cause
, O
and O
we O
also O
anticipate O
sales B-Effect
in I-Effect
the I-Effect
diagnostic I-Effect
segment I-Effect
returning I-Effect
to I-Effect
a I-Effect
prepandemic I-Effect
level I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
2021 I-Effect
. O

While O
we O
do O
think O
KeyCorp O
could O
benefit O
from O
some O
additional O
scale O
, O
it O
is O
small B-Cause
enough I-Cause
to O
avoid O
some B-Effect
of I-Effect
the I-Effect
extra I-Effect
costs I-Effect
faced I-Effect
by I-Effect
its I-Effect
largest I-Effect
peers I-Effect
. O

This O
program O
, O
which O
includes O
store B-Cause
closures I-Cause
and I-Cause
cost I-Cause
cuts I-Cause
, O
could O
reduce O
sales B-Effect
of I-Effect
Kate I-Effect
Spade I-Effect
and I-Effect
Stuart I-Effect
Weitzman I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
. O

TAL B-Cause
Education I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
raise I-Cause
5 I-Cause
% I-Cause
-10 I-Cause
% I-Cause
of I-Cause
its I-Cause
fees I-Cause
every I-Cause
two I-Cause
to I-Cause
three I-Cause
years I-Cause
on I-Cause
new I-Cause
students I-Cause
or I-Cause
new I-Cause
programs I-Cause
to B-Effect
cover I-Effect
rising I-Effect
costs I-Effect
, O
driving B-Cause
an I-Cause
improving I-Cause
margin I-Cause
as I-Cause
utilization I-Cause
and O
operational B-Effect
efficiency I-Effect
continues I-Effect
to I-Effect
improve I-Effect
. O

Qiagen B-Effect
's I-Effect
TB I-Effect
test I-Effect
accounted I-Effect
for I-Effect
about I-Effect
15 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
sales I-Effect
, I-Effect
and I-Effect
future I-Effect
growth I-Effect
is I-Effect
still I-Effect
possible I-Effect
, O
as O
more B-Cause
than I-Cause
80 I-Cause
% I-Cause
of I-Cause
the I-Cause
70 I-Cause
million I-Cause
tests I-Cause
performed I-Cause
annually I-Cause
for I-Cause
this I-Cause
condition I-Cause
use I-Cause
a I-Cause
less I-Cause
accurate I-Cause
and I-Cause
less I-Cause
convenient I-Cause
skin I-Cause
test I-Cause
. O

However O
, O
the B-Cause
company I-Cause
may I-Cause
need I-Cause
to I-Cause
share I-Cause
some I-Cause
its I-Cause
platform I-Cause
revenue I-Cause
with I-Cause
hardware I-Cause
partners I-Cause
like I-Cause
TCL I-Cause
to I-Cause
incentivize I-Cause
the I-Cause
usage I-Cause
of I-Cause
the I-Cause
Roku I-Cause
OS. O
As O
a O
result O
, O
we O
expect O
platform B-Effect
gross I-Effect
margin I-Effect
to I-Effect
bottom I-Effect
out I-Effect
in I-Effect
2021 I-Effect
at I-Effect
59 I-Effect
% I-Effect
and I-Effect
rebound I-Effect
to I-Effect
62 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
but I-Effect
stay I-Effect
below I-Effect
the I-Effect
70 I-Effect
% I-Effect
-plus I-Effect
margins I-Effect
seen I-Effect
in I-Effect
2016-2018 I-Effect
. O

The B-Effect
global I-Effect
retail I-Effect
industry I-Effect
has I-Effect
come I-Effect
under I-Effect
pressure I-Effect
as O
markets B-Cause
have I-Cause
restricted I-Cause
in-store I-Cause
operations I-Cause
to I-Cause
curb I-Cause
the I-Cause
spread I-Cause
of I-Cause
COVID-19 I-Cause
. O

We O
believe O
BB B-Cause
& I-Cause
T I-Cause
's I-Cause
superior I-Cause
credit I-Cause
culture I-Cause
will I-Cause
stay I-Cause
intact I-Cause
after I-Cause
the I-Cause
merger I-Cause
, O
helping O
Truist B-Effect
institute I-Effect
similar I-Effect
internal I-Effect
policies I-Effect
and I-Effect
abilities I-Effect
. O

However O
, O
considering B-Cause
the I-Cause
deal I-Cause
is I-Cause
not I-Cause
yet I-Cause
official I-Cause
, I-Cause
GTT I-Cause
is I-Cause
still I-Cause
facing I-Cause
accounting I-Cause
challenges I-Cause
that I-Cause
are I-Cause
delaying I-Cause
SEC I-Cause
filings I-Cause
, I-Cause
and I-Cause
management I-Cause
has I-Cause
offered I-Cause
no I-Cause
final I-Cause
details I-Cause
on I-Cause
the I-Cause
financial I-Cause
impact I-Cause
of I-Cause
the I-Cause
divested I-Cause
business I-Cause
, I-Cause
sufficient I-Cause
risks I-Cause
keep B-Effect
us I-Effect
from I-Effect
being I-Effect
more I-Effect
enthusiastic I-Effect
in I-Effect
our I-Effect
outlook I-Effect
. O

This B-Effect
disruption I-Effect
has I-Effect
been I-Effect
embraced I-Effect
by I-Effect
consumers I-Effect
and I-Effect
has I-Effect
driven I-Effect
change I-Effect
across I-Effect
the I-Effect
entire I-Effect
industry I-Effect
as O
traditional B-Cause
retailers I-Cause
have I-Cause
invested I-Cause
heavily I-Cause
in I-Cause
technology I-Cause
in O
order O
to O
keep B-Cause
pace I-Cause
. O

As O
an O
alternative O
to O
making O
up-front O
investments O
in O
a O
distillery O
, O
new B-Cause
entrants I-Cause
could I-Cause
produce I-Cause
spirits I-Cause
using I-Cause
a I-Cause
contract I-Cause
packing I-Cause
agreement I-Cause
with I-Cause
an I-Cause
existing I-Cause
distiller I-Cause
, O
so O
costs B-Effect
would I-Effect
be I-Effect
limited I-Effect
to I-Effect
production I-Effect
and I-Effect
storage I-Effect
, O
which O
still O
result O
in O
several O
years O
of O
costs O
before O
any O
revenue O
is O
generated O
. O

Canada B-Cause
has I-Cause
limited I-Cause
takeaway I-Cause
capacity I-Cause
and I-Cause
excess I-Cause
gas I-Cause
supply I-Cause
, O
which O
is O
why O
we B-Effect
've I-Effect
seen I-Effect
a I-Effect
downward I-Effect
trend I-Effect
in I-Effect
AECO I-Effect
prices I-Effect
. O

We O
are O
positive O
on O
the O
company O
's O
leadership O
in O
military O
autonomous O
aircraft O
, O
which O
are O
infinitely O
more O
complex B-Effect
than I-Effect
commercial I-Effect
UAVs I-Effect
due O
to O
the B-Cause
product I-Cause
need I-Cause
to I-Cause
carry I-Cause
heavy I-Cause
loads I-Cause
at I-Cause
high I-Cause
altitudes I-Cause
for O
over O
a O
day O
at O
a O
time O
. O

The B-Effect
segment I-Effect
is I-Effect
also I-Effect
a I-Effect
niche I-Effect
provider I-Effect
of I-Effect
highly I-Effect
engineered I-Effect
damping I-Effect
solutions I-Effect
for I-Effect
antilock I-Effect
brakes I-Effect
through O
its O
Wolverine O
brand O
, O
which O
also O
benefits O
from O
customer B-Cause
demand I-Cause
for I-Cause
noise I-Cause
and I-Cause
vibration I-Cause
specifications I-Cause
. O

Mainstream B-Cause
retail I-Cause
channels I-Cause
are I-Cause
likely I-Cause
to I-Cause
lose I-Cause
share I-Cause
to I-Cause
hard I-Cause
discounters I-Cause
in I-Cause
some I-Cause
developed I-Cause
markets I-Cause
, I-Cause
and I-Cause
some I-Cause
of I-Cause
that I-Cause
channel I-Cause
shift I-Cause
may I-Cause
not I-Cause
revert I-Cause
back I-Cause
to I-Cause
the I-Cause
supermarket I-Cause
channel I-Cause
in I-Cause
the I-Cause
upswing. O
Accordingly O
, O
we B-Effect
shave I-Effect
20 I-Effect
basis I-Effect
points I-Effect
from I-Effect
our I-Effect
medium-term I-Effect
growth I-Effect
assumption I-Effect
, I-Effect
which I-Effect
at I-Effect
3.4 I-Effect
% I-Effect
is I-Effect
above I-Effect
the I-Effect
2.9 I-Effect
% I-Effect
organic I-Effect
growth I-Effect
achieved I-Effect
last I-Effect
year I-Effect
, I-Effect
but I-Effect
any I-Effect
return I-Effect
of I-Effect
global I-Effect
inflationary I-Effect
pressures I-Effect
should I-Effect
help I-Effect
drive I-Effect
stronger I-Effect
pricing I-Effect
in I-Effect
a I-Effect
normalized I-Effect
environment I-Effect
. O

We O
expect O
the B-Effect
other I-Effect
businesses I-Effect
( I-Effect
Secureworks I-Effect
and I-Effect
Virtustream I-Effect
) I-Effect
to I-Effect
contribute I-Effect
revenue I-Effect
growth I-Effect
during I-Effect
the I-Effect
same I-Effect
time I-Effect
period I-Effect
due O
to O
cloud-based B-Cause
software I-Cause
adoption I-Cause
across I-Cause
IT I-Cause
and I-Cause
security I-Cause
teams I-Cause
. O

Tyson B-Effect
's I-Effect
beef I-Effect
segment I-Effect
has I-Effect
been I-Effect
a I-Effect
bright I-Effect
spot I-Effect
in I-Effect
its I-Effect
portfolio I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
as O
strong B-Cause
international I-Cause
demand I-Cause
, I-Cause
coupled I-Cause
with I-Cause
a I-Cause
drought-induced I-Cause
beef I-Cause
shortage I-Cause
in I-Cause
Australia I-Cause
, O
has O
increased B-Effect
Tyson I-Effect
's I-Effect
beef I-Effect
segment I-Effect
operating I-Effect
margins I-Effect
to I-Effect
8 I-Effect
% I-Effect
over I-Effect
the I-Effect
past I-Effect
four I-Effect
years I-Effect
, I-Effect
from I-Effect
2 I-Effect
% I-Effect
prior I-Effect
to I-Effect
2016 I-Effect
. O

Shoppers B-Effect
may I-Effect
prefer I-Effect
to I-Effect
shop I-Effect
at I-Effect
online I-Effect
stores I-Effect
where O
they B-Cause
know I-Cause
they I-Cause
can I-Cause
easily I-Cause
return I-Cause
purchases I-Cause
to I-Cause
a I-Cause
physical I-Cause
store I-Cause
rather I-Cause
than I-Cause
ship I-Cause
them I-Cause
back I-Cause
to I-Cause
the I-Cause
e-tailer I-Cause
. O

Customers B-Effect
are I-Effect
often I-Effect
hesitant I-Effect
to I-Effect
switch I-Effect
away I-Effect
from I-Effect
suppliers I-Effect
like O
Ingredion O
that O
have B-Cause
established I-Cause
a I-Cause
lengthy I-Cause
record I-Cause
of I-Cause
quality I-Cause
and I-Cause
reliability I-Cause
with I-Cause
regard I-Cause
to I-Cause
food I-Cause
safety I-Cause
compliance I-Cause
. O

Given O
the O
exceptional O
retention O
the O
company B-Effect
has I-Effect
demonstrated I-Effect
thus I-Effect
far I-Effect
( O
approximately O
145 O
% O
dollar O
retention O
in O
fiscal O
2019 O
) O
, O
we O
think O
there O
is O
evidence B-Cause
of I-Cause
switching I-Cause
costs I-Cause
, O
but O
again O
, O
we O
do O
not O
see O
Slack B-Effect
generating I-Effect
excess I-Effect
returns I-Effect
for I-Effect
the I-Effect
next I-Effect
four I-Effect
years I-Effect
. I-Effect

While O
retention O
is O
low O
compared O
with O
enterprise O
software O
solutions O
as O
a O
whole O
, O
we O
think O
its O
retention O
is O
healthy O
for O
QuickBooks O
' O
small-business O
customer O
base O
, O
which O
has O
significant B-Effect
churn I-Effect
simply I-Effect
due O
to O
lack B-Cause
of I-Cause
small-business I-Cause
survivorship I-Cause
. O

Due O
to O
spells B-Cause
of I-Cause
weak I-Cause
commodity I-Cause
prices I-Cause
the B-Effect
firm I-Effect
has I-Effect
written I-Effect
down I-Effect
the I-Effect
value I-Effect
of I-Effect
its I-Effect
oil I-Effect
and I-Effect
gas I-Effect
assets I-Effect
on I-Effect
several I-Effect
occasions I-Effect
, O
and O
if O
these B-Cause
impairments I-Cause
are I-Cause
added I-Cause
back I-Cause
to I-Cause
its I-Cause
invested I-Cause
capital I-Cause
the B-Effect
firm I-Effect
is I-Effect
unable I-Effect
to I-Effect
earn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

Further O
, O
with O
over B-Cause
40 I-Cause
% I-Cause
of I-Cause
its I-Cause
sales I-Cause
resulting I-Cause
from I-Cause
its I-Cause
top I-Cause
five I-Cause
customers I-Cause
( I-Cause
just I-Cause
more I-Cause
than I-Cause
20 I-Cause
% I-Cause
from I-Cause
Walmart I-Cause
alone I-Cause
) I-Cause
, O
Campbell B-Effect
is I-Effect
exposed I-Effect
to I-Effect
retailer I-Effect
consolidation I-Effect
. O

In O
2021 O
, O
we O
model O
a B-Effect
10 I-Effect
% I-Effect
revenue I-Effect
lift I-Effect
and O
around B-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
to I-Effect
17 I-Effect
% I-Effect
( O
as O
robust B-Cause
BBW I-Cause
throughput I-Cause
continues I-Cause
to I-Cause
provide I-Cause
leverage I-Cause
) O
. O

Gildan B-Cause
's I-Cause
sales I-Cause
unexpectedly I-Cause
increased I-Cause
28 I-Cause
% I-Cause
in I-Cause
the I-Cause
quarter I-Cause
( O
versus O
our O
4 O
% O
estimate O
) O
, O
leading O
to O
adjusted B-Effect
EPS I-Effect
( I-Effect
excluding I-Effect
unusual I-Effect
items I-Effect
) I-Effect
of I-Effect
$ I-Effect
0.39 I-Effect
that O
was O
23 O
cents O
better O
than O
we O
expected O
. O

Additionally O
, O
the B-Cause
establishment I-Cause
of I-Cause
an I-Cause
electronic I-Cause
feed O
to O
connect O
these O
services O
on O
the O
back O
end O
bolsters B-Effect
the I-Effect
quality I-Effect
and I-Effect
efficiency I-Effect
of I-Effect
its I-Effect
database I-Effect
. O

Strensiq B-Cause
for I-Cause
ultrarare I-Cause
hypophosphatasia I-Cause
, I-Cause
or I-Cause
HPP I-Cause
, I-Cause
and I-Cause
Kanuma I-Cause
for I-Cause
ultrarare I-Cause
lysosomal I-Cause
acid I-Cause
lipase I-Cause
deficiency I-Cause
, I-Cause
or I-Cause
LAL-D I-Cause
, I-Cause
launched I-Cause
in I-Cause
2015-16 I-Cause
and I-Cause
, I-Cause
paired I-Cause
with I-Cause
Alexion I-Cause
's I-Cause
pipeline I-Cause
candidates I-Cause
in I-Cause
other I-Cause
rare I-Cause
indications I-Cause
, O
provide B-Effect
diversification I-Effect
for I-Effect
Alexion I-Effect
. O

We O
believe O
favorable B-Cause
demographics I-Cause
coupled I-Cause
with I-Cause
the I-Cause
realization I-Cause
of I-Cause
pent-up I-Cause
demand I-Cause
will O
drive O
strong B-Effect
housing I-Effect
demand I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Insulin B-Effect
need I-Effect
will I-Effect
grow I-Effect
as O
more B-Cause
patients I-Cause
are I-Cause
diagnosed I-Cause
with I-Cause
and I-Cause
treated I-Cause
for I-Cause
diabetes I-Cause
, I-Cause
and I-Cause
as I-Cause
patients I-Cause
require I-Cause
more-intense I-Cause
regimens I-Cause
as I-Cause
their I-Cause
disease I-Cause
progresses I-Cause
. O

From B-Cause
a I-Cause
business I-Cause
ethics I-Cause
and I-Cause
product I-Cause
governance I-Cause
perspective I-Cause
, I-Cause
failure I-Cause
to I-Cause
provide I-Cause
reliable I-Cause
and I-Cause
trustworthy I-Cause
services I-Cause
can I-Cause
impact I-Cause
both I-Cause
reputation I-Cause
and I-Cause
financial I-Cause
performance I-Cause
, O
so O
asset B-Effect
managers I-Effect
like I-Effect
Cohen I-Effect
& I-Effect
Steers I-Effect
tend I-Effect
to I-Effect
be I-Effect
more I-Effect
careful I-Effect
with I-Effect
how I-Effect
they I-Effect
manage I-Effect
the I-Effect
pricing I-Effect
, I-Effect
performance I-Effect
and I-Effect
positioning I-Effect
of I-Effect
their I-Effect
products I-Effect
. O

We O
project O
adjusted B-Effect
operating I-Effect
margins I-Effect
expanding I-Effect
from I-Effect
roughly I-Effect
7 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
to I-Effect
around I-Effect
9 I-Effect
% I-Effect
by I-Effect
fiscal I-Effect
2025 I-Effect
, O
which O
reflects O
mix B-Cause
shift I-Cause
toward I-Cause
higher-margin I-Cause
consulting I-Cause
services I-Cause
, I-Cause
margin I-Cause
accretion I-Cause
and I-Cause
cost I-Cause
synergies I-Cause
from I-Cause
recent I-Cause
acquisitions I-Cause
, I-Cause
and I-Cause
benefits I-Cause
from I-Cause
management I-Cause
's I-Cause
SG I-Cause
& I-Cause
A I-Cause
cost I-Cause
reduction I-Cause
plan I-Cause
. O

We B-Cause
expect I-Cause
favorable I-Cause
demographics I-Cause
, I-Cause
which I-Cause
include I-Cause
aging I-Cause
baby I-Cause
boomers I-Cause
and I-Cause
rising I-Cause
obesity I-Cause
, I-Cause
to I-Cause
fuel I-Cause
solid I-Cause
demand I-Cause
for I-Cause
large-joint I-Cause
replacement I-Cause
that O
should O
offset B-Effect
price I-Effect
declines I-Effect
. O

We O
suspect O
Procter B-Cause
& I-Cause
amp I-Cause
; I-Cause
Gamble I-Cause
underinvested I-Cause
in I-Cause
brands I-Cause
like I-Cause
CoverGirl I-Cause
, O
leading O
to O
several B-Effect
years I-Effect
of I-Effect
shelf I-Effect
space I-Effect
losses I-Effect
and I-Effect
decreased I-Effect
distribution I-Effect
. O

After O
2020 B-Cause
's I-Cause
21 I-Cause
% I-Cause
drop I-Cause
in I-Cause
organic I-Cause
sales I-Cause
, O
we B-Effect
think I-Effect
the I-Effect
increasing I-Effect
availability I-Effect
of I-Effect
coronavirus I-Effect
vaccines I-Effect
in I-Effect
2021 I-Effect
will I-Effect
spur I-Effect
a I-Effect
recovery I-Effect
in I-Effect
away-from-home I-Effect
dining I-Effect
, O
resulting O
in O
18 O
% O
and O
9 O
% O
bumps O
in O
organic O
sales O
in O
2021 O
and O
2022 O
, O
respectively O
. O

Specifically O
, O
states O
are O
trying O
to O
reduce B-Effect
the I-Effect
cost I-Effect
and I-Effect
risk I-Effect
associated I-Effect
with I-Effect
serving I-Effect
Medicaid I-Effect
enrollees I-Effect
, O
so O
they O
try O
to O
outsource B-Cause
those I-Cause
plans I-Cause
to I-Cause
managed-care I-Cause
organizations I-Cause
that I-Cause
take I-Cause
on I-Cause
some I-Cause
risk I-Cause
in I-Cause
this I-Cause
particular I-Cause
population I-Cause
and I-Cause
, O
of O
course O
, O
save B-Effect
them I-Effect
money I-Effect
. O

If O
the B-Cause
prices I-Cause
of I-Cause
grain I-Cause
or I-Cause
hogs I-Cause
increases I-Cause
substantially I-Cause
, O
Hormel B-Effect
's I-Effect
margins I-Effect
may I-Effect
suffer I-Effect
if O
the B-Cause
company I-Cause
can I-Cause
not I-Cause
pass I-Cause
the I-Cause
higher I-Cause
costs I-Cause
through I-Cause
to I-Cause
customers I-Cause
. O

However O
, O
many B-Effect
of I-Effect
Welltower I-Effect
's I-Effect
triple-net I-Effect
leases I-Effect
grow I-Effect
only I-Effect
at I-Effect
inflationary I-Effect
levels I-Effect
as O
they B-Cause
are I-Cause
frequently I-Cause
tied I-Cause
to I-Cause
the I-Cause
Consumer I-Cause
Price I-Cause
Index I-Cause
( I-Cause
though I-Cause
often I-Cause
have I-Cause
floors I-Cause
of I-Cause
2 I-Cause
% I-Cause
and I-Cause
ceilings I-Cause
of I-Cause
3 I-Cause
% I-Cause
) I-Cause
. I-Cause

For O
example O
, O
Halliburton O
's O
early O
successful O
execution O
of O
24-hour O
pressure O
pumping O
operations O
created O
an O
asset O
utilization O
advantage O
relative O
to O
peers O
, O
but O
this B-Effect
advantage I-Effect
is I-Effect
dissipating I-Effect
, O
as B-Cause
most I-Cause
peers I-Cause
are I-Cause
learning I-Cause
how I-Cause
to I-Cause
replicate I-Cause
24-hour I-Cause
operations I-Cause
. O

We O
believe O
one B-Effect
of I-Effect
the I-Effect
more I-Effect
salient I-Effect
is I-Effect
the I-Effect
secular I-Effect
decline I-Effect
in I-Effect
CSDs I-Effect
due O
to O
heightened B-Cause
social I-Cause
awareness I-Cause
around I-Cause
the I-Cause
potential I-Cause
health I-Cause
impacts I-Cause
. O

We O
believe O
further B-Effect
moves I-Effect
to I-Effect
increase I-Effect
efficiency I-Effect
, O
both O
through O
digital B-Cause
initiatives I-Cause
and I-Cause
further I-Cause
consolidation I-Cause
abroad I-Cause
, O
should O
translate B-Effect
to I-Effect
improved I-Effect
efficiency I-Effect
ratios I-Effect
. O

The B-Cause
continued I-Cause
preference I-Cause
for I-Cause
craft I-Cause
beer I-Cause
over I-Cause
mainstream I-Cause
beer I-Cause
should O
lead O
to O
positive B-Effect
North I-Effect
American I-Effect
volume I-Effect
, O
despite O
our O
expectation O
that O
aluminum O
packaging O
will O
gain O
share O
in O
craft O
beer O
over O
the O
coming O
five O
years O
. O

We O
believe O
that O
CrowdStrike B-Effect
's I-Effect
customer I-Effect
base I-Effect
, I-Effect
revenue I-Effect
, I-Effect
and I-Effect
margins I-Effect
will I-Effect
experience I-Effect
profound I-Effect
growth I-Effect
throughout I-Effect
the I-Effect
2020s I-Effect
as O
customers B-Cause
update I-Cause
their I-Cause
endpoint I-Cause
and I-Cause
workload I-Cause
security I-Cause
requirements I-Cause
in I-Cause
a I-Cause
hybrid-cloud I-Cause
world I-Cause
. O

However O
, O
the O
recent O
restructuring B-Cause
of I-Cause
VS I-Cause
( I-Cause
to I-Cause
become I-Cause
more I-Cause
inclusive I-Cause
) I-Cause
has I-Cause
begun I-Cause
to I-Cause
bear I-Cause
fruit I-Cause
in O
recent O
periods O
, O
and O
as O
such O
, O
we B-Effect
have I-Effect
reassessed I-Effect
our I-Effect
profitability I-Effect
forecast I-Effect
at I-Effect
the I-Effect
enterprise I-Effect
level I-Effect
. O

In O
2015 O
, O
foreign B-Cause
competitors I-Cause
used I-Cause
the I-Cause
exchange-rate I-Cause
differential I-Cause
as I-Cause
an I-Cause
opportunity I-Cause
to I-Cause
discount I-Cause
their I-Cause
bikes I-Cause
domestically I-Cause
, O
hurting B-Effect
Harley I-Effect
's I-Effect
market I-Effect
share I-Effect
-- O
and O
this O
could O
happen O
again O
with O
higher O
foreign O
exchange O
volatility O
. O

The B-Cause
change I-Cause
in I-Cause
strategy I-Cause
allowed I-Cause
retailers I-Cause
to I-Cause
advertise I-Cause
discounts I-Cause
of I-Cause
as I-Cause
much I-Cause
as I-Cause
25 I-Cause
% I-Cause
on I-Cause
Nike I-Cause
shoes I-Cause
and I-Cause
apparel I-Cause
in I-Cause
2017 I-Cause
, O
cutting B-Effect
into I-Effect
Under I-Effect
Armour I-Effect
sales I-Effect
. O

Currently O
, O
the B-Effect
bulk I-Effect
of I-Effect
consumer I-Effect
sales I-Effect
( I-Effect
about I-Effect
55 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
is I-Effect
for I-Effect
maintenance I-Effect
projects I-Effect
, O
as O
pro B-Cause
sales I-Cause
( I-Cause
which I-Cause
represent I-Cause
around I-Cause
45 I-Cause
% I-Cause
of I-Cause
the I-Cause
total I-Cause
) I-Cause
can I-Cause
result I-Cause
in I-Cause
choppy I-Cause
quarter-to-quarter I-Cause
results I-Cause
, I-Cause
particularly I-Cause
in I-Cause
periods I-Cause
of I-Cause
economic I-Cause
uncertainty I-Cause
. O

Therefore O
, O
we O
estimate O
that O
overall B-Effect
strengthening I-Effect
of I-Effect
the I-Effect
yen I-Effect
is I-Effect
relatively I-Effect
neutral I-Effect
to I-Effect
Sony I-Effect
's I-Effect
profits I-Effect
, O
as O
impacts B-Cause
from I-Cause
the I-Cause
two I-Cause
major I-Cause
trading I-Cause
currencies I-Cause
usually I-Cause
offset I-Cause
each I-Cause
other I-Cause
. O

We O
model O
InterContinental B-Effect
's I-Effect
annual I-Effect
room I-Effect
growth I-Effect
at I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
for O
the O
next O
10 O
years O
, O
comfortably O
above O
the O
industry O
's O
long-term O
supply O
growth O
of O
1.8 O
% O
, O
as O
we O
believe O
InterContinental B-Cause
is I-Cause
well I-Cause
positioned I-Cause
for I-Cause
market I-Cause
share I-Cause
gains I-Cause
over O
the O
next O
decade O
. O

Over O
the O
next O
five O
years O
, O
we O
forecast O
operating B-Effect
margin I-Effect
expansion I-Effect
of I-Effect
100 I-Effect
basis I-Effect
points I-Effect
, O
driven O
by O
gross O
margin B-Cause
improvement I-Cause
from I-Cause
a I-Cause
mix I-Cause
of I-Cause
higher-value I-Cause
offerings I-Cause
. O

With O
previous B-Cause
structural I-Cause
changes I-Cause
like I-Cause
the I-Cause
closure I-Cause
of I-Cause
the I-Cause
Orchard I-Cause
Supply I-Cause
brand I-Cause
and I-Cause
the I-Cause
sale I-Cause
of I-Cause
its I-Cause
Mexico I-Cause
assets I-Cause
, O
increased B-Effect
capital I-Effect
expenditures I-Effect
( I-Effect
estimated I-Effect
at I-Effect
$ I-Effect
2 I-Effect
billion I-Effect
in I-Effect
2021 I-Effect
) I-Effect
are I-Effect
likely I-Effect
to I-Effect
focus I-Effect
on I-Effect
efforts I-Effect
that I-Effect
should I-Effect
lead I-Effect
to I-Effect
working I-Effect
capital I-Effect
efficiency I-Effect
gains I-Effect
ahead I-Effect
. O

Campbell B-Effect
's I-Effect
efforts I-Effect
to I-Effect
steady I-Effect
its I-Effect
footing I-Effect
have I-Effect
been I-Effect
facilitated I-Effect
by O
the B-Cause
sales I-Cause
of I-Cause
its I-Cause
fresh I-Cause
and I-Cause
international I-Cause
operations I-Cause
, O
which O
should O
enable O
it B-Effect
to I-Effect
focus I-Effect
its I-Effect
resources I-Effect
and I-Effect
personnel I-Effect
on I-Effect
its I-Effect
core I-Effect
businesses I-Effect
. O

In O
addition O
, O
the O
bank O
is O
expanding B-Effect
its I-Effect
corporate I-Effect
banking I-Effect
offerings I-Effect
by O
building B-Cause
out I-Cause
its I-Cause
M I-Cause
& I-Cause
amp I-Cause
; I-Cause
A I-Cause
platform I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
capital I-Cause
markets I-Cause
offerings I-Cause
. O

Furthermore O
, O
the B-Effect
acquired I-Effect
businesses I-Effect
started O
to O
face O
top-line O
headwinds O
in O
2014 O
as O
the B-Cause
oil I-Cause
and I-Cause
gas I-Cause
, I-Cause
power I-Cause
, I-Cause
and I-Cause
mining I-Cause
end I-Cause
markets I-Cause
began I-Cause
to I-Cause
weaken I-Cause
. O

Having B-Cause
additional I-Cause
product I-Cause
lines I-Cause
to I-Cause
cross-sell I-Cause
adds B-Effect
incremental I-Effect
sales I-Effect
potential I-Effect
without I-Effect
a I-Effect
tremendous I-Effect
threat I-Effect
from I-Effect
an I-Effect
online I-Effect
competitor I-Effect
; O
shipping O
and O
returns O
are O
troublesome O
at O
best O
. O

With B-Cause
its I-Cause
dependence I-Cause
on I-Cause
West I-Cause
African I-Cause
countries I-Cause
for I-Cause
its I-Cause
cocoa I-Cause
supply I-Cause
( I-Cause
areas I-Cause
known I-Cause
to I-Cause
utilize I-Cause
child I-Cause
labor I-Cause
) I-Cause
, O
Hershey B-Cause
is I-Cause
also I-Cause
exposed I-Cause
to I-Cause
human I-Cause
rights I-Cause
issues I-Cause
within I-Cause
its I-Cause
supply I-Cause
chain I-Cause
, O
which O
could O
lead O
to O
reputational B-Effect
risk I-Effect
and I-Effect
ultimately I-Effect
heightened I-Effect
government I-Effect
oversight I-Effect
. O

Sustainalytics B-Effect
gives I-Effect
Fanuc I-Effect
an I-Effect
ESG I-Effect
risk I-Effect
score I-Effect
of I-Effect
30.5 I-Effect
, I-Effect
which I-Effect
is I-Effect
higher I-Effect
than I-Effect
our I-Effect
other I-Effect
Japanese I-Effect
industrials I-Effect
coverage I-Effect
companies I-Effect
, I-Effect
averaging I-Effect
in I-Effect
the I-Effect
mid-twenties. O
This O
is O
attributed O
to O
mainly B-Cause
disclosure I-Cause
issues I-Cause
regarding I-Cause
management I-Cause
of I-Cause
its I-Cause
ESG I-Cause
risks I-Cause
as I-Cause
well I-Cause
as I-Cause
company-specific I-Cause
factors I-Cause
like I-Cause
the I-Cause
lawsuit I-Cause
leading I-Cause
to I-Cause
increasing I-Cause
governance I-Cause
risk I-Cause
for I-Cause
the I-Cause
company I-Cause
. O

Given O
the B-Cause
varying I-Cause
competitive I-Cause
positions I-Cause
across I-Cause
the I-Cause
bank I-Cause
's I-Cause
portfolio I-Cause
, O
we B-Effect
expect I-Effect
its I-Effect
long-term I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
to I-Effect
return I-Effect
to I-Effect
9.8 I-Effect
% I-Effect
, I-Effect
exceeding I-Effect
its I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
9.5 I-Effect
% I-Effect
. O

Capital O
One O
has O
substantial O
exposure O
to O
subprime O
consumer O
loans O
though O
its O
credit O
card O
and O
auto O
lending O
businesses O
, O
exposing O
it O
to O
potential B-Cause
credit I-Cause
losses I-Cause
should O
consumer B-Effect
credit I-Effect
conditions I-Effect
deteriorate I-Effect
. O

After O
its O
fourth-quarter O
2020 O
results O
, O
we O
raised B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
eBay I-Effect
to I-Effect
$ I-Effect
58 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
55 I-Effect
based O
on O
a B-Cause
more I-Cause
optimistic I-Cause
core I-Cause
marketplace I-Cause
growth I-Cause
outlook I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
. O

Robinson O
's O
value O
proposition O
strengthens O
in O
such O
an O
environment O
, O
gross B-Effect
margins I-Effect
usually I-Effect
get I-Effect
squeezed I-Effect
in I-Effect
the I-Effect
short I-Effect
run I-Effect
as O
carrier B-Cause
rates I-Cause
spike I-Cause
. O

More B-Cause
gamers I-Cause
on I-Cause
a I-Cause
particular I-Cause
console I-Cause
attract O
developers B-Effect
to I-Effect
write I-Effect
more I-Effect
games I-Effect
and O
offer O
exclusive B-Cause
content I-Cause
on I-Cause
a I-Cause
given I-Cause
platform I-Cause
, O
which O
in O
turn O
attracts O
more B-Effect
gamers I-Effect
. O

We B-Effect
do I-Effect
n't I-Effect
fear I-Effect
this I-Effect
relationship I-Effect
will I-Effect
affect I-Effect
Malibu I-Effect
's I-Effect
sales I-Effect
, O
though O
, O
as O
Chaparral B-Cause
's I-Cause
boats I-Cause
are I-Cause
larger I-Cause
and I-Cause
designed I-Cause
more I-Cause
for I-Cause
pleasure I-Cause
cruising I-Cause
than I-Cause
for I-Cause
water I-Cause
sports I-Cause
, I-Cause
and I-Cause
so I-Cause
the I-Cause
two I-Cause
do I-Cause
not I-Cause
directly I-Cause
compete I-Cause
( O
admittedly O
, O
Chaparral O
may O
compete O
with O
some O
of O
Cobalt O
's O
offerings O
) O
. O

Further O
, O
we O
think O
it O
is O
unlikely O
that O
price B-Effect
is I-Effect
ever I-Effect
the I-Effect
motivator I-Effect
if O
they O
do O
choose O
to O
move O
, O
because O
we B-Cause
think I-Cause
the I-Cause
costs I-Cause
to I-Cause
move I-Cause
and I-Cause
the I-Cause
risks I-Cause
they I-Cause
take I-Cause
would I-Cause
negate I-Cause
any I-Cause
potential I-Cause
monthly I-Cause
rent I-Cause
savings I-Cause
. O

We O
think O
that O
aeronautics B-Effect
and I-Effect
missiles I-Effect
and I-Effect
fire I-Effect
control I-Effect
are I-Effect
the I-Effect
big I-Effect
growth I-Effect
drivers I-Effect
, O
due O
to O
peaking B-Cause
F-35 I-Cause
deliveries I-Cause
, I-Cause
growing I-Cause
F-35 I-Cause
sustainment I-Cause
revenues I-Cause
, I-Cause
and I-Cause
hypersonic I-Cause
missile I-Cause
development I-Cause
. O

That O
said O
, O
contracting B-Cause
still I-Cause
takes I-Cause
place I-Cause
overwhelmingly I-Cause
on I-Cause
paper-based I-Cause
forms I-Cause
, O
so O
even O
basic B-Effect
sales I-Effect
contracts I-Effect
from I-Effect
any I-Effect
vertical I-Effect
could I-Effect
potentially I-Effect
be I-Effect
modernized I-Effect
. O

ConocoPhillips B-Effect
' I-Effect
reported I-Effect
GHG I-Effect
intensity I-Effect
of I-Effect
34 I-Effect
kg I-Effect
CO2e/boe I-Effect
( I-Effect
2020 I-Effect
) I-Effect
is I-Effect
relatively I-Effect
high I-Effect
for I-Effect
its I-Effect
peer I-Effect
group I-Effect
due O
to O
its B-Cause
oil I-Cause
sands I-Cause
operations I-Cause
. O

Lennar B-Effect
's I-Effect
building I-Effect
efficiency I-Effect
strategy I-Effect
is I-Effect
not I-Effect
arcane I-Effect
, O
as O
other B-Cause
homebuilders I-Cause
, I-Cause
such I-Cause
as I-Cause
PulteGroup I-Cause
, I-Cause
have I-Cause
implemented I-Cause
similar I-Cause
strategies I-Cause
with I-Cause
beneficial I-Cause
results I-Cause
. O

A B-Cause
carefully I-Cause
curated I-Cause
database I-Cause
offers I-Cause
valuable I-Cause
IP I-Cause
, I-Cause
with I-Cause
teams I-Cause
of I-Cause
accounting I-Cause
experts I-Cause
integrating I-Cause
timely I-Cause
editorial I-Cause
news I-Cause
and I-Cause
regulatory I-Cause
changes I-Cause
with I-Cause
an I-Cause
AI-enabled I-Cause
search I-Cause
product I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
Checkpoint I-Cause
Edge I-Cause
, I-Cause
" I-Cause
" I-Cause
" I-Cause
" I-Cause
that O
allows B-Effect
generalist I-Effect
corporate I-Effect
tax I-Effect
officers I-Effect
to I-Effect
effectively I-Effect
handle I-Effect
a I-Effect
complex I-Effect
legal I-Effect
and I-Effect
regulatory I-Effect
environment I-Effect
across I-Effect
jurisdictions I-Effect
. O

Given O
Microchip B-Cause
's I-Cause
track I-Cause
record I-Cause
of I-Cause
stellar I-Cause
profitability I-Cause
in I-Cause
recent I-Cause
years I-Cause
and I-Cause
ability I-Cause
to I-Cause
retain I-Cause
its I-Cause
leadership I-Cause
position I-Cause
in I-Cause
MCUs I-Cause
while I-Cause
expanding I-Cause
its I-Cause
analog I-Cause
business I-Cause
, O
we B-Effect
think I-Effect
it I-Effect
is I-Effect
more I-Effect
likely I-Effect
than I-Effect
not I-Effect
that I-Effect
Microchip I-Effect
will I-Effect
earn I-Effect
on I-Effect
excess I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
. O

Around B-Cause
70 I-Cause
% I-Cause
of I-Cause
annual I-Cause
average I-Cause
spending I-Cause
of I-Cause
$ I-Cause
9.3 I-Cause
billion I-Cause
for I-Cause
2021-25 I-Cause
in I-Cause
the I-Cause
exploration I-Cause
and I-Cause
production I-Cause
segment I-Cause
will I-Cause
be I-Cause
directed I-Cause
to I-Cause
pre I-Cause
salt I-Cause
production I-Cause
resulting O
in O
pre B-Effect
salt I-Effect
share I-Effect
of I-Effect
production I-Effect
rising I-Effect
to I-Effect
80 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
from I-Effect
67 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

Telehealth B-Effect
is I-Effect
likely I-Effect
one I-Effect
of I-Effect
the I-Effect
most I-Effect
developed I-Effect
subsegments I-Effect
in I-Effect
the I-Effect
virtual I-Effect
market I-Effect
as O
it B-Cause
is I-Cause
a I-Cause
natural I-Cause
extension I-Cause
of I-Cause
the I-Cause
reliable I-Cause
communication I-Cause
infrastructure I-Cause
available I-Cause
, I-Cause
rising I-Cause
and I-Cause
notable I-Cause
social I-Cause
media I-Cause
engagement I-Cause
across I-Cause
all I-Cause
age I-Cause
groups I-Cause
, I-Cause
and I-Cause
the I-Cause
overall I-Cause
migration I-Cause
toward I-Cause
outpatient I-Cause
care I-Cause
. O

We O
believe O
that O
the B-Effect
U.S.-based I-Effect
major I-Effect
airlines I-Effect
have I-Effect
structurally I-Effect
improved I-Effect
their I-Effect
business I-Effect
model I-Effect
through O
consolidation O
that O
reduces B-Cause
, I-Cause
but I-Cause
not I-Cause
eliminates I-Cause
, I-Cause
the I-Cause
potential I-Cause
for I-Cause
irrational I-Cause
competition I-Cause
and I-Cause
through I-Cause
attractive I-Cause
partnerships I-Cause
with I-Cause
banks I-Cause
on O
their O
frequent-flier O
program O
. O

Although O
we O
opine O
switching O
costs O
can O
exist O
in O
this O
customer O
vertical O
, O
Juniper B-Cause
's I-Cause
shrinking I-Cause
revenue I-Cause
from I-Cause
service I-Cause
providers I-Cause
induce O
the O
conclusion O
that O
the O
company B-Effect
's I-Effect
products I-Effect
may I-Effect
be I-Effect
displaced I-Effect
due I-Effect
to I-Effect
product I-Effect
innovation I-Effect
not I-Effect
keeping I-Effect
pace I-Effect
with I-Effect
competitors I-Effect
. O

An B-Cause
additional I-Cause
challenge I-Cause
for I-Cause
LifeLock I-Cause
to I-Cause
drive I-Cause
sustainable I-Cause
recurring I-Cause
profits I-Cause
is O
that O
we B-Effect
believe I-Effect
consumers I-Effect
would I-Effect
swap I-Effect
to I-Effect
another I-Effect
provider I-Effect
in I-Effect
this I-Effect
very I-Effect
price-competitive I-Effect
market I-Effect
, I-Effect
favor I-Effect
complimentary I-Effect
services I-Effect
, I-Effect
or I-Effect
cancel I-Effect
memberships I-Effect
if I-Effect
fraudulent I-Effect
actions I-Effect
are I-Effect
not I-Effect
detected I-Effect
on I-Effect
the I-Effect
individual I-Effect
. I-Effect

While O
its O
size O
affords O
McDonald O
's O
scale O
advantages O
, O
questions B-Effect
about I-Effect
the I-Effect
agility I-Effect
of I-Effect
its I-Effect
supply I-Effect
chain I-Effect
have I-Effect
occasionally I-Effect
surfaced I-Effect
as O
it B-Cause
has I-Cause
expanded I-Cause
. O

We O
project O
operating B-Effect
margins I-Effect
will I-Effect
improve I-Effect
from I-Effect
the I-Effect
11 I-Effect
% I-Effect
reported I-Effect
in I-Effect
2020 I-Effect
to I-Effect
approximately I-Effect
15 I-Effect
% I-Effect
in I-Effect
our I-Effect
midcycle I-Effect
year I-Effect
, O
as O
we O
believe O
Deere O
will O
benefit O
from O
better B-Cause
sales I-Cause
mix I-Cause
( I-Cause
sales I-Cause
of I-Cause
high-feature I-Cause
equipment I-Cause
) I-Cause
and I-Cause
higher-margin I-Cause
aftermarket I-Cause
sales I-Cause
. O

We B-Effect
envision I-Effect
the I-Effect
top I-Effect
line I-Effect
being I-Effect
by I-Effect
supported I-Effect
by I-Effect
healthy I-Effect
adoption I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
offerings I-Effect
, O
as O
secular B-Cause
shifts I-Cause
drive I-Cause
higher I-Cause
water I-Cause
consumption I-Cause
. O

With B-Cause
discretionary I-Cause
services I-Cause
set I-Cause
to I-Cause
bounce I-Cause
back I-Cause
as I-Cause
the I-Cause
pandemic I-Cause
recedes I-Cause
, O
Aon B-Effect
could I-Effect
see I-Effect
unusually I-Effect
strong I-Effect
growth I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

Our B-Effect
margin I-Effect
forecast I-Effect
for I-Effect
Summit I-Effect
is I-Effect
milder I-Effect
than I-Effect
what I-Effect
we I-Effect
forecast I-Effect
for I-Effect
Martin I-Effect
Marietta I-Effect
and I-Effect
Vulcan I-Effect
, O
as O
Summit B-Cause
's I-Cause
greater I-Cause
exposure I-Cause
to I-Cause
downstream I-Cause
activities I-Cause
weighs I-Cause
on I-Cause
its I-Cause
ability I-Cause
to I-Cause
realize I-Cause
larger I-Cause
margin I-Cause
gains I-Cause
. O

Given O
the B-Cause
importance I-Cause
of I-Cause
customer I-Cause
retention I-Cause
, O
businesses B-Effect
are I-Effect
likely I-Effect
to I-Effect
adopt I-Effect
best-of-breed I-Effect
solutions I-Effect
that O
support O
the O
smoothest B-Effect
customer I-Effect
support I-Effect
experience I-Effect
possible I-Effect
. O

We O
think O
as O
BlackBerry B-Cause
becomes I-Cause
more I-Cause
seasoned I-Cause
as I-Cause
a I-Cause
software I-Cause
company I-Cause
, O
its B-Effect
gross I-Effect
margins I-Effect
will I-Effect
approach I-Effect
the I-Effect
high I-Effect
70 I-Effect
% I-Effect
range I-Effect
. O

We B-Effect
see I-Effect
the I-Effect
reduction I-Effect
of I-Effect
variable I-Effect
costs I-Effect
as I-Effect
more I-Effect
important I-Effect
for I-Effect
production I-Effect
economics I-Effect
, O
given O
that O
raw B-Cause
materials I-Cause
and I-Cause
ingredients I-Cause
like I-Cause
concentrate I-Cause
, I-Cause
sweetener I-Cause
, I-Cause
and I-Cause
packaging I-Cause
account I-Cause
for I-Cause
the I-Cause
preponderance I-Cause
of I-Cause
the I-Cause
cost I-Cause
of I-Cause
goods I-Cause
sold I-Cause
. O

Additionally O
, O
with O
the B-Cause
consolidated I-Cause
franchisee I-Cause
base I-Cause
, I-Cause
most I-Cause
fortressing I-Cause
occurs I-Cause
with I-Cause
franchisees I-Cause
building I-Cause
inside I-Cause
of I-Cause
their I-Cause
own I-Cause
territories I-Cause
, O
so O
cannibalization B-Effect
does I-Effect
not I-Effect
pit I-Effect
franchisees I-Effect
against I-Effect
each I-Effect
other I-Effect
( O
avoiding O
what O
occurred O
with O
McDonald O
's O
in O
the O
late O
1990s O
) O
. O

With O
approximately B-Cause
80 I-Cause
% I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
revenue I-Cause
coming I-Cause
from I-Cause
its I-Cause
wealth I-Cause
and I-Cause
asset I-Cause
management I-Cause
businesses I-Cause
, O
any B-Effect
downturn I-Effect
in I-Effect
asset I-Effect
prices I-Effect
will I-Effect
have I-Effect
a I-Effect
material I-Effect
effect I-Effect
on I-Effect
revenue I-Effect
and I-Effect
earnings I-Effect
. O

There B-Effect
are I-Effect
semblances I-Effect
of I-Effect
this I-Effect
intangible I-Effect
asset I-Effect
in I-Effect
Primo I-Effect
's I-Effect
water-direct I-Effect
operations I-Effect
, O
as O
management B-Cause
has I-Cause
disclosed I-Cause
impressive I-Cause
renewal I-Cause
rates I-Cause
for I-Cause
the I-Cause
business I-Cause
. O

Second O
, O
Xcel B-Cause
's I-Cause
service I-Cause
territories I-Cause
have I-Cause
among I-Cause
the I-Cause
best I-Cause
wind I-Cause
resources I-Cause
in I-Cause
the I-Cause
country I-Cause
, O
making B-Effect
it I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
wind I-Effect
energy I-Effect
providers I-Effect
in I-Effect
the I-Effect
U.S I-Effect
. I-Effect

However O
, O
Tapestry O
's O
second O
quarter O
of O
fiscal O
2021 O
was O
better O
than O
expected O
as O
strong B-Cause
sales I-Cause
of I-Cause
Coach I-Cause
in I-Cause
mainland I-Cause
China I-Cause
led O
to O
more B-Cause
than I-Cause
30 I-Cause
% I-Cause
growth I-Cause
in I-Cause
the I-Cause
region I-Cause
and I-Cause
e-commerce I-Cause
( I-Effect
up I-Effect
more I-Effect
than I-Effect
100 I-Effect
% I-Effect
) I-Effect
partially B-Effect
offset I-Effect
store I-Effect
closures I-Effect
. O

With O
its B-Cause
growth I-Cause
lagging I-Cause
security I-Cause
peers I-Cause
, O
we O
expect O
Check B-Effect
Point I-Effect
to I-Effect
ramp I-Effect
up I-Effect
sales I-Effect
and I-Effect
marketing I-Effect
efforts I-Effect
to I-Effect
showcase I-Effect
the I-Effect
advantage I-Effect
of I-Effect
its I-Effect
platform I-Effect
approach I-Effect
and I-Effect
next-generation I-Effect
security I-Effect
offerings I-Effect
. O

As O
those B-Cause
contracts I-Cause
age I-Cause
and I-Cause
the I-Cause
packaging I-Cause
loses I-Cause
novelty I-Cause
, O
we O
expect O
that O
profitability B-Effect
on I-Effect
those I-Effect
products I-Effect
will I-Effect
converge I-Effect
to I-Effect
that I-Effect
of I-Effect
the I-Effect
broader I-Effect
product I-Effect
portfolio I-Effect
. O

We O
argue O
that O
the B-Cause
firm I-Cause
's I-Cause
sheer I-Cause
size I-Cause
and I-Cause
vast I-Cause
financial I-Cause
resources I-Cause
allow O
it O
to O
leverage B-Effect
fixed I-Effect
costs I-Effect
over I-Effect
a I-Effect
large I-Effect
base I-Effect
of I-Effect
products I-Effect
and I-Effect
defend I-Effect
its I-Effect
share I-Effect
position I-Effect
by I-Effect
aggressively I-Effect
spending I-Effect
on I-Effect
R I-Effect
& I-Effect
D I-Effect
and I-Effect
marketing I-Effect
when I-Effect
needed I-Effect
to I-Effect
fend I-Effect
off I-Effect
competition I-Effect
. O

In O
our O
view O
, O
FireEye B-Effect
's I-Effect
appliance-related I-Effect
sales I-Effect
will I-Effect
continue I-Effect
to I-Effect
decrease I-Effect
as O
consumers B-Cause
favor I-Cause
cloud I-Cause
subscriptions I-Cause
for I-Cause
a I-Cause
variety I-Cause
of I-Cause
threat I-Cause
protection I-Cause
technologies I-Cause
. O

As B-Cause
5G I-Cause
proliferates I-Cause
in I-Cause
coming I-Cause
years I-Cause
, O
we B-Effect
expect I-Effect
Qualcomm I-Effect
to I-Effect
regain I-Effect
its I-Effect
baseband I-Effect
position I-Effect
in I-Effect
the I-Effect
iPhone I-Effect
, I-Effect
while I-Effect
it I-Effect
also I-Effect
pivots I-Effect
into I-Effect
non-smartphone I-Effect
areas I-Effect
such I-Effect
as I-Effect
automotive I-Effect
and I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
. O

We O
expect O
the O
PC B-Effect
market I-Effect
to I-Effect
decline I-Effect
annually I-Effect
since O
smartphones B-Cause
and I-Cause
tablets I-Cause
offer I-Cause
suitable I-Cause
replacements I-Cause
for I-Cause
most I-Cause
computing I-Cause
instances I-Cause
, O
all O
while O
Software O
as O
a O
Service O
, O
or O
SaaS O
, O
can O
lengthen O
computer O
upgrade O
cycles O
. O

Crown B-Cause
has I-Cause
very I-Cause
long-term I-Cause
land I-Cause
leases I-Cause
and I-Cause
has I-Cause
the I-Cause
option I-Cause
to I-Cause
buy I-Cause
the I-Cause
towers I-Cause
it I-Cause
leases I-Cause
, O
leaving O
it B-Effect
empowered I-Effect
unless O
it O
has O
capital O
constraints O
. O

Despite O
higher O
costs O
to O
manufacture O
personalized O
medicine O
, O
we O
expect O
personalized B-Effect
cancer I-Effect
vaccines I-Effect
to I-Effect
be I-Effect
high-margin I-Effect
products I-Effect
as O
the B-Cause
business I-Cause
scales I-Cause
. O

With O
existing-home B-Cause
prices I-Cause
still I-Cause
rising I-Cause
and I-Cause
interest I-Cause
rates I-Cause
still I-Cause
low I-Cause
, O
we B-Effect
do I-Effect
n't I-Effect
see I-Effect
imminent I-Effect
concern I-Effect
about I-Effect
a I-Effect
significant I-Effect
slowdown I-Effect
in I-Effect
the I-Effect
housing I-Effect
market I-Effect
; O
however O
, O
interest B-Cause
rates I-Cause
that I-Cause
start I-Cause
to I-Cause
move I-Cause
higher I-Cause
, I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
direction I-Cause
of I-Cause
the I-Cause
economic I-Cause
environment I-Cause
, I-Cause
and I-Cause
the I-Cause
lack I-Cause
of I-Cause
lower-priced I-Cause
inventory I-Cause
can O
weigh B-Effect
on I-Effect
turnover I-Effect
. O

Since O
even O
slightly B-Cause
differentiated I-Cause
technical I-Cause
features I-Cause
can I-Cause
cause I-Cause
an I-Cause
end I-Cause
user I-Cause
to I-Cause
prefer I-Cause
one I-Cause
tool I-Cause
over I-Cause
another I-Cause
similar I-Cause
tool I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
precise I-Cause
scientific I-Cause
end I-Cause
markets I-Cause
, O
intangible B-Effect
assets I-Effect
around I-Effect
Qiagen I-Effect
's I-Effect
technology I-Effect
can I-Effect
contribute I-Effect
to I-Effect
competitive I-Effect
advantages I-Effect
. O

We O
model B-Effect
non-GAAP I-Effect
operating I-Effect
margin I-Effect
improving I-Effect
from I-Effect
28 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
( I-Effect
actual I-Effect
) I-Effect
to I-Effect
the I-Effect
low-30 I-Effect
% I-Effect
area I-Effect
by I-Effect
2025 I-Effect
driven O
by O
a B-Cause
scaling I-Cause
cloud I-Cause
business I-Cause
. O

The B-Effect
impact I-Effect
of I-Effect
COVID-19 I-Effect
on I-Effect
our I-Effect
forecast I-Effect
is I-Effect
altogether I-Effect
a I-Effect
modest I-Effect
positive I-Effect
, O
as O
the B-Cause
company I-Cause
stands I-Cause
to I-Cause
benefit I-Cause
from I-Cause
being I-Cause
one I-Cause
of I-Cause
the I-Cause
few I-Cause
manufacturers I-Cause
of I-Cause
a I-Cause
rapid I-Cause
screening I-Cause
kit I-Cause
, I-Cause
which I-Cause
it I-Cause
will I-Cause
commence I-Cause
shipping I-Cause
in I-Cause
the I-Cause
current I-Cause
quarter I-Cause
, I-Cause
and I-Cause
vaccine-related I-Cause
syringe I-Cause
demand I-Cause
. O

Despite O
the O
cost O
benefits O
of O
remote O
telehealth O
, O
regulators B-Effect
and I-Effect
states I-Effect
have I-Effect
been I-Effect
slow I-Effect
to I-Effect
ease I-Effect
regulation/compliance I-Effect
and I-Effect
reimburse I-Effect
these I-Effect
services I-Effect
due O
to O
concerns B-Cause
of I-Cause
fraud/privacy I-Cause
breach I-Cause
and I-Cause
quality I-Cause
. O

However O
, O
we O
continue O
to O
expect O
higher B-Effect
costs I-Effect
will I-Effect
ensue I-Effect
as O
it B-Cause
ramps I-Cause
up I-Cause
production I-Cause
and I-Cause
works I-Cause
to I-Cause
expeditiously I-Cause
deliver I-Cause
product I-Cause
to I-Cause
its I-Cause
retail I-Cause
partners I-Cause
, I-Cause
while I-Cause
also I-Cause
spending I-Cause
more I-Cause
to I-Cause
ensure I-Cause
the I-Cause
safety I-Cause
of I-Cause
its I-Cause
labor I-Cause
force I-Cause
. O

The B-Cause
majority I-Cause
of I-Cause
Vectren I-Cause
's I-Cause
utility I-Cause
investments I-Cause
are I-Cause
covered I-Cause
by I-Cause
rate I-Cause
trackers I-Cause
that O
allow O
for O
fairly O
quick B-Effect
recovery I-Effect
in I-Effect
rates I-Effect
, I-Effect
reducing I-Effect
regulatory I-Effect
lag I-Effect
. O

Full B-Cause
integration I-Cause
of I-Cause
the I-Cause
AdvisoryWorld I-Cause
tools I-Cause
should O
allow O
LPL B-Effect
to I-Effect
offer I-Effect
technology I-Effect
to I-Effect
advisors I-Effect
that I-Effect
compares I-Effect
well I-Effect
to I-Effect
peer I-Effect
alternatives I-Effect
. O

While B-Cause
this I-Cause
business I-Cause
has I-Cause
more I-Cause
attractive I-Cause
growth I-Cause
prospects I-Cause
( I-Cause
2 I-Cause
% I-Cause
to I-Cause
4 I-Cause
% I-Cause
) I-Cause
, I-Cause
agricultural I-Cause
commodities I-Cause
are I-Cause
difficult I-Cause
to I-Cause
differentiate I-Cause
and I-Cause
therefore I-Cause
generally I-Cause
do I-Cause
not I-Cause
command I-Cause
a I-Cause
price I-Cause
premium. O
As O
a O
result O
, O
this B-Effect
business I-Effect
is I-Effect
relatively I-Effect
low I-Effect
margin I-Effect
( I-Effect
10 I-Effect
% I-Effect
) I-Effect
and I-Effect
does I-Effect
not I-Effect
offer I-Effect
the I-Effect
firm I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
, I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

BorgWarner B-Cause
's I-Cause
consistent I-Cause
technology I-Cause
innovation I-Cause
and I-Cause
ability I-Cause
to I-Cause
find I-Cause
alternative I-Cause
vehicular I-Cause
applications I-Cause
enable O
more B-Effect
favorable I-Effect
pricing I-Effect
relative I-Effect
to I-Effect
many I-Effect
automotive I-Effect
industry I-Effect
suppliers I-Effect
, O
increasing B-Effect
the I-Effect
company I-Effect
's I-Effect
dollar I-Effect
content I-Effect
per I-Effect
vehicle I-Effect
. O

After O
reviewing O
Cummins B-Cause
' I-Cause
fourth-quarter I-Cause
financial I-Cause
performance I-Cause
and I-Cause
outlook I-Cause
, O
we O
've O
increased B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
196 I-Effect
from I-Effect
$ I-Effect
188 I-Effect
per I-Effect
share I-Effect
. O

Because O
many O
of O
the O
company O
's O
products O
( O
including O
pumps O
, O
filters O
, O
and O
control O
valves O
) O
perform O
mission-critical O
functions O
, O
any B-Cause
product I-Cause
failures I-Cause
could O
lead O
to O
costly B-Effect
outages I-Effect
for I-Effect
customers I-Effect
. O

Coronavirus-related O
restaurant B-Cause
closures I-Cause
and I-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
are O
likely O
to O
have O
a O
lasting O
impact O
on O
the O
industry O
and O
drive O
volatility B-Effect
in O
near-term O
operating O
results O
. O

NetEase O
has O
strong B-Cause
research I-Cause
and I-Cause
development I-Cause
capability I-Cause
, I-Cause
with I-Cause
its I-Cause
self-developed I-Cause
mobile I-Cause
and I-Cause
PC I-Cause
games I-Cause
accounting B-Effect
for I-Effect
91 I-Effect
% I-Effect
of I-Effect
2020 I-Effect
's I-Effect
revenue I-Effect
. O

Our B-Effect
forecast I-Effect
costs I-Effect
are I-Effect
notably I-Effect
higher I-Effect
than I-Effect
before I-Effect
2020 I-Effect
, O
driven O
by O
COVID-19 B-Cause
mitigation I-Cause
, I-Cause
water I-Cause
conservation I-Cause
measures I-Cause
at I-Cause
La I-Cause
India I-Cause
, I-Cause
and I-Cause
general I-Cause
cost I-Cause
inflation I-Cause
. O

While B-Cause
demand I-Cause
for I-Cause
outdoor I-Cause
recreational I-Cause
products I-Cause
has I-Cause
been I-Cause
elevated I-Cause
with I-Cause
social I-Cause
distancing I-Cause
measures I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
, I-Cause
we I-Cause
expect I-Cause
sustained I-Cause
sales I-Cause
growth I-Cause
stemming I-Cause
from I-Cause
market I-Cause
share I-Cause
gains I-Cause
and I-Cause
expansion I-Cause
into I-Cause
whitespace I-Cause
categories. O
As O
a O
result O
of O
its O
success O
, O
Malibu B-Effect
should I-Effect
generate I-Effect
competitive I-Effect
adjusted I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, I-Effect
including I-Effect
goodwill I-Effect
, I-Effect
that I-Effect
average I-Effect
27 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

In O
the O
U.S. O
, O
sustained B-Cause
declining I-Cause
demand I-Cause
for I-Cause
mainstream I-Cause
beer I-Cause
in I-Cause
favor I-Cause
of I-Cause
craft I-Cause
brews I-Cause
may O
lead O
to O
an B-Effect
unfavorable I-Effect
shift I-Effect
away I-Effect
from I-Effect
cans I-Effect
and I-Effect
toward I-Effect
glass I-Effect
in O
the O
absence O
of O
a O
packaging O
mix O
shift O
. O

We O
anticipate O
strong B-Effect
growth I-Effect
in I-Effect
Veeva I-Effect
Vault I-Effect
revenue I-Effect
to O
be O
driven O
by O
as O
the B-Cause
introduction I-Cause
of I-Cause
new I-Cause
co-developed I-Cause
modules I-Cause
and I-Cause
new I-Cause
use I-Cause
cases I-Cause
outside I-Cause
of I-Cause
life I-Cause
sciences I-Cause
. O

The O
recent O
stumbles O
of O
RB O
and O
fellow-3G O
business O
Kraft O
Heinz O
highlight O
the B-Effect
unsustainability I-Effect
of I-Effect
growing I-Effect
EBIT I-Effect
through O
cost B-Cause
saving I-Cause
strategies I-Cause
. O

This B-Cause
migration I-Cause
is I-Cause
likely I-Cause
to I-Cause
cause I-Cause
community B-Effect
hospitals I-Effect
to I-Effect
fold I-Effect
or I-Effect
be I-Effect
acquired I-Effect
, O
which O
will O
put B-Effect
pressure I-Effect
on I-Effect
Allscripts I-Effect
' I-Effect
revenue I-Effect
. O

Commercial B-Cause
customers I-Cause
depend I-Cause
on I-Cause
quickly I-Cause
sourcing I-Cause
necessary I-Cause
components I-Cause
in O
order O
to O
turn B-Effect
over I-Effect
service I-Effect
bays I-Effect
, I-Effect
making I-Effect
reliable I-Effect
part I-Effect
availability I-Effect
a I-Effect
key I-Effect
point I-Effect
of I-Effect
customer I-Effect
engagement I-Effect
. O

We O
see O
several B-Cause
idiosyncratic I-Cause
factors I-Cause
that O
will O
help B-Effect
Carrier I-Effect
achieve I-Effect
it I-Effect
goal I-Effect
of I-Effect
mid-single-digit I-Effect
sales I-Effect
growth I-Effect
, O
including O
higher O
service O
attachment O
rates O
, O
applied O
HVAC O
market O
share O
gains O
, O
increased O
demand O
for O
air-filtration O
, O
cold O
chain O
, O
and O
touchless O
access O
control O
solutions O
, O
and O
new O
product O
introductions O
with O
higher O
average O
selling O
prices O
. O

The B-Effect
full-price I-Effect
Nordstrom I-Effect
stores I-Effect
( I-Effect
two I-Effect
thirds I-Effect
of I-Effect
sales I-Effect
) I-Effect
maintain I-Effect
premium I-Effect
pricing I-Effect
over I-Effect
other I-Effect
mall-based I-Effect
department I-Effect
stores I-Effect
through O
differentiated B-Cause
product I-Cause
and I-Cause
a I-Cause
reputation I-Cause
for I-Cause
excellent I-Cause
customer I-Cause
service I-Cause
. O

For O
instance O
, O
the B-Effect
Washington I-Effect
, I-Effect
D.C. I-Effect
, I-Effect
portfolio I-Effect
has I-Effect
struggled I-Effect
in I-Effect
recent I-Effect
years I-Effect
due O
to O
exposure B-Cause
to I-Cause
sectors I-Cause
that I-Cause
have I-Cause
experienced I-Cause
less I-Cause
moribund I-Cause
growth I-Cause
than I-Cause
the I-Cause
buoyant I-Cause
technology I-Cause
sector I-Cause
. O

The O
payment O
processing O
industry O
is O
evolving O
, O
and O
while O
the O
position O
of O
the O
acquirers O
within O
the O
current O
dominant O
framework O
is O
well O
established O
, O
it O
is O
possible O
that O
future B-Cause
disruption I-Cause
could O
reduce O
the B-Effect
profitability I-Effect
the O
industry O
can O
generate O
or O
cut O
the O
acquirers O
out O
altogether O
. O

However O
, O
commodity B-Effect
prices I-Effect
are I-Effect
now I-Effect
well I-Effect
below I-Effect
the I-Effect
levels I-Effect
at I-Effect
the I-Effect
time I-Effect
of I-Effect
the I-Effect
formation I-Effect
due O
in O
large O
part O
to O
the B-Cause
economic I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
. O

Each B-Cause
rung I-Cause
on I-Cause
the I-Cause
value I-Cause
ladder I-Cause
is I-Cause
a I-Cause
higher I-Cause
margin I-Cause
service I-Cause
, I-Cause
and I-Cause
a I-Cause
shift I-Cause
to I-Cause
full-service I-Cause
can I-Cause
increase I-Cause
margin I-Cause
up I-Cause
to I-Cause
the I-Cause
70 I-Cause
% I-Cause
range I-Cause
, I-Cause
compared I-Cause
with I-Cause
component-only I-Cause
margin I-Cause
of I-Cause
20 I-Cause
% I-Cause
. O
Therefore O
, O
West B-Effect
is I-Effect
highly I-Effect
incentivized I-Effect
to I-Effect
expand I-Effect
the I-Effect
breadth I-Effect
and I-Effect
depth I-Effect
of I-Effect
its I-Effect
service I-Effect
offerings I-Effect
and I-Effect
to I-Effect
bring I-Effect
customers I-Effect
up I-Effect
the I-Effect
value I-Effect
chain I-Effect
. O

We O
expect O
GAAP B-Effect
operating I-Effect
margins I-Effect
to I-Effect
increase I-Effect
from I-Effect
negative I-Effect
92 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
to I-Effect
25 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2031 I-Effect
, O
as O
a O
result O
of O
gross B-Effect
margin I-Effect
expansion I-Effect
as O
we O
see O
operating B-Cause
leverage I-Cause
from I-Cause
drastic I-Cause
scale I-Cause
. O

This O
assumes O
Centene B-Effect
's I-Effect
Medicaid I-Effect
business I-Effect
remains I-Effect
relatively I-Effect
flat I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
as O
the B-Cause
economy I-Cause
recovers I-Cause
( O
a O
likely O
negative O
for O
Medicaid O
enrollment O
) O
and O
as O
we O
probability-weight O
some O
of O
Centene B-Cause
's I-Cause
existing I-Cause
Medicaid I-Cause
contracts I-Cause
that I-Cause
are I-Cause
coming I-Cause
up I-Cause
for I-Cause
bid I-Cause
. I-Cause

Off-highway B-Effect
applications I-Effect
are I-Effect
likely I-Effect
to I-Effect
require I-Effect
significantly I-Effect
higher I-Effect
densities I-Effect
given O
their B-Cause
likely I-Cause
inability I-Cause
to I-Cause
access I-Cause
grid I-Cause
power I-Cause
at I-Cause
convenient I-Cause
intervals I-Cause
. O

The B-Effect
firm I-Effect
faces I-Effect
stiff I-Effect
competition I-Effect
from I-Effect
inside I-Effect
and I-Effect
outside I-Effect
the I-Effect
solar I-Effect
industry I-Effect
as O
the B-Cause
renewable I-Cause
energy I-Cause
landscape I-Cause
becomes I-Cause
more I-Cause
competitive I-Cause
. O

Furthermore O
, O
scaled B-Effect
participants I-Effect
are I-Effect
better I-Effect
able I-Effect
to I-Effect
make I-Effect
expenditures I-Effect
to I-Effect
improve I-Effect
the I-Effect
in-store I-Effect
customer I-Effect
experience I-Effect
than O
their O
smaller O
rivals O
as O
they B-Cause
can I-Cause
leverage I-Cause
such I-Cause
initiatives I-Cause
over I-Cause
a I-Cause
large I-Cause
store I-Cause
base I-Cause
; I-Cause
these I-Cause
efforts I-Cause
help I-Cause
to I-Cause
engender I-Cause
brand I-Cause
loyalty I-Cause
. O

We O
remain O
comfortable B-Effect
with I-Effect
our I-Effect
full-year I-Effect
comp I-Effect
outlook I-Effect
of I-Effect
a I-Effect
high-single-digit I-Effect
decline I-Effect
at I-Effect
KFC I-Effect
and I-Effect
a I-Effect
low-teens I-Effect
decline I-Effect
at I-Effect
Pizza I-Effect
Hut I-Effect
, O
as O
continued B-Cause
traction I-Cause
with I-Cause
delivery I-Cause
and I-Cause
value I-Cause
offerings I-Cause
should I-Cause
drive I-Cause
further I-Cause
improvement I-Cause
in I-Cause
the I-Cause
fourth I-Cause
quarter I-Cause
( O
though O
positive O
comps O
are O
unlikely O
to O
return O
until O
2021 O
) O
. O

Further O
, O
the B-Effect
charge I-Effect
applied I-Effect
by I-Effect
Farfetch I-Effect
may I-Effect
be I-Effect
offset I-Effect
by I-Effect
increasing I-Effect
probability I-Effect
of I-Effect
full-price I-Effect
sell-through I-Effect
, O
as O
the B-Cause
existing I-Cause
stock I-Cause
is I-Cause
made I-Cause
available I-Cause
to I-Cause
this I-Cause
wider I-Cause
audience I-Cause
. O

NXP O
is O
also O
a O
bit O
behind O
in O
the O
development O
of O
GaN-based O
5G O
power O
amplifiers O
, O
so O
the B-Effect
firm I-Effect
could I-Effect
lose I-Effect
market I-Effect
share I-Effect
if O
GaN B-Cause
takes I-Cause
off I-Cause
as I-Cause
the I-Cause
predominant I-Cause
technology I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
rivals I-Cause
remain I-Cause
on I-Cause
the I-Cause
GaN I-Cause
forefront I-Cause
. O

While O
we O
suspect O
that O
the O
quality O
in O
these O
design O
functions O
is O
merging O
between O
Catia O
and O
its O
top O
competitors O
, O
we O
think O
that O
switching B-Effect
costs I-Effect
are I-Effect
strengthened I-Effect
by O
the B-Cause
learning I-Cause
curve I-Cause
of I-Cause
the I-Cause
software I-Cause
. O

Finally O
, O
Airbnb B-Cause
's I-Cause
core I-Cause
alternative I-Cause
accommodations I-Cause
business I-Cause
faces I-Cause
higher I-Cause
regulatory I-Cause
risk I-Cause
than I-Cause
other I-Cause
travel I-Cause
verticals I-Cause
, O
which O
could O
hinder B-Effect
supply I-Effect
and I-Effect
demand I-Effect
as I-Effect
well I-Effect
as I-Effect
elevate I-Effect
costs I-Effect
. I-Effect

Successful B-Cause
execution I-Cause
of I-Cause
cost I-Cause
savings I-Cause
and I-Cause
active I-Cause
portfolio I-Cause
management I-Cause
helped O
Sandvik B-Effect
's I-Effect
operating I-Effect
margins I-Effect
and O
cash B-Effect
flow I-Effect
hold I-Effect
up I-Effect
better I-Effect
in I-Effect
2020 I-Effect
than I-Effect
during I-Effect
previous I-Effect
downturns I-Effect
. O

On O
July O
8 O
, O
management B-Effect
said I-Effect
first I-Effect
half I-Effect
2021 I-Effect
adjusted I-Effect
operating I-Effect
margin I-Effect
will I-Effect
exceed I-Effect
the I-Effect
full I-Effect
year I-Effect
guidance I-Effect
range I-Effect
of I-Effect
5.5 I-Effect
% I-Effect
to I-Effect
7.5 I-Effect
% I-Effect
, O
mainly O
attributable B-Cause
to I-Cause
favorable I-Cause
pricing I-Cause
and I-Cause
product I-Cause
mix I-Cause
. O

As O
some B-Cause
elective I-Cause
surgeries I-Cause
, I-Cause
such I-Cause
as I-Cause
joint I-Cause
replacements I-Cause
and I-Cause
cataract I-Cause
can I-Cause
not I-Cause
be I-Cause
delayed I-Cause
indefinitely I-Cause
, O
we O
expect O
to O
begin B-Effect
seeing I-Effect
evidence I-Effect
of I-Effect
a I-Effect
rebound I-Effect
starting I-Effect
with I-Effect
fiscal I-Effect
second-quarter I-Effect
results I-Effect
. O

One O
potential O
competitive O
threat O
for O
satellite O
radio O
is O
the B-Cause
nationwide I-Cause
rollout I-Cause
of I-Cause
5G I-Cause
technology I-Cause
by I-Cause
the I-Cause
wireless I-Cause
carriers I-Cause
which O
, O
could O
help B-Effect
streaming I-Effect
services I-Effect
become I-Effect
more I-Effect
valuable I-Effect
. O

It B-Effect
is I-Effect
not I-Effect
large I-Effect
enough I-Effect
to I-Effect
be I-Effect
subject I-Effect
to I-Effect
the I-Effect
Fed I-Effect
's I-Effect
stress I-Effect
tests I-Effect
because O
it B-Cause
has I-Cause
less I-Cause
than I-Cause
$ I-Cause
100 I-Cause
billion I-Cause
in I-Cause
assets I-Cause
. O

Risks O
we O
see O
on O
a O
standalone O
basis O
are O
below O
, O
but O
at O
present O
, O
by O
far O
the O
biggest O
risk O
we O
see O
is O
that O
the O
merger B-Effect
does I-Effect
not I-Effect
get I-Effect
approved I-Effect
, O
as O
the B-Cause
stock I-Cause
is I-Cause
trading I-Cause
at I-Cause
a I-Cause
substantial I-Cause
premium I-Cause
to I-Cause
the I-Cause
pre-announcement I-Cause
share I-Cause
price I-Cause
. O

If O
established B-Cause
competitors I-Cause
or I-Cause
new I-Cause
entrants I-Cause
introduce I-Cause
better I-Cause
products I-Cause
or I-Cause
develop I-Cause
stronger I-Cause
relationships I-Cause
with I-Cause
customers I-Cause
, O
the B-Effect
company I-Effect
may I-Effect
lose I-Effect
market I-Effect
share I-Effect
as I-Effect
well I-Effect
as I-Effect
its I-Effect
ability I-Effect
to I-Effect
extract I-Effect
price I-Effect
increases I-Effect
. O

Management B-Cause
's I-Cause
relationship I-Cause
with I-Cause
regulators I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
achieve I-Cause
constructive I-Cause
regulatory I-Cause
treatment I-Cause
for B-Effect
new I-Effect
investments I-Effect
are I-Effect
critical I-Effect
to I-Effect
earnings I-Effect
growth I-Effect
. O

Viewership B-Cause
of I-Cause
its I-Cause
programs I-Cause
could I-Cause
fall I-Cause
below I-Cause
expectations I-Cause
, I-Cause
and I-Cause
advertisers I-Cause
could I-Cause
pull I-Cause
back I-Cause
on I-Cause
their I-Cause
spending I-Cause
, O
both O
of O
which O
could O
drag B-Effect
on I-Effect
advertising I-Effect
sales I-Effect
growth I-Effect
. O

Given O
our O
expectations O
for O
continued B-Cause
cost I-Cause
pressure I-Cause
from I-Cause
a I-Cause
tight I-Cause
supply I-Cause
of I-Cause
construction I-Cause
labor I-Cause
and I-Cause
land I-Cause
competition I-Cause
, O
we O
expect O
Toll B-Effect
's I-Effect
home I-Effect
sale I-Effect
gross I-Effect
profit I-Effect
margin I-Effect
to I-Effect
show I-Effect
little I-Effect
improvement I-Effect
over O
fiscal O
2017-19 O
and O
range O
between O
22 O
% O
and O
23.5 O
% O
over O
the O
next O
decade O
. O

We B-Effect
project I-Effect
a I-Effect
roughly I-Effect
200-basis-point I-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
, I-Effect
from I-Effect
20.3 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
to I-Effect
around I-Effect
22.5 I-Effect
% I-Effect
by I-Effect
2023 I-Effect
, O
as O
we O
expect O
that O
successful B-Cause
implementation I-Cause
of I-Cause
Vontier I-Cause
Business I-Cause
System I-Cause
will I-Cause
continue I-Cause
to I-Cause
drive I-Cause
a I-Cause
25 I-Cause
to I-Cause
50 I-Cause
basis I-Cause
point I-Cause
annual I-Cause
operating I-Cause
margin I-Cause
expansion I-Cause
over I-Cause
our I-Cause
explicit I-Cause
five-year I-Cause
forecast I-Cause
term I-Cause
. O

A B-Cause
higher I-Cause
mix I-Cause
of I-Cause
chain I-Cause
business I-Cause
should O
result O
in O
modestly B-Effect
lower I-Effect
gross I-Effect
margins I-Effect
, O
and O
higher O
first O
quarter O
operating O
expenses O
lead O
us O
to O
increase O
this O
line O
item O
for O
fiscal O
2021 O
. O

Although O
we O
could O
see O
existing O
consumers O
of O
home-based O
cybersecurity O
and O
identity O
protection O
finding O
this O
an O
attractive O
option O
, O
competitors B-Cause
offer I-Cause
similar I-Cause
bundles I-Cause
and O
we O
do O
not O
expect O
NortonLifelock O
's O
solutions O
to O
inhibit O
consumers B-Effect
from I-Effect
changing I-Effect
providers I-Effect
. O

Market B-Effect
share I-Effect
gains I-Effect
were O
driven O
by O
regained B-Cause
shelf I-Cause
space I-Cause
that I-Cause
was I-Cause
lost I-Cause
during I-Cause
its I-Cause
2012-13 I-Cause
hiatus I-Cause
, I-Cause
expansion I-Cause
into I-Cause
new I-Cause
channels I-Cause
( I-Cause
enabled I-Cause
by I-Cause
its I-Cause
differentiated I-Cause
direct-to-warehouse I-Cause
delivery I-Cause
system I-Cause
) I-Cause
, I-Cause
and I-Cause
expanded I-Cause
breakfast I-Cause
and I-Cause
value I-Cause
brand I-Cause
offerings I-Cause
. O

As O
composite B-Cause
penetration I-Cause
has I-Cause
progressed I-Cause
further I-Cause
in I-Cause
wide-bodies I-Cause
than I-Cause
narrow-bodies I-Cause
, O
Hexcel B-Effect
's I-Effect
revenue I-Effect
and I-Effect
operating I-Effect
income I-Effect
are I-Effect
more I-Effect
heavily I-Effect
weighted I-Effect
toward I-Effect
wide-bodies I-Effect
than I-Effect
narrow-bodies I-Effect
. O

We O
assume O
the O
company O
's O
electrification O
and O
automation O
products O
will O
benefit O
from O
medium-term B-Cause
structural I-Cause
demand I-Cause
tailwinds B-Effect
for I-Effect
increased I-Effect
automation I-Effect
and I-Effect
robotics I-Effect
products I-Effect
as I-Effect
well I-Effect
as I-Effect
a I-Effect
move I-Effect
toward I-Effect
decarbonization I-Effect
and I-Effect
greater I-Effect
energy I-Effect
management I-Effect
of I-Effect
industrial I-Effect
plants I-Effect
and I-Effect
buildings I-Effect
. O

This O
switch O
from O
films B-Cause
shot I-Cause
only I-Cause
with I-Cause
Imax I-Cause
cameras I-Cause
helped O
the B-Effect
firm I-Effect
expand I-Effect
from I-Effect
210 I-Effect
theaters I-Effect
in I-Effect
2008 I-Effect
to I-Effect
over I-Effect
1,600 I-Effect
in I-Effect
81 I-Effect
countries I-Effect
today I-Effect
, O
increasing B-Effect
the I-Effect
annual I-Effect
Imax I-Effect
releases I-Effect
from I-Effect
13 I-Effect
in I-Effect
2007 I-Effect
to I-Effect
60 I-Effect
in I-Effect
2019 I-Effect
. O

Any B-Cause
failure I-Cause
to I-Cause
attract I-Cause
or I-Cause
retain I-Cause
the I-Cause
best I-Cause
and I-Cause
brightest I-Cause
minds I-Cause
in O
software O
engineering O
could O
make B-Effect
it I-Effect
more I-Effect
likely I-Effect
to I-Effect
fall I-Effect
behind I-Effect
competitors I-Effect
. O

Fee B-Effect
income I-Effect
will I-Effect
be I-Effect
volatile I-Effect
in I-Effect
the I-Effect
short I-Effect
term I-Effect
due O
to O
the O
result O
of O
divestitures B-Cause
, I-Cause
and I-Cause
the B-Effect
economic I-Effect
slowdown I-Effect
due O
to O
COVID-19 B-Cause
, O
and O
we O
project O
fee O
income O
dropping O
in O
2020 O
and O
2021 O
, O
followed O
by O
a O
more O
stable O
low-single-digit O
pace O
in O
the O
later O
years O
of O
our O
forecast O
. O

Unlike O
the O
major O
Canadian O
cannabis O
cultivators O
, O
Curaleaf B-Cause
does I-Cause
not I-Cause
operate I-Cause
internationally I-Cause
, O
precluding O
it B-Effect
from I-Effect
a I-Effect
lucrative I-Effect
global I-Effect
market I-Effect
that O
boasts O
higher O
realized O
prices O
and O
the O
growing O
acceptance O
of O
cannabis O
' O
medical O
benefits O
. O

On O
top O
of O
this O
flexibility O
being O
friendly O
for O
developers O
, O
the B-Cause
process I-Cause
is I-Cause
open I-Cause
for I-Cause
all I-Cause
customers I-Cause
to I-Cause
see I-Cause
and I-Cause
share I-Cause
with I-Cause
each I-Cause
other I-Cause
, O
meaning O
that O
improvements B-Effect
made I-Effect
by I-Effect
any I-Effect
customer I-Effect
through I-Effect
their I-Effect
own I-Effect
trials I-Effect
and I-Effect
errors I-Effect
can I-Effect
be I-Effect
implemented I-Effect
and I-Effect
be I-Effect
jumping I-Effect
off I-Effect
points I-Effect
for I-Effect
other I-Effect
customers I-Effect
. O

Additionally O
, O
the B-Cause
cost I-Cause
of I-Cause
installing I-Cause
an I-Cause
elevator I-Cause
is I-Cause
negligible I-Cause
compared O
with O
the O
Specialty O
Industrial O
Machinerytotal O
cost O
of O
constructing O
a O
building O
, O
giving O
little B-Effect
incentive I-Effect
to I-Effect
go I-Effect
with I-Effect
a I-Effect
lesser-known I-Effect
brand I-Effect
without I-Effect
a I-Effect
well-known I-Effect
safety I-Effect
record I-Effect
. O

Virginia B-Effect
is I-Effect
one I-Effect
of I-Effect
Vulcan I-Effect
's I-Effect
weaker I-Effect
states I-Effect
, O
as O
its B-Cause
relatively I-Cause
weaker I-Cause
funding I-Cause
ability I-Cause
of I-Cause
its I-Cause
gas I-Cause
tax I-Cause
limits I-Cause
its I-Cause
ability I-Cause
to I-Cause
deliver I-Cause
on I-Cause
the I-Cause
strong I-Cause
underlying I-Cause
need I-Cause
for I-Cause
road I-Cause
work I-Cause
. O

Furthermore O
, O
analog B-Cause
chips I-Cause
tend I-Cause
to I-Cause
make I-Cause
up I-Cause
only I-Cause
a I-Cause
small I-Cause
portion I-Cause
of O
a O
product O
's O
bill O
of O
materials O
, O
so O
purchasing B-Effect
decisions I-Effect
tend I-Effect
to I-Effect
be I-Effect
based I-Effect
on I-Effect
performance I-Effect
rather O
than O
price O
, O
helping O
STMicro O
and O
its O
peers O
retain O
pricing O
power O
. O

We O
must O
note O
that O
growth B-Effect
in I-Effect
demand I-Effect
is O
driven O
not O
only O
by O
more B-Cause
users I-Cause
, O
but O
also O
likely O
by O
more B-Cause
rides I-Cause
or I-Cause
trips I-Cause
per I-Cause
user I-Cause
. O

New O
stores O
should O
drive O
capital O
spending O
; O
we O
anticipate O
Sprouts B-Effect
outlays I-Effect
3 I-Effect
% I-Effect
of I-Effect
sales I-Effect
long I-Effect
term I-Effect
( O
after O
a O
fiscal O
2020 O
store O
opening O
slowdown O
) O
, O
lower O
than O
its O
4 O
% O
three-year O
average O
as O
new B-Cause
unit I-Cause
costs I-Cause
become I-Cause
a I-Cause
smaller I-Cause
portion I-Cause
of I-Cause
the I-Cause
sales I-Cause
base I-Cause
. O

After O
reviewing O
Airbnb O
's O
fourth-quarter O
results O
, O
we B-Effect
have I-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
75 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
68 I-Effect
, O
largely O
due O
to O
the B-Cause
rolling I-Cause
the I-Cause
model I-Cause
forward I-Cause
past I-Cause
the I-Cause
negative I-Cause
demand I-Cause
and I-Cause
losses I-Cause
seen I-Cause
in I-Cause
2020 I-Cause
. O

We O
believe O
Lumen O
is O
positioned O
to O
withstand O
declining O
revenues O
, O
but O
it B-Effect
ca I-Effect
n't I-Effect
afford I-Effect
an I-Effect
acceleration I-Effect
, I-Effect
which I-Effect
could I-Effect
happen I-Effect
if B-Cause
its I-Cause
legacy I-Cause
enterprise I-Cause
businesses I-Cause
are I-Cause
more I-Cause
rapidly I-Cause
cannibalized I-Cause
. O

For O
2021 O
and O
ignoring O
the O
third-quarter O
logistics O
spin-off O
, O
we O
expect O
very O
healthy B-Cause
retail I-Cause
end-market I-Cause
demand I-Cause
, I-Cause
recovering I-Cause
industrial I-Cause
markets I-Cause
, I-Cause
and I-Cause
contract I-Cause
pricing I-Cause
tailwinds I-Cause
( O
for O
LTL O
and O
truck O
brokerage O
) O
to O
push B-Effect
XPO I-Effect
's I-Effect
organic I-Effect
gross I-Effect
revenue I-Effect
up I-Effect
more I-Effect
than I-Effect
13 I-Effect
% I-Effect
. O

With O
consolidation B-Cause
in I-Cause
the I-Cause
managed-care I-Cause
and I-Cause
pharmacy I-Cause
benefit I-Cause
manager I-Cause
industry I-Cause
and I-Cause
budget I-Cause
deficits I-Cause
facing I-Cause
many I-Cause
governments I-Cause
, O
payers B-Effect
are I-Effect
increasingly I-Effect
pushing I-Effect
for I-Effect
lower I-Effect
drug I-Effect
prices I-Effect
and I-Effect
higher I-Effect
rebates I-Effect
. O

We O
anticipate O
further B-Effect
growth I-Effect
of I-Effect
16 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2022 I-Effect
and I-Effect
long-term I-Effect
midcycle I-Effect
growth I-Effect
of I-Effect
7 I-Effect
% I-Effect
-8 I-Effect
% I-Effect
thereafter O
, O
as O
Qorvo B-Cause
will I-Cause
still I-Cause
prosper I-Cause
in I-Cause
its I-Cause
infrastructure I-Cause
and I-Cause
defense I-Cause
products I-Cause
, I-Cause
or I-Cause
IDP I-Cause
, I-Cause
business I-Cause
from I-Cause
content I-Cause
gains I-Cause
in I-Cause
the I-Cause
early I-Cause
innings I-Cause
of I-Cause
5G I-Cause
adoption I-Cause
. O

Crown B-Effect
will I-Effect
face I-Effect
meager I-Effect
beverage I-Effect
can I-Effect
demand I-Effect
growth I-Effect
in I-Effect
its I-Effect
developed I-Effect
markets I-Effect
, I-Effect
North I-Effect
America I-Effect
and I-Effect
Europe I-Effect
, O
due O
to O
falling B-Cause
carbonated I-Cause
soft I-Cause
drink I-Cause
and I-Cause
mainstream I-Cause
beer I-Cause
volume I-Cause
, I-Cause
offset I-Cause
by I-Cause
a I-Cause
mix I-Cause
shift I-Cause
from I-Cause
bottles I-Cause
to I-Cause
cans I-Cause
among I-Cause
craft I-Cause
brewers I-Cause
. O

Given O
the B-Cause
impact I-Cause
these I-Cause
factors I-Cause
could I-Cause
have I-Cause
on I-Cause
Carrier I-Cause
's I-Cause
growth I-Cause
and I-Cause
profitability I-Cause
over I-Cause
our I-Cause
five-year I-Cause
forecast I-Cause
horizon I-Cause
, O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
uncertainty I-Effect
is I-Effect
high I-Effect
. O

In O
our O
view O
, O
this B-Effect
strategy I-Effect
offers I-Effect
compelling I-Effect
revenue I-Effect
growth I-Effect
opportunities I-Effect
and I-Effect
has I-Effect
the I-Effect
potential I-Effect
to I-Effect
reinforce I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
because O
automation B-Cause
solutions I-Cause
perform I-Cause
a I-Cause
mission-critical I-Cause
function I-Cause
and I-Cause
are I-Cause
integrated I-Cause
into I-Cause
a I-Cause
customer I-Cause
's I-Cause
manufacturing I-Cause
process I-Cause
, O
which O
we O
believe O
can O
lead O
to O
relatively B-Cause
sticky I-Cause
customer I-Cause
relationships I-Cause
. O

We O
project O
average B-Effect
annual I-Effect
revenue I-Effect
organic I-Effect
growth I-Effect
( I-Effect
excluding I-Effect
divestments I-Effect
) I-Effect
of I-Effect
roughly I-Effect
3.5 I-Effect
% I-Effect
through I-Effect
fiscal I-Effect
2025 I-Effect
, O
as O
the B-Cause
company I-Cause
is I-Cause
set I-Cause
to I-Cause
benefit I-Cause
from I-Cause
a I-Cause
robust I-Cause
backlog I-Cause
that I-Cause
stood I-Cause
at I-Cause
$ I-Cause
39.7 I-Cause
billion I-Cause
as I-Cause
of I-Cause
December I-Cause
2020 I-Cause
, O
compared O
with O
$ O
36.5 O
billion O
in O
December O
2019 O
. O

Absent O
the O
presence O
of O
network O
service O
providers O
, O
we O
do O
n't O
think O
cloud O
providers O
are O
drawn O
in O
by O
any O
sort O
of O
network O
effect O
, O
and O
we O
expect O
the B-Cause
network I-Cause
effect I-Cause
they I-Cause
create I-Cause
would I-Cause
follow I-Cause
them I-Cause
, O
meaning O
that O
if B-Effect
a I-Effect
major I-Effect
cloud I-Effect
provider I-Effect
took I-Effect
its I-Effect
business I-Effect
elsewhere I-Effect
, I-Effect
many I-Effect
other I-Effect
tenants I-Effect
would I-Effect
eventually I-Effect
follow I-Effect
. O

Product B-Cause
enhancements I-Cause
such O
as O
the O
Explore O
tab O
may O
have O
helped O
increase B-Effect
initial I-Effect
user I-Effect
engagement I-Effect
and I-Effect
improve I-Effect
user I-Effect
retention I-Effect
, O
but O
the B-Effect
firm I-Effect
's I-Effect
network I-Effect
effect I-Effect
is I-Effect
weakening I-Effect
considerably I-Effect
as O
its B-Cause
user I-Cause
base I-Cause
shrinks I-Cause
in I-Cause
size I-Cause
relative I-Cause
to I-Cause
rivals I-Cause
. O

The B-Cause
lack I-Cause
of I-Cause
a I-Cause
consumable I-Cause
product I-Cause
orientation I-Cause
, O
though O
a O
benefit O
to O
margins O
, O
eliminates O
a B-Effect
source I-Effect
of I-Effect
regular I-Effect
traffic I-Effect
, O
raising B-Effect
Five I-Effect
Below I-Effect
's I-Effect
customers I-Effect
' I-Effect
bar I-Effect
for I-Effect
the I-Effect
store I-Effect
experience I-Effect
and I-Effect
level I-Effect
of I-Effect
value I-Effect
offered I-Effect
, O
in O
our O
view O
. O

Becoming B-Cause
a I-Cause
more I-Cause
dynamic I-Cause
merchant I-Cause
through I-Cause
supply I-Cause
chain I-Cause
and I-Cause
inventory I-Cause
optimization I-Cause
could O
boost B-Effect
operating I-Effect
margins I-Effect
, O
which O
we O
forecast O
will O
rise O
to O
more O
than O
11 O
% O
in O
2029 O
from O
8.6 O
% O
in O
2019 O
. O

NextEra O
aims O
to O
parlay B-Cause
its I-Cause
success I-Cause
at I-Cause
FP I-Cause
& I-Cause
L I-Cause
to I-Cause
streamlining I-Cause
operations I-Cause
, I-Cause
reducing I-Cause
carbon I-Cause
emissions I-Cause
, I-Cause
improving I-Cause
customer I-Cause
satisfaction I-Cause
, O
and O
investing B-Effect
in I-Effect
new I-Effect
infrastructure I-Effect
at I-Effect
recently I-Effect
acquired I-Effect
Gulf I-Effect
Power I-Effect
. O

Though O
in O
many O
ways O
, O
this O
crisis O
is O
more O
serious O
, O
Discover B-Effect
and I-Effect
its I-Effect
peers I-Effect
have I-Effect
spent I-Effect
the I-Effect
past I-Effect
decade I-Effect
preparing I-Effect
for I-Effect
the I-Effect
next I-Effect
downturn I-Effect
as O
regulators B-Cause
and I-Cause
investors I-Cause
have I-Cause
stressed I-Cause
credit I-Cause
quality I-Cause
and I-Cause
capital I-Cause
adequacy I-Cause
. O

In O
addition O
to O
building O
the O
network O
, O
Dish O
is O
taking O
on O
the O
Sprint O
prepaid O
business O
, O
which O
has O
been O
shrinking B-Effect
for I-Effect
years I-Effect
as O
its B-Cause
network I-Cause
reputation I-Cause
has I-Cause
suffered I-Cause
. O

Apart O
from O
potential B-Cause
policy I-Cause
changes I-Cause
in I-Cause
Texas I-Cause
, O
NRG B-Effect
could I-Effect
suffer I-Effect
if O
annual O
demand O
growth O
falls O
short O
of O
our O
2 O
% O
outlook O
. O

We B-Effect
have I-Effect
increased I-Effect
our I-Effect
2021 I-Effect
revenue I-Effect
growth I-Effect
estimate I-Effect
to I-Effect
58 I-Effect
% I-Effect
from I-Effect
55 I-Effect
% I-Effect
, O
as O
ad B-Cause
spending I-Cause
bounced I-Cause
back I-Cause
faster I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
than I-Cause
we I-Cause
had I-Cause
expected I-Cause
. O

Also O
, O
from O
a O
logistics O
standpoint O
, O
Treehouse B-Cause
relies I-Cause
on I-Cause
third-party I-Cause
carriers I-Cause
instead I-Cause
of I-Cause
its I-Cause
own I-Cause
fleet I-Cause
of I-Cause
vehicles I-Cause
, O
which O
also O
takes B-Effect
some I-Effect
leverage I-Effect
out I-Effect
of I-Effect
its I-Effect
selling/distribution I-Effect
function I-Effect
. O

The O
negative O
impact O
of O
these O
events O
can O
result O
on O
very B-Effect
large I-Effect
losses I-Effect
on I-Effect
contracts I-Effect
, O
as O
occurred B-Cause
in I-Cause
2015 I-Cause
when I-Cause
the I-Cause
company I-Cause
's I-Cause
former I-Cause
onshore/offshore I-Cause
segment I-Cause
operating I-Cause
margins I-Cause
plummeted I-Cause
because I-Cause
of I-Cause
cost I-Cause
overruns I-Cause
. O

PSXP B-Cause
's I-Cause
small I-Cause
but I-Cause
growing I-Cause
equity I-Cause
investments I-Cause
in I-Cause
pipelines I-Cause
not I-Cause
directly I-Cause
associated I-Cause
with I-Cause
Phillips I-Cause
66 I-Cause
assets I-Cause
expands O
PSXP B-Effect
's I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
its I-Effect
existing I-Effect
network I-Effect
and I-Effect
higher I-Effect
profitability I-Effect
to I-Effect
create I-Effect
incremental I-Effect
value I-Effect
for I-Effect
PSXP I-Effect
and I-Effect
Phillips I-Effect
66 I-Effect
. O

Other B-Effect
technological I-Effect
investments I-Effect
, I-Effect
including I-Effect
omnichannel I-Effect
ordering I-Effect
capabilities I-Effect
and I-Effect
the I-Effect
expansion I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
loyalty I-Effect
program I-Effect
have I-Effect
proven I-Effect
fruitful I-Effect
, O
with O
nearly B-Cause
22 I-Cause
million I-Cause
active I-Cause
members I-Cause
utilizing I-Cause
the I-Cause
loyalty I-Cause
program I-Cause
and I-Cause
driving I-Cause
some I-Cause
50 I-Cause
% I-Cause
of I-Cause
sales I-Cause
volume I-Cause
. O

We O
also O
have O
concerns B-Effect
regarding I-Effect
the I-Effect
future I-Effect
of I-Effect
storage I-Effect
technology I-Effect
beyond I-Effect
the I-Effect
all-flash I-Effect
array I-Effect
adoption I-Effect
cycle I-Effect
as O
subsequent B-Cause
hardware I-Cause
innovation I-Cause
may I-Cause
only I-Cause
be I-Cause
applicable I-Cause
to I-Cause
niche I-Cause
uses I-Cause
. O

Nutrish B-Effect
should I-Effect
stabilize I-Effect
due O
to O
new B-Cause
innovations I-Cause
, O
an B-Cause
increase I-Cause
in I-Cause
marketing I-Cause
, O
enhanced B-Cause
packaging I-Cause
, O
and O
an B-Cause
improved I-Cause
value I-Cause
equation I-Cause
( O
the O
price O
premium O
to O
competitors O
became O
too O
wide O
) O
. O

Although O
it O
suffered O
a O
sales O
decline O
in O
2020 O
, O
we O
think O
Nordstrom B-Cause
's I-Cause
recent I-Cause
large I-Cause
investments I-Cause
to I-Cause
build I-Cause
out I-Cause
its I-Cause
e-commerce I-Cause
platform I-Cause
and I-Cause
network I-Cause
of I-Cause
stores I-Cause
should O
lead O
to O
continued B-Effect
sales I-Effect
and I-Effect
modest I-Effect
profit I-Effect
gains I-Effect
over I-Effect
time I-Effect
. O

Also O
, O
competitors B-Cause
with I-Cause
large I-Cause
installed I-Cause
system I-Cause
bases I-Cause
have I-Cause
financial I-Cause
incentive I-Cause
to I-Cause
introduce I-Cause
a I-Cause
similar I-Cause
TB I-Cause
test I-Cause
, O
which O
could O
negatively B-Effect
affect I-Effect
Qiagen I-Effect
's I-Effect
results I-Effect
eventually I-Effect
. O

Led B-Cause
by I-Cause
requiring I-Cause
fewer I-Cause
resources I-Cause
to I-Cause
deploy I-Cause
its I-Cause
platforms I-Cause
, I-Cause
higher-margin I-Cause
commercial I-Cause
contracts I-Cause
, I-Cause
expansion I-Cause
of I-Cause
government I-Cause
deals I-Cause
, I-Cause
and I-Cause
economies I-Cause
of I-Cause
scale I-Cause
for I-Cause
hosting I-Cause
its I-Cause
software I-Cause
, O
we B-Effect
model I-Effect
gross I-Effect
margins I-Effect
expanding I-Effect
into I-Effect
the I-Effect
low I-Effect
80 I-Effect
% I-Effect
range I-Effect
through I-Effect
the I-Effect
2020s I-Effect
versus I-Effect
68 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
. O

Following B-Cause
the I-Cause
tailings I-Cause
dam I-Cause
failures I-Cause
at I-Cause
Samarco I-Cause
, I-Cause
a I-Cause
BHP/Vale I-Cause
joint I-Cause
venture I-Cause
, I-Cause
and I-Cause
Brumadinho I-Cause
, I-Cause
100 I-Cause
% I-Cause
owned I-Cause
by I-Cause
Vale I-Cause
, I-Cause
BHP I-Cause
put I-Cause
more I-Cause
stringent I-Cause
construction I-Cause
and I-Cause
monitoring I-Cause
measures I-Cause
in I-Cause
place I-Cause
which O
we B-Effect
believe I-Effect
mean I-Effect
recurrences I-Effect
are I-Effect
rather I-Effect
unlikely I-Effect
. O

If B-Cause
Autodesk I-Cause
software I-Cause
experienced I-Cause
any I-Cause
glitches I-Cause
in I-Cause
these I-Cause
measures I-Cause
, I-Cause
it I-Cause
could I-Cause
suffer I-Cause
reputational I-Cause
risk. O
Thus O
far O
, O
Autodesk B-Effect
has I-Effect
not I-Effect
experienced I-Effect
any I-Effect
major I-Effect
malfunctions I-Effect
concerning I-Effect
these I-Effect
safety I-Effect
precautions I-Effect
-- I-Effect
such I-Effect
as I-Effect
safety I-Effect
checklists I-Effect
for I-Effect
professionals I-Effect
using I-Effect
BIM I-Effect
360 I-Effect
software I-Effect
. O

There O
is O
also O
key O
person B-Effect
risk I-Effect
to O
consider O
, O
as O
some B-Cause
of I-Cause
Invesco I-Cause
's I-Cause
investment I-Cause
management I-Cause
professionals I-Cause
are I-Cause
vital I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
ability I-Cause
to I-Cause
attract I-Cause
and I-Cause
retain I-Cause
clients I-Cause
. O

In O
that O
type O
of O
environment O
, O
we O
would O
expect O
Eaton B-Cause
Vance I-Cause
's I-Cause
equity I-Cause
and I-Cause
bank-loan I-Cause
platforms I-Cause
to I-Cause
be I-Cause
pressured I-Cause
, I-Cause
with I-Cause
the I-Cause
potential I-Cause
for I-Cause
its I-Cause
implementation I-Cause
services I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
overlay I-Cause
services I-Cause
( I-Cause
which I-Cause
consists I-Cause
of I-Cause
Parametric I-Cause
's I-Cause
futures- I-Cause
and I-Cause
options-based I-Cause
overlay I-Cause
strategies I-Cause
) I-Cause
, I-Cause
to I-Cause
be I-Cause
affected I-Cause
as I-Cause
well. O
As O
a O
result O
, O
organic B-Effect
AUM I-Effect
growth I-Effect
is I-Effect
likely I-Effect
to I-Effect
average I-Effect
2 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
annually I-Effect
during I-Effect
fiscal I-Effect
2021-25 I-Effect
, I-Effect
with I-Effect
overall I-Effect
AUM I-Effect
growing I-Effect
at I-Effect
a I-Effect
mid-single-digit I-Effect
rate I-Effect
annually I-Effect
on I-Effect
average I-Effect
. O

Given B-Cause
the I-Cause
consistently I-Cause
high I-Cause
renewal I-Cause
rates I-Cause
and I-Cause
length I-Cause
of I-Cause
contracts I-Cause
, O
it B-Effect
would I-Effect
be I-Effect
several I-Effect
years I-Effect
before I-Effect
the I-Effect
competitive I-Effect
advantages I-Effect
of I-Effect
this I-Effect
business I-Effect
materially I-Effect
waned I-Effect
. O

We O
would O
expect O
Slack O
to O
expand O
its O
portfolio O
over B-Cause
time I-Cause
so O
it O
is O
better B-Effect
equipped I-Effect
to I-Effect
retain I-Effect
customers I-Effect
and O
develop B-Effect
the I-Effect
ability I-Effect
to I-Effect
upsell I-Effect
additional I-Effect
software I-Effect
solutions I-Effect
rather O
than O
relying B-Cause
simply I-Cause
on I-Cause
new I-Cause
organizations I-Cause
and I-Cause
new I-Cause
seats I-Cause
. O

As O
their B-Cause
tastes I-Cause
are I-Cause
ever-changing I-Cause
, O
we O
believe O
the B-Effect
chain I-Effect
's I-Effect
young I-Effect
, I-Effect
digitally I-Effect
savvy I-Effect
core I-Effect
customer I-Effect
demands I-Effect
a I-Effect
continuously I-Effect
refreshed I-Effect
store I-Effect
experience I-Effect
and I-Effect
assortment I-Effect
, O
with O
missteps O
quickly O
leading O
to O
lost O
sales O
( O
conversely O
, O
better-than-expected O
efforts O
to O
attract O
and O
retain O
customers O
could O
boost O
sales O
and O
profitability O
) O
. O

International B-Effect
Paper I-Effect
would I-Effect
probably I-Effect
see I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
decline I-Effect
meaningfully I-Effect
if O
the B-Cause
United I-Cause
States I-Cause
, I-Cause
which I-Cause
accounts I-Cause
for I-Cause
roughly I-Cause
80 I-Cause
% I-Cause
of I-Cause
sales I-Cause
, I-Cause
were I-Cause
to I-Cause
experience I-Cause
economic I-Cause
weakness I-Cause
. O

We O
expect O
that O
figure O
to O
rebound O
to O
the O
20 O
% O
mark O
over O
the O
next O
five O
years O
, O
supported O
by O
Unilever B-Cause
's I-Cause
cost-savings I-Cause
program I-Cause
, O
which O
should O
help O
mitigate B-Effect
pressure I-Effect
from I-Effect
the I-Effect
intensely I-Effect
competitive I-Effect
environment I-Effect
. O

If O
the B-Cause
firm I-Cause
's I-Cause
satellite I-Cause
business I-Cause
deteriorates I-Cause
faster I-Cause
than I-Cause
we I-Cause
expect I-Cause
, O
free B-Effect
cash I-Effect
flow I-Effect
would I-Effect
suffer I-Effect
, I-Effect
diminishing I-Effect
its I-Effect
ability I-Effect
to I-Effect
repay I-Effect
debt I-Effect
while I-Effect
investing I-Effect
in I-Effect
its I-Effect
wireless I-Effect
business I-Effect
. O

We O
believe O
Charter B-Effect
will I-Effect
enjoy I-Effect
a I-Effect
strong I-Effect
competitive I-Effect
position I-Effect
far I-Effect
into O
the O
future O
based B-Cause
on I-Cause
the I-Cause
strength I-Cause
of I-Cause
its I-Cause
network I-Cause
. O

We O
anticipate O
that O
as O
electric B-Cause
vehicles I-Cause
gain I-Cause
market I-Cause
share I-Cause
, O
manufacturers O
may O
cut B-Cause
Kautex I-Cause
's I-Cause
fuel I-Cause
systems I-Cause
out I-Cause
of I-Cause
the I-Cause
value I-Cause
chain I-Cause
, O
causing O
the B-Effect
company I-Effect
to I-Effect
suffer I-Effect
from I-Effect
structural I-Effect
overcapacity I-Effect
. O

Johnson B-Cause
Controls I-Cause
' I-Cause
failure I-Cause
to I-Cause
keep I-Cause
pace I-Cause
with I-Cause
global I-Cause
green I-Cause
building I-Cause
standards I-Cause
and I-Cause
product I-Cause
demand I-Cause
trends I-Cause
could O
result O
in O
reputational B-Effect
risk I-Effect
and I-Effect
lost I-Effect
market I-Effect
share I-Effect
, O
but O
we O
see O
a O
low O
probability O
of O
this O
risk O
materializing O
. O

XPO B-Cause
's I-Cause
ambitious I-Cause
acquisition I-Cause
strategy I-Cause
has O
propelled B-Effect
its I-Effect
multifarious I-Effect
operations I-Effect
into I-Effect
the I-Effect
ranks I-Effect
of I-Effect
the I-Effect
largest I-Effect
providers I-Effect
in I-Effect
each I-Effect
space I-Effect
. O

As O
regulators B-Cause
have I-Cause
lowered I-Cause
the I-Cause
prices I-Cause
BT I-Cause
can I-Cause
charge I-Cause
for I-Cause
wholesale I-Cause
network I-Cause
access I-Cause
, O
providers O
like B-Effect
Sky I-Effect
have I-Effect
been I-Effect
able I-Effect
to I-Effect
compete I-Effect
aggressively I-Effect
on I-Effect
price I-Effect
. O

We O
are O
maintaining B-Cause
our I-Cause
$ I-Cause
75 I-Cause
per I-Cause
share I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
after O
NextEra O
Energy O
reported O
first-quarter O
operating O
earnings O
of O
$ O
0.67 O
per O
share O
compared O
with O
$ O
0.59 O
in O
the O
same O
year-ago O
period O
, O
putting O
NextEra B-Effect
on I-Effect
track I-Effect
to I-Effect
meet I-Effect
our I-Effect
full-year I-Effect
expectations I-Effect
. O

Any B-Cause
weakness I-Cause
in I-Cause
private-label I-Cause
credit I-Cause
card I-Cause
growth I-Cause
will I-Effect
likely I-Effect
remain I-Effect
a B-Effect
headwind I-Effect
for I-Effect
Synchrony I-Effect
, O
as O
its B-Cause
cobranded I-Cause
general-purpose I-Cause
cards I-Cause
are I-Cause
only I-Cause
23 I-Cause
% I-Cause
of I-Cause
its I-Cause
interest I-Cause
income I-Cause
. O

More B-Cause
merchants I-Cause
and I-Cause
high I-Cause
attach I-Cause
rates I-Cause
from I-Cause
add-on I-Cause
features I-Cause
like I-Cause
Payments I-Cause
, I-Cause
SFN I-Cause
, I-Cause
and I-Cause
Shipping I-Cause
should O
continue O
to O
drive B-Effect
strong I-Effect
revenue I-Effect
growth I-Effect
over I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

These B-Cause
add-on I-Cause
features I-Cause
make I-Cause
the I-Cause
automaker I-Cause
money I-Cause
too I-Cause
because I-Cause
they I-Cause
are I-Cause
typically I-Cause
bundled I-Cause
with I-Cause
other I-Cause
non-Gentex I-Cause
features I-Cause
in I-Cause
an I-Cause
expensive I-Cause
tech I-Cause
or I-Cause
safety I-Cause
package I-Cause
on I-Cause
a I-Cause
vehicle. O
This O
allows O
the B-Effect
automaker I-Effect
to I-Effect
offer I-Effect
a I-Effect
variety I-Effect
of I-Effect
trims I-Effect
without I-Effect
having I-Effect
to I-Effect
redesign I-Effect
a I-Effect
vehicle I-Effect
's I-Effect
interior I-Effect
at I-Effect
great I-Effect
expense I-Effect
. O

While O
most B-Cause
sellers I-Cause
at I-Cause
Ritchie I-Cause
Bros. I-Cause
' I-Cause
auctions I-Cause
shoulder I-Cause
all I-Cause
the I-Cause
transaction I-Cause
value I-Cause
risk I-Cause
, O
the O
staff B-Effect
can I-Effect
deviate I-Effect
from I-Effect
its I-Effect
core I-Effect
model I-Effect
, I-Effect
given I-Effect
its I-Effect
access I-Effect
to I-Effect
historical I-Effect
pricing I-Effect
information I-Effect
. O

If O
a B-Effect
pay-TV I-Effect
distributor I-Effect
like I-Effect
Comcast I-Effect
or I-Effect
Dish I-Effect
Network I-Effect
wants I-Effect
to I-Effect
carry I-Effect
one I-Effect
of I-Effect
the I-Effect
four I-Effect
broadcast I-Effect
networks I-Effect
in I-Effect
a I-Effect
specific I-Effect
market I-Effect
, O
it O
must O
retransmit B-Cause
the I-Cause
local I-Cause
station I-Cause
feed I-Cause
for I-Cause
that I-Cause
market I-Cause
. O

Even B-Effect
though I-Effect
the I-Effect
length I-Effect
of I-Effect
these I-Effect
projects I-Effect
is I-Effect
shorter I-Effect
than I-Effect
Wipro I-Effect
's I-Effect
other I-Effect
offerings I-Effect
, I-Effect
we I-Effect
still I-Effect
believe I-Effect
it I-Effect
is I-Effect
difficult I-Effect
for I-Effect
customers I-Effect
to I-Effect
switch I-Effect
to I-Effect
another I-Effect
IT I-Effect
consultant I-Effect
for I-Effect
new I-Effect
projects I-Effect
, O
as B-Cause
these I-Cause
projects I-Cause
entail I-Cause
delivering I-Cause
often I-Cause
ambiguous I-Cause
outcomes I-Cause
, I-Cause
which I-Cause
therefore I-Cause
requires I-Cause
much I-Cause
trust I-Cause
. I-Cause

We O
think O
its B-Effect
technical I-Effect
abilities I-Effect
are O
aided O
by O
its B-Cause
proximity I-Cause
and I-Cause
relation I-Cause
to I-Cause
a I-Cause
top I-Cause
engineering I-Cause
school I-Cause
, I-Cause
Carnegie I-Cause
Mellon I-Cause
( O
at O
which O
there O
's O
an O
Ansys O
Hall O
) O
. O

We O
think O
P O
& O
G O
is O
also O
taking O
a O
sound O
strategic O
path O
to O
rebut B-Effect
the I-Effect
pressures I-Effect
in I-Effect
its I-Effect
grooming I-Effect
business I-Effect
resulting O
from O
lower-price B-Cause
upstarts I-Cause
-- I-Cause
by I-Cause
recalibrating I-Cause
its I-Cause
pricing I-Cause
, I-Cause
investing I-Cause
in I-Cause
on-trend I-Cause
new I-Cause
products I-Cause
, I-Cause
and I-Cause
launching I-Cause
its I-Cause
own I-Cause
subscription-based I-Cause
sales I-Cause
model I-Cause
. O

But O
Edison B-Cause
now I-Cause
has I-Cause
all I-Cause
its I-Cause
financing I-Cause
in I-Cause
place I-Cause
to I-Cause
execute I-Cause
its I-Cause
large I-Cause
growth I-Cause
plan I-Cause
, O
which O
ultimately O
will O
drive B-Effect
earnings I-Effect
and I-Effect
dividend I-Effect
growth I-Effect
. O

We O
are O
skeptical O
of O
management O
's O
lofty O
goal O
of O
43 O
% O
adjusted O
gross O
margin O
, O
but O
expect O
its B-Cause
focus I-Cause
on I-Cause
higher-margin I-Cause
verticals I-Cause
and I-Cause
improved I-Cause
manufacturing I-Cause
footprint I-Cause
to O
get B-Effect
it I-Effect
past I-Effect
40 I-Effect
% I-Effect
in I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
-- I-Effect
from I-Effect
a I-Effect
previous I-Effect
midcycle I-Effect
margin I-Effect
below I-Effect
38 I-Effect
% I-Effect
. O

We O
see O
the B-Effect
bank I-Effect
's I-Effect
efficiency I-Effect
ratio I-Effect
worsening I-Effect
as O
a B-Cause
less I-Cause
favorable I-Cause
interest-rate I-Cause
environment I-Cause
challenges I-Cause
net I-Cause
interest I-Cause
margins I-Cause
, O
but O
eventually O
we O
believe O
the O
efficiency O
ratio O
will O
normalize O
to O
57 O
% O
through O
the O
cycle O
. O

However O
, O
the B-Cause
speed I-Cause
with I-Cause
which I-Cause
technology I-Cause
changes I-Cause
and I-Cause
data I-Cause
centers I-Cause
' I-Cause
close I-Cause
connection I-Cause
to I-Cause
it I-Cause
leave O
us B-Effect
wary I-Effect
about I-Effect
making I-Effect
a I-Effect
20-year I-Effect
assumption I-Effect
with I-Effect
any I-Effect
confidence I-Effect
. O

The B-Effect
rail I-Effect
's I-Effect
OR I-Effect
( I-Effect
expenses/revenue I-Effect
) I-Effect
improved I-Effect
to I-Effect
an I-Effect
outstanding I-Effect
57 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
-- I-Effect
a I-Effect
company I-Effect
record I-Effect
-- I-Effect
on I-Effect
continued I-Effect
efficiency I-Effect
gains O
rooted O
in O
the B-Cause
long-standing I-Cause
PSR-ingrained I-Cause
culture I-Cause
and I-Cause
lower I-Cause
fuel I-Cause
costs I-Cause
. O

However O
, O
given B-Cause
structural I-Cause
changes I-Cause
in I-Cause
retailing I-Cause
( I-Cause
for I-Cause
example I-Cause
, I-Cause
rising I-Cause
mall I-Cause
closures I-Cause
) I-Cause
and I-Cause
the I-Cause
concern I-Cause
that I-Cause
post-COVID-19 I-Cause
consumer I-Cause
spending I-Cause
could I-Cause
shift I-Cause
back I-Cause
to I-Cause
categories I-Cause
like I-Cause
dining I-Cause
and I-Cause
travel I-Cause
, O
we O
think O
the B-Effect
firm I-Effect
could I-Effect
see I-Effect
some I-Effect
headwinds I-Effect
return I-Effect
ahead I-Effect
. O

Despite O
the O
potential O
, O
we O
do O
not O
view O
the B-Effect
company I-Effect
to I-Effect
have I-Effect
enough I-Effect
critical I-Effect
mass I-Effect
to I-Effect
drive I-Effect
economic I-Effect
profits I-Effect
as I-Effect
a I-Effect
stand-alone I-Effect
entity I-Effect
, O
especially O
considering O
its B-Cause
hefty I-Cause
financial I-Cause
obligations I-Cause
. O

We O
believe O
that O
the B-Cause
efforts I-Cause
to I-Cause
streamline I-Cause
operations I-Cause
, I-Cause
reduce I-Cause
processes I-Cause
and I-Cause
systems I-Cause
, I-Cause
and I-Cause
shrink I-Cause
its I-Cause
global I-Cause
footprint I-Cause
should O
aid B-Effect
in I-Effect
operational I-Effect
growth I-Effect
, O
but O
we B-Effect
are I-Effect
cautious I-Effect
about I-Effect
a I-Effect
more I-Effect
streamlined I-Effect
HPE I-Effect
's I-Effect
ability I-Effect
to I-Effect
produce I-Effect
excess I-Effect
returns I-Effect
if O
IT B-Cause
infrastructure I-Cause
spending I-Cause
wanes I-Cause
. O

Ross O
acts O
as O
a O
preferred O
partner O
for O
manufacturers O
looking O
to O
sell O
surplus O
inventory O
, O
with O
flexible B-Cause
purchase I-Cause
terms I-Cause
( I-Cause
including I-Cause
odd-size I-Cause
or I-Cause
incomplete I-Cause
assortments I-Cause
) I-Cause
, I-Cause
straightforward I-Cause
delivery I-Cause
to I-Cause
distribution I-Cause
centers I-Cause
( I-Cause
rather I-Cause
than I-Cause
the I-Cause
delayed I-Cause
deliveries I-Cause
and I-Cause
drop I-Cause
shipments I-Cause
to I-Cause
stores I-Cause
preferred I-Cause
by I-Cause
full-price I-Cause
retailers I-Cause
) I-Cause
, I-Cause
prompt I-Cause
payment I-Cause
, I-Cause
and I-Cause
none I-Cause
of I-Cause
the I-Cause
return I-Cause
privileges I-Cause
or I-Cause
advertising I-Cause
allowances I-Cause
that I-Cause
are I-Cause
customary I-Cause
in I-Cause
other I-Cause
channels. O
Consequently O
, O
Ross B-Effect
can I-Effect
use I-Effect
its I-Effect
team I-Effect
of I-Effect
around I-Effect
900 I-Effect
buyers I-Effect
purchasing I-Effect
from I-Effect
more I-Effect
than I-Effect
7,500 I-Effect
vendors I-Effect
( I-Effect
spanning I-Effect
a I-Effect
variety I-Effect
of I-Effect
manufacturers I-Effect
) I-Effect
to I-Effect
procure I-Effect
a I-Effect
fast-changing I-Effect
assortment I-Effect
of I-Effect
apparel I-Effect
and I-Effect
home I-Effect
products I-Effect
on I-Effect
attractive I-Effect
terms I-Effect
, O
with O
its O
prices O
undercutting O
full-price O
rivals O
by O
20 O
% O
-60 O
% O
at O
Ross O
and O
20 O
% O
-70 O
% O
at O
dd O
's O
. O

Verizon B-Cause
has I-Cause
undertaken I-Cause
a I-Cause
major I-Cause
fiber I-Cause
expansion I-Cause
project I-Cause
over I-Cause
the I-Cause
past I-Cause
couple I-Cause
years I-Cause
to I-Cause
extend I-Cause
capacity I-Cause
into I-Cause
more I-Cause
locations I-Cause
around I-Cause
the I-Cause
U.S. I-Cause
, O
with O
the O
primary O
goal O
of O
supporting B-Effect
its I-Effect
wireless I-Effect
networks I-Effect
while I-Effect
also I-Effect
enabling I-Effect
it I-Effect
to I-Effect
offer I-Effect
new I-Effect
services I-Effect
. O

From O
a O
contract O
perspective O
, O
we O
think O
Plains O
operates O
similar O
to O
peers O
in O
terms O
of O
obtaining O
long-term O
take-or-pay O
contracts O
for O
newbuild O
assets O
, O
but O
it B-Effect
faces I-Effect
more I-Effect
challenges I-Effect
than I-Effect
peers I-Effect
on I-Effect
renewals I-Effect
due O
to O
how B-Cause
service I-Cause
is I-Cause
provided I-Cause
. O

To O
improve B-Effect
small I-Effect
and I-Effect
medium I-Effect
enterprise I-Effect
( I-Effect
SME I-Effect
) I-Effect
ad I-Effect
revenue I-Effect
, O
Weibo B-Effect
is I-Effect
expanding I-Effect
into I-Effect
untapped I-Effect
verticals I-Effect
and I-Effect
faster-growing I-Effect
verticals I-Effect
such I-Effect
as I-Effect
Taobao I-Effect
merchants I-Effect
, I-Effect
online I-Effect
education I-Effect
and I-Effect
online I-Effect
gaming O
by O
restructuring B-Cause
its I-Cause
sales I-Cause
team I-Cause
since I-Cause
2019 I-Cause
. O

The B-Effect
coronavirus I-Effect
pandemic I-Effect
presents I-Effect
risks I-Effect
in O
that O
it B-Cause
has I-Cause
limited I-Cause
the I-Cause
mobility I-Cause
of I-Cause
Americans I-Cause
, O
although O
there O
are O
some O
countervailing O
factors O
related O
to O
the O
pandemic O
that O
have O
benefited O
the O
self-storage O
industry O
. O

Infineon B-Cause
also I-Cause
has I-Cause
significant I-Cause
exposure I-Cause
to I-Cause
customers I-Cause
located I-Cause
in I-Cause
Europe I-Cause
, O
which O
may O
provide B-Effect
headwinds I-Effect
if O
the B-Cause
region I-Cause
continues I-Cause
to I-Cause
undergo I-Cause
economic I-Cause
turmoil I-Cause
. O

Similarly O
, O
in O
the O
industrial O
market O
, O
we O
believe O
the B-Cause
firm I-Cause
's I-Cause
sensing I-Cause
solutions I-Cause
should O
allow O
it B-Effect
to I-Effect
benefit I-Effect
from I-Effect
the I-Effect
growth I-Effect
of I-Effect
robotics I-Effect
. O

Weak B-Cause
industrial I-Cause
end I-Cause
markets I-Cause
and I-Cause
a I-Cause
soft I-Cause
pricing I-Cause
environment I-Cause
contributed O
to O
two B-Effect
straight I-Effect
years I-Effect
of I-Effect
declining I-Effect
sales I-Effect
in I-Effect
2015 I-Effect
and I-Effect
2016 I-Effect
; O
however O
, O
sales O
growth O
resumed O
in O
2017 O
, O
and O
over O
the O
coming O
years O
, O
as O
the O
U.S O
. O

Britain B-Cause
is I-Cause
not I-Cause
a I-Cause
major I-Cause
source I-Cause
of I-Cause
tobacco I-Cause
leaf I-Cause
, O
so O
a B-Cause
very I-Cause
small I-Cause
percentage I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
operating I-Cause
costs I-Cause
is I-Cause
denominated I-Cause
in I-Cause
sterling I-Cause
, O
meaning B-Effect
that I-Effect
the I-Effect
firm I-Effect
is I-Effect
highly I-Effect
exposed I-Effect
to I-Effect
a I-Effect
strengthening I-Effect
of I-Effect
the I-Effect
British I-Effect
pound I-Effect
. O

We O
think O
Marsh O
& O
McLennan O
will O
see O
a O
bit O
of O
a O
boost O
from O
a O
strong O
insurance O
pricing O
picture O
in O
2021 O
, O
and O
the B-Cause
headwinds I-Cause
from I-Cause
the I-Cause
pandemic I-Cause
should I-Cause
subside I-Cause
, O
leading O
to O
better B-Effect
growth I-Effect
than I-Effect
the I-Effect
company I-Effect
has I-Effect
experienced I-Effect
historically I-Effect
. O

Much O
of O
this O
revenue O
is O
derived O
from O
RF O
filters O
that O
enable O
today B-Effect
's I-Effect
wireless I-Effect
communication I-Effect
by O
ensuring B-Cause
the I-Cause
various I-Cause
transmissions I-Cause
and I-Cause
receptions I-Cause
of I-Cause
voice I-Cause
and I-Cause
data I-Cause
streams I-Cause
do I-Cause
not I-Cause
interfere I-Cause
with I-Cause
one I-Cause
another I-Cause
. O

While O
Comerica O
's O
business O
model O
remains O
heavily O
reliant O
on O
interest O
rates O
, O
we O
believe O
that O
in O
a B-Cause
normalized I-Cause
interest I-Cause
rate I-Cause
environment I-Cause
the B-Effect
bank I-Effect
's I-Effect
superior I-Effect
deposit I-Effect
costs I-Effect
and I-Effect
business I-Effect
relationships I-Effect
will I-Effect
result I-Effect
in I-Effect
returns I-Effect
that I-Effect
exceed I-Effect
the I-Effect
bank I-Effect
's I-Effect
9 I-Effect
% I-Effect
cost I-Effect
of I-Effect
equity I-Effect
. O

In O
order O
to O
earn B-Cause
the I-Cause
right I-Cause
to I-Cause
compete I-Cause
in I-Cause
the I-Cause
commercial I-Cause
security I-Cause
market I-Cause
, O
security B-Effect
product I-Effect
manufacturers I-Effect
must I-Effect
have I-Effect
a I-Effect
proven I-Effect
ability I-Effect
to I-Effect
meet I-Effect
or I-Effect
exceed I-Effect
stringent I-Effect
building I-Effect
code I-Effect
standards I-Effect
and I-Effect
manage I-Effect
the I-Effect
complexities I-Effect
of I-Effect
large-scale I-Effect
projects I-Effect
. O

ResMed B-Cause
plays I-Cause
a I-Cause
key I-Cause
role I-Cause
in I-Cause
driving I-Cause
diagnosis I-Cause
with I-Cause
its I-Cause
at-home I-Cause
sleep I-Cause
testing I-Cause
devices I-Cause
and I-Cause
ongoing I-Cause
education I-Cause
drive O
to O
create B-Effect
awareness I-Effect
of I-Effect
the I-Effect
disease I-Effect
. O

However O
, O
as O
the B-Cause
firm I-Cause
's I-Cause
dependence I-Cause
on I-Cause
lower I-Cause
margin I-Cause
products I-Cause
such I-Cause
as I-Cause
messaging I-Cause
APIs I-Cause
falls I-Cause
and I-Cause
the I-Cause
company I-Cause
rolls I-Cause
out I-Cause
more I-Cause
solutions I-Cause
APIs I-Cause
, O
we B-Effect
believe I-Effect
GAAP I-Effect
and I-Effect
non-GAAP I-Effect
margin I-Effect
expansion I-Effect
into I-Effect
the I-Effect
mid-60s I-Effect
can I-Effect
take I-Effect
place I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

With O
no B-Cause
distinction I-Cause
between I-Cause
clients I-Cause
and I-Cause
owners I-Cause
, O
their B-Effect
first I-Effect
objective I-Effect
is I-Effect
to I-Effect
provide I-Effect
high-quality I-Effect
service I-Effect
at I-Effect
the I-Effect
lowest I-Effect
cost I-Effect
possible I-Effect
for I-Effect
their I-Effect
clients I-Effect
. O

The B-Effect
competitive I-Effect
environment I-Effect
is I-Effect
intense I-Effect
and I-Effect
becoming I-Effect
more I-Effect
challenging I-Effect
as O
Amazon B-Cause
scales I-Cause
and I-Cause
physical I-Cause
rivals I-Cause
deliver I-Cause
an I-Cause
omnichannel I-Cause
experience I-Cause
, O
but O
we O
believe O
the B-Effect
values I-Effect
that I-Effect
Costco I-Effect
offers I-Effect
( O
driven O
by O
cost B-Cause
leverage I-Cause
, I-Cause
procurement I-Cause
strength I-Cause
, I-Cause
and I-Cause
top-class I-Cause
store I-Cause
efficiency I-Cause
) O
should O
allow O
it B-Effect
to I-Effect
keep I-Effect
traffic I-Effect
high I-Effect
. O

Ventas B-Effect
has I-Effect
established I-Effect
itself I-Effect
as I-Effect
a I-Effect
desirable I-Effect
partner I-Effect
with I-Effect
some I-Effect
of I-Effect
the I-Effect
top I-Effect
hospitals I-Effect
as O
95 B-Cause
% I-Cause
of I-Cause
Ventas I-Cause
' I-Cause
MOB I-Cause
assets I-Cause
are I-Cause
affiliated I-Cause
with I-Cause
a I-Cause
health I-Cause
system I-Cause
. O

Robinson B-Cause
's I-Cause
strong I-Cause
technology I-Cause
infrastructure I-Cause
, I-Cause
coupled I-Cause
with I-Cause
a I-Cause
vast I-Cause
reservoir I-Cause
of I-Cause
market I-Cause
data I-Cause
, O
also O
enhances B-Effect
internal I-Effect
pricing I-Effect
decisions I-Effect
and I-Effect
improves I-Effect
customer I-Effect
connectivity I-Effect
and I-Effect
reporting I-Effect
. O

Following O
a B-Effect
down I-Effect
fiscal I-Effect
2019 I-Effect
due O
to O
a B-Cause
deceleration I-Cause
in I-Cause
3D I-Cause
NAND I-Cause
, I-Cause
DRAM I-Cause
, I-Cause
and I-Cause
display I-Cause
spending I-Cause
, O
we O
expect O
the O
firm O
to O
grow O
revenue O
at O
a O
10 O
% O
CAGR O
through O
fiscal O
2025 O
. O

We O
project O
Disney B-Effect
's I-Effect
overall I-Effect
operating I-Effect
margin I-Effect
will I-Effect
improve I-Effect
to I-Effect
15.4 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2024 I-Effect
from I-Effect
5.8 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
as O
the B-Effect
losses I-Effect
at I-Effect
the I-Effect
DTC I-Effect
segment I-Effect
are I-Cause
offset I-Cause
by I-Cause
margin B-Cause
improvements I-Cause
at I-Cause
the I-Cause
studio I-Cause
and I-Cause
parks I-Cause
segments I-Cause
after I-Cause
recovering I-Cause
from I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
. O

On O
its O
own O
, O
we B-Cause
see I-Cause
Marriott I-Cause
as I-Cause
having I-Cause
one I-Cause
of I-Cause
the I-Cause
strongest I-Cause
loyalty I-Cause
and I-Cause
digital I-Cause
platforms I-Cause
in I-Cause
the I-Cause
industry I-Cause
, O
which O
we B-Effect
believe I-Effect
will I-Effect
continue I-Effect
to I-Effect
aid I-Effect
its I-Effect
brand I-Effect
and I-Effect
switching I-Effect
cost I-Effect
advantages I-Effect
. I-Effect

Intel B-Cause
has I-Cause
also I-Cause
made I-Cause
other I-Cause
tuck-in I-Cause
acquisitions I-Cause
( I-Cause
Nervana I-Cause
and I-Cause
Habana I-Cause
Labs I-Cause
) I-Cause
and I-Cause
strategic I-Cause
endeavors I-Cause
( O
data O
center O
GPU O
to O
be O
launched O
in O
2021 O
) O
to O
increase B-Effect
the I-Effect
breadth I-Effect
of I-Effect
its I-Effect
product I-Effect
portfolio I-Effect
beyond I-Effect
CPUs I-Effect
. O

While O
we O
do O
n't O
envision B-Effect
the I-Effect
retailer I-Effect
would I-Effect
reduce I-Effect
shelf I-Effect
space I-Effect
allotted I-Effect
to I-Effect
the I-Effect
category I-Effect
, O
given O
strong B-Cause
demand I-Cause
for I-Cause
the I-Cause
products I-Cause
, O
it O
is O
possible O
retailers B-Effect
could I-Effect
seek I-Effect
to I-Effect
use I-Effect
the I-Effect
category I-Effect
to I-Effect
draw I-Effect
traffic I-Effect
by O
pushing B-Cause
for I-Cause
vendor-supported I-Cause
promotions I-Cause
and I-Cause
discounts I-Cause
. O

Much B-Cause
of I-Cause
the I-Cause
partnership I-Cause
's I-Cause
efforts I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
have O
focused O
on O
debottlenecking B-Effect
NGL I-Effect
volumes I-Effect
out I-Effect
of I-Effect
the I-Effect
Appalachian I-Effect
region I-Effect
and I-Effect
providing I-Effect
Midwestern I-Effect
and I-Effect
western I-Effect
Canadian I-Effect
producers I-Effect
with I-Effect
access I-Effect
to I-Effect
cheaper I-Effect
natural I-Effect
gasoline I-Effect
and I-Effect
condensate I-Effect
. O

We O
expect O
TAL B-Effect
Education I-Effect
Group I-Effect
's I-Effect
margins I-Effect
should I-Effect
improve I-Effect
from I-Effect
fourth-quarter I-Effect
fiscal I-Effect
2021 I-Effect
, O
given O
that O
we O
expect O
tuition B-Cause
discounts I-Cause
will I-Cause
be I-Cause
pared I-Cause
back I-Cause
as O
China B-Cause
restores I-Cause
normal I-Cause
business I-Cause
practice I-Cause
following O
COVID-19 B-Cause
. O

Collins O
Aerospace O
is O
one O
of O
the O
largest O
diversified O
commercial O
component O
suppliers O
, O
and O
we B-Effect
think I-Effect
that I-Effect
the I-Effect
segment I-Effect
's I-Effect
substantial I-Effect
scale I-Effect
gives I-Effect
it I-Effect
negotiating I-Effect
leverage I-Effect
with I-Effect
the I-Effect
aircraft I-Effect
manufacturers I-Effect
, O
as O
they B-Cause
can I-Cause
choose I-Cause
to I-Cause
not I-Cause
put I-Cause
in I-Cause
a I-Cause
bid I-Cause
on I-Cause
critical I-Cause
components I-Cause
of I-Cause
new I-Cause
aircraft I-Cause
. O

Historically O
, O
Exxon B-Effect
has I-Effect
rated I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
highest-quality I-Effect
integrated I-Effect
firms I-Effect
, O
given O
its B-Cause
ability I-Cause
to I-Cause
capture I-Cause
economic I-Cause
rents I-Cause
along I-Cause
the I-Cause
oil I-Cause
and I-Cause
gas I-Cause
value I-Cause
chain I-Cause
. O

In B-Cause
the I-Cause
long I-Cause
term I-Cause
, I-Cause
the I-Cause
virus I-Cause
will B-Effect
probably I-Effect
accelerate I-Effect
the I-Effect
shift I-Effect
to I-Effect
digital I-Effect
apparel I-Effect
sales I-Effect
at B-Effect
the I-Effect
expense I-Effect
of I-Effect
physical I-Effect
store I-Effect
sales I-Effect
. O

However O
, O
share B-Effect
loss I-Effect
could I-Effect
be I-Effect
mitigated I-Effect
with I-Effect
progress I-Effect
with O
a B-Cause
higher-dose I-Cause
version I-Cause
of I-Cause
Spinraza I-Cause
( I-Cause
in I-Cause
the I-Cause
Devote I-Cause
phase I-Cause
2/3 I-Cause
study I-Cause
) I-Cause
and I-Cause
next-generation I-Cause
drugs I-Cause
that I-Cause
could I-Cause
see I-Cause
dosing I-Cause
every I-Cause
nine I-Cause
months I-Cause
or I-Cause
yearly I-Cause
( I-Cause
instead I-Cause
of I-Cause
every I-Cause
four I-Cause
months I-Cause
) I-Cause
. O

Fluctuating B-Effect
prices I-Effect
for I-Effect
key I-Effect
commodities I-Effect
the I-Effect
company I-Effect
extracts I-Effect
and I-Effect
sells I-Effect
has I-Effect
been I-Effect
a I-Effect
constant I-Effect
risk I-Effect
for I-Effect
Republic I-Effect
's I-Effect
recycling I-Effect
operations I-Effect
( I-Effect
3 I-Effect
% I-Effect
of I-Effect
2020 I-Effect
revenue I-Effect
) I-Effect
, I-Effect
and I-Effect
the I-Effect
business I-Effect
was I-Effect
adversely I-Effect
affected I-Effect
by O
China B-Cause
's I-Cause
import I-Cause
restrictions I-Cause
, I-Cause
which I-Cause
pressured I-Cause
recycled I-Cause
commodity I-Cause
prices I-Cause
. O

Additionally O
, O
the B-Cause
costs I-Cause
of I-Cause
running I-Cause
a I-Cause
network I-Cause
are I-Cause
mostly I-Cause
fixed I-Cause
, O
so O
incremental B-Cause
revenue I-Cause
from I-Cause
additional I-Cause
purchase I-Cause
volumes I-Cause
drop I-Cause
directly I-Cause
down I-Cause
to I-Cause
the I-Cause
network I-Cause
's I-Cause
bottom I-Cause
line I-Cause
, O
further B-Effect
advantaging I-Effect
existing I-Effect
networks I-Effect
over I-Effect
potential I-Effect
entrants I-Effect
that I-Effect
would I-Effect
not I-Effect
benefit I-Effect
from I-Effect
scale I-Effect
. O

Unlike O
some O
of O
its O
competitors O
, O
Sling B-Effect
TV I-Effect
is I-Effect
not I-Effect
an I-Effect
attempt I-Effect
to I-Effect
repackage I-Effect
the I-Effect
entire I-Effect
cable I-Effect
bundle I-Effect
as O
Dish B-Cause
has I-Cause
decided I-Cause
to I-Cause
eschew I-Cause
carrying I-Cause
local I-Cause
broadcasters I-Cause
and I-Cause
regional I-Cause
sports I-Cause
networks I-Cause
in I-Cause
many I-Cause
markets I-Cause
. O

The O
housing O
market O
has O
shown O
a O
tendency O
for O
boom O
and O
bust O
dynamics O
, O
and O
we O
think O
Redfin B-Effect
is I-Effect
untested I-Effect
in I-Effect
a I-Effect
bust I-Effect
environment I-Effect
, O
given O
the B-Cause
bulk I-Cause
of I-Cause
its I-Cause
growth I-Cause
occurred I-Cause
after I-Cause
the I-Cause
Great I-Cause
Recession I-Cause
. O

These B-Cause
products I-Cause
are I-Cause
highly I-Cause
discretionary I-Cause
, O
so O
companies B-Effect
looking I-Effect
to I-Effect
save I-Effect
on I-Effect
costs I-Effect
in I-Effect
a I-Effect
downturn I-Effect
frequently I-Effect
choose I-Effect
to I-Effect
cut I-Effect
a I-Effect
planned I-Effect
purchase I-Effect
of I-Effect
a I-Effect
jet I-Effect
. O

By O
moving B-Cause
away I-Cause
from I-Cause
third-party I-Cause
suppliers I-Cause
, O
the B-Effect
firm I-Effect
is I-Effect
better I-Effect
able I-Effect
to I-Effect
control I-Effect
the I-Effect
costs I-Effect
and I-Effect
production I-Effect
risks I-Effect
associated I-Effect
with I-Effect
the I-Effect
engines I-Effect
. O

The O
logic O
is O
that O
by O
integrating B-Cause
both I-Cause
plant I-Cause
assets I-Cause
with I-Cause
the I-Cause
rest I-Cause
of I-Cause
the I-Cause
enterprise I-Cause
value I-Cause
chain I-Cause
, O
customers B-Effect
can I-Effect
reduce I-Effect
their I-Effect
time I-Effect
to I-Effect
market I-Effect
, I-Effect
lower I-Effect
their I-Effect
total I-Effect
cost I-Effect
of I-Effect
ownership I-Effect
, I-Effect
improve I-Effect
their I-Effect
asset I-Effect
utilization I-Effect
, I-Effect
and I-Effect
better I-Effect
manage I-Effect
their I-Effect
enterprise I-Effect
risks I-Effect
. O

Similar O
to O
contract O
research O
organizations O
, O
which O
provide O
research O
support O
in O
the O
healthcare O
space O
, O
West B-Cause
maintains I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
over I-Cause
its I-Cause
customers I-Cause
, O
allowing O
the B-Effect
firm I-Effect
to I-Effect
win I-Effect
business I-Effect
from I-Effect
companies I-Effect
outsourcing I-Effect
material I-Effect
design I-Effect
and I-Effect
manufacturing I-Effect
. O

Avnet B-Cause
is I-Cause
a I-Cause
linchpin I-Cause
between I-Cause
semiconductor I-Cause
vendors I-Cause
and I-Cause
its I-Cause
end-market I-Cause
customers I-Cause
and O
is O
thus O
exposed B-Effect
to I-Effect
cyclicality I-Effect
on I-Effect
both I-Effect
sides I-Effect
. O

Lastly O
, O
Alnylam B-Effect
is I-Effect
still I-Effect
years I-Effect
away I-Effect
from I-Effect
profitability I-Effect
because O
of O
the B-Cause
high I-Cause
operating I-Cause
expenses I-Cause
associated O
with O
clinical O
trials O
and O
commercialization O
. O

We O
continue O
to O
anticipate O
a B-Effect
slower I-Effect
recovery I-Effect
in I-Effect
the I-Effect
Covance I-Effect
unit O
as O
clients B-Cause
slow I-Cause
down I-Cause
and I-Cause
delay I-Cause
clinical I-Cause
trial I-Cause
activity I-Cause
. O

Management B-Cause
's I-Cause
recent I-Cause
increase I-Cause
in I-Cause
its I-Cause
planned I-Cause
infrastructure I-Cause
investment I-Cause
and I-Cause
acquisitions I-Cause
resulted O
in O
our B-Effect
average I-Effect
annual I-Effect
EPS I-Effect
growth I-Effect
estimate I-Effect
increasing I-Effect
by I-Effect
60 I-Effect
basis I-Effect
points I-Effect
, I-Effect
to I-Effect
9.5 I-Effect
% I-Effect
. O

We B-Effect
are I-Effect
slightly I-Effect
reducing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
192 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
194 I-Effect
after I-Effect
incorporating I-Effect
fourth-quarter I-Effect
results I-Effect
and I-Effect
updating I-Effect
our I-Effect
internal I-Effect
growth I-Effect
assumptions I-Effect
to I-Effect
account I-Effect
for I-Effect
lower I-Effect
growth I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
fallout B-Cause
from I-Cause
the I-Cause
pandemic I-Cause
. O

There O
is O
risk O
that O
policymakers B-Cause
will O
move O
retail B-Effect
customers I-Effect
away O
from B-Effect
gas I-Effect
heating I-Effect
, O
but O
we O
think O
that B-Effect
's I-Effect
unlikely I-Effect
in I-Effect
the I-Effect
near I-Effect
future I-Effect
given O
the B-Cause
colder I-Cause
climates I-Cause
where I-Cause
Xcel I-Cause
operates I-Cause
. O

The B-Cause
suppliers I-Cause
' I-Cause
expertise I-Cause
and I-Cause
training I-Cause
services I-Cause
enable O
their O
salesforces B-Effect
to I-Effect
forge I-Effect
relationships I-Effect
with I-Effect
its I-Effect
fragmented I-Effect
customer I-Effect
base I-Effect
, O
but O
we O
do O
not O
believe O
these O
relationships O
are O
significant O
enough O
to O
form O
a O
meaningful O
switching O
cost O
benefit O
. O

As O
Weixin B-Effect
or I-Effect
mobile I-Effect
QQ I-Effect
become I-Effect
the I-Effect
go-to I-Effect
platforms I-Effect
because O
they B-Cause
possess I-Cause
a I-Cause
sizable I-Cause
amount I-Cause
of I-Cause
mini I-Cause
programs I-Cause
, O
existing B-Effect
mini I-Effect
program I-Effect
developers I-Effect
also I-Effect
benefit I-Effect
from O
the B-Cause
overall I-Cause
increase I-Cause
in I-Cause
traffic I-Cause
. O

Significant B-Cause
operating I-Cause
leverage I-Cause
makes O
both B-Effect
alternatives I-Effect
highly I-Effect
profitable I-Effect
for I-Effect
Crown I-Effect
-- O
additional O
tenants O
and O
equipment O
upgrades O
can O
be O
added O
to O
towers O
for O
very O
little O
incremental O
cost O
. O

As O
a B-Cause
long-haul I-Cause
truck I-Cause
can I-Cause
consume I-Cause
over I-Cause
$ I-Cause
500,000 I-Cause
in I-Cause
diesel I-Cause
fuel I-Cause
over I-Cause
its I-Cause
lifetime I-Cause
, O
firms B-Effect
such I-Effect
as I-Effect
Tesla I-Effect
, I-Effect
Nikola I-Effect
, I-Effect
and I-Effect
Xos I-Effect
have I-Effect
proposed I-Effect
heavy-duty I-Effect
trucks I-Effect
with I-Effect
electric I-Effect
drivetrains I-Effect
that I-Effect
are I-Effect
powered I-Effect
either I-Effect
by I-Effect
batteries I-Effect
or I-Effect
by I-Effect
hydrogen I-Effect
fuel I-Effect
cells I-Effect
. O

In O
fact O
, O
during O
a O
downturn O
in O
new-vehicle O
sales O
, O
dealers B-Effect
generally I-Effect
report I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
due O
to O
a B-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
, O
but O
then O
report B-Effect
lower I-Effect
operating I-Effect
margins I-Effect
because O
of O
SG B-Cause
& I-Cause
A I-Cause
deleveraging I-Cause
. O

We B-Effect
're I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Chipotle I-Effect
to I-Effect
$ I-Effect
1,100 I-Effect
from I-Effect
$ I-Effect
1,000 I-Effect
following I-Effect
fourth-quarter I-Effect
earnings I-Effect
, O
due O
to O
pull-forward B-Cause
effects I-Cause
after I-Cause
rolling I-Cause
our I-Cause
model I-Cause
as I-Cause
well I-Cause
as I-Cause
ongoing I-Cause
near-term I-Cause
sales I-Cause
momentum I-Cause
. I-Cause

It B-Cause
limited I-Cause
its I-Cause
investment I-Cause
banking I-Cause
activities I-Cause
to I-Cause
products I-Cause
and I-Cause
services I-Cause
that O
augment B-Effect
existing I-Effect
operations I-Effect
in I-Effect
the I-Effect
markets I-Effect
where O
it O
has O
an O
established O
presence O
and O
deep O
local O
knowledge O
. O

Although O
Alphabet O
does O
not O
break O
out O
revenue O
for O
its O
other O
bets O
segment O
, O
we O
assume O
Fiber B-Effect
and I-Effect
Verily I-Effect
generate I-Effect
most I-Effect
of I-Effect
this I-Effect
revenue I-Effect
, O
as O
commercialization B-Cause
of I-Cause
Waymo I-Cause
is I-Cause
in I-Cause
its I-Cause
early I-Cause
stages I-Cause
. O

Bank B-Effect
customers I-Effect
often I-Effect
resist I-Effect
moving I-Effect
financial I-Effect
service I-Effect
providers I-Effect
due O
to O
the B-Cause
hassle I-Cause
of I-Cause
opening/closing I-Cause
accounts I-Cause
, I-Cause
the I-Cause
lack I-Cause
of I-Cause
perceived I-Cause
benefit I-Cause
, I-Cause
and I-Cause
numerous I-Cause
deposit I-Cause
and I-Cause
payment I-Cause
links I-Cause
. O

This B-Effect
is I-Effect
an I-Effect
even I-Effect
greater I-Effect
challenge I-Effect
when I-Effect
employees I-Effect
have I-Effect
to I-Effect
pay I-Effect
for I-Effect
the I-Effect
food I-Effect
out I-Effect
of I-Effect
their I-Effect
own I-Effect
pockets I-Effect
, O
as O
the B-Cause
choice I-Cause
to I-Cause
bring I-Cause
food I-Cause
from I-Cause
off I-Cause
campus I-Cause
can I-Cause
easily I-Cause
replace I-Cause
the I-Cause
corporate I-Cause
cafeteria I-Cause
. O

The B-Effect
development I-Effect
of I-Effect
EDA I-Effect
tools I-Effect
requires I-Effect
a I-Effect
high I-Effect
level I-Effect
of I-Effect
consistent I-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
, O
as O
a O
result O
of O
which O
chip B-Cause
designers I-Cause
prefer I-Cause
to I-Cause
utilize I-Cause
EDA I-Cause
tools I-Cause
provided I-Cause
by I-Cause
companies I-Cause
like I-Cause
Cadence I-Cause
rather I-Cause
than I-Cause
develop I-Cause
them I-Cause
in-house I-Cause
. O

Equinix B-Cause
tenants I-Cause
can I-Cause
connect I-Cause
with I-Cause
each I-Cause
other I-Cause
directly I-Cause
within I-Cause
a I-Cause
site I-Cause
or I-Cause
across I-Cause
Equinix I-Cause
sites I-Cause
globally I-Cause
without I-Cause
having I-Cause
to I-Cause
use I-Cause
the I-Cause
public I-Cause
Internet O
, O
which O
offers B-Effect
tenants I-Effect
superior I-Effect
security I-Effect
and I-Effect
, I-Effect
in I-Effect
many I-Effect
cases I-Effect
, I-Effect
reduced I-Effect
latency I-Effect
, O
which O
can O
be O
vital O
. O

After O
reviewing O
Carrier O
's O
third-quarter O
earnings O
release O
, O
we O
raised B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
9 I-Effect
% I-Effect
to I-Effect
$ I-Effect
36 I-Effect
per I-Effect
share I-Effect
due O
to O
our B-Cause
upward I-Cause
revised I-Cause
revenue I-Cause
growth I-Cause
and I-Cause
profitability I-Cause
assumptions I-Cause
. O

Oneok B-Cause
operates I-Cause
as I-Cause
a I-Cause
corporation I-Cause
instead I-Cause
of I-Cause
limited I-Cause
partnership I-Cause
, O
which O
brings B-Effect
certain I-Effect
advantages I-Effect
in I-Effect
terms I-Effect
of I-Effect
broadening I-Effect
the I-Effect
shareholder I-Effect
base I-Effect
, I-Effect
allowing I-Effect
it I-Effect
to I-Effect
be I-Effect
represented I-Effect
in I-Effect
indexes I-Effect
, I-Effect
and I-Effect
reduced I-Effect
tax I-Effect
complexity I-Effect
. O

Replicating B-Cause
the I-Cause
company I-Cause
's I-Cause
GDS I-Cause
platform I-Cause
would I-Cause
entail I-Cause
aggregating I-Cause
and I-Cause
connecting I-Cause
content I-Cause
from I-Cause
several I-Cause
hundred I-Cause
airlines I-Cause
to I-Cause
a I-Cause
platform I-Cause
that I-Cause
is I-Cause
also I-Cause
connected I-Cause
to I-Cause
travel I-Cause
agents I-Cause
, I-Cause
which I-Cause
requires I-Cause
significant I-Cause
costs I-Cause
and I-Cause
time. O
As O
a O
result O
of O
these O
barriers O
, O
three B-Effect
operators I-Effect
-- I-Effect
Sabre I-Effect
, I-Effect
Amadeus I-Effect
, I-Effect
and I-Effect
Travelport I-Effect
-- I-Effect
control I-Effect
nearly I-Effect
100 I-Effect
% I-Effect
of I-Effect
the I-Effect
GDS I-Effect
market I-Effect
, I-Effect
and I-Effect
we I-Effect
think I-Effect
they I-Effect
enjoy I-Effect
efficient I-Effect
scale I-Effect
, I-Effect
which I-Effect
is I-Effect
evident I-Effect
in I-Effect
the I-Effect
limited I-Effect
traction I-Effect
that I-Effect
airlines I-Effect
or I-Effect
travel I-Effect
agents I-Effect
have I-Effect
had I-Effect
in I-Effect
bypassing I-Effect
this I-Effect
distribution I-Effect
platform I-Effect
. O

Growth B-Effect
will I-Effect
come I-Effect
from I-Effect
increased I-Effect
vehicle I-Effect
penetration I-Effect
as O
more B-Cause
original-equipment I-Cause
manufacturers I-Cause
make I-Cause
the I-Cause
safety I-Cause
benefit I-Cause
of I-Cause
auto-dimming I-Cause
technology I-Cause
available I-Cause
and I-Cause
as I-Cause
Gentex B-Cause
's I-Cause
research I-Cause
leads I-Cause
to I-Cause
new B-Effect
, I-Effect
advanced-feature I-Effect
mirrors I-Effect
that I-Effect
ultimately I-Effect
become I-Effect
standard I-Effect
products I-Effect
. O

In O
the O
near O
term O
, O
we O
think O
demand B-Effect
for I-Effect
crops I-Effect
will I-Effect
be I-Effect
strong I-Effect
, O
largely O
due O
to O
robust B-Cause
demand I-Cause
from I-Cause
China I-Cause
and I-Cause
tight I-Cause
global I-Cause
supplies I-Cause
. O

HPE B-Cause
's I-Cause
transformation I-Cause
to I-Cause
a I-Cause
profitability-focused I-Cause
firm I-Cause
could I-Effect
impact B-Effect
its I-Effect
ability I-Effect
to I-Effect
innovate I-Effect
and I-Effect
win I-Effect
customers I-Effect
as O
new B-Cause
technology I-Cause
trends I-Cause
are I-Cause
developed I-Cause
. O

As O
the O
retail O
environment O
continues O
to O
face O
headwinds O
that O
disproportionately O
affect O
lower-quality O
assets O
, O
we O
believe O
Kimco B-Cause
's I-Cause
efforts I-Cause
to I-Cause
improve I-Cause
the I-Cause
portfolio I-Cause
's I-Cause
overall I-Cause
quality I-Cause
are O
essential O
to O
providing B-Effect
value I-Effect
for I-Effect
shareholders I-Effect
. O

In O
the O
long O
term O
, O
we B-Effect
forecast I-Effect
the I-Effect
company I-Effect
will I-Effect
report I-Effect
a I-Effect
sustainable I-Effect
gross I-Effect
margin I-Effect
of I-Effect
63 I-Effect
% I-Effect
as O
it B-Cause
achieves I-Cause
premium I-Cause
pricing I-Cause
on I-Cause
its I-Cause
core I-Cause
products I-Cause
. O

Management O
attributes O
the O
elevated B-Effect
profitability I-Effect
to O
the B-Cause
South I-Cause
America I-Cause
's I-Cause
use I-Cause
of I-Cause
returnable I-Cause
glass I-Cause
containers I-Cause
, O
though O
we O
suspect O
oligopolistic B-Cause
pricing I-Cause
dynamics I-Cause
also O
play O
a O
role O
. O

We B-Effect
see I-Effect
growth I-Effect
in I-Effect
Asia I-Effect
and I-Effect
Africa I-Effect
being I-Effect
predicated I-Effect
on I-Effect
volume I-Effect
as O
the B-Cause
firm I-Cause
further I-Cause
penetrates I-Cause
the I-Cause
emerging I-Cause
economies I-Cause
in I-Cause
those I-Cause
segments I-Cause
. O

Often O
high-priced O
discretionary O
goods O
customers O
are O
wealthy O
, O
and O
sales O
can O
be O
tied O
to O
the O
movement O
of O
the O
stock O
market O
, O
so O
2021 B-Effect
could I-Effect
be I-Effect
challenging I-Effect
if O
a B-Cause
virus-driven I-Cause
recession I-Cause
in I-Cause
the I-Cause
U.S I-Cause
. I-Cause

For O
mining O
equipment O
, O
switching B-Effect
costs I-Effect
are I-Effect
introduced I-Effect
as O
these B-Cause
machines I-Cause
have I-Cause
long I-Cause
lives I-Cause
with I-Cause
complex I-Cause
Farm I-Cause
& I-Cause
Heavy I-Cause
Construction I-Cause
Machineryservice I-Cause
agreements I-Cause
. O

The B-Effect
new I-Effect
option I-Effect
of I-Effect
using I-Effect
white-box I-Effect
routers I-Effect
has I-Effect
not I-Effect
proliferated I-Effect
to I-Effect
scale I-Effect
of I-Effect
white-box I-Effect
switches I-Effect
because O
of O
the B-Cause
higher I-Cause
complexity I-Cause
of I-Cause
designing I-Cause
routers I-Cause
; O
we O
believe O
that O
brand-name O
routing O
equipment O
like O
Arista O
's O
products O
will O
continue O
to O
be O
desired O
routing O
solutions O
for O
a O
number O
of O
years O
. O

Yum B-Cause
China I-Cause
's I-Cause
products I-Cause
are I-Cause
sourced I-Cause
almost I-Cause
all I-Cause
locally I-Cause
( O
except O
for O
certain O
herbs O
and O
spices O
) O
, O
which O
helps B-Effect
to I-Effect
keep I-Effect
costs I-Effect
manageable I-Effect
, I-Effect
positions I-Effect
KFC I-Effect
and I-Effect
Pizza I-Effect
Hut I-Effect
as I-Effect
more I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
authentic I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
" I-Effect
Chinese I-Effect
brands I-Effect
( O
despite O
their O
obvious O
Western O
roots O
) O
, O
and O
strengthens B-Effect
the I-Effect
company I-Effect
's I-Effect
relationships I-Effect
with I-Effect
national I-Effect
and I-Effect
regional I-Effect
government I-Effect
officials I-Effect
. O

The O
equipment O
providers O
aggressively O
price O
hardware O
and O
attempt O
to O
profit B-Effect
over I-Effect
the I-Effect
life I-Effect
of I-Effect
CSP I-Effect
contracts I-Effect
through O
services B-Cause
and I-Cause
manufacturing I-Cause
cost I-Cause
outs I-Cause
. O

Given O
the B-Cause
brand I-Cause
's I-Cause
considerable I-Cause
presence I-Cause
throughout I-Cause
the I-Cause
United I-Cause
States I-Cause
, O
we B-Effect
believe I-Effect
Domino I-Effect
's I-Effect
has I-Effect
meaningful I-Effect
influence I-Effect
over I-Effect
suppliers I-Effect
, O
which O
helps O
to O
provide O
access O
to O
food O
and O
other O
raw O
materials O
to O
its O
franchisees O
at O
competitive O
prices O
. O

While O
it B-Cause
saved I-Cause
shareholders I-Cause
from I-Cause
the I-Cause
dilution I-Cause
that O
would O
have O
followed O
if O
SocGen O
had O
raised O
capital O
at O
a O
discount O
to O
book O
value O
at O
the O
time O
, O
investors B-Effect
may I-Effect
well I-Effect
rue I-Effect
this I-Effect
decision I-Effect
in I-Effect
time I-Effect
. O

That O
said O
, O
denial B-Effect
of I-Effect
service I-Effect
( I-Effect
DoS I-Effect
) I-Effect
attacks I-Effect
are I-Effect
possible I-Effect
if O
a B-Cause
bad I-Cause
actor I-Cause
simply I-Cause
wanted I-Cause
the I-Cause
thrill I-Cause
of I-Cause
striving I-Cause
to I-Cause
take I-Cause
down I-Cause
the I-Cause
Internet I-Cause
. O

The B-Cause
shakeout I-Cause
from I-Cause
the I-Cause
corinavirus I-Cause
will O
likely O
result O
in O
permanent B-Effect
changes I-Effect
for I-Effect
restaurateurs I-Effect
, O
with O
customers B-Cause
favoring I-Cause
those I-Cause
brands I-Cause
that I-Cause
offer I-Cause
seamless I-Cause
omnichannel I-Cause
ordering I-Cause
, I-Cause
personalized I-Cause
marketing I-Cause
, I-Cause
and I-Cause
extreme I-Cause
convenience I-Cause
even I-Cause
as I-Cause
restrictions I-Cause
abate I-Cause
. O

We O
forecast O
assets B-Effect
under I-Effect
management I-Effect
growing I-Effect
at I-Effect
a I-Effect
rate I-Effect
of I-Effect
above I-Effect
5 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
from O
asset B-Cause
price I-Cause
appreciation I-Cause
, I-Cause
the I-Cause
shift I-Cause
to I-Cause
wealth I-Cause
management I-Cause
fee-based I-Cause
assets I-Cause
from I-Cause
commission-based I-Cause
assets I-Cause
, I-Cause
and I-Cause
assets I-Cause
related I-Cause
to I-Cause
recent I-Cause
acquisitions I-Cause
. O

Given O
the B-Cause
severity I-Cause
of I-Cause
system I-Cause
failures I-Cause
that I-Cause
Ansys I-Cause
software I-Cause
could I-Cause
have I-Cause
prevented I-Cause
, O
we O
think O
that O
Ansys B-Effect
customers I-Effect
have I-Effect
significant I-Effect
resistance I-Effect
to I-Effect
switching I-Effect
from I-Effect
Ansys I-Effect
software I-Effect
. O

There O
are O
some O
higher-quality O
minimum O
volume O
commitment O
contracts O
associated O
with O
the O
newly O
acquired O
Eureka O
assets O
, O
and O
we O
think O
the B-Cause
geographic I-Cause
location I-Cause
in I-Cause
the I-Cause
Marcellus I-Cause
region I-Cause
is I-Cause
exposed I-Cause
to I-Cause
some I-Cause
of I-Cause
the I-Cause
cheapest I-Cause
gas I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
, O
providing O
a B-Effect
high I-Effect
level I-Effect
of I-Effect
confidence I-Effect
around I-Effect
future I-Effect
drilling I-Effect
activity I-Effect
. O

However O
, O
we O
expect O
Baxter B-Cause
's I-Cause
more I-Cause
constrained I-Cause
segments I-Cause
in I-Cause
2020 I-Cause
-- I-Cause
medication I-Cause
delivery I-Cause
, I-Cause
pharmaceuticals I-Cause
, I-Cause
and I-Cause
advanced I-Cause
surgery I-Cause
-- I-Cause
will I-Cause
grow I-Cause
in I-Cause
the I-Cause
mid- I-Cause
to I-Cause
high I-Cause
single I-Cause
digits I-Cause
compounded I-Cause
annually I-Cause
from I-Cause
the I-Cause
weak I-Cause
base I-Cause
year I-Cause
of I-Cause
2020 I-Cause
, O
as O
healthcare B-Effect
utilization I-Effect
trends I-Effect
normalize I-Effect
. O

The B-Cause
bank I-Cause
had I-Cause
actively I-Cause
steered I-Cause
away I-Cause
from I-Cause
the I-Cause
most I-Cause
risky I-Cause
mortgage I-Cause
products I-Cause
, O
and O
its B-Effect
business I-Effect
model I-Effect
was I-Effect
much I-Effect
less I-Effect
heavily I-Effect
reliant I-Effect
on I-Effect
capital I-Effect
markets I-Effect
and I-Effect
trading I-Effect
activities I-Effect
. O

Going O
forward O
, O
we O
expect O
the O
data O
center O
segment O
to O
drive B-Effect
most I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
growth I-Effect
, O
led O
by O
the B-Cause
explosive I-Cause
artificial I-Cause
intelligence I-Cause
phenomenon I-Cause
. O

As O
a O
result O
, O
a B-Cause
global I-Cause
seat I-Cause
vendor I-Cause
with I-Cause
support I-Cause
operations I-Cause
in I-Cause
low-cost I-Cause
countries I-Cause
enjoys B-Effect
significant I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
from I-Effect
potentially I-Effect
new I-Effect
competitors I-Effect
in I-Effect
this I-Effect
rationally I-Effect
oligopolistic I-Effect
group I-Effect
of I-Effect
companies I-Effect
. O

On B-Cause
a I-Cause
cost-advantage I-Cause
basis I-Cause
, I-Cause
we I-Cause
view I-Cause
the I-Cause
bank I-Cause
's I-Cause
deposit I-Cause
base I-Cause
as I-Cause
2 I-Cause
Jun I-Cause
2021 I-Cause
05:00 I-Cause
, O
UTChaving B-Effect
a I-Effect
likely I-Effect
chance I-Effect
of I-Effect
being I-Effect
advantaged I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

Alliance B-Effect
Data I-Effect
Systems I-Effect
avoids I-Effect
bank I-Effect
capital I-Effect
restrictions I-Effect
by O
structuring B-Cause
itself I-Cause
as I-Cause
a I-Cause
parent I-Cause
company I-Cause
and I-Cause
keeping I-Cause
its I-Cause
LoyaltyOne I-Cause
assets I-Cause
and I-Cause
$ I-Cause
2.8 I-Cause
billion I-Cause
of I-Cause
its I-Cause
debt I-Cause
above I-Cause
the I-Cause
two I-Cause
banks I-Cause
that I-Cause
it I-Cause
owns I-Cause
, I-Cause
Comenity I-Cause
Bank I-Cause
and I-Cause
Comenity I-Cause
Capital I-Cause
. O

The B-Effect
lure I-Effect
of I-Effect
the I-Effect
asset-management I-Effect
business I-Effect
for I-Effect
an I-Effect
investment I-Effect
bank I-Effect
is O
that O
it B-Cause
is I-Cause
asset-light I-Cause
and I-Cause
tends I-Cause
to I-Cause
generate I-Cause
a I-Cause
steady I-Cause
stream I-Cause
of I-Cause
fees I-Cause
, O
albeit O
more O
heavily O
correlated O
to O
equity O
and O
credit O
market O
returns O
. O

Dick B-Effect
's I-Effect
has I-Effect
struggled I-Effect
over O
the O
past O
few O
years O
as O
its O
aggressive B-Cause
store I-Cause
expansion I-Cause
has I-Cause
failed I-Cause
to I-Cause
translate I-Cause
into I-Cause
higher I-Cause
profits I-Cause
even O
as O
some O
direct O
competitors O
have O
gone O
out O
of O
business O
. O

Market O
share O
has O
been O
rather O
stable O
, O
with O
a B-Effect
small I-Effect
decline I-Effect
caused O
by O
the B-Cause
loss I-Cause
of I-Cause
prepaid I-Cause
customers I-Cause
, O
mainly O
to O
Ice O
Norge O
, O
a O
challenger O
firm O
. O

We B-Effect
have I-Effect
always I-Effect
liked I-Effect
Stryker I-Effect
's I-Effect
presence I-Effect
in I-Effect
the I-Effect
medical-surgical I-Effect
equipment I-Effect
area I-Effect
, O
as O
it B-Cause
offers I-Cause
a I-Cause
measure I-Cause
of I-Cause
stabilization I-Cause
and I-Cause
diminishes I-Cause
the I-Cause
impact I-Cause
of I-Cause
periodic I-Cause
economic I-Cause
downturns I-Cause
. O

Sales B-Effect
should I-Effect
decline I-Effect
in I-Effect
the I-Effect
first I-Effect
half O
due O
to O
limited B-Cause
department I-Cause
store I-Cause
foot I-Cause
traffic I-Cause
( I-Cause
Coty I-Cause
has I-Cause
minimal I-Cause
e-commerce I-Cause
exposure I-Cause
) I-Cause
and I-Cause
15 I-Cause
% I-Cause
exposure I-Cause
to I-Cause
travel I-Cause
retail I-Cause
, O
and O
realize B-Effect
significant I-Effect
growth I-Effect
in I-Effect
the I-Effect
second I-Effect
half I-Effect
as O
the B-Cause
pandemic-related I-Cause
global I-Cause
shutdown I-Cause
is I-Cause
lapped I-Cause
. O

Steadily B-Effect
rising I-Effect
Internet I-Effect
access I-Effect
pricing I-Effect
is I-Effect
a I-Effect
key I-Effect
element I-Effect
of I-Effect
our I-Effect
belief I-Effect
that I-Effect
Charter I-Effect
can I-Effect
maintain I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
and I-Effect
cash I-Effect
flow I-Effect
as O
fewer B-Cause
customers I-Cause
take I-Cause
television I-Cause
and I-Cause
telephone I-Cause
services I-Cause
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
growth I-Effect
driver I-Effect
will I-Effect
be I-Effect
its I-Effect
enterprise I-Effect
visibility I-Effect
and I-Effect
mobility I-Effect
segment I-Effect
, O
which O
we O
forecast O
to O
grow O
at O
a O
rate O
of O
10 O
% O
-- O
inclusive O
of O
21 O
% O
growth O
in O
2021 O
-- O
as O
it B-Cause
continues I-Cause
to I-Cause
make I-Cause
up I-Cause
a I-Cause
larger I-Cause
portion I-Cause
of I-Cause
the I-Cause
overall I-Cause
top I-Cause
line I-Cause
. O

The B-Cause
ability I-Cause
to I-Cause
offer I-Cause
a I-Cause
product I-Cause
that I-Cause
simplifies I-Cause
the I-Cause
customer I-Cause
procurement I-Cause
process I-Cause
with I-Cause
one I-Cause
integrated I-Cause
solution I-Cause
that O
can O
offer O
better O
performance O
has O
allowed O
Monolithic B-Effect
to I-Effect
gain I-Effect
share I-Effect
in I-Effect
the I-Effect
analog I-Effect
market I-Effect
over I-Effect
recent I-Effect
years I-Effect
, O
though O
this O
technological O
edge O
could O
blunt O
some O
over O
the O
next O
decade O
. O

Stifel O
Financial O
, O
along O
with O
other O
investment O
banks O
, O
had O
relatively O
strong O
revenue O
in O
2020 O
, O
as O
economic B-Cause
uncertainty I-Cause
led O
to O
strong B-Effect
trading I-Effect
volumes I-Effect
and I-Effect
capital I-Effect
raising I-Effect
activity I-Effect
. O

These O
brand O
extensions O
help O
keep O
the O
Williams-Sonoma O
portfolio B-Effect
relevant I-Effect
throughout I-Effect
consumer I-Effect
lifecycles I-Effect
by O
catering B-Cause
to I-Cause
different I-Cause
needs I-Cause
at I-Cause
disparate I-Cause
lifecycle I-Cause
positions I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
premium I-Cause
tools I-Cause
are I-Cause
considered I-Cause
some I-Cause
of I-Cause
the I-Cause
most I-Cause
durable I-Cause
and I-Cause
reliable I-Cause
in I-Cause
the I-Cause
market I-Cause
, O
illustrating O
its B-Effect
strong I-Effect
brand I-Effect
reputation I-Effect
. O

This B-Effect
differential I-Effect
is I-Effect
especially I-Effect
important I-Effect
in I-Effect
dialysis I-Effect
services I-Effect
since O
nearly O
all B-Cause
of I-Cause
the I-Cause
industry I-Cause
's I-Cause
profits I-Cause
are I-Cause
derived I-Cause
from I-Cause
commercial I-Cause
insurers I-Cause
, O
and O
the O
dialysis O
industry O
's O
concentration O
appears O
much O
stronger O
than O
other O
major O
healthcare O
systems O
in O
the O
U.S O
. O

HollyFrontier B-Cause
acquired I-Cause
the I-Cause
Petro-Canada I-Cause
lubricants I-Cause
business I-Cause
, I-Cause
Red I-Cause
Giant I-Cause
Oil I-Cause
, I-Cause
and I-Cause
Sonneborn I-Cause
to B-Effect
diversify I-Effect
its I-Effect
earnings I-Effect
stream I-Effect
. O

The O
firm O
also O
has O
a O
stronger O
customer O
concentration O
within O
the O
consumer O
electronics O
market O
, O
and O
a B-Cause
supplier I-Cause
shift I-Cause
or I-Cause
a I-Cause
poorly I-Cause
performing I-Cause
product I-Cause
could O
also O
impact O
the B-Effect
firm I-Effect
. O

While O
the O
FCC O
has O
extended O
these O
deadlines O
to O
2023 O
as O
part O
of O
the O
T-Mobile/Sprint O
transactions O
, O
Dish O
still O
must O
build O
a B-Cause
nearly I-Cause
nationwide I-Cause
network I-Cause
, O
a O
costly O
undertaking O
that O
could B-Effect
easily I-Effect
bankrupt I-Effect
the I-Effect
company I-Effect
. O

We O
think O
that O
a O
recovery B-Cause
in I-Cause
business I-Cause
travel I-Cause
will O
be B-Effect
critical I-Effect
for I-Effect
United I-Effect
to I-Effect
maintain I-Effect
the I-Effect
attractive I-Effect
economics I-Effect
of I-Effect
the I-Effect
frequent I-Effect
flier I-Effect
program I-Effect
. O

We B-Effect
model I-Effect
revenue I-Effect
growth I-Effect
returning I-Effect
to I-Effect
a I-Effect
more I-Effect
normal I-Effect
range I-Effect
of I-Effect
10 I-Effect
% I-Effect
to I-Effect
12 I-Effect
% I-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven O
by O
a B-Cause
growing I-Cause
customer I-Cause
base I-Cause
, I-Cause
organically I-Cause
growing I-Cause
usage I-Cause
of I-Cause
the I-Cause
GLN I-Cause
from I-Cause
existing I-Cause
customers I-Cause
, I-Cause
growth I-Cause
in I-Cause
software I-Cause
from I-Cause
additional I-Cause
seats I-Cause
, I-Cause
pricing I-Cause
, I-Cause
and I-Cause
continued I-Cause
execution I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
acquisition I-Cause
strategy I-Cause
. O

Considering O
that O
grueling B-Cause
schedule I-Cause
for I-Cause
an I-Cause
already I-Cause
very I-Cause
sick I-Cause
patient I-Cause
, O
additional B-Effect
commute I-Effect
time I-Effect
to I-Effect
and I-Effect
from I-Effect
the I-Effect
treatment I-Effect
facility I-Effect
remains I-Effect
a I-Effect
major I-Effect
point I-Effect
of I-Effect
concern I-Effect
when O
physicians O
and O
patients O
determine O
individual O
treatment O
plans O
. O

While O
the O
pandemic O
is O
a O
challenge O
, O
we O
believe O
the B-Effect
firm I-Effect
benefits I-Effect
from I-Effect
the I-Effect
athleisure I-Effect
fashion I-Effect
trend I-Effect
and I-Effect
will I-Effect
continue I-Effect
to I-Effect
achieve I-Effect
premium I-Effect
pricing I-Effect
due O
to O
the B-Cause
brand I-Cause
's I-Cause
popularity I-Cause
and I-Cause
the I-Cause
styling I-Cause
and I-Cause
quality I-Cause
of I-Cause
its I-Cause
products I-Cause
. I-Cause

The B-Cause
relative I-Cause
affordability I-Cause
of I-Cause
these I-Cause
other I-Cause
housing I-Cause
options I-Cause
keeps O
Essex B-Effect
's I-Effect
ability I-Effect
to I-Effect
set I-Effect
high I-Effect
initial I-Effect
rents I-Effect
and I-Effect
pass I-Effect
along I-Effect
rent I-Effect
increases I-Effect
in I-Effect
check I-Effect
. O

At O
a O
high O
level O
, O
there O
are O
factors O
endemic O
to O
Coca-Cola O
Femsa O
's O
relationship O
with O
TCCC O
, O
positioning O
within O
the O
supply O
chain O
more O
broadly O
, O
and O
geographic B-Cause
exposure I-Cause
, O
that O
detract O
from O
our B-Effect
confidence I-Effect
in I-Effect
the I-Effect
durability I-Effect
of I-Effect
its I-Effect
economic I-Effect
profits I-Effect
. O

In O
order O
to O
use B-Effect
its I-Effect
loyalty I-Effect
data I-Effect
effectively I-Effect
and I-Effect
add I-Effect
to I-Effect
its I-Effect
digital I-Effect
capabilities I-Effect
, O
Ulta B-Cause
spent I-Cause
$ I-Cause
13.6 I-Cause
million I-Cause
to I-Cause
acquire I-Cause
two I-Cause
technology I-Cause
companies I-Cause
in I-Cause
2018 I-Cause
. O

Segment O
mix O
will O
be O
a O
headwind O
after O
the O
pandemic O
subsides O
( O
with O
Europe O
growing O
at O
a O
slightly O
brisker O
pace O
than O
North O
America O
) O
, O
but O
volume B-Effect
leverage I-Effect
should I-Effect
also I-Effect
manifest I-Effect
as O
on-premises B-Cause
beer I-Cause
consumption I-Cause
recovers I-Cause
and I-Cause
management I-Cause
executes I-Cause
more I-Cause
meaningfully I-Cause
against I-Cause
its I-Cause
innovation I-Cause
pipeline I-Cause
. O

Cell O
and O
gene O
therapies O
require O
protein O
inputs O
, O
and O
Bio-Techne B-Cause
's I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
in I-Cause
a I-Cause
market O
with O
few O
regulatory O
quality O
minimums O
help O
Bio-Techne B-Effect
get I-Effect
strong I-Effect
rates I-Effect
of I-Effect
new I-Effect
business I-Effect
despite O
relatively O
robust O
competition O
. O

By O
the O
summer O
, O
freight B-Effect
demand I-Effect
across I-Effect
most I-Effect
trucking I-Effect
and I-Effect
logistics I-Effect
sectors I-Effect
soared I-Effect
, O
TL O
capacity O
tightened O
, O
spot O
opportunities O
abounded O
, O
and O
rates O
surged O
thanks O
to O
a B-Cause
massive I-Cause
uptick I-Cause
in I-Cause
retailer I-Cause
restocking I-Cause
rooted I-Cause
in I-Cause
a I-Cause
big I-Cause
shift I-Cause
in I-Cause
U.S I-Cause
. O

That O
said O
, O
data O
security O
is O
a O
risk O
factor O
for O
brokers O
, O
in O
that O
a B-Cause
major I-Cause
cyberattack I-Cause
could O
disrupt O
truck-transaction B-Effect
visibility I-Effect
and I-Effect
service I-Effect
levels I-Effect
. I-Effect

We O
expect O
revenue B-Effect
to I-Effect
grow I-Effect
at I-Effect
an I-Effect
organic I-Effect
5 I-Effect
% I-Effect
annualized I-Effect
rate I-Effect
over I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
as O
automaker B-Cause
customers I-Cause
focus I-Cause
on I-Cause
reducing I-Cause
vehicle I-Cause
emissions I-Cause
. O

While O
AliCloud O
will O
remain O
in O
investment O
mode O
near-term O
, O
we O
believe O
accelerating O
revenue O
per O
user O
suggest O
a B-Cause
migration I-Cause
to I-Cause
value-added I-Cause
content I-Cause
delivery I-Cause
and I-Cause
database I-Cause
services I-Cause
that O
can O
drive O
segment B-Effect
margins I-Effect
higher I-Effect
over I-Effect
time I-Effect
. O

Kilroy B-Cause
's I-Cause
management I-Cause
underwent I-Cause
a I-Cause
capital I-Cause
recycling I-Cause
program I-Cause
that O
allowed O
it O
to O
successfully B-Effect
time I-Effect
the I-Effect
boom I-Effect
in I-Effect
technological I-Effect
employment I-Effect
occurring I-Effect
in I-Effect
the I-Effect
largest I-Effect
metropolitan I-Effect
areas I-Effect
along I-Effect
the I-Effect
West I-Effect
Coast I-Effect
. O

However O
, O
due O
to O
COVID-19 B-Cause
and I-Cause
the I-Cause
bank I-Cause
's I-Cause
higher I-Cause
international I-Cause
and I-Cause
credit I-Cause
card I-Cause
exposures I-Cause
, O
we B-Effect
are I-Effect
currently I-Effect
assigning I-Effect
the I-Effect
bank I-Effect
a I-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

The B-Cause
risk I-Cause
of I-Cause
shelf I-Cause
space I-Cause
loss I-Cause
to I-Cause
competitors I-Cause
with I-Cause
greater I-Cause
capacity I-Cause
to I-Cause
compete I-Cause
on I-Cause
price I-Cause
is O
arguably O
the B-Effect
greatest I-Effect
risk I-Effect
to I-Effect
Carlsberg I-Effect
's I-Effect
cash I-Effect
flows I-Effect
and O
occurred O
in O
2015 O
when O
Tesco O
removed O
the O
flagship O
brand O
from O
its O
shelves O
. O

Although B-Cause
for I-Cause
2020 I-Cause
we I-Cause
model I-Cause
close I-Cause
to I-Cause
flat I-Cause
revenues I-Cause
, I-Cause
primarily I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
disruption I-Cause
to I-Cause
the I-Cause
exhibitions I-Cause
division I-Cause
, I-Cause
beyond I-Cause
this I-Cause
we I-Cause
believe I-Cause
a I-Cause
continuation I-Cause
of I-Cause
this I-Cause
trend I-Cause
is I-Cause
possible I-Cause
, I-Cause
particularly I-Cause
given I-Cause
the I-Cause
relative I-Cause
improvement I-Cause
of I-Cause
macroeconomic I-Cause
conditions I-Cause
in I-Cause
Europe I-Cause
over I-Cause
the I-Cause
last I-Cause
number I-Cause
of I-Cause
years I-Cause
, I-Cause
which I-Cause
constitutes I-Cause
over I-Cause
one I-Cause
quarter I-Cause
of I-Cause
RELX I-Cause
's I-Cause
revenue I-Cause
base. O
As O
such O
, O
we B-Effect
model I-Effect
organic I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
4.5 I-Effect
% I-Effect
for I-Effect
the I-Effect
remainder I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
period I-Effect
, I-Effect
rising I-Effect
from I-Effect
4.3 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
to I-Effect
4.7 I-Effect
% I-Effect
by I-Effect
2024 I-Effect
. O

As O
demand O
for O
athletic B-Cause
apparel I-Cause
has I-Cause
exploded I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
the B-Effect
firm I-Effect
has I-Effect
experienced I-Effect
an I-Effect
unusual I-Effect
( I-Effect
but I-Effect
likely I-Effect
temporary I-Effect
) I-Effect
surge I-Effect
in I-Effect
sales I-Effect
that I-Effect
has I-Effect
boosted I-Effect
its I-Effect
profit I-Effect
margins I-Effect
. O

We O
do O
not O
see O
this O
as O
an O
immediate O
threat O
to O
the O
business O
but O
are B-Effect
mindful I-Effect
of I-Effect
longer-term I-Effect
lower I-Effect
refined I-Effect
product I-Effect
demand I-Effect
as O
we O
expect O
gasoline B-Cause
demand I-Cause
to I-Cause
decline I-Cause
in I-Cause
the I-Cause
years I-Cause
ahead I-Cause
with I-Cause
the I-Cause
growth I-Cause
in I-Cause
electric I-Cause
vehicles I-Cause
. O

In O
addition O
, O
Ferguson B-Cause
has I-Cause
a I-Cause
more I-Cause
flexible I-Cause
cost I-Cause
structure I-Cause
and I-Cause
lower I-Cause
capital I-Cause
expenditure I-Cause
requirements I-Cause
than O
many O
industrials O
companies O
, O
which O
support O
strong B-Effect
cash I-Effect
flow I-Effect
generation I-Effect
during I-Effect
downturns I-Effect
. O

Doctors B-Effect
may I-Effect
go I-Effect
as I-Effect
far I-Effect
as I-Effect
choosing I-Effect
their I-Effect
residencies I-Effect
based O
on O
the B-Cause
reputation I-Cause
of I-Cause
these I-Cause
machines I-Cause
, I-Cause
particularly I-Cause
CT I-Cause
scans I-Cause
, I-Cause
both I-Cause
in I-Cause
terms I-Cause
of I-Cause
quality I-Cause
and I-Cause
service I-Cause
reliability I-Cause
. O

The B-Effect
Canadian I-Effect
banks I-Effect
arguably I-Effect
have I-Effect
some I-Effect
of I-Effect
the I-Effect
most I-Effect
powerful I-Effect
distribution I-Effect
networks I-Effect
within I-Effect
Canada I-Effect
because O
their B-Cause
branch I-Cause
networks I-Cause
are I-Cause
spread I-Cause
out I-Cause
through I-Cause
all I-Cause
of I-Cause
Canada I-Cause
. O

In O
addition O
, O
we O
believe O
NXP O
and O
its O
peers O
benefit O
from O
switching O
costs O
that O
make O
it B-Effect
difficult I-Effect
to I-Effect
swap I-Effect
out I-Effect
analog I-Effect
chips I-Effect
for I-Effect
competing I-Effect
offerings I-Effect
once O
they B-Cause
are I-Cause
designed I-Cause
into I-Cause
a I-Cause
device I-Cause
. O

The B-Effect
global I-Effect
restaurant I-Effect
industry I-Effect
has I-Effect
grown I-Effect
increasingly I-Effect
competitive I-Effect
, O
with O
rivalry B-Cause
among I-Cause
restaurant I-Cause
operators I-Cause
driving B-Effect
discounting I-Effect
and I-Effect
margin I-Effect
compression I-Effect
as O
firms B-Cause
compete I-Cause
for I-Cause
wallet I-Cause
share I-Cause
. O

Historically O
, O
Royal B-Cause
touted I-Cause
a I-Cause
solid I-Cause
brand I-Cause
intangible I-Cause
asset I-Cause
, O
allowing O
it O
to O
capture B-Effect
solid I-Effect
yield I-Effect
growth I-Effect
, O
which O
averaged O
4 O
% O
in O
the O
five O
years O
ending O
2019 O
and O
generated O
$ O
209 O
per O
diem O
in O
2019 O
( O
versus O
$ O
179 O
for O
Carnival O
) O
. O

We O
believe O
General O
Mills O
possesses O
a B-Cause
competitive I-Cause
edge I-Cause
stemming I-Cause
from I-Cause
its I-Cause
strong I-Cause
brand I-Cause
equities I-Cause
, I-Cause
preferred I-Cause
status I-Cause
with I-Cause
its I-Cause
retail I-Cause
partners I-Cause
, O
which O
allows O
the B-Effect
firm I-Effect
to I-Effect
secure I-Effect
valuable I-Effect
shelf I-Effect
space I-Effect
, I-Effect
and I-Effect
a I-Effect
cost I-Effect
advantage I-Effect
. O

We B-Cause
believe I-Cause
the I-Cause
company I-Cause
's I-Cause
competitive I-Cause
advantages I-Cause
in I-Cause
dialysis I-Cause
should O
help O
it B-Effect
generate I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
in I-Effect
the I-Effect
high I-Effect
single I-Effect
digits I-Effect
throughout I-Effect
our I-Effect
explicit I-Effect
10-year I-Effect
forecast I-Effect
period I-Effect
, I-Effect
or I-Effect
moderately I-Effect
above I-Effect
its I-Effect
capital I-Effect
costs I-Effect
. O

We O
feel O
that O
Adient B-Effect
's I-Effect
leading I-Effect
position I-Effect
in I-Effect
seating I-Effect
positions O
it O
well O
with O
new B-Cause
OEM I-Cause
entrants I-Cause
and I-Cause
possible I-Cause
new I-Cause
markets I-Cause
, O
such O
as O
autonomous O
vehicles O
made O
by O
Silicon O
Valley O
firms O
and O
by O
incumbent O
automakers O
. O

While O
its O
medical B-Cause
imaging I-Cause
divestiture I-Cause
and I-Cause
structural I-Cause
changes O
historically O
constrained O
margins B-Effect
, O
we O
are O
confident O
that O
the O
firm O
's O
renewed O
strategic O
focus O
on O
improving B-Cause
its I-Cause
diagnostic I-Cause
product I-Cause
mix I-Cause
and I-Cause
life I-Cause
sciences I-Cause
business I-Cause
will O
sustain B-Effect
returns I-Effect
over I-Effect
cost I-Effect
of I-Effect
capital I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Monetary B-Effect
authorities I-Effect
are I-Effect
likely I-Effect
to I-Effect
keep I-Effect
short-term I-Effect
interest I-Effect
rates I-Effect
low I-Effect
for I-Effect
multiple I-Effect
years I-Effect
to O
deal O
with O
the B-Cause
economic I-Cause
effect I-Cause
of I-Cause
COVID-19 I-Cause
. O

Such B-Effect
solutions I-Effect
have I-Effect
become I-Effect
increasingly I-Effect
important I-Effect
as O
the B-Cause
regulatory I-Cause
landscape I-Cause
has I-Cause
become I-Cause
highly I-Cause
complex I-Cause
and O
has O
resulted O
in O
an O
explosion O
in O
compliance-related O
head O
count O
. O

Specialty O
dental B-Cause
markets I-Cause
likely I-Cause
accounts I-Cause
for I-Cause
roughly I-Cause
one I-Cause
third I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
revenue I-Cause
and I-Cause
is I-Cause
sold I-Cause
through I-Cause
a I-Cause
direct I-Cause
salesforce I-Cause
, O
which O
reduces O
its B-Effect
dependence I-Effect
on I-Effect
large-scale I-Effect
distributors I-Effect
. O

The B-Cause
USA I-Cause
stores I-Cause
plus I-Cause
AutoNation I-Cause
Express I-Cause
enable I-Cause
customers I-Cause
to I-Cause
do I-Cause
as I-Cause
much I-Cause
or I-Cause
as I-Cause
little I-Cause
of I-Cause
a I-Cause
transaction I-Cause
online I-Cause
as I-Cause
they I-Cause
want I-Cause
, O
which O
is O
why O
dealers B-Effect
now I-Effect
use I-Effect
the I-Effect
term I-Effect
omnichannel I-Effect
. O

With B-Cause
nearly I-Cause
half I-Cause
of I-Cause
its I-Cause
earnings I-Cause
and I-Cause
cash I-Cause
flow I-Cause
coming I-Cause
from I-Cause
rate-regulated I-Cause
gas I-Cause
pipelines I-Cause
, O
Williams B-Effect
is I-Effect
starting I-Effect
to I-Effect
look I-Effect
more I-Effect
like I-Effect
a I-Effect
utility I-Effect
than I-Effect
an I-Effect
energy I-Effect
company I-Effect
. O

However O
, O
our B-Effect
framework I-Effect
for I-Effect
assessing I-Effect
the I-Effect
strength I-Effect
of I-Effect
its I-Effect
brand I-Effect
portfolio I-Effect
is I-Effect
a I-Effect
bit I-Effect
different I-Effect
than I-Effect
for I-Effect
other I-Effect
beverage I-Effect
companies I-Effect
we I-Effect
cover I-Effect
because O
of O
the B-Cause
company I-Cause
's I-Cause
razor/blade I-Cause
business I-Cause
model I-Cause
. O

We O
expect O
demand B-Effect
for I-Effect
uncoated I-Effect
free I-Effect
sheet I-Effect
, I-Effect
used I-Effect
in I-Effect
office I-Effect
paper I-Effect
and I-Effect
envelopes I-Effect
, I-Effect
to I-Effect
decline I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
annually I-Effect
on I-Effect
average I-Effect
, O
accompanied O
by O
falling B-Cause
prices I-Cause
as I-Cause
higher-cost I-Cause
production I-Cause
bears I-Cause
the I-Cause
brunt I-Cause
of I-Cause
falling I-Cause
demand I-Cause
. O

With O
most B-Cause
competitors I-Cause
out I-Cause
of I-Cause
the I-Cause
way I-Cause
, O
CoStar B-Effect
spent I-Effect
several I-Effect
years I-Effect
focused I-Effect
on I-Effect
converting I-Effect
LoopNet I-Effect
data I-Effect
users I-Effect
to I-Effect
its I-Effect
CoStar I-Effect
suite I-Effect
platform I-Effect
. O

From O
a O
division O
perspective O
, O
we O
forecast O
price/mix O
contributing O
the O
preponderance O
of O
revenue O
growth O
except O
in O
Asia B-Effect
and I-Effect
Africa I-Effect
, I-Effect
where I-Effect
we I-Effect
expect I-Effect
more I-Effect
unit I-Effect
growth I-Effect
as O
underpenetrated B-Cause
Asian I-Cause
markets I-Cause
where I-Cause
the I-Cause
firm I-Cause
is I-Cause
investing I-Cause
spur I-Cause
volume I-Cause
contributions I-Cause
. O

Consequently O
, O
Nvidia B-Effect
has I-Effect
gained I-Effect
share I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
AMD I-Effect
as O
gamers B-Cause
have I-Cause
moved I-Cause
from I-Cause
mainstream I-Cause
graphics I-Cause
cards I-Cause
to I-Cause
performance I-Cause
and I-Cause
enthusiast I-Cause
segments I-Cause
. O

The B-Effect
applied I-Effect
water I-Effect
segment I-Effect
benefits I-Effect
from I-Effect
similar I-Effect
industry I-Effect
dynamics I-Effect
as O
water O
infrastructure O
, O
as O
it B-Cause
also I-Cause
manufactures I-Cause
equipment I-Cause
that I-Cause
performs I-Cause
vital I-Cause
functions I-Cause
. O

As O
product B-Cause
failure I-Cause
can I-Cause
be I-Cause
lethal I-Cause
or I-Cause
lead I-Cause
to I-Cause
highly I-Cause
embarrassing I-Cause
fiascos I-Cause
, O
we O
expect O
that O
the B-Effect
military I-Effect
would I-Effect
be I-Effect
unwilling I-Effect
to I-Effect
switch I-Effect
to I-Effect
an I-Effect
untested I-Effect
supplier I-Effect
. O

We O
think O
stepped-up B-Effect
presure I-Effect
could I-Effect
manifest I-Effect
as O
supply-demand B-Cause
imbalances I-Cause
dissipate I-Cause
and I-Cause
if I-Cause
the I-Cause
economic I-Cause
malaise I-Cause
persists I-Cause
over I-Cause
an I-Cause
extended I-Cause
horizon I-Cause
. O

However O
, O
Telus B-Cause
uses I-Cause
Huawei I-Cause
equipment I-Cause
in I-Cause
its I-Cause
4G I-Cause
network I-Cause
, O
so O
if B-Effect
regulation I-Effect
went I-Effect
so I-Effect
far I-Effect
as I-Effect
to I-Effect
require I-Effect
Telus I-Effect
to I-Effect
remove I-Effect
all I-Effect
existing I-Effect
Huawei I-Effect
equipment I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
is I-Effect
unlikely I-Effect
, I-Effect
it I-Effect
would I-Effect
be I-Effect
very I-Effect
costly I-Effect
. O

We O
forecast O
the B-Effect
margin I-Effect
to I-Effect
hover I-Effect
around I-Effect
52 I-Effect
% I-Effect
through I-Effect
2023 I-Effect
, O
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
ramp I-Cause
up I-Cause
operations I-Cause
in I-Cause
Europe I-Cause
, O
but O
we O
then O
project O
to O
gradually O
expand O
to O
over O
56 O
% O
by O
2030 O
. O

We B-Effect
forecast I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
3 I-Effect
% I-Effect
-4 I-Effect
% I-Effect
for I-Effect
the I-Effect
consumer I-Effect
product I-Effect
segment I-Effect
, O
driven O
by O
Sonoco B-Cause
's I-Cause
ability I-Cause
to I-Cause
create I-Cause
a I-Cause
stream I-Cause
of I-Cause
novel I-Cause
flexible I-Cause
and I-Cause
rigid I-Cause
plastic I-Cause
packaging I-Cause
. O

Pandemic-induced O
stockpiling O
notwithstanding O
, O
services B-Effect
should I-Effect
continue I-Effect
to I-Effect
be I-Effect
the I-Effect
primary I-Effect
lever I-Effect
for I-Effect
ticket I-Effect
growth I-Effect
, O
as O
the B-Cause
firm I-Cause
has I-Cause
transformed I-Cause
many I-Cause
of I-Cause
its I-Cause
stores I-Cause
into I-Cause
hubs I-Cause
for I-Cause
various I-Cause
financial I-Cause
services I-Cause
, I-Cause
including I-Cause
utility I-Cause
bill I-Cause
payments I-Cause
, I-Cause
bank I-Cause
deposits I-Cause
, I-Cause
and I-Cause
remittance I-Cause
payments/receipts I-Cause
. O

We B-Effect
view I-Effect
the I-Effect
company I-Effect
as I-Effect
one I-Effect
of I-Effect
the I-Effect
few I-Effect
food-service I-Effect
operators I-Effect
that I-Effect
could I-Effect
evolve I-Effect
into I-Effect
a I-Effect
world-class I-Effect
consumer I-Effect
packaged I-Effect
goods I-Effect
company I-Effect
due O
to O
its B-Cause
ability I-Cause
to I-Cause
connect I-Cause
with I-Cause
grocery I-Cause
and I-Cause
mass-channel I-Cause
customers I-Cause
through I-Cause
licensed I-Cause
on-premises I-Cause
stores I-Cause
. O

Lilly O
's O
diversified O
product O
portfolio O
means O
the O
company O
's O
top O
drugs O
represent O
only O
a O
moderate O
amount O
of O
total O
sales O
, O
with O
the O
largest O
drug O
, O
Trulicity O
, O
representing O
18 O
% O
of O
total O
sales O
, O
which O
sets B-Cause
up I-Cause
manageable I-Cause
cash I-Cause
flow I-Cause
declines I-Cause
as O
new B-Effect
products I-Effect
mitigate I-Effect
the I-Effect
generic I-Effect
competition I-Effect
. O

Volume B-Cause
growth I-Cause
in I-Cause
early I-Cause
stage I-Cause
markets I-Cause
such I-Cause
as I-Cause
central I-Cause
and I-Cause
southern I-Cause
Africa I-Cause
, I-Cause
premiumization I-Cause
in I-Cause
its I-Cause
late I-Cause
stage I-Cause
developing I-Cause
markets I-Cause
such I-Cause
as I-Cause
Brazil I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
a I-Cause
limited I-Cause
amount I-Cause
of I-Cause
pricing I-Cause
, O
should O
combine B-Effect
to I-Effect
drive I-Effect
mid-single-digit I-Effect
growth I-Effect
in I-Effect
the I-Effect
medium I-Effect
term I-Effect
. O

We O
also O
model O
cable B-Effect
capital I-Effect
spending I-Effect
migrating I-Effect
back I-Effect
up I-Effect
toward I-Effect
14 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
from I-Effect
11 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
increased B-Cause
investment I-Cause
to I-Cause
extend I-Cause
fiber I-Cause
optic I-Cause
cable I-Cause
to I-Cause
more I-Cause
locations I-Cause
offsets I-Cause
the I-Cause
decline I-Cause
in I-Cause
set-top I-Cause
box I-Cause
spending I-Cause
. O

Our B-Effect
estimated I-Effect
compound I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
around I-Effect
1 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
three I-Effect
years I-Effect
is O
driven O
by O
strong B-Cause
growth I-Cause
in I-Cause
assets I-Cause
under I-Cause
management I-Cause
from I-Cause
bullish I-Cause
markets I-Cause
and O
solid B-Cause
net I-Cause
new I-Cause
money I-Cause
inflows I-Cause
especially I-Cause
from I-Cause
Credit I-Cause
Suisse I-Cause
's I-Cause
Asian I-Cause
operations I-Cause
. O

Despite O
regulatory O
changes O
lifting O
capital O
requirements O
, O
the O
bank O
's O
large O
loan O
and O
deposit O
books O
continue O
to O
deliver O
robust O
net O
fee O
income O
, O
and O
with O
the B-Cause
increasing I-Cause
importance I-Cause
of I-Cause
scale I-Cause
to I-Cause
cope I-Cause
with I-Cause
changes I-Cause
in I-Cause
technology I-Cause
and I-Cause
regulation I-Cause
, O
Westpac B-Effect
should I-Effect
consistently I-Effect
earn I-Effect
returns I-Effect
above O
its O
9 O
% O
cost O
of O
equity O
through O
the O
cycle O
. O

We B-Effect
still I-Effect
forecast I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expense I-Effect
averaging I-Effect
28 I-Effect
% I-Effect
of I-Effect
total I-Effect
revenue I-Effect
( I-Effect
excluding I-Effect
reimbursement I-Effect
revenue I-Effect
) I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
( O
versus O
32.6 O
% O
in O
2019 O
) O
, O
as O
the B-Cause
company I-Cause
leverages I-Cause
its I-Cause
growing I-Cause
room I-Cause
base I-Cause
. O

The O
statement O
of O
claim O
made O
by O
AUSTRAC O
regarded O
breaches B-Cause
of I-Cause
anti-money-laundering I-Cause
and I-Cause
counter-terrorism I-Cause
finances I-Cause
laws I-Cause
was O
more O
material O
then O
we O
expected O
, O
and O
as O
such O
a O
penalty B-Effect
of I-Effect
AUD I-Effect
1.3 I-Effect
billion I-Effect
was O
agreed O
. O

We B-Cause
maintain I-Cause
our I-Cause
bearish I-Cause
coal I-Cause
price I-Cause
outlook I-Cause
and I-Cause
expect I-Cause
the I-Cause
average I-Cause
coal I-Cause
prices I-Cause
to I-Cause
fall I-Cause
7 I-Cause
% I-Cause
in I-Cause
2021 I-Cause
to I-Cause
CNY I-Cause
535 I-Cause
per I-Cause
metric I-Cause
ton I-Cause
, O
which O
should O
drive B-Effect
a I-Effect
decent I-Effect
earnings I-Effect
recovery I-Effect
for I-Effect
coal-fired I-Effect
power I-Effect
plants I-Effect
. O

Biosimilar B-Effect
pressure I-Effect
has I-Effect
not I-Effect
been I-Effect
as I-Effect
severe I-Effect
for I-Effect
biologics I-Effect
as I-Effect
for I-Effect
traditional I-Effect
pharmaceuticals I-Effect
, O
largely O
because O
manufacturing B-Cause
difficulties I-Cause
and I-Cause
the I-Cause
costs I-Cause
of I-Cause
clinical I-Cause
trials I-Cause
and I-Cause
product I-Cause
marketing I-Cause
have I-Cause
created I-Cause
high I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
and I-Cause
limited I-Cause
the I-Cause
number I-Cause
of I-Cause
entrants I-Cause
. O

Given B-Cause
the I-Cause
variance I-Cause
in I-Cause
measurement I-Cause
across I-Cause
various I-Cause
brands I-Cause
, O
we O
also O
think O
that O
users B-Effect
prefer I-Effect
consistency I-Effect
in I-Effect
how I-Effect
their I-Effect
metrics I-Effect
are I-Effect
tracked I-Effect
and O
hence O
are O
inclined B-Effect
to I-Effect
stay I-Effect
with I-Effect
Garmin I-Effect
models I-Effect
. O

Because O
a B-Cause
significant I-Cause
portion I-Cause
of I-Cause
its I-Cause
revenue I-Cause
is I-Cause
based I-Cause
on I-Cause
the I-Cause
amount I-Cause
of I-Cause
lending I-Cause
transactions I-Cause
, O
Equifax B-Effect
is I-Effect
sensitive I-Effect
to I-Effect
credit I-Effect
conditions I-Effect
in I-Effect
the I-Effect
lending I-Effect
industry I-Effect
. O

RingCentral B-Cause
can O
use O
its B-Cause
channel I-Cause
relationships I-Cause
to O
sell B-Effect
its I-Effect
UCaaS I-Effect
solutions I-Effect
to I-Effect
its I-Effect
partners I-Effect
' I-Effect
large I-Effect
customer I-Effect
bases I-Effect
and I-Effect
increase I-Effect
its I-Effect
foothold I-Effect
in I-Effect
the I-Effect
space I-Effect
. O

We O
believe O
the B-Cause
long-overdue I-Cause
restructuring I-Cause
is I-Cause
sufficient I-Cause
to O
support B-Effect
economic I-Effect
profit I-Effect
generation I-Effect
once I-Effect
air I-Effect
traffic I-Effect
recovers I-Effect
, O
albeit O
at O
a O
lower O
absolute O
level O
. O

With B-Cause
at I-Cause
least I-Cause
half I-Cause
of I-Cause
Waddell I-Cause
& I-Cause
Reed I-Cause
's I-Cause
annual I-Cause
revenue I-Cause
derived I-Cause
from I-Cause
the I-Cause
management I-Cause
fees I-Cause
that I-Cause
are I-Cause
levied I-Cause
on I-Cause
its I-Cause
AUM I-Cause
, O
dramatic B-Effect
market I-Effect
movements I-Effect
, I-Effect
shifts I-Effect
in I-Effect
product I-Effect
mix I-Effect
and/or I-Effect
changes I-Effect
in I-Effect
fund I-Effect
flows I-Effect
can I-Effect
have I-Effect
a I-Effect
big I-Effect
impact I-Effect
on I-Effect
the I-Effect
firm I-Effect
's I-Effect
operating I-Effect
income I-Effect
and I-Effect
cash I-Effect
flows I-Effect
. O

They B-Cause
also I-Cause
tend I-Cause
to I-Cause
be I-Cause
situated I-Cause
in I-Cause
locales I-Cause
that I-Cause
are I-Cause
difficult I-Cause
to I-Cause
navigate I-Cause
and I-Cause
bereft I-Cause
of I-Cause
the I-Cause
logistics I-Cause
infrastructure I-Cause
common I-Cause
in I-Cause
developed I-Cause
markets I-Cause
or I-Cause
densely I-Cause
populated I-Cause
developing I-Cause
markets. O
These O
realities O
detract B-Effect
from I-Effect
the I-Effect
efficiency I-Effect
of I-Effect
its I-Effect
routes I-Effect
and I-Effect
are I-Effect
poignantly I-Effect
reflected I-Effect
in I-Effect
the I-Effect
fact I-Effect
that I-Effect
its I-Effect
distribution I-Effect
expenses I-Effect
as I-Effect
a I-Effect
proportion I-Effect
of I-Effect
revenue I-Effect
are I-Effect
comparable I-Effect
to I-Effect
bottling I-Effect
peer I-Effect
Coca-Cola I-Effect
Consolidated I-Effect
in I-Effect
the I-Effect
U.S. I-Effect
, I-Effect
despite I-Effect
having I-Effect
volume I-Effect
that I-Effect
is I-Effect
10 I-Effect
times I-Effect
larger I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
installed I-Cause
instrument I-Cause
base I-Cause
in I-Cause
this I-Cause
business I-Cause
and I-Cause
related I-Cause
consumable I-Cause
sales I-Cause
make O
this B-Effect
a I-Effect
decent I-Effect
specialty I-Effect
segment I-Effect
where O
pathologists O
perform O
sophisticated O
and O
time-consuming O
tests O
relative O
to O
the O
broader O
diagnostics O
market O
. O

Echo O
is O
asset O
light O
, O
with O
a O
variable-cost O
business O
model O
, O
but O
its B-Effect
adjusted I-Effect
EBIT I-Effect
margin I-Effect
( I-Effect
calculated I-Effect
off I-Effect
net I-Effect
revenue I-Effect
) I-Effect
contracted I-Effect
in I-Effect
2020 I-Effect
on O
more B-Cause
IT-related I-Cause
personnel I-Cause
, I-Cause
heavy I-Cause
IT I-Cause
infrastructure I-Cause
investment I-Cause
, I-Cause
and I-Cause
incentive I-Cause
comp I-Cause
. O

In B-Cause
August I-Cause
2018 I-Cause
, I-Cause
management I-Cause
announced I-Cause
plans I-Cause
to I-Cause
separate I-Cause
the I-Cause
prescription I-Cause
topicals I-Cause
business I-Cause
, O
which O
will O
make B-Effect
Perrigo I-Effect
a I-Effect
nearly I-Effect
pure I-Effect
play I-Effect
on I-Effect
private-label I-Effect
and I-Effect
branded I-Effect
over-the-counter I-Effect
drugs I-Effect
. O

We O
like O
this O
strategy O
; O
CarMax O
's O
scale O
allows O
it O
to O
price O
below O
smaller O
dealerships O
, O
and O
lowering B-Cause
prices I-Cause
should O
increase B-Effect
comparable-store I-Effect
sales I-Effect
while O
keeping B-Effect
competitors I-Effect
away I-Effect
, O
though O
some O
large O
dealers O
are O
again O
copying O
CarMax O
's O
shopping O
experience O
. O

However O
, O
these O
headwinds O
are O
dissipating O
, O
and O
we O
think O
FedEx B-Cause
's I-Cause
heavy I-Cause
investment I-Cause
spending I-Cause
will I-Cause
gradually I-Cause
pay I-Cause
off I-Cause
in I-Cause
greater I-Cause
efficiency I-Cause
and O
an B-Effect
enhanced I-Effect
ability I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
e-commerce I-Effect
tailwinds I-Effect
. O

High-quality B-Cause
anchors I-Cause
, I-Cause
in I-Cause
line I-Cause
tenants I-Cause
, I-Cause
and I-Cause
entertainment I-Cause
options I-Cause
draw I-Cause
significant I-Cause
foot I-Cause
traffic I-Cause
to I-Cause
a I-Cause
retail I-Cause
center I-Cause
, O
which O
makes B-Effect
placing I-Effect
a I-Effect
store I-Effect
in I-Effect
that I-Effect
location I-Effect
attractive I-Effect
to I-Effect
other I-Effect
retailers I-Effect
as O
their O
store O
would O
benefit O
from O
the O
large O
number O
of O
people O
already O
heading O
to O
the O
shopping O
center O
. O

With O
the B-Cause
government I-Cause
owning I-Cause
all I-Cause
three I-Cause
Chinese I-Cause
telephone I-Cause
companies I-Cause
, O
its B-Effect
objectives I-Effect
are I-Effect
not I-Effect
necessarily I-Effect
in I-Effect
line I-Effect
with I-Effect
those I-Effect
of I-Effect
minority I-Effect
shareholders I-Effect
. O

Thanks O
to O
higher B-Cause
sales I-Cause
levels I-Cause
, O
ST B-Effect
's I-Effect
operating I-Effect
margins I-Effect
rose I-Effect
from I-Effect
operating I-Effect
losses I-Effect
in I-Effect
2013 I-Effect
to I-Effect
3 I-Effect
% I-Effect
in I-Effect
2016 I-Effect
to I-Effect
14.5 I-Effect
% I-Effect
in I-Effect
2018 I-Effect
. O

In O
the O
long-term O
, O
we O
anticipate O
Icon B-Effect
will I-Effect
grow I-Effect
revenue I-Effect
in I-Effect
the I-Effect
high I-Effect
single I-Effect
digits I-Effect
due O
to O
low-single-digit B-Cause
growth I-Cause
in I-Cause
biopharma I-Cause
research I-Cause
and I-Cause
development I-Cause
spending I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
modest I-Cause
increases I-Cause
in I-Cause
outsourcing I-Cause
penetration I-Cause
. O

Any O
further B-Cause
stagnation I-Cause
in I-Cause
housing I-Cause
turnover I-Cause
, I-Cause
spike I-Cause
in I-Cause
unemployment I-Cause
, I-Cause
predatory I-Cause
pricing I-Cause
tactics I-Cause
, I-Cause
or I-Cause
slowdown I-Cause
in I-Cause
the I-Cause
pace I-Cause
of I-Cause
the I-Cause
consumer I-Cause
recovery I-Cause
could O
reduce B-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
. I-Effect

However O
, O
we O
note O
Cantel B-Cause
does I-Cause
benefit I-Cause
from I-Cause
patent I-Cause
protection I-Cause
in I-Cause
these I-Cause
product I-Cause
lines I-Cause
, I-Cause
and I-Cause
receives I-Cause
product-specific I-Cause
FDA I-Cause
approval I-Cause
, O
which O
to B-Effect
some I-Effect
extent I-Effect
limits I-Effect
the I-Effect
ability I-Effect
of I-Effect
competitors I-Effect
to I-Effect
offer I-Effect
identical I-Effect
products I-Effect
. O

Additionally O
, O
BMO B-Cause
has I-Cause
the I-Cause
lowest I-Cause
relative I-Cause
exposure I-Cause
to I-Cause
residential I-Cause
mortgage I-Cause
loans I-Cause
among O
its O
peers O
, O
helping O
to O
mitigate B-Effect
some I-Effect
of I-Effect
the I-Effect
risks I-Effect
in I-Effect
its I-Effect
loan I-Effect
book I-Effect
, O
although O
a O
true O
housing O
crisis O
could O
cause O
a O
recession O
and O
hurt O
commercial O
loans O
indirectly O
. O

In O
the O
next O
two O
to O
three O
years O
, O
execution B-Cause
risks I-Cause
, I-Cause
integration I-Cause
costs I-Cause
, I-Cause
and I-Cause
a I-Cause
more I-Cause
leveraged I-Cause
balance I-Cause
sheet I-Cause
will O
diminish B-Effect
firm I-Effect
's I-Effect
financial I-Effect
flexibility I-Effect
. O

Gilead B-Effect
Sciences I-Effect
generates I-Effect
stellar I-Effect
profit I-Effect
margins I-Effect
with O
its B-Cause
HIV I-Cause
and I-Cause
HCV I-Cause
portfolio I-Cause
, I-Cause
which I-Cause
requires I-Cause
only I-Cause
a I-Cause
small I-Cause
salesforce I-Cause
and I-Cause
inexpensive I-Cause
manufacturing I-Cause
. O

We O
estimate O
the B-Cause
companion I-Cause
animal I-Cause
segment I-Cause
should I-Cause
continue I-Cause
to I-Cause
deliver I-Cause
double-digit I-Cause
growth I-Cause
through I-Cause
2024 I-Cause
, O
which O
should O
drive B-Effect
8 I-Effect
% I-Effect
total I-Effect
revenue I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

With O
respect O
to O
the O
former O
, O
we O
remain O
optimistic O
that O
management B-Effect
's I-Effect
investments I-Effect
in I-Effect
partner I-Effect
wages I-Effect
and I-Effect
benefits I-Effect
should I-Effect
blunt I-Effect
the I-Effect
impact I-Effect
of I-Effect
any I-Effect
federal I-Effect
wage I-Effect
increases I-Effect
, O
as O
we O
note O
that O
political B-Cause
will I-Cause
to I-Cause
enact I-Cause
a I-Cause
$ I-Cause
15 I-Cause
minimum I-Cause
wage I-Cause
has I-Cause
markedly I-Cause
increased I-Cause
over I-Cause
the I-Cause
last I-Cause
few I-Cause
months I-Cause
. O

We O
expect O
long-term B-Effect
profits I-Effect
to I-Effect
recover I-Effect
from I-Effect
higher I-Effect
prices I-Effect
and I-Effect
lower I-Effect
unit I-Effect
production I-Effect
costs I-Effect
as O
Mosaic B-Cause
continues I-Cause
to I-Cause
transition I-Cause
production I-Cause
to I-Cause
lower-cost I-Cause
mines I-Cause
from I-Cause
its I-Cause
higher-cost I-Cause
operations I-Cause
. O

Lululemon B-Effect
, I-Effect
though I-Effect
, I-Effect
has I-Effect
aggressive I-Effect
expansion I-Effect
plans I-Effect
and I-Effect
we I-Effect
forecast I-Effect
its I-Effect
yearly I-Effect
sales I-Effect
outside I-Effect
of I-Effect
North I-Effect
America I-Effect
will I-Effect
grow I-Effect
to I-Effect
more I-Effect
than I-Effect
$ I-Effect
2.9 I-Effect
billion I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
this I-Effect
decade I-Effect
as O
it B-Cause
opens I-Cause
about I-Cause
300 I-Cause
new I-Cause
stores I-Cause
. O

Furthermore O
we B-Cause
've I-Cause
seen I-Cause
a I-Cause
rush I-Cause
of I-Cause
competitors I-Cause
into I-Cause
the I-Cause
segment I-Cause
give I-Cause
its I-Cause
lack I-Cause
of I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
that I-Cause
has I-Cause
compressed I-Cause
returns. O
As O
a O
result O
, O
in B-Effect
its I-Effect
most I-Effect
recent I-Effect
update I-Effect
Equinor I-Effect
lowered I-Effect
its I-Effect
nominal I-Effect
unleveraged I-Effect
return I-Effect
expectations I-Effect
to I-Effect
6 I-Effect
% I-Effect
-10 I-Effect
% I-Effect
from I-Effect
8 I-Effect
% I-Effect
-12 I-Effect
% I-Effect
previously I-Effect
. O

Long-term B-Effect
sales I-Effect
growth I-Effect
for I-Effect
the I-Effect
robot I-Effect
business I-Effect
in I-Effect
China I-Effect
remains I-Effect
uncertain I-Effect
as O
it B-Cause
is I-Cause
not I-Cause
clear I-Cause
what I-Cause
type I-Cause
of I-Cause
policies I-Cause
the I-Cause
Chinese I-Cause
government I-Cause
might I-Cause
implement I-Cause
to O
support O
the O
local O
competitors O
in O
achieving O
the O
government O
's O
goal O
of O
increasing O
the O
market O
share O
of O
domestic O
players O
to O
70 O
% O
by O
2025 O
. O

These B-Effect
run I-Effect
rates I-Effect
are I-Effect
below I-Effect
KCS I-Effect
' I-Effect
historical I-Effect
run I-Effect
rate I-Effect
due O
to O
efforts B-Cause
to I-Cause
materially I-Cause
rationalize I-Cause
the I-Cause
locomotive I-Cause
fleet I-Cause
as I-Cause
part I-Cause
of I-Cause
its I-Cause
PSR I-Cause
implementation I-Cause
. O

The B-Cause
process I-Cause
is I-Cause
transparent I-Cause
, I-Cause
with I-Cause
the I-Cause
customer I-Cause
seeing I-Cause
the I-Cause
same I-Cause
information I-Cause
on I-Cause
a I-Cause
screen I-Cause
as I-Cause
the I-Cause
CarMax I-Cause
associate I-Cause
, O
which O
makes B-Effect
the I-Effect
process I-Effect
less I-Effect
adversarial I-Effect
. O

For O
example O
, O
in O
April O
2019 O
, O
Hertz B-Effect
filed I-Effect
a I-Effect
$ I-Effect
32 I-Effect
million I-Effect
lawsuit I-Effect
against O
Accenture B-Cause
for I-Cause
not I-Cause
delivering I-Cause
on I-Cause
the I-Cause
goals I-Cause
set I-Cause
out I-Cause
in I-Cause
Accenture I-Cause
's I-Cause
revamp I-Cause
of I-Cause
the I-Cause
Hertz I-Cause
website I-Cause
. O

We B-Effect
would I-Effect
be I-Effect
more I-Effect
confident I-Effect
in I-Effect
Magna I-Effect
's I-Effect
ability I-Effect
to I-Effect
generate I-Effect
long-term I-Effect
excess I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
if B-Cause
its I-Cause
product I-Cause
offering I-Cause
was I-Cause
more I-Cause
focused I-Cause
but I-Cause
its I-Cause
customer I-Cause
base I-Cause
and I-Cause
geographical I-Cause
manufacturing I-Cause
footprint I-Cause
were I-Cause
better I-Cause
diversified I-Cause
. I-Cause

The B-Cause
bailout I-Cause
of I-Cause
UBS I-Cause
by I-Cause
the I-Cause
Swiss I-Cause
government I-Cause
in I-Cause
2009 I-Cause
damaged O
the B-Effect
popular I-Effect
image I-Effect
of I-Effect
the I-Effect
inviolable I-Effect
stability I-Effect
of I-Effect
Swiss I-Effect
banks I-Effect
. O

Furthermore O
, O
we O
expect O
both O
soaps B-Cause
and I-Cause
sanitizers I-Cause
to I-Cause
enjoy I-Cause
solid I-Cause
demand I-Cause
through O
the O
first O
half O
of O
2021 O
, O
supporting O
our B-Effect
bump I-Effect
in I-Effect
intrinsic I-Effect
value I-Effect
. O

The B-Effect
near I-Effect
term I-Effect
is I-Effect
likely I-Effect
to I-Effect
be I-Effect
ugly I-Effect
for I-Effect
Ambev I-Effect
, O
with O
the B-Cause
annihilation I-Cause
of I-Cause
the I-Cause
on-trade I-Cause
in I-Cause
the I-Cause
first I-Cause
quarter I-Cause
of I-Cause
2020 I-Cause
driving I-Cause
a I-Cause
material I-Cause
decrease I-Cause
in I-Cause
volumes I-Cause
. O

Zions B-Cause
is I-Cause
not I-Cause
large I-Cause
enough I-Cause
to I-Cause
be I-Cause
considered I-Cause
a I-Cause
global I-Cause
systemically I-Cause
important I-Cause
bank I-Cause
and O
therefore O
avoids O
some B-Effect
of I-Effect
the I-Effect
more I-Effect
onerous I-Effect
regulatory I-Effect
capital I-Effect
requirements I-Effect
. O

Second O
, O
by O
using B-Cause
a I-Cause
single I-Cause
, I-Cause
easy-to-use I-Cause
platform I-Cause
, O
Logix B-Effect
reduces I-Effect
training I-Effect
costs I-Effect
and I-Effect
maintenance I-Effect
expenses I-Effect
as O
well O
as O
makes O
it O
easier B-Effect
to I-Effect
communicate I-Effect
across I-Effect
different I-Effect
manufacturing I-Effect
cells I-Effect
. O

Since O
self-storage B-Cause
is I-Cause
not I-Cause
very I-Cause
human-capital-intensive I-Cause
and I-Cause
requires I-Cause
limited I-Cause
staff I-Cause
to I-Cause
operate I-Cause
effectively I-Cause
, O
existing B-Effect
facilities I-Effect
can I-Effect
be I-Effect
run I-Effect
very I-Effect
profitably I-Effect
, I-Effect
achieving I-Effect
net I-Effect
operating I-Effect
margins I-Effect
of I-Effect
over I-Effect
70 I-Effect
% I-Effect
. O

With O
the O
scale O
that O
the B-Effect
incumbents I-Effect
have I-Effect
come I-Effect
significant I-Effect
cost I-Effect
advantages I-Effect
, O
as O
they O
can O
spread B-Cause
their I-Cause
marketing I-Cause
, I-Cause
overhead I-Cause
, I-Cause
and I-Cause
other I-Cause
fixed I-Cause
costs I-Cause
over O
comparatively O
massive O
subscriber O
bases O
. O

This O
reassures O
us O
that O
most B-Effect
of I-Effect
the I-Effect
delayed I-Effect
patients I-Effect
will I-Effect
eventually I-Effect
have I-Effect
their I-Effect
procedures I-Effect
done I-Effect
once B-Cause
the I-Cause
pandemic I-Cause
is I-Cause
under I-Cause
control I-Cause
. I-Cause

Its B-Effect
leading I-Effect
tax I-Effect
solutions I-Effect
offer I-Effect
a I-Effect
hard I-Effect
value I-Effect
proposition I-Effect
via O
robotic B-Cause
process I-Cause
automation I-Cause
, O
which O
substantially O
lowers B-Effect
firms I-Effect
' I-Effect
overhead I-Effect
costs I-Effect
by O
automating B-Cause
routine I-Cause
activities I-Cause
and I-Cause
freeing I-Cause
employees I-Cause
to I-Cause
spend I-Cause
more I-Cause
time I-Cause
on I-Cause
value I-Cause
additive I-Cause
projects I-Cause
. O

Expansion B-Cause
of I-Cause
its I-Cause
store I-Cause
footprint I-Cause
and O
a B-Cause
continued I-Cause
push I-Cause
into I-Cause
the I-Cause
commercial I-Cause
replacement I-Cause
market I-Cause
should O
help O
Lennox B-Effect
take I-Effect
market I-Effect
share I-Effect
from I-Effect
competitors I-Effect
. O

Surface B-Cause
Transportation I-Cause
Board I-Cause
oversees I-Cause
railroads I-Cause
' I-Cause
pricing I-Cause
, O
thus O
there O
will O
always O
be O
underlying B-Effect
risk I-Effect
of I-Effect
reregulation I-Effect
for I-Effect
some I-Effect
of I-Effect
CN I-Effect
's I-Effect
U.S I-Effect
. O

In B-Cause
exchange I-Cause
for I-Cause
regulated I-Cause
utilities I-Cause
' I-Cause
service I-Cause
territory I-Cause
monopolies I-Cause
, I-Cause
state I-Cause
and I-Cause
federal I-Cause
regulators I-Cause
set I-Cause
returns I-Cause
at I-Cause
levels I-Cause
that I-Cause
aim I-Cause
to I-Cause
minimize I-Cause
customer I-Cause
costs I-Cause
while I-Cause
offering I-Cause
fair I-Cause
returns I-Cause
for I-Cause
capital I-Cause
providers. O
This O
implicit O
contract O
between O
regulators O
and O
capital O
providers O
should O
, O
on O
balance O
, O
allow O
regulated B-Effect
utilities I-Effect
to I-Effect
achieve I-Effect
at I-Effect
least I-Effect
their I-Effect
costs I-Effect
of I-Effect
capital I-Effect
, I-Effect
though I-Effect
observable I-Effect
returns I-Effect
might I-Effect
vary I-Effect
in I-Effect
the I-Effect
short I-Effect
run I-Effect
based I-Effect
on I-Effect
demand I-Effect
trends I-Effect
, I-Effect
investment I-Effect
cycles I-Effect
, I-Effect
operating I-Effect
costs I-Effect
, I-Effect
and I-Effect
access I-Effect
to I-Effect
financing I-Effect
. O

Overall O
, O
we O
expect O
software B-Effect
integrity I-Effect
, I-Effect
which I-Effect
is I-Effect
currently I-Effect
margin-dilutive I-Effect
, I-Effect
to I-Effect
be I-Effect
a I-Effect
key I-Effect
driver I-Effect
as O
the B-Cause
business I-Cause
scales I-Cause
and I-Cause
becomes I-Cause
more I-Cause
mature I-Cause
over I-Cause
time I-Cause
. O

Additionally O
, O
we O
believe O
CooperVision B-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
is O
sustained O
by O
a B-Cause
high I-Cause
switching I-Cause
cost I-Cause
environment I-Cause
on I-Cause
the I-Cause
consumer I-Cause
and I-Cause
physician I-Cause
side I-Cause
of I-Cause
contact I-Cause
lens I-Cause
sales I-Cause
. O

However O
, O
with O
growth B-Cause
having I-Cause
slowed I-Cause
in I-Cause
Japan I-Cause
, O
heated O
tobacco O
's O
most O
promising O
market O
, O
PMI B-Cause
, I-Cause
must I-Cause
now I-Cause
help I-Cause
deliver I-Cause
sustainable I-Cause
category I-Cause
growth I-Cause
if O
it O
is O
to O
reassure B-Effect
investors I-Effect
that I-Effect
its I-Effect
old I-Effect
algorithm I-Effect
is I-Effect
not I-Effect
now I-Effect
broken I-Effect
. O

Given O
the B-Cause
complexity I-Cause
, O
designers B-Effect
are I-Effect
likely I-Effect
to I-Effect
prefer I-Effect
products I-Effect
with I-Effect
which I-Effect
they I-Effect
have I-Effect
built I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
familiarity I-Effect
and I-Effect
will I-Effect
hence I-Effect
speed I-Effect
up I-Effect
the I-Effect
design I-Effect
process I-Effect
. O

Currently O
, O
DaVita B-Effect
depends I-Effect
on I-Effect
commercial I-Effect
insurance I-Effect
patients I-Effect
for I-Effect
virtually I-Effect
all I-Effect
of I-Effect
its I-Effect
profits I-Effect
, O
as O
it B-Cause
operates I-Cause
near I-Cause
break-even I-Cause
levels I-Cause
for I-Cause
Medicare I-Cause
patients I-Cause
and I-Cause
its I-Cause
international I-Cause
operations I-Cause
are I-Cause
only I-Cause
modestly I-Cause
profitable I-Cause
. O

We B-Effect
see I-Effect
substantial I-Effect
operational I-Effect
risk I-Effect
in I-Effect
these I-Effect
plans I-Effect
due O
to O
both B-Cause
the I-Cause
potential I-Cause
for I-Cause
manufacturing I-Cause
hiccups I-Cause
at I-Cause
assembly I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
suppliers I-Cause
to I-Cause
be I-Cause
unable I-Cause
to I-Cause
reramp I-Cause
production I-Cause
in I-Cause
lockstep I-Cause
. O

We O
expect O
Western B-Effect
to I-Effect
pay I-Effect
of I-Effect
its I-Effect
debt I-Effect
with O
its B-Cause
cash I-Cause
reserves I-Cause
and I-Cause
billions I-Cause
in I-Cause
forecast I-Cause
cash I-Cause
flow I-Cause
, O
but O
still O
think O
the B-Effect
firm I-Effect
may I-Effect
have I-Effect
to I-Effect
lever I-Effect
up I-Effect
after O
paying B-Cause
down I-Cause
principal I-Cause
in I-Cause
2023 I-Cause
. O

Having B-Cause
been I-Cause
principally I-Cause
focused I-Cause
on I-Cause
institutional I-Cause
investors I-Cause
for I-Cause
much I-Cause
of I-Cause
its I-Cause
existence I-Cause
, I-Cause
BlackRock I-Cause
has I-Cause
had I-Cause
to I-Cause
be I-Cause
concerned I-Cause
not I-Cause
only I-Cause
with I-Cause
investment I-Cause
performance I-Cause
, I-Cause
but I-Cause
also I-Cause
with I-Cause
the I-Cause
risks I-Cause
taken I-Cause
to I-Cause
generate I-Cause
those I-Cause
results I-Cause
, I-Cause
as I-Cause
most I-Cause
of I-Cause
its I-Cause
institutional I-Cause
clients I-Cause
come I-Cause
to I-Cause
the I-Cause
table I-Cause
with I-Cause
required I-Cause
levels I-Cause
of I-Cause
performance I-Cause
and I-Cause
volatility I-Cause
in I-Cause
their I-Cause
investment I-Cause
mandates. O
As O
a O
result O
, O
the B-Effect
company I-Effect
has I-Effect
developed I-Effect
tools I-Effect
to I-Effect
assess I-Effect
both I-Effect
security- I-Effect
and I-Effect
portfolio-level I-Effect
risks I-Effect
, I-Effect
which I-Effect
it I-Effect
not I-Effect
only I-Effect
uses I-Effect
internally I-Effect
but I-Effect
also I-Effect
offers I-Effect
to I-Effect
external I-Effect
clients I-Effect
for I-Effect
a I-Effect
fee I-Effect
. O

We O
expect O
excess B-Effect
returns I-Effect
to I-Effect
diminish I-Effect
in I-Effect
the I-Effect
next I-Effect
decade I-Effect
as O
paper-to-linerboard B-Cause
conversions I-Cause
imply I-Cause
a I-Cause
looser I-Cause
supply I-Cause
and I-Cause
demand I-Cause
balance I-Cause
and I-Cause
increased I-Cause
price I-Cause
competition I-Cause
. O

We O
expect O
sales B-Effect
growth I-Effect
to I-Effect
continue I-Effect
at I-Effect
a I-Effect
high-single-digit I-Effect
pace I-Effect
, O
as O
consumer B-Cause
packaging I-Cause
increasingly I-Cause
favors I-Cause
ease-of-use I-Cause
applications I-Cause
and I-Cause
still I-Cause
over I-Cause
carbonated I-Cause
beverages I-Cause
. O

In O
the O
medium O
term O
, O
we O
think O
the B-Cause
historical I-Cause
growth I-Cause
rate I-Cause
of I-Cause
5 I-Cause
% I-Cause
will I-Cause
be I-Cause
difficult I-Cause
to I-Cause
achieve I-Cause
, O
given O
the B-Cause
structural I-Cause
pressures I-Cause
on I-Cause
pricing I-Cause
, O
so O
we B-Effect
assume I-Effect
a I-Effect
steady-state I-Effect
revenue I-Effect
growth I-Effect
rate I-Effect
of I-Effect
3.4 I-Effect
% I-Effect
. O

Retail B-Cause
brokerages I-Cause
' I-Cause
cuts I-Cause
in I-Cause
trading I-Cause
prices I-Cause
in I-Cause
2017 I-Cause
caused O
their B-Effect
stocks I-Effect
to I-Effect
fall I-Effect
by I-Effect
mid-single-digit I-Effect
percentage I-Effect
points I-Effect
, O
while O
the B-Cause
cuts I-Cause
in I-Cause
2019 I-Cause
led O
to O
double-digit B-Effect
declines I-Effect
at I-Effect
many I-Effect
of I-Effect
the I-Effect
retail I-Effect
brokerages I-Effect
. O

We B-Effect
believe I-Effect
PFG I-Effect
likely I-Effect
gained I-Effect
share I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
as I-Effect
well I-Effect
, O
as O
many B-Cause
food-service I-Cause
operators I-Cause
gravitated I-Cause
toward I-Cause
the I-Cause
large I-Cause
, I-Cause
financially I-Cause
stable I-Cause
distributors I-Cause
such I-Cause
as I-Cause
PFG I-Cause
, I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
. O

Key O
sensitivities O
, O
consistent O
with O
the O
remainder O
of O
our O
restaurant O
coverage O
, O
include O
growth B-Cause
in I-Cause
transaction I-Cause
volume I-Cause
, I-Cause
price I-Cause
increases I-Cause
, I-Cause
and I-Cause
new I-Cause
unit I-Cause
openings I-Cause
on I-Cause
the I-Cause
top I-Cause
line I-Cause
, I-Cause
with I-Cause
cost I-Cause
inflation I-Cause
, I-Cause
operating I-Cause
leverage I-Cause
, I-Cause
and I-Cause
tenancy I-Cause
costs I-Cause
playing O
into O
operating B-Effect
margins I-Effect
. O

We O
believe O
that O
the B-Effect
largest I-Effect
benefits I-Effect
of I-Effect
consolidated I-Effect
purchasing I-Effect
( I-Effect
already I-Effect
accounting I-Effect
for I-Effect
63 I-Effect
% I-Effect
of I-Effect
purchases I-Effect
) I-Effect
have I-Effect
been I-Effect
realized I-Effect
with O
future B-Cause
incremental I-Cause
margin I-Cause
benefits I-Cause
tapering I-Cause
down I-Cause
, O
while O
a B-Cause
shift I-Cause
toward I-Cause
greater I-Cause
online I-Cause
penetration I-Cause
will O
be O
attached O
with O
greater B-Effect
IT I-Effect
and I-Effect
logistical I-Effect
costs I-Effect
. O

We O
believe O
fundamental B-Cause
shifts I-Cause
in I-Cause
networking I-Cause
technology I-Cause
forced O
Juniper B-Effect
to I-Effect
pivot I-Effect
its I-Effect
strategy I-Effect
toward I-Effect
software-defined I-Effect
networking I-Effect
alongside I-Effect
solutions I-Effect
that I-Effect
appease I-Effect
a I-Effect
broader I-Effect
customer I-Effect
base I-Effect
. O

Given O
the B-Cause
greater I-Cause
amount I-Cause
of I-Cause
competition I-Cause
, O
we O
think O
hyperscalers B-Cause
are I-Cause
likely I-Cause
to I-Cause
apply I-Cause
immense I-Cause
pricing I-Cause
pressure I-Cause
on I-Cause
suppliers I-Cause
for I-Cause
each I-Cause
refresh I-Cause
, O
creating B-Effect
bidding I-Effect
wars I-Effect
that I-Effect
erode I-Effect
economic I-Effect
profits I-Effect
. O

Growth B-Effect
in I-Effect
jewelry I-Effect
, I-Effect
the I-Effect
single-largest I-Effect
gold I-Effect
demand I-Effect
source I-Effect
, I-Effect
will I-Effect
slow I-Effect
as O
a B-Cause
combination I-Cause
of I-Cause
government I-Cause
initiatives I-Cause
and I-Cause
shifting I-Cause
preferences I-Cause
slow I-Cause
purchases I-Cause
among I-Cause
Chinese I-Cause
and I-Cause
Indian I-Cause
consumers I-Cause
despite I-Cause
rising I-Cause
incomes I-Cause
. O

Canadian B-Cause
regulation I-Cause
also O
makes O
it B-Effect
more I-Effect
difficult I-Effect
for I-Effect
bad I-Effect
credit I-Effect
to I-Effect
be I-Effect
issued I-Effect
in I-Effect
many I-Effect
ways I-Effect
, O
including O
mandatory O
insurance O
and O
standards O
on O
riskier O
mortgage O
loans O
, O
not O
having O
a O
GSE-like O
government-subsidized O
mortgage O
securitization O
market O
, O
and O
forcing O
banks O
to O
hold O
more O
of O
the O
risk O
on O
their O
own O
balance O
sheets O
. O

However O
, O
we O
do O
n't O
consider O
this B-Effect
to I-Effect
be I-Effect
that I-Effect
impressive I-Effect
because O
the B-Cause
bulk I-Cause
of I-Cause
the I-Cause
earnings I-Cause
is I-Cause
probably I-Cause
underpinned I-Cause
by I-Cause
acreage I-Cause
dedication I-Cause
agreements I-Cause
, O
which O
are O
subject O
to O
exploration O
and O
production O
capital O
flight O
and O
acreage O
quality O
issues O
. O

Our O
valuation O
implies O
a O
2022 O
price/earnings O
multiple O
of O
23.5 O
times O
, O
though O
we O
do O
n't O
believe O
this O
is O
especially O
meaningful O
as O
near-term B-Effect
earnings I-Effect
are I-Effect
skewed I-Effect
by O
abnormal B-Cause
earnings I-Cause
from I-Cause
the I-Cause
MAX I-Cause
and I-Cause
the I-Cause
pandemic I-Cause
. O

Although O
major O
revenue O
from O
this O
mirror O
is O
not O
expected O
for O
a O
few O
more O
years O
, O
we O
think O
it B-Effect
has I-Effect
potential I-Effect
to I-Effect
be I-Effect
in I-Effect
every I-Effect
vehicle I-Effect
in I-Effect
the I-Effect
developed I-Effect
world I-Effect
due O
to O
its B-Cause
superior I-Cause
function I-Cause
over I-Cause
a I-Cause
normal I-Cause
mirror I-Cause
. O

Adcetris B-Cause
' I-Cause
label I-Cause
expansion I-Cause
and I-Cause
approval I-Cause
of I-Cause
Padcev I-Cause
and I-Cause
Tukysa I-Cause
already O
provide B-Effect
healthy I-Effect
diversification I-Effect
, O
but O
Seagen B-Effect
's I-Effect
portfolio I-Effect
will I-Effect
continue I-Effect
to I-Effect
grow I-Effect
with O
pipeline B-Cause
success I-Cause
. O

Customer B-Cause
relationships I-Cause
are I-Cause
also I-Cause
a I-Cause
key I-Cause
intangible I-Cause
asset I-Cause
in I-Cause
the I-Cause
imaging I-Cause
and I-Cause
identification I-Cause
segment I-Cause
, O
allowing O
Markem-Imaje O
to O
create B-Effect
superior I-Effect
products I-Effect
based I-Effect
on I-Effect
demand I-Effect
, O
including O
inkjet O
models O
that O
use O
ketone-free O
ink O
. O

Bromine B-Effect
prices I-Effect
have I-Effect
begun I-Effect
to I-Effect
rise I-Effect
as O
increased B-Cause
demand I-Cause
for I-Cause
use I-Cause
in I-Cause
servers I-Cause
and I-Cause
automobile I-Cause
electronics I-Cause
is I-Cause
offset I-Cause
by I-Cause
a I-Cause
decline I-Cause
in I-Cause
demand I-Cause
from I-Cause
TVs I-Cause
, I-Cause
desktops I-Cause
, I-Cause
and I-Cause
laptops I-Cause
as I-Cause
well I-Cause
as I-Cause
lower I-Cause
demand I-Cause
for I-Cause
bromine I-Cause
used I-Cause
in I-Cause
oilfield I-Cause
completion I-Cause
fluids I-Cause
. O

We B-Effect
believe I-Effect
net I-Effect
interest I-Effect
income I-Effect
will I-Effect
remain I-Effect
under I-Effect
pressure I-Effect
in I-Effect
2021 I-Effect
, O
due O
to O
the B-Cause
effects I-Cause
of I-Cause
rate I-Cause
cuts I-Cause
, O
and O
we O
project O
rates O
staying O
low O
for O
years O
before O
net O
interest O
margins O
begin O
to O
normalize O
again O
in O
the O
final O
years O
of O
our O
forecast O
. O

If O
interest B-Cause
rates I-Cause
rise I-Cause
faster I-Cause
than I-Cause
expected I-Cause
, O
units B-Effect
could I-Effect
underperform I-Effect
as O
a O
steepening O
yield O
curve O
increases O
expected O
distribution O
yield O
for O
competing O
assets O
. O

With O
99 B-Cause
% I-Cause
of I-Cause
2020 I-Cause
total I-Cause
rooms I-Cause
under I-Cause
franchise I-Cause
and I-Cause
management I-Cause
contracts I-Cause
, O
the B-Effect
company I-Effect
depends I-Effect
heavily I-Effect
on I-Effect
its I-Effect
brand I-Effect
to I-Effect
attract I-Effect
unit I-Effect
growth I-Effect
from I-Effect
these I-Effect
third-party I-Effect
owners I-Effect
. O

However O
, O
depressed B-Cause
crude I-Cause
prices I-Cause
have I-Cause
forced I-Cause
capital I-Cause
spending I-Cause
cuts I-Cause
, O
stalling O
exploration O
activities O
that O
could O
lead B-Effect
to I-Effect
future I-Effect
resource I-Effect
discoveries I-Effect
in O
Colombia O
. O

These B-Cause
efficiencies I-Cause
, I-Cause
and I-Cause
extraction I-Cause
of I-Cause
stranded I-Cause
costs I-Cause
after I-Cause
divesting I-Cause
Symantec I-Cause
, O
would O
increase B-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
into I-Effect
the I-Effect
mid-to-high I-Effect
40 I-Effect
% I-Effect
range I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

Grainger B-Effect
's I-Effect
Canadian I-Effect
business I-Effect
( I-Effect
about I-Effect
5 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
has I-Effect
struggled I-Effect
mightily I-Effect
in I-Effect
recent I-Effect
years I-Effect
, I-Effect
but I-Effect
it I-Effect
should I-Effect
contribute I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
growth I-Effect
if B-Cause
Grainger I-Cause
's I-Cause
restructuring I-Cause
efforts I-Cause
are I-Cause
successful I-Cause
. O

As O
of B-Cause
its I-Cause
IPO I-Cause
filing I-Cause
, I-Cause
Palantir I-Cause
had I-Cause
a I-Cause
small I-Cause
customer I-Cause
base I-Cause
of I-Cause
125 I-Cause
institutions I-Cause
, O
so O
losing B-Cause
any I-Cause
key I-Cause
government I-Cause
or I-Cause
commercial I-Cause
customers I-Cause
, I-Effect
who I-Effect
have I-Effect
flexibility I-Effect
not I-Effect
to I-Effect
expand I-Effect
contracts I-Effect
with I-Effect
Palantir I-Effect
, I-Effect
could I-Effect
be I-Effect
overly B-Effect
damaging I-Effect
. O

We O
think O
demand B-Cause
for I-Cause
steel I-Cause
is I-Cause
relatively I-Cause
price I-Cause
inelastic I-Cause
so I-Cause
any I-Cause
carbon I-Cause
price I-Cause
in I-Cause
a I-Cause
decarbonised I-Cause
world I-Cause
should O
likely O
be B-Effect
passed I-Effect
onto I-Effect
steel I-Effect
consumers I-Effect
. O

While O
the B-Cause
firm I-Cause
has I-Cause
gained I-Cause
scale I-Cause
, O
markedly O
improving O
its O
cost O
position O
, O
over O
the O
past O
five O
years O
, O
it O
did B-Effect
n't I-Effect
earn I-Effect
returns I-Effect
on I-Effect
capital I-Effect
that I-Effect
exceed I-Effect
our I-Effect
estimate I-Effect
of I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

We O
expect O
all-flash B-Effect
storage I-Effect
to I-Effect
generate I-Effect
solid I-Effect
growth I-Effect
for O
NetApp O
over O
the O
next O
decade O
as O
IT B-Cause
teams I-Cause
upgrade I-Cause
to I-Cause
the I-Cause
faster I-Cause
, I-Cause
higher-capacity-per-size I-Cause
, I-Cause
and I-Cause
lower-power-consuming I-Cause
storage I-Cause
solution I-Cause
, O
but O
that O
legacy O
solutions O
will O
face O
headwinds O
. O

Weather B-Effect
is I-Effect
the I-Effect
biggest I-Effect
factor I-Effect
Polaris I-Effect
can I-Effect
not I-Effect
control I-Effect
; O
sales B-Cause
of I-Cause
snowmobiles I-Cause
are I-Cause
correlated I-Cause
with I-Cause
the I-Cause
amount I-Cause
of I-Cause
snowfall I-Cause
generated I-Cause
in I-Cause
any I-Cause
given I-Cause
season I-Cause
, I-Cause
making I-Cause
segment B-Effect
volume I-Effect
more I-Effect
volatile I-Effect
than I-Effect
the I-Effect
others I-Effect
. O

Online B-Cause
travel I-Cause
agencies I-Cause
like I-Cause
Expedia I-Cause
and I-Cause
Priceline I-Cause
provide I-Cause
travelers I-Cause
with I-Cause
constantly I-Cause
updated I-Cause
information I-Cause
about I-Cause
competing I-Cause
hotels I-Cause
while I-Cause
metasearch I-Cause
companies I-Cause
like I-Cause
TripAdvisor I-Cause
provide I-Cause
ratings I-Cause
and I-Cause
recommendations I-Cause
, O
allowing O
consumers B-Effect
to I-Effect
find I-Effect
the I-Effect
combination I-Effect
of I-Effect
hotel I-Effect
segment I-Effect
, I-Effect
brand I-Effect
, I-Effect
location I-Effect
, I-Effect
and I-Effect
price I-Effect
that I-Effect
best I-Effect
suites I-Effect
their I-Effect
tastes I-Effect
. O

Although O
the B-Cause
company I-Cause
's I-Cause
cost I-Cause
structure I-Cause
benefits I-Cause
from I-Cause
its I-Cause
ownership I-Cause
in I-Cause
midstream I-Cause
pipeline I-Cause
assets I-Cause
that O
reduce O
its B-Effect
transportation I-Effect
costs I-Effect
and I-Effect
break-even I-Effect
prices I-Effect
, O
the O
reduced O
cost O
structure O
is O
not O
enough O
to O
offset O
the O
extensive O
capital O
required O
to O
fund O
growth O
projects O
. O

Products B-Cause
are I-Cause
shipped I-Cause
to I-Cause
customers I-Cause
directly I-Cause
from I-Cause
suppliers I-Cause
or I-Cause
through I-Cause
the I-Cause
CastleGate I-Cause
fulfillment I-Cause
network. O
This O
has O
led O
to O
inventory B-Effect
turns I-Effect
that I-Effect
have I-Effect
handily I-Effect
lapped I-Effect
peer I-Effect
set I-Effect
inventory I-Effect
turns I-Effect
( I-Effect
Bed I-Effect
Bath I-Effect
, I-Effect
Williams-Sonoma I-Effect
, I-Effect
RH I-Effect
, I-Effect
Pier I-Effect
1 I-Effect
, I-Effect
Ethan I-Effect
Allen I-Effect
) I-Effect
, I-Effect
which I-Effect
averaged I-Effect
a I-Effect
low-single-digit I-Effect
rate I-Effect
in I-Effect
their I-Effect
most I-Effect
recent I-Effect
fiscal I-Effect
years I-Effect
. O

Given B-Cause
that I-Cause
components I-Cause
like I-Cause
an I-Cause
inhaler I-Cause
, I-Cause
dispenser I-Cause
, I-Cause
or I-Cause
stopper I-Cause
typically I-Cause
cost I-Cause
far I-Cause
less I-Cause
than I-Cause
a I-Cause
dollar I-Cause
, O
the B-Effect
benefit I-Effect
of I-Effect
finding I-Effect
a I-Effect
cheaper I-Effect
alternative I-Effect
is I-Effect
more I-Effect
than I-Effect
offset I-Effect
by I-Effect
the I-Effect
risk I-Effect
of I-Effect
device I-Effect
failure I-Effect
or I-Effect
contamination I-Effect
. O

At O
the O
same O
time O
, O
the B-Effect
bank I-Effect
must I-Effect
ensure I-Effect
appropriate I-Effect
risk I-Effect
management I-Effect
and I-Effect
lending I-Effect
standards I-Effect
or I-Effect
risk I-Effect
rising I-Effect
loan I-Effect
losses I-Effect
in I-Effect
the I-Effect
future I-Effect
, O
especially O
if O
house B-Cause
prices I-Cause
are I-Cause
falling I-Cause
. O

While O
we O
view O
this O
scenario O
's O
probability O
as O
virtually O
zero O
in O
the O
near O
term O
, O
that B-Cause
policy I-Cause
risk I-Cause
may O
threaten O
the B-Effect
private I-Effect
insurance I-Effect
industry I-Effect
in O
future O
election O
cycles O
. O

We O
believe O
that O
Hostess B-Effect
supports I-Effect
its I-Effect
retail I-Effect
relationships I-Effect
with O
the B-Cause
significant I-Cause
amount I-Cause
of I-Cause
data I-Cause
it I-Cause
has I-Cause
amassed I-Cause
on I-Cause
consumer I-Cause
purchasing I-Cause
patterns I-Cause
for I-Cause
sweet I-Cause
baked I-Cause
goods I-Cause
, O
and O
we O
anticipate O
that O
it O
will O
continue O
to O
harness O
these O
insights O
to O
optimize O
category O
shelf O
space O
for O
its O
retail O
partners O
. O

Crane B-Cause
generates I-Cause
healthy I-Cause
cash I-Cause
flows I-Cause
that O
allow B-Effect
it I-Effect
to I-Effect
reinvest I-Effect
capital I-Effect
in I-Effect
organic I-Effect
growth I-Effect
, O
driven O
by O
introductions B-Cause
of I-Cause
new I-Cause
and I-Cause
improved I-Cause
products I-Cause
as I-Cause
well I-Cause
as I-Cause
acquisitions I-Cause
. O

Therefore O
, O
we O
believe O
that O
as O
the B-Cause
product I-Cause
mix I-Cause
offered I-Cause
by I-Cause
Intel I-Cause
shifts I-Cause
from I-Cause
mostly I-Cause
PC I-Cause
chips I-Cause
to I-Cause
more I-Cause
server I-Cause
and I-Cause
other I-Cause
non-PC I-Cause
chips I-Cause
, O
the B-Effect
firm I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
continue I-Effect
leveraging I-Effect
its I-Effect
immense I-Effect
fabrication I-Effect
facility I-Effect
network I-Effect
. O

Waste B-Cause
Connections I-Cause
' I-Cause
predictable I-Cause
recurring I-Cause
revenue I-Cause
streams I-Cause
and I-Cause
its I-Cause
strong I-Cause
competitive I-Cause
positioning I-Cause
allow B-Effect
the I-Effect
firm I-Effect
to I-Effect
generate I-Effect
strong I-Effect
and I-Effect
stable I-Effect
free I-Effect
cash I-Effect
flow I-Effect
. O

Asbury B-Cause
's I-Cause
Clicklane I-Cause
tool I-Cause
raises O
the B-Effect
risk I-Effect
of I-Effect
an I-Effect
IT I-Effect
failure I-Effect
impacting I-Effect
the I-Effect
company I-Effect
more I-Effect
broadly I-Effect
than I-Effect
before I-Effect
, O
but O
for O
now O
we B-Effect
see I-Effect
that I-Effect
risk I-Effect
as I-Effect
low I-Effect
because O
Clicklane B-Cause
is I-Cause
not I-Cause
the I-Cause
company I-Cause
's I-Cause
sole I-Cause
means I-Cause
of I-Cause
doing I-Cause
business I-Cause
. O

Second O
, O
when O
Akamai O
's B-Effect
major I-Effect
customers I-Effect
pivoted I-Effect
away I-Effect
from I-Effect
it I-Effect
because O
they O
determined O
they B-Cause
could I-Cause
provide I-Cause
the I-Cause
same I-Cause
service I-Cause
for I-Cause
themselves I-Cause
, O
Akamai O
moved O
to O
better B-Cause
serve I-Cause
websites I-Cause
of I-Cause
nonmedia I-Cause
customers I-Cause
and O
developed B-Cause
first-rate I-Cause
security I-Cause
products I-Cause
that O
made O
its O
offering B-Effect
very I-Effect
valuable I-Effect
to I-Effect
nearly I-Effect
all I-Effect
of I-Effect
the I-Effect
world I-Effect
's I-Effect
biggest I-Effect
entities I-Effect
. O

Malibu B-Cause
consistently I-Cause
releases I-Cause
new I-Cause
models I-Cause
with I-Cause
updated I-Cause
features I-Cause
across I-Cause
its I-Cause
brands I-Cause
, I-Cause
stimulating I-Cause
sales I-Cause
from I-Cause
both I-Cause
new I-Cause
and I-Cause
returning I-Cause
customers I-Cause
, O
which O
we O
posit O
has O
allowed O
Malibu B-Effect
to I-Effect
consistently I-Effect
capture I-Effect
pricing I-Effect
power I-Effect
. O

Switching B-Cause
even I-Cause
one I-Cause
sensor I-Cause
would I-Cause
require I-Cause
at I-Cause
least I-Cause
a I-Cause
partial I-Cause
system I-Cause
redesign I-Cause
on I-Cause
behalf I-Cause
of I-Cause
the I-Cause
OEM/Tier I-Cause
1 I-Cause
, O
bringing O
with O
it O
both B-Effect
time I-Effect
and I-Effect
monetary I-Effect
costs I-Effect
to I-Effect
retrain I-Effect
personnel I-Effect
as I-Effect
well I-Effect
as I-Effect
potentially I-Effect
purchasing I-Effect
or I-Effect
relocating I-Effect
new I-Effect
heavy I-Effect
equipment I-Effect
. O

We O
think O
the B-Effect
firm I-Effect
's I-Effect
small I-Effect
industrial I-Effect
end-market I-Effect
exposure I-Effect
will I-Effect
grow I-Effect
at I-Effect
below-nominal I-Effect
GDP I-Effect
rates I-Effect
due O
to O
structural B-Cause
disinflationary I-Cause
pressures I-Cause
in I-Cause
wind I-Cause
energy I-Cause
. O

Additionally O
, O
Neogen B-Cause
offers I-Cause
animal I-Cause
genomic I-Cause
services I-Cause
that O
we O
think O
stand O
out O
in O
the O
market O
, O
such O
as O
a O
proprietary O
cattle O
genetic O
trait O
database O
that O
should O
enable O
the B-Effect
company I-Effect
to I-Effect
develop I-Effect
unique I-Effect
genomic I-Effect
tests I-Effect
in I-Effect
the I-Effect
future I-Effect
. O

The B-Effect
burrito I-Effect
chain I-Effect
's I-Effect
unit I-Effect
development I-Effect
narrative I-Effect
remains I-Effect
compelling I-Effect
, O
with O
strong B-Cause
returns I-Cause
on I-Cause
investment I-Cause
driving I-Cause
our I-Cause
mid- I-Cause
to I-Cause
high-single-digit I-Cause
unit I-Cause
growth I-Cause
estimates I-Cause
. O

The B-Effect
firm I-Effect
's I-Effect
debt I-Effect
load I-Effect
could I-Effect
also I-Effect
reduce I-Effect
strategic I-Effect
flexibility I-Effect
or I-Effect
create I-Effect
a I-Effect
headwind I-Effect
for I-Effect
cash I-Effect
flow I-Effect
if B-Cause
interest I-Cause
rates I-Cause
rise I-Cause
substantially I-Cause
. O

A B-Effect
customer I-Effect
would I-Effect
face I-Effect
little I-Effect
motivation I-Effect
to I-Effect
switch I-Effect
to I-Effect
a I-Effect
marginally I-Effect
cheaper I-Effect
supplier I-Effect
just I-Effect
to I-Effect
save I-Effect
a I-Effect
fraction I-Effect
of I-Effect
a I-Effect
percent I-Effect
of I-Effect
the I-Effect
total I-Effect
cost I-Effect
, O
given O
the B-Cause
potentially I-Cause
cataclysmic I-Cause
blow I-Cause
to I-Cause
the I-Cause
customer I-Cause
's I-Cause
reputation I-Cause
and I-Cause
profits I-Cause
that O
would O
arise O
from O
an O
ill-performing O
new O
system O
. O

Diamondback O
Energy O
was O
a O
modest-size O
oil O
and O
gas O
producer O
when O
it O
went O
public O
in O
2012 O
, O
but O
it O
has O
rapidly B-Effect
become I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
Permian I-Effect
Basin I-Effect
operators O
through O
a B-Cause
combination I-Cause
of I-Cause
organic I-Cause
growth I-Cause
and I-Cause
corporate I-Cause
acquisitions I-Cause
, O
most O
notably O
Energen O
in O
2018 O
. O

As O
cash B-Cause
flow I-Cause
coverage I-Cause
continued I-Cause
to I-Cause
drop I-Cause
for I-Cause
all I-Cause
skilled I-Cause
nursing I-Cause
assets I-Cause
, O
Ventas B-Effect
made I-Effect
the I-Effect
proactive I-Effect
move I-Effect
to I-Effect
spin-off I-Effect
the I-Effect
majority I-Effect
of I-Effect
its I-Effect
skilled I-Effect
nursing I-Effect
portfolio I-Effect
into I-Effect
a I-Effect
separate I-Effect
, I-Effect
pure I-Effect
SNF I-Effect
REIT I-Effect
called I-Effect
Continuing I-Effect
Care I-Effect
Properties I-Effect
( I-Effect
CCP I-Effect
) I-Effect
. O

We O
generally O
expect O
underwriting B-Effect
profits I-Effect
to I-Effect
start I-Effect
to I-Effect
narrow I-Effect
a I-Effect
bit I-Effect
in I-Effect
the I-Effect
back I-Effect
half I-Effect
of I-Effect
our I-Effect
projection I-Effect
periods I-Effect
, O
as O
we O
expect B-Cause
higher I-Cause
interest I-Cause
rates I-Cause
to I-Cause
lead I-Cause
to I-Cause
lower I-Cause
underwriting I-Cause
profitability I-Cause
for I-Cause
the I-Cause
industry I-Cause
over I-Cause
time I-Cause
. O

Once B-Effect
safety I-Effect
protocols I-Effect
prove I-Effect
successful I-Effect
, I-Effect
we I-Effect
expect I-Effect
Royal I-Effect
to I-Effect
see I-Effect
minimal I-Effect
pricing I-Effect
gains I-Effect
as O
it B-Cause
entices I-Cause
cruisers I-Cause
back I-Cause
onto I-Cause
the I-Cause
product I-Cause
, I-Cause
limiting I-Cause
near-term I-Cause
yield I-Cause
gains I-Cause
. O

The B-Cause
most I-Cause
likely I-Cause
outcome I-Cause
of I-Cause
a I-Cause
transaction I-Cause
tax I-Cause
would O
be O
a B-Effect
sharp I-Effect
reduction I-Effect
in I-Effect
trading I-Effect
volume I-Effect
, O
which O
would O
also O
reduce B-Effect
demand I-Effect
for I-Effect
the I-Effect
company I-Effect
's I-Effect
market I-Effect
data I-Effect
products I-Effect
as O
more B-Cause
sophisticated I-Cause
trading I-Cause
firms I-Cause
left I-Cause
the I-Cause
market I-Cause
. O

First O
, O
delivery O
represented O
more O
than O
20 O
% O
of O
system O
sales O
in O
2019 O
, O
and O
while O
this O
channel O
will O
not O
be O
sufficient O
to O
offset O
physical O
store O
traffic O
declines O
, O
near-term B-Cause
consumer I-Cause
adoption I-Cause
trends I-Cause
could O
lead O
to O
increased B-Effect
delivery I-Effect
order I-Effect
frequency I-Effect
as O
discretionary B-Effect
spending I-Effect
in I-Effect
the I-Effect
region I-Effect
recovers I-Effect
. O

We O
forecast O
that O
growing B-Cause
subscription I-Cause
revenue I-Cause
and I-Cause
the I-Cause
product I-Cause
mix I-Cause
shift I-Cause
will O
lead O
to O
operating B-Effect
margins I-Effect
to I-Effect
expand I-Effect
into I-Effect
the I-Effect
low-30s I-Effect
. O

Finally O
, O
AT O
& O
amp O
; O
T O
's O
scope O
should O
enable O
it O
to O
improve O
advertising O
yields O
, O
but O
we O
also O
expect O
changing B-Cause
consumer I-Cause
demands I-Cause
will O
force O
an B-Effect
offsetting I-Effect
reduction I-Effect
in I-Effect
ad I-Effect
loads I-Effect
across I-Effect
the I-Effect
traditional I-Effect
television I-Effect
market I-Effect
. O

Given O
at B-Cause
least I-Cause
85 I-Cause
% I-Cause
of I-Cause
Viper I-Cause
's I-Cause
acreage I-Cause
in I-Cause
the I-Cause
Delaware I-Cause
is I-Cause
undeveloped I-Cause
and I-Cause
75 I-Cause
% I-Cause
in I-Cause
the I-Cause
Midland I-Cause
, O
this O
implies O
a O
long O
pathway O
for O
increasing B-Effect
production I-Effect
and I-Effect
cash I-Effect
flow I-Effect
for I-Effect
Viper I-Effect
with I-Effect
no I-Effect
incremental I-Effect
investment I-Effect
. O

A B-Cause
more I-Cause
immediate I-Cause
risk I-Cause
involves I-Cause
lawsuits I-Cause
related I-Cause
to I-Cause
corruption I-Cause
or I-Cause
large I-Cause
oil I-Cause
spills I-Cause
, O
with O
the B-Cause
majority I-Cause
of I-Cause
hydrocarbon I-Cause
production I-Cause
originating I-Cause
from I-Cause
offshore I-Cause
platforms I-Cause
, O
both O
could O
result O
in O
material B-Effect
losses I-Effect
through I-Effect
lost I-Effect
revenue I-Effect
, I-Effect
fines I-Effect
or I-Effect
penalties I-Effect
, I-Effect
or I-Effect
loss I-Effect
of I-Effect
license I-Effect
to I-Effect
operate I-Effect
. O

We O
see O
some B-Effect
ESG I-Effect
risk I-Effect
for I-Effect
American I-Effect
, O
which O
is O
largely O
a O
function O
of O
the O
greenhouse B-Cause
gas I-Cause
emissions I-Cause
from I-Cause
the I-Cause
company I-Cause
's I-Cause
operations I-Cause
. O

While O
the O
pandemic O
is O
a O
short-term O
impediment O
to O
its O
momentum O
, O
we O
believe O
Lululemon B-Effect
continues I-Effect
to I-Effect
benefit I-Effect
from I-Effect
a I-Effect
major I-Effect
fashion I-Effect
trend I-Effect
and I-Effect
will I-Effect
continue I-Effect
to I-Effect
achieve I-Effect
premium I-Effect
pricing I-Effect
due O
to O
the B-Cause
brand I-Cause
's I-Cause
popularity I-Cause
and I-Cause
the I-Cause
styling I-Cause
and I-Cause
quality I-Cause
of I-Cause
its I-Cause
products I-Cause
. O

Finally O
, O
KeyCorp B-Cause
has I-Cause
not I-Cause
historically I-Cause
been I-Cause
a I-Cause
solid I-Cause
underwriter I-Cause
, O
generally O
performing B-Effect
worse I-Effect
than I-Effect
peers I-Effect
through I-Effect
the I-Effect
past I-Effect
several I-Effect
downturns I-Effect
. O

We O
believe O
that O
switching B-Cause
costs I-Cause
are I-Cause
relatively I-Cause
low I-Cause
in I-Cause
this I-Cause
area I-Cause
, O
and O
that O
scale B-Cause
and I-Cause
the I-Cause
resulting I-Cause
cost I-Cause
advantage I-Cause
are O
the O
dominant O
factor O
in O
terms O
of O
competitive B-Effect
positioning I-Effect
. O

The B-Cause
tiered I-Cause
pricing I-Cause
then O
provides O
options O
for O
customers O
that O
believe O
the O
solution O
solves O
a O
business O
problem O
to O
select B-Effect
the I-Effect
option I-Effect
that I-Effect
best I-Effect
meets I-Effect
their I-Effect
needs O
. O

Because O
of O
the B-Cause
solution I-Cause
's I-Cause
target I-Cause
market I-Cause
, O
we O
think O
there B-Effect
's I-Effect
inevitably I-Effect
more I-Effect
churn I-Effect
in I-Effect
the I-Effect
product I-Effect
than I-Effect
Oracle I-Effect
's I-Effect
other I-Effect
2 I-Effect
Jun I-Effect
2021 I-Effect
05:00 I-Effect
, I-Effect
UTCsoftware I-Effect
solutions I-Effect
-- O
due O
to O
the B-Cause
higher I-Cause
risks I-Cause
of I-Cause
such I-Cause
companies I-Cause
going I-Cause
out I-Cause
of I-Cause
business I-Cause
. O

Compared O
with O
historical O
norms O
, O
we O
expect O
Check B-Cause
Point I-Cause
to I-Cause
continue I-Cause
elevated I-Cause
expenditures I-Cause
of I-Cause
marketing I-Cause
( I-Cause
29 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2025 I-Cause
) I-Cause
and I-Cause
research I-Cause
( I-Cause
13 I-Cause
% I-Cause
of I-Cause
2025 I-Cause
sales I-Cause
) I-Cause
to O
win B-Effect
greenfield I-Effect
opportunities I-Effect
in I-Effect
the I-Effect
cloud-based I-Effect
and I-Effect
remote I-Effect
access I-Effect
security I-Effect
markets I-Effect
. O

If O
the O
Federal O
Trade O
Commission O
or O
other O
regulators O
deem O
this O
to O
be O
an O
unfair O
trade O
practice O
, O
this B-Effect
would I-Effect
likely I-Effect
have I-Effect
a I-Effect
negative I-Effect
impact I-Effect
on I-Effect
pricing I-Effect
power I-Effect
in I-Effect
the I-Effect
lens I-Effect
market I-Effect
, O
as O
largely B-Cause
online I-Cause
, I-Cause
discount I-Cause
retailers I-Cause
would I-Cause
likely I-Cause
compete I-Cause
fiercely I-Cause
on I-Cause
price I-Cause
. O

Product B-Cause
development I-Cause
and I-Cause
channel I-Cause
investments I-Cause
as I-Cause
a I-Cause
percentage I-Cause
of I-Cause
sales I-Cause
would I-Cause
also I-Cause
continuously I-Cause
rise I-Cause
in O
order O
to O
improve B-Effect
competitiveness I-Effect
, O
versus O
only O
a O
7 O
% O
top-line O
five-year O
CAGR O
. O

Fortunately O
, O
Agilent B-Cause
's I-Cause
diverse I-Cause
customer I-Cause
base I-Cause
offset O
most B-Effect
of I-Effect
those I-Effect
pressures I-Effect
, O
although O
the O
firm O
's O
overall O
growth O
did O
decelerate O
before O
rebounding O
in O
recent O
years O
along O
with O
stronger O
demand O
trends O
from O
its O
chemical O
and O
energy O
clients O
. O

We O
expect O
ROIC O
will O
improve O
each O
year O
, O
albeit O
slowly O
, O
with O
the B-Effect
company I-Effect
reporting I-Effect
consistent I-Effect
economic I-Effect
profits I-Effect
in I-Effect
2021 I-Effect
and I-Effect
beyond I-Effect
, O
as O
restructuring B-Cause
efforts I-Cause
take I-Cause
hold I-Cause
. O

In O
total O
, O
Exxon B-Effect
has I-Effect
recorded I-Effect
over I-Effect
$ I-Effect
24 I-Effect
billion I-Effect
in I-Effect
upstream I-Effect
impairments I-Effect
since I-Effect
2016 I-Effect
as O
natural B-Cause
gas I-Cause
prices I-Cause
fell I-Cause
from I-Cause
the I-Cause
time I-Cause
of I-Cause
the I-Cause
deal I-Cause
. O

With O
its B-Cause
7-nm I-Cause
EPYC I-Cause
2 I-Cause
( I-Cause
Rome I-Cause
) I-Cause
server I-Cause
CPUs I-Cause
launched I-Cause
in O
2019 O
, O
the B-Effect
firm I-Effect
is I-Effect
poised I-Effect
to I-Effect
grow I-Effect
its I-Effect
market I-Effect
share I-Effect
to O
at O
least O
20 O
% O
in O
the O
coming O
years O
. O

Motorola B-Effect
seeks I-Effect
to I-Effect
further I-Effect
integrate I-Effect
itself I-Effect
through O
extra B-Cause
products I-Cause
that O
limit O
the O
benefits O
of O
using O
competitors O
' O
devices O
on O
Motorola O
infrastructure O
, O
such O
as O
encryption O
support O
, O
which O
does B-Effect
not I-Effect
interact I-Effect
effectively I-Effect
with I-Effect
competitor I-Effect
radios I-Effect
because O
of O
differences B-Cause
in I-Cause
the I-Cause
frequency I-Cause
of I-Cause
encryption I-Cause
key I-Cause
changes I-Cause
. O

Attempts B-Cause
to I-Cause
streamline I-Cause
production I-Cause
costs I-Cause
and I-Cause
a I-Cause
return I-Cause
to I-Cause
normalized I-Cause
luxury I-Cause
spending I-Cause
should O
drive B-Effect
operating I-Effect
margins I-Effect
toward I-Effect
10 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
2022 I-Effect
. O

Considering B-Cause
the I-Cause
firm I-Cause
's I-Cause
strong I-Cause
grip I-Cause
on I-Cause
expense I-Cause
control I-Cause
, O
we O
expect O
Zoetis B-Effect
to I-Effect
largely I-Effect
sustain I-Effect
the I-Effect
operating I-Effect
margin I-Effect
gain I-Effect
made I-Effect
in I-Effect
2020 I-Effect
. O

Additionally O
, O
the B-Cause
firm I-Cause
's I-Cause
expanding I-Cause
global I-Cause
footprint I-Cause
could O
help O
improve B-Effect
sourcing I-Effect
and I-Effect
distribution I-Effect
costs I-Effect
in I-Effect
the I-Effect
long I-Effect
term I-Effect
, O
improving B-Effect
profits I-Effect
. O

Longer O
term O
, O
as O
global B-Cause
demand I-Cause
for I-Cause
protein I-Cause
increases I-Cause
, O
Bunge B-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
benefit I-Effect
from I-Effect
higher I-Effect
sales I-Effect
volumes I-Effect
of I-Effect
oilseeds I-Effect
and I-Effect
derivatives I-Effect
. O

The B-Cause
increase I-Cause
in I-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
was O
due O
in O
large O
part O
to O
the B-Cause
improved I-Cause
outlook I-Cause
for I-Cause
OGE I-Cause
's I-Cause
investment I-Cause
in I-Cause
Enable I-Cause
, O
which O
will O
result O
in O
OGE B-Effect
owning I-Effect
Energy I-Effect
Transfer I-Effect
units I-Effect
later I-Effect
this I-Effect
year I-Effect
. O

We O
see O
the B-Cause
company I-Cause
's I-Cause
strong I-Cause
competitive I-Cause
advantages I-Cause
allowing O
the B-Effect
firm I-Effect
to I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
on O
capital O
for O
the O
foreseeable O
future O
. O

The B-Cause
ability I-Cause
to I-Cause
outspend I-Cause
peers I-Cause
on I-Cause
research I-Cause
and I-Cause
development I-Cause
, I-Cause
combined I-Cause
with I-Cause
important I-Cause
insights I-Cause
into I-Cause
the I-Cause
requirements I-Cause
of I-Cause
educators I-Cause
and I-Cause
students I-Cause
, O
means O
that O
Pearson B-Effect
's I-Effect
intangible I-Effect
assets I-Effect
are I-Effect
a I-Effect
highly I-Effect
valuable I-Effect
resource I-Effect
. O

Bell B-Effect
is I-Effect
typically I-Effect
the I-Effect
company I-Effect
's I-Effect
highest I-Effect
return I-Effect
on I-Effect
assets I-Effect
segment I-Effect
primarily I-Effect
due O
to O
switching B-Cause
costs I-Cause
stemming I-Cause
from I-Cause
the I-Cause
company I-Cause
's I-Cause
large I-Cause
installed I-Cause
base I-Cause
of I-Cause
about I-Cause
13,000 I-Cause
rotorcraft I-Cause
, I-Cause
which I-Cause
provides I-Cause
a I-Cause
sticky I-Cause
aftermarket I-Cause
stream I-Cause
of I-Cause
income I-Cause
. O

This O
means O
once O
Discover B-Cause
obtains I-Cause
a I-Cause
customer I-Cause
that I-Cause
revolves I-Cause
, O
it O
's O
likely O
to O
generate B-Effect
years I-Effect
of I-Effect
interest I-Effect
income I-Effect
on I-Effect
high-yielding I-Effect
balances I-Effect
. O

For B-Cause
Socgen I-Cause
and I-Cause
BNP I-Cause
Paribas I-Cause
, I-Cause
it I-Cause
is I-Cause
also I-Cause
problematic I-Cause
to I-Cause
effectively I-Cause
compete I-Cause
for I-Cause
current I-Cause
account I-Cause
deposits I-Cause
where O
the B-Effect
dominant I-Effect
players I-Effect
are I-Effect
happy I-Effect
to I-Effect
run I-Effect
a I-Effect
very I-Effect
wide I-Effect
suboptimal I-Effect
branch I-Effect
network I-Effect
. O

Given O
that O
millennials B-Cause
typically I-Cause
lack I-Cause
the I-Cause
necessary I-Cause
capital I-Cause
for I-Cause
a I-Cause
down I-Cause
payment I-Cause
, O
they B-Effect
will I-Effect
probably I-Effect
look I-Effect
to I-Effect
rent I-Effect
single-family I-Effect
homes I-Effect
when I-Effect
they I-Effect
move I-Effect
to I-Effect
the I-Effect
suburbs I-Effect
. O

In B-Cause
terms I-Cause
of I-Cause
Snap I-Cause
's I-Cause
addressable I-Cause
market I-Cause
, I-Cause
while I-Cause
digital I-Cause
ad I-Cause
budgets I-Cause
continue I-Cause
to I-Cause
grow I-Cause
, I-Cause
so I-Cause
does I-Cause
the I-Cause
number I-Cause
of I-Cause
ad I-Cause
inventory I-Cause
providers I-Cause
in I-Cause
the I-Cause
space I-Cause
, O
so O
there B-Effect
is I-Effect
no I-Effect
guarantee I-Effect
that I-Effect
a I-Effect
larger I-Effect
portion I-Effect
of I-Effect
new I-Effect
digital I-Effect
ad I-Effect
dollars I-Effect
will I-Effect
flow I-Effect
to I-Effect
Snap I-Effect
. O

Investors O
should O
expect O
a O
partial O
recovery O
in O
2021 O
for O
American O
Express O
, O
as O
the B-Effect
company I-Effect
's I-Effect
payment I-Effect
volumes I-Effect
remain I-Effect
depressed I-Effect
due O
to O
its O
heavy B-Cause
exposure I-Cause
to I-Cause
travel I-Cause
and I-Cause
entertainment I-Cause
spending I-Cause
( I-Cause
roughly I-Cause
30 I-Cause
% I-Cause
of I-Cause
total I-Cause
billings I-Cause
) I-Cause
and I-Cause
the I-Cause
impact I-Cause
the I-Cause
coronavirus I-Cause
pandemic I-Cause
has I-Cause
had I-Cause
on I-Cause
these I-Cause
industries I-Cause
. O

Because O
of O
the B-Cause
significant I-Cause
installed I-Cause
base I-Cause
, I-Cause
and I-Cause
the I-Cause
fact I-Cause
that I-Cause
critical I-Cause
business I-Cause
processes I-Cause
are I-Cause
often I-Cause
centered I-Cause
around I-Cause
Microsoft I-Cause
Excel I-Cause
, O
we O
believe O
it B-Effect
would I-Effect
be I-Effect
highly I-Effect
disruptive I-Effect
for I-Effect
a I-Effect
company I-Effect
to I-Effect
pivot I-Effect
to I-Effect
an I-Effect
office I-Effect
suite I-Effect
other I-Effect
than I-Effect
Office I-Effect
365 I-Effect
. O

Policy B-Cause
developments I-Cause
in I-Cause
Texas I-Cause
and I-Cause
other I-Cause
markets I-Cause
following I-Cause
a I-Cause
February I-Cause
2021 I-Cause
winter I-Cause
storm I-Cause
could O
raise B-Effect
costs I-Effect
and I-Effect
squeeze I-Effect
margins I-Effect
for I-Effect
retail I-Effect
energy I-Effect
suppliers I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Warranties B-Cause
and I-Cause
prompt I-Cause
remediation I-Cause
can O
reduce B-Effect
reputational I-Effect
risk I-Effect
from I-Effect
such I-Effect
events I-Effect
, O
while O
insurance B-Cause
policies I-Cause
and I-Cause
contractor I-Cause
indemnification I-Cause
can O
limit B-Effect
financial I-Effect
losses I-Effect
. O

Top-line O
performance O
should O
be O
tempered O
, O
however O
, O
by O
the O
firm B-Cause
's I-Cause
preponderant I-Cause
position I-Cause
in O
stagnating O
and O
declining B-Cause
categories I-Cause
, O
particularly B-Cause
at I-Cause
the I-Cause
center I-Cause
of I-Cause
the I-Cause
store I-Cause
, O
as O
well O
as O
product B-Effect
rationalization I-Effect
. I-Effect

We O
expect O
oil B-Effect
and I-Effect
gas I-Effect
capital I-Effect
expenditures I-Effect
to I-Effect
mount I-Effect
a I-Effect
resounding I-Effect
recovery I-Effect
from I-Effect
the I-Effect
coronavirus I-Effect
, O
as O
we B-Cause
do I-Cause
n't I-Cause
think I-Cause
the I-Cause
pandemic I-Cause
will I-Cause
have I-Cause
a I-Cause
major I-Cause
long-run I-Cause
impact I-Cause
on I-Cause
oil I-Cause
demand I-Cause
. O

Due O
to O
the O
fact O
that O
Wells B-Cause
Fargo I-Cause
is I-Cause
more I-Cause
like I-Cause
a I-Cause
large I-Cause
regional I-Cause
bank I-Cause
, O
rather O
than O
an O
international O
money O
center O
bank O
, O
we O
normally O
assign B-Effect
the I-Effect
bank I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
. O

For O
ITW O
businesses O
specifically O
, O
we O
believe O
its O
automotive O
OEM O
segment O
can O
continue O
increasing B-Effect
its I-Effect
differentiated I-Effect
content I-Effect
per I-Effect
vehicle I-Effect
on O
the O
back O
of O
its B-Cause
strong I-Cause
engineering I-Cause
relationships I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
differentiated I-Cause
offerings I-Cause
. O

Intesa O
Sanpaolo O
is O
the O
best-run O
bank O
in O
Italy O
, O
but O
the B-Cause
weakness I-Cause
of I-Cause
the I-Cause
Italian I-Cause
banking I-Cause
system I-Cause
erodes O
whatever O
competitive B-Effect
advantage I-Effect
Intesa I-Effect
may I-Effect
have I-Effect
. O

Finally O
, O
we O
anticipate O
that O
the O
firm B-Cause
's I-Cause
commanding I-Cause
share I-Cause
in I-Cause
the I-Cause
Latin I-Cause
American I-Cause
limited-service I-Cause
market I-Cause
and I-Cause
limited I-Cause
overlap I-Cause
with I-Cause
its I-Cause
largest I-Cause
fast-casual I-Cause
competitor I-Cause
should I-Cause
moderate I-Cause
irrational I-Cause
promotional I-Cause
activity I-Cause
, O
allowing O
Taco O
Bell O
to O
preserve B-Effect
margins I-Effect
moving I-Effect
forward I-Effect
. O

Even O
so O
, O
we O
would O
expect O
economic O
profit O
to O
evaporate O
during O
an B-Cause
extended I-Cause
freight I-Cause
downturn I-Cause
that O
affects O
retail B-Effect
and I-Effect
industrial I-Effect
end I-Effect
markets I-Effect
across I-Effect
North I-Effect
America I-Effect
. O

Its B-Cause
operational I-Cause
deficiencies I-Cause
have I-Cause
been I-Cause
clearly I-Cause
laid I-Cause
out I-Cause
, I-Cause
as I-Cause
have I-Cause
the I-Cause
planned I-Cause
fixes I-Cause
, O
which O
boosts B-Effect
our I-Effect
confidence I-Effect
in I-Effect
the I-Effect
eventual I-Effect
success I-Effect
. O

Global B-Cause
sourcing I-Cause
and I-Cause
preferential I-Cause
pricing I-Cause
from I-Cause
suppliers I-Cause
lower B-Effect
the I-Effect
company I-Effect
's I-Effect
cost I-Effect
of I-Effect
goods I-Effect
sold I-Effect
and O
promotes B-Effect
better I-Effect
gross I-Effect
profit I-Effect
margins I-Effect
than I-Effect
smaller I-Effect
distributors I-Effect
that I-Effect
lack I-Effect
such I-Effect
scale I-Effect
. O

Citigroup B-Cause
is I-Cause
large I-Cause
enough I-Cause
to O
be B-Effect
considered I-Effect
a I-Effect
global I-Effect
systemically I-Effect
important I-Effect
bank I-Effect
and O
has B-Cause
the I-Cause
second-highest I-Cause
GSIB I-Cause
surcharge I-Cause
, I-Cause
at I-Cause
3 I-Cause
% I-Cause
, O
which O
supports B-Effect
the I-Effect
view I-Effect
that I-Effect
Citigroup I-Effect
faces I-Effect
higher I-Effect
regulatory I-Effect
requirements I-Effect
and I-Effect
costs I-Effect
than I-Effect
most I-Effect
. O

We O
expect O
RingCentral B-Cause
to I-Cause
report I-Cause
an I-Cause
average I-Cause
GAAP I-Cause
gross I-Cause
margin I-Cause
of I-Cause
78 I-Cause
% I-Cause
over I-Cause
our I-Cause
explicit I-Cause
forecast I-Cause
period I-Cause
, O
with O
both O
GAAP B-Effect
and I-Effect
non-GAAP I-Effect
gross I-Effect
margins I-Effect
expanding I-Effect
into I-Effect
the I-Effect
mid-80s I-Effect
as I-Effect
the I-Effect
business I-Effect
scales I-Effect
. O

For O
example O
, O
in B-Effect
nurse I-Effect
demand I-Effect
forecasting I-Effect
and I-Effect
scheduling I-Effect
, I-Effect
the I-Effect
risk I-Effect
of I-Effect
mismanagement I-Effect
is I-Effect
high I-Effect
, O
as O
there B-Cause
are I-Cause
mandated I-Cause
nurse/patient I-Cause
ratios I-Cause
, I-Cause
strict I-Cause
patient I-Cause
data I-Cause
privacy I-Cause
regulations I-Cause
that I-Cause
demand I-Cause
compliance I-Cause
, I-Cause
and I-Cause
training I-Cause
all I-Cause
nurses I-Cause
and I-Cause
other I-Cause
clinicians I-Cause
on I-Cause
the I-Cause
scheduling I-Cause
system I-Cause
is I-Cause
a I-Cause
costly I-Cause
process I-Cause
. O

However O
, O
it B-Cause
is I-Cause
the I-Cause
largest I-Cause
independent I-Cause
refiner I-Cause
that I-Cause
has I-Cause
all I-Cause
its I-Cause
facilities I-Cause
located I-Cause
in I-Cause
the I-Cause
midcontinent I-Cause
, I-Cause
Rockies I-Cause
, I-Cause
or I-Cause
Southwest I-Cause
region. O
As O
a O
result O
, O
it B-Effect
benefits I-Effect
from I-Effect
the I-Effect
difference I-Effect
in I-Effect
price I-Effect
between I-Effect
inland I-Effect
light I-Effect
crudes I-Effect
, I-Effect
particularly I-Effect
in I-Effect
the I-Effect
Permian I-Effect
, I-Effect
and I-Effect
other I-Effect
high-quality I-Effect
waterborne I-Effect
crude I-Effect
such I-Effect
as I-Effect
Brent I-Effect
. O

We O
expect O
SL B-Effect
Green I-Effect
to I-Effect
be I-Effect
a I-Effect
net I-Effect
seller I-Effect
of I-Effect
real I-Effect
estate I-Effect
once O
the B-Cause
coronavirus I-Cause
outbreak I-Cause
is I-Cause
under I-Cause
control I-Cause
as O
it B-Cause
attempts I-Cause
to I-Cause
capitalize I-Cause
on I-Cause
significant I-Cause
price I-Cause
appreciation I-Cause
in I-Cause
its I-Cause
portfolio I-Cause
. O

Because O
of O
its B-Cause
low I-Cause
value-to-weight I-Cause
ratio I-Cause
, O
salt B-Effect
can I-Effect
only I-Effect
be I-Effect
shipped I-Effect
economically I-Effect
by I-Effect
land I-Effect
over I-Effect
very I-Effect
short I-Effect
distances I-Effect
-- I-Effect
roughly I-Effect
150 I-Effect
miles I-Effect
. O

It B-Cause
is I-Cause
also I-Cause
associated I-Cause
with I-Cause
the I-Cause
propensity I-Cause
among I-Cause
medical I-Cause
device I-Cause
makers I-Cause
to I-Cause
cross-license I-Cause
or I-Cause
settle I-Cause
these I-Cause
IP I-Cause
disagreements I-Cause
, O
so O
that O
all B-Effect
competitors I-Effect
can I-Effect
return I-Effect
to I-Effect
selling I-Effect
their I-Effect
generally I-Effect
differentiated I-Effect
products I-Effect
. O

We O
think O
the B-Effect
fortunes I-Effect
of I-Effect
the I-Effect
media I-Effect
business I-Effect
are I-Effect
looking I-Effect
up I-Effect
now I-Effect
that O
the B-Cause
big I-Cause
six I-Cause
customers I-Cause
no I-Cause
longer I-Cause
provide I-Cause
a I-Cause
major I-Cause
chunk I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
revenue I-Cause
and I-Cause
the I-Cause
move I-Cause
to I-Cause
Internet-based I-Cause
TV I-Cause
consumption I-Cause
continues I-Cause
, O
all O
while O
Akamai O
continues O
to O
operate O
the O
largest O
CDN O
. O

Indeed O
, O
account O
closures O
were O
well O
controlled O
even O
during O
the B-Cause
worst I-Cause
of I-Cause
its I-Cause
sales I-Cause
problems I-Cause
, O
demonstrating B-Effect
that I-Effect
customers I-Effect
are I-Effect
willing I-Effect
to I-Effect
stick I-Effect
with I-Effect
the I-Effect
bank I-Effect
. O

With B-Effect
those I-Effect
new I-Effect
models I-Effect
, I-Effect
it I-Effect
has I-Effect
consistently I-Effect
released I-Effect
30-40 I-Effect
new I-Effect
features I-Effect
a I-Effect
year I-Effect
, I-Effect
a I-Effect
pace I-Effect
we I-Effect
anticipate I-Effect
will I-Effect
continue I-Effect
, O
given O
the B-Cause
elevated I-Cause
level I-Cause
of I-Cause
general I-Cause
and I-Cause
administrative I-Cause
spending I-Cause
forecast I-Cause
ahead I-Cause
( O
averaging O
6 O
% O
of O
sales O
, O
and O
including O
research O
, O
development O
, O
and O
engineering O
) O
. O

While O
insulin O
accounts O
for O
50 O
% O
of O
Novo O
's O
top O
line O
, O
Novo B-Effect
's I-Effect
GLP-1 I-Effect
franchise I-Effect
is I-Effect
now I-Effect
35 I-Effect
% I-Effect
of I-Effect
sales I-Effect
and I-Effect
growing I-Effect
, O
as O
injectable B-Cause
GLP-1 I-Cause
analog I-Cause
Ozempic I-Cause
looks I-Cause
best-in-class I-Cause
over I-Cause
Lilly I-Cause
's I-Cause
Trulicity I-Cause
. O

Mobile-only B-Effect
players I-Effect
find I-Effect
it I-Effect
difficult I-Effect
to I-Effect
compete I-Effect
in I-Effect
an I-Effect
environment I-Effect
where I-Effect
data I-Effect
usage I-Effect
grows I-Effect
exponentially I-Effect
since O
they B-Cause
miss I-Cause
their I-Cause
own I-Cause
fiber I-Cause
backhaul I-Cause
to I-Cause
sustain I-Cause
the I-Cause
demand I-Cause
. O

Moreover O
, O
our B-Effect
view I-Effect
is I-Effect
that I-Effect
operating I-Effect
margins I-Effect
can I-Effect
expand I-Effect
in I-Effect
the I-Effect
face I-Effect
of I-Effect
gross I-Effect
margin I-Effect
pressure I-Effect
, O
driven B-Cause
by I-Cause
operating I-Cause
leverage I-Cause
across I-Cause
administrative I-Cause
and I-Cause
selling I-Cause
expenses I-Cause
( I-Cause
though I-Cause
advertising I-Cause
and I-Cause
promotions I-Cause
should I-Cause
start I-Cause
to I-Cause
pick I-Cause
up I-Cause
following I-Cause
an I-Cause
industrywide I-Cause
lull I-Cause
in I-Cause
2020 I-Cause
) I-Cause
. O

International B-Effect
expansion I-Effect
could I-Effect
help I-Effect
insulate I-Effect
the I-Effect
company I-Effect
from I-Effect
these I-Effect
fluctuations I-Effect
in I-Effect
the I-Effect
revenue I-Effect
base I-Effect
, O
as O
global B-Cause
consumer I-Cause
confidence I-Cause
levels I-Cause
do I-Cause
n't I-Cause
necessarily I-Cause
move I-Cause
in I-Cause
tandem I-Cause
. O

While O
Charter O
has O
posted O
impressive O
results O
recently O
, O
we O
expect O
the B-Cause
decline I-Cause
of I-Cause
the I-Cause
television I-Cause
business I-Cause
will I-Cause
accelerate I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years I-Cause
, O
weighing B-Effect
on I-Effect
revenue I-Effect
growth I-Effect
. O

Because B-Cause
Grainger I-Cause
has I-Cause
national I-Cause
scale I-Cause
, I-Cause
a I-Cause
global I-Cause
reach I-Cause
, I-Cause
and I-Cause
a I-Cause
robust I-Cause
portfolio I-Cause
of I-Cause
products I-Cause
and I-Cause
valued-added I-Cause
services I-Cause
, O
the B-Effect
company I-Effect
is I-Effect
well-positioned I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
this I-Effect
trend I-Effect
and I-Effect
take I-Effect
share I-Effect
from I-Effect
smaller I-Effect
local I-Effect
and I-Effect
regional I-Effect
distributors I-Effect
that I-Effect
do I-Effect
n't I-Effect
have I-Effect
the I-Effect
scale I-Effect
to I-Effect
profitably I-Effect
service I-Effect
these I-Effect
customers I-Effect
. O

We B-Effect
think I-Effect
outgrowth I-Effect
over I-Effect
underlying I-Effect
production I-Effect
will I-Effect
inch I-Effect
higher I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
as O
electrification B-Cause
accelerates I-Cause
and I-Cause
Sensata I-Cause
's I-Cause
fleet I-Cause
management I-Cause
and I-Cause
telematics I-Cause
solutions I-Cause
begin I-Cause
to I-Cause
accrete I-Cause
revenue I-Cause
. O

For O
the O
most O
part O
, O
once B-Cause
a I-Cause
good I-Cause
working I-Cause
relationship I-Cause
has I-Cause
been I-Cause
established I-Cause
and O
pricing B-Cause
is I-Cause
competitive I-Cause
, O
clients B-Cause
generally I-Cause
have I-Cause
little B-Cause
motivation I-Cause
to I-Cause
switch B-Effect
providers I-Effect
, O
and O
hence B-Effect
opt I-Effect
to I-Effect
renew I-Effect
existing I-Effect
contracts I-Effect
. O

Spreading B-Cause
infrastructure I-Cause
and I-Cause
inventory I-Cause
investments I-Cause
over I-Cause
a I-Cause
large I-Cause
sales I-Cause
base I-Cause
leads O
to O
a B-Effect
cost I-Effect
advantage I-Effect
over I-Effect
small I-Effect
peers I-Effect
, O
while O
service B-Cause
levels I-Cause
reinforce B-Effect
the I-Effect
firm I-Effect
's I-Effect
brand I-Effect
intangible I-Effect
asset I-Effect
in I-Effect
a I-Effect
way I-Effect
smaller I-Effect
rivals I-Effect
can I-Effect
not I-Effect
duplicate I-Effect
. O

While B-Cause
we I-Cause
expect I-Cause
the I-Cause
segment I-Cause
will I-Cause
continue I-Cause
gain I-Cause
leverage I-Cause
on I-Cause
its I-Cause
sales I-Cause
, I-Cause
we I-Cause
project I-Cause
that I-Cause
gross I-Cause
margins I-Cause
will I-Cause
continue I-Cause
to I-Cause
remain I-Cause
below I-Cause
40 I-Cause
% I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years. O
As O
a O
result O
, O
we O
expect O
the B-Effect
consolidated I-Effect
operating I-Effect
margin I-Effect
for I-Effect
Sirius I-Effect
XM I-Effect
will I-Effect
rebound I-Effect
from I-Effect
the I-Effect
low I-Effect
of I-Effect
21 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
but I-Effect
will I-Effect
take I-Effect
until I-Effect
2024 I-Effect
to I-Effect
slightly I-Effect
exceed I-Effect
the I-Effect
27 I-Effect
% I-Effect
level I-Effect
of I-Effect
2018 I-Effect
. O

Ultimately O
, O
we O
believe O
investors B-Effect
will I-Effect
continue I-Effect
to I-Effect
purchase I-Effect
ICE I-Effect
's I-Effect
proprietary I-Effect
equity I-Effect
data I-Effect
for O
the B-Cause
advantage I-Cause
it I-Cause
provides I-Cause
them I-Cause
, O
but O
this O
remains O
an O
area O
of O
contention O
. O

Given O
Criteo B-Cause
's I-Cause
dependence I-Cause
on I-Cause
the I-Cause
well-being I-Cause
of I-Cause
the I-Cause
economy I-Cause
and I-Cause
overall I-Cause
consumption I-Cause
, O
the B-Effect
firm I-Effect
would I-Effect
be I-Effect
affected I-Effect
significantly I-Effect
by I-Effect
macroeconomic I-Effect
trends I-Effect
such O
as O
a O
decline O
in O
consumption O
and O
discretionary O
spending O
. O

We B-Effect
look I-Effect
for I-Effect
higher I-Effect
growth I-Effect
in I-Effect
operating I-Effect
expenses I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
economic I-Cause
recovery I-Cause
will I-Cause
allow I-Cause
the I-Cause
firm I-Cause
to I-Cause
more I-Cause
aggressively I-Cause
increase I-Cause
its I-Cause
R I-Cause
& I-Cause
D I-Cause
. O

This B-Effect
8 I-Effect
% I-Effect
annual I-Effect
midcycle I-Effect
revenue I-Effect
growth I-Effect
projection I-Effect
is I-Effect
below I-Effect
management I-Effect
's I-Effect
target I-Effect
of I-Effect
10 I-Effect
% I-Effect
-15 I-Effect
% I-Effect
growth I-Effect
for I-Effect
the I-Effect
broader I-Effect
RF I-Effect
industry I-Effect
, O
as O
we B-Cause
remain I-Cause
conservative I-Cause
because I-Cause
we I-Cause
see I-Cause
pauses I-Cause
in I-Cause
smartphone I-Cause
unit I-Cause
sales I-Cause
from I-Cause
time I-Cause
to I-Cause
time I-Cause
. O

While O
we O
expect O
sales B-Effect
to I-Effect
decline I-Effect
17 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
, O
we O
think O
Adidas O
is O
executing O
well O
on O
the O
five-year O
plan O
it O
announced O
in O
2015 O
. O

Agilent B-Effect
has I-Effect
significant I-Effect
incentive I-Effect
to I-Effect
innovate I-Effect
since O
new B-Cause
products I-Cause
contribute I-Cause
to I-Cause
positive I-Cause
mix I-Cause
benefits I-Cause
, O
although O
it O
enjoys O
like-for-like O
pricing O
power O
as O
well O
. O

The B-Effect
technology I-Effect
industry I-Effect
has I-Effect
become I-Effect
increasingly I-Effect
important I-Effect
to I-Effect
the I-Effect
Northern I-Effect
California I-Effect
and I-Effect
Seattle I-Effect
markets I-Effect
, O
as O
tech B-Cause
companies I-Cause
have I-Cause
driven I-Cause
job I-Cause
and I-Cause
income I-Cause
growth I-Cause
in I-Cause
those I-Cause
markets I-Cause
, I-Cause
creating I-Cause
substantial I-Cause
demand I-Cause
for I-Cause
apartments I-Cause
. O

The B-Effect
bank I-Effect
is I-Effect
sensitive I-Effect
to I-Effect
the I-Effect
economic I-Effect
cycle I-Effect
, O
as O
it B-Cause
is I-Cause
affected I-Cause
by I-Cause
the I-Cause
health I-Cause
of I-Cause
its I-Cause
retailers I-Cause
and I-Cause
by I-Cause
the I-Cause
creditworthiness I-Cause
of I-Cause
its I-Cause
cardholders I-Cause
. O

Given B-Cause
the I-Cause
growth I-Cause
we I-Cause
see I-Cause
from I-Cause
growing I-Cause
mass I-Cause
gambling I-Cause
and I-Cause
nongaming I-Cause
activity I-Cause
, O
we B-Effect
project I-Effect
Macao I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
remain I-Effect
steady I-Effect
at I-Effect
31.6 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
30 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
, O
despite O
higher O
expected O
license-renewal O
fees O
beginning O
in O
2022 O
. O

Federal B-Effect
funding I-Effect
power I-Effect
has I-Effect
weakened I-Effect
over I-Effect
time I-Effect
, O
as O
improving B-Cause
vehicle I-Cause
mileage I-Cause
and I-Cause
inflation I-Cause
have I-Cause
diminished I-Cause
the I-Cause
buying I-Cause
power I-Cause
of I-Cause
the I-Cause
$ I-Cause
0.18 I-Cause
per I-Cause
gallon I-Cause
gasoline I-Cause
tax I-Cause
, I-Cause
unchanged I-Cause
since I-Cause
1993 I-Cause
. O

Finally O
, O
Texas B-Cause
Instruments I-Cause
has I-Cause
revenue I-Cause
from I-Cause
other I-Cause
products I-Cause
, I-Cause
such I-Cause
as I-Cause
calculators I-Cause
, I-Cause
that I-Cause
are I-Cause
likely I-Cause
in I-Cause
secular I-Cause
decline I-Cause
and O
may O
weigh O
on O
the B-Effect
firm I-Effect
's I-Effect
total I-Effect
top-line I-Effect
growth I-Effect
. O

Even O
so O
, O
we O
think O
there B-Cause
will I-Cause
still I-Cause
be I-Cause
some I-Cause
diesel I-Cause
engines I-Cause
in I-Cause
operation I-Cause
10 I-Cause
to I-Cause
15 I-Cause
years I-Cause
out I-Cause
, I-Cause
some I-Cause
may I-Cause
even I-Cause
be I-Cause
powered I-Cause
by I-Cause
renewable I-Cause
diesel I-Cause
, I-Cause
a I-Cause
cleaner I-Cause
alternative I-Cause
to I-Cause
diesel. O
This O
could O
potentially O
delay O
the B-Effect
adoption I-Effect
of I-Effect
BEVs I-Effect
and I-Effect
fuel I-Effect
cells I-Effect
and I-Effect
extend I-Effect
the I-Effect
life I-Effect
of I-Effect
diesel I-Effect
engines I-Effect
in I-Effect
the I-Effect
trucking I-Effect
industry I-Effect
. O

We O
believe O
these B-Cause
factors I-Cause
, I-Cause
low I-Cause
rents I-Cause
, I-Cause
and I-Cause
the I-Cause
no-frills I-Cause
store I-Cause
environment I-Cause
combine O
to O
limit O
the B-Effect
segment I-Effect
's I-Effect
selling I-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
costs I-Effect
( I-Effect
excluding I-Effect
depreciation I-Effect
) I-Effect
to I-Effect
around I-Effect
$ I-Effect
40 I-Effect
per I-Effect
square I-Effect
foot I-Effect
, O
meaningfully O
better O
than O
Target O
's O
more O
than O
$ O
65 O
level O
. O

We O
believe O
that O
the B-Effect
U.S.-based I-Effect
major I-Effect
airlines I-Effect
have I-Effect
structurally I-Effect
improved I-Effect
their I-Effect
business I-Effect
model I-Effect
through O
consolidation B-Cause
that I-Cause
reduces I-Cause
, I-Cause
but I-Cause
not I-Cause
eliminates I-Cause
, I-Cause
the I-Cause
potential I-Cause
for I-Cause
irrational I-Cause
competition I-Cause
and I-Cause
through I-Cause
attractive I-Cause
partnerships I-Cause
with I-Cause
banks I-Cause
on I-Cause
their I-Cause
frequent I-Cause
flier I-Cause
programs I-Cause
. I-Cause

Given O
the B-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
commercial I-Cause
building I-Cause
systems I-Cause
, I-Cause
maintenance I-Cause
, I-Cause
service I-Cause
, I-Cause
and I-Cause
aftermarket I-Cause
parts I-Cause
are O
needed O
to O
avoid O
disruptive B-Effect
and I-Effect
costly I-Effect
system I-Effect
breakdowns I-Effect
. O

As O
FireEye B-Cause
's I-Cause
growth I-Cause
slows I-Cause
and I-Cause
it I-Cause
looks I-Cause
toward I-Cause
profitability I-Cause
, O
we B-Effect
expect I-Effect
well-established I-Effect
peers I-Effect
and I-Effect
fledgling I-Effect
best-of-breed I-Effect
upstarts I-Effect
to I-Effect
pressure I-Effect
the I-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
win I-Effect
new I-Effect
and I-Effect
upgrade I-Effect
opportunities I-Effect
. O

Finally O
, O
the B-Cause
firm I-Cause
sells I-Cause
semiconductors I-Cause
and I-Cause
components I-Cause
into I-Cause
cyclical I-Cause
markets I-Cause
, I-Cause
such I-Cause
as I-Cause
automotive I-Cause
and I-Cause
industrial I-Cause
, O
which O
exposes B-Effect
Avnet I-Effect
's I-Effect
revenue I-Effect
and I-Effect
profitability I-Effect
to I-Effect
economic I-Effect
downturns I-Effect
. O

Our B-Effect
pretax I-Effect
cost I-Effect
of I-Effect
debt I-Effect
assumption I-Effect
is I-Effect
5.8 I-Effect
% I-Effect
, O
as O
we B-Cause
incorporate I-Cause
a I-Cause
normalized I-Cause
long-term I-Cause
real I-Cause
rate I-Cause
environment I-Cause
and I-Cause
normalized I-Cause
credit I-Cause
spreads I-Cause
. O

Critically O
, O
we O
assume O
that O
a B-Cause
COVID-19 I-Cause
vaccine I-Cause
will I-Cause
be I-Cause
well-distributed I-Cause
by I-Cause
mid-2021 I-Cause
, O
which O
would O
allow O
a B-Effect
sharp I-Effect
rebound I-Effect
in I-Effect
air I-Effect
traffic I-Effect
. O

Once O
the B-Cause
economic I-Cause
cycle I-Cause
turns I-Cause
, O
this O
could O
result O
in O
greater B-Effect
potential I-Effect
for I-Effect
consumer I-Effect
defaults I-Effect
and I-Effect
a I-Effect
longer I-Effect
period I-Effect
of I-Effect
decreased I-Effect
economic I-Effect
demand I-Effect
. O

For O
example O
, O
recently O
in O
Iowa O
, O
two B-Cause
( I-Cause
out I-Cause
of I-Cause
the I-Cause
state I-Cause
's I-Cause
three I-Cause
) I-Cause
Medicaid I-Cause
plan I-Cause
providers I-Cause
left I-Cause
the I-Cause
state I-Cause
with I-Cause
critiques I-Cause
that I-Cause
the I-Cause
plans I-Cause
were I-Cause
not I-Cause
priced I-Cause
fairly I-Cause
, O
and O
subsequently O
, O
the B-Effect
state I-Effect
had I-Effect
to I-Effect
hike I-Effect
its I-Effect
rates I-Effect
substantially I-Effect
to O
entice B-Effect
new I-Effect
plan I-Effect
providers I-Effect
( I-Effect
including I-Effect
Centene I-Effect
) I-Effect
to I-Effect
enter I-Effect
and I-Effect
provide I-Effect
coverage I-Effect
. O

Given O
that O
roughly B-Cause
70 I-Cause
% I-Cause
of I-Cause
global I-Cause
steel I-Cause
production I-Cause
is I-Cause
attributable I-Cause
to I-Cause
blast I-Cause
furnaces I-Cause
, O
Nucor B-Cause
's I-Cause
incremental I-Cause
DRI I-Cause
application I-Cause
has O
further O
entrenched B-Effect
the I-Effect
company I-Effect
as I-Effect
a I-Effect
low-cost I-Effect
steelmaker I-Effect
relative I-Effect
to I-Effect
its I-Effect
peers I-Effect
. O

In B-Cause
terms I-Cause
of I-Cause
environmental I-Cause
, I-Cause
social I-Cause
, I-Cause
and I-Cause
governance I-Cause
issues I-Cause
, I-Cause
we I-Cause
think I-Cause
the I-Cause
most I-Cause
substantial I-Cause
risks I-Cause
involve I-Cause
the I-Cause
risk I-Cause
of I-Cause
defects I-Cause
or I-Cause
recalls I-Cause
of I-Cause
relatively I-Cause
invasive I-Cause
products. O
These O
product O
governance O
issues O
can O
hurt B-Effect
near-term I-Effect
performance I-Effect
for I-Effect
Boston I-Effect
, I-Effect
such I-Effect
as I-Effect
it I-Effect
did I-Effect
for I-Effect
the I-Effect
firm I-Effect
's I-Effect
transvaginal I-Effect
mesh I-Effect
and I-Effect
its I-Effect
current I-Effect
subcutaneous I-Effect
ICD I-Effect
situation I-Effect
. O

These O
highly B-Cause
profitable I-Cause
biologics I-Cause
continue O
to O
drive B-Effect
very I-Effect
strong I-Effect
free I-Effect
cash I-Effect
flows I-Effect
for I-Effect
the I-Effect
firm I-Effect
, O
generally O
around O
40 O
% O
of O
sales O
. O

CROs B-Effect
can I-Effect
be I-Effect
susceptible I-Effect
to I-Effect
impacts I-Effect
from I-Effect
large I-Effect
cancellations I-Effect
since O
it B-Cause
can I-Cause
be I-Cause
difficult I-Cause
to I-Cause
repurpose I-Cause
capacity I-Cause
for I-Cause
new I-Cause
projects I-Cause
. O

The B-Cause
lack I-Cause
of I-Cause
production I-Cause
growth I-Cause
along I-Cause
with I-Cause
another I-Cause
reduction I-Cause
in I-Cause
capital I-Cause
spending I-Cause
plans I-Cause
means O
Petrobras B-Effect
is I-Effect
responding I-Effect
to I-Effect
the I-Effect
same I-Effect
market I-Effect
forces I-Effect
and I-Effect
investor I-Effect
concerns I-Effect
as I-Effect
its I-Effect
integrated I-Effect
peers I-Effect
and I-Effect
turning I-Effect
its I-Effect
focus I-Effect
on I-Effect
capital I-Effect
discipline I-Effect
. O

Because O
of O
the B-Cause
third-party I-Cause
broker I-Cause
arrangement I-Cause
, O
there B-Effect
is I-Effect
little I-Effect
opportunity I-Effect
for I-Effect
SL I-Effect
Green I-Effect
to I-Effect
directly I-Effect
influence I-Effect
a I-Effect
leasing I-Effect
decision I-Effect
, O
and O
leasing O
terms O
tend O
to O
be O
specified O
to O
meet O
client O
needs O
and O
reflect O
current O
market O
rates O
coordinated O
through O
the O
brokers O
. O

Once O
these B-Cause
licensed I-Cause
products I-Cause
are I-Cause
created I-Cause
, O
Nasdaq B-Effect
's I-Effect
counterparties I-Effect
face I-Effect
switching I-Effect
costs I-Effect
that O
make O
it O
difficult B-Effect
for I-Effect
them I-Effect
to I-Effect
stop I-Effect
working I-Effect
with I-Effect
Nasdaq I-Effect
. O

We O
anticipate O
capacity O
will O
be O
about O
69 O
% O
of O
2019 O
levels O
, O
load O
factors O
will O
be O
roughly O
63 O
% O
, O
and O
that O
yields B-Effect
will I-Effect
increase I-Effect
somewhat O
with O
demand B-Cause
. O

By B-Cause
expanding I-Cause
into I-Cause
Howard I-Cause
County I-Cause
, I-Cause
the I-Cause
firm B-Effect
has I-Effect
gained I-Effect
a I-Effect
foothold I-Effect
in I-Effect
a I-Effect
more I-Effect
productive I-Effect
part I-Effect
of I-Effect
the I-Effect
basin I-Effect
, I-Cause
but I-Cause
it I-Cause
only I-Cause
has I-Cause
a I-Cause
few I-Cause
years I-Cause
' I-Cause
worth I-Cause
of I-Cause
inventory I-Cause
in I-Cause
that I-Cause
area I-Cause
. I-Cause

After O
winning O
accounts O
, O
we O
believe O
the B-Effect
company I-Effect
can I-Effect
proliferate I-Effect
its I-Effect
software I-Effect
through I-Effect
organizations I-Effect
as O
firms B-Cause
look I-Cause
to I-Cause
extract I-Cause
insights I-Cause
by I-Cause
further I-Cause
stitching I-Cause
disparate I-Cause
data I-Cause
sources I-Cause
together I-Cause
. O

A O
prime O
example O
lies O
in O
subsea O
processing O
and O
boosting O
, O
which O
( O
among O
other O
benefits O
) O
holds O
the B-Effect
promise I-Effect
of I-Effect
greatly I-Effect
reducing I-Effect
deep-water I-Effect
development I-Effect
costs I-Effect
by O
slashing B-Cause
project I-Cause
infrastructure I-Cause
requirements I-Cause
. O

We B-Effect
think I-Effect
Citrix I-Effect
is I-Effect
well I-Effect
positioned I-Effect
in I-Effect
the I-Effect
coming I-Effect
quarters I-Effect
to I-Effect
be I-Effect
an I-Effect
important I-Effect
partner I-Effect
as B-Cause
its I-Cause
customers I-Cause
expand I-Cause
their I-Cause
remote I-Cause
work I-Cause
strategies I-Cause
. O

Thus O
, O
higher B-Cause
prices I-Cause
are I-Cause
justified I-Cause
by I-Cause
the I-Cause
perceived I-Cause
better I-Cause
nutritional I-Cause
value I-Cause
and I-Cause
quality I-Cause
afforded O
by O
branded O
products O
, O
the O
result O
of O
years O
of O
research O
and O
development B-Effect
investments I-Effect
and I-Effect
brand-building I-Effect
efforts I-Effect
. O

Following O
Union O
Pacific O
's O
preliminary O
fourth-quarter O
earnings O
release O
, O
we O
are O
raising B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
169 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
163 I-Effect
as O
a O
result O
of O
increasing B-Cause
our I-Cause
margin I-Cause
assumptions I-Cause
for I-Cause
full-year I-Cause
2020 I-Cause
as I-Cause
well I-Cause
as I-Cause
for I-Cause
the I-Cause
longer I-Cause
term I-Cause
. O

We O
've O
long O
believed O
that O
varying B-Cause
tastes I-Cause
and I-Cause
preferences I-Cause
around I-Cause
the I-Cause
world I-Cause
have O
been O
hurdles O
to O
amassing O
outsize B-Effect
global I-Effect
share I-Effect
and I-Effect
volume I-Effect
gains I-Effect
. O

Additionally O
, O
CXone B-Cause
adoption I-Cause
would I-Cause
represent I-Cause
full I-Cause
suite I-Cause
out I-Cause
of I-Cause
the I-Cause
gate I-Cause
, O
providing O
further B-Effect
improvement I-Effect
potential I-Effect
to I-Effect
gross I-Effect
margins I-Effect
as I-Effect
well I-Effect
as I-Effect
the I-Effect
bottom I-Effect
line I-Effect
. O

The O
second O
factor O
we O
believe O
that O
has B-Effect
impeded I-Effect
the I-Effect
firm I-Effect
's I-Effect
turnaround I-Effect
is O
its B-Cause
lack I-Cause
of I-Cause
a I-Cause
greater I-Cause
shift I-Cause
to I-Cause
e-commerce I-Cause
. O

While O
PVH O
can O
cut O
some O
expenses O
( O
we O
forecast O
a O
12 O
% O
decline O
in O
selling O
, O
general O
, O
and O
administrative O
expenses O
in O
2020 O
) O
, O
we O
believe O
the O
sales B-Cause
decline I-Cause
will O
affect B-Effect
margins I-Effect
and I-Effect
forecast I-Effect
an I-Effect
adjusted I-Effect
operating I-Effect
loss I-Effect
( I-Effect
negative I-Effect
2 I-Effect
% I-Effect
margin I-Effect
) I-Effect
. O

This B-Effect
strategy I-Effect
helps I-Effect
mitigate I-Effect
cyclicality I-Effect
by O
allowing B-Cause
the I-Cause
firm I-Cause
to I-Cause
effectively I-Cause
shift I-Cause
a I-Cause
portion I-Cause
of I-Cause
its I-Cause
fixed I-Cause
costs I-Cause
into I-Cause
a I-Cause
variable I-Cause
cost I-Cause
to I-Cause
protect I-Cause
margins I-Cause
during I-Cause
a I-Cause
downcycle I-Cause
. I-Cause

Critical B-Cause
mission I-Cause
solutions I-Cause
, I-Cause
which I-Cause
accounted I-Cause
for I-Cause
37 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
, O
generates O
a B-Effect
relatively I-Effect
stable I-Effect
cash I-Effect
flow I-Effect
stream I-Effect
, O
as O
95 O
% O
of O
its O
revenue O
is O
recurring O
and O
roughly O
75 O
% O
is O
derived O
from O
long-term O
contracts O
( O
five-10 O
years O
) O
with O
government O
agencies O
. O

Eaton B-Cause
's I-Cause
network I-Cause
of I-Cause
engineers I-Cause
and I-Cause
its I-Cause
ability I-Cause
to I-Cause
provide I-Cause
these I-Cause
types I-Cause
of I-Cause
highly I-Cause
engineered I-Cause
solutions I-Cause
only O
serves O
to O
reinforce B-Effect
the I-Effect
segment I-Effect
's I-Effect
switching I-Effect
costs I-Effect
. O

Mattel B-Cause
still I-Cause
holds I-Cause
a I-Cause
top I-Cause
position I-Cause
in I-Cause
toy I-Cause
marketing I-Cause
thanks O
to O
its B-Cause
highly I-Cause
recognized I-Cause
brands I-Cause
, O
which O
we O
believe O
has B-Cause
allowed I-Cause
it I-Cause
to I-Cause
recapture I-Cause
key I-Cause
license I-Cause
relationships I-Cause
and I-Cause
win I-Cause
new I-Cause
ones I-Cause
( I-Cause
Despicable I-Cause
Me I-Cause
, I-Cause
Pixar I-Cause
) I-Cause
, O
supporting B-Effect
positive I-Effect
sales I-Effect
growth I-Effect
. O

Despite O
a O
light O
schedule O
, O
we O
expect O
non-GAAP B-Effect
revenue I-Effect
to I-Effect
be I-Effect
up I-Effect
strongly I-Effect
for I-Effect
fiscal I-Effect
2021 I-Effect
due O
to O
increased B-Cause
gaming I-Cause
by I-Cause
consumers I-Cause
staying I-Cause
at I-Cause
home I-Cause
. O

However O
, O
it B-Cause
faces I-Cause
intense I-Cause
competition I-Cause
and I-Cause
has I-Cause
a I-Cause
( I-Cause
mostly I-Cause
) I-Cause
variable I-Cause
cost I-Cause
structure I-Cause
that I-Cause
may I-Cause
limit I-Cause
Spotify I-Cause
's I-Cause
future I-Cause
operating I-Cause
leverage I-Cause
and I-Cause
profitability. O
Thus O
, O
we B-Effect
do I-Effect
not I-Effect
have I-Effect
sufficient I-Effect
confidence I-Effect
that I-Effect
it I-Effect
will I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

Based O
in O
large B-Cause
part I-Cause
on I-Cause
the I-Cause
dividend I-Cause
increase I-Cause
, O
we B-Effect
increased I-Effect
ASB I-Effect
's I-Effect
2021 I-Effect
EPS I-Effect
contribution I-Effect
by I-Effect
$ I-Effect
0.05 I-Effect
, I-Effect
to I-Effect
$ I-Effect
0.69 I-Effect
, O
resulting B-Effect
in I-Effect
our I-Effect
consolidated I-Effect
EPS I-Effect
estimate I-Effect
increasing I-Effect
to I-Effect
$ I-Effect
1.93 I-Effect
from I-Effect
$ I-Effect
1.88 I-Effect
. O

However O
, O
in B-Effect
our I-Effect
forecast I-Effect
, I-Effect
the I-Effect
adjusted I-Effect
ROIC I-Effect
drops I-Effect
below I-Effect
this I-Effect
level I-Effect
in I-Effect
2020 I-Effect
due O
to O
the B-Cause
loss I-Cause
in I-Cause
EBITDA I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
and I-Cause
never I-Cause
recovers I-Cause
to I-Cause
its I-Cause
prior I-Cause
historical I-Cause
spread I-Cause
over I-Cause
WACC I-Cause
. O

However O
, O
we B-Effect
do I-Effect
n't I-Effect
believe I-Effect
that I-Effect
volume I-Effect
of I-Effect
aircraft I-Effect
sold I-Effect
would I-Effect
impact I-Effect
software I-Effect
seats I-Effect
given I-Effect
that O
the B-Cause
engineering I-Cause
needs I-Cause
of I-Cause
aircraft I-Cause
OEM I-Cause
are I-Cause
primarily I-Cause
a I-Cause
function I-Cause
of I-Cause
outright I-Cause
models I-Cause
. O

Because O
much B-Cause
of I-Cause
the I-Cause
growth I-Cause
in I-Cause
agricultural I-Cause
equipment I-Cause
sales I-Cause
will I-Cause
come I-Cause
from I-Cause
emerging I-Cause
economies I-Cause
, O
Agco B-Effect
's I-Effect
presence I-Effect
in I-Effect
Asia I-Effect
, I-Effect
Africa I-Effect
, I-Effect
and I-Effect
Latin I-Effect
America I-Effect
bodes I-Effect
well I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

The B-Cause
coronavirus I-Cause
pandemic I-Cause
resulted O
in O
a B-Effect
sharp I-Effect
increase I-Effect
in I-Effect
credit I-Effect
cost I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
but O
this O
is O
normalizing O
in O
2021 O
. O

However O
, O
we O
believe O
the B-Effect
premium I-Effect
is I-Effect
warranted I-Effect
, O
given O
the B-Cause
solid I-Cause
electricity I-Cause
growth I-Cause
and I-Cause
constructive I-Cause
regulatory I-Cause
framework I-Cause
in I-Cause
Virginia I-Cause
, O
its O
largest O
service O
territory O
. O

Eaton B-Cause
's I-Cause
engineers I-Cause
came I-Cause
up I-Cause
with I-Cause
a I-Cause
design I-Cause
that I-Cause
is I-Cause
modular I-Cause
, I-Cause
which I-Cause
streamlines I-Cause
the I-Cause
installation I-Cause
process I-Cause
but I-Cause
also I-Cause
lowers I-Cause
the I-Cause
risk I-Cause
of I-Cause
electrical I-Cause
hazards I-Cause
and I-Cause
withstands I-Cause
corrosion I-Cause
, I-Cause
with I-Cause
a I-Cause
useful I-Cause
life I-Cause
of I-Cause
up I-Cause
to I-Cause
40 I-Cause
years. O
These O
types O
of O
solutions O
, O
which O
are O
protected O
by O
patents O
and O
other O
intellectual O
property O
, O
allow O
Eaton B-Effect
to I-Effect
price I-Effect
its I-Effect
solutions I-Effect
at I-Effect
a I-Effect
premium I-Effect
to I-Effect
the I-Effect
rest I-Effect
of I-Effect
the I-Effect
market I-Effect
. O

Following B-Cause
a I-Cause
challenging I-Cause
2020 I-Cause
due I-Cause
to I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we B-Effect
project I-Effect
roughly I-Effect
6.5 I-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
2021 I-Effect
through I-Effect
2025 I-Effect
, O
fueled O
by O
high-single-digit O
growth O
in O
the O
measurement O
and O
control O
solutions O
segment O
. O

The O
firm O
is O
also O
divesting B-Cause
several I-Cause
lower I-Cause
potential I-Cause
brands I-Cause
and O
eliminating B-Cause
14 I-Cause
% I-Cause
of I-Cause
SKUs I-Cause
that I-Cause
are I-Cause
unprofitable I-Cause
, O
which O
is O
boosting B-Effect
margins I-Effect
. O

Church B-Cause
& I-Cause
Dwight I-Cause
is I-Cause
much I-Cause
smaller I-Cause
than I-Cause
its I-Cause
top I-Cause
competitors I-Cause
( O
for O
the O
most O
recently O
ended O
fiscal O
year O
, O
Church O
& O
Dwight O
reported O
revenue O
of O
$ O
4.9 O
billion O
, O
compared O
with O
Procter O
& O
Gamble O
's O
$ O
71 O
billion O
) O
with O
less B-Effect
resources I-Effect
to I-Effect
spend I-Effect
on I-Effect
research I-Effect
and I-Effect
development I-Effect
and I-Effect
advertising I-Effect
and I-Effect
marketing I-Effect
. O

With O
eventually B-Cause
higher I-Cause
interest I-Cause
rates I-Cause
, I-Cause
increased I-Cause
scale I-Cause
, I-Cause
and I-Cause
merger I-Cause
synergies I-Cause
with I-Cause
TD I-Cause
Ameritrade I-Cause
, O
we O
believe O
50 B-Effect
% I-Effect
or I-Effect
higher I-Effect
operating I-Effect
margins I-Effect
are I-Effect
possible I-Effect
. I-Effect

We O
believe O
cash B-Effect
flows I-Effect
exhibit I-Effect
medium I-Effect
uncertainty I-Effect
, O
given O
ICU B-Cause
's I-Cause
sticky I-Cause
installed I-Cause
base I-Cause
and I-Cause
consistent I-Cause
consumables I-Cause
sales I-Cause
along I-Cause
with I-Cause
its I-Cause
business I-Cause
integration I-Cause
efforts I-Cause
, O
which O
have O
progressed O
with O
minimal O
disruption O
thus O
far O
. O

Under O
3G O
Capital O
's O
stewardship O
, O
Burger O
King O
has O
enjoyed B-Effect
an I-Effect
improvement I-Effect
in I-Effect
franchisee I-Effect
relations I-Effect
and I-Effect
fundamentals I-Effect
through B-Cause
a I-Cause
streamlined I-Cause
menu I-Cause
and I-Cause
aggressive I-Cause
operating I-Cause
cost I-Cause
cuts I-Cause
. O

We O
expect O
revenue O
per O
cabinet O
to O
rise O
only O
modestly鈥攁bout O
2 O
% O
annually鈥攁s O
we O
think O
Equinix B-Cause
's I-Cause
reliance I-Cause
on I-Cause
its I-Cause
major I-Cause
customers I-Cause
will O
keep O
a O
lid O
on O
its B-Effect
pricing I-Effect
power I-Effect
and O
offset B-Effect
higher I-Effect
escalators I-Effect
for I-Effect
other I-Effect
enterprise I-Effect
customers I-Effect
. O

While O
organic B-Cause
sales I-Cause
should I-Cause
keep I-Cause
up I-Cause
with I-Cause
their I-Cause
respective I-Cause
markets I-Cause
, O
we O
expect O
content B-Effect
wins I-Effect
in I-Effect
automotive I-Effect
and I-Effect
commercial I-Effect
transport I-Effect
markets I-Effect
, O
and O
strategic O
acquisitions O
will O
keep O
top-line O
growth O
strong O
. O

Due O
to O
accelerating B-Cause
investment I-Cause
, O
we O
expect O
regulated B-Effect
transmission I-Effect
earnings I-Effect
to O
contribute O
31 O
% O
of O
earnings O
by O
2025 O
versus O
less O
than O
23 O
% O
just O
four O
years O
ago O
. O

Though O
consumers O
have O
benefited O
from O
voluntary O
pension O
withdrawals O
, O
extended B-Cause
periods I-Cause
of I-Cause
elevated I-Cause
unemployment I-Cause
will O
likely O
result O
in O
increased B-Effect
delinquencies I-Effect
as I-Effect
well I-Effect
as I-Effect
declines I-Effect
in I-Effect
consumer I-Effect
sentiment I-Effect
. I-Effect

Additionally O
, O
we B-Cause
now I-Cause
forecast I-Cause
RH I-Cause
's I-Cause
terminal I-Cause
operating I-Cause
margin I-Cause
at I-Cause
25 I-Cause
% I-Cause
( I-Cause
24 I-Cause
% I-Cause
prior I-Cause
) I-Cause
, I-Cause
reflecting I-Cause
the I-Cause
company I-Cause
's I-Cause
evolution I-Cause
to I-Cause
an I-Cause
integrated I-Cause
luxury I-Cause
brand I-Cause
which I-Cause
should I-Cause
offer I-Cause
the I-Cause
ability I-Cause
to I-Cause
tap I-Cause
into I-Cause
a I-Cause
larger I-Cause
total I-Cause
addressable I-Cause
market I-Cause
, I-Cause
rather I-Cause
than I-Cause
solely I-Cause
a I-Cause
furniture-seeking I-Cause
cohort. O
As O
such O
, O
we O
believe O
the B-Effect
company I-Effect
can I-Effect
sustain I-Effect
higher I-Effect
gross I-Effect
margin I-Effect
metrics I-Effect
ahead I-Effect
, I-Effect
set I-Effect
for I-Effect
47 I-Effect
% I-Effect
-48 I-Effect
% I-Effect
over I-Effect
our I-Effect
forecast I-Effect
, I-Effect
versus I-Effect
the I-Effect
47 I-Effect
% I-Effect
RH I-Effect
captured I-Effect
in I-Effect
2020 I-Effect
( I-Effect
and I-Effect
the I-Effect
41 I-Effect
% I-Effect
RH I-Effect
reported I-Effect
in I-Effect
2019 I-Effect
) I-Effect
. O

The B-Cause
company I-Cause
has I-Cause
significant I-Cause
customer I-Cause
concentration I-Cause
with I-Cause
Apple I-Cause
( I-Cause
51 I-Cause
% I-Cause
of I-Cause
fiscal I-Cause
2019 I-Cause
revenue I-Cause
) I-Cause
, O
and O
it B-Effect
would I-Effect
be I-Effect
a I-Effect
damaging I-Effect
blow I-Effect
to I-Effect
the I-Effect
firm I-Effect
if I-Effect
it I-Effect
were I-Effect
to I-Effect
ever I-Effect
miss I-Effect
out I-Effect
on I-Effect
a I-Effect
future I-Effect
iPhone I-Effect
design I-Effect
cycle I-Effect
. O

Its B-Cause
current I-Cause
project I-Cause
backlog I-Cause
gives I-Cause
us I-Cause
good I-Cause
sales I-Cause
visibility I-Cause
for I-Cause
the I-Cause
next I-Cause
two I-Cause
years I-Cause
, O
but O
bookings O
will O
have O
to O
pick O
up O
in O
2021 O
and O
2022 O
to O
justify O
another B-Effect
round I-Effect
of I-Effect
production I-Effect
capacity I-Effect
expansion I-Effect
. O

In O
the O
U.K. O
, O
the B-Cause
2013 I-Cause
implementation I-Cause
of I-Cause
the I-Cause
Retail I-Cause
Distribution I-Cause
Review I-Cause
has I-Cause
shaken I-Cause
up I-Cause
retail I-Cause
intermediary I-Cause
distribution I-Cause
by I-Cause
banning I-Cause
trailer I-Cause
fees I-Cause
, O
which O
has O
led O
to O
a B-Effect
greater I-Effect
focus I-Effect
on I-Effect
fees I-Effect
and I-Effect
performance I-Effect
, I-Effect
and I-Effect
in I-Effect
some I-Effect
cases I-Effect
led I-Effect
to I-Effect
the I-Effect
merger I-Effect
of I-Effect
manufacturing I-Effect
and I-Effect
distribution I-Effect
assets I-Effect
. O

Enterprises B-Effect
can I-Effect
be I-Effect
slow I-Effect
to I-Effect
migrate I-Effect
to I-Effect
the I-Effect
cloud I-Effect
, O
given O
the B-Cause
greater I-Cause
degree I-Cause
of I-Cause
complexity I-Cause
involved I-Cause
in I-Cause
modifying I-Cause
large-scale I-Cause
operations I-Cause
. O

And O
it B-Cause
intends I-Cause
to I-Cause
spend I-Cause
no I-Cause
more I-Cause
than I-Cause
70 I-Cause
% I-Cause
-80 I-Cause
% I-Cause
of I-Cause
cash I-Cause
flows I-Cause
under I-Cause
any I-Cause
circumstances I-Cause
, O
which O
means O
any B-Effect
windfall I-Effect
during I-Effect
periods I-Effect
of I-Effect
higher I-Effect
prices I-Effect
will I-Effect
be I-Effect
returned I-Effect
to I-Effect
shareholders I-Effect
rather I-Effect
than I-Effect
plowed I-Effect
back I-Effect
into I-Effect
new I-Effect
drilling I-Effect
. O

In O
our O
view O
, O
scale B-Cause
has O
allowed O
Darden B-Effect
to I-Effect
flex I-Effect
its I-Effect
muscle I-Effect
through O
favorable O
procurement O
costs O
, O
efficiency-enabling O
operational O
investments O
( O
like O
its O
to-go O
platform O
and O
Cheddar O
's O
point-of-sale O
and O
kitchen O
layout O
revamp O
) O
, O
and O
judicious O
marketing O
support O
. O

We O
anticipate O
some B-Cause
margin I-Cause
compression I-Cause
in I-Cause
the I-Cause
medium I-Cause
term I-Cause
, O
leading O
to O
a B-Effect
normalized I-Effect
operating I-Effect
margin I-Effect
of I-Effect
11.5 I-Effect
% I-Effect
, I-Effect
below I-Effect
the I-Effect
previous I-Effect
five-year I-Effect
average I-Effect
of I-Effect
12.6 I-Effect
% I-Effect
. O

The O
top O
five O
suppliers O
of O
plastic O
fuel O
tanks O
hold O
roughly O
70 O
% O
of O
global O
market O
share O
as O
of O
2016 O
and O
the B-Cause
company I-Cause
has I-Cause
diversified I-Cause
across I-Cause
manufacturers I-Cause
and I-Cause
geographies I-Cause
, O
which O
limits B-Effect
idiosyncratic I-Effect
risk I-Effect
. O

We B-Effect
have I-Effect
a I-Effect
medium I-Effect
level I-Effect
of I-Effect
uncertainty I-Effect
on I-Effect
Steris I-Effect
, O
as O
medical B-Cause
devices I-Cause
need I-Cause
to I-Cause
be I-Cause
sterilized I-Cause
regardless I-Cause
of I-Cause
economic I-Cause
conditions I-Cause
. O

From O
an O
environmental O
, O
social O
, O
and O
governance O
standpoint O
, O
we O
think O
the B-Effect
greatest I-Effect
risk I-Effect
centers I-Effect
around I-Effect
data I-Effect
security I-Effect
breaches I-Effect
or I-Effect
loss I-Effect
of I-Effect
software I-Effect
functionality I-Effect
, O
which O
could O
have O
adverse O
effects O
on O
the O
company O
's O
customer O
base O
and O
reputation O
, O
as O
the B-Cause
data I-Cause
in I-Cause
Allscripts I-Cause
' I-Cause
systems I-Cause
is I-Cause
highly I-Cause
sensitive I-Cause
and I-Cause
critical I-Cause
to I-Cause
patient I-Cause
outcomes I-Cause
. O

Large B-Cause
, I-Cause
long-lived I-Cause
, I-Cause
and I-Cause
low-cost I-Cause
operations I-Cause
( O
both O
capital O
and O
operating O
) O
are O
the O
litmus O
test O
for O
a B-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
in I-Effect
the I-Effect
highly I-Effect
cyclical I-Effect
mining I-Effect
industry I-Effect
. O

We O
believe O
these B-Effect
concessions I-Effect
are I-Effect
likely I-Effect
to I-Effect
be I-Effect
renewed I-Effect
or I-Effect
extended I-Effect
for I-Effect
these I-Effect
operators I-Effect
, O
as O
Sands B-Cause
and I-Cause
other I-Cause
operators I-Cause
have I-Cause
invested I-Cause
meaningful I-Cause
capital I-Cause
and I-Cause
have I-Cause
helped I-Cause
to I-Cause
positively I-Cause
develop I-Cause
the I-Cause
Macao I-Cause
economy I-Cause
. O

We O
originally O
expected O
UP B-Effect
's I-Effect
OR I-Effect
to I-Effect
deteriorate I-Effect
in I-Effect
2020 I-Effect
on O
lost B-Cause
leverage I-Cause
from I-Cause
plummeting I-Cause
carloads I-Cause
, O
but O
the O
firm O
has O
been O
quickly O
rightsizing O
head O
count O
and O
assets O
while O
continuing O
to O
generate O
PSR-related O
efficiency O
gains O
. O

Idexx B-Cause
has I-Cause
gained I-Cause
the I-Cause
scale I-Cause
that O
allows O
it O
to O
make O
serial B-Effect
acquisitions I-Effect
of I-Effect
any I-Effect
new I-Effect
competitors I-Effect
that I-Effect
might I-Effect
emerge I-Effect
as I-Effect
a I-Effect
serious I-Effect
threat I-Effect
. O

In O
our O
view O
, O
the B-Cause
stickiness I-Cause
of I-Cause
the I-Cause
firm I-Cause
's I-Cause
products I-Cause
in I-Cause
legal I-Cause
and I-Cause
accounting I-Cause
( O
which O
overlap O
almost O
completely O
with O
corporate O
) O
should O
help O
Reuters B-Effect
navigate I-Effect
the I-Effect
quandary I-Effect
of I-Effect
a I-Effect
piecemeal I-Effect
pivot I-Effect
to I-Effect
cloud-software I-Effect
, I-Effect
or I-Effect
SaaS I-Effect
offerings I-Effect
, I-Effect
with I-Effect
minimal I-Effect
attrition I-Effect
. O

While O
salt B-Effect
prices I-Effect
have O
historically O
outpaced O
inflation O
, O
we O
forecast O
prices O
to B-Effect
decline I-Effect
by I-Effect
a I-Effect
mid-single-digit I-Effect
level I-Effect
in I-Effect
2021 I-Effect
amid O
a B-Cause
milder I-Cause
2020 I-Cause
winter I-Cause
, O
which O
led O
to O
falling O
prices O
. O

While O
much O
less O
constrained O
by O
regulatory O
forces O
, O
these B-Cause
divisions I-Cause
' I-Cause
customers I-Cause
also I-Cause
require I-Cause
reproducibility I-Cause
of I-Cause
test I-Cause
results I-Cause
, O
creating O
some B-Effect
switching I-Effect
inertia I-Effect
for I-Effect
those I-Effect
technologies I-Effect
, O
as O
well O
. O

With O
pharmaceutical B-Cause
firms I-Cause
spending I-Cause
many I-Cause
millions I-Cause
of I-Cause
dollars I-Cause
over I-Cause
a I-Cause
number I-Cause
of I-Cause
years I-Cause
to I-Cause
bring I-Cause
a I-Cause
drug I-Cause
to I-Cause
market I-Cause
, O
the B-Effect
cost I-Effect
savings I-Effect
associated I-Effect
with I-Effect
a I-Effect
cheaper I-Effect
dispensing I-Effect
device I-Effect
or I-Effect
vial I-Effect
stopper I-Effect
are I-Effect
hard I-Effect
to I-Effect
justify I-Effect
in I-Effect
failure-intolerant I-Effect
applications I-Effect
. O

The B-Cause
city I-Cause
's I-Cause
infrastructure I-Cause
is I-Cause
very I-Cause
old I-Cause
, O
mostly O
underground O
-- O
which O
is O
much O
more B-Effect
expensive I-Effect
to I-Effect
expand I-Effect
and I-Effect
maintain I-Effect
-- O
and O
perennially O
at O
risk O
from O
very O
serious O
storm-related O
damage O
. O

Although O
cost B-Cause
synergies I-Cause
from I-Cause
the I-Cause
acquisition I-Cause
appear O
to O
have O
helped O
the B-Effect
company I-Effect
maintain I-Effect
its I-Effect
margins I-Effect
, O
the B-Cause
pandemic I-Cause
has O
resulted O
in O
a B-Effect
meaningful I-Effect
revenue I-Effect
decline I-Effect
. O

Because O
Sherwin B-Cause
has I-Cause
issued I-Cause
much I-Cause
of I-Cause
its I-Cause
debt I-Cause
during I-Cause
a I-Cause
period I-Cause
of I-Cause
low I-Cause
interest I-Cause
rates I-Cause
, O
we O
add B-Effect
back I-Effect
nearly I-Effect
$ I-Effect
800 I-Effect
million I-Effect
in I-Effect
enterprise I-Effect
value I-Effect
to I-Effect
account I-Effect
for I-Effect
differences I-Effect
between I-Effect
the I-Effect
realized I-Effect
cost I-Effect
of I-Effect
debt I-Effect
for I-Effect
the I-Effect
company I-Effect
and I-Effect
our I-Effect
modeled I-Effect
cost I-Effect
of I-Effect
debt I-Effect
at I-Effect
5.8 I-Effect
% I-Effect
. O

Biopharma B-Effect
consolidation I-Effect
could I-Effect
result I-Effect
in I-Effect
periods I-Effect
of I-Effect
disruption I-Effect
as B-Cause
a I-Cause
newly I-Cause
merged I-Cause
company I-Cause
may I-Cause
deprioritize I-Cause
some I-Cause
early-stage I-Cause
candidates I-Cause
or I-Cause
freeze I-Cause
trials I-Cause
while I-Cause
weighing I-Cause
integration I-Cause
strategy I-Cause
. O

We B-Effect
do I-Effect
not I-Effect
believe I-Effect
Macy I-Effect
's I-Effect
e-commerce I-Effect
contributes I-Effect
to I-Effect
the I-Effect
strength I-Effect
of I-Effect
its I-Effect
brand I-Effect
, O
as O
we B-Cause
do I-Cause
not I-Cause
view I-Cause
it I-Cause
as I-Cause
additive I-Cause
to I-Cause
sales I-Cause
. O

We B-Cause
also I-Cause
forecast I-Cause
operating I-Cause
leverage I-Cause
in I-Cause
SG I-Cause
& I-Cause
A I-Cause
and I-Cause
R I-Cause
& I-Cause
D I-Cause
such O
that O
Workday B-Effect
goes I-Effect
from I-Effect
a I-Effect
negative I-Effect
6 I-Effect
% I-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
in I-Effect
2021 I-Effect
to I-Effect
positive I-Effect
31 I-Effect
% I-Effect
in I-Effect
2031 I-Effect
. O

The B-Cause
coronavirus I-Cause
pandemic I-Cause
prompted O
consumers B-Cause
to I-Cause
stock I-Cause
their I-Cause
pantries I-Cause
with I-Cause
familiar I-Cause
brands I-Cause
( I-Cause
like I-Cause
those I-Cause
in I-Cause
Campbell I-Cause
's I-Cause
fold I-Cause
) I-Cause
as I-Cause
shelter-in-place I-Cause
mandates I-Cause
took I-Cause
hold I-Cause
, I-Cause
providing B-Effect
a I-Effect
jolt I-Effect
to I-Effect
sales I-Effect
across I-Effect
the I-Effect
industry I-Effect
. O

Residents B-Cause
in I-Cause
these I-Cause
areas I-Cause
have I-Cause
higher I-Cause
incomes I-Cause
and I-Cause
higher I-Cause
income I-Cause
growth I-Cause
than O
in O
other O
parts O
of O
the O
country O
, O
so O
they B-Effect
can I-Effect
afford I-Effect
higher I-Effect
housing I-Effect
costs I-Effect
and O
can B-Effect
absorb I-Effect
higher I-Effect
rent I-Effect
increases I-Effect
. O

Historically O
, B-Cause
International I-Cause
Flavors I-Cause
& I-Cause
Fragrances I-Cause
has I-Cause
not I-Cause
been I-Cause
a I-Cause
highly I-Cause
acquisitive I-Cause
company I-Cause
, O
so O
its B-Effect
skill I-Effect
in I-Effect
integrating I-Effect
acquisitions I-Effect
has I-Effect
not I-Effect
been I-Effect
tested I-Effect
to I-Effect
the I-Effect
full I-Effect
. O

Given O
the O
company B-Cause
's I-Cause
leading I-Cause
position I-Cause
in I-Cause
mature I-Cause
markets I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
's I-Effect
underlying I-Effect
growth I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
will I-Effect
be I-Effect
fairly I-Effect
modest I-Effect
. O

These O
factors O
lead O
us O
to O
assign B-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
given O
LKQ B-Cause
's I-Cause
ability I-Cause
to I-Cause
mitigate I-Cause
each I-Cause
of I-Cause
the I-Cause
risks I-Cause
it I-Cause
faces I-Cause
. O

We O
believe O
the B-Cause
broader I-Cause
assortment I-Cause
contributes O
to O
Kroger B-Effect
's I-Effect
greater I-Effect
sales I-Effect
productivity I-Effect
, O
at O
around O
$ O
680 O
in O
sales O
per O
supermarket O
square O
foot O
versus O
Sprouts O
' O
roughly O
$ O
600 O
in O
fiscal O
2019 O
. O

While O
coupling O
systems O
are O
a O
small O
part O
of O
an O
airframe O
's O
bill O
of O
materials O
, O
loss B-Cause
of I-Cause
power I-Cause
and I-Cause
control I-Cause
from I-Cause
coupling I-Cause
failure I-Cause
in I-Cause
critical I-Cause
applications I-Cause
could B-Effect
be I-Effect
catastrophic I-Effect
, I-Effect
both I-Effect
in I-Effect
terms I-Effect
of I-Effect
lives I-Effect
lost I-Effect
and I-Effect
protracted I-Effect
downtime I-Effect
. O

A O
confluence O
of O
factors O
has O
contributed O
to O
Lennox B-Effect
's I-Effect
improved I-Effect
profitability I-Effect
, O
including O
a B-Cause
shift I-Cause
toward I-Cause
lower-cost I-Cause
Mexican I-Cause
manufacturing I-Cause
and I-Cause
Asian I-Cause
product I-Cause
sourcing I-Cause
, I-Cause
material I-Cause
cost I-Cause
reductions I-Cause
through I-Cause
product I-Cause
redesigns I-Cause
, I-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
to I-Cause
higher-end I-Cause
products I-Cause
, I-Cause
and I-Cause
fixed-cost I-Cause
leverage I-Cause
on I-Cause
volume I-Cause
gains I-Cause
. O

The B-Cause
government I-Cause
mandated I-Cause
removal I-Cause
of I-Cause
data I-Cause
roaming I-Cause
fees I-Cause
from I-Cause
mid-2018 I-Cause
also O
hit O
telecom B-Effect
profit I-Effect
growth I-Effect
rates I-Effect
for I-Effect
2018 I-Effect
and I-Effect
2019 I-Effect
. O

Investments B-Cause
in I-Cause
a I-Cause
new I-Cause
e-commerce I-Cause
platform I-Cause
should O
help O
KFC B-Effect
to I-Effect
remain I-Effect
relevant I-Effect
in I-Effect
a I-Effect
world I-Effect
of I-Effect
increasing I-Effect
consumer I-Effect
expectations I-Effect
, O
defending B-Effect
the I-Effect
brand I-Effect
's I-Effect
position I-Effect
as O
consumers B-Cause
demand I-Cause
omnichannel I-Cause
ordering I-Cause
capabilities I-Cause
, I-Cause
customization I-Cause
, I-Cause
and I-Cause
loyalty I-Cause
perks I-Cause
at I-Cause
the I-Cause
speed I-Cause
of I-Cause
want I-Cause
. O

NICE O
CXOne O
provides O
an O
omnichannel O
customer O
service O
solution O
that O
provides B-Cause
both I-Cause
contact I-Cause
center I-Cause
infrastructure I-Cause
and I-Cause
WFO/WEM I-Cause
solutions I-Cause
to O
improve B-Effect
call I-Effect
center I-Effect
efficiency I-Effect
. O

With O
the B-Cause
gradual I-Cause
ramp-up I-Cause
of I-Cause
traffic I-Cause
allowed I-Cause
on I-Cause
the I-Cause
Hong I-Cause
Kong-Zhuhai-Macao I-Cause
bridge I-Cause
, I-Cause
new I-Cause
Hengqin I-Cause
border I-Cause
and I-Cause
the I-Cause
Gongbei I-Cause
to I-Cause
Hengqin I-Cause
extension I-Cause
rail I-Cause
, O
Macao B-Effect
's I-Effect
carrying I-Effect
capacity I-Effect
for I-Effect
tourists I-Effect
would I-Effect
increase I-Effect
. O

Construction O
is O
at O
levels O
not O
seen O
since O
2007 O
, O
and O
as O
long O
as O
retailers B-Cause
continue I-Cause
to I-Cause
shift I-Cause
strategies I-Cause
toward I-Cause
online I-Cause
, O
the B-Effect
building I-Effect
should I-Effect
continue I-Effect
. O

We O
think O
that O
adverse B-Effect
economic I-Effect
conditions I-Effect
are I-Effect
the I-Effect
most I-Effect
realistic I-Effect
risk I-Effect
to I-Effect
Dover I-Effect
's I-Effect
results I-Effect
, O
as O
the B-Cause
firm I-Cause
has I-Cause
fallen I-Cause
below I-Cause
its I-Cause
stated I-Cause
3 I-Cause
% I-Cause
-5 I-Cause
% I-Cause
organic I-Cause
growth I-Cause
target I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
specifically O
because O
of O
softness O
in O
its O
refrigeration O
and O
food O
equipment O
markets O
. O

With O
occupancy O
at O
elevated O
levels O
industrywide O
and O
management O
citing O
rent O
increase O
fatigue O
in O
certain O
markets O
, O
we O
see O
decelerating B-Effect
growth I-Effect
as O
a O
risk O
with O
supply B-Cause
and I-Cause
a I-Cause
coronavirus I-Cause
related I-Cause
slowdown I-Cause
hitting I-Cause
the I-Cause
market I-Cause
in I-Cause
the I-Cause
next I-Cause
several I-Cause
years I-Cause
. O

While O
significant O
consolidation O
has O
taken O
place O
, O
Omnicom B-Cause
will I-Cause
continue I-Cause
to I-Cause
operate I-Cause
as I-Cause
a I-Cause
holding I-Cause
company I-Cause
, O
allowing B-Effect
the I-Effect
acquired I-Effect
agencies I-Effect
to I-Effect
maintain I-Effect
their I-Effect
reputations I-Effect
under I-Effect
their I-Effect
own I-Effect
brands I-Effect
and I-Effect
strengthen I-Effect
their I-Effect
relationships I-Effect
with I-Effect
clients I-Effect
. O

In O
the O
long O
run O
, O
we O
think O
that O
the B-Cause
firm I-Cause
's I-Cause
recent I-Cause
acquisitions I-Cause
have O
increased B-Effect
Jacobs I-Effect
' I-Effect
exposure I-Effect
to I-Effect
end I-Effect
markets I-Effect
with O
solid O
growth O
opportunities O
, O
including O
water O
, O
environmental O
, O
transportation O
, O
and O
digital O
consulting O
. O

Brands O
are O
especially O
significant O
on O
the O
commercial O
side O
of O
the O
industry O
, O
where O
clients B-Effect
tend I-Effect
to I-Effect
be I-Effect
retailer-loyal I-Effect
, I-Effect
preferring I-Effect
to I-Effect
stay I-Effect
with I-Effect
trusted I-Effect
partners I-Effect
as O
any B-Cause
cost I-Cause
differentials I-Cause
can I-Cause
largely I-Cause
be I-Cause
passed I-Cause
on I-Cause
to I-Cause
vehicle I-Cause
operators I-Cause
. O

While B-Cause
breaches I-Cause
of I-Cause
banks I-Cause
' I-Cause
internal I-Cause
systems I-Cause
have I-Cause
been I-Cause
relatively I-Cause
rare I-Cause
compared I-Cause
with I-Cause
other I-Cause
payment I-Cause
systems I-Cause
, O
a B-Effect
breach I-Effect
on I-Effect
the I-Effect
bank I-Effect
technology I-Effect
side I-Effect
could I-Effect
have I-Effect
greater I-Effect
consequences I-Effect
. O

Similar O
to O
the O
two O
other O
largest O
distributors O
, O
McKesson B-Cause
has I-Cause
grown I-Cause
to I-Cause
such I-Cause
a I-Cause
significant I-Cause
size I-Cause
that O
regular B-Effect
acquisitions I-Effect
will I-Effect
likely I-Effect
be I-Effect
necessary I-Effect
to I-Effect
supplement I-Effect
growth I-Effect
to I-Effect
offset I-Effect
the I-Effect
overall I-Effect
market I-Effect
deceleration I-Effect
. O

We O
believe O
consumers B-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
the I-Effect
extra I-Effect
premium I-Effect
associated O
with O
3M B-Cause
's I-Cause
products I-Cause
given I-Cause
their I-Cause
reputation I-Cause
for I-Cause
quality I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
superior I-Cause
efficacy I-Cause
. O

We O
estimate O
the B-Cause
companion I-Cause
animal I-Cause
segment I-Cause
should I-Cause
continue I-Cause
to I-Cause
deliver I-Cause
double-digit I-Cause
growth I-Cause
through I-Cause
2025 I-Cause
, O
which O
should O
drive B-Effect
9.6 I-Effect
% I-Effect
total I-Effect
revenue I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

If O
market B-Cause
reception I-Cause
for I-Cause
the I-Cause
next-gen I-Cause
FreeStyle I-Cause
Libre I-Cause
CGM I-Cause
and I-Cause
780g I-Cause
insulin I-Cause
pump I-Cause
exceeds I-Cause
our I-Cause
optimistic I-Cause
expectations I-Cause
, O
Dexcom B-Effect
could I-Effect
bear I-Effect
the I-Effect
brunt I-Effect
of I-Effect
this I-Effect
dynamic I-Effect
. O

During O
the O
next O
five O
years O
, O
Total O
plans O
to O
direct O
about O
15 B-Cause
% I-Cause
of I-Cause
its I-Cause
capital I-Cause
spending I-Cause
toward I-Cause
renewable I-Cause
power I-Cause
generation I-Cause
, O
lifting B-Effect
its I-Effect
gross I-Effect
capacity I-Effect
to I-Effect
35 I-Effect
GW I-Effect
from I-Effect
7 I-Effect
GW I-Effect
today I-Effect
. O

However O
, O
as O
accessories B-Cause
account I-Cause
for I-Cause
about I-Cause
two I-Cause
thirds I-Cause
of I-Cause
its I-Cause
sales I-Cause
, O
it O
is O
evident O
that O
women B-Effect
's I-Effect
handbags I-Effect
are I-Effect
its I-Effect
most I-Effect
important I-Effect
individual I-Effect
category I-Effect
. O

These B-Cause
relationships I-Cause
allow O
Welltower B-Effect
to I-Effect
push I-Effect
revenue I-Effect
enhancing I-Effect
initiatives I-Effect
and I-Effect
cost-control I-Effect
efficiencies I-Effect
at I-Effect
the I-Effect
property I-Effect
level I-Effect
, I-Effect
creating I-Effect
net I-Effect
operating I-Effect
income I-Effect
growth I-Effect
above I-Effect
the I-Effect
industry I-Effect
average I-Effect
, I-Effect
and I-Effect
provide I-Effect
a I-Effect
natural I-Effect
pipeline I-Effect
of I-Effect
acquisition I-Effect
and I-Effect
development I-Effect
opportunities I-Effect
to I-Effect
meet I-Effect
the I-Effect
needs I-Effect
of I-Effect
its I-Effect
growing I-Effect
operating I-Effect
partners I-Effect
. O

Since O
its O
inception O
in O
2005 O
, O
Echo B-Effect
Global I-Effect
Logistics I-Effect
has I-Effect
expanded I-Effect
at I-Effect
a I-Effect
healthy I-Effect
clip I-Effect
, O
supported O
by O
salesforce B-Cause
growth I-Cause
and I-Cause
acquisitions I-Cause
, I-Cause
along I-Cause
with I-Cause
market I-Cause
share I-Cause
gains I-Cause
from I-Cause
asset-based I-Cause
carriers I-Cause
and I-Cause
less I-Cause
sophisticated I-Cause
truck I-Cause
brokers I-Cause
. O

However O
, O
switching O
is O
possible O
, O
and O
the B-Cause
loss I-Cause
of I-Cause
specific I-Cause
clients I-Cause
could O
constrain O
the B-Effect
firm I-Effect
's I-Effect
growth I-Effect
eventually O
, O
especially O
as O
new O
insurance O
competitors O
like O
Anthem O
take O
aim O
at O
this O
market O
. O

While O
this O
is O
truly O
impressive O
we O
are O
unsure O
how O
sustainable O
it O
is O
as O
the B-Cause
competition I-Cause
is I-Cause
increasing I-Cause
in I-Cause
German I-Cause
digital I-Cause
banking I-Cause
, O
which O
could O
drive B-Effect
ING I-Effect
's I-Effect
profitability I-Effect
down I-Effect
to I-Effect
the I-Effect
low-single-digit I-Effect
norm I-Effect
in I-Effect
German I-Effect
banking I-Effect
. O

Coupled B-Cause
with I-Cause
the I-Cause
potential I-Cause
to I-Cause
accelerate I-Cause
its I-Cause
fortressing I-Cause
strategy I-Cause
( I-Cause
increasing I-Cause
store I-Cause
density I-Cause
by I-Cause
splitting I-Cause
franchisee I-Cause
territories I-Cause
) I-Cause
, I-Cause
a I-Cause
more I-Cause
rational I-Cause
delivery I-Cause
environment I-Cause
due I-Cause
to I-Cause
third-party I-Cause
aggregator I-Cause
fee I-Cause
caps I-Cause
in I-Cause
several I-Cause
markets I-Cause
, I-Cause
and I-Cause
new I-Cause
product I-Cause
innovations I-Cause
, I-Cause
Domino I-Cause
's I-Cause
is I-Cause
operating I-Cause
from I-Cause
a I-Cause
position I-Cause
of I-Cause
strength. O
As O
such O
, O
we O
believe O
Domino B-Effect
's I-Effect
can I-Effect
still I-Effect
come I-Effect
close I-Effect
to I-Effect
its I-Effect
2025 I-Effect
targets I-Effect
of I-Effect
25,000 I-Effect
stores I-Effect
worldwide I-Effect
( I-Effect
versus I-Effect
17,600 I-Effect
in I-Effect
2020 I-Effect
) I-Effect
and I-Effect
$ I-Effect
25 I-Effect
billion I-Effect
global I-Effect
retail I-Effect
sales I-Effect
( I-Effect
$ I-Effect
16 I-Effect
billion I-Effect
) I-Effect
. O

Additionally O
, O
we O
also O
expect O
industrial B-Cause
markets I-Cause
to I-Cause
recover I-Cause
, O
which O
we O
think O
will O
boost B-Cause
freight I-Cause
demand I-Cause
for I-Cause
fleet I-Cause
owners I-Cause
, O
leading O
to O
higher B-Effect
revenue I-Effect
for I-Effect
Paccar I-Effect
. O

In O
the O
near O
term O
, O
we O
believe O
the B-Effect
threats I-Effect
from I-Effect
electrification I-Effect
of I-Effect
commercial I-Effect
powertrains I-Effect
are I-Effect
likely I-Effect
to I-Effect
benefit I-Effect
Cummins I-Effect
, O
as O
a B-Cause
panoply I-Cause
of I-Cause
diesel I-Cause
ecosystem I-Cause
participants I-Cause
will I-Cause
seek I-Cause
to I-Cause
preserve I-Cause
the I-Cause
relevance I-Cause
of I-Cause
diesel I-Cause
technology O
. O

In B-Cause
addition I-Cause
, I-Cause
the I-Cause
flexibility I-Cause
of I-Cause
choosing I-Cause
which I-Cause
other I-Cause
users I-Cause
would I-Cause
have I-Cause
access I-Cause
to I-Cause
one I-Cause
's I-Cause
profile I-Cause
attracted I-Cause
more I-Cause
users I-Cause
and I-Cause
increased I-Cause
user I-Cause
engagement I-Cause
, O
which O
resulted O
in O
users B-Effect
spending I-Effect
more I-Effect
time I-Effect
on I-Effect
Facebook I-Effect
and I-Effect
, I-Effect
in I-Effect
turn I-Effect
, I-Effect
an I-Effect
early I-Effect
establishment I-Effect
of I-Effect
a I-Effect
network I-Effect
effect I-Effect
. O

With O
TurboTax B-Cause
and I-Cause
QuickBooks I-Cause
online I-Cause
sales I-Cause
having I-Cause
eclipsed I-Cause
their I-Cause
respective I-Cause
desktop I-Cause
sales I-Cause
, O
Intuit B-Effect
has I-Effect
now I-Effect
transitioned I-Effect
into I-Effect
a I-Effect
cloud-first I-Effect
company I-Effect
. O

Because O
of O
the B-Cause
availability I-Cause
of I-Cause
competing I-Cause
service I-Cause
offerings I-Cause
, O
consumers B-Effect
have I-Effect
historically I-Effect
shown I-Effect
reluctance I-Effect
to I-Effect
pay I-Effect
premiums I-Effect
for I-Effect
these I-Effect
services I-Effect
and I-Effect
gravitate I-Effect
to I-Effect
the I-Effect
lowest-cost I-Effect
provider I-Effect
, O
making O
margin B-Effect
expansion I-Effect
a I-Effect
difficult I-Effect
proposition I-Effect
. O

IQVIA O
's O
leadership O
within O
the B-Cause
CRO I-Cause
market I-Cause
and I-Cause
continuous I-Cause
technological I-Cause
advances I-Cause
gives I-Cause
us I-Cause
confidence I-Cause
that O
it O
will O
be O
able O
to O
maintain B-Effect
its I-Effect
trusted I-Effect
brand I-Effect
name I-Effect
and I-Effect
keep I-Effect
up I-Effect
with I-Effect
the I-Effect
ongoing I-Effect
innovation I-Effect
in I-Effect
the I-Effect
industry I-Effect
. O

American B-Cause
Electric I-Cause
Power I-Cause
operates I-Cause
utilities I-Cause
east I-Cause
and I-Cause
west I-Cause
of I-Cause
the I-Cause
Mississippi I-Cause
River I-Cause
, O
providing O
investors B-Effect
protection I-Effect
from I-Effect
any I-Effect
one I-Effect
adverse I-Effect
regulatory I-Effect
ruling I-Effect
. O

However O
, O
we B-Cause
note I-Cause
Lam I-Cause
has I-Cause
already I-Cause
benefited I-Cause
immensely I-Cause
from I-Cause
the I-Cause
initial I-Cause
planar I-Cause
to I-Cause
3D I-Cause
NAND I-Cause
conversion I-Cause
and O
share B-Effect
gains I-Effect
from I-Effect
2016 I-Effect
to I-Effect
2018 I-Effect
. O

Seagate B-Effect
will I-Effect
attempt I-Effect
to I-Effect
offset I-Effect
the I-Effect
decline I-Effect
in I-Effect
its I-Effect
legacy I-Effect
markets I-Effect
by O
making B-Cause
a I-Cause
pivot I-Cause
fully I-Cause
into I-Cause
mass I-Cause
capacity I-Cause
storage鈥攎ost I-Cause
notably I-Cause
nearline I-Cause
storage I-Cause
. O

Over B-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, I-Cause
we I-Cause
are I-Cause
modeling I-Cause
a I-Cause
roughly I-Cause
200-basis-point I-Cause
adjusted I-Cause
operating I-Cause
margin I-Cause
expansion I-Cause
from I-Cause
4.7 I-Cause
% I-Cause
in I-Cause
fiscal I-Cause
2020 I-Cause
to I-Cause
6.7 I-Cause
% I-Cause
by I-Cause
fiscal I-Cause
2025 I-Cause
, O
largely B-Effect
driven I-Effect
by I-Effect
management I-Effect
's I-Effect
general I-Effect
and I-Effect
administrative I-Effect
cost-reduction I-Effect
plan I-Effect
, I-Effect
and I-Effect
mix I-Effect
shift I-Effect
toward I-Effect
higher-margin I-Effect
design I-Effect
and I-Effect
consulting I-Effect
services I-Effect
work I-Effect
. O

Though O
Sun O
Life O
achieved O
record O
revenue O
growth O
of O
nearly O
50 O
% O
in O
2016 O
and O
2017 O
, O
revenue B-Effect
declined I-Effect
35 I-Effect
% I-Effect
in I-Effect
2018 I-Effect
because O
of O
market B-Cause
volatility I-Cause
and I-Cause
a I-Cause
tough I-Cause
competitive I-Cause
environment I-Cause
. O

If B-Cause
the I-Cause
long-term I-Cause
clinical I-Cause
data I-Cause
consistently I-Cause
suggest I-Cause
longevity I-Cause
on I-Cause
par I-Cause
with I-Cause
that I-Cause
of I-Cause
surgical I-Cause
valve I-Cause
replacement I-Cause
, O
we B-Effect
would I-Effect
expect I-Effect
transacatheter I-Effect
aortic I-Effect
valves I-Effect
to I-Effect
become I-Effect
the I-Effect
standard I-Effect
of I-Effect
treatment I-Effect
. O

However O
if O
it B-Cause
does I-Cause
not I-Cause
succeed I-Cause
with I-Cause
that I-Cause
transaction I-Cause
, O
its B-Effect
ROICs I-Effect
may I-Effect
permanently I-Effect
track I-Effect
at I-Effect
a I-Effect
lower I-Effect
level I-Effect
closer I-Effect
to I-Effect
WACC I-Effect
. O

Having B-Cause
30 I-Cause
% I-Cause
of I-Cause
its I-Cause
assets I-Cause
under I-Cause
management I-Cause
dedicated I-Cause
to I-Cause
alternative I-Cause
strategies I-Cause
and I-Cause
17 I-Cause
% I-Cause
committed I-Cause
to I-Cause
multi-asset I-Cause
strategies I-Cause
and I-Cause
other I-Cause
products I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
December I-Cause
, O
the B-Effect
firm I-Effect
is I-Effect
not I-Effect
as I-Effect
heavily I-Effect
exposed I-Effect
to I-Effect
the I-Effect
impact I-Effect
passive I-Effect
investing I-Effect
has I-Effect
had I-Effect
on I-Effect
active I-Effect
equities I-Effect
. O

Users B-Effect
will I-Effect
find I-Effect
it I-Effect
inconvenient I-Effect
to I-Effect
switch I-Effect
to I-Effect
alternative I-Effect
platforms I-Effect
for I-Effect
communication I-Effect
, I-Effect
social I-Effect
networking I-Effect
, I-Effect
content I-Effect
consumption I-Effect
, I-Effect
and I-Effect
payment I-Effect
, O
as O
many B-Cause
of I-Cause
these I-Cause
services I-Cause
are I-Cause
not I-Cause
in I-Cause
one I-Cause
platform I-Cause
, I-Cause
unlike I-Cause
WeChat I-Cause
. O

Competitors B-Effect
have I-Effect
no I-Effect
incentive I-Effect
to I-Effect
build I-Effect
a I-Effect
competing I-Effect
transmission I-Effect
line I-Effect
if O
a B-Cause
line I-Cause
is I-Cause
already I-Cause
serving I-Cause
a I-Cause
market I-Cause
's I-Cause
full I-Cause
capacity I-Cause
. O

In O
2021 O
we O
expect O
sales B-Effect
to I-Effect
recover I-Effect
5 I-Effect
% I-Effect
and I-Effect
in I-Effect
2022 I-Effect
thereafter I-Effect
we I-Effect
expect I-Effect
sales I-Effect
to I-Effect
grow I-Effect
2 I-Effect
% I-Effect
-3 I-Effect
% I-Effect
as O
consumers B-Cause
continue I-Cause
to I-Cause
eat I-Cause
more I-Cause
chicken I-Cause
in I-Cause
lieu I-Cause
of I-Cause
red I-Cause
meat I-Cause
, I-Cause
and I-Cause
exports I-Cause
benefit I-Cause
from I-Cause
China I-Cause
's I-Cause
late-2019 I-Cause
decision I-Cause
to I-Cause
lift I-Cause
its I-Cause
ban I-Cause
on I-Cause
U.S I-Cause
. I-Cause

Despite O
currently O
loose O
capacity O
, O
broader B-Cause
trucking I-Cause
industry I-Cause
issues I-Cause
such I-Cause
as I-Cause
driver I-Cause
availability I-Cause
will O
probably O
drive B-Effect
intermittent I-Effect
capacity I-Effect
constraints I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
, O
assuming O
modest O
freight O
demand O
growth O
. O

Over O
the O
next O
few O
quarters O
, O
we O
expect O
increased B-Cause
demand I-Cause
and I-Cause
factors I-Cause
related I-Cause
to I-Cause
the I-Cause
coronavirus I-Cause
are O
likely O
to O
result O
in O
higher B-Effect
costs I-Effect
, I-Effect
particularly I-Effect
related I-Effect
to I-Effect
safety I-Effect
, I-Effect
logistics I-Effect
, I-Effect
maintenance I-Effect
, I-Effect
and I-Effect
labor I-Effect
. O

Since O
analog B-Cause
chips I-Cause
are I-Cause
neither I-Cause
particularly I-Cause
expensive I-Cause
, I-Cause
nor I-Cause
do I-Cause
they I-Cause
require I-Cause
cutting-edge I-Cause
manufacturing I-Cause
techniques I-Cause
, O
high-quality B-Cause
analog I-Cause
chipmakers I-Cause
tend I-Cause
to I-Cause
retain I-Cause
design I-Cause
wins I-Cause
for I-Cause
the I-Cause
life I-Cause
of I-Cause
the I-Cause
product I-Cause
, O
yet O
maintain B-Effect
healthy I-Effect
pricing I-Effect
and I-Effect
strong I-Effect
profitability I-Effect
on I-Effect
such I-Effect
sales I-Effect
over I-Effect
time I-Effect
. O

Texas B-Effect
Instruments I-Effect
and I-Effect
its I-Effect
peers I-Effect
faced I-Effect
a I-Effect
cyclical I-Effect
downturn I-Effect
in I-Effect
2019 I-Effect
due O
to O
sluggish B-Effect
electronics I-Effect
demand I-Effect
caused O
by O
U.S.-China B-Cause
trade I-Cause
tensions I-Cause
, O
as O
the O
company O
's O
sales O
declined O
9 O
% O
in O
2019 O
. O

Consistent B-Cause
free I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
will B-Effect
allow I-Effect
International I-Effect
Flavors I-Effect
& I-Effect
Fragrances I-Effect
to I-Effect
maintain I-Effect
a I-Effect
strong I-Effect
financial I-Effect
condition I-Effect
and I-Effect
capitalize I-Effect
on I-Effect
value-accretive I-Effect
, I-Effect
tuck-in I-Effect
M I-Effect
& I-Effect
A I-Effect
opportunities I-Effect
. O

Although O
participants O
with O
GeneSight O
demonstrated O
improvement O
and O
passed O
markers O
of O
response O
and O
remission O
( O
secondary O
endpoints O
at O
about O
26 O
% O
and O
15 O
% O
, O
respectively O
) O
, O
its B-Effect
primary I-Effect
endpoint I-Effect
was I-Effect
negative I-Effect
and I-Effect
statistically I-Effect
insignificant I-Effect
, O
which O
lost B-Cause
some I-Cause
credibility I-Cause
of I-Cause
the I-Cause
test I-Cause
in I-Cause
the I-Cause
academic I-Cause
community I-Cause
. O

Chipotle B-Effect
remains I-Effect
a I-Effect
compelling I-Effect
growth I-Effect
story I-Effect
, O
with O
system B-Cause
sales I-Cause
frequently I-Cause
expanding I-Cause
at I-Cause
double-digit I-Cause
annual I-Cause
rates I-Cause
as O
the B-Cause
brand I-Cause
aggressively I-Cause
develops I-Cause
its I-Cause
U.S I-Cause
. I-Cause

We O
acknowledge O
that O
acquisitions B-Cause
of I-Cause
certain I-Cause
drugs I-Cause
with I-Cause
obvious I-Cause
synergies I-Cause
can O
support B-Effect
strong I-Effect
returns I-Effect
, O
but O
we O
do O
n't O
think O
this O
strategy O
can O
generate O
long-term O
competitive O
advantages O
. O

Between O
2021 O
and O
2025 O
, O
we O
assume O
the B-Effect
firm I-Effect
can I-Effect
post I-Effect
organic I-Effect
top-line I-Effect
expansion I-Effect
of I-Effect
about I-Effect
7 I-Effect
% I-Effect
as O
the B-Cause
economy I-Cause
normalizes I-Cause
and I-Cause
residential I-Cause
housing I-Cause
construction I-Cause
remains I-Cause
strong I-Cause
. O

No B-Effect
other I-Effect
specialty I-Effect
beauty I-Effect
retailers I-Effect
can I-Effect
match I-Effect
the I-Effect
size I-Effect
and I-Effect
breadth I-Effect
of I-Effect
products I-Effect
offered I-Effect
in I-Effect
Ulta I-Effect
's I-Effect
stores I-Effect
because O
competitors B-Cause
' I-Cause
stores I-Cause
are I-Cause
smaller I-Cause
. O

However O
, O
the O
key O
to O
a O
brand O
intangible O
is O
the O
ability O
to O
command B-Cause
premium I-Cause
pricing I-Cause
and O
, O
in O
turn O
, O
deliver B-Effect
economic I-Effect
profits I-Effect
. O

Notably O
, O
management O
recently O
highlighted O
that O
roughly B-Cause
one I-Cause
third I-Cause
of I-Cause
Humana I-Cause
's I-Cause
members I-Cause
are I-Cause
currently I-Cause
managed I-Cause
under I-Cause
full-risk I-Cause
arrangements I-Cause
with I-Cause
providers I-Cause
, O
which O
leads O
to O
significantly B-Effect
higher I-Effect
profits I-Effect
and I-Effect
better I-Effect
health I-Effect
outcomes I-Effect
than O
unaligned O
relationships O
. O

With O
Cavium B-Cause
's I-Cause
products I-Cause
and I-Cause
capabilities I-Cause
in I-Cause
tow I-Cause
, O
we O
believe O
Marvell B-Effect
is I-Effect
in I-Effect
a I-Effect
much I-Effect
stronger I-Effect
position I-Effect
within I-Effect
networking I-Effect
, O
after O
previously O
struggling O
to O
gain O
significant O
traction O
in O
the O
networking O
chip O
space O
. O

Partnered B-Cause
programs I-Cause
in I-Cause
neurology I-Cause
( I-Cause
with I-Cause
Roche I-Cause
and I-Cause
Biogen I-Cause
) I-Cause
and I-Cause
cardiology I-Cause
( I-Cause
with I-Cause
Novartis I-Cause
and I-Cause
Pfizer I-Cause
) I-Cause
are I-Cause
in I-Cause
late-stage I-Cause
development I-Cause
, O
putting B-Effect
Ionis I-Effect
in I-Effect
a I-Effect
position I-Effect
to I-Effect
see I-Effect
new I-Effect
royalty I-Effect
streams I-Effect
by I-Effect
the I-Effect
mid-2020s I-Effect
. O

The B-Effect
COVID-19 I-Effect
pandemic I-Effect
will I-Effect
likely I-Effect
be I-Effect
a I-Effect
tailwind I-Effect
to I-Effect
Akamai I-Effect
's I-Effect
media I-Effect
business I-Effect
, O
as O
more B-Cause
content I-Cause
is I-Cause
consumed I-Cause
over I-Cause
the I-Cause
Internet I-Cause
, O
but O
pressures O
the O
pandemic O
will O
cause O
in O
other O
parts O
of O
the O
business O
offset O
much O
of O
the O
benefit O
. O

However O
, O
the B-Cause
firm I-Cause
has I-Cause
had I-Cause
issues I-Cause
with I-Cause
its I-Cause
10-nanometer I-Cause
process I-Cause
in I-Cause
recent I-Cause
years I-Cause
, I-Cause
and I-Cause
has I-Cause
announced I-Cause
its I-Cause
7-nm I-Cause
process I-Cause
will I-Cause
be I-Cause
delayed I-Cause
6-12 I-Cause
months I-Cause
, O
thus O
opening B-Effect
the I-Effect
door I-Effect
for I-Effect
competitors I-Effect
such I-Effect
as I-Effect
AMD I-Effect
to I-Effect
gain I-Effect
share I-Effect
. O

With O
switching B-Cause
costs I-Cause
low I-Cause
, O
data B-Effect
breaches I-Effect
( I-Effect
which I-Effect
could I-Effect
also I-Effect
compromise I-Effect
customer I-Effect
payment I-Effect
information I-Effect
) I-Effect
or I-Effect
food-safety I-Effect
missteps I-Effect
in I-Effect
its I-Effect
private-label I-Effect
portfolio I-Effect
could I-Effect
impact I-Effect
performance I-Effect
. O

GTT O
has O
a B-Cause
portfolio I-Cause
of I-Cause
patents I-Cause
and I-Cause
decades I-Cause
of I-Cause
experience I-Cause
that O
allow O
it O
to O
safely B-Effect
manage I-Effect
traffic I-Effect
, O
and O
we O
think O
the B-Effect
business I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to O
capitalize B-Cause
on I-Cause
growing I-Cause
demand I-Cause
for I-Cause
smart I-Cause
city I-Cause
technologies I-Cause
. O

Carriers O
' O
most O
valuable O
assets O
are O
their O
networks O
, O
and O
any B-Cause
disruption I-Cause
to I-Cause
the I-Cause
network I-Cause
, O
whether O
temporarily O
during O
a O
tower O
switch O
or O
more O
permanently O
as O
a O
result O
of O
a O
new O
setup O
and O
location O
, O
risks B-Effect
customer I-Effect
dissatisfaction I-Effect
. O

Neo-banks B-Cause
focused I-Cause
on I-Cause
a I-Cause
digital I-Cause
offering I-Cause
are I-Cause
growing I-Cause
in I-Cause
number I-Cause
, O
and O
while O
some O
are O
reporting O
large O
percentage O
growth O
rates O
in O
their O
loan O
books O
, O
they B-Effect
have I-Effect
made I-Effect
only I-Effect
a I-Effect
minor I-Effect
dent I-Effect
in I-Effect
terms I-Effect
of I-Effect
market I-Effect
share I-Effect
. O

While B-Cause
the I-Cause
ongoing I-Cause
pandemic I-Cause
has I-Cause
been I-Cause
a I-Cause
net I-Cause
negative I-Cause
, I-Cause
expanded I-Cause
capacity I-Cause
of I-Cause
COVID-19 I-Cause
testing I-Cause
and I-Cause
high I-Cause
demand I-Cause
for I-Cause
protein I-Cause
inputs I-Cause
have O
mostly B-Effect
offset I-Effect
the I-Effect
temporary I-Effect
headwinds I-Effect
of I-Effect
lab I-Effect
shutdowns I-Effect
and I-Effect
research I-Effect
cuts I-Effect
. O

In O
the O
early O
days O
of O
chip O
design O
, O
such O
tools B-Effect
were I-Effect
less I-Effect
necessary I-Effect
as O
designs B-Cause
were I-Cause
less I-Cause
complex I-Cause
and I-Cause
more I-Cause
archaic I-Cause
. O

Steris B-Effect
' I-Effect
ability I-Effect
to I-Effect
selectively I-Effect
expand I-Effect
its I-Effect
plant I-Effect
footprint I-Effect
will I-Effect
be I-Effect
an I-Effect
important I-Effect
determinant I-Effect
of I-Effect
future I-Effect
returns I-Effect
, O
since O
expanding B-Cause
too I-Cause
quickly I-Cause
could I-Cause
result I-Cause
in I-Cause
underutilized I-Cause
plants I-Cause
compressing I-Cause
margins I-Cause
. O

However O
, O
NICE B-Effect
remains I-Effect
a I-Effect
leader I-Effect
in I-Effect
the I-Effect
arena I-Effect
, O
with O
the B-Cause
firm I-Cause
's I-Cause
features I-Cause
and I-Cause
functionality I-Cause
exceeding I-Cause
those I-Cause
of I-Cause
other I-Cause
players I-Cause
, O
in O
our O
view O
. O

As B-Cause
the I-Cause
firm I-Cause
continues I-Cause
to I-Cause
innovate I-Cause
and I-Cause
maintain I-Cause
a I-Cause
comprehensive I-Cause
set I-Cause
of I-Cause
products I-Cause
for I-Cause
businesses I-Cause
, O
we B-Effect
believe I-Effect
Coupa I-Effect
can I-Effect
maintain I-Effect
its I-Effect
competitive I-Effect
positioning I-Effect
. O

Because O
contact O
lenses O
are O
largely O
paid O
for O
out O
of O
pocket O
, O
CooperVision O
is O
largely O
unaffected O
by O
pressure O
from O
insurers O
and O
we O
have O
seen O
rational B-Cause
pricing I-Cause
prevail I-Cause
over I-Cause
the I-Cause
past I-Cause
decades I-Cause
and O
we B-Effect
do I-Effect
not I-Effect
expect I-Effect
any I-Effect
price I-Effect
wars I-Effect
to I-Effect
emerge I-Effect
. O

We B-Effect
think I-Effect
taking I-Effect
share I-Effect
in I-Effect
the I-Effect
high-end I-Effect
market I-Effect
with I-Effect
consumers I-Effect
who I-Effect
earn I-Effect
more I-Effect
than I-Effect
$ I-Effect
175,000 I-Effect
annually I-Effect
with I-Effect
brands I-Effect
AllModern I-Effect
, O
Perigold O
, O
Birch O
Lane O
, O
and O
Joss O
& O
Main O
could O
be O
a O
bit O
more O
difficult O
as O
the B-Cause
willingness I-Cause
to I-Cause
spend I-Cause
on I-Cause
big-ticket I-Cause
products I-Cause
sight I-Cause
unseen I-Cause
could I-Cause
be I-Cause
a I-Cause
bit I-Cause
lower I-Cause
. O

After O
79 O
% O
and O
24 O
% O
room O
supply O
growth O
in O
Las O
Vegas O
during O
the O
1990s O
and O
the O
first O
decade O
of O
this O
millennium O
, O
room B-Cause
supply I-Cause
has I-Cause
not I-Cause
increased I-Cause
through I-Cause
2019 I-Cause
, O
helping B-Effect
sustain I-Effect
Las I-Effect
Vegas I-Effect
Strip I-Effect
industry I-Effect
occupancy I-Effect
at I-Effect
healthy I-Effect
levels I-Effect
of I-Effect
around I-Effect
90 I-Effect
% I-Effect
. O

Customers B-Effect
' I-Effect
thirst I-Effect
for I-Effect
value I-Effect
remains I-Effect
as O
the B-Cause
economic I-Cause
recovery I-Cause
is I-Cause
uneven I-Cause
, O
but O
competition B-Effect
for I-Effect
discretionary I-Effect
dollars I-Effect
is I-Effect
rising I-Effect
as O
pandemic-affected B-Cause
categories I-Cause
( I-Cause
like I-Cause
restaurants I-Cause
) I-Cause
rebound I-Cause
. O

We O
continue O
to O
expect O
Sands B-Effect
China I-Effect
sales I-Effect
to I-Effect
average I-Effect
high-single-digit I-Effect
percentage I-Effect
growth I-Effect
during I-Effect
2023-30 I-Effect
, O
a O
forecast O
we O
now O
have O
increased O
conviction O
in O
, O
given O
our O
view O
that O
Sands B-Cause
will I-Cause
reinvest I-Cause
proceeds I-Cause
from I-Cause
the I-Cause
planned I-Cause
sale I-Cause
of I-Cause
Vegas I-Cause
assets I-Cause
into I-Cause
the I-Cause
region I-Cause
( O
if O
permitted O
to O
do O
so O
by O
the O
government O
) O
. O

These O
initiatives O
will O
likely O
foster O
increased O
foot O
traffic O
and O
possibly O
work O
toward O
improved O
care O
coordination O
long O
term O
objectives O
with O
a O
recently O
announced B-Cause
partnership I-Cause
with I-Cause
Humana I-Cause
and O
Advocate B-Effect
Healthcare I-Effect
to I-Effect
offer I-Effect
primary I-Effect
care I-Effect
. O

Abrasive B-Cause
fluids I-Cause
create I-Cause
constant I-Cause
wear I-Cause
and I-Cause
tear I-Cause
on I-Cause
equipment I-Cause
, O
creating B-Effect
a I-Effect
steady I-Effect
demand I-Effect
for I-Effect
replacement I-Effect
parts I-Effect
( O
for O
example O
, O
spray O
gun O
tips O
) O
. O

The O
long-running B-Cause
deflationary I-Cause
environment I-Cause
in I-Cause
the I-Cause
country I-Cause
has O
led O
to O
persistently B-Effect
low I-Effect
demand I-Effect
for I-Effect
loans I-Effect
, O
with O
the O
loan/deposit O
ratio O
having O
declined O
from O
74 O
% O
in O
2000 O
to O
around O
55 O
% O
at O
present O
. O

Although O
tobacco O
companies O
spend O
roughly O
$ O
10 O
billion O
on O
marketing O
in O
the O
U.S. O
, O
roughly B-Cause
two I-Cause
thirds I-Cause
is I-Cause
spent I-Cause
on I-Cause
price I-Cause
discounts I-Cause
to O
reduce B-Effect
the I-Effect
cost I-Effect
of I-Effect
cigarettes I-Effect
to I-Effect
consumers I-Effect
. O

That O
said O
, O
we O
do O
expect O
modest B-Effect
margin I-Effect
improvements I-Effect
driven I-Effect
by I-Effect
mix I-Effect
, O
as O
we O
forecast O
that O
the B-Cause
high I-Cause
margin I-Cause
consumables I-Cause
segment I-Cause
will I-Cause
remain I-Cause
the I-Cause
largest I-Cause
component I-Cause
of I-Cause
the I-Cause
company I-Cause
's I-Cause
revenue I-Cause
and I-Cause
continue I-Cause
expanding I-Cause
and O
we O
anticipate O
additional B-Effect
cost I-Effect
improvements I-Effect
following I-Effect
the I-Effect
full I-Effect
integration I-Effect
of I-Effect
the I-Effect
Hospira I-Effect
acquisition I-Effect
. O

Regarding O
customer O
touchpoints O
, O
while O
ZIA O
and O
ZPA O
represent O
umbrella O
terms O
, O
each O
suite O
offers O
capabilities O
that O
span O
the O
entire O
gamut O
of O
the O
security O
stack O
, O
and O
the B-Effect
firm I-Effect
has I-Effect
had I-Effect
success I-Effect
deepening I-Effect
relationships I-Effect
with O
its B-Cause
growing I-Cause
customer I-Cause
base I-Cause
through I-Cause
upselling I-Cause
incremental I-Cause
seats I-Cause
and I-Cause
cross-selling I-Cause
additional I-Cause
modules I-Cause
. O

Even O
though O
mainstream O
fare O
should O
continue O
to O
deteriorate O
and O
weigh O
disproportionately O
on O
the O
portfolio O
, O
we O
see O
increasing B-Effect
contributions I-Effect
from I-Effect
above-premium I-Effect
as O
the B-Cause
world I-Cause
normalizes I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
. O

Further O
, O
Gildan B-Effect
's I-Effect
activewear I-Effect
sales I-Effect
plummeted I-Effect
34 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
, O
as O
the B-Cause
virus I-Cause
has I-Cause
greatly I-Cause
reduced I-Cause
demand I-Cause
for I-Cause
printwear I-Cause
, O
which O
is O
exposed O
to O
corporate O
and O
consumer O
spending O
. O

We B-Effect
do I-Effect
not I-Effect
think I-Effect
Steris I-Effect
will I-Effect
have I-Effect
any I-Effect
issue I-Effect
paying I-Effect
down I-Effect
this I-Effect
additional I-Effect
debt I-Effect
, O
given O
the B-Cause
firm I-Cause
's I-Cause
consistent I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
, O
and O
we O
anticipate O
gross O
leverage O
below O
3.0 O
times O
EBITDA O
by O
2024 O
, O
compared O
with O
leverage O
of O
around O
3-times O
once O
the O
Cantel O
deal O
closes O
. O

Net O
outflows B-Effect
of I-Effect
$ I-Effect
23.7 I-Effect
billion I-Effect
during I-Effect
the I-Effect
September I-Effect
quarter I-Effect
were I-Effect
better I-Effect
than O
our O
forecast O
for O
$ O
29.5 O
billion O
, O
as O
the O
company B-Cause
held I-Cause
on I-Cause
to I-Cause
more I-Cause
fixed-income I-Cause
AUM I-Cause
than I-Cause
we I-Cause
had I-Cause
been I-Cause
projecting I-Cause
for I-Cause
the I-Cause
quarter I-Cause
. O

Commercial B-Effect
aerospace I-Effect
is I-Effect
in I-Effect
its I-Effect
worst I-Effect
downcycle I-Effect
ever I-Effect
because O
the B-Cause
pandemic I-Cause
has I-Cause
made I-Cause
consumers I-Cause
and I-Cause
businesses I-Cause
less I-Cause
willing I-Cause
to I-Cause
travel I-Cause
. O

Management O
is O
targeting O
an O
average O
of O
7 O
% O
per O
year O
EPS O
growth O
over O
the O
next O
six O
years O
but O
our O
forecasts B-Effect
for I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
factor I-Effect
in I-Effect
only I-Effect
2.9 I-Effect
% I-Effect
per I-Effect
year I-Effect
growth I-Effect
driven O
mostly O
by O
buybacks B-Cause
. O

Finally O
, O
we O
expect B-Effect
TE I-Effect
to I-Effect
continue I-Effect
expanding I-Effect
its I-Effect
margins I-Effect
via I-Effect
footprint I-Effect
consolidation I-Effect
, O
as O
it B-Cause
streamlines I-Cause
the I-Cause
fixed-asset I-Cause
portfolio I-Cause
it I-Cause
has I-Cause
gained I-Cause
over I-Cause
a I-Cause
decade I-Cause
of I-Cause
acquisitions I-Cause
. O

In O
addition O
to O
adding O
capacity O
, O
new O
technologies O
like O
HAMR B-Cause
and I-Cause
dual I-Cause
actuators I-Cause
help O
to O
increase B-Effect
speeds I-Effect
and I-Effect
lower I-Effect
TCO I-Effect
at I-Effect
larger I-Effect
capacities I-Effect
. O

ICE O
offers O
futures O
contracts O
tied O
to O
oil O
and O
other O
petroleum O
products O
on O
its O
exchanges O
, O
exposing O
it O
to O
the B-Effect
risk I-Effect
of I-Effect
reduced I-Effect
demand I-Effect
for O
its O
futures O
if O
global B-Cause
oil I-Cause
consumption I-Cause
declines I-Cause
as O
a O
result O
of O
environmental B-Cause
concerns I-Cause
. O

Driving B-Cause
this I-Cause
growth I-Cause
are I-Cause
beneficial I-Cause
trends I-Cause
in I-Cause
the I-Cause
semiconductor I-Cause
industry I-Cause
, I-Cause
including B-Effect
the I-Effect
rise I-Effect
of I-Effect
in-house I-Effect
custom I-Effect
chip I-Effect
design I-Effect
( I-Effect
as I-Effect
Moore I-Effect
's I-Effect
Law I-Effect
slows I-Effect
) I-Effect
, I-Effect
and I-Effect
proliferation I-Effect
of I-Effect
key I-Effect
technologies I-Effect
such I-Effect
as I-Effect
5G I-Effect
, I-Effect
cloud I-Effect
computing I-Effect
, I-Effect
AI/ML I-Effect
, I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
, I-Effect
and I-Effect
autonomous I-Effect
vehicles I-Effect
; O
these B-Effect
should I-Effect
bolster I-Effect
EDA I-Effect
and I-Effect
IP I-Effect
growth I-Effect
. O

We O
expect O
net B-Effect
interest I-Effect
margins I-Effect
to I-Effect
remain I-Effect
below I-Effect
their I-Effect
prepandemic I-Effect
level I-Effect
for I-Effect
some I-Effect
time I-Effect
as O
interest B-Cause
rates I-Cause
will I-Cause
likely I-Cause
remain I-Cause
low I-Cause
and I-Cause
it I-Cause
will I-Cause
take I-Cause
time I-Cause
for I-Cause
Capital I-Cause
One I-Cause
's I-Cause
credit I-Cause
card I-Cause
portfolio I-Cause
to I-Cause
recover I-Cause
to I-Cause
its I-Cause
original I-Cause
size I-Cause
. O

We O
believe O
occupancy B-Effect
will I-Effect
struggle I-Effect
to I-Effect
maintain I-Effect
its I-Effect
lofty I-Effect
rates I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
as O
newly B-Cause
penetrated I-Cause
markets I-Cause
do I-Cause
not I-Cause
reflect I-Cause
the I-Cause
supply I-Cause
constraints I-Cause
present I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
West I-Cause
Coast I-Cause
properties I-Cause
. O

SBA B-Cause
controls I-Cause
more I-Cause
than I-Cause
70 I-Cause
% I-Cause
of I-Cause
its I-Cause
land I-Cause
for I-Cause
more I-Cause
than I-Cause
20 I-Cause
years I-Cause
, O
so O
land B-Effect
control I-Effect
risk I-Effect
is I-Effect
not I-Effect
significant I-Effect
near I-Effect
term I-Effect
. O

For O
instance O
, O
the B-Cause
acquisition I-Cause
of I-Cause
the I-Cause
largest I-Cause
network I-Cause
camera I-Cause
provider I-Cause
, I-Cause
Axis I-Cause
AB I-Cause
( I-Cause
2015 I-Cause
) I-Cause
, I-Cause
and I-Cause
the I-Cause
largest I-Cause
security I-Cause
camera I-Cause
software I-Cause
maker I-Cause
, I-Cause
Milestone I-Cause
Systems I-Cause
( I-Cause
2014 I-Cause
) I-Cause
, O
will O
contribute B-Effect
to I-Effect
Canon I-Effect
becoming I-Effect
the I-Effect
top I-Effect
player I-Effect
industrywide I-Effect
. O

If O
companies B-Effect
can I-Effect
not I-Effect
justify I-Effect
additional I-Effect
network I-Effect
costs I-Effect
due O
to O
the B-Cause
lack I-Cause
of I-Cause
productivity I-Cause
increases I-Cause
or I-Cause
additional I-Cause
feature I-Cause
set I-Cause
demand I-Cause
, O
Nokia B-Effect
and I-Effect
CSP I-Effect
equipment I-Effect
providers I-Effect
may I-Effect
face I-Effect
daunting I-Effect
headwinds I-Effect
. O

LabCorp B-Effect
is I-Effect
also I-Effect
a I-Effect
strong I-Effect
contender I-Effect
as O
it B-Cause
relates I-Cause
to I-Cause
data I-Cause
because O
its B-Cause
CRO I-Cause
business I-Cause
is I-Cause
paired I-Cause
with I-Cause
its I-Cause
lab I-Cause
and I-Cause
diagnostics I-Cause
arm I-Cause
, O
which O
generates B-Effect
its I-Effect
own I-Effect
impressive I-Effect
set I-Effect
of I-Effect
patient I-Effect
data I-Effect
. O

Furthermore O
, O
we O
believe O
pricing B-Effect
gains I-Effect
will I-Effect
be I-Effect
bound I-Effect
by I-Effect
the I-Effect
hesitancy I-Effect
of I-Effect
new I-Effect
cruisers I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
as O
those B-Effect
potential I-Effect
customers I-Effect
could I-Effect
opt I-Effect
for I-Effect
more I-Effect
safely I-Effect
perceived I-Effect
land-based I-Effect
vacations I-Effect
, O
given O
the B-Cause
recent I-Cause
media I-Cause
hype I-Cause
. O

As O
replacement B-Cause
of I-Cause
a I-Cause
failed I-Cause
part I-Cause
is I-Cause
often I-Cause
critical I-Cause
to I-Cause
the I-Cause
operability I-Cause
of I-Cause
the I-Cause
vehicle I-Cause
, O
consumers B-Effect
favor I-Effect
trusted I-Effect
retailers I-Effect
that I-Effect
are I-Effect
likely I-Effect
to I-Effect
have I-Effect
the I-Effect
part I-Effect
needed I-Effect
on I-Effect
hand I-Effect
( I-Effect
or I-Effect
can I-Effect
obtain I-Effect
it I-Effect
quickly I-Effect
) I-Effect
, I-Effect
aiding I-Effect
larger I-Effect
chains I-Effect
like I-Effect
Advance I-Effect
. O

On O
the O
ad O
side O
, O
we B-Effect
expect I-Effect
revenue I-Effect
to I-Effect
decline I-Effect
by I-Effect
2 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
spending B-Cause
for I-Cause
the I-Cause
2020 I-Cause
presidential I-Cause
election I-Cause
mutes I-Cause
some I-Cause
of I-Cause
the I-Cause
impact I-Cause
of I-Cause
COVID-19 I-Cause
. O

PNC O
arguably O
has O
excess O
capital O
, O
and O
with O
the B-Cause
latest I-Cause
proposed I-Cause
regulatory I-Cause
capital I-Cause
changes I-Cause
( O
tailoring O
rules O
) O
, O
PNC B-Cause
should I-Cause
be I-Cause
able I-Cause
to I-Cause
shed I-Cause
even I-Cause
more I-Cause
excess I-Cause
capital I-Cause
as O
a O
way O
to O
improve B-Effect
returns I-Effect
, O
although O
pressure B-Cause
from I-Cause
the I-Cause
fallout I-Cause
of I-Cause
COVID-19 I-Cause
will O
likely O
put O
any O
excess B-Effect
capital I-Effect
return O
on O
hold O
for O
now O
. O

Measurements B-Cause
of I-Cause
temperature I-Cause
, I-Cause
vibration I-Cause
, I-Cause
power I-Cause
, I-Cause
and I-Cause
other I-Cause
elements I-Cause
enable O
the B-Effect
software I-Effect
to I-Effect
predict I-Effect
maintenance I-Effect
needs I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
changes I-Effect
needed I-Effect
to I-Effect
meet I-Effect
performance I-Effect
requirements I-Effect
. O

Tariffs B-Effect
, O
for O
example O
, O
threaten B-Cause
Honeywell I-Cause
's I-Cause
supply I-Cause
chain I-Cause
and I-Cause
could I-Cause
have I-Cause
an I-Cause
impact I-Cause
on I-Cause
its I-Cause
cost I-Cause
inputs I-Cause
, O
which O
may B-Effect
be I-Effect
difficult I-Effect
to I-Effect
offset I-Effect
with I-Effect
increased I-Effect
pricing I-Effect
in I-Effect
certain I-Effect
markets I-Effect
. O

As O
its B-Cause
investments I-Cause
in I-Cause
inventory I-Cause
management I-Cause
technology I-Cause
and I-Cause
supply I-Cause
chain I-Cause
automation I-Cause
are I-Cause
spread I-Cause
across I-Cause
a I-Cause
broader I-Cause
pool I-Cause
of I-Cause
sales I-Cause
and I-Cause
stores I-Cause
, O
the O
firm B-Effect
's I-Effect
cost I-Effect
profile I-Effect
improves I-Effect
in I-Effect
a I-Effect
way I-Effect
that I-Effect
is I-Effect
difficult I-Effect
for I-Effect
smaller I-Effect
competitors I-Effect
to I-Effect
replicate I-Effect
. O

Similarly O
, O
we B-Effect
expect I-Effect
that I-Effect
a I-Effect
large-scale I-Effect
move I-Effect
by I-Effect
manufacturers I-Effect
in I-Effect
favor I-Effect
of I-Effect
direct I-Effect
shipping I-Effect
is I-Effect
unlikely I-Effect
, O
due O
to O
the B-Cause
infrastructure I-Cause
required I-Cause
, I-Cause
end I-Cause
customers I-Cause
' I-Cause
price I-Cause
inelasticity I-Cause
, I-Cause
and I-Cause
the I-Cause
convenience I-Cause
associated I-Cause
with I-Cause
repair I-Cause
shops I-Cause
ordering I-Cause
parts I-Cause
made I-Cause
by I-Cause
multiple I-Cause
makers I-Cause
from I-Cause
one I-Cause
source I-Cause
. O

Our B-Effect
longer-term I-Effect
expectations I-Effect
remain I-Effect
favorable I-Effect
for I-Effect
stronger I-Effect
growth I-Effect
stemming O
from O
Zoetis B-Cause
' I-Cause
larger I-Cause
presence I-Cause
in I-Cause
companion I-Cause
animal I-Cause
diagnostics I-Cause
and I-Cause
improved I-Cause
profitability I-Cause
thanks I-Cause
to I-Cause
new I-Cause
products I-Cause
. O

It B-Effect
has I-Effect
strong I-Effect
pricing I-Effect
power I-Effect
in I-Effect
its I-Effect
consumer I-Effect
health I-Effect
business I-Effect
, O
led O
by O
high B-Cause
risk I-Cause
aversion I-Cause
in I-Cause
the I-Cause
pain I-Cause
medication I-Cause
and I-Cause
sexual I-Cause
health I-Cause
categories I-Cause
, I-Cause
and I-Cause
favourable I-Cause
industry I-Cause
structures I-Cause
. O

Compared B-Cause
with I-Cause
other I-Cause
E I-Cause
& I-Cause
amp I-Cause
; I-Cause
C I-Cause
firms I-Cause
under I-Cause
our I-Cause
coverage I-Cause
, I-Cause
Fluor I-Cause
has I-Cause
substantially I-Cause
higher I-Cause
exposure I-Cause
to I-Cause
the I-Cause
energy I-Cause
, I-Cause
chemicals I-Cause
, I-Cause
and I-Cause
mining I-Cause
sectors. O
As O
such O
, O
it B-Effect
was I-Effect
a I-Effect
key I-Effect
beneficiary I-Effect
of I-Effect
high I-Effect
oil I-Effect
prices I-Effect
, I-Effect
elevated I-Effect
capital I-Effect
expenditures I-Effect
in I-Effect
the I-Effect
mining I-Effect
sector I-Effect
, I-Effect
and I-Effect
China I-Effect
's I-Effect
infrastructure I-Effect
boom I-Effect
during I-Effect
that I-Effect
period I-Effect
. O

Due O
to O
the B-Cause
completion I-Cause
of I-Cause
Netflix I-Cause
's I-Cause
global I-Cause
expansion I-Cause
( I-Cause
excluding I-Cause
China I-Cause
) I-Cause
and I-Cause
lower I-Cause
prices I-Cause
, O
we O
expect O
the B-Effect
international I-Effect
streaming I-Effect
paid I-Effect
subscriber I-Effect
base I-Effect
to I-Effect
expand I-Effect
to I-Effect
300 I-Effect
million I-Effect
by I-Effect
2025 I-Effect
. O

The B-Cause
Northern I-Cause
California I-Cause
and I-Cause
Seattle I-Cause
markets I-Cause
have I-Cause
seen I-Cause
significant I-Cause
job I-Cause
and I-Cause
income I-Cause
growth I-Cause
generated O
by O
the B-Cause
technology I-Cause
industry I-Cause
, O
which O
has B-Effect
created I-Effect
substantial I-Effect
apartment I-Effect
demand I-Effect
. O

We O
believe O
KLA B-Effect
is I-Effect
well I-Effect
positioned I-Effect
for I-Effect
the I-Effect
long-term I-Effect
, O
as O
chipmakers B-Cause
will I-Cause
require I-Cause
more I-Cause
advanced I-Cause
PDC I-Cause
tools I-Cause
to I-Cause
go I-Cause
with I-Cause
fabrication I-Cause
technologies I-Cause
featuring I-Cause
smaller I-Cause
circuit I-Cause
sizes I-Cause
, I-Cause
new I-Cause
materials I-Cause
, I-Cause
and I-Cause
more I-Cause
process I-Cause
steps I-Cause
. O

Yet O
, O
the B-Cause
rise I-Cause
of I-Cause
the I-Cause
public I-Cause
cloud I-Cause
has O
resulted O
in O
an B-Effect
increasing I-Effect
need I-Effect
to I-Effect
access I-Effect
data I-Effect
from I-Effect
different I-Effect
databases I-Effect
in I-Effect
one I-Effect
place I-Effect
. O

After O
the B-Cause
March I-Cause
2020 I-Cause
acquisition I-Cause
of I-Cause
Interxion I-Cause
, I-Cause
a I-Cause
firm I-Cause
with I-Cause
almost I-Cause
exclusively I-Cause
colocation I-Cause
and I-Cause
interconnection I-Cause
revenue I-Cause
, O
we O
expect O
Digital B-Effect
's I-Effect
wholesale I-Effect
contribution I-Effect
to I-Effect
fall I-Effect
to I-Effect
about I-Effect
60 I-Effect
% I-Effect
. O

However O
, O
over O
time O
, O
improved B-Cause
gross I-Cause
margin I-Cause
results O
from O
strong B-Cause
private-label I-Cause
penetration I-Cause
and I-Cause
better I-Cause
merchandising I-Cause
could O
outpace B-Cause
operating I-Cause
expense I-Cause
growth I-Cause
, O
leading O
to O
operating B-Effect
margins I-Effect
that I-Effect
rise I-Effect
more I-Effect
than I-Effect
10 I-Effect
basis I-Effect
points I-Effect
on I-Effect
average I-Effect
annually I-Effect
, I-Effect
from I-Effect
9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

Booking B-Cause
's I-Cause
position I-Cause
in I-Cause
these I-Cause
relatively I-Cause
attractive I-Cause
markets I-Cause
is I-Cause
higher I-Cause
than I-Cause
the I-Cause
other I-Cause
Tier I-Cause
1 I-Cause
OTAs I-Cause
, O
which B-Effect
results I-Effect
in I-Effect
higher I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
. O

While O
much O
of O
this O
is O
attributable O
to O
strong B-Cause
equity I-Cause
market I-Cause
performance I-Cause
, O
S O
& O
amp O
; O
P B-Effect
has I-Effect
also I-Effect
benefited I-Effect
from I-Effect
the I-Effect
ongoing I-Effect
shift I-Effect
from I-Effect
active I-Effect
mutual I-Effect
funds I-Effect
to I-Effect
passive I-Effect
vehicles I-Effect
-- I-Effect
both I-Effect
index I-Effect
funds I-Effect
and I-Effect
ETFs I-Effect
. O

Over O
the O
next O
10 O
years O
, O
we O
estimate O
that O
adjusted B-Effect
ROIC I-Effect
including I-Effect
goodwill I-Effect
will I-Effect
be I-Effect
materially I-Effect
lower I-Effect
, O
given O
the B-Cause
acquisition I-Cause
of I-Cause
Core-Mark I-Cause
. O

The B-Cause
monetization I-Cause
of I-Cause
, I-Cause
and I-Cause
higher I-Cause
ROI I-Cause
on I-Cause
, I-Cause
machine I-Cause
learning I-Cause
stems O
from O
the O
fact O
that O
the B-Cause
technology I-Cause
increases I-Cause
the I-Cause
volume I-Cause
and I-Cause
click-through I-Cause
rates I-Cause
of I-Cause
ads I-Cause
, O
resulting O
in O
more B-Effect
ad I-Effect
revenue I-Effect
. O

Further O
, O
due O
to O
store B-Cause
closures I-Cause
and I-Cause
a I-Cause
lack I-Cause
of I-Cause
consistent I-Cause
organic I-Cause
growth I-Cause
, O
we O
forecast O
Macy B-Effect
's I-Effect
revenue I-Effect
will I-Effect
remain I-Effect
below I-Effect
the I-Effect
$ I-Effect
25 I-Effect
billion I-Effect
achieved I-Effect
in I-Effect
2019 I-Effect
. O

Regulators B-Cause
help I-Cause
control I-Cause
pricing I-Cause
in I-Cause
the I-Cause
market I-Cause
at I-Cause
times I-Cause
, I-Cause
such I-Cause
as I-Cause
on I-Cause
mortgage I-Cause
products I-Cause
, O
helping O
reduce B-Effect
the I-Effect
potential I-Effect
for I-Effect
pricing I-Effect
wars I-Effect
to I-Effect
gain I-Effect
market I-Effect
share I-Effect
at I-Effect
the I-Effect
expense I-Effect
of I-Effect
underwriting I-Effect
standards I-Effect
. O

Payment B-Effect
processing I-Effect
of I-Effect
any I-Effect
type I-Effect
is I-Effect
a I-Effect
highly I-Effect
scalable I-Effect
business I-Effect
, O
as O
once B-Cause
a I-Cause
payment I-Cause
platform I-Cause
is I-Cause
established I-Cause
, I-Cause
there I-Cause
is I-Cause
little I-Cause
incremental I-Cause
cost I-Cause
to I-Cause
additional I-Cause
transactions I-Cause
. O

The B-Effect
1990s I-Effect
saw I-Effect
a I-Effect
wave I-Effect
of I-Effect
consolidation I-Effect
in I-Effect
the I-Effect
local I-Effect
station I-Effect
marketplace I-Effect
that I-Effect
has I-Effect
continued I-Effect
to I-Effect
this I-Effect
day I-Effect
as O
the B-Cause
Federal I-Cause
Communications I-Cause
Commission I-Cause
has I-Cause
weakened I-Cause
its I-Cause
stance I-Cause
on I-Cause
media I-Cause
ownership I-Cause
concentration I-Cause
. O

We O
are O
increasing B-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
to I-Cause
$ I-Cause
77 I-Cause
from I-Cause
$ I-Cause
74 I-Cause
to O
reflect B-Effect
our I-Effect
stronger I-Effect
near-term I-Effect
revenue I-Effect
and I-Effect
margin I-Effect
expectations I-Effect
. I-Effect

As B-Cause
hard I-Cause
discounters I-Cause
take I-Cause
share I-Cause
in I-Cause
the I-Cause
grocery I-Cause
industry I-Cause
, O
the B-Effect
risk I-Effect
of I-Effect
unfavourable I-Effect
channel I-Effect
shifts I-Effect
is I-Effect
likely I-Effect
to I-Effect
increase I-Effect
over I-Effect
time I-Effect
( O
as O
branded O
items O
are O
downplayed O
in O
the O
channel O
relative O
to O
private-label O
goods O
) O
. O

GE B-Cause
's I-Cause
economies I-Cause
of I-Cause
scale I-Cause
afford O
it B-Effect
the I-Effect
privilege I-Effect
of I-Effect
hiring I-Effect
a I-Effect
large I-Effect
salesforce I-Effect
of I-Effect
specialists I-Effect
for I-Effect
each I-Effect
types I-Effect
of I-Effect
units I-Effect
, O
including O
MRIs O
, O
X-rays O
, O
CT O
scans O
, O
ultrasounds O
, O
and O
mammography O
machines O
. O

However O
, O
we O
expect B-Effect
the I-Effect
operating I-Effect
margin I-Effect
to I-Effect
drop I-Effect
slightly I-Effect
by I-Effect
2025 I-Effect
( I-Effect
estimated I-Effect
) I-Effect
from I-Effect
2024 I-Effect
( O
estimated O
) O
as O
we B-Cause
expect I-Cause
intensified I-Cause
competition I-Cause
may I-Cause
result I-Cause
in I-Cause
slightly I-Cause
higher I-Cause
costs I-Cause
. O

A B-Effect
second I-Effect
business I-Effect
within I-Effect
this I-Effect
segment I-Effect
is O
military O
shipbuilding O
via O
a O
joint O
venture O
with O
Fincantieri O
Marinette O
Marine O
, O
which O
benefits O
from O
the B-Cause
substantial I-Cause
required I-Cause
knowledge I-Cause
to I-Cause
enter I-Cause
the I-Cause
business I-Cause
, I-Cause
the I-Cause
steep I-Cause
fixed I-Cause
costs I-Cause
of I-Cause
building I-Cause
a I-Cause
shipyard I-Cause
from I-Cause
the I-Cause
ground I-Cause
up I-Cause
, I-Cause
and I-Cause
the I-Cause
decades-long I-Cause
ship I-Cause
product I-Cause
cycle I-Cause
. O

The B-Cause
rise I-Cause
in I-Cause
e-commerce I-Cause
and I-Cause
online I-Cause
grocery I-Cause
has I-Cause
the I-Cause
potential I-Cause
to O
increase B-Effect
demand I-Effect
for I-Effect
temperature-controlled I-Effect
warehouse I-Effect
space I-Effect
, O
although O
vertical O
integration O
among O
some O
of O
Americold O
's O
largest O
customers O
is O
a O
concern O
. O

Because O
of O
its B-Cause
exclusive I-Cause
relationship I-Cause
with I-Cause
Home I-Cause
Depot I-Cause
, O
Behr B-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
expand I-Effect
market I-Effect
share I-Effect
without O
having O
to O
make O
costly O
investments O
in O
company-owned O
store O
space O
like O
Sherwin-Williams O
and O
PPG O
. O

As O
contracts B-Cause
for I-Cause
defense I-Cause
hardware I-Cause
essentially I-Cause
grants I-Cause
a I-Cause
monopoly I-Cause
on I-Cause
the I-Cause
product I-Cause
once I-Cause
the I-Cause
product I-Cause
is I-Cause
granted I-Cause
, O
we B-Effect
also I-Effect
see I-Effect
some I-Effect
modest I-Effect
switching I-Effect
costs I-Effect
stemming I-Effect
from I-Effect
a I-Effect
lack I-Effect
of I-Effect
viable I-Effect
alternatives I-Effect
, O
but O
this B-Effect
is I-Effect
partially I-Effect
mitigated I-Effect
by O
the B-Cause
government I-Cause
's I-Cause
right I-Cause
to I-Cause
license I-Cause
patents I-Cause
to I-Cause
third I-Cause
parties I-Cause
. O

We O
believe O
Robert B-Effect
Half I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
out-earn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
in I-Effect
the I-Effect
next I-Effect
recession I-Effect
, O
supported O
by O
its B-Cause
intangible I-Cause
assets I-Cause
and I-Cause
network I-Cause
effect I-Cause
in I-Cause
matching I-Cause
higher-skill I-Cause
professionals I-Cause
with I-Cause
clients I-Cause
looking I-Cause
for I-Cause
qualified I-Cause
candidates I-Cause
. O

In O
those O
states O
, O
Anthem B-Cause
provides I-Cause
insurance I-Cause
to I-Cause
about I-Cause
one I-Cause
in I-Cause
every I-Cause
three I-Cause
people I-Cause
, O
which O
gives O
it O
significant B-Effect
scale-related I-Effect
cost I-Effect
advantages I-Effect
. O

Historically O
, O
the O
company O
has O
copiously O
rewarded O
employees O
with O
stock-based O
compensation O
, O
and O
decreasing B-Cause
this I-Cause
benefit I-Cause
could O
weigh O
on O
employee B-Effect
retention I-Effect
and I-Effect
hiring I-Effect
. O

We O
assume O
Dollar O
General O
's O
footprint O
continues O
to O
expand O
, O
with O
longer-term B-Effect
annual I-Effect
square I-Effect
footage I-Effect
growth I-Effect
rates I-Effect
in I-Effect
the I-Effect
mid-single I-Effect
digits I-Effect
( I-Effect
in I-Effect
line I-Effect
with I-Effect
its I-Effect
average I-Effect
over I-Effect
the I-Effect
past I-Effect
three I-Effect
years I-Effect
) I-Effect
as O
the B-Cause
chain I-Cause
matures I-Cause
. O

By O
2030 O
, O
we O
expect O
operating B-Effect
margin I-Effect
to I-Effect
reach I-Effect
roughly I-Effect
17 I-Effect
% I-Effect
, O
due O
to O
the B-Cause
full-ramp I-Cause
up I-Cause
of I-Cause
production I-Cause
and I-Cause
fixed I-Cause
cost I-Cause
leverage I-Cause
against I-Cause
overhead I-Cause
expenses I-Cause
. O

We B-Effect
forecast I-Effect
a I-Effect
35 I-Effect
% I-Effect
five-year I-Effect
sales I-Effect
CAGR I-Effect
driven O
by O
a B-Cause
prolifically I-Cause
expanding I-Cause
customer I-Cause
base I-Cause
, I-Cause
larger I-Cause
deal I-Cause
sizes I-Cause
, I-Cause
and I-Cause
resilient I-Cause
retention I-Cause
rates I-Cause
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
315 I-Effect
per I-Effect
share I-Effect
, I-Effect
up I-Effect
from I-Effect
$ I-Effect
275 I-Effect
, O
reflecting O
our B-Cause
increased I-Cause
optimism I-Cause
for I-Cause
post-vaccine I-Cause
rollout I-Cause
sales I-Cause
. O

RingCentral O
closed O
15 O
seven-figure O
total O
contract O
value O
deals O
in O
2017 O
, O
100 O
in O
2019 O
, O
and O
a O
record O
number O
in O
the O
fourth O
quarter O
of O
2020 O
, O
an B-Effect
indication I-Effect
of I-Effect
increasing I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
as O
RingCentral B-Cause
lands I-Cause
larger I-Cause
initial I-Cause
deals I-Cause
. O

The B-Cause
four-player I-Cause
structure I-Cause
has O
resulted O
in O
a B-Effect
long I-Effect
history I-Effect
of I-Effect
stiff I-Effect
price I-Effect
competition I-Effect
, O
initially O
as O
carriers O
scrambled O
to O
gain O
share O
in O
a O
growing O
market O
and O
more O
recently O
as O
carriers O
have O
fought O
to O
keep O
customers O
in O
a O
tough O
economic O
environment O
. O

Broadly O
, O
our O
assessment O
reflects O
the O
dominance O
of O
HSBC O
in O
Hong O
Kong O
; O
the B-Cause
more I-Cause
challenging I-Cause
regulatory I-Cause
environment I-Cause
in I-Cause
the I-Cause
U.K I-Cause
, O
which O
lowers B-Effect
excess I-Effect
returns I-Effect
earned I-Effect
from I-Effect
a I-Effect
strong I-Effect
competitive I-Effect
position I-Effect
; I-Effect
and I-Effect
its I-Effect
weak I-Effect
position I-Effect
in I-Effect
the I-Effect
United I-Effect
States I-Effect
. O

However O
, O
we O
expect O
6 B-Effect
% I-Effect
and I-Effect
4 I-Effect
% I-Effect
declines I-Effect
in I-Effect
these I-Effect
geographies I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
, O
as O
consumers B-Cause
shift I-Cause
back I-Cause
to I-Cause
away-from-home I-Cause
eating I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
. O

Finally O
, O
while B-Effect
Alphabet I-Effect
generates I-Effect
economic I-Effect
profit I-Effect
through I-Effect
Google I-Effect
, I-Effect
which I-Effect
we I-Effect
think I-Effect
will I-Effect
continue I-Effect
, I-Effect
this I-Effect
profit I-Effect
would I-Effect
be I-Effect
higher I-Effect
were B-Cause
it I-Cause
not I-Cause
for I-Cause
Alphabet I-Cause
's I-Cause
strategy I-Cause
of I-Cause
remaining I-Cause
a I-Cause
step I-Cause
ahead I-Cause
in I-Cause
terms I-Cause
of I-Cause
innovation I-Cause
. O

Additionally O
, O
a B-Cause
software I-Cause
glitch I-Cause
prevented I-Cause
it I-Cause
from I-Cause
reporting I-Cause
money-laundering I-Cause
activities I-Cause
for I-Cause
an I-Cause
extended I-Cause
period I-Cause
, I-Cause
increasing I-Cause
the I-Cause
likelihood I-Cause
of I-Cause
further I-Cause
investigations I-Cause
in I-Cause
the I-Cause
future. O
As O
a O
result O
, O
we B-Effect
believe I-Effect
Deutsche I-Effect
Bank I-Effect
has I-Effect
a I-Effect
low I-Effect
probability I-Effect
but I-Effect
medium I-Effect
to I-Effect
high I-Effect
materiality I-Effect
of I-Effect
an I-Effect
environmental I-Effect
, I-Effect
social I-Effect
, I-Effect
and I-Effect
governance- I-Effect
, I-Effect
or I-Effect
ESG- I-Effect
related I-Effect
event I-Effect
destroying I-Effect
shareholder I-Effect
value I-Effect
. O

The B-Cause
acquisition I-Cause
of I-Cause
Aclara I-Cause
( I-Cause
completed I-Cause
on I-Cause
February I-Cause
2018 I-Cause
) I-Cause
, O
which O
provides O
smart O
meter O
and O
communication O
solutions O
, O
only O
reinforces B-Effect
these I-Effect
switching I-Effect
costs I-Effect
, O
in O
our O
view O
. O

The B-Cause
challenge I-Cause
will I-Cause
be I-Cause
for I-Cause
ADP I-Cause
to I-Cause
increase I-Cause
its I-Cause
value I-Cause
proposition I-Cause
and I-Cause
introduce I-Cause
new I-Cause
offerings I-Cause
that O
maintain B-Effect
its I-Effect
high I-Effect
switching I-Effect
costs I-Effect
. O

Protective B-Cause
solutions O
( O
10 O
% O
of O
sales O
) O
should O
be O
able O
to O
drive B-Effect
revenue I-Effect
growth I-Effect
of O
around O
5 O
% O
annually O
and O
enjoy B-Effect
margin I-Effect
expansion I-Effect
. O

The B-Effect
partnership I-Effect
is I-Effect
also I-Effect
exposed I-Effect
to I-Effect
cash I-Effect
flow I-Effect
volatility I-Effect
because O
of O
changes B-Cause
in I-Cause
margins I-Cause
and I-Cause
volumes I-Cause
for I-Cause
various I-Cause
energy I-Cause
products I-Cause
. O

Low B-Cause
natural I-Cause
gas I-Cause
prices I-Cause
and I-Cause
intensifying I-Cause
environmental I-Cause
regulations I-Cause
across I-Cause
North I-Cause
America I-Cause
put O
much B-Effect
of I-Effect
CP I-Effect
's I-Effect
utility I-Effect
coal I-Effect
shipments I-Effect
at I-Effect
risk I-Effect
of I-Effect
disappearing I-Effect
over I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

In O
the O
2013-21 O
RIIO O
regulatory O
framework O
, O
National B-Cause
Grid I-Cause
can I-Cause
earn I-Cause
a I-Cause
7 I-Cause
% I-Cause
real I-Cause
return I-Cause
on I-Cause
its I-Cause
transmission I-Cause
assets I-Cause
plus I-Cause
incentives I-Cause
, O
which O
could O
add B-Effect
300 I-Effect
basis I-Effect
points I-Effect
or I-Effect
more I-Effect
to I-Effect
its I-Effect
return I-Effect
on I-Effect
equity I-Effect
. O

These B-Cause
relationships I-Cause
result I-Effect
in I-Effect
switching B-Effect
costs I-Effect
, O
as O
relations B-Cause
become I-Cause
sticky I-Cause
and I-Cause
changing I-Cause
equipment I-Cause
would I-Cause
require I-Cause
a I-Cause
significant I-Cause
amount I-Cause
of I-Cause
money I-Cause
and I-Cause
time I-Cause
in I-Cause
retraining I-Cause
personnel I-Cause
. O

As O
genetically B-Cause
modified I-Cause
seeds I-Cause
, I-Cause
which I-Cause
are I-Cause
equipped I-Cause
with I-Cause
traits I-Cause
to I-Cause
fight I-Cause
insects I-Cause
, I-Cause
expand I-Cause
to I-Cause
new I-Cause
markets I-Cause
such I-Cause
as I-Cause
China I-Cause
and I-Cause
India I-Cause
over I-Cause
the I-Cause
next I-Cause
decade I-Cause
, O
we B-Effect
see I-Effect
insecticide I-Effect
demand I-Effect
falling I-Effect
over I-Effect
the I-Effect
long I-Effect
term I-Effect
. O

However O
, O
too B-Cause
much I-Cause
volatility I-Cause
can I-Cause
have I-Cause
a I-Cause
negative I-Cause
impact I-Cause
on I-Cause
the I-Cause
health I-Cause
of I-Cause
Nasdaq I-Cause
's I-Cause
largest I-Cause
trading I-Cause
customers I-Cause
, O
which O
would O
weigh B-Effect
on I-Effect
volume I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
. O

Operating B-Cause
deleverage I-Cause
and I-Cause
investments I-Cause
for I-Cause
strategic I-Cause
initiatives I-Cause
will O
likely O
weigh B-Effect
on I-Effect
restaurant I-Effect
profits I-Effect
this I-Effect
year I-Effect
, O
with O
our O
model O
calling O
for O
17.5 O
% O
restaurant O
margins O
in O
2020 O
versus O
20.5 O
% O
in O
2019 O
. O

Also O
, O
Match B-Cause
Group I-Cause
, I-Cause
as I-Cause
it I-Cause
has I-Cause
demonstrated I-Cause
historically I-Cause
, O
is O
likely O
to O
acquire B-Effect
some I-Effect
competitors I-Effect
to I-Effect
broaden I-Effect
the I-Effect
portfolio I-Effect
and I-Effect
strengthen I-Effect
the I-Effect
network I-Effect
effect I-Effect
around I-Effect
it I-Effect
. O

Finally O
, O
given O
the B-Cause
completely I-Cause
stagnant I-Cause
demand I-Cause
outlook I-Cause
, I-Cause
virtually I-Cause
no I-Cause
new I-Cause
pipes I-Cause
are I-Cause
being I-Cause
constructed I-Cause
, O
meaning O
Magellan B-Effect
faces I-Effect
no I-Effect
new I-Effect
competitive I-Effect
threats I-Effect
from I-Effect
that I-Effect
angle I-Effect
. O

For O
decades O
, O
both B-Cause
Deere I-Cause
and I-Cause
CNH I-Cause
have I-Cause
steadily I-Cause
improved I-Cause
the I-Cause
performance I-Cause
of I-Cause
machinery I-Cause
, O
allowing O
farmers B-Effect
to I-Effect
do I-Effect
more I-Effect
with I-Effect
less I-Effect
. O

Once O
Zillow B-Cause
purchases I-Cause
the I-Cause
home I-Cause
, O
it B-Effect
makes I-Effect
the I-Effect
necessary I-Effect
renovations I-Effect
and I-Effect
adjustments I-Effect
to I-Effect
prepare I-Effect
it I-Effect
for I-Effect
resale I-Effect
on I-Effect
the I-Effect
open I-Effect
market I-Effect
on I-Effect
its I-Effect
proprietary I-Effect
website I-Effect
. O

We O
project O
capital B-Effect
spending I-Effect
to I-Effect
fall I-Effect
from I-Effect
45 I-Effect
% I-Effect
of I-Effect
sales I-Effect
in I-Effect
2020 I-Effect
to I-Effect
just I-Effect
under I-Effect
20 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
as O
new B-Cause
data I-Cause
construction I-Cause
slows I-Cause
. O

Customer B-Effect
concentration I-Effect
risk I-Effect
with I-Effect
EQT I-Effect
is I-Effect
a I-Effect
concern I-Effect
, O
as O
EQT B-Cause
makes I-Cause
up I-Cause
about I-Cause
70 I-Cause
% I-Cause
of I-Cause
Equitrans I-Cause
' I-Cause
revenue I-Cause
, O
just O
underwent O
a O
significant O
management O
shakeup O
, O
and O
historically O
has O
been O
a O
weaker O
Appalachian O
operator O
, O
though O
the O
planned O
improvements O
have O
largely O
been O
achieved O
or O
exceeded O
to O
date O
. O

Landstar B-Effect
also I-Effect
represents I-Effect
an I-Effect
attractive I-Effect
source I-Effect
of I-Effect
freight I-Effect
opportunities I-Effect
for I-Effect
carriers I-Effect
, O
thanks O
to O
its B-Cause
ability I-Cause
to I-Cause
aggregate I-Cause
fragmented I-Cause
demand I-Cause
across I-Cause
a I-Cause
broad I-Cause
customer I-Cause
base I-Cause
of I-Cause
shippers I-Cause
. O

At O
some O
point O
in O
the O
future O
, O
we O
expect O
there O
to O
be O
a O
tipping O
point O
at O
which O
the B-Cause
consumer I-Cause
is I-Cause
no I-Cause
longer I-Cause
willing I-Cause
to I-Cause
continue I-Cause
accepting I-Cause
price I-Cause
increases I-Cause
above I-Cause
the I-Cause
broader I-Cause
rate I-Cause
of I-Cause
inflation I-Cause
, O
leading O
to O
an B-Effect
increase I-Effect
in I-Effect
price I-Effect
elasticity I-Effect
. O

With O
2020-21 B-Effect
could I-Effect
be I-Effect
plagued I-Effect
by I-Effect
competitive I-Effect
pricing I-Effect
as O
Carnival B-Cause
and I-Cause
the I-Cause
other I-Cause
cruise I-Cause
operators I-Cause
try I-Cause
to I-Cause
entice I-Cause
cruisers I-Cause
to I-Cause
sail I-Cause
again I-Cause
, O
we O
do O
n't O
see O
Carnival O
reaching O
2019 O
pricing O
again O
until O
2024 O
. O

Because O
Broadridge B-Cause
earns I-Cause
the I-Cause
same I-Cause
fee I-Cause
if I-Cause
a I-Cause
beneficial I-Cause
owner I-Cause
owns I-Cause
10 I-Cause
shares I-Cause
or I-Cause
1,000 I-Cause
shares I-Cause
, O
it B-Effect
is I-Effect
the I-Effect
number I-Effect
of I-Effect
positions I-Effect
that I-Effect
matters I-Effect
, O
and O
we O
expect O
total O
positions O
to O
be O
robust O
through O
a O
variety O
of O
market O
conditions O
. O

Uncertainty B-Effect
as I-Effect
to I-Effect
image I-Effect
quality I-Effect
in O
poor B-Cause
weather I-Cause
or I-Cause
from I-Cause
other I-Cause
obstructions I-Cause
needs O
to O
be O
considered O
by O
regulators O
as O
well O
. O

PSXP B-Cause
's I-Cause
assets I-Cause
typically I-Cause
are I-Cause
unique I-Cause
to I-Cause
a I-Cause
specific I-Cause
refinery I-Cause
and I-Cause
handle I-Cause
all I-Cause
of I-Cause
the I-Cause
refinery I-Cause
's I-Cause
needs I-Cause
, O
making O
it B-Effect
uneconomical I-Effect
for I-Effect
Phillips I-Effect
66 I-Effect
to I-Effect
switch I-Effect
suppliers I-Effect
or I-Effect
allow I-Effect
competitors I-Effect
to I-Effect
enter I-Effect
. O

We O
view O
these B-Cause
investments I-Cause
as I-Cause
prudent I-Cause
and O
believe O
they O
will O
allow B-Effect
the I-Effect
company I-Effect
to I-Effect
strengthen I-Effect
key I-Effect
trademarks I-Effect
such I-Effect
as I-Effect
Mountain I-Effect
Dew I-Effect
and I-Effect
Gatorade I-Effect
while I-Effect
also I-Effect
yielding I-Effect
enough I-Effect
cost I-Effect
savings I-Effect
to I-Effect
reinvest I-Effect
and I-Effect
widen I-Effect
profits I-Effect
. O

The O
firm O
lost O
market O
share O
in O
its O
important O
firewall O
business O
and O
we O
believe O
Check B-Effect
Point I-Effect
is I-Effect
at I-Effect
a I-Effect
critical I-Effect
time I-Effect
to I-Effect
expand I-Effect
its I-Effect
customer I-Effect
presence I-Effect
as O
enterprises B-Cause
use I-Cause
more I-Cause
cloud-based I-Cause
applications I-Cause
. O

We O
're O
also O
modeling O
260 O
basis O
points O
of O
adjusted O
net O
operating O
margin O
( O
EBIT/net O
revenue O
) O
gains O
, O
to O
about B-Effect
10 I-Effect
% I-Effect
on I-Effect
leverage I-Effect
from O
net B-Cause
revenue I-Cause
growth I-Cause
and I-Cause
rising I-Cause
truckload I-Cause
transaction I-Cause
automation I-Cause
, O
despite O
a O
likely B-Effect
uptick I-Effect
in I-Effect
certain I-Effect
costs I-Effect
like I-Effect
travel I-Effect
and I-Effect
entertainment I-Effect
as O
the B-Cause
economy I-Cause
reopens I-Cause
. O

We O
also O
think O
that O
at O
times O
the B-Effect
company I-Effect
's I-Effect
share I-Effect
price I-Effect
experiences I-Effect
a I-Effect
high I-Effect
coloration I-Effect
with O
the B-Cause
price I-Cause
of I-Cause
oil I-Cause
and I-Cause
divorces I-Cause
from I-Cause
the I-Cause
underlying I-Cause
demand I-Cause
and I-Cause
financial I-Cause
fundamentals I-Cause
. O

We B-Effect
expect I-Effect
the I-Effect
number I-Effect
of I-Effect
Free I-Effect
People I-Effect
stores I-Effect
to I-Effect
climb I-Effect
to I-Effect
249 I-Effect
in I-Effect
fiscal I-Effect
2031 I-Effect
from I-Effect
149 I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
fiscal I-Effect
2021 I-Effect
as O
it B-Cause
opens I-Cause
dozens I-Cause
of I-Cause
FP I-Cause
Movement I-Cause
standalone I-Cause
locations I-Cause
. O

In O
addition O
, O
given B-Cause
the I-Cause
global I-Cause
pricing I-Cause
transparency I-Cause
that O
the O
Internet O
has O
made O
possible O
, O
adjusting B-Effect
pricing I-Effect
to I-Effect
currency I-Effect
moves I-Effect
has I-Effect
become I-Effect
a I-Effect
more I-Effect
challenging I-Effect
task I-Effect
. O

As O
the O
pivot O
toward O
products O
like O
Flex O
and O
Marketing O
Campaigns O
continues O
, O
Twilio B-Effect
will I-Effect
enjoy I-Effect
not I-Effect
only I-Effect
better I-Effect
gross I-Effect
margins I-Effect
, I-Effect
but I-Effect
also I-Effect
stronger I-Effect
switching I-Effect
costs I-Effect
due O
to O
the B-Cause
difficulty I-Cause
associated I-Cause
with I-Cause
replacing I-Cause
these I-Cause
systems I-Cause
. O

We O
're O
bumping B-Cause
up I-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
for I-Cause
Clorox I-Cause
to I-Cause
$ I-Cause
163 I-Cause
, I-Cause
from I-Cause
$ I-Cause
154 I-Cause
, O
to O
reflect B-Effect
its I-Effect
stellar I-Effect
start I-Effect
to I-Effect
the I-Effect
fiscal I-Effect
year I-Effect
and I-Effect
our I-Effect
belief I-Effect
that O
consumers O
' O
newfound O
penchant O
for O
personal O
and O
household O
cleaning O
is O
unlikely O
to O
moderate O
in O
the O
near O
term O
. O

Scale B-Cause
and I-Cause
deepening I-Cause
commercial I-Cause
relationships I-Cause
should O
help B-Cause
O'Reilly I-Cause
curry I-Cause
favor I-Cause
with I-Cause
vendors I-Cause
and I-Cause
efficiently I-Cause
manage I-Cause
inventory I-Cause
, O
leading B-Effect
its I-Effect
payables/inventory I-Effect
ratio I-Effect
to I-Effect
average I-Effect
111 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
, I-Effect
approximating I-Effect
AutoZone I-Effect
's I-Effect
pre-pandemic I-Effect
marks I-Effect
. O

For O
example O
, O
Aptar B-Effect
was I-Effect
selected I-Effect
for I-Effect
Teva I-Effect
's I-Effect
naloxone I-Effect
generic I-Effect
because O
Aptar B-Cause
's I-Cause
nasal I-Cause
spray I-Cause
technology I-Cause
was I-Cause
readily I-Cause
available I-Cause
( I-Cause
and I-Cause
cheaper I-Cause
to I-Cause
use I-Cause
than I-Cause
developing I-Cause
the I-Cause
same I-Cause
technology I-Cause
in-house I-Cause
) I-Cause
. O

Given O
the B-Cause
high I-Cause
level I-Cause
of I-Cause
uncertainty I-Cause
with I-Cause
respect I-Cause
to I-Cause
TransAlta I-Cause
's I-Cause
strategy I-Cause
in I-Cause
the I-Cause
changing I-Cause
Alberta I-Cause
power I-Cause
markets I-Cause
, O
our B-Effect
pretax I-Effect
cost I-Effect
of I-Effect
debt I-Effect
equals I-Effect
8 I-Effect
% I-Effect
. O

In O
the O
long O
term O
, O
we O
forecast O
the B-Cause
growth I-Cause
of I-Cause
Adidas I-Cause
' I-Cause
direct-to-consumer I-Cause
business I-Cause
will O
boost B-Effect
its I-Effect
margins I-Effect
, O
which O
have O
trended O
up O
since O
2009 O
, O
and O
we O
think O
the B-Effect
improvement I-Effect
is I-Effect
permanent I-Effect
as O
the B-Cause
firm I-Cause
continues I-Cause
to I-Cause
upgrade I-Cause
the I-Cause
efficiency I-Cause
of I-Cause
its I-Cause
supply I-Cause
chain I-Cause
. O

TAL B-Effect
Education I-Effect
has I-Effect
been I-Effect
able I-Effect
to I-Effect
raise I-Effect
5 I-Effect
% I-Effect
-10 I-Effect
% I-Effect
of I-Effect
its I-Effect
fees I-Effect
every I-Effect
two I-Effect
to I-Effect
three I-Effect
years I-Effect
on I-Effect
new I-Effect
students I-Effect
or I-Effect
new I-Effect
programs I-Effect
to I-Effect
cover I-Effect
rising I-Effect
costs I-Effect
, I-Effect
driving I-Effect
an I-Effect
improving I-Effect
margin I-Effect
as O
utilization B-Cause
and I-Cause
operational I-Cause
efficiency I-Cause
Education I-Cause
& I-Cause
Training I-Cause
Servicescontinues I-Cause
to I-Cause
improve I-Cause
. O

While O
land B-Cause
drillers I-Cause
sometimes I-Cause
design I-Cause
their I-Cause
own I-Cause
rigs I-Cause
, I-Cause
a I-Cause
high I-Cause
proportion I-Cause
of I-Cause
inputs I-Cause
such I-Cause
as I-Cause
generators I-Cause
, I-Cause
engines I-Cause
, I-Cause
or I-Cause
top I-Cause
drives I-Cause
are I-Cause
sourced I-Cause
externally I-Cause
, O
limiting O
the B-Effect
scope I-Effect
for I-Effect
advantages I-Effect
in I-Effect
cost I-Effect
of I-Effect
production I-Effect
via I-Effect
capital I-Effect
cost I-Effect
. O

We B-Effect
are I-Effect
reaffirming I-Effect
our I-Effect
$ I-Effect
25 I-Effect
per I-Effect
share I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
after O
Enable B-Cause
announced I-Cause
that I-Cause
it I-Cause
would I-Cause
merge I-Cause
with I-Cause
Energy I-Cause
Transfer I-Cause
LP I-Cause
. O

Harley O
has O
financed O
more B-Cause
than I-Cause
60 I-Cause
% I-Cause
of I-Cause
its I-Cause
consumers I-Cause
' I-Cause
purchases I-Cause
domestically I-Cause
over O
the O
last O
five O
years O
, O
which O
can O
affect B-Effect
overall I-Effect
net I-Effect
income I-Effect
materially I-Effect
. O

The B-Cause
company I-Cause
's I-Cause
future I-Cause
oil I-Cause
sands I-Cause
projects I-Cause
could O
drive B-Effect
significant I-Effect
growth I-Effect
in I-Effect
a I-Effect
better I-Effect
oil I-Effect
price I-Effect
environment I-Effect
, O
but O
these O
projects O
are O
n't O
economical B-Effect
until O
solvent B-Cause
technology I-Cause
is I-Cause
implemented I-Cause
and I-Cause
oil I-Cause
prices I-Cause
recover I-Cause
, I-Cause
limiting I-Cause
their I-Cause
upside I-Cause
. O

Still O
, O
we O
think O
Grainger O
has O
distinct O
competitive O
advantages O
within O
its O
traditional O
business O
, O
such O
as O
its B-Cause
long-standing I-Cause
relationships I-Cause
with I-Cause
large I-Cause
customers I-Cause
and I-Cause
its I-Cause
inventory I-Cause
management I-Cause
solutions I-Cause
, O
which O
should O
help B-Effect
the I-Effect
firm I-Effect
earn I-Effect
excess I-Effect
returns I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

The O
Environmental O
Technologies O
segment O
will O
ride B-Effect
the I-Effect
wave I-Effect
of I-Effect
gasoline I-Effect
particulate I-Effect
filter I-Effect
adoption I-Effect
caused O
by O
rising B-Cause
global I-Cause
emissions I-Cause
standards I-Cause
, O
resulting O
in O
9 O
% O
growth O
through O
2024 O
. O

Thanks O
to O
the B-Cause
institutionalization I-Cause
of I-Cause
processes I-Cause
that I-Cause
were I-Cause
inefficient I-Cause
( O
including O
labor O
management O
, O
reset O
efforts O
, O
and O
inventory O
controls O
) O
, O
the B-Effect
operating I-Effect
margin I-Effect
is I-Effect
forecast I-Effect
to I-Effect
reach I-Effect
more I-Effect
than I-Effect
11 I-Effect
% I-Effect
in I-Effect
2021 I-Effect
, I-Effect
up I-Effect
from I-Effect
9 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

Thus O
, O
we O
believe O
that O
same-store B-Effect
net I-Effect
operating I-Effect
income I-Effect
for I-Effect
Regency I-Effect
should I-Effect
be I-Effect
better I-Effect
insulated I-Effect
from I-Effect
brick-and-mortar I-Effect
retail I-Effect
disruptors I-Effect
than I-Effect
many I-Effect
of I-Effect
its I-Effect
peers I-Effect
given O
the B-Cause
high-quality I-Cause
nature I-Cause
of I-Cause
the I-Cause
properties I-Cause
and I-Cause
the I-Cause
grocery/service I-Cause
focus I-Cause
of I-Cause
its I-Cause
tenants I-Cause
. O

We O
believe O
networking B-Effect
teams I-Effect
are I-Effect
reluctant I-Effect
to I-Effect
change I-Effect
vendors I-Effect
because O
of O
VMware B-Cause
's I-Cause
superiority I-Cause
in I-Cause
feature I-Cause
suites I-Cause
, I-Cause
user-friendly I-Cause
graphical I-Cause
user I-Cause
interfaces I-Cause
, I-Cause
and I-Cause
potential I-Cause
network I-Cause
disruption I-Cause
. O

BioNTech B-Cause
's I-Cause
internal I-Cause
discovery I-Cause
platform I-Cause
is I-Cause
focused I-Cause
on I-Cause
mRNA I-Cause
, I-Cause
including I-Cause
off-the-shelf I-Cause
and I-Cause
personalized I-Cause
mRNA I-Cause
drugs I-Cause
, I-Cause
but I-Cause
opportunistic I-Cause
acquisitions I-Cause
have I-Cause
brought I-Cause
in I-Cause
targeted I-Cause
antibodies I-Cause
and I-Cause
cell I-Cause
therapies I-Cause
as I-Cause
well. O
As O
such O
, O
BioNTech B-Effect
is I-Effect
not I-Effect
overly I-Effect
reliant I-Effect
on I-Effect
any I-Effect
one I-Effect
key I-Effect
drug I-Effect
candidate I-Effect
or I-Effect
drug I-Effect
class I-Effect
at I-Effect
this I-Effect
point I-Effect
, I-Effect
and I-Effect
the I-Effect
company I-Effect
is I-Effect
poised I-Effect
to I-Effect
tackle I-Effect
cancer I-Effect
via I-Effect
many I-Effect
different I-Effect
mechanisms I-Effect
. O

We O
do O
not O
believe O
FSP B-Effect
or I-Effect
commercialization I-Effect
significantly I-Effect
strengthens I-Effect
a I-Effect
CRO I-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
, O
as O
CROs B-Cause
add I-Cause
the I-Cause
most I-Cause
value I-Cause
with I-Cause
full I-Cause
outsourcing I-Cause
, I-Cause
where I-Cause
CROs I-Cause
can I-Cause
leverage I-Cause
intangible I-Cause
assets I-Cause
to I-Cause
shorten I-Cause
drug I-Cause
development I-Cause
and I-Cause
efficiently I-Cause
help I-Cause
bring I-Cause
a I-Cause
drug I-Cause
to I-Cause
market I-Cause
. O

The B-Cause
combination I-Cause
of I-Cause
WBAD I-Cause
, I-Cause
AmerisourceBergen I-Cause
, I-Cause
and I-Cause
Prime I-Cause
manages I-Cause
roughly I-Cause
a I-Cause
third I-Cause
of I-Cause
generic I-Cause
drug I-Cause
volumes I-Cause
which O
is O
helpful B-Effect
in I-Effect
pricing I-Effect
negotiations I-Effect
and I-Effect
sourcing I-Effect
. O

Finally O
, O
Expedia B-Effect
faces I-Effect
ESG I-Effect
risks I-Effect
regarding O
innovation B-Cause
, I-Cause
tax I-Cause
code I-Cause
changes I-Cause
, I-Cause
data I-Cause
breaches I-Cause
, I-Cause
and I-Cause
potential I-Cause
fees I-Cause
should O
its O
platform O
be O
viewed O
as O
anticompetitive O
. O

We O
think O
the B-Effect
existence I-Effect
of I-Effect
switching I-Effect
costs I-Effect
is O
supported O
by O
the B-Cause
high I-Cause
retention I-Cause
rate I-Cause
it I-Cause
has I-Cause
historically I-Cause
experienced I-Cause
among I-Cause
its I-Cause
client I-Cause
base I-Cause
. O

We O
believe O
Intel-Mobileye B-Effect
is I-Effect
well-suited I-Effect
to I-Effect
capitalize I-Effect
on I-Effect
the I-Effect
autonomous I-Effect
driving I-Effect
opportunity I-Effect
, O
given O
its B-Cause
strategy I-Cause
for I-Cause
scalability I-Cause
and I-Cause
real-time I-Cause
map I-Cause
development I-Cause
. O

Because O
of O
a B-Cause
heavy I-Cause
reliance I-Cause
on I-Cause
new I-Cause
product I-Cause
innovation I-Cause
and I-Cause
increasingly I-Cause
faster I-Cause
speed I-Cause
to I-Cause
commoditization I-Cause
, O
the B-Effect
consumer I-Effect
electronics I-Effect
retail I-Effect
industry I-Effect
is I-Effect
characterized I-Effect
by I-Effect
intense I-Effect
competition I-Effect
and I-Effect
minimal I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
. O

While O
we O
believe O
the B-Cause
pandemic I-Cause
brought I-Cause
forward I-Cause
demand I-Cause
and O
thus O
lower B-Effect
our I-Effect
growth I-Effect
rates I-Effect
during I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, O
we O
do O
n't O
expect O
to O
see O
a O
dramatic O
reduction O
from O
current O
levels O
. O

We B-Cause
incorporate I-Cause
$ I-Cause
5 I-Cause
per I-Cause
share I-Cause
of I-Cause
incremental I-Cause
value I-Cause
to I-Cause
better I-Cause
recognize I-Cause
the I-Cause
benefits I-Cause
accruing B-Effect
to I-Effect
Xcel I-Effect
from I-Effect
having I-Effect
issued I-Effect
debt I-Effect
at I-Effect
coupon I-Effect
rates I-Effect
far I-Effect
below I-Effect
our I-Effect
cost I-Effect
of I-Effect
debt I-Effect
. O

Individual B-Effect
titles I-Effect
often I-Effect
face I-Effect
little I-Effect
competition I-Effect
as O
upstarts B-Cause
have I-Cause
neither I-Cause
the I-Cause
scale I-Cause
that I-Cause
the I-Cause
breadth I-Cause
of I-Cause
Wiley I-Cause
's I-Cause
portfolio I-Cause
provides I-Cause
( I-Cause
easing I-Cause
access I-Cause
to I-Cause
libraries I-Cause
as I-Cause
the I-Cause
firm I-Cause
can I-Cause
offer I-Cause
a I-Cause
bundled I-Cause
set I-Cause
of I-Cause
offerings I-Cause
) I-Cause
nor I-Cause
the I-Cause
prestige I-Cause
that I-Cause
the I-Cause
company I-Cause
's I-Cause
long-established I-Cause
titles I-Cause
have I-Cause
earned I-Cause
. O

While O
patent B-Effect
protection I-Effect
may I-Effect
not I-Effect
completely I-Effect
deter I-Effect
a I-Effect
competitor I-Effect
as O
product B-Cause
solutions I-Cause
sometimes I-Cause
have I-Cause
multiple I-Cause
engineering I-Cause
possibilities I-Cause
, O
the O
possession O
of O
patented O
technologies O
makes O
competitors O
' O
task O
of O
engineering O
an O
alternate O
solution O
more O
difficult O
. O

With O
such B-Cause
significant I-Cause
scale I-Cause
in I-Cause
the I-Cause
fragmented I-Cause
health I-Cause
insurance I-Cause
market I-Cause
, O
we O
believe O
CVS B-Cause
benefits I-Cause
from I-Cause
a I-Cause
broad I-Cause
cost I-Cause
advantage I-Cause
by I-Cause
being I-Cause
able I-Cause
to I-Cause
leverage I-Cause
its I-Cause
fixed I-Cause
centralized I-Cause
costs I-Cause
, O
which O
increases B-Effect
the I-Effect
profit I-Effect
potential I-Effect
of I-Effect
each I-Effect
marginal I-Effect
life I-Effect
covered I-Effect
by I-Effect
the I-Effect
organization I-Effect
compared I-Effect
with I-Effect
smaller I-Effect
peers I-Effect
. O

We O
expect O
the O
pace O
of O
pension O
risk O
transfer O
to O
be O
reasonably O
steady O
in O
the O
near O
to O
medium O
term O
but O
over B-Effect
the I-Effect
long I-Effect
term I-Effect
should I-Effect
decline I-Effect
due O
to O
fewer B-Cause
defined I-Cause
benefit I-Cause
plans I-Cause
being I-Cause
offered I-Cause
. O

Landstar O
enjoys O
a O
variable-cost O
business O
model O
, O
but O
its B-Effect
EBIT I-Effect
margin I-Effect
( I-Effect
calculated I-Effect
off I-Effect
net I-Effect
revenue I-Effect
) I-Effect
contracted I-Effect
in I-Effect
2020 I-Effect
on O
lower B-Cause
net I-Cause
revenue I-Cause
, I-Cause
higher I-Cause
insurance I-Cause
premiums I-Cause
, I-Cause
and I-Cause
IT I-Cause
investments I-Cause
aimed I-Cause
at I-Cause
transaction I-Cause
automation I-Cause
. O

First O
, O
in O
our O
opinion O
, O
local O
markets O
remain O
inefficient O
, O
and O
any B-Effect
network I-Effect
effect I-Effect
for I-Effect
Groupon I-Effect
, I-Effect
whether I-Effect
on I-Effect
the I-Effect
consumer I-Effect
side I-Effect
or I-Effect
the I-Effect
merchant I-Effect
side I-Effect
, I-Effect
will I-Effect
be I-Effect
limited I-Effect
given O
the B-Cause
much I-Cause
smaller I-Cause
local I-Cause
markets I-Cause
that I-Cause
the I-Cause
company I-Cause
targets I-Cause
. O

A B-Cause
rise I-Cause
in I-Cause
interest I-Cause
rates I-Cause
would O
also O
likely O
lead B-Effect
to I-Effect
an I-Effect
increase I-Effect
in I-Effect
product I-Effect
surrenders I-Effect
and I-Effect
withdrawals I-Effect
as O
policyholders O
would O
seek O
better-priced O
offerings O
. O

We O
believe O
Paycom B-Cause
has I-Cause
a I-Cause
technological I-Cause
edge I-Cause
, I-Cause
providing I-Cause
a I-Cause
unified I-Cause
cloud I-Cause
platform I-Cause
for I-Cause
a I-Cause
business I-Cause
' I-Cause
payroll I-Cause
and I-Cause
HCM I-Cause
needs I-Cause
versus I-Cause
other I-Cause
players I-Cause
, O
such O
as O
ADP O
, O
which O
may O
have O
disparate O
software O
that O
requires B-Effect
a I-Effect
whole I-Effect
host I-Effect
of I-Effect
integrations I-Effect
and I-Effect
may I-Effect
not I-Effect
function I-Effect
effectively I-Effect
as I-Effect
a I-Effect
whole I-Effect
. O

In O
1980 O
, O
more O
than O
40 O
Class O
I O
rails O
operated O
across O
North O
America O
, O
and O
today O
there O
are O
only O
seven O
; O
by O
definition O
, O
a B-Cause
Class I-Cause
I I-Cause
rail I-Cause
generates I-Cause
at I-Cause
least I-Cause
$ I-Cause
475 I-Cause
million I-Cause
of I-Cause
revenue. O
Consequently O
, O
on B-Effect
all I-Effect
but I-Effect
the I-Effect
busiest I-Effect
lanes I-Effect
, I-Effect
a I-Effect
single I-Effect
railroad I-Effect
often I-Effect
serves I-Effect
an I-Effect
end-of-the-line I-Effect
shipper I-Effect
, I-Effect
only I-Effect
two I-Effect
railroads I-Effect
operate I-Effect
in I-Effect
most I-Effect
regions I-Effect
, I-Effect
and I-Effect
the I-Effect
rails I-Effect
have I-Effect
been I-Effect
able I-Effect
to I-Effect
reinvest I-Effect
while I-Effect
becoming I-Effect
quite I-Effect
profitable I-Effect
. O

There O
's O
risk O
, O
but O
we O
think O
KCS B-Effect
is I-Effect
capable I-Effect
of I-Effect
a I-Effect
midcycle I-Effect
OR I-Effect
of I-Effect
55.8 I-Effect
% I-Effect
-56 I-Effect
% I-Effect
thanks O
to O
PSR-related B-Cause
improvements I-Cause
to I-Cause
asset I-Cause
utilization I-Cause
and I-Cause
network I-Cause
fluidity I-Cause
-- O
KCS O
' O
OR O
showed O
impressive O
gains O
in O
2019 O
and O
2020 O
. O

In O
fact O
, O
during B-Effect
a I-Effect
downturn I-Effect
in I-Effect
new-vehicle I-Effect
sales I-Effect
, I-Effect
dealers I-Effect
generally I-Effect
report I-Effect
higher I-Effect
gross I-Effect
margins I-Effect
, O
owing O
to O
a B-Cause
favorable I-Cause
mix I-Cause
shift I-Cause
, O
but O
then O
report B-Effect
lower I-Effect
operating I-Effect
margins I-Effect
because O
of O
selling B-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expense I-Cause
deleveraging I-Cause
. O

It O
was O
also O
the B-Effect
first I-Effect
upstream I-Effect
company I-Effect
to I-Effect
bring I-Effect
completion I-Effect
design I-Effect
in-house I-Effect
, O
giving B-Cause
it I-Cause
more I-Cause
control I-Cause
over I-Cause
the I-Cause
cost I-Cause
of I-Cause
each I-Cause
well I-Cause
, O
and O
it O
supplies O
its O
own O
water O
, O
tubular O
goods O
, O
chemicals O
, O
and O
drilling O
mud O
as O
well O
. O

Our B-Cause
best I-Cause
quantitative I-Cause
evidence I-Cause
of I-Cause
switching I-Cause
costs I-Cause
from I-Cause
the I-Cause
segment I-Cause
's I-Cause
installed I-Cause
base I-Cause
, O
given O
its B-Effect
exposure I-Effect
to I-Effect
the I-Effect
oil I-Effect
and I-Effect
gas I-Effect
industry I-Effect
( I-Effect
at I-Effect
nearly I-Effect
50 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
) I-Effect
, O
is O
its O
ability O
to O
turn O
a O
profit O
even O
during O
large O
drops O
in O
the O
price O
of O
oil O
. O

Finally O
, O
such B-Cause
projects I-Cause
often I-Cause
involve I-Cause
mission I-Cause
critical I-Cause
data I-Cause
across I-Cause
many I-Cause
geographies I-Cause
and I-Cause
locations I-Cause
, O
so O
large B-Effect
enterprises I-Effect
might I-Effect
be I-Effect
especially I-Effect
risk I-Effect
averse I-Effect
and I-Effect
outsource I-Effect
such I-Effect
projects I-Effect
only I-Effect
to I-Effect
best-of-breed I-Effect
service I-Effect
provides I-Effect
such I-Effect
as I-Effect
Accenture I-Effect
. O

CNOOC B-Cause
is I-Cause
the I-Cause
upstream I-Cause
arm I-Cause
of I-Cause
China I-Cause
's I-Cause
third I-Cause
state-owned I-Cause
oil I-Cause
company I-Cause
, I-Cause
China I-Cause
National I-Cause
Offshore I-Cause
Oil. O
As O
a O
result O
, O
it B-Effect
's I-Effect
the I-Effect
most I-Effect
direct I-Effect
option I-Effect
for I-Effect
investors I-Effect
seeking I-Effect
exposure I-Effect
to I-Effect
China I-Effect
's I-Effect
energy I-Effect
security I-Effect
policy I-Effect
and I-Effect
long-term I-Effect
plans I-Effect
to I-Effect
increase I-Effect
its I-Effect
oil I-Effect
supply I-Effect
. O

We O
believe O
Farfetch B-Effect
has I-Effect
a I-Effect
cost I-Effect
base I-Effect
to I-Effect
support I-Effect
higher I-Effect
revenue I-Effect
, O
providing B-Effect
opportunity I-Effect
for I-Effect
positive I-Effect
operating I-Effect
leverage I-Effect
as O
revenue B-Cause
grows I-Cause
. O

We O
forecast O
Canadian B-Effect
medical I-Effect
volume I-Effect
will I-Effect
grow I-Effect
modestly I-Effect
just I-Effect
1 I-Effect
% I-Effect
per I-Effect
year I-Effect
on I-Effect
average I-Effect
as O
consumers B-Cause
shift I-Cause
to I-Cause
the I-Cause
recently I-Cause
legalized I-Cause
recreational I-Cause
market I-Cause
. O

We B-Effect
are I-Effect
increasing I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate O
to O
$ O
62 O
from O
$ O
58 O
per O
share O
, O
due O
to O
some B-Cause
modest I-Cause
changes I-Cause
to I-Cause
our I-Cause
assumptions I-Cause
and I-Cause
time I-Cause
value I-Cause
since I-Cause
our I-Cause
last I-Cause
update I-Cause
. O

Switching B-Cause
CostHSBC I-Cause
offers I-Cause
a I-Cause
deep I-Cause
network I-Cause
of I-Cause
connections I-Cause
worldwide I-Cause
to O
help B-Effect
clients I-Effect
conduct I-Effect
global I-Effect
trade I-Effect
, O
where O
banks O
help O
customers O
complete O
export O
and O
import O
transactions O
and O
manage O
payments O
and O
working-capital O
needs O
. O

An B-Cause
ageing I-Cause
population I-Cause
will O
increase B-Effect
the I-Effect
number I-Effect
of I-Effect
individuals I-Effect
looking I-Effect
for I-Effect
advice I-Effect
on I-Effect
preserving I-Effect
and I-Effect
transferring I-Effect
wealth I-Effect
to I-Effect
the I-Effect
next I-Effect
generation I-Effect
. O

The B-Cause
firm I-Cause
is I-Cause
not I-Cause
resting I-Cause
on I-Cause
its I-Cause
laurels I-Cause
, O
however O
, O
as O
it B-Effect
continues I-Effect
to I-Effect
expand I-Effect
its I-Effect
addressable I-Effect
market I-Effect
by I-Effect
widening I-Effect
the I-Effect
gamut I-Effect
of I-Effect
categories I-Effect
in I-Effect
which I-Effect
it I-Effect
competes I-Effect
. O

We O
think O
that O
the O
economic O
cycle O
in O
Europe O
has O
entered O
the O
recovery O
phase O
, O
but O
a B-Effect
another I-Effect
decline I-Effect
in I-Effect
new-car I-Effect
demand I-Effect
is I-Effect
possible I-Effect
because O
of O
government B-Cause
austerity I-Cause
measures I-Cause
that I-Cause
could I-Cause
hamper I-Cause
job I-Cause
growth I-Cause
. O

Over O
the O
years O
, O
there O
has O
been O
a B-Cause
demand I-Cause
for I-Cause
faster I-Cause
, I-Cause
smaller I-Cause
, I-Cause
and I-Cause
more I-Cause
efficient I-Cause
chips I-Cause
to O
keep B-Effect
pace I-Effect
with I-Effect
the I-Effect
rapid I-Effect
evolution I-Effect
of I-Effect
modern I-Effect
technology I-Effect
. O

In O
March O
, O
we O
reduced B-Effect
our I-Effect
EPS I-Effect
estimates I-Effect
from I-Effect
2021-2024 I-Effect
by I-Effect
$ I-Effect
0.04 I-Effect
to I-Effect
$ I-Effect
0.06 I-Effect
per I-Effect
share I-Effect
due O
in O
large O
part O
to O
the B-Cause
dilutive I-Cause
impact I-Cause
of I-Cause
our I-Cause
assumption I-Cause
that I-Cause
Con I-Cause
Ed I-Cause
would I-Cause
exit I-Cause
the I-Cause
gas I-Cause
transmission I-Cause
business I-Cause
. O

Users O
of O
the O
modern O
Internet O
, O
however O
, O
are O
much B-Cause
more I-Cause
dependent I-Cause
on I-Cause
experiences I-Cause
that I-Cause
are I-Cause
more I-Cause
personalized I-Cause
and I-Cause
dynamic I-Cause
, O
thereby B-Effect
not I-Effect
lending I-Effect
themselves I-Effect
as I-Effect
well I-Effect
to I-Effect
caching I-Effect
. O

Limited B-Cause
options I-Cause
to I-Cause
expand I-Cause
arable I-Cause
land I-Cause
in I-Cause
most I-Cause
regions I-Cause
puts O
the B-Cause
onus I-Cause
for I-Cause
greater I-Cause
production I-Cause
on I-Cause
higher I-Cause
yields I-Cause
, O
which O
should O
drive O
strong B-Effect
demand I-Effect
for I-Effect
crop I-Effect
chemicals I-Effect
. O

Tesla O
's O
extended O
range O
EVs O
are O
already O
at O
range O
parity O
with O
ICE O
vehicles O
, O
which O
should O
improve B-Effect
further I-Effect
with I-Effect
plans I-Effect
for O
its B-Cause
batteries I-Cause
to I-Cause
improve I-Cause
energy I-Cause
density I-Cause
. O

We O
suspect O
the B-Cause
high I-Cause
cost I-Cause
of I-Cause
deploying I-Cause
Fios I-Cause
has O
hampered O
the B-Effect
ability I-Effect
to I-Effect
use I-Effect
aggressive I-Effect
price I-Effect
promotions I-Effect
to I-Effect
attract I-Effect
new I-Effect
customers I-Effect
. O

As O
more B-Cause
complex I-Cause
trials I-Cause
provide I-Cause
room I-Cause
for I-Cause
differentiation I-Cause
, O
global B-Effect
CROs I-Effect
leverage I-Effect
their I-Effect
expertise I-Effect
to I-Effect
shorten I-Effect
the I-Effect
clinical I-Effect
trial I-Effect
time I-Effect
frame I-Effect
and I-Effect
ensure I-Effect
accuracy I-Effect
and I-Effect
precision I-Effect
. O

Lastly O
, O
while O
we O
do O
not O
see O
significant O
ESG O
risks O
, O
we O
note O
Aspen O
faces O
strong O
competition O
for O
software O
engineers O
on O
the O
hiring O
front O
and O
also O
faces B-Effect
heightened I-Effect
governance I-Effect
risks I-Effect
arising O
from O
a B-Cause
history I-Cause
of I-Cause
accounting I-Cause
control I-Cause
issues I-Cause
. O

As O
one O
of O
the O
world O
's O
leading O
volume O
producers O
, O
Volkswagen B-Cause
's I-Cause
economies I-Cause
of I-Cause
scale I-Cause
from I-Cause
common I-Cause
platforms I-Cause
across I-Cause
a I-Cause
number I-Cause
of I-Cause
models I-Cause
enable O
cost B-Effect
savings I-Effect
unattainable I-Effect
by I-Effect
smaller I-Effect
competitors I-Effect
. O

We O
believe O
companies B-Effect
can I-Effect
successfully I-Effect
play I-Effect
in I-Effect
both I-Effect
realms I-Effect
as O
long O
as O
they O
are O
focused B-Cause
on I-Cause
a I-Cause
few I-Cause
brands I-Cause
where I-Cause
they I-Cause
have I-Cause
a I-Cause
differentiated I-Cause
offering I-Cause
. O

Higher B-Cause
uptake I-Cause
of I-Cause
the I-Cause
converged I-Cause
offering I-Cause
, I-Cause
a I-Cause
focus I-Cause
on I-Cause
selling I-Cause
fiber I-Cause
access I-Cause
, I-Cause
high-quality I-Cause
4G/5G I-Cause
wireless I-Cause
, I-Cause
and I-Cause
rising I-Cause
mobile I-Cause
penetration I-Cause
in I-Cause
Africa I-Cause
should O
offset O
the O
anemic O
market O
environments O
in O
Spain O
and O
France O
, O
driving O
top-line B-Effect
growth I-Effect
into I-Effect
positive I-Effect
territory I-Effect
. O

BMW B-Cause
's I-Cause
products I-Cause
are I-Cause
highly I-Cause
engineered I-Cause
, O
requiring B-Effect
the I-Effect
company I-Effect
to I-Effect
attract I-Effect
and I-Effect
retain I-Effect
highly I-Effect
skilled I-Effect
human I-Effect
capital I-Effect
with I-Effect
expertise I-Effect
in I-Effect
software I-Effect
and I-Effect
various I-Effect
engineering I-Effect
disciplines I-Effect
. O

By O
investing B-Cause
in I-Cause
large I-Cause
, I-Cause
capital-intensive I-Cause
projects I-Cause
, I-Cause
such I-Cause
as I-Cause
LNG I-Cause
liquefaction I-Cause
, O
Chevron B-Cause
also I-Cause
runs I-Cause
the I-Cause
risk I-Cause
that I-Cause
commodity I-Cause
prices I-Cause
will I-Cause
decrease I-Cause
dramatically I-Cause
or I-Cause
it I-Cause
will I-Cause
exceed I-Cause
budgets I-Cause
, O
making O
those B-Effect
projects I-Effect
no I-Effect
longer I-Effect
economical I-Effect
. O

For O
comparison O
, O
alcohol O
and O
cigarettes O
are O
typically O
highly O
taxed O
, O
but O
producers O
of O
these B-Cause
products I-Cause
have I-Cause
established I-Cause
strong I-Cause
enough I-Cause
differentiation I-Cause
and I-Cause
brand I-Cause
intangibles I-Cause
that O
consumers B-Effect
are I-Effect
willing I-Effect
to I-Effect
pay I-Effect
price I-Effect
premiums I-Effect
. O

In O
addition O
, O
because O
we B-Cause
do I-Cause
not I-Cause
anticipate I-Cause
the I-Cause
importance I-Cause
of I-Cause
aggregates I-Cause
in I-Cause
construction I-Cause
diminishing I-Cause
, I-Cause
transportation I-Cause
costs I-Cause
to I-Cause
fall I-Cause
, I-Cause
or I-Cause
new I-Cause
quarry I-Cause
permits I-Cause
to I-Cause
become I-Cause
easier I-Cause
to I-Cause
obtain I-Cause
, O
we O
think O
Vulcan B-Effect
's I-Effect
competitive I-Effect
advantage I-Effect
is I-Effect
sustainable I-Effect
for I-Effect
more I-Effect
than I-Effect
10 I-Effect
years I-Effect
. O

Lear B-Effect
generates I-Effect
better I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
than I-Effect
some I-Effect
suppliers I-Effect
with I-Effect
higher I-Effect
margin I-Effect
owing O
to O
the B-Cause
relatively I-Cause
lighter I-Cause
capital I-Cause
investment I-Cause
needed I-Cause
for I-Cause
seat I-Cause
and I-Cause
wire I-Cause
harness I-Cause
assembly I-Cause
. O

From O
the O
perspective O
of O
a O
consumer-packaged O
goods O
manufacturer O
, O
these B-Effect
items I-Effect
are I-Effect
typically I-Effect
conducive I-Effect
to I-Effect
direct-store I-Effect
delivery I-Effect
because O
their B-Cause
sales I-Cause
tend I-Cause
to I-Cause
be I-Cause
more I-Cause
responsive I-Cause
to I-Cause
in-store I-Cause
merchandising I-Cause
and I-Cause
their I-Cause
high I-Cause
turnover I-Cause
requires I-Cause
lower I-Cause
lead I-Cause
times I-Cause
for I-Cause
restocks I-Cause
. O

With O
a B-Cause
persistent I-Cause
deficit I-Cause
, I-Cause
lower I-Cause
tax I-Cause
receipts I-Cause
anticipated I-Cause
this I-Cause
year I-Cause
, I-Cause
and I-Cause
a I-Cause
stimulus I-Cause
program I-Cause
in I-Cause
the I-Cause
15 I-Cause
% I-Cause
-20 I-Cause
% I-Cause
range I-Cause
of I-Cause
2019 I-Cause
GDP I-Cause
to I-Cause
deal I-Cause
with I-Cause
the I-Cause
fallout I-Cause
from I-Cause
the I-Cause
coronavirus I-Cause
, O
the B-Effect
safety I-Effect
of I-Effect
government-issued I-Effect
securities I-Effect
is I-Effect
far I-Effect
from I-Effect
guaranteed I-Effect
. O

Even O
before O
COVID-19 O
disruptions O
, O
we O
believed O
China B-Effect
was I-Effect
likely I-Effect
entering I-Effect
a I-Effect
period I-Effect
of I-Effect
normalized I-Effect
mid-single-digit I-Effect
GDP I-Effect
growth I-Effect
as O
it B-Cause
transitions I-Cause
away I-Cause
from I-Cause
being I-Cause
a I-Cause
government- I-Cause
and I-Cause
export-driven I-Cause
economy I-Cause
. O

Historically O
, O
Match B-Effect
Group I-Effect
's I-Effect
effectiveness I-Effect
in I-Effect
matching I-Effect
relationship I-Effect
seekers I-Effect
with I-Effect
one I-Effect
another I-Effect
has I-Effect
also I-Effect
limited I-Effect
the I-Effect
company I-Effect
from I-Effect
creating I-Effect
much I-Effect
operating I-Effect
leverage I-Effect
as B-Cause
marketing I-Cause
and I-Cause
costs I-Cause
of I-Cause
attracting I-Cause
new I-Cause
singles I-Cause
to I-Cause
the I-Cause
offerings I-Cause
have I-Cause
not I-Cause
declined I-Cause
consistently I-Cause
. O

While O
we B-Effect
recognize I-Effect
that I-Effect
these I-Effect
multiples I-Effect
are I-Effect
elevated I-Effect
from I-Effect
normal I-Effect
levels I-Effect
, I-Effect
we I-Effect
think I-Effect
multiple I-Effect
expansion I-Effect
is I-Effect
justified I-Effect
because O
we B-Cause
expect I-Cause
a I-Cause
substantial I-Cause
ramp-up I-Cause
in I-Cause
production I-Cause
after I-Cause
the I-Cause
pandemic I-Cause
to I-Cause
serve I-Cause
the I-Cause
firm I-Cause
's I-Cause
backlog I-Cause
of I-Cause
roughly I-Cause
7,000 I-Cause
aircraft I-Cause
. O

The B-Cause
high I-Cause
level I-Cause
of I-Cause
customization I-Cause
and I-Cause
risk B-Effect
from I-Effect
a I-Effect
seal I-Effect
failure I-Effect
due I-Cause
to I-Cause
faulty B-Cause
repair I-Cause
drives O
most B-Effect
of I-Effect
John I-Effect
Crane I-Effect
's I-Effect
customers I-Effect
to I-Effect
use I-Effect
the I-Effect
firm I-Effect
to I-Effect
maintain I-Effect
the I-Effect
seal I-Effect
. O

MetLife B-Cause
is I-Cause
smaller I-Cause
than I-Cause
competitor I-Cause
Prudential I-Cause
in I-Cause
Japan I-Cause
and I-Cause
faces I-Cause
additional I-Cause
competition I-Cause
from I-Cause
Japanese-based I-Cause
firms I-Cause
such O
as O
Nippon O
and O
Japan O
Post O
; O
therefore O
, O
we B-Effect
do I-Effect
not I-Effect
believe I-Effect
MetLife I-Effect
has I-Effect
a I-Effect
meaningful I-Effect
advantage I-Effect
over I-Effect
its I-Effect
competitors I-Effect
. O

Also O
, O
the B-Effect
renewables I-Effect
space I-Effect
entails I-Effect
risk I-Effect
of I-Effect
lower I-Effect
returns I-Effect
and I-Effect
is I-Effect
highly I-Effect
competitive I-Effect
, O
therefore O
a B-Cause
focus I-Cause
on I-Cause
core I-Cause
oil I-Cause
and I-Cause
gas I-Cause
business I-Cause
should I-Cause
not I-Cause
detract I-Cause
from I-Cause
Petrobras I-Cause
' I-Cause
prospects I-Cause
. O

However O
, O
an B-Cause
increasing I-Cause
share I-Cause
of I-Cause
its I-Cause
own I-Cause
independent I-Cause
activities I-Cause
and I-Cause
assets I-Cause
outside I-Cause
China I-Cause
have O
raised B-Effect
CNOOC I-Effect
's I-Effect
all-in I-Effect
costs I-Effect
since I-Effect
2008 I-Effect
. O

The O
top-line O
performance O
should O
come O
despite O
intense O
competition O
, O
but O
the B-Cause
need I-Cause
to I-Cause
keep I-Cause
perceived I-Cause
membership I-Cause
value I-Cause
high I-Cause
should O
constrain B-Effect
margins I-Effect
. O

For O
example O
, O
in O
2008 O
when O
grain B-Cause
prices I-Cause
soared I-Cause
as O
a B-Cause
significant I-Cause
portion I-Cause
of I-Cause
corn I-Cause
was I-Cause
diverted I-Cause
for I-Cause
ethanol I-Cause
fuel I-Cause
, O
the B-Effect
Jennie-O I-Effect
turkey I-Effect
segment I-Effect
's I-Effect
operating I-Effect
margins I-Effect
fell I-Effect
to I-Effect
6.0 I-Effect
% I-Effect
from I-Effect
8.5 I-Effect
% I-Effect
the I-Effect
prior I-Effect
year I-Effect
. O

Management B-Cause
's I-Cause
ability I-Cause
to I-Cause
maintain I-Cause
efficient I-Cause
operations I-Cause
, I-Cause
leading I-Cause
technology I-Cause
, I-Cause
and I-Cause
good I-Cause
customer I-Cause
relationships I-Cause
will O
determine O
whether B-Effect
First I-Effect
Solar I-Effect
's I-Effect
investors I-Effect
benefit I-Effect
from I-Effect
solar I-Effect
's I-Effect
growth I-Effect
potential I-Effect
. O

We O
believe O
Rack B-Effect
can I-Effect
continue I-Effect
to I-Effect
outpace I-Effect
competitors I-Effect
on I-Effect
this I-Effect
metric I-Effect
as O
it O
has O
a B-Cause
smaller I-Cause
and I-Cause
younger I-Cause
store I-Cause
base I-Cause
, I-Cause
allowing I-Cause
it I-Cause
to I-Cause
choose I-Cause
the I-Cause
best I-Cause
locations I-Cause
. O

We O
forecast O
downstream B-Effect
earnings I-Effect
to I-Effect
improve I-Effect
from I-Effect
currently I-Effect
depressed I-Effect
levels I-Effect
and I-Effect
assume I-Effect
some I-Effect
improvement I-Effect
attributed I-Effect
to I-Effect
current I-Effect
investments I-Effect
related I-Cause
to I-Cause
reduced I-Cause
carbon I-Cause
businesses I-Cause
. O

Maxim B-Cause
's I-Cause
expertise I-Cause
in I-Cause
analog I-Cause
chip I-Cause
designs I-Cause
is I-Cause
not I-Cause
easy I-Cause
to I-Cause
come I-Cause
by I-Cause
, O
so O
firms B-Effect
that I-Effect
have I-Effect
spent I-Effect
years I-Effect
developing I-Effect
proprietary I-Effect
designs I-Effect
and I-Effect
retaining I-Effect
experienced I-Effect
engineers I-Effect
have I-Effect
an I-Effect
advantage I-Effect
over I-Effect
new I-Effect
entrants I-Effect
. I-Effect

Given O
that O
hedge B-Cause
funds I-Cause
have I-Cause
high I-Cause
fees I-Cause
, O
they B-Effect
are I-Effect
less I-Effect
sensitive I-Effect
to I-Effect
the I-Effect
basis I-Effect
points I-Effect
paid I-Effect
for I-Effect
fund I-Effect
administration I-Effect
. O

And O
when O
combined O
, O
we O
think O
Lamb B-Cause
Weston I-Cause
's I-Cause
cost I-Cause
advantages I-Cause
, O
servicing B-Cause
proficiency I-Cause
, O
and O
long-standing B-Cause
customer I-Cause
relationships I-Cause
should O
ensure B-Effect
its I-Effect
market I-Effect
dominance I-Effect
prevails I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
. O

While O
Duke O
Realty O
's O
existing O
facilities O
should O
benefit O
initially O
, O
we O
see O
this B-Effect
benefit I-Effect
waning I-Effect
as O
the B-Cause
market I-Cause
becomes I-Cause
more I-Cause
mature I-Cause
and I-Cause
competitive I-Cause
and O
expiring B-Cause
rents I-Cause
are I-Cause
renewed I-Cause
at I-Cause
lower I-Cause
spreads I-Cause
. O

In O
addition O
, O
with O
the B-Cause
launch I-Cause
of I-Cause
Perjeta I-Cause
in I-Cause
2012 I-Cause
and I-Cause
Kadcyla I-Cause
in I-Cause
2013 I-Cause
, O
Roche B-Effect
has I-Effect
expanded I-Effect
its I-Effect
breast I-Effect
cancer I-Effect
franchise I-Effect
, O
and O
Phesgo O
, O
a O
subcutaneous O
coformulation O
of O
Herceptin O
and O
Perjeta O
, O
is O
launching O
in O
the O
U.S O
. O

We B-Cause
see I-Cause
high I-Cause
uncertainty I-Cause
around I-Cause
HCA I-Cause
's I-Cause
cash I-Cause
flows I-Cause
due I-Cause
to I-Cause
the I-Cause
company I-Cause
's I-Cause
substantial I-Cause
financial I-Cause
leverage I-Cause
, I-Cause
significant I-Cause
fixed I-Cause
costs I-Cause
, I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
healthcare I-Cause
policy I-Cause
changes I-Cause
that O
could O
materially B-Effect
alter I-Effect
HCA I-Effect
's I-Effect
financial I-Effect
prospects I-Effect
, I-Effect
eventually I-Effect
. O

We O
think O
Intuit B-Effect
's I-Effect
greatest I-Effect
risk I-Effect
associated I-Effect
with I-Effect
QuickBooks I-Effect
is O
the B-Cause
possibility I-Cause
of I-Cause
a I-Cause
current I-Cause
small-business I-Cause
software I-Cause
provider I-Cause
like I-Cause
Stripe I-Cause
or I-Cause
Shopify I-Cause
entering I-Cause
the I-Cause
accounting I-Cause
space I-Cause
, O
which O
could O
create O
compelling B-Effect
reasons I-Effect
to I-Effect
switch I-Effect
from I-Effect
QuickBooks I-Effect
. O

With O
such O
significant O
scale O
in O
this O
fragmented O
market O
, O
we O
believe O
UnitedHealth B-Cause
benefits I-Cause
from I-Cause
a I-Cause
broad I-Cause
cost I-Cause
advantage I-Cause
by I-Cause
being I-Cause
able I-Cause
to I-Cause
leverage I-Cause
its I-Cause
fixed I-Cause
centralized I-Cause
costs I-Cause
, O
which O
increases B-Effect
the I-Effect
profit I-Effect
potential I-Effect
of I-Effect
each I-Effect
marginal I-Effect
life I-Effect
covered I-Effect
by I-Effect
the I-Effect
organization I-Effect
compared I-Effect
with I-Effect
smaller I-Effect
peers I-Effect
. I-Effect

Incyte B-Cause
's I-Cause
PI3K-delta I-Cause
inhibitor I-Cause
parsaclisib I-Cause
is I-Cause
being I-Cause
combined I-Cause
with I-Cause
Jakafi I-Cause
in I-Cause
pivotal I-Cause
myelofibrosis I-Cause
trials I-Cause
, O
which O
could O
lead O
to O
a B-Effect
fixed-dose I-Effect
combination I-Effect
regimen I-Effect
that I-Effect
refreshes I-Effect
this I-Effect
franchise I-Effect
beyond I-Effect
Jakafi I-Effect
's I-Effect
patent I-Effect
expiration I-Effect
. O

As O
Tinder B-Cause
users I-Cause
become I-Cause
older I-Cause
and I-Cause
begin I-Cause
looking I-Cause
for I-Cause
more I-Cause
serious I-Cause
and I-Cause
long-term I-Cause
relationships I-Cause
, O
they B-Effect
are I-Effect
likely I-Effect
to I-Effect
remain I-Effect
within I-Effect
Match I-Effect
Group I-Effect
's I-Effect
ecosystem I-Effect
or I-Effect
portfolio I-Effect
of I-Effect
products I-Effect
, I-Effect
seek I-Effect
the I-Effect
marriage-type I-Effect
on I-Effect
Match.com I-Effect
, I-Effect
and I-Effect
be I-Effect
willing I-Effect
to I-Effect
pay I-Effect
for I-Effect
it I-Effect
a I-Effect
bit I-Effect
more I-Effect
, I-Effect
too I-Effect
. O

Because B-Cause
the I-Cause
Chinese I-Cause
central I-Cause
government I-Cause
seeks I-Cause
to I-Cause
contain I-Cause
gaming I-Cause
to I-Cause
a I-Cause
single I-Cause
, I-Cause
localized I-Cause
region I-Cause
, O
it B-Effect
's I-Effect
unlikely I-Effect
to I-Effect
legalize I-Effect
gambling I-Effect
in I-Effect
another I-Effect
city I-Effect
in I-Effect
mainland I-Effect
China I-Effect
, I-Effect
at I-Effect
least I-Effect
for I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

COVID-19 B-Cause
has O
resulted O
in O
a O
sharp B-Effect
decline I-Effect
in I-Effect
restaurant I-Effect
traffic I-Effect
, O
where O
about O
half O
of O
Beyond O
's O
products O
were O
sold O
in O
2019 O
. O

Foreign O
banks O
have O
not O
made O
a O
serious O
dent O
in O
the O
domestic O
majors O
' O
market O
share O
, O
while O
the B-Cause
smaller I-Cause
regional I-Cause
banks I-Cause
compete I-Cause
on I-Cause
service I-Cause
and I-Cause
local I-Cause
brand I-Cause
recognition I-Cause
but O
face B-Effect
higher I-Effect
wholesale I-Effect
funding I-Effect
costs I-Effect
than I-Effect
the I-Effect
majors I-Effect
and I-Effect
are I-Effect
unable I-Effect
to I-Effect
undercut I-Effect
on I-Effect
price I-Effect
. O

As O
the B-Cause
firm I-Cause
has I-Cause
only I-Cause
modest I-Cause
international I-Cause
brick-and-mortar I-Cause
exposure I-Cause
at I-Cause
this I-Cause
point I-Cause
, O
we O
assume O
that O
any B-Effect
new I-Effect
location I-Effect
growth I-Effect
overseas I-Effect
will I-Effect
be I-Effect
taken I-Effect
on I-Effect
methodically I-Effect
. O

SocGen B-Effect
has I-Effect
been I-Effect
a I-Effect
defendant I-Effect
in I-Effect
a I-Effect
slew I-Effect
of I-Effect
lawsuits I-Effect
alleging I-Effect
malpractice I-Effect
since O
the O
2008 B-Cause
global I-Cause
financial I-Cause
crisis I-Cause
, O
costing B-Effect
shareholders I-Effect
billions I-Effect
in I-Effect
fines I-Effect
, I-Effect
settlements I-Effect
and I-Effect
fees I-Effect
. O

The B-Cause
company I-Cause
is I-Cause
exposed I-Cause
to I-Cause
the I-Cause
risk I-Cause
of I-Cause
potentially I-Cause
losing B-Effect
market I-Effect
share I-Effect
to I-Effect
competitors I-Effect
if I-Effect
its I-Effect
trials I-Effect
lag I-Effect
on I-Effect
quality I-Effect
. O

Ventas B-Cause
then I-Cause
had I-Cause
to I-Cause
transition I-Cause
or I-Cause
sell I-Cause
the I-Cause
bottom I-Cause
half I-Cause
of I-Cause
assets I-Cause
, O
which O
resulted O
in O
an B-Effect
overall I-Effect
loss I-Effect
of I-Effect
rent I-Effect
to I-Effect
Ventas I-Effect
. O

Unlike O
most O
real O
estate O
subsectors O
, O
cold O
storage O
space O
is O
largely O
measured O
by O
cubic O
square O
feet O
since O
space B-Cause
is I-Cause
used I-Cause
vertically I-Cause
, O
with O
newer B-Effect
facilities I-Effect
boasting I-Effect
ceiling I-Effect
heights I-Effect
as I-Effect
tall I-Effect
as I-Effect
140 I-Effect
feet I-Effect
. O

Further O
, O
the B-Effect
success I-Effect
of I-Effect
Glaxo I-Effect
's I-Effect
recent I-Effect
expansion I-Effect
into I-Effect
vaccines I-Effect
and I-Effect
consumer I-Effect
products I-Effect
with I-Effect
assets I-Effect
from I-Effect
Novartis I-Effect
is O
largely O
dependent O
on O
margin B-Cause
expansion I-Cause
, O
which O
may O
be O
challenging O
, O
given O
the O
high O
level O
of O
competition O
in O
these O
markets O
. O

These O
developments O
are O
still O
in O
the O
early O
stages O
, O
and O
we O
think O
it O
will O
be O
a B-Effect
tough I-Effect
road I-Effect
to I-Effect
monetize I-Effect
these I-Effect
on I-Effect
a I-Effect
large I-Effect
scale I-Effect
-- O
given O
digital B-Cause
print I-Cause
's I-Cause
often I-Cause
niche I-Cause
use I-Cause
in I-Cause
short-run I-Cause
product I-Cause
lines I-Cause
. O

Regulators B-Cause
also I-Cause
control I-Cause
the I-Cause
flow I-Cause
of I-Cause
wireless I-Cause
spectrum I-Cause
into I-Cause
the I-Cause
industry I-Cause
, O
which O
has B-Effect
created I-Effect
scarcity I-Effect
in I-Effect
the I-Effect
past I-Effect
, I-Effect
pushing I-Effect
carriers I-Effect
to I-Effect
pay I-Effect
high I-Effect
prices I-Effect
for I-Effect
licenses I-Effect
. O

Critically O
, O
software B-Cause
companies I-Cause
tend I-Cause
to I-Cause
have I-Cause
low I-Cause
capital I-Cause
intensity I-Cause
and I-Cause
generate I-Cause
high I-Cause
free I-Cause
cash I-Cause
flow I-Cause
margins I-Cause
, O
supporting B-Effect
our I-Effect
contention I-Effect
for I-Effect
excess I-Effect
returns I-Effect
over I-Effect
a I-Effect
prolonged I-Effect
period I-Effect
. O

The O
pharmaceutical O
division O
is O
benefiting O
from O
resilient O
demand O
for O
nasal O
inhalers O
and O
vaccine-related O
sales O
, O
while O
the B-Effect
beauty I-Effect
and I-Effect
home I-Effect
, I-Effect
and I-Effect
food I-Effect
and I-Effect
beverage I-Effect
segments I-Effect
are I-Effect
seeing I-Effect
rebound I-Effect
growth I-Effect
as O
global B-Cause
economic I-Cause
growth I-Cause
returns I-Cause
to I-Cause
a I-Cause
prepandemic I-Cause
level I-Cause
. O

However O
, O
surrenders B-Cause
are I-Cause
typically I-Cause
much I-Cause
higher I-Cause
because O
of O
the O
product B-Cause
liquidity I-Cause
, O
and O
this O
results O
in O
a B-Effect
lower I-Effect
amount I-Effect
of I-Effect
net I-Effect
flows I-Effect
that I-Effect
range I-Effect
from I-Effect
GBP I-Effect
1.2 I-Effect
billion I-Effect
to I-Effect
GBP I-Effect
1.8 I-Effect
billion I-Effect
in I-Effect
unit I-Effect
linked I-Effect
versus I-Effect
GBP I-Effect
5.8 I-Effect
billion I-Effect
to I-Effect
GBP I-Effect
10.3 I-Effect
billion I-Effect
in I-Effect
the I-Effect
with-profits I-Effect
business I-Effect
. O

This O
is O
a B-Effect
complicated I-Effect
underwriting I-Effect
task I-Effect
, O
as O
the B-Cause
company I-Cause
must I-Cause
offer I-Cause
credit I-Cause
cards I-Cause
to I-Cause
consumers I-Cause
with I-Cause
weak I-Cause
enough I-Cause
credit I-Cause
that I-Cause
they I-Cause
will I-Cause
carry I-Cause
a I-Cause
balance I-Cause
but I-Cause
not I-Cause
so I-Cause
weak I-Cause
that I-Cause
they I-Cause
will I-Cause
eventually I-Cause
default I-Cause
on I-Cause
their I-Cause
debt I-Cause
. O

Public B-Cause
and I-Cause
mutual I-Cause
banks I-Cause
in I-Cause
Germany I-Cause
follow I-Cause
a I-Cause
regional I-Cause
principle I-Cause
ruling I-Cause
out I-Cause
competition I-Cause
among I-Cause
member I-Cause
banks I-Cause
, I-Cause
while I-Cause
back-office I-Cause
infrastructures I-Cause
are I-Cause
shared I-Cause
to I-Cause
reduce I-Cause
costs. O
As O
such O
, O
private B-Effect
commercial I-Effect
banks I-Effect
compete I-Effect
against I-Effect
few I-Effect
large I-Effect
networks I-Effect
of I-Effect
regionally I-Effect
focused I-Effect
banks I-Effect
as I-Effect
well I-Effect
as I-Effect
other I-Effect
private I-Effect
commercial I-Effect
banks I-Effect
rather I-Effect
than I-Effect
many I-Effect
small I-Effect
, I-Effect
local I-Effect
and I-Effect
independent I-Effect
banks I-Effect
. O

Petrobras B-Effect
runs I-Effect
the I-Effect
typical I-Effect
risks I-Effect
like I-Effect
integrated I-Effect
peers I-Effect
as O
its B-Cause
primary I-Cause
risk I-Cause
lies I-Cause
with I-Cause
the I-Cause
possibility I-Cause
that I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
will I-Cause
fall I-Cause
, O
damaging O
profitability B-Effect
and I-Effect
preventing I-Effect
economical I-Effect
development I-Effect
of I-Effect
reserves I-Effect
. O

Robinson O
enjoys O
a O
variable-cost O
business O
model O
, O
but O
its B-Effect
adjusted I-Effect
EBIT I-Effect
margin I-Effect
( I-Effect
calculated I-Effect
off I-Effect
net I-Effect
revenue I-Effect
) I-Effect
contracted I-Effect
in I-Effect
2020 I-Effect
due O
in B-Cause
large I-Cause
part I-Cause
lower I-Cause
net I-Cause
revenue I-Cause
and I-Cause
Prime I-Cause
integration I-Cause
costs I-Cause
. O

The B-Effect
strategy I-Effect
also I-Effect
increases I-Effect
the I-Effect
productivity I-Effect
of I-Effect
marketing I-Effect
investments I-Effect
by B-Cause
shifting I-Cause
spend I-Cause
to I-Cause
the I-Cause
more I-Cause
efficient I-Cause
digital I-Cause
channel I-Cause
and I-Cause
to I-Cause
higher I-Cause
potential I-Cause
brands I-Cause
. O

Also O
, O
Ericsson B-Cause
's I-Cause
solutions I-Cause
facilitate I-Cause
the I-Cause
transfer I-Cause
of I-Cause
data I-Cause
and O
could O
be O
the O
target O
of O
cyberattacks O
, O
making B-Effect
data I-Effect
privacy I-Effect
and I-Effect
security I-Effect
a I-Effect
key I-Effect
concern I-Effect
. O

With O
the B-Cause
Tyco I-Cause
merger I-Cause
in I-Cause
2016 I-Cause
, O
Johnson O
Controls O
added O
a O
large O
installed O
base O
of O
fire O
and O
security O
systems O
that O
generate B-Effect
a I-Effect
significant I-Effect
amount I-Effect
of I-Effect
recurring I-Effect
maintenance I-Effect
and I-Effect
monitoring I-Effect
revenue I-Effect
. O

While O
the O
pandemic O
disrupted O
these O
trajectories O
in O
2020 O
, O
we O
expect O
the B-Effect
food-service I-Effect
industry I-Effect
will I-Effect
recover I-Effect
as O
vaccines B-Cause
becomes I-Cause
widely I-Cause
available I-Cause
in I-Cause
2021 I-Cause
, O
and O
we O
expect O
growth O
of O
these O
popular O
products O
will O
resume O
. O

While O
we O
believe O
Nokia O
has O
a O
fundamentally O
strong O
strategy O
to O
remain O
a O
leader O
in O
its O
competitive O
environment O
, O
bloated B-Cause
initial I-Cause
5G I-Cause
costs I-Cause
caused O
the O
firm O
to O
pause B-Effect
its I-Effect
dividend I-Effect
in I-Effect
2019 I-Effect
and I-Effect
funnel I-Effect
its I-Effect
cash I-Effect
toward I-Effect
overhauling I-Effect
its I-Effect
products I-Effect
. O

The B-Effect
competitive I-Effect
position I-Effect
and I-Effect
profitability I-Effect
of I-Effect
the I-Effect
three I-Effect
Gulf I-Effect
Coast I-Effect
refineries I-Effect
should I-Effect
improve I-Effect
with O
the B-Cause
addition I-Cause
of I-Cause
pipeline I-Cause
capacity I-Cause
to I-Cause
the I-Cause
Gulf I-Cause
Coast I-Cause
and I-Cause
the I-Cause
rise I-Cause
in I-Cause
the I-Cause
availability I-Cause
of I-Cause
discount I-Cause
light I-Cause
crude I-Cause
. O

We O
also O
think O
ON B-Effect
's I-Effect
integrated I-Effect
analog I-Effect
chip I-Effect
business I-Effect
will I-Effect
always I-Effect
face I-Effect
the I-Effect
risk I-Effect
of I-Effect
losing I-Effect
human I-Effect
capital I-Effect
to I-Effect
competitors I-Effect
, O
as O
we O
believe O
analog B-Cause
engineers I-Cause
are I-Cause
hard I-Cause
to I-Cause
come I-Cause
by I-Cause
and I-Cause
very I-Cause
valuable I-Cause
. I-Cause

Schlumberger B-Cause
took I-Cause
the I-Cause
lead I-Cause
away I-Cause
in I-Cause
drill I-Cause
bits I-Cause
in I-Cause
the I-Cause
2010s I-Cause
very O
shortly O
after O
entering O
the O
market O
with O
its O
Smith O
acquisition O
and O
rapidly O
boosting B-Effect
the I-Effect
business I-Effect
' I-Effect
market I-Effect
share I-Effect
. O

Leading-edge B-Cause
memory I-Cause
manufacturing I-Cause
also I-Cause
requires I-Cause
increasingly I-Cause
higher I-Cause
levels I-Cause
of I-Cause
capital I-Cause
expenditures I-Cause
that I-Cause
lead I-Cause
to I-Cause
high I-Cause
fixed I-Cause
costs I-Cause
that O
become B-Effect
burdensome I-Effect
during I-Effect
industry I-Effect
downturns I-Effect
for I-Effect
firms I-Effect
such I-Effect
as I-Effect
Micron I-Effect
. O

Longer O
term O
, O
the B-Cause
positive I-Cause
mix I-Cause
impact I-Cause
of I-Cause
premiumization I-Cause
, I-Cause
together I-Cause
with I-Cause
modest I-Cause
operating I-Cause
leverage I-Cause
from I-Cause
volume I-Cause
growth I-Cause
in I-Cause
developing I-Cause
markets I-Cause
, O
should O
mean O
that O
a B-Effect
steady-state I-Effect
EBIT I-Effect
margin I-Effect
of I-Effect
over I-Effect
32 I-Effect
% I-Effect
is I-Effect
achievable I-Effect
. O

The B-Effect
pandemic I-Effect
is I-Effect
likely I-Effect
to I-Effect
accelerate I-Effect
online I-Effect
grocery I-Effect
adoption I-Effect
, I-Effect
a I-Effect
near-term I-Effect
challenge I-Effect
as O
digital B-Cause
orders I-Cause
are I-Cause
currently I-Cause
less I-Cause
lucrative I-Cause
but O
a B-Effect
possible I-Effect
long-term I-Effect
opportunity I-Effect
as O
the B-Cause
Ocado I-Cause
partnership I-Cause
scales I-Cause
and I-Cause
improves I-Cause
economics I-Cause
. O

While B-Effect
we I-Effect
recognize I-Effect
that I-Effect
such I-Effect
an I-Effect
agreement I-Effect
could I-Effect
happen I-Effect
within I-Effect
the I-Effect
next I-Effect
20 I-Effect
years I-Effect
, I-Effect
we I-Effect
do I-Effect
n't I-Effect
see I-Effect
an I-Effect
urgent I-Effect
need I-Effect
for I-Effect
structural I-Effect
international I-Effect
regulatory I-Effect
change I-Effect
because I-Effect
the I-Effect
current I-Effect
regulatory I-Effect
system I-Effect
has I-Effect
been I-Effect
effective I-Effect
in I-Effect
increasing I-Effect
aggregate I-Effect
passenger I-Effect
safety I-Effect
. I-Effect

With O
organic B-Cause
contributions I-Cause
from O
existing B-Cause
towers I-Cause
contributing O
a B-Effect
greater I-Effect
proportion I-Effect
of I-Effect
revenue I-Effect
growth I-Effect
, O
we O
see O
operating O
margin O
for O
the O
U.S O
. O

As B-Cause
data I-Cause
proliferates I-Cause
expeditiously I-Cause
, O
networks B-Effect
are I-Effect
transforming I-Effect
to I-Effect
process I-Effect
data I-Effect
closer I-Effect
to I-Effect
the I-Effect
end I-Effect
users I-Effect
, I-Effect
or I-Effect
the I-Effect
network I-Effect
edge I-Effect
, I-Effect
for I-Effect
efficiency I-Effect
. O

We O
model B-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
( I-Cause
CAGR I-Cause
) I-Cause
of I-Cause
9 I-Cause
% I-Cause
over O
the O
next O
five O
years O
driven O
by O
a O
transition O
to O
cloud O
delivery O
and O
accelerating B-Effect
revenue I-Effect
coming I-Effect
out I-Effect
of I-Effect
2020 I-Effect
that I-Effect
culminates I-Effect
in I-Effect
sustainable I-Effect
double-digit I-Effect
revenue I-Effect
growth I-Effect
. O

To O
reduce B-Effect
cost I-Effect
, O
the B-Cause
underlying I-Cause
structure I-Cause
of I-Cause
a I-Cause
particular I-Cause
vehicle I-Cause
sold I-Cause
in I-Cause
the I-Cause
United I-Cause
States I-Cause
may I-Cause
be I-Cause
the I-Cause
same I-Cause
as I-Cause
another I-Cause
vehicle I-Cause
sold I-Cause
in I-Cause
Europe I-Cause
, I-Cause
South I-Cause
America I-Cause
, I-Cause
or I-Cause
Asia I-Cause
. O

Once O
on O
a O
Humana O
Medicare O
Advantage O
plan O
, O
the B-Cause
company I-Cause
encourages I-Cause
preventative I-Cause
care I-Cause
, I-Cause
medication I-Cause
adherence I-Cause
, I-Cause
and I-Cause
improvement I-Cause
of I-Cause
other I-Cause
determinants I-Cause
of I-Cause
care I-Cause
, O
such O
as O
food O
insecurity O
and O
transportation O
concerns O
, O
to O
control B-Effect
chronic I-Effect
conditions I-Effect
better I-Effect
and I-Effect
prevent I-Effect
a I-Effect
cascade I-Effect
of I-Effect
more I-Effect
costly I-Effect
interventions I-Effect
. O

First O
, O
the B-Effect
Keurig I-Effect
brewers I-Effect
would I-Effect
need I-Effect
to I-Effect
be I-Effect
ubiquitous I-Effect
, O
and O
to O
the O
extent O
that O
other B-Cause
brewers I-Cause
existed I-Cause
, O
the B-Cause
design I-Cause
of I-Cause
Keurig I-Cause
brewers I-Cause
and I-Cause
pods I-Cause
would I-Cause
need I-Cause
to I-Cause
be I-Cause
unique I-Cause
or I-Cause
patented I-Cause
in O
a O
way O
that O
prevented B-Effect
fungibility I-Effect
across I-Effect
other I-Effect
machines I-Effect
. O

More O
positively O
, O
though O
, O
DaVita O
's O
international O
operations O
are O
beginning O
to O
become O
profitable O
and O
the B-Cause
2019 I-Cause
sale I-Cause
of I-Cause
the I-Cause
DaVita I-Cause
Medical I-Cause
Group I-Cause
to I-Cause
UnitedHealth I-Cause
's I-Cause
Optum I-Cause
franchise I-Cause
should O
help O
push O
DaVita B-Effect
's I-Effect
profitability I-Effect
toward I-Effect
16 I-Effect
% I-Effect
on I-Effect
an I-Effect
operating I-Effect
margin I-Effect
basis I-Effect
through I-Effect
2025 I-Effect
, O
a O
nearly O
100 O
basis O
point O
boost O
from O
2020 O
. O

Empire B-Effect
State I-Effect
Realty I-Effect
is I-Effect
hit I-Effect
even I-Effect
harder I-Effect
than I-Effect
New I-Effect
York I-Effect
office I-Effect
peers I-Effect
because O
its B-Cause
portfolio I-Cause
of I-Cause
older I-Cause
buildings I-Cause
is I-Cause
unable I-Cause
to I-Cause
compete I-Cause
with I-Cause
newer I-Cause
, I-Cause
more I-Cause
premium I-Cause
build-outs I-Cause
. O

We O
believe O
selling B-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
spending I-Cause
is I-Cause
more I-Cause
flexible I-Cause
than I-Cause
cost I-Cause
of I-Cause
sales I-Cause
and I-Cause
expect I-Cause
Syneos I-Cause
to I-Cause
cut I-Cause
operating I-Cause
spending I-Cause
throughout I-Cause
the I-Cause
forecast I-Cause
period I-Cause
, I-Cause
especially I-Cause
as I-Cause
integrated I-Cause
clinical I-Cause
and I-Cause
commercial I-Cause
solutions I-Cause
grow. O
This O
results O
in O
a B-Effect
midcycle I-Effect
operating I-Effect
margin I-Effect
of I-Effect
about I-Effect
11 I-Effect
% I-Effect
, I-Effect
slightly I-Effect
lower I-Effect
than I-Effect
peers I-Effect
but I-Effect
a I-Effect
sizable I-Effect
improvement I-Effect
from I-Effect
7.3 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

We O
think O
Sabre O
will O
continue O
to O
invest O
behind O
its O
competitive O
advantages O
, O
although O
there O
has O
been O
a O
delay O
of O
some O
hotel O
and O
low-cost-carrier B-Effect
market I-Effect
investments I-Effect
due O
to O
near-term B-Cause
financial I-Cause
strain I-Cause
. O

Greater B-Cause
consumer I-Cause
awareness I-Cause
around I-Cause
this I-Cause
reality I-Cause
should I-Cause
support I-Cause
ongoing I-Cause
packaging I-Cause
mix I-Cause
shifts I-Cause
toward I-Cause
aluminum I-Cause
for I-Cause
malt I-Cause
beverages I-Cause
, O
which O
could O
pressure B-Effect
Boston I-Effect
Beer I-Effect
's I-Effect
supply I-Effect
chain I-Effect
. O

We O
believe O
it B-Effect
is I-Effect
unlikely I-Effect
that I-Effect
governments I-Effect
would I-Effect
significantly I-Effect
overissue I-Effect
licenses I-Effect
as O
Oregon B-Cause
's I-Cause
mistake I-Cause
has I-Cause
served I-Cause
as I-Cause
a I-Cause
lesson I-Cause
for I-Cause
regulators I-Cause
to I-Cause
have I-Cause
a I-Cause
more I-Cause
deliberate I-Cause
pace I-Cause
in I-Cause
license I-Cause
issuance I-Cause
. O

Third O
, O
while O
Groupon O
may O
potentially O
add B-Cause
more I-Cause
customers I-Cause
over I-Cause
time I-Cause
, O
which O
may O
attract B-Effect
more I-Effect
merchants I-Effect
, O
we O
do O
n't O
believe O
that O
Groupon B-Cause
is I-Cause
as I-Cause
scalable I-Cause
as I-Cause
other I-Cause
Internet I-Cause
companies I-Cause
, O
further O
lowering B-Effect
the I-Effect
probability I-Effect
of I-Effect
the I-Effect
firm I-Effect
consistently I-Effect
generating I-Effect
excess I-Effect
returns I-Effect
. O

After B-Cause
a I-Cause
COVID-19-related I-Cause
mid-double-digit I-Cause
decline I-Cause
in I-Cause
2020 I-Cause
, O
catalyst B-Effect
sales I-Effect
will I-Effect
recover I-Effect
, I-Effect
then I-Effect
grow I-Effect
at I-Effect
low- I-Effect
to I-Effect
mid-single-digit I-Effect
rates I-Effect
as I-Effect
FCC I-Effect
sales I-Effect
grow I-Effect
broadly I-Effect
in I-Effect
line I-Effect
with I-Effect
transportation I-Effect
fuel I-Effect
demand I-Effect
and I-Effect
HPC I-Effect
sales I-Effect
recover I-Effect
from I-Effect
trough I-Effect
levels I-Effect
following I-Effect
the I-Effect
collapse I-Effect
of I-Effect
oil I-Effect
prices I-Effect
. I-Effect

Further O
, O
Tyler B-Effect
benefits I-Effect
from I-Effect
a I-Effect
fragmented I-Effect
market I-Effect
that O
includes O
no B-Cause
companies I-Cause
at I-Cause
anywhere I-Cause
near I-Cause
its I-Cause
size I-Cause
or I-Cause
scale I-Cause
that I-Cause
are I-Cause
focused I-Cause
on I-Cause
the I-Cause
local I-Cause
public I-Cause
institution I-Cause
market I-Cause
. O

Because O
of O
its B-Cause
enviable I-Cause
Permian I-Cause
Basin I-Cause
acreage I-Cause
, O
Diamondback B-Effect
Energy I-Effect
is I-Effect
the I-Effect
lowest-cost I-Effect
producer I-Effect
in I-Effect
the I-Effect
upstream I-Effect
oil I-Effect
and I-Effect
gas I-Effect
segment I-Effect
. O

The B-Cause
coronavirus I-Cause
pandemic I-Cause
is I-Effect
causing B-Effect
significant I-Effect
disruption I-Effect
for I-Effect
Post I-Effect
's I-Effect
food-service I-Effect
business I-Effect
( I-Effect
29 I-Effect
% I-Effect
of I-Effect
sales I-Effect
) I-Effect
and I-Effect
is I-Effect
also I-Effect
impacting I-Effect
BellRing I-Effect
Brands I-Effect
( I-Effect
15 I-Effect
% I-Effect
of I-Effect
revenue I-Effect
) I-Effect
, O
as O
25 B-Cause
% I-Cause
of I-Cause
these I-Cause
nutritional I-Cause
products I-Cause
are I-Cause
consumed I-Cause
at I-Cause
gyms I-Cause
and I-Cause
other I-Cause
away-from-home I-Cause
venues I-Cause
. O

Overall O
, O
these O
dynamics O
create O
barriers O
to O
entry O
for O
would-be B-Effect
competitors I-Effect
, O
as O
compiling B-Cause
an I-Cause
attractively I-Cause
priced I-Cause
provider I-Cause
network I-Cause
in I-Cause
a I-Cause
new I-Cause
geography I-Cause
would I-Cause
be I-Cause
difficult I-Cause
without I-Cause
an I-Cause
established I-Cause
membership I-Cause
pool I-Cause
. O

While O
the B-Cause
firm I-Cause
has I-Cause
endured I-Cause
significant I-Cause
delays I-Cause
in I-Cause
deploying I-Cause
its I-Cause
latest I-Cause
10-nanometer I-Cause
process I-Cause
technology I-Cause
, O
which O
has O
allowed O
foundry B-Effect
TSMC I-Effect
to I-Effect
leapfrog I-Effect
Intel I-Effect
and I-Effect
AMD I-Effect
to I-Effect
become I-Effect
more I-Effect
competitive I-Effect
via I-Effect
TSMC I-Effect
's I-Effect
7-nm I-Effect
process I-Effect
, O
Intel O
's O
scale O
remains O
considerable O
. O

This O
allows O
us O
to O
capture O
the B-Effect
significant I-Effect
volume I-Effect
growth I-Effect
that O
the O
company O
is O
likely O
to O
realize O
in O
the O
coming O
decade O
and O
the B-Effect
convergence I-Effect
of I-Effect
realized I-Effect
prices I-Effect
with I-Effect
prevailing I-Effect
market I-Effect
prices I-Effect
as O
older B-Cause
long-term I-Cause
contracts I-Cause
struck I-Cause
at I-Cause
significantly I-Cause
lower I-Cause
uranium I-Cause
prices I-Cause
roll I-Cause
off I-Cause
the I-Cause
books I-Cause
. O

Finally O
, O
Expedia B-Effect
faces I-Effect
ESG I-Effect
risks I-Effect
around O
innovation B-Cause
tax I-Cause
code I-Cause
changes I-Cause
, I-Cause
data I-Cause
breaches I-Cause
, I-Cause
and I-Cause
potential I-Cause
fees I-Cause
should I-Cause
its I-Cause
platform I-Cause
be I-Cause
viewed I-Cause
as I-Cause
anti-competitive I-Cause
. O

Designers O
, O
who O
are O
oftentimes O
hired O
for O
cabinet O
projects O
, O
work B-Cause
closely I-Cause
with I-Cause
dealers I-Cause
and O
tend O
to O
be B-Effect
effective I-Effect
at I-Effect
upselling I-Effect
products I-Effect
. O

Our O
forecast O
balances O
near-term O
pain O
and O
longer-term O
growth O
, O
with O
the B-Effect
firm I-Effect
's I-Effect
pretax I-Effect
margin I-Effect
remaining I-Effect
depressed I-Effect
until I-Effect
fiscal I-Effect
2022 I-Effect
as O
coronavirus-related B-Cause
operating I-Cause
costs I-Cause
and I-Cause
accelerated I-Cause
amortization I-Cause
( I-Cause
due I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
closure I-Cause
of I-Cause
800 I-Cause
units I-Cause
in I-Cause
the I-Cause
Americas I-Cause
segment I-Cause
) I-Cause
weigh I-Cause
on I-Cause
results I-Cause
. O

Moderna B-Effect
's I-Effect
COVID-19 I-Effect
pipeline I-Effect
is I-Effect
also I-Effect
full I-Effect
as O
the B-Cause
firm I-Cause
attempts I-Cause
to I-Cause
prepare I-Cause
for I-Cause
future I-Cause
variants I-Cause
that O
could O
bypass O
protection O
from O
its O
first-generation O
vaccine O
. O

Low-cost B-Effect
carriers I-Effect
and I-Effect
ultra-low-cost I-Effect
carriers I-Effect
have I-Effect
tendencies I-Effect
to I-Effect
enter I-Effect
markets I-Effect
and I-Effect
drive I-Effect
returns I-Effect
down I-Effect
for I-Effect
all I-Effect
participants I-Effect
due O
to O
an B-Cause
excess I-Cause
of I-Cause
supply I-Cause
for I-Cause
a I-Cause
somewhat I-Cause
fixed I-Cause
pool I-Cause
of I-Cause
demand I-Cause
. O

The O
high B-Cause
cost I-Cause
of I-Cause
specialty I-Cause
pharmaceutical I-Cause
drugs I-Cause
has O
offset O
some B-Effect
of I-Effect
the I-Effect
declines I-Effect
stemming O
from O
the B-Cause
introduction I-Cause
of I-Cause
fewer I-Cause
branded I-Cause
drugs I-Cause
, O
but O
overall O
operating O
margins O
relative O
to O
displaced O
branded O
drugs O
are O
likely O
lower O
. O

Further O
, O
since O
Huntington B-Cause
Ingalls I-Cause
acquired I-Cause
, I-Cause
rather I-Cause
than I-Cause
developed I-Cause
, I-Cause
these I-Cause
businesses I-Cause
, O
we O
think O
that O
any B-Effect
excess I-Effect
return I-Effect
on I-Effect
capital I-Effect
from I-Effect
the I-Effect
autonomous I-Effect
business I-Effect
is I-Effect
likely I-Effect
offset I-Effect
by I-Effect
additional I-Effect
goodwill I-Effect
on I-Effect
the I-Effect
balance I-Effect
sheet I-Effect
. O

Of O
note O
, O
a B-Cause
potential I-Cause
merger I-Cause
with I-Cause
Kansas I-Cause
City I-Cause
Southern I-Cause
( I-Cause
if I-Cause
CN I-Cause
wins I-Cause
the I-Cause
bidding I-Cause
war I-Cause
with I-Cause
Canadian I-Cause
Pacific I-Cause
) I-Cause
will I-Cause
carry I-Cause
integration I-Cause
risk I-Cause
and O
the B-Effect
related I-Effect
threat I-Effect
of I-Effect
material I-Effect
overpayment I-Effect
for I-Effect
KCS I-Effect
should I-Effect
synergies I-Effect
fail I-Effect
to I-Effect
materialize I-Effect
. O

With O
its B-Cause
extensive I-Cause
manufacturing I-Cause
and I-Cause
distribution I-Cause
network I-Cause
, O
we O
believe O
McCormick B-Effect
operates I-Effect
with I-Effect
lower I-Effect
unit I-Effect
and I-Effect
distribution I-Effect
costs I-Effect
, I-Effect
as I-Effect
well I-Effect
as I-Effect
greater I-Effect
supply I-Effect
chain I-Effect
efficiency I-Effect
and I-Effect
an I-Effect
enhanced I-Effect
ability I-Effect
to I-Effect
leverage I-Effect
brand I-Effect
spending I-Effect
, I-Effect
than I-Effect
smaller I-Effect
peers I-Effect
. O

This B-Cause
pricing I-Cause
premium I-Cause
is I-Cause
greatest I-Cause
in I-Cause
deep-water I-Cause
oil I-Cause
and I-Cause
gas I-Cause
, O
owing O
greatly O
to O
the B-Cause
high I-Cause
and I-Cause
heterogeneous I-Cause
well I-Cause
complexities I-Cause
that O
have O
prevented O
this B-Effect
market I-Effect
from I-Effect
becoming I-Effect
commoditized I-Effect
to I-Effect
the I-Effect
same I-Effect
degree I-Effect
as I-Effect
casing I-Effect
services I-Effect
for I-Effect
most I-Effect
onshore I-Effect
wells I-Effect
. O

Within O
this O
framework O
, O
it O
is O
not O
surprising O
that O
aged B-Effect
spirits I-Effect
producers I-Effect
seek I-Effect
to I-Effect
increase I-Effect
the I-Effect
extent I-Effect
to O
which O
they O
benefit O
from O
these B-Cause
dynamics I-Cause
by I-Cause
maturing I-Cause
their I-Cause
wares I-Cause
beyond I-Cause
the I-Cause
minimum I-Cause
stipulations I-Cause
. O

Money B-Cause
market I-Cause
funds I-Cause
are I-Cause
also I-Cause
facing I-Cause
increased I-Cause
pressure I-Cause
from I-Cause
low-cost I-Cause
ultrashort I-Cause
bond I-Cause
funds I-Cause
and I-Cause
ETFs I-Cause
, O
which O
we O
feel O
will O
keep B-Effect
the I-Effect
industry I-Effect
from I-Effect
ever I-Effect
seeing I-Effect
the I-Effect
26-27 I-Effect
basis I-Effect
point I-Effect
management I-Effect
fees I-Effect
its I-Effect
products I-Effect
generated I-Effect
before I-Effect
the I-Effect
2008-09 I-Effect
financial I-Effect
crisis I-Effect
. O

Additionally O
, O
there O
are O
indirect B-Effect
costs I-Effect
along I-Effect
those I-Effect
same I-Effect
lines I-Effect
, O
mainly B-Cause
lost I-Cause
productivity I-Cause
as I-Cause
employees I-Cause
move I-Cause
up I-Cause
a I-Cause
learning I-Cause
curve I-Cause
on I-Cause
the I-Cause
new I-Cause
system I-Cause
and I-Cause
the I-Cause
distraction I-Cause
of I-Cause
employees I-Cause
involved I-Cause
with I-Cause
the I-Cause
function I-Cause
where I-Cause
the I-Cause
change I-Cause
is I-Cause
occurring I-Cause
. O

Based O
on O
new B-Cause
user I-Cause
attraction/retention I-Cause
trends I-Cause
and I-Cause
off-platform I-Cause
payment I-Cause
growth I-Cause
, O
we B-Effect
believe I-Effect
40 I-Effect
% I-Effect
average I-Effect
annual I-Effect
top-line I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
is I-Effect
possible I-Effect
, I-Effect
with I-Effect
payments I-Effect
and I-Effect
other I-Effect
financial I-Effect
technology I-Effect
revenue I-Effect
outpacing I-Effect
marketplace I-Effect
revenue I-Effect
. O

Notably O
, O
health B-Effect
insurers I-Effect
could I-Effect
play I-Effect
key I-Effect
roles I-Effect
in I-Effect
a I-Effect
public I-Effect
option I-Effect
and I-Effect
could I-Effect
even I-Effect
benefit I-Effect
from I-Effect
the I-Effect
expansion I-Effect
of I-Effect
services I-Effect
provided I-Effect
, O
if O
the B-Cause
public I-Cause
option I-Cause
merely I-Cause
expands I-Cause
access I-Cause
to I-Cause
insurance I-Cause
rather I-Cause
than I-Cause
causes I-Cause
significant I-Cause
shifts I-Cause
in I-Cause
insurance I-Cause
sources I-Cause
. O

In O
Life O
Sciences O
, O
we O
expect O
Valor B-Cause
Glass I-Cause
to I-Cause
continue I-Cause
outpacing I-Cause
the I-Cause
pharmaceutical I-Cause
glass I-Cause
market I-Cause
as O
it B-Effect
takes I-Effect
share I-Effect
and I-Effect
will I-Effect
drive I-Effect
5 I-Effect
% I-Effect
growth I-Effect
for I-Effect
the I-Effect
segment I-Effect
. O

Including O
support O
for O
Apple O
devices O
, O
HP B-Cause
's I-Cause
DaaS I-Cause
provides I-Cause
IT I-Cause
teams I-Cause
with I-Cause
insight I-Cause
into I-Cause
computing I-Cause
behavior I-Cause
and I-Cause
analytics I-Cause
so O
that O
potential B-Effect
disruptions I-Effect
to I-Effect
end I-Effect
users I-Effect
can I-Effect
be I-Effect
proactively I-Effect
mitigated I-Effect
. O

In B-Cause
2017 I-Cause
, I-Cause
Morgan I-Cause
Stanley I-Cause
, I-Cause
Citigroup I-Cause
, I-Cause
and I-Cause
UBS I-Cause
exited I-Cause
this I-Cause
protocol I-Cause
, O
which O
can O
hamper O
the B-Effect
ability I-Effect
of I-Effect
brokers I-Effect
to I-Effect
recruit I-Effect
advisors I-Effect
from I-Effect
them I-Effect
. O

These O
switching O
costs O
are O
partly O
supported O
by O
familiarity O
, O
in O
which O
clients B-Effect
prefer I-Effect
the I-Effect
continuity I-Effect
of I-Effect
working I-Effect
with I-Effect
the I-Effect
same I-Effect
trusted I-Effect
CRO I-Effect
as O
it B-Cause
is I-Cause
very I-Cause
familiar I-Cause
with I-Cause
the I-Cause
clients I-Cause
' I-Cause
needs I-Cause
, I-Cause
systems I-Cause
, I-Cause
and I-Cause
methods I-Cause
. O

With O
a B-Cause
network I-Cause
than I-Cause
can I-Cause
be I-Cause
upgraded I-Cause
at I-Cause
modest I-Cause
incremental I-Cause
cost I-Cause
, O
we O
expect O
Internet B-Effect
Comcast I-Effect
will I-Effect
remain I-Effect
the I-Effect
dominant I-Effect
provider I-Effect
in I-Effect
many I-Effect
parts I-Effect
of I-Effect
the I-Effect
country I-Effect
and I-Effect
compete I-Effect
well I-Effect
in I-Effect
areas I-Effect
where I-Effect
the I-Effect
phone I-Effect
companies I-Effect
are I-Effect
building I-Effect
fiber I-Effect
. O

Fortinet B-Cause
has I-Cause
increased I-Cause
its I-Cause
presence I-Cause
in I-Cause
the I-Cause
nascent I-Cause
cybersecurity I-Cause
areas I-Cause
of I-Cause
cloud I-Cause
protection I-Cause
and I-Cause
software-defined I-Cause
networking I-Cause
, O
which O
we O
believe O
provide B-Effect
ample I-Effect
growth I-Effect
opportunities I-Effect
in I-Effect
higher-margin I-Effect
security I-Effect
areas I-Effect
to I-Effect
supplement I-Effect
its I-Effect
vast I-Effect
footprint I-Effect
of I-Effect
FortiGate I-Effect
UTM I-Effect
and I-Effect
firewall I-Effect
appliances I-Effect
. O

We O
expect O
the B-Effect
combined I-Effect
ratio I-Effect
in I-Effect
the I-Effect
company I-Effect
's I-Effect
P I-Effect
& I-Effect
C I-Effect
operations I-Effect
to I-Effect
improve I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
as O
adverse B-Cause
development I-Cause
rolls I-Cause
off I-Cause
and I-Cause
the I-Cause
company I-Cause
reduces I-Cause
its I-Cause
fixed I-Cause
costs I-Cause
. O

We O
suspect O
the B-Effect
firm I-Effect
will I-Effect
have I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
gain I-Effect
some I-Effect
market I-Effect
share I-Effect
in I-Effect
the I-Effect
coming I-Effect
quarters I-Effect
as O
T-Mobile B-Cause
integrates I-Cause
Sprint I-Cause
, O
but O
we O
expect O
only O
modest O
growth O
over O
the O
long O
term O
. O

A O
dual O
camera/mirror O
system O
provides O
a O
redundancy O
for O
safety O
in O
case O
a B-Effect
camera I-Effect
's I-Effect
lens I-Effect
is I-Effect
blocked I-Effect
by O
weather B-Cause
or I-Cause
debris I-Cause
on I-Cause
the I-Cause
lens I-Cause
. O

If O
the B-Cause
firm I-Cause
uses I-Cause
cash I-Cause
for I-Cause
a I-Cause
value-destructive I-Cause
activity I-Cause
, I-Cause
like I-Cause
an I-Cause
expensive I-Cause
acquisition I-Cause
or I-Cause
share I-Cause
repurchases I-Cause
at I-Cause
inflated I-Cause
prices I-Cause
, O
our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
could I-Effect
prove I-Effect
too I-Effect
generous I-Effect
. O

We O
expect O
price/mix O
to O
be O
the O
primary O
stimulus O
for O
revenue B-Effect
growth I-Effect
, O
with O
a B-Cause
combination I-Cause
of I-Cause
discrete I-Cause
price I-Cause
increases I-Cause
in I-Cause
inflationary I-Cause
economies I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
mix I-Cause
shifts I-Cause
increasing I-Cause
revenue I-Cause
per I-Cause
ounce I-Cause
( I-Cause
like I-Cause
line I-Cause
extensions I-Cause
and I-Cause
single-serve I-Cause
) I-Cause
. O

As O
telecom B-Cause
networks I-Cause
are I-Cause
expensive I-Cause
to I-Cause
build I-Cause
and I-Cause
maintain I-Cause
, O
the B-Cause
more I-Cause
customers I-Cause
an I-Cause
operator I-Cause
has I-Cause
on I-Cause
its I-Cause
network I-Cause
, I-Effect
the B-Effect
lower I-Effect
the I-Effect
average I-Effect
cost I-Effect
per I-Effect
subscriber I-Effect
. O

The B-Cause
increased I-Cause
competition I-Cause
from I-Cause
single-family I-Cause
homes I-Cause
converting I-Cause
to I-Cause
rental I-Cause
stock I-Cause
and I-Cause
increased I-Cause
development I-Cause
would O
quickly O
eliminate O
any B-Effect
sustained I-Effect
internal I-Effect
growth I-Effect
that I-Effect
the I-Effect
company I-Effect
generates I-Effect
. O

We O
believe O
small B-Cause
cells I-Cause
generate I-Cause
higher I-Cause
margins I-Cause
than I-Cause
fiber I-Cause
solutions I-Cause
sales I-Cause
to I-Cause
enterprises I-Cause
, O
so O
a B-Effect
higher I-Effect
mix I-Effect
of I-Effect
small-cell I-Effect
revenue I-Effect
will I-Effect
improve I-Effect
the I-Effect
segment I-Effect
's I-Effect
margins I-Effect
. O

We O
expect O
margins B-Effect
to I-Effect
improve I-Effect
fairly I-Effect
dramatically I-Effect
in I-Effect
the I-Effect
years I-Effect
ahead I-Effect
, O
as O
Square B-Cause
more I-Cause
fully I-Cause
monetizes I-Cause
its I-Cause
client I-Cause
base I-Cause
and I-Cause
scales I-Cause
. O

Other O
than O
that O
, O
ON O
Semiconductor O
acquired O
Quantenna O
in O
2019 O
for O
more O
than O
$ O
1 O
billion O
to O
further B-Effect
expand I-Effect
its I-Effect
industrial I-Effect
Internet I-Effect
of I-Effect
Things I-Effect
connectivity I-Effect
offerings I-Effect
by O
leveraging B-Cause
Quantenna I-Cause
's I-Cause
Wi-Fi I-Cause
capabilities I-Cause
. O

Even B-Cause
though I-Cause
the I-Cause
United I-Cause
States-Mexico-Canada I-Cause
Agreement I-Cause
has I-Cause
been I-Cause
ratified I-Cause
, I-Cause
the I-Cause
firm I-Cause
's I-Cause
wine/spirits I-Cause
business I-Cause
may B-Effect
have I-Effect
to I-Effect
contend I-Effect
with I-Effect
fairly I-Effect
cumbersome I-Effect
tariffs I-Effect
if I-Effect
relations I-Effect
between I-Effect
the I-Effect
U.S I-Effect
. O

While B-Cause
the I-Cause
smartphone I-Cause
market I-Cause
is I-Cause
characterized I-Cause
by I-Cause
cutting-edge I-Cause
process I-Cause
technology I-Cause
aimed I-Cause
at I-Cause
adding I-Cause
as I-Cause
many I-Cause
pixels I-Cause
as I-Cause
possible I-Cause
to I-Cause
an I-Cause
image I-Cause
sensor I-Cause
, I-Cause
ON I-Cause
's I-Cause
sensors I-Cause
use I-Cause
fewer I-Cause
, I-Cause
larger I-Cause
pixels I-Cause
that I-Cause
perform I-Cause
exceptionally I-Cause
well I-Cause
in I-Cause
low-light I-Cause
environments I-Cause
and I-Cause
in I-Cause
the I-Cause
face I-Cause
of I-Cause
optical I-Cause
interference. O
These O
characteristics O
make B-Effect
them I-Effect
ideal I-Effect
for I-Effect
ADAS I-Effect
and I-Effect
industrial I-Effect
machine I-Effect
vision I-Effect
applications I-Effect
where I-Effect
there I-Effect
is I-Effect
n't I-Effect
room I-Effect
for I-Effect
failure I-Effect
in I-Effect
any I-Effect
environment I-Effect
. O

Groupon B-Effect
is I-Effect
attempting I-Effect
to I-Effect
move I-Effect
from I-Effect
the I-Effect
high-touch I-Effect
approach I-Effect
to I-Effect
more I-Effect
of I-Effect
a I-Effect
self-service I-Effect
approach I-Effect
for I-Effect
merchants I-Effect
, O
as O
it B-Cause
has I-Cause
launched I-Cause
the I-Cause
Deal I-Cause
Builder I-Cause
, O
which O
allows B-Effect
SMBs I-Effect
to I-Effect
design I-Effect
, I-Effect
create I-Effect
, I-Effect
customize I-Effect
, I-Effect
and I-Effect
place I-Effect
their I-Effect
own I-Effect
discounts I-Effect
on I-Effect
Groupon I-Effect
's I-Effect
marketplace I-Effect
. O

We O
also O
have O
a O
cautiously O
favorable O
view O
of O
Wiley O
's O
$ O
129 O
million O
purchase O
of O
mthree O
in O
early O
2020 O
, O
a O
talent O
sourcing O
, O
training O
, O
and O
placement O
firm O
focused O
on O
the O
information O
technology O
sector O
that O
should O
add B-Effect
increasingly I-Effect
to I-Effect
Wiley I-Effect
's I-Effect
competitive I-Effect
standing I-Effect
as O
it B-Cause
grows I-Cause
. O

Weaker B-Cause
margins I-Cause
in I-Cause
corrugated I-Cause
packaging I-Cause
, O
which O
accounts O
for O
roughly O
two O
thirds O
of O
IP O
's O
sales O
, O
would O
weigh O
on O
consolidated B-Effect
profit I-Effect
growth I-Effect
. O

We O
also O
think O
Tesla O
benefits O
from O
a B-Cause
first I-Cause
mover I-Cause
advantage I-Cause
in I-Cause
electric I-Cause
vehicles I-Cause
that O
let O
it O
build B-Effect
factories I-Effect
and I-Effect
vehicles I-Effect
from I-Effect
scratch I-Effect
and I-Effect
create I-Effect
processes I-Effect
that I-Effect
legacy I-Effect
automakers I-Effect
will I-Effect
likely I-Effect
find I-Effect
hard I-Effect
to I-Effect
match I-Effect
. O

However O
, O
the B-Cause
lack I-Cause
of I-Cause
global I-Cause
scale I-Cause
does O
prevent O
the O
firm O
from O
having B-Effect
significant I-Effect
buying I-Effect
power I-Effect
over I-Effect
its I-Effect
suppliers I-Effect
for I-Effect
phones I-Effect
and I-Effect
equipment I-Effect
. O

Cheniere B-Effect
Energy I-Effect
Partners I-Effect
is I-Effect
well I-Effect
positioned I-Effect
to I-Effect
be I-Effect
the I-Effect
exporter I-Effect
of I-Effect
the I-Effect
incremental I-Effect
liquefied I-Effect
natural I-Effect
gas I-Effect
supplied I-Effect
to I-Effect
the I-Effect
global I-Effect
market I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
particularly O
as O
demand B-Cause
ramps I-Cause
up I-Cause
from I-Cause
China I-Cause
. O

Recent B-Cause
success I-Cause
with I-Cause
the I-Cause
Pixar I-Cause
and I-Cause
Marvel I-Cause
franchises I-Cause
has I-Cause
helped I-Cause
to I-Cause
create I-Cause
new I-Cause
opportunities I-Cause
with I-Cause
adults I-Cause
who O
may B-Effect
have I-Effect
outgrown I-Effect
their I-Effect
attraction I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
traditional I-Effect
characters I-Effect
. I-Effect

We O
view O
Baer B-Cause
as I-Cause
well I-Cause
capitalised I-Cause
and O
we O
believe O
its B-Effect
40 I-Effect
% I-Effect
guided I-Effect
payout I-Effect
ratio I-Effect
is I-Effect
conservative I-Effect
and O
that O
Baer B-Effect
should I-Effect
be I-Effect
able I-Effect
to I-Effect
return I-Effect
more I-Effect
capital I-Effect
to I-Effect
shareholders I-Effect
, O
via O
special B-Cause
dividends I-Cause
or I-Cause
share I-Cause
repurchases I-Cause
, O
as O
Baer B-Cause
continues I-Cause
to I-Cause
build I-Cause
up I-Cause
its I-Cause
capital I-Cause
base I-Cause
organically I-Cause
. O

We O
do O
not O
expect O
foundries O
apart O
from O
Samsung B-Effect
to I-Effect
commercialize I-Effect
GAA-derived I-Effect
products I-Effect
owing O
to O
prohibitive B-Cause
costs I-Cause
, O
with O
R O
& O
amp O
; O
D O
alone O
estimated O
to O
exceed O
USD O
1 O
billion O
. O

While O
Western B-Cause
Digital I-Cause
's I-Cause
SSD I-Cause
capabilities I-Cause
give O
it B-Effect
the I-Effect
potential I-Effect
ability I-Effect
to I-Effect
curb I-Effect
overall I-Effect
HDD I-Effect
declines I-Effect
within I-Effect
certain I-Effect
enterprise I-Effect
applications I-Effect
, O
we O
believe O
Western O
Digital O
has O
been O
unable O
to O
translate O
its O
history O
within O
enterprise O
storage O
to O
share O
gains O
in O
the O
SSD O
enterprise O
market O
. O

Though O
the O
firm O
sources O
from O
some O
380,000 O
farmers O
worldwide O
, O
per O
company O
disclosures O
, O
a O
commitment B-Cause
to I-Cause
ethical I-Cause
sourcing I-Cause
through I-Cause
Conservation I-Cause
International I-Cause
and I-Cause
a I-Cause
strong I-Cause
emphasis I-Cause
on I-Cause
higher I-Cause
quality I-Cause
beans I-Cause
leads O
to O
the B-Effect
firm I-Effect
paying I-Effect
a I-Effect
substantial I-Effect
spread I-Effect
over I-Effect
the I-Effect
standard I-Effect
contract I-Effect
. O

With O
a B-Cause
profitability I-Cause
expansion I-Cause
commitment I-Cause
amid I-Cause
minimal I-Cause
revenue I-Cause
expansion I-Cause
forecast I-Cause
, O
we O
are O
concerned O
that O
concerted B-Effect
cost I-Effect
savings I-Effect
efforts I-Effect
could I-Effect
inhibit I-Effect
Juniper I-Effect
's I-Effect
ability I-Effect
to I-Effect
innovate I-Effect
and I-Effect
market I-Effect
. O

Most O
pure-play O
competitors O
are O
relatively O
small O
, O
but O
we O
do O
n't O
see O
anything O
besides O
access B-Cause
to I-Cause
capital I-Cause
that O
prevents B-Effect
them I-Effect
from I-Effect
piecing I-Effect
together I-Effect
a I-Effect
similar I-Effect
network I-Effect
and I-Effect
therefore I-Effect
being I-Effect
able I-Effect
to I-Effect
provide I-Effect
a I-Effect
comparable I-Effect
service I-Effect
. O

Paylocity B-Cause
should I-Cause
benefit I-Cause
from I-Cause
operating I-Cause
leverage I-Cause
, O
and O
we O
expect O
expansion B-Effect
in I-Effect
GAAP I-Effect
operating I-Effect
margin I-Effect
from I-Effect
12 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
to I-Effect
22 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2025 I-Effect
. O

With O
some B-Cause
structural I-Cause
changes I-Cause
like O
the O
closure O
of O
the O
Orchard O
Supply O
brand O
and O
the O
sale O
of O
the O
Mexico O
assets O
behind O
, O
increased B-Effect
capital I-Effect
expenditures I-Effect
( I-Effect
estimated I-Effect
at I-Effect
$ I-Effect
1.7 I-Effect
billion I-Effect
in I-Effect
2020 I-Effect
) I-Effect
are I-Effect
likely I-Effect
to I-Effect
focus I-Effect
on I-Effect
efforts I-Effect
that I-Effect
should I-Effect
lead I-Effect
to I-Effect
better I-Effect
working-capital I-Effect
efficiency I-Effect
ahead I-Effect
. O

Although O
the O
recent O
margin O
reset O
in O
part O
reflects O
management O
's O
attempts O
to O
rectify O
this O
, O
Reckitt B-Effect
may I-Effect
be I-Effect
vulnerable I-Effect
to I-Effect
shelf I-Effect
space I-Effect
loss I-Effect
if O
competitors B-Cause
' I-Cause
heavier I-Cause
brand I-Cause
investments I-Cause
lead I-Cause
to I-Cause
share I-Cause
gains I-Cause
. O

The O
sector O
has O
held O
up O
well O
during O
the O
pandemic O
( O
consistent O
with O
past O
economic O
downturns O
) O
, O
with O
a B-Effect
more I-Effect
pronounced I-Effect
surge I-Effect
in I-Effect
DIY I-Effect
sales I-Effect
as O
customers B-Cause
look I-Cause
to I-Cause
save I-Cause
on I-Cause
repair I-Cause
costs I-Cause
and I-Cause
as I-Cause
many I-Cause
motorists I-Cause
remaining I-Cause
on I-Cause
the I-Cause
job I-Cause
physically I-Cause
are I-Cause
lower-income I-Cause
individuals I-Cause
, O
the O
core O
of O
the O
DIY O
segment O
. O

We O
would O
expect O
these B-Effect
expense I-Effect
ratios I-Effect
to I-Effect
remain I-Effect
stable I-Effect
in I-Effect
the I-Effect
longer I-Effect
term I-Effect
( I-Effect
with I-Effect
SD I-Effect
& I-Effect
A I-Effect
gaining I-Effect
the I-Effect
most I-Effect
traction I-Effect
) I-Effect
, I-Effect
owing O
to O
the B-Cause
maturity I-Cause
and I-Cause
the I-Cause
nimble I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
, O
a O
trait O
that O
is O
hard O
to O
cultivate O
in O
toy O
distribution O
. O

With O
a B-Cause
portfolio I-Cause
skewed I-Cause
to I-Cause
the I-Cause
premium I-Cause
segment I-Cause
, O
Altria B-Cause
must I-Cause
manage I-Cause
the I-Cause
price I-Cause
gap I-Cause
over I-Cause
the I-Cause
discount I-Cause
segment I-Cause
, O
so O
this B-Effect
pricing I-Effect
opportunity I-Effect
is I-Effect
likely I-Effect
to I-Effect
be I-Effect
realized I-Effect
over I-Effect
many I-Effect
years I-Effect
. O

While O
the O
growth O
in O
retrans O
revenue O
has O
been O
and O
will O
continue O
to O
be O
a O
growth O
driver O
for O
local O
station O
owners O
, O
we O
project O
that O
national B-Cause
network I-Cause
owners I-Cause
will I-Cause
continue I-Cause
to I-Cause
raise I-Cause
both I-Cause
network I-Cause
affiliation I-Cause
fees I-Cause
and I-Cause
reverse I-Cause
compensation I-Cause
fees I-Cause
, O
decreasing B-Effect
the I-Effect
bottom-line I-Effect
benefit I-Effect
to I-Effect
Nexstar I-Effect
. O

This B-Effect
provides I-Effect
Nucor I-Effect
with I-Effect
operational I-Effect
flexibility I-Effect
, O
as O
it B-Cause
is I-Cause
able I-Cause
to I-Cause
adjust I-Cause
to I-Cause
input I-Cause
cost I-Cause
volatility I-Cause
by I-Cause
selecting I-Cause
the I-Cause
most I-Cause
cost-effective I-Cause
feedstock I-Cause
basket I-Cause
available I-Cause
at I-Cause
any I-Cause
given I-Cause
time I-Cause
. O

We B-Effect
lowering I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
slightly I-Effect
to I-Effect
$ I-Effect
10.50 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
11 I-Effect
after O
incorporating B-Cause
fourth-quarter I-Cause
2020 I-Cause
results I-Cause
and I-Cause
tweaking I-Cause
our I-Cause
near-term I-Cause
forecasts I-Cause
. O

As O
the O
factory O
automation O
suppliers O
( O
for O
example O
Fanuc O
) O
become B-Cause
more I-Cause
'' I-Cause
entrenched I-Cause
'' I-Cause
in I-Cause
their I-Cause
customers I-Cause
' I-Cause
factories I-Cause
by I-Cause
supplying I-Cause
products I-Cause
and I-Cause
providing I-Cause
services I-Cause
, O
they O
develop O
a O
stronger O
understanding O
of O
their O
customers O
' O
manufacturing O
operations O
and O
develop B-Effect
specific I-Effect
expertise I-Effect
that I-Effect
allow I-Effect
the I-Effect
suppliers I-Effect
to I-Effect
provide I-Effect
better I-Effect
manufacturing I-Effect
solutions I-Effect
for I-Effect
their I-Effect
customers I-Effect
. O

For O
fiscal O
2021 O
, O
we O
expect O
a B-Effect
gradual I-Effect
recovery I-Effect
in I-Effect
food-service I-Effect
demand I-Effect
( I-Effect
28 I-Effect
% I-Effect
of I-Effect
fiscal I-Effect
2020 I-Effect
sales I-Effect
) I-Effect
, I-Effect
and I-Effect
minimal I-Effect
further I-Effect
production I-Effect
disruption I-Effect
, O
as O
workers B-Cause
in I-Cause
the I-Cause
meat I-Cause
processing I-Cause
industry I-Cause
are I-Cause
a I-Cause
top I-Cause
priority I-Cause
for O
coronavirus O
vaccines O
under O
CDC O
guidelines O
. O

Additionally O
, O
the O
bank O
competes O
at O
scale O
, O
with O
over O
$ O
2.5 O
trillion O
in O
assets O
under O
management O
AUM O
and O
over O
$ O
3.5 O
trillion O
in O
total O
client O
assets O
, O
and O
consistent B-Cause
positive I-Cause
net I-Cause
flows I-Cause
, O
making O
the B-Effect
bank I-Effect
one I-Effect
of I-Effect
the I-Effect
largest I-Effect
global I-Effect
asset I-Effect
managers I-Effect
. O

In O
North O
and O
South O
America O
, O
decades B-Cause
of I-Cause
use I-Cause
of I-Cause
glyphosate I-Cause
and I-Cause
other I-Cause
top I-Cause
herbicides I-Cause
have O
led O
to O
growing B-Effect
acres I-Effect
of I-Effect
weed I-Effect
resistance I-Effect
to I-Effect
those I-Effect
chemicals I-Effect
. O

The O
lease O
terms O
include O
very B-Cause
low I-Cause
annual I-Cause
rent I-Cause
increases O
around O
1 O
% O
, O
which O
helps B-Effect
keep I-Effect
the I-Effect
coverage I-Effect
ratio I-Effect
high I-Effect
but O
severely O
limits O
internal B-Effect
growth I-Effect
for I-Effect
the I-Effect
company I-Effect
. O

As B-Cause
practices I-Cause
were I-Cause
absorbed I-Cause
by I-Cause
hospitals I-Cause
, I-Cause
larger I-Cause
competitors I-Cause
provided I-Cause
certain I-Cause
extensions I-Cause
of I-Cause
their I-Cause
hospital I-Cause
offerings I-Cause
to I-Cause
integrate I-Cause
practice I-Cause
records I-Cause
, I-Cause
putting I-Cause
even I-Cause
more I-Cause
pressure I-Cause
on I-Cause
the I-Cause
practice I-Cause
segment I-Cause
; O
this O
was O
probably O
a O
factor O
in O
Athenahealth B-Effect
going I-Effect
private I-Effect
. O

We O
expect O
a O
return O
to O
trend O
after O
the O
pandemic O
, O
with B-Effect
5 I-Effect
% I-Effect
average I-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
from I-Effect
2022-30 I-Effect
, O
fueled O
by O
industry B-Cause
consolidation I-Cause
and I-Cause
the I-Cause
firm I-Cause
's I-Cause
Mexican I-Cause
expansion I-Cause
. O

Additionally B-Cause
, I-Cause
demand I-Cause
in I-Cause
home I-Cause
improvements I-Cause
stemming I-Cause
from I-Cause
consumers I-Cause
spending I-Cause
more I-Cause
time I-Cause
at I-Cause
home I-Cause
( I-Cause
due I-Cause
to I-Cause
COVID-19 I-Cause
) I-Cause
remains I-Cause
inflated I-Cause
, I-Cause
which O
could O
generate B-Effect
better I-Effect
cost I-Effect
leverage I-Effect
results I-Effect
faster I-Effect
than I-Effect
we I-Effect
anticipate I-Effect
. I-Effect

First O
, O
we B-Cause
have I-Cause
raised I-Cause
our I-Cause
sales I-Cause
growth I-Cause
rate I-Cause
between I-Cause
2019-24 I-Cause
so O
that O
our B-Effect
2024 I-Effect
sales I-Effect
forecast I-Effect
moves I-Effect
to I-Effect
$ I-Effect
7.5 I-Effect
billion I-Effect
from I-Effect
$ I-Effect
7.2 I-Effect
billion I-Effect
prior I-Effect
. O

Boston B-Effect
will I-Effect
need I-Effect
to I-Effect
invest I-Effect
more I-Effect
in I-Effect
clinical I-Effect
studies I-Effect
to O
demonstrate B-Cause
superiority I-Cause
of I-Cause
outcomes I-Cause
and/or I-Cause
cost I-Cause
savings I-Cause
in I-Cause
order I-Cause
to I-Cause
establish I-Cause
reimbursement I-Cause
. O

A B-Cause
decade I-Cause
of I-Cause
consolidation I-Cause
in I-Cause
the I-Cause
corrugated I-Cause
packaging I-Cause
industry I-Cause
has O
allowed O
International B-Effect
Paper I-Effect
to I-Effect
raise I-Effect
prices I-Effect
more I-Effect
aggressively I-Effect
, I-Effect
lifting I-Effect
margins I-Effect
. O

Canon B-Cause
makes I-Cause
the I-Cause
widest I-Cause
variety I-Cause
of I-Cause
lenses I-Cause
, O
and O
we O
believe O
these O
provide O
a B-Effect
hook I-Effect
to I-Effect
keep I-Effect
customers I-Effect
within I-Effect
its I-Effect
ecosystem I-Effect
. O

But O
its B-Cause
earlier I-Cause
packages I-Cause
were I-Cause
again I-Cause
developed I-Cause
with I-Cause
suboptimal I-Cause
spacing I-Cause
, O
forcing O
management B-Effect
to I-Effect
target I-Effect
just I-Effect
eight I-Effect
Wolfcamp I-Effect
wells I-Effect
per I-Effect
section I-Effect
going I-Effect
forward I-Effect
( I-Effect
instead I-Effect
of I-Effect
the I-Effect
planned I-Effect
12 I-Effect
) I-Effect
. O

Though O
the O
gap O
between O
Banco O
de O
Chile O
and O
its O
Banco O
Santander O
Chile O
has O
narrowed O
, O
the B-Cause
bank I-Cause
's I-Cause
privileged I-Cause
cost I-Cause
of I-Cause
funding I-Cause
allows O
it B-Effect
to I-Effect
generate I-Effect
excess I-Effect
returns I-Effect
with I-Effect
respect I-Effect
to I-Effect
all I-Effect
other I-Effect
major I-Effect
players I-Effect
in I-Effect
the I-Effect
system I-Effect
, O
including O
Scotiabank O
, O
Ita煤 O
Corpbanca O
, O
and O
BCI O
. O

Digital B-Effect
Marketing I-Effect
is I-Effect
more I-Effect
dynamic I-Effect
in O
our O
view O
, O
as O
it B-Effect
is I-Effect
a I-Effect
newer I-Effect
category I-Effect
that I-Effect
has I-Effect
been I-Effect
somewhat I-Effect
fluid I-Effect
in I-Effect
its I-Effect
evolution I-Effect
as O
leading B-Cause
stand-alone I-Cause
products I-Cause
have I-Cause
become I-Cause
standard I-Cause
features I-Cause
of I-Cause
a I-Cause
good I-Cause
digital I-Cause
marketing I-Cause
platform I-Cause
. O

We B-Effect
anticipate I-Effect
minimal I-Effect
variations I-Effect
in I-Effect
gross I-Effect
margins I-Effect
from I-Effect
even I-Effect
to I-Effect
odd I-Effect
years I-Effect
, O
as O
growth B-Cause
in I-Cause
political I-Cause
media-buying I-Cause
during I-Cause
election I-Cause
years I-Cause
may I-Cause
push I-Cause
prices I-Cause
higher I-Cause
, O
which O
could O
lower B-Effect
demand I-Effect
from I-Effect
the I-Effect
commercial I-Effect
side I-Effect
. O

Successive B-Cause
technologies I-Cause
improve I-Cause
electrical I-Cause
performance I-Cause
and I-Cause
miniaturization I-Cause
to I-Cause
fit I-Cause
as I-Cause
many I-Cause
transistors I-Cause
as I-Cause
possible I-Cause
onto I-Cause
chips I-Cause
; O
thus O
improving B-Effect
performance I-Effect
relative I-Effect
to I-Effect
costs I-Effect
. O

This B-Cause
significant I-Cause
investment I-Cause
at I-Cause
boom-peak I-Cause
prices I-Cause
, I-Cause
well I-Cause
above I-Cause
long-term I-Cause
averages I-Cause
; I-Cause
and I-Cause
the I-Cause
subsequent I-Cause
dilution I-Cause
to I-Cause
returns I-Cause
is O
a O
key O
reason O
why O
we O
do O
not O
expect O
BHP B-Effect
to I-Effect
earn I-Effect
returns I-Effect
above I-Effect
the I-Effect
cost I-Effect
of I-Effect
capital I-Effect
. O

However O
, O
the B-Cause
European I-Cause
Central I-Cause
Bank I-Cause
has I-Cause
since I-Cause
started I-Cause
playing I-Cause
a I-Cause
much I-Cause
more I-Cause
active I-Cause
role I-Cause
in I-Cause
the I-Cause
oversight I-Cause
of I-Cause
European I-Cause
banks I-Cause
, O
which O
does O
reduce B-Effect
regional I-Effect
differences I-Effect
and O
, O
in O
our O
opinion O
, O
strengthens B-Effect
the I-Effect
regulatory I-Effect
framework I-Effect
across I-Effect
the I-Effect
continent I-Effect
. O

We O
forecast O
adjusted O
EBITDA B-Effect
margins I-Effect
( I-Effect
based I-Effect
on I-Effect
our I-Effect
calculations I-Effect
) I-Effect
to I-Effect
increase I-Effect
from O
40 O
% O
in O
2020 O
to O
43 O
% O
by O
2025 O
as O
SS B-Cause
& I-Cause
C I-Cause
continues I-Cause
to I-Cause
realize I-Cause
expense I-Cause
synergies I-Cause
. O

However O
, O
we O
expect O
the B-Effect
market I-Effect
to I-Effect
become I-Effect
more I-Effect
concentrated I-Effect
over I-Effect
the I-Effect
next I-Effect
two I-Effect
years I-Effect
, O
as O
some B-Cause
local I-Cause
manufacturers I-Cause
will I-Cause
fail I-Cause
to I-Cause
meet I-Cause
incoming I-Cause
regulations I-Cause
on I-Cause
formula I-Cause
standards I-Cause
, I-Cause
and I-Cause
appear I-Cause
likely I-Cause
to I-Cause
exit I-Cause
the I-Cause
market I-Cause
. O

The B-Cause
emergence I-Cause
of I-Cause
low I-Cause
and I-Cause
no I-Cause
alcohol I-Cause
beer I-Cause
categories I-Cause
at I-Cause
margins I-Cause
above I-Cause
core I-Cause
beer I-Cause
brands I-Cause
should O
ensure O
that O
such O
a B-Effect
development I-Effect
is I-Effect
limited I-Effect
in I-Effect
its I-Effect
financial I-Effect
impact I-Effect
, O
however O
. O

We O
however O
believe O
that O
Swiss B-Effect
banks I-Effect
remain I-Effect
attractive I-Effect
to I-Effect
the I-Effect
world I-Effect
's I-Effect
elite I-Effect
due O
to O
two O
main O
reasons O
; O
first O
, O
Swiss B-Cause
neutrality I-Cause
and O
secondly O
the B-Cause
diversification I-Cause
benefit I-Cause
of I-Cause
the I-Cause
Swiss I-Cause
franc I-Cause
. O

Further B-Cause
, I-Cause
we I-Cause
think I-Cause
that I-Cause
as I-Cause
a I-Cause
result I-Cause
of I-Cause
these I-Cause
cost I-Cause
advantages I-Cause
, O
Hershey B-Effect
can I-Effect
replicate I-Effect
competitive I-Effect
products I-Effect
and I-Effect
ultimately I-Effect
offer I-Effect
it I-Effect
to I-Effect
retailers I-Effect
at I-Effect
a I-Effect
lower I-Effect
cost I-Effect
than I-Effect
its I-Effect
smaller I-Effect
peers I-Effect
. O

We B-Effect
cut I-Effect
the I-Effect
revenue I-Effect
forecast I-Effect
for I-Effect
image I-Effect
sensors I-Effect
, O
as O
we O
expect O
weaker B-Cause
smartphone I-Cause
shipment I-Cause
and I-Cause
worse-than-expected I-Cause
smartphone I-Cause
product I-Cause
mix I-Cause
for I-Cause
fiscal I-Cause
2021 I-Cause
. O

Also O
, O
while O
not O
the O
most O
dominant O
asset O
manager O
among O
the O
Canadian O
banks O
, O
CIBC B-Cause
, I-Cause
through I-Cause
both I-Cause
organic I-Cause
growth I-Cause
and I-Cause
acquisitions I-Cause
, O
has O
managed O
to O
build B-Effect
up I-Effect
a I-Effect
respectable I-Effect
amount I-Effect
of I-Effect
assets I-Effect
under I-Effect
management I-Effect
among I-Effect
peers I-Effect
. O

However O
, O
BCE B-Effect
has I-Effect
embarked I-Effect
on I-Effect
a I-Effect
fiber I-Effect
to I-Effect
the I-Effect
home I-Effect
, I-Effect
or I-Effect
FTTH I-Effect
, O
buildout O
, O
which O
should O
meaningfully B-Effect
reduce I-Effect
its I-Effect
network I-Effect
costs I-Effect
and I-Effect
strengthen I-Effect
its I-Effect
cost I-Effect
advantage I-Effect
, O
as O
its B-Cause
competitors I-Cause
can I-Cause
not I-Cause
even I-Cause
strive I-Cause
to I-Cause
close I-Cause
the I-Cause
gap I-Cause
in I-Cause
customers I-Cause
, I-Cause
given I-Cause
their I-Cause
smaller I-Cause
networks I-Cause
. O

Although O
PSEG O
's O
base O
allowed O
return O
on O
equity O
fell O
to O
9.6 O
% O
from O
10.3 O
% O
as O
part O
of O
a O
2018 O
rate O
settlement O
, O
we B-Cause
expect I-Cause
constructive I-Cause
rate I-Cause
structures I-Cause
and I-Cause
public I-Cause
policy I-Cause
support O
to O
enable B-Effect
PSEG I-Effect
to I-Effect
continue I-Effect
producing I-Effect
shareholder I-Effect
value I-Effect
from I-Effect
its I-Effect
multi-billion-dollar I-Effect
investment I-Effect
plan I-Effect
. O

Bolstering B-Effect
its I-Effect
competitive I-Effect
position I-Effect
is O
the B-Cause
size I-Cause
and I-Cause
scale I-Cause
P I-Cause
& I-Cause
amp I-Cause
; O
G O
has O
amassed B-Cause
over I-Cause
many I-Cause
years I-Cause
, O
which O
enables O
the B-Effect
firm I-Effect
to I-Effect
realize I-Effect
a I-Effect
lower I-Effect
unit I-Effect
cost I-Effect
than I-Effect
its I-Effect
smaller I-Effect
peers I-Effect
, O
resulting O
in O
a B-Effect
cost I-Effect
advantage I-Effect
. O

Though O
Bio-Techne O
's O
proteins O
are O
the O
most O
expensive O
, O
with O
pricing O
up O
to O
40 O
% O
-50 O
% O
higher O
than O
peers O
, O
greater B-Cause
bioactivity I-Cause
( I-Cause
of I-Cause
up I-Cause
to I-Cause
20 I-Cause
times I-Cause
) I-Cause
can O
lead O
to O
better B-Effect
customer I-Effect
value I-Effect
, O
despite O
the O
higher O
cost O
. O

This B-Cause
segment I-Cause
benefits I-Cause
from I-Cause
switching I-Cause
costs I-Cause
stemming I-Cause
from I-Cause
the I-Cause
mission I-Cause
criticality I-Cause
of I-Cause
the I-Cause
product I-Cause
, O
as O
lives B-Effect
would I-Effect
be I-Effect
endangered I-Effect
if I-Effect
the I-Effect
product I-Effect
does I-Effect
not I-Effect
work I-Effect
as I-Effect
intended I-Effect
. O

We O
also O
expect O
mid-single-digit B-Effect
growth I-Effect
in I-Effect
the I-Effect
average I-Effect
daily I-Effect
trading I-Effect
volume I-Effect
of I-Effect
ICE I-Effect
's I-Effect
futures I-Effect
contracts I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
as O
good B-Cause
performance I-Cause
continues I-Cause
in I-Cause
its I-Cause
energy I-Cause
complex I-Cause
. O

The O
first O
is O
that O
new B-Cause
regulations I-Cause
imposing I-Cause
a I-Cause
fiduciary I-Cause
duty I-Cause
on I-Cause
broker I-Cause
financial I-Cause
advisors I-Cause
could O
restrict B-Effect
the I-Effect
sale I-Effect
of I-Effect
certain I-Effect
high-margin I-Effect
products I-Effect
to I-Effect
clients I-Effect
or I-Effect
widely I-Effect
disrupt I-Effect
receiving I-Effect
commissions I-Effect
and I-Effect
third-party I-Effect
payments I-Effect
. O

This O
stands O
in O
contrast O
to O
traditional O
virtual O
private O
network O
connections O
, O
which O
may O
give B-Cause
a I-Cause
user I-Cause
access I-Cause
to I-Cause
an I-Cause
entire I-Cause
corporate I-Cause
network I-Cause
, O
thus O
exposing B-Effect
the I-Effect
network I-Effect
to I-Effect
vulnerabilities I-Effect
particularly O
on O
the O
user O
's O
end O
of O
the O
connection O
. O

Labor B-Cause
cost I-Cause
pressure I-Cause
should O
lead B-Effect
to I-Effect
a I-Effect
13 I-Effect
% I-Effect
long-term I-Effect
average I-Effect
segment I-Effect
margin I-Effect
in I-Effect
Canada I-Effect
( I-Effect
in I-Effect
line I-Effect
with I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
, I-Effect
with I-Effect
the I-Effect
international I-Effect
unit I-Effect
nearing I-Effect
8 I-Effect
% I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
explicit I-Effect
forecast I-Effect
( I-Effect
from I-Effect
5.4 I-Effect
% I-Effect
in I-Effect
fiscal I-Effect
2020 I-Effect
) I-Effect
. O

Metropolitan B-Cause
areas I-Cause
attract I-Cause
more I-Cause
people I-Cause
to I-Cause
area I-Cause
with I-Cause
sustained I-Cause
economic I-Cause
and I-Cause
job I-Cause
growth I-Cause
, O
which O
leads O
to O
occupancy B-Effect
growth I-Effect
in I-Effect
apartment I-Effect
buildings I-Effect
. O

For O
example O
, O
the O
Qingdao O
refinery O
disruptions O
and O
the O
oil O
pipeline O
blast O
that O
killed O
more O
than O
60 O
people O
in O
2013 O
remind O
us O
of O
the O
risks O
of O
Sinopec O
's O
refining O
business O
while O
the B-Cause
ongoing I-Cause
low-carbon I-Cause
trends I-Cause
could O
eventually O
lower B-Effect
demand I-Effect
for I-Effect
oil I-Effect
and I-Effect
gas I-Effect
. O

The B-Effect
primary I-Effect
uncertainty I-Effect
is O
Atmos B-Cause
' I-Cause
ability I-Cause
to I-Cause
achieve I-Cause
timely I-Cause
, I-Cause
constructive I-Cause
regulatory I-Cause
rate I-Cause
adjustments I-Cause
, O
though O
the B-Cause
size I-Cause
and I-Cause
breadth I-Cause
of I-Cause
its I-Cause
distribution I-Cause
operations I-Cause
preclude B-Effect
any I-Effect
one I-Effect
regulatory I-Effect
decision I-Effect
from I-Effect
having I-Effect
a I-Effect
drastic I-Effect
impact I-Effect
on I-Effect
earnings I-Effect
. O

We B-Effect
also I-Effect
consider I-Effect
Splunk I-Effect
as I-Effect
a I-Effect
leader I-Effect
in I-Effect
the I-Effect
IT I-Effect
operations I-Effect
management I-Effect
and I-Effect
security I-Effect
space I-Effect
, O
as O
few B-Cause
firms I-Cause
can I-Cause
address I-Cause
a I-Cause
similar I-Cause
breadth I-Cause
of I-Cause
data I-Cause
use I-Cause
cases I-Cause
. O

As B-Cause
more I-Cause
users I-Cause
post I-Cause
pins I-Cause
or I-Cause
save I-Cause
pins I-Cause
on I-Cause
their I-Cause
boards I-Cause
, O
other B-Effect
users I-Effect
benefit I-Effect
as I-Effect
they I-Effect
come I-Effect
across I-Effect
more I-Effect
products I-Effect
and I-Effect
ideas I-Effect
that O
help O
answer O
their O
questions O
, O
Internet O
Content O
& O
Informationcreating O
a O
network O
effect O
. O

Critical B-Cause
and I-Cause
proprietary I-Cause
data I-Cause
sets I-Cause
, I-Cause
analytics I-Cause
tools I-Cause
embedded I-Cause
in I-Cause
client I-Cause
systems I-Cause
, I-Cause
and I-Cause
recurring I-Cause
revenue I-Cause
streams I-Cause
that I-Cause
account I-Cause
for I-Cause
around I-Cause
85 I-Cause
% I-Cause
of I-Cause
its I-Cause
top I-Cause
line I-Cause
underpin O
a B-Effect
sustainable I-Effect
competitive I-Effect
advantage I-Effect
for I-Effect
IHS I-Effect
Markit I-Effect
, O
one O
we O
believe O
will O
intensify O
as O
new O
products O
mature O
. O

Given O
the O
firm O
has O
historically O
produced O
one O
third O
of O
its O
top-line O
growth O
inorganically O
, O
any B-Cause
slowdown I-Cause
in I-Cause
M I-Cause
& I-Cause
A I-Cause
could O
slow B-Effect
growth I-Effect
prospects I-Effect
. O

Enbridge B-Effect
's I-Effect
profitability I-Effect
is I-Effect
not I-Effect
directly I-Effect
tied I-Effect
to I-Effect
commodity I-Effect
prices I-Effect
, O
as O
pipeline B-Cause
transportation I-Cause
costs I-Cause
are I-Cause
not I-Cause
tied I-Cause
to I-Cause
the I-Cause
price I-Cause
of I-Cause
natural I-Cause
gas I-Cause
and I-Cause
crude I-Cause
oil I-Cause
. O

We O
also O
forecast O
the O
company B-Cause
to I-Cause
benefit I-Cause
from I-Cause
cross-selling I-Cause
opportunities I-Cause
and I-Cause
cost I-Cause
synergies I-Cause
with I-Cause
Farnell I-Cause
, O
resulting O
in O
slight B-Effect
operating I-Effect
margin I-Effect
expansion I-Effect
. O

We O
see O
this O
as O
driven O
by O
improving B-Effect
gross I-Effect
margins I-Effect
as O
the B-Cause
SaaS I-Cause
business I-Cause
scales I-Cause
as I-Cause
well I-Cause
as I-Cause
some I-Cause
operating I-Cause
leverage I-Cause
in I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expenses I-Cause
. O

For O
those O
where O
it B-Effect
sells I-Effect
at I-Effect
a I-Effect
discount I-Effect
, O
this O
is O
likely O
justified O
given O
the B-Cause
drastically I-Cause
higher I-Cause
volumes I-Cause
that I-Cause
brands I-Cause
like I-Cause
Miller I-Cause
and I-Cause
Coors I-Cause
garner I-Cause
relative I-Cause
to I-Cause
those I-Cause
of I-Cause
competitors I-Cause
. O

The B-Cause
mixed-use I-Cause
combination I-Cause
is I-Cause
becoming I-Cause
increasingly I-Cause
popular I-Cause
with I-Cause
residents I-Cause
, O
as O
they B-Cause
get I-Cause
a I-Cause
more I-Cause
urban I-Cause
experience I-Cause
in I-Cause
the I-Cause
suburbs I-Cause
, O
and O
retailers B-Effect
, I-Effect
as I-Effect
they I-Effect
have I-Effect
a I-Effect
captured I-Effect
population I-Effect
that I-Effect
will I-Effect
be I-Effect
driven I-Effect
to I-Effect
their I-Effect
storefronts I-Effect
and I-Effect
insulated I-Effect
from I-Effect
e-commerce I-Effect
. O

In O
addition O
, O
unlike O
aggregates O
and O
cement O
, O
ready-mixed O
concrete O
is O
highly O
perishable O
, O
as O
hardening B-Cause
will O
limit B-Effect
the I-Effect
range I-Effect
it I-Effect
can I-Effect
travel I-Effect
to I-Effect
roughly I-Effect
60-90 I-Effect
miles I-Effect
. O

As O
rapid B-Cause
credit I-Cause
decisions I-Cause
become I-Cause
the I-Cause
norm I-Cause
, O
access B-Effect
to I-Effect
large I-Effect
data I-Effect
sets I-Effect
and I-Effect
the I-Effect
ability I-Effect
to I-Effect
analyze I-Effect
them I-Effect
are I-Effect
increasingly I-Effect
a I-Effect
requirement I-Effect
to I-Effect
compete I-Effect
in I-Effect
consumer I-Effect
lending I-Effect
. O

Through O
a B-Cause
combination I-Cause
of I-Cause
potential I-Cause
exploration I-Cause
success I-Cause
, I-Cause
new I-Cause
project I-Cause
startups I-Cause
, I-Cause
and I-Cause
improved I-Cause
recovery I-Cause
on I-Cause
acquired I-Cause
mature I-Cause
assets I-Cause
, O
Equinor O
estimates O
it B-Effect
can I-Effect
increase I-Effect
volumes I-Effect
to I-Effect
between I-Effect
300 I-Effect
thousand I-Effect
and I-Effect
500 I-Effect
thousand I-Effect
boe I-Effect
per I-Effect
day I-Effect
by I-Effect
2030 I-Effect
from I-Effect
less I-Effect
than I-Effect
100 I-Effect
mboed I-Effect
currently I-Effect
. O

Every B-Cause
JPY I-Cause
1 I-Cause
change I-Cause
in I-Cause
the I-Cause
dollar I-Cause
affects O
Toyota B-Effect
's I-Effect
operating I-Effect
income I-Effect
by I-Effect
about I-Effect
JPY I-Effect
35 I-Effect
billion I-Effect
, O
more O
than O
twice O
the O
impact O
at O
Honda O
. O

We B-Effect
believe I-Effect
that I-Effect
customers I-Effect
will I-Effect
adopt I-Effect
additional I-Effect
security I-Effect
modules I-Effect
over I-Effect
time I-Effect
due O
to O
wanting B-Cause
to I-Cause
consolidate I-Cause
their I-Cause
endpoint I-Cause
security I-Cause
point I-Cause
products I-Cause
into I-Cause
the I-Cause
protection I-Cause
platform I-Cause
approach I-Cause
offered I-Cause
by I-Cause
CrowdStrike I-Cause
. O

For O
example O
, O
it O
would O
be O
difficult O
for O
a B-Effect
new I-Effect
player I-Effect
to I-Effect
establish I-Effect
what O
the O
absolute O
and O
relative O
probabilities O
of O
a O
B O
versus O
BB O
versus O
BBB O
defaulting O
is O
over O
the O
next O
10 O
years O
without B-Cause
sufficient I-Cause
sample I-Cause
size I-Cause
and I-Cause
time I-Cause
. O

However O
, O
in O
2017 O
it O
made O
a O
key O
acquisition B-Cause
of O
road-building O
equipment O
vendor O
Wirtgen O
, O
which O
improves B-Effect
Deere I-Effect
's I-Effect
position I-Effect
in I-Effect
global I-Effect
infrastructure I-Effect
and I-Effect
urbanization I-Effect
trends I-Effect
. O

Pathways O
as O
a O
result O
of O
Brexit B-Cause
are O
plentiful O
, O
some O
of O
which O
include O
friction B-Effect
in I-Effect
the I-Effect
resolution I-Effect
of I-Effect
tariffs I-Effect
, I-Effect
a I-Effect
decline I-Effect
in I-Effect
trade I-Effect
, I-Effect
and I-Effect
a I-Effect
decrease I-Effect
in I-Effect
foreign I-Effect
direct I-Effect
investments I-Effect
, O
all O
negatives O
for O
Lloyds O
. O

Corning O
invented O
this O
industry O
, O
and O
after O
five O
decades O
of O
innovation O
we O
think O
Corning B-Cause
possesses I-Cause
intangible I-Cause
assets I-Cause
in I-Cause
ceramic I-Cause
substrate I-Cause
and I-Cause
filter I-Cause
production I-Cause
that O
have O
resulted O
in O
its B-Effect
leading I-Effect
share I-Effect
. O

At O
the O
end O
of O
the O
day O
, O
these B-Cause
price I-Cause
increases I-Cause
would I-Cause
either I-Cause
be I-Cause
reflected I-Cause
at I-Cause
retail I-Cause
, O
which O
could O
damage B-Effect
brand I-Effect
equity I-Effect
amongst I-Effect
price I-Effect
sensitive I-Effect
consumers I-Effect
, O
or O
they B-Cause
would I-Cause
be I-Cause
absorbed I-Cause
by I-Cause
Coca-Cola I-Cause
Femsa I-Cause
, O
which O
would O
detract B-Effect
from I-Effect
its I-Effect
financial I-Effect
viability I-Effect
and I-Effect
ability I-Effect
to I-Effect
execute I-Effect
in I-Effect
the I-Effect
marketplace I-Effect
on I-Effect
TCCC I-Effect
's I-Effect
behalf I-Effect
. O

Vale B-Effect
somewhat I-Effect
mitigates I-Effect
the I-Effect
disadvantage I-Effect
with O
a B-Cause
fleet I-Cause
of I-Cause
very I-Cause
large I-Cause
ore I-Cause
carriers I-Cause
( I-Cause
Valemax I-Cause
ships I-Cause
) I-Cause
which I-Cause
can I-Cause
reduce I-Cause
freight I-Cause
costs I-Cause
through I-Cause
economies I-Cause
of I-Cause
scale I-Cause
. O

Patterson B-Effect
's I-Effect
position I-Effect
as I-Effect
a I-Effect
major I-Effect
supplier I-Effect
to I-Effect
dental I-Effect
practices I-Effect
has I-Effect
diminished I-Effect
over O
the O
past O
few O
years O
, O
as O
the O
company O
has O
struggled B-Cause
with I-Cause
internal I-Cause
operations I-Cause
as I-Cause
well I-Cause
as I-Cause
defending I-Cause
its I-Cause
market I-Cause
position I-Cause
from I-Cause
online-based I-Cause
wholesale I-Cause
players I-Cause
. O

Consumer B-Effect
lending I-Effect
is I-Effect
increasingly I-Effect
data I-Effect
driven I-Effect
as O
large B-Cause
proprietary I-Cause
data I-Cause
sets I-Cause
are I-Cause
needed I-Cause
to I-Cause
build I-Cause
the I-Cause
kinds I-Cause
of I-Cause
credit I-Cause
models I-Cause
necessary I-Cause
to I-Cause
make I-Cause
fast I-Cause
and I-Cause
effective I-Cause
underwriting I-Cause
decisions I-Cause
. O

Management B-Cause
has I-Cause
been I-Cause
focused I-Cause
on I-Cause
leveraging I-Cause
scale I-Cause
to I-Cause
foster I-Cause
strategic I-Cause
partnerships I-Cause
to O
increase B-Effect
traffic I-Effect
and I-Effect
cross-selling I-Effect
opportunities I-Effect
with I-Effect
a I-Effect
long-term I-Effect
focus I-Effect
to I-Effect
improve I-Effect
coordinated I-Effect
care I-Effect
. O

Nevertheless O
, O
with O
continued B-Cause
cost I-Cause
savings I-Cause
in I-Cause
the I-Cause
legacy I-Cause
business I-Cause
, O
we B-Effect
think I-Effect
RB I-Effect
can I-Effect
sustain I-Effect
ROIC I-Effect
in I-Effect
the I-Effect
midteen I-Effect
range I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
and I-Effect
in I-Effect
the I-Effect
mid- I-Effect
to I-Effect
high-teen I-Effect
range I-Effect
in I-Effect
the I-Effect
steady I-Effect
state I-Effect
. O

As O
a O
result O
of O
a B-Cause
fragmented I-Cause
industry I-Cause
structure I-Cause
, I-Cause
high I-Cause
historical I-Cause
volatility I-Cause
, I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
large I-Cause
losses I-Cause
on I-Cause
individual I-Cause
projects I-Cause
, O
it O
is O
difficult O
for O
E B-Effect
& I-Effect
amp I-Effect
; I-Effect
C I-Effect
firms I-Effect
to I-Effect
sustain I-Effect
consistently I-Effect
attractive I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
throughout I-Effect
the I-Effect
economic I-Effect
cycle I-Effect
. O

We O
believe O
that O
as O
businesses B-Cause
realize I-Cause
the I-Cause
importance I-Cause
of I-Cause
flexibility I-Cause
in I-Cause
communication I-Cause
and I-Cause
collaboration I-Cause
, O
the B-Effect
number I-Effect
of I-Effect
UCaaS I-Effect
seats I-Effect
should I-Effect
grow I-Effect
. O

Although O
the O
firm O
reported O
weak O
results O
for O
the O
fourth O
quarter O
of O
2020 O
( O
a O
20 O
% O
sales O
decline O
and O
an O
operating O
margin O
of O
just O
1 O
% O
) O
, O
we B-Effect
anticipate I-Effect
it I-Effect
will I-Effect
return I-Effect
to I-Effect
consistent I-Effect
profitability I-Effect
in I-Effect
the I-Effect
second I-Effect
quarter I-Effect
of I-Effect
2021 I-Effect
as B-Cause
pandemic-related I-Cause
store I-Cause
restrictions I-Cause
fade I-Cause
. O

As O
HubSpot B-Cause
moves I-Cause
upstream I-Cause
to I-Cause
larger I-Cause
clients I-Cause
, O
it O
will O
likely O
need O
to O
expand B-Effect
its I-Effect
sales I-Effect
and I-Effect
servicing I-Effect
headcount I-Effect
to I-Effect
deal I-Effect
with I-Effect
more I-Effect
complex I-Effect
issues I-Effect
. O

Nasdaq B-Cause
is I-Cause
successfully I-Cause
shifting I-Cause
its I-Cause
business I-Cause
mix I-Cause
into I-Cause
more I-Cause
data I-Cause
and I-Cause
technology I-Cause
, O
and O
the B-Effect
market I-Effect
has I-Effect
recently I-Effect
been I-Effect
rewarding I-Effect
the I-Effect
company I-Effect
for I-Effect
it I-Effect
. O

In O
the O
healthcare O
division O
, O
Bayer B-Cause
's I-Cause
strong I-Cause
lineup I-Cause
of I-Cause
recently I-Cause
launched I-Cause
drugs I-Cause
and I-Cause
solid I-Cause
exposure I-Cause
to I-Cause
biologics I-Cause
should O
support O
steady B-Effect
long-term I-Effect
growth I-Effect
. O

Potential B-Effect
data I-Effect
breaches I-Effect
, O
given O
Telus B-Cause
' I-Cause
access I-Cause
and I-Cause
transport I-Cause
of I-Cause
sensitive I-Cause
data I-Cause
, O
and O
business B-Cause
disruptions I-Cause
of I-Cause
what I-Cause
is I-Cause
now I-Cause
essentially I-Cause
a I-Cause
utility I-Cause
would O
also O
be O
risks B-Effect
. O

As B-Cause
more I-Cause
buyers I-Cause
and I-Cause
sellers I-Cause
trade I-Cause
a I-Cause
proprietary I-Cause
product I-Cause
, I-Cause
it I-Cause
becomes I-Cause
increasingly I-Cause
liquid I-Cause
and I-Cause
therefore I-Cause
cheaper I-Cause
for I-Cause
investors I-Cause
to I-Cause
transact I-Cause
business I-Cause
on I-Cause
a I-Cause
single I-Cause
exchange. O
These O
are O
significantly O
high O
barriers O
to O
entry B-Effect
and I-Effect
Financial I-Effect
Data I-Effect
& I-Effect
Stock I-Effect
Exchangesmostly I-Effect
ensure I-Effect
that I-Effect
newcomers I-Effect
will I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
steal I-Effect
trading I-Effect
volume I-Effect
by I-Effect
launching I-Effect
a I-Effect
competing I-Effect
future I-Effect
or I-Effect
derivative I-Effect
. O

Burlington B-Effect
's I-Effect
pack-and-hold I-Effect
capabilities I-Effect
similarly I-Effect
reduce I-Effect
volatility I-Effect
( O
while O
allowing O
it O
to O
minimize O
merchandise O
costs O
) O
, O
as O
it B-Cause
can I-Cause
opportunistically I-Cause
store I-Cause
inventory I-Cause
that I-Cause
is I-Cause
unlikely I-Cause
to I-Cause
go I-Cause
out I-Cause
of I-Cause
style I-Cause
for I-Cause
sale I-Cause
in I-Cause
a I-Cause
future I-Cause
season I-Cause
. O

Zoetis B-Effect
is I-Effect
likely I-Effect
to I-Effect
grow I-Effect
slightly I-Effect
faster I-Effect
than I-Effect
the I-Effect
industry I-Effect
and I-Effect
maintain I-Effect
above-average I-Effect
margins I-Effect
due O
to O
its B-Cause
scale I-Cause
and I-Cause
its I-Cause
shift I-Cause
toward I-Cause
the I-Cause
faster-growing I-Cause
companion I-Cause
animal I-Cause
segment I-Cause
. O

Thanks B-Cause
to I-Cause
growing I-Cause
economic I-Cause
prosperity I-Cause
, I-Cause
improving I-Cause
telecommunications I-Cause
infrastructure I-Cause
, I-Cause
and I-Cause
a I-Cause
COVID-19-related I-Cause
shift I-Cause
to I-Cause
online I-Cause
commerce I-Cause
, O
we B-Effect
anticipate I-Effect
Latin I-Effect
America I-Effect
consumers I-Effect
will I-Effect
narrow I-Effect
the I-Effect
gap I-Effect
in I-Effect
Internet I-Effect
penetration I-Effect
( I-Effect
around I-Effect
70 I-Effect
% I-Effect
) I-Effect
with I-Effect
that I-Effect
of I-Effect
North I-Effect
America I-Effect
( I-Effect
roughly I-Effect
95 I-Effect
% I-Effect
) I-Effect
. O

While O
Scotts O
is O
indemnified O
from O
any O
legal O
liabilities O
, O
the B-Cause
headlines I-Cause
could O
turn B-Effect
consumers I-Effect
away I-Effect
from I-Effect
using I-Effect
the I-Effect
consumer I-Effect
version I-Effect
of I-Effect
Roundup I-Effect
. O

For O
instance O
, O
Weixin B-Effect
Moments I-Effect
' I-Effect
ad I-Effect
revenue I-Effect
continued I-Effect
to I-Effect
grow I-Effect
as O
advertisers B-Cause
can I-Cause
link I-Cause
their I-Cause
ads I-Cause
with I-Cause
their I-Cause
mini I-Cause
programs I-Cause
to I-Cause
complete I-Cause
transactions I-Cause
. O

Although B-Cause
the I-Cause
renewable I-Cause
energy I-Cause
business I-Cause
is I-Cause
growing I-Cause
faster I-Cause
than I-Cause
the I-Cause
utility I-Cause
, I-Cause
we I-Cause
expect I-Cause
ConEd I-Cause
to I-Cause
divest I-Cause
its I-Cause
natural I-Cause
gas I-Cause
transmission I-Cause
assets I-Cause
in I-Cause
the I-Cause
near I-Cause
future. O
Thus O
, O
we O
expect O
non-utiliy B-Effect
earnings I-Effect
to I-Effect
be I-Effect
less I-Effect
than I-Effect
10 I-Effect
% I-Effect
of I-Effect
earnings I-Effect
and I-Effect
will I-Effect
likely I-Effect
remain I-Effect
near I-Effect
this I-Effect
level I-Effect
of I-Effect
contribution I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

As O
a O
first O
mover O
, O
Align B-Cause
garnered I-Cause
a I-Cause
monopoly I-Cause
in I-Cause
the I-Cause
market I-Cause
and I-Cause
effectively I-Cause
created I-Cause
a I-Cause
new I-Cause
product I-Cause
category I-Cause
, O
piquing B-Effect
the I-Effect
interest I-Effect
of I-Effect
all I-Effect
dental I-Effect
manufacturers I-Effect
and I-Effect
distributors I-Effect
. O

To O
offset B-Effect
declining I-Effect
volumes I-Effect
, O
Suburban B-Cause
will I-Cause
need I-Cause
to I-Cause
continue I-Cause
to I-Cause
acquire I-Cause
smaller I-Cause
firms I-Cause
and I-Cause
drive I-Cause
efficiencies I-Cause
across I-Cause
the I-Cause
combined I-Cause
operations I-Cause
. O

This O
means O
that O
Wipro B-Effect
is I-Effect
better I-Effect
able I-Effect
to I-Effect
attract I-Effect
value I-Effect
from I-Effect
its I-Effect
intangible I-Effect
assets I-Effect
as O
there B-Cause
is I-Cause
less I-Cause
turnover I-Cause
of I-Cause
such I-Cause
assets I-Cause
, O
as O
this B-Cause
is I-Cause
retained I-Cause
significantly I-Cause
in I-Cause
talent I-Cause
. O

Intangible B-Effect
AssetsTesla I-Effect
's I-Effect
brand I-Effect
cachet I-Effect
is I-Effect
not I-Effect
likely I-Effect
to I-Effect
be I-Effect
impaired I-Effect
any I-Effect
time I-Effect
soon I-Effect
as O
other B-Cause
automakers I-Cause
move I-Cause
into I-Cause
the I-Cause
battery I-Cause
electric I-Cause
vehicle I-Cause
, I-Cause
or I-Cause
BEV I-Cause
, I-Cause
space I-Cause
because O
we O
expect O
Tesla O
to O
keep O
innovating O
to O
stay O
ahead O
of O
startup O
and O
established O
competitors O
. O

We O
also O
believe O
that O
McDonald B-Effect
's I-Effect
benefits I-Effect
from I-Effect
a I-Effect
sustainable I-Effect
cost I-Effect
advantage I-Effect
, O
with O
its B-Cause
dominant I-Cause
global I-Cause
scale I-Cause
allowing I-Cause
it I-Cause
to I-Cause
procure I-Cause
food I-Cause
and I-Cause
paper I-Cause
at I-Cause
favorable I-Cause
prices I-Cause
, I-Cause
to I-Cause
leverage I-Cause
marketing I-Cause
and I-Cause
technology I-Cause
investments I-Cause
across I-Cause
its I-Cause
global I-Cause
footprint I-Cause
, I-Cause
and I-Cause
to I-Cause
secure I-Cause
lower I-Cause
rates I-Cause
from I-Cause
third-party I-Cause
delivery I-Cause
aggregators I-Cause
. O

This O
type O
of O
service B-Cause
revenue I-Cause
is I-Cause
higher I-Cause
margin I-Cause
than I-Cause
Emerson I-Cause
's I-Cause
product I-Cause
business I-Cause
, O
which O
incidentally O
provides B-Effect
the I-Effect
firm I-Effect
more I-Effect
ammunition I-Effect
for O
capital O
expenditures O
spending O
, O
allowing O
it O
to O
extend O
its O
already O
massive O
installed O
base O
. O

Further O
, O
Gap O
Global O
's O
same-store O
sales O
dropped O
5 O
% O
or O
more O
in O
2014 O
, O
2015 O
, O
2018 O
, O
and O
2019 O
, O
and O
then O
experienced O
a B-Effect
sales I-Effect
decline I-Effect
of I-Effect
27 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
due O
to O
COVID-19 B-Cause
and I-Cause
store I-Cause
closures I-Cause
. O

We O
forecast O
selling B-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
as I-Effect
a I-Effect
percentage I-Effect
of I-Effect
sales I-Effect
will I-Effect
remain I-Effect
around I-Effect
the I-Effect
24.5 I-Effect
% I-Effect
average I-Effect
level I-Effect
of I-Effect
the I-Effect
past I-Effect
decade I-Effect
as O
the B-Cause
company I-Cause
invests I-Cause
in I-Cause
marketing I-Cause
, I-Cause
e-commerce I-Cause
, I-Cause
and I-Cause
international I-Cause
expansion I-Cause
. O

Additionally O
, O
economic B-Effect
rent I-Effect
associated I-Effect
with I-Effect
the I-Effect
purchase I-Effect
of I-Effect
aggregated I-Effect
postindustrial I-Effect
scrap I-Effect
and I-Effect
demolished I-Effect
buildings I-Effect
is I-Effect
usually I-Effect
bid I-Effect
away I-Effect
as O
competitors B-Cause
vie I-Cause
to I-Cause
lock I-Cause
in I-Cause
these I-Cause
large I-Cause
single-purchase I-Cause
volumes I-Cause
. O

We O
expect O
noninterest B-Cause
income I-Cause
to I-Cause
grow I-Cause
at I-Cause
a I-Cause
mid-single-digit I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
3 I-Cause
% I-Cause
-4 I-Cause
% I-Cause
. O
This O
leads O
to O
a B-Effect
terminal I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
14 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
compared I-Effect
with I-Effect
our I-Effect
cost I-Effect
of I-Effect
equity I-Effect
at I-Effect
9 I-Effect
% I-Effect
. O

As O
evidence B-Effect
of I-Effect
Tapestry I-Effect
's I-Effect
competitive I-Effect
edge I-Effect
, O
its B-Cause
adjusted I-Cause
ROIC I-Cause
including I-Cause
goodwill I-Cause
was I-Cause
above I-Cause
our I-Cause
estimated I-Cause
WACC I-Cause
for I-Cause
the I-Cause
company I-Cause
of I-Cause
9 I-Cause
% I-Cause
in I-Cause
nine I-Cause
of I-Cause
the I-Cause
past I-Cause
10 I-Cause
years I-Cause
, O
with O
virus-affected O
fiscal O
2020 O
the O
only O
exception O
. O

We O
believe O
that O
Check B-Effect
Point I-Effect
can I-Effect
increase I-Effect
its I-Effect
gross I-Effect
margins I-Effect
toward I-Effect
90 I-Effect
% I-Effect
in I-Effect
the I-Effect
2020s I-Effect
as O
we O
project O
high-margin B-Cause
subscription-based I-Cause
revenue I-Cause
to I-Cause
grow I-Cause
at I-Cause
a I-Cause
faster I-Cause
clip I-Cause
than I-Cause
other I-Cause
offerings I-Cause
. O

As O
new B-Cause
drugs I-Cause
gain I-Cause
traction I-Cause
, O
Astra B-Cause
will I-Cause
likely I-Cause
continue I-Cause
to I-Cause
reduce I-Cause
the I-Cause
asset I-Cause
sales I-Cause
, O
which O
is O
strategically O
sound O
but O
will O
likely B-Effect
create I-Effect
a I-Effect
headwind I-Effect
to I-Effect
earnings I-Effect
growth I-Effect
. O

All B-Effect
producers I-Effect
can I-Effect
generate I-Effect
fat I-Effect
returns I-Effect
on O
capital O
when O
commodity B-Cause
prices I-Cause
are I-Cause
high I-Cause
, O
but O
only O
the O
lowest-cost O
producers O
can O
be O
expected O
to O
generate O
excess O
returns O
on O
capital O
through O
the O
cycle O
. O

For O
now O
, O
we O
anticipate O
a B-Effect
midteens I-Effect
top-line I-Effect
organic I-Effect
lift I-Effect
in I-Effect
2021 I-Effect
, O
with O
the B-Cause
first I-Cause
half I-Cause
of I-Cause
2021 I-Cause
benefiting I-Cause
from I-Cause
socially I-Cause
distant I-Cause
demand I-Cause
, O
before O
returning B-Cause
to I-Cause
more I-Cause
normalized I-Cause
single-digit I-Cause
industry I-Cause
growth I-Cause
as O
a B-Cause
vaccine I-Cause
is I-Cause
distributed I-Cause
, O
potentially B-Effect
reallocating I-Effect
consumer I-Effect
discretionary I-Effect
dollars I-Effect
to I-Effect
other I-Effect
categories I-Effect
. O

In B-Cause
markets I-Cause
and I-Cause
product I-Cause
categories I-Cause
that I-Cause
Tractor I-Cause
Supply I-Cause
overlaps I-Cause
with I-Cause
other I-Cause
big-box I-Cause
retailers I-Cause
( I-Cause
Home I-Cause
Depot I-Cause
, I-Cause
Lowe I-Cause
's I-Cause
, I-Cause
PetSmart I-Cause
, I-Cause
Walmart I-Cause
) I-Cause
, O
we O
think O
the B-Cause
company I-Cause
could I-Cause
be I-Cause
forced I-Cause
to I-Cause
be I-Cause
a I-Cause
price I-Cause
taker I-Cause
, O
which O
could B-Effect
weigh I-Effect
on I-Effect
local I-Effect
profits I-Effect
. O

Like O
essentially O
all O
oilfield-services O
companies O
, O
Baker B-Cause
Hughes I-Cause
would I-Cause
be I-Cause
vulnerable I-Cause
to I-Cause
an I-Cause
economic I-Cause
or I-Cause
technological I-Cause
shock I-Cause
that O
reduces B-Effect
the I-Effect
long-term I-Effect
growth I-Effect
in I-Effect
oil I-Effect
and I-Effect
gas I-Effect
demand I-Effect
. I-Effect

As O
CVS B-Cause
' I-Cause
local I-Cause
market I-Cause
share I-Cause
rises I-Cause
, O
its B-Cause
negotiating I-Cause
leverage I-Cause
with I-Cause
providers I-Cause
also I-Cause
rises I-Cause
, O
which O
can O
create B-Effect
a I-Effect
virtuous I-Effect
cycle I-Effect
where I-Effect
CVS I-Effect
attracts I-Effect
even I-Effect
more I-Effect
clients I-Effect
and I-Effect
more I-Effect
providers I-Effect
to I-Effect
its I-Effect
insurance I-Effect
network I-Effect
in I-Effect
that I-Effect
area I-Effect
. O

The B-Cause
money I-Cause
transfer I-Cause
business I-Cause
is I-Cause
highly I-Cause
scalable I-Cause
because I-Cause
the I-Cause
incremental I-Cause
costs I-Cause
of I-Cause
processing I-Cause
additional I-Cause
transactions I-Cause
are I-Cause
minimal. O
This O
gives B-Effect
Western I-Effect
Union I-Effect
a I-Effect
marked I-Effect
cost I-Effect
advantage I-Effect
over I-Effect
its I-Effect
rivals I-Effect
, I-Effect
and I-Effect
its I-Effect
operating I-Effect
margins I-Effect
are I-Effect
more I-Effect
than I-Effect
twice I-Effect
of I-Effect
any I-Effect
of I-Effect
its I-Effect
competitors I-Effect
. O

JD.com B-Effect
has I-Effect
emerged I-Effect
as I-Effect
a I-Effect
leading I-Effect
disruptive I-Effect
force I-Effect
in I-Effect
China I-Effect
's I-Effect
retail I-Effect
industry I-Effect
by O
offering B-Cause
authentic I-Cause
products I-Cause
online I-Cause
at I-Cause
competitive I-Cause
prices I-Cause
with I-Cause
speedy I-Cause
and I-Cause
high-quality I-Cause
delivery I-Cause
service I-Cause
. O

We O
have O
slightly B-Effect
lowered I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
62 I-Effect
per I-Effect
share I-Effect
from I-Effect
$ I-Effect
63 I-Effect
, I-Effect
to I-Effect
account I-Effect
for I-Effect
lower I-Effect
near-term I-Effect
unit I-Effect
growth I-Effect
, O
as O
a B-Cause
resurgence I-Cause
in I-Cause
COVID-19 I-Cause
cases I-Cause
could I-Cause
delay I-Cause
construction I-Cause
and I-Cause
new I-Cause
signings I-Cause
. O

We O
still O
forecast O
selling B-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expense I-Cause
averaging I-Cause
28 I-Cause
% I-Cause
of I-Cause
total I-Cause
revenue I-Cause
( I-Cause
excluding I-Cause
reimbursement I-Cause
revenue I-Cause
) I-Cause
over I-Cause
the I-Cause
next I-Cause
10 I-Cause
years I-Cause
( I-Cause
versus I-Cause
32.6 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
) I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
leverages I-Cause
its I-Cause
growing I-Cause
room I-Cause
base. O
As O
a O
result O
of O
our O
revenue O
and O
SG O
& O
A O
forecast O
, O
we O
project O
operating B-Effect
margins I-Effect
reaching I-Effect
31.5 I-Effect
% I-Effect
in I-Effect
2030 I-Effect
from I-Effect
28.6 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
and I-Effect
2029 I-Effect
EBI I-Effect
growth I-Effect
of I-Effect
7 I-Effect
% I-Effect
. O

Some O
of O
these O
investment O
areas O
have O
raised O
investor O
questions O
in O
the O
past O
, O
and O
we O
expect O
management O
to O
continue O
to O
invest O
according O
to O
its O
strategy O
, O
despite O
periodic B-Effect
margin I-Effect
pressure I-Effect
from O
increased B-Cause
spending I-Cause
. O

However O
, O
Millicom B-Effect
's I-Effect
exit I-Effect
from I-Effect
several I-Effect
African I-Effect
countries I-Effect
demonstrates O
it B-Cause
is I-Cause
not I-Cause
wed I-Cause
to I-Cause
any I-Cause
particular I-Cause
area I-Cause
and O
will B-Effect
sell I-Effect
operations I-Effect
if O
it B-Cause
ca I-Cause
n't I-Cause
achieve I-Cause
the I-Cause
financial I-Cause
returns I-Cause
it I-Cause
expects I-Cause
. O

We B-Effect
believe I-Effect
this I-Effect
gives I-Effect
Donaldson I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
and I-Effect
inside I-Effect
track I-Effect
to I-Effect
win I-Effect
future I-Effect
contracts I-Effect
, O
as O
the B-Cause
firm I-Cause
may I-Cause
consult I-Cause
and I-Cause
work I-Cause
on I-Cause
developing I-Cause
innovative I-Cause
filtration I-Cause
solutions I-Cause
for I-Cause
new I-Cause
OEM I-Cause
product I-Cause
lines I-Cause
before I-Cause
they I-Cause
are I-Cause
even I-Cause
launched I-Cause
. O

Investments B-Cause
will I-Cause
focus I-Cause
on I-Cause
producing I-Cause
higher-value I-Cause
lubricants I-Cause
and I-Cause
diesel I-Cause
in I-Cause
the I-Cause
downstream I-Cause
segment I-Cause
and I-Cause
performance I-Cause
products I-Cause
in I-Cause
the I-Cause
chemical I-Cause
segment I-Cause
, O
which O
should O
lift B-Effect
returns I-Effect
and I-Effect
earnings I-Effect
further I-Effect
. O

ADS B-Effect
is I-Effect
heavily I-Effect
exposed I-Effect
to I-Effect
the I-Effect
economic I-Effect
cycle I-Effect
as O
it B-Cause
is I-Cause
impacted I-Cause
by I-Cause
changes I-Cause
in I-Cause
credit I-Cause
quality I-Cause
, I-Cause
interest I-Cause
rates I-Cause
, I-Cause
and I-Cause
retail I-Cause
sales I-Cause
. O

Many B-Cause
racing I-Cause
horse I-Cause
owners I-Cause
take I-Cause
up I-Cause
horse I-Cause
racing I-Cause
as I-Cause
a I-Cause
hobby I-Cause
and I-Cause
recognize I-Cause
few I-Cause
horses I-Cause
ever I-Cause
turn I-Cause
a I-Cause
profit. O
For O
this O
reason O
, O
we O
think O
racing B-Effect
horse I-Effect
owners I-Effect
are I-Effect
generally I-Effect
price-insensitive I-Effect
, I-Effect
and I-Effect
Neogen I-Effect
's I-Effect
status I-Effect
as I-Effect
a I-Effect
trusted I-Effect
brand I-Effect
provider I-Effect
can I-Effect
allow I-Effect
for I-Effect
higher I-Effect
margin I-Effect
in I-Effect
the I-Effect
business I-Effect
than I-Effect
would I-Effect
otherwise I-Effect
be I-Effect
expected I-Effect
in I-Effect
a I-Effect
competitive I-Effect
, I-Effect
price-sensitive I-Effect
market I-Effect
. O

Fourth O
, O
given O
Groupon B-Cause
's I-Cause
high I-Cause
take I-Cause
rate I-Cause
on I-Cause
sales I-Cause
of I-Cause
vouchers I-Cause
and I-Cause
most I-Cause
SMBs I-Cause
' I-Cause
small I-Cause
marketing I-Cause
budgets I-Cause
and I-Cause
lack I-Cause
of I-Cause
product I-Cause
depth I-Cause
, O
we O
believe O
merchants B-Effect
are I-Effect
unlikely I-Effect
to I-Effect
provide I-Effect
large I-Effect
discounts I-Effect
aggressively I-Effect
and I-Effect
consistently I-Effect
through I-Effect
Groupon I-Effect
or I-Effect
its I-Effect
peers I-Effect
. O

Over O
the O
longer O
term O
, O
we B-Effect
believe I-Effect
operating I-Effect
margin I-Effect
will I-Effect
expand I-Effect
back I-Effect
toward I-Effect
the I-Effect
50 I-Effect
% I-Effect
range I-Effect
, I-Effect
compared I-Effect
with I-Effect
44 I-Effect
% I-Effect
at I-Effect
the I-Effect
end I-Effect
of I-Effect
2020 I-Effect
, O
as O
Check B-Cause
Point I-Cause
can I-Cause
pare I-Cause
back I-Cause
some I-Cause
marketing I-Cause
and I-Cause
R I-Cause
& I-Cause
D I-Cause
expenses I-Cause
in I-Cause
the I-Cause
long I-Cause
run I-Cause
after I-Cause
integrating I-Cause
subscription-based I-Cause
solutions I-Cause
into I-Cause
enterprise I-Cause
networks I-Cause
. O

While O
new O
entrants O
have O
made O
attempts O
to O
capture O
aftermarket O
sales O
in O
more O
generic O
and O
commoditized O
industrials O
markets O
, O
we O
believe O
that O
Idex B-Effect
is I-Effect
relatively I-Effect
less I-Effect
vulnerable I-Effect
to I-Effect
the I-Effect
threat I-Effect
of I-Effect
new I-Effect
entrants I-Effect
given O
that O
it B-Cause
tends I-Cause
to I-Cause
operate I-Cause
in I-Cause
more I-Cause
niche I-Cause
markets I-Cause
. O

Beneath B-Cause
these I-Cause
two I-Cause
companies I-Cause
' I-Cause
70 I-Cause
% I-Cause
-plus I-Cause
share I-Cause
, I-Cause
the I-Cause
market I-Cause
is I-Cause
highly I-Cause
fragmented I-Cause
, O
making O
it B-Effect
extremely I-Effect
challenging I-Effect
for I-Effect
any I-Effect
smaller I-Effect
new I-Effect
entrants I-Effect
to I-Effect
gain I-Effect
customer I-Effect
traffic I-Effect
or I-Effect
supplier I-Effect
scale I-Effect
. O

The B-Cause
high I-Cause
cost I-Cause
to I-Cause
deploy I-Cause
FiOS I-Cause
has O
prevented O
Verizon B-Effect
from I-Effect
pricing I-Effect
the I-Effect
service I-Effect
aggressively I-Effect
and I-Effect
customer I-Effect
growth I-Effect
has O
stagnated O
, O
but O
the O
network O
is O
a O
solid O
long-term O
alternative O
to O
cable O
. O

In B-Effect
agriculture I-Effect
, I-Effect
we I-Effect
think I-Effect
demand I-Effect
for I-Effect
crops I-Effect
will I-Effect
be I-Effect
strong I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
largely O
due O
to O
robust B-Cause
demand I-Cause
from I-Cause
China I-Cause
and I-Cause
tight I-Cause
global I-Cause
supplies I-Cause
. O

We O
think O
that O
while O
it O
has O
historically O
tracked O
the O
mid-single-digit O
growth O
rate O
of O
semiconductor O
R O
& O
D O
spend O
, O
expansion B-Cause
of I-Cause
in-house I-Cause
chip I-Cause
design I-Cause
by O
systems O
companies O
will O
allow O
EDA B-Effect
revenue I-Effect
growth I-Effect
to I-Effect
outpace I-Effect
historical I-Effect
rates I-Effect
. O

Inflation B-Cause
has I-Cause
risen I-Cause
significantly I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
months I-Cause
, O
and O
the B-Effect
central I-Effect
bank I-Effect
has I-Effect
responded I-Effect
by I-Effect
raising I-Effect
interest I-Effect
rates I-Effect
to I-Effect
4.25 I-Effect
% I-Effect
from I-Effect
2 I-Effect
% I-Effect
. O

These B-Cause
pools I-Cause
of I-Cause
patient I-Cause
data I-Cause
, I-Cause
paired I-Cause
with I-Cause
CROs I-Cause
' I-Cause
recruitment I-Cause
and I-Cause
consulting I-Cause
capabilities I-Cause
, O
offer B-Effect
a I-Effect
key I-Effect
service I-Effect
to I-Effect
biopharma I-Effect
clients I-Effect
that I-Effect
they I-Effect
can I-Effect
not I-Effect
replicate I-Effect
in-house I-Effect
. O

Regulators O
and O
elected O
officials O
have O
tried B-Cause
to I-Cause
introduce I-Cause
numerous I-Cause
proposals I-Cause
that O
would O
limit B-Effect
what I-Effect
banks I-Effect
can I-Effect
charge I-Effect
on I-Effect
interest I-Effect
rates I-Effect
, I-Effect
deposit I-Effect
fees I-Effect
, I-Effect
and I-Effect
other I-Effect
noninterest I-Effect
income I-Effect
. O

The B-Cause
success I-Cause
of I-Cause
COVID-19 I-Cause
vaccines I-Cause
is O
likely O
already O
leading B-Effect
to I-Effect
an I-Effect
explosion I-Effect
in I-Effect
patent I-Effect
applications I-Effect
for I-Effect
innovations I-Effect
in I-Effect
the I-Effect
space I-Effect
, O
as O
well O
. O

Whereas B-Cause
historically I-Cause
, I-Cause
real I-Cause
estate I-Cause
providers I-Cause
established I-Cause
local I-Cause
expertise I-Cause
and I-Cause
operated I-Cause
regionally I-Cause
, I-Cause
increased I-Cause
access I-Cause
to I-Cause
information I-Cause
via I-Cause
the I-Cause
Internet I-Cause
and I-Cause
data I-Cause
from I-Cause
providers I-Cause
such O
as O
CoStar B-Effect
now I-Effect
benefits I-Effect
firms I-Effect
with I-Effect
a I-Effect
global I-Effect
reach I-Effect
. O

In B-Effect
our I-Effect
view I-Effect
, I-Effect
customers I-Effect
migrating I-Effect
to I-Effect
multi-cloud I-Effect
environments I-Effect
can I-Effect
become I-Effect
a I-Effect
tailwind I-Effect
for I-Effect
F5 I-Effect
as O
the B-Cause
proliferation I-Cause
of I-Cause
dispersed I-Cause
applications I-Cause
and I-Cause
data I-Cause
will I-Cause
require I-Cause
sophisticated I-Cause
traffic I-Cause
management I-Cause
and I-Cause
security I-Cause
solutions I-Cause
across I-Cause
the I-Cause
entire I-Cause
network I-Cause
ecosystem I-Cause
. O

While O
we O
do O
n't O
see O
material O
risks O
to O
the O
business O
in O
the O
longer O
term O
, O
we O
do O
have O
slightly O
more B-Effect
uncertainty I-Effect
with I-Effect
our I-Effect
shorter-term I-Effect
and I-Effect
medium-term I-Effect
outlooks I-Effect
, O
given O
the B-Cause
uncertainty I-Cause
on I-Cause
how I-Cause
the I-Cause
pandemic I-Cause
will I-Cause
play I-Cause
out I-Cause
over I-Cause
the I-Cause
coming I-Cause
year I-Cause
. O

The B-Effect
app I-Effect
store I-Effect
exhibits I-Effect
network I-Effect
effects I-Effect
as O
new B-Cause
users I-Cause
would I-Cause
attract I-Cause
new I-Cause
developers I-Cause
to I-Cause
the I-Cause
platform I-Cause
who I-Cause
have I-Cause
greater I-Cause
visibility I-Cause
for I-Cause
their I-Cause
apps I-Cause
, O
while O
users B-Effect
would I-Effect
benefit I-Effect
from I-Effect
new I-Effect
developers I-Effect
as O
they B-Cause
have I-Cause
access I-Cause
to I-Cause
a I-Cause
wider I-Cause
array I-Cause
of I-Cause
apps I-Cause
to I-Cause
augment I-Cause
their I-Cause
contact I-Cause
center I-Cause
software I-Cause
. O

Zions B-Effect
has I-Effect
historically I-Effect
had I-Effect
one I-Effect
of I-Effect
the I-Effect
worst I-Effect
efficiency I-Effect
ratios I-Effect
in I-Effect
our I-Effect
bank I-Effect
coverage. O
This O
has O
partially O
been O
due O
to O
a B-Cause
bloated I-Cause
expense I-Cause
base I-Cause
, I-Cause
but I-Cause
declining I-Cause
interest I-Cause
income I-Cause
in I-Cause
a I-Cause
low-interest-rate I-Cause
environment I-Cause
has I-Cause
n't I-Cause
helped I-Cause
. O

After B-Cause
weathering I-Cause
headwinds I-Cause
in I-Cause
its I-Cause
systems I-Cause
and I-Cause
solutions I-Cause
businesses I-Cause
in I-Cause
2020-21 I-Cause
due I-Cause
to I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
forecast O
ICU B-Effect
to I-Effect
reach I-Effect
mid-single-digit I-Effect
revenue I-Effect
growth I-Effect
annually I-Effect
by I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
five-year I-Effect
forecast I-Effect
period I-Effect
. O

PVH B-Effect
may I-Effect
enhance I-Effect
gross I-Effect
margins I-Effect
through B-Cause
supply I-Cause
chain I-Cause
improvements I-Cause
, I-Cause
greater I-Cause
direct-to-consumer I-Cause
sales I-Cause
, I-Cause
and I-Cause
decreases I-Cause
in I-Cause
sales I-Cause
of I-Cause
lower-margin I-Cause
heritage I-Cause
brands I-Cause
. O

Similarly O
, O
in O
Hub O
's O
flagship O
intermodal O
segment O
, O
a B-Cause
vast I-Cause
customer I-Cause
base I-Cause
generates O
significant B-Effect
buying I-Effect
power I-Effect
( I-Effect
greater I-Effect
rail I-Effect
capacity I-Effect
discounts I-Effect
) I-Effect
, O
and O
its O
container O
fleet O
( O
the O
second O
largest O
in O
the O
industry O
) O
provides O
preferred O
access O
to O
rail O
capacity O
. O

Selling B-Effect
, I-Effect
general I-Effect
, I-Effect
and I-Effect
administrative I-Effect
expenses I-Effect
as I-Effect
a I-Effect
percent I-Effect
of I-Effect
sales I-Effect
temporarily I-Effect
fell I-Effect
in I-Effect
2020 I-Effect
as O
marketing B-Effect
expenses I-Effect
were I-Effect
cut I-Effect
as I-Cause
a I-Cause
result I-Cause
of I-Cause
the B-Cause
pandemic I-Cause
, I-Cause
to I-Cause
14.4 I-Cause
% I-Cause
from I-Cause
15.5 I-Cause
% I-Cause
the I-Cause
prior I-Cause
year I-Cause
. O

Bausch B-Cause
's I-Cause
history I-Cause
of I-Cause
making I-Cause
acquisitions I-Cause
to I-Cause
drive I-Cause
business I-Cause
growth I-Cause
contributes O
to O
our B-Effect
doubt I-Effect
in I-Effect
the I-Effect
company I-Effect
' I-Effect
ability I-Effect
to I-Effect
develop I-Effect
an I-Effect
organic I-Effect
pipeline I-Effect
. O

Even O
though O
all O
automotive O
suppliers O
have O
product O
governance O
risk O
exposure O
from O
potential O
recalls O
, O
because O
Veoneer B-Cause
provides I-Cause
active I-Cause
safety I-Cause
products I-Cause
, O
various O
governments B-Effect
' I-Effect
safety I-Effect
regulation I-Effect
compliance I-Effect
increases I-Effect
scrutiny I-Effect
. O

Globalization B-Cause
of I-Cause
businesses I-Cause
in I-Cause
various I-Cause
verticals I-Cause
has O
increased B-Effect
demand I-Effect
not I-Effect
only I-Effect
for I-Effect
vertical-specific I-Effect
advertising I-Effect
expertise I-Effect
, I-Effect
but I-Effect
also I-Effect
for I-Effect
experience I-Effect
and I-Effect
clearer I-Effect
understanding I-Effect
of I-Effect
different I-Effect
cultures I-Effect
and I-Effect
regulations I-Effect
within I-Effect
the I-Effect
geographic I-Effect
regions I-Effect
in I-Effect
which I-Effect
businesses I-Effect
want I-Effect
to I-Effect
market I-Effect
and I-Effect
sell I-Effect
their I-Effect
products I-Effect
. O

That O
said O
, O
the B-Cause
majority I-Cause
of I-Cause
Archer I-Cause
Daniels I-Cause
Midland I-Cause
's I-Cause
products I-Cause
are I-Cause
commodities I-Cause
where I-Cause
the I-Cause
company I-Cause
does I-Cause
not I-Cause
benefit I-Cause
from I-Cause
any I-Cause
particular I-Cause
moat I-Cause
source. O
As O
such O
, O
we B-Effect
do I-Effect
not I-Effect
have I-Effect
a I-Effect
high I-Effect
degree I-Effect
of I-Effect
confidence I-Effect
that I-Effect
the I-Effect
company I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
outearn I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
over I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

Health B-Effect
insurers I-Effect
will I-Effect
continue I-Effect
to I-Effect
play I-Effect
key I-Effect
roles I-Effect
in I-Effect
the I-Effect
healthcare I-Effect
system I-Effect
if O
a B-Cause
public I-Cause
option I-Cause
is I-Cause
introduced I-Cause
, O
and O
they B-Effect
could I-Effect
even I-Effect
benefit I-Effect
from I-Effect
the I-Effect
expansion I-Effect
of I-Effect
services I-Effect
provided I-Effect
, O
if O
the B-Cause
public I-Cause
option I-Cause
merely I-Cause
expands I-Cause
access I-Cause
to I-Cause
insurance I-Cause
rather I-Cause
than I-Cause
causes I-Cause
significant I-Cause
shifts I-Cause
in I-Cause
insurance I-Cause
sources I-Cause
. O

Gap B-Cause
outperformed I-Cause
our I-Cause
sales I-Cause
and I-Cause
profitability I-Cause
estimates I-Cause
in I-Cause
the I-Cause
first I-Cause
quarter I-Cause
of I-Cause
2021 I-Cause
as I-Cause
, I-Cause
like I-Cause
others I-Cause
in I-Cause
the I-Cause
industry I-Cause
, I-Cause
it I-Cause
benefited I-Cause
from I-Cause
government I-Cause
stimulus I-Cause
payments I-Cause
, I-Cause
low I-Cause
markdown I-Cause
rates I-Cause
, I-Cause
and I-Cause
pent-up I-Cause
demand. O
Thus O
, O
we B-Effect
have I-Effect
lifted I-Effect
our I-Effect
2021 I-Effect
sales I-Effect
growth I-Effect
and I-Effect
adjusted I-Effect
EPS I-Effect
estimates I-Effect
to I-Effect
24 I-Effect
% I-Effect
and I-Effect
$ I-Effect
1.76 I-Effect
, I-Effect
respectively I-Effect
, I-Effect
from I-Effect
17 I-Effect
% I-Effect
and I-Effect
$ I-Effect
1.30 I-Effect
. O

While O
we O
expect O
physical O
stores O
to O
remain O
relevant O
, O
pressure B-Cause
should I-Cause
intensify I-Cause
on I-Cause
traditional I-Cause
rivals I-Cause
to I-Cause
deliver I-Cause
omnichannel I-Cause
solutions I-Cause
that O
incur O
added B-Effect
fulfillment I-Effect
costs I-Effect
. O

As O
LKQ O
has O
grown O
, O
its B-Effect
relationships I-Effect
with I-Effect
insurers I-Effect
has I-Effect
strengthened I-Effect
as O
it B-Cause
has I-Cause
become I-Cause
the I-Cause
largest I-Cause
purchaser I-Cause
of I-Cause
their I-Cause
salvage I-Cause
vehicles I-Cause
. O

We O
anticipate O
elevated B-Effect
commercial I-Effect
HVAC I-Effect
sales I-Effect
( I-Effect
about I-Effect
40 I-Effect
% I-Effect
of I-Effect
Johnson I-Effect
Controls I-Effect
' I-Effect
revenue I-Effect
) I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
driven O
by O
heightened B-Cause
demand I-Cause
for I-Cause
more I-Cause
energy-efficient I-Cause
systems I-Cause
that I-Cause
deliver I-Cause
better I-Cause
air I-Cause
quality I-Cause
. O

Hormel B-Cause
holds I-Cause
the I-Cause
number-two I-Cause
spot I-Cause
in I-Cause
many I-Cause
other I-Cause
important I-Cause
categories I-Cause
, O
such O
as O
bacon O
and O
peanut O
butter O
, O
which O
beefs B-Effect
up I-Effect
the I-Effect
consumer I-Effect
insights I-Effect
it I-Effect
is I-Effect
able I-Effect
to I-Effect
amass I-Effect
and I-Effect
share I-Effect
with I-Effect
its I-Effect
retail I-Effect
partners I-Effect
. O

American B-Cause
Express I-Cause
' I-Cause
strength I-Cause
in I-Cause
these I-Cause
market I-Cause
segments I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
the I-Cause
extra I-Cause
revenue I-Cause
from I-Cause
its I-Cause
Global I-Cause
Merchant I-Cause
and I-Cause
Network I-Cause
( I-Cause
GMNS I-Cause
) I-Cause
segment I-Cause
, O
should O
allow B-Effect
it I-Effect
to I-Effect
continue I-Effect
to I-Effect
enjoy I-Effect
returns I-Effect
on I-Effect
equity I-Effect
above I-Effect
its I-Effect
cost I-Effect
of I-Effect
capital I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

In B-Effect
2015 I-Effect
, I-Effect
ROICs I-Effect
suffered I-Effect
a I-Effect
modest I-Effect
negative I-Effect
impact I-Effect
from I-Effect
low I-Effect
oil I-Effect
prices I-Effect
, O
as O
operating B-Cause
margins I-Cause
for I-Cause
the I-Cause
industrial I-Cause
products I-Cause
segment I-Cause
declined I-Cause
. O

A B-Effect
customer I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
want I-Effect
to I-Effect
switch I-Effect
suppliers I-Effect
mid-product I-Effect
cycle I-Effect
, O
which O
would O
require B-Cause
a I-Cause
system I-Cause
redesign I-Cause
and I-Cause
halted I-Cause
production I-Cause
for I-Cause
the I-Cause
duration I-Cause
of I-Cause
the I-Cause
switch I-Cause
. O

TSMC B-Cause
's I-Cause
technological I-Cause
independence I-Cause
ensures O
its B-Effect
R I-Effect
& I-Effect
amp I-Effect
; I-Effect
D I-Effect
efforts I-Effect
are I-Effect
customer-agnostic I-Effect
and O
readily B-Effect
expanded I-Effect
to I-Effect
legacy I-Effect
applications I-Effect
as O
cost B-Cause
and I-Cause
reliability I-Cause
improve I-Cause
. O

The B-Effect
high-mix I-Effect
, I-Effect
low-volume I-Effect
nature I-Effect
of I-Effect
the I-Effect
business I-Effect
and I-Effect
the I-Effect
relatively I-Effect
small I-Effect
size I-Effect
of I-Effect
many I-Effect
niche I-Effect
end I-Effect
markets I-Effect
act I-Effect
as I-Effect
a I-Effect
barrier I-Effect
to I-Effect
entry I-Effect
, O
as O
rivals B-Cause
would I-Cause
struggle I-Cause
to I-Cause
establish I-Cause
the I-Cause
scale I-Cause
needed I-Cause
to I-Cause
challenge I-Cause
Graco I-Cause
's I-Cause
competitive I-Cause
position I-Cause
. O

As O
the B-Cause
firm I-Cause
compiles I-Cause
data I-Cause
from I-Cause
the I-Cause
rider I-Cause
app I-Cause
about I-Cause
the I-Cause
locations I-Cause
to O
which O
users O
request O
riders O
, O
the O
times O
of O
the O
day O
that O
they O
do O
so O
, O
and O
the O
areas O
from O
which O
they O
request O
trips O
, O
it O
can O
get B-Effect
a I-Effect
clearer I-Effect
picture I-Effect
of I-Effect
its I-Effect
users I-Effect
' I-Effect
tendencies I-Effect
. O

LabCorp B-Cause
has I-Cause
also I-Cause
put I-Cause
significant I-Cause
resources I-Cause
behind I-Cause
beefing I-Cause
up I-Cause
its I-Cause
information I-Cause
technology I-Cause
capabilities. O
As O
a O
result O
, O
physicians B-Effect
can I-Effect
more I-Effect
easily I-Effect
access I-Effect
test I-Effect
information I-Effect
in I-Effect
a I-Effect
timely I-Effect
manner I-Effect
, I-Effect
and I-Effect
patients I-Effect
can I-Effect
schedule I-Effect
blood I-Effect
draws I-Effect
with I-Effect
increased I-Effect
convenience I-Effect
. O

Also O
, O
Nasdaq B-Cause
's I-Cause
exchanges I-Cause
have I-Cause
cybersecurity I-Cause
risks I-Cause
, O
which O
could O
result O
in O
material B-Effect
damage I-Effect
to I-Effect
the I-Effect
company I-Effect
's I-Effect
trading I-Effect
operations I-Effect
and I-Effect
may I-Effect
require I-Effect
the I-Effect
company I-Effect
to I-Effect
invest I-Effect
significantly I-Effect
in I-Effect
defending I-Effect
itself I-Effect
from I-Effect
these I-Effect
risks I-Effect
. O

In O
Louisiana-Pacific O
's O
siding O
segment O
, O
we O
believe O
pricing B-Effect
will I-Effect
advance I-Effect
and I-Effect
volume I-Effect
will I-Effect
grow I-Effect
substantially I-Effect
as O
SmartSide B-Cause
takes I-Cause
additional I-Cause
market I-Cause
share I-Cause
in I-Cause
the I-Cause
coming I-Cause
years I-Cause
. O

We O
think O
Twitter B-Effect
's I-Effect
biggest I-Effect
move I-Effect
on I-Effect
this I-Effect
front I-Effect
was I-Effect
livestreaming I-Effect
Thursday I-Effect
night I-Effect
NFL I-Effect
games I-Effect
during I-Effect
the I-Effect
2016-17 I-Effect
season I-Effect
, O
although O
it O
no O
longer O
does O
as O
Amazon B-Cause
was I-Cause
willing I-Cause
to I-Cause
pay I-Cause
much I-Cause
more I-Cause
for I-Cause
that I-Cause
content I-Cause
. O

Against O
pre-pandemic O
levels O
in O
fiscal O
2019 O
, O
we B-Effect
expect I-Effect
revenue I-Effect
to I-Effect
rise I-Effect
about I-Effect
22 I-Effect
% I-Effect
for I-Effect
the I-Effect
year I-Effect
, I-Effect
with I-Effect
acceleration I-Effect
through I-Effect
the I-Effect
year I-Effect
as O
the B-Cause
crisis I-Cause
recedes I-Cause
. O

Price B-Cause
competition I-Cause
has I-Cause
pushed I-Cause
down I-Cause
margins I-Cause
for I-Cause
incumbent I-Cause
grocers I-Cause
after O
Walmart O
's O
decision O
to O
expand O
aggressively O
into O
the O
grocery O
business O
, O
forcing O
Ahold B-Effect
USA I-Effect
and I-Effect
Delhaize I-Effect
America I-Effect
to I-Effect
rebase I-Effect
their I-Effect
operating I-Effect
margins I-Effect
by I-Effect
more I-Effect
than I-Effect
100 I-Effect
basis I-Effect
points I-Effect
each I-Effect
. O

Given O
the B-Cause
risk I-Cause
of I-Cause
migrating I-Cause
to I-Cause
a I-Cause
new I-Cause
product I-Cause
facilitating I-Cause
higher I-Cause
cessation I-Cause
risk I-Cause
, O
our B-Effect
volume I-Effect
decline I-Effect
assumption I-Effect
of I-Effect
negative I-Effect
3 I-Effect
% I-Effect
is I-Effect
slightly I-Effect
above I-Effect
recent I-Effect
trends I-Effect
in I-Effect
the I-Effect
combustible I-Effect
business I-Effect
. O

Moreover B-Effect
, I-Effect
we I-Effect
expect I-Effect
some I-Effect
long-term I-Effect
damage I-Effect
as B-Cause
the I-Cause
crisis I-Cause
accelerates I-Cause
the I-Cause
shift I-Cause
in I-Cause
clothing I-Cause
sales I-Cause
from I-Cause
traditional I-Cause
stores I-Cause
to I-Cause
e-commerce I-Cause
and I-Cause
discounters I-Cause
. O

If O
the O
public O
option O
creates O
a O
scenario O
where B-Cause
a I-Cause
significant I-Cause
portion I-Cause
of I-Cause
the I-Cause
employer-based I-Cause
insurance I-Cause
population I-Cause
switches I-Cause
to I-Cause
government-sponsored I-Cause
plans I-Cause
, I-Cause
though I-Cause
, I-Cause
CVS B-Effect
' I-Effect
commercial I-Effect
business I-Effect
may I-Effect
suffer I-Effect
. I-Effect

We O
assume O
low-40s B-Effect
percentage I-Effect
revenue I-Effect
growth I-Effect
in I-Effect
fiscal I-Effect
2021 I-Effect
as O
Five B-Cause
Below I-Cause
laps I-Cause
store I-Cause
closures I-Cause
and I-Cause
the I-Cause
initial I-Cause
stages I-Cause
of I-Cause
the I-Cause
pandemic I-Cause
. O

The B-Effect
liabilities/net I-Effect
assets I-Effect
ratio I-Effect
for I-Effect
Japan I-Effect
's I-Effect
approximately I-Effect
1 I-Effect
million I-Effect
business I-Effect
corporations I-Effect
declined I-Effect
from I-Effect
a I-Effect
highly I-Effect
leveraged I-Effect
4 I-Effect
times I-Effect
in I-Effect
the I-Effect
mid-1990s I-Effect
to I-Effect
a I-Effect
reasonably I-Effect
healthy I-Effect
126 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
as O
borrowers B-Cause
prioritized I-Cause
paying I-Cause
down I-Cause
existing I-Cause
debt I-Cause
rather I-Cause
than I-Cause
taking I-Cause
out I-Cause
new I-Cause
loans I-Cause
for I-Cause
investment I-Cause
. I-Cause

We B-Effect
assign I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
to O
Align O
with O
increasing B-Cause
stiff I-Cause
competition I-Cause
from O
a O
host O
of O
competitors O
offering O
comparable O
offerings O
at O
a O
lower O
price O
. O

In O
other O
words O
, O
Fastly B-Cause
can I-Cause
serve I-Cause
more I-Cause
types I-Cause
of I-Cause
content I-Cause
from I-Cause
its I-Cause
edge I-Cause
servers I-Cause
than I-Cause
traditional I-Cause
CDNs I-Cause
, O
avoiding O
the B-Effect
need I-Effect
to I-Effect
draw I-Effect
content I-Effect
from I-Effect
central I-Effect
servers I-Effect
in I-Effect
more I-Effect
situations I-Effect
. O

With O
that O
ongoing B-Cause
mix I-Cause
shift I-Cause
to I-Cause
fully I-Cause
insured I-Cause
membership I-Cause
and I-Cause
underlying I-Cause
medical I-Cause
cost I-Cause
trends I-Cause
, O
we B-Effect
expect I-Effect
revenue I-Effect
per I-Effect
member I-Effect
to I-Effect
grow I-Effect
about I-Effect
6 I-Effect
% I-Effect
compounded I-Effect
annually I-Effect
during I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

We O
expect O
this O
to O
increase O
as O
new B-Cause
customers I-Cause
rapidly I-Cause
join I-Cause
Paycom I-Cause
's I-Cause
platform I-Cause
, O
allowing O
the B-Effect
firm I-Effect
to I-Effect
manage I-Effect
implementation I-Effect
costs I-Effect
and I-Effect
customer I-Effect
service I-Effect
costs I-Effect
and I-Effect
benefit I-Effect
from I-Effect
scale-based I-Effect
leverage I-Effect
. O

Another B-Effect
shutdown I-Effect
of I-Effect
the I-Effect
dealer I-Effect
base I-Effect
or I-Effect
struggles I-Effect
across I-Effect
the I-Effect
supply I-Effect
chain I-Effect
as O
a O
result O
of O
COVID-19 B-Cause
could I-Cause
further I-Cause
disrupt I-Cause
profits I-Cause
. O

We O
expect O
the B-Effect
global I-Effect
PBM I-Effect
market I-Effect
will I-Effect
grow I-Effect
from I-Effect
$ I-Effect
12 I-Effect
billion I-Effect
in I-Effect
2019 I-Effect
to I-Effect
$ I-Effect
74 I-Effect
billion I-Effect
by I-Effect
2029 I-Effect
( I-Effect
a I-Effect
19 I-Effect
% I-Effect
CAGR I-Effect
) I-Effect
, O
as O
PBMs B-Cause
grow I-Cause
from I-Cause
2.5 I-Cause
% I-Cause
of I-Cause
the I-Cause
ground I-Cause
meat I-Cause
market I-Cause
to I-Cause
12 I-Cause
% I-Cause
. O

The O
industry O
should O
also O
see O
a O
benefit O
from O
a B-Cause
pivot I-Cause
toward I-Cause
renewable I-Cause
energy I-Cause
sources I-Cause
, O
as O
copper O
figures O
to O
feature O
directly O
( O
in O
wind O
turbine O
manufacture O
) O
and O
indirectly O
( O
connecting O
renewable O
energy O
to O
the O
grid O
) O
, O
which O
could O
provide B-Effect
a I-Effect
boost I-Effect
to I-Effect
near-term I-Effect
prices I-Effect
as O
capacity O
investments O
contracted O
in O
2020 O
. O

The B-Effect
coronavirus I-Effect
is I-Effect
temporarily I-Effect
disrupting I-Effect
the I-Effect
firm I-Effect
's I-Effect
growth I-Effect
plans I-Effect
due O
to O
weakness B-Cause
from I-Cause
commercial I-Cause
customers I-Cause
, O
but O
we O
still O
expect O
a B-Effect
long-term I-Effect
trajectory I-Effect
of I-Effect
robust I-Effect
sales I-Effect
and I-Effect
margin I-Effect
expansion I-Effect
, O
fueled O
by O
industry B-Cause
tailwinds I-Cause
, I-Cause
shrewd I-Cause
investments I-Cause
, I-Cause
and I-Cause
acquisition I-Cause
synergies I-Cause
. O

Also O
, O
we O
expect O
Pfizer O
's O
COVID-19 O
vaccine O
sales O
will O
create O
very O
strong O
growth O
in O
2021 O
, O
but O
likely B-Effect
weigh I-Effect
on I-Effect
growth I-Effect
by I-Effect
2023 I-Effect
as O
competitive B-Cause
vaccines I-Cause
erode I-Cause
pricing I-Cause
and I-Cause
demand I-Cause
for I-Cause
Pfizer I-Cause
's I-Cause
vaccine I-Cause
. O

As O
a O
result O
, O
the B-Cause
brand I-Cause
has I-Cause
generated I-Cause
annual I-Cause
unit I-Cause
growth I-Cause
of I-Cause
4.9 I-Cause
% I-Cause
since I-Cause
2016 I-Cause
, I-Cause
with I-Cause
comparable I-Cause
sales I-Cause
growth I-Cause
and I-Cause
productivity I-Cause
enhancements I-Cause
leading O
to O
system B-Effect
sales I-Effect
increases I-Effect
in I-Effect
the I-Effect
mid I-Effect
to I-Effect
high I-Effect
single I-Effect
digits I-Effect
. O

Spills O
also O
occur O
from O
time O
to O
time O
during O
long-haul O
transit O
over O
land O
, O
but O
APA B-Effect
has I-Effect
limited I-Effect
exposure I-Effect
there I-Effect
, O
as O
this B-Cause
activity I-Cause
is I-Cause
typically I-Cause
outsourced I-Cause
to I-Cause
midstream I-Cause
firms I-Cause
. O

Operating B-Effect
and I-Effect
maintaining I-Effect
the I-Effect
hardware I-Effect
and I-Effect
software I-Effect
is I-Effect
absolutely I-Effect
mission I-Effect
critical I-Effect
to I-Effect
the I-Effect
enterprise I-Effect
, O
and O
these B-Cause
customers I-Cause
are I-Cause
loath I-Cause
to I-Cause
change I-Cause
. O

Also O
, O
after O
years O
of O
underinvesting O
in O
marketing O
and O
R O
& O
D O
, O
Hain B-Cause
has I-Cause
significantly I-Cause
increased I-Cause
these I-Cause
brand I-Cause
investments I-Cause
in O
an O
effort O
to O
build B-Effect
awareness I-Effect
and I-Effect
bring I-Effect
truly I-Effect
differentiated I-Effect
products I-Effect
to I-Effect
market I-Effect
, O
as O
opposed O
to O
new O
flavors O
and O
minimally O
differentiated O
line O
extensions O
. O

The O
company O
acquired O
supercomputer O
vendor O
Cray O
in O
2019 O
to O
bolster O
its O
capabilities O
, O
and O
we O
believe O
HPE B-Effect
may I-Effect
benefit I-Effect
from I-Effect
enterprises I-Effect
adopting I-Effect
multicloud I-Effect
environments I-Effect
because O
mission-critical B-Effect
data I-Effect
may I-Effect
reside I-Effect
in I-Effect
high-performance I-Effect
servers I-Effect
on-premises I-Effect
or I-Effect
in I-Effect
private I-Effect
clouds I-Effect
instead I-Effect
of I-Effect
public I-Effect
clouds I-Effect
due O
to O
speed B-Cause
or I-Cause
security I-Cause
concerns I-Cause
. O

The B-Cause
focus I-Cause
on I-Cause
a I-Cause
single I-Cause
area I-Cause
allowed O
the B-Effect
firm I-Effect
to I-Effect
gain I-Effect
in-depth I-Effect
knowledge I-Effect
of I-Effect
the I-Effect
region I-Effect
relative I-Effect
to I-Effect
its I-Effect
rivals I-Effect
while I-Effect
building I-Effect
out I-Effect
significant I-Effect
infrastructure I-Effect
that I-Effect
lowered I-Effect
the I-Effect
capital I-Effect
cost I-Effect
of I-Effect
incremental I-Effect
production I-Effect
. O

While O
BlackRock O
did O
appear O
to O
get O
some O
pricing O
favorability O
in O
the O
firm O
's O
2019 O
10-year O
agreement O
, O
we O
believe O
BlackRock B-Cause
's I-Cause
continued I-Cause
use I-Cause
of I-Cause
MSCI I-Cause
speaks B-Effect
to I-Effect
the I-Effect
strength I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
index I-Effect
franchise I-Effect
. O

Second O
, O
Boston B-Effect
's I-Effect
product I-Effect
liabiity I-Effect
is O
mitigated O
by O
the B-Cause
legal I-Cause
protections I-Cause
encompassed I-Cause
in I-Cause
the I-Cause
law I-Cause
governing I-Cause
the I-Cause
regulation I-Cause
of I-Cause
medical I-Cause
devices I-Cause
by I-Cause
the I-Cause
Food I-Cause
and I-Cause
Drug I-Cause
Administration I-Cause
. O

The O
most O
significant O
concern O
stems O
from O
the B-Cause
potential I-Cause
for I-Cause
product I-Cause
related I-Cause
quality I-Cause
and I-Cause
safety I-Cause
issues I-Cause
, O
which O
could O
lead O
to O
recalls B-Effect
. O

We B-Effect
expect I-Effect
the I-Effect
firm I-Effect
to I-Effect
maintain I-Effect
its I-Effect
market I-Effect
position I-Effect
after I-Effect
the I-Effect
COVID-19 I-Effect
pandemic I-Effect
as I-Effect
it I-Effect
generates I-Effect
competitive I-Effect
organic I-Effect
growth I-Effect
, O
continues B-Cause
to I-Cause
make I-Cause
acquisitions I-Cause
, I-Cause
and I-Cause
increases I-Cause
focus I-Cause
on I-Cause
faster-growing I-Cause
emerging I-Cause
markets I-Cause
and I-Cause
the I-Cause
overall I-Cause
digital I-Cause
ad I-Cause
market I-Cause
. O

Utility O
valuations O
are O
at O
historically O
high O
levels O
, O
but O
we B-Effect
believe I-Effect
the I-Effect
premium I-Effect
for I-Effect
Dominion I-Effect
is I-Effect
warranted I-Effect
, O
given O
the B-Cause
solid I-Cause
electricity I-Cause
growth I-Cause
and I-Cause
constructive I-Cause
regulatory I-Cause
framework I-Cause
in I-Cause
Virginia I-Cause
, I-Cause
its I-Cause
largest I-Cause
service I-Cause
territory I-Cause
. O

In O
global O
banking O
, O
Mizuho B-Effect
focused I-Effect
on I-Effect
a I-Effect
relatively I-Effect
small I-Effect
number I-Effect
of I-Effect
very I-Effect
large I-Effect
corporates I-Effect
for O
which O
the O
banking O
market O
is O
very O
competitive O
, O
as O
its B-Cause
strategy I-Cause
has I-Cause
been I-Cause
to I-Cause
use I-Cause
lending I-Cause
as I-Cause
a I-Cause
loss I-Cause
leader I-Cause
for I-Cause
more I-Cause
lucrative I-Cause
fee I-Cause
business I-Cause
, I-Cause
including I-Cause
securities-related I-Cause
business I-Cause
. O

The B-Effect
division I-Effect
with I-Effect
the I-Effect
greatest I-Effect
potential I-Effect
to I-Effect
possibly I-Effect
propel I-Effect
the I-Effect
group I-Effect
is I-Effect
Detection I-Effect
, O
as O
it B-Cause
offers I-Cause
security I-Cause
screening I-Cause
equipment I-Cause
with I-Cause
a I-Cause
potential I-Cause
addressable I-Cause
market I-Cause
beyond I-Cause
its I-Cause
current I-Cause
focus I-Cause
. O

As O
they B-Cause
seek I-Cause
to I-Cause
minimize I-Cause
both I-Cause
costs I-Cause
and I-Cause
downtime I-Cause
of I-Cause
their I-Cause
policyholders I-Cause
' I-Cause
automobiles I-Cause
, O
they O
have O
steered B-Effect
collision I-Effect
repair I-Effect
shops I-Effect
toward I-Effect
LKQ I-Effect
. O

We O
do O
n't O
think O
this B-Effect
business I-Effect
enjoys I-Effect
the I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
that I-Effect
protect I-Effect
the I-Effect
company I-Effect
's I-Effect
aggregates I-Effect
business I-Effect
, O
as O
the B-Cause
location I-Cause
of I-Cause
facilities I-Cause
is I-Cause
not I-Cause
as I-Cause
important I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
open I-Cause
new I-Cause
kilns I-Cause
is I-Cause
not I-Cause
as I-Cause
difficult I-Cause
. O

We O
believe O
the B-Cause
bank I-Cause
's I-Cause
ability I-Cause
for I-Cause
higher I-Cause
investment I-Cause
into I-Cause
tech I-Cause
platforms I-Cause
that I-Cause
can I-Cause
scale I-Cause
, I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
access I-Cause
to I-Cause
customer I-Cause
data I-Cause
on I-Cause
millions I-Cause
of I-Cause
households I-Cause
, O
should O
bolster B-Effect
the I-Effect
bank I-Effect
's I-Effect
advantages I-Effect
over I-Effect
the I-Effect
longer I-Effect
run I-Effect
. O

Even O
with B-Effect
store I-Effect
closures I-Effect
and I-Effect
updated I-Effect
merchandising I-Effect
tactics I-Effect
, I-Effect
we I-Effect
think I-Effect
it I-Effect
could I-Effect
be I-Effect
difficult I-Effect
to I-Effect
maintain I-Effect
consistent I-Effect
comp I-Effect
growth I-Effect
, O
given O
the B-Cause
competitive I-Cause
nature I-Cause
of I-Cause
the I-Cause
home I-Cause
furnishing I-Cause
industry I-Cause
. O

The B-Effect
growth I-Effect
of I-Effect
the I-Effect
CBS I-Effect
segment I-Effect
will I-Effect
be I-Effect
driven I-Effect
in I-Effect
part I-Effect
by I-Effect
retransmission I-Effect
and I-Effect
reverse I-Effect
compensation I-Effect
growth I-Effect
as O
the B-Cause
national I-Cause
CBS I-Cause
network I-Cause
commands I-Cause
a I-Cause
greater I-Cause
share I-Cause
of I-Cause
revenue I-Cause
from I-Cause
both I-Cause
local I-Cause
affiliate I-Cause
broadcast I-Cause
stations I-Cause
and I-Cause
pay-television I-Cause
providers I-Cause
. O

Given O
these B-Cause
positive I-Cause
market I-Cause
dynamics I-Cause
, O
we B-Effect
think I-Effect
Vertex I-Effect
's I-Effect
CF I-Effect
program I-Effect
could I-Effect
grow I-Effect
to I-Effect
over I-Effect
$ I-Effect
11 I-Effect
billion I-Effect
within I-Effect
our I-Effect
forecast I-Effect
period I-Effect
. O

Since O
switching B-Cause
requires I-Cause
potentially I-Cause
retraining I-Cause
, I-Cause
retooling I-Cause
, I-Cause
and I-Cause
even I-Cause
relocating I-Cause
manufacturing I-Cause
, O
the B-Effect
cost I-Effect
of I-Effect
switching I-Effect
to I-Effect
marginally I-Effect
cheaper I-Effect
connector I-Effect
and I-Effect
sensors I-Effect
for I-Effect
products I-Effect
that I-Effect
meet I-Effect
a I-Effect
similar I-Effect
reliability I-Effect
standard I-Effect
is I-Effect
extremely I-Effect
high I-Effect
for I-Effect
these I-Effect
customers I-Effect
both I-Effect
in I-Effect
terms I-Effect
of I-Effect
time I-Effect
, I-Effect
expense I-Effect
, I-Effect
and I-Effect
loss I-Effect
of I-Effect
revenue I-Effect
. O

Lithium B-Effect
prices I-Effect
could I-Effect
decline I-Effect
if O
electric B-Cause
vehicle I-Cause
demand I-Cause
grows I-Cause
more I-Cause
slowly I-Cause
than I-Cause
expected I-Cause
or I-Cause
new I-Cause
supply I-Cause
comes I-Cause
online I-Cause
too I-Cause
quickly I-Cause
. O

That B-Effect
efficiency I-Effect
can I-Effect
positively I-Effect
influence I-Effect
payer I-Effect
satisfaction I-Effect
with I-Effect
HCA I-Effect
's I-Effect
services I-Effect
as O
well O
, O
as O
they B-Cause
are I-Cause
likely I-Cause
saving I-Cause
the I-Cause
payer I-Cause
money I-Cause
by I-Cause
reducing I-Cause
the I-Cause
overall I-Cause
hospital I-Cause
day I-Cause
charges I-Cause
. O

The B-Cause
company I-Cause
has I-Cause
capitalized I-Cause
on I-Cause
its I-Cause
scale I-Cause
and I-Cause
expanding I-Cause
network I-Cause
of I-Cause
customers I-Cause
and I-Cause
suppliers I-Cause
to O
consistently B-Effect
grow I-Effect
faster I-Effect
than I-Effect
its I-Effect
end I-Effect
markets I-Effect
. O

Rising B-Cause
competition I-Cause
from I-Cause
Vodafone I-Cause
and I-Cause
T-Mobile/Tele2 I-Cause
in I-Cause
the I-Cause
fixed I-Cause
mobile I-Cause
convergence I-Cause
bundle I-Cause
or I-Cause
from I-Cause
ICT I-Cause
providers I-Cause
in I-Cause
the I-Cause
business I-Cause
solutions I-Cause
space I-Cause
could O
put B-Effect
KPN I-Effect
's I-Effect
margin I-Effect
at I-Effect
risk I-Effect
. O

Business B-Effect
ethics I-Effect
risk I-Effect
was I-Effect
heightened I-Effect
with O
Volkswagen B-Cause
's I-Cause
diesel I-Cause
emissions I-Cause
cheating I-Cause
scandal I-Cause
in I-Cause
2015 I-Cause
as I-Cause
well I-Cause
as I-Cause
its I-Cause
inclusion I-Cause
in I-Cause
an I-Cause
EU I-Cause
antitrust I-Cause
case I-Cause
regarding I-Cause
diesel I-Cause
equipment I-Cause
collusion I-Cause
among I-Cause
German I-Cause
automakers I-Cause
. O

That O
said O
, O
we O
believe O
that O
if O
Nomura B-Cause
were I-Cause
to I-Cause
fall I-Cause
afoul I-Cause
of I-Cause
Japanese I-Cause
regulators I-Cause
in I-Cause
a I-Cause
major I-Cause
way I-Cause
, O
its B-Effect
future I-Effect
as I-Effect
an I-Effect
independent I-Effect
firm I-Effect
could I-Effect
be I-Effect
in I-Effect
question I-Effect
. O

In B-Cause
Ontario I-Cause
's I-Cause
early I-Cause
months I-Cause
of I-Cause
legalization I-Cause
, I-Cause
dispensary I-Cause
licenses I-Cause
were I-Cause
distributed I-Cause
slowly I-Cause
, O
leading O
to O
multiple B-Effect
hour I-Effect
wait I-Effect
times I-Effect
for I-Effect
potential I-Effect
customers I-Effect
. O

We B-Effect
reduce I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
from I-Effect
$ I-Effect
22 I-Effect
to I-Effect
$ I-Effect
20.50 I-Effect
per I-Effect
share I-Effect
, O
primarily O
as O
a O
result O
of O
foreign B-Cause
exchange I-Cause
movements I-Cause
. O

The B-Cause
development I-Cause
of I-Cause
EDA I-Cause
tools I-Cause
requires I-Cause
a I-Cause
high I-Cause
level I-Cause
of I-Cause
consistent I-Cause
R I-Cause
& I-Cause
D I-Cause
, O
as O
a O
result O
of O
which O
chip B-Effect
designers I-Effect
prefer I-Effect
to I-Effect
utilize I-Effect
EDA I-Effect
tools I-Effect
provided I-Effect
by I-Effect
companies I-Effect
like I-Effect
Cadence I-Effect
rather I-Effect
than I-Effect
develop I-Effect
them I-Effect
in-house I-Effect
. O

Demographic B-Cause
trends I-Cause
in I-Cause
the I-Cause
company I-Cause
's I-Cause
core I-Cause
markets I-Cause
should I-Cause
support I-Cause
several I-Cause
years I-Cause
of I-Cause
job I-Cause
and I-Cause
income I-Cause
growth I-Cause
above I-Cause
the I-Cause
national I-Cause
average I-Cause
, O
which O
should O
lead O
to O
higher B-Effect
rent I-Effect
growth I-Effect
. O

Additionally O
, O
we O
think O
Wipro B-Effect
will I-Effect
continue I-Effect
to I-Effect
make I-Effect
its I-Effect
way I-Effect
into I-Effect
the I-Effect
European I-Effect
market I-Effect
, O
as O
European B-Cause
enterprises I-Cause
have I-Cause
become I-Cause
increasingly I-Cause
comfortable I-Cause
with I-Cause
outsourcing I-Cause
to I-Cause
offshore I-Cause
centers I-Cause
. O

Though O
corollaries O
of O
the O
pandemic O
will O
likely O
continue O
to O
linger O
, O
we O
believe O
increasing B-Cause
vaccination I-Cause
levels I-Cause
globally I-Cause
should O
facilitate B-Effect
a I-Effect
more I-Effect
favorable I-Effect
commercial I-Effect
backdrop I-Effect
throughout I-Effect
the I-Effect
year I-Effect
. O

We B-Effect
are I-Effect
raising I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
60 I-Effect
from I-Effect
$ I-Effect
53 I-Effect
per I-Effect
share I-Effect
after O
adjusting B-Cause
for I-Cause
improved I-Cause
working I-Cause
capital I-Cause
metrics I-Cause
in I-Cause
2022 I-Cause
and I-Cause
an I-Cause
updated I-Cause
debt I-Cause
to I-Cause
equity I-Cause
ratio I-Cause
. O

Corning B-Cause
is I-Cause
working I-Cause
with I-Cause
cellular I-Cause
networks I-Cause
like I-Cause
Verizon I-Cause
and I-Cause
AT I-Cause
& I-Cause
T I-Cause
to I-Cause
provide I-Cause
a I-Cause
fiber I-Cause
backbone I-Cause
to I-Cause
their I-Cause
5G I-Cause
network I-Cause
buildouts I-Cause
as O
well O
as O
providing O
fiber O
to O
the O
home O
to O
cities O
and O
communities O
to O
improve B-Effect
their I-Effect
home I-Effect
broadband I-Effect
. O

We O
expect O
operating B-Effect
margin I-Effect
expanding I-Effect
to I-Effect
nearly I-Effect
23 I-Effect
% I-Effect
by I-Effect
2025 I-Effect
, O
at O
the O
end O
of O
our O
five-year O
explicit O
forecast O
, O
driven O
by O
automation B-Cause
efforts I-Cause
and I-Cause
mix I-Cause
shift I-Cause
toward I-Cause
higher-value I-Cause
services I-Cause
. O

The O
latest B-Cause
developments I-Cause
around I-Cause
COVID-19 I-Cause
do O
not O
help O
here O
and O
will O
likely O
push B-Effect
back I-Effect
the I-Effect
timing I-Effect
for O
expense O
savings O
targets O
and O
increase B-Effect
the I-Effect
execution I-Effect
risk I-Effect
. O

The O
transition O
to O
the O
platform O
hit O
some O
speed O
bumps O
early O
on O
, O
and O
LPL B-Effect
indefinitely I-Effect
delayed I-Effect
the I-Effect
planned I-Effect
2018 I-Effect
shutdown I-Effect
of I-Effect
the I-Effect
old I-Effect
BranchNet I-Effect
platform I-Effect
for I-Effect
advisors I-Effect
because O
of O
trade B-Cause
issues I-Cause
with I-Cause
ClientWorks I-Cause
. O

The B-Effect
firm I-Effect
was I-Effect
forced I-Effect
to I-Effect
close I-Effect
all I-Effect
its I-Effect
stores I-Effect
temporarily I-Effect
due O
to O
the B-Cause
coronavirus I-Cause
crisis I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
and I-Cause
e-commerce I-Cause
( I-Cause
typically I-Cause
about I-Cause
40 I-Cause
% I-Cause
of I-Cause
sales I-Cause
) I-Cause
will I-Cause
only I-Cause
partially I-Cause
make I-Cause
up I-Cause
for I-Cause
the I-Cause
lost I-Cause
revenue I-Cause
. O

We B-Effect
have I-Effect
raised I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Jacobs I-Effect
Engineering I-Effect
to I-Effect
$ I-Effect
124 I-Effect
from I-Effect
$ I-Effect
120 I-Effect
after I-Effect
the I-Effect
company I-Effect
reported I-Effect
solid I-Effect
fiscal I-Effect
first-quarter I-Effect
results I-Effect
, O
as O
its B-Cause
adjusted I-Cause
EPS I-Cause
of I-Cause
$ I-Cause
1.41 I-Cause
easily I-Cause
beat I-Cause
the I-Cause
$ I-Cause
1.28 I-Cause
FactSet I-Cause
consensus I-Cause
estimate I-Cause
. O

In B-Cause
2010 I-Cause
, I-Cause
Ageas I-Cause
set I-Cause
up I-Cause
a I-Cause
provision I-Cause
of I-Cause
EUR I-Cause
2,362.0 I-Cause
million I-Cause
in I-Cause
relation I-Cause
to I-Cause
legal I-Cause
disputes I-Cause
with I-Cause
the I-Cause
Netherlands I-Cause
government. O
This O
disagreement O
arose B-Effect
from I-Effect
a I-Effect
difference I-Effect
of I-Effect
opinion I-Effect
with I-Effect
regard I-Effect
to I-Effect
the I-Effect
terms I-Effect
and I-Effect
conditions I-Effect
under I-Effect
which I-Effect
Fortis I-Effect
sold I-Effect
its I-Effect
Dutch I-Effect
operations I-Effect
to I-Effect
the I-Effect
Dutch I-Effect
government I-Effect
. O

Longer O
term O
, O
as O
Harley B-Cause
methodically I-Cause
launches I-Cause
new I-Cause
products I-Cause
, O
we O
expect O
shipments B-Effect
to I-Effect
rise I-Effect
2.4 O
% O
on O
average O
in O
2022 O
onward O
( O
after O
demand O
snaps O
back O
from O
COVID-19 O
in O
2021 O
) O
. O

We B-Effect
use I-Effect
an I-Effect
above-average I-Effect
cost I-Effect
of I-Effect
equity I-Effect
to I-Effect
discount I-Effect
our I-Effect
cash I-Effect
flow I-Effect
projections I-Effect
due O
to O
the B-Cause
highly I-Cause
cyclical I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
. O

While B-Effect
we I-Effect
see I-Effect
animal I-Effect
safety I-Effect
as I-Effect
a I-Effect
lower I-Effect
growth I-Effect
business I-Effect
, O
this B-Cause
is I-Cause
mainly I-Cause
because I-Cause
of I-Cause
slower I-Cause
growth I-Cause
in I-Cause
animal I-Cause
care I-Cause
and I-Cause
insecticides I-Cause
. O

We O
think O
ITW B-Cause
's I-Cause
emphasis I-Cause
on I-Cause
customer-backed I-Cause
innovation I-Cause
should O
allow O
it B-Effect
to I-Effect
gain I-Effect
some I-Effect
modest I-Effect
market I-Effect
share I-Effect
from I-Effect
competitors I-Effect
, O
particularly O
on O
the O
strength O
of O
its O
differentiated O
offerings O
. O

Magellan O
's O
refined O
product O
pipelines O
are O
high-quality B-Cause
assets I-Cause
that O
have O
contributed O
to O
earnings B-Effect
stability I-Effect
as I-Effect
well I-Effect
as I-Effect
steady I-Effect
increases I-Effect
in I-Effect
distributions I-Effect
over I-Effect
time I-Effect
. O

While O
Plegridy B-Cause
is I-Cause
likely I-Cause
to I-Cause
help I-Cause
Biogen I-Cause
maintain I-Cause
its I-Cause
lead I-Cause
in I-Cause
the I-Cause
interferon I-Cause
market I-Cause
, O
we B-Effect
expect I-Effect
generic I-Effect
Copaxone I-Effect
to I-Effect
weigh I-Effect
on I-Effect
sales I-Effect
of I-Effect
injectable I-Effect
MS I-Effect
therapies I-Effect
. O

UP B-Effect
's I-Effect
initial I-Effect
success I-Effect
on I-Effect
the I-Effect
margin I-Effect
front I-Effect
came I-Effect
a I-Effect
few I-Effect
decades I-Effect
after I-Effect
partial I-Effect
deregulation I-Effect
in I-Effect
1980 I-Effect
, O
as O
the B-Cause
rail I-Cause
eliminated I-Cause
unprofitable I-Cause
routes I-Cause
and I-Cause
gained I-Cause
efficiency I-Cause
during I-Cause
industry I-Cause
consolidation I-Cause
. O

The B-Cause
company I-Cause
's I-Cause
multilocal I-Cause
market I-Cause
expertise I-Cause
, I-Cause
stemming I-Cause
from I-Cause
its I-Cause
presence I-Cause
in I-Cause
over I-Cause
40 I-Cause
cities I-Cause
across I-Cause
more I-Cause
than I-Cause
25 I-Cause
countries I-Cause
, O
gives B-Effect
it I-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
over I-Effect
smaller I-Effect
investment I-Effect
banks I-Effect
for I-Effect
cross-border I-Effect
M I-Effect
& I-Effect
amp I-Effect
; I-Effect
A I-Effect
deals I-Effect
. O

Additionally O
, O
Pembina B-Cause
's I-Cause
gathering I-Cause
and I-Cause
processing I-Cause
operations I-Cause
are I-Cause
tied I-Cause
directly I-Cause
into I-Cause
natural I-Cause
gas I-Cause
producer I-Cause
's I-Cause
wellheads I-Cause
, O
which O
exposes B-Effect
the I-Effect
company I-Effect
to I-Effect
production I-Effect
cuts I-Effect
. O

Management B-Cause
will I-Cause
roll I-Cause
out I-Cause
similar I-Cause
store I-Cause
in I-Cause
store I-Cause
concepts I-Cause
with I-Cause
Kroger I-Cause
and I-Cause
others I-Cause
, I-Cause
ancillary I-Cause
services I-Cause
( I-Cause
lab I-Cause
and I-Cause
imaging I-Cause
) I-Cause
, I-Cause
primary I-Cause
care I-Cause
clinics I-Cause
, I-Cause
and I-Cause
various I-Cause
other I-Cause
clinical I-Cause
services I-Cause
( I-Cause
audiology I-Cause
and I-Cause
optical I-Cause
) I-Cause
to O
improve B-Effect
the I-Effect
utilization I-Effect
of I-Effect
stock I-Effect
space I-Effect
that O
will O
no O
longer O
be O
needed O
with O
direct O
store O
deliveries O
from O
Amerisource O
. O

Given O
EQT B-Cause
's I-Cause
operational I-Cause
ineptitude I-Cause
( I-Cause
higher I-Cause
well I-Cause
costs I-Cause
than I-Cause
peers I-Cause
and I-Cause
logistics I-Cause
challenges I-Cause
) I-Cause
and I-Cause
our I-Cause
high I-Cause
regard I-Cause
for I-Cause
the I-Cause
former I-Cause
Rice I-Cause
Energy I-Cause
's I-Cause
operational I-Cause
acumen I-Cause
( I-Cause
the I-Cause
newly I-Cause
installed I-Cause
management I-Cause
team I-Cause
at I-Cause
EQT I-Cause
) I-Cause
, O
we B-Effect
're I-Effect
cautiously I-Effect
optimistic I-Effect
that I-Effect
EQT I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
improve I-Effect
substantially I-Effect
. O

While O
Echo O
's O
value O
proposition O
strengthens O
in O
such O
an O
environment O
because O
of O
its B-Cause
deep I-Cause
capacity I-Cause
access I-Cause
, O
gross B-Effect
margins I-Effect
usually I-Effect
get I-Effect
squeezed I-Effect
in I-Effect
the I-Effect
short I-Effect
run I-Effect
as I-Effect
carrier I-Effect
rates I-Effect
spike I-Effect
. O

Alternatively O
, O
the B-Cause
Bath I-Cause
& I-Cause
amp I-Cause
; I-Cause
Body I-Cause
Works I-Cause
segment I-Cause
( I-Cause
40 I-Cause
% I-Cause
of I-Cause
2019 I-Cause
revenue I-Cause
) I-Cause
has I-Cause
seen I-Cause
the I-Cause
ability I-Cause
to I-Cause
connect I-Cause
with I-Cause
its I-Cause
consumers I-Cause
remain I-Cause
, O
supporting B-Effect
brand I-Effect
relevance I-Effect
. O

Also O
, O
in B-Cause
light I-Cause
of I-Cause
the I-Cause
hire I-Cause
of I-Cause
Pat I-Cause
Gelsinger I-Cause
as I-Cause
CEO I-Cause
and I-Cause
his I-Cause
impressive I-Cause
technological I-Cause
background I-Cause
, I-Cause
plus I-Cause
the I-Cause
return I-Cause
of I-Cause
prior I-Cause
industry I-Cause
veterans I-Cause
upon I-Cause
his I-Cause
hiring I-Cause
, O
we B-Effect
think I-Effect
Intel I-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
maintain I-Effect
its I-Effect
intangible I-Effect
assets I-Effect
related I-Effect
to I-Effect
chip I-Effect
design I-Effect
. O

We O
believe O
competitive B-Effect
pressure I-Effect
in I-Effect
Rogers I-Effect
' I-Effect
wireless I-Effect
business I-Effect
will I-Effect
moderate I-Effect
if O
its B-Cause
acquisition I-Cause
of I-Cause
Shaw I-Cause
is I-Cause
approved I-Cause
by I-Cause
regulators I-Cause
, O
but O
until O
the O
deal O
does O
gain O
regulatory O
approval O
, O
risk O
remains O
that O
it O
will O
get O
rejected O
. O

However O
, O
because B-Cause
of I-Cause
COVID-19 I-Cause
and I-Cause
the I-Cause
increasing I-Cause
uncertainty I-Cause
around I-Cause
the I-Cause
economy I-Cause
and I-Cause
the I-Cause
potential I-Cause
downside I-Cause
, O
we B-Effect
are I-Effect
assigning I-Effect
Cullen/Frost I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

Royal B-Effect
took I-Effect
quick I-Effect
action I-Effect
to I-Effect
reduce I-Effect
operating I-Effect
expenses I-Effect
and I-Effect
capital I-Effect
expenditures I-Effect
as O
a O
result O
of O
the B-Cause
coronavirus I-Cause
( O
we O
forecast O
capital O
expenditures O
of O
$ O
2 O
billion O
in O
2021 O
, O
down O
from O
$ O
3 O
billion O
in O
prepandemic O
2019 O
) O
. O

Complex O
devices O
and O
Medical O
Instruments O
& O
Suppliesprocedures O
require O
greater B-Cause
practitioner I-Cause
education I-Cause
and I-Cause
product I-Cause
support I-Cause
that O
have O
helped O
protect B-Effect
brand I-Effect
loyalty I-Effect
in I-Effect
the I-Effect
past I-Effect
, O
but O
the B-Cause
growth I-Cause
of I-Cause
lower-priced I-Cause
competitors I-Cause
has O
eroded O
intangible B-Effect
competitive I-Effect
advantages I-Effect
. O

By O
focusing B-Cause
on I-Cause
areas I-Cause
that I-Cause
typically I-Cause
yield I-Cause
very I-Cause
impressive I-Cause
initial I-Cause
flow I-Cause
rates I-Cause
, O
Diamondback B-Cause
's I-Cause
fixed I-Cause
costs I-Cause
, I-Cause
such I-Cause
as I-Cause
drilling I-Cause
and I-Cause
completions I-Cause
, I-Cause
are I-Cause
spread I-Cause
more I-Cause
thinly I-Cause
, O
delivering O
more B-Effect
bang I-Effect
for I-Effect
the I-Effect
buck I-Effect
. O

Because O
faucets B-Cause
and I-Cause
showers I-Cause
represent I-Cause
a I-Cause
very I-Cause
low I-Cause
percentage I-Cause
of I-Cause
total I-Cause
home I-Cause
construction I-Cause
cost I-Cause
yet I-Cause
are I-Cause
very I-Cause
visible I-Cause
to I-Cause
customers I-Cause
, I-Cause
homebuilders I-Cause
opt I-Cause
for I-Cause
higher-end I-Cause
products. O
As O
such O
, O
the B-Effect
favorable I-Effect
mix I-Effect
desired I-Effect
by I-Effect
homebuilders I-Effect
yields I-Effect
higher I-Effect
average I-Effect
product I-Effect
price I-Effect
and I-Effect
margin I-Effect
compared I-Effect
with I-Effect
the I-Effect
retail I-Effect
channel I-Effect
. O

We O
suspect O
this O
sent O
a O
message O
to O
regulators O
that O
it B-Effect
will I-Effect
be I-Effect
difficult I-Effect
to I-Effect
invest I-Effect
in I-Effect
needed I-Effect
infrastructure I-Effect
without B-Cause
a I-Cause
favorable I-Cause
outcome I-Cause
in I-Cause
the I-Cause
pending I-Cause
rate I-Cause
case I-Cause
. O

The O
company O
estimates O
that O
it B-Cause
has I-Cause
relationships I-Cause
with I-Cause
60 I-Cause
% I-Cause
of I-Cause
Fortune I-Cause
500 I-Cause
companies I-Cause
, O
making O
the B-Effect
American I-Effect
Express I-Effect
card I-Effect
the I-Effect
go-to I-Effect
source I-Effect
for I-Effect
most I-Effect
business I-Effect
travelers I-Effect
. O

First O
, O
since O
it B-Cause
reports I-Cause
in I-Cause
Mexican I-Cause
pesos I-Cause
, O
its B-Effect
financials I-Effect
are I-Effect
subject I-Effect
to I-Effect
volatility I-Effect
in I-Effect
the I-Effect
movement I-Effect
of I-Effect
this I-Effect
currency I-Effect
relative I-Effect
to I-Effect
its I-Effect
other I-Effect
functional I-Effect
currencies I-Effect
( I-Effect
similar I-Effect
to I-Effect
the I-Effect
current I-Effect
environment I-Effect
) I-Effect
. O

Sysco O
also O
uses O
its B-Cause
scale I-Cause
to I-Cause
differentiate I-Cause
itself I-Cause
from I-Cause
smaller I-Cause
regional I-Cause
and I-Cause
local I-Cause
players I-Cause
by I-Cause
offering I-Cause
clients I-Cause
products I-Cause
and I-Cause
services I-Cause
that I-Cause
smaller I-Cause
distributors I-Cause
can I-Cause
not I-Cause
offer I-Cause
, I-Cause
such I-Cause
as I-Cause
technology I-Cause
tools I-Cause
that O
help B-Effect
their I-Effect
customers I-Effect
better I-Effect
manage I-Effect
their I-Effect
businesses I-Effect
. O

Furthermore O
, O
pilots O
and O
mariners O
could O
increasingly O
use O
their O
mobile O
devices O
for O
aerial O
and O
marine O
navigation O
, O
which O
could B-Effect
erode I-Effect
the I-Effect
switching I-Effect
cost I-Effect
if O
a B-Cause
competitor I-Cause
were I-Cause
to I-Cause
build I-Cause
out I-Cause
as I-Cause
an I-Cause
extensive I-Cause
app I-Cause
as I-Cause
Garmin I-Cause
's I-Cause
( O
which O
we O
think O
is O
yet O
to O
happen O
) O
. O

Although B-Cause
the I-Cause
renewable I-Cause
energy I-Cause
business I-Cause
is I-Cause
growing I-Cause
faster I-Cause
than I-Cause
the I-Cause
utility I-Cause
, I-Cause
we I-Cause
expect I-Cause
ConEd I-Cause
to I-Cause
divest I-Cause
its I-Cause
natural I-Cause
gas I-Cause
transmission I-Cause
assets I-Cause
in I-Cause
the I-Cause
near I-Cause
future. O
Thus O
, O
we O
expect O
non-utility B-Effect
earnings I-Effect
to I-Effect
be I-Effect
less I-Effect
than I-Effect
10 I-Effect
% I-Effect
of I-Effect
earnings I-Effect
and I-Effect
will I-Effect
likely I-Effect
remain I-Effect
near I-Effect
this I-Effect
level I-Effect
of I-Effect
contribution I-Effect
for I-Effect
the I-Effect
foreseeable I-Effect
future I-Effect
. O

Improving B-Cause
underwriting I-Cause
quality I-Cause
through I-Cause
better I-Cause
risk I-Cause
selection I-Cause
is O
probably O
the O
strongest O
means O
to O
achieve B-Effect
a I-Effect
competitive I-Effect
advantage I-Effect
and O
can O
be O
achieved O
by O
better O
risk O
selection O
, O
and O
analysis O
and O
interpretation O
of O
these O
risks O
, O
generally O
in O
specialist O
lines O
. O

The B-Cause
ESG I-Cause
field I-Cause
to I-Cause
which I-Cause
Telefonica I-Cause
is I-Cause
more I-Cause
exposed I-Cause
is I-Cause
data I-Cause
privacy I-Cause
and I-Cause
security I-Cause
, O
as B-Effect
it I-Effect
manages I-Effect
huge I-Effect
amounts I-Effect
of I-Effect
customer I-Effect
information I-Effect
. O

Credit B-Cause
losses I-Cause
are I-Cause
trending I-Cause
very I-Cause
low I-Cause
, O
and O
we O
project O
that O
Wells B-Effect
will I-Effect
see I-Effect
minimal I-Effect
credit I-Effect
losses I-Effect
from I-Effect
the I-Effect
pandemic I-Effect
going I-Effect
forward I-Effect
. O

We B-Effect
forecast I-Effect
flat I-Effect
to I-Effect
low-single-digit I-Effect
premium I-Effect
growth I-Effect
given O
the B-Cause
majority I-Cause
of I-Cause
Prudential I-Cause
's I-Cause
insurance I-Cause
book I-Cause
is I-Cause
in I-Cause
the I-Cause
mature I-Cause
markets I-Cause
of I-Cause
Japan I-Cause
and I-Cause
the I-Cause
United I-Cause
States I-Cause
. O

While O
not O
as O
strong O
as O
other O
Big O
Pharma O
firms O
, O
AbbVie O
's O
R O
& O
D O
has O
created B-Cause
a I-Cause
database I-Cause
of I-Cause
intellectual I-Cause
insights I-Cause
that O
should O
help B-Effect
increase I-Effect
the I-Effect
odds I-Effect
of I-Effect
successful I-Effect
drug I-Effect
development I-Effect
. I-Effect

Enbridge B-Effect
is O
positioned O
to O
benefit B-Effect
from I-Effect
growing I-Effect
oil I-Effect
sands I-Effect
supply I-Effect
dynamics I-Effect
with O
its B-Cause
Mainline I-Cause
system I-Cause
and I-Cause
regional I-Cause
oil I-Cause
sands I-Cause
pipelines I-Cause
. O

Operating B-Cause
in I-Cause
offshore I-Cause
environments I-Cause
exposes I-Cause
Equinor I-Cause
to I-Cause
the I-Cause
risk I-Cause
of I-Cause
large I-Cause
oil I-Cause
spills I-Cause
that O
could O
result O
in O
material B-Effect
losses I-Effect
through I-Effect
lost I-Effect
revenue I-Effect
, I-Effect
fines I-Effect
or I-Effect
penalties I-Effect
, I-Effect
or I-Effect
loss I-Effect
of I-Effect
a I-Effect
license I-Effect
to I-Effect
operate I-Effect
. O

With O
the B-Cause
total I-Cause
payout I-Cause
set I-Cause
at I-Cause
75 I-Cause
% I-Cause
of I-Cause
free I-Cause
cash I-Cause
flows I-Cause
, O
the B-Effect
stock I-Effect
would I-Effect
have I-Effect
an I-Effect
effective I-Effect
yield I-Effect
of I-Effect
over I-Effect
5 I-Effect
% I-Effect
. O

Focused B-Cause
entry I-Cause
from I-Cause
Google I-Cause
, I-Cause
Facebook I-Cause
, I-Cause
Alibaba I-Cause
, I-Cause
Amazon I-Cause
, I-Cause
and I-Cause
others I-Cause
could O
double B-Cause
the I-Cause
current I-Cause
handful I-Cause
of I-Cause
players I-Cause
that I-Cause
have I-Cause
dominant I-Cause
scale I-Cause
, O
leading O
to O
a B-Effect
meaningful I-Effect
impact I-Effect
on I-Effect
profitability I-Effect
. O

General B-Effect
Dynamics I-Effect
faces I-Effect
some I-Effect
revenue I-Effect
cyclicality I-Effect
as O
they B-Cause
have I-Cause
a I-Cause
sizable I-Cause
cyclical I-Cause
business I-Cause
jet I-Cause
segment I-Cause
, O
which O
justifies O
an O
above-peer O
cost O
of O
equity O
, O
and O
has O
a O
topnotch O
balance O
sheet O
, O
so O
we O
use O
a O
low O
cost O
of O
debt O
. O

With O
sales B-Cause
returning I-Cause
to I-Cause
a I-Cause
positive I-Cause
growth I-Cause
rate I-Cause
, O
we B-Effect
anticipate I-Effect
full-year I-Effect
2021 I-Effect
growth I-Effect
of I-Effect
12.4 I-Effect
% I-Effect
and I-Effect
operating I-Effect
margin I-Effect
of I-Effect
26.9 I-Effect
% I-Effect
, I-Effect
a I-Effect
100 I-Effect
basis I-Effect
point I-Effect
margin I-Effect
increase I-Effect
compared I-Effect
with I-Effect
2020 I-Effect
. O

These O
valuation O
multiples O
are O
on O
the O
high O
end O
of O
Unilever O
's O
own O
historical O
valuation O
range O
, O
but O
we B-Effect
believe I-Effect
the I-Effect
firm I-Effect
will I-Effect
be I-Effect
slightly I-Effect
underearning I-Effect
over I-Effect
the I-Effect
next I-Effect
two I-Effect
years I-Effect
as B-Cause
demand I-Cause
is I-Cause
likely I-Cause
to I-Cause
be I-Cause
fairly I-Cause
weak I-Cause
. O

Once O
Merck B-Cause
's I-Cause
products I-Cause
are I-Cause
chosen I-Cause
by I-Cause
the I-Cause
end I-Cause
user I-Cause
as I-Cause
part I-Cause
of I-Cause
the I-Cause
production I-Cause
process I-Cause
of I-Cause
a I-Cause
molecule I-Cause
at I-Cause
the I-Cause
beginning I-Cause
of I-Cause
the I-Cause
clinical I-Cause
trial I-Cause
process I-Cause
, O
the B-Effect
client I-Effect
is I-Effect
unlikely I-Effect
to I-Effect
switch I-Effect
due O
to O
regulatory B-Cause
and I-Cause
reproducibility I-Cause
factors I-Cause
. O

Meanwhile O
, O
we O
think O
Baker B-Effect
Hughes I-Effect
actually I-Effect
has I-Effect
plenty I-Effect
of I-Effect
room I-Effect
to I-Effect
improve I-Effect
on I-Effect
the I-Effect
performance I-Effect
record I-Effect
of I-Effect
its I-Effect
predecessors I-Effect
thanks O
to O
more B-Cause
mundane I-Cause
improvements I-Cause
. O

Shifts B-Cause
in I-Cause
consumer I-Cause
electronics I-Cause
purchases I-Cause
to I-Cause
less I-Cause
bromine-intensive I-Cause
smartphones I-Cause
and I-Cause
tablets I-Cause
over O
desktops O
and O
laptops O
would O
lead O
to O
lower B-Effect
bromine I-Effect
demand I-Effect
. O

Even O
in O
the O
event O
of O
that O
shift O
, O
we O
believe O
the B-Cause
hurdles I-Cause
in I-Cause
developing I-Cause
a I-Cause
widely I-Cause
used I-Cause
and I-Cause
available I-Cause
solution I-Cause
that I-Cause
is I-Cause
purely I-Cause
digital I-Cause
would I-Cause
mainly I-Cause
revolve I-Cause
around I-Cause
developing I-Cause
a I-Cause
global I-Cause
network I-Cause
of I-Cause
mobile I-Cause
carriers I-Cause
and I-Cause
addressing I-Cause
regulatory I-Cause
issues I-Cause
across I-Cause
multiple I-Cause
countries I-Cause
, I-Cause
challenges I-Cause
for I-Cause
which I-Cause
Western I-Cause
Union I-Cause
is I-Cause
uniquely I-Cause
experienced. O
As O
a O
result O
, O
Western B-Effect
Union I-Effect
looks I-Effect
like I-Effect
the I-Effect
company I-Effect
most I-Effect
likely I-Effect
to I-Effect
be I-Effect
the I-Effect
long-term I-Effect
leader I-Effect
in I-Effect
mobile I-Effect
phone I-Effect
transfers I-Effect
, I-Effect
in I-Effect
our I-Effect
opinion I-Effect
. O

We B-Effect
do I-Effect
not I-Effect
think I-Effect
this I-Effect
represents I-Effect
a I-Effect
material I-Effect
liability I-Effect
for I-Effect
Hain I-Effect
, O
as O
the B-Cause
problem I-Cause
is I-Cause
throughout I-Cause
the I-Cause
industry I-Cause
( I-Cause
not I-Cause
Hain I-Cause
specific I-Cause
) I-Cause
and I-Cause
as I-Cause
the I-Cause
product I-Cause
represents I-Cause
a I-Cause
small I-Cause
portion I-Cause
of I-Cause
Hain I-Cause
's I-Cause
sales I-Cause
. O

Given O
construction B-Cause
and I-Cause
permitting I-Cause
delays I-Cause
associated I-Cause
with I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we B-Effect
view I-Effect
management I-Effect
's I-Effect
prior I-Effect
target I-Effect
of I-Effect
25,000 I-Effect
units I-Effect
by I-Effect
2025 I-Effect
as I-Effect
unlikely I-Effect
, O
with O
our O
model O
calling O
for O
the O
firm O
to O
hit O
the O
mark O
in O
2027 O
. O

On O
the O
other O
hand O
, O
since O
it O
already O
operates B-Cause
across I-Cause
the I-Cause
globe I-Cause
, O
Discovery O
can O
repurpose B-Effect
its I-Effect
own I-Effect
networks I-Effect
to I-Effect
launch I-Effect
a I-Effect
new I-Effect
one I-Effect
with I-Effect
broad I-Effect
distribution I-Effect
. O

In O
our O
opinion O
, O
the O
biggest O
risk O
is O
a B-Effect
slowdown I-Effect
in I-Effect
the I-Effect
real I-Effect
estate I-Effect
market I-Effect
, O
which O
could O
be O
indicated O
by O
increased B-Cause
home I-Cause
inventories I-Cause
for I-Cause
sale I-Cause
, I-Cause
slower I-Cause
growth I-Cause
in I-Cause
prices I-Cause
, I-Cause
or I-Cause
higher I-Cause
mortgage I-Cause
interest I-Cause
rates I-Cause
. O

Although O
lithium O
hydroxide O
has O
traditionally O
made O
up O
a O
small O
portion O
of O
total O
lithium O
demand O
, O
electric B-Effect
vehicle I-Effect
batteries I-Effect
will I-Effect
increasingly I-Effect
use I-Effect
lithium I-Effect
hydroxide I-Effect
as O
hydroxide-based B-Cause
battery I-Cause
chemistries I-Cause
generally I-Cause
allow I-Cause
electric I-Cause
vehicles I-Cause
to I-Cause
have I-Cause
a I-Cause
greater I-Cause
range I-Cause
than I-Cause
lithium I-Cause
carbonate I-Cause
. O

We O
expect O
that O
the O
company O
's O
market O
technology O
, O
index O
, O
and O
data B-Effect
revenue I-Effect
to I-Effect
benefit I-Effect
from O
operating B-Cause
leverage I-Cause
as I-Cause
they I-Cause
continue I-Cause
to I-Cause
grow I-Cause
. O

The B-Cause
average I-Cause
order I-Cause
is I-Cause
over I-Cause
$ I-Cause
550 I-Cause
at I-Cause
Farfetch I-Cause
and I-Cause
over I-Cause
$ I-Cause
300 I-Cause
for I-Cause
Stadium I-Cause
Goods I-Cause
( I-Cause
versus I-Cause
around I-Cause
$ I-Cause
70 I-Cause
at I-Cause
Zalando I-Cause
) I-Cause
; O
thus O
, O
we B-Effect
believe I-Effect
fulfillment I-Effect
economics I-Effect
should I-Effect
be I-Effect
attractive I-Effect
as I-Effect
the I-Effect
business I-Effect
scales I-Effect
. O

Once B-Effect
federal I-Effect
regulations I-Effect
are I-Effect
changed I-Effect
and I-Effect
interstate I-Effect
trade I-Effect
is I-Effect
permitted I-Effect
, I-Effect
there I-Effect
will I-Effect
be I-Effect
intense I-Effect
competition I-Effect
in I-Effect
the I-Effect
cannabis I-Effect
market I-Effect
as O
companies B-Cause
attempt I-Cause
to I-Cause
establish I-Cause
and I-Cause
strengthen I-Cause
their I-Cause
brands I-Cause
. O

As O
Comcast B-Cause
increases I-Cause
its I-Cause
share I-Cause
of I-Cause
total I-Cause
customer I-Cause
telecom I-Cause
spending I-Cause
in I-Cause
a I-Cause
given I-Cause
neighborhood I-Cause
, O
we O
expect O
it B-Effect
will I-Effect
be I-Effect
able I-Effect
to I-Effect
further I-Effect
outspend I-Effect
rivals I-Effect
on I-Effect
network I-Effect
maintenance I-Effect
and I-Effect
upgrades I-Effect
while I-Effect
gaining I-Effect
operating I-Effect
cost I-Effect
efficiencies I-Effect
. O

We O
expect O
electricity O
demand O
to O
rebound O
quickly O
to O
prepandemic O
levels O
on O
a O
nationwide O
basis O
, O
but O
sustained B-Cause
low I-Cause
oil I-Cause
and I-Cause
gas I-Cause
prices I-Cause
could O
be O
a O
drag O
on O
electricity B-Effect
demand I-Effect
in I-Effect
Texas I-Effect
, O
where O
NRG O
has O
the O
bulk O
of O
its O
business O
. O

We O
attribute O
this O
to O
the B-Cause
firm I-Cause
's I-Cause
inability I-Cause
to I-Cause
sufficiently I-Cause
respond I-Cause
to O
secular O
demand O
changes O
( O
the O
push O
to O
less O
structured O
bras O
) O
, O
which O
resulted O
in O
an B-Cause
elevated I-Cause
promotional I-Cause
cadence I-Cause
that O
failed O
to O
lift B-Effect
sales I-Effect
of I-Effect
its I-Effect
out-of-favor I-Effect
merchandise I-Effect
. O

Security B-Effect
is I-Effect
an I-Effect
increasingly I-Effect
complex I-Effect
problem I-Effect
due O
to O
data B-Cause
proliferation I-Cause
, O
cloud-based O
networking O
, O
and O
a O
growing O
quantity O
of O
remote O
endpoints O
. O

Sandvik O
has O
also O
followed O
a B-Cause
direct I-Cause
sales I-Cause
method I-Cause
, O
which O
has O
resulted O
in O
intimate B-Effect
client I-Effect
relationships I-Effect
that O
would O
be O
difficult O
for O
new O
entrants O
to O
break O
especially O
given O
the O
risk-averse O
nature O
of O
mining O
customers O
. O

Brazilian B-Cause
sovereign I-Cause
debt I-Cause
is I-Cause
rated I-Cause
non-investment-grade I-Cause
by O
DBRS B-Cause
at I-Cause
BB I-Cause
( I-Cause
low I-Cause
) I-Cause
, I-Cause
and I-Cause
a B-Effect
widening I-Effect
deficit I-Effect
in I-Effect
tandem I-Effect
with I-Cause
anemic B-Cause
growth I-Cause
will O
do O
the B-Effect
country I-Effect
few I-Effect
favors I-Effect
. O

Any B-Cause
revisions I-Cause
to I-Cause
phase I-Cause
3 I-Cause
trial I-Cause
designs I-Cause
( O
which O
occasionally O
do O
happen O
, O
usually O
due O
to O
issues B-Cause
with I-Cause
enrollment I-Cause
or I-Cause
adjusting I-Cause
for I-Cause
statistical I-Cause
power I-Cause
) O
result O
in O
substantial B-Effect
delays I-Effect
and I-Effect
additional I-Effect
costs I-Effect
, I-Effect
which I-Effect
heightens I-Effect
the I-Effect
importance I-Effect
of I-Effect
getting I-Effect
the I-Effect
design I-Effect
correct I-Effect
the I-Effect
first I-Effect
time I-Effect
. O

With O
higher B-Cause
gross I-Cause
margin I-Cause
, I-Cause
and I-Cause
less I-Cause
incremental I-Cause
investments I-Cause
required I-Cause
for I-Cause
sales I-Cause
and I-Cause
developments I-Cause
per I-Cause
customer I-Cause
, O
we O
expect O
operating B-Effect
margin I-Effect
expansion I-Effect
per I-Effect
customer I-Effect
over I-Effect
time I-Effect
. O

In O
automotive O
, O
we O
think O
demand B-Effect
for I-Effect
vehicle I-Effect
repair I-Effect
work I-Effect
will I-Effect
be I-Effect
strong I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
largely O
due O
to O
vehicle B-Cause
owners I-Cause
taking I-Cause
in I-Cause
their I-Cause
cars I-Cause
for I-Cause
overdue I-Cause
servicing I-Cause
( I-Cause
delayed I-Cause
due I-Cause
to I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
) I-Cause
. O

Although O
we O
do O
not O
expect O
the O
segment O
's O
sales O
to O
reach O
2014 O
levels O
, O
sudden B-Cause
spikes I-Cause
in I-Cause
demand I-Cause
for I-Cause
certain I-Cause
products I-Cause
can O
significantly B-Effect
alter I-Effect
the I-Effect
company I-Effect
's I-Effect
earnings I-Effect
. O

Since O
its B-Cause
business I-Cause
is I-Cause
includes I-Cause
a I-Cause
substantial I-Cause
chunk I-Cause
of I-Cause
life-sustaining I-Cause
products I-Cause
, O
the B-Effect
firm I-Effect
faces I-Effect
risks I-Effect
of I-Effect
product I-Effect
defects I-Effect
, I-Effect
recalls I-Effect
, I-Effect
and I-Effect
litigation I-Effect
. O

We O
expect O
to O
see O
subdued B-Effect
margin I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
due O
to O
COVID-19 B-Cause
but O
expect O
non-GAAP O
operating O
margin O
to O
expand O
in O
the O
long O
run O
. O

We B-Effect
assign I-Effect
ResMed I-Effect
a I-Effect
medium I-Effect
uncertainty I-Effect
rating I-Effect
, O
as O
the B-Cause
company I-Cause
operates I-Cause
in I-Cause
a I-Cause
regulated I-Cause
industry I-Cause
that I-Cause
has I-Cause
experienced I-Cause
ongoing I-Cause
reimbursement-related I-Cause
pricing I-Cause
pressure I-Cause
. O

We B-Cause
see I-Cause
noninterest I-Cause
income I-Cause
increasing I-Cause
at I-Cause
a I-Cause
compound I-Cause
annual I-Cause
growth I-Cause
rate I-Cause
of I-Cause
roughly I-Cause
2 I-Cause
% I-Cause
-4 I-Cause
% I-Cause
during I-Cause
normal I-Cause
times I-Cause
, I-Cause
with I-Cause
some I-Cause
pressure I-Cause
emerging I-Cause
in I-Cause
2021. O
This O
leads O
us O
to O
expect O
an B-Effect
average I-Effect
return I-Effect
on I-Effect
tangible I-Effect
equity I-Effect
of I-Effect
16 I-Effect
% I-Effect
for I-Effect
our I-Effect
forecast I-Effect
period I-Effect
, I-Effect
compared I-Effect
with I-Effect
the I-Effect
cost I-Effect
of I-Effect
equity I-Effect
of I-Effect
9 I-Effect
% I-Effect
. O

Given O
the B-Cause
ease I-Cause
of I-Cause
obtaining I-Cause
Lennox I-Cause
products I-Cause
, O
contractors B-Cause
can I-Cause
pick I-Cause
up I-Cause
products I-Cause
on I-Cause
the I-Cause
installation I-Cause
day I-Cause
, O
which O
eliminates B-Effect
their I-Effect
need I-Effect
to I-Effect
hold I-Effect
inventory I-Effect
. O

We O
think O
this O
leads B-Effect
to I-Effect
lower I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital O
, O
as O
we B-Cause
think I-Cause
such I-Cause
specialization I-Cause
results I-Cause
in I-Cause
a I-Cause
mix I-Cause
toward I-Cause
more I-Cause
offerings I-Cause
spread I-Cause
across I-Cause
fewer I-Cause
companies I-Cause
, O
meaning O
less O
scaling O
effect O
per O
offering O
. O

We O
believe O
that O
a B-Effect
diversified I-Effect
client I-Effect
base I-Effect
strengthens I-Effect
Syneos I-Effect
' I-Effect
competitive I-Effect
advantage I-Effect
as O
small/midsize B-Cause
clients I-Cause
are I-Cause
likely I-Cause
to I-Cause
always I-Cause
need I-Cause
full I-Cause
outsourcing I-Cause
, O
while O
large O
pharmaceutical O
companies O
offer O
profitable O
preferred O
partnerships O
with O
high O
switching O
costs O
, O
choosing O
one O
or O
a O
few O
trusted O
CROs O
to O
which O
they O
funnel O
most O
of O
their O
new O
business O
. O

Investment B-Cause
in I-Cause
innovative I-Cause
offerings I-Cause
, I-Cause
category I-Cause
expansions I-Cause
, I-Cause
and I-Cause
omnichannel I-Cause
have I-Cause
provided I-Cause
a I-Cause
chance I-Cause
for I-Cause
BBW I-Cause
to I-Cause
maintain I-Cause
such I-Cause
profit I-Cause
levels I-Cause
, O
efforts B-Effect
that O
we O
do O
n't O
expect O
to O
slow B-Effect
. O

A B-Cause
higher I-Cause
share I-Cause
of I-Cause
retail I-Cause
energy I-Cause
earnings I-Cause
helps O
offset B-Effect
the I-Effect
long-term I-Effect
threat I-Effect
to I-Effect
NRG I-Effect
's I-Effect
legacy I-Effect
fossil I-Effect
fuel I-Effect
generation I-Effect
fleet I-Effect
as O
renewable O
energy O
grows O
. O

We B-Cause
do I-Cause
n't I-Cause
expect I-Cause
the I-Cause
technology I-Cause
for I-Cause
engine I-Cause
, I-Cause
chassis I-Cause
, I-Cause
and I-Cause
accessories I-Cause
to I-Cause
change I-Cause
enough I-Cause
incrementally I-Cause
each I-Cause
year I-Cause
to I-Cause
drive I-Cause
substantial I-Cause
annual I-Cause
replacement I-Cause
demand I-Cause
, O
leading O
to O
our B-Effect
long-term I-Effect
outlook I-Effect
for I-Effect
low-single-digit I-Effect
industry I-Effect
growth I-Effect
. O

There B-Effect
is I-Effect
high I-Effect
uncertainty I-Effect
regarding I-Effect
the I-Effect
timing I-Effect
and I-Effect
scale I-Effect
of I-Effect
commercialization I-Effect
of I-Effect
Baidu I-Effect
's I-Effect
artificial I-Effect
intelligence-based I-Effect
services I-Effect
, I-Effect
such I-Effect
as I-Effect
voice I-Effect
assistant I-Effect
platform I-Effect
DuerOS I-Effect
, I-Effect
autonomous I-Effect
driving I-Effect
platform I-Effect
Apollo I-Effect
, I-Effect
and I-Effect
artificial I-Effect
intelligence I-Effect
cloud I-Effect
services I-Effect
, O
due O
to O
the B-Cause
high I-Cause
uncertainty I-Cause
of I-Cause
these I-Cause
businesses I-Cause
. O

The B-Effect
company I-Effect
has I-Effect
also I-Effect
been I-Effect
hurt I-Effect
by O
the B-Cause
inability I-Cause
to I-Cause
offset I-Cause
pricing I-Cause
erosion I-Cause
with I-Cause
new I-Cause
product I-Cause
launches I-Cause
of I-Cause
new I-Cause
generic I-Cause
or I-Cause
specialty I-Cause
drugs I-Cause
like I-Cause
its I-Cause
significantly I-Cause
larger I-Cause
peers I-Cause
. O

The O
payment O
processing O
industry O
is O
evolving O
, O
and O
while O
the O
position O
of O
the O
acquirers O
in O
the O
current O
dominant O
framework O
is O
well O
established O
, O
it O
is O
possible O
that O
future B-Cause
disruption I-Cause
could B-Effect
lower I-Effect
the I-Effect
profitability I-Effect
the I-Effect
industry I-Effect
can I-Effect
generate I-Effect
or I-Effect
cut I-Effect
the I-Effect
acquirers I-Effect
out I-Effect
altogether I-Effect
. O

Texas B-Effect
Instruments I-Effect
has I-Effect
successfully I-Effect
expanded I-Effect
gross I-Effect
margins I-Effect
in I-Effect
recent I-Effect
years I-Effect
, O
first O
by O
focusing B-Cause
on I-Cause
higher-margin I-Cause
analog I-Cause
products I-Cause
and O
, O
later O
, O
by O
using B-Cause
the I-Cause
shrewd I-Cause
purchases I-Cause
of I-Cause
used I-Cause
equipment I-Cause
in I-Cause
prior I-Cause
years I-Cause
to I-Cause
gain I-Cause
a I-Cause
cost I-Cause
advantage I-Cause
going I-Cause
forward I-Cause
. O

Fresenius B-Cause
' I-Cause
experience I-Cause
operating I-Cause
over I-Cause
4,000 I-Cause
dialysis I-Cause
clinics I-Cause
around I-Cause
the I-Cause
globe I-Cause
( O
roughly O
1,000 O
more O
than O
the O
next-largest O
player O
, O
DaVita O
) O
gives B-Effect
it I-Effect
insights I-Effect
into I-Effect
caregiver I-Effect
and I-Effect
patient I-Effect
needs I-Effect
to I-Effect
inform I-Effect
service I-Effect
offerings I-Effect
and I-Effect
product I-Effect
innovation I-Effect
. O

At O
the O
product O
segment O
, O
we O
expect O
25 B-Effect
% I-Effect
margins I-Effect
in I-Effect
2020 I-Effect
with I-Effect
an I-Effect
annual I-Effect
50-basis-point I-Effect
decline I-Effect
through I-Effect
2025 I-Effect
as O
the B-Cause
product I-Cause
mix I-Cause
continues I-Cause
to I-Cause
pressure I-Cause
unit I-Cause
margins I-Cause
. O

Circuit B-Cause
protection I-Cause
products I-Cause
safeguard O
against O
electrostatic B-Effect
discharge I-Effect
and I-Effect
overcurrent I-Effect
to O
prevent O
component B-Effect
failure I-Effect
and/or I-Effect
fire I-Effect
in I-Effect
cars I-Effect
, I-Effect
power I-Effect
grids I-Effect
, I-Effect
data I-Effect
centers I-Effect
, I-Effect
and I-Effect
manufacturing I-Effect
plants I-Effect
. O

Features B-Cause
Clorox I-Cause
has I-Cause
added I-Cause
to I-Cause
trash I-Cause
bags I-Cause
include I-Cause
scents I-Cause
, I-Cause
leak I-Cause
guards I-Cause
, I-Cause
and I-Cause
extra I-Cause
strength I-Cause
, O
which B-Effect
has I-Effect
enabled I-Effect
the I-Effect
company I-Effect
to I-Effect
grow I-Effect
to I-Effect
greater I-Effect
than I-Effect
50 I-Effect
% I-Effect
share I-Effect
in I-Effect
the I-Effect
premium I-Effect
trash I-Effect
bag I-Effect
category I-Effect
, I-Effect
which I-Effect
boasts I-Effect
higher I-Effect
margins I-Effect
and I-Effect
faster I-Effect
growth I-Effect
than I-Effect
the I-Effect
trash I-Effect
bag I-Effect
category I-Effect
overall O
. O

We O
expect O
additional B-Cause
indications I-Cause
in I-Cause
areas I-Cause
such I-Cause
as I-Cause
the I-Cause
recently I-Cause
added I-Cause
severe I-Cause
asthma I-Cause
indication I-Cause
will O
help B-Effect
the I-Effect
drug I-Effect
add I-Effect
additional I-Effect
patients I-Effect
. O

Whichever B-Cause
route I-Cause
is I-Cause
chosen I-Cause
in I-Cause
how I-Cause
a I-Cause
customer I-Cause
may I-Cause
leave I-Cause
an I-Cause
Oracle I-Cause
product I-Cause
, O
it O
likely O
leads O
to O
vulnerabilities B-Effect
in I-Effect
other I-Effect
Oracle I-Effect
products I-Effect
a I-Effect
customer I-Effect
may I-Effect
have I-Effect
. O

If O
Charter B-Cause
and I-Cause
its I-Cause
cable I-Cause
peers I-Cause
sharply I-Cause
increase I-Cause
their I-Cause
share I-Cause
of I-Cause
the I-Cause
Internet I-Cause
access I-Cause
market I-Cause
, O
regulatory B-Cause
pressure I-Cause
may I-Cause
grow I-Cause
, O
potentially O
offsetting B-Effect
the I-Effect
benefits I-Effect
of I-Effect
these I-Effect
gains I-Effect
. O

While O
competing O
firms O
could O
theoretically O
reverse O
engineer O
the O
product O
to O
design O
a O
replacement O
, O
this O
is O
challenging O
because O
the B-Cause
designs I-Cause
are I-Cause
proprietary I-Cause
and O
thus O
never B-Effect
shared I-Effect
. O

The B-Effect
company I-Effect
has I-Effect
several I-Effect
partnered I-Effect
programs I-Effect
, O
for O
which O
it B-Cause
would I-Cause
receive I-Cause
royalties I-Cause
or I-Cause
a I-Cause
share I-Cause
of I-Cause
the I-Cause
profits I-Cause
if I-Cause
the I-Cause
candidate I-Cause
is I-Cause
approved I-Cause
. O

New B-Effect
York I-Effect
City I-Effect
has I-Effect
averaged I-Effect
5 I-Effect
% I-Effect
supply I-Effect
growth I-Effect
since I-Effect
2013 I-Effect
, I-Effect
and I-Effect
that I-Effect
trend I-Effect
should I-Effect
continue I-Effect
for I-Effect
at I-Effect
least I-Effect
two I-Effect
more I-Effect
years I-Effect
as B-Cause
the I-Cause
city I-Cause
continues I-Cause
to I-Cause
approve I-Cause
mid-block I-Cause
upscale I-Cause
and I-Cause
midscale I-Cause
hotels I-Cause
in I-Cause
the I-Cause
most I-Cause
desired I-Cause
submarkets I-Cause
. I-Cause

We B-Effect
're I-Effect
less I-Effect
enthusiastic I-Effect
about I-Effect
the I-Effect
firm I-Effect
's I-Effect
cardiopulmonary I-Effect
business I-Effect
, O
which O
offers B-Cause
fewer I-Cause
opportunities I-Cause
for I-Cause
meaningful I-Cause
differentiation I-Cause
and I-Cause
is I-Cause
vulnerable I-Cause
to I-Cause
price I-Cause
pressure I-Cause
through O
negotiations O
with O
group O
purchasing O
organizations O
. O

For O
one O
, O
Beyond B-Effect
may I-Effect
not I-Effect
be I-Effect
able I-Effect
to I-Effect
obtain I-Effect
sufficient I-Effect
pea I-Effect
protein I-Effect
supply I-Effect
, I-Effect
or I-Effect
ramp I-Effect
capacity I-Effect
quickly I-Effect
enough I-Effect
, O
given O
the B-Cause
six-month I-Cause
lead I-Cause
times I-Cause
for I-Cause
additional I-Cause
extruders I-Cause
, I-Cause
used I-Cause
in I-Cause
production I-Cause
. O

Switching B-Cause
Cost I-Cause
HSBC I-Cause
offers I-Cause
a I-Cause
deep I-Cause
network I-Cause
of I-Cause
connections I-Cause
worldwide I-Cause
to O
help B-Effect
clients I-Effect
conduct I-Effect
global I-Effect
trade I-Effect
, O
where O
banks O
help O
customers O
complete O
export O
and O
import O
transactions O
and O
manage O
payments O
and O
working-capital O
needs O
. O

The B-Effect
consolidation I-Effect
of I-Effect
Mead I-Effect
Johnson I-Effect
will I-Effect
do I-Effect
little I-Effect
to I-Effect
improve I-Effect
the I-Effect
firm I-Effect
's I-Effect
cost I-Effect
positioning I-Effect
, O
as O
Mead B-Cause
is I-Cause
also I-Cause
a I-Cause
midtier I-Cause
operator I-Cause
on I-Cause
costs I-Cause
, I-Cause
based I-Cause
on I-Cause
the I-Cause
same I-Cause
analysis I-Cause
. O

Relative O
to O
its O
largest O
peer O
, O
Crown O
, O
Ball O
has O
greater O
exposure O
to O
developed O
markets O
, O
where O
falling B-Cause
carbonated I-Cause
soft I-Cause
drink I-Cause
and I-Cause
mainstream I-Cause
beer I-Cause
volume I-Cause
will O
likely O
weigh B-Effect
on I-Effect
demand I-Effect
. O

The B-Cause
expenditure I-Cause
on I-Cause
5G I-Cause
network I-Cause
and I-Cause
initial I-Cause
marketing I-Cause
and I-Cause
promotion I-Cause
of I-Cause
the I-Cause
service I-Cause
will O
also O
weigh O
on O
the B-Effect
company I-Effect
's I-Effect
near-term I-Effect
profits I-Effect
in O
our O
view O
. O

However O
, O
despite O
rapid O
small-cell O
revenue O
growth O
, O
which O
we O
project O
to O
average O
just O
under O
20 O
% O
annually O
for O
each O
of O
the O
next O
five O
years O
, O
slower-growing B-Cause
enterprise I-Cause
fiber I-Cause
sales I-Cause
will O
hold O
back O
the O
overall B-Effect
fiber I-Effect
segment I-Effect
's I-Effect
revenue I-Effect
growth I-Effect
. O

Additional B-Effect
short-term I-Effect
disruptions I-Effect
may O
arise O
from O
global B-Cause
regulatory I-Cause
and I-Cause
geopolitical I-Cause
risks I-Cause
in I-Cause
the I-Cause
global I-Cause
oil I-Cause
and I-Cause
gas I-Cause
supply I-Cause
chain I-Cause
and I-Cause
transport I-Cause
logistics I-Cause
. O

Numerous B-Cause
family I-Cause
members I-Cause
hold I-Cause
management I-Cause
and I-Cause
board I-Cause
positions I-Cause
, O
which O
could O
cause O
conflicts B-Effect
of I-Effect
interest O
or O
exacerbate B-Effect
regulatory I-Effect
calls I-Effect
for O
action O
against O
the O
company O
. O

We B-Effect
expect I-Effect
ad I-Effect
revenue I-Effect
will I-Effect
rebound I-Effect
back I-Effect
to I-Effect
2019 I-Effect
levels I-Effect
in I-Effect
2021 I-Effect
as O
the B-Cause
lifting I-Cause
of I-Cause
COVID-19-related I-Cause
restrictions I-Cause
will I-Cause
spur I-Cause
ad I-Cause
spending I-Cause
across I-Cause
the I-Cause
globe I-Cause
. O

Even O
for O
intermodal O
container O
freight O
, O
which O
is O
largely O
made O
up O
of O
consumer-related O
products O
, O
rail B-Effect
has I-Effect
historically I-Effect
been I-Effect
cheaper I-Effect
than I-Effect
its I-Effect
key I-Effect
competitor I-Effect
truckload I-Effect
shipping I-Effect
on I-Effect
average I-Effect
over I-Effect
the I-Effect
cycle I-Effect
thanks O
to O
the B-Cause
rails I-Cause
' I-Cause
aforementioned I-Cause
fuel I-Cause
efficiency I-Cause
and I-Cause
more I-Cause
economical I-Cause
use I-Cause
of I-Cause
labor I-Cause
. O

As O
always O
, O
macro B-Cause
trends I-Cause
surrounding I-Cause
employment I-Cause
and I-Cause
demographics I-Cause
can O
experience B-Effect
dramatic I-Effect
shifts I-Effect
and I-Effect
have I-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
demand I-Effect
for I-Effect
office I-Effect
space I-Effect
. O

Dynegy B-Effect
's I-Effect
fleet I-Effect
more I-Effect
than I-Effect
tripled I-Effect
the I-Effect
size I-Effect
of I-Effect
Vistra I-Effect
's I-Effect
generation I-Effect
fleet I-Effect
after O
accounting B-Cause
for I-Cause
Vistra I-Cause
's I-Cause
three I-Cause
legacy I-Cause
coal I-Cause
plant I-Cause
closures I-Cause
in I-Cause
early I-Cause
2018 I-Cause
. O

Some B-Effect
essential I-Effect
eye I-Effect
procedures I-Effect
, I-Effect
such I-Effect
as I-Effect
cataract I-Effect
removal I-Effect
, I-Effect
use I-Effect
Alcon I-Effect
equipment I-Effect
, I-Effect
and I-Effect
access I-Effect
to I-Effect
basic I-Effect
services I-Effect
could I-Effect
be I-Effect
a I-Effect
concern I-Effect
given O
the B-Cause
high I-Cause
prices I-Cause
of I-Cause
some I-Cause
of I-Cause
Aligns I-Cause
eyecare I-Cause
systems I-Cause
. O

Because O
McCormick O
produces O
and O
distributes O
spices O
and O
seasonings O
, O
its O
cost B-Cause
structure I-Cause
maintains I-Cause
a I-Cause
bent I-Cause
toward I-Cause
commodity-based I-Cause
raw I-Cause
materials I-Cause
such O
as O
pepper O
, O
vanilla O
, O
garlic O
, O
and O
capsicums O
, O
which O
can O
be O
volatile O
and O
where O
hedging B-Effect
options I-Effect
are I-Effect
limited I-Effect
. O

In O
Roper O
's O
case O
, O
however O
, O
not O
only O
are O
its B-Cause
subscription I-Cause
software I-Cause
businesses I-Cause
paid I-Cause
ahead I-Cause
of I-Cause
time I-Cause
on I-Cause
a I-Cause
recurring I-Cause
basis I-Cause
at I-Cause
about I-Cause
60 I-Cause
% I-Cause
of I-Cause
Roper I-Cause
's I-Cause
consolidated I-Cause
business I-Cause
, I-Cause
most I-Cause
also I-Cause
rent I-Cause
their I-Cause
own I-Cause
infrastructure I-Cause
, O
which O
contributes O
to O
the O
asset-light B-Effect
nature I-Effect
of I-Effect
its I-Effect
business I-Effect
model I-Effect
. O

However O
, O
once O
the O
diamide O
( O
Rynaxypyr O
and O
Cyazypyr O
) O
patents O
begin O
to O
expire O
in O
2026 O
, O
we O
forecast O
long-term B-Effect
margins I-Effect
to I-Effect
decline I-Effect
to I-Effect
the I-Effect
high I-Effect
20s I-Effect
, O
as O
the B-Cause
new I-Cause
products I-Cause
, I-Cause
while I-Cause
profitable I-Cause
, I-Cause
are I-Cause
unlikely I-Cause
to I-Cause
match I-Cause
the I-Cause
size I-Cause
of I-Cause
the I-Cause
diamide I-Cause
's I-Cause
success I-Cause
. O

The B-Cause
new I-Cause
towers I-Cause
and I-Cause
a I-Cause
bigger I-Cause
revenue I-Cause
shift I-Cause
toward I-Cause
the I-Cause
lower-margin I-Cause
Indian I-Cause
business I-Cause
should O
lead O
to O
a B-Effect
slight I-Effect
drop I-Effect
in I-Effect
gross I-Effect
margin I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
, O
but O
we O
expect O
it O
to O
be O
back O
to O
2018 O
levels O
by O
2023 O
. O

While O
Altice B-Cause
's I-Cause
relatively I-Cause
small I-Cause
size I-Cause
likely O
precludes B-Effect
it I-Effect
from I-Effect
making I-Effect
a I-Effect
huge I-Effect
splash I-Effect
in I-Effect
the I-Effect
wireless I-Effect
business I-Effect
, O
its B-Cause
deep I-Cause
fiber I-Cause
networks I-Cause
make B-Effect
the I-Effect
partnership I-Effect
model I-Effect
an I-Effect
attractive I-Effect
option I-Effect
. O

CenterPoint B-Effect
has I-Effect
reduced I-Effect
some I-Effect
of I-Effect
the I-Effect
regulatory I-Effect
uncertainty I-Effect
for I-Effect
its I-Effect
natural I-Effect
gas I-Effect
distribution I-Effect
investments I-Effect
with O
regulatory B-Cause
mechanisms I-Cause
that I-Cause
reduce I-Cause
regulatory I-Cause
lag I-Cause
. I-Cause

Estee O
is O
extracting O
inefficiencies O
from O
the O
channel O
's O
cost O
base O
to O
be O
more O
aligned O
with O
the O
current O
revenue O
opportunity O
, O
but O
an B-Effect
acceleration I-Effect
in I-Effect
traffic I-Effect
declines I-Effect
would I-Effect
undoubtedly I-Effect
affect I-Effect
profits I-Effect
, O
as O
it B-Cause
still I-Cause
represents I-Cause
a I-Cause
material I-Cause
portion I-Cause
of I-Cause
sales I-Cause
. O

The O
current O
viewer O
base O
is O
attractive O
to O
certain O
advertisers O
, O
but O
the B-Cause
relative I-Cause
lack I-Cause
of I-Cause
younger I-Cause
viewers I-Cause
could O
hurt B-Effect
longer-term I-Effect
growth I-Effect
potential I-Effect
. O

An O
International O
Paper O
mill O
, O
for O
example O
, O
has O
a B-Cause
dedicated I-Cause
phone I-Cause
line I-Cause
directly I-Cause
connected I-Cause
to I-Cause
Rockwell I-Cause
engineers I-Cause
, O
allowing O
them O
to B-Effect
spot I-Effect
problems I-Effect
and I-Effect
instruct I-Effect
workers I-Effect
how I-Effect
to I-Effect
fix I-Effect
any I-Effect
operational I-Effect
issues I-Effect
before I-Effect
they I-Effect
may I-Effect
even I-Effect
arise I-Effect
. O

However O
, O
as O
the B-Cause
hotel I-Cause
starts I-Cause
to I-Cause
consistently I-Cause
fill I-Cause
up I-Cause
, O
it O
should O
start B-Effect
to I-Effect
be I-Effect
able I-Effect
to I-Effect
raise I-Effect
rates I-Effect
, O
especially O
on O
the O
last O
few O
customers O
who O
push O
occupancy O
toward O
100 O
% O
for O
a O
given O
night O
. O

We O
believe O
this B-Cause
transition I-Cause
could O
help B-Effect
Ameriprise I-Effect
set I-Effect
itself I-Effect
apart I-Effect
from I-Effect
many I-Effect
of I-Effect
its I-Effect
peers I-Effect
, O
with O
its O
balanced B-Cause
business I-Cause
mix I-Cause
providing O
it O
with O
the B-Effect
best I-Effect
of I-Effect
both I-Effect
worlds I-Effect
-- O
high O
returns O
and O
low O
capital O
requirements O
in O
its O
investment O
management O
businesses O
and O
stable O
cash O
flows O
from O
its O
insurance O
operations O
. O

Its B-Cause
2015 I-Cause
acquisition I-Cause
of I-Cause
GVT I-Cause
gave B-Effect
it I-Effect
a I-Effect
very I-Effect
high-quality I-Effect
network I-Effect
in I-Effect
several I-Effect
of I-Effect
the I-Effect
largest I-Effect
and I-Effect
wealthiest I-Effect
regions I-Effect
outside I-Effect
of I-Effect
Sao I-Effect
Paulo I-Effect
. O

Although O
the O
switching O
costs O
might O
not O
be O
explicitly O
large O
, O
inertia B-Cause
and I-Cause
the I-Cause
uncertainty I-Cause
of I-Cause
achieving I-Cause
better I-Cause
results I-Cause
by I-Cause
moving I-Cause
from I-Cause
one I-Cause
asset I-Cause
manager I-Cause
to I-Cause
another I-Cause
tends I-Cause
to O
keep B-Effect
many I-Effect
investors I-Effect
invested I-Effect
with I-Effect
the I-Effect
same I-Effect
funds I-Effect
for I-Effect
extended I-Effect
periods I-Effect
of I-Effect
time I-Effect
. O

We B-Effect
expect I-Effect
continuing B-Effect
growth I-Effect
in I-Effect
the I-Effect
firm I-Effect
's I-Effect
cash I-Effect
flow I-Effect
, O
as O
we B-Cause
remain I-Cause
confident I-Cause
that O
Google B-Cause
will I-Cause
maintain I-Cause
its I-Cause
leadership I-Cause
in I-Cause
the I-Cause
search I-Cause
market I-Cause
. O

Even B-Cause
though I-Cause
ICU I-Cause
lags I-Cause
significantly I-Cause
behind I-Cause
BD I-Cause
in I-Cause
terms I-Cause
of I-Cause
market I-Cause
share I-Cause
, I-Cause
we I-Cause
see I-Cause
limited I-Cause
reason I-Cause
why I-Cause
ICU I-Cause
's I-Cause
current I-Cause
clients I-Cause
would I-Cause
choose I-Cause
to I-Cause
switch I-Cause
to I-Cause
one I-Cause
of I-Cause
BD I-Cause
's I-Cause
offerings I-Cause
( I-Cause
especially I-Cause
as I-Cause
BD I-Cause
's I-Cause
Alaris I-Cause
pumps I-Cause
remain I-Cause
under I-Cause
recall I-Cause
) I-Cause
, I-Cause
considering I-Cause
the I-Cause
costly I-Cause
clinician I-Cause
retraining I-Cause
process I-Cause
, I-Cause
which I-Cause
would I-Cause
require I-Cause
the I-Cause
majority I-Cause
of I-Cause
hospital I-Cause
staff I-Cause
to I-Cause
undergo I-Cause
significant I-Cause
time I-Cause
training I-Cause
on I-Cause
the I-Cause
new I-Cause
pumps I-Cause
, I-Cause
and I-Cause
given I-Cause
ICU I-Cause
's I-Cause
greatly I-Cause
improved I-Cause
quality I-Cause
management. O
Therefore O
, O
we O
still O
believe O
ICU B-Effect
's I-Effect
IV I-Effect
systems I-Effect
segment I-Effect
benefits I-Effect
from I-Effect
the I-Effect
same I-Effect
high I-Effect
switching I-Effect
costs I-Effect
and I-Effect
barriers I-Effect
to I-Effect
entry I-Effect
that I-Effect
market-leader I-Effect
BD I-Effect
enjoys I-Effect
. O

Most O
readily O
, O
the O
company O
is O
able O
to O
use B-Cause
purchase I-Cause
history I-Cause
to I-Cause
target I-Cause
promotions I-Cause
and I-Cause
discounts I-Cause
, O
boosting B-Effect
customer I-Effect
engagement I-Effect
and I-Effect
traffic I-Effect
while O
increasing B-Effect
the I-Effect
return I-Effect
on I-Effect
its I-Effect
marketing I-Effect
investments I-Effect
and I-Effect
refining I-Effect
its I-Effect
local I-Effect
market I-Effect
assortment I-Effect
. O

We B-Effect
upgraded I-Effect
Plains I-Effect
to I-Effect
wide I-Effect
in I-Effect
2017 I-Effect
because O
of O
its B-Cause
extensive I-Cause
asset I-Cause
base I-Cause
across I-Cause
the I-Cause
entire I-Cause
midstream I-Cause
value I-Cause
chain I-Cause
in I-Cause
the I-Cause
Permian I-Cause
Basin I-Cause
, O
which O
is O
the O
lowest-cost O
U.S O
. O

Five B-Effect
Below I-Effect
's I-Effect
cost I-Effect
position I-Effect
is I-Effect
integral I-Effect
to I-Effect
its I-Effect
value I-Effect
proposition I-Effect
, O
as B-Cause
minimizing I-Cause
outlays I-Cause
enables I-Cause
a I-Cause
higher-value I-Cause
assortment I-Cause
of I-Cause
items I-Cause
priced I-Cause
at I-Cause
or I-Cause
below I-Cause
the I-Cause
chain I-Cause
's I-Cause
$ I-Cause
5.55 I-Cause
per I-Cause
item I-Cause
cap I-Cause
( I-Cause
outside I-Cause
of I-Cause
its I-Cause
generally I-Cause
$ I-Cause
6- I-Cause
$ I-Cause
15 I-Cause
Five I-Cause
Beyond I-Cause
lineup I-Cause
) I-Cause
. O

Ionis B-Cause
therapies I-Cause
alter I-Cause
production I-Cause
of I-Cause
a I-Cause
given I-Cause
protein I-Cause
in I-Cause
the I-Cause
body I-Cause
, I-Cause
typically I-Cause
reducing I-Cause
production I-Cause
of I-Cause
a I-Cause
toxic I-Cause
, I-Cause
mutant I-Cause
version. O
Therefore O
, O
Ionis B-Effect
can I-Effect
tackle I-Effect
diseases I-Effect
that I-Effect
are I-Effect
difficult I-Effect
to I-Effect
treat I-Effect
effectively I-Effect
with I-Effect
other I-Effect
methods I-Effect
, I-Effect
as I-Effect
its I-Effect
therapies I-Effect
are I-Effect
targeted I-Effect
( I-Effect
avoiding I-Effect
safety I-Effect
issues I-Effect
with I-Effect
off-target I-Effect
effects I-Effect
of I-Effect
small I-Effect
molecule I-Effect
drugs I-Effect
) I-Effect
, I-Effect
can I-Effect
act I-Effect
inside I-Effect
the I-Effect
cell I-Effect
( I-Effect
unlike I-Effect
antibody I-Effect
therapies I-Effect
) I-Effect
, I-Effect
and I-Effect
are I-Effect
reversible I-Effect
( I-Effect
unlike I-Effect
gene I-Effect
therapy I-Effect
) I-Effect
. O

The B-Cause
scale I-Cause
and I-Cause
multiple I-Cause
revenue I-Cause
sources I-Cause
allows O
the O
bank O
to O
increase B-Effect
customer I-Effect
switching I-Effect
costs I-Effect
, I-Effect
generate I-Effect
more I-Effect
revenue I-Effect
per I-Effect
risk-weighted I-Effect
asset I-Effect
than I-Effect
smaller I-Effect
peers I-Effect
, I-Effect
and I-Effect
also I-Effect
have I-Effect
a I-Effect
larger I-Effect
percentage I-Effect
of I-Effect
revenue I-Effect
come I-Effect
from I-Effect
fees I-Effect
. O

We O
expect O
Seagate O
's O
gross O
margins O
to O
fluctuate O
with O
the O
cyclical O
HDD O
market O
, O
but O
think O
the B-Effect
firm I-Effect
can I-Effect
raise I-Effect
its I-Effect
midcycle I-Effect
gross I-Effect
margin I-Effect
as O
higher-margin B-Cause
mass I-Cause
capacity I-Cause
drives I-Cause
make I-Cause
up I-Cause
an I-Cause
even I-Cause
greater I-Cause
portion I-Cause
of I-Cause
the I-Cause
overall I-Cause
HDD I-Cause
business I-Cause
and O
it O
achieves O
cost O
efficiencies O
on O
higher O
capacity O
drives O
. O

However O
, O
we O
do O
n't O
see O
an B-Effect
inherent I-Effect
cost I-Effect
advantage I-Effect
in I-Effect
Alphabet I-Effect
that O
other O
tech O
titans O
like O
Apple O
and O
Amazon O
ca O
n't O
replicate O
, O
especially O
since O
cloud B-Cause
hardware I-Cause
is I-Cause
becoming I-Cause
increasingly I-Cause
commodified I-Cause
. O

Larger B-Cause
customers I-Cause
are I-Cause
usually I-Cause
stickier I-Cause
, O
as O
it B-Cause
would I-Cause
be I-Cause
more I-Cause
operationally I-Cause
invasive I-Cause
for I-Cause
them I-Cause
to I-Cause
rip I-Cause
out I-Cause
a I-Cause
large-scale I-Cause
contact I-Cause
center I-Cause
or I-Cause
compliance I-Cause
solution I-Cause
, O
given O
that O
they B-Effect
are I-Effect
more I-Effect
likely I-Effect
to I-Effect
utilize I-Effect
a I-Effect
greater I-Effect
amount I-Effect
of I-Effect
software I-Effect
solutions I-Effect
that I-Effect
are I-Effect
highly I-Effect
integrated I-Effect
with I-Effect
company I-Effect
operations I-Effect
. O

These B-Cause
custom I-Cause
integrations I-Cause
make O
Nice B-Effect
's I-Effect
offering I-Effect
more I-Effect
tightly I-Effect
woven I-Effect
with I-Effect
the I-Effect
day-to-day I-Effect
functionalities I-Effect
of I-Effect
businesses I-Effect
and I-Effect
makes I-Effect
it I-Effect
important I-Effect
in I-Effect
facilitating I-Effect
communications I-Effect
. O

Our B-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Maxim I-Effect
is I-Effect
$ I-Effect
76 I-Effect
per I-Effect
share I-Effect
, O
based O
on O
a B-Cause
probability I-Cause
weighting I-Cause
associated I-Cause
with I-Cause
the I-Cause
company I-Cause
's I-Cause
pending I-Cause
merger I-Cause
of I-Cause
ADI I-Cause
. O

While O
we O
believe O
this B-Cause
strategy I-Cause
has O
helped B-Effect
establish I-Effect
its I-Effect
name I-Effect
within I-Effect
the I-Effect
perimeters I-Effect
of I-Effect
localized I-Effect
networks I-Effect
, O
we O
expect O
Fortinet O
to O
supplement O
its O
engineering O
prowess O
with O
inorganic O
growth O
in O
areas O
like O
cloud-based O
security O
, O
machine O
learning O
, O
and O
automated O
threat O
responses O
. O

The B-Cause
therapeutic I-Cause
area I-Cause
overlap I-Cause
and I-Cause
$ I-Cause
2.5 I-Cause
billion I-Cause
in I-Cause
annual I-Cause
cost I-Cause
synergies I-Cause
expected I-Cause
by I-Cause
2022 I-Cause
( I-Cause
the I-Cause
majority I-Cause
from I-Cause
selling I-Cause
, I-Cause
general I-Cause
, I-Cause
and I-Cause
administrative I-Cause
expense I-Cause
and I-Cause
likely I-Cause
commercial I-Cause
overlap I-Cause
and I-Cause
overhead I-Cause
) I-Cause
should O
make B-Effect
the I-Effect
deal I-Effect
positive I-Effect
strategically I-Effect
. O

Additionally O
, O
electrification B-Cause
of I-Cause
the I-Cause
vehicle I-Cause
fleet I-Cause
could O
reduce B-Effect
repair I-Effect
needs I-Effect
, O
an O
indirect O
ESG O
risk O
( O
albeit O
one O
we O
believe O
is O
unlikely O
to O
be O
material O
) O
. O

We B-Cause
think I-Cause
the I-Cause
impact I-Cause
from I-Cause
emissions I-Cause
regulation I-Cause
will I-Cause
be I-Cause
gradual I-Cause
rather I-Cause
than I-Cause
immediate I-Cause
, I-Cause
but I-Cause
this I-Cause
could I-Cause
accelerate I-Cause
faster I-Cause
than I-Cause
we I-Cause
expect I-Cause
, O
forcing B-Effect
peers I-Effect
to I-Effect
invest I-Effect
heavily I-Effect
in I-Effect
developing I-Effect
regulatory I-Effect
compliant I-Effect
products I-Effect
. O

For B-Cause
the I-Cause
following I-Cause
30 I-Cause
years I-Cause
, I-Cause
Teva I-Cause
completed I-Cause
roughly I-Cause
30 I-Cause
acquisitions I-Cause
to O
further B-Effect
its I-Effect
position I-Effect
as I-Effect
the I-Effect
largest I-Effect
global I-Effect
generic I-Effect
manufacturer I-Effect
with I-Effect
roughly I-Effect
90 I-Effect
manufacturing I-Effect
and I-Effect
research I-Effect
and I-Effect
development I-Effect
facilities I-Effect
worldwide I-Effect
. O

As O
the O
industry O
resumes O
operations O
, O
opportunities B-Cause
to I-Cause
improve I-Cause
Carnival I-Cause
's I-Cause
operating I-Cause
margins I-Cause
should I-Cause
exist I-Cause
; I-Cause
this I-Cause
includes I-Cause
increased I-Cause
scale I-Cause
as I-Cause
the I-Cause
full I-Cause
fleet I-Cause
sails I-Cause
and I-Cause
improved I-Cause
brand I-Cause
awareness I-Cause
via I-Cause
the I-Cause
implementation I-Cause
of I-Cause
higher I-Cause
safety I-Cause
measures I-Cause
, O
which O
should O
increase B-Effect
adjusted I-Effect
EBITDA I-Effect
margins I-Effect
to I-Effect
around I-Effect
30 I-Effect
% I-Effect
toward I-Effect
the I-Effect
end I-Effect
of I-Effect
our I-Effect
forecast I-Effect
. O

We O
believe O
Sabre O
's O
advantages O
will O
remain O
in O
place O
despite O
potential B-Cause
risks I-Cause
of I-Cause
financial I-Cause
strain I-Cause
tarnishing B-Effect
the I-Effect
company I-Effect
's I-Effect
ability I-Effect
to I-Effect
invest I-Effect
in I-Effect
its I-Effect
platform I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
and O
the B-Effect
potential I-Effect
for I-Effect
structurally I-Effect
lower I-Effect
corporate I-Effect
travel I-Effect
demand I-Effect
that I-Effect
might I-Effect
have I-Effect
otherwise I-Effect
occurred I-Effect
without B-Cause
shelter-in-place I-Cause
efforts I-Cause
. O

While O
legacy O
systems O
can O
make O
innovation O
more O
costly O
compared O
with O
a O
new O
entrant O
, O
we O
believe O
the O
banks B-Cause
large I-Cause
annual I-Cause
spend I-Cause
on I-Cause
technology I-Cause
, I-Cause
and I-Cause
large I-Cause
customer I-Cause
data I-Cause
sets I-Cause
and I-Cause
insights I-Cause
, O
will O
see O
it O
remain B-Effect
at I-Effect
the I-Effect
forefront I-Effect
of I-Effect
a I-Effect
continually I-Effect
evolving I-Effect
digital I-Effect
offering I-Effect
. O

Additionally O
, O
this B-Cause
consolidation I-Cause
of I-Cause
purchasing I-Cause
power I-Cause
helps O
CVS O
extract O
discounts O
from O
drug O
manufacturers O
on O
one O
end O
of O
the O
transaction O
and O
pharmacies O
on O
the O
other O
end O
of O
the O
transaction O
, O
which O
helps B-Effect
create I-Effect
value I-Effect
for I-Effect
its I-Effect
clients I-Effect
, O
such O
as O
insurance O
plans O
and O
employers O
, O
on O
their O
pharmacy O
cost O
trends O
. O

Professionals B-Cause
in I-Cause
this I-Cause
field I-Cause
have I-Cause
years I-Cause
of I-Cause
training I-Cause
and I-Cause
experience I-Cause
, I-Cause
so I-Cause
changing I-Cause
equipment I-Cause
would I-Cause
require I-Cause
a I-Cause
big I-Cause
amount I-Cause
of I-Cause
time I-Cause
and I-Cause
retraining I-Cause
, I-Cause
resulting O
in B-Effect
high I-Effect
switching I-Effect
costs I-Effect
for I-Effect
hospitals I-Effect
. I-Effect

We O
estimate O
this B-Cause
level I-Cause
of I-Cause
sales I-Cause
growth I-Cause
will I-Cause
require I-Cause
capital I-Cause
expenditures I-Cause
exceeding I-Cause
$ I-Cause
21 I-Cause
billion I-Cause
over I-Cause
the I-Cause
next I-Cause
five I-Cause
years. O
This B-Effect
investment I-Effect
combined I-Effect
with I-Effect
constructive I-Effect
regulation I-Effect
in I-Effect
most I-Effect
of I-Effect
Entergy I-Effect
's I-Effect
service I-Effect
territories I-Effect
should I-Effect
drive I-Effect
utility I-Effect
earnings I-Effect
growth I-Effect
over I-Effect
7 I-Effect
% I-Effect
annually I-Effect
. O

With O
the B-Cause
recent I-Cause
acquisitions I-Cause
of I-Cause
workflow I-Cause
solutions I-Cause
provider I-Cause
MModal I-Cause
and I-Cause
negative I-Cause
wound I-Cause
care I-Cause
solutions I-Cause
provider I-Cause
Acelity I-Cause
, O
we B-Effect
believe I-Effect
the I-Effect
firm I-Effect
can I-Effect
capitalize I-Effect
on I-Effect
the I-Effect
stable I-Effect
and I-Effect
ever-growing I-Effect
healthcare I-Effect
market I-Effect
. O

We B-Effect
credit I-Effect
management I-Effect
for I-Effect
shifting I-Effect
its I-Effect
focus I-Effect
from I-Effect
developing I-Effect
lower I-Effect
value I-Effect
jets I-Effect
to I-Effect
higher I-Effect
value I-Effect
jets I-Effect
, O
as B-Cause
we I-Cause
believe I-Cause
that I-Cause
higher I-Cause
value I-Cause
jets I-Cause
have I-Cause
far I-Cause
more I-Cause
potential I-Cause
as I-Cause
a I-Cause
market I-Cause
going I-Cause
forward I-Cause
. O

In O
our O
view O
, O
ServiceNow O
will O
benefit O
first O
from O
continued B-Effect
share I-Effect
gains I-Effect
in O
ITSM O
at O
the B-Cause
expense I-Cause
of I-Cause
legacy I-Cause
vendors O
, O
and O
then O
from O
upselling O
customers O
with O
additional O
seats O
, O
features O
, O
and O
add-on O
products O
. O

We O
believe O
fleet B-Cause
owners I-Cause
benefit I-Cause
from I-Cause
using I-Cause
a I-Cause
uniform I-Cause
set I-Cause
of I-Cause
products I-Cause
in I-Cause
their I-Cause
trucks I-Cause
, O
which O
helps O
curb B-Effect
additional I-Effect
operating I-Effect
expenses I-Effect
. O

Amazon B-Cause
's I-Cause
growing I-Cause
clout I-Cause
with I-Cause
suppliers I-Cause
and I-Cause
advertisers I-Cause
, I-Cause
a I-Cause
higher I-Cause
proportion I-Cause
of I-Cause
third-party I-Cause
units I-Cause
in I-Cause
the I-Cause
sales I-Cause
mix I-Cause
, I-Cause
AWS I-Cause
customer I-Cause
acquisition I-Cause
and I-Cause
greater I-Cause
engagement I-Cause
among I-Cause
existing I-Cause
AWS I-Cause
customers I-Cause
, I-Cause
and I-Cause
advertising I-Cause
service I-Cause
offerings I-Cause
should O
allow O
for O
higher B-Effect
gross I-Effect
margins I-Effect
. O

The B-Cause
increase I-Cause
in I-Cause
our I-Cause
capital I-Cause
expenditure I-Cause
estimates I-Cause
resulted O
in O
our B-Effect
five-year I-Effect
annual I-Effect
EPS I-Effect
growth I-Effect
rate I-Effect
expanding I-Effect
to I-Effect
6 I-Effect
% I-Effect
from I-Effect
5 I-Effect
% I-Effect
. O

While O
its O
Canadian O
operations O
are O
strong O
, O
Scotiabank B-Effect
has I-Effect
the I-Effect
least I-Effect
proportional I-Effect
exposure I-Effect
to I-Effect
Canada I-Effect
among I-Effect
the I-Effect
Big I-Effect
Six I-Effect
banks I-Effect
, O
as O
nearly B-Cause
50 I-Cause
% I-Cause
of I-Cause
operations I-Cause
are I-Cause
outside I-Cause
Canada I-Cause
, I-Cause
primarily I-Cause
in I-Cause
Latin I-Cause
America I-Cause
. O

However O
, O
the B-Cause
assets I-Cause
and I-Cause
continuing I-Cause
investments I-Cause
may O
give B-Effect
Alphabet I-Effect
an I-Effect
early I-Effect
edge I-Effect
as I-Effect
a I-Effect
first I-Effect
mover I-Effect
, O
although O
the O
sustainability O
of O
that O
competitive O
advantage O
will O
be O
determined O
over O
time O
. O

Historically O
, O
Hyatt B-Cause
has I-Cause
relied I-Cause
on I-Cause
self-funding I-Cause
to I-Cause
support I-Cause
growth I-Cause
of I-Cause
its I-Cause
brands I-Cause
, O
leading O
to O
a B-Effect
high I-Effect
exposure I-Effect
of I-Effect
owned I-Effect
assets I-Effect
. O

Given O
the B-Cause
evolution I-Cause
of I-Cause
barriers I-Cause
to I-Cause
exit I-Cause
for I-Cause
Facebook I-Cause
's I-Cause
1.9 I-Cause
billion I-Cause
users I-Cause
, O
we O
believe O
the B-Effect
Snap I-Effect
competitor I-Effect
's I-Effect
growth I-Effect
and I-Effect
race I-Effect
to I-Effect
further I-Effect
innovation I-Effect
remain I-Effect
key I-Effect
risks I-Effect
for I-Effect
the I-Effect
firm I-Effect
. I-Effect

Thanks O
to O
its B-Cause
solid I-Cause
efficacy I-Cause
, O
we O
think O
Adcetris B-Effect
will I-Effect
hold I-Effect
its I-Effect
strong I-Effect
position I-Effect
in I-Effect
Hodgkin I-Effect
lymphoma I-Effect
, O
and O
we O
see O
ample B-Effect
room I-Effect
to I-Effect
grow I-Effect
in I-Effect
non-Hodgkin I-Effect
over I-Effect
the I-Effect
next I-Effect
several I-Effect
years I-Effect
. O

Unlike O
the O
pharmaceutical O
distributors O
, O
Patterson B-Cause
competes I-Cause
in I-Cause
a I-Cause
less-complex I-Cause
and I-Cause
more-transparent I-Cause
dental I-Cause
market I-Cause
untethered B-Effect
by I-Effect
reimbursement I-Effect
and I-Effect
significant I-Effect
regulatory I-Effect
oversight I-Effect
. O

Management B-Effect
has I-Effect
specifically I-Effect
stated I-Effect
that I-Effect
inflation I-Effect
has I-Effect
not I-Effect
had I-Effect
a I-Effect
significant I-Effect
impact I-Effect
on I-Effect
its I-Effect
operations I-Effect
over I-Effect
the I-Effect
last I-Effect
several I-Effect
years I-Effect
, O
as O
the B-Cause
firm I-Cause
has I-Cause
been I-Cause
able I-Cause
to I-Cause
lift I-Cause
prices I-Cause
and I-Cause
introduce I-Cause
new I-Cause
, I-Cause
higher-priced I-Cause
products I-Cause
to I-Cause
offset I-Cause
any I-Cause
cost I-Cause
increases I-Cause
. O

The B-Effect
automotive I-Effect
industry I-Effect
is I-Effect
highly I-Effect
cyclical I-Effect
, O
as O
its B-Cause
strength I-Cause
depends I-Cause
on I-Cause
employment I-Cause
and I-Cause
income I-Cause
levels I-Cause
, I-Cause
in I-Cause
addition I-Cause
to I-Cause
financing I-Cause
availability I-Cause
. O

We B-Cause
contend I-Cause
that I-Cause
entrenchment I-Cause
in I-Cause
retailer I-Cause
supply I-Cause
chains I-Cause
is O
an O
especially O
important B-Effect
source I-Effect
of I-Effect
leading I-Effect
consumer I-Effect
packaged I-Effect
goods I-Effect
companies I-Effect
' I-Effect
competitive I-Effect
advantages I-Effect
, I-Effect
particularly I-Effect
in I-Effect
their I-Effect
relationships I-Effect
with I-Effect
traditional I-Effect
supermarket I-Effect
operators I-Effect
. O

Segment B-Cause
should I-Cause
integrate I-Cause
with I-Cause
Twilio I-Cause
's I-Cause
offerings I-Cause
to I-Cause
create I-Cause
a I-Cause
new I-Cause
layer I-Cause
of I-Cause
communication I-Cause
opportunities I-Cause
for I-Cause
businesses I-Cause
within I-Cause
its I-Cause
stack I-Cause
, O
thus O
augmenting B-Effect
the I-Effect
capabilities I-Effect
Twilio I-Effect
offers I-Effect
its I-Effect
clients I-Effect
. O

This B-Cause
will I-Cause
likely I-Cause
generate I-Cause
a I-Cause
competitive I-Cause
response I-Cause
from I-Cause
the I-Cause
firm I-Cause
's I-Cause
global I-Cause
and I-Cause
local I-Cause
rivals I-Cause
, I-Cause
which O
will O
augment B-Effect
their I-Effect
own I-Effect
first-party I-Effect
content I-Effect
budgets I-Effect
. O

We O
forecast O
Tilray B-Effect
's I-Effect
volume I-Effect
sales I-Effect
into I-Effect
the I-Effect
Canadian I-Effect
medical I-Effect
market I-Effect
to I-Effect
decline I-Effect
about I-Effect
2 I-Effect
% I-Effect
per I-Effect
year I-Effect
, O
as O
consumers B-Cause
shift I-Cause
to I-Cause
the I-Cause
legalized I-Cause
recreational I-Cause
market I-Cause
. O

Further O
, O
we O
expect O
Airbnb B-Cause
to I-Cause
lower I-Cause
marketing I-Cause
expense I-Cause
to I-Cause
23 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
in I-Cause
2029 I-Cause
from I-Cause
34 I-Cause
% I-Cause
in I-Cause
2019 I-Cause
( I-Cause
2019 I-Cause
was I-Cause
a I-Cause
heavier I-Cause
investment I-Cause
year I-Cause
, I-Cause
with I-Cause
2018 I-Cause
marketing I-Cause
costs I-Cause
at I-Cause
30 I-Cause
% I-Cause
of I-Cause
sales I-Cause
) I-Cause
, I-Cause
as I-Cause
the I-Cause
company I-Cause
benefits I-Cause
from I-Cause
strong I-Cause
global I-Cause
awareness I-Cause
and I-Cause
a I-Cause
more I-Cause
complete I-Cause
platform I-Cause
offering I-Cause
long I-Cause
term. O
As O
a O
result O
, O
we O
estimate O
Airbnb B-Effect
's I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
average I-Effect
17 I-Effect
% I-Effect
over I-Effect
the I-Effect
next I-Effect
10 I-Effect
years I-Effect
, I-Effect
with I-Effect
operating I-Effect
margins I-Effect
expanding I-Effect
to I-Effect
the I-Effect
mid-20s I-Effect
in I-Effect
2029 I-Effect
from I-Effect
negative I-Effect
10 I-Effect
% I-Effect
in I-Effect
2019 I-Effect
. O

For O
example O
, O
about B-Cause
two I-Cause
thirds I-Cause
of I-Cause
its I-Cause
Medicare I-Cause
Advantage I-Cause
members I-Cause
have I-Cause
primary-care I-Cause
physicians I-Cause
that I-Cause
operate I-Cause
in I-Cause
value-based I-Cause
arrangements I-Cause
, O
which O
encourage B-Effect
those I-Effect
caregivers I-Effect
to I-Effect
improve I-Effect
quality I-Effect
and I-Effect
costs I-Effect
. O

Once O
a O
researcher B-Cause
chooses I-Cause
to I-Cause
work I-Cause
with I-Cause
a I-Cause
particular I-Cause
animal I-Cause
model I-Cause
strain I-Cause
, O
it O
will B-Effect
continue I-Effect
using I-Effect
that I-Effect
model I-Effect
or I-Effect
a I-Effect
related I-Effect
variation I-Effect
for I-Effect
reproducibility I-Effect
. O

A B-Effect
carbon I-Effect
tax I-Effect
would I-Effect
likely I-Effect
increase I-Effect
the I-Effect
final I-Effect
price I-Effect
of I-Effect
refined I-Effect
products I-Effect
as O
emission B-Cause
costs I-Cause
would I-Cause
likely I-Cause
be I-Cause
born I-Cause
by I-Cause
consumers I-Cause
. O

Another O
factor O
for O
high B-Effect
switching I-Effect
costs I-Effect
, O
besides O
avoidance B-Cause
of I-Cause
potential I-Cause
loss I-Cause
in I-Cause
productivity I-Cause
, O
is O
that O
both B-Cause
the I-Cause
suppliers I-Cause
and I-Cause
the I-Cause
customers I-Cause
have I-Cause
mutually I-Cause
increased I-Cause
their I-Cause
respective I-Cause
knowledge I-Cause
about I-Cause
each I-Cause
other I-Cause
's I-Cause
products I-Cause
and I-Cause
business I-Cause
operations I-Cause
. O

Considering O
Dexcom O
's O
reliance B-Cause
on I-Cause
a I-Cause
single I-Cause
product I-Cause
and I-Cause
tougher I-Cause
competition I-Cause
from I-Cause
Abbott I-Cause
and I-Cause
Medtronic I-Cause
, O
we B-Effect
give I-Effect
Dexcom I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

The O
U.S. O
, O
by O
some O
estimates O
, O
has O
2 O
to O
8 O
times O
as O
much O
retail O
square O
footage O
as O
other O
industrialized O
nations O
, O
and O
we O
believe O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
will O
accelerate B-Effect
necessary I-Effect
downsizing I-Effect
. O

While O
many B-Effect
of I-Effect
GTT I-Effect
's I-Effect
costs I-Effect
will O
likely O
decline O
as O
technology B-Cause
continues I-Cause
evolving I-Cause
, O
margin B-Effect
expansion I-Effect
opportunities I-Effect
may O
be O
offset O
as O
competitive B-Cause
pressure I-Cause
forces I-Cause
GTT I-Cause
to I-Cause
pass I-Cause
these I-Cause
savings I-Cause
on I-Cause
to I-Cause
customers I-Cause
. O

Economic B-Effect
weakness I-Effect
in I-Effect
the I-Effect
eurozone I-Effect
also I-Effect
presents I-Effect
another I-Effect
source I-Effect
of I-Effect
uncertainty I-Effect
, O
since O
Europe B-Cause
accounts I-Cause
for I-Cause
a I-Cause
little I-Cause
over I-Cause
a I-Cause
tenth I-Cause
of I-Cause
revenue I-Cause
. I-Cause

When B-Effect
insurance I-Effect
businesses I-Effect
chase I-Effect
after I-Effect
growth I-Effect
, I-Effect
this I-Effect
invariably I-Effect
can I-Effect
lead I-Effect
to I-Effect
underwriting I-Effect
problems. O
This O
is O
because O
where B-Cause
superior I-Cause
growth I-Cause
versus I-Cause
competitors I-Cause
is I-Cause
achieved I-Cause
, I-Cause
this I-Cause
is I-Cause
generally I-Cause
done I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
quality I-Cause
in I-Cause
underwriting I-Cause
. O

In O
the O
medium O
term O
, O
we O
expect O
margins B-Effect
to I-Effect
recover I-Effect
to I-Effect
1.9 I-Effect
% I-Effect
from I-Effect
1.7 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
as O
we B-Cause
do I-Cause
n't I-Cause
expect I-Cause
near-zero I-Cause
rates I-Cause
to I-Cause
become I-Cause
the I-Cause
new I-Cause
normal I-Cause
. O

With O
more B-Cause
than I-Cause
100 I-Cause
bcf/d I-Cause
in I-Cause
interconnects I-Cause
and I-Cause
regulatory I-Cause
hurdles I-Cause
for I-Cause
competing I-Cause
projects I-Cause
, O
the B-Effect
pipeline I-Effect
should I-Effect
continue I-Effect
to I-Effect
capture I-Effect
a I-Effect
substantial I-Effect
share I-Effect
of I-Effect
incremental I-Effect
gas I-Effect
demand I-Effect
in I-Effect
the I-Effect
Northeast I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

Cogent B-Cause
's I-Cause
more I-Cause
focused I-Cause
product I-Cause
portfolio I-Cause
results O
in O
a B-Cause
lower I-Cause
operating I-Cause
cost I-Cause
structure I-Cause
and I-Cause
a I-Cause
leaner I-Cause
back I-Cause
office I-Cause
, I-Cause
and I-Cause
without I-Cause
legacy I-Cause
products I-Cause
or I-Cause
technologies I-Cause
, O
Cogent B-Effect
can I-Effect
more I-Effect
easily I-Effect
adopt I-Effect
new I-Effect
and I-Effect
cheaper I-Effect
technology I-Effect
. O

When O
it O
comes O
to O
labor O
costs O
, O
Caterpillar B-Effect
helps I-Effect
customers I-Effect
reduce I-Effect
labor I-Effect
costs I-Effect
through O
improved B-Cause
product I-Cause
efficiency I-Cause
( O
new O
features O
help O
customers O
complete O
jobs O
faster O
) O
. O

We O
expect O
global B-Effect
new I-Effect
installation I-Effect
growth I-Effect
to I-Effect
be I-Effect
modest I-Effect
going I-Effect
forward I-Effect
with O
the B-Cause
industry I-Cause
growth I-Cause
shifting I-Cause
toward I-Cause
upgrades I-Cause
or I-Cause
'modernizations I-Cause
' I-Cause
of I-Cause
existing I-Cause
elevators I-Cause
. O

As B-Cause
the I-Cause
movement I-Cause
of I-Cause
landing I-Cause
pages I-Cause
is I-Cause
completed I-Cause
, I-Cause
the I-Cause
economy I-Cause
recovers I-Cause
, I-Cause
and I-Cause
more I-Cause
video I-Cause
content I-Cause
is I-Cause
released I-Cause
as I-Cause
macroeconomics I-Cause
improve I-Cause
, O
we B-Effect
expect I-Effect
Baidu I-Effect
and I-Effect
iQiyi I-Effect
's I-Effect
ad I-Effect
revenue I-Effect
to I-Effect
recover I-Effect
from I-Effect
a I-Effect
low I-Effect
base I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
. O

Our B-Effect
pretax I-Effect
cost I-Effect
of I-Effect
debt I-Effect
assumption I-Effect
is I-Effect
6.5 I-Effect
% I-Effect
, O
taking B-Cause
into I-Cause
account I-Cause
the I-Cause
spread I-Cause
creditors I-Cause
are I-Cause
likely I-Cause
to I-Cause
demand I-Cause
given I-Cause
Nissan I-Cause
's I-Cause
credit I-Cause
quality I-Cause
. O

We O
expect O
revenue B-Effect
growth I-Effect
to O
be O
largely O
a O
function O
of O
an B-Cause
expanding I-Cause
PLM I-Cause
market I-Cause
and I-Cause
the I-Cause
company I-Cause
's I-Cause
growing I-Cause
market I-Cause
for I-Cause
trial I-Cause
cycle I-Cause
management I-Cause
and I-Cause
drug I-Cause
R I-Cause
& I-Cause
D I-Cause
tools I-Cause
. O

We O
estimate O
2020 B-Effect
proforma I-Effect
revenue I-Effect
of I-Effect
$ I-Effect
12.6 I-Effect
billion I-Effect
, I-Effect
down I-Effect
13 I-Effect
% I-Effect
from I-Effect
pro I-Effect
forma I-Effect
2019 I-Effect
revenue I-Effect
of I-Effect
$ I-Effect
14.5 I-Effect
billion I-Effect
, O
due O
to O
the B-Cause
outbreak I-Cause
of I-Cause
COVID-19 I-Cause
. O

A B-Cause
decrease I-Cause
in I-Cause
outsourcing I-Cause
or I-Cause
R I-Cause
& I-Cause
D I-Cause
spending I-Cause
is I-Cause
unlikely I-Cause
in I-Cause
the I-Cause
near I-Cause
term I-Cause
, I-Cause
in I-Cause
our I-Cause
view I-Cause
, I-Cause
but I-Cause
all I-Cause
CROs I-Cause
could I-Cause
be I-Cause
affected I-Cause
by I-Cause
these I-Cause
risks I-Cause
if I-Cause
biopharma I-Cause
funding I-Cause
is I-Cause
constrained I-Cause
, I-Cause
if I-Cause
there I-Cause
are I-Cause
changes I-Cause
in I-Cause
the I-Cause
drug-approval I-Cause
regulatory I-Cause
landscape I-Cause
, I-Cause
or I-Cause
if I-Cause
the I-Cause
biopharma I-Cause
industry I-Cause
faces B-Effect
other I-Effect
macroeconomic I-Effect
headwinds I-Effect
. O

We O
forecast O
that O
Macy B-Effect
's I-Effect
will I-Effect
report I-Effect
negative I-Effect
ROIC I-Effect
in I-Effect
2021 I-Effect
as O
a O
result O
of O
the B-Cause
pandemic I-Cause
, O
and O
we O
do O
not B-Effect
expect I-Effect
it I-Effect
will I-Effect
generate I-Effect
economic I-Effect
profit I-Effect
in I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

CP B-Cause
relies I-Cause
on I-Cause
one I-Cause
customer I-Cause
, I-Cause
Teck I-Cause
, I-Cause
for I-Cause
about I-Cause
10 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
, O
leading O
to O
greater B-Effect
single-client I-Effect
exposure I-Effect
than I-Effect
at I-Effect
other I-Effect
railroads I-Effect
. O

While O
the B-Cause
partnership I-Cause
has I-Cause
mitigated I-Cause
much I-Cause
of I-Cause
this I-Cause
risk I-Cause
through I-Cause
establishing I-Cause
joint I-Cause
ventures I-Cause
with I-Cause
other I-Cause
experienced I-Cause
operators I-Cause
and I-Cause
mitigated I-Cause
commodity I-Cause
cycle I-Cause
volatility I-Cause
through I-Cause
predominantly I-Cause
contracted I-Cause
offtake I-Cause
, O
there O
is O
operational B-Effect
risk I-Effect
and I-Effect
longer-term I-Effect
cyclical I-Effect
risk I-Effect
from I-Effect
these I-Effect
businesses I-Effect
. O

On O
the O
platform O
side O
, O
we O
believe O
that O
Roku B-Effect
will I-Effect
rebound I-Effect
from I-Effect
the I-Effect
current I-Effect
decline I-Effect
in I-Effect
gross I-Effect
margin I-Effect
as O
it B-Cause
gains I-Cause
leverage I-Cause
on I-Cause
the I-Cause
investment I-Cause
required I-Cause
to I-Cause
build I-Cause
out I-Cause
the I-Cause
platform I-Cause
team I-Cause
and I-Cause
acquire I-Cause
content I-Cause
. O

In O
our O
opinion O
, O
the O
biggest O
risk O
is O
a O
slowdown B-Effect
in I-Effect
the I-Effect
real I-Effect
estate I-Effect
market I-Effect
, O
which O
could O
be O
indicated B-Cause
by I-Cause
increased I-Cause
home I-Cause
inventories I-Cause
for I-Cause
sale I-Cause
, I-Cause
slower I-Cause
growth I-Cause
in I-Cause
prices I-Cause
, I-Cause
or I-Cause
higher I-Cause
mortgage I-Cause
interest I-Cause
rates I-Cause
( O
which O
we O
do O
n't O
believe O
is O
an O
imminent O
concern O
) O
. O

Still O
, O
we O
do O
expect O
Bausch B-Cause
to I-Cause
capitalize I-Cause
on I-Cause
the I-Cause
drug I-Cause
's I-Cause
strong I-Cause
market I-Cause
position I-Cause
by O
increasing B-Effect
price I-Effect
in I-Effect
the I-Effect
range I-Effect
of I-Effect
100-200 I-Effect
basis I-Effect
points I-Effect
per I-Effect
year I-Effect
. O

We B-Effect
expect I-Effect
life I-Effect
sciences I-Effect
to I-Effect
have I-Effect
higher I-Effect
near-term I-Effect
growth I-Effect
because O
of O
tailwinds B-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
diagnostic I-Cause
testing I-Cause
, O
and O
diagnostic O
segment O
declines O
from O
hospitals O
pivoting O
to O
COVID-19 O
at O
the O
expense O
of O
routine O
diagnostics O
. O

These O
services O
include O
a O
government O
contractor O
's O
bill O
of O
materials O
, O
which O
have O
a B-Effect
different I-Effect
set I-Effect
of I-Effect
deal I-Effect
parameters I-Effect
given O
the B-Cause
professional I-Cause
service I-Cause
nature I-Cause
of I-Cause
the I-Cause
business I-Cause
( I-Cause
as I-Cause
opposed I-Cause
to I-Cause
sales I-Cause
of I-Cause
tangible I-Cause
products I-Cause
) I-Cause
. O

We O
see O
less B-Effect
opportunity I-Effect
to I-Effect
capture I-Effect
crude I-Effect
discounts I-Effect
on I-Effect
its I-Effect
West I-Effect
Coast I-Effect
refineries I-Effect
which O
now O
constitute O
nearly O
20 O
% O
of O
its O
refining O
capacity O
, O
given B-Cause
little I-Cause
access I-Cause
to I-Cause
domestically I-Cause
produced I-Cause
light I-Cause
crude I-Cause
. O

Even B-Cause
more I-Cause
valuable I-Cause
, I-Cause
in I-Cause
our I-Cause
view I-Cause
, I-Cause
is I-Cause
that I-Cause
Snowflake I-Cause
's I-Cause
platform I-Cause
is I-Cause
interoperable I-Cause
on I-Cause
numerous I-Cause
public I-Cause
clouds. O
This O
allows O
Snowflake B-Effect
workloads I-Effect
to I-Effect
be I-Effect
performant I-Effect
for I-Effect
its I-Effect
customers I-Effect
without I-Effect
significant I-Effect
effort I-Effect
to I-Effect
convert I-Effect
data I-Effect
lake I-Effect
and I-Effect
warehouse I-Effect
architectures I-Effect
to I-Effect
work I-Effect
on I-Effect
different I-Effect
public I-Effect
clouds I-Effect
. O

We O
think O
PGE B-Effect
can I-Effect
grow I-Effect
the I-Effect
dividend I-Effect
6 I-Effect
% I-Effect
annually I-Effect
, I-Effect
in I-Effect
line I-Effect
with I-Effect
peers I-Effect
, O
given O
the B-Cause
growing I-Cause
economy I-Cause
in I-Cause
its I-Cause
service I-Cause
territory I-Cause
, I-Cause
investment I-Cause
opportunities I-Cause
, I-Cause
and I-Cause
cash I-Cause
flow I-Cause
to I-Cause
support I-Cause
up I-Cause
to I-Cause
a I-Cause
70 I-Cause
% I-Cause
payout I-Cause
ratio I-Cause
. O

Second O
, O
once B-Cause
NICE I-Cause
's I-Cause
software I-Cause
is I-Cause
integrated I-Cause
, I-Cause
switching I-Cause
over I-Cause
to I-Cause
a I-Cause
new I-Cause
platform I-Cause
would O
give O
rise O
to O
business B-Cause
disruption I-Cause
and I-Cause
operational I-Cause
risk I-Cause
, O
potentially O
leading O
to O
day-to-day B-Effect
inefficiencies I-Effect
and I-Effect
loss I-Effect
of I-Effect
customers I-Effect
. O

Many O
malls O
have O
suffered O
declines O
in O
customer O
traffic O
over O
the O
past O
few O
years O
and O
the B-Cause
COVID-19 I-Cause
crisis I-Cause
will O
likely O
accelerate O
mall B-Effect
closures I-Effect
. O

While O
these O
figures O
are O
very O
impressive O
, O
the B-Cause
increasing I-Cause
digital I-Cause
ad I-Cause
dollars I-Cause
are I-Cause
also I-Cause
spread I-Cause
among I-Cause
more I-Cause
social I-Cause
networks I-Cause
on I-Cause
mobile I-Cause
which O
may O
discount B-Effect
the I-Effect
rate I-Effect
at I-Effect
which I-Effect
smaller I-Effect
players I-Effect
like I-Effect
Snap I-Effect
would I-Effect
be I-Effect
growing I-Effect
a I-Effect
few I-Effect
years I-Effect
down I-Effect
the I-Effect
road I-Effect
after I-Effect
creating I-Effect
higher I-Effect
baseline I-Effect
of I-Effect
revenue I-Effect
. O

Once O
a B-Cause
customer I-Cause
selects I-Cause
a I-Cause
specific I-Cause
taste I-Cause
, I-Cause
texture I-Cause
, I-Cause
or I-Cause
color I-Cause
solution I-Cause
, O
it B-Effect
is I-Effect
generally I-Effect
unwilling I-Effect
to I-Effect
switch I-Effect
suppliers I-Effect
on I-Effect
the I-Effect
basis I-Effect
of I-Effect
cost I-Effect
alone I-Effect
. O

However O
, O
a B-Cause
material I-Cause
adverse I-Cause
change I-Cause
in I-Cause
the I-Cause
competitive I-Cause
landscape I-Cause
could O
leave B-Effect
TJX I-Effect
with I-Effect
too I-Effect
many I-Effect
stores I-Effect
and I-Effect
an I-Effect
expensive I-Effect
distribution I-Effect
infrastructure I-Effect
. O

We O
expect O
relatively O
steady B-Effect
long-term I-Effect
demand I-Effect
for I-Effect
America-class I-Effect
and I-Effect
San I-Effect
Antonio I-Effect
Class I-Effect
amphibious I-Effect
assault I-Effect
ships I-Effect
, O
as O
Huntington B-Cause
Ingalls I-Cause
is I-Cause
the I-Cause
sole I-Cause
source I-Cause
provider I-Cause
and I-Cause
there I-Cause
is I-Cause
not I-Cause
much I-Cause
room I-Cause
for I-Cause
additional I-Cause
capacity I-Cause
. O

Returns O
on O
invested O
capital O
have O
averaged O
about O
20 O
% O
over O
the O
past O
five O
years O
and O
are O
magnitudes B-Effect
higher I-Effect
if O
goodwill B-Cause
is I-Cause
excluded I-Cause
. O

Though O
we O
do O
not O
expect O
specific O
ASK O
risks O
to O
materially O
affect O
Alcon O
, O
product B-Cause
governance I-Cause
failures I-Cause
leading I-Cause
to I-Cause
poor I-Cause
health I-Cause
outcomes I-Cause
could O
have O
a B-Effect
significant I-Effect
impact I-Effect
on I-Effect
Aligns I-Effect
financial I-Effect
results I-Effect
. O

For O
one O
, O
Walmart O
is O
its O
biggest O
customer O
( O
24 O
% O
of O
2019 O
revenue O
) O
, O
and O
we B-Cause
do I-Cause
not I-Cause
think I-Cause
Church I-Cause
& I-Cause
Dwight I-Cause
is I-Cause
a I-Cause
significant I-Cause
enough I-Cause
supplier I-Cause
to O
have B-Effect
meaningful I-Effect
leverage I-Effect
when I-Effect
negotiating I-Effect
shelf I-Effect
space I-Effect
. O

Experian O
has O
a O
dominant O
position O
in O
Brazil O
, O
and O
we O
think O
the B-Cause
growth I-Cause
of I-Cause
middle-class I-Cause
populations I-Cause
in I-Cause
emerging I-Cause
markets I-Cause
and I-Cause
favorable I-Cause
regulatory I-Cause
changes I-Cause
will O
drive O
long-term B-Effect
growth I-Effect
. O

The B-Cause
bank I-Cause
maintained I-Cause
a I-Cause
common I-Cause
equity I-Cause
Tier I-Cause
1 I-Cause
ratio I-Cause
of I-Cause
11.6 I-Cause
% I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
September I-Cause
2020 I-Cause
, O
which O
we B-Effect
view I-Effect
as I-Effect
adequately I-Effect
capitalized I-Effect
to I-Effect
absorb I-Effect
all I-Effect
but I-Effect
unprecedented I-Effect
losses I-Effect
. O

Switching B-Effect
costs I-Effect
for I-Effect
Littelfuse I-Effect
's I-Effect
products I-Effect
are I-Effect
heightened I-Effect
when O
one O
considers O
the B-Cause
mission-critical I-Cause
nature I-Cause
of I-Cause
the I-Cause
systems I-Cause
they I-Cause
sell I-Cause
into I-Cause
-- I-Cause
be I-Cause
it I-Cause
a I-Cause
vehicle I-Cause
drivetrain I-Cause
, I-Cause
an I-Cause
uninterrupted I-Cause
power I-Cause
supply I-Cause
for I-Cause
a I-Cause
hyperscale I-Cause
data I-Cause
center I-Cause
, I-Cause
or I-Cause
power I-Cause
transfer I-Cause
within I-Cause
a I-Cause
large I-Cause
power I-Cause
plant I-Cause
. O

And O
we O
think O
discounting B-Cause
was O
a O
key O
culprit O
in O
adjusted B-Effect
operating I-Effect
margins I-Effect
tumbling I-Effect
to I-Effect
just I-Effect
3 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
at I-Effect
the I-Effect
segment I-Effect
, O
evidencing O
the O
lack O
of O
a O
competitive O
edge O
. O

With O
a O
peak O
audience O
of O
over O
20 O
million O
total O
viewers O
, O
the B-Cause
show I-Cause
provided B-Effect
advertisers I-Effect
the I-Effect
ability I-Effect
to I-Effect
target I-Effect
a I-Effect
mass I-Effect
audience I-Effect
that O
is O
usually O
only O
generated O
by O
the O
top O
broadcast O
networks O
shows O
or O
the O
NFL O
on O
Sunday O
night O
. O

However O
, O
progressive B-Cause
stamping I-Cause
is I-Cause
a I-Cause
complex I-Cause
process I-Cause
that O
requires B-Effect
precision I-Effect
so I-Effect
that I-Effect
the I-Effect
metal I-Effect
aligns I-Effect
within I-Effect
a I-Effect
few I-Effect
thousandths I-Effect
of I-Effect
an I-Effect
inch I-Effect
as I-Effect
each I-Effect
movement I-Effect
takes I-Effect
place I-Effect
. O

Beyond O
JRSAs O
, O
Imax B-Effect
increased I-Effect
its I-Effect
market I-Effect
presence I-Effect
with O
the B-Cause
introduction I-Cause
of I-Cause
digital I-Cause
screens I-Cause
and I-Cause
digital I-Cause
remastering I-Cause
( O
branded O
as O
DMR O
) O
. O

Polaris O
has O
historically O
generated O
returns O
on O
invested O
capital O
well O
above O
our O
weighted O
average O
cost O
of O
capital O
assumption O
( O
8.4 O
% O
) O
and O
should O
be O
able O
to O
restore B-Effect
adjusted I-Effect
ROICs I-Effect
including I-Effect
goodwill I-Effect
to I-Effect
30 I-Effect
% I-Effect
if O
it B-Cause
can I-Cause
avoid I-Cause
manufacturing I-Cause
missteps I-Cause
. O

Heightened B-Cause
trade I-Cause
restrictions I-Cause
in I-Cause
Tenaris I-Cause
' I-Cause
largest I-Cause
market I-Cause
, O
the B-Effect
U.S. I-Effect
, I-Effect
could I-Effect
protect I-Effect
pricing I-Effect
in I-Effect
that I-Effect
market I-Effect
, O
but O
any O
volumes O
diverted O
from O
the O
U.S O
. O

We O
believe O
clients B-Effect
should I-Effect
remain I-Effect
with I-Effect
Wiley I-Effect
long I-Effect
term I-Effect
due O
to O
the B-Cause
time I-Cause
and I-Cause
monetary I-Cause
investment I-Cause
needed I-Cause
at I-Cause
the I-Cause
start I-Cause
of I-Cause
a I-Cause
new I-Cause
partnership I-Cause
and I-Cause
the I-Cause
degree I-Cause
to I-Cause
which I-Cause
the I-Cause
solutions I-Cause
become I-Cause
embedded I-Cause
in I-Cause
the I-Cause
institution I-Cause
's I-Cause
processes I-Cause
. O

Given B-Cause
poor I-Cause
financial I-Cause
performance I-Cause
and I-Cause
a I-Cause
weak I-Cause
competitive I-Cause
position I-Cause
, O
it B-Effect
closed I-Effect
its I-Effect
Gallup I-Effect
, I-Effect
NM I-Effect
and I-Effect
Martinez I-Effect
, I-Effect
California I-Effect
petroleum I-Effect
refineries I-Effect
, I-Effect
both I-Effect
acquired I-Effect
with I-Effect
Andeavor I-Effect
. O

As O
50 B-Cause
% I-Cause
of I-Cause
Pilgrim I-Cause
's I-Cause
sales I-Cause
stem I-Cause
from I-Cause
food I-Cause
service I-Cause
, O
the B-Effect
pandemic I-Effect
impaired I-Effect
sales I-Effect
and I-Effect
margins I-Effect
in I-Effect
2020 I-Effect
; I-Effect
organic I-Effect
sales I-Effect
were I-Effect
down I-Effect
2.4 I-Effect
% I-Effect
, I-Effect
and I-Effect
adjusted I-Effect
operating I-Effect
margins I-Effect
were I-Effect
down I-Effect
240 I-Effect
basis I-Effect
points I-Effect
to I-Effect
3.7 I-Effect
% I-Effect
. O

Most O
of O
these O
categories O
are O
on O
trend O
as O
consumers B-Cause
seek I-Cause
to I-Cause
increase I-Cause
their I-Cause
consumption I-Cause
of I-Cause
proteins I-Cause
, I-Cause
fresh I-Cause
foods I-Cause
, I-Cause
and I-Cause
on-the-go I-Cause
snacks I-Cause
and I-Cause
meals I-Cause
, O
making O
them B-Effect
important I-Effect
for I-Effect
retailers I-Effect
. O

We O
expect O
stronger B-Effect
margins I-Effect
in I-Effect
the I-Effect
Gulf I-Effect
Coast I-Effect
region I-Effect
in I-Effect
the I-Effect
later I-Effect
years I-Effect
of I-Effect
our I-Effect
forecast I-Effect
, O
as O
we O
anticipate O
that O
the B-Effect
region I-Effect
will I-Effect
see I-Effect
improved I-Effect
crude I-Effect
discounts I-Effect
with I-Cause
greater B-Cause
supply I-Cause
of I-Cause
domestic I-Cause
and I-Cause
Canadian I-Cause
crude I-Cause
. O

While O
we O
forecast O
an O
improvement O
in O
ROICs O
and O
expect O
the B-Effect
firm I-Effect
to I-Effect
report I-Effect
economic I-Effect
profits I-Effect
going I-Effect
forward I-Effect
, O
this O
is O
primarily O
due O
to O
the B-Cause
divestiture I-Cause
of I-Cause
the I-Cause
low-profitability I-Cause
private I-Cause
brands I-Cause
business I-Cause
and I-Cause
cost-cutting I-Cause
programs I-Cause
in I-Cause
the I-Cause
cereal I-Cause
businesses I-Cause
, O
not O
the O
development O
of O
a O
competitive O
advantage O
. O

Along O
those O
lines O
, O
a B-Cause
lack I-Cause
of I-Cause
visibility I-Cause
surrounding I-Cause
the I-Cause
magnitude I-Cause
of I-Cause
industrial I-Cause
end I-Cause
market I-Cause
recovery I-Cause
brings O
elevated B-Effect
uncertainty I-Effect
to I-Effect
our I-Effect
volume I-Effect
and I-Effect
pricing I-Effect
assumptions I-Effect
for I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
. O

Its B-Effect
relatively I-Effect
favorable I-Effect
mining I-Effect
unit I-Effect
costs I-Effect
stem I-Effect
, O
in O
part O
, O
from O
its B-Cause
largest I-Cause
mines I-Cause
, I-Cause
where I-Cause
it I-Cause
owns I-Cause
the I-Cause
ports I-Cause
and I-Cause
rails I-Cause
on I-Cause
which I-Cause
it I-Cause
transports I-Cause
the I-Cause
iron I-Cause
ore I-Cause
it I-Cause
produces I-Cause
. O

Building B-Cause
a I-Cause
team I-Cause
from I-Cause
the I-Cause
customer I-Cause
base I-Cause
, I-Cause
and I-Cause
rewarding I-Cause
employees I-Cause
based I-Cause
on I-Cause
success I-Cause
helps O
develop B-Effect
the I-Effect
right I-Effect
leader I-Effect
to I-Effect
take I-Effect
the I-Effect
business I-Effect
forward I-Effect
. O

Comparing B-Effect
the I-Effect
company I-Effect
's I-Effect
gross I-Effect
margin I-Effect
to I-Effect
those I-Effect
of I-Effect
competitors I-Effect
is I-Effect
not I-Effect
as I-Effect
instructive I-Effect
given O
that O
the B-Cause
figures I-Cause
are I-Cause
not I-Cause
entirely I-Cause
comparable I-Cause
. O

Management B-Cause
has I-Cause
repeatedly I-Cause
said I-Cause
it I-Cause
is I-Cause
willing I-Cause
to I-Cause
give I-Cause
up I-Cause
gross I-Cause
margin I-Cause
to I-Cause
get I-Cause
incremental I-Cause
volume I-Cause
so O
this B-Effect
gross I-Effect
margin I-Effect
risk I-Effect
may I-Effect
be I-Effect
mitigated I-Effect
by I-Effect
SG I-Effect
& I-Effect
A I-Effect
leverage I-Effect
. O

The B-Cause
COVID-19 I-Cause
crisis I-Cause
has O
shocked O
the B-Effect
aviation I-Effect
industry I-Effect
, O
and O
we O
expect O
a B-Effect
severe I-Effect
near-term I-Effect
decline I-Effect
in I-Effect
global I-Effect
revenue I-Effect
passenger I-Effect
kilometers I-Effect
. O

CMS B-Cause
carries I-Cause
an I-Cause
unusually I-Cause
large I-Cause
amount I-Cause
of I-Cause
parent I-Cause
debt I-Cause
, O
which O
has O
helped O
boost B-Effect
consolidated I-Effect
returns I-Effect
on I-Effect
equity I-Effect
, O
but O
investors O
should O
consider O
the O
refinancing O
risk O
if O
credit O
markets O
tighten O
. O

As O
the B-Cause
global I-Cause
economy I-Cause
recovers I-Cause
, O
we O
expect O
Fortune B-Effect
Brands I-Effect
' I-Effect
operating I-Effect
margin I-Effect
to I-Effect
continue I-Effect
to I-Effect
improve I-Effect
, O
and O
we O
expect O
the B-Effect
company I-Effect
will I-Effect
near I-Effect
a I-Effect
16 I-Effect
% I-Effect
operating I-Effect
margin I-Effect
over I-Effect
the I-Effect
next I-Effect
few I-Effect
years I-Effect
. O

This B-Cause
level I-Cause
of I-Cause
investment I-Cause
is I-Cause
in I-Cause
line I-Cause
with I-Cause
peers I-Cause
including I-Cause
Bayer I-Cause
( I-Cause
Monsanto I-Cause
historically I-Cause
averaged I-Cause
around I-Cause
10 I-Cause
% I-Cause
) I-Cause
, I-Cause
Syngenta I-Cause
( I-Cause
9 I-Cause
% I-Cause
) I-Cause
, I-Cause
and I-Cause
FMC I-Cause
( I-Cause
7 I-Cause
% I-Cause
) I-Cause
, O
which O
gives B-Effect
us I-Effect
confidence I-Effect
that I-Effect
Corteva I-Effect
is I-Effect
investing I-Effect
enough I-Effect
to I-Effect
continue I-Effect
to I-Effect
successfully I-Effect
develop I-Effect
new I-Effect
products I-Effect
. O

Conversely O
, O
retailers B-Effect
will I-Effect
want I-Effect
to I-Effect
keep I-Effect
their I-Effect
stores I-Effect
located I-Effect
in I-Effect
the I-Effect
top I-Effect
malls I-Effect
, O
as O
they B-Cause
have I-Cause
strong I-Cause
demographic I-Cause
trends I-Cause
and I-Cause
high I-Cause
foot I-Cause
traffic I-Cause
and I-Cause
generate I-Cause
high I-Cause
sales I-Cause
. O

We O
've O
also O
incorporated B-Cause
uncertainty I-Cause
related I-Cause
to I-Cause
the I-Cause
firm I-Cause
's I-Cause
high I-Cause
debt I-Cause
load I-Cause
, O
in O
particular O
with O
the O
large O
maturities O
in O
2023 O
and O
2025 O
, O
and O
this O
contributes O
to O
our B-Effect
very I-Effect
high I-Effect
uncertainty I-Effect
rating I-Effect
. O

A B-Cause
large I-Cause
portion I-Cause
of I-Cause
Hess I-Cause
' I-Cause
Bakken I-Cause
acreage I-Cause
is I-Cause
ideally I-Cause
located I-Cause
in I-Cause
the I-Cause
core I-Cause
of I-Cause
the I-Cause
play I-Cause
, O
supporting B-Effect
another I-Effect
decade I-Effect
of I-Effect
impressive I-Effect
well I-Effect
results I-Effect
. O

We O
believe O
that O
there B-Cause
are I-Cause
limited I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
for I-Cause
senior I-Cause
housing I-Cause
, O
so O
it B-Effect
is I-Effect
too I-Effect
susceptible I-Effect
to I-Effect
supply I-Effect
growth I-Effect
that I-Effect
restricts I-Effect
excess I-Effect
economic I-Effect
returns I-Effect
. O

SBA B-Cause
's I-Cause
contractual I-Cause
, I-Cause
steady I-Cause
cash I-Cause
flow I-Cause
should O
allow O
it O
to O
cover B-Effect
its I-Effect
obligations I-Effect
without I-Effect
concern I-Effect
, O
but O
it O
is O
much O
more O
susceptible O
than O
peers O
to O
major O
market O
disruptions O
and O
tightening O
of O
credit O
markets O
. O

While O
over-the-top O
offerings O
such O
as O
Netflix B-Cause
and I-Cause
Amazon I-Cause
Prime I-Cause
create I-Cause
their I-Cause
own I-Cause
content I-Cause
, O
both B-Effect
services I-Effect
and I-Effect
the I-Effect
raft I-Effect
of I-Effect
new I-Effect
competitors I-Effect
require I-Effect
deep I-Effect
libraries I-Effect
to O
gain B-Effect
and I-Effect
retain I-Effect
subscribers I-Effect
. O

As O
the B-Cause
firm I-Cause
already I-Cause
has I-Cause
moderate I-Cause
international I-Cause
brick-and-mortar I-Cause
exposure I-Cause
at I-Cause
this I-Cause
point I-Cause
, O
we O
assume O
that O
new B-Effect
location I-Effect
growth I-Effect
overseas I-Effect
will I-Effect
be I-Effect
taken I-Effect
on I-Effect
methodically I-Effect
. O

Beyond O
becoming O
stickier O
with O
its O
existing O
installation O
base O
by O
supplying O
solutions O
for O
the O
campus O
market O
, O
moving B-Cause
away I-Cause
from I-Cause
a I-Cause
concentrated I-Cause
customer I-Cause
base I-Cause
with I-Cause
buying I-Cause
power I-Cause
may O
expand B-Effect
Arista I-Effect
's I-Effect
already I-Effect
healthy I-Effect
gross I-Effect
margins I-Effect
. O

It O
then O
acquired B-Cause
Sunrise I-Cause
in I-Cause
Switzerland I-Cause
, O
gaining B-Effect
a I-Effect
much I-Effect
larger I-Effect
wireless I-Effect
presence I-Effect
and I-Effect
extending I-Effect
its I-Effect
fixed-line I-Effect
operations I-Effect
in I-Effect
the I-Effect
country I-Effect
. O

We B-Effect
model I-Effect
18 I-Effect
% I-Effect
average I-Effect
annual I-Effect
sales I-Effect
growth I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
, O
driven B-Cause
by I-Cause
international I-Cause
growth I-Cause
of I-Cause
Naglazyme I-Cause
, I-Cause
continuing I-Cause
market I-Cause
penetration I-Cause
for I-Cause
Vimizim I-Cause
and I-Cause
Brineura I-Cause
, I-Cause
the I-Cause
new I-Cause
launch I-Cause
of I-Cause
Palynziq I-Cause
, I-Cause
and I-Cause
potential I-Cause
launches I-Cause
of I-Cause
vosoritide I-Cause
and I-Cause
Roctavian I-Cause
. O

When O
the B-Cause
merger I-Cause
with I-Cause
MetroPCS I-Cause
closed I-Cause
in I-Cause
2013 I-Cause
, I-Cause
the I-Cause
firm I-Cause
's I-Cause
network I-Cause
lagged I-Cause
Verizon I-Cause
's I-Cause
and I-Cause
AT I-Cause
& I-Cause
amp I-Cause
; I-Cause
T I-Cause
's I-Cause
and I-Cause
its I-Cause
reputation I-Cause
with I-Cause
consumers I-Cause
was I-Cause
weak I-Cause
, O
leading O
to O
rapid B-Effect
customer I-Effect
losses I-Effect
. O

Additionally O
, O
lower-skilled B-Effect
manufacturing I-Effect
jobs I-Effect
constrain I-Effect
operating I-Effect
margin I-Effect
growth I-Effect
because O
recruiters B-Cause
face I-Cause
low I-Cause
barriers I-Cause
to I-Cause
entry I-Cause
in I-Cause
placing I-Cause
candidates I-Cause
in I-Cause
manufacturing I-Cause
jobs I-Cause
. O

The B-Cause
vast I-Cause
majority I-Cause
of I-Cause
the I-Cause
high-performance I-Cause
metal I-Cause
segment I-Cause
's I-Cause
sales I-Cause
are I-Cause
derived I-Cause
from I-Cause
aerospace I-Cause
and I-Cause
defense I-Cause
customers I-Cause
, O
and O
we B-Effect
expect I-Effect
this I-Effect
to I-Effect
increase I-Effect
as I-Effect
next-generation I-Effect
commercial I-Effect
aircraft I-Effect
production I-Effect
ramps I-Effect
up I-Effect
over I-Effect
the I-Effect
coming I-Effect
decade I-Effect
. O

As B-Cause
a I-Cause
result I-Cause
of I-Cause
operating I-Cause
in I-Cause
180 I-Cause
countries I-Cause
, I-Cause
foreign I-Cause
exchange I-Cause
rate I-Cause
fluctuations I-Cause
can O
cause O
large B-Effect
swings I-Effect
in I-Effect
Diageo I-Effect
's I-Effect
financial I-Effect
results I-Effect
. O

Because O
the B-Cause
Suddenlink I-Cause
territory I-Cause
covers I-Cause
smaller I-Cause
cities I-Cause
and I-Cause
towns I-Cause
, O
AT B-Effect
& I-Effect
T I-Effect
has I-Effect
n't I-Effect
invested I-Effect
heavily I-Effect
in I-Effect
its I-Effect
networks I-Effect
in I-Effect
these I-Effect
markets I-Effect
, O
with O
U-verse O
available O
in O
less O
than O
10 O
% O
of O
the O
Suddenlink O
territory O
. O

However O
, O
after O
2021 O
, O
we O
project B-Effect
Fastenal I-Effect
will I-Effect
generate I-Effect
low I-Effect
double-digit I-Effect
average I-Effect
top-line I-Effect
growth I-Effect
as O
it B-Cause
gains I-Cause
traction I-Cause
with I-Cause
its I-Cause
industrial I-Cause
vending I-Cause
and I-Cause
on-site I-Cause
programs I-Cause
and I-Cause
takes I-Cause
share I-Cause
from I-Cause
smaller I-Cause
competitors I-Cause
. O

While O
the O
company O
's O
balance O
sheet O
is O
not O
as O
leveraged O
as O
some O
of O
the O
larger O
insurers O
, O
we O
still O
think O
an B-Effect
investment I-Effect
in I-Effect
Ameriprise I-Effect
carries I-Effect
a I-Effect
high I-Effect
level I-Effect
of I-Effect
uncertainty I-Effect
, O
given O
how B-Cause
sensitive I-Cause
its I-Cause
business I-Cause
is I-Cause
to I-Cause
the I-Cause
capital I-Cause
markets I-Cause
. O

First O
, O
the B-Cause
firm I-Cause
's I-Cause
airline I-Cause
operations I-Cause
remain I-Cause
large I-Cause
and I-Cause
capital I-Cause
intensive I-Cause
enough I-Cause
that O
we B-Effect
do I-Effect
n't I-Effect
expect I-Effect
substantial I-Effect
excess I-Effect
returns I-Effect
over I-Effect
the I-Effect
cycle I-Effect
. O

Certain O
regulations O
were O
also O
implemented O
to O
allow B-Cause
multiple I-Cause
generic I-Cause
filers I-Cause
to I-Cause
compete I-Cause
within I-Cause
the I-Cause
exclusivity I-Cause
period I-Cause
that O
further O
hurt O
the B-Effect
profitability I-Effect
of I-Effect
incumbents I-Effect
. O

Teladoc B-Cause
provides O
healthcare B-Effect
access I-Effect
to I-Effect
more I-Effect
than I-Effect
54 I-Effect
million I-Effect
members I-Effect
, O
and O
blended O
utilization O
has O
an O
upward O
bias O
from O
current O
levels O
, O
below O
10 O
% O
, O
with O
increasing O
engagement O
of O
new O
members O
and O
continual O
addition O
of O
new O
services O
. O

In O
the O
long O
term O
, O
we O
expect O
Boston B-Effect
Properties I-Effect
' I-Effect
portfolio I-Effect
to I-Effect
perform I-Effect
well I-Effect
, O
given O
the B-Cause
high I-Cause
quality I-Cause
of I-Cause
its I-Cause
office I-Cause
buildings I-Cause
, I-Cause
which I-Cause
are I-Cause
often I-Cause
located I-Cause
in I-Cause
the I-Cause
most I-Cause
attractive I-Cause
submarkets I-Cause
in I-Cause
America I-Cause
's I-Cause
so-called I-Cause
superstar I-Cause
cities I-Cause
. O

Peers B-Cause
without I-Cause
this I-Cause
robust I-Cause
level I-Cause
of I-Cause
marketing I-Cause
operations I-Cause
will O
face B-Effect
higher I-Effect
hurdles I-Effect
in I-Effect
terms I-Effect
of I-Effect
being I-Effect
able I-Effect
to I-Effect
obtain I-Effect
commitments I-Effect
for I-Effect
large I-Effect
investments I-Effect
. O

Regulatory B-Cause
changes I-Cause
prompted O
AT B-Effect
& I-Effect
amp I-Effect
; I-Effect
T I-Effect
to I-Effect
acquire I-Effect
two I-Effect
subscale I-Effect
, I-Effect
struggling I-Effect
Mexican I-Effect
carriers I-Effect
in I-Effect
2015 I-Effect
and O
commit O
$ B-Cause
3 I-Cause
billion I-Cause
to O
integrate B-Effect
and I-Effect
improve I-Effect
the I-Effect
firms I-Effect
' I-Effect
networks I-Effect
. O

The B-Effect
company I-Effect
will I-Effect
likely I-Effect
seeing I-Effect
some I-Effect
cost I-Effect
deleveraging I-Effect
due O
to O
pressure B-Cause
on I-Cause
the I-Cause
top I-Cause
line I-Cause
, O
and O
lower B-Effect
yields I-Effect
in I-Effect
client I-Effect
funds I-Effect
will O
be O
an O
additional O
issue O
, O
as O
this B-Cause
revenue I-Cause
falls I-Cause
almost I-Cause
completely I-Cause
to I-Cause
the I-Cause
bottom I-Cause
line I-Cause
. O

M B-Effect
& I-Effect
T I-Effect
's I-Effect
credit I-Effect
cost I-Effect
advantage I-Effect
is O
based O
on O
the B-Cause
company I-Cause
's I-Cause
well-established I-Cause
focus I-Cause
on I-Cause
risk-adjusted I-Cause
yield I-Cause
, O
which O
was O
set O
in O
place O
by O
the O
late O
longtime O
CEO O
Robert O
Wilmers O
. O

We O
think O
the B-Effect
plan I-Effect
makes I-Effect
sense I-Effect
because O
it B-Cause
essentially I-Cause
recognizes I-Cause
Imperial I-Cause
's I-Cause
place I-Cause
in I-Cause
the I-Cause
marketplace I-Cause
-- O
it O
is O
a O
fast O
follower O
, O
rather O
than O
a O
leader O
, O
in O
most O
markets O
, O
but O
a B-Cause
highly I-Cause
profitable I-Cause
one I-Cause
with I-Cause
strong I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
potential I-Cause
that O
should O
drive B-Effect
returns I-Effect
to I-Effect
shareholders I-Effect
higher I-Effect
in I-Effect
the I-Effect
coming I-Effect
years I-Effect
. O

Because O
we B-Cause
think I-Cause
Jackson I-Cause
is I-Cause
one I-Cause
of I-Cause
the I-Cause
best I-Cause
and I-Cause
most I-Cause
well-run I-Cause
variable I-Cause
annuities I-Cause
businesses I-Cause
in I-Cause
the I-Cause
U.S. I-Cause
, O
we O
forecast O
that O
the B-Effect
division I-Effect
can I-Effect
grow I-Effect
premiums I-Effect
at I-Effect
around I-Effect
800 I-Effect
basis I-Effect
points I-Effect
. O

While O
the O
" O
" O
" O
" O
Medicare O
for O
All O
" O
" O
" O
" O
threat O
appears O
close O
to O
0 O
% O
in O
this O
election O
cycle O
, O
uncertainty B-Effect
may I-Effect
surround I-Effect
healthcare I-Effect
providers I-Effect
in I-Effect
the I-Effect
long I-Effect
run I-Effect
due O
to O
ongoing B-Cause
policy I-Cause
risk I-Cause
. O

The B-Cause
spread I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
represents I-Cause
a I-Cause
material I-Cause
headwind I-Cause
to I-Cause
travel I-Cause
demand I-Cause
in I-Cause
2020 I-Cause
and I-Cause
into I-Cause
2021 I-Cause
, O
and O
we O
estimate O
Booking B-Effect
's I-Effect
2020 I-Effect
revenue I-Effect
to I-Effect
decline I-Effect
54 I-Effect
% I-Effect
. O

Beyond O
simple O
volumetric O
growth O
, O
we O
also O
are O
optimistic B-Effect
about I-Effect
Plains I-Effect
' I-Effect
opportunity I-Effect
to I-Effect
segregate I-Effect
volumes I-Effect
based I-Effect
on I-Effect
crude I-Effect
oil I-Effect
gravity I-Effect
and I-Effect
obtain I-Effect
additional I-Effect
fees I-Effect
, O
as O
increasingly B-Cause
Permian I-Cause
volumes I-Cause
are I-Cause
at I-Cause
the I-Cause
light I-Cause
end I-Cause
of I-Cause
the I-Cause
spectrum I-Cause
in I-Cause
the I-Cause
45- I-Cause
to I-Cause
55-degree I-Cause
gravity I-Cause
range I-Cause
. O

Weighing B-Cause
ongoing I-Cause
employee I-Cause
retention I-Cause
investments I-Cause
, I-Cause
customer I-Cause
experience I-Cause
improvements I-Cause
, I-Cause
and I-Cause
food I-Cause
safety I-Cause
initiatives I-Cause
with I-Cause
menu I-Cause
innovation I-Cause
and I-Cause
higher I-Cause
throughput I-Cause
via I-Cause
more I-Cause
productive I-Cause
restaurant I-Cause
formats I-Cause
, O
we B-Effect
expect I-Effect
restaurant I-Effect
margins I-Effect
and I-Effect
operating I-Effect
margins I-Effect
will I-Effect
recover I-Effect
to I-Effect
around I-Effect
26.5 I-Effect
% I-Effect
and I-Effect
16 I-Effect
% I-Effect
, I-Effect
respectively I-Effect
, I-Effect
over I-Effect
the I-Effect
next I-Effect
five I-Effect
years I-Effect
. O

For O
now O
, O
we O
anticipate O
only O
marginal O
competitive O
pressures O
, O
but O
over B-Cause
time I-Cause
Intuitive I-Cause
's I-Cause
formidable I-Cause
competitors I-Cause
might B-Effect
make I-Effect
a I-Effect
dent I-Effect
in I-Effect
its I-Effect
dominance I-Effect
. O

Nutrish B-Effect
should I-Effect
stabilize I-Effect
due O
to O
new B-Cause
innovations I-Cause
, I-Cause
an I-Cause
increase I-Cause
in I-Cause
marketing I-Cause
, I-Cause
improved I-Cause
execution I-Cause
given I-Cause
the I-Cause
formation I-Cause
of I-Cause
a I-Cause
dedicated I-Cause
pet I-Cause
salesforce I-Cause
, I-Cause
enhanced I-Cause
packaging I-Cause
, I-Cause
and I-Cause
an I-Cause
improved I-Cause
value I-Cause
equation I-Cause
( O
the O
price O
premium O
to O
competitors O
became O
too O
wide O
) O
. O

To O
be O
sure O
, O
the O
fallout O
from O
currently O
low B-Cause
prices I-Cause
is O
also O
industry B-Cause
underinvestment I-Cause
that O
could O
ultimately O
result O
in O
a B-Effect
global I-Effect
shortage I-Effect
and I-Effect
much I-Effect
higher I-Effect
prices I-Effect
than I-Effect
our I-Effect
$ I-Effect
60/bbl I-Effect
assumption I-Effect
. O

These B-Cause
firms I-Cause
have I-Cause
better I-Cause
brand I-Cause
recognition I-Cause
, I-Cause
stronger I-Cause
enterprise I-Cause
relationships I-Cause
, I-Cause
and I-Cause
more I-Cause
resources I-Cause
, O
which O
can O
deliver B-Effect
them I-Effect
an I-Effect
edge I-Effect
in I-Effect
this I-Effect
arena I-Effect
. O

Wesco B-Cause
's I-Cause
scalable I-Cause
distribution I-Cause
network I-Cause
and I-Cause
centralized I-Cause
order I-Cause
fulfillment I-Cause
centers I-Cause
allow B-Effect
the I-Effect
company I-Effect
to I-Effect
cost-effectively I-Effect
serve I-Effect
its I-Effect
customer I-Effect
base I-Effect
, I-Effect
including I-Effect
multinational I-Effect
customers I-Effect
that I-Effect
require I-Effect
consistent I-Effect
product I-Effect
availability I-Effect
and I-Effect
service I-Effect
quality I-Effect
around I-Effect
the I-Effect
globe I-Effect
. O

This B-Cause
gives I-Cause
large I-Cause
players I-Cause
such I-Cause
as I-Cause
Unilever I-Cause
time I-Cause
to I-Cause
adjust I-Cause
to I-Cause
the I-Cause
entrance I-Cause
of I-Cause
a I-Cause
new I-Cause
brand I-Cause
, I-Cause
and I-Cause
through I-Cause
cost I-Cause
advantages I-Cause
generated I-Cause
from I-Cause
economies I-Cause
of I-Cause
scale I-Cause
, I-Cause
incumbents I-Cause
are I-Cause
well I-Cause
positioned I-Cause
to I-Cause
replicate I-Cause
the I-Cause
competitive I-Cause
product I-Cause
and I-Cause
offer I-Cause
it I-Cause
to I-Cause
retailers I-Cause
at I-Cause
a I-Cause
lower I-Cause
cost. O
This O
limits O
the B-Effect
shelf I-Effect
space I-Effect
awarded I-Effect
to I-Effect
the I-Effect
new I-Effect
entrant I-Effect
and I-Effect
prevents I-Effect
it I-Effect
from I-Effect
achieving I-Effect
the I-Effect
scale I-Effect
necessary I-Effect
to I-Effect
invest I-Effect
behind I-Effect
its I-Effect
emerging I-Effect
brand I-Effect
. O

Persistent O
speculation O
that O
regulation O
would O
require O
Telus B-Cause
to I-Cause
wholesale I-Cause
wireless I-Cause
network I-Cause
capacity I-Cause
could O
lead O
to O
a B-Effect
temporary I-Effect
pullback I-Effect
in I-Effect
wireless I-Effect
financial I-Effect
metrics I-Effect
but O
would O
unlikely O
be O
a O
major O
long-term O
burden O
. O

That O
is O
, O
would-be B-Effect
rational I-Effect
competitors I-Effect
have I-Effect
little I-Effect
incentive I-Effect
to I-Effect
enter I-Effect
because O
massive B-Cause
up-front I-Cause
infrastructure I-Cause
costs I-Cause
and I-Cause
the I-Cause
potential I-Cause
for I-Cause
creating I-Cause
excess I-Cause
capacity I-Cause
amid I-Cause
limited I-Cause
demand I-Cause
would I-Cause
preclude I-Cause
economic B-Effect
profit I-Effect
and I-Cause
destroy I-Cause
value B-Effect
. O

While O
we O
think O
clinical O
diagnostics O
offers O
more O
reliable O
longer-term O
normalized O
growth O
, O
we O
expect O
life B-Effect
sciences I-Effect
to I-Effect
have I-Effect
higher I-Effect
compound I-Effect
growth I-Effect
because O
of O
near-term B-Cause
tailwinds I-Cause
related I-Cause
to I-Cause
COVID-19 I-Cause
diagnostic I-Cause
testing I-Cause
, I-Cause
and I-Cause
diagnostic I-Cause
segment I-Cause
declines I-Cause
from I-Cause
hospitals I-Cause
pivoting I-Cause
to I-Cause
COVID-19 I-Cause
at I-Cause
the I-Cause
expense I-Cause
of I-Cause
routine I-Cause
diagnostics I-Cause
. O

A B-Effect
driver I-Effect
's I-Effect
comfort I-Effect
level I-Effect
is I-Effect
especially I-Effect
important I-Effect
for I-Effect
long-haul I-Effect
trips I-Effect
, O
where O
drivers B-Cause
are I-Cause
away I-Cause
from I-Cause
home I-Cause
for I-Cause
consecutive I-Cause
days I-Cause
, I-Cause
requiring I-Cause
them I-Cause
to I-Cause
sleep I-Cause
in I-Cause
their I-Cause
truck I-Cause
's I-Cause
cab I-Cause
. O

Given O
its B-Cause
massive I-Cause
scale I-Cause
and I-Cause
industry-leading I-Cause
cost I-Cause
efficiency I-Cause
, O
we O
believe O
the B-Effect
company I-Effect
can I-Effect
sustain I-Effect
severe I-Effect
competitive I-Effect
pressures I-Effect
, O
such O
as O
trading O
revenue O
dropping O
to O
$ O
0 O
, O
and O
still O
earn O
above O
its O
cost O
of O
capital O
. O

Also O
, O
like O
all O
e-commerce O
companies O
, O
it B-Effect
must I-Effect
protect I-Effect
against I-Effect
data I-Effect
breaches I-Effect
that O
could O
put B-Cause
its I-Cause
users I-Cause
' I-Cause
personal I-Cause
information I-Cause
at I-Cause
risk I-Cause
. O

The B-Effect
proliferation I-Effect
of I-Effect
online I-Effect
reviews I-Effect
could I-Effect
help I-Effect
technicians I-Effect
close I-Effect
any I-Effect
knowledge I-Effect
gap I-Effect
as O
they B-Cause
're I-Cause
7 I-Cause
Jul I-Cause
2021 I-Cause
05:00 I-Cause
, I-Cause
UTCcomparing I-Cause
which I-Cause
products I-Cause
to I-Cause
buy I-Cause
online I-Cause
. O

For O
example O
, O
many O
plant O
engineers O
are O
well-versed O
in O
the B-Cause
theory I-Cause
of I-Cause
vibration I-Cause
monitoring I-Cause
( O
which O
can O
be O
used O
to O
detect O
loose O
bearings O
, O
for O
example O
) O
, O
but O
these B-Cause
techniques I-Cause
are I-Cause
not I-Cause
always I-Cause
applied I-Cause
correctly I-Cause
, O
leading O
to O
inconsistent B-Effect
measurements I-Effect
and I-Effect
misleading I-Effect
conclusions I-Effect
drawn I-Effect
from I-Effect
data I-Effect
. O

While O
there O
's O
a O
remote O
possibility O
of O
a O
full O
ban O
on O
EtO O
plants O
, O
we O
think O
Steris B-Effect
would I-Effect
be I-Effect
prepared I-Effect
for I-Effect
a I-Effect
transition I-Effect
to I-Effect
alternative I-Effect
methods I-Effect
, O
given B-Cause
its I-Cause
strong I-Cause
financial I-Cause
position I-Cause
and I-Cause
expertise I-Cause
. O

Flash B-Cause
technology I-Cause
, I-Cause
specifically I-Cause
in I-Cause
the I-Cause
form I-Cause
of I-Cause
solid-state I-Cause
drives I-Cause
, I-Cause
or I-Cause
SSDs I-Cause
, I-Cause
have I-Cause
performance I-Cause
improvements I-Cause
over I-Cause
HDDs I-Cause
that O
have O
resulted O
in O
an B-Effect
ongoing I-Effect
shift I-Effect
toward I-Effect
SSDs I-Effect
for I-Effect
storage I-Effect
needs I-Effect
in I-Effect
PCs I-Effect
and I-Effect
servers I-Effect
. O

We B-Cause
expect I-Cause
revenue I-Cause
per I-Cause
customer I-Cause
will I-Cause
begin I-Cause
to I-Cause
grow I-Cause
more I-Cause
meaningfully I-Cause
over I-Cause
the I-Cause
next I-Cause
few I-Cause
years I-Cause
, O
causing O
wireless B-Effect
service I-Effect
revenue I-Effect
growth I-Effect
to I-Effect
accelerate I-Effect
to I-Effect
nearly I-Effect
5 I-Effect
% I-Effect
in I-Effect
2024 I-Effect
and I-Effect
2025 I-Effect
. O

With O
most B-Cause
of I-Cause
its I-Cause
product I-Cause
liability I-Cause
exposure I-Cause
in I-Cause
the I-Cause
rearview I-Cause
mirror I-Cause
and I-Cause
more I-Cause
consistent I-Cause
cash I-Cause
flow I-Cause
generation I-Cause
thanks O
to O
its B-Cause
stronger I-Cause
product I-Cause
pipeline I-Cause
in I-Cause
recent I-Cause
years I-Cause
, O
we O
think O
medium B-Effect
uncertainty I-Effect
is I-Effect
appropriate I-Effect
for I-Effect
Boston I-Effect
. O

We O
also O
expect O
coronavirus-related B-Cause
changes I-Cause
in I-Cause
consumer I-Cause
behavior I-Cause
will O
have O
a B-Effect
lasting I-Effect
impact I-Effect
on I-Effect
the I-Effect
industry I-Effect
and I-Effect
drive I-Effect
near-term I-Effect
operating I-Effect
volatility I-Effect
. O

Though O
ConocoPhillips O
previously O
reduced O
capital O
spending O
in O
2021 O
to O
$ O
4.3 O
billion O
, O
the B-Cause
addition I-Cause
of I-Cause
Concho I-Cause
raised I-Cause
this I-Cause
by I-Cause
$ I-Cause
1.2 I-Cause
billion I-Cause
, O
resulting O
in O
$ B-Effect
5.5 I-Effect
billion I-Effect
of I-Effect
planned I-Effect
capital I-Effect
spending I-Effect
in I-Effect
2021 I-Effect
. O

We O
have O
also O
baked O
in O
the B-Effect
discontinuation I-Effect
of I-Effect
the I-Effect
Lotus I-Effect
TAVR I-Effect
program I-Effect
and I-Effect
cautious I-Effect
expectations I-Effect
for I-Effect
the I-Effect
Acurate I-Effect
Neo I-Effect
TAVR I-Effect
device I-Effect
, O
considering O
the B-Cause
substantial I-Cause
headwinds I-Cause
Boston I-Cause
faces I-Cause
in I-Cause
penetrating I-Cause
the I-Cause
TAVR I-Cause
market I-Cause
. O

Because O
of O
its B-Cause
merger I-Cause
with I-Cause
Level I-Cause
3 I-Cause
, O
Lumen B-Effect
also I-Effect
still I-Effect
has I-Effect
several I-Effect
billion I-Effect
dollars I-Effect
in I-Effect
deferred I-Effect
tax I-Effect
assets I-Effect
, I-Effect
which I-Effect
project I-Effect
to I-Effect
significantly I-Effect
reduce I-Effect
cash I-Effect
taxes I-Effect
through I-Effect
2022 I-Effect
. O

Thus O
, O
quality O
and O
reliability O
are O
paramount O
, O
and O
customers B-Cause
seldom I-Cause
pursue I-Cause
cost I-Cause
savings I-Cause
by I-Cause
switching I-Cause
to I-Cause
cheaper I-Cause
alternatives I-Cause
, O
which O
leads O
to O
a B-Effect
loyal I-Effect
customer I-Effect
base I-Effect
. O

We B-Effect
view I-Effect
the I-Effect
price I-Effect
premium I-Effect
as I-Effect
sustainable I-Effect
, O
particularly O
in O
light O
of O
the O
lack O
of O
price O
sensitivity O
in O
these O
categories O
, O
owing O
to O
the B-Cause
low I-Cause
cost I-Cause
of I-Cause
these I-Cause
product I-Cause
categories I-Cause
relative I-Cause
to I-Cause
total I-Cause
construction I-Cause
costs I-Cause
. O

Tegsedi B-Effect
was I-Effect
approved I-Effect
in I-Effect
late I-Effect
2018 I-Effect
as O
a B-Cause
once-weekly I-Cause
injection I-Cause
for I-Cause
polyneuropathy I-Cause
in I-Cause
hereditary I-Cause
ATTR I-Cause
amyloidosis I-Cause
, I-Cause
but I-Cause
with I-Cause
a I-Cause
black I-Cause
box I-Cause
warning I-Cause
on I-Cause
its I-Cause
prescribing I-Cause
label I-Cause
for I-Cause
thrombocytopenia I-Cause
and I-Cause
glomerulonephritis I-Cause
, O
and O
Alnylam B-Cause
's I-Cause
infused I-Cause
drug I-Cause
Onpattro—approved I-Cause
two I-Cause
months I-Cause
earlier—has O
a B-Effect
better I-Effect
safety I-Effect
profile I-Effect
and I-Effect
has I-Effect
seen I-Effect
better I-Effect
commercial I-Effect
success I-Effect
. O

Based B-Cause
on I-Cause
a I-Cause
chip I-Cause
industry I-Cause
downturn I-Cause
that I-Cause
plagued I-Cause
many I-Cause
chipmakers I-Cause
in I-Cause
the I-Cause
second I-Cause
half I-Cause
of I-Cause
calendar I-Cause
2018 I-Cause
and I-Cause
first I-Cause
half I-Cause
of I-Cause
calendar I-Cause
2019 I-Cause
, O
Maxim B-Effect
's I-Effect
revenue I-Effect
in I-Effect
fiscal I-Effect
2019 I-Effect
fell I-Effect
by I-Effect
7 I-Effect
% I-Effect
. O

A B-Cause
slowdown I-Cause
in I-Cause
the I-Cause
real I-Cause
estate I-Cause
market I-Cause
, O
which O
could O
be O
indicated O
by O
increased O
home O
inventories O
for O
sale O
or O
slower O
growth O
in O
new- O
or O
used-home O
prices O
, O
could O
alter B-Effect
the I-Effect
wealth I-Effect
effect I-Effect
on I-Effect
consumers I-Effect
and O
cause O
them B-Effect
to I-Effect
spend I-Effect
less I-Effect
on I-Effect
housing-related I-Effect
goods I-Effect
. O

President O
Emmanuel O
Macron O
's O
structural O
reform O
initiatives O
of O
the O
ailing O
French O
public O
sector O
hold O
promise O
, O
but O
the O
French B-Cause
labor I-Cause
unions I-Cause
remain O
a O
substantial O
stumbling O
block O
to O
reform B-Effect
. O

Given O
high B-Cause
well I-Cause
decline I-Cause
rates I-Cause
, O
there O
's O
constant B-Effect
investment I-Effect
required I-Effect
by I-Effect
the I-Effect
G I-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
provider I-Effect
to I-Effect
maintain I-Effect
and I-Effect
increase I-Effect
volumes I-Effect
, O
and O
if O
basin B-Cause
production I-Cause
peaks I-Cause
and I-Cause
declines I-Cause
, O
the B-Effect
G I-Effect
& I-Effect
amp I-Effect
; I-Effect
P I-Effect
assets I-Effect
risk I-Effect
being I-Effect
stranded I-Effect
. O

We O
think O
Viper B-Effect
obtained I-Effect
a I-Effect
great I-Effect
deal I-Effect
on I-Effect
the I-Effect
initial I-Effect
large I-Effect
block I-Effect
from I-Effect
Diamondback I-Effect
, O
as O
initial B-Cause
well I-Cause
productivity I-Cause
in I-Cause
the I-Cause
Permian I-Cause
has I-Cause
improved I-Cause
several I-Cause
fold I-Cause
since I-Cause
2014 I-Cause
, I-Cause
more I-Cause
than I-Cause
offsetting I-Cause
the I-Cause
decline I-Cause
in I-Cause
oil I-Cause
prices I-Cause
. O

Park B-Cause
Place I-Cause
also I-Cause
brings I-Cause
Asbury I-Cause
's I-Cause
Texas I-Cause
exposure I-Cause
to I-Cause
nearly I-Cause
30 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
, O
so O
low B-Effect
oil I-Effect
prices I-Effect
could I-Effect
hurt I-Effect
Texas I-Effect
sales I-Effect
. O

We O
forecast O
further B-Effect
improvement I-Effect
in I-Effect
2022 I-Effect
as O
the B-Cause
firm I-Cause
implements I-Cause
its I-Cause
Closer I-Cause
to I-Cause
You I-Cause
plan I-Cause
, I-Cause
with I-Cause
5.5 I-Cause
% I-Cause
revenue I-Cause
growth I-Cause
, I-Cause
a I-Cause
4.3 I-Cause
% I-Cause
operating I-Cause
margin I-Cause
, I-Cause
and I-Cause
EPS I-Cause
of I-Cause
$ I-Cause
2.04 I-Cause
. O

Offsetting B-Effect
these I-Effect
components I-Effect
of I-Effect
growth I-Effect
are I-Effect
a I-Effect
variety I-Effect
of I-Effect
factors I-Effect
, O
including O
continued B-Cause
revenue I-Cause
mix I-Cause
shift I-Cause
toward I-Cause
generic I-Cause
drugs I-Cause
( I-Cause
negative I-Cause
1 I-Cause
% I-Cause
-negative I-Cause
2 I-Cause
% I-Cause
) I-Cause
, I-Cause
slower I-Cause
growth I-Cause
in I-Cause
the I-Cause
introduction I-Cause
of I-Cause
new I-Cause
drugs I-Cause
( I-Cause
negative I-Cause
1 I-Cause
% I-Cause
) I-Cause
, I-Cause
and I-Cause
to I-Cause
less I-Cause
extent I-Cause
, I-Cause
generic I-Cause
deflation I-Cause
, I-Cause
and I-Cause
lower I-Cause
spending I-Cause
for I-Cause
hepatitis I-Cause
c I-Cause
and I-Cause
prescription I-Cause
opioids I-Cause
. O

Still O
, O
we O
believe O
LaCroix B-Cause
's I-Cause
first-mover I-Cause
advantage I-Cause
has O
allowed O
its B-Effect
cachet I-Effect
to I-Effect
compound I-Effect
over I-Effect
many I-Effect
years I-Effect
, O
and O
solid B-Cause
margins I-Cause
should O
allow O
the B-Effect
firm I-Effect
to I-Effect
evolve I-Effect
the I-Effect
brand I-Effect
as I-Effect
preferences I-Effect
dictate I-Effect
. O

If O
regulators B-Cause
do I-Cause
not I-Cause
provide I-Cause
fair I-Cause
returns I-Cause
on I-Cause
capital I-Cause
and I-Cause
allow I-Cause
for I-Cause
timely I-Cause
recovery I-Cause
of I-Cause
prudently I-Cause
incurred I-Cause
expenses I-Cause
, O
shareholder B-Effect
returns I-Effect
will I-Effect
suffer I-Effect
. O

Following B-Effect
increased I-Effect
growth I-Effect
in I-Effect
2021 I-Effect
and I-Effect
2022 I-Effect
as O
Syneos B-Cause
rebounds I-Cause
from I-Cause
the I-Cause
impact I-Cause
of I-Cause
the I-Cause
COVID-19 I-Cause
pandemic I-Cause
, O
we O
model O
mid-single-digit O
revenue O
growth O
and O
2025 O
clinical O
solutions O
revenue O
of O
over O
$ O
5.2 O
billion O
. O

While O
we O
see O
this O
as O
having O
a O
moderate O
probability O
to O
occur O
, O
we B-Effect
see I-Effect
a I-Effect
low I-Effect
materiality I-Effect
as O
all B-Cause
lithium I-Cause
producers I-Cause
would I-Cause
be I-Cause
subject I-Cause
to I-Cause
the I-Cause
same I-Cause
requirements I-Cause
so O
the B-Effect
company I-Effect
could I-Effect
likely I-Effect
pass I-Effect
along I-Effect
these I-Effect
costs I-Effect
. O

We O
also O
think O
Monolithic B-Effect
Power I-Effect
benefits I-Effect
from I-Effect
customer I-Effect
switching I-Effect
costs I-Effect
for I-Effect
its I-Effect
power I-Effect
chips I-Effect
, O
resulting O
from O
its B-Cause
high I-Cause
levels I-Cause
of I-Cause
integration I-Cause
and I-Cause
low I-Cause
relative I-Cause
cost I-Cause
. O

Although O
the O
fair O
value O
of O
its O
fixed O
income O
assets O
can O
increase O
from O
low O
interest O
rates O
, O
sustained B-Effect
low I-Effect
interest I-Effect
rates I-Effect
ultimately I-Effect
hurt I-Effect
profitability I-Effect
as O
MetLife B-Cause
has I-Cause
to I-Cause
invest I-Cause
cash I-Cause
flows I-Cause
in I-Cause
lower I-Cause
yielding I-Cause
securities I-Cause
. O

Patented B-Cause
designs I-Cause
and I-Cause
high I-Cause
regulatory I-Cause
switching I-Cause
costs I-Cause
have O
allowed O
Aptar B-Effect
to I-Effect
earn I-Effect
excess I-Effect
return I-Effect
on I-Effect
invested I-Effect
capital I-Effect
, O
while O
revenue B-Effect
growth I-Effect
has O
been O
spurred O
by O
increased B-Cause
health I-Cause
spending I-Cause
and I-Cause
a I-Cause
consumer I-Cause
preference I-Cause
for I-Cause
convenience I-Cause
. O

The B-Effect
worst I-Effect
is I-Effect
not I-Effect
quite I-Effect
over I-Effect
yet I-Effect
for I-Effect
airlines I-Effect
, O
as O
the B-Cause
COVID-19 I-Cause
vaccine I-Cause
has I-Cause
not I-Cause
been I-Cause
fully I-Cause
distributed I-Cause
yet I-Cause
, O
but O
we O
see O
a O
leisure-led O
recovery O
for O
airlines O
and O
anticipate O
Southwest O
can O
return O
to O
2019 O
levels O
of O
capacity O
in O
2023 O
. O

However O
, O
management O
expressed O
confidence O
it O
would O
exceed B-Cause
the I-Cause
$ I-Cause
100 I-Cause
million I-Cause
O I-Cause
& I-Cause
M I-Cause
cost I-Cause
savings I-Cause
it I-Cause
outlined I-Cause
earlier I-Cause
this I-Cause
year I-Cause
to O
offset B-Effect
the I-Effect
impact I-Effect
of I-Effect
COVID-19 I-Effect
. O

We O
think O
process B-Effect
solutions I-Effect
should I-Effect
continue I-Effect
to I-Effect
benefit I-Effect
from O
an B-Cause
expanding I-Cause
industrial I-Cause
software I-Cause
portfolio I-Cause
and I-Cause
new I-Cause
verticals I-Cause
like O
pharmaceuticals O
and O
specialty O
chemicals O
. O

Travelers B-Effect
could I-Effect
also I-Effect
see I-Effect
some I-Effect
headwinds I-Effect
in I-Effect
personal I-Effect
lines I-Effect
going I-Effect
forward I-Effect
, O
as O
pandemic B-Cause
tailwinds I-Cause
in I-Cause
personal I-Cause
auto I-Cause
should I-Cause
start I-Cause
to I-Cause
dissipate I-Cause
, I-Cause
and I-Cause
pricing I-Cause
has I-Cause
recently I-Cause
declined I-Cause
. O

We O
're O
moderately B-Cause
raising I-Cause
our I-Cause
fair I-Cause
value I-Cause
estimate I-Cause
by I-Cause
$ I-Cause
4 I-Cause
, I-Cause
to I-Cause
$ I-Cause
70 I-Cause
per I-Cause
share I-Cause
, O
which O
reflects O
continued B-Cause
robust I-Cause
growth I-Cause
in I-Cause
COVID-19 I-Cause
molecular I-Cause
tests I-Cause
in I-Cause
fiscal I-Cause
2021 I-Cause
and I-Cause
into I-Cause
fiscal I-Cause
2022 I-Cause
, O
along O
with O
the B-Effect
pandemic I-Effect
periodically I-Effect
putting I-Effect
pressure I-Effect
on I-Effect
the I-Effect
breast I-Effect
health I-Effect
, I-Effect
cytology I-Effect
, I-Effect
and I-Effect
gynecological I-Effect
surgery I-Effect
businesses I-Effect
. O

Lower B-Cause
rates I-Cause
reduce I-Cause
the I-Cause
risk I-Cause
of I-Cause
customers I-Cause
pressuring I-Cause
regulators I-Cause
to I-Cause
lower I-Cause
APS I-Cause
' I-Cause
rates I-Cause
, O
which O
results O
in O
lower B-Effect
returns I-Effect
for I-Effect
shareholders I-Effect
. O

However O
, O
because O
the B-Cause
G I-Cause
& I-Cause
amp I-Cause
; I-Cause
P I-Cause
assets I-Cause
generate I-Cause
lower I-Cause
returns I-Cause
and I-Cause
contribute I-Cause
the I-Cause
bulk I-Cause
of I-Cause
invested I-Cause
capital I-Cause
, O
returns B-Effect
are I-Effect
low I-Effect
for I-Effect
the I-Effect
consolidated I-Effect
entity I-Effect
. O

With O
a B-Cause
deep I-Cause
in-house I-Cause
pipeline I-Cause
and I-Cause
the I-Cause
ability I-Cause
to I-Cause
supplement I-Cause
growth I-Cause
with I-Cause
strategic I-Cause
acquisitions I-Cause
, O
BioMarin B-Effect
is I-Effect
in I-Effect
a I-Effect
strong I-Effect
position I-Effect
. O

The B-Cause
high I-Cause
cost I-Cause
of I-Cause
failure I-Cause
associated I-Cause
with I-Cause
these I-Cause
detectors I-Cause
is I-Cause
further I-Cause
self-evident I-Cause
: O
if O
governments B-Effect
fail I-Effect
to I-Effect
detect I-Effect
radioactive I-Effect
materials I-Effect
and I-Effect
prevent I-Effect
them I-Effect
from I-Effect
entering I-Effect
their I-Effect
borders I-Effect
, I-Effect
the I-Effect
health I-Effect
and I-Effect
psychological I-Effect
well-being I-Effect
of I-Effect
their I-Effect
respective I-Effect
populaces I-Effect
are I-Effect
at I-Effect
stake I-Effect
. O

However O
, O
we O
see O
the O
emergence O
of O
one O
such O
treatment O
, O
mandibular B-Effect
devices I-Effect
, I-Effect
as I-Effect
having I-Effect
little I-Effect
impact I-Effect
at I-Effect
this I-Effect
stage I-Effect
because O
it B-Cause
is I-Cause
typically I-Cause
targeting I-Cause
patients I-Cause
who I-Cause
have I-Cause
not I-Cause
persisted I-Cause
with I-Cause
the I-Cause
initial I-Cause
positive I-Cause
airway I-Cause
pressure I-Cause
device I-Cause
treatment I-Cause
. O

Additionally O
, O
we O
view O
Lowe B-Cause
's I-Cause
improving I-Cause
information I-Cause
technology I-Cause
platform I-Cause
and I-Cause
distribution I-Cause
network I-Cause
as O
competitive B-Effect
advantages I-Effect
and I-Effect
key I-Effect
differentiators I-Effect
in I-Effect
the I-Effect
retail I-Effect
sector I-Effect
. O

Once B-Cause
installed I-Cause
, I-Cause
the I-Cause
instrumentation I-Cause
requires I-Cause
a I-Cause
recurring I-Cause
stream I-Cause
of I-Cause
consumables I-Cause
purchases I-Cause
or I-Cause
service I-Cause
revenue I-Cause
, O
thereby O
insulating B-Effect
Thermo I-Effect
Fisher I-Effect
from I-Effect
the I-Effect
full I-Effect
brunt I-Effect
of I-Effect
capital I-Effect
cycles I-Effect
and I-Effect
competitor I-Effect
pressure I-Effect
. O

Through O
the O
combination O
, O
Marathon O
planned O
to O
leverage B-Cause
this I-Cause
geographically I-Cause
diverse I-Cause
footprint I-Cause
to O
optimize O
its O
crude O
supply O
from O
North O
America O
to O
reduce B-Effect
feedstock I-Effect
cost I-Effect
, I-Effect
while I-Effect
also I-Effect
improving I-Effect
its I-Effect
operating I-Effect
cost I-Effect
structure I-Effect
. O

We O
forecast O
high O
probability O
of O
increased B-Cause
emissions I-Cause
regulations I-Cause
but O
think O
costs O
are O
likely O
to O
be O
passed O
onto O
customers O
, O
limiting B-Effect
the I-Effect
economic I-Effect
impact I-Effect
. O

We O
expect O
demand B-Effect
to I-Effect
continue I-Effect
recovering I-Effect
in I-Effect
2021 I-Effect
, I-Effect
with I-Effect
revenue I-Effect
rising I-Effect
9 I-Effect
% I-Effect
-10 I-Effect
% I-Effect
on O
solid B-Cause
intermodal I-Cause
growth I-Cause
( I-Cause
aided I-Cause
by I-Cause
robust I-Cause
retailer I-Cause
restocking I-Cause
in I-Cause
the I-Cause
first I-Cause
half I-Cause
) I-Cause
, I-Cause
automotive I-Cause
volume I-Cause
recovery I-Cause
, I-Cause
and I-Cause
industrial I-Cause
end-market I-Cause
improvement I-Cause
. O

The B-Effect
success I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
platform I-Effect
will O
depend O
on O
its O
ability O
to O
continue O
to O
effectively B-Cause
integrate I-Cause
these I-Cause
acquisitions I-Cause
and O
provide B-Cause
a I-Cause
holistic I-Cause
spend I-Cause
management I-Cause
tool I-Cause
to O
customers O
. O

As B-Cause
consolidation I-Cause
continues I-Cause
in I-Cause
the I-Cause
auto I-Cause
dealership I-Cause
industry I-Cause
, O
we B-Effect
think I-Effect
Lithia I-Effect
will I-Effect
have I-Effect
no I-Effect
shortage I-Effect
of I-Effect
acquisition I-Effect
candidates I-Effect
, O
but O
the B-Cause
2020 I-Cause
five-year I-Cause
plan I-Cause
calls I-Cause
for I-Cause
$ I-Cause
20 I-Cause
billion I-Cause
of I-Cause
acquired I-Cause
revenue I-Cause
that O
may B-Effect
lead I-Effect
to I-Effect
Lithia I-Effect
buying I-Effect
already I-Effect
high-performing I-Effect
stores I-Effect
with I-Effect
less I-Effect
room I-Effect
for I-Effect
improvement I-Effect
. O

Such B-Cause
a I-Cause
goodwill-damaging I-Cause
activity I-Cause
could O
be O
devastating B-Effect
to I-Effect
CBRE I-Effect
, O
especially O
if O
competing B-Effect
firms I-Effect
were I-Effect
able I-Effect
to I-Effect
entrench I-Effect
further I-Effect
with O
increased B-Cause
market I-Cause
share I-Cause
from I-Cause
lost I-Cause
clients I-Cause
or I-Cause
key I-Cause
employees I-Cause
in I-Cause
the I-Cause
aftermath I-Cause
. O

Check B-Cause
Point I-Cause
has I-Cause
adjusted I-Cause
its I-Cause
selling I-Cause
model I-Cause
to I-Cause
be I-Cause
subscription-based I-Cause
, O
and O
we O
believe O
this O
could O
further B-Effect
ingrain I-Effect
Check I-Effect
Point I-Effect
with I-Effect
businesses I-Effect
that I-Effect
favor I-Effect
predictable I-Effect
operating I-Effect
expenditures I-Effect
. O

The B-Effect
bar I-Effect
is I-Effect
also I-Effect
rising I-Effect
among I-Effect
incumbent I-Effect
retailers I-Effect
, O
as B-Cause
digital I-Cause
sellers I-Cause
boost I-Cause
their I-Cause
presence I-Cause
and O
brick-and-mortar B-Cause
rivals I-Cause
respond I-Cause
to I-Cause
the I-Cause
challenge I-Cause
by B-Effect
improving I-Effect
efficiency I-Effect
. O

At O
this O
time O
, O
we B-Cause
do I-Cause
not I-Cause
see I-Cause
a I-Cause
way I-Cause
for I-Cause
airlines I-Cause
to I-Cause
escape I-Cause
cyclicality I-Cause
, O
so O
our B-Effect
fair I-Effect
value I-Effect
uncertainty I-Effect
is I-Effect
very I-Effect
high I-Effect
until I-Effect
COVID I-Effect
headwinds I-Effect
lessen I-Effect
. O

We B-Effect
view I-Effect
a I-Effect
potential I-Effect
product I-Effect
failure I-Effect
as I-Effect
a I-Effect
material I-Effect
but I-Effect
low-probability I-Effect
event I-Effect
, O
given O
the B-Cause
strict I-Cause
manufacturing I-Cause
and I-Cause
engineering I-Cause
requirements I-Cause
that I-Cause
the I-Cause
company I-Cause
's I-Cause
manufacturing I-Cause
processes I-Cause
have I-Cause
to I-Cause
adhere I-Cause
to I-Cause
. O

The B-Effect
magnitude I-Effect
of I-Effect
threats I-Effect
from I-Effect
new I-Effect
entrants I-Effect
is I-Effect
highly I-Effect
uncertain I-Effect
given O
the B-Cause
lack I-Cause
of I-Cause
technical I-Cause
and I-Cause
performance I-Cause
details I-Cause
revealed I-Cause
for I-Cause
their I-Cause
prototype I-Cause
vehicles I-Cause
. O

Given O
that O
hotel B-Cause
demand I-Cause
turns I-Cause
over I-Cause
each I-Cause
night I-Cause
while I-Cause
hotel I-Cause
development I-Cause
takes I-Cause
18 I-Cause
to I-Cause
24 I-Cause
months I-Cause
, O
any B-Effect
further I-Effect
deterioration I-Effect
in I-Effect
demand I-Effect
will I-Effect
be I-Effect
exacerbated I-Effect
by I-Effect
a B-Cause
period I-Cause
of I-Cause
oversupply I-Cause
. O

To O
improve B-Effect
the I-Effect
customer I-Effect
experience I-Effect
, O
Netflix B-Cause
analyzes I-Cause
data I-Cause
traffic I-Cause
, I-Cause
video I-Cause
performance I-Cause
, I-Cause
and I-Cause
buffering I-Cause
to O
better B-Effect
understand I-Effect
where I-Effect
data I-Effect
loss I-Effect
and I-Effect
slowdown I-Effect
occurs I-Effect
and I-Effect
route I-Effect
traffic I-Effect
accordingly I-Effect
. O

Agco B-Effect
experienced I-Effect
strong I-Effect
growth I-Effect
in I-Effect
its I-Effect
core I-Effect
European I-Effect
and I-Effect
North I-Effect
American I-Effect
markets I-Effect
during I-Effect
2018 I-Effect
, O
largely O
due O
to O
pent-up B-Cause
replacement I-Cause
demand I-Cause
after I-Cause
years I-Cause
of I-Cause
weaker I-Cause
sales I-Cause
. O

Furthermore O
, O
we O
expect O
both B-Cause
soaps I-Cause
and I-Cause
sanitizers I-Cause
to I-Cause
enjoy I-Cause
solid I-Cause
demand I-Cause
through I-Cause
the I-Cause
first I-Cause
half I-Cause
of I-Cause
2021 I-Cause
, O
supporting B-Effect
our I-Effect
modest I-Effect
bump I-Effect
in I-Effect
intrinsic I-Effect
value I-Effect
. O

In O
our O
view O
, O
the B-Effect
real I-Effect
competitive I-Effect
advantage I-Effect
lies I-Effect
in I-Effect
the I-Effect
size I-Effect
and I-Effect
breadth I-Effect
of I-Effect
each I-Effect
company I-Effect
's I-Effect
data I-Effect
repository I-Effect
, O
as O
most B-Cause
software I-Cause
, I-Cause
whether I-Cause
in I-Cause
the I-Cause
realm I-Cause
of I-Cause
automation I-Cause
, I-Cause
machine I-Cause
learning I-Cause
, I-Cause
or I-Cause
artificial I-Cause
intelligence I-Cause
, I-Cause
increases B-Effect
in I-Effect
utility I-Effect
as I-Cause
it B-Cause
processes I-Cause
more I-Cause
data I-Cause
and I-Cause
encounters I-Cause
more I-Cause
use I-Cause
cases I-Cause
. O

We O
believe O
that O
given O
the B-Cause
firm I-Cause
's I-Cause
operating I-Cause
history I-Cause
and I-Cause
the I-Cause
significance I-Cause
of I-Cause
its I-Cause
role I-Cause
in I-Cause
the I-Cause
Internet I-Cause
landscape I-Cause
, O
the B-Effect
risk I-Effect
of I-Effect
failing I-Effect
to I-Effect
meet I-Effect
its I-Effect
obligations I-Effect
is O
low O
. O

We B-Effect
've I-Effect
increased I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
$ I-Effect
97 I-Effect
from I-Effect
$ I-Effect
94 I-Effect
to O
reflect O
stronger B-Cause
end-market I-Cause
performance I-Cause
in I-Cause
medium- I-Cause
and I-Cause
heavy-duty I-Cause
truck I-Cause
markets I-Cause
. O

Having B-Effect
a I-Effect
good I-Effect
reputation I-Effect
and I-Effect
strong I-Effect
performance I-Effect
history I-Effect
is I-Effect
imperative I-Effect
when I-Effect
bidding I-Effect
for I-Effect
such I-Effect
megaprojects I-Effect
, O
as O
they B-Cause
often I-Cause
require I-Cause
multi-billion-dollar I-Cause
investments I-Cause
and I-Cause
are I-Cause
expected I-Cause
to I-Cause
operate I-Cause
around I-Cause
the I-Cause
clock I-Cause
for I-Cause
multiple I-Cause
decades I-Cause
. O

Having B-Cause
34 I-Cause
% I-Cause
of I-Cause
its I-Cause
assets I-Cause
under I-Cause
management I-Cause
dedicated I-Cause
to I-Cause
alternative I-Cause
strategies I-Cause
and I-Cause
17 I-Cause
% I-Cause
committed I-Cause
to I-Cause
multi-asset I-Cause
strategies I-Cause
and I-Cause
other I-Cause
products I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
the I-Cause
third I-Cause
quarter I-Cause
, O
the B-Effect
firm I-Effect
is I-Effect
not I-Effect
as I-Effect
heavily I-Effect
exposed I-Effect
to I-Effect
the I-Effect
impact I-Effect
passive I-Effect
investing I-Effect
has I-Effect
had I-Effect
on I-Effect
active I-Effect
equities I-Effect
. O

Moats B-Cause
are I-Cause
established I-Cause
by I-Cause
firms I-Cause
with I-Cause
durable I-Cause
competitive I-Cause
advantages I-Cause
that O
enable O
them O
to O
earn B-Effect
sustainable I-Effect
excess I-Effect
returns I-Effect
on I-Effect
capital I-Effect
. O

One O
of O
the O
reasons O
for O
Praxair B-Effect
's I-Effect
strong I-Effect
performance I-Effect
has O
been O
its B-Cause
excellent I-Cause
execution I-Cause
of I-Cause
a I-Cause
piggybacking I-Cause
strategy I-Cause
, O
involving O
tight O
integration O
of O
the O
on-site O
, O
merchant O
, O
and O
packaged O
supply O
modes O
within O
a O
selected O
geographic O
radius O
. O

We B-Effect
rate I-Effect
AMC I-Effect
as I-Effect
a I-Effect
high I-Effect
uncertainty I-Effect
stock I-Effect
given O
the B-Cause
very I-Cause
competitive I-Cause
media I-Cause
landscape I-Cause
that I-Cause
the I-Cause
firm I-Cause
operates I-Cause
in I-Cause
along I-Cause
with I-Cause
the I-Cause
relatively I-Cause
high I-Cause
level I-Cause
of I-Cause
advertising I-Cause
revenue I-Cause
. I-Cause

As O
a O
result O
, O
oil B-Cause
contracts I-Cause
, I-Cause
beyond I-Cause
the I-Cause
initial I-Cause
newbuild I-Cause
contract I-Cause
, I-Cause
are I-Cause
not I-Cause
take-or-pay I-Cause
, O
so O
while O
they B-Effect
are I-Effect
fee-based I-Effect
, I-Effect
Plains I-Effect
is I-Effect
exposed I-Effect
to I-Effect
volume I-Effect
fluctuations I-Effect
. O

However O
, O
when O
there O
is O
weakness O
in O
demand O
in O
a O
specific O
region O
, O
Royal O
can O
generally O
redeploy B-Cause
ships I-Cause
away I-Cause
from I-Cause
that I-Cause
region I-Cause
or I-Cause
source I-Cause
consumers I-Cause
from I-Cause
another I-Cause
region I-Cause
for I-Cause
the I-Cause
existing I-Cause
itinerary I-Cause
, O
controlling B-Effect
the I-Effect
impact I-Effect
on I-Effect
pricing I-Effect
. O

Corteva B-Cause
develops I-Cause
its I-Cause
pipeline I-Cause
through I-Cause
the I-Cause
investment I-Cause
of I-Cause
around I-Cause
8 I-Cause
% I-Cause
of I-Cause
sales I-Cause
in I-Cause
research I-Cause
and I-Cause
development I-Cause
, O
which O
should O
allow B-Effect
sales I-Effect
and I-Effect
profits I-Effect
to I-Effect
continue I-Effect
to I-Effect
grow I-Effect
even I-Effect
as I-Effect
patents I-Effect
expire I-Effect
and I-Effect
generic I-Effect
products I-Effect
come I-Effect
to I-Effect
market I-Effect
. O

While O
Host O
has O
did O
a O
good O
job O
in O
2018 O
in O
containing O
costs O
, O
the B-Cause
lack I-Cause
of I-Cause
rate I-Cause
growth I-Cause
has O
led O
to O
lackluster B-Cause
margin I-Cause
growth I-Cause
and O
thus O
low B-Effect
NOI I-Effect
growth I-Effect
. O

We B-Effect
believe I-Effect
Hormel I-Effect
has I-Effect
a I-Effect
significant I-Effect
opportunity I-Effect
to I-Effect
expand I-Effect
its I-Effect
businesses I-Effect
internationally I-Effect
, O
as O
only B-Cause
7 I-Cause
% I-Cause
of I-Cause
revenue I-Cause
is I-Cause
from I-Cause
outside I-Cause
the I-Cause
United I-Cause
States I-Cause
currently I-Cause
. O

Meanwhile O
, O
capital B-Cause
spending I-Cause
has I-Cause
been I-Cause
reduced I-Cause
through I-Cause
reduction I-Cause
in I-Cause
investment I-Cause
in I-Cause
the I-Cause
capital-intensive I-Cause
long-lead-time I-Cause
projects I-Cause
like I-Cause
LNG I-Cause
and I-Cause
the I-Cause
move I-Cause
toward I-Cause
more I-Cause
traditional I-Cause
projects I-Cause
like I-Cause
offshore I-Cause
, O
which O
have O
seen O
a B-Effect
40 I-Effect
% I-Effect
reduction I-Effect
in I-Effect
capital I-Effect
and I-Effect
operating I-Effect
costs I-Effect
. O

We O
think O
PayPal O
has O
a O
clear O
path O
to O
strong O
growth O
over O
the O
next O
few O
years O
and O
that O
it B-Effect
can I-Effect
continue I-Effect
to I-Effect
generate I-Effect
solid I-Effect
growth I-Effect
over I-Effect
the I-Effect
long I-Effect
haul I-Effect
as O
it B-Cause
rides I-Cause
the I-Cause
secular I-Cause
shift I-Cause
toward I-Cause
electronic I-Cause
payments I-Cause
generally I-Cause
and I-Cause
e-commerce I-Cause
and I-Cause
mobile I-Cause
payments I-Cause
more I-Cause
specifically I-Cause
. O

Customers O
in O
Dollar O
General O
's O
more O
rural O
markets O
have O
few O
options O
, O
but O
the B-Cause
firm I-Cause
's I-Cause
growth I-Cause
should O
lead O
to O
the O
placement B-Effect
of I-Effect
new I-Effect
stores I-Effect
in I-Effect
more I-Effect
competitive I-Effect
areas I-Effect
. O

Whether O
for O
reasons O
real O
or O
perceived O
, O
consumption B-Effect
has I-Effect
been I-Effect
shifting I-Effect
to I-Effect
the I-Effect
higher-end I-Effect
of I-Effect
the I-Effect
beer I-Effect
category I-Effect
( I-Effect
with I-Effect
the I-Effect
low I-Effect
end I-Effect
declining I-Effect
at I-Effect
a I-Effect
low I-Effect
single I-Effect
digit I-Effect
rate I-Effect
) I-Effect
, O
particularly O
as B-Cause
per-capita I-Cause
incomes I-Cause
have I-Cause
risen I-Cause
across I-Cause
the I-Cause
globe I-Cause
. I-Cause

The B-Effect
company I-Effect
's I-Effect
potash I-Effect
assets I-Effect
operate I-Effect
in I-Effect
the I-Effect
middle I-Effect
of I-Effect
the I-Effect
industry I-Effect
cost I-Effect
curve I-Effect
, O
by O
our O
estimates O
, O
as O
Mosaic B-Cause
spends I-Cause
more I-Cause
money I-Cause
to I-Cause
control I-Cause
mine I-Cause
flooding I-Cause
than I-Cause
its I-Cause
peers I-Cause
in I-Cause
Saskatchewan I-Cause
. O

Although O
the B-Effect
market I-Effect
has I-Effect
been I-Effect
consolidated I-Effect
, O
with O
eLong B-Cause
and I-Cause
Qunar I-Cause
having I-Cause
merged I-Cause
into I-Cause
Trip.com I-Cause
in I-Cause
2015 I-Cause
, O
the B-Cause
fat I-Cause
profits I-Cause
in I-Cause
the I-Cause
online I-Cause
travel I-Cause
business I-Cause
will O
continue B-Effect
to I-Effect
attract I-Effect
new I-Effect
entrants I-Effect
. O

We O
expect O
the B-Cause
company I-Cause
will I-Cause
continue I-Cause
to I-Cause
integrate I-Cause
its I-Cause
services I-Cause
and I-Cause
offerings I-Cause
, O
which O
may O
put B-Effect
slight I-Effect
pressure I-Effect
on I-Effect
revenue I-Effect
and I-Effect
growth I-Effect
. O

The B-Effect
firm I-Effect
's I-Effect
historically I-Effect
conservative I-Effect
approach I-Effect
to I-Effect
capital I-Effect
allocation I-Effect
and I-Effect
investment I-Effect
has I-Effect
kept I-Effect
revenue I-Effect
growth I-Effect
moderate I-Effect
in I-Effect
the I-Effect
past I-Effect
few I-Effect
years I-Effect
, I-Effect
with I-Effect
revenue I-Effect
growing I-Effect
in I-Effect
the I-Effect
midsingle I-Effect
digits I-Effect
, I-Effect
save I-Effect
for I-Effect
a I-Effect
boost I-Effect
in I-Effect
2012 I-Effect
through I-Effect
2014 I-Effect
due O
to O
capacity B-Cause
expansion I-Cause
after I-Cause
a I-Cause
couple I-Cause
of I-Cause
lucrative I-Cause
deals I-Cause
with I-Cause
Big I-Cause
Pharmaceutical I-Cause
companies I-Cause
. O

There B-Cause
are I-Cause
some I-Cause
large I-Cause
categories I-Cause
for I-Cause
both I-Cause
brands I-Cause
, I-Cause
including I-Cause
women I-Cause
's I-Cause
apparel I-Cause
, I-Cause
fragrances I-Cause
, I-Cause
watches I-Cause
, I-Cause
footwear I-Cause
, I-Cause
men I-Cause
's I-Cause
suits I-Cause
, I-Cause
and I-Cause
eyewear I-Cause
, I-Cause
that I-Cause
are I-Cause
licensed I-Cause
in I-Cause
many I-Cause
or I-Cause
all I-Cause
territories. O
Thus O
, O
PVH B-Effect
has I-Effect
limited I-Effect
control I-Effect
over I-Effect
these I-Effect
licensed I-Effect
products I-Effect
' I-Effect
styling I-Effect
, I-Effect
marketing I-Effect
, I-Effect
and I-Effect
pricing I-Effect
, I-Effect
and I-Effect
we I-Effect
think I-Effect
these I-Effect
brands I-Effect
have I-Effect
become I-Effect
diluted I-Effect
. O

Additionally O
, O
while O
the O
pandemic-induced O
recession O
introduces O
near-term O
uncertainty O
, O
we O
believe O
the B-Cause
firm I-Cause
's I-Cause
brands I-Cause
have I-Cause
minimal I-Cause
exposure I-Cause
to I-Cause
the I-Cause
food-service I-Cause
channels I-Cause
most I-Cause
demonstrably I-Cause
affected I-Cause
by I-Cause
confinement I-Cause
measures I-Cause
, O
which O
is O
allowing O
the O
business O
to O
perform B-Effect
well I-Effect
so I-Effect
far I-Effect
in I-Effect
the I-Effect
COVID-19 I-Effect
environment I-Effect
. O

Excluding O
pandemic-related O
production B-Effect
disruption I-Effect
in I-Effect
2020-21 I-Effect
, O
we O
expect O
gross B-Effect
margins I-Effect
to I-Effect
gradually I-Effect
increase I-Effect
to I-Effect
22.5 I-Effect
% I-Effect
by I-Effect
2030 I-Effect
, O
driven O
by O
improved B-Cause
product I-Cause
mix I-Cause
and I-Cause
supply I-Cause
chain I-Cause
cost I-Cause
savings I-Cause
. O

Due O
to O
a B-Cause
surge I-Cause
of I-Cause
sales I-Cause
during I-Cause
the I-Cause
pandemic I-Cause
, O
Dick B-Effect
's I-Effect
operating I-Effect
margin I-Effect
jumped I-Effect
to I-Effect
7.7 I-Effect
% I-Effect
in I-Effect
2020 I-Effect
from I-Effect
5.1 I-Effect
% I-Effect
( I-Effect
adjusted I-Effect
) I-Effect
in I-Effect
2019 I-Effect
, O
but O
we O
view O
the O
effect O
as O
temporary O
and O
do O
not O
anticipate O
margins O
will O
return O
to O
previous O
highs O
. O

With O
the B-Cause
market I-Cause
tending I-Cause
to I-Cause
reward I-Cause
organic I-Cause
growth I-Cause
and I-Cause
above-average I-Cause
profitability I-Cause
in I-Cause
the I-Cause
asset I-Cause
managers I-Cause
, O
Franklin B-Effect
has I-Effect
a I-Effect
steep I-Effect
hill I-Effect
to I-Effect
climb I-Effect
. O

Our O
fair O
value O
uncertainty O
rating O
for O
Microchip O
is O
medium O
; O
although O
the O
firm O
competes O
in O
the O
cyclical O
chip O
industry O
, O
Microchip B-Cause
's I-Cause
broad I-Cause
customer I-Cause
base I-Cause
and I-Cause
the I-Cause
long I-Cause
lives I-Cause
of I-Cause
its I-Cause
products I-Cause
help O
insulate B-Effect
the I-Effect
company I-Effect
a I-Effect
bit I-Effect
more I-Effect
than I-Effect
other I-Effect
chipmakers I-Effect
we I-Effect
cover I-Effect
. O

Research B-Cause
and I-Cause
development I-Cause
expenses O
kept B-Effect
Ionis I-Effect
in I-Effect
the I-Effect
red I-Effect
before I-Effect
2018 I-Effect
, O
but O
the B-Effect
firm I-Effect
has I-Effect
booked I-Effect
significant I-Effect
collaboration I-Effect
revenue I-Effect
from O
new B-Cause
, I-Cause
expanded I-Cause
, I-Cause
and I-Cause
advancing I-Cause
partnerships I-Cause
over I-Cause
the I-Cause
past I-Cause
few I-Cause
years I-Cause
. O

As O
refrigerated B-Cause
options I-Cause
gain I-Cause
traction I-Cause
in I-Cause
the I-Cause
side I-Cause
dish I-Cause
market I-Cause
( I-Cause
reporting I-Cause
high-single-digit I-Cause
growth I-Cause
rates I-Cause
on I-Cause
average I-Cause
) I-Cause
, O
the B-Effect
brand I-Effect
's I-Effect
presence I-Effect
should I-Effect
become I-Effect
increasingly I-Effect
prevalent I-Effect
in I-Effect
the I-Effect
broader I-Effect
side I-Effect
dish I-Effect
category I-Effect
. O

Philips B-Cause
systems I-Cause
are I-Cause
deeply I-Cause
embedded I-Cause
in I-Cause
hospital I-Cause
workflows I-Cause
and I-Cause
changing I-Cause
them I-Cause
would I-Cause
take I-Cause
time I-Cause
, O
in O
addition O
to O
possible B-Effect
disruptions I-Effect
in I-Effect
hospital I-Effect
operations I-Effect
. O

Paylocity B-Cause
has I-Cause
continued I-Cause
to I-Cause
invest I-Cause
in I-Cause
salespeople I-Cause
to O
drive B-Effect
the I-Effect
top I-Effect
line I-Effect
and I-Effect
new I-Effect
product I-Effect
innovation I-Effect
, O
so O
it B-Effect
has I-Effect
not I-Effect
seen I-Effect
significant I-Effect
operating I-Effect
leverage I-Effect
from I-Effect
its I-Effect
other I-Effect
expense I-Effect
lines I-Effect
. O

In O
all O
, O
we O
believe O
the B-Cause
customer I-Cause
switching I-Cause
costs I-Cause
will O
enable O
the B-Effect
firm I-Effect
to I-Effect
realize I-Effect
excess I-Effect
economic I-Effect
profits I-Effect
for I-Effect
at I-Effect
least I-Effect
the I-Effect
next I-Effect
decade I-Effect
. O

This B-Cause
scaling I-Cause
advantage I-Cause
was I-Cause
perpetuated I-Cause
through I-Cause
higher-than-peer-average I-Cause
R I-Cause
& I-Cause
D I-Cause
and I-Cause
capital I-Cause
expenditure I-Cause
budget I-Cause
that O
allows B-Effect
it I-Effect
to I-Effect
control I-Effect
the I-Effect
entire I-Effect
design I-Effect
and I-Effect
manufacturing I-Effect
process I-Effect
in I-Effect
an I-Effect
industry I-Effect
where O
the O
majority O
of O
competition O
focuses O
on O
only O
one O
phase O
. O

Nonetheless O
, O
should O
Chinese B-Cause
demand I-Cause
for I-Cause
copper I-Cause
continue I-Cause
to I-Cause
deteriorate I-Cause
, O
it O
's O
likely O
that O
Chile B-Effect
's I-Effect
banks I-Effect
would I-Effect
at I-Effect
least I-Effect
indirectly I-Effect
feel I-Effect
the I-Effect
impact I-Effect
, O
as O
copper B-Cause
mining I-Cause
still I-Cause
represents I-Cause
about I-Cause
10 I-Cause
% I-Cause
of I-Cause
GDP I-Cause
. O

Third-party O
owners O
that O
choose O
to O
outsource O
management O
responsibilities O
seek O
a B-Cause
strong I-Cause
brand I-Cause
and I-Cause
management I-Cause
team I-Cause
with I-Cause
both I-Cause
scale I-Cause
and I-Cause
expertise I-Cause
in I-Cause
reservation I-Cause
, I-Cause
advertising I-Cause
, I-Cause
marketing I-Cause
, I-Cause
and I-Cause
labor I-Cause
management I-Cause
, O
which O
leads O
to O
strong B-Effect
revenue I-Effect
per I-Effect
available I-Effect
room I-Effect
, I-Effect
or I-Effect
revPAR I-Effect
, I-Effect
occupancy I-Effect
, I-Effect
and I-Effect
profitability I-Effect
. O

Economic B-Effect
profitability I-Effect
may I-Effect
be I-Effect
at I-Effect
risk I-Effect
if O
steel B-Cause
, I-Cause
copper I-Cause
, I-Cause
aluminum I-Cause
, I-Cause
or I-Cause
plastic I-Cause
resin I-Cause
prices I-Cause
return I-Cause
to I-Cause
the I-Cause
highs I-Cause
of I-Cause
the I-Cause
last I-Cause
decade I-Cause
. O

Being O
a O
Latin O
America O
pure-play O
subjects B-Cause
the I-Cause
firm I-Cause
to I-Cause
geopolitical I-Cause
issues I-Cause
that O
can O
have B-Effect
a I-Effect
pernicious I-Effect
effect I-Effect
on I-Effect
its I-Effect
positioning I-Effect
. O

Eli B-Cause
Lilly I-Cause
's I-Cause
innovative I-Cause
culture I-Cause
and I-Cause
strong I-Cause
financial I-Cause
commitment I-Cause
to I-Cause
developing I-Cause
the I-Cause
next I-Cause
generation I-Cause
of I-Cause
drugs I-Cause
set B-Effect
the I-Effect
company I-Effect
apart I-Effect
from I-Effect
its I-Effect
peers I-Effect
and I-Effect
fuel I-Effect
its I-Effect
long-term I-Effect
growth I-Effect
. O

We O
're O
reducing B-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
for I-Effect
Millicom I-Effect
's I-Effect
ADRs I-Effect
to I-Effect
$ I-Effect
64 I-Effect
from I-Effect
$ I-Effect
72 I-Effect
in I-Effect
light I-Effect
of I-Effect
the I-Effect
firm I-Effect
's I-Effect
outlook I-Effect
for O
the O
impact O
of O
COVID-19 B-Cause
on B-Effect
its I-Effect
2020 I-Effect
results I-Effect
. O

With O
its B-Cause
PCSK9 I-Cause
inhibitor I-Cause
program I-Cause
( O
Praluent O
) O
, O
Regeneron O
won O
the O
race O
with O
Amgen B-Effect
to I-Effect
be I-Effect
first I-Effect
to I-Effect
market I-Effect
with I-Effect
this I-Effect
promising I-Effect
class I-Effect
of I-Effect
drugs I-Effect
. O

We B-Effect
lower I-Effect
our I-Effect
fair I-Effect
value I-Effect
estimate I-Effect
to I-Effect
GBX I-Effect
95 I-Effect
per I-Effect
share I-Effect
( I-Effect
post-rights I-Effect
issue I-Effect
) I-Effect
for I-Effect
Rolls-Royce I-Effect
, O
60 O
% O
below O
our O
previous O
estimate O
of O
GBX O
260 O
per O
share O
as O
we B-Cause
account I-Cause
for I-Cause
the I-Cause
recently I-Cause
announced I-Cause
dilutive I-Cause
rights I-Cause
issue I-Cause
. O

Competition B-Cause
continues I-Cause
to I-Cause
intensify I-Cause
for I-Cause
Honda I-Cause
, O
which O
may O
make O
margin B-Cause
expansion I-Cause
more I-Cause
difficult I-Cause
than I-Cause
in I-Cause
the I-Cause
past I-Cause
, O
so O
our B-Effect
midcycle I-Effect
operating I-Effect
margin I-Effect
( I-Effect
excluding I-Effect
financial I-Effect
services I-Effect
) I-Effect
is I-Effect
below I-Effect
2 I-Effect
% I-Effect
. O

The B-Cause
business I-Cause
has I-Cause
also I-Cause
increased I-Cause
its I-Cause
proportion I-Cause
of I-Cause
outsourced I-Cause
production I-Cause
, O
which O
is O
expected O
to O
allow O
the B-Effect
company I-Effect
to I-Effect
maintain I-Effect
strong I-Effect
profitability I-Effect
when I-Effect
commodity I-Effect
prices I-Effect
drop I-Effect
and I-Effect
demand I-Effect
for I-Effect
new I-Effect
equipment I-Effect
falls I-Effect
. O

We O
project O
average B-Effect
annual I-Effect
revenue I-Effect
growth I-Effect
of I-Effect
roughly I-Effect
7 I-Effect
% I-Effect
through I-Effect
2025 I-Effect
, O
fueled O
by O
a B-Cause
robust I-Cause
backlog I-Cause
in I-Cause
the I-Cause
government I-Cause
solutions I-Cause
sector I-Cause
( I-Cause
roughly I-Cause
$ I-Cause
12.5 I-Cause
billion I-Cause
at I-Cause
the I-Cause
end I-Cause
of I-Cause
2020 I-Cause
) I-Cause
and O
growth B-Effect
opportunities I-Effect
due O
to O
growing B-Cause
demand I-Cause
for I-Cause
energy I-Cause
transition I-Cause
and I-Cause
sustainability I-Cause
solutions I-Cause
in I-Cause
the I-Cause
sustainable I-Cause
technology I-Cause
solutions I-Cause
segment I-Cause
. O

We O
assume O
Exxon O
's O
production O
grows O
during O
the O
next O
five O
years O
, O
but O
in O
reality O
it B-Effect
will I-Effect
likely I-Effect
be I-Effect
flat I-Effect
per B-Cause
management I-Cause
guidance I-Cause
, I-Cause
given I-Cause
unannounced I-Cause
divestments I-Cause
. O

As O
such O
we B-Effect
do I-Effect
n't I-Effect
posit I-Effect
promotional I-Effect
spend I-Effect
will I-Effect
remain I-Effect
dormant I-Effect
over I-Effect
a I-Effect
longer I-Effect
horizon I-Effect
( O
as O
has B-Cause
been I-Cause
the I-Cause
case I-Cause
since I-Cause
March I-Cause
2020 I-Cause
given I-Cause
the I-Cause
extent I-Cause
to I-Cause
which I-Cause
demand I-Cause
has I-Cause
been I-Cause
outpacing I-Cause
supply I-Cause
in I-Cause
categories I-Cause
throughout I-Cause
the I-Cause
store I-Cause
) O
, O
as O
competitors O
muscle O
for O
share O
gains O
. O

Fortinet O
built O
its O
sprawling O
base O
of O
more O
than O
450,000 O
customers O
predominantly O
on O
unified O
threat O
management O
, O
or O
UTM O
, O
appliances B-Effect
within I-Effect
the I-Effect
small I-Effect
and I-Effect
midsize I-Effect
business I-Effect
market I-Effect
and I-Effect
has I-Effect
expanded I-Effect
its I-Effect
portfolio I-Effect
to O
accommodate O
the B-Cause
higher I-Cause
security I-Cause
demands I-Cause
of I-Cause
enterprises I-Cause
, I-Cause
governments I-Cause
, I-Cause
and I-Cause
service I-Cause
providers I-Cause
. O

Compared B-Cause
with I-Cause
competitors I-Cause
like I-Cause
Zillow I-Cause
, I-Cause
Redfin I-Cause
has I-Cause
a I-Cause
potential I-Cause
advantage I-Cause
in I-Cause
iBuying I-Cause
because I-Cause
it I-Cause
has I-Cause
its I-Cause
own I-Cause
sellers I-Cause
' I-Cause
agents I-Cause
and I-Cause
buyers I-Cause
' I-Cause
agents I-Cause
given I-Cause
its I-Cause
status I-Cause
as I-Cause
a I-Cause
brokerage. O
This O
could O
reduce B-Effect
the I-Effect
company I-Effect
's I-Effect
overall I-Effect
transaction I-Effect
costs I-Effect
and I-Effect
allow I-Effect
it I-Effect
to I-Effect
pocket I-Effect
more I-Effect
of I-Effect
the I-Effect
transaction I-Effect
fees I-Effect
that I-Effect
it I-Effect
charges I-Effect
consumers I-Effect
. O

Despite O
the O
changes O
, O
we B-Effect
still I-Effect
believe I-Effect
that I-Effect
the I-Effect
firm I-Effect
will I-Effect
have I-Effect
an I-Effect
opportunity I-Effect
to I-Effect
accelerate I-Effect
openings I-Effect
in I-Effect
higher-growth I-Effect
markets I-Effect
with I-Effect
real I-Effect
estate I-Effect
pricing I-Effect
growing I-Effect
more I-Effect
attractive I-Effect
in O
light O
of O
recent B-Cause
restaurant I-Cause
closures I-Cause
, O
underpinning O
our O
unit-growth O
thesis O
. O

Gathering B-Cause
data I-Cause
for I-Cause
cobrand I-Cause
and I-Cause
private-label I-Cause
partners I-Cause
, I-Cause
and I-Cause
coming I-Cause
up I-Cause
with I-Cause
unique I-Cause
rewards I-Cause
and I-Cause
loyalty I-Cause
programs I-Cause
for I-Cause
these I-Cause
clients I-Cause
can O
also O
generate B-Effect
switching I-Effect
costs I-Effect
. O

We B-Effect
expect I-Effect
Amgen I-Effect
to I-Effect
see I-Effect
relatively I-Effect
steady I-Effect
free I-Effect
cash I-Effect
flow I-Effect
margins I-Effect
, I-Effect
and I-Effect
returns I-Effect
on I-Effect
invested I-Effect
capital I-Effect
should O
remain B-Cause
above I-Cause
its I-Cause
cost I-Cause
of I-Cause
capital I-Cause
for I-Cause
the I-Cause
foreseeable I-Cause
future I-Cause
. O

This B-Effect
is I-Effect
indicative I-Effect
of I-Effect
minimal I-Effect
customer I-Effect
loses I-Effect
, I-Effect
and I-Effect
significant I-Effect
growth I-Effect
in I-Effect
recurring I-Effect
revenue I-Effect
per I-Effect
customer I-Effect
as O
existing B-Cause
customers I-Cause
purchase I-Cause
add-on I-Cause
software I-Cause
to I-Cause
core-CRM I-Cause
or I-Cause
core-Vault I-Cause
. O

In B-Effect
2020 I-Effect
Cerner I-Effect
lost I-Effect
one I-Effect
of I-Effect
its I-Effect
largest I-Effect
clients I-Effect
, I-Effect
AdventHealth I-Effect
, O
largely O
due O
to O
underperformance B-Cause
of I-Cause
its I-Cause
revenue I-Cause
cycle I-Cause
management I-Cause
( I-Cause
RCM I-Cause
) I-Cause
technology I-Cause
. O

Product B-Effect
availability I-Effect
should I-Effect
stay I-Effect
high I-Effect
, O
as O
vendors O
' B-Cause
production I-Cause
forecasting I-Cause
is I-Cause
complicated I-Cause
by I-Cause
factors I-Cause
such O
as O
mercurial O
customer O
preferences O
, O
channel O
diffusion O
, O
and O
unpredictable O
weather O
. O

The B-Effect
life I-Effect
cycle I-Effect
of I-Effect
such I-Effect
devices I-Effect
is I-Effect
also I-Effect
rather I-Effect
short I-Effect
, O
meaning O
a B-Cause
design I-Cause
win I-Cause
into I-Cause
a I-Cause
given I-Cause
PC I-Cause
or I-Cause
server I-Cause
model I-Cause
does I-Cause
not I-Cause
guarantee I-Cause
decades I-Cause
of I-Cause
repeat I-Cause
business I-Cause
. O

Although O
the O
firm O
is O
n't O
immune O
to O
cyclical O
downturns O
, O
its B-Cause
variable-cost I-Cause
model I-Cause
helps B-Effect
shield I-Effect
profitability I-Effect
during I-Effect
periods I-Effect
of I-Effect
lackluster I-Effect
demand I-Effect
, O
as O
evidenced O
by O
a O
long O
history O
of O
above-average O
profitability O
. O

For O
example O
, O
the B-Cause
adhesive I-Cause
dispensing I-Cause
segment I-Cause
manufactures I-Cause
products I-Cause
and I-Cause
systems I-Cause
that I-Cause
are I-Cause
components I-Cause
of I-Cause
a I-Cause
production I-Cause
line I-Cause
and O
thus O
tightly B-Effect
integrated I-Effect
into I-Effect
a I-Effect
customer I-Effect
's I-Effect
manufacturing I-Effect
process I-Effect
. O

NetEase B-Cause
licenses I-Cause
the I-Cause
global I-Cause
IPs I-Cause
such I-Cause
as I-Cause
Harry I-Cause
Potter I-Cause
, I-Cause
Marvel I-Cause
and I-Cause
the I-Cause
Lord I-Cause
of I-Cause
the I-Cause
Rings I-Cause
to I-Cause
create I-Cause
mobile I-Cause
games I-Cause
to O
attract B-Effect
global I-Effect
players I-Effect
. O

In O
our O
base O
case O
, O
we O
forecast O
assets B-Effect
in I-Effect
ETFs I-Effect
linked I-Effect
to I-Effect
MSCI I-Effect
indexes I-Effect
to I-Effect
grow I-Effect
at I-Effect
about I-Effect
9 I-Effect
% I-Effect
per I-Effect
year I-Effect
in I-Effect
the I-Effect
near I-Effect
term I-Effect
, O
driven O
by O
net B-Cause
inflows I-Cause
and I-Cause
market I-Cause
appreciation I-Cause
. O

We O
think O
that O
this B-Effect
budgetary I-Effect
shift I-Effect
would I-Effect
deteriorate I-Effect
Huntington I-Effect
Ingall I-Effect
's I-Effect
returns I-Effect
on I-Effect
capital I-Effect
as O
this B-Cause
change I-Cause
would I-Cause
decrease I-Cause
returns I-Cause
on I-Cause
a I-Cause
relatively I-Cause
fixed I-Cause
capital I-Cause
base I-Cause
. O

That O
said O
, O
restructuring B-Effect
does I-Effect
n't I-Effect
materially I-Effect
change I-Effect
our I-Effect
view I-Effect
on I-Effect
its I-Effect
margin I-Effect
profile I-Effect
as O
3M B-Cause
has I-Cause
had I-Cause
execution I-Cause
issues I-Cause
over I-Cause
the I-Cause
last I-Cause
couple I-Cause
of I-Cause
years I-Cause
, O
though O
we O
point O
out O
new O
restructuring O
actions O
are O
less O
related O
to O
its O
coronavirus O
response O
and O
more O
reflective O
of O
its O
go-to-market O
strategy O
. O

Applied B-Cause
and I-Cause
its I-Cause
peers I-Cause
have I-Cause
formed I-Cause
strong I-Cause
research I-Cause
partnerships I-Cause
with I-Cause
customers I-Cause
and I-Cause
align I-Cause
their I-Cause
product I-Cause
development I-Cause
activities I-Cause
with I-Cause
their I-Cause
process I-Cause
technology I-Cause
roadmaps I-Cause
, O
which O
could O
create O
potential B-Effect
IP I-Effect
risk I-Effect
. O

Even O
before O
the O
crisis O
, O
though O
, O
we O
believed O
the B-Effect
company I-Effect
would I-Effect
struggle I-Effect
to I-Effect
generate I-Effect
growth I-Effect
, O
as O
e-commerce B-Cause
, I-Cause
discount I-Cause
, I-Cause
and I-Cause
specialty I-Cause
stores I-Cause
have I-Cause
siphoned I-Cause
apparel I-Cause
sales I-Cause
from I-Cause
department I-Cause
stores I-Cause
for I-Cause
years I-Cause
. O

Amazon B-Cause
requires I-Cause
that I-Cause
companies I-Cause
that I-Cause
are I-Cause
selling I-Cause
data I-Cause
set I-Cause
usage I-Cause
on I-Cause
AWS I-Cause
publish I-Cause
the I-Cause
cost I-Cause
of I-Cause
such I-Cause
data I-Cause
sets. O
This O
allows O
the B-Effect
data I-Effect
sellers I-Effect
little I-Effect
flexibility I-Effect
in I-Effect
a I-Effect
marketplace I-Effect
that I-Effect
traditionally I-Effect
depends I-Effect
on I-Effect
variable I-Effect
pricing I-Effect
, I-Effect
dependent I-Effect
on I-Effect
the I-Effect
size I-Effect
and I-Effect
use I-Effect
cases I-Effect
of I-Effect
the I-Effect
data I-Effect
buyer I-Effect
. O

We O
believe O
the B-Effect
increased I-Effect
exposure I-Effect
to I-Effect
large I-Effect
pharma I-Effect
was I-Effect
a I-Effect
necessary I-Effect
strategic I-Effect
move I-Effect
because O
partnerships B-Cause
with I-Cause
these I-Cause
large I-Cause
clients I-Cause
form I-Cause
sticky I-Cause
relationships I-Cause
with I-Cause
high I-Cause
switching I-Cause
costs I-Cause
. O

A B-Cause
key I-Cause
driver I-Cause
of I-Cause
our I-Cause
higher I-Cause
top-line I-Cause
forecasts I-Cause
is I-Cause
tight I-Cause
industry I-Cause
capacity I-Cause
, O
which O
is O
breathing B-Effect
new I-Effect
life I-Effect
into I-Effect
Knight I-Effect
's I-Effect
contract I-Effect
pricing I-Effect
, O
and O
double-digit O
rate O
gains O
are O
n't O
out O
of O
the O
question O
for O
2021 O
. O

In O
recent O
years O
, O
NRG B-Cause
has I-Cause
simplified I-Cause
its I-Cause
business I-Cause
, I-Cause
cut I-Cause
costs I-Cause
, I-Cause
and I-Cause
strengthened I-Cause
its I-Cause
balance I-Cause
sheet I-Cause
, O
giving O
it O
the B-Effect
financial I-Effect
flexibility I-Effect
to I-Effect
add I-Effect
Direct I-Effect
Energy I-Effect
. O

The B-Effect
company I-Effect
's I-Effect
ROIC I-Effect
has I-Effect
consistently I-Effect
improved I-Effect
since I-Effect
2011 I-Effect
because O
of O
the B-Cause
sale I-Cause
of I-Cause
its I-Cause
underperforming I-Cause
businesses I-Cause
, I-Cause
increased I-Cause
volume I-Cause
supported I-Cause
by I-Cause
strengthening I-Cause
end-market I-Cause
demand I-Cause
and I-Cause
market I-Cause
share I-Cause
gains I-Cause
, I-Cause
and I-Cause
successful I-Cause
cost-reduction I-Cause
initiatives I-Cause
. O

We O
expect O
Juniper B-Effect
to I-Effect
benefit I-Effect
from I-Effect
networking I-Effect
demands I-Effect
driven O
by O
hybrid-cloud B-Cause
infrastructure I-Cause
and I-Cause
5G I-Cause
wireless I-Cause
networks I-Cause
, O
and O
we O
posit O
that O
some O
of O
its O
products O
are O
installed O
within O
mission O
critical O
places O
within O
networks O
. O

Manpower B-Effect
's I-Effect
focus I-Effect
on I-Effect
mostly I-Effect
national I-Effect
and I-Effect
multinational I-Effect
large-sized I-Effect
businesses I-Effect
( I-Effect
60 I-Effect
% I-Effect
of I-Effect
2019 I-Effect
revenue I-Effect
) I-Effect
weakens I-Effect
the I-Effect
advantage I-Effect
of I-Effect
its I-Effect
large I-Effect
database I-Effect
of I-Effect
resumes I-Effect
because O
large B-Cause
businesses I-Cause
have I-Cause
more I-Cause
bargaining I-Cause
power I-Cause
compared I-Cause
with I-Cause
small- I-Cause
and I-Cause
medium-sized I-Cause
businesses I-Cause
. O
